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ROLLSvG TR AUSPORT 
SYSTEMS 1TD 
ROLLING TRANSPORT 
SYSTEMS {OVERSEAS) LTD 
ROLLING TRANSPORT 
SYSTTWtS <AMpJ LTD 
i«; hc5»im p.. . “.■•■I 

(•uiiO'ui.* | 


■i Monday December 4 1978 Tr *| ! 




TRACTOR- TRACER 
SYSTEMS ■ RO-RO 
FLATS ■ CONTAINERS 



•“ • • • ■ • T&- GUlLDf ORD t£W£3) 768 1 5 TI'.EX3S:J57 

: - ? V ^OX^WT«.‘-SBJJWC ffUCEfr AUFTRIA^S^ TS; t|tCltJH f r Zj ; DENMARK Kr 3.5; FRANCE Fr 3.0; GERMANY DM 3.0: ITALY L 500; NETHERLANDS FI J.O; NORWAY Hr J.S : PORTUGAL Eve 20; SPAIN P«a 40; SWEDEN Kr 3.25; SWITZERLAND Fr 3.0; EIRE I5 p 


v *>>.*• 


NE\VS SUMMARY 


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« BRITISH employro are pro- 
. : '. ?< ' .■*./• pacing. to take a f&iriy tough line 

X&XSSSSS&SSSft 

i ri , ao. nTafflBtsSSSri.2 

wounoea.. .. .. _ jished • Iasi . week, which con- 

th^rtf ^aven^e£triing. evi- eluded that while -‘iMiisumer 
de’nce . Qittt, the toU. is. much spending cooDaiied' ta-Taise the 
higher ;than the'- official casualty.. level of demand for^gpods- in 
figures.' of II dead arid -56 •'’irianufacturiiJs V3dus(z.v. .. any 
wotuidefl.'- boost to business confidence was 

Siri'ce the start of. thri. iriourn.- overshadowed by, few? of iod us- 
ing month • of. Mobarram on tnal unrest over. 

Frida.*’., .the & .ps». ’curten: has Empfoyers canvassed - in the 
been ignoredrby thousamfe. FT • survey * cxpect^l wages to 
. - ll . is 1 ;, understood 'flat the increase between «« cent and 
setting- up' of a' 'new . civilian 9 PfiT-eenL ■ Page ^-apd,, Back 
gaverrrt»ent is bei^g -cimsidered. '■ - .‘‘?- 

Tbe Shah.’s future 4s’ another of % STRIKE-PRO P^S^ESS ..of 

the .key- subjects under- dis- manufacturing plant# ;* varies 
cussion.' Back -Page ' . drainatfcally according to size, 

■ j.- ! . » .with more than cent of 
SsraetlS tlraft - ;. J very large factories/ : in.jthe UK 

reply 

The exchange ' of letters between . by th e - National,. institute of 
Israel and Egypt was described Economic and Social Research, 
by- Prime: . Hjnd&ter . Menahem Pa^e.o -;. ; *?«■{; '• ' 

Begin as ** a very Vurpftrtairt oon- 7„ iv> - uviin „ ' ,v 

tact " between the two govern-- f MOJJJTAKY gpIdeHne for the 
merits.- - - ' *. - : - • - - : . 42 months, to next October could 

~ ‘ vLl _ v - jdliNir .inflation of op -b 14 per 
T The. iti-tepresents 

Israeli caomet agreed the IfneF : V‘: fcbniidera ble tightening of 
of Mr. Begin's reply, but heitier monetary-/ policy, according to 



No.;.. decision seerinr-' to have hoiwj’st. "• has-.- eslii»$ted that 


:? 



Pressure 



ritain EEC proposes 



early decision 



to join 



cuts in farm 


price support urg 


driver; 


BY GUY DE JONQUiERES AND PETERgRIDDELL, BRUSSELS, DEC. 3 

THE PRIME MINISTER is expected to be urged by other EEC Govern- 
ment leaders this week to commit Britain to becoming a full member of 
the proposed European Monetary- System as soon as possible. 


Preferably, thA.V warn Britain They havi* ln.-cn fniusrtl on a 
to join well before the end of mealing of srninr nalimial u!li- 
ne\l year. cials in Kranfcfun. :il which 

Mr Callaghan "ill probably Hrilain was r-pix-scnletl hv Mr. 
also In- asked for a firm under- Siiihail Roller, an assistant 
taVinj; that, meanwhile. Ih* UK unUer-sceielaiy at the Fore tun 
will ”y to piumrc *hal ihe Ulliee. 

sierllnu' exchange rale will hi.- F.riiain's partners iniulii ajdiiional «|UL--i:on.-- will have in 

cln*<c|; aliened" wilh lh»isp of apparently sellle for a personal !». answered. The* melude 

oth»-r EEC currencies. ytaiemeni Mum Mr. CaMauhan of sierlin;‘s poulmn in ihe baskei 

Mi. ra li a ghan will leJ! ulher Brila-n's inlrni in heentn** j full nf jjj EFC. rurrvncift auain^t 

leader that the ftoveroment's iu«-inhi-r «>f the system, perhaps •_•. r.it-h exchange will In- 

economic and monetary policies after next \ ear's L'cneral dec 
are <l<-sicncd in achieve that ti»**i. 
slabilliv. whether the UK joins .• 

ihe EMs or not. Reservations 

Sevt-iaJ of Britain s EEC 
partncis are tbuught likely iu S.» far. Mr. Callaghan 
insist :,i ihe two-dav European given no indivtiuM: ;imt h» 

('.ounoil summiL which opens comply. In a con Alien tin I letter 
here .tomorrow, that such pledges lo i-thcr EEC lead* rs .<i rh«- 1:1111 
are necessary if they are to »f last week, lie rvpea 
respond positively to the UK’s vaiinns a limit aspects 


•Ji-iiis; and -livtsiup of the rur- 
'lo'ling credit fan-iiies. worth 
.-.i»oul A35bn. bi’.'vir/i medium 
:-nd shuri-UT,)i ciiini.unoni.s. 

IT. as see.*!- Intel;-, the UK 
-tjj s out of the Ln:r-ney 
nif.-haiijsi)) at ihe Marl, -mm- 


>li a !ined. and ’In* UK's ineol’.e- 
im-ni in the credit uuliiu-s. 

In his lelti-r Mr. Callaghan 
i- understood to h.-ve eiiiptia- 
that llrf EMS "a» ha<>'d 
on ihe Community and that the 
UK was therefore entitled In 
Ti.iiii-.-iDate in n» other feaiuns 
■:veo if it <* i • f nut immediately 
i ri-«er- join the exvh.-tue rate regime, 
of the However, other ie^ders. nol- 


ha- 

will 


demands. 

These 


are princi Dolly 


scheme and ■ J .*id Thut P-riian ably President discard d’E^tain:* 
fur might not part in pa re at tbc- out- nf France, may nue-iion that 


bet:»-r distribution of finani**a! set in its central mechanism 
burdens within the EEC. linkine EEC exchange rates, 
through Community Budget There has been speculation 
reform and a- cut in expensive thi.? weekend ihat some leader.^ 
agricultural surpluses. may press fur la urchin g ilie 

Those objectives remain con- scheme im mediately after tn;s 
trove- slal. especially concern iny week’s meeting instead of the 
the Ci.mmon Agricultural Policy, start of next yejr. a s ori'rintiily 
Hnwo’-r. there have been itidi- planiTfd. They ;:it- :t; pun-ntly 
rations recently that ut least concerned about puscible foreign 
Cham- -Mnr Helmuil Schmidt «»f f-xchana*- marl'*** diynubant 1 


- .. . . .. pnwiit 

- - ; ; .■/ of .7- per cent to 8 -^f .cent a 

SWAPQ arrests ?i , ; J ygar.- Page A . - r-^r. . 

Six leaders ;rif/the .South- - Wesu.'S BKXAit:: PRICE /roxiej: does 1 
Africa . ..I^f^’sj.^ptjnipisaliori" nat adeaustely yeilect Reflect.: ;i 
(SWAPO)’ / Writ rafn^iedr/.-by-- ot*r$iUicto4it;&* incgiyt J jousf-I 
f Sdoth Afri'cari 'poRco . arf -Bfcicye; . ihofv of ’ 

1 of pollnig in thfr ;Sonth i Af]rica n J.urger" families, a. report by the 
, supervised Namibian velectidris- Lqw J?ay^I5plL«ays; . Page 6 
The arrests ^foltoweri two- boto 


West 'Icruiauy is prepared u« 
give I'n-in :t- sermtii tm-H inu. 
prnriiini that Mr. CallaeliMi 
wiUin- to set a target cl"" f"r 
full *n mbershlp ft f th»- <’ •- Ji-*.-i. 

Dipii. malic ctmlavk h:ivi been 
intense since late last v.« ek in an 
effort to resolve d : <Terenci a - 


:-ii(l ii\ 1 he wickvpi cad Udi-f 
lhai the l , '-t!isch<’mark ’.'til have 
t:i hi- rwalued aj-’-'in h>. fi-ic the 

St ili ‘Hie i'.-fff. 


interpretation i.‘ the UK refuses 
in commit ilaclf iu a firm date 
for enlr- . 

A possible *•■• 01 promise would 
be for Britain to join the whole 
scheme at the outset but then 
immediately 'o drop out of the 
••urrenev res'me hv invoking a 
provision for temporal;, with- 
dr:”.val. 

Frsnop favu'irs inciml.ng that 
nrorision. lr r*:i*’- that ii may 
have to use »• «•' the future. 

At* other FFf i-i , 'niber« appear 
eeriatn to join from the .-inn 


.-.n 

betw-ni the nine Onvemmen's erehap-^e r.>:..*koiT; p: ■’■ ;'e" 

befor.- tnmonruw's I’unfercpLC. sHtilnu ofliciai- : m. — • .•?-,[ inn 


-rihfle-s. num-roiis icehni- except U3!' Ireland, whose 
c:-| r‘ , Mni' have f«i!I m.r been ilecisi.m- rema’ii finely Irilam-ed. 
pp’C-i- rub’s • •• .-■ v.-i’n i’.*-ntril PoMticaSle. V-.rh •■nun tries 


BY MARGARET VAN HATTEM 

RADICAL CHAXt-iES in farm 
policy, including cuts :n pn«- 
support for more than a nuarmr 
of i be EEC's Sant farmers and a 
price freeze l or the rest, will be 
pul >0 Connuunilt head-: ul 
-■uvi-rnincnl meeting here 10- 
i.iurrow 

The European Cumniis»iun. in 
a paper i-n the future of the 
1' uni in on A.zriculturnl Policy 
drawn i.iu Im - the summit, urges 
heads <:■» ao\ eminent to approve 
new guidelines ihat would com- 
mit Asrivulluie Ministers fur the 
next few yean? to curbing growth 
nf food sur.Mluscs and cut ting 
Pack spending on agriculture. 

Specific proposals include: 

9 A general price freevi- r'«r 
197U-S0. T!ie t'tim mission fttrtlier 
insist trial ^ujipori prices 
.slioti'd lie held down as long as 
su mli’ses ri.-m:«:ti. 

• Automatic cuts in price 
supper: mea-ures fur dairy 
farmers, if miik i»u«iuu rises 
rurthcr. It estimated to have 
risen S.om tonnes already thus 
year. 

6 Dirc.’i income subsidies for 
small-scale farmers, particularly 
in the dairy sector. 

• Alignment of national farm 
price !?vels. if and when the 
proposed European Monetary 
System ( EMS 1 succeeds in 
siabilis-ing EEi: currencies. Tbc 
present system — with Kerman 
rami price* more :h.m 44 per 
cent higher than British ones — 

costs the Uiiiiiiutinrty more 
than si bn j year in sub- 
sidies < Monetary Compensatory 
Amounts! on intra-Ounniunity 
exports, to utfset differences 
between naiionu! price levels. 


BRUSSELS, Dec. 3. 

ment leaders may approve tilt* ; 
guidelines, it tviil not be clear.’ 
until Agricu 1 1 U re Ministers begin . 
negotiating the next Farm Price [ 
Review how far EEC govern- 1 
men la eon.ait>i‘r Mwmselve* bouml 1 
tu accept propusals within the ; 
framework. 

EEC leaders, including Herr, 
Helmut Scbniidf. the fjenimn 
Chancellor, have often spoken ■ 
nut in politic .igjinst the ab- ' 
surdity nf paying farmers to; 
produce .surpluses, urging cubs' 
in the cost of me CAP. But 
this has never discouraged their. 
A grim 1 1 tire Ministers from push- 
ing for hghcr prices. 


Reforms 


Be ok inter\i"i*‘ , u:i on the 


strongly favour .,H-inl>cr<hii. but 
fear that ii nu.’*ii be e«-on'-nii<> 

Continued on Back Page 


Optimistic 



Smith, -’iB Bratitowicte iadja Tosli title nf Public 

TV. .brtadcast-s. defended and .'Accountancy. Page 5 



■ WM 41 * ta »««nd 

quarttr ?•«* year *W 35 


!;-«! 

i ‘ 



Kidnap hunt 




fem tite j^.fcom gnemUa: leader ate being challenged 
.JosnujfccJ^Mmo/;^ courts by a small West Coast 

paper workers’ union, which 
alleges that the policy is illegal 
„ i,,- - •- v. . ; .- on the ground that The guide- 

Road blocks were. set up mam lines are really mandatory 
roa4^cougbput-,El;,Sarvtidor as controls which the President 
seeurilysfprces huotefl .Icirinap- has no power to authorise: Page 3 
Pare of_ British Tiarii^ oihcials tan - 

Jlfassie- arid -. Michael Ch'atterton, ♦ CENTRAL Policy Review Staff 
seizetL on .Thursday/ - is ; to Kill in consultants to help 

' * .. its iriyestigation into which tur- 

Refugee €168.1118 ^ bine generator i s ntgst suited tor 

Tv. /: " flie ;tiext two nuclear power 

Nine - mi»re- \ leununMa- . were stations At’Heysham andTornessV 
feared dead after further jnci* Fflur; turbines, worrh £i20tu to , 
defira involving 'refugee boats' off £l40m will be' required for fhe4 
M alaysia's east coast. More 1 than two stations.' Back Page 1 

350 refugees are ^htjughflo have ■ - V 

died here in the'part.tiyo weeks. • PRIME MINISTER will make' 
Anutber;iS Vietmunese Tefugees a public commitment to encour-’ 
drowned when their boatsahk off age industry to use micro* 
NarathiwaLlri, southern. Thailand, electrutiics at a special meeting 

of- the - 'National Economic 


• wm. M... _r Wlin system in the second quarter. tWfKt birds of nc-w gross borrow- J 
A\ith new borrowings of S^-hn, non-nil developing countries j 0 n 

OPEn ^ b u^LrY«*w^e " CfC lh ° heaviwt aross bor ’ The dr-poshs were more widely 1 

^ot ..rrnr.« rPV/|,rs ’ spread. Ej-t Europedn countries’ 

net bank borrowers of all -rrnin.s r;i i sc d S4.2hn from the raised ^hn in new loans in the 

ftivartwr ntr,6S m second ^hj., ,,-hiU' depositing S’2.1t*n. second quarter, and here too the’ 

quarter. j n j^p fir'i half these fountrles new borrowings in the fir-i 

- This development reflected ihe hom/w»?d S7.5bn gross, three six inonih* vf $4hn were subaten* 

frapld contraction of their timw as much as in the previous Daily higher than the S0.Shn 

balance-of-nayment surpluses, year’s first half. 

Und the. $5J2bn decline in iheir \ et borrowings ..f the non-oil 
Lgroyc reserves in the first half developing countries in the first 
of this year. s , x - months of ■L'i.ibn were in 

v -Withdrawal or oil Binds was contrast to their net deposits in 

'widespread anions the OPEC that period. Again, this was a 

lands, and. involved several of reflection of their deferioratins 

the largest oil exporters! such balance-uf-payments position. Thf 


Pole fauft 

Flagpoles outside the iHouse of 
Commons go sip and down “ wHh 
tbe regularity of a fiddler's 
elbow,"" says Labour/fitP -John 
Ellis. He is to. ask Peter Shore. 
'Environment Secretary^ for an 
explanation today. ■: 


Development Council. This wi]^ 
be . accompanied by a. warn in 
from the Government think un 
that. if industry is to benefit fully 
from-, the new technology, 
workers will have to be pre- 
pared for greater job mobility. 
Bach Page 








■ # CONTRACTS -for building 1? 
p _ . j. - • ”• •’ advance factories in Cardiff at a 

orieTly cost of £3^m have been an- 

Attempts. J io: -rasuce 41 black nounced By the Wel?h Develop-, 
miners - trapped in .a... blazing ntent Agency as part of a crash 
gold miori shaft.' south- west of programme to boost jobs in the 
Johannesburg were abandoned, city, following closure of BSC’jr 
All are BelieyCti^ad: . East Moors steelworks. Baclr 

Tornadoes in north-West^ Louisiana ■' * >a ® e . . 

killed fltrec, :irijured...l0^ aDd - 9 SWEDISH government has 
caused widwpuead daraage.' ^ - -made^a SKr 20m iS4.5m) offer- 
Unmanned D.S.^ 5 fipariedrift' for the whole of the Kockuras 
Pioneer Venus 1 manoeuvred riufi- group, the' last of the big Swedish 
ctssfully in readiness fori^gtririg^, shipyards remaining in private 
into orbit round Venus iodny;... ownership.-. Page 33 


CONTENTS OF TODAY'S ISSUE 


Overseas news : 2 

World trade news 3 

Home new$-**geherai ......... 4, p 

— labour ■■■-■ 6 . 

& 

11 


Teelmica] page 

Management page 


Arts page 13 

Leader page 14 

UJL _ companies .-. 32 

InteriiatlonaL companies ... 33- 

• Foreign Exchanges 33 

Mining Notebook 34- 


FEATURES 


The. argument involving 

British turbines ** 

Namibian elections: 

Goiorilal African outpost on 
knifeedge 


3l 


Week- in the courts: 

When £ majori ty loses 12 

: FT SURVEY'S 

Computer peripherals 37-48 

Europe — — - 15-30 



AuwjWmenB — ....... 

Bytes' . 

n^»B9uu& .Diwy 
Cettfraas'4 Tenders 

Cmmd;- 

(tebriop 

SEJfeS-x; 


» 

9 

t 

12 

1 2 

13 
43 

b 

M 

» 

* 


Por latest 


Lonberii - 
Men K" 1 Wallers 
Parliament KUanf 
SSare InformatiBn 

Sw>rt ... • ■ 

Today’* Emils 
TV and Radio .... 

Unit Trwis . • 

Weather • • •- - 

World Eton- ,n,, ■ , nl 

Share index ^ 


12 
. M 

U 

444f 

13 
31 
12 
» 
Oh 


Rase Lcndlits Rates 


32 


PROSPECTUS 
Milieus Leisure 
’Shops jn&c 

INTERIM STATEMENTS, 
Drkcs «.) : 5 

Moran t Christopher > SZ 

Scapa Croup . " Si 

WMlbricfc Prsdutl* - 32 

-24e Sftffi 



for first tim 



BY NICHOLAS COtCHESTER 

THE SECOND QUARTER of as Iran, Kuwait. Libya. 
l£78 wis the fir^t since the 1PT3 Arabia, and V-.nezuelj. 
oil crisis in which the t OPEC Th* new bormvicc t^’is riiieM’/ 
countries reduced their deposits hv Venezuela and Algeria. Of 
with the international h 

system, says jhe qua....... vsss JM uut,ji>. . imc ju-im u 1 Pra jji 

report from the Bank for Inter- third of the ni-v: borrowin ' - wirrajunnui credit market. 

national Settlement? Deployment -n the same currency, 
of oil money was Uterefore Y,o 


Saudi fact that they chose to increase! 
hi.irruwiC3 rather than slow '.he ! 
pace <>; n’«en*e accumulaliun 
NUgacst, that Uiey have beerti 


vising ii3r^r«j5s 2Lg ( g*x i 

*.» » dullo, .. -yhile '■£ ' J" «>» 


TJie bn: borrowers amnns the! 
nnn-oil developing countries were j 


longer a source of growth ip. the Whi 1 ,l ‘ up f c n ' ad fu ,h ' fc l br , sc J !l 35 us>i:J L;,lin American coun- 
internatinal banking business. 7,21 demand on ihe banking tries, w hich accmm led for about 


The Comni^Mun aNn suggests, 
rather more tcntatuel.v. that the 
growing gap be’weon EEt! and 
world market prices %hould he 
narrowed to i-a^e ihe Mram put 
on ihe Community nudvi [ by sub- 
s-idivifiy t*xp«/r(i i.» UOrJ '.-t un 
tries. 

The paper w:i<- drawn up hv 
Mr. Finn Olav Gundelach. EEC 
Agriculture Comir.i«si*iR**r. and 
a o proved by ihe other I’ominls- 
si oners last week. The Commis- 
sion appears optimistic that 

government leaders *W»I approve 
it without major charges, bul 
feels that tougher measures 
would nut he political)’.’ pussibi*. 

The cull for a " rigorous " 
prices' polic;-. long as 

major market imbalances eyisi ’’ 
and for cuts in returns to milk 
■.irnducers should their produc- 
tion rise, ape pars rcvulu thwart 
aTler eight years of price in- 
creases. 

.•’Jtjiou^h the paper emphasises 
the need to eliminate market im- 
balances, there is nothing to 
suggest that the proposed 
measures would do mure fhan 
check the growth of surpluses. 

Moreover, although govern- 


The Commission, in >cekiug a - 
firm, lonu-tcnn com in it ment nn 
farm price polic- »i summit . 
It-vi-l. evidently hupcs iu weaken | 
ihe Agriculture Council’s near- ' 
absolute cun i ml over three- 1 
quarters uT- ihe Comiminity { 
budget. ! 

Summit approval of i is paper • 
could be an important first step t 
towards some of the reforms 
Britain is seeking as a condition 1 
tor its full participation in the I 
EMS. i 

mfwvp bnnv bmw bntw lunw mb j 

But Agriculture Ministers,, 
most of whom see themselves as [ 
farmers’ representatives, will not > 
take kindly to the implied retluc- j 
lion uf farm incomes, ever, 
though the Commission considers 
most Farmers sufliricnilv well-off. 
ir» withstand it and oven though 
the rise in Tann costs over ihe 
past .\<?ar ha* been minimal. 

The real Inittle will begin with 
presentation or detailed price | 
proposals later this .month. 

Christ Dplir Parkes writes: A 
onc-vear frw::e on the European ’ 
C.iinmmniU ’.? so-called ” coin- ‘ 
mon” farm prices will bring no: 
direct benefits to consumers *n : 
Britain. Many retail food prices, 
will continue in mi-reas.' accord- 
ing io seasonal and cyclical pal-, 
terns regardless of an;, dec . \inf 
at the C.intnumitj s^- n> ^ , 
Brk-.-Is t'n> week ur vji 
annual F.F.C Farm Price Review; 
«:’ring. 

Tbc intervention or 
having prices established b> Ibej’ 
t’nmmuniiy each y»-ar are ' .r 
from befng the only eieiuenis- 
iuibi-mcing prices. 

The price of butter. for- 
e\ nmole, is officially !fiih^idis-*d : 
hv ihe EEC at present. It i.-. also 
unolni-ialtv subsidised hv a com- 
netiiive distributive trade vhich 
is still using alorks ’imported | 
min Bnlain nr produced in the' 
V *■’. 12 months ago. ; 

The Common Market's oiliclal | 
subsidy however is being phased j 
•nit. And stocks in wholesalers' ; 
and retailers' warehouses are j 
fast running out. i 

Cheese, up to 1200 a tonne in | 
the past three months, will con- f 
linue to rise in price iT the am- i 
Continued on Back Page 


to strike 


By Nick Garnet t. Labour Staff 

PRIVATE HAULAGE lorry 
rirhers thnoighnui Sc-oilanil 
are being ivcummcnu-.-t: hv 
union negotiators (■> sirii-e 
from January It in u rcpiMi nf 
the 1974 stoppage, a Km nn-r 
pa\ . u Ii it-li panilysi-d supiili— ; 

io tmluslry . 

Union ofiiciaU icnrc-vntin--- 
drivers in areas i»r England 
and Males are af->«* tmdi-csi-jn.f 
lo have named ciiiplojiTn n:i- 
ollicially Ihat they an- pr-- 
pared in reeuniKii-iul strike 
action Troni the same dale. 

Industrial action l»v 'hit.-K. 
which has senni-il eertaiu *-\ -r 
since pa> negotiation* m i 1 b 
ihe separate region- nf ihe 
Rnail Haulage A-sm-imi-m l*r- 
gan in the eiirmti wage t’o:iud. 
would pose a niajur ehalt-.-uge 
to the Govern nienl'< .7 per 
mil limit. 

Ministers have ready 
warned Srotiish employers ihat 
if they breach Ih- limit, they 
face suite linns. 

Lasl year, seiileirenls \«iih- 
iil the association’s regions 
ai erased 15 per cent in eb-ar 
hrpaeh of the tiu-n Ph:*>e 
Three 111 per cent griKeSinr. 
The Go\ eniuirnt re;:-liu‘e:! tv; 
u’tliidraiiiiig contracts front 
individual eoninanies. if rdcii- 
larly lit tiie West vi-lh-u-l.s, 
which was ihe firs’, to s-,-;:!e. 

Si enifien n tl>. Mx-n- sce.viy (■> 
he growing pies<uri- Jr-»m the 
rirhrrs In mount imriortal 
nil her than re cion a 1 ani-m. 

A mass meeting nf GJasgov. 
drivers lieeided >esl-rfi:iy to 
support tile r* mm -mi 5 ion 
from their G.aRsjmri end 
fi'enefid tt’ui’k'v s' Vnirn 
negotiators but on*;- if ibe 
strike i 4 - ryrried otti in ;»M 
the assii.-cia lion's legion* in the 
UK 

The dr) let's liavi.- sitimi:i:.-.i 
a national claim wur*’:t 2«’i-:’.d 
per cent, io inerea-e •he ha*ii 
rale of I'd.'! f nr hour-. i-» 
/ : .c. Tln-j are aKu J'-r,iuvJiitg 
■i. J5-ho:tr week. 

Tile Scottish e::ipir.y<-i-s’ 
offer, which is- Urns'll} s.bnilnr 
lo ihat made hv other 
regi'ins. is living n-j. :.i the 
5.0(10 drhers bt bali-' : . t*:’e- 
l ions’ pay propos-ais were rt-.er- 
vvhelmUigly rcjecied. 

Tlic offer imoltes a -> per 
ceti I rise on basic rales ;i -id 
i’ofi tit compensation for nut rng 
Ihe setilemeni dale fi--«n 
November in January. Tilts 
would briug Scot laud into line 
with most of the other regions. 

The n Igh l work shift rate 
would also l»e improved h> 
5 per rent aud the subsistence 
ailowa'iee increased front 
£6.65 to £7.5*1. Four weeks’ 
holiday would hr granti-i! 
after two years’ sort ice. instead 
of the present three year-' 
beginning in May next year. 
p>m mutts Pay Vote. Page 


raised in the same period of the 
preceding year. 

This increase was due, as with 
the non-nil developing countries. 
In a shiti from deposit-reduction 
to borrowing. 

International capital markets. 

Page 35 


Strike affects all newspapers 


BY NICK GARNETT. LABOUR STAFF 


THE WHOLE of Ihe newspaper The executive’s instruction to officials siy.. however, that the 
and broadcasting industry Fleet Street, and broadcasting dispute might become long and 
became .embroiled at the week- journalists nut to handle PA hitter if support front agency 
end in the first open-ended copy takes effect irrespective of journalists proves thin, 
national strike by provincial ihe decision by ihe agency’s Tht? \Hwsnaper Society, repre- 
newspaper journalists, which chapel, sentins n-ovincial employers, has 

os ■ today. 'The union is also notifying offered S.7 per rent provided that 

The executive or the -National f reelunc* 1 numbers not to send provincial journalists arc reeng- 
Unjon of Journahsts agreed t copy to the agency nr tu send tu nised n ; the Department uf 
past ru cl its members in broad- nctUional "newspapers copy that Employment as a “special case", 
casting and on national news- v.-nuld normally be sent only hv The siu:t(v's council meets un 
papers not^ to handle an>_ copy; pa. Wednesday. 

Tlie effectiveness of Ihe 


from the Press Association, the 
national news agency, front noun 
today. 

The N’UJ's 200 members at 
PA have been instructed to slop 
work from mid-day in support 
k/f the 9.000 provincial journalist 1 
who are- seeking a 
rise. About 
.■are affected. 


pro- The executive of the Society 
vincial strike will he Sstermined n f Graphical and .Allied Trades 
by the extent to which FA uodcr-tood to be recommend- 
journalists follow tiie mstrui- j as 1(? members to co-operate 
tion. Mr. Harold Pearson, who wiLh .manageraents of national 
luuiiinittt- re P resen,!< PA and London n ew>pjpers in increasing print 
£20-a-\veek news a ? cnci{,s °h fhe Nl'J execu- runs during The suspension of 
live, said last night ihat he was Thu T; nics . The executives of 
resigning from the executive other print unions arc meeting 


1.200 newspapers 


Tbe union chapel (office in>'”«lialely. this week to recess ibeir po>i- 

h ranch) at PA meets this morn- Mr. Ken Ashton. NUJ general tion <»n too dispute. Lord 
ing to decide whether lo obey secretary, said at a pres* confer- Thomson of Fleet, president nf 

the instruction. Many XUJ ence yesterday that the union Times Newspapers, who is ex 

members are certain to exert was looking for a “short, sharp parted to involve himself in tin- 

against industrial struggle’’ to secure a much criNis. arrived in Britain at the 


pressure 

action. 


improved pay offer. Union weekend. 


Russia in talks on new car 


BY KENNETH GOODING. MOTOR INDUSTRY CORRESPONDENT 


THE SOVIET UNION wants to 
put a family saloon of Cortina 
size on the road as quickly as 
possible, and has bad initial 
discussions with a handful of 
>Vest European manufacturers 
about the project. 

Ford. General Motors— which 
makes Ope! and Vauxhall cars 
tn Europe — Renault and Cil- 
rbeu have been involved in the 
talks. Tbe Russians insist that 
though tbc project is in its very 
early stages, some Western car- 
makers are seriously interested. 

Negotiations will be complex.* 
but the Soviet Ministry of Auto- 


mobile Transport hopes they 
will be completed in time for 
the it art of the next Five Year 
Plan in 19S1. 

The idea would be for one of 
tbe two plants near Moscow now 
making the outdated Moskvich 
ears t» switch production to the 
family saloon, which would be 
identical with a nfodet produced 
in the West. Up to 200.000 a 
year would be produced. 

At present, the Soviet Union 
wants the Western manufac- 
turers to pay for the re-equip- 
naeni program me and then take 
cars produced at the Moscow 
plant in payment. 


MOSCOW. Dec. 3. 

About 30 per cent of the out- 
put would be exported and any 
of the companies named could 
easily absorb the 60.000 to 70.000 
cars a year involved in their 
European sales networks. 

Production costs are much 
lower m Russia than in the West 
and the scheme could be highly 
profitable For the Western manu- 
facturer concerned. 

But tremendous obstacles have 
to In- cleared away for the pro- 
ject to cume to fruition, not the 
IcasL of them the political prob- 
lems facing lf.S.-owned concerns 
tike Ford and General Moliii’s 
tn n ttoal of this sort. 



1‘ y 

*tuTj/ 


BELL' 


SCOTCH WHISKY 


ARTHUR BELL «. SONS LTD., ESTABLISHED 1625- AMD STILL- AN INDEPENDENT COM FAN 












2 


OVERSEAS NEWS 


£ Desai faces 
| row with , 

J rebel 
Ministers 


Court challenge to US. pay policy 

A SMALL U.S. West Coast paper oo October 54 (linatingavcn.se onioa's action ha been qmtaMt « ggffjjf 1 !?! V6H©ZllCl3- 

workers union, describing itself wage and benefits rises to « per by a letter sent by the Council outside 4Jie 7 per cent l*nnt for 

as - The House that Roared.” has cent j has greatly complicated the on Wage and Price Stability tell- fear of Government reprasals, but ^ -| • 

launched what is thought to be dispute, although it has not infi Crown Zellerbach. one of the the stake shows noj sign i of AlPplIrtri 

n , , i i. ln.rnr.nfi tho uninA’c rluto rmina- wnnlJiit rnmnanioc ibhat -©re- tnunbll&e fifipr-four UKmths. The liVf U 


NEW YORK, Dec. 3. 


A SMALL U.S. West Coast paper on October 54 (limiting average union's action has been sparked «jq>loye«- Shat it cannot setoe 
workers union, describing itself wage and benefits rises to 7 per by a letter sent by the Council outside the 7 per cent Lmfc for 
as “ The House that Roared.” has cent) has greatly complicated the on Wage and Price Stability tell- fear of Government. reprasals. but 

■O A _ ... .. i.v l a~i_ a P thn tno ntPirb cnAtiT fiA Cl uH nr 


S. Africa conhscau 
former information 


I# 1 


! launched what is thought to be dispute, although it has not ing Crown Zellerbach. one of the the stake shows no sign of 
I thi» first legal challenge to Presi- lessened the union's determina- worst-hit companies, that -pre- crumbling after-four months. 1 be 


By K_ K. S harms 


NEW DELHI, Dec. 3. 


I the first legal challenge to Presi- lessened the union’s determina- worst-hit companies, tnat pre- i-nunDuns anw-iour mumio. auc 
ident Carter’s anti-inDation pro- tinn to secure a two-year contract guidelines settlements signed by company has gone to extra- 
er amine with pay rises of more than 10 other pulp and paper companies ordinary lengths to keep its nulls 

i _. ’ - . .. .amo. per c ent each year. did not establish a “ tandem working and has withdrawn aH 

„ JmLv ai aSSStion of Wesiern In a suit filed in a U.S. dis- relationship." The Admioistta- salesmen (and a good proportion 
member Association or western nma.. tinn'c nntivo ^Iinux smnhM r»f of its monaeameotl from normal 


By Joseph Mann - 

CARACAS. Dec. 3/ 


BY BStNARb SIMON 


JOHANNESBURG, Dce;-3: 


MINISTERS in the Indian Cabi- 
net seeking coafrontatioa with 
the Prime Minister, Mr. Morahji 
Desai, because of the Janata 
Government’s poor image and 
performance, are expected to 
meet him this week following a 
by-election today. 

The crisis began after the 
former Prime Minister, Mrs. 
Indira Gandhi, won a seat In 
parliament last month In the 
southern state oF Karnataka, but 
Mr. Do sal's critics were asked not 
to bring it to a head until two 
more by-elections were over. 

in the first of these, at Samasti- 
pur, Janata won. The second was 
today's polling in the Fatehpur 
constituency of the northern 
state of Utter Pradesh. 

Mr. Herat came under fierce 
attack at a party executive meet- 
ing after Mrs. Gandhi’s victory, 
mainly at the hands of the 
Janata party president, Mr. 
Chandra Shekhar, and the 
Sociolisl Minister of Industry, 
.Mr. Oenr"e Fernandes. Both felt 
that Mrs. Gandhi had* managed 
1o win he-'au^e of Mr. Desai's 
and tho Government's “non- 
performance" and the wide- 
spread disillusionment with the! 
party because uf Us continuing! 
internal squabbles. | 

Mr. Fernandes is widely re-i 
ported to luvc mid the Prime [ 
Minister that he docs nm want i 
to continue in the Cabinet any! 
longer, although he has denied! 

that hr has fnrinallv resigned. 
The resignation could ccnnc this, 
week when Mr. Fernandes and', 
some of his Cabinet colleagues' 
are to meet among themselves! 
and then with me Prime! 
Minister. 

Mr. Dcsal is nut unaware of! 
the moves and he is showing: 
signs of bending before pressure | 
on him .to carry other members' 
of the Cabinet with him. Thci 
first test of his willingness to > 
relent will come m the next; 
day or two when he will decide 
finallj whether nr not to take 1 
l he influential farmers* leader. ,- 
Mr. Charan Singh, hack intn the' 
Cabinet. Mr. Singh was sacked 
about six, months ago for blaming: 
the Cabinet publicly for not! 
laking action acainst Mrs.! 
Gandhi. j 


some nine companies are still legal challenge to the President Government bad accepted this, Friday, two of America's largest 

resisting demands for double to come from an aggrieved com- the .strikers could have hoped for companies,' American Telephone 

digit wage increases and higher paoy facing Government first year increases of 10.75 per and Telegraph and General 

pension benefits. sanctions for ignoring the guide- cent and 10.25 per cent in the Motors, sent letters to the White 


The introduction of the Presi- lines. 


dent's pay and price guidelines However, it ds clear that -the 


second year. . ' House pledging their compliance 

Crown Zellerbach has told its with the guidelines. 


Paris police 
puzzled by 
shop bomb 


Swiss turn 
down state 
police plan 


Israeli Cabinet meets 
on reply to Sadat 


By John Wicks 

By David Curry • THE ISRAELI Cabinet at its prior Egyptian commitments to 

Paris nee ^ ... . wrAmv«vT7T JRI 9“' ■ weekly meeting today discussed other Arab countries. 

FAKls, ec. 3. IN A NATIONAL referendum id the latest letter from President Renter adds from Cairo: Egypt 

FRENCH POLICE are uncer- Switzerland this weekend, a Anwar Sadat of Egyot to Premier and Israel may agree to postpone 

. . . . . munritii nf Iho a antnnla vnlad •• , n ■. . . . _ . J ^ 


BY L OANI&. 


JERUSALEM, Dec. 3. 


dictatorships, deputy , 

freely elected presidents font titm is mounting that .the. report ..it has unqi^er^ _ ^ ^ . 

times since its last military by a judicial committee of m- The. .conten^of^me^SmTO^- 
ruier Was ousted in ' ijulry. Into the Departments .report are ■ 

Venezuela stands out activities wiU show widespread, further the _ 

of a tiny number <rf. ,*^e corrupUon and misuse o£ public National Party oevirem^spjtr 

'democracies in Latin America, money. porters pf the former 

_ i >, !,*=!«" : The renort. which was Sub- of Information,- Dr.. Connie 

The winner ta today s ^atly- TO rtred tn the Government lata Mulder and bl^ arch-cons&rvatifec- - 

Tattweefc wiU £ reKl to the fnccessoF^ lead^oTthe,!^^ 
?eoutf L^ PifietS S&. pS S.TuS £5 debated ^ the JYansvaal. 

« S°irtor‘^ m Hemra P la:; quaff&d^fW tbe Co m- wd 


THE ISRAELI Cabinet at its prior Egyptian commitments to 
weekly meeting today discussed other Arab countries. 


S" 1 M^Mfl^staratog- disclosures. ; which that the eooMfRmW^ 
?«S2tSa£TJf -S5nrtelmln«- their Vr. Vultto 


SSe tZ his P ^?riv\SetHlgnifiCance. and thnt the P^ice the Cabinet « a ^ 


edge over his d|M ln^ 

race will be atremely-.dore “ ““f. xr^ttno: iMir 


■ ■ . g , I , • • vwmw » v* vw ■ mm lim y iiki UC LU UUOUlUilG 

tain how much credence to give majority of the electorate voted Menabem Begin. Its contents their deadline for signing a peace 
to a telephone call claiming ?£* J! 1 , a nniil? vww revealed— in accord- treaty. Dr. Boutros Ghali, acting 

rwp.HS.bm.y ro, Saturday's JSdPli *?«=£?!=. S 5 S?Uff £ 


and first-time voters vrHi ti, ail In ^ y Ksn , u s ai(J that “as a porting newspaper. Bappurt. said 

25*2" S C '°I “ *Sg£ JuS fffiTwW-t.. today ‘that SM-Mpldef -wfej. 

Voters^ P?^Wd-Ja«!St =P corruptlop.. I don’t te^nsvaalareactryiUt^tg : 


A Aft 


today on the tSive^fcare who Is 


l o 7 1 tor«. in cooperanon witn tne between Cairo and Jenisalem. a^ iiterview pubUshed today in Aent today on the "overiitGnt “«re who is ruling -the^ coiwtry to drive som^i^ 

bomb blast n a Paris store by canton, this corps would , have | Nor wil , Mr . Bonn’s reply be tbe semi-official newspaper Al S fncumbent pnSlSSrt S or which party is in . power, my outc^the Partj’- 
the separatist Breton Libera- been used parilcti arly to published, unless both sides Ahram. Sid^P?rel which has' 'spent '•/. ' • - ' : 


tlon FronL The call came after ! terrorism alone with the pro-; agrPe lo it. 


two other people. 




«Tac Vv. ' ] accords which laid down the basis 

!£! «»*™ "" rh ^ *>"«l rfraft r ' r - for the current peace talks. 

Tbe row. Mr. Begin described the _ _ ... .. . . , 

- - 1 But Dr. Ghali said that " if tbe ' 


hram, | Andres Perez, which has spent 

He said he could not answer a I the sum of $53bn since 1 * Urn 
icstinn on whether a treaty j countrj r ’s oil boom in 19X4.: 
'Uld be signed by December ^-'Neither Sr. Pinenia nor-' Sr. 
e dale set in the Camp David I H errera has - indicated -ttirfl he 


Two day, earlier two Bretons ; Social Demo. rats and other left- J exchange of letters as u very 


uere jailed for lo years for j wine organ isaltnn., were eon-/ important contact between Ibe parlies feel it is difficult f lo meet } 


exploding a bomb in The Palace : «erno<S .it she possible u'ie of (he; two governments. the deadline) it is possible that i 

of Ver-»ai lie causing very heavy l federal force in the ease of- Several cabinel minisiers said they agree on another date.” I » — - 1 "tatu chitu jihr cnine in hannen : ncv4 vonr 

damage but no iniurv lo life. ; dcin>in*rra»Toiis. ‘tnkvs. iiL-cuoa- ; after today s session that in their Meanwhile in Washin-unn I lerm next Marcb «nd i5--f0c- MR. LAN SMITH the Rhodesian pot goiflg_ lo_ ha ppen . next ^ ye ar, _ ■ 

The store bomb was’ unusual ■' l - nw aticiekr power station ! view !neie is neither a deadlock FVvDtian Prime Minister Musta^l hidden by law from standing (Prime Miniate tonight a AP Baled because - - toe _be . : 

in dial die BLF normailv : sites and simi'ar civil a cl ions. ; nor a breakthrough in the nego- kwh bas decided to 1 for office for ten years- -’v* j to 'the country's 250.000 whites' ;J°r?uig.vritb aU- the- Other; parti ea-- 

attacka goveron^ai ollicesuMl * tiat ”" s s \ ^o decision JSthfr twS ^ «•>’ «« the country and make ' 

-..u,, i « , righl-wlng and nationalistic- app?ars to have been taken un ri ., vc fnp ,s ir *Y,„ r t-.u.e with Mr 5^0 a.m. and long Imes-flfi UBraJ1T h.nt T _ Michael Holman ados -, from 

tvmhoh nr Piiric -nnnrn.Snn^ * ?«•»'?* -=* D :' ScbvaTWMl- I whether tO Send tb C Kr3C!» HC30- r *J HS Ceerel^ ' Y**™ *** 3 f «W hOUTS^ | ■} l “ t * it? LnSaKB: ' EffMB' COlirt nfr;,. 4 A_ 


would cause major shifts -in r 
Venezuela's domestic or | 
foreign 'policy in the ;pre$i-'( 
dency. The current -icfcjgf j 
executive. 56-ycar-oId':!Mr.-| 
Perez, completes his five-yg»rj- 


Smith tells whites to stay 
after black majority rule 

BY TONY HAWKINS •- ^ ^ALISB URY..pee^. 


ill dial Hie BLF normally ; ? J nor a breakthrough in tne ne?o- has deC ided lo ■° m « ? r 


radio tran-Nmitters. seen as ' nZl rZ ' n t “ ‘T ■ a ^ P ,J s , days for further talks with Mr. 

symbols of Paris “ oppression." I v ^ ■' t0 Kraojl nego Q y ^ u $ Secrelary 

. h .._ hlin ,„_ bach s nenubln* Movement, saw lutmc team back to Wasmitjton. 

rather than seeking human j the IlIQlilir , rMyc!n2 tanlnnal! bra-! remain* opposed' u. ?5 Sta ^: i . _ r „ . 

r . , ; sovereignty and do lined n ' revision of the draft treaty which Hwan Hijazi reports from Beirut. 

Thirc »». . 3ls0 s * ree * unnei.-es*ar>- in that the ventral it approved, bn: there mav be kyncern is growing here over 
"Oleitce oicr (he weekend : government already h JS the rlshi-rn-m fnr an exchange i.r le'it-i* P>«» h >' Israeli-backed 

when left wing mi Ulan Is and . t0 „|| vanmnal police for which would solve the ih-.rnv Lhnstian militias in Southern 

ccologift groups took over a vjpnnrt There was al-o nppnsi- oroiilem of a timetable for liie Lebanon to build a port and an 
peaceful demonstration against . ij n j n nrtr0 r. rural car.’.ip- who i n holding of elections nn tho Wmi airport in the region under their 

the government's plan to ; , a so nf trouble can call ««n the! Bank and in Ghazn control. 

extend the military camp on police in neighbouring i-anio.ns No snlutir.n i-: vw m sight in The subject is expected to be] 


later. Voting sites all .over! a “nationwide radio, and TV broad- all-^paity'conferehce^oo RhbdesiV- ■ 
the country of 13m will, offtci-l cast on the eve of the visit to received -the expeefbd" -rebuff 1 


extend the military camp on police in neighbouring i-amo.ns No sniutir.n ic vet in sight ir. Tbe subject is expected to be] elections and counting? the -mus of majority 1 rule alter next settlement plan “put ; of date" " - 
Uic Larzac plateau in central . — and thus nc’d not com ributo m itv: Egyptian demand that the raised at the Cabinet's .weekly . votes; until Monday.: .j£;‘ ' I April's elections • ” and the conference ' a : ft hori- ‘ 

France. Peasants-. ' a standing • ri<i> eurns. ' oc.ill treaty be subordinate in meeting on Wednesday. Troops with sub machine feu ns I w- c«,.v, starter." . 

— — i have been visible all ovfjhe , ob vi OU M T ” L « aS efe-e had noi The Zambian Goveroment has ^ 

capitai in recent lays as^hey i onv !° u 1 sly [ he eeasenre had not made - no stalemerit on : . the r •- 


Ulc CUUDiry. nr lom wru. umvi-i waai un cue ui iuc viaiL - cw uxuvcu -uit. cAf/ctttm . • reuuii • 

ally close at 4 p.m. t od ay -^t [Salisbury of Mr: Cledwyn from Patriotic Frodf cb-Ieader .' 
voters already standing In] Hu^bc' the Brtt ieio -Priwii. Mini. Mr? Joshua Nkontbf -After- • 
queues will be allowed to.-cast i 'JL minute . meeting -on S&tur'dav 

their .ballots. No deffcltej' steria persona! envoyv-the Rho^e- with Bri ^ h enyoytfrr&edwyi, - 

returns arc expected froajjthe i Sla1 ^ leader defended last weeks .Hughes arid -TLS, ^Ambassador; ' 
Supreme Electoral Councftj an ! decision lo establish a “national Zambia Mr. Stephen- Low" h<r •" 
independent body runnth| the government " far the first five declared.-' the Anglo-American - 
elections and counting? the 3- ears 0 f majority-rule after next settlement plan “ pUt ; of ‘ date". " - 
votes; until Monday.: .JX,' ’ April's elections. • ’ • and the conference ' “non- 

■oops with sub machine feuns •« „„i«* starter.” . 


i. 




bey i . . . . , . . made ' no stalemecit on > ■■•the - 

carried out 24-hour siifroii- [ ' VT,rked as had been expected. env0y - s t w o-hour - session with / ■ 

lance or all public scflbals. | He gave two reasons for this, say- President- : Kaimda on -Saturdafm ' 

which now serve as- Vffing|injr the Patriotic Front " had night hut ir is thought Ther Mfc “."'C; 
centres. The capital of vm i stepped up its war effort in an Nkdmo’s blunt ..rejection carries;- T 

!?.!?■ to frustrate the agree- the President’s endorsemenL ./ j 

S n ulct ^and d ^i rtu^i ^nt and that Britain and the - *£ nte r adfe from iVetoMa: Sirf ? 

deserved last nleht due to ttw ] U.S. were con tinuing to “ support. Hughes Mid- -he-: wonW presy - 

"dry law" which prohibits-sll ! the terrorist cause.” ■ ahead with ins. attempt t®. seek - 

sales of alcoholic/* beverages , it was for these reasons that an all-party . conference, on. V 
until noon ov Monday.. it bad been ' " unanimoaslv •' Rhodesia . .even .though Mr. 

be very high, /otinjr for those jaovernment to establish 3 Prmoria. fr^ LusaS aod - ' 
18 years of ,i S e and over j s i oatlonaL government. Mr; Smith g^S’SSt^St Airi S^i 
obligatory said. . He iriaimed that many aovernment leaders - tomorrow 

Sr rnTiK!?l.r r Pra p!J < ; d mJ-« lben . ?m * Wou -^ flQW from ^ before going ; nn to Salisbury. - . Lt 

uO\crnni',nt. ST, Plflcnlii S ! dprisinn ' -in ' adrlitifin iFn . tfiA .... - • . • - i — • 

push ahead with President I ■ , t ; • , • In Maputo Reuter' reports. that . 

Perez's major development I ” a,, ° r QD . e ®/. , gctt .P? ,op U.S. Ambassador, to the United '. 
□rntecls nnH has said lhat hei 0 ' tne-UBCUntv Situation: • Nations. Mr. Andrew Ynnn<r IiAld 





mm 




Perez's major development I uu =” 1 f , a ,0 p. U.S. .Ambassador, to the United 

projects and has said that he|° r the -eecurltv situation: .. Nations, Mr. Andrew Young, held, 

will solve nagging problems] Mr. Smith said the proposal separate talks todays with PresK:^- 



T'YfiUirtiie of 

fi 1 Sfi.t Iieatse. i 

- ..\r ■** ft’ r&U. ■ «? 


2 *!." j hi. ■itc COiC pi -tefljai 

i r ' ^ ? • J .rivTct. i 


such as poor public services, ] to give ^whites 28 per cent . .of deat Saraora. Nachel of : Mozara- - - - -T 
hnu?dng shortages, the high'; Cabinet posts in - the commdff biqne. and Mr. -Robert Mugabe, ' ■ ' V : 
cost of living, street-XEime and^ finjl parity rule government co * teader 05 t*e Patriotic Front v ; 


Government corruption. 


Kssrr >.‘i^rMki<£ i "« r ,r , was ib : m °i i 

!!!,« ' .A. C .1.. 'lous decision tn have heen m.ide ;7_ * . «iougni mat 




like his ddversaiy. has fiercely i l ? us decision to have been made jjr. .-Young, who . arrived in-'^-' - - 
attacked ibe official party for. slQc e -the signing of the March Maputo today from Tanzania,- - 


waste and mismanagement of 1 asreement. He denied lhat it discussed the situation in Rhode- 
Ihc petroleum bonanza. • constituted a breach of the s* 3 with both leaders. ' 




He and other opposition groups ■ agreement which, he said, had 


ha J e f^ c . rypd -,\ hal , ,hc ° n ' cial I Precluded whites in parti ament Fina^ou. Trau.pijhi'Mii«i 

ranrtifliln U’ll I r. r l v .. r*. — ,k. .. 1 _ .... J . . . . 


candidate will only continue. — after the majority rule elec- Sunday* ana ha’iajys. u.s. sShsL-rS^on 
the inefficiency of the current lions — from joining a coalition * a5 W '««■ f.-»tabu_ >ms.oq . cjir. • 




me ineinciency oi me current , tmns — from joining a coalition SS, ’' BB , * ,r mbs.m . » a ir. «aj» 

Government. I wiib a minority party. This was ™w^rE£-£x?* ‘ 3a “ ww **’!^ •; 


✓ 



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CONFERENCE ^ 

ON ENERGY, TRADE &SI- 1 IPPING ' ' & i 

Sponsored by the < . -v Y ^ 
Kuwait Chanjber of Commerce and Indus tiy ; 

8-9-10 January 1979 - " - / . . ; v" y 

Auditorium of the Kuwait Chamber of Commerce and Industry A 





u _° 11 |C 'aiopernnrj cerep^ny on.7:n Januajy al 5 30 pm Linder the auspees of ’ -■ 

Hia Highness the Crown Prmce and Pnnw Mfnhaer of the State of Kuwait, Shaikh Sa’ad AWAbduHah«-S*fc*b 


CONFERENCE PROGRAMME 


Coo'ii-iM-.* c>»onwi HU ExoMncy AMg* Auz M Saoar 
Chairman. K. Chomoer 'lommejo ana Irdasir/ ar*j Charmai. O* 7«hw Company.. 


Day One: ENERGY 


Chaiman ot the day; Or AM Ahmed Asipa 
^acroury General o/ihe Open ^*oon & *>xa{3 
Penoiemi Exportnp Comtes (OAPECj - 


Day-Two: TRADE- Day Threei^HlpprNG 


>: ria>mjar of Bie day: 
JirtietB-Sne'Vrtiod 

.Presioert. Sea Conahers Inc. 


Ownan oi day: - 
Ewettenqi-AtWAiteAIi 


frorpy i-anspom&t.i me AraO wonrf 
Dr AMufttadyH. Taber 
Governor, Panurvi mvl CTwVm*n Aioo 
Marwne Petroleum Iranspon Company 


C'Mngrtg paVcxs k-u^e " 
iAnoe ’E «; uner iraoes 
A OWBWstu 

Mcmtara* tta Seara. PCSS 


abo indusay. and Ctaaman, Kuwait Ofl ” 
Tanner Company ’ *• 


^ Wbuld an Escapologist 

help solve your Industrial Property problems? 


The pipeBne conoiojeon n fMtats East o> f 

tradaa 

BakrA-Khoia 
VlceCtabman. SUMFD 


Ku*aa as an rir:rr or M ann LPG 

A senior representative trom (he a Unyiy, 


To release yourself from property problems may 
require profession oi advice. 

The JLW COMPUTON system helps the Surveyor 
meet the requirements of the Industrialist for property 
management, relocation, agency, current cost 
accounting, asset valuation, rating, cost comparisons, 
regional trends and other essential information - 
'otthe touch of a button'. . 


The 'JLW COMPUTON' brochure explains how 
it's done ond is available on request from 
33 King Street, London, EC2V 8EE Ref: KRE or PJM 


J7» suppty/OemandequfkxtlorLPG earners 
AantBoudM 

Pf tert fert, Gaznccan . , 


Retm/ng C4A*c>'^ ond products tankm 
Awacng conbffnafton 


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A’tfdteEaMinii-i'ades t •• 
* vwny represona^ tram ina 
'.Tiled AraS C&npary 

tfi Qua porn . 

Fa9«W>J>an 
Genera: Manager. Gwtamer 

i~-PortP«ueciBnrlorina. 

A-ao world 
a Aimnp cantiRTUBian 

f -rt^if SR - AM tha supper- 
AnrBJTmaw-'irmaBon 


Sto&otog «S a ^-tofmArealrnfirff.- - "'i 

AMtAvataPAM ApTermar 
Cftaiman and General tVec^ius^' " • 
Conraowfl and feMURM - 


Mamma iM^BgipMWw' a wwnr-itoMit • . 
taw ana onoat cm new&aftjnMttni' aw’. 'I ' 

.MA*eaoW>. . . 

andOMheh tUvmr- vA 


JLW COMPUTON 

A complete answer 



fUTi- 


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ifl'Opmg — ’ii*.;;’ 1 ; ■ 

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CONFERENCES 


Organised biTSeatrad e 


Chartered Surveyors 


Conipae;, 

Addraa 


| Spadal How and Travel 
I fKMnareavtMta. 

■ Pima anquta tor ma. 

W l— i 


Tdsptene li.; ‘ - ■ . / 

?^L Ca, ' s ^ ™ 








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W^as-r j? t : ; ,v 

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Pnr - ' ' ••'■'•:.> * 

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5 to Stay 
ity rule 

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HhJt? 
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the 
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companies 


■ BY CHARI^WW / 


Lufthansa 
orders 
Boeing 737s 

COLOGNE. "Dec. 3. 
THE WEST- GERMAN airline 
l Lufthansa has ordered 33 Booiru- 
. 737 200-pasbnner jels worth 
I DM S-JOni (S400nn from the 


x . j , J* lliLISNAVE SHIPREPAIRERS 

Laid-up tonnage tall 

reflects improvement x ortugal S 1 

I r i.iii.-iVi: vr?, *Ha ponired on S 


By Lynton McLain 


TOKYO, Dec. 3. j American manufaciurer. 


iTlIE TONNAGE of oil inrHvis m;iin factor.-. 


* LOOKING from the vantage centred on Scandinavia, and in 
i point of one of Lisbon’s seven particular Norway. Ib market 
hill- across the liamu\i\s. and orientation _i« now smnir.; to- 
' cnhhlcjiones. and endl?s>» tiny wards lhc*?ar ao»j Mifiue fca»i. 
sic, ot». ijno can catch a glimpse So far it ha? boon fairly suc- 
of stimethins suagesim? another cessftil. The Jeddah contract is 
dimension alt. suet her: Lisnave similar to that won by Li? nave 
large: porluyal's hugo «Jiiprepairins four years ago from ihe Saudi 


apparently. oe roe orai .tV.iap' a- total Of -amt eight pean airline io ny me regular. i mer crude. “oS'v'wMwmlv in the midst or Li*nave> trigltirnny is that des- 

foreisb. in China ar any one due. 90-seat version of the ‘SJ-One , f H lant . cr amt muuirlex from i he West Africa i l - f p^tugir* interminable | ,,le J. In rt°T! > 

ih!4-wlwl«e.r_ny fj gw^t w ^ sending -mterpreters” to of them reached wwmtcd combinolMm carrier wra^o and Mediterranean eectun were - r.overnmeni crises. Lisoave losing money, and at 4 -«OMdu 
may, huweveiy *g. r ¥ft accompany fausiness despatched publicity when it via* hijacked | Jaid lhis vojr uus sol in in short supply.- but the carib- annauncet i i.hat it had won an able rate. 

as'itap 5 wW«^-WJgJ»wa| :.-by' Jaanufacturing : clients and LoMrjgadisbu.Somalia.in^ vshon 53m dwt ions was bnm market was buoyant ^si » ord ^ r from the Saudi Arabian A senior manager al Li suave 

companies; Already may fae aUowed to remain wake of the kulnappinB of mduv j(J]c ur tjein ^ repaire( |. week with rates un lur most GovPr nment worth over SJOOm- recently predicted that the enm- 

permaaeat RresedCe_l“ ^iirtbe country after tfaetr princt- tnalist _ Dr. Jianns-Martm D , ■ - ^nhers sires pf tinker. ji or the central desicn. planning. P^ny be much deeper in the red 

though Staffed', wt&i -pals Jmve returned., Schleyer m October 19i 7. Wunhinilion -hins in The London Tanker Brokers’ i' d m ' ajla r-eineni of 'a new «hip- by the end of this year than the 

persomatt. - • *. v * -V- -v ’ pl ^-K^ra’ding companies station Final details of the contract B r< ™ H Jr Panel reported its monthly aver- 1 nhnY t be built at deficit of 241m escudo? (about 

The 5 - pehpte flonceensd : ‘Arft in 3hitia at the win be aettled n«t spring. Luft- Noventoer, 1 f ^frelAi rale asseWnls f«r ! plani 10 be bJ,U £27m) it experienced in 1977. 

quartered -ro ^ hfoteiriiamk ^ipfc'tinre of the wice yearly Canton j hansj plans to use ihe airmj I * l "* f ove r iP vears. the four week? from October 16. Hnv.ever. ibe optimism of me realistically. maniRement ao«- 

arepfimaafentty' reserved: 1 faiK’.:', Numbers in. this ease., Jo renevritj exist me short-bau j - ££ lnn naso ' <>f oii General PL’rpwo lankera aver- 1 earlv dajiJ ha5 b e? n dampened in knowledges that l.oOO out of jjjj 
TheiPcfunpahies and equipped . de p e hd 0B ‘ the nuniber of beds ’fleet of 28 Boeing -37 a^erart; scrapped in i he fir^l 11 aged Worldscale 1-3.3. medium , reco'ni vears. Lisnavc was con- present workforce ni 11 ’VS 

with tefexT A-.' ; in local hotels to which each of j and io strengthenitsGernmn in ran , e vessels. 143 ri. iLr» range ., 1inK . , r M , b oo,„ would need to gu to- make the 

Trading ■; wimpany^, ^fP r ^5^cV!l inn« The *? 5 £ 2 ? ^ "he^nanced Hm Hw. This ' comp r, seel over vessels L-etw..en W.2 and 91.8 and a n<l W*rG“ in oil nriws ‘n 1973 company more profitable, 

tivas in -Pehio^have not so far major company trtuch has : toJSiThe Purchase w»H I b 1 P hp ft ?.?- n ; . ce i ‘{ 1 2 x 0 vessels with an average a-? YLGCf wore ruled at A\ orld- . and , he fJraslic L .ffe L *ts it had on Yet the eompjny. like Mhen 
been" allowed" tfa’ employ - Ghmese standing trading links .with the j parti > by the sale of the -s. it nf Jg , e#rs and mar ic v a a nv- .-vale 4- -ship building and shiurppairins in Portugal is hamstrung li. 

staff. U given, the-ebanee to do People’s Repubhc has W DedSi jaacd. I rron| 1977 lula j nf un a,. r jom Un the dry ;ear?o markeli there hafi its repercussions in Tortuaal. present labour lavs which make 

so m’Q 9 t' - computes would, like at Canton: -Agencies ,d\»,i •••■.«* still a l^r^e volume of un- The conn try’s pjrricular noli it- it almost impo?MhJe in dj?mi>.* 


carrier wuuj^ .mu >wu>— i,overnm?ni crises. i-isu 
year uas set in in short supply.- but the Larin- anri y U ncO(l that it had won 


able rate. 


Tho four week? from October 16. i In .. over, ibe optimism of me realistically, management 

r rtl-l-inj.-. T-mL-a.r^ nvftf. 1 . . ^ 1 ■_ L-nhu/luHn^c lhrit 1 nOll llllt l 


African 


activity was limited in the Ins' 
li) ilavs. The U.S. Thanksgiving 


markets. i:-:vci business on the Atlantic. 
I hr- last but with Japanese sioei coin- 
ikspivmg u.mies planning a cut back in 


BY BERNARD SIMON 


JUIIANNESBURG. Dec. 3. 


crl.d) radons and sc-ive delay.- - in ; ,- u:i ore irn ports luivl year, ifct 
December alloca linns were liie market is evuecied to fall. 

New order for Denmark 


and the drastic effects it had on Yet the company, like "ther, 
shin building and shiuTpairins in Portugal is .uimstrung ».• 
had iis repercussions in Portugal, present labour lavs which ma..e 
The cmimr. s ^jrrieiilar nolili- it almost impossible m dismiss 
«-j' circ>,|ji-i 1 nee, only added to anyone. It is ai«- argued tn::i 
Li-nave’s riiiueuMics. Foiiowinu t«ven the country’s present un- 
lhc Lefti-i military cuip in oipploymem rale .,r 1? per cem. 
April. 1974. workers ar the plant maw re.lundannvi vieu.d 
i.ecame 'r-eu- „f ladical ««l»; M'!' much ftf J Wr::sl Jl,d ^ blU,J 
i -ncv. Their tarucl was Jose risk. 

Manuel do Mcli... one of ihr bet- . Lisnave is also acing dilucu.- 
u'r known hu>ine?5 tycoon- dur- tics in obtainin'- credit. Al -j 


SOUTH AFRICA’S cement cx- with- a world shortage looming. 2.000 tonnes of uranium under | gW OTClCr lOF U051Hl3.rK me the "day i of the diet a; or? nip time when the IMF 1m* 

am&A of moba'*e are now- receiving a steady a sl66m contract over II years. , 1 N V Yf \JSL iVi ^ ^ . wh- also happened la be on the- on overall credit - iu**'?. ii - 

■im- w-ilued iit R 5 -> in in the year' stream of inquiries^for exports, a spokesman for Inc buyer.- ■ hu ary barnex t’uPENH ^GE.\‘ Dec. 3. Bnard of Lisnavc. gucse hanks are show in. tn 

Jn h.ne A9# coSar^ to jiist toe cement industry’s export said in Brussel*. Renter rep.,rl-.. BY HILARY BARNES L ' nA . v « the company ii perhaps selves reluctant to wine (on* a d 

over 340.000 ions the previous . spokesman.. Mr. Ken; Wood, said 1Jc aaid the dea!> between -THE A. P. MuELLEK shippim He declined .10 say what GPC one of »nc fow real tumrors «f J' 1 !"-.!™. utbe»* in 

vear. porting ta -toe Smith , recently. =. - - - , South Africa’s Harmony Guldlcroup of Denmark is prepared of vessels are involved I. but they , the re volnuon. Dwptte worker jjm lilt beTn Miiwlied to 

AfrlMTi Cement Producers Asso- The export drive has been ... . - , j Rai^inm’e ■ to nine** an order for Jour specia- are understood 10 be 30.000 dw t : anlznathy against De Hello, he Portugal. - ■ ■ P 

ii-tinnN latest annual report helped ^eeneroiifr government Mlrun ? company and Belgium s [ . ^ vesspK tt j:h jls subsidiary container vessels of a new design. • is chairman of the Board, and bor-ow from abroad , 

The MBOtiiaSon say^ That rebates on rail traffic since most Synatom grouping of power company the 0den ., e .hipyerd at The Ship Credit Institute finances! the company has survived the The deva l, ; ,n ^ ,n 
-Jj?* like” to he of the country’s cement factories companies, would start from Lindoe> if . U can obtain favour- up to SO aor cent of vessels . threat of na’innalisatinn LSr^n.hto 1 irer 5nce -?ve 

SSSUt?it -SJlr ne: “»Sr-toP fsr from Ports. 19S 0. ’ able financing terms in nogotia- ordered at Danish yards over 10 ! Todav management at Li-navc cem monthly excr since ,j.ve 

level in toe cinreht year. Rail Producers say. however, that Eut thR spokesman denied Lions with toe Government. years at 8 per cent. .has taken in reassessing the com- T . ^ j^ - m „ nv poriusiie-' 1 

and harbour limitotlons make it South - African cement which is E<? | eian p refiS and rad io reports Mr. Erik Quistgaard, Lindocs It is expected That thoj^nys future. ?iven 1 toe c ^*n p " “ ", ni „"u ld \,;„ n ^versei'" 
difficult to. increase export ton- 1 of : .W?h- q ua I itr..^ commands a the dca j was jeopardised managing director, said fho \ olketing finance com in n tee will : ins i wreum stances n \ e . tj v t he r -, ‘ in ;h»* v-i|i« 

naoes further - ' -premium on foreign markets. because the Belgian state- management and shop stewards decide- next w.v.her to approve and abroad, .n a sense the oil « ^ ■/;, 1 ‘ .. j. h „, -ui,. a Mv 

The ra^fiTmarketa for South Thanks to exports, which cur- spon s nred export guarantee yesterday signed an agreement better terms for to ’ 5 order. So , ,-risis end *he conseni-ent f.ump - ^ la . „ H ’’ *1}^,; 1 
African cement^ are Middle East renHy account tot - about one- JSSriinent had P not yet guawn- ’aying down the number of work far the Dr-n-.h t-oyernme-nt has . ha? .forced .1 look awav from tra- ij- d .; V3 iJ a non.’’ on- 

couniries Cincludina some which eighth of the industrys produc- tee{{ g j Qan t0 Harmony which; hours per shin. The agreement avoided giving suh?id*es to thf . difonat msr..v.. 1 * i manaaer* si'd Y-t 

f n 'Knwntt -Rmito- African tiou - capacity, cement lactones tho -.r-rpement. was a nre-condilion for obtainir.v shipvards oii*« ,- >ihe .ram "work , new on^s n h c • 1 ‘ 


countries Cincludina some which eignrn 01 uie inonwjr> teed g loan t0 Harmony which; hours per snip, me acreemem avow 

claim -to boycott South African tion capacity, cement lactones forms of ^ acre emeni. was a nre-condilion for obtaining shigv 

products) u'd the Indian Ocean J™J>VX' t r *f! n S |, .7 , &,v 1 He said that even If the loan! the order. nf_Ot 

islands. . — _ over 70. per cent or p. - . __ r _ _ n . r , 1Qran t#*pri the purchase . 


linen, anin. sunyiu-r? IU UK. ; nirt.-v-n B.1.1 u - 

•jvards ou r « ,f ’ - ' ihe f ram "work j new on"s It i ih- 3 c^r'v 1970s of Lisnsv? s managers svd. 
OEi'D and EEC agreements. ; most of I.i-nave’s irade was despite the gloom there sun 


rein. ‘ill? an element of opii.nUm. 

Li-nrfvv presently contributes 
to .-omc 5 per cent of the 
eoiintry's total export earnings 
:m r l :*< such has j crucial role 
lo pby in right! n? i he eoiinlr>'& 
V.'bak baSanvc uf pjv nienls 
position. 

Perhaps the hot measure of 
this is the company’s recent S5in 
investment in new dock equip- 
meni. including aumniuiic blasi-. 

iu^; nu chines iind a nw platform 
drxisnvd tu make work ut lhc 
\ard more eflident. 

There is planned investment of 
some S!3m and a now cleaning 
dock on the mainlanil which 
would take over from Lisnave’s 
three floating docks. The new 
ri.v*k. when completed around 
lfigl will he able 10 clean 
vessels cl .1 vale of 300 tons P«r 
hour enmuarvd 10 too current 
rai.' nf 10 »i Tons nor hour. 

Until nnw man?spnient at 
!.ien;i» - o has insisted !h:n until 
,Kr- company i- *m h ? i disc’d hv the 
Gn* - ernoieni iT« - finnncia! future 
vi)l cimrinn- to he restricted. 
The fact '.hat one of bisnave’s 
leadinn managers, has been 
a:ino ; nfou p? ihc n**w Minister f n r 
lndu«: tv could mum towards an 
iniminviu shoi in the arm. 

He? to uraes 
Arabs to invest 

in 

MK. EDW Ar.ii HEATH vailed al 
the week-end r«>r ihc oil-rich 
Middle Ej?i couniries to invest 
some - .»f ihi - ir nnjiivy in lhc 
Common Varkei. 

The former Turv prime 
minister .-aid Ihal this would 
make econumic sense for the 
OPEC cnuiirries and at the same 
time provide funds for EEC 
member countries lo regenerate 
industry -nd change their agri- 
ciibiire policy to meet future 
ne-ds. 

Mr. H":Ch. sneaki”? in Perth 
'hirin'? :♦ Scnti’fh Conservative 
Pari - . - ?emi n :'r on the Euroncan 
direct <-lec» ; nnf. paid that much 
nf toe OPE'" revenues were not 
Ming spent in Eiirnpp, hm in the 
developing countries — and S40bn 
a year was not being spent at 


. ' ’ . . ' — — ..... — i — — r^T-r. Ar . 

Fiuidrivc in j Chrysler in Taiwan deal 

$1. 25m contract r ^ LW ^ has - the will Ge offered 10 the privare 

FLUIDRiyE : ENGIN^EilEil^ cumlef-- Corporation as ils sector. , 

which, recent* « 





process ■ plant in.rYenezpeliv ^ ’Motors Which had • also - sub - aiid GM that ihey have been 
lowing an ordw. - ^earlier, in *be > fmitted • joint produrtioh pro- listed as ibe second and the .h.rd 
year frbm ndrto^tn Australia for i J ^The terras goffered by preference*... respecnvely. should 

a similar plant. ^rtoxysicr are better suited in Taiwan tail tu complete the 

' The site at Ciudad 'Giiayana -[meeting Taiwan’s goal of build- aS ^ e j n *f„ t ^ D^ an initial 
fPaerto Ordaz) on the Orinoco ing up its own vehicle. manufac- The P»oo n L f J l W non J- u . 4 ,! 
River ta s *a . conservatively esti- .turing industry, they ‘said. P .L°? w^nnin- in 1990 \ « 30m 

mated deposit of ,500m tonnes or . .. According to The current plan, i****?^™^ ^ :, he ™ 

4S.8 per cent alumina. The- con- Chrysler will hold 3a pec W -S592S Jl .. toMhcni content 
struction and- operation of toe 0 f the shares of the new joint b> 1 nerSni ”ro?I 

plant wifi - be undertaken by venture. The State^vned Taiwan to mwe than M per ^eni iror.i 

lnterain’ericana .De Alumina;. Ca Machinery Manufacturing will, the 30 per cent of n?. e 1 1 

(InteraiuminaL . control 45 per cent of the shares stages. i, 

- The award 'of this contract, while toe remaining 20. per cent -AP-DJ x 

proves British; /companies can j 
take on the* best of international 
competition -in world markets.; 

and win,", said Mr, Richard tkauc ».«■»* iv-=» 

Miles, managing • director . of Oct- 78 Sept. 78 Aub. 78 Oct. 77 

Fluidriye. Exports 1057 3 - 027 1771 


ISSiMij 





World Economic Indicators 


UK £bn 


TKAUC 1IAIDIIW 

Oct- 78 Sept. 78 


Aug. 78 
3.027 


Oct. 77 
2.77V 


The Cubltt association with industrial and commercial building goes 
back to 1810 whan Thomas Cubitt. first of the master builders, 
brought together under one roof Ihe many crafts era consiruc-ii&n 
skills of the day. 

Famous projects completed before ihe turn of ihe Century include 
Si. Katherine’s Docks. Covent Garden Matkei. Euslon Slatiori and 
the Marconi lactorv at Chelmsford. Between \re wars Gubins 
added to their reputation with such important c'?.n:s as Ihe 
De Hsv'iiland tactory at Hatfield, the Thames EcwiO J/i«s ai Punicet 
and the Thomas Headley works at Vtest Thurrock. 

Today’s Company is more closely involved with industry than ever, 
building, for an increasing number of top Bnlislvbased companies, 
such landmarks as the Ford Transmission Plant at Halewood. 
Pilkingtons Industrial Development at SL Helen's and the Michelin 
Tyre factories at Burnley and Stoke. 

In tune with industry's own expansion plans. Cubitts, as part ol the 
international Tarmac Group, are able to command the back-up 
resources which are so essential to meet today's exacting time 
schedules, themselves governed by the demands of production. 

HOLLAND, H AN N EN & CUBITTS LIMITED 

Thocney Lane, fver, Bucks SL0 9HG. Telephone: Iver 652444. 

CUBITTS ARE MEMBERS OF THE TARMAC GROUP. 


PrcMdefree : . 

intOTiation^ 
Bnksfdryourdents 
ftx>m.majorcitiesri - 
EuropejS(^rx3inavia 
iVBcldleE^LtSAUK ' . / 
andlreiahcl 


Li 


[SW Through 
f service 800 


Japan Sbn 


Jrance FFr bn 


US? -Sbn. - 


Balance 

Exports 

Imports 

Balance 

Exports 

Imports 

Balance 

Exports 

Imports 

Balance 


Italy Lira bn ' Exports 
Imports 
Balance 

Holland Els bn Exports 
• Imports 
Balance 

>■ 

Belgium BFr bn Exports 
Imports 
Balance 


-r 

6.981 
! 1A35 
31.484 
30.763 
:T 0.72K 
'T3:0J!U' 
15.T40.. 
-2.130. 
Sept-78 
3-682 
3.753 
-QJ071 
9.407 
9^53 
-0146 
Aug. 78 
II7JS1 
134-028 
-16.977 


8.906 
63H3 
4 23)93 
30.881 
29J78 
4 1303 
T 3.400 
15.100 
-1.700 
Aug. 78 
220S 
2-862 
40J43 
8.226 
9.102 
—0.876 
July 78 
105-254 
106A10 
— 1J56 


8.070 
6^20 
•: 1J50 
28.690 
29.751 
-13)61 
12.470 
14.090 
-1.620 
July 78 
3.772 
4.149 
—0377 
7.986 
8329 
-0343 
June 78 
123-580 
131.040 
-7.460 


7.028 
5313 
41315 
28.038 
27.911 
40.127 
9.190 
11268 
—3.098 
Sept. 77 
3.136 
3348 
-0312 
8.976 
9301 
-0325 
Aug. 77 
85.438 
113360 
-27.622 





4 


I 



111 



On Sfcytraio, we treat aH our 
passengers the same. 

The same comfortable seals in a 
wide-bodyDCt0j8t. 

- The same excellent meals, drinks, in- 
flight entertainment and duty-free goods 
tobuyifybuwanL ■ 

And the same courteous service 
from our cabin crew. 

We don't believe in different classes. 
On Skytrain there’s only one - and for 
business or pleasure it's top class. 

For ufrto the hour information on 
seats the day you want to fly, ring 
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For further information on Skytrain 
scheduled service to New York ring 01- 
828 8191 j for Los Angeles 01-828 4300. 





De Havilland factor/ at Hatfield 


Ford Transmission Plant at Halewood 


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Financial Times, tond^ 






HOME NEWS 


UK TRADE FAIRS AND EXHIBITIONS 


Makers attack 




Date 

Currant 


Current 


Current 


7 


Dec. 5 — 7. 
Dec. 5 — 8. 


Koval Smithfleld Show and Agricultural Machinery 
Exhibition (until Dec. 8). (01-1135 7QQQJ 
Design Engineering - Conference anti Esdulnuon 
( until Dec. 8 1 (01-995-4808). • - — 

Bristol Engineering and Industrial Equipment 
Exhibition (until Dec. SI (Dated 4371) 

UK Automatic Testing ‘Exhibition. ... 

{Buckingham 5226) • . 

COMP EC '78 (Computer Peripherals) <01-261 S000) 
Export Services Exhibition (021-6431914) 


Earis Court 

National Exhibition Centre 
Birmingham 


fork lift truck rules 


stay under 8% 


■f * 


ifi' 1 

w 


Bristol Exhibition Centro 


by hazel duott, industrial* correspondent 


Dec. 9—17 

Dec. 12—14 


Dec. 27 — Jan. 7 
1979 

'Jan. 8—14 


Container Technology Conference and Cargo 
System^ Exhibition <01-949 3391) 

Performance Car Show 101-686 7181) 

Exhibition and Display System Fair — MODULES 
{Eg ham 6255} 

Boys and Girls' Exbn. <021-643 9281) 


Royal Horticultural Halls 
Olympia 

National Exbn Centre 

Birmingham 

MeLropole Centre. Brighton 


Alexandra Palace. N22 


Vest Centre Hotel. SWG 
Bindley Hall. Birmingham 


London International Boat Show Earls Court 

Mode^ Engineer ^Ltbn. (Hemel Hempstead 63S41) Wembley Conf Centre 


-13 


OVERSEAS TRADE FAIRS AND EXHIBITIONS 


Current 


International Woodworking Exhibition (until 

Dec. 101 

Combustion and Heat Treatment Equipment 

Exhibition 101-734 2851") 

International Environment Exhibition — 

POLLUTED tOl-453 1051) . 

Amusement, Leisure and Fairground Equip. Exbn. 

FORAINEXPO/AMUSEXPO (01-486 1951) 

1979 Hotel and Restaurant Industry Fair — HORECAVA 
(01-223 2880) 

Home Furnishing Textile Fair (01-734 0543) 

lot Trade Fair, Motor Workshop and Gasoline 

Station Equipment — AUTO-ZUM 


Dec. 5 — 9 


Dec. 12—15. 


Jan. 8—11, 


Jan. 10—14 
Jan. 18—21 


Brussels 


Amsterdam 


Frankfurt 

Salsburg 


THE MATERIALS handling ex- 
hibition, which opens in Paris 
today, will attract particular 
attention after the coming into 
force on Saturday of new safety 
standards on fork lift trucks 
entering France. 

The standards are widely 
regarded in the industry as hav- 
ing been introduced more for 
commercial than safety reasons, 
and have been opposed by Euro- 
pean manufacturers generally. 

The French market is of con- 
siderable importance for British 
industrial truck manufacturers. 
It takes about 10 per cenr of the 
industry's £200tn export total at 
a time when exports are a vital 
means to keeping up levels of 
activity in the industry. 

The concern with which the 
industry received news of the 
standards was conveyed to the 
French Government and the 
European Commission by British 
industry representatives and the 
Federation of European Manu- 
1 facturers. 


But the French nave stuck tn 
.their decision in spite of the 
fact that an EEC directive on 
fork lift truck regulations has 
just been drawn op and is 
expected (o be implemented 
within the next two to three 
years. 

Mr. John Mallarkey. engineer- 
ing director at Hyster Equipment, 
who has taken part in the pre- 
paration of the directive, said: 
“It makes no sense that any 
country which participated in this 
directive, as - the French did, 
should introduce emergency 
regulations which have no sound 
basis in safety terms.'* 

The two most important 
changes which the French have 
•Introduced concern the need. to 
have a hand lever as well as a 
foot pedal for directing the 
'frock, which for same designs 
represents a costly and complex 
change, and the requirement that 
the fuel tank must be removable. 

Mr. Trevor Bowmao-Sbaw,. 
vice-chairman of Lancer Boss, 


wage rises 




said 4he changes would', add - • - - - J 

hundreds of pounds to the cost. fiY M jo4aEL Z LAN DEN ' ’ri 

of an industrial truck. Manufao- v . . 

lurere had to face the problem b ate of inflation ■ in The imposi tion of- the official ^qrset- 

of either absorbing the cast or Jf}* h _ held at about its controls, an .. • - 

putting «P their prices and UK cquid be held ai a^ui main, threat -to ,tte pK 

becoming uncompetitive. - - ... . present level of / to .s per ceuL . -financial markets wouia corae in 
Lansing Baguall. one of for a. -year, in spite of the up- ^^^-fu^nreifrom any farther 
Britain's biggest manufacturers, war d pressures of wage deman dVrises-itt tije level of .U-S.' interest : ■ 
said: “We have not yet made .the ^ ijfj m Congdon * says in his rates, pai^cdlaxly if they were ; 

*rr ie w for 

d< The French fork lilt .tru<*j • says I ^nrSMd^most tuS^n^J'hix^h'g^ .fSStafc-.; 
s mm t , him > .about prices expressed, by too® fmmnr ■nf'-4 ,, bi»'-u.s_ jummi-v ■- 


industry is more specialised them: >bout prices ,5 in favour of The VtLS. cuireaty, 

either the German or. to^KyVe^thl leading to, a ti^itenlng oT finan- 

being particularly mn| -in oVtotogb. to chrl conditions m Europe,^- ^ • 

rough terrain trucks. nrires next vear is not' justified- - 

Tb. baffle nmftrlk better EmpIOJUl^lt . 

Government's move as they-do outlook was -the high* level, of, -a third comment iheUHd-, 
nt? bSiev?th?FTcnch industry Merest rates after the grease lind Ban fc Review out-today.-Bai^ 
Siste ^iSaehJinfi capability tie minimum lending rate to ^ the . fundamental • jssues/- 
"SScS cent on November^* faced by the ..UK, 

Exports of French truc^'. '^^sbould ■ 


Britain are roughly equal. «4>e1 


W th e growth of.the mbney supply, drfuse inflationary expectation^ 
a-tiain/ ^ ( with two resultsr without senous^dama^e t^ z^^ - 


tightening of the liquidity con* economic activity, and bow to 

; strain ts throughout tne economy stimulate - employment -without '* 

m - ' and a firm pound on tbe-Xorelgn creatihg. J inflationary ?; expects- • 

PhnchnOG " exchange markets. tions which may undermine (be '' 

As a result, inflationary pres- intended effect • _ : . 

' sure® should weaken. ' “it is^dangeirons-.tpTltoXe 1 S ? 

rely upon the ultimate deteri-ect ' ; 

COSIS UP* ; ; Money supblv • in the shape of-a -money supply 

a j i ivucj aupjwj limit unsupported by conven- 

m .’■• The National W^etimnster t/onal weapons such as incomes . 

I ni*V CQVC - * • Ba ° fc ' s economic adviser, J>r. policy.” '- ? 

JL U1 J J 3 David Lomax, says today that the jo adopt this approach^ wouW ’ 
^ _ ... _ . ^ .Si. ' monetary target of 8-12 per. cent require much -greater 'progress 

By Our Lobby Staff .•?, growth in the wider 'definition of than - had ■ yet been .'acfil<wH^-*iri'' 

MRS SALLY OPPENHEOt, **“ money stock during, tiie bridging the “perception gap^ 
Shadow Prices Secretary vaster- coming year is broadly-. consistent between the published limit on 
day launched 5 what has iXSame tiie con lain ment of mftetwm. the money, supply and The atti- 
her regular seasonal attack on However, the authorities -had- Aude»=of -collective '■bargainers;.- - ' 
the rising cost of Christinas, to -contend with thehtrige in the This accounted- for the Gov-f- 
linking her criticism to the fall- growth or the money snpply ^rnment's: tenacity in seeking 
ing value of the pensioner tf . which' took place helhre the re- to .prolong the inemte ptAic?:. 
Christmas bonus. ‘ “ ’ • 


OUU'JH ciaiuijJHJrm— ft w a v- 4 iv i» ^ « 

BUSINESS AND MANAGEMENT CONFERENCES State SCilOOlS IMlSt 


Dec. 5 


Dec. 5 

Dec. 5 


Dec. 5 


Dec. 5 — fi 
Dec. 5 — 7. 
Dec. fi — S. 


Dec. S 


Dec. 10—12. 


Dec. 10—15. 


Dec. 11—12. 


Dec. 11—15 


Dec. 12 .... 
Dec. 12 .... 


Dec. 12—14. 


Dec 13 


Dec. 13—14. 


Dec. 14 


Dec. 14—13 


Dec. 15 .... 


Dec 15 


Dec. 18—19. 


Dec. 19 — 20. 


BTA/ETB: Tourism Growth and London 

Accommodation (01-629 9191 1 
IPS- Counter Purchase— Why? (.Ascot 23711) 
OTTC: Safety Representatives and Safety Commit- 
tees Regulations iLeamlngton Spa 36621) 

RSI: Electrical Equipment Conference (01-629 
9000 1 

ASM: improving Stock Control f01 -385 1992 ) 

1PM: Job Evaluation »01-387 2S44) 

Frank .lolkin-i: PR fur Marketing Management 
(01-657 2911) 

FT Cnn.'r re nov Nordic Bankinc and Finance 
(01-236 4382. I 

P.L'P.: Financial- Incentives tor Business 
(01-22-J 6362 1 

IMRA: Conductm? Cost-Effective Research in 
Europe and Developing Countries (Lichfield 
23448) 

Brad\*rd University; .Forecast ing for Technological 
Planninc (Bradford 42299) 

School of Business and Admin: International 
Tendering (Ashford 22101) 

Cambridge L T niv«iy/Car?il! Altwnod: Manager 
Development Seminar 1 01*567 4745) 

AGB: Graduate Selection Techniques (01-353 3651) 
Abacus: Ri-'!; Reduction — 'Understand ing Business 
Coirtracti (Bourne 4471) 

I PM - Employment ’ Law — for management 

Advisers (01*387 2844) 

ESC Company Law and the City (Uppingham 
2711) 

Institute of Mar-m? Engineers: So '■"tv .si Sea— 
Tnterntl -ymposittrn (Redhil! 63«11> 

CALL'S: A Current Devie 1 ’' of I he Taxatiim of 
Properly ( Reading Sfil IDl i 
FT Conference: Inflation Accounting — the Planned 
Standard (01-226 45S2) 

Economic Model,; Medium-term liilernaiional 
• Forecast? (01-<!:19 2651 * 

Legal Suiuie." S-r\ ices/nycziBC: Medicine 

and the Law f 01-242 2481 1 
EIOSS: What Urganj^ali j:i Devoloimient'.' 

(Uxbridge 56461 1 

L.VMSAC: Prnjoc! Cn-erdinaiton (Bbmc) Seminar 
(0I-S1S 2.123, 


Cavendish Conference Centre. 
W1 

r.rosvenor House Hotel, W1 
Avonside Hotel. Kenilworth 


be more varied’ 


Wembley Conference Centre 


r.sfe Rova). W3 
Whites Hotel. W2 
Connaught Ro«ns. WC2 


Royal Lanc.-i.-tcr Hotel, W2 


Whalely Hal! Hold. Banbury 


Management Ctre. Bradford 


London Per, la Hold. SW7 


Madina ley H-i’, Cambridsc 


Education Insiilule. 

E;-d:ord Way. WC1 
Kensington Fa ■.ice Hoiel. WS 
Cisvs Hole . NW3 


THE Government will be 
warned this week that private 
schools ■ will become more 
popular unless it introduces 
more variety into comprehen- 
sive schools. 

Lord Young of Darlington, 
chairman of the "Mutual Aid 
Centre. Is to suggest at an 
education conference in London 
nn Saturday that schools con- 
cenlraunc on religion or basic 
skills would bring more variety 
to State schools. 

Other alternatives could in- 
clud'j language and arLs schools, 
and schools to prepare children 
for jobs. 

There could also be free 
schools with no more than 300 
pupils, who would lie en- 
tc make their own 
dt'cisi'ins; set their ov.m goals. 


and express themselves. 

The new schools could he run 
by co-operatives of parents and 
teachers. 

Lord Young, an educationist 
and formerly Mr. Michael Young, 
will put forward his views at 
the Advisory Centre for Educa- 
tion conference on “ State-Sup- 
ported Alternatives to School 
Age Education.” 

He believes that today's com- 
prehensive® offer a wide range 
of choice, but only within their 
own walls. There is no choice 
between schools. 

“ You can choose between 
zoology and history as subjects. 
You cannot choose a small 
secondary school with a smaller 
range of subjects, because to 


Christmas] 
costs up, 4 
Tory says] 


l.Scof 1 


By Our Lobby Staff 


She said it was worth z half - 

its value when the Conservatives ?•; 'j, .. • c 'j :.~ ." 

FZS&'&sm Fishermen demand 

now have to be more than EW. m '. . • . . •_ ...... - r 

Mrs. Oppenheim produced i AYPHWIVP 
list showing that pensioners - VAVIUWtV OJ. 

would have to forgo buying many - TV -. .. . T - .. 

items that they, could have SMACKSMEN from all-over Bri- Government is -talking -about a 


many places, there are not many 
small schools left." 


K ?n-:ngti>n F^iacc Hotel. WS 


If -I. I __ T’.'rt 

J 1 1. 3 . t,oj 


Action needed ‘to avert 


Mount Rl«-a! I-fftoi. IV 1 


L<?nd'j.i H iiun. Wi 


rural areas poverty 


36. old Queen St. SIV1 


BY PAUL TAYLOR 


Carlton Tnv.-'r Hold. SW1 


Brunei University. Ux : >r!il;:e 


London Ormimto School of 
filivSi'il Sto'.f.-.s. .Mil 


RURAL AREAS-will face incrc:i<- 
ln- uueiiiplfjyment »nU rlenpen- 
ing poveny v ithin five yuan* uu- 
Gnvernnivnt social priori) its 
&n> li'asfcally fivi>rri. tii.- (!hild 
Poverty Action Grqi: , » »jys. 

•n .-i rnpori publWie.l today i( 


r WW^S: 



I ■* ■ »>' /• Tr f-' { < ' . ~r+- 1, .» 









m 


■ :- 








s*#. - 


calls on the Government to begin 
a iwo-phasr action plan, starting 
with investment in rural jobs and 
tnin>porl. 

In common with other recent 
reports on the mounting need for 
action on rural deprivation, iho 
1 19-pa“i_* repurl. Rural t’uwi'iy. 
vav> tliat in recent years tou 
much emphasis has been placed 
f»n inncM-Uy needs at the ex- 
pense of rural areas. 

However, unlike oilier reports, 
in particular (hat by the Associa- 
tion »( District Councils, the 
.=Mup urges that resources should 
lie diverted from the inner cities 
to the rural areas. 

Rural areas, the group says, 
must meet special expenses, 
particularly for transport, which 
when coupled to- inadequate 
health services often “tip the 
balance and consign a family to 
poverty.” ■ 

In many rural areas, unem- 
ployment is hall .the national 
,i vo rage again, and, the report 
says, will increase unless policy 
is changed in the next five years 

The group rejects "ihe myth 
of self-supporting rural com- 
muniticn" to that the rural poor 
are geographically and socially 
i.'olated 

Mr. Alan Walker, a Sheffield 
University lecturer and editor 
oi the report, said that since the 
war ••*-.? have, been concerned 
loo much wi»h the problems of 
inn^r-cuy a rear io the detriment 
of rural area?.” 

Rur.il poverty could not be 
bcpar.iled fi-urn urban poverty, 
but n new approach was required 
io ensure equal access ro social 
activities and public services. 


afforded at Christmas, 1973,^ ' tain yesterday thrashed out a 12-mfle. Jimit to .iouiryeai^-We. 

-j . '»>•>■ two-point charter they say would think : irreparable flamage .would > 

' % . save our fish supplies. be done 46 our- industry by 

r^ivil IiYiPtHaCv* The men - wl10 toet at Grimsby waiting.” • 

uuw itvSj / this weekend, want. a u im mediate . The.-fu tare ■tif-Biritain.'s-cod and 
•I exclusive 12-mile zone for -them- haddock: supplies lies to:., the 

council wants ’ selves round, Britain’s coastline, hands of the tiny smacks, which. 

They are also demanding exclu- sail with only 3 or 4 fishermen,- . 
« artrt rnfn#Tiirti*il rive areas within 50 miles, where now : that trawlers -Jhavse , been . '- 

Idtc daivgUdljll smacks could take as much as barred from - Iceland.- and -others 

THE National ConnnU foafcivil tMwlers deeiw i “ eT '* .,;ji 

•JSfag ; tot.**; 


Civil liberties- 
council wants 
race safeguard 


Liberties is to oppose a qufaia-on 
on racial origin itx the f 1981 


Gensus 

guards 




It says there must bei.no negotiations in Brussels. through Gatvrick Airport ~wilTtejV 

criminal sanctions for failu'rato /The smacksmeu’s union, the able to obtain .tofwmallon.imd^ 
identify one s ethnic origin, and newly-formed National Federa- advice from the-^lipcttfs 
stringent safeguards must be tfito .of .Fishermens’ -Qiganls* 'Tourist "'Jdtottaattotf--- : Cerihre»^ 
folio wed. to ensure confidentiality, tioa of ..Fishermen’s Organise- which - opens-’ ttuioww 


, r .oi 


.t's. 


Sur 



Consumers 
seek EEC 


support 


By David Churchill. 

Consumer Affairs Correspondent 



<#)•« 




IKUESTORS 

BllllBtCLE 


EUROPEAN consumer groups 
are niaktog a bid for their 
interests to be given greater 
priority in EEC affairs. 

A teller sent today to Herr 
Helmut .. Schmidt, the West 
German Chancellor, by the 
European Bureau or Consumer 
Unions, rails on the European 
heads of government to hold top- 
level talks on seeking Europe- 
wide policies of real benefit to 
consumers. 

Thp- consumer groups' plea 
comes only fnur months before 
the end of the EEC's four-year 
preliminary policy programme 
for consumer protection. The 
bureau says that only a few 
directives of any significance 
have conie out of the programme 
and many “ are so full of com- 
promises that the consumer 
interest is far from being rm&L" 

it also urges the Heads of 
Government, who are meeting in 
Brussels today, to consider the 
consumer view during talks on 
agriculture and trade. Specific- 
ally. it wants the EEC to en- 
courage free trade and not deny 
consumers the right to buy 
cheaper products such as 
Japanese cars and clothes and 
footwear from countries outside 
the EEC. 

Tl also behoves that artificial 
protection should not br given 
to uncompetitive producers with- 

m the EEC. 

On the agricultural front. Ihe 
bureau calls fur a Freeze on the 
prices farmers get for products 
such as butter, sugar and ccreaia, 
which arc already in surplus. 


The Financial Times is planning to publish a number, of Surveys 
in 1979 on the Drink Industry. The titles and proposed publica- 
tion dates of those planned are listed below. Other titles may be 
added during the course of the year. 


BREWING March 21 ' 

LAGER ‘August 2 

WHISKY October 5 

WINES & SPIRITS November 7 


The financial Times publishes over 250 separate surveys every" ^ 

year on a wide variety of subjects. The complete survey schedule. 
is available on request. / :• v- 


For further information on Drink Industry 'Survey^; 
or Run-of paper advertising, .. 
please contact, ; 

Derek Rome, 'V^v- 

Financial Times, Blacken House, 10 Cannon" Stre^t^v 
London EC4P 4BY . . 


Teb 248 8000 Ext 7181. 




FINANdALTMES 


The content, size and publication . dates of Surveys lo the Financial ^ -Times 
are subject to ebhbee i at tbe.toseretion of- the "EditorT- . -V 















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r , r a^g5t&Tagy,ffgS,? 


HOME NEWS ; 






W of Th 
'*= bank- 

the ie\ e f^ 
irtk-uiart^.Wj^ 

» tte dwiJW* 

j.:;. ..^ Eur 0j J^ 

^ment 

!&£$> r tl 

®S e ^ ^ 

but art afi atiri 
a ^b r «wnan.' U31 ^ 

4c, 'SI 

^^-Sf *»* 

. Jnllttioaap^ 1 *u 

uca may *J i 

i effect. - ,na ?r^ 

; ^Scrouv . 

J the biti^i-. s»h 

? au PPQ ne-i 5f 

-• - •'* % 



Oxygen 

may 





- BY QU^CONSUMfiR AFFAtftS CORRESPONDENT 


BY SUE CAMERON, CHEMICALS CORRESPONDENT 
BRITISH RESEARCH chemists 



hospitals — 

ing concerns lo produce their 


&.cr^^VXor^^»;and )&&&&!' ik'Ca* Far; in ^eras «o P« 
sum^JiPrtttctioflr about heavy ^ast, plated -fifaShfifiBW'-and so. own oxygen on tip. 
advertising'; of --foreign. tuOeiV- described- as fiawng' been made] The discovery, hosed on com- 
■ products hr'the British trwfosnd* to ^Sheffield- -/-'•. - . ■ • ; pounds produced from reading 

tSufteriPress. :> - - to the best of Oganes* nails wlih pho*- 

written askine fori 1 a^r-lWoWedge only one com- • * ■ -*- *■- - 

. JLff ^TSmSSmSmSUn^n^ • this. 

S^^ufactwer& : 4»d ! Sn«n^ Sew!a.h!s: because It is cheaper 

“free hr advertteftto" ta&fe^CUtlery -/and - fat : more-' profitable than, 
or- stmUar.prwtod*-^^^^ labour, others , 

they werft-Brai^fc’i'‘v-' - ■' -taae-ifoUowed. : r ■■■ -■ : 

- ‘‘By ^S^S^toHy- 55 id1«b .<"Thc. federation hopes.to launch i 
nara« ; 5S5tiftin& atwutcSeBr a: .mmpMgn -tP draw the ron- 
taM r Craflafnansbip- guarantees^ sumer’S attention to jhe fact that 

-aU cutiOT advert semens 

suggestianJa ftte:D<*aflatter, nund apt. ^romonug; 

that fheir ;.pybd netw are British* - pro$p$&r : '~ ' 


manganese nails wlih phos- 
phorous, has hren- made by a 
team of chemists at the Uni- 
versity of Manchester Institute 
Of Science and Technology. 


The team has Bonn given 
nnaucial >upp»in from ih** 
National Research Pevelop- 
ment i;orpond ion ' which is 
negotiating a licensing agree- 
ment with British Oxygen Tor 
the discovery. 

The new lei-hoit|Ue saves 
energy and does not require a 
large* plain* XI is therefore 
likely to be particularly useful 
in more remoiit areas where 
the transport of oxygen pro- 
duced on a large, romnicrrial 
scale Is difiieult, anil in con- 


cerns. ‘'ucfi as hospitals or 
engineering companies, which 
require their own assured 
supply of oxygen. 

The National Research 
Iteieiopmcnt tkirporation said 
at the weekend that ihp dis- 
covery was still being tested. 
Further development work 
would be nwded before a 
commercial process was estab- 
lished. 

The new method simulates 
the way in which haemoglobin 
carries oxygen round the body. 


Tories approach 
minority parties 
before election 


Sanctions 
vote rebels 
| under 
i pressure 

j By Elinor Goodman, Lobby Staff 

; LABOUR • backbenchers will 
come under intense pressure this 
week to support the Government 
; in Thursday's vote on pay 
: sanctions. 

; Both the Liberals and the Scot- 
tish XaUonaHsts are threatening 

;lo vote with the I Parliament after the General the more influential MPs in 

: h?vc » rtanre of *.fr ™ u „ d ^ it js better. w mmoriIV parriK . It is felt F,r 

| =?- “« “ *“ k, : nd "V* 

, of its own backbenchers. 


BY OUR LOBBY STAFF 


□r.e of his respon&i- 
bis role as Shadow 


British-made 


Councils spread borrowini 


SENIOR TORIES are putting out parties as 
feelers to see if they ■ can ira- bilioes in 
prove the party's relations with Leader. 

the minority parUPS-. This The idea is not to explore the 
reflects a growing belief that g r0 und fo- r a formal pacL but to 
there may well be another bung e5 tablisb some personal contact 

General - “ ' 

en 

i tbe other parties now than wait wor £ dope now, rather thaD leave 
(until after the result is declared. j t unt jj a ( ler an election, when 
Although the vote will not bej . thofie takine the in- the Tories might find themselves 
re=ard»>d a« one of conti irience.| Norman St. John- neectins support of another party 

thp Government would be , ^ * Q ' ew shadow Leader to Ret a majority in the 

embarrassed by a ■ ~ 


I ai-iiately 

i defeat, which would pose an even 


of the House, who is believed to Commons. 


BY PAUL TAYLOR 



companies 


ill 

£«*PPOne.l »-■ * 
<apOBi 1-joX ’• & 

m u.i* Ar ,^. r 
-much 

3 yet n-* r . 
the- n- -,-.n • 

** $ 
eol'ect:vp .'L^ - 
SCCcarjte'i 
s tpa-vc-i-v"",,* 1 
i£ tiu? % 

5^ 

ind 


wnt t x • - . 

Iran ;• 
reoirsr-:-. 

* . i 

tUire 

: --supr« ;• 

rthe ::r; 
kr'WU.v .:'vr VI- 

A ' t'SV. 

i-'. .-ri bI- 
er.^r ui 




, ijrser'morai question i mark J^ r j between MntThatdier «Td Mr! 

! the continued use of sancUons.l Da ^ d stppl ^ Liberal Leader, 

i As. yeL Ministers are not pre- 1 be healed . uieic . ia „„ 

•pared to countenance a de.eatj Jq ^ sJie ^ niade it Tor j es WO uld meet the Unionists' 

■ • u, ^ , ho , rf „ nH h _.„ ...mPd 1 and ' or u I L eaSt>I )v L^ionly too clear that she does not demand for a return of Stormont. 

LOCAL-AtmiORITIES appear to Most noticeahlc is the reduc debt he'd. _ »urn^ , dis ,. llssed whether the> would > ftJ steeI vprv - seriously as some Tories believe that, leaving 

! b«- succeeding in attempU, to tion. from 28.2 per cent Iasi year, instead lo .ntci nalK t.rneraved . rtnl | BIlf ; uamg sanrtioni. ir they I p 0litirian . Mr . steel, for his aside Mr. Enoch Powell, there 

i spread the effects of their borrow- to 21.4 per cent m the proportion sources A .were rejected by the Commons.,* P has not hidden his lack of j s common ground between the 

[ing requirements over lunger nr the toial long term debt The repori <.-»n tains a detailed ; j- nr t he moment, the emphasis j gvmpalhv for " - = 

I periods. maturing within hoc year, and analysis of debt nuKtandlna on js fjn listing the arm of \ b ‘ rand 0 f‘ Convi 

j I'.onfirmal ion of the success of the increase in ihe proportion- ma jor service.*, debt maturity \ Labour backbenchers in anl T 

rouncils in lengthening the Tailing due in th e fourth ana s injcture and the types ol loans; 3t * P| , ipi t n persuade Lhem to fall 

maturity structure of their debts fifth years. _ held by almost ever;, local autho;! ' ... -• — 


In the same way informal con- 
tacts are likely to be made with 
the Ulster Unionists. Though 
there is no question that the 


Mrs. Thatcher's j wo parties. 

Conversatism. It is increasingly believed by 


a for qua} 

iiER* 

Qstud.vV 
aKstn .- :r ;. 
tv. • i--.- 

54n5:»r-vx-.-. ; «'• 

m* 



JSC. 


T- c; 


■rri* 


:s 

ER 


. v . - - . - in line. Last week the signs 

i comes in figures published hv the The Institute said trial this r ; t y in England, 'Vales anu|, A . c ,. e lbat r>erhaos half a dozen 
! Chartered Institute of Public represented “a er-di table Scotland- Labour MPs were considering 

.. .- ! Finance and Accountancy. achievement ' by tbe local a utm.- lhows ^ on March :tl. the i abstaining. 

SGOTLANJJ'S top 2d- cbmpanieB on tan^ifrie capital; With 1.3K per. The Institutes Return of Out- niie'. 1 Jeanna »n "» n « ' total net outstanding debt of j AU the S12 ns are that the vote 

are Britain's leading exporters,, cent *; standing Debt on March 31. 1978. mdo was published on mnt , oc#1 au thormes was slightly i w ». he a cliffhanger, wiLh both 

ST terms of - exports .-pSnM- ’ Tbe 1 ^ ,he P u ^ ns t ^ Kd S1 ° cp ^ be J®" ■ 'JL W* - •• riearlv over £331hn - equivalent to £B79j the 1 potential Labour rebels and 

agauwtSirnoveT. occording to' a InJormaUon on allies ofjndus-. m . Poduc tjoTi of *bc voluntary for ‘ the ■ staHsltis. It - J ' i pvr person in Briiain. and an rhe 1 mtlin Ht>- narties playing 
«i^ -oublished Yesterday. : ' irfaL companies -.registered in CQde of practice Tor tbe regula- demonstrates the local- uuthon- * 

■.Ur Kdinburch. shows: Jhat the top Itinn nf local authority borrowing, ties support for its aims. a mean« ”of maximirtn? the 

On f. 7 t(nid'ng Debt j Goverement's discomfiture over 
1975. CIPFA. £5. I ;anc ; ions. 


■■■ — - 1 immaucuon ui mv .uiuhh.,' **•* — ■ -- 

. . r ered in i code of practice Tor tbe regula- demonstrates the local- aiuuui ■- j n , rease 0 f 

^.1 - ve “ r ; r 


Last week, however, the ^ 


Tories that it 


is highly 
wili be a 
until wel into 


Liberals indicated that they unUbe | y that there 
would be prepared to support the Gene - j Ej ectJon 
Conservatives in this weeks vote thg j- ew year. 

° n ThiV wa? taieroreted by some Through most of last year the 
Tories as a sign that the Liberals Tories tended to live on a band- 
are less hostile to them than to-uiouth b3s;s on the assump- 
hefore though not to the extent tion that an election was immin- 
that thev would precipitate an enL For this reamn some senior 

Tories think ii;e party has con- 


ComSSni*. ®&“pubH^ Of Edglidi registered 

pattern repeated among Scot- P profit t nar Bi ng - shnw- 

land's .top 20 -prrrate W"“^:.£"S?& P eS cSSSed with 
whretarespotfed m* pei* cent i oT-. 4g l J JenX^r : fbe 10 leading 
turnover/ agamrt 8 per cent Iot_ P*r 

Britain's 20 .private comp aides c T ° 0 r P ^gu a g ' private 

° V Bift , the bigg** mavence % ^bsidlaries ' of 

between; fpreign-ownefl;- . cmp-. E^iJSSsisterpd ' comp an i cs 
pames -in Scotland- and iho^ f behind;, wilb only 1.96 

with foreign ownership . .. Jn.. ■*“ .. 

Britain .'as a whole: .Scotland s :. pe J«S“ l ‘ the e^ption ' of 'the 

top 10 xen glbh -owned' subsidiaries, these 

neariy liatf .- Uieir - gales - abroad, ■ rr ; a ».mQg "are seheratly ahead of 
compared- with - a priatiyely: findingtftpr trompaoies 

- modest l&.per^ent for a aimpte in lbe UK overall;" Tor example. 
. of -the 4op toreign-ovmed. com-, rf^Brttain's top 


Mr SL .lohn-Slevas apparentlv centratcd on short-term sirate; . 
regards improving the party's at the expense of long-term 
relations with the minority' policies. 


■the 4op fbreiga-owped. cbm-. •- sarrev 
pames - . .in . Bri.tain • private combaJues finds an 

J ordaa-s-; *Kter. s ^5 v !5 , v? ni f 5L S - average profit marpn of 5J per 
Ton Foretgn^Owned-PinnK.: 1BT8.V , j en t ■ 

. TV . • Foreign -owned companies were 

top com panies - In*: desegogpg a ft , an d to hcfjbe leaders .in 
oyder .of - tnnwvert .the -jaraest - • - 
public . company, i remain? ’ 
tilfecs ;Companyi Twitfe tin, . . ... 

of JESTBm W J *»p 

.also renked^opjn ierw tS^riva te ^tfprpaates-. £2;95ft by 

-zSFffvmSF^- top SWOwjwmM. 

A ^>S« 'tmWSW'wS&itoii! {£** 

whisky . exporters ,. Macdonald Jordan Hcruse, Brunswick Place, 

N1 6EE: '■ 


Novwnber 



dawn 5 . 7 % 


Fin an aalTi m« Repo rter ; 

INCOMING , . REPORTS , and 
accounts from amKisflrmL . c(Hn- 
pahfes ih November showed a 
fall <m' the coxnipanable figures 
a year- ago. for -tbe .first time for 
nearly two; and' a-half years.* 

. Having .•-'■stKninB : average 

mpittlily gains of nearly 14 per 
cent in .the third quarter of the 

year ■ and 1 ' -a neaT ; ;6 pef-. cart: 
crease, .la -October, report?, 
froin 73 epjppaiHes, , ^sho wed a 
.decrease of S.T'-pwr cent in; tax - 
ato4e pjpoftis. Tbis fc'-^be first 
■ profits setback in a futlVmontfa’s 
report, since June. 1976; 

This- marked ■.reversal in the 
profits, partern was chiefly^ attri- 
butable -to the near SI p«r cent 
drop Ln- TJMTs pre-tax eaimiys- 
Other - Wg - coibipanies reporting 
profit falls were Brooke : Bond, 
down 16-4 -per -cent;, and Lucas, 
down. 7.3 per cent- - 

■Great Undvemsal Stores stood 
out among the large groups wi-tb 
a profits rise of 14:1 per cent 



Overall dividend costs . con- 
tanued to rise, though lhe v ip-. 
crease oh .the previous year was 
the smallest so. far thEs ywr, 
with the -exception of the -IT. p*r 
cent rise in March. ' 

At 15.1 per cent the increased 
dividend payments in 
month's reports compared with 
the .third-quarter monthly ayer- 
age rise of nearly 24 pre cent. 

Great Uni-vereal Stores raised 
tbe dividend by 12.3 per. amt 
and • despite the downturn ..jn 
profits .Brooke Bond's dividend 
per. share showed' a si-miter 
increase. ■ 


Low Pay Unit repeats 
special price index call 

BY OUR INDUSTRIAL. STAFF 


A- RENEWED call for publics*, 
tion of a separate retail prices 
index to reflect the -rmpact of 
inflation ‘ bp -low-paid ' worker? 
comes todEy from- the Low Pay 
Unit.- : •• - • ? ■. 

The unit says In a .letter to 
Mr. Harold Walker; Employment 
Minister that the existing index 
“might be viewed by the .public 
as a deliberate attempt to. mi'Sr 
lead them over^ the tme rate -of 
price increasesL" , i, 

. A report by the organlsaUau 
says that Uie official rate of price 
increases in recent years has 
been ■ moderated by' slower 
inflation in such, non-essential 
items as motoring, alcohol and 

eating 1 out. J 

Since January 1974, inftation 


affecting low paid .families xpend- 
jng -rupst of their money on the 
-essentials of food- heating^and 
rent had been 'S. R per rent- more 
I3ian the Government's figure; 

' Prices since then hfld generally 
doubled; but rood prices' Tjad" 
risen by 107 per cent- fuel by 1?9 
per cent, and electricity by - 165 
per cent. .. 

■ The ‘.‘ typical Family us ®“-. , ( n 
calculating the Govemmem's 
index was assumed to spend 
more on motoring than on nous- 
'ing and more on drink than on 
fuel apd light 

.. The unit calls on the Mmisttu* 
to review the price index system,; 
in accordance with a rei&m- 
mendatHm for periodic reviews’ 
' made 10 ', years .ago by the -.Cost 
of Living Advisory Committee. 


Coca 
sold far 



THE PERSONAL wardrobe and 

jewellery of Coco ChaiJe ^. ti ® 
famous couturier, was sold at 
•Christie's at. the weekend for 
£68 65S. The sale consisted oi ** 

vjteins of her famous costume 
. jewellery and 75 suits, dresses 

fetched a total. 

. of £2L420,man> being bough^by 

■#&J?S£ZVE- 


Toflan SA. He paid £l-fljW ; for 
Mm e. Chanel'S .favourite brooch 
of stinnlated emeralds. A similar 
brooch fetched £ 1 . 600 . 

The' Oslo. Museum paid the- top 
sale price of £3,400 for a beige 
tweed- suit. A suit of w»wn 
Velvet 'was bought by. to? 
Jupiter Corporal on of Sftn 
Francisco for £1,800. while the 
•'little black dress’ 
hv the Bpjraoess Davjd Rothschild 
for £1,500. . 


ri ght person for 

the job is a Job in itself 

tfiV .... .... am «iiram nf I’ll A mkc WP 




No one job is exactly the same as 
another. 

"Which is why, at your local Jobcentre, 
we have different ways of matching 
employers’ needs with the skills, talents and 
qualifications that jobseekers have to offer. 

Our high street location means that a 
large number of people are attracted by 




and are aware of the jobs we have available. 

As for your vacancy, we’d usually 
recommend that it should go on our self - 
selection display. Which means that it can 
appear within minutes of your calling us. 

This way, jobseekers can find the job 
that suits them, then make an appointment, 
through us, with you. 

On the other hand, we might suggest 
that you talk to one of our employment 

advisers who will select, to your specification, 

a short-list of applicants for the job. 

Then, if you feel it useful, we can often 
arrange for you to use our offices to conduct 

interviews yourself 

And through your Jobcentre manager, 
incidentally, you have the chance to find out 
about a whole range of opportunities relating 
to employment including direct tr ainin g 
services to industry. 

If you’ve never used us before, you 
might be surprised that we have so many 
different ways ofhelping you. Or that each of 
the Jobcentre services is free of charge. 

Next time you’ve got a vacancy (or 
vacancies), why not come and talk with us? 

Because if anyone can help you with 
the job, we can. 


The right people 
for the job. 



Employment Service Manpower Services Commission 




v - ■ ■ -7 t tv i 


Financial Times.Mondav De^mber 4 1978 . / / 



Statistical Material Copyright Taylor Nelson Group-Ltd, 


GENERAL OUTLOOK • 

Confidence on wane 


GENERAL BUSINESS SITUATION 


LABOUR NEWS 


Strikes niise 
as 


4 monthly moving total. 


November 1978 


THE OCTOBER increase in 
optimism over prospects for the 
UK economy went into reverse 
last month. The major reason 
seems to be fears of industrial 
unrest over the winter as 
employers try to remain within 
the Phase Four 5 per cent pay 
increase ceiling in the face of 
Government sanctions.. 

The outlook on the UK 
economy was carried through 
into the area of business pros- 
pects in two of the th^ee in- 
dustrial sectors surveyed in 
November. 

The food and tobacco sector 
was much less optimistic than 
it was when last surveyed in 


3 

Detiverta 

i 

s! 


11 


- ’V - 

1 L — J 1 1 


The second sector in which 
there was an increase in pes- 
simism was building and con- 
struction, where there was 
disappointment over the extent 
of the economic upturn. 

However, improved demand 
for textile and clothing meant 
some increase in confidence in 
this sector, although the lower 
market capitalisation of the 


Are you more or leu optimistic about 
your company's prospects than you were 
four months ago ? 


Aug.- July- 
Nov. Oct 

% % 


June- 

Sept 

_3L_ 


May- Cnstrctn. Food & Textiles & 
Aug,. ■& Bldg. Tobacco Clothing 

*r- % s % % 


Man optimistic 


36 


42 


47 


45 


27 


1? 


71 


Neutral 


51 


46 


39 


44 


58 


69 


17 


Leu optimistic 


13 


11 


15 


12. 


12 


No answer 


- 3 




group gives it a relatively small EXPORT PROSPECTS (Weighted by exports) 

weight in the overall index. 


Both the food and 


count structure demanded by 
July, with the main worries un- retailers, the decline in the 
certainty over price competition, dollar and import competition 

industrial relations in the bread on butter and cheese because of the Middle East and Nigeria 
industry coupled with the dis- the green pound. . most commonly cited. 


next year, but the building and 
construction group was less 
optimistic, with difficulties in 


ORDERS AND OUTPUT 

mi stable 



BOTH RECENT deliveries and 
new orders remained at about 
the high level achieved last 
month. However there was a 
fairly sharp fall in the index 
covering order bLoki. 

Both the building and con- 
struction and food and tobacco 
sectors were less inclined to 
report increased deliveries than 
they had been last July, but all 
the textile and clothing com- 
panies interviewed said their 
sales over the last four months 
were higher than they had been 
in the correspond^ period last 
year. 



were all mentioned as factors 
affecting deliveries. 

Orders over the last, four 
months were steady, with an 
improvement in the textile and 
clothing sector being offset by 
a deterioration in building and 
construction. In this sector 
mortgage difficulties and inter- 
est rates were said to be having 
a depressing effect on orders 
for houses, although demand 
for home improvements and 
Do-It-Yourself remained strong. 

The fall in the index for 
order books was caused by the 
more pessimistic view of future 
orders taken by the building 


In food and tobacco the 
economic position, the decline unrest ’ and the lower rate of and construction group and the 
in the bread market, industrial growth of the food industry food and tobacco companies. 


CAPACITY AND STOCKS 


More labour disputes 


THERE WAS a significant drop 
in the number of companies wbo 
said they were working below 
planned output levels last 
month. At the same time there 
was a greater tendency for com- 
panies to say their level of 
stocks was too high rather than 
about right in relation to cur- 
rent sales trends. 

Demand remained the main 
constraint on output rather than 
supply factors, so the index 
covering this shows little move- 
ment. However, there are signs 
that labour disputes are becom- 


40: 


Factors Affecting 
Production 





i i i i i — 

1973 ’74 ’75 ’76 77 *78 


ing more of a problem, with 
nearly a third of respondents 
pinpointing difficulties in this 
area compared with about a 
quarter earlier in the year. 

While home demand was 
steady, there was some increase 
in mentions of of a shortage of 
export oroers as a constraint in 
the food and tobacco and build- 
ing and construction sectors. 

Expectations for stock in- 
creases of raw materials and 
manufactured goods declined 
and there was a slight fall in 
expectations for work in pro- 
gress. 


CAPACITY WORKING 


4 monthly moving total 


November 1978 


Aug.- July- 
Nov. Oct. 


June- 

Sept. 


May- Cnstrctn. Food & Textiles & 

Aug. & Bldg. Tobacco Clothing 








-JB- 


% 


% 


Above target capacity 


13 


16 


18 


15 


21 


13 — 


Planned output 


55 


55 


57 


19 


84 


68 


Below target capacit y 


15 


28 


27 


27 


30 


12 


No answer 


I — 


30 — — 


INVESTMENT AND LABOUR 

Job hopes cut 


Labour 

Requirements 


THE DROP in the index 
covering labour requirements 
should be treated with some 
caution, because the companies 
which expected falls — in the 
building and construction and 
food and tobacco sectors — 
tended to be the larger 
employers. 

In all three sectors companies 
were more inclined to mention 
the potential cost of redundancy 
payments as a factor in dis- 
couraging them from increasing 
employment levels, but other 
aspects of employment legisla- 
tion were loss frequently men- 
tioned. Plans to increase pro- less frequently in the food and 



All three sectors were more 
inclined to t mention both pro- 
duct demand and structure of 
labour supply as factors affect- 
ing employment. 

Both the building and con- 
struction and food and tobacco 
sectors were less iaclmed to say 
they expected to increase their 
capital expenditure over the 


ductivity were also mentioned tobacco sector. 


sector was more hopeful of in- 
creasing its expenditure, the 
indices for capital investment 
continued the fall which started 
last month. 

Liquidity levels in industry 
remained generally satisfactory. 


COSTS AND PROFIT MARGINS 

Tough line on pay 


20 ". 


Total Unit Costs 


COMPANIES INDICATED that mentioning their vulnerability accounts for about 60 per cent 
they were prepared to adopt to official sanctions. of all public companies, 

a fairly tough line on wage in- Both the building and con- The all-industry figures are 
creases, and were slightly more struction and food and tobacco four-monthly moving totals 

groups were inclined to expect 
greater increases in unit costs 
Lhan they had been last July 
and the median expected in- 
crease rose from 9.6 per cent 
to 10.6 per cent. 

A more cherful picture was 
evident . over profit . margins. 

Both the food and tobacco and 
textile and clothing sectors- we re 
more optimistic about ' increas- 
ing their margins than they had 
been in July, arid this index, 
which ’ had' been falling, has 
recovered the ground tost last 
month. 

These surveys, which are car- 
ried out for the Financial Times 



IWaa wet Hpsl-i 


1973 '74 ’75 *76 ‘77 78 


inclined to see increases in the by the Taylor Nelson Group, arc 



been last July. with top executives. in 11 industrial sectors 

Government policy seemed to Three sectors and some 30 (mechanical engineering is sur- 
play a significant pan in their companies are covered in turn veyed every second month), 
determination, with those com- every month. They are drawn Complete rubles can be pur- 
panics saying they would from a sample based upon the c'nased from Taylor Nelson and 
oppose increases frequently FT-Actuaries' Index, which Associates. 




4 monthly moving total 

November 1978 

I 

Over the next 12 months exoorts will be: 

Aug.- July- 
Nov. Oct. 

% % 

june- 

Sept. 

■ % 

May 

Aug. 

% 

-Cnstrctn- Food & TextHetS: 
& Bldg. Tobacco Clothing. 
* % % 

Higher 

Same 

77 

18 

72 

20 

79 

15 

14 

32 

8 

2 • 

Lower 

3 

6 

6 

13 

9 

13 

24 - 

Don’t know 

2 

2 

— 

— 

9 

10 

— /. 

NEW ORDERS 


4 monthly moving total 

November 1978 

The trend of new orders In the last 

4 months was : 

Attg.- 

Nov. 

% 

jufy- 

Oct. 

% 

June- 

Sept. 

% 

May- 

Y 

Cnstrctn. Food & Textiles & 
& Bldg. Tobacco Clothing 
%- % 

Up 

68 

65 

• 52 

49 

27 

53 

61 . 

Same 

16 

21 

27 

30 

31 

13 

27? * ..- 

Down 

. 7 

4 

8 

9 

27 

15 

11:., 

No answer 

9 

10 

13 

12 

15 

19 


PRODUCTION/SALES TURNOVER 

4 monthly moving total 

November 1978.. ■ 

Those expecting production /sales turn- 
over in the next 12 months to : 

Aug.- 

Nov. 

% 

Juiy- 

Oct. 

% 

June- 

T 

May- Cnstrctn. Food & Textiles Se 
Aug. & Bldg. Tobacco Clothing 

. % % % 

Rise over 20% 

7 

7 

5 

2 



_ 

— : .v." 

Rhe 15-19% 

•• 4 

5 

5 

*5 

10 

13 

— . • 

Rise 10-14% 

P 

15 

17 

13 

3 

5 

• 8 * •:.? 

Rise 5-9% 

24 

25 

24 

32 

14 

13 

39 ■''* 

About the same 

‘ 32 

35 

40 

39 

35 

31 

S3 

No comment . 

20 

13 

9 

9 

38 

38 

• • 

STOCKS 

4 monthly moving total 

: i-TST-: 

t 

November 1978 

Raw materials and components over the 
next 12 months will : 

Aug.- 

Nov. 

% 

Juiy- 

Oct. 

% 

June- 

T 

May- Cnstrctn. Food & Textiles & 
Aug. & Bldg. Tobacco Clothing 

% % % %V 

Increase 

37 

45 

46 

40 

49 

25 

2f 

Stay about the same 

49 

38 

37 

40 

37 

62 

St 

Decrease 

4 

7 

9 

10 

14 

__ 

2ii 

No comments 

10 

10 

8 

10 

__ 

13 


Manufactured goods over the next 12 
months will : i . 

Increase 

34 

37 

42 

40 

46 

13 

m\ 

Stay about the same 

41 

37 

39 

38 

31 

75 

12 ; ! 

Decrease 

5 

4 

3 

4 



18 

. No comments 

20 

, 22 

16 

18 

23 

12/ 

’ 25 

FACTORS CURRENTLY AFFECTING PRODUCTION 

4 monthly moving total 

J 

r 

November 1978 


Aug.- 

Nov. 

% 

Juiy- 

Oct. 

% 

June- 

Sept. 

% 


CHSftctov Food & Textiles & 
& Bldg. Tobacco Clothing 
% % % 

Home orders 

82 

81 

82 

82 

91 

87 

73 

Export orders 

63 

60 

61 

59 

80 

53 

65 

Executive staff 

14 

18 

16 

20 

11 

13 


Skilled factory staff 

46 

49 

43 

40 

24 

13 

61 

Manual Labour 

11 

8 

6 

10 

9 

13 

8 

Components 

4 

7 

6 

5 

7 


8 

■ Raw materials 

9 

8 

8 

7 

7 

15 


Production capacity (plant) 

5 

10 

10 

10 

„ fr 


35 

Finance 

1 




7 



Others 

7 

14 

12 

12 

22 



Labour disputes 

32 

27 

24 

26 

14 

41’ 

36 

No answer/no factor 

3 

1 

1 

1 

1 

13 

— 

LABOUR REQUIREMENTS (Weighted by employment) 


Those expecting their labour force over 
the next 12 months to : 

Aug^ 

Nov, 

% 

July* 

Oct. 

% 

June- 

Sept. 

% 

May- 

Aug. 

% 

Cnstrctn. Food & Textiles & 

& Bldg. Tobacco Clothing 

% % % 

Increase 

30 

37 

21 

19 

IS 

6 

32 

Decrease 

27 

18 

20 

18 

50 

62 

32 

42 

26 

CAPITAL INVESTMENT (Weighted by capital expenditure) 

4 monthly moving total November 1978 

These expecting capital expenditure over 

Aug.- 

Nov. 

Juty- 

Oct. 

June- . 
Sept. 

May- Cnstrctn. Food & Textiles & 
Aug. & Bldg. Tobacco Clothing 

Increase in volume 

% 

48 

% 

56 

% 

60 

63 

19 

’ % 

39 



24 

Increase in value 
hue not in volume 

10 

8 

11 

9 

24 


37 

Star about the same 

18 

15 

14 

12 

28 

36 

_ 

.Decrease 

16 

18 

12 

13 

29 

2 


No comment 

8 

3 

3 

3 

— 

23 

39 

COSTS 





- 




4 monthly moving total 

November 1978 I 


Aug- 

Nov. 

July- 

Oct. 

June- 

Sept 

May- Cnstrctn. Food & Textiles & 
Aug* & Bldg. Tobacco Clothing 

Wages rise by : . 

% 

% 

% 

% 

% 

% 

% 

*9%__ 

25 

21 

21 

20 

27 

25 

39 

T0-1<% 

56 

64 

66 

69 

44 

47 

S3 

-15-19% 

6 

3 

3 

2 

. 

15 


No answer 

13 

12 

10 

9 

29 

13 

. 8 

Unit cost rise by : 

■ Q-4%— 

1 

4 

8 

8 




5-9% 

31 

34 

38 

40 

34 

25 

57 

10-14% 

43 

34 

31 

33 

30 

62 

43 'I 

: 

I 

1 

1 

1 

8 


u 

20-24% - 

— 



_ 

1 



' — a 

Decrease 

2 

2 

2 

* ~r. 

*’ , . 


a 

No answer 

22 

25 

20 

17 

28 


S 

PROFIT MARGINS 







h 

1. 


4 

monthly moving total 

November 1978 Is, 

Those expecting profit , margins over the 
next 12 months to : 

Aug.- 

Nov. 

_% 

July- 

Oct. 

%- 

June* 

Sept. 

or 

May- Cnstrctn. Food & Textiles & Q 
Aim. & Bldg. Tobacco Clothing a. 

Improve 

32 

32 

37 

• 45 

40. 

22 

63 « 

.. . Remain the same 

42 

35 

31 

27 

52 

63 

SI 

17 

Contract 

21 

26 

26 

21 

8 

15 

20 t( 

No comment 

5 

7 

6 

7 

— 


m 

it 

■■■■■ ol 



. - 


plants the 


r :i*y man PHHv LABOUR COIWKPOKHXNT ' 

EVIDENCE that strike-proneneas . big£:er 

§fcSv£*SE ri* s - 

5^ employee 75^“ ? t 

published in the per cent with MkajM; : 

. Although 

ssrsss - ' 

merit’s detailed study of strikes, there may be t^^^cetode- 
In an average year, only 2 per velop realty lat^e manufacturing : 1 
cent of all manufacturing plants plants in Bnram, part ^ hecan s o . j 
experience strikes. It has been of |he sharp rise in Strikes with 
recognised that the proportion of plant size. . ■ •* 

stoppaSs »s higher at bigger No direct statistics are avail- : , 
plants, but the Institute says able . to . indicate, yvfcether tbe-^// 
that its new results substantially same pattern exists m th e mas s- 
modifv the previously expressed production industry of coiMies • 
EmpU^ent Department view such as ,tL&, and West Ger- - 
that the frequency of stoppages many. The institute says, bww- 
“ levels out in the higher size ever, that The impression to be 
ices” derived 1 * is that the rise in-strike - 

Fbe three-year average strike freqnency .wthvpiant sireis £y • 
record of manufacturing Industry no meatis as great in those 
from 1971 to 1973, according to countries. ,. r - : 

the study, shows that only 0.2 The years on. which . the 
per cent of plants employing institute’s research is\ based ^ , 
between 11 and 24 workers bad were a time of comparatively 
strikes. Those resulted in the many strikes. These included - , 
loss of 0.3 working days a plant action in the engineering .... 
a year. industry against the Industrial • 

In the 500 to 999-employee Relations Act, 1971, which lhay " 
range the percentage of plants have been most effective in large 
with strikes reached 14.3, and 498 plants with wtl-developed trade 
working days were lost union organisation. . 


h 5 V-‘w 


(V 




• . . 

- W v ‘ 


l - . i 


BL engineers want 
design industry aid 








BL ENGINEERS have called for the strict mainte na nce of -pay 
fast -and radical .Government policy at. BL Cars has been a big - 
action to bolster Britain’s ailing cause : of the loss .of- technical - 
motor ' design and tooling staff and skilled craftsmen, 
industry. *' It is absolutely, essential to 

Their plea came in a report the survival of the company that 
published today by- TASS; the its employees enjojr salartesr-and 
engineering staff union. It was conditions comparable with the 
prepared by TASS. members em- best achieved, elsewhere-": ... 
ployed in tool design at BL cars. The. onion urged the Depart- _ 
The report urges the Govern- ment •« of- Industry and the 
ment to help the company em- National -Enterprise Board to 
ploy at least three times its establish, a public tooling -and 
present number of designers, in -design company capable of . meet--, 
spite of the pay policy. . . ing the needs. of the British. : 

TASS, which is sending the motor industry- ‘ and other ’ 
report to Mr. Eric Varley, In- advanced manufacturing sec tore, 
dustfy Secretary, also believed -Ford, Yanxhali and Chrysler r 
mote planners, estimators and had ail run doWo their tJK design 1 
body design workers were essen- teams and BL can were increas- - - £ 
*' *. . ingly-turning abroad because of ' v> f ‘ 

tL was goffering like Ford; inadequate tooling- facilities in - -' 
Chrysler and Vauxhall by losing Britain. ■ . ' : : ' 

skilled technicians to the Con- Imported technology adversely 
tinent Draughtsmen could earn affected, employment. In Britain, , 
up to' £16.000 a year abroad. and was a drain on the balance >■< 
"Government insistence on of .payments. 






Midlands ambulancemen 
relax industrial action 




Jl" !•■ • . ; 

Vw- - 


•ft /-»*»• m 

COw-v 


, BY OUR LABOUR STAFF 

WEST MIDLANDS ambulance- to return to riondfad wurfifidg but 
men decided at a mass meeting ambulance, crews vAll refuse to 
at the weekend to lift from cross area boundaries^ other than 
Monday almost all their in this- 999 caHs_ .... - .... 

trial sanctions imposed in a pay West. Midlands Regional, 
dispute with local health Health Authority has offered the 
authorities. men £80 for the two weeks they 

About 600 ambulancemen have been on •uvanjoa, but the 
were suspended two weeks ago J? en *** £u ™ ier 

because of industrial action over on ,>ba± ngure. 


bonus pay anomalies. A large 


The ambulance crews have 


part of to area has knee been ^ een . protesting at wide dispart 
without an official ambulance {JJ* 1 sl 2 l ® 
emergency service. 1974 National Health Service 

reorganisation. 

Mr. Roland Moyle, Minister of When the ambulance service 
ate at the Department of was taken away from the. various 


reek for discussions on a pro- a unified service,.: Government 
osa * buy out bonus pay pay policy prevented' mtrodne- 
nomabes m liie area. tion of an equitable bonns- 

The weekend meeting derided system. . 


Footwear union advises 
workers to accept 1 \% 






; :V*' r 
W-u' 


T:s' 


Vi* 


SCn; 


■ 


r 0‘-Cc -• 




BY OUR LABOUR STAFF 


The agreement would run for 


made 
■ and 


in - September - 
the following 






The offer from the 


in a ballot The 


holiday would also come -into 
British effect from September 1979. 

ImttrvNi The industry's new minimum 
rate of £38 would be increased 


' P" ,, 


o: 


wu* Be Known ay uie — — 

uddle of the month. ' ' the age of 18: - - - 

The proposals involve an over- The union said that If the offer • 
11 increase of 7i per cent for all was not accepted, “a serious 
doit workers, including a 2J per industrial situation will ' fce 
ent self-financing productivity created, . the effects >of which 




everyone in 4he industry ."V 


r_ •- 


Index ‘underestimates 
effects of price rises’ 






BY PUR LABOUR STAFF 


OFFICIAL prices index hh viewed fiy” v a 

a ti m ates the effect of deliberate attempt . , to ' mislead 


Kfc. 


The 


report says 
Prices Index 


that 

does 


tbe - 
not 


He^t&row^ash 


6}w 


a 


particularly those 


°. f . ways International flights faded 
ir^er twiiivs*. delays'dflat least two hours yes-_ 

The typical index ftnnSy terday in Heathrow’s Terminal 3 
■ assumed. _tir_ spend more '• on "bui fifing' because ' of . a dispute.' •" 


i 


the 




and an overtime 


— - ■ -? *-"■* -’“i :w cuuuaue ineir- 

producing alternative ways action indefinitely.. No talks .^ad • 












m 

! digger Kl 

si . Plajjk 


isX> : 7 

isj^eo^ ^ 

i.^ fei 

jrj* ioi»«*... ^ 
Tv *■ -■U'-Vf *tSL 
SriTat' 

-_ , . G s ^*rJ 

JnoicsTi. -A^ ;*v 
»? J~:sis’.r e >r^ 



: ■>' >-g-' *j-.*ie 





3'titat TT'CC^c v 
.with T>l^' r ‘ 

s* *?«? 
: . . -Ik 

«TS 02. .... . 

; reseiiT], "t* j 

3° e uf :;43 
sea. — — , ‘’**- 







iaciit & 


waist 

y 


" ^Tjfettoublewith drivinga company caristhatyou 
hayelodriveWhat you are given. 

:. ; A *: vAnd what you are given may not be entirely to 
your (iking, j YPj ' Y, Y 

. Especially when everyone else in your position 

seemsto be driving the identical German-made, Italian- 
styled, British-named executive saloon. 

- Notthat they’ re anything but fine cars. But if 


tCirA :VVJ-: 
the 3 ct4- •• V^- 

fcUicrJ 

A Of •»•._ 

«■•«:■: 

» «. I. * 

*ed p’. .■/••:-•- -'•• 

» njr ' ■ vV>. 

- Tncv.r-:- ■ ./'• 

Soter— - fw 

4.' 1'. 

ntav Cr- ;; ,TV 
iffeer 

sar.ifV'- »; 
?asha:> 

‘.: -!r*. 7 rc 

CUT.. r*' 

imt :~“T 

iCtC'-Tr--- -ru. 

- - fi- 
at.- 


incemei 

ction 


> .*•- 
C-’- 

yy~.’ ■ 
n-. • - 

ii 




/ -■ /- 
-5 . L 




* 

* 


* "■ 


d-liP 

, r ;j'vV *“*' 

x Vtr.tfif? 

. : i 1 • i t - . ■ 


The problem is, now do you persuade the 
company that your feelings towards your car are not 
hopelessly irrational;? 

Obviously you must provide a rational alternative. 
Which brings usneatly to the Audi 100. 

! 7^ SIGHT 

/ Like most people, you Ve probably admired the 

Audi 100's sleek, purposeful shape. 

• as with everything a bout an Audi, there is 


i < iraaoui i 1 1 hv*>» JC^>iyp 

f :. vY^Tlie;^^ unique Timoshenko 

ami. ivmvsI A V»A IA'Aa Xma ia4" a ia a1 maa m U-s Mi/I A Af 


j£ 
HI 


fjgf caron course if a-front wheel skids or punctures. 

• VK ' ■■■"■■ ' ‘-1 ■ ! • • (I : I • | ’lit I I 


; ; V\feVe even tuned the seat springs so that they 
work in harmony with the suspension. And the 
'acoustic sandwich' lining the floor absorbs as much 
noise as a six inch thick brick wall. 

But we haven't provided you with all this luxury 
for its Own sake. 


from your driving. T- 

_ And the thick padding that surroundsyou isthere 
to protect as well as comfortyou. 

So if your company values your life as highly as it 
values your services, thereb no safer car it can give you. 

AUNIQUE PROPOSITION. 

In one respect at ieast the Audi 100 is unlike any 
other car made. f y - 

Its en^ne has five cylinders. 

The reason for this odd configuration is 


It is as quiet and smooth as a six cylinder engine 
but simpler and less thirsty 

And by designing out components such as cam- 
rods and jackshafts, we eliminated vulnerable wearing 
parts and reduced the amount of servicing the car 
requires. 

I n fact goi ng by manufactu rers' f igu res, the five 
cylinder Audi 100 needs less than half as many hours 
servici ng as the Rover 2300. 

Your company will find that facts like these make 
sound business sense. 

IT COSTS LESS THAN YOU THINK. 

A five cyl i nder Aud i 100 costs between £5,492 and 
£8,564 according to the model you choose. 

Figures, you will notice, that com pare very 
favourably with prices of othercars that, in our humble 
submission, do not offer you nearly as much. 

But the final ace in your hand could be that the 
company doesn't even have to buy the car for you 
to drive one. 

By leasing, you could drive away in a new Audi 
100, by the simple expedient of your company paying 
£777 i.e. three months charges in advance. 

Thereafter you pay a monthly rental (that can 
include all maintenance costs). 

And by settingthe entire cost of leasing against 
tax, the real cost of the car comes down by half, which 
eliminates any worries your accountants may have 
about depreciation. 

' If this advertisement has only served to increase 
your discontent with your present company car we 
apologise. 

But if you can use it to good effect, you’ll end up 
with a carthat you'll love. 

YOU’D LOVE A NEW AUDI 100 <£& 

“ I 


Please send me details on buying or leasing an Audi 100. 
Name Position 


Company. 

Address__ 


Cutoutandsendto Audi Marketing Department Volkswagen (GB) Ltd., 
Volkswagen House, Yeomans Drive, Blakeiands. Milton Keynes MK14 5AN. 

i 



the heart of your company 
accountant 










I 


Boots’ film jobs 


•IT- A VARIED ranee o£ contract-,. 

iota II ins more tiian £Jlm. have 
■ ' ' been n-nn by Henry Bool 
Construction. 

Largest is a £3.3m award fur 
the building of 265 houses and 
Hats at Clayton Brook, near 
Cborley. for the Centra] Lanca- 
shire Development Corporation. 
The. dwellings will be of tradi- 
tional construction, and MW 
works will include roads and 
sewers. The project has already 
■■ begun and N due tn hr com- 
pleted in about two years. 

Another housing scheme. at 
£2.7m. covers ‘241 ' dwellings to 
he conslruclcd at Scale Hail 
Farm. Lancaster. for the 
Northern Counties Housing Asso- 
ciation. The scheme includes 70 
iwo-storey houses and 171 two- 
3nd three-storey flats, which will 
have brick and block external 
walls and tiled pirched roofs with 
plastered internal walls. 
Included in this contract arc 
parking areas, access roads, paths 
• and grassed and planted areas. 

Under 3 £1.7jn contract from 
Leeds City Council, the company 
will also construct 133 dwelling.-! 
at Rothwell Green Lea. near 
Leeds. The site ls in the Ouiton 
area of Roihwetl and contains 
housing built in 1922 of cement- 
rendered clinker-built construc- 
tion. Some houses have already 
been' demolished and others will 
be demolished as The scheme 
progresses, with new homes 
being provided in sequence. The 


Marriott in big project 


FROM THE Milton Keynes 
Dovrlopinm: Corporation. Rohen. 
Marriott. Rn-ihrten-hased member 
of the French Kier srotip. has 
won a £4.flm eonlrar-t for the 
construction of 63 advanced fac- 
tory units contained within 10 
blocks. Some of Ihi units will 
have two-slorey offic" accommo- 
dation. 

Al Blakclands North. Milton 
Keynes, the faclor'es will have 
concrete doors and foundations 


Disposal of alumina mud 


SUPERVISORY work is to be 
carried out by Engineering and 
Resource* Consultants tErcon) 
of Bracknell. Berkshire, for 
Alumina Contractors of Limerick. 
Republic of Ireland, on the con- 
struction uf the mud stark: nq 
area and associated works at (he 


proposed £2S7m alumina plant 
on the Shannon. 

As well as providing site 
supervision in respect of civil 
ensmeering works for the red 
mud pond. Freon staff will advi-e 
Alumina Contractors on geo- 
logical aspects of foundations in 
the main plant are3. 



Description 


Telephone 


ROLLING MILLS 

5m t I2in y I0in wide variable speed 
Four High Mill. 

3 Sin x Bin x 9in wide variable speed 
Four High Mill 

IQm x 16m wide fixed speed Two High Mill. 

10in x 12m wide fixed speed Two High Mill. 

17m x 3Qin wide fixed speed Two High Mill. 

24in x 36in wide x 300 HP Two High Mill: 

1973 THOMPSON & MUNROE STRIP •- 
STRAIGHTENING & Cut-to-Length machine. 

1970 CUT-TO-LENGTH max capacity 
1.000 mm 2 mm x 7 tonnes coil fully . ! .\. 
overhauled and in excellent condition.;. '■ . 

STRIP FLATTEN AND CUT-TO-LENGTH LINE 
by A.R.M. Max. capacity 750 mm x 3mr s» ; 

RWF TWO-STAND WIRE FLATTENING.'AND 
STRIP ROLLING UNE. lOin x Sin rolls x 
75 hp per roll stand. Complete with edging 
rolls, tdrk'n head, flaking and fixed recoiler. 
a«'r gauging, etc. Variable line speed. 

0/750 in min and 0/ 1 .500 ft 'min. 

SLITTING LINES (2) 300 mm and 500 mm 
ca paeity 

8 BLOCK (400 mm) IN UNE. NON-SLFP WIRE 
DRAWING machine in excellent condition 
0 /2.000 fl/min variable speed 10 h.p. per’ 
block 1 l Q 68» 

24in DIAMETER HORIZONTAL BULL BLOCK 
by Farmer Norton < 1972) ' 

PACEMAKER SIX BLOCK i 22' v 25 h p.J, 
variable speed Wire Drawing Machine by 
Marshall Richards. 


0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 3364 1 4 


0902 42541/2/3 
Ttlex 336414 
0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 
0902 425-<1 -2/3 
Telex 336414 


0902 .42541 ,2- 3 
Te!r» 3364 i< 
0902 425*1 -2 3 
‘ Telex 33b4M 



2 15 DIE MS4 WIRE DRAWING MACHINES. 

5.D00 It 'min with spoolers by Marshall 
Richards. 

9 DIE. 1.750 ft/min SLIP TYPE ROD DRAWING 
MACHINE catlipped with 3 speed 200 h p 
drive 20in. Horizontal Draw Blocks 22in 
Vertical Collecting Block and 1.000 lb 
Spooler i Max inlet 9 mm finishing down 
to I 6 mm copper and aluminium) 

7 and 9 ROLL FLATTENING & LEVELLING 
MACHINES. 

100 TON CAPACITY COINING PRESS by 

Taylor S C ha Hen — virtually unused — futlf 
automatic 160 s p.m x 24 mm stroke. 


C9n2 42541/2/3 
Telex 336414 

0902 42541,2 '3 
Telex 336414 


0902 42541.2/3 

Telex 336414 
0902 42541 23 
Telex 336414 


0932 4254 1.- 2 '3 
Telex 3364 H 


HYDRAULIC SCRAP BALING PRESS. 

fc> Fielding and Platt. 65 ton mam ram 
pressure 

TYPE 10004R CINCINNATI PLATE SHEAR 
max capacity 1000 mm x 25 mm M.S. Plate, 
complete with full range of spares 
No. 1 FlCEP SHEAR, max capacity 50 mm 

rounds 75 mm x 35 mm bar. 400 mm * 10 mm 
flats 'snare shear blades). 

CAYMAN ALLIGATOR SHEAR, max capacity 
90 mm rounds. 300 mm x 40 mm bar and 
600 mm x 16 mm fiats (spare shear blades) 
No. 34 OLIVER QUICKWORK SHEARS max 
capacity K) mm. Mild Steel 
CINCINNATI GUILLOTINE 2.500 mm x 3 mm 
capacity complete with magnetic sheet 
supports and motorised back stops. - • 

1974 FULLY AUTOMATED COLD SAW 
by Noble £ Lund with batch control 
3 CWT MASSEY FORGING HAMMER— 
pneumatic single blow 
COLE MOBILE YARD CRANE. 6-ton 
capacity lattice jib. 


0902 42541. -2/3 
Telex 3364)4 


0902 42541.2/3 
Telex 3364M 


0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336** 1 4 
C902 42541/2/3 
Telex 336414 


0902 42541/2/3 
.Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 


WALDRICH COBURG HYDRAULIC PLANER 
capacity 160” x SO” x 50". Almost new 
condition. 

4.000 TON HYDRAULIC PRESS. Upstroke 
between columns 92“ x 52" daylight SI". 

ANKERWERK 400 TON INJECTION MOULDER 


UPSET FORGING MACHINE . . 

4“ dia. 750 tons upset pressure 
2.000 TON PRESS. Double action area 132' » 34". 


WICKMAN 2'. 6SP AUTOMATICS 1961 and 19<b3 
EXCELLENT CONDITION 
WICKMAN TJ" AUTOMATICS. 6 sp Excellent 


WICKMAN If' AUTOMATICS. t> sp Excellent 


CINCINNATI CENTRELESS GRINDER. 

Excellent 

LINDNER JIG BORER. accurate 


SLOTTING MACHINE. 14 stroke. exei-IIrnt 


01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
- Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
THex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
T-f-v 261771 

01-928 3131 
T»l?v 761771 
01-928 3131 
T-lcx 261771 
>:i ?2S 313! 
T-.le* 261771 


lEngMerfH 


financial Times Monday- Becember 4 IffS 


Gleeson in at 


nntracut puliian Council lo build a3 build * , “ w fjt - ^ rt r 2, -fndS^roSn 




worth mure than 
and 'overseas. 


won. - on tracts pnman wunni ", “ V", ' feelan d Frozen 

£7.4in in Britain dwellings al. a contract value of fvty. C ^^ k f0 h a s sUrle/- and I 


^^Mldland - Bank, has awarded eoinplelion is dufc .!"■ JgJ 11 * 197 ®t 


M. J. Gleesen fCuniraciorai is 


scheme should be completed in 
early 19S1. • 

Also >n Leeds.- a £I.5m con- 
tract will provide housing for 
university -student;: at Raglan 
P.oad. W'oodhou'e. There will he 
11 three-storey blocks of -flats 
with two link blacks, an office 
and outbuildings. Each three- 
storey block contains nine flats: 
eight accommodating five 
students apiece, and one lop- 
storey flat. for four students. The 
flats have com mu no I parlours 
and kitchens, either four- or live- 
study bedrooms, and toilet 
annates 


• • /"'I -il J in with GUI 

Housing m Scotland 

TWO CONTRACTS with □ told I Cuulurdbank Road. Lussieiuouih- ,•*£ 

value of JMJm have been awarded The second, .valued ai 


IA09 V* Ml UVM C4U/KM 

siim? *5S civiii 


FACTORIESOFFICES 

^WAREHOUSES.; 


Alexander 


Son has 


awarded 


UK i-ori struct 119 dwei* at *3.900 for . 

lines at Thamesmead Area 10 D wrks a (KS-SSSt «»»«• value., is 

—this is the third contract .field, a uleesoo omce Cewel0 ^ ?^ n ^ n and “ 0 ,. k is romniencing 
awarded .lo the. company at ment Project- . - 2=^°-. This «ro«P ‘ h« 

• Thamesnieari. Outside Brrt^in. started work on the preparatory 

the North British Hnusiug Associa- ment or - the earthworks at Talamaubach 

us tfun lias awarded Gleeson (Sbcf- awarded GJ&pnjj (valued at 5300.000) for; the 
u.nnH r > 007.553 a contract, valued at Ib03.wu-to, .j.2 . . ~ i- and 


CRENDOH cotcwete CO..# □ . 
- Long Crendoo-Budks. 

Teh 2084&C'. - . 


District Council for the erec- senices. and the demolition of also been awarded j £. ia 7 n v 

tion of J66 houses, inchidina existing accorithiodalion blocks Rnncrvllle Jtoad.- 19 G ,. 

site works and drainage, at at Invemessr Central Hospital., the City of Bradfrwti - Metro Gli 


awaraea uieesua L-nnnniUtt -for'- the -w -v ■ •- * 

s award 

to HiefiS 


w 

i sta“ 




A further contract for £im Ls 
in Central Lancashire for factory- 
units for phases 6 and 7 of 
the Waiton Summit Industrial 
Development near Leyland. 
There will be 16 nursery' units in 
five blocks, and one block of Bvc 
mini-units. The units will be 
s t ecl-f rained with brickwork dado 
walls, asbestos cement roofs and 
cladding and cover a total floor 
area of $.000 square metres. 

Work has already begun on a 
£700.000 contract to construct a 
pyrotechnic assembly and storage 
building at the Royal Ordnance 
Factory. GJascoed. Gwent on 
behalf of the Property Services 
Agency. Wales. 

Finally, the Anglian Water 
Authority has awarded a contract 
worth more than £250.000 for 
improvements to its treatment 
works at Covenhani, near 
Grimsby. 


~ - - ^ OffirPR hv GRAND Metropolitan Hotels. has . 

U J - • .selected Higgs and Hill. Building' _ 

• for a £2m contract for tlie major 

KlCfin refurbishment of the Mauderville- *• 

. .. Hotel. Mandervine Place, iaidon, 

BISON Concrete {Scotland) is in W.l. The project wiil be capied ; 
on three shop and office develop-, out. in phases. - 

ments in Aberdeen. Glasgow and The... contract, invofyes jpm-.. 
Sunderland for a total -value of pletely gut Ling .the. mtenor.trf the 
■jv rc«s onn original Victorian hotel -building 

y *- Min Aberdeen a two-slorey and instaiiidg new floors' with .. 
officB i,| 0 ck for British Brown public areas at ground floor levels j 
*0- Ei «n Aliens industrial and bedrooms and staff accomm^-- 
•Jajp. estate will be erected in precast. dauon facilides on, .{he floors; 

' M: - terete load-bearing structural above. Higgs and HH1- will-.alsp-.-.^. 

oanell * refurbishing- the' bedroomsy 

• %>„' offices for Tennent Calc- .and public J .arpas Hi" “K-^SRf. 
donian Breweries are to be storey, hotel exTensron which will r , .. 
erected at Wellpark Brewery, remain open while the. _worK. « 

_ 'Glasgow, on an area of nearly carried put. 

. ; 900 sq. m. on 3/4 floors, at a - ; 

ermaid development Coal plant 

• is' being carried out fur Barra tt 

the new office bl dc k and extended frame will be continued Developments (Properties) for of ' - r r-“"‘ v 

res Laura nL .Ancillary works include Lthree i489.500. . . . nlUJDL Ot 

The air conditioned office separate . plant rooms to .serve • ' V ..... r - 


and Hill 



A MARRIAGE of convenience Development Permit obtained by the new office block and extended iramL will »e vuiiujjucu. 
between Touche. Remnant and the Ttusi in 1970. restauranL Ancillary works 1 n clude 

To and the Mermaid Theatre tv. ».< The ai r conditioned office separate . plant rooms to serve 

Trust gives the_ company a S^yetr ’leasi'from 


Trollope and the Mermaid development 


lTust gi'cs me company a nuired a 999 vear lease from 
40.000 square feci office comples. the Cil} or London for llm. and 
and the theatre a major recon- W ork is now under way for the 
struction. extension and general mutually beneficial project 
refurbishmeni. under a -4.6m tt> hich is scheduled io b** coni- 


’ 3 j S itn 1 and «id""’of the site and will be in auditorium and office block. The OITI TT111 t6TS 

. P 11 - ° r > Loild o n for 11 n. nd reinforced concrete with precast ju-ea around the develQPjneni O 

. work is now under way for ihp fucej cladding panels, will be paved with new laybys. ■ m 7 

mutually beneficial project j n order carrv the building Much or the character of the (TIVATI 

aeros^he dual wrri?gew 3 y, lead- original theatre settin ? ' is toj* glVCIl 3U1UC 


with steel franw super-structure. 
Marriott's will iisc cladding and 
facing brickwork externally and 
blockwnrk internally for divid- 
ing walls. Total floor area of the 
new facilities will be 29.000 sq 
cetrcs and the Corporation is 
both client and architect. 

Marriott is undertaking the 
advanced ground vwarks and will 
he starting the main structures 
shortly. These wiil be completed 
in jusTover 15 months. 


work at 
Doncaster 


contract to Trollope and Colls. nieied ilthin ihenevi^ ’ mon h^- aefoss^the dual carn?eeway, lead- original theatre seLting is to; be 

The Theatre's dowrv was its P ie *e a w '»tnin ine aexi„_ niomQs.^ n? ^ ^ fimbankmem four preserved. Its basic fabric will 

present site in ' Piid'dlp Dock Demolition work hd*- started -itv' i««t -gfrdCTS' w4th precast con- remain intact and the original 

cwherc. *avs artistic director Sir preparation for piled founda.- crclc panels will span the road granite paving stones and cimj- 


cheer 


ORTEGH division bf _Hatthew 
Hall has a £9m contract Trom Ihe 
National . Coa!_,.Board for/ fhe ; 
des igh,.supply.-p'i^ction and rom- 
missionirig of ' a complete new.', 
roai preparation plant at Hatfield 


Renic 


Fairclough 
in Midlands 


SITE INVESTIGATION. work in series of hydroelectric siatinus • .. 

Sri Lanka, valued at £1.5m has on the river, as well as irriga- in V/ R | ft | Qfl | 
been awarded by the Crown tion projects. JtlJ. lTii U I wl l i 

Agents to Bracknell-based Soil The Victoria dam will be 
Mechanics, international geotech- located about ten miles cast of 

nical specialists. the town of Kandy and the other J. (1^1 II W IJI |V 

. reservoirs will be considerably 


Tarmac in 
the North 


Bernard Miles, it has “squatted tion* sited round-' the theatre's to form fHe base construction lar milestones will be stored and • CONTRACTS^ vAiued Colliery, near Doncaster. . „ - 

for over ij years " » and an Office audiionum, which v.ill support and the reinforced concrete re-used. toeether at 121m, involving It will, produce power -station - 

improvements to ataHons on the fuel frtfm a. raiy .coal feefl . 

" -. . • - - - ' ' ' -- East London Line and bridge approximately. K0 tons per. hour. 

. ■ -• " ' work m West Ham Station, have Completion of the ^ plant- is for 

been awarded by the London July. 1980. . j- “ • 

• T 1 £***^/\ * j- T 71 1 the main artery to Wales from Transport Executive to John- - 

Sri Lanka £750m project Fairclough ss,r hB “ r ?nd soith .. Tarmao in 

SITE INVESTIGATION work in series of hvdro^lectric siatimis 6 - /r» it- i A viaduct and an underpays modernise or improve stations on X Ui Uluv JlU.'.- 

Sri Lanka, valued at fi.5m has on the river, as well as irrlsa- lf| 1 rf a 1 Q TflSftG for an existing road are included- the East London Hue, which runs •• * . - ■■ • 

be»*n awarded bv the Crown tion projects. lTllUiailUO . in the scheme, which should“be from Shoreditch under the ’ 

Agents to Bracknell-based Soil The Victoria dam will br complete by September 1080. Thames to New CroSs and New 1 N(l/X ill - *'• 

Mechanics international geotech- located about ten miles cast of „ _J Northern division has won a Cross Gate. All six London .. . 

nical specialists. the lown of Kandy and the other ri|y|ll W 01 K new sewer contract off Liverpool Transport stations on the. line WORTH A rota I or more than 

reservoirs will be considerably •. • Road, Chester, for the Depart- ■will benefit and the" platforms in £lm f several, contractor in-, north- 

Part of the preiiminary work further downstream. FAIRCLOUGH Civil Engineer- ment of the Environment..' •' two British Rail Stations will ern England have gone to Tar- 

for a larce dam and hydra- investigations are bring ing. Northern Division, is ready . -'^E also be involved. ' macConitruction^ Leeds-based: - 

electric scheme at the \:cto:»a fiinnced bv the Mlnistrv to start work on a £3.Bm motor- m' /r Work at each station will vary organisation.- Biggest jobs arc 

Rapids on in? Mans well <ian^j overseas Development arid n-i.! wav contract which will help to %/i CT1QPA but includes an extensive lighi- in the Leeds area, and involve 

river, the study aUo takes m 1)P carr i ec j ou t under the sun-t- provide better mad links he- ivXiii C olJdlwV ing modernisation scheme, re- two office ‘blocks and three new.' 

embankment v.-»;rks for reservoir* vwl0n of t j, f; v on*iiltins tween the North West and North i- : asphalting of platforms and im- advance factory -units. " -• 

m sif.re the nvvr water /nr a en M inef r S fm- .this fe.ssbili' ■■ Wales. • Z Proving platform walls by in- The factories' are being hnilt -' 

massive irrigation sc.ieme in the cW ., Ci s , r Alexander Gibb ami The contract for a new stretch IOl UlcSvlS % stalling laminated plastic qovered Jar English:. JnduSirlii | .- Estates.;.^, 
country s dry rone Partners, uf Reading nf the 31331 in Cheshire and an * pl.wood panels. '. j Corporation on its Elland site,;. 

Tin. 4 vs«t project is railed the .Total value of this huge p-rv interchange to Stoak has been WORK ON the. building .to bouse -..JJjLJ*?®?.?- t5MMn ;t !2! :l t 1 J?.! ch?.?' 1, 

'"ictoria Scheme and is a kc* tn ject. wfimh will take we'l intn award'd by Ciift>hire Conn*’- a new test and assontbly area 1-60.000 value, involves bridfee £430,000. Work has just started. 


Part of the preliminary work further downstream. 


large dam and hydr.i- investigations 


electric scheme at the Victoria fi n , nce( j by 


»• FAIRCLOUGH Civil Engineer- ment of Environment . 

are lminy ing. Northern Division, is ready . - Jif 

Ministry lo_ start work on a £3.Rm motor- m' ;'7»' 


Rapids i> n ln? Mahs welt Ganjj Overseas Development arid wi.! wav contract which will help to 
river, the study jMd tukes in j,p carried out. under the sun-t- provide better road links bi'- 
embcnsinent v.-»;rks for reservoirs vlsl0n 0 f tfif.- comiiltin^ tween the North West and North 


in 4toro the river water _f« r a engineers for .this fe<sil>ili-;‘ Wales. 

nwssive irngdtiun senerne in Lhe s , r Alexander Gibb and Thp contract for a new stretch 

country s dry rone partners, uf Reading. of the 31331 in Cheshire and an 


More space 
for diesels t 


th? 3I»ha.veii »7anga develop- the n^xt dc'ade lo'-rnmnlvic. ba> Council and ir linked tn a multi 
ment plan which ’involve.; a been estimated at 31 .3 bn mitijon extension of the M5fi— 


• extension at the Durslev ractflo. r^construcLion work . .at West .and- is due- to be. completed in 
- of R A Lister and Co 'a Havffc H»m- -Station where Lhe-DisLrict,.nine month8.'An .officia] 4>.f Ihe' 
er Siddelev comoanv has beaiin.".*™*" Metropoillari lines cross Corporation salrf'/the ^factories 
The new " tocHrtv covering an over the British Rail line linking would be. let for /the . Department 
area or 15,735 square feel and Stratford and North Woolwich. 7 , of Industry. ' ' ■ 

costing in tlic rogio/i of £im. is " ■ • 

nuired M.pwi^r .he con, -I CONTRACTS AND TENDERS 


INFLATION 

ACCOUNTING 


THE PLANNED STANDARD 


London Hilton. December 14 and 15 1978. 


pony's continued expansion 
plans io mcreas/.lbe production 
capacity of lhe r&tionalised Lister 
li'{ :md .1 .rimuj's nf diesel 
engines. The facility is planned 
to became operational in June 
197H. . ' 

The contract for the new 
. buildin-4 has been placed with 
i Avonmouth Consl ruction which 
is working in conjunction with 
Kelvin Construction, another 
Hawker Siddeley company. The 
extension -will house eight en- 
v'hmniebri'll.v controlled t**s» 
cells, grouped around a central 
isolated operators' area. This 
affords a better environment fnr 
the lest cell staff and also makes 
loading and unloading of the 
engines on test easier from the 
preparation area surrounding 
the (ext cells. 


GOVERNMENT OF YEMEN ARAB REPUBLIC 
HIGHWAY AUTHORITY 

.. TENDER NOTICE :V 

FOR RQAJ) CONSTRUCTION 

The Highway Authority of Y„AJ5. invites tenders for the 
construction of one or both (each to be submitted separately) 


This conference has been arranged after consultation with 
/Mr Tom Watts and Mr Douglas Morpeth to: -j 


IN BRIEF 


review the experience of the Hyde interim guidelines 

discuss progress in other countries 

consider ASC's outline plans for the forthcoming CCA 
exposure draft, due to be issued early in 1979. 


• Work on lhr Elnji Indu^ruf 
K-»lato, B&Jford. in worth Elm to 
f hinting Gale Construction. Ii 
wil! undertake a new warehouse 
and office deveinpnieni for 
United Heating Services and 
.il«i build a major nffire and 
farlory complex for /ITE 
Uni<;rut. the Fiedforrl^hi re-based 
juhnidian uf tin/ l/nistrul Cor- 
poration of America. 


of the following roads, the construction of ’which' shall be 
financed by the Government of the Kingdom of Saudi Arabia. 

1 — Yerim/Qatabah: 9fi Kms - - 

This will be An asphalt paved single carriageway road 7.00m 
wide with two 1.50m shoulders, located in the south-eastern 
part of the Republic. .... 

2— Beit Marruan/AI Hazm: 112.Kms_ 

This will be an asphalt paved single carriageway' road 7.00ra 
wide with two l.25m shoulders, located in the 'north-eastern 
part .of the Republic. 

Tender documents can be purchased starting 16th December 
1978 Tor a non refundable cash price of US Dollars 500 per 
complete set of each road. The documents vijU not he airmailed 
and therefore interested- tenderer* should* personally or - - 
ihiough i heir authorised represen latives collect the documents 
from: . 

Highway. Authority. Zubciry Street " - 


■ Tikes 

k 


PO Box 1185. Sanaa, Yemen Ar ah Republic 
Gable. TORO K AT - Telex: 'JZ||8 ASHGAL (YE> 


Tender s duly completed should be submitted bit hond m 
-sealed envelopes to the Chairman nf the Hightray Authority 
■not Infer ihau in.no am i local time) on 17th March J979 


Distinguished speakers include: 


Mr T R Watts, cbe 
Chairman. Accounting 
Standards Committee 


Mr Douglas Morpeth 
Chairman. Inflation 
Accounting Steering Group 

Mr William Hyde 
Chief Accountant 
University of Oxford 


Mr Donald Mackay 
Finance Director 
Mond Division 
ICI Limited 


Mr G M Nissen 
Deputy Chairman 
The Stock Exchange 


Mr Shaun F O’Malley 
Price Waterhouse National 
Office, Mew York 


Mr K J Sharp, td 
H ead of the Government 
Accountancy Service 
Department of Industry 


The conference is sponsored by the Financial Times. 

World Accounting Report and the Investors Chronicle 

and will be of particular interest to board members and senior 

financial and accounting executives. 


To: Financial Times Limited. Conference Organisation. 
Bracken House, 10 Cannon StreeL London EC4P 4BY. 


Pleas*: send me lull details of lhe Inflation Atcountin-j. Tli,.- Planned Standard ConTerft nee. 


NAME COMPANY 


ADDRESS 


A FI NANO ALT! MES CONFERENCE 








9 




•*<v;V 










-™e<^ -v, 


lg^ 

! Hill 

}!?'*«;•«,,.. . 

•va; v; Ht.i f . 

11 ; ,: 'i eJ“ 

&£?*« 

pK£ ia ^fe 

iciture ; Ji W' 

«fc; s 'I» > 

■.vV 

£. ir - * .s 

4ten w.,, ■ -ai-' 


if plant 
"k at 


*1978 


• TRANSPORT 


COMMUNICATIONS 


Shaping up for the future Universal telex 


MATEijMtit 

Gu^g Ihe cost of 


d:v , , . . 

A Of '! ; r 
Cr».- . r, : ; -o 
W). Tt^'l "• 
?.? of 

-• 

n*-r b',r • ! '-S 

7‘JOJj;.- •• 

•11 .1 r , 

i.ilejv •. ! *\ 

ft. 


mac in 

North 

■A *•: 

Mu; : • - 

irf.d p . . 

srr^r v - ‘ . 

rbr. .•' 

fred* ; „ .; J 

fair'f.r . ' * ' 

-Vk - . 

sis*? 

tor;. •• . ^ :• 

rOTr-:' 

■ . 

iiv : 

3K is • . 

k-. ... 


INDERS 

l\U 

OTV 

p: 

a c: ■■ ■ - 


THQUGff Stedi is a problem in* 
many- xfrdiArie$, '.the ’.drive for 
greater efficiency continues, and. 
• a . new ; and wore . cost-effective 
me&oa. w: producing stainless 
nwttrial:- -bas t been developed 
fallow inf a joint- \qst - programme 
ronducted^y Inco; GftropeJapC 
■Kned; • Krupp'.Hptienwerke, AG, 1 . 
It -.is - an . injeetianti.rpfbeess. 
-whereby Icwpo'it, Ljniekel ' 

sinter TS> ■j# ^fo^’^iinjecS(>n ; 

' lance iMft.’riMrYerteYtf ; ;"■ ■; ~ 

Fuff , saccmp^raaf ■ * prtidErrtJofl . 

Tisins: hw nev 5ystem is mtrain 

. at- : KyiinpV&whium. works and 

the ^process lias also been intxo^; 
dncetf v by JessOp Steel, .-in the. 
Uoi!0d.iSE*tgsi'. • • : 

-:' X£)§r- ^5i -a^gjanlrlar : product. 
Is ':, tree-flowing and V: can - be • 
injected ;imo, ; * ■ converters ia 
precisely contra lied 'amounts. 
HTjea - it -•■coraes" -into contact 
with: liquid AteeJ .an endothermic 
reaction occurs .between the . 
niche 1-oxid^and the carbon .in. 
the melt,. so. -holding down . 
temperature^;. 1 I" - ' 

"By uaiicg.'tfte -injection,. system. 

■ steelmaker! -are able to. control , 
excessive. temperature during 

the Stages..!., blow... Thi? /can ' 
prolong. _• ? ref rectory '-■>•)&*' and : 
avoids . the’ heed -tb - atfd’lwlh- < 


‘ coolants: Process -time is saved 
and decarbonising rate increased 
An added hobos . is that up to 
20 per cent.ol.the total ogygen 
requirement is’ supplied by the 
>iOS * 75/ ttBJfi reducing the 
afnooof ;o£ yaeoos . Oxygen and 
/esj^b^'ft':VindiT - gas - normally 
^xognired. 

i.^ropp has equipped- both us 

SO-iosne converters ^at Bochum 

for simer injection^ compressed 
nitrogen' being used to propel the 
niekd-n.tzde granules into the 
vessels'. -Nitrogen is preferred to 
compressed; air. - to discouragr 
ignition of the .carbon monoxide 
evolved from the converter. 

■ • J^sn p' Steel. 'has equipped an 
'lWjwiqe AOD- converter with the 
injection system and describes 
the' process a§, M a better way to 
make slalnl«s steel.” After 
operating ,U3/r system for some 
months. Jessop .Steel claims that 
.the systent -.iS’ cutting costs, 
hfoney has ‘ bean- saved by re- 
duced expenditure " on oxygen 
and. inert gas. while the improved 
temperature stability >n the first 
stage should respjt in lower re- 
fractory costs. tr; 

Inco Europe, Thames House. 
Mill bank. London' SW1P 4QK. 
01-834 3888. - 


PRINCIPAL interest* of Blagden 
and Noakes (Holdings) are the 
manufacture and reconditioning 
of steel drums and wooden casks, 
as well as plastics mouldings, 
chemical manufacture and trad- 
ing. and industrial protective 
equipment. 

U controls a group of manu- 
facturing companies (with an 
annual turnover in excess nf 
£50ni). operates from 18 loca- 
tions in (he UK and overseas, 
and this week unveiled its shop 
window of diversified products. 

Activities range from 
chemicals for the palm, 
cosmetics and food industries, 
through lithograph printing of 
steel sheets to plastic horticul- 
tural and household products. 


In East London. Wiljamot 
Industrial Mouldings specialises 
in technical blow mouldings in 
plastic. Despite the present 
Department of Industry embargo 
on plastic material as a con- 
tainer for petrol (some 
continental car.- already have 
plastic fuel tanks j this company 
has developed and shown an 
experimental blow-moulded tank, 
in high density high molecular 
weight pulyethj lene. 

II lia-> been specifically 
designed lor the BL Car-.' itmcr 
Saloon range and. says a spokes- 
man for the company, this will 
go into production as soon as 
legislation is granted. 

More about more product 
from the croup at 16 Hal ion 
Garden. EC1N SAT 11)1-242 6571 1 . 


• DATA PROCESSING 

Handles a mass of data 


OFFSHORE INDUSTRIES 


ELBIT. WHICH began opera- 
tions in Britain last March, has 
announced the UK launch of ns 
Pact computer system. Made by 
parent company Elbit Computers 
of Haifa. Israel, the Pact system 
is an advanced development nf 
the CDC System 17. of which 
well over 1:000 have been in- 
stalled worldwide. 

Pact itself is a general-pur- 
pf.se minicomputer system with 
CRT terminals, running under a 
disc operating system. ~First two 
members of the Pact family to 
be available in the UK arc Key- 


pact and Datapath Keypad i^ 
a data capturc/dala entry pre- 
processor system, which can 
handle batch processing in back- 
ground concurrent with data 

entry- 

Datapact is a -.tand-alunc 
mu Hi-terminal system for the 
small business user, with inter- 
active capability. First deliveries 
nf Keypad are planned for 
January 1979 with Datapaci to 
follow shortly afterwards. 

Elbit Data Systems. Copt ha l! 
House. Si. Ives Road. Maiden- 
head. Berks. 


TELEPU \ C H A LTO.M AT i C symbol 

telex tape punching system is an auinm; 
advance towards greater uliiiso- words 
lion of exi-ling offiee equipment functit 
through it> ubilily in accept enable 
input from nut only typewriters nut in 
but also displays and computers, easily 

t T p io eight work'stalions can line ta 
be linked utio each punch unit to tbre 
and the system has been be acfc 
designed in allow simultaneous white ; 
creation uf telex messages ic key bo a 
each station As fi 

Input from typewriters is 
through a specially developed 
interface beneath the tvpownier 
and a control unir trh.»t*h ir.cor- 1'.'"“ 
porates a variable lueniory. licular 
- Input from visual display piier c 
units and compuiers is via a ahilln 
standard V24 interface, hut nnc tin 
special chips are used where a telex 
available. u> achieve compata- cation 
bilfty with equipmcnl not pns- „ n 
sessing the interface. -Mte r na- of cus 
lively a buffer unit rubble. i,b»ljjv 

Typewriter interface allows a Glob 
typist to use Ml the kc>* on her renin*, 
typewriter. Certain "non-telex don xi 

o COMPONENTS 

Hygienic switch 


symbols o.g £. S. j. are 

automatically converted into 
words nr figures Use of the tab 
function vn tne typewriter 
enables ieJels messages u* be set 
uut in tabulated format more 
easily and shouid result in off- 
line tapes being produced at up 
to three times the speed that can 
be achieved on a telex machine 
white also removing n complete 
keyboarding sequence. 

As far as the display and com- 
puter applications are con- 
cerned many businesses should 
benefit from ilip accelerated in- 
formation turnaround lime? ihr- 
Telepunch -yslem allows, par- 
ticularly where customer or sup- 
plier contact is involved. The 
ability to merge a format with 
nnc time information to produce 
a telex tape hu» particular appli- 
cation to the placing of orders 
on suppliers and the answering 
of customer price and avail- 
ability inquiries. 

Globe Electrunic:-. Euston 

Centre. 354A Euslon Rond. Lon- 
don XiVI jBL. U1-4S7 4867. 


Remote test of cathodes 


MONITORING; the performance 
of cathodic protection on offshore 
structures und pipelines is cur. 
rentiy: -being carried out by a 
new method" undergoing testing 
by Shell UK- Exploration and 
Production, in the North .Sea. . 

Developed by Wilson Walton 
International It uses acoustic 
‘ telemetry.' .to. transmit perform- 
ance data to ; the surface; dispens- 
ing with the heed for continuous, 
and vulnerable, cable runs .used 
ia exis^grmbaltoring systems. 

It has self-contained Rib-sea- 
monitor units incorporating dual 
reference' electrodes and *;, a 
portable . 'surface display unit 
with an immersible transducer. 

In operatiqn, . each unit. is pro- 


• PROCESSING 

Takes out up to . five mche9 

. y .. Variaxi/Extrion's experience 

ir . -i. i-X.'--- -■ in designing automated semi- 

TJ1A flnCr - conductor fabrication equipment 

” **^*'- ‘ has been used to make sig- 

■JN COAL' and oil-fired power improvements overjm- 

stations, lime.- and cement kilns, generation^ electron heain_ Iitlio- 
steel plants and refuse • inriner- grapby systems. These changes 
a torsi effidehey of" dust extra c- are aimed -at ensuring bign 
tion and '^s filtration’ must be reliability in the production 
maintained. : ’• environment and simplifying 

An" instrument. f specially de- , ,., n a^L 

signed for. measuring, and record- JgJJ- 
mg the - concentranon.. of dust bwitzcnanu. 

particles in gas flews', in chim- "*... 

neyse stacks, and ducts directly 
in units.. of weicht per. unit. w ^.-C 

vo'urae of gas without, need Cor ft ||rH|Si IIT 
further data processing is called - v 

the Beta dbstmeter. This equip- - .» t ]V . 
raent-is av'aiiabie from Krobnc H I<Tf| flI|*T 
Measurement and Control. Moui- W*1 1- 

toh Park. Northampton NNS-1JZ y •• : 

(0604 499704):. . .. . - - nOTtOpifl/ 

it is particularly .useful where T 

toxic dust. must be kept below ••.--» ** 

prescribed limits, and consists of FIELD TESTS show that a; new 
six. units-— a gas '-sampling unit; cartridge has a dirt capacity 
a dust mass senSor; a gas volume several times greater than corn- 
measuring and regulating unit; parable existing ones says' Pall 
electronic' control; sampling Process Filtration. Wal ton 1 Boad, 
pump,*- pump and chart-recorder. Portsmouth P06 1TD (07018 

Samples of -gas are collected 70901). . , 

by a Rampling probe * which is It has just launched a range of 
driven in - an arc ,- across the high' dirt capacity, non-fibre 
chimney hr a-'amaJl electric releasing, disposable cartridges 
motor .which; 1 ensures : ihat -the' which are manufactured entirety 
sample js'-repceibirtative under of polypropylene. : - 

all eondltjons. -of flow- The These, are ideal for use : _td the 
Mm pling;-raf e~ ran be- held propor- ■ great '. majority of critical .appll- 
tioaal to Cfte. ; Sow rate . of the cations including cbemicai/pro- 
raain.. stream " by -using" inter- cessing and phaxniaceuncaj and 
fhangeable probenozzles^ithdby food, manufacturing. Ansoiate 
adjusting the sampled volume removaJ ratings are from-. 
flow velocity. Aftent 3 tiwly, Tor 40 micrometres for liquids,, and 
less crrriraL applications^ fixed from OJi to 15 micrometers tor 
probe can be utilised- gases. *. 

The equipment “is avatiable-^n 7 

two versions— fixed installation. 

and transportable. ai • _ 1_ 


Filters of 
high dirt 


draw the 
cireuitry 

EXTRION Division of Varmn 
has introduced what, it says, is 
the first commercially available 
electron beam lithography 
System having air-to*air mask 
and wafer handling. 

■- Varian -/ Exirion Model 
EBMG-20. the new machine; has 
a four-position elevator in a 
vacuum chamber, which allows 
port-exposttre curing of electron 
resists. 

EBMG-JO has ahiMy to expose 
any size mask up to «« inches 
sfruaTP." Hardware «nd software 
available permit direct exposure 


Cuts thick 
materials •.: 

ABLE -TO^ctit ami to trim leather. 
. m thicknesses of, up to J ^cn,- 
aM : rubber,- plastics and-Jjard- 
board ’ t© flLOB inch thick _.witb 
combtete accuracy, say*' , the 
-maker, is a range of rotary guil. 
Jo tines froin Rotatrim. 33 ueimoiiil 
Road, Uxbridge. Middlesex, UBS 
ISA (Uxbridge 38190). 

..The --machines are hand- 
operated, and cutting accuracy is 
ac hi eved by the provisions of a 
calibrated perspex rule, set per- 
manently square along one edge 
of the' rigid and warp-proof 
Formica - topped baseboard A 
transparent damping bar under 
which the work is fed to the 
blades- allows easy sighting of , the 

cut.' 

Opr ra tors saloly i* guaranteed 
because the design of the machine 
ensures- tiuu fingers cannoi he 
placed betwenn ilic cutting edges ■ 


DEVELOPKn by Delia Gontrols 
is an open iliaphrs-m ilangt-sea! 
pressure iv. .u-h. uuidd ^05 whicit 
makes use of a m- vicc-frce 

stainless, swot diuphrap-.n. 

ft is iiiiii-'tf at the dairy and 
food5tufTs it dustrjes where il is 
import am that viscous (In ids do 
not collect in internal 
mechanisms and encourage 
micro-org. n.sm growth. 

Operating range can I*p from 
50 millibar^ to IS bars ami ihe 
pressure cmmeciirin « bv 1 inch 


pipe fiungc union in FIL-IDK 
siundards 

Diaphragm force opera les l he 
switch mechanism and ihe 
accuracy and repeatability arc 
within 0.5 per cent of scale 
range. -*uh a long-term stability 
of 1 per rent. 

Materials used in the con- 
struction ensure that no damage 
can be caused by prolonged 
sterilisation and steam cleaning. 

3 J 5. London Read. Kingston 
nn Thames. Surrey <01-549 3451 1 . 


• CONSTRUCTION 

Will trace 
the pipes 

MOST OK the requirements for 
metallic .pipe and- live cable 
tracing in the 'consiru/hon 
industries and public sen-ices 
can be met by the J107S instru- 
ment introduced in" the Para- 
met r on label by Share tree of 
Stroud. 

Tracing is performed either by 
direct detection oF the current in 
the case of live mains cables or 
bv detection of an induced signal 
via the transmitter provided. 

In the former case a search roil 
wand is plugged inm the receiver 

and the presence «if.*d live cable 
is indicated bj a change of audio 
note in the operators earpiece. 
By using positions to each side uf 
the cable i)s depth can be gauged 
In soil that is sufficiently dry 
detection of four in. pipes down 
tn S-ft is possible to an accuracy 
of about 2 ins. 

To detect passive metal the 
iransmilter and receiver arc 
mounted together on a horizontal 
carrying frame mi that they arc 
displaced by about -I ft. Radia- 
tion front the iransntittor induce* 
h modulated 91 kH* signal min 
the metal and the receiver 

i culticienily remote t*n prevent 

direct pick-up i detects the re- 

radiated energy 

After a pipe location ha* been 
found. Us ex tensions can be 
traced by placing ihe transmitter 
at the location and using the 
receiver only. 

The comnleif 40 in-'ong unit 
weighs about 10 lb. Each eld*, 
trmtic unit is powered by y PP9 
battery with a life of 125 hours 
i transmitter) and 200 hours 
(receiver). 

Parametron. 70 Westward 
Road. Si rood. Gloucestershire 
i!T-S 4.TA (0453fi 200fi) 


DIRECT GAS-FIRED 
SPACE HEATING 
AND 

PROCESS HEATING 


Hfpon Ftoad.'HarTOgatB j RYorta J- 
TeL615li Telex$78S9^^yV; : 


m SECURITY 

Thwarts the 


A SOT.'XD dciivlur is Die sci ret 
of an alarm .sy.-.tciu caiivO 
Y'anrla I guard. perfected by 
Modern Autnmaiic Alarms. 23. 
Hampstead Hi?h Street. London 
\\V,I K»A (01-794 Siyit. 

•.latching villains i> n<>t 
t-notigl). says the maker: equal i.r 
important is preventing *xien- 
sive anil expensive damage i» 
huililings. ■•qiiipmciit nr fittings, 
etc., perpetrated un illicit entry. 

This system consists uf 
separate uniis in control se pa rale 
rooms, and is void to be a faciliii 
which ems uni the false alarms 
assru-uicd with other devices. Ii 
disen in males against noises out- 
side the area of protection, and 
yet registers ihe sound uf smash- 
ing glass, banging uf desks, 
shouting, and stones hitting 
window panes. 

The- cumpanv *avs that ihn 
system is proving io be a suc- 
cessful deterrent in and around 
the Birmingham area where 
educational cstahlishmenls. in 
particular, arc using it for prn- 
toelion for -.ehools. colleges, elc.. 
which arc uninhabited overnight. 


gram met] wijh ; '-an individual 
interrogation rode and will re- 
spond to the coded signal from 
. the surface. noit with the 
precise reference electrode 
potentials presented on two 3t 
digit LCD displays. . 

The sub-sea units are rated for 
water depths, down to 300 metres 
ancLhave seJIrimtained power 
to provide ovef 500,000 sets of 
data transmissions. They are 
simply installed by clamp fittings 
to" pipe lines , or- platform 
jackets. • •« . 

Details are .. available from 
Wilson Walton 1 .International. 
Pembroke House. 44 Wellesley 
Road. Croydon CRB 2BU Snrrey. 
01 6S6 7011. 


TH IS IS HOW VOLVO 


M; till m 


Even the most hard working of firms should put its feet up now 
and again. 

Which is one of the reasons so many of them appreciate having 


set up in Irvine, a new town whose attractions extend much further 
than the office and factory floor. 

To include all the delights of a place that’s slap up against the 
open sea. 

With a harbour that provides mooring for the sailing 
enthusiast. 

Rivers with enough trout and salmon in them to catch any 
fisherman. 

And golf courses that match any in the world. 

Facilities which, taken together, make Irvine one of the most 
attractive business environments in the country. 

And the only one in which leisure activities are more than 
matched by industrial incentives. 

Strong enough to have persuaded not only Volvo hist over a 
hundred and twenty other firms to set up business here. 

If you’d like to find out more about what makes Irvine such a 
beautiful place in which to invest your future, write to our 
Commercial Director, Mike Thomson. 

And tell him you’re interested in floating a new company. 

IRVINE NEW TOWN c) 

CURRENT DETAILS OF FACTORIES. SITES- OFFICES AND SHOPS AVAILABLE. TOGETHER WITH THEIR RENTS. ETC.. CAN BE OBTAINED FROM 
MICHAEL S. THOMSON, COMMERCIAL DIRECTOR, IRVINE DEVELOPMENT CORPORATION. PERCETON HOUSE. IRVINE. AYRSHIRE. KAlt 2AL. TEL : IRVINE 74100 TELEX: 7 7S9S4 











EUROPE'S LEADING SPECIALIST CAR AUCTION COMPANY 


X 1 


VICTORIA & CO. 


i,. - jf.. •*. w. 

i l;-./ 




INVITE ENTRIES AND BUYERS TO THEIR NEXT 


- • /? . .T ;r 


BUCKINGHAM PALACE ROAD 


PUBLIC AUCTION 


OF CLASSIC AND COLLECTOR'S CARS. 1NCLCDING MANV ROLLS-ROYCE 
AND BENTLEY MODELS. ON SATURDAY. DECEMBER 9th at II a.ra. 

If you have a fine classic or collector’s car allow us to show it to over 2.000 prospective purchasers 
and realise its full value. . . 


Over 200 entered, these include: 

1961 ROLLS-ROYCE Phantom V LHD :* .? Avanti 


1956 BENTLEY SI by Hooper 

1947 JAGUAR SS 3* litre 

1924 ESSEX Tourer 

1928 DAIMLER Saloon. 1 owner 

1967 JAGUAR ‘E ’ Roadster 

1973 ROLLS-ROYCE Silver Shadow 

1971 BENTLEY Comiche Convertible 

1963 JAGUAR 3.S Mk. II- cww 

1960 MG A FHC. Concours 

1973 LAMBORGHINI Espada 


1938 BENTLEY SI 
1960 ROLLS-ROYCE SCII 
3967 AUSTIN HEALEY 3000 Mk. Ill 
1951 BENTLEY Mk. VI 
1962 DAIMLER Dart. Mint 
1927 MORRIS Cowley. Drophead 
1948 ROLLS-ROYCE Silver Wraith 
bv Freestone & Webb 
1958 JAGUAR XK150. Coupe 
1978 MORGAN +4 (500 miles) 


X .1 i •> uniu uvimuii.'i . . I 

There is still time to consign vour car. Be sure to request your entry form todav. - 

Victoria & Co. have a permanent display of classic cars for sale at their show-rooms in Buckingham 
Palace Road. Any car not sold at auction can remain un the “sale or return ’ scheme now in 
operation 

ENTRY TO THE AUCTION BY CATALOGUE ONLY UK £2 OVERSEAS AIRMAIL £3 

( Also available at the door ) . • 


PLEASE CONTACT US FOR FURTHER INFORMATION 
199 BUCKINGHAM PALACE ROAD. LONDON, S-W.l 
Telephone: 01-730 9438/9. Telex: 886838. 


H you’re looking lor somethmg special, 
talk to the specialists. 


Experience our experience - 

A.F.N. Limited Stotvoon-.. Service and Pans 400.. London Poad. teewarJi, 
ft/iKfellesen . Telppl'ons; Oi-56) 1011 Tele*: 261 135 . Also showroom at: 

12-16. Madrid Road. Gwfrffoid, Surrey. Telephone: Guildford 10483} 38W9. 


Tel: 0224 871877 (day) 

0224 35581 (ewnrn£> 


Phillips West 2 


To he included in a senpral sale on Thursday Decern her 
Tih at 12 noon ai our \\3 Bayswater Salerooms. 


This magnificent 19S;i ROLLS-ROYCE Phantom U 
Sports-Limousine by H. J. Mulliner finished in Black 
over Yellow. Also a good 1354 Bentley 'FT Type, a small 
collection of mascots, a fine model of the 19S5 Royal 
Daimler Double-Six and other motoring ephemera. 
Viewing: Wednesday fiih December 9 a.ni.-7 p.m. ^nd 
morning of the sale 9 a.m.-9.45 a.ir.. Cataloguts 37p from 
Phillips. 10 Salem Road. London. W.2. 

Further details from Mr. Jeremy Collins 01-059 6602 



NEW DAIMLERS: DOUBLE SIXES BUST Buck l*«ft and MeUMit SII»«r,BI«> 
h!H C be!h w::h Ar Coa-iKoniM. T.CIjWS *"d ■ Allor , •.. . 

SOVEREIGN Sauaftron Bi-je: Biscuit "We "«W» A,r Conditioning- T Gliw anil 
Ailav WrwU 

NEW JAGUARS: S.3 SALOONS Metallic Silver. B rack hide and Bucki Black 
hide ban <*«n Ale CondUian.iig and Ailor WMeis 

d.2 SALOONS ’Sark Blo<? 3 Iku>i hide. Metallic Silver; Black bide both with 
Air Conditioning Tr Glass and Alto* Wheels 

3.4 Souadron B.ue Naw Vewur. 1 G'avs - 

1977 DAIMLER VANDEN PLA5 A.2 AmethrtLChamois aide. Air Cond^ 

iSTO&uffiMSSbl 4j C «o»oIicv Red 'Cinnamon hid*. Black Vtn,l 

19TB (Mu'dMMUR 66 “CaSa^'Swn-Moss Green hide Air Condltionina. 
Alloy Whnrlt Stereo Padip Cassette. 13. 000 mile*. On* Owner 

1978 DAIMLER SOVEREIGN 4.2 Oam Blue, BiSfui: hide. Black yiltyl RoSj. 

l 976 , fi>ec' St nAlMLER a soVERElGN 4.2 Carriage Brawn. Black hide. BljcRrK 
Sun *90! Radio S:e-eo. IS ODD ml'et: 47.430 

NEW LEASING BROCHURE ON REQUEST Telex 92M26 

Portsmouth Road: Thames Ditton. Tel: 01-398 4222 


10 Salem Rd. London W24BU Tel: 01 221 5303 


WATERLOO 

CARRIAGE 


Members ut the Society « Fine Vrt Aikiioncro 



COWIE LEASE 


Experts in Vehicle Leasing 


*■ Any make of car or light van, available in U.K., 
supplied - many for immediate delivery. 

* Choice of Leasing Agreement options. 

For further information about our Leasing Services 
TELEPHONE 44122 (STD Code 0783) 


London's leading Lancia specialists ■; 

FULL GAMMA & BETA RANGE FROM OVER 100 CARS 


COWIE LEASE LIMITED, MILiFIELO HOUSE. HYLTON R0A0. 
SUNDERLAND, SR4 7BA. TELEPHONE 44T22. TELEX 537005. 


IimiaB 


FOR SALE OR LEASE 
Chiswick High Road. London, W,4. 
Tel.: 01-995 0022. Telex: 88 1 1124. 


VOLVO 


normans 


For eorfieit delivery on new 
*979 mode/s: — 


NEW FIAT 


343DL MAN — SILVER 
245DL AUTO — RED OR 

YELLOW 

245DL AUTO/POWER STEER- 
ING — RED/ BROWN 
244DL AUTO — RED/BROWN 
264GL AUTO — GOLD 

METALLIC 

-- other specifications 
LEASING - FINANCE - 
EXPORT - PART EXCHANGE 
Contact Dennis Scott ci : — 

| LEX BROOKLANDS 

L.6X47. Strcatham Hill SW2 


132 MAN /AUTO. 

f*»r 1 mined la iu dvlnrr> 
CHOICE OF COLOURS 

BUY AT 5% H.P. 

DURING DECEMBER 


L Juil XV-. r. 


i.h phuRV for Icnviny Ivnu- 

0 I-K12 004-2 tSWji* 

Hi- SS+ 6441 (S1VS» 


021 -SSI 2603. TKc«: 356193 
Hew Garner Ene-ned Gar Trac;or 
Unit; .OW initial cm lr» 

ccnsumoc.or. Lew % r;; or cv P-o.e-i 
rc’.ahil lv M iki-r-. j. W|rra«:> 
Li m tea ouiriiT. it.-liib.f 

Phone now lor our ctli-rinelv keen 
price 


CI-32S 77J7 ;°7‘> 


anna 


MAIN LANCIA DEALERS 

SNOW’S GARAGES 


For Your 

_' f n 

Ncrt^a-noionsblre 




WALES 


> c*ur n<.w ux A Jpdii 

irr"*.c 2 .a:r!< ji-w? oui 

SiinTter on 4io:K7d u ,. 


01 -674 4403 4 


Broughton 

Motors 

(Northantal Ltd 


UirdiU Road 

Irefomr 

Nr. Pontypridd 

Trlephonr.- 

Pontypridd 

<01360/402444 


GardilT 
Pcrurth fload 
Cardiff 

TiltfhHi: 

Cardiff 

10222 ) 2 DJI ♦ 


BUY OR LEASE YOUR 
NEW LANCIA 


All available models in stock 


BUCKINGHAMSHIRE 

BLEDLOW MOTOR5 LTD 
Chinnor Road. Blcdlow 
Nr Princes Risborough 
THs Printex Rixborouch 
(08444) S32S/4419 
iOrn?cnitr«i|.ox« awa,'avlr ■ 
SALES • 5EPV.-C-: • S P’- C £T 


HortUnxptcKi Rowd.'lmugh»4n 
NKKatt*rlrr0, Northnrrt* 
T»l:0S36 3»O324 


LfMiif ijece' ITI r i.i' 
Cboid'orrs ;c>»i-:d :c ox. 


if you MmT in & posit io'i to 
LEASE WE rvi AFHANGE LOW 
INTE REST H P 


S/iIA-jon." 77 SI Crtw Str^T . 

NCxtftamtrKrn . 

• ; ',T<4- 0004 0*787 


BARCLAY 


07, fi9 01-3704-114- 

DR AY TOP* CONS, 
cutest a 
Syyio ?Cl7 




RICHARDSONS 


J. D. ROSS 


FOR TRUCKS 

OLDBURY BIRMINGHAM 


LTD. 



The main Lancia dealer in 
South Ease Kent 
Company business and leasing 
are our speciality 
Tel: Lyminge <0303) 
862113/862049 



THE 

OXFORD LANCIA 
SPECIALISTS 


LANCIA 


OXFORDSHIRE'S 100% 
LANCIA CENTRE 


WTSONS of UA NBORO UCf 


Tel: (0865) 59944 


14/25 Witney Road 
Long Hanbo rough. Oxon 
Freeland 882217 


Skip lo-ry t3E4i4.’-iu. 32I-S52 2803 
TX 3 J 6 19 3 Immediate d-l<*rry on 
Bedford and Leyiand churn. 
Self-drive hire — - 

been rxcei for abort, er lonf-urm 


FOR L.\NUL\ 

IN CAMBRIDGE 



Lancia is 


TEST DRIVE 
THE RANGE At 


AN ITALIAN CAR AT 


AN ITALIAN GARAGE 


RICCARDO 

EMILIANI 


WHITE HORSE 
GARAGE 



WALLIS & SON LTD, 


i:i CHESTERTON’ ROAD 
CAMBRIDGE CB4 R.1T 
TEL: (01*23/ 69761 


HIUS OF WOODFORD QFFLR 
4LFETTA STRADA Rea j.DM 
rc-. IHIIB . U,7«s 

XJ6 4.2 Skloon . BrDxm 4 000 ret. 

It- £>.995 

‘Ti Peuyeot 504 Nm.i. Eite!c. 
While 5.000 rec iniiei . . 14-E95 
• P. Mercedes 2B03E Auto Ctrrn 
Mirt. Full scrricr Hstcr» £9.995. 
■Ml T r ■ offish St*a Au!o White 
22.000 rci rriici U.S95 

■ j' Audi 100GL Fine ( Saloon. 
Sroe-i. IS. 000 rec, mile-,. U.99S 
530-554 HIGH POkD 
WOODfORD GREEN LJiEX. 

Trl. 01-504 951 1 




GERMAN GOVERNMENT INTERNATIONAL 5i% LOAN 1930 
(YOUNG LOAN) CONVERSION BONDS 

Further .o the- noti'ee cortoentinii the S£k V <j| li fMiliml 

20lh Nooefhfcrhr 1976 the Governor ana Gxruu du a u la 
announce mat Couoon no. Si T°" M,S due - J 

December 197 B dre wavaoie »t Uw lollowwg rates. 

Nominal Amount A ^L£ r !? W £«Bi. 

el Coupon Coupon la Mvable 

* cfvlS: - • 

C27'10.- £91.27 

. The MOW. rallies lor coupons haw becr eiitJbitshed bv the SF^SE^^ndBn 
verwal.uno with r.r«n ( e to. Mr.,repf, lO^ pArtJCl* 

it m me ameunw payebio h»» been 
■ irce the adiuionent which it made wren 






post changes 

TBHW« ■ insurance. *•' _"L±2. , ^S2i , Sj6S^S' 






■ ■ - "178. 

on 20th November 197B the - 
■ that li la unable to aeree wren tl*e : 
due winch Is being applied tor the 
line 1970. The riQhfc of bondholder* w..: 
payable hb«e tbeimrfore been reserved 
.vovaena- -due 1 at December - 1978 are 


niemberoftne Cornmu inbur^ ^^1 Gwwntot Bo«d«y 

! S ro “P-. l ! ! cted - • OnSon £or . EngiaiMi i<x * .. 

iMcad a director. further three, years ;' ;£rom . 


it which may be made at a later dan. 
of the holder* of Conners l o w Bonds on 


Lord Gamock and Mr. 'l ill iyd December 1. 

Harrington have been re^^afetisients - the 

SJS^vnBaSn^SS- 

sasLbfsr ior . mw .»■>■» J fjR- ffljscsASi-- 

year until December 3L 1973- Mr._ J- A. Sobcb 


BANK OF eNGLAND 


chairman of .the .Water Spw» 
a monit-r cbmttiLsSj©». ana. BLT 


THE THARSIS SULPHUR AND 
COMPANY LIMITED 


; royal INSURANCE has Amenity Coa ffissaop , J|na_ _ w . 


RHYTHM WATCH CO^ LTD. com pany lim itbp j deputy marine manager from Mortgage Corporation. - 

(Rhythm Tokea Kesrb Rabelhiki NOTICE IS HEREBY GIVEN mat a , Janpgry 1 I 

' ' Kaiihaf : FINAL DIVIDEND ior the year ended 31£ 1 *- ^ a e£ a decision by. 

NOTICE TO HOLDERS OF I Caofui^oi the 7 ConioSny °wHi l be*M"d on J -•■Tn V.mA V rSTVK has made three ESSO PETROLEUM. ' to - Torxn.- a . • 

w SSS^-WSrf r :at-^' a SSL5PS , W 1 & 9 co^te Oflteer. appomtments marldemg and Jogutao ; div^oa, , 

of EDRi.that Rhythm Watch Co. Ltd. ; Share Warrant* W Bearer aa mdleaied .the.: Hotel. GrOUp._ OeC 0 nieS_ a 

pud an • intarinv dividend of T4.50 bcl °** l - . j corporate senior vice president, 

sroia- per Share on 28ch November ; GraS Britain ^ Nomhern Ireland must ! M y , Nicholas Bilt» is nam?d 

1978 to aha rehold era on the Com- .arrange lor an Autfcomed Depositary io. ^resident, public 

piny's repiirr at the elote et business i lodge Coupon No. 79 «tier .al UW- WfJW rate Vice presioeui. jsuy 

on 3bth September 1978. Thi. dividend ) 5«*«* r « J ®?“.f„ I ‘ l * # a f 8B SlTaiS ( rtlatioiM and communication,, a 
hat been converted so U S. Dolian 1 B^shopaeate ^London* 1UF tw «Ti ' n CIV post, and Mr./. Richard 

and amounts to USS22.78 zroat per ; the united Kingdom coupons may hdlWpfton is appointed Corporate 
El> *- „ w 1 vl« president.4iid associate 

, . A«“ rd,n *>7.- Klein wort. i Piiiet-wfH. 75 < 4 i Paris. j genera 1 counsel.- 

LirrMxed as Oeposinry informs holder* | Bjiwit Vomes « ComwiercVUe de Pens.. - T*”*’ . . ■ 

ef EDRt that they should ela<m their ' SA.. SiwwNoae, 7SO08 Parts-". . Tf_T , IlrT c 

dividends fay presenting Coupon No.- 3 B ^ u ' “ TUTOT SAFETY PRUDUCTS.- 
an or ihr, Sth December I97B *1 (*) I Coupons msl be listed iff numerical- which & 8 S joined BdOWkll LflDItEll, . 

! r/fL'S -ggggftg ^ "htainahH- ^ , be headed by Mr.- Brian 


I ; ::v 


Accordingly. Klemwort. Bun on 
Limned as Depositary inform* holders 
ef EDRi that they should claim their 
dividend! fay presenting Coupon No.- 3 
on or after Sth December 1978 n 1)1 
ths office of the Daposkzry. Klein* 


ROLLS ROYCE 
CORNICHE 1977 


Boulevard' Royal. ' Luxembourg - 

Coupon! must be left lor three 
c.’e*r businon day* for caaminaoon. 
and may be p.-e tented on any week- 
day (Saturdays and public ho'idays 
accepted J during normal business 
hours. 

Japanese withhold mg nx at the 
rats of 20 per cent will be deducted 
(rent the gross value of all dividends 
paid unless the FDR ho'der lodges, in 
a form accept**!- to tho Depositary 
an affidavit of naidence in a country 
having a ti* treaty or agreement wKh 
Japan fvnvidinc For a lower race of 
withholding u», in wh-eh case such 
lower rate wHl be applied. 


in Where elvidend warrano are sent to {^.111 rnnaultant ID the 

I Members at their registered addresae* KwlU SCI as cons , 
outwlih me Untied Kingdom or to their j further - development 01 S*oFS 


BSSSS <scnt3 oulwJBl ^ “"““H fabrics .'as- sm alternative . to 


.-Li-'-a* 


091 Where soetrrfic aurhorttv h a* been n- 1 asbestos " fOr fir® prevention. 




SftidlndrS. XT’ (insolation, and filtration. Other 


BEARER SHAKES 


(at Where coupons are presented lor t BrOWD 


appointment are: Mr. Tony 


industrial 


savment In Paris or Luvenibourp. j'manaeer' Mr John DICEHJU as 
W' Whore .moeons are orsaonted for nay- I manage r;^ . Wp 


Company chairman, toon id (aka 
delivery o' a new Rolli. has 977 
Corniche fe- immediate diapesal. Glue. 
Low Mileigs. Wo’kt maintained. 
Excellent InvwiMiK. Often. 


The difference between the amount I ; Reaictcred OAcer 
of wfchha'ding tax so deducted and li West Conroe, 


U9' Where ■moeens are ercsonted lor nay- “.“-o-m r- nnrl Mr 

meni ki the United Kingdom accom- . retail sales mBtiager: aDO *Hr. 
d«^?^ 0 t ter2? >^,s ! ,, ' i,, Alan Richards as manager of fwe 

other oh- Send payments whi be subieet factory at Sturmirister Newton. 

to a deduct too for Umied Kwiodom Income w 

tax at tne rate oi 5 ^,®j ;)pde , flf fflf > 0 ^. Mr. George Harvey, a regional 
**- n 's£wU5y manager, Africa and Middle East 


the Standard rate of income ox pay- 
able in the United Kingdom will also 
.be deducted From all dividend* paid in 
the.Utiind Kingdom .unless 1 holders' of 
EDKs furnish the Depot ta.-y. wrfr she 
utuaT affidavit! of. non-realdence ip 
the United Kingdom. 

KLEIN WORT, BENSON LIMITED 
Depositary 

London. 

4th December 1978. 


Mr. A. W- Vers ter. 


jppointments are' 
A. W. Forster -at 


LEGAL NOTICES 


Xo. o«wj 3 Of 1878 UK - following 

in uw high court of justice tour o£ duty. 

nhanwrr Dfrtsion Group “A." In the 


ENGLAND'S LARGEST LANCIA DEALER 

38-48 THE CUT SE1 

Telephone 01 -928 1 922 Telex 91 7033 


Nea«fer«d oAce: riwiansl office in London.- of. Air*. A* W. f orstev. . 

• .... NATIONAL WESTMINSTER _ . - 

4sh Decembe*. i97H. BANKS Iiucnnjtional Banking fniiowinc appointments aro J 

i ^.Dlrisido.; ^ ^ »PPomted SPSS rSstef^t . - 

LEGAL NOTICES . ■ SS £. KniWr. Ua.is g— ‘ jJSSSS S«fflt25"- 

■ ■■■■—.. . taking up an appomtment in the ,S \ almnS 

no. «o«i of I97S . UK following completion of his Jgjggf ' o“ S? ' 

in Uw high couht of justice tour of duty. inrecMiiv Ot iae 

nhanwrr Dfrision Gnup "a." m the * reporting directly to Dr. AW.. 

Maner of stylo bahhatt shoes n A cc:F«fwr MnrJiPYa*; Has Pearcp. Erso Petroleums Cha^- , 

unnTED and hi the Mailer of THE - <&$. BAS&ETT HO^EXGS JUS & c hi et executive. Mr. P> G. 

cpirp.kNffis ACT 1 M 8 . AdwnJMineni appointed Mr. John Fountain to an director , has . 

trJSgS l ° f “ -r SChCTO eJSaA- with -■ 

NOTICE IS HEREBY GIVEN that W " SSSf'eASSIShHtiV forall the EUROPE an a' vice : presi- 

an order dated Hu- !8th dm of November . responsibility for all tee d effective January I, succeed- 

H7S the Court has directed a Heeling of Groups Subsidiary companies 51 t_ porster Mr R. E. 

Ihg holders of the ILH84 7 per «ot engaged in uansportBUon. the {"8 ted 

Cwmuiaiivf Pr>;fi'rAnCT- Shares or £1 each ' -manufacture Of Specialist foods. Lintott WJH be ®PPO*U .- 

of ibr ahove-mnned Comoanr 1 hereinafter in the leisure executive director, logistics, tin 0T • • 

called •• the compaw not heneflcinny those trading in tne leisure . Janaary 3i suceed-- 

ewrod far Stylo Shoes Llnuteil io be- Industries. n| P Ti a ii *.' 

convened- for the purpose of considering ‘ ■* “"S w ' , 

*SS^rnaf. t Sarne Mr. J. JR. Gtmn has retired from 

b^^Te'cCaTaod^rt,. Jf^ROY/^NA V^ RESER VE the Board of BPB INDUSTRIES. - 

251 ? ld S»*r« and th« aucfi Meeting' COMMUNICATIONS TRAINING * 

CBN1WE - Coventry, with effect Mr . a. A. Btesett bas hoen 
out on the 2Sdi day- or December ai if from November 6. Lieutenant appointed’ ‘to • the - Board -of. . 
won u wMch place and time the bolder* Commander Woodgatc. who. IS a EDINBURGH ' SECURITIES- - - 
siwres are requested »' chartered accountant. _ is assistant 

x£U*S7 Sff AJ!W S? SSSl 7 Afaurance" Society * to Because ot 

trr BirrainEham - ^ ■ SSSi%AS^^b&-A 

be funUstaetl pursoant 10 Section 297 ot 9 UPER STORK f INDUSTRIAL ROCK1VELL-COIAJNS.- INTER-- 

A « « o«cw oP rou?| TOOLS1 tformerl5 NATIONAL and rt-gjonai director- , 
Crcsh^n SiriNrt Lortih Marrota Machines), of Edgware, 

aWc* of.jdi^ uDdcr-mentftmed Middlesex, has appointed Mr._ . 


=1 ..a':-' 


“wfPf-mMUhoed T^ddlpMX. has appointed Mr - 

1 Rouald Grant, its accountant lo L^hed re * iebtx m -Rlyu^u He 


dorine Wii Bta,' TnTni TS dlrecterw^th effert has httherta been headquartered 

* I" Da “ i£ ' T?. 

Uk said Meeting. ■dpmhw for. wvui . move,. Mr. Alton Barker has been 


d»« Mid MeeUne. / ^ . .. 

The hoidem e* ihe »id shanst may Rnv Tmvhern. formerly appointed director, marketing 

member of the cernwrey 5?" not « rbelf Lilia-White, the Bnpiingham-based n^,, 
tlM,r ,tead - hygiene products division of the 

rLm h”S?eTuos^aiih P uS? : Smiai and ^‘«Phew Group, has ^f nri dt tir. The Riyadh 
R-Fi«rar* been appointed director/gencral region. 


LEGAL NOTICES 


OTOriei hrt lodoed et finrt. R.nk rnffJrrr anl * ul a,,u -‘’•qpiicir uiuup, nob 
Rtetanwi dK«S CoS!? by &a: appointed ^ director /gervera 

Worthina. Wes! Sussex BHI3 «BR not less manager of SMITH AND NEPHEW 


The Chequered Flag 


iiian 48 hoars before the time appointed —IRELAND. Mr. Rod Gnnuer has been made 

« h T- u J orm * «re noi * - managing director Of the ROBERT - 

cmSSSt «'5.e" , ^.Me?d2 e4 :o Lord Todd, emeritus Professor STIC WOOD GROLT. This Jfoltows 

in the eaac of joint noi am the vpi- of chemistiy at Cambridge the resignation of Mr.-CBa^les . 

ff |,w SenioF who tender* a sole trtwtjier University, has been re-elected - Negns-Fa ncey. Mr. Roger ^ For- 
r ®f rBOn 1 * r 61 p™u trill be accepied president of the ROYAL SOCIETY res ter has been appointed .to the 

COL^-OL. . - mate Board of the Grpop : . 

will fa* Urt-tmltied hr 0w> onlvr in wtHcff 



INVESTMENT OPPORTUNITIES 


’he name* snnd In iho Ht^wter of 
M-mheri. 

Hy *•> said flrd*r *He Court has 
renolnted Israel AmoM 21 ff or faUHw hfan 
HertHe Ziff or faiim? him Da rid Uord 
Huche* to arr 4* Chairman of the said 
Mretine and ha* dlrecrcd the Chairman 10 
TYDon the re ml is Thereof 10 the Court. 

The said Scheme of Arrangement wiH 
he subject to tfae mbteoneiM appronl of 
Ole Court. 

Dated rtil* Wth day of Xoreinber 

BOOTH AHD CO., 

Phorulx House. 

South Paradr. 

Letds LSI IRQ. 

Solicitor* Tor the above-named 
Company. 


CONTRACTS 


Orders for Optimisation 


Contracts collectively worth sprinklers to allow gMds to bb 
1 more than £tra have been stacked to a much, greater hejght 
- awarded to OPTIMISATION of SESS? 

Bishops SCortferd, Hortfordshlro. * S.^*iSS5JS? woS 
These ord*rs from national chain together more than £300.000. bl- 
and departmental stores, are for voire work at Cambridge UnW 
a wfde range of consumer varsity Press, Cambridge: Book 


mommmmmmmtmmmmmmmornmmmmmm «mi« of W7S 

In the HIGH COURT OF JUSTICE 

DIAMONDS FOR INVESTMENT SSHEJITV " TRaSuON 1 " 'tXTKKiATiaxK. | and electronic toys. 

□ itww Umiw nee* iwm- LIMITED and In the llutiet oi Thu ! * 

tu: and caii*i*«i di vnaiida et one of. j U>nTp3n1' , < Afi. 1WS. MCRROL FIRE PB 


electronic products, including low Club. A^Auclates. Swindon; and' 
cost programmable TV games. L'Oreal. LlantrisanL 
microprocessor chess computers ~ * 

and electronic toys. FARNELL LVSTRUMENTS has 

+ received an order irtmi Ple^sey 

RTERROL FIRE PROTECTION' of worth around £frn for the suppb' 


'^nu'aiissi-rtvfiBsss; ^™ : £. , iL.”a g y .g 1 ™ - Biision Mn th.* c..w«i « f ^loic. 0^,^^ t» b. used 

VS' n ,, fS Anwz*‘ .1 Involving, ji wwk .prlntlor .,»■ in . PDX pmate wlcphone 


ii - 

- J ! 


OSL G-Ade 
Id.* !Rl 
tO3'8MS0 
1 40' 1 DM JO 

i?n n MD 

300 '20. 12D 
dOO'3D 1 10 
J7k 50 '01 
Sfad 70 90 
1200.140 SO 
■'CO l»0;70 

r:oo 27 s so 

’-00.800 90 
Ne'e Dipnondi 


Pr.cc m * 
esr CarM 
71174 
17429 
I64S4 
1^009 
12302 
IDJ02 
9373 
57 GG 
4J12 
3349 
2370 
1357 
;he ranqv 


JniiKF wp? on ih? 2 fth day of Nnvembrr terns, which involve a network of exchanges. 

1079. pr.'son'nd lo ihe said Court hjr 


PAVDAIR FHEH7HT '.TatrrEP wtlOM 
iysmii-iyiI offitv Is siiiiiIf arr P.r>. Box 
32. Brarurirh Hou*.r. MaldcnlK'Bd. Bi’rh- 
>hlrc. SUB 1DL. Frriufn Fiinrardrrs. and 
Uu; ih» nld Petition fa dliYcicd io ho 
hoard hoforo the Conn smfaie a? ihp 
I Hnr.ii ronris of Jn»iior. Strand. I.nndon 
| wr*A ILL. on th-- l.Hh day of 'January 
1 1°f9. and an«- creditor nr coo'riboiorv 
.of rhii %.iif Cnmoanv desirous i* "hippo !- r . 
ior oooose -he nwfctns of dn Order on i COMMONS*—' Motion On Public 


leicffnicod lor ln.«*.iffirnt tia.r aeovr. 

c.i‘rt jn stfcraor of 650 acr tent . Ih' said PffttlfAfl IH2*' nna'l; 3T Ihc 

i.n.v in jew 1969 i i mi<> of hearinc. in person or by hn 

Dit jriar is oidde ue is ioiio«*s— i CMlMri. for thal nurpo'c' and a eonj 1 

Cnlmr Clar-tv Zaixi . of 'he P.'l'lmn er|ll hr furnisH-d hy rh«- uiuaia. 

'■a 120 4 156 . unoorvsnfd i u jn'- v-rrii'sr or contrltMi- • 

Ms.ff ■* d'fffiv* gaodi.rrv food .lory rf rite said Company r.hjn'r'np dOch CFf FCT r/VtfVITTFF^ 
All «-s-e% «.C nraecd certmvd ind ; W' "" pjimrm 4r ihc roauUfd cham- i 1 

uivniffr.r.'r' m del Mbsraso' -ffs. »»'■' a in.- same. 1 TZAneatian Arte and 

me Anc- mcjv.un.iQ reu omrfl! and • AVTHngT EDWARD A flOFFlTW “UUWUOd" rtr 

:«i.ff.oucs RoxbBrshe HnBJ , Office snb-commlttee. S 

»'7w« ',cm.n^fs »nd »r^h-mi I73JBT Reacm strec:. Women and the penal 

g<-o mire who a'CKca'ir. ip, London 3riH lld Wilnpvsfts" National / 

irl XII. nq nrddnd ml crriifn-J , Rrf 7,. TffI 01470 I2M ' r-' A j St. .. 

n-jmoffffa k wtoeie »foffi %iiinim-« fur ;h» Prtnioncr “ on for Care ana rteseti 

DIAMOND SELECTION LIMITED i XOTK — .\nv Person irifa) innmds -4 Of Offenders. Howard 

Ffierahjm Keuis. 574 Ninon Gimen, ■ 7|mnar on i I f- hearlnh nr rhe va|d Pninon tuv o.,d n.hM, n 

London E1N dJD. T«. 01-405 BD45. BUI-t Jn* OB. Of .«M bv oeS In t I? r RCfOriQ. 4.1 

' | ahoi*4.nam.-d nnrir<. m v-rhuu: of tan i Room 16. 

htfrnMnn so rn in. Thi* nano- mail dale i 

; ... |:h- namff and addnss of Ih- pnrsoff. nr ! ' TOMORROW ' 

. n «- A | * n*™ rbn name find addrimS ot itis . ^ . 

ART GALLERIES ,fim L ,nd mn, i *«art by me orrsen i CO SIMONS — Education 


The week in Parliament 




TODAY 


DSL jraar is made ue as lollO«»s— 


Cnlmr Clar.tv Ca.-»l 

-■a 120 4 15b 

Ms.* i» f'airt gaodi.crv read 


ah «-s-e* «*•; grafted cc'tinvd and 
M DDL 'abirslo' ff* if».na 
-no llif" measuring mu nmefft and 

If.Hr.liilf 


Motion xin . Northern . Ireland 
(Emergency . Provisions) ■ Act-—, 
continuance Order. 


Accounts -Committee 1977 /7S; conanuam* uraer. . 

BiropeM toemiilj- Constituca- lordsu-d^j,, Dn : imporeijK ; 
cies urders. of improved relations with 




9» 9i*1« ••ci T *.n4fL and *r*ch-lnl 


Gro o«re wi*n orecea.ir* ip, iinmo 
iri Kll.nq nradnd ana cfffirflrd 
n-jmenffi K ava.lielg from 


China. Debate on code .of 
industrial practice covering 
procedures for trade 1 tinton 
reccwnition and prooddiires 
prior to Industrial action* 


s. w... ■- 

■ !v-. . 

• i 


DIAMOND SELECTION UMITED 


London kIN BjD. Tel. 01-405 B04S 


^“^a^Arts and Home procedures for tradi 
Office subHwmmlttec. Subject: rec oanition and pr 
Women and the pena 1 system. p rior i0 industrial ac 
Witnesses: National Associa- 
tion for Care 4nd Resettlement SELECT COMMITTEES 
of Offender*. Howard League c ‘ 

for Penal Reform. 4.13 pjn. Soria Services. and 
Room 16. ment subcommittee. 




■V. 


TOMORROW 


ART GALLERIES 


or 8rTn or fail or rfafir Solminr * if any* . 
■MHgeMMMMMMKggg i ,rM f mnn hr vrrerf. or if ftosifd. mm: ' 

AGNEW GALLERY. 43. Old Bond 3l..' h< " OH.1 In MHIiiTcm llmr 1*j * 

W I. 0’-ei9 S174 DRAMING5 FORi rt35 <l 'h' - abYie-nam.’d nui l.nur ihan 1 

■ CHRISTMAS PRESENTS U/iiH 72 Drc. : Totif «i't.fuck rn rhr .lr'^rnttAii of fha* * 

I 1i 3a J. 5 , 33 . Th “ r ? J* ns, LI - . '- h *l.i> .*r .raniiarr into 

AGNEW _GALLERIES l 43 Old’ Bold 5t‘. — : 

; rtf'viSM ' pi Z cTURt.s b 'rROM TC scorTiSH ! JSS JH!?- o* i 

COLLECTIONS A 1o*n c>hib*tlan .n . T*«g B TO?* C< i*S25 JS- 
. 4-fl ol thff Nananal Trust tor ftollane i TH * 3T °CK SXCHANGE. LONDON 

Or. 1,1 3 Oc-cmbci Cnlrincv lie BOd i_ , Rn TJ m.* , . P 

. And FRAGONARD DRAWINGS ler I ^ E t uw . Df J**n»« . 


, second reading. Motions ori 
. Social Security (Contributions. 
] re- rating) Order and f Earnings 
. Limits)' Amendment P.eguia- 
: lions. 

i LORDS — 1 Scotland Act 


, And FRAGONARD DRAWINGS lor I c ‘"E a J"i ,5 * r . 

; O-iandd FjHaso. Until IS December. 1 2* tJe i9«h Co 5lf.<2: i iu5 cc 5 , oS^ defaij«cra 

isjssf. i** w a M S!rsh ^wsrs 


" if -- — : I P* W,> P. Steel add Share Brnb*f» or 

I . MALL GALLERIES. Thff Mjlr, S.W i Ntw i LjmeNek and GjIwiy and Members or 


ORDS ■ Scotland 

( Referendum) Order. 
Registration (Scotland) 
second reading- 


«*il u.LLiNiii Thff Mill, LW i Ntw I iimcnti jnn uwi. and Members or cri rm rnirmuh-rrc. 

•ENGLISH ART CLUB 78 Ann. E«nbn. 1 Tbff !r , *h Stock EkCHutfle, cake notice SELECT COMMITTEES 
WO-'-fA IO-S. Sau. 10-1. Until ISUi JM* "Khart ArUiur Ttaomnaon. Truete* _ 

Ore. Aam Z3o tor the Muby Tnift Deed reglMerM Nationalised. IndnSttl 

s i*tL.2l? V41 V™" anVih^SSAPsmt Mwa Jecti British Aerospat 

MJiiijiyrf Socleiv &0sh Aonutl Exhibition that tne Final Dtifidetid to Cjmham ian«? . _ xn 

1 0-0O-5.DD. s-ts. 10.00-1.00 0fier ri» w5?5r Sf SS^VSSSjc. 111 eccOttnts. W 

jjiMjl_l.B0_o.in.--9 Pet. Adm. 30* _ er CmMiiy who ^ramiiler British AarOSDajCe T81 


Nationalised. Industries. Sub- 
ject: British Aerospace report, 
end ac c o u nts. Witnesses: - 


anv who consider 


Soridl Services and Employ- v 
ment sab-committee. Subject: . 
Perinatal and neonatal -wbr-" tI 
ratity. -WLtndsses: Departitierit 1 . 
of Health and Social Security- - 
4^0 p.m. Room S. 

Environment sub-comniittee^ . 
Subject : . ftedevriopment-'- of'- 
London's dockland. Wiiiness:-' 
Mr, Peter Sltare, Ensironmeat 
Secretary. 4^0 p.m/ Room 16. : 
Parliarne nt ary ^ Go*mlsstenrri : : 
-for- Administration. . Subjici: , 
Land Compensation rAcT.^Wit-,?' 
ness: Sir Peter BaWutfn. 
mairent Secretary. to" 
hient of ' TranapocL '5 . • - 

Roote 7. ’ .£ ; ;.X. .j j' - ; 

tHuksdAy : .- 


: l.'^ 


BROWS* A. DARBY. T9 Cork Slml W fT L" a *S * «*alm Jgamat tlw imw 

■ JOHN SELWAY — C‘rcm Pictures. 1 ® r : " ,v P*T RM!r “1 Hi* Arm. 

NORMAN ADAMS — Flower Pictures I ? gZ2? comotrtcd and returned 

j -- v M : — rz — ' v -■ .... * POiTrrof Assent id the Trust Deed. 


British Aarospace report and COMMONS— -Civti and defence 
accounts. Witnesses: British votes od account and wtuter 
Aerospace. 4 ^m. Room S. . supplepic®terfes. JJ.ebatft on- 


; c S^ AS ot , :a9l-. ^M^^mMs^FROM 1 75%. '"** b * 5T “ J,nuarv ’ j g e J cnce *?* V**™*! Affairs unjust and «hW Mse of 

l ssrrsj® LV M ra&» D o c S: i 1.5? ^vSre^JSSBJSF I pactions oti UidusttT. - «*■ : 

; HI; ff n 2 ^ 2 — . — T“_ I Further tblmi should he lariwdni J jEJUwJKJUOn. VVHDFSSES. .tjmtnfigWihUnawN irf * TVi-w *— ■am 


LINCOLN (0522) 31735 
Boult ham Park Road, Lincoln 


Dealers for Oxfordshire nnd 

Scjth Wnrw»errfii rr 

21-27 BROAD STREET 
BANBURY OXFORDSHIRE 
Tel 0295 50733 


I?, G -F ROLLS ROYCE SIL-'EP SHADOW I97J M Rrg. ROLLS SHADOW S.i.ff- 
Or I Mlsr Gold n - r * •■Off 1 hffjff C- -V w.th rrfl h Off ifi>«r-.er 1 g«w 

*.n!u CSS 9SC o e C^ALitco* dr.-cr Ff-O 1 .:- .mffifftu- 


.. ;- *.n!u CSS 9 SO a** eff*--; i-h •*«--. C--^ui!ej« or.-cn Alr-o’,:- -mffifftu. 

Harr.< Oi: 704 '061 OS>i* 061 8J 1 l4l» eendiliO.-- LC > W* LiLQbQ 

M. m T'.i -Suffd^.' 01 *?j2 33»i* 


1978 fUMegnlerCd' MERCEDES BENZ 450 

SLC. Mil4i brow- ;ct4t:0 selo-j'. e'et 
-un rooi P* Ce— O nt— i. -rS 061 
T»J 1GSI H.;m- ESI AZZ 26!: 0"is<r 
1973 iLJtei MLR Cl DCS 4M SL Aj:e-r.j|.r 
Ism Gi.f win it- :■ PAS 

Alio, whee s - ni.-s T,...dair. rjitf.o 
ilff'CO MMUmo clt CID9S0 

Tel rS^rCJr 1 v’-9j2 C361 

WE SHALL REQUIRE J ROLL, 

novel SILVfS SHADOW S- WftAlTM 
la.- «- v nn se.it'? ’a- Ciia-r- 

ff>4- 4n,i J|.c B-I-OA.-M :o 04, 4 '..Jt- 
p.g-p.gm fr.'. t rfferj". M.., 
W.IV.-W, «ff.-jirdow- On.liirmfi'-r, 
66= SiZ MC 


19Tt ROLLS SHADOW. L«rsh Gree- «JDi 
■ff*?fping h.de .Meror R.d.o li.ro. 
.mire? Door d:«.ng «i. Iniffi^ouUI* 
■ endlMon E12.9S3 Tel. iSuffaayt O:. 
9S2 Q0Q7 

ARC YOU EXPECTING <*e...r<r 5 r * 
ROLLS. MERCEDES o POPSCMI ■ W, 
ffCulB :w Jl.ipo, -3 14«C E.ffi ,au: 

o-der n.-.Ba vq u » see«'.>i m<d p^i.n^ 
•UDS( 4 '>: *i Orcmiuir. p" dffin.c.-, f*l 
661 832 20Sa 

WC ARE PREPARED 10 d.. Jil-raC.ve 


j Wffff -r n, .uwn.iJM Mn. IU.UU 1 1 uu. I ■ - 11 . r,nn .or ailiriOUTIOff «? dlVI- 

iSa wt&atw) 'Vjffi 

■ FIELDMRNE GALLERIES. 73, OuetHl s ! {“2TIT « L ,0 "- 61 r ll«Hlliam 

Gro*?. NWS 3 SG 3800 . Pamtlnoa f * Blrar « 0 '*fal"i 2 


4 >. 


OV RODNEY BURN. FREDERICK GORt . 
LORO METHUEN. LEONARD ROSOMAN , 
RUSKIN SPEAR. JOHN WARD. CAPEL 
WEIGHT. . 


CLUBS 


p-e-niu.-n -fi 03 Ui- H'T Crll.cr dl 4 

ffffw MERCEDES BENZ 1 = 0 5 L 2 or 


LEICESTER GALLERIES Ji Ih* Alaine Club ■ - 

G 4 llrrle\ . 74 . South AuH‘e* 5 t . W 1 ., 

<629 S 230 ’ ANNUAL PRINT OhiBiKen } «YE. 139 . Repent Street. 734 9 S 8 J A U 


in- MERCEDES BSNZ a = o 5LC dt 

1.0 SL <C< aur M..ff 4 u ..<1 D-.rt.Tur 

Piej'.t -.■<a M.-.t WiU <i>o, Po-urraoTf.-i 


54!. Iff Oa-IGO 


tint 8» AII-m Menu- Three SneciBeulir f 
F'Wr Show-. 1 0 4S 12.45 and 1.4S end ' 
■ffu-ic of tlflltenv H4wYe*M>orui & rrieodi , 


Or* rl oer«ff'<i. 061 8S7 9481 
ail.S. LTD •M.iKff !r-e n-w P-JPStHr 
r.»'S >V' ;«ff IMa-.-h ier-i 
C Ptroo. Toi. 06! Jli 'ize 


ST PAUL S GALLERY Avr Mam L4ffff . ffluiic of ilelmnY H4wYe*M>orU1 & Fneorli 
■ i t.* 'Of • LJd94l» H-tli 0I-24B 5359. I GARGOYUE. 6*1 Dean Street London .IV 1 
OP »ffd . W4fr.«0lone Rbifftrffas Sculpture I NEW STRIPTEASE PLOORSHoyv 

. . InniM «"A Unframed Fine Art fUrp'O- 1 " AS YOU LIKE IT ■■ 

dur-.nn, inrun.nr Stanad L m.iei Ed>l>en • 11 H5 ?n Shew «i Mi dm bin .tnd i «m 
. PffiffU Opm 9 00-5 00 Men .Fn Men -Fri CKJlod Silura.Ti 01-437 6455, 


FStafflSrin’ n « On ? UORDS^-publte 

reign OtBcc. 5-15 p-m. Room y com'nttftte^rf^^ - 

t ■ ^/ ‘SorioJ Security fConmbutioas) ' 

bclenct and-Tcdmolog>', -Tech-r- ro-pating Order-; 'g&e&t*: “0?> _ •- - 
no logical Innovation sub- ... report ‘ of Comimttee tin C OiH-~ " ? . 

committee. Subject: Techno- lem pi of Court. ' .Debate on. • • .. 

loffiraJ innovation Witnesses, -furtfier 'measures prate® 
Central Resources Unit of the animals, particularly. live 

Clynwed Group’. 320 ,ini. animal.s .fur slaushlcr . and: . - _ 

tioum 15 . harses.. ' -%•. 




1 ^? 




WEDNESDAY 


tttibAY 


« i C ^I? N ^ 1 ~ T>abhr ' Ending t.OardONS' — T’nvate Members -' 

5.- Rishv Bill, cemaiaia? staaes. . . taouoxis-. . ' l- '- V: : :. i 


_ 's* "I- 























Vrv-iB 

-Vy'- 


!« 

Cl-"* 

PWS^SQt, 

»~.^ie \v?7 v;!^. 

ffi^ior, 3 ^ Si 

a «<T& 

rector Of i„ c tarJ£ 

PlxUl *«<i. n . 

? a lisur,'^ W 

dl 'S l 


r^^^^^ip^oii^lajQgfttg attitudes to the traditional way of handling redundancies 



v. -f-' ‘i<“ i v ' — • -■*• •-— - ■ - 

s? ~ ::-v. ", A' ■' i - ’.' -~~ * • •- --•■ *• \ - 


may soon 





IN JAPAN ' -there v -fe* i ' long - 
txadit^^fc^ndvfl^d^ot the ’ ... 

Tor;' . '. 

Impirw^gV’^^ efficiency., of a;’ 1 
firm wMwat-npsettmg the web ■ 
of , «oajp3es ; : relatiooshqs -.he-; r. 
tween ■= - the own$i^' : ' xbd > v&e ^ 
ttorkere. - -. ;-. £*£. 

. Now, w ith - a n-.^& crgasiag *» V 
number - 

card ’*’ ’■*" J * '“" "" 


thera^iV^lfbOsfc s : i?roductnrtty. - 
sfiU fi^e^^ej»is T ^iatense \- 
dbb^^nfitth; Industry and-.; : ■ 
govemmenfe-atx^jr tie Jieed for " • . 

a re^rs^il idf '^ irrfditiQnal T ; : 
■way - • ,"y 

Be&Pd^ilhc iUgeyogioa ^es tihe 
' dran^^rt^s f^ naigti&n- bf the - 




The growing social pressures 
on European business 


[THE GROWING demand for Government legislation on countries — although it must be 
i greater disclosure of informa- corporate affairs attracted the emphasised that, with Sweden, 

:tion by companies is fast highest response, with 66 per we are talking of business action 

! becoming the biggest social cent of companies stating that and reaction in an advanced 

i pressure on European business, they collected regular intelli- social stale, with well developed 

In a survey of nearly 500 chief gence: a figure which seems social amt worker protection 

I executive officers in JJ Euro- surprisingly low. Fifty-one per laws, 

n-hnipsaline nr ™ in «»n-i<-Ps- I P ean countries S6 per cent said cent of companies said they -In Spain, the recent 
Smaller enterprise need nnlv ithere had been increasing pres- followed environmental issues liberalisation following the end 

one third Durin° Uii5' surc for raore disciosure QTer closely. of the Franco era has brought 


pay 


period workers stay at home, fi 'f Jear v . . , Nearly half the companies instant freedom to a growing 

Where the worker is iis-' T J* S survey re ported that they had made technological workforce. Into 

W j . viurher is jus- .conducted by Management rh an««ee' within ih-ir nr»anisa- a few Snort months had been 

missed there arc two safety Cenlre Europc , shows that ^ on ^^^^i th ' 5e ^aSef-^ 0 f telescoped what had taken 40 

” new social and political 50 >‘ ears t0 evolve in otter 


pressures.'' Norway topped this Western nations 
list, with 7S per cent of com- ars H e - . 

organisation " U 15 no wonder. 


the authors 


nets. The first consists of un- i throughout Europe' there have 
employment pay limited to -00 ^een major changes in attitudes 
days for those over ao, gradu- - l0h . ards what might be des- 

ated down io 90 days for tne| crjbe(1 as C0rp0 rate social rennrtm-* nr^anisation 11 «' u »unuci. ■>■ me 

under 30s. This is equivalent [responsibility. and that com- chaoses This s »-a/ followed present climate, that Spain's 
i 6u per cent of basic wages — - . - - = — cnao e ei>. inis was iouuwbu r- . — 


in the 


ipanies are devoting more top 


for the high paid. 80 per cent j management time towards re- 
for the lower paid, jconciling the social and 

Where there is no alternative, i economic claims on their busi- 
such as family er other support j ness. 

and the case is one of hardship, j Many companies have also 
a much smaller benefit can be .'made changes in their organ isa- 


that - lions m response to these pres- question 


changes were : UK 


age -of . \ 


paid. It is claimed 
swindlers are excluded by a j sures. 

series of tough barriers. The j The survey also reveals some cent); Denmark (60 per cent); 
number of recipients of this i particularly pessimistic views 
_ . . . . type of benefit is only a fraction i on unemployment held by the 

official encouragement is being annual bonus for that 10 years, of thise receiving supplementary*! executives. .Across Europe. 90 

. . . directed at both management which could give him as much bencfit in Britain, though the 1 per cent said they believed 

ting f n - wo f kers * so that employees as four years extra basic salary. official Japanese- unemployment ! present levels of unemployment 

Will be .able to do very little. wi.« put pressure on their com- Further inducements may be are alm.i«r .« h£h aK th.»i«,-n„iri continue. The most 


closely by Spain (7L per cenu; business leaders find themselves 
although, as the authors of the highly concerned with social 
survey point out the changes issues, and coupled with >lie 
in Spain are far more basic demands for total industrial 

democracy they must figure as 
the major issues of the present 
time in that country." 


in European terms. 
Other 


responses to the 

on organisational 


Social audit 


I- W. i 


* a? pc ii, Lr 

Mr. A. tv. r f ‘■'i 

.“Preside* r 
Was E “ 
Jlary 

the .- iv 

y v'i»r^ 
i. Petr^ou.T-. 

&**™;~'* Mr>; 

J'e di r e/»i >v . 

« *u‘- 

9 Januaf • ... ;J\ 
arstcr Mr‘ ’ >*: 

?ctor 


«na h-.- 

i BPb 


13 cent of the ' ?,J Tr2dlt1^X T" p “i pre ? 5un * on VMr com- Further inducements may be ^ures are almost as high as the i would 

nuinfe?^’;l4^ffy : ^oy^ so^f^mnanv and S for chaj,ges of Ms sorL £ dded J n swne en , v L ab1 ^ cas * s UK's-higher on some counts. ! pessimistic countries were 

Sificsi&4-<iH 7 6i35fs,'iiie ^rdrfege T»rti« nr, The second step for roost com- Even the emotional bond to the __ nhMosnnhv imnlied in. Belgium. Germany and the 

get associated firm remains and the e* Une of -cm i United Kingdom, where every 

Td9^-^y ’ in nn!f? h ! suppliers or dealers to take on employees may be taken on uurary help for a limived Deri«.d 'respondent suggested there 

tb t SUFPJUS J»«P°- e rP rob - the ^traumat^^ecU 1 of ' would be no improvement 

over tie -I?st'i|iiree yeers— to.a . obligations of paferiialism have St al a Uced 501317 ° r «l^ a hle reJ*rvn7r of sldte -cut-off" from the company are lh * level of unemployment u 


of it least. T .3 rh . to be pbstponed, the "dismissed 


wage. 


r weathered — with the expecta- 1 tbe foreseeable future. 

The -posititro ; of women writers emifo^ may be^talmn on again t Thirdly, attempts will be made w di ^ais “leSthy lion ^ lhe able bodied wiU ' 

is particafarly bad; female. un- cp e v en bis sons in- his place; fo secure individual agreements ne“otiatfons with the’ comSnv find work - creatc wt,rk or bc > 

empIoyiMnt^^tas- increased by the" supplier may be kept in re ’ union wilMake place to del "r- helped by their family, old 

' " ““ “ "" ’ " ‘ or people who 


Safety 


After disclosure of informa- 
tion, the next , area tu come in 
i for increased social pressure 
| was improvement of the physical 
. [working environment. Over the 

This approach is intended toj pasl five years 82 per cent of 

imnlat-e activity and cplf-heln i _ r vAniNMar) 


about * third over lh^last year, hustoess with token-orders. - This will follow a . h lhe ]e J e| of comnen- schoolmates 

Japan’s iradttioaml redundancy Some of the * newer firms T0Und oT dueossions witit the u should be This solution vere brotJ?ht U P ,n the same 

system risr more complex, more which subscriber to American company.-umon to set levels for Js shunne d if at’ all possihie as distrkt and have since made! 

costiy aml .fodeed^^ j^ management ideksi may give aTera e e workers. it would n ‘ orraa jj y be the most S 00 * 1 - 

sonal than in Britain. It -can very limited compensatioii. but There is no fixed age for expensive- severance pay will Thi. 

he far. more -expensive than,, there are no exact" statistics on normal retirement but it is cer- 0 f ten be as much or more than stimulate activity and sei’f-heip ! {Jf* 1 1 chief ^Ts^cutlrer" reported 

for example, the mud» publi- such management Styles lit the tainly earlier than in most Euro- th e cost of retiring workers in the thinking roan and woman. ' more demand for improvements 

cised British' Steel - ** golden complex world':-. of _industrial pean countries, with almost half ea x]y rather than be a stead v support, 

handshakes. ,r ~ The . concera 'Japan. 4 retiring at 55 and a third at 60. Disinissal also suffers from the The debate on how to meet 

of a company- for redundant For most firms;: the first step Only 3 per cent stay on until twin disadvantages of creating the unemployment problem 

workers is -sometimes quite ia dealing with surplus man- 6o. Those who retire after 66 hostility and laving the firm se ems to be moving slowly 

open-ended, -ia a. higthminded power is to find ways of keep- years bf age are probably the op en to' protracted lawsuits, with towards a consensus Ttere is 

but paternalistic' way* which ing such workers on'the books, home workers who still live, in perhaps heavy damages at a growing feelin* that an open- 

reflects the different nonns and but underemployingthem. many 'instances, in specially t h e end of the day. It could ended company rammitment to 
values of Japanese industry. . " ! ' ' * “ J v * ‘ ,-- 

Many Japanese firms — prob- 


S^mpl^btulvST Zl (50 per cent): Belgium (41 per SSStadrtil 

For its part, the Ministry of adapted houses incorporaUng iake ’yea iTbefoV the caseVven iw| ^reSu^foora’ “this ground per ce“t) : Get4a^ a (32 ^ “^^78^ ceo“ rOPCan 

lb- -Labour is trmgto reduce the wamiig papermaking or gets into court and legal costs be tenable. The unions will although two thirds said there P«?r cent) and Switzerland (12 “rt, U 


in safety and lighting at the 
place of work. 

At the other end of the scale, 
making least impact, is the 


By contrast Germany and the 
UK were at the -bottom, with 
the lowest proportion of replies 
indicating that chief executives 
were spending more time on 
sot.- ia I and public issues. 

Again, companies in Germany 
and the UK also showed the 
least interest in making a 
formal study or audit of their 
social responsibilities. In these 
two countries just over 20 per 
cent of the companies had 
carried out any form of study, 
compared with a European 
average of 3? per cent. 

Of those companies in Europe 
which had carried out a social 
audit. three-quarters cited 
■■ protecting long-term profit- 
ability " as their most important 
motivation. The second mam 
reason was " to ensure optimum 
use of company resources." 

Belgian companies scored 
highest — in quantitative terms 
— on communicating social poli- 

France (57 per cent): Sweden des pJans and ' 

raents to their employee^, viith 



John Humble, joint author of the 
survey on “ Corporate Social 
Responsibility " 


iu ll*-- : - - - r 

SEcriv c 

-♦ 

tthv - • - 

p.- -Msdd - 

stllwr, 

iftil . ' 
fld *vg -.- 

r. 


"M 


tpa Parker . ^ 
i • . r- 
far th. -r 

?®S - -.j- 

is* v ' • • — ■ 

= ic-. 


JWff 

-£••.* r ; 
i«u: - 

Mr 



ably at least, a-j quarter— still numbers of unemployed by other craft activities. There is ^ high. resist radical changes, but there 

follow traditional, .'patterns, in popularising the /fivesday week no pattern of men retiring later where possible, the larger are signs that they might accept 
their management and handling (in pldce of the usifel five and than women; this is a European firms will take advantage of a something like a modest pro- 
of surplia labour.' This applies, a haif plus); by aiding for a- tradition which is strange to short-term semi-governmental posa i to pay retirement monev 
to virtually.-att tbe-larger firms reducUon’in overtfoie working: Japanese eyes. "tide-over” system, whereby {>n the basis of a maximum work 

— those with great efficiency and and by promoting the idea of A typical age for early re- workers are provided with 60 period of 33 rears, 
great tredKtohk. v . longer paid holidays • (apart tirement is 45. with the company per cent of their basic wage for pollution of this issue would 

Their subsidiaries; suppliers, fimm national holidays, the' pension calculated on the up to 100 days— the cost is h P hHmswer a spnond aaestion- 
distrfoutors and associate com: national average is;eight days a basis of theoretically working shared equally with the state wi iT thp rationalise rinn takine 
panies being as it . were,: of year. thoogh Iargei i taunpanles on to the age of 55. The worker if the firm is larger than 300 


§ lower rank, wai bfl less able .to ayeragfr lll). Thtefca^aign of will continue io receive his hi- strong in manufacturing. ~100~ in number^of 11 companies 

[the resilience, for wh 

••*•* * l -~- • ; --' ~ V ■. J’V- s - ' *' ’ “ ■' •'_* I Iininec* oi-nnomw ic fvT 


SgpwS;: Morinatioii disclosure 

the next two' years :tm tour . 

related studies anto current; and V J Al_ _ r V, n 

fnture p*t%ns diKtosws^flf 111100^1116 HUCfOSCODe 

company information- ro .trade .. 

unions m*d employees.':; / of. the research " should help to (£17,986) has been given to two 


unions. 

Finally, three members of 
Edinburgh University have been 
given £4.686 to study and com- 
pare the changing disclosure 
practices of five firms. 

The Edinburgh group's 




s t iiv 


sation 


' JT: 

aT" 
e 7 

.• .*»• 


0»TB ! 


The work- being supported, develop an -understanding of the .members of Kent University, for research will be conducted in 
imder th^. programme covers .oisanisatlehal, 4n dustrial rela- »- study into “the implications two stages. Stage one, con- 
empirical; studies Of cuirent ; ^ons and other changes neces- of information disclosure for sisting of an examination of 
practices: and attitudes tOrdis^ sary to improve tbe range and -domestic collective bargaining four firms in different branches 
closure, on such matters aseonr- effectiveness ' of information' and wider trade - union and of industry, will he broken into 
pany finances and work organist disclosure.” ' management relations. \ three parts: an examination of 

tfbn. The SSRC says the findings The largest of the four awards^.: Next largest (£15,000) is-that each firm’s history; a study of 

to a member of the Anglian current disclosure • practices. 
Regional Management Centre, mainly of financial information: 
for a study of the effects x»f and a study 12 months later to 
voluntary and what is termed see if practices and attitudes 
f‘ reluctant ” disclosure policies, have changed. 

’ Third, to a member of Ruskin Stage two will involve av 
College, Oxford, goes £11,961 additional firm, in which a 
for research into the constraints policy of disclosure is, in the 
on acquisition and use of com- words of the SSRC “ being 
pany Information by trade vigorously pursued.’ 


increasing 
reduce 
which the 
Japanese economy is famed ? Or 
will it restore competitiveness 
and stimulate re-employment ? 

The author, art architect, land- 
scape designer and writer . has 
spent a total of 10 years in 
Japan, working with local con- 
struction companies and building 
product manufacturers. 


Tho authors of the < rom Varment 


jij ui u 1 1 P|/rnnp i y.£»T7fi v j 

bottom of the list Only 26 per report comment : “Throughout B . 10 & ’swals, Belgium, price 
cent of companies reported any the study Spam and Sweden gFr J 3(jg 
regular gathering of informa- consistently score higher "con- 


tion on this group. 


cern ” percentages than other 




• - jHiey 7 won’t tximplaSi'wiifiiiyDii give 
thein&untdawtt Cards. -■ 1 

Becau*th^thefsf3I‘faeabIefogeilQ% 

;pff roaricedira^s at ov® 10,000 xetaflera all 
ovratoeburtfry*;; ... ’ '• . ' ' 

'■■■. And a further 2p a gallon dtsccnmt ovec 
and above lhe normal cut prices,* special 
offers and trading stamps at petrol stations* 
YorfflbendSttoo, becanse onr group 
scheme* besides gtvmg^uiEducedcosiB foop 
60 ornidre card^ providfis a wtuy real staff 
incentive, 'wMdh means lower fdaff tnmover. 

Already companies like DohHdil Roche 

and tMevergiva tiieir employees our cards. 

To find oid more call or^ write 
KaciLelle Leaver, GnmidownLhL, 4 John Streep 
London WClil 2 ET. Telephone: 01-4D4 5991* 

Countdown® 


Edna 
won’t get 
any Christmas 
cards 

All her family and friends have died. She 
will spend Christmas utterly alone, with no- 
one to talk to, and none of the things most 
people take for granted. 1979 is a bleak pros- 
pect for this 82-year old widow. 

For the price of a single present, you could 
help change her isolation, or send food to a 
similar hungry old lady overseas. 

For £10 you provide real help towards another 
Day Centre, where lonely people find cheerful 
companionship, or for £5 send 25 nourishing 
Christmas dinners to the very hungry. While 
wilh £150 you commemorate the happy 
Christmas, times spent with someone dear to 
you, by inscribing their name on the dedica- 
r tion plaque at the Day Centre you help. 

Christinas is a time for earing and sharing. 
Please send generously, using the FREEPOST 
facility and address your gift to: Hon. 
Treasuere, The Rt. Hon. Lord Maybray-King, 
Help the Aged, Room FT1, FREEPOST 30, 
London W1E7JZ. 

* Please let us know if you. would like your gift 
used for a particular purpose. 


Exploration. 

Port of Gulf Alls new world 



The Gulfs oil riches are now legendary. 
They are fuelling an economic 
expansion unprecedented in history. 

But the search forfurther oil continues, 
creating opportunities in itself, and 
aiming to create even further 
opportunities forthe people of the Gulf 
and the people who do business with 
the Gulf. It is this new world of 
opportunities that Gulf Air serves, with a 
fleet of specially luxurious Lockheed 
TriStars and advanced Boeing 737-200’s 
to and through the Gulf flying to a most 
convenient schedule. Gulf Air. Part of a 
new worldso thatyou too can be a part 
of it 



miwm 



there bad been an increase in. ^ ^ ^ 

Ger- 

al though two thirds said there P«r cent) ana 2>wnzenana i*- ^,’ ny ° came se cond with 92 per 

had been no change. 3 per cent per cent). cent’of companies. Italy scored 

reported^ a decrease in pressure. ^ factor common to many lowest with only 58 per cent- 
The changing aspirations of companies across Europe is the In the UK the figure was 69 per 

minority groups were bol re- j nc reased involvement of the cent. 

garded as a serious pressure on c hj e f executive in social matters. Forty-five per cent of the 
companies at present, reports gome 74 per cent of the chief companies — and this was con- 
the survey. Across Europe only executives said that they were sistent country by country — said 
8 per cent said there ted been spading "considerably” more that institutional investors and 
a marked icTrease m demMds time in dealing with social issues financial analysts were asking 
from minority groups. The both i ns ide and outside their more questions about the corn- 
exception was Spam, where 54 organ j sa tions than they had five pany's social policies than three 
per cent said there was an vears ag0> - . years ag0 . 

increase in such pressure. „ . Corporate Social Respom- 

Similarly, questions on the Spain and Sweden saw the by jQhn Humble ond 

monitoring of information of greatest increase in chief jj {i C h a el Johnson is a'-nilablr 
social issues revealed that executive attention to social frnm Mananemf ^ t centre - 
minority groups were at the issues. 


Jason Crisp '•* 


AbutMl ta man A mteafaa Bafean Beirut Bontat Cairo Dtdiran Doha Dubai Kaadii Kuwail Lsmaoa London Mu&sat Pans Uas A) Khunah Sahlah Sharjah Shiraz 


Stli 












12 

LOMBARD 


l # ; ' 


Backlash against 
the West 


BY JAMES BUXTON 


THERE ARE some disturbing 
lessons for Britain and the other 
western industrial countries in 
what Is happening in Iran. A 
wave oT strikes leading to big 
pay increases is causing cutbacks 
in the development programme. 
Several enormous schemes now 
seem doomed, including plans for 
more nuclear power stations and 
some , lavish military projects. 
The political turmoil is partly 
being 'blamed on economic mis- 
management and on a strategy 
that greatly underestimated the 
complexities of fast economic 
growth and pul large-scale 
prestige projects ahead of 
mundane needs like bousing and 
agriculture. 


the influx of foreign workers. 
In the poorer states with bigger 
populations some of the setbacks 
in. for example, agricultural 
projects are starting to breed 
disillusionment. It Is often 
expressed in the same longing 
for a return to basic Islamic 
principles and resentment of the 
West that can be seen in Iran. 


Misguided 


The western countries, which 
have supplied most of the im- 
ports for this misguided 
strategy, are having to face an 
outbursr of popular feeling m 
Iran against western -goods and 
against the whole concept of fast 
economic development. An in- 
tiuential Iranian banker, spelling 
this out to 3 meeting of the 
Irano-Erilish Chamber of Com- 
raerce m Iran recently, said that 
although he expected Iran's 
economic relationship with 
Britain to continue it would 
develop more slowly: at its 
lowest, he indicated, it consisted 
of Britain supplying spare parts 
for its machinery in Iran and 
educating Iranians at its univer- 
sities — not quite what all those 
British trade missions to Iran 

over the past five years had in 
mind. 

That may be too pessimistic a 
view, but the same disenchant- 
ment with development could 
become a political force in some 
of the other states that have 

enjoyed fast growth since rhe 

1973/74 oil price rise: for 

example, the low population 
Arab oil states on the other side 
of the Gulf, or the non-oil- 
exporting states * like Egypt. 
Sudan and North Yemen. 

In both groups of countries a 
flood of money has caused 
potentially disruptive social 
change. Several of the oil states 
were relatively under-developed 
before the boom, but now that 
growth is le=s hectic their 
indigenous inhabitants arc begin- 
ning- to resent whal they see as 
waste of resources, as well as 


The Western countries get the 
blame when, as in Iran, things 
go wrong. Unfortunately they 
sometimes deserve :t. When 
the priority in the West was 
the recycling of oil revenues 
one did not hear much question- 
ing by the industrial countries 
of the advisability of. for 
example. Iran or Saudi Arabia 
going all out to absorb as much 
income as they could. Even 
before the oil price rise 
President Nixon took the 
decision to allow Iran to buy 
military weapons that were 
extremely advanced even by 
Western standard*. Middle East 
countries often feel they have 
been “ripped off" by individual 
Western companies: that they 
were told whal they wanted to 
hear in feasibility studies: that 
they have been sold unneces- 
sarily complicated equipment 
that requires excessive main- 
tenance and often the permanent 
supervision of costly expatriates: 
and that in some cases con- 
fidence tricksters have been at 
work. 


It is useless for companies to 
argue that if they bad bigh- 
mindedly refused to sell some 
over-complex piece of equipment 
to a country . tb3t wanted it 
someone else would have done 
so instead: or that cost overruns 
may be due to problems in the 
developing country itself— like 
port congestion, weak infra- 
structure and bureaucratic in- 
efficiency. 


Long term 


Companies have to bear the 
standard for the Western 
countries and there is no easy 
way they can be certain of 
avoiding ’ trouble. But they 
should be more conscious of the 
need to develop a long-term 
relationship with the developing 
country they are in. This means, 
ainon? other things, promoting 
projects which are not simply a 
mer-us of generating work and 
profit for Western factories, but 
are in the long-term interests of 
the country concerned. Fortun 
ately a good many companies in 
th*> Middle East have followed 
this annroach; tbev -hould be 
better able to weather any new 
backlash against -the West. 


THE WHEKW THE COURTS V? 




A losing 



LITIGANTS WHO take their 
disputes through the gamut of 
the courts may find that the ulti- 
mate winner in fact has 
acquired fewer judicial votes on 
his way to- the final court of 
appeal thin: his unsuccessful 
opponent/ That situation led 
Lord Scannan, in a recent 
House of Lords case involving 
the rights of a worker to com- 
pensation. for being involunt- 
arily transferred from one em- 
ployment .to -another, to express 
regret at so quiridsb a result. 
Although the fault for the divi- 
sion of judicial opinion was laid 
at the door of the legislature, 
the existence of dissenting judg- 
ments in appeal courts contri- 
buted. 

The case Of Tuck and others 
v. National' Freight Corporation 
is by ooy means unique. Mr. 
Justice Donaldson, who heard 
the case originally in the High 
Court of appeal from an Indus- 
trial Tribunal reversed the deci- 
sion of that body and found for 
the workmen; he was upheld by 
three judges sitting in the Court 
of Appeal.- In the House of 
Lords two Law Lords said that 
the Court of Appeal was right, 
but three others ^agreed with the 
Industrial Tribunal, and by the 
odd vote they won the day. But 
in the process six judges had 
held a contrary view. The three 
claimants who sought to he pro- 
tected against prejudice or loss 
resulting from an involuntary 
change of job cap feel some 
sense of grievance at the arith- 
metical quirk of the appellate 
process. 

On the face of it the occur- 
rence of minority (or dissent- 
ing) judgments allowed to 
judges sitting in rhe appeal 
courts seems to undermine the 
arguments for having a two-tier 
system of appeals — - in this case 
three appeals if you count the 
appeal to the single judge from 
the Industrial Tribunal. So long 
as a litigant has available only- 
one appeal from the decision of 
a single judge to a court of 
three judges, his opponent can 
never be deprived of his judg- 
ment by a minority of judges. If 
there is a dissentient voice in 
the appeal court, the most that 
the winner in the lower court 
(but loser in the appeal court) 
can claim is a judicial tie. 

It is the existence of the 
House of Lords that potentially 
creates the situation whereby a 
minority of judges can effect 
a victory for 'a litigant against 
the majority of all the judges 
who have heard the case. And 
it matters’ not what' the number 
of the judges in ,the second 
appeal court may be. It is the 
mere existence qf di=sent at the 
ultimate stage, of the judicial 


BY JUSTINIAN 

process that produces the 
arithmetical quirk. 

If minority decisions were a 
rarity, the occasional litigant 
who suffered under them could 
no doubt properly he asked to 
bear the burden for the sake of 
a sound system that allows for 
two appeals in limited important 
cases. But in nearly 10 per cent 
of the appeals to the House of 
Lords a minority of judges, but 
a majority of Law Lords who 
sat on the case in the House of 
Lords, decided in favour of the 
appellant in the House of 
Lords. This phenomenon of our 
appellate system has led to some 
legal commentators recommend- 
ing the abolition of the House 
of Lords as a final court of 
appeal, leaving the Court of 
Appeal as the one and only 
appellate court. 


Disgruntled 


Any feature of a legal system 
that increases the number of dis- 
gruntled litigants must be the 
object of criticism. If a few 
groans must be stoically 
suppressed for the benefit of the 
community there is no reason 
why the burden on the aggrieved 
individual should not be 
lightened. The three claimants 
who had persuaded four lower 
court judges that they were 
right, but lost 3-2 in the House 
of Lords, were ordered to pay 
the National Freight Corpora- 
tion their costs both in the 
Lords and in the lower courts. 

Why should not an unsuccess- 
ful respondent to an appeal in 
the House of Lords (particularly 
if both lower courts 
unanimously decided in his 
favour) be relieved of the 
burden of his ultimately suc- 
cessful opponent's costs ? If. of 
course, the respondent is legally- 
aided the problem docs not 
arise. But a non-Iegally aided 
respondent should not be 
obliged to pay substantial costs 
for the doubtful privilege of 
being not only pipped at the 
post but defeated in an arith- 
metically anomalous manner. 

Since in the National Freight 
Corporation case the fault lay 
with Parliament in the lax 
manner of its draftsmanship, 
the case is overwhelming for 
the country to bear the costs of 
exhausting litigation. The 
courts were asked to give a 
meaning to the phrase “ any- 
worsening of his position " in 
the context of section 135 of 
the Transport Act I96S. a 
section which provides for the 
payment of compensation to 
employees who have suffered 
loss properly attributable to 
certain events in the reorganisa- 


tion • 6f - the nationalised trans- 
port industry effected by the 
Act. The statute did not define 
the phrase, although it had 
pages of interpretation of 
simple words like emoluments, 
officer and office. 

: The three claimants had for 
mi&y years been employed by 
the British Railways Board, 
then organised in three divi- 
sions — - railways, . freightlfaer. 
And /ail sundries. , None of the 
three- divisions had a separate 
legal- entity. In 1968 it was 
decided to hive off the Board’s 
r$ad ^transport activities into 
two- bodies quite separate and 
distinct Two new companies. 
FrAighUiners Ltd and National 
Car riers Ltd, were created and 
in tum"were made, subsidiaries 
of a new public authority 
independent of the Board and 
called the National Freight 
Corporation. The problem' arose 
because since the date of the 
transfer, at the end of 1968, 
British -Rail employees have had 
more success with their wage 
settlements than employees of 
the National Freight Corpora 
tton and its subsidiaries into 
which the three claimants were 
' transferred. The question was 
whether the worsened position 
of the three claimants was to be 
compared with their previous 
terms and conditions of employ- 
ment. - If that was the right 
comparison, the three claimants 
are better off now than they 
we^e at the date of their 
transfer from British Rail, and 
as well off as they have ever 
been since transfer — subject, of 
course, to inflation which could 
not’ be said to be properly 
attributable to any events relat- 
ing to their transfer from 
British Rail. 

The claimants claimed, on the 
.other hand, that they were not 
pegged to a comparison with 
their position as at the date of 
transfer, in 1968. If they could 
prove a subsequent worsening 
of position compared with their 
previous position as employees 
of the National Freight Cor- 
poration (and they could do 
so between October, 1972, and 
October, 1974) they were 
entitled to compensation, even 
though, after the worsening, 
they remained better off than 
they were at the date of trans- 
fer. In essence the problem 
was: with what is the em- 
ployees' position to be com- 
pared for the purpose of deter 
mining whether it has 
worsened? On that crucial 
matter the judges had to dis- 
cern the intention of Parlia- 
ment. As Lord Scarman 
observed, on that matter the 
silence of the legislature was 
deafening. 


TENNIS BY . JOHN BARRETT 


Financial Times Monday 


it?:- 




t Indicates programme in 
; . black and white 


BBC 1 


0-03 

4.25 

3.00 

5.05 


and 


1545 pm News. 1.00 Pebble Mill. 
143 The Flumps. 3.15 Songs of 
Praise. 3.55 Regional News for 
England l except London i. 

Flr.j School. 4.20 Maxidog. 
Jackanory. 4.40 C. B. Bears. 

John Craven s X«v«round 
Blue Peter. 535 Ludwig. 

5.40 News. 

Sia Nationwide (London 
South-Easi). 

6.20 Nationwide: The West End 
Theatre Awards. 

7.20 Tycoon. 

8.10 Panorama. 

9.00 News. 

9.25 The Monday Film: " Law- 
man Without a Gun." 

11.00 Tonight. 

11.40 Weather. Regional News. 

All Region? as BBC 1 except at 
the following limes - — 

Wales — 1.45-2.00 pm Fill Pala. 
4.4U-5-G0 Duwiau jc Awjr. 5.55- 


k2D .Wales Today. 6.50-7.20 Heddiw. 
11.40 News and Weather for 
Wales. 

Scotland— 5.55-6.20 pm Report- 
ing Scotland. 11-40 News and 
Weather for Scotland. 

Northern Ireland— 5.53-3.55 pm 
Northern Ireland News. 5.55-6.20 
Scene Around Sis. 11-40 News and 
Weather for Northern Ireland. 

England — 5.55-6-20 pm Look- 
East (Norwich I: Look North 
iLeeds. Manchester. Newcastle): 
Midlands Today (Birmingham): 
Points West (Bristol). South 
Today i Southampton i : Spotlight 
South-West r Plymouth). 

BBC 2 

10.05 am The Role of the Nurse. 

10.30 .Making Union Democracy 
Work. 

1 1.00 Play School. 

2.30 pm Roads to Conflict. 

3.00 Knitting Fashion. 

3.30 Making Toys. 

4.00 Parents and School 

5.35 News on 2 Headlines with 
sub-titles. 

>■5.40 Laurel and Hardy Show- 
case. 

6.00 The Fishing Race. 

6.25 Home from the Sea. 

6.55 And Now the Good News. 


7 JO Mid-evening News. 

7.23 Chronicle. 

8.10 The Amazing Randi Magic 
Show. 

9.00 Monty Python’s Flying 
Circus. 

9.30 The Body in Question. 
10.20 Work for Word. 

10.50 Exploring Photography. 
11.15 Late News. 

ILC0 Closedown. 


Tndar. 10.38 Oft. Rijii and Centre. U.80 
The Xnr Avensrr* 


BORDER 


LONDON 


8»9 am TO LoS! island U-00 SunlVJl 
10.25 Cartoon T«nr 10J5 A D-ary of 
i'i n'j sat: oas. UJ3 Oscar. 1255 TH* Old 
Sued Sugar Dousluu;; 123J am Wild- 
life Ctrerna. f UJ Border Xw;. la* 
House par.:’. 2.25 Maunee- -Then Caire 

p.ro.i* os. 5.15 Unircrenr CHilIcng*. 
fc.M Look around Mor.dar 4-20 Canoon 
T.m-. 7JJ3 Mr. and Mrv 1BJ0 Pro- 
Celebrity Snooker. 1215 Bgmabr Jones. 
1219 am Border. Ne»s Summary. 


The Su*e; 3u;ar Douahnut: 12.0 pm 
KirmJiOUM Kitchen. L25 New* and road 
and « tattler. 125 Rich art Nixon at tbe 
Oxford Union. 2J5 Monday Kuinre: 
"A Tre.- Crows Tn Brooklyn.- 525 
Cannon. S.2D Crossroads. 430 Scotland 
Tods? 4.S Cr.mcde»k. 4J8 nvt TiU 
Vour Father Gris Horn- JflJfl The 
Sermon on the Mounr. 1218 Laic Call. 
11.05 The Deiecuves. Colombo. 


SOUTHERN 


F.T. CROSSWORD PUZZLE No. 3,839 



ACROSS 

1 Projections for a foreigner in 
the streets l Si 

5 County group follow the 
returning staff (ft 

9 Can return among men as 
fetters fS> 

10 Close of play is haffJtng i6> 

11 So cither may result in 
speculations (Si 

12 Dickens character is in need 
nf little (6) 

14 Urchin gives way to the horse 
16. 4) 

18 " are more than coronets 

(Tennyson) 14. 6) 

22 An advantage in North 
America pauses sickness (6) 


DOWN 

1 H is found in identical fabric 
( 6 ) 

2 Bird is a hindrance round the 
hotel. (6) 

3 Call for a replay (6) 

4 He may win, but he does not 
get the girl (3. 4. 3) 

6 MalJ collections in remote 
settlements (8) 

7 Gloomy or backward headgear 
tSi 

5 The latest conception — public 
transport to the match (4-4) 

13 “ Nor for the — that walketh 
in darkness” (O.T.) (19) 

15 Superficial like beauty (4-1) 


22 Shrub recalls Hero's address 16 In the finish tbe old city is 
to her lover (8) constant (8) 

24 Lamb goes round tbe ship to 17 Good beatth getting on — that 

find Dido (6) is encouraging (6. 2) 

25 The man who gave us wartime 19 A warning to tbe prospective 

shelter (S) purchaser (6) 

26 Heathens pass in turn a short 20 Can to the faithful from Rome 

reply (6) (6) 

27 The old king's concerned 21 They raise birds with, long 

about riding breeches (S) legs (6) 

Tbe solution of last Saturday's prize puzzle will be published 

with names of winners next Saturday. 


9-0 am A Big Country’. 10.00 
McMillan and Wife. 11.35 Survival. 
12.00 Paperplij. 12.10 pm Daisy. 
Daisy. 12—0 England. Their 
England. LOO News, plus FT 
Index. 1-20 Thames News. 1.30 
About Britain. 2.00 Alter Noon. 
*2.25 Monday Matinee: “ Danger 
Within.” starring Richard Todd. 
4.20 Clapperboard. 4.45 The Paper 
Lads. 5.15 Mr. and Mrs. 

5.45 News. 

6.00 Thames at 6. 

6.25 He|p: 

6.35 Crossroads. • 

7.00 Bemie. 

7.30 Coronation Street. 
fl.00 Robin’s Nest. 

5.30 World in Action Special: 
Inside Europe. 

9.30 Tommy Cooper's Magic 
Moments. 

10.00 News. 

*10.30 Monday Night Film: "The 
Underworld Story,” star- 
.ring Dan Duryea. 

12.25 am Close: A painting by 
Degas with music by 
Berlioz. 


CHANNEL 

•12.55 pm TH* Deputlr*— Husunsv US 
Channel Lunctnime Sc* a and What's On 
mere. 2-2S T hr Mar. da.- Matinee 
••HometMJi." 5J5 University Cb aliens*, 
fcoa dtanisel Stems, 428 The Beach- 
combers, 7.0 Botanic Man. 10-20 Channel 
Lav Scw-s 19J3 The Horror Film 
' Countess Dracota." U.U am Channel 
Cazrtie (olkrxed by News and weather 
in French. 


IJt am Cash and Company. 10 JO ' Red 
TomaJiAvric” surrlns Howard Keel 12.40 
Oscar m5 The Sweet Susar Doushnut. 
12.50 pm Make It Count. 1-28 Southern 
Xctv. 2.00 Houaeoany. t22S Monday 
Matinee. "The Third Man'' stimne 
Joseph Cottcn. 5.15 The Undersea Adven- 
tures o! Captain Nemo. £28 Crossroads. 
L00 Oar bv Day. UJO Sooth' rn News 
Extra. -UJ5 Face ro Face. 11. 05 The 


GRAMPIAN 


8.25 am Fiix Thine 7-30 Canada ai 
War. 10.00 Survival Special. 11.00 Lon- 
<jy-st of the See. 11.01 Oscar. 11. 55 Tti - 
Sweet Suaar Dowinnut. 1230 pm Make I: 
Count. 1.23 Urampian News Headline*. 
125 it. chard Nnoo a: ih- Oxford Union 
'2.S Monday "An Inspector 

Wi' starring Alavair Sim. 5.15 
Vn!vtr*iu- ChjCw. 4.M Grampian 
Toiaj fc.05 Tar EI..c,r.' Theatre Show. 
1023 l.'jflfcrionf, lejj The Monday ITto 
'A Severed Ufad ' %tarr;ns Lee Rera.ci-. 
12JJ am fTr.impiaa La:.- v.chi Headlines. 


TYNE TEES 

Sew .Vvc«s?rs. 12.00 Farm Prozress. 

1J5 am .The Goad Word followed by 
North East News Headline*. 8.30 The 
Hirts. 8^5 "Dar:d Conoerftcld" starring 
Rob.n Phillips and Susan Hampshire. 
U.M Oirar, 11.55 TV Su-ect Sugar 
Dougbnn:. LUO pm WildlUr Cinema. 
2.20 North East NYwj; and Lookarouod. 
125 KamHj. 3.20 Generation Scene', 
3.35 Cartoon Time. 3.50 Lass*-. S.15 
Un1v*rsi;/ Chaikas". 8.80 Northern Lire. 
8.30 police Call. 10.30 The Sporrstim.. 
Dinner. UU5 The Streets at San Francisco 
12.15 am Epilogue. 


ULSTER 


GRANADA 


AH IBA Regions as London 
except at the following times: — 

ANGLIA 


0J3 am Cbild Life m Other Lands. 
9-55 Portrait of a Villas? U-25 The Little 
Rouse m Us? Prairt". 1US Stars on Ice 
UL40 Oscar. 11.HS Tbe Swcc» Suear 
Douiias: 123> Out of Town. 1JS 
Aoalia X •».«, 2.00 Rousepan- ZJ5 

iiTKcrr .Mot.?' 3fc Cop 5.15 Vnirtrcir 
Oiallmu*. f.J» About Anglia. 10JO 
Fe.ihir<» Film: »The Red House" ftanlpg 
Eduard G. ftob-psoo. 12,15 am Reflection. 

* 'A TV • 

L2 am Semetuag O Iff ere ni uao Tbe 
Golden Age of the.. Cinema: "The Dolly 
Sitters" marring’ Betti’ Grable and June 
Haver. 12J0 pm George Hamilton IT. 
U0 A TV No wale Ik 225 Movies to 
Remember: "Tbe- Greengage Sammer" 
narrmg Ktanerh More. Danielle Darrlenx 
and Susannah York. SJ5 In Search of . . . 
tbe Lest Dutchman Mine. U0 A TV 


8.30 am Si-aov Street 10J5 Snrrira). 
HL50 Valiev of ihr Dinosaurs. UJO Look 
A: Lilr. 1L20 Untamed World 11.85 A 
Handful of Songs, 12J0 pm Farmhoute 
Kitchen 1.23 Dodo 2.25 Monday 
Marine: Tit.- Finest Hoars.*' SJt What's 
'inr 5J5 Crossroads MB Granada 
Riporiy iJO Botanic Man. UJO Reports 
Police;. 11.00 Mystery Movie Premiere: 
Qutacr. 

HTV 

8J3 am Survival 10.W "El Greco" 
srarr.ng Mel Ferrer. UA0 Oscar. U2S5 
The Succt Sugar Doushnut. 12J0 pm 
Matte It Coon*. 1.20 Repar: West Read- 
lin^s. 125 Report Waits Headlines. 2.60 
llouscpirL. 2JS Rrchirti Rixon at the 
Oxford L'diob. 2js Th- Monday Matinee: 
MsCoad. 5J5 The lTnd.--'.?a Advent airs 
of Cuota.n Nemo. 5 Js. Crossroads 4.00 
Report West. 4.Z2 Report Waics. 19.35 
The Monday Film- — Th< Horw So’d'.er* " 

HTV Cyiorurwales— As HTV General 
Rervl-.e except: 12 0- 1 . 2 5 im Penawdau 
Newyddion Uydd. 2J0-2.2S Msmdden. 

4.08-4.22 V Dydd 8J0-U.83 Yr Wvthnas. 

HTV West— As BTV Cenoral Service 
except: 12HJ3 pm Repon West- Head- 
lines. L22-7-B0 Report West. 

SCOTTISH 


*10.25 am Mnndas Morning Howe: 
Good Morning Boys" siarlns Will Ray. 
1L43 Oscar. 11.55 Tbe Swcrt Sugar 
Doughnut 12.33 pm Make II Count. 
1.28 UunJinmr. . 2_B0 See You Monday 
125 Rtobard Nixon at the Oxford Union. 
255 Mondsy Maunee: "A Tree C rod’s In 
Brooklyn." fl.ll Ulster News Deadlines. 
5J5 Cartoon. 5.20 Crossroads 
R’iport*- 4J5 Laver ue sod Shirley UJO 
M badly Night. Uao Flreikle Theatre. 
1U5 BedUme. 


WESTWARD 


8J8 am Tbe Long Duel. 1L15 Tbe Rolf 
Htrfly Show. 11.40 Oscar. 11 J5 The 
Sweet Sugar Doughnut. 1227 pm Clu 
Uoneyhun's Binlidajs. 12JQ Farmhouse 
Kitchen. 1J9 Wcsnwrd News Headline*. 
225 Tbe Monday .Matinee: "Houseboat" 
starring Cary Gram and Sophia Loren. 
5.15 UoivAK:iy CfaaiL-ngc. 4J9 Westward 
Diary and Spurt* Desk. 7.00 Boiaaic Man. 
1C .28 Westward Late Ne-.rv. 10.30 The 
Horror Film: "Countess Dracula" starring 
fn«ivt Pitt. 12J0 am Faith for Ltfo. 


8 JO am Ten Times Empty. 8J0 Saga 
of the waxa. 18.15 Echo of the Wild. 
U 15 Tree Country. U.oo Oscar. 1255 


. YORKSHIRE 

8 J0 am Frii-nd 1 ; of Man 10.00 The 
Herbs..- 10.15 Fountain House 11AD Clue 
Oob . 1U5 Ten Me Why. 1230 pm 
Farming OoUnoPT 1.28 Calendar News. 
25 Family. 323 Heart to Heart. 3.50 
Andy. 'SOS Unlverslcy Challenge. 4.00 
Calendar lEmirr Moor and Bclraani 
editions]. 18.30 Pro-Cflehrity Snooker. 
11.15 BarnaDs Jon^«. 1210 am Oscar 
Reterson. Presents . . . Bemie Serensky 


BBC Radio New Wavelengths 


\ U53kHx/2KSm 
1 UIOkHx/2250 


3 mscHx/MTln 


.8M25*hfswnm 


2 483kHa<’43Sm 
8D8kKs/330m 
« 1441 vhf stereo 


£ 2B0fcKz, '1500m 


82-8Srtf 


BBC Radio LaoMa-. 
IOSDiHx, 2Mm g, OCOvAT 


Capital Radis; 

UflOkHz. 184m B OSJvM 


U5UMe. 241m A 8TJv*f 


RADIO l 

(S3 Stereophonic broadcast 
IMadtam wave 

5J» am Ax ~ Radio 2. 7 JO Dare Lee 
Travis. Ut SuMn Bites. » *i Paul 
Burnet c. 2 . 00 pm TPay Blackburn UI 
Kid Jensen. 4JO Stayin’ Alive. TJO-UJO 
Ax Radio 2. J8J0 John Peel <S>. 32-00 
dose.. As Radio 2 


RADIO 2 

5. DO am News Sammary. 5J3 Tony 
Brand on <Sl mduding 8.15 Paw tor 
Thought. 7J2 Terry won# rs» i Deluding 
SJT Racing BaEetln and 9.45 Pause for 
Though L 10 JS Jtmmy Yotmc 'S>. 1215 pm 
Waggoners* Walk. ELM Harry Rowell's 
Open House >Si metaling l.-tj Snorts Desk. 
2JO David Hamilton «s> indadlng 2.45 and 
345 Sports Desk. 4* Waggoners- Walk. 
US Sports Desk. tU John Dana iSi 
mduduu 245 Sports -Desk. 4JB Sports 
Desk. 7J2 BBC Vanhorn Radio 
Orchestra >S>. 7J8 Alan Deli: T.30 The 
Dance Bond Days. £.02 Tbe Big Band 
Sound >S>. 8J2 H umabr er Lyttelton with 
The Best of Jazt on mortis *S-. «I 
Sports Desk. UUSZ The Law Game. UJO 
Star Sound. XU2 Brian Matthew Intro- 
duces Round MMfltt. mdudlcg 1200 
News. 2JB am NCara. 


Concert iS'. 8 JO News, ejs This Week's 
Composer. Moaart *S». 10J8 Holiday 

Special. UJfl-Talklng About Music <Si. 
UJt Dartincton Rail Summer School of 
Must 1878 >5 1 Chamber marie concert, 
.part 1. 1133 Interval Reading. U-» 

Concert, part 2. 1225 pm From the 

Prague Spring Festival iSi. Ut Neva. 
LIB BBC lumrhtlme Concert iS>. *2JS 
Music for Organ by Mi-sriaen <SV 3J0 
Matinee Modes le (Si. fljo New Records 
IS.. 5JS Bandstand rSi. 5.<s Homeward 
Bound IS..' 4J8 News. LB At Home 
Concert <S>. 7 Jo BBC S.-mphony 
Orchestra, pan 1: Strauss. Dvorak iS>. 
UB Translating '"Eugene Onegm": Sir 
□uiOex Johan era discusses the difficulties. 
W BBC SO. pari 2- Tchalkovdky 'S'. 
8JS I'ltallca dc la Rue d e s Cloy* i poetic 
doenmemary by Fabrics Pin tel. in JO 
Plalnsong 401 the Rise of European 
Maiic >Si. fi.15 Jan ia Britain rSi. 1L4S 
News. 1L58-1L55 Tonight's Schubert Song 
iS«. 


Story. UJO More Deadly Than The Male. 
1245 Listen With Mother. 1288 News. 
UJBZ pm You nod Yours. lUt Tod of 
the Form. 1255 Weather: programme 
News. LOO The World at One. UB The 
Archers. L55 Shipping forecast. 200 
News. 202 Woman's Hour. LOO News. 
■ .05 Afternoon Theatre (Si. 4JS Star' 
Tune. 5 AO PM. News Magazine. SJ> 
Shipping forecast, 535 weather: pro- 
gramme news. 1.00 The Six O'clock 
News. 4J0 Dr. Finlays Casebook. 7.00 
News. 7.05 The Archers. 7JB From Our 
Own Correspondent. 735 The Monday 
Play: "The Scenario" by Jean Anouilh 
(Si. 8.C Kaleldscope. 1-58 Weather, 
xajw The world TonighL UJt The 
Sacred Grave (S>. 1UU A Book at Bed- 
time. 11.1 5 The Financial World Tonight. 
1X38 Today in Parliament. 1238 News. 


BBC Radio London 


538 inv As Radio 2 4Jo Rush Hour. 


S 3 S London Live. 1203 mi Call In. 233 


Showcase. (33 Borne Run. 4.10 

Look. Slop. Listen. 730 Black Londoner*. 
U SreaXrhrougJi, 1033 La re Night 
London. 1280 As Radio 2. 1235 am 
quHUon . Time from tbe House of 
Co to mow. From 135— As Radio 2. 


RADIO 3 

435 am VnS»:. • TM8 News TBS 
Overture <&>.» 830 News. US Morning 


RADIO 4 

Week. 425 Sh ip pi ng forecasL 438 Today. 
Magazine, including 4.45 Prayer for the 
Day. r.oe.aud 8.00 Todays News. 7.30 
and 6.3® News ReadUnr-s 7.45 Though! 
for the pay. U5 The Week on 4. 135 
Ray Gosling and the SBC Sound Archives. 
830 Nti«. 835 S:ur the Wee* with 
Richard Raker. U38 N*wS. U35 Wild- 
life. 1038 Daily Service. U35 Morning 


London Broadcasting 

5.80 mu Morning Music. UI 338.: 
non- stop news, informauon. 1838 Brian 
Haros Show. 130 pm LBC Reports. 338 
r.iargr Gale, aw LBC Reports rcon- 
naun. LOO After Eight. 930 Night- 
line. 138 pm Night Extra. 

Capital Radio 

,4-80 am Graham Dene's Breakfast Show 
f*ir O’OO ■" Michael Atpel 1 S 1 . 1200 

D«»c QastujSi. 130 pm- Roger Scott iS». 
738 London, Today 1 St. 738 Adrian Love's 
Open, Line iSi. 8.08 Nicky Home'v Your 
Mother Wouldn't Like It 1S1. 11.89 Tony 
MyiR'S Lite Show 1 S 1 . 238 am Frier 

Young s Night Plight ($>. - - 


•' „f-i?«neo wiii Tsiu . • late ~ J 

THET IMMEDIATE future . of ffie-four E (wh e t 

British .tennis will turn on. the . (Jean Sorona*. _ evta-tnmoiTiiw--helo 




outcome of three days nf ton*. J**® St t u Sd f^r France . tn. hi8: . . ^ - ^ 

Cup matches in the middle SE the. Brugnon) tom ! perry America ' “ . " 

California desen this week. ^ hS^on five 

For. if Paul Hutchins' team of ?nd ^oldeoage three, JTfie -see^ritote^’; 

John and- David Uoyd, yjfoy/- American 

Mottram and Mark Cox ean ^w ifi afWtl< i MottraxfLsame sua^Ss this 

at least three of the five JtihteTs - ^ S one^arTSt, when be reache£15^ri 

against John McEnroe. Bruut L lfl y ^ e ^ process of be- Prix finals, wimung . 

Gottfried, Stan Smith “kT Bob, £ dominating a figure u indeed tbe . ^S K 

Lutz, a wave of enthusiasm for conm g as o for ^ TonJI trabert. deeideS: 

tbe game within these shores wiH il^^certainiy. both Mottnun Gottfried 'his firs^ 
be released that will make ^T , rp s *ill improving outing., he must hg 


be released that will make • 0 . s ’tiil improving outing,, he must; ; 

euphoria that sunounded Jhm- “ thevhave Played with edtn- LLoy<L is-even 
recent Wightman Cup wm pale purpofie all, ma^ 


and they .nave ~ 

^ - - -.-a mendable spirit and -purpose ell, .matches eac^^he *a« 

into insignificance. win season notably Mottram in two . AYaS .a'.Gottfiiftd' wm in. 


Ol enurse^'the ^ ^“awiSard. itches against Van- Ong- ^nn d j.'at - 

start as favourites. McEnroei md -gS Nhah^d^ BricDeblicker- In year. J Mottram • has jSIaye^ 
Gottfried. . who are expected^. TtH iviee. at Bam«or&,mt2! 




S-lv-x-. fj-5« 


-iA nick Noah and Eric jueoacR«- w you.. r~r 

— — — — - . cted<^; and Lloyd - aganst Jiri only once, at Baitimpre^i^jj 

fill the single berths, S^c lSrhe tieaaainst Czectao- when the 

sixth and seventh onthe -Af -. victor. NeitbeirBn.eshrinfa'^ 

tion of Tennis Pro^sslona^. > That they should both have yet roet-McEnroe. . 

U *«- T Mottram ^^ radk^ pe^k form together on. ' Perhaps- the biggest-;*^^^ 

23rd ami John Lloyd 32ni open £ g day 0 f the-semi-final. 0 n the ;sButt T - '1 

. Smith and Lutt are the mbSt at Crystal surface. TbeTCompositiq*-£^fe : /J j 

fin.1- ago is perhapsiSl « tbe , 

players America has ever pro- _ . au2urv country dnb near Palm 

duced and together they stt)red believe I have seen has-been Aapdhlasted 

tbe cup-winning victory in 1968. * uuu uc - 

1969 and 1970. Furthermore, i a 
the two succeeding years Smith. 


a'flf 


UUkCU - - 1 don“ believe l nas- uevu -t 

the cup- winning victory in 1968, either man P i ay with such sus- weekend to remove 
1989 ut 1970. Furthermore, ia de.ermiua- which appeere« : ‘fter ?*££,; ,’j 

the two succeeding years Smith. .. • ■ Mottram did against. Colgate Women's -final-- 

established a unique An^; Sochc and Lloyd did against .month. It is c^anL . 

record by clinching the cup »ritu ai.riA rf.r that day. Nor... am J.JasL , . - 

singles victories. By conttasg ^ dj^ayed by the' fact that This . will 7 - favour JKcgn«|^>- ; W 
this will be only the third j^ t four tournameots serve an d . Uoy d’s aggftSa’^B^j ^ --j 

Cup tie that Cox and David Lloyd faave eaded ^ first round, game, and will work . ftgaip*CX ■ "< ;/■■■ 
have played together. . He is a man in love and the Mottram, .who favours . . '. 

Tbe weight of history points object of his affection, Chris Although Gottfried would 'preftr, : ;> ; 

to an American win. Since -the Evert, who seems inspired by something, slower he’canvSOTjr-./r^*?-, . j •- 
massive silver punchbowl was ^ sitnation herself, will be in and volley adequately ; anarTvHIZF -^ r ' 
first presented by Dwight -Dnifffl ^ British comer in Palm be relatively at ease. •_ • v r *•" - 

Id 1900, for annual competition springs. As always, the dotd) ley nmna.;, . v - . 


As always, the dona tes? j 4 -r 

will- he - cnictallft importent jml :jlf; zi 
both teams. Despite. th^ w®t 




— — . Springs. 

between the nations of the 

the Americans have been success- t ouui i«u». ■ .... 

ful on 24 occasions and/this AuVaulilgv ! experience of 'Smith anU jLu^-.f, ;,..-;-;^ : 

years marks their 50th appear- must be to Britain's advan- they are probably im-therd«Iihe, .' gl - 
ance in the challenge round ,qr McEnroe-;— impressive Co* and David-.Uoyd;^ 

the final. The British have con- ^ ig-year-old’s record is, brimming with -belief r and ambV:-;.--:-^' *<-. . 
tested 16 previous finals and ^th four tournament wins since tion after.theirBuccesrfttlpiM^s.^^^ 
wone nine times. -i tV. tbe U.S. Open in September and against Rodes and Smiff (Cze bfe(H~ > T .V; ^ 

Not surprisingly with .the nine' appearances in : the semi- Slovakia) and Case andaSartEf' ;s.= 
special . three-day format? for final in successive Grand Prix (Australia). At- their best , 

Davis Cup ties — five rubberswith tournaments — has never played could beat any -pair m the- wo«d> -J' !.•::•* ‘ v 

two crossed singled on the fijst a Davis Cup singles. and I expect thetr enthumaam 

and last days with the doubIes v in TTJ - = 

between — the successes r* 

nations have coincided uuuura *>uu ***■*-*-*- ‘TV' ~ — -% . T f... 

tie career peaks of one oriWo 3 — 0 win against Chile last The British teaun^assistea Jjy 
outstanding individuals. ~ . . September. McEnroe will find, trainer Roger Becker and physto- 
The seven successive ITS. as everyone does, that the fact therapist John Mattiiews hWe 
wins between 1920 and 1926 Hnw of- representmg your country fa been: practising- long • gd igg. 
the era of Big Bill Tlldeitisa singles creates spepal. pressures, for a week and ™nm^ diijK, 

Little Bill Johnston. Their ;twd Although he might reasonably -too. They had a day i-off'yfe^^ 
prewar wins fa 1937 and 1938 expect to beat either British man day. spent on 
were built upon the expertise of if this were a tournament, I aboard the aenal tnmvmKrtrat 
SSSlS BitoSnd I BobSV Stes. siill n-t te surprised if one ef eseends nearby Meant Sad 
In between these American . eras them defeats him this week. Nor Jacinto. . - 





SOCCER BY TRYEOR BAILEY 


■ •— *■>. 


IbRiit 


Best team doesn’t 



wm 


—as 


ONE OP football’s 'greatest 
charms is Jts' unpredictabiliiy, 
which is, of coarse, why those 
so-called certain hankers on the 
pools regularly cqme unstuck, 
in any sport a placer, or a team 
will have an off-day. fail to 
adapt to the /conditions, be 
unlucky with injury, or find the 
opposition playing. above itself. 

- However, what makes forecast- 
ing the result of a soccer match 
so much more difficult than, for 
example, the outcome of a game 
of tennis, is that the team which 
shows the most skill, creates the 
most opportunities and is clearly 
the best side at that time will 
still not win. if it is unable to put 
the balMnto the back of the net, 
and will lose, if the other side 
are able to snatch one at the 
other end. 

There were two perfect ex- 
amples of the more accomplished 
side coming off second best last 
week. On Wednesday. Czecho- 
slovakia gave .the England 11 a 
lesson In control, movement off 
the ball, accurate passing and 
style, but ended up losing 1^-0; 
while on Saturday Liverpool suf- 
fered ihe same fate at Highbury, 
when the? lost by the identical 
score. 

There were several remark- 
able similarities in these two 
games. By h3lf-time at Wembley. 
Czechoslovakia deserved to be 
leading by at least two, probably 
three, goals. They had not only 
elegantly carved their way 
through a plainly bewildered 
defence, but also fired in a 
number of shots which would 
have produced goals, if Shilton 
had not brought off a series of 
remarkable saves. Inpluding twn 
which were truly sensational. 

After the interval. England did 
beenme more positive and then 
the Czech ‘keeper failed to gather 
fierce drive to the near post 
from Currie as he cut in from 
the right wing following an 
overlap with the naive, but so 
promising, Anderson and the 
loose ball was bundled into the 
net. 



- V -' 1 


u)n the first half at Highbury, 
Liverpool.' dominated the pro- 


ceedings - and, like the --Czechs, 
used Intelligent first-time passing 
to colleagues running' quickly 
into open spaces to. very good 
effect. Although they did. not 
create so many elear-cuL scoring 
chances. Jennings was forced, to 
make one marvellous save from 
Dalglisn • . 

Against the run of The play, 
a break down the' wing by 
Arsenal, which also involved an 
over-lapping full-back, led to a 
strong -shot to the near post 
Clemence — ironically Shilton’s 
chief rival for.' and until now 
the man in possession of., the 
England job as No. 1 ’keeper- 
failed to gather the ball and a 
goal resulted from- the ensuing 
melee. *• 


proves/,^. 

Arsenal’s roost effective -. half 
hack • was tbe ; . exciting-^ Brady; 
who also operated fa- tbd: inside 
left position of * four-man half 
back line, ' assum ing ' one con- 
sidered Rheas a member ;p£, that 
quartet rather than as . a- winger, 

Brady, a .ybnng^ Irishman* .has 
enormous talent. .was far cleverer 
and displayed considerably mote 
imagination than any' of the 
classy Liverpool halves, He. bas. 
everything required tor becofae.-^j 
a great player, -plOyidiaff ;hm 
self-control can match. h« hau JS- - 
control. . -xi 



Dependent 




The Jmhe had'RSr^y rtartSd - : 


Despite .heavy pressure, after 
the interval by the Merseyside 
machine they. like the Czechs. 
snucbLJn vain to beat a world- 
class goalkeeper. Wo breed more 
very- good ones fa Great Britain, 
than anywhere else in the world, 
Drobably because • no side can 
hope to be successful in a long 
camnaien without one. 

Another reason why. the 
visitors in both these matches 
went away defeated was the 
splendid work of the respective 
home centre backs, Watson and 
O'Leary. Both covered the errors 
of their colleagues quite bril- 
liantly, broke up raid after raid 
with their tackling, heading and 
interceptions. 


when Brady became needlessly' ^ - - 

embroiled in an incident fa 
he was not even' in volvefl.. Cater- ' :*■ - 

having been qnite fiiriy rebbeti, fc- 

he managed to tread painfully dfir'.#:: : ;V*:? . : 
the tickler's leg. catried on 4" r^-; .. 

running feud with both Sou ne$S'-'- -'2 “ 
and Case for the whofa - of. ithe?. -1 ^ 

afternoon and was:; lucky to 
receive only a yellow card: , *.■*. Jtu' 

- .'For a lightly birilt player • 

exceptional skilL Brady -nee^; 

ion. front ifi ^ ; 


and still experts, protection 



t off or t ^ l 

i by an' oppq&-; -4 ! A 
n." and.flt- fan i-vi ■A,- 1: .- 

imply" ^ l nvHSs : ejs? 1 ? *-. K • 


Hrr^S:^ 


Ineffective 


As the inside left of a dis- 
appointing and Ineffective raid- 
field quartet, in which Barnes 
dribbled . his way into trouble, 
Wilkins appeared to have lost 
confidence, hardly surprising for 
a member of the present Chelsea 
11 and Coppell was largely 
invisible. Currie performed 
wonders for England, not the 
least bring the number of times 
he came to the rescue of his 
hard-pressed rearguard during 
the first half. 


either being sent 
deliberately done 

fag “hatchet man.,.. . _ .. 

moment -he -simply" 
trouble, which- is both stupid -aSd' 
a- uity. . ■ . . *- \. r -.v 

In the early, and more cyflieif"-’ 5 ;; 
days of Leeds United, 'when / 

were fighting theij wa_.v. often i'. 
literally to the: top,- aoe ^can^ 
think of several members of th^ 7 — -rr- Vvi i 
team wbo would have automatic 1 " 





much noon- him. as was seed-'*' - 

when they fast the FA ‘ J 

be had. bad a uoor game.- '.TSSr^rel '.'-.V'X-.-*:., 
Gunners are- close to beeoihn^’ ^V I V • 
one of ; rhe best, teams ^fa" the 
b»t if Brady does' not keep bufot 
trouble . , they : could:- well- nbt. ^ 


make ft. - 


RACING BY DOMINIC WIGAN 


■4 


ers Choice should score 




-1st 


JOHN FRANCOMBE, a 2-lHandlcap. This ex-Irish six-year- visit- io C aenes-sur-M er faavlAE * 
chance with Victoria Sporting old has settled in well since mak- ra-Febru^^ ind refaTnSS^ 
to regain tbe jockeys’ champion- fag his :- last appearance in a tbfrfoilowlnE Monday.' TheffiM * 
ship, may gain some compete Down Royal hurdle won by the of.JB131 a head- is2ades letttPn V 


:^o ; . 
■i-SlG •> ■ , 




back on the winning trail on that ft has taken over the annual ^Hie lUcesbers’ eiub^ whOSA ^ 
Farmers Choice at Folkestone Racehorse of the Year awards, member v'burfiOT'/bi>afc~ fot 1979- 
this afternoon. Given form eriy by the Racehorse contains vbaidiais^.to rotal- tifv - 

The Reg Akehurst-trained and introduced in almost £Z0d spread. over : nea ' 

Farmers Choice, among the run- Racehorse of the Year 300 days' raclog^-i^ stiH ra ^riL^ , 

ners for Division One of the award for fiat racing, with its of nw members to Iseep the- cluK ‘ 
pens hurst Novices Hurdle, eumvalent, .fae National Hunt strong and acti^d.^ lU«m '^ori- 
showed promise when a close ‘.nampion award. are establtsbed To sweffJits ranfe, the club imF . 
fourth behind J. O. Reed at ^ the prenuer polls to deteraine-waiTC:the *nKilment- feet^RfLRH 
Windsor early last month on his the top horses each year, ••• for haw^embers whose fl^tUida^ 
hurdling debut. It came as no KesDooslDHity for voting. vtlons ait: seat., fa . by... ejdstitBLi J 

surprise to many when he beat admlmstratian and presentation, membere-before. the;^ - of. the' 

J. O. Reed and 17 others with oj be taken .by year. : ■? * ;?.■ ■ -.7 

authority at Leicester, and I take ^ c, V b - The voting - - : TPOLKESTONET;: ^ 

him to follow up at the chief . of j 40 -racing Journos t 12^^Fknngrs:ChQ»tte^: I r 
ex Dense of Limit Up and Prince ..®9 n *?5® e 10 1 decide tfte L4?~ 'R av1r_ - - ‘ ^ . 

Yoyo awards, and a special prize- will- 2.15 — Cooefc BehRr*** 

M to (hi horse otri favoured 
There appear to be aootiier by club- members should their 

S!uiS?/wl' Pe ** r v,ew differ from the panel's. 

Cundells Cooch Brtar in Khff The newslelipr alan sivo9' rfih. 

Sissinghurst Amateur Ridei^ tails of’ the Racegoer? Sub? 


■f life;' 
<• _• - ’-:*1 





r* h s > - 

.’ ’. 5.;": 

■i ■ 

-_4 ;V"4 


1 IK ' **. ' ■ 




2.45-JlDsuritr 






3.15— BaHy^ Seel 






•..IMWKadif . 




’ ’.V.V 



•‘•-i-'r'.T '■- I — 








-Tate 

stek 

-four a3 P" 

2?^ 



Wigmore Hall 



13 


!/& ss! 

SsTUjy 

foeh, tjJ* h»«,^S 

ttHM .*. n S « V 

^ -at Wi^v 1 } lb^ 

^ 4 ‘ 8ir ‘ ha^Cdh^ 

^oe.^Zl 

|sl3&> 

^^near^i 

2*sS^s, 

--Women's > 

11 ls «ru in aa j i 

jj* Wour M 
a Lloyd-; Hfc 

3 l h wii j WOr ;^ 
ravoL.1 *fe 

GOIff-ict V s to: 


. Kenneth Gilbert 


.by NICHOLAS KENYON . 

Among all iiip instrumental -orchestral transcriptions: others 
interludes and dances in at farm isufh as the delicate. inicrtwin- 
an integral part of Rameau's jug Air vif. pour Zephire -et la 
1 opera-ballet*, those for Les Indes Pose, placed with exquisite con- 
iGnlonJea' (1735) ate outstand- trol by Kennetb Gilbert) could 
insly Brilliant: colourful varied, have been conceived for the 
resourceful in their rhythms and -upper reaches of the harpsichord 
1 textures, reaching (in the final before 'they reached" the 
1 chaconne) -the noblest heights orchestra. ' It was a shame to 

of French baroque music. All omit the ro mpi ng Tam bonne, 
the stranger, then, that ihough and J-he final Chaconne, but Mr- 
these dances had often been re- Gilbert rounded off the suite 
vived before the present welcome powerful lv with the well-known 
fas Won' for complete perform - dance. Les Sauvages. 
ances or Rameaus operas, no Earlier, he had treated us to 
keybetrrd players had taken up f 0Ur pieces from Rameau's 1728 
the - coallenge . °y JL ne collection, excelling in the 

work, 5 . original publication. For ornamented subtleties of Les 

I in lhai uartitmn . .nirlmr* 


Theatre Royal, Bristol 


The Man Who 
Came to Dinner 


bv B . A . YOUNG 


You anight think that Kaufman self, be encourages their teenage 
and .Hart., yrote . thj& : Blay. ,-to r 5on.to run away to sea and their 
antiiseeatJ! Other raflidt than the 'teenage daughter to many an 
public. .It id. "crammed with anarchist and he is faced, with 
private jokes. Sheridan White- lh <? sudden loss of his secretary, 
side, its hero, is . Alexander who fails in -love with the editor 
Wooilcott Jo the life, arrogant. ° r toe local paper. His plan for 
selfish, abusive as he sits in his avoiding this disaster, by sending 
wheelchair with a broken hip. f( ” a notoriously loose-living 
soft-hearted and sentimental as ** re *® and .interesting her in 
he addresses, his countless ' e . t ^ 1 ^ s p3 \-i^ ^hechiefof 
listeners on the radio. All the ? he half-dozen imle plot., that 
most proper proper names of the JfP ™T££ Dt 50105 fa 
’thirties -Rash by. and there are f ™ s ^. rt T T0 , u .. 

little cameo pans for some- « ar0 JJ ^nocem plays White- 
H side. He looks bemused when 


! in . thAt partition - -ruduitft. TrinlctK ^nd nrflviriinif o 

IRam#au .wrote that ; “ the .JTnwJSr WcwuuhTwSint of'-^ 1 Coward thinly disguised as Seled'onTulonce 

I'symphpnies have been arranged L a Po^Je. In tfaeflnt half, there | Bewrtgr Carlton, an aU-purpose " ^ Ske n ^ tbiwJsure of his 

S^Sl & avere six- of the Preludes and in «** P ereoQ ot surround^*" and of his unwil- 

*'* second | Banjo. ling hosts he is fully in com- 

ers. under-: The P r, J dLe Joke ^ ma - v «“*{* maml. -Maggie his sec ret a ry. who 

ttinorr ninvDrv»rc tHa nuhlix* . . . 


Clavecin. Kenneth til Inert nas Fugues from Bach's 

rescued these fine arrangements cnlLctinn;. few player w 

b n*™5 C fc!rJ-«L-5 eV ^-." !n ' stand the' “-eight and resonance j younger playgoers, bui the public musl ' at same time be liis 
I the? ar^Mhe* sufaiccr of harpsichord sound better than Mokes won’t. .the author employ straig ht man and a sympathetic 
lhe> Grlben. but it was noticeable he admirable principle. “Any character on her own . is prettily 



. Andrew ’Crnfcfutanlc in a scene from ‘Strife 

-• • V ■ - 

w 

• ) by 


Ltonartl Bwl 





B. : A.: YOUNG 


c Gottfried T? 

? slower s ^U- - r r, ~ — : - 

tx -5: 'and-JhegrQwiaja JU^acWofthewbrthywds a ipaiter-hand at (Anthony Douse), who claims much exaggerated by the! 

avs ,L ease - at i •' ’iTrenartia “ Tfiy ‘Plate Works creating sympathy for bis chosen that the Chapel wants an end s,3ndards of his time as he 
^ ’ lnc anublf. J .\™._ . 


ITpstagev: . the; great flywheel severity are' commonplace. Gals- terms: by Henry . Thomas cruel old niari. who I .hope is as l 


.77 . T An . ^ miuor ana r snarp minor sang 

; oF them in London for the first beautifu]ly; but ^- here more 

■ ■ weight (in the E major Fugue) 

j .There ere no. radical changes: or more wit (in the F . major 
[ onTy the. specially-added oma- Fugue) 'was required, he 
j mentation gives the music the sounded rather awkward. Playing 
j feci of the keyboard. Some pieces ot unsurpassable taste and 
i Cftke-the magnificently bluster- restraint, but a tittle sedate for 
iog-Air pour Bo reer sound like Baeh. 


wucialh 




* Of s 


probabiv 


»m*m 




2oi [. 

* a bQ liavioT,^ 
i with bn-;'” ««,• 
Uneirsjc^i^t 
odes and s^-'* 
Cj-e 'V r ^ 
a). A: their , dj &. 

l-^-ir eniti 


greet i» M AVfe^COUlia . ip. Ttel limlwdogs. however,; and the to the dispute; by George Rous. J^i^the ^ut^an?^ nis| U or ( Haf! 
the Wh^ ; ^tovw- ia a hit'll, the presentation of sncb a conflict pleading ihe suffering of the political argument that matters ■ 

furhaci^i^ dHiuaedi-a»dh,clotlt-- between implacable - Capital and families; and by David Roberts jn lb e pJay, and. truth to tell.’ 

capped” -working - mar . stand rebellious Labour. -t^anust- have (Michael Bryant, making a logi- few of the characters arc suBici- 

bef ore the factory wall in a long been tike a thunderclap In those cal progression from his recent ently deeply etched to attract 

silence -> broken indy : tty the prosperous Edwardiafc days. performance as' Lenin), spokes- personal svmpaiby from either 

sound b£ »' distant-train. - THie ‘ Lt iy. claimed ilttt both sides man for revolutionary Socialism, wing. 

stitke-has b^tm: - r - . . are .shown equaift -fairly- hut In tiie end the strike is settled it is of course much easier tn 


Lupu’s Schubert 



truck). Vhere- the-hpaid- id bon- w hoard-meeting -aa- ther ques- as a negotiator The fun has worthy gives Roberts 



. ’Unri**, u 
ictiAin? v.-- : - 

frL«< iSsAf: 

> ■ nan a rt\- .j- - 
t on rhe _-" f 
ae aerrs: 

- nea; '--> ytte": 



-j- .-it m „ . _ _ _ riM he 

to*woriTon conditlotfs"alIer«i"ta' chairman, the T6-year-old John Anthony. open to constant attack, and will 

the erapioyetiS. but the meahkve Anthony (An dreveruicksh ank ) . By today’s dramatic standards, always have to yield " must have! 
thrown tbem : '-inf6rV-and -stayed whp. sits among :iris fellows as these fates are extraneous. The struck a sympathetic shudder 
out' : *■' • impassive- as an ?Easter. Island report of Annie Roberts’s death from some of the audience, no t 

■ 1 would Ioffe to -haw been at head, and says npi The-workers as Roberts is in. mid-speech is a to mention the very management 
the first iprodhcticm. diSthfi play "are more maH^bte. ... At their notable coup dc but it is of the theatre, 

in 1W9V; 'Nowadays 1 It is all bid meeting- outside ti*a> factory, they cheating to weight the argument Christopher Morahan is the 
hat; though vomen and thtidren are- swayed one-wsy.and another on his side this way... No. one- director." excelling particularly in 
suffer less irbin shortages iu an by Simon Harness TDonld Gee), could -really- care. About John his treatment:, of the’ crowds: John 
era of -fi^kerppy.. and - social the^ trade union- man* who calls Anthony’s . . -troubles; .he was Rury has produced that imposing 
security^ strikes of gre^e^ for settlement proposed clearly been Shown as' a selfish, seL 


Covent Garden 

.r... 



ini- tiaroen ■ v ' 

Hv Ff;IZ A] 


barbiere di Siviglia 


V 7 I 


- 


by ELIZABETH FORBES 

' When ’ .the : --Sarratin/Malclte " '■ i,iTIii,i — fl " 
production of ■' U barbiere di . 

SibtgUn Wi* 'd&tt “Staged-^at ' 
eWeafc GSt«fin^n>lS6^-tbe -JMb 
dF BertkTwas s'tid|r tfr Jbsbphip® 

Veasey. r M the^ftteSt- teyvfeT nf 
Rossini's nwkterliiteei-^Shown'.tbV-' 
fhe 3?rC^:':-tm' S^ur25y.'. h 
after a scluwl^-inatnibe a (mtiple 
of days previondy.- JEss Yeheey : 
sings' Jtosina; 4 first 'ttine • 

m . a distfnguikSed' and^^iried • 
career., . Otie w^tders : whS^^ou : 
earth ahe -hasv not." tackled- Ihe 
pprt beforb. DSrabellai (Gfel 'fan 
l^tteyHss fllntrttsted- 
as^‘ a ^^otaedieftne; VAdfflgisd 
( Norma j recently; proved 'TSet 
ability to cope with florid^music; 
innumerable tra v^yipJes^ fito'ni 
Feodqr (Boris. Qodawnov) tb the 
Emperor, (We io x the 

Hroer^^-T^ve’ ‘tdstmdd? to . the .v 
term ness bf her. ff^txre.- . ■_ • J. 

JHappily,' it id ijbt too .lai^. • 
a: : predomhjmtij^ ton^nf . ‘ - 
f her Ros'iaa'is "perfectayi Credible 
■u as. a : siite€m->e.iusiild, white.- the 
inufli^ -sebins; to He Jfiamb.m the 
& ce ntra .of’-hcar. voice. . Wisely, ah# 

■“ eschews^if q nly. afl . Rbsiuas -did 
—any flouncing ' hehajrfqux 1 ;. .or 
pbuticdg Vfe^eession, ^ and rbltes 
da .^bcaf, : colour;: ■ and subtle , 
phrasing ..to>!add ,sign 0 ca n n e -to- 
her sin'gtog. Jonithan S.ummers, 
the- FigaritV. also fl^tongts' -his. 
role- for : "the ,'nrst -tape. . The 
young Australian baritpoe' Aids 
no problcras', in,^ the" ^arheTs. 

musical ildloxoi" .“'while a naitural . . _ , 

ebullience, cafeies Mm . through, cool' in temperature. Again, fur-: endearing, while .crisp enuocia- of Mauriee Sarrazra has Long 
“Largo : off factofiap,”" 'often - a -. experience, may- bring .tion adds the .necessary bite, to been left off the programme and 

dramatic stumblings block Lo in-" greater- 'involvement. Making' 'save his characterisation from this revival is staged by Azide 

' ■ . ■ 4 ’ «!■_: : ' 'rrJS .^11 *•. M re > ACL. a, - Amm* lirilVftno Miibae A tiilowcnn’’ until uinl PQJ|^ 0 (iiS~ 

references 

are 

the rofe^ more Tneqa^tly.- smooth-toned voice and a i enfiT know at Coveni Garden, mainly meaningless when' Rosios does 
■ David- Heia&di is ~-a euriously stage prfesenfce. ‘His' interpreta- a? £ fine V.erdi conductpr, has a not drop -her mote from the 

' . . J YT- *4 T w liwlrfmtiifi '’-ie ulmAtft'-laor enro errmotimoc ftVPr.hPflW WinfklW in thp first SCOTR. WnllG 



The last bur one recital last andante was impeccable: but the 
Thursday uf Radu Lupu s impulse was bland — and like 
h the complete Askenazy’s Mozart the evening 
of the incomplete) before, oddly lightweight. A few 
of Schubert was a points were forced. Each ex- 
ult i he I triumph. Not so much for its pressive device was io itself 
John consistency or wholeness: Lupu beautifully conceived, the lop- 
bnardj * s a n ? rvous and uneven pianist sided lilt of phrase, the sudden 
'jin recital, and some of his play- half-voice sideways glance; but 
ing during the programme was each would have been doubly 
less than masterly. It was a effective less frequently (and 
triumph nonetheless, and that for therefore less predictably'] used, 
its last work, the gTeat A major But if the two earlier sonatas, 
sonata D959, of which Lupu gave for all the passing virtues and 
an 'account so fine, and in its real charm of the playing, were 
weird and idiosyncratic fashion unevenly presented, the late A 
•so - sublime, that all earlier irrita- major 'sonata was sustained in a 
tiqns -were cither forgotten or blaze of light. It was not neees- 
rendered supremely irrelevant sarily the A major we all knew; 

Apd there had been some irri- it was certainly not an A major 
ta(i6p$. ..There were moments to please a piano competition 
in' both the F sharp minor sonata jury. But it was splendid: whole 
(a. composite of D571 and D570 and urgent full of fire and mar- 
remarkable chiefly for a first vellous quirky poetry, a wild and 
movement of the most memor- magical creation that held us 
able and haunting beauty) and unquestioning, in its grip. The 
the B major sonata D575 • at pacing was judged with unfailing 
which Lupu seemed suddenly to exactness; the balance of parts, 
shift wavelength, harking back to from bar to bar. and movement 
the mannerisms of his earlier to movement, was exquisitely 
days: little curls of self-conscious poised. Every movement had its 
point-making, coy names, sudden magic: but Lupu’s scherzo 1 
vanishing pioncisimi, indulgence shall always remember— coaxed, 
in the prettifi cation (as opposed shimmered and danced, alive 
to the clarification) of textures, with coIout, vibrant with energy. 
The surface of the B major's DOMINIC GILL 


Maggie's proposed 

for the convicts (who enter the & sweetly taken by Toby Robins 
dining-room still io the jail lock- ,j n a series of glamorous frocks 
step), the unlikely Christmas by John Elvery. who has enn- 
presents that arrive to brighten jured up the fine.boujgoeis home 
Whiteside’s enforced exile — a i Q Messatia. 
couple of penguins, a nest of There are tivn enjoyable 
cockroaches, a sarcophagus from speciality acts. Barry Justice as 
the Khedive of Egypt. Laid on Beverley, whose short appear- 
wirti a •trowel, no doubt: but wi-th ante include?, a convincingly 
the- kind of trowel used for lay- Cowardesque song at the piano, 
ing foundation-smnes. and Ian Mackenzie as Banjo. 

Whiteside is in exile because Richard Cottrell's direction has 
he slipped on the icy porch of a provided an admirably brisk 
tuft-hunting host in darkest production full of comic detail. 
MessaJa'a.Cbfo. whom he proposes There are *J9 parts, but they are 
to sue for $150,000 in con- taken by 23 actors: how grateful 
sequence. During the weeks of wr-must be for the Art* Council, 
his enforced stay, he engages without who productions on such 
their cook and butler' for him- a scale could never happen. 

Arts news in brief 

A portrait by Moroni, which Mason band. The following week 
was sold at Sotheby’s on Nov- a quintet led by saxisl Johnny 
ember 1, has been added to the Barnes and trombonist Pete 
exhibition of paintings by Strange will play while on 
Moroni at the National Gallery Christmas Eve the Pete Allen 
which remains open to the public Jazzmen will he featured, 
until January 14. . On New Year's Day singer 

The picture has been lent by Pamela Knowles and a trio 
an English' collector, who wishes appear- 
to remain anonymous, and il is * 

of particular interest as a prob- Following set 1-out seasnns in 
able self-portrait by the artist, the last two years, the third inter- 
showing him about the age of optional London Mime Festival 
50, with grey ing hair and 1 beard W ^1 take place from. January 10 
and "a strikingly haunted ex- tp 10 - at lhe 

pression Cockpit Theatre and elsewhere. 

Until ' some years ago the C J? ssi “l “i™ % JL 1 ^ 

picture was in the collection of 

«“ or Bedfor ' 1 at Woburn aid tto yeaf. forTe 8rst Uni: 
Aooey. includes special performances for 

„ , children. 

The December New Orleans The main venue will be the 
Sunday Brunch* sessions at the Cockpit Theatre, with perfor- 
Partman Hotel, W.l, were kicked rn antes also being held at the 
off yesterday by clarinettist French Institute Theatre, the 
Monty Sunshine and his band. Goethe Institute Theatre, Jack- 

On December 10 singer Beryl son’s Lane Theatre and the 
Biyden will appear with the Rod Roundhouse Downstairs. 


ENTERTAINMENT 

GUIDE 

cc — Tfecse theatres accept certain credit 
cards by telephone or at the Bo* Office. 

OPERA & BALLET 

COLISEUM. Credit -carts 01-2*0 S25B. 
kece nations ul -H6 3161. 
tNuLISH NATION AL OPtRA 
Tomor a Fr. .7.00 Jonathan Miller 5 
The Marriage or Figaro 
■-Sung extremely well ov a uxong c^st. 
Ev. MU- Wcd.i Sat 7.00 Der Ro»*»- 
karallcr. Thur -7.0 a The Thlevlna Magole 
.•.•A »w>t to Oie Cohpeum •* ****J}U» l _ 
n. Tel. iu* Balcony seats avail tor all 
peris ■ from 10.00 on day Ot pert. 


prod 


Leonard Burt 


l-'. 


Jonathan. Summers and Josephine Veasey 




ITS* 


Mr; Siunmom! -deft «ultar accom- “:Buoiia oera, mid segnore conK much sparkle, , .... , 

paniment— -and-' ilatei* dons- his pells & smile of pure sympathy.' finale accumulates a splendid sequent attack on her lover on 
soldier’s, disguise wjtfc; some Domenico Trimarcbi's shy,- head of steam without excessive his arrival via the balcony makes 
relish; :bttt wooing nmiins gentle Doctor Bartolo is equally or eccentric speeds. The name nonsense. 

Sheffield Crucible Studio 



.'■i 


by MICHAEL COVENEY 


J ■ «Ti‘ ■ 




COVENT GAKOeM: CC. 2*0 1066. ffiarden- 
cNarse Cj-ed*r Cards B36 b303)- 

• THE royal ballet 

Ton't 7.30 Le» Sylphides. Birthday fer- 
ine. Jaw Calendar Wed. A Sei. 7,10 
Maaan tHE ROYAL opera 
Tomor 4 Fn 7 30 II barftlere dj: 5l»«ha 
65 Aniahi' seat! *»aB lor all perts from 
1 0 am on dav ot pert. 

■ COVENT CARDEN CELEBRITY 

CONCERTS .... 

Sun 10 D«K g-S? Frederica ^*00 JUde 
CHILDRENS OKRA AT TT*e J« A N. 

IVETTA COCHRANE THEATRE ___ 
Xmas Family Entertainment THE Trro 
FIDDLERS Or Peter Maxwell Davies. Dec 
27. 28 at S.OO. Dec 29. M Jan 1-6 at 
2.30 & S.OO. Tkts tt.SO 'rom Roral 
Opera House 'postal onlrk Send sae 
for details 10 Marketing Oepl. -R.O.H. 


SADLERS WELLS THEATRE. Rosrtenr 
Ave. EC1. 837 1672. Evas- 7.30. 

LONDON CONTEMPORARY DANCE 

Untit Dec. 16 -Tomor. & Wed.: Eos. SatMt 
1 water.. ' Ice. Thur to Sat: The Brpnse- 
-men You Ca* onty SRN, Pwte 
D'Orly Cartd 1 n. Gilbert & Sullhren Dec 18 
to Feo 24 . 


THEATRES 

A DELPHI THEATRE. CC. 01-836 7611 
Erenlnss at 7.30. 

Mats. Thursdays 3.00,. Saturday 4.00. 
Extra Mat .Dec. J/ at 3.0. 

Ap Em^ntlM New Musical 

THE RAINBOW 

“ HERE IS A HARPY. FAMILY SHOW 
The Times 

.-BOUND TO RUN FOREVER" 
Evenmo New* 

••SyNNV. -TUNEFUL AND 
SPECTACULAR" 

Dallff- Telegraph 

-A’ SUPEfUWPE* PRODUCTION — 

' Credit card BooVlnp 01-836 761 1 


ALSTRY. 836 3828. CC. Bkps. B36 1071-3 
From 3.30 a.m Party rare Men.. Tim.. 
Wed. and Frl 7AS p.m. Thors, and Sat. 

A THOUSAND® TIMeI'^ELCOME IS 
. LIONEL BAST'S 

OLIVER 

" MIRACULOUS MUSICAL." Fin. Times. 

with ROY HUOD . „„ , 
GILLIAN BURNS. MARGARET BURTON. 
Extra Christmas -Mats. Booh Now. 


ALDWYCH. 836 -8404. Into. 836 S332. 
ROYAL SHAttSPEARE COMPANY In 
repertoire. Tpn't. tomor 7.30. 

Middleton & Rowley's 
- THE - CHANGELING . _ 
••Sots the Julies. aklppJng '• The T.imefc 
Wdh. AS YOU LIKE IT iWed. Thur. m&el 
cousin VLADfMiR Last 3 peris 
Sat m*e- SARATOGA /erd. prrfe prexs. 
fromTOx '■ 31 *RSC also at THE WARE- 
HOUSE isce under. W). 


core 



iLMOST FREE THEATRE. 9-19. RuPwt 
Street Loaned. W-t. TgU 44S. - -M8. 
MY CUP. RAMNCTH .OVER bv Robert . 
Patrick Keruredy^i CniWrenr. 1)1 reeled 9f-i 
Anthony Millinca with Glorta Glnort ' 
ind Erica sw e fl a . until- -is lOecemaer. 
-t -Mdh.-snr at T.li. o.m 




,-r 


AMBASSADORS. CC- 01-836 11 JT 

Eras. 8 M.iTua.'-2,«s:-Sal. s 00 8 00 . 
■ JAMK BQLA.M __ 

- A superb pcrlormance. FT. 
GERALD FLOOD 
. -. . ,r> a NEW -THRILLER 
“WHO KILLED 
AGATHA CHRISTIE - - - 


THEATRES ■ 

CRITERION 930 3216. Credit card bkos- 
836 1071. Evs. Mon.-Thurs. 8. Frl. and 
Sat. 5.45. 8.30. • THE MOST HILARIOUS 
.PLAY FOR YEARS. Financial Times 
GLOO J OO 
by Michael Hasting* 

•■ HAD THE AUDIENCE ROCKING WITH 
LAUGHTER.” Erg- Standard. 


DRURY LANE. CC. 01-836 8108. Mon. 
to Sat 8.00. Matinee Wed. and Sat. 3.00. 

A CHORUS LIKE u 

•• A rare, devastating. Joyous, asto mining 
stunner.” b. Times. 3rd GREAT YEAR. 


DUCHESS. 836 8243 Mon, to Thurs. 
Erenln 9 s B.oo. Frt.. Sat. 6.15 and S.OO. 

• OH! CALCUTTA . • 

••The nudity is stunning." Dally Mall. 
9th Sensational Year. .•• 


CUKE OF YORK'S- CC 07-836 5722. 
Ergs. 8 pm. Frl. and Sat. S 30 and 8-30. 
TOM FELICITY 

COURTENAY KENDAL . 

CLOUDS 

•' IS BLISS.” Observer. 

" MICHAEL FRAYN'S FUNNIEST PLAY.” 
D. Tel. 


FORTUNE. 836 2238. E»S- 8. Thurs. 
Saturdays 5.00 and 8.00. 
Muriet Parlow as MISSMARPLE 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 


GARRICK CC. 836 4601. Eves. 8.00. 
(Sharoi. Wed. 3 00. Sals. 5.30 and B.30. 
DENIS OUILLEY in IRA LEVIN'S 
DEATHTRAP 

A New Thriller directed by 
MICHAEL BlAK-EMORE 
"THREE CHEERS FOR TWO HOURS OF 
MARVELLOUS ENTERTAINMENT." 

S- Tel. “VERY INGENIOUS. VERY 
FUNNY, VERY- EXCITING" Times. 


GLOBE THEATRE. CC. 01-437 1592. 
Eves. 8.1 5. Wed. 3 90. Sat. 6.00 . 8.40. 
PAUL EDDINGTON. JULIA MdfrEMZIE 
BENJAMIN WHITROW 
ALAN AYC KBOUH N '5 New Comedy 
TEN TIMES TABLE 

— TWj must be the happiest laughter, 
maker in London." D Tel. ” An Irresist- 
ibly enloyanle evening." Sunday Times. 


GREENWICH THEATRE. Ol-BSB 7755. 
Evenings a.OD. Mats. Sat, 2.30. 

SEE HOW THEY RUN 
A farce by Philip Kins 


HAYMARKET. 01-930 9832. Evs. 8.00. 
Mats. Wed. 2.30. Sac. 4.50 and 8.00. 
GERALDINE Me EWAN 
CLIVE FRANCIS 
_ • NICSL STOCK 

PETER PAUL 

BOWLES HARDWICK 

and -FEHEU.A FIELD! -NG )n 
LOOK AFTER LULU' 

. - t» NOEL COWARD 

with. GARY RAY-MONO 
MUST END SATURDAY 


CC. 01.930 6606. 
's. and Sat. 3.00. 


HER MAJESTY'S. 

Evgs. 7.30. Mats. Wed*. 

' THE NEW MUSICAL 
BARMJTZVAH BOY 

"This uunntng production tnictuely 
erffovgbJe." F. Times. 'The , funniest 
rmnical around bar none.* 'S. Mirror. 


KING'S ROAD THEATRE. 01-352 7488. 
From Dec. IB Dhr. 10.30. ZJD and 4.00 
THE ROCKY HORROR SHOW 
DON'T DREAM (T. SEE IT. 


LYRIC THEATRE. CC. 01-437 3686. 
Evgs. 8.00. Thurs. 3.00. Sat. S-00. 8.30. 
JOAN _ FRANK 

PLOWRIGHT FINLAY 

FlLUMENA 

by Eduardo oc Filllpoo . 
DIRECTED bT FRANCO ZEFFIRELLI 
"TOTAL TRIUMPH." E. News. , "An 
EVENT TO TREASURE.': .t>. fcfce.. ,|WAY 
' IT FILL THE LYRIC FOR A HUNDRED 
.YEARS." Sunday .Times,,. 


THEATRES 


OPEN SPACE. -a- os 

Brechts RE5PECTABLE WEDDING 
8ot* now. Reduced prlct O revs. Thur. to 
Sun 8 pm. Opens Dec 12 7.50 pm From 
Dec. 13 -Tupi.-Sun*. 8 pm. 


6969. 


PALACE. CC 01-437 6834. 

Mon.-Thurs. Frl. and Sat. 6 and 8.40. 

JESUS CHRIST SUPERSTAR 
by Tim Rk* and Andrew Llovd-Webber. 


PALLADIUM. CC. 01-437 7373. 
Opening Dec. 20 lor a Season 
DANNY LA RUE 
as •■Merry" Widow Twanlcev in 
ALADDIN 

ALFRED MARKS as AS A NAZAR 
. DllrS WATLtNG. Brian MARSHALL 
and WAYNE SLEEP 
Preview Decern bee 19 at 7.30. 


PHOENIX THEATRE. CC. 01-836 2294. 
Evrv. 8.00. Wed. 3.00 . -Sat. S.OO ana 8.30 
DIANA RIGG. JOHN THAW 
NIGHT AND DAY 
A New Play 'by TOM STOPPARD 
Directed 'by PETER WOOD 


PICCADILLY. Frcm 3.30 am. 437 AS06. 
Crwit cart bkas- 836 1071. Frey. 12 
Dec. at 2. Opens 13 Dec- at 7. Subs. 
Eves, at 8. Sats. 5.15 and B.iS. 

A- NIGHT WITH 
DAME EDNA 

and a handful a* cosoery 
Starring the Increasingly popular 
BARRY HUMPHRIES 
BOOK NOW. 12 WEEK SEASON. 


PICCADILLY. 437 8503. 836 3962. 

Credit card froclrfngs 836 lOTT 
Richard Goolden. Iin TaJhot In 
TOAD OF TOAD HALL 
Christmas matinees Dec. 18-Jan. 13. 


PRINCE EDWARD. CC. 01-437 6877. 

Evenings 8.00. Mats. Thurs., Sat. 3.00. 
EYITA 

bv Tim Rice and Andrew Llovd-Webber 
Directed by Harold Prince. 


PRINCE OF- WALES. 01-930 B681 . Credit 
card booking 930 0646. Mon. to Thun. 

8.00. Frl. and Sat. 6.00 and 8.45. 
ALAN AYCKBOURN'S smash hit comodv 
BEDROOM FARCE 

"If you do not laugh Cue me." D. Exp. 
A National Theatre production. 


QUEENS. Credit cards 01-734 1166 . 
Evgs. 8.00. Wed. 3.00. sat. 5 . 00 e. 30 . 
GEORGE CHAKHMS. ROY DOTRICE. 
RICHARD VERNON. JAMES VILL1ERS 
THE PASSION OF DRACULA 
“DAZZLING." E. Stand. "MOST SCENI- 
CALLY SPECTACULAR SHOW .IN 
TOWN." Punch.. "THEATRE AT ITS 
MOST MAGICAL." Times. Lll.-Suo. 


RAYMOND REVUEBAR: CC. 01-734 1 S93. 
At 7 . 00 . 9-DO. TT O.m. Opens Sun. 
PAUL RAYMOND present* 

THE FESnVAtTir EROTICA 
FuHv air-conditioned 


REGENT. 


CC. 


01-637. 9862-3. 


Mon.-SaL 8.00. Mats. Frl- Sat. 5.00. 
LITTLE WILLI JR*S 
RESURRECTION 
The FI rw Soul Gospel Mus^al 
•■TME SHOW IS A TREAT. 1 ' Times. 
“IMPRESSIVELY TALENTED CAST." E.N. 


ROUND HOUSE. 267 2S64. 

Evgs. 8. Sats.- 5. 8. Satirical rerue of the 
Golden Twenties hv Berlin 
HEY1 WE ARE AUVE1 


ROYAL COURT. 730 1745 

Prevs Wed. Thu 8. Opus Frl 1 . Subs 8 
WHEELCHAIR WILLIE 
by Alan Brown 


ROYALTY. 


' CC. 


01 -JOS 8004. 


M Ay - FAIR. 629 304b. 'Green tfl. Tube.X 
From Dec. 13 Dly. 10.30. 2.00 and 4,00 
, SOOTY'S CHRISTMAS SHOW 


fiumaa race 

station 


tKfc j^headafp^ bl&SlM^enttates for to most partonrmusicaL. comedleijne : who .pfc at the UnfiAPtthk. Leland 

the hideous pimitive measures as -stooge In her own jnece. to. the .directs ■ once* against, pronng 
p&ot^aksadjr .'doamenled. in. ft book-'pathetic aspirations' or a secre- that if Jhu ; task suspect, it is 
SraSS inoderir times. On such as War on toe Mind by a .tarial-chcntei«cat a Seedy ralpnt also-cat^ic. ■ . - 
STM ro&Jity Sunday Times “Insight jam-. - ' 

emU no Greater point in tfie natisL 

fg? SStSting a British I. liked best , the stylistic tnck 
Irttiriigimce' officer’s eye and of softening up. dialogue of 
dSTa that Saterrogration and - discussion 

jsemmj OT a unty, am on? senior inteUicence officers 


APOLLO. CC. 0,1 j 437 ZS63. Eras, B.OO. 
MSt*.' Thurs. *00 r Sat 5-00 and 8-00. 
SAUL DANEMAN. CANA MORRIS' 
DEHhHS RAMSOEN 
CARMEL. McSHARRY 
. SHUT YOUR EYES AND 
. THINK 0 ? ENGLAND 
"2nd WIOCCOLY fUNNY YEAR, “Very 
very tunny— great entertammeni." -now. 


ARTS THEATRfc. *• 01-836 213?, 

TOW STOPPARD'S '. 

• 1 ‘DIRTY UNIN 

"Hilarious > . . see it. ’• Sunday . Times 
if Dtidar 10 Thursday- 8.30 Friday .and 
.-Saturtav. 7 OO and 9.1 5. 


ASTORIA THEATRE* CC. Charing Cm 
Road 734 4291-439 603T. Mon.-Thurs. 
6.00 pm. Frt.,4nd Sat. 64)0 and . 8.45. 

j BEST MUWCaTO THE YEAR 

1 EVENING STANDARD AWARD 

^ .. . . ! SECOND. GREAT YEAR 

The solo- performers section of and who- will be ■ chosen by a i Group BooMng*. 01-437 xass. 


Aid lor-older soloists 


MAY F'aIR. 629 3036. <Grt*n fik. Tube ) 
Evi. 8.00. Sat- 5-30. 8.30. Wed. M«. 3.0 
Ilrom Dec. if, Fr,.. Sat. 6.15. 8451 
WELSH NATIONAL THEATRE CO in 
UNDER MILK WOOD 
Dylan Thomaj's comic .masturotae. 
CMldren £1,50 any SW -with adwli. 


NATIONAL THEATRE. 928 22S2. 

OLIVIER- 40Pen stagei: Tonight-. * 
Tomorrow 7 3D THE DOUBLE DEALER 
by Congreve. ■LYTTEtTON (protcAnHun 
stMetr- Tonight & . Tomorrow 7 AS 
BETRAYAL, new Nay by Pinter. .• .. 
COTTES LOE |>m *11 acdateriumi: Tonight A 
THE WORLD TURNED UPSIDE .DOWN 
bv Keith Dewhurst Irom Christopher HUl s 
book (perhaps not suitable lor children!. 
Many excellent clwep teats all 3 Bwatno- 
day - ed, pert. Car park. Rewanrent -^8 
2033. Credit Lard bookings B2B 3052. 


Mondav-Thursday . evenings 8. 00. F'loav 
5.30 and B.45. Saturdays 3.00 atd B.OO. 
.London Critics vtle _ . „ 
BUBBLING BROWN SUGAR 
• Beet Musical ol 1977 
Tel. boo Mugs accepted. Mxlov credit 
. cards, ■ TH i Uma Pt -res. -oi.-4Q S-.24ia 

SAVOY THEATRE. 01-336 BBB3 

Credit cards 724 4772. 

TOM' CONTI Tn ~ “ 

WHOSE LIFE -IS IT ANYWAY- 
bv Brian Clark. 'W MOMENTOUS 
PLAY. I URGE.- YOU' TO SfB IT." Gdn. 
Evgs. 8 00. Wed. 3.00. Sat. SAS. 8.4S. 


THEATRES 

WAREHOUSE. Donmar Theatre. Cnvtnt 
Box Office aae 6608 Royal 
t • Co. Ton r 8 00 Mary 
LOOK OUT . .- . HERE COMES 
TROUBLE ! - Compasaaiuic. funnv. 

tender." Guardian. Ad» bkgs AlO«vch. 
Late Night Wed tt-0 pm. Concert by 
Highly Strung. 


(tAwnuiot. 
Garden. Box 
ShaEwpeare- 
Q'MaMev'i U 


WEMBLEY ARENA. Opens Dec 21. 

HOLIDAY ON ICE 

The Big CHristmas Show lor all the lam-iy 
Dec 21 at 7.30 men Dec 22 to Jan 5 
daily 3*6. Sat Dec 30 & sub Sats 2. 5 
* B. From Jan 7 Sun* 3*6. Tues in 
Frl 7.45- Mat. Wed A Thur 3. Children 
& Senior E*ts.— half pr»ce most peris. 
101-902 12341. 


WESTMINSTER THEATRE. 834 0783. 
Tim Rice and Andrew Llovc Webers 
“JOSEPH AND THE AMAZING TECH- 
N I COLO UR DREAM COAT “ Starring PAUL 
JONES. Twice dally. Reduced once P't- 
- views. Irom Nov. 27. Opens Nov 30. 
Tic Vets L2. L3. E4. Book Now. Limited 
Run. 


WHITEHALL CC. Ql-930 6692-7765. 
Commerces Dec. 6. Mon. Id Thurs. S.OO. 
Matinee Fri. and Sat. 6.1 S and 9 45. 

IPI TCMBI 

Exciting Black African Musical. 

“ PulMlinp Musical." E. News. Seat 
Prices £2.50 io £5.50. Dinner and T:d- 
Prlce Seat £9 50 inc. 

FOURTH GREAT YEAR 
Christmas Show; Wizard ot Or Daily 
2.15 pm. SaL 11 am and 2.15 nm. 


WHITEHALL. CC. 01-930 7765. 

OPENS MON. Dec. 11 Men -Frl. 2.1 S pm 
Sat. 11.30 am and 2.15 pm 
WIZARD OF OZ 
Seals £3. £2. £1 

“Ip! Tomb! continues at in normal rime! 


WINDMILL THEATRE. CC. 01-427 6312. 
Twice Nigmiv 8 00 and to. 00. 

Sun. 6.00 and 8. CO 
PAUL RAYMOND present*, 

RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

" Takes to unprecedented limits wh.it Is 
permissible on oar stages." E. News. 
THIRD GREAT YEAR 


WYNDHAM'5. 01-836 3020. CC. 

Skgv 836 1071 from B.OO and Man.. 
Thurs. 6.00. Frl. and Sst- S.'.S and E 30 
"ENORMOUSLY RICH. 

VERY FUNNY.' 1 Evening News 
Mary O'Malley's smash.hit comedy 
ONCE A CATHOLIC 
■■ Supreme Comedy on sc» and religion " 
Dalir Te’eoreoh. 

" MAKES YOU SHAKE WITH 
" " ITER." 


LAUGHTEF 


Guardian. 


YOUNG VIC. 929 6363. Tan!. Tomrr 
7.33 Sat 3.30 HAMLET. Tomor 2.00 Wed 
Thu 7 30 srt BiOO THE TEMPEST. F'i 
7 30 Sat. 11.00 am RICHARD III « 
Shakespeare trilogy ACTION MAN 


YOUNG VIC STUDIO. 923 6363. Ton i. 
Wed.. Thurs. at 8 BOZO. 

CINEMAS 

ABC 1 & 2 SHAFTESBURY AVE. E36 8861 
SeP Pert*. ALL SEATS BKBLE. 

1 DEATH ON THE NILE i.Ai Wk. & Sun 
2 20 S-20 8.20 

X DEATH ON THE NILE IAJ Wk. & Sun 
2.00. 5.00 8.00 


CAMDEN PLAZA <0sp. Camden Town 
■ Tube) 485 2442. The Bob Dylan Film 
--RENALDO A CLARA" >AAi. wi-.n 
EOO DYLAN & JOAN BAEZ IN 4 
;THaCX STEREO. Prpgs. 2.50 B. t.so 
■ dNlYr 13th WEEK. 


SHAFT ESBllRY. CC. . . 836 6596-7. 

826 42S5. Opens One. 20 until Jan. 13. 
JANf ASHER. NIGEL PATRICK <n 
PETER PAN 

Dally 2 and 6 4S. Prices £S. £4. £3. £2. 
Reduced ertcej on Dec. 20. 11. 21. Jan. 
• - 8. 9. 16. *1. 12- 


STRAND. 01.636 2660.' irtW lo»i B.OO. 
Mat. Thurs 3.00. Sacs. 5.30 and 8.30. 
' NO SEX PLEASE— 

WE RE BRITISH . 
LONDON'S LONGEST LAUGH 
. OVER- 3.0P0 PERFORMANCES 


ST. MARTIN'S. CC- 836 1 443. Eras. I 
Mat Tue. 2A5. S4« B Dec 27. 5. S 
AGATOA CHRISTIE'S 
. THE MOUSETRAP - 
WORLD'S . LONGEST.EVEft RUN 
■ ' ■ '271h- YEAR .' 





OLD VIC- : ‘ 1 • K» 7 Mr 

■ 'PROSPECT AT THE OLD VIC 
Last 3 peris' today. Tues Wed. P.30 > 

TWELFTH NIGHT . ■ -. 

Robert tddisan : -brilliant Feste". Guardian 
Last 2 perts: Thurs. Frl 7.30 
Derek JacoM In IVANOV 
Chekhov's comedv with CUve ACrJndelL 
Brenda Brace Michael Oeniun. Laixst 
PumalL ,. John sartaenc. Jane WymartL 
•' Jacobi's 'triumph " D. Telegraph, 

Last Z Deris 'Sat 2.30 & 7 30 

THE LADY'S NOT FOR BURNING : i- ------ -- 

Derek Jacobi- " €asv &_*irlle iuU]Oyity." 1 VAUDEVILLE, ' CC. 01-836 9S8B. PrevS. 1 La ” J ° >V5 - 


TALK OF THE -TOWN. CC. 01-734 5051 
Aliscondltloned. - From B.OO Oming. 
DUICing 9.30. SUPER REVUE 
KAZZU DAZZLE 
at 11 FRANKIE VAUGHAN 


THEATRE. UPSTAIRS. 730 2554. Eva 
7.30.' 'Kesklder Workvnop Production o* 


CLASSIC 1- 2, 3. 4. O>l:-r 0 Sire: I icon. 
Ta91fr*ham Court Road Tuhni. S36 0310. 
U and 4 prpqs. Children hall dH:«. 

■ 2, RLrhard - Adam's WATERSHIP DOWN 
oil. Mow with StcrCQBhonIC sound. Pcs. 
1.45. 4 CD 6.15 £.35. 

2. PIRANHA rXi. Z.10 5-40. 9-10. 

CARRIE-' iX >. 3.50. 7.2S. 

3. Genevieve Bvlofd, Michael Dougin. 
COMA (AAj. Progs. 1.05. 3 25. 5.S0, 
8.10 

4. HITLER. A CAREER (Al. Pgs. 1.45 
4 45. 7.45. 


C'iRZON. Curron Street. W.l. 499 3737. 
YOU LAUGHED AT HIS AFFAIR . . 
NOW LAUGH AT HERS . . . 
PARDON MON AFFAIR TOO fAAi 
(English subtitle*!- Film >t s.go (not 
Sundaysi. 4.05. 6.20 and 8.40. 


LEICESTER SQUARE THEATRE <950 S2S2'- 
THE TH1RTY.NJNE STEPS £A>. Sep props 
Wk 130. 5.00. e.10. Sun 3 30. 7.d5. 
Bkble 6 10 pro? & Weekends. 


ODEON HAYMARKET *930 2738-27711 
MIDNIGHT EXPRESS 'X> Sep prog; Dly 
2.30. 5.30. 8.33 pm. Ail seats bkble. 


ODEON LEICESTER SQUARE 1930 6 1 1 1 
EYES OF LAURA MARS ( AA-. Sep preps 
Dlv. doors 3 pen 2.00. 4.45 7 < 5 . Last 
3 davs. 


ODEON MARBLE ARCH W2 


'2 3 


M WM 1 201, 21 REVENGE OF THE PINK 
MA5APA by Edgar White, Lart we en. , panther (Ai. Progs com 315 8.15. 


Ton't Tamar. B. Opens Wdd- ' S«k. , M1 „ r , , u . m „ 
Evs 8. Weff Mar 2.45 ■ Sm 5. 8 ! PRINCE CHARLES 

PATRICK' GARLAND'S 
Adaptation gf THOMAS HARDY'S 
UNDER THE GREENWOOD TREE 
■*A lov -to- watch. 1 ' BBC 


Lelc. Se 437 3181 
Walerlan Boronccyt s THE BEAST. London" 
(XL Sep. Ports- Dlv. ‘Ip: Sun.i. 3 1 D. 

. 5.55 2.3S. Late show Fri. L t. 11.15. 

1 Seats Bkble ■ L ic'd -B*-. 


VICTORIA PALACE. CC. 01-328 4735-6. STUDIO 1 8t 4. Oaford Circus. 437 S300. 


01.834 1317. 

E*o*. ■ 7.3D ■ Mats. Wad.- ana 5at-2.45-( 
■ STRATFORD JOHNS 

SHEILA HANCOCK 
ANNIE 

" BLOCKBUSTING — . 

SMASH HIT MUSICAL." D Mail. I 


1. Jill Ciavburgh. Alan Batet, m Paul 
McmrUWA AN UNMARRIED WOMAN 
(Xi. Progs. 1.0S. 3.30. 6.00. 6. 35. Late 
Show "Sat. 10 JO.. 

A Again* Cb r>s»>f\ DEATH ON THE 
NILE ■ Ai ^p. Port? Dlv 2 1S. Slfi 
8.15. Late snow Sa:. 11 . is. seati BLbi» 










FINANCIAL TIMES 


BXACXHN' HOUSE, CANNON StWEEfT, WWDON BOff ®Y 
Wtamiw i Finanttatto, Lawh* PM, Tetec W8 W/ 1, M3S8T 
Tricplw w: W-®*f 8§t® 


-^naacial /Times - ftgoiiday 

BRITAIN’ S POWER PLANT 

Pt& United* they stand but®’ 


•'v ..?-'• 





*' ■:*$&%&■ " - 
..• •• • 


'Kv? 


Monday December 4 1&78 


Soviet power 
is limited 




ROMANIA has been developing 
its own independent foreign 
polio' for the past 15 years. 
There is little doubt that taking 
a different line from the 
Russians and showing the dag 
around the world has touched a 
responsive nationalist chord. 
There have also been occasions 
when Romania's insistence, for 
example, on maintaining diplo- 
matic links with Israel has 
given the Soviet Union a useful 
auxiliary channel of informa- 
tion and communication in 
:the Middle fast. President 
: Ceasusescu's willingness to act 
*as “hone«t hreker" in the con- 
flict between Vietnam and 
■ Cambodia and in other areas has 
'been appreciated. 


.-/f Publicity 

Three times this year, how- 
[t^t'ever, Romania has taken an in- 
dependent line which has 
’ brought it into direct confronta- 
;V tiou with the views and suscep- 
abilities of the Soviet Union. 
Romania opposed Soviet-in- 
spired mores to achieve a more 
: -- integrated deei si on-making 
structure in Comecon. then pro- 
l: yoked criticism by inviting the 
;.V Chinese Premier Hua Kuo- 
• . Feng. Finally last week it srood 
■:l out against higher military 
r : budgets within the Warsaw Pact 
and declined to criticise China. 

What is more. President 
K Ce&usescu went out of his way 
ff; to seek maximum publicity and 
public support for his indepen- 
i'v dent policy on his return to 
}•/ Bucharest ana in last Friday's 
■~'l keynote speech, in which lie 
floated the idea of a de-miii- 
tarised buffer zone in Europe. 
|-V This indicates tliat domestic 
j.'- considerations are playing an 
important part in Mr. Ceau- 
C't eescu’s calculations. The Rnm- 
anian leadership has, al ter all. a 
lengthy experience of justifying 
&£ repressive policies at home as 
• ' ; the price to be paid for inde- 
il peadence abroad. But tiiere 
have been signs of popular dis- 
5 3 content with the cult of person- 
!£ ality, the sycophantic press and 
radio and. above all. die con- 
j£_ tinuous belt-tightening. . which 
Jr has accompanied the drive for 
rapid Industrialisation. The de- 
l-.s fecti'on'of a high ranking sec- 
ret police officer, the sacking of 
jv-. high party officials for corrup- 
tion, strikes by coal miners and 
/ the pressure tor freer travel and 

I rhrcm V 


higher Living standards all 
point to considerable domestic 
difficulties. 

Air. Ceauseseu’s rejection of 
the need for higher defence 
spending was motivated in part 
by die negative effects this 
would have, on an already 
strained economy. But Romania 
is not the only country in the 
Warsaw Pact which would 
dearly like to concentrate its 
resources on meeting pressing 
balance of payments problems 
and raising living standards 
rather than bolstering up the 
Soviet Union’s great power poli- 
cies. Fuvdiermore. although 
Romania is in some ways the 
most outspokenly nationalistic 
country in the East bloc nation- 
alism is alive and well through- 
out Eastern Europe, as it is in- 
deed within the multi-national 
Soviet Union itself. In this con- 
text the latest Romanian move 
represents another serious chal- 
lenge to the hegemony which 
the Soviet Union has imposed 
on this part of the world since 
the end of the war. 

Long frontier 

How will the Soviets react? 
In military terms Romania can- 
nut be defended. It is 
surrounded by other Warsaw 
Pact countries, except for its 
border with Yugoslavia. This 
might well prove a blessing in 
disguise. The invasion of 
Czechoslovakia took place, at 
least partially, because it did 
have a long frontier with West 
Germany. As for economic 
sanctions, these could be 
applied and could aggravate the 
country's economic problems. 
Romanian trade with the Soviet 
Union itself has steadily 
declined in relative terms nver 
the last 15 years but trade with 
Comecon as a wbole still , 
accounts fur 40 per cent of 
Romania's overall trade. 

In the long run. however.; 
neither military' intervention 
nor economic sanctions would 
solve the basic political prob- 
lems involved in maintaining 
Soviet hegemony in an Eastern 
Europe where ideology' is on the 
decline.. where nationalism and 
a desire for higher living 
standards is strong and where 
Soviet leadership is acknow- 
ledged with increasing reluct- 
ance. For the Soviet Union the 
problem is likely to get worse 
rather than better. 


j housing 
money 


T HE power plant manu- 
facturers of the European 
continent received a pre- 
sent from the Britisb Govern- 
ment two years ago. Nicely 
bound in red. it was a 100-page 
document named "The Future 
of the United Kingdom Power 
Plant Manufacturing Industry." 
and it was written by the 
Central Pulley Review Staff I the 
Government's Think-Tank). Not 
quite, a present there' was a 
nominal charge of £'2.50. 

“Worth thousands of pounds." 
was the ecstatic verdict of the 
publicity department of Brown 
Boveri, the Swiss turbine 
generator company which domi- 
nates rhe world market. Boveri 
should know, say disgruntled 
UK rivals; it quotes extensively 
from the document m its export 
promotions. 

A few examples: “All major 
producing countries irirh the 
exception of the United King- 
dom (report's emphasis) have 
installed 1.000 MW (turbine 
generator) units and have either 
installed or ordered 1,300 MW 
units .... Ail of the major 
manufacturers. except the 
Britisb, have a significant ex- 
perience in carrying out turn- 
key projects - • . lack of a strong 
established turnkey capability, 
no home business on a turnkey 
basis, and an -unwillingness to 
commit the necessary financial 
resources in this- field have so 
far excluded British manufac- 
turers from many opportunities 
available to foreign contrac- 
tors.'’ 

This piece of recent history is 
worth recording, for it is repeat- 
ing ilself. Last month, the Prime 
Minister asked the CPRS to 
enquire once more into the 
power plant industry, and to 
report to the Cabinet. For the 
manufacturers, the first exami- 
nation was a tragedy: will the 
second ' one he a farce ? 

It may. at least, not be 
another tragedy. The report will 
be a limited one. concerned 
with the relative technical 
merits of two different types nf 
660 megawatt turbine genera- 
tors (though there is rather 
more vo it than that); and the 
think tank wil! probably report 
to the Cabinet in confidence 
(though this has not been 
decided, and in any case reports 
of this kind tend to leak out 
piecemeal sooner or later). 

Yet- whatever the safeguards 
against widely-broadcast criti- 
cism, the industry is now— after 
its previous experiences— deter- 
mined not to present any other 
but a beaming face to the out- 
side world. Unfortunately, this 
desire conflict* with the reali- 
ties of commercial life: they are 
—especially for the turbine 
makers — intensively, even bit- 
terly competitive. 

No industry can present an 
entirely convincing image of 
success while its members are 
scrapping and throwing mud at 
each other, at their domestic 
client, the Centra! Electricity 



total number OF TURBINES OP 50OIUW 
AND ABOVE MADE OR BEING ^ 
MANUFACTURED BY PARSONS & GEC: 


No. of exhaust 
■ . flows 


.In Service . 

. _ .Four - Six - - Eight 


■ -In Manufacture 2-^-7 

Four-' ' Six' Eight ” Tctafu^?' 


l>«< '4 

l-r. 


Sir Arnold Wei us lock 


Generating Board, and at the 
Government. Add “to this the 
fact that the question of 
mergers is still unresolved, 
indeed, deliberately kept open, 
and it is clear that the desired 
image of confidence hardly 
stands scrutiny. 

Two series of events have 
brought the latent rivalries boil- 
ing to the surface — the award 
ur the Drax " B “ contracts, and 
the invitations tu tender for the 
power plant required, for the 
advanced gas-cooled . reactor 
nuclear stations at Heysham 
(under tile control- of the' 
CEGB) and Torness .(under the 
control of the South of Scotland 
Electricity Board). 

Drax ■* B ” was horn in con- 
flict. The Government forced 
the CEGB to bring forward the 
ordering of the station by 
around 1B~ months in order to 
provide work for = the severely 
depressed power: plant industry. 
The Government is Jo pay a 
maximum of £50m for this 
exercise of authority to cover 
i he extra interest charges 
incurred by the Board. This, 
ton. resulted only after lengthy 
argument 

From an early stage it was 
knnwa that the hulk of fhe 
turbine generator work would 
yn to C. A, Parsons, the genera- 
tor division of Northern Engi- 
neering Industries: The Govern- 
ment wished it because Parsons 
had little work; the CEGB 
wished it because Parsons had 
supplied the turbines for Drax 
"A” and. on engineering 
grounds, it wanted- compati- 
bility. Bur this did oof prevent 
GEC from, pulling in a rival 
bid for the three turbines days 
before the Parsons award was 
announced- • At £SSm. the GEC 
bid was- around £20m less than 
the Parsons price. 

The Board rapidly rejected 
flu- offer; but Sir Arnold Wein- 
riock. GECs managing director, 
had made his point;; he could 
beat Parsons on priced 

The boilermakers were 
scarcely less acerbic. Babcock 
and Wilcox emerged early as 
the favoured manufacturer. 
Work on the Hue*, and ducts. 


threemensat.amiaidytog^her L4 
on one- side -of: the hall — Sir - 
James Woodesom cbalrritaiT of . . 
NEI; Mr. R. B^' ’ Catepbell, ' 

• managing director - of • Babcock. • . 

... Power Plant; and Mr. Fred' ", r: 
S' Bonner^ deputy chairipan of the ' " J. 
* CEGB. ' Tbe^groupmg- was sym- 

bolic;- /the ' two tioilermakeis, - >- . ■? 
while not ‘formal! jr negotiating- • ;) 
on a. merger.^are -informally -7^ | 
. talking'again, ahd the CEGB is,. j\7 \ 
-•encouraging them to- do so. __ 

The Board’s concrete _demt>n- lu- 
stration- of ^encouragement, As * 
that it 15. insisting- that.- the . 
boilermakers share their- tech- ' '--. - 
' nologies — Clarke .Chapman _i ; 
teaching Babcock, the tricks.- Of^-- . - 
the nuclear trade, while the ,..!, 
latter reciprocates. in coai tech^^. 
hoiogy.' Thus Babcock -Wfcgjp/J 

* - '• • participate • in the. 

Sir James Woodeson . .. . ord ers , thotish the, intention 

'■ to give the lion's share to GawipSfe.-..: 

worth around £10m, was to he news, and that, as* Mr. Beipjis lively high marginal savings, on chapman. 

sub-contracted to NEI-Clarke Lomer. the forceful -Board- running costs in thbse countries -p^ e m anu fact ure rs this . 


P arsons 

*- 41 

2 

1 

14 0 

• jw 

GEC . - 22. 

OF whirti. for export: 

■' 4 

14 

• . 13 0 

\ 

No. of exhaust 

In Service 


tn Manufacture 

: 

flows 

Four Six ■ 

Eight 

Four 

Six Eight 

T 0 S 1 . ; 

Parsons 

- 9 8 

1 

1 

6 0 

.-25? 

GEC . S 0 

Total export capacity (MW) 

0 

9 

3 9 

' 37.-... 

Parsons 

4J00 5.360 

500 

500 

3^20 0 

14380 

GEC 

2,600 0 

0 

6,050 

3.600 0 

1W50 


Soarcf j: Industry fignrni 


te 


f^irl 

, > 


Chapman. But in the first part member for construction put it where the cooling water used is f orwar( i jjfto the next period rf: 
of this year, talks were going on — “there is no debate, there -is at a higher temperature than t v, en uciear age.- stilf m : sofe^ 


- of this year, talks were going on — “there is no debate, there -is at a higher temperature than thenuciear ag®*’ stilf 
between the wo boilermakers no argument We are waiting that used in the UK. uncertainty; but arguably 

about a possible merger. These for lenders." The conclusion then seems to potentially better &ape/ tfiah ; 

talks were formally broken off The news that the CPRS was be that while Parsons currently when the CPRS last had them in i 

in July, and there seemed to be to investigate the matter of has a design for a six-exhaust jts sights. It is essential that - 3 

some bitterness in the after- turbines has also put a kind of turbine, which is’ reliably re- tjj e y should be. In the first 

math; Babcock let it be known •• sub judice *’ seal on the ported to be favoured by both p i ac e, the -CEGB is- determined 

• U.4 . k. U.... ..j ri„«i n i. . . f .1 ni?rTi > tk. cccrr* /<k«« : _ l. ^ I Tiuman ac 


that the flue and duct work debate. Despite the apprehen- the CEGB and the SSEB (they to see Heysham and Torne&s as 
might be let el.-ewnere. sion of much' of the industry have already said as much to the first “standard” stations, 

“The work is the type which over further CPRS involvement, the think tank researchers), hut incorporating the . lessons 
could be. done by any one of this has been another notable which is apparently -jess attrac- learned at Huntereton.'. and 
hall' a dozen manufacturers.'* achievement by Sir Arnold. Active on exports markets, GEC Hinkley B and capable of dup- 
said Mr. Toni Carlile. Babcock's a meeting with the Prime has .a four-exhaust system which lication by other, future, AGRs. 


pllie 

tloar 


fie? 


deputy chainnan. at the time. Minister last month — at .whl^h has already achieved substan- That means, of course, that it ; 
“We are horse trading with a Sir Kenneth Berrill. head of the tiai export orders and which is is imperative (a) that Babcock. 


number of manufacturers on CPRS, was present — Sir Arnold cheaper but less" attractive than 'and Clarke Chapman/* do .-share 
price, and there might be a managed to convince a rather the six-exhaust to the domestic -tech oologies if Babcock/' as to 
change of plan at the condu- reluctant Mr. Callaghan to call client - play a major idle'-' itr-AGR 


sion of these talks.” in the the think tank, as a more 

In the event, all was tidied fitting foruiu for debate thxn 
into a deal which was much the the Press, 
same as it was supposed to be. But there has been debate. 
Babcock won -the boiler work. The matter is a difficult one-to 
sub-contracting to NEI Clarke summarise because one. side of 


Sitting 

pretty 


bo derm akin g and ' f b) thalfGEC 
and Parsons' both 1 , establish 
stro hg ■ ‘ cla im s. ]fdr their : kbtiily . 
to supply acceptebte-. turbines. 
■The honrmre. for-th^ 'meanent 
are all with Parsons. -It has 


Chapman. NEI Parsons took the it GEC. will not participate: As Parsons believe -it is- sitting applied six-flow turbines for 
turbines, with a sub-contract to. far as can be determined,; the an “ needs .merely :to ^ fiv g AG r stations .^uilt or 

GEC. The fuss died away only main points are these: -.waJt for the order to all into yjnder constructiori. ^r.' 


to start again in time for the <9 The choice of system'- lies . h fi hakpn itc ennfi- III LUC >. hCWJiu U19 

tendering for the next phase between a “ four-exhaust* or 7° ,^ export market gets .no' 'easier, 

of nuclear power stations— the - sis exhaust 660 MW turbine. ^ P S„fhL wan Both the Government- and the 

VS**?. * ’iS'tSa'S' CEGB still bglieve -^that'-the UK 


its. lap — though- the - CPRS- 


In the >. second place;' the 
export market' gets .no- easier. 
Both the Government 1 - and the 


nn the def ensive, toll h.i w.a cE GB UK 


IJICMSHL, \-iCrt. /UOAM.-UUIU L,__u rrmnnA Ttc riMeniM C.UOU aim ucutw luol vuc *-'**■ 

reactors (AGRsi. The four f 0Ul -. a nd six-flow systems 5® 1 can. compete • ihtern.ati(malJy 
turbines will be worth between though, as the figures :»bove h“|- b fhp rip^nfnp fS- SlSS? - ohl y if 3tmarketsJts-powetL=; 
fI20m-£140m. show : it is the four-fin wlwhich ^ hpn.V^fn m Plantsunderthe banner of “UK 

, ' , leads in. export markets. -.Par- £1^1 r?r Sf «PPn>ach . which' is 

Murkv sdns - on ti» e Other side, is much !!! striven for in sector after : 

iVlUIUJ stronger in the six-flow.-.The ■»» ***<*'■ WhBe it-is true that " ' 

ground CEGB has put out coiUracts'-^for m - .^ I ^ t since the last CPRS reportrfte -, 

^rUUUU competitive tender for ^ cfhipetition to NEL country n0 w has in ;NEI. an 1 in- • 

This is still murkj’ ground, systems to both companies, ly jOn the boiler side, the CEGB' tegrated pointer ;^plaht z^anufac- 
Wbile much has been written, • The technical arguments-: ^readyvmade- it clear^to ttrrer capibIe_of.J9ffraJi^tanv 

over the past month, an AGR centre on the effieieffiy of^he^-NEFOerke'Chapman that if^ls key work,. A - is*, also true that 
orders, and especially on tbe turbines expressed pi. ‘• ] e avmg '® e i ^ ferred ^orders' 'for tirc nuclear 

turbine tenders, a sudden loss;’* that is, ihe l#ietic energy stinW/^ecauw it ^ . 

silence has fallen over the in- of the steam after it has left for -660MW AGR wonby thenewcreatidnrntHJne; 

dustry. This is not by chance: the final turbinc^hecl. In a six- boilerir.and Baboick doe& not^itsettps.'wanfs-'AGRs; 

Sir Arnold Weinstock, the most exhaust s>stem; leaving loss is (Babcock-. has_ an available On a-' hop^Ehl persjiective, the 

nAuritvfiif m«A in (hn inrinct rr 1 a Ua amnnrl O nar OfiSJED tOT 60 OM W COS'rfirftd - • - — — A. ' 


dustry. This is not by chance: the final turbincAvhecl. In a six- 9 ***; an^isaoTOCK. aoep^i^it : ^e«9s ;t WMts- AUKs. ^ 

Sir Arnold Weinstock, the most exhaust s>steipi leaving loss is (Babcock-, ha^an^ available On a-' hopeful persjiective, the 
powerful man in the industry, claimed to be around 2 per cent, r e ^ en . .™!, w coal-fired fkxt sigas *of :hi^jrovjement now 
has expressed his displeasure at or 13 MW. against a loss of *k5 boilers: Clarke Chapman does nWer hibl e 1 ' - in thii 'troubled 
the public washing of dirty per cent, or 30 MW, from a four- not - The., boiler ..poptract is industry wifl-be bailt TOph and 
linen, and the official word from exhaust turbine: worth arounu £Z- 0 ra.' . ; will grow, and j 4 ti M 31 r-^Zpain- '' 

GEC is. that "the company • The above point must be However, m this case.-the: fui-^ltrtionsf<h;th£fC^-/tIiEy7-: 

rinnlinac tn er.mmon t hpmiTCA nn *>mnrl re cf*ihn< Fiirthaw uihcifi Kittfim Aoc WirVi inli A«pi _ jl. ' ». . • * ’ T ' 


- . 4 : 

rr'-v 


■ -Vi 


properly decided by a debate in turbine, which is significantly a lecture given by Sir Francis it will matter '-mot at ■-all;' how - 

the Press. In tiiis stance he is more expensive than the four- Tombs, chainnarr of the Elec public or how privpte th^argn- 

buttressed by the CEGB. which exhaust system, does not. it is tricity GounciJ, to the Institu- mwits the" uterkhte -' 

agrees thai no news is good claimed, offer the same fela- tion of Mechanical Engineers, wilt continue fb reeptfe. 


■ THE NEW scheme of 'financial 
assistance for first-time house 
^buyers which the Government 
-launched last week is com- 
paratively modest in scope. But 
.it has been widely criticised as 
being both needlessly compli- 
cated to administer and 
uncertain in its effect. 

Tbe general idea is that 
people who regularly save for 
a house with a building society 
or bank and who bold a mini- 
mum of £300 after one year 
and at least £600 after two 
years should qualify for u tax- 
free bonus and a five-year 
interest-free loan. At the top 
of the scale, the bonus would 
be worth £110 and the loan 
£600. But the Government 
wants to limit the scheme in 
purchasers of cheaper hous.-s 
and will not announce definite 
figures for qualifying house 
prices until 1980 when the first 
loans and bonuses become due. 
In any case, the payments will 
bo made «»nly when a house 
has been purchased aiul there 
is no guarantee that savers will 
obtain a mortgage. On the one 
hand, ir has been said that the 
scheme will have only a limited 
impact. On the other, if it 
proves a considerable success, 
first-time house buyers will have 
more cash available and 1 house 
prices will be pushed upl . 


reflected choice and partly a 
reluctance to move house which 
a change of tenure would 
involve! 


MEN AND MATTERS 


- r a 


The cost nf ihe new scheme 
may be relatively modest — about 
fltXhn a year after the initial 
two-year -waiting period has 
passed, accnrdin? to Ministerial 
estimates last week. But it will 
represent a further addition to 
the very considerable national 
housing suhsidy bill. This is 
now running at rather more 
than £3bn a year, counting 
mortgage tax relief for home 
buyers as well as housing sub- 
sidies. rent rebates and allow- 
ances for local authority and 
private tenants but not includ- 
ing the further unquantified 
subsidies which rent controls 
effectively oblige private land- 
lords to give to their tenants. 




Tuning up the 
instruments 


Staggered 


Choice 


The more fundamental ques- 
tion. however, is whether such 
a scheme is needed at alt. The 
desire to 'own one’s own home 
— and the sense of securily and 
freedom which home ownership 
confers — is so deeply embedded 
that further encouragement 
seems unnecessary. Already, 
just over half of all households 
own their own home, as against 
only one in ten 60 years ago 
and less than one in three 30 
years ago. and the majority of 
those that do not actively aspire 
to. Perhaps the clearest evi- 
dence of this was to be found 
in the results of the consumer 
survey commissioned by a 
National Economic Develop- 
ment Council study group on 
.housing a year or so ago. This 

•showed that owner-occupation 
was the preferred choice of u 
•preponderent proportion nf all 
age groups, save only for the 35 
age group and above. In that 

category the replies partly 


The distribution of these sums 
is related neither Jo income nor 
social need hut (o chance. Their 
effect has been to inflate hous- 
ing demand and lo encourage 
under-occupation. Together 
with 60 or more years of rent 
legislation, they have hastened- 
— if indeed not caused — the 
ncar-demiso of the private 
rented housing sector and so 
exacerbated the problems of the 
housing stress areas and the 
provision of so liable accom- 
modation for the mobile. . the 
childless, the poor, the elderly, 
and the single (with or without 
children). 

One can understand 
politicians being wary of the 
disturbance to household spend- 
ing patterns which even a 
staggered move towards pric-, 
ing for housing — with help! 
going only to categories of real 
need — would involve. But 
souner or later i housing policy- 
will have to he set upon that 
path, for the prc«?nt state of 
affairs makes neither economic 
ncir social sense. The chance for 
making such a change of course 
which was offered by llie hous- 
ing finance review initiated by 
Mr. Anthony Crosiand was un- 
fortunately lost. The danger 
now is that electoral considera- 
tions will again become para- 
mount and that the major 
political parties will engage in a 
Dutch auction nf subsidy- 
schemes for fir.** -tun.: buyers. 


Fresh front Friday's lunch for 
Richard Nixon the Hyde Park 
Hotel is spending the nexi rhree 
days hosting the Trilateral Com- 
mission. But when I nienliuue-l 
in whose foo'iteps the Cormniv 
sion was to some extent trend- 
ing. its European Secretary. 
Harms Maull. was quick to stre^is 
that Kissinger might be a mem- 
ber hut Nixon wa.-- not On ihe 
contrary, he told me. tbe Com- 
mission's formation had been 
triggered off by the unilateral 
economic measure.- taken by 
Nixon in 1971. 

Eventually fuuoileci in 11*73 
the Commi-Mon has been 
remarkably successful with its 
membership. Its first director 
and co-founder wds Zbigniew 
Brreztnski and its erstwhile 
members — erstwhile because 
They retire on taking office — 
include Carter. Mondale.. Vance 
and four other members or tbe 
Carter cabinet. In Wertern 
Europe, the French prime minis- 
ter. Raymond Ear re. 3nd West 
German m-nirter or economy 
Count Otto Lambsdorff were 
members, a? were twu senior 
members of the Fukurto 
administration m Japan. 

North America. U'cst Europe 
and Japan are the three rides 
from which the Commission's 
name is derived. A sor-t of 
political Ruiaty Clab'.’ I asked, 
but Maull was quick to reject 
this and to bring in another 
trinity: " Xd. more serious, a 
combination of a think tank, a 
club and an international 
group de pt'rsvaxion." He 
thought a .pressure group would 
nut he the correct term since 
the Commission relies mainly 
on its members to act as wh3t 
he calls the " rransmissiun belt " 
fur the ideas agreed on. 

Mau-II told me that 2 bout one- 
half of tiie Commission annual 
S 600. 000 budget came from 
foundations. 35 per cent from 
industry. JD per cent front 
Covermnent?! including the 
British Government and 5 per 




m 


^ of •- 

If* 






cent from -trades unions. Two 
nationalised British industries 
subscribe to its funds while 
among the British members are 
the rhoirmen of Barclay's and 
Dunlup and deputy t-hairnieri of 
ihe British Steel u««rpbfaT.k>n 
and Rio TihTo Zinc. 

“ We wvuld like member.: 
from ;he TUC.” Maul! said, 
agreeing that the I'vmaiisjaon 
was wooing she union*. 

The baste philosophy of ’-he 
Commission is ** the acceptance 
of the free enterprise economy 
and T-he need to reslrapfi the 
economic order," Maull says, 
adding that n i< “ basically 
reformist not revolutionary, but 
ir is nut cnnservaiwe in Hie 
-euse <1 1 hanging on 10 the status 
quo.” 

J asked Maull about one des- 
cription of the Cum mission as a 
"debating, forum within a 
consensus which is taken for 
granted by must or it> members 
but which others would think is 
irumplacen: and controversial." 
He stressed -the pluralism and 
1 lie “free and outspoken 
debate" which could be heard, 
nol least when -ihe Commission 
considered ihe i>.-ue of bribftry- 
And he ^aid he would be sur- 


prised if all its members agreed 
that the ICS.. had always been 
a benign and beneficial 
influence. .■ 

Indeed now he suggested that 
consultation between industrial 
countries was needed if the U.S. 
was no longer to play a shaping 
role; “Instead of a one-man 
hand with .some background 
music you have three or four 
insiruments on the same level." 

That these instruments should 
play with others seems to be 
taken for granted by Maull. Hi* 
sees smite prepress, though nol 
enough, in the North-South 
dialogue since Carter replaced 
Ford. But the Commission is 
inevitably looking Easi-West too. 
What Maull called the ” con- 
flict n a I ai-pecls " nf East-West 
relations is one matter under 
study, but there was I if tie trace 
of the cold war in his next 
remark: “ If you take seriously 
fhe idea »f global management 
of problems then in the lung 
run you have In draw the 
socialist countries in." 


Family affair 


The hoard nf Barton Transport 
is made up of Messrs 51. Barton, 
K. M. Barton. P. A. Barton, 
T. II. Barton. P. S. Barton, and 
.1 E. Barton. As you might ex- 
pect they are .standing firm 
against intruders, refusing 10 
support a would-be fresh 
director — A. Barton. 


Meaning well 


Crossword and Scrabble addk-lK 
have only themselves to blame 
if the O-Shz, Volume 3. supple- 
ment tu the Oxford English 
Dictionary is a little later off 
the presses thun its deadline «»f 
midnight. Dorentbcr 3J. J980. 
Its chief editor. Robert Burch- 
field. tells Itic he is plagued by 

word-game enthusiast* arguing 
for the validity oF words over- 
loaded with Qs and Xs. nr for 

the inclusion oi whal Burchfield 
calls ‘crippled" words. That is 
how he classes chemical com- 
binations but he savr, la til v: 


“We are interested only in real 
wnrds " ■ 

Much more sinister, . in ; his 
vi ew, a re the . pressure /groups 
with which he has to deal. . He 
dismisses as a publicity stiiut 
the attempt by one shirt manu- 
facturer to have “ shirty ” re- 
moved on the grounds that con- 
notations of ill temper were 
damaging the shirt industry. 

He is more disturbed by 
attempts to have the unflatter- 
ing definitions of “Jew” and 
“ street Arab " - excised. He 
seems little impressed by 
claims that such definitions dis- 
turb the peace: “The point of 
pressure used to be sexual 
words. That's all over now. 
Every dictionary includes them. 
But immediately dial kind nf 
pressure has been replaced by 
pressure on racial grounds, it's 
something that really grabs at 
people's throats." . . 

Apparently, so far every dic-j 
nonary house apart from one in! 
the U.S. has resisted. " It's quite 
clear that once you start that 
game of removing -words there’s 
no slopping it.”' claims Burch- 
field, who also lias tn run. the 
gauntlet of pressures from India 
and Pakistan over to which 
country Kashmir belongs. And 
there have been arguments over 
the origin nf the word 
’* Pakistan '* itself. 

Was it based on the word 
meaning ■■ pure ” or was it made 
up? “ Not only did we say it 
was made up. we proved it.” 
Then there are the holders of 
trade marks like Biro^who arc 
anxious that the capital letter 
should remain. 

Burchfield's major defeat, he 
says, was after 15 years' resist- 
ance having to accept the Milk 
Marketing Board’s word 
” pinta “ A horrible, useless 
word, hut it’s in the language 
now. unfortunately." 






- arw 


• - «- • * ■ 






r-A: :- v - 
















For. marry elderly peopte* 

seeinalifce the end of the world- " 

Nevertheless » pur headline is opbtsditittv. 

from one of our residents' letter s.. / - :• ‘ . a -i; 

- - r . Thc Distressed Gentlefbjk^Ai^ 
a particular type of Home iota particular type 
Not. just what is implied -hy^ihe- ^GeatJefo&F : 
but anyone, man or woman, . -who will .•£ t-m” witit ‘ 

residents. . . 1 -: ^ . j-.o - '? iljii,.. 

■ . ij Hoines in.diiSwnell^flSifidysoiiie ; 

fall Nursing Homes. Anyone who needs a Home butxyho: 
licks the necessary financial resources can upply to^the 1 
DGAA for help. -... : : . ' '. ^7"- - . 

, _ Places are short, becav^ mdney-"ii short:' Yqur .. 

donation is urgently required. And please^ do xexoember - 
the DGAA when making out yonr WBL- t--' ' -• 


Pound foolish 


Heard in a Mayfair mght club: 

” Change for a fiver, sir? In here 
a fiver is change.*’ 


AID ASSOCIATION 


Observer 















" ^gia BaFiNANTTAT, TIMES SURVEY 

• •" Monday December 4 1978 


( J-piU >q_» 


t -li zj •;» ... ..* 


^®-‘ sat a*,- 

aa2fr» 

-- tvA ... 

se*5*.§ / 

?«* lu-o 

£»»r. 

an^. "%' 

iSJ*Elh«; W - 

*«*5* v • 

J r“. Clark* ! V : 

irad^i? 

».cij,roca lo 7;,< ... 

s. Thu? n ') tT flt- 

in ■"■ 

an. ^loftg ^g ; 


‘i - --• ' • 





CONTENTS 







; 1 ; The EEC is preparing to make major decisions about 
its membership. This 16 page Financial Times Survey looks at the 
ig Europe including the debate over monetary union and the likely impact 
of next year’s elections for the European Parliament. 


Enlargement 

11 

Italy 

X 

Elections 

11 

The UK 

X 

European ill n not ary 


Ireland 

X 

System 

III 

Greece 

\i 

Economy 

IV 

Denmark 

XII 

Development 

TV 

Turkey 

X3I 

Defence 

V 

Yugoslaria 

XII 

Trade 

X 

Spain 

XRZ 

Fisbing 

v! 

Portugal 

xin 

Agriculture 

VI 

Norway 

XIX 

■ Industry 

VTI 

Sweden 

XIV 

France 

vni 

Finland 

XIV 

-Netherlands 

vi n 

Iceland 

\T 

West Germany 

IX 

Austria 

XV 

Belgium & Luxembourg IX 

Switzerland 

XV’ 


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i mtu rhf ■ 

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CpRs | a T 1 ** 


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rraiing -h“ r *>- 

fj* and c-ap a ^.’ 
*3>v other si * 

lognr ... 

STcC^ 
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arsons '*■ 

r =- «*£ 
ac:e:- ao!e -J 

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■Cmn a=s .- '~ r 


‘Editor 


- .-jy'A-' '■ .'■ • '^-arit^gratron, they would say, best 

rr% ^h tirishp. s- in periods of pros- 
- Jtu-jhW^d r f-L^ " f 1 l €L. perlty like' the 1960s. Record 

unemployment divergent econo- 
V- 7.; •• ; mfes and' skw growth rates are 

.. ■_: . . . -.not the basis for building a 

.; ^ ... monetary^ union,. the argument 
‘Xs ^:' : '■ ■■- goes. Like tbe ‘ k economists " 
: '• of- the early -iSTOs, critics of 

7 - the EMS maintain, that it puts 

; Ty\/\ ■ . : the monetary , cart . before die 

111 ' ■ ■ • economic horse.-.'- . 

; , ;•• . .- . i .- . - T. : ' . ‘ ' • ■•• .• Both President : Valery Gis- 

4 7v - ‘ -• ' .■■■-■■ . - card d'Estaing ’ of France and 

.r.- • «■•. Chancellor Helmut Schmidt of 
/I • . West German}',- -toe nien behind 

. 7. the' EMS, have- turned a deaf 

7.; •• v : ■ :F* ' •••’.' ear to such arguments. Tech- 

7' ^ nitfans who ;axgae that the 

. JBy Keginala Vale ... scheme vsnil not work or that 

'/• - TEuropetnt Editor ; . : ’ : : il wiil have 'unpalatable con- 
; U'.. . ..TT sequences have been told that 

^ :. 7 /■ V’.*. •• ' the decision is Tiot technical 

‘ marking «»t political.,-;:- . 

thne-T-some -would say .slipping: .. Advocates of the scheme in 
backwards— 4he ^European Com.- Bonn would ;go even further 
miuuty, is giraing' Jise^-ibr' a add claim: (1) that politicians 
new leap -forward. - It will -be a had to take the initiative because 
leap. or perhapsmore accurately nothing would W be done if 
a series- pf j leaps,.in' the dark., economic and monetary integra- 
Expart ropinioiK' ^ js ‘deeply dlvii tioa were Ieft -tO the experts 
ded over -whether, and if so Jhow, and (2) that. If nothing were 
the .new .European .Monetary done the Community would start 
System . (EMS), . due. to be to disintegrate. Turning the 
laUnched'.By Heads of 'Govern- ij^tnnent on itsbead they would 
meat in Brussels this week, will, say that it is precisely because 
wtf rk. ,; Equally, ii nknown are the economic circumstances are so 
impKcatioiidS- for tire Corn- difficult that .action must be 
muhityT -. development ' of the taken to stop the rot. 
first '/ direct' elections, to the : For both the ' French and 
Eurbpean. Parliament next June. Gennan leaders it. is important 
' end r -uie' admission of, three, new that the scheme -''should work, 
members— Greece; Portugal; and Herr- Schmidts advocacy of the 
. Spain— -in. ' two - to -three - years’ plan,- without Wjaicfi it would 
j j .have been inconceivable, repre- 

BSany would argue that now sente one . of the - biggest EEC 
is hardly . the : time for . frerii initiatives ever taken by Bonn. 

. expwiz^^s^ip-JbiropeanV inlgr At j^tftku- .. is not-i5ost Herr 
; gratiop ip% r as JSfe JS3S&. =Si k* ' Sobmidl’s personal preSti^" bjw 


the emerging political influence 
of West Germany. 

For M. Giscard d'Estaing. 
failure would be embarrassing. 
He has already suffered the 
humiliation of twice taking the 
franc into the European 
currency “snake," ihe second 
'time against the advice of his 
experts, only to be forced to 
withdraw. A third setback 
would be used by his political 
opponents in France as further 
evidence of bad judgment. They 
are already castigating his 
Government’s controversial 
economic policies. 

For Mr. Callaghan, of course, 
the problem is rather different. 
The EMS is anathema to the 
Labour Party’s Left, and to 
anti-Marketecrs in general, who 
see it as a fresh threat to 
British sovereignty. 

Determined 

The Prime Minister is torn 
in two directions. He does not 
want a. major new row inside 
the Labour Party: nor does he 
want to lose his seat at the Com- 
munity's top table. He has made 
it clear that he is determined 
not to accept some kind of 
second-class status for Britain 
in relation to its' fully 
participating partners. 

The Government’s Green 
Paper, published ai the end of 
last month, took a less negative 
approach than many people had 
expected. But there is still quite 
a solid body of expert opinion 
in the UK which argues that a 
decision to launch the new 
system now would be premature 
—not. only for Britain but for 
ihe other countries as well. 


Britain is not alone in its 
doubts. Both the Italian and 
Irish Governments have gone 
through considerable heart- 
searching on ihe details of the 
scheme’s operation, even if 
they favour the idea in 
principle.. Even in the Nether- 
lands. a full participant in the 
European currency “snake,” 
concern has been expressed 
over wbal might happen if EMS 
failc. Seuior Butch officials are 
afraid that collapse of ihe EMS 
might lead to the breakdown or 
the “snake” in its aftermaih 

It is hardly surprising that 
the joint initiative by Paris and 
Bonn on EMS has been inter- 
prered as confirming the emer- 
gence of a Franco-German axis. 
It is true that with Britain opt- 
ing out of a constructive Euro- 
pean role. France and Germany 
have the field to themselves as 
by far the two most powerful 
Community countries. 

Both Herr Schmidt and Presi- 
dent Giscard d’Estaing are fully 
aware that entente between 
their two countries is a funda- 
mental prerequisite for the 
further European integration 
that they both seek. In recent 
years, too. the Bonn Ministry of 
Agriculture has come almost 
to equal Paris as a defender of 
the Community's largest single 
common policy, the Common 
Agricultural Policy. 

But the two governments are- 
far from seeing eye-to-eye on 
everything. If Bonn is afraid 
that the Community is in 
danger of disintegrating, one of 
the principal reasons is the 
spread of protectionist 
measures, both overt and 
covert inside the EEC as well 


as outside it Bonn is as anxious 
as most other Governments iliat 
the Tokyo Round of inter- 
national trade talks, now in 
their final phase in Geneva, 
should be successfully con- 
cluded. Failure could plunge the 
world, and the Community, back 
into an era of protectionist 
beggar-my neighbour policies 
and undermine the basic rules 
of the international trading 
system. 

Yet the greatest threat to the 
Tokyo Round is currently posed 
by the altitude of the French 
Government. Unless France 
changes its position and allows 
a final package deal to be nego- 
tiated in Geneva by the end of 
this year, there is a real danger 
that the talks will fail. Time is 
running short for U.S. Con- 
gressional ratification and Con- 
gress is showing signs of 
impatience at the delays that 
hare already occurred. France 
may simply be trying to bolsier 
its bargaining position for the 
Round's last lap but it is play- 
ing a dangerous game. Herr 
Schmidt may well want to use 
some of his influence with 
President Giscard d'Estaing in 
Brussels this week to avert 
disaster. 

On direct e lea ions to the 
European Parliament, M. 
Giscard d'Estamg’s position has 
much more in common with Mr. 
Callaghan’s than with Herr 
Schmidt’s. Bonn, along with 
most other EEC capitals, is 
fairly serious in its hopes that 
the first poll, in June next year, 
will mark the start of a process 
which will turn ihe Parliament 
into a genuinely democratic 
body capable of supervising the 


activities of the Community's 
other jnsmutions. and the 
formation of EEC policies, in a 
way that national Parliaments 
cannot. Simultaneous Europe- 
wide elections, tn the view of 
the Parliament’s -supporters, 
should in themselves awaken 
new interest in Community 
issues and give a fresh boost 
tu European integration. 

Arguments 

On i hi? issue President 
Giscard d'Estaing. a 
“European” at heart, has run 
into the sort of domestic 
arguments about national 
sovereignty that are so familiar 
to British politicians. Tough 
nationalist opposition from hard- 
line Gaullists and the 
Communists has Forced him tn 
give an undertaking that direct 
elections will nut lead to 
increased powers for the 
Parliament. Mr. Callaghan has 
made similar commitment^ in 
an attempt to allay the 
misgivings of British anti- 
Mark deers. 

Nevertheless, it ts difficult to 
see the newly elected Euro-MPs 
meekly accepting this when they 
take their seats in Strasbourg 
Unlike curreni European 
Parliament members, raosi of 
them will not be members of 
their national Parliaments. 
They will almost certainly want 
to meet more often thaD the 
present Parliament's one week 
a month, and they will want to 
justify their existence to their 
electorates by making an im- 
pact on Community decision- 
making. They will .exploit iheir 


new democratic credentials to 
the full. 

Sooner or later the new 
Parliament is likely to tin d 
itself in a major constitutional 
tc-s>t of strength with ihe 
Council of Ministers. An c-arly 
source of discord could welt be 
the inter-governmental agree- 
men i obligine European 11 P> 
io divide their time between 
Strasbourg. Luxembourg and 
Brussels — lone a cause of wide- 
spread resentment. The council 
could well find itself seriously 
split in a clash of this nature. 

For this reason — and because 
of the Community’s imminent 
enlargement to include Greece. 
Portugal and Spain — it may be 
hard for the member govern- 
ments to avoid a serious new 
debate on the Community’s in- 
stitutional structure in the not- 
loo-distant future. Many people 
in the British Labour Party 
hope that the next round or en- 
largement wili so dilute the 
Community as to remove all 
Ira ccs of federal pretensions 
once and for all. 

The smaller member Stales, 
on the other hand, would like to 
use the opportunity to improve 
and strengthen the institutions 
bv making them more genuinely 
supranational. They see the 
extension of the Community to 
12 members as reinforcing the 
case, for example, for greater 
use. of majority voting in the 
council and correspondingly 
less use of the national veto. 
Here. too. one would expect 
such demands to be most 
strongly resisted by a Franco- 
British axis. 

The smaller countries are not 


optimistic that they will get 
their way. They are particularly 
alarmed by any suggestion 
smacking of the big-power 
directorate proposed by General 
tie Gauile in his closing days 
al the Elyscc in lfifiS. 

The original proposal has 
evolved since then. One version 
with which President Giscard 
d'Estaing has toyed is a super- 
visory body ou the lines of the 
UN Security Council, with some 
permanent and some rotating 
members. The fear of the 
Benelux countries in particular 
is that the unwieldiness of the 
enlarged and diffuse Community 
will give new impetus to such 
thoughts in the senior capitals. 

The .Nine have not yet 
grasped the institutional nettle. 
President Giscard d'Estaing has 
reaffirmed that what he wants is 
a •• confederal " Europe, with- 
out being very clear about wbat 
that means in practice. In 
December 1969 in The Hague, 
the Six undertook to 
"strengthen and deepen" the 
Community before admitting 
Britain and the other candidate 
countries. Apart from rushing 
through the unbalanced common 
fisheries policy that is causing 
so much i rouble today, they did 
not really do so. 

This time, if the EMS works, 
the Community will be 
*' strengthened ” before enlarge- 
ment — ahhmrvh nobody has yet 
given miuh thought as to what 
the relationship of ihe new 
members should bo tn the 
system. ■' Deepening.” in the 
souse of reinforcing the institu- 
tions. is likely to prove as 
difficult as ever. 




wtii;,--' ;-V. '• c.f. /.A '• i 


***' - *:* Vi*- '• . . 


■ yr .7^ *•*’*’ 






Amsterdam 

HOLLAND 

Aurora Building 
Ground floor showroom 
11.000sq.tt. (1 ,022m 2 ) 
Offices txi 6th. 7th and 
8th floors. 1 1 .SOOsq.ft. 
(1,068m*). To Let. 


Contact Anretmfani Offics 


SCOTLAND 

Scottish. Equitabte' House 
BolhwelJ Streets > . 


London 


suite 4,540sqJt (422m 2 ) 
'approx. To Let/ . , v . 

Contact t^ugaWOffloa .V. 


Southside. Victoria, SW1 
New office bufldi ng 
93.000sq.ft (8,639m 2 ) 
remaining. To Let. 

Fully air-condttwwd and carpeted.- 
■Contact Bruton Street OfSc* 


Brussels * ^ 

35 Square de Meeus. 

82.1 61 sq.ft. 

(7,633m 2 ) offices. To Let 
Typical floor 9,688sq.ft. 
(900m 2 ). 

Contact Brussels Office 


Paris «« 

Les Mercurial es 
527,431 sq.ft. (49,000m 2 ) 
Luxurious, air-conditioned 
office accommodation . To Let. 
Situated facing Boulevard Penpherique 
and particularly convenient lor erty- 
centre, airport and motorway 
connection. 

Contact Paris Ofttco 




London 


kUIIUUIl ENGLAND 

Milestone House. 

105-109 Cannon Street. EC4. 
Prestige fully air-conditioned 
self-contained offices. 
13.310sq ft. (1.237m- ). 

To lef. 

250 yards from Bank of England 
Ground llocn banking accommodancm. 
2 automatic irtis 

Contact City ol London Office 


I ; v ; 

•- < 





If IUUI JU SPAN 

Calle Luchana 23 
Newly completed office 
building i53,924sq.fL 
(14.300m 2 ) dfvisable. 
For Sale. ' 

Air conditJonpd. Carpeted. 

4 automatic £ person 

passenger Ms: • 

Goods Kti FuRy carpeted. 

Car Pwfcbg. fiwdy far 
immetiate occupation.' 

Contact HadM onto - 


/7 Manchester 

/ ENGLAND 

/ Ringway Trading Estate 
Wythenshawe. 

Warehouse and factory 
space of 153.00Qsq.ft. 
(14,214m 2 ) in units from 
5.000sq.ft. (465m 2 ) to 
35.000sq.ft. (3,252m 2 ). 

To Let. 

Withm one mile of Manchester Airport 
and the M56 Motorway. 

CoiOact Moncficw QfHM 


Richard Ellis, Chartered Surveyors 


' 3-i Coro hi!!.- Lonncn. £C3V: 3FS. : ‘ 

- Teiepiicnet Ol -285. 3090 ‘. : . ' 

: Telex. 38^732 • ■ y '■ -• 

-'S/to Bruton Sheet Lpndon WDC«DU 
Telephone. 01 499.7151 
•Telex .262495 - : 

York House. York. Street. .f r ; .,,'V . . 

Manchester M60 2DL : ?t T 
Telephone 021,236 9335 , ' - 4 " 

.Telex: 667359. : ■>. '■ 


• / 5-Hope -Street. Gissgov; G2^5A.J . 

Telephone: 04-1 --2iTi 1 931 .’ 

. 7e:ex: 7TS64T " ;"T : • ;:p : ; v.‘ /'TT 

17. Rue.de ia 5aume. 75002 fCans 
France/' ;• ■ -v ■ 

Tslepbcne: 563 OS. OS - . ..; ! -• ‘ 
Telex- 290 37Q: 

.Avenue :'des-;Arts 39v; T'-;. ; -■ 

: Bte No 3,;B-1040 Brussels j.Betgium. 
Telephone, 51.3 8.T' 37 . .7 

Teiax: 25093 7;‘ : uh T;T-- -; 


BacKferohagen 97, _ W ** 

r082:'GT7 Amsferdam , Tlci’laricf Y--V 
-T-ete^ione 440 7T9,' - •- s-‘ ; - V-’ 
'■ : : : : : 
; ;E'i£f{»(>3feria;Mart. ' Y : y;\; 
FH*q.-TelxeifSi-3i. Msdnrf.. Spain T>. : 
•TeJecbone:. 440 .7.72 ’> • Tp - 
Teic?x: ; ^2736' : n‘- ■ 





chard Ellis 











BANQUE DE LINQOCHINE ET DESUEZ 


INDOSUEZ 

Hoad Office : 96. houlavard Haunmann . 75008 PARIS, -. Tel. : ( 1 > 266.20.20 
Cemca'-Otlices-rW, ro« d« Cotn-eattos - 75003 PARIS* - T»1. : H V 766.52.1? 

' Tele* : 650409 Pwl* 

■BRANCH OF SANQUE,DE L'INDOCHINE ET DE SUEZ IN LONDON 
■ _/i "62/64 Bisftopsgate London EC2N-4AR 




Financial Times 




EUROPE n 





GIBRALTAR 

LONDON 

LAUSANNE 

LUGANO 

CHICAGO 

HONG KONG 

OSAKA 


BRANCHES 


TOKYO 

KUALA LUMPUR 

MANILLA 

SINGAPORE 

BANGKOK 

PAPEETE 

NOUMEA 


SEOUL 

BAHREIN 

DUBAI 

SHARJAH 

SANA'A 

HODDEIDAH 

TAIZ 


" original EEC countri-s already Industrially. » distinction, than intearatinn within ^ 

ETMI A DO C*H/I C*MT believe that it has worked less must be drawn bet ween Greece Community. . . . . _ «i -sywarettrntV- - Hafiv 

ENLARGEIVIEN 1 well since was lasr enlarged and Portugal on the one band The Commissioa has national- ^overe^my.^ flatly 
■ r „ f„ iwS Ld fear “It ft^Hcr and Spain on the ether. - The repeatedly called, though with refuse to entertain such a 
Cjrny de Jonquieres enlargement will aggravate first two countries have achieved d i minish ing conviction of late, move. ... * 

Common Market Correspondent existing problems. But there a relatively modest level of .for a substanU^ tran^er of a 

has been no agreement so far industrialisation, much of it resources to. the candidate also likely *<>-aave JSgJJJg. 
on. what should be done to centred in. areas like textiles. countries to enable ;them - to bearing ■ on ^the ^ECZsT^xteroal 
THE EEC is now set on an t^ em whieh are in deep decline idtb^come up to speed economically. policies. . ..-The ' ._Commnnity , s . . 

apparently inexorable course to- ‘ . ; . EEC. They have already been But West Germany, the de facto relations .witir,, Turkey.^have 


wards its nest enlargement. 


difficulties 


EEC. They have already heeA But West Germany, the de facto relations _with\,Turkex.- = fcaye 
' told that they mast not expect .paymaster of Europe, has so. far been under ^train Jor several 


REPRESENTATIVE OFFICES 


MADRID 

RIO DE JANEIRO 

SAO PAULO 

CARACAS 

HOUSTON 


JAKARTA 

TOKYO 

KUALA LUMPUR 
SYDNEY 


SUBSIDIARIES AND AFFILIATED BANKS 


EUROPE 

Credit Foncier de Monaco 
T rinkaus & Burkhardt ■ 

Banque du Benelux 
Banque de Suez Italia S p.A. 

Fmanziaria Indosue? S.p.A. 

Banque de Suez Luxembourg S.A. 

Banque de Suez Nederland N.V. 

AFRICA 

French Bank of Southern Africa Ltd. 

Compagnis Marocainetie Credit et de Banque 
Nigerian Finance Services Ltd. 

Banque de T' Indochina de.Suez - Mer Rouge l Djibouti] 

NORTH AMERICA 

Suez American Corporation investment Bank; 

' Slyth Eastman Dillon and Co 

ANTILLES 

Banque Antillaise 

SOUTH AMERICA 

Banque Francaise et Italienne pour I'Amerique du Sud 
-SUDAMER1S- 

NEAR EAST AND MIDDLE EAST 

AJ Bank Al-Saudi At Frahsi : Arable. SaoudiK . . 

Banque Sabbag pour Fe Moyen- Orient 
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Banque Libano - Francaise S A. L. 

Uluslararasi Eudustri Ve Ticaret B ankasi • UTEBANK - 

FAR EAST 

Indosuer Asia Ltd. Hong Kong 

OCEANIA 

Banque de I'lndochine pi dp Suer - Nouvelles- Hebrides 


Formal negotiations with Greece- pounded by the ra^t. that tne ^ increase their textile exports' failed Jo respond to this appeal, years, and Ankara . deeply/ 
on its membership application applicant counmes are-economi- oace j n5 ide the -Community aiid although' it .and other, govern- suspicious that-, Greece,. once, a 
are now approaching a eondu- caU >' less wen oeveiepeo rnan m(JS| a ^* oid adding to the over- meats are apparently prepared member, will use 'its- influence ^ 
sion, and it is likely to be most existing r.e,\. countries, capac jt v problems already exist- to consider some form of.. to the detrimenr of- : .Tnrkish . . 
admitted at the start of 1981. Despite unusually rapid grnwth . q tfw EEC - S shipbuilding, special assistance for_ Portugal, interests. • If^ fi«h:_$fl$tilitiei , -f 
Negotiations with Portugal .rates over the past jo years. stee i and refinery industries. - bothbef Ore and after accesnab. -wer*- to brealc -out-bfitweeff.’r^ 
began last October, and similar their a^gre^ate gross domestic Spain bv con trast. has built Whether such support will go Greece - and ' 'Turkey /after ■ 
talks with Spain are expected , product per head is significantly up a much brnader industrial beyond n*aT is needed merely enlargement, ; the, EEC cdnld- : • 
to start by next autumn u follow- bHow the . T«se n t ComTnimvty base and is - re?ar ded as. a to prevent Portugal’s .current, find itself Jn-a difficulr^ ^posrtiOn.^ ' 
ing the publication by the Euro- average, tnougn tne size or formidable competitor already economic crisis from deteriorat- To sajcthe. leasL gT^t reaTa^ ./-^ - 
pean Commission of its formal gap aiders, ma k m. s n exports of motor cars, com- ing further remains to be seen; -^j^d have to be exercised <m T V 

opinion of Madrid’s application. J n r mcrrial vehicles and crude and Germany is also insisting that 'ju- sides if it were to-ovoitC v . 

The nine present members of ^ . J) . *' finished steel. None the less the 'the EEC shelve the application, jjejjjg dragged Into ■ the oonflicL- 

the EEC have warmlv welcomed D , . „ a rvp Commission believes that of one of its cardinal principles;. . fTiat tKo : " - 

the applications m political ^ h SP h^T Ep Spin's balance of payments, free movement o£ labour, to the -£1 , v 
grounds; though none oF them » n . h r f v like those of the other two new members. Fearing, ah io- e*tiy ‘.t 

has sought to minimise the iT ^ candidates, would suffer- m-*ho- create in its already 

practical, difficulties which they Jj**. 1 ^ ®" J,' _ ear, - r fw* ot membership as immigrant worker population, it as many ehallMg^to 

are certain to create, it is rJ: Q f th ir progressively eliminated ' has said that It ; can not accept as the last enJ ® r S e i m ^ ; 

generally acknowledged that the c ‘ ,mm,,n Market. tariffs and quantitative restric- such a step before 1990 at the consequences are -star - being -- 

Communitj’. which has done . . tinns on imports from the rest earliesL felt m l ■ °?V '. 


bulwark of political stability, 
democratic- principles, respect 


Community, which has done . . tinns on imports from the rest earliest felt m maoy _ ,• - -7, 

much to foster an image as a APriCIiitlJrf? nf the EEC. All three prqispec- Institutionally,, enlargement Jlf f 11 

bulwark of political stability. ® tire members would a fab .be will pose a number of challenges earned out successfully^ wnh*:-; f. 

democratic- principles, respect Enlargement would double obliged ' to cut their external to the Community. Its structures p 11 * * urt 4 er ‘weakeningeonteion, • 

For human rights and ihe rule of fhe numher of people cmplnypd tariffs , on imports from. . other and procedures have remained wifi tequire a |«w .(few of;^' 

law, has a compelling obligation in agriculture in the EEC to Mediterranean countries,.' f Ur- fundamentally unchanged since political courage and a willing- r ; 

to respond positively to about 10 m but would increase thor reducing the protection of it was founded more than 20 ness to make material sacriflces 

approaches by three neighbour- overall production by little mnro their home markets. years ago, and there are good " 1 ***« of ihe - 7 ‘ 

ing countries which have only than 20 per cent, reflecting the . . reasons for questioning whether President TGiscard a’atainff " J : 

recently emerged from dicta- generally low level nf efficiency . .1 . they will be able“to function of France has suggested.': that 

tonal rule. - and structural inadequacies of V/llt€lai - effectively in an EEC embracing three "wise men ,f be. appointed V 

Not to have welcomed the the candidate, countries. A good fh e official view in-BTussfllk Wice the origjEiai number of to' draw, up an intfiepeddeat 

membership requests could- deal of production, moreover is is that wcb disadvantages 5oSf '*«««"«. ' assessment of the implications 

have had profound repercus- concentrated in sectors like bc com p ensate( j j n yj e longer The problem is' seen et ils-of enlargement and rdiKMttrheiitf --.:;.: 

sions inside the candidate coun- wme citrus and olive oil, where t(?rm b Qjg ^vnamic effects of n * 081 acute in the decision- Ways of dealing.wlth theofi, His' T-; 

tries, straining their political Mediterranean producers in the belonging to ‘a much bigger making process of ithe-OouncU proposal is expected: to* be && . 

imrfi.rm < iSnJ a fhS C nS ” 3 EEC are fat:lns market. But that presuppo^sa ot Ministers. Both the Commis- cussed -at thisweek’sEuropean " 

P ^rL« m S‘ J , considerably more Vigorous rate s 1011 and a number 'of smaller Council in EniSsels.T^oughit. .- 

wpi [rills riv C h M vH V Fr ^ ch ^ Ita,ia J ! f *™ er * of economic growth by the Nine countries believe that without is suspected .in aoufe. quarters 

Srf,Sn Pa ^ Ul wL. he rlr^iv are aflra «» that cympotition from than - lhey h * ve b eeS ablate wider application- of the as^ a tartic aimed atTmpihg with" 

which Mtol ta me Cora-' fowe?' In n. maneso since the iSTS oU Prhraiple of ' cucUarf raajori^ domestic poHHffll cppoStkra. m . . , 


plav J in undcrn?nnin« western diffieuiriM 9nrf thiir^n prese " 1 be likely to result in a worsen- present for deciding the T1EC EEC could none tbe.less help to ' 

Surity and Kmentin® S !£K ln »'« the dUparUies in.tU^al budgets an enlarged EEC clarifr to* Nine's rtfekine and- • 

cohesion of the NATO alliance, ments Mtolv presses S r « conoD ; ic Performance Which could rapidly become paralysed perhaps . induce - a..: greater - ^ 
On the other hand however sulxtantiai EFC investment to have bren Wlde,y bl »“ed- for at its nerve centre: But. both coherence in their approach to - 

*Sr& reraLn etn ""his * TS “«-«!“» W Britcin end Frccce, the two the Mk ahead of them.;: *•• . 

advanced stage unsure and more efficient, and more • ,lj. ;■ 

divided about exactly how to generous support for Mediter- " _-*r . - 

fulfil the commitments which ranean products, while France . C . . : ■' " 

they have taken on. There is has talked of setting minimum TT^ • - rt • ,- J ■ - .V; ': ' ' 

still no real consensus on how prices for intra-EEC farm trade. I 1 -I- 

the prospective members should ll is no secret that the TJK | 1T| I | 11^ - < 

be fitt-d into existing EEC supports enlargement strongly 1 . I Lyl 1CL I 111 • I I I | . tX. 

s»nic*nres. and even !?•" on the partly because it believes that ' ■ 

broad onlicy objectives which a it would hasten the demise of 

12-member Community should the hated Common Agricultural -r • j.. 1 • ‘ -■ 

set itself. Many of The six Polity. . -4 — L* - — ..-'--.Aff-mr 2 





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ELECTIONS 

Malcolm Rutherford 

Political . Editor 

DIRECT ELECTIONS to the 
Eurap?an Parliament will take 
pljci lur the first time in June 
next year. At this stage, how- 
ever, that is about Ihc only firm 
-tatement that can be made. Ail 
Hie- obvious que* tinns about the 
level of public interesL the im- 
pact that the new Parliament 
will have, and whether it will 
succeed in extending Us powers 
: are still open. \V.i 

Thfr probleni arises part^y be- 
! ;Bie elections hav.e been 
'so long in coming. They were 
originally envisaged in Article 
. 138 of Hie Treaty of Rome, but 
a firm decision to go ahead 
i was taken only in September. 
1976. The Council of Ministers 
agreed ihen lhat the elections 
•voulrl :>c held ‘ton a single fate 
•v'Miin the period May^iune. 
'i,* 7 '’ There has since been a 
/urtlvr slippage of one year. 

Tii- delays have undoubtedly 
' influenced p.vr>rcta»inns • Had 
th * elections taken place in the 
day-, of the founding father-, it 
SfvnfjN I'kcly that the Parlia- 
•nen; would have developed into 
a dynamic institution at least 
• equal of the Cnmmis.s on. 
-'•h! perhaps even of the Council 
of M niitcrs. As it is. the Com- 
munity has changed in the in- 
Itorun. and not only because of 
»hc enlargement from six to 
rune members. There is no 
natural disposition today among 
naiional government* to give 

rs 1>« a potent ial rival nr 
iron hie- maker. Power resides ' 

with the Council of Ministers, 
;md beyond that the European < 
Council. At l he same time, such i 
popular enthusiasm as might 7 
hive existed Tor the Parliament > 
in list have declined for want of j 
nourishment. I 

Nevertheless, it is a fact that j 
direct olnctlons will take place. v 
Fur.ipean reactions seem to r 
range from outright hostility r 
m some sections of the British e 
Lalmur Party, through varying f 
degrees of indifference, f.b a 
be l iff that a directly elected 
P-ir! ’ament is an essential pre- c 
requisite for restoring some 3 
dynamism T«» the Community. P 
Tli r - l.isi belief, however, has ? 
bi'vn somewhat overtaken by 'J 
even is. It muld not be known 
when the elections were being a 
planned that the event nf the e: 
year would turn um in lm the d 
launching of . the European s ' 
Mi me! ary System ralhnr lhan 
the elections ihcnusclves. What- ,r 
ever one inay think nf EMS. u it 
ran hardly hn said any mnre hi 
b.n the Community is Incap- 


■ able of takhig inltktives, and that is not.antnriwL Thefe are 
it haa done so without bothering also certain powers aw. the 
its head with the European Community Budget ' especially 

j Parliament In that sense, the where expenditure” is H'non- 
u elections may have been over- obligatory, under the Treaties 
shadowed. * .. —although this latter, category ' 

m Still, the elections have to be amounts to less'than 20 pefc'eent. 

fought and the -fact remains of total Community' spending. 
18 that Parliaments, especially There are -powers, too, to- ask 
,e young - " Pari laments, have a Questions and to pass resoiu- 
ie habit ■ of , demanding more rions, but not much more. -+ • 

» wnT b™ tlur^ise'Jf' tbe dfrKlly 

11 elected Members do not try to ° f J n J uence ‘ 

« assert themselves. than P° wer - influence, in. this 

1- .. - - •• - sense, means the opportunity to . 

it ine first test will come in say something that will* be 
II the level of interest the cam- listened to, perhaps widely- 
■s P^So tnanages to arouse. That reported, . but not immediately 
in turn wUi depend partly on acted upon. It cohclude*7rbe 
•- ™ w«lidates and partly on the possibility of speaking owp - tbe ' 
n reaction ot the media. It is just heads of the other -Ctommunity- 
e Possible, for example, that the institutions and getting thtotigh 
e 'P ec J ac ^ e Sen' Willy Brandt, to a broader pubQc, as well as 
1 Perhaps using Strasbourg to a 

d a “ d 51111 ohainnan 0/ the way into' national politics./ ' 

. Social. Democrat Party, cam- T . 1 ' • 

' paigning across Europe could S 8 ®°.® ra i ly assumed by 
_ command considerable atten- , ose - 111081 m favour oI direct 
l lion. The idea of L. immunity- and perhaps. fe?red 

wide elections is unique and those against, that -4the , 

' it could be that the media will P owere of **** Parliament; '^111 
push it for all that it is worth. 1 "‘? rea5e 35 a resulL Iri- jthe 

short-term, at least, that is Jrtbst 

[ p '„„i n .. . . unlikely. Both the’ present. ! 

; V^OIlgJlOlllGrSLtC British and French Governments 

i On j. other hand, there 

hi tit. obvious attraction for a formally ' granted’ 'without ^ 

! SrSZSTT* 1 *- (S?7J Mt - chM « ta * the^Yeaty of- S! ' 

£s.%r’«^sasr^ j ; 

i v t A ■ 

■ Parliament which few people l P^f re ^re, however.L.waysr-in : : 

■ know anything about, in which w ™” 1 tlie Parifament .could _ 
i he probably -doesn't believe and ma ^ e more, , effective use.Mof •. 

wliich in any case has precious e2nstfn * : - P nwers, and rcertaifaiy ' 
few powers. The media coverage expect it : to/extend 

! will mattes-, but at the raoment- “Pence. For example/ r an ; 

■ it u impassible to say which Parliament is almost r 

way it will go. . pound to make mbre noise; sigee 

There. may also be a question ^ 

of differential tunwniL ^ C TTT£,?t . 

BSSJL'Sfi’M the : 

rhS-« n - ” nl and m Couftdfl .or Mlhisters/ It v will 
to t ariM^ PU Lh enl * one knows Probably make ' a bigger, jbw 
will h« *■ “"c 10810 "*: about -Community ™endtee! . • ' 

mor J "bSSSL? Wt U V i° ll ^ -^d.l^cotod b . 

ore rairopean. it is by no -k naturaJ-aily'in the- Commis- 

SSws^ C wff W SL»? pt - thfe ’rtHch vitself: “feels sonje- 

frirtto^iHan h a ^ ate more timeS alighted.*? -fhe Council. ' 
friction than harmony. The CommfesiOT .could, beemhe 

Yet if - tin? run-up to direct ^ not the servant of^ 'at -least • 
elections, te unpredictable, the ihe-’civil servi^e/ttf, the Parlia- 
artermath is even more . so. The men L . 

powers or the Parliament, which- e^froio^- ot : toffuehce " 
du not change merely because Will depend -partly- on the -caro- 
‘ s . nQW . *** elected, . ‘are. Pmgn. "and* ’partly on whoMs 
limited but not entirely ejected Bui if ..the ..campaimi 

“Trome^it L ** .. tJje . most -^sarpuse gpnetial interest and 
e.lreme; it has the power tq th« : qaaURi,ja^at least the imb- 
diMinss the Lommlssiun. but Jicivy value, of -the new Parlia- 
Si lh4 * ffl ? h BS: - whole - inent is Tug^ then the, intcrKf' 
i^i.^. 55 ! 011 - , , ,he , power in could become self-sustaining.- A 
fnhihiun^,. it would be much European Parliainfint debaltfbn - 
more to- dismiss one the 

or other todividual.,membqr, but Agricultural, -. V / Policy^'-; u-ior : 

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Times Monday : December 4 1978 


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Shaky path to monetary union 


nient to a transfer* of resources in win wider support fell flat 
: -, '• ' •••••••'■ by the wealthier countries. By ihe time Britain realised 

•. tiWw 1 which 3Ir.‘ Jenkins saw as that ihe political momentum 

: : ’’ ' - essential to '.the maintenance behind EMS was not go ins to 

. . uUJ. pc JOJWjmer es of eventual EMU. cvaporaic. ii was too Jare ro do 

v : >v---. - The driving- motives of the much more than fight a rear- 

pjendt and .: German leaders guard action to have its design 
rat ‘EEC is on the threshold have been largely of a practical amended. 
oi;Vhat‘ may: well turn out to nature. For both orthem, ?hc Italy and Ireland also fear 
be the single most important maio purpose of-. EMS is in t b al r ^e inoueiary disciplines 

^fidsidn affecttag ; its futile’ minimise Europe s exposure ,o implied m ui^ comu have 

since the'S^P. origin ai-nfeidfiers currency movements, au verse economic eftecis, thougn 

agreed . to ^aduut . Britim, 'Vhim a . tbey^ _ e, , ie y e J me piau is iaj- mure aitracuve 



EBadcrs 'df ithe -Nine Govern* sure from German exporters ;o t(ll n Germany, they aie 
mexits- - complete. * preparations do something to prevent their loundcraiejinwis of me snaKe. 
for* tlie'-r. planned- "-.Ewhpean international competitiveness m wnjen countries agree lu 
MOnetahi System (EMS i : and ^ being eroded. by the ; inexorable i linil inc ttuemations ui th?ir 
declare Whether their countries rise, of the D-mark. By' the currency to wnh.n J.Jo per cent 
will .participate In it when it spring of this year, moreover, un eilher btau oj L-enual rale, 
goes inth effect early next year, he was becoming openly ineu . main concern has been 
Depending on one’s stand- irritated with _ tne c 4 rter that the new system should he 
Mint. , thfe-r launching', of the administration s failure (o check ru , j eSj j rigorous and durable 
EifS is either a commendable the steep decline ;of the dollar. uj an snake. 

1 “ d ktad P cat? Part"* has* undoubtedly 07 bt^n How differeui an animal EMS 
SSSy^aciting hi Europe in influenced by traditional Gallic >•" «rum Uie snake may become 
^PTrt vftars or it is an ill- suspicions of American ‘’bece- «•*•<■’“*■ onJ > JlU ‘ l 11 ,ld » bten 1,1 
SSLS^iSi whos^tech- ffloSy." He is also commuted nation lor .some months. 

tSu pnSmL to a bold programme of rev it a l- t rance, which has twice 
it from real i sine 4he objectives ising French industry in a bid sunered the indignity of having 
&SSJ^! to raise its efficiency and com- «o leave ihe .snake, ha. 


from foreign exchange market 
intervention. 

The Bremen mm m unique 
was. however. ini precisely 
phrased. When finance m mi- 
sters sat down in Bnissels early 
last autumn to draw up a 
detailed plan, they' soon dis- 
covered that it was capable of 
multiple and often conflicting 
interpretations. Disagreements 
centred on the precise exchange 
rate mechanism and interven- 
tion rules to bo used, anu these 
questions have dominated the 
debate from ihe start tsu much 
so. that some other element* or 
the Bremen communique, in- 
cluding the use of ECU for 
official settlements, have never 
been properly developed). But 
though often couched in arcane 
technical language, the. debate 
has in fact mirrored sharply- 
diverging national views on 
what the EMS should be about. 


Growth 


envisaged by its supporters. . 

. The scheme- has moved petitiveness 


German • r *»«n the beginning 


lusiileu 
that the 


vear^rince' Mr iC Jenkimt EEC. So that- there already of these features have been 
P?SidSt ofthe EureS existed a basic framework of diluted or abandoned altogether 
cS^n. ti^ed ^^e^- economic inter-relationships nn »nd that the exchange rate 

the idea to which a European monetary f? eme 18 " ow " ol n rauc J morc 

^ and initiative could.be .grafted. than an enlarged D-mark zone. 

monetary’ uniioiL il ls less than - . V - In deference to the French, 

nine mouths .since. Chancellor T Incf«l\]p :• • t ^ ie EEC summit in Bremen last 

Helmut' Schmidt of . Germany V U3l<1W1C • July agreed that ihe new 

and President Giscard d'Estaing • Britain has been no less "European currency unit” 
of 'France' answered his call by anxious about unstable curren- (whose initials spell the name 
proposing to their EEC cies. But it has been reticent a n old French coin) should 
coDeagues in Copenhagen that about EMS .. both because be “at the centre of the system." 
they’ establish together a it perceived in it an anti- was to have the same value 
European ‘‘.zone- of monetary American tinge . aDd be- as l he European unit or account, 
stability:*” ■ . cause of genuine doubts n weighted- average of EEC 

While EMS. may be seen as about the consequences for its currencies used to calculate the 
a. 'step on the road .towards' own economy .of joining. The Community budget, 
monetary, union, it is of course Labour Government has also The Bremen meeting also 
less ambitious' than the latter been under intense pressure stipulated that EMS would be 

goal. There is.no provision at from within its own ranks to backed by credits totalling 25bn 

this stager .fbr a' move to a. resist any moves which could ECU (about §33bn). These 
common currency, with the strengthen EEC. influence over would be created through the 
pooling of national: authority national policy. . deposit by EEC countries of a 

that- that would entail-rdndeed. These considerations led the portion of their national gold 
the form of the scheme after UK. initially to iam'paign for a and dollar' reserves, in exchange 
its initial twb-yyar runnipg-in much broader currency stabili- for which they would receive 
period’* remains : distinieftiy sati on J . plan ' which would ECUs. These would then be 

uncertain. Nor.- so far, has embrace the U.S. and Japan as used for settling debts between 

there been any firm commit- well as Europe. But its efforts European central banks arising 


Pm at its simplest, the po-i- 
uon of Germany, backed by its 
snake partners, pas been tliat 
sustained economic growth can 
be achieved only if inflation is 
kept in check through the exer- 
cise of fisraJ and monetary 
restraint. It argues that coun- 
tries which attempt a dash for 
growth by allowing their curren- 
cies to depreciate and stimulat- 
ing their economies vigorously. 


succeed only in fuelling higher 
inflation, which soon acts as a 
brake on their policies. By con- 
trast. countries which pursue 
prudent monetary policies are 
rewarded by a mutually, 
reinforcing pattern of low infla- 
tion and stable currencies. 

The exchange rate and inter- 
vention system backed by 
Germany is consistent with this 
view. It is based on a so-called 
parity grid in which a currency's 
value is related directly to other 
participating currencies, as in 
the present snake. Fluctuation 
margins would be set so that 
when one currency touched its 
ceiling another would automatic- 
ally hits its floor, requiring 
intervention by both ,ides. 

Britain, arguing from the 
opposite end of the debate, has 
contended that there is liule 
point in linking EEC currencies 
more closely while the per- 
formance of national economics 
differs widely. Attempts io 
force sterling inio a strait- 
jacket with ihe Deutsche mark 
and other strong currencies 
would l-avo the Government 
with an uncomfortable choice 
between pursuing excessive 
deflationary policies. which 
would further increase unom- 
ploy-men:, and resorting in 
frequent devaluations, which 
would undermine- the whole 
purpose of EMS. The UK argues 
that weaker snake members 
have had to spend large 


amounts of reserves and run 
their economies at low levels of 
demand in order to slay in an 
arrangement which has been 
constantly subject to upward 
exchange market pressure on 
the Deuischemark. 

With Italian and some French 
support. Britain has pressed for 
an alternative to the parity grid, 
based on a *■ basket ” m which 
each currency would be defined 
in terras of a weighted average 
of all currencies. When one 
currency began moving away 
from the others it could be 
clearly identified, and the 
obligation would fall squarely 
on tlie national monetary 
authoriry concerned to take the 
necessary action to bring it 
back into line. Thus the Bank 
of England would not have to 
intervene to stem a rise in the 
Deurschenurk unless sterling 
happened to be under strong 
selling pressure at the same 
lime. 

Tito formulation has. however, 
been stoutly resisted by Ger- 
many because n would be likely 
to increase the need for Bundes- 
bank intervention. thereby 
boosting German money supply 
and stimulating inflationary 
pressures. The most that 
Germany seems likely to accept 
is a compromise whereby the 
basket '* would serve as an 
early warning system which 
would trigger consultation, but 
not action, when one currency 


began diverging from the 
others. As a special concession 
to Italy, however, the lira will 
probably be allowed wider 
margins of fluctuation in the 
parity grid than other cur- 
rencies. 

The UK has already indicated 
that it does nor plan to become 
a full member of EMS from the 
start (even though, ironically, it 
seems likely to adopt monetary 
policies outside the scheme as 
strict as those that it feared 
would be necessary inside it). 
But it is also keen not to be left 
completely on one side and has 
been trying with some success 
to convince its partners that it 
should be associated with some 
aspects of the ’ EMS while 
leaving open the option of full 
participation later. 


Isolation 


This tactic reflects two main 
concerns. One is that total ex- 
clusion trom EMS could lead to 
Britain's political isolation and 
relegate it to the lower stratum 
i.if a two-tier EEC. The other is 
that ii it stayed outride the sys- 
tem Britain would be deprived 
of the leverage it needs to per- 
suade its partners to reform the 
EEC budget, which works in- 
creasingly to its financial dis- 
advantage. Although the third 
poorest EEC member in terms 
of gross domestic product per 
head, the UK is likely to be- 


come the single largest net con- 
tributor to the budget by 19S0, 
with a Diiymcnt ot more than 
£S00tn. 

Britain has insisted that EMS 
should be more than just an 
exchange rate system and 
should be flanked by measures 
designed to iron out anomalies 
which discriminate against 
poorer countries. This general 
new U backed by Italy and 
Ireland, which have been seek- 
ing an increase in EEC invest- 
ment aid to bolster their 
economies. But Britain's goal 
is more ambitious and contro- 
versial. Because its poor deal 
is due largely to the fact that 
it gains little benefit from the 
Co mm on Agricultural Policy, 
which accounts for three quar- 
ters of EEC spending, it de- 
mands inevitably call into 
question the CAP'? future. 

In several continental 
capitals, where the CAP i* 
cherished. Britain's position has 
been angrily condemned as an 
attempi :u rc-negociate the 
terms of its EEC membership 
a second lime. Mr. James 
Callaghan's delicate tusk this 
week will be to convince his col- 
leagues that Britain is firmly 
committed - to staying in the 
Common Market and to support- 
ing EMS. while trying ai the 
same time to get them to agree 
to steer EEC policies in a direc- 
tion which will remove those 
features most objectionable to 
the UK 


Parliament 


CONTINUED FROM PREVIOUS PAGE 


example, or simply on the future 
of Europe could command more 
Lhan the usual attention if the 
participants included a number 
of distinguished elder Maies- 
men as well as some promising 
newcomers to llic political 
scene. The Parliament could 
also be remarkable in being the 
most supra-national of Com- 
munity institution*, thus leading 
tn a new growth of European 
feeling. 

Yet, even on this modest 
level, the new Parliament i? 


likely to face opposition from 
national governments, from the 
Council ot Ministers and. not 
least, from the Parliaments in 
the member Mates. Nunc of the 
national Parliament* will 
lightly concede power to a 
potential rival. Thi* problem is 
particularly acute in Britain, 
where the major political 
parties are doing their best lo 
end the dual mandate, yet 
where there are few clear ideas 
as to how the Labour or Con- 
servative members in Stras- 


bourg will co-ordinate with 
their counterparts in ■West- 
minster. It is in many ways a 
recipe for discontent, but again 
discontent can be creative. 

In the longer run. there are 
other possibilities. Even in the 
appointed Parliament to date 
there have been some notable 
developments. Some British 
MPs have learned to know and 
admire the. Committee system, 
even while continuing to dislike 
Ihe Community as such, and 
have brnu giu their experience 


back to the House of Commons. 
There have also been the new 
cross-national groupings, especi- 
ally. but not only, between the 
European Liberal Parties 
National MPs who have gone to 
Strasbourg have learned some- 
thing about other countries that 
they might not have learned 
otherwise. 

This process of ero ^.ferti- 
lisation should not be under- 

estimated. Direct elections 
should accelerate ii. Bui 

whether they will do much 


more than that must remain at 
this stage anyone's guess. If 
one had to hazard a prediction, 
it would be that if EMS shows 
signs of working. Ihe moment 
for direct elections could .be. 
peculiarly ripe. Europe would 
again be advancing on more, 
than one front. But direct elec- 
tions in themselves are unlikely 
to prove much of a new 
dynamic. 

Malcolm Rutherford 


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FT 4/12/78 


ECONOMY 

Peter Riddeil 

Economics Correspondent 


THE PERFORMANCE and 
prospects of the main economies 
of western Europe have 
improved. during the last year. 
The change has not been 
dramatic, or as much ns might 
have hoped, but there has at 
least been movement, in con- 
trast to the experience of the 
previous two or three years 
when expectations have 
generally had to be regularly 
downgraded: 

The main progress, if it can 
be described as such, has been 
in preventing a further 
deterioration rather than in lay- 
ing the foundations for the com- 
mon objection of “ sustainable 

non-in fiationary growth.” But 

the average rate of price infla- 
tion has been reduced slightly 
within Europe and divergences 
have narrowed at least com- 
pared with the mid-1970s. More- 
over the balance of payments 
position on current account of 
some countries has improved 
significantly and in other cases 
there has been no significant 
deterioration, while the rate of 
growth of output has. picked up 
from the low levels of last year. 

This has also provided the 
background . for a greater 
stability of exchange rates 
within Europe — though not, of 


course, against the dollar— 
compared with the previous two 
years. The convergence of per- 
formance achieved so far. and 
the considerable remaining 
divergences, have been the 
springboard for the Franco- 
German proposals for a Euro- 
pean Monetary System which 
have preoccupied economic dis- 
cussion within the EEC for the 
last six months. 

The starting point is the com- 
mon experience of 1973-76 when 
there was a very rapid expan- 
sion of output in every Euro-, 
pean country followed by a 
long and deep recession as 
countries dealt with the infla- 
tionary results of the boom and 
the sharp rise in commodity 
prices, notably oil. However, 
this left the main European 
countries with widely different 
inflation and- current account 
experiences. 


Increase 


In industrialised Europe as 
a whole, the rate ol increase 
in consumer prices rose from 
an average of 4.5 per cent in 
the decade 1962-72 up to just 
under 13-} per cent in 1975 — 
the trough of the recession — 
but this covered a range of 24.2 
per cent in the UK and 17 per 
cent in Italy down to 6 per 
cent in West Germany. There 
was also a wide divergence in 
current balances in 1975. rang- 
ing from the $3.8bn deficit of 
the UK to a surplus of almost 
the same size in West Germany. 

The strong recovery jn most 



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countries from the late summer 
of 1975 onwards did little to 
reduce these differences. Indeed, 
the contrasts became rather 
wider in 1976 with Germany 
remaining in substantial surplus, 
along with Switzerland and the 
Netherlands, while France 
moved into substantial deficit 
and Italy and the UK showed 
few signs of significant improve- 
ment At the same time, while 
the overall rate of inflation in 
Europe declined to just under 
11' per cent in 1976. the 
differences remained wide. The 
UK and Italy were still at the 
top of the range at between 
164 and 17 per cent (with even 
higher rates in certain smaller 
countries) and West Germany 
cutting its rate to 4.5 per cent. 

These continuing divergences 
were accompanied by a period 
of considerable currency in- 
stability. The prolonged sterling 
crisis of March to November 
1976 and intense pressure on 
the lira lead to approaches by 
the UK and Italy to the Inter- 
national Monetary 'Fund for 
loans, while the French franc 
was forced to leave the snake, 
the existing European joint 
float, for the second time. 

All this was followed by the 
adoption of stabilisation pro- 
grammes, both by these major 
economies and by some of the 
smaller European countries. 
This restricted the rate oE 
growth in Europe as a whole 
until earlier this year. 

These programmes have at 
least partially succeeded in 
their objective with a reduction 
in the French deficit from 
$8.lbn in 1976 to $3.2bn last 
year and a surplus of $2.25bn 
this year, according to tbe 
latest estimate from the 
Secretariat of the Organisation 
for Economic Co-operation and 
Development in Paris. In Italy, 
the tumround has been even 
more dramatic as the S2.8bn 
deficit of 1976 was turned into 
a S2.3hn surplus last year, with 
an esiimatned $5.5bn surplus in 
1978. In the UK. the progress 
has been from a deficit of $1.5bn 
in 1976 through a surplus b[ 
around S500m last year »o 
around a balance or a small 
deficit in 1978. 


•• UK/ 

........ s-y . 

/ .■ v* ‘Italy 


y 

d 

./ 

. / - . 






France 


197fi 1977 1978 


DPEAH BBH OH flCCDU 


Inflation 


There has also been progress 
in reducing the rate of infla- 
tion. though the average rata 
of increase in t-unsumer prices 
in Western Europe should be 
just over 9 per cent this year, 
according to the National Insti- 
tute. This compares with a rate 
of 11.2 per cent in' 1977. In Italy, 
the rate has been cut from 17 
to 12 per cent over the last 
year and in the UK from. 15.9 to 
9.2 per cent, though the French 
rate has shown little change at 
between 9 5 and 10 per cent. 

The improvement in the 
external position of the inter- 
mediate or convalescent 
economies, such as France. 
Itaiy and the UK led them to 
adopt a less restrictive fiscal 
stance from late last year 
onwards. This was coupled with 
specific expansionary action by 
West Germany in response to a 
concerted programme agreed at 
international meetings last 
summer and autumn. 

The result uf the more 
relaxed fiscal stance and an 
expansion in the growth of the 


real money supply has been a 

modest acceleration in . the - BV | I l | 

overall rate of growth of output. 

A rise in real Gross Domestic S fce v " ■ - ; 

Product of 2.8 per cent Ja pro- 2SO[ "• 

jected for this year in western- ' 1970=100 TTJT +*'" 

Europe by the National InStt; 1 270 ” . . >* , 

tute, compared with an increase y- . •• +**?•*' 

of 2.2 per cent last year' and 

an average rate of exparision_pf . • 

3.8 per cent in the decade 1966- t 

1976. . .-A 250 - / -' Italy 

The latest OECD estimates^. t 

indicates pick-up in the rate: of.; 240“ ** ..... . ■ • 

growth of GDP in the UK from: •• ^ ■ 

0:7 per cent last year to 3 per 1 — / - " 

cent in 1978; in Italy f rom, l ift-- •••■"'- ; 

to "2 per cent: in West Germany: 7 " ■ . • J J>~ . l 

from 2.4 to 2.9 per cent with --; ; 220 “ / .TPfp.'r 1 ~ 

little change in France at- " ' " "‘l ■ ^ 

around 3 per cent. 210“/ .y -■■-./ ' *■- - 

Unemployment; 200 - (^^..••£>■111* 

None of this adds up tpi'-a iqn - / . ‘ •••C, 

spectacular Improvement, ;V rYZUlCe 

especially as un employment. has - * " " r\** 
only come down slightly, if at- ' 180 : . 0 o : . 

an from recent high levels^.. o* QO ' 

Moreover the rate of inflation 1 170“^^^ 

generally throughout Europe ■ » • * . . . i ' . ■ - . ••t v . \ ■ ■ 

remains much higher and .the IRQ «-°° - iir r‘ AV1 ri o tkti ' ‘ 

rate of growth ; of output much ■ - . W ix&CUia H3?.. f - r 

lower than in the J950s and iisn — ■ 

1960s. But the modest pick-up law r. . . - .. 

in growth in the past : fe* ' 

months — notably in -West '140 

Germany where, construction , Mmi + inim 1 - 11 : rn-vt'i 

activity has been buoyant-has . 13 0 ^ 1 VA^U 1 1 U 

led to the view at recent inter- ltf 7o ■ lg// - j 

national meetings that--'. .the ^^ 7 ^; . 

broad direction of poliey is on - . 1 » 

the ri|ht lines. There has been ' _ . . ' 

no pressure "for renewed 1 -leicpan- -.-’V 

si 0 nary moves view of- - 

the need to continue to fi^it 

inflation and to avoid a return ^ 

to major current account, im- |!.- Q q mtuMtww^HwnMftccouen : 

balances within Europe. There ' - V VV" ' 

is also concern a boot .the «onn \ .a . : V .fA* 1 

impact of the sharp fall hUthe. 1.2UO • j\ ~ jnJr*' . 

dollar in 1977-78 upon the pins- \ /mwA 

pects for export growth. 900- r ^ 

The view of most forecasters W German V 

is that prospects for the main 600 - - • ■ . r • 7 

western European .economies’' -. 

should remain relatively bright - 300 - . - 

next year, at least by comparison .. ; + Fyancn : M ■ 

with the mid-1970s. . ^.-There “ 0 , Av • 

should be a modest ftirfher _ : ■ ' n a i . \ £ 

improvement in the rate" of ___ Sf ' 113 h. / e*' : 

growth of -output in the stronger . 300 V 

European economies but thin is ft * % m 1 j-nSS?? # - 

unlikely to be sufficient to' offset 600-1/ VI#. : \ *, ^/' r '^T<Ll7irV' r 

the expected marked slo^own if 

in the U.S. and slight slaci«ming 900-Miir^ ^ ■ 

in the expansion in Japan!: So / V '/J - . :• 

the overall groH'th of Gross 1^100 - V. ■ §■■ ’•* f 

Domestic Product in the C^CD : i- . 

area is projected to decline i^om WV I 

3.6 to 3.3 per cent with Europe 3 • - T - 

taking over as the major cdjii-.. -_ A . .. .. .. l\ . /. t - 

tributur to world 'economic.- 't 00 ” - • ... , .-y.'-. - . 

expansion next year... However, ‘ 1 1 ( 1 1 1 mi 1 1 \ ri l i.i 1 1 ir 1 m 1 1 i 1 1 I'm I fn'-i >1111 *f ' 

since the European, economies 2.100* - U 1 t > ; > J t 11 ■ 1 ■ 1 1 1 1 11 1 11 1 . 

are more dependent on foreign 1975 1976 1977 . 1976 1 

trade than the UjS.. no slacken- . — ■ m i .r ■ ; + 

ing is expected jn the growth of . r .. 

world trade *fter the pick-up 

this year. ....... - - . . 

Some commentators believe 

that growth may not even he constraint as countries with the surplus . in West .Germany 
up to this level because the slow- weak currencies seek to keep but a small increase -kt. France 
down ia the U.S. may be sharper within the system. ' apd Italy... .’ A.-. ■ 

than so far expected, while West Among the major economies. . - The rate of consumer,, imice 
German exports may be the growth of West German inflation is,- however, only ex- 
affected more titan so far esti- output, is projected by the pected to decline by a ; 5 taall 
mated by the appreciation of OECD Secretariat tq rise from amount — down to perhaps 8^ 
the D-mark against the dollar. 2.9 to 3.9 per cent with expan- per cent from 9.1 per cent, this 
Moreover, the determination to sion in Italy up from 2.0 to 3.5 year, in Western Europe,. - Few 
fight inflation in the so-called per cent, and in France from 3 forecasters expect a significant 
convalescent economies means to 3.5" per cent— offset only par- narrowing in- the gap;^ between- 
that there is unlikely to be any tially by the projected slowdown the Inflation rate jn West Ger- : 
funher significant 'expansionary in the UK from 3 to 2.5 per many of 2} per cent and . that 
action in France or the UK, and cent. This pattern is expected to of 8 to, U per rent in the other 
possibly more restrictive mea- bo consistent with continuing major western - European, econ-. 
sures. In tlie short terra the current account surpluses in the omies. And that - Is the main 
establishment of the European major economies, though with challenge , which >a sucj^sful 
Monetary System could act as a possibly a slight reduction in EMS will have- tt> overcome^--- • 


■ t-'X' . - \ 




W Germany 


France 


Ita \v 
f/ \Ac % % v 




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n^EEC 


iBOOh;' 




1975 1976 1977 1978 


'• • ' \ <•* 


DEVELOPMENT 

Margaret van Hattem 

Economics Corrcspont/cnf 


EUROPE. SUFFERING from 
industrial stagnation with more 
than 5m unemployed in the EEC 
alone, no longer Jeels quite as 
embarrassed by Third World 
poverty a> it use to. Nor Is it 
quite a* worried as It once was 
that Third World commodity 
producers, encouraged by the 
OPEC success, might try. their 
hand at something - similar. The 
wave of mini-OPEC’:* to control 
the world's commodity markets 
never arrived. So it is not sur- 
prising io find European atti- 
tudes to development aid and 
co-operation "growing much 
tougher. 

Talk of a new world economic 
order to redress the imbalances 
between suppliers and usesrs of 
raw materials sounds hollower 
and more academic than ever 
heforc. Negotiations for an 
international common fund to. 
stabilise commodity prices are 
floundering. The future of the 
.pinch- heralded north -snath 
dialogue is highly uncertain. 
And the "enlightened self- 
interest” that first led the 
induMrialised world into these 
area:? seems to have grown a 
little more self-interested in 
tpo intervenin': years. 

Once there, was talk of the 
induptrailised countries. moving 

into high technology industries 

to allow developing countries a 
greater share of markets for 
leS> sophisticated, labour intern 
five production. But as high 
technology industries .and ser- 


vice sectors become more com- 
puterised and automated, 
reducing the scope for alterna- 
tive employment, the developed 
countries are having second 
thnughts about exporting jobs. 

The climate has changed a 
lot since the negotiation of the 
first five-year Lome convention 
between the EEC and the Afri- 
can. Caribbean and Pacific 
lACP) countries, which means 
the current negotiations for 
Lome 2 are not going to. get 
any easier. The Community i> 
nat about to renege on its obli- 
gations. but nor is it about to 
take on a lot more. The A CP 
countries want a radically new 
convention rather than the 
slightly modified extension of 
the hid one that the Community 
has in mind, but they will have 
to fight hard for any major 
changes. 


Hailed 


The 19 / a Lome Convention, 
once hailed as a model for 
future north-south co-operation, 
has disappointed many in the 
ACP camp, who had hoped it 
would put them much further 
ahead of the rest of the Third 
World In dealing with- toe Com- 
munity than has ben the case. 
The main - points: of the agree- 
ment included' non-reciprocal 
access to EEC markets for all 
ACP product* except a few. tem- 
perate nariculiural products 
which would compete with those 
produced within the Com- 
munity: a stabilisation fund 
(STABEX) -to "compensate "ACP 
producers for losses in export 
earning from basic raw 
materials:- financial aid. indus- 
trial and technical co-operation: 
anti a special protocol ensuring 
EEC purchase of 1. 4m tonnes of 


ACP cane sugar at- EEC prices. 

But tbe ACP share of EEC 
markets is now smaller than, it 
was before tbe Convention came 
into effect And the Com- 
munity's progressive widening 
of its system of generalised 
tariff preferences (GSP) ou 
yemi-mamifactured and manu- 
factured gods from the develop- 
ing world, has eroded the ACP 
advantage aver. For example. 
Asian and Latin American coun- 
tries. Meanwhile, the returns 
guaranteed by the STABEX 
fund have shrunk in real terms 
because of inflation. 

This leads to .one of the 
major points of contention in = 
the current renegotiation. -ACP 
countries want STABEX dras- 
tically reformed. They -want a 
biggerd budget than "the cur- 
rent -75m units of account a 
year; , they want it to cover a 
wider range of products than 
the present 19: and above all 
they want some form of indexa- 
tion, linking returns on pri- 
mary products to rising prices 
on EEC exports of industrial 
goods^-. 

At this stage, they have little 
cause / for .optimism.-- Even 
though, the EEC "commission 
might be prepared to consider 
some of these demands and try 
to meet them half way, the Com- 
mission Is not politically respon- 
sible for the decisions taken. iii 
response to its proposals." This 
is ■ left, .tp the Council 'of 
Ministers, who generally. take 
much tougher. linei There may- 
be some increase in the- budget, 
but it . is unlikely to be dramatic; ; 
the range of products . way: be 
widened— possibly to-. Include: 
copper which accounts for- tiO 
per.ranrof ACP. exports to the- 

Com mun it y ; _ .but jhfc EEG^has,! 
no intention' of introducing " 




Indexation. “The. ConVEntion 
aims only to esse problems, not i.- . 
to solve them," is the Co minis- • 

sion’s explanation. Moreover, -i£ - ■>? - 
is suggested that indexation V./.. 
within. :the Convention Would.-: £7: 
discriminate against"" tioil^SCP ^ 
developing cou n tr ies' who 7 ex- * • 
port the same . prbductia to the'i/^r 
Community but - ' face faffing: W 
terms of trade. -" " T.- 

The . Community is , alriaady" Hf-. 
under pressure - - Ht - ibis' 1 3krei ! 

because of its plans for enlarge? ;: - i 
menL Apart "from 
ment to the ACF (toun tries. : the 
EEC - also . ■ has - p ref ersntial • 

agreements with'; the ^agSrcb ^ 
- countries " (TiimsiaT^ovocre M 
Algeria) . and .; ! the Masbireq -3£ 
countries (Jordan, 1 
axion Sntf Syria) 7 grafting, free ; 




access, to EEC markets ^or u on- - 
sensitive industrial anri . 

tariff cuts ■ oni " ifemteiTaiT^ah. ‘ 

agricultural piroduet 5 ; : suQi ' as^j. 

citrus. - fririls, ; At - the^ 

these . countries ^njoy sptisten-i^ 

. tial .advantages ovej* fht, -i 

countries /.applying r f6r3 EEC^2 T 
_ membership— PottugS|;, : ' 

and, Greece. , - Once -' they.'join, ‘Sgr- 

however.- ahtipugh th^aCc^s of ^-. 

the MagbreS - apd^.'^ili^ireq y~£ - 
countries to: EEC m^rke^. may % ' 
remain ' . same, " the ; ' ftqftiand " 
for^the^produc"ts^w - tll' drop. 

; Further pressure ott th^Goin- 
mimi^ is Iil^y tO TO'me^ from 
-tftff ASEAJI -countries-^Singa- - : 

Thailand. Indonesia, . 
MaIaysra -- %od the 'Phiirppiaes. 7 : 

Tftey are, -seeking .a,.,, de^opera- ? ~ ' 
tion ^agreement - - with -the EEC - r- 
and cqrttinue to . ‘press for." 
/guarantees' on. carrrtny; - 
raw matorislS exports sitmfair to -i e 
those offered" By STABEX. r des-^2 
pile persistent EEC refusal 
contemplate ■ this :: bumide 
.much- 1 j-Widefc- norfh ^ifrri^. 

■ test: :: .'A; '.-T • “ y. : . 


-m 

.1 

■S^:. t ■■■■ 


■V.j* V-; t : 

■ B .1 : . 

-ygy. ' 

v.- V ^l.- : 

-V s '".. 


t\ r..r ;■ 

7 OC ; 




11 


P;U 

ti 







e 


~ -¥-*5 3??. : .'.,' 




soon 


5TMLAH 


14-23 April 1979 




*Ital 


• :•. • •• ’-K -;•■•: V/’ ■. 


^JJT „ ] ~ thd fev*-"of JhJs .European allies 

---■ . v" ■;:*'■*■ 1' •_ - J iii...-- 1 ' ■- ". on- .precisely tire - same. . score. 

‘ ^ ,*» v DEFENCE .’- • •"■ These fears b^ve arisen partly 

i* / ' ?! . ' -;j.l'. '■} • • ■ • '- •" as- a . result "of the way in which 

V • • vQMnybi TVatp- . . Washington . "iaa . conducted 

'•. bilateral strategic arms limita- 
l[a|\, rion negotiations! 'with Moscow 

" ■ - . *.'■■'. :> i "i ; : - ■ ■ . r . ' - . (SALT), . so far leaving the 

' ;* - !■? . Earopejui'-l.theetr6 ..untouched, 

. Ss 

to play the 

- : Of 1 world policeman. In 

ti in i - ’.^®- a ^. e to look badfc- t o^~ ^at ^-^oioier terms. President Carter 

&EC ii' the Russians that 

S: •: sgecessf^.fef- ^e jjgfrPjyy* ’they cannot expect to get away 
-&>." ' - with-: : k \ a limited military 


was .^g^uht^iy..;: a limited ' -military 

ItiBisterS%meeti^-in 1 YTaiihrag-. 2 tdTCn{Dre jn Western Europe. 

ton, atiwhji?h the^West sent out „_ - .-, 

two. importanT-signals to. the ." 



Prai 


^rinanv si?*-.' 


JJ!. ,.»■•- 


122TI 



• Warsaw Ba*fc The^&st was Tha T mn i; r nf; nr io 
jtssar&nce^by^PresJdent Carter, AlUpUtidUUlla 
. ia. the strongest terms since he . J. . .* ■*■ • 

assumed /office,. r.ttoat . tile U5!. The . implications of the 
. - woirid trs'e r tlie : fuH. -force: of its decision to go ahead with the 
: wfritary ■ . might;. Including long-term defence- programme 
strategic nuclear , i weapons "if were equally Clear,. For many 
necessary* 1 ;.to_. i deIend Western years the' Western allies have 
Europe, The second was the watched the inexorable build-up 
-. .Alliance's -tdtmal; launching o£ of Warsaw Pact military 
.-•a- Tong-ternr'; defence • pro- strength and done -little but 
-gramme* -aimed at . strengthen- wring their hands. .But a turrv- 
ing . anrf streamlining its forces ing point has been -reached in 
„ in- virtually every: -operational -the past 18 months as the size 
sector. ./ " " of the Soviet Jbuild-up - has 

\ President- Garter’s statement finally sunk ;in on Western 
itself " had a dual purpose. The European Governments and pub- 
first was. Jo. want Moscow that lie opinion. Few governments in 
there can. be np question of Western Europe , are happy to 
West European seearrty be com- increase defence spending. But 
ins, Jn the fashionable jargop, nearly all the European mem- 
“ uncoupled ” from "that of the bers , of the Alliance have now 
U.S. The. second was to allay followed the American lead and 


pledged themselves to increase 
defence expenditure by an 
annual 3 per cent in real terms 
during the period 1979-S4. The 
message Is that the West no 
longer plans to ignore the pace 
and extent of the Soviet 
armaments programme. 

At this week’s meeting the 
Ministers will not be able to 
take the programme much 
further, given the short space of 
time in which it has so far been 
in operation. They will have 
their first chance to review pro- 
gress when they meet again in 
the spring- There is real hope, 
however, that the coming days 
will finally settle a long-running 
issue that has devoured 
Ministerial and official time 
over the last few years — the 
establishment of a NATO air- 
borne early warning force flying 
the so-called AWACS aircraft. 
Britain, impatient with the con- 
tinuing failure to agree, went 
ahead with Its own 11-strong 
Nimrod force 18 months ago. 
Now the signs are that the 
other countries may at last have 
put together a financial and 
operational package that would 
add a further IS Boeing E-3 air- 
craft. based mainly in West 
Germany. The new force would 
greatly reduce NATO’s vulner- 
ability to surprise attack. 

Hopes have also risen in 
recent weeks that the European 
allies may at last be near a 
breakthrough in another area 


Germany 


crucial stage 


» I, 



. aeceptthe risks, there is little relationship between industries 

TRADE tfiubt that the,; entire talks and governments. 

_ ' - could be. set back by several If illustrations of the increase-, 
RnrHrxr ■ months,/' and "because U.S. in protectionism are necessary, 

• XA'ssic -legislation covering the Tokyo one need go no further than the 

Bound has UtUe'more than a EEC itself, where member gov- 
. THE . events : leading; L ta - theyeay to run, the-, agreement erwnents have been warned by 
eventual success br failure of wphld bea dose-rim thing. the Commission that illegal 
the Tokyo Round of trade talktf'- ^Tbfi^ consequences of a. failure harriers to trade between 
in Geneva have recently treated "of the talks barely- need repeat- member countries have recently 
• difficult; dilemmas for both the ihg, but SHch an outcome y^euld been growing at an alarming 
United ' States *• Admini^iatian clearly provide prttdcttomst .i^te. 

and the European, CoBamuni^ forces with the power to. limit The Commission has warned 
"• governments. .' .' A.;'-; - :Tmport^ more successfully,, hit- that' it may take action against 

There", is no Vddtibt that ting not only the major trading these restraints, which are 
because- governments' on ; botK: ’nktaons sdeh as Britain, but the usually introduced as legitimate 
sides nf- the Atlantic "are well developing counaies which national rules covering public 
aware of ' the - " considerable have already expressed uneasi- health, consumer information 
dangers, in failing to candnde ness -at the talks over the lack or product quality. Other 
the GATT- agreement; in the of measures which would benefit devices used include certificates 
hear future, tiietf negotiating'; them. - - . of ' origin, automatic licensing 

. -positions have heroine closer on - -The basis of " the present systems, the setting of minimum 
all. but the .most .contra in the talks, the strong and maximum prices far certain 

* issues.: . -" v U^.' objections to the level of- products or concealed prefer- 

• T be posrtiun of the. nkre EEC subsidies' in Europe, which, ences by public authorities to 

• eouHtries has been' "^featly in- -domestic industries claim, " has domestic industries in public 
fluenced. by' the. niattef of > been partly responsible for purchase contracts. 

; fening. related- to^ the InAbmty 1 theu: problems, is only part of . ^ ComaiissioD that the 
Of ..the- -U.S..Admiinstration to another threat to the barriers are inhibiting uade in a 

Wf 1 } tbr^igb -. Congress an . ex- smicture of world trade. ‘ wide variety of mainly industrial 

, tension of a waiver on legisla- It is arguedi that unless the Droducts Although it does not 
: 'tioh which-oblig^ It. to -impose easting GAM* Provisio^ oA ^^^^J 1 ^^ 
countervaifing duties on Subsi- subsidies, such as government * or h i ame Sj.i-.nm that viola- 

Althoagh this' may once have clarified by the atkgition of ^ Community 
’• 'been regarded ' as a U.S. effective procedures for consul- W U JT*’ h . 

bargaining counter, it ; , has tation and settlement ot dis- ™ 

caused , serious embarrassment putes, the benefit of any new . overall trade with the rest 
to the . Americans, .since the trade package may amount. to Ztid tot z S red“c- 
EEC countries* reaction was one veiy little. -.. . S 0 n fn tSs deficit S acSfi 

" of alarm followed by a refusal ; Much of the argument be- SJ n d d efi £j f W 0 > ? ign^md 

to .negotiate under what they tween the EEC and the U.S. on S’ e firsTSSf oTtfcs yea? 
regarded as a serious threat to the matter of subsidies arises *his nerioA accordine to a reoort 
exporters. ThaJ-V has -..been from the fact that the U.S., ^"un T onZc ComS 
underlined by .the decision of alone among the negotiating £ for Europe lhe L ^ficn 
Danish meat canffers to give parties, has been exempted „ niniint _ d t _ *a i’v, n fnm nared 
notice to Workers in _anticipa- from -having to conform to the ^ s-v7 6bn i^the previoi^l2 
tion of atop faH-in U&sales. article requiring probf of injury previous 

■ Since . then -.the - like before coimrervailing duties.are Roueh 2 v two thirds of this 

Japan knd most other partici- imposed. This was because ro ^^ ut ^^id S from a n 
p^uits in. ; the. -talks, has- pressed, there was no injury test in; the ™, Drovement iQ ^ „ al foreign 

& **3 ?^ Jit -f S 5S° n i W ?L°7 trade balance and one third from 

tive talks before the en d b oi - fte came into being in 1947. :• ..j ^ terms of The 

year, although tins will be dim- - . . reDort savs that the imDrove- 

S^UrSiS-Arglimeilt. .meTiTie voile bSaoce 

■ hSSLif -nH^hP EEC. Jn st as the U.S. Is strongly reflected the exceptionally slow 

" EmSSr the urged t£ opposed to European subsidies, import growth— following the 

EEC^oreromentsto w£kll «1» EEC countries ^*ould like slow growth m output in 
SStSto Son? Mr. ^Robert. to see the U.S. come into hue Western Europe— while export 
’ Strauss, the US. Special Trade 0n cotmterv ailing duties. These growth to the rest of the world 
" ISSiStive 73? * way positions certainly contributed was main tamed. The improv^ 
woSdbeSd to breventJbe to the inability to agree on how ment in the regions terms of 

Sem ratation trf thf subsidies should be classified, if trade was attributable mainly 

3! “^totion .of the counter ^ ^ ^ auiQ , t0 ^ decline in commodity 

that the malic triggering system . of Prices, though exchange rates, 

“ tte 

Bill extending the waiver as aaopieu- _ ’ . . , .. 

soon OS' - the Congress recon- • 0n a broader level, the nmin During the period there was 
vened in.the mida^-of Jahiiary sticking points In the n'egotia- also" a substantial reduction in 
tSs SFk^SSSSrSim hive ^en the overaH.level ttade deficits with North 
' Community would not jiave to tariff reductions, the qu^, America and the oil exporting 
concede A deal on the assur, tkm-of better U.S. access to the counmes, and a swing from 
race - alone, was enough to EEC market for agnroltiml deficit to surplus in trade with 
■persuade the Commission to products" and the problem.^ non-oil developing countries. 

rerommend to governments "how selective safeguards against Importo of oil from OPEC 

Sat neMtiatioilS go" ahead; . .. disruptive " import competition countries fell partly as a result 
' ^ ^niriil ^pect of the should be. 01 mmg North Sea oil pro- 

n^otiatious inVo&ves ah ; The various troubles within. duction,-the report points out 
ii^ortaot^concessian by the specific Industrial sectors within Every industrial West Euro- 
S?S a matter, whidi conld the EEC, such as man-madB pean country improved its trade 
cost exporters dear should Xon- fibres, shipbuilding and steel, balance with the rest of the 
^ tefuse to "toe the line, but. h*ve also led to the foimabai world, during the first half of 
fr^re of^ haflec^e an-of so eaUed criMs cartels, win ? 1978. and the UN Commission 
even^Mre da^erouS threat, in. though clearly transgressing the .reports that during the past 
toe »ilomay never come, spirit of the Treaty of Home,, couple of months the economic 

have been sanctioued as a tein- chmate in Europe has become 
^ Aorwfflpnt bv the Com- porary measure to allow time markedly more optimistic, and 
/ m^^rernmente to accept for restructuring by the control economic prospects, at least in 
- S^tLfrforinula vmuld. how- of prices and output, and -of the short ternu are at present 
t ^ imports. . , : gener^ly ronsidered to be 

In thT chain "of However, despite some sue- better than for some time. 
^^ CT JSrds n «aiccessful-^ ^con-" cess^ ^ with- the Davignon Steel . However, it concludes that 
rfSn? Mr. plan,, cartels have come , up this optimism is relative and 

SSE to Sent Congress gainst severe criticism on the should bedewed against jhe 
Strauss t0 nackage h y grounds that they do . Dpi background of Western 

iSieve their purpose (rtrough Europe's Mure dnrini the past 
the end mb y ^ ma^ty 0 f tbe Comimssson two years to achieve any real 

“ esmSohh influence on how recovery from the most severe 
t wSSiity govern- restScrurinj: is carried <mt). end prolonged recession in the 
and that ihey foster a collude postwar penod. 


that has been under ne^oiiatinn. 
so Tar unsuccessfully, for the 
past three years— joint arms 
procurement. Studies in th'c In- 
dependent European Pro- 
gramme Group lIEPGI have now 
reached an advanced sta”e on 
four possible candidates for 
collaboration — tactical combat 
aircraft, heavy helicopters. 1115 
mm ammunition and light anti- 
armour weapons. Agreement on 
thp first joint project, if it 
comes in the next few months, 
would give the IEPG a mtieh- 
needed fillip. 

But none of this should cloak 
the major prohleras ;hat the 
Alliance still faces. The long- 
term defence programme will at 
best prevent NATO falliny too 
far behind the Warsaw Pact. 
While the Allies are increasing 
their spending by 3 per cent a 
year. Soviet spending is increas- 
ing steadily at around 5 per 
cent a year and consistently ac- 
counts for some 11 to 13 per 
cent of Gross National Prodm-t, 
according to most Western esti- 
mates. NATO studies suggest 
that this level of spending v. ill 
be maintained — at the expense 
of other sectors — even if the 
Soviet economy, as w quiic 
likely, runs into difficulties in 
the years ahead. 

What particularly worries 
NATO is not the increasing mzo 
of the Warsaw Pact forces, 
which have only modestly 
expanded in recent years. It is 
the dramatic improvements in 
quality that alarms the West's 
military strategists. General 
Alexander M. Haig, the Supreme 
Allied Commander in Europe, 
has on many occasions expressed 
his concern that the quality 
improvements in the Warsaw 
Pact’s forces are excessive when 
assessed against Wesrom 
defence capabilities. The 
Warsaw Pact's growing power 
exceeds what would be necessary 
for defensive purposes by any 
objective criteria, and this at a 
time when the Soviet Union is 
“ increasingly willing to indulge 
in interventionism, directly or 


through proxy forces, in a global 
context," General Haig said in a 
recent interview, it is not just 
the strength of the Warsaw 
Pact’s ground forces in Central 
Europe that ■.•ause concern. 
Senior NATO officials believe 
that if present trends continue, 
the West's naval superiority will 
be in jeopardy eariv in the 
1980s, while there have also 
been massive improvements in 
the capability L »f Warsaw Pact 
airforces. 


Reduction 

Nor has Moscow shown any 
sign of the moderation called 
fur by President Carter when 
he announced that he was 
suspending production <>f the 
so-called neutron bomb. The 
build-up has £une on relent- 
lessly, and there ha* been no 
breakthrough in the Vienna 
East- West force reduction talks 
(MJ3FK>. loading President 
Garter to announce in October 
that he was keeping open the 
option of deploying the bomb. 
The MBFR talks are still stalled 
over the disagreement between 
tbe two sides over the precise 
number of irnops involved on 
either side, and there is no 
chance of concluding the talks 
until this tiresume issue is 
resolved. After years of nego- 
tiations aimed at clarifying the 
data problem, most Western 
officials have come to the con- 
clusion that the Russians are 
deliberately misrepresenting the 
size of the Warsaw Pact forces 
in Central Europe. In Geneva, 
the trilateral negotiations 
between the US., the Soviet 
Union and the UK on a Treaty 
banning al! nuclear testing are 
still hogged down on the tricky 
question nf how' to verify the 
agreement, and despite optimis- 
tic noises from both Moscow and 
Washington, the SALT 2 agree- 
ment has still not been signed 
well over a year since SALT 1 
expired. 

Once SALT 2 is concluded and 


SALT 3 negotiations get tinder 
way, there will he further head- 
aches for the European allies. 
Moscow would like to include 
medium-range nuclear weapons 
targeted at the Soviet Union 

from Western Europe, such as 
the French and British deter- 
rents. in future negotiations. 
The West Germans, who are par- 
ticularly alarmed at the power 
of the Russian nuclear threat 
to Western Europe embodied 
in the S5-20 missile and the 
Backfire Bomber, would like to 
find a way of bringing this 
threat under control. But it is 
far from clear that France or 
the UK will be prepared lo sac- 
rifice their deterrents in 
exchange for limits on the SS-20 
and the Backfire. Nor are the 
Russians in any case likely to 
be prepared completely to dis- 
mantle both systems in exchange 
for the abolition of the French 
and British deterrents. Some 
would argue that the answer is 
to counter the threat by deploy- 
ing new longer range weapons, 
such as the Cruise missile or the 
Pershing II. in Western Europe. 
The risk here is of creating a 
*■ Eurostrategic " balance that 
Moscow might interpret as per- 
mitting a limited nuclear ex- 
change in Europe without trig- 
gering the U.S. intercontinental 
deterrent. 

While these issues are bound 
to be tbe subject of prolonged 
debate in the coming years, the 
Alliance also has its own inter- 
nal problems to attend to. Most 
serious is tbe continuing ten- 
sion between Greece and 
Turkey. By lifting its arms em- 
bargo on Turkey. Washington 
has reinforced the alliance's ail- 
ing Eastern fiank and probably 
facilitated a rapprochement 
between Greece and Turkey — 
although Athens would deny it. 
But the continuing disputes 
between the two countries over 
Cyprus and the Aegean are no 
nearer solution. 1978 may have 
heen a good year for NATO, but 
there is still plenty of room for 
improvement in 1979. 


an international Sprina event loilowod by 57 
specialized trade shows which keep the Fair open 
twelve months every year. 

Plan a visit to Milan Trade Fair, and make sure 
of coming" to the specialized trade show that covers 
vour line of business. 

Businessmen know it’s figures fhal matter. Hero 
are some from ihe last annual exhibition cycle: 
33,000 exhibitors from 90 countries • overall display 
area 2,319.575 sq.m. • 88 countries officially partici- 
pating with trade information offices and displays 
of products. 

Further information from: Fiera di Milano. Largo 
Domodossola 1. 20145 Milano /Italy), telex 331360 
EAFM I, and from Dr. V. Schiazzano, 20 Savile Row 
London W1X2DQ £?Q1 -734 2411. 





si§1P 









Roughly- two thirds of this 
massive cut resulted from an 


gains in the terms of trade. Tbe 
report says that the improve- 
ment in the volume balance | 


Republic 
ranks 26 th irt 
equity capital 
among all 
U.S. banks. 

And ranks 2 nd in 
tbe ratio of 
stockholders’ 
equity /assets. 


LAHSEST UA BANKS 

AS OF 6/30/78 

RANK 

1. CITBANKNA. NEW YORK 

2. BANK OF AMERICA NT&SA. SAN FRANCISCO 

3. CHASE MANHATTAN BANK NA. NEW- YORK 

4. MORGAN GUARANTY TRUST CO.. NEW YORK 

5. MANUFACTURERS HANOVER TRUST CO.. NEW YORK 

6. CHEMICAL BANK. NEW YORK 

7. CONTINENTAL ILLINOIS NB&.T CO.. CHICAGO 

8. BANKERS TRUST CO.. NEW YORK 

9. FIRST NATIONAL BANK, CHICAGO 

1 0. SECURITY PADRC NATIONAL BANK, LOS ANGELES 

1 1 . MELLON BANK NA. PITTSBURGH 

1 2 . WELLS FARGO BANK NA. SAN FRANCISCO 

1 3. CROCKER NATIONAL BANK. SAN FRANCISCO 

1 4. NATIONAL BANK OF DETROIT 

1 5. MARINE MIDLAND BANK. BUFFALO. N.Y. 

16. FIRST NATIONAL BANK. BOSTON 
*1 7 . IRVING TRUST CO.. NEW YORK 

IB. UMTEQ CAUFORNIA BANK. LOS ANGELES 


•EQUITY 

CAPITAL 

rSOOO’sl 

3,444.464 
3.145.B49 
2.105,036 
1 .605.230 
1.316.509 
1.150.249 
1.141.800 
990424 
976.461 
884.774 
686.098 
666.610 
618,840 
575.624 
554.044 
516.136 
449.161 
433.109 
394.782 
373.420 
-ac.fi poi 


p4. nrnirhTinrni ttw r m \ r r ^ 

125. FIRST PENNSYLVANIA 8ANK NA,v$?HH_ADELPHIA 
26. REPUBLIC NATIOWALBANK OF JWEW YORK 

f 27. WACHOVIA B&TCO.NA. VWSTD/^SALEM 
2B. NATIONAL BANK GF NORTH AM^CA. NSW YORK 

29, PHILADELPHJANATlONALBAI^< r f f . 

30. PITTSBURGH NATIONAL BANK 

■ \ , 1 , 

RANK 

"'.1 . CLEVELAND TRUST CO. 

2. REPUBLIC NATIONAL BANK OF NEW YORK 

3. MELLON BANK NA, PITTSBURGH.;- * 

" 4. NATIONAL BANK DF DETROIT 

5. WACHOVIA B&TCO-.NA. WINSTON-SALEM 

6. PfTTSSURGH NATIONAL BANK - ■■ 

7. NATIONAL-BANK OF NORTH' AMERICA . NEW YORK 


v '-»V - „1 

273,574 

266.276 
252,341/ 
251 .071 
245.860 


""SSL 11 

>3nr Rational bank, boston 
|Hp /oelphia national bank 
| f?Br J jBUC national BANK. DALLAS 
laK£ /# .T NATIONAL BANK . DALLAS 
f.l* IfflLjCKER NATIONAL BANK. SAN FFtANClSCO 
^gjBORGAN GUARANTY TRUST CD.. NEW YORK 
HHrST NATIONAL BANK. CHICAGO 
MfrSECURlTY PACIFIC NATIONAL BANK. LOS ANGELES 
pi. CONTINENTAL ILLINOIS NBST CP., CHICAGO 
050. CITIBANK NA. NEW YORK 
r 21 . MARINE MIDLAND BANK. BUFFALO, N.Y. 

22. IRVING TRUST CO.. NEW YORK 

23. BANKERS TRUST CO.. NEW YORK 

24. WELLS FARGO BANK NA. SAN FRANCISCO 

25. CHASE MANHATTAN BANK NA, NEW YORK 

26. CHEMICAL BANK. NEW YORK 

27. MANUFACTURERS HANOVER TRUST CO. . NEW YORK ' 

2B. BANK OF AMERICA NTSSA. SAN FRANCISCO 

29. UNITED CALIFORNIA BANK, LOS ANGELES 

30. FIRST PENNSYLVANIA BANK NA. PHILADELPHIA 

* 8ANCOMPARE DATA. PRODUCT BY CATES, LYONS &. CO.. INC. 


9.4% 

6.9 

7.1 

6.8 

B.8 

6.7 
6.4 
5.3 

5.7 , 


® n 

llli 


y • Hi 


BiJf 


i 











20 



tradition 
of avenue Foch 



.V . * 


i ... 


'..•••V ssSP 


L . . •• . 5' . .•! 'sir. 


f - A- ' 



A duplex apartment at la Villa Foch is more than 
an investment, more than a home. It is the style 
of life one only finds rarely. 

Six duplex apartment only, in a former embas- 
sy building giving onto the gardens of the avenue 
Foch in Paris, Six in the building but only three 
remain for purchase'by three of the world’s most 
discerning people.. 

Corfipfete, the coupon today to discover 
more about the apartments of la Villa Foch or 
why not visit the apartments qn-v our -ne xt stay 
yin Paris;' - *• \ - ,v 'j * \\ i ' 

The sales office is open from' 10 am to 6 pm 
tuesday to Saturday inclusive f telephone number 
500.86.73; or by appointment. 



Please send to CARLTON SA 
49 bis ar FJD. Roosevelt ' 
75008 PARIS 


I would tike : 


□ to kmw more about the duplex of the Villa Foch 

□ to visit the show apartment 


name . 


address 


telephone. 


EUROPE 


■'■■■ Financial 


,;;-vr.r 






No 






.4 


director general of ft* BritSeh alleviate®, problems MJtp end w mention of etdaaiW 


FISHING 

Richard Mooney 


director general of the British alleviate the problems fecedby and any mention mSt ; issued -by the. donums. 


of his. senior colleagues told the fishermen. 


Federation's members that they The 
were in favour of Britain join- the EECTs 


'Sin stumbling block In Con&^^ 

JCTs internal n^otiattons is enshrined the prinritfe qf had deteriorate^ 


in favour of Britain join- tne nusi/* rarennu uegouautma » ^ n-onrtjrtitms stonewall response. Among 

in* Ore CommnnjlT, although g? 


1 thev recoenised that it would The UK is the major contributor Mr. Silfcin’s 
not* be gooSTfor^Uie British to the EEC’s common “fish this free access 


cent of refer to marketing 


JUKI vbuuu - UUL UU iwueuM T* ! — . .. .. J - . ■■ ■ » ;. ... ^ 

s is intended to - But then came last month's should, be 

ing opportunities Bonn summit U.K. PrimeMmis- share^ (rf -any_increase toJEab-. 


Ml 0& 


» 


srt! • 


AS THE great British debate JSS£^ g-TTS. ’ 

ss« r^rxx r, -r £ 7 T - ■ « - 

years of this decade hardly, a since that time the whole SiL^St “I!!!!? 4 ? to ■ COUtttltlOIl ' SjLSl Mtiatere aSnisff af Tte ronriderattou.^ 

KSS“ SSSw - £ ^"a 5b ffgni^gg Aornh- bone of «*S*k SS “Ldlocb 

cohinn inriiKfn.* . ... .... . t Iu addition they Oxigillally 

wanted exclusive access 

waters in a 50-mile coastal band servaaoa. tu me bus cuce ai common policy - asi.c«s«*=M». y* ~ " if iV • _ irauii c - * rtf' j iMwl 1 ' ' r " ' 
around Britain. Community agreement j; the the end of this year. ' ; - '■> A ^ ter , ^ ..- r^ 1 

Agriculture and Fisheries. British Government has -felt it Since then Mr. SiUrin appears contmcons negopaaon.Ci^^..,.^ ^ 

- .. «.■_ flaTimmanfc. annpapfiri. ifL rPnntr.-: 


country’s fishing industry- nowhere has that change been 
Meanwhile, across the C h a nn el more profound than in Europe, 
the Six were hurriedly cobbling The most dramatic change was 
together a common fisheries ^ general switch to 200-mile 
policy to complement their 



Son 10 aSSSSt p x “s-j “ «--s mSS^uSZ.zxzs ^ u ssi“sr-sss: '• 

»d tewpeiptaSod have fo^ 'Si bS"lf£r ^ scjjed ““ ** UlW tat0 "* "»«*“ by abelving a pbumpd 


seen the controversy 


and — — . — : mougn ne nas scaiea auwn me on this question — banning ban on small-mesh fi$higg -idi tunnel. ; -Bir t 

pprimonv that this noUcv was 1®°^ war . ^ forc f“ 50-mile exclusive zone claim to herring fishiug.in certaidiffea^. scampi in UK waters and agree- <P»cMy CTtiriguMned - •; • 

“ . - H ^ to accept the new situation and- 13 mile* wiiisive and a and 4ndi«fMd»i rfithmsaM tna>n the «ettin0 nn irf a wnrC month .when-, riie Couuefl of-7 : ^ 1 

destined to sbr up. - - - ■“ 


, . . . _ . — . miles exclusive and a and industrial (fishmeaH, fish-, fng to the setting up of. a wor^ month when-, jthe^ . t . 

, a months _had —dominant prefer^ice M up to tag in a North Sea area known ing party to study the -historic. Agricnltuyal. < >Ti ' - 

The Norwegians, however,- declared a 200-mile limit of its 50 miles, and he has never as the “Norway pout btac,-.-fis rights of Conttaental - fishermen -modified .uK . demanaSraiKjfcyw :' - 

were less complacent than the own. . been specific about his mini- well as limiting fishing fpr some within -Britain’s propose d!2- Erik the WertGen n^ M mtet CT^; ; ; j. ■. - ;• 

British. Fishing was and is on& " mum quota' requirements. other species. ' ' mile band. The BFF has teen accused. ifri' T S2kih^of no^waatj k;- v. « - 

of the main planks in their CAi|j*q|I Until recently these demands This further ; angered". 1 the disturbed to find that ttese tag the ConmoB -Myx^ system. 

countp-s industrial structure oOUlcU have met total -rejection other fisheries ministers and “conciliatory gestures" have tp work ta its current JUm. ^ 

and t.ie> were not bund to the The ” cod war " had so soured i n the Council of Ministers, the Common Market Gqmmis- not been reciprocated in any - KEC head& of- state;.wiH;te'; ... 

problems the new policy re i at j 0Iig between Iceland and Britain's proposed quota share, sion decided to take -Britain tangible form, but: Mr.- Silkin discussing. the fishei^^tetion^^^, ; 

promised to bring. Britain, however, that it proved the BFF claims, is really only to the European Court of Justice has claimed, however, that de-- at... their ..summit ipe cto g>’ rtllis^y'y^ 

Concern over the common impossible for the UK to secure 25 per cent if an unwanted over certain aspects ofjti^tiiu- finite signs ^of increased wiUmgs .week but, so far their I ... 

fisheries policy is now recog- even a nominal share of what horse-mackerel quota of 100.000 lateral fish conservation policy! ness to negotiate could Tie dis- ministers have given ttem.littlfe ^ • 1 ‘ 



nised as having been one of the were now indisputably Icelandic tonnes a year is disregarded; 
clinching factors in Norway's cod stocks, 
decision- to remain outside the Norway has also extended its 
Common Market. limit to 200 miles, and whUe 

The motives of the original it is more willing than Iceland 
Six on this question were clear, to negotiate for reciprocal 
The fish stocks in Britain’s access with the EEC tills has 
coastal waters are the richest proved difficult because of lack 
in Europe and the fishing of agreement on the Common 
nations already in the Com- Market's internal policy. Until 
munity saw an opponunty to the common fisheries policy is 
lay claim to full right of access signed and sealed, a prospect 
ro these waters. Britain could still be some way 
realised what was going on, of EEC fishermen will have to 

course, but set against the satisfied with little more 

benefits it hoped to g ain than token access to Norwegian, 
through EEC membership, the waters. 

possible damage to fishing To make matters worse the 
interest* seemed insignificant, results of over-fishing have EUROPE 

been 


At this point the situation cemed on the other side.. 


to work on. 





h-:- -Av'*-.-. 


under 





j r 


more outside the Community. : Britain has been- crying in the direfctly from the '.Comaanit^s : iij ^ : 
But they, will not.be able... to wilderness over this point vir- Increasing agriciiihiral .prQtec: : 
foliow the northern example tually since it - joined - the tipnism : and., its .tendency, to-. ^ 

and boost their incomes by. in- Community in -1873. with little dump - its ’..surpluses _dp- thirds 
creasing their output: . the to show for its efforts. And the country markets. Jhe ■•. p.S. 

French and the Italians^: will three new; members are un- demand for greatet - r access>:Jo 

: 1 ensure that - the treaties o£ likely to have stiffident 

accession, include . ,pnreiaions weight in the . Community _. .. 

PRODUCES three curbing growth in production force such a-nustior change for one of -the ■ major oBriaci<*s; lb_ j “ 

roost basie varieties of fanner those of ' a Py product directlx in -cbm- many years to -come. - agreement in the presenf-rimnd-.. 

.... Mtottt* 


AGRICULTURE 

Margaret van Hattera 


am un- demand for greatet;^ap<#ssah 5,^ j 
political -EEC markets for several, q£: its ->?>.- • 

unity to agricultural products remains- . v- 


In those daj's national limits coming home to ... . , 

extended only a few miles and w‘ttr a vengeance _over the past with a soft protective covering . P et ».tiou with their own. v - The resistance to feionn— - - , . - 

most important fishing grounds TS ^^ff^ches of otherwise known as the EEC .With all these co.nsj ff Ints, ; that is ^ reduced price support- ^ " : 

wero open to all anyway. And “ d * 1 _ haddoc± “ d °i her varie - Common Agricultural Policy; the -scope for improvements in and lower prices— springs from m - Geneva. . ^aff «- : : . 

most of the U.K. fishing effort “*][* ^^L 361 ^ 0 , 115 pro ^T those about to grow one as soon southern farmers' iucomra is two basic things: EEC farmers’ 

was in distant waters, off Ire- ™ £ °i n ^ T nf , 33 1116 Communit y is enlarged vexy -limited. In leased, profit- IobWeB are strong, wen " 'I 

land and in the North East f?? countries. And herring f rom m ne to 12 member conn- ability will have to come from organised and able to maxiinise Aast f ailfln * threats to withhold 

Arctic. Furthermore the 5^, m f ?“ ^ Wes; and those out in the cold hfcher efficiency, whlcht Implies ^ ,bff^Sn£3 knpact; Scon? SUPI>I,es of «MJum ; aAd^r 

damage done to stocks bv vpars h f ll 5 d t0 . av °i d the extinction wb o have to contend with free not only structural and market- food _l| re _ ___ n( J ^ «„ raw materials or to buy it^jarrls 

of hraw over-fishing were not of the ma * )r European stocks, market forces. The ones in the ing reforms but also a continental Europe. ' ; As In- elsewh ere unleM the Comnpmity 

ret fuilv apparent. c Settlement of the common third category are the hardiest, cant reduction - in the ag^cul- COffles ri the ^, t Jops dumping dauy pmduefa on 

’ 1 . ‘ . PP . . # . fisheries policy would not solve They have to be. Denied free tural population. „ -And this, as o a food falls conttaemal thjrd - c P , “ t ^ markets l&nd.ni- 

This -up'A of the situation all these problems but it would access to the world's biggest the EEC Commission veailpe^ kconsumers Tir^ not npaHv S Access 'for Australian 

under cannot happen- untU other «&fj ware ^ British ohS ™the- of - 




was even shared by some fish- at least allow serious negotia* market for food, they are 
mg industry* leaders. At the lions on reciprocal deals with great pressure to p, 


:-raia: 
- Xi '- - 


*-“! i£L2L^’ aa SSLJS55f3*^ t ^\??5?S«"^? * 


time of the referendum on non-member countries to get efficiently, and with an eye to Portuguese economies 

- FAZ cctr >' ^ r - Austen La^; «nder way. and this could the demand for their outpuL mowing fast W*h to. absorb h 

" ~ ~ ' * 1 rp-L,„„_ :„| 4 , r< 4-V.am ffivan ' Ail ' nraunt ^ • - C ■ : u ‘ Ul -'' 


As New’ifek’s oldest bank, 
we financed the trade 

of our young nation. 


Now; almost 200 years later, 
we are financiers to 



Our iniciTKitinna) involvement bc^fan early. 
Schui al ter our nation’s inriepen- fc 

rlcncc. Tilt Bank ol - New York was 
founded to encourage 1 he ^roivili «>F 
America’s fledgling commodities inide^ I 

That was only 
the beginning. 

Through the ensuing wars, wc 
hai e^pxswn ii om sirength uv * - 
strength. Today, we have an »m- . 
port ant -global reputation for : _ . 
both ihc tpiaiiiy and scope ofour. 
services 10 on ret n*p«>niic. 
custom vi*s. 

We can boast a unk|ucb ■ com- 
patible relationship with scores of 
corrcsjxindent banks, both at 
home and * iver.\c\is. 

And we seivc tbe di verse . 
financiatl needs pC American , a ! . 
corporate clients and their over- 
seas subsidiaries, as well as kxal 
businesses all over the world. _ v t . 

London Pride- - 

Our London Branch at 



1-J7 Leadenhall Street provides die full range of cbm* 
* mcrcial b;i n king .services. 

1 1 is actively involved in corpo- 
rate lending, export-import 
financing. Euro-currency parti- 
cipations, leasing, cash man- 
agement. corporate trust and 
investment management 
services. 

London is complemented 
by the International Divi- 
sion in New York, the Bank's 
149 branch offices throughout 
1 lie entire Stale of New York 
and a complete branch in 
Singapore. 


:. ‘Vi. ' 


Merely the Very Rest. 

The Bank of New York has 
nc\-er sought to become the Very 
Biggest. Our aim is merely to 
be the Very Best. 

In fact, wc take pride in our 
rank as America's twentieth larg- 
est bank. Not its Mass Money 
Mover. But its Finest Financier. 


THE RANK OF NEW YORK 


London Office; 147 Leadenhall Street, London EC3V 4PN 
Main Office: 48 Wall Street, New York, N.Y. 10015 
Incorpora led with limited liability In the Stale of New Yurk, UJ&A. 


Member FDIC 

COTBTNEBWCOFNEWVOnK 


Those inside the Community are them, 
much weaker. Without guaran- 
teed high prices for most 


Stssw-i tow,w 

«rv r.™ *_ * .ij .. far it. can. gp. . - I . 


their output many would go out could take 'a very long time others jg e t^se as irritating.- message that .the British Have 
of business. The Community indeed. . : bB t ^ aiOf secondhiy, irdhlems .^ - so Sit . failed to get acrosa^ltet'^ 

nmtantn thom s« The regional imbalances with- - J M *- u - ~me> r_ 


protects them further by allow- 
ing them 


the EEC is not an island and 


to produce as much as - in the present Community will _ - But .^ritish Case. ^ not ^ WO rld market for agrieul- 
they like — sugar is the only be magnified, by the accession altogether hopeless. Although tural products does ndt -have ah 


product on which there are of Greece. Portugal and Spain, most, aau governments suit .^finite absorptive capacity, Thd . 
quota restrictions— whether or . tiie Commission concluded in its security of farm incomes Conununity's assumption oi an ■ = : 
oot there is a market for their recent analysis of the effects of higher priority J" 211 unlimited right to produce^ is ’ V* 

output enlargement. Whether the P^ces, some, notably the Ger elsewhere as simply tiie - 

applicant countries will accept “ahs. are becoming tacreas- inverse . face - of -the -•old’- "'- 
this fact- quite so calmly re cotonialist mentality from Which i.: * 

Enlargement 0 .?p°. wnt ! ££! » ® bu iS ***&*&;,$ 


of the CAP’s high lei- els of JPg* °? ?SjSS£ r 5. Few sociate itself. Merely putting the 


Enlargement of the EEC will price support— that is to say. ^uld take senously the argu- community house ia ordex liy. 
undoubtedly be a good thing for the British— are hoping to find meats Advanced by the Belgian bringing .tile internal markets • 
the farmers in the northern allies in the new member;. aDd . German agri culture minis- bade ’-into balance will -iiot -be 
part of the Community. When They suggest that the dent in te f s the EEC food moun- * 00u gh ; if th e Europeans inside 
Greece. Spain and Portugal are Mediterranean trade balances ar ® a sensible precaution tbe EEC want to continito their 
members, there will be at least resulting from increased ira- gainst future shortages. present strict regulation of the 

20 per cent more EEC con- ports of expensive northern And all are aware of the world's biggest market for food,' 

sumers to eat their way through products will lead to resent- damage to relations with coun- they will sooner or later have to 
the growing mountains of ment and a build up . of pres- .tries such as the U.S., Australia accept-that the rights to produce ' 

overpriced sugar, butter and sure for reform of the GAP. Bur and, -New Zealand stemming, for and sell on 4 tare negotiable.’ 

other dairy products that the 1 






northerners are happily produc- 
ing. The applicant countries 
already import some of their 
requirements of these products 
from the Community and are 
not expected, on accession, to 
increase their intake sufficiently 
to bring EEC markets back into 
balance. But the increase will 
probably be big enough to ease 
pressure for cuts in price sup- 
port for surplus products. 

Enlargement may not be quite 
such a good thing for Mediter- 
ranean 1 armors either, in the 
existing Community or in the 
applicant countries. It will 
increase the size of the agricul- 
tural population by around "55 
per com, the value of output by 
24 per cent. The gap between 
these two figures indicates the 
extent to which northern tann- 
ing is more efficient and more 
profitable than that of the 
Mediterranean. This disparity 
is likely to persist for many 
years. The CAP, as currently 
operated, gives far more support 
to northern than southern 
products. 

But if northern taxpayers do 
□ot, on the whole, press aggres- 
sively for elimination of the 
huge butter and milk powder 
surpluses, they are determined 
not to Jet similar stocks of wine, 
olive oil and citrus fruit 
accumulate in the south. There 
is . already surplus or near 
surplus in many Mediterranean 
products and a large capacity 
'or increased production in the 
applicant countries, particularly 
Spain. Inside the Community, 
they will be competing with 
southern Italian and French 
farmers who are already press- 
ing for — and getting— financial 
help to increase their competi- 
tive edge over the new 
members. Elsewhere, they can 
expect a falling world price as 
the other non-EEC Mediter. 
ranean countries — In the 
Maghreb, the Mashreq and 
Israel— -lose their present 
ad vanta ge over the applicant 
countries, and are forced to sell 





—more business 
from banks 

and businessmen, please. 


This is the kind of business we're involved in:" . 

• 3.800,000 deposit and cunrent'accounis - 

• S 17,290,000,000 deposits ami funds administered 0 ^ 4- 23 

• 430 branches - 1^500 employees . ’■ 


VurfmfmK AMio/mHitand IjasittgRtgaaale [M/donb drptxasatdfands 


Head Office: 

20121 Milan 
Italy 

via Monte dl Picti 8 
tel. ( 021 88601 

ictex J 10280/ 320451/312407 


RrpTEscuthwe Offices: 
London 

CururtfHon'e 

L&ufcohalt-StECiA 3BP 
id iGl 12832503 
ic1ca'S8%41 GmpfG ' 



Avenue Louise. 3 27 
B-KJ50 BfUMlIes 
id. 6400080 » - 

telex. 62446 Cardw.B. 


Frankfurt ^ j- 

'Grdaa'Ga fiiite ta ^ fd^ /•; ; __ ^ _ 

. . 6ffiinfcfarr aaiMaiu -v -,-i - 

t«J«v4jeattC8r^4)r 1 






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takes up a lot of space in the Italian banking picture. 

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appe-^% 


. ; BsK-flefeataig ^attempt to space in which the industry can succeeds — and some sceptics 

a: . ~ ■•V|d'|\l'4< C ' l l»V ! • • - > 'protect ._-, ; lftefig y3 ^! s - from reorganise itself and make itself feel that' the French company 
- ' r/ eronomicx^tie* L iWtm« the more efficient The objective is may have underestimated ihe 

?• • ’•■- *'7 -.proposals to transfer more resources into management and personnel 

, .-• ■ ■ V r *T? : : . .''V ■ ibr^i^Or^dinated. approach to products of greater sophistics- problems involved — it ha* en- 

:• but there tiojn* which are less vulnerable wuraged other companies 10 

•> ' ' >7- , ~ ffcr 9^ -Tfeudf- '. evidence that to low-cost competition: the consider how they ntiohi 

' ^ l?™ 8 To , Japanese textile makers, who strengthen their position by 

■ 5S?°“' n J h *ve been hard hit by Imports alliances. Fiat has been a 

-.- 1 r CDX v - ^action - in ..dealing with one of from «thor Atsion pnimtrioc «r • t 


[ ro ^ 6ther Asian countries, strong protagonist of this 
•* • i ffly. - ^ost awkward social have shown what can be done approach, through the fornia- 

' pyjrsulng problems.- - : . in this. respect. As insteel.gov- lion of Iveco with Magirus 

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' wtSch? * -«e ' vjerBmr, growm£ compeuuon ixom *"vni ui rrance was me aosorp- nrafle no secret ot its desire to 

'■'-■SreljSH^b^^STO;-4n'r wrld^ .World, producers. lotion of ‘ Bouasac by Agaehe follow the same path: 1979 will 

- • markets be eneonraged ^adMion; the productivity of WiHot— and the industry is un- almost certainly bring some 

and.-assisteii'tp'becaine' competi- European; -steelmakers is well »hely to obtain any greater de- move in this direction. 

- c ^ ' ff • ~T**T fb? y« w>lat ; - w»n*<w»i below.that of tfaefa- counterparts gree of protection than it now At the same time several 
;J ’ ‘>o'd wnitiCTeial'b^stades 1 ™ tBfe. in Japan an3 tbe ..U& : Accord- enjoys: European companies are seek- 

^ Way .” xit adjrjstmepife : arfe^ : teg.t° one estimate, ' o utput per Category E ing new links in the U.S. 

• \ ; ‘ fOiT 3 iiti®l&r ; ;' ". : rT ■ " r ^ n Wtthin the: £E 9 "was 149 The diemical industry is one Renault has been discussing 

". Jtt'ni^ ^«t'il‘ace. nnctnp.I^r- tonnes in 1977, compared ^with of Europe’s strongest and there with American Motors arrange- 

- is- highland' there Is.oftep 249 tonnes in the US, and 325 Js no question of its ability to ments whereby it would have 

: :. strong" tonnes. i n Japan; The; industry hold its own in world markets, access to the U.S. company's 

• ploy^s' ‘ahd^ trode 'oipions to has- the dual task. of. bringing j Ls p ro blem is to come to terms sales network and assemble one 

* labour ^shed&nk; ; this : »pp|iej hspa city into Und' with its ^ith a period of much slower of its models in the U.S. MAN". 

‘ ' pmfeuiariy *o'.. countries ■ Jafr; likely share ol jwoiid. markets growth than ft enjoyed before the German commercial vehicle 

i 'tPripfpe' 'tbe' UK -tyheffr .lh^ and ; of ensuring-- that tlie 1973 Expectations that pre-1973 producer, has bought an in- 

■Mtwrtaiv iu ^ivour <^'maAet <fapta(ty ' which -survives is growth rates would eventually teresl in While Motor, while 

-forces -! 4ndT, ". Industrie. efficient. • . . be resumed Jed to excessive in- Daimler-Benz, Jveco. Volvo and 

change i^'WBiurer'lSan *ib West . As in. shipbuilding it is easier vestment in new capacity, some others are seeking to expand 

Germany:.;.-.';'';’ * . ■ ' t .: . - to agree on protective measures 0 f it supported by Government their share of the U.S. truck 

"Secdn^ r the.' ''ability ;.-df- designed to make adjustment subsidies. In several of the high- market. Notably ladling, so far. 

peau m anufactiirefs- to; boldf iet les^ painful than to ensure that volume products, such as have been any moves by Euro- 
4lome <jncreaae> ^their-^bxro -of adjustment take^- ; place. The plastics, there is too much pean companies • to forge 
.world markets is.'ifljxeatened. ou'-Eurhpeam Commission has capacity and prices have been alliances with the Japanese, 
two frpms.-; ;The T ntfwly lndiis- negotiated restraint- arrange- driven down to’ unremunerative General Motors, Ford and 
triftlishig caiihffi&s-di.itie Thiid ments. with . .;. ; tmrd-cotmtry levels. Chrysler all have links with 

' World ar^ Stea<flly ' extending suppliers and has tried to i n - recent months there have Japanese companies and tbe 
their Irahgfr ;-of -.manufactured stabilise the interiial ■. market been attempts by several com- lack of such relationships is 
ex^fe^wh^elat i^-:liigh' ; ledi- with controls on tnic^ and pro- panies to lead prices higher somethingwhichEuropeancom- 
. .. nolojgr ^'(^dv-jrf . £h® rsp«ctnttn ducti^ While there have been and some of the increases are panies may seek to remedy dur- 
j apmiesa .Mel.-'. American coitf- compliints frpnoL, :$ome com- sticking. The hope is that after ing 1979. 
paiie& are in a r Strong jjipsitioh: pinies about the alleged flout- the losses of the last couple of r a t paoru r 
An ^ J >;*diditib^ :’ L . ^probiem,'h^ -®f . the .Commissiori’s price years the industry as a whole , .... 

esp«nally acnte r m ' is -and- . production; . .-guidelines, will see the need for greater Electronics is widely regarded 
th.e floyf ^'fti'poJts frpnt the priees- in Europe are certainly price discipline. Yet as long as ? s . the naost important growth 
. Easteriihjbc^ofteh rojnii^ &om r higher than they would have the overhang of surplus capacity ‘udustry of the future; because 
plah ts ereeted'.wi A t'; W est Eoro- beeh if the so-called Darignon persists the economics of the ? f , lls , ! upa ^ ? n S P many other 
.. peM technoi<^' rad Snmsdai tdan had .never, been -intro- industry will remain pmcarious. mdustnes. it is of special con- 

' ; V. ” Aw^*“t m?sj.b 0 djentums ^ syTlUl etic fibres there has SSchesf^tSrtSSrlv sem? 

- .-Ujimnn'* twhimmI: marnrffM', nf tho nian-i« <M 11 tn enme < J . ... _ .. oranenes, parucuiany semi 


duced. But the mpst contentious 


proc-.: r 
ii? ah<rr: . 


'• . i* •;^V. ;W’V T? ' - - ' wtlUe japan has embarked on a 

: G^sotv. / o cCtbra - which Cfini/ifiiea ■ hoped that if this scheme was j arge government - supported 

' .ire : being V StniCtUTC ; • ->/ • P r °s ran,rae designed to chal 

: the^piiMioii in could be applied to other parts l€ ^ EuroSans^rausht in 

• V ** 50 f “ if tbe™i«K«^ n « 

. marunts:^. --. . ^ ^uuch direct Jnfluencxnn ration- has proved impossible to recon- tn . a „ nr h a frontal assault on 

• ' «« natiotta^govem- dle ^ idea with the EEC rules Se AmeriLS Sborate 

ti on with 4“o ioSk suss 

Y **» wher. the co*,peuuo« is less 
4 ^^ritieervN ic u ^ nte ^ capacaty is more established. There is 

' Sss-'^' ^ ■■ ■ SiXIg ry - “ widely accepted, even m Italy: uncertainty, too. over whether 

Cetegbry C^ak-irovaina sec- fcVo the attempts to put Montedison the appropriate Government 

G ^? rn “ e ” t h “ on.a sound financial footing are poucy is t0 intervene directly 

-. bring watched with the closest in the structure of the industry 

: ' companies SJe 'at disadvan;'??™™ 6 L nvo ^ ^1. a e n f W attention by the Test of the In- 0 r simply to create a favourable 

5?ffi!Sl' a Wr-S. n ririnriS ^7- MwawlHIe there is a climate" hi which many different 

■ -^bflerit^Mff^rapap^eiCoa^^ and^irp- Steady J” 1 ?’ “p 51 marked sons of company, large and 

-Toni''- v~ - c°ypam^s> state an st te- among the three big West Ger- s mall , nationally -owned and 

• Category pan. rompanres, towards greater forelgn-controUed, can flourish. 

--rontral mlp in the reoreanisa- imtaFtmont , na i> ilih,. Mtw 


stan'.'} • jM-r-r." 


7 Plapt closures and new invest- the industry that provides whereas West Germany has 

BS « Wlth th \ beSt P rosr * cVi retied on its^xirii^ companies, 

■ --SZrJ ^._v -table industry which can be for profit growth. n.. t** 


i::*. «■'-> 


for profit growth. 


primarily Siemens, to make its 


~ r. 

'jj _■ •• 1 


EC •-- ' 


avoidaWe7hut they have, sought- P??? ti ® b to private enterprise JS especially in the UK. but there prise Board in the UK has 

to. delay :the process by^ mihr at present academic. The urgent js concern about the industry’s decided to start a new company 

si dies -and protection: grants ^as^ . re ^uce the losses, -.long-term competitiveness. The make, advanced micro-proces- 
froro- public funds - have- been which in 1977-78 amounted to Japanese, unable to expand sors. The NEB also intends to 

jusdb. ' available to' keep' filing £44Sm and which are forecast their sales in the U.S. because participate indirectly in the 

.•■ yarflg^ife-' h rijdn eas - an<T'~^»habtg- arouiid. £300ra-swa0m P r .Wsthe appreciation of the yen reorganisation of the office 
..them tdmiute lew.p rices. 1978-79. ■ The British Govern- -jand competition from the new equipment industry.- 
-4- ' menL u an imoortant change 'focflllv huilt small cars, will be n-k n «u.. 



&CFXC£ 

JL'.V£ Jg , 








fields which crii absorb some of P^ant closures and other savings iarge-volume market available. on the part of the private sector, 
the displaced liboiir. Thjs has w tlh the trade unions; some^Ipe Americans are moving in General Electric Company has 
been easier in . Japaicwhere the inigress is being made. . -the direction of a “world car. f onn ed a partnership wilh Fair- 

sbipyarQs -ire- usaohly' members Tn -both countries capital in- ;p reducing the same model both c }jj]d j n micro-processors and 
of. large;'- j^iniusloal. groups-r-^ ^ p ut back, but-. In Europe and in the U.S. and re cently announced plans to 

workers from Mitsubishi ’.yiad's,'^ ^ questionable whether the "thus achieving economies of aC q U i rc a leading U.S. manu- 
for exa&p! 0 ,~i'have' beeu> trans-: Broatiihtust of the UK’s invest^, scale which the Europeans can- f a cturer of office equipment 
f erred. -V to - flCfeiibishi's -i'ist- ment progranmie, conceived sev-- -not hope to matph. A B t)ick. 

grbwing.mofor vehicle company eral years ago- when the nuiiook-,_ One response is -fo.r Western in France a similar debate 
— than' -in Europe, wheie - most Tor demand looked mucb hri ghtr - Europe to defend itself as a about the future of electronics 
of the. Shipbuddeis -are eitbeh erJs appropriate td the ehangedj bloc. potting up barriersagainst has been taking place. The 
gp«» Haiis t ' ffnrnpanW nr, as. in conditioos. Surgery may have to. Japanese and American com- Government has encouraged the 
the V GK ' grouped - ^ even soro^ of the xela- -petition and preserving the bulk leading French company in this 

iwtion^^d -»irporatiom itore^ tivelrbew works- as well as the qf the market for local pro- field. Thorason-CSF. to form a 

over, ' sqmer ? the ;flelds -in l-obaflet^ plants. - j. -ducers. If this is impractical, j 0 j nt renture with Motorola of 

which 'they; m.lght expect. ; to ‘ The- 'textile industry in ks.it presumably is, an alterna* U.S. 

diversify* ’ snch • as . heavy Europe'has been contracting for jive is for the industry to in consumer electronics the 
engineering, ' "are 7 . themselves many -years in the. face of im-..;Organise itself into fewer, strength of the Japanese has led 
suffering front surplus: capacity, .poets from' the Jess developed stronger groups. This is tbe to some co-operative ventures. 

The Issue ftjr:I979' , is , »ri»ethCT countries, but the Multi Fibre logic behind Peugeot's pur- suc h as that between Toshiba 
the - traditional^ shipbuilding Arrangement, recently ren ego- --chase of Chrysler’s European and Rank in TV sets. More 
nations. 'are .prepared to f^ce. tiated in a tougher form.' is iri-< operations. ' significantly. Siemens, while 

up to,' yard, closures :or engage; tended to provide a breathing- Whether or not this merger strengthening its position in the 

■ — ~~ U.S., has entered into a potpn- 

7-^ tially important collaboration in 

a computers witli Fujitsu. As in 

the motor industry’, links with 

_ Japanese electronics companies 

s ■- - > jn fly prove to be a competitive 

jP advantage. 

— . 1978 has seen an important 

. move in aerospace to unite 

. v- 7 ''-!- Europe's fragmented resources 

.7 ' ..-t- 1 —'tiie UK's derisiotr to rejoin 

V : '*■ lAle can hGID. the Franco-German Airbus con- 

•;„ • sortlum. This is not, of course. 

’Bsingthfe U^onmereTtwtbanfcflf^nB.aftije largest Frenph’ banking groyps.we are 

able to offer thecombinstion of French ancf British expertise riecessary ta Bmish com- jects independently. as British 

• parties wishing to establish, developjorrestriicture their actiyitids in France, including: Aerospace-is doing with the 146 

. the identificatloBandanalYSJS'of suitable Requisition possibilities. ^ consortium represents a direct 

I- . Assistance in negotiationsandadviceon taic, legal, financial aHd other aspects of challenge to the major Ameri- 

I'ESSSna, British, systems, including dealingsvvithgovemmental bodies. 

■ i ! ‘o««r 1 enc&andiinderstanding of business methodsanrfattitudKonbotii sides of Some observers believe that 

. • ■ a confrontation with the 

r tneunannei.- • ; -. . .... ' - V-. .• . _ . Americans in the civil airliner 

' ■ tTte backing of thaservices and positidfrofone of the largest banks in France (and business is foolhardy and that 

'■- the worid,forthatmattBr). ■.Jv-V.. ; . the best hop* for the Enropeans 

iiwHww J '“. . v::. hes in collaboration with one of 

" -■ Wf^not write or call ? the U.S. companies. Wh at is cer- 

■ ... ■ ?' ■ that the performance of 

the Airbus consortium will have 
l|CT| . a considerable influence outside 

"- '..---•1. . ' T &Sa v - ; . .- ihe aircraFt industry. It is one 

• m « « • w of The few examples of a joint 

Sbciite Geiieralet Francelfiank Limited SS 

™ /MerchantBanWng Subsidiary of Society G6n6rale) ness. If I t works, other Indus- 

' ViiEars' txmdort EC2P 2DN Tel: 01 -6288667701-6384805 tne* may be encouraged to 

I • ’ . Pinners Hall, Austin Fnars i-oaoon . , 11 follow the same path. 


Being London mercbBfit banlc^rfoneof the largest French banking groups, we are 
: able to offer theedmbination of French andBritish experrise riecessary to British com- 
panies vyishing.to establish, develppjpr rpstriicture their activities in France, including : 

1 ; . ' v " the iderdificadboandanal^fe of suitable acquisition possibilities. 

- ■ assistance in negotiatiorisand advice oh taic, legal, financial and other aspects of 
hotbthef rench and British.systems, including dealings-withgovemmental bodies. 

^ ; ‘gxperienc&andiinderstanding of business methods ancf attitudes on both sides of 

•> ‘ ‘'the Channel-; 'v* : ^.> 

' ■ tftebackirig of thaservices aind posittofrof one of the largest banks in France {and 
~ ■ the wbridr for that rnattBT^. .■ •. 

” . /: ' Why not write or call? 


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1977 consolidated results 


fiench rrancs thousand 

Turnover ..... J$l7.-ij9 

Sbareholdecs^equrtv 4D3.-JJ4 

Cash (low 1 75.05b 

Net profii attrlbuiable 
lo shareholders 101,006 


Edible oils 
Mayonnaise 
Bleaches 
Liquid detergents 
Soap 


compagnie financiere lesieur 

french market leader 

in edible oils, mayonnaise, 
liquid detergents and bleaches. 


t v-'-;... ' , /Merchant Banking Subsidiary of Soci6t£ Gdn^rale) 

■;V:V V w „n«s Mi tfa-Mtopaw w=oi-ga«W«-g«480» 


♦ 


Compasnie Financier* Lesieur 
1 1 2 . pnue du General Leclerc 

Boulogne- iur-Seine - France 

Icr.-l.' 604 81 40 










22 




Financial' Times 



CjuV?;^ . 


^BCKSi 


EUROPE vm 


• • . . ; r \'- ’••’-''•••• >&> ^ 




CiS 


A new balance 






*’ -:jl 






- -- -.-.-imrt 


■_. -J 


FRANCE 

Robert Mauthner 

Paris Correspondent 


THE YEAR now drawing to a 
close has been a momentous one 
for France, both in the political 
and economic fields. 

After the uncertainties of the 
previous 12 months, when fears 
of a Socialist-Communist elec- 
tion victory embittered the 
. political climate and inhibited 
the Government’s economic and 
industrial policies, the situation 
was suddenly clarified by the 
general election last March. 

Though the divisive quarrels 
between the Communists and 
Socialists during the months 


leading up. to the election had 
made it .increasingly obvious 
that the Left was throwing away 
its chances -of coming. to' power, 
the magnitude of the Centre- 
Right coalition's victory ' took 
everybody by surprise. 

The majority of SO seats won 
by the coalition parties 
exceeded the most optimistic 
forecasts on the Government 
side. And the fact that the new 
grouping of Giscardian cen- 
trists. the Union Four La 
Democratic Franchise (UDF), 
for the first time emerged as a 
real political force almost equal 
in strength to the Gauliists, 
fundamentally changed the 
balance of power within the 
Government coalition. 


1974, found himself with a 
much freer hand than he had 
before and was rightly hailed 
as the real victor of the 
election. 


In the National Assembly ftlt except perhaps in the form of term -debts -of FFr .38bp vlast. along -that th* tSSp* am© 1 ' left” 

that the Gauliists should not go a purely electoral alliance. year were equal' to its. ann_nal .no more tfaaq that 

too far in their harassment of ^ M . Francois Mhte* }?? bl * in Domestic «d foretan, com,. that -his economic, 

a Government which they had ranri 
helped to bring back to power. pays 

M. Chirac was consequently the Left, some of ms lieutenants Given its .strategic economic inflation: ‘JtadgiiigTiyjifcp^ 

induced to conclude an uneasy in the party hierarchy, such as importance and the large jjuin- The latest monthly results ii* 

political truce with President M. Michel Rocard, the openly- her 
Giscard, which ensures that the talking Rocard, are now talking 
Gauliists will not threaten the of severing all links with the 

Communists and giving the inavutMw « » «■«<"»- « — - — — - _r - - , . nt L- r z- f u-j' v.nnin.a.vr 

Party a traditional Social it . off. . So . the ' Government in the eariy summer. But M. so 

swallowed, its liberal pride:. and, Barre is still Tight years , away of . ISSOj *fte -campaign for"tte 


dc^Tepovery- 


President- Giscard d’Estaing, 
who had been hamstrung by the 
Gauliists since his election in 


There have been moments 
when II. Jacques Chirac, the 
leader of the Gaulllst RPR 
Party, who clearly sees himself 
as a future president of France, 
has tried to make things diffi- 
cult for the Government by 
asserting his party’s independ- 
ence in a host of areas ranging 
from economic policy to .Euro- 
pean community afiairs. But he 
quickly found that his over- 
aggressive tactics were counter- 
productive. 

BL Chirac's personal popu- 
larity. as measured by the 
public opinion polls, took a 
plunge, and even a substantial 
number of his own supporters 




g£ 

j* 


-=w» 




Government, while 
their right to 


Democratic image. 


Politically unshackled, Presi- ***-<* a fundamental.*- from attaimng Jus target* Pr^d^^On^Pt^.. 




life of the 
reserving 
criticise. 

Nor. for at least another year, 
does President Giscard have to 
worry too much about the left- Prime 
wing opposition. Heavily out- Barre 

numbered in the National after the general election, have 
Assembly by the coalition par- thus been given more time and nauonausauou. 
ties, the Socialists and Com* room for manoeuvre than usual M- Barre s 




: #v;V. 


r 5 


.** .While Ut 6 —■ „ 

' ■ V ..: ._ optimistically - predicting a .fall J ? 

oatriai in the rate of Inflation to; 


expected," : 

m. aarre-s . new maustrial in the rate of inflation to. anoux ^ 

munists no longer exist as a to push through their policies. policy tote gone hand-inband unemployed hanging 3 »nnfe’ 

combined force and there seems M. Barre wasted no- time in with a continuation of his eco- Secretanart latest^ estimates. are na|iIr JSr?* 


*■ . * 


Dutch imports: Dfl. 111,920 million. 
Dutch exports: Dfl. 10/J197 million. 





little or no prospect of patching stamping a new liberal image nomic stabilisation plan, the that jt Is .more likely tp be in _ . • . 

up the old union of the Left, on the Government. Interpret- first version of which.was intro- the region of 9.3 per cent . . . , T^e^^o^’fw ^e .eoonomjr . 

ing the election results as a duced in the early amnmn; of Critics have pointed out that f° r ^toler ^ 

rejection of the collectivist 1976. The main macro-economic ^T. -Barre's s iahiiUsattoyr ■ ■ plan ; iP a ^» • gp t;sur r *' 1 " r “*• fc_ 
political and economic pbilo- priorities of the Government axe has been much . less ; austere wUl . -’Se .-i^any 

sopbies of the left, he has still- the fight. -against inflation*. than has sometimes been made absqrbtion .-of -.fte 

taken radical steps to free the restoring the trade balance, and flU t An expected budget deficit Mu<jl:ia axpect ed figm the-^ _ _ 
country from Its long Dirigiste 'stabilising the franc v on- - the - of m0 re than FFr " 30hn. this dver effect bit faster : W«t,Gisr- 

tradition and to restore a com- exchange markets. - , year,, less' than' half of which Is exp a ng^ n, givao 

Monetary and credit policies financed by new Government Gen°any re m a m a - Priftey t.-'Fig- 
have been kept tight and wage bond issues, is hardly Icondu civ e gest t^dlng jiarnier ^-and.teiffis : 
rises continue to be restricted, to bringing down , the rate of m ^ e . than_17 p^ cent^«l^ x 
to increases in the cost-df-Evirig' inflation. Nor- -has ■ incom es French exports. ■ - -v --^ . ■' 

index. . But the results so Yar policy been anywhere as' severe " Household ::‘:j 1 iion?umWio4-.'- 
have been no more than mired,, as in the UK, where living stan- which is .forecast to; msejbjf , 
though M. Barre himself has dards have been allowed to fall, per cent in 1979, ■ after increase 
always said that it would take 
about .three years • -for his 




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LA CENTRALE FINANZIARIA GENERALE S.p.A., Milan u TORO ASSICURAZIONi S.D.A., 
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Varese □ BANCA PASSADORE & C. S.p.A., Genoa □ BANCA ROSENBERG COLORNi 
& CO. S.p.A., Milan u BANCO AMBROSIANO HOLDING S.A., Luxembourg G BANCA 
DEL GOTTARDO S.A., Lugano □ CISALPINE OVERSEAS BANK LIMITED, Nassau □ 
ULTRAFIN A.G., Zurich □ ULTRAFIN INTERNATIONAL CORPORATION, New York □ 
AMBROSIANO GROUP (MIDDLE EAST) LTD., Nassau □ AMBROSIANO GROUP PRO- 
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BANCO AMBROSIANO PARTICIPATES IN THE “INTER-ALPHA GROUP OF BANKS’ 
FORMED BY THE FOLLOWING’ BANKS. 


BANCO AMBROSIANO S.p.A., Milan □ BERLINER HANDELS-UND FRANKFURTER BANK. 
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petitive industrial climate. 

Controls 


as 


After 30 years of rigid price 
controls which have done little 
to check inflation, industrial 
prices have been progressively 
freed in an attempt to restore 
the profit margins of private 
companies and to stimulate 
industrial investment The 


J s 

y>> f<~ • 
V.l ‘.-■I 

H.- : : 


In. France, oil the other hand,- 


Lng by 3.6 per : cent thjs. -year*, 
and : a ptelt-up ; of private- 


awrai uiree years lot wa „,«. an d salari^. are inflation- * uia - * jji- fuyw,.. 

medicines^ waSS^hare 


— -more than o per cent next -year 

after-.a- rise at no more 


off public sector .P*ices_'f|!^l i1y 
as a first step towards forcing 


takt& 




.nuusLiioi iw Minlster must take sOmeiesOdn- j ^ 

brakes hare also been partially nihil ^ f 0 t a^nning ttrms and rises have 


been granted over the past two ^ vj? >.• : ' 

years in social security ben^ts. 2 * 8 *** cent m 1978, Shoaftdal*. f-., 


the nationalised utilities, which ’^’hc trade balance, it is, time. 


v si 


help to keep the economy tiefc- 




anm.ai out of the first 10 months of 


standards, the 


cumulative 
beginning of 


meut subsidies at an 

rate of FFr 30bu (about 6X1(1 tlw seasonally 

£35 Om), to stand on their own- corrected 
feet since the 

In return 
clear to industry 

expect the Government to go - - -rs i 

on baling out lame ducks” in- 1 It is on the lnfiatioif-firiemt KfllflllCC 
definitely. Only those companies tirat *' the Prime MbiJister’s 


m living 
-Matistics show 


But when all is said, and 
done, GDP is expected’. 


VJ . • 


Z that purchasing power has in- h „ 

— 978 ^ ^rSnt ?? In after a'rise of somrfr^ 

if hac hftpn mo stands at FFr 2.75bn, compared so “ eti ^ 1 ^ P 9 * cent ** pear cent this year, whidi is well. - 

FFr 9.7bn. . ‘ • growth rate of neirw" 6 per eeift . 

daring the decade preceding, the 

1973 jump in;. oil pficaa ind 

which are prepared - to policies have had the most dis^ The Government it is true, certainly: not enough to ensure 
rationalise their activities and appointing results, ihcrdijscial has bad to strike a balance full employment . . ~ : 

which can prove that they are Price index, after risiajtlby 9.1 between its Anti-inflationary . Another ifcetor at 

capable of becoming financially par . cent in 1977, wiil> almost policies and the political and least in the short run. wflf be 
via hie can be assured of Govern- certainly increase by nearly 10 social imperative of keeping France's membership of the 
ment help. - per cent in the current year, down unemployment to a rea- new European Monetary 

Indeed, the new industrial There are several reasons for sonable .leveL But the unplea- - s y st em- wh fc fr idft l,nnrtift;ffl» • 
policy has already claimed a this deterioration in France, sanl: timth is that an unaccept- turned economic discjjdihe .oii 
famous victim. Unable to per- while prices in many- Mother abJ y b >S h rate of inflation has France at a time^when^oihertic 
suade the authorities that he Western industrialised 'loan- been accompanied by an equally political factors may ' demaSl 
capable of restoring his ail- tries have been dropping^ ?L ^acceptable rise in unemploy- more eznankuimyiiolid^' — 
and debt-ridden textile Barre plainly chatt^d "'^* inent. - . j. ‘ 


;-3 J 

li -'r 


• -vj r r . . 
*3 ? ' V' 


was 

ing 


empire to economic health, priorities earlier - this 


- , , As_far «r-M. I B*rre ita eda- 

The successive. joMMOstang cCmed. that mi^ -iwt; be a bad 
• •°r e ^ - ^ e P^ - tire thing; since & has always con- 
pnees and ^aj oy. ^arp year^isre bardly made^a dent ridered economie* ‘ to. have A 
ses m pnbtic sector in the unemployment figures. mio-ify over PoHtics. It may - 


M. Marcel Boussac has been when he dedd^ tO.f^ii^i^ 

obliged to divest himself of his trial stace he-has always con. 


' c ompa ny “ faV ° Ur ° f * ^ m M T ^^loyment figines. priority orer poHtics. , It may 

„ p . . . , . ^ ' which every month continue to well. ber however, that M.-Gis^ 

wot surprisingly, there have He. knew that this policy set a post-wax record And which, card d’Estamg will have otter 
been some big hitches. The would have' an immediate at the : last -count, put the ideas as tto ’ nrnsncct irf * 
virtually bankrupt steel indus- impact on the monthly price number -of job-seekers at -more second -: : TirMidfehtLai . ' tend 
try, whose medium- and long- Indices, but he has argued all than L 3 m. ' approaci^s. 


Solid Europeans 




a? 

f " 



NETHERLANDS 

Charles Batchelor 

Amsterdam Correspondent 


HOLLAND'S PRESSING econ- 
unne problems have tended to 
concentrate interest on domestic 
■uzairs over the past year. Un 
me political xront the xorma- 
uon 01 a new government atter 
months 01 preliminary negotia- 
tions has focused attention on 
uic uuw ±aa.-s in ihu tiague anu 
piuMieU events in Brussels into 
Lhe nackground. 

The major European develop- 
ment which has been occupying 
officials m Holland is the pro- 
posal lor a European Monetary 
System (EMS). The Dutch 
accept that they will play a 
minor role in the discussions 
of this issue, although their 
resentment of the domination of 
Community development* by 
the largest members cuntmues. 
With regard to one issue, how- 
ever. the military and peaceful 
applications of nuclear energy, 
Holland is attempting to make 
its own distinctive voice heard, 
in Europe and beyond. 

Support for the European 
ideal is widespread and uncon- 
troversial m Holland, with suc- 
cessive governments of varying 
hues consistently in favour of 
European integration. The 
country’s open borders make It 
particularly vulnerable to exter- 
nal events, while its small size 
means that its interests are 
best served through supra- 
national groupings. A recent 
opinion pall conducted for the 
AVRo broadcasting organisa- 
tion showed 71 per cent of the 
population in favour of more 
co-operation on a European 
level, while a' large majority 
held this co-operation to be 
essential. 

The prospect of direct elec- 
tions to the European Parlia- 
ment next year has not proved 
the controversial issue it be- 
came in the UK. but it faas 
aroused little enthusiasm either. 
While direct elections are 
expected to strengthen the 
power of the Parliament, its 
limited achievements so fa; 
have not inclined the Dutch 
parties generally to antiripate 
a great deal from the new ’body. 

A recent poll carried out by the 


EEC revealed that 69 per cent 
of Dutch voters intended to 
take part in the elections. Only 
the Dutch were prepared to pul 
Community interests above 
those of their own country, the 
poll showed. The 25 European 
MPs from Holland will be 
elected by the same '/'propor- 
tional representation' system as 
that by which the Dutch lower 
house of parliament is chosen. 

The proposed European' 
Monetary System has the full 
support of the Dutch Govern- 
ment Id a recent commentary 
on the ideas thrown up by the 
EEC summit in Bremen in July, 
Finance Minister ' Frans 
Andriessen made clear bis satis- 
faction that the discussions now 
involve all the EEC member 
states working through the 
appropriate Community organs. 
Dutch approval for the EMS is 
hardly surprising in view of Mr. 
Andriessen' s predecessor’s pro- 
posal— dubbed the “ Duisenberg 
plan ” — to achieve greater 
monetary co-operation. 


Parallel 


time in tiie past 11 months as four-year coatttjo a with _ fed 
Holland has wrestled with the Labour Party,, It ha* been 7 , fee ' 
moraL questions- created: by Its left wing of the Oirfsttati DemiK 
involvement in cross-border pro- crats -which has provided the 
jects. It has exasperated Jts strongest criticism of. :Ms 
»/est German and British Government’s policies. :TWj. _ 
partners in the Urenco uranium came close to forcing to a difeit ' 
enrichment project with its of the Government- in Partial 
demands for more watertight ment in June over the ouestfon 
guarantees from Brazil against of uranium deliveries to JBrariL • 
the misuse of the fuel. The m. A - 

Government finally carried the , -5® Mmstian Democrats «ufc^ T „ 
day against the combined weight a serious lose U^ mntrtB,-; _ 
of the opposition and a large wile “ ***® “relation that: the- 7 ' 1 

numberrof .Its own backbenchers, Pi^riiaraentary . ■ leader, - 

and the deliveries will go ahead fl * r - Wulem Aantjes, hajj bjseir : 
as promised from 1981.' This a member of the SS during the..-' 
issue is certain to the the sub- ? artI 2 l ? occupation df Hetbind^ 1 .: 
ject of further debate in Pariia- f 0 fceclhltti: iq step down. Subset - 
ment, however, as the delivery 2 “*®* -• revodeir 

date approaches. teat Mr^. Aantjes had -concealed .- 

In the defence field a strong H! e f<lli of his past from 

body of public and pariia- th fJ! ar * y lea ^«rship, .so a.wider r 
meotary opinion is opposed to £. pIitlCal «a»dal wap avoided- • 
acouisition of the nentron bomb fr’ Aa °tiflS^"depariure; fas' i; ' 
by NATO forces stationed in f^ w ^ ^ P»Sre 2 Ssire wih^'<^- 
Europe. The largely Christian “ e -XJcmocrats. 'hthv- 

Democrat Government overcame *;* 

strong opposition from many of Although there "'have been 
its owq MPs to the new weapon, ““e indications in tb> 'past ' : 

The Government view is that it ^hth or so of a^modeift mrniriir 11 


The Dutch are realists though, 
and stress that the currency 
agreement can oqly succeed if 
the partners achieve a reason- 
ably parallel development of 
their economies and give the 
stability of currency parities a 
high priority in their monetary* 
policies. The Dutch are anxious 
that lhe EMS does not place an 
undue burden on the smaller, 
members by laying down stricter 
intervention requirements from 
them. They are also wary that 
Che creation of ECUs In return 
for the deposit of national cur- 
rencies with a European 
monetary fund would create 
extra liquidity and fuel 
inflation. 

The Finance Ministry Is in 
favour of the . European 
monetary agreement remaining 
open to non-Community 
countries to become associate 
members. The central bank on 
the other hand has its doubts 
about the practical consequences 
of the fund’s membership not 
reflecting exactly the member- 
ship of the EEC. Would -the 
currency basket include all EEC 
currencies regardless of whether 
all ;countries were fund 
members? 


vv— •■•■uvui view 18 uai 11 OVW1 « iiiUUBSi Opcjlfj* 

should be used as a bargaining in -Dutch 7 economy 

counter In the East-West anna is j^oomy.^^ 


^picture 

limitations, talks, leaving the PplahdV-exteniai. pcaitaaThas l 
final ri si on open if these fail' vr^akenfid dranidricallyfr^-th^^ 

Domestically, ■ the ' • new bPtteiistic' ■ .'.expe^aifons - ' g 
Christian^ - • ! Democratio-LlberaF wmssed^iit recently w 
coalltloo Government has begun' originally, forecistiiig a-'ba«ice'' - > : 
to tackle the country's economic payments surplus -of ‘ FT 4bn ; :- ;. ! J 
problems. It has produced a pro 1 ui-IfiTS -the- op town e’-is noUt y ‘ -•'] 

granqne, known as “ Blueprint be^,daflci^^ 

"81, “-'for curbing public spend- flrst for seven years . 1 A d^cit .' 
ing. : and increasing industry of - FI iTbti owruir^d-iir-the fiyst - -• ^ ? 

pnjfffc^ whlch it managed to get iial£: HoHand rfecoiijedra deficl if , • ’-' 1 | 

throu^i Parliament, largely Df ^ ‘ * -ba on^ri&ibleVtradg 4 »'.- -4 

intact in October. Uie- first nine rinbnths , . ' A 

The : new Government has foUowlpg- a . deficit- ?6ir V. ; '- I 
come through its first 11 months In *e. ssme period. bfi., ■ -VS 

in office rather more . suteess- +f77* 

fnHy^than .'many observers- ' BOgh^ im'4 '■«?« 


^KlglH.'wage^ tba'; 

titougfit possible. The failore.oi strength S^flie gullder 1 have 1 
the .lafeonr Party (PVDA) to ~ - 

^^ ^® re ^^, on l et>aiitio:0 uncompetitive -Oti 1 wdrid -ma£ y 

*r •* tfae ^- I ^ gest party,, to invest . and few new loba are = 
and the -. one which had been belrigrcreatedL, ileiares rel eased 
most successfol in the Mayy 1977- receatjy Lby jmaiBr, coipp at ue^ 
el ections, excluded from. "such as ^philips ^d AJKZO 

reveal the-jzumber oF jobs they 
' k 11 ^: m ^Hbilahd^riir”^ - 

r ?* 5 t * Wl “S Liberal- Party .cltoe forjhe^wiute ^^r^S: ; - 
Pa 5 SS r? ha Zf slenderest of tlon vcsrjwrity -fe- inCr^isinrfy 

!50 seats in the ment .juMtind^i^OwfSri . 
lower. house, ..... SJt per cent- of the workforce 




- ' T m * 


'-'-1 




SS3S • ;:£4 




Nuclear Issues have taken up 
a great deal, of parliamentary 


.V. 










i"' V."! '-"•^■l-^ 


lfch e J? lo%, . 

S.^,: 

|XS>’5; ! 

SWjfeS^ 

i. dea<u ^^rr 

tefxC^' 

» «■ SjS! ? ' 

►■^5??^ - 1 

r* ba -™£>! 

*» **4> i-v 

j^lookfo... *-: 

S n wl,iIe “m." 

^-noi sug^L ll, s 

J* an/ 8 * 1 ft* ...; 

tion of .. s P6fljv 

Sect jf .- 

^P^asion, 5 J - :.. 

2**8 partis -- 
*** J: Per ?> '■-•■ 
imports **■»!■ '-:-..* 
sehoid 
* forecast 

***■ in 1979 '••• ■ 

■ ■ 

•Ur?*!' i. 

1 «e of ST; V 

■<ftt mJ97 3i £ ■■. 

When ai< ». , 

flf * PV^err 1- 1 

» «lter. Vi! •■■.:■ 

Jtth-sjear.^ 

;.■«»* a-erue'- ■■■.- 

TS?e cf nearly gC 

3* decade pf*£ 

«»P * •::! S - - : 

Jy. R0 - wwsf ."-. 
JpiOjr.dr,^ * “ 1 

fc. 

a the Kur. ra, '•'• 

« me.mbtrga .* 

' Europe " yl 

i which 'C 

.Cttm-,-;.; ^ ■■ 

5 tl a '.."is V-e-jU 

^ faev.r* T ^’t 
*»*■ a* M. &>,. \.‘. 

r iha* ~* 3 y rsii W-- 
fHSC* he P.aapa .;•,. 
L ecjJKS;* :a; J' 

? ever r:'--:5 




ffc brighter picture all round 

r growth within inflation rate of volume term? exports increased further opportunities fur basket and somethin? more in better than it was at the end of this inter-German accord would 
■ some 2.5 per cent The Govern- by 5. per . cent and imports by foreign exporters not overawed West Germany's taste emerged l?st year. not have emerged now if clear 

ment , had .hoped ..for more no less than 7 per cent Export by the myth of German business — namely pledges of comple- As for the West German talking and broad agreement «»n 
^growth and bkd ^expected more value figures alone say little invincibility. montary economic and financial “Ostuolitsk,” the key event was future relations had nnt 

jtrfhtion-~ytlWi ..'is.- ' what it about the profit margins of the The economic upswing m action by all participants, the visit to Bonn in May by the emerged at high level between 


and ihe Blast Ger- 
Herr Erich 


.^pnt; dp^s not Imtfly.'jbat "-ffiMT'- Viffi t - .NtJr wifi it put weaker truth is that the real volume of January, 

.'.■ '§w^Biy^wiU ad&fcsreits ship- German imports has consistently At the summit 

• ever growth ratey' ju^that infli- Tjniitfltfg, back oh thejr^eet But been increasing faster than that “ locomotive ” ihet 
’^ion t®: .|Meril at* is not far from of exports — and is set fair to by the United Stan 

.- that ' labo^r^u^^'^wfllr' W'ltiiar * upswing, in 'stability” continue doing; so. That means consigned to the 


does not mean, of course, that ber. when East and West Ger« In domestic puli Ucs. Herr 
all U.S.-West German bilateral many were able to conclude an Schmidt remains firmly in the 


wastepaper with those problems is much countries. It Is safe to say that grounds that bis pragmatism 


drove our longer term political 
visinn have aitered their view. 
Had the Christian Democrar 
i CPU) opposition won the State 
of Hesse election in October, 
then the whole political pattern 
might have changed. Bui it did 
not— and the CPU’s continuing 
failure In break the Goremmeni 
coalition is emphasising its own 
Iona-standing leadership prob- 
lems. The next general election 
ip scheduled for 1980. There Is 
no currently foreseeable reason 
why the coalition would not la?r 
at least until then — with Herr 
Schmidt at its head. 


f over s:;.l -:5 
g. Ji-iwfvfr. isil 
%f1s'rz W.': iRT 
>5 t r.e ?::**: : 

Am 


iiumb&^ Of aKXHaragxiig elements, •which , they have so strongly 

a-adeocarted toothers. - - "C'T* • p-4 . • 

Hnsglds&sss Victory over inflation 

-S^e^dpafidewa-aiHl ^odaI^2tfpa^t*ry Systein (EMS) is go T A v ^ ^ A J w w-*- v • 

- peace- .'. . / "/ - • - -mg td jnean' Significantly more . .* 

. Had anyone dared, to make a raarket intervention by the 

- the ‘spiit ^h e Bundesbank.; tha nks to the in- 0 f lhe EEC than in past years debate -m advan-rp of the Decern- The size of the Belgian budget has had little option out to sacri 

■ /: r 3 ^. -^ ec .? ctosloc of . WMMrwnwcies nor has two important areas of ber 15 poll in? day that has been deficit is now causing growing flee growth and employment in 

.ao ; 4ini^tic -.bT _ most present ' members of the RELGIUM AND EEC policy that it is lobbying set. So far. however." the care- concern. Although Government order to bring inflation down tr 

Iwopi^-^Eomomto^grpwtn.wnSr-aoake, then that 3AT»ec cent !n- hard for. further increases in taker Government formed by M. promise? early tliis year stated West German and Dutch levels 

- . and tpece fiation estima^e-could prove ton LUXEMBOURG agricultural price support and Tinderaans’ owu Defence that ir would be pegged to if it wished to safeguard its 

"mroany, lovr- What is soi^arknpwn about more disciplined monetary Minister. M. Paul Vanden BFt 55bn, it is likely to reach most valuable export markets 

' ,r f fog Structure e£ , the monetary pn u. policy, but otherwise its pnib- Boeynants. has managed to keep BKr lOObn for 1978 and the Whatever the shape of the pro 

., Puaaoe__, : mCi^*L^es, system suggests ' that this Vjm» iTicmu lems have become largely in- the issues out of the public public sector borrowing require- posed European Monetary 

s •fwS l ?S r S W; danger has beefttheognised and ... - - temal. domain. It is not s» much a ment is now equivalent to 7.5 Sj-stem. Belgium will have ti 

■ - Gbappylpt Uehmit Scbciiat was, action taken.to «vert- it. But r* question of ducldna Isaacs P er emit of GXP. Financing the maintain that close relationship 

batching a. ^cheipe with pie W ould be as &bsurd to suegesi AS EVERY visitor to Belgium For a smaH. rich country that tha£ Bel;nan v , ners &hiniId be debt is likely to become more S o far the effect has been a 

that there is no; risk at all as it soon discovers, there are two bas benefited ot much from the eacourag ed to discuss sav difficult, not because the Belgian remar kable victon^ over infla 

would be to jfcny that great Brussels. There is the home of existence of the EEL. Belgium observers, but state would ever be considered a 0Ili xhe Belgian rate of in tin 

EEC Commission, the city « now m a of avoid in- a damaging show- a poor risk but because there tion has been more than halved 

• S hrtda.to« ct hM»%i?2' the. Community s Euro- ^ralpositaon.Despiteits ur^ dwn 0Yer the language question 15 mounting controversy over m three years and now stands hi 

?55HL2 P? £ done. For Mjennan/ the business ;«nd bargairung is doubted support lor the ^ otherwise lead to the financing policy. Recourse to ^ anilual ntf , of 3 7 per cenl 


Victory over inflation 

of the EEC than in past years debate m advance of the Decern- The size of the Belgian budget lias had little option but to sacri- 
It has two important areas of ber 15 polling day that has been deficit is now causing growing fi.ee growth and employment in 
EEC policy that it Is lobbying set. So far. however.' the care- concern. Although Government order to bring inflation down tn 
hard for. further increases in taker Government formed by M. promise? early this year stated West German and Dutch levels 
agricultural price support and Tvnderaans' own Defence that it would be pegged to if it wished to safeguard its 


disciplined monetary Minister. 


Vanden BFt 65bn, it is likely to reach most valuable export markets. 


policy, but otherwise its prob- Boeyaiants. ha? managed to keep BKr lOObn for 1978 and the Whatever the shape of the pro- 

lems have become largely in- the issues out of the public public sector borrowing require- posed European Monetary 

temai. domain. It is not s» much a menr is now equivalent to 7.5 System. Belgium will have to 

_ „ . . . . question of dui-Jdna Issues per cent of GXP. Financing the maintain that close relationship. 

For a small, rich country that «... Hpi.r u litoiir tn hp^mo mnn. r — k 


per cent of GXP. Financing the maintain that close relationship, 
debt is likely to become more go far. the effect has been a 
difficult, not because the Belgian remarkable victory over infla- 
state would ever be considered tion. The Belgian rate of init.i- 
a poor risk but because there tion has been more than halved 
is mounting _ controversy over [ Q three years and now stands hi 
financing policy.^ Recourse to jjj annual rate of 3.7 per ceni. 


. T^Abroad,- the : U-S, ;, was stUt fiiiinediate advantage .-!* clear mainly conducted, and there is European ethos it is domestically ..QrmtjV - bein'’ snfit into two .the domestic capital market has a« aeainst the 5 4 oer cent level 

- Mrocein'o Wad-riormfin^lA art «c V n Tf n( «•- _ thrulunnH hi.- tho lonmurt, ™ spill mm nvo as again SI Uie a.+ pci Of III IVWi 


pressuig'V^estGeDbanyto.actas enough. Mor^ttan half of its quite separately the Belgian threatened by the language "j rnm munin> s pach a inflated interest i 

;vS ‘; ipcomottve r 7 ’^pf. tiie .world exports go to : other Western capital. The two have little over- rivalry between its Flemish- ^ eparate .- ate vi Uiin 'a federal helped starve the pri 

i .economy.;; and ' th® outcome of European countries inside or j ap> seeming studiously to speaking population and its 0 ^^ of funds. Recently the Govern- 

" the; planned WestfiiTJ ecimomic outside the Gommunlty. A ignore one another. So much so francophone Walloon*. Ar the JJ ’ . f _ . . ment reversed a 10-yi 


rates and y iat t jj e consumer price index 
private sector was projecting at the start of 
y the Govern- 18 j-g The price has been sus- 


Tne piannea. wesiein eamomic outside the Gammuniiy. a ignore one another. St. much so irancopnone wauoons. At me - jhrin , nf R , - llTri ment reversed a 10 -year pattern tain " d h ,„ h ‘ uneaiD « ovmein - mU 

rtmmfr . of ._ grater currency S«t when Belgian Cabinet same time, one of the nche?t and of avoiding foreign indebtedness a eLubbo^lv slow growth rate. 


. wuuu .1 ^ ■^•^yguau ur v ttiat wnen Belgian uomci w culittino into two hairpc 01 avowing toreign lnueoteoness a gi U bboralv slow growth rate. 

\ Bonn was^ar from certain. . At . stability which -embraces most. Ministers make the half-mile most capitalist nations nf the Jgj™"* J" ^ and negotiated a BFr 8bn loan has™ ll to 

btimerthe SocialDemocrat-Free 4f not all. tbose-emuttries must mp ^end EEC Council Nine is increasingly vexed by "SffjSL JZLJ from the Bank for International JSSfte iJvell of mid- P74 

Democrat Boalition Goyernment .help-, West German exporters nJitinas «y. y can appear just a economic problems that are call- >V‘ !o ° ‘,k 1 , I s re T te ; *2 d Settlements. 12 n Zk 

: the Cp^cularly : /.smaller . . and S^e SS ^ question not only the * It l the problem of the V** 

srtate-of 


ii. riection in the (particularly, /.-smaller - and out of place. Hike an actor 
5,. whose outcome medium- sized enterprises) to on the y^qog Set . 


Settlements. 


and official projections of a 2.5 


ti frw hut country’s growing economic dim- " Ir is the problem of the per cent rise in GXP for this 

P i reCe ?/ S -, 0f .Hf? „" 1 culties it must be said that the Belgian franc, however, that year are generally thought to 


It re- E2TJ5£. feJteK 2 t">*»r,T,a Irrelpvanr. D«pi,e «Trt dUte— To i— in more likely. 


wturaeSi-.t&e C Ijrtsttti. .Doiiks. hnanea Man -noold ten nrton* baten. Corafortohle « U «P e The currencyT^Ttv 

gssr^ ,lc ' ^sssr— of mS— kS ^**7, r *«** “r M £$£Z & *fS— ’ S ^ ssr“ UI sss.r'^:b.“ 

r% " ■•" t * p tnmfd * ‘ course. app^^S membera of Present efforts to attract the ^ b t a 6 f u c d a me n t af ° if B . eJ 5 ium must con rend with a the joint float of the European states, then the tinv Grand 

: ^yeiu the^js^rtni some may somewhaS Irisurelv, Ve- dLfficu,t economic future - S* 1 SfdSS ° f Lwc V ni >?' 1T » 

tnrn^'but:;tci;^e.by. &r^ SieeElhat West-: Germany itself 'tLZSk examination of Itself. ’ There are three main prob- P Xies and in the pS °t its . m ? st OTt ^ ast,c ' f ven 

worst, with real growth fn GNP bas littie need of a farther ex- “ er J 1 , tottrest— for Brussels Jem areas: unemployment pub- S?s -nlS? an Luxembourg tends to 

<4 S only T.7, pier cent. Sine? then port boost After -aU, the Wtat has thnved orutep^mmi as the within three weeks, if all lie spending and the future of SjL Ifendto? the ww l l - ^ dedmins . btrtl ) 

. ‘ things v have 'been . picking up, German exporr surplus totalled European centre— that does not goe s according to plan, the the Belgian franc. At 6.7 pef rate ^ lCs ^ gh proportion of 

" • par^' helped fcy the 'cumolative UM 2&5bn in the first nine dptract fr 0 ® »« country s com- Belgians wall be going to the ant, Belgian johlessness is now ^ ^ ^Pecuianon. foreign residents threaten its 

l&pact of thpse programnies of moirtiis of thla year. against DM niitment to the European ideal. poUs in a general election. A second only to that of the Irish ’ Belgium is tied to West Ger- national identity, the Grand 

economic stimulation Which the 26.3b» in thfr ^xmd ^period of Unlike Britain, for example. Government crisis sparked by Republic in the EEC league many and Holland, which to- Duchy remains one of the staun- 

^«£rwm«nf fifo bgSr.Tirnffic-. lagti y? ar amti .Mf a«4hi? for Belgian has bo fundamental the mid-October resignation table. The chances of reducing gether account for almost 40 per diest advocates of European 

jpg r^ulatly, ' sometimes it-^977 a& a. : wholfc^ However, it do«ht about the EEC, and its from the Premiership of M. Leo that level appreciably are not cent of the BFr l,344bn that integration. The forthright 

^emed^es>erately* sin&e the oil -is. worth notiieJbat: while ex- Pobtioians accept the Com- Tmdemans over the issue of bis high in the foreseeable future, Belgium earned in exports last criticism of the UK’s - equivo- 

- crisfc ’• .portscliiabed by 4 perceatund munily’s parallel authority. proposed ** regionaiisation •’ for such traditional Belgian year. External trade is vital, cal” attitude to the Communiiy 

^ ()f£iipports by.3, per.rent.W valuer ' Yet ^ Belgium today is far less solution to the language prob- industries as steel and textiles accounting for almost half of membership that M. _ Gaston 

- -SOTS J JbniiCr 20S®? mdntbs, In^preoccupied wiA t*e workings lem could lead to a public are destined to contract sharply, the country’s GNP. and Belgium Thom. Luxembourg’s Prime 


tfhat.iiappenpd? Ecxfflpmie- course, apply to all members of t 4nBni«?i« p w barkp d on a f«°d 

the^st quarter: of ^eyein the nev-^ystem^uid some may "wwtat leisurely, 

turned out.tobe. by far fhe ieeT-lhat West Germany itself examination of Itself, 

worst, with real growth, fn, GNP has litGe need of :t farther ex- ™t*resi-tor Bn^seJs 


To maintain more likely, 
may’s parity xf Belgium ranks as one nf 
Marie inside t j, e EEC's uncritical member 
he European states, then the tiny Grand 


Minister, expressed in London 
nor lung ago is certainly based 
on a track record of solid com- 
mitment to the European ideal 
M. Thorn's somewhat scathing 
aitack on tlie possibility of 
Britain seeking o "half-way" 
house" relationship with the 
proposed European Monetary 
System i EMSi come s. after all. 
from the leader of a country 
•thai has championed monetary 
unii»u along those lines for 
at most 10 years. 

LuxembcHi rg is rarely troub- 
led by national interests char 
bring Lt into conflict with its 
EEC partners. Banking and 
sfeel are rhe nvo main pillars 
of the economy, and while the 
latter activity is still in crisis, 
with the Grand Duchy's Arbert 
steel giant haring recently an- 
nounced that in the IS months 
to mid-797$ losses that totalled 
LFr 6.1 bn. the accent continues 
to be on co-operation. The only 
source <»f friction continues to 
be rhe uncertain fulure base 
of the European Parliament. Ar 
present split uneasily between 
sittings in Luxembourg and 
Strasbourg, there have been 
moves for next year's new 
directly elected Parliament to be 
established in a single and per- 
manent seat, with Brussels mak- 
ing a strong bid. The possi- 
bility nf losing the 1.500-strong 
secretariat that os based .in 
Luxembourg prompted M. Thorn 
into an uncharacteristic threat 
early this year when he .sug- 
gested that Luxembourg might 
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24 


EUROPE X 


F.ra.Tft=: 7ia« X^Jar '■***&»*'* 7$% § , 










ITALY 

Paul Betts 


HANS CHRISTIAN Andersen 
referred in one of his fairy tales 
tn a decrepit house which had 
to be demolished but which re- 
mained standing because no one 
could decide whether to puli it 
down on the left or on the right. 

This, put crudely, is the 
di’enuna now facing Italy, 
governed by a political coalition 
that has survived for more th3n 
two years but which has always 
been distasteful to the main 
political parties and — according 
to recent local election results — 
apparently to the electorate at 
large. 

The coalition Formula, how- 
ever. has given Italy during the 
last two vear«! a relative degree 
of political stability at the same 
time as helping one of Europe's 
sick economies to get better. 

It was the fruit of the incon- 
clusive general erections of 1976’ 
which left the country's main 
pn'itica! parties, the long-rilling 
I'hrstian . Democrats, and the 
Communists, in a stalemate 
position. . 

In the face nf the then dire 
economic crisis, which earlier 
that year had forced the Italian 
authorities to close the foreign 
exchange markets for six weeks 


'to protect the tumbling lira, 
there was little alternative 
except an emergency pact be- 
tween the main political parlies 
to put the country back on its 
feet. 

At first, the opposition parties, 
including the Communists and 
Socialists, decided to support 
indirectly (through a policy of 
abstention in Parliament) a 
minority Christian Democrat 
Government led by Sig. Guilio 
Andrentti. 

Sulxeauently. growing pres- 
sure from the left-wing parties 
For a greater voice in Govern- 
ment precipitated a Government 
crisis earlier this year. But the 
main parties seemed intent at 
all cost to avoid an early general 
election and a compromise was 
reached. 


The concept of the emerg- 
ency coalition pact was rein- 
forced by a new parliamentary 
majority which saw. for the first 
time in some years, the Com- 
munist Party directly supporting 
a new. minority Christian Demo- 
crat administration, but still led 
by Sig. Andreotti. 

In the process, and despite 
an unprecedented wave of 
political violence culminating 
last spring with the kidnap and 
murder of Sig. Aldo Moro. the 
late Christian Democrat presi- 
dent and five times Prime 
Minister, the political forces 
decided .10 launch a major 


economic and 'social ’ recovery 
plan. . 

Political violence and other 
social tensions, particularly in 
the depressed south of the coun- 
try. did not, or at least have not 
so far succeeded in destabilising 
the country’s delicate political 
balance. 

Indeed, there has been a 
recovery of international con- 
fidence and the so-called “Italian 
risk " has virtually disappeared. 

The balance of payments has 
made a spectacular recovery. 
From a sizeable deficit two 
years .ago. it is now expected to 
show a substantial surplus of 
some S5bn this year. Inflation 
was reduced from levels of 
more than 22 per cent to a 
present annual rate of between 
12 per cent and 13 per cent: 

Under the surface, however, 
discontent has continued to 
grow. The improvements of the. 
Italian economy, while helped 
along by the decline of the 
dollar, have been achieved at a 
price. 

A tight corset of ' fiscal, 
monetary and administrative 
measures had to be imposed to 
stabilise the lira, putting the 
squeeze on domestic consump- 
tion and growth, which has 
averaged barely 2 per cent 
during the past two years. • 

In rum. unemployment 
increased. The official figures 
(which say that 1.6m people are 
unemployed), only tell part of 


the story. More than 70 per 
cent of the total is made up of 
young people. 

The widespread phenomenon 
of doable work and so-called 
“black labour,'* together with 
the substantial excess of 
workers now • employed in the 
State sector industries and the 
large numbers on Slate 
subsidies salaries disguise the 
enormity of the problem. 

The situation is exacerbated 
by the continuing financial 
crisis of leading- groups in key 
sectors like the chemical and 
steel Industries. 


Chaos 



bonque 79 


F EUROPEAN TRADE FAIR 


FOR FURNISHINGS AND EQUIPMENT 


OF FINANCIAL INSTITUTIONS 


9-J3 November 1979 


EUROPEAN CONGRESS 


FOR MODERN BANK 


ORGANIZATION 


I M3 November J97 4 ) 


THE TRADE FAIR AND CONGRESS - 


conceived to provide precise answers 


to the specific problems of banks and 


other financial institutions - 


up-to-date information centers for an 


economical sector in full growth. 


All financial institutions in tile European 


3 OECD states are personally invited to the 


Trade Fair and Coneress. 


Doaimums lor piirucipaitun and information tur exhibitors. 


1 LUXEMBOURG INTERNATIONA!. FAIR CORPORATION 


P O B. I U> - LUXEMBOURG 


W • 

Banco de Fomento Nacional 


LET US INTRODUCE YOU 
TO PORTUGUESE INDUSTRIAL INVESTMENTS 


We are a Development Bank operating in Portugal since 
1959 in the field of medium and long term financing of econo- 
mic projects mainly of an industrial nature. 

For our investment credit operations we use in addition to 
internally generated funds a wide range of external resources 
including loans from international financial institutions such 
as the World Bank and the European Investment Bank and 
credit lines from many public and private foreign banks. 

Our Board of Management also acts in Portugal as the 
Executive Commission of the EFTA Fund for the Industrial 
Development of Portugal. . 

We are thus in a position to provide full appraisal and fi- 
nancing of projects submitted to us by companies located in 
Portugal in accordance with the guidelines and rules laid 
down in the Code of Foreign investment and keeping in mind 
the country's economic development interests. 

In addition, we offer our experience and services to fo- 
reign entrepreneurs interested in entering into joint-venture 
arrangements with Portuguese industrialists with a view to 
setting up new factories in Portugal of expanding or moderni- 
zing existing plants. \ 

Towards this end we are in a position: ■ - 

— to supply information on economic arid financial aspects 
of investments in Portugal; . - 

— to establish an effective liaison, with Public Administra- 
tion bodies and other entities intervening in the join-ventu- 
re process; 

— to establish contacts, in the capacity of intermediary, with 
Portuguese entrepreneurs and industrialists. 

if you decide to invest in the Portuguese Industry, namely 
in the form of joint-venture, do not fail to contact 


si 


BANCO DE FOMENTO NACIONAL 

Rua Mouzinho da Silveira, 26 • Lisbon -1 • PORTUGAL 
Telef. 56 10 71 • Telex: 1381 FOBANC P 


It has repercussion^ in the 
country's school and university 
system which is in a state of per- 
manent chaos. It has made the 
suburbs of the major cities, with 
their heavy concentration . of 
Immigrants from the south, and 
the universities into fertile 
breeding grounds for crime and 
politicalviolence. 

' In the south, where despite 
the -efforts of industrialisation 
many archaic structures persist, 
unemployment is causing in- 
creasing social strains, particu- 
larly in a city like Naples which 
has now virtually reached 
breaking-point. 

In its medium-term (1979-81) 
Recovery Programme presented 
in Parliament this autumn, the 
Government intends to create 
some 600.000 new jobs during 
the next three years. 

But the plan to give the coun- 


try sustained and stable growth 
in coming years hinges on the 
Government ’5 ability to tackle 
the fundamental structural prob- 
lems of the economy, including 
a- reduction in the -continuing 
Increase of the: public sector 
borrowing requirement on one 
haad. and of labour costs on the 
other. 

The political parties support- 
ing it agree in principle at least 
to the Government's ambitious 
objectives. But despite this 
general political consensus, they 
find it equally hard to’ agree on 
specific ■ reforms like, for ex- 
ample, a reform of Italy’s 
chaotic pensions system. 

For their part, the trade 
unions have so far greeted with 
mixed feelings the Govern- 
ment’s insistence for wage re- 
straints to prevent any real in- 
creases in wages during the 
next three years. 

- This attempt to introduce an 
incomes policy is an integral 
part of . the Government’s re- 
covery programme. 

.. But while some union leaders, 
including Sig. Luciano Lama, 
the secretary general of Italy’s 
largest ' and Communist-domi- 
nated labour confederation, 
have accepted the need to mod- 
erate wages in the imminent 
round of labour negotiotions in- 
volving as many as 10m workers 
in order to maintain the com- 
petitiveness of Italian exports 
and release investment funds 
fdr the depressed south, the 
union rank and file is giving 


little evidence sbarto* K 

leaders views. attempt to . regain the ground _ iuderaent rai , 


time, the large Frj£F '**** 


■tensions are 


key social - and." political .hssuev 
sueh as the referenda onpubtic 


me same Lime, uic, iaific : - , . _ 

union confederations are also : Sen^ral election. 

coming under increasing pres- / These various 

sure from the so-called “auto-; amply reflected in the recent ”j‘ f pofftical r parties,, or In 
nomous " or non-aligned unions^ accumulation of political con-: poHs.' •' ~ - ■ - 

which place the emphasis oh 'troversies. which also involve ■ .V;.. u. . rp „: nnft » 

salary increases and have re- anternal rows within tbe~Crade - 

cently caused considerable havoc' union movement as a whole. • 

lo a number of key public ser- -now threatening to undermine of 

vices like hospitals and trans^i-the governing coalition. ■ _ Lsuesi jS 

port. ' T^-A? example is the. difficulty £Udi *nt 

Although all the main polHa-Sig. Andreotii, the Prime the latest indication df tlm 

caf parties claim that they dqrliinister. has . faced, over a tre ?„ tartnii. 

not favour opening yet another'; minor Government reshuffle. All the main P tF" 
Italian Government crisis at this folio wing the need to appoint al tog toe Christian - 

stage, since it would not solve; mew Industry Minister to replace . Go mm imists^ and 
the country’s current problem&j-Sig.' Carlo Donat .Cattto, the ..lost ground SSy-- 

tbev are nonetheless showing retiring Industry Minister, now political groupings ^ tt.t0 .19w 
-signs of nervousness. : appointed- deputy secretary antbnoteous 

This, in many .ways, is the general of the rultog party - Even ^ the leaders - ■ foffi r-g.-. 

consequence of the present pqB^T ,To maintain the present national .. parties , interpretM._ 
tical coalition which, from the balance of Christian- Democrat with , same measure._oi anxiety 
begin n mg. has gene rated ten- fictions within the Cabinet. Sig. the; results, as- .sq«P?|.mg;pf ; 
sions not only between the van- Doaat’ Cattin claimed the right vote o fpr otest . tn em. _ 

ous parties but also within ^He- to elect his successor, although In the face, of ,a^ ,uus, . tn& 
individual political parties ‘the Prime Minister- had already country’s' current pohnrai eqid-^ 
themselves. suggested a candidate. The effect ;libnuni still ; appears/to^'afano, ... 

The Communists find all this was to open*- major 7 1 is poking i^c^as*. ^ 

mula uncomfortable for acoro^: differences within the Christian- inely fragile- each. day. - 
bination of reasons, not leasTifs "Democrats at the .same tinte as .. -None of the Whes. - 

apparently damaging effect. 0* amplifying the irritations, of^the present political formula^ .but.- 
their electoral position which; other; parties. none want tp vbc ! -^lamed_ f art =r 

in recent local polls, has : d^: Wfto : the datiy ^minders of . precipite.ting- J . a:^-.Haov^mentr;?, 
dined for the Christian Deih^ the' gravity of the country’s crisis. ; ; - .’ 

crats. It has caused growing orebtems highlighted by the In ane eyent-eyeik'if:siich;a ^ 
rifts inside the Party between high rate of terrorist incidents crisis; effectively ppebrs ia.. me- ■ 
those factions opposed to the and the continuing .wave of not" too, distant- future .as- : na ay -:.. : : 
riirrent diaiosue with the CwiE nrainarv crime, the • electorate are nnw prertictiiw^ ftlsdiffictrit ? ; 


t 


Rv 

C* 






?.v 


:Fw>::3 




f ' V' 








inuse iaiTlifUb LU LUC a Tin (Qe LTiiiuuuiii^ . wave iw. .. 

current dialogue with the XSMX^ ordinary crime, tfie" electorate are nnw predictnnj^ it \s dimetrit y 
munists and those who adopt; a. appears’ tn be losing -confidence to see whether tie house 'wil_l 
more open approach. fn the ability of the governing falMo thw’leftor, tq_th e rishti— 

As for the Socialists, - .; they parties to govern." ‘v^ or indeed' be^ substititteff-: by a;: : 

appear to be using the compIea3- : This mood of , dpsriondency similar if- superficially djfferenF--, 
ties and ambiguities of the j>r^* has come out clearly on a one. ... :• ' '/ ; J 


71 r--' 




- 


--1 








THE U.K. 

Malcolm Rutherford 


run, and work at all Ford plants been less significant than -the As in - almost every , previous the Government’s bandiiiig .of 
in the country was at a stand- fact that the unions marched' British upswing, the conse- the proposed European Mpne- 
still for nearly eight weeks. The their men off the job even quence has been a sharp tary System ’ has been -very 
company sought a way out, as before the pay negotiatiohs^bad increase in imports.- -The only confident . Mr. Callaghan has 
is allowed by the pay policy, by properly begun, and when the reason why that " is not yet p een inhibited: byjhis. pwnL left: 
offering a further increase in old pay agreement was stiU'Ia reflected in a balance-al-pay- w j n g t which has become steacliiy 
retiim for a productivity agree- force. It may be that that is ments deficit is that the country more" anti"- EurbpearL althdugfrm 
ment. The terms of that offer the real source of the anarchy, is now half-way towards self- that it oerhans- reflects th& feel- 

. , - were rejected virtually in toto, _ - - sufficiency in oil supplies. --It 

DO j a .r ba J ) ^ j- ear .i f ° r and I 11 riie end the company P pfnnTIC • . ‘ cannot therefore. be said 

and all the mdirations are toat sett j e d f or 17 per cent with only 0 q is h e j ng - u^d 

5",£? ”; c . SLOT ’S 1” a -pw««tww element Both the Government end the about the -regeneration or striJtes .and discontent wffi.at : . 

one of toe sine enecis ot in m ^ deaI Conservative Party seem to he British industry” to use a time come true • • r : ’^’ t-V-V.- - 

comes policy is that everything Yet jn a cur j ous way this is moving tentatively towards’ihat phrase much employed by the ■ ■ ’■ . 

begins^ tojiappen as if it were w h er g the .attempt to look on conclusion. The trouble i^is. present Government . Yet there ranaj n s . someftiing 

^Gove^mem Hlf bright Sid f begins Co ^ however . • that industrial Nearly all recent forecasts, ~ 


■M 


'■'A 

r'~ 


IT HAS been an interesting but 


ar 8ument’ goes roughly as relations reform has been "tried moreover, are that Government 

^ rim foUows: riie Ford settlement before with unhappy results, economic policy will shortly 
seltle ments of 3 per cent mq(1 im r « k<mn uirru k..« «• rru. r o " cautious. Tficre is a tciwit&im. 1 


Labour Government of bdortme more restrictive. 


... per “ ni may have been high, but it has The 

£ „ , s r e >« l»o> M , M m.. Every, 

flexibility. In the summer ^ that Ford 

proper there ts a nil. In the pro8tab i e mncc rn 
autumn theij is talk of strikes Mnse jt is i(e different 
<h« bl«k«t of winters (say , British Uylsod 
shead. By the spruip. however. „„ Jre minut 

0 '-. lh ;. W - 0rs . t .. p ” d l cll ° n ! therefore evidenec .. ... , 

..... fn f.,^ n | p „ r _„.„ restraint that Leyland workers reform act, buf at the price of year is expected to fall. 
25 2T “SS n l he ft r G , 0 n e ^; "« prepared to settle for less, embittering relations still SMG8 ’ 
f rill Indeed il is 9«Ue true that further. It was repealed by its It 

?‘mLpcy there have been a few cases Labour successor. The instinct face, 
d ^ d 11 a modesl recently where workers have is thus to go cautiously. Never- ment 

refused to support what they theless, if one had to pinpoint popular, 
thus. as toe summer regarded as exorbitant one single significant 



. CSe . 

,T,:. . 

-jr w 


v>ii single significant new expectations^ r i ^ 

approaches, the Government is demands by their shop stewards, development in Britain in 1978. Callaghan, the Prime Ministe*^^ ■ riiat CaJIaghan w tlie'^est • • 

ready to try again with a new The workers at some of toe it would be the growing aware- chose not to hold a. general Conservative Pfime Minister, we .. • ■'% 1 • - - 

target and a new effort at serur- VauxhaJl plants, for example, ness that the question of the election in October on the ^ 7e- . ' 

mg trade union agreement, declined to go on strike when reorganisation of industrial grounds that he could not be ’ There is one point that should 

on. it seems. Me shall be asked, and that is seen as an relations will have to be faced, certain of winning. He will never be forgotten- To the -Out- : 

k ♦ K* ar l n ° °P?u r pnco V ra 5ing development. All The economy meanwhile has now have to go to the country sider. it raight seem that, either 
ptiases of 1116 thal ’ s a far cr >’- however, from been buttressed by North Sea by October next year at the for better, or for. worse, Britain 

incomes policy. fundamental change. The oil. though not perhaps in a latest. has not changed very .much bver. 

The pattern extends over a Vauxhall settlement was still 81 way that many would have Superficially, there are so the past few years. - Talk -to: tilt 

longer period too. For more per cent, and that from a expected or wished. Britain many predictions of failure in man in the street, however, and r 

than two decades Britain has company barely making money, has recently been achieving one the wind that it might be you will discover , a different 

been in and our of some form of Perhaps the one real sign of of ils hrghest ever rates of assumed that opinion must turn view. It is that the’country has 

incomes restraint. What has change under the surface is the growlh. but there has been very against him. Rhodesia might changed too much and too fist. 


^ t ... 

. V-. 4 .: 

•■’Jr; S' 

V ' 


O-y-. 


never been managed • success- growing feeling that somehow Uule rause For self-congratula- blow up ftt any time leading to whether the re tiffin ~ 

fully is the so-called reentry — nr other the country will again tion. The boom has been almost a wave of sympathy for decimalisation, inunig ration,- or • . v' : 1 ' 

the return to free -collective have to face, up to the question entirely consumer - led. the Rhodesian whites among large memfiershib - of! ithe 


. . . % , , - - - — among large m ember ship * of. ithe European: 

bargaining. It is perhaps'aware- or the structure of its industrial result or earnings in the last sections of the British popnla- Community, or all three. Those 

ness of that that makes the relations. In other words, the phase of incomes policy run- tion. That would almost in- who offer radical reform there- " 

present Government so reluctant fact that there was a 17 percent nlng so far ahead of inflation nviiably hurt the Government- fore have a less than receptive" 

to give up its attempts to settlement at Ford may have — now down to 7-8 per cent It is also less than clear that audience ~ - 

achieve a formal policy. It has 


no reason to believe on the basis 
of past experience that a return 
to the market place will lead to 
anything other than renewed 
inflation. 

The problem has not been 
solved in the opposition Con- 
servative Party either. In 
theory, the party is committed 
to ending incomes pnlicy in its 
formal sense. Discipline would 
be imposed by control of the 
money supply and by setting 
cash limits in the public sector. 


A major preoccupation 


IRELAND 

Stewart Dalby 

Dublin Correspondent 


L s incumbent upon any ministers have made any im- moreover. a pecuUarly difficult 
Fianna Fall leader even one like portant remarks on the North. eccAomic and political prob&in 
Mr. Lynch who enjoys an over- Mr. Lynch has condemned the in its persistent, high level -of 


r- ; 




an majority Of 19 in the J48- violent methods of toe Provi- pnempJoymenL '(^ciaUy 9 rirt 

scat Dail (Parliament) to play sional IRA, but it is a time cent of its workforce are-job--- 

the republican card The policy honoured tactic among Repub- less. However, stope this total 

of the defeated Fine Gael- lican leaders that thn ovol nil Mk’kA./ « L.w. 

Labour coalition was 




1^* 


!! can i ti ders ** c ® c o“- excldaes^chool leaves, married: 
demn means of achieving women and some famersi 'as '- - r - • C - 
or the for- unitv if never the end. Mr •• 


There would be something like IT WAS inevitable at some rule would continue for 
German-style concerted . 

in which the government 
day could put across its 
on the economy and discuss 
outlook for toe fulure with 

in Germany, toe “ social the moment-that Mr. Jack government. for ' 

partners", . ? the Irish Prime Minister. Mr . Lynch ha , therefore duly tidaST* ^seTn^S 

divided. 1 " ‘’^EdwJrd^HMth! P^minent -among a Mtany^of ferent™ telfe '^ith^Eurepean ^ of violence in I 0 ^ 18 ,^ ^ J 

toe former CoWJvaM- — * S M Si* ^ 

Minister, has come out in more „ lL . , jn and Callaghan in particular that IRA bombings notwithstanding !>®Pulatf6ri in.Ew-dp^ahff wSd .< ' ' " 

«» '? or io"n' 5 tI,e raiS m Ulster xppeorlog to 


as 





per cent guidelines 5 and^alL f^nhr hi P ’ If 1 ' S "ask^d for £650m ‘ 

between toe two eouniri e rovS S..? 1 !?: lL!f™ 0 «r CO “2^2I!? ^oveiTuwnt appears content tl -^Irelandis bfigiff^^-pi^ '’’ ;: 


recovet ,8 little, economically lhe cen^ry^ag^iiisL -justj nver; - v^ 


wffiild drive a further wedge ” a * I .° r « pai ? 11 as a B OP* 0 ; and psychologically, the Dublin 3m nt»w. , 


fa^r. ea The views JMheCo?- NorthirelrelMd 2SL3H S15 CT 5S L cl . the^issne^ simmer oh the &?*«?**& 


1% 


federation of British Industry. 


sitianu, anu ii Nine re - r,, ir ,n r „ „ ■ iri-.-,- ’ — - — — i/n lug “ “'i • r - - . 

unification of ihe island — the Ste » ^ nd “ e back-burner. 12 wants to be con^ Df ^ e Pa^ decade take effi^t. 

avowed, irrevocable atm of • a : s ^ ,s ^ increasc suited but is happy to await* Tb ^ s 5^ ar econdmy"' should " 


ssrrsss r 


srow .-by 6^; ;-ctot. 1 Br:-re"ai 



Government— more difficult. Having made the Republican There-are many Irishmen - 



is. in fact, no evidence that 
can be done. • ■ 

The test case so far this year 
has been the Ford Motor 
Company, partly because 
wage claim comes up 
in the annual round and' 

because it is a very large __ >vin „«>••.«» [<vr _ , t 

. the - moracni— profitable Ostensibly, it was the electoral fcniy intois way’could^ tiiepoU- riie. ^C.’omntrie^-jankjig ; • 

employer. The company offered bribes in terms of tax cuts, ticnl impasse be -unlocked he _uw..M^rid m terms' hL.Psnni'iniiiM^^ 
per cent in accordance with as well as a promise of good said. ' GNPMf measured; By 

the official guideline. There economic times, which 
as an immediate walk-out. appear to be materialising, 
even though the existing which swept the Fianna 
contract still had a month to back to power. 


levrankips Cominon^ AwIcnltairal Po t^ T ;■ ^ 

K Fanivii^otp estoye a^red.T^eT* .VvC^ v 

ty rats, tele; ^ ^ ; 2- r 1 ' J&-r5 W 








jiDebfiSSber 4 1978 

f .jw" 


EUROPE XI 




*2^* ■ 

®siirf 

of thi , ’ %i 

ff. *4 V- 

£*:?>* s<ic ai , V 

| : : andicau ri>) 
Sl n part ^ & 

EiteS 

atf to n «v-^ 
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changes 
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national control of tiie country’s lo press both Greece and Turkey concerning the Presidency 


before of President Constantine Tsatsos 
from expires in May. 1980, and it is 
unlikely that Mr. Karamanlis. 
out that one now 71, will pass up the chance 
dilemma would For another five years. 

A be for the Government to return 


. .u. ~ _ •. external trade and foreign to accept a compromise solution should become evident some 

investments 'in Greece. which would give Turkey advau- time in 1979. The five-year term 

- i'l ’- • * ' n-tf. ...; r.‘ ■ ' ' : The Government has said it rages it never u — * 

» ; r ..X*j Our AtBenS considers tie results, of the 1977 Greece's withdr 

' ... . general elections as an endorse- NATO. 

jnent of its EEC policies and They also point 
r j . v • . V i ' «.... ■ i, . -does not 'intend to hold a way out of this di 
••• - intBw on the matter, a be for the Government to return He is Ilkety to make his inten- 

rear-admiral recently Greece to NATO as a full Tions known after the EEC 

suggested . in an article that member, thus depriving Turkey adhesion agreement (which he 

• .since no one knew which party of its arguments. sees as the crowning point of 

Sf... Would he. In. power -five years However, both PASOK and his careen is signed. His no 

. quiurg g.-jggee ef ji, hence. national , tribulations KKE are clamouring for nonsense political stature has 

' Tbe avoided if a referen- Greece's complete withdrawal kept party cohesion and his 

1 - ■ .S?S --thitf ' were held; -the results of from NATO and the closing of departure could weaken the 

«* which wottitf he binding on all the American military bases conservatives and give Mr. 

!ff l ^3S^5?SP5giLg! f write. •■ ■ ; operating in Greece wider the Papandrcou the chance to 

* IS !.*?. . vf~: . ■■■ BASOK and KKE have so far NATO umbrella. further increase his strength. 

from openly calling Their anti-NATO and anti- On the economic front, the 
- "■ tSSv r, neigni>ourmg : fpr a refe-endum bn the Issue, American stand and the declared main problems remain inflation. 
‘ ;; {„ they may be biding their policy that “Greece belongs to the scarcity of investments, and 



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“ - wnihi to the military structure general elections. cent this year (compared with 

of NATO under’ a special status They nnu- point out that in 3.9 per cent in 19771: industrial 
Jiew - are raore , proWematic because 1974 the Government declared production should rise by about 

"• ■ of Turkey’s ’ insistence that the that Greece would not return 5 to 6 per cent (against 4.3 per 

.•> question of who.; controls what to NATO so long as the reason cent last year!; and agricultural 

to the Aegean, where it is seek- which prompted its withdrawal output should increase 7 per 

-teg' an increased role, should be —the occupation of 40 per cent cent (after falling 4.9 per cent 

- - I SSSSifSiSj JflSvwSS setaed first. v -’ of Cyprus by Turkish troops- ]ast year). 

^ , '•/•••■ • still existed. Inflation is being contained at 

• Prid P : Jhxs is no lon S er deemed to 11.5 per cent (from 12.8 per 

1 ~ ‘T 1 *“ C be a prerequisite in the negotia- cent last year), as a result of 

■ a m*^'«g>es flavo PeC a Bettie q ' .When Greece -withdrew from tions for Greece's return to anti-inflationary measures ap- 

the military wing Of the Alliance NATO. plied by the Government and 

should. -Be mgned. by mld-1878. +Va NimnH ^1071 nrn . Also, the Government has voluntary price freezes. Pmdu*'- 

repeatedly .. declared that the fivity i« exoceted to. increase by 


in the summer of 1974 in pro- 

lifSS^T StanStife 2 to® 1 over Turkish invasion of - - , — - - - t w l- 

y 7 Cyprus and NATO’s failure to Cyprus issue is not a Greek- 2 per cent (it fell 12 per cent i 

ber States,: Greece should •_ _. ._.i j a u Mn «At m— . 


. . . ,. - . stop it. the move redres.sed Turkish problem and it cannot. 1977). 

formafy become^ tenth mem- ■ pride. -.and assuaged 1 he* ref ere, affect relations be- The drart of the fivc-vear 

* public opinion s home. A more tween the two countries. p i an f 0r 1975^2 predicts an 


'SSL ’3SP? SS£ 


Although the Government average annual increase of S 


fOwer.*‘s 

.7 -“i'T. / 


fsed bl- 
ip m hi- 

- 


Mr. . 

. . ■•** -r 
— icTP^ 


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that decision necessary was self- tried to minimise the impor- p er cent in GNP. 7.5 per cent in 
has •itufifled ’fts - ^obligations defence — with Cyprus occupied, tanee of the results of last industrial production. 3.5 per 
under the Association Agree- herself could not fee! October’s municipal elections, cen t in agricultural output and 

ment with £EC ana has con- tbe- absence of complete political analysts drew a number 9.3 P e r cent in investment. 

sAdcraply ^d^ted _ - Its pqjj^q] over her ovn forces. n f conclusions. The first was that Recently announced measures 
economy to -suit .-that <rf other - ^ j-etrospbct; the move may Premier Karamanlis 1 attempt to for more effective taxation are 
member states. ;The;: : deiay in ^ ve been a . hasbr one. The absorb the disintegrating Union expected to increase state 
the. h armo msarion ^ or- Greek expectation that Greece’s pro- of the Democratic Centre revenue and help balance the 
agricultural- pohcy wi m . ™ g test m n w* w««M have- prompted fEDYK) party has failed, at budget heavily burdened by 
.Communit^tf .common Turkey’ S allies, and especially lfi a s t in terms of votes. defence expenditure running at 

■^y. p y^ hM^.be eti mQ lijy fcg- United States to persuade Another was that the KKE about 22 per cent of total 

- - i_* e “ •. -? Aif eVe ^^ ar Ahkam to withdraw her troops used the municipal elections to expenditure and high civil 

- :: th e from Cyprus remains unfulfilled measure its present strength, service expenditure which takes 

-- ■*_: ^ctotOCTMp^. when: the Aasooa- ^ Greece has n6w ftnind her- i n Athens, where it had polled U P another 40 per cent. 

. non Agreement was frozen by ^ ». ^ a - j^- favourable 11.5 per cent of the votes in the Investment continues to be 

■ ’• *_ -e : -i position. . , • general elections a vear earlier, minimal and it remains to be 

now -segBflg to umit . The Jnove aflowea Turkey to its candidate, composer Mikis seen whether a package of in- 
.the tesnsroouai period, afterfall ^ forward .‘..diums in the Theodorakis, received 16 per vestment incentives now before 

- * nipmhpinhm - tn nn ■wow ' thon - - : — Parliament will manage to con- 

vince foreign investors (who 

VTjfnl have adopted a wait-and-see 

▼ flat . attitude because of the Govern- 

• 1 Although • Mr. TheodoraJds’ ment's heavy state intervention) 

; — personal appeal may have Greek industrialists (dis- 

proposed by Greece, the attracted non-Communist votes, gmntled over the Government’s 
f.‘ ■ ^Greece, tQ-Perticipate Gre^ armed forces- would the KKE made its point. It repeated onte-only special taxes 

remain under national com- proved to PASOK that co- which hinder proper planning) 
*> '■ preept- in gn East-West operation between tile two was to change their minds. 

■■ conflict when they would be vital; the opposition won almost The Government’s intention 

»- decisions.. At. the. ^ame reintegrated ijrto the NATO all the mayorships where a to restrict wage and salary In- 

v, - tne r :Uoyernment ^feels, command. “popular front” had been creases to 12 per cent next year 

. oemoeracy yml be constmdated.; a NATO 1 /-ground and air formed. is likely to cause labour unrest. 

* , m ®? I V^ 1 ®^ as i a - 0 ^^ e P rio ‘ headquarters would also be set More important, a “popular In view of the coyntry’sim- 

■ , ttgies o Ttiie. European, demo- ^ ^ JJartea. Central Greece, front" with the co-operation of pending accession Into the EEC. 
OfS-po V.,'. under.: -Greek command, to the Communists, a post-war the Bank of Greece is organis- 

iJhdude^ ' baZance ’the Turkish-run land -political bogey in Greece, does log for the first time -an inter- 
* 5?® ^Eto^ttal.benratsfiiat the.aiui air command in Izmir. tiot seen i to frighten voters any bank foreign exchange market. 
-•- Gr %4< : ' a *^ < 9 r The two separate head- more. By the end of this year, several 

I ' gauJiiig^free acc^ - tp the vast; quarters would in turn be con-. The furore caused by the banks in Greece will be enn- 

and lmfied EhtPPean market nected to thd NATO head- possibility of a junta sympa- nected to the Keuter Monitor 
;.;.and; ootaiipiig: tiie advanced quarters in Naples, Italy. This.thiser winning the mayorship of System, a computerised network 
. r tedmology'ofy its EEC partutirs. .device would make Greece’s" Piraeus showed that the Greeks linking over 2,000 banks and 
Greece Will also be given con- withdrawal all but nominal', but are not ready to easily forgive financial institutions around the 
... alderame; assis ta n ce under, the help the government save face, and forget the military dictator- world, which will allow them to 
-rvommur^s carniMn agricul- The road to such an arranger ship which deprived them of deal in foreign exchange, a de- 
;t . ttirai polity in fflffliHg tiie prob- ment is. however, being blocked democratic rule for seven years, parture from the present 
;.. lern3-Ot- its agncultural- sector., by Turkey which is asking that Despite Government denials, strictly controlled foreign ex- 

■ In addition, , Greece will bo .the. legal -status, of the Aegon Mr. Karamanlis* initiative change regulations. 

-^|ble: to benefit from fhe_various. shouJd .be settled before Greece earlier this year to appoint The Bank of Greece will in- 

nfiand^ facilities extended .to. returns to the military struts ..liberal politicians to key Cabinet tervene to keep the foreign ex- 
* /member . :chunrQie6 through tho ture of the Alliance and that posts, in an effort to change his change rate of the! Drachma 
Comnlttnit^'ftindsrand' bankA the areas of naval commjmd image as a right-winger, has within the margi'ns' ''of the Gov. 
If.isiepti mated fh'aj;. ^froni these and zones of air control in- the-, apparently created dissent ernmentV foreign ' exchange 
:-fuqds Greece. wSl.jeeeiye a .net' ^ Aegean be redefined. ."." within his New Democracy policy. 

: unipunt of-^ont$44to a year. Mr. Karamanlis has said that Part y- An agreement is expected to 

."This sum will not ndude the Greece 'has no intention of The appointment of Mr. Con- be reached later this month 
financing :pf- -Greek business negotiating its special status stantine Mitsotakis (whose Neo- with the EEC which will bring 
firms by- the European Invest- with NATO on the basis of con- Liberal Party won a mere I per the Greek drachma into the 
ment Bank; '■ ditionjj put -by Turkey and that C€ * n f of the votes i/t the general •• basket " of currencies used to 

Under:; its .Association agree- Greece is in Up hurry to retuni elections and has since been compute the European Unit of 
ment -Greece has received a to .the Alliance. Politick! dissolved) as Minister of Go- Account, 
loan iff. $125m^ihe-butk of whidh observers point Jout that what- ordination (the senior economic i n the first nine months of 
was- absorbed before the 1967 ever concessions are made to Ministry) has especially caused this year, the country's current 
ariqy coup. A new loan ot$35foa Turkey in the Aegean will -be friction since it puts him in a account deficit increased by 27 
: has been- approved; a net gain for- ,that country good position to vie for the per cent to S1.024rrk Imports 

'..'.Tbe, - Panhellemc Socialist and that the Government’s Party’s leadership — and the we , re up 15 per C j» nt t0 $5,44^0,. 

'. Movement (PASOK) of Mr. face-saving manoeuvre fot. a Premiership if. and when. Mr. while exports, suffering from 
: Andreas Papiandrebu and '.the. special status with NATO hhs Karamanlis decides to step up international recession and low- 
~Moscow-oriented" Gre ek Com- boomeranged. - to the Presidency. productivity at home, rose by 

niuhist Party • (KKE). 1 which ^ ^ done, they say. The scenario now being put only 9 per cent to $2.099m. 

together polled 35 per cent of j s t0 gjyg Turkey’ an excuse forward by political Cassandras The trade gap of S3,347ra was 
: the. votes in the general elec- f 0 j pressing its claims by veto- is that if Mr. Karamanlis leaves largely covered by invisible 
rtions of November I r I97T, are j ng such an arrangement. These the helm, tbe Party willhe split earnings (tourism, shipping, 
'opposed to EEC. iuU. member- tactics, - it is believed, could into two groups — one under Mr. emigrants’ remittances) which 
ship succeed since NATO planners Mitsotakis representing the increased 16 per cent to 

Nfc . Papandr^ou . prefers £ are deeply worried by events liberal section, and the other $3.0S4m. 

'Sjswaal . ’ agftement -between -j n Iran and consider tbe restoxa- under Mr. Evangelos Averoff- - The country’s foreign ex- 
: Greece and .thfii EEC similar to Tjoh of. stability to NATO’s Tossitsas, the Minister .of change reserves at the. end of 
’tiwt enjOyeCby.Norway. daim- south-eastern, sector to be 'of Defence, representing' the October stood at 5U 71.4m, up 
ing that . ktch an agreement paramount importance. traditional right wing. S125.7m ;from the . beginning of 

: would -Vgikrantee-- -elective They are, therefore, expected Mr. Karamanlis’ intentions the year. 



CONTINUED FROM PREVIOUS PAGE 


been put hack into farming, so 
that there has been a real revo- 
lution on the land In the form 
.of mechanisation. Productivity 
on the broad definition of output 
per man increased -by 12 per 
cent in- some parts of Trriind 
Jasfyear. 

parallel to the’ reform of 
agriculture, a process of expert 
led industrialisation has also 
been : goihg on.- A state body, 
the Indnstrial - Development 
Authority; which this year has 
a budget of £70m, is .empowered. 
io T offer grants and other assis- 
tance to foreign companies who 
wilt set iij> in Ireland ana create . 
jobs. With ho restraint on 
dividend remittance or caprtaL 
repatriation, over 5W) ^ . 

panics love established them-,, 
selv«i in the past decade. Tot; 
"the U5. and Japanese concerns 


there is the added draw that- 
they have access to the huge 
EEp market without tbe normal 
tariff, barriers, and they do not 
Have to pay tax on exports. 
Since - the ' Irish market is so 
gmalif this often means no tax 
at . alL . The EEC Commission 
has expressed itself unhappy 
with the . scheme, and Ireland 
has. promised to abolish it by 
1990. .It is. confident, however, 
that it can find some other way 
of achieving the same thing. 

' if Ireland is beginning to reap: 
the benefits of five years of EEC;; 
membership, however, the pro- . 
cess of growth has to be kept 
going. The answer of the Fianha 
Fail .Government has been some 
vigorous pranp .priming. In .a. 
white paper setting out its goals 
for .1977-80, the Government-, 
sand it is aiming for growth of 


7 per cent a year and a GNP of 
£7.7bn by 1980 compared with 
£4.5ba in 1976. 

It also hopes to abolish un- 
employment by 1983. To do this 
it will need to create 20,000 new 
Jobs a year over the next five 
years. Over half these new jobs 
each year should come from the 
IDA The other half, it* is 
planned, will come by an ex- 
pansion of public services like 
the police and public sector 
construction, as well as certain 
special job creation schemes. 

The Government has so far 
raised personal income tax 
allowances, abolished domestic, 
rates, allowed credit to expand 
(although it does not have fulf 
control-over its monetary policy 
as it is part of the sterling area 
in this regard).- and kept up 
public spending. 


The cost .has been high. Ire- 
land’s public sector borrowing 
rate is now 13 per cent of GNP. 
This is a level which many cen- 
tral European bankers would 
regard as extremely profligate. 
Should the economy turn sour, 
Ireland could find Itself over- 
burdened with debts, particu- 
larly foreign debt 
While the Government is hop- 
ing that greater output and 
growth, and all this means for 
higher Government revenue, 
will help curb the deficit, it is 
dear that if the Cabinet is to 
get the PSBR level down to 101 
per cent next year and 8 per 
cent the year after that (as it 
has promised), then some cuts 
in public spending, probably In 
the social sector, and possibly 
increases in taxation will be 
necessary. 



25 


Everyone keeps 
telling you to do more 
business in the EEC 


But who’s helping you 
to do it? 


There are a lot of voices these 
days, from Government down, 
urging you to look to the EEC for 
business growth. 

It s not surprising. 

The EEC must be one of the 
most attractive market-places of 
all time. 

A market of 250 million people 
with annual imports, at last 
count, equivalent to an 
incredible US$344 billion. 

The potential is enormous. 

The problems are quite 
sizeable too. 

Which Is why a bank like 
Amro can be so invaluable. 

Amro has been helping 
international companies thrive 
and prosper in Western Europe 
since the early beginnings of the 
Community, and indeed long. 
before. 

We've been- at the centre of 
the development of Holland’s 


financial and economic ties with 
other EEC countries. 

Today, we have the 
experience, the specialist 
knowledge, and the contacts 
you need. 

Naturally, as a leading Dutch 
- bank, we can be of particular 
help if ydu want to do business 
in or with the Netherlands. 

Or if you want to make use of ' 
Holland's exceptionally 
favourable position as a base for 
EEC operations. 

We'll give you information on 
Dutch business opportunities, 
backed by detailed studies. 

We ll put you in touch with 
potential: Dutch business 
partners, suppliers and 
customers. We’ll help you set up 


here, and help you promote your 
business. We'll handle all your 
payment transactions, and 
supply a full range of 
commercial banking and trade 
finance services. 

And what we can do for you in 
Holland, we can do in Europe — - 
and indeed worldwide. 

Both through our network of • 
branches and correspondent 
banks in almost every country in 
the world: as well as through our. 

. membership of European Banks . 
Internationa! iEBICl. 

At Amro, we really want you to 
succeed in Europe. 

Because as you grow, we 
grow. 

So if you' re planning an EEC 
initiative, why not contact Amro 
now. 

Then one thing you won’t be 
short of is enthusiasm and help, 
from first to last. 


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•■■■■•_ • MMjumf ritm> cent butbanksatidother inde- 

before they broke down. There A widespread. opi f io i ^ 1 JjKJjS® -SSt* 1 " 1 re * t °“ ^"227 neKforelgtt. debt pendent If orwastefs are predict-' 

is still plenty of time in which pressed . by Mr. Joergensen pettUTC ability. - .W 60 - and tne ner ^ alMrat 8 percent- .T 

_ i . . . ■ IIM fha anuintr nthpi-fl • k that -both the •• TTifl flmmrnnipnt T>laHS-tO- Call by the end Of BO®. J®" . »«, •- 73nirflrhmBn) J f!C ■ .(tsHkl / 


itc pom omuwub UMOH 


THE PORT OF NAPLES 6FFERS YOU: 


rnflibMMi 'tWrnmM normal negotiating procedures mands in the hope that the is keeping very quiet ** 1 oyjg^- , j and 2 per cent next year after: 
Copenhagen Correspondent ^ fl na1 £ e put off politicians would pull the chest- intentions otherwise. If thcgTOC cardinal point of {Javeninxent ^ j.97gj.. : This, tqggfher 

— until early April. But it seems nuts out of the fire, persists in heading for a. caa* P»Ucy. - with g;. slight' : Improvem ent, -to y , 

that- TUC chairman Thomas in the public sector the prob- Biot, -the Government mayjyeell j t now se ems fairly certain, housing. ' and bieiness_ invest? 

ALMOST EVERYONE now Nielsen is openly seeking a con- lems because in 1977 the let the unions take the .coat ^, achieve Its objective, for this ment and exports. should erahte. 

expects that in April there will flict, declaring that in this case Government set a 6 pef cent a sequences of their obstinacy.atid year, reduction of the deficit. GDP growth U> TnOTe gp.-&om- 

be a major strike conflict in the Folketing will have to inter- year Day norm for the current only intervene after a strik&has from Kr lObn in 1977 to about I - pet eent^tnfe -ye?s:-tp.. 


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Danish industry. In the public vene with an incomes poli^r collective agreements, broken oat, if at eB. la -Stoy. Kr 7.5bn. or from about 3$ per between _2 an4 3. 

sector, too. it Is possible that solution and that the anions will w bich it successfully imposed eveut' it promises to be a testing cent to 2j per cent of GPP- Th? year.: jr ~ 

strikes will break out as a not agree to incomes policy ex-tol-the public sector unions, but time for the coalition. . .1 • target for 1979 is a deficit not . However, non - government* 

number of chickens launched cept in return for economic the TUC made off with in- If labour marked profole>ins-de exceeding Kr 61bn. . forecasters ^ ^ 

into the air with the. unsuccess- democracy. creases of over 10 per cent a not create too .much frofible .. -nie inflation rate has' fallen lead to a pew- deterioration: . 

ful 1977 stab at incomes policy When the TUC talks, about year _ The public sector .em- (and Danish problems ha^ ^ wiirkedlv this year- though tho current balance or p^menfey.-t;: 

come home to roost. The police economic democracy it is talk- payees. . are understandably characteristic way of eutwaittly c-hleflv as a- result of falling deficit the . necessity ] 
are threatening to strike fit iog about a' proposal it pirt for- bitter . appearing far more serious Tiran ZZjZT for . imported f ' raw further squeeze 'meaaxrazq&g? 

would be the first 1973 ’ a ? d The outcome of the wage they really are),, the ®a>ao<niy: Materials and less because Co P enil ffS l 'J^5 I S^i^" 

teachers are talkine about a actually presented to tf.e FoLket- MgatiatimB ^ crucial. should perform rather better in dome stic costs arr under con- to. « " 

work-tn-rule. and other groups mg as a Bill by the then Social iovfl rhan in Bhe oast twoveaxs. Cnnenmur nripes over the deficit will probably Jipp 


TARIFFS WILL BE ARRANGED BY MUTUAL CONSBYT 


PLEASE CONTACT THE TRAFFIC PROMOTION OFFICE 
OF THE UNION, WHICH IS INTENDED TO LOOK INTO 
YOUR SHIPPING PROBLEMS AND SOLVE THEM 


work-tn-rule. and . other = iog as a Bill by the then Soda! deficit vnll 

SPSS'S 1 formed in August to introduce a Since the autumn of 1$7* _ year will probably rise by" about dmiina ■ 






cast a shadow over the firs, part ward. Accor®* to -Ms pro, Sr > ^ 

of 1979. Not only will conflicts posal, a compulsory system ... ^ fnvp.mment economic sarv by a weak balance of pay- cent Next year . the - Govern- poor. outlook for-the, 8 .peff--Ce nL‘ ; 

add to the country’s economic wage^arner cm wnerehip would #*** Government econmmc sa^ t>y a we« immgwr . ^cent «ercy«r of the labour carKt®$r! 


add to the country’s economic «« ™ meats' The client- ment beUeves tiiatit ,can. hold of the labu 

Tssmszszzs ru e r b xi“sSf^ ^ 10 ^ OTto,work - 


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— 64 office! in 32 countries. 

—SI .5 billion annual turnover. 

— 2.7.00 employees, (half of them specialists). 

— activities: agriculture, food, textiles, leather, 
timber, wood, chemical, pharmaceutical and oil 
products, building and civil engineering, 
metals and non-ferrous metals, industrial and other 
equipment, shipbuilding, motor-vehicles, etc. 


.the Social Democratic-Liberal tors. 

Government which was formed 

in August Payments j 

Tn the private sector it has •* / 

long been clear that the biennial The means would be the pay- A- 

collective wage negotiations ment of a percentage of the JL. 

would be exceptionally difficult, wage bill plus a percentage of 
The Employers’ Federation Ms net profits to an investment ■ 

demanded a wave cut for the fund, controlled by the union 
first time since 1932. as well as movement, by all companies TURKEY 

an end to wase indexation. TM with 50 or more employees. 

TCJC; for reasons which will Two-thirds of the company con- : Metm Munir 

emorge. has not formulated its tribution would remain in the; _ ' . _ . . 

wage 1 claims, but the major company as wage-earner equity ■ 'Ankara corresponaem 

unions have made demand* capital, carrying full voting , 

which, if met. wou’d put 20-30 rights. Over a period of years 

n«r cent on hnuriv wage costs, the w'age - earners would AFTER PAKISTAN, Afghanis- 
The demands include a cut in accumulate a vast fund and a tan and Iran is it Turkey’s 
fhe working week from 40 to 35 dominant share of corporate turn to take the plunge from 


A crisis 


The political partite . are as is the economic ; crisis, wtoh ^TWhlle .laying ^fr^^WfoK: . : 

disunited in the detection ;and gives them a bad situation that ^ ? ‘~‘‘ 

treatment of violence .ag 'they they can make worse. __ 

are on almost everyth^ else. - - — -Vj confidential - report on States.-,. 


are on almost evejn^ng ? be. 0n ^ economic front Mr. SMoStST^ the seZ ^: ^ 
Mr.. Suleyman Dem ireL ;.^ Ecevit’s record is more impres- fluartero f 1973* indostry: showed ;J 


right-wing 

5SL r ;«“ * fKJBSaS PO-We to say that be. .can' 


IMU «. possible to say that ne can ^ and snopliea 

Buient Erem of being^M-Md prevent Turkey , from sliding L m p ™? S ca r ce. thoii£li 


GENERALEXPORT 


1 1001 Belgrade. 

Djure DjaLovica 31. 

P.O. Box 63S. 

Yugoslavia. 

Tel: 01 1-764 622. 

Telex: 11218 YU GENEX 


B.S.E.— -GENEX Co. Ltd. 

and 

Centroproducc Ltd. 

Heddon House. 

14^-151 Regem Street. 

London WIR 9HP. 

Tel: 734 7101 

Telex: 23135 GENEX LON 


which, if met. wmi’d put 20-30 rights. Over a period of years irresponsible and considersihe F r f vent 1 , S came more scarce,; though agig--: - 

n«r c?nt on hnuriv wage costs, the Wage - earners would AFTER PAKISTAN, Afghanis- extreme Left to be to hlama, ,nt0 * P5 ol f n ^ e . a - cultural output rose. Towards • 

The demands include a cut in accumulate a vast fund and a tan and Iran is it Turkey’s extreme Left to De to w?s quick to re^ond to tt». ^ end 0 f the year, this- short-. 

the working week from 40 to 35 dominant share of corporate turn to take the plunge from He derides Mr. Eceyrt for crisis which he found in imr ages - m the _ economy bedafije ; 

hours and an increase in the equity capital. All wage and turmoil to chaos and from chaos using compassion and upder- pwing when he came 1 to imwte more widespread;- .unemplpy- .;.. 

four-week annual holiday tn five salary earners would receive an 'to uncertainty? The briefest standing rather than «tre- last January. .He adopte d a men t inteeased and, whil^re- j 
weeks, wage increases and im- annual certificate representing answer to this question is that ordinary courts and the stir*, stabilisation programme whose duCe| j aemand.O-pressiire gave.- . 

proved indexation arrange- their holding in the central Turkey may barely escape by Referring to Communist. -youth principal features were a fianje temporary, reilef for the . 

me^ts. fund. The certificates would be the skin of its teeth. Although s 5 0ut struggle ^irnto stantiai cut. in public ^™nd bigJl negative: r tradef balance. ; 

The TUC. however, which redeemable after a period of sharing many drawbacks of un- independence, be says.. —You in re al ! erms, / 5 redl L . Turkey fittiTseemed to beln &e ; 

negotiates collective agreements years at its current value. derdevelopment with these nor- e i th ®r ® lve t ^ iem ?‘ 0 ® s, rJ 1 i? he 5 middl& of her worst .ecohqafiC: : !•'. 


a 


on%ehalf of member-unions, de- There is no possibility of ob- them tier countries Turkey is 1 f? at , or !^ e ° ce manuracturcdgoods. a reduction Q-j^s jn majjy yeara. 



G6N6 RCILSXPORT 


on oenaix ot nurinuei-uiiiuua, ur nmc u ±iv (whiuiuij u* uiecu uct omuuica auiivcjt u , . .. . — . uiai» ui juwj • 

minded that unless "economic taining a majority for this pro- blessed with two advantages— a AipjLrshm Turkes, cMmaan of m ft* import^vome mi d a will, d early be / 

democracy.” or wage-earner co- posal in the current Folketing. fairly strongly rooted de- the ultra^igM^wing ob ^S e 4 to tighten belts further, 

ownership, was placed on the which was explicitly recognised mocracy and an army which has Action -PariT. is J»y K per cfent ; m_ relation to ^ ^tmue witttfie politically 

□eeotiating agenda, it would by Prime Minister Anker Joer- no dictatorial • aspirations. fa ™£. ? ^ . de ^ SJK f?S£j£22g?iS thankless task of.ferism maha^- ' 

refuse to discuss wages. The gensen when he formed the These, coupled with the re- ment- he deariydeesnot 

employers flatly refused on the coalition with the liberals in silience of the economy and the OTd auth -^ ty 1 t0 do - Hehasheeo Mammg ' 

ground that they cannot agree August There is little popular people, may well see Turkey the army. ,-j-\ . over j 1 two-year i«noa rowar« ^ bcreasiiig ^dr»-vV 

tn nApntiaTe au-av thn nrnrwrrv suDoort for economic democ- throuoh what is without anv Mr. Ecevit is accusmg Mr. onngmg enema* account reuta. i en __ for q-* ralivinar round ' 




• -*/>■ 




to negotiate away the property support for economic democ- through what is without any Mr. Ecevit is accusing Mr. onngmg externa^ account reuer. lence £ 0r not rallying romid 

rights of members. racy either. So what Mr. doubt one of the most difficult Turkes’s youthful supporters, and malting threats about hdok-. 

The wage negotiations there- Nielsen really expects to obtain periods of its history. the Commandos or - Grey AST66Hl€lltS ing else where. ’’Understandably/ 

fore never got to first base remains somewhat mysterious. The main elements of the Wolves as they are popularly .® he must think: of his pbpficaL;, . 

current difficulties are the called, of constituting^. ' the ..-By the beginning of Ortober chaneesahd tijose of iris'rulHjg: - 

economic crisis and political right-wing front of the political Turkey had signed agreements “democratic Leftf Hepnfrhcan 

• .violence. So far this year more blood feud. He has tightened with variouagorernmeDtSi inteit.Peppiei -Party.TfiOTnr'-'Which 

• than 600 people are believed to “P security to the extent that national organisations and cbm- receut ominoiis grumbles have- 

have lost their lives in the blood there is a soldier with an auto- -mercial entities for programme become audible. However if- he 
feud between extreme left and m atic rifle in front of every credits, projection credits, flhan- cannot hve np to the stamiard^ 

■ ' ■■■■ , ■■■■ - — | right-wing factions. Countless hank in Istanbul. He has" also cing of advance payments and of the BfP he is bound to have ... 

people have been wounded or tabled a Bill for tightening up grants, amounting to ll-6bn»-. access to.tte. third, tranche and-, 

arrested. Nearly 2,000 await legislative measures. The Steps were taken to restructure any opportunlty he has of rais^ 

trial in jails which have re- overall result of his efforts to the .$7.1bn short-term debt i eg fresh loans from the Enr^- 

cently turned into arenas for date * however, rema i ns unim- which included in September dollar market . • 

violence. presslve— hardly a day passes arrears totalling 32.2bn. Agree- With such pressing issues at- ; 

■1 1 .The roots "of the violence are without a political murder, and ment has already been reached home, foreign, policy issu^have^ ? - 

111 '*"'w . hi — | complex and often Impossible to a situation has now been on the restructuring Of $L2bn been relegated -to-- the- badt- ' 

■ I • fathom. It manifests itself from reached in which such murders of- Turkish debts to : suppliers ground where, barring any 

v.’.ju.->\- ^ ,vl ' common hi t-and-nm 'murders to create as much stir as traffic covered by. export guarantee dramatic developments, 

'V- : -1 hijacking the ferries which accidents— for which Turkey prunes. Rescheduling of about m ay beexpectedto^stay;^© 

shuttle between the European holds the world record. Unless $3bn owed to foreign batiks tufting, of the - UB. arms: 

, “ ~ 1 ‘ ‘ £ <V- ■’ ■.■'*. and Asiatic sides of Istan bid. Mr. Ecevit declares martial law underway and is expected to embargo has removed tiie •• 

‘ The principal purpose of both ® n ^ ,^ e adamant not to be successfully completed by three year long - ;tesioti. 

Right and Left appears to be to £ (>— is unlikely that ! he will the - beginning of next year, from - Turkish - . American^ ^ 

-irm ■ 1 1 11 «■ 1 bring about the overthrow of be , a ,. e to obtain a substantial Simultaneously with the re- relatious, and. negotiations are^ 

the Government and after that reduction in deaths front poll tt- scheduling plan Turkey has now .under way for -formulating 
jil 1 ' of democracy. So far, however. ^ al VIOl o n ce in which, bamng so U ght a S500ra medium-term a new defence corixperatlon 

the terrorists have achieved . n . and l v? Lebanon, turkey f ac jiity from the inteniational agreement Cyprus and theLcoo- . . •' 

- little except to keep alive a 18 als0 worm leaner. banking community, towards fiict with Greece,is- festering in 

general feeling of gloom and What must provide the which seven major banks have the background and^ - ..caurihg = - 

despondency. terrorists with a Jot of steam put forward $25m each. much ' discomfort ' - \ ! -J 


A--*. 





sr 

11 

ffl 

■P 



Idj 


1 


The refinery 
at your 


YUGOSLAVIA 

Aleksander LebI 

Belgrade Correspondent 

Anthony Robinson 


ference last month President marginally lower at around are a major contributor'tc tiiY 
Tito also underlined the $4bn this year compared with balance of payments. - ^V 
importance of a strong economy $4.38ba last year. T _ nF 

C L° f Xu* Yugoslavia is also putting Yugoslavia refused a West-Ger- 


indpo9ndonrp Hp «rtronslv , 7 ‘ . a *usu»i4»ia twiuwu a 

criricised^wme of the neeatfxl it3 bop . c i 0tt current negotia- man request for the extradition 
cnnciseo some ox the negaine tinfis unth thp irRr' fnr thn mn. nt — > •«*»— 1. 


tendenries d^eToptog to the ^ ^ P the E 5 C for ** ™ of ^ suspected West Genmut 
«^man a |em^t s^fenL c,USl °° of a SU1 generis” terrorists and last ' month 


East Europe Corespondent IWs caosed-an uproar in West 


agreement to succeed the live expelled them instead. 


finance, the tendency to put 


this autumn. Yugoslavia insists 


higher employment and higher autfh <»rtties have diasged.We^ ‘ 

wages before increases in pro- although ifS^ effect J €rman y wrttidooWe standard^ ; - - v V‘- 

ductivity. a tendency towards Wtelj .Germany^ v*-w \\._ s ' 

“bureaucratic and technocratic” fo indogtri-i ami. ft* 5 ®* to eattradtito.tidito«B^^ ' - 
methods rather than coUective SS? Croatian extremtotsasreQtfteted: V.V.V 

Snr?nriV^nHn„in f r 1 dJHJ S2.6bn on its EEC trade, both But Yugn^- wBSn^wss/iti-' ;Vv 
% ^ sides have agreed to search For meur West GeimS^ K-- :- - ■> 

in the balance of payments. a formula which to no way fleets toe: high 

These are to a large extent infringes Yugoslavia's non- the aiitiioElties- jHrt on tixe-aup^ v:. . 

problems of growth. The aligned status. presston of W V;.r. y;.-.? 

economy is half-way through the - • tiie .v wT ff^y : ' — i - V 1 ' 

current five-year plan aimed at nr^J- ' ' - md -the tea-wi* « SbdtoistS - - '’?• 

developing the energy and raw JLrS&UC ” Gominfrirmist " j. ’"'.V : 


Gennany 


tbe .Yugoslav 


service 


Saras refinery was planned, 

built and equipped to process customers erode oiL 


It has a yearly, processing capacity of 18 nuffion 

metric toos andsuefa afiexibiEty as to admit, 

stock (in ffae huge tanks system of 3,6 million cn. mt) 

and handle any kind of crude oil 

through' the many processing stages 

asked by the. customers, offering a radge 

of refined products that can meet every requirement. 


SARAS SpA HAFFOIBME SARDS 


HEAD OFFICE; L 20122 MltAN - GALLERIA OE CWSTOFOR1S. 8 • "TELEPHONE: (021 7737 - TELEX: 32373 SARAS MI 
nwnrat: '■ 09010 SARRQCH (CAGUAHI) - KM. 19* - SS. SULCITANA -TELEPHONE: (070) 500001 - TELEX: 79109 SAMS DUE 
BRANCH OFFICE: I. 00187 ROME - VIA UJOOVISX, 43 - TELEPHONE: (06) 4827DL 


THIS HAS been an eventful 
year for Yugoslavia. . In foreign 
relations Belgrade hosted the 
follow-up meeting to the Con- 
ference on Security in Europe 
(CSCE) 'and the ministerial 
conference of the non-aligned 
movement, and welcomed a host 
of foreign visitors ranging from 
Chairman Hua Kuo Feng to 
Mrs. Thatcher and Prince 
Charles. At home the con- 
tinuing vitality of 86-year-old 
President Tito and the leading 
role of the League of Com- 
munists were underlined at the 
eleventh party congress in June, 
which endorsed Yugoslavia's 
independence and non-align- 
ment to foreign relations and 
self-management to domestic 
affairs. 

Neither of these policies are 
easy to .conduct At the 
ministerial non-aligned con- 
ference, held to pave the way 
for the non-aligned summit 
conference in Havana next year, 
Yugoslavia led the opposition 
to what it sees as an attempt 
by the Soviet bloc to split the 
non-aligned movement and 
transform it Into a group of 
progressive countries linked 
with the “ socialist community.” 
Yugoslavia showed its dbep 
concern. In particular, at the 
Cuban-Soviet policy in the horn 
and other parts of Africa and 
the way in which Slno-Chtoese 
rivalry was developing in South- 
East Asia. 

In a hard* hitting" speech at 
the Yugoslav Trade Union con- 


current five-year plan aimed at t.- J - and the k®-^ng"StaH^7*r- : ? ■ • 

developing the energy and raw X 1 4UC C&nuaftinnist » i»«e. 03|^ per* ' V:."'" 

material base of the economy, ceive tlrixis at4sre#i^#fc - 

improving transport and other ,, li0l V sines are aware- tnai ^ . . - .-<■ 

infrastructure hk wii ,1 Yugoslavia has to be able to ™ whet y g. of f , 

^v7l^SSTself“uffi^S aJi step-up. its trade with the-EEC • 

at avia considers a properly- IQ y q2s . piwwa^M 7 «na JJv. 
industry ™ Pe balanced ratio or trade with the nHes 

Investment is runntoe at a OBGDL; Auiitrite geueraffy ^- ^^^^^^^ 5^^^, fi : • ■ 
high level— a total of *ome ^ fne ^" So far 

30 non protects worth a total of tra ^ with Come eon has tipiin f^sanfaed.on. a opHeCtlyttv 


achieved — and a competitive 
industry. 

Investment is running' at a 
high level — a total of some 
30.000 projects worth a total of 


overheatintr and a ctrain nr* n* rt EEC Foreisn Ministers were ^ life aJto-.UlR yice- 


overheating and a strain on the - EEC Foreign Ministers were pregt - : ^ ‘ 

balance of payments. Industrial unhappy with the, ori ginal draft •' V: ' r ~' 


balance of payments. Industrial unhappy with toe original draft S'* 

production is running at an negptiaUng mandate submitted >- 

annual growth rate of over S to^ them In October, . and ;.tHe Lj s ■-J:4' f W • "S: 

percent. negotiations look like being pro- 

To dampen the economy down tract^--baby beef, refinery : ^ ? : 

the central bank imposed a products and social security and~u 
credit squeeze in July, and Community access questionrfor"^ 


credit squeeze in July, and. Community access vfunuunii iur Q -stioTcl’rtr fnr " ' vZVr ' 

moves are now. under way to Yugoslav e m igrant wo rkers 'are i f 

persuade the individual Hepub- W the main stumbling' ^ ^ '■ 

lican governments and enter- M6a» ... .. 


moves are now. unoer way to w«rBBrs .arejm>iiino Tit, T._ • •• - ^V r - . 

persuade the individual Hepub- som? the main stumblkig - 


lican governments and enter- blocks: ■ 


prises to modify their plans for Yugoslavia’s ’• bJgxesT ^ EEG groatiS 

1979 and aim Bt R nw non* . ar_« 1 - 


'xza^rasliti^s ani etterffi-L ^ 


1979 and aim at 6 per cent tn^n£ partner, and the. counter ' -Thf* ~ tffrl Mtih riLi !^ ■ V-.m: • 
growto and higher priority for '^i.V ' 

ex ^Z rts : deficitr-is. West Germany.. - Mo^ dency^ fnr T h p ^ V-"-. T 

..TjMtato llie credit squeeze ^ ' Yilpilivfii'a’- ' 
tight controls, on imports and kera. ;«e employed . in : West sS 






EUROPE xin 



27 




' ">T T _ -■ 

**-•».-•. v ■-. 


progress towards democracy 

^rs «?V • •■“*. ’"»— • . a . . . -, 

. at w . i. , t?.. , v , ."" ; r . J r firmly • removed further from increase in terrorism, there is and accent* ihe monarch a.< the Anurovai of ihe constitution wise for them to condone UCD the Right. reorganises ’ and' persuading the main political 

lal referendum will-tenure-until-i9B0 and are more erodes some UCD support- yucues iu tudorse hits, &r. 

political era. For enigmatic, anxious to dispel the i t ^ unlikely that we shall ouarw ** arteiupuug to seti tms 

’* Minister Adolfo image that they are too in- know the ■ answer ‘ to this P° ucy Djr u,e “S«e- 

have to decide experienced to govern. aiwma until the end of ment 01 moiie nWhL ‘•oararuea— 

.. .. ^ - — , — — — /s of December 6 Where both fee Communists De**mber or early in January. LQe uauc: umuiia <mu uju em- 

of the w Di net. wuHe- tce ^ng, the symbol at democratic Spain, From now on he will act as a whether to call a general elec- and. the Socialists, the main Sr. Suarez is not -a man to P 10 J' ers - 

w _^. v _. . -a. ... . then it has manifestly failed, constitutional monarch, arbiter tion or seek a vote of confidence, opposition, do agree is over the commit himself too' far in , em P* Dyers are 'wiilinE to 

■-»*, sb - * -* not Fears Of destabilising but not Jead5n S wlor - He can These two options were pro- holding of municipal elections, advance. Meanwhile the com- play «uu arc me H <ueu to 

to I democracy among the trades ort}y " Propose " a Prime Minis- rided in an addendum to the Technically Sr. Suarez is plenty of the choice has In- Juaj<e , un ucr 

cent I* ^ ® ’ *mceal- {i ^. ^ cusl ® f , . 7 . . JJ? _ , ter. the choice has to he ap- constitution so as to “ legalise M obliged- to hold the municipal testified , the ..political atmo- V*t**ly uecucu u c * mv ca an e nt. 

; -ad 3 S? %SlliS * reved ^ his tenure. This is because Sr. elections within 90 days of the sphere, and injected uncertainty «•* »*/ ™ ^ «« > u “ *e 

* % 6 general*, and . ^**5 have Suarez 'although heading the referendum. Both parties con- into the continued equilibrium -“W - w uie 

^ Ota ~ l h c-int T jlheral Union de' Centro Deraacratico sitfef the municipal elections of the poUtical-forees. -: r. aUrict ic K ui« u oas u u mre and 

f ear tu^ 8 ^ f 1 ^ ' UCI - t UCD) .-the party that' won the vital to their future electoral . . iuc umous, uuwewr. are 

a new d „ 31 V the ■ polrbciaps and ^thg^W j^^opth in whleb-.poJjcc and o er unemployment and The constitution endorses the most" rttes in the June 1977 strength. The municipalities, „ lcswau* suou^iy aie iuea m a 

*nt balarr? 3 -^ 'TjJJ ; officers w;ire --to seize the n ^ 0 “ e n S : ** idpa o£ a Ubera! market elections. was nevertheless moreover, are one Of the last P3.CK226 i-.J pci cent i.age ceiUag and 

^nti the 3 ^i Cabinet re\-ealed that there arc ™ e , n J is now over 16 per cent eccm oiny and for the first time chosen as Prime Minister bv the remnants of the Franco adminis- & v *“ ul lw ue »“y agi«iueui to 

I squee7f. ne <51 r ‘ Stilt ; -‘groups df r; right-wing ; ihc artJve population in parts embraces the concept of respect King. tration. the majority of mem- Until now the basic equl- iuui«! puuauai uenumos— m par- 

:igen Han??^ :e ^ e * nisl ® t0 " ^sart to J'J •*' ^ aI ™ of human r '2bts. If anything it lf Sr Suarez decides to -o for ber s being appointed under the Hbnum has been piuuueu uy uurniu- a ntm uaic for the 

rent *•- in an attempt to- reverse j ol> * eS5 tota l * Qt ' lbe coun , try drifts on the side of conserva- ._ or ,. on Hdpnpp thpn it dictatorship. Political pundits uie aiunaoa pact*— uib p*^ai,e mimiuptu eieuciona. 

7'^-C Ho ^ er/ -^ u?h . over lm--and shows no sign of ^n,. Teilll0US acceptance of 3 VMe - w tonnaence uien 11 - - : - 1 - 



•":«M b,' 
ejc Por l ! 


divorce is conceded but abortion 


means he will probablv stay in P redict a widespread shift to oi puu^&l and ecoaouiu; at.eo- iae ouvefuiuwm. seemingly 
This has Socialist and Communist candi- meiiis tugneu by an uxv Jiiarn inuu«nctcu uy oma.n s M t. 



the l?V f i ,r SfM,> i l^ ( S 0r th J^ons^idadon 8 of C °democra f cy r^cSn^'^dlrtrn^reg^n^ The Communist Pam- WO uld ^"\prorided ftefe is high service ^nd a repeal o'f out - employers at plant level wVli 

In turn is a shrewd assessment -J* 5 h « ed -W c 0rd « has resulted in a relatively SiffereJres wlftta Spain and for its own reasons prefer this yes vote In the consti nition dated Franco laws. The pact ^ . le « t0 ar S“e “ out. with a 

of 'the mood nf The country. ;r-&°n. :,r - Mnooth passa g e for lhe olabora- !SE£?L move Gcner 3 ?eW io^ Vre diL referendum on December 6. will was agreed to cover 1978. ll is ^ berng provided > by the 


* lajiD e the w 

|5 tnanageapT 3 ® 

^ a 0ECD ctrnSjJ 

otiaTR, !n S „^‘ 

f sta?nai:o a a /' 


and 

aon? «car> 
« * ■ 


l.ou-px'^ 

3 •rinrtv.f 
»•*« p 
widospress •-!' 
ncrea-sed an.j 
.ara^d 

«nporar>- relief u 
tegs rive •' 

s sernei tot. 
of her -A5n; 'll 
3 many yesp - " 4 
Ecevl: 'ey 

l to tichivn 
^tini.’e w;t 


During the: yeir . the-, antjfid:.' Although the atAbori ties are tion of the country's new e It f^ien well short how- ruptive at this juncture it benefit from this poll in public now a question of bow and in Government m awards to the 
: forees heyft been 'discreetly -lrut deeply concerted'-- : by the constitution-^ the seventh since ever< of devolving imporiant argues and two more years with kudos. A spring general elec- ' v ' hat form— if at ali— these pujlm teeLor. 

. areas of autonomy and does not hasicaliy the same Government rion would exploit this kudos pacts f~^, d be CDI1LiJlued or Woahsver happens, therefore, 

. The 168-article constitution meet the full demands of the team— or preferably with some and bring in a new UCD govern- renegotiated. poiiucKing is aimost certain to 

proclaims Spain to be a Basque nationalists. How much opening to ihe Socialists and meat, so avoiding the potential The Government has drawn Pr®° cc upy the Government and 
•• Parliamentary Monarchy " — this will weaken the life of the themselves — will give greater embarrassment of losses in up an economic strategy for _ e main political parties right 
, -1 r '-iv : - - a somewhat ambiguous phrase constitution and complicate the solidity to democracy. The municipal elections which would 1979 which envisages a wage up . e ate spr ‘“S- This 

which basically recognises the task of resolving the conflict in Socialists on ihe other hand, he postponed until later. Utis celling of 12£ per cent and that much pending legis- 

• key role King Juan Carlos has the Basque country remains to who hold over 30 per cent of tacuc also has the attraction of limitation of money supply to lati 01 * and less urgent matters 

played in the transition period be seen. the vote, feel it would be un- testing the electorate before around 15 per cent. Instead of will have to wait until then. 


./Si:.-.. 


».r, r.i 



* V " J. 


f* 




Usbon Correspondent 


■of their political importance. 

On the other Tiauid;. it is filled 
"with vague lihexal 1 concepts 
which serve as, a reminder of 
, the other sides :' involved in. 
J formulating . tfi?- rtext namely 
• ~ iit'e"' Socialists and the! Social 
jd " . Tl s. Tv " •. “ j , T'- s Democrats. . 

TfiyS-'v 'FpRMATION •* .• of- -% " ; .Tlie- constitution v has been 
. > .'iGuvenunenl -r Ibat.;.; uioes- .'not overtaken by events and. as it 
... . . iii^lude-repr^htarion freui Aiiy. iitJW starnds. obscures-rather than 

i do 'JHifitmatpSttlieS is?neither .clarifies the counthr’s political 

H’i r^~ -.-imgnlar. n - saW Reality. . The clash-'between the 

for .'President-., -.Antonio: 7 -.' Rajnalhp Socialist ; Party Presi- 

tkin • tfs-Bweo -iX-tix musimJwfttaari deaf essentlaUy centred 'bn the 

" l ,Gari os Mota Pinto’a ^administra- tenet’s ambiguous^ ddfinitlop of 

■rt r ■ .'Clrtiarv.Th&coo! manaer-4n which Portugal^ ;potirica£t.festitutions 
”* 'X *: ^ ric 'ihe President delivered- sueh an. the.jpresidency atieftthe parlia 

3 " i-.vJwsertton '. scarcely- vtwo ' yeare- n^t,' ■■ - - ' - •' V '> T ' -. . ': 

" 3 " ^4ftor PottU*ars \i&rst rPJtiU^": ‘ Oeaijj - the^ebif 1 ^--^ 1 -' - 1 ' 
^ . I's .Tit rf-. i'XtwntaiWjelectiensiin ^ 


?ss tu.-«- c: r:r.:^ 
I^tis he 


ef 

M ‘not hit 


lK - l<? ^iWUllcs-? .are . tc^ay. , sqniewhat- pntii thepresent one isadapted 

Wr to.'6°mply more' readily with 
-../.clrched graffiti OB-thehcxwn^^ fo e ma j orit y ^ Portugal's 

flrturry ^ ^ *&'£%**. aspire to: 

.toppled - a pluralist society- a free mar- 

”5“- 0,1 aod^nfinbership of- 

-.i P^rtagnese; poatical &m idum • the ^v rr *■>" •< 

rfiwTBSraS&SS- im has seen.ai, 

IT' attempt to/ manoeuvre wiaun- - 

r 4 > Amiddie- .Put in another w?»y;> the / eDBat T«Sii« .ThJ- ; 

-..i^dea-of .a tnodcersf re.voIdt&»nary Cociaifsr/r.nnsprvatiTO ’ aiiian^l ■ 


iw up 
IMF 
*0 !?;•; 

portun 

rSh 

mar.-.:L 

' Sjc". 

7*ls:z:.i ' ^ = 
; • w., 

■j- 

e ;•• " ■“ 


-ccrrc^sua:” --‘“S 

smee 


Socialist/ Conservative 
wjis, for ? example, the 




re 


{Sts’ 




;r 

■jl- * 


C’it -' • ~ 


»r*- 1 4" " •* 


of ^ Portu ' 

¥ > J - : ' •• . IT-"-.-'-..;-.'.:..-.;-:.- ■■ -.-..Investment is also being 

«-nt. >’ iv -.'•r , AmnIovlAii - ^ drawn back to Portugal as a 

r> .;■-•• . ; ■ .V'-V fUpfyAlvIl c‘ result of what 'seems to be .a 

3 dt£T. i - , " ! * ' 3 ‘ But suclt, a simplified .verapn much' efoafee policy with regard 

of events in the jpast four years to indemnification. It is now 
only half explains Portugal's known, for example, that Sn 
'political complexion. It does Alfredo Nobre da Costa's 
not explain, for example, how administration during • its brief 
. in Juiy T an - 'apparently solid, existence got as far as to, 

- socialigt/conservative. r atliancfr evaluate provisional values pfj 

- that had ^ worked." .in Govern- shares that could be paid back 
ment for six months fell apart to nationalised companies in the 

..^because oL --the policies, pf^an form of -bonds. 

agricuifuiSit minister.;- it; does . Equally significant has beea 
' not expialn how, -Jess than a' the continuing depoliticfsatioh 

;after .' that, Portugal’s of the military. This year sa^r 
: -i^'inajo?' ..polititil party, _.the the removal' of the -few remaiai 

; 'll i'.^SbciaJisti, ^ dashed twth the i 0 g left-wing officers from 
i-r. .rj. ^esident' of the : Republid over positions of power. The Military 
article _in^ the coastitiitiorL Council of the" Revolutions 
Other evejRs-Tthis: year cah. be which m.gfvda a prominent rele 
jM did,-.Jbut: tbese two examples within the constitution, is now a 
-' ’ ; that . .. even, -.IirT-'.'l978 'mere , semblance . of its former. 

W ^^PojCtngal^ : apparentiy , -smooth self. The Council, mpa 
-i’C 1 ' 1 -i-juiiisage into the. European fold observers now agree, is simply 
le not without the' mtfaUs of markin g time until it quietly 
Kj-jtssues . which “are . unlque in dissolves itself in 1980. 

-/.c?' •'y.-.i ! " The change- within the mili 

The fall of P,ortugal> second. jary, as indeed other aspects of 
^ co^tutipnai. ^Government in tbe political evolution during 
_ the :snjjSmer_.wais.'.ii, reminder. fo e last -12 months, has been 
.agr^^. ^Xbim continues laygeiy due -to President Eanes, 

• ro be among tho nwst pomically. . . 

V ‘ ,v i sensiuve. issues .for. the'. Portu- jn/ . 

v r‘:t • : ; bf>ificfcai: c* otEtllTfi 

r ”" r * ^ojjeratioa. berween two' _sup- ^he little known army officer 

f * '....! -s posedly* . opposite ... aolitical 0 f years ago has grown in) 

-£•■* J r i parties, growing ^oqbdOfice g^forg 3 politician who,] 

• •-•••:.* ’-i". ibroad wtfi what . ap^ared to many beU ^. e holds lhe real 1 

r- : • ..v. >• ^ fe a realistic approach to- the j^ance of power in Portugal; 

"•* ’V^ritrys. economy, .and a ., Kot ooIy does he commaarf the 

t*. v ' . r, •?, ^behind the scenes .rapproche-- j-^rtect of the armed forces, but; 

> - ' %-« i- --"rnttit: with Portugal s Com- ^ terms of the constitution; 
rv-- -' " - ^nianiit . Party, ensuring kg ^ s n has a final saj* on 

: t ^ aI f -Wlietiiejr or oot elections snould 

; 5 . , ' —crumbled because of this one bg caJled It is this last power 

‘ f- - ■' ■ ‘55- , w ^ President Eahes has in* 

. ,.;■*■ ---The clash between .the Socia- Ws poiiu- 

^ . .. ..• : 7 '. :■•• Elista and the President the SS ■ 

" / ' - a :&hstitutiou simply brought into aa ?f 01 »“y* • .■■ 

^ op^n something ; th*t . tad, 

’’CTRees reft in abeyanee, TheiJ^ 1 ? : day., .the (then) Pnmej. 
-• -'•■ ; institution is per- Minister Marip Soares faced pari. 

••* "' '•• • ; .V JTXBaSm most contradictory set-^am^uy defeat ?? V * oLSSJ 

• " " •:•„■ siTcff 'mtidelines “in. Europe. It. was tu a spin l - of consensus 

- " ■••’-.■ " r i ^:--co^Sred and written over two “K ^m^agree 
i .: aeo at a time when -parties . ran .atill not agree 

' _ f J^. crSStist^revolution still seemed among themselves. Because-of 

'!:.•. . ;>'■ Upheld the reins tor. the second tunc this year to 

.< iiSaS* I? is fi Il“d With ambi-. non-party administration as a 
S™nc e pm S uihai the path pMsible-sohiUon to tie poUu«I 

.; gtSfc -icUflim-. and the impasse He h ¥ wanted 

• -.-sidSl'' transference of the tins is ..turned down by the 

. • > *!®SS ^of' brbdwlidn-its 7 refer- "parties, he may be left with «o 

' y: r.“to thS military’s- rote : is options except to call a «M?raJ. 

• ' ;>: >j ^ddm'in^ed by- an inflated sense. eJectJOD. 




« 


II 


.People tend to tbink it’s only money that counts. - a deal is a good Realtor both you and your 
Tiue^ money is important But it is not enough to partners, 

be big, strong and beautiful There are a few 
.more criteria for being; admitted to the top ranks 
of flie international banking community. 

Youliave to be a fair partner. Somebody to rely 
on An expert and a friend, who knows when 


And you must have partners who are not just 
business partners but more than that You've 
got to have friends. Ail over the world 
Then, perhaps, you’ll become a member of the 
Club We are looking forward to meeting you there. 



C3 

S3 

N 

O 


Ginozerrtrale Vienna 


Your friend in Austria. 


. Dealing in Securities; Mr.' VOMACKA,Tel. 72 94 670, Telex 13195 
Clean, payments and checks; Mr. KQNTG, Tel. 72 94 240, T^Iex 1-3006 
' L/C, collections, doc payments; Mr. GOTTLOB, Tel. 72 94 250. 

Telex 1-3006 


Girozentrale Vienna, A-1011 Vienna, Schubeitring 5,TeL 72 9 40 

Foreign exchange dealers: Mr. HAMBERGER, Tel 72 94 441,lfelexl-2911 
International financings: Ml ANTON.Yfel 72 94 750, Telex 7-5445 
Newlssues Syndication Dep: Mr. NOWAK, TteL 72 94 634, Telex 1-3915 
Non-recourse financing: Ml SCHUBERT, TteL 72 94 329, Telex 7-5445 


S.WJF.T.-Code: GIBA AT WW 






Financial Times Moj3dsy;| 


EUROPE 






•' >jj3j r .*3 
•- =**• . 


/r- 


to pay 


¥j ' ; .- 
& . ' 


knew, however, that their rank courage saving, interest rates countries that are its main a “™£/ J’ 0 ™ .WSLSk? . hi!! 


difficult 


categories . of enthusiasm for 
as the under-IBs: beetu- hiMwtn* 


NORWAY 



* Fay Gjester 

Oslo Correspondent 


. ONE TASK has had high 
. priority for Norway's Labour 
■Government in the year now 

- ending. ■ It has had to convince 
the whole-population, including 
Labour's traditional supporters 
in the trade union movement, 
that the economy was in seriou* 
trouble and that almost every- 
one would have to make sacri- 

• flues to help put it right. Drastic 
action was needed to slow the 
rise in the country’s NKr S5bn 
(£8.5bn) foreign debt, muchjof 
it run up from 1974 to 19//. 
when Norway was trying to 
spend its way out of the inter- 
national recession. 

After .a year of step-by-step 

- belt-tightening measures, a 15 
month price and incomes freeze 
was announced in September. 
This was followed in October by 
a - severely pruned 1979 State 
budget, providing for only a 
minima] rise in public sector 
spending and zero growth in 

- private consumption. The bud- 
get Was approved by an over- 
whelming majority in the Ston- 
ing (Parliament), and the price 

, and incomes freeze is supported 
. not only by Norway's TUC but 
- ;: -3ccording tu recent public 
.- opinion polls — by almost 80 per 
cent of the population. This 
is a measure of -the Govern- 
ment's success. It is an im- 
pressive. almost startling, 
achievement, against the back- 
ground e£ experience in other 
countries, where unions have 
stoutly resisted governmental 
efforts to . control wage infla- 
tion. 


awarded. TG«.her earnings from oil and since devaluation would raise labour force) were looking for budget contains a speaal;aQoca,.!The purchase - — , hfc packager I * • . 

Through the year, the bad tid- gas have helped to improve the import costs. If the dollar work. This was the highest tion of NKr.. 450m to a ; n voWef Sweden’s -to be announced .oa DecefiSti^" i.’ ,3» ;•*; • 

ings continued to flow in. The payments position. Despite the should again collapse, however, figure since the fourth, quarter with the rising numberofe-Jo h- :WiH ^ which hopes to 8. ‘ Wlie£be^‘the - .Storti l iig^- , a^--- 

ni i rage of boundless oil wealth delays offshore, off and gas pro- a krone devaluation might of 1975. and compared with only less. The money will Gonernnwat. .. f North Valva’H.Swedisb^^ . . 

raded. Estimates of future oil auction have been increasing, become inevitable. . 29.000 in the second quarter of on training schemes. joh : reWc4- secure safe ^PP^ S J“ of -it remains ; - - 

and gas output and earnings 'had They arc expected to double in Unemployment has been ns- this year and 25,000 (1.3 per tion- assistance and special. ®ay-; Sea oil under a long-tCTm^rej *. . ^ ■ . 

, n he lowered several times 1978 to about 30m tonnes of ing in Norway, particularly cent) in the third quarter of meats to firms which-ilre.iaent- Norwegian mausuys 

and by substantial amounts, oil. equivalent. Two factors J ' -Y-.r J:? •; - .. 

World oil prices were not rising explain this year’s sharp rise in ; ' ; " ' ' ' t 

at the rate Norwegian experts petroleum production. First. .-I. . . : ' r ' ' 

had foreseen, and in real terms. 1978 is the first full year in ■- ^ y-v 4- y-v .’.-si* >> ✓"* ✓"V "%■' 7 /Tt -f^T T' ‘ 

they were falling. Costs of which both the Frigg and Eko- I- || a A a I I' m ^ f 1 \/ l' • 

developing the offshore fields, fisk gas pipelines have been ■ I | l ; I | /| J l I 1, W - -T Ifc/lLy Y,/ Y Y. ' v ! ' 

on the other hand, were climb- operational; second, there has • 9 •• ; ... - ' ' m/"\r ~ -L- ,-77 -/A. r ''\. :: ; 

jng ai a rale which dumbfounded been no major accident, like the ■ \ _y ['l - 

most Norwegians. In September. 1977 Ekofisk blow-out, to hit u -;'„ 

for instance, the operators production. Next year, petro- ■■■■ industrial apparatus — shipbuild- October, just.tivo years' lifter indicators win the hest el ecfioii 

on the giant Anglo-Norwcgian icuni output wUi nse less CUfCnCM ing and steel most prominently the formation of the noh^ocia- - and be able to resolve .the 

Statfjord oil and gas field sharply, by abo-ut 33 per cent oWbOCli — call for a major renewal effort, list Government, over the nuclear dil e m m a. Bst by. SC 

announced thal the estimated tu 40m tons of oU equivalent. The seed of disintegration activating of two more realtors.' pointedly spurning . . ; th« 

cost **f the fields second plat- ^ e xt year's sirfaMer increase VVlUiaiTl JUuillOrce was already present in the Initially it seemed that Mr: moderates’ embrace" he musl 
form had sjia red by nearly 50 in petroleum production partly .Nordic Correspondent three-party coalition of Mr.. Faelldin had managed touring have "further eroded tbe.vot^rs 
p 5 r r f«[ n , -. Tt> explains, why the GNP is ■ Thorb.foern Faelldin. when it off vet another compromise - " with faith in the plausibility of the 

abnui NKr 10bn— in only nine expected to jrow by onl *' ~' S was formed after itg election Uie- Liberal and ModerateTparty nbn-^ocialist alternative. - . 

momh.s. Lonipletion delays were per cent from 1978 to 19/9 SWEDEN ENTERED 1978 victory in 1976. The Centre leaders, but a revolt among the The politician most to' be 
alb/> commonplace. against an anticipated of under the rule of the first Party leader had promised in anti-nuclear hard-liners Wftjiin pj'ticd after the collapse of the 

At a Kristiansand oil seminar 3.1 per cent from 19/ » to 19/ B. non-socialist majority Govern- a vigoroos conclusion to his his Centre Party finahy over-, non-socialist coalition .. is un- 
last month, delegates were tell- . raent it had known m 45 years, election campaign, to halt loaded bis conscience and : he doubtedlv the moderate 'party 

ing one another that there were StrCIlStll 11 fil,ishe s the year governed Sweden’s march into the resigned. - leader. Mr. Bohman. He has 

tw/i laws governing offshore nil O hy a minority cabinet formed nudear society and to close "a "* ' Worked consistently to niake the 

activity. One; “Regardless of One factor hampering exports by the Liberals who command down the existing nuclear T 7— HorlinAfl non-socialist alternative viable 

how much has been invested, has been the strength of the only 39 of the 349 Riksdag power plants. UIHlClilUCU an{J ^ ^ ee onomv iGnister in the 

the amount still to he invested Norwegian krone, tied to the (parliament) votes. The collapse Mr. Faelldin was trying to Suhsecment proceeding only coalition he caft daim a large 

remains constant." Two: “ Re- German mark ihrough Nor- 0 f the non-socialist coalition rein in horses already In full un d erU ned the^ funddiheSEa! dis- part of the credit for the tin- 

gardless of how far the project way s participation, in the Euro- should ease the return to power gallop.. Once in office he found uoit v Sweden’s anti^edallst" provement in Sweden’s eciimmlc 
has advanced, completion :s pean currency snake. Twice m oF the Social Democrats in Lhq,himsel£ not only.in conflict with ‘ „ Faelldin hinweif-and drosnects over -the past two 

always six months away." . 1978 the krone has been de- general election-next September;^ Vi'. Liberal , arid Moderate ( Con- 1 V 

fn many other sectors of io- valued against the other snake On the economic front - the servative) coalition partners ipad^r : Aiazt tQ7fi • Kurt out "forpraurfs 

dii5trj', -profits were falling and eurrencies-in .FeOro^y. by S country appears to be on tbe bo, also witb the nuclei- estab- Llb&^d have eitto be^met orlS 

order books were emptying. Tbe per cent and in October by a way to recovery after the lishment. The Social Democrats. « SuST i “ nJmpS 

annual reports of virtually every smaller amount, , when the successfully managed devalue- .with the approval of the Riks- f^arL cabfneVund&^e S 

major industrial company made D mark was revalued. The tion of the krona in August. The dag. had launched Sweden on f ota iKf*£r S 

some reference to Norway’s effect of these devaluations has balance of trade has swung into a nuclear power construction “ter k week Sn August 1977^0? 

high cost problem and the diffi- been partly can ceUed, however. a larger surplus than antici- programme without parallel in Sition and^SS Son ^ the ^Sort ^de hi 
n / hr fhe continume slide in the ruitP/i thp nivmpntc tlpfip;*' »nu nr>»oy /-fumtpvT ..itrt, en cm 9 ii consuiiauon ana r«. «a »ua« jyji/s *>vu. **ip*i*~ . 


SWEDEN 

WiUiam Dullforce 


Nordic* Correspondent 


e seed of disintegration activating of two more reactors, pointedly spumms... ~r-; . w ‘ ^ 

already present in the Initially it seemed that Ml moderates' embrace" he^ -.mm. - 

-party coalition of Mr.. Faelldin bad managed to bring have further eroded the, voters' again to - '■ ' 


“ — industrial apparatus — shipbuild- October, just two years' rafter 
ing and steel most prominently the formation of - the non-sotha- 
— call for a major renewal effort, list Government over- the 
The seed of disintegration activating of two more reactors. 
! was already present in the Initially it seemed that Ml 
three-party coalition of Mr.. Faelldin had managed to bring 

Thorb.foern Faelldin. when it off yet another compromiis^with 

was formed after its election the* Liberal and Moderate, party 
1978 victory in 1976. The Centre leaders, but a revolt among the 


against an anticipated rise of under the rule of the first Party leader had promised in anti-nuclear hard-liners Within . pitied after the .collapse of the Ihi^. - .r ... 

inar 3.1 per cent from 19// to 19/8. non-socialist majority Govern- a vigoroos conclusion to his his Centre Party finally over-: non-socialist coalition .. is tin- backed by. The V ^ ’ * 

le,1 ‘ r . J raent it had known m 45 years, election campaign. 10 halt loaded his conscience and : he douhtedlv the moderate party m Vi'!,-' 

vere Wt|-p||gth It finishes the year governed Sweden’s march into the resigned. 'leader. Mr. Bohman. He has boofcs, which 

? oil . ® hy a minority cabinet formed nudear society and to close ••'* *' worked consistently to niaite ^the .especially iu titk'piMP»3^5®S4(Bi®-Uj-s-3'« 

s of One (actor hampering exports by the Liberals who command down the existing nuclear T Tn^lnrlivioil - non-socialist alternative viable board. nulls, ineeagm^aan^q^r ^-.^ 

-red. has been the strength of the only 39 of the 349 Riksdag power plants. UDuGriillCU _ ac»rnnom« Minister in the &ven the. smei .yrajpauf^ ~/4. : .V. 


Persuasion 


Inevitably: this exercise in 
mass' 'persuasion took a little 
riime!. ’ Until very recently, after 
all. Norwegians regarded iheir 
offshore oil as a guarantee of 
almost . indefinitely escalating 
prosperity. 

As recently as last spring, the 
unions would not accept the 
.jcmployers’ view that existing 
.wage contracts should simply be 
extended, without pay Increases. 
The. argument that soaring wage 
cdsls'. had made Norwegian 
industry, uncompetitive may 
' hfcve been privately accepted hy 
some ..unions leaders. They 


of soaring. construction costs in can producers), on roe unnea national product in non-socialist parties found them- M ^ * th _ 'M-tiftnaT • C* /TS-'-"- u - 

Norway: “Under the circurn- f"d frozen fish industry f which B ut Swedish economists are se,ves staggering from one crisis His deem/ on was Rc^ar^" Institute SUCCGSSlIll:-..;-^ 

i « a-S 3 ft ~ SsiS^S* 

investments in new capital-in- dollar charters. demand. Unemployment, al- various construction phases, .gon-jo ^ SKr iSn Sd'SstySJv d^fieft ' 

tensive facilities in Norway.’ An increasing number of though low by the standards of E* ac b compromise twisted the S L P • “5^-.. .. 0 * otc t 4Rhn This represents a iitmct-'+Hii’ v/»*r- ■f/vr‘ : ^'''3Hf« i -"-- : S--* Z-,- 

The news was not all bad. shipowners and industrialists most other European countries. nerves of Mr. Faelidin’s after jhc jGovernment of. SKr 4Jfc 

however.. Austerity moves at have been calling for yet remains a concern, while the conscience, just os each com- “s pSTn Sa S! - - l i * ' 

the end Of 1977 and in early another devaluation of the unprecedented budget deficits P ro ??‘ se lowered the political 'K>w s ■ An Jv? - of 5^ cent in thV ‘volume of i"r: 

1978 had helped r 0 sinw the enn- krone, to improve Norwegian forecast for the next couple of cr *£* ,l,, J y of ^ coalition. Social Democrats far j o o l t P& _ , . Ari£eijsjxb , 

sumcr boom even before the competitiveness. Some would years threaten a new burst of The thr ^ parties had man- succeed ,n „ 'SKS? „ ... > . . Sf t W?*rI « " 

autumn crisis measures. These like to see Norway leave the 0 f all. the blows struck to sub- aged to agree on a nuclear safety "Won y on then own This pattern, will, not b& ' r * ■ 

moves included curbs on con- snake and set a value for its inflation. Most fundamentally stipulations Act, which the election. Mr. repeated next year.. Although ’ 


moves inciuaeo euros on con- soane ana sei a ior us mnaiion. most lunaaraemauy ^ <*v,, «^vu u** -- - ^ -■ • r 

sumer credit and special taxes currency against a basket of of all. the blows struck to sub- Riksdag passed in 19/ /. laying the ■Sf wlh remain . good -i’ ' 

on luxury _ spending. To en- currencies belongma to the stantnal parts of the Swedish down rules for the reprocessing fmgtinn 111R coamiw t goventmwit- had JSSJESfeSS! :: T r " 




Area: more than 130.000 sq. km. 

Populatipn: about 20 million with a per capita 
income in 1977 of 2,500 dollars. 

Private consumption in the same year: 36 billion dollars. 
These are the vital statistics of the Mezzogiorno, 
as Southern Italy is called. 

The region is an economic and productive reality that 
no business interested in locating in Europe can afford 
to overlook. In fact, as an evidence of the interest 
shown by the international business community, 
the Mezzogiorno counts 277 manufacturing plants set 
up with the participation of foreign investors. 

Expanding markets, availability and trainability 
of labour, incentives, infrastructures: these are the main 
inducements to choosing the Mezzogiorno, as well, 
of course, as its ideal geographical position between 
the Mediterranean and the European countries. 


-and storage of waste nuclear cnee through 
fuel. The power companies, it co-operation wi 
was agreed, had to satisfy these So far Mr. I 
requirements before further pronouncemenj 
reactors could be pm into opera- cent and cautl 
[tion. Tbe Act proved to be a almost bound 
fragile compromise in that it Prime Minister 


of waste nuclear once through some form of atready been tatking of the need. hitm be TOhmdei^ly.lot^even -.'l -C . . 
wer companies it co-operation with Mt. Paline. , for some stimulus to the domestic -thai-T per, cent. " However,: the _ 
ad to satisfy these So far Mr. Ullsten’s political Jnarket .and the decline in 197S budget deficit wift.be *£;p v -' .■ . 

before further pronouncements have been reti- imports, of both consumption high • as. SRr 35hn, and.^the .£ •. r:? ... 

i. - .. j. «- — will •■ UTmictrlr - v 4 * 4 


| A OhIIV l.vuipiuui|jc 111 IUUI > W ■ I ui a • • ■ • - - - « • . . - -f. - J. - ^ - ■ • - • •. • 

onened the wav for further con- with so little direct support in institute believes exports w-01 tins levd-of aeficit spenddag^r -:-- ^ :• .- . 
flict over the power companies' the Riksdag. He has not closed continue to advance next ^ year three *r four ; years to c6me. Ttns: . 


claims to have met the require- the door to a new coalition of by ;some 6.5 per. cent and with remains. ^perhaps, - ^ 

1 ments. the three non-socialist parties, export prices- rises expected to doubtful immeetikte-^cto^ia^te. .'■« 

Matters came to a head in should they against all current outstrip increases ih import Swedish economic: jrtcfuEe:." ^ -T" : 


Economy begins to 


turn the corner 


: | %£ 


FINLAND 


Lance Keyworth 

Helsinki Correspondent 


when most of the present employers have agreed unoffici- ? comes up faT-r^InBW^'at ,T-. - - 

labour contracts run out. As ally, bn two points so far: the of thfs year.. ThLS y/miy plsice. 

wages plus wage-related costs new labour contracts.- will run them in a most T - - 

are the biggest factor affecting for one year only, and no guide- tion,. .which the <mploy«s inni - . 

inflation, there can be iinic lines will be set in advance for the • non-socialist.-- particy-ih ' 

certainty about what 1979 will wage, increases. Both sides Parliament cannot .-accept*- : . 

krilMl until tlirt tavtnfi nf tVin p««n«n tA « Anftl « mV 1 — _ . ■ . • 1 . -7. * '*2 7 ’ll ’ 



The Mezzogiorno offers prospective investors cash 
grants up to 40 °« of fixed investment, soft loans, 
corporate tax wavers and a reduction .in the cost of labor 


bring until the terras of the seem to desire a settlement at' if recenf hlsrfnH^ ^A-^bc.' 
new seltiemeot are decided. If national level again, U, one^in utest public -ojmiion.^ i v : 

the employers get their way, which the leading central anything’ t0'go^S?'tfi*rSnaMf: - 

aftfp TWRFF ^/ ,his wil1 be at the end o£ federations on the two sides fix election- wlS : • undue** 

sH SSS = 5 ==' SSSS® S&sS#?®.: 

only two changes of government 0 cbni t 0 , . , Jjj SiSiSSJ?'! 6 Centre ahd-Communist^ijt " 

in the past 18 months or so, Tbe j-ear-to-year value of ^ the Government dndrthe ' -5 v :-: ' : 

the expert forecasters began exports showed an increase of r th !i . JSSShS? valves ' in. dppositionr; ,may, ^ ..- 
towards the end of summer to 13 P* r « nt at the end of Sep- together on a 3eat or two from tbe-five^smaft . : 

reel a little more confident tember: the growth of imports Parties, bul abt eabagb-ttf^eafe 

about predicting an upturn in in the same period was 5 per amenoiHo ie*isiauon oy rania- a significant change in -tfiielE. . - 

Finnish economic activity. Even cent. The rising trend of exports ™ ent on SOv ' iaJ security, taxes, relative power. ---Sfepn; T - . . 

then, they were slow to believe is - however, now expected to elC- point of rime, it is” also ^ E -■ ^ 

their senses and start to revise nat 'C n out a little. Thus, there Wage and wage-related costs that there- will -be-' iuiy major 

—economic indicators upwards is no export-led boom in sight, already due in 1979 under the changes in the party makfe-bp V : . . 

3fter years of having to do the ln s P>tt of this, the visible old .contract will add' 4^3 per of the. .hew ‘a^riition^cibh^- - 
reverse. The economy has trade surplus will be well over cent .'to the employers' wage -thdt-'m list h« appointed ’ V' . 

turned the corner, the depres- FM2bn (£260ra) this year and bill, and wage drift will .take the.election.- * -. ■‘% T ' " 

si on is over. the balance on current account this up to 7; per cent This - On T hr ~ nth 7 

This is not to say that every- f° r constitu tio ttal : reform V-prOnOgfed* - ‘ > . ‘ 

thing in the garden is rosev cry handsome turn-round but a very, moderate— the term by the lettJwintt --r '. - 

The main economic indicators F ^- 8b f 19 i 73 ‘ — defla ® d complicate' apd prbUiuf-riie-]^K^ > ''t' "' 

underscore tliis point. The 5 ”** o{ tbe depression nominal wages if dance that: ts "j? 

most persistent thorn is un- Finland- h Sd of _ illflat ^ L ° j& ta the ritaa! of grivfl r ^T*^.f»f V)aiy>gr : V---i^; : 

umpioyment. now running at ^ileffsorro an ? 1 St r^ieSnr ih F ^and.- The;-left’^ 

The high average annual, rate Onhmicm n r th» ■n 9T ,i, a: n ? remove. 'dr abcdlshr. thd- y iilW - 

of 7-8 per cent and unlikely to vJpumiSm of tbe Bunk -of Finland, Mr. requiring - a r ~'- V 

show much change in 1979. As 0 n the whole, there is more '**' ’ 

manv uther uountnp-s havp dis. ./..in;.... yonu io tne unions. Aartatn-- h(!i« - mnM ■nr .*u±n ■■■ - «. • - 


four large parties. Social 'D&ttb 



Further information is available on request from IASM, 
Institute for the Assistance in the Development 
of Southern Italy, a non-profit organization set up to 
promote industry and tourism in the Mezzogiorno 
and to provide consulting aid to companies already 
operating there or planning to do so. 




■e til s puii The th * Rrst y ear of depression -increase Ja nominal wages if 3a££ - 

rlstent thorn ' Is Tin- f0T Finland ’ ** ^ 

ent, now runnin; at _ . . fetoSSl . *TiH JfiSS?- » 'FWnd.^'SSSSSSSSS; ' - 


optimism g s ^ 

fin .Ko uihnla .h Ma to ® W ’ 0376 OOtil f o- , ^0.. A 




. ‘ 0 ‘ . “““S", ,n « coming four montbs. Th e first tion: "A further 8 sateguara w 

estimate is viewed with snmu is economic, the ntrtv incomes adjustment in tax s«j^Lni^5 «»ns«ltutipiL : j 
susnicion. Industrv has ntpnlv ti,. _-V=Tr iax _ s «ues WU1 be 




Viale Pilsudski, 124 
00197 Roma 
Tel. (06) 8472 
Telex 68232 IASMROMA 


profitability, weak international events axe not unconnected. The .1 •' takes, itVinu^^t.jddwX' . V? |V*- 

competitiveness ami ihe employers want the wage T ,^bp'., n °j°P s want - immediately tQ~mUraingn£eCTn-~ 

*sli!f Tn nn itrnurth ■ A 1 i - jsiiaTliIIieeia aKdlflfir tn* - amciaa — Y — '-- - ^ •*:. • ..''.ili. “ . 


Representative office in West-Germ any: 
METZLER INOUSTRE VERWALTUNG KG 
Neue Mainzer Strafie 40-42 
6000 Frankfurt am Main 1 
Tel. (0611)29 24 65 'T 


competitiveness and ihe employers . want the wage 
sluggish growth of domestic bargaining out of the way before 
consumption do not encourage the election campaign begins in 
new investment. earnest in January, 1979. to 

The rate of inflation a.i ohviate the intrusion of purely 
measured by the consumer political issues, 
price index (1972 — 100) is The new wage settlement is 
expected to stay within the 8 of greater and more immediate 
per cent limit thig year. The importance to industry than the 

fnro.inct fr.. itr*n O c if i *. . ! • v 




*-*^3 







•' 29 


Bfrer. 



. 1978 

r£;. '.'• '/•"■V '-.'• „•* . ’.- ., 



EUROPE XV 



»•; 


r i ' ■£> . .' ?" ■’’-i ’-•' ' - •?•>■•.■ 



■r- 'T- 


W*-: 


SS,*- 

Ssss 




. ** : V V 

, 4f.. i-V-* •’ 




economic 



•%*^***v . 


i 


lo 2 per cent wage increase Workers are on a war footing, the key inflation factor*. and recoadlv because Lhe tryiog to figure out the public therefore not set. §n effective; 

Mr. Jobanneisoo's main constantly increased cost of mood. The fisheries industry is opposition. Mr.-Gelr Hallgrims^i, 

rget for the time being is linns >f huning mnst house- in a bad fhape because of ever- son. the leader of the parly a^f 



bring inflaiion below 30 per holds very badly. People are increasing wages aod cost, and former Prime Minister, is havp- 

cent and balance the budget tired after coping daily for it is complaining bitterly over in? difficulty unifying late/ 

Sack' ... ■•*.</. 1 I- 1 ; 1 . — -« oovenuueut sm»»vc*s «c«mmu yw anuuier aevasianng mat tne economy ot mis small over the next 13 months. This several years with unstable and high interest rates. The dis- parliamentary group under BS*; 

bounced o Jh ^ ^AlxL'.ECwfOMlC .'and’poUtlcal Into January, it will have to devaluation. This chain re- country is not all that bad. means heavier taxation in 1979. increasing .prices taxes and count rate now stands *t 23.5 leadership, which has resulted ' 

tftn J* fljJ- 1 * fact.ihat- renegotiate US decteration of action will result in a devalua- Government economists say besides further cuts in public incomes. The Icelandic com- per cent, but a number of in the fact that a large number 

•Swedish /again.- reJam'?«W)pefatS<Mi ajRTVfbiraulate a tion some time In late January that per capita Gross National as well as Government spend- rounity is strained and divided. Government MPa are demand- o£ the party's supporters hope 

rove of ..-as.; ;thfi“ long-term poScy, which' might or early February, according Product will grow this year by mg. Major projects like con- because political es well as ins higher interest raws in thar the present ' Government 

re W- Ufna4lli , tte : '*wnaiiider lo economists and banking 2 per cent; last year the struction of hydroelectric plants other interest groups compete order to protect savings survives for a few months 'more 

.!:• . * the efod_©fl&78. /DKujF: Thtt~$ltoX£&e£r 'election ■ term, sources. improvement was 3.S per cent, will be slowed or suspended, constantly among themselves accounts against the 55 per while the Independents get 

'present ^Left-wing:; Go^riUMQilt^TfigV-V'hBti NATO People's The leadership of the B'edera- Whai makes this possible is The more militant members of for bigger and bigger slices of cent inflation rate. their own house- in order.- . 

• the ilrird .o£ is.Wl rwfflTd as saying tion of Icelandic Labour and first of all very jood fishing, the coalition 3re also dead set the national cake. The Government is working Most Icelanders now'fear that 

Iceland's independence in XMA, that St will, during the review the Association of State and a direct result of the extension against further borrowing There is gloom in the bank- on measures to revise the index* the political and economic 

. -is J*fC of .the.ctyoperatioa negotiation. Municipal Employees, which is of the fishing limits to 200 abroad to maintain the present ing and business community ation system, the main cause for winter in this Nordic COOhtTy 

, 8nd at thiS-'etagfr--R.;is very. push Tpr the oustine,«f the sympathetic to the Government, miles, combined with conserva- high living standard, but the and employers predict unem- the inflation problem, but that will be not only cold bnt also 

difficult ;4oT$re®Pt /whether, ft AJ?griCtns, but nobody knows »s trying to get individual tion measures. Export prices foreign debt now stands at ployment. now almost nil, can only be done in co-opera- unusually dark. People are 


to 

^ Yeargt ; ’yre«int whether this is a unions, to maintain their wage have also remained good in 
or not.-- The Qiree .parties threat or meant only to still the agreements unchanged for an- most markets both in North 

which form - the . coalitiba nuijajjt voices within the Party, other year. But very few of America and Europe. The 

• GovenanentfSa’* the mtddleof- Mr. BccedUcr GrMaL Minister them are heeding the call and problem of distributing the 

# . . tbe-rOa^^gresslye^Party.. the irf yoreisth Affairs and leader of powerful unions like the export earnings within the 

k Higtgp i . the tiae-SociarDeraocrats, is a very Fishermen and .Commercial economy remains as one of 


tSforeca<*-„ s 
shrpiUi 

“an in^iSr Tfeqple’s 'KnaTO and has 

Would c , . JJ WjjT .^.AJIiahotfl V; ^Iceland's .. .- largest M id 'alt along that the KeflaviJt 
>. some vk &*■ ^ tilArtas. - the- -tatWratJ-SUght- Xnde-. base add. Iceland's membership 

ns m« v* %*~ v - ; pepdence , Party. . is the solemn NATO will remain intact and 

^posittott; .party -fei^ the time jf.th e Marxists don't like it. they 
44.75 br. being. - / *i-LJ.sj.:. .. ■ canpet out of the Government, 

opu a, r. 5^*. mflatirtp rate in this small The Prime Minister, Mr/Johan- 

bv me u ' but fiercely . independentirbinded nesson, has also 1 pledged no 

• mm, - Z. >■: cmititfyi is presratiy hraniag change in Iceland’s foreign 
fciiiv«r£ re w’ ^ cent oD-coD- -p 0 ncy. it is very likely that 

IV VA T, aas .^»umv^<^?rr^he Gbvemment v fee three partis" will continne 

, : n a - ^:u? O' .V^whicS : _game' - te : power- last, ■to-'pledge status aub in this 

?“*• uw „;;aufump,; after iweeks of ' very: matter, but if the Marxists 

iK**®*'- l0 ^ 'fot of the 

awe meaiDej^ -~UrA; to/ fight irffi^non; Government quickly,' they could 

wrLcuJarn- : G . ^monstefciJX. 4?' haying:> diffi- and would very likely use the 
> have b e .; a it ls not receiv- ^j AT0 as air easy exit 

ated " Government stated 

****** that it would, form, an 
ft ^movemen^ wT^i ,can virtually - itparfy Parliaihentaiy com- 
;jp?Ote antP:hteak governments. p y J 


about $650 m. 

It is now evident that the 
public along with some union 
leaders are slowly turning 
against the Government, first 
uf all because of heavy taxation 


among both commercial and tion with the union leadership, realising that inflation has 
industrial workers this winter, which is not commenting just Anally penetrated to the rery 
The Left-leaning leaders uf the at present. foundations of Icelandic society 

trade union movement keep The Independence Party is and is just about pushing the 
very quiet at present, observing badly split over internal leader- country over the brink of corn- 
all Government movements and ship and policy matters. It is plete economic disaster. ' 


Problems ahead in election year 


but 


WCfcs 

„ tile etfa» * 

<teman G is 

tnruusa l0 ^ 
PS - Tne iaien w 

Sf a5 *> 

K? interest » „ 

S jJC*U, l V * 

after me lf 1 ^ 

3 in j'j. , ^H(j 
w ®r rat.: o;',w 


employment have also taken of Sch 50bn presented for 1979. the pressure of the Socialist- schilling. The fact that the link ture. While the growth of the 

their toll in the form of large The actual gross deficit this dominated unions, had to agree to the D-mark has weakened. GNP this year will be at 2- per 

balance of trade and current year tin Austria the budget ro a modest eut in income aad albeit only to the extent of a cent, fractionally higher than 

account deficits on the one hand year is identical with the wage tax. from January 1979, 1 per cent downward adjust- the originally expected 1.5 per 

and a steady rise in the federal calendar yean will be in any which without giving much meat, is regarded as a potenti- cent, it is nevertheless well 

budget deficit on the other. case about Sch lObn higher tangible relief to the average ally significant effect. below the average annual 

• It is against this background titan the voted figure, and many taxpayer, will nevertheless cost industrialists and export- growth rate of 4.5 per cent for 

THE NARROW victory of the that the package of restrictive observers are sceptical whether the Treasury Sch 3bn in net or j entate d companies are press- 1964-77 period, the 5.2 'per 


AUSTRIA 

Pad! Lendvai 

Vienna Corespondent 


com- “ afHli«OTh ” coalition of dis- fiscal and monetary measures. 


w the Finance Minister, Dr. terms. In the opinion of -the 7ng for what they Vail a *more cent recorded in 1976 and the 

the "recent introduced by the Government Hsnnes Androsch. will he more unions, such occasional tax re a!i S tic exchange rate poliev ^ P er «“* ntttinetl in 1977. 

‘ •— 1979. an electoral adjustments are crucial in order yet Austrian exports even to * in terms of stabilisation; the 

,K ' k *« — ■ •“*- — - — -* — : — fall in the rate of inflation is 


no less important: inflation is 
likely to be only 3.6 per ceDt 


hopes that the gross to stick to a moderate incomes ^ v s dld rather weU durino 

^rwotxld describe: as*X-“ ^otgira £££ tT work SVr “like ^ iV tion' aVd' V host* of economic so far? The current account deflc it wil be the same as this policy. In view of the coming ure first three quarters of this 

■^“'weddine'' M - wbit3i' means that r? • rK deficit in Januarv-Seotemher yca r - while the net shortfall electrons. the opposition vear 

*-7^Se- pSii^Sre^dt M that felt only”a fife mid-1980s Some reduced to^Sch P ll.Bhn will be down from Sch 34bn in People's Party also opted for Th ' re d ep iovment of capacity lhis year “istead of the origin- 

tas- £ SSL w«h». «n.> »<*,**. on « sd. m». •ndiSStWff’ST 5 per ««u -w. 

matuar. itatroet. ^ We ^TtiL, eo^nee, which is year's general eleclipps the m .Uw «m> pertod .It yqr. n «l^3n?teta^e taTclS ta W" a * This is why the 


:essful 


38.5bn 
on 


?3 iv 


Oallliv .1 U.'.c; — , 
JCC-Cj.-lu: ‘X 

i T 

fir. : 

,'fhL: 
over ;:u: , u -. 4 

T«" 

;irr r.;.-r.:- JS -S.C 1 
t, A- .Jvj 
: r»»f • .■*.rs : 

MT; 


per r. 

jd-j-c*. 

s SKr w«' si: 
1 M. -'j. a 


than-e:: peered performance of between 1967 and 1972 1.1 per seeking 
the crucial tourist industry cent, and by 1BT2-78 it was 3.3 

(gross surplus from tourism up per cent (on average! of GNP. dies on savings (cutting the 
by Sch 4.2bn to Sch 27.3bn) and Even assuming that expenditure rebates on federal and public 
a higher than projected in the next few years will not bonds from 10 to 5 per cent) 

increase in exports, coupled rise in real terms and that and also curbing subsidies to 
competitiveness. Meanwhile, all W | t j 1 a f a jj ^ j m p 0r t Si provide federal revenues will increase farmers. These measures and 


mutu . u„ ...Ma-, On.™ • J li«rnhtim> . — . . — . — ' — . ... — I , , ■ . , . . , , . — . — — in c iiimcfauie iiiiurr js wiru vent mccvraias to we insuzuie 

mh-claihiiiittat its Balir.feisIS Bot rope with’ the* ipSation and h. /rnlini 1 haekground to the bnghter at leas in nu. u tin nnniDd the upward revision of some the difficult double task of for Economic Research! but 

- r -ii.t-aj •- --iivMw.iitHa at ener S) sources _to the e,ro picture. expansion of the GNP, the postal raTes and rail tariffs main tai ning a restrictive course other estimates put the growth 

But just how bright is it in ^ e , raJI indebtedness^ will never- should help jo reduce federal j n monetary and fiscal policy, only at 1.6 per cent. .‘Thus the 


) 


SSSSSESSi HSBXSSSNS » « « ft Pressure 

i*° T \ rome under the Printe Minister's the mic 

-.to see. . ! 'vr ‘- j.* . fcWVre. . since the Petmle's dorf on tur lmvuuc w»m ai* ««« iQO i. 

Prtnror - ' t Alliance does not. trust the U.S.- stream, albeit se\ r eral years later rf° to 

; rQWer-.;- r V:; eduMteff and nr^W«t tlian expected. 10 an ,rnp,0 ' ernent 

When li.teacnut.tp jjwer the of.iForejen AffalrSL-; ■. For the time being, however, 

Cicvernmenl-r^whlch i is led'/by ; gut before ' the ill-at-ease Austrian economists and 
Mr. 'Olafur- Jnhaxntesson, chair- coalition government gets to energy planners are having to 
Progressive Party the .NATO issues,' it could very rec kon with growing costs of 
^•^hb .w^: ^; Friitie 'Minister easily collapse over- economic energv and th us a potential 
Left-wing- joj^ inflation issues.- threat to Austria's international 

-G uv e rm nemt' of •- l97t;to tfl74— : ".The g overnment '-whi cb* was 
issued a statement /of co^jpera-.i a power ft opt 1974-78 could 
:Tv;tnw^ & aiming that its malir. task no t cope with the* inflation and sources to the «»rowin® 

• . wmu^be te ^.^auo^imd received a shattering, defeat at SCSL” SlM. a« *'T ' 

r . secure- tiropei; :wag« : for 1 ; aH the polls in the last ^une Althing ^ 

«niplnyees. ’ ‘■.The statement of /(parliament) election. The ** reaJlty ? The mti cs 

l ^- ■a- Bhdrt-term imate : caus« of Ihe inflation has ^,e in Sw J c ,° 1 nom i c and monetary policy » 

[ ’ "-ortef -teavlq^V sh^ - jnuchy -beeb the elaborate- indexation ?'to . ft>nowed b - v Chancellor and 1932. 

TBffitarwiiphiiMtay ^ Whichr -h'nte almost- I9r9 ai tiie latest and economic KreJsk y's Socialist cabinet, w Yet the 
£ ^h^I^d-r^ei^^P^verythln^ to .thecost of JJ*® “j»J Power since April 1970. com-- 

R.- "^of'T^ATO; S^index.'' amJ ™ ore 10 terms of political p i a | n tiiat the Government is 

’ ’ ^ ^The Peopl^s Aliiaoce has-for -The' Government has been lactics- .' -Uviiig and opereiing on 

• demanded; jMt XceJktA trying: t* fiddle nith -the index The record-breaking growth borrowed time, as shown by the 

: '^-feave the North Atlantic- defence- in -the-- past fev ••■Weeks, by rales of the past ( between I9i0 steady rise in indebtedness and 

or ^uttfrifl "down price and 1978 the Austrian GNP in tlie servicing costs of the 

aod services expanded In real terms by 44.1 national debt. Thus debt re- 

Its success pe^ cent — the third best per- payment and interest account 

brag about fprmance. in Western Europe) for Scb 35bn (Sch 30bn this 

probably' lead and the maintenance of full year) of the draft budget deficit 

Some cracks show up 


men in charge of the Federal 


are Number Three in terms of 
stability in Europe." Minister 


Thus the Populists have missed cham5er of Economy, as repre- -“" dr ” s ' h prou dly jn his 

» o£ ’"^easing ih«r sentatives tlf u,, business com- rectnl hudget.sRi^r,..^ 


and at the past. Between 1961 and credibility jw a real alternative 
the 1966. for example, the net 10 l hf Socialists. easing 


are 
of the 


demanding an 
taxation burden 


A super boom on ihe pattern 
of 1960-74 could, of course, ,wipe 


services account. The better-. deficit was merely 0.5 percent. Meanwhile the Government is and better promotion of indus- out niosVuf tiie budgetary and 

I'tin? tn r^dril't PV-nonrlitlire fpidi invodmant Mora ininnrtanr -j . li - «... 


seeking to restrict expendiuire trial investment. More important debt servicing problems.” But. 
through a reduction of subsi- than the Government s scheme a ] aSi Austria is part of the world 

of subsidised credits is. of economy and therefore, no such 
course, the general economic boom can realistically be 
and financial climate. expected. Next year, the 

Austrian economic policy in economy will grow by 3 per 
the foreseeable future is faced cent (according to the Institute 


of the theless he up Trom _1 to 32 per spending by Sen 6bn. while at the same time protect- increasingly serious' problems 

iinv cent of the GAP between -9</ Another controversial area is ing full employment and can only be resolved through a 

the policy of maintaining, a high stimulating investment designed painful, but unavoidable' adjust- 

Government, under exchange rate for the Austrian ro improve the industrial strue- ment to economic realities. 



- automatic opposition from money supply expected to aver- 
ehvironmenta lists, as well as age out at no less than 15 per 
by the recruiting problem. cent for 1978. The apparent 
.The authorities have been paradox of a sharp increase in 
doing ail they can to combat the hiohey supply and a near-nil 
. serious 1 over-valuation of the inflation is explained not only 
. . ' 1 . ■ ' . —■ t— franc, which is particularly by the Government policies but 

THE REBY of the world always grave in that the otherwise also by the deflationary effects 
finds it hard to understantd stroofi Deutsche Mark has in of falling import prices (due to 
bii-hpw -the.; Swiss.. canv seriously recent months been weak in the higher franc), the relatively 


SWITZERLAND 

John Wicks 

Zurich Correspondent 


sluggish market conditions and 


Social Democrats, since the 1975 
vote again the biggest single 
party, may be gaining some 
ground with the voters. But the 
Christian Democrats. Liberals 
and People's Party are hardly 
likely to experience a decline 
sufficient to alter the four-party 
coalition structure in power 
since the 50s and consisting of 
Ministers each from the 


has 
weak 

'£?■ & .ffi'iEr M thelact that there is not nturt g. *£*" «“ 

^^^^Btetionseteiiibh^sii the major trading partner and ral| I for _ The increased liquidity 

“Tnprp ' mortate —. Switzerland Switzerland's biggest competitor. of ^ ^the banking system. . an ® lQe ^nnsuan ueuioudu 

* “stabili^Tree- on. world markets, the National Despite this positive aspect “«* one from ^e Peoples 
- dote' from labour disputes, one Bank has now taken an absolute prospects for business are seen 

minimum of SO centimes per as uninspiring or even down- 


cr.~ 


Vf.r 






... y 



one 

Party- No doubt the coming 
months will see occasional 
threats from the leftists among 
the Socialists to leave the Coali 
tion next time round and “find 
their soul," though a move in 
this direction seems more un 
likely than probable. Also, the 
left wing of the Christian Demo- 
crats is showing itself more and 
more interested in teaming up 
on some aspects with the Social 
Democrats. 

A real political crisis was 

a 


-of' becoming less prosperous is 
v* -never -as; aliracfive We. ’ ' ing 


tadtog » increased « to generally sl0Disls after 

e^Sed a™lroiaild. Auhe wortog, reductl.n of 7 * ^ ^<,, SS 

o-iirwmmv.Anrl its arowth.: Swiss and a trend' to foreign-based a P r ob!ein. mflammalorj. 


f-jSSriS-SteS'' the” franc" can be kept down, by of orders, growing competition 
*-'• smite ite countries struagliag ‘jove.rateent measures and the on the home market From im- 
^S'SrtcfsStudes of late ; latent international agreementi POfte ; ^nd Iwses -of imports, 
cenlalv society' -\ . There is an inherent danger of any small and medmm-sized 
In ftCt. certahi apprehensions other countries over-estimating e^iorters _ . are faced with 
^aVout ' the Snl^ Se not urh the economic potential of the .^disaster." according to the 
“'^ustifiedi 'There are .sufficient Swiss and so forcing up the- Swis>sexport organisation. The 
jj - Cnrift»ri>inii 5n -franc* a p- ain --Swiss Tourism federation fears 

^filSrff^a/nbt h^e' it quite ' - evpn ,ower profits * I]d an even avoided in September when 

"■■S 1 bUza? 'dhi ru.«T Q Nnt Cai-ffoiaTinr - -- greater loss of competitive large majority of referendum 

_ . 3s goo d . .a i n_ .th e . n n ^ uUIlCriDp . -ability for the horel business, voters approved the creation of 

t/ Whatever U.e 'w varioua All this against the backdrop of the new canton of Jura and its 
7 --ri ; enChing is a/So necesSW. And * sectors of the economy are the franc which the Govern- secession from Canton Berne, 

no maSr SS ^eTleJ a sufferiug. The watch ^ ^ays •» still much too A rehi^ would dwbtJeM have 

mav -lie i'lfee thought ffl erstwhile spoilt cluld of. rtgog- . given rise 10 unrest among the 

mint!} may. oe, we . tnougm Uv is face< j W ith grow-' Should there be a nse in fiery Jurassiens. Unfortunately. 

diffiimTties which are short-Tlmc working and actual remarks made by the seces- 

’ * " ’■ ” • after their triumph 

graceless and 

5Ticonohiv-ind its growth. Swiss and a trend' to foreign-based'^ «*«cn m a promem. inflammatory, pointing to future 

r.-tsion. . £he orices Textiles and the cloth- ^nd has been virtually free of country, especially in German- 
SSS^STJ SSrfiwS suffering from, strUces, partly because empfny- speaking areas. 

in the 
,'s six 

... .. Rural 

r tifinar nroduds are werft, while rising franc; despite a near-'Wage agreements. An economic Basle obwalden, Nidwalden. 

■ toonal p -. . : - *- franc prices since setback jx 3 uld wcn ^strengthen and t ^ e Appenzells — to full 

in 

particulor feel peeved that the 
6 per some of whom are questioning j itt j e Jur g should be a full 

S.^o^btoto sell abroad ov^l M yecr. ^ lh “ s - 

e ... ... Thdre would probably 


^ ■^exporting 
-has -for a 


'There are - - tSl world^de malaise - Another 



^Tthe same time the astonish- freete in franc prices ™ and the two Appenreiw-to fu 

- inti anureoation of the- national 1974. bednights by foreigners the hand of more radical ele- can tons. The two Basies 1 
ii-cwre£cy i/raaWng-it increas- fell off in the first months of meats in the unions, however, na-ticiar feel oeeved that th 
-.7 -indy hard and. already in many this summer- season 

' _ . , . J AMitn Tniri roar* 


f lungs, send two instead of one 

-iwvss tuun.H.1.*. L , Stares Councillors to Berne and 

r-laboor-i. scarce— tlisre lownte vt -Matioa This repe«ito S lons,_too ;;] OU th. mfr have its cmtoBal MwM 


■totkt" anything - 3 profitable „ — - - h 

^ price Jo terms of Swiss Irenes, difficultiesis Pjo^dedby 

- - e — there are very low rate of -inflation, im? 

-inore, situations wront than' TeU M an. anmial 0.4 per wt tionally 


“! : -.“ bn employed — and 

- * " ' . x • ‘the building 

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Otherwise, 


political 35 0 ne instead of a half— while 
exwsfflve; in October, the lowest level scene, otnerwxse. little is t h e>% w uh their much bigger 

nich since the start or I960, and happening now in the field uf populations are still only 

as ^S looS Ste Sng farther. The party, politics that points to ••senis" There would, of 

-iSi^^irSSS- desirable in National Bank works to a stern- landslides in one direction or course, be a resultant change 

consuierea a lade low-interest policy, particularly another at next year's elections, m the Federal Constitution and 

■ OTd Smou ot a sleep rise in Th^re are mdicaUons that the ,h, nuke-up of Pari, ament 




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. 197$.^ 

THE jNfAMlBFAN ELECTION - 4 - 

sfi 




■ ■- ■•■ 


31 


QUENTIN PEEL IN WINDHOEK 


4 ' 

■j i 


African outpost on a knife edge 







.^SvIip^ESEi; was:' flne co.Bis^vmiiie^ -rich -but ^sparsely popu* 
^j|^aL\^I*.contiM&rot^Jrlca.fcii«i coiCitry Hidderily ; faced 
«5^t<^;peace^;. wifh-'-&e_- prospect -of self-rule, 
if -sntefcUia^ , It ^ ; was. : *:^f£mibla jTIie- 1 teijiiory. as- illogical" a 
liukas^coloirial contruttion- imposed bn 
tbd ^X^ffder^ftf '- tte ; ^^hnica{lj’,diBferse-POpulatiun 
^‘Church/ as any- in Africa; lias -been the 
- i -** '•*'■ a low-iuwhsUy guer- 
for mdrethanllyears. 

of ; Betfa3e-’Yet- its sigmfcanceis much 

.. raisin ^‘‘.C®1*t l,3 ^' : ^ e ! 3Sa S e wider: it. could . y^t. prove the 
this^year. We are Ii*nfc"jn the. point -o£ breakthrough. towards 
7; {&; ViGlence'^and blood- a peaceful •solution. <rf the 
-Tb^Cfansonas could be. a gathering racial. * -conflict . m 
Cfapatmafi bfi^oodshed aj>d not southern Africa.- or ii could 
of peaces** . V * equally well be^the. cause of the 

'••TefontFfottr- hours later; ..two ^ final*. '• confrontation between 

bombs exploded among -Christ- entrenched white tule in- South 
tQW/^hoppdrs on fixe ipaSed *^ '^. m ' international 
au**is-?i>f ; Windfi^"-’tbfe--Sar^ ; . 

d^: *Th* vtoJe®jre-\: BtttapusfeV South- Africa's insistence’ on 
cerifiited t« r3se% ,fi^TroiSlleni pressing ..ahead with .its . own 
bOTderofTi^teri , itnri?fi^- la Narabia -rather -than 

to: tte 'cai^I^V-’: ' • .:?? ; •• /agree ■ immediately 1 to a UN* 

-. ’^The sahae aftern oti& at -a maJss" superyisetf -poll as p r opoeed by 
e&dtoA Tally. ‘ ?3flp? INariribte's the fl« western, mmbrs of . the 
- J '‘iorWhies^v^ c^ti bn, the UN Security Council could yet 
gdermtie. 'T^drptiaite- - Alliance . precipitate . moves . \ for some 
jHfchfrn a, muddy sports form lof economic sancti ons. 
J^0S^m ; iAe aiitskirts of the While the Pretoria Government 
shots were fired has not ruled out' a TJN election 
J ai .rlQT^ It-bext - year, irbas -refused to 
oSrhed.ouf ihaf’^ ^tkfseciu-jty ^coihmitr its^f jbefdre consulting 
ffiife f was 'shot by srritfhite police-; • v-h atever “ international 

men-Tudsetj be .'pulled ;. o'ur.his‘^* ( ^ ,rs ” emerge victorious in 
gpit;-. Tfotirs ' previously, ejy jhe the" present exercrse>_Afoi his 
Tdad'.tb the Mask,, township; of very-possible that iteihsTat*nce 
Kjtutui^ ; a^bblittc^ dembh^ca- *ni ibis first round bf*dlections- 
tipn by >Ujjportejrs_Qf fhe - . South. -cbuW 61 itself close fhk.clopr on 
Wfest- Africa People’s. Orgapisa- any further comproaifee... . - 
tiem fS\fA"PO) '^he .bfegesr-tflack --V j n spile of. - [xAd j- indeed 
nationalist- .-r^noyeniflitt, -• ■ was largely ' because oiC- 4hc inter- 
hb^en up. ^^o5i^;^h batpn£" national" oppositiorL/the South 
'• Nftmil^^tort .riDiopial outpost African admin istratiott is cur- 
in Aiiica;Cffi ' Sudden ly. - Ijrtng on - gently - devoting its-, hot . incon- 
i;. Imif e-edge, - : : 5Jie immediate siderable resources - ^q - proving 
f^rri^ .-is -- t'hft ~ called by that ■ tbe^ present election is a 

’Afrirati Admiaistra^ credflile' . and va lilf :extfrcise. 
-the -atemtoiy. 4n " defence Thus' ■ electoral officers haw 
Q^fthe TJnited 1 ^Tat^hs - ahd thef been ‘drafted : in; .froni/ . South 
international Zctunmanityi ; boy- Africa to man a comprehensive 

S ed.< ’by - ihe'^!i»a jor - black network of 375 polling units to 
gr««fpW anffTMinte^ted visit more than 2»Q0A remote 
by i^3^ty^yve^OTips ; and' population centres.; A- huge 
p^iticar^eccestrits^^e^; ladder-, registration exercise has already 
l^ j. ^cau^jrrts^jfte . .power- been carried out. renting in a 
sttUggle .' fprec^intmecl • fa • a- response of 92 per chat of the 


•original estimate of some 
440.000 eligible voters in the 

country- 

In, order to maximise the 
poll, ii lus been extended for 
fivi> days, from today unul 
Friday. Electoral officers mat- 
establish extra polling stations-, 
or visit unscheduled stops with 
the. mobile units, if They believe 
more voters may be reached. At 
the same time an unspecified 
number of additional South 
African sojdiers have been 
drafted into the northern 
operational area. Where almost 
half the Namibian population 
lives, in order to prevent 
" intimidation-” by SWAPO 
guerrillas. Detailed and com- 
plex electoral regulations have 
been drawn up to ensure a 
secret ballot,' and prevent 
double voting. 

Vet it is no i so much ihc 
deiail, but the whole basis t»F 
the operation. which is 
questioned by opponents of the 
election. Bishop Janies Kau- 
luma, head of the. Anglican 
Chun-h in the territory, says 
that “ if argument is between 
;he colonised and the colonisers, 
the ’only body which can enable 
the iwn parties to solve the 
problem is-a neutral body.” As 
one party to the conflict in the 
territory, the South African 
administration cannot be seen 
as an impartial supervisor, 
whatever precautions il takes. 
Because of this reasoning, three 
significant groups are refusing 
to taks part in theh campaign: 
SWAPO itstflf, the more moder- 
ate Namibia National Front, 
which includes the other major 
black nationalist movement, ihe 
South West Africa National 
Union (SWANU). and the group 
of SWAPO dissidents led by Mr. 
Andreas Shipanga. known as 
SWAPO Democrats. 

However scrupulously con- 
ducted it might be, the election 
is thus a very one sided test of 
opinion. In fact there have been 



: Z1I8 t J 

A ' 

WAMBOUifl- 

I 

NAMIBIA ! 

V irsum 


uF.iri 


*•. 


. • . \ • : - •-■ 

/ '• - ' ^ ' SliHRli'llCl . 


repealed ailcgaiuin.s- from both 
the boy cutters and the- churches 
of various degrees of “ intimida- 
tion '* by the authorities and 
supporters of ihe olectiun to 
make people register for the 
pull. They include numerous, 
albeit unsubstantiated, allega- 
tions of voters being iold they 
wuufd cease to be citizens of 
Namibia iT they failed to 
regisier. ihal without a registra- 
tion card they would lie unable 
to keep their jobs, obtain medi- 
cal treatment or he paid 
pensions. For their part, the 
authorities claim that SWAPO 
is responsible for widespread 
rntiinidation both in the 
northern area, (where voters 
are said to have been warned 
they will be " dealt with ” if 
they go to the polling stations). 

If it were not for the under- 
lying importance of the evenis 
in Namibia, the election cam- 
paign might have been some- 
thing of a farce. Of the five 
participants, only two are 
serious political contenders: the 
DTA. hased on ethnic organisa- 
tions from 11 ethnic or tribal 
groups, and Aktur. largely 
hased on Ihe existing all-white 


National Party, sister of the 
ruling party in South Africa. Of 
the others, ihe Herstigte 
Nasionale Party represents -the 
extreme racial purity exponenis 
tif the white i-umni unity: the 

(Jhn>tian Democratic Party j> a 
handful of individuals propound- 
ing a philusuphy of total free 
enterprise.' anti ihe Liberation 
Front is merely a small ethnic 
splinter group wirhoui any very 1 
clear programme at all. 

The contest between the enri- 
s*'rv alive DTA and the more 
conservative Aktur has de- 
generated largely mm a clang- 
ing matph between their white 
leaders, with little senous input 
about the future of the majority 
black and brown population. 
Thp whole exercise is somewhat 
complicated by the emphasis on 
race and Tribalism, with the 
DTA travelling with a batrery 
f»F interpreters in iranslaie the 
campaign speeches into at least 
sis different languages. At teh 
same time ihc DTA has been 
spending seemingly unlimited 
funds on a uhule hn.-.t .of- 
sophisticated jnd )c.«s sophisti- 
cafed aids and iriokct.s. rang- 
ina from mobile closed circuit 
television studios (there is no 
national television in A'amrb/a ). 
in free T-shirts, shawls Tor 
traditionally dressed tribes- 
women and cardboard sun 
visors, all emblazoned with the 
party emblem nf a two-fingered 
peace sign. Thr whole operation 
gives rhe incongruous impres- 
sion of the hally-hon nf an 
American election rampiagii 
transposed to the vast empty 
spaces of Africa. 

The outcome of the whole 
exercise is in little doubt. Even 
if Aktur wins a majority of the 
white vote, the DTA will win 
an absolute majority of the 50- 
member Constituent Assembly 
to be elected. One question 
remains about the size of the 
turnout, although the uncer- 
tainty over total population 


figures mean? that any conclu- 
sion must be subject to a signi- 
ficant margin of error- The 
South African fiovemment and 
the DTa clearly want a large 
turnout to prove the whole 
exercise worthwhile, and to 
enhance the position of the 
winning p3riy either in any 
subsequent election, or if if 
eventually becomes an (unre- 
cognised! Independence Gov- 
ernment if no UN poll is held. 

More important is just what 
the electoral riciors will do 
about the possibility of a 
further UN-supervised election 
next year, winch would include 
all the political parlies, and 
carry the implication of subse- 
quent international recognition 
for the victor. The South 
African Government has pro- 
mised the -western members of 
the Security Council to ** use its 
best efforts to persuade them 
(the election winners) to con- 
sider ways and means of 
achieving international recogni- 
tion.” 

DTA leaders have mad* it 
quite clear that they do not 
accept the present UN election 
plan, including up to 7.500 UN 
troops stationed in the opera- 
tional area while all hut 1,500 
South African soldiers must 
withdraw. They complain that 
while the UN officially re-arris 
SWAPO as th^ " sole representa- 
tive ” of the Namibian people, 
its troops and officials arc quite 
as partisan as those of South 
Africa. They also want UN 
observers on the Angolan side 
of the border to ensure there 
is no build up of SWAPO farces 
lo take advantage of a South 
African withdrawal. In line with 
the South African Government, 
however, they insist that they 
are ” keeping the door open ” 
for 3 possible U\ -supervised 
elect i op. by expressing their 
continued willingness to nego- 
tiate. 

Other observers are more 


sceptical. Dr. De Vries believes 
that the current exercise to win 
internatipnal credibility for this 
week's poll “makes it- dear 
there will be no second election. 
South Africa is driving the thins 
lo the point where it is impos- 
sible for SWAPO to take part." 
Mr. Reinhardt Rukoro, the 
information officer of the Nami- 
bia National Front still believes 
South Africa will opt for a 
second election, even if Mr. Dirk 
Mudge. the DTA chairman, docs 
not want one. 

Clearly South Africa is 
actually doing what it has done 
Throughout the negotiate®?; 
with the western powers to find 
an agreed solution in Namibia: 
iiy’iog to keep open ihe parallel 
options of an international 
solution, and an internal solu- 
tion if it finds rhe former based 
on unacceptable conditions. 

As for an internal settlement, 
there are undoubted drawbacks. 

It will mean am end to the war. 

and Ihe consequent drain on the 
South African Excbaquer of 
keeping something approaching 
20,000 men on The border. 3t 
could well mean an escalation of 
the war. with SWAPO seedling 
wider international suport. It is 
alsu likely to precipitate some 
form of economic sanctions, in 
spite of western unwillingness, 
if South Africa appears to be the 
offending party in a breakdown 
of negotiations. The DTA. as the 
likely governm eniin an internal 
settlement, also has serious 
divisions which might develop 
once in power — panicuiarly 
be tween bladt and white aspira- 
tions. Nor dues it have any 
notable Mack leaders. 

The advantages of an internal 
solution are still very real in 
South African eyes: the 
Republic will have gained an 
friendly and cooperative neigh- 
bour. rather than risking the 
possibility of a SWAPO victory, 
and hence another relatively 


radical neighbour, - Moreover. 
Namibia would remain- ftfmly 
within ‘the South . .African 
economic sphere. ... 

"SWAPO is a more frighten- 
ing prospect for many business- 
men than gning it .alone;'’ 
according to Mr. CharlPS Tree- 
body. the Director of Economic 
Affairs in Windhoek. The same 
thuught is common in the. white 
communin' here, and is probably 
shared by a majority- of South 
Africa's ruling National Party. 
Already there are signs of 
nervousness, in the white com- 
munity' in Namibia,- “with 
diamond dealers enjoying record 
sales as a form of insurance 
policy. " There is no new private 
investment of any kind’ taking 
place in the country at all,** Mr. 
Trucbody says. 

As for SWAPO. the organ isa- 
liun is still backing the UN- 
sponsored elections, under the 
existing Wpldbeini Plan. If there 
i? any question of that -plan 
being renegotiated, however. -Mr. 
Tjrrngarern says SWAPO wrti 
wish to be involved. There are 
pressures on SWAPO. ton. The 
growing desire of Presfdent 
Agostinho Neto of Angola' to 
stabilise bis southern border, to 
prevent the UNITA ceurrillas 
getting any logistical help from 
South Africa is one. The other 
front line African States are alio 
likely to want a solution in 
Namibia, if only to stablise one 
part of the region, and -help 
them concentrate on their 
internal problems. On the mili- 
tary front. SWAPO has not 
achieved any very notable 
successes. 

Thu« some conditions exist on 
both sides for accommodation, 
although as yet ihey are scarcely 
compelling. If they appear more 
persuasive outside Namibia, 
they look decidedly flimsy in 
Windhoek. Here the possibility 
or South African withdrawal is 
scarcely rated worthy of serious 
mention. 


.;3&l 


‘-S'- 

i -i .a 

- *v- 
-,i*r 
•<.*1 








*T 


; Letters to the Editor 


Comparability 


-(v 


Braefom Bay. Our results show tbinc as a “cure all" for the 
a risk nf l in 1.500 of death per problems of company boards in 
year. This is five times greater this couni ry (or indeed in any 
than the annual risk of death in other). This does not however 
a motor accident, which members mean that the proper use nr 
of the public enter into volun- non-executive directors and 
torily. and using Lord Roth- audit committees is other than 
jy-y- - . xtiwwi « . - - - • schtld’s figures, make a nuclear a step in the right direction, and 

Executive and Direct^ Grades development look relatively oae t0 p e encouraged rather 
gtttatipw^vmchhasdev^^ea Sir.— Your teader-T- Cbm para- mnoccunus. than denigrated. 

“ a trap" fNovember 28) ^ v . e ® e 5JJI? r: I \Vl»at is acknowledged surely 

110 be- haseff-bn X* fJJ- ?i,f are thB ffrouriog signs of profes- 

ture ^ ^hfitfoBAarist prejudtife and •SSifjSL^SSS nUr s, *»n a lism among all directors 
^^df^isa^raexaabtiidtes. oJd-fashionetL Ignorance.; which, in our view, can only 



ofj’aa. much .-as; 25 per cent or TO 





%. 
, T 
* i 4^* 

ional ^ 
a 

format 


anee. 


iccu- 


a! 

Eu 


ro- 


om 


e 




Dep 1 - 


I Iw v 



*-!.i ■: iwu-mamuucu. iguuiouw., . van viu.i 

_ . *are tidumphaatl^ .epneludiijg rbat-^®fo^ he gives final planmn, COine f rora having a governing 

npf^settlhr themselves .jatgets > only- “ special case the a P, p S v «- ^ 2 1 .* «l5*IUf, body which is itself professional 

' “ )r TO Governin'eril should recognise is m *?bt find the result poliUtall> aind pja^es serious efforts to 

define the profession and lay 
down standards for those who 
would practise it. There are 
many experienced and able men 
who think as we do. and believe 
that what is needed is for a 
sponsor to come forward lo 
provide the means whereby they 
can get together and form the 
structure that is so badly 
needed. 

John Chudley. 

Martin Rosenhead. 

Ernest Snelling. 
rein- Associated Non-Executive 


ijSMfie report;, of the indepeh- forgot. that this ia precisely the 
dleftt civa-servjce pay researeh case in 'the civil sendee, which Aoeraow, nje. 

unit whick. -f actually analyses “ 103 tog computer programmers • . . . , 

the - i^tewards,. ' of - comparable almost as fast as it can train PiinniTIP TlPIl^lOn 
JpafogUes' outside the civil ser- toam : even your.^wn argument XXUM U l U lg ptiniwu 
.$ntr report provides inakes -thie civiL-fleryice a prime, 
e^dence'.^iat the employers, of ca f® f °r comparability. . SCfaCDSCS 
tme&s&dgaes. have Vou appear to suggestthat fa.ir. T 

ajfflfep&lr'fo GoVenament Incomes comparison? involves comparing ■ From the Chairman. 

there' Will Tie no case civil servants’ work with such'Oie_Sociefi/ of Pension 
f^s.' -civil service pay rises. As c to““to mts . . 

you report, elsewhere -however. fh^-Pc'o T aL s «n n ° f ftF°vrfnr sir — 1 should like ... 

the first rumours emerging ??: case- A ! °° e ? f , I force a point made by Mr. Eric Directors 

from this elaborate and inten- tohour correspondents explained Short in his article " Employees Gronenor Cardens House, 
sive job evaluation study sug- iSh '■ a P athetic abouC running pension 35/37 Groarenu,- Gardens, 

nest that . duriim The siHsaltai ■ Bre c , amp f J , outild ‘: schemes " (November .1*21. I SWT. 

lame agaSS^Tnflation^tiiMe M^bl^vrork*”” 11 fo^^ecutive cl! ^ elusive first- 

analogues may not have played thTmean/ the^ommon ^ kn **'*^ of attitude 


information 


r ... speed of 

civil servants, as employees, and- trolled credit growth and a- ft requires little knowledge of always he secondary to accuracy 
to the public, as Taxpayers, strong exchange rate [is this the structure of British industry and one has cause to wonder 

Failure to treat civil servants- Britain ?} reduces; joh security, to say that it is beyond question first, just how cost-effective such 

fairly could, in: 'the Jong.' term,, in the private sector-": reuicm-'that the- ch-emu stances of pani- surveys are if the respondents 
have grave, consequences' for bering the staff cuts in the civil .fcuiar firms and the wishes of arc not given sufficient time to 
the integrity and efficiency of service in the last few years, the. fflem bers of their pension give dlie consideration m their 
the service. The civil service balance of executive job security sanies will be found to varv answers, and second, how high 
unions are beginning to learn may not be in favour of the civil Tery greatly; and anv attempt can the quality of decisions be 
the value of industrial muscle; service. You are. . of course. j 0 j ay down by legislation parti- when they are based upon the 

they will prove * lo be able Simply wrong' in claiming that .cular arrangements will in- results of surveys conducted in 

pupils. - the true .value of indexed pen- evitaWv fail in many cases lo this fashion? 

'Ssss-'SS^ at.*"- » c ^ m ™ tors ? h ^- a M s»r- 

before V eomparabitity - wai “a va « -fnmnhpr 11 “ theref °re or the utmost Wadsworth i ffoa 

respectable idea.- TlXing that employers Pcmole. M« 

Civil service pay was deterrMned 1 shnold inmate discussinne with 

in the 1930s under the “Tnmltn" MS 


SSS& 1£& wW 1b4r V 1 SwTO^SmSMOarli St reef, Sfl. 
should reflect what may , be _ 

described as lie- long term r • „ ii, . 

trend, both to wage levels aind oUrV6VlIlE lu£ 

in the economic condition of the J ° 

country" to fact that is gener- Ko 7 €irrlc 

ally regarded as one of the llrlAAlUS 

maS} ' nmvlTab ‘ my fnm toe Jomt Chairman. 
formulae. Aberdowr and Doigefy Bay 

What you- appear to be Joiat-Aetixm Group 
advocating 
to the “A 

the early 1920s which can be cussing - chemical projects 


Works of art 
and VAT 


should initiate discussions with 
members of iheir pension 
schemes and recognised trade 
unions lo set up acceptable 
arrangements for member parti- 
cipation. The Government, as 
Mr. Short has said, has pledged 
thaj existing good participation f rn „, Mr u Leqgall 
arrangements have nothing lo Sil ,_ Lor( j McCluskey. the I 

fear from legislation: and thus lor General for Scotland, 
appropriate arangemenis if they seeks (Nnv 30) to defend the 
dre : set up now. will both make Trcaslir> - 5 philistine policy of I 
a valuable contribution to the imposing value-added 


mg' is in fact a return Sir. -In your feature on Scot- ^ Ul impo-Bj vaiu^added u* on 

“ Anderson ^ formula .of. land (November 27) .when dis- ^Wion SSemes and be Sv "P'S ^ 

lv 1920s which can be cussing ' chemical projects you , P Of those exported) bj merely 


tion (of- civil aerewits) should xue wuna iw ■ tlrogft inaction they have original "criticism' '/Nov 34) In 
be such as will induce a con- Buj 0D .. f<eated . a _ ^tuation in which fhf meantime however ^ £ 

Upuous and -suffineflt ®w ofTbe shores oTthe Forth^ ^ , -4S legislation, to which in alt pro--n»nr«e i.ew (Nov. 27) 


rt' ffow ofuie snoresoTTne Smiilebv lec- } e 8islation. to which in ait pro- n eor g e Lew 


luwnlhis argumen. ^ Jg"-;™ - 


suitable .candidates 
them in an efficient state 
in the service.” 

By that yardstick; Sir, the risic'*'raaier"tian~an 'emotional society or 
civil service is now- in desperate response to potentially hazardous S2 tantS ‘ 

need of very substantial pay ^yelopments. The health and j "SS? 'rSIS vrs 
increases, TInfre are at present safety executive -used the safety Ltrcus. 

shortages of staff in many areas am j reliability directorate of the _ 

including almoiSt alL of the com- Atomic Energy. Commission to * IV An.pvpplif iyp 
puter projects, driving and prepare a statistical calculation - vavv-uutv 

traffic examtoatioa units, execu- of - risk for the resident of 

tive staffs clerks, profesaonals, Canvey Island- from peti-o- flirCCIOrS 
tlPists, messengers and paper- chemical development* using 


keepers, etc., etc. 
R. S. Watti 
1 Knotoes Hood, 
Sewtbn Menrns, 
Gtcisgou:. 


has! 

attention to several 
fallacies in Lord McCluskey's I 
argument which the Minister | 
chose to ignore. 

It is all very - well for Lord; 
McCluskey to claim that it is I 
possible . In “exaggerate the 
effect of VAT as a tax incentive, 
tn export works of art.” But is) 
tins not analogous to ihe, 
apocryphal story of the house- 
maid who said by way of I 
excusing her newborn offspring! 
“ It's only a linTun, ma’am?” 
Hush Leggatt. 


the same statistical methods- Prom Messrs. 3. Qivdlc’j. 
from the Canvey Island report. Ilf. Rosenhead and E. SneUinp 
we have -assessed tile risk to life • Sir.— W* most heartily second Leggatt Brothers. 
nf the residents of Aberdour and the • headline of Lex (Nov. TO) TO St. James's Street. 
Da]°ety Bav from a terminal at jn agreeing that there is no such Stvi 


GENERAL 

EEC Prime Ministers meet in 
Brussels at European Council for 
twn-day discussion of European 
Monetary System. 

NATO Defence Ministers meet 
in Brussels. 

U.S. Commerce Secretary, Mrs. 
Juanita Kreps. In USSR until 
December 8 for trade talks. 

Roya] Smith fie Id Show opens, 
Earls Court. 

Mr. Donald McHenry, U.S. diplo- 
mat. arrives in Salisbury. 
Rhodesia, for three-day talks. 

West Africa Investment Forum. 
Dakar, opens (until (December 8) 
to inform European industrial 
firms about opportunities in 15 
West African countries. 

Sir Keith Joseph speaks at 


Today’s Events 


Internationa! Steel Trades Asso- 
ciation lunch. London 
Sir Derek Ezra. National Coal 
Board chairman, speaks ar Coal 
Industry Society lunch. London. 

International Design Engineer- 
ing Show and Conference opened 
by Mr. Eric Varley. Industry Sec- 
retary. at National Exhibition 
Centre, Birmingham (until Dec- 
ember 8>. 

. Mr. Edward Heath, Sir Hugh 
Casson. and Prof. .Michael Wise. 

? , resident of the Geographical 
inion. speak at ihe Royal Geo- 
graphical Society dinner, London. 
Newspaper Society conference 


opens at Harrogate (until Dec- 
ember 7». 

OFFICIAL STATISTICS 
UJT. Official reserves < Nov- 
ember). Wholesale prices index 
(November provisional). Retails 
sales (Ortober fio.il). Capital 
issues and redemptions idurins 
November). Public sector borrow- 
ing requirement and details nf 
local authority borrowing <5rd 
quarter). Hire purchase and 
other instalment credit business 
I October). 

PARLIAMENT ARY BUSINESS 
House of Commons: Motion on 
Public Accounts Committee 1977- 
1A7S. European Assembly Con- 


stituencies Orders. 

Select committee — Education. 
Arts and Home Office sub- 
committee. Subject: Women and 
the penal system. Witnesses 
National -Association for Care and 
Resettlement of Offenders. Howard 
League for Penal Reform. 4.15- pm. 
Room 19. 

COMPANY RESULTS 
Final drviaend*; Davenports 
Brewery (Holdings). Interim divi- 
dends: Atkins Bros. (Hosiery). 
Bremuer aad Co. .Matthew .Hall. 
Kleen-E-Ze Holdings. Marshall 
(Halifax). Somie; Vinten Group. 
Interim figures*. London and Over- 
seas Freighters. Triefus and Co. 

COMPANY MEETINGS 
See Financial Diary on page* 43. 


•sH £fi:v : - 


qSii, M PatSotic l.roE ^ Mrs- High speed 

fored upon tt e umployee, o£ ^‘rri ma° ,!.m'l? «rv!c“ S ^ ha J 8 P 

the state. ... .. wWch fe»ture In most firm's. Tie » 

You ■ppewto: favour, some &“thli mine” Md ,? J"ld 

sort of return to-the wages policj* 1 % y - Sen Private greatest mistake nut to Prom thr Mnnoginp Director. 

cies of -^ e ^ eifocuSL’ S b^ Sd ^e to>s Mrieusly. The Society Thenn-a-Sfor 

owners. This may have enabled \Sk*7 fa? ^aheaS-° f ^ ^ tension Consultants firniiy Sir.— You may be interested to 

them to “make for productive g'ggj eounteroarts la the ciS beUeves in the value of member note that 13 days after the end 

efficiency** but in this day it; is “^toe.r counterparts m the wu. parlicipatioIli bllt if a , ceUeves of our fioancial year, the Price 

unlikely to prove a succetfui Uy h annen^d i n the last that any arrangements to this Commission sent nur company a 

recipe for the smooth and effi- S id a-half yea?s end should genuinely accord 49-page quesUynnaire containing 

nenr operation of . y to future ra -wth -the wishes of members approxnnately 1.000 detailed 

departments. j^Th® • . to the dangerous ground of pre- themselves. Often, though nor quesuons. 

formula for detennming judging the facts. The pav necessarily always, the best way Fourteen days later we; 

service pay was cbneeived by ^starch unit is indeed collecting of ensuring this will be by elei- received a letter informing ua 
the Pnesuey - Royal Commision information about comparative tion. and there are various forms that we had three days to corn-i 
1 ° ,}.e toe subject out of the j 0 jj security, hut you should Of procedure to suit the c'nmm- plete the document, 
political arena and lo ensure beware- the macro-economic pre- ^.stqnces and wishes of those As you know, in commerce 
that rates of pay were - fair, lo gumption that -* a regime of cop-, roncerned. speed of information must 



■f ■ . "• ^ j N-i ,/f ■ • . V ■ ..^35*. Vj to, . ... ,' i . 

The Shq) brings home the harvest 

Modem efficient firming needs money IDT through its export finance'house, 

to invest in the latest machinery and equipment, is a major provider of financial packages 
For over fifty years UDT has helped designed to help Britain’s exporters, 

businessmen to finance their own, and their UDT finance can help your business . - - v -. 

aistomers,* plant machinery and vehicles and to grow and become more profitable. - f 

to expand their operations and profits. I So when you need finance, -* ^ 

A , hail the Ship.- UDT 

\ LTTTED DO.\ UNION STK.UST LIMITED, • 'V 

^ '■ ’■ 5 2 Eastchc^p. London E C3P 3BL'. Teb 01-623 31^0 £ 


UDT offers competitive rates for 
deposits to other banks, business 
concerns and the general public. 






-- . • 

. • i . -<- :'■« V--/I 

■ •••%« 


A fully authorised bank. Britain’s leading independent financehouse. 



Milletts Leisure planning 
to expand selling space 


The prospectus is published joint operation in Scotland. and looking at its record in recent 

today in connection with the offer Milletts says it may open years it has been able to sidestep 
for otIw of 1,707,560 shares in branches under the Citizen name, the downturns in consumer speud- 
Mmets Leisure Shops at llOp each This would obviously give it scope ing. Admittedly Milletts has been 
raising £L88ni_ At this price in the future 'to open in towns expanding its selling area fairly 
Milletts would have a market which already have a rival Milletts rapidly over the past Jive years 
capitalisation of £5. 72m. ' shop owned by another member so the picture is somewhat 

The issue is of just over 33 per of the family. ' distorted. However, it is probably 

Cent of Milletts’ equity, and Profits m the years 1973-74 to true when- there are pressures 

around two-fifths of the shares on 19/ «-7S have- expanded from m consumer spending there is 
offer represent new money for the £168.000 to £603,000 at the opera l- a am ount of trading down 

company. . on 88168 U P from £4J3zn t o cheaper lines. Milletts is 

At present Millett Leisure to £9.aim. . involved in the leisure end of 

operates S3 shops. There are 150 The directors are .forecasting clothing plus camming equipment 
other Milletts shops which are not pre-tax profits for the current year . ■ branch-in® out into 

part of this chain. The company ending January 197ff of not less !“ rb £ e aji -toisdwuld be the 
sells a wide range of camping than £tm on sales of over £12m. P benefit in the current 

equipment, clothing and footwear. On a fully. taxed basis eamines C vcle Tradin" mareins 

and around 40 per cent of sales are 10.42p per share indicating a demand cycle Tra dm margins 
are under its own brand name p/e of 10.55 and on the expected arej »ell up thn year to m er » pec 
" Citizen.’* low tax charge earnings would be «"t coypjred ' « «“*« 10 

Approximately 35 per cent of 18.23p and the p/e 8.03. ‘ :e ?J -Vv^ax*. This latest 

sales are imported goods and a The directors expect to pay a ttat«l«« 

year ago the company decided to dividend of 3.015p next July. If Sa^Smln* ihe ohivous 

open its own office in Hong Kong, the company had been quoted for greenfield aDiletts. the ' 

In recent years the number of a full year the dividend would be comparable stock. Minetts riffly 
shops has not changed dramatic- 5.695p per share. The annualised taxed p e is simriar to inaroi 
ally but the company has con- yield is 7.7 per cent at llOp. Greenfield, and bot h h w rib 

centrated on improving quality There has been a property {SJJff mt M ntwwSira 

and resiting stores. In the year revaluation' taking the net asset JjFStSSJLji i 

ended January 1974 the Company backing up to 93p, before takmg and Greenfield reckons it j s sell 
operated 97 stores with an area anything extra for the revluation f ‘ 8 dlS 6 ™i ni “ * 

of 138,000 sq ft. By the end of of leasehold properties. re af tin ti o n . ^ The one ^vantage 

January 1979 the group will have County Bank and W. L Carr l l ,at -Milletts 





m »P 




The dates when some 'of the more 

Statement may be expected in ^ nert weefei 

B 

■BBS* ^ decided vnH 



SSTB 5rt the column 

y^\ " • PrennUn ary profit figures usually aocpmpany 

announcements. • ' 

AnqdBnoK. 

D«e - meat last -- 

»* 3 war •••• -. t m 


SfJBTOWKl 


84 stores in operation with an area are handling the offer. ? e £X ? thL 

of 210,000 sq ft. The company is to boost " n . e f year ' ^ e 

currently In the process of open- A rnmmpnt sehould be taken up though it 

fng a number of new shops and • Comment 1S a solid, rather tnan glamour 

has entered into an agreement Milletts Leisure trades at the stock — but the price is unlikely 
with Black and Edgingion for a bottom end of the retail spectrum to tempt the stags. 


Albert Fisher to diversify 

Having just been through a modest- return * on the essting “ 

period in which there was a fall capital. J if disappointment is to nnann MEETINGS 

kroilui-pn tin citinn ha avniriail DWftRI# Ifltaia ■ IBVWtf 


Sir Rupert Speir. chairman of the Matthew Hall group, who is. due today to annotime 
interim figures. He is seen with prototype eqalpmentbei^deveioped^MatthewB^; 
Services. Fire Protection Division. The Division provides design and ^ tailatl ® n 
for a wide range of commercial and industrial fire protection and detection systems wirich 
form part of the mechanical and electrical building engineering services undertaken by the 

Mechanical Services Company. 

Colonial Mutual discussing si 

offer for Hampton Gold 

BY JOHN BRENNAN 


a inufW* : ;' 

. salrkf^-Dac-M : ; 

HOC total. Bee. XI final 

' B “ l0WB G^up...D«. 11 Flmuadw - 

^'cUa/TliurtOD. ..Dec. k 'Final sail 
Berteftrt^ w>jfan . 5-.nnaJA.73 ^ 
yy toyin B _. Oct, . 6 . Final 
•BortWlcfc^^. ^ a F|D ^,>' . 

•Briltsb.-swmr 7 .-n«y..7 Final 13-612 

Burton Dec. 7 FWaJ 0.9 , . 

: 'Dteffl]er& ■ Dec: *5. 

- Dobmn P*2qg. ...Deft IS Final 1.339 . 
■EOlot <B.i ..!..hec. » Int. 2-458. . . 
*GeoL Electric ...Dec. 7 mi. 

Cu umv. Strs..:Eec- 5 mt3-M|73 
•Cninnsss iA.' ..nec.15 Final *-8S7 
•CWbrie comfi — gee. 13 i«- J - 
•Hill rMatitaewl-.Dec. 4 Wi- Uft- 
•Hanson Trust ...Dec. 8 Final 3JS97 

•IC Gas JhK- U DM- 4 • ' 

ICL Dee. IS Tlnal 4S25. 

■Johiaan-nieharts ' . 

' rn. and ri.J» w .njuxsw 
■k Shoes Dec.' * 


■■ ■ .* -yad«' 

nJndojafta 

JJnTne iti -...1 IMC. g 

'*Uoxds and --- 

• ScWtIXKiJDWc. 14 Tta 
-LSrona: HLyt- : ' 

.^owL 

-iSSS: » ran* 

•PUUngtcu :BWHt r i)ec.* -e .int & __ 
Ind*. .... M»- A 

Slants Imttr. ■ -.-J«ny. 9 BH®- ■ 
Std. Chartervfl £ •: ' -v' 'Xi 

•Swaa aimter 2-EMI3J 
Trafalaar ". ■ ■ " 1 . ." .'l*..-. 

- -Sintt..— Sec 14 1 

Duitatc - Dec. IS ? 

WaSrd’fT. W.j .,4tn..4 

Whalmd ■ - 1 — ■ — 

;:~Al renUt-Jjai.:.5 Flaffl. 
froMuBii jj. XnU&lj&~ ~ 

® Boaiif Inlkn'Wtil. * 


■".Board maemsar lnttmama. .t 
lyaia^ nlnM' made. _ tT4x. 

. ftww t fn | *r mak flwn ■ 


Assurance Society is discussing a are in tnc rar nasi, wnere awspiu: lunximi, 

£7fim takeover bid for Hampton the low immediate return, the most competitive market for 

Gold Mining Areas, group sees a much greater many years, says Mr. A. lU^Jert 

Colonial Mutual. on*.- of potential. Jenkins, the chairman. ;; 

Australia’s biggest life assurance as reported on November 18 Looking to the remain d^f'of; the 


V,M,bj,™n nneitinn Via avnirinrl •• iaaaal«- a iiawv nuauaua 3 uiegvoi reiXirufU on Kuvcuiuci uuuiuub vv w vi |U k 

to a ^ “ a\qided r . ^ IoUowlIK auaamm W n <mfl«i societies has acquired a 13.9 per the group ^ turned in net rerenue year the directors espedt to« secure 

fh ° a Lookingfurther ahead the chair- a ™ {,1 Board meeunns r.i me smS cent share stake in Hampton rrom o E £im 1 (£948^89) for the year a fair -share of available work^bat 
AJoert _ nsoer uroup leeia uwi j^s that it may now be con- Extfum:-.. such mceimcs are usually C.C.P. North Sea Associates for ended November I. A final drvi- even so, the manufacturings. time 

di versification should now oe stmetive to give serious thought held i for ibe purpnsc oi {mnsiderine dw- igo p a s hare, which move is sub- dend of l^Sp lifts the total to is such that.it would be unlikely 

considered to reduce depend- ^ a degree of diversification that J™ 1 *- i ennis ject to Exchange Control consents. 3.05a (2.85p). at this stage to have much effect 

~~VahS n »rSil? 00al f t d wou5d u ^ dl |“ ^5 dependability 0 “ finiL , a i d J V- -.iidivisiniis slimn And in the meantime. Colonial N fS3 05m on ^ current year's. -fimres. 

vegetable trading. on wholesale produce trading or below are b*>«i manir »n l*vi yew's Mutual has approached Hampton. #,« LffS h ...JLniSJ Second half surplus, a little &dow 

In bis annual report the chair- its variations. When the steady timetable. •• 10 discuss the possibility of 4 Swf the first, six months, level, is 


BASE LENDING' -RjiiTES = ,V ^ - : 

A.BN. Bank l2^% ;«Hambros Bank 

’•'Allied Irish Banks Ltd.. 12 % * HID Sanniel-^. . ..... 

: .‘ American Express Bk, 124% f C; 

- Amro Bank : 12 J% . Juban S. 

A P BankLtd. 1 12 % 

Henry Ansbacher 12J% ■ 

Associates Cap. Corp.;.. 12 % HSSS??? m.V ?. 
Banco de Bilban 12 % *• Be Co. Ltd...: 

• Bank of Credit &Cmce..-12f.%^ ' 

■ R»nk nf Cvfirns 124% Londnu Mercantajo - .... 

, Rank of NSW 121% . Edward Mans on 1 &_'Co. :- I3. 

" . 12i% Midland-Bank 12 ; 

Basque ta haiHS IS <* ■Samuel Montagu.;. ,1SL 


STS? -SK^e:: m ■ 

Bank of N S W 12}% - Edward ManSon' &_ Co. 13. %_ 

isSue^ ill m 

• Banque du Bhotte rrgnf^‘ ; - 

" Rs»fv»iavc Banle 124 'K' M Morgan _Greni e 1 L. — % 

Barnett Chrlstitfitd-.i. 13*% National 

'&P 5gSLiaa::: , iii£. 

Hit ■ f«R& if 


man points out that altnougn an profitability or the engineering u TO, i* Y h 

almost totally unprofitable period subsidiaries is taken into account S* 

has been experienced group considerable incentive exists for fu'Xal »SIv>. sin 
finances remain sound and; a change of emphasis. brnup. 

“there is no cause for alarm on , r Fhuto— Dawwwns - Brcirr 

that cmm - s uch opportunities occur that Hunttf . 

^ v.„ - would change the trading mix to future dates 

^hS^LSSSSl any material extent, shareholders' imcrims- 
to envisage what opportunities annrflV al will ha enueht Armiuro ^hant'. 

for growth there are likely to be approval ' 1 : ■ u ® v as-.'ucuii«i T<.olinE iiuta-incs 

in the fruit and vegetable trade , As reported group pre-tax profits Cawood* .'. 

at the present time. “Expecta- slumped from £86.872 for 1976-77 EnEnlh^cam ' cimMas » •— 

lions for the immediate future to £2,765 in the 15 months ended (- >pn crai KUcmc 

should not exceed a fairly August 31, 1978. Guinnc 


siptj,. extending a general oiler to all ncrlasei nl iouidin- of therefor? anticipated, the chair- 

i-E-Ze. shareholders at the same price. cuuqoo comoared with a £321 000 man V ’ • 

»»— . Hhicb draws its b«ac gWJWO con. pared with a £321.000 pef £J ^ 

Swan in F orn * Meeting, Dundee, December 29 first half climbed to 23.4p flff.lp) 


J. DYKES 

(HOLDINGS) LIMITED 

Statement for half-year to 31 July 1978 

The results for the half-year to 3ist July, 1978 
(unaudited) are as follows:— 

Six months to 


Guthrie 

Laurence Scnti . ■ 
Russell ' Alexander ' 

Wbnecrnlt 

Wortd is. w.i 

Final— 

Habit Precision 


' wan mining royalties paid by Western noo „ 

• ' Mining,' is also a member of a : . 

number of North Sea oil drilling 
JJ*v- 5 consortia and owns coal-mining tj. 

and mining engineering busi- XV. , 

Dec! s nesses in Britain. - 

Dec. 6 The group reported pre-tax L n l. 

D<fC - l profits of £508,000 to the end of Ucll 

52:2 March - 1978 ' when !t Precast • 

5« r I97S-79 dividends of 3.5p a share 

Dec. li net S 2 " ® 

Dw H Hamoton’s shares have per- «ooerr-j 


R. Jenkins 
below target 


amt aq interim dividend of 6.7p 
net is to be paid before Christmas. 

The group’s shares are traded 
in '- the ' market . conducted./ by 
M.-J. H. Nightingale. and, Cb: ' 


Sdar Holdl^ri.r 124% ’ E. S.. Simwatt 13}% 

■ Charterbousi^phet... 121%' " ^^^-Trug Cp. Ltd, ; I3}% 
Choula rtons : i.-i.. 12}% . f ^ 

C. E. Coates 121% "* HfB- 

Consolidated .Credits-. 12* % Jra^« 

. .Co-operativie Bank *12}% , . 

Corinthian Securities 12}% Twwitreth Cent^y ^ 

Credit Lyonnais ... 12*.% 

Duncan Lawrie .12}% .^rteaw^ I^idl^v ... 13 fe. 

"The Cyprus Popular Bk. 12}% ^libams & Glyns 

,' Eagfl Trust i_l! 12} % ' Yorkshire Bank ......... 12}% 

' 'English Traunscont. 12}% ■ Members of- Cho Accewtafi- Souaesi 


"• First Nat Secs. Ltd.'.., 14 -% 
-■Antony Gibbs 121% 

- Greyhound Guaranty... 12} % 


Hampton's shares have per- Robert- Jenkirts ^Hbldlhgai in th e • 
formed strongly in recent weeks *“ <nonthx to September SO ; 197 8, 


- May depotettfe UjHj l-ffloofli 

-Mft& . V r . v 

t 7-day deposits OH sums M S0.0W- 
and, under 10% up to ISANTIIM' 


March, 1978, when it forecast ■ • , ' , , „ I SnSITP ' s ■ Antony Gibbs — —12}% t 7<iay deposits on sums Af xwj 

1978-79 dividends of 3.5p a share ^ hou ^ 1 , pr «.=5E niS?* ^ ■ Greyhound Guaranty..'. 12}% and- nnder_io». np jto i« 

net. fro™ CHS, 000 to £528,000 for ......... HrindNvq Rsnlr- ■- mm , -i ■ i 

Km 

on Mtt. nd North Sn oil specula- £■£•»* «a,Mov -th. internal fiiiowtog . WcuriBeaW ; , • •— -r$ T 

X2F-&ML? r ' ' ^ 

Nth. American . 10 CAL. AUTHORITY BOIIO TABLE 


f. 


‘ 31 / 7 / 7 S 
£ 

Group Turnover 2,383,943 


Group Profit/ (Loss) before 

Taxation ’. 

Corporation Tax 

Net Profit (Loss) after. 
Taxation attributable to 
. J. Dykes (Holdings) Ltd. 

Less: Half-year’s dividend on 
the 8% Preference Shares 

Retained Profits (Loss) 


31/7/77 

2,151,853 


70,044 

29,131 

(35,653) 

40,913 

(35,653) 

4,200 

4,200 

36,713 

(39,853) 


luruiance oy uie croup, which 

CJB TO BUY UDI primarily designs, makes and S lr ?® nc, . al '% n ^?; 7 3'. 

XT4-U A mm<Snnn installs process plant, came Rightwise (Section: Rubbers} 
Constructors John Brown subsi- 111* /UllcIlLdll mainly in its manufacturing com- WallaceMnrray Corporation-' 

diary of John _ Brown and > Co., pany Robert Jenkins -and Co. This (Section: Overseas — New York) 

lias completed negotiations for the .'rip-. - 1C .4; l>r»lxlc '. i\. 

acquisition of UDI. the Aberdeen- A rUSLfiUlub _ „ 

S I -CT^TZ. 9% 'content Hartley Ind coHtenflrat^ 

vices and products available ironr jgr. I. R Guild, the chairman • , w .-m 

UDI to expand CJB*s underwater rrf. Northern American Trust Com- pOfllTllI OTAWin ' 

contracting business, reinforcing (e 7is shareholders that the UU LdUUill tll/TT 111 
its stated policy of expansion in- directors feel it wise,, in view of 

subsea activities. the UK's current economic situa- __ . . , ' • «_..*■ a ■ 

Most notable among the tion, to continue to hold a con- THE policy this year has been to- long-term loans up from £87.445 to 
range of products in UDI is the siderable proportion of invest- concentrate on capital growth, £373X01. 

“cMKtm thn cnahnrt reliant n _« ,.. IAMa nir ' rather than dealine orofiL savs As renorted on ReAtemher 7 


“sea bug.' 


reliant ment overseas. 


rather than dealing profit, says As reported on September 7 


W 


WESTBRICK PRODUCTS LIMITED 

Specialists in Enilnearin;. Plastics Composiwa, 
Brtclj 4 Concrtto 


Profit is arrived at after crediting £111,111, being proceeds of 
settlement of an outstanding litigation. 

Current trading volume is considerably greater than this time 
last year. 

The Directors dntend to declare an interim dividend on the 
' Ordinary Shares in respect of the year to 3 1st January. 1979, 
of 0.55p per share payable on 29th' December, 1978, subject 
to formal consent of the Treasury. 


Scapa Group 


INTERIM REPORT 


Summary of Results 


vehicle which has been developed As at November I,' ©78, Invert- Mr. A. J. Lewis, the chairman of prertax profits Tor ' last year 
for inspection of underwater ments totalled £53.64ni..(£49.79in) Hartley Industrial Trust, the increased from £31,738 to £39,062. 
pipelines and structures. It is of which £27 59m (£27JS8m) were Manchester-based property group. The dividend Is 0.67p <0.68p) net. 
Intended to develop this vehicle in the UK and £24:Hm (£21^7ral ln his annual .statement. The company is a subsidiary of 

further for a range of inspection, were overseas. The chairman says He adds that to this end the Honeytree . Trading -Company and 
maintenance and construction the director? continue to maintain company has' increased its the ultimate holding company is 
-roles. a wide distribution' "of assets; reserves by more than £200,000. Alerafieltf. 

For the year ended March 31, 1978, Meeting, Manchester, December 
they were £800,443 against' 21 at noon. 

£584,194. 

The company has increased its I ' 

property portfolio by buying two _ 

properties in Manchester, one in | 'Ll |> I V^|ffP|-| |i 
Preston and one in London. V^JtLIAJLkJJL V-^JL JL JLJul 
One of the Manchester pro- — 

perties is a recently refurbished • _ 

office block in the city centre, UNAI 

about one-third of which is gtv it 

occupied by Manchester Corpora- « 

tion. The second property there 
is -an industrial warehouse, the 

main tenant, of -which is a bonded .... - 

Warehouse, says -Mr. Lewis. <r,5- 

1 The Preston 'property Is a fUlly -j" - * 
let- industrial estate with rents . _ " • 

reviews for half the tenants Turnover 

falling in within 12 months of the Insurance Divisi 

company's purchase. The London . , 

property has been refurbished industrial Divisi 

since purchase. 

Mr. Lewis adds that the Profit Before faxatit 

majority of the financing for ' T nsilr anre nivisi 

these purchases was through long- insurance Divisi 

term facilities. Particularly after Industrial Di visit 

the year-end. certain short-term 
borrowings have been refinanced 
as medium- and ■ long-term ' Taxation 

funding. . 

The latest accounts show short- Profit a ft«- 

and medium-term loans reduced Profit After Taxatioi 

from £567,775 to £290,461, and ' ' Minority Interests 


LOCAL AUTHORITY BOND TABLE \ 

Annual " " ' ' 4-f • ~ ; ■ ■' ■ ' ' • 11 ; 

Authority. . _ w " gross . Interest If^tifqqp.Lifoq^. 

. (telephone number in interest payable ’" V, sum. -bond-, ; 

• . parentheses) .' ; v- ■■ ’ ■ — -■ -■ — 

-, ■ £' Year ‘ 

Barnsley Metro. (0226 208232) ■ 12 . fyemf ; c 250 • : 3:7 V,: 

Chorley (02572 5611) ;. 11 j - >year " 1,000 5-7.' v 

East Lindsey (0507 5801) 12* §-year ■•2,000' -3 *'• 

Knowsley (051 548 6555) ■ -12J- ^-yeitr ,' 1,000 - ' ft-10 ' 

Manchester (061 238 3377) It Hear • . ' 500 “ 3 

North Kesteye'n .(0529. 303241) ' 12l\ ‘ i-year 1,000 

Poole <02013 5151) Ilf ' Hear 5W '•■'i-3'..rf] 

Poole' (02013 5151) 12} Hear ' • ; 500-' : 8^7 .' :• 

Poole' (02013 5151) „.. M .. 12 { ■ }-year ""500 ' 5. *- 

Redbridge (0Z-47& 3020) 11} Hear' "200 ^4-5 *' 

Sefton (051 922 4040) . 12 }-year ' 2,000 ' 2-3 

Wrakin <0952 505051) 12} yearly 1,000 ’ 5-jo 


CHRISTOPHER MORAN GROUP UMTTED 


Year end 

6 months to 30 Sept 31' Mar. 



1978 

1977 

-viW-. 


£000 

£ 000 

: £dDO : 

Sales 

6.436 

4,918 

tftera 

Pre-tax profit 

344 

198 

525 

Exceptional/ 




Extraordinary losses 

— 

117 

402 

Taxation 

161 

132 

193 

Earned for shareholders 

183 

(51) 

(75) 

Eamingsper share 

4 . 5 p 

0-2 P ) 

(1.8P) 

Dividend per share 

1 . 25 p 

0.5p 

1 . 5 p 


Extracts from Chairman's Statement: 

^ Group reorganisation is showing positive benefits 


Turnover' 

Insurance Division 
Industrial Division 

Profit Before Taxation 
Insurance Division 
Industrial Division 

Taxation 


UNAUDITED INTERIM RESULTS FOR 
SIX MONTHS ENDED 31st JULY, 1978 

6 Months Ended • 
31st July 

1978 ' . 1977. , 

£*000 £*000 


Tear Ended 
31st January 
-r 1978 " - 

U’.'rooo 


L217 • . . . .. 
3,161 

L047 

■41' 


Profit After Taxation 
Minority Interests 


Half year to 3Q September 

1978 

1977 


£000's 

tiOCO's 

Sales 

33,681 

25.326 

Profit before taxation 

4335 

3,399 

Taxation 

2J31 

1723 

Interim Dividend 

Payable 26 January, 1979 

2.7p 

2.44225 p 


$ Sales 31 ft higher than lastyear 
* Pre-tax profit up by 74% 

$ Strong cash inflow is financing current expansion 


S 1 MGO MON E Y Eli N DS 

Sjtum Jnvcsinicnl 
'Muna^tmi-nt T.'o, 1 .td. 
fi6CA'NN'ON STRi.'ET IX'4.\ (jAK 
• TeJophoiK 1 : *11-236 1425 


Rates paid for W/E 3.12.78 


Profit attributable to ^ - -.‘ Tr T~ 

Members -(see note) . 587 " 525 - .;. ^39 - 

Note- In the year ended 3lst Januanf 1978 the profit attributable to members W^bfeitto;^ 
deduction ofan extraordinary item amounting to £905,000, of wblch^54J»o 
in the six months ended 31st July 1977. »w*WO was chargee 


The effect of increased activity in the paper and beard industry 
internationally has been beneficial to the companies making paper 
machine clothing. The industrial textiles divisions have experienced 
generally good business. 

The continuing strength of the pound against the U.S.A. and 
Canadian dollars has reduced the effect in' sterling terms of an increase 
in North American profits, but this has been mere than counterbalanced 
by a significant advance in earnings from the U.K. companies and other 
overseas subsidiaries. 

Profits from the Bury and Masco companies, included for the first 
time, are at a level similar to those prior to acquisition. Integration I 
of these companies and of Engineering Yarns Inc. within the Group, is | 
proceeding satisfactorily. 


Scape Croup Limited. Cartme.7 ftoad. Blackburn. Lancs. BB2 2SZ 


TO THE HOLDERS OP 

Ente Nazionale per 1’Energia Elettrica (ENEL) 

Guaranteed Floating Rate Loan Notes 1580 

In accordance with the provisions of the above Notes, 
Bankers Trust Company, as Fiscal Agent therefor, has 
established the Rate of Interest on such Notes for the 
semiannual period ending May 32, 1979 as twelve and seven- 
eighths percent (12%) per annum. Interest due on such date 
will be payable upon surrender of Coupon No. IS. 

BANKERS TRUST COMPANY, 

Fiscal Agent 

DATED: December 4. 1978 



Call 

7 day 

Mon. 

%P-a- 

% P-a- 

1 1 £42 

11.664 

T ues. 

11.739 

11.659 

Wed. 

11707 

i 1.68-1 

Thun. 

11.654 

11 691 

Fri./Sun. 

11.568 

11.680 


, — — <u, Uio- jear eo 

ip) payable on 9th Febrtiai^ 1979 to shareholdera 


on the register on 8ih jih wy- 


1st December -IS78 ' 


A 

ANDELSBANKEN 

J 3 AI\HEBAIMK‘ 


FINANCE FOR INDUSTRY TERM DEPOSITS 
Deposits of £1.000-£25.000 accepted for fixed terms of 3-10 
years. Interest paid gross, half-yearly. Rates for deposits 
received not later than 15.12.78. 

Terms (years) a 4 5 6 7 8 9 iff 

interest % 12 12 1 12J 12* 12 J 12J 12* 12J 

Rates for larger amounts on request Deposits to and further 
information from The Chief Cashier. Finance for industry 
Limited. 91 Waterloo Road, London SEl SXP (Q1-92S 7S22. 
Ext. 177). Cheques payable to “Bank of England, a/c FFT." 
FFl is the holding company for 1CFC and FC1. 


TO THE HOLDERS OP 

Popular Espanol international 

Guaranteed Floating Rate Notes doc 1981 
In accordance with the provisions of the above Notes* 
Bankers Trust Company, as Fiscal Agent therefor; has 
established the Rate of Interest on such Notes for the 
semi-annual period ending May "1st. 1979 as twelve ond 
seven-sixteenths per cent (I2 7 . itfe ) per annum. Interest 
due an such date will be payable upon surrender of Coupon 
Ne.5. 

BANKERS TRUST COMPANY, 
DATED: November 2Sth,197S a, ** Abo, ‘ 


ANDELSBANKEN A/S 
Copenhagen 

U.S. $30,000,000 Floating Rate 
Capital Notes due 1984 

For the six months ... 

4th December, 1 978 to 4th June, 1979 
the Notes will carry an 
interest rate of 1 2 % per cent per annum. 

The Notes are listed tin ihe Luxembourg Stocft Excftanga 

By Morflan Guaranty Trust Company of New York, London 
Agent Bank 


mMSSm 


jTn?«aT 


fiTBInk 


Lil3tbt0*V/iiv 1 1 J 




rPiferifiS 


W 1 ' ' * * • - • • » 


yjm*] r« w 














"4'iv--; v _.7 _ a & 












'SSsw 

5*vSSSg 

^esl 

i w 

'.-.fk, .is 

-?,f J 

**{& 

gg--.ssi '& 

““•Dsc-f *£* 

w - .—*4. , 2 'all! 
.'•T ' 5“ c u 
si- ■'::%!!• * rS 5 ? 

EM Vl " 6 


I Fm^TONE and borg- warner 

forVeba ;. ^Putting innovation back into mergers 

i -j/ A»:V •. . . - '-• *- , » .-’'***• * ^ C -7 



T ISSUES 


equities 


••«*»*• 33 .qft| 






r ■ . 1 

♦ . _ • <f • _ 


BY JOHN WYLES IN NEW YORK 



42:;. K.l', 3411 5' 

A SO. SO F.h - 71 


i TM^g * j w«> n I*AST TUESDAY monting, Mr. banks; but Goldman's wa* a reserve of $235ro io cover Jhe tburp and 2 lower rate <>! '•jpii^J stork market boom ; while %>old-J a»i.» r i». - H* 

r^TTP^ ^f^. nm* Vila -Jo^n Whitehead OQfc of. the two singular role, which originated expense — and would compound gain, which could result if stock ing out the prospect of an j 29 k,, ‘ 5,1 * l 

jtfF3ttoaa_T^ Ami to r, partners > of Goldman last July when Goldman was difficulties already caused hj tn ’he new joint venture vjs eventual share in the new com- 1 

^SrrfrtStcfiS; the leading ^ew York asked through Hay Associates, plant closure*- and a highly emu. issued on a pro rail basis. Bur;- pamV hoood-for prosperity. 

■ ?j£5 lta S US -management con- pet I live tyre market. Warner has 21 An shares out- Meantime, the Firestone share- 


y l AneliffefTl(l8« 44 • <2.55 2.4 8.7 7.1 

r\ •Aalw , a Minin* attt > 71-5 — — — - 

IlO vfAu«i. Varminc ASl.. 100 ... — — — -• 

*3 KltMten Qtw,-n I0|i 29 . . ..1.34 5.4 6.9 4.8 


FIXED INTEREST STOCKS 


*-’■ 3 
gg...ssi 'ft 

"“-Bsc- 1 ! ffia 

—.—a*. ,2 

.«•— . a« c a rvj^s 

»« " 6 W* 

•aat R” 

* '• ^ I felt 

s?&- 

ts? rs^V 


wres^' 

* BqJU:. 

rael . 

* * Co. " -S 

». Hoc 5 p ." ■ -ft 

af 3k 

VUaiann **■* 

?y & Cn 

Bank 

Mercantile'"" ft 

■Bank. .. 

Montaru " $ 

!^SS| 

ester . a 

h- Canada fe Jjf 

Col 4 

5 i ^ 

re Ba-'- .. At 

w k. 


^pemiufv^c '{ ■ 1 ■' “““• r ," ; . asiccu»ui W u ««u »ku C u jj wen on as mo wen 1 pic- “V” , : r 1 . . . ■ per cenr ru riresrcne comntnn 

S ^ between Mr. Richard Riley Fire- merKCr . with their Si. 10 a }wr )« cap'tal n.aher eant : ma _f npt f(>r $lfi .on debentures 


1 'z ■ !6i, ■ 

: r 1 

riinrW 

: 'H'i-fti L» -» 

- 


*5jj4 ) lfae most ■.'unexpected and most stone’s chairman, and Mr. James 

'1 in turnover 'terms, sain .electn- , — ~nf nr anv _u_: a -u;„r 


Iri tOntaviir'ienos:^ ^ said '^lectri- • ■“ annual dividend, wntie compen- ‘ pay me iu per cent interest, out 

dty trad&igiattft ^■atJSPOrt- r™ 1 ** 5113 ^ ^nwgns of y Be re. chairman and chief ewru- sali-ns Borg-Wfir-ncr stuckholdvr.' ar £_ ^ e ««iiiVnsr rnrtnutv n n«»rv lht? F ' ireslo ni- shareholder i> 

slons: - had-also 'icontrihhted- tnl 3 ^ 3 ^: - ? ve of B j!*®; w “ rner “ nd - ? ,n ^' e for the clear and evident r;*fc , ^ |’ iri * f ;!} RnV^ P enalised under the form ala for 

the un proved- r ^st tl f. . ^itt profits 1 .. Tfeere . . _ o— — FiTpstrinc Rnsrd ». ^ ^ Wareef sh°I re^ldcrf bv° b- company', current problems 

Ih tbo-'-chertiical sector were Lguessmg • that Bear was -Borg- Firestone Board. with a Firestone whose balance J., . r i-..,;-; Vammon ,n,h lhr conversion rale on 

down; ' 'V i Warner. Corporation, and _ For Agreeing to merge is one thing, sheer and market pros peer: had 1. k ■ tbe nL ...-': 0 ; nt venture Lhe preferred ar.d hy the fact 

^ft-imprOTement on : the'-oiU w ^^ ^Fliratdnfr Tire and Rubber, finding a financial formula, been severely weakened hy the ' e annual dividend | h: ' 1 four P r9fcrrcd shares will 

fren^l^Sipec^ acceptable to Boards of directors " 500" fiasco. if SS5 m be needed to match one vote of 

next ^ear. If ' '?li3Sti? , SS?2? nmw ?v- d share J* olde 7 k anuthtir ' ^ Kv«itu*Hy a package was pro- Further proieninn comes from t,,mmun s,ock ’ 

implied by YebkV rdeai: *bis case, the Xaik was unraenaelv duccd which. GcWman claim*,. Tho conversion formula, which Bory-Varner shareholders wiU 

Deutsche ife ilw^linxcri^dUomd.fP?? conipluated by the sea of trouble incorporates a novel use of con- tink« thr rate ai which Firestone 3l**n have an additional cushion 

tto go surrounding F.rea.nne. \ vertJble preferred Mock in a stockholders may switch from against dark days ai Firestone 

ha? taraerf ; down ■'■ flievhrredg^-T 1 ' « Most of the deep water was merger agreement. TTic result is preferred to common <lnck to from She fact that the bolding 

merit, ~ rEtohblJliCS ]' panKmg- - caused by the near-certain ty in simple — r.oldsuon use.s the the share price of the new hold company will pay Firestone 

MJxdsteFxwi'MKr^nlo C«tajniy ^ Goldman Sachs latt summer, which became a word ” elegant" — that one’ me company. shareholders about SR70m in 

' sian — .’Li. . . thinks'-, so. Gold man believes fact by November, that Firestone wonders why it had never been For each 15 per cent the hold- Mfvuriues against □ book value 

:'Vetit group miles ip tM.'totr nut tra hole was not only highly would either have to replace thought of before. in= company's price appreciates of .>t.5bn. The difference will 

‘t^e njphtfe:T^e up*yrlL7 per; uhtisaal; hut the merger terms voluntarily up to 13.5m of its Stockholders' gams route either in stock market i viue. 1 lie- rate be used for asset write-down and j6o 

'Csrat .to SyOE&lAbn. a ttrtal which [which, it framed' have b rou ght controversial “500” steel-helled from dividends or from capita! of conversion of the preferred the establishment of a reserve 1“ 

■Jbr th^.fir^.L t^me includes the innovation back. into investment radial tyres, or be forced by the appreciation, nr horh. Bor"- -.vill rise from 11 = 'tanin? base whereby extraordinarj- losses at 

sales of Chentiscfae tVerke HueS. [ •banking. More ' nsnally. two Government to do so. The Warner ' wanted m protect its n( 0.3 by 0.02 a year to 0 4 in Firestone might be absorhed in l0 s 

-af- whichvAfeba ; is. now 1 majority I companies . negotiate a merger exercise would be ven - costly — shareholders against dilution, five year,. This formula pre- the balance sheet but not iu the 93 

.shareholder. Without- ibdse aales. I with -the help of two investment the company has now created a and therefore lower earning* per v«-nt-> a rush to >wnch dunn; a profit ar,d lw» uairnit-nt. ^ 

rate .of jncreasn. against 'last! . }*£ 



r.r. 


lHo.» 

•U>! = 'AJij;ia«v Variable 19^- - 

■ 

tlu 

4 1 

lUij 

-4:j[ Urlrtv! Waierm <>rk» Frf- 13si.. 

<r 

i-io 

36.1 . 

uu 

1 |!j -CQlne Valley tt'nnr 1 j. I!M_P. Prl. iMis. 

Lists 

k.F. 

.16,11 

1W 

101 'l-msbr lll- a i>iiit. 'tJ-y-i . 

■.£1 

F.f. 

22 1 2 - 

Wf. 

£«7p .%#urrtai< ln«K ii'lS, A»r. J'rri 

1 

r.l*. 

24:11 

lw 

Hy T’mv. faiin*iiH-> 12^ ,, n\. hMt’i . 

£47* ■ 

XX u 

25,1 

Min 

■i ;BiCfciiuni--»--rtf« A 1 \hn.lyi- \\ m.-r i* ? 

dm - 

I'.lv 

_ 

121 “ 

Hi? :R!glilwi-(* llh, *• "U’--. I‘ii». I'HI 

97 

F.l*. 




9f|, Hc*Kii)ie 10 ;^ IVi-i.. 

£*tU: 

iTJU 

10-1 

•i9 

4, SourhwHrit V i-r)>. lyj“ Kxi. IVJ. .. . 


flu 

26 1 

3-4 

ibiWw JtVri! H'mjs> 7^ l'n>j. I%5.. . 


“ RIGHTS r ’ OFFERS 


_ l 





1 !miuuc. . 3S7t | 


1 ,.»i<w + -r 

X ' 

1»4 Ih — 

Sl-s-k 

I'll-.C - 


(•- Hlpli | L*-* ' 


r ! 


; yea r - would have been 4^7; per i 
•iei»V,; ; '. • -v '- - •-. V,-.--.'-; 

Fixed asset th vestment was up 
' sirjup&r against the -same, period 
’jOj 3977- —'frbi in-.-D3ft82Smv.ltd 

DMUbit: , Itte- singie biggest^ 
•r^oh was Expenditure on cob-1 


State bids $4.5m for Kockums 


BY WILLIAM DLHLFORCE 


STOCKHOLM. Dec J. 


• struct^bn of - a_ large coal-fired 1 twf. STATE has agreed to take the Kockums group. The company also assumed m 

.'pdwer station, in the Rohr area. I ovct Kockums. the last of the Kockums bad total liabilities the accounts presented to the 


Mannesmann puts $ 33 m 
price tag on Tally 



BY OUR FINANCIAL STAFF 


mSmsSimmJiiiSSS stl 5? o 12^ ati0QS ‘ ’ "<« No new audit has been m3de IT 

ye^^s part hf the The board is recmnm&n^ng of u, e asse ts but in May The 
AJWTrM*>rwJ fl y, rffthfl n lr the offer to shawdmWejs. *. is Jvockums auditors declined to small 


State take-iiver exclude, a 


cst <.iprinan cnainccring and 0 v eremite Haftpirscht \ ersi- 
nsl ruction company. Mannes- cheining, a West German mutual 
ann. insurance company, is to pur- 

Tlie deni, which ha, the full chase about 55 per cent of the 


Rr-nanculion Jju a-oalLv laat day tor d^aliru: ir*<- of Maii^ dm- r> Kl„ur*% 
on prowNW'- f\iimaii*. wA^raaivd dividi'Od and vn-id « dividend 

rover ha-M'-d on nrevii.u- rear' ■ earning*, f Dti idi-:>d jn.l jicld ha-id r-r ■ • n - 
or o‘J>er orficial e-tifnai- 1 ' tor MB TFunro- a>-,inied. ■ <-,.v.-r jllim • 

fur iMnver.y-iii of «turo- noi u.m rarCin^ l.,r diud' < i> , l >>r raiiMiu uni.' l,ir n-nmi'-d 
riividend*'. ; f-'Licina prl, • in pi, Mar p- I'cncv uiik' v:lu*r ri-v iiidMl,".' ' I i:i<J 
SC tender ’■ Offi-MI r,, hcHderji ,»r •■rJInjry «ha r*.-. a- a ■ nshr*.- “"I •■in a 

b’v wjv of captiuli'aMur. ;» Re:atrnducvd li-ut-1 m ii"i, ■•i!h renrKaui-j. 

n'jjj. m-r^rr or l)kei»>:r |-H lnimd'jcli>>i>. p Iwuvd :•• Inmier .Ti-l-rciio Imhirr,. 
0 .Ul'-'niPni letter: i lr lull: -pair! ■. • Prnir)V|,<nal :■? ?anj; -pjid -IKonu-nl Icuei - 

it tilth u »rr?nt*. 


Public Works Loan Board rates 


real estate subsidiary of 


. agreemeni of the Tallv manage- 14m common shares outstanding 


Lffeetire from December 2 


Financial 
nee hold- 


Qu*u HMitfi repaid 
41 


Non-quoia loans A' repaid 


saws ss«s twS yzssvz. ™ au° hid 

j /■ _ ;'>>«»» voric .tares in 14 exeeed. SKr 4m. S *T a nf iSnu^nr^'Smpuler 

-not always. cotttpatihle.. Ingwer- 1 ".Mr. Rul^er Martac-Loes, the vessels built at its yard. . The hoard will recommend the printers. Mannesmann is best 
-AOP'r^‘tt:Isi«-inembet/of.thej Goverimiesit-appoititetl ' negotia- •nie claims would have to be State offer to shareholders at an ■ known for its it eel tube imeresls 


SAhtsterdare jStoCfc Exdiange'.ahd tor, stand feat he Iwtf raised has written down by SKr 800m and extraordinary general meeting ' which in 1977 accounted for Rtf p „ n D:^u ar rfcn n 
■itwillcoaiinu6.M.a - publie order or^wtal offer by SKr 1 a share, the part shares by SKr 300m to on December 21. They are ex pec- : approximately 37 p»*r cv-nt of Y . 

itember of the European Options m ortfer to obtain a smooth .take- conform with current market ted to accept. The take-over has • sa Jes toiallin "* DM liTbn i^fibni HUNG KONG. Dec •>. 

:£ichanga; .'' .VV-.V • oyer with the co-operatron of the prices, the auditors then said. 1o be approved bv Parliament. . German "group e sports more MITSUBISHI TRUST and Bank- 

The ^Tbn^-^tandiny ' good cop- shareholders, management and They added that if the maximum probably in the middle of March. (hsD Ujree-fif'ths of mmorer in? Corporation and the National 

.tatts "■ hwween NUB wMtat-fe 1 ejdployeefi. A bankruptcy would risks were assumed, the asset The Kockums shipyard wll then- Last mot ub JTannesuiann B; nk of Au«tra'r.sia have formed 

jJm Apirflt larga** ^bank in H6V created anxieiijr among the vtTit e-down and loss provisions h e incorporaied with Svensk? r ^ 50rted lhal frir lhc first ninP a 5A50 joint venture—AustraTia- 
*iind, -.and fiigwersoa, willj he B.OOO emsfioyees and fee' many would have exhausted Kockums Varv. the State shipbuiidin? , n ' 0Dths of 197S s:i i es wcre .la?3rt International Finance— to 

maantain^ffi / 0 m 11. sabcoatractois, yitoo supply etiuity. company. 'running some 12 percent ahead operate as a finance house both 


Mitsubishi 

venture 


*7 I V<?ar» hy HIPt At maluntvS by El?« A T maiurhy5 

• hold ' Up to S ... 12; 12] J3 13! I"i 15} 

emtan over 5. up to 16 13 1 3; I3J 13! 135 13’, 

about over 10. up 10 tS I3J 13! 151 MS l"i 13; 

Over 15. up to 25 13j 13; 13! 13: 13! 1-1 

Over 23 13! 13J 13! 13; H 14 

'* Non-quota loans B arc 1 per cent higher in each case than non- 
quota loans A. v Equal instillments of principal, i Rt-pa.v rue m by half- 
yearly annuity (fixed equal haK-yearly payments tn include principal 
and interest). ? With half-yearly payments of interest only. 


^Wi"^ r ’ m 5^-- j- p ? 


•laud, -and - fitgvrerson, will : hejff.OOO emgxloyees and fee many would ; 
TOpipt^ripA - anailsulKXuitractors, wtao supply etiuity. 


ULIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave.i London EC3V 3LU. Tel ■ Ol-’-SS 1W1. 
Index Guide a*-- at November 3rt. 1978. 

CJire Fixed Jntereyi Capital L‘4 99 

C'ive Fixed Interest income 1 1 3/, 9 


ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
45 Cornhill. London EC3V 3PE. Tel.: OJ-G23 G314. 
Index Guide as at November 30. 1978. 

Capita! Fixed Interest Portfolio 100210 

Income Fixed Interest Portiolin 100.04 


»d table 


” e; ' '• ' " 


BY'COUN MKJU4AM : J 


GOLD 


bull rio fcm 1 niK; 

•riiiieei.... — 


R and that profit*; for the whole nf domestically here and in the 
: this year would prove satisfae- offshore markeL 
' lory- la 197" profits declined for The company, which is regis- 
tbe second year running with net tered under the Deposit Taking 
. earnings down to DM 240m Companies Ordinance in Hong 
! compared with D?J 59pm in 1975. Kong, has paid-up capital or l.G. Index Limited 01-351 3466. Three month topper 779.5-785.5 
! The improved performance USfCm. augmented by a further 29 Lament Road, London SW 10 OHS. 

this year is partly explained by USSlSm of subordinated loans 1. Tax-free trading nn commodity futures. 

-v *30 i a healthy expori position. After contributed hy the shareholders. 2. The commodity futures market for the smaller investor. 



14 4? -I 6 I s- 
1 5.- <4 : s • 4 


<r> 


Miner, ' vied dwirinan ot Gonti- welL boosted- by the rise Jo 11! successful, but is no more than a 
nentelTHnioIs'Gorporatioxi, speak- per cent .: in Ui. banjc prime holding operation. If the trade 
ihg tn- -Chleago last week, jatid -feat- ratea.: and- although it retreated deficit can be steadily reduced 
thU risk- Of * -recesapn is; greater- on. news-That the October trade next year, and inflation is brought 


Meavfeflfr & Iiondon last Tnesdhy on Thursday and. Friday. Controlling inflation means higher c<tdCMO 

Mr - Alvin • V, ■ Shoemaker. . prpffi^ _ • _ . interest rates however, and prune imemaunni , 

Sit Uf Bfyfe Bsitziiah ? JWlIao*, ' ? e8pi i^ ^ ie J ^^ e fi2 lJ res f lh « ma V touch IS per cent with- Knw«miuJ 

S feat fftee recaSn dollar ftushed the week at its «j the .next few months. The tight 

ton deen - : firmest level, recording a particu- rope between dollar recovery and Sem oTweipi .. 

itAouldnot tocufepp.j... ... gain in terms of the recession will be a difficult one 0 . 

v- Japanese yen. to ; walk, but at least there were 5«v«e«n ... 

iV. >• ’’ ' ■ .‘"vL, __ .. ,,, „ signs .-of increased confidence in u k«s e 

j ! CURRENCY RATES .^ ow I ^ srtuacion wiU con- success last week. 9 j k«* - 

1 ' VMnnfcl . _ tinue is. In. some doubt, but most ..1 k«**- 

•' : - " L ~ ' • -• of the - major central banks seem — ~ 7; : 

_■ - •_ ■. ..^?SL' m SSS^. happy at the moment. The dollar THE DOLLAR SPOT rmtu/Ao 


Afierntun fix ng.... 

T 4 

85 

• s 

40 

1 . . 

asst 

98 

150 

(*o il C«tn 





•b<me-ti h..i .. . . 





KnJi«moii 

we 

30 7 

■y-j 

:c 


. 1UI 

7 


J 1 

■\(r» nfi* ?n-gn 

69 

6) 

6S# 

H 

< 50, 

51 1 



U.d 

08 

W_ 

-• ei- 

:Ci 


1 n - 



.1 

Go U Cmo 





Iniemarimi'i . .. 





Kru^erraiuJ 

200 

2 

199 

20l; 


1 105i 041V 

a a 

Ae* overeign ... . 

52 M 



1 26 

27iJ 

- a 

27i 

0»1 .ximcign 

S i 

bn. 

*•, 




1 

!3l 

Of 

0 K»g « 

2 E 

1 

.- 6 

1 

8 J Kwe-» — 

60 

6 

' M 


..1 K<s «■ 

10 

s 

/ 

25 




• - happy at the momenL The dollar 
, 1s generally expected to remain 
— V'T.L ~ fairly steady until the end of this 


THE DOLLAR SPOT FORWARD AGAINST S 


U.S.. dollar ....... 

Canadian' dollar .. 
.\ustrtan s cMtM ns - 
Belitan franc . — ... 
DinlsO Krone 
D«*Utsrf]e 'Mart. . — , 

CaBdor >..:2 — 

frondi iranc 
Ura... f „. • .IV.'-.. 


T<»n ‘2.; 

Norwegian- Krone 

Pejeta ...ii 

Sifftdl Bh‘- krona .. - .. 
Solas' Irene 


SHUN 

... utm-yuam, 
... lAim lszzn 
. 17- NTS' ]|AM 

3ua> tuns 
. -tea 7JB59 
.. 1/0055 1 SCM 
.. 2 M 2 X 2 2 , 15 *a 

, SAJ2fc2 SUSS 

ootju nMJ4 


2SU26 2S3J7Z- 

«JS71I 4.7UM 

WJSN «2Q»'. 
5S3NI 5-7*80- 

zxmss - zatau- 


year, although opinions vary Dmitri seraad 
about Its performance in 1979. .7. w ^ 4‘ n gjjg ji 

_ _ . . „ Gntidtr a wsB-ixa 

I^eudent Cartels dollar BtJgfan Fr mjmojs 
support package at the beginning £“»*»Kr 
of November was largely based 
on borrowing foreign currency. 71^78-73^3 

-and encouraging other central Lira Kisses.! 

banks to continue dollar support. -Xwia Rr s^w-sjt 
on the basis that the U.S. was 
wilting to play its part, by v*n mas-mi 

increased intervention from the Austria s>* X4a5-i«ja 
— SvinFr 1.7350-1.7* 


Day« 



■ 


* m 

spread 

Close 

One month 


Tkrtt month* 

M. 

85J3-SS.M 

85454546 

li.0W-S.18ic pm 

6.87 

049442c P«n 

0.91 

2.045B-2.1055 

24123-24643 

BJ4448C pm 

1.77 

8.52-0 ^c pra 

1.91 

30 J3-50.65 

33^2-3344 


144 

11-Bc pm 

1.73 

535154^035 

54*75-53430 

2-Z53oro db 

-4^7 

34S-S.7S«kw»5 

-A12 

X.9JU-X.43U 

1.93534.4363 

UQ-L27pr pm 

7.4* 

3-M-J.SIpf pm 

736 

47.PM7ja 

47J5^7Jfl 

47-5TC dls 

1344 

nr-iaic d"t 

-1241 

71.78-71 J3 

71. 75-71 J3 

58-73c dis 

-9.73 

1TS4U 3c dls 

-U..K 

8S2J55-SS3.S0 

852.9345333 

2.83-3401n-cdls 

-U1 

845-9.2'lireri 1 * 

-1.7.‘. 

50343-54735 

54533-54633 

D43-3.67#redls 

-0.3 

0 4=5-3. 9So red b 

-3.47 

*jC7b4AS43 

4.44^44533 

1.45-X2c pm 

3.93 

2.95-2.7SC pm 

2.73 

•.«3S-4u«9t5 

4.4S8M.C75 

1 JM.33orp pm 

3 52 

3.7W.SSare pm 

548 

UL&mifl 

23X43-232.03 

1J34.K3 PVl 

1042 

4.73-4 45y pm 

93-. 

1445-144* 

14454447 

6.754.73mre pm 

5.12 

IS-lttra pm 

438 

1.73504.7442 

1.7350-1.7375 

1.70-1 45c pm 

1145 

4.734.61c pm 

10*9 


THt POUND SPOT FORWARD -AGAINST £ 


' 11M Djj'i 
J % - Spread 


Q(K 4 ' - One month i }p.t. j’HireejnnothsI % p ■- 


* I/.S. cents per Canadian. ?. 


OTHER MARKETS 


£ 

Nutt ti» ten 




We've got the connections. 


,1’ Canadian Dollar I 

‘ JMtPMTrmi 100 ! 


; . . f 1 

I- 


r MMET RATES 

J? 0 lT f NEW. YORK. 

* ‘ l SHmr nxe 


LONDON MONEY RATES 


, ri.:^ 




Prhnr Race - 

'TMasBry RiOs Il5-WCCK) — — 
T r ca ^ nr y Bills- 136 -kmW ■ — 

GERMANY 

Discount Rile ; — — • — 

Oramb iM •* — 

IW montti 

feree months — — ■— 

Six Tnomls ~ 

FMNCE 

DtacBom Rase 


1L2S415 

MJ7J 

tsrt 

12 L 


• ; Deo. 1 

li>7a. 

OrtnUKOt..-.. 
J1 days ootwf- 
1 days at- ■ 

7 days notwe.. 
One mouth — 
Xira aroaebt,.. 
IhreeQMoUts. 
Six mofltbn — 
Mioc moBth>.. 
Urejar 
Iwovtus-... 


1 aterlmfi 
j OertJflcale 
I ri depoeli 


sts* 

«S»«t 


Interbank 


lUs-12 

3gls-^ ] 4 
tZls-KA 
mj-Uiii 
iii#- ns 
its 


1 if*** ! 

AatHurUy ■ 
depMt* j 

[Local Autb.j 
aeaadabK 
lend* I 

Fisancc 

1 Houat- 
1 ’Uepitairp 

MW 

117s-l£ 
li . . 

1E7. 

114,- 

III* ! 
IBI 8 .UI 4 

| ISX 3 .I 3 
la-lbia 
llTs-iSae 
1113-12 
IH 4-1214 
UV12U 

183«-123i| 

125E-I2H 

«*■ 

141 i-l*A 
1-iL-lZw 
12^-183* 


- \ UjnuOiiut ; 

Company i 

UejImiM 1 j 

11 is- 12 i 7 iW 

UV12 j ” 

im-inj- 

124 I uta . 
UBb 1 1J-6 


] biwitiic | 

Irasiiurt 1 Bank j 
Bill** 1 «'"»• , 


utg Uii i’t« i2A-iaig| 
1J7 & ■ lit; XI*: - tt 
11*4 I U_ I 12 1 

; ! t ic- 4 ii7|i 




■ftyy^rr.- : 
'■ 

■ * v5..*.;;.v 


Our nct^wk can reach all four comers. 

Our name may imply we’re Belgian, but ottr 
neftforlc sav*s were i n tem a liona I . 

It savs we have the ability to service cl ients not 
just through JOfiO branches in Belgium, but also 
through oitr .subsidiaries, affiliated and associated 
Iwnks. Aswel! as through represematK'e offices in 
major business centers, stretching Iran Rio toTokyo. 

"Why we sometimes open our ears instead 
of another office. 

We think that sometimes it can be just as 
efficient L to rel v on our local correspondents. 

We also have other ea rs ut w ork lor you 
tl trough our membership in SFEand Associated 
Ban ks of Europe (ABECOR ). 

- This is what gives us Lite local touch amnn'd 
the world. So we ran give you the insiders edge 
wherever vou do business. 


We re the international bank with the 
face-to-face philosophy. 

We try to know a client as a person, not jusi a ■* 
a signature. We try to learn hi? business as well as our 
own. Taking time to leant his language, instead nf 
expecting him to speak "Umkeser And taking time to 
tailor B|5edfican.ssvcrs to his specific financial 
problems. 

Because we think that an individual approach 
10 each diem - to his business. to his needs - is what 
really makes a bank big. Not simply its big 
international network. 


^ Banque Bruxelles Lambert 

banking, a matter of people 


One mondi — 

tlwe montlw . 

Six. tamlss 

IWN 

DteoMun .Raw 

- Qsdl. ^quoondinoniJl 
Bfllg . niapminf Rale - 


• ijm|' 5 B-hnr*nf finance boose* seven JJajs’ nmlce. oihen s?ven days’ fixed. “LflUMMcnn local antfiorliy mortgage 
per ««: .«“■ rears 124 per kiii. flv a rears 121-131 per cent OBsnlt Ml me* m table 
SebiffiSrau* fcTpSie paSv- £“*«* we, tar mnitnk bant bills lli-lll pet cent: Jour-moniS iiadc bills 1M per WK. 

l ,..i r „ T1 nia,r uninz rains for onc-monfii Ttescnry bills u sn> per «m: and Iwfrinpnib U«33 »vr con:: itiree-jncnili 
* wmxuaaxe telllaz rale Cor mWncaJii tank bills t>-r ccai;.ivD-m<n>ih 1 }.-Jjj i 2 per cent: aod ‘Usrce- 

SS SsTt-SKT— IS two montbs l=f» «. aad’ilso Ml I2fi per cen, 

■. < published by tbe'Hnanw House Aswiedn-.* Hi xr from Dscunbor l. 1974 ClfariH 

IOT Binna al -OfT amiw 10 wr cmj. Ctearina Bank Bate Rates for iendias nj.per raw. 

,^er razes rfd»^«HL3»P««m. . I 


J Verne the ABECOR bank in Belgium. \kmixlaan 24 . 1050 Brussel- Tel. 0L'513.$}.8l. Telex 26392 BBUN 


3«2* iNarasrs r. di . v:„ : 


1 . 


























- ?&■ ^7A=7^S7vvvr?f 2T' 3P5533K3 


:; Financial 


34 


■MINING 


INSURANCE 


WORLD STOCK MARKETS 




Wise follows 
diamond trail 


BY LODESTAR 


FRIDAY'S flicker of revived 
interest in the shares of the 
Australian diamond ' seekers 
presents an opportune moment to 
hare a took at one of them that 
has been working up a London 
follow-inn. North West .Aiming. 

Interest has seemingly been 
stimulated by the company’s 
ability to attract larm-iYis for 
some of its search areas from 
the " big boys.” 

Nevertheless. the most 
important prospect in date is 
reckoned to be that shared 30-50 
with fellow junior explorer Haoma 
Gold in what chairman Dr. Ron 
Wise describes as the " hot ” 
EMendsle area of Western 
Australia's Kimberley region, 
where the partnership claims 10 
have three temporary reserves 
covering about 500 square kilo- 
metres ** adjoining and on strike 
with ” the Ashton diamond dis- 
coveries. 

In addition, the two companies 
have pegged more than 300 
mineral claims of C 0 Q acres each 
in the same region, part of which 
is joint ventured with London's 
Selection Trust, which can earn 
up to a t >0 per cent interest, and 
part with Aberfoyle. which is con- 
trolled by the Canadian mining 
house Co mm co. 

Dr. Wise is hoping to be able 
4 o give some favourable news 
about these areas at .North West's 
annual meeting in Perth on 
Wednesday. 

The company has other ground 
in the east Kimbcrleys in tne 
area, where the Ashton con- 
sortium has located kimberlite 
pipes and is also following that 
group into the Pilbara where 
negotiations. Dr. Wise says, are 
under way for a large tract of 
ground. 

North West Mining is not 
Jelling the diamond fever swamp 
its explnration activities in other 
directions, including that for 
base-metals in which it has Esso 
as a partner and that for oil and 
gas in the onshore Perth basin. 

The company has about ASG.Sm 
(X0.47m> in the kilty. Whether 
North West will be successful 
ultimately in any of its various 
ventures remains to be seen, but 
at least the management can be 
given full marks for genuine 
endeavour 

In .London on Friday, the shares 
participated in that day's revived 
market activity with a cam of 
op to 28p. Tllpy reached .*Up in 
the previous diamond inspired 
uprusli. 

■*■■*•■*■ 

Call option business in the 
shares of South Africa’s Loraine 
Gold has prompted inquiries as 
to what the attraction is. The 
only apparent answer is the hope 
of a higher gold price and a much 
higher one at that as costs at 
this Anqlo-Transvaal group mine 
have, been running at about $213 
an ounce. 


Resonantly. It was only the 
drawing of stale assistance that 
kept. the company out of the red 
in the year* to September. 

There must- indeed, be a 
question mark over the life pros- 
pect unless the bullion price once 
again goes into orbit .As a 
marginal mine the shares, of 
course, can- be very responsive to 
any sharp upward movement in 
that price although they tend to 
move less fast than some others in 
the same category owing to the 
number of them <10.36in) in issue. 
N'n dividend has been paid since 
1975 nor is one in prospect. 

Perhaps the chairman has some- 
thing bullish up his sleeve for the 
annual report which should be 
coming along this month. Loraine 
s-Lin;l in London at about their 
low for the year. 57p. 

■k k k 

Thvre have also been inquiries 
about Welkom. inspired, T gather, 
by a story from Johannesburg 
that the mine is entering an 
expansionary phase prompted by 
an advertisement to this effect for 
trainee staff. 

But. a. correspondent reports, 
the company Has’ denied having 
any plans to raise mill throughput 
although there is the prospect 
that the Anglo American group’s 
joint metallurgical plant for the 
production of gold, uranium and 
acid will be- bringing Welkom 
some worthwhile extra -revenue in 
the year to next September. 

The only' other prospect that 
might come into sight eventually 
is that the mine could have its 
facilities included in any scheme 
that the Anglo group may have 
for exploiting the gold-uranium 
possibilities of farms Erfdcel and 
Dankbaarhcld which have been 
extensively explored by drilling. 

Meanwhile, h is to be hoped 
that in this.- month’s annual 
report the chairman will see fit 
to comment on what the adver- 
tisement was intended to mean. 
Unless there is a prospect of 
further pay ground being brought 
in to the east of the present 
property, Welkom ’s life Is gener- 
ally estimated to be less than 10 
years. 

★ ★ ★ 

For those who fancy an interest 
in gold but want to steer dear of 
South Africa, brokers Grieveson, 
Grant suggest .America’s Newmont 
Mining, mostly known for its 
copper and coal interests. But. the 
firm points out, it has a substan- 
tial stake in gold through the 
Carlin mine in Nevada and 70 per 
cent of Western Australia's Teller 
mine, both open-pit operations. 

Thus, the brokers conclude, 
Ncumont has a wide spread of 
mining interests. Is current ly 
making good profits from gold, 
has a recovery to come in coal 
and copper and owns a substan- 
tial Investment portfolio. So, M wc 
consider its shares are among the 
most attractive of the diversified 
li-S. mining companies.” 


Long tail liability 
needs watching 


BY OUR INSURANCE CORRESPONDENT 


OVER RECENT years insurers 
have grown accustomed to the 
continual elongation of long tail 
liability for injury. It is now 
very difficult for jnyone to say 
positively where the statutory 
limitation fences stand in 
respect of any particular 
incident, particularly when it 
is not appreciated at the time 
that there has even been an 
incident. 

From the victim’s angle, this 
is fair enough.- for, if -the 
physical consequences.- say, of 
subjection to a modern indus- 
trial process do not emerge for 
a decade or perhaps longer, it 
must be unreasonable to say 
that the victim is precluded 
from claiming compensation 
because the statutory period 
has run out if this counted from 
the subsequently proven date of 
injury, as distinct from the date 
of discovery of the consequences. 


Tn August 1967. more than six 
years from the grant of the 
In September 1967. the defen 
dant solicitors registered the 
option. In 1972. the tenant 
began an action against the 
solicitors who asserted the claim 
was tdrae-barred six years after 
the anginal omission to register 
iu 1861. 


Omission 


Discovery 


Nowadays, with injury liability 
it is the date of discovery of the 
victim's awareness of what has 
happened, even of the victim’s 
full appreciation of his legal 
rights, that sets the limitation 
clock in motion. 

insurers and reinsurers have 
to gauge their premiums 
accordingly in the full know- 
ledge that the future task of 
back-tracking over long-forgotten 
events, of finding the people 
then involved to provide 
evidence, will at least be daunt- 
ing and. at the worst, impossible. 

Different rule's apply where 
tbe victim's claim is solely for 
property damage or financial loss 
not associated with physical 
injury, partly on the ground pre- 
sumably that such damage or 
loss quickly becomes apparent 
Whatever the reason, tbe limita- 
tion laws relating to damage and 
financial loss have not been made 
similarly open-ended. 

But perhaps judicial interven- 
tion is besining to do for non- 
injury claims what statute has 
done for injury compensation 
My attention was drawn last 
week by an article in 
Accountants Weekly to a decision 
of Oliver J. in .Midland Bank 
Trust Company c Hett. Stubbs 
and Kemp — a decision reported 
last December in The Times. 

Briefly the facts: in March 1961 
a farm owner gave bis tenant an 
option to purchase, exerciseable 
inside 10 years. The defendant 
solicitors drew up the agreement, 
but failed to register It straight 
away. 


Ironically, by the time the 
action came before Mr. Justice 
Oliver the farmer the tenant 
and the solicitor concerned were 
all dead, and the action was run 
for the benefit of the tenant’s 
estate against the deceased 
solicitor's firm. 

option, the owner sold the farm 
to his wife. 

Oliver J. decided that follow- 
ing the granting of the option, 
■the solicitor's duty was to 
register Jt before any third 
party' got an interest in the land: 
the breach of duty being an 
omission, there was do cause 
of action until some event 
occurred to preclude the solicitor 
from carrying out his duty. The 
six-year limitation period began 
to run, therefore, from August 
1967 and the action, started 
in 1972. was in time. 

How valid is this distinction 
between a sin of commission and 
a sin of omission? 

There was no appeal against 
the judgment but it is a view 
expressed by a judge of first 
instance, and. in the absence of 
any affirmative ruling by an 
appeal- court, it would be open 
for another judge of first 
Instance trying a claim for 
omission to take an opposite 
view. 

As the decision stands, it 
appears to open the way to 
claims against all manner of pro- 
fessional men for omissions, oer- 
haps many years after their 
retirement and even after death. 


Professional 


This is an aspect that all pro- 
fessionals, whether individual or 
partnerships must now watch 
carefully when their policies 
come Ttmnd for renewal, because 
most professional policies pro- 
vide enver on the basis of claims 
made during the insurance year 
as distinct from liability or 
events occurring . during that 
year. 

So year-by-year insurance must 
he arranged specifically to pick 
up claims now arising, so to 
sneak, from long tail omissions. 
The problem' for insurers, as 
ever, is how to quantify this 
apparent increased liability in 
terms of premium. 




Indices 

NEW YORK- aQw Jones 


i Tios. I Nnv.i N6V. 

| 30 1 2B I 28 


H.7* HUS M - 15 : 


■ Hlgll 1 

I '' 

i 00 4B ,I 
j tiMh 1 

.4837 

re.-S) " 


... 

ulLW* -F: W 

New Highs*..— .+■> . • 

Saw-Xuwv— — ....i • ■- ' Ws.: -SR- -.*• 


197G 


'SincwCampUat’a 


-39 


21 


24 


l' Llli Get 


I- • ■ 1 

£13.97' 99 -K‘ 93.26 89J0' 99.73 


Frwiuq; col.j 


1 

- tow 

1 Hl^b | Lorn. , 

t ! 907.74 

742.12 

IDG 13, 

4132 

: (BA, 

f28«i 

flinm. 

(2/7foZl 

B; 9030- 

08.12 


■ -V- 

I- i*'lt 

(iSftii 



0| 201.48 

193.51 1 

273.88 

.7235 

t tM, 

IB/ll 

ciem 

(8I7S8J 

i I1BJ8 

«35 

18832 

! 10.68 

(il) 

1 (14)11) 

(20/4/69) 

wa 

1 - 

! — 

— .; 



MONTREAL 


I Das. - 
l 


i Nov. 
30 


isra- 


-»ov.: 

•83. 


Nor. P 
SB -l 


•7} 


Industrial 

Combined 


I 2I5J1, 
282-82 


(813- 

220 . 


BtS 


| 213 

220.1 


222.1* ( 

226.81 < 


' for -- f 


TORONTO Ochpiwmio - j TOM 


lMSJj 12884 18fi7>, : !: 


JOHANNESBURG 

Gold 

Industrial 


- Basil of index dunged from Ang. 24 


* Day’* high 8TfiJ» tow U0T.S3 


- Iml- dlv. yield % 


Xqv. 2* : Nov. IT. i Xov, 10 | {Year ago appra. 


5 A3 


5.90 


5.90 


5.4C. 



STANDARD AND POORS 


Per, 

l 


.V or. [ Nor. 
30 S3 


i - | « 1978 

Not. ' Nov. 1 Nor. |- 
28 I 27 | » « High 


jSlniM ConqMatti 


“* M -1 H H'S I Alaska- 



im. 

- ( 8*1 
9S»- 
I (WS) 

78. 1 ; 83D 

“ISmb 


(30/10) . - 

(fig) Wot DaLVlBKL « Amst erdam; 
m4 isro. 17 Bank Sms an* M/Mi.- ft Bgalk& iss. ,■ 

. .1D7T .fllHfjib-.-.-.' -■ 


j^Ui®)l «/«> 


«[*Ur 

SmgaporaW - 


„„70i 283.4 

m i < w?) 

DQ.40 . 


(10/1) 
384 M 


Cotamfxdale . ttaDvfl-* • __ — ... ^ 

New. SE 4»l/68. A Straits BmU r-lK -f.-.- 
i? Closed. . d Madrid SE. JMJ2/TZ. ' efltoc*+: ?.;■ 
holm Industrial . 1 -Swtar ..Bant L - + 

Corporation. » Unavaflatde, - , . 

■ ■■ ■ 


FRfDAITS ACTIVE STOCKS 


(Bil> 


In. I. dlT. yield % 


Not. 29 , Nov, 22 . 1 Nov. 16 J Tw ago tapprnx.) 
9.23 ! 5AS ! 6-2? [ - 


lud. P iH Ratio 


6.73 


8.90 


6.64 


9.35: 


Stocks "QosttB Mid. 

traded dw. - . : 

Canter 

- indices end Tww date* Udl ba» xalsum Purina - ^ , - 

lOO^Sceot - NYSE ‘All Co Pwn o n— W. Boeing--. — 

Slandanls and Poors— 18 sad To™!® prtarot lL_:"-^r;' St I’/J? 



3bb— i.mb. the n iasT^m«i l, Uased. m Aincr. Hane'Prad. OT.3W. 


Long Gov. Bond yield 


8.75 


6.67 i 8.66 | 


7.77 


tEtttedtas bonds. X4flfl tadranteta UAL ------ 

5 400 indnstrlalc, 48 Utilities, 48 Bnance Pan Aznor. Air. — \ - 

and la Transport. 5 Sydney AH Ordinary. Western Air.-.-— •- 

U toit p'an sB3l/llfB9. -■ ** CosieflHagen SS Eastman^ KodaX - — - ’ ? 

mrf. Ormrco Cnmmszz- Bally 24fe — . 



AMSTERDAM 

Dec. 1 

“Price 1 4- or Die. 1 Y. 1 t. 
p... ! - | * | * 

Abnkl JF.. Bill 

108 

+ 0.7 

j *18 

5.2 

Ali 7 / 1 1 F . 2.1 

21.1 j- 1 

— 

- 


370.5 +2.6IA2UI 0 .^ 

1 AffEV tti. 10).... 

U4.7-ti.4l Uu 

6.9 

1 Amro nna 1 F 3Ui 

7S.3 +03 ! A23j 

b 3 

1 1 1 V . 1 

67 

+ 1.5 

ob 

6.0 

l-bokfttt'MUii F3U1I 119.2+1.7 

$00 

5.7 

I duhnn'Toieiulr 

71.8; — 0 8 

2 b 

7.3 


274.5 -0 5 

27.5 

2 .U 

ITTHTT»JI; 

J At ft 

34 

nw;ifflnniiJiui 

m3 — ti.5 

94.S 

rwn 


33.T-20 6 

20 

fen 

[ Uciuekcn (P>. 2 b)l 96 

+ 2.0 

14 

3.7 


3i.S.+0.5l - 

— 


22 


1.2 

3.5 

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130 

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110.6 + 0 7 

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212 

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166 

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238.3 +0.3 

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; , * dw: 

Dm. 1 i Pn e : * "T.l Pr . 
1 Pr 


— 


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.2.490 

i_-.il.tt. Cenwm..- 1.102 

CocKerii I 394 

BBSs :2,3il5 

E* Lwi«l 7,020 

Piuirique Nat 3.079 
ti.B. 1 n no Hm- ...J 2. 560 

tieraert 1 1.320 

izoL(Urux Ui 1.610 

Hoboten 2,480 

mtenoiD-- -1.B40 

kralieuwuk ,6,910 

tn Ucnraie BeuieJfi.OSO 
Pan Houlinn ...... 12.740 


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177 

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120 

160 

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fraction H>ect — JE.BOO 


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5.300 

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h».-i A taiv-Cu... 
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Km Pajjif 

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G.N'tii'uU.lKite.n 
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GERMANY ♦ 


WALL STREET 


NEW YORK 


ISIS 

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t**T. 

I 


39 

25 

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iata 

45*3 

311, 

31* 

221 - 

36 

22 

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141, 

1 20 * 

1650 

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305a 

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1 381 a 

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1 33l(i 

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391- 

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l 321* 

231 S 

36 

23 

241* 

2076 

40-ifl 

30l fl 

321ft 

265? 

311* 

105ft 

7 


464, 

381„ 

531, 

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37ii 

281;. 

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37-i 

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31 >3 

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135ft 

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r 571, 

431* 

36ig 

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7ii 

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15- 1 

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441, 

( 27i, 

24 

1 3150 

16 

‘ ' ■ 29lft 

201 <; 

; • 3970 

331, 

291* 

211 , 

l 49»r 

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Lai*- 1 

.V*MW*-si*|<h.. 
Ai-ina Lili- A Lai, 

, Viirpniiict* ' 

i A IihIi A InnitniiilTl. 

■Alcmi | 

| \llair- Ludiuni.... 

! Allegheny Power] 
'.A I Hal Chemical.. 

lined Store- ! 

Alli-Chalmera._ 

AJLVX 

Amerida Bess..., 
I.Vmcr. Alzllnes.. 
[Amer. Brand*. .. 
Utner. Btvadcasi 
] liner. Can 

!.\mcr. Cvn nainiil 
'Amer. I'm. Tel.. 

1 Vqict. E 1 (Ct. l*r«w 
■ Vmer. Express ... 
■Amer.Honie Pr»l 
1 Inter. Ucvlioii .. 
\mer. M* •li>n.... 

1 Vmer. Nat. (im. 

A rr.tT. flamlarrl 

Sv>ie»„ . 

\ iwvr. Tel. A I 
\iiirtrk . .. 

IMP 

AMP.. . 

\r,i|ar . .. . 
tii.-|..-< II."-l,.ii" 
IniKinT Uii vli 
\li •■•:.■ .. 

V.S.A . ... 

4+ifiiHni Uli. . . 


32<* 

231, 

38S. 

245! 

34 

46: 9 

157a 

17 

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23«e 

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465a 

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23 
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261 S ; 
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341, j 

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431, , 
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38 1 

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121 , 
3259 : 
13 
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643), ; 
64 I 
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17 

24 t b i 

24 u ; 
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371, | 
445a : 

27 i e : 

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59 1 

133, ! 
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295e 

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22 

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251, 

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HI. Ifn-lillvM.. 

Ann* Lml* I'm 

■A VC 

i A voi I- 

|Vinn Pnplncik ... 
B-lt. rjith Kiecl...- 

Bancor [*nuix ' 

,Usnk Amenie. .. 
■'Ittnker- Tr. N.Y.' 

; B/irhvr Mil ; 

lUaxierTmvenul.. 

■ Beatrice Pi'.si • 

U«-vi.'n Uick inK.n 

Ueil \ Hiwfll.. .. 

bouAis. 

UrD-iiel l". •li'- -11' 
UrihMii-m M«i. 
V.inrh A iK+ker ..• 

'Boeinc ■ 

&nw; L-a.-cw.lv 

Liorlen 

Ut-rji W'aruifr 

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5n4io ‘A* • 

Umt-u Myen 

;B.lVi A Um R.. 

; Bn-lny O Iasi .J 

;Bni!»-*virJi | 

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:Buriinsr>.iiNiliu.. 

.dnrrniiilb 

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l anal I.'in.lM||ili.. l 
•-aioniii.il. . . . 
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Carter lint* ley .. 
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L-tt!- ... ._ 

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L i-nlni A : 

i pir.iiuiie: 

• Jfslia AnrxnlL .. 

Lliampii-n Inter. 
L'tia v Manhaltan. 
-Clitinicsi Uk.Ny.- 

■ i.tiL'vebrKti PnfW..! 
.I'ln-’ie sv"tviu..l 

OiMip Ur-Hlgc— • 

■."hryolcr 1 

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• h. il ur> Sen-IIT*.... j 
. e'lrv In vest Inc.. ..I 

-h-vnii.i Cun.. 

-..-Ml'l.lB— 

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..'•■inn-. Aiknimi . 

L'.'iu'ni.in *ia- " 

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13 j, 
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131, 

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Iconlinenul lirji.i 
[Coni mental Oil..' 

|L»ni|iiui7al Telit 

iCoctrul Date ] 

!&e|HT In.lL- - 


181b 

26i(t 

13-i 

17 1 j 

6'h 

391, 

73 

33 
21 >2 

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275. 
Ilia 
16?, 
57'; 
527, 
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191 j 
18 
19 >S 
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26 
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31U 

25 

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20-s 

167, 

337, 

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385, 

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1 


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451* Ctimiuu 1 1 lavs. ... SSi, 
42i. •"It. liit'm’Mii'ai- 48U 

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29 Jj Crown Zellcrhach 305a | 
29la Cnniimn- Engine' 32i» t 
13 .Curtlar U nghl...; 141 b [ 


314, 

4910 

3650 

44 

141b 

244, 

164, 

29 

194, 

5410 

464b 

511, 

305, 

35 

4670 

138 
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151? 
67Ji 
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194, 

34 

23 


'Dana... 

'Dart Iniluitries .. 

I Deere 

224 , 'Der Monte 

51b | Deltona' — 

14i0 lUenL'piy lot 

14ig [Oetn*tt ...! 

191, | Diam.-ad Shamrfc 

113* i Dictaphone .... 

3850 Dicitel Equip I 

3150 ;Dt-nev iWaltl .... 

36 'Dover Corp'n 

£25} tVfl* Cliemicai ... 

25 Dravn 

36 1* Dnfreer 5 

97*j Diipmt : 

I 6 I 2 .Knelt* I 'Holier — ; 

O l|a-t Airlines 

41U Ka-inian K»l>k..: 
,4 , Kaloo I 


271, 

3B5fl 

53lg 

41 

93b 

16*a 

154 

194 

164 

60 

394 

414 

264 

305b 

39 

1234 

194, 

104 

614 

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314 1 
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334 ’ 
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15 

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564 I 
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384 

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23 

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174, 

1770 

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274 

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274 

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JK.Uar Ci.ri' i 

K,tseiA»,in<n 'ml 
lia'Wr Indmirievl 

.Kitlver Stee) t 

:Kiy._ 

'Kennecnti 

Kerr McGee,-.... 
!KnHe Walter.. 
|Ktreh*iy Clark.. 

; h opper 

•Kraft 

'Kn.>cer Ui 

iLeasway Tram... 

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LiNivOw. Font.. 


S3 

78 

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304 

234 

17 4 

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124 

234 

454 

284 

424 

194 

444 

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525, 
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394 : 

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434 . 


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18 
434 
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314 
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K\a-in... 

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'Peil. Ilet.4. nl*.pw; 
t-in.- 1 -nie Tire. ..' 
K-u Amt. Boilim.- 

Fkii Van I 

J Klim hole j 


■ Klon-I* Power.... 
.Klwr i 


281, 
164 
26*, 
344 
19 
344 
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37- 
25 * 
204 
50 
521, 
334 
13-; 
261, 
155a 
297, 
314 
3170 


284 

514 

254 

394 

114 

295* 

J378 

134 


204 
39 
17 
275ii 
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104 
241, 
859 


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.Frrej-iM Miners.. 

.rmnliaiit . J 

■ Fuqua lu> 1 » ; 


324 

6 

317ft 

264 

84 


37k, 

334 

28 

361, 

27 

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255, 

409, 

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12 

la 

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404 

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357-. 

17-; 

284 


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144 

13 

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2 . 4 

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la 

il- 

3i ? 

3aJs 

29': 

26:- 


11-’, 

164 


■Kityelt Group....! 

Lily (Bll) 

Litton ItkiublneiV 
Loeinwi Airer’it, 
L,iae atar iniius(| 
Lhiou l-lanii Lu 1 .| 
Unilsnin Lath'...; 

Iji r.'.* j 

I 4 i«-ky tenro-.. 

Li te' Corpn... 

uavMi.mii 

Mvi K H 

Mil a. Hani'cer... J 

*U|«. ! 

Mn*n!:i.ifii.iil 

M trine Mill him.. 
UnrOial. Pin<l... ; 


—I 


364 

454 

2150 

2050 

204 

175a 

204 

435, 

135*. 

8ft: 

94 
365a 
33 4 
285? 
blk; 
154 
164 


!-«<■ 

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I f¥c. 
I 


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Sim* 


Dec. 

1 


004 

394 

64 

305, 

3700 

404 


6350 


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261, <Ke\nni4- 3 ld 4 ir.i 344 

524 Hemnid. IL J. ...; 564 
20 jKidi'-no Jlerrei 
28 »e ;Korkwr*|i tnter...[ 


234 

344 


284 >Hnhm 4 — 1 331* 


651? 
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231* 
4970 
4Sr B 
314 
3450 
60 tc 
75, 
Big 
UW, 
95 
23 
1B7 8 
244 
hT fl 


541* (Kora Dutch .... 

10 IMTIJ 

10 Situ.- Tofts... 

13 1 B I Ryder bytWm.. 
561* j Si fe wav 5liine». 
229a I St. Joe Mbiernlb 


25i»b it- ttacii Paper - 
894 !senu Pe Ind*. ... 


a*, l-aui Invest.- 

41- -ason Inch- .j 

91* pcbiitc Hrewinc 
645s 'Schiumiwper... 

1SI B -CM 

124 Hsu Paper. 

184 j-cuvii Mnj. 1 

n >8 lacwbter Duo-Cap; 


591. 

107, 

104 

3258 

404 

241* 

30 

301* 

6 

34 

10 

894 

\v* 

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271, 

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48V 

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261* 

291, 

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5030 

444 

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liny Dept . stray' 

MCA 

doUeiTTMi .. . . 
M.'Jimiiirli Dihi*. 

.McGrsw Hill 

MeiRnrea . .. . 

Men.-k 

Merrill l.vnrti... ! 
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M"r>nt."r|- 

M>:>n.«auU. ; 

'llnrpn J. P 

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liljlini- : 

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Aatwoot Can-,-... 


23 >< 
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3150 
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245, 

2630 

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314 I 
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10 

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223, 

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544 
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1ien.Amer.Inr. 

U.A.T.X ’ 

lieu. Catile. ; 

Gen. Drumiai- 
Gen. hKKina...J 

Gen. FiXjfl?. 

ilieueral Mills ‘ 

-General liiitro-: 
•Gen. Pub. littl.... 

.Gen. 5lcnai ■ 

.lie®. Tel. Rlecl.. ; 

Gen. Tire 

(•■•neftni. • 

Grnr^m llnllr .. 

IjifiHHUirrCL ■ 

pdtv Oil I 


121 * 

43 -.; 

10ia 

25 

145, 

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48 W 
31W 
294 
551- 
17ia 
2758 
26*0 
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41, 
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27 4 
374 


324 
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18 W 
344 
524 
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164 
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41 

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724 

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254 

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22 

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284 

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lion lil 

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iirt.Ai.Hu I'a.-lra: 
llrt. -\. HI 1 Iron.. 

tin-yb-Hiikt | 

•liiul A We-tern..! 

Gun On 1 

Manlioruoi 

iLutua Mimne-. j 
.Hnnusdileear....! 

Huns Conn, ! 

Hhiiu H. J._ < 

HeuOetn 


254 
17ifl 
154 
27 
26 1 3 

94 

224 

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131* 

254 

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15 

30 

374 

284 


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274 ; 
244 ■ 
397 t ■ 
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124 1 
24 
274 
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264 
364 
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201 7 
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124 

29 

354 

374 

13 

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314 

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84 

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205, 

33 4 

2 aV 

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lb 

15v 

18:. 

16 

137* 


:Nat. Dirtiliers-..' 
-V«L Ben-tee Inn. 
NaLKUiai aieei..^ 

.'hUstoh*. 

XCtt. 

Aeptune |p,p 

-New Kngmwl fc.. : 
New Englarni ’let 
Niagara Mvliawk 
Niagara share. 

N". ll lodu-tnea 
Norton* Wenern 
N<>rth Nat- Gas... 
Ntlm. biati-rwi 1 
Nib h rat Airline- 
Xllwtil ttaacori' 
N>.ston bim-in ... 
Uucuieniai Peti-i- 
U.-IM Uni I il-i ... 

"h... fc,.Hin 

l*IIU 


181, 

1450 

294 

424 

614 

214 

23 

357, 

145ft 

104 

19 ra 

22 -r 
334 
244 
29 
2*4 
16 
164 

20 
164 
104 


92 

32 4 

a94 

721* 

131e 

54l> 

875, 

lb5, 

24 

3250 


ba*i 

415b 

ltol. 


617* 

1*4 

2950 

M'J 

104 

17 

20 

104 

lU'J 

204 

j4i 4 

465* 

33 ft-.. 

1*4 


! Hen-ip Pucka-id...; 
Idtunlay Intu^..., 

'.HuotmtaLe 1 

rinuawisii 1 

: 

;Hin>l>-l-.-.iriv Airier 
lli'iiMun Nat.Gd-l 
Haul iPli.AiClun 
;iinttou ik.p.i . ..j 

lil'iii'lni->.... 

... 

■ iiE'. - r*'iu mihi.. 

I lira mi slpc. .. . * 

■ ii-i.ip 


86b0 

191, 

89ie 

674 

114 

27T S 

22t B 

13ft- 

164 

25 

39 

47 

345, 

125* 


2b W 

04:, 

237* 

Z9*i 

214 

225; 

10b, 

504 

29 

224 

«*2I 2 

33 

13 7e 

4"K 

335s 


2-4 

26 :* 


23 

id*, 

19* 


20 

2^!ft 

191, 

2 l! * 

Set* 

317 8 

24fta 


tlver-eH- -*lnp-.. 

•.•«eii! Liiraioc... 

•JWC.'U 1 1 IJIHII ... . . 

pacific Uh .. .. 
.Phciik- LUtuiinc... 
Parr Pwi.x 14c... 1 
' PanAmtt urui Air 1 
'Parker daoniBuJ 

Peabody Inti ; 

Pen Pwi t I 

Penny J. C 

P«uuou...., M ,..J 

Peoples Drug j 

People- Ga? ... 

jPepsiP.' , 


22 W ; 
285. I 
194 ■’ 
234 , 
207j , 
20 'ft . 

74 I 

23 
254 
2* | 
314 
28fts 
114 
3*4 
265, 


361* . 

28 Ig 
16V 
3750 : 

*7i* • 

47l, . 
38 1 V 
idlf 
l*4ft, 
254 
SOI* 
llXi-j 
9l» 
*»:- 
26.0 ; 
17ft0 
58 
3*4 
564 
3*1* ' 
29i A 
231, 
49 
384 
29ft, 
484 ' 
644 , 
404 
494 

19 

70 ; 

*07 B ! 

275 , ; 

aoia . 
I5l 8 i 
49«, . 
117 ' 

w r 
344 1 
12 : 

27w ; 
24sa ! 
*7 ; 

924 ■ 
334 : 
305, 1 

0 OI 5 
3a 

637ft : 

44ift • 
18 4 
25 s, 
381, 
29', 
504 
*010 . 
204 . 


165g 

e. Ig 

11 

204 

odisr 

08 ., 


28 

307ft 

8V 

13ft n 

2/*e 

4D--I 

15, 

18 

23?s 

14 

285, 

264 


'3e" Cxntehier 

'owtmin r 

joairn- iQ.D.i I 

’■witr- lliel'twli ...| 

.'lilRli 

Snrii 

-Hr:. liHFiH|itin..) 


224 

Z3-.J 

15 

327, 

ZlftB 

22 W 

245j 

44 

291* 

341, 

127 3 

437b 

33b* 

ISTft 

lo*j 


3250 

074 

24 

28'g 

7 

221 * 

175, 

33 

bit* 
24J, 
184 
3450 
224 
4U- 
51 m 
1 a 1 * 

171- 

294 


9ftH 
26 w 
177, 


H*ln>l»lil(|l 

.aun|4ietrr Mil.. 

?»ii*i • 

/•mull >nter- -••• 
''milb k litre 

■-•■inn.ii 

,>mi U'l.tu a. 

Hit hem L*lJi 1 .| 

bllUlllITtl 

■’•tbu. Nut. Kee... 

'hoi 1 1 hern Pacific ' 
»>iLI'c:tittafiway| 

><uthuintl 

. v it"i tauntjaiw .| 
bfa-rry Hutrh-.... 

Isperry 1 Until 1 

5"I‘J|I*. — 1 

.Stamlaro Dram .. 1 
•Md.i MiCailloriOMi 
■aM-GH Indtana-' 
WM. nil Ohio. ....j 
slaiilT i. bemtcal-i 
siermu; Drtti: 
rtinloiaiha*. 

,snn i..- . 

auniirtniuri 

5yuicx i 

rectmuMinr... ' 

Toll rnr)lft_ j 

' l'ei*ivn«.. 

■Tele* j 

ronero — | 

1 leonru l’eftrptcam! 

1 L'euicn. 

TexBbinili— 

l ean.- Eastera....| 

I'eiAr ItUt*W....-[ 

17-asiiiil Gas..: 
;ie3n> Vtliltles—l 
.linn-. Ini..,.—.; 
Ttror- Mime-.— 

' HinLi u 

Frali> . — ...1 

I ran -n.cncs-. j 

I ran— — j 

Iran I :nr«i 

I ran- ^ ■ v l|tini..i 
Iran W „ rui .*»_! 
I rax Krs — ; 

1 ri- uipotel..; 


211 , 

28 

117ft 

2150 

ill- 

334 

444 

424 

3170 

9W 

13« 

*64 

93 

3 

315, 

256ft 

l*l 2 
301- 
265 b 
474 
28 
241, 
15* 
424 
30 W 

241, 

*64 

53b0 

377 9 

37 

16f 3 

69 

3B7j 

211 * 

35ig 

101 * 

454 

98b, 

6W 

30ftg 

- 7:s 
2*4 
20 
375, 
824 
514 
197j, 
404 
27 4 
471* 
37 
164 
181* 
29 t* 
214 
201* 
3450 
18<0 


52*a 

74 

oil* 

19>0 

1810 

8.98 { 


175a Jtti.aHurtn 1 

4 I 

*1 i.iemx I 

114 izapata j 

114 'tealth Radio. 

9.<„ iUJi.Traa 


191* 

4 

543, 

114 

1358 

194 


t< 8 i 0 !i.l*»T«a**%TO.'»| t787a 
o.y /'ilU.-j. dUnlay liilW.j 8.79% 


CANADA 


185, 
185a 
45 
265, 
*«7 a 
kb 4, 
20 
■7* 
641* 
24 


104 |AWilbl Paper— 
4-50 i.Gouor Eagle.... 
Wig | A tom Aiurolnl'ml 
14la iA'uoroaStPc:.... 

341* I.Uheauw 

17l, itMnknl Uuolrea 
181 * 1 bank N’nva sent ia| 

i.To 1 iJd-lc Umniiir-. 

02 [tic i Veiepbr.nc.. 
IQ!* jrfnw Va.^t in*l. 


1750 

pi* 

3948 

281 j 

46 

264 

22W 

3.76 

635, 

224 


20 

;9!oo 

■HO 

174 

125, 

1* -SJ 

aJb, 

A** 

20 

i‘bi- 

71 

u.12 

1 i bg 


to i, f n P Canm 1 n 

144 1 utftHau I 


as. d 
a** 
Uw 
Oftll 

UU 

2a ■« 

lb 

Jut* 

134 

bl 

3..S 


' Karv Power ...; 
L'uiilhi Him* ...' 
V I'm- in i.rmenr., 
.XihiI-i N \V lam.; 
^D.Imp 8b Com 1 


1950 

174 

:b.sv 

395, 

lOllt 

l-,4 

10 

395, 


i.Huis.in in'iini ;22 


' jui. Pacific , 
l.«*u. Pm* he Inv.’ 
jCau. til|ier (ii,... r 
Carting O" Kerte.. 


dig |o'o-»iar A-iwur.l 


B47g 

234 

71 

4.60 

91* 


29,, 1 
5*i- 1 
134 | 

5 *. 4 i 


cl, 
135, 
141™ 
825a 
111 
IdDh 
881* 
*3 4 
174 

3b 

oi.4 


17ftj .ChEdlaln 

*51, LV-uiinu. 

7 Icon.-. Itnlhurat .. 
lol, iCcnviiroer Gar.... 
4.96 UmIm lleotm* 

Vi* 1 1'.< Mini 11 

Dip IDaiHi Devol._.... 
52 'Deoisoii Miner... 

701, ilknne Mina I 

354 jDnnic IVlimeuni.j 
215s lUonumutt limine 

145b iDominr. 

12 ;Diipniil 

5 b Ig - Fhhxhi ' jje ,\ lube I J 


274 

514 

134 

194 

6.29 

tlDIa 

125, 

724 

794 

S3 

f28l* 

221 * 

tl45, 

324 


D94 iPiinl Miftutua..; t704 


3bs, ] 
154 . 
o*<B 

„ 9S » ' 
4o 1 

2l!5i 

M4 I 
21 | 
58 

241b 
82ft* [ 


2^ 


2 3 bn ]i. lea-i nr 

91* jUiani i'e. Hkultei 
;«II t Oi L turn. In. 
rtHWker ->hl.CaP. 

H, ■•linger 

dmne «Jii 
Hud-on ttayAlngj 

Hu-'Mi Bay 

Hud -on U|.\ Ga- 

■A.C 

maccD- 

Imperial Oil...., 
Incu'.V............... 


29 

31 

I 34 

loig 
40 in 
li 

275, 

185g 

164 


547 8 
94 
341* 
84 
361* 
45 Sg 
20 
215, 

SOI* 
171b 
375g 
235, 
17 u 


Ibig 

12 

MU 

lb 4 
9-< 
4.8S 
zb 4 

loin 

50 

aaU 


84 

950 

154 

15 

8’0 


204' 

381* 

27 

194 

7b 

537; 

474 

2»S; 

25>. 

244 


171, 

2b is 

17*5 

164 

3C 

274 

551* 

184 

174 

Iblt 


' PerkinEliner...... : 

Pfrrer ^..! 

Pueips Ik-lgv.....' 
I'unnrtelpliUi Kie 

PlKlipMnmn 

PUiiiti<n Petfo’m 
Pnhi-urr 

I’ltllcv-Uoaer.. 

IHrl.n 

Plmne>- Ltit .\Dk 


74 

*iTO 
4U,{ 
44 4 - 
4758 
-Oift , 

464 • 

b 2 l* ' 
28 

•**,, i 
114 1 
674 . 
6U ! 


2 J 4 
1950 
183, 
175, 
30 
o04 
12 '* 
344 
Ol- 
45ft« 
41 


Intnu Oil A Gi».’ 

. I II W ... 

.(tihCtnuin Kw; 

V.A.L.. I 

■l-Allciy _! 

;l;gi_ I 

Unilever •..! 

Unilever KV...—I 


^■mieTer N 
• L’iiioo ilancovp.. J 
,Uatvra 

I'Bftfl t 'timinercoj 
- Uaion uti CaJU-.i 
l mon 1 ‘oclhc... 


A" 

525, 

334 

465, 

17ft« 

50 

BHSg 

28 

5S5e 

850 

56 

55 


264 
334 
214 I 
164 
704 i 
504 ! 
3Si, . 
2* 

IBS, ! 
20 ’a 1 


305.37 

HU 


*54 

23 

1950 

464 

13>E 

334 
53 1 8 

1270 

54i* 


3361; 

■*0au 

264 

34 

17 

144 

35ft8 

64 

Site. 

27lg 

10 

264 


HIM 

lll|..IV\iqil .. 

Inn. Huh-iri 
iiiti. 'I in a. i hem 
lull Mild Ill mi*.. . 

Incu 

lull. Paper • 

lull. Ifcrtifcer.... 
tnu. lei. 4 . Tet>. 

Iw, Beer. 

IL’ International. 
Jin Walter. 


273.37 

2 *fta 

345, 

347a 

1930 

134 

397? 

lOftt 

21s* 

523a 

104 

274 


59 : e 
last 
51'-* 
9*4 
2i»i 
*64 
201 ; 
27 1- 
-lbi S 
564 

33S. 

27!* 

484 


234 

154 

23-- 

7i>, 

21 :* 

24 

IS 

201? 

54- 

28: a 

22 

22 

33* 


l'i..l,r>ii.| 

I'.l.-Invi: Lli-u. 
PPG tiulu-tnc- . 
Pn-Aer tiaiDi.ir. . 
I'lU*. >yr. . 1 

f’ulinua 

Purer 

4ua2er DiU , 

liapM American. 

KaythMiwi ■ 

KCA 

ReimKte >trei... 
Ucvrti Inti...— 


51 

13T, 

254 

874 

214 

35 90 

164 

24 

14* 

46!* 

284 

237* 

3»:a 


84 

134 

Jo 

aSiti 

294 

5Zb 

bis* 

zzv 

18b* 

304 

3BS? 

jb., 

31 !: 

314 

32T, 
434 
36. ft 

211= 

241- 


5 

67- 
25 i t - 

Clift 

Zll- 

22 Ip 

azi* 

175; 

laaft 

Ir-!.' 

171, 


-!■ > 


^3: 5 

1 ««H 

244 
23 s* 
ZOJ, 
ISSfl 
1 15, 


'Umroynl .—.I 

i'nilcn UrnD.lv>- 1 
Us Ihini- ™-|U-. — . 

L s «..\ | -uni I 

l > su.,v 

Us Xeei ; 

-l td 1'i^LnuiosiMt; 
lii.iii-ine>... 1 

1 irftiiiui EleCI— • 

tv. . 

U*Hlini« Murray 

"■iii m i-H.miru- ; 

"'•nm-UiniVIT i 

ttft-j,. Mm/pienii 
"’••I 1 P-iiie 

ttf-iPn, tjnjiLVH' 

."•”l‘'Mi A. tines! 
"-«U.iti L'dvw.. I 
Hoi.niiiiV. bled 


at, 
81* 
271- 
247 S 
235s 
23 
38*g 
174 
13- j 
IMi, 
185, 
48, b 
B ai- 
ze 4 

26J, 

24i t 

M27* 

lbl* 

174 


385, 

194 

4w«t 

264 

1-4 

2.50 


I Inin. 

lluUUhi Nat. Da-. 
jlul’p-B.Ptpe Um 
j (inner Ue»siiroei 
. 1 uun Flu. Uiry.J 
4.2b lU-liMw Com. -B’j 
185, iMenri'n H-tieu^. 

V >0 !ll»vrv Pcniu'nfii 

20i, ; McIntyre ! 

Zb*, 5I,m Cur|ia I 

1.90 J Uvnuitmu state li| 
21 iNmiulB lllD4>....i 
14J, 'n. riven Encnit - j 
Ins* j.Sui. Icvumu—.i 
224 Ixnniac Oil S. list, 
JUnliivuaa Pitn'ti 
1.00 j Pacillc Copper 11 j 


134 
1040 
165, 
164 
95* 
4.40 
Z31| 
lOIa 
23ln 
335, 
3.26 
461* 
181a 
35l* 
26 4 

4240 

1.96 


60<g 1 

20T 0 I 
b-25 1 
ll.au 
Zbi, 
*3 
124 
a.40 
195, 
141* 
007* 
a7i* 
20 


451- 

al4 

b5, 

3.0- 

1.8- 

194 

97a 

lu>3 

1.0a 

12ng 


245, 

234 


iPacIHc P« rroeum 
PoU.Uou ■ Petrol ini 
Pnilnu ....... -..1 

Pet>t>icnltapt. a. ..I 
Pli* -e Can. ,0 DpJ 
Placet Devewpmt 
PuavrOrponl'iii 
Pnce 

iQnebei- bturceon. 
Hanger Uil ......... 

Ueert 8tenbau-e.-| 
Km A 

Koval Bn. nl Cail.l 


111 * !Ki>yBiTru>t 


80 ‘8 
38t* 
(2010 
164 
2.03 
Zb 
S3 
tZJ 
1.09 
1610 
1UT* 
334 
371* 
18 


1-4 

34 l u 
li-. 

all. 


314 ! 

245, , 
2«-8 . 
23** 
31 - 


201 , 

20 

17 

IS 

215,' 


*' eVi’rlfaeuser. — ; 

, l\biTip.«i 

tt'biteCda. lad™,' 

Wilflnn, Cn. ! 

" iw-jrmn Bleet | 


96 

204 

1750 

IS'., 

27s. 


Z9 
•t.UO 
49 1™ 
2Z*s 
ItJi, 
10', 
16 -a 
lp5* 
11 
aoij 
12 
224 


570 

2Zi. 

135,. 

H.a 

-*.3 

ZZJ0 

34 

lD4ft 

144 

640 

Iu 

10 

7 


• ffri4retti*nurcct| 

1 •dtiirant ...._ j 

■ be t iiuula 

! >ii,rTltl II.Muue) 

-imp uu I 

1 - Leo . u ) Uniuh 1 n ...| 

’ -tv»t' U'ft-fc Iron ' 

- t>Mai Uaniuta _ i 

( l.romio Iknu.Bh.'i 

• tiaiift-UuU’ipcLDj 

Irani. Mount Upli 


74 

325, 

17 

85ft 

37fc(i 

70b 

875, 

5.60 

48L* 

824 

185, 

8S« 

fib 

104 

11 


ilii>eUa j 

. N-ntdalKDrlftiie*. .« 
285* 'tt'kiner Hmm ...i 384 
104 ‘ Weat Cnut Hint! lit, 
154 1 VVoieru Gen. , 824 


f Bid. t Asked. S Traded. I New Stack. 


Dec. I 


PrW 

Dm. 


AKtt 
Alhanze Yep.ich_[ 

851 W 

BASF 

Bayer 

Bnyer-Hypn. 
Bayer- Veroiiunn j 
Clbalni.Ned.wn,r 

Uomnjerabnnif | 

Gontl UunimL.. 
Uautiiec-Beaa .. 

DcjfiM*e 

Dana*. 


-fori btruYid 


— * 


78.7^ +0J I - , 
492 8 3L2 

225' i+4- 28-ia! 
1.6.3; + l.S >18.78 


140.31 


+ 1.5 ia.n 
31S.5 + 1.6 I28.12I 
+ 5 28.121 


326 
lbO . 

227.2-0.2 

o 6 -a:+ 0 . 2 l - 

326-Bi —120.121 

253 I <26.63 


Deutrcbe H an k.... 
Die»iuer Bank.... 

Dyckertxjff Zemt. 

GntelxADUnx — . 
Ua|«u Lmyd — i 
Uaryomsv. — | 

dltiCUM 4 

HuCin-b 

Horten...^ 

Kail umt sal* 

tifttrlndt 

Kaufbuf 

KKt-kner UU100J 

KHU 

uiuptt D24 UJj.„. 
LiHuie. - 


1,7.5+ 2. Q 


LoirwtnraoUMKWl.BeO 1-6 


Uifihan-a 

5lJtJK 

iluiUbDIHUI 

UsliiiKe ' 

ftiunrliener Kurk 

Awkennann 

Prcuo au Dm. UAjj 
Hhp.nWe t. tt'ei. 1 

-clieriuR 



3Ui> /otekyt | 

ihv sen A.G 

l nru_._ 

VEBA 

VannlV+tllk 1 

Vn euroyen- I 


411 

246.5| 

180 

240.71 

100 

160 


+ 4 
+ 1.5 


+ 1.7 
+0.5 
+2.3 


136.1+2.1 


17.IBI 
fiis. ia 

|2b.12| 

9.38 

182fiJ 

14.06] 

15.63 

18.76 


loS 

+2‘ 

140.5!+ 1 

328 

+ 2 

251 

+ 1 

91 

+ 1 

200 

+ l.b 

lOO 

—a 


B91.5 +2.5 


9.3fl 

14.04! 


% 


SPAIN * 

December 1 t • 

As land 

Banco Bilbao — 

Banco A tl ami co a. DOS) 

Banco Central — 

Banco Exterior 

Banco General 

Banco Granada (1,000) 
Banco Hionano 

Banco md. Cat. (LOW) 

B. IniL Medlterraneo.™- 

Banco Madrid f 

Banco Popular — 

Banco Santander i33») 

Banco UmnUo tl.OOB)... 

Banco Vlzcu-a — 
Banco Zaneouno — - 

Batftunloa >- 

Banns Andaluda 
Babcock WUcta ■— — 

C1C — 

Granados 

ImnObantt 

E- L Aragonesas 


Percent 

127 


+ 1 


2*1 

JO 

250 


+ 2 


. 147 
212 
172 

m . 

3X5 

am 

335 

263ml 
• 2S3' 
2ZSZ4T 
1M 

in 
29 - 
SS 
'213 
67ML 
40 


.+ 7 


TOKYO f 




Dec. S 


+ 3 
- 2 : 


Sspanola Zinc . — — _ 

Exp]. RIO Tin to 5175 - #.]5 

Pecsa 1 IBO 81 SLShol - 059. 

Fcnosa (LBM) — » - — 

Gal. PrcdadM M +1 

Grupo Velazquez MW) .165 — 

Hldrola — 61ml , ~ 

IberdBero M50w» — 

Olarra W . ” . 

Papeleras Rennldas 43 ~ 2 

Beuollber .-.. 1 . U 2 — - 

Petroleoa 135 — a - 

Sarrlo Papalcra — 39 — . 

Snlace . W — r 

SoseSsa J27‘ — 

Telefonica 4. ' 75.15 0.B 

Torres Hostench — 76 +3 

Tubacex 83.50 — 

Onion Elec. — . 62-50 +.9J0. 


STOCKHOLM 


Dee. 1 


Agt Ab i hr-ftUi.... 

Alts LnTa.lKr.SG) 

A^BA(KrJ)Ui.. 


Auaa GapcoiKiSbl .116 \+.2 


UlHeru .1 

Bator- ! 

Uarrlri.. 

UofiukM. : 

ISiect'iiia'm ' 

KHCr-OO'b'lK 

bs e.t« “B*'....-,. 

Fwterate 

;e»tFroe)... 
onkm 


Price 

Kronor 


198 

145 


+ or 


+ 2 
+ 5 


77.5! +0.6 


43.0-0.5 
112 


+2 
+ 1 
+ 1 


3.2 

6.3 
6.0 

o.7 . 

4.6 1 Manuoa I 

4.3 j-U»Ucb Durntn. 

• saadvu B‘ Kn-. 

3 . &J. ’d’Afs....! 


0.8 


4.3 

6.2 

9.6 

4.6 

6.7 
2.6 

3.8 
7.0 
6.2 
7.0 


123.44 a.6 
18.76 3.8 

8.76 4.7 


18. t 


26 4.3 
io ! 8.0 
+ 3.5] 9.48 4.8 

ld.lt'. 4.0 
I/, lb' 4.M 
16. Gt| 3.1 
MM) Z.l 


«8 

334 .+2 
, 16 . 5 + 0.3 
254 '+2 
b84 >24 
163 | + 2.5 
141.8. + 1 Bl - I - 
176.8 +0-8 [ kn j 6.9 
260 +1 1 28. 12, 5.4 

890 +16, Ho ; 4.5 

230 .4 17.1b 3.0 

!• 7.5+1 <17.)bi 7.3 
lbl +0.8 U6.16 4.8 
134.5 + 1.5 I a-38 3.5 
996 . + 1 / 28.12; 4.8 

ZS7.S +0.8 ' 25 ’ 5.2 


MILAN 


De.-. I 

Price 

lire 

+ or 

Div.:Y .. 
Lire! + 


30 




i)u liv .......... 

514 

-1 

— 


Fiat 

2.800 

+ 65 

ISO 

li 

Uu. t*riv„ ..... 

Mi 'Her- 

139 

+ 7 

ISO 

6.0 

lUKM'tni'iii 

25.110 

+ 740 


2.6 

uni 1 . ci 

319 

+ 17 

1 HM 


Jliuire.iwni.,.’ .... 

178 

+ 1.8G 



.» .\iftu Frlif 

l.bOO 

—75 


_ 

I*i»l*.il A C'S 

1.861 

+ 15 

laO: 7.0 

«’-re.’t 8t« 

919 

+ 14 

B-r 

8.7 

mia V I'cii a.. 

898 

+ 9 

~ 




179 
227 
115 

115 
284 [+2 
95 -2 

■ 48.5 

376 +1 

125 I 

60 [+1 
367 +4 
'59.5 + 1.5 

156 -!.- 

63^1+1.5 
56.5+0.9 
B6-8| + 2U3 


VG. 

Kr. 


5 , 


5 

6 
6 
6 
4 

n.?B 

10 

MI 

8 

4 


YkI. 

% : 


3.75| 

4Lo 

8 

5 


6 


2:5 

3.4 

6.6 

6R 

9.3 
3.6 
3.2 

4.4 
4.B 

5.4 
2.8 
4.1 


Atobi.G 
Canon — 1 — . 

Uulo — —..-j 

Chi non.— . 

Dai Nluoon Print] 
Fob 


Bonda'Mototm: — ^--506 
Uouee Ptod:..„— .] 1000 
U. itoh -241 


IroYotaido — - 1.790 

759-. 

JJVX„_ 

Kaoaai Elect. Pw 

KimTOji 


2.820 

1.160 


Knbote. 
Kyoto-Cenunte^ 


Kyotc-Cerai 
UatBusbitB Ind_. 

ZUtsubMtl'Baok. 

SJitouWnhi Sea^y 

Milmtubl Corp+ 

Httouf * Co...— 

tHwiilmh l 

Nippon Dffluo_. 
Nippon ftbinpu . 
N1e«snllotora... n i * 49 

Pkmeet 1.7 10 

Sanyo Kiatriu k59. 
betisui Preteb— .1 667 
Sb 1 Benin. ...'1,180 




bony +.llp50- 

lbMiu Marine. > “t 


A _ _ LU11 , . 241 

Tit ke rt a CbemlcaLl ’ 485 

TDK 1.940 

’MfQn. j 134 

Tokyo Marina..,. ‘ 615 
Tokyn EtoctPa w*r! 1 ,L80 



Ibkyn oanyo _ 
■T c««y— 
Toshiba I 


mm i 


20 - 

--- 


■, nuirOja*^-'^ 4 :. . 
.lI-f-R^i5wF?r a •• 


So azet Nlkfco: Secarttios. 


BRAZIL 



Price . 


-Uru* 


•- . '.<-?■ +' - ' 

ns 


4.2 

6.4 


2JL 
7 JI 
6.1 
7.9 


6J 


SWITZERLAND » 


Dte.i 

EYice 

Fra. 

+ m 

IS 

s- 

YU. 
* ' 

Aiuaialiun 

1.088 

+30 

a 

3.7 

UWJ 1 A' 

1,655 

+ b 

10 

3.U 

CtbaGeigy Pr.100 

1.075 

+ 16 

22 

2.1 

Do. Part On... 

860 

+ 35 

22 

a.6 




22 

a.b 

Credit »utate...„ 

2.170 

+ 20 

16 

0.1 

Rrectrowaa — 

1.810 

+ 25 

lu 

•S.B 

Ficviicr (Geonrri. 

545 

+5 

0 

4.b 

Hodman Ft Cm. 67 750 

+ HHS 

11 l)0 

It 

Uut l-ma.-i 

6.726 !+175|Uu 

4.6 

loiertood U_ 

3.725 ; + 2fi 

21 

A.b 

Je.nvjii it r. HAD... 

1.445 

+ 5 

21 

1 .Cm 

Ne-tie (Fr.KXJj... 

3.170 

+ 30 

nJtUi 

4.7 

Do. Reg 2.230 >20 

Mb.l 

a.9 

Uor. ikon Uri-^oL') 2.620 (+25 

lo 

1.3 

Pireiii alP(F.IOT) 

273 

+ 2 

16 

3JS 

«n(kn IF.ftauj — 

3.67S 

+ b0 

26 

l.b 

Uti. pan Cert-... 

442 

+ 9 

20 

3.0 

Scbtn Her CM F10P; 

278 

+ 10 

12 

-*J 

a uuror Ct ( Kr. A0p>J 

308 

*3 

14 

n.8 

Uwueoir (Fr^EO).] 

790 

+ 2. 

IU 

4.x 

.iwiw BotCPr.lOO) 1 

339 , 

+ 7 

10 

2.9 

aww ftteKFr.AD) 4.660 

+ 50 

40 

2.2 

U iuon. bank. 2.960 ■ 

+ 10 

20 

0.4 

Zurich Id- 

10.860 .’+100j 

44. 

2.0 


Aoenu.. 

-donookiti Hoof, _ J 
Banco I tea P N -1 
Beuto Mlnnha ti?, 

Iftjjaa Amer. DJ*. 
PotrubranPP^.' 
PMIiOP._LJ L35 
bouza Craz.01%4 2J0' 
Dnip PB™.,;rJ 6.85. _ 
Valeltioildbe'PPi 1.03 C 



Tarnorer Cr.79.lro. Votmne 44.4m. ' ’■ ■ • 

Source: Rio de Janeiro SE. 


JOHANNESBURG 

MINES 

December 1 


Anglo American Corpn. — ^6.40 : 
Charter CanoolMaied ID . 

East Drfetooteta USO 

Elsbunt . .us 

Harmony .;.... ' 5.70 

Kinross 543 . 


--mm 

Rand -Par — 



Kloof ^+_+.,. h .r„w„A 


Rnstenburx Platinum s:.. -183' 

SobUrvaal 

Gold PleWs SA 

Onion Corporation 530 

De Beers Deferred 7.48 

B ly voen it mcbt +538 ' 

East Rand Pty. .._ 15.60 



Free Stair GednM — M.00 

President Brand 1530 

Prcsideoi Sleyn 

PtOfooteln g.70 

Welkom — 430 ’ 

West Drtefcmeln 41. M - -«£*“< W7: t» 

Western Biddings ......'. 36 JO 

Western Deep ti430 


r-o. 


AUSTRALIA 


Dee. 1 


AUUIL [2-' cwui-1 

Aero i» Au'irana _„J 


Ajd pal Exploration...^,....., 


OSLO 


Doc. I 

Frice 1 + nr 
Krmei — 

Tm. 

Tm 

UtigHi Dull 

105.0) 

9 

B.7 

•ii irrm.inri. ....... 

65 j—1 

— 

— 

Cre'ithnnk 

116.0U0.5 

11 

8.6 

Konmon 

330 

20 

6.1 


114.CH 



.tnrnk riv.im Kr? 

IBS Pi 

12 

5.2 





-e •• - " 




PARIS 


Dae. I 


Price 

Kr*. 


+ t*r| 


lleaie 

Airxtue i» —i-i’t’el 

\ir Uquul, [ 

Afptirnloe 

alU . 

Hraiyguc*..-. 

8.a.N. Qerrai- ... 

Uaccefotir 

t.Ui. 

U.l.T. Aicntm I 

Die Unnonire , 

G 1 nt> Uedlter— J 
Credit CpauPr'oa] 
D reunai Lain. 
Unmet......—., 

Kr. Patron* 

Gen. Occidental ej 
luunal 

Jn-quro Bara..... 

Loluge...^ 

LOmu,— .. 

Legrand.... J 

Uiuau. PbauniK 


516 

790 

558 

2.167 

389 

991 


708.a|— S-2 

360 t 

384.01+ 1.9 
529 |+3 


Dir. 

YfT. 

Fra. 

% 

41* 

U.6 

24.76 

6-5 


+ 7 


~2 
+ 8 
+ 2 
+ 10 


•*49.01 

608 |+6 
127.0) — 0.5 
57.81—2.7 
669 +B 
136^-0.6 
264.0; +4.4 
56.8 


M+t flenMwy-j 
Mouiuil-h 

ttenbor 

P«xhi 


PO-'hiney..... 

Perrunl Uioaro— .. 
Peugeot. Citroen.. 

Hurimn 

Kadu Yecbniaue.; 

UMroite ; 

ttlioae PnttMoc— .| 
au GabcLtu.~. 

aata I (Art 13 QO!^— 

Suez 

TetonwimuKjiie^. 
Thonuoa Branded 
Cainor.— ... 


117 

246.8 

+2 
+ 6.2 

710 

-a 

LOSS 

+4 

604 

+8 

1.212 

-1 

673 

—2 

140 

*2 

204.0. +2.5 

77.8 

— Ll 

304.3+4.8 

435.2+2.7 

216 

— S 

416 

-4 

680 

+ 5 


10-4 4.2 


2035 


1UM-8.7 


42 

403| 

7S 

3131 

7036 

12 

7* 

12 


33.IM 6.0 


14.1 

U8[ 

6.71 


18-77| €U8 


16371 

30.n| 

ia.fl 

372 

12.0 

5 


7J4 


1 27 

1 14.4, + 0.2 J 9 


1463+2.4 
1,825 ; — ZO 
295.6,-03 
787 i+2 . 
241 1-1 
12.0—0.3 


14Jd 

1391 


16.1b! 


4.9 


5J 
7 J 

3.5 
8.1 
7.1 

2.6 
1-5 
9.6 


10.3 

3.Z 

10.1 


2.3 

1.9 

7.9 

5.1 

2.2 
2.1 
4.8 
9.7 

5.6 


8.5 

6J2 

7.9 

iao 

2.1 


25.6 8A 
253 3Ji 


6.3 


A*oe. UlDeaUi— 

Amk. Pulp Paper SI 

Apoc-Cod. Initu.rrtan ■ 

Auk. .F bunilatlon Invent— | 
A-NJ. — 


AuaU 5 : — 


Audi moo- 


Au-C. Oil A Gab- 


Bamboo Coeek Gold 

ibne Atecu I rid ....... 

Bougainville Copper 

Brambteelndmcrte* 

Hieten Hilt Proprietary—. 

HH South— J 

Caritan Onltat Brewery 1 

call r$l| __J 

Cookfaxm Cemenr.. 

Uolan (GJ.J 

Cona. GotdfiaMn Auk '. 


Container (*l).. J 

Iruwln* UUfti te 

contain AntnlK— • 

Dumop ttubtorc50ra»t,._| 


Birier-'tntib- 


Eadeavaar Umwitw....-., 
1 LZ. Indtiitrlch 


Gen. .Property lriist j 

Bameralw 
uimiw— 

1UI 


Inter-Copper. 

Jamingv ladi 


nrirntrUn 

Janes tDovldl.^ 

LwowcdrOti 

Motel* 

aim-Bawuam 
Myer* &nporium 

Ham. 

flicbote* Internisfamoi— 
Sort b Bro k en H’dlngi (Mcj 


OD 


Otter BmMorailan. 
Pioneer Concrete.. 


Keanu A Caiman , 
B.C.. 
loatita 
anqm Bxp 
Tootfi (3).. 


Wmtjjn, 


t0.70 
tl.00 
12.08 
11.22 
10.72 
tl-35 
-tl.77 
U-80 
10^6 
11.65 
tO.58 
tO. 60 
10.19 
to J»4 
11.47 
♦1-67 

18.36 
tl.35 
11.68 

13.37 
tlJO 
12-30 
15>16 
tS.50 
13J0 
:1.35 


I 


+0.181 

-031 




» '>v'; > 


404D 


j+0.07 
+ •..5 
+8-85 
1-030 
i+*.ui 


1+031 

“0.04 


:+8.®3 


j+032 

KO.B0 


■W 


10.85 t 

tO:92 


■ I+0.K 


+038 

1+032 

ka.Bi 


Wantca Wntoit (50 eeot^| 


12JSB 
10 All. 

ra^o f-o.01 
11.50 
»2-lfl 
to.ao 

tZ.Ofi 
to-BO 
tO-92 
tl-16 
tOJB 
1085 
10-15 

ta.40 

11.09 
1243 
tO. 96 
11.27 

. 1L50 

10.09 

truss 
ti-aiM 
12.75 
10.64 
10.24 
«L28- 
11;7D. 
-.40,73. . 

tl-M f4U 

-1LH0 _f-03» 


+032 


+033 


1+031 


INDUSTRIALS i- 

aeci — ..... . 

AhAlo-Arorr. Industrial ... 11.50 

Barlow Rand 436 

Currie Finance .... ... 03? 

De Bern Indnatrial *11W - s 

Edaara Consolidated -3.00 . 

EOsars Stares 3639 . 

KverRpBdr3A\...:.n:. vtM "TdtT'.'TS,. 
Fed prole voOubcJeselnfis... ijo +.e.«S rwA+lVv*.. 
Greatcrman* Stores - *2.70. -0.B/AS2* i. • 

n nbtu • XJO ' 

LTA 239 .; ' * • ■ '< 

McCarthy Rodway «33 ~R«3 

MedBanK 230 

OK Bazaars — - . 7.75 '■ -.* -S’ l^V- 

Premier MUHn* „— »333 

Pretoria Cement t»J3 

Protea HoMlnga U56 . +#*.•• Uv.4 

Rand Mines ProparOes 139 . 

Rembrandt Croup HAS' - ' * . .V'tc .=?■- 

SAPPI ( ! 230 , 

C. G. Smith Sugar — tS.SS h 

5A Breweries ....... ,135 - 


•tiBer Date and NatL SDs. U38 ^ - : 

Onlscc ... . 1 . 1 T ffi 


(Discount of 42^9%) 




TEL AVIV 




"Wen -tabi SBK-.-7-: • 

Detv* en <*JrZr> 

Baoktaar, itmronca mod Ptnoco 

Bank Lemnl.le Israel 3383 jf- ; 

IDB BankhoMine £ 2 : 

BliBt Rapoaltm Br. ....- 4&4 ; *-.TJT r " 




j. : . sf&iZC * 


umon Bonk of Israel Br. ^a»^-- 

Untied BSzralt Baift • J 

Hassneh Bemranee Be. 

Ct». Mortgage Bajac-Rr^ :3l2 
•Tetahof’ brae) Mttgaw :• 4a» ‘ . 

Und Doydopname • . i -'ZS'lC? 

Africa Israel tovestflEjn® TSS -SS&±rT<.- t ’ .u 

larael ZAbthSeveiopft'Rr^ - 2 St %X- --- 

Property nod DulkflnC -* - 3963 , 

Public utility \ .. . : '■■■, •- 

ternrl ElDcttic Con?, -C. ' -3M SMZj&fiLl 

$!■% 

Ben St. _j__ : -2XX3 



TmaHeBr. 
“Ate” Testae **»" .—.U-' 
Aroer. taiei ’ Baser Mffla 
ASUS 
RBte 

Ten Re*.. 


A "*— 1 v 

- 73 o-r ■+» <Mp.' f \ 


Tool - - . . - y 

Detok -.aae.- + o+r«»--- 4r»'. a; 

Sonreet Ban& Xemt >-l*rwi. BM, 

ATtr.: . -■ y -'5 U -rfk 




Y PteA-.-SW ‘timom. sMItM-dOwniteti. CMS’*. 
.*** *- o»‘maomz- ~ 

teUej g Qt hervrlSB noted. < price at ante ■ 

■— w4DW 5»90. after. . ixmlttg •• 

J fff' finest. eGnaB.df».:_5it hABaned dMdaOd.y^^i* > 

atedlmM Ate -TTvJSSf^SS* « .*« «te)odtrte»CCirtj+;+P^’ 
t la JhanHt at*. -togaa. dJdtortre boidera -^y 

3 Tmted. _* Bcfl a* y& m&nd. jxRx rights; -. 5----^ , . 

Aimaattt .rim ineroued. i^taiVy 


4 DM50 
ed- +-Kr 

rtherwlse staled. : Ten _ 
suspension, o Ftorins. b 
aod/ar scrip is 
after scrip ad/hr . 
lndnths IMUc die. 


XaE* alL 






. /’M- ; 


‘A : 






















































s toe in the water 


"m 3-' Jjatffdpatcd in the .manage- t be curt .of funds avcracuic in vectors will in? to lock up funds There are strung indication* 
market* ment .^roup of the. .previous between lii per. cent and 1- per in ihe long-ierm if t be name and that the first tranche of “Carter 




announced. - one -of the mam 
the questions concerned its long 
t - ---- .. ntaUiriij fn-iti'af-evidence vig* 

ngtwat^tyeff^ur ■ j^aeed because, uiih s«is ihai there arc now 


Bunds" — HA Government 
the market sneuritiw denominated in Swis.» 
un chartered are* hut rrancs. D-Marks and Yen — will lie 
interest in it launched into the West German 
s market this week. By the week- 
Treasury officials had 
become increasingly secretive 
matching their long-term about the plans fur these issues, 
issue confirmed that demand was liabilities with sbort-temi. high saying only that final decisions 
picking up and was proving yielding, investments. Now they had yei to be taken. Sources in 
better than most of them had are starting to invest longer (he t'.S. Treasury' did indicate, 
.anticipated. When the -issue was again. however.* that the Swiss franc 


33* 


** /SOND tlWlftfcG ' ‘ " 

■IssV.- 

i? 






BY JOHN EVANS 


r Proc! 
Air. 

4ak"." 


ii^ 
i’*' ^ 

r'*;u 
::: ** 





and new faces 


A V-; -rx. 

\ ROSS' AKp^ABTNERS i Scout- cites that the banfc-ts now ‘Tiead- trade convertibles — 
S nesC the new. bond; fidpse headed :4wn ting" for -personnel in the areas which are not 


ry-Mr . aaufeS^IRossi - the eip -’City 


issues 
so heavily 

populated " liv tr^ders. 



While uncertainue- remain, and D-Mark issues would not be 
and while U.S. interest rates arc underwritlen or syndicated and 
acknowledged not yet to have that the selling agents would 
peaked out. these investor'i probably he the Swiss 3nd West 
-appear prepared 10 start beltinc. German central hanks It i*> 
albeit cautiously, on a firmer clear that securities c»r short 
dollar. This assessment, if if m a runty will be issued to raise 
prove* correct, could bring sub- Iho hulk of ^tbe funds desired 
siantial capital gains in a year by the US. Government. 

or so - Aciviitj in the Deutsche .Mark 

Two Soaring rate notes, urn* for sector was lower last week than 
\.ippun Credit Bank Finance XV. »he week before. The major lalk- 
ihe other for Privedna Banka of ina points ur the week were the 
Zacrcb. were ibe only other new «enerous coupons proposed by 
dollar issues announced Jasi Dut-chc Bank for ibe Oester- 
week. reichivrhc Knntrollbank and fur 

Prices in the dullar secondary the Republic of Brazil. The in- 
markei were mixed with more dicaied coupon of 61 per L-cni 
down, for the Austrian borrower could 
on lu- explained by the desire of the 
thre-e lead manager in ensure a very 
rorse cnod reception fur what is the 



CURRENT INTERNATIONAL BOND 

ISSUES 


Borrowers 

Amount 

m. 

Maturity 

Av. life’ 
yean 

Coupon 

% 

Price 

Lead manager 

Offer 

yield 

O' 

j*o 

U.S. DOLLARS 
ttSonatrach (g'teed 
Banque Extericur* 
d’Algcrie) 

5D 

1984/92 


7[ 

100 

CCF 

7.38' 1 

tMizrahi Int. 

10 

1983 

— 

41 

100 

Mizrahi Bank 

6.86 

Norsk Hydro 

50 

1994 

II 

91 

* 

Hambnos Bank 


tPrivradnA Bantu Zagreb 50 

1986 

5.75 

a 

100 

Credit Lyonnais 

8.16. 

tNippon Credit Bank 
Finance NY 

30 

1985 

7 

sr 

100 

Morgan Stanley 

SS*' 

D-MARKS 

fgSharp Corp. 

150 

1988 

• 

31 

100 

WettU 

334 

STokyo Electric 

40 

1986. 

— 

34 

100 

Commerzbank 


{Occidental Int. 
Finance NV 

ISO 

1990 

9 S 

4: 

IflO 

West LB 

4.75 

Oesten-eichisch* 

Kontrollbank 

100 

1986 

_ 

44 

100 

Deutsche Bank 

6.5 

Brazil 

100 

1986 

ft 

71 

100 

Deutsche Bank 

7.25 

FRENCH FRANCS 
+5ociet* Nat. Of 
Aquitaine 

150 

1988 

9 

n 

Wi 

BNP 

9.83 

GUILDERS 

!EIB 

75 

1985 

7 

81 

99 

AmRo 

8.44 

KUWAITI DINARS 
City of Oslo 

10 

1990 

8.1 

7J 

* 

KIIC 

- 

YEN 

! Australia 

3 Obn 

1983 

S 

5.6 

99} 

99-1 

Nomura 

5.74 

^Australia 

20bn 

1988 

9 

ti 

Nomura 

6.645 

" Nor yet prietd. 

: Final umj. 

■* nXMxflt. r Floating rata not*. 

Minimum. 

} Convertible 

- * R«tiRtf«4 with U.S. Securities 

and bcbft|t ConuniKwn. 

7 Purchase Fund. 




Nat*: Yield* 

are calculated 

on AI8D 

i hast*. 




U.S. BONDS 


BY JOHN WYLES 


-lil^^teL^-tlnSTtoss BWVe-SftduW^ service j^nthriir from the'’firKtiiiry ln , lhe meantime, the company than expected U.S. trade deficit fir»t public Usue fur this bnr-- 



him 


£S6 is&condary .iaxtk^ts xiest ye^ .^ developing ... 

=8i __p t . tjhdetgrred- oy'.the . difScuIt markets alone 
?f? -a Jtra^^.concUUoris;,^ intecnatioiial 
5*? -2 ftaiJfctS.'Df different organisa* /f*tenhex> tU 
- JKo -i will bff-^fialhg To make sarSlm^roupihg, 


involved in inter* for I’riober and news that the rower: in the case of Brazil, the 
arbitrage as well inflation rate~acn»s the Atlantic search is on for investors noi 
option markets, both was heading for the 10 per cent already handsomely furnished 
Otiated. mark where not seen as major with Brazilian paper 

hurdles by the market. They The level of the coupon on 


Uncomfortable see-saws 


ithdfrpTesence^ cent 

■•• ••• Is? - T by the Mexican Government 

•* - ^ o£t^ most significant xiew intermex is clearly poised -to 


IVcSu 



However, he believes that U.S. 

couto still he 
ti . is for this 
the company has 
such a quiet and 

, TjjjEagSS -a not so He remains a strong advocate 

> ’ *?' ambitious. at this stage: 7-:. $ of Eurcx. the computerised 

- - > jrl~ ; to p “We Started tradhte in;*'* securities trading. Information 

®” a,T wek in OT dollar and confirmation system, 

f”' e : 5 i^wobofid 0pM^tKBJ&/:Whh* . convertibles, such as B&cham. ... v , hpiteved ' 






-;c- c says it plans* a : robre. CQinpletft •.-’With a fully paid-in capital of 

. f . I * U . a IUI-1 : , n 


asserts. 

2 rofe in; bonds^.-TWs udll fucluda/^pre ftan.S2ih "equivalent, Ross • Late la«t 
‘!? i unadivntiBK ^distnhittioa' and: aod Partners has received ill the firmed that 

5 KiMirffAr/ 7 r«f ' “ — . . — ■ ’ raAnecera rldalifin in C\ 1 


tra 


Mr.. Michael 


of t necessary dealing permissions in CJethm has succeeded Mr.- John 

. ..-Kepe^fhe Ain^ricat^. London— • ■';■•. Craven as chairman and chief 

.. “press groiyH&i 1>lani'^‘..«>ter t&ei. A major shareholder in Ross executive of Credit Suisse First 


■" :£ -i f sscdnda^ mawets. neit year ia & PartaM^js the Marlon Hpose Boston. Mr. Craven resigned a 

■!.; “! 1 boo^ ' an4rfiiJatia& ; tWc- Sroup* which controls Godsells,' fortnight azo because be had 

— . : = = ; retnfbrdng. its ' preset t opfita- one of, the City's largest foreign disagreed with the plan to link 

ig.iv~.T - tion-op thftlprtmiry Side. IftfflUexc-haoEe and currency -deposit the big Swiss bank's interna- 

alsolmild'-Up capabaifyin cefGB- brokers.!.' tional investment banking arm 

cates' _of- deposlt ; .A^K ‘mdii -’Ehe company’s ambnion-is-to with First Boston. " 


t • . 




FT INTEBNAT IONAL BOND SERVICE 




bouas fir wtHcfr-an Mwjime .jrtcnndjttji .«irl!-y pLlftt. H^ pnc*5 otct ihr p.uh 
' '?fV;-TCrWlt CAflanferc:aI Or PKmre: *TTrtOa Jjjoaoau: K.'. F. Button Services 
‘WauJetnscb©- l^ndesbAnk Gtrozenirale: Hanqne lmenurtonale turmibourc 
' R and Pierson: 'OrwILf.SuilSC' Swiss CjieflU Bank: -iL'nlon 
. , . . , Bangui! JJ>anc»iM 6n~ Credfi JmrxnaUoeale; C-*|lton> 

Trading. Gnnnany: tWUcm. ftead Overseas CotporaHun: EBC: First Chk-aito 
i Caldnlan Sachs -IntPiTiHltdr^:Corp6mlw Hamtaw Banlb'IBJ Intern aUonal: uni nlduk-I and Co.: Kkldur Peabody International 
-‘MerrlU' Lynch: Momnr' , Stinle«,-^meni«tanM;-.Xdsbitr Thontton; Sattutioo Erii. intcrnatkmxl: Samuel Moo; a mi and Cu. 

-. -- e iScandHiavlafl -Banfc Strauss' TtreabtiU -uut Co.: Sdnluno thnance Zuernauanal: S. C. Wurbtire and -Co.: Wood Otuidy. 

.... _. .... ciosina 'prlt.es on December. 

~ ■ Chonse on . . 

Issued Bid Offer day week Yield 


Ui OOLL^fi 
STRAIGHTS' 


; ■ V.' "-■ 1 ; thanpe*"' 

-isaud- ■« Offer day «««fc Yield 


SBURS 

HNEi 


«*l 


Asa AW. n 88 
Australia 8.45 l 
Australia w iff 

-Eralrtco Foods" 7* S3 

CECA: SI. 87 


135 

m . 

SB 


.« ■ 

m 

«4 

,1V«t 


«t '_.H 
-Hli ’ 9 
.« *H4 -« 

esj s 
v^>a* +#1 


V.C- 

VAS 

ejn. 


Fiat . 


.CfiCA 1 Itt .... .f»l m. -»; +8i, -Hlf 

CECA'W .. . --.■■IS. . W ; -»4 -J -HU VJ5 

.OTT-.J ..- ..^. ,J5 Mi fl ’ -f-U +«i - VAX 

Canada k 83 W * ■ .+U -m 9AT 

. Canada -&29 la-,.. ‘.r^V 'fa > -TO *+M .0 . 

CanaWEI 95 .„_._. r.-. r ZM +M ,-rtti 9.42 1 

Canada • s» w jt+ii. -ox sjj- 


Caruula.Jl» 


csoeda 
Damffii 
EfB 
EB«-. 
TIB,* 




» c 
Is; 

M 






sio.b j. »•» 

EkapMflmm. ste , a- 

. ... w 

n 
»; 

■ ■/» 

» 

- m *7 

w 

. ■» 

. ...» 

X 


fr.- 

Wv 


r<nlkttd «L-88'-w 

Hbaajtal O^SfffS-:. 

U^-rtMAce fi.n 
fiel-.UMnee M 8* 

■1. C-.PatspesLBi 83 
■Mae.Btodel «i 83 
■BXMe'yin. M 53 
N2. D*v,-Hlf, 8| 85 

Xai:.Wem.A » ^ 

»ivrtoundh»nd-.M.« 

■Vord p2V..». Si B — 

-.Nacaea Komm^ 9*^s=~ . '..-.75- 
Sorwaif J3 B'.. :....- SO 
Korvay 31 M - :I. - M 
OcrtdeMaj.'BI » ... . .. - ?* 

«ni.. ttydrd « a - 13S 
Quefiec hydro » 9 f . 

.Sweden. b» » .l:...-...... :.ias „ mi 

CK Si Hi : ..v_. _ 380 9» 


UK 8J 93 


U9 IK31. :+Bi-;.-»8 %fa- 

m 5H +W +tt MAS 
JM 8 -81 9J» 

-oi -u e.a 
9- w, +w -w 939 
9710 -HU. 9-5T. 
9TJ -B1 -U 9.73*. 

i .rli 9JS • 
9*1 +05 +« 9.90 
•SI -MU. Xu.u-sz 
9)1 ■*■!. +«• on 

W8*;:+M +8J 9A9 

«| -+fli . 0 
94V +81 -+M 
9^ +«'+« 

-981;, +81 ' +8J 
+W +01 
W* +U : +#i 
971 .J7J.1+8*. -W 
WL -Mi.+O .+ni 
97198-. -Si +01 
92* :<? • -8 +Bi I3.M 

9»‘ fbk- +81 -.+.8* -9J* 

jm. _m +st +« 9^7 

“ 8 -81 9 A* 


$ 

« 

*71. 

975 

W 

MJ 

973 

<98* 

M2 


9.98 

9.U 

9J3 

9J8 

9.«7 

Mi 

.1-M 

9.C 

9J8 


-» -W 9J8 


2» ...97 971 +81 “8S 9AJ 


OeutSCUEHARK 

;STHAtgHT* C- ■ 


Chanse m 

Ikeoad -Bid OB^r day’ week Yield 


AntanUiiB -flj ss- J ' -MO . 

; Asftur Develop- Bfc sj ss ioo 

; ftnstrkai .8 88 .; - 2 Bf . 

... . . .. -iSB 

: ■ BOnkaiueflca' 5f . 38. ._-.... 1» 
Ernie. Erl. Aiserte Ti fc5 100 . 
' CBCA -B W\... . TV 'ISff 

Canada 95 S3 - I... ... *»' 


9*1 ' 95J —81 ,—81 
9Bf '.9B- +M 
IMS mi-.-flt — Bi 
994 Ml —Hi -14 
98i 99 -01 --8* 

Mi MS. +01 +V 
Mi W -Bi- -3 
-971 9<j +fli +81 


722 

SA2 

5.88 


- - Chase- Maabarun-OrS 591 .188' lM;Mb -81 ■ tW 

- *u ^.l-ontmcrjbach UU. WW 3* U& 185171^ .--81 -U 

... k -tr t -' ' H ^CoAinwT^ahk int= Sw »i 1» '.824 S3i 8 -BI 

PV H-nil _. r Copmlha8BIJ City 6- 98 . . 75 95 ;• r?j 

ir-£ i’T r - ‘’' fiKmrti.-*/- Europe S* .. 188 97t ■ WJ -84 —it 

JSTB 6 K ....... .. .580 .Mb .971 ”?i 

ew Aotmarne * ss .. •-.. jot . 9M-.ns -u 

IW 5-89-.. • 18* ‘ *9i +04 

iadem-S* IBS 18*. ttl 971 +81 

Kobe, -Cte ^f.» «A . . IN UU MU -M 

rLiaht SerWcw de ELet. .......HO. W . «S -« 

..Uesleo 6 S3 , ; .3* . '*»*■- *7 ■ 8 

'MHwibishf Petro 5I S3 /: MB' - IN 
•Nippon Vittel 53. M . . W» '.-lUet Uti — M. 

voraea Komm .18*' 9TJ,. Ml v . 

Vor* ® ' -• 2» ; “MJ -.-B- B 

Ver-retaao Ind. Bk S 98,. ; 12S / -^W....-,*84 * 


5.98 

7.97 

KtJ 

5J2 

5X2 

ZM 

5J7 

SJ7- 

5.0 

SJ8 


YEN STRAIGHTS 
Asian 4>ev Bk. 5* ss 
BFCB 8.1.90 . 

Eurdflma i3 90 . . 
Finland 6.7 *v 
Norway 5.7 iC 
Oslo. Ciu or 6.6 90 .. 
'SN’CF 16 M . .. 
Sweden 8.3 80 .... 


MS 971 -.01 -81 
-951 9*1 -11 -84 

97* 98 -.01 -OS 

971 97i -81 —81 

,183S. mi 8 — 81 


I5u ;96 

s a 


W3 

7.38 

8.71 

739 

5.9; 

7.J1 

7B* 

*.9* 


-.IS 

.75 

-75 

75 


9*1 

N! 

981 

9M 

952 

97S 

92 


0 

+81 


-31 12.75 
-81 7JS 


97 -81 —14 

971; +01 0 

MJ 9 -91 

• £HV3H9C Oil 

'iniM B& 'Offer day wedk Yield 
U 9« 9ft 
,*71 
97; 

973 
ffi 
8K 
981 
•2S 
9*3 

974 
Ml 
9*1 
922 
921 
911 
984 


si 


~us 


2 

m 

aa 


92* 

93* 

m 

■-9M. 

903 

.98* 


8 

-PI 

-W 

-91 

-it 


-31. 

-01 

+» 

+91 

B 

-8S 

-81 

-01 

-« 

-li 

-21 


-3* -IS 
8 -11 


Mi M8J 

«1 9*1 


*?* 

.til 


7J5 

7J3 

7.85 

8. M 
708 
8-*S 

9. M 
LOO 
*.87 
8.23 
8.58 
3 7* 
832 
9.97 
9.94 
8.8* 


OTHER STRAIGHTS 
Rank O - S Hold. Hi At 
Auto Cote Basq. 7 93 EVA . 18 
Copenhapen 7 93 EUA ... .30 
Finland Ind. Bk. 7 »; EUA Iff 
Ktuma. lnsi. 75 n EUA— -,2S. 

Panama SI 93 Eli A . 29 

SiDR Pram- 7 *3 KUA ... '22 
AJjemcna Bk. Si $3 K1 
Brazil 71 « Fl . 

CrE Mezlcv 71 83 FI . 

EIB .71 Si FI . 

Xeder. Middimb. 6 j F3 FI 
New Zealand oi ** FI 
Xpirvay 95 S3 FI 
OKB « 83 Ft 
EIB •) SS FFr 

Unilem 10 » FFr 

BAT 8 8S Dwrr 
Bayer Lny 8 LikFt a 
EIB 73 SS LnxFr 1 T 
Finland I. Fd. 8 *8 LuaFf 
.\nnray 73 Ki UsFr .....; 

Renault 7J ® Uosh'r 
Solvar "Fin. S '•■i l in Fr 
SiredJ^b I Bk. B SS LosFr SM 
pneoro n f Fin. ip 93 r. .;24. 

Ocstetner HW. BV 11 
or*ajebocm ini Sj i . — 

IVbiOiread l9i 9" i 
FLOATING RATE 
NOTES ' Spread Bid Offer C-dase Ccaa Coild 

Ameriran Express e’.' . ‘■.'•BI -981 991 '23/8 U£ 13.72 

Arab 1ml. Bank MfiA 33 -■-- 81 
Banco El Salrarior iis St. JJ 
Banco Nac. .vrecn; M3 S3 81 
Bank Handkm-y MS ... U 

Bank of Ttrturo Mi: U 

Banoue WonriB 111] S3 .- ..Ji 
Bq. Ext d’Ate. 3K975.-M . .-85 
BqO'*. E*l. d'Alc. *J7 S So - -01 
Bqrtc. lirdO: el Suer 'I •** ’ ■ . 01 
Bn. 1m. Atr. Ott.-iH 5;8#» 81 


»>. 

+54 

TO 


a 

1.7* 

isiy • 


H. 


+Bi 

»-f| 

■ W3:- 

. w* 

*H 


• ' 3 

>.e 


- HI 

T7» 


+«; 

a.50 

5B3 

W 

TO 


+ 0i 

ai> 

.set 

HI 

in', 

-04 

-3» 

S45 

533 

TO 

WW 

0 

-91 

3.33 


■U 

81 

. B 

+U 

U.H 

. u 

a»: 

-TO 


-0J 

13.49 

is 

-asi 

SU 


+94 

12.66 

IS 

*54 

asi 

• 

+8i 

12.98 


951 

97 

9U 


Ml nn 9* 9.7T 
m 72:6 UJ1 H-O 
9M 21/1 91 9.13 


* 1 * 
-W 5J7 


,vn 


+81 
fl ’ 
-»1 

-i 


gn£ 


e-;S ,: 


f-rmileo Brazil 7 S: . <91 . -3*- -M 

'-‘hillppines 62 S3 . :^71» . MS' ML 0 +84 
- V Banktat 31 SS ■; : -Qi “02 

.JUMber. province -Of B 90 BD" ^ ttS '-Ct ~W 


9 aurar>nikKl . Ov j f » 
•.tieah *H KT - , 

- -ppm- ( . 

..HftoiJ * »■ . - - j. 

rrpndhrihi.rCttP of -5 
T3S Group 31 8* , 

- .^nchiela W » 


sa- 

lt 

303 

IS 

JS 

*5 

158 


-9ft. 

1H 

9SS 

\?a :: 

Ml 

9H 


.*«. -..r+l +B4 

<9S- Sr -Bi 
Ml. +8V --0J 
9«. -f. 

951 -0l-.r*t 

971 ■ ■ I • . O' 
93J -84-8! 


7J* 
SJO 
TJX 

5.4* 

5.79 
5.79. 
-81 1u2* 

+8i 5^3 

-»J- *JA 
" 7J« 

7.bl ■ 
*.«- 
*58 
IM 
5.4Q 
*58 
8 36 
V*9 
fcsa ' 
7;». 


CCCE 9S 

CCF Al'.i S3 
CJiafi- Man. O 5 1151 B... 
r.Ti’dil WUor.p! S13| ? 6 ,. 
finiahankcn Ms •'S 
lad. Bank J.ipnn M3' w- 
itTilkatealima- MS] M *. 
Li'iKilamkn II" 7"> *'■ 
l.TTTB Upan .V.'» *» . - 
Midland - Inti. H5‘ « ■ 
Nsl Weal. -Mil HP ' 
OKB MK SS. 

Oil wire MinifR > 

SFTFT VI? <7 
Fiartdard CT>an .11 j- 9 9* 


Hi 

97 

18/4 

lit 

VIM 

n 

*aj 

13/14 

.9 

906 

17 


4.-2 

9} 

9.93 

W4 

964 

J'S 

124 

1308 

472 

9fil 

25 '1 

9 i 

9JX 

«; 

97} 

U'l 

IS 

9.65 

76S 

.914 

3.2 

9.19 

9. as 

TO 

•TO 

1.1 

m 

12J1 

' 964 

974 

27/1 

ijn 

9AS 

TO 

9S 

111 

939 

9.4J 

97 

97{ 

15-5 

1231 

12.66 

984 

Hi 

J’6. 

1235 

12.H 


•1 

84 

U 
Bi 

- vj 
"II 

1 

. tu 
_81 
• Vtt 

- w 

+ -Hi -97J- 984 M;X *.*» «.*« 

- •.81 98 9*J ' S'* 10 M 18*8 

11 »! 9*: 10-2 ft ** 93* 


974 

& 

•72 

994 


984 27 * 114 . ll.*5 
4ft 19 '1 Ui. 13-62 
9S4 4 5 12.06 1X23 

47*. 28 1 . 4jM 4.68 
481 21fl2- 4j'l 452 
494 18-4 10.56 1C .61 


981 49} -01 10 32 

90J 411 -1J -2.71 

87; SS r-OI 2158 
129} 138} • -02 -I-** 
.Hi «J -0* 8:S 


SWISS* FRANC 
'iTltAhSNTS " 


' " * - . . v” -• ‘ cKano* jmi" ’ 
l (Med. Wd Offer day wppk Yield . 


Siindwailsbank— ' M* ** * - 34 »« YIJ • */* 11.8* 11 h 

Cid. ft«er9n*s Pk. SI* i? '.84 «i 99 «/S 1251 12.87 

CONVERTIBLE Cuv: Car. cbs. 

BONDS • -• .-doio price Bid ORer day Prem 

‘ .491, * Ji . -. S-TS 623 98} 994 +«« J9.9J 

Baker Ini. Fin jjJfi l/I? • J* 

“• BOWS *i! B'l . tl S 

Co«-Cola Bonltnp « -.9/79 .9 

Uo-YDkado 3- S' -.- - *778 1*75 
XiivB- Iridunri 7 ■'» . ..:*/n Z59 

Ti*xas ini. A:r 7* « ■■■ ' J/7 9 «J 
Thom I lit. Fin. 7 ‘S D/7» 3*7 
Tyco Ini Fin. ?* « 9.18 21 

Tvro jnt. r,n. 5 >* -5/78. 615 

. A.iahl Optical -•! r ,- »i 
Casio Camp. S'. DM U**». 8*1 
■ Urnnijra 3t 5fi PJI ’ 13 'T3 .919 
liwr® ii S6 DM tTn 1273 

.'Konlshirnka 5i -DM- ... p79; U2 
Manrfai-.FQod 3; L»’J .- 2/rt 1833 
' Mnrata Stan "»1 W DM ..neij- 3S* 


+84_2*58 
9 -IM 
+8, 23.61 
+04 17459 
._ .. +0J 13*5 

»ft IM; -84 5.91 

10U 1324 -8? 7.43 

961 57). -BJ 13.87 

954 Mi +8} 9.91 

1U1 1824 --11 1*22 


824 

9T1 

961 

724 

924 


8 * . 

984- 

4* 

79J 

931 


i-Aw'iir'.' w'.w PM 


3P+- 




V*Wa 3} 8^ 

. Vrlfterg Xundfll 4 9S 

wea;» 

,a»« Mantotraa f«3 .. 

":vjfl>*'4i so - 

£onq)e dj 
tadamezte* Si S3 

' iisnirjl;# 

' 3enitoarfc-d5 W — 

. VoBurk-MoTtff&ss SIC — 

. JIB o « 

2aretem *i 38 . 

' ’• L. snudm fir » 

* %!«* « « — - 


16 

a> 

45 

» 

-75 

IN 


IN 

» 

25 

to 


8.95 
62 1 
8.M 

3JJ 

5-39 

8-89 

3 -® 

M*. 

6ST 
OjO ' 
UI 
Lfl" 


45 ft"'..., - 1W 

■Lie Miritrirfti - *4 ... -25 
O Fnj. NV 4} S3 . .. M0 
datasna 4» JC,.... .. . » 

.. ... m 

<'**• Rrtowck EPC- 31 . W* 
•Vnaff 4 f3 . . . . ^ m 

• («« KB«m. ** w . 1® 

JKB U* • -• » 

i*K» } W . .. 28 

, * • ' Safe 4} 9*,. -.*. . . ' 38 

•" - -antjeu; ' 8S 

"'dui Ol S..j ‘M 
-*. ;«e»*AiWBr.4+'« • mo 

. ■ .-I 'Omlbccr.iaaU U ttl . ... M 
- . ’ v iaiw*^-*. MO 

. . Wok 4e sr.. 


« im Mb. -fli -8i 
« 97i -971-85 -1 

92 .-- m * -« 
mu .m -w +tj. 

9*1 - 9*1 . a -85 
UO. M0i +88 
99 994 - 01 8 . 

995 JU -« -3! 
tU ltU 4 +04 
im im -01 -it 

991 991 0 +0* 

98 9IJ -8S +04 
IN UU '-04 +3* us 
Iff lffi 8 +M. M9 

U81 1004 -.64 —06 9A 
JIB ' 1834 '+U +W 
181 Mil 0 +M 
.984 . Ni +BS .+0* 
in 1SU +31 +95 
-04 -M 
+84 +02 
+04 +82 
+84 -8i:. 4,8*.. 
-03 rl- VS- 
+91 +Si . CIS ; 
+03 +81 IM . ' 

+«-■ +U .639 

10IU -81. -0* <6p 
9*4 B +84 - ■•■86 , .. 
ml ISO +« +W '*4» r ,' 
250* UU ID1 4' "+'04 +84 CAS - 


■ SK 
738 

, 

*77 

703 

«7 


.9*: 95* 
921 933 
UU 1191 
'tVU 953 
964 971 

98 99 


+61 2.01 
-OS 922 
+01 5.06 

+1J 629 
—34' 1239 
0 126 


;xiwjnn Shnpan 2! DM 
Nippon YnSeh 3’- P5 DM 1H9 
Nissan pfe*1 3> S'! DM ;2/T9 
Olympus Optical 1: Sa DM 2/79 
RfMft 3f S a DM .. 

Sankvo Electric 3i DM ... 8/71 1 849 
Sanyo Electric 3: DM ••—H/T8 - Jff 

Iciro Stores 31 SI DM ,.. 9/18 UTS 1121 1131 -14 -LIB 

SlaW EliWfc Zl DM ...11/71 623 9*3 974 +9| 12.97 

TrfrRemewi Si SS DM ,. 11/78- TO 9» , 991 +85 MJ5 


152i im -Bi M.89 
im 1174 -Bi 11J5 
■ 9M - 9*4- +U ’ 9A8 


9* «l 
97} 971 

MSI IMS 
994 *»S 
181 1811 
isBj mi 
UU MU 
181} M13 
MB 
991 


3+6 

4.14 

4.9? 

3.9B 

6J2. 

622 


- m infonnarion avalUble— previous day's price. 

•Only one market: qiaher sunplied a prlcv. 

5tnl8he Bonds: Tbc yield hr. Ux yield re redufnpiion «f rpe 
mld-pnee: Ibe anwum teued Is In mifilOfli of dlfftncy 
tmzs except for Yen beflda-vhrrr-Jf b in blilinoa. Cbnupo 
un vr#ek=CbaiiK'.- ortir price a week carter. 

FbnUas Raw Noieis Dedtanl&ated..iB dollars unleM other, 
wise indicated. M = Minimum coupon. . CjJa1e = Date next 
■ -coupon becomes rlfective. -Sdread= Maroin above sb-nwoUt 
offered run for US. dollare r.rpn=The current coupon. 

'*Cyid=Tlie eiirrcm vield. ' 

Convertible bonds: Dc nominated ui dollars unless otherwise 
tndicatud. cite. day= Change on daj-. Otv. dote = First daic 
for conversion lulu shares. Cnv. pMf\- -Nominal amonm of 
bond per ‘hare L-rprtUscd in uimncy of share at i-onv.-r-. 
k»p rale fivi-d at Issw. f*cmn- PerecMW^.Ptvntlam of iti* 
^urrcpi cGwtiv* pnee ol .- acquiring Fbsres. via me bond 
over tbc "moil nrerm pnee or. the ubarea 


ft The Financial -Tiiucs. Ltd.-' 1978 - Rcprod arista m ■ VHole 
nr - ' in part m snr. limn not permitted lriihoui ^written 
lanserii Dal a sopplTed' b> Hlier-Boild Scri-ftcs. 


THL* U.S. bond markets see- the Fed Fuads rate from 9? to monetary base, which is the 

measurement of compulsory 
bank reserves plus currency in 
circulation, has leaped by Sl^bn 
in the last two weeks, a fact 
deplored by strict monetary 

_ ^ «««.- economists who claim it belies 

rhm throughout the week with abundance — Had offered a 6} per short-ierm interest rates up- fur credit tightening at this the credit tightening intentions 

mo-st activity of a professional cent coupon for an identical wart js. On Friday, however, the time. of Ihe November 1 package to 

nature. maturity of ten years. market struggled to slightly Money supply growth in the boost the dollar. 

higher ground on the back of past three months is pretty much Those who disagree concede. 
D jiJi+ rAnnnihir bonds w he Hum'll hy J^p»m-jr faiic-emi. m uk iir#; ju^r.-ir o: U78 money supply figures showing back inside the Fed's target nevertheless, that growth in the 

that Ml had fallen bv M.fibn. the ranges but economists such as monetary base will soon bercflcc- 
second consecutive weekJv fall. Dr. Bill Griggs of Schroder Bank led in Ibe money supply. 

The net result was a 13 basis and Trust con3 I«»5' and Dr. This suggests continued in- 
Duint climb in c.ne month com- HenTy Kaufman r,f Salomon stability in the bond markeis 
mercial ^oer to fl SS per cenL^ Brothers are suggesting that the during the coming month 
Ten Mint increa'w in threl Fed ' R focus is now °n ibe although a relaiively modes! 

->««■ m ioor fragility of tbc dollai aod “the $lbn supplv of new issues is un- 
u!u nn ri,r P »» .nnih, ponderous problem Of inflation-’ likely to prove too great a strain. 

(Dr. Kaufman). But it is a nerve wrackins 

The Fed is less concerned time to be trying to raise new 

'underwriters of a 

nit mpHinm and lorn* UJU “ ,c “i ““ “ -uuui B m &iu« §iQ0in Michigan Bell Telephone 

treasuries fell in price bv aSy- down the housing market, and Company debenture issue 
thing between »° and li 'points tb^Sh housing, the economy.” learned Iasi week. Rated triple 
and r i ce'red u c t i on s o n medium Dr ' Gri 8gs. A .slower A and priced to yield B.16 per 

and ton- term corporate bonds economs '- il is Held, will help the cent In 40 years— -the highest on 
Du«hed ° their vields sli^hUy d0,lar and ^ flght a ?« Inst a a Quality Bell System issue since 
EX Uieir - Melds sll ° nuy dose to 10 per cent inflation November 7. 1975— the bonds ran 
' rate. Most predictions on the into a wall of indifference which 

Friday's modest progress will housing market forecast a fall slashed their price to resale to 
*1.72 i».tb> doubtless raise some hopes for next year from just over 2m yield 9-28 per cent. 

».M(jb/io) belter prices during the coming housing starts, currently pre- By the close on Friday the 
week but the Fed will be lurking vailing. 10 between 1.6m and price had recovered sufficient!' - 
in the background ready to 1.7m. to adjust the yield to 9.22 pe- 

puncture any undue com- But economists believe that cent but the experience suggeripd 

placency. the Fed will again have to start that for the mornont long ter->i 

This view is suggested by the worrying about money supply corporates need a generott* 
Fed's activity last week when it towards the end of this month premium to attract sufficed 
apparently raised the target for and early into the new year. The investors. 


BOP HOWE RS 

(DM'DMAMJ. 

LEAD MAN VIERS 

Bonds .Mmpr 

ion 

Di-utsdii- Dank 

ToKyv Land 

'n 

BHF Bank. iFJ.Lux Van 

Aofci Censrrnnion 

tu 

IVrfl LB Nonura 

Sanpyo F.lecin< 

sn 

Bnyrrlsclw V+mn Dnv, 

Minolia i* sni-ra 

T-l 

West l.B. Pa:« a 

Kansai Elcnric 

700 

Dresdner Bank. Numura 

Drtem KInsDi-r 

53 

'"ornraerrbar^.. Nomura 

Dai Xipoon Scrrrn 

33 

Baj-cmchc Vere:r.. Xonmra 

ChujiiBU-ra 

“0 

Bajrrlsv-iiE Vereln. Nomura 

Nippon Min. 8eani4z 

40 

BaycrtSrte V«reir.. Dan-.-a 

XlchiL-i Cutnpanv 

r.<] 

BajemriK V»rein. Yamiiih; 

.Vfl-hJl 

«i 

Deoucbv Eitok. Nomura 

Totel 

•43 



r-r* - 

while returns on three months 
Certificates of Deposit fell mar* 

p ina |i,. fn 10 55 n/>«- rent and six iUC rtru * s ' C!,5, wuwt " BU °Die l ° DC i n 

month CD's stood' nnchanged at m- ? e 

me moment and is aiming to slow siQOin Michigs 


BONDTRADE INDEX AND YIELD 


Medium term 
Lms term 


December I 
46J2 SAT 


90.75 


Eirreclcar 
Cede I 


November 2* High 

HOI 8*7 9941 (19-0 

9.28 9945 9.17 9*47 (19-0 

EUROBOND TURNOVER 
(nem)eal value m 5m) 

U.S. dollar bonds 
last week previous week 
1. 1 7ft* 14754 

J9J.7 523.1 


7977 


Lew 


Other bends 

last week previous week 
2*» S 29*4 

as.: 2»4 


BIS REPORT 


Lending 

patterns 


emerge 

By Nicholas Cokhesw 


THE LATEST figures from the 
Bank of International Settle- 
ments show a slow-down in the 
growth of international bank 
lending in the second quarter of 
this year. Yet. in hindsight, it 

clear that one reason for this 
wa» short-lived. The second 
quarter saw a lull in the siege 
of the dollar on the currency 
market. So it also saw a pause 
in Ihe flow of dollars put of the 
V.S. to fund speculative borrow- 
ing abroad. 

Bui the second quarter figures 
also confirm another develop- 
ment in the pattern of inter- 
national bank liabilities and 
assets of a more permanent sign! 
Scarce. They show . that the 
OPEC countries are not only 
borrowing significantly, but are 
now reducing rbeir deposits 
with the international banking 
system. 

The fact that oil producin 
countries have become net 
drawers on the intern ational 
banks has been clear frnm the 
BIS figures since the pnd of last 
year. But the sight of them 
reducing theii balances — and not 
just the more iron bled among 
them — suggp'ls the end *uf . 
shun era. The recycling of oil 
wealth borrowerr in the 
developed and undeveloped 
world .is no longer a source or 
growth in the international bank- 
ing- business. 

The pattern of international 
hanking at the moment is of 
industrialised countries deposit- 
ing more funds than they can 
borrow and of these funds 
Rowing, through a “borrowers' 
market." as loans to the develop- 
ing world and- to Eastern 
European countries. .These 
h(irmwe*> are taking advantage 
or the easy credit conditions to 
finance the deterinration in their 
balance nf payments with new 
foa?s rather than hydrawing nn 
their existing deposits with tiie 
banking system. . 

The BIS psii mates that growth 
in thr narrowly defined Euro- 
currency market excluding the 
double-counting which results 
from the redepositing of funds 
between reporting banks. - was 
about SlObn in ihe second 
quarter, matching- the growth In 
the first quarter . of 1978 and 
bringing the total amount of 
credit outstanding up to -about 
$32 Obn. 

But whereas 80 per cent of 
(he new funds in the Euro- 
currency market were provided 
from within the European 
reporting area only 30 per cent 
was absorbed by it. Italy's non- 
bank sector ' borrowed substan- 
tially more, but Germany, for 
instance, reduced its borrowing. 

Significantly, the developed 
countries outside Europe were 
Tofbig borrowers in the second 
quarter with-the exception of the 
U.S. ! I 


*••• 


Reliance Group. 

Third Quarter, Nine Months 
—Record Results Continue 


(Tn thousands, except per— hare amount*. ) 

Quarter Ended Sept. 30 

Nine Months Ended Sepr. W 

1S78 

1977 

1S7« 

1^77 

Revenues 

S33 1,479 

5304,035 

SW8 , t 02 1 

S547.555 

Operating income before income taxes and minorirv interest' .... 

S 37,585 

S 28,935 

S 9937 

S 71.937 

Provision for income taxes 

(B,405> 

0 1,90 S) 

(26390) 

(26J53) 
(7.34 1 j 

Aimoorv interests 

(2,606*) 

(Z551) 

(7,855) 

Operating income 

25574 

34,476 

64,762 

38.341 

Net realized gain on insurance investments 

117 

933 

2223 

5.742 

Income before extraordinary income (loss) 

25.691 

15,409 

66.985 

42.08 3 

Extraordinarv income (loss) 

(328) 

7.720 

234S 

23.1M- 

Net income 

Per-Share Information: 

S 25^63 

S 23.129 

s&m 

Sj»5J47 

Operating income 

SI. 85 

51.65 

S5.89 

SL51 

Net realized gain on insurance investments 

.01 

.12 

9+ 

A'* 

Income before extraordinary income (loss) 

J.8K 

1.77 

6.11 

4.8D 

Esaraordinarv income (loss) 

. (.02) 

1.00 

3 


Net income 

StM 

52.77 

$639 

57.83 

FuMv diluted net income* 

SI. 73 

SI. 64 

S5.06 

S4.5S 

Average number of common and common equivalent shares 





outstanding (in thousands) 

12,909 

7.6% 

10,112 

7.639 


*Ful]y diluted net income per *-h;irc i-* ha-wd on ihc awimption that thcciwnmon vharc* tvsuahle upon the evercisc of all >inclr purchase 
warrants and 'dock option* and the cnnver>inn i4'ail convertible securities were oUKtanding since July I for each of the quarters and -met 
January I for each of the nine-month period- and remained i w-ianding for the entire periods. 


Through repurchases of 4.7 million common -hares, including 5.7 million purchased in October. |07R. Reliance I'lroup has reduced the 
number ot nMtimon and common equivalent share- outstanding from 13.7 miUiim on June W. 107s to dppr«.’.'.imjrely u million at pre-ent. 

Reliance Group, Incorporated Operations— Nine Months Ended Sept, 30, 1978 

Property and Casualty Operations. U.S. 


INSURANCE 
Rercnucf: 

Drcisional rretoc 
Operating Income: 


STPfJbLOOO 


5 S5 ; 51S r «»0 


Reliance Insurance Company Philadelphia 
Genera! Casualty Company ot' T X‘isc«»n>in. Madison. 

United Pacific Insurance Company- lacoma 
Property and Casualty Operations, International 
Pilot Insurance Company. Toronco 

Life and Health Operations, U.S. 

Reliance Standard Life Insurance Companv. Philadelphia 
U nited Pacific Life Insurance Company. Tacoma 

Tide Operations. U.S. 

Common wealth Land Tide Insurance Company. Philadelphia 


LEASING 

Revenues: 

Divisional Pretax 
Operating Income: 


5I0S.M3.000 


Container Leasing Operations. Worldwide 
CTl-Gmtainer Transport International. Inc.j New York 


$ 27.051,000 


Computer Leasing Operations, US. 

Leasco Capital Equipment Corporation. New York 


Computer Leasing Operations, International 
Leasco Europa Ltd, New York 


MANAGEMENT SERVICES 
Revenues: $ 28.405,600 


Drciaoaal Pretax 
Operating Income: 


5 3,634,000 


Consulting Operations, IIS. 

Werner Associates, Inc- New York 
Yanketovich, Skelly and White, Inc.. New York 

Consulting and Software Operations, International 

Inbucon Limited. I^ndon 

Fuel & Energ> Consultants Limited. I.ondon 

Leasco Software Limited, Maidenhead 

-Moody International, Inc- London. 

Werner International. Brussels 


Reliance Group, Incorporated ■* 197 Kaightf bridge, London SVF 7, England. 9ly Third As enue, New York, N.Y 10023, L'2»A. 


‘ r : -' 





•JU . 1 



OFFS! 

[OEE^ 

m 


AUTHOKISED UNIT I 

Kl 

US. 

rs 

i 

€ 

iV. 

ERSl 

BAS FI 

*- EeyserUHman; 

m 

to Lti ; - 

m 


~.Z 80. U-.teh.uj*'.- R.l . '.i 

\ htev Capital |34 S 

Ahhcv In- ors- . i41 1 
Ahheyinv Iri Kd.1%7 
Shbijn^n T-t- At 
Equifa* Hnii T -i Ebb 4 


T. Ireland Yuri Kr-tH iL'H 


l- Capitol V 5 J6 71 *0 lj 4 31 American . |U2 «*6j 

> !>■• onm . i41 1 437 -0 2 6 D4 ■ .ljutal Trt U32ta 141(ri 

rinv X.-I Kd . 3W ' H 0 1 «■» ' lir. urteT-4- -!jgj}4 115 i-H 

rift'll T-f SPs^ - «si -0 4« Tnl '.'mwtff #W '1002 USM 


^iA4»Ti Mi oxter 1 1-** \nliur<» ty‘4 
" i ii Ulrrtrr Dm 2! 137 1 J9.4] 

l jS K.pinri Nii* »l f«t 103 bl 


iims: | ii'« ■■>• H< •■mii-.-aiH F* J ujj4it»«*i j 

| 5 84 1-n.liiii-lnit.. '818 22? f 

.. [ 546 UiOilnciinv i]Ji 5 lJ40rt+O5[ 790 j 


Kmll.iK 
Nulj :«*W 


£ H MI+A I'nit Trust MzcmaL Ud. 


i"‘ r " |ii5a “iiiai I !« • ud tN"— « vnu . swr 1 1 an :. " ‘ *“* Tr 5j M.-n-mHor-. eitn.imi wt-uts'cta! 

•ll.Wml' H66 4401 I 384 -i c 13151 | 4 70 

Friends' Provdi. Unit Tr. MorT j V Johnston*- l.T. MgnfcV ut . , . „ 

iiitu.mEn.1 Ihirmn; i, ^street i»a.«<itf.is: a . ii Mi.-i \ti <4uilter ^Unagenieni Co. UiLv 

I nen.I-.prro U. 143 5 44S-+ .Dll «OT H I European [81 §4 3| I 355 TheMfc Em hunse.Ktr.r. 111!’- 

1“ '■="*"> 157 S 614) .0 2J 4 h fh-jlinr luy l-rhtav fiMndmiri Gen Kit. [U0 0 104 0. {4 24 

i:T Unit I JH 41 Tli.iiial Unit Tens) ManaflrrsV iarf-l Wuadniol Income 1174 0 133 01 -I **■ 


. ... Pmdl. Portfolio MnE/s. Ud-* faliliHci 


Allied Hambro Group* lin"i 
lianiliro li*e. lllittnh. BrenW'wrt K* *>• ' 
>11 538 3851 i-r Bre.-if w uud illflTi ^1 1439 

lblinn4 +'und* 

AHIcdl-i . 167 3 72 (H >0.') 

KnLlnd* Kuril |64 4 68 44-0 31 

i .'nil & Inc ..37 4 40 Oj +0 ll 

KW* * ln.1 l»e« 13* 4 37 31-0 1 


ll.'li—m Hnr*. B.'IN J\ll 
I'mrk-niial -. ‘12B 5 


•«I 4H5 '*!a» 
136 51 I 4 70 


Scd-hs"** [58-0 6 

Vul Kx <2li ' 12466 25 

vAft VI.I* J16B9 t769rf{ { 7M 

-m. ev *1 \m IS N«-\l -lib day Iler in 

Srhlesinper Trust Mngrs- LKL Taxi) 
i+o. viath street iMriung. .ioiKissmi 


40 11 +■) 4[ * 02 Taryet M«r Buie® 1 
54 8 +0 1 7 51 Tarcel ItMlP.- • HJ J 

2Jod *0 *r *66 Ectra 1 nnime Fd |54 9 


Bomh el w — - 
mt-AWtauiO'-U 


I nr-rvlv pnrv 

1 »• 'c.Um 


.Mlied Capital ~i64 8 
Ilambmfuiid 11073 
llwnbro \ri . I'd 1124 3 
Incm mnd< 

High Yield Kd . [72 3 
High Income ..[67 0 
A.H. Eq. Inc )*0 2 

■lia final M i n i Foods 
Irlemalloa.il 125 2 
Pacific Fund . ... 42 2 
.sari-; i'll Ameriira . 88 4 
■I ' S..V EjempIC . . [87 5 

'Specialist Fondk 

Smaller <'n.'s Fd. . 36 4 
2nd Smir. Co'i. Fd 474 
HwijieP’SiL- .87 3 
M« Mm *i'dt> 387 
i.iierv?o< Eimlncs 58 5 
E»ld smlr.i'oY 4236 5 


i.T i .ip Inr 
Iw Aw . . 
i:T Inc Fd l_'n" 
. ; T L'5.4 Jan 
>; T Jnpanl On 

p it Hens. Ey +'rt 


SH l. T Inn Fond , 
SollSil n« • . T Four YitsKd ? 


■fcin; „ a iiwsin-i ■Mo.«. H r.is: 2 UI «ui.«i M fi quilipp Hanagewem <o. L 

■ ISf ;S 4 fS MIEurcpvan |78 2 84 3| I 355 TheMk. E». han8e.3.«MIII-. 

157 5 ^ w Ifc-.ilinr luy ►rttLif i>n Krt. [130 H IWO. 

li.T. Unit ManaKcrs Ud-V niitual Unit Trnst Manancrs¥ fadai wu-drnni income fl24 0 133 oi 

525 Hi. Klttatunri'irvu* fc.1 "3M Tim OHfjamai |.-... v.prhnll V.v.ET-atTBI nl lntWO Rallnncs* I Twit Mws lid V 

|jo 4 86 0 - 0 41 350 Mutual Se.- Dm- .. |51.7 5521-021 6*5 .. e 'AcIN » 

474 10*1 -o; 3 SO Mutnalln. T-4 >9 5 74 7^-0 S 74* L , n « 

- 1564 1669. I 860 \|u*u:.l Blue i 'hip .143 6 47 4-0 2 678 i/ppiirtunlly Kd. 167 2 71J 

'. U8 4 126 4 -1 bi 3 10. Mutual llirb VW &5 60 «85 E*.-*?* ffi-* If ^ 

KO Q4-in 1.9 ■ . „ . , ScklivrtcT Inc . 1*33 4*31 

JSj! 139 j 3 90 National *nd ComraerciaJ ^ ^ 

.144 5 153 7 -id 280 .11. K A ndrevc Square Edinburgh Wll-iab nl.'.l RlORefield iHOnagenent U' 

. 54 1 5754 [ 760 iraSMiieNai 2S ..[1578 163.61.. I 5 41 3»-W. Kennedy SI.. .MaiKhc-n-r 


I Allen Barrey & Boss Jwr. fC.I-1 Ktag-i Shxxia* Mgz%.' 


TU Trades Union Unit Tst- Managers? l ehm nirCtooa.SL Kcficr.Jq.C-f. QS3*-7B*i. 
' 3 MW. M ood street E'-'Z 014288011 aHR G 1U Sign'd -[£1 0 13 UUI -I 33-48 

m TiJVTNne.a. m3 5251 i 54# securities fCJL) Umited^ 


86 0|-0 4 
10*1 *0'/, 

S|-lJ 


27 01-0 
452 -0 
529BI +0. 
*21 *41 


-0 1 252 

-D.2 2 21 

*0.6 2 17 

*0M 163 


385] -0 

50.7 *0 1 4 64 

104.1 *411 4 95 

425 *11 3 5 39 

637 -0J 4 55 

248 8 -02 5 22 


C. & A- Trust fax#! I 

'• Rayleigh Rd» Rn-nlwoud 
CIA... . . |3Z8 35 Ob 

Gartnure Fund Managers 

■2. St Mure Ase DUAHHI' 
i ••.V/nc rlcan T-t .123 3 250* 

Hrinsli T-4 > .Vrr i |57 2 61 i 


•0J 350 Mutual sec rhe--.[5l.7 55«-02 6 45 Tl ._ 

*011 3 SO Mutnal Inc T-4 >9 5 74 7^ -0 3 7 4* Beli.inc. JM* TU" 

I 8 60 Vluiuil Rlucihip .143 6 47 a -or 678 '/PPiirtunlly Kd. 

-id 310. Mutual llirb YTd* >6 5 60fl 885 ^yfe^T.i.Vc i. 

■IH lfl . . „ . , ScklivrtcT Inc 

3 40 National and C-omraercial 

*1 d 1U ,ii . k A ridrevi Square Edlnborehttll-Sat 91.H RlOgefield Mai 
I 760 lrosmie.\<ii » ..1578 163i6i . . I 5 41 3H0. Kenm=d»S*.. 

• Aceuia. UnlL-i 219 2 277 4] 5 41 Rlriuefield InL IT 

raw J*"* IS 130 2 135 0 4.14 Ridgefield Income 

rJTT. snno l tecum 1‘mtsi _ 1588 16461 | 414 _ 


Ki 0H«2tr7l 
41 I *03 


pi "l Ridgefield Management i*t d 

5 41 3BA0. KenmcduSI.. .Man-: hc-4*r *WI 2318521 
5 41 Rlduefteld Ini. tT.IW 8M I 146 

9-14 Ridgefield Income [42 4>l I 460 


I iiRimndily SKiirv 143 6 1544« 


Anderson Unit Trust Managers Ltd. 


IM hemrburrh *!| . Fit ".IMS 4 \ 'll 

Amlcrson IT |44 2 53 D| I 

Ansbachcr Unit Mg ml. Co. Ltd. 
IVnnleSl 6'21‘Tll tll-tSS 

In, Vnpltil? Fund 1165 1751 -I Of 


Kj.tra lncnmeT.-J. , 
.. -Par EastTruct 
l|r*h InromeT-a 
In- rare I ‘unil 
Inr. Wemic. 


nt C8I 

42965041 


*Sflbill (nil K tempi Kd 


868 
*0 11 0 45 


In, VoplMg Fund 1165 1751 — lOf 972 

Arbuthnot Securities Ltd. laiici 

-TT.UueenM London Kt*4R IH3 01 23Fo2jll 
•■HishYield 145 8 44 3di 1152 

•■i.v-cum. Lnii-* 67 1 722<c 1132 

Extra liK-nmr Kd 107 0 3151*1 *0 7 1871 

IliBO Inc. Fund. M2 2 45 4 884 

01 4wum Cnlt-I 53 8 631 .. 884 

iir.-S Wdrtrt Ul- ,B6 2 60 5 88* 


Ltd. tiibbs f.Yntonj'l Unit Tsi. Mgs. Luf. 
t>l-t&3Kr;>; ;i F n»1erlclt'i PI . ■ 'll! Irury Ei -J ill oSBIll 
-I0( 972 .-,1 M» Income- >1 9 455d J 9B 

-.i> M. lirmthtt WO *3 5l 4 ft 

allCI .a.A ■: Far Rust* [244 26 « | II 

*11 -lie v«3ii lienliiie *Tue> itftnl. 


}}^ i fOvctt I John nr 
0 7 1071 ” Ixindtm Wall. E<‘2 
884 -t-hirliecl- 0332 


.4 o4 National W**tiuinster¥ fal 

1 10 |bl. > heaprudi-. ETSV BEL. OI-OWI *«H 
l JJ .'apit.il- '..rum i >55 70 41*011 *43 

S“ Even. Inr .66 5 714 -0 3 809 

0 ” KiR.un ml . . 34 1 36.6 *0 4 SO 

.. liruetliiin 86 8 433 * 0 b SOS 

Incmn . . . 35 0 376 *0 1 715 

1 -1 1 1 1 PnnTnliulnr Kt' 70 6 7349 -2.1 594 

9 DC- l niter-al Fdl-I' . 51 2 55.0s] *0 2.65 

*» NEJ. Trust Managers Ltd.* laMgl 

UiltnnCiuilt. tmrtanu. Surrvj !»i| 

NcL-Lir . 1603 63 « *0 11 S06 

\eftiar (itch lie M4 3 51 S *0 l[ 8 03 


\ «' Smllr r-uy, Krf|l5» 6 16*51 *0.3| < 

Rothschild & Lowndes Mgmt. (ai 


14177 Am. Exempt 03 22 

4M Am 'iivoth 16 4 73 

man Alh Smaller O*. -.25 9 27 

FUcmptllieh YM 26 7 281 

EaeBipLMkt l/ln- 263 27.9 

KtTTa I nr T*L .243 03 

St57l Inmmr fn*t -- J07 J4J 

6 05 lwltr.lTdn.1 JO * 330- 

564 Intnl tlratmJ* *£6 » 

563 ln« T«4 Crnile S3 27 2 

Markei Leader-- Z8.4 30 8 

'Nil Yield'. . 282 30 

Href. i‘JlllTni-4__ §3 ». 

rt: 1 IwpertfMuma. 273 - 24 

,so 1 \kT <*rth. Accum. 224 243 

„ u K-Cnii Di*r . [193 . 203 

•' J. Henry Schroder Wagg i 

120.rheap-lde.KCi 
Capital NW 28. .. 1022 1059 

12 i Accurl ' . . 124 8 124. 

7g IwwwXwa 2973 2W6 

i.lccun I'nit*- _ .293 * 30* fl 

*■?“ ikrtierul \‘te 19 872 90 3 

#7 ° r.M nim l'nit» - 108 B U33 

Eurnpe Not IS. 313 332s 

1 i.Vrum. L'nilt-. 34 1 3T 0 

HnWTiaFdNmil 1678 1729 

Spec Ex No. 7 - 250 9 2386 

Recovery Nov. 7. 1973 20341 

"Kor lav exempt fund.- only 


113 22 « -03 3M 

16 4 28 7[ *03 2 88 

59 27.81 *0 2 0.45 

>67 

*3 27.9m +0.1 *35 

-93 3133 ■ ’M 

« 7 442J -+0. 1 9 7* 

« 4 33 - 

166 501J+DJ 3^7 

S3 27 2rf 5J0 

8.4 3083+01 *88 

8 2 soa+fl-J 

33 25.3 1224 

. 29.S . 225 

23 ■ 3* 5l 215 

24 2433*01 543 

,93 2 063 59S 

er Wagg & Co. LtiLV 


3 67 Transatlantic and Clen. Secs. Co.¥ 


7jt Bwliicvn Nw.M-.IH7 
tic lAccum. Ifalhj--. 117 4 

BarbExpl. Noc =9. K3 


-Btirkhm. Vnr W. — |7J9 

■ Accum. L'nito'- — 1*00 b 


Next dejUMda 


^ King-* Sh*a*o*i IRgnt- r 


*«H SL SwttbHxs Lane. 1 *tn E>'4 0 1 -<S28 4.150 -HnlU tiaFdNmil 1678 

*011 4 43 New <7L Exempt IU220 124 OJ I 3 84 -S pccEx N o. 7__ 2509 

-0 3 8 04 1-Tlcec on Nm la \r» dealing bee. 15 -RecnveiyJ Sox. . - 1973 


5 05 Rowan Unit Trust Ylngl. Lid.V (ai 


5l« i Accum CrttM aa* “ 

+01 *» .CumM.Niu.2P . . g.0 S 

*8.2 lArcum I'nit*. ■ g3 6 

1234 men.Nm.v28 - ■ g-g f 

jje -f Ar rum. (JlUL^I ; . • J 

2.15 UarlboroNnv 38 — 51^ £ 

*0 1 5 43 * AiXUm. I'ntt*' ... 58 9 6 

n VanOwtKNmje *97 £ 

r* tft u lAcciiX L'wbi W.8 6, 

18. Ufl-f ^nThNn.a — 711 J 
01-2403434 Vane. Tee Nov. 29 . 84 9 * 

. . . 2.76 lAcrum Unltx i " . *69 f 

176 meter N«u- an . - 626 6i 

7 03 URMltalN.. 752 7 

■7 B3 WiritDn Dec I ... 671 7U 

J7J Dd.Aiiuni • 

sa Tyndall Managers Ltd.9 

15 1 K Cancnee Raid- BrbdoL 

399 Income Nti» 29. IJ0X 2 Ig 

472 • tecum. Umbi- - IJS-J JJ 

|c Capital Kox.29 1 127.8 IS 


“0 ' J . - Klriiw«»rtBenson^J»dt«dv^^^^ x 

iS Australian Selection Fund NV ... »F«eh«^t-BC3 -■ j 

7 64 Market ._ Goa mscy r m: - ■ B-7 . - WTdfc'-J S' » 

764 .OiUhwilte. 137. Kent a. Do, Accum. „5^l 

3“ Bank of Amertca lnteraaatmal SA. 

371 35 Boulevard Royal. Lunembourg C,£ Signet Berrapd*L_ 5U S8.4B - J.-:--. * Igt- 

l ” WUiow*llncpn»-lHSl^ llSfl+0^y JJ7 InS^BiFU — RUKial — 7 --^T - -njj 


dg date Dec. 7. - ffldniwirt Be nwn -UaiiWd. .-~: x; x [1 

lion Fund NV ..... »F«u*t»urehfil-Ba "■ \ ******* * 

fsS*==i Ml 




IS "TESTS' i* 


Benia Fnrdl-f PJ» 2. . 196W .~ 4 I 7 92 . ■ - : • . iV#« dJtte p^eBibiifviEvv 

8.40 Barclays Unicom InL fCh- j^iSaf Offer Cloies ua Doccmbor”- 

. - L^^2^ SL 41‘"' J "«a +0 H 1 HS' Woyd» Bk* Int e rn a t J owwi Groera Jj. 




Scottish Equitable Fnd. Mgrs. Ltd.? .. 

20 St A w lrevc Sq . FVjlnhurgh U3l-a56Alll| i \ivnn ilmbi-. -- 

Income ITnlLx [50 7 53* I ja lnt.EarNox..29... 

Awum. L'nlts . . ._.B9tf 62 S' I 5.28 ,.lccum Vnibn- 


i.t ceum Uni&t. 
PnJ Not 20 
i Accum L'nllsl. 


8 84 L>o Accum. 2 'nll 


Preference Fund. [25 0 


Next- destine «lac lln 15 


SSSlttah ,U. Bi gasfl 15 -Accumunitx. ' |». 1013| ..|U 

■■I 583 401 Norwich- Union Insurance Group fbl Royal Tst. Can. Fd. Mgrs. Ltd. Sehag Income Kd.' (3L1 

P08uxt>uwicb,!(RiiN>; offoasuo M-Jenamsar*et.sw i di-820 825s Security Selection Ltd. 

170*1-181 7 05 T-'prf lux a U11I*1 U t X i 'mini FH 1X7 a 7111 -| 3 67 in*ui. ter 


•1' B?'f wfl -01 au Scot Cap. No* 29 _ 138 6 567 

32&i .. | fAc^-um. lJnitsi l$7i 1^4 J 


,v 12JZD- Lloyds Baak to te nutt oBd Gram , - iOi* 1 

- II «-*— h #3 K' 

" ;« Barclays L'nlowa InL (L O. M»JU<L inUxa^do 6 Atl^r^ 'f . . .. 

® n 1 Thoma* SL. IWugl^ LoAL „ . 0824 Bank of Bertiuida BufldiBS,''BerBifcaE.-r' -.4 Sn 1 

... I” 3133 1 " c^utSurr s«e.a* >najs - ; - [^^- - -A ' 

J 301 «3+03 f:3 ■n W Qua7wT0?wK ultosaBaowwii;" : ... 

Pcilia n. u.hvtfnmil.-Sl 26 1] .... 158 iilHitl+Mav 3S lnisl7ft J-* " 


•ImupTst Fd 1363 9 383 1J +1 6) 52S < apical Fd _ 

n .r *. » . - w j.u.u-t Income Fd 


i.Vccum. Unit*. 
I'apitxl Fund 


•'nmiDottlr, Fnn‘1 [58 9 


■ Accum L'nil- > . 85 4 

1 1.|% Wdn I L- ■ 44 8 

Fin 4Pmp K<1 17 6 

■InnbFun-l. 34 7 
• Accum. L'qilai 46 5 
ijmwth Fund. 35 2 

■ \rcntn I'mb 1 . 42 2 

'Smaller*. to ■ Fd 27 8 
Eu'.iemi inti. Kd. 27 8 
■esWdnrl.Lt* ■ - . 17 4 
ForclGn Kd 80 4 

.Y- iVmer t Ini FJ.I26 5 


-0! 593 

+0 2 5*3 


*0 1 543 

J 28* 


*02 238 

416- 


12 2* Kricveson Management Co. Ltd. 

Wikeiham-KL ECSK2LW 0I-00 

r Oi BmirtonNc" 3> 2175 277 

•Ari-iim. lloitji .2387 2500 

;2i Run:. II .Yd. Nox 311 T7BB 187 3 

3 „ I tecori) Unltf . 2126 2227 

i ii Endeat Nnx 28. 215 7 225 4 

J-Sb - Vciira r.’nits.- Z24 9 235 0 

5iS ilrn+hitr. Dec 1 . . 88 J 42 0-10 

fS 1 \><nin Lnilxi. .91.6 9SS -L0 
jjj l.n TiBrsIfc Ntn 29 70 2 73J 


P- 

XI N+'l dealing 


w Pearl Trust Managers LuL (aHgHzl Tncv^a, Sox .■Jn+.i d. 

*+* "' 252 Hr:h Hnllw.ro Wi. IVTEH n!A05«*tr „ _ „ 

Peartiiraw-JiKd Jz*2 26.11 »og *66 Save & Prosper Group 

| 5 20 Aecuzn Irnllf 128.8 31.81 +0.3 4 86 4 tlreat St Helen-, l+.nd-'-n 


dealing Dee. 15. 


. Pearl ilrovrJiF'd )2* 2 26.11 +0^ « 

277 8 5 20 Accent U'lUlr 128.8 3L0j +0.3 *86 4 tlreat St Helen-.. l+-n 

250 0 5 44 Pearl” it c . . - 133 1 35.61 *0.1] 7.19 im.73 Oueen St Eilmhui 

s? s issastsas-:*.- m 

IHo JK Units Admin. Ltd. (glia) S ave A Pw yr Sec 

42 0 -10 J47 91 Fountain SL Manchester 061-2365685 ' 

KS -L0 347 pnlii an L'rul. 186 4 924(+01l 484 ■■ 

77 s «n Perpetual Unit Trnst MngmLV fa> L'nii' CrnwthJ . '.|M5 

-UUfortSL. Henley on Thame- iHDISfflffl la ei t M tag Igcmr F*nnd 

nit MgTS. LUL Ppncual«d'«ith P9 4 42^ I *43 High-Yield -153 2 


Pelican Units Admin. Ltd. Igm) 

91 Fountain St- Manchester 061-1365085 


4 65 4 ilreal St Helen-.. l*>nd-'-n ECIF -IFTT 
'•42 lta-73 queen Sl_ tllinburrh ERS 4KX 
Dealings In 01534 68P4 ur 031-238 7351 

Save & Prosper Securities LULV 

- n-- IsUmthml Fonh 

Hr Copllai ..135 4 3«6|*gjl 


.I' - "Ml 

nh_ ..>65 


wise security setecxinn iao. fmiten w«n Cvmip 

2 *7 1.4.10. Linooin'x Inn F1cMx.WT3 0IA31 8SS6-9 Chpftal Growth WL4 
.V 75 lTnvl Gib Tut Arc . [24.4 2618 I 2 72 Do Awum . - Bl 

lj I'nvl GtbT.-Lloc [ZLl 22.54 I 272 Extia Inc Growth- 34 0 

Stewart Unit TsL Managers Ltd. <a> fe£SSW.- So 

45. Charlotte Sq-Edinboreh. 031^383271 Do. AccOm. . -199 

iStewatt .tenerlon Fund lUeblne Priority... 619 

Standard Unlit.. . 156.2 54 8) | 158 

Accum. Unite . .El 65 3 . I - SpodalMti... .|3*S 

Withdrawal Units .|*S3 *BB| | — .. . Iv « 

-Stewart British Caitaf Fand . „ TS® Umt TrtlSIS O'! 


J | nnlcom Alixt- Ext. .£6.7 • -JW - 

:M£* 3 g- : ; .j 

ttlZalin rw. Hint Mutual — 1247 263) .... J 

. .1 567 Bishopsgate Commodity S er- Ltd. 

— i 5.67 • p Q. Bor -C. Dougla s . LoJ L 0834-2 

Kmassti \rmac -N ov 6 — jTTsna ,5+Jl - I '- 

-oa AKRHO-NOV6 US ' " I ] 

-O.ll 6.38 OUNT”+NOV.« fEL692 2.B5S I 1 

-Oil 10 01 Originally isiucd at *SI0 and **£L0O. 


...| l-a* Atlantic Ntw.M— 
1 M - AtiatStJ .' m 
'JfL.. GldLEx-tecNovJB. 
0634-23811 . i.i , • 

. .1 — . lAccntnUnitM.-.- .. 



JO “S Bridge Management. Lti- 
2La'+d3 5 15 PO Box SOB. Grand Cayman. Cayman Ta 
US NTriLihl .Not».)__.*l was# 1 J. — 


" TSB Unit Trusts (y» . Britannia TsL MngmL (CI> Ltd. 

410 21 , Chantry Way. Andover. HaitU. > 036463188 90 Bait St . SL Heller. Jenny. fBM 


Archway Unit Tst. Mgs. Ltd.* faiici 
317. High llcdhurn. WCIVTNL 111 S3 162X1 
Arc Imitr Fund -.£41 895| . | 607 

Price* ai Nov. 31 Next «ub day I>cr “ 


un w. .. — . „ .. . _ _ hijult 3L. «n 1 naiw." '"■**"*« 

J-^5 Guardian- Royal Ex. Unit Mgrs. Ltd. ppncuaiGp«^h . (34* 42 o| ,| *« 

homiI Exchange. E<.7ir.u in n i -EM nun Piccadilly Unit Trust laKbl 

MCI ■acniuardlilllTyt [44 1 475J*05I 441 \nleny GIMk l ml Trasi MLuujtciv* LUL 

Henderson Admin strarionF laMcMgJ 3 Fmlnrirk'v Place old Jewry. BC2R aim 
> 07 Premier IT \dmln . 5 Raylelsh Rna-t Hunwi. 0I-5R8 4III 


Barclays Unicorn Ud.V uKcMgl 
l. nlcnrn Hc> 252 Rnmlorrt Rd FT7 01 -S3 
Vnirarn Amenc.i . 24 B 32Jbd *0 5 
Ho -\iisL Ac.- . .. . 693 74.9 + 0a' 

Do \u*t Inc M 6 59 0 +D2 

fto. h'apital 67 * 729 +04 

!*■ Exempt T+t 111.0 115 64+02 

I Vi Exmlnmcn* ' 29 9 322a 

Du Financial .hi 4 664 k *0 J 

Do. 500 _ . 76 4 82.6 *0J 

rio.> General . - .32 2 34 8 

T)n Growth Aer ... 42 S *59 +02 
Du Income Txt. _. B6 9 43.9 


BrenMood. E»v\ 

I K. Fund* 


r^iwt Recover*- . 

(47J 

49 W 

'.'ap i/iwth Ir.-. . 

46a 

49.4) 

Cap. Growth Art'. 

475 

SO 6) 

Inro me It . 

339 

3611 


l*i Extra inmm* ' 29 4 122 , 

Du Financial .614 664i 

Do. 500. . . 76 4 82.1 

no.ileneral . - .32 2 341 

Do Growth Acr ... 42 5 *5 1 

Do Income T-J. _. B6.9 43.' 

■Do. Prl. Vt< T.ri. .146 6 154: 

Prices ai i)cL 3l Next eub d; 
fiu Recni er> 1452 48 1 

Do Trim lee Fund . 137 8 127 ‘ 

Do W Id wide Tst 46 7 S2I 

B-M.In.Fd.lnc. .625 65 It 

Do. Accum - 72 9 75 1 


729F+0.4J 447 fltifh tncame Fn«d» 
115 618 +02 624 iHuth lncimr . . it 

372af / a cl C*ht*Exiralnc 3 

-OJ S 16 x'abolPnrAtaU 


+0J 6.02 Sector Fun* - 

604 F'lQjinelal A 1 1 1. 
+02 4,24 «)ti* Nat Res . 

S I; internatioBal 

.. * 17 1 'abac 

Iniernaricmai .. 
*nt ??] Wdl Wide Her I 
*(JJ 2J8 Oxer**** Fa»d» 
*01 517 fljunalhm.. 

5" fSBt: ■ 

•SS* . 

Fwwtx 

• I Jf* Japan 

I # 18 n AmervDec 1 

8 Snuller I'nx.-. . 


274j +011 

283 +oB 


♦0 Ji 5 14 

+05 2_» 

1+01 517 

1+01 517 


>2 6 67 OuJ SOI 

S? j9.i4-oi| aw 
. [48 2 50M { 1241 

[25 7 274rf+01( 3 37 

..[26 5 21 3 +0 3 2.09 

188 0 95 0ri-l4| 264 

>10 33 H -0^ L67 

..[73 6 7671 +Lq 4 61 

.. D47 37 5} -01| 145 

44 1 47.7^ -02^ 52B 

783 847) 302 

. 35.9 38 i +05 131 

[445 485 -03l 197 

{96.9 . 10041 | 344 

..[1121 116 8d [ 238 

[460 lOOOl . . 700 


nick Income FVml* 
x Ud.' High Return . ... >7 6 

SC2R atm. H* 7 

I Jt Funds 

H).U 1010 VK Equity. . . 1*4 6 

*02] 544 Ovexoeos Fund mu 


^77^ 17 5a Extra Income 24 9 3251 +0.U 10 10 CKEquicy. .. 1*4 6 

ScijlICn'sFri. 34.8 43 J *02 5 8fl Overseas FundMu 

. ... Capital Kunil . .432 464n +C1 550 Europe 18* Z 

0 , 5“ IrtErru- L.Ksreis 442 4IJ .. 620 Japan Em.5 

l ot FTixute Fund . 363 345 +01 4 70 SEJLIii . D6.9 

’I ?« tecumltr Fund 654 711 -0.1 3K L'.S . . >6 l4 

*' 25 Technoln-3 Fund. .616 67 in +0.1 3.80 seelnr Funds 

... FarKoie Krf ... 265 • 285 -0.1 1W , M1 

*01 , \merlcan Fund _.fia5 2331 +0.6J 360 

U 41 Practical Invest. Co. Ltd.V (yhcl FirSnrGi Sei» ..T>b 2 
44 Bloom.bury fiq. WCIASK.\ 0I-023MS3 HlftJt-Minhmua Funds 

317 ITaxt.ralNtw.23 0503 1544). [ 4-W Select InternaL _. [245 6 

2.09 Accum l'nil* [216 7 230.61 . .. *.49 Select Income B33 


2.04 Accum Unit* 


550 Europe - -18*2 

6» Japan — ... . gw.5 

4 70 SE.ASia . 06.9 

3« L'.S . .IK* 

?-S Seelnr Funds 

Cemmodll,v. . .1741 

3W Enencr — >75 

> FlnaorUISecw ... (682 
I8&33 Hlgh-Mlntaanm Funds 

#49 Select Internal. D45 6 

<49 Select Income (S3 3 


T Withdrawal UolU >53 *B0| | - *pcr ftnit 'Trostfl ivi 

-stewart British Capital Fund Ti>B Unit ITUS IS tfl 

38 61 +0J 2.48 Stan tlartl._ .70383 150.71 I 410 21 , Lhantry Way. Andover. Hart*. -- 0264621 

+®y 398 Accum. Units. _ JWOS 175S . I 410 Doallngs lo 0264 834323 

n*|+02t 198 Ufdhu: IToes * Fri. *wed. ib/TSBUeneraL .[453 48.9-00] 4. 

Son Alliance Fund Mngt. Ltd. ^biDo^ Accum. »3 6M -rOJj 4 

S7 2I 1 76# sun, Uliance Use. Horsham 04030*141 ~ MS W, ^3 7 

Exp^TWNox5...lC214 9 22631 . J 4.45 "K 6 flMn - £ 

72.61*0.11 853 4TbcFomlly Fd — f9L2 m3 *0.Z( 34* SSmS ^ . ~S«4 .£ 

45fl - 1 939 target ThL Mngrs. LULf faHg) 

... +. 31. Gresham st.&^rz Dcsi i ngsi 02865041 Ulster Bank? lal 

*791*031 537 Tamet Commodity. B4.0 36.6a) . | 416 WarinsStreeL Belfsri 023S25C 

... . - , Torsel Financial M.7 68JJ -0 y 444 ibiUlster Growth .. .JJ7 1 406) +03) S.; 

1J2 T^tE?N^r:20. 20^5 21743. \ 6.95 Unit Trust Account 4e MgmL Ltd. 

fl'R SPliSsySiEs- ?%? SS I'S KJc« William Si_ K 4 ROAR ' " 0140346 


2-S5 03*0. Bo* 5». Hops Kon* ■ ' . ., 

*■*. Nippon Fd. Noe. 29^15282 ZU3) ... J 


:.-1 LB4 Sanguel Montagu Idn, .Agfc. J-'". 4 -v .- 

“ €i0a 114. OldBiMdSt RC2. - '■ T- ' 

Bssyiaf “ 

7 Group Nos; 20 

-...4. — .. 117 Jeraer Nor. w 

' ■ j an UT1 «^* NbTil : — p -'* JO * '■ .■ 

Murray. Johart«w(Iira.Adrt^ . 

H53. flope SU Otrigow.CZ. - '. ' ?• . 




Deulings b> a 
iblTSB General.. .1453 

■ b) Do. Accum. 5U 

fbl TSB Income -.606 
I bl Do. Accum.. ..645 
TSBSccttiah.-. 916 
ib) Do. Accum 1884 


-03 4.06 
-+0J 406 

-02 758 

-02 758 
-tdU - 2J0 , 
■+05 . 250 


S5041 Ulster Bank? <*» 

416 Waring Street. Bel In* 
444 ibiUlster Growth .. .{37 8 


GrowtlfTncest 06.7 3J.7J +0. 

IntnLFd. -1785 8S.W — L 

■«! 

lUgt lilUtlg l fc .j gB 0.9M-4U I 

U5. Dollar DnmhWgl F&s. 


nxsaTtiiK faoagow.Ci - 

““^ -HopeStFd.- -J Sg*2, 
♦Murray Fluid ■ ■ — ~] . 5USlA.9f + 
kOL7] gOO NAV November 30. 


Negtt SJL .•* . 

Ma'BouIeranf RtgiL Umem b o ftigT ^ 
NAV'Ntrr.28... — « -tfeSttlf- ; J , ! ' 


OZ32ZSZ31 ' 
406| +02) 172 . 


UoiraLSTrt. .K0SSJ2 Negtt Ltd- _ ■ 

IntHighlnLTM. — pU5L9t 8974-054 9 XI of BerzutBla Bldgi. Hamlfcoo. Brmda.- 

Value Dec 2 . Next dealing Dee - A naV'Npv. 17- { fiLefc .• ;;k'_L. ‘ 

5rr2S?2S t ^. , 'rS£t -n*** ' 


7l3|*0 9j 0.63 Target Gilt Fund... UB1 

Target Growth at 

79U+0JI 437 Tarnet Pacific Fd.. 239 

77.3 +0.® 1.79 Da. Ileinv. Units 26 6 

7,3^1 *0.f 437 

a HEursus-Ji 


4 an Friars Hoc Fund — 
sw Winter Grth. Fnd - 
2.17 Do. Accum. . . 


Wider Growth Food 


854 King WUilam SLEC4R9AB. . 


Income Units g9.7 . 313 J 

5-21 .tecum. Units. [34.9 36jj J 


INSURANCE AND PROPERTY BONDS 


Prices u Nor. & Next sob. dsy Nor. 
For Capdlrag SA see wafer Xe 

ll llasn Ud. 

Capital IatenMkai) &A- 

37 roe Notre-Oame. Xtzzembonrg. 
Capital IstFUmL-l 5DS17A5 I ...-I 

FM^Central Aswds BSagL- Ln 


it- Lid. p a Box 381 St Hdier. Jeracy CS34 74777. 

01-633 «51 stingBnd Fd-flO-— >3850 18,03) .... \ 1250 

I —I -SB Butterfield Management Co. Ltd. ' ^*g**g” .HB^T-V-'V-' 

5^ ••"•"J QM PO Box IBS. Hamflnw. Bennud*. Oment gimd Mp g mnt ( Jcrwff) ^ . 

Buttress Equity [5US236 2NI I JJ? P.0 Box »4. St Etdio-. Jersey.^ i' OMSWft.- . . 

Buttress jBeome^)W5199 2JS} ■■■■J 7.W q mR W l y BVd7nt.gM3__- 433( -wJKOQ yifil 

01-033 4951 Prices at Nov. «. -Next sob. dsy Nw. 1L . Ou^ioff Sea peANi .- «w ZrZr!|3E; ■ 

For Capdirex SA see ndtr Seyser imj. M. • p -3+1® v>$*'. . 

4K Utbani Ltd. - Price nTStov. & -Noxtdediag DecJt 

Capital Interuttoial SA W c hl D lHil! life -Ass. lid. -. ^ ’ t ^ T .-; 

~ u . n -r , .^. uhranr ff :<a Atbot BtfneLDonghixLOJL . mrZBf r r ..' > 

N| 37 roo Notiw-Oasm, Xazcmboarg. - -^nwROwlViuLtUU ULTjTWr ^ -; ^' . - 

te Capital tut. FuntL-l 5US17.« | -■■-i ” " JGtfciimantlCtlB^lKmS IHS+CT-, \fvl 

j- - For Central Assets MngL Ltd see D0.PtattmnnB4._MAl 5*3 i. 


Baring Brothers & Co. Ltd.* iaXxi > Am... -OS.9 a -0.51 

SB LeadenhaflSt-E.cn Qf-MBacin SlJ -»3 

SirnttnnTxL . . - |16D0 187.4] .1 418 Japan . . 1469 1004) I 

u» Accum . .12258 23SJ | 4 18 kV.'^ I ..pj 1168^ 

Next tub .1 a* December 6 Snuller Cox.-. . |%o lOOOl . | 

Bishops gate Progressive Mgmt. Co.T Hill Samuel Unil Tst. Mgrs.t (a> 
P-RivhopecMe F.i'i rtl ^ Bed fa ft .ASPSLX 0I-62B 

K'iatel*I--Vro'Jl J178 0 184 U. 3 TO .b« Hnt.*hTn.*i -11489 1543^ +05J 

■ Acc lb.**No< 2l..|214B 228 0 3 70 icillUlTrax .. .. 35.7 J7.7[ +0.V 

.B tile lot N.W58 166.0 1766 7 24 le-DeiiarTtiift -- 78 6 TSM+O.B 

lArcum- Ntn S |184.1 195 41 224 .mi/.vpUalTrtM .299 32 3 ...1 • 

Next <uh <f«x “f»e-- Ti "Dec S . In Firanriai Trust 9L2 47 61+051 ‘ 

■ hi InconteTru.+l ...264 
ih’SerurilyTnin ... 5ZS 
ib> High Yield Til. 246 


Charterboose Jsphet . . CnirtJhmCGJJStMB^- '.££• 

1 , Patcm outer Row^CA m- 2 ta 3 X^ BrfWMU Asset Managtonenl K-U 

061 g7 4422 Adirap a- - -Egg ^ P.03ox58. SL Jallmri CLCoerasny.waiaoSR ' 

isrdl II i mo&m&Steim* 

01-0648880 Emperor Fund ¥&-*** Tit. 

'iRij _ Hiipono tSHLR <W2J 2.76 

-M — CJIva Investmoto (Jersey) Ltd. o.c. 

■ + ® 2 — P.O. Box 32a St Holier. Jersey. .CBM37S8L 

: _ ClivnGRtFd.fCJA.M56 45*4 J U-M r _ 

+L0 — CliveOiR Fd. tJay.lflSJ 93S*4 . .._[ 1135 AtmM, MOgL ■' 

4S'i Z Cornhill Ins. (Gnonsey) Ltd- P.O. Boxes*; BJc. td Bermuda RhUBwim)d«.^ j < 

_ P.O. B«» 157. St Mtr Port. Onensey Reserve Amb MJWOM Vfl 

L Intel. Man. Fd. -0615 178.0) ..-J - Price on No*. SNext dsafingNwJL^ 1 

DWS Deutsche Gas. T. Wartpapiersv Boyal Trust (CD FiL MgL Ul U ? “. "V-”, 
Gr uu eb mg w eg IW,- 0000 RsaMnit. PO. Box 104. RnyuiTM. Hte, JeraeY. Cpj%27«4l- . f 

070527733 Incests ^_—lD)07* • 3840) *060) — R.T.lnKL Fd.—_—BSS9H 1*8 -3- ABO ' V 

•--j r 

.'"J — Delta lav. sor.ao-ltcsia LTlI .. J — ' Sane & P rwpcr bile rnsttfnsP ' 

— - Deatscber Investment-Trust Dooiingto: ^ _ " ♦ 

_ Pasttach =885 BlebergsascS-B) 0000 Franitftnt. S7SroadSt,SLBWIsr, Jeraey OSS^fflOr 

...... — Catcentra U»UU0 Mj+OJOl _ 

- laL Rctuenfonda— [55535 78*1 - J — \ 

f ; “ ' Dreyfas Intereeothieiital Inv. Fd. 

51.- — PO. Bos N3712. Nssssa. Bahsmss. 

• — NAV Nov 21 - tt r.cum MCJ) .. I — 

Z Emsen * Dudley TstMgtJrsyXtd. 231S I 2J0 | 

. . - PQ. Bn*73. St. BMler, Jemcy. 0SM2O901 Channel SSjrndrt- 1S1A ‘ • 1613 — AjJ MS. f 

• • ■ — fcDAC.T. P23.4 1315) .y-| A*» Ctmd. •++!__ |S| MU -jM -• '..+.J 

' 1 T-' TheEngUah Aasodatfen . ■' ^S^SSg^pr— Y 8 £ '. jftZ ^.agg-- ^ 

iForaS»ra«..E«. i __' ‘ ' « W.. '' 


ey Life Assurance Co. Ltd. 


Bridge Fund. Managers la) ic) 

Rciai H»e. King william hi, E« '4 cn ft3W'i 


American 6 ••enJ..|21 4 


ImumB-- . — [50 6 55J«r 7 D4 

•"asiial Ino.t . . p6J 317 3 40 

Pn.Acc.* .. • ,>0 6 «3 2 3 40 

E*empri . . 1380 147.0 5 81 

InU-ntU.liK) ... 155 165 465 

rwiAc-l .117 S 185) 4 65 

Dealing ‘Tow I Wert. rThura. Pncex >\m 
2122 2.1 

Britannia Trnst Management faMgi 

3 I roldon Wall Building*. London Wall. 

I Jindroi ECSM «N. niJCtaiMTB imt< 

Anew [75* 81 II -02[ 4.68 

•“apitul .\c<* . . 56 4 60 U *0 1 3.7B 

Canm&lnd . [58 9 63 3[ | 436 

rummorfity 
r*ime?ei-: 


7^ Intel.? UKgi 
3 40 1.4 ■ hriunrher »raei. F.C 2. 
J 40 Intel Inx Knnd .188 9 


3™ 1-3 Sl Pbar.xOiurchj.-ard.EC4. 01-3988111 Crown Life Rat, W 
7 S Equity Fund |3k5 385).... - Hing'd Fund ACC 

■ 700 KquiScAec. 315 352 - hUr.x'd Fd. lacw. 

S.t fa) pruperiv Fd. . .. 1511 154.1 . . - Mnng'd Fd. Inh. 

Prop-J1+Acc. _ .1615 17DD - Equity FtL ACC. 

flV Srieetms Fluid («0 46.S ... - Equity Fd. limn 

*25 SS ConventhteF-uid. 1343 1414 .. — Equity Fd. Ina._ 

^2. 222 PadnoeyFiind. _ 124 6 1312 . . — Property Kd. Acc 

+°- B J-Jf VProp Fd. Ser. 4 — 1321 134.3 . . — Property Fd. Incm_ 

■ ■ ■ *75 man. Fd Ser. 4. _ 135 7 142.3 - Properiy Fd. InJI 

+2-? S 76 9 Equity rd. Scr 4 - 353 37.2 ... - Infri.Fd.Aee.. 

■*21 Z 23 OConv" FtL Ser. 4 ... U4 5 120M ... - lav. Tst. Fd.1 Bern. 

532 Tjlop.x Fd. Ser -1 - 11Z3 UA3i - lnv. Tst Fd-lnit.- 

B •*» Price* u Non. 2£ Valuation normally Tue». Fixed Int. Fd. Acc. 

Fad. Iol Pkf.Dm. 


Crown Life Assurance Co. Ltd.# Lloyds Life Assurance 


01-3488111 Crowa Li feRae, Woking. CU2I 1XW 048820033 20. Clifton St. SC2A 4MX 


- MULGLNor.e 1 1360*1 

ID Op5’A‘Pr. Nov.80_ll43.8 151 

- Op5‘A’EqL Nov 50. 


, Op5’A'By.Nw3a. 
L6* Op5‘A'kb<LNov5a 
— OocS-ATJpLNocJa 


Jtsyal lusnnnce Group 

New Hall Place. UvecpooL - 061X774422 

Royal Shield Pd. _[144.7 ZSXaj — J — 

I Save A Prosper Group? .• 

— 4. GLSLHolen'x UAL EC3P SEP. 01-664 8880 

“ Boi In*. Fd [1M4 l^JF-rOJI _ 


ra-.LTi 




99^ -0’ 
10721 -H32 
104 *| *0.1 


1100 LozMftm Indemnity A Gnl. Ins. Co. Ltd. 


— Property Fd.’ ..1610 

ttA ilih Kd. ILOJ 


4 65 Key Fund Managers Ltd. (aHgi 


14. Milk Sl. EC2V 8JE 
Key Filer ty In.Fd.- [73 4 
Key Sail ity A » Sen. . . M7 4 


4Kcy Exemra F4 .[171 7 
Key Inrnme Fund [77 * 


XcmtiJ^ro-.. Key Fixed Ini Kd . 

nl«n 049B <w. 1 V-... v-.,1i , W. Fit 


Extra Inc+imr 
Far Ejtrt 
Financial her- 


*ol 370 Klein worl Benson Unit HanagersT 


34 8 02 Bl 

118 7 124 9. 


Key small Lin'.- Fd . |l038 


111 -M7 7?* Albany Life Assurance Co. Ltd. 
4471 +101 7 40 3 L Did Burlington WM . Ol-tT 

Id. (aHgl OEquityFd. Arc. ....[Mfe0 20tg . ... 

m jevS-iiTii VFt-<+l J Qt Acc. .. WVfl 148.4 
*. x. n « WRd SouerFd..te_ 116.0 1211 

7*y +“ J ?l5 <natLManJfdAcm. 1877 113.4 . . 

72^+04 5 57 aPf^TdArc. 1119 118.7.. 

k-i ii\L fifpJelnv.Aet. . 1695 1783 

Kfl -0 2 EquTlk PenJ’dAK. 23J.0 2463 

x&y_n+ Flxea I Peu-Acc. . _ 100 9 104.4 

110 51-0 7 5 93 G tdJlon PtoAct 1338 140J 


lntcKL Fd Act— . 
lntcKL Fdlam.. 


O'-** 3 ** SSSSKhSt 


"■ Din. Fd. Inrm 


— la-aO.TheFortoBT. Reading SSB1L 

fn SSSTJSSr rgi :rJ = 

“ Fixed Interest..- ...134.2 36JJ .. ..J — 
12.44 The London A Manchester Ass. Gp.0 
T k Wlnslade Park, Exeter. O3B&02I5A 

_ Cop. Growth Flind. J 235.9 I *2.7] — 

IBM *F1«- Exempt Fd. . 1394 1+1-2} — 


Deposit Fdt.. [ 


_ , . 3i. Fenrhur+h y .Bl .1 

tn 1 Iw K.B I'nit F«f In*. . 84 8 
„S; SK.lt 1 nilKd \i 1073 

-0 47* KB fil In T-l- 535 

►ii 3K KKFrtlnT-a.U-r.S43 
|S Kftxmlri-o-F.ilr. 43 4 
!S? KK-mO-Frt trr C80 
*n? Ik inch Yld Frt. Inr . 45 7 


'.Int. & yrrijwth • .... . }69 4 


' PropjenAcc [ 

nl623»«« IT pie Inx.Pen Acc.p 


«U lAMEV Ule Assurance Ltd.* 


int ICkwtH 
InxeM.T-d Share" 
Mineral* 

Nat. High lit- 
New If-roe . . 
North American 
TTntemon.il 
Property Share- 
JShxetd 

Statu*- "Tin nee. 
•Curt Energy 


* “ .Uma .lira Rd.. RriRBtc RelgaleKnOt. " ' 111* 5 

676 Ux»rrx-v,„„..^ Uni inn i _ V T>P V7 7 1?T .. tfl 


Crown BrL tnv.'A'— (1542 - 1 1 - 

Crusader Insurance Co. LML <n* t nut Fund. . . . 

Vincula Hoiue.TDwnrPL.8Ca 014008031 5S^SS £lff Sr" ' 

Gth. Prop. No*. 7-. )73.» 

Eagle Star Insnr/MIdland Assnr. Throe Quar^ Town, 
l.Throatbieedle St. Ed 01-3681212 AmerirjnFd Rd*... 

Eagle. MW. L’niB-. >4 3 56 3] *+M 6M Cone. Deposit* ._ _ 

Equity & Law Lifr .Asa. Sot Ltd.* IJv&dFdSi"” 1 
Amentum Road. High Wycombe MM 33277 Family 7080" .... I 


IBM 4 Flex. Exempt Fd 139a +L2 — 

937 OEumpt Prop. Fd 463 *0.1 — 

I OExpt. lar. Tn. Fd. ■ 1569 +3.4 - 

Flexible Fund . _ 113.8 +1.4 - 

ln» Trust Fund . . . 1368 +2-4 - 

Properly Fund BSD +03 — 

, * ES1 GldDepoatt Fd .. 1816 +03] - 

M & G Gronpf 

Throe Quay*. Tower HinEC3R0BQ.Cn -826 4508 
Amerir anFd.Rd.*... |46 5 49.M . I - 

606 Con r. Deposit*... _ JlM.4 UU . . 1 - 


a»r.g? sa 

Prop.PenaFd* ZK1 2473 

Gilt Pent Fd 94.9 4W 

DepotJ’ena.Fdt -H02.4 . llM 
•Price* on November ) 
rweefely denllncK. : 

Schroder Life Groopf 

Enterprise Bouse. Pommouth. 

Equity 1 - 23U ’ 

E^uS4 224.4 2363 

Fixed InL 4 138.8 -1CJ 

Managed# 155A Ittfl 

HOT*?* - 1889 mi 

■TwraM-—.— D.9 -8M 

Property* IMA UM 

K&SGori.Segt4. 1233 1243 

05. Pen Cap. B — 224.7 13&1 

05. Pen. Acc. B 1373 1443 


- 


. _ Next ifllxJ^L NL ' - 

■fPricea an No*. 30. Next tlaaling Jdn. 2 _' ' •+. . -7 


BothochUd Asset Mb gt {Bfesaa &aj •' Xf 

PO Rat Bfc Bennoda RMl'Bmimid*. A 


p.a Box esc Bit cd Bermnda RhU BmiaaM. c *- + ■ 

Reserve Assets RLJSUDS "Wl “r-f -jr' ‘ ’ ' 


Price 00 Nov. 


RtebYIrt Fd ter: 


A3fE\-Ma.-TaBrd....a438 131 j 

St? JteME'. Mrit 'R' . 1185 124J 

i f ^ AUEV mor.ey Fd. . 107.2 112.4 

1 AMEV Equity Fd - 112 7 1181 

.-Fried lot.-- *13 460 


[ + Sfl iS L * C l nl1 Trnst MaBagemenl Lid O Ate\;i^cedlat.--m3 
| 3.99 The Stork Erhanra. EI 7BC I1IP rq sns as« Pen Fd-!jl0 5 

-01 8.63 F.l 1143* +?H 90S aMFV lEtPcn-B m.b 

-03 3 86 Id" lnlU«*nl.l |456 48 6) -l l| 2 15 Flexlplan. Em 7 


Hf Latrson Secs. LlcLV iaNCI 


215 Flexlplan. |100 ; 


Fixed frrter»« F 1M4 1143 -03 - 
Old Deposit Fd - 1812 1863 I - 
Mixed/.! . 113.4 U9J +0 1| - 


Fond (7 a 1 -ae— m.6 

Gilt Bond — 187.2 

Jntematnl Bond** 97 i 
Japan Fit Bd.* .... 574 
Managed Bd.~**._ 137.5 
Pent. Pension— * — 2553 


112.N +0A - 

ic 3 ..T) - 

Bib 


Wngd_ Pen. Cap. B ., 
Mmtd. Pen. Arc. B .. 
F. InL Pea. Cap. B 
F Int. Pen. ACc. B 
Money Pen. Cap. B . 
Money Pen. Acc. B~ 
Prop Pen. Cap F... 


- Genial Portfolio Life Ins. C. Ltd-8 Property Bd.-- 


Prop. Pen. Acc. B....IU33 IX 

Scottish Widows' Group 


~ 60 BaitholomewCl. Waltham Cross WX3I871 


2.60 37. Que+n'x fit U+idvo EC4R I BY n I 230 T2?.l * 

4 ex NV* l?5l 5HI*2iJ JS tat rirnteh. 

#95 gi1<vami-iHi» H3 7 473) -0W 6B2 


-Growth Fund . 

■1 \rrum CntlM 
tflili and a’iirranL 


:The- British Life Office Lld-8 fo) 

.Reltani-P ll*e Tunhnrtge Well-. Kl IMPS 22271 : \menr,ui Frt 

a RrtlrihUfc- |51 8 54 8| | 581 i.terum Lnitx 

Ralnneert’ >8 9 S23 5 90 f*al *M 

ffMTU Jk, rtjd J s'" l*egs« A- Gr 

;%Vwn Shipley A Co Lld.8 'V 2^7 , ‘' 


.UKEWFiajoliafitan 
American _ . . MB 

Income . 1W2 

tcX Growth . ...184.6 


78 q . J - Gresham Life Asa. Soc. Ltd. Pro perty ... 1.. 

■see fflj: £|jEfe; 

^Ife-IScte Si::!- Wpii'.:-;| 

d Growth & Sec. Life Am. Soc. Lld.8 Igaaged™™ — 

Dl 534 9944 * nr Bant Bray-na-ThaaMA Berta. 068-34284 t n n tfeinjiy . 

, Fleuble Finance | CL506 j J - Do. Penx 

n J — LandhanhSec^ 3431 J .. J -- Inti. Managed... . 

”2x1 "' I-jndtwnlr 5e> AccJU67 119.8).. [ — Do Nl— .... 

*° J - GASSupcrFd 1 £7.983 1 1 - . . 


FortfnlloFund. . | M33 J .. J - 

Pertfeilo Managed UiS 44.B . 1 — 

Pfollo Pxd.lm. - NL5 5B j] . 4 - 


Ret-ovegy Fd Bd*. . ... 

Prices on 'Nov. SB. “Nov 20 ”Od 3*. 

Merchant Investors Assxtraacef 


- P>3 Box 802. Edinburgh KH105BU. 031-0960000 Bug.. Ms.«erfj 


Koyai trust tvu ra. -sigt. l*o*v >■< • 
P.O.Box 186 RtwatnLHte.Jtioqi:iB>%r«n - 
R.T. InM. Fd - — -gBSfll IMdCSViM " V ' 

y:; ’ 

Save .A P rwpcr tntmtMaa^Z \" 1 ‘ . X, •"* 
OT&«&^ l SLH0Uar.i«cr -• Or 




Leon Hoc.. 33 High SL. Croydon. 


Property.... 


For Arrow Life Assurance see 
PimMracr Capital LUe Assurance 


tgrx.F-Kinrtnr* n in 
;jL-«d* 27 [2294 

atOaiNux 27 (279 3 

rimte Truxlx 111 Ip> 


liAcrum L'mtv . [22 2 23 9| +03l 050 _ . _ . _ ... 

f*al *Mon -Vue- 11 Wed tThurx Barclays Life Assur. Co. Ltd. 

l*cgal & General Tyndall Fundt 2SZB nsdord ra.e? oi 

IK« anxngeii-w.l.Rri-«»l 032 «?si f*?^ t * ,:d ** “ *3?f 5 n 

is: sa iroissci." m 


ill AMriCiTn 1 \r-:um L'niL- 



fi3 

37 4| -0 

General 

191 

20 3 +0 


180 

soil 

Gronlh Im-noie 

374 


High Income 

295 

32 (r 

IT C 

200 

21 2.' 

Index 

24 8 

26 31 +0 

'CTIKUt 

171 

LB 4| +0 


57 1 

tni.4 

I'.'-'-mery 

215 

223^ 

Kiempc >M i'i 

565 

51 id 


Ne-.t -nb rta-. Ih-.-rmlicr 13 

leonine Administration 13d. 

2 Hurt- Sl .Ix-ndunMIMBIP «I 

IwlH- t (76 9 Bl 01 *0 


5 09 lxo Ircum 


?*., 1 - Proper-T:- . 110 7 

nl,cr 13 itrtrmMlinr.il 166 

l Ud. Jtacaged 1U« 

«»■£»«*» ManJVn* Aeeum. - 1C2 Z 
Big *0: 4 89 Co imttai . 105 

887|+Q2[ 4«6 GUt Ertelt-nvAcc . 167 
imu ... le L-uliai 8 1 


uL Cash Fund _ 49.0 
G3- Equity Fund -.3077 

GX. Gm Fund 1173 

G.L lari. Fund . . X08J 
G3. Ppty. Ftlnrt 102.8 


34. Inv Pte.Serlc* 1 1*73 1870) *L5| — 

lnv. Ffg.Senef2— 1813 1865 *15 — 

Invert. Cash Dec. 1 . 1083 1B55 .. . - 

8171 EetR. Act »»'.». 1«J) 147.1 -2.6 - 

_ F* Ul Inc. Nov 29.. 1335 1393 +23 - 

Mag. Pen Nov. 30 _|0O.9 270.^+20) — 

1' Solar Life Assn ranee limited 
- 1032 Ely Place London E-C-INSTT. 0L2422SM 


ffiHLSsL-« 


«8ESSSps±»':-ii 

'Prices Oo-Nov. Nte' 


2J8 


Solar Managed S. 
Solar Proper 


i+n-imnsx nenta. iro+oxa 
re 0306 j 1 - 

tee IttTtltjj J - 
I 1 £7.983 1 1 - 


Solar Equity 

- SolorFTd.rirtS 

- So lar Cash S 

— Solar lutLS 

- Solar Managed P 

— Solar Propnrta 

— Solar Equity P. 
Solar Fcd3nL P 

Solar Cath T 
■Wlf SaltrlnU P. 


Do. Pen* .... 

Inti Managed — _ 
Do Pens., — — 


91.2 -0 7 - 
116.5 *03 - 
10AR . 


? 76 Uoyds Bk. Unit TsL Mngrs. Ltd.8 >a> BUSWw. A.-c. 


Canoda Life L'nil Tst. Mngrs. Ud-8 r"‘.Arr U m. 

2 A High M Potter-- M.ir licit.- I' Kn.-r.M22 Extra in-om- 
;t'an •TenDi-l IJ4 3 4l4i+>)i| 4 42 lh.-V--ur.i- 

' l*P Vn Ai'.nim 4S5 51 1 *0 1 4 42 | | m -rtV I J| 

-l» In.- Di-L 34 1 JS8.il 814 UO.vai.lAl 

. [>o Inu .li-i-um [45 7 481) ] 8 14 72« ■ ...leh.- 

Capri i James! Mngt. Ud.8 Equii* v-ron 

'iflftillrt Rri.u.1 St D'IMflq "I .W fin hi M & G Gr 

A 'npirai . [32 6 87 4; I 5 45 Thr<o- *ru; • 

Irrorw -0H 1 85 21 8 01 rvl-j 

Nnrtn Atnencar. [95 0 100 fli I 1 02 ViM-n.-.m )44 J 

ITi+r- ™ S..X IS \exl rtealirj IX-. >i ■ Vrur.i l'nil . J45 3 

Cariiol Unit Fri. Mgrs. Ltd.V iahci .'iStfriS. C\ 

Mi! hum I liiti^f ^l■>l^^'1lc•up•*nT , ni’ -UCZ* ' t<ir.r.n“l)f\ 1755 

■ "nr hot >7 5 70 0n1 I J 42 « tensai I ml • |824 

ii.. x. -.un l mi. cm lit 1 I l os • ■nanouu.i ■ >i 


338 R««rjr . item, iftmng l.'-Sea 

4 43 Worthin'.- We-l Su- <-\ 

324 Baiam-ert 1518 556- 

4 56 fhi lAcrum - 72 6 731 

612 w.irlrtalrti-i.'vlh )S2J 562, 

4A7 rv. '.Vrom . [66 4 71. 

j _ In- -me 03 3 41' 

0-T r*. .Acrum- 1116 123' 

1132 Extra ln-unu- 60 7 65 2c 

4 42 lh> ■ V -Tir.i - [71 0 76 j 


55 6rtS +01 
73 B -03 
562,t -0.2 
7131 *02 


H'«2.’.I5W 
+01) 4 60 


•Curreat units xaiui- Nox — 


' VUT » . _ . 4 NEL PensionB Ltd. 

Guardian Royal Exchange 3fitaq Court Dotting Surroy 

Rexai Exrtiangx. F.ra 01 383 71177 N >i„ Eq.Cap |8U 86 U . 

Property Boprt* 1197 0 28S.2I i - NelrxKq Accum - 1L*5 124.7 -L 

Hambro LL'e Assurance Limited V Ndn Mm %. N 7?A 
7 Old Pork Lone. London. *3 OlrtWOaai NeleiCrth Inc Cap. M4 52.0 

Fixed Int. Dcd <327 9 134.71 .[ — Nelcx Cth Inc Acc. UJ 542 

ruceaim-ucp . . wr j .[ Xel Mad. FdCip.- 416 522 ... 

Property. [mi tSa . 1 - Xel Kxd Fd AM Kj 

Managed Cap. .044.9 1526) . J - Next Sab. day December 25 

Managed Acc... 
ch-crt c M .. 


197 Beehive Life Assur. Co. Ltd-8 


123 H +031 
65 2c[ -0 it 
7631 -0 11 


' Lloyd’s fjfe Unil Tst. Mngro. Lid. 2 * High St Fo:t 

| 8)4 TZ-tt! •.. .«»!■. -■►—K.l v i.-xliur- >1SM.»MI EW^jlbFlDec 1 

Equilv A.-cum 1163 6 172 21 | <71 RcJn * 6 

.-airtflino & G Group* lyNclizi Cannon .Assurance Ud.8 

I 5 45 Threr vku: - Ti<w+r Hill fj :tfi bhxf nUCi, a M , 

« 09 -r alb.. x Ml K-.rho.gr |h«l.r.v 


1.47 ?L Lombard SL E»'3 0JdC3ia8 CiUEdged,. 

|U Bit. Hcr*e Dec i , 13133 i I - 

802 Pea.PJ Dcp Arc 

8 02 Canada Life Assurance Co. ESlPSoAro 

2 A High Si Focierx Box Hcrta TBar S1J2? FwTwaiirap 
Eq*xxl?bFlDec 1 ] 627 ) *06) - IVn. Man ter 

Rclml Fed >'<« 6 ] 114 4 I - Fen GlIiEdg.Op 


IVn. Man 4c+ 

Pen GlIiEdtXtr 
Pea Gih Eat Arc 
Pen B S Cap . 
Pen BS .tec 


I.OMapi'-IVy Wembley HASDVB 01 WCBSTil Pea DA Flap 


472; .n<[ 
48 7i -0 ii 


sisisg 

‘.nil 


2 •>+ EquI.-x t'erti £2752 
xg ProFert>Vn.?« . U052 
555 Equity Hood E\».-e I «3161 
*04 Prop fU-nd ::x'x- ,73383 
c 74 Ral Bd. Ejcc I rf. '£1348 
< |v-P+.,t Pond 11135 


Lb. v-enn I on- [83 0 85 5[ I 3 92 

n.. High Yield !J1 3 43 Bid [8 97 

Ibi \«xun l ul-- [53 6 Sill I 897 

Next il'-alinL' .line I'lb-i'ipl +-r l.l 
Charities Official Invest. Fd$ 

77 Ijmcton Wall fcX.'JN 1 1 HI ■*! .MW IBI.'. 

. Income N-X '41 [13198 I I 7 08 

A.-cum \oi Jl [262J3 I I 

tl.'mulli Hnlv jil.ihl.. l» Hw ''iijrltix-. 


i*.nap..uiiii , '.r.- , . , ili Ilia 9 
• er'er -n '.rnu-iliUOg 
«'..nib-r-i..i In. |69 5 

int Irta'-ul 1177 

. V.r»«> l'nil. Z30 3 

tu'i'i.'Ji. [<9 0 

> livur.. I ml .' [50 1 

Extra Yi.rt.f j«9 

i xr. um. I nit*- illl 4 

F-.rF-.li.rn S03 

■ V'rum I ‘nitx [55 6 


87 81 -0 1 Hr £Srtr'\«"m 
120^-0^ 4 07 
64 8 - 0 ' 3 45- ^ 1 


- i-851 

- *006 
1231-7 01 

14 63 -op; 
1C.2W-0K 


I'cri. DA 6" .tec. 


Ii2i6 12a: 
rao« .- 138' 

1277 134J 

1476 155.: 

1847 

! lira 


Ai -Li - !“ ™ lu T ^ 

Nelex Money Cap... 625 65 7 — Sun Alliance Hooae. Harahao. M03 84I4 

Xel ex Mon Ace.gA TLA . - Fjp.FdJnLNorA...|a492 159.61 | - 

NeleiGthlnrCap. 49.4 523 - lot Bn. Nov. 36 — | 03.91 | | — 

itel MxAFdCa?.: m K2 r Son Alliance Linked Life Ins. Ltd. 

Xel Kxd. F>1. ACc .aU 54 3 - r — Sun Alllaocr Home. Horiham 94038414 

Next sub. day December 25 EquteFUnd. . .[1210 ISAS -*03[ — 

NP1 Pension. Management UtL ♦»+ = 

48, Gracechuroh SL. EC3P3HH. 0143342DQ iBitrooUnna) Fd. . 92.9 97.3 

Managed Fund 1 157 A 164 Zj ...J -. Deport t Fund 184 1043...'. - 

Price* Doc. l Next dealing Jan. 2 Managed Fund . 1012 115 0) +0.3 — 

New Zealand Ins. Co. (U.K.) LldV Son Life of Canada fUJU Ltd. 

MalUa odUouae-Sonthend SSI us OJOiMSM 2.3.4. rock»parSt_ SWIY 38H 01-030540 

Kn Key Inr Plan. |Ul.a 153-fl ..| - Maple IX. Grth 1 2854 | +3 0) _ 

Small Co's Fd. . TO* 102^ 1 - Maple Lf. UaoRii . 1345 1 _ 


sckle. 

1471 -ii - Eurobond Holdings N.V. - ■ 

139.3 +-L5 — B a ndr lokade 34. Willemstad, Curacao SJCOi 

278^ +2 - Lrodan Agenee latel, 15 ChriMapter SL, EC2. £mFd 

pjt 16L 01-2477243. Tale*: 8814408. Inrt.Frf 

>AF par rtaro Ztee. 2 JDSaOAD. TofnLFVs 

ll| _ F & c Lb*. Bra. Advisers ‘^Em, 

— l ^ L a iy en ce PoootneyHill. BC4B OBA ^ ^ . 

!.... - Cent Fd. No*. 22_| SUS5JS | I - a,,*™ 

ai - FWelily MgmL A Kes. CBda.) Ltd. 

*11 — P.O. Bo* 870. Hamilton. Bermuda . £ Equity 

- Fidelity Am. A*»._j SPSZJ.M I ...I — 

--3J - Fidelity Int. Fund-j SDS20^7 t-aiU - 

i.-. - Fidelity Par. Fd — [ 5CSS483 Tj - «?*ed 

‘81 - Fidelity Wrid Fd_. | S13J0 1+0.11) - gtanag 

7* “ Fidelity BCgtuL Research (Jersey) Ltd. 

Wrterioo Hoc, Don SL, St Hell or. Jeroej. J. Hen 

04038*141 0534 27503 HO.Cbo 

I “ SerjejAiIntnL)_„|C50 1-bJMt — cbospS 

I - Series 3 tPaclBci_.|£9S I II - • nCSj g. 

„ Seri«DtAnuAa*.).{a472 J - 


rice* oa.No*. 23. ^*Nov. 2^'**'N«jvta 
-SWeeUp JJmOliTO. iDatly TteaRqKC 


1C9.0 -+0J. — 

90.7 +L5 - 
133.7 +11 _ 

3144 . - 

1792 +35 - 

128.1 - 

1886 +81 - 
90.il +15 - 


48. Gracechuroh SL. EC3P3HH. 01 OS 4200 jDtmSaS^SS'F'L 

Managed Fund ... 1 1575 1642] .. .1 - . Deport! Fund — - 

Pricer Doc. 1 Next dealing Jan. 2 Managed Fund . « 


Kiwi Key lnv Plan . 148.0 
SmallCo'sFd... . 97* 

T«-hroJo*yFd...._ 1817 

Fxtra IncTrd. 95.4 

Extra Inc. Dirt. Fd.. 1006 

•tenerlcan Fd. 91 4 

Far 7^.rt FdL 1889 

Ui.'t Edged Fd . . . 1CS.7 
Con. Dcpojil Fd .|9IB 


72 3 -0 J £25 Accum 

1S7J -oi 815 H3EESL . 


Hearts of Oaic Renefit Society cm Dcpnni Fd . 191 A 103 0) - J — 

:.vi7.T-i !-t»*.-k puk-x- win ps .m iii wma Norwich Union Insurance Groups 
Heart «i.'l Oak 137 7 398 I •• PO Box 4. Norwich NR| 3NG 0000223 

Hill Samuel Life Assur. Ltd.V S?? S?3 - 

NL.4T»r . Addixci-inhe Rd .I'no n l-DW435Ti Property FOad . .p5L 142Z . .. j - 


Sun Alliance Hoxue. Rorahan. 040364141 

_SkJ mil Toil - 

Property Fund 1163 i»51 _ Sl Pall MalL London SW17 5JH. 01-0807857 

lotoraoUmalFd.— 929 153 .. . . _ FrtYILCniTrt- — i347 363 .. J 3.00 

Deport! Fluid 989 10*3 ... - FSfcVkJDbLOp.Trt.Ko S3( .-..J - 

Managed Fund — w?2 U5fl| +o.i] - Fleming Japan Fund S_A. 

Sun Life Of Canada fUJU) Ltd. 37,-iW Notre- Dome. Luxembourg 

2.3.4. Coekrt«rSL.SWlY9BH 01-8305400 Fleming Nw SO... I SUS6L66 | ..\ — 
Maple L£.Gith__.| 2854 | +3 M - Free World Frimd Ltd. 

MaoleU Uanml | 1343 I J 1 uu. 

ttanlo L£ Eqty. .... I LM4 I. 1 _ Buttofflrid Bldg. Hamilton. Besnoda- 

PmmLPnTFd. _..| 207 9 I +25| - NAV Oct 31 1 V/S19805 | .. I _ 

Target Life Asmtrance Co. Ud. C.T. Management Ltd. 

Target House. Gatehouse RdL, Aylerhury. Id Fiiubroy CtTOJS. London EC2. 

Boris AyleiteUT iflOBB) 5041 ™ : .Ttt 809100 


rDcc _ » Schleafngw Intenatrianal Wngt lMr '■ * 

. .. »| 

“ „ I A.oiTlIZir7~ Em jwg.TS 

rSL, EC* GlhFd.^- gJA .21^ Cg 32fl: ;..te 

• lntLFd.J«MW— -W" 131 *>•. 

'-*• TaiaLFdXambrg _(28A9 ' • 7*r»''-i-S 

isers *Far Eaat Pbad— . -|99 t» "< 

3^ *Next nab. day Dec«n*»r A^; - ^ — 

Schrader Life Group - 

~ Eutcrprtae Hooae. PortMno atfa- • ,j-|HW27733 ; ^+< 

L “* I gwa MBaoid Fka^^ 

Zf J. Henry Schroder Wagg gfcr.S&T Ufc ;? y 
... MC.Cbropofalfl.EX2. (fcSWdBr^Vr 

- means Nov. 30 — | SUS1L18 . 


snxedi 

£Manag ed] 

52£anaged| 


F Trust. SRUKUM s .. wm®. ^ 

' MS w, Sentry Assurance Internaiksnl Ud. 

163 I SB p -° ®«* S*- HmmUteB A Banaoda-v ±.. 

_ Managed Fuad — _ tSCtZJB SflU^j ** 

A. Singer & Frledlantfer tdn . A y at x 

ours 20. Cannon St, BC4 . t' idJMOM \ ... 


'Q i ■ 


St ron g hold Mtnageihont Liarited 


nLPo.Fi _.. I 207 9 1 *24| - NAV Oct 31... .. ) 3F619885 | l - PO BoxBl5.SLBflH«e^f«raejir ; * . 

get Life AsRtirance Co. Ud. G.T. Management LtdL Commodity Tnu* -TOJs 

rt House. Gatehouse Rd.. Arlwhury. 19 Fltubmy Oi«m. London BC2. Suriuvest I Jersey) Ltd. (j$ *s:-: \\ 

a Ay In bury '1206)5041 Trt. 0J«8 S13I. TLX«0«i» QroeimHae. Don. Rd. Sl Umlinr lw r ftMXO# % 


Man. Fund Inc. 
Man. Fund Acc. 


For Cbanerbousv Japhct see James Finlay Kumini tux t i 


-Chieftain Trust Managers I.Irt-V laligi 


2C99! -0« 

52 2' -5 2l 
53 4j - n 
925} -0 5 

1272 -0 3 

53 U -0 5 
59 S *0 6 

•MS 1 


S{| 2rjJEruwrt« 

2nd vtaioci+t 


SiuSTm^i- TO 8 

IsdlllU. . - _ 90 3 

til Ancnf 1717 

2r.dEq Frn« .ire 939 


ii \ri» st Ei'sa-rrK 
\mencan . . i. .19 5 

Far Ea-ipnrTru*! ■"i23 3 
llicl-. Inrome 41 8 

Irlrrn.iii.-nalT'i ij. 22 9 
Ra-ic Itertc T-l 259 
Ini-in i.'muThT-' 23 6 


n| +812633' ■ Vr+nm ( nil* 
2101 .Oil L90 ll'ghlrrwin.- 
25 1 I 1 99 ' Won' l nil* 
45 0 -0 1 917 .. 


Confederation Funds MRt. Ltd.V la) 
tin hjilrrn Line UF2» I HE ol-242'ttK.' 
■ IrnathFuirl [45 2 47 5j [ 426 

Cosmopolitan Fund Managers. 

.In IVinKlred l.<r..1.-n -U tXflKJ 1*133;. 0215 
• -...riopnlni'.lh K.l 117 7 1411 | 519 

lh- In+m-H- Fd (40 0 51 0>e! ( It 30 

Craigmounl Unit Tsi. Mgrs. Ud.. 

’j In K.+qrr lj.ru- E< f. <11111 "Ifl'I'W 

HicMn.x-mr [470 5121 -02(1000 

.MldMounKllicMn- [49 4 516) I HO 


j b ' W-om l'nil*- 
9 17 ■M'6" 

2 80 1 te+ur.i l. nil. - 
4 47 Maciium 
71 * i V . »:m Vnlx- 
Mirfhind 

la) > - u=i L mi ■ 

■ irxri R'X'X'-n 

■Jrr \r»-r.ir. t nIL-i 
Ser*m*l irt*n 
■ v.-rutn l'nil*- 
.... Mull+r'>- 
lJ te-5 , \rrim L'r.il* 1 

II » i'-pT ljHm-d Knnd* 
Tru-ti- 

!.. i \i-rum I'nib i 

I'lunSinrt V» 2a 
' „ l. h^nltl Ntn 33 
10 ™ , Vi-rum L'nil** . 

. _ IVn* Ex N'm JT 


180 6, -0 e 
781 lj - I I 
114 Oi -0 1 

191 * - 02 

ICi 
716 C - 0 ; 

773B -0 :i 
132*4 *c:- 


x* .tee 74 3 786, - 

: BS .31 

CuneU talua N<+. .30. 


4 oa [Capital Life AsguranceV 


♦Proper:;- Fmi* 11626 
Vrmpeil; S-rv* \ ID5. a 
Manac+ri l ml* 163 1 
Mjras+d <*n,' ' 965 
Nanagi+I .•+«* •' 92.5 
sIoikt 7 nit* 123J 
'Ion*7 S»ri+* A 935 
r ixe<I InL S*?r 4 TO7 
Equitv St I--? ,V 91.9 
Pnr Marxaerri c'bii la 4 
Pin Vlnnae^d Aer 153 7 
Pm Hired Cap A07 7 

In. yterd Arc -USA 

Pcn> Equity Car ;lfli5 
Pea* Enuil) Aec [1057 
Kns.Ftd lnl >'«p [9Sj 
T*n.x FvAlntjtec. i97.3 
Pen* Prop '"np .968 

Pena Prop Arc (988 


178.71 -0 .< 

111 *] -0.7 
17lJ -I 1 
tairt-9 7 - 

97«-0 7 — 

129* . 

18*9 

9*3 . - 

HR-On _ 


JL MH ?„ nnn rra P Fd. IWC . . . 
000322300 pmp Pd Ace. . 
+0.41 — Prop. Fd tor. . 


97.1 182 

120.1 L» 

U7J 124 
, 15 L# 

U5I 


Lobdan Aceaa (or 
Ancbor-B'X'nlta. . SCS8.99 
Anchor Glh Edge.. £9J6 

Anchor Int Fd H S4JZ 

Anchor In. Jsy Trt Z7J 


QoeenaBse. Don. Bd. Sfc Holler,. 
America n Ind Tot. f££ 91 7J 

5BS!trJKS' S2 

LU TSB Unit Trost Mgmgeri 
am BagateDe'atL.SfcSaciow, Jersey! 

tl Je iro? Fu nd . . .«[ 50; 

2 7x ouernaey Ftind — KBtl 58J 
Prices -oa Nov. ab-NnxUrih, 1 


Phoenix Assurance Co. Ltd. 

4-5. King n'dliam Sl . E*T1P4HR ». 

Wraith Am . . IU3 1 U95[ ... I - 

Kby Ph An ! 78.6 . . I - 

Eb'r PteBq-E .. |76l BOlt . } — 

Prop. Equity & Life Ana. Co.9 

1 10. Crawford Street. U’lH 3 Vi. Ola 

R Silk Prop Bd | 1866 I 

Do EqeltyBd. 747 ( .- 

Fie* Hoary Bd .| 1*92 


Property Growth Assur. Co. Lld.T 


43 2*1 «0? 771- x'tlCLMOE House. Llupr, A-h tv I.m *4V23»:t 

5=7 6|.ot 7 a KrxiTVMi Fd 9957 I 1 -- imprnal Life .Uss. Ca of Canada 

4J0--I), 413 Poceauirrir' Fd 1 10296 I | — Imperial HouM-.'luitdtard. 71 

,9*3 '2 Hit Fd Dec. I 175.0 Ui|'3J| 

=55|| ;0 5| 5 29 Ch2rterhonse Magna Gp.V Vrt "T'n'n Linked rvniubu 

l&ti'-b- is ^ Blrtci: ^ BBSSr (5SV &M 1 \ 


— LcxmUoiuc. Croydon. CRf ILL' 


Preprrtj Fund 


' 1056^ 
[146.6 3408 

191 0 194 

137 4 145 0 


K.lict: Kc>rcr09t»«ir 
■'hr* tee tnrrL> -34 4 
157 Iti - n o| 6 79 Chrthv*- Mocc* . 79 4 

309 bj - i 3l 679 Chrthve .Vnnagrri 1397 
6d ! 1151 ChiTte* Eqoin 06 7 

3*8 8d{ J 8 24 Y.aiw Hid tv«- ; 

194 « I Sts Mariu Vanaur.' 

145 0r4 I 6 05 


lirt Fd Dec. I 175.0 81«*0J[ 

Pen* Frt Drr I [70 1 76 Z] +2 4) 

l’nil Linked (Vrtlubu 
Uanagrd Fund 1948 . 99B+01| 

Fixed Int. Fd 95 7 100.7 -8 2^ 

S«*urr Cap. Fd no 1 !83 3|*02| 

EquitJ FMnd >94 1046(-I4( 

Irish Life Assurance Co. Ltd. 

Jl F/nabur* Sqnarc. ECS. 01 -a 

Blue Chin Dec 1 [76 0 80 01 +10] 

CtvSrJI&rc I [92 4 479 -17] 


Crescent L'nil Tst. Mgrs. Ltd. ..Kg) ^ .umro,.., ! 

'fh K ' BBa rBha 23a*”i'? , S^ . t,nwrt * 1 l ' n "^ - - ' *56-8 M °i +® *' 8 « t 

Vrr* Tntrrn.it I 56 2 ‘ +0 7] ‘1007 Mayflower ytanftgement Co. LUL VKaa?4 

' 'n-. ToL>n 124 5 _ 26^-4 1| 199 g» ? l ^ f |* f 


City of Westminster Assur. Co. Ltd. 
Diiuilead Hno*r. 8 WhltHwirw Rnjd. 
Cn»doa CBOSJ.V 9IW9RI 


• . . .ManaCL-d Fund B37 6 
Ltd. Mania Fd her it >6 0 


71225 Atn cull oral Fund 
*881 Apnr. FtmdiAi. 

4| Abbey Not Fuad 

Abbey Nat Fd iA* 
+011 InvntmftnlFund . 

-8 2 [nrestmrnt Fd iA> 

• 0 2) — Equity-Fund 

- 1 «J JvqulTv Fund i A; . 

. Monej* Fund 

fat Money Fund ' A* 

OieCBKB.4 .tel u3 rlo I Fund 
. | m r X Ullt-rdced Fund 
+ IU1 Kd^«i Fd. uV!.J 

1 “ oRetlrv Annuity - 


Cro+don CTOSl.t 
■A'e*t ‘Ten r'und >2 9 
Varnr-dFctid 1837 


Maned Fd her It 960 
Earnnc Man Fd I 111 
[•TOP Md Dry I 195.5 
I "rop Mod Gift . at 4 
PrpJld Grth Si-r II 102.7 


Discretionary L'nil Fuad Managers Intend' N«. el ' >35 450! 

S3 KtoialicMM EV2M76I. aiaCpioMS Mere urv Fund Managers Ltd. 

IHdnr. Vki S4 11692 180-5«d I 532 pi rinr-la.llE2u U‘JI'II‘1: -II 


IH*lnr. te< 24 11692 180-5rt | 532 

E. F. Winchester Fond MngL Ltd. 

1 ilrt Jr «T- .Ki- "I *4*12107 

t.rml Wn..-h» , *irr '18 0 19^ | 494 


I B99 Farmland Fund m3 1 
f 5 83 3fcm«r Fund - 1264 

I 3 a Gib Fund . 162 4 

PVLAFusd . jlb7 4 
IV-n« Uneu 1 Sji 1120 9 


d. Mvre '.rn N.a. 201194 4 

tec 1 1* Via 312574 

' U.-n- lnl M<i '234665 

4J? V--. IT. 25)73 7 

UerOlvLtm ZA-. >32.7 
I l<t Vi-riil I I ■ Tin rl [282 0 


■ itWiK*-l!>r ie*«-a*|l76 W6 i 453 VHrrJ-l'.L'Vin' ^<^[232.7 

Kmson & Dudley Tsl MngmnL Ltd. ' , ' r "i ' ’ ' s “' /l I® 10 
d teimeiunx !*w: ul -wroi Midland Bank fi roup 

Eiut>0 nurtlei T*t 160 0 73 lj | 6 00 Unit Trust Alanagcrs LtrLy lal 

For Equitas Secnriiies Ltd. i'nuriw.H*i n-m-v siiivr -*i n-i-i iin-i 

see Lbhei I nit Tnast Mngrv sta-lm-lrt »l_3fU) ..J ". 1 

- I dunw-lil- &<•?■> [629- 6S7«£[- 8 .'[ 567 

Equity & Uw l : n. Tr. M.V taubKcl Jte.teLUju gat ^ao^ -o Jj su 

,invr-n..raK>l llieli u ••+««!+• lUlM.Rrn -litt .V. uni " . . [33 1 ud' -0 J 3 ai 

rrti"l)AI-« '66.8 70 3i"+'J 4| 4 42 ‘ '-f^ um )gg 

James Finlay Unit Trust Mngt. Ltd., - Ig’ 

til N We.l Mir Siri-ei Gla*+i>u u4l 2«q j «3l' " Ea* 


Ft' LA Kurd . >Tb7 « 
. IVn« Vnee i [120 9 

Irtm-LVa Fra.-. M=9C Ac*. . 127 0 
, 4 ^ Kens. Men*-.- i;ap |ai 

! a 12 yr-vSIrac V-« [506 

' i -5$ Prr.«. Eourf? *.«P ;55 0 
' 4 fTnv. Equity t,\- . .57 7 
1 a at FhAd 'r'-rri-plh cfo*rrt 

■ a nr PhIlC t nil* I ; 


64 r, 

67 d 
■ 133 9 

tsy 

I 17* 5 . 

I 127 Z 

I 133 M 

- 50.61 

S3 U 
6071 

to ijrs ;iT'"r-+rm-.-.: 
221.6 1 J - 


King & Shaxson UtL 

:c. rfimtuii. uti 


Hnrxl h rl firm pi 1102 44 104 27) 

Nr\i (Iralini; dale b« S 

Lang born Life Assurance Co. Ltd. 
l-ancham H+ H..l-nbrw* Dr. VM 01-3335211 


fnp. Growth iVunu i 

All Wihrr Ar l.'u 1U20 
9 All Weather Cap 1233 

•Inv Fd. lia ... 3 

Pension Fd. Uta . . ] 

Cone Pens Fd.. 3 

'‘in Pna Cap IT 3 

Man Men* F«£ 


I’nit Prn» F,L 

I'rop IVaoCip I'Lv 
U4u hoc. Pen. L.T. 
NMcSur Cap IT 


lanchaai' V Plan 166 3 69 01 

•Prop Bond I46J 154 # 

Wnp NP' Man lit [77 2 U3| 


.8 1391 

4 129.7 

1416 
134.1 
2516 
1350 
153.9 
1375 
3518 

&s 

1232 


+1 S - Fixed I ttfc Fd. IncjJflO.9 106.2 

■ -■ - - Dep.Kd.Ine. . ...Wl 1*2.4 

•0-S - RrL Plante. Pen. [76.2 82J -0 1 

*0 1 - RefcPtanCap.Ptau.fco 685 -0.1 _ 

i - ManJVn FiLtec. 1215 1363 

MoivPpn. Fd Cflp 1174 123 4 

Gill Pen-Fd. Acc .133.6 140.6 . - 

01^280878 Ciit Pnl Fri Cap . .fcttM 13L0 . _ 

... | _ Prop. Pen DL acc. 062.4 170.1 . _ 

. . I _ rrop.PetLFd.Cap_.. [16Q.9 169.4 . _ 

. J _ Guor.Prn.Fd.Acc. .TO 4 102.5 ... - 

_ GuorJ’ra.Fd.Cap. >6 6 18L7 — . 

0.T UA.Pea.Fd.Aec. . N65 101.6 . 

01^400457 D A Pro. PILC op.- [96 0 lOLOl — 

I - TraaoJnterzuiUotta] Life Ins. Co. LuL 

2 Bream Bldgs., RC4INV. 01-4056497 

. ^ . 4fIUIplairoL Fd - 1M.1 15L« - 

. Ltd-9 VTuli p Maned. Fd .. llAO mil . - 

01-6000000 •KM-BorxiYd — 1177 123 « - 

^ Haa.Pm.Fd Cap . I2L0 127* . 

Man. Pen Fd Acc. . 1292 13S9J - 

~ TUngd In* Fd Inti 97 0 162.11 . _ 

" fltogd Inv Fd. AcoW 9 1B3.S) . _ 

Trident Ufe Assurance Co. Ltd.? 
.04 ~ RensUde Hoove. Gloucester 04S230541 

-0.4 .. Managed .. -. [323.2 U03| . _ 

-10 GtdTflgd . . . . 146 A 1550 _ 

• 10 . Property. . . .. 3539 163.1 — 

.0_T _ Equity American 00.4 852 *0A 

I K Knotty Fund 111.3 117.9 +0.0 - 

High Yield- . 138.9 1471 . . _ 

+02 .. GIQ Edged _, . 128.7 127J _ 

-a2 Money _.. 1257 132.4 .. _ 

Intern* tMnaf. . -919 1MJ +04 _ 

Fiacal , ...... 1275 135 0 . - 

■ Ud Growth C*t» 1248 1523 . _ ^ 

- Growth Arc . 1303 137.8 - ' : 

. — Pros. Mngd.Cap.^- US0 IZL8 - 

Pens Mngi Acc. _ 12L6 1288 

Pens.GtdTbrp Cap.. 104 7 110.9 . . _ 

_ Pena Gtd. Dcp Act 110.7 117J . _ 

_ Pens Ppty.&p 1177 1244 

Pena. Ply. Ace 123.9 1314 _ 

Trrtt- Band 368 3S6 . 

Trdl G I. Band . 992 . _ 

•Caah value for C 100 premium. 

Tyndall AtturucdPradOoW 


_ [ Barry Poe FtL 


GT AsiaPd. . _ I 
GT.-Arta Sterling-.L 


GT. Arts sterling.. 
G.T. .Australia FdT . 
G.T. Bond Food .. 
CT. Dollar Fd. . 
G.T. Dir iStrle Fd 
G.TJ**cLIirF«£_ ... 


_ |G TPhlllpplcerd — |Sl'S942 


5GSS3.7B 
1370 317.5 
IKUS 3 
■37b Mi 
■ St 47 181 

SI'S 1357 
. 3US6.69 
r.4z g; 
5U51615 


3 Gartniore InvesL Ltd. Ixhi- Agts. . 


?'« Jcriey Fund . . . 148.1 ' 5»fl i--3- r *S — 

GucrrotyFtod.l®! 5l3/-Lt^> 
Prices -oo Nov. 2B^NnxtjriCii BrS*. ¥ ' 

fg TSB Gilt Fund Managers. ’ 

_ Bagatelle Rd- St Sariow. *n W T r ~fWW^l' 
095 Gilt Fund IMW .WiBiS&i 

- - GUfcP3md'Uwl_..J9BU-. 

- - - i*nces an Noe. Ken ■td£<brtsBfC‘C'=+.. 


-Prices an Noe. 


XSfcHary Axe.Loadon.Bxa 0]-fe3S5Sl Tdgo Tarific g olJIug itjliyfflt'^; 

JW 1 LU - lutfawa MaaogfltMot Co. Ji . ■" 

S*- Hefta:. Jersey 0S84-7374I NAV ner sham Km W -' • .. 


Co. L»d. a •■■«!?»**« not. » 
01-4058497 Mhn Fond »°p tFar Rarti m laHh) T«Ayo Pacific Hl dgs- (Sc 


1X3 Hate huon Hse. IQ ftarcouit Rd. 
KK&Pac. L'.Trt. -ISEBiM UM-tS 

Japan Fd _pl7raj3 lfW 

X, Amen can Trt. {STUB 11 U70 

lari Bond Fund. (scum WSTI+Dj) 

Gnuoare UmotiKU I Mtagfc LUL <01 


Xene Intlm lo Mflaageamit Co. N.V. Curecrtfe - T-~ .1 
" NAV_per rttaro-}lav-77'5fl6*ijftrl i ' 1 7 . r ;-vl 
180 TyudaLT Group -.: - V>1 

*“ P.a BtjaOSO t W ri fcW ;' ' 


. I _ FO- Box 32 Dougla.1. IoM. 088433011 

. ' _ GBftawre lari IbcTpil 224) [ p W 

Ltd. 9 G tttnm re lari Grth|U 2 659] . . J 2.M 

04523041 H a mbr o Pacific Fund MgmL LUL 
~ 2110. Connaught Ccturo. Bang Kong ■ • 

- r* rE *£?i? r ■20-— fifflw* uirr -_r - 

4 J, JaptnFUnd... . .[Sl'WS mn|-8si| ~ 

"°- 8 “ Bsnbras Bank {Guernsey) LtdJ 

Z Bstobm Fd. Mgrs. iCX).L*«L . .. 

- P.a Bax BB. Gurmser 0481-20321 

° “ — SVTsfifiJ -*i *78 


•wmi.sass'Rac.'i 


na — j tTw UtUO) — 

K? ! j i» 5F Way InL War.'US^.E 





tegpr* "iirJgio SiSI 'j ^ 

£3 *»*gaOKH 

BntdensD Hn+inv Fniid Hu < ■ 5 1 *j . isSLBniltuiMljBwd®^!-. s-; 

acmoNB WU£ fans Mgn. Ltd.- ^w ami M. ff r Frt tort m :. ; _i- 

608. Gammoo Houw. Haag Rons. _ 

Japan m. Nor 20 .. . sm - - I .. 13»l»m-rni »eeh.M»«L6-rta^MTli»el»M ftaill>ifc. - .1 

SSlSTl - J - P roB b ehjBTBLlD 'tOonrx^aidasS’M^l T. -J 

SaodMNoi;33_./ icsl0548 I. . 1 _ xn ^rr . V ? 


g °« ** **■&». 3 3 -il 8CS10548 
. - -ioeteatvr of any preltmT 


— -AriinrirftMKl*- 


IS ConynSc Road. Brtttol . 


Providence Capitol Ufe Ass. Co. LUL iVaTNoTaoT 


HHl-Snimud ft Co. (Guernsey) Ltd.'-'. 

* tadTehm. Ci lu_ « . ^ _ • . ; .* yrWWH*». 


Legal & General iCnlt Awur.i Lid. 


City of Westminster Assur. Soc. LUL 
Te.cphv-ie "JOB nw* 

'w: firrtw [129 4 1350! 1 - 

ji j Fropertv f. nitr .54 6 57 H 1 

567 


James Finlay Unit Trust Murl Ltd., - [SJJ 

til N )Ve.l Mle Cr.+r. Gl a *+..u .HI 1HH I Ul "tel- ' Ba 6 

7 rtnl... IniematT '22 0 2? 6) +0« 766-.TM.. V.-iim . .. 1435 

ViiiR Lull- 26 0 28 0- . I W 7I6 .TIIj.TkM. . >2.6 

r • .r.lj. In*-mnc . 15 7 38 4{-ld -8 36 im* \r. ,r.n >8 4 

. v,rl a * K..n*nr. fol 28^ 2» Fqu.«r W . Dcd 

».+mhi tml- 30 9 JlTf-Oel 2.78- -Ho Wain. - • 


»1D^ -a J IS Commercial Union Group 
22 Al i in 51 H<irt'-. : CteJ-niuR. EG3 
32 1| ■ «B \t Ar. :.rlV;2 ; 58 73 J • J 0»j 

55* ; 600 Du .1PIW1Q’ IT- 1833 J 


1373 *01 
122.41 -d; 


236) +0« 7 66- . Th<. V urn 

280 -Irt 7 66. ' lluViiM . 
Mi -t i) -8 36 IV- \r. rr.+i 
28 OJ -o ^ in Fovnr K—fnipr- 


\.+uni<rll- IM 9 Hat • 

» ) ml.-v 6'-l liT t 1274 . 294.' .fi 

Ai'-nn l r.>t- |31.9 34 2f -<1 

ITi.*.* Nii. Sl -Ir.ilin^ !■• 


12-5 „3 *2 fwi't Kivniw 

33 Tj - 0 tj ..78- -(lo An-Dni - - 
4 3*. ...pan*,- a, ,j„ 


TO! -0 :i.3« Confederation Life Insurance Co. 

Sft I I- 37 U ' teenviow WTJ IHK i*l 3*2-. 
if? i I£I 9G9 u:. Furr. [tall 1707. | 

-15 | J3 9Slaa^;.rt Fun.i 103 8 192 6- 

1? ?«1 wiaFir™ J onn i ' I 


1310^ 

ai* 1 j 

50 3 : -3 U 

so j: -ail 


.■< \u. -■»! <Iim:ili iw r 





■fjrti-i.rt-n uaa a 
!-q (Won 2-TS0 
■TuoenrMuiMiX) "HI 9 


Kin/t'*«*I Hrai— Kiopmaid. Ti 
fM. ] ,n Suitiy KTS'dir* Buroh Htj — 

MIC. LU. t-a+y, fmvlaJ 961 1013 -0 1J 

no Accum 994 104R 

i -. F-qultv t.iitial 1261' 13281 -0 1) 

I . I to .tern ft L»4 1373*0. 

Fixrtl Initial U62 122.4 -D 

tV- A mm . 120 2 12661 -0 

In-J lniiul [ca h 93 3j *n 

O-.-W+ifl !■" -Vcnim Ml M.q .0 

..V Manosert Initial 119 1 125 4-0 

’**' Tv. void . 123 2 129 71 *0 

i ■ Prnrerr. Initial 1001 105.41-0. 

I»> Accum [103 5 101 H -0 

re Co legal 6 General It aH I tei l iMl lid. 

.11 -J-I.nr Kiemw'aoi lr.ii 988 UH0 

i»t -A- «C rv. An-un un.7 07 1 

£«enpi Frti« lnii 131 1 lflO 2 

I" iccar-i 137 2 44 5 

)-r«.-Oifi1 7Ti.iI/n.t 116 Z 122 M 
rv. A.-cum 114.7 1261 

K.ii-mvt Mmrrt Inn 1295 136 « 

— Tn. A<s-um 133 4 40 5 

— h -vm|H i'r.-p • n it 18 8 0«0 

lx. 'aim 1017 1071. 


JO. 1‘vhrtdgr Road. Wl+gpG 
Sel.Mkt Fd. Gap ..«7 2 
Set Mkt. Fd Std (1840 


Kin g iroi m d. Tad earth. Itenwan Kqultj .. . 12V 9 
Burch Healh 19M IVnxl.w Kiri lui . 117 0 
UU 3 -0 3] - llepnilt Fd-Cap. 47.4 


KqunyNov 30 . 

Uand Noi 1 . 30 

IToptetj Nov tW. •. 


0C73 32241 8 LeFebvre St. Peter Pom Goenuer.-CL 
“■ GdenuerTsi .. .11481 I593rt4«71 5 


ttow«tai^r:ci 


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‘ ■ British companies are missing their opportunities in the growing European 
/market for computer peripherals. Instead they are concentrating on trying 
to compete with developments in the U.S. and Japan. 


S : “V'an fl'-fliafc is juk what Oje flayers sales figures they range rrntn 34 

*3 r WH Atffi VE &: ^ 1 - 'grtrtip of »r^ in ^B-cafie---bot there are dnwn tu 20 per eeiu depending 


Glia ruclcr printers 

Low speed printers ( other I 


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. •HfuatuS overall •.TvnmyW'.x me- .ruscaiKu aiiu <»o 

■ produce ; tiilance'T 5 r ''ittU heavily- spaha - must always, remain ini«i aivuunt displays and key- Disc cartridge drives 

in .the 'red' and, vw.^arse^, between 6 aqd 10 .per cent of boards and the terminals ..f cartridge drives 

. .! :Z nr ■ demand varirmi: ivni>< nnw llnnrlin'j im in ^ 


Base 
1/1/78 
87. {{Ill 
6(t,050 


9.580 

128.508 

129.800 

2.000 

241-000 


Lurupe 


Sinning of the decade the 1979 in computing equipment. 

French-based computer industry It is pertinent to ask whether 
Base had returned a favourable the Freneh have caught "micro- 
balance in 1977. It swung into mania" too. Possibly they were 
i/i /K 2 {,j 3i: k in [he tunc nf immune, because they laid the 

149.300 FFr I7m from a deficit of foundations of a domestically 
i -, 8 luo EFr 103m a yt-ur before: exports controlled components industry- 
in the '■ei-t.ir were FFr '4.693m during the great expansion years 
and impurts FFr 4.5S6in — when France was building so 
** ,,n roughly comparable ;n volume much advanced military' equip* 
22.0110 fn movement# in Britain but men! for the Force de Frapoe. 
”61 500 w:lh lllc serious difference that There was very recently an 
" tlv UK trade deficit is around announcement that could be 

253.500 lh<? £ioom mark. equated with a communique 

20.200 Interesting in the figures is about micro-circuitry — but not 
465,000 the fact that in peri-informatics, specifically microcomputers. It 

French-owned groups expanded is proposed that Motorola will 

their turnover by 2S per cent collaborate and^ arrange second- 


prices o feven the most complex 
of circuits and their rapid 
obsolescence. 

Meanwhile, equipment con- 
taining a high proportion of 
eleciro - mechanical devices is 
likely lo increase in price and 
although simple displays may 
continue to become cheaper, 
intelligent terminals may stabi- 
lise or become more expensive, 
with improved circuitry giving 
a vastly Increased performance. 

In other words, the real added 
value lies in the system and nut 
individual components, unless 
oae Is an Intel or a National 
Semiconductor. 

Turning io the German 
market, which is some 50 per 
cent greater than that of the 
UK in several areas, the share 
of imports in total domestic 
sales is dropping fast. In th*» 
first half nf the year it was 55 
per cent nf a total of DM 3.154m 
against 59.9 per cent of 6.448m 
for aii 1977. The loading sup- 
plier frnm outside the country 
In .Taniiary/.lune was the U.S. 
with DM 650m. followed by 
Britain with Dil 262.1m and 
France with DM 255.9m. 


Imports 


in the mi*i960 S ;- < - . that a sharp. downtJW . ift the formation where they clioo>e Jo FFr 1 6bn while foreign- sourcing with Sescusem (Thom* 

It may b*f* thauf the current: industry is predicted for next nn the basis of Mackintosh financial crisn " Now that the clu-try covering /ninic.mputer.; "o oer son-CSFI on fasr bipolar cir- 

■ Ma »natij^ attack . af^rirriicrinuBiiia" ii year, ' . . forecasts, albeit earlier ones, dollar has lost possibly lu per and peripheral equipment of all Vf.-i q5 h n in a market cuits with the Efrls (Thomson- 

. .cimalv anil U-V'-iee iwd attem And.t6e latest study^ni nticm- ji._ .-4.-1 cVinre of nerinheraK of nuni nf il« vnlun rnninared with IVPeS. hut excluding larse com- .. 1 ', - ... . fer/r r m fnr VMflC. oiri'iiiK 


M in tne . wa ana. .v --v* -- — - — — ' . . Tape cart riduc drives [fi e £K«m mart. equated with a communique 

SlT?" 25 V periphSdS^S^^as done w but so. is U.S. and Japanese out- users move towards a greater .\H discs 241-090 46o,00U t ie fact that in peri-mfurnwiiw. - P ed th " Mot P oro i a wi n 

« ttiok put-^plnsively. so^much so degree of freedom to process m- * th«r —rT 2S per c^nt 

T - sl jv,t p^, in the «u*i960s.- t . that a sharp, downtorn uilhp formation where lhc> i_hoo.- ^ foreign- sou rein a with Sescusem (Thom- 

‘"Funi-!KJ 2 ^ . It may b*f* thiuf the current: industry is predicted for next nn rhe basis of Mackintosh financial crisn " Now that the tlu-try covering /ninic.mputer.; 1 ‘ \ ., D oer son-CSFl on fasr bipolar cir- 

^ attack : of'~r iriiciroraaiiia” ii year, ' ; . fortrasts. albeit earlier ones, dollar has lost possibly lu per and peripheral equipment of all ! p , q ^n in market cuits with the Efcis (Thomson- 

aft.iU-^tjijceivKd attempt •; And.lfie latest studrfln. the total share of peripheral > or re nl of its value compared with types, hut excluding 1 arse com- ,. m ‘~ ‘ , CSF/CEA1 for NMOS circuits. 

|r5«% &' iH.tam leapfw« ..thd. >' 'work - that is. circuits earned out-. hy Paclel a ll kinds over the review nerind rne period during which ihe lai- pilfers, where J rnm-v had just ■> h e , , n dustrv increased Both arrangements come under 
afe £ -tl-ft'. and sa^- categancally tha^the nch ronId „ pand from S6bn to tcr . sli rrey .was earned mu. thrown in the «P-nac. Apart . „ D ris , FF ^iam from the wing, strangely enoueh. of 

id Lif« 4 ** "tepaa and Ibu, so- doing; recoup wfllgrow richer, ffie poor S13hn ThPSC flgurcs themsdves 1hcre is a now and potent rad or fmm invenimj new word, ihe lhc counin - s Atomic Encrs>- 

- M (if 'tite flvfe years 1 ; advance poorer and newcomers* ave the mav he lno , ow s j n re the rapid influencing Ihe ahw* irend. department «ei op a pr-jec. io ‘ ' r " no OFM purchases for Aurhoritv CCEA). 

utmost dtfficaity in surviving. F# „ in lhe P0St 0 f central pm- - Yet Computer-world criticised lorm five cmipames by one ®'^D 0r ? am? tliu“ rSpreVent* This move is backed br exist- 
'ft! S Twer; EtiropELVia general .And- But the well-kuuwa studv cessnrs— minis and micros^-is i.i.s. manufacturers f««r iheir mean* or annim-r oter as» short 'P ] USivc i v French-built inz internal contracts and sup- 

&• groups' -. IDC and difficult to allow for. Js ,-l: of p««,h this ?-ar a> a a period a> pusyibJe and by ™ cttttuat L"* 2 hi e*S!rt 

:glbc »-■ to;tefrdtstmit^bf^he.micro- Mackintosh Assodates are French experience is of a re- number of Trade Center slwnv. eon tracts for grow Hi - place 9 P S^reementR whfeh have been 

“Awes Man*.. r - ‘circuit in^uatry- itffthiih: the- unanimous in their bpihion that dun inn in the value of the r cn - ooinfina out that in the Ik them in a strong financial p rrt U Q u:i|a. v functionin'* for some time It 

-u2? .-.lrtarien- ^ drthe.^ECB-* -<k>. u peripherals is the iharket to be tral processor in a mini-based . 3 j nne. floppy disc drive ship- position allow in, the deielop- X^rOD^Dlllty . . , * ensU ring that the 

v..- - -W>»-V, -r: s !,V: V ihandthiS'U particularlyso in system from round 8 per coni me n[ S would rise much faster meni of good products and at infer ence is that next Lwtrv itaw ibSfrt of tech- 

b 1 1 SSK? HSSs ;,j S“ s S«£I ^ 5 ^ c beTs x S 

^ W'ldaonwlo^rel tnrTshowins ^drives were ^^'"o^hVshon- S^ations W o^ratiig m iIf r ?he a^eemenif iT^HcoS^-on^- 

M Awei 9fafL^ ' in ' UI^ fdr -"^thmilatioa of-'face Ttrf all the demmjd from above target /values slightly t U.S.-controlled. - ® «eddin o s— 1 since no mergers largest and fastest-expanding sapphire, expected io he widely 

• *■» ***** "5? 1 T; ! ! r S Jr^ ia teXirS sector of the information pro- adored for lhe next generaUon 

» Ncv riei-cc. rauiroeiectTOm^ n(tw ;aOd^l982. duoling:^ total after which there- ts hardly any nth " kj _ jt u c]eHr thl , pi on cessing industry. Perhaps even of advanced circuits and a tech- 

■um ;cr* Fi Manufacturers 0?-;^ expanded Fornpean spend on. - central J e ^ d . . A! J ’ 1 7. ^ h r ^ h rn7! ^ r Tfh ^nri li^rnn-^ninorarics arid P./n-infi>rm-7ii'/?i4’ has S ur- more important is the prob- nologv reputed to have cost 
4. Br-s . ■ us^. it- would conw^to- under nrwessots ^md peripherals by kPt I'K builders need to f sfer. tu.h and iis i n-e * , , , " ... sKiHtv that excluding general Hewlett Packard at least S20m 

^3 rhehOf 821 23bn which, is more In «u survey. Mackintosh de- hop^ pSrSJae ™put elpoZ of fo Jl. 

hnv ^ >7 « .lapah" Is. ; spending; :^ the ** r>n double the 'Sfl^bn for plored ,h ^ ' n8 ^ ' e ^ ’ In lA ih- Fron- h orurva- A * few nuuub^ agu. t|>o peripherals and minis entirely It appear# only too clearly 

MtersWc^ tm ; Icnjtjr S V^- 

,C- # ± W, ^r .imnSteMn 1 : tZ'V*. S-i ’fav^TabrSnce"!:; S» rlid 


\o.- • U’i ... - - in . aim ■ w par 

tii -IS QiilnilliA'ilfYn J -T Europe; 

i£f S' ® ; /.. _ Infact, Co ropy 

' But- :3f^o»e : J«rer«i ' to "piitr U:S- iadustry to 


» Nev jt. after which there- is hardly any nth " ina "® r ^ a ' , _ jt N c]e „ r thl . pi ort cessing industry. Perhaps even of advanced circuits and a tech- 

n»M icr* Fi ^TTiamifacltirers' 'or^by;cxpanded^ European ^ on/ '..ceiitral J*® 1 * 'y’i"5 erl i nc J rcp “ r1 ^ H M, ' h ** ■ -.„ aT1 d has sur- more important is the prob- nologv reputed to have cost 

jtsr-s _ U5&, it - would, com^ ?°V bn^er processors, ^?pd pennherals by ket l*K budders need to f stcr. t*i.h and its c n-e r n „ r t l9 i than u# ability that, excluding general Hewlett Packard at least $20m 


Relatively little can be 
deduced from these figures since 
IBM activities account for very- 
large proportions of the 
amounts while IBM Germany 
and IBM France are the two 
lareest producers outside the 
U.S. But whal is significant is 
that whilp the first quarter 
share of imports represented 
>8.3 per cent of the market from 
the U S.. 7.4 per cent TrOin 
Britain and 7.2 per cGnt from 
France — 6.4 per cent came 
from Japan and is unlikely to 
contain any IBM machinery- At 
the some time. Germany's own 
exports have bemi plummeting. 
Yet the German Government has 
probably put far more into the 
domestic computer industry 
than France, with ralher. mixed 
results. 

It is not too late to review 
all Britain's periinformaties 
efforts and co-ordinate them to 
take at least the same shape as 
that taken by France., despite 
the Jailer’s head start. But the 
job will be a hard slog on the 
part of the Dol. NRDC. N'FB 
and other organisations with 
nothing of the apparent glamour 
of " chip-i with everything ” 


pon't a* 2i» -> 5 v 

*«£j* ujc : 

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. ... . ■_ . 

r iT erhere’s a newbreed of distributed data processing 
^^terrfe^t^opffisfrofT 1 OlivettL^ 

.1 ,cW ^,000 newOlrvetti A5, A6, A7 and TCSOO t 
^ysteips tTaVe'beeri sold worldwide, spearheading -the 
.^dnyeWdatadevolytion. ;? •*. 

Thek^ roararnrnabitity permits them to work - • 
Jridepe^dentfy^prto integrate easily with alrriostany; 
/maiqft^n^computer.. ; • . 


Si; 


jfc'.aafga^aK^ 




■rr- ;* - 


Olivetti Systems. 

Intelligent enough to work on fhair own. 
Adaptable enough to Join any network. 



; jeSder^8ss.tng networks. 


yne oTine unveiii-oisinouuso-Hiwv-c*«* , »»»-»y 
'• tHeJCSOO, §n intelligent modular terminal system with 
7a differenefe. ; . r . 

.-v’.'it can be configured to cope with most of tne iocs 
previbusfy the preserve of larger and more costly 
computer systems. And it can switch roles from-hour to 
hour, the system adapting to the people whause it. 

'Aliof which has already made the TC800 the ideal 
.intelligent termiriai-system for finance, government and 
■industry. ‘ V_. rj, 

; Olivetti has installed throughout the world over 
80,000 ..terminals and 180,000 systems for data' and word 
processing applications, over 165,000 telepnnters and 
330,000 accounting machines. • 


.,:T- V • 

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. SEtECT TRANSACTION 


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To: Valerio Bolter. British Olivetti Limited. 30 Berkeley Square. London Wix sah. 
pleas® send me details of your Olivetti systems. 


Position 


Company 


Address . 




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3S 


@©0®®©©] 
The 

First Name 
in 

Computer 



Drum and 
flatbed 
penplotters, 
electrostatic 
plotter/printers, 
COM graphics 
systems, 
digitizers 
and complete 
interactive 
graphic 
systems. 


CalComp Limited 
Cory House 
The Ring, Bracknell 
srks 


Berkshire 
Telephone 0344 50211 


7 Financial Times Monday ■ 

COMPUTER PERIPHERALS II 







of 







•- -1 


BUSINESS THAT began a do- 
cade ago as a marginal opera- 
tion by Itel to improve the per- 
formance of obsolescent smaller 
machines of the IBM 360 series 
has grown far beyond its pre- 
vious bounds to the stage where 
it is successfully challenging 
new IBM equipment when this 
is launched — and even before- 
hand. 

Itel and its suppliers came 
into the limelight with the first- 
lawsuits by users of its add-on 
solid state memories, bought to 
tweak up performance of 360/ 
30s to above that of next gen- 
eration machine levels. IBM re- 
fused maintenance on such 
machines and lost ensuing legal 
actions in Germany sod the 

U.S. 


Difficulties 


Seen against a background of 
simultaneous severe trading 
difficulties for several of the 
smaller plug-compatible equip- 
ment makers it is. hard to re- 
cognise these now rather distant 
events as the turning points 
they were. But they showed 
manufacturers and users that 
progress in electronic circuit 
desinn was so rapid that the 
smaller operator could always 
move faster than the big com- 
panies. if only because there 
were no huso new production 
lines to organise, nor installed 
base? of obsolete equipment to 
protect. 

Plug-compatibility took on a 
new meaning with the an- 
nouncements two years ago that 
Amdahl intended ro challenge 
the might of IBM computing 
riaht at the centre, that is with 
replacement? for the largest Df 
that company's big machines. 

L**s« than a year ago Amdahl 
central processors began to 
move to IBM stronghold sites 
in the U.S. and. with hardly a 
pause for evaluation of how 
these new heasts performed, the 
trirkie has turned into a flood 
with IBM losing the prestige 
British Airways main computer 
site to Amdahl in the last few 
weeks. That is plug-compatahi- 
Mty with a vengeance since one 
is talking nf machines worth 
well over £lra each. 

I’el has not stood still either 
and with the aid of the experts 
ii Na* : ona1 Semiconductor ha? 
-'halienepd IBM, again in centra! 
nm-^ssiT 6 . but at a !ow“r level 
‘hau .Amdahl and wth the same 
unprecedented success. Up- 
times close to 100 per cent over 
protracted periods are being 
returned and the market taken 
awav from IBM by the two com- 
owes win represent well over 
£20nm by the end of the year. 

?,Tr»rc recently, yet another 


contender for processor com- 
patibility has appeared on the 
UK scene after a series of some- 
what confusing preliminary 
announcements in the U ; S. 
Uagnuson Corporation, heavily 
backed by Fairchild, i? offering 
equipment in Its M80 3. •* and^S 
series which covers the IBM 370 
machines from the 13a to 158 
levels and challenges the 3031, 
either through greatly enhanced 
performance price-for-price or 
comparable performance at 
much lower cost 
Both the Amdahl and Itel 
series have internal engineering 
which represents a significant 
improvement even over the 
latest IBM unit. Magnusson is 
something else besides r— a 
strategic machine conceived in 
such a way that minor modifica- 
tions enable it tn work exactly 
like processors from Burroughs. 
Univac or Honeywell. 


under the Xerox belt 

ITT has its Data Systems f net- 
working), Business Systems 
< suppliers of various plug- 
compatibles to IBM users), 
Quine (daisy-wheel leaders). 
Courrier (teleprinters), and 
Jacquard (intelligent terminals). 
Exxon has absorbed the fastest- 
growing micro-computer and 
memory company Zilog, as well 
as the Vydek text processor 
builder: and Northern Tele- 
communication controls Data 
100. maker of terminals and 
data capture units. 

The moves arc not entirely 
those large corporations can 
easily make when diversifying 
to take advantage of a rapidly 
expanding market. 


More significantly. whUe the 
company has limited internal 
main memory to 16 Megabytes, 
because that is what IBM. soft- 
ware at present dictates, the 
machines can cope with up to 
4.000 Megabytes, installed when 
the user requires. 

This is not the end of the 
plug-compatible processor story 
since CDC with its Omega 3 and 
2. National Semiconductor with 
the C400 and National CSS with 
the 3200 are all after the same 
quarry. 

Some observers call these 
activities mere pinpricks in face 
of the vast order? booked by 
IBM for its 3000 series 
machines. 


Perhaps the answer is that 
at last users who until now have 
been imprisoned in IBM soft- 
ware are welcoming the new 
freedom to do much more with 
this software than hitherto. 
Both IBM and its customers are. 
however, unable to get away 
from the fact that S200bn has 
been spent since the inception 
of the 360 family on both 
machine and applications soft- 
ware. And neither can most 
other computer builders! 


In the case of Xerox, the 
capabilities of its new sub- 
sidiaries will be mast valuable 
in the setting up of Xtem — 
Xerox Telecommunications "Net- 
work— which is to provide a 
U.S. domestic digital communi- 
cations network to use a com- 
bination of satellites and radio 
links. The latter will handle 
local distribution of satellite 
traffic via city nodes. If and 
when the system takes off — 
and permission has only just 
been sought from the Federal 
Communications Commission — 
the company will need to pro- 
vide many user terminals 
having a multiplicity of func- 
tions but certainly being able to 
provide communications and 
checking capability together 
with print-out storage and con- 
trol in several modes such as 
polling and electronic mail. 



The CW600 tape: reader ^ jointly developed by 
Cable and Wtreiess and Data Precision 


Elects of this coatesdng iqove, 
one fact that. «me.Egw ; is, that -: -i 
the prime moves ..have ample ,*j5 

funds to buy. in Technology, to : <r*J- * ' 
meet what . som e 7 

see ..’as : the ,• ' 

Innovation-based: - • ;$ 

The appearance, of •• df-'3HKl;LW :• 
RAM chip Sn-' the ; 

'mentioned, above, - albeit ^ 
what slow and^cumbersoib^srit ^ -• 

is mentioned as a-case J it ’■ ^ 

and IBM repla.cemen.ts • 

engineered: Tni, ehargd T r 
device circuitry -are_ 
be on the cards: ^ - . 

But if the innovatmns^aifr;; ' : p~' . - ; 

' made In .such a': .; -• 

are put- to any Jnconveitie^; - 

they- will be uhacteptabl^^^fc.- • : 

.recent study 'of .userfr-^b g^ ^ - 
British ..Computer ; Sori^^^s" . ^ .■ 
revealed- • ■ ’ .- ‘ -T^lsE- - f'& ’ ’ : 

■ Suppliers-- -of. !aU : U 
piug-compatibleS as .wettr.£5gt|ie" . 
major manufacturers - wotas-flo : 

-well; to heed the. stTpagly^d; 

views by users disdosedrinuhS; x' 
study that they ate" 

''.phrenetic" inhoyatipn^jmyd 7 i : v^ : "' . 

" " >4=: -i v 


Described as a “normal 
extension of our business pro- 
ducts" by senior Xerox staff, 
the service is aimed primarily 


at the 800 odd companies in the 
U.S. that operate from;, more 
than three locations, j't- will 
provide high definition graphics 
ability and give rise id a new 
line of document processors 
when it starts up .some Hme in 
1981. It will also .Compete 
strongly with the Satellite Busi- 
ness System project backed' by 
IBM. .' 7 .-V 

No overall cost has been 
given, but as each e&rthv station 
would come to about $>2m and 
demand a multiplicity - of "equip- 
ment In the compatingr area, 
there will be a great' ‘deal of 
technological spin-off for users 
of devices from .the participat- 
ing Xerox subsidiaries.; . .. '. 

So far as ITT is concerned. 


the acquisitions appear to be 
quite simply intended to 
strengthen its capture of busi- 
ness from IBM users and 
particularly those who are not 
happy with the slowness of the 
larter to move ‘ towards distri- 
buted processing, despite the 
recent announcement of the 
8100 equipment which some 
observers have hailed as IBM 
giving the greet* light for this 
form of data, processing, only 
grudgingly accepted in the past 

By its nature, d istri bution 
demands a lot of extra peri- 
pherals, albeit smaller and less 
costly ones, to meet the needs 
or multiple processing sites 
which replace the large central 
one. 

But whatever- the reason and 


fewer: , ^ standards 

standardisation, axtjL \£ix&£ gX-c CV- A 
being locked intp ■ the st ffijahfrs 
of tiieir installed systems: 


In parti culax. ; there 
need for effective. ^i.-. • 

standards to intrease portab^jr 
of work- " betiveeir. .-diffeaggn- : 
machines* There 'is alspy^^f.p , 
great need for' ' 

operated termmjti - . „ 
design.-. involving'.:'- the. ^qJ&rifcij '■ 

generally . accepted . : ,j • . 

sets suitable tor nph^sp.etaAQrts 
and able to -talk to 

or .computer. . 

• “'Users art -not 

tite huge .range ^o&ialteriiao^s.i ^ 

and would rather ^ 

jion ; in terms of price. ;aDd ' J f-. - r ; 
reliabie - performance - gHg; '• 
thaji" of “-advanced^ - speafira^^^ - - 
' tion— thus. the BCS.^; "• S ; 


Outside the large central 
processor market, a move is 
afoot which must inevitably 
affect makers and users of 
peripherals. It is the series of 
acquisitions by larce inter- 
national corporations on the 
OEM front. 


Data 



... 

- -v.:. r- 


-■ : 
’ ■ ■ -^ar- 







e -.*5 . 


i- r.:-. 


Possibly the most significant 
—at least for the immediate 
future — js the acquisition 
bv Xerox Corporation in 
the t<S. of the memory 
section of Calcom. This 
is in addition to such well-known 
names in OEM and peripherals 
as Ishugart (floppy disc leader) 
Versatec (plotters, printers) and 
Diablo (printers, discs), already 


The portable terminal that 
remembers, even when it’s switched off. 


The“5/7fn( 700'" Model 765 Portable Memory Terminal has a revolu- 
tionan- microelectronic ‘bubble memonr - which retains data even when the 
power is switched off. 

You can enter data, switch off and travel to other appointments. Then you can 
send previously collected data to a computenvhen phone rates are lowest And you 

can recall up’ to the minute reliable daia wherever you are for on-the-spot 

decisions! . . . 

The 765 is the answer to many remote data collection jobs in insurance, news 
reporting, sales order entn. real estate -sales .... and 101 other busings uses. 
Whether von buy or least*, you C3n have dedicated support from Tls nationwide 
service orcanisaiinn. 

Call the nearest Tl office, or send the coupon bciuw lor lull 
details. — 


AS: . • r 


Jv-' 1 **,- ••• 


CI5 


7 v:r- , 










•VauYfT. 


' - . r^'?c; -‘f-.i 


Texas Instruments 

Lim ite: d 

European Digital Systems Division, 

Data Terminal Marketing. MSj.^A, 

Manton Lane. Bed lord \IK4i 7PA- 
Tel: 0254 67466 Telex: fCiTS 
Stockport Tel: 061 442 844S Sfougli id: 0753 35545 

■7m df "Sil* 1 - * ' #v Xtft I ■!; :-! ir*K ■! . 


Name. 


Position. 


Company. 

Address. 


Tel Nn, 


765 FT 2 ‘ 


IF THERE is one area of com- 
puting where fortunes are to be 
made— and lost— it must be that 
of data storage where practic- 
ally every scientific advance of. 
the past decade from lasers to 
movable microscopically small 
magnetic bubbles is being drawn 
upon to design new products. 

This drive for data storage 
devices of higher capacity and 
ease of access stems basically 
from the immense calculating 
poepd nr the central computer 
itself. The processor is always 
hungry for information and the 
faster it can be supplied the 
more efficient the computer will 
become. 


Moving 


This is one of the reasons why 
so many of the bigger compu- 
ters have moved or are moving 
over to solid state mam memory 
based on arrays of memory 
chms. 

Sn far a? mass memories °o. 
and for snm*» years to come, the 
magnetic di*c in all its various 
forms will dominate the market. 
IBM. CDC. Memorex. 3M and 
several other companies have 
«P"ni vast mms on constant 
improvement? to disc drives and 
disc manufacturer technologies 
over ihc years to counter prob- 
lems found in the thrust for 
higher speeds of hnth disc rota- 
tion and head movement. 

The need for greater 
reliability in ihe read/wrile 
operation caused designer? to 
fly the head? rinser and closer 
In the di?r surface to the 
extent that now. hr comDarisnn 
in the actual clearance between 
head and disc, a human hair is 
n major obstacle. In fact in the 
head/disc assemblies. flrinJJ 
heights are now about 0.000019 
inch mm oa red with an average 
of O.Q03 inch fur human hair. 

Need for absolute di«c clean- 
liness prompted the design of 
tlm enclosed integral 
drives by IBM on which BASF 
claims to have gone one better. 
Behind all this there is a 
general trend to return to the 
fixed dires of the earliest 
generation drives, primarily be- 
cause oC far better access times 
possible ihan with other disc 
types, together with superior 
data transfer rates and a re- 
liability comparable with ihe 
best solid-'state memory devices 
so far available. 

But disc systems are amnn; 
tbe most complex and mechani- 
cally perfect pieces of electro- 
mechanical design ever built 
and there is inevitably pressure 
inside the industry for devices 
that do nor need this mechanical 
complexity and that will fetch 
and carry data at much higher 
electronic speeds than available 
with rotating technology. 

These device* belong lo one 
of three families — MOS -random 
.ieec*s memories, charge couple 
device*, and magnetic bubble 
memories. 

If a table drawn of storage 
capacities, plotted against cost 
to the user, of jtonns one bin- 


iCL'x latest addition to the 1500 series of mi?i i-coviputers—the 1505-2 iz&ft-fr 
large 1,920 display screen, up to 1GK bytes of .main store and arieic fie&ibfe) 

. (floppy! disc unit - 


fiwiv _ _ 


*• :-7 


ary digit of information. MOS 
comes nut as the most expensive 
by a wide margin, followed by 
CCD and the low capacity .sec- 
tor nf fixed head /fixed disc. 
Magnetic bubble si vows itself 
to he virtually independent of. 
capacity and to overlap floppy 
disc to a considerable degree 
Removable di>e js considerably 
cheaper but there are problems. - 

The same graph plotted in 
access time against cost per hit 
shows magnetic bubbles. mov-~ 
able disc and tapes about in the. 
same' hall park as to cost, but 
Uvavmg roughly two orders uf 
magnitude of difference in 
access speeds between each. 

Change couple devices have 
much faster access limes and 
transfer rates than bubbles but 
they - arc .volatile and less 
reliable. Some manufacturers', 
have dropped their development 
because they believe MUS-KAM 
to be the better bet. 


tions. including even Japan. . likely piece of data 
This company has aisb required - -, next- ?: 

developed the parallel tech- b off er i n ib e drive- 7 - 7 ' V L- ]i 7 
oology or CCD (charge coupled Fiilly developed 
device) to the stage where it for- rotating storage are ; 
can offer 3 Megahit serial units ing 7 on the scene, :'thje%7»oy .' ;7 
at low cost Tor data terminals receht being'- ' > 

and image processing work. Robotics - . ** BUerostbfi^:- - '9®^ 

Competition in the bubble relies oh 16R RAM-cJS^ri^O;^® 
market is intense arid the user .^P t?.2 Megabytes with 
area is awaiting with- interest access better:' 'tiian.TYTO^roeS 
the appearance some time next faster than cjtrtridge-’ffj^^^T ' 
year uf .il Megabit commercial RnriiW thSg - 

bubble memory on a card pjjh Systems -hroi^b? ; owb;^^ 7 ^ 
peered by Rockwell, which- has based ■" repiaS^ ^r 7 '®^ 7 ^ 
been the rectpient .of large dis« aVa i lab 1 s' utv 
^lopment turns frtm JTAsl ^ i 

.. -These were intended Slightly ? 

primarily for the productlbn. of the; systems it: 
q 100 Megabit capacity black 'it Is much“ fasjf 
box . flight recorder recently able while" it;daMVi " 


handed over to that organisa- -a. sUjw-cljBai):vehirironmeni:<v.' :C;i 
twin: the >upport is undoubtedly,::- A 


Effort 


Bubbles appear to hare the 
edge at the moment and, indeed,-' 
a very major effort on these' 
memory materials has been and. 
is being made by Bell, Hewlett- 
Packard, IBM. Rockwell, Texas,. 
Fujitsu, Hitachi, NEC, Philips 
■and Plcssey. 

As recorded elsewhere. Texas, 
is using its bubble memories 
in products in the field, include, 
mg portable terminals which 
have to take hard knocks. . 

Meanwhile, Plessey in Britain 
is marketing its own product .m 
various . versions alongside 
replacement cure and >ntfd- 
stale memory iMOSi which is 
being exported to many des>i:na- 


helping elsewhere. 

JRockweli . expects the market Philips; -is '.tine, of . thel^mcst.^ 
; for this memory type altme-to’ caciting ^deyrfopmenl^.iiih" datal-ir'J]; 
. increase to So 00m oyer the. next - Storage brought o«t this . dBcatfei:;?? 
seven years, which'!. cannot?. be- ft takes-the forin.-crf' a T 2 <ncb 
pleasing for GEC which dropped disc Oft/which > information -is y r ; 
bubble in favour of CCD some recorded and ^-read '-by a 7 
years ago. This year's bubble ^pacity^jper'sfdeTs a staggerlog . 5 - 
Sfclpments may- be around S 4 m. 500 whirii means 


By the mid-1980s stngle cbips tb 5 «mtai q 

with as much, as te MomiKwi rinformiflfla. iat • 


1 6 Mpfrohric .uuviuui uuu. ;«r at ; 

per chip are ; 

break-even with ffoppies ? rsaiw ■ in^petl c 

houid A™**? Time to any. address is • 


Rodcwell) should come “S' • 

:: IBM is; pursuing. K*: own 5 ° mC ^ - 


huhb.ee e lg ht. nm* emeBer Ik. . 


than in present devices, which : 


means far better 
'densiucs. 

Hybrids' of 


err Vo : dttrin^irtuchTp b J ljp S 1 vs» - 


packing a eyeloimfe . its unj qu c : vide OrftfK 1 V;| 
■ . ! : system. ■; -^Judging 1 ' ^ i.mhid 

floppies. , and reactions; f o 'tho- aripora'cetorii tip 


Mint. - .Shug4rt_ 

flubbl C5 J • emi I fl llUhrm-p nesm. • '! 


could improre rem::'fStjnbre^df ^ ptoc&V-.-'j 

putcr speeds. by a- considerable me' ■ tfeveli>pm^Tp jh»/ i tm.t 


amount^ ~ holding, ihe tnosi v 








^raijajr ^ bobd^e 4. 1978 


fl^tT&trX »I --. • -L'---' 1 .^' ;.yf- v- : 5 . 7 ‘ '. r i ."'. . . 


COMPUTER PERIPHERALS III 



39 


S 


'■ - <?-•. " * J.-+1 


at th» s ^ 

& *ha? 

ime ai<*S? 








H1DVC.« ‘«K 1 . • '- • . . . “ l 

*SL» ** :fe.:- : ;•••-.• 

lOrtKt_. :£■••: - :- •- i-vslisi/ -,..l %. •“• ..*.“. 



in terminals 


. y 



— one of the .UK’s few multi- 
nationals— has a display system 

■ . - — - ... ... •- - . .■ ... ___■ able to replace IBM. Itoivar and 

11 J Honeywell equipment and 

.•irtuai 

some 


' ^i* ^ .Pefiae d. 


320,000. 


been ibe most cent of the market while ICL customers’ bona fides and debit the TSBs. scientific, engineering and other 

the market since ( Inc) and TRW are seeking the their accounts. Costs could be around £35ra. data bases controlled by 22 com- 

the decade with Singer replacement business. This ambitious plan could all rising rapidly as more terminals puters at various centres in 
strengthen its marketing at once elevate the credit card were installed by the remaining Europe. 

ICL has just launched a into a universal transaction 80 per cent of large merchants Four switching exchanges and 
araped or expanded PoS unit, scrap cheque cards and whose operations are suitable five multiplexing centres will 

machine group aimed at the reduce the amount of cheque for PoS/electronlc funds trans- give national access to the 

■w-\ m* U.S. and the growing European handling in the banks signi- fer procedures. system through terminals 

UOUDUng customer bases. ficantly. Simultaneously it - operating at speeds of 110 to 

So far as supermarkets go. would almost fully automate Iny estmeilt 1200 bits per second. 

Yet IDC forecasts, a doubling holds 60 per cent of the the book-keeping and reorder- How many of these will be 

of the installed ba.se in America equipment market with iVational mg procedures for the user This is a massive investment needed is anyone’s guess at the 
mitaliv between now and 1982 when Senucunductors at 25 per cent, stores. hut bankers see the quid pro moment. If French predictions 

there will be 720.000 terminals IBM appears • to be trying If the decision to proceed quo as a sharp reduction in on the number of takers of the 

$2.4bn. And b ar( j er outside the U. 
be second- , nsu i e an d particularly 


ne trying ir me decision to proccea quo as a awuul-uuu 

U.S. than with the project is taken next the cost of handling paper of similar Transpac service are 
larly in year, as is hoped, then within all types which is still on the anything to go by. there could 


. . A as;^, :lete]W^ - lain _ . wwwu 

&t:»dv tanmnalvtto^ jnacJBnq-.A far, greater than Meanwhile, thouch it mav at *» stallc ' d v -' ur,h 

Com^Z ^ SFmd . -* V--. y -first^ se«n Sd to call b5St n,an >’ of thcsc wU1 ......... ...... 

d_ ' ° r V ajso specialised devis* r 5 a<kas A -. : Stm:]a7-the. contmjinicalions ^ (p dexires CO mmunica- P e n eralio ° machines hating r^uropo and the UK. That may five years there might be some increase. be several thousand within a 

point of s^ amtf ieBer. umts; a^/«ne46vieelbat:coiiM face Uons tcrininals thcre j S even' capabilities tor both universal be jinked with a project now 20.000 terminals installed, com- Yet another outlet for very fexv years, 

all ^ growfn is a .car te^ TMtnn , fl " dn h mnt.. ae product code scanning and ij e j n ,. hatched between the municating with regional terminals of several kinds, but This again is a market to be 

funds transfer. 


fflpatib!.% s . 
mania 



British banks to link switching centres and through mostly low in cost, wilt be the in, particularly as it is so 
bank them with a common joint Euronet packet-switched net- strongly influenced hy the “ con- 
itably operational centre communicat- work now being set up by nine vergence ’ phenomenon the 
at the ing with the headquarters of countries to provide access all growing together of computing 
alidatc each of the big banks. Giro and over the Continent to 100 and communications. 


.standard, 
'disarion 
locked 

r ins 


Btl ^ "i£s^^aS£SeiiSSl!&' $£h - : ™* wxH -relay information and 
‘ST toeakdwi^^a: compile assistance to 850-«trs and.pro- 


?. , : »o offer ee .reaction times offaet weeri 


'■lied frlS-'Si Vekra for 5 and 15 seconds compared with 

articular. ^ *5&safi<M 7 i&m*k «®4*n to 85 mi «* as “P to 20 ininutes 

or effective i! 6 : 5S84ml- .and' 'ibr' l»bcBSsing ■■ '■-Ly,- 

to : : L ^-j-p ^ T'ermin^lat ^?8m gTdWihg. to' ^ contractor Orth pwer $27m 

irk ; ' ’$2.454xxL in sinrie stwibo ^wnn. *“» 8° ne to Systems,- Develop- 
iVs. Ti>r c .' en { ‘ -WM^f***" ^* .Corporation of . Santa 
ieed 11 Mastered station forat'- ' . ::Mpnica; CaHfomia.. It. wUl J> e DESP IT E RECENT gloomy < U ch companies as Britain’s pand to 25 per tern of total and economics, as well as tech- as there should bo-some tacit Last year, data entry uni 15. 
d 'U.r-.- f-' . T:::. > completed by 1981 and make predictions of a recession in brico under the NEB wins, but shipments by volume. nicai performance. Once his uwn accord among the main makers micro systems and word pro- 

,nvr f, i 6 '--'v .-A' i .... ..1- radio message tapping by crim- some areas , 0 £ computer doin° well Bv value, world shipments in product is going out to end for sensible standards. cessors each took 10.000 floppy 

''lirGIKrJ/VoV’;- • iiaals impossible. market next year the fnrecauls in'V" ,:c TO ” '— **« »*.« 1980 will be respectively almost users it will be almost loo !ate That this is a distinct disc units, with 20.000 goins 

cd ^ Up-market from ^ for floppy disc drives and media floppy 


Floppy discs show their strength 


ily 

•table ft.r 


the U.S. IBM leads the I9St i wiil be respectively almost users it will be almost loo !ate 


ieT-vr,^- as 

putor ' one ^tbe^ost^^T^n- 


will 



For the manufacturer who was to all intents and purposes however, absorbed 90,000. 

- demands a unique medium, pru- compatible with a Shugart unit This last figure is expected 
dence dictates granting of launched earlier. Mounting holes to be the same in 1981. by which 

punhnrin manufacturing licences to one and outline dimensions tallied time, however, small business 

nest few years, the IBM share a m onc Yhe obseners and manu- or Preferably more producers and signal interfaces were com- systems offtake should have c-x- 

rate is expected to decline. Laurere an K not roA ffui rather . P atibIe - Sbght differences panded to 190.0 uO. word pro- 

the In OEM however Shuman is flLnies cainD That ♦his is so Looked 3t f ron' the users existed in performances. cessors and micros to about 

tnc in tut, nowexer. bnugan floppies camp. lhat .hu, is ho standpoint the main conC em is Plug compatibility along 70,000 each. large computers and 

“ ra ‘ ’ from these tines is expected to minis to 30.000 and data entry 

irsr site h tss s -rtir.s »:i^r er rent ^ ™>- 

— i’m .xm ^ j 4.1 sales of drives last year came u,...*....,, 



sor, which made -display ter- retains -data even when power t0 i['5 , -5 on !lS t ' ?J, r . d _fl t l?? P ute ™!°?_ < L *[V C J? defects which m^ght 01 ouue dlmton^further? eXptCled about unchanged at 10.000. 


Porter, 




es 



Memory 


type (AT scad T) st£U dominates formatitm entered through the s . ales of d ^ v n es la5t , - v f ar t c f a . mc 

thfe WmuM- more aiidiBMe keyboard as required. When SoSd srnw^fthfabove fiaure 3 lltU f- m ?J er In [° ine HE**: STSiTSi foe'eouin wuiw. and will for most of the the way in which the end- This is a method of data re- 
mamtfacturers-; are moving ntto sonvement, the contents- of the '^‘“Srow at the above figure puts-disc drive sales in 1981 at their systems tnai the equip w determine anolications are changing — or om-rhno and ,r,w 3 °i« which has 

au! * VeW - , ?«SS? ;j " t “ t0 bener th “ W20m 10 1980 -'h o«S»- ; , “ , tea C0Ul ‘ 1 n0t be tak “ ° r Stat ih. root cause. r!^taiTl.r in “tad* $££ o„ m an“ 

Share ' ^ errw is Se.^ aod 


control, -as a’- preferted-flienns pact printer for time-shair^® atid supplied 


1976 were for lar type of disc or drive to meet not be expensive and stresses intelligent terminals. But these permanent or semi permanent 


wh » «««^ »«•****»*,* 

. °. ^7' • - -, -r, . ’ 4. v ‘ J.-Jli' __ re ^ f 4kc *r.t*l mcrli 


ched an appropriate terminal allowing to be 

(3767) - whidi offered' : much Prtflnaiy^TffiM ' ' 
more than commttmcatibns- 1 - cb/sec and 
calculation, - security ;Sml i : diag- be. produced. 


150 much larger lotah 


£ja,.n fallen to 76 per cent of the of these in the total market will being dreamt up lor it. a manu- their own in-house eoutinuuus power aud versatiUty lhat mauy at least well into the 1980s. 

— - In other drap -tu under 30 per cent hy facturer using the product as a evaluation programmes should could be and are beuio Bubble memury is its most 

ill uum qiwm iu u.iuif HCi • * — reclassified this year as “small serious chaHenger. though there 

own are developments which also 
sector could eat- into part of the 
floppies market. 



. r y ;. f ■ - v - • : i. •••; v 


■. • .. : 


1 7 C 

• S -■ ’■ ’ • 


p ;. . .--r 
i . ■ *e‘.- ■- ■ 






■- ■:!> :r 


aiTSL- 
' »AI>- 


’ . r '' 




•• .. 

A&JI r..:TC--" 



Now Data 100, a leader in remote batch terminals 
and remote data entry systems in the U.K., markets 
the Sycor line of distributed data processing 
. equipment. 


See the new Sycor systems in action at COMPEC, 
December ^ at Booth #H-^ OUflVDPIA. 


And that means you can get immediate delivery 
on three new Sycor systems that have never been 
available in the U.K. before. 

Systems that give you additional quick and easy 
access to your mainframe computer. Systems that can 
help you do a faster, more accurate job of managing 
inventory, processing orders, collecting receivables, 
and so on. 

There ? s the Sycor 290. This on-line display sys- 
tem is a money-saving alternative to the IBM 3270. 

The Sycor 405 is an ideal entry level system for 
companies jilst getting started with distributed data 
processing. • 

Sycor’s most powerful system, the 445, offers 
multi-function capability that's right at the state of 
the art. 

All three Sycor systems are backed by Data 100 
service throughout Great Britain. And by the finan- 
cial muscle of Northern Telecom, .a $1.6 billion giant- 
in the electronic communications industry. Make a 
date to see the new Sycor systems at Data 100 head- 
quarters. Call Mr. Paul Haynes at Harpenden 63161. 




'iT-V 


a Northern Telecom company 




V 









Introducing 
The People's 

Computer' 


Ur.‘:l now. the idea ol anyone other than hi? 
business owning a computer wou'd have seemed absurd. 

Until now' Because the Tandy 7RSSO Micro 
Computer makes if possible to own your own. And the 
benefits arc enormous. TheTRSoO saves time on paper- 
work. updating reports and tiles, programming income 
ia> banking and so much more vital information 
Each svstom comes complete with computer buiit-m 
keyboa rd 12 " video monitor, power supply unit, 
cassette recorder, cassettes and a 232 page 
programming manual. •, 

ThoTRSSOis simple to use and at W 99 for a basic 
svsiem very easily affordable. Atjout Ihe s-’me price 
as i good electric typewriter, in tact. The TRS60 is '»asil.v- 
aval fable too at most Tandy stoi esand d-viierships. 

See them there or post 
the coupon. Today! 




major 


V.. 

- -■ ■-A 






. ■ ... -t . 



I To: Tandy Corporation. Computer Division, 

Bilston Road, Wednesbury, Staffordshire WS10 7JN 


LASER PRINTERS Which 
operate at previously unheard or 
speed? are giving prim 
managers in many data process- 
ing centres more ulcers to worry 
about. 

Alternative forms i»r data 
reproduction, particularly the 
computer output on microfilm 
l COM) have not made ihe 
progress that had been antici- 
pated nor have they cut into 
the printer market as first 
predicted, except in some 
specialised areas. 


Advantages 


■ Address 

1 

i 

J,.. Postcoa--' 


!VSOY 

1 The biggest name in little computers. 1 

_ 00 F.T.4/12 B 


Baffled by computers? 

Then talk to the people 
who can explain them at 



FmjaHtt; 



Yet the hig advantages nf 
COM remain — ability to print 
out information 10 times faster 
than the fastest line printer: 
offering cheaper media than 
multi-copy forms as well as far 
less expensive distribution: and 
simple production of hard copy 
when required. 

Many companies who 
launched into COM when it was 
as revolutionary as optical 
character reading have given up 
and the list includes such 
prestigious names as Sperry 
Rand. IBM. Uni vac, Gould. Pcr- 
tee 2 nd Hams. 

One disadvantage is that IBM 
did not proceed with the 
tech no log} - . Also there is the 
need for readers to access the 
information: the case with 
which an important file can be 
destroyed if a file is removed or 
displaced: and the difficulty 
once the system is operating 
of effecting corrections rapidly. 

Bui despite all this, ihe 
system appears fo have found 
its niche m the data processing 


market and the five protagonists 
—Kodak 3M. Me mo rex. Data- 
graphics. Quantor and NCR 
tlhe last two about to merge) 
— seem assured »f a steadily 
growing market up to the 
middle of the IBSus. according 
to Datapru Research Corpora- 
tion. 

Installed base by Hie end of 
Ute current year should be not 
far short of 6.000 units, rising 
lo S.840 at the end of I960 and 
15.T0D live years thereafter — a 
respectable growth rale by any 
standards. Indeed new makers 
are juining, including Fuji 
Photo Film which has begun 
to market a laser film unit with 
the capacity to process up to 
9.000 pages an hour. 

But it is not yet absolutely 
dear which way COM tech- 
niques will go; whether manu- 
facturers will continue to offer 
cathode ray tube recording nr 
move over to laser recording 
techniques. Several have experi- 
mented with and developed 
machines based on each. 

CRT equipment has the edge 
over the laser writers in tb.il 
no moving parts are involved, 
costs and maintenance are 
negligible. Bui in .-peed and 
resolution, laser- base cl equip- 
ment gains. 

On the debit side for laser 
systems is the need to use high 
precision moving parts and 
printing limited to dot matrix 
methods. Also high .output 
laser systems are subject lo 
safety regulations. 



: V X •. ' 


Philips iiltrct-com))act diode Laser opticat'fec&rder . 
uses a pre-j rowed double-sided 12-inch, disc.- This 
can store 500.000 A4 pages 


Kodak's Comstar scries uses 
a helium-neon laser ni relatively 


lower power and the company 
has made up Tor this by 
developing a special high-speed, 
high resolution film. 

3M. which has developed 
both, .see* the CRT side 
resinned in its development 
ooly if appropriate films are 
not available. 

Apart from this dichotomy, 
there is a debate on whether er 
not COM equipment should be 
intelligent and the consensus at 


the moment seems to. be that 
ultimately all COM .recorder 
types will have their own mini 
or micro controller"* arid be 
linked to the computer they 
serve just like; any ' other 
peripheral. 

* But added intelligence will 
allow them to accept any tape, 
alter formats quickly and 
impose no load pn '-the main 
machinp. 

Observers expect' . In see a 


concerted ihowdia film process- 
ing methods delivering a dry 
or near-dry end-product. . and 
away From the . wet Chemical 
processes generally ib use now- 
' In order for COM to become 
an archival system that can 
function for both output and 
retrieval of a vast amount, of. 
information, much -more de- 
velopment is needed. ... Kodak 
has certainly gone part of the 
way with its IMT*50 microimage 
terminal; - This unjt can be con- 
trolled through short bursts of. 
information from a main, com- 
puter or a local processing mini 
jo a resident processor which 
will then search out . the re- 
quired page or pages of infor- 
mation in -a-vreai-time. on-line, 
mode and then display the 
retrieved document or date... 

The unit stores over 10,000 
A-4 size documents in a raaga-, 
zinc four inches square by one. 
square inch deep and provides 
hard copy. • . . 

This unit would be particu- 
larly useful, .in cases where 
operators- hffYe a very ..large 
database and have elected to - 
hold only •.the . most critical in- 
formation on-line in the com- 
puter, together with an index to 
the COM file contents, or alter- 
natively hold, only the I alter. .. 

Whatever the shortcomings of 
COM methods, there is no doubt 
that they have solved some of 
the more serious problems of 
the big clearing banks' includ- 
ing the great headache of pro-' 
riding a daily, accurate balance 
for each customer- in several 
thousand branches. 

The immediate aim of the 


-programme . 

three years agri 'AtfSfS *tp'' tig^6p^5: 
the burden pf p rintin g nniltipit o 
paper copies and. dfctribmjqgr ;■ 
them from one or ’. 

destinati i ons . " throughout^ *• *■ 
country.. . The u] tiihaie^ j; 

be to provide . 'daily. -fepused- 'i 
lists for each client, . 

- Ar Barclays, for it qfegte ^the -4 
move demanded the- mstaUatiiJQ'T? 
of eight Kodak COM |uhitiwtirk.. : 

ing . under T_. the jT 
Hewlett-Packard : ; imhis,‘ ifirving. -• 
six film prpceMore^nd T suctb*^ , 
fiche duplicators/- • This. IS 
impressive array pf 'equaptnent- 
but" it serves .3;000 branches. jHa&r 
10 m accounts. B. is mbtat the^; 
end’ of the fine and niany ptfiefc-J 
applications r of CORfare in Itraaif j 
for a variety- -banking pro - : 
cesses. - 


Expanded 


“'■At;- -National— Westoiiiuter 1 
Bank,, the COM service- bureau 
subsidiary has expanded to 
"cover most "'of the epuhtiy as 
well' as penetrate the European 
market- Its advance compared 1 
with the relatively slow progress 
of company COM- in the "JSC i 
area - prompts "the thought, that, j 
as COM. systems now stand.' they { 
.may well best serve in the hands 
of such specialists,. or of large 
organisations. that can afford the 
services; of-, experts in., this 
area. It would, however, need 
relatively little development to 
tame the beast ta the extern 
that the average data processing 
user would have no qualm& m 
installing' a-. Unit that briUgs io 
-techniques totally alien toother:. 
Terms of computer output: . J 




OLYMPIA LONDON 
December 5, 6 and 7 

From 10 am each day 


Slow decline of 


Britain’s mapr specialised exhibition 
of computer peripherals, small 
business systems and mini and 
microcomputers, nov. in its eighth 
year. . 

Registration and entrance tee; £2, 
payable at the door. 


punched cards 


G0MPEG78 


Is sponsored by "Computer Weekly". "Dala Processing” and 
’Systems International" Dorset House, Slamtord Siroct, London. SE1 9LU 


BRAINCHILD OF Dr. Hollerith, 
who conceived the idea, in 1890. 
of turning Jacquard loom con- 
trol patient imo commercially 
usuable faci-siorase units. the 
punched card has on several 
occasions over the pa-t five years 
been fui-evasi to disappear as a 
data capture unit. Bui. like 
Charles II it is taking a long 
time a -dying. 

And l he Mime punched card 


Conqiact 
r entirei 



principle used to create the 
raucous melodics of the Fair- 
ground organs and the mechan- 
ical pianos of pre-war years 
linger? on in what some would 
describe j> Ihe most rapidly 
moving of all technologies. 

There will still be large 
numbers of key punches used 
lo create punched card media, 
well inio ihe next decade, not 
far -lion of 100.000 in Europe 


■Vt’JHlihfl 


alone, having a book value of 
nearly S500m and thus an asset 
i hat cannot be written off over- 
night. Bu; -it will he less than 
hair ihe value by then of alter- 
native data capture equipment 
— key tu disc. cic. 

In fact. The rate of decline of 
these units has been surpris- 
ingly slow id face of the obvious 
men's oF the many new devices 
.which I'apturc. or enter, data 
fur computer use much fasTer 
and with a far greater degree of 
reliability. 

A rate of erosion of only 
10.0UO key punches a year over 
the next four years in Europe 
suggests tha' there are. other 
reasons Tor the longevity of this 
form of dala capture than the 
traditional one of the great 
length of time it look rBM tn 
move away from punched cards 
due to the lush rental revenues 
it was drawing from its 
thousands of machine? installed 
world-wide. 

IBM wa* aided and a hotted by 
Uni vac. a.- a latecomer to that 
sector of the market, and only- 
last year. Univac UK's manag- 
ing director Bill Rnd admitted 
gleefully in making a great deal 
of money from the Unirac 
buffered card punch senes still 
nprranng in Britain. 



Decision Data rm-linc punched card equipment- at Bunge and Co., commodity 
merchants, in London where it is linked directly to an IBM System 34 with 

card input - . 


Average 


What cun it do in its spare time? 


y— -j r- fr- v'e— C’T'spsri 

,s - -<> - . ■ i' :'€£'€ c ' -V3 -• -t 1 . ■■ v.no w ' ta 


Afflgr Bwdnan Compuwra Ltd. 

: _ j- -■ v 


“1 




The same trend is reported 
from the L’.S whore there were 
CaO.nOD key punches installed in 
197fi, a hasp expected to docrcaso 
a! an average of less than Iff 
per cent per year up to 19SI. 
This 250. will kpyhnards com- 
pared with a combined total of 
186.000 key to tape, key lo disc 
and ki\v to Soppy disc dala 
entry stations. 

The ratp of decline is IhtLS 
tompnrahlr mi both sides of the 
Atlantic and there arc several 
factors slowing it down, one of 
which is customer resistance. 

Now markets for the punched 
card have been developed and 
equipment is ivrnstanRr being 

manufactured to meet this need. 
Decision Data Computers (GBl 
is one of ihe manufacturers 
of both 80 and f!6 column nn 
and off line equipmeni and, 
according to thp company, the 
present success ef the card lies 
in Jis ability tn meet a funda- 
mental need where il cannot be 
easily nr or anemically repiared. 

Examples of these newty 
appruachod markets include 
areas where adverse operating 
‘•nnditiuns exist, eg production 
control or process control, hnth 
area- whore thp card is superior 
in oilier media. The punched 
card can he written nn. ramed 
around .the factory or ware- 
house, fed simply intn any sys- 
tfi’i and il i-. tough, durable 
am! cheap. 


Another area which demon- vide a tangible, readable unit whn suffered .several yeirs rf- 
strates a natural superiority for of program data that is easy to Poor financial results in corwe- 
the card is in retail or distribu- .change. Cards also remain one Vience, - indirectly threatening 
tion trades where it may be a. of th b . ^ n users with the headache of-Iack 

turnaround document for up of support should; the affected 

clothes or shoes. Ihen Ted compiJter Job conlrol . restnc- attp pi^ I1 ct iUapse.-' 
through m a batch manner tu. tions, regardless of how or ■ _ 

diem stock statistics. - where the data is fed in’ or For the past two^ years, ■ 

D SStO/oq D M*lmn£ y h nk 5 ^° red ‘ ' lwIapwcentiy^tSld down and' 

Us SBiO/OS °“* lin iL Phnvh-card T n „f several of the •participating cote- 

equipment to an IBM System 34 lnDUt . panies. such ss Redifon and 

[or the him of Bunge and Com? ; *" .. . - CMC have schreff remarfoble. 

pan}-, commodity merchants in .-But a» of the quoted special OM - r , n and, 

C,» nf Lundon. u* 5 are mwitom .ccounr ^ ^ 

Bunge's decision to go for, for t ^e quantilies of key jtscif the second largest. Bri tish 

on-line card equipment stemmed punches, both buffered and un- computer company— -it Is P^ 

from a search for a replace- buffered that remain in use. .So abTy the - -• 

ment for its IBM System 3;. the key punch' remains a major 'Western- 'presence: in/- iti* J* 3 * 

Model 10 which was installed/ factor in the volume data input European, rompyiter market, 
sis years ago. '-device com tint i firm - ^crieriativ ■.'-•r'"- « 


device competition. ■ especially. 


The company spent over ^ pace hnj; j 

year searching the marker and " , - - kcv-tP-flaD»y-diSc ls : ' 'a ^ ,d 1 

only the Decision Data device Meanwhile. pnneheri • card- jerowt h ansa ah^'^St isr very 4 
enabled Bunge to use IBM' users xtill ./ux-ount ...for a sub- liWv-ihar herd i^the 4 

System 34 with card input as .-slanUally higher percentag^ uf- 
the company required. data entry operations in the __ rri nr Trire 

This Fysfeni n . ,»p 

64K bytes of tnemury 2711.. of dal ? 001 ^ «**«.» dc» wed 

bytes. of fixed disc, five visual But having said all that. ; 
display terminals, a 300 Ipra .must be remembered : ' 

P n " t P r - i."“ ,r “2S , i ler « ^ n l ^L fia L°'T P ^ of feplacepiertS 


among small in medium size Tvey-tMisc .seems -in beJfy'' ; 


» , -MtfeSUw. 

cnJisideraiioi Other AluS !!?"£' jumped op to ktaqons. /.though.- 

3S5SThS ,, S™r the kMUnn with ^ 


nffered hv manufarturerc. were — ■* ” * swra *n 

eithi financially ^ stnflUs consequences 

impractical. .[-' " ‘ ' 7V J ' 

The cost of 2il cards i-, someji ^ •' •" ' ■''''•'"^1"'!^)^; 


top and cannot he compared ’THE WORLD'S BEST AN|} •• i; 

financially with other media w e specialise in -the' interoatfoini -iitarSind ■ 

such as floppy disc — which ■ PERIPHERALS and SYSTEMS to "erisore maMificfVrcrs pcwiwr.il 1 ? * j . 

would not he utilised fully. e*plo*nnj their market poledtlat. - > V. - ' . 

niher mass storape devices arc Th ° woricf>-mo*t 'ad«ne«d' c«mputer-h»Sa'd product! 

also unsuitahie. and .have tie- . has been- developed; qvernbe - 1 >si 

mendnus handling problems expert. Deilzded . spectffatiy ProdicrfO)v _ Martsif*c^ 

in addition to the arivnntarrs 




a 


fur c omputer program prepara- . I«ht» R. Stephenson, Of recrori SAMLCGO 

turn because they are Fast and Otynrnk How. 63 Wo odade Bt^.AnTeKham 1 '‘-Bucks. 
easy to prepare and they pro* TcIcV a^//y 














l'X?€ 







Abdication has heert made totfiei 
TW>i 0|«g for cootaimparncukri: giver), i 


’ ," >v. 7; .^^-'; ^"- -I ’": r'S; '-'i^^difijyacotjit foil rc$pOQsihility for the accuracy of the information given and confirm, having made all reasonable enquiries, tha 

“ : ••• ■ ! ."4/:"?r--'’-’ 7: rilv.-- .■• -•’ .- 7 :’ : .. ' ’-' / • • . ' ' • * • - make any vtatement herein misleading. 


open at lOautn. on Tinmsday, 7th December, 1978, and trill close at such later time on the same day as County Bach limited may determine. 

- - ■ - " ■ *--—■*-'■■ J ■ Registrar of Companies for registration. 

Limited (“the Company 1 ’) to be admitted to the Official List 

public with regard ro the Company. The Directors collectively- and 
that, to the best of their knowledge and belief, there are no other facts the omission of which would 


CYAc*?*.-- 






LEISURE SHOPS L 









■ • • >s • • ■* * , - 




;•••; “v 






by County Bank Limited OF 


i 1 *-- 




^707,560 Ordinary shares of 20 p each at nop per share 

payable in full on application 


The shares now offered rank in full for all dividends hereafter declared or paid on the Ordinary share capital of the Company. 




y,’ v- .• 


•4 .'V.?;-. 


_ land accordingly 

mast be readi&'etniou^^ ' • ’ T 

* SELECTED BSFOBMiinCN . . 

The Group cpcrtttt* 88. retail shops tferengi tent Errand and in the Channel 
'. Islands, seilmg Idsarewear, cainping and sports equipment, jeans, rainwear, 
T indus trial clothing: and footwear. The Group is activclyespandlng sales under its 
.own. “Citizen” brand name which sow account for over40 pec edit, of total sales. 
-“Flans are in hand for the opening- of Hone new Slops. 

, ' 0 Issued Share Gapjnfi; 3,200,000 Ordinary shares of 2Qp uadi £1 ,040,000 

• Yearendedcmarab amt ' Six months 

- 31stjamuay* ended 31st 

3uty> 
1978 1978 

33000 J30Q0 ' 

9,567 5,505 


Authorised 

£1,300,000 


emne a TYrnr* at Issued and now being 

SHAKE UArlliU. issued fully paid 

in 6,500,000 Ordinary shares of 20p each £1.040,000 



Trading 


197* 

3:000 

4,130 


1975 

33000 

5*485 


1976 

33000 

6,860 



Indebtedness 

On 10th November, 1978 the Company and its subsidiaries (“the Group”) had outstanding 
mortgages of £232,000, a secured bank overdraft of £316,000, and unsecured icons (including 
hire purchase commitments) of £25,000. On the same date the Group had contingent liabilities 
in Respect of documentary credits of £56,000, and a customs duty indemnity of £40,000. 
The Company has also guaranteed rental payments by a subsidiary currently for £73,000 per 
anrmm nrtij equipment leasing' obligations of a subsidiary totalling £B jS.ooo. 

Save as aforesaid and apart from inter-company liabilities and guarantees, on 10th November, 
1978 the Group had no loan capital outstanding or created but unissued and no outstanding 
mortgages, charges, borrowings or indebtedness in the nature of borrowing, including bank over- 
drafts and liabilities under acceptances (other than normal trade bills or acceptance credits, hire- 
purchase commitments, guarantees or other material contingent liabilities. 


DIRECTORS 

Alan Cyril Millett, Millett House, Moulron Park, Northampton NN3 IXQ 
Hector Bull, AfillertHouse, .Moulton Bark, Northampton NN3 1XQ 


Fernand Andre Duchezeau, F.C.A., Millett House, Moulton Park, Northampton 
XN3 1XQ 


Wladyslaw Jozef Sypel, Millett House, Moulton Park, Northampton NN3 1XQ 
J ullan Charles Millett, .Millett House, Moulton Park, Northampton NN3 IX Q 
Nigel Manning Grimwood, East Pallant, ChicttCster, Sussex POI& 1TR 
Y inccnt Oswald M ? QrnUin, F.CLA .,31 Copthall Avenue, London EC2 A 7BP - 


Sales ' . 

Operating 

profit before taxation 168. ■ - 302 432 512 

Gronp ner assets at 31st July, 1978, including £530,000. 
Being the net proceeds of foenew shares issuedfor rafo: 


a 


-rper share 3. .^T V rj w 4. ‘.f . 9 

: for Sale price ‘±Z*< 3:# ..Xf-frF 11 

lvahrecffjssnedsi^cagMattihe 

Ter for Sale unco V'--- 353t 


Offer far Sale price 

Total value cftssned tescs^iral attixe 
Offer for Sale price 

hm. yfemavp np em^j ^ p rn^bBfhte tg^riciML^ thp , y ' 

' ' ' yearending29tEiJ^^^ .^r r ' : .; ' • y not &ffl'^n£2.0 ro21ioti 

grinttdwi cwrtw j ng g th« ' . XTjy 

-«g^- ... „ 29foiaflnaiSi WV9±:fc< T*r \ : . > '-V-; 

*■' ■ ~~otx 

S^ pnt^e ^ifwted e arnh^ an d ^ 


Location of Shops 



Secretary and Registered Office ' '3i 

John Arnold Summerhayes, A.C.A., Millett House, Summerhouse Road, 

Moulton Park, Northampton NN3 1XQ 
Bankers 

National Westminster Bank Limited,Grosvenor House, Park Lane, London WlY 4EJ 


Head office Sc warehouse, Northampton. 
Existing Milieus Leisure Shops Ltd. 

► Existing Miflrtt Shops Scotland Ltd. 

^ I I MUIctis Leisure Shops Lid, 

. — ‘ planned to open. 


. cx^nuviai^imnnER 

The fbD0w2hg28 8 C(^<^a letimraddre8fied to County Bonk limited by Mr.' Alan 
^-Millea:, this ehmgnanqn^etA I^eisttrc Stops Limited ^ ' • 




30th November^ 1978. 


^jCotmty Bank Limited . . . . » 

^^jendemen, ' '' , '' 

In connection whfefhc Offer for Sale of. Ordinary shares of MiHetts Leisure Shops 
^^Ljjxdted Ojmp^xiy 9 ), I have pleasure in giving you the following information about 

Company and its subsidiaries Group”) : — • 


HISTORY 


, , ; My father opened his .first shop in Croydon in about 1920, -under the name of 
tj& Mnle ns, selling industrial and woriong clothrag, footwear and. goveLuuient surplus 
^^podsl m 1924 he was joined by my hrother Robert and, by the time my lather died in 
1937, the busmens had grown to eight shops. After leaving the Army in 1946, 1 joined 
■ my brother foe four years before deciding to branch, out and form my own company; 
■by 1964lhadbtufcaipagroig)of3.5shnps. . 2- ,• . ■ 

MiUetts Leisure Shops Limited was incorporated in 1964 to acquire the companies 
of my brother and myself which together then owned a total of 54 shops selling clothing, 
footwear and e arn , p i py equipment. In rh* same year a group of retail mens wear shops was 
. acquired. The companies continued to operate separately, but in 1970, the .year before my 
’’ .brother died, we decided to integrate the separate trading activities, then comprising 78 
!J; retail shops, intoR. &AiMiflen (Shops) limited which is now the principal trading sub- 
- sichfliy. At-this rime the Group had its head office at Twickenham whh .warehouses in 
^London, and Manchester; in 1971 -we made the major decision to concentrate these 
activities at a new site in Northampton and the move was completed two years later. 
r ?;'l Sales have expanded rapidly during the five years the Company has been based in 
^ '/Norihamptim. due to improved efficiency, an increasing emphasis on leisurewear and 
-3 : /•QTYipmg equipment^ growth in total selling space and the mode rni s at ion and- resmng . 
piogcacune which has improved the quality andlocation of our shops. ■ ; . 


ikUi...- 


BDSINESS 


' ] r . . 1 The Grotg> operates 88 retail shops thronghont Riband and in th e Chann el 

~T gi |m rigj selling kasttpeweaf, camping and sports equi pment , jea ns, ra inwear, mdustual 
- ‘ <aothingrfflid footwear. As wdl. as selling a wide range of proprietary goods, the Group 
. " '■ is actively expanding sales imderits own* t CSth!ett ,i brand nam^ winch now account for 
•• ‘ r ■ j oVtc 49 ritibceniiof'KMl sales. . - 

' The «les paofioi.by vain** bettfeen the first arid the second hsffbP the Group’s 

: rTiadfag year k sifostantially siirular, wiffijffiy and Ilecemb cr be ing peak trading periods 

•r ■ and, although the natarc of demand changes . wish the seasons, bo pazocular range of 
7 nieKiiandisej^xreawatthdisproipoitiimam _ _ 

■ A rrrttp shops is shown on tins tw g BB n d & detailed. 

: r pnnly siR of the fecfent ggpanskm activity is set out below. - 

ATI ottt gtm ps tlradfe -nntier thi-' TtarrWj w Tu Ch is natiOPaKf known. Apart 

“ from oar shops, them are approsjmatdylSO othw shops trading under the same name 
■ fa similar merchandise' and these are in rhe. ownership ofabour ten separate enterprises ; 
most of tV™ originate from, retail businesses developed by descendants’ of my grand- 
■-v iather. At the present time it is our policy not to 'open new shops untfo the Millens 
n> ' in locatioos where there is alnady esta b lished a shop trading uruifcr that name 
downed by one of the other independent-groups. 

•v.-v ;. ■■ ; The Gioup operates from a modem purpose-bhifc head office and central ware- 

5 ■!- IT- nfkirK lint oonr natinrtftl IDMOftVinr UPtWftpfc 



Brokers 

W.I. Carr, Sons & Co., Ocean House, 10/12 Little Trinity Lane, London EC4F 4LB 
and The Stock Exchange 


Solicitors 

To the Companv: Philip Hodges & Co., 1/2 Pump Court, Middle Temple, 

London EC4Y7AE 

7b the Offer: Travers Smith, Braithwaite & Co., 6 Snow Hill, London EC1 A 2AL 


Auditors and Reporting Accountants 

Peat, Marwick, Mitchell & Co. [ Chartered Accountants), 1 Puddle Dock, 
London EC4V3PD 


Milleli Shops Scotland Lid, 
; planned to open 


Vainers 

Healey & Baker / Surt'eyors and Valuers), 

29 St. George Street, Hanover Square, London W1A 3BG 


Registrars and Transfer Office 

National Westminster Bank Limited, Registrar's Department, P.O. Bos 82, 
37 Broad Street, Bristol BS99 7NH 


From the table it can be seen that over hall' our shops have been opened or resited 
within the last six years and the programme has resulted in an increasing selling area. The 
subsiantial progression cl' our sales and profits over those years amply demonstrates the 
effectiveness of the action taken. * 

In presenting our merchandise by means of open style shop-fronts providing 
immediate access for our customers and the use of modem display techniques within, the 
shops, we create an attractive atmosphere for shopping. 


PLANNED EXPANSION 


It is the policy of the Group to expand wherever possible throughout Great Britain. 
New shops are expected to contribute to profits in their first 12 months of operation. 
During the current financial year ending 29ch January, 1979 we will have opened four new 
shops with a total selling area ofl0,000 square feet. 

Our immediate plans for the next financial year cover the opening of seven new 
shops in Sunderland, Newcastle upon Tyne, -Stratford-upon-Avon, Windsor, Glasgow, 
Clydebank and Ayr, which will have a total selling area of 27,000 square feet, and the 
resiting of our shops in Leeds and Manchester into substantially larger premises. 

Agreement has been reached with Black & Edgington Limited for a joint venture 
in Scotland under our management. The venture will operate through an equally owned 


UUNNJ-I. ISLANDS 

<*£ 


company to be called Millett Shops Scotland Limited, to which Black & Edgingron 
Limited has transferred the business of its four shops trading as MiiJetts. We will transfer 


Accrinpum 

Andover 


Birrmngtum 
Blackburn 
Blackpool 
Hon on 

B im on-on -T rrnr 
Bury Sc. Edmunds 


Cram ham 
Gravesend 
Great Yarmouth 
Grim, by 
Uucrasey 
Guildford. 


T-anc3«ter 

Leamington Spa 

Leeds 

l.eek 

Lincoln 

Lourh 

Lonmofc 

Luton 


to this new company the four shops which we plan to open in Scotland. It is inrended 
that the new company will provide the basis for future expansion in Scotland. 

YCe arc constantly seeking out and negotiating for sites which will fill and extend 
our geographic coverage and in future wc may also open shops under the name of Citizen 
Leisure. 


Cambridge 
Camerbuiy 
Chatham 
Chelmsford 
Cheltenham 
Chester 


Hanley 

Hereford 

Hull 


Maidstone- 
Manchester 
Alan, field 
Middles bortmsh 
jMiddJeua 


Salford 

Saliiburr 

Scunthorpe 

Sheffield 

Shrewsbury 

S tatTurd 

Stockporr 


nwd 

Ipswich 


Claphons, S.W.U* 
- Id 


Jersey [2) 


. Newbury 
Norwich I2J 
Nouuifihani Ct) 


htockporr 
SiraLiord E 15. 
Sunndon -Zi 


Tunbri Jpe Wells 


Colchester 
Crewe 
Croydon (2) 


Doncaster 

Dudley 


Ketterios 
■King’, Lynn 
Ktag&ura-upon- 
Thames 


Oldham 

Oxford 


Peterborough 

Preston 


Walsall 

Watford 

Wembley 

West Bromwich 

Worcesiet 

Wrcahjni 


r 




Darlinjatm 
Neivcasile upon 
Tvne 

Strjtford-mvn- 

Avon 

Sunderland 

Windsor 


Aberdeen. 

Dundee 

Glasgc-w 

Swansea 


Ayr 

civ debank 
Edinburgh. 
Glasgow 


York 


MANAGEMENT AND STAFF 


The Directors and senior executives of the Group are as follows : — 


■ • ’ Xhc Liroup opera res rrom a moaenz puipusoouzn. acaa omvs ™u^hki« mm- 

- fTi'rgjyuse coinplexin l^ofthamptoh which has easy. accessto the national motorway network 
- tod from which r^ular.weekly deliveries are made to'ewiy shop a using foe .Group's own 


•* transport fleet. ...... ... _ - ■ . 

. - • The Directors aittdi ■particulsnc impo rt an ce to buying aha we -hare eEceuent 

refatiMships wjfo our suppliers. No smsT^stEpplier accounts for more than 10 per cent. 
y Annrrvrimflwlv 35 tsar centi of our merchaDdise is imported directly 


population where we are not yet represented is a continuing activity. Further, we have 
raken fuff advantage of opportunities to move to better premises in towns where we are 
already represented and a number of older and smaller shops which were no longer viable 
have been closed; this has contributed to a surplus on disposal of properties in each of the 
last five years and it is likely that surpluses will continue to arise. 

The effect of this ‘programme has been to improve and modernise .our shops, 
making them more attractive to our customers and proriding better working conditions - 
for our staff. The progress in the last six years, which has made an important contribution 
to the Group’s trading success, is illustrated in the following table:— 


Hong *.ong to assist our ^ - 

^‘—xjuality control and prompt deliveries. 

' ; "Strong-emphasis is ^iven tp effective financial . control and clpsej^ervision of 

■ mdiridual' branches. Our Finance Department prepares regular inte^ted financial an d 
mto rrmmts. Tisirtp - computerised xccords, which are designed both to monitor 
B* 1 '. ' ȣiide na nutfmmr dt d ri ro s. while tte.Mttritis of our 

■■ gfi&gps arc- co-ordinated by seven area managers. . . ... 


recent expansion 


a™, -v • vears we have concentrated an improving the quality of our sho ps 
^ued undtho Seurat nognMon for .w *m In cant* of 


Recent Development of Shop Units (Areas arc s :.■* square jut of net tilling spaa) 


Financial Year 
erjrng 

26th lamarv, 1974 
lsiFebruary, 1975 
31st January, 1976 
31st January, 1977 

30fo January, 197S 
29thjaruiary, 1979 


ICO.? 

alA 


Sumbcr Total Area JX umber .VuniWf 


.$7:opi ar.vAir aid 
X umber Xu’Hbcb Total Area 


10 


13,000 

4.000 

3.000 

3.000 

6.000 
21,000 


10 


07 

99 

93 
90 
89 

94 


138.000 

142.000 

142.000 

154.000 

168.000 

210,000 


Xatct: 1. The fignrvs for the year ending SUth January, ] Q79 include two new shops totalling J'M 11 * 
square fecr ip be opened in Darlington and Edinburgh on J 5tb December, 1«7S and Jour existing 
sboqf whh a total sdling area uf 1 1 ,000 square fecr in which the Group has a 50 per rant, interest as 
explained below. * 

2 . The number of shops closed docs not iactode closures resulrins &om renting. 


Directors 
of the Company 

Position 

Age 

Heidi 

trade 

experience 

(years) 

A. C. Millett 

Chairman and Managing 
Director 

50 

30 

H.Bull 

Buying Director 

5S 

40 

F. A. Duchezeau,FCA 

Finance Director 

48 

14 

W.J. Sypel 

Distribution Director 

60 

2S 

J.C Millett 

Sales Director 

29 

12 

N. i\L Grimwood 

Solidror, non-execu rive 

49 

— 

V. O. M’QuiUin, FCA 

Accountam, non-exccutive .. 

66 

— - 

Senior Executives 

Burins Department: 

H. Whitelcy 

Buyer 

36 

11 

M. Gardmar 

Buyer . . . . *. 

35 

19 

R, L. Lawrence 

Buyer . . 

5$ 

24 

B. Finlay 

Buying Office Manager 

61 

39 

Sales Department: 

Vi', Barnett 

Sales Manager 

47 

30 

A. P. Cox 

Sales. Promotion Manager . . 

34 

IS 

D. Greenaway 

Training Officer ... .. 

29 

12 

Distribution Department: 

-\1. Poray BScf HonsJ 

Distribution/Dara Control 
Manager 

33 

■1 

A. Wafer 

Warehouse and Transport 
Manager .... - . . 

40 

.. .14 .. 

Finance Department: 



_ 

J. A. Summerhayes, ACA 

Secretary snd Chief 



Accountant 

34 

6 

N. I. Hanlon, ACA 

Financial Accountant 

32 

5 

J.H. Miller 

Stock Controller 

39 

7 

Other DcpartmaZs: 

J. H. Joshua, ACIS, ACALA 

Development Manager 

53 

27 

M. Wright 

Manager, Hong Kong Office. . 

42 


R.Eke 

Security Officer 

56 



Date of 
johHng 
Group_ 
companies 


1951 

1933 

1966 

1963 

1972 

1971 

1971 


1973 

1959 

1957 

1962 


1973 

1960 

1976 


1976 


1964 


3972 

1973 

1972 


1951 

1977 

1976 


All Executive Directors have service contracts with the Company, details of which 
are set out under the heading “Statutory and General J n formetion”. 

The management of the Group is divided into four principal departments : Buying, 
Sales, Distribution and Finance. Each department is under the immediate control of an 
.Executive Director reporting to the Managing Director. The Group has a total of 





g • . ^ * * 







: ■ * ’ ■■■’• • : : ; ’piywiteial- Times. 



approximately 800 employees (of whom some 260 are part-time) j 105 arc employed in the 
head office and warehouse. Over half the employees are female. • 

• The Group employs a full time t raining officer and provides detailed training 
instruction for all staff. The Distributive Industry Training Board has carried out an 
extensive review of the staff training methods and, as a result, we have received the 
Distributive Training Award. 

A retirement benefits plan is operated for senior and middle nsmagement. All full- 
. time and part-time employees who have completed one year’s service, including Executive 
Directors ocher chan myself, participate in. a group profit sharing scheme to which 5 per 
cent, of the Group’s revenue profit before taxation is allocated. Distributions of profit 
share are made in December each year and are based partly on historical and partly on 
estimated group profits. Emphasis is laid on management reward and it is hoped to 
introduce a share incentive scheme for Executive Directors and senior members of die 
Group as soon as and other conditions arc favourable, subject always to the prior 
approval of the shareholders. 

A large number of employees have been with the Group for many years; relations 
with employees have always been good and regular consultations are held with manage- 
ment. There is a Joint Consultative Committee, comprising representatives of branch 
and head office employees, chaired by an Executive Director, which meets to discuss 
' terms of employment, facilities or any other matters affecting employees. 


PREMISES AND VALUATION 


The Group occupies a modern purpose-built warehouse and bead office complex 
at Moulton Park, Northampton to which it moved in 1973. The original site comprising 
2.9 acres is held on a long lease from Northampton Development Corporation expiring 
in 2073 at an annual ground rent of £4,350 subject to review on 29th January, 1995 and 
thereafter every 21 years. On this site, the Group has built some 35,000 square feet of 
warehousing and 9,500 square feet of offices which are included at £600,000 in the valua- 
tion referred to below. The Group has now virtually completed a 23,000 square feet ware- 
housing extension for which purpose it will, on completion, -accept from. Northampton 
Development Corporation a lease of 2.7 acres directly adjoining the original rite for the 
same period as the original lease and at an ann ual ground rent of £9,450 subject to the 
same reviews. There is planning permission for 37,000 square feet of further warehouse 
development on that pan of the new sice not covered by the current extension. 

The Group owns eight freehold and Jong leasehold shops. The other shops are 
held under short leases of which 26 are leases expiring within 10 years, 28 between 11 
and 20 years, 21 between 21 and 30 years and 5 between 31 and 50 years. In addition, as 
a result of the rationalisation of the branch network, the Group owns 15 freehold and 12 
leasehold properties from which it does not currently trade and most of which are let. 

Healey & Baker, Surveyors and Valuers, have carried our a valuation of each of 
the Group’s properties, as at 31st July, 1978, on the basis of open market value of the 
interest held by the Group, subject to and with the benefit of leases granted to third 
parties, but otherwise with vacant possession. This valuation is summarised as follows : — 


Properties wholly Properties not 

or partly occupied occupied by 
by the Group 


Freehold 

Leasehold with 50 years or over 
unexpired 


c 

826,000 


the Group 


Leasehold with under 50 years 
unexpired 


. 672,300 
3,201,300 


7 1 1 ,000 

9 3,500 \ 


Total 

£. 

1,603,000 


2,035,300 


68,000 j 


£2,699,80*3 


£938,500 £3,638,300 


The accounts have been adjusted to reflect a surplus of £1,151,000 arising from 
the valuation of £1,603,000 for the freehold properties, which it is the policy of the Group 
to retain. No account has been taken of the contingent liability to tax on capital gains of 
£3-42,000 which would arise on the disposal of most of the freehold properties at valuation 
Fur £5,000 has been provided in respect of the potential tax liability on two properties 
which the Company has present plans to sell. The valuation of the leasehold properties 
amounting to a total of £2,035300, (which is not to be incorporated in the accounts) 
represents a surplus of £1,076,400 over the book value. 


ASSETS EMPLOYED 


The Consolidated Balance Sheet at 31st July, 1978 which is shown in the Account- 
ants’ Report illustrates the present strength on which the continuing expansion pro- 
gramme will be based. 

The net tangible assets, taking into account the net proceeds of the issue, are 
summarised as follows: — 

£'000 

Net assets at 30th January, 1978 .. 2,609 

Retained profit for period to 31st July, 1978 .. .. 552 

Surplus on revaluation of freehold properties . . 1,151 

Net proceeds of the issue 530 


Assets attributable to the Ordinary shares .. 


4342 


The above total represents assets of 93p per Ordinary share on the enlarged share 
capital. 

The surplus on revaluation of leasehold property, referred to earlier and which is 
not reflected in the above figures, represents an additional net asset value of 21p per 
Ordinary share ( before providing for potential tax on capital gains/. 


PROCEEDS OF ISSUE AND WORKING CAPITAL 


Of the 1,707,560 Ordinary shares which arc che subject of this Offer for Sale, 
T00 : 000 are new Ordinary shares being issued by the Company for cash. The proceeds 
of the issue of these new shares, after deducting the expenses of the Offer for Sale payable 
by the Company, will raise £530,000 of additional working capital for che further expansion 
of the Group as set out above. 

Taking into account the net proceeds of the issue and the banking and other 
facilities available to the Group, the Directors are of the opinion that the Group has 
adequate working capital for its present requirements. 


PROFIT FORECAST 


The development of the Group’s business has been described above and its effect 
on profits is quantified in the Accountants’ Report. Over the five years to 30th January, 
1978. operating profits before taxation, which include rental income but exclude sur- 
pluses on disposal of properties, have increased from £168,000 to £603,000. 

The audited figures for the half year to 31st July, 1978 show a considerably 
improved profit margin on an expanding sales base. 

Having regard to the profit earned in the half year ended 31st July, 2978 and sub- 
sequent management information and, on the basis of the assumptions set out under 
•‘Information Relating to the Profit Forecast”, foe Directors are confident that in the 
absence of unforeseen circumstances the operating profit of the Group before taxation 
for the year ending 29th January, 1979 will be not less than £1.000, 000, which docs not 
include an estimated net surplus on disposal of properties amounting to £59, 000 w 


DIVIDENDS AND APPROPRIATION OF PROFIT 


On the basis of the forecast of operating profit before taxation of not less than 
£1, 000,000 for the year ending 29th January, 1979, the Directors intend to recommend 
for payment in July, 1979, a final dividend of 3.0 15p pec share (equivalent to 4.5p gross 
with related tax credit at the rate of 33 per cent.). 

In respect of a full year in which a similar level of profit were to be earned, the 
Directors would expect to recommend dividends totalling 5.695p per share .equivalent to 
S Jp gross with related tax credit at the rate of 33 per cent.). It is intended in future years 
to pay interim and final dividends in November and July respectively. 

The following table sets out, by way of illustration only, how an operating profit 
before taxation of £1,000,000 would be appropriated ignoring surpluses on disposal of 
properties, and assuming tin column A) a charge for corporation tax at 52 per cenr. and 
tin column B) the expected tax charge for the year to 29th January, 1979 based on the 
forecast stock levels and capital expenditure. The figures also assume total dividends of 
5.695p per share on the enlarged share capital of £1,040,000 : — 

A 


Profit before taxation 
less: Taxation 


£000 

1,000 

520 


B 

£’000 

1,000 

160 


Profit after taxation 
less: Dividends 


480 

296 


840 

296 


Retained profit . . 


184 


544 


Cover for dividends 


1.6 times 


2.8 times 


At the Offer for Sale price of l lOp the gross dividend yield would be 7.7 per cent. 

On the basis of the illustration and 4,607,000 shares, being the weighted average 
number of shares in issue during the year to 29th January, 1979 taking into account the 
new shares now being issued, the earnings per shore based on a 52 per cent tax charge would 
be 10.42p and, at foe Offer for Sale price, the Company would be valued on a price earnings 
multiple of 10.55. On foe same bases but taking the expected tax charge, the earnings 
per share would be 1 8 »23p and the price earnings multiple would be 6.03. 

My wife and I have agreed to waive our entitlements to the proposed final dividend 
in respect of the year ending 29th January, 1979 to the extent of £50,360. 


PROSPECTS 


With particular emphasis on quality control, competitive prices and continuous 
improvement of our shop premises, we will be able successfully to satisfy the growing 
demands of our customers for our full range of leisure merchandise. 

In addition to the two new shops to be opened in the current year, plans are now 
in hand for the opening of seven new shops with a total selling area of 27,000 square feet. 
Our spread into foe North Bast of England and into Scotland is of particular significance. 

The expansion of our warehouse should provide foe capacity required by the 
Grottp for the next five years and, with a strong balance sheet and an enthusiastic team, 
the Company is well placed to continue its growth. 


Yours faithfully, 

ALAN MILLETT, 
Chairman. 


accountants 5 report 

The following is a copy of the Report by Peat, Marvricfc, Mitchell & Co.: 


The Directors. . 

MILLETTS LEISURE SHOPS LIMITED 
COUNTY BANK LIMITED 


3, Puddle Dock, 
Blacfcfriars, 
Loudon, ECtV 3KD. 
XdiNaeember, 1978 


Gentlemen, ... M . 

vp e have examined the audited accounts of Milletts Leisure Shops Limited Cflhc Company 1 ) ara. 
or in robsidUry companies, collectively referred to U “the 

Those accounts were prepared under the aewunnag convmiDOQ refereed to in note 1 below. We nave 
been auditors of the Group in respect of all the relevant accounting periods- 

The summarised profit and loss accounts, source and appUcatkm of funds otctww and bstore 
sheets set out below are based on the audited acrouacs after aakmg 

appropriate. In our opinion these summaries, together with die notes the reon, gn w, unde r tfan cunvendm 
stated below, a tree and fair view of the prahts of the Group and of the sow* “dappb«monof fends - 
f or rh c ocriods stated and of che state of affairs of dm Company and the Group sr the dates stated. - 
N (/audited accounts of the Company or any of its subsidiaries have been made np in respect of any 
period subsequent to 3 1st July, 1978. 


J. Accounting Policies „ , . 

The summaries set out in this report have been, prepared on the baas of the following significant . 
•croim^pSs Which, with che Option of the policy on depredation of freehold buddings noted 
below, have been applied consistently throughout the period under review: . 

1.1 Accounting convention • . ■ 

The accounts have been prepared nncfcr the historical cost convention supplemented by the revalua- 
tion of freehold properties at 3Ier July, 1978. 

1.2 Beats of consolidation 

The accounts of the Group comprise the accounts of the Company and all its subsidiaries. 


1.3 


Turnover represems the value of goods sold outside the Group, excluding Value Added Tar. 


1.4 


Depredation 

Following the revaluation of freehold land and buildings on 3Itt July, 1978, freehold biddings are 
being written down by equal annnal instalments to rctidul rafee wer their emna^hfcFnxhold land 
isnot depreciated and for accounting periods ended on or before 31st July, 1978 freehold buildings were 
not depreciated. * 

L fta i iwrlu rfd properties are w ri tten off by equal annual i nstalme nts over the shorter -of 40 years or the 
unexpired term ofrbe lease. 

Shop fronts, fixtures and fittings arc written off by equal annual instalments of 10 per cent, and 
vehicles of 20 per cent. 1 

J. 5 ■ Deferred taxation 

Deferred taxation would be provided on timin g differences-fn respect of capital allowances on fixed 
assets and on stock relief except when such liabilities were not expected to arise in the foreseeable future. 
No provisions for such deferred taxation arc included in the tables below because the directors are of the 
opinion that no liabilities will arise in the foreseeable future. 

Deferred taxation on chargeable gains rolled over is provided at 30 per cent. No provision is made 
for the taxation liability which would arise if the freehold properties were sold at their balance sheet 
values, except for properties which the Group has present plans to sell. 

1.6 Suck - * * . * 

Stock is valued at the lower of cost and net realisable value. Cost is determined by deducting the 
appropriate rate of gross margin from the selling value. 


1.7 Eschange rates , • ' 

Amounts in foreign currencies arc translated into sterling at the rates of exchange ruling on the dates 
of the transactions. ' • • 


2. Profit and Loss Accounts 


■N'wm 


Sales 

Cost of sales.. 


2.1 


Trading profit before taxa- 
tion and extraordinary item 
Kents receivable and other 
income . . ... 


Operating profit 
Surplus on disposal of pro- 
perties 


Pro 6c before taxation and 
extraordinary item 
Taxation 


Profit after taxation and be- 
fore extraordinary item . . 
Estnwrdinarv item . . . . 2.4 


Retained profit 


Adjusted comings per share 2.5 
.Votes ? — 

2.1 Cost of lalesJncludcs 
Depreciation: 

Leasehold properties 
Shop fronts, fixtures 
and fittings and 
motor vehicles .. 


52 ezerbs 

3J ottkr 

5 2. ■seeks 

S? ze/eJti 

52 b erks 

2 * seeks 

ended -Gill 

ended hi 

ended Jist 

ended list 

ended Stiih 

ended Sin 

7jn«iiin-, • 
/v 74 • 

February, 

!97f 

January, 

1976 


janupy. 

July, 

I97S 

A'W 

J TWA.' 

£'000 

£'\M> 

£'“»> 

•£ m im 

4,130 

4,040 

5,485 

6,860 

8^58. 

9.5o7 

5,505 

5^02 

6,496 

7^31 

9,049 

5,028 

90 

* 223 

364 

427 

518 

477 ■' 

7S 

79 

68 

85 

85 

67 

188 

. .302 

432 

512 

603 

544 

56 

112 

56 

.28 

74 

.113 

224 

414 

488 

540 

677 

* 659 

lb 

64 

131 

21 

254 

107 

20S 

53 

350 

357 

519 

423 

552 

155 

350 

357 

519 

423 

552 

4.6p 

7.8p 

L9p 

11. 5p 

9.4p 

"j2.3p 

27 

44 

46 

56 

63 

36 

82 

85 

102 

106 

127 

76 

109 

129 

150 

162 . 

190 

1X2 


Following the valuation of freehold properties referred to In note 3.1, there will be a charge for dep- 
reciation of freehold buildings in accordance with note 1.4 from 1st August, 1 978 at an approximate IcvcL 


v( £8,000 per annum. 
Interest: 

Bank interest 
Mortgage interest 
Other interest 


84 

87 

45 

72 

61 

31 

9 

JJ 

31 

30 

29 

13 

10 

5 

2 

10 

9 

4 


125 

78 

3 12 

99 

48 


Directors' emoluments were £73,000 for the 52 weeks coded 30th January, 1978 and £43,000 for the 
26 weeks ended 32 sc Jitiy, 1975. 


2.2 Taxation 

U.K. corporation tax at 
52 per cent, of adjus- 
ted trading profit be- 
fore relief for timing 
differences 

Relief for timing differ- 
ences including stock 
relict and capital 
allowances on fixed 
assets 


. Corporation tax charged 
in accounts . . 
Overseas tax . . 
Deferred tax on pro- 
perty disposals 


Taxation per accounts 


69 

264 

269 

293 

374 

299 

69 

138 

154 

284 

166 

221 


26 

115 

a 

208 

7.8 

4 

5 

4 

5 

7 

6 

12 

33 

12 

0 

39 

23 

16 

64 

13L 

21 

254 

107 


2.3 No account has been taken in the above summaries of earnings estimated at £43,000 before tax for 
the 52 weeks ended doth January, 1974 arising from assets acquired by the Group from Mr. A. C. Millett 
in 1971 which represented a -.hare of a former partnership bequeathed from the estate of his deceased 
brother. These earnings mil he paid to the Group but have not been included above as the amount of 
taxation to be borne thereon has not ye: been established. 

2.1 The extraordinary item in 1974 comprises relocation expenses incurred in moving the Group head 
otficc and warehouse to .Vonhampttm. 

2.5 The calculation of the adtutfed earnings per snare is based on profit after tax os stated in the accounts 
and before the extraordinary :iem and on the 4.500,000 Ordinary shares of 20p each in issue immediately 
prior to the Offer for Sale. 

2.0 The Company hat paid no dividend, since the date of its incorporation. 


3. Balance Sheets. 

l'hetJo Kpanj. 

Jl 


Juix . 
107 . 1 


-Y.’./J 

3.L 




Fixed assets: 
freehold properties 
Leasehold properties . - 
Shop fronts, tut arcs and 
finings 

Motor vehirlcs .. 
Investment in subsidiary 
companies .. ..3.2 





The Croup 

JkV* 

ril: 

Jo /A 

tic 

Jin 

Jlst 

r: iuir yjanu^n-, Ftbntt ryjanua ry Jtsmvi ry , Jiuikj n\ 
■ /M7J 9^74 19TS 1*76 1977 /w7tf 

£iHHi 


£VW 

i C om 


jC’LWO 

2-W 

282 

239 

414 

490 

432 

’ 300 

704 

739 

767 

7S0 

845 

283 

434 

414 

499 

722 

923 

25 

29 

24 

22 

-i i 

28 

84S 

1,449 

1,460 

1,702 

■2,014 

2,22S 


Slit 


J 97X 
Ji’ttUO 


1,603 

959 


1,094 

33 


3.&S9 


Current assets: 
Stock . . 
Debtors 
Cosh .. 


Current liabilities: 

Bank overdraft (secured) 

Creditors 

Taxation 


865 

1,159 

J,I70 

1,448 

1,87$ 

2,029 

2,652 

161 

157 

156 

177 

327. 

2u8 

325 

9 

11 

if 

24 

31 

J2 

27 

1,035 

1327 

1,353 

1,649 

V3b 

2,309 

3,004 

201 

312 

253 

271 

855 

1°8 

586 

323 

475 

608 

726 

624 

1,084 

1,073 

182 

97 

56 

149 

132 

2 23 

307 

706 

S84 

917 

1,146 

1,611 

1,510 

1,966 


Of the former partnership 

settled for *auteduty on the dratit-of 51s bmtftgrarfjncg 


33 ^ ftir rbr share of the.former pstftn« rnr .... 


3.4 . " Laws xtBUc July, 1978, comprised:— 1 

M nrigfl mr- = •• 

. . .~^7^awyi3qp«jabJe«£2.500p 

Short tcntirigjtyahfr.witiun 3 yean 







1,330 


500 

830 


Net current assets 


329 

443 

436 

503 

625 

799 

1,038 

Loons 

.. 3.4 

1365) 

(9 in 

(538) 

(470 

(377) 

f303) 

(272) 

Deferred taxation 

.. 3.5 

(10) 

(21 1 

(54) 

(67) 

(76) 

(115) 

U43) 

Attributable tc shareholders 

802 

960 

1J10 

1,667 

2,18o 

2,609 

4,322 

Rcprescr.ting: 
Ordinary share: .. 

.. 3.6 

60 

60 

120 

120 

120 

500 

500 


Reserves . . 


3.7 


742 


1,330 


802 


900 1,190 
960 1J-10 


1,547 2,006 2,109 3,812 


Net assets at 31 st July, 1978 (as abovcl .. 
Estimated net proceeds of proposed isjue (note 3.6) 


1,860 Adjusted net assets attributable to shareholders 


Notts 


3.1 Fixed asset: 


Freehold properties 
ltd property: 


Leasehold properties 
Shopfront?-, fixtures and fittings 
.Motor vehicles .. 


1,667 

2,186 2,609 

4,312 

„ „ „ 

*> ■ ft 

4^12 

-■ 

. 

530 

mm m 

* •* 

4342 

Cost or 



xahiaam 

Depredation 

value 

£2000 

S’lMM 

row 

1,603 


1,603 

1,223 

264 

959 

1,691 

597 

1,094 

57 

24 

33 

4,574 

885 

3,689 


re„i_-T n D.? rol 5’ 5 freehold properties were valued on an open market basis as at 3lst July, 1978 by 
rlale, a Bake? 1 Surveyors and \ alnersj. The valuation or these freehold p ro pel ties has been incorporated 

"i £l £. prmdi "’ ; >“ 

11 31llluIy - «mpri*d store «t w,r *£ 1 , 337,000 


325 In accordance with note jj-acierrea 

1978 teas fonoTO^' ( --\ - \ "^'000 'rgrS 

- r.C^^ti^^^iccsdnfored assets and other timing .differences - - / . TV' 7' •- 342 ^ 

. - Ckpirat jpnri^piv ot'othct freehold properties • ** - - mw ~ ■ , . '-.''‘V-tti 

■ >' /. - " - ■ . * ; 

•-i.-'-jvs - .. - J) riso.oooin Ordinary sharesof-£L?r r . 


Uhdet tbevTeoBS of the co 
Companyhaa oontiitidrwUly agreed 
cash cpnaiderar£(m4aC110p eacf «*■ 
3.7 Msi dHc&btrwres _ 


.4awtta'tng period aided fay 


ri .‘t’rl_x ' 

Shar ^h^ejttfe^^^! ofperiod .. -• 

Capkafimbo; boons issue .. 

1,270 - 

- J7V00 

3,270 
- 60 

£ ’U>10. ■ £000 . £0W - ; 

• 3 jio i t 2 io •. i* 2 io- : 

■ — ' • . 380- . 

Balanocatjindjrfperiod 

’ ■ :• f • 7. 

Retained earning^.'.- • 

■ ffalane* rfh^niitrignf ptrjyf 

- Rexaincdrftofitforpfrind ■- — 

1,270 

1^!10 

1,210’ Ij^lO- -830 . 

393 " 
155." 

548 - 
350 : . 

' 898 •1,255' ' 1,774 

-207 .- .51*; J ,483.- . 

: Bafrnceht endoftjeriod -. • 

548 

898 

1,255 1,774 '2^197 /aSafS^g-*' 


.Revaluation resale- : 

Group ccsenres afxrid ofperiod 
Gooawill arismgon doasoffdatioa 


■ 2,-9S4 r 3,027 
(918) (918? 


Reserves per bidaiwe sheet 


1,818 . ' 2,108 

1918) 1.918) 

1,547 -' 2,066 Xm 

The Company hsanojcaincd earnings, tre reserves being share premium account. . . -^rV ‘ 

3:8 Q«uiqgimt|ioi>i£iriw ■ • ■ ^i. 

ia) As*3Itf Juft-,- 1978 a subsidiary cbmpaav had guaranteed an overdraft oF a third party _-_-=d 

maxim umtff£-I2£,<KX^ this giiaramcc has since Been discharged with no claim agamst. tbe-Gloup. 


unw^£I25,<10Qi this guarantee has.smce Been discharged witn no Claim asaiTOiwvuuuK- , IftsWi W 
/fo 'The Company has guaranteed overdraft and other liabilities of a subsidiary company wfagh 
31st July, 1978 aggr^tedapproxiinaidy £730,600, and has afro guaranteed rental paymen&by anibsffla^^ - s 
currently Hoc £73,060 ji a. 4 . * • . ■' 

JaJjj 1978 a sabadriry company bad documentary .txedits qutstariding yt iomaagw^^-.- 

3 . 9 ”*’ C^Hultis^endkure authorised at 31st July, 1978 by the. Group amounted, to £839^100 of piuch^. : :’ 
£439/100 vnucoaasucccL .- - _ I 

4. Soorcevxd Appdication of Funds Statement 

• ' j’awAr S3 weeks SlvouAs 

... •$? -ft* US -jSSr : .jgg&-d 

So cos' ' 


rjc>. 


Source ofFttnds::. 

Profit beforetaxation and extraordinary 
item v ..‘^ •' . . . . ' . - ■ 

D epredatimi and amortisation 
Goodwill arising on consolidation i... 

Surplusoa disposal o£ properti c* 


.224 

109 


414 

129 


488 

150 


540 

-162 


677 

190 


*5*-^ - -/i 


Total generate dfrom operations 


279 


431 


Funds fi»m o{hec sources : 

ProttedswssUe of propenie 
Loans . L . • 


169 


Applicationoffunidar 
Purchaseof fixed assets 
Reiocarmne ' 
Repayment 1 
Taxation/. 


Jacreasei'Cdeprrase) inyrorlcuig capital; 
Stocks _ii‘ •• .. 

Debwrs £ vL 1 .. .. 

Creditors 

Nctliquidfssjda . 


£ t 



(56) IU2) • i'50) > (28) 

” 582 ~b74 . ■ ’ - J 

i' 

• •• 98 ,. .130 ■■ 237 
680 . ." .824 j 1,030 2,015 - : - "A 



J . no-.- . [460) -W 

(579) , 639 . -W '3'; 

160 \ " - 103 . 271 ' 318- . 

• ’* 

->* ■ „v.r : 


Yours % h AT, y k4RWlCK. AflTCHELL & CO. “' " 
Chartered Accountants. 


, \ -jn- 


Information Relating to th? Profit Forecast ; ^ v . \ • : . ' 

The forecut of profit of the Group for the year coding 29th January, 1979 has been compiled on the.' '! ' 
basis of the accounting poffdes normally adopted by the Group and includes results shown by the audited - 

.interim accounts for the the months to3 1 a J tay, 1978 and siibs^uenr unaudited m anagement information.^ . Sfj , 
The principal assumptions onwhich the Directors have based ihcir foreoK>t3te that:— -\>3 

(1) Sales for the rrmsinrtrr of the, financial year will reflect normal seasonal pagans at grots pro'fic'":' 'V-g. 
margins apprnrimaTrly equal to those achieved in the first half yeatr.- •" ; V; r 


operations, of the Group willni 

in the United K in gd om or overseas. 

(4) There wfll be no gt gni fir a n t further property disposals m the forecast period except for the Bale, : 

of mo leasehold properties. ' '■ .1 . j 


of mo leasehold propernes. . . . • • 

. The following are copies of letters from Peat, Marwick, hUtcbcll &, Co. and from County Bonk 
•urnted: — 

The Directors, ' 

30th Kormbcr, 


The Directors, 

■MiUeos Leisure Shops limited. 



Yours faithfully, . 


mummy, . . - r • L 

l’EAT, MARWICK, MTTCHEIX-& ^ 

. Chartered Acetomuatu. ..-J'- 


_*/ . 


The Direct or r, . . -'.‘.^-. 7 .’ 

M ill ens Leisure Shops Limned. r ' ' 

Geatle mre , , . - 30zhtXtne»for % lXii' ' 

■uits paragraph headed ‘Trofit Forecast” sec out in the. Offer fot Sa&i^edr '}. ’>'{ 

30th November, 1978, we have exammen the bases and assumptions on which the forecast of profit . . 

t ^iSS year -? ld ^ 5 ^ h Ja ““ ar 7* 1979 ku been, made, have discnssed friese wth : -,v 
krar da£cd November; 1 978 addressed to yoixTsyPtA < jMf 
forcoM;' Schell ft Co, regarding the accounting bases and calculations adopted in arriving it: the • -2% 

che said forecast (for which tfie^DfreatBS are jdehr-'' '>!. 
responsible,) has been prepared with due rare and coasidcranoo. . ^ 

Yours faithfully, .. .’ 

-;r ' for COUNTY BANK LIMITE D, ~. , ■ .. T 

-fOrtcur* L:; 


STATUTORY AND GENERAL INFORMATIONj 

I. Capital Changes 



2. Contract with County Bank Limited • . 

Thfi b ^°^ >r ^ < ? arlt y i Bunk Limited ("the BantTi Cmrtfritpf r 

Company Vt*' ^«^wp?^rdin^ share capinil 

rof70liOPO.Ptaimrry:.Wrrobf^ 
Vemte**Viu = P p '^^7fztuapa^eq : eriating shareholders C. 

aasssassr:.?® *&&& 

TTtis contwct provides inter alia that theComiS.Vfoili roV Tm.Vt .V. ,r ' 4 

ggsssasiByj Tgsa.'f •»!; ^ 

aEsss^sa^ 

3 . Taxation • ^ ,-?V~ ^ T- 

the <frdmnry‘sf»?^f 


.7 "j/i 
r " J: 

' m+l 

Kir 


" ;iv_' 


-i t: 


if 


.•-viU 



43 


ISrwrM _ _ 

«* • V-fc jMftuig •£;; 


£/ teg, '‘.^•> r* '.“rii'-:'"'-- i •'■?: t v % * : a ' jV.‘ •* _ .t - -. 


f|l%s 






- i.r' ' 1 ' 
• . 6 .« l 


? Kt ^c • 


t . Thof.tolltnriBfi k a r« or 4 o£-Uie:prJ3«pal business hod financial 
ifflgaisomeotS'jdiirshg-Hlifr: wte^Iv Thp\ Board- irhsofinps ari* nuinlv 
" * fctffo, Vitie&tiRanti offiwur indiculmns ar,.* 

... ,.. „., ... . fiat -always available whether djvinands. can corned yrc internum o r 
aw^-WASMir^-a*^, Anais. Jflfe suirttivjsions -shown uplow .art* based mainly uu Ju.yI 
.yeair.s timetable. :- ' \ -‘ 


Cntril mtf sn-rwjoa e srsn 
C'i’iwfcprUc inrf Hill ". J61p f,*.-lud « ifta 
iliit si fl.OSt' 

CorM*iB<;la i J . Mi. R**. S-C..'9.i“ w oc 
Comir* «»u pki Biaanva ivaarmirn: at 
•hi* £• f. Jj’Mgrt Qcb CQ.61. 

Cr.it ficci 0 T-SCin 
Djirt intfs Jo' t**"!l 
Oropnnam-. ; "bORn 
l.i-.tfin Proaacrr * 3 -In* 
nin sna m-hjip* jon.'-jr 
En lit lil 12- -Pi Bdi Ret). 4 6 35 
t-n .•iv.ntu. Pula .irt.1 P«si-r ;.5; - p 


COMPANY NOTICES 


NOTICE of rate of interest 


NOTICE TO HOLDER'S or SHARE WftPRANTS TO BEARER REPRESINTINC 
A“ AND B" ORDINARY SHARES Of 


The Industrial Bank of Japan 

Finance Company N.V. 


0 .'. 


‘ms**: 

VlntM 


C«{>;r V** ChenrtW-PTwiv ~ 

Incitan Ctnt CWrtrtPtt • >• • 
Hctoraotf .' Kumar. .* 

♦M m pMgng - {Sotaaggrt JPMjrr - 
nanm* tw. t..- 
on **- <5A;tMC. loms*. Tst. 
rtinmrce Bros. 


** at/it&vp >- rnnatsr 


ttfcWKS 1 *' 


tunQI, 

O-ntWJjH |B». Trv* Ot*g-i »•*> 

timet IS . W.». J.7*p 
- {•SWl' 1 * UWN.'I 
«v- vottetoui and Marasy 

N RwflfNtT O-tp -. *77 
•rf *fj« Sums* Water o*6» 7yta 


ru : 


'Adtsprtat' - . ... '-I':'. ■ , 

. Wr f i d g WB ETfeaAuu . a ■ ■•. ■•;...- 
iMV»oew> & 1 vte marr i'A’r idtHT 5-^ 
Atm BYKUl. Rfltt 6-JZ7&. SA.ISbj 
Ar«* £J*s. ABd Gen-Tnm <WS|» 

Z&JFZZSk \&. *&«*-** 9ai 

g«»a* Rwnl PM- Ord/ 10 BW9M» 
cjaoanr Srhairooc-, ce. A^ipe 
Cim*W*nt>t>x - B’jpcBdN ,«*«.. B'liTS 

cS(« " * - 


-Qni, .Goin Fields 6 -0OO6S - - - _ 

C ion and . Kani«nft 8 'a*9’h: Sa^ B-12TF8 


r-x*. , ; Saw Oarto Lohdwa, cb*. ««L.-ord.. 1. 

u ' -.r^. j oik. un -diii^or » 83a» • • ■ 

82ff,E&?*£*V 

imar. , n ° r: c u ^ • .TOMORROW 


1A :o«v 

final Ic Sorts 5 40B4» 


7^0 EDMjnct* B>.ntfl<K- dm. &l;79 i 

EM iWlMDlMao' e?*3 . 

fa i . -n em £ajv 3-CJ7<j . • •• 

JflW. CAA CfflR- ip’lKK. 
Freemans fUmEwi-SWr WS» 
GIwk— Jlwi^V12-7B 1 


''-■J ■ 


Cttv sarl 3ntt Trait, 0. 

CooBtMa HU i 


«d^*^E-VT<L 


TrCTrtf *W. 
S.hrtflrfc »i 
flOA»a j 
(; FtttJpc 


. t3»o»r <w»denac~ . ' j' 2^ . . ' nnSTrriTrn^ii^mffl n -i a*d 

i *■- -v: • ^ - :.r ■''SrtsSR.eww**. .. * . 


VStfGB?*; -v^r ■ 


1> intortms} ■■-• -. - * - -V ’ 


SMSt»id .QlirrOds . Red. 6/17(7$, £4. *361 

stjftc* U>s-. JW 3A»ac • 

St JihcirOe, ^tsdtBdt. Red. -.B/1276. 
&4.S96) 

TnepUma Jta«t*:t. 1 780' st, {hk. sum. 

aw. or o.Ofrstsoi . - ? .* •, • 

T njo rw,> And Tumor. .14259 


■ — s. Oundarian- 

_ ■*. NwhSMV .t ' ‘ 

Ng am IHirrMt - 


i. iHarcJdt-- — 

*•• F»r»»rr - v 

*r» «id MjAftr , 


Waukt. Mtw d nd Trmnap-tJtn. 

W. YorEwiVV S'sacBdA. Red. 6H2.7B. 
• £4.1961 

THMUOAT, DCCTMIER 7 
COMPAMY MEETINGS 


'Prglri.Hst:i>r»,|*y 

P/nljJi trurth-. 

Pumd^r 

Kuiiel! (Alr.« artl(*r r 
SlujicU , l 

DIVIDEND g, INTEREST payment;-, 
AniBcr vallct 10'4« Bda. Rptf. 1J.b,79 
_S*\oc 

finent ..urine Red. 1 12,80 S' n «. 

- J J «*>.- Raff, 2,bua 6 Aac 

Britan PrjniihR coto: 1.10 

OistHfi-PnwJ. Deb. 3aK 
Chubb Lnt A. Ai.ge 

Coceuno 1 Dirfji ao,. Red. I J b 70 5 »nc 
Catswbld lOlipB Bdb. Red- 15,6.7*1 5< s i,e 
CumbcrnoLMd and Kitirtb IOi^ie Bds. Red. 
■'Sib. 73 51^ 

pnnarc 1 Qi.dc. B ds. Rod I3i6 7fi 5>,rt 
t- Ri»be>nc vrt, Rate Bus. Res . J.’iaai 
4 “3.7De3. 1i.#t Bds. Red. 2 12/Bi S'-jn 
1 LiivJMfY 10 4DC Ms Rad. I3'6i?3 S’-dl 
F enlAnd 10*. pe BOS- Rod. 3,12190 I'll PC 
GCTr»m jbb National Dnuuu d.ofijja 
UnL. -.tipp n« at 0.0632p) 

Hjltse-ia unaieo 0 i*4p 
Hambleran loiisc fust. Rod. 1316.75 b'ox; 
. Hart 10 *.K B«s. Srd. 13IB.79 5>*at 
HSV3M V«r. BttL Red. :;6,gj L5 7063 
Inverclyde 1 Di«ie 3cb. Rod. 13-6.79 S'.n; 

lO^at Bds. Red. »3,6'7*t 3 '*dc 
f*}» Vane* igi^ne kk Red 13,6,70 s<.« 
Mitdon Scott ifin tHiMnce Coro i.j?p 

, ®*W« FM. 1 JI6/7B S'v« 
MMiptncEcr t. 1 2866o 

DIVIDEND A INTEREST PAYMENTS ,, 
JJ»'p v *»fc» rrvpejBda.Rrd. a 6 80 S» n P< 
HSfJt 1 ,l *M$«.Red -2 12 B1 5 ,nc 

HH.peBtf4.Rpd-, 1S/S79 Sl.pr 
NwlMninfowiilre . 1D1 hxM( RM 13 6 75 

OMham lOl.btBds.RMl. 1J6 7B 56.K 
Prrry iHaroln, Mptori 1.675* 

fiewhng 9':ptBdS.Red. 5,12 79 A'-.az 
IO,.B5Sdk.P-ri IS.'t, *>9 
Kechtora IOvpcBiM Rnd. 3tZ*0 S ,^u. 

Ob. 1 1', PC Bos. Red. 3 '6 81 S'nBC 
*2?“^? 'fnKMUMd. 4 6 Bp 5"..4>c 
Sandwell lOimcBdb.Red 13CI79 S'.oc 
r-c- Oxfordshire _ .lCMiocBtfft.Rcd. I 12 00 

' a irPC 

Stralhcivdc lOiyocCds Red 13 E 79 S'-.r*' 
Sunderland lO'jpeBas.Rrd. 13 6;7o S'.m 
Torfari. V*r RateBdsJtrd 1 6 B3 LS.7D63 
VAit Rorof t r'nscBds.Bpd. 1. 12 gz S''..Pt 
Wandsworlh 10NPcBK.R#Hl. 13 6 79 S'.nt 
WMImlnnjr & CbURl'V Props 1o 
WIMonn 10i.peBA:Red 13 C 79 5Unc 
FRIDAY DECEMBER S 
COMPANY 'MEETINGS — 

B*n Bailer Cons.. Earl or Danuslcr Hotel. 


Henr-cuei *4>thnr' 0 3"Sn 

London and p,?..riL.jl pq»tcr 3 J47 p 
to* in on Emurl nnmen'.i I So 
MID • Manama) Did- $ ernn 
Marshall s Ur.verai 5.4B96p 
MyOrtlrtrn HalTll. J 02 a 
N Oe.on llhoe Bd*.. Red 6-6-79 A '-6c 
OH»;e am Eln; MaLhinei , JJpr?: 0"; 

' Iudp. disl gt 0-942B9pi. 

PBtltin'k. 4 374972 b 

Prevoenr Brand Gnirf Mmlna 3i tis. 

Pw.denl 5|r,.i Geld Minina. SO Clf ! 

PuiOUMr | nr J2 Cti 

Rrcrt Ininf. 3>ar Pf. I TSpr, 7p c Tf ;.4am 
Mhirt I J 3: 1 .47781 2 p 
SuRolk CdUt.il 1 3 d: Edi. h -cc 
Toi'-nhridor 1 1 '•ot Bds. Red b 6 79 9'.«ar 
ThurnorS IZpt Bd*.. 2-6-B2 6*-pr 
Trim Ururn 1 7p 
Tamhi.li ugn $k.p>inn Ora ip 
v.'ns turn HidOS 225 CU 
W/rral 11 '.or Bds. B-d. n-S-79 7;-rt 
Young ana Cr- *. Brem A 1 .70 
SATURDAY DECEMBER 9 
COMPANY NEWS 

Cr.idl-» Puntirr? Crodlev Hr*tl> \Y«ilnr 
WfW Midlaix-. 1 I 
BSAPO MEETINGS' m 
later how 

C(d 5»*4n Hot n <H*rrt>gt:n* 

DIVIDEND 4 INTEREST PAYMENTS 
Cinnbnra" v» f «.«» as ts nssn 
Gwiui Motor Coro Cam 250 rts <*nc 
sae:-al rt». n, ISO rn.i 
Dn. ■ B □ P n is'.ura rv Darelavc Bank 
•ach rep i-rOlh tit a snare 12.4 tls 
/Inc suor. ■)■». ji 7 S de • 

Im pi- rm Cold Sto'asr jpo Supply. 

7.0291 4n . ... 

Inin! Hu-. Maeb n-. Cbn . 2BB Tti. 
Kecisinalou <nd Chelsea Vat Pale P-tt 
H2. .£5 7 1 £75. 

Tur>r Inn - ,' !■*< Y30 VJ J. Bit 'BY Deft 

Race -on .*.,.cyj t , s G Warau'ii i'-r 
13 50 IOC 200 1.000 ih> ol.Y'O} 
Y2 5 

Warnrr-Lnmsnri. Zo ,n 

SUNDAY DECEMBER 10 
DIVIDEND & INTEREST PA r ME NTS 
Einv?i G-p ?s <ir 


PROVIDENT LIFE 

ASSOCIATION OF LONDON LIMITED 


U5. $50,000,309 


NOTICE <4 n*reb> 7nrn mat a SEPARATE GENERAL MEETING Ol 1M "8 
Ordinary SRarChtfidtr: el P>oa dent t,.,* kno.siis.i of LciSP" L nrned ••■I* be 
BfM ,n Rddl" ' D0 th» Ores'. Eastern Mb ci L,»crpa3l S:r;e* Eonjpn. EC2 a! 
12 00 ndnn on Frida, 2?ra Dt'JembTr 1975 lar ihp ourooir ol egnsideeins and. 
tl thdiwhl St. Pelf'nn ;h.. loHoxing Resolution “hi.:n *,.11 be praftMPd ai an 
EXTRAORDINARY RESOLUTION 

RESOLUTION 

that thil Senara*..* urinal Meeting o* M*e IrBen o< **ie b - Ordinary 
Snarn hereby tann.dn; an *r« mettmcatieni and variation*, inroh jd <i and ta 
cheetetf wp Ssitijr Resoiuiioh :o be aropoicw at tne E«trao>-inary Genera' 
Meeting q! the Corro.eiy mienjcd ro be held iinmedialclr afror tn«* nlffdg di 
rprciuflea or aBJgurned. 

Dited lb*i 50th day o' Nd.rmbei 1978 

Gt Older of Ine Rga'd 
S A F. DSTiME M'.'tM'i. 

Oni, hoiaert e: :he ■ e Onlin^f, Sharei may attend and »otc "1 the 
meeting 


Guprzmt'ixl Floating Rate Notes Due 1985 



Parmcnt ot princip.ii and interest unconditionally guaranteed h)> 


The Industrial Bank of Japan, Limited 


Kabushikt Kaisha Nippon Kogyo Ginkoj 


NOTICE '1 her«y mg n.cn in: an EXTFA ORDINARY GENERA;. MEETING 
oi ;hr Company oe »eid m Room iqo « the Geea: Eastern Hold. Enerosei 
5! -ret Laiufon. EC7 at 1103 nac-n on Friday. 29th DC'ie-mCC. *975 o: VJ 
* ( .pr' thereafter ai :hr General Meoline or me "B" Ord,*>jry Shareholder* 

con.cnca lor the tame rue ano place hai been concluded or adiburAN. tor thb 
purooic ot wnaiBeh.ng ,nfl. (hgijgh-, bt, passing the toliO«ihO ResoluLOr as a 
SPEC'AL RESOLUTION 


RESOLUTION 


rial, aubleci le inn upo n :ne unction ol ?nr e ' Ora.itar. Siarehoiarri 
harrpg been ni*en at tic Separate General Mrrt.nB qi auan Shareha'dcri convened 
lor mu dav 

ill me exiting 2.35Q.D00 A* Did, nary iVMiiyh Snares ol 2Sp each and me 
1.950. 000 "G ' Ordinary -Nen-V«ting< Shares ol 25o eat" Shall henccdorth 
,anlr pari pauu « «il rclMdS and trail hr dpiignatco » Ordinary Sharp! 
gl 3 Sd 24Cb 

•I the juTYionrn Snarn Cap.iai nl ;ne Company be and -t J hnrcD. -nereaien 
hnii £1.?26 Q0D 10 LI 2SB 7SD b> ihn ereat-on ol 255.000 additional 
CdHiarv Share: s* 2 Sp each. 

■ i> me Aa.clcs 0? Aiior>«:-0n s' * h** Cnmsmr be artered as loi'oirs 


In accordance with the provision', of the Reference Agency 
Agreement between The Industrial Bank oi lapan Finance Company 
N.V.. The Industrial Bank of Japan. Limited, and Citibank. N.A.. 
dated November 23. !973. notice ts hereby given that the Rate ot 
Interest for rh- initial six-month inrerest period has been fixed at 

12{;V p.a.. and that the interest payable on the relevant interest 

Payment Date. June .1. 1979. against Coupon No. I will be 

U.S. 562.56 and has been computed on the actual number of 

day; elapsed ( >B2) divided by 360. 


December 4, 1978 

By. Citibank. N.A.. London. Reference Agent 


CITIBANK 


New reiav TV 


*v* «u J MifrtO, *«-. •? .* . .COMPANY MEETINGS 

.s,.- -, JIVIOBWO • rNTM«9T ►AYA«NTS?VI Lftodo! Props, lor -oo.Cbe Pi It. 

»J8) : HooiiAion. • ..* - PjrL L4^o. W, jj 

• Mar dona Id Martin OKlUerlM ,A Ord.. 5p. BAe/’U _Oah mor-; Hajusr*. SoldroH. 3.50 

- ifg, v B Ofd.. 15» ' OrewsL Raochtrc l4tm Rood, 

^ k SVK ■ • 1%.. «. jam*. 

S tVCDM/SDAV OSCCMW^fi ! 1 . p£S£ic. 0 ’^S :r Lirtc. 

COMAAMV MESTWCS— . * S25^»*eriS>Jt ”2S5. 8»»eta Lnw. 

J ?sw» , V^ r i ct -' PBn* BrmyB.- Cirttpr* Hall. Soraoel Proa-IS. ^tjpmos's Sb.^SW. Z 

JZSf iJSt * •:*•., Mh«e,w nsgfcH* 28 ***- 

I' •* .?hriter..T2 - • r- • BOARD MEETINGS 


Done alter Hotel. 72 
Berry Trust. )#. flnttnjry Circa t. EC 12 
Uebkg, 76. Shop Lant. E C . 

11.30 

Pwh... Brooiftelrt ro . HincM-r. 

Ellii ft- McHarOVb- 6. -Union Row. Ah**-- 
ci pc n . 12 ^0 

Highland OlstllkYs. N. Britlih Hotel. GLis. 
go*.. T?. 

Like a EHio?. Waldorf Hotel. W.C.. 12 
La vr rente •Walter), Connaught Rnonif. 

Great Queen • St., W C.. 12 
R.C F. Hochlrv Abbey WorVj. Gominn- 
luri, 12 

BOARD MEETINGS 
finilt 

Cardiff Mm, up 
Grootule Prop, 
it Sho-! 

Norti Midlind Construction 
I uteri mi, 

Amt n it • 

Blthon i Sitin'? 

Crjno-- iRm.;, 

Fpr’lppii' 1 IB.. 

Linv nv Grui,o *■ 

WnjdTiil IJonji? ‘ 

-DIVIDEND A INTEREST PAYMENTS 
BOM" A" Mid .8 Ord/ 2 -3837 5 n 
-E! rr ^* nJ Wailate Arnold Trust Ord a 1o 
mata .•-tjongr - Audc. i-azsso uneiun 
S«B. _dist. el O.OZSSp) 

Berry Trust 1 0625p 

Euroni Prods Ord- and A Non-«ty 2 so 
Caledonian Assoi. Cinemas Id 


■z-' ... "*Y- Medrotmcter, - Atwryau-n Ksraia. ftlI** TpT- Fliwtr- ,? 

' ' ■’■ J S8sr»^ e*fE. £^- 127' > . <, - BrtttaJi Suaar ■ 

*». PriHl Months OSkhlU 'KCuSc. rHlhieh- Kevcniu^aves 
*'••*5* bceougn. Toittiridii*. Kent, iz . • MmheU ton 


Sirntish Mrtrooobtan Proa 
Hotel. GNsabw. .flJO . 

"• — Spentor Gears, 11L PaUMoU. 5.W , 12 
*• anaon uMtiurx ■ 


^* BOARD MEETINGS — 
PmoW 

Cetlh-dHd RuMJcr ESfeHbS 
•i* Ocamon 


Overi^h <J. a^, 
EISM a .id Roftano* 


lain son Trait 
KhiutBhiR Rubber Oe*. Synd 
Pe.iL | r-ds. 

RUhftdF 


! Ar»liR ond Shdnfcg 
cihui. Nd*sli*-aw Qoomw 


Central WllUumi (jahoj of Carditt 
Interim: ...... 

. IZ . Arfcrotcn Motar 

• Ansi Tool mg |ndL 
• 'Batter AfVllti 
BB 8r EA 
BHHfh Tar Prods. 
Buckley'S Braurery 
• • . Domett and HWlNoUurr 
CJttit>9, 

Caw outs 

CnuirhbiHN Etbtu 
'. * Durion-r 

GRnerU CtKUkc 

•* LtoT.j fj.l i 

Msoadeld Brewarv 


THK lntlcpondeiU Bruadca»nn^ 
Aurhumy's UHF television relay 
clalionc :n Toniintcml. Banff. 
ScniLind. anri Hu linn, near 
Wpstnn*Miper*3iare. Avon, are 
due l«i begin i.ransmissionb »»n 
Friday. The Scottish tiaiion will 
carry firampian Television pro- 
grammes t»!j Channel -13. ;uid the 
Avon slaUo*) wili hrojidrast HTV 
West programmes on Channel 39. 


Growth plans 


THE British Tourist Authority 

has organised .1 conference of 
I-l irans-Allaniic airline repre- 
pentatives in London on 
December 13 to discuss the 
expansion of travel nn Die U.S.- 
Britain air routes. The L'mlert 
Kingdom already receives Th-k-i* 
as many American travellers ms 
auj tiiliei- Eunipean country. 


■I 1 by dH«ing A-Tiriy 4 an- 4iiM?i?u*ing thffr<i?re !hf fallow in new 
Article ‘4 The C4d-:il of ihc C7mb>nr Jt Ihc iim; « :»e «3ao1>on 
Ol Ihii Article k one or >jw Article- a I A»0fii1i3n a C1.28B.7SQ 
dmded 'iio 20 000 Pr?ter:ncF Share; o! £5 ci;n im 4.755. ODD 
Ordimr, Sinri^. a i 2j D ee:h Th<* ihar« ol the roioeclirc cusses sea!' 
entitle tnr niaia*rs iheieoi to :*ii> rcio«i..e r.ghu end or-v.'egrs mj 
subloc: them u :hc rnec::..c restrictions irtd prcr'sions hcremaltei 
Jpoo-j.-'ng 

■ •II t» deleting ine A L >||<1 A* Oro r,»n Shn-CS iris "0" ,n A'iict} 5 
57. 61 U5 ar- 1 29. 

■ ■■■I by the o' Artnie e 

• hi by renumber, m Article S <A. a Ar-.ci- 5 ian Article 5 'B us 
Article n 

by deleting im> A “ !rjm An.r.r 7; jns 

.yii by dflelirn tnc Nil Senicr-cc o’ Ar'.e'r e: 

■ A 1 the sum Ol C63 750 bring curt qi ia» un.iftoraftnattd sionrs a* ‘.he Company 

no capitalised i"i tr? Directors he amnciriiTd r.na directed :d aooroor.ate the 
said sum ns ihe "a Oramjr, Share Holders rco-ftorei ar 'he .-lose at business 
‘ r" the BCh Drccmne' 1 978 ,n proportion to the nu-nbr- of "A* Oroiui. 
Shares then h-:id hr them respectively and to apply such sum on Ihe-r behail 
in paying up >n I m 1 : ZSS 000 si tnu ur-.-su : J Ordinjn. Snares ,n the eapHAl 
ot the Comsi"' such snares :o be allsrled yng gel'-lw't;. credited is luUy 
PMd to and among*! such holders m me ftrooo :.on nt : r.ew Ordinary Snare 
lor eacfv 10 A * Oru-n.ir, Snare* :hcn held S« them 'BSp0tt.,e'y and that 
IHr- new Ordin..r» Si-i-rs !s i?e issued ourtuan: :b this Resolution will not 
ran* lor me mti r.m d.mdoiwi 01 4 Ip per share pas^pic on is: January 1979 
our mill orheinnin r*nk par, oft'.a w,!(i t’rr ea.sr.n7 issued Ordinary Shares 
01 The Comoan, ,r, ail rcsoccis. Fronded mat an* ol such snares wn.cn wouiq 
otherwise fall :p ho airgrted in fra;-. on- snail ty. ilie'ted -i tho nanw* ol the 
Sctretiry o' the Cornojn* uni trust to sell the Jamr '01 ih* oonpnt of me 
Company 

Dated this JOih S,> ’t No. ember. 1975 

B - o-d*> ol <he Roa'P 
R. A F OSTlME. Secrptar, 
On), holdcis o* the a Ordinary Jh,m ma* attend and it:? a: tup 

meef.ng 

Holders of mib^, A 0- C" Ordmar* Sharp Warrant- via* ettla-n .-OP'Cs 
r-i me circular ie-:r.' -,rr.t to ira'slored holder* ■*Dla-n rs ;!»! reaspns 'or 'he 
e-c-iosrd Resoiuttpn-. from me Resisipred Other ot the Csmoiiw *66 Bishops- 
gate London EC2M : OP 

Holders ol w ■ so-- -timril-in etner • A" O'dinary Snares o- *'B' Ordinary 
Snares wco wisn to attend ine,.' meeting ana rote o' to aeooin: a pro»v to 

■ itiesd and vote on me.r behatl must .ns’.ruct :!■«■* Autho-istd Dcaos.tar>- enne.- 
to obTrin e form 71 ccrti^caie ef deposit 'Setaiis of now m o&:»m such a 
»e. tiheate are leaileo'e |rom Co mo any) or -a deoos.l the.r warrant's] at the 
Registered OlhCC o 1 the- Company 

■ Authorised Depositaries ara listed .a me current .*iu< ot :ne Ban o‘ England * 
Notice ECI and include Pam* ana SioiLbroier* ,n. a-ri Soli-. :c-s oract-a -o in 
l-’« United Kingd: Tl th- Channel island* or the lt » ol Man. 


BARLOW RAND LIMITED 

lUiotrc-girt in the Repuoilc gl Soutn Ainu 


7-, UNSECURED NOTES 197S 84 
PAYMENT OF INTEREST 


NOTICE IS HERE&s Ql-EII thai -r'ie.e*T a: the ute t» “ eei uwi.m lar 

The Sir mpnini ending 21 1975 will hr na.rt lo me Holder* ot th“ 

7% Unseturcd Holes 1S7S 84 who ire lO-HS'cred -n the comnan, ’. rcoisier ol 
noietibldcr* at th*. do;c o' euunoss on 15 Drcei-Iher. : 9TS 

The registers Ot n ol mower i <n J0hanne*Ourn and the United K inndorr will 
or closed trow 16 DrcrTibr-r id 22 December J975 PDih data nclusr-c. inicresi 
cheaue; posidated to st Dec'-mscr 1 978 wilt m po-.ted 10 noteholders train the 
Transfer Secrciact*' and United K.natiom Regia:ra>'* pmee* on or about 
27 OdvC-mber 1979 

This Interest D.>y>air .n ihe curren*, ol ihe Rroublic o' Sabu'-h Airwn. 

anrf «he rate ol exchange .1: m-'h’Cfi the piymeni will tic con,er|,yfl into Untied 

Kingdom currency lor :ne payments o, Ihe United Kingdom Registrar will uc 
the tetcaraeh'C iranilcr rate o< eichang? Mintci Jonanne«.burq ard (he United 
Kingdom rul.ng on Ihe nrsi bus'neti day after 1$ December 1976 

In terms ol l»? 5ou’h A1 r-Cin Income 7a< Acr 1 962 as ampr-dc.t. r no n. 
resident's tax, ol t0"„ 1 ICI per ccniumi has Dt-C-i imD0S r -d c" micicst payable to 
>4i Persons other than companies not ordinarily res.oent in Souih Alrica. 
and 

<b' Cc-irr.init, wmc\ ir, noi Souin Alru.an isniamn 
and the comoanv null aiccrdmel* deduci the ia, Irom the -nt“rnn Daraoi* 
to noteholder* whose andreoses in mt regular 01 noicholber* are outs.dt 
So-jtn Alrica 
By Droer ot Ihr Board. 

W Z WarnniH 1 
wr«lr f 

1 December 1978 


BUSINESS ADDRESS 7ND TRANSFER SECRETARIES UNITED KINGDOM 


REGISTERED OFFICE: 
barlow Park 
Katherme Sired. 
Sandton. 

2196 - South Aii'CI. 
POSTAL ADDRESS: 

P O. Boa 78- 2248. 
Sandton, 

214 6 Sc-ath Atrica 


Rand PeolLtrar:. Lid 
2nd Floor 
C'fyomhire Housr 
nr Jor ii|ip Sirect 
Craamlgntein. 

2001 . south Ainca 
POSTAL ADDRESS: 

P O Bos 31719 

Rrrfam.ontcm 

2017 - South Anna 


REGISTRAR 
LlDVdi Can* LtO . 
Registrar'* Deoartmcni 
Gorihg-hy-Sea. 
worthing 

W-r*i Sussey. BN 12 6DA 
Enplane 







Hi 


mm 


n m 


'&-y. : 


MxtrTtf: 




•'i 






•it ‘ ■ ' (c> Tfe Varifensiaiw R«ni appropriate indemnities agarnscfiabiBlT of the Com pany for income 

— t«, mtm , to p ii ari h an sfee m r aqd gatate duty arising prior to die da te h e r eof fcontraa l 17 j bekattn. 


(.10; Dated 13ih October. 1978 betu-cco tiV B. Tlogcrs Knight (StraubrJ on Avon; Limited and 
dii Shops, being a contract lor tbc purchase by Shops of freehold premises nt 37 High Street, 
SirsxJbrd-upon-A von.ar a price of^2S3.S00 liur completion on 30th March. 1979. 


Copies of ibis Offer for Sale with Forms of Application may be obtained from: — 


4. Directors’ Shareholdings, and Other Interests J-.- 

(a) ' Inuncdiateiyafaxco mphSo n of ibis Offer for Sale the b enefici a l interests of the Directors and 
their iwpectire fernfficsio tbeisMied dssre caphal of the Company ^as defined in the Compsniet, Act 1967) 
will beasrolk»«>- ’ ' •- 

Kane on&bvcter . ■ Kwnber-ef Ordinary iho*es 


(11) Dated 27tli November, 1978. being fire msmimenis bet««i Black A Edpiopion Limited and.' 
or Garryglass Limited U D be re-named Milieu Shops Scotland Limticd), and the Company 
or Shops, together with the new Articles of Association of GarrygLikS Limited adopted on ihar 
date, rclatine ro the establislimcnt of ihe ioisu venture m Scotland between the Croup and 
Black & Hdgmgton Limited.' ' 


86 Kins Street, 
.Manchester M2 -INK. 


County BanJc Limited 
1 1 Old Broad Street, 
London EC2N IBB. 


1 Randolph Crescent, 
Edinburgh. £H3 7TH. 


A-C-Majerr .. 
P.A.Dochtgam 
>LBuH .. .. 

%-Ii.Sypel 


*« *'• 
. .. 


'3,080,130 
37,5nrj 
37,500 
. 37,500 
\ 6,935 
. * 56,250 
. ... *7,500 


Wellesley House, 
37 Waterloo Street. 
Birmingham B2 5JT. 


West Riding House, 
ft 7 Albion Street, 
Leeds LSI 5AA. 


New Issues Department, 
Drapers Gardens, 

12 Throgmorton Avenue, 
London EC2P 2BD. 


V.M-Grinwraod V ... .. • .. •• 

-V:,O.M*QoBfa» - ■; r . , '.. — -- *7,500 

In addition Mr. A. C. MiHctC tad Mr. H. M. Grimwood havcmfcrcsts as trustees in 225,000 
Ordinary shares held bv a charitable tout. Save as mentioned above theDirectors arc not aware of any 
■i-tw^ t ^jrtiqi fjrj^pg hoLfing pf (ivepercent. or more aftbeCompanysissoedsharc capital. 

(b) . BaffiMriA.CM31ett and Ahr. F. A. Dntibezeaii are non^h^utreed^ireciors of Zissmun Bros. 

( Rrwwwi E hMy.fjtnfaedy*Jg^man”). hi ntfaieh Me. &C:Milletr ovrrK a2ffpc- cenc. interest. This inter esc 
■was purchased by the Cdtapany for a imnioal consideration. «m 30th Jni3%- -i978 and on 2btJi July, 1978 it 
was agreed to ttansfet the jrtenat X9 Kir. A.’C. MjBen; ax then xaarktt^aice, which will be paid when 
drir ri inn . ■, *■■'*#*/ f ■ — \ ** ""’s** * 

Zjssnawi cgmeaon bihangsa Hs a rCTaPer of zntaiswean The Gronp hwf agrecd to aa from time to 

liEDChS^ jimiipHym Mimirmri and ZisKmwn (Wholesale) Limned, an 

a ssoCTBred - company ofZtSNnaii ittirbfchMr. A. C. Mil} err Ztas a -similar isrerest. This activity represents 
Jets tbaii boeper cept-^of _Gicrnp ttrcaoverand it is poruad eftd that the bnsiacss of Zisteman and its assodated. 
company is nor m'dn^opmjctirian TrimUHe'Gnwqi.-.' ;* 

(c) Save asrhcreca disdosed, no Director lms nay materia! interest; direct or mdirecr, ia any 
contract of sig^ufkance-incelatiatixo thfi bnsincss a f the Group cow snbsiatipg and no Director bis had or 
has any harnst dHrectorfndirecr mmy assets, whidi whtin the two yean immediately preceding the date 
of pubheadnon of this Offccfac-’Sktic hafe been <ht foe proposed to be acqnfircd or disposed of by or leased 
tox^Compmyocaayai i b wdigr y. ...i •; 

5* :• v -- ' v ■ "• • " r v 


except m the caw ol Mr. A. C. Milieu, eaeiusive of nui dements under the Group profit sharing 
scheme* of £25,000 p.a., £l 6,000 p.a., 13,500 p.a., ^13,500 p.a. and -C 1 1,000 p.a. respectively. 

(17) Dated 30lh November, 197S between djMr. A. C. MiHett and other'-, (iii the Directors of the 
Company', yii.i the Company and (ivj the Bank, being the contract mentioned in paragraph 2 
above. 


W. I. Carr, Sons & Co., 
Ocean House, 

JOT 2 Little Trinity Lane, 
London EC4P 4LB. 


Alilletts Leisure Shops Limited, 
Mi lie tt House, 
Summerhouse Road, 
Moulton Park. 
Northampton NN3 1 XQ. 


7. The Company and its subsidarie s 


shares, under the Companies Acr, 294®. (No. 7943 10;, with ihe namcoER. & A. Millers (Shops/ Limited. 
On 27th October, 1971, its name was changed to R. & A. MiUett (Holdings- Limited. On 25th October, 
2978, the Company changed its name to Mdlens Leisure Shops Limited. The Company has the following 
active trading subsidiaries, all of which arc wholly owned > 

Jncptptnaicd in Date Issued Cjfri.'ol 

3L&A. MiUett (Shops./ Ltd... •* England. 15 th December, 1 95 L £1,000 

• Milieus al'Jcrsey Ltd. .. .. Jersey '24th March. 1972 C° 

• Millcrcs of Guernsey Ltd Guernsey 25th April, 1972 4,7 

In addition the Company has 15 dormant subsidiary companies, none of which has traded since 
1st February, 1973. 


THE APPLICATION LIST WILL OPEN AT 10 a.m. ON THURSDAY, 7TH 
DECEMBER, 1978 AND WILL CLOSE AT SUCH LATER TIME ON THE 
SAME DAY AS COUNTY BANK LIMITED MAY DETERMINE. 


, „ _ J 4i«r i U4LI> ua x«aju*jNMW.w* . .. “ 

(a) Sohjecc and wfthonr- jurejutfico to any spa^al rights, "privileges or TestnsjBoas.ts.iii voting for 


8. -Miscellaneous 

( a * During the two years immediately preceding the dale of publication of this Ofler for Sale : — 
0.- Save as otherwise mentioned herein, no share or loan capital of the Company ot any subsidiary 
has been issued for cash or for a consideration other than cash < other than issues by subsidiaries 
to rhe Company; and no such, capital of the Company or any subsidiary is now proposed to be 
issued; 

(ii) Save as otherwise mentioned hereto, no commission-., discounts, brokerages or other special 
, Terms have been granted hy the Company or any subsidiary' »n connection with the issue or sale 
' of any parr of their respective share or loan capitals ; 


Offer for Sale 

by County Bank Limited of 


1507.560 Ordinary sJiaresrt'^eachat irop per share, 
payable in on application 


FORM OF APPLICATION 


To COUNTY BANK LIMITED 


■■ senrative duly authorisediinder Sectioa ^139 nf the Companies Act 19^5 r not tH^tgr himself a 
•' ■ * Timber shall have onisTbte, and in the cage of a poll every member praent mnerson.or by 
pxnx^shBllJhavnane'VDtjDlbE cveiy 2Qp nominal amount of shares -of aqy fJ^GFisihich he is 
' £hehalder. : .>•:!. ■ 1 : 

(0) 'The- Dir ectors «haH z eshi c t the borrewting of the Company and ejardse ail voting and’other' 
' rights dr' powers 1 of control exercisable, by. the Company in relation to its subsidiaries so. as 10 
scctrreCas-regards &nbsitfiaries.so far as by such .exercise they can secured fhar the aggregate 
.boriWinge of the Group {exdnrive of inter -company borrowings) sfaaUnoc without the 


b J No share or loan capital of the Company or any subsidiary is under option or hag been agreed 
conditionally or unconditionally to be put under option. 


“Somber cj Ann 
I for a tdth application u made 


jiiHotmt 0] cheque 
eudned 


" j7iierjou5Siar»Cti bn of an Ordinary Resolution °f Company exceed twice the ag gre ga t e of the. 

nominal amount of the issued and paid up share capital of the Company ami zac c ons olidated 
• rescryCTCasdefinedin the Articles <rt A n bcia ri on). . 

h) . ThtChairmanand nonexecutive Directors of the Company shall be paid suctrcnumcration 
- - '^Y ayay oFfce*) for their JBrvicMiaE maybedetermined by. the Board save tim u nless otherwise 
"- aHnrnved-bv the Onnnanv izr General Meeting (i) the ascrccaTe of such remuneration shall not 


% ie> The minim u zn sum which in the opinion of the Direct on must be raised by the issue of the new 
Ordinary shares is £240,000, which will be required to provide for tile estimated expenses payable by the 
Company in connection with this Offer for Sale. No other amounts arc required to be provided for any of 
ihc purposes specified in paragraph 4 oCParc 1 of iheFourth Schedule to the Companies Act 1948. 

Ill Neither the Company nor any subsidiary' is engaged in any litigation or arbitration proceedings 
of material importance nor, so far as. the Directors arc awarej has any litigation or claims oC material 
importance pending or threatened against it. 


Gentlemen, 


Having paid the above-men tinned sunt being the amount payable on application foe the 
number Df Ordinary shares I/we herebyapplv to purchase thai number of shares. 


I c I Details of the service agreements of the sxccuiirc Directors are set out in paragraph 6 above. 
Mr. N. M. Griniwood receives fees in connection with his professional services to the Company. Save as 
aforesaid no Director has any contract of service with the Company or any subsidiary nor is any proposed. 
Tbc aggregate emoluments of the executive and non-exccutivc Directors in the year ended 30th January, 
1978 were £73,090. Linder the arrangements now in force the aggregate emoluments of the Directors for 
the current financial year ending 29th January', 1 979 will amount to £93,000. 


*.’:-Y T’he Direfemrs riiflll also be entitled to be repaid all travelling and hotel expeSu&fi fQcitfred by 
them wipecri velrlli or about the p erforma nce of their duties as Directon- 


If by arrangement with the Board, any Director shall perform or render any special duties or 
.rtmersonmide his ordmazy duties as a Director, the Board may pay him special remuneration. 
, — • ^ qi WhrbiT tnTmyfl»Bi nr ordinary jemnnerariofl. 


(iii) the written consents refer red to befow. 


• (d) Subjecc to ceriaia exceptions conforming with Stock Exchange rcquiremeiUB, a Director shall 
- i»w vote, at Board Mnetmgs ia respect otaay contract or arrangement or other ptoposaT whacso- 
■ cDcr itt whkh. tut hmmny nmeriaf int c r cgr, otherwise chan by virtue orhis inrcrettsfo shares or 
deben tares or ocher seenririefiof or otherwise in or thro ugh. ihc Company. A- Director shall noc 
be counted ia the ■ ywivumai- . a irmtring ia relation to any resolution on wtzkh he & debarred 

•>.' fiomyotins-' -J. . . . "-<7'/ — • - : 

. J (g) TTbc Board Myatipfidt hfiftine or more ofthe Directors to the office of Maaamng Director or 


<g > The balance of the authorised but unissued share capital of the Company will be £2W, 000. 
The Directors have no present intention of issuing any of tin's capital and no issue will be made which 
could effectively alter control of the Company or the nature of its business without die prior approval of the 
shareholders in general meeting- No material issue of shares (other than (■> shareholders pro rata ro existing 
holdings) will be made within one year without the prior approval of the shareholders in general meeting. 


stated number Df Ordinary shares I/we herebyapplv to purchase thamumber of shares. 

1/We agree 10 accept such shares or any smaller number in respect of which this application 
may be accepted subject to the Memorandum and Articles ol Association of ihe Company and to 
the several terms and conditions contained in the Offer for Sale dated 30th November, 1978. I/We 
request that you issue to mc/us a rcnounccable Letter of Acceptance for that number of shares or 
such smaller number as aforesaid. 1/ Wc authorise you to send such Letter of Acceptance, logetber 
with a cheque for any amount overpaid, by post at roy/our risk to the address ; first) given bclnw. 

I/W'c warrant that the accompanying cheque will be paid on firct presentation. 

1/ We declare that I am. we are nor resident outside rhe Scheduled Territories 7 and 
am/arc not applying for the above-mentioned shares as nominee(s) of any pcrson(s) 
resident outside those Terri tones. 

. if this declaration cannot be made, ir most be deleted and reference must be made to an 
Authorised Depositary! or to an Approved Agent in the Republic of Ireland? through whom this 
form must be lodged.) 


First or Stic Applicant 


Usual SfoiM.'fe-r 


other executive office oTtheOompany foe such period, at such. remuneration ana dfi such terms 
'*vit ‘t ufty rinofr lit and. noosuch Direooc. shall tie subject to retirement by rotation, while he 


in. it ‘naay think f 
“ holds such office. 


(f) ADiawcfoenwp ^beappointetilbsmy office or place of profituader the Ck™^,cscept that of 
Atiditor, fir such-period oa such terms and atsuch remuneration ar. the B»Ml;d,-may dctejnimc 
nDd'nor Director^ ^or inBEndingDIrector-Shali be disqualified by his office front contracting with 
the C omp any either with regard to bis tenure of any such office or place of profit or as vendor, 
' / icpnrcfoaerbrtrthetwise. ;• •••.'• 


9. Consents 

Pear, Marwick, Mitchell & Co. have given and have not withdrawn their written consent to the 
issue of this Offer for Sale with the inclusion herein of the Accountants' Report and references thereto and 
their letter regarding the profit forecast in the form and context in which they arc included. 

Healey & Baker have given and have noc withdrawn their written consent to the issue of this Offer 
for Sale with the inclusion herein of zelerences .to their Property Valuation in the form and context in 
which they 3 re included. ... 

The Bank has given and has not withdrawn its written consent to the issue of this Offer for S-iIe 
with the inclusion, herein of 11s -letter regarding the profit forecast in the lotm and context in which n is 
included. — 



-4*7 Chi.'iim Samel er 
Forenames 


Surname 1 Slate Mr. t Mrs^ 
-tluj .*r Title - 


vlcj-, ».* ih/m/i imiuding 
pniecJe, 


Please L-se Block Letters 


The Bcstd may establish, and maintain or procure the establishment and maintenance of any 
pension or fopenmanztion funds for the benefit of, or give or procure the giving o£ donations. 


oiation 


Company «: is aljiedar associated with the Company or wire 3ny such subticEarjr company or 
■who are, or Werc at any time. Directors or officers of the Company or of any such other 
company, and the wires', widows, families and dependants of any such pc rfiotu*; ■■ . 

{k} -The stamrorjrprorisimia relating roan agclinfo for Directtir* do not apply. 


:*• MntienaS. ^SMrtrpctsY , ; 

y... oontra^s font bring oontractsatthe ordinary course of. burinc aj-have bccn enKttR-. 

intnwidfouthttwb yesst preceding thedare of this Offer for Sale and are or may be ntiMriu:— - - 

- : .V ' * (1) I>awdi<WiJ14aax^ 1!>77 between (i) R.&A- MiHett (Sbopsi Limited rShma’^d (n> ATV^ 

- ••■ r t Vrwirtn Titrirf ‘Nprp ifM’n ' bring a contract for the sale by Shops oipremiser at —Peel 

. Square*Barijsfcyfor £i4^»0 ;«nd the tewe back to Shops of such premisea-for a term of 25 
. yaaA*ft_*at<ff£lI^p.i r «diwirt , ^jeaioitview. 


10. -Documents for Inspectian 

Copies of ihc ibliowing documents may be inspected at the offices of Travers Smith, Braithwaite & 
Co.. 6 Snow Hill, London ECI A 2AL, during usual business hours on any weekday (except Saturdays and 
public holidays. 1 for a period of fourteen days from the date of publication of this Offer for Sale . — 
ci* The Memorandum and Articles of Association or the Company. 

(ii) The Audited Accounts of the Company and its subsidiaries lor the two years ended 30th 
January'* 19*8 and the silt months ended 31st July, 1978. 

(iii) The Accountants' Report together with the statement of adjustments. 

(ivl The above-mentioned Property Valuation. 

tv) The letters relating to the profit forecast. 

(vi) The coturactF listed jn paragraphs above, 
fvii) Thecnnsents listed in paragraph 9 above. 

Dated 30th November, I97S. 


A corporation may complete underhand bi a duly authorised off.eer n ho should state his representa- 
tive capacity. 

AU joint applicants must sign. 


JOINT APPLICANTS (if any) 


A)l Crnirsart Soer.es cr Fr*c'\a*it< 


jia—iuinr , 

■ Mr., Ain., Alis* or! ulc 

ridutoi injuil ’iruluainc pwf£> •dt’ 


•'j • hignjnrre ' * 


f Dated fth"May^l977 between TiV C & A Pension Trusteea Limited and (ii)SWs, bong an 
- * imdcrlease of preBnspsiallflNordi End, Croydon for arena of 25 years at a, jrent of 431,500 
p.a.rrdnsiretabjecttdrevieB'.'- 

(3) Dare d 1 3 til December, 1 OTTbcrwcen < l> Boots The Cheraius Limited and ©Shops, being an 
" - ; agreement whereby Shops* subject id cariying obi certain construction works (since -com- 
pleted), bccamc'cnUliedlo m undniew of preuwes at 9, ! 1 and 1 5, Nortagate Street, Chester 

.for 25 ycarsai a rent rismg to £3(W)00p^.eKdu8ive subject toreriew. . /> • 

(4) Dated 27rh Apcfl, 3978 berweenji) The NonhamptOG Devclopmenr COTpewifojj-aod fii) 
Show, being a contract whereby Shops, sobiea 19 cwrfw&qut the cooslructitnt of ^warehouse 
p remises, becomes entitled to a lease expiring on 29th January, 20i3 ai a real q£ J £W5Q,p J a- • 
isubiecr 10 review) oE2/i ui ns of land ^djaming ta eritting warehouse prenusqa «-Mntu»a 

." ' ParkjNottiugnptQn. ‘ _ ; - ' ' * •■ V^”."y ; 

ifrt Dared 53td May* 1978 between CO C. E. Lloyd and others and (ii?. ShopjT fofflga coatr^t fer‘ ■ 

. the pnrch^ lw ShopEtrftlK &edmUrewraon«ryiiitwstin premises a^ GeoBa^i« ! waiIk 9 ' ! 
Norwich, for ^225iW0i '■ " " * .•■•••• -- • 


PROCEDURE FOR APPLICATION 


AH Chesnier Sanies nr FriaieiHf 


Applications must be for * minimum of 2 DO shares and must be made an ihe forms provided, 
30 accordance with the terms thereof, cmd must be for the following multiples; — 

Applications for not more than 1,000 shares m multiples of 200 share* 

Applications for over 1 .000 shares and not more titan 5.000 shares in multiples oC 500 shares 

Applications for over 5,000 shares and not more than 20,000 shares in multiples of 1 ,000 shares 

Applications for over 20,000 shares in multiples of 5.000 shares 

Preferential consideration will be given 10 applications made by employees /including executive 
Directors other than vendor Directors/ of the Company and its subsidiaries on ihe special pink forms 
available, to them, up 10 a maximum of 170,756 shares. Such' applications must bit for a minimum of 100 
shares andm multiples of 100 shares. 

Applications must be forwarded to County Bank Limited. New Issue* Department, 
P.O. Box 79, Drapers Gardens, 12 Throgmorton Avenue, London, EC2P 2BD, so as to arrive noc 
later than 10a.m. on Thursday, 7th December, 1978. Cheques, which must be drawn on a bank, 
or branch, thereof, Jfl and be payable in England, Scotland or Wales, or drawn on a clearing 
’bank’branch in the Cha trod Elands or the Isle of Man, must be m sde payable to “County Bank 
Limited” and crossed “NofNegotiable 1 ** 


Surname 

1. Mr.. Mn„ ML* 5 ,ir Title • 
Address :n full ■ indudincpcsiinJe' 


<4J Siena lore 


All ChrishaKSama er Forenames 


Surname 

tMr^ Mn„ Mus ct Tide) 
Address in full liiduding pet leads! 


jinbjeetto review 


. County Bank Limited reserves the ri^ht to present all cheque* for payment on receipt and to retain 
Letters of Acceptance and excess application, moneys, pending clearance of applicants' cheques. Due 
completion and deli very of an Application Form, accompanied by the necessary cheque, shall constitute an. 
undertaking that she cheque will be honoured on first presentation: a warranty to that effect is contained in 


■ V ' i^jSsMap^of £40s000plt»«odiiat vataadoaupTO jC6*500. Mr-A-t^Mfitetr, w*9 wgs 

the ciuuracr aDirector of the ymdor company, also' agreed wsriltoMessrt. 

.. fgi Vsaad 30th June, 1978 between ft) Shops and (ii) Wincorr 

- W , SSaSyiaK our of eonstrucaon works unJhe premite sdcscribedm cantiifottfj above at a . 
■ J ’ " "odttttact sumot£331»I50. _ . ■ • . ? j „ ‘ 


undertaking that she cheque will be honoured on first presentation ; a warranty to that cffect-ts contained in 
the Application Form. County Bank Limited reserves the right to reject any application in whole or in part 
and, in particulars to reject applications which in its Opinion arc multiple applications. 


A separate cheque: must accompany each application 
Irntmetioiu. — 

i. -Cheques fjfra«*n on a bank, or branch [hereof, in and jurarfc in Ehj'anti, Si»dand of 9faTe4 or 
drawn on a clearing tank branch in the Channel Islands ot the Lleuf.Mani must brnude payMleto“Cnmitv 
JBank Limited" and crossed “Not Negotiable". 


JBank Limited" and crossed “Not Negotiable". " 

2, This fqnh should be completed and sent to Count v Bunk T imbed. New Issues Department, PO H 
BmcTV, Drapers Gardens, 12 Thregmonon Avenue, I-ondnn EC2P 2BD ir-ccihci wiih » rrtmttwire o£ lJ0t» M B 
rer share on ihe number of shares applied for, s-.j y*. 10 reach it put later than 10 a.m. on Thursday, 7th. Sn 


of £31*000 p.a.esdusirc ® wie* 


Mooej-s.pitid in re&pcct of applications will be returned if such admission is not granted by that date and 
in (be meantime wili be retained in a separate bank account. If any application is nor accepted, or is 
accepted for fewer shares than the number applied for, the application moneys or. the balance thereof, as 
the case may be, will be returned by cheque through the post at the applicant's mk. 

• ArrmgcnieaB have been’ made 'for the registration by rfte-Gompznr of rhe shares now offered for 
sale free of ^tamp duty and regis tranon fees in the names of the persons entitled thereto under the terms of 
the Letters of Acceptance, which will be renounces hie up to and including JL7lh. January, 1979. Share 
Certificates wiH be despatched oa lath February, 1979 


Box 79, Drapers Gardens, 12 Throgmiin^n Avenue, I-ondnn EC2P 2BD ic-ccihcr «i«h t rermtlftncc *>£ IJOp 

E x share on ihe number of p ha res applied for, so a* 10 reach it nm Idler than. 10 a.m. on. Thuxaday, 7th. 
eccmbcr. 1978. 

3. No receipt will be issued for the amount paid nn application bur .m acknowledgement will be 
forwarded either by rcnoBnccabie Letter of Acceptance together, it applicable, with 3 cheque lor any amount 
overpaid) or by return through the post ol a cheque lor the amount paid on application. 

Definitions: — 

EXCHANGE CONTROL ACT 1<N7 


tThe Scheduled T erritories at pre#<mt cmnpme the United Kingo'i'm, : he Channel Islands^ the Irie 
of Mai, the Republic of Ireland aid Gibraltar. 


? Authorised DtpontnriM are lined in the current issue of ihe Rank nf England's Natiee ECI and 
include most hanks and stockbrokers in. and «nliai*vrs practising in. ihe Lnnrd kluigdom, the Channel 




lilands or the l»lc of Man, An Approved Agent in the Republic of Ireland h defined ir. the current issue of 
the Bank of England's Notice EC 10 as a hank in ihcRepuOlk of Ireland, a member in the Republic of Ireland 
« The StodOcXchongc or a solieiinr practising in the Republic of Ireland. 

- Applications must be fora rnhsimam of 200 thareirartd thereafter in muttiplu nf 2M shares up 
to IdttO shares: thereafter m multiples of 300 shares up to 5.000 shares: thereafter in multiples pf 
1*000 shares. Applications in niccu of .0,000 shares must be iu multiples pf 5,000 shares. 



. : -7/ 








'*8-4 




■J. 


44 


■viiJt'V*"'- : 

.: :•£" '.v . _-i 

*1.- -it •*..•• 


J£- 




i ■ 


INDUSTRIAL AND COMMERCIAL 
CONSTRUCTION 




FTft SHARE f INFORMATION SERVICE 


Financial Times' 'Monday. December. 

FOOD, GRdCSMp^SifflE 


BONDS & RAILS— Coni. 


BANKS & HP— Continued 


CHEMICALS, PLASTICS— Cont. j ENGINEERING— Continued 


Henry Boot Construction Limited 
London 0V373 8494 Sheffield 0246 410111 


BRITISH FUNDS 


lnur»4 

Our 


Stark 




VteW 

InL Rf4. 


SkS 

17M 

26M 

1M 

ISM 

3.M 

14N 

lSi 

15D 

I.U 

1SF 

in 

12b 

4F 

21 F 

17.11 

23M 

IfU 

ISA 

16S 

isr* 

Si 

22M 

Slu 

2! A 

17S 

18J 


121 

lfj 

22 M 

l(U 

IN 

26J 

1J 

ISA 

15.1 

tsn 

101 

Sl« 

221 

21 A 

25 F 

14 J 

ISM 


‘Shorts” (Lives up to Five Years} 


9M 

ITS 

2&s! 
IN 
1SN 
3S] 
14 Ml 
iSJ 
15J 
25NI 
JSJa; 


WMSWj lII’W’Sft!; - 
TrKtu^.VTSS - - 
Electric AUpcTA-TS 
Treasure Wipe TfitJ. 
aecm<S:pr 76-78 

Treasury toe ISBOit 
Treasury ffl-prTOfi 
TtnMiiyWipr 
FundinsSUfv TMOsJ., 
& chequer I Opr !9Rftd 
tTreasuiy 1 Pipe I08UJ 
IS.VnwurrSjc 19^81 
l.UTreasun-SirtH-ISUlB. 
Esch VW 198! . 
E\di.9t;pr 1961 


121 

4-\i 


I7\| 

23N 

L5Ja 


5Jt|i 

22S| 

5J 

21Fl 

17M 

iaJu| 

12DI 

15Ja] 

22N 


21 AJExch.Jpc 198! 


'Uca*. Variable 81# - 
|E.wh l2Papr 1381 S- 
[Trea- 8>;ptf80£5i - 


15F Treasury 3pcU2fi . . 
16M Treasure Hpc 82#- - 
lAJTrrailariaWe'SW 
TreaswyS^prTE . - 

Rich 9Vpe liK 

Exch.fPcpc 1983 - . .. 
Exch3pc'fi3. . . - 

Treamiy I2pe 1983}}. 
Treasury 9<4pr 83. . 


3 3)11.50 

il.a 

2i a 


515 
, *42 
10 57 
9 iffl 365 


207 
9 Iffl 
B.U' 
811 
19101 


Sol 11.65 


n 

o :I 

ajl 
17 7 
1218 
17 Iffl 
S6| 
10 


”1 

li 


927 
9 76 
3.69 
5.48 
12J0 


393 
1022 
8.93 
10.13 
3 51 
12.49 
12.61 
937 
35S 


10 fl 13.42 


ID 12 
931 


>691021 


9.91 

374 

12.20 

1047 


Esch lOpc 1963 
.FundiDC 5>,ipc TC-Mli. 
. fetch. [2'«pcI985* - . 
1QJ urn-canny 8= *pc ‘BMW 


!M 

26Ja 

Uu 

ISOd 

15Ja 


221a| 


Z5.\| 

14Ju 

1^'Sl 


Five to Fifteen Years 

611)1117 
86 686 
- 12.64 
561010 

25° 8.60 

R6 9% 
27 U 4.88 
S' 781 

8.6 12.98 
8 U 1068 

5 b 1274 
19 9.08 

1971 3.06 
17 71216 
197 12.97 

7613.06 
977 999 


Fu udi ne Bye 'f&STtf 
Treasury 7ljpc TEWSt} 
Transport 3oc "iBtfL .. 
TVeaiUfT.ifv ’8WS . 
Treasure 1S|V 19S0}1 - 


1 5JfTrea»irey B*879HS; .. 


Treasury I IVpc 1920. 
FundinOiDC fiT-SIft. 
TVeasury 13'kpr SC8 


2 1 FfTreasur.- Wpr 1901. 


&ch. i’JVpc TC 

[Treasury iShprYcC* 
Funding 6pc ISfflt; 


Over Fifteen Years 


23M 23N|TfnsiLT l»ipr ISKfcj 
IM IS rm-'.uj I4>yc SUS - 
1CF 22A Etch idSjBiTSM . - 
17M 17 N Treasury S^- UAH . . 

25Ju 25ia Treasur-' lipc 15 
IN IM i>as>: WSi 
2Ua 2»J Ewh ilftpc ISft'i 

13N TVeusiry 12Lpc HaS - 
isMnnwnn SpcSifiSit . . 


ISM 
ISS 
3N 
isr; 

1A 
221 
21 A 
IM 
IN 
30M 
20M 
IM 
I9N 
221 221 a 


5.\ 

10.W 

2SJ 

•12J 


2F 
IJ 
I V 
>A 


3MfTnraiury ^pr '96a . 
ISMfcehcquer I3' 4 pc Wt 
liMRedempbon Jpe 198696 . 
223 afTreamr.- 13Upc W2 . . 
2IFfcehequer itfiye 1997 
1 Smea^ur- m,pe l»7tt . 

1 MfTreasuiy G7»p: 

3(Smea. Inl^pc set$ . . 
20ME\rh. 12pr 1998 . 
JMajTnraHJiyONpc 19SK7_ 
IflMfIVea'un IlfT^pe 1099 
“ lEwh-epr-sSra 


ulFumll.-ic^yc afriK.. 
2IM 21N|Trea- 


flipda 

ROlTreaiurvgpc HlflBS., 

I0*j IV;a'.un-5fe , 08-litf. 
26Ja TreasnrrT'ipr 12-1^ 
12P|Esch. L2pc ' I3-77 

Undated 


103 V 
111V 

9B 7 ! 
7b r -j 
96 7i 
44i* 
857* 
98V 
76 7 e 
113V 
101V 
43 

104 


7