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jo'.nbrook 3131 


No. 27,732 


Tuesday December 5 1978 





Diwrimondspfv* 

Suitings 




toitn^p^ .^SltiiG -PRlCESi AUSrRIA SdJ lS; BELGIUM Pr 23r DENMARK Kr 3.5: FRANCE Fr 3.0: GERMAN r DM2.0; HALT L SM: NETHERLANDS FI 2.0: NORWAY Kr 3.5; PORTUGAL Esc 20: SPAIN Pta 40; SWEDEN Kr 3.25; SWITZERLAND Fr l.O; EIR E 15y 


^WS SUMMARY 


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The . Nsdiooal . Union- o£ 
Jnuroalisfc , ct ai med an . ; **oyer- 
svfreltqittg Mdpoiise*’ to the' first 
iuile?uule hationwjide prorimrlal 
newspaper Strike-in its history. ’ 

-' Ths_.'qiri<»p said that 80 per 
cent kof^V provincial -journalists 
. wttPB . pn - -strike, , . although, in 
: BijfeiAghiijn, ^Liverpool ' and 
Southampton. • 2ilfJ -.members 
Vdefled. the -strike Ciill. 

. . ■- Press 1-. Association . journalists 
voted' $8-76 against, obeying an 
instruction 1 ., from . the -union's 
'eseejmro,. to -stop work - in' 
sympathy • with.- the provincial- 
strikers. - '•■ 

Lord’ -Thomson of ;FlcoL : president 
of Tunej.'Newshapcrs t ai present 
.visiting Britan; said. he :had no 
i mention -of."J htery c n lug 'in- the 
separate- diiptrte which has led to 
the , -suspension of The Times, 
Sunday Times and the .three 
Tujies supplements. ; Back Page-. 

Scott alleges 


put on 3.6 

• EQUmES - made-:' a short 
upward sport which took the KT 
ordinary index; '4.4 ip 490.7 3l 
Boon but the index then closed 
3.6 up 4S9.9, makl'pgh recovery 
from tufd-Norembef of nearly 
19' points. 

• GILTS, tone was steady to 

firm and the Government 
Securities index closed- 0.06 up 
St 68.72. . v 

f 

ft STERLING rose Tp points to 
$1.9450 but its trade-weighted 
judex. reflecting .the pound’s 
easier tendency against other 
currencies, fell. it®. 62-5 (62.6). 
.The '. Dollars . ' ..depreclalion 
Widened to 8.1 per eeht (7.7). 

• HOLD rose shandy in London 
to close S6 up pl ^l99J. 

f SpCl linrwmufr.-' ■• - ~ 1 


sn . •: |; . 
d v. : . 

-.bu.- = .. 

i- _ „ .• 

.■;■ .. - ’ 

. 

w.:ai 


- :b\ 

ij r > '“s£ 


Former male: model - Nb.nnan . I 4/ •■• IL' - . 

. ScottniJegPd that Social Services.... ?lu 7* fiAr T" 1 

- Secretary- Tfewid -Ehhals . waived jf u - - li _ 

his national insurance coptribu- ' ZOO - Jr mJ r. fw 
tioas.J^rriljypJirs as part ef a f | \ : 

“ cover lap "-.to \ptaiecl - former 150 J — f .nnffcsi^ 

■ T^e SccusoOmi' cdhe during . uOlu ofCC 

‘ exch?nees bist<i«ien,3ir; ScotJ and _ ; : . | jftjrfj- 1 

• Mr! ThorpcS: riwver, Sir 30a vid 770 ^ ^ gplS/im, dec 
. Na^eyVPs conuniaaLprocegifings ; V . v aus sep ^ , ‘rou 

at' Minehead hsainst . Mr: Thorpe • • .. - creWrv L q = 

and three other men entered fn ■ iJJL 

their; third U-.eek. . - ' down at 81tt.aolnrt Wotc the 

'•••• c."~ '.■.■■ rV"-"'- : "^ ; -dbgc.> “ •' r 

. a 3 . help . j - 1 

• A^7'Ty«xluKs^ arimcaii-ii p'ns participa t e' i u ui ves.trp eat iuj 


Bork^i re;- wav formally Acquit 1 ihdarir^ without tompi dm! si 0; 
' ted at tha^lOatley of attem'pV t^eir dirty , to .‘their depositors 


JUl AUS SFP OEC 


Iran oil output hit 

again by strikes 
as riots spread 

BY ANDREW WHITLEY: Tehran Dec. 4 

Iranian oil production was seriously hit by strikes today after a periud of ; 
relative stability. - At the same time. Violence is mounting in Tehran and other : 
cities with increasing reports of armed groups attacking soldiers who are; 
struggling to contain the wave of demonstrations in the Iranian capital. 

Oil production is thought lu Iran's ml. <ui-rrilla groups arc show na thuir i 

have fallen today by at least - Outbreaks of shoot mu ton. teeth. 

1.3m barrels to 4.2m — it wjs as tinued today in the Itoari '*r Widespread trouble in ihe 
much as 5.9uj two days ayo. Tehran fur llie fourth succehsivt* cities of Is fa nan. Ii50 miles m the 
Sinkers in the Kuzhesian oil- day luaving an unfcown number South of the capital, and 'Jordan. • 
Helds, which produce most or of casual! ie&. Although 2 110 a similar liMance in Ihe \urih- , 
Iran’s oil returned lo work al the many demon<irationi: were East, was .n know lodged today by . 

end of last month claiming lliat generally a little less violent. Ihe official news auenev. Pars, 
most of their economic and there Here signs ih.-ti a nurd The agency said tnn*e people 
some of their polilical demands guerrilla eroup.s are beginning were behcvVii n, have Ix-cn 
had l>een nieL «o attack ih.- army and police. killt .d in Mahan during :i 

The National Union of lr.nii.ni Between four and sis M-lilier*. demonsirai;..n after the curlef ' 
ui| Industry Workers, an im- were kjlled and their weapon .s la^t night, bur that the iota I 
recognised body, said today 1h.11 siulen tn an attack in North number of death-; was not ; e; 
they were resuming their strike Tehran un SM'irday night available. It said all shops, 
in response lo the call by the according tu eyewitnesses banks ami ihe Isfahan ba.:aar 

Ayatullah. Khomeini. 11m main In the e;:rty hours ibis mm-o- were clusvil loda.v. ; 

opposition figure eviled in Pai'H. mg men armed v»uh v.hat thv As fur *Iorgan. where there' 

fur resistance lo the Shah ulltcial radio >aid were Kuvsian- appear^ '*<• :ia*e almost been a 
But the .National Iranian *»il made Kalashinkov suli-macbinv civil war !as: week. Pars says the " 
('mnpany denied earlier thal ihe guns and honie-madp Imitibs Prime M:i:ser lias sent an 
union existed and claimed that attacked a police station in the investigation team there lo look 
oil production and refining were heart of Tehran, on Slialireza into the incidents and hear , 
still normal. Avenue. The building was very complaints. 

In the hope that production badly damaged. Officially, one Belated accouriK «f ihe : 

would he hack lo normal after policeman was killed and two violence :n otlinr provincial 1 

the end of last month's 15-day seriously injured but opposilinn towns over the weekend arc only 
strike, the company is believed reports suiy the casually lull was now reaching Tehran, suggesting 
to have retained for ils own use higher. that the capital’s recent troubles 

2 *>m barrels a day. Even with- Other opposition reports speak hove been repealed on a national ' 
mu today’s resumption of the of attacks «m army vehicles and scale. 1 

strike, this would have cut the the killing of soldier* during the Opposition reports s.»y 10 

amount of oil available for the curfew hours. These- reports like people were killed in the tjuir 

Iranian OU Consortium, ihe manv others in Tehran cannot be port of Bush ire and three in f 
2r<uip of Western vum panics eutifinncd. hut ii dues seem as Mabahad. near the Iraqi/Turkish : 

which purchases iwo-third.s uf if the lung dorman armed border, on Saturday. 

France and China sign 


Callaghan 

decision 

onEMS 

delayed 


$ pushes up 
price of 
raw materials 


asreemM 


ROBERT MAUTHNER 


PARIS. Dec. 4. 


. JUiLUCUC ui/uty r tntvnu 44U4M « WJJ5U1J CUUiLUU ICC Uil Ui^ VII I J - 

train in jlarch. Tbe acquittal Backt and Pat^; 12; Edilorial 
. fd&wed'.f our.dayi oilesilu rgu- eomaaent Page/13 

meat ' over ’disputed evidence - • • : * „ . . • 

whidj tite - judj® .‘tvleiv-sf .6 HUNTER, which re- 

inadtaissibie. -■ -r- =' - ceived £35m^opipensatjon for the 

:. •<■ : ■ . •■-•-. -■-.- 4 3\; ■' rtfttiqnhjisafion of its shipbuilding 

Namibia voting ’ Irasitffes, js proposing to pay out 


jsFutf 

jrs 


Namibia VOtfns: • ^Wiifieks, « proposing to pay out 
-i.. .-.- '“■ ■■ at least £23. 9m cash to share- 

-police ■ ■ hoWers-^inder a capital recon- 

s^furity acconipajireu.thfi ■start of - jjyuctioii. Sack Page 
.. voting ifi lie -disputed -eJectian iu .- • 

-. aujhorit^es- ciaunliig - ‘ a ^^avy. New head for 

lurt^oiit at the poHg. . The result n v * 

. 7 is Expected > greet bn Friday. ' j dus group ■ 

/• i . . LBYLAND Vehicle’s new 
MettteUl freed • chainngu and chief executive «sj 

™" T™i V:®. . .,- Id. he Mr. David Abell, who is : 

Dutch, millionaire art collector moving from the specialist etr- 
Pleter Menten» aged.^9, Jailed for gineering division, SP Industries, 
-‘•-.■war - crimes; -was • freed r.by a y head the ailing truck and bus- 
xpeefal court in ' The. ' Hague division. Back Page, New 
: which accepte(L_tbat the Justice .Analysis page 10 ,;■ 

Mimsie’r ln 1952 had told him * 

no. further-, charges wouid 'be # TEXACO tanker drivers have 
pressed. ■. 'Age 3' : ■ . .been urged by shop stewards -to 

. .-• ••• strUte from January 3 unless the 
IVUd- East setback company makes an acceptable 
' .-•■ - -. , ... psv offer. .This follows similar 

Hopes, of afi^eawpB-fiE- decisions by . SheU and Esso 
impasse ul the Bfuklle Fast peace- p4e C 12 
■Talks suffered tWo blows today as stewards. . ri.Bc 

lrael rejected EgyptV.latest pro- 9 WHISKY industry Little 
pofiils-and reinstated ; a hard-line Mcddy has not secured a volun-; 
policy tQtsBrds.the occupied West tury restraint on the growth of 
Bank' Page 4 ' - - bulk malt Scotch exports, ,a 

- working party ' has announcer 
rtOlll©-TOr.gpOCl : .; Last year malt Scotch totalled 
The. 50,000 ton -aircraft carrier X2taiot the, K13m whisky eje- 
Ark Royal ended her 23 years. of ported. Back and Page s . 
sea-going- aLDevonport witlt her « WEST' GERMAN steel workers 

met employers for talks for Ihe 

inuSSe t0 rSul5 sSi^baV ^er fiR5t ^nce the start of their 
mterests could still bo/ her. we ^ on g s rrike which left; 

Pa * e 10 80,000 steelworkers idle. Page 3 

Peace aiKlience UK EXPORTS to West Germany 
Northern ' TTeiand peatt move- ? y A?’ 1 J 3 ** 
meat founders Betty Williams !- Sb ? h '. m - J* a laraS 

and Mairead Corrigah had a half- ?/,*}“* : J< fifi 
hour audience with Pope- John share of Gennan). s tut ^ ra 
Paul II- who toid them he would ports than a >ea. a e o. Page- 6 

be -faokmg for wpys to bring # nRST permanent health in- 
peace to the province. ■ surance contract in which men 

and women pay the saute prfc- 
Briefly ; - ■'! ; mium for Ihe same benefit has 

■ . ’ , r .- = ^ been. launched by Langbam Life 

Body -^year-old -Assurance; Page JO 

Nunn of Newnaven. Sussex who 
had been missing' since Saturday, - nnupiHicq 
was found on a begeb at Peace- - WBi rHn iM ,'r 

haven. ' Foui - ptay -is not •MATTHFW r BALL increased 

snfinpcted '. '' ' pre-tax profits in the nine months 

suspeciea- ‘ - to September 30 from £4 -35m to. 

Nearly 14.000 U.S. troops will £4.s5m, .and the chairman hopes 
Ry to West Germany for. for a record J7m full year pro- 
manoeuvres next month de- fit. Page 20 

NATO forces 1 ''can be reinforced". ® W>ND°N AND OVERSEAS 
• . Freighters reports a continued: 

Hr. Albert Hill,..' joint deputy trading, loss for the balf-yttr 
chairman of Taylor Woodrow, ended. -September -30 of £l-95jn 
has died aged 74. ' ' \ (£lS3mL Page 21 and Lex :. 


FEANtE AND China signed a 
long-term economic co-operation 
agreement in Peking today which 
foresees \a stepping-up of bi- 
lateral tr^de to FFr 60bn (about 
£7bn) over n seven-yeax period 
up to the end of 1985. 

This is about eight limes the 
present volume of trade between 
the two countries. 

•_ The FreDcJi have also won a 
contract valued at about 
FFr lObo (ElJSbni for the sale 
'to China of two 900 MW pres- 
surised water 'nuclear reactors 
manufactured by Framatorae. 
tlje Creusot-Loire nuclear subsi- 
diary. under ILS. Westinghouse 
.licence. 

; Though, the nuclear cnnCact 
does not figure, according to 
reports from Peking, in the texts 
signed by Li Chiang and M. Jean- 
Francois Deniau. tbe Chinese 
and French Trade Ministers, it 
.was confirmed in a conversation 
■with, journalists by Ten Hsiao- 
ping. l he Chinese Deputy- 
Premier. 

The reactors will he subject, 
however. , to tbe restrictions 
which the U.S. imposes on the 
export of strategic equipment to 
Communist countries. 

The economic agreement it- 


self. which the French claim is 
the first of its kind between 
China and a Western country, is 
couched in general lerms and 
does no more than enumerate 
the sectors in which China and 
France, hope to develop co- 
operation — such as the oil. air- 
craTL electronics, steel, iransport 
and hotel induslries. 

In a separate document 
though, the Cluoese Trade Minis- 
ter expresses his Government's 
intention to giVe France pre- 
ference for 11 specific projects, 
on condition that French prices 
and technical know-how are 
internationally competitive. 

One of the most important 
projects on the list is the trans- 
formation and extension of a 
large uteel complex with an 
annual capacity of 10m tonnes, 
according to French reports 
from Peking. 

Other items uo Lbe list include 
the sale of a plant for the con- 
struction of hydro-eleciric power- 
stations. the sale of two 600 MW 
thermal power stations, of a 
magnesium plant and machinery 
fnr the manufacture of special 
steels, tubes, and rolled products. 

Mention is also made in Mr. 
Li Chiang's document of an 


ur.bitious project for the cod- | 
stniciion of an integrated! 
aluminium plant. - requiring! 
investments ' totalling about- 
FFr 20bn. i 

But a senior representative of; 
the French aluminium company.; 
Pechiney-Ugine-Kuhlmann. said i 
in Peking that this was a loog-j 
term project which was still 1 
under discussion. 

Preliminary agreements on I 
seme of these projects, including j 
probah'y the «*eel complex and ' 
the hydroelectric power-station 1 
factory, are due ’to be signed 
within rhe next few days by 
representatives of Chinese state 
corporations and the French 

companies concerned. 

Exact details of the export I 
credit arrangements, which arel 
contained in another supplement 
lo the main agreement, have not 
been revealed officially and are 
the subject of conflicting reports. 

French officials in Pekin? 
would go no further than to soy 
that " normal " credits had been 
granted for the export of large 
I'-lun;. and a credit ceiling had 
been fixed. 

Act- in -ding to other reports. 

Continued on Back Page 
World Trade News, Page 6 


By Guy de Jonquieres and 

Peter Riddell 

BRUSSELS. Dec. 4. 
MR. .TAMES CALLAGHAN will 
mu ha\ i- In declare Britain's 
utti'urti- 10 the proposed Euro- 
pean Moneiarv S^ic-m until 
alum - 1 rhe end u! the two-day 
summit til EEC head uf Govern- 
ment tomorrow. Details uf ihe 
scheme wer»* e-till being 
negotiated in unexpectedly 
lcnaihv so-stoos lunight. 

Mum of the first formal 
session this jiiemoon was taken 
up uith diftusion of the first 
part I.f a pjocr -sent yesterday 
in the loaders by Chaocellor 
Beiiiui; Schmidt of Wc.m 

Germany. 

Thi< li tn two :.jtk One out- 
lines ihn »cb'Mne and the* second 
pro|Iuse^ measures de.signt-ri to 
siren j 1 hen the economies of less 

prosperous m— .nher-SlaU-*-*. 

The Heads of Si ale decided in 
discus. in -■ -.;i;«-r beforp 

di-elarjng .-.in-iher they would 
juin 

1; is repo! :e*J * h.il ihere was 
close .iue?tioning. notably by 
France. Italy and ihe Uh. about 
the dt-Va'I- of the M-heme. There 
is also believed *o have been 
some disagreement between 
President Gi.-card d'Eslains of 
France and nhjncelloj- Schmidt 
about the dcta’ls of the inter- 
vention mechanism. 

This evening, as the talks 
continued, there were sugges- 
tions of a compromise on the 
exch:«n?e-rj;e mechanism. 

But it is nnt yet clear how 
far Herr Schmidt will be pre- 
pared to <10 on this. He appar- 
ently told his colleagues he 
had no a u thorny 10 compromise 
on rhe intervention issue. 

Farik-ipants believe that the 
scheme wii! be agreed tomorrow 
because, in the words of one. 
••Helmut has invested so much 
work in it." 

Tlu> delay before Britain has 
to declare her lund clearly 
suits >lr. Catiaghau. iince he 
can attempt 10 wring conces- 
sions in ih-’ meantime. How- 
ever. before ihe meeting 
started there were suggestions 
that some countries miuht be ; 
unwi'hng 10 concede as much 
as the Prime Minister wanted. 

There seem? m have been 
agreement un une point of 
particular concern to Britain iT 
she does not decide to link 
sterling with the utber EEC 
currencies. 

The head* of government 
decided 1 ha t those countries 
which did not initially fonn 
pari nf lbe exchange-rate 
mechanism could be involved 
in thr* consultation, and the 
exchange of information about 
the operation of the system. 

There was also discussion on 
what would happen if member- 
curvencies drooped nut, or 
were forced tu drop nut. of the 
system. flvrr Schmidt is 
repurfted ;.x have 0 unted a 
Continued on Back Page 


BY DAVID FREUD 

INDUSTRY'S rav material costs 
rose Sharply last mouth. How- 
ever. much of the rise was due 
tu the recovery of the dollar 
a Her President Carter’s package 
(0 strengthen the U.S. currency 
and the underlying trend wa.-. in 
line with the modest rate of 
increase evident ihrutigh mosi of 
this year. 

At tbe same tunc the rale uf 
increase in output prices charged 
by industry at the factory gate 
slowed. This reinforces evidence 
that some of the higher pay rises 
this year have been ahsurbed by 
companies al the expense of 
profit margins. 

The wholesale price indices, 
published yesterday by the 
Department nf Industry, tend to 
support Government hopes that 
llu* rj-month rale of retail price 
inflation should remain al ihe 
present level uf about S per com 
well into next year. 

The index fur uupUiL prices 
msc 0.3 per cent in November, 
about half the increase in mua 
months this year. But Ihe index 
for the cost of industry's law 
materials rose by 1 per cent, the 
biggest increase since March and 
double the rale of recent months. 

The Department of Industry 
estimates that half the increase 
was due lo the nnce-and- Tor-ail 
effect of the dollar’s recovery 
early last month. 

Over the past three months the 
raw materials index has risen 
2.1 per cent w 147.2 (1975 = 100). 
The index gained 0.3 per cent in 
the past six months and 3.7 per 
cent .since the same time last 
year. 

The biggest increase in Novem- 
ber was for materials purchased 
by manufacturing industry other 
than food, drink and tobacco. 
This index rose by 1.5 per cent. 
Higher sierling prices fnr crude 
oil. after Ihe dollar's recovery, 
made the most significant con- 
tribution. With crude oil 
excluded, the index rose by 
0.75 per cent. The r e were also 
higher prices for hide.-' sad xkius 
and mohair. 

Higher prices for home- 
produced materials, especially 
home-landed fish, were mainly 
responsible for a 06 ner cent 
increase in the index' for 
materials bought by fond manu- 


IVlanufacturing 
Whole sale Prices 

fl THREE -M0KTU 
1 sates of change 


Lilt- 


Dipl gl Musirf 


Fn ; 


]Ra«M.ilen.il{. § 


Manufacturer 5' 
Home Prices 


J FMAMJJASON 

1376 

WHOLESALE PRICES 
(197S = 1C0) 


Raw 

Materials 


Output 

(home-sales) 


|an. 

139.4 

148J 

Feb. 

139.1 

149J 

March 

142.0 

TS0.0 

April 

145.1 

150.9 

May 

146.3 " 

151.9 

June 

147.0 

152.7 

July 

145.3 

153 A 

Aug. 

144.2 

154.8 

Sepc. 

144.3 

155.7 

Oct.' 

144.8 

156.6 

Nov. ■ 

U72 

IS 7.1 

provisional 


Source; Depjrtmnr of /ndmtry 

faeturers. The index fur coal, gas 
and electricity was unchanged. 

The output price index for 
>»am»’»ct ured products went up 
by 1.5 per cent uver the last 
three months tu 157.1 (1975 = 
101)). This brought ihe rise for 
lbe J.KI ball year to 3.4 per rent 
with the l’J-inonlh figure at 7.S 
per cent. 

The index for manufactured 
producLs other than /nod. drink 
and tobacco was 0.4 per cent 
higher in November as a result 
of small price increases spread 
across most sectors. This index' 
has risen ‘1 per cent in tbe latest 
three months. 

There was link* change in 
November m the index for the 
output of the food manufactur- 
ing industries. This index rose 
0.7 per cent 10 ihe latest three 
months. 


Norway fish move 


OSLU. Dee. 4. 

NORWAY will increase its subsi- Toft said that the fishing indus- 
dies and loans to the fishing try needed at least 1.000 crowns 
industry, hit by diminishing Reuter 

catches, under a Government .■ 

proposal published today 
It said that in 1979 subsidies i in New York 
and loans would amount lu 640m 
crowns (8123m 1 compared with ihh.i 

dOOui crowns (898m) annually in 

* CW Y earS ' . S,..l Sl.tt'iWL'S* il.MllvAtO 

The Government proposal was c_a».o.24 .11, yja-ti.a* .ik 

sharply criticised by the fisher- u^-o.-w -in. 

men's union. Chairman .1. .1. -- umi* 


si.Oc'iwe^C* a4r:o 

1-0.24 .li, u..y.n.2i' ,ii«. 

I .li- U «lm 

."•.H.'-.i.iO.li-. S %.7“>3.!'T- •*!« 


Warning by Ford chief on future 


BY HAZEL DUFFY. INDUSTRIAL CORRESPONDENT 


THE FUTURE position of Ford 
lo tbe UK might well be 
jeopardised by the Government's 
sanctions decision, on lop of a 
nine-week strike. Sir Terence 
Beckett, the company’s chairman, 
hinted yesterday. 

' "Fur th§> first lime for a very 
long time, my company is unable 
to make calculations to decide 
its future in this country." he 
said in London, when he received 
the Hambro award oT Business- 
man of the Year (for which he 
was chosen in October!. 

He has also issued . a similar 
warning to Ford employees. "To 
impose sanctions un lop of a 
damaging strike will obviously 


affect the appraisal we will now 
have lo make of our future 
resources, our investment and 
job plans in this country," he 
writes in liip latest edition of 
Ford News, ihe company news- 
paper. which was sent out at the 
weekend. 

Ford is a major investor in 
this country and earlier this 
year announced it would be 
spending more than £4bn here 
over the next (our years. 

It is believed that about one 
quarter of this sum has' already- 
been spent or com railed for 
next year, including the new 
engine plant at Bridgend. South 
Wales, and associated investment 


project* at Halewood. Mersey- 
side. These particular projects 
have received substantial 
Government aid. in addition m 
Hie normal development grants. 

Future Government aid may 
well be refused to Fnrd on Ihe 
ground? that it has broken the 
pay guidelines. But it is under- 
stood by Ford ibai the Bridgend 
and associated projects will not 
be affected by this possible 

0 NjGunalised industries are 
being invited lo follow the 
Government’s decision in not 
placing further orders with Ford. 

Mr. .loci BameLt. Chief Secretary 
to the Treasury, said in the 
Commons last night. 


CONTENTS OF TODAY’S ISSUE 


World trade news 


CHIEF PRICE CHANGES YESTERDAY 

(Wees in penee nnless otherwise indicated) 

* ” - PUkiogton :: 

RISES Sainsbury (J.) . 

BPB lads. 3W + 10 Squirrel Horn . 

tian-rni .. 33 '. ■+- 3 S ten house 

« + « 5™* -• 

Ch ubb A + m - Wilson. .Walton 

. "\farrinft »l + 5 Aoglo-Amer; Got 

w ”“ rr m + 4 .rami cow Field 

336 4- 5 Hampton Areas 

SSlsnd'.'* pisiiiieries I&* + 'J Saint Pi ran 

la ' 378 + 6. Tanganyika Con. 

K Shbes ,Z! t f • -fa 

I^dhroke - ' Ua 1 s , „ . » ' 

Cdn. Prov. Shop ^ * \ Hull IM.) 

Lookers Z. n .=Swan Hunter .. 

^C-.EIeetric' - 7 - .: = Vickers 

aagf :: s + i ■■■■ 


2:1 

Techuical page 

14 

4 

Management page .... 


6 

Arts page 

17 

,10 

Leader page 

IS 

12 

12 

Mining 

22 


Sainsbury (J.) 

Squirrel Horn 

S ten house i.. 

Thorn Elect. 

Vinten ’ 

Wilson. Walton 

Aoglo-Amer; Corp. .. 
•Coils. Cold Fields .. 

. Hampton Areas 

Saint Finn 

Tanganyika Con 

' FALLS 

Hall IM.) ’ 

JSwap' Hunter 

Vickers 

Whim Creek 


;;io + s 

240 + 5 
44 + =*" 
11)5 + 6 
3U3 + 7 
151 + 6 
41 + 5 
292 +7 

182 + 4 

13A + 10 
84+4 
170 + 4 


21:: - 10 

153-6 
196 * 4 
00 - SQ 


FEATURES 


Im (if. Companies 24-2H 

Euromarkets 24 

Money A- Exchanges 27 

World markets M 

Farming, raw material* .. 31 

U.K. stork market 32 


Tbe Flick concern: bow lo 

spend £500m 18 

New European assault on 
the U.S. truck market ... 19 
Burgundy: wine, folklore 
and high prices lfi 


Turkish construction cos. The sedate world of U.S. 

look for foreign contracts... 6 insurance brokerage 24 

East German population . . , , 

Slate aid helps birthrate... 2 Ancient and modern on the 

United Arab Emirates: Turkish Bourse 28 

unity despite disunity 4 


Apptinimenig .. . . 
Appointments Advi. 

Bose Rate* 

Business OPBts 

Crossword 

Entertainment Coitfft 
European Opts. ... 
FT-Aaaarlefr Indices 


labs Calumn .. . 21 Todnj's Events 19 

.eticrs 11 TV and Radio « 

Unit Trnsu .... 

'amhVrd ^ Weather ... » 

Matte. : U W 

laeiss . » INTERIM STATEMENTS 

aierpom 10 Evans oT Leeds 2J 

hare Inrennatien . 34-55 Croup Louis 21 

For latest Share Index phone Kl-2fd Sw2d 


Maubews Hall 
Ram Electronics 
dangers croup .... 


ANNUAL STATEMENTS 
BlaekwMd Morton... 22 
Paterson Zocbonis . 22 

Stewarts A LlovdsSA 22 








■ Financial. Times Tuesday December -5 . 1978 - 


Kl KOI’I AN \ I U S 


EAST GERMANY’S POPULATION 



State aid helps birthrate 


EAST GEARMANY is expected 
to recrird tins year its first 
increase in population for the 
past decade. The rise, albeit a 
slight nne. is seen by the 
Communist Party of the German 
Democratic Republic as evidence 
of the peoples' “confidence in 
the future." It wilt contrast 
with the steady decline in 
population from 17.0S4.000 in 
1SSS to 16.765.000 last year. 

The reversal of East Germany’s 
population shrinkage has hap- 
pened while West Germany's 
birth rate- is down to 9.5 births 
per thousand native West Ger- 
mans last year, compared with 
East Germany's 13.5 births. But 
at the same time West Germany 
hud a death rate of 11.5 per 
thousand -inhabitants while East 
Germany's death rale was 13.4. 

Prof. Kurt Lungv/itz, head of 
the demographic department of 
the school of o'-onomies in East 
Berlin, notes that since 1975 
there has been a - very high ” 
22.7 per ceni increase in the 
East German birUi rate a-t a "time 
when there has hi-m a consider- 
able Tall in births in many capi- 
talist countries." Prof. Lungwitz 
says East German's “good 
economic, social and population 
policies are bearing fruit, poli- 
cies which are only possible 
under socialism." 

There is more than a grain of 
truth in these remarks. A recent 
study by the German Institute 
for Economic Research in West 
Berlin shows tha-r the especially 
heavy fall in the East German 
birth rate in 1972 and 1973, after 
abortion on demand was 
legalised, jolted the East Ger- 
man leadership into introducing 
a series of direct and indirect 
measures to stimulate the birth 
rate. 

The Government has also 
enacted measures supporting 
young couples with children as 
wclj as large families. DM 20 
is paid each nmnih for the first 
and the .second child and DM 50 
for the third A minimum of 


The East German leadership is torn by conflicting 
aims . : On the one hand women are to assure the 
population’s reproduction while on the other they 
are needed in the workforce. This has led to an 
increase in part-time employment which is 
frowned on by the Government. 


BY LESLIE COUTT IN BERLIN 

dm 30 a month is made avail- inhabitants in 1968 to 9.5 last higher than that of native 
able to low-income families with year has become a cause of such Germans. 

children from 16 to 19 years of concern that it occupied a recent What particularly concerned 
age, and 90 per cent of East meeting of the West German the Cabinet was the impact a 
German students get a stipend Cabinet. Chancellor Helmut decreasing and ageing popula- 
of DM SO to DM 190 a month Schmidt and his ministers dealt, tion would have on the elaborate 
depending on their parents’ with a 60-page analysis of the West German pension system, 
income. ‘ development of West Germany's The Government spokesman. 

One of the most important population which contained some Herr Klaus Bolling, said that the 

. ' social security of West Germans 

was not threatened in the future 
adding that projections of popu* 
latitm development into the next 
century are extremely hazardous. 
The Government, he noted, was 
not being panicked by reports 
about West Germans becoming a 
“ dying people." "Herr Bolling said 
the Government wants to improve 

its support fo r families and 

~ ~ ‘ ~~~ ~~~T “ , ' . , “ create a better^envlronment for 

incentives for having children Is dire predictions. Instead of the children. 

the in terest-free DM 5.000 current 57.7ni native Germans. The Opposition Christian 
t £1.250) credit made available a said the West German poula- Democrats also speak of ihe need 
for an apartment or the purchase lion will sink by the year 2000 lor greatly increased financial 
of a borne. Another DM 5.000 is to either 522m ur 49.2m depend- payments to young couple* with 
offered interest free for furnish- jng on how much below the children and tax rod uci ions, 
mg an apartment; DM 1.000 can present 1 4 children each West Neither of the West German 
be written off from that sum to German mother bears. The 4m .parties is saying so. but there is 
be repaid at the birth or the foreign workers and their little doubt that an landing 
first child, DM 1,500 for the families in We at Germany arc East German population and a 
second child and DM 2,500 for largely ignored in the report but shrinking West German one is 
the third If they remain in Germany they not a situation West Germany 

The West Berlin Economics could turn out io be a decisive would regard for long with 
Institute notes that the increase factor as their birth rate is far equanimity, 
in East Germany's birthrate is 
almost entirely because parents 
are having larger families not 
because there are more couples. 

Ir is not coincidence that East 
Germany's incentives were in 
fact especially aimed at the 
second and third child. The 
German institute cautions, how- 
ever. that it fs still too early 
to say whether the increase in 
the East German birthrate will 
become a permanent feature. 

The “ baby boom.’’ as the 
East German media are calling 
it. has lifted East Germany from 
having one of the lowest birth 
rates in Europe to a position in 
the middle of the scale. Both 
East and West Germany were 
the only countries apart from 
Luxembourg and Austria which 
had more deaths than births. 

The fall in the West German 
birth rate from 16.1 per thousand 


Peking hanker rehabilitated 


ANOTHER PROMINENT victim 
of China’s cultural revolution, 
a senior hanker at the time, 
was rehabilitaled today as a 
wall poster in Pekin*; asked 
why former head of state Liu 
Shno-Chl could not receive the 
same honour. 

Possibly as a result of a top- 
level Communist Party myel- 
in? now tinder way. the late 
banker Nan Han-Chon. *.\as 


PEKING. Dec. 4. 
the Politburo and vice- 

chairman of the State Planning 
Commission, and Yang Chang- 
Kun. 75. once a secretary °f the 
party central committee 

secretariat. 

Unconfirmed reports snv That 61 
people have been rehabilitated 
at IUh present meeting. ^ a urg- 
ing conference in prepaiatinn 
for a central commutet aes-.i on 
later this year. 


rehabilitated with a tribute 
published in the People's But they did not include Liu. 
Daily, the party newspaper. the head of state ihsgra. ed 
Nan was the third man* restored during the cultural reiolutinn. 
to honour since the Week-end. hyiause his case required 
The Others are Po J-Po. 72. a m»re waited examination, 
former alternate member of Reuter 


Greeks, 
Turks swap 
prisoners 

By Our Own Correspondent 
ATHENS, Dec. 4. 
GREECE AND Turkey have 
made a move towards 
rapprochement after exchang- 
ing prisoners arrested last 
month for allegedly violating 
each other’s territory. 

Greek authorities at the 
weekend handed over six 
Turkish sailors arrested on 
November 16 when their fish- 
ing boat pat in at the North 
Aegean Island of Mytelene, 
which they claimed to have 
mistaken for a Turkish port. 
The Turks, who had been 
sentenced to 15 months 
Imprisonment each, were 
pardoned hy the President of 
the Republic and handed over 
to a Turkish mission in 
Mytelene together with their 
hoar. 

Turkish authorities have 
also returned three Greek 
farmers who were .arrested on 
November 15 hy Turkish 
gendarmes hi an enclave on the 
east side of the. Evros River, 
the natural boundary between 
the two countries in Thrace. 
The Greek government had 
protested against their arrest, 
claiming the enclave was part 
of Greece's territory. 

The three farmers had been 
sentenced to one raontlft 
imprisonment each but their 
sea fences were suspended. 
They were handed over on the 
bridge which spans the Evros. 

The exchange follnws an 
agreement between the Creek 
and Turkish Foreign Ministers 
who met in Strasbourg late 
last month in the framework of 
a Connell of Europe ministerial 
meeting. Greek officials here 
said the exchange was part of 
an effort to case tension 
between the two countries. 

9 Pope John Paul 11 called 
for a just settlement of the 
Cyprus i>sue “as soon as 
possible" In au address yester- 
day to Mr. Vrdci Tuerel, the 
new Turkish ambassador in the 
Holy See. Ap reports from llie 
Vatican City, 


Androsch may quit 
dispute with Kreisky 



BY PAUL LENDYAI 

A DISPUTE between Dr. Hannes would also bring in tighter rules 
Androsch the Austrian vice- for MPs. There is -a plan to 
Chancellor and Finance Minister, demand some kind or declaration 
and Chancellor Dr. Bruno ' about, the private wealth and 
Kreisky. has created an. -open possible conflicts of interest of 
erisis in - the ruling Socialist Cabinet Members and MPa. ■ 
party's leadership. Meanwhile, a public opinion 

A resignation of Dr. Andcosck: poll just published reveals that 
who also holds a majority 84 per cent of. those asked were 
interest in a large firm, .-of ' against a resignation of Dr. 
chartered accountants, may force Kreisky as Chancellor m con- 
tbe Chancellor to carry out- a. nection with the Governments 
cabinet reshuffle earlier than* defeat ait the recent refarendum 
expected. . on nuclear . power. A - total of 

In an interview during .the. 88 per cent of the Socialists, and 
weekend, the Finance Minister as many as 36 per cent of the 
said that be was **put off” by the Conservatives were against his 
Chancellor’s silence in face • of resignation. 

what he described as 3 “slander . Dr. Androsch came under 
campaign” bv the Opposition.' public attack last summer when 
He also claimed that he. had it was revealed that his firm has 

informed the Chancellor when, a staff of 45 and a reported turn- 

tile government was formed eight over of Schl7m (£600.0001. He 
years ago. that he had not only -and his wife have a 75 per cent 
a majority interest in the interest in the firm, which 
chartered accountant firm- called according to news reports has 
" Consul tatio," hut that he. baft a. multiplied its turnover since Dr. 
second firm in his own name- in Androsch became Finance Minx- 
order to proreet the right to . ster in April 1970. 
remain a chartered accountant. Dr. Androsch ranked for many 
Meanwhile, the Chancellor, ia' years as a favourite of Dr. 
studying the recommendation ..of Kreisky, who engineered the 
a commission headed by the-' promotion of the 40-year-old 
Foreign Minister about the way chartered accountant to one of 
in -whirh foreign governments his deputies in the party- Bur 
cope wirb potential conflicts of the Finance Minister has been 
interest between public functions slipping in the opinion polls 
and private business interests. lately, and many newspapers 
Dr. Kreisky has refused, to have reproached him for his 
comment publicly on It is alleged flashy lifestyle, 

deputy’s statements. He said. During the past few months 
however, he wonld hold talks popular papers have also reported 
with Dr. Androsch this week. the way his secretaries and 
The projected new regulations friends have been promoted to 


VIENNA, .Dec, 4. 
key and profitable 'positions- .The 
fact that his Press secretary, for 
instance, was' elected as future 
director of the Board of the -third 
largest Austrian company did not 
help the Minister's position. _ 

However, somewhat paradoxi- 
cally, Dr. Androsch has. the 
supporfof -Herr -Anton Benya ; 
the trade union chairman, as well 
as. those politicians who for 
reasons of their own resent -the 
Chancellor’s leadership style. The 
Opposition clearly enjoys the 
spectacle Of Socialist infighting. 
If Dr. Androsch goes, however, 
his departure will serve the 
Opposition's cause of pointing -to 
the Government’s financial policy 
problems, since Dr. Andrdsch has 
been in charge of the Treasury 
longer than any other. Finance 
Minister this century. - ’ 

• .What is claimed to be the. 
world's longest road tunne£,^tfte- 
Arlberg tunnel, was op^aed 
during the weekend In Austria 
The. almost nine-mile-long rtimheL 
connects not only the provinces 
of Tyrol and Vorarlberg but also 
East and West Austria, and - is 
bound to have a direct impact 
on European ttmrism. 

The tunnel, which can be used 
by 1,800 cars per hour, _was built'; 
in four-and-a-Salf years, with the 
costs totalling Sch4-8bn. The 
1300-metre high Ariberg Pass 
used to be closed "for up to- -one- 
month during the winter season. 
One-way road toll will be SchlSO, : 
and at a later. date capacity could 
be doubled. 


Five-day Pinto blueprint debate 



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BY OUR OWN CORRESPONDENT 
THE PORTUGUESE Parliament Monetary Fund earlier this year, 
today began a five-day debate on ft will take a searching look 
ihp ’ Govern me nr programme, at St3te-con trolled enterprises 

drawn up bv Sr. Carlos Mota and wurkor-nianaged companies 
Piniti. the Prime Minister,, and .receiving State grants, to sec that 
his 15; man non-pjrtv Cabinet. they are run as economically and 
The’ 159-page programme could efficiently as possible. The coun- 
be called Portugal's passport Ur try's industrial structure will be 
the -Coinuion Market. Consider- • modified to fit the needs of the 
ably shorter lhan the documents' EEC. and private investment in 
devised by his predecessors* .al- this sector will be encouraged, 
most even chapter of Sr. M6la‘ At the same time, the 
Pinto's blueprint stresses • ,'tlie nationalised banking system 
need Lo adapt Portugal's strnc- which is constitutionally en- 
tures and economy to those of trenched, will be given a run for 
the EEC. which the country its money by a pan-banking 
hopes to join around 1983. : ■ sector in which foreign interests 
Thu Government says it -will already are allowed to operate on 
boost private initiative In* the a controlled basis, 
highly nationalised economy, In tbe heavily-politicised agri- 
revise labour laws, whichibow cultural field, the Government 
emphasise workers' rights, and intends to press on with its 
maintain the financial aust^ty controversial policies of re- 
imposed by the International distributing land in the collecti- 


L1SBON, Dec. 4. . 
vised Alentejo wheat belL and 
will balance this with new. 
expropriations and agricultural 
extension work. 

While the main political parties . 
are not formally represented in 
the new Government, they have' 
been consulted fully in the choice 
of the Prime Minister, and the 
Cabinet is expected to survive a 
rejection motion already tabled 
by the Communist Party. 

The fate of Sr. Mota Pinto lies, 
in the hands of former Prime 
Minister Mario Soares' Socialists, 
whose 100 votes in the 263-seal 
Assembly will determine whether 
Sr. Pinto stands or falls. At the 
moment, the betting is on his 
passing with -Socialists abstaining. 
Communists against, and Social 
Democrats and Centre Democrats 
for. 



VIETNAM MAY not attend the 
internal ion a! conference on refu- 
gee* in Geneva later lh« week. 
di|ilimiais here said today. The 
1(i-it.*i ion •■■inference is being 
con vi. rii-il uy the UN II12I1 r.iim- 
ni!ss>itiii'r fnr Refugee- tu discuss 
1 hi' Vicinaincje and -ilftcr indn- 
ChlficM* refugee mul leins. 

Members of the Aisuciaiinn nf 
Souih-E.i'il Asian Nations 
1 ASE VY 1— Malaysia. Thailand. 
Indnnfsi.i. Singapore anil tin- 
Philippines — wiTp anxious tin- 
Vietnam to allen-J, the diplomat* 
siuil. These arc the principal-;, 
where refugees coni ins hy boat 
from Vietnam call first for tem- 
porary slid ter until the US.. 
Australia. France. West Ger- 
many and other Western coun- 
tries sive 1I1 inn permanent resi- 
dence. 

Mr Robert Oku Icy. I he U.S. 
Deputy Assistant secretary of 
Stale, is scheduled In arrive here 
on W«*dm*iJdiy rn rnutr tn the 
Geneva conference on a tour of 
Huns Kong. Thailand and Malay- 
<ia 10 <|iscu>s the Vielnaiiieie 
refugee problem, officials said. 

Meanwhile, as the llow nf refu- 
gees.' into north -eastern Mala vsia 
and adjoining vmili-fastcrn Thai- 
land enntmuod. 2i» 
were reported killed or Sunday 
when two boats rnpsjifMl off Thai- 
land’s Narathiwat province and 
off Mcri-hang. 165 miles north- 
east nf here. Every day of ia. t 
month about 500 Vietnam**** 
arrived daily, pushing the num- 


ber of refugees in Malaysian 
camps to more than 46,000- 

Mal oysian officials said they 
believe Vietnam '-is allowing the 
re fusees to leave freely although 
officiate at the * Vietnamese 
embassy, here deny tfcss. 

Boob arriving over the past 
twu or three months have been 
carrying as many as 90 'per cent 
ethnic Chinese. Diplomats say 
Vietnam wants ti» be r»d of its 
Chinese population. 

Reports from NaraLhiwal pro- 
vince quoted police there as say- 
ing that, the bodies of at least 
IS Vietnamese have been 
recovered from the Gulf r.f 
Thailand off the Narathiwat 


KUALA LUMPUR* May 4. 

coast after ttfiir boat souk in 
the South China Sea on Sunday- 
More than 300 swam ashore 
safely. Near Merchant*, eight 
people drowned when a refugee 
boot ' coming to tgnd capsized. 
Vi Rag ere helped rescue others. 

As many as 95 people were 
feared dead after a boat sank 
near Pantai Hu, 195 modes north- 
east of here on Saturday. There 
were 153 survivors and 44 bodies 
recovered have been buried. The 
authorities also reported more 
Vietnamese refugee handings in 
Malaysia on Sunday, the biggest 
being of a boat with 180 
which reached Kuala Trertg^anu. 
AP 


Danish foreign aid increases 


DENMARK'S aid to developing 
countries will amount to 0.7 per 
cent of. the gross national pro- 
duct In 1979. deputy Foreign 
.If in inter Lise rtolorgaard said 
today.- 

In a speech In members of the 
Danish Development Agency, she 
iauj that Denmark would thus 
reach the target «;cr by ihe 
United Nations in 1972. She said 
Hut si> 'far only Norway, Sweden 
and the Netherlands had 
achieved -thr level expected from 
the richer countries. 

A foreign ministry report said 


COPENHAGEN. Dec. 4. 
the Danish Development aid 
would total 2.075bn kroner 
fS3S7ml in 1979. A five year 
plan based on an annual in* 
crease in prices of 7.8 per cent 
envisaged that. aid would amount 
lo 0.79 per cent of the gross 
national product in 1983. 

The main recipients nf Danish 
aid arc Tanzania, Kenya, India 
and Bangladesh . . AP 


t-rvwrwL Tract nrtltsliri . daily bsc^pi 
S nntfays and holidays, n S.- mlwcriptinn 
S-TS.Oit fair freljhi 1 ! MS3.90 tair matt' 
wr sum urn. Second fiaci: noataife paid at 
New York. N.Y. 


There's only 

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top class 

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On Skytrain, we treatall our • 
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The same comfortable seats in a 
wide-body DClOjet. . v * y 
The same exceflert meals, .drinks, jn- 

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to buy ir you want, ■ 

And the same courteous service 
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We don't believe in different classes. 
On Skykain there's ontyone -and for. 
business or pleasure it’s top class. . 

For up to the hour informal ion on 
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01-828 7766. 

For further information on Skyta&i 

scheduled service to New York ring 0J- - 
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BY CHA RliS BATCH ELOR 

A SPECIAL' court ; today 
ordered the 79-year old mM- 


war crimes suspect freed 


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• •.* -. -...- '*:. v* liooaire Mr, H^er Wenien to 

m lPAlMTTfV ['.Se'-fpewl from prison where 
jtypaiUJ , {■ be has been he Won war crime 
By Rupert CcmWeft^ -v ' [: : f charges. In a sarprise judpe. 

> JBec. i -. i »»ot .the court - said it 

THE CAM^!afl$ftparrp>s poJigyw]. accepted - Mr. JUentO»*£ claim 
making .-ceptral;.conMni£tw began ; tb&t the Justice Sfioistcr told 
an important ^re^day mcetlbgj him in 19S2 that .no further 
bore this artKitooii, amid; iricrea*-! charges would -be .".presses 
ingly open' yi. rfdei. that ’ against Mm. ■ ■ ■- ■■ 
the denHte .«f “ : 4he- Christian-. -Mr. Menieit, who has spent 
Democrat ri&inbcity Government!, almost two years id the prison 
is merely a mauer ..of. time. * hospital hi Schavenfrigen suf- 
The main. Hems o"n the -agenda . ; : fertng > from : - diabetes, was 
will be the Communists’ attitude! freed today, fife lawyer saiiL 
towards the EEC parliament and ! The rMrnWlc Prosecutor l in- 
direct elections to . if, amf - the' -meodaliefy announced he win 
documents, that -wiU-igo iorvraifth appeat to the supreme court, 
to the party's -.riafitonakcqrigresy ■ »■ ■■■ ■ ■ ■ 

next spring. .The - proceedings ■ $ -- ' ;•; - ; 

cannot fail. Ij'owevttr, £0*®^“® - r 8 ' 

entangled TSidi- the ; .*«itopMtaio4 ' l\ /m I - ■ a 

ntano&uvringr^ddng tbe various j ; ■ -^j rl . \ W 


The special court til the 
Hague t«ald in its judgement 
that it accepted that 51r. 
McnU-n vtas (old by Mr. L. A. 
Honker, who was Justice 
Mirtlnt-r during the early 
195U.S, (hat no further art ion 
would be taken aguiu*t him 
although It was unclear pre- 
cisely him 1 this had happrued. 
The Justice. Ministry ha>» been 
unable lo Urn] miv eviilenre In 
its archives of this pardon. 
Although Hie Justin* Minis- 
try had drawn up complete 
and formal charges against 
Mr. AK-nten, supported liy 
proor aud witnesses, it did 
nothing until two years ago 
lo press these charges, under 


pressure from Dutch and 
Israeli Journalists. This, and 
Hie fur! that the delay in 
charging Mr. Mrnten ’ was 
much iuttger than was 
acceptable under the human 
rights convention. were 
reasons enough fo free Mr. 
-Men ten, the court said. 

The court ordered the justice 
authorities to return Mr. 
Mpnleii’s possession*, u Iiieh 
were confiscated on his tirrcsi. 
He has a valuable rolierlion of 
paintings aud antiques. In 
August 1977 his thatched villa 
in Bluricum near Amsterdam 
was destroyed by lire started 
by a former prison camp 
inmate 


AMSTERDAM. Dec. 4. 

In May the Dutch Supreme 
Court quashed a 15-year sen- 
tence Imposed on Mr. Menton 
for bis alleged part in the mass 
execution pf jews in Poland in 
1941. The Supreme Court ealied 
for an investigation into .Mr. 
Menlen's claim (hat he had 
been given freedom from 
prosecution in 1952. The lower 
rourl had rejected this argu- 
ment. 

He was originally sentenced 
for hi* alleged part iu the kill- 
ings In the Polhh village of 
Podhorocc, 

• Right: Pieter Menton the 
Dutch millionaire and (far 
right) a 1941 picture said lo 
be of the same man. 




parties' who- "ane dissatisfied with 
the existing: governing' formula, 
under w in ch -tbey-g i ve . Sig ; Ginito 
Andreottj'e ^ministration Vital 
support ia rarUgmeat.: ' 

The issue which has b rough r 
relations ' between > Hie, Christian 
Democrats and; the Communists 
tu their worst point’ since /the 


NATO pledge to spend 
inOf e to improve defences 


w. German Worsening economy 

sted 

peace bid P uts democracy at 


Prison for 
Soviet 


BY REGINALD DALE. EUROPEAN EDITOR 


present.; . .'arrangei&ents • began {, EUR OPEAN NATO; countries the alliance's approach to a fresh 


BRUSSELS. Dec. 4. 
l - 'ur the UK, Mr. Fred Mullev. 


: west ssr^l risk, warns Turkey 

' today met empiuyvrs for the first] 9 «7 

> time since the start ,_,f u week-old J gY GUY DE JONQUIERES 

. strike to Iry to settle 3 dispute; * BRUSSELS Dec. 4. 

over rbe introduction of shorter} 

• working hours. Both sides u-recn i T HE TURKISH Government has by Finance Ministers uf the 
In talks without nretODdilions i lh ^ EEC and NATO that NATO member countries. 

: ronnrt- Peulor ’ * : the future ol its democratic Last year. Turkey's balance of 

; s ‘ rtf . ' system could be seriously payments deficit rose io almost 

1 in . threatened unless it ' receives S3.5 bn. and its foreign debts 
1 on n Wiinc-w cstf'ha.ia. Bremen . urgent outside help for its have increased to mure than 
^, 1 . .1^, ?l e *?'£ because jrapidly deferioratmg economy. Aj2bn. Inllation has been run- 

of the disputi*. About half were- This message was conveyed in ning recently at :in annual rate 
J. . -5 ,- Mc i a unlun blunt terms by Mr. Bulent Ecevii. of more than 50 per rent, growth 
la-.l Tiiesda! t.i back a a per cent Turkey's Prime Minister, to has fallen off sharu!v and the 


BY GUY DE JONQUIERES 


BRUSSELS. Dec. 4. 


they- see- as ^backsliding by the | Warsaw Pact. The flint statement nieni. The general view in Britain is prelim ‘ Prance ' "and 
Cbnshaa Demoerats, both Com- {-by. the 11 members ' of Ibe Brussels is that SALT 2 is likelv West Germani fo reach ea»"v 
munifits wid Socialists .walked! alliance's Eu mgr oup came at a lo have been concluded before agreement on - specifications inr 
' S * °* 1 -V*** talte ' sup-l time when doubts were being neu spring's mutiny of the , Si join )S«d tii 
posed to find -a compromise^- in- (expressed in WashlngtDn over allia nee's Ministerial council combat aircraft to reni-.c^ .h! 
sisnng that; agreements pre-! President Carters. determination So for. the European countries JaTar and the liarriS nH 
viotisly ; ratified by the Seaartei to stick, to the NATO target of an are s tin divided ww UoiH 7S 1990 U 

SSSmSi ?^* m ^ Nafrptwl armuallt per cent real increase comem* or t?,!y SALT S nego- Bi'iuiu is .strewing the need 
.v v i J n^v-t^l n vmA PM * DS : ° Ver ^ t | a,,0n!i and ibe forum in which for urgency, as the government 

nf^ww- « “^3 fiT £, jCaTSi _ , - M ,l '> sfl ould he condueied. There wants to take a decision on the- 


urns Iiwu awjra. . . cnuorsea at me vvasningion sum- on Western Europe rather mx militarv aircrafi 

But wtb Dttnocratsrmjr (last May) is implemented if, ai1 (hc u.S. The European Later .in 'the week Dr jos.-uh 

and Comnmnisp lacing . con- l.rfecti^ly.’ Mr. Harold. Brown. Defence Ministers also lodavLun*. the 'NATO secret jrv 

0rM«M rw>TT »sar wtiinh ttiai* : thn TT CT nsfunn. Ctautan' uihn ... ... .. . l,,v seirujl . 


meat, the issue Tms become a that start here tomorrow, can shirting in favour of the Warsaw shore up their new democrat C' 

coavemept. and .powtMy fetal, expect to be closely quesnemed Pact. They announced a long regimes He s n e S S 

symbol of their stnetlx separate on the Administration’s inten- list of measures to strengthen put a figure on the afd P reouLd 
identities ; 't ;- - ■ tionn. Europe’s forces, including an but simply to ' 

In his opemag address; to the For., hie part, Mr.: Brown is impr.ivemeni of -Norway s coastal goverontents to do (heir S 

Communist centt-sl committee to- expected to urge the European defences, and the deployment or whether individually or throu-h* 

A “«>t aJa Entries that they must soon major new equipmeiU on JamJ. international orsanisatior" like I 
sharply attacked the Christian j start making up their minds on sea and air. tin. IMF and the'oErn ’ K 

Democrats for failing , to draw; • • ■ . __ e jhu me otuj. ! 

sufficient ad a vantage out of .the \ 

. Army alert for Spain’s referendum i 

pean monetary system" would be' 

forthcoming onlyif there: were • .v.;. • ... ;*•' . , , -uADhlD. Dec. 4. 

a genuine traoirfeit of resources ARMY AND police Luuis went nesd.*y. Despite fears «f fresh reported 

The Senate, meanwhile., has into-ihe- second phase pf a spe violence, political parties held The arJned fo . c ak ..., h 

just ratified the dr'aft law for th? cfal eleclioa alert-, today as the more than 2.000 meetings over „ , . ! ^ 

elections" in: Italv^ ^io the European ^ ^ campiUgn for, and agam^.i 1 h ew the weekend arguing the merits ta ” e iJ ee r ° r P ollce and, 
Parliament. They will toe IjeRf 'on 'Spanish constitution dreir lo a of tl*c new fundamental laws. military men. - Meanwhile. ex- 
June 10 . next year, and the ; dose. " ■' ' H’iih more than 'J.StXt extra ireme right-wing and left-wing: 

country Vtrjff be divided Into five ' ' Officials .and most opinion police on duly in the Basque groups have plastered city walls 1 

regional cdrts-fi|uezXdeS‘ jni<:' thfev VoV&c ; .-pijedlet .. .^erw^jujag recivn- and army units guarding with posters urging a **.\’o " vote J 

elecrt ow df Si.itHlan b> the const^i^fiM' in -pu»Uc buildings throughout the or abstention, 

portumal representation. . lb hatlona) referendum bn Wed- nation, no major disorders were AP 


MADRID. Dec. 4. 


The armed forces alert has 


tt ilft posters urging a *’ No " vole 


rhr empio; ers bait* no far to Ani;a:vi. menis. is (hat utiles liiis siaia- 

reiused to dtsettsA the mlroduc- Mr. Eievil is undersntod to tion is reversed it could lead 
lion of 3 Ja-n our week, which HI- have asked both ollirials io try u, serious pohlical disruplioos 
Metaii con-id'.ws cvsentijl loiiu peisuade Western Govern- which might result in the instai- 
saieguard Jou». They have menis io omatn as suun as pos- iation of an extreme Right-wing 
w i-a ed 1 j 'l i!: weeks annual. sible ihe release of funds which regime, 
holiday and .5 per cent pay rise. 1 Turkey i a seeking from the Inter- In addition to its internal 
. u r- 5 r ’ *"' c,a ! ,, tr t' :e In j national Monetary Fund (IMF), economic difficulties. Turkev is 

I 11 1 * tj ® rinan steel in dustr> ] Unless the money was forthcom- facing another serious problem 

jur nait a century, )ing snon, Turkey would be in the form of Greece s immineat 

add i i r, - ,ul Munich; Some j unable to undertake the austerity accession as a Full member of 
60.000 ethnic Germans from J policies which the OIF believed the EEC. There is concern in 
Eastern Europe are being re - 1 necessary for its economic Ankara that, once inside the 
settled this year in West Ger- ; recovery- Community. Greece would per- 

lnany. Bavarian officials said; The Prime Minister's appeal suade other governments to act 
Monday, a record number has been relayed to EEC heads against Turkish interests, 
granted evil visas l>y Communist j of Government, whose two-day The EEC and Turkey have 
governments. j European Council meeting held preliminary talks on the 

In the first II months uf this .opened here today, fjy Mr. Roy revision of their bilateral assou- 
vt-ar. 53.SD7 ethnic German ] Jenkins, president of the Com- ation agreement, hut these have 
refugees had already arrived in t mission. In a personal letter to made little progress, largely 
West Germany More than 6.000 ; each of the leaders, he called because the Community has 
mure are cx;u.*< icd this month io for a “gesture uf solidarity” by found i) iliiTlr nil to gram the 
swell the expected 1978 total lo a the Common Market towards Turkish Government's requests 
record 6U.OOO refugees, the j Turkey. for economic concessions. 

Bavarian Labour Ministry said. The mounting economic crisis Ankara is pressing the Com- 
Exactly 54.‘J5» ethnic Germans in Turkey was 'due to be dis- munity to lift restrictions nn 
came to 'Vest Germany last year. I cussed by EEC Foreign Ministers Turkish textile and agricultural 
the biggest number fo date at a meeting here later this even- exports and for freer movement 
allowed m leave under the Bonn ling Herr Hans Apel. the West for Turkish workers on the EEC 
Gevernme.-?. s detente treaties ! German Defence Minister, has labour market, 
wiift E,*«h( liP.-c nations. aKo suggested that i! he studied Currency search Page V 


By David Satcer 

MOSCOW. Dec. 4. 
MR ROBERT N AZARYAN, a 
1 foundim: member or the 
Armenian Helsinki agreement 
monitoring group, was sentenced 
io five years’ imprisonment and 
! two years’ exile after being con- 
ivjctod u,* nnli-Smiet agitation. 
: His conviction followed a trial in 
; which tlo* nroseemion apparently 
all hut failed to find witnesses 
who v.-ou'd testily against him. 
r Armenian sources said that 50 
1 witnesses had been scheduled lo 
1 fostif; ai the trial, held in 
Ycvvan. the Armenian Repufo 
tiriin cuuiliil. Bui testimony was 
halted by ih*’ nrcisecmor after 
! 1- of in-- Hr<t 18 w»i nesses spoke 
out i>.\ rinfence uf Sir. Xazaryan. 

Mr. Na/arvun is tlu- second 
loonib.-r *.f i ho small Armenian 
lin|.-inv.] ci-ytiD lo stand trial. Mr. 
Sft,ig. : n A ru! liny an was arrested 
! Iasi pHceml'Cr and allegedly 
; ; eV Hr*.*!y bojtr.ji l.iy KGB and 
mi'ttiu men. >Ic was charged 
| with malicious hooliganism and 
sentoncod to three years’ 

I imprisonment A third member 
nf the Armenian Helsinki croup, 
Eduard Arutunvan. a scientist, 

! k’as out hi a mental hospital. 

AP adds from Amsterdam: A 
prominent Soviet conductor has 
, defected in the West, refusing 
; to leave Holland on the grounds 
that Soviet auUmrities were 
stilling his artistic freedom. 

Air. Kirill Kimrtrachlne. 64. 
former a'tistic director of Mos- 
cow'n Bolshoi Theatre and once 
conductor »f the Soviet Union's 
symphony orchestra, ducked into 
hiding at a secret address with 
h : s wife and asked police 

for ut'i-missinn to stay in Holland. 

He hud just completed a two- 
wee L engagement in Holland, 
conducting the Amsterdatn Con- 
certgehouw (concert building) 
symphony orchestra in a scries 
of six concerts 







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Financial Times Tuesday ijy&aOfef; 1?78 



will follow Lloyd’s model 


ay DAVID LASCELLSS 

NEW YORK'S proposed insur- 
ance exchange, while closely 
modelled on London, will differ 
in key respects, including who 
can be members, and how far 
they will be held liable for the 
risks they write. But its sponsors 
hope it will attract some of 
Lloyd's business when it opens 
next year. 

The exchange's shap emerges 
in a draft constitution which is 
being circulated here in readi- 
ness for public hearings begin- 
ning on December 15. According 
to Mr. Albert Lewis, the New 
York Superintendent of Insur- 
ance. the exchange is being set 
on in direcr challenge to Lloyd's 
nr London, which many insurers 
here believe gets an unfair share 
of world insurance business. 

Lloyd's can use a bit of com- 
petition." Mi. Lev . \< say*. He is 
a formei stale Senator from 
Brooklyn and was chairman of 
the drafting committee for the 
new exchange. 

TF the constitution is approved, 
and Mr. Lewis does not expect 
many changes, the exchange will 
he headed by a board of 
governors, and have four types of 
member: underwriters, brokers, 
associate brokers (who will be 
able to transact business on the 
exchange through a broker 
member) and subscribers, a 
limited form of membership 
similar to Lloyd's. 

The exchange will be able to 
underwrite reinsurance of all 
types of insurance permitted by 


New York state law (which 
excludes, among other things, 
strike and legal expense insur- 
ance), direct insurance of all 
foreign risks, and all hard-to- 
place risks which have been 
turned down by the rest of the 
insurance community. 

With syndicates of under- 
writers working on a trading 
floor, the exchange, broadly, will 
be similar ot Lloyd's. This is 
intentional since its creators say 
Lloyd's syndicate system cannat 
be bettered! But there are key 
differences. 

The main one is liability. All 
underwriters must put up $9.S5m 
iS5.75m if they do noL want tn 
write life insurance). Of this 
$500,000 will immediately go into 
a sn-called security fund and the 
underwriter can Invest the rest 
with the Board's approval- Each 
underwriter can be called upon 
tn ron tribute a further SSOO.OOO 
to the security fund, if need be. 

Up to 5 per .cent on each 
premium depending on the type 
of risk, will be paid into the 
security fund, giving it a regu- 
lar source of income. This fund 
— the ultimate guarantee for 
people insuring with the 
exchange — will be there to meet 
the obligations of members who 
fail or who exhaust the capital 
they have paid, to the exchange. 
This is .quite different from 
Lloyd's which, while also having 
a rescue fund, holds members 
liable for every penny they own. 
New York's motive was to" make 


NEW YORK, Dec. 4. 

the exchange as attractive as 
possible to investors. 

The exchange will also differ 
from Lloyd's in that members 
can be corporate entities as well 
as individuals, an approach more 
in line with the U.S. view of 
business. Similarly, policies wilt 
be issued in the name of the 
exchange rather than individual 
members. 

An unusual requirement that 
Board members be U.S. citizens 
is expected to upset foreigners. 
Mr. Lewie said the committee 
had disagreed over this clause 
and it might be dropped. The 
idea, he said, was to be able to 
extradite any governor who tried 
to escape his fiduciary responsi- 
bilities abroad. 

In an obvious stab at Lloyd's, 
the constitution contains a ;ee- 
Mon on reciprocity which* says 
thaL where members’ access to a 
foreign organisation is resnicaid. 
memhers of that organisation 
will be similarly restricted in 
New York. Lloyd’s caused much 
ill-feeling here earlier this year 
by curbing U.S. brokers' scope 
for investment in Lloyd's 
brokers. 

Mr. Lewis said that he hopes 
to submit the constitution for 
approval by the state legislature 
in January, and uhicss there are 
objections, it will pass on Feb- 
ruary 15. The exchange will then 
come into existence on April 2. 
though it will not open for busi- 
ness 'for some incnths after thaL 
U.S. insuranve brokers moving 
abroad. Page 24 


Party caucuses begin meetings 


BY JUREK MARTIN, US. EDITOR 


MR. JOHN ANDERSON. a 
moderate Congressman from 
Illinois, was today re-olcclcd to 
:he number ihree spot in the 
Republican hierarchy in the new 
House of Representatives. 

This v.-as the first real action 
hy either of the party caucuses, 
which began a series of meet- 
ings bore today to assigD leader- 
ship and committee positions in 
the new Congress, which takes 
office next month. 

Mr. Anderson's hierarchical 
role was thought to be the only 
one seriously in question. Ear- 
lier this year he had been 
sharply challenged in the pri- 
mary elections by the " new 
right" wing of the Republican 
Party, and was today confronted 
by Mr. Tbomas Kindness, a Con- 
gressman from Ohio, wbo fs 
much more conservative. But. 
in the event, Mr. Anderson, who 
is sometimes mentioned as a pos- 
sible presidential candidate in 
19SQ, was re-elected by 87 votes 
to 55. 


Senator 


BY OUR OWN CORRESPONDENT 


A much more sensitive prob- 
lem confronts the Democratic 
Party caucus, which is due to 
dreide. probably tomorrow, 
whether to remove from influen- 
tial committees those members 
nf the House who have either 
heen found guilty of crimes or 
who have been disciplined by the 
House itself. 

One o? these, Mr. Charles Diggs 
nf Mich lean, has already said he 
would steD down from chairman- 
shin of the District of Columbia 
committee. Eut, pending his 
appeal aeainst conviction, he 
H seeking to remain as chairman 
of the Africa Subcommittee oT 
the International Relations Com- 
mittee. 

Others in the firing line in- 
clude Mr. Danrel Flood, a Con- 
gressman front Pennsylvania, 
under indictment far perjury, 
bribery and conspiracy, and 
coneressraan Mr. Charles Wilson, 
a Congressman from California, 
reprimanded for failing to report 
a gift from Sooth Korean 


WASHINGTON. Dec. A 

businessman Tongysun Park. 
Both bold inliuential subcom- 
mittee chairmanships. 

Both caucuses will also be 
debating changes is the rules on 
congressional legislative pro- 
cesses. Present rules make it 
possible for Congressmen to push 
through special interest bills 
with minimal time for debate and 
consideration. 

Generally, however, it will be 
the Senate committee chairman- 
ships which will attract the 
greatest attention. The com- 
mittee due fm- the most radical 
surgey is Foreign Relations, 
which will have a n*»w chairman 
— probably Senator Frank 
Church, the Idaho Democrat — 
and which no whas seven vacan- 
cies as a. result of defeat and 
retirement. 

The committee is traditionally 
lather a liberal preserve, but its 
Ideological composition cnuld 
change if conservatives from 
both parties succeed in their 
efforts to be appointed. 



again backs VAT 


SENATOR Russell Long, the 
powerful chairman of the 
Senate Finance Committee, has 
rcsuscitaieri the idea of a value 
added tax for the United States. 

In a speech in his home state 
of Louisiana over the weekend. 
Mr. Long claimed that use of 
VAT would make it possible tn 
eliminate the current social 
securuy payroll system of 
taxation and. make a sharp cut 
in income tax. 

This is not the first time the 
Senator has spoken favourably 
of VAT in recent years. His 
comments are given added point 
these days because of the wide- 
spread unease both about the 
funding of the social security- 
system through employer and 
employee contributions and the 


latest fcharp increase In social 
security levies. 

These are due to increase 
further in January and are 
i-iicn cited as substantial 
factors behind both the rise in 
inflation and the decline in 
American productivity. 

However. Mr. Long, who is 
nothing if not a realist, is known 
in fee! tha f such a reform could 
not he enacted without the 
whole- lieaned support of the 
administration. 

Yesterday. Mr. Charles 
Scbultze. chairman of the 
President's Council of Economic 
Advisers, made it clear that such 
backing would not be forth- 
coming in the current inflation- 
ary environment. 

As part nf its policies tn 
control the rise in the cost of 


WASHINGTON. Dec. 4. 

living, the administration had 
toyed with the idea of recom- 
mending ih3t the scheduled 
increases in social security taxes 
due to take effect in January 
should be wholly or partly roiled 
back. But it appear? to have 
discarded this option, claiming 
instead that the tax cut to be 
applied next year will neutralise 
the additional burden nn the 
economy. Mr. Long has also said 
in the past that he would not 
support such a rollback. 

In hi? speech in New Orleans, 
Senator Long reportedly men- 
tioned that be though: a VAT 
rate of 10 per cent mi gin be 
appropriate. He also said that 
the combined Federal and local 
income tax obligation should be 
limited to 33 per cent of income. 


Net inflow of poor to south 


OVERSEAS NEWS 




but security remains 



BY DAVID BUCHAN 

MORE POOR people are now 
migrating tn the south from 
other regions of the U.S. than 
arc leaving it. according to a 
survey by the Census Euro-u 
which show* that between 15*73 
aild 1977 there was a net inflow 
nf I J7.U0U poor inu the •comb. 

Th.? officially defined pnveriy 
line last year wa>* xij.ifio for a 
non-farm family nf four. 

The reverw.il uf the h!?torii. , ::l 
exotlur nf poor while* Mack- - 
from the south is a re-non^e <*, 
i he recent c'onomii 1 bo:>m :n the 
so-called sun belt sine?. The 
study's author. Dr. Larry Long, 
conclude* thal the poor have 
been atiractcd more by the 
better job prospects in the south 


than the higher level of welfare 
benefit:; outside the smith, thus 
upsetting the commonly held 
notion the southern poor are an 
increasing burden nn the hi? 
cities of the north-earl. 

The watershed in this migra- 
tion pattern w.is --nine time in the 
rvrly 79705- Between 1957 and 
1971 the puur were tearing the 
•Miuth at ;m annua! rate of LflflQ. 
bn; by J975 (he flow had re- 
'.'•rrnd. with many more poor 
-laying in the south and migra- 
tion to 'the north reduced to a 
trickle. 

Southern states last year con- 
tinued to have the largest propor- 
tion of poor, with 15 per cent of 
their population living on or 


WASHINGTON. Dec. 4. 

below the poverty line. But the 
migration of poor back to the 
south makes the souih's rc.-gnt 
gain? all the more impressive. 
Two years ago. im.'irac per head 
in flic south had risen ;o 90 per 
ven! nf the national average. ?nd 
Dr LongS survey -.iaim*. tha* if 
presea' trend? ■•nnriruc. the 
hs>i*irie poverty can will rinse !>v 
19SS. 

However the Census Suren :i 
defines the .south very broad!’ 
tn include riche- border states 
such as Kentucky and ns f3r 
north as Maryland and Delaware. 
But Dr. Long claims rho result? 
would have been much the same 
if his study had been confined 
to the deep south. 


5' 

id 

£ 


Victory claim in 
Venezuela poll 

CARACAS. Dec 4. 
SR. LUTS HERRERA C AMPINS. 
Ihe opposition candidate, today 
claimed victory in Venezuela’s 
presidential election after un- 
official voting returns hail pul 
■him in the lead. 

Unofficial counts nr $5 pi-r pen: 
of the vote showed Sr. Herrera 
Campin'- leading hy t'OO.unii \nic- 
lOVpi' Sr. Luis Pmerua Ordj7 
candidal'.- nf the ruling Action 
Dcmncralica. 

Official returns, delayed by 
.almost six. hours because of talc 
closing of hie polls, also sat" 
an edge lo the Sr. Herrera':; 
Social Christian Party. Him 
4.5 per ceni of the vmc rmjnivd. 
Sr. Herrera led wish 44.S per 
cent, while Sr. Pinerua had 42.8 
per cent. 

■ Sr. Herrera gave a victory 
.speech at his party's head- 
quarters promising to lead an 
.administration of national unity. 
• Late closure of the polls 
resulted from a big turnout of 
.voters which is expected at lea at 
to match the 90 per cent regis- 
tered tn the 1973 elections, 
jteutcr 

Editorial coma»ent Page I# 


Canadian aircraft choice 
may be reduced to one 


BY VICTOR MACK1E 

M.-DONNELL DOUGLAS Cor- 
l-iii-urm nf St. l.mus will decide 
.ifier di-cu^vions with the 
Canadian Government on Decem- 
ber 34 u hether it will remain as 
a finalist in the competition for 
liic. CS-.Sbn (Tlbn) fighter air- 
cruft coairact. 

Tin* company with its F-18A 
aircraft i> on the recently 
announced short list now before 
;iic da bine:, along with General 
Dyu linicV r'-tfi. to provide a 
(Igluer aircraft for tbe Canadian 
armed forces. 

The meeting in mid-December 
will mark the start of talks to 
negotiate final contracts with the 
two manufacturers, and will also 
determine the potential indus- 
trial benefits Canada may sain 
from the programme. 

•* We want to see what the 
requirement and ground rules 
will be. We will decide after 


OTTAWA. Dec. 4. 

that meeting whether we arc 
going to bid or not." a company 
spokesman said. 

Mr. Barney. Danso.n. the 
Defence Minister, said today the 
Government would hive to 
reassess its fighter plane pro. 
gramme if McDnpneM Douglas 
dropped pm. He told repor*ers 
It would h e “ ve— unw'se ** to 
continue final negotiations with 
only one company. 

McDonnell Douglas is unhappy 
over tiie interpretation oF 
remarks made at a Press con- 
ference Iasi week attended by 
Mr. Danson and Admiral Robert 
Falls, Chief of Dence Staff. It 
was implied at the conference 
that the smaller, less expensive 
F-16 was already the chosen air- 
craft and the larger and costlier 
F-1SA was only in the game to 
maintain • fat facade of 
competition. 


Hanoi steps 1 
up support 
for Khmer 
insurgents 

By Richard Nations 

BANGKOK. Dec. 4. 

VIETNAM today took its support 
of an insurgent movement in 
Cambodia a step further by 

. broadcasting over Radio Hanoi 
a report of what was claimed 
to be the inaugural meeting 
nf the Central - Committee of 
the now Kampuchean United 
Front for National Salvation. 

The aim of the front, which 
Radio Hanoi says was set up 
two days a so in “a liberated 
zone" or Eastern Cambodia 
(Kampuchea). 13 to overthrow 
the Khmer Rouge regime of 
Premier Pol Pot and establish 
u "neutral and non-aligned" 
Kampuchea. 

In backing the front so openly, 
Hanoi's purpose seems tn be 
to make more credible its 
claim that there is widespread 
popular resistance inside Cam- 
bodia. 

Today’s announcements, how- 
ever. come just over a fort- 
night nfter the first signs of 
renewed heavy fighting in the 
border region. Tins may 
prestage a Vietnamese " ilrv 
season offensive." aimed at 
controlling , the north-eastern 
quarter of the country- 

Hanoi has long been training a 
force recruited from 160.000 
Khmer refugees ^nd defectors ( 
m Vlrfnan. Some of the esii- j 
mated 20, 000-strong irregulars | 
are said to be deployed in; 
Eastern Cambodia, in support 
of Vietnamese ground opera- 
tions in Ihe Fish-hook area. 

This is the first time, however, 
that the existence of a wlf- 
stvlcd liberation front has 
been disclosed — an unmistak- 
able sign of Vietnam \ deter- 

. ruination to femqve ihe Phnom 
Penb Governtmait. f 

The front's own “ liberated radio" 
—the Cambodian New* Agency, 
— was said tojiave broadcast; 
today the Central Committee's I 
first meeting, which took place 
two days ago "somewhere in 
the liberated zone of Kampu- 
chea.” 

Mr. Hens Sararin. the Central 
Committees President. is 
alleged to have been the 
former political commissar and 
commander of Ihe Fourth 
Division in thtr Eastern 
Region. I 

Others or the 14-member Central , 
Committee— a hill tribesman.; 
a woman, a senior ' Buddhist ! 
monk, a doctor, an engineer. ] 
a physicist, and a journalist — 
appear lo be tokens of the 
partv's wish to build a broad j 
coalition, of all groups! 
disaffected by Khmer Rouge \ 
radicalism. [ 

The partv programme promises j 
to "restore Kampuchean 
rights . . . t" rehuild their 1 
rattiily life. and to (allow) frets 1 
dom rff movement, association [ 
and religion.” It also pledges ] 
" to re-establish banks, > 
reissue currency aboli'h the 1 
compulsory work system and i 
build a planned economy with ; 
markets and the circulation of | 
gouds." I 

It is questionable how far this j 
appeal to moderation will ; 
•’’■ereeme ihe traditional ] 
l\hrr*>r hi* rod for . the \iel-j 
name se which has ..sustained 1 
Cam'ijud'a'r war effort, despite 
Khmer Roue*? cruelties. Hanoi, 
hnwcv-fi' :< no: relying or 
;»n ! it : 1 : -> 

There urc nd cations that 
element ? of 14 divisions— more 
i.han inn non own— arc massed =' 
along ih*’ Cambodian border. . 
with up t« 20.000 men holding 
enclaves 15 kilometres inside ' 
Cambodia. They have recently I 
been heavily reinforced with 
supplies and hardware. 


BY QUENTIN PEEL 

VOTING in the disputed election 
in Namibia (South West Africa) 
began today amid heavy police 
and military security, with the 
South African authority claim- 
ing a heavy early turnout at 
the polls. 

As Judge Marthinus Steyn, 
the South African administrator 
general in the territory- declared 
that the day marked “the door 
to a new era," the' huge official 
operation to encourage a heavy 
poll, in spite of the abstention 
of two of the four major 
political organisations, swung 
into action. 

Police, armed with r machine 
pistols, guarded the polling 
stations; soldiers patrolled key 
points in the capital; and elec- 
tion officlais explained tbe com- 
plex voting procedure to the 
first-time voters. Some. 60 per 
cent of the Namibian population 
is illiterate, and polling officials, 
under the scrutiny .or party 
officials, will vote on their behalf. 

But there were immediate 
allegations of intimidation of 
voters by the front-running 
Democratic Tumhalie Alliance, 
which is confidently expected to 
win an absolute majority-- 
Ironically, the allegations came 
not from. the South West. Africa 
People's Organisation (SWAPO), 
whose principal internal -leaders 
were detained by the security 


police yesterday, but from tbe 
Right-wing and largely white 
Aktur Party. 

Aktur, which includes, tbe 
former ruling National Party, 
bad already objected to a DTA 
plan to hand out free food at .the 
polling stations. Today, party 
organisers appealed against the 
huge : marquees erected 
immediately outside polling 
stations in Katatura. Windhoek's 
black township, through which 
potential voters liad to queue. to 
vote. 

" It is unbelievable the 
Intimidation that is. going .on: 
here," an angry- Aktur official 
claimed. “There is nathing^)£/a 
free election here whatever,”.-. 7 

Aktur is expected' to -wjpl'iar 
majority of the white vote lir 
the territory, but' not to .attract, 
any significant numbers oE -black 
voters. 'Both the major - black 
nationalist parties^ SWAPO: tad 
the Namibia National .-Fronts 
have refused to take pari hi ‘the 
poll, calling for UN-supervised 
elections next year. In. their 
absence, the DTA is likely til be 
a clear victor. 

Judge Steyn himself addressed 
Government guests and journal 
lists today to defend the<“ciriY 
rent exercise. He said that^tbere 
had been an irresistible tide of 
public" support for elections^ .to: 
be held before the end oF.tibe 1 


WINDHOEK, Dec. 4. 

year. The key question .was 
-whether a dear majority , of the 
electors .would now vote, in 
spite of the boycott campaign. 
.The authorities sa that '92 per 
cent of the eligible voters have 
registered -to vote. 

Speaking only hours before the. 
meeting ' of the UN Security 
Council was called to consider 
progress towards UN-supervised 
elections in the territory. Judge 
.Sleyn said that, "everything 
~ reasonable should he done to 
"achieve - an inter nationally- 

recogmsed indepe ndenc e--.. •„ 
Within limits."- If the people 
elected in tbe present; exercise 
were mot prepare4 to go along, 
with UN-supervised ■ elections*. 
c“ that will have to - be very 
'• earnestly considered 1 >y every- 
body.” 

. - He defended Sunday's deten- 
tions ot SWAIJO leaders as being 
solely a police action in the wake 
.of the two bomb blasts in 
Windhoek on Saturday.. He also 
defended the expulsion of two 
-churchmen from the territory, 
but declined to give any specific 
reasons for bis action. One erf the 
churchmen. Mr. -Justin . Ellis, had 
produced a report- on irregalari- , 
ties in the official- registration ‘ 
process for this week's election. 1 
Polling lasts until- Friday, and a 
result is expected about one week 
later. 


Begin rejects Sadat proposals 


BY DAVID LENNON 

HOPES FOR a hreak in the 
impasse in the Middle East peace 
talks suffered two blows today, as 
Israel rejected Egypt's latest pro- 
posals and reinstated a hard-line 
policy on the occupied West- 
Bank. 

Mr. Menahem Begin, the. 
Prime Minister, sent a letter to 
President .Anwar Sadat of Egypt, 
rejecting his suggestions for 
breaking the stalemate. The let- 
ter was formulated in consulta- 
tion with senior Israeli Ministers, 
who met Mr. Begin this morning. 

Officials said the Israeli letter 
was a polite but firm rejection 
of the Egyptian demand for a 
target date -for elections to a 
Palestinian seif-governing council 
for the West Bank and Gaza 
Strip. 

Tt also' rejected President 
Sadat's request to change the 


TEL AVIV, Dec. 4. 

draft treaty's article six! which homes of suspected guerrillas 
gives -the treaty priority -oyer, was .frequent during the late 
other commitments made ^y- the 1360s, hut had , fallen out of I 
two nations. Egypt's request for favour in recent years. Today's' 
a special status in the Gaza Stripr demolitions were the first car- 
when self-government is ried out by tbe Begin Govern- 
instituted, was also rejectetLV' ment since it caine to power 18 
Officials here were not .-optf- manlhs ago. 
mistic about the prnspeotsr for ■ LbuiS Fares reports from 
progress in the negotiations ©amiscus: Senator .Robert Byrd, 
after the exchange of the . fwo^who is bn a Middle. "East mission-] 
letters. Both sides have ,re- for President Carter; arrived in 
peated their known positions, Damascus todays U.S. officials 
but do not appear to haye;;ftft4- said tie would meet President 
cafed willingness lo makeVfeay. Hafez Assad and Syria's Foreign 
concessions on the basic --'elide- Minister. ' They denied reports 
jng points. a. .that he would meet. Mr..' Yasser 

Meanwhile, on tne occupied Arafat, leader of the Palestine 
West Bank r Israel reverted, to a Liberation Organisation, ’:••• 
touch policy against Palesphhm Mr. Byrd was -in Amman 
guerrillas when the array .-blew yesterday where "he Is reported 
up the homes uf two -^popie to have tried to persuade King 
accused of committing murder Hussein . to join the' peace 
and sabotage. Blowing upVtbe negotiations. - ' 


Anti 
call to 
desert army 

By David White ■ 

PARIS. Dec. 4. 

AYATOLLAH KHOMEINI, '{tie 
Iranian religious leader, now 
. exiled in - France, stepped up 
.the tone .of bis ..campaign 
against the Shah at the .wee- 
en by calling on soldiers to 
leave their barracks. 

The Ayatollah’s latest appeal 
. to his Shi’ite Moslem followers . 
brought a sharp reaction from 
the-. French authorities, who 
today issued theta* thrid warn- 
ing about his activities on 
French territory. 

The -- Foreign. V- Ministry^ . 
Director Tor Administrative 
Affiarsr the'; senior: official 
responsible for. -'aliens tn 
Franco, was sent to; ' the 
Ayatollah’s headquarters at 
Neauphf le-leChateau^3u wbeg. 

' outside -Paris this afternoon^ - 
' It was- Ihe most formal move-' 
made 'so far. by the .FrinXfeb 
Government with rega^ fo 
the ibeneasingty embarrassbig . 
presence. ' of- - tt® 'AyatbSafe.- 
: who arrived 5n- France iro® . 
Iraq two -months ago-.. 

. President Valery - Giseard 
d'Estahig revealed two weeki 
agpu- that the Ayatollah 
afceady been warned twice. 
ltd use his French base to-fbeite • 
violence in Iriuti .' ; ■' 

-.The- --Shiite, leader .Wds' 
understood to- .have been .told 
today ' that his permission to 
stay, which: expires In any. case 
on 'January 5, was conditional 
oit his “ discretion.’* 

. The Ayatollah has r said, he 
regards bis stay in -France as 
temporary -and is believed to 
be Seeking entry to a Moslem 
country. 

In.-his appeal sent out yester- 
day, he toM soldiers it- was 
their religious, doty to desert; 

- He described recent army 
action .against demonstrators, 
in Tehran, as “a bloody 
massacre, an Infamy for the 
Shah and his supporters inside 
and outside the country.” ‘ - 

He added: “ I ask all Iranian 
soldiers to fiee from their 
barracks.’' , It was their 
religious, duty to do so, he 
added.. 

Ayatollah ‘ Khomeini also 
warned polUIcans against 
; co-operating with the Shah in 
any way, and. urged Iranian 
workers to continue their 
strikes^ and to paralyse the 
economy. 

“The strike In (he oil 
Industry in particular, which 
prevents the looting of the. 
nation’s wealth, is an act of 
obedience to God,” he said. 


Egypt’s Arab ties flireatened at meeting 


BY KATHLEEN BISHTAWI 

EGYPT'S uncertain position in 
the Arab world is going to he 
uncomfortably - highlighted ihix 
week as trade ministers and 
officials from 13 Arab nations 
meet in Dubai tomorrow to 
discuss future Arab economic 
unity. 

This week’s meeting of Ihe 
Arab Economic Unity Council 
:s the first to take place since 
<i»e conclusion of the Camp 
David agreement and the 
resumption of peace talks 
between the Egyptians and 
Israelis in Washington. 

Official? at the confierence 
said that Egypt's position in the 
Arab economic world m ihe 
eventuality of a peace treaty 


being signed with .Israel Is 
of the main items ' on the 
agenda. Also to be disduspd is 
the implications such a treaty 
would have on the Israeli boy- 
cott and the part. Egyptian 
companies may play in future 
relations between the two 
countries. 

The officials emphasised that 
the conference is -being con- 
vened “ in the framework of tho 
Baghdad summit resolutions." 
The Baghdad summit discussed 
the possibility of removing the 
Arab League headquarters to 
another Arab country, and us a 
council delegate pointed out 
“ whatever applies lo the Arab 
League applies to all pan-Arab 
institutions." The headquarters 


.of the .council is .also presently, 
in Catiro. • ; "r- =- 

Aake'dj if an ultiraatum .wafi-' 
going tirtie put to Egypt at'the 
meeting; Mite, official commented 
that, “ l eannpt say whether it 
will come', to a -vote, but it is on 
tbe tabte. for discussion." 

Egypt will tie .placed in a par- 
ticularly embarrassing light at 
this confetnece, aS- its acting 
minister of tirade, Blr. Mathat 
Abdul Axaz, currently holds the 
chairmanship of the council The 
Egyptian minister became chair- 
man by mere alphabetical rota, 
last Jirae at a council meeting in 
BaghadatL His term of office fa 
due to . last another seven months. 

Tbh disarray of the Arabs *is 
painfully ■ apparent at this 


. DUBAL Dec,# 

-- • .- ■■ . r i\- -.*•*- 1 * '-. 

ecottototirv qdity? : *ne»fStig- V-No 
diplomatic relations • exist 
betw^,ett-.*EEypt; tad four -other 
membcY- 'states, natoeiy Libya, 
Syria, lra<r and r Sooth' Yemen. 
North and South ..Yemen, which 
are also attending the confer- 
ence, maintain no relations 
either. . • 

The council will be conspicuous 
for :tts. ..absentees... Lebanon, 
Tunisia, Morocco and tbe richest 
Arab country - of aiL Saudi 
Arabia, are not members; Dr. 
-Fakhri Kaddonri. former Iraqi 
trade minister and now general 
secretary of tbe council, said 
negotiations witb other Arab 
countries were continuing but no 
immediate requests for member- 
ship were expected. 


THE UNITED ARAB EMIRATES 



BY OUR FOREIGN STAFF 


THE UNITED Arab Emirates, 
Ihe federation of seven Sheikh- 
doms in the lower Gulf led by 
Abu Dhabi and Dubai. ha e shown 
itself to he Ihe most durable 
example of unity in the modern 
Arab world. Last weekend it 
celebrated iis seventh anniver- 
sary — refining ihnse critics who 
did not expect it to hold together 
more than a few months. Yet 
the contradictions and internal 
icnsions that hirJ; beneath the 
surfac* of th-> r: %E were 
apparent on National Dav. While 
Sneifch Zaid. Ruler of Abu 
Dirjlii and PresidcfU of the UAE. 
.ittvnded :hc celebrations in his 
i-aiulal. Sheikh Ra-bid iff Dubai. 
:br* Vice-President, was av;ay 
f-ilconin? m Pakistan. His 
nb-cnco did not go unnoticed. 


A division nf Cambodian troops 
nf up to 3.000 men was also 
said to have been destroyed, 
and 500 men were killed near 
Snoul, in the Fish-hook area, 
lust November 18, when 
engaged by two Vietnamese 
divisions and supporting air 
attack. Vietnamese bombing 
and strafing raids : have in- 
creased now that the sky is 
clear and tbe flood waters have 
drained from the Cambodian 
side of the Mekong Delta. 

Vietnam appears t» have the 
political and military wings 
nf its Cambodian campaign 
firmly in ihe field. Bat opinion 
is divided over which will lead 
*he cnnvng offensive. Some 
.observers evpect Vietnamese 
forces soon to drive up to the 
7.1eknns~ at Krafie. cut the 
north-eastern onartet of the 
cnunlry off from the capital, 
and open the way for the 
united front to liberate the 
territory. 

Qihers view such an overt drive 
as too risky, given tbe un- 
known extent r»f Peking's 
commitment to Plniom Penh 
and recently escalating pres- 
sure from China on Vietnam's 
northern ‘border These ob- 
servers expect tbe -guerrillas 

to take a greater part of ihe 

fighting, while Vietnamese 
patrols engage the Cambodian 
army from the enclaves Hanoi 
already holds. 


1 Progress Towards greater 
I internal cohesion in the UAE 
jhas always heen uneven but the 
j past year has been a pavticu- 
j larly uneasy one in the Emirates. 
I A set of stubbnn disagreements 
{between Abu Dhabi, which 1 * 
ione nf the world’s biggesi oil 
I exporters, anil Dubai, with a 
1 Kina Her ml income but a big 
I trading revenue, have become 
! more intractable, with Sheikh 
[Rashid speaking publicly during 
1 the summer nf the possibility of 
: Dubai leaving the federation. 
• Few people took that threat at 
; face value but the fact remains 
that despite mediation by several 
1 countries including Britain. Iran 
land Saudi Arabia the differences 
I between the two most important 
■ emirates have yet to be ironed 
out 

The situation has become more 
urgent because of the turmoil in 
Iran. The UAE was founded 
Iwhen Britain withdrew from the 
j Gulf in 1971. Iran immediately 
stepped into the vacuum, seizing 
three oT Emirates' islands, and 
from then on dominated the 
region by iis superior military 
power, while the prestige of the 
Shah boosu-d other ruonarchs in 
the area. 'Now the Sbuh's throne 
is in clanger and tbe Iranian 
armed forces are tied down try- 
ing to keep order at -home. The 
security of the Gulf stales and 
their traditional rulers is in dan- 
ger. Yet it rs difficult to detect 
many sicns uf urgency in the 
UAE. 

The difference*; among the 
Emirate.-* have been emphasised 
1 by the faut tii.it ihe astronomical 


Banter Ubn 



Cfcah War 


Saudi 

Arabia 


5HAUW 
.'KBit 


-.1 

BUS UffUMAB. 

•1 .- 

U. HUMUS. 

' • Of :fff fri 

n— -- • " 7r - 


Weifel Arab 
fsiralcs 


200 Miles 




0 B 1 I 




rates of economic growth of 1975 
and J97B are over and though 
development is actually continu- 
ing the very different styles of 
Abu Dhabi, and Dubai have 
become mure obvious. Abu 
Dhabi lias become more 
aus le re, while ' Dubai Is 
liberal in heart and in pockci, 
believing this is essential to its 
fill filling its role as a 'kind 
of Singapore for the UAE 
and the Gulf. In .Ahu 
Dhabi there are increasing 
restriction 1 ? on alcohol. Dubai 
in contrast has hotels, pubs and 
entertainment centres that are 
becoming tiie talk uf the Gulf. 

The economic policies of- ‘the 
two cmi rales are very different. 
Ahu Dhabi wants the current 
period of economic consolidation 
and measured growth to con- 
tinue. ti is aware that high 
spending in the UAE leads lo 
higher immigration Trom other 
Arah slates and the subcontinent, 
putting tbe indigenous popula- 
tion into more of a minority. 
Investment in the western 
countries is becoming less attrac- 
tive becasue of (he uncertain 
dollar and the involvement with 
Ihe U.S. that this involves. The 
most desirable alternative, Abu 
Dhabi, is realising, is 40 invest 
in the Arab world. In this way 
there is l^ss ■movement of popu- 
lation. However such policies 
require u stable Arab world, 
lienee- Abu Dhabi's concern abnui 


the divisions caused bv Mr. 
Sadat's peace initiative. 

Dubai, on the other hand is 
firmly committed to large scale 
industrialisation, including .its 
aluminium smelter at the new 
Industrial city or Jebel. Ati. 
Having ' absorbed large -scale 
immigration without too much 
strain in the past, it ig i e ys 
worried ' about it than Abu 
DhabL It. also feels' Utat with its 
commercial skills it can be suc- 
cessful, iff the uncertain waters, 
of industrialisation in the Gdlf- 

But the -buoyancy of its com-, 
merce.has been affected by Abti 
Dhabi’s slower growth, while ihe 
northern emirates', have “-been 
sorely affected by, for. example, 
the \ credit, squeeze imposed by 
the banks and by Abu Dhabi's 
reluctance to use - its wealth to' 
bail out -those emirates which get 
into" difficulties because of ibeir 
ambitious development schemes. 

Abu, Dhabi, with .support from 
some of the other emirates. 
would like to see .a- rather 
stronger, - federation, avoiding 
sorae bf '-the duplication-- iti 
economic .development, that has 
taken place because of competi- 
tion between the individual 
states.' Du hai, on the- other hand, 
with Its .own supporters,, is 
opposeff tb too much centralisa- 
tion and sees tte federal 
bureaucracy, based -in Abn Dhabi, 
as . inefficient... and- intrusive. 
Sheikh- Rashid -has-been "very 


reluctant to. make contributions 
to tbe federal budget- Dubai is 
also concerned about the increas-' 
inE powers of the federal 
ministers and believes that the ' 
federal cabinet-- is assuming 
powers that rightfully belong to 
the supreme council made tip-o£ 
the rulers. Yet the supreme . 
council has not mat for inorfe 
than six. months. ' 

The dispate which brought 
these underlying problems lb '.a : 
head came last spring.' when .. 
Sheikh Zald appointed his second 
son Sheikh Sultan to the post, of; 
commander in- chief, of .the_-‘ 
federal armed forces as part of . 
a plan to unify them.; The move 
pre-empted discussions already 
in progress and was annduflcCd 
while Sheikh Zaid was qut of -the - 
country, leaving Sheikh Rashid; 
as actimj-Pnesident. -Sheikh 
Rashid says.: that he was hoL^dd 1 

suited -ami that the proCeSutt- j 
used breached the coustittitiw% ., 
Since then' the unification ' ' 
armed farces has been s£aB.|d^' : ' 
The slowdown in ^ 

ment of the federation j 
-affected other fo5titutions;~ c ^ic-.> 
Currency Board,- _w'tocfi. : . is j 
intended to become the UAE*.*, 
central bank, complains that 
neither Abu Dhabi nor. Dubai ^ 
channel sufficient^ of their oil -a 
revenues tbrpugh^it .m- order for i 
‘if to. fulfil -its functions. In. the 
circumstances there . is doubt .4 
about . ;the-, projected ; nattopal 
plapning board which is supposed -j 
to draw iip an economic -and % 
industrial; plan, for 1980^ and f 
: beyond.. . r - ' r V. 

.. In this. im«atals mqod tboxe 
is a tendenc^io forget b ow muob l 
has - dieea- ; achieved In the f 

deveropuWBt .oftirfs*. barren part ' £ 
or Axabin. not just in economic 
-terms foil-has tranitormed swne-.g 
of ., the ’poorest r «pCpjde' io the 
. world in^o.amtmg tiidse with toe. , £ 

itighost -per 7 caplin income . any* * 
wb erer^Buf tnK. Jias-' madeimahy r, 
UAE. narriimais. especially ihd^ U 
xetp rnifig-^rb m- Cduca ti&n abroad.^ 
'more awarp ;-of - the fdefee&rflf :&■ 

jtfielr'- rsbeiety;' Ife " 'eX tfavagart S 
consumerism and; its' piq>ulatkro ^ 
iTnbalaTiEe v -.-anff - more. , worried- ■$- 
about i .■< 
tiy^c: the. c rtdei«.Teta|?r^ 

- promise- iur- SHcl ife-jg 

anned.forecs anti a consensu siia 

• theTUlu rCbt tfte union to^dirfuj* ^ 

- the : prc&tnti fenstonsr. ' ' y? 







iisstl I 






mmm 

mmm 






t®i 


■\-t" ''7’.*' 

IrlWS.' i 

.-<:;*• V-V* '-. 




mm 


*h ssr^\ 

^rrllorv. ^itv 1 
























Financial Times Tuesday Dec&bk- g 1978 


WORLD T RAD E N EVVS 


15.1% growth in British 
exports to West Germany 


BY JONATHAN CARR 

BRITISH EXPORTS to West 
Germany grew by 15.1 per cent 
to DM S.Sbn (£2.43bn) in the 
first nine months of this year and 
now take a somewhat larger 
share of Germany’s total imports 
than they did a year ago. The 
growth was in the key sector of 
wholly manufactured products as 
well as in raw materials, notably 
oil. 

Figures released by the 
Federal Statistical Office show 
that West German exports to 
Britain were even more buoyant 
— rising by 17.4 per cent to 
DM 12.2bn t£3.37bo) and thus 
increasing the German tra-le 
surplus with Britain to DM 3.4b O. 

However, the surplus figu/e 
alone partly obscures the fact 
that both countries are having 
greater success in penetrating 
the home market of the other. 
The rate of increase in bilateral 
trade is higher than that between 
West Germany and almost all 
other European Community 
countries. 

Further, the volume impact of 
British exports on the German 
market is understated by expres- 


sion of tbeir value in terms of 
the Deutsche Mark — which has 
appreciated against sterling by 
about 7 per cent since the start 
of this year. 

During January - September, 
British goods took 4.9 per cent 
oF the German import market 
against 4.4 per cent in the same 
period last year. Even excluding 
crude petroleum (exports of 
which rose by 44 per cent to a 
value of DM 930m) British goods 
were still accounting for per 
cent of German imports against 
4.5 per cent last year. 

Exports of British, wholly- 
manufactured 9 products rose by 
14 per cent to DM 5-8bn. account- 
ing for 6 per cent of German 
imports of these goods against 

5.7 per cent in January- 
September. 1977. 

Among the successes here 
were exports of British textile 
and leather 'machinery, which 
increased by 29.2 per cent to 
DM 55m (10.5 per cent of German 
imports against 8.4 per cent last 
year), of office machinery, includ- 
ing computers, which were up by 

11.7 per cent to DM 359m (13.4 


. BONN, Dec. 4, 

per cent of German imports 
against 13.1 per cent before) and 
Df electrical engineering pro- 
ducts, which increased by 14.1 
per cent to DM 645m (5.9 per 
cent of imports against 5.7 per 
cent). 

On the other hand, while 
exports of motor vehicles rose by 
14.1 per cent to DM 703m, 
Britain's share of German 
imports of these products none- 
theless fell to 6.4 per cent against 
6.6 -per cent in the first nine 
months last year. 

• The UK was Hong Kong’s 
leading market for watches 
Within the European Economic 
comanwaliy for the first three- 
quarters of 1978. The UK pur- 
chases went up by 120 per cent 
over the similar period last year 
to total £14.37m. 

According to trade statistics 
from the Hong Kong Trade De- 
velopment Council issued in Lon- 
don today, the UK market 
accounted for nearly 44 per cent 
of Hong Kong's total watch ex- 
ports to the EEC which were 
valued at £S2.71m. < 


U.S. allows 
sale of oil 
equipment 
to Russia 


Chinese nuclear pla 
expected to be first 


seen as 
‘pragmatic’ 


BY COUNA MaeDOUGAU. 


EEC bid to aid Pakistan trade 


BY CHRISTOPHER SHERWELL 


ISLAMABAD. Dec. 4. 


PRIVATE businessmen in Paki- 
stan and the EEC countries, with 
help from the European Com- 
munion in Brussels, are attempt- 
ing to boost Pakistan's exports 
to the Nine. A ten-man Pakistani 
delegation is currently on a 
sales mission to six European 
■ oun tries, while a group of Euro- 
pean businessmen has just ended 
a huyine visit here. 

The EEC's interest, according 
to the leader of the European 
group, lies in promoting trade 
relations with developing 
countries which have balance of 
payments problems. For Paki- 
*laa. which has run a large trade 
deficit every year since 1973. 
such opportunities to redress 
the balance are welcome. ^ 

Pakistan's successful surgical 
instruments and sports goods 
industries have provided a main 
focus of interest, along with 
more traditional items like onyx 
products, wood furniture, handi- 
crafts. carpets, and rugs. 

Taken together, these form 
less than 15 per cent of Pakis- 


tan’s exports by value. Though 
all are growtb sectors, they are 
small compared with cotton and 
cotton products, which are 
responsible for 35 per reDi of 
Pakistan's export earnings. Over 
a quarter of Pakistan's trade, on 
imports and exports, is with 
Western Europe, with the 
balance against Pakistan. 

The two trade misssions have 
botb been sponsored by the 
European Commission. How 
successful they have been wiil 
only emerge in time, but one 
difficulty' has been over tradi- 
tional items, where establishing 
direct contact with the usually 
small-scale producers means try- 
ing to by-pass ever-present 
middle-men. The business seems 
unlikely to grr>./ until producers 
van be made more aware of the, 
market. 

One novel area of European 
interest canned shrimps, seems 
unlikely to be catered tor until 
quality is improved, and this has 
been a complaint in other fields. 
As a result the European mis- 
sion appears to have been mostly 
an attempt to build up relations. 


and orders have been made 
mainly to see whether there is i 
any future in trade v;Lh 
Pakistan. 

Though Pakistan's sports goods . 
industry has seen remarkable: 
output and export growth since 
independence in 1947. its com- 
petitiveness has been less effec- 
tive in the past couple of years, 
partly because it - has not. 
received the support ' it has 
demanded from the Government. . 

Over 20.000 people are em- 
ployed in tbe surgical instru- ; 
merits industry which. like the! 
sports goods industry, is based : 
in Sialkol in the Punjab and I 
competes with the world'? best. 

Coinciding with the attempts; 
stimulate Pakistan-EEC trade.', 
a US. team representing com- 
panies in the communications! 
industry has visited Pakistan to . 
assess the market for com muni- : 
cations equipment. 

The companies concerned — ! 
Western Electric. 3M. Motorola 
and Rich Electronics — are com- 
peting with companies from 
Britain. Germany. Japan. France. 
Sweden and Holland. 


Sy David Sstter 

MOSCOW. Dec. 4. 
MRS. JUANITA KREPS. the 
UB. Commerce Secretary, 
today signalled American 
willingness to work for ex- 
panded U-S.-Soviet trade, 
announcing authorisation of 
22 U.S. oil equipment export 
licences at the opening of tbe 
meeting of the U.S.-USSR 
Trade and Economic Council. 

The licences affect ^contracts 
with an estimated valne of 
$65m, the last of a group of 
contracts which have required 
White House approval since 
July when President Carter 
imposed new controls on oil 
equipment sales in retaliation 
for Soviet dissident trials. 

Mrs. Kreps and Mr. Michael 
Blnmenthal, the U.S. Treasury 
Secretary, had talks today 
with Mr. Alexei Kosygin, the 
Soviet Premier, for 90 minutes 
and there was reported to have 
been “ a useful exchange of 
views on improving trade 
relations between tbe two 
countries.” 

The week long meeting of 
tile U.S.-USSR Trade Council 
Is to he attended by 400 top 
U.S. business leaders and is 
expected to feature a major 
effort by the Soviets to con- 
vince U.S. businessmen of the 
importance of an end to ‘lie 
Jackson -Vanik ameudment 
which ties liberalised 15.* 
Soviet trade to a Soviet under- 
taking lo allow freer Jewish 
emigration, 

Mr. BlumentbaU however, 
sharply criticised the Soviets 
for their handling this sum- 
mer of the case of, V.S. busi- 
nessman Francis J. Crawford 
and gave no indication in his 
opening remark? at the meet- 
ing that tile Carter Administra- 
tion was contemplating any 
compromise in its attitude- 
towaid the political implica- 
tions of U.S.-Soviet trade. 

Mr. Biomenihal said that the 
violence used against Mr. 
r raw ford, a former Moscow 
representative of International 
Harvester convicted of cur- 
rency speculation, was “quite 
inappropriate.'* He said it 
“ profoundly disturbed ** the 
U.S. business community. 


CHINA'S PURCHASE otf two 
nuclear power plants from 
France, announced yesterday, 
comes after visits by Chinese 
missions to British and Italian, 
as well as French installations, 
and inquiries for Japanese and 
Italian thermal power stations 
have been reported. 

So far, China has no nuclear 
power industry of its own, 
although' it is behoved «o have 
built a small reactor. Sir Francis 
Tombs, ohainmasi of the Electri- 
city Council, as in Peking until 
□ext Sunday, leading a delega- 
tion that includes two General 
Electricity Generating Board 
chairmen and a member of 
senior management of the operat- 
ing side. 


Previous Chinese missions to 
Britain have looked -at fife 
Rabchife and Dodcot cool-fired 
plants, the Kongsmorth oil-fired, 
plant, and tbe Hinckley Point B 
nuclear plant. 

The purchase from France is 
likely to be just the first In a 
number of power plant deals, as 
China's industry is seriously 
inadequate for present needs. let 
alone its ambitions modernisa- 
tion programme. 

The Chinese have already 
agreed to supply fuel for a new 
coal-fired installation in Hong' 
Kong, which may in due course 
export power to South China. 

Chairman Hua Kuo-feng listed 
30 power stations among the' 
major projects he outlined in .a 


speech last March. These are 
all to be completed by 1985. 

In China's previous round of 
importing industrial : equipment 
In the early 1970s, Peking bought 
far more power plant from tbe 
Soviet Union and Eastern Europe 
than from the West . and Japan. 

- Capacity purchased from the 
Russians in 1972-76 totalled 2,000 
MW and from Czechoslovakia 
450 MW. From Italy it totalled 
1,085 MW. from Japan 750 MW, 
and from France and Switzer- 
land together 300 MW. 

- China's total generating 
capacity was estimated for 1977 
at 43,900 MW. the ninth largest 
power industry in the' world, but 
its per capita output is very low, 
similar to that of India and 
Zaire. 


Foreign factor in Brazil deficit 


BY DIANA SMITH 


RIO DE JANEIRO, Dec. <L 


BRAZILIAN EXPORT Bureau 
Statistics sbow that foreign 
chemical and drug companies, 
Brazilian state-owned steelworks 
and a fo reign-owned pulp, live- 
stock and farming concern were 
! responsible for the heaviest indi- 

■ vidual trade deficits in the first 
! nine months of this year. 

j The Jari (Amazon) forestry, 
; pulp and fanning enterprise. 
; owned by the American bil- 
lionaire Mr. Daniel K. Ludwig, 
• headed the list of concerns with 

■ major trade gaps. It imported 
: 8293.5m and exported 82.64m. Tbe 
: lion's share of this gap can be 
[ attributed to Mr. Ludwig's 
'import, earlier this year, of a 

fully-manufactured pulp plant. 

, and power plant, from Japan. 

: lowed across the oceans to th® 
depths of the Amazon. Tbe cost 
<jf the pulp plant alone was 
; $260m. 

; Meanwhile five foreign drug 
1 or chemical companies — Ciba- 
; Geigy. Bayer, Hoechst . du Pont 
and Monsanto^imported Sl77.9m 
; between them in nine months 
i and exported only $4.43tn. The 
| Brazilian Government's lack of 
! success in persuading them to im- 
\ port less and export more is 
i reflected by the fact that, in 1977. 

[ these Are companies imported 
1 SlOfi.Tm (65.5 per cent less than 
. in 1978) and exported S3.06m — 
45 per cent loss. Only one com- 
pany, Dow. exported more — 
Sll.Sm (compared with imports 
: of S28.97mj. The lowest single 


exporter of all six companies was 
Monsanto, with $290,000 in 
foreign sales (and $25.125m in 
imports). 

Four Brcarittaa' state-owned 
steel works — Usiminas*- -the 
national steel company. Acesitei 
Special Steels and the Sao Paolo ; 
Steel Company, -imported 5405 -8m 
tins year, compared with -8418.8m. 
in 1977, exporting 553.46m this 
year and S6.86m last year. ^ . 


These units are key factors in 
Brazil’fe plans to be seUf snffldent 
in. steel by ■the kste 1980s. All 
were completing stage two ex- 
pansion programmes wato im- 
ported equipment -. 

; . Their bother exports this year 
■ — especially .toe National Steel 
Company (CSN) in Rio tie 
-Janeiro State, which .increased 
exports ninefold from S4.12an to 
-5378m, is a positive sign. 


Peking cast iron contract 


BY OUR OWN CORRESPONDENT 


By John Yforrall- , 

' NAIROBI 1 , Dec. 4. 
NEW DIPLOMATIC appoint- 
ments . suggest that Kenya is 
pragmatically adjusting, its 
foreign policy to its economic 
needs. 

Kenya, has appointed a High 
Commissioner for the first, time 
to Canada; ; very much a 
favoured . nation for its spe- 
cialised .technological aid. 
Nairobi . is the regional centre 
for Canada’s prestigious inter- 
national research and develop- 
ment centre. 

For the first time a Kenyan 
Ambassador lias been appointed 
to Japan, which has recently 
been financing many aid pro- 
jects, in tourist infrastructure" 
and technical education; -and . 
there are a number of joint Com- 
mercial ventures in the radio and 
television field. . It is felt in. 
-Kenya, however, that Japan, 
could be more . forthcoming hi 
the- aid field in view of the 
almost Irreversible trade balance. 
in Japan's favour.. 

Kenya has also re-opened its 
Embassy in Peking, which" was 
closed during tbe cultural revo- 
lution. 

A strong sew Kenya Ambas- 
sador has been appointed to the 
EEC; fiut'.v heawamg Kenya's 
foremost aid giver after Britain.- 
Brussels is. seen here as- being 
a 'pivotal point for multinational 
activities in. the -BnoogUl ‘.apd 
economic sphere 'with wifich 
Kenya is associated. The - new 
Ambassador is Mr. Japhet Kiti. 
deputy secretory in >1!he Ministry 
of Foreign Affairs. 



; RIO DE JANEIRO, Dec. 4. . 
THE CHINA Minerals and Helali. -tradihg companies. 

Corporation, is to buy 200,000 Moreover, Brazilian cast. Iron 
tonnes of cast .iron from '.the manufacturers have bad ■' prob- 
Brazilian producers, Cimetal. 'Ote^Jems “ with their traditional 
contract, which includes 24,080 foreign markets, the UB. and 
tonnes of rolled steel, is wbrth_tf, B EEC. where they were 
, „ . , - ' ' accused of unfair . competition 

The deal, says Cimetal, ;» and dumping, respectively, 
particularly important, not Judy;.-' ^ 

because Brazil Is jn a posmon-to - ^7. .: , . • 

complement traditional Ainrira- “ unfa * r competition .charges 
lian supplies of cast Sron^for. blade by Hanna Furnace of the 
China, whose annual demand?^; U8..‘ which claims that the 
now l.5m tonnes, but because- Brazilian product (13 per cent of 
Cimetal negotiated directly, "-for all US, imports of cast- iron) is 
three years, with the Chinese <5 per cent subsidised and should 
corporation, freeing itself fttah be covered by countervailing 
a situation whereby Brazitt&h -duties. Only a 20 per cent tax 
cast iron has made its -say relief is given exported cast iron, 
indirectly lo China thrqligb the -Brazilians say. maintaining 
transactions by international that American accusations are 

** groundless.” • • 


Austria-Ford 
talks reported 


VIENNA. Dec. 4. . 
THE Austrian Chancellor Mr. 
Kreisky . 'was quoted today as 
saying he has had talks' With 
Ford Motor on the possibility o? 
Ford setting . up . a car plant in 
Austria. 

“ Mr. Kreisky told the newspaper 
Kronenzeitung that negotiations 
with . Ford were under - way. 
although - no result was - yet in 
sight.. Informed 'industrial 
officials, meanwhile,- said the pro- 
jected plant could produce 

200.000 cars a year and .create 

20.000 jobs,- hut they stressed the 

talks were ara very- early stage. 
Reuter: - -v. •• : 


Istanbul construction companies are looking abroad for major contracts. Metin Munir reports. 

WITH one of the most np 1 • f ■ /*T^ * 1 j he is a partner in the profit but 

H|s Turkey aims for $5bn currency boost ; 

tain that had there been ni. bond- 
is the most iny problems, contracts cc-uiil 


tsSZS Turkey aims for $5bn cm 

at overseas contracting as one 

W fnrei3ri b °°e5m?ncv More than half of lhe deal * one in Saud * Arabia. Europe and Turkish companies 

earninW. 8 in . L >bya where Turkish com- Other big companies include are claimed to make b 

Little" that is tangible has P?“ ies are building harbours. y(j as isssoml. Bahatun Goren of machines than lhe:r 
done so far, but it is highways^ cement plants and (§isim> and Temel Eucrji tors because they have 
csiiniated that if Mr. Bulent hous !! s - J he bulk of the rest is (Si20mi. The first Turkish cun- them. 

Ei-evjt's Government can im- ! n _ _ S ? U d ‘ '^ r _ . 1 a _ * p ,! des _ an trading company to obtain a Another reason fo 



Ei-evjt's Government 


ip in Saudi Arabia. Europe and Turkish companies cause bonding is - the most my prohleiiis. contracts could 

Other big companies include are claimed to make better use difficult proolem of contractors., have easily been S5hu imtead of 

bas (3350ml. Bahatun Goren of machines than their compeli- f ew Turkish banks arc large i>J bbn - 

lSlmj and Temel Eucrji tors because they have fewer of en r>uyh to sunnlv bonds. Those In order to surmount this Pinh- 

120m). The first Turkish cun- them. . . which are large enough can issue least al'eviati* it, 

acting company to obtain a Another reason for going bonds not exceeding '25 per cent 51 . *“j*jr s * 




prove theconditions, Turkisk SEL m *J ln Z£Z «nti-act abroad was Enka. whos.- a^Tcaveroment citAlS nf.hdr caduT unlW .he bond recently formed a consortium lo 

contracting companies can p U6 uj , 3P f :ot -£i contractual undertakings ir. spending in order to curb infla- is for a company in which they Provide oonds and loans to uver- 


contracting companies can Th. „r Tult, wnn * c ‘ lu 

undertake at least S5bn-worth T. 1 . 9 " l(,l3ll6d 

of construction work in the S^S a * I jfS .i* tSlmfShi,, 1 lir ^ tS4a0ral- 

31 id die East and North Africa P . ,ch which nine war 

within three years of which | saRnm 11 ^ iractual under- Libya and Iraq, 
half could be remitted home in ta t: in? , 0 ;. r 5Um ' ..... The domestic 


ML: 

* / 

SR' '.. . . *. *,• • 


tractors abroad collaborate, with foreign countries stopped recog- lished. has reinforced it by- 


bard currency. 


Specialising mainly in bridge boom which has been 


construction foreign companies in deals like nisinz the guarantee 6 of the providing u reign exchange irans- 
en going un sub-contracting, joint ventures Turkish Government and Turkish for guarantees tor its bonds, lhe 




Mr Teroiz Us tun the director construction aDd piling opera- for nearly two decades has made or consortia. Enkj. Bimnol. banks because of the economic Ministry is al-o preparing a 
of Istanbul-based Enka's over tions. the Akkaya-Turkes Partner- this sector one of the largest in Tekfen and Kutiuias are among crisis. ^ * nc 

seas construction work, said: ship tried to “burst out." as Mr. Turkey and created companies them, but most con pan ius have j r order to surmount The bond 


sea? construction work, said: snip tnea to “burst out. as Mr. lursey ana < 
"If the Government takes ua Vasfl Cankat, their top executive which are bi 


even h; 


out of the straight jacket and puts it. in 1967. They put in bids natiunal standards. For tbi-se. 


litiie experience in joint work pr^tijui^ *.omc Turkish companies 
and too majority of their staff h a -,-e been obliged to take “ sleep- 

rln nrtf vn&Sk* -.nv mroion . _ «. “ ■ . 


formalities ami orovidc incen- 
tives for the contractors. 
Experts also believe that th-ve 


lets us breathe we can do as for the Madagascar harbour and working abroad was the best way do not speaK any foreign j,,^, pariners." and some exploits- is 3 rent potential for joint ven- 

mueh work as the South Mecca drinking water projects of exploiting their idle capacity. languages. tin’n'has taken place. " Somebody tures between Turkish anti 

Koreans.” but lost “betauxe we had no self Furthermore, there were mere a sign of some '•in: cess, how- comes along with a bond which foreign companies. “The Turks 


Turkish construction com- confidence 


Their first profits to be made. 


e\cr. is the fact that some major you need lo clinch a contract.” dou'l go in for this sort of thing 


Loi 

rai 


leei 

rsa 

m 

ght 

m 

Ul 

■ 

rse 

i ' m .1 



pames slarted entering the overseas contract was Tripoli Tbe companies ov/e much of international banks !ii:e Citibank explained one Turkish contrac- not because they don't want to 

Arab market in 1973 and there port expansion which they won their success abroad lo their have agreed to provide bonding tor. “You yr-e him 30 per cent but because they don't know how 

arc now 17 companies with total in 1973. The company now has competitiveness. Turkish labour to the Turkish contrcc'ore. This partnership jn exchange for it- to go about it." said a Turkish 


overseas undertakings of $1.6bn. six projects, five in Libya and is half the price of that in u significant development be- He does absolutely nothing, and contractor. 


wQC+jf i u t 




IV/tTi 1 pt| 


Jury 


We're up to our ears in wafer technology. 


■ To mankind, water is probably the 
most important of nature's elements. 
Without it nothing grows and people 
suffer. Unfortunately, we can not always 
rely on Mother Nature to put the water 
where it’s needed most, and that is what 
water supply systems are all aboet. At 
Kubota, our experience is yours to use. 

Since 1890, Kubota has developed a 
vast knowledge of water supply systems, 
and has helped in the building of many 
in Japan. 

Kubota has won 
acclaim the world 
over for the products $1| 


it produces for water supply and is today 
helping supply many of the world markets 
with the highest quality Pipe, Pumps and 
Valves. Kubota is a leading maker of 
ductile iron pipe in the world, and at the 
present time we have also built the largest 
diameter ductile iron pipe in the world, 
2,600mm, using our centrifugal casting 
method. Kubota we are proud to say has 


been a leader in the field of anti-corrosion 
research and development for pipe. 

And our technology is available the world 
over to Water Supply Consultants and 
Engineers, if the need be Pipe, Pumps 
and Valves or helping to select the best 
route, even the actual laying of the pipe. 
Kubota also manufactures a variety of 
products for irrigation systems. So if it's 
water you need. Kubota will help you 
get it where you want it. 




a»i» til* i *] CTjTnTil ri ~o) S 






MBMil 

ipTV ii ^ 

m 

jMntrjB 









i 

Mil 





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_ _ . ... . 






rtsy; j i i 7 -i 








S.P.G.F.-B.F.D.T. 


After- the recent announc&m&ih^t 
fhfe: BJP.D.T. ( Banq ue Frangaise ■ de Depots ^etT da 
Titr^) by the S.P.G .F. ( Socfete Privee 4e/Ce sf'^ : 
Financier e et Fonciere). to be foHo.w'ed:- ^^. 
merger ofi the iwo -companies. 
acquired on October 26.1978, a- 65 Wjcedt Interest: 
in the capital of the B.F.D.T. 


Following, this absorptlon the Board ofihe^BiiDvF: 
was reorganised and M. Jean-Ltic Gendry,.<^iainnaiT 
or the 8.'P.GJ., was appointed chairman irf the 
B.F.T.D^. The new Board, of the latter incudes 
Credit Suisse First Boston Limited represented;^ 
&L Jean-Cl a ude Tint, M. ' Jean-Pterre 
M. PliUippe Riviere, M. John F. Cattier and -the ; 
S.P.&F. represented' by M. Raymond Cr^sels, - 


il. Philippe Rivs^re continues -functions as 
managing director of the B.FJJ.T. 


The Board of the S.P.G j 1 . coated on November 22, 
1978. the Credit Suisse First-Boston Limited as an 
additional member. It will, be represented by 
M. Jean-Cl aude Tin6. 1 . r ■ ' ?\ T ; ? 


cj* 






■ v^--' 









r^Pibo } fo’j.'ce, 


Fmanciai 'inces Tuesday December s 1075 


If you run a company, you will know 
that your needs aren't always 


Provided there’s a sound business 
purpose, your Midland manager 
may well be prepared to help. 

Your Midland manager also 
has at his disposal a highly skilled 
team of specialists who can. 
between them, offer answers to 
almost any business need. Start 
thinking of him and his team as the 
people who deal with your business 
problems, however unusual. 
Because, thanks to teamwork, you 
can expect us to do things you* d 
never expect. 


obvious or straightforward. In fact, 
business necessities can seem 
unusual to outsiders. For instance, 
vou could need a company plane, 
bra Rolls-Royce. 

You probably wouldn’t expect 
even your bank manager to be 

very sympathetic 
if you asked for 
■Vf- • finance for some- 
i .. . thing as uncommon 

as that. 

But, if he’s a Midland 
Wt Bank manager, you should 




Please send your free booklet, 
‘Summary of financial facilities and 
services'. 

Name 

Address — 


mascot, radiator grille 

























3 


•• V : , ' ;T r ■":< jv.-. 

Financial Times Tuesday December 4 197S • ~ 


m. 


HOME 





engines 


Yorkshire textile industry 
worried by fall in orders * 


Key industries will die 
forecast economists 


by Rolls 

By Michael Donne. 

Aerospace Correspondent 

ROLLS-ROYCE is studying new 
aero-engine designs that would 
be more efficient than today's 
RB-211. in an era when existing 
fuels are likely to become 
scarcer. 

A preliminary study of one 
such engine is included in a ex- 
hibition which the company is 
mounting to coincide with the 
three-day conference on “Energy 
and Aerospace" which starts in 
London today sponsored jointly 
by the Royal Aeronautical 
Society and the American Insti- 
tute of Aeronautics and Astro- 
nautics. 

The Rnlh-Rnvce ideas are still 
in comparatively early stages, 
hut like othr*r aero-engine manu- 
facturers the company has been 
devoting time and money to 
studying future pow*»r units that 
would either used le^s fuel or not 
dcoend on petroleum-based fuels 

The exhibition shows an engine 
that would be 20 per cent more 
efficient than the RB-211. with a 
much lower noise level. It would 
use composite materials to cut 
its weight, and an advanced com- 
bustion system to reduce 
pollution. 

The meeting will «tudy the use 
of aerospace technology to help 
exploit alternative aviation fuels 
and use satellite-borne solar 
power-stations in space to trap 
the sun's energy. 


BY RHYS DAVID, TEXTILES CORRESPONDENT 


PRODUCERS IN the Yorkshire 
wool textile industry are worried 
by a slowing of new orders. 

Several companies in the 
sector, which has a total output 
of more than. £lbn a year, have 
introduced short-time working 
recently. Further redundancies 
are now feared by unions to add 
to the total of around 1,400 jobs 
already lost in the course of this 
year. Until recently this was 
one of the most buoyant sectors 
i of the UK textile industry. 

Employment of production 
; workers in the sector, about 

1 130.000 over the past three years, 

| has now dropped to around 

1 57.000 with 800 jobs disappearing 
] in August and September alone, 

1 the last two months for which 

figures arc available. 

1 1 Vo confidence 

The industry's problems stem 
i from a general lack of confidence 
..over next year's prospects and 
l ibis is causing producers through- 
| out the production chain from 
finished cloth back to yarn and 
I tops (combed wool) to delay plac- 
ing orders. 

The joint CBI-Nationai 
Economic Development Office 
survey of textile trends carried 
out in October showed producers 
in all the main wool textile- 
Sectors were experiencing a slow- 
: iag of demand with 88 per cent 
of worsted weavers and 65 per 
1 cent of woollen weavers report- 


ing their order books below 
normal. Most were also expecting 
conditions to become more 
difficult. 

A similar message bas also 
emerged from recently published 
results of companies in the 
sector. The biggest group, 
Illingworth Morris, which 
announced profit# slightly up on 
the same half year period last 
year at £2.37m, but warned 
because of uncertain trading con- 
ditions at home and abroad it 
would be unlikely to*match these 
figures in the second half. 
Bulmer and Lumb, a specialist 
supplier of tops and yarn to the 
rest of the industry, also fore- 
cast profits for the year as a 
whole would be about tbe same 
as last year, despite a rise at the 
halfway stage. 

The industry's doubts over next 
year come immediately alter a 
period of strong growth in UK 
consumer demand for textiles. 
The benefits though, have gone 
only partially to domestic pro- 
ducers. Consumer expenditure 
on clothing has risen by around 
6 per cent making it an attractive 
market for importers especially 
from the Continent where the 
rise in demand has been a 
modest 2 per cent. 

Imports of most products have 
as a result risen substantially. 
Shipments of tops into the UK 
were up in the first eight months 
by 164 per cent, with South 
Africa tbe dominant supplier 


accounting for 1.3m kilos out of 
total imports of 3.2m kilos- 

There have also "been big in- 
creases in yarn, fabric and other 
imports from a variety of 
sources. In blankets, for example, 
imports from Czechoslovakia rose 
by 44 per cent In tbe first eight 
months to account for roughly 
one-third of total imparts of 
more than lm kilos. Blanket 
imports from Spain |t 245,000 
kilos were up nearly' 500 per 
cent. 

Italian prices 

The UK wool textile industry 
has also been affected, however, 
by a weakening -in demand for 
worsted fabrics. 

Though Britain’s woollen pro- 
ducers have been busier this 
year, this trade is now dominated 
in Europe by manufacturers io 
the Prato areas of Italy who have 
managed to produce at prices 
which can barely be matched 
elsewhere. In the period to 
August this year imports of 
woollen fabrics rose by nearly 
60 per cent to 2L7nf- sq metres 
of which Italy accounted for 
15.6m sq metres, a rise of 75 
per cent. 

Evidence from the latest Inter- 
stoff clothing textiles fair in 
Frankfurt at the end of last 
month, also suggested that the 
fashion trend over the next year 
will continue to favour the 
woollen look. 


In worsted fabrics, part of the 
problem has been the continued 
movement away from formal 
suits towards a more casual look 
and tills has also affected tbe 
industry's export sales over the 
past year. Sales to Western 
Europe of worsted fabrics drop- 
ped from 4.1m sq metfes to 
3.25 m sq metres in the first eight 
months of this year compared 
with the same period in 1977, 
and sales to the North American 
market were also down. 

Some increase took place in 
exports to Japan and to the 
Middle East where Iran stepped 
up its imports from 317,000 sq 
metres to 2.6m ■ sq metres as a 
result of a major order for uni- 
form cloths. 

But although conditions have 
become more difficult, some 
union leaders are expressing 
some concern that the industry 
may at present be talking itself 
into its present state of uncer- 
tainty, and they are warning, 
too, that further contraction 
could do serious damage to the 
sector. 

The key period is now likely 
to be after Christmas when 
producers would normally 
expect to -see some further 
ordering as customers assess 
the' effects of winter sales. This 
will, provide further evidence 
whether the industry is stuck 
on a plateau after the recovery 
of the past two-to-tbree years or 
can expect to move forward 
again next year. 


BY DAVID FREUD 

BRITAIN’S GAR, ship and aero- 
space industries axe forecast to 
he virtually e&nn,nsted by (im- 
port competition in the 1980s, 
erven cm tbe roost optimistic 
assumptions, according to .a 
Cambridge economics group. 

Mi any industries which have 
been in decline or stagnant — 1 
transport, construction, textiles, 
printing — are expert ed to 
revive and others that have bee p 
growing sbnwly — drank, food, 
chemicals, instrument engineer- 
ing — are expected 40 speed up. 

Cambridge Econometrics, the- 
forecasting wing of “She Cash-: 
bridge Growth Project, rea ches 
these conclusions wstih Us long- 
term model of the UK economy. 

'It differs from the models used 
by the Treasury, London Busi- 
ness School arid National Insti- 
tute fox Short-Term Forecasting, 
in -that it bas 'been des ign ed to 
project the development of to- 


rt WiApp industries and of 4be 
economy as a (whole over a 
period of 10 years or more. - 

The forecasts on the UK’s 
industries apply If - Stage Four 
of the Government’s incomes 
policy has some effect In keeping 
wages growth- below 12 per cent, 
buwif inflation takes off to 20 
per cent. 750,000 jobs could be 
fast by 1981 and there is un- 
likely to be any growth until 
1982. 

If inflation Is held at a more 
reasonable level the economists 
predict a bright long-term future 
of * tax cuts, trade surpluses, 
rising incomes and buoyant 
-investment” 

- In the short term, however, 
the forecast is considerably more 
pessimistic 

Next year increased inflation 
.at home and abroad is expected 
to choke growth temporarily. 
Overseas, price rises to restore 


exporters* profitability are likely 
to ■ erode competitiveness. r At • 
home, price rises, of 11.5 per ;- 
cent are expected to eat up - - 
projected, wage- increases .of 12 „ 
per cent. ' ' J . 

Total ‘ consumer spending . . 

should go up l’ -per cent "next! ;.;.2?v 
year, but durable and motor car 
purchases decline and. -distri- 
butors reduce stocks. Car . inv- ■ 
ports will drop. 12 percent, but:- -.. 
UK car output will plohunet 20; • . - 

per cent, say the forecasters, vy.-. 

Other manufacturing industries 
are expected to suffer. to a. lessee Vf_~; 
extent next year, and the energy,, Zr-'-'y 
services and construction 
tries to keep, growing. Overall^ : 
growth in gross domestic prod.tttt^-\: V. _ 
thanks to stock reductions, i&j.;£_-.. 
likely to be less than 0.5 per 
on the base of 1975 prices. 

If Stage Four collapses £n& 
wages explosion takes place, . 

position would become . 

serious. 

" -- ^ : 


UK: ANNUAL CHANGE # AT 1970 PRICES 

Gross Con- / Con- fixed ■ 

domestic sumer . - sumer invest- . 

product prices Earnings spending ment Imports Exports Chemicals vctnd«s tion-.... 


1977 

1978 

1979 

1980 

1981 
1981-85 
1985-89 


63 -03 

■US „ 57 33 

123 : 1:1 2.1 

mo 13 to 

KO 2S lJO 

83. 23 1-7 

83 Z6 U_ 

* 1973*1977 


-13 , -21.0 
33 —3-1 

42- . 


-3.9* ■ - 

10.4 3-8 V. -i 

- 27.0 , 23 _ ; 

—3-1 3JL ; ■?' 

-£4 40^:- 

-9.7 - :1* -A 
— idTi 2.7- v 


Neddy split on malt whisky export curbs i i % „ : "SS? 


THE NEDDY Scotch Whisky 
Wori%ng Party's decision yester- 
day to offer only " good advice " 
on the subject of containing ex- 
ports of bulk malt whisky, rather 
than a formal recommendation, 
indicates the complexity and 
sensitivity of the issue. 

The working party was in fact 
split. Most of its members 
favoured a two-year trial period 
wben malt shipments would be 
held voluntarily at their present 
level. 

But a minority of two or three 
(there is some dispute among 
members about the exact 
numberl wanted no action at all. 

Malt whisky, distilled from 
malted barley, is what gives 
Scotch its distinctive Savour and 
is added to the grain spirit, made 
from maize, to make it smoother 
and more palatable. 

Other countries have tried to 
produce malts of comparable 


RAY PERMAN tells why the Scotch Whisky 
Working Party could offer only “ good advice 
yesterday on bulk malt whisky exports. 


quality, but it is generally agreed 
that in spile of some creditable 
attempts by the Japanese, none 
has yet matched Scotch. 

This is the crux of the contro- 
versy. for exported bulk malt fas 
opposed to the bottled product* 
is used in “ admixes " to improve 
the taste of locally produced 
whisky. 

Bulk malt exports have grown 
from 4.7 per cent of all Scotch 
sold overseas in 1971 to 9 per 
cent, last year. In the first half 
of this year the growth was very 
fast, with volumes up by 24 per 
cent, compared with the. same 
period last year. , 

Nearly all nf it went to four 
market*: . Argentina. Brazil. 


Spain and, by far the most im- 
portant, Japan, which took 
nearly three-quarters of the total. 

Until now tbe Japanese have 
used it to make blends for 
domestic consumption. But the 
working party noted signs of pro- 
mo lion 'campaigns in the U.S-ind 
Australia and fuund that distil- 
ling capacity and stocks were 
bei.r# built up in Japan. 

Most of the industry believes 
that the bulk export trade 
damages Scotch, since it en carc- 
ases the production of ■rpeviai 
clas* whisky > which compef' 
with the image of Scotch ubioi'd. 

They also feci it helps in<s- 
represcniation by local mansljc- 
Hirers and: increases the possi- 


bility of tanff discrimination 
against the bottie-in-Scotland 
product. 

This view is broadly supported 
by the unions, which fear the 
loss of jobs in bottling halls. But 
opinion varies from a demand 
for an outright ban by the un- 
official shop stewards’ combined 
committee, to the. softer line 
taken by the Scottish TDC. which 
wants a voluntary quota system. 

On th? other hand, companies 
with a large share in the bulk 
in ults iraii *.* — principally those 
wholly- or pertly-owned hv the 
U.5. company Hiram Walker and 
the Canadian-owned Seagrams, 
bur also some independent m3 It 
distillers— maintain that n is a 
valuable pari of Scotch’s export 
contribution— worth £12m iasl 
■ ea *• 

They a::.-. iS.st. will 

he no direct bene!lt -M 'jollied 


Scotch if bulk sales are banned, 
and that it preserves jobs in 
remote Highland distilleries, 
where other employment is 
scarce. 

On tiie last point the working 
party estimated that if bulk 
exports were discontinued. 40 per 
cent of all malt distilleries would 
be affected in one way or 
another. 

The Government, as the work- 
ing party pointed out. is power- 
less to intervene even if it 
wanted to. 

international trade obligations 
mean that any constraint will 
have to come from the companies, 
ihcmselves — and the possibility 
of that looks remote. f 

Mature malt whiskies can 
already be bought easily on the 
open market, often at below pre- 
-cm prodimiun costs. The ?truc- 
;ure therefore exists for a ' 
parallel trade in exported malt. 1 


THE MONETARY -;iwdetine for which monetary policy bas been 
the 12 months to bcLober may tightened." 
allow in Bat ion of up to 14 per The new guideline was unlikely 

cent, even though it represents to be an effective constraint, 

a considerable (tightening of however, because velocity of 
monetary policy, according to .circulation was likely to increase 
the City stockbrokers PhiHipff-oy about 4 per cent in the 12 
and Drew " months from October. 

. .. . .wT -. “This is a measure, when 

grcKU, of itertms MS. ttowuta S.^monSy pobcy 

definition of money stock was has bee tightened.” 
nn more then ,A per cent , ae w guideline was unlikely 

Consequently, if the actual m« be ^ effective constraint, 

crease in stqriinc M3 were taken however, because velocity of 
together with the S per cent.ta circulation was likely to increase 
12 per cent guideline announce! by about 4 per cent in the 12 
recently by the Chancellor, the months from October. ‘ 
permissible range by which M3 Assuming that M3 growth was 
miyJit grow over the IS months a t the filing of the permissible 
frc-in lad April to nex* October range, nominal gross domestic 
is 7.S per cent to 10.4 per ceiii^ -product could then grow by 
expired at an annual rate. >10 per cent, if two points of this 
“This t.< a mcti'Ure. when comi.went to finance growth in real 
pared *i«)i the declared 3-12 per output- then? would be roosn fi&r 
ceni guideline, of »hc -extent to prices t* increase by !4per ceoL 


The Government wax also-- 
adopiing a high task strategy -in 
its fiscal policy. The firm forecast 
that the public-sector borrowing* 
requirement would be about £9bn 
in tbe 1979-80 financial year, and 
that this would be -financed com: ■ 
Tortablv within the ^monetary : 
guideline only if there was : a_ 
sharp slowing in growth igj eph- 7 
sumer demand. ' ■ v v. 

“The risk is that, tiffs slow- ' 
down will not be sharp 7 enough.’L _ 
A safer course would be to 
tighten fiscal policy by permit-? 
ting no growth in the volume ' 
of overall public spending izt- 
the next financial year, -rather? 
than the. present planned voluble? 
increase of "2 per cent. ? 1 1 

On pay, the firm said: thai ir 
was increasingly evident that the : 
Government most boldl ^rublid ' 1 
sector pay' settlements to an- 
average of about 8 per cent> |h . 
earnings terms if - the aggregate 
was to ‘lie: Within 10*12^ per ^hfc' 


. j ■ •*. 

* ' 1 - . ' 

frtiyjs-? "iV'-i"- - 

• t 'V ■. * 

•. " ■■ ■ 


• .4* . • 




















Safety at sea is no accident. 



This is what the captain sees from the bridge of 
an 1 100-foot supertanker at sea. 

Awesome. 

So is his responsibility. His ship is difficult 
to manoeuvre, slow to stop. Fully loaded and 
steaming at lb knots, for example, it takes more 
^than 20 minutes, travels more than three miles 
before stopping after the command for all 
astern, full. And. asshipping lanes become more 
crowded and harbors more congested, his job 
—even' mariner s job— becomes increasingly 
difficult. 

Introducing the Raytheon Collision 
Avoidance System, raycas, for short. This 
computerized system delects and tracks up 


to 20 other sblpssimiltaneously on an extisr 
bright, easily-read raHar screen. The computer ; 
monitors the course arid speed of each ship 
and automatically sounds an alarm if arty are on 
a collision course. In addkion, RAYCAS 
pennits-the captain to test possible manoeuvres 
electronically and see the effect on the radar 
screen before ordering a new' course and speed. 

Now being introduced to th$ world 
maritime market, RAYCAS is thelatest addition. . 
to Raytheon’s line of radars, deptfi^oundets, " 
radiotelephones, and navigation aids— all 
designed to increase safety at sea. \ 

Marine products are part of our electronics 
business, one of five basic business area&at 
Raytheon. The others are major appliances, 
energy services, educational publishing, \ • 
and heavy construction equipment. In total? 
a large and growing company with an iznpressiye 
record of performance. For the first nine 
months of 1978, sales were up 15% ? earnings up 
36%— both reaching record levels for the 
period. For copies of our latest financial reports*- 
contact any of the offices or companies listed ‘ 
below, or write: Raytheon Europe, 52, Route des 
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wide headquarters. Raytheon Company, 141 
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RAYTHEON 





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(Jy^U V ; 





The new BMW 6 Series range 



Fbr those who wish to enjoylthe most civilised and powerful motonng 


gSwithits tme four-seat capacity, its standard option t of .^her or 
flours upholstery and its feeling of refined purpose the 633CSi is one ot 

SSl«hn,g extra in shem performance 
Moreover, the 635 offers you the dejights of an engine of incredible torque 


and power matched to a five speed gearbox. Luxury refinements remain 

the same as the 633. _ , . , . , 

So the choice between the two BMW Coupes is not .simply 
automatic. May we suggest you try them both so you can determine 
precisely what balance of civilise^ norframanne nleases vou most. 

Specification Resum£. 

E^^e? 32 ^c,^bccyUnder!h^e^tajected producing200bhp. Automatic transmission 
Performance: Maximum speed 134mph. 0-60 in 10.1 secs 


Price: £15,379 


EnSne^3453ccT six cylinder, fuel injected producing 218bhp. 5-speed gearbox 
Performance: Maximum speed 140m ph. 0-60 in 7.3 secs 


Price: £16,499 ej= 

(Prices correct at time of going to press. Source of figures, BMW.) 

Leasing: In today’s financial conditions, leasing a BMW can create substantial 
advantages. Your local BMW Centre will be happy to put you m touch with 
expert advisors on leasing who can describe the schemes in detail. 



For the joy of motoring. 

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Financial Times Tuesday Bece»l3^.5.197S •. • ' j 

’ . ‘ '■ ’ * "• J* ■> "" - 



to $15.6bn 


;h 

vil V" *" r “tj 


NEGOTIATIONS 


BY MICHAEL BLANDEN 


started by -the National Coal to power station sales. through. 

Board to secure, further Govern- Sir Derek also believes that C A loss of skilled mineworkers. 

ment support for burning coaJ in the Board has not yet exhausted due to the early retirement 

THE RECOVERY nr the dollar power stations. the assistance available to It scheme. 

last month made little impact on Earlier this vear, the Govern- * ro ® European Commission Costs had been rigorously cut. 
the UK official reserves, with the ment RaV e the Board about £18m funds, and he would be exploring but ‘even doing all that Is 

EnLiih authorities apparently to tower the east of the coal it *• ®“ r Power t 0 do. we will 


undertaking only modest smooth- SQ jd to the Central Electricity 
in ? intervention in the foreign Generating Board, thus increas- 


exchaoge markets. 

T re saury figures published 

yesterday showed that the total 


, ing the coal burned in power 
published stations. 


The Coal Board is to" reply to still require outside help.” 
a claim by. the National Union He stressed, however, that coal 
of Mineworkers for a 40 per cent would h# essential, to the UK's 
increase in wages at the end of future energy needs. This was 


-* oyein htT to $15.67bn. Generating Boanl this year and 


The outcome was affected by a ^ hoping to '■ reach the same 
numoer of special transactions, j eve j nex t year. 


_ ^ •rhi r« a i _ ,.. nrirfl January- Sir Derek said that it underlined by the OK Offshore 

official reserves fell bv S302m tonnes of Sal to the would be " very difficult" to Oil Operators in their papers 

J - - 1 «?»? “5 “«t even a moderate claim. presented to the Energy Conunis- 


meet even a moderate claim. 


Speaking to the Cqal Industry sion last week showing that the 
Society, Sir Derek said that there North Sea oil production was 


however, and after taking account it E enected to rail for at was a need for continued con- expected to peak as early as I9S6- 
nr these the underlying drop in i P ,, t »h P same amount nr 6dence c °* 1 a ° d a detennina- do not know what will 

the reserves was only Il82m. cWe-nment « if « on not t0 be dUt off by ^ hap , p ? n exac - tIy ’ Investment in 

irk: -.i UUVt.UmtUL ftuupori as It rk.ovt.« an i> J fnm.U AC rnal IC Anr metirnvirm nnli f f»r 






mi: irn.-m-a waa uni} oio^ui. Government sunnnrt -,s it V . v ***■ 

i ^mparcs with an. under- revived this year? plus extra foJ Tbe^diffiraltieS 
lymg inflow of :>10ftn during the inflation. . JDe 0,a,cumes 

previous month, when the U.S. sir Derek Ezra! the Coal Board • A weakne 


dollar was under pressure. 


Industry's short-term difficulties. 
The difficulties were: 


A weakness in demand. 

Mi.ii. ir. w? premium. 


coal is our insurance policy for 
the future. If you have an 
insurance policy, you have to pay 


chairman, acknowledged that the especially in the steel industry. 


The pattern of movements in i Board faced ** considerable diffi- 


hesinnins of the month ti hZ'™ »S M JS2 JS ta JSL"ft5 !?■££ 


lu *T‘ iuuuauj - Investment was now £500 m a 
Increases in the cost of year, and must continue at that 
erials bought by the Indus- rate. 

of 12 to 13 per cent, 50 per Productivity was rising — bv 31 
! above the general rate of p er cent in general, and by' 101 
tiion. per cent at the coal face. “This 

dropped below 14m O Added interest charges and is a remarkable achievement 


the decline in the dollar 1 u n «:«ppea neiow e Aaaea interest charges anrt is a remarsaoie achievemeni 

At the end .-.f October 'stevhn-- ! onn0? - rnd rhe domestic market depreciation costs as a result or after a long period Of decline,' 
was comfoi-ialilv over ihp i P v<. r i ■ * l5ld no ' v overtaken the steel the modernisation programme said Sir Derek. • 


Ark Royal 
ends her 
23 years’ 
service 


was comfortably over the $2 level J 
and its trade-weighted index] 
against a hasket nf currencies had 1 
touched 63.3 during market deal-; 
in£«. [ 

The support measures \ 
announced by President Carter! 
brought an immediate response.' 
in a recovery pf the dollar, with ' 
thp pound falling back in line 
with other leading currencies. 

Lending r 2 te 

Later- in the month, sterling . 
was affected bv a numb-'r iif j 
influences, viih ihe Govern- 


Mow over Welsh pits threat 


BY OUR OWN CORRESPONDENT 


A ROW hroke out yesterday over South Wales in the last four Wales colliery— Deep Duffryn.l 
possible coal mine closures in years on expanding output end near Aberdare — is officially] 
South Wales. According to a productvity. Production this year threatened with closure, but a 

document in the hands of Plaid is bettor than in 1977 and "next number of others are known io 

Cymru, the Welsh Nationalist year's will be better still," he he running heavy losses and 

Party, the National Coal Board said. rumours of further shutdowns 


wishes to close II of the 37 col- The document suggests that the are circulating. 


rumours of further shutdowns ! 


problems on the 


lierics still working io South Board has already expressed a Because of this concern, the 


front having an adverse impact ; 


but with the renewed junto ini The document, from Ihe -^oernani ® n d -uaruy. eacn to hold a special tripartite 
terwr rate? signalled by the m- ■ National Union of Mineworkers. employing over 1.000 mea. hui inquiry inio the special problems ’ 
crease m minimum lending rate | gives details of a meeting [*] at tiie closures have been facing she coal industry in South | 
from io to I?* per cent on i between senior union officials blocked by Mr. Anthony Wag- v/ales. The first meeting of the: 
November 9 providing some j and five Welsh Labour MPs, Wrt,:, d Bonn, the Energy Seere- inquiry is due to talce place on] 


wish to close two hi? collieries. Government agreed last month: institution. 


THE aircraft-carrier' Ark 
Royal ended her sea-going 
career' with the Navy yesterday 
when die arrived at Devon- 
port Dockyard — with her future 
still uncertain. 

Although the Ministry of 
Defence Is ready to send her 
to the breakers* yard, it is still 
possible for outside interests 
to bid for the 50,000-ton vesseL 
provided they can afford to 
maintain her to the Ministry’s 
satisfaction. 

Among offers are one to turn 
her into a floating maritime 
museum, and another to con- 
vert her into an educational 


down, buff still 
up on first half 


BY DAVID FREUD 


THE ■'FIRsr pemiarietft TteaMfc ' .- 
irssurance ciittfcijaot in the UK itjt . 
wtefcfc men end -women pay Che 
. statue premium for', the same 
beoeft, ^thereby overthrowlrig . 
estobfeihed actixarialf r .practice, “- = . 
was- begun yesterday. *v.' ‘ . 

■ A permanent health Insurance 
contract- pays a weekly- hene& . 
after' art ' illness or. ' serious j — , 
accTdent. -/Benefit -payments start . 

: ’after ihe lapse of . a specific ’ 

. . peisoti from’ tize dhseit of rire SI- '.-- 

_■ ness or the accident, vinri con-x 

troue as long as the individual -- 
4s d5srabl4d until he -'reaches', a' 

- apecific*age euch as 60 or'K- -r_. .. 
- TSte actuarial ■■ fwofesdon, - ' 
whose . respottSfibiitty ' it ’is to..- : 

• cteterrmne ahe premium rates,-' 
has maintialiBed that woaneai art ' 

• /.: . . more, prone to : ®ocb, permanent'- •• 

. illness than men. and ■accord* ' 

" iTi g-tv charges higher -premiums. '• 
Now Lan^iam :Ejie -As«HaiH*e 
claims that such a difference has.- 
m»t been proved on' the slatistecs 
available, and that its records 
- : Hidacato.- -that men and women 

suffer similar sickness and acci- 1. 
benefit dent, experience. - 

The Sex . i)fecriimnatiwj . Art 



Ihe Abernant 


Mardy. each i 0 


special tripartite ' 


simpor*. | aimed at enlisun? the politicians 

Bv the end the month. ; support in fight further pit 
5'pr’ir.g Inti --cttled at an index . closure*. 

value of 6L> 7. with the dollar j p !a j d Cjtimi'* disclosures drew 
v; ' down to SI .9443. 3 ^harp reaction from Mr. Philia 

The detailed reser-T figures . i^eekes. in- Board's South Wale's 
show that thf* main influence on ■ Hirr-oinr tr,* appiunri tiip 


aimed at enlisting the politicians' lar l'- because “this would Dpoc.mber 14. 


adverse as far as the Labour 
Parly is concerned." 


Speaking yesterday. Dr. Phil 
Williams. Plaid Cymru's energy 


accused Plaid spokesman, said it was nonsense 


a sharp reaction from Mr. Philio Cymru of using the document to talk about “ unprofitable " 
gures ; Weekes. liv Board's South Wale’s fl)r its own end,s hut. at the same, pits when average production 
ce on ' rit rcct or. He accused the Welsh welcomed support from any costs in Britain were £22 a tonne 


the movement was an early re- •' xiationaiists of discourtesy and organisation prepared to fight and in Germany £3S a tonne, 
payment of *t50m of borrowing ] makin" statements which were against pit closures. "I-aat year, the French Gov- 

p broad by rb« British National -highlv speculative 3Dd facluallv The latest row coincides with ernmeni gave the coal industry 
Oil Corporation. ; i nr rjrrcrt;' ‘ mounting concern over the a subsidy of £14.70 a tonne, the 

This was oart of a S750m loan; ,;,f t «, 0 i j pits, one had closed profitability of the South Wales German Government gave their 
ta ton in July last year. Thejoan ; manv y cars a ?o because of coalfield. In the last financial miners a subsidy of £11.93 a ton 


" a -- ° ot i QC,u ded in the official : exhaustion and two others had year, the area ios 
^ c ^ ar !y c scheme anti se pn new investment. the Coal Board a 

therefbn? did not have to he put j -Their statement takes no a profit of £20m. 
through the reserves. account of the £90in invested in At preseni oi 

However, the decision was . 


year, the area lost £27m. whereas while the British Government 
the Coal Board as a whole made were only prepared to back our 


profit of £20m. miners with 21p 

At present only one South added. 


made at rhe time to take the » m-l 
pact on the reserves rather than j 

to add to the rtrons upward! -w- . , . •'H'B ^ 

Investment trusts will recover’ 

been taken out of the reserves. 

Other influences were new J BY EAMONN FINGLETON 

‘'Snip 1 hi- t>ii e i7uh!ie a 2v : DRAMATIC recovery in the Lord Remnant’s remarks, made more effectively. The dianged 
, n ■' f e«n m ns.rti* ■ n ffc«. h v market rating of invest- at the association's annual meet- system is nf particular relevance 

*on m - 3 , moot trust shares was forecast ing in London, were taken last to charities and pension funds.” 


repayments of S20m. 


rely. The dianged 
particular relevance 
md pension funds.” 


: yesterday bv the Association of night as suggesting that the dis- sales of investment trust shares 
I investment Trust Companies. counts cpuld soon be narrowed will rise from 13 per cent to 20 


The Ministry's view is that 
few. if any, of these interested 
in preserving the ship coaid 
afford the heavy maintenance 
costs of aboat £17m a year — 
the factor which has led the 
Ministry to withdraw the ship 
from active service. It Itas 
been - emphasised that no 
further defence money win be 
given io help to maintain the 
vessel. 

Built by Cammell Laird at 
Birkenhead, Ark Royal was 
laid down in 1943, launched in 
1950 and commissioned into 
the fleet In 1955. Her total 
cost at that time was £21. 4m. 
She has had two major refits 
since then; the last in 1967-70, 
costing over 1325m. 

She will not be the last ship 
of her name in the Navy. On 
Friday, it was announced that 
the third of the new class 
of anti-submarine warfare 
cruisers would be named Ark 
Royal- 

Ark Royal's commander. 
Captain E. R. Anson, aged 49. 
is to be promoted rear-admiral 
lu the New Year and will 
become Flag Officer, Naval Air 
Command. 


SPENDING V IN “shops ha*- increase in child benefit dent, experience. /. . 

dropped from the. near-pe&k-- allowances. . V'-" The Sex DecriminatiCTO Art 

levels of the late summer, but is '-.-In the latest three months, the 2975 ' aiiows . life companies to - - 
still higher than in the first half volume of sales was 0.7 per cent charge different premium raflfes ... . 
of the year. '■ - -high er than in the previous three for <men Crwn - women where, tins / 

Hie final index of the volume -months. The average 'level of is bascd oii statistical evidence, 
of retail sales in October is tQ5.fi tirade in the first 10 months of ~ *' • 

(1971=100, seasonally adjusted)', .JflTS was about 4} per cent above Fffni evidence - - 
virtually the same as the ^pro- : the annual average for last year. ^ because' wamm W- 

the index hovered around 1111,' same month last year. .' tor' h!S *LS? : ^ 

However, retailers were expect- -* The most disappointing- area aod 

ing a decline in line with’ is'Jood sales, which were 0B per ^ 

previous experience of the pay- cent down in the latest three for 

ment of tax rebates leading to a months compared witii the a , e 

temporary boost followed bv.'a; -previous three. *** * lezst tor - 

lull. New credit extended by- •: ' ^ 

. The trade is confident that, a’ retailers and finance houses fell. VH!? * pPP.briunities Corn- 

considerable pick-up in sates-wm '-far the second month running. -J^ 8 - criticised, the life 

show in November's prn visional-, by £7m in October to"£469ni. *?o nipa nies.; for differentiating 
index, due to be published next'se ason all y adjusted:-' j between men and . women in 

week. . v,r: Total debt outstaBdiasoF. both) gentium rates for permanent 

They expect sales to be helped' .finance hnuses and retailers was made 

by the recent tax rebates— 1 W0Kth’.£4.Ilhn at Ihe end' -of October. T6terenee_ to this m its second 
nearly £10 to an individual earn- 30 per cent more than at . the atmaafreporf. for Iflrr.; ' ■ 

ing £75 a week — and by the same time a year before. Tf 13 - of ’ . e u Offices 


early £10 to an individnal earn- 30. per cent more than .at. the ai S?** ^report, fori 1977,, 

ig £75 a week — and by the same time a year before. » T ■ i - of Ule Offices 

. Association was . that member- 

... ■■ ■■■■-■ ■ . . . ~ - ■■■■■ companies were -free to -fix thfir 

HIRE PURCHASE CREDIT AND RETAIL SALES j Mr.. Derek "Bonds.- actuary of 

(Season^r adjusted) ' the Permanent Insurance. Cora- 

■ ^ RrtailVolumT” pany - 1116 latest life company in 

New credit-extended bfc (revised) ; ®5 JbSLPJfe SZS&JIr 


New credit-extended 

. . :' Total debt. 

Finance > >_• r 'T 9U tstanding. 

Houses Retaitersyi-rf unadjusted? 


. -i'- I investment Trust Companies. counts cpuld soon be narrowed will rise from 13 per cent to 20 

^nuoue SOiCi 1 Their appeal as investment considerably. . per cent in April. 

- ^ I medlums foj. charities and pen- Lord Remnant said that invest- This will act as a disincentive 

enm : sion funds has been powerfullv ment trusts faced, a Capital Gains to selling— whereas until now 

JftaaiCSfiVA atitu boosted by a big cut in their Tax rate of only 10 per cent on investment trust shares were 

Capital Ga'ins Tax bills this year, B»>ns realised within the fund, among the first in a portfolio, to 
TOr according to Lord Remnant, the “ Portfolios where the level of he sold off because Capital Gains 

a V trjsH Bronc° i .* Tn sold dress ! association’s chairman. Mean- pajM*! Gains Tax was a major Tax was so much lighter than on 
fastener, found in a' field near| i-hile, the new Capital Gains Tax inhibition can now be managed gains realised, on other shares. 
Cloyno. County Clare and sold rules have reduced the incen- : 


for an ounce of tobacco a ccn- 1 live 
tury a^o. made £4.200 at off t 

Sotheby's yesterday. It was j mgs. -E-UHJL ILBOtl. Y ‘ IVllVAAAw By Sue Cameron, Chemicals 

bough 1 by the National Museum Lord Remnant said: "These Correi pendent 

of rrel.vnd’ during nn antiquities fw' n benevolent influences hope- • £*j. BP CHEMICALS is to put up the 

sale which totalled £13o.04?i. 1 fully will result in a more realis- ¥ r f*OC'l\^P l T*\' r price or its vinyl hrelatc 

The top once wa? the £9.500 j tic evaluation of investment A vvv 7 vlj UA pMUW mcnomer by £25 a tonne, a rise 

from a Paris dealer for a South) trust company shares." : nf 8.5 per cent — from the besin- 

Arabian alabaster funerary stcJc j Investment mist company FINANCIAL TIMES REPORTER ning of the New Year. Rhone- 

made around ib" first century shares have been dogged by per- ^ , _ , . * r , Poulenc, the French chemicals 

AD. A lar^e Woman marble ! sistent selling over the yean A B EC OVER \ in industry s the latest year o more than 16 8 m aj or . is understood also in be 
figure of Anhrodife from ih? which has been reflected in share profiiabilitj' is suggested by the per cent — L.e average figure Uscre:<sing its vinyl acetate prices i 


live to private investors to sell 
off their Investment trust bold- 


Lord Remnant said: "These 


of rrel.vnd during nn antiquities I two benevolent influences hope- 


sale which inta!Ied £130.045. I fully will result in a more realis- 


The top price 'vas the £9.500 i tic evaluation of investment 
from a Paris dealer for a South) trust company shares." 


Industry experiencing 
recovery in profits 


ifr raises 

vinyl 
acetate 
price 8|% 


1976 1st 

2nd 

3rd 

4th 

1777 1st 
2nd 
3rd 
4th 

1778 1st 
2nd 
3rd 


March 

April 

May 

June 

July 

August 

September 

October 


. 457 . 

550 

' 486 

561 

544 

60S 

585 

604 

626 

634" 

716 

617 

701 

726 

212 

201 

231 

. 232 

243 

228 

242 

217 

213 

14S 

252 

241 

236 

242 

240 

227 


' £m 
2347 . 
2,424 • 
2316 
JL7T6__ 

23V2 
2.730 .* 
3/H* 
3341- „ 
3^07. 
3,797. 
4,030 , 
3307 
3394 

3389. 
3797- 
3331. 
2,953 
4.Q30 r 
4. icy • 


Total' ;' 7 shops 
(1971=)00) . 


105.9 - 

106.9 
1073 ’ : 
I053-- 

10LS> a 

1043 

104.4 

1063 

1(0.0- 

1103; 

1OT3".- 

106.7 

108.4 

1 08.7 

111.4 
TI13 
1093 
109.6 


t own rates. 

LCd Mr- Derek ‘Bonds.- actuary nf 

the Permanent Insurance. Cora- - 
r !um _ patty, the largest life company in 
, dJ the field of these Contracts fnr 
'birahlt ludividuars. statprf that- his com- - 
floods 4>an.vs experience oyer . many 
' Sions Scant was that women were 
Jbopj. ..prone-.to disability, than 
10°) .' men. 

Dorothy: -Genu, a senior 
}“ executive with Langbam Life, has 
*25 . long, bear ^campaigning for 
724 special . life ^and^ : Insurance con-; . 

116 tracts for wpmen;^be. has always 
118 ■ felt women —have .-been 
. m . unfairly treated to this 'field." • 

121 - This new -policy for the flrst- 
. \ ITT , time included disability arising . . 
otv from pregnancy, childbirth, abor- 
fce ' non or miscarriage. -' and has---'-:. 
— -32 — special benefit? to protect .women 

who cease paid puiploymeht to 't - 
•3I- V care f oc tfc e j r home . . '• 






SnKe: DiWimiwiT of Trod* 


Arabian alabaster funerary stcJe 


ficurr or Aohrodite 
second century AD 
£S.SnO. 


sold for • prices standing as much as 40 results of the 


Thr .nictinn of glass and paper- . backing. 


per cent below underlying asset formance Analysis report by Trade and Industry. 


igsested by the per cent — the average figure lacreasin? its vjnj-l acetate prices 
Industrial For- calculated by the Department of by 3 ij D ut the same amount. 


Machine-tool industry 
orders likely to rise 


Jobsrisk 

denied 




-- Ml 


narrowing Inter Company Comparisons. 


The main reason for the price 


BY HAZEL DUFFY, INDUSTRIAL CORRESPONDENT 


By Arthur Smith, . 
Midlands Correspondent 


veijbrs at rtreucht in -tignificanfly within the last year. The analysis covers the prr- 


f50 q ?1 with a hicheM p-icc of thV> discount has now widened to formance of about 4.000 com 


Sectors which still have a low increase is the rise tn ethylene ORDERS FOR the machine-lool £2Sfim 'against E224m last year '; "- 

level of nrofitabiliiv include C0!i{s - EUiy’cne i<? a basic I industry are expected to increase icurfRiit .prices 1. But. export [ A viGnRnfvi; '«r 

1C ' CI 01 nromaomij memue . „ - r , _.._ r th# 1K monrh - «„« tVn fnii : A : v rt»UK.Ul_'b defence of the 


£S50 from Spink f or a Bn era rat : about 30 per cent on average panies. grouped Into 90 sectf»r= 
"thmiyand petalled" ro*:c weight. 1 The discounts mean that of industry and commerce, and 
whik book's im;>Ucd £-:t. 197 with i though the net assets managed covers a three year trend. 

? best of £1.900 frem Omiritch ; by the industry’ total about £7bn A commentary on the report 
for a Latin grammar printed in i the total market capitalisation of says that about half of the sector 
1514 ‘ the industry is just £5bo. covered bad a rate of return in 


commentary on the report 


of says that about half of the sector capital employed of under 10 per bills, had contributed to the increased confidence by manufac- F.prupe and the absence of *dv 1 lopmenL could lead to a - 
covered had a rate of return in cent. decision. Turin? industry and stronger \r>rv large projects overseas-^-! w, " es Pr ea “ ‘ oss of iobs. 

; Vinyl acetate prices, which fell capital spending. such as. the Mossev-Fereuson/ ■ - p . u n , of rokm-elec- 

sharply |pst year, have already This forecast, carried out hy Parkins aslant in Poland— which t tronics technology -was an impor- 
_ __ gone up hy some 20 per cent this ihe Henley Centre for the have boosted export orders In- an * wa - v t0 ensure that British 

j year, and further increases can Machine Tool Trades Association, the past ’ ( product* were -internationally 

[be expected later in the New indicalesth.nl the hiahly cyi-lical The full ’-ear export order con, P? ll li v «\ be said. “Indeed, 
j Year. nature of ih* machine-tools in- (mures, however, musk (h*- f ivl A ^ p, L eVe far n,orR i°bs are at 

1 This is because the projected dustry is bcisr^ replaced by a that there has born a slronc • u k ibss.of market share 


NEWS ANALYSIS © BL CHANGES 


Hoping for quick sales 


BY KENNETH GOODING 


IT IS possible to dPduce from if the Government sweetens it The same might be said of 
the iaten important announce- suitably. Prestcold. also in an industry 

mpnt from the BL camp jester- However, the political rami- where there ic worldwide nve*-- 
day that throe significant busi- fications would be enormous capacity and with a turnover (his 
nesses are hein" lined up Tor a given that Ley land Vehicles year of just over £70«n. And in 
fairly quick sale would need further slimming and the first nine month? *if the year 

To manv observers this possibly other plants apurt from It remaned at least marginally 
appeared to be the only logical Southall — already scheduled for profitable, 
conclusion following this latest closure in the new year woulri diffirul»e« a: Leylainl 

re-structuring of the much have in eo. So any sale would vehicles loom much larger With 
re-structured fonner British probably have to wait until after a turnover of £43nm r-.ud emniov- [? 
Ley I and. ^ a General Election next year. in5 ,. j0ut og.000 reople a: 12 ? 

TTie transfer of Mr. David Yes to ref ays ehanaes also left manufacturing centres. BL’s 
Ahell from SP Industries In Aveling Barlnrd. the construe- truck and bus division is heading 
Ley land Vehicles, the bus and tj an equipment division, and for a .substantial loss rhi* year f 
truck division, indicates that BL's Prestcold. which makes comraer- after recording a £2im profit 
chairman. Mr. Michael Edwardes. c } a i refrigeration equipment, in before tax last vear. 



' This is because the projected dustry is bcis^ replaced by a that there has been a strong ^ thr 9h£h ibss.of market share 
I .fanuary price rise will still not /Jailer trend. recovery' in the third quarter uf ,Ths ? , r0Ueh micro-electronics - 

enable compantc 1 ; such as BP; Tlie highest annual increase in ihe vear. The slron n exnansinn lec hnology, which can generate 

rh.mi...l. t. D.... III. ftl front until—, I. n v....i n ,l ... ..... *■ v . . as Inaltt non- inh.c „ it Jinl.i... » 


Chemicals to break even on their (be current upturn is expected m machine-inol demand in Ihe- : as ^" an ^ nev i n bs as it disploces.” . 
production of l he chemical. to he this year, when orders are i\s. is expected »o produce m ' •' ^ ar ^ e , v w-as at fhc National 

One problem facing European forecast to bp over 10 per cent increase -in orders for the UK Ex bil»itlnn Centre. 'Birmingham.":' 

— i r n H t ipnrc hoc hrw-i n lha infliiv rxf hinhav Ikon it ikn A- -I C i..i «.« ■ ‘ ■ ■ 1 • tri nrian fkn . TLi.— — n 


to he this year, whoa orders are 


One pro hi vm facing European forecast to bp over Iff per cent increase -in 


j rhcntical 
Federations 


' . I , . , , . ”-7 — , — 1 ut minoi k a j 1 mu t^UHOniS 1 . —— 1.-1 

Manufacturers j orders will increase is forecast and Excise for - exports of ( to_announce deLaii^ tomorrow of 
to the European jlo slow. machine -tools during the first i ?**» > State 7*W : 


reluctantly hxs given up trying noi-so-gtorious Isolation. It could 


z&. 

Mr. DAVID ABELL 


CfunmisM.in. Home orrions Tor machine tools ri, n e months of this’vear total 1 ^ h!ch is riven to Speed 

1 t 5 u , r "^ n . Produwm this year are expected to reach £lfKim, afiamst imports ofnitiu ■ ,h ® us<f of nucn«lecti onicsby 

j ciauucd that L*..S chemicai con- [ tndustrv 

, corns were dumping vinyl i ‘ " ~ ’■ Mr. ailiashan. who is taRing 

• ac'dcle in F.urnpn a; pnees a^l , . 1 the chair at n session of the 

1 i'h^'I;'’ -u PC L thjm ' lYl2n2ff£!lHGnf rnnrpcr i Nation^ Economic Development 

5SS?*S! u^ J nnn . - M 1 

; has 1,000 entries- asj=EB3&=fs. 

dumping arcuianon. and it u ; 

.believed most of them replied.. 


BY MICHAEL DIXON, EDUCATION CORRESPONDENT 


(the. chair at n session of . the 
; Notion!!! Economic Development 
, Council, will take tha opportunity 
to - launch' a carapalgn -tn fn- 
\ f '|v c Government departments, 
management aiW trade unions in - 
. the new technology. 


:n recruit a manager from out- hardlvbe more obvious that thev _ fha M <ii. l .i > ?" ar,J of own components but I a r l ° make a decurtnn ; j^on teams has been registered of'EmfS MuMrv'lnH 1 a.? 1 ? 1 ' 


- . C.UJ . The Eu ro pean Comnureron is , RFrnRn fmtrv „r . 


- >V»i« - .— « >* Wlndowfo, potential 'SZFSHS ^ 

patently one or rh<* main prob- y, nt h losses tor years, capita. _ invest ,\iso, its compel 

-reas within BL Although noth have rua into ment until recently has oeen at i ns UD r or « X nui 

Tr It m < ■ , problems because of the a iow , ev el end hence the write- l P K ..l ^ pJI 

Mr. Abell. 3 professional man- depressed conditioos in their off’s associated with investment — jnarfcpf m •. 

ager strong on financial exper- markets. Aveling Barford is fae- ao d which are set against profits cr p SS , n neVi e 

tise. can be relied upon to put i n c the severest test. It is likely —have also been minimal. Roth IVECO 

the Lev land Vehicles balance fo record losses of around £3m Levland Vehicle's 30 ncr cent irnllori 

sheets into the best possible this year and there are few sh ^ of homo ^arket^n 1B73 SfrS « 

shape should a potential pur- S j Cns that the market lor its h a c slinoed in less than •’« per Jn^klrf J o^r ‘1 A- 

he £? und ; J ndeeP : 'HV'?/, fquipmenl will improve far u cc ^ t i n PP S?e face ' of accrete Lnd said' “ No ih; 


— have also been minimal. 
Leyland Vehicle's 30 per cent 


Power station 
generators 


. 11 *•, V • f 

: 1 J ■ • 1 ' 

M . 


;IT Was wrongly .stated tn 
yesterday's. Financial Times that 


chaser he found. Indeed, the in- equipment 
jeetion nf the successful i 0Q g time. 
Coventry Climax forklift truck Massi 

ooerations, of Alvis and Seif- An, L T r j L . an 


foreign competition 


As Massey Ferguson, the North rading attraction of iLs model French group, hd? r.wn diffi- ! ,J,c!,, dnd m 
American group, has found over range. cullies nn tim heavy irucks side j = r amophnne 


tins lost category arc 


■ *«• lu in and'coiild no- 

\omcies will nei, enn»iaeraniy. struction equipment iiusiness is Eur one and the Middle F.sst extra prnbirms r,r , c .rtinc 01 

_ There seems to he a widespread not nn easy 1 jsk neg/ig'hip. «< grip in traditional Ley land Vehicle*, 

view- within BL that the only But Avclinc Barford ha« a Commonwealth market* like Am*. Bui il if likely n .-tillable par 
«ol!ltiop :o Leyiand Vehicles' reasonable lim-np r,r models io tralij and South Africa is slip- ncr will :«*> round n.'siruervif 
problems lies in ■? merjer viih offer and its-- rurnnvnr at about ping. Only in Blarh: Africa— a thorough >■ ,1 ion .1 libation < 
: another maior truck supplier. £Tam This year "hows i* is noi \i =e ria. Kenva and Zaire— dons levland Vehirir.- w us" the fu 
preferably European The arm- a particularly h ; - iponihCul (or u rnntin 
ment i? that, however severe ibe anv internal i'*nali;. - nprratini l.rvlan 
■difficulties n deal could be doa« group to cwiUffw iniefrat* 


records. 


Its market prnetrniion in and could no* nnssiblv face Ihe 1 . " 

Eurone and the Middle E-ist s* extra p.-ohlrms or -c-rtinR 0111 1 Hit rP^rtrr I Onoin 
nealigtole. «< crip in traditional Leyland Vehicle*. * at 1 VLU 1 U 

Common’veaitb markets like Am*- Bui il is likely n .-uiialile pari- h n f :be fourth nme in seven' BY M,CKAEL blanden 


Barclays loan charges up 


1 nuucar power stations presently ' 
operating or under construction 
for . the Central ' • Electricity •' „ 

■ Genera ttnpr^oard.- .--.i -• ' 

■ The coi-rect poshlon is that the . ' ! 
‘•yneral Electric company sup- 
Phcd.- Ihe/Lurbuics fer Heysham^ -’ 
HartJephol and Hinckley “ b •• .'-.i ■' 


it rnplinue tn dn vtr;i 

l.rvland \>hi?to« i' 
imegTated business. 


a pnavly Knt^rprp./ 1 
makiiis Covet a men :. 


said yesterday. 


inieresr rale< 


The batik i-nd (hat its interest coal 


’nih the previous rate of 


Scotland 


t o* 


* r ■ 









g ■ V'- Ifigsi 

•" V- '* ' - V 

; RJ&g 

* 


V.»‘ •*• TjC - *— ‘ «A'" * ' r ’*’ 


■hxz#: 


ii§M 




They judge design, comfort, safety, 
handling, roadvvoitniness, performance, 
driver satisfaction, and -a major factor- 
value tor money. 

So when they all finally choose the 

Car of the Year, it certainly means a 
little more than which. It’s very much tc 
do with why. 

And vou can find out why at your 
nearest Chrysler dealer. 


When Chrysler Alpine advanced market within the year ot judging 

technology into Europe, it Won the subject to the hard-eyed scrutiny 

Car of the Year 1976 Award. top European motoring correspo 

Now it's Chrysler's latest entry: 

Horizon. 

But winning the industry's.most 
coveted award twice within the last- 
four years is one thing. How it's done 






CHRYSLER 

UNITED KINGDOM 


K 


fcia 




• c 










- 






' .i'-S. ‘T/l 





'r.mm 















. 1 









Financial Times Tuesday DecemW- 5 ^ 78 - ’ 


PARLIAMIM AM) POLITICS 


r LABOUR NEWS 



Tories attack Benn over 


New move? 
to boost 


Texaco tanker 


North Sea oil investment 


Left-wing 

influence 


agree 


BY NICK GARNETT, LABOUR STAFF 


BY IVOR OWEN 


By Philip Rawstome 


CLAIMS BV Mr. Anthony 
Wedgwood Benn. Energy Secre- 
tary. thut investment in the 
North Sea is not being deterred 
by the Government's “ strong 
and determined " oil policy were 
hotly disputed by Tory MPa in 
the Commons yesterday 


Mr. Tom King. Conservative 
Shadow Ennrsy Minister, clashed 
with Mr. Benn over Hu* con 
elusions to he drawn from the 
response to the recent sixth 
round of UK offshore licensing. 


There w as strong support for 

the Minister from the Labour 

backbenches and from Mr. 

Gordon Wilson. Deputy Leader 
of the SeottWr Notional Partv. 
who urged him iu disregard the 
•‘gloom and doom " propaganda 
campaign conducted by the oil 
companies, and rn resist demands 
chat the proposed increase in the 
Petroleum Revenue Tax should 
not be implemented. 

Mr. Benn. who accused Mr. 

King of echoing the views uf the 
oil companies, highlighted what 
he described as the “ proof in 
the pudding " — there had been a 
100 per cent application For the 
blocks put on offer in the sixth 
round with 55 companies partici- 
pating. compared with 53 in the 
previous round. 

He maintained that ihc *jil 
companies expected the Govern- 
ment to defend Britain's interests 
and to extend and increase its 
control over the oil resources. 

Mr. Benn appealed r*« ihe 
Opposition to recognise this fact 
and to desist from amplifying 
and echoing every little publicity 
campaign undertaken by the oil 
companies. 

“We have had a hichlv suc- 
cessful sixth round of applica- 
tions. and we have dune it on 
the basis of a much stronger 
policy than wc had a few months 
agu. and indescribably stronger 
than the weak-as-waicr policy we 
inherited from the Opposition." 

Mr. King contended that the 
test of an effective oif policy was 
whether it fully safeguarded the 
nation's inieresi while obtaining 
for the nation the maximum 
skill and expertise available in 
the oil world. 



companies - which submitted 
applications. 

As for the puestion of the con- 
fidence felt by the oil companies, 
it was an undoubted Tact that the 
North Sea offered them the most 
.viable, area politically in the 
world. i 

The Minister maintained that 
Mr. King was wrong about ihe 
sixth round In just the same way 
js his earlier forecasts about the 
effect or Government policy had 
been proved wrong. 

Mr. Patrick AlcNair-WUsun 
jCun.. New Forest » asked If the 
small companies competing in 
sixth round would have the 
necessary strength to carry 
through the exploration required. 

Mr. Benn replied: “The fact 
that there is interest by the 
smaller companies and by the 
higher ennmanies does indicate 
that a strung and determined 
policy such as that operated by 
the present Government is not 
a deterrent to investment in the 
North Sea. 

“I think ii most unwise to 
suggest that u will be.” 

Questioned about EEC energy 
policy. Mr. Benn again Tilled out 
precipitate depletion of Britain's 
North Sea resources in order to 
reduce oif imports into the Com- 
munity . 

He reaffirmed, too. his deter- 
mination to prevent control of 
Britain's energy policy being 
removed from Westminster to 
Brussels. 

There u erv cries of " Ob " 


Mr. Anthony Wedgwood-Benu 


Again -st this yardstick, he 
asserted.- the sixth round had 
been far from the success 
claimed by Mr Benn 


He also pointed to the drop 
in the exploration rale as further 
evidence uf lack nf confidence 
in the Government's policy. 

Mr. Benn retorted that the 
sixth round had “been the most 
successful in terms of coverage 
oT the applications tor blocks, 
and in terms of- the number of 



v , yywv 

&::k. &Ai 


Mr. Tom King 


from the Opposition benches 
when Mr.' Dennis Skinner I Lab. 
Bolsnven said it was suggested 
that Ministers who look a strong 
anti-Market line on the Con- 
tinent were sometimes out- 
flanked by the Prime Minister in 
top-level negotiations. 

“Watch out for any sinister 
development in that direction as 
far as your Department is con- 
cerned.'’ he urged. 

Mr. Benn: “1 cannot comment 
on ibai proposition.'' 


MR. ANTHONY Wedgwood Benn 
yesterday led new moves to 
reinforce Lelt-wing influence 
over Government policy. - 

While Mr. James Callaghan 
was attending the Brussels 
summit, the Energy Secretary 
successfully launched an attempt 
to free individual Cabinet 
Ministers from the restraints of 
collective responsibility’ .for 
Government decisions. 

The move, which, will be 
strongly resisted by the Prime 
Minister, would allow dissenting 
Ministers to criticise Cabinet 
decisions publicly and to carry 
on their opposition to them 
within the party's national 
executive. 

At Mr. Bonn's suggestion, the 
party’s organisation committee 
decided to set up a Left-wing 
dominated sub-committee to 
examine the role of Ministers 
who arc also members of the 
national executive 

The organisation commit ire 
agreed, too. that Mr. Benn should 
lead a deputation to the Prime 
Minister to discuss the issue. 

The committee's decisions are 
subject to ratification by (he full 
national executive later this 
month. 


SHOP STEWARDS representing 
1.200 tanker drivers 'and depot 
workers at Texaco agreed yester- 
day to recommend a strike from 
January 3 unless the company 
makes, an acceptable pay. offer. 
This is -in line with decisions 
taken, by .Shell and Esso 
stewards. - : 

A national meeting of Texarai 
stewards also decided to impose 
an overtime ban from tomorrow! 
over the same dispute. The com- 
pany later agreed to meet union 
negotiators around mid-Deecot- 
ber following the rejection bF-itS 
two previous offers. . 

Of the other big flve oiijmfl 
petroleum producers, stewards at 
Petroleum put off /a 
decision on industrial action 
after the company indicated, that 


it Was willing lo renegotiate its 
pay proposals 

Senior stewards at Mobil have 
been recommended’ to - accept - 
their Offer, which is thought to.be 
worth about 11 per cent. Includ- 
ing 6 per cent for improved 
productivity, although much of 
This would be consolidated into 
basic rates. _ .. 

- -In return for that offer, tne 
Transport and General Workers’ 
Union, which represents the 
drivers, is being asked to aecepf 
increased road. speeds, a saving 
of 10 minutes a. day. bn loading 
and unload fug and . a Qew system 
of aircraft fuelling at Gfttwfck. 

... Mobil Is distinct from the other 
'four companies as it already 
operates a productivity deal for 
drivers. . 

Union negotiators believe the 


other oii . companies wiU . now 
have to make, similar overall cash 
offers ■ These "are "almost certain 
to be linked to improved perfor- 
mance. although Transport Wor- 
kers officials have said they will 
not discuss .productivity schemes 
.unless, basic. offers are Improved. 

The . drivers have’ submitted 
claims which the -union says , ate 
worth S0-40 per cent, but the 
companies value ' - tbem at more 
than 50 per cent.. - . _ 

They include an increase tn 
basic rates from £75 to £90 and a 
rise, in the rate at which over- 
time and shift payments are- 
made to £90 from £59. 

The companies have offered 
rises -in lino- with the Govern- 
ment's .5 per cent • limit, with 
further, payments accruing, from 
productivity.- . 


0f 


Pilkington warned 
on shorter week 


Duty-free 

allowance 

move 


•• a 


BY OUR LABOUR STAFF.-- - 


Hostility 


Pledge on British coal sales 


BY IVOR OWEN 


FURTHER ASSURANCES that 
the Government will continue to 
pres* oilier EEC countries to buy 
British coaf were given by 
Mr. Anthony Wedgwood Benn. 
Energy Secretary, in the Com- 
mons. 

He iire.ssed lhai there was a 
growing body of opinion all over 
the world that coal was going lo 
he one of the key bases for indus- 


trial development as oil and gas 
supplies ran out. 

Mr. Benn strongly denied that 
"tactics” at meetings of the EEC. 
Council of Energy Ministers had 
damaged ihe prospects for secur- 
ing increased British coal 
exports. 

Tadics were not involved, he 
argued, in seeking to persuade 
EEC countries taking cheap coal 


imports from Poland to buy coal 
from a Community partner in 
the interests of Community 
energy policy. 

Mr. loan Evans (Lah.. Abcr- 
daret emphasised that the NCR 
was now producing the cheapest 
coal In the EEC, and that the 
British coalmine industry was 
being subsidised to a lesser 
extent than that of any other 
EEC country. 


Du Cann calls for tighter curb 



by State Boards 


w>* BY JOHN HUNT. PARLIAMENTARY CORRESPONDENT 


The issue arose yesterday out 
of a letter from Mr. Eric Ileffer, 
a member of the committee, 
which referred to rbe “clash" 
between Mr. Bunn and Mr. 
Callaghan at a joint meeting in 
October of the Cabinet and the 
national executive. 

Mr. Benn. who used that meet- 
ing to voice his own hostility to 
British membership of the Euro- 
pean Monetary System, was 
sharply reminded by the Prime 
Minister that he would be 
expected to conform to whatever 
decision was finally taken by the 
Cabinet. 

If not. Mr. Benn would have to 
face the consequences. Mr. 
Callaghan warned. 

Mr. Benn retorted: " That is a 
matter entirely for you. Prime 
Minister. It is nothing to do 
with me.” 

The organisation committee 
yesterday also put further 
pressure on moderate members 
of the national executive by 
recommending that all votes at 
future meetings should be 
recorded, and that the minutes 
of the meetings should be made 
available to "units of the party." 

The decision — by 7 votes to 6 
—will provide greater opportuni- 
ties for party activists to focus 
attacks on individual members of 
the national executive who 
oppose left-wing policies. 


THE General and Municipal 
Workers’ Union warned -yester- 
day that Pilkington. Lhe glass 
manufacturing company, faces 
“confrontation" unless it moves 
toward bringing in a shorter 
working week for its T.OOO 
workers. 

Mr. David Warburtnn. national 
Industrial officer nf the GRFWU, 
said the union wanted the com- 
pany to respond positively on a 
reduction in hours, and said that 
5 per cent was “ not on " as an 
offer when pay rises were due 
next year. * 

The warnings from the union 
were issued in a bulletin to shop 
stewards in the company, .repro- 
sen ting workers at plants at St. 
Helens,- Pontyfelin. Doncaster, 
North Wales and Scotland. • - 


The union bases its. claim for 
a shorter working week on 
countering the effect of loss of. 
jobs and co-operation in adapt-; 
ing to the company's introducing 
new technology to meet j 
increased competition. j 

- Mr. Warburron s aid. the coin-, 
party had a choice: “ Either joint 
efforts towards leas hours and a 
shorter working life, plus expan- 
sion. or resolute opposition to 
arbitrary decision-making by the 
board. 

“We can either have practical 
progress which balances com- 
pany alms to be a loader in Lbe 
industry with logical personnel 
policies, or we can have con- 
frontation. Pilkingtons have to 
make the choice." 


-opposed 


By Our Labour Staff 


Canal supervisors stop 
work on control system 


BY PHILIP BASSETT, LABOUR STAFF 


THE CUM MUXS Public AccninH 
Ounmiuce will persist in its 
campaign to make Ihe "last 
sums” at the disposal of the 
National Enterprise Board and 
the British National Oil Corpora- 
tiun subject in close Parlia- 
mentary supervision and control 
Air. Edward du Cann. chairman 
of the committee, said yesterday. 

Opening the Commons debate 
on the reports or lhe committee 
Iasi session. Mr. du Gann 
demanded that it should have a 
wider remit to examine Govern- 
ment expenditure 

"The best method b> wh’ch 
the executive can be controlled 
is through The control of ns 
public vrpinditure." he told 
MPs. ** But we are falling 
behind many other democratic 
countries " 

According to Mr. du Cann. the 
method of examination adopted 
hv many other Common wealth 
countries was now far in advance 
of our own. 

“Their •rvelincss and dis- 
cussion of these matters maker; 
us seem fuddv-duddy and out of 
d.i fo .‘" he declared. 

It was bieh time the Commons 
should examine again the narrow 
remit nf the public accounts 
e'imni»n«*e The 1SS6 Act which 
osjMiluhfd the system should be 
r«i-**ed and improved without 
delay. 


•’ll is m-v: very much mu of 
dale." lie mmpldined. " The 
man in the street knows that we 
are nut dom*. the job we are 
entrusted i«« do. I believe that 
is a disgrace ” 

Mr. Du Cann pointed out liiat 
the National Enterprise Board 
now had authority from Parlia- 
ment to spend up to a maximum 
of Elbn. The expenditure of 
tile British National OH Corpora- 
tion was authorised up to a ceil- 
inc of £6P9m. and huge sums 
from the National Oil Act-uuni 
were available In them. 


Mr. Du Onn thought it 
deplorable that there was no 
adequate method of controlling 
this expenditure-. 

“ Parliament in us wisdom 
has created these two quas*- 
entreprereurial enterprises, and 
the amount of money they have 
to spend is beyond the ordinary 
imagination." 

He recalled that Sir Lc-I!e 
Murphy, clijirm.in uf the NEB. 
Had argued lhat n would involve 
a breach of commercial con : 
fidentiality if such information 
were provided. 

The Guard’s operation would 
he inhibited by making its books 
available lo the Cnmpi roller and 
Auditor-General 

But Mr. Du Cann ilioti-Jii this 
was not horni- mu by the 
evidence. The Scottish Develop- 


ment Agency had opened its 
books and did nut feel that it 
had been inhibited in any way 

A proper system of accounta- 
bility could only be established 
if the Comptroller and Auditor- 
General was given access lo the 
books and records of these 
bodies, he insisted. 

If tile Government's response 
lo I his proposal was negative, 
then the commit toe would no! lei 
lhe matter rest. 

" We shall rerum to it again 
and again until we have our 
way." he emphasised. 

Mr Du Cuaa suggested that TV 
viewers should have the right fo 
see MP« a: wnrl; c»n aid-.- ring how 
their money wis speni 

“ I would hone nerbap? lhat we 
might consider the introduction 
nf televisiun on an experimental 
hasis into the Public Accounts 
Committee." he went on. 

“ At the very IsasL members 
of the public could ,-ee their MPs 
engaged in a real, very serious 
examination of the nation's 
affairs." 

From the Labour haekbrnche-». 
,>lr. Hugh Jenkins ( Putney i sug- 
gested that the Committee might 
ho spreading itself too thinly 
over the whole range of public 
expenditure accounts. The;, could 
be dipping into raan> areas with- 
••lit adequate!:, following through 


particular investigations. 

He felt that the time had come 
tu have a separate select coi.i- 
imttOi- fur each Government 
Department able to examine 
what, m detail, was happening 
in i heir particular field. 

.\lr. Du Gann's argument about 
lack of investigation nf the Public 
Enterprise Board's accounts was 
backed up by Mr. Michael 
GryHs (Con.. Surrey, N.W.i. 

He thought it strange that the 
Govern men i had twice refused 
requests from the Puhlic 
Accounis Commitiee Thai the 
Comptroller and Auditor-General 
>h«uld be alhiwr'd to investigate 
lb,. NEB on behalf of the Com- 
mittee. 

It was, a scan tl;- 1 and " ahnn-t 
a contempt uf Parliament." he 
alleged. 

It was the duly or MPs lo 
at the facts of what went on. 
particularly where taxpayers' 
money was involved. In this area, 
there could be no immunity from 
Parliamentary control. 


Accountancy 
Bill is 

reintroduced 


The Energy Department hare 
launched »n 'investigation into 
lhe reasons for a reduction in 
the number of oration wells 
in the North Sec this year. Dr. 
I/ickvoii Mahon. Energy Minister 
nf Stole. l«ild the Commons 


By Elinor Goodman 
NEW PROPOSALS for con- 
trolling the accountancy 
profession, and so giving 
statutory back-up powers to the 
profession's own . idea* for 
regulating Itself, were brought 
forward by a Conservative 
backbencher yesterday. 

Mr. Trrrnce Higgins, an 
economist and (he 3fP foe 
Wnrl h Ing. rr-introduerd a Bill 
which would mean lhat accoun- 
t-ins would have to declare any 
financial Interest they might 
have in companies they were 
auditing. 

Mr. Higgins sponsored a 
similar Bill In lhe last session 
of Parliament, but It failed lo 
get on lhe Statute Book for 
tack of time. 

Though Mr. Higgins was not 
successful in lhe ballot for 
prtiaie members’ Bills, he 
believes that bis proposals are 
sufficiently miconlroi ersial to 
stand a good chance of getting 
through the House this time, 
provided there is not an early 
election. 


CANAL SUPERVISORS through- 
out the country began industrial 
action yesterday over pay which 
could close the inland waterway* 
system to freight traffic and -cut 
off water supplies to some Sjball 
industrial sites. y. 

The 600 supervisors;- members, 
of the National and Local 
Government Officers' Association, 
are acting in support of a 
demand that' they be made a 
special case under the Govern- 
ment's 5 per cent pay limit. 

The British Waterways Board 
said That it would Start to lower 
water levels on the canals at key 
jM-iinis throughout the country 
" in lhe interest of puhlic safety 
and tn avoid undue damage Lo 
the fabric of the waterways." 


ment to approve a pay rise 
beyond ibe 5 per cent limit to 
correct anomalies which have 
arisen since introduction of the 
present system of pay restraint 
in 1875. . 

Thu supervisors claim they 
arc in the same position as j 
plu rubers- heating and ventiia-l 
ting engineers and BBC staff.! 
who have ail asked to be -con- j 


xidered as special cases because 
traditional pay links with other 
groups were affected by the. cut- 
off date for pay settlements in 
1975. \ 

The union claims that the 
anomalies leave the.. supervisors 
seriously out of line toith British 
Waterways manual \ workers, 
some .of whom earn more than 
the supervisors, and wfth com- 
parable workers in the water 
service* . Industry. 

The Advisory Conciliation'. and 
Arbitration Service recom- 
mended, at the end of a wetkSof 
industrial action in the water- 
ways in 1874, that pay for canal 
workers should move toward 
parity with the water service j 
industry. 


The sanctions are being taken 
at a time when the board is 
becoming increasingly concerned 
about a backlog of maintenance 
and improvement work to lhe 
canal system. The union is ban 
nine supervision of the water 
control system which- helps to 
prevent flooding. 

NALGO has asked the Govcrn- 


UNION OFFICIALS represent-.- 
ing 80 Customs officers at 
Heathrow Airport who are ; 
“ working to standard.” in sup- 
port of a demand for more 
staff said yesterday that the 
i management could be acting, 
illegally by increasing the; 
duty-free allowance for arriv- . 
ing'. -passengers. ' \ -- ^ 

The Customs officers, members 
of the Society of Civil .and. 
Public Servants, -are rigidly , 
enforcing the 'declaration of. 
goods beyond normal allow-; 
ances as part of their claim, 
for 10 extra staff. The -union 
claims that passenger flow in . 
Terminal Three of the airport 
has increased by 20 per cent ' 
this year, with no extra staff. . 
The officers' action has led to : 
delays of more than two hours 
for some passengers using the 
“ Goods to Declare " red chan- . 
net in the lenhinal. 

Miss Judy McKnigbt, union 
group secretary, said that the! 
action on allowances by the 
Customs' management might 
well be HlegaL. “Hie union - 
is taking. legal advice about 
the possibility of taking out ao : 

. injunction to stop the increases . 
in allowances." - 
She said the allowances wer». 
applying only - to Terminal 
Three and would allow pas- 
sengers arriving there ro .bring 
- in more. duty-free Kobd-;. 'than. 

. those arriving at other parts of, 
the airport or country. 

A Customs and Excise official. 

said duty free allowances had! 

' not been- charged, but Customs 
commissioners- who. : adminis- 
tered the allowances had 
authorised the application of 
certain allowances to prevent 
congestion lit .the terminal. -. 
Talks between the customs 
officials and their management 
broke down last week When; 
the union rejected an offer ri, 
five extra staff because- it-was* 
tied to changes o£ working ’ 
practices. Including reduction, 
in holiday choice by -changes, 
in rosters. 


■j ’ r 


;SE9 5H£L : 


l : 


Rail talks to 


'V 


Speaker rejects appeal 
for Press strike debate 


break deadlock 


on productivity 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


EVIDENCE TO WILSON COMMSTTEE 


TUC urges new joint lending facility 


AN APPLICATION for an emer- 
gency debate in the Communs on 
the provincial newspaper dispur- 
was refused by Mr. George 
Thomas, the Speaker, yesiertla;.. 

Hr. Roy Hughes (Lah. Nun- 
porli sought to get a debate on 
the Issue. 

Hi* said thai lhe Father of ihc 
•'.h;ij)cl (NUJ office branch) of j 
newspaper in his constiluenc} 
had written to hiio, pointing oui 
•fiai it was odd that MPs should 
hnid a n emergency debate on the 


suspension of The Times when j 
lhe whole of the provincial Press, 
was in turmoil. , 

According to Mr. Hughes. Thei 
Times catered for only t per cent) 
nf the population, while the 
provincial Press catered for many | 
millions of readers. Indeed, some < 
households only took a provincial ! 
paper. 

He wanted the whole issue to 
be spotlighted with a view to 
bringing ihe dispute to a settle- 
ment ■ 


By Our Labour Staff - . r ; . • 
THE THftEE rail unions and 
senior British -Rail management', 
meet Sir Pftter Parker; . chair- 
man of British Rail, today mi lhe: 
tipadlqck surrounding a proposed; 
uroductivity deal ' for rail wot- 
kers. • ... ... 

The meeting was. sought .'by' 
Mr. Sidney Weiahell. .general 
secretary nf the National Union, 
of Railway-men. Tallowing British' 
Rail's refusal lo implement a' 
tribunal decision on : prbduc-- 
tivfty. 

The decision 7 was based' on* 
British Rail's business perform- 
ance scheme proposals, but; 
included elements 'which", 
management was; unhappy with." 






BY JOHN MOORE 


A NEW L-nding facility, jointly 
funded by the public and private 
seciors and controlled by a Lri- 
pai'tite 1 steering committee, is 
pul in the Vilsun Committee for 
further consideration by the 
Tr?di:< t 'nmn Cm arc-*- in ite 
late-t sii'Mm-Unp uf cvnU-ne? 

Thi-. is mjsI one *u* the major 
themes taken up m the TUC - -. 
latest evidence, which returns 
in many nf the cunl r.iv ersial 
proposals fir-i submitted tn The 
Wilson Cfiiuinilre nearly IS 
months jco. 

The new I end me facility 
jointly funded l.v the insurance 
companies and pension funds 
and the Government would bl- 
under the cuniinl nf a proposed 
steennu et»m nutter in finuni-r 
for investment which vmi'd bi- 
abb 1 i*i replace exist mu in-.tilu- 
nnnjl .sbarehuldmu* with ii- 
own money. 

In this way. an in-nun mu 
enufd sa:e!> withdraw fi>*m a 
particular company if this wj- 
considered necessary because of 
its particular needs tas disunci 
from because nf ansSely about 
the com pan} 's prospects! to pro- 
tect the interesis nf us depositors 
without i firemen ing the miercbis 
of the company. 

The steering comniiitee ^Miild 
then have to the lun^-nui 

viability oT the cuinpany cun- 
cernrd "and ilevrdc whether n 
could be restructured pi meet 
industrial strategy criteria.' 


Resources 


The Tl'G say* that there .rje 
two basic chflices for Uiv in^uni- 
lions in Ur.-ir mmlvrineni in liu- 
munasciitrnl uf cnifian:**-. They 
can become mure involved indi- 


vidually in ni.i na semen i «leiaiN. 
Large inscitutiuns. siuh a- ihc 
Prudential, 3re beginning to du 

this- 

Bat given lhat each institution 
has shares in ;* large number **f 
e> mi panic-, ii is di.riiiifui whether 
they would be aide tu be involved 
in any systematic waj. "Many 
insiiLuiiun? have neither the 

resources nur the expertise.*" 

The TLf. urges collective insti- 
tutional .ic:mn. but collective 
actum vi Inch needs t» »e ime- 
•jrated wnb wider pulley cun 

sulcraiii»ns. 

Since it first su uses led u* the 
Wilson i.'ommiltee lhai ihcri 

needed i •» b»- a closer link 

uenvuen the financial institution*, 
a:: J inrfn-ir. rhe TL : t.‘ s.i;.* ihjf 
luii Miiail ' di. velopinctns have 
indicated Ilia) there is m fact w 
percept !'»li- niuvemeni luvard- 
c-luser link- with the «!it> and 
induslry 

Firstly ih^ Bank nf England 
has issued a cuiUc. Money f«u 
Business, which sets nut various 
sources of finance, which, argues 
the TUC. stiageste lhai a mm- 
inimical mns tap exi?is. 

Sei-undlx. the Knpw 1 reuori <»i: 
the «-lnihing industry has 
suagested that there needs iu br- 
a link between E»iu>i;- l.:.->pj!a! for 
Inrttistrv and the Cluthing 
Industry P-oductsvuy Resources 
Agency ii.TfR.Vl. 

The Kmpp-I r* i, M»r: h.*s r*-nm- 
minded lhat CIFI:-\ ::h*uilil bn 
.ib!e in uffer ncn-ssaiy financnl 
ad* :ce to ihis cniuanies which 
.ipnroiien i! 

sp*-,- • il.- ■•ok- fioivpen an 
»n -1 rim si»n r«n-i — ;«vf ■•■'ih 

lhe ' ndustri.ii strilegy .-‘nd a 

financial insntuiiun corrc.-ponUi 


very much to the TUC's thinking.” 
says the ei idetjcc. 

Tile TUC also urge? !inap*- : .'! 
targeis for the rinanci:*] 
institutions “just as the inf'i:-- 
trial strategy has invup.— d the 
•setting of targets for ur-nufjc- 
turing industry's share of world 
icarkeis following tripartite dis- 
cussion between government, 
trades unions, and company man- 
agement." 

The targets would be estab- 
lished through discussion between 
the tarifii:* represent alive 
interests, -u that finance can hr 
provided !u help companies im-el 
the market ?hare targets-. 

The TUC discusses ai some 
length :he ro> of the Bank uf 
Eng' and ft questions whether 
fhe Bank'-, awn description nf i!- - 
raio js a ■* confidant, arbiter and 
•jv ,-Hijn ,j f r.he City's canri- 
arilv." <-on5istenl with •he 
Rank'- role to ;»•:! on behalf of 
rh* Govern men i in monetary 
affair-. 


Increased 


But (he TUC docs no,* favour 
anv move lo mlcgrale the Bonk 
in‘o ibp go* -or n ment machinr. so 
ihai the Bants *.'0uld in **ITe'cl 
be-oim* .i ne? her government 
Uei'jjr'Micnl. 

1 1 dues, bot-.-ver. call f n-- mare 
public jir.-:;i«*inl:il*' !ity . jni* re- 
.■■•nt'-.t-nds 'ha! the " cnnri nf 
■11 roe* or s " Miu-.i d in- ri-<-un<ti- 
>: i i*t :*d nd sh-:ijd repre-en! a 
wider raag»* nf :o:ere>ls than at 
pr-'.i-nt. 

Ttji? TT'fT cal*-* for inure trade 
union re-in— -nia' an on .i RnnV 
„r l? n v *M>rf:*d y-air- uf 

»lt*» I’li.-n iv -i <v ,i. 

lion should be drawn from the 


lin.i.ti:ia< sc-ii.r including the 
Bank uf Eir.'L-in l itself. 

The Govern mvi i fs urged tu 
Like step: lu iveate a public 
banking si.-r\ .«.»• * '-i.;h is able tu 
• 'ininen* wish tin- lug four ■■leaf- 
ing bank-, and :h~ TUC endorse? 
j iiiovf, :» merge ihe National 
Giro Bank and Hu- National Sav- 
ing* Bank. 

The TUC is pk-.i-.ed with ihc 
way ihn Nan anal Enterprise 
Board and ihe Midland Bank has 
created a joint venture — New- 
town Securities — which provide* 
sources nr finance to companies 
winch have exhausted existing 
suurces or uurruw-ing. 

But it says that if -the NEB is 
tn make further progress along 
these line?, ih own borrowing 
bunts of rum — established over 
ihrce years ac«i — will have to be 
iccrejised. 

On Ihc iniernjlinnal fronL ihe 
TL-G claims thai There Is a ca-e 
for selected ouiw-ard utvestnicnl 
perhape- to build up a presence 
in overseas marker protected by 
high tariff and nun -tariff har- 
riers. or to extend distribution 
networks. 

Bui ii warns that the balances 
of "both the sinck and flow nf 
outward and inward- investment 
are not in our favuur." 


tod us try. funned in March ul 
tiu? year. >*huu d have its powers 
extended it* cover Die foreign 
twc'-ij.ngo markets and the com 
modiiA markets, and cun si dera- 
il on should also be given lu the 
new body'? rclation-?hip In lhe 
arrangement* for banking super- 


Music men in merger Teachers ‘hit 


BY OUR LABOUR STAFF 


Ii fuel* that a greater reliance 
shouid be placed on statutory 
regularion of the securities in- 
dustry. more than that which is 
envisaged by the Council. 


Necessary 


THE MEMBERSHIP nf ihe 
National Union uf Musical In- 
strument Makers has voted in 
favour nf a transfer of engage- 
ments to the Furniture. Timber 
and Allied Trades Union. 

Twn-thirdg of the instrument 
makers' uninn voted in the baliol 
■with 96 per cent supporting the 
merger. 

The furniture union said yes- 
terday that it was creating 3 
national musical instrument 


makers' group within its struc-J 
turc. 

Mr. - A. G. Wright, genera '> | 
secretary of the instrument! 
makers, will become a full-time | 
official of the merged union with, 
principal. responsibility for nego- 
tiating terms and conditions in 
the organ-making industry and 
servicing the industry’s shops. 

Procedures for the merger j 
have been conducted with the! 
approval of the Certification ! 
Officer. [ 


by overwork’ 


SHORTAGE OF staff is ieadittg 
to more teachers taking" -sick . 
leaya some with, depression tffv 
similar complaints, a report to 
Nottinghamshire County 'Council' 
has reveal ed. . .. 

The National • J Cmon. of 
Teachers said yesterday rbat the 
problem could, be..- Solved by. 
employing more - -teachers - and 
having smaller classes. Bui the.' 
council report says the wages 'bill 
for Nottinghamshire teachers is, 
already £itrt overhudget. . 


Restrictions 


In ihc light of this, the issue 
is whether there is a case lo be 
made for relaxing the present 
restrictions. 

A Foreign fnvpMmeni Review 
Agency r» needed in consider 
rheov problem*. 

T.ic TUC alsu argue* that the 
Council for toe Securities 


ft further j-uggcMs that an 
advisory commit tee to the Bank 
of England on bank licensing 
*hould hv created, and 3 more 
represents-, live Deport Proier- 
lion Board should be csl.thliVhed. 

The TUC l> a Ho concerned 
rhat the rapid'}- growing build- 
ing societies should becutne 
more publicly accountable in 
terms of both to err tending 
policies ami of their structure 
and urea nisa lion, - 
it recommends that a clearing 
house system is needed for the 
snrii'tii'-' which would enable 
account holders to deposit and 
withdraw funds, up to a certain 
amount at any building .society 
branch of any participating 
buDdlng society. 

This would remove the need 
for lhe proliferation of budding 
society branches. 

Bui Lhe TUC rejects the idea 
that pub'ie ownership of build 
to" >orietie> may bfc necessary. 
aUhnugh the mciir ties must be 
more aecounla.ble for their 
policies. 


Glass fibre linked with cancer 


m 


BY USA WOOD 


- ■% 


ANIMAL experiments have 
linked man-made mineral fibres. 
Mich as glass fibre, with a cancer 
similar id that produced b> Jong- 
term exposure to aabeslos. 

But the Health and Safety 
Executive, which is to publish 
a report next year on research 
into the industry, said ycsiorday 
that there was no evidence at 
present 10 suggest that workers 
were at risk. 

Reports earlier this week said 
that the executive was silting on 
evidence produced over a ;.ear 
and a half ago lhat man-marie 
mineral fibres could produce the 
same fatal results as asbestos and 
that t he executive had not warned 
employers and the public 

The executive said lhat a work 
ing party had been set up t<< 
consider health ri%ks in ihc man- 
made mineral fibres Jndiisim-.i 


and recommendations would -ibe 
made early next year. 

Tumours produced in rats pj. 
posed to man-made mineral 
fibres had been developed h* 
very, specific conditions. These 
involved the surgical implanta- 
tion of specially prepared fine 
fibres -into the rats, pleural 
cavities. -The experimental con- 
ditions produced some rumours 
resembling those generated m 
rats by asbestos. 

However, no association bad 
been demonstrated between ex. 
posufeto man-made mineral 
fibres and the Incidence of cancer 
in man nor bad such tumours 
been found in animals subjected 
lo inhalation experiments. 

Earlier- this -year. Mr. John 
Grunt. Parliamentary ' Secretory 
lo the Department .or Health. 


said, in answer tn a Parliamen-. .. 
tary quest roo. thai it was known 
that irritations to tho skin, eyes ' 
and upper respiratory - tract 
could' result. ' through' contact;- 
with, or . exposure, id, these* 
materials, but 'The effects were “ 
transient and avoidable. 

" No . association . has . been; 
demonstrated ; between exposure^ 
to inim-made mlheraJ fibres addi - 
the incidence of cancer in man.”: 
.he said.- r - . -- : . 

Dr.- Peter. -Efmes. director- of : 
the Medical Research '-Council's} 

pneiimoeoaioris unk .at Cardiff./ 
said- that research hatl Indicated-^ 
that--" under, certain'^ cirevm-~ 
■stances the' ffbres . couki be as', 
dangerous as asbeslos" hat that - 
it was., "not kb own as ‘‘yet - 
whether t hey- were^.dangexpus-r, . 
urtder existing worklhg ctrcwfir- ' 
stances . ^ . .s-..-. . .- 












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#iiTanSal ’pinaes: TuS&££ ttecSberVf; 197S 



BUSINESS AND INVESTMENT OPPORT 

. ^ R^Om^pE^ TO TA^^PP^pPRiATE PR OFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 


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•«?h T P ‘f ■>!; 
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Per 

212? ^ & 

ude ’i:n 

at ;:'^b 
’hif: 0 . h; cb ,_ 
from 
Wni(.« .' 

«T Cf»;» , ^ 

Ben*,. --Rii .. 

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wance 

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ibcur S,-,)r 

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* Mo stars^ji^^ 24 

houfcS^^ areas with 

; easy access id kUTnaia areas: 

* ^ Mpden^toiiing ^'tripnrerit and* expert staff 


* New. fleet of distribution vehicles covering 
Northern Ireland on a daily basis, : 

Person al servicfr guaranteed. . ... 

Please contact: - ' ' -u *•..’• 

■ tTro^ENERALStALES MANAGER 
DUkES TRAZ^SFDRT (CRAIG AVON) LTD. 

J _ii VICAKAdR ROAD 
PORTADOWN, GRAIGAVON 
. : Telephone: Partadowa. 34977 
Telex: 747203 : • - 



GRESHAM TRUST 
LIMITED 

Permanent and longterm capital 
for the successful private company 

Also a wide range 
of banking sendees, induding:- 
Selective finance for property development 
Commercial and industrial loans 
Bill discounting 
Acceptance credits 
Leasing 

For further information 
please telephone 01-606 6474 or write 
to Barrington House. Gresham Street, 
LONDON EC2V7HE. 

Gresham Trust ltd .Barrington Kohm Gn.-:him&rct:t, London EC2V7HE 
Tel: GJ-60u o4“4 

Birmingham Office: E dmun d House, New full iueci, Eirmirghjcn, BJ3TIV 
Tel: Oil-236 1:" 


*1 


• '-v- • ■ • USA- ' 

MACHINERY MANUFACTURING 
T. CAPABILITIES AVAILABLE 

Experienced; repuUMeU.S. manufacturer of Special and 
diversified machinery fcWlre Cable amf Stranding Equipment, 
Abrasive. Belt Machines, Braiders; Plastic Molding- Machines, 
etc.) offers European manufacturers an opportunity.!® produce 
their products in U.S. for little or no investment . We can 
provide complete capabilities: turning, boring; drilling, milling, 
-casting, welding*' heat treatment, assembly, etc. 

. • ;T T‘ .. ;•*, ■ •• j Writeto*. ■ -‘ v‘- . 

'Mr. R; Martin, Vice PresidenrMaehinery Division’. . 
WaOtkiidt Company, 304 Pearl SL. Proridence, RI.i»S907. 
Telephone: 401/831-1200. Telex: 92 7517/ 


LISTED SHELL 

PropenyU Investment . Group 
( wkh insurtnee ■ihiecMtsV »?ks 
control 'of' clean' ilwfH. r br : small 
trading company. ., - 

Write- Bait -GdQBf- - 
Flriondfi/.TTrnes ." .‘.3 

10 Cannon Street. EC4P 4BY 


F 


F] 


MIDDLE EAST 

Export— Local Manufacture 

IVehiiu* rpprrseiiUHiuu in aff lending Middle 
Eastern capitals and hax«* sua tssrullx •'irrungcrl 
jural manulaituiv furUtilish piihlicftHnpanits. 

GhiefExeruUves wishing lo e\pu«l their 
coiupauVs products or lrdiiKilogv arc in\ iu-tl 
toxulUTu: 

.lohn Wright. Chairman 
Branch Securities Limited 
68 Bishopgale. Norwich 


Z] 


for PRpmstotfAis <^ir 

- M »Eo*bb 4pfcy tmri 

•vu. 5^. .n* trtdier j*w 
Hki n w»r £S50.- A’riimtar iadt STt. 
green Ie*ther E50B-' .Mabogmr; 
dhow c hurr in hi6f.: £90. Swred 
ditirv m - W*, £» IS. M*nr : other 
-barauu in.nustky oRlee. furniture. 
Ring •• Commenrt.! ’« 01-837 9889, 
SZVQrty’i Inn Itovf; London. WC1. 


FINANCE FOR 

THE SMALLER 
GOMFANY 

Forfurther Information contact: 

- .. K.DaSi,": “ ! . 5 -. ' 

' ABBUTHNOf FACTOftSJ-TD., 
• *.' Breeds Place, Hastings, 

“ ' * C Ci iftHfty •■*•*. 

.-.',1 ;Ta^A*24r43Q824 ,f. I 


..I.-, n 


CONTRACT 

t a^OKiMG/COOKlNG - ■ 

Oiir Compan/ hu kiln time mraiUble 
for c ookint j«d imoHne - of mutt. 
foh ted foolary ir.its «&" factory ;m 
Warwick- '• • • - 

for fuU-dptoOs ring Mr. Pool Hobantf 
« Wonrftl: rev W) 41382. - • 

Dam c rhajA fxxod Products ltd.. 
WeKhrt Hoad. Wantfi^c. pT34 3 PZ. 


; T4ARE INVeSTM&T 
■ ... . OFt»ORTUNITPf 

in. hotel project of hijh. n-jiiity with 
patefttftf i|T <>cut of Jb bedroom i. 
Mratc; Joveitmenc of/CS.0C0 mini- 

mum coniidercd. h»lf ibqurcr half loan 

with .goerf interest Jrites £86. POO 
turiuwr' ll ready hie red on this 
prime, freehold »ho : in beaucifui central 
Couwoldi. ' .,r . 

WHle .Sor <j.3011. Financial T>mci. 
... 10, Canaan Street. ECAP dBT 


Peter Whitfield and Bob Tanner 

( formerly of Clubman's Club anti 
Orme Developments) 
have £2.000,000 to invest in: 

• • Managing directors wishing to buy their own 
companies 

.... O Companies wishing to expand 
Z \ Q Companies wishing to merge with a view to 
\ . early flotation. 

Minimum profits £100.000 per annum. 

\ 

__x 


Write Box G2?1'2. Financial Times. 
JO Cannon Street. EC4P 4 BY. 


FUNDS AVAILABLE FOUSHOP 

- PROPERTY LEASEBACKS . 

' Priwel'aiid 

— Shop .-invotmems iUo' Mrehued 

throujftnwt tt>« UK - Aemb rNilncfC; 
V , 8: Seider,. FCA . • -;i. 
' ' RETAIL PROPERTY • 

; INVeSTKCMTS. -LTD. . ■ . 

47 Peter-&reet, .Hflnche«ttr M2-8AO 
- - T*U 061434 2S10. . : . / 


ELECTRPRIC WORD . . ‘ 
-- PROCESSING . COMPANY 
wcH : erabriibe^ '.Witbee to 

elejoonsc tompany ci^ibto of ■ rateu- 

.1 aaurini and »rvictaB in , .UK,-. • • 

, «ej tfrjo REF. ACT 

HARTLEY LAWRENCE MARKS 
Z2, Manchester S*.. London, : W. I ' 


NEW PRODUCTS 
FROM U.S.A. 

■ZoniuiltxK. resident UJ.A.. offers 
SKTices in product search, licensing, 
.^oovroerelal . 4moll<fence and .market 
.'research: apeciaKsing in diversification. 
>' ' new business opportunrtiei. 

'Write 8oz .' C.20&&. Financial Times. 
10. Cannon Street, £C4P -487. 


GENEVA 

Full Service is our Business 

• Law and. Taxation. 

• Mailbox, telephone and 
telex services. 

• Translations and secre- 
tarial services. 

' t) Formation, domiciliation, 
and administration of 
Swiss and foreign com- 
panies. 

Full confidence and discretion 

' BUSINESS ADVISORY SERVICE 

■■ 3 rue Pierre- Falio. l?n*M Geneva 
Tel: 3R OS 40. Teles 


Computer Problems? 

C mnputtT programs raust fsr 
muri- DP problem* Ulan the 
computer- iheraselves. 

Jadaon StTuctiirMi Programming 
is ■& design method which 
produces belter oimputer 
prvgrarra- 

For mure informs Li on write to: 
Mithad Jackson Systems lid 
101 Humilu<n TVrrare. 

London NWS 9QX 


LIMITED COMPANIES 

. From <59 

Formation U.K. and Worldwide 

Including: Isle of Man. Liberia,' 
Panama and Anguilla' 

-Contact: CCM Ltd..' 3 Pratfntct Hi'l. 
Douglai. l o.M. - Tel: Dsuglu (0634) 
25733 - Telex- 627900 Ballon G.' 


A VENEZUELAN 
TRADING COMPANY 

with well established business relation, 
.ships In the Gov't, and private sectors 
•urgently seeas additional rear«ev»ta- 
tlons on a non-c* chit Ire basis to trade 
Commodities. Mrrals. Grains. Edible 
Oils, and related product*. 

. ■' Please reply in confidence tot 
ELC A 

Apartado 61389. Caracas. Venezuela 
.. Tlx. 33233. Til. 326S17M8 
Attn. Managing Dirccior 


RESIDENTIAL MORTGAGES 
Up' to £109.1)00 available for;- 
- transaction- ■' 

No. Etufowrrierft Assurance. - 
Commercial Funds also available, 
'•-needed. . . ,/V; 

Write 8oz G.2382. Floontiar’ TJwei,. 
■ 10, Canaan Strmrt, EC4P .<81fr-_" 


ISM ELECTRIC 
TYPEWRITERS 

.Factory reconditioned and guaranteed 
by IBM. Buy. save up to 40 per cent. 
Lease 3 years from' : £3.70 weekly. 
Kent from £29 per month. 

Phone i 01 441 2365 


FOOD PROCESSING CO. OWn iratfo name..) 
T979 'Profits expected ‘to^. exceed . 
El 50.000. Condnuma growth. Good l 
assets. Price E550.QOO. write Box i 
G^OIS. .Financial . Tlines, ID . Cannon I 
street. €C44» ABT. -j 

INVESTORS WAN I ED for new West. End t 
musical. Write Box G2BS6. . R-wmcal . 
■nmes. 10- Cannoh Straw. EC4PABY: , 
WANTCo: nlon-atteis ffrst mortoago . of | 
5X0/50, POO on owner occupied river- ; 

side property lost profession xlly valued 4 

*r £90.000. -Malflcotoad- (OfiZAi 2ZBB0.1 
VENTURE CAPITAL RS’ORT. 2 The Meh.) 
Bristol: T 1 » newstetter .that ■' channels 
capital to small', businesses, investors or ' 
emreorcneunr- rhi 9 0272 37222. . ' I 
£1 A WEEK FOR EC2-' address or phone; 
messages'. Combined rates + -Idte 
under £3 # week: grwUflB ottos near ; 
Stock Exchange. MesiaBc. Mindere' 1n«r- 1 
. national 01-628 OflaaTTciex .881 1725. i . 
NOV* AVAILABLE. Used 20ti: 30tt ahtffj- 
401T contalnere. **t Alsn made^ to ' 
measure flyteceb. and tarpaulins. TO*- 1 
phone: Qalnn . InitrnitiOhal. '• -039035.1 
77474. 


CAPITAL EQUIPMENT 
' .. LEASING 

We are inviting propositions 
from first-class - Lessees only. 
Me Mo write in confidence for 
ail yeirr requirement* to: 
Ma w h f Director. 

ITNSAL LIMITED, 

. 2 London Wall SuiMinga. 

London COM 5 PS. 

Telephone 01-588 S276. 


E.S.A. PROPERTIES 

• INVEST WITH NO USA 
' INCOME TAX 
’ GULF PORTS INVESTMENT CO., 

1102 Walnut Bend, Houston. Texas. 
77042.. Tel: (713 ) 654.898* 


BUSINESS MANAGEMENT 
COURSES 


ContiriufDg Executive Programme 
- a Programme for Busy Managers 

The Continuing Executive Programme comprises four full-time 
residential sessions totalling six weeks and spread between February 

l?covSs Tn ? ! TOm 9 prehensive range, of management subjects, arranjpej 
according to individual nedds The Program* will • «, deal w.rh 
problems brought by the -25 participants. from- their job.- ' rte 
Scbobfs ^sources are aya/JiWe to participants throughout the yean 
iS- Programme will appeal particularly to the busy manager ^ 
job responsibilities make it impossible, for him to spare mor* than 
a .Week or so away from his company at -any one time, t-ee, 

. - founds m ,«5 -WT- 

Slid: business support to provide a «ntre of g 0 

management studies. The teaching and research f«u i y 
and more than IJDO managers attend programmes each ye 

I mriOn " brochure ao& farther jrtaift from 

” Miu Sue Cote- CEP Reg-Krewn 

Business London Business 

ou ? 1 , . . ' Suimx Place. P»^ 7 5ft . Q 

SChOOl London NW! 45A - Te<! 01-262 5050 



TAIWAN /KOREA 

■- English Marketing Consultant 

Chinese speaking. M.A . will under- 
take Sales Comm i*s ion*. Surveys. 
Agent appraiial/celctoon. 

For confidential dhtutsian write Bor 
C.3006. Financial Times. 10. Cannon 
Street. EC4P 4BT. ' 


WELL SITE 
GEOLOGIST 

available 

Independent Consultant 
16 years oilfield. Excellent 
reference. Works anywhere 
PHONE: 01049-5322-50753 


DUBLIN 

Investment 

Opportunity 

Rental incomes from shops in 
Dublin's newest Shopping 
Centre. Excellent return and 
growth potential. Price of 
arullipie investments negati- 
able. 

Tor further details contoci: 

: TYNAN HARVEY LTD. 

40 Upper Flutwiliiam Street 
Dublin 2 

Phone 761710/785912 


OFHCE CONTENT5 

Mahogany sid teak office detks. cup- 
boards. offlec tables, typbn' chain, 
executives' chairs, filing cabinets, 
steel shelving, typewriters, dictating 
machine* etc. etc 

For ill these end other bargains t lisa 
available) contact: 

BILL RAYNOR or BRIAN NORTH at 
** COMMERCIAL,” 01-837 9643 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 

EXPRESS CO. REGISTRATIONS LTD. 
30. Crtr Road. EC1. 

01-628 5434/5. 736 f. ««36. 


LONDON'S MOST 
SUCCESSFUL CATERING 
■ ESTABLISHMENT 

REQUIRES CAPITAL 

for further similar projects 
Write So/ G301B. Financial Time t 
tO Can non Street . EC4P 4AT 


PLANT AND 
machinery 


GENERATORS 

2-2050 KW 2800 KVA 11 KV 
.Allen /Brown- Bovtri Diesel 
Alternator sets. 

5 2,250 KW Mirrlees/AEJ 6.6 KV 
Diesel secs. 

1 750 KVA Paxmans/MacFarlanc 
415/3/50. 

TELEX 36573 

: JOHN GODDEN (STOKE) 
LIMITED 


GENERATORS 

Over 400 sets in stock 
lkVA-700kYA 

Buy whaly from the manufacturers 

with nil) aftersales uwfcc. 

CLARKE GROUP 
01-986 8231 
Telex: 877784 


SPARE CAPACITY 

Do you require a product to 
manufacture to take up spare 
capacity? 

Write Box G.2722. Financial Times. 
10. Cannon Street. EC4P 4BT. 


FINANCE REQUIRED 

lor interest to lenders I 
We arrange ail type* of private and 
business Tinantc and require additional 
tou'tes of fundi. 

Please reply in corrfdfnce lo: 

B. Dawson. 

B DAWSON A ASSOCIATES. 

29. Prince Street. Bristol BSI 4PH. 
Tel: (0272* 223 BO-2021 37. 


I 

2 H.P. NEW BRIGGS G STRATTON Llflbl- I 
rvoighl Petrol Engines. C,’W Carb., unit. ■ 
ett. Comsion Ltd . 021-&43 S42A. 

FORK LIFT TRUCK SALE. We hare MJ 
least’ 80 machmcs to cheese tram. Lit! 
sent gpp .1 reouret. Trade and f uncut 
enauine^ welcomed. Dellteries Arranged . 
worldwide. Large rcduct.on on bulk 
purchases. Finance arranged. Birmingham 
Fori; Lilt TnicK Lid.. Hams Road. Sail* 
lev. Birmingham. B8 1 DU. Tel. 021 : 
327 B94d;5 Telet 3370S2 

STORAGE. High headroom- '40 H i. with ; 
heavy lift overhead cranacc <25-80 - 
lonsi. Close London. M40 ind M4. 
Short or medium term RH and 0. 1 
Economical rates- Southern Industrial 
Storage. Tdennonc 01-629 007* .or 
OS** 29054 E. Note me number lor 
future needs. 


Consumer 

Marketing 

Opportunities 


In 

Australia 


A tong-established successful Australian -owned company 
manufacturing and marketing consumer goods through 4000 
pharmacy and department store outlets, seeks additional 
quality consumer products lo: 

Import and market 

or 

-.manufacture and market' 

or 

supply any of these services bv way of manufacturing - 
warehousing-marketing-invoicing- distribution -accounting 
services and credit management. 

Confidential enquiries designating "Marketing Opportunities" 
wilt be welcomed and should be sent to: 

Price 

' Waterhouse 

HHnHBBnHH Associates Ply 

box T91. royal exchange, Sydney. n.s.w. 2000 

Australia 


Your French Connection 

Want to szep-up your business in France? 
cnzlilh busjnrii-nm. Fr:n:h Mic.onii. quili'lesf njinctr. with fiijhiit rcferentVf 
»no wid? con :^ois. 20— ■?:■%' p'icu:ii| rea-kvc! MptnMR Ji'il/ma-brtinj/ 
m»ni«Fne<st/;dr;-^ wish Fr»n;li indusfr.es and javc.-rmeh:. Mvfnbcr 5ri:i*h 
Chintbcr ol Iwiit: - :' in Pan:. 

Offers h<ghl> p.-rsjrul and individual s«.-vi:e :o British fi.-Til. in dependent. 
unb>a*ed. eanfccnriil 

Can obtain •nia-matio.'. supjrvise. prodiem-soive. ‘-e uit'liB. etc. Action 
not words ! Fu-the- 4e:i-1: ava-'iDle upan regurt:. 

Michael Kcltan, B. Eng^ M. Eng^ M. Bus. Adm. 

18 Avenue des Champs Elysees, 75003 Paris. France 
Tel: (010 331) 723 7820 Telex: 660492F 


BUSINESSES FOR SALE 


FOR SALE 

^'KILLED ENGINEERING MANUFACTURING FACILITY 


; 3- bj'ihjsr: seeding 


Artractive r ‘seated Johnstone. V/ett S»dtM. 
capacity w-ch eatiblishcd sL’lled warklarte. 

in ol IS a:rj- »jih buildmss pf 230. CCO f8 unde ane roof of *h«ii 
120.000 ag. 'I sv'rcrr. »clr -elurbijhed is ortupicd »-ith n-.aihioinj. fitting and 
ele-trrcjl assembi/ ful'y supported with cranage <JF to 10 ro~* 

Shilled labou- ‘o-ce of 100 p-etentlr ingiged in manu.'acZarc of Ma:hiPe Tools 
and Hydraul.:/bn;umau; Power Chucks. 

Th? Campm, n offeres for sale due to lack ol J'jfficenr •> rk load. VriKlor 
2-»pjred to rr>v.de some continuity of «or;. -oad fo- limited period. 

Immediate on Government auiican:t available. 

Write 5«. G 29 b*. financ.ol Times. 10. Cannon Street. iC*P 4B f. 


ADVERTISING AGENCY 

A unique oam-ijn rf arncs ;s pur. 
chaae t snu I ^;ency situated in 
Cancral London Total billing-, amount 
la £7£0 050 9r- snn.jm jnd i-e 
derived from ;i». servicing or blue 
chip clients. 

PnncUah only 3 * ? i r l0 Bor i5.304. 
Fmoncioi Times. f£l. Cannon Street. 
£•: cp 4Bf. 


PRIVATE SCHOOL 
KENT 

OiO ..rirah,;s.*)clJ lib. .Ol tral-.TiO: Ub ;c> 
>r<. wM. C.ipj'-;-> jTjr lirt nup.is. 
F- cl: *:ii IB-na accjm. -Lon;; LvjSl-. 
h ill Ironr 

FRANK woon & CO. 

SS, Wctllna Street. Canterbury 

(7 d. *as)> 


FOR SALE 

SMALL GAMES GO. 

Provable bu; wirh past tax 
losses - £10.000 
Write Bor G30I6 
Fmjncial Times 
10 Cannon Street. EC4P 4BY 


SHOP FOR SALE 

Speoaiit: reull unit m indoor leisure 
field for sa>e. Good location m 
excellent slopping area in Sune/. 
7u-nover £55.000. Gross arafit <2 . 
Rentai C1.375 ?.a. Net profit 

ilO.SPO. Pr.:« £21.000 - s.i.v.. 
*12.100. 

Principals only piscse write te Bo* 
li 2913. F .ie-c;ol f.rncs. 10. Cannon 
S-.rte:. cC'P v-fll. 


BUSINESSES WAITED 


PRIVATE COMPANY WISHES TO ACQUIRE 
COMPANIES IN THE FOLLOWING — 

OR ALLIED FIELDS 

Internal telephones, fire alarms\burgl3r alarms. Telephone 
answering, public address, time recorders. Pocket pacing, 
mobile radio. 

We are imeresied in either companies as a s^ms concern, 
or more particularly, companies that are m financial 
trouble where either a receiver has been appointed or ihe 
existing shareholders would part with control in exchange 
for a substantial injection of funds. 

Replies treated in strictest confidence. 

Write Box GJ1T27. Financial Times. 

10, Cannon Street, EC4P 4BY. 


TRAVEL AGENT WANTED 

Must be I.A.T.A. but small business suitable. 

Write Box G.3017, Financial Times, 10 Cannon 
Street. EC4P 4 BY. 


DOUBLE GLAZING 
MANUFACTURER 

Sincmlul ivi'iidow company, part of 
a mult'-mi'iion.paund group arishes to 
purchas? s holly or in' par: j manu- 
facturer ol doable glasin; sided units. 
A small l) medium sued company 
based in the roudiern half of England 
would be f-elereed. 

Enqulr.es In the first (nitonre to 
Be* G.3G12. Flnanelol Times. 

10. Ce-non Street. EC4P 4BT. 


I AT A CARGO AIR FREIGHT 
AGENCY 

A'r msh to acquire an independent 
airfreight company to Integrate with a 
well-known, respected, stable and 
successful air tnnsperc group. Ideally 
turnover would be between £1-10 
million p.a. and might include ship- 
olrg and travel somces. We offer 
professional management, substantial 
profit shiriag and motivation, and an 
expansive, exciting future. 

Please write in confidence to 
3o* G..TB0ff. Finonc.of Times. 

JO. Cannon Street. ECAP 4BT. 


C.!. ADVERTISER 

SEEKS 

1 1) Controlling interest or out- 
right purchase of srnall/medium 
financial and commercial ser- 
vices company. Management 
able to continue if required 
(2/ Interest in portfolio manage- 
ment company. 

Deifliii in confidence to: 

Ssr G 2905. Financial Times. 

10. Lennon Street. EC-P 45; . 


TAX LOSS COMPANY 

in buildins construction 
or transport trade 

'599 PC3 C more agreed losses, must 
br trill tradii'p. Quoted or unquoted 
ac:ep:ao<a State price and location to 

Sir G.3G10. Financial Tiir.es, 

10. Cannon Strer;. EZ*P 4BY. 


EXPRESS 

PARCELS 

Nations l Network would _ k pleased 
to ha»e discussions with Parce's 
Carriers -virii a view to possible 
acquisition 

Only f'-ms witft goad premises and 
nfacity available would be suiubic. 
Write fie* C.2994, FinanrJaf Times. 
f 0 , Cannon Street. EC 4? 4BT. 


WANTED 

GARDEN CENTRE 

We wish to acquire an opera- 
tional Garden Centre. 

Write Box G.3005. 
Financial Times. 

10 Cannon Street, EC4P 4BY. 


WANTED 

BRICKWORKS 

at presen: rundown or disused, 
for outright purchase. 

Write fio* 6,2957, Financial Times. 
10. Cannon Street. HT4P 4fir. 


WANTED F8R CASK 

Private Company, ,. e . Motor. Waste 
Disposal. Praa-itive Clothing, et:.. 
showing piofits oi £250.000 as a 
suitable acquisition by a larger Com* 
piny. Wr-:e: 

ADAMS fr CO. 

|a. London Road. Bromley. Ken: 


Client wishes to acquire 
DORMANT COMPANY 
which has previously conducted a sig- 
nificant trading activity tsr owned 
property or a value of at least 
‘ (-9,000 (preferably greater). Present 
asses value should be small or 
negligible: Write to: 

THOAI-TL-N BAKER 
Chartered Accountant*. 

Eldon Lodge. Eldon Place. 

Bradford. RD1 3*P. 


TRAVEL AGENCY 

Wc require to purchaie 1 Travel 
Agency located m Central London 
or. the City to integrate with a major 
private transport group. Wc would 
offer security. cj>.?*iuion vnd profit 
i haring 

Please write ; n confidence lo 
Bex 6,3009. Financial Time?. 

10. Coimet 5tre«. £64 P 4fi * . 


13 


British Airways 
seeks fare rises 
and offers cuts 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


BRITISH AIRWAYS wants a £2 
rise to £37 in ihe shuttle single 
fare between London and 
Glasgow and Edinhur^fl. togelber 
with rises averaging 7? per cent 
on manv other doraestic air 
routes. 

If given these ini.-rease. The 
airline promises to freeze fares 
for 12 months from April 1, and 
to in dtr educe a number uf ruts 
on other routes thruugh greater 
use of the Advanced Purchase 
Excursion system and other 
promotional rales. 

The airline said that it had 
submitted it* propolis io ihe 
Civil Aviation Authority, 
guaranteeing the freeze from 
April 1. provided thefts are no 
bi? changes in operating ousts. 

Mr. Gerry Draper, its director 
of commercial operations, nit! 
ibat ihe airline regretted having 
lu ask for some fares rises, but 
bad tried lo keep them lo a 
minimum “Unfortunately. *ct* 
are still affected by inflation like 


every other business, and the 
rises arc sitnpiy to offset increas- 
ing costs 

“The fares cuts follow our 
policy of reducing fares 
wherever and whenever feasible 
and spreading the benefits across 
as much of ihe market im- 
possible." 

The maj,n nuti will includf 
the introduction of Apev fare*, 
on routes between London and 
Leeds. Newcastle. Aberdeen and 
Inverness: bciweeit Birmingham 
and .Manchester and Edinburgh. 

Glasgow and Aberdeen, and 
between the Channel Islands and 
llu- mainland. 

Giving examples of Ibcsr: 
cut=. ihe airline said that the 
Apex fare between Loudon and 
Aberdeen would be £47. a red Mil- 
lion of 41 per i-ciil. a^oinsr ihe 
ordinary fare of £Sfi-. to New- 
castle it would be £3^. a cut of 
■40 per cent again £6»: and io 
Birmingham £27. u rut nf 27 
per reni un the normal EiS 
return fare 


European aid plea 
for Channel Tunnel 

BY IAN HARGREAVES, TRANSPORT CORRESPONDENT 


A CHANNEL Tunnel should be 
financed by a combination of 
loans from the European Invest- 
ment Bank and share subscrip- 
tions by privaie individuals, a 
leading European politician said 
yesterday. 

Dr. Cornelius Berklviuvuw. vice 
president of the European Parlia- 
ment and a senior member of the 
Dutch Liberal Party, said in 
London, ihe tunnel was vital on 
psychological. strategic and 
economic grounds. 

Dr. Berkhouwer said ihe £600m 
pian now being studied by British 


Rail and the French railways for 
a rail-only link was right both 
m term* of lower cost and m 
a\ elding environmental damage 
tu Kent. 

Individuals in most EEC coun- 
tries would be prepared io take .i 
slake in a Channel Tunnel com- 
pany. -a I nch would eventually 
be economically viable and 
which would aDo be a conereie 
symbol of European unity. 

For Britain, the tumid vuuld 
stimulate employment and in- 
crease navisaiional safely in Die 
crowded Straits of Dover. 


MPs to start 
into London 


BY PAUL TAYLOR 

SLOW PROGRESS towards re- 
developing London's flerelii.t 
dockland will be given new 
impetus this week when a 
Commons committee begins an 
inquiry into the subject. 

The environment sub-iom- 
mittee .of the Common-; Expendi- 
ture Committee has decided to 
take a fresh look at progress 
made towards re-cita!ising the 
docklands of East London. 

Tomorrow Mr. Peter Shore. 
Environment Secretary, will he 
the firs! person to give evidence 
to the MPs. He is expecird io he 
questioned on the exient «o 
which the Government has acted 
upon recommendations con- 
mined in a previous committee 
investigation, published in the 
1S74/75 Fifth Report of the 
Expenditure Committee. 

That report included recom- 
mendations on. among uiher 
matters, provision of transport 
infrastructure. consultation 
machinery and finance for new 
investment. 


Since iha; inquiry, huth the 
Inner Urban Area- Act and pm--. ‘ 
visions for partnership area? 
have come :nto force. However, 
jt is clejr from the latest report 
from the Docklands Joint Com- - 
iniltee. for example, that little 
has been achieved m real . 
terms. 

The committees terms of re- 
ference are narrow hut include 
inquiring into prog-re** of re- 
development. administrative 
chcnges and the impact of cur- 
rent inner urban policy and pari- 
nership agreements on financial -. 
and administrative arrange- - 
ments. .: 

The committee’s hearing? ar* 
ex peel Pd io last until March and 
will probablv include evidence 
from ihe London boroughs, the 
Docklands .lomi Committee and ' ; 
possibly the Port of London , : 
Authority. 

Particular merest is expec- 
ted to be paid to the Authority's Y* 
plans for the port, and the 
Greater London Council's plans 
for extending the Jubilee Tube 
line into dockland. 


GEC share in Drax B 


BY JOHN LLOYD 

THE GENERAL ELECTRIC 
Company formally annnuncpd 
yesterday its share of the Di'a.v F 
cunlraet, provision of three 35 
megawatt gas turbines at a cost 
of film. 

The turbines will be used for 
peak load generation, and tc» act 
as an emergency standby .--upply 


for the electrical auxiliaries of 
the main steam plant iu the 
power station. 

The order is the second placed 
by the Central Electricity Gencr- 
aiing Board with GEC Gas 
Turbines for ihe Drax siaiion. in 
1971 (he company supplied three 
EO-2 gas lurbines lu Drax A. 


APPOINTMENTS 


Unilever marketing 
man goes to NEDO 


Mr. Ken J. A. Fraser, who is at 
present head of the marketing 
division at UNILEVER, is being 
seconded to the NATIONAL 
ECONOMIC DEVELOPMENT 
OFFICE as industrial director for 
two years. He will Join NEDO on 

February 1. 

Mr. J. JL S. Homan, at present 
acting industrial djrecior. will 
become deputy industrial director. 

Mr. Fraser succeeds Mr. 
Bernard .Asher whose serrmrinipnt 
to ihe NEDO from ITT expired 
earlier this year. He "ill have 
special responsibilities for operat- 
ing aspects of the Government's 
industrial strategy. 

See Men and Matters. Page 18 
8E.4TSOX CLARK announce? 
that Mr. D. B. Clark will succeed 
Dr. A. IV. Dark as chairman, in 
May 1U7U. Mr. Clark is at present 
deputy chairman, and will retain 
(he position of managing director 
he has held since 1971. He is 
president of the Yorkshire Glass 
Manufacturers' Association and a 
council member of ihe Glass 
Manufacturers' Federation. 

■* 

Mr. Steven S. Licht has been 
made a managing director of 
CREDIT SUISSE FIRST BOSTON. 

-4r 

Following the death of Mr. Basil 
Mavroleun. chairman, Mr. Manuel 
Kuiukiuidis. one of the founders 
of LONDON AND OVERSEAS 
FREIGHTERS, has been appointed 
chairman. Mr. Stanley Sedgwick 
has been appointed deputy chair- 
man and will continue as manag- 
ing director. 

•k 

Mr. R. A. S. Lane has been 
appointed chairman. Mr. 1L V. 
Purchase deputy chairman, and 
Mr. .4. P. Cuffiin company secre- 
tary of HODGE LIFE ASSUR- 
ANCE COMPANY. H member of 
the Standard Chartered Bjnk 
Group. 


Mr. Eric Harvcv, a director of 
the BRITISH PRINTING 
CORPORATION and supervising 
director of the PURNELL group, 
mil be retiring from exeemivc 
duties- on December 31. He will 
remain on Ihe corporal ion board 
and as ncin-execulive director of 
Fumril and Sons until his ulti- 
mate retirement in Austun. 197P. 
The corporation director respon- 
sible for the packaging and paper 
products group. Mr. Fercr Hassell, 
will succeed Mr. Harvey as super- 
vising director of ihe Purnell 

up. assuming 1 he chairmanship 

of Purnell and Sons, and the other : 
companies in lhal group on 
January 1 

★ 

Mr. David Ferry, managing 
director of Fell and Brianr. Croy- 
don. has been appointed chief 
executive of the packaging and 
paper products group from 
January l. 

Mr. Gordon Forrest, deputy / 
mnnaninq director. Foil and r - 
Briant. will take over from Mr. 
Perry as managing director from ’ 
January 1. It is expected that ‘ 
later in 1979 Mr. Forrest will be 
transferring lo the headquarters * . 
of the packaging and paper - *• 
products group in a technical v ' 
capacity. 

* 

NORTH SEA FERRIES 
announces the appointment of 
Mr. G. D. S. Dunlop as general 
manager, with effect from Feb- 
ruary i Mr. Dunlop replaces - 
Mr. J. M. Feringu, who is Taking . „. 
a senior anooininient with ROYAL 
NED1J -OVD- GROUP Mr Dunlop 
previously worked with P and u ‘ 

-Mrs. Caroline tie Caurey -Ireland 
has been appointed a director or 
PHILBF.ACH EVENTS. tj le 
exhibition organising ’»ub<idiary 
of Earls Court "and Olympia Group. 

























tiT^ 


»;iT> 



CONSTRUCTION 


EDfTED BY ARTHUR BUSMETTAND T€D SCHOETH3S 


© ENERGY 


E HTTAHi" dirPpflV IMPORTANT as a concept in ! 

IU JL V4U & mi vv 7 building design is tbe British 

v Standards Institution’s BS 5606 

1 1 j “ Code of practice for accuracy 

Ti*AtM oivws I'm nr in building.” This makes use of 

IllVlBB NIBlll B”BI l_ the discovery that each combina- } 

VUA vJ ^ tion of construction methods and 

, materials consistently shows its 
FIRST large solar generating .a system in northern latitudes own distribution of size varia- 
unit in Britain to produce and an industrial climate. tion. a regular pattern is called 

current through direct cancer- Construction is under way at the characteristic accuracy. ' Its 
sion oF sunlight, that is by a the company's Poynton plant and application in the code means 
photovoltaic process, is under when the unit is operating in that the values for permissible 
design by Ferranti and the raid-79 it will be the first photo- deviation for many common 

decision to cany out the task voltaic generating station in the items of construction are now 

marks a considerable step, for- UK. the company asserts. founded on fact and can be con- 

ward by the company and the The 160 solar panels will pro- fidently quoted in contracts, 
country in this important 3rea of duce 2 kW BS 5606 k** becn Produced . 

non-polluting energy capture. J h,s power _ will be stored m a after the nationwide survey 

At 2 kW peak output. it does bank ?S. n 2IS525 lh K of building accuracy. Over 200 

not seem all that powerful, but provide j mains-compauole pr 0 j ect5 were located, with the 
soJar arrays as they now exist. ■“E.PJJi PTtiandine _ nI , r help of the National Federation & ’ 
even on satellites, are not what arilvitiS^ Presumably af Building Trades Employers, e*s« 

one could call “power stations.” 5SJj, er - n ^va* 1 ^ vi S claims whose members undertook many . Jcg jomi 

Nevertheless, inis is a start and recent iy ma de that panel manu- measurements on site. Results Collet, or broken glass, is dim cult material to move and load. 

if ted « 1110 system is facturers are coming much closer *' ere analysed b y the Budding particularly near furnaces In high ambient temperatures. 

ftf^rnnJ 0 he araong the larscst to the cost level at which such Research Establishment and 1 are Glass-making plant cannot be stored dead and if there is any 

Fmm won the award tor the Ifd Sraronlfrf tte **£'“?* '* ?**?!, 

construction of the unit from die y which describe the distribution called the bosh, where It Is sprayed with water and cooled. 


Accuracy in 
building 


PROCESSING 




Packaged for efficiency 







for 

construction 

01-9951313 


J »! ■!* ■ - t 




• Hz® 

— \ 

*S2 




construction of the unit from die decade 


LUDLAM SYSCO has won an pipework, electricity, ventilation, 
order valued at about £100,000 and- so on. These . ■ •• vanons 
for the design and supply of - a structures then had to be nnkea 
gasoline blender system to be to a central control ataupn. 

Installed at tbe fluid catalytic This was frequently a costly and 
cracking unit under construe* -time-consuming operation., 
tion at Pembroke. South Wales,. Ludlam Sysco packaged analy-'- — ’ 
where it will serve the Texaco se r & completely self-contained • a 1NSTRUMEN I > 
and Gulf refineries. . • ■ in a walfein housing, which is ~ . . 

■ The order lias been placed usually made of steel but can.be - -i- : ^ 

by Snamprogetti. main con- offered in GRP, for one or more j -y $| llfJjy W 1 1.1 
tractors to Pembroke Cracking -process analysers, aud it leaves. ^ 0 

Company for the construction of |^ e factory near Devizes as a w V ' ' 

the refinery extension, valued at functionally tested unit. It con- rf|D|*AClt||*n 
£290m. - tains items such as process UldlVgaiU 

Ludlam- Sysco f division of analysers, sample conditoning 
Rotork) has specialised in the -modules spent recovery systems. A/ *nfinn£> 
development of the packaged ..jig^ng. steam and instrument, i .1 1^1 - f 

anaylser for the petro-chemical -air” systems, ventilation - failure . - a 

Industry. ’ ^"41 arms, explosimeterg to- monitor ULTRASONIC-; thickness 

It was the first British pro- for gas leaks, and heating, venti- g auge . with digital display avail-... 
ducer of -this type of system and during and air-conditioning sys- a ^j e .from Surtest. (Marine 
its activities are important both ^ms. measure steel or other metals to 

in the area of import substitu- -. The equipment thus housed is ^ accuracy of 0.1. nun and wui_ 
tion and of exports. . protected, not only against the ignore the presence, of paint 

Ludlam Sysco packages haye .weather, but also against aggres- &]jas 0 r -any other coatings. . ^ 
bean sold in countries such as sive environments by forced-Air SPS~ operates .with a- si n gl e 
Abu Dhabi. Australia, Bahrain/' ventilation, making it possible to tranducer. : avoiding - .errora--' 
Belgium. Holland, Italy. Norway carry out on-line ■ maintenance which can jptnetmies occur with -• 
and Portugal, as well as at Twithout the heed for a “hot twin probe systems ansmg.from . 
several locations in Britain and .work” permit angular propagation- psjns 

in the North Sea. : The grouping together of through the material. , - 




- 


; & i; " 
• i r 






-l^r. b / 


European^ ’Ecoomnic" Community ae §g e raii \i Electronics. Fields of“'^zesToV‘any' Uem aboulTta Broken bottles are also taken to this point The Beaver R25 sWd th?®’ 

as a demonstration project to New Road. Chadderton. Oldham intended size. These values can steer loader, shown here, operates In these tough conditions and b °I£d er P hem B ° incorporated^ In' as facitBating maintenance.. It returns at the probe r 


as a demonstration project to New Road. Chadderton. 
show the feasibility of using such OL9 SNP. 061 614 0515. 


© COMMUNICATIONS formerly estimated, can now be CAnf{ n #v nrritiT/lo 

calculated from the characteristic Lily Ci O AY OS 

C Al _ J-, /vvii/ilrlvT accuracy values to embrace any ” 

UvOUd OUILKiy known range of size variaUoo. DEMOUNTABLE tiered seating for moving bj 

® a . « Values tor permissible deviation f or a few hundred people, or as hundred units 

ONLY a fortnight after a sinrlar continuous or unattended opera- (or tolerance) that will lead to many as 80.000, which uses no container and 


lnienaeu size. vdiues mwi iwuci, m woe iu« S u K»i«o i nrnrnn rated in' as facilBatinc maintenance.. 11 returns au uw - 

be used to calculate ihe can negotiate the narrow alleyways under the furnace and around K® d fL t b uidL ^truSioo for &Ss ^werdemands on space, backwall and gauging the; nme .- 
probabilities of sausfactory fit, the bosh, carrying 1500 lb and turning in its own length. Pembroke Cracking mStioned ilabour and the co-ordination of intervals between them. vt^hpjh / . 

or the need for correction. S ’ “fading services and greatly are identical). To avo^ .eafcN . 

Permissible deviations. The netro-chemical industry ^^simplifles and speeds up commis- ing” the wrong qt. tw 

formerly estimated, can now be C/vnfinrr ^-Vi n nrritir/lc has a need for many types pf sioning. Testing and co-ordina- . ultrasound . e^xmjnen- - 

calculated from the characteristic oGStlllS tllC CFO WQS process control equipment a* ; «on i takes place under wnp-olled St^IopeS Se- 

accuracy values to enibraro any & . ... . ^ ^rious locations in - •'it? conditions >» a . 


w — various locauons in iB.vouumiius •« H ^ | c-uhrations stored- m-a 

known range of size va nation. DEMOUNTABLE tiered seating for moving by fork truck. Five refineries. In the past, sampling control is facilitated- and on-site returns.- 

Values tor permissible deviation f or a few hundred people, or as hundred units will go into a 40ft and analysing equipment has Installation is swift and easy, ^ #„/ 'stHftamnt • 


rea peop 
i, which 


decays 


announcement from 3JT, Plessey tion. and received copy is a . kn01 *’ n rejection, or correc- bolts, screws or tools and needs v b , r vqq.i qqq 

has now a!«o launched a desk- guillotined to length. .44-wide no ” [ ate f 311 n ? w be fP ecLtl ^ d no special skills to erect, is - more lahonr 

lop facsimile receiver able to documents up to 27 inches long aDd the values given in the code attracting the attention of sports a . W; Usmg ™ ore iat>ou J r ' 


U 5 1 S container and three men should been scattered throughout^ • a , thus. materials. ' 


different 




f 1 t T. ■ ^* 1 11111 11 ^ I I Uj u 

iop facsimile receiver able to documents up to 27 inches long ana tne values given in uie coae attracting the attention of sports - cr ® c_ ^f 30 ^ tion disputes. ~~ reaches the probe ■ . 

send an A4 page over the tele- can be handled. Operation can bave been calculated to include todies, theatre groups, cathedrals non tune cat i be ^speeded up to often housed in brick bunkers Ludlam i Sysco .Street ^ uptime: tatervais.-bettveen -: 

phone network in as iif tie as be half or full duplex. per cen * conStruct,0Q - and other music festival organi- aroond two days for an 8,000- or similar buildings, each of. Jtclgate, Surrey, RH2 9AE. (073 . arrivals there are a measure-. 


the paint/steel interface; btrf -' 


two minutes, but ufferin; 


At the same ume Plessey has BSI. 2 Park Street, London, sations. 


bodies, theatre groups, cathedrals UOQ tune can oe speeuea up lu oiieu auuaeu m Ludiam isysco axu nign atreei, . ,5= e . j -* ervals -between 

and other music festival organi- around two days for an 8,000- or similar buildings, each of Rebate, Surrey. RH2 9AE. (073 ffv -jrrivS?there area measure- 


seat stand. 


choice additionally or three, also announced the availability W1A 2BS. 01-629 9000. 

four or six minutes. of- a digital transmission 

The mac hine is nominally in machine, also made in Japan, 
the CCITT group two category which can send an A4 document A n l. un.-— .n. j-1 
and is able to communicate with in 20 seconds. However, it /\ IflCllfil C3Q 
group one machines (six expects 60 to 70 per cent of its X 

minutes) and also with other sales to be in the slower ^ coup • , 1 

manufacturers' group two equip- two. 1 Flirt F*rtf'K 

meat. Known as the MV1200, The price difference is con- vV'lh 

the machine uses digital tech- siderabie: the MV1200 sells at 

nology with solid state scanning £2,600 or can be rented for £90 HEAVY DUTY, ready-to instal 


which has to be provided with. 72 21111. 


’ Made of aluminium modules Need for conventional fixing ~ r : ; * ‘ 

that conform to rigid Greater systems ts eliminated by the - use - :■ - three^St dSpla/«ia the unit'- 

London Council regulations, the of lugs on the seat units, locking TT|»l| CTt/^Pn ‘iTitfiFl TYlQu PF can deal with -thicknesses from -■ 

tip-up seats fold away beneath .them togther and precisely JXlJJfl Utfll IlliUkCi 3?toS.9 mm. 

KS £L5s BSSSCS 

S ml anSf C th lilS once they have beel make uj to 4,000 direct fill (that and the lengths are fed to a than steel the only control js the 

SaSiSSSsa $rr ^ on “ ^ s&sm ^ z 

. [bat between the tiers, also pro- The GT system, is designed Machinery and will be of par- ^ns_ through I»t ML name m®? 1 * of the 


the. arrivals there are a, measure- 
of the thickness of the substrate. . .- 
Measurements appear oh * ' 
three digit display ana the unit"' 
can deal with thicknesses from 
3.0 to 99.9 mm. " . • “ 

Apart from pre-set velocity - 


nology with solid State scanning £ 2,m or c^n bT relied faT £90 HEAVY DLTTY. ready-to instal. that between the tiers, also pro- The GT system, is oesignen Macnmery amo wm ot end An tap^rtait advantage of the 

and printing and dual micro- per month while the 2(ksecond steel expansion anchors designed vide stairways where needed. and made hy tiranostann Ucuiar interest to emergem «rampt^. ironc enu taw^erius- inajaaaimt; ^ that there is no 

proceaor control unit can only be nurehawi at for high load fixings in concrete Interlocking standard units are Tribunes, 40. High Street, countries wishing to set up pro- roimtertonng tn suii Tip protective. films 

TheiS wUeh is raanu- y P ^ “ and r°ock are offered by HUti 2.75m long and L5m in depth. Stotford-upo^von W^ck- duction capacity-- <U>Mr. J-*’ bSSrTrSSuiStkd: ' - ' 

factored in Japan, holds a 100- Plessey Communications Britain) Haiti House, weigh 70ib and can be palletised shire. PETER CARTWRIGHT Betel is the only 'Brtttii W h W£o?J5 u 5J tu gSi? More from 86‘ High Street, ; 

metre roll of paper ran electro- Systems. Beeston, Nottingham Chester Road Manchester manufacturer able to supply^ tip fitting p^eQ, joa6- SAB \ 

static system is used) for either NGS 1LA (0602 254822). M16 0GW - ^ Tel: °«1-S72 5010). tbe necessary machinery for thte re^on of mcompieted items. 811777). . 

' ‘ «_ a -, no - nF ,, T diameters j j* 1 • JT'H m _ purpose from one source. Its The peas are finally centri- . 

fro?, i-mJ * 4 mm ezch a^Stabta PrtfpFB f 1 Q I 111 I Hi TlD new -2.000 line forms the pen fuged. (to make sure the ink -S- 

^ uaam. IU A to tiro lengths the new HSL A lUtillidl Hi V^illild. bodies by _ extrusion, embody^ flow? down the barrel) .0 at a ^ 'j .. ■■ 


® HANDLING 


M16 0GW. (Tel: 061-872 5010). 

In a range of she diameters 
from 12 to 24mm. each available 
in two lengths, the new HSL 


Loader has more power 


Crack unit 
is proved 
effective 


AJOdUVl V |JU Tf shear values of from 98.6 to control anu aunumau-uu.. pi anning> management . • Ifllt V Cvt - ,-. 

*• 321.8 kN. means of planning and the use of and enginMring Emphasis was . . » • -vf •.: . “ 

AMONG A number of advanced charged to ensure that in export AdraDt3ges include a simple modern control systems, accord- put on the impartiality of British I f|lfph WnifTTOrt ll-ClrtTI • v"-':; 1 

features, promised in the design markets full power ia maintained and f as[ setting procedure ing to Mr. Hsieh Hen?., deputy consultants. . on their sensitivity Yt UaE^AIUU dT CCllVv ^ 

of an earthmover from Massey when the loader is working at requirin'- no special tools, expan- director. Traffic Safety Committee to local needs and on the ■jy- ' . e , " . . - ■ , - , \ - 1 : 

Ferguson, is a disconnection of altitudes of up to 1,500 metres. fJJJrS Tow torque and built-in of Peking UumdoaHtt'. and rieorous scientific basis of their CONTINUOUS whipping -Of is then transferred to pouches TESTS. CARRIED out by the ■ 
the transmission when the brake Extra power and strength are J e 4tonceto rotationin the hole leader of a 14-strongdeieeation advice. cream, yoghurt, cheese or otter or a depositing machine. National Engineemg laboratory . 

pedal is operated so as to divert said to be an integral part of during setting of Chines* traffic officials. Two other Chinese Delegations dairy products is possible with Whipping capacity fully at East Kilbride jbkve shown that 

all available engine power to the the machine, and special alien- b 5 ' ulanner-s and encineers. loeakinc have already had meetings with a machine from Rijkaan of variable between 50 and 250 EMI's acoustic emission system . 


hydraulics. tion has been given to the loader 

The crawler loader is called geometry to- enable the bucket 

# l. trp cAnf i‘i tin fc„ to be filled rapidly with minimal 

the MF SOOC, weighs 13.130 kg , QSS ia ... miispori f . r durlng 

and ts rated at 113 hp net SAE i oa dmg. 1 

flywheel. Its engine is the More from the company at 
Perkins T6.354.4, and it is turbo- Banner Lane. Coventry. 


Pianners and engineers, .peaking have already had meetings with * madiine from Rijkaan 6£ : Y»J»bte be^een 50 and 250 ^^acousti^^on^s^ 


Pumps for tOllgh jobs cars^nd Svv FOLLOWING THE acquisition in combination of bi-directional uawCUTC 

-*ssr- Eu2sri,?.T!St“ KS"-K s-Jsst s -cssrst-* •««»«»"» 

assess SfeSS Kmwwsr. ov eight foreground arid eight back- Switches are sure 


0 SECURITY 

Unjammable 

alarm 


at* 1 a meeting in Louden, with the BCB this year, demonstrating Holland. ■ • . • Utres per hour. Volume increa* ^ capabla of- predicting, detecting 

members of the British Con- China's desire to gel acquainted Control of specific volume and -in the mitjiut depends, on lodi- and, locating fatigue cracte 4 11 


members of the British Con- China's desire to gel acquainted 
su Hants Bureau. with British consultants. 


* DATA PROCESSING 

New source of machines 


viscosity is accurately' main- virtual products. large steel strixctures. - , 

tainefl within the closed whipping Complete with a 50 litre hopper The work wa? carried out on 
chamber, where gas or tom- and castor wheels, this stainless a fuli-arad steel node similar to : 
pressed air is dispersed in the steel machine can be pushed to those used on large offshore plat- ‘ 
mass. The aerated product any part of production line with f 0 rms. The node' was stressed 
emerges from the whipping ease. % cyclically to a point where a frac- - 

machine via a flexible. tube fitted European Process Pten t 175, ture occurred, spreading to 


with a counter-pressure unit and High Street, Bansteatft Burrey. 


0 COMPONENTS 


gents, coolants, chemicals, oils. 


approximately one-third of the ■ 
circumference ,of -.the •--.cross* . 
member- . V 

By means of an array 'of five . 
transducers, plated, radially _. 
around the welded joint, acoustic : 
emissions- were used to detect 
and locate the source of tte.frac- .... 


ComDonents CoSwalIis P sS« fact* ’ with the fluiT Pol?- The alarm svstem cannot be ducts previously avaitablejraly f om t imat ion of data entr>*, data WH ERE ENHANCED rellabUlly capability arising from its two ture before ^'^^to. -wegi ^ 

Componenta CordwaJiis street, tact myt the fluio. eoty • 1 ' a ™ in the U.S- and contfnenlal rnmmunications and processing. ., ni1 hi^r pIppih^i ratmss are normallv onen and two normally, visible. ; Measurements- were. 


Street. Maidenhead, Berks SL6 carbonate is used for the pump activated or de-activated 'from -p, irnDP 
7BQ (Maidenhead 32323). rotor, the presusre chamber and outside the vehicle, nor is its ' 


^w££fs a^vTMSSS wg5? Tiai " of S* 55 ™ 

“ermal ovcriLd witch ter ripflfd" ° e ? f° S htt “f' ^£SSS| V 

^ “rro« , «,«*, „ Msg'sgg.s ^ SS 

from 20 to S00 litres per hour capability of being able to run stops after five seconds while the j n tersii S in which Northern lbe network. Similarly . pen- heat-dissipauon Containid within sfx feet' of ' 

" a J m ~ != 01 20 " ir> " f ° r l0,, ° gSh i!£s a ri ^ : ssf &&Z isnsf 285!?. 3 

• I claims to be number two In tele- for lh « oe lw or k *s a whole. which ^ ot . tmiy' 


existence discernible from oul- 


i the U.S- and continental communications and processing. an j hisber eleclrical ratings are normally open and two normally- risible. _ Measurements srere 

u J”P e - ^ , The 16 tasks can be running in essential, says Licon (part of closed contacts. made of track growto^rate apo 

The two companies are pwt of cobol, basic, IBM 3270 emulation jtw> it is wise to use its small A further advantage over ®* B correlated with the acoustic 


A little bath-time reading 
for technical journalists 


We want to give a few technical journ- 
alists something to think about. 
Seriously. So if lying in the bath helps 
concentrate your mind, tear out this 
ad and tape it to your bathroom wail 
for a few days. 

At a guess there must be getting on 
for a thousand technical journalists 
who are more or less dedicated to 
helping British engineers make better 
products more effectively. How well 
are they succeeding? 

Our engineering industries 
aren T t doin g too well inter- /■>-*>. 
nationally these days. Is that j 
entirety the fault of man- _ 
agement. unions, 
educators and govern- ^ 
ment, or should v C-s 

engineering editors shoulder 01 Tpv 
some of the blame? Are we B l Jl J J 
supposed simply to report on 7u / 
what others are doing or 

should our journals be fjy 

a force in helping them / ft 

Do engineers and c 

managers enthuse about AJ r === K$^f 
the practical leadership |~ 

they receive from tech- 
nical Journals in general If jr 

and yours in particular? Eg t&gZxf j 
Or do they complain ' IgB 
about too many codec- 
tions of advertisements ^3 
masquerading as 
journals, which flood their 
offices but often play little 
part in the reality of their jmC 

working lives? 

If you recognise in I ^ f 

these thoughts some of a XX] 
your own unshaped f ft V / 

misgivings about the 


state of our technical press, you ought to 
find out about Findlay Publications. Here 
are a few clues: 

Set up from scratch four years ago. 
Independent and highly profitable. Five 
publications, with a combined turnover 
of £2.5 million. Total staff of 75 over- 
worked professionals, of which one third 
are editorial. 

We want to add one or two engineering 
editors for our magazines WORKS 
MANAGEMENT and MACHINERY. One’s 
a management monthly, the other a tech- 
nical weekly. Both are 
outstandingly successful, not 
a simply because they flog more 

f jC?yj ads, but because their readers 
f love and respect them. Along 

' with their acknowledged 

y"-|Tr \ editorial expertise, they both 

? exude an unusual kind of crea- 

■■■ fljj five energy and gut-deep 
t.-'/P — s commitment which add up to 
— ^ our definition of editorial 
I authority. 

k. It’s a philosophy most 

VJ technical journalists 

E|a Q wouldn’t Identify with. 

But if you are one of the 
few who can. we’ll guaran- 
r\v 480 y°° a 101 to ore freedom 

S and backing than your 

' current publisher. And 

Kufi LfrwS&a we'll -eward you accord- 
ingly, because you are 
=a|5 very special. 


comniuoicatioDS equipment in Data 100 is at Arden Grove, uatcdIAIC 
North America, now also has Harp^nden. Herts AL5 4UD 9 •*> tKIMWre 
access to semiconductor arid com- (05827 63161). m 

puting manufacture. f' (Hirtn TlYllKT I 

The new products to become V# Vfl XlAlllU ' 

available in the UK are the 290 TT • 1 1 a. 

on-line display system, tbe 405 I IHCfl TJIOTTt AN EASILY applied bond for 

ento- level data processing labels mounted on all surfaces 

system and the 445. intended for commonly encountered in freight 

distributed date entry and AnAnDn packaging is provided by an 

processing. UUCilvU aerosol adhesive put on the 

Larger of the systems, the 445. * market by 3M. 

is designed to addrers the needs CENTRONICS has moved into Effective on painted metal, 
of modern business management a new 70.000-squarc-font manu- plastics, glass, wood and board, 
in offices and remote locations. It factoring unit at Drogheda, in tira material is claimed to he 
can support up to 256 kilobytes Ireland, at wbicb matrix printers substantially superior to gummed 
of main memory, 308 megabytes will be made together with the labels and conventional gums 
of disc storage, eight 2000 .cbarac- 6000 senes of tine printer' and, and pastes. It is dear, non- 
ter video data stations and a eventually non-impact machines, staining, and fast tacking. 

The move from an us (sting quickly and securely fixing labels 
. “n.OOO-squarc-foot leased factory to smooth, rough, flat or curved 

rtFI will allow the production rate surfaces, 

i kx j \JaJL to be increased to 300 units a The nozzle valve used is 

■m week and w r ill provide room for designed to reduce wasteful 

ChnW more sub-assembblics to be made overspray. Ip addition, the 

3JUU TT in Ireland. product soaks in very' little, pre- 


siroilax sire, plus MMt 694971), - - 

•.*.* an assomated - graphics 

which shows : not - t>rily . 

a M&Trffl&IQ relative positions _ o£ - :’Jh*)f, 

4UD W IWIULIUH 1.0 emissions butv ariaJyses -tffgte- 

a «' | ■» characteiis'tics end provide -JC-:? 

Good fixing of labels 

.. . , , „ .. to deterinlne the' presence ot-.at^ 

AN EASILY applied bond for serving label legibility. Bonding crack and wheflierMt is. acitafe? : 
labels mounted on all surfaces takes .about ten minutes. or passive.' - .-■ 1 — = •}'%£■££■ - 

commonly encountered in freight Mote from 3M House, P.O. Box EMI Electronics.- Alhert Driye».^ ’ 

packaging is provided by an L B rack nell, Berks RG12 1JU Sheerwater; - Wokfaig,* 1 rStniey’i ■ ' 
aerosol adhesive put on the (034458248). GU21 6RU.{04862 75123>i - 


market by 31VL 

Effective on patoted metal. 


ittaHUtlH] 

ORDER 


pHOKUiafUM 

Tibwth 



Systems on 
show 


LONDON 01561 G118 AB£RDBEN{02Z83235&2 
MANCHESTER 061-872 4915 - - - 


TRANSffcR CALL CHARGES GtAOLV ACCEPltD 
24 HR. EMERGENCY NUMBSt 0t-6 ST 3SST Ext, 40t 


v m 

■; Hie 

■M 


NEWLY APPOINTED worldwide 
distributor for Texas Electronic 
Instruments. Abacus Computers, 
will show microcomputers from 
TI. together with its range of pro- 
ducts on Stand SO A at Com pec, 
wbicb opens at Olympia in 
London today. 

The first public showing of 
Comma Y03. the new 16 -bit 
microcomputer (this page Nov- 
ember 30t is on Computer 
Marketing's stand. This com- 
pany’s telephone number is 
Purfieet (04026) 7161. 


We’ve had it 
coming for years. 



"ogx* .r jsstb cumins ror years, owrfs yeais. 

i today. w __ . ^ ■ ■ ~ 

Erst ‘public showing of _ i i-pnipaiiies ttoiu ail ov^T-fibewpif^ / 

"Sn. "b hn’olved in a range of activities so broad thatit embraces evetjriiii^fiioig^an^^ 


• TRANSPORT 


Cleans big 
vehicles 


Phannaceuticals to R~ 
And although 
tlie environment's as 
rich/ varied and 
beautiful as any 
you’ll find in the 















Is your bath g string 
a bit tepid now? 
Qat in touch 
with Bob Findlay or 
? Chris Powlay. 

Bo sura to ask for 
samples of our work. 




Findlay Publications 


SUITABLE FOR cleaning Bliti.sh Ts1p< 5 it7Qn T t 
vehicles up to 12 feet high and IMcS/ lLlbll L 

8 feet 3 Inches wide is a tow- ]nrlic o-nr? 
cast version of the .let Clenso cllIU. 

Commercial vehicle -• vasta + v^. 

developed by Wickham Industrial liiuUJllalliS 1X131 
Equipment. Norton Road, -i ■ 

Stevenage. Herts (043S 4041). Dnilff Uieni OUTWaV. 

Known ax the Jet Wash 2,1 1 is ^ ^ — . — _ 

j machine which utilises high Factories, offices/ skilled labour, pon fedlities, rnotorvvay access* airports, 

pressure jels of water arid uses -r-m’I — ±.~ * — ■_ ■* : 7 

the Gen sol cleaning chemical for 






1946 


195^ 


19/1 






1 0 letctiworth Drive Bromley Kent BR2 9 BE Telephone 01 -464 0424 


deaning il cheScai u fw freight nioi^ementS/ training services and corrunerciM ahriffidristrial, "7 • ; > 

iE*i is able to remove support... tliafis whatTayside’s T^avside Re^on Indusfriaf nffirp .- ^ "■jb f 

gotgoingfor i t. Cn minc r? , nn: ^ourcgmpic^imbm^oh^ptej^ 

brashms, says tbe company. S Marketing Officer. Tnv bide R(^on4CountairTcA^idc House, Dumier-iTM -■ ; : ;-i 


Vs A ' . ■ 1 

■ : .'V- . ’ 




J -pSJ'b* 


WC 






15 ■ 




;EDix£ CL: B Y~-CH R^jblPBEft’ 

‘ : -S'- :: ' ;,: ' • r-.^- LL v;. : ^^V’ : ;•• ; 


,c 2 "? •■•« 

?5s$| 


■V . v:.-^ 

*ws 

s>r.--r. 


S13I3 



^ Tliraxi^rs -sIHIC^r Government officials 

'globe ; 

g^erijjgia-N 

WfiHd 

^wfiicfi "sterfe: today; Ibi^ is only t^^iond 
: traethis Fegular 3 fcrtff-4ay event;^fe been 


held in Asia, and the first time in one of the 
region's, developing countries. Though its 
scope is worldwide, the congress will 
inevitably focus particular attention on the 
host country’s industrial management. As 


Nicholas Leslie and P. C. Mahanti report 
below, <,: professional management” is grow- 
ing apace in India, but training and 
education resources are coming under 
intense pressure, in terms of both quantity 


and quality. One of the most sensitive 
problems is the content of many training 
‘‘case studies,” which reflect too many 
American cultural assumptions, and lack 
Indian “flavour.” 





: fA-— 


By NICHOLAS LESLIE 


or 0.1 

we*®* 

Dlhvr -'a,,. ®f fcfc 
ave »dic-» * ^ 

me tun« ^ 

material Sfc 

** is ^ d „ 
2“?d mf** 

^robe frrnM 

sween 

pm, **■ 

*«! Of «- ie _ t- 
f ^eecvejoSj 
‘ bratJ ons »"*> 

J "«■* Jfc 


IT TS riot only ^.inaiorrniiln^’^sSHa^ v- recog- 

triajised naUons j^udi' arie' government as the 
loofcuag to the mailers relat- 

sector'f o vorfc 'vibaiiagement education 

euonntnir : ipiix$fe \i ji*diay ^rpy>Jfhd training. ' has already been 
instance, ■ *b»> hi» y •j-.y^miwift 'called; On £>y the govenunent to 
under- j way- , tp- expand - jyhat jfc-Sielp ’train .personnel : to manag e 
terms itssmaU 5c^^d »tta^ flto^feidustiy centres. "--In addi- 

the ^centres find 

jj^ro^ the.^WJg^roi^ of^ita ffiemffiyes. short, of specific 
rural-areas ^ihd paattcuiarfj, lb "sfcitfs «.' pr ^knowledge in th e 

is envisaged that they 
of •.un'eniploymen t, £ v"*?v\ ' wU he ^toaned ^ someone from 


despite the calls that hare 
already been made on industry 
he feels that it must do much 
more to help In this direction, 
particularly with finance. 

The leaching institutions 
thefti selves do not have the re- 
sources to raise the amount and 
standards of management educa- 
tion. he argues, adding that the 
government does not have the 
necessary resources, either. 


£ 


Weakness 


granntte iubvsiwp^uiuwur.i, . --. y- 

wa«y^y:y ngtry cen43res w tfta-t In&a has 

in 42Q ^of /fee cotta toy’s- distrj cts. ■ e ver T particu^ 1 nranage- 
Here.- ccunibon^^fariZities r^for"® 1 *^ problem s. . Hj stoncaity. 

such*, fhi-ag q ' 'ftk ^Bjfy ijfgiff t^yrj-pg^. OtildlOl <rf the pTWOPto^WtOT of 

marfeting, and finance arc being industry "has been in the bands 
mafejvaihibte to - help jnnalLbf V relatively Timber 

enterprises.^ g«esi* W Jsfc«E : -rbofweaiaiy famHies. In more re- 


^ i 


jj® , e 5seo*uin y v. 
; Ttor&s'to'J 

W :he s ff 
appear ? 

i^?y am nA 1 

am U,la:ne ^fe 


Howeve^ if tep are' ^ ^ people fpwn. a more 

su«^ui^ :&»*- ^uu^.-Mn- hroadJSMmsed ; baricgRrand r ,have 

»-. ---- — n_ij - ..jit 1 ? been 


am. 

3m 7ire-«nj Xf u 

fer maicnaisT 
leonl.v cGntroijl 
. -to S£\e piiwe-“ 

* Itself n ff 
opersuGn. 1 
iant advar t&ft ^ 
is I h 31 L'ers j . 
id c!T proiecLTB^ 
iiirem.-'-,': 


be ^required, - with? particular, oeen. . . moving antoj- «M«rtiye 
skills, ras welj as the neceawr? ^ and this- h^, helped to 

commitment ..to' i»3rfe ^fntnrfuce^ ^anore’ jnwSastonalism 

in areas with' Snv facilities. "Hiis , * ntb management' ®ut more 
means, .that '-mote ..demands are tban SO per cent of managers in 
likely torjbe ^inane oh manag e- India still have had^po inanage- 
ment-’m the private sector of ment education or.- training, 
indi^tryi ' f-whichr: -has already Mr. Prem Pandhi,- president of 
been adJedopOh ii^recent years the-AIMA. believes.; that if the 
to raise . the ' level ’-of: manage-, increasing d eraands ^.manage- 
ment experti^ in piiblic: sector meat resources are- to be -met. 
enterpriser thtougfr; - the v^hdu c- more emphasis must-be placed 
tion of .'managers;. -iPto; ~that on management education. He 
sector. ■■■; ■'/ ']■ r 1 • ■ ■ *: * 1 ‘ beHeyes . the standard- : Df< ■ this 

The 'AU India Managernteiit-^edii cation must be xalsed. And, 


At present, says Ur. Pandhi, 
much of the teaching being 
done is based on case studies. 
He has no quarrel with this in 
principle. Nonetheless, he docs 
feel there is a weakness in the 
way the case studies are pre- 
pared. 

Some of them are completely 
American: studies of U.S. cor- 
porations done by Americans. 
in other instances, Indian man- 
agers are invited by Harvard or 
some other business school in 
the U.S. to prepare a case study 
on Indian Industry. Financed 
from the U.S., tbev studies 
are carried out inside Indian 
companies, which are generally 
very cooperative about provid- 
ing people with facilities to 
carry out their work. 

But the theses that result 


from these studies are in- 
variably written up in the U.S., 

with all the usual American cul- 
tural assumptions. This, main- 
tains Mr. Pandhi, vneans that 
“you du not get the same son 
of flavour as you would get if 
the projects bad been done en- 
tirely- in India.” 

The “ flavour.” says Mr. 
Pandhi, is important to a 
general understanding of the 
relevance of a case study to 
Indian experience. If a thesis 
becomes Americanised the 
correct nuance does not conic 
Ih rough. Consequently, a study 
cannot have rhe impact n 
would have if it were free of 
outside influence and took imo 
account accurately Indian in- 
dustrial practice and culture. 

In Diner areas of manage- 
ment training Mr. Pandhi is an 
advocate of a '* two-way traffic ” 
between teaching institutions 
and industry. Industrialists, he 
says, should take sabbaticals — 
preferably of one to two years’ 
duration — to teach in institu- 
tions, while teachers in institu- 
tions should go out into 
industry. 

India's si/e, though, present- 
particular difficulties in terms 
of both management training 
and the maintenance of given 
standards of education. The 


AJMA has to me 40 state man- 
agement -.assoc ia i ions affiliated 
to it but around half of the 
managers who are members uf 
them will live perhaps hundreds 
of miles away from their local 
association's headquarters. As 
a result they may go to so- 
called ” teaching shops,” which 
Mr. Pandhi maintains may oiler 
poor and unprofessional stan- 
dards. or pick up -a correspon- 
dence which also may have no 
guaranteed quality. 

For this reason the A13IA 
has itself been expanding Us 
effort in providing correspon- 
dence course*. Though the 
numbers applying for such 

courses— over j.000 this year — 

is not very large in relation to 
India's population, it is hoped 
that a big multiplier effect will 
boost the numbers in future. 

The AIM A ha? no plans in 
emulate the UK's British In- 
stitute of Management, which 
changed its ■-■hi. - dilution in 19T6 
in order lo hyconie a represen- 
tative body ready and willing 
to lobby the government, unions 
and other organisations to fur- 
ther the aims €,f ns members. 
It is happy in remain in a 
neutral position, accepting no 
financial or »thcr aid from the 
government, and concentrating 
instead oo management training 
and education. 



One of the small enterprises now in considerable Government favour; a watch factory at Dharampur, 

Simla, Himachal Pradesh. 


Whether or not the AIMA is 
non-political, its members (and 
other managers) are currently 
preoccupied with a government- 
inspired problem that has a 
familiar ring about it to UK 
managers: a wave of legislation 
which they consider excessive. 
Cenainly. a great deal of time 
is being spent one way or an- 
other in dealing with legislation 
governing the activities of com- 
panies. 

For people such as Air. Pandhi 


— who is also chairman- of Cad- 
bury India, part of the UK’s 
Cadbury Schweppes confec- 
tioners' and drinks group— this 
is particularly so. Cadbury 
India is going through a transi- 
tional stage — familiar to other 
subsidiaries of foreign com- 
panies — whereby foreign equity 
in Indian companies is being 
forcibly diluted at government 
insistence. The majority of the 
equity — about 60 per cent — 
will ultimately be owned locally 


and this trill mean much more 
money being available to the 
company. 

While this is going on, Mr. 
Pandhi is spending around half 
his time dealing with the 
government. Then, under Cad- 
bury India's new structure, he 
faces fresh challenges. For. he 
says, with many more share- 
holders to answer to. and more 
money to deal with, he is haring 
to create “a whole new way 
of management.” 


riy.CiJilJ. 

iuremes: 
to So H»J!l S- 

! ascdi. MKl6 V 

7'j. 


:k unit 

aved 

five 


WHILE- MANAGERSin' Britain • : 
bemoan their lAckt:.6f ‘ -social *; 
status and proper rennjnwplkm, 
management in India is dom- 
ing probaMyTtbe.inost lucrative.' ' 
and prestigious' career in the ' 
country. * ' ‘ . ; • • >• *' 1 . 

The professional Tnanager " - 
is now^nite well established. m . 


Fighting to overcome the shorta 
of professional talent 



•V-‘ 

• r 


Indian industry, .so much so 

that TOmpanW t^ch are T>ri>- -chemicals, tele-comnunjlcations, that professional management Originally managed by ther 12 privately-run institutes, 

fessionaljy manage^ go to Sl^t amL-aircraffc . _ has much chance to he effective bureaucrats, the public sector 


lengths fa.emphariae. the „£act ; m . - of in such circumstances, and in industries are 

mnnv family-dominated con- neonle trai 


Delhi, and ail affiliated to the 
All India Management Associa- 
tion. which has its headquarters 
in Delhi. These associations 
have played an active part in 
promoting executive develop- 
ment programmes. 

The AIMA has played a parti- 
cularly key role. Its manage- 
ment development activity has 
already covered over 10,000 
executives from the public and 
sectors of industry. 




RKIFI* V 
^Sicctr:^: li:-;s 
jradc z 

5tic r *sc 
f pr<v::.r 
•g iVi- ' B 
.true: 

?. wn.-i 

r.ec' ■ 

on Lar:. -fr'r'.i 
s* nr-dc £3tr- 

r-re i. } 

all ,.-r - 
att ‘ R 


print when they .adyerti*'jiew> . ^ Q . iar ^ raanv 

Jssuca r lo t 

The v tepn ^. " prefessfanal ^^ Garbide^-amen^ many 

” -ic «?.• emirspl \ r the 


Only one candidate in 20 has rivate 

; now run by a chance of being admitted to „ efence Unices and “govern. 
people trained either in the one of the recognised manage- mpm organisatinns> lt has 


.cerns this is still the case. But private sector or under that ment courses, since the Govern 
pressure of competition, concern's executive' develop- ment keeps the number of can- 

management” -is, v-of ■ course, the challenge of modern lech- ment programme. For example, didates within the prescribed 

capable^ - V'arlbus^Ihterpreta- India litm^hed flo,ogy -' and government regula- Mr. Wadud Khan a foimer Tata ceilings, . 

tkms. ''Thn'^stiiedor'rdiRi-l^Ri- .tJf -tions are all combining to foree employee, was brought in as A special official body over- 

sees' the institutes of manage- agement training in ~India are 
mem. as well cs the university he j ng increasingly felt It is 
course, thereby reducing the fl D j y when courses are properly 

transformed it through a better scope for favouritism or taUured to indigenous attitudes 


specialised in providing func- 
tional courses in such areas as 
finance, personnel, marketing 
and production. 

But the shortcomings of raan- 


tu re was 


qujlified-ttf 

and speciaB«4.. ; - thr^igh - the 

functions. •• • . • . -r- -■ ^application Of ne\f^ .technology, 

Altiidu^t it could be acquired 'either tifrough foreign 
that pipfessidnal • .managenmnj, |nVes£nienf 'or imported as part 
areive& ittLIrkCa ■witn: tlie;.'Sfit technical collaboration agree- 


blood ties are Ineffective. 


• 1 

Joint-stock 




.. um technical collaboration agree- 

India Company, = mqre ^oppo^:^^ - 
timities bei^^ayailablei'^iff..-.. ... 


we?,:---' ----J 
wrr.' _:-:i ”• S 1 

_ . ■ T 

'P -• 



distribution and pricing policy, corruption. and circumstances that they will 

His successor, K. P. BiUunona, n 0 ] ess spectacular has been achieve whatroust be their basic 
aUo a one-time Tata employee, thp 0 f professional asso- objective: of helping combat 

\ . brought professionalism to the ciations formed by managers ail India’s seemingly insoluble 

In. an attempt to ensure that management functions of -the over |jj e country. There are. at problems of mass poverty and 

a small coterie of individuals organisation. present suine 36 local assoria- low economic growth, 

or families does not control a An number of the tions, concentrated mainly in 

business families axe sending Calcutta, Bombay. Madras and. 
their sons to business schools 



P.C.M. 


one 


The Kanpur plant cl 
Fbrextonc and others, ici 
substantia i carps 


cl Id’s subsidiaries: tnlh Lmnbjp. VnOevcr. 
iramctt Uw mciau of irhat hfis" bcronif a 
ol p rv/emtmal mattaoers m India. 


Mfi-.. : re * : 

FBfr: C-'-" -z: ■ 

it :c:i ■-* 

il* 1 „ .. };• 

p.i:.v < 

Cr-.r-sr-.T::--; ' 


the. ayetoge size, 


abroad, especially in the U.S. 

.-. . • ^ - - . Bk1 there has also been a rush 

indu^iy. These stipulate specific fm admission tD schooIs> ,p eci>1 . 


zee.---* 


wnat isToqaya sunsonuai corps auu ranmy-conuruuca. 

of profej5siddaI'’jnahaEers • run- . Tatas, Birlas. Singhanios. Modis, K . .. , . 

ninga wide variety df industTie&, Mafatlftls, Shrirams, Dalmias {JJJJJJJJf*' *L W 7 — _ 


can serve as 


There are at present three 
« specialised institutes of man- 



,1 ,-v r 

i-j 

dw : ■ y r/ : 
nu ; " 


CAN YOU AFFORD 
TO WAIT ? 


nmuTiai 






■ ■ -fltS 


Vi pet:: 1 *' “ 

. ■.-sr®* 1 
“--rf & 

'V/ i\ 

■- ”1^ 




ment 'of professionally qualified Management at the Massachus- 
ppeople in 'their particular fields, setts Institute of Technology, 

- v . , and the Harvard Business 

vibe Government has also school, respectively. 

Initiated measures to promote 
.worker participation in some of "P 10 business schools of the 
its -own concerns; for example, universities of Bombay and Cal- 
Btodustan Steel has appointed cutta are postgraduate depart- 
wbrker-directors. ments for management educa- 

' ... . tion. Several universities have 

; Thdeed, the public sector, 0 p ene( j special departments, 
w&di represents huge Govern- bringing the number of recog- 
ment investment in a large n j se{ j courses to well over 30. 
rouge of enterprises, has given For ^ purpose of conducting 
.cm^derable impetus to the courses in management, the 
growth of professional manage- state does DOt j-ccpgjjjse a fer- 
ment 



Business 

courses 


have been 

idctbi' 








' The UnilresfrC'RCA b a cafculaior fcatdoesjist' . including merrmy awt^eMtaand it manats to 

about afe^fiing. cJoaHtoesefti^iJias^im.biggfiflhanacnBdit 
an alarm clock.'^ren^^^i oF-j^jtoMmera^ 

an v^' ; . . ^ Justfill inthecomon bc^andw^sendyOT 
It-harairtoe usual calcuteh3rfundSopsGt>8 ri^fei);. ftecalcuiaiorin tnfefer Qjnslmas. 


Butife notjustiie^Etoatfitsyour poctet 
The price will too. Just £24.94 mc|iKiingi 
^rniiated leather caseon-which yai carvtiaie inSafe 


Pig&sehdmeL 


jdodtcabibtorsai 


£ 2494 ^VAI/pSp> . .-. 

raickjsedtecjue/po^ 


.or- Name- 


Address. 






t^Vati^oStsfie^es. 


The Art of Leadership and Dele- 
gation, London. February 5-6. 
Details from Eurotech Manage- 
ment Development Service, PO 
Box 28. Camberley; Surrey, 
GU16 5HR. 

Financial Management for Non- 
Flnancial Managers, Villars-sur- 
Ollon, Switzerland. .Tanuary 
15-26. Details from Blanagement 
Centre Europe, Avenue des Arts 
4, B-1040 Brussels, Belgium. 
Fundamentals of the 9900 Micro- 
processor, February 5-9. Fee; 
£250. Details from Bleasdale 
Computer Systems. 7, Church 
Path. Merton pqrk, London 
SW19, 

Product Liability— Managing the 
Bisk, Amsterdam. February 6-S. 
Fee: £275. Details from Risk 
Research Group (London), 
Bridge House, 181, Queen Vic- 
toria Street London EC4V 4DD. 
Cost Reduction through Valne 
Analysis. London. January 16. 
Fee: £60. Details from Pur- 
chasing Economics. Pel House, 
35. Station Square, Pelts Wood, 
Kent BR5 1LZ. 

Financial Control of Research 
and Development, Bradford. 
February 20-23. Fee: £150 or 
£125. Details Trotn University 
of Bradford Management Centre, 
Heaton Mount. Keighley Road, 
Bradford, West Yorkshire ED9 
4JU. 

Energy . Managers* Training 
Course, Solihull. February 
19-23- Fee: £165. Details from 
Department of Energy, Box 
1685, Thames House South, Mill- 
bank, London SW17 4QJ. 



With the constant changes in fax structure, 
pension schemes, earning related contributions and any 
new factors that seem to arrive with remarkable regularity, 
it takes an increasing amount of time to deal with payroll. 

And as every employer knows, time is expensive. 

The Alder TA20 system makes the payroll job faster, 
more accurate and totally more efficient. If can print out 
payslips with a variety of headings for build up to gross 
and further alternatives for the gross to net figures. All at 
very high speed. 

If takes into account government and company pension 
schemes, time card analysis, Giro transfers and or cheques 
and produces year end documents oh the appropriate forms. 
When new changes occur Adler automatically up dates 
your system. 

There are a host of variations and individual . 
options that will cope with your particular problems: 

The programs are written, tested and currently 
operating in companies throughout the country, so there's 
no expensive software and no delays. 

One more real advantage is the fad that the 
TA20 comes from Adler whose reputation for reliability 
Is international. Because we know that a system that's out 
ot action is worse than no system at all. 


For further information on how the TA20 payroll system 
can help your company please complete the coupon. 
After all, these days, who can afford the increasing cost 
of paying staff. 


gW'-*vf ?- : Jf. ■ > 

':***• . s f * 



TA20. It’s so easy. 



Adler Business Systems 


THIS...ORTHIS 

I 



... Adler Business Systems Ltd., 1 

1 Jordan House, 47 Brunswick Place, London N1 6£G,Tel; 01-251 2712. f 


■| I'm interested in the Adler TA20 payroll system 
Please send me further details. P 
Send me details on TA20 accounting systems. D 


: | Company. 
<1 Address 

I 


.Tel:. 


— -««| 




• TJr yZ&H ~ - t: - 


5 .- V 








Financial runes Tuesday .December , 5 ilS 7 S“ 


16 

LOMBARD 



EMS could 


Burgundy: wine 



demonstration of the quality atartad at « : high 


The as the ----- 



SINCE *E MW^Tubllc open-air aTprice level of the new vin- order t ^* d ? h f s thS fP^us SSe casks of *** IT^t- 

auction the new wines from display of viticultural equip- 


, 2 =. 55 ment* and side^ Jg ^ ^ S ^ ^ per casU^ 

J£i5S _p^_ s?ft£SS; m-A.ws 




BY SAMUEL BR 1 TTAN 


“ has » P ? jSpjJggfg* X Sf ^ 

IS MKTiSri^ «** • £« SSro?. iLOT-T-S 

TffLVASSSOSt 5SlSJM«rt S« STS’ -SESr *U J^STm 9.000 nov,. and 

Sci w“e inerchants as vintage, was j. show *£ short^e ofs^dt bad idio.dy thantorburgundyhasalways up <m S^rsault from Fr 3J200 to.. 

Drouhin and Chanson. Since time—and in the Hotel d to eariy buying (Nicolas, bought thia lot m*eja»g exceUent 1OT5S- The Hos- ppr 6,000; and if one scales the . 

ST hospital authorities neither there is a X la^T Paris merchant. the television _ “«**"“* ?iL“Sy received less; ^ ’ heights . of Montrachet ... 

_ t*E SSf^MS? ^.SteWh^r^ & *_ -* ^ ~ " # " W1 W-SSW 

sssHbas « ssaj? sr stj £?-£££* s — : — ^ ^jsrs* compar ^ar^JT-S® ■■; ■ 

whether the UK joins, A differ- be exchanged for SDRs. months the parchas ers have to often still rf>vjdes WINE « ^ J best pfice for the- quoted thfa. year isTFt 6&0 : ., 

• -iSLl KSwas FFre35;0Q0 per 6,500 for Ppuilly Ftnss6-now. 7 ... 
normal lots was r latest* largely the preserve of the 

_ cask for the Hospices latest taig^ iy . . » *u_ same '.. • 

- -tS°<2{r<i“ d IW»S lSLL price, as Carton Chartomagno in •> 


and 

would , remove « 5=M~ 

Little 

but 


ent question, which will have to ^ ECU folding 

he faced sooner rather than CTaran tee, for example, a petro- gen^s. Centring on - . 

later, is what the new E " rop th» \ eam exporting country against auct i 01 i j n 1935 a festival week- quality of the vintage, 
system can contribute to . the fluctuatioDS m the value of on ® ^ was started under tite title real business is done here, bu 
problem of the dollar, or. to be Europcan currency against each *?“_ Trois Glorieuses, the notes are. made, visits to the 

precise, to the overhang of . p There is still the question °f ^‘ es ._Ty®. . *».„» i., ra0 _ nronrietors am 


WINE 

BY EDMUND PENN 1 NG-ROWSELL 


private nmufia . v. c l. P t in 

diversify into other currencies tajrt.n 
•riven the opportunity. This 
overhang limits the present 
recover- of the US. currency 
and is 'liable to aggravate any 
future phases of weakness. 

The mam ini pul.se to fierroan 
interest in Lhe European Mone- 
tary Svstem came from the weak- 
ness of the American dollar-- 
also from Chancellor Helmut 
Schmidt's personal mijsivin** 
about President Carter. Specific- 
ally. Hen- Schmidt was wemed 
about the effect of a falling 
dollar and rising mark 
competitive position 
industry. 


This answer lies injthe f *ttjhat ®°j£|tlie 

Bet 

of Meursault- 


version into ECUs would be poll- 1 Beaune, and in the village hall 
tically le^s embarrassing than 
plain dollar sales In the market. 

But it would be dangerous to 
base policy on such arm-twist- 
ing considerations: and it would 
he^ better to introduce a small 


£ d prS^; 

S of Sickly sawdust covered floors, ttante J* 2S?' of’So^but now aJ|0 STfhen^ak^ tt?5> Z&T& than 1976 with 

extensive town wans. « their plentiful 19«. . established in Beaune. This year the tiny Cotton less tannfcred wines, and well-.-,. 


5,tiu!: C b»'.:nris e wbicb ’Jfeg S^TS.^uS.2? S?WV ^SSSJSSix^S Sm^me^mucb'usting VJooTer '^« higb^ 'pitribrd.e b M been Ue itta .be prwale : P<M . «cort. Ihete n ■ 


would 


interest rate 
sweetener. 


advantage as 


The Hospic« iso hold their esnbifebed -m semme. ^ sale, 

own pre-sale tasting at wnicn . ' ., 

flish.e-the appointed v ^ d “1“ .! the Hospices. 

n„ 7 ie,;e mucb^anPe ,-J., P« * ££ 

- rbaS SSSL*saA^ =a _ 


All should a- 
soon. Buri.^ . 


own pre-sale tasting at which ™ rear w Pa tnarche won. with a top .P r “e..; Charlem agne Cxrvde Francis de balan ced Whites .: 

the appointed growers and d at “ Hospices, 'of FFTs ^-O® 0 ? er ‘Salins. fetched only FFrs 22,«» develop reafitmably 

- nf the Vine- confirmed at tne p bott ies) f 0r the .first lot- If : comnared with FFrs 20,400 for chabUs pncin_ . 

i.PlKSS 51 »!? 1977. ■ , the market, .the _ beat bet in. :, _ 


Irom HOO-are oot tor ^ n» ^7,21- iST ^^^cin^i^ti^b 


Black magic 


a i groundlings, 

organised a sort 

festival, in which bands parade itself 
through the streets 


. •: . ?e IU me u ““7^ ItanrSlMb'. a excellent - large - Ylntag*-: - has;. : 


from* as far afield - as Germany. 5o,,i«y_ of_ Jbe__.o«ls jnd^ .be jgF-J-t » the* crop 


from as far atieio as ^eruimiy. - th tbe 

a failin'* Holland and Switzerland dance visitors, for these be ^ nearer average, 

irk nn the ErLT facility would not be folklorique measures cn stages 0 ?fSrroncem Fortunately, alhough the 

of German hl ‘ k ^aric anv more than a erected in the squares. -5 mo.e o t an occasaon . h prices pai( j we re high enough. 

bia-k ma - u facll - ity int0 Special ^oups gmd 800 performers, the than for rejoicing. For altnou.n y ^ .5 — = — « m. 


the merchants' 
Patriarch e then 


uupuy. conversion tacmxy miu eroups auu l*T,nhasis is always placed on in all conscience, 

The main German vnrry con- D ra -.ving Rights under the IMF pogters announced this year, emphasis is ai«ays_p _ iV _ i ti» n wmst 


cems noi so much the dollar 
mark exchance rale, as the 

tern of exchance rates within ins holders to an 
the European Community. When -^iin. Tha terms on - C ° . 

there are portfolio shifts out of ne \v owners would continue to 
the dollar people dn not move hnlfJ the ^jebt would be a matter 
equally into all the European of negation with I™ 
currencies. They move specific- ail | b nritics. But these boldines 
allv into the German mark — mi „ bt bP expected to be more 
and the Swiss franc. This pushes tf . 3hIe than existing dollar 
up these nv<* currencies against. ba i 3n ces. 

for example, the French franc ^ ^ vpl<>pn]ent of ^ ECU 

, hal lh . «t ,b.., >- 

currencies is much in 
vital would be 
ferences in infl3i 
visitor wh*i has 


i ua v. r - — -- ____ „o ag ■who cannot accept the COted’Or 

viewpoint a^bottie. not ^Wiled brfees should pay • careful- ' 

paid: consumers are likely to be ^Jled ®g_ nt iori to the cm beaujolais 

e'higb^enough, FFrs .250,000 **««? «WH*ff5£.i:* 

of those ruling sssbcisted the “» y ' ■ * 


c ° n ' Drawing Rights under the i»r powers announced tms year. --- lower than most of those ruling becoming expensive for 1 

'Har- wnnH h«. American debts would gj lls prov lde sotid fare and the chanty and, stdl more, uw However they who presided over the sale, Ytut .becoming w... . . . ■ „ 

pat- h o transferred From exist- J” ujoI J is noU veau is dispensed pubhmty aspects of this first m me s ^ 


and sterling. Producers in . 
mnnv and Switrerliind complain as 


Fred Winter’s runners should 
score at Newton Abbot 


KMT RT AIN M ENT GL IDE 


a modest tax i ride 
appreciates the point 
quickly. 



very 


gams 


season John Francome s the Second Division of that same 

naer Aainnm in*' uunu » event 

betler record mount Is reported to have come Ber ' t Firestone is reported to 

have paid a figure approaching 
£750.000 mark for that 
remarkable marc, Fonfreluche. 
The previous record for a 

nm nn»i< in the IMF-SDR Newton Abbot tms aucraoui.- 5{ .r-o7id brood mare sold at public auction 

pl0 f , L«L There the former champion winner. Walfaer j ^ Cicse .econu §lm the amount laid out 

context confirms. jacket turned champion trainer to Rojal Judgment at . 1 for Q ueen Sucree at Keeneland 

The danger of an ECU sub- Introduces newcomers. Mr. his seasonal debut before ch^sm- in 1976 

Rtilution account Is that too p^ingie and Swordsman^ my ba nie Cantlie and Bali tree in a Fanfreluche. a daughter of 

minor event at Devon and Northern Dancer, is in foal to 
Exeter . the Triple Crown Winner. Sccre- 

11 r. Pringle, Winter’s runner lariat : - 


much will be expected of it. selections for * the Novices 
Diversification by private port- Hurdies. and saddles too MU- 
This problem will not be folio holders will still be able ^-an-en for his first race un- 
solved just by pegging exchange to push the dollar downwards. wa5on . 
rates “ Fixrd hut adjiislablc and the odds are that the dollar 
n-irities will mu aiunmaticaUy will continue to fall and the mark 
make the weafc-r currencies just tn rise relative to their pur- 

as attractive as i he stronger ones, chasing power parities, lmis 
There will simply be gains to Germany will export currency 
reserves hy Germany until the and become increasingly un- 
mark is revalued in the super- competitive " on trading account, 
snake. If Germany inflates An ECU substitution account 
instead of revaluing, this would could put a brake on the. 
simpiv be anmther route by development of the mark as a 

which their producers lost com- reserve currency and rraaove i afternocn . ?n my opinion, 

petiliveness. as in the pre-EMS s0me of the hysteria which h five-year-old. Kill- 

conditions. surrounds the dollar in Europe. lvn 11 -- 

There is. however, one way or But there is no way— short of a 
diluting the Inflow of funds into single EEC currency— to pre v e n t 
Germany over all EMS members, the German consumers from 
Thi* would be to introduce a enjoying the benefits of reserve 
*• substitution account" in which currency -status— and probably a 
„,-> n _rnir.muniTv official holders current account deficit as well. 


RACING 

BY DOMINIC WIGAN 

The most interesting feature 


in tite opener. Div. I or toe Sl - 
just Novices Hurdle, will ooi 
need to he a world heater to 
oblige at the first time oi asking 
now that Farmer’s Choice end 
Time Up have come out. Bui 
Swordsman could find Main 
ingredient bustling him up m 


NEWTON ABBOT 

12.45 — Mr. Pringle** 

1.15— Rio 

1 . 45 — Court God 

2.15 — Herminins 

2 . 45 — Kill warren* 

3.15 — Swordsman*** 


CC— Tltcio thwlTM ■“«“ 5 e, SJ gKE"? 
cards by telophono &r ai tne Bom ones. 

OPERA & BALLET - 

COLISEUM. Credit cards. i 0>-2*W SiSS-, 
Re&wwticns Ol-i26 31 bl. . . 
ENGLISH NATIONAL OPERA — 
Tomoirt A Fri. 7 CO Jonathan Miller's 
orod TlK Marriage oi hiyt . Hg gggr 
el* «inxesS?IJl A enJorablc iwnor. 

S Si Too Dcr RojKikoralier. Thur. 
7.00 The Thkelng Maoale. E*WV ««w 
grips the attention Tms. 104 OaKoiJY 
Seati avail, lor all iwfs. *r«n 10JM on 

da* oi perf ■ „ 

rtWEHT GARDEN. CC. ZAO .1066. 
CGardenchargc Credit Cards] F36 68031. 
THE ROYAL OPERA 

T o„-.. * for^raab- "**. 

Tom or. t> sal. 7.33 Manan- 

seats avail, lar *« P«-h. from 10 .a*l 

COTONT^U^bEN CGLEB aiTY CMC- 
CERTS Sun. 10 Dec. 8.0o Fpoderka-.wii 

CHILDREN'S OPERA AT THE JEAH- 
N ETTA COCHRANE THEATRE. Xm« 
Fandlv Entcrtalnmcnr. Tho Twc Flddlos 
by Peiw Davies. Dec. *7- M 

at 5-00 Dec- 29. SO Jan. 1-6 •.> ■2.30 » 
SCO. Tfcts. SI .50 bom Royal Opera 
House (postal onlvj. Send SAe to^'.de- 
talli ta MarVetlnn Deo-. R.O.H.. ^- 


THEATRES 


ucb »■« iutv'S. Cll. 01-630 6606. 
Ka. «“ «&*“■ wetU- and Sat. J.uO- 
a ' irtli StW MUSICAL 
barv.i izvah eor 
“ This - stunning proaucatn 
anioyaWa-’ 1 F r.mes. 
musical around 


gntnueiv 

The lunnlast 

bar bom." S. Mirror. 


KING'S KOr D THEATRE. 01-362 7438- 
fiSt S D« IB til*. 10-30. 2-«> * M *°° 

THE ROCK' HORROR SHOW 
ChjNT PRlAM IT. SEE IT- 


fyaC vutaTBL CC. ■ 01-437 5®86 
S ’ 00 *: 8JC - 
PLOWR,GHT f.lumena FH,MJ " V - ■ 

••• 

COMEtr? Of THT VRA» 
tuJB ^S^O^RXLL, 

“TOTAL TRIUMPH " €v. N«w». AN 
YEARS Sunday -TimeL 


THEATRES" 1 

VICTORIA PALACE. CC 0!-a28 4735-6. , 

■ -— • - — i 


.'Canvflt 


WAREHOUSE. Donmar^Tficairc. - 

SSSiMkS* c® to^l *b?od : iE# .. ; 

Adv d "w«BL^W i 'iI^ N ?Vt* ,: N[3n t TO ,n o r : . 

n.OO cSeert by HWhW Strung. 


MAY FAIR, css 2031 -Green Pic. “«*hei 
iwlfl Div 10 30. 2.00 and 4.00 
Frem SETT'S CHHimia MQ>| 


SADLER'S WELLS THEATRE. ROMberV 
A*a £C1. ?37 1672. E*gs. 7 30. - • • 

LONDON CONTEMPORARY DANCE. 
Toirtghi & Tumor. Eos. Slabat Meter, .tee. 
Until Dee. 16. hur. to SaL The Mote. 
Then You Can Only Sing. People AftMe. 
D'Oyly Carte hi Gilbert A S-rflhiatL. Dk- 
IB to Feb. 24. 


Colt Grand National 

«« NEXT \t:.VR’S Grand National Colt, although 49 per cent owned 
t' looks to be a tight handi- m to be sponsored by Colt, of by the Mitsubishi Corporation 


non-Community official holders current account 


warren 

catT tor ThcT two miles and one Cirencester, the car company, to ^ Japan, was a British company 
Furlong Helston Hurdle. the extent of £63.000: ^ race wiU be known as the 

A " JTS c,i, Or c ml Natimtl. 


THEATRES 

ADELPHI THEATRE. CC. 01-836 7«1T 
Evenlr.gt at 7.30 

Mats. Thursday. 3.00. Saturdays -J.00- 
Extra Mat Wed. 04c. 27 «t .3.00 
An EnchanUno New Musical 


HERE IS A 


THE E r 2?NI 


I hnrdlor 


.rni After Noon. 2.25 The Best of 


HTV 

'AT.hrrejvwti. 


Jjio Heart to u.oo am 

a ns. 420 T*ir«rr.'r's r. 9 rivm "t to* Sourft. 


Pin*>- 

U.ffl 



SAPPY "SSSSuLY SHOW 

The Timoa 

"BOUND TO RUN FOREVER? 

*■ SUNNY^ 'TUNEFUL AND '*' 
SPECTACULAR" 

Daily Tolcaraoh 

"A SUPER OUPER PRODUCTION" 
Yurie!* 

Credit <»rd Bo-lking 01-P36 7611 


MAY FAIR- 629 3036. ifireen Pt Tube 1 
tys. B.IW. SJW. 5.3U. A30. Vwed. M».. 3-0 
ifrunr Dec- 1 !J* FfL v S 3* £l-4Si 

- WELSH NATIONAL THEATRE CO hi 
UNDER MILK YlOOD , 

Dylan Thcmai’s comic maiwisiece 
Children £1.53 airy «e*t with adulL 


NATIONAL THEATRE. . «8 2253. 

OLIVIER (men suae). Toil® at 7.30 
THE DOUBLE DEALE R by COngiW 
Tolnor. 7.S0T Strife. LYTTELTON (pre£ 
cenlum stage). Tonight & Tomorro w 7 AS 
BETRAYAL new olay by Ptnty. CCJT j tA- 
LOE (small audHoNitRil Fri. B Herod by 
Pool Mills with music by Hvrtsoo.Blrt- 
wlst:o & Dominic Maldowney. Many ex- 
cellent eheaji seats all 3 theatres davo). 
oerf. Car oark. Restaurant 92» 2053. 
Credit Card Bookings 928 3052- 


OLD VIC -928 7E16 

• PROSPECT AT THE OLD VIC 
Last 2 surfs;. Today. Wed. 7.30 TWELFTH 
-MIGHT. Robert -Eddison ••jSnMMjSKm . *} 
Last 2 perf*. Thors. Fri. 7JW 


f Inti huiis priig.-iimine in 
black und while 


12 45 pm News. i.ou Pebble Mill. 
145 How Do You Du? 3 25 Pobol 
Y Cwm. 3.S3 Reuinnal News for 
England (except London). 3.5a 
Play School (As BBC-2 U.«» ami 


ALBERY. T76 3-776. CX. Bkgs. B36 1071-3 

From 8 30 a m Party rat r Mon.. Toes.. 

Wed. and Fri 7 *5 <i.m Tnurs. and Sal. 

4 *0 -Vd C CO. . 

A THOUSAND TIMES WELCOME IS 
LIONEL 9 ART’S 
OLIVER 

MIRACULOUS MUSICAL.- Fin. Times, 
wltn ROY HUDD 

GILLIAN BURNS. MARGARET BURTON. 
Extra Christmas Man Back Now. 


Bored Out. 12.05 am News and 
Weather tor Northern Tremnd. 

England— 5 55-650 pm Look 
East (Nonrich): Look North 
. i, a.— .» Dur.i avnont at fT pads. Manchester. \cw'C?sl ri. 


International 

11 40 Roads lo Conflict. 

12 05 am Weather/Reriona! News, 


S2>0 Tlie UprhJt 
9.00 Fallen Hero. 

J0.00 News. , _ . 

10.50 Spinners Under Sail. 
11.30 Lou Grar.L 

• 9i_min.TH-.-tii- 1733 am Cliuc* A iviintins 


,i>-.riilhan „ . . 

HTV HTV C-.rrrnl Scnlrr 

rxrcpi: 1J0-IJ8 pm Report WcK Hrj'i 
llus. 61S-6M Hopan Wc«. 

S ^,?LU SH n U ^ 


ALDWYCH. 836 6404. InlJ. R3C 5322 
ROYAL SHAKESPEARE COMPANY In 
reoertolre. Tan'* 7 37 


Mlddlclcn and Rnwl.'y's 
CHANGELING 




"Sols the pnlici Sloping •' The Timos. 
With- AS YOU LIKE IT iTomor. Tlu-r. 


PALACE. 


CC. 


With' AS _ _ 

m&fll. COUSIN V'-ACIMin *'.051 3 orrii 

Fr- Sal mA-.-i. SARATOGA I red prior-. 'VrWc rifnicr ciipe 

frnm D- C 13). RSC alio al TMS ! _ J^US CHRIST SUPE 


Guardi At 

Derek. 

comedy 

Michael 

Savldwl 

triumph 


Derek. jawW in 'iYANQV.*" Ghekho*'* 
w^fcHyg Afrindell. Bren da Broca. 


Dentson. 

» r.4 


Louise Purnell. ; Jcto 
Wymark. . •* Jacob I s 


2,30^7 


BURNIN 

authority 

••RlrethiB 


tessBiTcifts ■ 

The BW ChriSn^ Shoxxlto' ;y WefamKy 

rw. il at 7 JO .then D«. 22 10 Jan. S . . 
dajly 3 6.6. 5at Doc 30 & S 'r , L^‘ ti — 

# a Cfntn - Inn- 7* SOftS. -3 &* 6« T'JSt tA 

M?*7.4S. Mat. "wed. ft-TRw. -3. OrtWr^V 
& Senior Cits, utf ante. most, oerirs. 

01 -902 12341. ' • .■ ■ 


WESTMINSTER ™EATRE. . 

Tlw Rice and Arrjrew tljnj WebL?* * . 
■I JOSEPH AND THE AMAZING TECH- 
H (COLOUR DREAMCOAT" StaiT-aO p *fi, L 
“jONESr^Tirice aelly- Re ducco price -ort- 
Sews from No*. 27 . OW» Noa 30. 

£2. £3- 64. Boole . New. Limited . 
Ann. . : i — _ 


uiuitcu n. 'i i . CC. -01-930 66i92-7T65.' 

Matinee FrL *?* 8 ’- 

Ewctting Black AMcgn 
■■A Pntaatiog Musical. ’ E. News. Seat 
Prices £2-50 to £5.50. OMiwr end Top- 
PriSseM £9^0 .me. 


FOURTH GREAT YEAR 
Christmas Show: Wbard o* Os- 
2.1 S pm. ■ Sat- tl 


Ei Standard.. Eileen 


physical EWUftY.'" 


Atkins 

Timas. 


A gem of a performance from Robert 
Edd'son ... Michael Denison, John 
Sav-dent end Brenda. BrueesMOp up the 
laughs " Guardian. THE mVALi, Laa 4 
perfs..Der. 11. 14, IS. 16.'. KING LEAR 
L.'st 7 peris. Dec 12. 13. 16 (mat.l. 19. 
20. 22. 23. 


OLD VIC. CC. 01-928 7616. Beck anaki 

I or a special Christmas Seaton 
THE GINGERBREAD MAM 
“A triumph . . worthy travelling mHes 


to see.” 


Radio. 


OPEN SPACE. . . 337 8969. 

Brecht'S RESPECTABLE WEDDING 
Eook new. Reducod erica prc»k Tltur. to 
Sen. B 00 pm. Opens Dec 12 7.30 pm. 
Frcm Dec 13 Tues.-Siws. 9.00 om. .• 


01-437 6B34. 


_ DsMv 

am end 2.1S po y 

i ssansfc hpfi »5sS"^’ 

. .* lt -W^LRD OIF OZ . - 
— lal TM|W'^SiSnw»d‘ tp nowngl ** **>?? : 

"TKJS &&&&£?&"* 

.PAI^RAYMOND presenCs 

THE w WE 

-Takes to onorwede^d Iketo wha^H 


VERY FUNNY." EWJM !««■ ' 

■ ,s — r 

-MAKES YOU SHAjfi WITH 

LAUGHTER." Guardian. • — 


YOUNG VIC 928 6363. T 5^ T Si£pEST 

Thor. 7 JO Sac B.M THE TWPBT-. 
Toot. Mon. 7:30 Sat- 3 ■ Si-uren ui 
Fri. 7.30 Set. 11.00 

a snakespeare trilogy ACTION MAN.. . 



Mon.-tiurs.' Fri. and Sal. 6.00 and fl.40 
JESUS CHRIST SUPERSTAR t 

->y Tun Rice J«m Ardrcw Llo-zd-Webbar. 1 


1 palladium: 


CC. 


01-437 7373. 


Opening Dec 20 lof^a Season 



North Woct ( Mancha ter> 

Atar.-h*< Mil^cpl C : rcus: Siuth 
SoiithPriinTonl rii«den nn Lor.h- 
tinn: South lVc« n>:vreouthi 
Pf»niTi<ula: (Bri^to-p 1 s 

High Speed Train. 

BBC 2 

IflJlO am Working for Safety. 
11.00 Plav SghonT. 

2.30 nm The Engineers 
S.00 proDRTnrda Wish Fact?. 
3^0 TTie Li-’ng C»*v. 

R. T0 Onen I’ni’ -raj*,;.- 

S. S3 Vev.-ji On 2 He-d lines. 
tS.40 L* l, irel ' and Hardy Slio tv- 

case. 

G IW Tn the ITsking. 

6JJ0 “DirrmeJ 


5 Publishes Communist exploits 

6 Retired usber should be pro- 
ficient 1 10 1 

7 Trespass or fault <5! 

8 Vessel current in sick- 
quarters (6) 

9 Everyone in a temper should 
go to bed CO) 

14 To preserve Edward this way 
up is the first course (6, 4) 

17 Not the winner, but awarded 
distinction (9) 

15 Obscure thoroughfare sug- 
gested by overwhelming 

that faces up to tniun* M ? l 0 al Je?utini'« a^yoSnsster on 
plant that breaks down wav up ^ a disgrace (7) 

21 Crafty 'abnut French here in 
the island 1 6) 

„ 22 Ideology from iMimosa (6) 

21 London borough gives promo- 24 Also disturbed about the right 
tion to the marshal (7) examinations (5) 

salmon or a 26 One of 114 by way of five 


Across 

1 Rustics see the birds about 
one (6> 

4 Supports around the upset 
forecasters <Si 

10 And here is the sign at length 
«9) 

11 Spirit follows sex appeal in 
Wilts t5) 

12 Worry sometimes comes 
before work {4} 

13 Coloured girl drives you to 
the station (5. 5) 

15 Muhammad among others Js 
one that faces up to truth l 

16 A . 
barriers (8) 

19 Is sparing of money amon 
good men (6) 


23 A fresh-run 

wealthy bachelor maybe tl. 
4. 5) 

25 Register a eatalosue (4i 

27 In a state the girl gives a cry 
of surprise 15) 

28 “ Himseir the primrose pain 

of treads” (Hamlet) (9> 

29 A young girl has tu hurry — 
it’s the result of cacugraphy 
(81 

30 Poet turns to the French film 
star (6) 

Down 

1 The bridge for pensioners, lhe 

hill for a battle iSi 

2 Play when npset_ throw.- plan* 

into confusion (a. 4 1 

3 informer means lu aiumj l-*» 


inside (4) 

Solution to Puzzle No. 3,839 



.ANNY LA RUE 
as "Merry " Widow Tvf jnkey In 
ALADDIN 

ALFRED MARKS ii ABA NAZAR 
odys WATLING. Brian MARSHALL 
and WAYNE SLErP 
Preyicw December 19 at 7-30. 


CINEMAS v / - 

ABC IB 2 ATj'** e86T ’~- “ 

foMTHON ThI NILE (Al Wfc*-A Sun. 

2 J DEATH%N THE NILE lAl..Wk. a S40’> 
2 OO. 5.00. B.00. *• .r 


\m Sec''*;;:-..*'' 

s;,0-.- U.iS ii .-.’r.li; M- JiCJtL 12S am 
ChHti'-.'r and V- r''*. 

ATV 

jl.cfl cm Worn LM-i'-r* Tunsjcn 

OsurrWI— kriion Th;« I n“ XXjSB Erin. 
lla >;.„| W r. 1.30 pn TV Nen-sd«k 

5.55 Th' !JI ’**■•« Th ?'-- Shtfa- — - 

i»- 3^ "i-c 6.C1 ATI" Today. 7.M pro-O.’Icbn: 
RnJnirt.ilc Vim T.30 ?a"»w ts’.a-.d. 

11.30 riserr FYurwr. I’.ysuBW. 

Sonii-UUrn li'f- r'i'. 

BORDER 

II .00 am V.- 1-r .s«". U-1S Pcm 

I'i'rvi:- n South, u.-o 

ii 55 Tn «•."! « ".ir DPll"^■n^ , . 

-I D am r -n» -r v - ■ 3M TVl 

5 13 Ll". r-!17 1 ch'-l' 7 00 

around Tin« 7 CO i-re,-rdal" F’ it 
7 30 v- • Iria-i-i. 1Z.T3 Skl-mc wna 
Yji-u. 12.C? P"-4. - *: sianmarr. 

CHANNFl 


SOUTHERN 

21.00 am lVith'.n.pnon. lilS P“rrr 
■n.-mr.-ri ilardens uf ihr Soinh. U.n 
n-.-ar 11.S5 The Swi Soaar Onufthnm. 
IJfi pm .vnr.hfirn N-:'.S. ZJO Humk-unr»r. 
a 15 TV rnricni'n Advcnm-n nf Capiam 
mu 5.20 •iroFFroada. 600 Day hr Day. 
i-K'tniins Souih«porf. 7-00 FLliinii-nlsh- 
("arm 11.30 Sn«jilnn News Exin. 1L4B( 
Sn»el:vr. 

TYNE TEES 

a^S am Tbr C.iri Ward Wlowi.1 m' 
*:nnh K.i*. - N-. ws Il'nlllr.'.’F ti .00 

v.'ih"n»--in U.1S P'Tcr Throwi'r's 
-:ard>-':i »' IbT Snnlli. 11-03 Oat.ir 11.55 

Thv S' I Suu.ir DooeUTi'H . 1^0 pm , 

'.orih r-1 uuJ l/Kit'aniund 5.15 j 

' Kr.ih- r.tnch. 6.00 Norm — n Li(' 
limm-M-'le Farm. 7.30 FniWBl' 
Wind 1VJ0 ^ni'Tt-.ncj . 12 JO ami 

!irlK4.UC. 

ULSTER 

11 no am '.VilhemT’Min. U 15 fnrr- 


"A sur-'.rb aortorraantiT 
GERALD FLOOD 
in a NEW THRILLER 
"WHO KILLFD 
AGATHA CHRISTIE . . 


CAMDEN . -PLAZA (OH» 'C4 |, *^«" _ T ?J" 
Tuh£i. 405 2443. • The Bob Dylan. EH m 

“ CPNALDfl & CLARA* i *aAL wlvr 

PH3EHLX THEATRE. ee. 01^036 2294. | BCS DYLAN 3 JOAN ■ BAEZ IN 4. 

TRACK SratEO.., ProBT. 2 -50 A . T 30 




S.OO and 8-30 


Evgs. B 00. .Wed 
DIANA RK 

NIGHT 

A New Play by TOM STOPPARD 
□I reel ril by PETER WOOD 


led 3.00 5a: S.OO an 
m«L JOHN THAW 
GHT AND DAY 


r-.TT^r-- . , i Tp-i V-isf-n- J- 1 * Drn , '‘ , ' T,n : :, S.L " jl c Yf|rT*,. r . Cardiri iof IV Somh. ll.« 

6.45 CncVet. r.rst Test. .\J. ra , -. I s nn y-.- 5 .; rr. a.ri » 1 . ■- n .55 TV •‘•ti*<-i S'icar nouahinu. 

th V England r-rjullgnta). too K--.?"n .*• *.r 7 .? ? ,7 r I2” rP, l T t.20 pm Lun.n> . «« Lhirr Vrws 

7 15 If id -Evening Vew®. T.ti ran:—- lv t rB3n c„.J. . r-.llni-i 5J5 rnnoon. SJO Croys- 

»■?> rimV. 6.BB *■ ,-tm. 6 IB Tip- M.ry 


APOLLO. CC. 01-437 2663. 5»qs 3.09. 

Mat-,. THur* ? 00. So' S.OO and B 09. 

PAUL DANEMAN. LANA MORRIS 

DEM Ml 5 RAMSDEN 1 

CARMEL McSHARRY 
SHUT YOUR EYES AMD ! 

THINK OF ENGLAND 
2nd WICKEDLY FUNNY YEAR V;-v 
*rrv tu nny— cre^i eni-Ttammc m.*' Now. , 

ARTS THEATRE. 01-336 2132.1 

TOM STOPPARD'S * 

DIRTY LINEN I 

" Hilarlout . . . *ec U." Sunia* Times. I 
Monday to Thundav 3.30 Friday ans; 

Saturd ay 7 0 9 ar.g g.15 

ASTORIA THEATRE.' CC C harms Cre',4 1 
Road. 734 4Z-J1-439 t»C31 MM.-Thm I 
6.00 cm. Fri. and sal. li.OD and 0.45. 

ELWIS 

i ‘ “W® 4^sg&o% 

_,,5ECOHD GREAT YLAP ALAN AYCKBOURN'S tmufl hit tomodr 

^ Grauo BcuUngi. 01-43 7 3B5t». _ 1 .-.CECflOOM FARCE ■ 

CAMBRIDGE. CC oT-S :6 0056" 

Ror Oflic-' nani open lor 


Creel: card Iraki. 336 1071. Prev. 

D-:*. at 2 . Oocih 13 Doc. si 7 . Subl 
E> es- at 8.5ati. S.IS and B.1B. 

A NIGHT WITH 

DAME EDNA 
and a handful of co b bers 
Starring tne increasingly uspular 
BARRY HUMPHRIES’ 

BO OK NOW. 1 2 WFEK SEASON. 

PICCADILLY. 4 37 SSOST 8*36 3962. 

Credit card tsokrtiai B36 1071 
Richard Gccinwi. Ian Talbot In 
■ TOAD OF TOAD HALL 
ChrlCtnui matinees Dec. 18- Jan. JS. 


dally. 1 3Ui WEEK. 


CLASSIC T. 2. X, 4. Oirtp*d SWOt 100D. 

Tottcrham Couri RoagXuii^* -6SG> 0^.10- . 
0 and A progs. Children h a It-Pri c:..- __ 
1; Rfifiard Ad ■Iff S . WATERSH1P DOWN 


iU). Now *rrth s«r«»honK sound. PrdBL 

il 4S pfRANHA ,S 'i«vf2'-10. SAO* 9>0- 

£* l Gowieie 3 |2i Jd.. MichaH 
COMA <AAi. Progs. 1.05. 3.25. 5.50. 

HITLER. A CAREER <AJ.T PredV-l AS." “ 
4.45. 7^5." - ■' ai«J* * J.' 


CUPZON. Cnrztn Street ; W.1 --4W X737i .jf. 
YOU LAUGHED AT HIS AFFAIR" .--N 
. NOW LAUGH AT HERS. . ; .. :< ,\- n . 
PARDON MON ^AW AlH-.TPS.-fAAa^-s^i; 


(English S'lbtrtlos). 
Sundays'. 4.05 


Film i430_" OwTi 

4 JO . and 


LEICESTER SQUARE TW^T HJLtgBO 


PRINCS EDWARD. CC. ' 01-437 BC77. 

Evening* S.OO. Mat^Tiurs.. Sat. 3.0(1. 

by Tim RJcb and Andrew Li avd- Webber 

Directed by Harold Prince. — — 

1 P R I NCE “in' Thuft V i ^ 

Mon. to Thurs.i BkWc a. ip prefL ftjY(eefcd.»diL'^ • ' - •■-j- 

ODEQN HAYMARitST.' 

MiaNIOHT-AXPRESS iXT Sed-imOO* DW. 
2.30. 5.30 B. SO -far; ..TWI -SefltS 


7.20 Rnny Monilmv. 

9.1 0 The Voyage of 
Darwin. 

!U0 Wodebriusc Playhouse. 
9.45 Man Alive 


Charles 


Privtni’jnh 


T'.'jiy j|s»n- SIihh*. 7.03 F.niiii'-rd.li' 
Kirn Tj3 Mi-lrrianc iipponunuj- 
KdccL.- Fin.il UJfl F'lJl'snr. 

WESTWARD 

IX on am WiUv-mwien. 11.1S FYrcy 
Tiir.’u .T 1 ' iT.inJen* nf if**.- S.'itlh. 11.4D 
if cc Tb. c-.-.i. 1 Cn’it 1 riiTiirhitlil 


17.10 a»n Cv ir-i-nj.r. 

GRA!ViP:4N 

9.25 -w rr ■ U WHbsr'W* 

ll.zs PfiT nr rl '“ 

lOiSa Floodlit Burfjy Le^me tor .r — S5 Tim 

the BBC-2 Trophy. •« 

11.20 Late News. 

II JO The Old Grey Vh: 

Test. 

HMdlimS 5 ' Snooker. 12.10 am Faith Per Lite. 

9.31 am School Prosrrammoj. GRANADA YORKSHIRE 

KftSfat k ffiSaESin , lS ^ •tsrws^’a - 

The Wh e«L J ; e ^ N^* P,n IlS* (^^nri^^'Me^Grjn^ilJ 5« n Ynii-rf-‘'Vn|e Yonna 

Daisy. 12J50 A Pipe OTd Aae. t.oo b^o K-im-rdale Farm. 7.W rinl-nilar (F.mlry T.lotir and Pritrmnt 

News, plus FT Index. J-20 upierrsiLr ChiJIcnct*. 7 jo Fantasy riUuanii. 

Thames News. 1.30 Crown Court island. 


TROUOADOR 
A new musical starring 
KIM BRADEN. JOHN WATTS 
Red. nricc orcrlows From Dec. 13. 
Opering December 19. 


QUEENS. . Credit card*. D1-734 ITEB. 
1 e*m. BOO.. Wed. 3.00. Sat. 5.00. 3.30 
I GEORGE CHAKIRI5. ROY. DOTRICE. 
I RICHARD VERNON. JAMES VILLIERS 
I THE PASSION OF DRACULA 

COLLEGIATE. 01-337 9629.- ’ DAZZLING." E. Stand " MOST SCENT- 

L International stare In great lam.lv »Sw , CALLY. SPECTACULAR I SHOW IN 

— — - j- — — 1 T/HNBl M DilFVh * IMF A 7 u F A I 


TOWN," Punch. ■■ THrATRE AT ITS 
MOST MAGICAL." Times Lit. Sim.' 


LONDON 



COMEDY CC. 01-930 2573 

Prcvs. Nltntly at 6 00 until Dec. 11 
Odens D**C. 12 at 7.00 

BRITT EK LAND 
JULIAN HOLLriWAY 
<n an cadlina new camedv 
MATE ! 


I mw 

I RAYMOND REVUEBAR. CC. 01-734 
, Al 7.00. 9 CO. 11 0 m. Owns 

PAUL RAYMOND presents 
i HE FESTIVAL OF EROTICA 

i Fully Oir-coiult'oriDH 


ODE ON LEMaSTW.S6liA«':9ft . 

Eyes oi Lwra MOM IAA3 - S«l pga- i^.., ...... 

doors DWn.Z.CU. H>*5, 7. 46* . L4W- 2 -da^; 

OOSON MARBLE . AjRCH. ^ W-2tJt723 * 
2011-2} .Bp«^«Wr M-i Um 
CAT Ptcws. Com. SitS.. 0^1 5. List Z 0*T* 






UJO Dan Aviso si. 


EmerBefliTF. 


7.00 Eaimcrdale Farm. 1U0 


BBC Radio New Wavelengths 

3 aam»et 

Ik W-VZSvhf stereo 

4 aa»Ha-isoo«n 
8. «MS*U 


1053b Hz /285m 
108HcHz/2T5m 

M3KHz/aOm 
gtrikHa.-meni 
Bi 88-9XVM 1 stereo 


BBC Radio London: 
LESkHL 206m » 94.9*M 


Capital Radio: 

153EkH=. 191m * WJbrid 


London BraadCaotiMB: 
1151kHz. 2blm & 07-3*o T 


opera " Snunn Borcanncra " (Si. 7J0 
‘■tdtuhnrsli Intomntlnnat FeetlvaJ inTfi 
Concert, part 1 'Si. 8 JO Fame, Rivalry 
.imj Frinrliy I'.ilk b* Pmfo^or Mmirke 
Cropland v. 8.00 Ellnbiinih Intrrnalinnsl 
F«»i7al 1579 part 2 (Si: 9J0 The Third 
world War (law by Profewor Laurence 
Martini. 950 Crech Plano Music iS 
13J0 TV Prvludi-. 1U0 ScJmVrt on 
record. 11.45 News. 1L50-LL5S Tonlchrs 
Scbiiben Sane. 


RADIO 4 


RADIO 1 

(S3 SttreopbMlc broadcast 
t Medium wave 
5.00 am As Radio 2. 


Third Beat (S>. T.JO Folk TF^Pirs^Js 
Carler and Joacs in conrert (S', o-tu Today. 
Tuesday Nvcbt Vs Gala NUdfft Johnny Today. 
Mai bis in Concert iS«. 9.02 Internationa^ 

Bazins Special. 9JS Spnrtn Desk. 


CRITERION. 030 3216. Credit Cird bket. 

BSE 1071. EYS. Man..Thnr-.. 3.00 Fri and 
SSI. 5.45. 9.30 " THE MOST HILARIOUS 
PLAY FOR YEARS." Financial Times, 
GLOO JOO 
by Michael Hatting* 

"HAD THE AUDIENCE RCCKING WITH 

LAUGHTER ■" E»t 5lnnd.-rd. 

DRUP.Y lane' CC 01.AJ6 6100. Mon. 
to Sat. 6.00 Marine? Wed and Sat. 3.00. 
A CHORUS LINE 

"A rare, donartumo. iffyoun. mtonirJiing 
Stunner.” S Times. 3rd GREAT YEAR 

DUCHE55. S36 8243. Men. lo Ttiurt 
Evenings 9 00 Fri.. Sat. 6.15 and 9.00. 
OHI CALCUTTA! 

“The nudHy shinning” Daily Mall. 

am seirsail&nal Ynar. 

DUKE OF YORK'S. CC. 0T-S36 5122* 
Eras. S pm. Fri. and Sat. 5.30 and 8.30 
TOM FELICITY 

COURTENAY KENDAL 

CLOUDS 

” IS BLfSS.” Observer. 
MICHAEL FRAYN'S FUNNIEST PLAY.” 
a. tpt * _ 

FORTUNE. 83C 3238. Evs. 6 Thurs. 3 
S.’tr.rdnv; 5 00 and 0.00. 

Muriel Pavtow as MIS5 MARPLE 
MURDER AT TTHE VICARAGE 
FOURTH GREAT YEAR 


6 JW am News Brtrflns. LU FannWR , 

6JS SMppltK foreeaet. 6.n|%r~lV K i 

Masullw. Including MS Prayer 

for the Dae. 7JM and 6.B9 Today's Neva. 

... 1EJ0Z 7.30 and 8J0 Ncwa Headlines. T.OS 

, TJ» Pare Lee Fra ' n ji K . iiowerd Vam-iy Show, tt-02 Thrmshi for the ray. EJS Y«turday 

Travis. MO Simon Bates. H-Jl Paul Matthew Ir.trodures Boasd MW- In Parilamenl 9.00 Nrwn M5 Tuesday 

Burnett. 2JO pm Tony Blackburn. 931 tnciiKlliB: 12J50 Nea-s- 2-00 am Call. 10JU N-ws. 10-05 Local June 

JOdJraeeo. TJRM-02 As Radio 2. 9-82- SS sSStrEry. MJ9 Dally S-r.\o. 15.45 Momlnp Slnry 

IBM AS VHF. U8 John Peel (SI. ' HAS Thrrtr-ntmii'e Theatre. 11J8 Fnrnl UOEE THEATRE. CC. 01417 1 sir 

1Z4KL200 M AS Radio 2- , _ Clt-U. 11.45 Listen wim Mbtlh-r. 12.00 Evns 8 15. Wr<. 3.00. Sat. e.UO - S3. 

VHF — "LOO an As Radio 2. 9JB pm RADIO 3 •- : News 12-02 pm You and Yours. 12.28 PAUL Eddington JUMA njckensie 

Among Yoor Soovenlrs tSi. 9^5 Boons kjsaos am Cricket' first Test tir-sert isinrwj nivn. J2.55 w«.iiher. pm- . oeNjAMtN jjhjtrow 

ncsK UL80 WKb Radio L 12.0MJM « Inland. TsS-TAWrmhcr. gramme nruri. 1M TV World « One. IaBLE ^ 

Kllh Radio 2. kS iZSfTHL T'xl* " T *" *■ ,v ‘°^ r 

RADIO 2 SSB-j! Sier. A %. "Bl — hoi THEA TRE: - 01-958 7753. 

imK-JV* ^^SsS-CTi^: nS Smjn 'fc^gS IW fn a "l ftSft ™ir VV 50 ’ 

Test— Australia v EatOand. (report »_ and Cardiff Uni^rritT^ Reeiial^ rac , ' - - - 

Pause for TturartL TJ2 Terry Wogan ILBlo Snort liaw*. ^ u.u uru _ SM tv P-vr ninfson show! haymarket. ci -330 9932 . ew. a.oo 

iS» Including S-74 Cricket ffnrtner versify HOclJll pan * is i. 7.K The Arrberc T.20 1 Mats. Wed- 2.“n. S*t t 30 and u Oo 

rroon llajr ^FUctnv Bullrdn «d W N Fife oM tOO lifre « tVr Vv 1 «oal Q .ne mcewan 

Pause for Thonghl- fi>JD J gMW ' lin^Ac Viirlh^Ht SymP**" 1 * Mak- uttrl terrennr-- 645 Sri.-nriflrnl 1 !' 

,S1. 12 JS Pm Wawonere* «- JM BM. ,< orij. a — - 


ce 83* 4601 Evv e.no 

Uharol. WeH. 3.00. Sat*. S 30 a«d E.30 
DENIS QU1L LEY in IRA LEVIN'S 
DEATHTRAP 

A New Tnril'er directed by 
MICHAEL BLAKEMORE 
“THREE CHEERS FOR TWO HOURS OF 
MARVELLOUS £NTETITA1>FMBNT " S.Tel. 
"VERY INGENIOUS VERY FUNNY 
VERY EXCITING '■ F. Tlmea. 


maker In Londan. b. Tfll. "An Irrctisiiklv 
mlaynhlc cmirtiii," Sunday Tlnips. 


ntCENi 


CC. 01 «7 


E.N. 


ROUND HOUSE. , , 267 

Evgs. 8. Sacs. 5. B. Satirical revus 
. Gtsden Toanties in BnrIHl 
HEY I WE ARE ALIVE T 


ROYAL COURT. 730 1745. PrvvL Tomor 

Thur. 8. Open* Fri. 7. VihL J. . 

' WHEELCHAIR WILLIE 
by Af»n Bneem 


KOYALTYj. ^ CC. 01-40S 8004 

Monday- Tho mda* ewi.nga 8.00. Friday 
5,30 and 8-45. Sntur-!ars 3.00 and 8.00. 
London Crll.cn vote 
.- aUBBima BROWN SUGAR 
. - fleet Musical ot 1977 
Tel. bookings a< tented. Major credit 

cards. Reswurant res. 01 .AOS 2418 


SAVOY THEATRE 


01-C36 BS8E 


. . CONTI 

ACTOR OF THE YEAR 
West End Thc.ntre Aviaeds Jn 
PLAY CF TNE TEAR 
WHOSE LIFE (9 IT ANYWAY ’ 
by Brian Cljrs '* A W|n«iit)i'! olay t 
urge yon taw Gdn, evening 8.00 . 
mS* wed. 3.00. Sate. 5 is an* 8 45 


437.6161- 
' L pridon - 

1TS5.~6TS5.' 'Line Stew fit EsaLlillS 
Saata Bkbke. Lle*d Bar. " «>•- 7 " 


TToV | PRINCE CHARLES. Lrit_ Sn. 07. 
s7.n W«lcri*n BcrowRrk's THE BEAST. L 
*“ n - OO. Sop Ports. Dly. One. S»aJ. 


STUDIO 1 & 4.. Oxford Clren*. ; AST -SMO- 

1. Jdl CJarbnr nn .. -Aton- gates - (n ■ - 

MBEurMCY'S AN UNMARRIED WOMAN - 
«>. Prog* 1-DS 9.30. 6UKJ. 8_35. L*M ■ 

^atoyr sat.:.ifl.so. - ■■■ 

. 4. Agatha Christie's - DEATH ON THE 
NILE (A). - 'Sop. Peris.- flit. 2.1S; S-1S---- 
8.15. Late show SaL 11 15. Seats BtcWe. - 


SHAFTE9BURY. 


CC. 


836 6596.7. 


JANE ASHERjNlGEL PATRt 
PETER PAN 
OaHv 2 md 6.4S. w-itaa Ls. t4. £3. C2. 
Reducod orttM on^Oet > 2C i2 21. 22. Jan. 


Harry Roweff'e Open Home fSV inclnd 

lofllJC Sports Dest- 2J0 DavM KasniHoB GeomtfE. ' '*1' 


■Si. mclodlnfi MS and A* Sports D«*. TwalteaWa S5 ^ S j I ^ z , *’ oda ^fs>.“’i« ai Bedilme. 1US The Flrunrlal 


4 M Wagoners' VaDc (L« 5iamD«lL gcIBsii JP. 

e.47 John ptmn iS*i. litrtndlns S^S Spona Hmncverd Ewul ° [ T " . 
Desk. (MO Ssora DmS. 7JZ On the M- Home: A 


npit.ikJns. 9.39 Kilrldnscore. 4.95 Weather. I 
Memlorn's M-98 TV World Tnnisht: Ki*«. 11L30I 

Master YmiTe Got in be Jnktnn (S'. 

e MU nf Rnri'lmn 11 IE 'Dip 


LLOO A 


6.30 HcvF ’Wiirl'l Tviijm UJD Today in Parlla- 
pnneal view af Verdi n “' r " ; U.BO X-.n, 


GEPALDINS MeEWAN 
CLIVE FRANCIS 
NiGCL STOCK 

PETER PAUL 

BOWLES HAFDWICK 

and FENELLA FIELDING In 
LOOK AFTER LULU 
hy NOEL COWARD 
wish CARY HA V MONO 
MUST END SATURDAY 


STRAND. 01-234.256C. F«Cnlnoi 8.00. 
M«. Th-m itf 3. g 0 >t S, | y ( . A |.« L «d 8 JO. 

WE'RE BRITISH 

CONDON'S LONGEST LAUGH . . 

: OV E R 3 030 P ERFORMANCE'S 

5T. MARTIN'S. CC. G3G 1443. Bytis. 8. 
-MaL Toe. 2-4S. Sacs. & Dec. 27*5. 8 . 
AGATHA CHRUrriE'S 
THE MOUSETRAP 
WORLD’S LONGEST- EVER RUN. ' 
gyre rrafl 


CLASSIFIED - - - 

ADVERTISEMENT 

‘rates 

'* -r * • * ' • . _ 'ShtoiF 

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■ UMd ' ‘ cm, 1 

x -:c . - 

Co a Haerdal £ ZtsditsUal ..-**. 
ps °l >, ' r W --4M- - MM - - 

HesIdptURtf Propray J ' i(» .8.^6* . . 

Aoporeuncnu \ -. . „ 14-30. 1400 . 

Biwiww & Itrewdtnem 
oppoetaittried. CerporaUoa- 
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TALK -of THE TOWN. CC- 01-7S4 9051-. 
Alr-tondijw-ied J JSru, D'"i''.0. 

• Danefnn 9 #n. superb revue 

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al 11 FRANKIE. VAUGHAN 


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THEATRE UPSTAIRS. ' 730 2394. £w I 
7 . 50 ™ Kispdee WdrkihdP PrMut^*" o< 
MASA DA -or C dOkr Whip. Le ft Week 

SuSSBfc 3- 

8.QB Tied. M4L V S S T S «^A . 

Ad*rt*t'«i Of-THCWAS HARttY_S : •{ 
uSuBER THE GRpN-AUIJD racs [ 
"A ridHY MffiVabUi eyBiuPB- Con.- . f 


V- - 

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Manager," * ? -?i ■ *.} vir 


- ' Financial Tfiens. i' : j. :• 

JOr C^aaea str eel, . EC4F 4BT 











17 


5* 5 


19 


78 


e 



hr..-." 



Times -’Tueso^y- 


'1978 


:nd * ratW 
° r 


j» t a ,£*» 

W.5oo »Jl ‘S 


Helsinki 


-The Walker Art Gallery, Liverpool 


T — 




5 ^:; MAX LOP PERT 


r 3.000 k ■ c it 


OprCTiyin.'?!]!) land is 'at 
,00 0- Mtihft%if|tage ; o£\'v4w&pareot,- 

r 1 *’*■> 5 J'ftifc • There v "fi'rcr • ably.: two^.'fuljy -pro-r' 

: 9 -fr)0 h'^C fessionjjl TOmpanies^iheFtnsish; 
r ° m Pr " * .National Opbra^wfciiift . gives;;; 




^ ^ Oao g^f 1 ® i opera anti halletTn. Helsinki (and. 
f °f also : in :Te^naV'!centces> from 

Ff- f laifi. August i ;aa4i. th£r~' 

4. * » £ r * t.r. 0..»Mb1L. *T ‘1 .1* * ■“ 


*ot far SavohUnna ^pm/Fes’tiy^.itfiijeh 


^osi wav. 

*' ear is pp^BV. 

3UlJly 

wfoch ^ 

* nc ^ 

* *»= ■£?* 
?- a 'Vinas ./; «5 

U123. * 

2onaVi- t - V 1- ’W 

' Price’S, j 


:et *‘hc ^.'V- V 


n?eir 


3W ^ in h 
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arge 


v Ultg 


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• ‘‘UP^nJ 

m ps/^fe 

the* 


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■ • J,L1 - na 3 *** 



oCL-upies- theT^tttg^-open-air- audi- 
torium ^fc_OatvliffiMi jGastfe -fn 
S o uth iBast Fin land for theitxmtb - 
of July. . ,5« these rwo bbdies - 
seem to have rtiffliitatjedrft wave- - 
of popular'^sthuslasm .for which 
parallels _ elsewhere:! a«r. rhot 
easily found. ’ The most- notable . 
feature , of. ; ".the 1 : Fihjiijtfi' opera {. 
renaissance' has been, the 5 tm- 1 ' 
couragement, and 'ae^^p^ulail" 
success,. of the hafiiie npma ;6 pP3t^ 
posers. - Few .hi 

have . V-acbineA^iw«Is^^.dBl9|;-: 
celebrity- of -Jo pnas^Js^koneiL- ’ 

■ whose lasS ‘Teoipfedwnsi^ tost ; 
given at-B^ifilcL^iiL’ll^rfeiidi! 
two years-:, .later .:«£• $avonHnna, ■ 
from where -,ir. wa's.'.'fceraew^' on' 
this page)',-' ragfeBtlj - clocked ' up ; ‘ 
its tootfiv performnee: vorV.rof- 
AuLLs - $aUm^n. .cpa^pitser of The 
Horscoiohi .■ .“• another ■; .'. widely 
a ccl aimed- work.; whose' second 
opera. . TK&‘ Tied-- -Line, • bad ••' Its : 

premiere lasts week, * The Red:- 
Line .'is one.-ofsjtbe. tfpree '^eW 
operas" to be produced: by- the 
N atiooaf. Opera- this' year: atone. 
Another rthem,;. MonVTtlb^-a' 
corpedy by! IHcka -Kuusi^to, .was 
still - ficawtog an appreciative 
audience' :*ikst week, some' while 
after its first performance-; '- ."• 

In Helsinki, "opent -and ballet 
are play al ln a tiny. Jewel-box^-. 


a theatre,' almost iOO years- old;' 



The 11th John Moores 


bv WILLIAM PACKER 

Prokofiev its “ composer-in- 

rcsidence" of the next decade:- The John Moores Prize Exhihi- Our expectations are sot. of its; dry obsessive authority. The the jury finding itself at a toss 
the rewards of his less familiar t ^ on f rom its very ?tart. all of course, by the nature of the runners-up. however, are much it docs not feel with abstraction, 
operas are in no degree less rich . oj v e ars a?o. v.a* seen io be a prize-giving itself, with its more questionable. 


William °r w >lh t^e more recondite and 

— - - 2 i vears a?u. v.j? »et-« iu oe u v n«r-smns iiccii. r.mi i«vMT m-*~— wiiiuiHi _ .jpj fi-iirqtinn of surh □<; 

than arc those of lesser Strauss, j splendid piece «.f pm ate patron- assumptions of precedence, one. Turnbull's academic minimalism JjJJJJ-' Cf Jg!Jiartin. nr Caulfield. 
The opera lends itself to a jje. as -generous as j; was two and three. Inevitably a as unconvincing as Robyn Certainly The Tin dies. Freuds. 


Certainly . — . 

gentle style of performance. .imaginative and adventurous, great deal oT kudos will attach Denny's hard-edged formal Eytons and Weights arc eon- 

both in the orchestra and on Quite suddeniv Mr Moores gate i»» anj work, and any artist, variations. To put their paintj- spicuous by their absence, ihough 

stage. Anrid Jansons, 
grad conductor 

this country to Halle audiences, modernism. to «!iom ihc ii u ke : uVe prize" ra usi mean soinc- other artists here, and most con- Howard.' on the one hand, and 

and the single foreign element ‘ Academy was unjtbtrnu an d ihing. And the thought grows fusing to the public. the presence on the other of a 

in all four performances, drew public fn difference the ;reat that we might now have reached The ten minor prize-winners, tnagni B vent n tide by 
out the 


I'he&tra and on Q„ii e suddenlv Mr Moores ua\e "> any work, and any artist, variations, io put ineir paim- spicuous by their absence, lnnugn 
icons the Lenin- richt acrov the w-.d honoured ?o gpnermi?iy in such >"SS in the show is one thing- to pcr haps they no longer bother to 

, ucn n .^iMs rigor ac.tia.. ir.c b.oad. oie isolation The win- celebrate them quite another, a pend in. The jury's applause for 
well known in cmhaiUed from of English nin ; P ^VrcSv can have been no sad discouragement to all the lhe vu i 3 ar flashiness of Ken 

Unllc NllHlPniT 1 ^ III r..1fkPrt 1 Em 111 1 1 1*1 III ihft .. . “ ” W kaPil unrl mnef r*f i n_ li J — _ ■!> n knn.l iTIfl 


music with a steady. • pracueal enemy, the chance to the point ai which important, with £100 apiece, are more lively which should he in the national 

re hand there u-a« none moasure up to oj- h other so significant an honour must be a hunch, with several of them collection, and is shown nere. 

ionic demotic brilliance ; - St * r tously in public, and io com- doubly justified, cannot be very unlucky not to get rather with the work of other Pilous 


expansiv 
of the liertic. demoti 



their pains Brendan winners, horn concourx make the 
sheer sky-scraper wall, point unwittingly, but with 
reflected perspectives, admirable force. 

designer (Seppo Nurmimaai had wan lflt?ir un “* m p an Jars in Lhe ring. ana. in- is as good a piece of work as Wp cannot afford us be with- 

achieved a stape picture prettily tvery two years _»r so. m general deed di.quietin?!:--. the prize-list we have seen from him forsome out pa tron« of Mr. Moores' 
coloured, 
outlined- 
in full, 


k Cl a Diciure preuilv ^ J - * v - . c- uv^u ur^uinni.si,-. NIC |niu-n9i vu ? Iiaic accn Aiviu ti i iii I'ji auuiL qui paL^D^ ,, ■ IH :ui. JiwiMta 

‘d Hex[ble and simplv 1 lhe - v havc coniinn-d »o do so. noii"aday% has a i-erlain predict- years; Michael Brick's elegantly M ijb re% V hose generous and last- 

d— as the opera was "iven mftdesIly fliselaimirig any real d biliiy to ir. as though sooner or obscure hints at landscapes are j n „ support for the visual arts is 

ea=e of mobililv was a hupc of lh * hlJl r:,ther - laier everyone who is anyone very promising indeed: Karl a model of en Hnhtened patron- 



weakness in ihe cast, a squeaki . 
soprano, restrained exuberance nece ' s “ I ? 
In ihe playing was aptly comple-! rumours 
mentpd by full-hodied singing. 

The leading men. in particular. : 


to adrl ihat the re eent form, that long and dis- ^nd Martin Naylor pushes his percipience and its eorwinu- 

m aovan-e of the tinui:-hed service figures in the himself further and further to- \ n * iniporiaivce. Criticistn 

annoiim-emenl. ar-d the collective mind of the judges war ds pure painting, teasing perhaps iv all too easy, but it 

recriminations aner. du cause a quite ma much as particular himself more than any poor cat too is a mark of serious, if 


were del icMful: KaleviKnskinenl l °..«!i OS n achievement. in an adage and producing in oblique approval. Here then 

a wry. ruhber-faced Don Jerome. < inno- eni pleaMiru -And all of this might well go the process lhe most beautiful are OIie „ r iwo .-»ggcstions. The 


and the giant bass Hannu Mai in ! f . 
as Mendoza, not exactly Sheri- UpMdcs t0 1,10,0 


of 


pleas 
us content 


a tong vay towards explaining painted object in the com pen- composition of the jury is known 
what ha> become >o charac- lion, which he consciously invests jq affect the nature of the >iih- 


as Aicnnoza. not exactly »ncn- -- sfan,! h» -«rrf -v-.r^h what has become so cnarac- uw. «uiv.. w l0 an eci ine nature m uie *uu- 

dan’s “little Isaac the .lew." but i -f,l r -.\i nvpn 'nl „„p tcnstic of these exhibitions, the w ' ll h a wealth of private meanln B mission, and yet ihe jurors need 

a marvellous figure of clephan- 0 H ' jlh h .. T curious fact that so ofien the f n<1 allusion. Between Discip- nol be nanie [i. perhaps not even 

• li. debased varier... Wlin nail fit ... S... . lino and nps.tre m:<kpc hint I . K.. c.L, 


a 

tine chivalry in 
scenes. As the 
Vklkki disclosed 
what reduced In 
since her Coven 
but also a personality 



large, have much 


Desire makes hint a np C t n tod. until after the sub- 
unluckiest of them m j 5S i on closed. Small though 
it is. with S6 items this time, the 
among the field there sil ow could welt be half the size 

, — some excellent things. vv j t h no | 0SS of quality, its pres- 

oe said for it. will rest finally on reputation, from Alan Dyer and Paul Hemp- Jlce ea h a nced by the concentra- 


rHEATP.Es 
.ace. c- . 

Ot.834 I-.--- "-J «:• 

:m-r 

rr -- --T 


built by the' Russians^ foe :the - 
entertaimnenb: t>f th'elr garrison . T,. X .1 ’ 

during the; period .of Czhrist rule: Anita A^lkki and Hannu Maim in * Betrothal in a Monastery ’ 

Cynics might object, that 500 
or so seats are- banher easier, to 


stately, and endearingly guod-i lively, controversial, obiivc all. Time and again the major ton, for example, and Jeffrey t jjj n _ 


humoured. 

Man's Rib. conducted 
Kuusl^to himself. Is seoarat 
from Prokofiev hv several len 


useful, altogether a Good Thing: honour.; have somehow evaded Camp. Hugh O'Donnell. Mikey would 


And. finally, -though 1 
much rather the prizes 




a large and iuffyJequlp^ed-opera a '&&?*"** playing In both comic operas told i? tu "' u a 

iDlc but and JenujO: y .. Finnish ol ay w r >ght 


cut' 


leadin'* : n,ucri s - ood 
nlayw-ieht and novelist: ! disappointing, 
as neither the original nnr 
•Sakari Puurunen's Jibr»**»o h.-*s 


Oil 
: • 


O : 
)». * 

!. «i 


i: T! KSST- 


hou^e. nrany ygatRlong,-bas Jiow double ^ r . - e n Sem hto of sunenor 

been spurrect on by governmental My four-day visit 10 : Helsinki or . , ensemble of superior 
comm itraenC'^f ter years of -pro- had as Its primary ;tocus of t l Udi ' l - v ' 
tr acted discussion and delay.- to interest the new Sal lifieb opera. Befrofiiot in a Monastery, been translated, the non-Finnish- 
providing - funds': ; the- winning of which: the public^iress ^e- finished in 1940 given in'Lenin- weaker had only the events in j 
design of an arehUet^nral com- hearsat and the premiere were Era ri S1X vear e inter is Prokofiev th '’ score and the imnact of 
petition^ -1ieldjiP.ine while, ash is -gi TC h last week; The’ Red Line. Si * -T xSSX v«fces and faces on stage by 

to be buiit on Ihe shore or TttltS,|m the highest ieveV of- operatic * ell ' ns of ™* vuenim. In a WB- whlch t0 nipasure the success of 
Bay.' nbr Jar irom Alvar. Aalto's -achievement in recentvyears. is Pcokonev operatic survey. David Kuusistn. The suhieet matter ir 
Finlandia HalL) On Ihe other, i wor * that demands •"■report to Lloyd-Jones discerned in the domestic comedy— a central 
hand, restriejiaps of stage and pit: ftseif.: Also on show_were the composer's penultimate opera a tiffs a**d then mates 


choice, for the competent academic ahstractlon h 
not strnni* and and figuration that lacks even the 
ictus rivals, his merits of competent academic- The exhibition remains at tne 
p a tch-work field or ism. It is as though an important M'alker Art Gallery until 

iouseiv over laid grids exerting confidence in judgment has gone. February 25. 


'io tf>i .‘j - 

tin.-;;;.; *-.:v 
'fid. '. 

a. 


*5»« i J in S ; : * x 

■ • V -- 

MC. ' ; V. 



ij-. 






director, .inhani-R Makinen. "'- He iastorfished anyone whd 'lrad not Sheridan; the scenes of exposi- And yet the sen*-- risex tn 
then proceeds, ao ■ list \sotne of; •\ready, Experienced :SayppUnna. tion ramble, the lines of the plot greater deftness and dramatic 
RaiskinehVremairitably imaisinar an.d who was therefor unfamiliar are Tar from clear-cut a'sertiveness than that a’.on** 

live choices since 1974: - Shosta- with' . the Finnish flair fpr- cpera. y-t the libretto is redeemed micht susee^t; in nrovifrion of 
kovieb's ." Tf£e' tyose, mwftTs Of e<mrse, perlom&nce iM=*$taaU . lh brought to life, by enr-mbie music, and in his 



IRC 




with Rom* mid Juliet and where between onerera. musical 
CindereUa invhis head must soon comedv. and nner3. that are at 
be struck by the 
and 

.. .. j. chinking — — - . . 

Th, SricietT ' of West fed rey ■ K ,I av,»r.l .M Jo.n Plo^- rtyttas Md 

SSKTS w “ OUad-bounw would jute omalleot sesturo. 
sought ^fter theat^varawarda m l/we . . ^ engTS on B i w p apcr . 


. ... >• uzTuiereua invnis neaa must soon rnm*!uv. aim *ji-v ai 

Tkadf w-oii/oVrJc: far 1 Q7J? ' be struck by the way their glitter rmve ■« nopi««»r and as «uw- 

1 nedlre awarab IVI. I s ip and radiance. 1 , their fantasy of *•> as th-«. don t prow "n tre-s. 

• • J? chinking sounds. Hck-tocklna > T »*t er-r*i*- common, e'ther was 


Festival Hall 


Webern festival 


-S «• 




?;!•?.- :' the. countn*. took pface-in Liondop Elaine' Paige was the performer 

‘on Sunday nl^L-:T^re. , ^® ,? ® t i ei ^ of the year, in a musical for her 
surprises atopdg.the ; X9^.«S^V^‘ <1 ^^ , ip.l^ t0 -' 

Eoita was 'the'inusltati’ of- the Director' of the year was Terry 
yeaT- and Whose Lf/e-fe it Anfr Hands, Jor Henry vr: designer 
taw?\the play <rf thie year./. The Balph 'JvOitai for Brand: comedy 
comedy awarij wieot -ta Ftiumena. performance of the year lan 
The top individual perform apees' McKeHen for The A Ichemvtl : out- 
were Alan Howard for Cbriblonu-s staiii'ding opera achievement was 
for actor of tlie year Ip a revival the English National Opera for 
and Tom: Conti for Whose Li/e its enterprising repertoire: opera 
: - j-as actor in • new-play. Best production was Lohengrin at 

supimrtiag^actor v -;W^ - ftobert Gaveit Gardw hallet pro- „ UU . UUL U1C ^. JUUUU 

Eddison m. TYceWh Might. Among faction was A ettfe would have the imaghiation Passacaglia op.I. 

2R. ■«55?«5f*.^!5SSr £!5lf^? i -!SS^ l fei^T55SS rt .1^-i-sri-ioiiHm.t.wrtwri. The PaKacail ua it*u had 




' Julie? and Pam? ’ by Andrew Mansfield Ratdiffe 


by DOMINIC GILL 


Covent Garden 


Who -but the London Sinfohi- technical studies for the 


Kiri Te Kanawa 


by MAX LOPPERT 


The ^Donble-.Xlealei 1 v>on -the went to director Robert Cohan. 




h* -V.' :: 



itss'** 0 

rSRTlSE^' 

pates 


A name that*s recognised can inspire awe, 

( envy or, in tins case, confidence. 

It’s a name with a reputation for accepting 
only tbe best, and maintaining' the highest 
standards. An assurance for the wine-buyer 
that his choice has been expertly selected and 
carefully shipped. ; .... - i- 

A very good wine reasonably priced. 
Distinguishir^ it from^ ’the' ranks. of all the rest. 

In other words, a name such as. ours-can 
sometimes be all the guarantee yoir need, ■ 
"Because when it says Bouchard Aine on. 
thelabel, it says a-lot for the wine. 


read the small print first 


A / 



>J5‘ 


Burgtcndy specwlists ond skippers* of faurumc 
•’ _ S5EBURY STREET, LONDON-, STO. 
*AAiC denoting the eldest eon of the famHy 




festival ? The descriptioo is aptor to introduce the after- 

k ° ffiC !h!l noon, in a performance firmly 

hert/Webern sen«, wnce the and c i ean iy shaped, directed by 
sevep concerts on the South Bank Atherton wlUj unu sual ease and 

between now and January li lvrI( . al aBS urance how pan It 

up the most com^rebensiw J> ftI J e tbat stI fcw archc stn.s 

” u ^.r V0 « these days seize the opportunity 
presented anywhere— a total of. , ^ ^ih 

59 pieces or sets of pieces, many “J*®* 1 " s D , end fd 0 v ert ^^ 
of them unpublished, some -of * pSop i essaT^/m 

ih.M unwM nramiDrlK: an AB0ID “ r PrC-Op. I cSMJ, IW, 


A stream of beautiful sound bert, Schumann, and Strauss io tbe former, and, in the latter, five songs: the words of “Wiegen- 

a performance firmly I jg pot the sole guarantee of a before the interval. Wolf, FaurC, the feeling that the German lied” seemed not full mastered, 

rewarding song recital; in cer- Dupare and Walton thereafter. for-' thE imases 0[ 


Buhe. nieme 


Seele" incompletely bound into 


tain cases, it has even been The . rich, gentie .™ diani ; e wardness and firmness. Miss Te 

beard to prevent such a recital ^rhat Kanawa, one senses, is not an - ■ . - 

front taking place. .On Sunday Srefda rtem .&he?in?n tong imerpreler _ of _ the . ,nngs ahe tn-middle-penod Faure_metodtea 


evening, it formed a basis Tor the nsuoiiV" * 'seamless sinss - at her besl * she becomes the French language clear if not 

song recital by the New Zealand {Sty, bestowed upon Schubert * hem - r Gretcheny plight may elegant in its delivery, suited the 


Sommenoind. might just as 
ting still when 1 one remem- ***)'* fi “ 1 l fa ™ u r 5'*» 2 e ^on- 


soprano (in aid of the British 


' _* have been more vividly played soprano rather better than the 

svusti ui r — , , n k; 


te^h»t s B a nirt“"fr n m C /“SnV cert 'public: a n indulgent, fine- 
offidifwus numhered from lif. |™ iDed ^thesis oM Vagner and 
of all of Webern's pub- Strauss, with a cockily Straussian 

lisfrrf wo?L sonTy 51 principal theme, but tuned with 

usirea wonts is oniy w. a highly individual accent, in 

Tbe seven programmes nave no sense a pastiche, 
been- -devised, and are all con- _. __ . , 

ducted, by David Atherton, who F,we lj r °r che5tr ® 1 mini ^' 
has also consulted in their pro- tures which Webern composed 
rirtE JSS the wetern between 1911J3 became the F*e 
scholar Hans’ Moldenhauer. OP- 10; one more, with 

Schubert appears by way of ^Otoe. O sanftes GlUhn der 
contrast and counterbalance^ Serge, became the third of the 
although, as Atherton points out. posthumously published Three 
the.'- pairing is. apt: not merely Orchestral Songs—? lovely and 
for? the obvious Viennese connec- rarely performed group, to be 
tioiL but also rnr Webern's included in the SinfonJetta’s 
special love of' Scbuhert ftran- programme of December 30; and 
scriptions of Schubert make un the remaining five, published to- 
the- greater part by . far of gether as a group of Orchestra 
Webern's quite substantial body Pieces, were unheard in public 
of arrangements and orchestra- until 1969. AU except the third. 
ti onS ) a violent Sehr bewegte swirl less 

sw « », non tn arrftmnimv than a minute long. Instantly 

tbe^Sin^ summon up the familiar sound- 
their Schoenberg, senes, toe mb- 


!SS J2=“HI JLESESftt ^?™ d ^ f el?o■ ^s 1 “y ,rasn,e^,, 


L^v'-Fn'ntM .".ti accavsThst has w marvellous aencacy and con- 

X* e “^,^ th6y - y f0r ’ 

source of reference. For their e ' er neglected. 

Webern festivsl, they have gene By ineluding in this first pro- 
one better and produced for us gramme -only the Six Pieces for 
a .whole book: the larger, pro- Large Orchestra op. 6— the 
gramme (and very large it Is) original version of the later dis- 
includes a special edition, com- dilation that .we know today of 
plete -of Dr. Mdldenhauer's new the Six Piece* op. 6— Atherton 
snfrpage biographical study of refused a golden opportunity to 
Webern,, and costs £10 (the pub- compare both versions (each 
lisber's. hard-cover edition, just lasting only pine minutes) side 
out,' costs £201. Hurry: the Shi- by side. A 'pity: It would have 
fonietta. edition is limited to 500 been good to bear both, if only 
copies. ; to confirm the suspicion that 

Although the programmes are nothing was lost, and much j 
not arranged in chronological gained, by the subsequent refine - 1 
sequence, the first concert, given mept of instrumentation— the 
on Sunday afternoon by the BBC composer himself considered the 
Symphony ' Orchestra under later version to be “the only 
Atherton, ,was devoted to early ^Hd one. 
works . only, composed before The Schubert, like Siegfrieds 
1913. We heard the first per- Scftwert, was a piece of jolly 
forraance of; one pre-Srboenberg juvenilia— the only surviving act 
essay, Siegfrieds SduaerL a four- of a three-act Stoflspieie -com- 
minute “Ballade for tenor and posed. at the age of IS (by which 
orchestraT a jolly student 'jeu time • Schubert had Already 
d’esprit of no great significance written five operas), a happy 
except for - Its . vivacious curiosity given with evident 
Wagnerian spirit; and the world pleasure by the players, and 
premiere, too. of Three delivered with enthusiasm by a 
Orchestral Studies on a Grmaid, good solo cast of Marshall, Lott 
a irio.nf . tiny orchestral sketches Tear. Burrows, King and 
made- in 1908. ns preparatory Tomlinson. 


Kidney Patient Association) that ^enefifinci^rare^the Schubert out for us by other > a " sop hi ' rDmantic mysteries of Dupare. 
was at once healthy and end- ^n. in 'h'irh ln ihe nat ive sti “ led Lieder singers; it was Here, though, the problem lay as 


lessly gratifying. The assertion welf soun ded ^rarVthe^ perfonn- a . ? rue and Plejefngty pathetic much id the refusal of the 
that Miss Tc Kanawa possesses SJce that turas the beauty of v } Sion of tbe character herself pianist. Richard Amner. to 
just about the most beautiful 1one intp e i 0 q U ent expression. 11131 ^ performance -gave. The srretch or _ challenge the voice- 
soprano voice of our day— for How ,, flcn . indeed, docs ooe hear same process of identificaunn sx-mpathetie. and always alert to 
me. she divides Paris’s apple the final rising phrases of “Du hea , rd ^ }$ “PP'F ,n the smger s phrase-lengths, he 

with Jessye Norman— will come bist die Ruh ” taken in one Schumanns ‘Soldatenbraut ": no too often allowed the body of 
as no surprise. What may be less breath? or. if one has heard Schwa rzkopfian dimpled pouter, piano tone to go slack and ser- 
widely appreciated is that she is them so. how often does one feel sbe, but an unaffected and vile, with mousy delineation of 
already a recitalist of some that vocal art, poetic sentiments, easily smiling creature. the bass line. The piano part of 

accomplishment; while ultimate and musical invention have been This is not to suggest that Miss “L’In citation au voyage is in- 

degrees of insight may be lacking made entirely one thereby? Te Kanawa was thus transformed finitely more than mere “ accom- 

for some of the songs she chose. This was perfection no other ! n ^ s <> n g s she sang. Though paniment.” Walton's Three 

her attentive musicianship made W ord will do" If the opening * n Strauss her high voice takes Edilh Sitwell Songs closed the 
an impression almost as winning -Nacht und' TrSume” and °o the g!ow of moonlight, there programme, bringing into full 
as her fair face and form. Gretchen am Spinnrade ’’ had wf,re some r^aUve failures of play the sunny sense of comedy 

Miss Te Kanawa had chosen been a little less good, that could communication In a group of suggested earlier. 
aa'arceHenr programme: Srhu- be ascribed to a verbal muddle 



St. John’s f Smith Square 


Anthony Payne 


Anthony’s Payne's new String tures run through nearly all of 
Quartet, a BBC commission, was «t. notably a long-drawn double 
performed at yesterday’s Lunch- st0 P brusquely struck off. The 

time Concert by the Chilin-imn so h “"J s f p “ ns f h " t 

OuarteL It is a mosaic of manv idiomatic, both for the 

short sections, playing eon” nu- “mtt^havTbew 

ously for some 25 minutes, but y,’ IhT rhtifnfiriaJS 

th e impression it makes is not ? rdUGed b > the Chtiingirums 


sectional at all. Its broad span 
is constructed from three con- 
trasted species of material— firm 
and expository, quietly lyrical 
and sharply stressful; they are 


committed account of his Quar- 
tet; ia further performances, the 
outline of ihe woods beyond the 
trees may be more baldly incised. 

The other work in the pro- 
gramme, Mozart's A major 


S 5 cl Mr "^nttetpstions *2 » ** 


pa^ e5 to 0f Dnei Ulr Th D reh 1 ?h P ^ort o°n Jaw'wntttStel'tSSS!: 

l ° ^ a S?l„ T ^ 0U 5* l ,.? e * J i D " of course the whole Quartet pfo- 
f 15 dellbei ; at ^> ceeds with thoughtful serenity. 

!pJrinn f c ^n ntnn^T, 5 ,hJ The main subject of the Menuetto 
^ n s “ Beest , S a, . th , e was piquantly phrased, and the 

Zm JLir ,ft 2? fu - JI limpid depths of the Andante 

over a-gam — the variation-movement were ex- 
overall dramatic plan stands out . p i 0 red with great delicacy. Bv 
m high relief. the Finale, concentration was 

This first performance by the failing a little— a number of 
Chilingirian team was most per- small slips hlunted its edge, 
suasive with the developing though it retained a warm, con- 
musical argument, which they gistent glow. No doubt the 
sustained powerfully, at some responsibility nf the Payne 
slight cost to the expected high premiftre. so admirably shoul- 
contrasts. For long periods the dered. left the players wishing 
texture seemed to unroli for a longer respite than the 
uniformally. though the music format of the concert permitted, 
was never becalmed, A few ges- DAVID MURRAY 




< |4W.| 





Kiri Te Kanawa 









Financial Times Tuesday December 5 1978 ^ > . f ^ 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET. LONDON BOP 4BY 
Telegrams: FTnantimo, London PS4. Tel**: 888341/2, SS3897 
Telephone: 01-248 8008 






Tuesday December 5 1978 



The TUC and 


By ADRIAN DICKS in Bonn 


the City 


THE EMPHASIS of the 

second stage of the Wilson Com- 
mittee’s enquiry into the. work- 
ings of the financial institutions 
on supervision and regula- 
tion. So it is no surprise to find 
that “public accountability" is 
the main theme running 

through the latest written evi- 
dence from the TUC. “Account- 
ability” is the catchword of the 
moment Wherever institutions 
wield financial influence behind 
closed doors, the argument goes, 
they must be made "account- 
able" for they are quite pos- 
sibly responsible for Britain’s 
industrial decline. 


ability.” But the suggested cure 
is. inevitably, that there should 
be more trade union officials oh 
the bank's court or board. To 
this way the Bank will make its 
"proper" contribution to the in- 
dustrial strategy. Whether the 
public would learn more about 
the bank's activities is open to 
doubt 


We support “accountability” 
if it means “visibility” but are 
much more suspicious of it 
when it comes to mean “playing 
a part in the industrial stra- 
tegy." The important thing is 
that an institution — whether it 
be a pension fund, the Bank of 
England, or a trade union — 
should do what it does with as 
much disclosure as possible. 
This will automatically make it 
more accountable. But to make 
it subject to some new bureau- 
cratic committee makes an insti- 
tution accountable only in a 
very narrow sense of the word. 

Consider the pension and in- 
surance funds. Their growing 
power has become one of the 
main preoccupations of the 
Wilson committee. Despite the 
fact that far too little is re- 
vealed about the way these vast 
funds invest, the TUC does not 
call for greater disclosure. In- 
stead its main demand is that 
these funds be harnessed more 
closely to the industrial 
strategy. It proposes that they 
contribute to a fund which 
would be under the control of 
a Steering Committee on 
Finance and Investment. This 
Committee would have a tri- 
partite membership drawn from 
Government, management, and 
the trade unions. 


The thrust of the TUC's 
evidence is only thinly dis- 
guised. It is aimed at increasing 
Trade Union and Government 
influence over tbe financial in- 
stitutions rather than at making 
them more available for scrutiny 
by the informed public. Play- 
ing down the City's contribution 
to ’the balance of payments the 
TUC comes out against a relaxa- 
tion of exchange controls and 
suggests that the Government 
should establish a Foreign In- 
vestment Review Agency. This 
will monitor plans by British 
industry — and by multi-nationals 
in particular — to invest abroad. 
Again this agency will have its 
trade union representatives. 


Statutory powers 


Greater influence 

The TUC also turns its atten- 
tion to the Bank of England. 
Interestingly it does not want 
“to integrate the bank more 
into the Government machine." 
recognising that its quasi-aut- 
nomous ways give it greater in- 
fluence in the City. The TUC 
argues, with some justice, that 
"there is an unnecessary mys- 
tique surrounding the Bank of 
England which is not helpful to 
public confidence and account- 


Finally, the TUC feels that 
the City's new “watchdog." the 
Council for the Securities 
Industry, should have statutory 
powers and that its membership 
should be chosen by the Govern- 
ment to include industrialists, 
consumers — and trad.e unionists. 

In the case of many of the 
City’s institutions— and this ap- 
plies to the Council for the 
Securities industry as well — 
there is undoubtedly a feeling 
of a private club wbose work- 
ings are none of the public’s 
business. The best result of tbe 
WHaoii Committee’s efforts i c 
that a lot of people have learnt 
•». great deal about how these 
financial institutions work. As 
the TUC recognises, this ex- 
posure has done good already: 
it has acted as a catalyst for 
change and has spurred banks 
and investing institutions and 
the Government into taking ac- 
tions which would not other- 
wise have been taken. 

More openness and more pub- 
lic scrutiny are the surest road 
towards wore accountability. It 
is this brand of accountability 
which the Committee should 
continue to push for in its con- 
tinuing research and final re- 
port It should not seek to re- 
place the secrets of the private 
business club with the opacity 
of economic dirigism. 


L IKE OTHER extremely 
rich men, Herr Friedrich 
Karl Flick has only to 
appear in- public to cause a 
minor sensation. There is the 
flurry of police cars and body- 
guards. though these are nor- 
mal nowadays even for lesser 
Wesr German industrialists. 
There is the bustle of attentive 
aides, opening doors, carrying 
briefcases, checking micro- 
phones and pouring mineral 
water. 

When Herr Flick called a 
press conference at a Du esse I- 
dorf hotel the other day. there 
was more than the usually ex- 
pectant buzz of interest. He bad 
come to report in person on 
what be has been doing over 
the past three years with the 
tidy sum of DM 1.9bn (£50Sm). 
the proceeds of his group’s sale 
of 29 per cent of the shares of 
Daimler-Benz, flagship of the 
German motor industry, to 
Deutsche Bank in January. 
1975. 

In previous years, Herr Flick 
has usually left it to his school- 
friend and right-hand man, 
Herr Eberhard von Brauchitscb, 
ro discuss with journalists the 
group's annual financial results. 
Herr Flick himself is a shy man. 
Though be courteously greeted 
everyone present this year. It 
seemed to many that he found 
it something of an ordeal to 
answer questions for nearly two 
hours about his affairs. 


New policies in 
Venezuela 


THERE WERE general elections 
on Sunday in Venezuela. 'The 
first results indicate that the 
opposition candidate, Sr. Luis 
Herrera Campins, a Christian 
Democrat, has captured the 
Presidency from Sr. Luis 
Pinenia Ordaz. tbe standard- 
bearer of the ruling party, 
Accion Democratica. a mildly 
social democratic grouping. 

There is a sense in whieh the 
first piece of news is more 
important than the second. After 
a century and a half nf indepen- 
dent existence when good 
government, not - to mention 
democracy, was at a discount 
Venezuela seems to have taken 
the ballot box to its heart. The 
country has enjoyed two decades 
of a parliamentary regime 
during which the two main 
parties have alternated in power. 
From being the m^st chaotically 
governed country in Latin 
America Venezuela has become 
one of the best governed and its 
electoral practice has become a 
model for ail its neighbours on 
the South American continent 


the next five years will be less 
on starting big new develop- 
ment plans and rather on com- 
pleting successfully those thal 
have already been started. 
Venezuelans have realised that 
their development depends on 
more factors than -the simple 
mass of money that has flowed 
into tbe country since the oil 
price rises of 1973 and that the 
vast industrial enterprises 
which they have undertaken 
demand more in terms of cash 
and management skills than 
they had previously thought. 


Yet when he slipped away 
after an early dinner with his 
guests, Herr Flick had not only 
sketched out for the first time 
his own plans for the future 
of one of Europe's biggest sur- 
viving privately-held industrial 
groups. He had also perhaps 
finally established himself in 
the public eye as master of the 
house, nearly six and a half 
years after the death of his 
father, Herr Friedrich Flick, 
the founder of tbe concern and 
a legend in his lifetime. 

It has not proved easy for 
the successor fully to come into 
his inheritance. Friedrich Flick, 
who rebuilt the huge business 
empire after World War I and 
rebuilt it after World War II 
at the age of 70 and kept close 
control almost to his death at 
89, would have been a difficult 
father to succeed in any circum- 
stances- He h 2 d been involved 
In litigation against his elder 
son, Otto Ernst, whose abilities 
he doubted. Otto Ernst died in 
1974. Tension between Otto 
Ernst's three children and 
their uncle, Friedrich Karl, 
continued for several years 
more until, In January. 1975, 
they accepted a cash settlement 
of over DMlbn in exchange for 
giving up their shares. 

It was widely believed at the 
time that Herr Flick's sale of 
three-quarters of his 39 per 
cent stake in Daimler-Benz was 
tbe direct result of this family 
peace treaty and of his need 
for cash to buy out the three 
young Flicks. 

He emphatically denies today 
that the two transactions were 
directly connected. As he ex- 


plains it, the beginning of 1975 
was an opportunity to make a 
fresh start on a series of struc- 
tural problems that had become 
pressing, and to deal with the 
complications of the past He 
had already decided that he 
could do better with his money 
than to leave it tied up in 
Daimler-Benz. So. after incon- 
clusive contacts with the Shah 
nf Iran, he sold out to Deutsche 
Bank. 

The problems that faced the 
Flick group were broadly com- 
parable with those that have 
troubled other big German^in- 
dustrial companies in the 1970s. 
Herr Flick lists the sharply 
steeper rise of labour costs 
than of productivity*, the in- 
crease of tax and social insur- 
ance rates, the upward move- 
ment of the Deutsche Mark, the 
saturation of many traditional 
markets, and the increasing 
handicap for West German com- 
panies in competing in markets 
for what he calls “ products 
containing little know-how." 

These difficulties affected 
most of the Flick group's major 
interests. On the foundries, 
steel and allied side, the group 
owned a series of small opera- 
tions. now consolidated into the 
96 per cent-owned Buderus, 
which suffered from fragmenta- 
tion and uneconomic opera- 
tional size. Buderus Edelstahl- 
werke. producing stainless and 
special steels, for example, was 
too small to compete with the 
large investment in this field of 
the major integrated sreeJ com- 
panies. 

Krauss-Maffei. the builder of 
tanks, locomotives and special- 
ised plastics injection moulding 
machinery, was suffering the 
fa mi-liar feast-or-f amine pattern 
of defence contractors. Dynamir- 
Nobel. with little prospect nf 
long-term significant growth 
from its traditional explosives 
sector, needed large investments 
in chemical plant and secure 
sources of feedstocks. 



-r ..... - 
.. * 

• : 


Eberhard von Brauchitsch 


Friedrich Karl -Fticft 


T II,.""''. . 
-•--1 ■ • — 


Rising labour 
costs 


Feldmuehle, the European 
Community's largest paper and 
board manufacturer, suffered 
from obsolete capacity that was 
too heavily geared towards 
specific product lines while lack- 
ing flexibility., Maxhuette, the 
Flick group's' remaining steel 
producer, was too small lo 
stand up to the combined pres- 
sures of rising labour costs and 
of price competition both from 
the major West German groups 
and the north Italian Indepen- 
dents. 

Beyond these specific prob- 
lems, Herr Flick, Herr von 
Brauchitsch and their fellow 
directors felt that for a group 
with sales of over Dm7.3bn (in 
3977). Flick was too heavily 
dependent on West Germany, 
alone. As the chairman. Herr 
Flick. -himself put it, " I felt that 
the lack of international 
exposure . . . would greatly 
impede the future of my 


company. The Flick group 
would have been threatened 
by stagnation and -in the 
long run by contraction 
without a basic change In 
policy and an opening up to- 
wards an internationalisation of 
its activities." 

This was not all. In order 
to benefit to the full from West 
German tax legislation, and 
specifically from provisions of 
the Income-tax and Foreign 
Investment Act offering exemp- 
tion from capital gains tax, the 
proceeds of the sale of the 
Daimler-Benz shares had to be 
reinvested before the end of 
1973. 

Would Herr Flick have to pay 
this capital gains tax on some, 
if not all of the enormous rise 
in the value of the shares since 
his father, on a memorable day 
in 1955, had quietly announced 
at the motor company’s annual 
meeting that -he controlled 
nearly 40 per cent? To com- 
mentators, some of whom 
almost gleefully predicted that 
so huge a sum could never be 
placed in time to qualify for 
preferential tax treatment, Herr 
Flick has had the last laugh. 
Of about DM 1.9bn, some 
DM 1.23bn has been granted 
favourable tax status. Invest- 
ments worth a further DM 445m 
have been announced and will 
almost certainly qualify once 
remaining bureaucratic hurdles 
have been passed. 

From the lieginning. Herr 
Flick and his advisers have 
insisted that they were not look- 
ing fur investment's merely to 
heat the tax collector, and 
indeed Th*y will not entirely 
succeed in doing so. Herr Flick 
mav also have been anxious to 
defuse some of the exaspera- 


tion that has built upi among 
the Left when he assured the 
Press conference: "For those 
of your readers who take a more 
emotional approach to tins 
subject, let me point out that 
a certain amount will be paid 
in taxes. ... I cannot and 
would not like to tell you the 
full amount, but it is certain 
to be in the order of a high 
million Deutsche Mark figure.” 
Most close observers of; -the 
group's affairs assume that-the 
eventual tax bill, after complex 
negotiations still in progress, 
will run well above DM IQOin. 

Not only will Herr Flick be 
paying tax. He also" .argues 
that the large sums invested in 
his West German companies will 
prevent closures that, jnight 
otherwise have been inevitable 
and will generate at least 1,000 
new jobs. To those who ; Tfave 
woundingly speculated that he 
might, for tax reasons, shift. his 
domicile abroad, he replied 
firmly that “I continue to look 
upon the Federal Republic as 
my home and that of my com- 
pany.’* 

Along the way, there have 
been some oxciting sideshows, 
notably several months of 
heated argument with Herr 
Hans Gerling, who attempted to 
fight off Herr Flick’s purchase 
of a majo rity in the holding 
company, VHDl, which in turn 
took a controlling share in the 
Gerling insurance group after 
collapse of the Herstatt Bank, 
which was part of the Gerling 
empire. Herr von Brauchitsch 
won that battle for Herr Flick, 
though on agreement with Herr 
Gerling a month ago gave the 
insurance magnate a continuing 
executive role in the croup foi 
several years to come. 

The Gerling acquisition was 


Flick’s most important within 
West Germany, taking the 
group for the first time into the 
growth area of services. Each 
of the major industrial sub- 
sidiaries has -been substan- 
tially strengthened, and in. 
vestments made or set in 
motion that will eventually cost 
DM 900m more than the 
DM 460m in new equity capital 
already injected. At the same 
time uneconomic activities have 
been pared away, most spec- 
tacularly with the sale. to the 
Kloeckner group of Maxhuette 
for some DM 267m, which will 
be completed on January L 

No aspect of Here Flick’s 
spending spree has excited 
more interest than his two big 
acquisitions in the U.S. Nearly, 
two years ago ' he acquired 12 
per cent of W. R. Grace, the 
chemicals group now diversi- 
fied into a wide range of 
activities. This stake has been 
built up to 31 per cent, for -a 
.total* outlay put by Herr Flick 
at DM8Q0m. The idea for this 
seems to have grown out of 
his long-standing friendship 
with Mr. Peter Grace. An over- 
lap with some; of Herr Flick’s 
German interests has led to a 
brisk two-way traffic in research 
scientists- and in know-how. 

In early June, Herr Flick 
made a. second major acquisi- 
tion in the form of &L5 per 
cent of U.S. Filters, an energy 
service, pollution control; and 
water treatment specialist 
which fits perfectly in frith 
Herr Fllek's view that indus- 
tries geared to cleaning up the 
environment are a good long-, 
terra growth proposition- Here, 
too, there is a good deal of 
common ground with the 
group's German interests. There 
is also a potential problem with 


the U.S. anti-trust authorities, 
for Grace and U.S. Filters- are 
competitors in- fluid cracking 
catalysts. This has led Flick to 
place its U.S. Filters shares in 
trust - until the matter, is. 
resolved. : : : 

There will be those, un- 
doubtedly, who -will reproach- 
Herr Flick for not' showing 
more sense of adventure. He 
has -stUi not cared to go .into, 
such fiefds-as electronics, prefer- 
ring as one Flick director put 
it, “ to . stick . with' things we 
know about." A slightly bolder - 
gesture has been made with the 
strengthening by some DM25m 
of the reject Engineering Com- 
pany - for Chemical Processes 
(PCV), which- is to carry. out . 
intensive research 'into coal, 
teehnoiogy, . chemical engineer- 
ing, and pollution control. 

No doubt .Herr .Flick, feels 
this is more than enough to 
be going • oo~- with, though 
both ?her and • Herr von 
Brauchitsch clearly have plenty 
of energy left for fresh 
departures in a few years’tiine. 
But what of the future of West 
Germany's largest remaining 
private . industrial fortune? 
Whether Herr Flick's two small 
daughters will .one day take 
over or . not, ; the group was 
transformed just over ’ a year 
ago into a new corporate, form, 
the somewhat old-fashioned 
Ko mm anditgesellschaf t : * aqf 
Aktien, a partnership be- 
tween individual shareholders 
and several general partners of 
unlimited liability and with full 
executive responsibility. At the 
time, Herr von Brauchitsch did 
not discourage the view that this, 
might ease introduction of h 
Flick public share issue— “bur 
not for ten or 20 years.” 


T ..,r, 

A 




MIN AND MAHERS 


Switching cargoes 


in mid-stream 


between Quango? and industry: 
“ The U.S. is much better at that 
than we are." 


Maturity 

The campaigning procedure of 
the two main parties was hard 
fought and fuelled with large 
quantites -of money but at the 
same time the smaller parties of 
the left and the right were given 
full opportunity to state their 
case on the media. AH 
Venezuelans over IS were 
invited «o vote freely and 
secretly and indeed threatened 
with stiff fines and civil dis- 
abilities if they did not. The 
identity of the winner is of 
secondary importance to the fact 
that in a turbulent and generally 
badly governed region 
Venezuela has shown remark- 
able political maturity and 
sophistication. 

If Sr. Herrera is confirmed as 
President he will tackle 
Venezuela's problems in much 
the same way as his rival Sr. 
FifterOa would have done. 
Neither of the two men has the 
flamboyance of Sr. Carlos 
Andres P£rez, the present head 
of state, and both are committed 
to trying to solve Venezuela's 
domestic troubles before they 
take up once again the 
ambitious foreign. affairs 
initiatives started by him. 

The thrust of government in 


The new government, facing 
as it does a balance of trade 
deficit, will become more finan- 
cially prudent than President 
Perez has been and will doubt- 
less put even more emphasis 
than he has done on the need 
to train Venezuelans to the 
peak of competence so that they 
are able to manage the most 
complicated technological jobs. 
Venezuelans are managing with 
a great deal oE success the oil 
industry that President Perez 
nationalised three years ago and 
their management potential is 
therefore proven. Turning that 
potential into skills jn other 
fields than that of the oil 
industry will demand Lime and 
patience. 


Foreign aid 

It would be a pity, however, 
if the new president were to 
throw over all Sr. Perez’s 
foreign policies too quickly in 
favour of domestic issues, how- 
ever pressing. The Perez 
administration has used the 
country's financial leverage to 
good effect. It has made 
Venezuela into a big prorider 
of foreign aid, it has assumed 
a leading role in the Third 
World and in men such as Sr. 
Manuel Pdr ez Guerrero has pro- 
vided experienced negotiators 
in the North-South dialogue. In 
the Western Hemisphere it has 
behaved forcefully and wisely 
whether this meant supporting 
Bolivia’s desires for access to 
the Pacific Ocean, or moving 
against the excesses committed 
by the Government of 
Nicaragua, or giving practical 
assistance to the struggling new 
countries of the Commonwealth 
Caribbean. Much of what Presi- 
dent Perez leaves must be 
retained and built upon. 


“I keep to the middle of the 
road in a steady current.’’ is 
how Ken Fraser describes his 
canoeing, an activity he pursues 
in the placid waters of the 
Thames near Kingston. But he 
thought 1 might suggest that he 
risked a " touch of white water 
ahead ' ’now that he is ro 
become industrial director of 
the National Economic Develop- 
ment Office. 

At present head of marketing 
with Unilever, he will he the 
first man to bring ?fcis kind of 
experience io the post Not 
surprisingly, he thinks that 
management should take 
marketing more seriously and 
unions be better informer of its 
importance. 

After two years’ secondment 
to NEDO he is to return to 
Unilever, which has undertaken 
to make up his salary while he 
is drawing the lower pay of a 
NEDO director. 

Fraser. 49. believes there 
should be more exchange 


A *' broadening ” experience 
is how he describes bis tem- 
porary transfer and says he has 
done a lot of “ interfacing " with 
governments. b*»th for Unilever 
and while chairing the market- 
ing commission nf the Inter- 
national Chamber nf Commerce, 
and the Confederation of British 
Industry's Marketing and Con- 
sumer Affairs Committee. He 
believes the importance nf 
marketing is beginning to be 
appreciated hy industry — point- 
ing to the way the CBI for the 
first time this year debated the 
matter. 


hear so much — perhaps with a 
film show of the beach he was 
loo busy to visit, the pre- 
recorded sound of the surf 
soothing his gangk-d nerves, and 
a warm Mediterranean breeze 
produced by a simple adapta- 
tion of the air-conditioning 
system. 


time and more effective to con- 
centrate on other periods." 





Joining the club 


Times future 


“ I hope I will be useful in 
.selling GB Ltd.” he says. As 
for the possible ** white water." 
this did not seem to worry him: 
“I have capsized but always 
hohhed up again." 


Mythical miles 


f?ona &m- 
fttzmaue, 
MU,/&r&e * 
5emH&MY 


The danger of being knocked 
over by a portly jogger will 
rapidly diminish after Christ- 
mas. Thar at least is the devour 
wish of Campari International, 
which is marketing the ideal 
gift for the discreet glutton — a 
running machine. No longer, 
says the company, need the fat 
man endure the giggles of those 
taking genter exercise. He can 
not run as far as the likes, in 
private, on his fun-run fachine, 
whether the mechanical one at 
£70, or the "slightly more 
attractive “ electronic model, 
each with a “ pacer.” and a no- 
cheating mechanism. 

Looking like a weighing 
machine, it can be installed in 
The busy executive's office for 
lunch-limc work-outs. “ Who," 
asks Campari international 
with a rhetorical flourish, 
“wants to run round smog- 
i of os ted city streets?” 

Indeed. It only remains for 
someone entrsprislng to 
arrange office holidays for this 
busy executive of whom wc 


“Have you ever wished you 
were better informed," read the 
Times posters. A plaintive mes- 
sage to the would-be readers of 
the paper, but one that John 
Barton, deputy manager of the 
marketing division of the Times 
group, tells me will be kept for 
the time being. "A little pre- 
cipitous.” is how he thought 
cancelling the poster bookings 
would be, but he did say that 
the Times was not booking new- 
space. 

Tnis. or so Barton says, is for 
no less than 15 factors, of which 
“not least is the need for re- 
search on the effectiveness of 
the campaign." 

Barton is proud of the awards 
the Times won for its advertise- 
ments on London Broadcasting 
Company. 1 had not heard them 
but when J asked what jingle 
had been used, Barton was 
shocked: "What! A jingle on the 
Times! Good God!” He would 
not be drawn on how 
much the advertising budget 
had been though Media Expen- 
diture A analysis record that the 
Times's expenditure on TV, 
press and magazine advertise- 


It is not just' tourists who con- 
verge on London from every 
corner of the globe — the banks 
too have a cosmopolitan air 
about the mi'hese days. First 
came <he big American banks, 
then, in the late 'Sixties, the 
smaller U.S. banks bunting 
Euro-doUa rs. Then Koreans. 
Iranians, Saudis, Pakistanis, and 
yesterday the first Lebanese 
bank, the Jam mad Trust, opened 
a branch in Hanover Street. 




merits in the year to September 
SO. 1978 had been £99,700 — one- 


The chairman, AJi Jamraal. i 
hardly needed to explain his 
motive for grabbing a niche in 
a financial centre where all but 
seven of the world's 100 largest 
banks have some kind of pre- 
sence: “We have to go where 
the business iss,” he says simply. 

It is ironic that until 1975, 
when urbane, sophisticated 
Beirut was still the centre of 
Middle East banking, such 
excursions would hardily have 
been necessary. Although 
J animal assures me things have 
improved sauce then— despite 
the continuing bloodshed — many 
Lebanese businesses and 
bankers have been carving out 
new areas of activity in safer 
climes. Jammed claims to be the 
first Lebanese banker to gain 
permission to establish branches 
abroad. In January a Cairo 
branch opens, and he tells me 
he m considering opening shop 
in Paris too. 


It’s nearly Christinas and titne to th&fc about 
next year’s holidays, y , .’ 

Our December issue includes a -special fV nising - 
Feature, plus an Eric Hiscock article on the V 
problems of errant compasses. Or if you’re 
thinking about buying a yacht render be sure to"- - * 
see our test report on the 20 inflatable dinghies we^ - 
tested last month. There’s a fully illustrated . : 
report on the WorldSpeed R eco rd Week ar _ " v . 
Portland, plus arti cles on the Quarter Ton Cup; ^ 
the Offshore Racing Council Meetings, all our . ' 
usual features, and the unique brokerage section ;• • 
with hundreds and hundreds of boats foi sale. 






^;Iteeeh3ber ; 

^issuer . 
.out now. ; 




quarter of what the Sunday 
Times spent, but far less than 
the £811.300 spent 'by the Daily 
Mail and £1.3Gm spent by the 
Sun. 

With the Times due to return 
"possibly within the . next 
month, weeks, or days” advertis- 
ing. Barton say?, must continue. 
As for its not booking new spare 
m publications this, be claims, 
is in part a seasonal factor. "-Its 
is in part a seasonal factor, “it 


Keeping faith 


A colleague's schoolboy son 
trying to buy conversion tables 
in a Charing Cross Road book- 
shop was directed to the reli- 
glonfihelf — as, in a Hampstead 
library, was a friend looking 
For Sir Hugh Cudlipp’s auto- 
biograpby, Walking on the 
Water. 


iH 




mm 


FrSS* 





Observer 










wc. 






aaber - 




r'; v ^ lusaciai , ..-lixcteb iutouxty jjeLwuiucjt !-*> Li?« o 

: "THE TREND TOWARDS DIESEL TRUCKS 




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BY JOHN WYLES AND KENNETH GOODING 


The lew Euro 











TOIST RINGSTAFF- of Poribar, about their techaiqai, ability to 
‘ West Virginia; ha$ just bought compete tothifeU-S- They are 
a European truck; and. after now taking steps to rarv« out 
; driving it for 5,000 mUes in two'.a share of thebssibess. 

Weeks, he think? the low fuel There is, moreover. a special 
'Consumption la “ really -great." • opportunity presented . by the 
Ing . WUljs.'iof Jacksonville, trend towards' diesel-powered 
Florida, bought one in the trucks in' the- medium-duty 
■ middle of September and. was so segment of ihe market. These 
pleaxedyitir-its performance, are what the Americans call 
de&veriqg -hard..- core. -to repair class - 6 trucks.' weighing 
the- city’s, streets,- that he has between 19.501 and 26JH10 lbs 
ordered three more. -' ^ torts. to 1 1.8 Yoasl. ias* year 

It is the. reactions of cus- only 8 .per -cent of the- trucks 
tomers such, as these which will sold in ^Is.pategory .Trerkdicsel- 
deternrine the success briaUare pawsredTril.OOd out of a total 

• of the new European jesault, oh of . some '336,000 units— but the 
■the Tl.S’. truck marcel.. ;■ H 'ls; : growtfi of dieser imcta, with 

a - huge market-— more j($(atF 3m their, superior fuel economy, is 
vehicles a ' year-yabff oiie that.VexpCcted 4obe rapid- , 
up to npw hasyattracted' I ittie -The Europeans believe that 
■interest from .&reagjxisappliers they have the products and the 
except# the ^ lls^tex eaq, wlrtre ^know-how ! to capture part of 
Japanese ^letups : are : weiy^ this growth, as well as making 
popular. VlThe " .big -European . inroads at the heavy end of the 
truck makers have no. : doubts .market (Classes 7 and 8) which 

-f AfeAiAv XV'Avvr *' •■•'*. . is ai ready largely dieselised. 

‘■‘‘■ 7 C- ." ft 1 \ * ' 1 . ■ ■ The- market can be attacked 

T T^:^MP«C^^C3>MPETinON 22£‘ "'iLm^SSSL ^'SS 

• • . ' tmfIm trucks from Europe or by 

.... having European-designed 

CCteses 7 axjd 8, ao6ve 2WK» tbs) trucks manufactured", wholly or 
‘ i vn ..- ,1977 in part, in the ’"'UiS. Three 

. ■ " --j - •' KfeES* European groups will definitely 

be sending built-up .trucks 


inti.-Hznrestxr-yZm: 
ford:: .>"16,127 

M»dt , -.vi.s'.ujia 
Motors*; . 70,969 
Kenworth - ~ 6,993 

WUt*f ” ' 6.1*1 
Frtighdihir . ‘ : S^01 
Prterbflt *4^40 
Other* U483 


. MetffUf7*dhty Trucks 
(Class 6, 19^501-263)00 lbs) 
Gen. Motors ' 26,219 26, 

Ford' 23.766 2A 

IntL Harvester 13,877 ■ 15, 

Others . 898 2, 


• n^Z across the Atlantic. -They are 
W Jveco, the joint coaoCm SO per 
5779 cent owned (and. managed) by 

■ 4,506 ‘ Fiat of Italy and 20 per. cent by 
4,757 'Trtoeckner-HuraholtitDeutz of 

■ 4218 Germany; Eenadlt' Industrial 
1^38 Vehicles, the commercial 

■ ' vehicle arm of the State-owned 
72,536 French group Which brings 
together Saviem 'ind-'Berliet; 
: and Volvo of Sweden. • 


* IbchicBng Chevrolet and GMC- 
| Including Autocar and Western 
Star. 

Soerire. - tt. L. PoBs 


Renault hopes shortly to 
2A01S complete a deal with Mack nf 

tcvrn US - 810 that aa3S 6 
*Z612 buUt m France cah. be on the 
■ American market (hrough Mack 
(&444 outlets next August The 
— trucks will earn' tie “ Mack ” 
SMC badge. f.-. 

cstem Renault is nothing if not 
_ ambitious. Its taiget is to sell 
u 1,000 trades in the U.S.-in the 


first year, and Increase that 
total to S.000 by 19R0. 

Rut it admits it might have to 
wait awhile for profits to 
materialise. “ Nobody can enter 
a new club without paying his 
fair share." says Georges Cag- 
nard, the RTV directnr respon- 
sible for seeing the Mack deal 
through. “In a new market — 
wherever it is — you have initial 
investment to cover before the 
profits come." 

This is an arrangement which 
links - a ■ powerful European 
group with an established 
-American heavy truck specialist 
—Mack is s subsidiary of Signal 
Companies, a large conglo- 
merate. It has obvious attrac- 
uons for Mack — which first 
tried to get a similar agreement 
with lveco. The American 
company is saved the expense 
of developing its own medium 
diesel trucks and also helps 
jt** dealers to get quickly 
inio a buoyant sector of the mar- 
ket. Mack insists that its 
dealers do not sell any other 
company’s trucks and the R1V 
range will give them a new 
source of profit. 

Volvo Is following a similar 
strategy, although this com- 
pany is shipping heavy trucks 
— not medium-weight ones. 
Volvo nf America has been sel- 
ling trucks in the U.S. for three 
years and about 1.000 are on 
the mad in the North East 
States. It has now completed an 
arrangement with the Freight- 
liner Corporation, a subsidiary 
of Consolidated Freightways. tn 
cover marketing in the U.S. and 
Canada. 

The deal was made possible 
because Freigbtliner broke off 
its arrangement with a domestic 
supplipr. White, whose trucks 
it had previously handled. 
Vnlrn expects to ship 700 
vehicles to the U.S. this year in 
preparation for the new 
arrangements which will take 
effect at the retail end in 


January. By 1981-82 it hopes 
e?:pnrts tn th* U.S. will be 3.000 
tracks a year. Freightliner is 
owned by one of America's 
largest haulage companies 
(more !han 5.000 tracks of iis 
own) and has 200 distributors 

lveco is the only European 
company setting up :ti own 
dealer network. Mr. Ray Rear- 
don. president of lveco Trucks 
nf North America, says he will 
be disappointed if lveco does 
not sell 3.000 units next year. 
mO'jt of them in Class 6 but also 
a small number in the heavier 
Class 7. 

Some European manufac- 
turers. however, doubt whether 
there is much profit to he made 
out uf shipping built-up trucks 
to the U.S. 

Mr. Piet Van Dourne, presi- 
dent of Daf Tracks nf Holland, 
believes that the fail in the 
value nf ihe dollar against Euro- 
pean currencies makes such 
s h i p in a ii t « uneconomic. 
Attempts by European manu- 
facturers To penetrate the U.S. 
market “will only prove a suc- 
cess if they are prepared to 
accept very consider able InsScs 
on this business because with 
currency values as they are at 
present, they will just have to 
buy their way into the market.'' 

Mr. Van Doorne is one of the 
few European truck makers 
with some experience nf the 
problems involved. DaT linked 
with International Harvester in 
1972 partly to >ee if its trucks 
could establish themselves in 
the VS. But exchange rate 
changes made them too expen- 
sive. 

International Harvester has « 
33 per cent *iake in Daf Truck*, 
bill ih' 1 partnership has not yn 
yielded the advan'aees that had 
been hoped for. “The two com- 
panies each have their own 
attitudes and woys of working 
which are difficult In keep in 
line," is the way Mr. Van 
Doorne summed it tin. His ex- 


perience highlight ihK poten- 
tial dangers involved when 
companies with entirely d li- 
ferent approaches attempt joint 
ventures. 

The tie-up between l he 
Weft German group M \N 
I Maschinenfabrik - Augsburg • 
Nuernberg) and White Motor, 
of the U.S., reverses the 
In terra tional-Daf situation a 
large European company is buy- 
ing into an American truck 
maker — acquiring a 12.H per 
vent .shareholding at a eo« nf 
Si 5.8m-— in order to establish 
a presence Ln Ihe G.S. 

Herr Oito Vuisard. the mam 
Board director who i- chairman 
id MAN'S commercial vehicle* 
division, tends iu agree w f th 
Mr. Van Doorne. The who I** 
point of the deal with While. 

he points out, is Jo devcloo a 
iruck for the American mark*-! 

hi Ammcn — “hut we hope to 
use some European components 
in it" 

MAN’b research indicates 
that capital-intensive products 
like the new engine and rear 
axles it has developed as part 
nf a joint venture with Volks- 
wagen in Germany L -ould be 
competitive in the U.S. as long 
as the dollar retains a “reason- 
able ’’ value of about DM2. 

However. “ we would be 
willing to make the new truck 
entirely from U.S. eumpnnenis 
if this is required to make it a 
success. - ' 


. ^ ~ 


: t . <: £ sw: 
■ . . 








MAN'S much larger German 
competitor. Daimler-Benz, may 
iu the long run prove to be the 
strongest foreign challenger in 
the U.S. truck market. It is ship- 
ping trucks into the U.S. from 
its Brazilian subsidiary, hut 
there has long been speculation 
that the company will one day 

start truck manufacture in the 
U.S. At present its only manu- 
facturing interest there is 
Euclid, - formerly a White Motor 
subsidiary, which makes off- 
highway dump tracks. 


Tn ihe meantime. the 
American competition i« not 
standing still. The big producers 
uf Class 6 trucks — Ford. General 
Motors and International 
Harvester — are all iak.:ng steps 
tu improve their po-ilion in 
diesel-powered vehicles. Simi- 
larly the engine manufacturers. 
Cummins. Caterpillar and 
General Motors itself — through 
its Detroit Diesel Allison sub- 
sidiary — are developing new 
products to meet the growing 
demand. At present Ford is 
easily the largest producer of 
Glass 6 diesel trucks, using the 
Caterpillar 3208 engine. Inter- 
national Harvester is expanding 
its output uf Class 6 and Class 7 
vehicles, featuring the Cater- 
pillar engine or its own DT-466 
design. 


a total market of HuO.OOO unii«. 
If the Europeans are to capture 
!5 per cent of ihat market, 
which is comparable the 
average import share of the pas- 
senger car market in the U.S. 
over the last few years, then 
they could expect :o sell be- 
tween JO.uuO aud J 1.000 units 
by 1985. This is ulikcly to make 
them rich. 


International Harvester is pre- 
dicting that diesel trucks will 
lake 15 per cent of the Class 6 
market by 1980. 23 per cent by 
1982. and 35 per cent by 19S5. 
or aporoximatelv 70.000 out nf 


General Motors :> about to 
become a major presence after 
admitting that it has been a 
little late in spotting the poten- 
tial for diesel engines in ihe 
medium-duty marker Detroit 
Dicm'I Allison is building a new 
plant designed iu start prnmic- 
iny in 1980 up to 75. 0th j unit.- a 
year of a new S.i* litre 
engine spec ideally ili-dgned uw 
the medium-duty market. The 
company is confident thai this 
will boost the attraction nf it- 
own truck model®:, and that 
rival manufacturers such as 
Ford will want to buy the 
engine. 


Mora immediately. Cummins 
whose units power more than 41 
per ivni of all diesel-driven 
i rucks. i-- re-entering the 
medium-duty market with a de- 
riv.nivf of one of its heavy- 
duty engine* which is being 
offered with a r;mge of J979 
Ford trucks. 

A ihcscl-cngmcii truck costs 
oil average about S4.1HW1 more 
than .i petrol -driven unit, hut 
mure and mure businesses are 
making the investment because 
of tin- much lower fuel con- 
sumption. which is worth an 
me led ftlii.OOO saving per 
ldil.imu mile-. 

Mr. Rmgstatr of West Vir- 
jini-i and Mr. Willis of Honda 
‘ioth nt'-fl fuel economies us 
tneir mam reason for buying 
their Gennan trucks; and Mr 
Mill's claimed erroneously thar 
there was no comparahlc Ameri- 
Ciui-mad? product available. It 
-.ill help the Europeans if this 
impression remains widespread 
in the United States. 


Letters to the Editor 


TTTTi/^ flnUiwn Ume round- Ford knows ft can 

ELV HSnfflV recoup by price increases as 

• "/.I. others will be in tlifcsaine boat 

ISSUe - ■ That is inflation. ' • 

• It is. important to realise that 
From the Scotbtsh Vicp-Presidcnt, the crux of the presdit problem 
The British.- Fis&ffig Federation is power and not economics. Pure 
Sir— Whiler I accept that Mal- pnmetarist policy in.^he present 
cohn Rutherford (December I) P<Wer situation will '.quickly pro- 
may have been trying, presuin- dace more unemployment and 
ably with the aid of gome bankrupt firms. What Unheeded 
inspired but unacknowledged is counter powei* with, power. 

Whitehall leak, to outline the Recent legislation puts all the 
realities of “playing the EEC power with the. shop floor and 
game.” f am horrified at the way even pays social benefits .. lo 
. in whfeh-the: pearly.; spells, oSt .^.Whltpdwr. did Heath 
on the one hand that ftShHs-“the does Callaghan have, ta conn- 
one real issue on which Britain ter selfish shop floor leaders?. A 
as a cast-iron case", but on Ihe few hundred votes from shp- 
other puts forward- the view, at porters in. Parliament got them 
least by- implication, that fish nowhere, -, because^ neither 
should be -sacrificed as iLpoliti- rnttadsed the root ofrthe problem, 
cal pawn 4n the EEC game. Heath never mu sirred a counter 
I. think perhapB an equally im- force , behind him or prepared 
portant' reality which Malcolm the ground fof the battle ih 
Rutherford baa not pointed out advance as did Stanley Baldwin 
is that the UK media, and more in the 1920s; so. Hke an hononr- 
iraportantly a- united UK pw- able man. he-, went to the 
1 lament and the .Prime Minister^’ country. Callaghan looks 'like 


Iiauitwb w X MUK - mni wwst ~ % _ w . . _ i • 

now recognlse fte basic justice 6^^? down with colours flying, 
of tiie. UK fishing case and and can’t achieve his target now. 
indeed are 'beginning "to realise Great play has been made of 
that a, fair ; renegotiation; of the the words " free collective bar- 

1 ..«.Ve — oiimno linfn roctvin cihIP 


common fishing ’ polity has gaining" with " responsible ” 
become the major . current test added in the front to make it 
of . the ...Community's - political respectable. There can be no 
integrity. If^ Europe is to achieve 5°** thing when one uf the 
its . aspirations of . becoming a parties to ‘the bargain can and 
major political force, its internal ^9®* hold the nation or employer 
policies must be seen to be : just to -ransom. • 

and the' Comm un ity*s ability now Power to restrain those selfish 
to carry, out a fair renegotiation shop floor leaders (and I hasten 
of Its fishing - policy -has become to a dd they are not all selfish), 
a- test of its ability to. adjust ^ 'who at present make the running 
equitably to . changing, jwox Id iufiatlonary, can., only come from 
conditions (the world movement majority acceptance of a reversal 
towards 200 mile limits- in the .by Parliament of current leglsla- 
fishing- case) and to ensure a tion promoting shop floor power. 

consistent had fair application of . Implementation .of the sugges- 

the principle of ownership of tions attributed to Prof. Moore, 
resources within -its : member ° r an additional personal tax 
states '• on those groups bargaimne col- 

The fishing industry is neither lectiyely whose wage increases 
pro- nor anti-Europe and it must are found to be excessive would 
not: as inferred by your article, place tije effective restraint 
be allowed to become a political where it beUmged-uot on a 
football between. ' the - pro- and wroneed employer like Ford, but 
anti-Marketeers. nor be sacri- on those ,who. are bareaimng 
ficed and . lost In the mase of selfishly ouGide the Gnvern- 
Eu rope an polities. -Everyone has ment s guidelines. For such a 
assumed that John Sillrin has policy to work a very strong 
taken up the UK’s fishing case Government pay research unit 
so' strongly id Europe because to evaluate and recommend 
of bis well-known anti-Market norms would be needed, using 

position. ! would suggest perhaps Job evaluation techniques and 

more important factors have giving national publicity to corn- 

been the indisputable strength parative wages. 

of the UK’s case together with W, A. Russell. 

the unbelievably sc) fish stance so Salterns Lane. 

blatantly adopted by the other Farefcam, Hants. 

eight countries trying to adhere •vt j —Ja— ' - A'f. 


ail employers, faced with the 
annual round of wage negotia- 
tions. to put up their prices by 
a comparable amount and at a 
similar time and find that de- 
mand for their products does 
not alter. All that is required 
is that the existing money stock, 
however defined, circulates some- 
what faster. This is the case, 
for instance, during the Christ- 
mas period when the existing 
money supply is obliged to 
finance an above-normal level of 
Hading. 

Keynesian economists do not 
share the monetarists' optimism 
bver the stability of the velocity 
of money in. circulation, and 
there foreman Keynesian theory an 
expansion*, of the money supply 
is not an essential precondition 
for a rising general price level. 
Ratber the consequences of such 
monetary expansion in Keyne- 
sian theory tend to be looked at 
via the effects on the rate of 
interest and the subsequent 
effect that this has on the level 
or .activity in the economy. 

R.-J. Golding. 

Squirrels Cottage. 

Cuddmgton Way, Cheam. 

Surrey. 


simple if not painless procedure, out normal references is to he 
<ftr British accounts come in all avoided, or terms should be 
forms and shapes and sizes: if sought deferring payment until 
ihere is a remittance slip it after receipt 2 nd verification or 
frequently does not indicate the the goods. 

amount payable and to send u by W. however, the temptation of 

post one has la bunt in various the u fast buck “ is overwhelming 

portions of the bill and then — caveat emptor! 

copy nn .to an envelope in S. Gersbon. 

my ratber illegihle handwriting 2, Waterfall Close. .\VM. 

the address of the supplier as 


Where the 


money goes 


to a completely outmoded fish 
regime. 

Ian C. Wood, •’ 

Th* John Wood Group ' 

(Aberdeen),. 

flctffc Rood, Aberdeen. 


Velocity of 


money 


A policy 
for pay 


From the Chairman, 
Elite Engineering 


From Mr. JV.GoZdt7i0. 

- Sir, — The monetarist explana- 
tion of. inflation, cogently out- 
lined by Professor D. W. Johnson 
(November 27) relies basically 
on the fact that a prior expan- 
sion of the money supply is 
needed to finance, across-the- 
board “ inflationary " wage 
claims. According to the 
monetarist school, unless ibe 


■% 


Sir,— As a monetarist Professor m<uiey : supply is increased, an 
D' Johnson (November 27) asks individual employer putting up 
the question "What will be the his- prices in response to large 

unemployment cost of not beat- wage claims. will merely find that 
ing inflation? ” Unfortunately he demand for bis product, and 

does not give an answer to. that therefore his demand for labour, 
question nor to the more Impor- falls. The initial result of this 
tant question of how to provide . process is a. smaller workforce 
a satisfactory solution against employed sf a higher wage rate, 
inflation. He does, however, give although the final equilibrium jo 
us a clue in amplifying Prof, this situation will depend upon 
Moore’s letter of November 10 .trade union strength vis-a-vis the 
by referring to “a simple tax on unemployed; • . t . 

excessive wage increases.” Essentially the monetarist po^ 

Employers in industry bear the tion is therefore no different 
brant of the real situation today from the- -neo-classical P«r 
and have to ask themselves, - Is Keynesian supply and denund 
it 'better to compromise and Hve theory -r a reduction in the juj 
to fight another day or go down ply of labour bringing about an 

fighting for a -principle like “The increase In its puce.. 

SesV Neither the CBI nor The weakness . jJ 
lame employers can do much to monetarists position is that uey 
SSTSr Si *»•«■ they believe that a rising 
fhJTtLmwlves in. Firms like level of prices can only « 
Fort can tai millions fighting- brought about by 
only to give in later with many of the money- supplr. J . 
■excuses as to why it wont cost above example of one emplojer 
anything in their ease, forgetting putting up d tb P ^ n d- 

that parity is what the problem to wage demands and then c no 

is nlSmtely about, and that they iu« dauaiid »rb» ^ oss ?w e fir 
will face the same blackmail next ing, it o perfectly p 


From. the Vice President, 
Economic N'eirs Agency 

'Sir. — With reference to Mr. 
Gordon Richardson's speech to 
the Institute of Directors ami 
your own editorial comment 
about shareholder’s objectives 
(November 29), may 1 humbly 
point out that you both ignore 
seme important fundamental 
aspect of shareholding. 

Last year, the amount of 
money that changed bands in 
Britain through the services of 
the Stock Exchange was approxi- 
mately £110bn whereas the total 
sum of new money raised by the 
SE reached only £9.5bn. 

■ This means that out of every 
£1: spent by the public (institu- 
tions and individuals) on buying 
shares, only about Sp went 
toward investing in British 
industries and businesses and 
the rest can be only regarded as 
a. vast gambling fund which 
added nothing to the gross 
national product. It ought to be 
mentioned at this stage that the 
new money raised by the SE was 
42 per cent less than the figure 
quoted for last year. 

'Please consider that out of 
£110bn not a penny went to 

industries and businesses whose 
shares were traded because they 
had received their cash when 
the shares were initially issued. 

; ' If some of that enormous sum 
was channelled towards investing 
in British industry, the future of 
thur country could be viewed 
with some optimism even if one 
considers the deleterious effect 
of rthe power and mentality of 
the . unions who have yet lo 
learn that production leads to 
riches. 

This is the subject which 
shookl .be discussed by the 
Governor of the Bank of 
England, your goodself and 
every- Tom. Dick and Harry who 
cares-, about the welfare of 
Britain. 

George H- Lane. - 
12 Petersham Place. SW7. 


well as any other information 1 . 

such as accounts department I oofl in 

which the supplier apparently air . 

requires so that it may be I 

properly directed when it D 61XOI 

reaches Thera. _ r 

Perhaps inevitably i find that From Mr. .\. Albcry 
whereas 1 pay ray U.S. accounts Ssr. — Mr. Denis Howell, 
relatively promptly since I can Minister of State in the Depari- 
do so almost anywhere my nu » D t of the Environment. 
British accounts tend to be put admitted on the BBC Nationwide 
off for greater lengths of time. *y\- programme on November lfi 
or alternatively my secretary is he would like to reduce lead 
faced with typing a substantial j n petrel to the low West German 
number of envelopes Tor me. levels fin order to protect 
One wonders why British children from possible brain 
firms cannot be persuaded damage), but that “the cost to 
towards the more intelligent way our balance of payments would 
of arranging for bills to be paid, be about £200m a year.” 

One appreciates that many The Department of Transport 
people in this country use Giro claims that this £200in cost would 
but bearing in mind the number ar ise from an additional demand 
of people who still pay by post for crude oil that the more severe, 
and cheque and the possibility rc fininq processes for low lead 
for many suppliers of using the petrol would require, 
return envelope as a “ point of This fear, however, seems to be 
sale” purchase form. 1 can unfounded. I have communica- 1 

hardly believe that providing tinns from the West German i 

return envelopes would be more Government which state that “ a 

costly than the present in- significant increase in the 


GENERAL 

Second day of EEC Summit 
meeting in Brussels on European 
Monetary System. 

Prince Charles opens Anglo- 
American conference on alterna- 
tive energy sources. London. 

EEC Budget Council meets ill 
Brussels. 

U.S.-CSFR Trade and Economic 
Council meets in Moscow. 

World Management Congress 
opeus in Delhi (until December 
Si. 

Meeting of U.S.-Soviet Joint 
Commercial Commission in Mos- 
cow. 

Report on activities of South 
African Department of Informa- 
tion made public. 

OFFICIAL STATISTICS 

London clearing banks' monthly 


Today’s Events 


statement i mid-Nnvemberi. UK 
banks’ eligible liabilities, reserve 
assets, reserve ratios and special 
deposits (mid-November). 


PARLIAMENTARY BUSINESS 
House of Commons: Education 
Bill, second reading. Motions on 
Social Security I Contributions, 
re-ratingl Order and i Earning* 
Limits) Amendment Regulation'* 
House of Lords: Scotland A-S 
(Referendum) Order. J.m.J 
Registration iScotlond) Bill, 
second reading. 

Select Committees — National- 
ised Industries. Subject: Brili-h 
Aerospace report and r.ccaunt**. 
Witnesses: British '.•-rosjutci'. 


-1 pm. Room 8. Defence and 
E’liernal Affairs sub-committee.. 
Snbieci: Overseas Representation. 
Witnesses: Foreign Office. 5.15 pm. 
Room 111. Science and Techno- 
logy, Technological innovation 
sub-committee. Subject: Tcchno- 
logvnl innovation. Witnesses: 
i>;nlra! Resources Unit of the 
Glynwed Group. 5.2(1 pm. Room 15. 
COMPANY RESULTS 
Finil dividend*:: Fle^elln 

Castors and Wheels. Irish 
Distillers Group Ranks Hovk 
interim dividends: 
rUnkeis' Investment Trust. Bristol 
Evening Post. Carles Capet and 
Leonard. Plessey and Co. Interim 
figures: Smith and Nephew Asso- 
ciat'd Companies (3rd quarter). 
COMPANY MEETINGS 
S*'i' Company News. Page 21. 



efficient system. 

Iain C. Baillie. 

20. Chester Street. SWT. 


Bill of lading 
frauds 


Front Mr. S. Gershon. 


demand for crude oil in the 
German Federal Republic has 
not occurred.” Furthermore. ” il 
can be concluded that the reduc- 
tion in lead concentration does 
not in voire an increased energy 
requirement” Nor has the Wes! 
German consumer suffered: “The 
remarkable success of the Low 
Lead Petrol Act in reducing the 


Sir.— As one whose daily work “-53?' ‘iFHhl 

fts |r7£“& B 


mere -*re r«o woru> wmun 5 Ws de)ay in taki Q g actjon 

,S®!S! But again the West German 


hiiviTr iipwlfwi mnttn experience is instructive: “The 
buyer beware i. If this motto overall investment nf all 25 

ap £ J ', eS r. t0 ‘ J^ 3 i n ®u*l n refineries — DM 277.5m— (costs of 


article for 50p in meeting the requirements of the 

then it surely appl tea equallj, if lq W Lead Petrel Acti is nowhere 


bills 


From Mr. I. BaiUie 
- Sir,— As an American living in 
London I receive each month a 
number of personal accounts 
from suppliers of goods and ser- 
vices iu both Britain and lljp 
U.S; When my wife and I come 
to pay these we find almost 
uniformly with our U.S. suppliers 
a neat tear-off remittance slip 
indicating clearly the amount 
payable and a printed return 
envelope: payment of the 
account is therefore a relatively 


not more so. to an executive of he lotal o£ DJI lbn 

dicied and published by the 
job-lot, or some other bargain- jnH.jsy-y 

priced goods, for Lira or more. since , he experience of the 
Since there has of late, been West German, Government in- 
sonic implied cnucisin of the di c - a tes so conclusively that Mr. 
role played by the banks in such Howell's professed desire for a 
transactions, it should be appre- str i ngent , ;U t in petrol lead levels 
ciated thaL as far as the banks ^ economically feasible, and 
are concerned, if a customer In- s j Q(;e recent scientific research 
streets his bank tn open an p 0 ; nrs more and more clearly to 
irrevocable credit m favour nf an thc dang ers to health from lead 
overseas supplier, the bank is j n the' atmosphere, 1 hope that 
entitled to assume that us cus- jfl» s , n current session of 
tomer knows his business, and p ar ji am ent will ensure tb 3 t steps 
the risks he may oe running. As are to make the necessary 
is well-known, a bank handlin' a alterations to the Lead in Petrol 
documentary credit operation Regulations of 1876. 
deals in documents, not in goods. Nicholas Alberv. 

Provided that the correct docit- jq? Freston Road. wjj. 
ments are presented, or docu- . - 

ments which appear, on the face 
of it. to he in order after being Til 
checked against the credit I IlflfflLttl 
quirements With reasonable carei , . 

(and the de.gree of care anplied 
can always be challenged before o 

Ibe Couris. if desired i the banker From Mr. B- Ttcrton 
cannot do otherwise than effect Sir,— Extreme monetarists like 

settlement, without failing in bis Professor D. Johnson (November 
duty towards his customer, as 27) are guilty of oversimplifies- 
well as in his obligation towards tion when they argue that the 
the beneficiary of the credit, only cause of inflation is an in- 
15 anyone prepared to suggest crease in the money supply. If 
that a bank employee should be one factor in an equation is kept 
credited with an ability to spot a constant then of course all other 
forged bill of lading greater than factors can be made to appear, 
that of his customer to spot a by simple mathematics, to be 
rogue supplier? wholly determined by It. 

The fact remains, as has been One might as- well argue, with 
repeated many times over, that equally irrefutable statistical 
knowledge of one’s trading part* proof, that trade unions are the 
ners is of paramount importance, sole cause of inflation. That the 
A buyer can, in a letter of credit, money supply determines only 
call for all '.orts nf certificates the level of unemployment that 
and declarations, but there is no goes with this inflation. And. 
absolute protection against the therefore, that the Government 
machinations nf an unscrupulous can achieve nothing by control- 
supplier. Ar the end of the day, ling the money supply. Both 
one has to depend on Ihe sup- positions are equally Illogical, 
plier’s integrity, and if this is in Romilly Turton. 
any way in doubt or uncertain, 31, Fens Way. 
a contractual relationship with- Hextable. Kcnz. 


Its a reasonable assumption that 
any businessman planning a trip to South 
America would rather spend his time do- 
ing business than sitting about in airports. 

But if your itinerary involves travel 
to a few major South American cities that 
is exactly what you could end up doing. 

Fly Aerolineas Argentinas, after all 
we know the interior of South America 
better than anyone else. 

We fly 747s and 707s direct to Rio 
and Buenos .Aires with connecting flights 
to 46 other South American cities . 

We have up-to-the-minute infor- 
mation on flights, times and connections. 

-And you can book everything here 

in England. 

So, next time you’re flying to South 
Argentinas. MMGMMWffMMS 




' C**‘ 




Financial Times Tuesday December 5 W!S ; i. ' 


20 



fegjvf - * 




Swan Hunter cut-back 
by shiprepair losses 


A TURNROUND of over £3m m a 
trading loss of $l.22m by Ihe ship- 
repairing division has lefi the 
Swan Hunter Group with a trading 
deficit of £310.29" for the year 
ended June "0, 1978. compared 
with a protit of £3 .32 m in the 
previous IS months. 

Taking into account -'hare of 
trading " profits of associate* of 
£863.490 ilt.ljmi and investment 
income and net interest receivable 
of 12 .Sim compared with £2.S2m. 
the pre-tax balance emerges at 
£3.16m compared with XTJJUm. 

A scheme of reconstruction is 
proposed involving the liquidation 
of the company as a result of 
which holders will receive cash 
and ordinary shares in a new 
holding company called Gnsforth 
Industrial Holdings. Funds sur- 
plus to group requirement' esti- 
mated at between 130p and 145p 
per share will be returned to 
Swan holders who will also receive 
Gosforlh shares. 

\n view of the timing nf this 
scheme there is to be no final 
dividend so the interim of 3p 
already paid will compare with a 
total of 10.1SD2p for (In* previous 
JS months. The board nf Gosforlh 
hopes to recommend dividend' of 
2p per share for the period ending 
December 31. 1979. 

See Lex 



Swan Hunter's reconstruction has disappointed some of 
the optimists, but Lex suggests that the proposals are likely 
iu be accepted. Also covered in the Lex column is London 
and Overseas Freighters where trading losses are unchanged 
but there are higher ship sales. ■ Elsewhere, Group Lotus 
appears to be on the mend, but the tougher conditions in the 
construction industry has reduced the growth cate achieved 
at Matthew Hall after nine months. Marshalls Halifax looks 
set to maintain its trend of record profits after a 23 per cent 
gain at the halfway stage. 



Matthew Hall 
and forecasting 




dividends Announced 


Freddie MotHfe'ld 


Bre inner 
just ahead 
midway 


Atkins 
down at 
halfway 


REFLECTING .4 loner temporary 
employment subsid' and final 
costs involved in chancing the 
trading pattern- nf ■. subsidiary, 
pre-tan profits of Atk«n> Brnflier- 
(Hosiery) were down from X2H3.GP6 
m £183.323 for the six months to 
September 30. lDTS. 

The directors stale rhai if these 
two factor wore excluded there 
would have been a small increase 
in profit for the period, temporary 
employment subsidy was down 
from £84.720 fo £32.500 

Turnover was ahead at £4.93 m 
against £4.«4ni and tax for the 
first hair take-- Iwn.iHln tXISS.OUOj 
The Interim dividend ;s increased 
from £1.25p to £l.S7.»p net per 
25p share— lost year's final was 
2.423p paid from record profits 
of Wifi, 000. 

The directors state that the 
textile trade in general remained 
sluggish for the first few months 
of the year but recently there 
•had been some signs of growing 
confidence, and brichter prospects, 
with improvine order hook'. 

But they add it now remains 
to be seen what effect .'he recent 
increase in MLR wiil hare upon 
the consumer market. 


PRE-TAX PROFITS of Bremner 
and Company, general warehouse 
concern, finished the half year 
to .Inly 31. 197S, just ahead from 
£195,777 to £202,020 and the direc- 
tors state that subject to the 
important Christmas trade it is 
hoped that the improvement will 
be maintained. For the previous 
rear, profils had fallen from 
£383.173 to £463.000. 

Tito interim dividend is 
increased to Up (l.OIopi net per 
25p share, last year's final pay- 
ment being 2.Sp. 

The pre-tax figure inc-luded 
mlercM receivable, lower at 
£42.320 against £6S.7/iP, and was 
subject to tax of £52,126 compared 
with £104.622 Net profit came 
out at £119.894 1X01.13,7) of which 
the dividend will nbsoil* £60.720 
t £56,028 1. The amount retained 
was £39.174 l £33.127.1 . 

ACT already paid during the 
half year amounts to £76,126 
against £7'.i.fi22. 


foreign subsidiaries . includes 
directors' valuations of certain 
assets and estimates of liabilities 
which they have been unable to 
verify. And. therefore, they can- 
not express any opinion on the 
deficiency shown. 

In the statement, properties 
t fixed assets) are shown as 
£254.000 i £201.000) at subsequently 
realised value, and £320.000 
(£].08m) at directors' valuation: 
debtors at . directors' valuation 
£132.000 (£112.000). Creditors and 
estimated accruals arc -shown as 
£125.000 1X190.000). Net deficiency 
of assets are given as £2.27m 
(£2. 13m). 


Mr. Kenneth Kemp, chairman of Smith & Nephew, photo- 
graphed with a range of the company’s products. Results 
for the nine months' period are -being announced today. 


RECORD PROFITS for the year 
at Matthew Hall and Company, 
are forecast by Sir Rupert Speir, 
the chairman of the industrial 
engineering group. He says that 
the £7m mark will be achieved 
■for 1973 compared with a previous 

^Results for the nine months' Atfcftw Bros. 

ended September 30. 197S. show- Bremner 

an advance In pre-tax profits from' Davenports - 

£4.35m to £4.85ni and an increase Matthew Hall 

in the Interim dividend from jaepn-e-H! 
l.76Q6p to l.»06p net per 2op Marshalls (Haliiaxi 

share. Also announced is an ^Sondc 

additional O.OSnfip for 1977 on the Swan Hunter 

reduction in ACT— last year's final Vlnten - . ... 

payment was Mtltp. . - shown pence per share net escepLwhere elber^e stated 

The ferrgmeering companies-; ^ ■ . f scrip lssue . tOn capital 

maintained their progress, ihe ^Eqmralentafter allo^ngtQr ^. £inc!nde*'0.flS06p for 
chairman stated, and the 5 ro ^ feeasedby rights^andAir acquisrtion ? For. IS month?. .. 

is particularly encouraged fry . 1977 on reduction to ACT. 5 To reouce 

British Petroleum's recent " ' . • ' . . 

announcement of a Letter <rf - nine her'cen*- 
Intent in respect of design speci- >^ e directors say that no most, profits are pe ^ - 


Current 

payment 

...int. 13S 

Dale 
of " 
payment 

Corre- 

sponding 

diw 

125 

Total 

for 

year 

. Total 
last 
year 

3.87 
? oo 

...int. 

int 

1.1 

2^1 

1.97 

Jan- 25 
. Jan. 25. 
Jan-2.9 

1.02 
, 1.97 
. 1-76 

*3.09 

ww • 
'2.77 
7.m 

A • M 

int 

...tot. 
pit. 

0.88 

1 jS 
0.9 » 
Nil • 

Jan. 15 
Mar. 30 
Feb. 8 

O^S 

0.99 

087. 

3.69 

3 . 

- 

5.84- 

2.32 

10.19^ 

1 (119 


0.5 

Feb. 28 

. b33 


i.Hg 




Stations and' budgets for topside fiabiSty 'ToT 'that parir of the lower after nine months- The. 


facilities for a production pk*r:7dtterred taxatioin 'provision rejat- jproblem appMrs to be confined - 


HaU and Bilcloogh 


First half rise for 
Marshalls (Halifax) 


form for the Magnus Field. ' "to "accelerated. , capital to Holiday — - ■ . , t 

In mechanical and electrical. raril due to be where, loss 

services the multi -service com-- -paid within the foreseeable future, about £0^m c _ 0 ^ n £f n ^..^ 

p any. Matthew Hall Mechanical- ■ Consequently, provision for hopeful that this ran be sub- 

\ e B:^vr*dr.as*x>on arising^ these AaobaDy _ 


r d « Orders S&* 3S3S 

■ adds - * -'Wii-w— * BtirJSSS- 

tl^encouraguru. . wgly. , . . . pnersv-relate* on--- 


WITH DEMAND For its concrete 
products exceeding expectations (nil) stated earnings _per Zop 
Marshalls (Halifax) expanded tax- share were ir.Itip nfl.iop). The 
able earninss from £1.07 ni to net interim dividend is raised _ to 


With tax ibis time of £200,900 ^ . ^how eve r ? ™StV- ’“*2^?** ,ne,uded Ui,tterdif£iretl ^another major North 


£I.31m' in the half-year {0 the end J..3p (0.99p) to reduce dlsparlly. 

o ... v.. in—o T-„._ 1 . Vnw IOTT.TS f ho 


Kleen-e-ze 
lower at 
28 weeks 


profit at share o( assoc, pit. 

Interest receivable 
Half-year - Profit before tax ... 


1978 


1977 Taxt 


Armour Trust 
looks for 
further rise 


The directors o f Armour- Trust 
are nnw in a position lo Lice the 
lumre with cautious optimism r.nrf 
ihc.- look forward to a Further 
stead v increase in nrofitability. 
Mr, Christopher L-imbourne. the 
chairman, tolls members in his 
annual stotemcn*. 

As reported on November 23. 
1 he Trust achieved a turnround 
from a loss or £17fi.0D6 to a profit 
nf £2.72.niin in the year ended 
April 3D. 1978. Tr. conserve cash 
resources no dividend is payable 
Tor the period i«mie). 

Auditors. Binder Hamtyn say 
ihat the augmented sratement of 
the assets ' .-»nd liuWlilies for 


ALTHOUGH turnover increased 
from £3 ,78m to £4.39m. pre-tax 
prnfi's of Kleen-c-zc - Holdings, 
makers or brushes and cleaning 
devices, etc., fell to £235 836 for 
the 2S weeks fo Otr(o'**r 1.1. IS78. 
compared with £313.031 in last 
year's same period. 

The directors point out rhat 
profits show an advance over last 
year's second half result of 
£179,344. and this improvement is 
being maintained at present. 

Interim profits were after 
deducting facterv reorganisation 
expenses of £28.500 (nil) and 
before lax of £122.04.3 (£tiS,i«6). 

The interim dividend i- main- 
tained at O.S75p net per 23p share. 
v.-i:h waivers amounting to X22.S2.) 
I £23.003; —the J9 j/- 7S final was 
3.443p. 



HMD 

£000 


lljKI 

11.619 

Pre-tax nrofil 

L3S7 

l.QM 


:oo 

— 

N?1 profU . . . . 

i.ior 

l.itfH 

SJinortUrs 


41i 

Evcft.mo; taw . ■ ■ 


/ 

AuriDuiahta 

1.D2S 

1.011 


profit 


Orn. OJvb. 

* LOSS- 


uf September 1978. Total sales For 1977-78 the total was 5B4p. 
improved to £34.38m, against At hwlflimp minorities took Prow oj tradins 
£11 82m previously. £62.000 (£46,000) .tod currency o&gmKUmA 

The directors are confident of realignments £2-.000 ixr.000) a- ri*«ricaj 

the Tuture expansion of the croup ble 

and are encouraging a hiqh level £1.02m ill.Oim). 
of investment — financial re- 
sources being more than adeouaie 
for the purpose, says Mr. D. R. 

Marshall, the chairman. He ex- 
pects full year profits to surpass Jm 
last years record U.lftm. 

The concrete division. «lnch. 
with quarrying, last year contro- Arujfiuiablc 
buled £1 Mm to group surplus. rhmmenf 
lifted profit in the first half to- „ „ ' % . 

Marshalk (Halifax) has a long 
unbroken run of record results 
and the current year looks set 
to maintain (he trend. Taxable 
profits at the half-way stage are 
23 per cent better thanks to an 
improvement in the contributions 
from bolh concrete and engineer- 


Magnus 

. .. 

visions on cvrlam^cantr^. comment - . hours in . a contract - worth ' 

/ars. jffT7 '.;.tarr r „ mna ^j v-ith average profits .upwards of £2Qm. Meanwhile, rbe 
IWfl -“S SSShS more thJnAO pe? cent u^ful increase in Vestment 

- M ^ -per annum over the past three income reflects the- continues 
t.473 lki JeL^. Matthew HaU is having to heavy c^h element ra ^fhe 
J.?08 ;,W4 settle for an increase of around Balance Sheet which the com- 

tmi ‘an m.:. nmii. in thAiR timpc nf rimnn 1 - 


.jiilpai- 1 

p 


3.363 


1.7KS 

I.7M 


l.i '4 

aJW 

1.901 

:.aw 

4 

;.n*> 


SSAP 15 anplirf. 


"» -*M 12* «r‘ cent ’’in' 1978. This reflects pany— in these . times-~-q£ . rltiniti 

iS S Such ^e? conditions. in the interest raters store, than ; 
i.sob 3,933 construction industry, which has happy to retain. Taking a fine 
-2.343 32TJB hit the important mechanical through the interim tax charge,; 

and electrical services division, the shires, .at 2j3p, are on a ■ 
si- Here although the company prospective p/.e of 5.7- whrie the . 
J appears to be doing better than yield is 5u> per cent. 


67 

3.4T0 

201 


33 

Ml*\ 


25 per cent or sales 31 per cent 
ahead. The main problem for 
the division was the production 
cf sufficient volume ‘ to meet 
demand. " • 

The chairman say's chat the out- 
come was helped by better pro- 
ductivity. created by a continuing 
policy of investment in new plant 
and machinery. The future pros 
poets for the division are 
encouragingiy healthy, be adds. 
There was also a 24 per cent 


Midway rise for Group Lotus 


ins. This does not. however, 
mean that both sides are pulling 
with equal weight. The widely 
spread and specialist engineering 
interests turned in a disappoint- 
ing result in the comparable t 
period while there are now dciublsro 


FOR THE firs! half of 1D78. Group last year s earnings or S.6 times the year would tom out, but the 
Lotus CarSinpanles reports an the 197S first half figures pressurejm margins mentioned m 
advance in taxable profits from annualised. 

£285,000 10 £347,000. on turnover • 

ahead 10.5m to £4.5m. ' T1 -C'4- ' ' • 

Profits for all 1077 jumped from.; j'rOlIt WEFUIIIS 
£16.986 to £536.674 ^ 


RECEIVERSHIP 

The directors of Dreibholz and 
Flooring and J. J. Wright 
Engineering have asked their 
hankers lo appoint a Receiver and 
Manager. He is Mr. Christopher 
Morris of Touche Ross and Co. 

The trading of the too com- 
panics based in Dereham, Norfolk, 
is continuing while the Receiver 
assesses the position. A- further 
announcement >? expected shortly. 


advance in profit by the engineer- 
ing division but the performance about orders- al the two biggest 
of the individual companies »n companies in the division. 'One 
th's section was uneven. of them. Reliance- Mercury. 

Export business is essential to actually did very well in the first 
the expansion of this division, six months and overtook the 


and in Sep- ’ 
te/nber the directors said the 
current year -had continued 
favourably but much would 
depend on ongoing improvement - 
jn world economy. • V. 

After tax of £174.000 C £143.000). ALTHOUGH RETURNS to date at 


at Paterson 
Zochonis 


his 1977 -7S annual statement 
showed do signs of easing, the 
chairman stated. ■■ 

For the year- ended May 31. 
1978, taxable profits of the West, 
African merchant were ahead 
from £lSi27ni to a record £19 .48m. ' 


. .; •- r ! ;■ 


:^4- 


IM BRIEF 


SOUTHERM MALAYAK TIN DREDG- . . 


hut a poor level of world-v’de 
demand for the products of both 
Halifax Tool Company nnd 

Reliance-Mercury, coupled with 
consequentially fiercer com 

petition, is making it very difficult 
to maintain order ..levels. ?.lr. 
Marshall comments. _ 
Nonetheless, he 15 confident that 


historically more important 
Halifax Tool. Meanwhile the 
concrete and quarrying subsidi- 
aries are seeing the benefits of 
increased mechanisation and the 
company is still increasing 
capacity to cope with demand. 
The serond half, nevertheless, 
will almost certainly see some 


half-ve.-irly net profits rose From. Paterson Zochonis and Co. INC im> her had- R esults inr year iu 
£142.000 to £173, own. giving stated indicated profits slightly in excess June -aft im. ainady trnmvn. Fterd 
earnings of 2.9p (2.4p) per W of . last year's corresponding 

share. period. *r pressures on marg>D^ liabilities and pransiomi S2s.<*rt. 

Again no interim dividend- is. were maintained it. might well som&cm Mutu-an Tm .DredAios naw 
lo be paid — the last payments leave somewhat lower results for wholly oMiwd subsUUur. siratu Tnidi« 


totalled !p net in respect of 1974. the folljear, Mr. John iZodwnia| ffl’tSUffn?' ^Sr’Snf "linid» t1! 

. the chairman, said at the annual ^onwrailwi 10.1 per j»ni. p»itik Kerai»i*i- s 

• comment 


ihe group will continue to have slow down in growth but profits 


The convalescence af Lofw- 
appears to be going well. Pro- 
duction has been raised by 10 . 
per cent or so to an annual rate:' 
of 1.200 cars and the more 


meeting. ttoldiBBS Bsrlrarl’ tO per pen!. Mc«tina. : 

It was far too early to say how Peninsular Malaysia, December 22.. 


rather more than ils share of the for the year of £2.3m should be efficient use of capacity has 


available business. 



possible. The market reacted well allowed pre-tax margins to rise 
and the shares at 13Sp tup 3pl t„ 7.7 per cent from 7.1 per cent 


Plan for expatriates 


A now -contract aimed 


at regular withdrawals, nr can con - 
‘ fnr 


stand on a fully taxed prosper- a roar ago. Bui the company enabling UK expatriates to turn tmue to pay premiums lnr a 
m e p-c of (.6 and yield a remains in a delicate portion. It high earning!) into a future capital , . 

prospective « per cent, but taking has drawn down more of its R um or. to provide a pension, has Individual ptAcyboldcrs may he 
a lino through the first half tax American Express mentnfi radii- been launched by Save and able tq apply fpr the contract to 
charge, the p e is only just over ties to linanrc higher stocks and Prosper International, insurance, be designated a quauiymg^ policy 
4 per cent. ... - - 


Vinten 


Ilea iu I'lMiiiv .-.ivurn mu I iw(hi iuk i u.muihu, , - - - . w, ■ . 

net borrowings still represent a a member of the Save and Prosper ' r they intend eventuauy to rake 
very largp uroportioti of share- Group. "- ijP residence to the UK. Once this 

... jc,„ . HJ . has been obtained, all proceeds «f 

.ailed the Ten Plus Flexible the policy w0ldtl !, e ^ o( afl 
licy. It offers regular savings tax providing that 10 years' 


at 


holders’ funds (77 per cent 
end- 1977). In these circumstances p 
Lotus is not in any rush to pay 


up 75% 


MUS IS not in any rusn in pay , , 0 . VP5ir nf , r \ oA ; n 3 hrnad • 

dividend yet Capital spending JJJI* of fundi with ^the pI S? ,Um ? 4 have been p ? ,d ' 
running « low JwtojH Jhe t&ir 



mid-year 


a 
}e 

moment as the next generation 
of models has not yet left the 


— pretoium. 

,25f si u.5.$2,7ftf) fUuS.$250 per month) 


favourable tax status with invest- and it L ; avai | ab i e between ages 


REFLECTING the delivery of rhe 
maiorlfy nf a large contract for 
podded reconnaissance systems 
taxable profits of Vinten Group 
c\oand‘ , d 73 p«r cent from 
£336.000 to XK22.Q00 for Ihe hair 
'■«.ir ended September 30 197S. 
Turnover was up by £1.14m to 
£2.!Mm. 

Mr. Michael Brown, thp chair 
man. «iv' th*- cootrarr wfil hr 
roninl*»ipii in the *econd hslf. The 
television camera moon- toe equip- 
ment s>de of ihe business wn. 
tinues lo he bnnvant. he adds, 
and provides too group with f h 
nooori unity to '• com fort ahl 

exceed »hn levels of m-nover and 
pre-tax nrnfi* n r Isst venr.” 

Fnr ihe preTious ye?r a record 
£1.15m nrofii was achieved on 
turnover of £■* -tom. 

The interim dividend is 
rl T ®ctnv»|y ratind from iJMTtn w 
0 3n net per 20 d sharp ^nd witi 
ahsorb £411.39(1 I f26.93 1 ) — lp-t 
year's fin? I na-yment was an 
ad ins ted 0.6933 p. 

After lax oT £323.000 romnpred 
w:!h ElSa.Ono. the a*trr*»t»»sM" 
balance ramp nut at £299.000 
ac-dnsi £171.000 last lime. 

Mr. Brown w»vs the group iv »n 
suonlr the low-level and fonvnrd- 
ohlioue cameras of the propo«ed 
reconnai.isnnce system fn» rhe 
Tornado aircraft project Formal 
contract negotiations have not, as 
yet. taken place. 

And (he directors exnect shortly 
to receive n contract for the 
design and development of a real- 
lime reconnaissance system. 

In support of the level of pro- 
duction now required, they are 
increasing investment in nlant and 
extending factory buildings, the 
chairman says. 


Ui moll CIS nas nui yei mi mu , u„ i* » U'u.ioun .... 1 -mi 

drawing board. Domestic demand 20 and Wl The Bank nf England 

for Lotus cars is rising and the ^ pt Berrauda would at present grant permission 

UK now accnunls for nearly hair iniUrance rompanj. for a person reluming tn the UK 

At the end or 10 years, the to pay the premiums without the 
investor .haa considerable flexi- need to purchase investment cur- 
biiity in the way the proceeds are rency provided the policy w:as.. 
token. He can take it all in a taken out at least one year prior 
lump sum. or as income through tn returning. 


of total sales, against S5 per cent 
last year. In the vital North 
American market the company is 
invoicing in sterling. At 5 in, up 
2p. the shares self at Ifl.8 time* 


Today’s 

company 

meetings 


Acorn Securities. Regis House. 
Kina William Si reel, EC. 2.30. 
C.L.R.P. Investment Trust. 77. 
London Wall, EC. 10.4.1. City and 
International Trust. S. Waterloo 
Place. 12. K. Goodwin (Eng.i, 
Hobon Quarries Lid.. Bra-sington. 
Derbyshire. 2.30. Guild hail Pro- 
perties. Winchester Hnuse. EC. 12 
Hensher i Furniture Trades). Con- 
naught Ronm-i. Great Queen 
Street. WC. 12. Kal ama^no. 
Kalamazoo Worts. Birmingham. 
TI.3n. W. Tyzjick Sons and Turner. 
Royal Victoria Hotel. Sheffield. 12. 


'-/v ; , : -fc*. ■ 


Eto you need current kifamudoo on 
Limited Companies, inducting BAmee 
ShMB, prepared in Sdoyt m a con ol 
only £3.50? 


Vnimdi 


sitrep 


^7 'V -"Chartered Surveyors' 


Ft* meir tnlormiumi wnre "Siimf on fur 
•niune card «nd and rl Io:~ 


E.C5. Conunr tUK). Urn Hmh«, 
riWertWiy, BcS*y, 


F or ihe whisky industry, insurance of 
stock is a traditional headache. Hot only 
because the stocks necessary for blending 
are enormous. Or that they -are constantly 
changing. Or even that they are frequently in 
widely scattered locations. The real problem 
is that insurance companies, from tune 
immemorial, have demanded a monthly 
inventory location by location 

That’s one tradition Hogg Robinson 
thought the whisky industry could well do 
without. So we investigated the problems in 
depih. and were able to introduce an ’All 
Risks’ policy lo cover all alcoholic beverages 
in any bonded warehouse. Which means* 


And that is the haUmazkofKogg 
Robinson; an investigative and creative 
approach that has helped make us one of the 
biggest insurance broking groups m the 
world. 

And that approach goes beyond 
insurance broking. For Hcgg Robinson ip 
also deeply invoj ved in employee benefits; 
underwriting, freight, travel packing and 
shipping. 

if you would like to know more about . 
our services please write or phone. Hogg ' 
Robinson Group Ltd.. Lloyds Chambers 9-13 ' 


Crutched Friars, London EC3N 2JS. 


Tel: 01-709 0575. (Howard Parsons) 


among other things, the end of the time HOdflf* 11 

consuming monthly inventories. i 

In other words, all we did was to KCJdINSON 

tailor insurance to march the requirements »rv. r " ■> • 

ot oui customer - not the other way around 1 international insurance group. 



It doesn't cause 


(jjs 













? K<~~ 




V ■•- •■- -“*J\ ■ . . 

iiii «? ■* '‘/hl ■' 


«.v- : .-'^> r ’ "iVO 
■ ^ . *• t, v -‘, ■ m * y *L\ - 




LOFS first-half trading 
loss unchanged at £1.9m 


E^^nON^'rlr-tadwS' .S; A VIRTUALLY unchanged tradmc arise until . the compensation NewaH) Has waived the right 10 
tto®f -■ -Ttreyadinfe ^'Jar,:. : -roa^b ijhHpn ■jM^FTIWISS ■ loss of fl.95m, compared with stock is sold and raw then he payment on the 120.323 shares it 
djalttonds ■• maeS!^tjL.*r% - £1.93ra is reported by London nnd deferred in certain circumstances, hold-s, and has also waived its 

enabled Trfcfns : «&■ Cwripafry to : . : Tte toaawingioimin B ^'haye abmied Overseas Freighters for the half the directors point out. right to a dividend on the 7 50.000 

more - than - double taxable profits .oatas at Btuant neg tins* ; t? tte stack year ended September CO. 197$. At piw halt g per cent cumulative preference 

from n»La8R.to-WMB'.ibr<Wtft*W- J ■ ftps m eeangs .a«. ™»tiT the attributable level the deficit 1?1 ^ IK £j2 ‘Hares, which rank before the 

balf;Of_1078, pa sales up 1 only Sat shws an increase from £1 .25m to Tmdina 'uw i.psl mm 7 per cent cumulative preference. 

ar'iS-SSm. - w-tiether dhrfdemis are interims £l-«7m. Disposal surplus i-«a 1.2a 


nau : oi_u>r», ca sales up ouiy uni deads, official. tadlcAtab are not av*ii. ' u ‘ increase wum ii-ani iu 1 , 9 a 1,934 • P*r uwt 

at '’£8.5300. - ~ ‘ y ' itfile-asTD viiethw uhrfjfends ire interims £l-«7m. Disposal surplus i bto i. 2S9 

- fhc advance . 1 ® Surplus Vkw are based maim# on last year* . trading result was before conipeiisauon lnt. .,... 63? - t«s 

the fact, that She groups BUtna-^naeuiiie;, taking into account a higher Realised tosses ® «« I IQ VPflTefli* 

torturing; companies;. raaricetuiff • ■ today.. surplus on disposal of vessels of mrcrest }■»» XyM. T vaiuvi 

diamond tools, grindfafr wheels- tay«Mt- fl . 97m against £L29m. Interest m *55 1 

and - aiw^yea -fa«^.;contiTO^ on the camoensatton stocks SSSSSJS” Su «s CPOOnO 

diffi^dl£ie& tn maintaining or even u^nmt Harold lngrans, lotemstionju amounted to £637.000 (£498.000 loss Burfbunfaie ltd um oCWUiill 

achieving DrofifahilitY- -These ' BmbMv_ Pies*/.' Saw, and Mama. dividend from Austin and Pickers- *Aftrr depredation n ssm rn.aami. 

comm tSShd^Sntributibri Vnnnrf jam,* B giU> - The IoSS was increased hy t DWMmhI from AlMP. TLoss. !• rtlf ViriA 

tn Wf-timp growth.* : " ‘ '*J£SS *' m realised losses on repayment of The directors state that the fl Q || f|Sc 

iw trtrfc foreien currency loans of £351.000 contract for the sale of “London ****** , ° 

T**- “•¥ J2?*J5rr»' Hanks Ho*I*-MdDans»U.' compared with £498,000. Statesman” for Jl-lra was entered WITH ALL of the increase coming 

£235.000 (fl20.0IKft.JMjw. * *;• , • . • 77, „ ercun surplus at Sent era her into last month, the vessel to be j n the second half, pre-tax profits 

P 7 St fl ~, ahE “! from Oates 30 had^oSased from £2fi.66m to delivered in January 1979 The 0 f Davenports Brewery (Holdings) 

£261.972 and . earamgSi- ■ Hw. i-» £34 43m mainly reflecting the tanker “London Pnde. laid-up rnse from £l.45m to a record 

share were -show* RMp3^oea;.a^- ^bkiA- w»iker Dec. 7 additional compensation received since June 1977. is now being put n.oBm for the year ended Sep- 

10.S5p. ' • .• S& O S** ' "ilX'- 5f£- 14 nf rao m r< » S neet of \ and P back into service but they say it t ember 30, 1978, nn turnover up 

Last ™ D^: n ^dividend was paw ir. respect remains- to be seen 'Whether or fmrn £J92i4m ro £22.S2m. . 

record £8.S5m wil3i:^hg mMHifac- D t f. 15 of 1977/78 no» freights will be sustained a. \ { the interim stage, with 

luring rorapa»i«e '^ ver8 ® as me * t * Phpentr.Tttnber Drc 14 The directors state that if trrnuu levels to warrant the continued profit* unchamjpd ai rn.er.m. the 

(ng strong ifetton^wMfe »ose|a dollar loans lincludina associates) trading of this vessel. directors said they looked to an 

the UK .^es^*fEectwt by m-nse 1 hi tPad«nafiMB» •• h . 4(i been repaid Qn Se p tember 30 . See Lex untura in economy and an 

diamond- • -prices vv and: ;.otner g«g£ T z-t/ -- . Dtp. j; 1973 at the rate of $1.9765 to the improved cummer to boost 

increased costs. .. rSotbW at ;w.» ... •• n«-- >) £ then mhos, the ro«t attribur- __ « markets and profitability. 


Branches and representative offices 
in 13 financial centres, correspondents in 
2,000 major cities round the world. 


Credito Italiano 


a bank 


increased costs; : 


Victoria . Cuvet .. — 

.WmaaS’ Q. W 1 . ... • . 

WflHtw- and Mltdien- ..... _.... 

Wtibams (W.) 

wusoo BrtnUere -...i - 

Finals— 

CnmMur 

DuOUirr - . 


SfS 1 JI dollar loans (including associates) trading of this tes.el. 
Dec 7 had been repaid on September so. See Lex 

Drp. li 1973 at the rate of $1.9765 to the 

Dm-. Ji £ t hen ndJns, the cofl attribur- -r> 

tw p ah5 t 10 LOF. would have been pU/ys*rc|l| iJi’ 

i £2 » : m more than the book *:,!ue. l>CWdli II 

dpp. 7 f.v reason of trading losses and 
Dec. l? available caoital allowances, no V ImPFIL 

corporation tas would he payable r ^ 

Dec. « by any group company In respect On December 1 


Newall Pref. 
payment 


December 


directors s*id they looked to an 
upturn tn economy and an 
improved summer to boost 
market? and wofirsbility. 

The dividend toi.i 1 for the year ■ 
is stepped up 10 3.0ftp <2.7671 p) 
net per 2*P '-Hare with a final pay- 
ment of UJlp. | 

Pre-tax figure was subject to a | 
Newall tax charge of £a.73m (10.71m ) and ' 


v TAYII* '• n*rt?ys and Hansons Det 13 

iniO; IOIIT ts%s^\zi£zr:. 8E » 

s i; Snmic hppinnin? to nick UD 

&U> .f^r-idwa^ to jSS: 3 U ^ U1AV Ul/guimilg w pvn 

TTnfoT ■ recenffljy.- -Qx REFLECTING ACTIONS taken to £1.56 per square metre to £1.74 trading In Ordinary _ shares 

received -a-iaiBe piwonflan 'of ‘ - • reverse the previous year’s per square metre. accounted for FFr 41 j>do, or a 

its wtirk from Corpora- ~ or +hrr>HfAm»Tt reached a d0vmw ard trend when profits feU a bigger increase will be made Jump of 106 per cent over the 

fSS'lnS from .£205.476 to £1«.591, Sonic, tor hir % mt L They were ere- FFr 2l£2bn during the January- 


DvtflbH", . .’ .. • • . Dec. t.t of t he result? for the sis months. Machine Tool is to pay a dividend again there ivcs an esfraorriinan’ . 

First Union General Hw. Tat Der. is ^ nv gains tax liability of 2.45p net on its 7 per cent credit of £6.000 for the period. | 

W ." SS' is arising on the nationalisation of preferred ordinary shares. making the attributable balance 

Huo3fcrt fHoMtogsi -- Dec. >j Austin and Piekersgi)) iviii not B. EUiott (which controls lO.TSm (£0.i4m). ! 

Lea fArrtnn-1 Dec. 13 


tiok toWUne new steel works, levS of ^u- M5m and JE?” for hireti crafL They were pre_ « r . Ti. ; r 

]5dSen achieved^! only by the vious5 ? L ' hareed at £ in " eased November period last year. 

vestmeiBt’pf^rKimme have aoant jnfcreased values or livestock, but m xiomts [ ate v of two t0 one - thls wU1 now 

Tildas Sahout 40 per cent by * maintenance of inmbers of 0 ™ '^loftLio SoptemS be ^ ree t0 one - „ f M T 0 K 0C 

of fte cormny^ -order booK despite the gener^ Itmd. 3n wyg^sajes were h&er at . Th 5 ,n 2“£ w V ^*1°^ $*1.11X1 LaReS 

Mr. Dan*T WatejRsione, :wim He added that, on tl« other n 0P|n iKaillst xi^n,. mg the fPsulte of two survejs , * 

hecaie- diairinair 1 i year ago, sde, father infiati^-wte. con- ^ dircclors say once again which snowed hired boats passed §00011)6 delaV6Q 
said there tiki been considerable tfaiued to affect profitability- carious foreign currency fluciua- through locks ten times more * I 

need- to dArecJioH of .-Markets for- . hvratodk con- tions have been favourable than private craft. The authority A FORMAL application by the, 

to *° W , d ? u, i enabling material costs to be claimed there was an imbalance North West Water Authority fori 
Ibe Lpmpanys.aMinaagM) nenods as a result 4jf subsidised nnr.<2,inf^ .hem hirari craft chnuM i,o.tr r->icim> tho lov-M of F-nnordale I 


in 


Backed by a long standing tradition of 
world-wide banking, all our special skills, 
wide experience, and vast resources are 
readily available to you in the comprehensive 
serv ices provided by our London branch. 

#||! Credito 
%s!il Italiano 

1" Moorgate, "London EC2R 6HX 
Telephone: CJ-6k?o WllTelex: 6S5456i'8bS075 Credit G 
Head office: Milan. 

Branches and representative off icer London, New York, Ln; Angeles, 
Buenos Aires. Caracas. Chicago, 

Frankfurt, Moscow, Paris, Sao Paulo, Tokyo and Zurich 


TraveLodge 
earnings up 
by 53% 


planning Board’s development 
control committee. 

The Board is opposed to the 
£L2m scheme, but the committee 
has deferred the matter so it 
can consult other bodies opposed 
to it before stating rearons for 


TUf AwlTaniv ‘ • VcTi2n\ ft,r i ^ ^5 •’^22? j talic during the period hut TVsi VpT vOfllXP planning’ Board’s development 

Montrose— , ■ » t .’ jbse^^S 1 rav . elj0age hs'SEfr— «. «*! 

Aufctioifrises: eammgs up gSWjW 
to £13^642 : *« MSFTa'SSkf&jS SS*5i SSSlf 5k XXTS by 53% !S m JSS ^ 

wJ, ciicrent assets £71.458 (£ B5 ; 98U. a 'Specialised market, and the VET INCOME of TraveLodge In- to , lt . befo .T e slatl ° 8 rea ’ oas for 

Pre-tax .profits of MOhtrose Total net assets came^to £78,751 early signs are “encouraging.” iernatlonal a US suhsirti^-v of re ^ USM1 2 application. 

Auction Company, puWlc :, W^<£73,167). Vr"” a . Forecasting the future in the ^ SSusi Porte InSSsed _ . , 

quoted ' ItvestocK nooceni,. rose . Az statement of ^|ouree and conipanys type of business has f roin s2 4im to S3 lSm In the International 

from £7.2711 to £tSfi& for- the year aopiicatimi of fuq^s shows a ahvay* been difficult, they state, fourth Quarter of 1977?S rakin^ S m ^ ^•nernauunai 

ended August 31: I97S, on turn-- decrease in net. tiqnM .funds of but the current order position is { he to ta?for the vear ended Octo^ ^ • Ne ^ r Jerse >' division of 

over up fcTOn : £88382-'to '£9ta36. " against a £U,S32 increase normal and indications are that her 31 oo to 86?m 2 adviSSs GannngEnrovcementwillrecom- 

And the dividend is increas«l,.: previously. - ‘be present level of activity «f 53 nerrenL men d the Casino Gambling 

by the maxim unhallowed ^-tb ltLop ...v The directors state jtfaat. the -pre- should continue to the year-end. a. , ___ c har*i haei* Commission to deny Resorts 

per 75p ^hare • against SAp last sent value of the company's pro- After tax of £53,132 i £45,968) in fj 1 JJLfiroiurSr 5S ud International’s permanent licence 

year. ’ . ' ' . ! peity is at : leBf4 eqaa to stated half-yearly earnings rose fpfl _ S1 j* tn si 48 bavic and if the company cannot adequately 

Mr. W. Hynd, dMQman, fia_M at bailee sheet ; figure ^ £8,919 from 2jpp to 2.452p per 25p f rom $1 01 to 8L32 diluted For respond to certain charges, a 

the companyfs AGM tJrat diirlmt (CT-383). --.r sh-re. The tatenm dividend is 1hft vpar thp incrBflse is frora sx.g Resorts spokesman said, reports 

, ■; r from » ®- 6S Rtui " !rom Ati ‘ ntic City - 

■ ’ 1 ’• 1 1 ’ 56 ®P- During the year 2.784 rooms T^aip nlanf nlan 


And the dividend £s Jtocwwqd.ipne^onsJy. 



LIMITED 


Midway profit 
for Smith 


were added to the TraveLodge 


Dow plant plan 


The - nnaudke'd^.resuitf fqr the 26 
"V ’ ; ' week* endid 30th June- 1978 were 

'■ announced today: ' _ 


" Trading proftt behire tax 
- - ,-T^oBt jafeer tax. ..... ....... • 


- Rrst half ’ 
1978 

£4^00,000 
£347^000 - 
.£173,000 


First half 
1977 

£4,000 D00 
£285.000 
' £142.000 


1 Chapman OlE; BSc(£ng). FR5A. 

. Chalrman-.-saici: •' 

- ^Ourf results^ For the— fim-haH.. .of 1978 with ?n 
.increased., profitability ,;qf 22%. on an increased 
• • ' turnoverr'qf 13^%^ reflect v.tfire. continued imp rove- 
menw in our production efficiency .that we ha:c 
.been able to achieve in this fieriod/' 

. . 


f,r™. Recovery at 
Whitworth n PV t 

For Uie\ Sts months endm ivCSlty UCVt. 
September 30. 197S. Smith Whit- By Ron Richardson 
worth has turned in a profit of 

£S3,7S5. from a turnover of HONG KONG, Dec. 4. 

CONSOLIDATED net profit of 
the cmnoarativ* penod turn- Realr j. Development Corpora- 
orer was £1,0274562 anda loss of ti > publicly quoted propertv 
£10,597 was incurred; the figures Ji" • * J* / 

included Roevac Automation det eloper in the 

which was sold to Vickers in Wheelock Marden Group rose 
January 1978. U-« psr cent m th? naif-year 

-ITie half year’s profit included to Seotember 30 to HKS15.4dni. 
■an extraordinary credit of £6.532 Although ike result reversed 
(debit £20,3271. a downward trend in earnings 

- Products of the grain cover ; 3 5t year. ;he directors point out 
textile and special purpose auto- th e gain was largely the 
Tnailon machine^.-, steel fabrica- resU ]t 0 f file inclusion of profits 
tions and rotntionclly moulded a frrihutab>e to Warden Securi- 
piaBlJCS- - ties which was acquired in an 

internal .3roup transaction 
.rnL 1 j towards the end of the first half 

I names boat °fiB7s. 


DOW CHEMICAL UK said yester- 
total network to 36,7io rooms. day that it would start building 

immediately a new Styron poly- 
DnoAironr q 4- styrene train at its plant in 

Kecovery ai Barry. South Wales. The 50.000- 

tw i, ri i. tonnes-a-year facility will be 

Realty Devt. based on Dow’s latest Styron 

^ inaruifactunng technology. It . is 

By Ron Richardson scheduied to start late irr 19S1, 

HONG KONG. Dec. 4. ^ d B ^ P '“ ! e!fi31lnS C>paCity 


INVEST IN 50,000 BETTER T( 


50,000 people in the United Kingdom suffer from progressively paralysing MULTIPLE 
SCLEROSIS— the cause and cure of which are still unknown— HELP US BRING THEM 
RELIEF AND HOPE. 

We need your donation to enable us to continue our work for the CARE and WELFARE 
OF MULTIPLE SCLEROSIS sufferers and to continue our commitment to find the cause 
and cure of MULTIPLE SCLEROSIS through MEDICAL RESEARCH. 


Please help— send a donation today to; 

Room F.l, The Multiple Sclerosis Society of (LB. and N.I., 
4 Tachbrook Street, London SW1 ISJ. 










ChargCS Paris Bourse turnover 

frn hp inPPPSiQPrt Turnover on the Paris Slock 
: . tU UC iLBL-ICdiaCU Exchange declined . 24 J£ per 

!EHE Thames Water Authority is cent in November to FFr 7.5bn 
increasing its boat registration from FFr 9.9hn in October, 
charges from January 1. Agencies report from Paris. 

.'The charges apply to boats on For tie first II months, Bow- 
tie freshw’ater Thsrncs and have ever, volume was np 72 per 
Seen submitted to the Price cent to FFr 75^bu from 
Commission. Thi standard FFr 43.9bn in the correspond- 
: charge is being increased frora In* 1978 period. Of the total. 


Davy Corporation Limited 


forth 
miMonpou 

company.^ 




has acquired 


The McKee Corporation 


■; 'The undersigned acted os financial advisors 
to Davy Corporation Limited 
. • in this transaction. 


LazarD FRERES i& Co. 

*TT TjAZAru Brothers & Co^ Lbhted 

, • • •' London 


-November 29,2978 


npb 


Gf Intelligent medium-term financing can 
be of real benefit to the long-term 
iw growth of your company. 

And if you’re seeking the means 
to expand, and are a company with a capital 
base of around £1 million, we'd like to invite 
you to come and discuss it with A P Bank. 

We have the resources. We have many 
years’ experience in corporate finance -so 
the chances are that we can recommend a 
financial package that's exactly right for your 
specific plans and opportunities. 

And we have a policy of making ever/ 
customer’s account the personal responsibility 
of a senior manager who can make decisions 
without lengthy consultations -so the speed 
of our response may well surprise you 
pleasantly. 

Think about the alternatives - and then 
call 01-588 7575, and ask to speak to Peter 
Haycock or Sydney Lawson. 

They'll be delighted to arrange a meeting. 



A member of the Norwich Union insurance Group 


[NORWICH 

UNION 

MMinaarSI 


1 gjjr qfi f Vjfrypftr+y SlTSCt 

Lender EC2N2HH. J’ 

Telephone: 01-538 7575, Tew,, 555 Z : 2, 




Financial Times Tuesday 


MINING NEWS 





Noranda and St. Joe 
venture into Chile 





SodliAMca 





& SONS (HOLDINGS) LTD. 

Carpet industry affected by problems of 


overcapacity and worldwide uncertainty 


& Excluding losses incurred by Blackwood, 
Morton & Sons (Canada) Ltd., now closed, there 
was a Group profit before lax and extraordinary 
items of El 9,367 for the second half-year to 30th 
June 1978. This compares with a loss in the 
previous two half-years. 


the closure. The land, buildings and plant have 
now been sold and the amounts realised exceed 
the book value. The decision was also made to 
closa our warehouse in Australia and the land 
and buildings have been sold at a substantial 
profit over book value which will more than offset 


BY PAUL CHEESERIGHT 

THE DEVELOPMENT of Chilean per ton and 225 per cent copper berger Knpferfintte. the loss- 
Govemment policy permitting a have been delineated. Exploration making German metals refining 
private sector presence in mining is developing additional reserves, comapny. . The price. oHjctafly 
ventures has come to rapid frui- At pres ent St. Joe to working described as a “ nommal amsider- 
tion with disclosures that Noranda out the feasibility of an operation sUdd, is 1 Deutscbemark. . 
Mines of Toronto and SL Jo® mining and milling 1,000 tons of The sellers, or more accuratwy 
Minerals of New York will move ore a day. Tbe project 1 is 80 per the willing donors, of DK are the 
to development decisions during cent owned by Com pan! a Minera German chemical^ companies, 
the first Part of 1079 on two slgni- San Jose, a St .Toe subsidiary, and BASF, Bayer and Hoecbst, each 
Scant mineral deposits. 20 per cent by private Chilean of whom holds 3L44o per cent, 

Noranda has completed feasi- interests. and Gelaruc^er Ginllzu wth 

bility studies fer tbe development The lead time at El Indio, from per cent and Henkel with 
of the Andacollo copper deposit an Investment decision to first per cent. 

in Efquf province and has until production, would be between two In the past eight _ years • me. 
nest March to make an invest- and three years. At the larger' workforce at DK has fallen train 
men t commitment It holds 51 per Andacollo project, the' lead time 4.200 to l£o0. £? st 
cent of a joint venture with would be about four years. was a loss of DlllZam (-n.Bm). - - 

Empresa Nadonal de Minera , RTZ ** not dismayed at tbe 

(Gnsmi). the state min ing asency. tt t ■ l Josses. A spokesman pointed out 

St Joe his announced the TjraniUIIl ValUCS DK’s business was not imUte 

presence of a gold-silver-copper VIW1UUUI ° that of Capper Pass a -the UK 

orebody, known as El Indio. * hich pnmiiraPP **£ S2k P ,« ft S5d» , gSSR d; 9 

is high In the Andes about 300 CUtUUldftC bnng Jt back to profitability. 

miles north of Santiago. Enctneer- 
ing and feasibility studies are 


- AUDITED GROUP RESULTS FO* THE YEAR ; 
ENDED 30 SEPTEMBER 1978 AND DECLARATION 
OF DIVIDENDS . "7 

Year Ended. YearEtided 
30 September 30 September 

.non • . * 1 QTT - 


; Turnover 


237 787 


-187 932 


Income before tax ....... 

^Taxation *. 


-$■838 

1593 


‘/income after taxation 

■ Less: 

■ Applicable to outside share- 

holders 

y preference dividends - 


j .'. 1 1 . ' 


4= The anticipated increase in home sales did not ^ other cos,s involved - 

materialise until June and was offset by a decline The Middle East, Holland and West Germany 


Earnings attributable to ordinary 
shareholders 


encourage 
Asamera Oil 


in exports with the result that Group turnover lor continued to be our most important export 


the second half-year decreased by some £433,000 markets, but the U.SA. is becoming of increasing 
compared with (he corresponding period of the * importance. 


2RBS2752L SLTBSSS5 Pa Jy ific Copper 

at Tomngton ^ 

Chilean authorities last year, $"««« results from the Keefe AUSTRALIAN Pacific Copper (the 
signalling a revival of foreign Lake-Henday property, Linte of Canada's Pacific Copper 


Earnings per ordinary share 
: based on weighted average 
number of shares 22 790 533 
(1977: 22 603 866) 


Ordinary shares in issue 

■Dividend per share 

-Dividend cover ..... 


previous year. 

:f:The Wilton and Axminster weaving factories 
incurred fosses, whereas Thistle! ex Carpets Ltd., ' 
Cooke Sons & Co. (Hiliington) Ltd., and our jute 
spinning mill were ail profitable. The practice of 
offering goods at substantial discounts has 
become so common that even with a return to a 
more normal level of demand, it will be extremely 


3 s The closures in Canada and Australia should 
enable us to reduce our overdrafts in the current 
year. No major capital expenditure is planned, 
but every effort continues to be made lo 
minimise costs by increasing efficiency. New 
methods of making carpets are constantly under 
review. 


# The improvement in home sales mentioned 


signalling a revival of foreign ^me-aenuaj r a " re property, affiliate of Canadas Pacific Copper- 
interest in the country's mineral Asamera Oil Corporation, the Mines) will own 57.5 per cent of. 
wealth. Such interest had been operator, said from Calgary that the Australian Torrington wolfram, 
at a low ebb following the it “ continues to be encouraged.” project in New South Wales fol- 
nationalisstion of U-S. copper lowing the purchase of a 10.87 

interests in 1989-71. ■ ■ - - ■- — per cent stake from Hampton. 

The Noranda feasibility studies Hampton Gold Mining Areas Areas Australia and the proposed 
for Andacollo are based on states that the bid approach acquisition of 'a further 5 per emit 
exploration work carried out over f nm tJje colonial Mutual Life froin Messrs. Case and AratingL;' 
the last 18 months and cover Sorietv i«! whollv The remaining ownership ;.'of 

options available for the project ' PTtw , r |_j nd *£_*!.„ «.t ar |R. Torrington will be: SL Joe (Tor- 

"a- differtaE ‘" c,s ° f SSTftaSJSSSTiiwSr 


6281 

7.9W- 

2T.6c 

- 35.2c 

22790533 

22790 533 

17.0e 

- 17.0c 

' L62 

2JJ7 


difficult lo re-esfabl/sb reasonable profit margins above has continued during the first three 


Conner prices. cniT-hf THp KmntniTAwalP SL Joc Minerals, with 37 per eaht 

Mr. Jorge MuxL the manager of "Sl-SSS S and Messrs. G. S. and L , J. 

Shepberdly holding the remaining 


for woven carpeting. 

^ The decision to cease manufacturing in 
Canada was a difficult one to make. Disputes 
with our employees were almosl non-existent 
during the period that we manufactured in 
Canada and we have had the greatest possible 
co-operation from all concerned in carrying out 


months of the current year although September 
was affected by the uncertainty regarding the 
date of the election and laier by the threats lo Ihe 
Government's pay policy by large Unions. In the 
existing difficult market conditions we continue 
to strive lo maximise sales at profitable prices. 


investment options are only profit- c ‘®j advisere. Samuel Montagu. ~ 5 per cenL 


substantially " hieher and 


meantime 


St. Joe is to provide the 


copper prices than prevail at strongly urges shareholders to AS1. 5m fJSS0,0f)0} needed to con 


present ... ... If 1 '? n ° ac M on in ^sard lo Ktrucl the new plant at Tomntgion 

Noranda Mines has until their shares. and bas ^ p* j d AS250.000 to 

March 1979- to decide whether it Hampton Areas adds that U pacific Copper in reimbursement 
is prepared to invest SS50m was informed on Friday after- 0 f latter's earlier spending on.' 
(£lS0.5ni) in _ developing the noon that Colonial Mntual the project 

deposit.'' he said. The project. L,ife has acquired 724.600 Asa I ready reported, commercial 


present 

“ Noranda Mines has until 
March 1979- to decide whether it 


deposit.'” he said. The project 


.As already reported, commercial-) 


would / iave an Mnual output of shares (13.9 per cent). At production is scheduled to start 


“The board has considered it prudent to adopt -a mare. .con-; 

' servative method of accounting for foreign subsidiaries by no 
longer consolidating their assets and liabilities. Income, from 
Jhese subsidiaries will be brought to account as and when the 
dividends are received, in South Africa. Tbis change in thfe : 
basis of accounting has reduced earin' n‘gs pfier 7 share, by 1.3 
cents. The previous year’s figures have been axnendedln order 
to make them comparable with the current year’s' nasults: . ' 

Sales for the year of R227 787000 were approximately 21% - 
higher than .for tbe previous year. Ho wevet. income before, 
taxation decreased by 29% due to pressure on margins. .The 
effective tax rate decreased from. 30.5% last year, to- 18% this 
year resulting in net income after tax&Ion decreasing, by 17%- 
from RSB93 000 to R7M5 000. 

Earnings per share were 27.6 cents compared with 35 J? cents 
- for 1977. The directors have, however, decided to maintain 
the ordinary dividend it 17 cento per share -Which is 1.6 times 
covered by earnings. • 1- 

.On be half o f the 1 Board 
• H. C. -KtflPER Director - 

T. Ml KING Director 


■ rvl. 


r|.Ti 


70 000 tonnes of copper. that time it was agreed that a next March and a five-year.renew- 

, at , daco 'i®. ve nen meeting would take place in able, sales contract has been 

Eor 3 ri ,he earl 7 P art of th,fi fo negotiated with BOC Minerals, a 

C 5 t_ discnwi the possIHiffty of division of British Oxygen, for the 
Bv control ttaf fl?ltTSnounre- C®l«nlnl MntnaJ IJfe making a sale of all Pacific Coppers share 
K ™ wneral offer to all share- of the wolfram concentrates. . 


Blackwood RNorton & Sons (Hokfings) Limited, BumnWe Works, KUmamockKAI 4HB. 


able for opencast mining. 

By contrast! the first announce- 
ment from St 4o« about reserves 


at El Indio Indicates a much holders. 


The deal is stated to allow | 
Pacific Cooper to take full advan> ( 


tssr^srL L.,rs 


Meanwhile, Pacific Copper's 


ivorm aea Associate* ror , Kb ™ ar tn June 

15 ^ * : share, a nwvcKnbtect qua ii fie j n>* the auditors— show 
to Exchange Control accumulated losses carried 7fpr- 


WEST AFRICA 

The increase in the group's operating profit and growth 
in turnover havebeen due substantially to our West African 
operations. Although trading conditions have become 
distinctly mere competitive, the volume of our business has 
continued to grow thanks to heavy demand for our products. 


H«mpton Areas rose lte to ward of A ?7fi 1.474, agaiisi 
loOp tn London dealings a $ 620. 512 in 1976-77. But if is 
yesterday. stated that since June 30 corpo- 


yesterday. stated that since June 30 eorpo- 

^ — ■ — rate liquidity has been impnwd 

by the placement of 98 0.000 shares 
Asamera holds 25 per cent of for AW11.600 in addition to fhb 
a joint venture at the properly, injection of AS250.000 from St 
Other shareholders are Saskalehe- .loe. Pacific Copper shares wei$ 
wan Mining Development Corpora- 34p yesterday. 

Hon with 50 per cent, Kelvin 


DECLARATION OF DIVIDENDS ■ 

Notice is hereby given that, the undermentioned dividends 
have been declared: 

Preference dividend: A dividend of 6% per atxnunr ^ for tire 
six months ending 31 December 1978 payable to The holders 
of six per cent first cumulative preference shares registered 
in the hooks of the company at the dose of business on 15 
December 1978. - . . . . r ^ 

Ordinary dividend No. 47:- A. dividend of 17 cents per-share 1 
for the financial year ended 30 September 1978 payable to 
holders of ordinary shares registered in . the books of the 
. company at the close of business <m 15 December 1978. The 
preference and ordinary dividends are declared in the currency 
of tbe Republic of South Africa 1 .; • 

In terms nF the South African Income Tax Actv 1962, as' 
amended, the dividends are subject to the deduction of non- 
resident shareholders* tax. The tax. will be' deducted at the 
applicable rate in the case of shareholders whose addresses in 
the share registers are outside tbe Republic of South Africa. 
Registers of members, including -the United Kingdom Office 
preference share register, will be closed from 16 December to 
31 December 1978 both dates inclusive: " .' :. ;••• • 




UNrtED 

KINGDOM 

The major re-equipment 
programme of the 
manufacturing facilities at 
Cussons and Odex has a 

now been completed, M 
and since the year end 
there have been tJ-ie MM , 
first indications of a j/% 
move to a more * 

satisfying return 
on these I 

investments. I ^ 




• v l , + «.. y x • .. C .. * 


Energy with 6.5 per cent, Reserve _ * * , . 

Oil and Minerals with 7.5 per cent V raPPIlV hltS . 

’ • «r*nm Private interests with 1 J * 

the remaining 11 per cent. x 

What was ended “good radio- Vital K66IS 

" h.ts been pncou»derrri i 

in 24 of 39 holes drilled. Sn fsr NT>rF. ttRSOtiE tennis battled in 


Dividend warranto will be posted to shareholders vn «r about 
5 Jannary 1979. r _ 


23 November lSTS 


ana 






mm 


GREECE in 24 of 39 hnles drilled. Sn f^r NTNF. TsESOtiE teams battled in 

Oursubsidiarv.MinervaSA- ihc rone of interest covers son feet on cfTm*: ro reach the men trapped 

by 125 feet. Radioactive inter- undcreromd at the Anglo Aniert- 
nas maae saosraaory sec‘'nnv have varied from can C»rporat»on gtouns big Vaal 
\ nrocress in its first full year “narrow” tn i?n feet. Be«fs =nM-irranium mine in South 

V the r,r.-,i m The* m ^ir»r A^ry resuli« have been errat 4 *:. Afr-ca following rhe outbreak of 

\ in the P ruup. tne maiOf varr'n*.' f'-nm 2.6 tbs per tm over a Ure in a slope at the No. S 

\ partoi4hecurTent an im-n-.-il nr 7 ft in 3?.? lb< per --iv-ft over Ihp weekend. Of the 

\ fvnansinn lon «ver an interval of 29 ft. ISO work-.-rs in tliu area— No. 73 

\ expansion Th ., priW , of dr ,n( nL . w .|( be winch is S.uoa ft cmdei-- 

\ programme S|«'»de'l Ui« .i-i more r<-4s bec.ime ground — 41 died. 

1 \ iepv.wrpritohe* ovaltob.V, \ second dnlfm- ric Atlcmpis to reach rbc men were 

\ \ ‘N- ■ " , srarted wuri, rerenily and two cnhwl off on Saturday because 

\ \ COtnpJeledbVvne mure arc evr-ected to bce/n early oi tliv intense heat, dense smoke 

l\ \ mirlclieoln^xl in .md danger of rock falls. Alois! 

[ \ \ m w eu,n of xo men escaped from :h? 

\ \ \ v 0 ^- RT/ TO 4COUBRF str.ricen M-opc and 223 rmne- 

4 1 l t _ B . >«>- worker.; v.tre examined in hns- 

d GERMAIN PLANT niial. Of there 14 were detained. 


By Order of the Board 
E. A. JOHNSON 
r Group Secretary 


Registered Office 
36 Slratnonds Southway 
Paric Central 
Johannesburg V . 
2001 

South Africa \ 

Vnited, Kingdom Office \ 
Kennedy Tower 
St Chads 

Queensvray 
Rirminghim B4 6JP 
England : 


'■ Transfer Secretaries , 
Rand Registrars Limited 
DeTotisWre House i 
. Jorissen Street 
Johahnesburg 2001 
.... South Africa. . 
United Kingdom. Transfer Office : 
Charter Consolidated Limited- 
Charter House | 
Park Street 
Ashford, Rent .-{ 
England : 









but only ihrec remain in lin;piial 
Itwi Tintn-'/.inc. the London ti»r ircaimcnl and Ihcir conditmn | 
ininmu ?ro*i;\ h.is reached aaree- is noi ^riwis. The minc'-s total 
mom in prl-iciplc to buy Unis- «*. ori.ro rre is sonic 37.nno men. 




»'3 

TTifeJ- “‘T 

:■ ,r.££ .1 



EASTAFRICA _• 

Profits from ourKenN-a V {. 
branch operations showed a N, 
further improvement and diese 
are now in tiie process of being 
tran>i erred lo a li:»c.iH\ incorjiorated 
rompanv winch '.vill lon-.en (rate 
on the clevelopmeni •-•i l-j'-.al. 
manutactuung i.xcilnies. 


.f.fPXti. ■ ■ 


Z AUSTRALIA 

The acquisition of 
Preservf-nM hasghen 
jr o peralions a sound 
manuMOuring ba se. 
e currently examining 
the market opportunities 
Careft/IJy fo riot irie Ihe natui e 
and extent oi miurc group 
cl*-\elopmuii 






^ 

nZochonis 


Turnover and profit growth from 
international trading and industrial operations 


In the year ended 31st May 1978 
Paterson. Zochonis & Company Limited 
achiev ed a -46% increase in turnover, which 
rose from £146 million in 1977 to £214 million 
in the vear under review. 

The group's profit before taxation has 
increased from £18,27 1,000 in 1977 to 
£19,481,000 while earnings per share have 
moved upwards from 53.99p to 57_32p. 

The total recommended dividend per share is 
8.0p, as against 7.0p in 1977, and this dividend 
is covered over 7 times. 


Paterson, Zochonis & Co. Lfmrted, Bridgewater House, 



Prospects 

«lt is far too early to say how the year w ill 
turn out but shareholders should know that 
the pressures on margins mentioned in my 
statement accompanying ihe 1978 accounts 
show no signs of easing. Although returns to 
date indicate profits slightly in excess of those 
for the corresponding period of last year, if 
these pressures are maintained we mav v\ ell 
see somewhat lower results for the vear to 
31st May 1979.** 

JOHN' ZOCHONIS 
! 'dF- Chairman 


The Directors oi Racal Electronics Limiled are 
pleased to announce that the unaudited pre-tax net 
profit for the half-year ended 30th September, 197*8 
amounted to £24,323,000 (1977 £19,398,000) an 
increase of 25.4%. Taxation for the half-year is 
estimated at ETl.411,000. 

Turnover during the half-year was £99,894,000 
(previous half-year £89,886,000) an increase of 11.1%. 

The South African subsidiaries were sold with 
effect from the 1st April, 1978 and if the interest earned 
on the disposal proceeds and the prior year s trading 
profit were excluded the pre-tax profit for the 
half-year ended 30th September, 1978 would have 
been £24,160,000 (previous year £18,657,000) an 
increase of 29.5% The adjusted half-year's turnover 
for 1977 would have been £84,660,000 and the 
current half-years turnover would have represented 
an increase of 18.0%. 

In the absence of unforeseen circumstances, the 
profit before taxation for the year ending 31st March, 
1979 wiff be in excess of £57.000.000 which 
compares with the previous year (after adjusting 
for South Africa) of £47,781,000. 

An interim Dividend of 7.6% net of tax (previous 
year 6.8%) will be paid on the 2nd February, 1979 to 
shareholders on the Register of Members on the 
22nd December. 1978. 


ANNUAL PROFIT BEFORE TAX 

19701 £ 1,682,000 

1971 £ 2,229,000 

1972 £ 3,165,000 

1973 £ 4,273.000 

1974 £ 6,247,000 

1975 £ 9,559,000 

1976 £1 9,646,000 

1977 £32,714.000 


1976 

1979 


m 


-ChatnnaraForoeast 


60 Whitworth Street, Man Chester Ml 6LU 


AN ° STRATE6!C COMMUNICATIONS • DATA COMMUNICATIONS • COMMUNl CATIONS SECf fftriv - 

INSTRUMENTATION • AUTOMATIC TEST AND DIAGNOSTIC SYSTEMS* ACOUSTICS * COMPUTffiAi™^^- 
HEALTH AND SAFETY • MAGNETIC MEDIA • MK»QS^mQNlCS * 

Racal Electronics Limited, Western Road, " 









23 



i*A - ■ ■' ‘it 




prr> j 


!Vi I . 


;ns 


:r lt- • r , 
il* *• 


iroup 












:tx <0, 




-\...?. V.-;-: : 
.'W*- -.* i',V-"- 


5 *s£&i 


DeveIopinafl?'(NI),' ^th 
5p tb.\17Sp_- :resrer*tay,:oa ., lhe : :.<i"<4pBaJ of £ 75 ,Mfc>to: develop 
comjgmy’s -steteatem-jtiteY' $7$ new; fabric finishes/ and licence 
profits^ are npwexp^cted: to $iib-: them internatfowUly. ’ 
stanttally: 'Ifce-: company :W3l-\ jnvest 

The aunOuncemefft ^Ay - made JSunefflateiy £80,000 '• to .research 
as at result of- >tfie "amtitor's Into improving the .dry crease 
exanflnatura-of Jjadbcoke's earlier ^resistance o£ linen. r . : 

£9im; jttofi^rjfDrtieastv ftwd&yfcst-; Dr. F. R. "W. .Slotfd haff- heea 
July:- The auditor? had to"S£rt£y- appointed ■ man'a^ui'.dlrectftr of 
this, forecast In -Accordance, witfr. ^Jptrenfl; -'■ Deveiepifceafe. . - He ; 
the CItanTajre-over Code for \:tbk^ £e^opmejit of 

offer-.'docameM: - for Myddleton UP^eiufS- £litc^fahcic, launched 
Hotels.: r- - . ; ; • v swEfflni&nmto is. a- anen with 

Acpogs.tbe. hoard lapwfflayttfi higKwei erfiic^rt&overj^r-fhat is. 
in turnover and manrinsiwi. beep- r&jtoeir ''dial 'can' be ironed, and 
seen,' -said 1 Ur: Cyril - Sttb^cbaft S^w^ts' jabape. wall, , « . .*- : - 
man:H 7 l^dbioke;>na^d^>*BUtv-v^ i Cil-'- w.w™ 

the . J»esS. .gainii&ad sfli^lsrotas. l<OA3V- r FOR PAINT , 
the gote^ hettCafcn'gad .^Oaafoo^ igpTg A V - M A&3E& ‘ 
d "?* on ^ ir>':^*HoAi4ST - and 1 - ' Commercial 


No clear 
line from 
Plantation 
Holdings 


OIL AND GAS NEWS 


November 30. 1978. Payment will 
be met by Hartwells Issuing 
shares. 

The two companies work an 
private and council housing 
contrarls and installations " for 
local authority -’'sell note, hospitals 
and heaiih centres. They will 
. become subsidiaries 0 f a new 

company bein# formed called 

Hartwells Heating Services. 


’wwfrflfc r^tadttetrial-. and 1 - Commercial 

- ‘yiwahce Corpararion MS; provided 


ofaii- accompw^atioo^shtn^C ! « r 10 ^ v,?. 

And the perfta k mimto of -W^my' ^ ao.^ddWonal .fBctpry^by VnJ- 
Alotor :"3nn^^niW; )»Kt”5sE- Watte Bote ipas, mmufacturers o£ 
had -been ■' dttmatScaJJfr-hnptored' : - . paint.-- spraying 

by mcre^g:tarh;^ -• equipment. . 

The betti^rdMi^ -'liati-^Qn- 7 The new mot la adjacent to the 
tinued ' Its- excellent first iatf per- ■ company's' ; present ;P»?nii5«> m 
formsnee, i while, & ‘ StWiftg Road; _Acton.:VS, and win 

<;nrr>f»gfd ; vgygq^^liA^ ^qrnag f jg^hr : .provide showroom and' "office 
with- th'ei? -^*cpd ! iiurnover T ihd- SP 8 ^- ' ' - - : --..r.: 

profits. "Tfie, wid^Jf^eweWei-'ia^ ' i* lDT ujcr T e- /‘Pai to 
back: from, the laooni -period of - .HARTW ELLS. GBOUP 
1977; had ncn , -mataqalteedf Gwmp ha& agreed to 

Utfixtivl and -tie Nattbera £115.008. The esact consideration 
Ireland'Development Agency Sa«. is.to be fixed by reference' fi> the 
jointjy set'.'tip- 'd' uew company,' net- assets of the businesses at 


GlEVES PURCHASES 
DEPARTMENT STORE 

.Cloves and Hawkes, a sub- 
sidiary of Gieves Group, has 
acquired the menswear and 
ladies' fashion business in 
Malvern "known as Warwick 
House, a department store. The 
purchase price of the freehold 
and leasehold properties, together 
with the goodwill, trading name 
and fixtures . and fittings, 
amounted to £117,500. Stock and 
debtors will be purchased at 
valuation which is expected to 
be around f ISO, 000. 


Protracted deliberation by 
Plantation Holdings and it!! 
advisers has brought no Hear 
recommendation on whether 
shareholders should accept the 
Mp per share cash offer from 
Multi-Purpose Holdings Bhd. 

“Many add complicated factors ” 
have been considered says Mr. 
S. W. Liv&sey. chairman of Planta- 
tion Holdings, in his letter to 
shareholders. But reactions to 
the offer must depend to a con 
slderahle extent on the personal 
circumstances of each individual." 

Several new pieces of informa- 
tion were available to the Board 
to help it make its recommenda- 
tion. 


AAR finds more oil 
in Indonesia 



ICFC BACKING 
Industrial and Commercial 
Finance Corporation has lent 
JiO.Ooo to Advanced Burglar 

AJiirn? fJJoJdings) to help the 
company finance lls expansion 
programme, which includes ihe 
acquisition of two unspecified 
small alarm systems companies. 

Since 1970 Advanced Burglar 
Alarm has taken over six alarm 
companies and restored them to 
profitability. 


I'-’ ir - ""■. 


Intl. Timber pays^ £lm for Sadd 


Je>KV>n qnd Sons, tbc;Nqnricb- 
based timber and builder^* mer- 
chant subsidiary.' of International 
Timber "Corporation, has-, agreed 
lo acquire -the Jehn Sadd mer- 
chanttogidiv^onr ofOSfiuItdh^ and 
Patti- for £1*7-'. '."I V.: 

International _ Ti<sber has the 
option of pmrchastii^^fn&ee 
cashorStock.TinitSr 

The acquisition iom^risesifiirep 
branches in. Esse, at Chelmsford,.' 
Wic Word: and Maid oh. employing 
66 .people- -and with- annual- sales : 
of around-ijt.5m. . These branches 
will join the existing JeWsba and : 
Sons- chain /bf. 30 timber- and 
builders’ : mernhanta' and ■ 
scaffoldinjr branrftes;; " ' > 

S^^Tm<mSE : : 

Because ; . Tbamton. -. Baker, 
auditors; of. Supra Gnunpv have;- 
qualified : ^he ; atxoojits .1 of ‘ the:> 
company’s latest acqtrisitlan.Ll^AS , 
(Manufacturing), An EGM^df/ 


Supra’s shareholders ‘.is to-be 
called to approve the purchase. 

- The -qualification appears in the 
circular ^detailing the acquisition. 
Thornton -Baker, the” ■ group's 
auditors, say that u we have been 
unable to satisfy ourselves that 
the -profit and loss aiceounts-and 
ihe. balance sheet, together With 
notes - thereon, give binder the 
. accpnxvttag basis stated ■; gbove," 
(the, historic. cost oonvehtibn) “a 
trne and fair view Jrff: the- profits 
. for the five years ended r Decem- 
bfer-31, 1977, and of the -state of 
. affaits. at that date."'.,: s.';- . 

. . aiAS, a close comjgiriy, is a 
-.manufacturer and distributor of 
motor components - and replace- 
ment parts .for motor- v&tides. in 
lie. I977..year it achiews^^pre-tar 
profits of £130. U8. on, -turnover of 
£728,090. :dt showed at ^ihat date 
net .-• assets, . . excluding.: deterred 
taxation of £28.206, ofi£ai.43fr. 

•.- The - total consideration’'^ of 
£310,000 fori MAS is vto.’be, met 
^through. . the -issue. .Pf'. 1 Supra 
.shares;..!:..-,. " . 


The main difficulties relating to 
MAS’s accounts are understood 
to concern its accounting of stock 
items. 

The EGM is to be held on 
December" 20, at the offices of 
Thom ton Baker, Birmingham, at 
9.45 a.m . 


MIDLAND 

EDUCATIONAL 


The offers by Alfred Preedy 
and Sons for the three classes of 
capita] of Midland Educational 
Company have gone uncondi- 
tional. 

Shareholders owning 1JS7J5S 
ordinary and deferred stock units 
accepted the offers. Preedy owned 
S4.8J6 units of each class and 
these, together with' the accept- 
ances. amount to 90.0 per cent 
of both classes. Holders of S0.31S 
preference stock units rS9j2 per 
cent) accepted the preference 
offer. Preedy. owned no units or 
this class beforehand. 

The offers remain open for 
further acceptance. 


Pre-tax profits in the region of 
£3 ,8m f£4int} have now been 
forecast for 1976. showing u 
marked improvement in the 
second half, as expected. 

The question of the Brooklands 
Estate, whose tin resources the 
local authorities want to have ex- 
ploited, is close to being resolved. 
The Board expects that an agree- 
ment will soon be made, providing' 
for the estate to be turned over 
to mineral exploration gradually 
oyer 25 years. This will allow a 
diminiriiing pan of the estate to' 
continue as a plantation. The , 
land wil} be sokl gradually to 
Kumptilan Peranpsang Selangor i 
Bhd. at HTS4.000 per acre. 

Furthermore the Malaysian 
estates have been valued at 
MS61.104.000 (113.8ml. If this 
valuation had been included in 
the December 1977 balance sheet, 
the net tangible assets would 
have been increased by lip to 
54.4p, of which 32.4p would h»\e 
been attributable to Malaysian 
assets. This valuation was 
ordered for the purpose of the 
split of the croup into two 
separate companies. 

Desnite the extra information 
available, the Board feels unable 
to make a clear recommendation. 
It believes that if the Brooklands 
Estate agreement were a Irea de- 
signed arid if the company had 
already been split into two. then 
the 'combined value of the two 
shares, including the investment 
currency premium on shares of 
the Malaysian company. " could 
well be materially greater than 
the offer price." 

But Mr. Livesey lists seven other 
factors which shareholders should 
take into account. Among them 
Mr. Livesey says that shareholders 
not resident In the UK or 
scheduled territories will not 
receive the investment currency 
premium: that Multi-Purpose 

would control both companies 
leaving other shareholders in a 
minority position and lhat the 
re-organisation is unlikely to be 
completed before Lite early 
summer of 1979. 


..... uihcvj«u unreal. iae.09 r > 

. . Clive Fixed, Interest Income 113:69 V* 

- v; Vr~ v • 

Capital Fixe* Jjjteesr TWfqao, ‘100-20 

- -!ncome ;Fg^ta r 100.04 


; SAG A BUYS HOTEL 

Sega Holidays has arranged to 
buy. the freehold and contents of 
the 131 bedroom Palace Hotel at 
Buxton. Derbyshire, from The 
Palace Hotel (Buxton l for ?340.000 
cash, payable on completion on 
December 14. 

The hotel Vbich has extensive 
conference facilities, will be 
operated primarily for holidays 
rtin by ; the Saga group. 


: . T. . - *, - . ■ r 


MIDHURST WHITE 

Shoreholders in ^tidharst Wife 
have approved a special resolution 
saving effect to a scrip issue of 
ordinary shares, and the conver- 
sion or, the existing ordinary 
shares into deferred. 

The merchant bank advisers of 
the Dutch property group XV 
Beleggingsmaatschappij Wereld- 
h2ve. which has bid for Midhurst, 
announce that Wereidhave had 
acquired from shareholders 
7,040.580 ordinary share* and 
7,040.580 deferred shares of Mid- 
hurst (over 93 per cent of the 
total share capital of Midburstf. 





Interim Report for the nine months to 30th September1978 


The ^Qrt>up^Te?ulta { uromdited j f or ihe 
nine yn&nihs ew&ed 30jb.'Septernb t fr t ; 

r; r ■ •-/ •:./ 

Pwfit'on^^d^:'^^ '-;.r£ : 7 ' . ' : ' ; 


9 months 
to 30^.78 

rm 


: 9 months 
.tb 30 J.77 

£wo 


Year to 
31.12.77 

rooo 


•'.^EnghieeHDsf;. 5 ' *V ": r - 

; . M wAiamt^ar^^ectgcal S gryicea ^ 


p r 1.475 




Intw^^ggtetyabiW-:-.- : : r: I t * • ' 


--.r 1,908 
3.3S3, 


; VfSfi) 
.V. : 3.055 


Si-'v--. ' ■ '■ ;h '>?• 

it?-*". 


-•■“i -h[ 

$S\y 


‘ptoaw^TitttiW*'. 1 • :K‘-. v ■* • 

Attij^taljle toSbareholdehy . ?>;' / 


'[;,<4JS2 
I ’ 'LS09 


Ti 2£4S 

J ’ .87 


,_2,47B 
■ 201 


; TAX !! 

ooo" 


J nfOTK- Tfc' -efmnar JoT'1<w«IJcm '?iaB bcei adjusted to eomptu ictlh Uic proriston* -o/ Amranu'nfl SB n idcrd .Vf. J5 
llixthe opteto* flfvour.ffdoh* BOWto for tt gtjpcri ol the ilefa ^a^drtcrnrd 

capital a&nrto »«» aS kai jluti St ' be void wift to Die fDrqttBbk future. C oMqw CHfly. mmtsfou tor deferred 
. Urmtkm arWva <m- *cw? rArthtd difference * bce» jrraaSded Sor^ceanparMre figure* hov e be en odju*Uyl 

SjTu' Director* ** Provision HMU ctmumm to be otodc fa respect of ollutr 

, aUeporie^iijpWcd.wdflr dcfoviHt tepxtkm. 


C Titanium, Sir Rupert Speir , continents : 

• vThfe CfeiM^- reSuRs .'for the- first nixie months of the y^r show a satisfactory 
imprmranrot cdwpay^"vrith<tiMJse of the previous. year and I anticipate that for the full 
- mm . ,wn. ^.Df w«n itTatinn win scfaiMp. thp £Tm mark 


DO 


ooo 


iiuwu)vrov;v.:. cuiuuaray-wiuj, vuuac- . IT ~ ? 

year to _31st DeCember. J978. the profit, before taxation. wlIJ achieve the £7m mark | 
comp3i^ -in. 1?77-.- p 

Paring Companies have maintained, their progress and we « 
are particttiarly ^eneouraged by British Petroleum's recent annwmmnent of a Letter of g 
Intent in respect* of .d^ign< sperificati(Mtts and budgets for topside fadBtiw for a production j 
platform for the iinpOTtenlMa^us Field. . : h 

-- - In Mechanical ahd Electi^cqJ- services 1 am pleased to say.; -that the muHi-^ervicfr | 
company. Matthew Hall Meriiaaical- Services, will again productively good results for the | 
year, and the level of ordius recetved'so iar this year is again most encouraging. Hoi Jday | 
Hall our electrical coulracting company and. George M. Bilcloughnur Jiorth East piumbing | 
company are both hav|ng'-a difficult year with reduced profit due to loss provisions on $ 
' ceriain-contracts. 1 . '' .-'. - • - . ... . is 


'.ntj i 


r*T. f>A 
i x-) : tj 


!- ,You wiU hat-e .'noliccd thaMast week, we issued a statttnent announcing the 
- a cq u isi tion 1 f rom-Brifeb Steel Coastructions ( Birmingham 1 Limited of Qualter, Hall & 
| Co! LtcL and .we welcome tlte Directors and employees of 

[ the Matthew Hall GrwpL .. This awjuisitlon complements 3!|tthew HaH Onech, our 
i mJmns company. aiid' enafn^ us to extend into materials handling, especially for the 
i S^dSbywb ch will continue, long term.-to provide a majw^ource « energy. I am 
«> announce that Matthew -Hall Oittch taw njjflr UmmM a 
| coneaSS the National Coal Board coal preparation plant at Hatfie-d Colliery. 

| announced Junft W Mr, A. H. J. Hoskins was appointed Managing 

! Director in plat*, of Mr. D-.E- Qancey .CBE; ■ 

The- Directors hare declared an interim dividend of l.^ppw oniinary share whidi. 


Matthew Hall & CorLimited,.Matthew HaU Honse, Tottenham CotuySoad. London W1A 1ST. 

ENGINEERING COKTRACTORS" 


! 

I 


AUSTR.\LlA'S -AAR has found 
rraces of oil in the beram area of 
Eastern Indonesia. The company's 
Belien “B" exploration well en- 
countered evidence of oil below 
556 feet and AAR says that test- 
ing is being carried out to ascer- 
tain if the indications are of 
commercial aignincance. 

The well is bein'? drilled under 
the terms of AAR's production 
sharing contract with Pertamina, 
which covers a 30.000 square mile 
black in ibe Scram area including 
the small producing Bula field, 
and fo located IS km south -south- 
east of the Bula oilfield. 

AAR. which is S3 per cent owned 
by Australia's CSR. spudded (he 
well on November 25 and is now' 
running casing at a current 
deDth of 800 feet. 

A Philippine'5-ba.ved oil 
exploration consortium led by 
Swetden's f>alen Corporation will 
begin its third exploratory drill 
in the disputed Reed Bank area of 
the South Chins Sea before the 
middle of next year, according (o 
Industry sources. 

The area, some 35U miles south- 
west of Manila, is considered by 
ihe Philippines as part of its 
economic zone. It fits mi the edse 
of the .disputed Spratly Islands 
teritaries idso claimed by Viet- 
nam. China and Taiwan. 

When the consortium began its 
first exploration in 197G. finding 
quantities of gas and condensate 


but no commercial oil. China 
reminded the Philippines of its 
claims in the area. The UJ5. State 
Deportment informed Amoco, a 
member of the Consortium, that 
protection might not be available 
in the area because of the con- 
flicting claims. 

However, the consortium put 
down another exploratory well Iasi 
year, again with no success. 

^3 len is expected to return to' 
the area around May next year, 
with seismic surveys of the 
planned drilling area expected io 
start shortly, possibly before the 
end of the year. 

•ir + ★ 

Gulf Off has completed testing 
a non-commercial gas zone below 
17.64U ft in its Hudson Canyon. 
New Jersey 1S-3, Block S57 well. 

Additional testing is planned in 
the upper zones and it is 

estimated that the programme 
will be completed in three to four 
weeks. Total cost of drilling and 
testing is expected to exceed 

S13m. The well is located _ 90 
miles offshore Atlantic Cily. New 
Jersey, in 349 ft of water. 

* + ♦ 

ACilP S.p.A. has drilled an oil 

well in the Adda River Valley, 
near Milan, to a depth of 7.110 
metres, which it claims is a record 
depth for a European well. 

Driling took 370 days according 
lo the company, which is a unit of 
Italy's state energy group EaYJ. ; 


SHARE STAKES 

Toye and Co.: J. B. Hayward 
and Son (medal specialists) now- 
holds 270,000 shares (12.01 per 
cent). 

Grovebell Group: Soamglow on 
November 10 bought 50,500 shares. 
Soamglow is wholly owned sub- 
sidiary of an associated company 
of Sonesta Investments which 
bolds a substantial number ol 
Grovebell shares. 

Greeabank Industrial Holdings: 
H. W. Loveday, director, has 
bought 100.000 shares increasing 
his holding to 2,021^B7 shares 
(30.03 per cent).. 

Situs Darby Holdings: Wee Cho 
Yaw, director, notifies holdings by 
companies in which he is deemed 
to be increased of L610.000 shares 
(previously 1340.000 shares). 

Trust Houses Forte: Kuwait In- 
vestment Office has acquired 
interest in a further 100.000 shares 
making total 5,580,000 shares (5.54 
per cent). 

51 airhead: Following the reach- 
ing of the age of majority of his 
children. Sir Raymond Brown's 
interest is now 454,368 shares 1 5.4 
per cent). 

Myddleton Hotels: Town and 
County Factors, wholly owned 
subsidiary of Ladbroke Group, 
holds 320,781 shares. 

Bambergers; C. D. Woodbum- 
Bambexger. L. A. Woodbum- 
Bamberger and G. E. Ward have 
disposed at their interests follow- 
ing . the International Timber 
oner. 

International Timber Corpn.: 
C. T). Woodburn-Bamberger. L. A. 

Woodbum-Bamberger and G. E. 
Ward have respectively acquired 
interests in 153,445, 244,816 and 
60,434 shares. 

J. SaviUe Gordon Group: Hold- 
ing of 154.768 shares of F. Alien 
Rowlands, deceased, has been 
bought by directors as follows; 
J. D. SaviUe 52,384 shares. P: R. 
Harrison 52.384 shares and J. E. 
Willetts 50.000 shares. Mr. 

Willetts’ purchase hes been 

already announced. 

3JH Furniture Centres: A. C. 
Sou then, director, bought 15,000 
shares on November 30. D. R. 
Hughes, director, bought 5,000 
shares on November 27. N. A. V. 
Lister, director, boucht 50,000 
shares on November 30 

' Finlay Packaging: Northern 

Bank Pension Trust holds 442,000 
shares (5.15 per cent). 

Stotheil ahd Pitt: Prudential 
Group, as a result of recent rights 
Issue, holds 143,000 shares 
(5.56 per cent). 

Davy Corpn*: Prudential Assur- 
ance Company, as a result of 
recent bales, now holds 5,971,400 
shares (T.k per cent). 

Globe and Phoenix Gold Minin? 
Company: Rhodesian Railways 
.Contributory Pension Fund has 
interest in 115,500 shares 
(13.03 per cent). 

A. Arensou (Holdings): P. D. 
Tovnshend, director, transferred 
16395 shares to his former wife 
as part of a divorce .settlement. 
His holding is now 3,133 shares. 

.Mansion Thompson and Ever- 
shed: Prudential Group holds 
ordinary shares amounting io 
5J3 per cent. 

Cantors;' E. C Cantor, director, 
has sold 25,000 "A” ordinary shares. 




Sarigers 


INTERIM RESULTS 


Huff Tew to HotfVn ru forte 
31st August. 31nAggsn. 28tt Fekruarr. 
1978 1977 197B 


£000 £000 £000 


Sales 


49,048 44,942 90,798 


Profit before Tax 


Profit after Tax 


1,008 

484 


815 1,651 

391 760 


Dividends 1 -80p 1 .80p 5.80p 

Earnings per Share 5.46p 4.45p S.60p 


^ Pre-tax Profits up 24%. 


■5^ Increased contribution from all 
Divisions. 


tJs- Optics Division now a major company 
in retail optics. 


Results for the year expected to be well 
in excess of last year. 


THE SAMGERS GROUP LIMITED 

Cinema House 225 Oxford Street London W1R 1AE 




LOOK TO YOU 
FOR HELP 


b.— -■ - 


Donations and information: . 
MaiorThe Earl of .Ancaslcr, 
KCA'O.TD., Midland Bank 
Limited. 60 West Smithfield 
London EC1A9DX. 


British Limbless 
Ex-Service 
Mens Association 


‘GIVE TO THOSE WHO GAVE-FLEASE* 


We come from both world wars. 
We come from Kenya. Malaya. 
Aden. CVpnw . . . and from Ulster. 
From keeping the peace no less 
than from wax we limbless look, to 
you for help. 

And you can help, by helping 
our Association. BLESMA (the 
British Limbless Ex-Service Men's 
Association) looks after the 
limbless from all the Services. 

It helps, ttiih advice and 
encouragement, io overcome the 
,*J)oelf of losing arms, or legs or an 
eye. It «ees that red-tape does not 
stand in the way of She right 
entitlement to pension. And. for 
severely handicapped and the 
elderly, it pros ides Residential 
Homes where they can live in 
peace and dignity. 

Help BLESMA. please. We 
need money desperately. And. we 
promise you. not a penny of- it will 
be wasted. 


EVANS OF LEEDS 


LIMITED 


Property Investment Group 


UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 
30TB SEPTEMBER. 1978. 

Half year to 


Gross Rents Receivable . 



30ih Sent. 
1978 
«■ 

30th Sept. 
1977 
f 

CUS.H2 

Interest Receivable 



49,029 

333 

Profit from development 
Properties 

and 

Sale "f 

6’JnO t y 

14.645 

Less interest charges 
expenses 

and 

other 

1.509.948 

650.171 

1.233.120 

540.699 


Profit before taxation 


692.41*1 


Interim Dividend of U.5p per share pa.' able 12th January. 1979 
(O.ap per share). 


SPECIAL DEVELOPMENT AREAS 



Al~ 


vJ 


Saw 




Two of a kind. 
The unbeatable hand 


F Over 700 companies — 
industrial. commercial, 
professional — have, according 
lo their own accounts, received a 
very good deal from Scotland's No f 
New Town since it v/a* first 
established in 1947. and the hand 
which East Kilbride can deal to any 
incoming company today i.\ stronger 
than ever. East Kilbride has two 
umrumpable aces. 

Ace I. Over 31 years’ continuous, 
practical and proven successful 
New . Town Development, with 
equally successtul development of 
industry and commerce. Through-, 
out. East Kilbride has believed in 
putting experience lo work by 
creating, from day one, a joint lop 
team, working together to the same 
aims: your objectives in relocating. 
Wc put the heads of our depart- 
ments together with the heads of 
yours. Which leads direct to 
Ace 2. The same East Kilbride team 
which put its heads together with ihe 


first arrivals is there today. Active, 
involved and experienced over three 
decades, ii is ready io put iis 
accumulated knowledge lo your 
benefit. 

It is unnecessary we believe in lNt 
here the other ad'.antases to be 
gained from locating >n East 
Kilbride. Your company will already 
ha\e established ihe a\ailabiliiy of 
existing factories, biles, offices, 
workforce, housing, communica- 
tions and so on in your feasibility 
study. You will also be knowledge- 
able ul the linanciai benefits ol a 
special development area. 

Bui if you think, as "00 oihcr 
companies ha\e before, that 31 years’ 
experience plus a team effort of head* 
together makes rather more sen.-c 
than most, call either of the two aces 
in East Kilbride: 


George Young,. managing direcior. 
George Grassie. director ol develop- 
ment? On East Kilbride 411 II. 


We put our 
heads 
together 
with yours.. 


<<f 


Ace 



EAST KILBRIDE: Scotland's No 1 

The Town that was Built to Build Business 


EASTK1LBR1DT DEVELOPMENT CORPORATION. Aiholl Hr-ure. 
Ea>l k'lbndc G - 4 ILL’. Tv! T i-i Kiibridc 411 i I. Tele, . 
Our London coiiiuci: Jack FL-cU;;. S<.ont:h N_« Tu.uo 
London Oti>c**. T ;l. n| : • 


mm 







international financial and company news 


AMERICAN NEWS 

- ' r W •>' ■ . 

Chrysler seeks federal 
guarantees for loans 

BY JOHN WYLES NEW YORK. Dee. 4. 

CHRYSLER CORPORATION has executives, together with Mr. Indiana plant which will manu- 
sraphitally underlined its short- Felix Rohafyn. a prominent facture transaxles. The coin- 
age of funds for development bv Investment banker with Laaard pany’s prospects are not 
applying for S250m of VS. Feres, were meeting today with apparently rated highly a! the 
Government loan guarantees in Mr. Stuart EizensiadL the Presi- Agriculture Department s agency, 

connection with the roDst ruction dent's assistant for domestic not least because -5250m oT 

-of a new manufacturing plant affair-. Among other things, it guarantees would eat up to 25 

in Indiana will he surprisina if the com- per cent of the agency's 

The anolicaUon to an a’enev pany dwM not strew the strain guarantee authority, which is 
of the Agriculture Department. H* halance-sheel caused hy dedicated tn aiding economic 
makes Chrvsler the second the need to meet Government development io rural areas 

fuel economy and emission Chrysler' s hope is probably to 
requirements. Management may obtain cheap money with a 
oven lie asking for White House longer than normal maturity with 
lucking For Ihe company's the help of the guarantees, 
request for relief from the fuel Chrysler has to finance SL25bn 
standards covering vans and of its $7.5bn capital investment 
liaht trucks, which have been programme for the next five 
sci fur the 1981 model year. years from earnings and loans. 

The Farmers’ Home Admini- and the contribution from profits 
sLraUon has not yet made a over the next 12-18 months will 
decision on Chrysler’s request probably be non-existent or even 
fur loan guarantees covering the negative. 


Detroit auto company to seek 
financial support from the 
Government. American Motors, 
the smallest of the Detroit Four, 
is asking For 5109m of federal 
guarantees from ihe Economic 
Development Adminisl ration of 
the Commerce Department. 

But there is speculation th.it 
Chrysler's bid for assistance may 
extend beyond backing for its 
investment in Indiana. Company 


Tender success at United Tech 


BY OUR OWN CORRESPONDENT 


NEW Y&RK. Dee. 4. 


UNITED 


TECHNOLOGIES of fh«* lender offer which could pleting the transaction. 


leave the tendered shares tied up United said today that it would 
indefinitely. resist any such application hut 

Last Thursday a Federal Court stressed that it was still hound 
in New York denied applications hy an agreement with the 
hy Carrier and the U.S. Govern- Court which issued last Thurs- 
menl for a temporary injunction day's decision not to purchase 
against the merger pending the tendered shares before noon 
resolution of the anti-trust ques- on Friday. 

lions which both say are with The success of its tender 
pared to take the risks attached involved. offer. Untied has clearly won an 

lo the legal thicket in which This derision will be appealed imporlan! initiative which paves 
United's takeover bid is over ihe next few days and the way to complete the acquisi- 
em broiled. The mam danger fur Uarricr and the Government are Hon through the issue of suite 
these stockholders is thal Garner expected to seek, at the same 11.6m of it* shares to Carrier 
and the -Justice Department will time, an order barring United stockholders, bringing the total 
succeed in winning a temporary Technologies from paying for the value of Ihe deal to around 
injunction against consummation lendered shares and thus com- Slbn. 


announced today that us $28 a 
share tender offer had swept io 
the targeted 17m shares, or -19 
per cent of Carrier Corpora l inn. 

At the expiry uf the 111 am 
deadline this morning, u 
appeared that lingers of more 
than I7in shares had been pro- 


Eurobond base for Morgan Guaranty 


BY JOHN EVANS 

MORGAN GUARANTY TRUST uf SlOm and a London staff of 
Company vesterdav announced about 2(1. 


plans to become a major partici- 
pant in the international bond 
markets. 

ll is establishing u London 
based subsidiary. Morgan 
Guaranty Lid.. In unrie/unle and 
Irade in Eurobonds. 

The New York bank's plan 
means (hat all the big L' S. banks 
have now established themselves 
in the Eurobond market, up have 
well-advanced programmes lu 
expand (heir bond ope rations. 

Morgan Guarani;, hones lo 
have its own Loud operation 
funtionina by next spring. 

The new company i> a» be 
formed as a subsidiary i»r 
Morgan Guaranty International 
Finance Corporation, an •* Ed-e 
Act" company wholly-owned by 
the bank. 

Plans call for the nejv com- 
pany to have an initial capital 


As well as underwriting and 
I radios. Morgan Guaranty Ltd. 
will be involved in the private 
placement of debt securities. 
according to a bank announce- 
ment. 

The bank's interests in the 
Eurobond market up lo now have 
been mainly represented in a 
modest way hy Morgan & Cie 
in Pans, which has co-managed 
some issues, and by Morgan 
Guaranty and Partners in Singa- 
pore. 

Morgan Guaranty originally 
owned Eure-clear, the global 
clearance sjsiem for inter 
nationally ■ traded securities 


settlement system by a single 
bank as potentially dangerous. 

Morgan Guaranty still retains 
links with Euro-clear. but on a 1 
more distant basis. 

The new bond subsidiary 
should become a member of the 
system, in the normal course of 
establishing itself as a market 
trader. 

In recent weeks, it has become 
dear lhaT several American 
banks are planning un enhanced 
presence in Eurobonds for early 
next year, in addition tn Morgan 
Guaranty’s move. 

Among these. Bank of America 
international plans to become an 
important bond market maker in 


established in 1968. Ownership 1be V W near future, 
subsequently passed to a group Chase Manhattan Ltd i« rein- 
of some 12fi shareholders in 1972. forcing its Eurobond activities 
There was pressure on the U.S. and the American Express group 
hank ai the lime by critics who Plans to enter the secondary 
considered control of such a bond markets. 


Lockheed 
to pay 
dividend 
after loan 

By Stewart Fleming 

NEW' YORK. Dec. 4. 
LOCKHEED HAS signed a new 
loan agreement with Its 
bankers which will allow it to 
pay a dividend for the first 
time since 1969. The company 
is presenting the new credit 
arrangement . as further 
evidence of its improving 
financial position. The new 
agreement replaces an noused 
5200m revolving credit line and 
a S25£bn term loan which have 
helped poll the company 
through the financial crisis tl 
hit earlier in the decade. 

Lockheed had to he rescued 
from near collapse in 1973 
when the U.S. Gougress gave 
the company a S250m loan 
guarantee. At Ute root of the 
company's problem- was ihe 
financing burden for (he 
L-1011 TriSlar programme, and 
the difficulties Lockheed en- 
countered with the TriSlar in 
the wake or the collapse of 
Rolls-Royce which supplied the 
engines. 

Lockheed says that the new 
credit agreement puts (he com- 
pany on a normal financial 
basis, removing restrictions on 
its operations which its hank 
lenders bad imposed 

According to Lockheed 
officials the new arrangement 
provides a revolving credit 
line of 8425m that gradually 
drops lo $275m on Ociubei' 31. 
1981. Ou that date Lockheed 
has the option to convert (he 
credit to a term loan for the 
following four years. 

■ Among the changes which 
the new agreement makes are 
a reduction in the amount of 
collateral required hy the 
banks and in the degree of 
approval they must giie for 
major new corporate projects 

Canada raises 
extra C$550m 

By Victor Mackit ’ 

OTTAWA. Dec. 4. 
MR. JEAN CHRETIEN, the 
Canadian Finance Minister, 
announced details «f (he 
Canadian Government's CMbn 
re-financing operation, designed 
to raise an additional CSoJOni. 

Ottawa will offer a bond 
issue in (he Canadian market 
in three parts, as fallows: 

• 9.75 per cent hoods due 
February l. 1982. ai a price of 
'J9! per cent lo yield about 
9.98 per cent to ma rarity. 

• 9.75 per cent bonds due 
February I. 1981. at a price of 
99.25 per cent to yield about 
9.93 per cent to maturity. 

• 9.73 per Cent bonds due 
December 15. year 2000. at a 
price of 98.75 per cent to yield 
about 9.89 per cent to maturity. 



THard. 


One way to operate is to concentrate 
decision making in the centre or in the 
hands of a few senior executives. 

Another is to follow old established 
routines and traditions. 

The third - and most dynamic 
method is to be flexible - the approach 
we have adopted in Skopbank for the 
last 70 years. Perhaps this is why 
the Skopbank Groups *• is now the largest 
banking organisation in Finland with 
a share of over 30% of all Finnish savings. 

When you need banking sendees 
in Finland - think dynamically - think 
Skopbank, the commercial bank with 
a modem, full-sendee network of 1.300 
offices, the biggest banking group 
in Finland. 

Market shares of total deposits 


19 /4 19 i 8no An?) 


% 


V 


The Skopbank Group** 29,6 30,9 

The cooperative banking system 22,4 23,8 
Biggest commercial bank 16,8 15.5 

Second biggest commercial bank 14,6 13,6 
Others 16,6 16.2 


$> 

si 

kO 

81 

pi 

be 

tnJ 

a 


The Skopbank Grcraj 
The Dynamic T 
of Finland 



Street address: Ahksanierinkatu 46 SF-OQW Helsinki IQ. Phone: 170361. Teles: Foreign Exchange and Eurobonds 
1 2759 shop sf, Payment Orders 12228S shop sf. General Business J222S4 shop sf. SWIFT-addrcss; SKOP FI HH. 
Affiliated bank: Banquc Sordeurope SA., Luxembourg. 


INSURANCE BROKERAGE 


Moving overseas 


BY DAVHJ LASCELLES IN' NEW YORK 

SUDDENLY, it seems, the M and K did this by taking a wanted to move eloser to what 
sedate world of U.S. insurance stake, usually 30-49 per cent. -in he termed the wholesale 
brokerage is all get-up-and-go. In a -brokerage house in the coun- market for insurance, ana uiis 
only sis months, the big three try where it wanted, to go. 3ut only really exists at Lloyds- »ut 
brokers have all announced -other brokers took a different he added that as suppliers ot 
plans to tie up with foreign approach. Alexanders went for- 10-15 per cent of LloytFjs lot* 1 
counterparts, mainly in London, joint ventures with '" 'total- business; M and M -wanted to be 
and several smaller ones have brokers, some even set tip their there “in a meaningful, useful 
done the same. But. while this own operations from scratch; and acceptable way. 
mav seem no more than a game But the result was the 'aaxhe: Meanwhile, over at Alexanders, 
of follow-my-leader. each claims U.S. brokers rapidly began- to Mr. Jack Bogardus. the chairman- 
to he doing it for quite different appear wherever there was bust said the motive was to strengthen 
reasons. ness to be had. the company’s overseas presence 

XvniM , . h „ ..-.-nt But Britain, because it., had to serve its multinational client* 

a„™™«n.en?b, A&nteSd Ll0 >' ds - «• «»"»«• 11 Particularly in places like the 

Alexander, number two in the — ~ . ; — - ' ■ ■ — — ■ — — . 

industry, that it planned some . '■ 

kind of link. pp with the merged 1Y77 (smj 

interests of Lloyds brokers Revenues Earmngs- 

Sedgwick Forbes and Bland Marsh and 


415.2 


S&l 


MM 

149.2 

215 


115. 

1BJ 


Foreign business has become 
essential to the U.S. insurance 
broking Industry- and recent 
developments in this field 
only underline the significance 
of a longer term trend; In the. 
UK. approval ^? Lloyd’s for 
the recent takeover of a UK 
broker has stimulated further 
interest by U.S. houses. .. - 


Payne. If it goes through. MacLennan 

Alexanders says, it will produce Alexander and 
the largest insurance brokerage Alexander 

business in the world. Only weeks ^ B Hall 
before, industry leader Marsh ■ ■ 

and Maclennan had said It was Jahirson and 
negotiating a business pooling . Higginsr 

arrangement with C. T. Bowring. f Not a publicly quoted conapapy. 
the largest Lloyds broker. Revenues estimate from Business 

Although this flurry of activity Insurance, August 7, 1978. • 

has an air of suddenness about • / - • ' - 

it, its roots go back as far as - 

10 years, to the days when in- far harder market to break' into Middle East where • the -Lloyds 
surance brokerage began to and Lloyds rules placed limits firms be wants to link tip with 
emerge as an aggressive, growth- on the involvement of. foreign are strong, 
oriented business. brokers. As a result, most:H.S. ..“We believe our ^overseas 

The first sign of this was when brokers had to be content With presence is satisfactory, . be.saia, 
Marsh and Mactennan went pub- establishing a limited presence, “but this was an opportunity to 
lie. and other brokers followed or setting up special, sometimes enhance it. This will give us a 
suit, bringing a big shakedown exclusive, arrangements;.; ^vrfth' great deal of strength around 
as large companies bought up Lloyds brokers. - ' • -the world." : ' 

smaller ones, and others merged But there was a marked Ia.ck of The common theme at an 
their businesses. Competition logic, if Dot fairness, in this state three, though, is expansion a 
became intense, partly because of affairs, since VS. brokers fact which some people in u*_e 
the public companies set them- brought by far the largest' volume. U.S. insurance brokerage busi- 
selves high earnings targets io of foreign burtness to- Lloyds, nes view with dismay, since it 
boost the value of their shares. And though the Americans do seems to put professionalism in 
partly because the industry came not like to insist on. this point, -second place. • 

to he run by professional it began to chafe. . . - .“ One of them is Mr. Kicnara 

businessmen rather than the a shift finally came earlier.jthis Purnell, chairman -of Johnson 
brokers Ihemselves. year when Frank B. Hall, the third and Higgins, a h™ nn ' 


pn- 

ers 

the 


Blit* bv the* 1970s. the scope for largest” u‘.S. broker, won Lloyfls vately-owned insurance brokers 
expansion within the U.S. for approval for a takeover of which tries to CUJtlv 
wiants like M and W (whose brokers Leslie and Godwin, pro- professions traditional virtues, 
revenues this vear will be in the vided . the Lloyds business.: was. He argues that the publicly 
region of half' a billion dollars) handled by a separate subsidiary.' quoted brokers are under cot^ 
Jad heromi Iinilted both hi lack It was to the wake of . this slant pressure to grow . and 

of roora°and the growing dangers IggSlSiSZ So** ^ 
of anti-trust accusations. So it Alexanders moved too. 

was natural that further growth 


this is bound in. .the- end to- re- 
But, apart trom moving closer fleet itself in the quality of tbeir 
... , , , . to the heart of the insurance services, 

would have lo take place abroad. wor |^ w f, a t were their mqtiyesf fa confrast to the Big Three’s 
Many of the larger companies Quite different as it turng - out. ultra - modern headauarters. 
had already moved overseas. Mr. Albert Tahmoush, chair- Johnson and Higgins Wall Street 
mainly in the wake of Iheir U.S. man of Frank B. Hall, 'stressed offices are more like a London 
clients, and all. of course had company’s desire to become eluh with aotique furniture and 
links with Lloyds brokers since rnore international by expanding deep leather armchairs, 
this was where mo,t of their j| S marketing and service “ We have developed our over- 
business went. But the trend facilities. He said, “Leslie and seas business on the basis of 
now shifted to gaining footholds Godwin, which to a full-’s«vice exclusive relationships' .with 
in foreign markets. company, has particular jarper- brokers abroad/' Mr; Purnell 

As Mr. Jack Regan, chairman tise in. pension schemes; and said. “It has taken ue years to 

reinsurance, which are : -' two build this up, but we believe it 
lines of business that we: have provides the best service.” He 
been expanding." --X. ’ added that there were no plans 

By contrast. Mr. Regan- -said to alter Johnson and Higgins’ 
he viewed M and M’s roove_as long-standing exclusive- re brio n- 
* vertical rather than ship with its Lloyds brokers 
expansion. -'-He Wild are Willis Faber- and 
that his company Dumas'. ■ . ‘t* < 


of M and M said *’ iu 1970. we 
look stock of our international 
business. Before then we 
referred our clients to corres- 
pondents if they went abroad. 

But this did not swell our busi- aiming for 
ness. So we decided to establish horizontal 
our own foreign operations. 


explained 


eurobonds. ; 

West | 
withdraws 
DM 
issue 

&y Francis Ghflfcs .!? > _ 

WESTTJEUTSCHE - IALndesbknk ./. 
postponed a DM SOm issue fpr an 
unknown : European -borrower 
vesterday but -.'Deutsche Bank, 

ineanwhdfe- went ahead with "a .. 

DM 60m seven-year usae iftr 
Nordic Investment Bank.; {Other -• 
terms include, a coupon ofuVsec-'- 
cent and a price of 9ft.) Qafr cap : 
only speculate as .to the exact-- • 
reasons of Westdeutsche Landes- 

bank’s decision. XLLL.'- 

The DM sector has- bee^ t -_, 
suffering from slight fn dig^ttoa ■ 
for some time now and the heavy.-; - 
calendar of new issues znnawxmLi 
three weeks, ago .-tDM- LmL in'. . 
the six weeks tn Qtristmas)- was’; 
not welcomed by many German, 
bankers. Many Jyonds issues'-are; 
not being easily placed: - banfa-^ ,j, 
are understood to, be carrying - 
lot of paper on their own bod^C 

Last -week- Deutsche . Bank; < 

offered two issues in tfie mariapt,^ -v 
one for -Brazil 1 and' the other-for- • 
Oesterrichische ' Koh trail hank^ V 
with coupons' higher than many -. •’ 

bankers had- expected, thus fore-; . 

ing Westdentsche LandesbMik J® i • 
/□crease the coupon on the Qoci- 
dentai issue .it had . launched -the -' J? 
week' before , and. which it^wasC r 
about to 'priM. Dtepite seeing .. ..V 
its coupon increased by a-qaar-.v ,i 
ter of a point ;to 6f per cent (the _• ;.v 
pridng 'was at par as indicated 1 
the. Occidental bonds were trad- 
ing - at a discount ■ of it '* points' • 
yesterday^ ‘ t“'v 

Meanwhile, ' in : pre-marxet 
trading, the two issues., b^iiig. - 
arranged by . Deutsche Bank were 
being', quoted at smaller "dis- ' 
counts than that for Occidental, • 
There wan some speculation.- that.-- 
the unknown borrower .West- 
deutsche Landes bank was; 'plan- J- 
ning ; to bring .to ihe market may 
not have wished to pBy a hi^xer "* 
coupon than, that originahy pro- 
posed. 

In tht secondary market in 
the “ ‘DM - sector; trading^ was - 
described as quiet with prices 
unchanged. . • . •. ' 

In tbe dollar . sector,’ the Bank 
of Baroda (London) .has just 
completed an issue of $20m. in 
floating rate " certificates ; - of 
deposit ntaturihg : in 1981. Tbe 
lead manager Was. Citicorp. . 

With- 7 demand from borrowers 
to float Swiss, franc-demoninAted * 
bonds tailoring off. only' one new 1 
issue is expected to be confirmed : 
before the end of. the year: indi- . ) 

rated fenns for . toe SvfFr . WOm : , 

-Z-,eaF bond for the "Council. oP f 
Europe include a coupon pi 4*; j 
per cent and an issue. price, of* ) 
par. Lead manager is '.Banca deL ; 
Gottardo- ; ' /. . • ■-» t 


Profits rise 
by 28% 
at Petrobras 

By Diana Smith 

RIO DE JANEIRO. Dec.. 4. 
SHOWING NET assets of 
Cr 22U.346bn lSl0.5bn) on Sep 
teniber 30. 1978. compared with 
Cr l?.5.341bn (Sfi.Tbn) on the 
.tjine date last year, the consoli 
dated results of Brazil's giant oil 
munonuly. Petrobras, show that 
the u-onslomcrate is still crow 
ing. spreading its operations 
from importing, refining, drill 
ing. producing and distributing 
nil, to petrochemicals, fertilisers 
and mining. 

Consumption of derivatives 
rose by 7.S per cent to Septemher 
?0 (7.2 per cent more petrol. 
9.5 per cent more fuel oil J 
Meanwhile Pelro brass net sales 
rejiched S5.9bn. compared with 
SHJJbn in tbe first nine months 
nf 1977. 41.S per cent nominal 
growth that kept about 5 per 
cent ahead of local inflation. 

Net profit, meanwhile, rose 
from Cr l3.20Si>n (S6S0mi on lo 
Cr lfi.92Sbn iS84fimi— a 2S.2 per 
cent increase. 

In the first nine months of this 
ear. Petrobras invested 
Cr 31. 1951m (81.6bm in its 

operations — 54 per cent more 
than in the first nine months of 
19 ij. Direct investment in drill- 
ing l^TlOrni absorbed 44.4 per 
coni of all investment, with the 
Campos offshore basin off Rio de 
laneiru State's coast, taking 
priority m the rush lo produce 
domestic oil. At the moment. 
Brazil produces 165,000 h| of 
crude a day — and consumes 
almost nine limes as much. 

This is reflected in the import 
rude lull, totalling S2.9SSbn in 
nine months. 

Profitability on nel sale? for 
the nine month period equalled 
14 1 per erni compared with 15.fi 
per com for January-Scptember 
1977. Nel asset value per share, 
meanwhile, rose from Cr 2.60 
U.S. L-cnis-13i in September 
1977 In Cr 3 lU.S. cents 15 1 in 

Seorember 1978. 


Low rates for 
small concerns 

By Our Own Correspondent 

NEW YORK. Dee. 4. 
REACTING TU the sharp rise in 
interest rales. Manufacturing 
Hanover today announced a 
P«d a I loan rate for small busi- 
nesses set at H per cent below 
Ihe prime rati*. 

The Bank said the rate, starl- 
ing on December 12, will apply to 
loam, aggregating S500.000 for 
customers with assets of SI.5m. 
or less. 

A spokesman said tbe rate was 
designed to help small concerns 
finance their normal business 
requirements. “Wc have a 
iraditionaJIy strong position- tn 
(his market ” he said " and we 
believe i> will be helpful to -our 
customers and to New York.” 

The move, which follows simi- 
lar rate cuts at Boston and Pitts- 
burgh banks, was believed to be 
the first by j major New York 

hank, prompting speculation that 
uUicr bank*, in the City would 
follow suit. 


FT INTERNATIONAL BOND SERVICE 


The list shows the 200 latest international baftd issues for which an adequafa secondary, market 
exists. For further details of these or other bonds' see the complete list of Eurobond prices pabitshea 


on the second Monday of each month. 


Closing prices on December .4 


25 

115 

75 

100 

SO 

25 


75 

so 

25 

75 

250 

ISO 

75 


U.S DOLLAR 
STRAIGHTS 

Asa AW. 91 83 

Ainrratia S.« *3 
Australia 93 
Beatrice Foods- t; >3 

CEOA. 41 1.7 

CECA 9 ra . . . 

CECA 9! an . ... 

CNT 9 93 

Canada R S3 

Canada S.2U S3 . 

Canada !•• R 

Canada 9 W 

Canada •! 9B 

Canadnir 8i S3 

Dominion Brldsc Co. B SO 

EIB 91 SS 

EksponBiiarw 9 86 

F inland *; m 

Ptnland B $6 

Hospital O S B 83 

Iicl Finahci* 9J 88 .. . . 
tbil FtnancM Bl 90 . 

J. C. PfRurjr hj XI . .. . 
Mav BIwHol 01 «; . . 
nr. Dev. Fm. s: sa 

X7. Dcr. Fin. ai S3 .. 

Nat. West. 9 86 

Newfoundland 9: W .. . 
Nurd Iiit. Rk. S’ S» 

Xonteg Koram. 91 Be . . 
Norvar- T. 83 
Norway «C ss 
OeddcnlJj S' ^3 . 

Uni. Hydro s; S3 
iRtTber Hydro 9| Bn 

S«.rd~n 9j 

i'N* s: si . . 

UK #; m . .. 

DEUTSCHE MARK 
STRAIGHTS 


ArcL-iunui «: .«■ 

Aslan Dl-icIuo. Bk 31 59 
Australia & w . 

\u*«na 3: M . 

Kanlcam.-nra 3; SB . ... 

hw*. EXI. Algtnc r, S3 IBS 
CECt C ss . — 

'•.nnda 4) S3 .. 
riiav Manhattan O S 8 03 
Cnmnwrrhank Im. Virw 3* 
rMiimmbanii Jn:. XW .71 
Cot«-nb»i.'n City K 99 
('omi.-il uf EuroiK* Si .. . 

Of Europe 6t . .. 

FIB 6 M 

fit AiiUllaltro 3i S? 

Klnlasd r, S7 
”iia.-hl Ship, s: SJ .. . 

iRi 3 H 

} »**)flwi*ta 7 M 
Kob.’. Cliy of jj Sn 
i-'ahi Servtros di- Efct. . 

M'. xlrtt 6 S3 .. . . . 

Mitsubishi Pctro 31 85 100 

Mbimn Xti-i-l 31 S3 . . . iso 
'•orut-s Komra S 99 . . . 100 
Norway 4i »3 .250 

Nonn-nlan rnd. Bk. 6 W . 12 S 
p^lrnico BroitJ 7 SS .. . loo 
PK Dankt-n 55 SS IM 

UuplM'L-. Ptwntr of 6 90 159 
HauljrtntfcU Of 5: j« .. 30 

ftituh 3; tn ... 30 

Spain tl SS 20t 

StaioJl a «3 xx 

TrundVIiu. Qiy or 31 . 35 

I’DS Cruup 3? S3 . 65 ’ 

Vrijvzuela 8] 9u 155 


Change on 

luued Bid Offer day ^reck Yield 


fTi 

W 

«i 

•m 


m 

vrt 

993 

« 

* 

Wl 


0 

+Si 

+M 

+01 

+«l 

+01 


+01 
*0* 
— di 
+ti 
+Oi 
-+B3 


9.92 

9J9 

9JJ 

8.97 

IM 

13X 


25 

994 

99i 

+01 

+02 

9 JO 

75 

94 ; 

97* 

+8* 

+0* 

4J* 

250 

os; 

95* 

-04 

-« 

9A6 

258 

944 

95* 

-11 

-14 

9.41 

250 

94J 

95* 

+0i 

+01 

9J9 

400 

994 

991 

+06 

-Pi 

4.30 

350 

1801 

1882 

+06 

-w 

9X2 

78 

96 i 

962 

+01 

+01 

9X9 

25 

981 

98* 

+81 

+M 

19.03 

125 

97* 

90 

+0* 

-Pi 

4J» 

SB 

97* 

97* 

+M 

+81 

4.46 

188 

97* 

97* 

-to 

-Bl 

9.70 

188 

96* 

464 

+0* 

-81 

9.7* 

25 

961 

97 

+01 

+81 

9J7 

25 

95 

451 

+« 

+0i 

10J6 

20 

931 


-0* 

+« 

11.04 

100 

97i 

•72 

0 

j+8l 

920 

50 

97J 

98* 

0 

+ 8* 

1X» 

a 

941 

95 

+0» 

+U 

4.59 

a 

94* 

982 

-01 

+0j 

9-54 


4f 

901 

96J 

971 

943 

971 

923 


90J +01 
981 +01 
971 +01 
911 +Qt 
*« +01 +0J 
983 +or +0* 


+01 

+« 

+ 0 < 


9JX 

9AS 

9^2 

957 

9.« 

9.«7 


•31 +01 +« 10.39 


12S 

«5I 

94! 

+81 +0! 

9 J0 

50 

•9* 

99! 

+ 01' +0> 

9.53 

125 

9to 

98! 

+«* +« 

4.60 

200 

96* 

9M 

+01 -Bi 

9.47 ! 

150 

97 

97* 

+01 -to 

9.42 j 




Chawe en 

■ i 

Iftiml 

Bid 

Offer day wonlc Yield | 

150 

94* 

95* 

+8* -0 

TJ8 t 

100 

931 

9« 

-to -0: 

8M 

2S0 

1001 

Ul! 

+M -0* 

5A6 - '■ 

150 

94* 

94! 

8 -1* 

6 M 

158 

98* 

99! 

+88 -« 

5 AS ! 

in 

95* 

96* 

-0i 8 

8 BO 

158 

96* 

4Ti 

+to .— e: 

6-45 i 

600 

97* 

931 

—81 +« 

526 ! 

100 

1IOJ 

1011 

-to -W 

5.34 1 

100 

1042 

105* 

-to - -11 

2.91 I 

uo 

82* 

a: 

-os -u 

5.97 ? 

T5 

95 

•5* 

0 -o; 

6JT | 

109 

97* 

9IJ 

+81'. +« 

6J7 ! 

no 

96! 

97* 


6A9 : 

300 

to* 

971 

o' -« 

6J8 1 

IDO 

45* 

93! 

O ' :-Bi 

6.19 > 

150 

98* 

99* 


627 f 

50 

93 

<8* 

._ 

6J* .1 

UO 

982 

99* 

S -0* 

5-i7 : 

too 

to; 

97* 

-to +ei 

7.62 [ 

700 

UO! 

101) 

-os -oj 

SSb . 

150 

to* 

97* 

a -to 

7.28 


96S 

991 

•9J 

971 

964 

97{ 

«5 

95* 

93 

99* 

95* 

97* 

991 

961 

931 


97 
994 
1004 
974 
964 
9K 
99* 
93J 
953 
93J 
99 r 
•%* 
*1 
95* 
971 
931 


0 - + 0 * 

— ej -14 

+W :-oj 

-04 -L 
-01 - 0 * 

+ 0 * - 0 | 

-« -04 
-fli -«H 

0 - 0 J 

-*-Os _ 6.72 

o •-oa 5.90 

-M -04 650 

-o* -u IrJb 
+»* -«* butt 
8 -»l 6-50 

• -»1 742 


6.69 
54S 
5.77 
640 
540 
643 
7A6 

6.70 
6 St 


YEN straights 

Asian "Dev. Btc. Si SS - 

BFCE S.4 9» 

EuraEuni 6.$ OS 

Fui [and 6.7.88 

Norway 3.7 « - . ... 

Oslo. City o! 6.B 98 . ... 

sxcr 6.B Ml 

Sweden 8.3 Kfc.. — 

OTHER STRAIGHTS 
Rank o s Hold- til AS 
Auto Cole Bauj. 7 53 EUA. -16 - Nj 
Copenhagen 7 93 EUA . . ' 30 961 

K Inland Ind. Bk. 7 >3 EUA 15 Hi. 
Kotnm. Inst. ?* 93 EUA.. . IS - HI 
Panama Si 93 EUA .. ...... 20 

SDK France 7 93 EUA ... • 22 9TS 
Alsoroenc BK. 61 S3 FI 75 91i 

BrazU 71 » Fl -75 «|. 

CFE .Mexico 74 S3 FJ - 75 9« 

. EIB 71 » FI -75 921 « 

A'edcr. Mldd-snb. C! S3 FI 75 93* 99 

.\e»- Zealand dc M F7 ..... '» Bi 

Norway « S3 FI SOB . 9U 92* 

ORB it* S3 FI ... 75- -981 011 

EIB K 55 FFr .. 200 HI W 

. L’nik-rer 1U S3 FFr 100 U* U0£ 

BAT 8 8S UisFr 258 W 961 

Barer Las 8 « LuxFr ... 2S0 651 961 

EIB 71 IS UtxFr .... .259 99S 95S 

Finland I. Fd.'S 9? Lo*Fr 250 951 HI 

Norway 73 SEt LuFr '.. - ISO 961 971 

R.-nautl 7. 85 LuxFr SOS 961 971 

Snlvay. Fin. 8. 83 LuxFr . 530 99* IKK 

Swi.-Undl L Bft.SR? l.oxFr 500 991 1W1 

Ct'siemor HW; BV ll SB £. 10 07 881. 

Whtibrrad lO! 90 I . . 15 HI 06* . 

FLOATING RATS 
NOTES 

Anwrii.an Express 52 . . 

Arab Init. Bank Ma.5 fit 
Banco El Salvador MS S3 
Banco Rac. ArOelU. MS S3 
Bank Haodtotry .MS SS ... 

Bank erf. Tokyo M3} SS . 

Banqw Worms M3; 53 . 

Bo. Ext. d'Ale. MS.J73 M 
fujiW. Ext. d'.Un. M7j S3 
Boue. Jodo el Suez M3i .. 

Bo. mt. Air. occ. Mb j S3 

ccce mass sa - 

CCF Mat 93 

Chase Man. O.S M5x'9J... 

Credtr Nsuotul Mil SS . .. 

Gotabatucen mb 83 

Ind Bank Japan M34. 85 
l«JiJKan - a;inu Mali S3 ... 

IJubUartska M7.73 . . 

I.TCB Japan MM S3. . 

3>MI«n4 Uni. MJ; W . .. 

>ai. WVs-i. M33 90 

nKB m:.; 58 

nijsfmjT Mlntmc W . ...- . 

SI TE tn- « 

Standard Chan. MS'.a 98^. 
Stmd9i-BlWianfci*n.Md 53. 

Utd Ovorscm Bk. M6 'S3 


Chaim fti 

Issued Bid Offer .day week Yield 
15 981 97* -*t -K . *J* 

30 .«* 9tt'-B 

1 10 f7t -971 -B*..-81 4.72 

25 S4{ 9TS .— (ft -81 .. TJ* 

25 10BJ Mil -81— 81. 531 
15 - 951 96^ r 8i -81 7J8 
20 961 97* -8* .» IM 

" 90 951 .- 96* -'-A -vur-SM 

- ' Ckanse oB- 

lamed Bltf Offer day . .Reek YW* 
12 9« 95* -01 t -01.U» 

971 . B; --04 TJ5 
97* 8 HM 7JS- 

971 8 -01 7J6 

99* « 

HI B . +81 W 

9*1 -M +Bt ■ t» 

9U -8* -1. . M 7 

9«U --8i ::9J* 

W3 -W -8J ;,M7 


-U - "ll *-5 
-81 -U IM 
-81' -K t .*» 
+8* -X* 'VL 

-8 rll .« • ' 

+ 9 i ' + 86 * 9 . 92 . 
a ;tM EM 

-> .8 : - 2777 . 

-Bi 8 ML 

9 W ■ :•«; 

8 --B.-firt- 

+B5 +r,7.g 
rll -01 Lff“ 
+ 81 -+81 73 J 5 
+0f -+flt :ZX96 


Spread Bfd Offer C.daie tcjm Cjfld'- '. 
8 * 981 992 28/8 1 081 .28J2 ' 

.961 .32/7, .. 

971 12/8 JX-31 Xt-B. 
'.9fit-.toA.i4l-.- .'MfcA: 
97* .' TSfil 32.94 1132 - ' 
9»..2W0'48*.' SUS ••'_ 
Hi U/lZ;-9 9J* • 

.97J- 1/2 H 1M-. 

■ 981 W 322- IMS r 
98* 25/1 i: 9 S* ■ _ 

971 32A - 9r '95r.' 
97* 3/2- lit .SM j , 

va ns tar T£3T -- 
971 27A .932.-.W* * 
n n/t , .*» Ml. 

9n 15/5 -32JX 32J6. 

99k 2/6 U35 tojH s - . 
.«* 27/8 ia>.‘2£«6 
962 19a "101 '»J* =•• 
90 9/S UM XUB - - 

971 -tort 9M- 


,:-r> 


8* 

to 

8 * 

to 

to 

81 

0J 

07 

0* 

81 

to 

81 

•* 

»* 

to 

.01 

to 

i 

to 

« 

81 

to 

8* 

61 

to 

to 

u - 


nt 

971 
961: 
• 961 
9» 
98 
97 
952 
97* 
W 
96* 

, HI 
97 ' 
971 
97 
982 
97*. 
961 
«* 
97* 
971 

99* 

971 

982 

.961 

«K 


CONVERTIBLE - - . COV. Cnv. 

A«ca s; S3 .... ...zim 628- 
BaRtr Im: Fm. 34 03 .. _ 1/79 M'. 

Boots e; 93 ... . . 2JVi. ZXk-:- 914“ ea ■ -fli — 2J8.|‘ 

»«'l*»8 6; ... 8/79 ■ 9 ..r«a ' 98* -+W *92*; ..' 

Ito-Aokada 3j 93 601 38B 329S 1381 '. +81 -US 

" — "93 : r . ' 9 J6 4 , . 


9t* 22/12 93Li9# 
99* la/A iBja su* 
981 M/1 

9to 5/8 1W8.3MB 
97. 111/2. >.8.9* ■'Mf 

m - 9/(- a»-22 . 

99 .. 4/5"U323iAT 
' . ’’.'.-tant-VyA-. 

Ild Offer. . dm* Tn» 
983 '-996 *•*. 9.79 ; 
180 . UU +Ji-~E6t. 


SWISS FRANC 
STRAIGHTS 

Ami 3* SS .... 

A turtle an Esn. lot. b* 
Arlbora Ttmni-I 4 B3 
Abr.-a Tt to 

Austria M 9-J .... 

Brazil 4| 

Chaw Manhattan 4 93 
CVR£I A} MJ 
Connell of Europe 4* . . 
Rsnlcaracrtca u a3 
B.Vne 3 ss . . 

Di-nmarli 4; so . . 
nonraark-Mortsas^ Bit. ” 

EIB 4{ k r 

Euraiom 4* S3 .. 

F. !.. smldrh « rs 
Finland -t* » . „ 

CT2B « 93 ... . .. 

KIlit-LlecbL-tURtn 4‘ 

JCf Fin. SfV 4i 33 .. 
Malania 4: 30 .. . . ., 

Manitoba 4 S3 

XpH-ny 4 S3 

orm'5 KomiXL 4* 80 . 

OKP 4 S3 

»>y Vetoy j n 

sare 41 Si . 

SendrUr 4 M . 

Seas 4» 99 

v oca t -At tunc + R) ., 

V ora liters Kraft A S3 

Vienna 4 Stf . 

World Bank 4i S3 


OtaauLett 

issued Bid offer die -week view 


to 

102 * 

93 48 

98 

« 

98 

- uo 

92i 

1941 

IM 

... ua 

tin 

TO 

102 

50 

94* 

65 

100 

. 80 

98* 

... 75 

99* 

. 100 

m* 

80 

UQi 

UO 

•41 

00 

T98 

25 

100 * 

80 

10 a* 

- 100 

100 ; 

a 

Ulj 

100 

itoi 

80 

98; 

UO 

uo* 

TO 

976 

. 108 

IBS* 

80 

99* 

. a 

102 

... so 

m 

.. k 

Ul 

IS 

101 

uo 

TOO; 

Si 

99* 

109 

99! 

. 258 

w; 


+84 

+82 


U2; +0* 4-0* 
H} 

98J 

S 1 - - 

UB* — • . 

1821 +8* +« 
99; -81 -to 
1881 

99 —0* -01 

994 8 -81 . 

IRS +U-+8S. 

m +jm 
inj +w +w 
98J Q . -W 
Itoi +«.,+to 


in 

109 


■+W.-+II- 
+01 +11 
mi +oi,.+ti 

99 *at +u 
UK -BI, +83 
9»s -O* +01 

ms +n +u 

1« - -+BJ: +«- 
1821 +1 +84 


201* 

in* 


*J93 

3.B 

<L« 
3.97 
«z 
MS 
5 JO 
M9 
3JS 
SJ5 
«J6 
•M 
*35 

4JU 

8.85 
9 87 
4.4? 
3.90 
813 

tot 

IB 

<A 

4J4 

4.82- 

8.78 


Nuvo Indusifi 7 ffl ' . ZL vn -- ZSB-'-ji*. . 

Thorn im. Mn. 7 sa ;-Ai?7x JJ3. 99 uo 
Tyco fnt. Fin. 91 W - v 9i7t . ‘*X* j 9». 188. 
Tyco Im. Flit. 5 84 501. its - -73. T8| 

•VtaW Opilcal 31 > i_I2/71 588 : 92* to* 

taiio Corttn. 3* 83 DSt .JU/Tt 881 9SS 10 Q 

Inunlya 3i 8s DM ........ JO/Tt 989 1B1 182 

JlHro to-H.DM l/T* 1218 . 96* 

Xomshtrota, 95 DM t/79 - «r • 95t -961 

M arud ei Food DM 2/79 UU3 lau l92i 

sF;«-rnti i .n.oi.. w^' _ : 94|; +5* 

viSESS 3J ? DM •■»*» -9*. -92* 193S 
Vlppon Shmpan 3> DM .., 808 -73». in*- -3388 
Vipmn Vusin to 03 DM ... 3-/39 -251- i ^5 
■**SJ n D l‘ Sel 3+ SB -UK.-. .2/11 ■: ATT -■ 96* 


2 Inn bus Optical Si 51 DM 2/79 - 7 » 
5 ,c ?’' 36 W DM , J _ , v . l 0 i 78 61 T 

' S ?~ ri - F ll T t - ri c 39 Dif - */W 869 
Sanyo Elecrnc 3 ! JJM - 01/78 2*5 

S.Myn Stores « 99 .DM :-' 9 /to J2J5 

^anfcF Ej«me to nar :j .um fas 
Trto-Kenwood 3* 06 DM ..to/18 - 711 


+to.'2SJ> 

-hit -iM ■ : : 
+21.1657. - 

fto 8L28- ' . J 

+• 1 . 45 - 

9» ,0 -:2zjr— 

r . ‘ SM <f 

+9K tSJ* ■■■- --i 
—to-;:£24-,.~=- 

- '-I' 

96- • -+B1-..MJ'. *" 
97*. . +«. ISM 


'• 981. 99l=. +M -3X6 ’ 
.lto. 104,+Ot 16J9 
1U 117 :-8J f 2*» - 
- 92*. 93* -81 t» 
1121 -oar r+8 i>w»; 

936 ‘ 941 8 -X8M 


:4 : 


1 ■ ’bm? tnaKrr ami rat B^r j “urice; r.-^ - --j.- -. 

^***P.' 1 * yicW b ilrc. yieW m da - 


SoeWa 

tnM'orlcc-- the 
amis mvu. far . 
on tn-itoChawK 

Rato Nwdsi 
wist ? ( ndn - sred . M - 
; cdiukhi Oewnnra dteqJ w 



r ,«B»n. . (LdatePDaw^ncxs: .. 
-Sjuvast^iieradn abowrslxinaltf'— 


+01 +JS._8jU 
. +BJ +14 SJTT 
«U — 8L-.+1 , «JZ 
m. . +tt ;+&: mi 


- L 


C -ecM^Thc cnrrenr erttpen- V 

'Sr fla t=ctunag on day.. Ca».-dat£=Fim date- T O 
uTrtd wr WK*=N«muSt :iS8 to#r?-ri ; i . 
L Moo rifl 9aaie e ww &tf m. fxaracT.ql Mute at ‘catraWr ■ ' 




VTERNATJONAL FINANCIAL AND COM PANA' NEWS 










sees flat trend at home 


* ®hilj, 

ilTPr;^ 




• ' L ~~ : : ' -TPYSSEW, f^evdiyerstfied steel Tided uncompetitive divisions, somewhat again in the final 

ffroap. which-isr T Wg^;Cennany'a above ail in the mass steel quarter. 

1 ,r>~ :t£iigpst' 1 ' prpdiroeJ^’ ^escribea sector. can be further cut bade. - Although steel deliveries in- 
" Bv'iohn W?da^-7^ ^ ended ; Thc company- doesnot specify creased in quantity. & reel sales 

. a; ^ Profit figure and Rives no hint were down by 1 per cent. The 

-■ .-■?•■-> K'K'i :-ZQ^KH:rSteE-."4;"-' : ^ • . ^^-si£?52" of the size, of the. dividend, say- main exception was the special 

• ^aamKuecppipanies win ere in e only that this will be decided steels sector, where sale*? were 

•• FniSrjft^w^ sales. 'fell . by ":' 2J^ iTer cent to by the supervisory board at the up by 1 per cent. Crude steel 

-' .' •?• *"<» of January. In 1976-77. production was down to 12.1m 

' ' pdQd : 'jB3atmehif~‘ i raid;rfutt. ito- :■ RuV-ThTOraV^n^rafcabired T h >'ssen made net profits, of tonnes against 11.7m tonnes in 

r> Badd DM 145in gainst DM 275m a 1076-77. but rolled steel produc- 
, .JvkveT&&L severely affected Is ner yc3r “ a ; rU ® r and P ald an tl per tion was up to io.7m tonnes from 

J VK> Bwioi~frtmc r iSni^rirffe- Lin cen * dividend— a result widely lOra lonnes before. 

con sidercd respectable in view Further, sales of Thyssens 
fn^TAM of the deep recession of tbe steel railway loromotire and carriaee 

•from SwFr 4Jwr : ta^^S^3,^ id industry as a whole. construction division were up to- 

eQdetf;.Optoben'jld^to» A. &J22 t “!2 The 197779 - vear b *zan with a DM 334m from DM 292m. But 

“M tft .a rgtfwf-tjn^«f t -;/tWT ftftn rf WQ&sxnrne ■ jg ‘gpgCTway^ yd dismal first quarter, improved shipbuilding activity, as ex- 
Uaer nnit , rt *® eB m* JP**tljr in most .sectors in the pected. was markedly down. 

Safes; diances for tt steel, pro- next half year, then detenoraicd Tbe Tfcyssen group order in- 



earnings satisfactory 


CORRESPONDENT 


LSI''- •'•. •• i folio 40 to harder- cufrp. n cy ■ sec i jri. , . $Y OWt OWN tORRtNPONOENT BONN. Dec. A I 

■'■>'*1 ‘ mad* ^OFITS H Degyssii the Frank- However, if precious metals profits for 1978 to be similar to 

•l*'. - •• ? f. t s _ -g“£j|r furt-based trtetals and chemical are excluded from these results, those of last year on sales un-! 

business, declined in the year , . heQ Degussa parent turnover changed at about DM 3.8bn. 

SS^fiK5«e«S2sa=tt wwarws .Karaa 


[* iitiIVnw^--£ttMer-r«rd Swiw- 
Sfi^^fpancs hob&r .4#Speif:lnApfl^s >ln 


{ '. p^-gfbt in .Thanks to its precious metals eluding foreign subsidiaries, responsible for the increase. How- 

, «* *5Vk1>~S. -. «il '* ^1: \.C btwmess, wbicir increased both in increased by 13.8 per cent to ever, various unspecified delays 
jr- '/ | V value, and quantity. 'Degussa DM 5.1hn. Fixed asset invest- on several big projects meant the 

■S,: | V»d1f parent- company turnover - an- meot was- up to DM 92m from sales result for the year as a 

j >2^Suifise_ • Fonds r - .Inte rnat ional, creased by 12.7 per - cent to DM 79m a year earlier, most of whole would be similar to that 

; .\£ j ‘Bdokett;^ flrap hi per-OTTQa«ittr I)M:4^bn. Domestic sales were it ;n the chemicals sector. of 1977. 

-*. N . .+ ‘ etfnfngt ^<roga * . SWg^c. 2.10 to up by fi.6 per cent tn DM 22bn Brown Boveri. the Mannheim- Investment of around DM 180m 

' /.*• i v^SwFr 1-83 airf ts-to-pay a lbwer and export sales by 20.5 per based affiliate of tbe Swiss elec- is planned in 1979. about the 

( against ««at to DM 2bn. — trical engineering group, expects same flgure as this year. I 


i '-SwFr 2.'The-issne prtne-: 0 f cerfl^ 
ficates feiU frbmrSwjFr 63,75 to 
i '^Swf r-62:^; aftet^a^par marked 

- * ■ -~»hrr- mnnAfaptrT.^iiurTAitmnflff. aiti) 


trical engineering group, expects same flgure as this year. 


r :■ Jt’Oreal-to step up dividend payment 


‘ -- in the: QiS^nd SwitzMiand.;. - 
j ••••-! -Share ho 1 ^ ngs . were; b gbtl y 
• ' '"red herd ^a»d /“‘liquid ! ' assets 


/*; redSad ;.' BY OUR OV^T^RBESFONOENT PARIS, Dec. 4. 

■“ ; 4tock Jh -tiie^>^^o 0 =iv«^^^d «WW§P _ groups These forecasts confirm the from Paris. In 1977, the company 

of,y ri>rma ivy LOreaJ - has b^»d -up its trend of the first half of the year, paid a divideod of FFr 18. 
"Vi ■n-iJe^ i aiid--*e^S ^ n ^^ 0 ^ ***?* when net earnings rose by a against FFr 14.40. on a profit of 

_:: «har&'io 4 der ceoL •' ■ with -optimistic fqrflcastxand the ibitd of FFr I01m after a 15 per FFr 31.4m compared with 

Af 4$te-vsame ’tfcme, tHe^IlS. - of »-^WPly higher cent growth in salw FFr 22.6m. 

stake dropp^l^p^ per e^tafi'd '• ' , ' • : ; The company said its profits Merlin Germ plans to invest 

•-''the* Canadian T ? i ^S. g a u total recbver V wa s largely due to the FFr 225m in 1979 and 1 980 

a/ FIV- Wm /WOmV Mp nhcFAC n^rfrt rrri 37 t/*fl stf t»c msinctmem — * . r»B»_ aaa_. ... 


imaeiKL - - ■ ■ ■ The company said its profits Merlin Gerii 
The company is zitising a total recovery was largely due to the FFr 225m in 


FFr 22.6m. 

Merlin Germ plans to invest 
FFr 225m in 1979 and 1980 


tnr - nW inmKfaw nw oln InituC • ay - ucapurai, • -unr -. um Luia wm i 

^LSSS^ T 5 - which.holds just^er:55 per last year's FFr 29m. 




Optimism 


Societe 1‘ Air Liquide has denied 
further French press reports suggesting 


ii--. Jirink '; concern;: improved / .to- peets:/net pre^t- ta*.; exceed 
fr-. ■ FFr:^.fl93bn‘^roip 4 -F , Fr fiJASba earlier f recast of .FFi; 500m, 
It*- for tbe:fi«r nine jmmth^^ 1S78.; imease of ovef- 4frp<m'eent 


an. markets such as Japan, Australia interests had failed, AP-DJ j 
fol- and Latin America. reports from Paris, 

per Q Merlin Gerin SA expects to . The spokesman pointed out 
vt*r im-rease net profit this year and that tbe company was aware of 
'16 . in . pay a dividend at least as a block of. shares chan oing hands 
- •' high-es last year, Reuter reports but couldn’t identify tbe buyers.i 


BONN. Dec. 4. | 

take increased by 7 per cent to 
DM 20-4bn. thanks to several 
large Individual orders for in- 
vestment goods. But the latter 
take a long time to make their 
impact on sato. and turnover 
of the Thyssen investment goods 
division was down by 4 per cent 
against 1976-77. 

Thyssen's investment in 1977- 
107S totalled DM 15bn. Of that 
figure. DM 761 m whs fixed as*et 
investment and DM 411m on the 
finance side- most of it for the 
Budd acquisition. 

Current plans call for invest- 
ment of more than DM 2.1bn 
over the next few years — mainly 
for modernisation, rationalisa- 
tion and quality improvement 

Belgian group 
to hold payout 

I BRUSSELS. Dec. 4. 

[TFTE DIVIDEND or Soriete 
: Generate do Belgique SA's 
I should lh«' year not be low*r 
than the BFr 140 a share paid 
[ in 1977, tbe holding company's 
I n resident. Paul-Emile Corbiau. 
i told the annual meeting today. 

! Income from tbe holding com- 
pany's subsidiaries win show a 
slight rise this year thanks to 
I the financial and service sectors, 
i Most other seciors. especially j 
(steel and non-ferrou« metals, arc! 
affected hv ‘•difficult economic; 
conditions.” 

Despite the signs of recnvei-vi 
among Belg'an's recent economic) 
indicators. “ nothing shows that : 
Belgium is on the brink of its i ' 
expected recovery nr that the I 
economy has acain found a satis-! 
factory level of activity.” j 

As for the subsidiaries, the 
completion of installations for 
the treatment nf nickel-ferrous 
metals at MefaMurgie Hoboken- 
Overnelt is forecast for the first 
half- 1980. 

Reuter 

Israeli issue ruling 

The Israel S;ock Exchange has 
decided' that all future issues may 
not consist of more than three 
different types of securities 
offered in the same prospectus or 
in the units offered, writes L. 
Daniel from Tef Aviv. Nor may 
any such issue comprise more 
than one type of option. 

Nippon Electric merger 

Electronic Arravs shareholders 
approved the merger of the com- 
pany into Yi noon EJeetrir of 
Tokyo for about SS.Om. A P -D.I 
reports fmm Mountain View. 
Electronic A"- s makes Iar>e- 
ser.le inteerst-d semicondu' , ‘or 
circuit?. Nippon Electric m?'-es ! 
telecommunications and elec- 
tronic products. I 


Creusot- 
Loire plans 
further 


Amsterdam Stock 
Exchange delays 


lay-offs expansion plans 


By David White 

PARIS, Dec. 4. 

THE LIST of planned redun- 
dancies at Creusot-Loire, tbe 
loss-making steel and engineer- 
ing group which belongs to the 

Erapain-Schncider empire, 
passed the 1,000 mark at the 
weekend. 

Following the recent 
announcement of 750 lay-offs 
at tbe company's Rive-de-Gfer 
steelworks in the Loire district, 
some 400 more jobs are now 
expected to be shed at three 

other branches — metallurgy, 
energy and railway loco- 
motives. 

The rresh round of job reduc- 
tions will be mainly carried out 
by early retirement, and unions 
have expressed fears that 
similar measures might be 
applied in other parts of the 
gronp, which employs just- 
under 30.000 people. 

At Creusot, where much of 
I he group's activity is con- 
centrated, a further 600 jobs 
would be affected if the early, 
retirement principle were 
applied throughout. 

Last year Creusot-Loire 
suffered a consolidated loss of 
FFr 222m ($5Qm), 10 times the 
previous year's flgure. 

By contrast, another part of 
the Empaln-Schneider group, 
the heavy electrical concern 
Merlin-Gerin, said it expects to 
better its 1977 profit figure of 
FFr :;tm after a 14 per cent 
Increase in turnover this year. 
Sales last year were FFr lJlhn. 

RL Jean Vaujany, the chair- 
man, said in a letter to share- 
holders that, the FFr 18 divi- 
.dend should be at least main- 
tained on Increased capital. 

Mer’fji-Gerin. In which 
Em pain-S eta n elder has a 33.3 
per cent blocking interest, is 
currently raising FFr 52m hv a 
one For Four rights issue, offer- 
ing new shares at FFr 240 each. 
Em pain-Schn eider would sub- 
scribe to the increase but 
would not raise Its direct stake, 
he said. 

It was above all the exnort 
market which came to Merlin- 
Gerio's rescue. Exports last 
year made up 33 per cent or 
total turnover, compared with 
22 per cent in 1973. when the 
company made a small profit of 
FFr 4m. The launching of new 
preflu-tR. reorganisation within 
the yroiiD and tighter manage- 
ment policies had contributed 
to the 'mp-nveri performance 
sir-- 197.“. M. Vaniany said. 

T''« co^nanv was p’anoing 
a FFr 35^^ investment pro- 
gramme for fV nrxt three 
years, largely directed at fur- 
ther expansion abroad. 


BY CHARLES BATCHELOR 

THE Amsterdam Stock Exchange 
today announced that it will 
delay plans to expand trading 
until a new scale of commission 
fees has been worked out. 
The Stock Exchange originally 
planned to double the number 
of stocks which could be traded 
throughout the entire trading 
day to 40, and to extend tbe 
number of shares and bonds 
which could be traded in pre- and 
after - hours activity from next 
month. This is not now expected 
to happen until the second ball 
of 1979. 

Tbe study of a new scale of 
commissions is taking longer 
than expected, a Stock Exchange 
spokesman said. A confidential 
interim report has thrown up 
more questions than anticipated. 
Once the association is satisfied 
with the new commission struc- 
ture. it must be approved by the 
Finance Minister, and the Stock 
Exchange has no control over 
how long this will take. 

The new commission structure 


AMSTERDAM, Dec 4. 

will set the level of fees to be 
charged by the different cate- 
gories of member-banks, broker^ 
age bouses and jobbers. It is 
also thought likely to include 
an increase in the fees /or small 
transactions, which at tbe 
moment frequently do not cover 
costs. 

The aim of the expansion of 
trading on tbe official exchange 
is to establish the bourse firmly 
as the central market place for 
securities business, and in curb 
tbe amount of out of hours busi- 
ness. whicb is believed to be 
considerable. 

Tbe Stock Exchange announced 
a high turnover in November, 
despite the generally quiet trad- 
ing conditions. Turnover of 
stocks and shares totalled 
FI 3.47bn (SI.65bn). sligbrfy 

lower than the FI 3-56bn in 
October but higher than the 
F! 3.1Bbn in November 1977. 
Volume was 21 per cent up in 
thp first 11 months at Fl 40.4bn 
(S19UbnJ. 


Moves to end financial 
difficulties at Olympic 


BY OUR OWN CORRESPONDENT 


ATHENS. Dec. 4. 


OLYMPIC AIRWAYS has 
announced a series of measures 
meant to extricate the stale-run 
Greek airline front its financial 
difficulties and keep it airborne. 

According to a statement by 
the -Minister of Finance, Mr. 
Athanassios Canellopoulos. ’.he 
company will show a deficit nf 
drachmas 46m ($1.2m) this year 
and expects this to worsen to 
drachmas 613m 4917m > in 1979. 
Tbe company claims that con- 
tinuous demands by its 7.000 
I personnel for increased wages 
and fringe benefits are mainly 
I to blame for the situation. 


Staff expenditure this year 
will amount to drachmas 4.82Bm 
t$134mi accounting for 45 per 
cent of total expenditure, the 
company points out 
The airline's pilots, flight en- 
gineers and air hostesses and 
stewards had been given until 
November 20 to accept a two- 
year moratorium on wage claims. 
Last week pilots agreed to shelve 
their demands for two years and 
works without receiving special 
allowances. Their action is ex- 
pected to save the company 
drachmas25m <8700.000) anna 
ally. 


Analysts oppose Volvo deal 


NORWEGIAN FINANCIAL 
experts cannot recommend the 
Norwegian purchase of a 40 per 
cent Stake in the Swedish Volvo 
AB car company because the 
Norwegian capital market is too 
small. The financial analysts 
society said in a report that the 
capital aspect of the deal is 
unrierestima'ed, and die capital 
market could not meet th 
planned private subscription of 


OSLO. Dec. 4. 

stock in Norsk Volvo AS. 

This assessment concerns the 
slock subscription in general as 
well as the envisaged emergency 
solution, approved by tbe Govern- 
ment, which provides for three of 
the main commercial banks to 
guarantee that the privately-held 
shares arc sold to other banks, 
insurance companies and olher 
enterprises. 

Reuter 


SERVICE 




















26 




Financial Times Tuesday December 


INTERNATIONAL FINANCIAL AN£) COMPANY NEWS 


Wormald and Ansul in A$50m deal) Forest 

svnmv ... 4 1 rroducts 



Sr /AMES FORTH 


WORMALD INTERNATIONAL. power plants, nuclear sub- mately AS24 in- cash for each Through a Tlgnts issue. me rom-j 

the leading fire protection and marines, and activities related to share of Ansul common stock- pany plans to raise about two*i Ilf B Vy ipi |ll II 

security group, plans a significant the petroleum industry, such as The toial consideration was about third of the necessary funds . 

move, into the U.S. market with protection of offshore oil rigs AS50m. which was slightly below through the U.S. dollar loans. By Our Own Correspondent 

the. AS5Qm (U.S„S56.Sm> acquisi- and liquefied natural gas plants, the net tangible asset value of .including a syndicated Euro-} . _ 

lion of the Ansul Company oE Ansul’s current annual sales Ansul. dollar issue. ■ SYDNEY. Dec; 4. 

Wisconsin. Wormald already are more than U.S.SSOm with The merger would be subject The An *ul acquisition is the j TRADING PROFIT of NZ forest 
owns 1.5 per cent of the shares arter tax net earnings of more to the approval of Ansul share- biggest overseas expansion by products plunged by 70 percent 

of Ansul common stock and has than U.S.S4m. holders, the Reserve Bank of Wormald since 1976 w hen *t J j. rom ^zci3 9m to NZS4.1ra' 


SYDNEY’. Dec. 4. 

nuclear sub- mately AS24 In- cash far each through a rights Issue, ihe com- 


downturn 

By Our Own Correspondent 
SYDNEY. Dec; 4. 


Guthrie transfers Malaysian 
plantation company to Ropel 


uj .^nsm common stock ana ora io.«n v.o.c*™*- ** I frnm KZ&l*l9m io NZS4.ini I 

reached understandings with The deal was announced in the Australia, and compliance with acquired the UK based Mai her , * * "T* j 

major shareholders in favour of U.S. today by Mr. John W. Utz regulatory requirements and and Platt for about AfflSoi. | (bAJUBn m uie ni*c nait. 
a merger, and who represent the chairman and chief executive requisite consents. Wormald has been interested for ' But the combination of a future | 

more than 20 per cent of the of Wormald, and Mr. Terrell L. The acquisition is expected jtn some years in breaking into the j tar benefit and a change of! 
outstanding stock. Ansul heads Ruhlman. the president and chief be completed by February. 1979. u.S. market in a significant way. i accounting policy to include 
the U.S. market m its high tech- executive of Ansul. They said It will be financed by Wormald's Mr. Utz said that Ansul uruuld [ unrea iis e d foreign exchange 

oology field. the companies had entered into available funds and U.S. dollar continue to operate as a in r -. mn , n¥ 

The U.S. group specialises a merger agreement which had loans currently being negotiated, ate entity with its present man- 1 S3! rimf* net reiiill of N2S7 

in the manufacture anS sale of been approved by the boards of Although Wormald has agemem. ; declaring aii£t result or 

a broad ranee of high risk and both companies. Ansul share- retained earnings of around Wormald was advised by the , per .7 5 " „ I" 

high hazard fire extinguishing holders would receive the U.S. A$20m add recently announced New Y’ork Investment Bank; ^ . V- 5:m earned in tne same 
equipment, including nuclear dollar equivalent of apprcixi- moves to raise almost ASISm Kidder Peabody and Company. Ipenod of last year. 

~ . The result was after inclusion 

of future tax benefits of 

Bushells Investments up j Kowloon tunnel advances provision of NZS2.4 tq in the first! 

* half— to September - 30 — last 

BY OUR OWN CORRESPONDENT SYDNEY, Dec. 4. j BY RON RICHARDSON HONG KONG, Dec. 4. j ye ar. 

BUSHELLS INVESTMENTS, the distorted because of the peak i NET PROFIT of Cross-Harbour lionth vehicle pass tbrouch the | ' I - ?*:!? 'JSSZZ 


Bushells Investments up j Kowloon tunnel advances 


BY WONG 5ULONG 

GUTHRIE CORPORATION has vrould continue to hold 60 per 
announced the second phase .of . cent of *°peFs he 

its Malaysianisation plan under 

which it will transfer another of * por this purpose, the estates 
its plantation companies -.to of Guthrie are being held by six 
Guthrie Ropel, the Malaysian Malaysian incorporated corn- 
company which is 60 per cent parties in roughly equal propor- 
owned by Guthrie. - tlons. . Under the second phase. 

Under the plan, Guthrie, Kumpulan Temiang, with nearly 
which owns 150.000 acres of 22,600 acres, would be trans- 
rubber, palm oil and tea estates ferred to Ropel. *■ 

in Malaysia, intends to transfer , The merger of Temiang and 
these estates to Ropel in stages. Ropel would be effected by the 
so that by 1990. Ropel would -issue of 26.352.941 shares of one 
own the whole of the Guthrie' ringgit each in Ropel to Guthrie. 
estates in Malaysia while Guthrie . - Guthrie says it intends to 

High payout by Otis) 


KUALA LUMPUR, Dec. 4. 

offer 10m of ‘ the new Ropel ; 
shares it would hold to. Malaysian , 
investors at .1.60 ringgit- each, 
with a large percentage of these 
going .to Malays. . • 

After the merger. RopcJs 
issued capita) would be increased 
from 58m ringgits to 82 -35m 
ringgits. . . ■ 

, The pre-tax profits for Ropel. 
and ‘Temiang for this year are 
expected to be not Jess than 
11.75m and 5£m ringgits (35.3m 
and 32.5m) respectively, and a 
final dividend Of 10 per cent is 
expected to be given out' on the 
enlatged capital of Ropel. 


BY OUR OWN CORRESPONDENT 


SYDNEY, Dec. 4. 


BY RON RICHARDSON 


BUSHELLS INVESTMENTS, the distorted because of the peak i NET PROFIT of Cross-Harbour lionth vehicle pass tbrouch the ' . ' * . ' . 

tea and coffee group which is in prices for coffee and tea which Tunnel Company, operator of the tunnel since its opening j a ro inrennns « ic ® s 

the midst of an A334m takeover prevailed last year and which four-lane tunnel under Hon' 1 August. 1972. J export sales. The directors have 

bid by Brooke Bond Liebig of resulted in consumer resistance. - harbour connecting Kow- Because of the rapid growth [included unrealised exchange 
the UK. more than doubled The Federal Government 8 . . . in traffic the rom nan v has n«mi- : Rains of NZS1.6m. but because 

profit from ASlm tu A«.3m recently aareed to a takeover hid loon wffl» the central busines, [osseg ^ ^ 

l'U.S.S2.6m ) in the six months to for Bushells by Brooke Bond ; district, rose by 2a.9 per cent in missioned a st " d - ly cnn^ultina , - 

September 30. with the life office. AMP Society I the half-year to September 30 engineers Scott Wilson Kirk- I 

The increased result reflected taking a 25 per cent interest in ; t0 HE 351.42 m ilLS.SI0.7m). Patrick and Partners into the] amount win oe neiaio a reserve 

much higher consumer demand Brooke Bond’s Australian opera- j The advance lacked frachon- fea * il5l lity ° r expanding the 1 account and regarded as not 

folltiwine lower tea 3nd coffee tions. together with a commit-) „ . . . . h , ■ capacity of the tunnel. The re- available for distribution, 

prices during the period. The rnent to increase the local 1 j, , . U 1 * ‘ ‘ purt expected to be ''om-l Th e directors said that sales 

directors said that comparison equity to 31 least 51 per cent I vehicular traffic during the pleted by ihe end 0 / Dip current i for the half-year were down in 

with the previous period was within 3 to 5 years. » period which saw the 100 mil- financial year. 1 v.„. nve ;.,ii recetots 


All these securities having been sold, this announcement appears as a matter of record only. 



GOTABANKEN 

( Incorporated in ike Kingdom of Sweden with limited liability ) 

U.S. $25,000,000 

Floating Rate Capital Notes due 1988 


S. G. Warburg & Co. Ltd. 


Algemene Bank Nederland N.V. 
Daiwa Europe N.V. 

Kredietbank S.A. Luxembourgeoise 


Bank of America International 
Limited 

Gotabankeh 

Swiss Bank Corporation (Overseas) 
Limited 


Westdeutsche Landesbank Girozentrale 


American Express Bank A. E. Ames & Co. _ Amsterdaia-Rotterdam Bank N.V. 

IntOTTiAtiona! Group Ignited 

Amhold and S. Bleichroeder, Inc. Bache Halsey Stuart Shields 

bcorpoffft» 

Banca Nazionale del Lavoro Banco di Roma 


Andresens Ban!: A.S 


Bank GutzvriBer, Kuxz, Bungener 

<Ovetaoae) Limlied 


Bank of Helsinki Ltd. 


Banca Commerciale Italians 
Ban!: Julius Baer International 

Unuied 

Bank Leu International Ltd. 


Bank Mees & Hope NV The Bank of Tokyo (Holland) N.V. Bankers Trust International 

Limited 

Banque Bruxelles Lambert SJL Banque Frangaise du Commerce Exterieur Banque de llndochine et de Suez 
Banque Internationale a Luxembourg SJL Banque NaHanale de Baris Banque de Neuflize, Schlumberger, Mallet 
Banque de Paris et des Pays-Baa Banque P opula tre Suisse SA Banque de l'Union Europeenne 

li PXdu boiug 

Banque Worms Baring Brothers & Co. y H. Albert de Bary & Co. N.V. Bayerische Landesbank 


'’Baverische Vereinsbank 


Bergen Bank 


Banque de Paris et des Pays-Baa Banque P opula tre Suisse SA Banque de l'Union Europeenne 

li PXdu boiug 

Banque Worms Baring Brothers & Co. y H. Albert de Bary & Co. N.V. Bayerische Landesbank 

Limited C^ercrtralo 

'Bayerische Vereinsbank Bergen Bank Berliner Bank Berliner Handels- und Frankfurter Hank 

AktieagcseUschaft 

Blyth Eastman Dillon & Co. Caisse des Depots et Consignations Centrale Rabobank 

International Limited 

Charterhouse Japhet Chase Manhattan Chemical Bank International Group Christiania Bask og Kredjikasse 

Limited Limited 

Citicorp International Group Commersbank Compagnie de Basque et d’lnvestissements 

AkncngeealtoCliaft fUr.4tr nrr:rc-r=} r./ 5 .. 

Compagnie Monegasque de Banque Continental Illinois Copenhagen Haridelsfcank 

Limited 

County Bank Credit Agricole Credit Coxranerdal de France Credit Industrielet Commercial 


Credit Lyonnais 


Credit Suisse First Boston Creditanstall-Bankverein 

Limited 

Den Danske Bank Den norske Creditbank 

af 1671 Aktieaelsiab 


Richard Daus & Co. Den D 

RanWerr af 1671 

vornuls Haas W. Petersan 

Deutsch-Skandin&vische Bank AG 


Credit© Iteliano 


c AG DO BANK,, 

Dominion Securities Dres drier Bank Efiectenbank-Warburg European Banking Company 

Limit pd Aiaongeadbchalt AldicA^cTCBsciuft Limtod 

Robert Fleming & Co. Foreningsbankernas Bank Gefina Intematiorri Ltd. 

Limited 

Genossenschaftliche Zenfralbank AG Antony Gibbs Holdings Ltd. 

Vienna 

Girozentrale und Bank der bsterreichischen Sparkassen Goldman Bachs International Corp. 

AktionqeseHschafr 

Greenshields Hambros Bank Handelsbank N.W. (Overseas) R. Henri ques jr. Bank 

Incorporated Limited Limited -AfctKsel-J-ah 

Hill Samuel & Co. E. F. Hutton International N.V. IBJ International Istituto Bancario San Paolo di Torino 

ZJmii'?d Lianftrd 

Kansallis-Osake-Pankki Kidder, Peabody International Klein wort. Benson Eredielbani: N.V. 

Limfcnd L:3id<rd 

Kuhn Loeb Lehman Brothers Lazard Brothers & Co., Lasard Preres et Cie Larard Freres Co. 

intamviOruil Ltmlted 

Lloyds Bank International Loeb Rhoades, Homblower International London & Continental Bankers 

Limited Limilod 

Manufacturers Hanover Merrill Lynch International & Co. Samuel Montagu & Co. 

Limited 

Morgan Grenfell & Co. Morgan Stanley International Nesbitt. Thomson The Nifcfco (Luxembourg', S.A. 
limited Limited Liirsid 

Nippon European Bank S.A. Nomura Europe N.V. Norddeutsche Landesbank Nordic Bank 

Cijcr*?h!7Bift Linii'oi 

Orion Bank Osterreichische Lander bank Pierson, Heldring & Pierson N.V. PEbanken 

Liiriiicd Alctimgeaclhchaft 

Postipankki Privatbanken Richardson Securities of Canada (TT-E.) Ltd: Rothschild Bank AG 

Aktie&Kaknb 

N. M. Rothschild & Sons Salomon Brothers international Sanwa Bank (Underwriter) 

Lunifod 

Scandinavian Bank J. Henry Schroder Wagg & Co. Skandinaviska Enskilda Banken 

Umi:cd Limited 

Smith Barney, Harris Upham & Co. Soci6t6 Bancaire Bardays (Suisse) S.A. Sodete Centrale de Banque 

fccatpsretod 

Sodete Generale SodStd G£n6rale de Banque SJ\. Sparbankemas Bank Strauss, Turnbull & Co. 
Sumitomo Finance International Sxmdsvallsbaziken Svenska Hardelsbanfcen 

Trade Development Bank, Union Bank of Finland Ltd. Vereins- und Westbank 

London Branch AV;ifr7rr-li:iiuli 

J, Vontobel & Co. M. M. Waxbnrg-Brmckmann, Wirts & Co. Warburg Paribas Becker 

Iseoreiirti*;^ 

Williams, Glyn & Co. Wood Gundy Yamaichi International (Nederland) N.V. 


Deutsche Girosentrale 
— Deutsche Kommunab:.ank— 

Dillon, Read Overseas Corporation 


European Banking Company 

Limited 

Gefina Intematiorri Ltd. 
Antony Gibbs Holdings Ltd. 
Goldman Sachs International Coip. 


Eredielbani: N.V. 


London & Continental Bankers 

L'Ti.f- 

Samuel Montagu d Co. 
The Nikko (Luxembourg ! S.A. 


Snndsvallsbanken 

Union Bank of Finland Ltd. 


Sodete Centrale de Banque 
Strauss, Turnbull & Co. 
Svenska Handelsbanken 


M. M. Waxburg-Bririckmaim, Wirts & Co. 
Wood Gundy 

IiixltalDd 


Vereins- und Westbank 

M-.ir39r?li:duIi 

Warburg Paribas Becker 

Iseoreiirti*;^ 

Yamaichi International (Nederland) N.V. 


. some areas, but overall receipts 
were in line with budget expee- [ 
tations and slight!? ahead of j 
those for the first sis mouths of { 
last year. i 

Rising costs in New Zealand 
contributed 10 the lower results, 
as did the continuing deprecia- 
tion of the U.S. dollar. 

On present indications, the 
company said, the second half 
would be better than the first 
six mouths, although total profit 
was expected to fall short of the 
NZ$20.5ra earned in 1977-78. 

Subject to the country's 
Supreme Court approving pre- 
viously announced plans to con- 
vert the company’s preference 
shares, the directors have 
declared an interim dividend of 
7 cents a share. It is intended 
to pay this f rom the share 
premium account which should 
be tax Free in the hands of 
individual New Zealand resi- 
dents. rather titan from profits. 

Improvement 
for Cycle 
and Carriage 

By H. F. Lee 

SINGAPORE. Dec. 4. 
CYCLE AND CARRIAGE, one of 
Singapore's leading motor 
traders, lifted group pre-tax 
profits bv 47 per cent to SS54.9m 
<US.s25m> in the year to Sep- 
tember 30. while the post-tax 
fisure uas 50 per cent higher at 
SSiOBm. 

Trip sharp rise in profit came 
on tup of a 40 per cent jump in 
turnover to a record SS40dra. The 
bulk of the increase came From 
Malaysia, where turnover rose by 
a third to $S265m. The largest 
percenter growth was registered 
in Singapore, however, where 
sales rose by more than half to 
SSHlm. 

C and C also announced a pro- 
posed one-fort wo scrip issue. 

The company, whose main 
franchises arc Mercedes-Benz 
and Mitsubishi cars has for the 
first time equlty-accounied 
associate companies. Previous 
year's figures have been adjusted 
accordingly. 

Growth slowed down in the 
second half-year compared with 
The first half, when profits rose 
by i to per cent and turnover by 
82 per cent. 

Tile Board is recommending a 
final pruss dividend of 20 per 
cort. making a tnt3l of 30 per 
cent against 24 per cent the pre- 
vious year. 

The -jroun will also bp 
caniiaiisin” from reserve 1 ' 

tor the bonus is*u»*. This will 
ra>«o issued cuoilal to SSTSm. 


BY JIM JONES 

OTIS ELEVATOR, the 70 per 
cent-owned South African Hft 
manufacturing subsidiary .of 
United Technologies of the UJS^ 
continues to reduce its South 
African exposure through high 
dividend declaration and. thus, 
remittances overseas. 

In the 14-month period to 
November 30, with taxed earn- 
ings of Rfi.lm ($6.9m). the com- 
pany has declared dividends 
totalling R7.5m. Earnings In the 
previous 12 months totalled 
R4.6m. 

Otis's reason for this level of 
distribution is that the South 
African operation is highly. 


JOHANNESBURG. Dec. 4. 

liquid. At November 30, cash 
“balances of about RSm were held 
- compared with an issued share 
-'capital of Rl.7m. Theoretically, 
the. company could declare divi- 
dends of about R6m in excess of 
earnings, equivalent to the distri- 
butable reserves reported in its 
last balance sheet 
But only five months ago, 
the newly-appointed managing 
director, Mr. Brian King, said 
that the company’s liquidity 
Indicated potential growth, 
through acquisition.- 
Otis, be said, would not be 
adverse to using paper for} 
acquisitions. 


Goodyear j 

Estates ; - 
lifts profit | 

By Our Own Correspondent 

. HONG KONG, Dec. 4. 
CONSOLIDATED net profit -ofv? 
property developer* investment- i'.. 
house and financier Goodyear ■ 
Estates almost doubled in the'v 
year to - June 30 to HT\S7.57m , - 
(U.S.Sl.Om). This finally ended v 
a long slide tt'hidi saw the couir 
pany*s earnings “ fall ' ' froiri ~ : 
HKSfl92I5m' in the year after its 
stock exchange listing in 1972 to /- 
HKS4.4m in 1977. ' 


This announcement appears as a matter of record only 


THE HASHEMITE KINGDOM OF JORDAN 

u.s. $40,000,000 

Project Related MedhimTemri Loan 

■ -*/ ... 

Managed by 

Arab African Internationa] Bank — Cairo 


Arab International Bank— Cairo 
Chase Merchant Banking Group 
Midland Bank Limited / 


BankAm erica International Group 
European Arab Bank 
National Westminster Bank Limited 


ProvidwTby 


Bank of America NT&SA 
European Arab Bank 
Imemational Westminsler Bank Umited 
Arab International Bank— Cairo 
Bank of Montreal 
UBAF Bank Limited 

Arab Bank for Investment and Foreign Trade 

Banque Intercontinentale Arabs ' 

International Trade and Investment Bank SA. I.T.LB, 
Luxembourg 

Libyan Arab Foreign Bank 
The Sumitomo Bank, Limited 
Union de Banques Arabes et Franpaises-U.B AF. - 


The Chase Manhattan RanJc NA 

Midland Bank Limited ! 

■ Arab African International Bank— Cara - - 

Arab Malaysian Development Bank' 

Boihad 

Burgen Bank S AIL— Kuwait . . — 1 
Allied Arab Bank Limited 
Banque Canadienne National* 

First Pennsylvania Bank NA ' 

Kuwah Foreign Trading Contracting and Investment Co. 
(SAX) ■ • 

Sadate Centrale de Banque ■ 

U BAN- Arab Japanese Ftneoice Limited 


Agent . 

arabafticanuifemafionaibank 

(Cairo) 


November, 1978. 


Davy Corporation Limited 


■ has acqiured 


The McKee Corporation 


The undersigned acted as financial advisor to 
The McKee Corporation in (Ms transaction. 


MORGAN STANLEY & CO. 

Incorporated 


.Vni CMOcrSff, IHTS 





V.d. 




: ’Qvv ,v j^^.;:: .:/' */ 



1 : / 


ency , Money and Gold Markets 


* : Vr ■* ‘ '?’-r ' , <t >"••• i-VT/- »■'•■ '•* i" • ' •<' r< ' iltS'ft . h« 
• •' • •.* • ‘ r 



*.*•1 

>pts.v,‘.'. 

?5x' ■•;-. 

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Pt: ,'■-' -‘ 

3 m * ..•*-■■ 

;■'* ? i 

* t.i «. ■ ’■ 

A - . - '. * 

Ui j . ;' 

year 

>S 

rofit 

Cor 'r!at 3 . 

if- - ' . 

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a r.: 

rt -. \ 


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it 


• •• ...,•- . -. ■;*-^5 : - : ' • ... , ....__ • ..•-. 

- - . S^"- ~ "i . *_» i . . ■; -. <■ . '.•• '"V . • . — 

The tVS. dollar fbst? sreopd •'This fell »^625 fforir-®.*, having 
againirt-rnost major^ctirrenciffs in stood at 62.4 at noon and S2.6 jn 
“* — > for^ ^ tfc^bango^oaar-'lhe morning. Against the D- 


THE POUND SPOT 


D«-4 


CIuM 



FORWARD AGAINST £ 


On* month Ju.b. Threw mnnt Ira S> p.*. 


~r 

TflBfr 


30^ r g T^fofc ■— • 




at after starting Q»"day on $utle , mark. sterling felLtcL^@< ..3- 7 2 7 3 
a Srm-notei Wheifieror not thfeTnan DM 3.75-. and '^wFr 3:3350 
eariy , cement ^5v^V^rt^fic^&f ‘f!rom , SvPr ' 3.37' in.=terms ol the 

appeared t:oyb«" 5l®culi th>wlt vSWss franc.- ' • -.-.* :'.- 
However* . ctarijiifc. ^he afternoon! ^ •WlANKFURT— dollar . was 
the. TES. .unit-excised, its. earlier ;,VfiSed. at DM I.91S£ '.at yesterday's 
gains and feii^iW’aEou/id' the btit-C'firih"g 1 '"sharp)y downirom Friday’s 
tom of the ife^s^rthge. ; ' ; \ ->•- level . of ; -DM t8358.- however, 
Speirttiatfw^ S? ?.™ imer^tJWty.the 

curfehey- .tettflgnment ; ahead o? 'k^esbaiik^at ^ e 5 

the -pronosttt^Euronean Worofaiy. was described as uneventful with, 
Systeih, liioreased*3eimand fot the market sources'^ *spert M 

%.. . T .-.i m *. ; ■ ... .-;.ing any wrrency realignment in i 

- ■ " - .Europe before . tho.'implementa- j 

tio_ 0 .' Qf ^EMS. • r 1 

, r 5BliSi4EtS— Sjj^tfulatio o> ahead 
!-: iflE 1 .. J th^-. ^arap<^gtf European 
•." Monetary.- .Syste’i^ pushed 'the D- j 
• ■jjaarfcJ.aiid^Swjas . franc higher i 
’\\ 2 j®rist ‘ most ■ other . currencies. 

The -Betsteh frane was fixed at 
. v jts; Sopr of- BFr ’ fB.074, the - first 
;.. tlme- since the .snake realignment 
-; on October 13. that it has broken 
. .the BFr;.:l6 barrier.'. Despite the 
- D-mark's, rise, the BeTjp an Central 
y. Bank bought a small amount of 
.the 1 . German currency ax well as 
, U^.'dbilars. and French francs. 

•\- 'IPAHIS-^ fairly q diet trading . 
.the 'Ercncb franc declined espaci- 1 
ally, against the D-mark. 'Rumours 
' that the 'French authorities may 
" have- sold French francs for D- 

. .oiarlur tended itr -depress the . 
French- unit Mear the dose the !- 


U,s*. $ 

t«nulian S j 
HulUnr ! 
Ik-lKiiiu F j 

UauinJj X J 
D-Mark 1 
I'ort. Kw. • 
£>Man. Pi*. 

Um lOlgi 

Nrajjn. K. I 7 
Frwu-iiFr,} 9tg' 
-Sijii 

-ten : 3'.s! 


S)e>1.35<0-1.fl<SD '1-9445- 1.5455 tM8-0.58--.piM 2.65 Ui.-.^in 
105(:t3&8SJiaiS '2.2EOO-2.SEIO B.BtP8.70c4tn' 3.95 .3.05- l.3&>-.(.w> 

..... I j^.,. |lllt 

: i 

5- 

18- 


2.43 

S.S1 

3.45 


8 


59.lb.5fi.63 

30.56-69.46 

! 20- 10 '|.ni 

*5b-4a ■*. |i|u 

2.37 

10.42- 30.50 

10.49- 19. 50 

«9;,4; ..n-tiM 

— 9.72 5^-5. un'ilii 

— 1.31 

3.70JJ5 

672,-3.76; 

i a.-.- 2". ] l 1-111 

10.06 8 ft |nii 

9.80 

90.40.81.90 

91.50-81.80 

, GO- IDS r.dL- 

-10.80:140.510 c .ii. 

-9 83 

158.5Q-l6S.iS 169.00 159.10 ! BO-150 .-..lit. 1 

-9.06 4S0-J6O •-. .iu , 

-6.P2 

1.860-1.058 

1.657-1.633 

J 2-E Sin- ili» 

— i.5i b- 9 im- .lie 

-1.81 

8.98-10.07 

10.05.- 10.08* 

> tyiri-i.ni-5 we- 

Q.&O .4 ; -li uni 

1.29 

8.57^-8.65 

8,58. 

! 4Si .Jii« 

H.Sfl 10 8 ..pm 

4.42 

8.E0 B- 65 

2 65-8 66 

! 4 - --2j..irc |>ni 

4.B> ISM Dim cum 

5.20 

. 582-092 . . 

584-886 

; 4. 46-4. lav fill 

13.40;l 1.76. il - 00 v f u 1 

LI. 79 

27- 16-27.40 

27.25-27.50 

1 22 12 am uni 

7.48 l bZ-4S un. pm ; 

6.89 

5.62-5.50 

5.55 6.34 

j *<-3; i-.fni 

13.50 11b-1Ql ' ■ I'Ui 

13.04 

.. — 

- 

; - ■ 

. .. 



Sw|hs Ft. ! 1. 


Bclslau rnttr * fur convertible francs. 
Hilary la! Irjnc tt&.TB-40^3. 


Si= mnmh forward dollar 2.?.i-£ [Si‘ 
13-mnnlb «.l j-l ujc pm 


■li: 




2QZ 




Tuitr mjijliW . _ 
thaiW a TEJT 'Jrwi '• 
SOTPwtaMn dMtm rate^ 
VamtiSitim wnmtks 

ifaM-m* i w 


t M.'A'M J J «• &. BUD. 


THE DOLLAR SPOT 


FORWARD AGAINST S 


Dece mber 8 

Canail'n 
DuUdcr 
Belsian Fr 
L'znm Hr 
b-Marh 
Pon. Ew 
Spja. Fta 
I- Ira 

Knrsn. Fr 
FrcmJi Fr 
S»WmJ> Kr 
V. n 

AuMna Sch 
Srtrin Kr 


Dqjr’x 

spread 


Cion 


85J3-85.W 

2JB65i0«3 

3332-3OJ0 

53 7&5MB 
i.n<u-unn 
n.wiM 

-QJ3-71-M 

«a.f»«suo 

5J455-5JL778 

4.n5M.«a 

0JO6M.4S15 
xnjd-i'n.TO 
14.KHd.IN 
1.7132-1. 72U 


85ZS4SJ9 

2.QS&S-2.SS95 

3X5S-3XU 

5.4BDI-5.<32S 

1.1188- 1.4150 

0701-47 Jb 

7U3.71J8 

E52.ffl-352.E3 

5aT2a-SJ730 

4.CSJM 4293 

4.4509-4.4315 

W7J0-l>n.7D 

14.3217.0i 

1.71 49- 1- 7155 


One ITlDBItl 
oj»i-ua:c pnT 
O.li-ILOEc pm 
2c a nr- par 


_PJ. 

"lri" 


T|vte mnmtis p.a. 


•j£JL 21 l pm 
0.U OiE-O-tac pm 
DJS 3-fcc pm 


I.B5 

1 J 2 

0.41 


U S. ceals per Canadian 5. 


2. 25-2.75o re dls -5J5 SJO-fcJBprc dto -tab 
JL2C-l_14pf pm 7.08 3 «k3.55af m 7 JO 
W.-83c dl> — 10 66 L.45-2.UC dis -11J1 
[ 47-5Tc Ills -8.72 U0-133C dls -B.lfl 

( 3-43-3.901 i red Is - 5.14 2.75-4.751 ired Is -4 M 
; B.30-8.75orc dis -1J7 L0-1.4ort! die -8.43 
; 8 J9c pm-par 0.0 t.OO-LlOc pm 1.13 
1 1.23-1. DEa re pm 3 JO IJUJDgiT pm 233 
| LB&-1.75y pm *M UM.Hypm 1.J7 
U5-5-259ra Pm 4.41 17 J-UJ)sra pm «.54 
■ 1.17-1 .Ut pm 19-53 4.47 4.42c pm 10. SS 


CURRENCY RATES 


CURRENCY MOVEMENTS 


aiiuiisci>.vuiicuyiu»>^k U1^.4>*HC4loe. . ■- . ~ l ^ ~ , 

of cuareacies saefa "3s the dollar, against FFr 2.^050 in ?he morn- 
ALgaiost Che D-matk. it finished' it J. ng . ^ Jld - PFr 2.2960 on Fridny. The 
DM hAt55fccnnpax«d. with Friday’s _ 0 . f , rai } c ‘ 10 

dose of DaH:.fl^7J.- Afopc poJbt - ^ 4-3S51; from FFr 2^>642 nn 
yesterday, just Jtelbre .'noon, ihe* 1he ti ^S] ^ z i- e 0 a ft sed ' to 

U.S. IUB 1 jaijidied. DMLBSifiOlTe*- *^ 4.4275 from FFr. JA41H). 
fore sliding to a low .point'. d£'"vr ;i *w*Wi^~The lira losT'intnind in' 
DM 1.9180. 7 -thel>-nwrk arrd tbe Dutch guilder 


previously, bn ring been os lo’ 

SwFr L7280 before hoan anti uy IAjn , 

to SwFt- 1.7995 -in ^ later - trading, °? c rra * y ' -^P»f iit 2‘ „ 

The Yen - continued to impitr«e^ linfi o^^ShV. cii i 

and finished at Y197.65. compared 

...jth V2019 ntr Fririlav •- • - W85 siso much- firmer at LJ97.40 

with Y20L9 on hriday. . . compared with L489Jt;jirerioi«h’. I 

Lising .Morgan Guatanty figures . • AMSTERDAM— ■’Hie dollar was I 
at noon in New York, the dollar’s fixed at FI 2.0M5 coafpared with 
trade-weighted averaged depreeia-. Friday's fixing of FI 2 J. 035 . 


bcccmhcr 1 

Special 

Drovring 

RlgbLs 

Enropcaa 
Unit of 
Account 

□ DC umber J 

Rank of Morgan 
England Guarani y 
Index changes*. 

Sri rlim; . ... 

. 0.6SJTM 

0-671400 

Sir rlfnp . .. 

faZ.44 

-«u 

'--.S. dollar . ... .. 

. lJfiSTO 

130028 

U.S. dull ar 

8538 

- 8J 

fia.i.idian dollar . 

.. 3.4744b 

1.522E8 

Canadian dntlar 

80 OX 

-17.0 

Ansi nan scfilllluj; 

.. 17.9473 

183144 

Aits' Nan schilling 

.. 144.75 

+ 19.1 

R* Ikjjs franc . . . 

. 38.8231 

393765 

iieiBian frjnc 

112.62 

-r 13.9 

Daoliiti krone .. 

ftiGlJD 

7.001 59 

nannh krone .. . 

. 115.66 

+ 5.1 

Deui<u-hc Marh . 

. 2.45053 

231734 

Deutsche Mart: 

.. 108.27 

+ 41J 

Cuifdi-r .. 

.. 2-M2I2 

2.73449 

SwisF franc . 

19232 

+ 82.8 

Fri-nrt rranc .. .. 

.. 5-63262 

5.78555 

GniMcr . . . 

122.90 

+ 19.3 

Lira 

.. 1 079-81 

1109J9 

Fnmtfi franc .. 

47.74 

~ 6.8 

Y.-n 

.. 2S3_S2b 

263.212 

Lira 

54.43 

-sa.. 

Nani cyan krone 

.. 6-53711 

6.71 039 

Y-n 

. 147.28 

+ 4S.7 

K 1 seii . . 

908549 

93.2124 

Rased on iraric wmchieri chrnecs iron 

'iv*-fl|rJi t.rona . . 

5.6MS3 

5-78311 

Washington agreement Deranher. 1971 

Svie^ franc 

2,20456 

2.26314 

iBank of England 

Index -ino 



CONTRACTS 



TENDERS 


rion widened -to. fiJ. per cent from ZURK3T In 

7.7 per cent* On-Bank of 'England earfy morning tra 
figures itsiitjdei fell from.93.7 to showed, a ^ghtly.' 

S3m2m 


relatively light i 
i’.tne dollar 
inter look 
ciux^acfesc Tbe ! 


' 

OTHER MARKETS 


Jlrr. « j C ! 5 j 

£ 

Xon'Katei 


■ "t ,rr-.- V-* • Against - :..inpst . .., 

sued . SL9420- European. Community ~Scamnit I Fin'bM.T: iturui 
tin the firmness of -Meeting ‘wag causing some uncer- 1 t’mrii Cniwiin. 


Au^intha. Dollar. . I 1. 70 a7- 1.7137: 0.8765-0.88 I Otolglum . 

.... 7.87:. 7.835 : 4.06 15-4.063 5- Fr^ir ml. rk 


38.a5-39.25 : 10.66-20.18 Kmi.t- 


StcrHng "n 

$1 ,9480 andf ft . , L mnr -w- „ 

the dollar '-to 9UBOO before noon, tataty in the market aJffioiigh the ii”' k -• | 

Recovering tn_«lAS5Q te thet.eaxly' ^ervention retes f^ EMS were ; ^ \}l Viflt* 7 sfa ii2« 

afternoon, the pound continued an expected to-- be.- announced / kuwair fri>«riK’fiii 0 . 530 . 0.540 1 0.2725 0.2776 
to impove arid touched $1,940) be- just yet The U.S. mnfw&s quoted < 1 JiscruN-ur" Frauv! 59.55-39.45 50.52-30.55 IXr-crrav . ... 

fore dorine et $1.9445-1^4®, a at SwFr L7278 and. DM 1.9®0 • o.jipr... 4 . 2200 . 4.4 160 2.2280 2.252o;p..nii;3ii. . 

rise of 79 points frem FridayV against the D-mark. . . I ° - ! 5 « v u Y Y 

close. , Against other enrreheies TOKYO-TV- dollar fell aharply ^V^ 'fwi^ 1 ' 4 . 255 cm.! ;50 2.2 oa 2 2 o 3 or.‘.r^i ^ B Te. 
.the pound .' showed' a sBghtly agairrst the Japanese yen.to close is..:ni. \mrankpud‘ i.667S-i.695« o.bs 73 0.8706 . 

easier tendency which was. r«r : at Y 196. 60 , compared with Friday’s — 

fiected lii its trade-weighted index, close of Y20155. .i*. ' i r»i<- air-n nr Aramnna » fro. r»t-. 


60-611; 
10-35-10.55 
• 8.55-8.70 

3.70-3.80 
1630-1700 
380-390 
4.00-4.10 
9.9 10.10 
90-100 
139i : -145 i ; 
3.30-3.40 
1.9400-1.9500 
41-4.3 


EXCHANGE CfJQSS RATES 7; 


1 5 

i 5 : 

k. 


.i’i. 

Yj 

•r . V 
"• l Art 

i s.' 


. .DBC.-4- 

Pound Sterllnir •_ 

U.S- Itatiae ; - 

-,lW4ilitsHiig 

- I 3 ' .--.1 

.. 0-51*; .. 

’ M.-Urdiar 

1.948 

_ ..I Ir - 

] ileuLtclieuairltj^lapiTiwii Yea 

J 3.720 805.6 

! i.»i« ^ ifruy 

Freoct. J'.jii.i, 

H. 50D 

I . 110 

svi» Franc 

5. *35 
i. <15 

I.IUICI) lili...li .1 

4 B 68 
j.,097 

f j™ 

1660 

652 2 

• nine- in a ■ 

•.'..91 

1 172 

d-;im. 1 mi.- 

"aS.lO 

3U.&1 

DrSUtnche mxrS ' 
.(•MueM'Xen 1 . 000 . 

- ■' 0.268. 

• 2J507 ' 

0-522 
ELtiBti ; - 

■ r. 

.[ ; 9.6p2 - 

ula.3 . 
WWi. 

t.304 
!! 1.51 

0.095 

8 662 

1 . 1.00 

10.55 

444 7 
1305 

u .*12 

5.923 

1391 

1 = 1 S 

French Fnmo 10 --." 
£*rtn Fnajo - -■ . 

._ "i.ie* 

' 0 . 300 ;";. 

..'2.2&-Z 1.339' 

•r-0.593 1 Sy- 1-119 

: '-l "0*0.2 

C; '-138.1. 

lu. 

SLS76 ' ' 

3.002 

1. 

1.726 

1.817 

1 J 30 

497 0 

2.t55 

U.r04 

<9 15 

1 1 01 

lhitcb Guilder ' - 
Ittlran Lan' KOOti . 

-• 0J48 . 

. 1 0*05'':; \i 

0 479 ~ 
1.178^ 

} • UC910 

' 92.03 t> - 

'} £32.3 ? 

55. 1 16 
*.103. :■ 

U.92I 

2.vl8 

2 449 

400.3 

U.»r2 

1 376 

14 63 

33 04 


- 0333 . 

-3.Z74-- 

1.633 

.-! 160.0" i 

; Mtpi 

4 767 

14 co 1 

1 16'/ 
t> 614 

1.700 
t 935 

7. 6 0 
■-700 

t 

3.039 

c 6 85 

l j>- 


EURO-CURRENCY INTEREST RATES 


7 




TV.4. 


‘ ‘ ' • • ‘ f '-ttnprttan 

fSfwUtp;.- .K&, DolWr_ j -;^pnll»r 


Dinrii Gin Mm . Fnioc 


We*! 'it' TWO 

•If:* 


I rrsoi. I»v wi liira 




•v 

[?■ 


n-hort iam , 

T <l«r'b notice' 

3ioalh. - 

Thrw inpoilM.. i 
61 * innmti*.. 
OoAjvu*. .. -; 


13-12U .- . tiSfr97a -,i ■'■•81.-9 >a ■: 9 9i~ 

lAu-lS&a - ■'•Bii-tiia.r--*’ - 8'f-fli* .• ! 9 9ir 

13-13*1 j - aoai.U -•• i ■ 9 % 84? 9i< 10 

}3^»-lAi« \ ■ u^WA . . •: XUA.1I/* . : sag 9 -i 

14*^14^ I ! • •10^-10! 5 I ■ .*!*♦■!* 

137j-141^ J . . ZJ31-11/9 .. 104-lOi* ' - B>*-& 


-- -.*■ 

•y m ri- - 

■ 

1 Sa-Hs 


3;^. 31-. 
3Jt-3i; 
3j..5:r 
**t- !(: 
4 4 ... 


7 7!, 


3!? 

9 

H-. 

iui 


*• !i. 

9 ; i 


1«.:-- 


10 

32- 

14- 

S 

’t. 

is -l 


14 

lb 

o 

1* 

IT. S 


11 . 

1 .f< 

U 

1I-. 


ll‘ 

n : * 

i.-t 

Ji . 
11 . 


^*11 

-3 ~1J 
2 ..- 
•> r-. 

i..-i 

i-. 

3:-, 


.■nw.-fflj.'rwtaa wimiaal .raiji. wwp 4Dor^4 for London doJJar certifitaies of dcpo*li:. on? sr-onia I0SM0.4’ prr !?ir-:p rrioniis 11 pi*r irm. «i\ 

II ss-ll. es per t6am : one jeir lliS-Hjj per cear-. 

Lo«ji-Terjn.Jviwoil«lir OeppsHs:. Two yeara' JOf-'JOi per «yir. i tm yean idj-ivi ss-s «n: four Furs l?i -Vi p r ••-!■ hie ;van l-ui'i. per !..>ni:nal i los r.s 

ratfet Short-tertn rales are call far sierHnc. U.S. daHars and Caoadian doUar«. two- Ua£ CaB for an-;d. ra ani Suis* frao-.t. .Iran rarci «rt- cionn: rai*j. in Sinaspore. 


INTERNATIONAL MONEY MARKET 


GOLD 


Paris call money cut rate 

Day-to-day money. TeH to- 5ts mitted level /n the European per cent from 9-10 per cent. Onc- 
' lowest ■■•for* nearly, sewen..' currency snake of BFr 16.074 per .month increased io luj-JO! per; 

yeara in Paris yesterday. . At 6? D-mark, on snowing speduation cent from J0-1Q} per cent: three- J 

per. cem, compared with fij- per tbat there wUi'he a realignment month io 10J-10S from 9J-10 per 

* cent on Friday;, this . w?W the. of : currencies on the expansion cent; and six-month to Ml-fi per 

' lowest rate', since February V 3,.. oT tbe present joint float into cent from !l?-9J per cent. 

K : 1972. Last Thursday French com-' ‘ the European Monetary System. NEW YORK — Federal funds' f»o!d rnse sharply in the Lcn- 
*> merciai banksTednced. their prnn6 : One-month money in Brussels wore slitehtly easier at a; per dnn bullion market yesterday and 
5- rates to:' &8»> per reni Irom J S,90 rose to 95-9^ per cent from 9!- tent- compared with 9h'. per cent closed SB an ounce higher at $199- 

5 per cent, reflecting 12 m?. easier 9J per cent; three-month to 9'- bu Friday. On the other hand 1992. After opening at 

trend id money .market ■ rates. 9j per cent from 91-95 per cent; Treasury bill rates were firmer, which was im lo\*est point for the 

Before the weekend M- Rene six-month was unchanged al SI- -with 13-week bills quoted at S.92 ■' day. the metal was fixed at 8197.70 


Sharp 

rise 



riducritm.'.was-'ion TAtiguat 31 IJast- interest' rates were fairly steady-per cent, compared with 0J21 per upward movement 

year, from -ifl^per- cent to 9j per' in- the interbank -market, with call «nt. ' _ . ns I -i l,e ri“^° bflr i'.P 

cenL. money unchanged at 3.43-3.33 per SLNGAPO RE— Foreign banks Rxed at FFr 2S.ti00 per kilo 

I^xed- period interest '.rates in- -.cent. One- mo nth was quoted at, increased their prime rates — 

Paris yesterday "were: 1 pnemnonth 3.$KM.10 per cent, compared with yeeterday by between i per cent 1 rv-. « . d*:. i 

65^Qf per cent: three-month 63-S5 43841)0 per cent; three-month at and -.{ per cent. Rates now^stand 
percent; six-motit±i 7-7J percent; 3.S0-4.00 per cent, compared with at. various levels between 7{ per 
and i3-inonth 74-7J pea* cent. -3-85-3.25 per cent: six-month at cent and 8 per cent. 

BRUSSELS— Deport rates for 353-4.05. compared- with 4.004.10.;. aulA>\ — M oney market 


IX1D2J&BJ -ElOa-lBCl 


G"-<kl BuUirm finci 
•■niii-r, 

.<!*«■ ....... 6ISS.f£Sf f|P<. 194-7 

. rates O|«aio^ S 1 9 7 i - 1 38 S19i:-19«» 

the Beteran fritne were sKghtty per Tent; and 13-month unchanged were unchanged, with call at Monun^ :i*in= S 197.70 .fritajs 

firmer, wdrfle pressure tended to Bt 4.13-425 per cent. 10i-10t per cem: one-month at 

return to the franc 
exchange market 

currency fell, to ^ ■' " “ , . . ' ' nn-xa ssosi-m 

UK . MONEY MARKET »TSotM ;pni t3S£\ M! sSMP 

!£S0i L 5ii) 

# j • OM . 


ac in the. foreign . AMSTERDAM — interbank t0!-11 per cent; uvo-momh at " A t * rn ' n renuu. 

t;- -• The -Bel? rain money market rates, were firmer, J 1-1 If per cent: ana tnree-monin j c«m 

its ' lowest per- -with call ■ nioncy " rising to Hi-lOj at. Jli-IIj per cent. ; .A.mmiaiiy 

j K niTWrrUTv' 5510.919 49QU.9IMJ 

Y MARKET 

Moderate assistance 


: (iiiM 

lo><frm:inns'.]y 
1 Krujirrraa^. 


55E;-60; ,S3Sl-Bli 
T3IL-SJ.I (X-M-JJj 


52Ds-2D7 .Sr 280-202 

£!B0.m6j .£I0Ji-UMii 


S55-66 
■627;-23.: 
S33S, 


S52-B4 
r£2SJ-2?ij 
>3 B s .0B t 


Bank or England SUnimiun late balances were fairly hard to On the other hand there was a ryn-m-u* ■■ 
kate'-aj ilfrcMt find, commanding 11 1-12? per cent, small excess of Government: 
umatiiK naze izj per cem cornpared with Jll-HJ per cent disbursements over revenue pay-:t'M»i-«w.au‘ 

(since Norember B, . 19781 . earlier in th? ' “ ' *’ 1 L 

Day-to-day credit was in -rather 

shorter supply than expected in 'balances were slighily run- factor in the -market's favour. 

the London money market yester- down from Friday, but the maior . Jn the interbank market over-. |S2U0.« per ounce; compared 


day. Banks are men!* to the Lx chequer, wmie a ;>A 8 . 31 ' 

:tcd to carry for- fairlyj jargo number or net matur- ' £j 0 ” . si S c Tb 7 ! .si 56 i 55 

balances. iqg Treasury bills was also a ii _.£B7-ioa *597.1029 


rtav and it is doubtful whether factor against the market was the night loans opened »t H;-li; pori with FFr ffi.495 (819KA4I to the 
T 7 * , , jr. , j a „ M ,, h unwinding of a sale and repur- cent, touched li-12| per cent on morning and FFr 2S.OOO (S1&0.72) 

the Bank ol England gave enough agre»»nenr, with tlie houses expectations of a shortage of on Friday afternoon, 

help io tafce oiit the full shortage. ^ Waiting back' eligible bank lulls, ftmds. before easing to lli-H?: Tn Frankfurt the 12 
The authorities bought a moder- They were, also faced \rith a per cent. At mid-afternoon rates . was fixed at DM 124145 
ate amount, of. Treasury bills moderate rise m the note cireula- touched I 12 j -13 per cent, bui fell . 18198.22 per ounce) rompared 
from the discount houses, but lion. ' * U-UL per cem « the close. 13.1b (SlSaJU pre- 


LONDON MONEY RATES 


Dec. < 
1978- 


" Hwrtlnp 
C«rtifiai« 
ondepout 


I Ldcal [i-Jcal Xnrt., 
lnuKtenk ; Antfconty : neapUahle 
. UopusUs : ' " 


Finance 

House 

Dejjcuirr 


.Tiuamili 
ir-omr«n.r; -mtiiTt . 
' Den-’nits dOpwit ■ 


Irewocy 

Biil-4- 


Eli^Me - 

lAci rineTrftde ' 


rjrtnugtit — [. 
S dtfi BOtlMLn 
7 da va 

7 day* notice..' 
fine month 
T*o momha.-i 
77irfl8TBOotha. 1 
6lz month* ... . 
Nine mneiclu^! 
UgeTW- > 

Two yean 


12-13 


l>7g-18lo I — 


_ . !»*- llk-iak 


-. vinyvlv. 

MONEY RATES 

NEW YORK 

Primi. hate 

IV.J Fund*. 

Trcasurv Bilb •ir-weck 1 
Tm'U/t Bill b ib-un k‘ 


XLS 

7^75 

8.42 

1.1b 


StjL 


II trial#' 
13-194; 
isiB-iau 1 
latriau; 
iUi-iaik! 
li -ii* 
1 IV 11 >8. 


1 >70-12 
I3-13W 

13U-121* 

11 VI & 


1218-1318 i 
12-1212 . 
12-1248 
11 -12 ; 
11V« 

nvia : 


12Je-12s# 

lSVlBto 

1&93-12H 

las* 

12fe 

12^ 

12 '• ' 


121? 

12’z 

12H 


n; s -i2 
; ir 8 :i2 
uta 
- 113 1 


11^-1112 12. VIZ'8 
'SUe-llft 12r t -ia^ 
U 1 -tlii lli'12 
' - lUe-zl-V 




GERMANY 

. 


12-’i 

Discaant Kate .... 


. ... 3 

12 If, 

1 Ovntishr • • 


3.50 

la^ 

i.i nr mahth . ... 


4.D0 

23 

Thri-f aiottlbs - 

- 

j.va 



SgTlt^ S m ^ictenla»"T«i«lo-rer cem. 

B,|M tar SlTim! TO 41 Mien BMFP ‘ _ 

TrtMW/ gUlm. avw»p tender rat«- of.disccanl. i l.-; 1 ** ? "v 


monihs 

FRANCE 

Duoiun: Hale 

Oversisbl 

ow n;inut> 

Thrc-^ months ... 
S.i ir.amhs 

JAPAN 

PlMDUtll Aj!- 
Ca't ■fniwl'tiiwai 
Si.ls PMPnn; Ran 




•J 

ts 

4.6275 

6,1125 

7.0425 


IS 

4«S 

a.M5 




mmmi Govmm welds 


SOCIEDAD DEL ESTADO 


Call for bids lo contract works destined to the exploration, development and 
exploitation of hydrocarbons (Law No. 21.77S Risk Contracts), according to 
the following details: 


tender no. 

AREA 

DATE OF 
OPENING 

10-76/7S 

“ACAMBUCO*’ i North-Vest Eafin— Province: Saliai 

March Sth. }9“9 
at 10 o'clock 

10-77/78 

'• PICUX LEUFU " (Neuquen Basin — Province: 
Xeuqutinj 

March -Slh. 1379 
at 10 o'clock 

10-78/78 

“MESETA r.UENGt^EL " iGolfo San Jorge— 
Provinces: Chubut and Santa Cruzi 

March Sth. 1079 
■>1 10 o’clock 

W-7S/7S 1 1 » 

■‘PIO GALLEGOS” (Austral Basin— Argentine 
ContinentaJ PJalforni • 

March Slh. 1979 
at 4 o'clock 

10-70/78 dll 

*■ MA«; ALLAN ES” 1 Austral Basin — Argentine 
Continental Platform 1 

March !?ih. 197B 
a! 4 o'clock 


■fa Thr opening wiU take place in the General Belgrarm Hall. Roque Saenz 
Pena Avenue, 777. 13th floor, at the aforementioned hours. 

Cost of tender specifications: The cost will be equivalent in Argentine 
pesos to US$15,000 payable at the rate of exchange ruling for closing 
seller price as quoted by Banco de la Nacidn Argentina the previous 
day of the purchase. 

Those who have already obtained the technical information are 
empowered to get the corresponding general and particular regulations 
front Office 1010, 10th floor, placed in the building in Roque Saenz Pena 
Avenue. 777. Capital Federal, as from the present date between 
$.45-12.30 and 14.15-15.30 from Monday to Friday. 


LEGAL NOTICES 


I In Liu. ■.•f.lBf IH- nsritx 

jChbimrerv Division ooiiipjim-i t'ourU la. 
! 10 e 3! 21 UTS at: 

.So IfctSTiil of 157= 

; v. k. CRimrus * comma;. v limited" 
: No menn of isr:-* 

MISS INI.; i.lMlIF.D 
and in >h« 01 Hi-.- Cnmsanie^ 

Ail lIHx. 

• NOTICK IS IIKRKKV CIVCN ir.nt 

• FS-unons fnr :fn i-inJin^-.ip f Hu jfiw.-*- 

; r.amrtf CWiJOank--. by ih- Lour of. 

i JUalu.v irvr« . »>i till- ?u:h ria; - Na-.y mber- 
I IBIS. t>n.-M-nt>i] lo !b- sa.-J < ouri by 
; THli C.J.MUlSSlUNKRS Ur * L iTf'MS 
AND ENCISF.. of K.iW/ P jm, ;i..us*. 
3JM1. .\iirk l.ufl. . lutnOoft fciilj? 7RF. 
land ili^r ihf 5*IB I'm ilium arr diratlid 
■to Board brft^f «nc t:ouri nitins 
■ at Lbr- Royal Courts ul iusik-t ■. Sir ami, 

| J.outivn WC2A -14. on i)i< 15th day of 
! Janu.irr 1919. and any vn-dMor nr vonlri- 
j butarV of an:' of rbr -.-aid i.'ompanii'* 

, rir siruus iu support nr npner;-- Kk mat.n: 
Of an Order un any rrf lh^ .aid Pent ions 
I may app-.-ar at <h<- ii:ii:- of hoartuK ir, 
piTjun or by Bis Cou’iscl for liiai putdosc: - 
; and a copy of ihc Pi-; it ten will it.- lurntsnrsl 
i fav tha m li rsi5n>'d iu any rrrduor or 

• [■onjnbuiuJT nf any of m ttf ij;rt C'^Mpajn--? 
rv-ou:nno »uch copy on paym ru <rf Ul* 
rtsulaiod irnarg-.- Tar Uic same. 

14. K. «Ui\Ji 
K .tty's Beam Hons^. 

; »l. Mark Lartv. 

i i.iindPD kcsr nit;. 

Sullcnor io (ft » Pennon*?* 

NOTE— Any per>nr r-ft* int-ndf to 
■tDU'.-ar on thi- h.-arln- ol any of ;hr said 
P'.'ilutns musi n-rv-_ on. or m tirt by poj' 
lo. iftr ebui-r-nanivd i.«;n-- in -H-ni:ns 
. of bis iiMi-ulInn so to do. Th-- noitr.- mun 
aiaic ih- 7a mt and rtddr"«s nf :hc p.-r>an. 
or. II i firm tfty nam-.- and addr-<s nf tfta 
nrru. and nmsi b>- «i£ji.-d i»j i n r- oorsitn 
or lirtn. «>r ln^ nr ;b^ir Solu-iiur .tl ani ■ 
and mti4i bi on u or 'f poMcd. tnu*' 
j b-.- si-tu hy com in 4tllTi> il-hi lime *o 
i reach ih>- abi>\ not later than 

four n\ lo'.-k in in.- all- moon nf tha 

ii.o <iay of Jatiuan- fSf9. 


CLUBS 


EVE. 159 Regent Sued TH 9582 A >• 
Carte or All-in Menu Thr>ys Spectacular 
Floor snows 10. OS. 12 JS end I.4S and 
muii? ol Johnny Hawke- worth 6 Fr. ports 


GARGOYLE. 69, Dean StrerL London. W. 1 
NEW STRIPTEASE FLOOR SHOW 
- AS YOU LIKE IT " 

■ t-w.50 ant Show el Midriphl and 1 in, 
Mon -Fr. C Iosco Saturday! 01-437 64SS. 


ART GALLERIES 


RICHARD GREEN GALLERY. 36. Dor-r 
Sirecr London. W t. 01-431 3277. 

CHRISTMAS EXHIBITION OF PAINT- 
INGS UNDER C5.000. Daily *0 00-6 00. 
Sals 19.00-12 20. Until December 22nd. 


ART GALLERIES 

AGNEW GALLERY. 42. Old Bond SI . 
W.1 01-629 6176. DRAWINGS FOR 
CHRISTMAS PRESENTS Until 22 Dec 
Men.'Frl. 9 50-5.30. TtturS. until 7. 

AGNEW GALLERIES. 45.' Old "Bond 's t . 
W.1 01-629 6176. DUTCH AND 

FLEMISH PICTURES FROM SCOTTISH 
COLLECTIONS A loan exhibition in 
aid Ol the hn;>»nal Trust lor Scotland 
Until B December CntraiKe fee BOp 
And FRAGONARD DRAWINGS for 
Orlando Furrow Until IS Oecc'i'tiei . 
Man.-Fn. 9 30-S 20. Thurs. until 7. 


TBSTHSTCWTHmS 

ENGLISH ART CLUC 
Mon.-Fri 10-5 Sat*. 
Dec. Adm. 20o. _ 

MALL~GALLER1E5. The 
Miniature Society 30:h 
Mo.i -Frl. 10 00- S. 00 
Until 1.00 Pm 9 Dec. 

BROWSE - & ’DARBY. 19 

JOHN SALWAY 

NORMAN ADAMS — 


“ M jlil7“S. 

78 Ann. Exhnn 
10-1. Until 15th 

Mali - s"w'l _ Royal 
Annual Exhibition 
Sat-.. 10.00-1 oo 
Adm 20P 

Corv' Street. W 1 
Circus Picture* 
Flower Plcturei. 


^oBflSERinTTui Bond StreetTfbSon! 
! W 1 ' 01-491 7408 PICTURES FROM 
I THE GRAND TOUR 14 Noe -1C Dec 
. Mon. -Frl 10.00-6 00. Saw 10 03-1 00 


DAVID CARRITT LIMITED. 15 Du'.; 

, St.-eci. St James s. S.V.* I. SEURAT 
Pal. litres 'TO OMWIPD Until IS Dec.. 
Mor, -Frj. 10 00- S. 00. - 


iFIELDBORNE GALLERIES 73. Queer'* 
Groip. N.W8. £26 3600. PainfK-et 

- by RODMEY BURN. FREDERICK GORE. 
LORD METHUEN. LEONARD ROSOMX.N. 
RUS IN SPEAR. JOHN WARD. CAREL 
WEIGHT 

LEICESTER GALLERIES at Ihc Alpine Club 
Galleries. 74. South Aj.;lr-.- St.. W 1 
629 2200 ANNUAL PRINT Exhib.iiOn 
t10.00-5.00. Sat. 10 00-1 00. 


RICHARD GREEN GALLERY. J New Bond 
Street. Louden. W.1. 01-499 S487. THE 
VICTORIAN SCENE Daily 1Q.0D-6 00. 
Sals. 10.00-12 30. Until December 22nd. 


OMELl. GALLERIES. Fine British and 
F-enth MODERN DRAWINGS ana 
Modern Br.'i.h MARITIME PICTURES. 
42. Albemarle SiiOL-t, Piccadilly. W 1 


ST. PAUL 5 GALLERY. Arc Mar. a Lane. 
E C.4 1 0 H Ludcatn H.lli 0I-24E 53S9 
□II and Witercolour Paintings SculSiurc. 
Framed and Liilramed Fine Art Retwe- 
duclions including Signce Limited Edition 
Prints. Open 9 DO-3 00 Mon -Fri 

I HE - PARKER" GALLERY. 2. Albc’marle 
Sure:. PifCJdiH-.-. w 1. Exhrbitjor of Old 
marine, military and sporting and tnno- 
grynh-c.-.l prints and Paintings and ships 
models 


V/ILDENSTEIN. Pamltng; ct'n.ng; and 
l.-h sgre PI’S r>y SERGIO TELLES Unt'l 
ISth December Wcdn~'2..v; 10-5 30 

S-'turCa- ! 10-12 30 147. Net/ Pond 

Street. W 1 . 



Midland Bank international 

\|-.L--.! ] .1.1-1 : 1. 1 a. Hi. III. "*»••* i 

.-i’.L .i.don f.<. : f'. h\. f-.l.' 1 ; c 1 "- • • r-i. j 


World Value of the Pound 


Thp below gives the 

latest .iv? i table rates nf exchange 
fnr the pound a pa ms t various 
currencies on December 4, lflTS. 
in some cases rates are nominal. 
Market rales are the average of 
burin" and selling rates except 
where they btc shown u» he 
other*-!!*. In some case' market 
rales have been calculated Irom 


those nf foreign currencies t» 
which they are tied. 

Exchange in the UK anfl most 
nf the countries listed is officially 
controlled and tbe rate « shown 
should not he taken as being 
applicable to any particular 
transaction without reference to 
an authorised dealer 

.Abbreviations; fSi member of 


ihc 'lerling area oth-i than 
.Scheduled Territories; »k» 
Scheduled Territory; (t: i otticiai 
rate; fFi free rate: fT» tourist 
rate; tn.c.f non-com me rcisi rare: 
tn.a.t not available: tAi bpproxi- 
matc rate, no direct quotali'in 
available: tsg) selling rate; fi» 2 i 
buying rate; fnom. i nominal; 
fexC> exchange ccrtific.ite rate. 


basic 
rate; 
( fn i 


1 P 1 based on l : F- dollar paiiii'" 
and poiii” sierlirs doller rate 
(Bk> bankers' rriif:; tP-a* 
rate: turn commercial 
icni cnm-Tiiiile rate: 
financial rate. 

Sharp fluctuation' ham hr™ 
-cen lately in ihr fitreizn 
rxehanze market. Rates in the 
table below arr not in alt iwi 
closinn rate* on the date' shown. 


Since xa«t Local tlnit 


Value ol 
£ Sterling 


riacc amt Local Unit 


Valne o[ 
SSterluur 


Piar» and Lfrcai Dni> 


v a ms ?! 
l i'M-.inc 


Place and Le^ai Unit 


Atffnanistan ugiumi 
Alter m 
Alatr’a .. . 

\nik>ra . 

KdiSk'.x 
A M[icj:i *• 

\r^>nl ina. 


I.nu 

Jtinjir 

■ P.-vtxli T ratii- 
- ^putti-b P«rt« 

L. Larrlhnin S 
if. Ftm Fn* lie 


LiMniirR ^n*traii«n 5 
1 ii'.ir\s '-.-tiiliinc 
law- Curtilg. K-tl !• 

Bnham airv Ji-L iKalUlr 
H'tnr;liulrr-li ' te.kh 
Uahr.iin iSi. I'lttar 
K8'«nrii- 1- ■-.-. “?•!. IV-et ■ 
bartedfr-'^i .. Hattaiiu* bit 


Bv'csum l-'-Fnme 


7J.D0 

10.077 

7. *472 
R.SS 
JiS.Oi 

6.25b 

i.ss: 

1.7212 

::.27s 

91 70 
1.9460 

SLl.t-.-J 

0.745 

159.03 

5J90 


j Ecuador >hci*- 

| Gk.TI' 1 liCTp""" £■ 

r Klh|.r|-.K I'.i *rii.|niiii L’rr: 

[ hi't'l Gurnet. Ivt-uca 


Falkland Is. 

I -Sr 
I I'arrr I • 
fljl it. . 

Fin In i ii I 
I Knuui. 


Ki! nen-1 I* C 


... | Ijitrli^li Kr.’li» 
. Fi:i ‘ 

.. .'.Im-LLe 

... F'fmii-J» l imir 

i K. .« “n-in \ i ' t l- .A. t rant- 
i Fi.liiiiuiin.. .. Ij*«i F'laie 
: Fr Ha-, i-. . L'.V.P. frail.- 


. r. s 

V.H.\. Fno>.- 

[ll>tlHll UllfM 

, I inii nau Ftr«j 


Helue .. . 

IVmmu .... 

Ib-iniii.le>2' 

Uuuiru .. . 
tkrhna .. . 

H>4>«in0.*.. !‘"ia : 

rinc.ii i iTUPiro 

HtVinfiol- r - * 

Brunei ft? 

Hn.gr ria 


5 

T'lll« S 
tev 


Burma 

Burundi.. 


f*T«t 

Buruntii H«ni- 


Camera n Ep 1 P -A. Franc 

tnUBilft . ■ 1 “iMilira a 

Ijtnary hie. ^lAninh Hoefa 


-cm 58. M 
tin 60 .B 0 

3.090 
429 'v 
1.9450 

16.06 

58.90 

1.51077 

5S.7B 

1.8460 
4. 2550 
1.537a 

12.764 

175.25 

429i' 

2.2G0 

159.05 


Gabon 

iramliM >i*i 
ticrmauL 

|Kj«I i 

G(-rn>nuL 

Weil 

I., liana i>j 

t-iimil/r 'K<. 

f/iilcn b • •• 
lirwr.... 

• ■mni.-ifiii.. . 

(. ■ -I Hill* -. -I 
r. lui.iii innp- . 

i?ii»i-i 

tiimliitlieW... 

1 1 n i ue« lii|j -. 
I initial Hlr-4t» 
ijitLftia. .S;. .. 

Haiti ••• • 

H/Hi.ltira- Ke|r 
HnRL'K.'Hgl?/ 
Huugan 


l.K. Franc 


,i.i.4». 18 
• f-o 1.65 
ri.liO.IE'IJ 
■ T: l.-fihii 
iH.4.0107 
153.05 


1.0 

18.4E5 
1 6275 
7 685 
8.59 
«9l- 
8.59 
156.18 

4291- 

5^903 

S.72/3 


| Lier-ii-'o in .. "ai-i-- Franc 
I Luscnifunrj . Lux Franc 


! Macao 

MnOi.--.ra 

• llliKfl.l' lift. 

! '.Inin n 1 iSi.. . 

j 11ala\ -IB s... 

Via.. 1 1 vc | -..Si 
j VLiIi Kv. . 
j UallA ii. 
j Man in 'ine . 
j llnuriiansK .. 

1 Mauiiiiu- i4-. 
! Vlexva. . . 

| Miniicxi) .. . 
j M.viiuii 

j Llim^nli* 


j Uun-L-mir... . 

1 UimNTV 

i 3 I<ieiiiiN>{Iic - 


Prttacsi _ 

P..rii;L''*»-K-i , U‘.i 
Jlfi L'rnnr- 

h « ai-|i* 
lliliggll 

Mai Kill*** 

Ma’i frano 
\ialie-i: A' 

|j«rai Fwr.r 
ilneiiii'n . 

■M Uur*e 
llmnii |V,i 
C.F.A. Franc 
French franc 
Fugnl. 

U. (irnlwn S 

llirtuim 
Ilf./- £n-iiihi 


l>|.|it-«-lii-Mar{i 

».cii 

i.il4M)Ii/r C 
Anal. 1 M.lUw 
llrai.ii iiu 

L'nin* Ii K r-'inci 

h. L ■ITII«1I| 5 
l/.* mI t'lmlc 

Vuei OLi 
*•' 1.1 

fluvmlw-’C 5 

fiii'.ritL 

te-.iiinra 

H.K. & 

F.irint 


i/ipe V>pt i I 
tat iD'iii I*'! 
Lcnu At. Ih 1 

Chad 

L'liiic 

Unn.i 

L.il.initila 
uli-...i>i Is.. ., 

■iiigi. i tr iit- , 

LVelj U>«r . , 
L II' M 

1 jin.- 7. . . 


. fare V. K&i-mln 
j • a.v. Ia 6 
. ' -F. A. Finni; 

1 "-I' - . A. PlRnu 

Hhsji 

Ifuniofnlu Yiu u 

« - Pw.i 
* .P.A. Frnur 
L'-P.A. fraiii* 


' ul/aii l'em*i 
' ' J/TTIi J,' 


-H.-Vil'lC Ili/fllllH 


Denmark 

L«jil-, : n. 

11-IIIIIIU- ! 
il..||,:r... «... 


I 'xiiikli Kr-.hcr 

'■ • 1 *nWcan S 

f'i><hin,.^ n f<p M1 


91.70 

1.S20B 

42PI- 

42e; : 

(Bt 65.31 

s.iKr 

j (V 77.58 
423i 2 
429'r 
18.727 
1.4593 
0. 7 IDO 

, i 10 60 

ii ■ 91.50 

i i is.:.b 
10.«9i 
525.0 
5.256 
1.9460 


Iceland 'S. 
India ir*-. . 
IHriHSM»ll l .. 

Iran 

li*M 

trirh Iffp .hi 



ItBlV 

Ii./ri i.'U.-i .. 
Jamaica >Si- 

.1*1 AH 

■I .-ri tali Oi. . 

1 Kampuchea 
[ Kciim i*>i .. 

. III. mi i.\lll. 
KhIhji 'll... 

h. ni. II 'ill.. 

' Laos - • • 

1 I* uii ii . . , 

• I n... .. 

i i.li*-i1.i 

1 .1--* n 


, i ki'iiu 

. I fid- liufiro 

Kj/pish 
. If is 

. Irnij Iilrst 
. In«-h A' 

. l:.mci sC 
IJAi 

t,KA. Frani 
J ii inn n -g Lh.fttr 
V ci. 

■I-iiimii 1'ii.ur 
Itlrl 

ticilt a Sliilliiu 
\V..ii 

W..I- 

Imivjil I'm-, 
h i|> I'«rt |1 
|j" Jlin-ri L 

Viu^ni |;,n. 
1.1 t IMIl > 

I I/.. I ■■ 1 lllni 


5.7975 
5.27isn, 
J.uj 
1.7212 
. 72.045 
1 11.495 
5.256 
fl.53 
1.5450 

1.8460 
S3J2S 
6? .90S 
4.9597 

8.725 
3.63 
8.740/5 

-•in- 

•ri. nr 3E.6J 

617.00 
16.08 -;>< 
IS 16.525 

144.53 

0. 5713 

1. 'IH 
36.625 
1.5&7.5 
429-; 
.‘...676 
3S5 

0.576 -• 

2354.0 

1 4.725 
1.74 . 
955.24 

0.5.V5 
i.i 0 
5.;*; 

! t»046; 

( 414) 

0 57570 


Nauru Is..... Aim. IMiiar 

\c|«i W'laii-e l!u;ee 

. V-llifi Nil* I s.. Uliii.liT 

i Aetli. Ani";i-». Aillii.uin iius.il. 
| >1-.. Hei.ri.u- -;^;;; IIlill>r 

\. 7jni:hii.i \.i£. iLiilar 
i A ji^nigui.. .. t«."l.4* 
j Nigtr ti| . . l-.r.A. train- 

INiKKiT*!-. . .Naira 

i A nr way -Nr»a. kmne 


-Maun ?ui«an- 


Itisi "muii 


!.:55 

-i .40 

;a ssi 
3i.:o 

4t£' • 
-.SO! 

4 J3 23 

7 

Fa.9t 
■ ?;20 
" 5- 
'.1.75 
i! 794 
Ii.03 
42?1 • 

9 5?‘ 

■ >.>Ji7.’2i 
25b 
7.61 
o».ii?i 


1 72 i2 
Ji.c-i 
7 • 6 
J.451: 
i;£ 65 

;.t:i2 

l 5550 
l'.&J 
42Si; 
i :t7j2 n 
tO.Os 

t in 


Pakistan.. . fl»i. liuree 
FaiuDJi Baitina 

j HaintaA.b.iS. hiua 


I’nrayuar Una rut 

»<; hi- . 

•ii icmeut^i s. i until Dinar 

*H.l 

t');. Pi «.» 

V flfl-I.UR 
. /i4.an> f 


_ Hpm 

i .. 

1 I'.tiRirfilr.'M 
; i'v'hii-' 


ij. ./3i 

1.3450 

1.5513 

£4i.o0 

.*..o.»B«: 

‘-Vi \ 15" -55 
)i 


| ItiiraHTS 
J . 

I Bt. Christo- 
! pfler'S... 

J -*! . M. .LIM . 

j.*i. i.ii.-i* 

[ -« . I her i • . . 

| Iln-i l-i.Si 
[.-us *•• >..r K- 
| -ainrs ini- 
. —in M(..-in>. 

i ^<.« 1 

-ill'll Aral.m . 

i -"-ni ;il 

. N,-, . 

1 -i/r-elj. in 

J S:iigaf*Tc "?■. 

■*.... in., ul 

[ *N'nul i Ifi-p. .. 
.-"•in. \iri.-n -• 
I n. VV. A i ri. - hi i 
|-).-rrii..rii - '■> 
j Sioilii . .. . 

I *i>hi. |.-n« >u 
J V.>nii Air.*ii. 
• -rr- l.-nK" <*>.i 

! 'ii.'hii 

1 —in ntnii . 

I -.•.*/! jnel i— > 

| -V. H.iell .. . 

I --Ml.'.— HI! I.. 

-Ill* ... . 

Taiwan 

| Imiijvllln 

, U'KlIuH I. . 

' !■«- iff.. . 
i I.iib* J-. •’r-* 
i'lni-lru . 

j 1 nutria 

. Ii:n,in . . 

I 1 iirfc*. A i.‘« 

| i'llVHIII 

i Csunda -s.'. 
1 1 nite i States 


[.ru 

I!"»n1» Franc 

F.s •iili'^n 5 
*•■«» .•!.. I' 
F.' lli:.l-ni * 

■ . F 1 i . -II- 

I- . ».rl'.!.*Hn 5 

< ..l II 

l * 
llaliHli l..-»- 

mi- 

II- .* 

". .F. \. 1 rniic 
-*. i:ui*i- 

[ /-. .ii.* 

i*injai«ai J 
■•.-III" -ri I . 5 
•N.lll NlllllU'M 

IIhii-1 

■>. 1 llan-i 
1‘e-el u 


I !*•*■! ii;;"*. 
i -..|| I i , i---r 

-I- I- 



■7n-- * . 
I.Viilii-.li.. 


1*L" 


I - .-- 


t- 
i: h: ■ 
t.-i, 


=■!./ 0 
-r..j 


i :-4.i3 


! t'nijuai .... 

j l.'tii.A'titmi 

■ f VntUi. 
; Vatican. ... 

: 


i ii.:i|..l 

VVi-Mern 

Mil. DA 


-. I.. IJiiT-W 
'ii.l«i. il 
-. Ijiii'-Vr 
Li aii.-".|ii 
Ki -ita 

-ii Crane 
-i lii* r 
M-t I'w.-.inr, 
lan. -Innii.^ 
IjbI'I 

' l‘. \ . Fruii 
Hn'ail"^ 

Is hi. _ l.ltift"/. 

I ii Hi-!. -,n LSi'irl 
llllLi-i. Ijra 

I .*>. A 
.I'Hw'ia" 8 
l ". -rliiliinii 
L ~S. Iftiiur 

, 1 i*i"uiv Pa r. 

, I. ..V . h- Liiruai ‘1 
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. ... - — o 

; Ancient and modern on the Turkish bourse 

| The diamond ringed money 

of Istanbul 


rocers 


BY METIN MUNIR, Ankara Correspondent 


THEBE IS nothin? of the City 
about Mr Ovalur Ozden. Tur- 
key's richest amt best-known 
stock broker. When he talks he 
sounds as if lie wero trying in 
be heard on a very bad line to 
Katmandu. His vnii-c rarely 
drops he low * shout, whether 
he is talking to In- wife holiday- 
ing in Cen«»va or to a customer 
about securities. Hi* look* more 
like a lil in star Ilian a broker 
— carefully rniffWI salt and 
pepper hair, charming smile, 
soberly trendy Hollies and 
crimson .'.ilk knit lie. His acces- 
sories include a :hiu gold 
warrh ond tun diamond rings 
— one ilenolmg martial status, 
the olher prosperity — llie trade- 
mark or seir-made Turkish 

millionaires 

At la lie i* a pirturc nf health 
and bursting with energy. 
Although it is only just after 
lunch he says he has already 
done lur-mess of Turkish lira 
I uni [about fiOii.nrto i Him day. 
It mu'i have been an Minimally 
~o<irf morning. 

71 r. O/den. heller known as 
Banker Kastefli was horn in poor 
parents at Kasirl. a village mi 
the Ffacf: Sea. When he was 
nine his family mr.v.-fi to Istan- 
bul. A coniniercial ly<ce rfr»p- 
out. Mr Ordon tried many in Ik, 
i nr Judin ? assist an/ to a cinema 
accountant, before li*- eniered 
the Istanbul Bi.iur.-e al 2S. In 
lpfil lie e et up Ins nv.ii broker- 
age firm. 


foreign e-vchanse. With the fall 
or the Oitoman Empire and the 
crash of I f)29 the bourse slowly 
Inst its function as a secondary 
marker. Although Islanbul re- 
mained I hi* country’s financial 
and indusirial centre, in inns 
the bourse was moved in 
Ankara. Hte new capital of the 
republic. "That was the first 
hlow m i he bourse." Mr. fberien 
exclaims. 

In in4” the bourse returned 
home in Istanbul. But Ihere 
was litth* business. The bourse 
could no longer deal legally m 
foreign exchange or foreign 
seciirmrs Fewer Ilian a dozen 
Turkish institutions issued 
shares and bonds and very few 
investor? were parting with 
them because they brought good 
return's. “ You had In wait 
until somebody died or went 
bankrupt to lay your Hands on 
them." Mr. tizrtcn says. The 
capital market was dead. 

Then came the Iflfift revolu- 
tion winch, according in Mr. 
O/.drn. revolutionised the capital 
market mure than anything 
else, although totally uninten- 
tionally. The military junta 
that took power issued lira 2.idin 
worth of Liberty Bonds, as they 

were called. 


buying every Liberty Bond hr 
could lay his bauds on. most *»■ 
them at 40 per cent of nominal 
value. 

A year later something even 
bettor happened. The Govern- 
ment introduced, nr rather im- 
posed. Savings Bonds. Civil 
servant 1 - started gelling a pro- 
portion of their salaries in 
these bonds. Starved f>>r rash 
ami unahie to wait for interest, 
nvij servants sold fheir bonds 
for nrxt In nothing. A vast 
secondary market opened. Mr. 
Ozden was buying. 


Fortune 


Excitement 


Ottoman 


Tin' bourse i»,7* established in 
Istanbul in ISfiS during ihc 
i.uinm.in y.mptri'. ft bad tnfor- 
naimnal standing end dealt tn 
Ojlor.|.in ,v ■V--JI a-; 'HJiT- 
pational sr'”irHii*« aprl in 


'■ In the excHemcnt of the 
revolution people hough l bond* 
like crazy.” Mr Ozrbui ivcall*. 
” A month later the cxritnnirm 
died dfuvfi. P^np/r wanted to 
set rid of their bonds ai almost 

any price. But Jhey rouldn’i 
because the bunds were not 
redeemable by the Treasury 
within three miuuh*. There was 
panic. And Hierp was an open- 
ms fur me.” Mr. f‘vlc n star led 


He appears to have made a 
inrtune ai this nine, in Ihp mul- 
Ifi60s. a Turkish, hanker rpealls. 
Banker Kastelli had rooms 
stacked to the coiling with Sav- 
ings Bund«. 

Incredible though i1 may 
seem, il would appear that in 
the inWK the Turkish capital 
market \va« Hr.ni mated by 
Banker j\a«telli and two others. 
Banker Zeki and Banker 
Tahimgtu. There were and .-■till 
are others ( who call themselves 
"Bankers"! in the famous 
bourse building at. Sirk"ci. 

The bourse k near the i.afaia 
Br»dge off lite Golden Korn. 
The marble stairs nf the huge 
Mt toman hui tiling are worn ny 
the shoes of cowitl****, specula- 
tor-. Hero work the broker*, 
moneylenders, and the dealers 
in a grey market of fnreign ex- 
rbanye which fiiiamys about ?0 
per cent of Turkish imports, 
and a vast amount nf Injury 
spending and capital flight by 
th p rich. 

■' These are Hie grec°rs of the 
sin. k marker." ope real hanker 
satri. " .Ml they n^ri — rod 


often have — is a safety deposit, 
a l el e phone and a cmiricr. All 
the slock prices and quotation? 
are in their heads.” Grocers or 
not. the development of the 
Turkish stock market 
apparently owes a lot to the 
initiative and acumen of people 
like Banker Kastelli- 
In his two-room office, where 
JO people are employed, from 
dealers to tea hoy. Banker 

Kastelli says he did business 

equivalent to about £ 10 m in 
J977 and hopes to achieve a 
turnover of £20 m in 1979 — “if 
the economic and political con- 
ditions of Turkey permit." The 
face of the business i- rapidly 
changing. Since 1970 a modern 

rapital market with modern 

broke race and finance corpora- 
tions has begun tn grow no. 


Frustrated 


Companies. frustrated b v the 
scarcity and dearness «f bank 
credits, are beginning to i«*np 
bonds and shares. An increasing 
number started going public. 
The pprind coincided with fast 
industrialisation when annual 
ONP growth rate averaged 
around 7 per cent. A genuine 
secondary market for snrumies 
started coming into efTci. 

Between 1.770 and 1977 the 
private sector issued i^hn 
worth of bonds and t.obn 
■a onli of shares (worth £22flm 
at the present exchange rate). 

While the capita] market vas 
hurt by political cr'ses •■nil ihc 
cn r rent recession, trading in the 
secondary markpt hi- been 
brisk and bond isfljrs ihK vrar 
are riperjed tn reach i t.snom 
t.ihom £40mV The 'vrpaiKiun 
of the rapital market has led in 
ific formation of modern broker- 


age firms, backed by large 
private industrial groups. This 
trend is expected to continue, 
slowly replacing Utc traditional 
** bankers.” 

The best known securities 
and brokerage company is the 
Istanbul based Meban. con* 
(rolled by Transturk Holding 
which is among the biggest ol 
private groups in Turkey. Its 
director is Mr. Meliniet Gun 
Calika. formerly with Merrill 
Lynch. Pierce. Fenner and 
.Smith m Washington. Mr. 
Calika is in his early 30s. Hts 
staff's average »?e i* 26 

In its first year of operation 
in 1974. Meban traded in L25m 
wnrih or securities and. in thp 
words of Miss Safak Oziurk. th»» 
2 6 -y par-old dirertor in charge of 
companies and security issues, 
’’establi-heri itself as the. most 
respected security organisation 
in Turkey." This year Meban 
expects a turnover nf 1.500m. 

Meban has achieved many 
firsts in the Turkish capital 
market. The Meban Slock Price 
Average was the fir-t index in 
Turkey The. itfcbau Capital 
Market Bulletin was another 
first. Meban undertook corpor- 
ate bund underwriting and 
introduced institutional ser- 
vices. portfolio analysts and 
management. 

The company played a role 
in obtaining a SldPm Enrnloan 
for the staTe-owned Botas com- 
pany for the construction of 
the Turkish-lraqi pipeline. 

Mr. rvdn? say* he is not 
ini pre<«cH with these new com- 
panies. Howpvrr he ron has set 
up such a brokcr.-.ue firm called 
Mcntas in a plush budding far 
from Sirkeri * tn divert small 
sa ilngs into investments and 
organise the stock market." 


Financial Times Tuesday 



And the right connections are particularly important 
when it comes to arranging international corporate nuance ana , 
foreign exchange. . 

Bank of Tokyo have almost a century of experience in making 
life easier for the businessman. 

For instance, we have branches and connections spanning the 
length and breadtHof five continents. 

And we have a reputation for being one of the world s 

leading specialists in serving the needs of international business. * 

Once youve got Bank of Tokyo working with you, 

operating on a worldwide basis can be a much smoother and more 
profitable business. 


A BANK OF TOKYO 

L ondon 0ffices:2< *>34 Mooigale. London EaR6DH.Tei.01-6oS 1-71 
and l Hanover Square, Loudon W1R9RD 

Your international connection 







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Because ice enhances the 

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The Financial Time? is planning to publish a numher of Surveys 
in 1979 on the Elccl ionics Industry. The titles and proposed pub- 
lic.! lion dales of those planned are listed below. Other titles may 
be added during the course of t.he year. 


January ol 
February 14 
March 2fl 

May f] 

June H 
September 34 
November 14 


MEDICAL EQUIPMENT 

MOBILE COMMUNICATIONS 

MICROELECTB 0NICS 

VIEWDATA SYSTEMS 

ELECTRONIC INSTRUMENTS 

TELECOMMUNICATIONS 

ELECTRONIC COMPONENTS INDUSTRY 


Surveys are a powerful advertising medium offering advertisers: 
ihc means to reach the Financial Times’ influential readership; in; a 
relevant context. : ' j! 


For further information about advertising in the above 
Electronic Industry Surveys please contact 

Peter MinetL Advertisement Group Head, 
Financial Times, Bracken House, 10 Cannon Street, 
London EC4P 4BY. 

Tel: 248 8000 Ext. 7070. . 

FINANCIAL TIMES 

EUROPE'S BUSINESS NEWgFWER 

Till! conicnt. size and publication dates of Snrre .13 in -ihc Fiaapclii TniicS 
flu- Mitjjqcl la ebaxtpe. 31 tbc di-.-rniton of ibe rETchtor 











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anc 




. REGRUmWENir ITO. - 

1 AVti - ve befits iWsfinSdytb c-advise-: cn thev* 
v Tfbttwhtig: ajrpoiirtmeniss— 1 _ v ' . • :;-r: :■;. v 

SiliHilil*-® , 

• :; £ /-.: ;j 

US$3p^p00 pLfc^. 

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• LocWdR:>Monrov»a ’.. • J ■;:■;■ - ' :•' v 


: “ ^ErberiarY ftidtfsfrial^ ' ; ; 

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ASSISTANT AGCOtmmiT * 

.-- -•••: i; >;v> v; .• : (Ref FivrR/go) . 
Berks hHiei Agricultural M ere h a nts . 

Up to £4;20O p .a. plus benefits. ‘ . 

No formal; accounting qua! if i cation 
; n ec^sary. ■ ? ?' - * •-..’* - 

r - Applicaiktas from suytapty quaified personnel should be 
. Sant to . Hugh Skinner at zh&irdd reiss below. quoting the ■ . 
appropriate reference. Alternatively telephone Charlotte 
• further details.’. •.'• i v .:. J 


d 


tV “K*k 


REGENCY. HOUSE. 707 HAGLEY ROAD, EDGBASTON. 
BIRMINGHAM B1B8LA. TEL: 021-454 3691 - 


THE JOBS COLUMN 



29 


Entrepreneurial bid to tackle unemployment 


fBY MICHAEL DIXON 

YOU’VE RUINED your 
clothes!* lfi-year-oM Paul 
Bretherton was- told when he 
returned home on holiday 
earlier this year. At the same 
moment, 1 gather, numerous 
other youths returning from 
Shrewsbury School were being 
chided in the same way. 

If the others' families had in- 
vestigated, as Paul's father 
Michael Bretherton did, -they 
would have found that the 
sartorial ruin did hot arise from 
any of the usual causes of 
pub]jc-$chool boy dishevelmenL 
What the lads’ appearance was 
suffering from was the residue 
of electric arc welding. 

The object that was supposed 
to be — and incidentally also was 
—welded, was the “Invashrey " 
invalid car. Some readers • may 
well have seen it since, having 
come second in a schools’ com- 
petition organised by BP. it was 
exhibited at the Motor Show. 

The design uses a 1,300 cc 
engine to puil a low-slung 
wheeled body. This opens at the 
hack enabling two people in 
invalid chairs to wheel them- 
selves in and anchor side by 
side, one behind the controls. 

third person can sit on a 
seat 'behind. In addition, to 
save the occupants from having 
to back up to the kerb go as 
to get but. there is a side door 
with a ramp so that they can 
park and emerge in the normal 
way. 


Aa well as awaiting the final s 
of the Young Engineer of the 
Year contest later this month, 
the Invashrew Is being con- 
sidered by the Department of 
Social Security. Whether the 
design will be given Govern* 
ment approval for use, is not 
yet known- But If it is 
approved, thereby could hang 
a most useful venture. 

For Michael Bretberton is. 
by title, managing director of 
the “Executive Development 
Services" side of the Right 
Match International company. 
By occupation, he is retained 
and paid by organisations who 
are making managers redun- 
dant, to help them to get over 
the pain and try to win their 
way back into employment 

He dislikes the word “ re- 
dundant" because "when it is 
used in connection with a job- 
applicant, recruiters tend to 
conclude immediately that the 
candidate must be no good. In 
fact highly capable people are 
frequently reorganised out oi 
their jobs, through no fault of 
their own whatsoever." 

Nevertheless, having to make 
a realistic assessment of the 
victims’ prospects, especially if 
they are aged 40-plus, can he a 
depressing experience. Even 
when the managers cast adrift 
are from an organisation using 
modern technology, Mr. Brother- 
ton finds that up to 15 per cent 


can suffer a year of vain job- 
hunting or, at best, retraining 
Which In practice may .often 
mean that the recipients have 
merely been shifted from the 
‘‘current”* file of unemploy- 
ment statistics to the “ pending ” 
file. But when the executives 
are being shed by an old tech- 
nology organisation, as many as 
40 per cent may have little real 
chance of re-entering a conven- 
tional managerial job. 


So he and his unfortunate 
clients have been Showing 
increasing interest in less con- 
ventional possibilities. “For 
exampde,” he says, "when a 
biggish lay-off is looming — and 
we are still rarely without them 

— I’m more and more getting in 
touch with people in the liquida- 
tion business in search of oppor- 
tunities for the less marketable 
people to buy themselves into 
sed F- employment. 

“ A typical prospect might be 
a sms*!! printing business, most 
likely with old equipment, 
where provided the chap does 
ai! the work himself and doesn’t 
mind' getting bis hands inky and 
running about getting orders 
and delivering work, he can 
make some sort of way for him- 
self. Although a business like 


that might not bring in more 
than £5,000 -to £7,000 a year, it’s 
usual]/ better for (he person 
and the family concerned than 
drawing the dole it 

“AH fee same, that still boils 
down to a person using the 
redundancy money he is given 
just to paper over the fact that 
there isn't another job avail- 
able that would make really pro- 
ductive use of his managerial 
skills. 

Unconventional “That would not seem the 

best way far a company fore- 
seeing redundancies, on the 
shop-floor as well as in manage- 
ment. to use the money. Surely 
it would be better for them 
to tackle the unemployment 
problem instead of just patch- 
ing over it, and do themselves 
a bit of potential good into the 
bargain, by having the fore- 
sight to put some of the money 
into creating new jobs ? I think 
so. anyway, particularly when 
there are promising prospects 
around." 

Which brings us back to the 
Invashrew invalid car. 

Mr. Bretherton thinks that 
given approval by the Govern- 
ment, this invention by school- 
boys could prove a fine oppor- 
tunity to create extra jobs for 
managers and workers to 
develop and market the car. 
not to mention profits for the 
organisations who backed it. 


Indeed, having voiced bis 
idea to contacts on the Conti- 
nent, he already has a big 
French chemical company inter- 
ested. It is considering putting 
up venture capital with a view 
to starting an Invashrew opera- 
tion dose to its works as a 
means of furnishing alternative 
jobs for some of the people 
wbo will inevitably have to be 
reorganised out of its main 
activities in the future. 

Clearing house 

"Being English, however, I 
have a peculiar inbuilt desire to 
see this project operating In the 
UK before it goes overseas,” 
Michael Bretherton adds, “or 
at least running here concur- 
rently. Often, however. UK con- 
cerns seem to have so many 
problems that they are unable 
to focus on anything else, in- 
stead of seeing both the prob- 
lems and the potential, in 
balance." 

But Invashrew is not his sole 
object in approaching the Jobs 
Column. It Is merely an 
example, he believes, of a great 
many possibilities that exist for 
the problems of unemployment 
to be tackled productively, in- 
stead of temporised with 
bureaucratically. 


“ When you think of it, there 
must be a wealth of * resources ’ 
at present just being left idling 
out there among the population. 
There must be people with ideas 
for other, projects, people with 
tbe skill to work on them and 
manage and market them* and 
probably people with the inter- 
est and funds to back them. too. 

“ So what I say is, why can’t 
we try to start getting something 
going along the lines I have 
indicated? ” 

And although the Jobs 
Column in its necessarily 
sceptical way has tried, it can- 
not see why not either. So we 
are going to have a go. with 
Mr. Bretherton volunteering to 
act as a "clearing bouse" for 
information on peple with an 
interest in his grand design, 
whether as possible backers, 
ideas persons, or skilled workers 
of one sort or another. 

T must admit that, since he 
and 1 arc both sadly inclined 
to view spontaneous enterprise 
aa something which has 
apparently gonp our of fashion 
nowadays, neither of us is 
anticipating much from his pro- 
posal. But we are hoping that 
a lot of people will prove our 
pessisms wrong by icriting to 
Michael B at 5. St. James's 
Place. London SW1A 1NP. So 
let’s be haring you! 


t • •• 

.* ' ■ j 
? t • - 


EXCHANGE 

CONTROL ACCOUNTANT 

BASED BRIGHTON c £7,000 p.a. 

OC -ilONAL TRAVEL ' PLUS MORTGAGE SUBSIDY 


. ’ } Ourcfient j's.‘1fie:' : e^ : T5ivia®n "of American Express; This is a new position 
• • ^"-iBpgrting.-tp. the. director of; finance and covers<»ntrol and co-ordination of 
.-'.exchange control aspects of the divisions operSSohs in Europe, Middle East and 
Africa. .'ftelsio vto'lf iawtedeMsiophy} and monftSipg related funding and foreign 



.... ....... ... _ . _ oi -oreign exchange 

| c :TC^rati6hs^..“^oi^ - .general accouijfu^cf. skills ana involvement in 

I ' : jqf ej totiqna I funding. --This experieface should; have’ teen gained m a commercial 
J ;bcjriVJng;^\jrc^r^ operation. 

; of the ipstitti&Qf Bankers ancydr^i'accounlan ry qualification is 

| cssehy r Ac^indrcatdr.js25t3S years.; ■ • T- ". '7 

j fli&'sQrnp^yjQifer&^ehi working conditions drid benefits including generous 

t rdd/igage.'subsic^ relqcatipri assistance^ norkaontHbutorY pension, life assurance 

j . '-and^ ' . v . . \- 

1 Interested ajjprica'nts should telephone or write,, "yrthe first instance. David L 
l } " Saltin' vyhb: vvi&be' pfesfed to Eall'or mti&t you JfCitside nor ma! business hours 
1 f should this be more suitable. * 



rtnershi 



18/19 SAND LAND ST. BEDFORD ROW LONDON WC1 
: _ ■ • ^ 01-242 0965/8 ■ _ 


J/: 


COMMONWEALTH SECRETARIAT 

f Commonwealth Fund for Technical Co-operation) 
invites applications for 
a one-year assignment as 

MARKETING SPECIALIST 

to the- 

State. Trading Corporation, New Delhi, India 

The Marketing Specialist will be required to develop 
a consolidated programme for product market 
research, after analysing STCs lines of business, the 
availability of exportable production capability and 
international export markets for their products. He 
will undertake two or three specific studies, training 
STC personnel in market research techniques. The 
Specialist will also be required to establish a 
computerised market information data bank, 
developing a system for continuous updating of data 
and for retrieval of management information. 

Applicants should have practical and relevant 
experience and expertise in marketing analysis, 
including the establishment and use of computerised 
information systems, and the training of marketing 
personnel, in order to undertake the duties above. 

Basic salary, inducement allowance and gratuitv 
negotiable 'in the region of £11.000 p.a. All 
emoluments free of fax in India. Housing allowance, 
installation grant and education allowances provided 
plus allowances for shipment of personal effects. 

Application form and further details from Common- 
wealth Secretariat (CFTCi. Marlborough House. Pall 
Mall, London SW1Y 5HX (01-839 3-111— Ext. S2>. 


CAREER IN 
SAUDI ARABIA 

We are an European-Saudian joint venture company headquartered in 
Jeddah, Saudi Arabia. Both parent companies are one of the largest in their 
respective countries. 

In the past years a profitable operating trading company with several sales 
offices has been built up. Mainly construction materials, e.g. cement, steel, 
are sold and the annual turnover amounts tu approximately £30 million. 

In Danunam. our biggest sales office, we are looking for a 

CONTROLLER £20.000 

The incumbent is responsible for controlling, treasuring, reporting, plan- 
ning, budgetary control, and administration. Experience in an equivalent 
position or as a junior auditor is necessary for a successful performance in 
the job. Age 30-35 years. 

In our headquarters in Jeddah we are looking for a 

FINANCE MANAGER £17,000 

The incumbent is responsible for tbe company's consolidated monthly and 
yearly p + 1 statements, for the control oi all invoices and credits and debits. 
Equivalent experiences are required. Age 2S-35 years. 

Please send a short C.V. to our consulting agency Urn will handle all 
applications strictly confidentially: 



COMPANY 

NOTSCES 


f 

S 

I 

a 


if 

& 


N fc - 


ewqpeAn property 

{ ■ ‘ INVE61MENT.’ ■ S ' 

j • j:;.; 

IJ^tabiishedinAjnsterdai*) 
Id the annual general meeting 
6t shareholders, bald op 29th 
November 2978, a dividend of 
Oils. 4.89 per- share witii a; 
nominal value of D fls. 100 has- 
been declared aytr the yeaic- 
1977/78. - 

As from 8th. December. 1978; 
a; dividend of. Dfls.- 4.80 per 
share with, a nominal value 
■ ol Dfis: 100 is payable under 
deduction of withholding tax, 
against delivery-. of coupon 
-Np. 5 at: 

;'3anfc- Mees and Hope NV, 

- Amsterdam 

-■Banque Internationale, k 
Luxembourg, Luxembourg.- 
The Board of 
; ■ - - Managing Birecrore 

4th December -.1978. 


ACCOUNTANT 


£ 7,500 


An unusual opportunity for a self-motivited, young, aggressive and 
oonfi(fen.c accountant exists within our. dienes newly formed joint 
venture, company. They require a person to perform the day to day 
tiruutdat accounting function to become: -involved in financial plan- 
ning and .forecasting to prepare monthly reports for the main 
boird of . director* and to underrake, any ad hoc administrative 
/assjgnmeflcs. The appointment is tikely to appeal to a qualified 
accountant wishing to gain sharpened experience within a successful 
com piny and "to contribute positively, to. the commercial growth of 
: a\ young and. progressive team. ; ■' . 

Telephone; P. Hollis, Unton Appointments - 01-242 093f 


COMPANY NOTICES 


■ Nonce - '. -• • •■ 

JAMS USE. MA TWtSOM K .WrllJjlWB 

*" H.R. OOllW. 5C0^TO.OaO 7is % 
■CONVEBT/ftLe SUBQROtNAttO 
UN5ECUBE P LOAM STO CK .1990 -• 

NOTICE IS HERE9V GIVEN tfeM th* 
rep liter o4 hoWers af.ilw 7<i per - cent 
Cenvarablc Sab®rrfii»M«J IMMcnred . U«n 
Storle 1990 «'• loan SWde- , 'Jw«l be ckd«a 
from IQtfi December - 197-3 to - 3Ut 
Detsaber 1973 -fpoth-de tw- Incfariw.-go 
«suoilsfi -the identity of theto loan. Stock- 
holders entitled to the^ baU-vea#tr •«««« 
Dayman, payable on 3 1st December V97>. 

.in order to onatihr lor if»-jnter*st. WV? 
ment >11 tran&lers. accompamed bv W 
relevant loan slock certificates^ must be 
looped with :• tbe company's registrars 
Central Registration, Hona KotiaTlml»d 
not -later . than . noon on 16th December 
1878. _ 

8 v Order of the Boanf. 

- X. W. YOUNG. - - - 

. Company Secretary. 


LEGAL NOTICES 


trustee ra* thhe CTtprrojg of 

JAMES O COfUNOR Sr COMPANY 
THE STOCK EXCHANGE, LONDON 

i.i ttw Matter of . the Estate, qt .J ames 
©Connor £ Company, declared. defaulted 
On she 13th nfttemSer. 1973. wmenv 
iradinq bs Stcsfc and .SMre Ertrtm o/ 
Lintfid: and Gahmv t and . Membe rs ^ gf 
The . Jrr.h Stuck Ekcfianae, tefit non ee 
atai Richard Arthur Thompson. Trustee 


teat tbe Final Dividend to Credttara WL. 
iw noSU.-aTtar the _«p4ry of th» mU-loe. 

Ahy person or Company «» cons war 
K»Y may have a claim awimtt the-aoow-. 
mcnuoacd enn. or aw rartAfi? of the ftrtn t 
end who have not completed and reemmaa 
a Fbrm of Assent to" theTnist -Oead, 
nmc-- lodfic stair claim to 'jW jaaaarv. 
.■979, 

.-IS cuiw subriianm aHtg 

1973. win • rank few dWr«»poP 
Arndt. Farther damn sfeoakl bo tODWgeo 
arse to V. A - Thompson.. EW» Tn«« 
ter the Creditor; o* J«rw 
Company. The Stock Exchange, -u>«« 
CC7K Hlfr. or D«rM Enapfr Esq.,. 

.Eugene. F.- Colnm i. Son. Si., Pltew»“l“» 
5cua--*i ; nobart- z. ■ ■■■ --. ■ 


EURO FIMA 

Spd£t£ Europ^enhe pour le financemeot du Matfiriei Ferroviaira 

Registered Offices “ RITTERHOf: -Rittergasse 20, 
CH-4001 BASLE l (Switzerland) 


INTERNATtONAL AOND ISSUE 7H% 197111981 OF lO.OOOJIOO EUROPEAN 
CURRENCY. UNITS . 


■ We 1 n form the Bondholders that • •irawioa for a nominal amount of 
1.500,000 Eterapenn Currency Units waa. made on the 3rd NOT ember 1979 In 
'respect of the amortisation due on the i fitly January 1979. 

7he number* of . an TSCO bonds drawn -on this occasion fall within the 
following .fifoup of ru-rntjers; 

TA91 to 9.73 4 

The other numbers in this groan refer to bonds already purchased on the market. 

- -7far ctatim bonds — coupon NO. 9 iJSte " January, 1 9801 and subseuuetrt 
coupons attach kd- — will be redeemwl at par from the 14th January 1979 onwards. 
Pay m en t can be cl o Hmed. free of charge, from. any ol the under-mentioned Paying 

—CREDIT COMMERCIAL D£ FRANCE. Parts. 

. _ — DEUTSCHE BANK AKTtENGESELLSCHAPT, Frankfurt. 

' • • —MORGAN GUARANTY TRUST COMPANY OF NEW YORK. Brussels: 

— SOC1ETE GENE&ALE DE 9ANQUE SA. Brunets. 

-BANCA NAZIONALE. DEL LAVORO. Rome. 

— CREDIT COMMERCIAL DC FRANCE. Milan braoetl. 

. — KREDfETBANK SA LUXEMBOURGBOiSE. Luxembourg. 

Amount of -tHsads remaining m drculatiorr igUowmg tne amortisation ol the 
- ISttr January 1979: 3.000.009 European Currency Units. 

... Tta- teflowln - bonds, drawn to satiety previous amortUattaa. have not yet 
been presented ter re4rata« ament: 

■ AmoctlsaUon of 15th January 1077: No. 4,0*4 

AfcMrtfMtion of 15th Jacwary 1978r XJJtr and 1.ZZ2; l.ZM; 1JE43; y.250 to 
1JtS2;. 1291; 1097; 1.308 Co 1.311; 1^193 to. 1.495; 1AI3 tn U35; 1.506 
to 1368; 1,606 to' 1,614; 1,616: 1.629 to J^S31; 1.917; 1.987 and 1.982: 
1.986 and 1.987: 2.041; 3*47; 2.063: 2,18s; 2.138 and 2.T39: 2.184 and 
2.183; 2.229: 2J1S to. 2.320; 2335 to 2.342; 2;371. 

ANTICIPATED AMORTISATION ONI THE 16tb JANUARY 1979 
OF ALL OUTSTANDING UNDRAWN BONDS 
The oonrony. nendsteg the rig fit gfwte.» It Jp to* «suc agreement, has 
deewed tu reimburse la advance Of the due daws tbe 3.000 bonds of 1 000 
EbrOMtfl Currency. Unit* remaining, m craitaaon. alter the aimmsMion of ths 
JISUi January 1979. Le. a nominal amount of Fjyjoojjoo. 

b9Bd>,_ wfta Co«fW» vrftt be redeemed at 

1.000212 Eurotann Currency Units par bond dt. U3O0 European Currency Units 
frtmi. i6oi JNiuaiY 1979 onwards, at aw of .the above-mentioned banks. This 
aim oer bond represents the amount of the TWmtmrsement el par Le. 1 .000 
European Currency. Units, plus are rued interest i-e. 0.272 European Currency 
Unite 

CREDIT COhtMEROfAL BE FRANCE. Paris 
. Financial Agent .to the Company 


TAX£DA CHEMIC^ INOQ5T1UES 


B4*rer 


L|MI 

Reortnts typretegtao 

Takada-QieamcBl Industrie* 

Limited 


.Tbfteda Chemical ffiflustites Lfmlted h«* 
dtalared a dividend a I Yen 3.75 wwhfaient 
to Yea 37.50 per. OaoodHarv stare* Tbe 
Depositary. wHl pay the eaolvalent prorite®* 
In U^. denars less taxes A appfteahte 
agalnw weB e wt e tfon Of Coopon No- 33. 

.Co u pons vrtR be accented Iwm Author- 
ised '.DeposlWfes on and after . into 
December W* and -meat be kjdaed two 
dew tay*. pjtor-tetm -payment 

MORGAN GUARANTY TRLgT 
• COMPANY OF NEW YORK 


33 Lombard 5tr*et. 
London EOP 3«H. 


AMERICAN EXPRESS 
COMPANY 

fCxWsJ 

75 * “Wersloned announced Bui as 
jam December 18. 1978 at Kas* 
Aasogafle N.V.. spulanaat 172. 
Amsterdam, dj*«p.ua. 2 of the CDR’a 
A^rfeBB.. Ewres3 Coaoiny. uch reor. 
Sate- Win be payable with Ms. 3-45 
nrt aHy-per resonMate 10^.78: braes 
O^hJ Mte deduoon ol 15% 
U&A tax - WOO - DBS. 0,62 per 
CD £- . Ofv.os. belonging tn non- 
of The Netherlands w«l be 
: paW sfter Oedmafon of pn ad d i wone f 
so JO a DCs. 0-623 
with Ofb. 2.83 net. 

AMSTEROAM DEPOSITARY 

^ COMPANY N.V. 

Amsterdam. . 

. 29te Nflvcmber- 1978. . 


ACCOUNTANT 

BERMUDA 

Salary $16,000 
tax free 


Major American group require 
a person in age group 22-27 
years, with a minimum of four 
years' Reinsurance Accounts 
experience in UK based Brokers 
Company or Agency. 

Excellent conditions of service 
in most congenial surroundings. 

Please telephone 
in confidence 
quoting Ref; 38746 
TREVOR l AMES 
iPS GROUP 
(CONSULTANTS) 
Telephone: 01-481 8111 


QS BANKING CONSULTANTS 

seeks the following staff for a 
Merchant Bank 
SENIOR FX DEALER 
to be number two dealer, aged 
27-33. Salary c £12.000 plus 
bonus and fringe benefits. 
STERLING DEALER 
Experienced person aged 28-33. 

salary c £10,000 plus bonus 
. and fringe benefits. 

Please Contact Mike Pope 
- QS Banking Recruitment Cansutianti 
30 Queen Street, EC4 
01-236 07 31 


ACCOUNT BY SOLICITORS 
RULES it .006 

What an opportunity’ With your 
sense of humour and shacacter, to 
run tbe office administration at top 
lav’d with tbb firm. Taking earn 
of personnel Interviewing, attend- 
Ing narrows' meeting* and Imple- 


menting their decisions are lust 
part of tMa Interesting, varied 
position. With an acteontlng back- 
ground. vow common sense says 
aantacr judl-Aon ftcacoe ixw oo 

01-028 BOSS. 

0fc£28 8055/7361 

GraTT-bill Personnel Consultants 
.Word House. 35 Tilton Boad, 
London SW1V 1LX 


APPOINTMENTS 

WANTED 


seeks pan i* 
i lnvestrn uu t manatameu or research In 
I Maoch ester. - Write Bax A-6562. 
Financial nmes. 10. Cannon Street, 
CC4P 4BY. 



Investment 

Analyst 

An Investment Analyst is required to join a small 
team at our ChiefOffice in High Hulbom. 

Ideally you should be aged *25-30 with a degire in 
Ece»noinics or Mathematics. A working 
kno\% ledge of the investments field is necessary, 
particularly in U.K. equities. Eventually you will 
be required to perform wide-ranging duties in the 
Investment Department. 

Salary will be negotiable. Annual productivity 
bonus. Fringe benefits include S ee lunches in staff 
restaurant, non-contributory pension scheme. 
Mortgage Grrilities and season ticket loans are 
available alter a qualifying period. 

Plehse write for an application form, giving brief 
details of your career to date to: 

Personnel Department 
l Recruitment & Training), 

Pearl Assurance Co. Ltd. 

High Holbom, 

London WCi V 7EB. 
or phone 01-405 8^41 . 



DIRECTOR OF PERSONNEL 

Multinational Manufacturer of Heavy 
Industrial Equipment seeks 
Outstanding Director of Personnel 
with strong compensation and generalist 
background. Compensation attractive and 
location is London 

Write Box FJ06P, Financial Times, 

20 Cannon Street. EC4P 4B Y 


LEADING 

STOCKBROKERS 

in London Wall require a 
CLERK 

in the 20-30 age group with 
experience in the Arbitrage/ 
Foreign Settlement field. 
Salary negotiable to be based 
on experience,. plus bonus and 
superannuation scheme. 

Write. WYtes aie .and expertmee, to 
Baa a. £ 555, Financial Times, 

19, Cannon EC4P 4BY. 

or ‘phone 828 5738 for an appointment. 


Vi 


PROFESSIONAL 

ACCOUNTANT 

ACA £6,500+ PHI £5,0094- 

Meolum sue firm of Cfurww 
Accouniancs based In Central Lon- 
don dealing in the audit of Public 
and Private companies seek recently 
Qualified Chartered Accountant and 
a P£U ACA for their audrf teams. 
Good promotion prospects ter the 
right person. Contact Marie Mad- 
sen now on 01 -B 2 S 8055 . 

Churchill Penannd Consultants 

01 - 8288055/7361 

Churchill Personnel Consultants 
Abfoiti Bouse, JS Wilton Road, 
London SWlV ||,T. 




SENIOR 

MARKETING 

APPOINTMEN 


A major UK financial organisation with 
world-wide interests wisties to make a senior 
marketing appointment in London. 
Applicants should be mature individual with 
proven experience at senior level in dealing 
with professional financial advisers, with " 
particular emphasis on stockbrokers and 
major insurance brokers! - 

The remuneration together with fringe 
benefits will reflect the importance of this 
appointment. 

Please write with full personal details to Kohler 
Turner &. Benson Recruitment Advertising 
(quoting Reference SMA). Chancery Houk-. 
Chancery Lane, London WCHA 1QU. Please 
advise us of companies to which you do not 
wish your application to be forw arded. 


COMPUTER BUREAU SALES 

CITY £ 10.5U0-£1 5.000 + 

Tnnshare UK la a leading L'S Bureau sp>H-lal‘.s:na -n "h-.- sjiuiian of 
wraiplex fln.incial Drobiems. Tbe Cuaipanr oiari^vL j rsns>- of povr-rFul 
software producis J trued ai giTias senior aiflna^i.m..nl dirvi access to 
aceuraie np-to-the-minute Inforraauoo roaklns the vital dv.sion process 
a quicker and sirr- r one. 

Tjrmsbarc Have been opera I inn in ita UK for a liiUu ov- r four years 
and have already achieved an covtablu tract; record bavin* ihi- fastest 
mnrilj of any Tymshare subsidiary. To continue (Ms patient v.-teraJ 
senior marireuag personnel are required la augutm a busy team 
operadas in Centra] London, 

Applicants shooli hare a minimum of 2 years sates experience, pained 
ideally n-ith either a hardware manufacturer or bureau organisation. 
Due 10 the unique nature of (he systems involved, eriensne training in 
the Company's product is envisaged, together m'.h the opportunity to move 
into rbr mariteting of applications srslcOla. SuraeJsfuJ Candida tes will 
rucL-ive an excc-nom base salary, ndth potential to achieve eanuilGs w«H 
In excess of HP. 500 per year, car assistance and excellent conditions 
of employment. 

To discuss (he Company add vacancies In greater detail contact 
Ty id ah arc's consul tan is: 

MYRIAD MANAGEMENT SERVICES 

30 FLEET STREET, LONDON, ECL 01-353 0981 


STOCKBROKERS— WEST YORKSHIRE AREA 

An expanding firm of stockbrokers are seeking to make an appoint- 
ment in a new office in the West Yorkshire area. The likely 
candidate will have an investment, merchant banking or industrial 
background, will be 25/35 in age and probably possess a professional 
qualification. The post carries the prospect of partnership. 

Write Box A. 6563, Financial Times, 10. Cannon Street, EC4P 4BY. 





so 


wftR I n MOCK MARKETS 




. Financial Times .Tnesday.; 



Wall St. reaction on 




5.3 lo 


INVESTMENT DOLLAR 
PREMIUM 

S2.60 tu £1— 73»% (78}%) 

. Effective R1.JM50 31j% (3SV 
AFTER THE good rally which 
developed towards ihr end 
last week. Wall Sued developed 
an easier lendency yesterday 
morning on prolit-iakiiis. 

The Dow Jones industrial 
Average. after regaining 21 points 


over the past two ‘business day*, chase. Ca 
came hack .VI* to *05.44 at t pm but closed 


quarts r charge of SI0.n to close white ^ntaO sS*m WM* and 

vESKfiSrs liw but Pa,,ers 

United Technologies receded put on l .00 to laifw. 
tlI i« io S37L It has received ten 

° f t * <** •- A ‘" i ~ 

^ slme bid. However, it said pay- 
mem for the shares will be de- 
laved, to permit Carrier to seek 
a court order blocking the pitr- 
Carrier had yet to trade 


Recently neglected ^hipbuild- 
inss picked up on "* cheap buy- 
ing, with Ishlhawajima-Hannia 
rising Y3 to Y107. Mitsui Jncln- 
ccring Y4 to Y120 


Paris 


on Friday at S2fi. 



Market retained a 
utsui r.iiK...- tendency in trading. 

‘ "“^ong Gol«K Dome Mines rose ^‘‘buitdJng^V^ .Tv uS Khc^H^lSey rati to 6t per 

* the .st 

expml-orientatcd issues 
generally higher on the 
appreciation. Toyula Motor rose 
Y17 to YSHKI. TDK Electronics -0 
in VIRGO. Olympus VI 1 tu » " 8B 
and Victor Y40 to VI. 120. 

However, some recent market 


Sigma ; to CSllo; 

Kagle ! to 1355. ... , , 

Pembina Pipe added I at t.S/'. 
on higher nine-month comings, 
tnit S. EL Mclaoghlin shed l to 
CS7J on a nine-month loss. 


»»erc 

dollar 


ins were Banks. Foods. 
Engineerings. Hotels. 
Electricals and Metals. . 

Pemnd-Ricard were 2J UP 
FFr 30B.5 and Begnin-ttfO' 
marginally higher after 
announced higher 


/•ante each to HK5&25' 

mesiuo »SP^J ,y ; 0 H a^SS 

Sd“"wS«ltck 13 cents 'to 
"S'wmurt rostHW32.10 

h 

s *‘ ,r “- ShSi *££ 

put on 30 cents 

Liehl also 30 cents to HK5Z3.S0 
and Chenng Kong 20 ccn P 
HKS9.15- 


NEW YORK ‘S jose * 


Indices $ 

' § t-l 

«• 


,/li 



* lwl muuu» XSSI'S : C- 


007.74 

. (3/91 . . _ 

aB . nap .' gfije MAI'- S6.44 86-bO, 88.71 *6* BM6 . .. 

*-*«- H 

Utiliiiee .... ... swr. '»•»“ • "T“> . . » _l*li • *. \ 


at 
were 
both 
consolidated 


,p 5jj5{ 26.826 19.920 21.W0 22.74»ilB,7Sa>.^ “' j • | ' 


Closing prices and market 
reports were not available 
for this edition. 


volume 


\. as moderate, with 

:-i amouminc to I4.!'»m shares, down 

i'.‘ from last Fridays 1 pm figure 

:< of I7.n4m. 

.'■■■ Analysts said a mixed per- 
formance by dnllnr and .i rise in 
• the price of gold was .slightlv 

- * unsettling, as vm renewed enn 
. ;j rern that U.S. mnne» su 

.•7 growth might quicken in the 

coming weeks. 

!*' The market rallied ia»t "'cek 

part on a <i?JMhlc red mg ion 
i'-v m the basic money stuck and 

t hopes that rhe fall mlahi case 

nres?iire< lor further credit 

lightening hv the Federal Reu.Tve. 

Du Pont Inst SI to 3132 J. IBM C 
. *272; International Paper 1 1 to 

$:;S!. ' McDonnell Douglas SI to 

SOS;. Eastman Kodak $1 to Sfi0 ; 
and Polaroid ' m S->0i- 
; \ilecn shed I to $21 on staling 

r that il Will take a fiscal fourth- 


.. t r*dins hah Tor di.-semmaiion 
of nc-ws that I he New Jersey divi- 
sion of naming Enforcement may 
recommend a denial of a per- 
manent gaming license fu the 

Colrien Nugget lost M to *17, 
and Nortex E tn SS. 

States. which last 
reonrted sharply higher liscal 
first -quarter profits, were um 
rnn . changed at S3.i» in second pl«*ce 
; on the Ames actives list 
- Colonial Commercial declined 
i; t... S13: and Houston Oil « to 
$17;. bnth in active trading. 


Share prices continued :o 
head in active trading, with the 
kkci-Dnw Jones Average rising 
to a new record peak or 
H.Uofi.nS The Tokyo SE index 
advanced l.fW to 447. H4. while 
Volume was a substantial JWni 
shares, although below last Fri- 
day's 7i.0m shares and not greatly 
above Saturday’s half-day session Rvtaners 


cnntp rCi-'Cni UlillAVI anuUMUViu . ■ - r 

favourites, invludmr. Shippings sales for the first nine month 
and Pharmaceuticals, closed lower 


Canada 


figure of 320. 

Cement Producers. »ueh as 
Suniltunm Cement and Onoda 
Cement, .■'trengtheiicd on Press 
reports that maior Japanese 
i-cment producers have signed a 
bi B export contract with China. 

Steel's. Heavy Electricals and 
manr low-priced issues were pro- 
minently higher on active buying 
by institutional investors and in- 
vestment trusts. 

Textiles moved ahead under tne which 
lead of Tnyobo on expectations 
that Textile companies' current 
uncrating profits will he larger 


on profit -taking. 

Germany 

Stocks moved, irregularly in 
extremely , slow trading 

News of good sales result s for 
had little effect on 
the sector, anart from 
which ro*e D"iT 2.00. 


to 


and 


shares 
Karstadt. 


rhe year. 

Paribai. advanced i.-» 

FFr 20S •» and Thomson Branat 
1 «i to FFr 244.H. but Bnnygues 
ret re:- 'cd 2S to Wr 78 
Ruhbers had Kteher-Colombes 
down at FFr Hi. 


Australia 

Slocks showed 


Milan ' ' 'V--.!: 

Market staged a good 
with Fiat leading the way^on 
strong support and closing .,-78 

hl TtaLsider aKo featured by rising 
28.3 TO 1-347.5. while Pirelli moved 
ahead 24 to Ll.SSa. 

Amsterdam 

Shares w ere generally a. shade 


hias m higher 

!eici;Vheloed by improvements inn “gui’ bw»£s and Insurances 

Elsewhere. Pegusso s»intrd DM 1 bolh Wall SUeet and London hardened again tha.generaJ 

ter announcing hirher group Mnek marke ts last Friday and a 

the ven r lo end firmt . r t i.S. dollar. u ^ momi Dutch Irttematiotfirii 

Rumours of new diamond finds n - declined FL -1.00 . and 
bv rhe Ashton group sparked off p, 0 .80. - ' 

Tresh speculative * >uy,I * s r J? ” -ESetSe re. Elsevier lost T5 2.00 
more to 


\ln«t sectors displayed a down- 
ward inrl’niation in ‘airly active 

oa i-l . trailing yesterday. C.oid ----- . , , 

shares. however. on hieher fhan exiJected in the current fiscal 
I mid on Bullion prices, advanced. >ear ending next March, 
lea' ng The shire index :12 up Non-ferrous 
a l I-1C5.2 ul ntklday. turors 

The Toronto L'ompo-itc 
was just h.l easier at 


after — _ 

turnover in the war lo 
Seot»*mbor and exu'-Ciatinns of 
satisfactory ■•nrno-.-s although 
be'ow the 1977 level. 

VF.BA. despite rv norun higher 
pit) visional group nd prefiTs for 
the nine months t«> “nd Sentcm- 
»>**r. shed DM 1.00. while Thvssen. 

said its earnings m the 
year to end Scot ember were in- 
adonuatc. lost 50 nfennigs. 


arl’-pncetl l>i cents 
A S3 .43. while ,\shlon Mining 
••ainrd 3 rents to 01 cents. 
Northern .Mining S cents to 
A SI.. IS. Spargos Exploration .1 
rents to 31 cents and Otter 


while KLM and .V>« 9« 
reacted FI 1.50 apiece, but AMEV 
and Enitla each gamed 'wund 
F! 1.00. while Dell totproyed 
FI 2.M. , . 

State Loans weakened. 


Metal manufar- 
alsii rose, along with 
it>di‘X Chemicals, on news that the Com- 
I2!fi0 3. modify marker is recovering. 


Public Authority Bonds re- ^nlunilion 4' cents to 30 cents, 
vnvered fresh lmse* esiending tn l'canuims were tnosilv tinner. 
43 nfenniys. while the Rtfgtilet'ng hut Punconllnentnl receded a 
An i hi"*! ties bought :> nominal 
DM 7.3m of stock iDM 2hi , »L 
Mark Foreign -t*i:nr were also 


lower. 


NEW YORK 

l»—-. 




|ln. 


I 

V-'—M i*i- •• 
vHiv*s'eii>i''> 

Acin- LiU- N 1 »• 
Vil'jiii-ln. l- . . . 

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A W-jlieiir IV 

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Alli«l -Inn- . 
Alii- 1. hjuiiire. 

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Amer. Hmn-U. . j 
\nu r. jjiiwltn'l.j 
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Inrr. i. ruunii’i 
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Amer. Kiwi. IV»! 
t mer. bMH*"- ' 

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A mer. MiMhsO • 
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Amer. Nh». •«**• 
.truer, -lMUilar-1 i 
truer. .gt«ir»-... i 
Xiiu.r. lei. a in , 
Amulet. . . . . ! 

V-D 

A UP : 

Anijv- 

A ll.-ll.T Ho klllJ. 
Anlieii-— i Mil's'll 



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A. -.A. 

A Mlili'll 

Ann, t 

A-Ulnn-I l'i' ... 4 

Ali. IlH-tmeiil.. • S 
Auli. IMUi 1 3 

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A 2 

A*. .11 Pi..llwl'.. = 
Mull, i.n- Klc-i . 2 

Hmiwr I'iiuIb.... 2 
MaoV AnuTiin.. 2 
lUo-cr- Tr. >.Y J 

Ksrlaer u.l 2 

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Henau« • '•.nr •M' 
Hellileiii-.n -nvl. i 
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H. h.-iiir 

Mm re CumiIl-.. . . 

M>inien 

M-.i-j Werner.. .. 

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Hnucnu ’.A’ 

bnu-jl At >«:is 

M.l'oi A Drit ■ 
Mes.-kmiy liiew... 

Mrniwu'H'k • 

Hum riih Erie ... 

Hu till's W*|.' l j. . 

MurlingiouNib'i- 
HiiitiwjsIi.. . • 
i iinifiiwU >.'Uf* ... 
1 _hiukImii Mucin.' 

I nun Ibin.lulpl... 

i nrirari.-u 

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i nner Ha« |c> ... 
i Ricri 1 ' II* 1 Trru l-, 
i H- 

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• iiemi.'a' bk.NV . 
i_ iie-n-nsh Poiiii.. 

• !ie,-ir n'Mem.. 

Un.;i;e .. 

l.hr\-ier .. 

« >iu’. M nm.'ivii. 
i ilKi-ri.' • • 

l mi— MTI l«S'.. . 
i iic ime.iiuK. . 
i. leie-ui" '.'ill. 
i.'.«.nL.'jl* .... 
Vvlgsle IS I'll . 

I. ■■iiiii, Aiktimn . 

i r>hi in l *ui l.tnr.. 
i ...uii.iim fm 
i. •m.ln-l.- x lB 

1.. -nil Hi- 1 iuii Eiw 

1. . .iilL-,1 1-1 

I 'ni'nlS Krfl- « 
•.■■mill. .-RlcTUlc. 
r .•n.i'.iier-i'ii'Oi-- 
i.-nu l.«l*' lie. 

1.. .1»rs ■ 

• .,n.fc-li"'i> NN • 
r. n-'i 

« ..i).... >hI f..« ■ . 
(..»n-nn)cr |V*i i 

1.. .1nin. , ni«i k.r|.. 

i isi: mV Din 1 
i .-u* iiicnim lelr 
I. ODITT’I I'M* 
l'.«ipr-r In In. 


25T- 

2U,* 

ie -i 

35 - i 
11-. 
2 S': 
38 
13 

35ii 

law 

23 

22 

3p ; 4 

32 Ja 
27 s 

2b:-j 

15 

3*:-» 

it:. 


-i.. k 
. .-in ns 

i '|*i ini'.ii'lk.'i.. 
t nin»' . ••• 

I 'n- k-r \nll.. 
i ii.n ii iCcl'iT* s . 1 ' 
t. >i min'. 1 1- HnB'l'"! 
i'iiii I— W ■i«fil 

ihm : 

Osil !iiiin-in>— .• 

. IkW . . 

Urt Muim . . .. 

I !.■ limit. . . 

Ueni-fiii In' •. -■ 
LlelH'it K.U-H . .. 
MihU!.<D>I Sluifi.rK 
iiiL'iniiliiinc 

. Di-ilai hquif... .; 
Ui-iii'i "Wi.ll. .. | 

Ih.ifr l.'.'iT'n . . ■ 
Cliemli'J' 

' Ilium 

' Urv—ei 

• L'uis.nl . . .. 1 

■ fcjUl'l' P.i.'ln-i . ... 

KhM Airilm- • 
i Ka-rnmn K.**nk.. 

• E4lll.ll 

; h. Ii. A l. 

l-i i I'ni. Nnl. *..«•• 

• Klim 

Hniers.i. t .niiru 1 

• I'.iu.'ii \ ii Ki I'd 1 '! 

K.i.Iihu - . 

KM.I 

KiisHImkI.. . ■ 

. K-r.Mrk 

'. t'.!li\ 

, 

I'ailvhlKi 1 neiMn : 
►«!. Def.1. Si .in', 
S'urM.mc I He. .. 
K'l. \ni. 

' I' .-M \mi 

, I'lllllfi'.lt' 

HnnHa I'nni'*... 

’ yiuiw 


I’.IIA : 1 

i\. .i * 

I'..i. , ii»p-i 

' K.i'.lxia I 

Hhii-Iiu All hi .. 

: ViiA'in-i Jtinera. ; 

| Kr—nliaiti < 

, Minimi luile 

Ij.X.V 

If 41111.41 

. iieii.Ainei.ini . .. 

■ f.A.T.X. 

lien, l.sl'le 

(■eii. liriMiini..ii.. 

1 l.eu. Mnine.... 
lien. K*«,l» — ■ 
I.i>lipr4l Ullli.. . 

I i tie-nil Jl«l no.. 
(■••ii. Pun. I *■*.. : 
lien. SlgUM 
lien. Tel. Kin l... 

• lien. Tiiv , 

l> hi test. 

Invito* IVrinc..._ 

• Ueinmiiv • 

. lieu v Oil 

; mu. aw .. . .. . 

iiff.i.irif'h B. K. ... 

l ..••!> «hi Tire.. 

If.SiUI 

i. rareW.lt 

l.rt.AliMU ftl'ftS 

■ ill. Niutll In. n. 

' i.revlimnel 

Af ml A WeMeru-. 

, (..ill Oil 

| UnlllHin.41 

. Hanna Miuinz- 
Harnwlrlearr. • 

' Hum- i...rf>n 

! Menu H. -I 

lieuix.ii 

. H-uie l'ackar.1.. 

Ki'ii'iai lun- 

. H.»ne-iflke . .. 

. H.llll'l »U'I.. 

. H—ier 

> H.-i-k.irif. Am'-'' 

Nat.I.A- 
' , H.hii (Pb.Art.'hni 

HiiIIud lE.r .' 

I.I.. | n.iu-truf- 

INA 

uiKi-noil Kao-'.. 

llllHIVl >U»I 

, I 

t 

r. ' I M.M 

i lint. Kmnurs.. 

I lull, dancri'"* 

lull. Miu 4 Client 
a IllMAluillllUl'.. 

i • Inp-J 

j Inll. 

, In. >. Uft'litirr.. • 
Inll. in. * l>i 

,j l..«>a Meet 

II iTittnaaUunnl- 
>a . Jm. Waller..— 


• Mi.'k 

1 MhIIIII'H. 

f li.i.n-.pi. J.-ltii-fPii. 

; I,. I, ii i .sum ; 

i l..y Wmi.iiR l il * ‘v 

I n.llai i ..rfp 

1 Kswr \lt.itri>'‘ii< 

• hi's 1 ) lihl.i-lrn- 
. Kaiser niet-l... . 

. ka\ 

1 kuilieroll..... .. 

i Rtrrr (!•■' pis'. .. 

hi. Me W'slli r.... 

' n ui.lvH i A lark 

i hu|.|«r 

Ii ran 

• liniSTl L'pi 

lesiaicai Trait'.. 

i In'i •ilntU'... . . 

\ IjIpI.v On . pp-nl. . 

Lyjetl A. n.<ui>. . 

; Ls'l.i .tu, 

Lilt' -Li Id-Iii lines 
Lpt'kliipe'. A.r.T’n 
I la-ne MSI InlllM 
! Lriu- Isi.iii'i fJp* 

■ Ijati.iBtm l^n. 1 

i Ifl'TI.II 

;Uh\ . 

I l.jkes Cnqei . . 

.'■IncMilir.ii 

| .14.-1' II. H . 

I .'111,. Ilaii-ii-r . . 

j Mafas- 

‘Ian.llii.nl 'u .... 
Uer'llr Jl I'llan.i..' 

' \lai,'.«l' fee*... 


: Mm II.-:*. M«ret 
I *-li. \ 

I lli'Urnii.iW 

! Mcli.siiie. 

*1. straw Him. .. 

. Uein.e-1 

\lii-h 

• Merrill Litk'if . 

i •»•-« IVni-euni 

Ui.U 

. >1 mu Mini: \ U:a. 

M.s.i *.,<r| 

, Alfsioaui*. 

M-figaii I I*. . 

! i|«lnrti* 

Miirjplil Oil 

, 

Nasu l l.eiui ml. 

’ Naii-mai i an- . 

IJirlli'ct* ... 

’ Nnl. Seri't.'- 1 ml , 
Nalimu. bum i 

■ mi., uucs. ‘ 

Mil < 

■ Nc|4uue Ioi|>. .... 
New Kneinml SL’ 
Ne» Kiuaui' 1 ' c'i ■ 
Nil. gum Mohawk' 

■ Nciaam Bliare.. , 

N I,. lii.iuMnes 

n .k i . n luk We- it-rn. 

■ N.'ith Nnl . lift.-. . . 

: .Mini. M»ie»P»i 

Mliw.-l Air- imp 
, ' NUrneii lien”*!'' 

' NiirUW MMKU ... 
DcfUlMllal Pel Iff i 
'••f-ilTV JlalUei...' 

, ;i»hnj ’tiii-.n 

. • '(in 

| 1 1 1» fr-cti' -Inf'' ... 

' l.lni-ii Li<niilig.. 

8 • Owen- luinm*... • 

f*4. iHelia ..... 

: I'ar.nc Li^rnin^.. 

I'nli I'nr.A Mu— 

J ' I'ali.VuiW.ir-. Air 

• Parkin Hanmcu. 

. I’WlMll lull- . 

: pin p« u 

' Peiiin ■». ■ 

: mi 

" I Viu-e- Urn- ... 

• I'i.'U’ 1 *— *il' 

> • I'ef.-i.’ • 

!? • Perkin blliiei . .. 

i® I’D/Cf 

ii • rwi* ihnisx-. • 

,, l*iiilB.ie>;'ln* ts 
i, I'll il ■ |- T!i.|ll« .... 

L PU|lll»e I’nw'MI 
I, • Pil|i*4jri ■ 

, 4 l'luie^i-Bcpwim— 

. Pit il. 01 

v, . Plewv Lifi ALU. - 


-l.n-Jf 


23 1. 

40^4 

22 b 
3*.a 
24 

SD# 

611 j 

17? 
5ir» 
58H 
61 
68 h 

60 > s 
46U 
40'j. 

47 H 
24 : t 

26Nfl 

171* 


273.37 269 is 


Poll, I "l'i 

PcA-'fncc bln... 
I'Ptr liitlinirfc- 
PnsliT liJlnt.C 
Pule ■vpr. b»i 

Pul mm 

I'uim 

Sjua»er i'*l . . 

Kn;pi4 American 

liaviliiiaini . . 
ML A 

I5*tnil‘>ic atee<.. 
Itmusi' Inll 


lie 53: 

l,V( Urlas- : 341 

Itel in . 111" Ii. J .. 56' 

lii.-il' >Ai 'ipTn".' 831 
i;.w-k»< :l Inier 341 
M.ihiii N I Ism— 321 

lii.ia Uni. 1 59 

1ST U iu 

i;..,. I - . a* 10 

’ Killer -\-lem - J 22 
-aiewsv >iin.' .. • 40 
-i. J.m- 11 men' . 24 

M. Itesi- INifiTT .. 30 

-anra Ke lipit .. 30 

i -an- Ini 6 

< 'Btiqi lllrf- 5 

aeli .11 / Ureu fin;.' 10 
i THi uinneruvi. ... 89 

I -CM ; 17 

'I1*t P'fMT 15 

' -coil" Mrs 18 

: at-inMer UnuA'af. 7 

■mm L'-Hilaiiier .. 21 

mauiaiii 28 

mnw-ti.l'.' It 

■ 'em- KisS-ut'k . 21 

KtL'LU 51 

• — in:i' I •: i 35 

m»,H.‘ I ran -'ll . . 44 

’.din. 42 

me n<». i. "ii- — 41 

: ninfpih'in Mu... 5 

1 -IIMCI ■ 1; 

.-milli liner .. 41 

-mini K.iiw 9: 

-..•ii r si . „ ... . i 

-•'III Il'M pin J i 

-■ml lieill * ■' k*‘ 2: 

-.rtiip-cni 1* 

-Mill. Nnl. lie- . 31 

—iiiUieni Pacific. 2j 

: -Ii.iliienil.'al 4 - 

-..Hi i ■■■■■■> .... 21 

Vn'i Imii-iuK- 2- 
! ?iwn Bull'll. .. Ii 
i iiy liHiie . . 4; 

• Ss|uii>:i 3' 

i -iaii'U*-i linuii* . 2‘ 
*-l<«.0|.L».' , iirri«a 4( 

1 mi.i. in. lu.uaffa. 6. 

• -t.i iiu ii ..: S' 

-l aiu! i.'lii'in'cai..' 3 

• -U-r.iuj llnii .... I 

. -lUiiC-wlkel 3 

, lull Lip 3 

; -umlnsraatl. . .. 2 

Tj uiu 3 

ItsHlliil.-sil . 1 

leklr-iiii\ 4 

Icemin- 9 

IV'ei 

fenn'i 1 * 

: le-ps'i Pis »• sewn 

lexfl-.,.- 2 

leVlk^u.l 2 

leM»- l-jL-ieni - : 

1 lesa« lii-J ni . .. 8 

: luN'-Oi. 4 Ort. t 
I . I.-LW, ITllll.e .. , 1 

l llDIW III* * 

. I mies Min . -pi 3 

1 l.lullen • 

I sane .... - : 

I nil- in, r.17. . . 
Iniw.'-. • — 

Irnu fill""- •• • 

, I raii-« lllll u. 

. I tan W.-riH An .. 

1 rasre.- . 

\ I ii. l 'M in inuiKa- - 

' I r.i.-ii 'A. .1 »•«>. 

3 I t;W 

.'jTilminn f.,i 
* i 

: i Vib.o 

: 

„ l «I"C' el 

19 Lireif. " - 

I. aivn U'.ni'. | i|'... 

I ■••■•ii t»*i.»i»'. . 

,1 I Huai '-•.•liuneii'e 

l iicu iji: laiii.. 

’’ I lli'Si I'ai-ill 

I. .i.n a 

l ir !«,' Praiki- . 

■4 I. - liulimrii.. .. 

L 1 Ail |«,|l«r... 

U 

Lg -lec 

1 S*j I«-;Iiii-i:i.i:'iH. 

* 4 l ( Ilrlu-lnv... • 

,s ' .rani'* tied .... 

*1 \N«':n?eii 

Wallace- U uni i" .. 
Warfier-L- ■iini.H 
' Warner- La mi-:n • 
j" Wa le- Man inn.l 

Wui'-fais*' — 

'. J V.Vic-U harip-ci 
,?l V. tsrm N. Vn.D 
‘j* WoU.ru 1. ni»fi...l 
"ei>ns' |li cl'. , e. < 

1 Tj, 

i is W oi eriiaeiiM-r. . . 
)m wo-.rio-w. • ■ 

>■3 M Jj:(e i.i4i. Iim. 

I H i'itent 1. 1«. . . . 
|ka ■ lV\-,arn‘in Hi».:l . 


59 >i- 


. W ■ iiili 

M rii 

i \«n.i . 

/.iinla 

/.tniili Upi.Im. 

| I Ilva-.«®I*A- 
j l.im 1'iea l; (,7h.' 

I. .S. rtOslal la"- 


19'4 


Johannesburg 

Golds gained ground-in, a; thin 
further SO cents to ASH. Bfl because trade on higher BuDipn. . pnee 

of Abnriginai objections lo the indications. . . . , 

Jahiluka mine. Mining Financials abwtpwed 

Oakbrldgc. in Coals, gamed 5 jhe firmer trend in gold .pro 
rente at AS1J5. while Oils had dueers in quiet dealings.^ ^Diamond 
Samos. AS2.10. and Ampul share De Beers scored^a net 

Explnrution. AS1-27. each 3 cents advance of 13 cents at R7.o5, after 
harcfpi’ 4 reaching R7.3S. .. .. 

Among Rntaders. Myers rose 4 industrials were mixed but 
rent-' to AS I. if.’! and Woolwortbs Wlt -j, a firmer bias -In slack 


5 rents tn A SI .55. 

ICI Australia rose fi cents to 
AS2 1” hut BHP shed 2 cents 
more lo ASS.34 and CSR were 
4 cents easier at AS3.33. 


CANADA 


Hon§ Kong 


: ifltiHi Pklci . . 

! limit" K* -,i e ■_ 
\'cai« A uunni'ii' 
i l.^iniiH Sus* 1 .. 



I I Wink ni Uiifllru« 

' Bank NwX'l'J 1 
! Ba- K. - tfCM/nn'’- 
Bet- rwersiuur- • 

| Ui.w Va.'ei III- 

UP Laiiada 

L-m-cMi. 

Mniif'.' 

i.nsny K>ahi . 
t. ••frit*! Mill-- 
]i 'ilia. la LL'iiiem . 
i . ,imi1, N W 

| >.4ll.llllfiKk C.4.. 
i >. 4.ir*lM Itl-lllrl . 

! in. Pib-riH' • . 

_ i.mi. I’Ki'Ul*' lll‘ 

| '.ail. •iija.'i *" •• 

. 1 .|«ih(i , K. , i , ii' . 

. .. -.nr Vie t. •• 

1 . t.ii-iiain 

! >....innii*— 

'L. HI-. liiUiilll-l 

. t ••if llllllS IH' 

,1... rka Uc. "I." ■ 

• ..-IhiIi ....'.. 

Ibi-n l*f id—.. . 

| lA-l.i ll. II'UU 
| U..HIH 11 1".-. . . 

Ul.lll"' 1*1*1 Pll'lll' . 
! i>.,ii.:iiii.ri'i.ri..Kf 

‘ ll.piiilar 

■ t-.|a.|ll 

rs'iMi'a.- n i. k,'- 
; P..ni M. l.« l.aii.. 


29'.: 

38 5> 

L‘5U 

as 

45 

-JSG 

US:- 

25>4 

112 1 

22 i B 

0.75 

3.75 

c3-t 

K$». 

12 G 

LSI? 

19 + 

19 id 

1 7 1 j 

tb'v 


trading. 

Switzerland 

Bourse prices were inclitied to 
edge forward in a moderate 
business. '• ~ 

Among Pharmaceuticals* - CIba 

,„ 5 .hc indff .9.31 .0 ■B7j | £*3ya i Sl‘5 

""The rise was mainiy attributed at SwFr 2,2.i0. • • . 

io local buying of Blue Chips and Banks were h, 3 h ®*, 
high-riciding second-Hners. changed. Innirances werejmxed. 

Swire Pactlic “A” advanced B3 with bwiss RcSnsuranw -sltoping 
cents to HKSK.OD. Hongkong Bank 25 to SwFr 4.A25 but Zwridi In- 
| 60 cents to HK3 17.70. Hong Kong »i dln = 

Land and Jardlne Matheson 20 and Buehrie lo at SwFr 2,6®. 


MOTES' OTi-rsi'M prices shown heloiv and 'or scrip issue, c Per sfuyc.-. /Franes- 
,SSSr\ nZ. P IfcWaTihvM '! Cross d,y. 

.p- ffii.r ■inihhnidine tu. scrip ard or rl8his issue. _ fc-Aiter local 

V Km .m ricnom. uuluss mlK-nilsc siaivrt. laiufi. tn’:. 1 

•Tt lrts hasud on ne i dividends plus la*. Unllac dlv. p Norn. 4 Share Mflt. s Dlv, 
ip Pm mo di-nont. iml.’ss ntticru'.au siaiud. and yield ckcIihU sreelal payiufaik- if 1 ®' 
* HKr inn ilcnom. unless oUJi-mhiu slarwl, i-ai«d die. 11 
J S', hr idil d. nniii. mid B- arnr sliarus hoWi-rs u . 

dnl.^ uin-rvlc.* stand. ■ v^o denom. 1 Rid. 5Tre«»«l. t Seller. iAasniri^t 
nnk-vi olhi-rwi-u stol.-d. S Prici- *•! tnuc sr Ex rrgius. xd Ex dlvrSeo^ xc ^ 
at siiipcrudun a Florins fi Srhittlnis. scrip Issue, xu Ex all. « liWhn since 
iVnu. iIDiihJhihI after pi'nrtiiu: righis increased. '• , 




Baaip 


;.,f luilMi roauRKt tioni las- W 


----- -.Ik-; 

d*v* high WJflW Witt'' 


» • . N-or, 17 _ .■ jyov. W . i: iTec- ago spprta; . .:, t ' 


vw.ld % 


5.90 




’ANDASD AND POORS 


1678 


’dqki»Conipd^? R . 


Dec, 

1 


Siw. 


V". 

2» 


Nirv. 

23 


Swv.'i Nor. — - 

27 | & -.High 


. Low :High. i . .Lop-. 


1 106.86 106. 16 «M.01, lte.W| H»-07i S' 

; UJZB. 84.70 8S.7& tt-lfil 85^ 36. W J 


Nm. 29 . Nuv.22 


tiag> 

La -• Yearag otd 


Ind. .in-, vielrf i 
Und. PpB kali.* 


5.25 


5. 12 


- 5.a7 




4.64. 


6.73 


8.90 


8.64 


9.55 


luiv. Mcmrt yield 


6.75 


8.67 


8.66 


.-7.T7- 


N.Y.S.E. A LL COMJ tOB. 


1978 


if: 1 

ih m. 'ahd ; Falla . _. a 

. Dec.tj^'^SbiNoiv 1 ® % - ’ 


Dec. 

1 


N>v. 

30 


NV>». 

29 


■Nor. ' 
28, 


High | 


Imues rreddd..-;} \ ^255 
Btse* - > -I®» j .® W 

p.ii. 2701 • 


■M.77 62.89 62JB! 64.15 


Falls ■ 
Louh&oged 


BO 38 ‘ W-S7 

Ul/* : (#5 n 3 v e tr Hlgbfc- 

New Law*. 


270 , 
325 1 


Sis 

4Z6I 




56 


l.BM 
2B7 7* 

Wp V 

352 •••■ 

• V. 

-46 


MONTREAL 


1973 - 


1 

7* • 


■•T-l N ^ 


Noe. j Nov. 

39 I .38 . I.-, 


High '. I-V 


Industrial 

L.oDit.uied 


812.85- 2IA» 222,t«.l}l/lft ■.*5^228®.’ 
' 222,(2 220JB9. 220.06 220.6* 2^.61 tl2»l0i [, _170.$2 <3wt» 


TORONTO CoHivuett^ 


: , mj 12KL8 I2SS^ tgg7.4 -1g2.7<L27t0)-f mJ.tfOeSJ 


JOHANNESBURG 
I oduM rial 


221.77 

286.1 


1¥> fr 225.7 ■ 
28*.8' 284.6 


272.B ,l*-8' 
2Bi:8-rtfni 


186 A '.20, *1 . 
494.9 rt3/3y " 


m: 

-i: 




Pit- 

viiais 


ItiTrb 

High 


WW- 

Lo* ' 


V Bee.-! Prep i-iaTBTlflTg 

. * . iImis i jUigb !:Lur. 


.ni 


46.00 ''88.W W1.16- 80>l4 
> idift ; lai.*! 

90EB: 90.«S' SR» v ia.ai 
tl4/Si I tW/lU> 
16.5 76.3 , 83.0.1 *1,6 
’ - . |4< I0i f v3-6t 

623.0 ' 885E . 7W.4 

- (1*10) (17«t 
79 Jli 7BA 8S.1.' 7AJ0 
i I ill|9) 1 i*|4» 
520J17 600.74 707.70, 383.* 

, (S B) i .ltSrt) 

I talv ni' 71.68* 

Japan « «7A* *16.00 Mg.- 
Singapore**' 3&A& 5*933 *1 *jW ; 


Belgium •:» 
Denmark 1 “ 
France 
Germany: d’ 

Hntlami lit. 


Spain 

Sweden 


uu w) \ '*).& i 110:7a . 

^ 1 iUic, *. iITj. • - . 


(dl 57B-50 i 57D.U , 40 b 

1 , <-t*uy cMi ' 

Swilzerldi/t^ mX 285Al f 3SJ.r.|,l 


P'O&J.I .i.-GTJ-D. . Ai- 

it*«t fvaBUi .. -F . 


bank Dec. 1853. 5* Amsterdam TwtagrM) - V 
1876. 25 Mans Seng Rank 3n/K. iiu Boisa 
Commercials - Italian* 1W2: 4.TWOT 
New SE 4/l/tt. b Strait* TJm«S 19C&. 
cQoaed. d Madrid SE S0JI2.T2. c&tqc*- -r- 
boUn Industrial n/59. f 6 wise Bad: 
CorporaQou. uUnavafiable. . \ 


; Carrlor . - 

indices and base dales '.all base values Hate tnn "PUnna 
IDO except >rV'SE All Common— 50 bocujs -■ ■■: ■ 

Siaodards and Poors— 18 and Taranto Polaroid 

300— 1 DM the lasr named based on 1975 1 . adot. Home Prod. 

r Excluding bonds. t 400 Industrials UAL - 

1 400 Indusu'ials." 40 UrililieS.- 48 . Finance Pan Amer. Air. '... 
and -Jo Transport. t.Sydner AH Ordfnisry. Western Air. 
a Belgian SE SL-'U/dS: . *' -Copenhagen -SE Ea xun a n Kodak.--:, 
V‘l 72. ” Pan* Bourse . toin. tt Cinninen- .Ballr-MIt. • 


TODAY’S ACTIVE STOCKS 

nuBp 

Stocks. CtoaHnr on 
traded, juice day 
-1.SS1.000 - 235 
- 732.900 
. . 

AT 319480 
288.700 

mow 


■205.800,:: 
23L300 
. 228.900 
192,700’ 


111 

Tit 

51 

274 

33» 

74 

■614 

434 


day 


,+a II 1 . 




-21 
■■HI 
+t 

■436. ii- - 


27 : 


GERMANY ♦ 


TOKYO 1 


AUSTRALIA 


1 OSLO: 


1 


I.bU-WI 
. I., mill t. 


•if.ii.it' 


35 


• n 


IIPPI-I'. -•..'.'III. O n 

. i|.< 

■ llnlilf ,fl ' 1 45 

litHl—ll M»l Ml.O' -0. ! 

1 Hn •—.I iiu . 2I1 : 

1 IiiH - i t.i -.in SOij 

: I A < • i;*c 

iliia-n. • 

1 liiiivtin" •■•.' . . “•'■'■I 

... ' t7i'. 
.iim.. . .: 13'; 

: Iiijiii NhI.IiB-.' lOif, 

1 I nr* 1 t.i ’i; flint 1 lt J i 
K11 • 1 i:e i i.ife r lb's 

. Lji.ik till. < "l’i- M3? . 

LJpul-' i. i-ti. 'K 1 4.40 
il.'n ■' 1 1. 23 in 

Ma- I i'1-.'.i >ei 10 -f . 

. U-lnitT,' 33 -a 

\|.«af « ; -ii . . 55 ; r 

1 ti.i.niiRiii -1*1 tr B! 3.25 - 
■ N.iniii'f. ‘'lute-., ab’ 1- ' 

•. s.'ifi'i. Kii.iji .. IB 1 ,' 

j Mu I • 'iir.. .. 551.- 

NuiTIRP l'.'. 1 11*1' 26 ; .j 

I Mti.R.i.i IVIml- 4.50 
. • i.|.|*'i M 1 1.95 

6U-- 

I It ii. I hx. l". rr«..|n JBl: 

. Pal in.- tdU'f 

i<f,.|.if- i»..|.i.t . ;ti'p 
Pin ,• 1 hi.. > lit.. 2.05 

Pinifl 1 1 inll -b 

p. «■-! 1 - : |>. mi'll 23 
l*«.» .... 

t/if-r*- .'im^nw, 1.09 
ISiiUi'i . ..' 1b'- 

|,'..r.l -Ihji!,. ii^<„ 111* 

a3't 

l.'ftHl L', 1 Lnfl. 1 a7t. 

U.ln.1 18 

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1 1 .-nil I p.ipiiiiii . . 

I ih.iii'.'I- H t'iir .... 

I l|'«.l- H ... . 

I 'rniuu 

I lent fur MaiiU. . 

, lit— ..lirr I’m ilk 
j li,.'kfr:i.aT Ai-ml 

tu 

: IIhiiH-j 1.1.11 • 1 

| Hnri envr j 

, H.», ..-I I 

: 

j H. .m-ii I 

, Kh.i . 111. 1 'air 

; i%nr- l.i.ll 1 

• •■IiiH I 

j kl>, 'KU p'I LiillCJ. 

:khu 

IM,I|H. l>'l IO.I, 1 
, I.. lllll'. . 1 

I .,iu.||.'Ibii1IM!lV1.575 

UiIiUhII-h. 

tl..\ N 

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l l-' -••«.' 

'.(nn. lli-lli'. Ii'lli h 
tn',i.|iilflin 
i*iM,-,<tv (<■■■. Kk; 

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( -lllll /.Ili.'krl . - . 

lilt «#•!. V.ll. . 

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Urn, - 

I I 


tiet-. * 


‘Prinen. + tw 
Ten ; — ; .'3- 
-h-r 


■j oiv.'TuJ. 

•■1 -• 


Dec. 4 


1 Price •'+ or , 

I Kronec i . S-. 


j - ! A-al.i Lin-" ... 


76. 10.6 

J9S -i . 3i.4j 5 2 • Hif.It 

224 -1 '26. 12| 6 3 | Ca--ii* 

1 6.0 -0.3 l8./t 6.9 1 C6IU..U 

140.0— 6 18./-= ip 7 ■ Uai Ni|.|-u Pnut) 

315.9 +0.4 146.14, 4 S’l-iUt I'IhSi^ 

327.5 - 1 5 36.121 4.3 H.lat-ln I 

ic-5 -5 — . Hi 'in in MiHui-v 

226 6 -0.6 .36.511 5.6 H.me I pt*!. 
c6.3 - 0.5’ - [ !l. IM. 

326.5 36.1^. 4 3 . lit. iukann. . . 

254 -1 ,46 ^61 5.2 ; la.A- 

I r 6.0 - 1.5 1 Mil 9.8|J.\.L 

at 1.5 -0.5 46 W, m.S 1 Kaniai Kir»i. Pw.’ 1.170 
246.0 + 0 5 4tt. Ii! a.7 i K-imaWii 386 



, — j .. Dec.*;' 

tO.71 - i+o.fll j Urnaeu. Bant .-.-1 105/75|-+Q.75^^9 ] 4^7 



Hniipiln 288 

K lout-Cenuoic ... 3.730 

Mataiitbita I ml. 


1 79 1 9.3«' 2.P 

241.3 -t 0.6 :16.2b 1 3 6 
100 14.0b 7.0. 

J50 ■ 16.M, 5.2 i J1 .lailliirlil Msak.i 

135.9— 0.2' W.fs 7.0' Muauiukii Hraiy, 
48.1 -11’ 

1-4.5-0 5 9.3b 3 0 

140.8 *0.3 14.04 5.0 

330 - 2 43.44 a 6 

-50 - I ld.?r 3.B 

iQ l 1 - 

198.8 - 1.2 : 18. /6 4.7 • Pi-iicw . 

i00.5*0n' — • , taoipp fieiru.' 


HitMil.ip.lit Oirp..: 423 

Hu mu * L*. t 295 

MiimiIurIii . . . 595 

Xi| 1 »>u UeiiHf . - 1.600 
Nipiaiu ainii| 4 )ii . 828 

Nifsau.'ltii.iii.. .. 649 

1.680 
258 

4.3 I rek.Mi* 974 

da 7.9 • alm+pui.i 1.200 

4.38 d.a'A'n.v 1.550 

l'*i»tu. .Marini'. . 243 

Taknlal.lii'iniiJii. *93 

I tih 1,960 

Itftjlll... . '- *34 

I ok \u Marine.. . 515 

l-iKfik.flPpw 1 1.060 

i.tki.i ~Bii\t».. 559 

(■■ntl J 180 

I ip^hi'm Vnrv . 154 

rm.aa tt'eni ... 900 


+ 20 


^90.8 ■ 0.7 2D 
+ 15 
-7 - 1 

232.2 - 1.8 l*.rb' h.O] 
i. 7.2,U.9 l/.lt 4.6] 

260.5- 3.5 ld.M; 5.1 . 

o60 24 4».ll| 2.1 ! 

1 63 — ‘ 

141.9 t'0. 1 - 

179.0 -0.8 20 7.0’ 

259 --1 :28.IS 5.4 

289.5 -0.5 4a 4.3 , 

ZaO.a + O.a'I^-s^ 3.6 j 
ti7.0-0.5 l/.le 7.3, 

ItO.Z -0 8 M.U. «.a; 

133.5- 1.0 n.3«> 3.5 I 

296 28 12' 4.8 ! 

238.0 >0.5 25 S.2 [ BRUSSELS/LUXEMBOURG 


Pui|i Paper SI . .. 

* 8 ' 'wc. Con. lniiu»irie»._ 

1.7 • Air-c. Founriarion Ldvcm .... 

'4.a t ,JLN.t,...'. ......v. 

0 H I AudliiBxi. .', ■'■• 

0.9 . \uti. tin A ftiu 

•- ! Hacru»xiCieek Clmtl 

0.4 ; jjtue Metai ln-1 1 

3-3 j UpniKainvIiiv topper ...| 

2.6 1 Hmjnbtea InJurtne' 

u 5 U rodeo RJH Pmpr1rtary....i 

1.4 j OH Smith I' — -.-' 

1.8 1 Uaritoo United Brewarv. 

4.8 j UbU fSI, i 

1.5 I tJu c k hti rn CemenL— , 

2.4 j Colon iCJJ.l 

1.7 Unna. IrriUjAeblt Ami ' 

0.5 L«maineri5li - 

Luttinc KkArnto 

}■“ U«uin Au-iraiia : 

* 7 Uiduop Rubber (DbcenU - 1 

SrHJUK ! 

‘ ®! H'ilw--iniib_ 

Y , , BnUeaTnnr Kwourcea. — 

* " fcJS. Jadu-trie - 

I Lteo., Property 1 ruU 

,, 2. Uameraiei 

'‘■aifi.aH.er 

3.7 |t-l Australia 


10.90 .-0.06 , . 

1L62 ;-0.BS BRAZIL . -.Lla- . 

*0 |® • : n -: 1 • PniT : + w iCruiTH. ‘f 

ff ; +fl - 06 1 Dec. 4 : Crut , — . 

aeo 1-0.B4j1j.12l** ,: 

1.66. — ._;0.16 
037 


r tO.BS 
. 11.49 
"• jl.56 


'- 0 ’ 01 Acanto.— u.; 080 |-0.84|a. 


il nn 'in’ni ' dancodo Baai i^ . . 

ttls SSVlbwfSAipi OJW 'j^O^I 
I?*? I i . L 95 -|- 0 -o| 


13.35 
1 1.30 


-0.B4 



Plreiii OP. . — ^.i ' U» 1 

1 --in. I'tiir UP-. 1 2.X9.]-(L01|O3to|W*/. i 


t2 .iT.- 3js, u ' pV.T..;-'-- V sito i-ojb:'j.'*^ 4CW 

ts .60 1+0.06 1<to u.iof. ppi i.os i+oja'J.u'nai 


Sourer Nikko Sfcurllies. Tok>n 


AMSTERDAM 


Tier. 4 


+ "*' 


Pni.-e 
F - 


‘+■■“011 ,y7i. 


,ib s.2 


Him- 11 'iinl U|' 
tit-.ii ..«• . .. 

I lllll U. Di- 
ll .1 t«'l 11 .nllll . 

M+ii • .'.-I inui'' 
Mr-inu < ' 


BfJ 


• vied. ' Trade!.' 
I New -inch 


EUROPEAN OPTIONS EXCHANGE 

-.H-t Vol. J " n IrftM V„l. AP 'l*«» V..I. '!••«» fMrtk 

VB> 

\ Ky. 
\K/. 
th/. 
tK/ 

F.SBO 

K.25 

K.50 

F.32.50 

P.33 

iSO 

10 

1 

0.40 

11>S 

3 

9 

28 

12 

15 — 

6 

2.90 11 

29 

1.10 

1-371 

- P .28.60 

3.90 

2.90 

1 S6l" 


*60 

2 

3'» 

— - 


" 

K.K 

Hi i 

H> * 

Hit 

Hi' 

»70 

F 32.30 
P.35 
F.37.50 

P 40' 
>260 

28 

13 

4 

it 

0.60 

I811 

5 

9 

5.60 

20 

2.50 

10 

F.54 

4.50 

3 :: 

. ■ 527ai] 


• 280 

1 

6tj 

1 

14„ 3 

20jfi 

IHM 

. >000 

I .120 

9 

-R 

— 

— 5 

21 F- 128 


P 130 

61 

A 

— 




F. 133.30 

42 

3.20 

— 



" 

KLM 

1.140 

21 

1.S0 


6 


KI..U 

KLM 

>’> 

r.iso 

t .170 

r.100 ' 

- 


3 

10 

1 

15.50 

7.50 - 

3.10 - _ 

.- F. 110. 30 


p.120 

— 


6 


- 


P.25 

17 

0.70 

- 

29 

2.50 F.a4.40 


F. 27.50 

13 

0.30 

B7 



i'Hi 

P 30 
>50 

SO 

1 

0.10 

4 >+ 

60 

1 

67 ; 

- SSUd 

run 

<60 

r.tao 

10 

80 

'!i 

3.80 

“* 

— - 

. F. 122.40 

kp 

I.M 

K. 130 

F. 120. 

75 

1 


650 , 

F.121 





M*v 



'60 

4 

IS'* 

6 >r 

U 

fllr - 

_ 871Ne 


580 

c 

2 9% 

10 


— . ■■ 

J Trtt*t. vnr.tnir. i.n «■ 

1 VTR\tT 4 

“ l 


BASE LENDING RATES 


A.B.X Bank l-l'o 

Allied Irish Bank* Lid. l*-| u n 
American Express Bk. 12i"i 

Aiaro Bank I-!'?* 

A P Bunk Ltd 121^ 

Henry Ansoacher .... l'J'/V. 
Associuu.'R Fap. Cnrp. .. 

Banco de Bilbao Li'% 

Bank of Credit & Cmre. l^i 'n 

Bank »f Cyprus 

Bank of X.S.W 12:^ 

Banque Beige Ltd. ... 12] 

Bunque tlu Rhone 13 “n 

Barclays Bank 124.*?^ 

Barnett Christie Ltd. . 13 1 . 1 ?* 
Bremar Holdings Lid. 134°^ 
Bril. Bank uf Mid. East 13!^, 

■ Brown Shipley 12*”^ 

Canada Perm'l Trust... i2-!% 

Cayzer Ltd 12A"i 

Cedar Holdings 

I Charterhouse Japhet... 12.;°^ 

CtaouUrtons 12)% 

C. E. Coates 12 \°l, 

Consolidated Credits... 121% 

Co-operative Bank ■ J 12j ,, o 

Corinthian Securities 

Credit Lyonnais 12? *5, 

Duncan Lawrie lil'Tj 

The Cy prus Popular Bk. 121^ 

F.agil Trust Vi' : % 

Engli.sh Transcniil. . 121% 

First Nat. Fin Cnrp. ... 14 % 
First NaL Sees. Ltd. ... 14 % 

■ Antony Gibbs 121 T, 

Greyhound Gauranty... 12) ^ 
Grind lavs Bank 12:% 

■ Gntnness Mahon 12*% 


I ttamhro- Bunk I'- 1 ; „ 

f Hill Stimuvi : i-V-il'Ti 

C Huure Cu. 121% 

Julian S. H.iclue IV. % 

Hongkong & Shanahai 12 S *V. 
tnduMnai Bk. of Soil. 

Keyst-r L : !imann I2 in T-, 

Knyv.slev & fJo. Ltd.... 14] "fi 

Llo>d> Biinli 12]. ‘7. 

Lon dun Mt-r van tile .. I2*% 
Eriw.ird Manson & Co. 1-7 'Vt 

Midland Bunk 12 "5, 

I Samuel Montugu 121% 

I Morgan Grenfell 12!% 

National Westminster 13]% 
Norwich General Trust 1- * “li 
P. S. Ref>on & Co....... 121*7, 

RussiiiinsliT 12;% 

Roial Bk. Canada Trust 12 S ‘T, 

Schlesinger Limited 121% 

E. S. Schwab 131*11, 

Security Trust Co. Ltd. 13! 9T, 

Shenley Tnm • 14 % 

Standard Chartered .. 12 ,V V, 

Trade Dev Bank 121 *^i 

Trustee Savings Bank 12!- f ri 
Twentieth Century Bk. 13! 0 o 

' -led Bank of Kuwait 
Whitvaway Laidlaw ... 13 
TVillianis '& Glyri’s ... 12i , V, 

Yorkshire Batik 12! fin 

| il+mtxn nf ih.. Arartiuni Hanses 
Coiirnii:’.!..' 

' 7-tiav tl'.'anws iii-?.. l-xnamh flrpo^its 
ini-. . 

■ ftlaj' I'Di'tiit an rami' "1 tin non 
.ml iiivtir ’.i 1 '*, np 10 IT-i.iMJ lui*’ 
•ui I m.-r (Zi ;•'« !»>*»• 

• ..an 4 -himv. ..,.f n.imo lf- 
I Jifinand ,1 linv 


\ ijfni ilniipK'..Ur 
Mll.t "Fi. 'u. ... 

I till,. 4111k >P. 2l' 

Llin-nL.Tl 

I t+iknWt-"liir FJTj | 

| Uni. i in' I l'i ll'l". 1 ' 

, h.iim .h.lw ... 

, I'.iiiii>i . v.V,U«ircr 
• i.iiiA«>iiil-l,F - Or 

I I iMmBn TjuJef 1 F Ij 
1 1 i*i neat'll i Pi. to:i 

Ho-U-plfllr >1 I— *>>'! 
Hnififi Ii.iP>.Au. 
h.UM. -t p.l'u .. 

I III.. '1 III .1'. ppl.tV'P' 
, Nal. Nett In. tM.ILt: 
SolLmlbk P-A'i 

Ini.MliiMk i pi.'l"' 

•a;. '►".£>•' . . • 

■ htl -Fi.llP... 
'an ttniinerra. . 

! Pakn-ol -H.JJ. . , 

i*h. "i|, ifp.lu. . 

lIlH7S'»|t fi' I l.ll'A , 

■4.,,..p>.ri>' .. . 
-lift. P."F L'I.. 
ipm.'iiIp. Fi.rvJ . . 
.i-piUlil-'li t • 
7lnt ■■iiIpiii-. . .. 

i mlfrj. I ;.uu. 

I "M" I’ll .Hnl-.? 

■ ■in Fi.'v. 
V.lnn l!«p- 

-1.1 ii. Hl|«>L 


tn+il 2.0*0 

tViaei "M ' 2.506 

, u.M. Lcmeni... LIDO 

i.f •.■aun. 408 

h-HF^p 2.36a 

k.tr Uijp-tfi 7. ltlO 

,3.065 

li.H. turn* Urn .... 14.550 
iiMin-ri.... 


lie 

IUO 


4.6 

8.9 


107 -1 

28.7 -u a - 

;?.! au'i sia i vj; 

7a 4 -U.l A2aj' 6.3; 

87.5 +0.5 4I> ! 5.9 . 

tiB.t -i.i "8u j b.a: 

>1.0- at ca I >.3: 

139:1 Vl O .14/!' a'4 : btvi»cii*iifc 7.0 IU 

70.5 - U.2 94. bj 5.0 ! L* 

14 I a 7 ■ 1Vt«'4n» 13.320 

, 1 itai»auej3.240 

.lieu. Mela** .. rZ.tilO 


1.340 

nl.iUnia la 1.620 

Huiaiavu 2.450 

I nii'irvni . - 1.825 


1.2 


19 

4b 

21 

L'i 


6 5 
231 
8.8 
4.4 ' 

7.2: 

5.2, 


butiiia |3.265 

situ 12.375 

I Ki tKin fc.w i . . 12.796 

I'UH ,1.142 

L n M id. '1 lu 718 

t ^ 1 3:1 1 ‘jfiss-w ‘• 70, j 

0.3 23 8 1 j 


33.2 -0 5 
94.3-0 7 
3i.0 -U 5 
21.9-0 1 

12B.5 - 1.6 
H 1.5 >1.5 
llu.3 -0 3 
aB.O -0 2 

211.5- 0.5 
165 

bb.2 

139.5- 1.5 - 

<*3.0 — U a - 
2H.4- Q.2 17 

60.0-0.1 - , 

loa.O^O.l 23.1 7.8 . 
126 ad - 1 5 1 

U1.5-U.1 19.1.3.8' 
123 8-0.9 aa./i 8 7 
238.0 ■ -0.3 <10 8.4 

99.2 0.8 Hi. 5.6, 
1B/.0 -0.3 SOJ6 0.5; 
121.2-1.0 42.1- 7 1 

30.3 

415 2 


-15 
+ 10 
—a 
- 14 

—20 ;17V 
•t 80 430 
--AU il lo 
-20 lau 
+ 20 , 8a 
-10 ! 90 
-30 il70 
.— 15 <1«4 
:+ ioq4w~ 

|—40 <426 

; •*<!.*i| 

<+10 ;iBu I 6.5 
30 ;Zj 4 : 0.3 
i+10 .14^ , 7.0 
,~3Q t'416 j 6.6 
: t 20 ;S..IDi BJ 
[-5 ,17 j 6.1 


l_lulerOJbwjer 

I • J Millings lutlmlne! 

’ i June* iDarvi 

| [ 

•1 Meuii. hspmntiati 

■ I lletTBimr Mineral* 

j MINI Hiwlim-- 

I Mien tm|pnmn 

) Nona 

! Nwiv-piaf loternnilnimi .. 

| ItTtb Uri.+i'nH''tinffj':iii''' 

Uaij’-ndae 

j tin aearvb 

• 4)lt«r bxi.>raii>>n 

1 Pioneer Caocme 

■ J litUlltl 3 Lip 

R.V. 7ieiub 

. vulh-aml Midwi ■ 

'par-w. b*|i'ppTnti«vi 

Inotb ?=■ 

^■glWA.Intn. 

5"!? I IViatcrii Midihc iof'c«ii» . 

!'“ 1 K.flb, 


t2.00 

yS.45 

Jl.25 

t0^6 

tOJZ 

12.38 

: 0.20 

12.90 

tl.57 

12.15 
10.79 
♦3.12 
;0.30 

. 10.91 
♦ 1.18 
+0. 27 
vO.55 

10.15 
12.40 

♦ 1.83 
*2.40 
♦0.98 

♦ L29 

♦ 1.55 
10.09 
10.59 


TUnw«'»r CrjUlf. •volume ' 

Sou/ce: Rib de "Janeiro .SBr ,-^r 


+0.15 

. JOHANNESBURG. . 
-olba r ■ MINES 

• .. i Dec 4 

^■ 0 . 07 1 r. 


Rend 

820 


+«- 


■-0.D1 

+Q.08 

:— o.oi 
+0-02 
+5J2 


.. / -ri.00- -Vi' •'-f v ■ 

- i4» - 5:-' . 

. .. 320 - '+t.iA . - 

5 «b 

>9i«3: - +4M.' . • 

1.83 : . X • 


'-0.04 
-0.05, 

♦Pl.llf I 
+ 8.02 
+03B • 

‘+0.04' 

♦ 1.54 si +0.85 , 
12,76 

♦ 0.66 
♦0.23 
10.3 L 
«172 
10.73 
11.57 
1 1.55 


.' jl*-78 ^ _ 

. . .S3* -•..+<*.'• 

.-+443-, 

. ... .. . S.58- 
. . ,1 7JS -+B.I3 
3.7S-- **)*■ 

■»». . 

r*o.M ; ..Tj|J . . 

-it«) - '.+IW0 , ;t:.. 

1M.72 --4*.ra- 


.v •_ 


«.a- 


as 


tile* 8 ® 

a q 

?!b . Dec ' * 

f.l 


’■ * J Kan*, f* 710 +0.3 

, .Urniue tij-inTe. 382 +2 


■Virique 
.tiriogui'le.... 

IquiUioe 

OIL-..-... 


1-8 

-12 
i— 30 


au 


6.9 


SWITZERLAND * 


H.x’.S. (ierea 
I Lbrrwir .. .. 

! L.ti.l 

'•Ll.LAfuaiei.. 
,l0 J Jkmeaire. . . 
_ [Ciuii Uel'lor,. .. 
j Credit LVrtn.tr . 3 e- 

i Lrettjot Loire 

I Unmet 

j Fr. Wirnti .. .. 

FriM , + or I Dis.m. &ep- Ureidcoui <r) 

Pi-«. — : % J hnrtei ■ 

— i . J* i|w Morf' . 

J tjlugrl.... 


•».. C 
J3 . 


H i . 7 ' 725 - 15 

IU 3.u;U)iniDn - 1.960 <-8 

22 S.O'&MkMU Hliemi'V 508 * 4 ' 
22 -.5 Ui he.ro ...! . 1,235 -23 

22 1 a.a 1 Mt«M Ut+itn*^<>i 679 +6 

lb ' a. , 141.5 +1.5 

IU 


\inniiau.m 13)85 

mu ’.f 1,660 ,-5 

LiLebtplci Fr.luu 1.080 - 5 

tin. )2rt Leu.. ; 880 ,-2D 

Iht. Uur 632 -2 

1.2 ' t.'tuin siii»>t 2. 170 

3.9 1 h'mtiintRtt 1.810 ..X IU : 2.6 , iWnb*, 206.5+2.5 . . 

Pi+'Ium iiinirisci. 545 a ! 4.6 ; .iV h-uet 78 -0.5 f.a, 9.6 [ 

: doornail Pi Len. 67 000 —750 HOCl 1 6 ■_i , enn«i Mifani.. . , 306.6 -2 J 7J 


AnsJo American Conm 
i Cb'atier Consolidated' 

Eastv Doeftmteifi .... 

ELstmrK . — ... 

Harmony 

Kinross - — 

Kloof 

Rmtenbun:.- PtaUnum 

St. HHcna 

Somit Vaat- ... 

»loW Fields SA . . . 

Union Corpora lion 
De Beers Deferred 
BlyvooruJizicbi _ . 

East Rtmd Pty. -. 

Free Slate riednld .. 

President Brand . . 

Prcvdcm Stem 
SMIfonlelir ... :.r.T.. 

» Welfcom 

+8.02 : Vest DneTonlein 
-DJt • Western RoMtnga -■ 

4.0.05 : Westers Deep . 

+0.K ' INDUSTRiAtS. *. 

' AEC1 . :• MS' * 

Aiu;io-AiQsr- Jndaitriii-.v-tlLJe 
Barlnw'.Kaiid ........... U.... ••4^' .iL. ; 

Currie Finance. - 0-S3 - 

t)e Peetij' Industrial — tt+M 

Edsant "Consolidated Trrv. ■'•'.7* 

Eddar* Stom tS33» 

.. i Ever Ready SA. — tS-» 

In/lSi y-2 i Fwierafe VoJkstMdeagtiBS . ■ "18* ■r**- ’ • 

6 5 Oreatennaiu Storeg .... 

385 + 0.1 j io.B ; -..4 Hofetts -.139 tA. 7--= 1 L.= ! .i‘ •' 

.. 530 '-1 Idb^b: 4.9 LTA .. 

-’■10 ri^sb, • 6, McCanhp Rodwar ' W£8.' v:? : -..J.v. 

• ' 25? ! 42 i o.5 , N-«jBank V - r i - "£» F-v.J ’ > - ' 

- 565 - 7 ' 40 Jj. 7.2 ; oK. Bazaan. '.:*7 ^73 . . ... . r v 

..3.190 j+^s ; lo [ 4 4 ; prcmlar. 31 mint A43 — . 

.. 3BB.9 — 0.1 ! 4i.9| b.l : Pretoria Cement .. . 

997 -6 ■ 70 Jj; 7.0 1 Pnrtca BoMlnss ... . -SUL . . v • V : . 

. • -8.8 - 2 14 1 c.,7) Band Mines Properoso ..*3*. •' ; 

515 +7 ' 7.5 I l.i : Rembrandt Gfoap; ". . t :rf- 

126.1— 0.9 > 12 ; 9.5 ; Relen .. .' A??® 

61 -S.2 - - T - . Sa«e- Bokboss 

675 -6 -di.?al 5.0 . SAPPf . - '.TfcJB* - I. 

139.5-2.6 14.1(10.1 . C..G. Smith Sugar SM ■ 

265 -0.2- a. 25 i.i SA Breweries. _.L '■ . 

56.J + 01 : b.7 10. 1 . TO' '■ \ 

118 -1 _ : _ Lalsec - ._ . i... . > r 1 

254 +7.8 1B.//J 6.6 ■ s«ciiriGes »awi V MSH ^ " 


is. \ . 


.+0.01 

:+o.of>; 


Frusc 1 + 
Ir-. . — 


ti.v. ,Vui. ’ 
Prs. . i 



COPENHAGEN * 


Ifl.-e +. 
h MMlrr — 


liii.-YCi 


\iel+l-lnilleii.... 

, Ui.ii.Ui. hnltu . 

! h* -I .1 mill- In' 
r man ■•niki i n. ... 

.-.risLUiin 

r-.i I*ai-n .... 

! llan.lf'.-lmii, 

Iti.N'in iiH..Kn«; 

■Vii.i halt 

• ••IP. Iinln 1 II > . 
■t ii-ial-n. . . .. 
l*n\-,L imilL . . . 
It."* HI Ifllil 

l.l.. IL'. t-H pH. . 


14012 

1251: . 
1421* tZit 
>31 . . . 

341 . 1 

Sl+i •- >• 
126>« 

28H3 

IBS 

221 -U 
117in + i> 
130 ii 

156I« .. . 
368 ,->■ 
164 -2 


11 

13 
11! 

10 
12 

12 

14 
12 
10 

14 

11 
14 
12 


l Hi, i.'UMjii 6.725 

I nlffiMl 8 3,760 

.i*nna,il iPr.llAJi... 1.450 

Nimie 3.170 

tin. line 2.250 

‘.H.'t'U.tiu tahuSvi 2,635 
r ; I'liwiirlt'll'.W*' 271 
j unhlfi# iP.^aui . .. 3.750 
+ ul U-. Hart Lett. ..| -448 
u' p ■ tcbio llcrLl«Fl00j 270 
a a ' iii‘«cr V* 1 + r.lUUi; 310 
qj) i M»l>«air 'Pr.3oU'.i 793 

[+.»lm.UiiNier.n*Jl! 339 

1 -vt mi KtPH*r.ii~|i 4,625 
a 7 . tioh-'o WV...— . 2.970 
j'g . fQiiucb to* 10,975 

o b ' 1 


»■«' MOAN 

^2 ■ 

7.3 ; . n«r * 


li-ipp 2.2 
1.9 

3-.B l 7.8 ; 

37 A t 3.0 ' 

‘V i 2A : SPAIN 
8-95 4.8 Decembirf t 
«.a. 9.6 L Asiacid 

Banco. BIDSatP-. 




( Discoua^, : V. 






-Per cut 
otr. 




Uo 1 i 6 t ibrwatrA 1+tnwn 

'-25 . 21 «'«**■■■,- 

•+5 ! 21 1 i. a • Ma ihj reL-biiwii*. 

i 

- 20 aJu-tl a 8 , Ubcoe Piai^n.. _ 

15 1.4 1 n*., Goba.li— - 

lb a.5i Ho"i>iaui.. 1.845 _ _ 

2B 1.7 *“**-■ 297 + 1.5(SSo£i 0.6’f MaBteHWB;.; 

2o ! 2.9 : lOi«».«'ii4n*— ■ 790 ■ +i . 2b .6 i'3.- ; BsncD Madrid - l. a* 


'+ 15 
-.2 
• + 75 
1 + 6 


488 + 2.B ir.al SX. Banco =MUaHicu n«0K 
223 —7 ;.—•{■ i.-Rjiaisff -Central 

417 +1 .27 6.5 raaiica EnertK 

565 -IT > 5.J I s.O Bjnctr General 
117 +2.6- .9 | 7 5. j Banco ' GraHafla 

147.6 +1.8 lC-fiaJ GLB; Banco Uboano 


20 • 49 r j a.ojJatCT Jmt.^c aL .li.paO). 


'll 

as' 
i-20 

’+125; 44 


+ or 


Pru.-e 

Urn 


12 f ^"4 1 D»miiin Bra tr it.. 

14 — -; 

15 1 SaWtockholm 

4U { MJtf — ~ 7: Fra* 

ao 1 a.4 f iDee. t , Knm : 

AO - 

■ 202 U4 
li7 +2 
79.5 +S 

116 

44 .^1 

ii« .--a 
180 -1 


244.9 +3.9- lo. hi e a 
11-3—0.7* — J— , 


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: t it- \ % 


. Ac 1 An 

" 1 A -.BA . b'rjab 

.1 uwBCbDf.ibrjt. 
iHiwffi ; 

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^ 2siP •• • • -J 

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.. 11.Mi1 iim' ^ -f- 

ii.-'iT - 


Banco PopOtaC-^-iiiJ* 

Banco- Samander .rsay 
Bunco UrrsiUo.-n^eflj 
Banco vurara..--.. 

Basin ' Andahieta ;Mtt 

DragaddSj . - — .I P.;; >-*' " 

5-- OJS t lnm otM Bdf- 7 . Btf 


ao.-n^ 88 )L^ :■.»*.'? V • .-' 

:t?= . - - 




VIENNA 


D«-. i 


■ tin n 
llsjjil" 


Tfiiu + ii 


342 .. . 
270 - .. 

674 HI ♦ 1 
81 
200 

242 1 


u:\. 1-u 

% * 


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nii.K. 

j Fw. . 

I u*f. 17.1- .. . 
t r in ul*-i , . 
: uaiceinriii' 
i iuii-i ipi 


Lire • ■: -+ 

^'wrihihna — -L 232 5 

_ 1 • £icA''i 4 ' 0 iKnii'' 11 *' ■ — 1 

_ r.rt- i>u - t*''Kist* 134 1-3 


6[ 5.ZtK. L ArasomW . 
i ^ 1 E^wbwU. Hue- --- 
! £4 ; S.B ! Earot: JtlO TBBO 
p.?6 ; 3,2., Fees*, t.i. 06<U .♦«.♦ 


« 

UB 






JWS-.CS> v- 


8- 

10 


.. • I 30 ; 

_... 515 — t , 

2 879 - 79 laO’ .5.3 -a* w4« n e:. ....... 

'2 249 !+ 74 150 8.7 - Praeota - 

148.73 t 9 . 7 S — 1 '■« triwuResiFteei...'/ 

.. ..25,350 +240 MA.' 2.6 - dMri-tft'Artben J 

! 347.6“ + tt.fl tfacaft-u.. 

Ilnh'.itAiH'a as.000t+400 1^80 

.'luiuc’ifm ‘ 179.75 — 1.76 ' -. j'J 4 i»l*f* ,'p hr* • 

t*' irelt 1 Ff|i -l.SiOl l — Wii-Fv’IV H«w. J; 

Pitciti L i r... . . ,1.885 ... 24 mo 6.9 sltaiM 1in»k:'<l» 

r’.tf.it >ja 9S2 ‘ p-3 au BJ>* tanGOaa/B rlir.'ij 

4.0: -lit* 'i«t»-a... ' 905- .7 _ _ .; LiAchDlii.' ..— 


2.9 

3 3 

a.* 


4.2 , 


.‘j VeiyikMi".. 

. i- 




IB* 

V:\V-. 

Rniarv .... •-•«. + 

7 ---- 


_ _ P+rrotcoi . 

3-7* ; a^'.'Sarrio PmoJert 


.1 • 


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.-ba „ !,w zmaHsz -yta 






(J* 


; 4 ---- 

f 





31 





X* iii *« 


’--'; - ! '4 



1 T^r ipJm . Chen5figW>o» 1 ‘ V- 
„ & Ajrfaritum CotTrsjponrfent ' .-. '- •_• 

IQ.- ■" <■ . 4 -'•« .• ••WV." I /'■•■ :■ ,* .- 1 ■ ■ 

•KABMZRS-', ..* 

^ S^Vr'Iwliiclr-.t^Md 
at: Eixla * Caiii±'yeSt£^ 
given] some- ^rteoora5eni€frit 4>y 
Mr., Joint; Siifcin,^' Minister -of 
.^^gyfeoilOT&f jV. \-\ ; ;• ■- . 

Mr. SlUai Stelfid thit while fcei 

^was“ t a^. 'te ^ OTO'arj t ’frge2g r 4~ te:an& . 
flh EtiTOPfean -Comnumity • prices, 
partiealariy for sm -p l ns products. 

°Tm 

room for^anoeuvre>K far- asf 


“®^ i ^ jrice s holdings to 


Vtfeat ■there .could tte'.a^ /Jezaluar 




J&fhfi*. exfent^t-^e^aeat,- farm? 
Slice V-'i j: .V;^.- :'7 7 -q 

ttt 5 He Qcaafiaivlhls; *jr sayjns 



mine strike helps 
copper market 


& JOHN EC^VAftOS,' COMMOWTJK EDITOR 


C9pVj 3*K: I*ftICi5S jrose ou the Mam output at the Sudbury provided a firm undertone to the 
Londou.-Metal Exchange yester- mines, where there are some market recently. 

■day 4n- the 'higtmrrt- Jevel' since 1^700 employees,, is nickel but Tin prices lost ground. 

June following news of- an. in- ^PPM. pfotinum and cobalt are despite an unexpected fall in 

definite stake: by Peru's Cuajone ********* » by products. warehouse stocks. The stocks fell 
workers and another fall in Asarco anno tweed yesterday it by 230 tonnes wiping out the in- 
warehouse stocks: -Cash . *ire- will resume casting copper wire- ama of the w * ek * 

£&25Vi#. at m2-5 a b *rs at its Amarillo plant in “ fl 2 110 tonnes^ ho]dm&s back 

* aan *- M -— ■■■ Values were initially higher. 

encouraged by the further rise 
in the Penang market over the 
weekend, but “hedge" selling by 
"forward positions of all the trade reversed the upward 
metals traded on the London trend and touched off nervous 
Metal Exchange,** a bank selling. As a result cash tin 
spokesman told Reuters yester- 
day. 

He was asked to comment on 


market opetied.'bn. a .firm The Bank of -England is 
jflecftpg^a higher . trend ' currently conducting its nor- 
|a ^e^-.Vorfc^ Friday and a fall mai monthly survey of the 


^SSO .fbhnes' in.' warehouse 


3S7:30fr .tonnes— t&e lcwest level 


V Further strength was added by 
the news . of fhe strike by 1,800 


tiiit thPn25^£aier«t -wmiid! wofekerst- at the Cuajone copper Tumours in New York 

-- thV ■ Pi liairv^ Tactoryand IBr. i mine , in. Peru to trade demands the Bank 




Howeyeri *• Silk in v- was 

■^rdaihanT that tBere-woiiltf bent/ 
.“tra de tjetweehv -farxoirig. 

filling iand the -European- MOhe-4 
i*$iy ■ System hegdtiations- His 
-Mew- was tha t every. issua must 
date judged ■'on fts .merife; - . -*" 

}S"Afte£ ,/ e!afiirfng -that . agrleul- 
9§tral -surplus^": reaUr origui ated 
rin Europe Tie said that 'fhe .last 
■jfford had- r not been . spoken :-on 
-national /policies.- -If sorae coun- 
trie&uBe&fsrin prices! to finance 
social measures fthere was no 
—reason ewiBinaers alone - to 
fMt the-'bnk.v'V 1 .'-.-^-. « - 

- T he: . Show. te°- jl .success. . All 
space . is :thksaa Land -even, more 
-swuufactnrers- ■ have been 
squeezed -In while . the cattle have 
. been shunted to a side hall- well 
J«u't of sight'-.- J 

“* ■^Tbe.' battle’ biiatity ii^good and 
-Biore than- crer pay^ tribute to 
The eoterpcisA bf^lboseiivho im- 
^orteff- the-’ jCtarplaifc “breed 
•'‘nearly -20 years ago. .. The'cross- 
•bretf section ia -dauurisffed "by' thi 5 
'Jifood : .ancl>tfae efiampions' will 
' undoubtedly > have some of this 
: *#trato- : -“i.- • “ 

I; W Wie;: ;-. r -VJexam uting- ' the 

machinery. ‘-.Michael" EdwaMes, 


was dissatisfied 
recent pattern, of 


il&Kthe ; guidit^ r factbrVajxd "Mr. mme in Peru to troetr demands Me i 

ferd rawS as; to ftjr- ihislmr .wag^s and . the dis- with the 
-wtrat thg natiqrial^HtEfe5t re a lAy: missal of- four semor executives, ajnie lead trading, 
wae.- j' - c-' v ■ Cairfon^ ; 'has • an mortal capacity 1 spokesman said there 
- . .. was nothing unusoaf or earcep- 


af lSkOOflf tonneB of oppper. 

Meanwhile, mo.ves. fo'settle the 
long-staudlne; - -striker -by Inter- 
national Nickel . of Canada 
Workers at the company’s Sud- 


tional about the surrey which 
the Bank always carried oat 
at the end of each month. 


closed £80 lower than Friday at 
£7.495 a tonne aftpr trading at 
£7.630 earlier in the day. 

There was a similar pattern 
in the lead market. There was a 
much bigger than expected 
decline in warehouse stocks, 
which fell by 7.000 tonnes to total 
holdmss of 19 850 tonnes — the 
lowest figure since the beginning 
of 1975. 

Values rose strongly at fir*t. 
but were then hit by proflt- 
tzkina and stop-loss selline. By 


Doubts over 
coffee sales 
prices 


bury mines are to go. ahead this Texas in about two weeks after the cIosp cash lead was £432.5 a 
week. Union and company repre- stopping production for seven tonne. £10.5 down from- the all- 
sen tatiyes have agreed., to -meet months. It is understood that time peak reached on Friday last 
on- Thursday, with ' a, tnepdiator the company has now run down week when values soared on fears 
provided by the Ontario Labour its surplus stocks. of a supplv squeeze developing. 

Ministry, to resume tulta' on the Tber© is reported to he a As expected. 7 ™ c stocks showed 
terms of a new contract'. The genera! shortage of good quality little rbanne rising by 25 tonnes 
strike started on September 11 brands both in the U.S. and to a total of 72.900 tonnes. L3TE 
when, contract .talks broke.do^vn -Europe. with substantial silver holdings declined 
in disagreement. -- - premiums being paid. This has 180, 000 to 23.330.000 ounces. 


by 


Bacon discounters under lire 


S ACT'VS 


* ; bis ' cmnpjmy’s : tractors 
should --hold;,* 'bigger ' share .of 
“tbe“home market and ihis'shonld 
go up fr.0mf5 Jsr 10 -per. cent -m 
aiie next ytor. -- ‘ 

ii' r. ■ ... ■ •' 


•^POG 

' Hm 


EY. OUR COMMODITIES STAFF 


By Our Commodities Staff 

UNCERTAINTIES- over the 
selling strategy of mild eoffee 
producing countries were re- 
flected In falling price on the 
London terminal market yes- 
terday. 

In the absence of other factors 
the doubts helped to depress 
prices and the three mouths 
position dosed at 11,278.30 a 
tonne, a loss of £33 on the day. 

In BrabU the president of 
the Coffee Institute denied re- 
ports that action was planned 
in the next few days to make 
Brazilian coffee more competi- 
tive with supplies from Africa 
and Central America. 

Mr. CamJDo Calazons said 
there were a number of 
optional marketing strategies 
open to the Government but 
these were still under con- 
sideration by the Commerce 
Minister. 

No coffee has yet been sold 
For January shipment and 
buyers have «o far shown no 
interest in next year. 

Beater reported that trade 
sources in JSio de Janeiro ex- 
pected measures shortly to 
make Brazilian eoffee more 
competitive. 

Minimum export registration 
price for January Is now $1.60 
a pound. Dfoca«nr$ of around 
25 cents would be needed to 
bring this price closer to the 
selling rale in other eoffee 
producing countries. 

S The Cameroon coffee crop 
this season may be 10.000 
tonnes heavier than earlier 
estimates suggested. the 
national commodity board said. 

Output could now reach 
90,000 to 100.009 lomiPK. 


JAPANESE AGRICULTURE 


Farm problems just 


like Europe 


BY GUY DE JONQUIERES, RECENTLY IN JAPAN 


DISCOUNTERS and dumpers are But the Danes are most The danger was that the cut- 
threatening to disrupt - and critical of the “special deal" dis- price policy could become a way 
damage the British 1 jJicmi mar- counts offered secretly in the 
keC Mr. Svend Bernsen, manag- market by some suppliers, 
i.ng director- of Ess-Fuod (UK), -with the UK trade the way 
Uie eompany dLstn bating Danish it is l0{ j aj . sup p]j er W ho offers 

Lbaimn in Britain, ‘told the Irish discounts is on a verv sLippery 
’Natibnal Pig Conference- : • . slope," Mr. Bernsen warned. 


of life and buyers would bring . 
increasing pressure to bear on i 
suppliers for price reductions. I 
And he also repeated a warn-! 
in? given recently in Copen- j 
hagen about the dangers of 


Ghana cocoa 
purchases 


--chief 'e^iBcative. of -Blii .rfisistea l^ ^ made a ■ thinl y veiled He had a good word for ^ome allowing quality to deteriorate. 

V-Sfcftl' ’Wo ■ . ’ +THe4Arff 1 . - • . - . r^TAi J I 1 t- > Ml- ^ A pl-M-ino Amurriti 


and: beavflv sardonic Attack' on dealers but only condemnation 


ACCRA. Dec. 4. 
THE GHANA COCOA Marketing 



H& - told the Dn$!in-' :con- Such supplies were ofien 
f ereace : ,'^fe have from Ireland small, but they could gravely 
keen, some strange pifc^ moves damage the market,- he added, 
ovet- the last yeari antL:I must In n perfect market discounts 
say. a ' very flexible /-.pricing at first-hand level would be 
i.systemir^ lie noted. •• passed on to shoppers in retail 

i - Tea pribes fell feack at the Lon- ! - The Dines, who . haye inore price cuts, but there were no 
iffon auctibiis:' yr' — 5 ~ “* * **- - TTW - — — J 

.face Jpf. reduced 
-medium quality 
“frr. , , . . .. 

Average price- Indications.. . 

that quality was 2p cheapet at j angered in September .when the for ?ood marketing and mere!; 
-184p. * MJo;-jnjedihm fell by 4p to jlrish mit their list price by almo^t -refieei the strength of th 


. t. 

- k 

..c - 

- - - ■ ^'’iSjanged -at, 

~ [ - ;; -Lg demanCfor 


it!8 pg : bait par [£100^ k -tonne, -opening a fapjjf. buyer on one side and the weak- -Mr. Bernsen aimed ?o be pro-- The 


ireflectingT gobdf fl25 ^ between - Elitf and . DanHb. nes* of the supplier on 
¥■: R- s :t "other." Mr. Bernsen -raid. 


i4 ln todays marketing environ-. Board purchased 23.430 tonnes 

" of cocoa during the eighth week 
current season, 
brings total purchases so 
commented. i far this season to I22.8S0 tonnes, 

"There is always the danger! compared with 60.535 tonnes in 
that the housewife who finishes comparable part of last year, 
up with a poor quality product ; Reuter reports, 
pill become disillusioned } ln London jes.erday an Inter- 
^ _ ...... national Cocoa Organisation pre- 

.ilr. Victor oun,. mariweuns . p arator y con immee began two 
manager o. the Irish Pigs and lvee jf S 0 f jalk^ aimed at complet- 

a workin-.- draft for a new 
International Cocoa Agreement, 
fufl negotiating conference 

.. . . . . . been called "provisionally 

<si ei..- — ?se£-ion that I-i*h bacon j from >Tanuary ^ l0 March in 
trade curers standards had slipped. : i> neva 

-• The present agreement, nego- 
his com- listed .in 1975. ts due to expire 
• at ih? end of September. 1979. 


the vocative, he s aid. 
probably valid. 


and 


THE VIEW, from the “Bullet" 
high-speed train, as it travels the 

250-odd miles from Tokyo to 
Kyoto, is mainly ragged urban 
and industrial sprawl, punctuated 
only occasionally by stretches of 
open countryside. 

Yet in the spaces not covered 
by roads, or buildings, almost 
every square foot of land appears 
to be under cultivation. Rice 
paddies, often no bigger than a 
suburban London garden, 
nourish under the shadow of 
factory walls, while citrus trees 
and tea plants sprout in well- 
ordered profusion from high np 
on the steepest hillsides. 

Because less than a fifth of 
Japan’s surface is suitable for 
cultivation, there is a high 
premium on using even the 
smallest tracts of land. But 
though extremely intensive, agri- 
culture is inefficiently organised. 

Japan remains heavily depen- 
dent for its indigenous food 
supplies on an irregular army of 
small-scale farmers whose output 
is both inadequate and ill- 
matched to the country's needs. 

Much of the problem springs 
from the pattern of land owner- 
ship set after the second world 
war, when the authorities bought 
□P large old estates and sold 
them off in small parcels to 
owDer-occu piers. 

As a result, the average farm 
holding is a mere 1.1 hectares 
(about 2.5 acrcs'i. More than 40 
per cent of farms are smaller 
than 0.5 hectare, and less than 
10 per cent exceed 3 hectares. 
By comparison, the average farm 
size ;n the EEC — hardly a 
paragon of agricultural efficiency 
—is IS hectares and in the U.S. 
157 hectares. 

Soaring land prices have 
encouraged farmers to bang on 
to their holdings as an invest- 
ment. But incomes from farm- 
ing are modest, averaging only 
about 40 per cent of those in 
industry. Most farmers supple- 
ment their earnings through 
part-time or full-time jobs out- 
side. agriculture. 

The system has some advan- 
tages. In boom periods, arming 
has supplied a ready pool of 
relatively cheap labour for 
manufacturing industries: jn the 
1960s about 500.000 workers left 
the land even* year to take jobs 
in the cities. But Ihe process 
has aisn worked in reverse. 

During the recent vecessinn 
rigmSoaw numbers nf younger 
people, known quaintly as 
"U-turn youth.'.’ relumed to 
family farms, knowing that they 


were assured at least of a sub- 
sistence income. 

But tbe costs of maintaining- 
the system, both to the con- 
sumers and the taxpayer, are 
high. Its fallings show through 
most clearly in the perennial 
surplusses of rice, which accounts 
for about one fifth of tbe total 
volume of domestic agricultural 
production. 

Tbe harvest during the current 
fiscal year, ending ln April Is 
expected to be about 0.5m 
tonnes higher than demand, 
estimated at almost 12m tonnes. 
Because the rice is of the round- 
grain variety, for which there is 
little demand outside Japan, 
export possibilities are limited. 
Most of the surplus will be 
stored with tbe 6m tonnes 
already in Government ware- 
houses until it can be disposed 
of, almost certainly at a sub- 
stantial loss. 

The major cause of this im- 
balance is the long-standing 
Government policy of purchasing 
unlimited quantities of rice From 
producers at a guaranteed price, 
set this year at 2S7.000 yen (£765) 
per tonne. It is then re-sold to 
wholesalers at a subsidised price 
almost 15 per cent below the 
level paid to producers. 


Budget 


At a conservative estimate, the 
rice support programme trill 
cost the Government some ROObn 
yen in fiscal 1978, absorbing 
90 per cent of the agricultural 
stabilisation budget. 

The Government j; trying to 
reduce the surplus hut is fighting 
an uphill battle. Advances in 
technology and increasing 
mechanisation have led lu 
sreadily improved yields. While 
the growth of affluence has 
wrought changes in the eating 
habits of consumers. 

Western-style food is gaining 
popularity, though it is often 
more expensive than Iradltional 
food, and the average Japanese 
now consumes only three-quarters 
as much rice as he did in 1960. 

At tbe same time, attempts to 
diversify agricultural production 
to satisfy new dtps o f demand 
have so far met with very mixed 
success. With the exception of 
rice, vegeitables. eggs and some 
citrus, the self-sufficiency ratio 
for every major category of 
foodstuff fell between I960 and 
1975. .Taoan imports n greater 
proportion of its total need* 
than urv other major industrial- 
ised country. 

The Government uccepts- that 
imports will remain the principal 


source of supply of a number 
of products, notably grains and 
feeds, in the fut re. Not only 
is Japan’s agricultural land 
extremely restricted, but produc- 
tion costs are high by world 
standards, 

Nonetheless, the Agriculture 
Ministry insists that efforts 
should continue to close the gap 
between supply and demand 
wherever possible. Though the 
list of items subject to quantita- 
tive import restrictions have 
been rut to 22 from mo re than 
70 in 1985. the Ministry is stiffly 
resisting any further liberalisa- 
tion. 

The U.S. obtained a modest 
increase in beef quotas last year 
only afler applying heavy diplo- 
matic pressure and is still urging 
Japan forcefully to accept higher 
citrus imports. Demands by New 
Zealand (hat Japan buy more 
of its meat and dairy exports 
have been flatly rejected. 

The policy reflects a concern, 
sharply underlined by the 1973 
oil crisis, about the dangers of 
becoming too dependent on out- 
side suppliers for basic needs. 
A second, and in some ways 
more important reason is the 
extensive political influence 
exerted by Japanese farmers, 
which exceeds even that enjoyed 
by their European counterparts 
in their hey-day. 

The Liberal Democratic Party. 
which has ruled Japan without 
interruption for more than 20 
years, is sometimes referred to 
as the “farmers’ part?'.” But in 
practice no parry, eveo.ihe Com- 
munis)*. can afford to neglect 
the Tarm vole. 

This is so because Japan's 
parliamentary constituencies 
have been adjusted fully to take 
account of the drift of popula- 
tion from rhe country to the 
cities that has taken place since 
the war. As a result, only a 
third as many votes are needed 
to win aa election in a rural 
constituency as in an urban one. 

Officials in Tokyo point out that 
a number of tbeir problems are 
blnillar in kind, if worse in 
degree, to thos» confronting 
governments in Europe. Cer- 
tainly. it -<-ould be hard for eren 
the most diehard supporter of 
the Common Agricultural Policy 
ti> claim a superior record in 
terms nf balancing supply and 
demand, or open market policies. 

But it is hard for the European 
observer to know whether to he 
consoled or dismayed that the 
Japanese, with their formidable 
rc nutation for technical in- 
genuity. have heen no more 
successful than tbe EEC in find- 
ing workable solutions. 






\ COMlHOmTVc^ REPOfrrS AND prices 

; : BASE " 2tfBTAiS: y- 


raw ‘ttlMili to tn ihVi&isenMKm in id -ET.470 u» Ihe morning Serb. la '.te 
Me witfr CoOME. MJ'iwrrrf news *-f * artm-noun me mari-ct .’itinaad :u os-; 


COCOA 


' COTPEK-Gafaorf^ srwmi: 
.. TBml Exchange. .: finer o. 
STSS^flJrwnni mectf- (msheff 

-* -4»-' *»- rings -vwina 

.,'Srl ' 


f WBciil - 



__ Wf&. -Turtimcr 05.175- idmv.-. 

s.s.- ? -p w, -pan- .pfcor. ■ Ainafcamaicd Metal Trading rrcaned 
■- TJnoCtcteJ [. -r that In i!» momma «Tnh wire hers tr,:d.d 



Vesl: Duiih tinrts .md ends M.n ro «>$ i). 
Lemb: E.vasn snull 50.0 io 37.0. 
:3-d.iini lut* io 3to. heavy 41.0 jo 50. ■ 
S-i.i.n nit.-tjiim «0 to 34 0. h.-jvy 47 0 
•u (mr-oru-J Fro:.n— NZ YLs 45 u io 
4v0 

Porfc: rnfl.sl). lm-.liT l«U lbs /W.ii io 
jbJ or-.'L'iuir.s ;u* «•(:*•:>!<«• r«r W-v.-n ibi ts.i* to 15.0. mo -: go lbs 
In .-•-d'-r t,( .-imu’ Pina J.*: .. 77 <* *n iS«. 


f>.-ed •ir.qii nr-I Mnlzc: t - French iin- 
iruoie-i rftM'-n Dec. IVu r. i 
S. —hi’-- -lai "S^n Vj;. 

S V.-U > •• j*r.. 67 ,- r Barley: 

Eus'>'> :'Cfd ■■■•> Do-.. i>. tu. Jaii-.MJT-.-li 
jj -.a- ■ I’ja^i. 

EEC IMPORT LEVIES— Thr- foUbv >*: 
PvKj 
D-.- . . 


PRICE CHANGES 


Pr.ce in "•nr.c: anle-s ^-.hirvi-c -a’ed 


IW. r 4. 

Ini': - 


•I 1111 


''MEAT 'COMKISSIOK— fiv«.ran>- faiswk Het-ils 


Malta acts 
on foot and 
mouth threat 

By Our Own Correspondent 


-§j|i^S££L| 

. ISStciafn'' 772.5--Uft- 1 

' ‘Caibcdeat- • -A, " 

-5 .TISISA- j-M.S 

. sift* t'm.’nq-' ■' V6L - tfJftSj 


1— 78103 /+3T ' BJonths fiSB. aa.S. ». W. 
iin TW— Easter. 1 


\375u80- L+10 
. " *7* . 




UL-eo Ctofi- 7620 30 tS.S 7W5-505-80 

3 moMiis 7470-9C j-7JS 7S85-S0 —75 

.... Forward randard SrltUm't. 7630 'tS — 

. ‘/ultnal opened, around IW on th* pro- t>mils.-U. ;sifi46 -r 10 — .. . 

market end -rose .w £7.500 Miming au jfw Yort - — • 

— " unexpected laJl ' in . warehons* stoc*«. -- ™. * — - ■ ... ■ 

... . .... .... ..... •- * .'0. 


20cD.0-55.0 

Ub-.-Ii 2l0a.0-i: 0 

May 3i54.a.;6.fl 

Jni.v 2150.&-55.0 

2125.5-iO.O 

Uvw £065.0-32.0 

Mmvl: .. .. 2a5j.Ii-te.il 


-f.75 :075.0-5B.0 
-3.0 V 140.0- 10.0 
-«.5 2ir0.^4,.0 
1- £.5 2 Jr 5.0-52.0 
-5.5 ii58J-SS.i' 
-1.0 2103.11-2020 
-2.5 2080.0 


SaS'-s: lM 40~ ■'5".7G4. lots of lfl :onnes. 





chardat buytniL cnmdKt Wuh : a lsil tn KowcVitT. tha market faded m hold ihl< MMablg: Siaadard Cash £7.S50. 

sssss sa--;f3h..., ■»-"» ■■’Lr^aETsaf ^ 

fr,«5,.48, S5. 20. 05. ;j. os. 7.M0. 7.iM. 


f i(i Index LLOkCcd ^-351 3466. J Tbree^ month Copper 785.5-702.0 
lam oat .Road, London S W10 OHS- 
~ I,: Tsii-iree trading, im commodity futnres. 

2. The commodity f atures murket for the smaller rnvestor. 




LONDON COMMODITY CHARTS 


I 

Friday’s efoie. ■ . 

^ 7 .. .ADDRESS . - — 

| PJmm se«b J». decrib Q. 


.»• ; F w jcto»<r 'for £BS H. 

. - tStstlnrie for.«onjK^^ogS«4(*i 


. -IB Pamort St. Cambridge - Tel: 56251 j 


LEGAL NOTICES 


* 




in uaeTOCH cottbt-of jxmncs of 

EKCLANB'thawery DtvWon CMroanlo- 
TSte Cenamames WiMJt 
rfflatirr nf NOUTHtiarSEKAIH) .- W- 
SURASCE ’ CO. LOOTED.. Nature Of 
SSosiness.* insurers! Winding- Uo -Order 
made ST Jtdy JXIB. Dale- and an* nf 
First MwsJncs: Creditors:- On lB/Detxot' 
bier 1378 ai fiflanBe Soase.. -EflAian 
IVtkdncL -London SCI ai U-aa- 'Cor 
Tories: On. die same day. and-« die. 
place at-12 Noon.' ’ ■ " ■ - 

Ob t oetober iST-V ibe Sunrcme 
ri New ' South Waievr -in'; which . 
Stio-company twS lurorwraieil. appointed 
a Provisional UmHdMDr flf.dr, oamsany. 
On o tfoMmber ,1854.' said Supreme 
Conn of New:Eontli Wales WJW&Rcd an 
itfQriBl Liqojdaair 'she. aawanr.- On 
5J, Jutr UK* U». ®JCtfB5-\4a# ;aoart 
mstte * wiDdtaB<®- order- agaten. tbe 
compOT nwm n psatioff presented by 
tbe company at ihe -Haftanoe-jtf. ib$ afore-' 
memhnad Official lUnnWnrtr^ potfee 
rtiares. may » .ft#. iwocaedfa» . artateg 
wn <* fl» wtadtog-«a» T mSec made *Lfli« 
BBfci Stab com. ■ 

T&e High Court tea made an . order 
grading leave t* summon tbe statu Mr? 
flrsi meetliga of credKota and «m«i- 
torlfs- to sending notke Jo flie fcDOwn 
creditors and. giving no tice ro mliev 
credJton and to (to -cootr*ntDnes by, 
advcrpsemtn tiundy ln (to London Gnzeue 
anfi various 'newHoaperB. . • • 

- Those persons Wending ts vote a! tha 
meatDB of credtma abonM tfriJtey bay* 
not already (tone t so send particulars Of 
their claims, in tbe .Offlcul Hecervy, 
Ailantic Boose, Bofl»m Vfcultict. ItoBdon 
. ECtN SHE, from wj»m form* of proof 
of debt and W can to olrtalneds' Those 
persons tocenfioff to vote arH* msailnr. 
at caatrlbtuories ahotild ■ send pa njegars 
ot -their’ sbantokUngs UL *to °® C » J 
R«mvrr K.tte aforemettumoit addn®, 
front whom mans', of proxy on -to 
. obiamed. . • - - ' . . 

Proofs of . deb: and .proxies, tv to 
Vffeetsvp ai (to meetings, most be lodged 
vrits Official Kecriver at ib&.riore- 
mfptwwd- address noi later than 12 Noon 
Cr. Monday IS' December 1878. • 

The meetings are. caRed for the imrpow 

(didetermbtlag wtattor a tajnidatar ahd 
UtSanoomtOd, to place - of tto - Official 
Bcccfrer in connection with tbe winding-on 
cnfcr-majfe in tbe Bnsfitft ®gti Chart 
awL whether ' a’’C<BttaittM. of Inspection-' 

shaS- be ovobtied. tn tot with tbe saw 
touldaioTr - Absence from ti» resafictiro 
mcMinga wlH w» affect credtiowrtBns. 
of i«(a|m ta..ito' tottidatioa-or eaotrsm*. 
torw rigb»*»r indications in relation 
Jo (to JtonJdatioiL 

J. B. CLEMBTSON.' .. 

j,- - . ..' Oflkhri Hecahrer find. . 

’-‘■J r - 


Ho'. Otent'oT 1978 

m -U* BSGH COURT OF JUSTICE 
Cbaccwy DtTtahm Companies Court Io 
tbe Matter “ Of PTERPOINT & - SONS 
JHOM^V LIMITED and in tbe Matter 
■or Tbe Companies Aa. 1W8. ' w 
NOTTCB IS HEREBY GIVEN, that 
Trtitioo for (be.Wlodln* op of tbe above- 
named Company by . tbe - High coon « 
Justice srai- on tbe 30th day of November 
■I9TS,. presented - to ' tbe. said Omn to 
JAMES . H. PULLXH & COMPANY 
LIMITED ■ whose Registered Office Is 
situate, ar 36 Wbnpoie Street. LdmKki, 
.W..I, TUnbef. MerriUuta.. and ' that Ito 
said Petltioti is direned lo to heart 
before the .Court sitting at tbe Royal 
Courts at Justice. Strand. London. Wgfi 
SLL. on the 15th day o< January m 
and guy crwShor or coairflwwry of .me 
said Company d?«irrraa lo support or 
oppose the insBng of an Order on *e 
said Fetttfim may appear at t to Um e 
of bBgring, in peraon or br Ms counsel, 
tor that purpose: MW a copy of the 
Petition -wffi be famished by ttomtder- 
sissed .to any creditor or conmtoiory 
of. tibe; grid CdanMny reontriag »cn «jp 9 
os-paymam of the regulated charge for 

- BRABY & WALLER 
' .2/3; Hafl Coon. • 

Fleet street. 

London BCW 3DS. . 

Reft F/TH. Tel: Bl-383 ©lL. 

■.•■ EalHstacs tor the Petttloaer. 
NOTE.— Any person 'who intends to 
appear on the hearing 'of Ibe uid Penuon 
’mqsr serve on, nr^ssod by post io, toe 
above-mined notice, in writing of bis 
tnmnihra n to do. ■ The notice must mate 
tbe uome and address of tbe ’person, or, 
tf a Jinn- tbe' name, and address of the 
fltin, and mnst .be stated by toe person 
or Arm, or Ms br.tholr soHgiior (rf any) 
turf nasi be aecvefl, or. if- posted, must 
he saw by popi in snffident time u> 
reach tbe .abovc-nsmed not -later than 
fonr o’ckwk* in -toe ■ afternoon of' toe 
12th day el Junior wtb. 


EDUCATIONAL 


‘ Prtolriona! LKntidfitor. 


FRENCH INSTITUTE ;- 

10- week Intensive Day Course 
In. .Ooi French commencing 
8d> January- Interviews 11th to 
15th December. 

. Detail i: 

14 Cromwell Flaw, SW7 3|R (**••) 
Tfi. oflko tows 1T4B.1XM «■ 

3 JU-fiJO 01-539 4111 (ort- 45)- 


tfl, Jq. Kerb: Srandorti. ibrev mootos 
£7.319; 60. M. 49. SD, 25. 30. ifl. 05. 25, 
JO. 40, 20. lfl. 



Niche 

t’ruo U&rl.rt'./ilji.t'i $1.69 .. .. 

, LtO ,-1 


COFFEE 


RUBBER 


COMMISSION — AreroM 


Hlalmnm troy uz £*136 

r rw jlarkui Llb9./^ 


I VI 


gl42 

5 4 3174.9 


. LEAD — Moved erratically. Forrera 
mrial ibifilly rraded up to £4Ji fallowing 
Hie. affuefcs decline but sUppvd back 
03 profli-wfcini: to ffinO. Kurtbcr stop-.(>v 
wtihK inmsa«.ed the docLne to a K<w 
•■I £397 before a cloft- on toe Kerb uf 
LMW. Turnover ■ tonnes. 


LKAD i 


OMk-lal 


-f »*r p.ip. + '•! 
• — I’nr.-Jit.-ia! — 


ROBUST A5 eased this morning as 
speculation oontjnued over El Salvador's 
5'’!Lng policy. Drcsel Euruham Lambert 
re toned. Trude baying abou.- l 270 basis 
aiarch support rd values in the ofiemoun 
as New York C eoniraci opened 5-3 cento 
lower. Value*: clofed in miJ-ra n«e CO 
latter on balanr. after a dal when 
:o:.re« v.-es gencralir poor and trad I ns 

hesitant. 


EASIER np-.tirg cn toe London phy'iral 


narki 
day. dt-'ui- 
Peal ropi-rtii 
was 333 
December). 


!■•• 'Hi-0'i ihr.'u^h'':T). ihe 
•i*. j dull noic i.vifit and 
:-w Malassian K>.rfo’.m prife 
'•7' com.' a kili< -buyer. 


xh- prices in reprfoeniaUve morteis J., . 

December i C.B. CalUc CSJ3p per 
■I.’a '- 0.-.P1. U.K. Pheep 154.2 b per tlu iv„ 


N,-. I IV 


I'n-i 
l .i 


bi!-in»-.s 

l.‘,Ml- 


M.. . , 

Tua^rien 
W,i|li»*i» 2i.v> i 

i£lu>- «w-li . 

5 iiit.utl*. ... . 
PniUnei • .... 

Oils 


„. >143 43 -1.5 -I 

a’. 6.9.1 -fl.15 liPKSr. 

.... 414 1 6. -O.iO JvOlv.. 
. . i!7 495 -30 ib -J 5 
. C7.5t7.5-. 75 C,. 785 
. >*•»!. t • i-,5 r; 


Cash, ! 439.5-AQ _ B.a 452-3 -lD-n 

i rannia»' 411.5-2 —75 405-6 -6 

nufi’mear- 440 —49,5 - 

t-S.a|wt| — - *36^56 


Yesterday's , 

COFFEE Ll«e .+■ 


'. tl per ti'Uiic 


Bumiiv-4 

Uhiiv 


Momlnc- nwth £MD. 37. 3» SB. 40. three Jinmuy 



ks, 

ku.en.tf e W. C.B. pigs 64 Tip 

per ks.l.*v. i —4.4 >. England and Wales: 

'imJe number), up lb.s tnsr crni. average 
price tn l?ji iTiiS' Sheen numbers up 
12 ocr ceni. -'crate pnee 151. i«p 
, - 0 .,;. Kio number:, »/> 1-.8 wr nw, 
a.erjiKe prite M2p >-0 4i. Scotland: 

’--i:lv :iiti',i<ers dd 7P per cen«. ax era, - .- 
H« >p •- n.4*> • ?*ieep numbers un t. ,«.sui>it ■it, in.... 

27 7 per cent srprasr pnee iro.Sp firiH,u.,uiit . .. .. 

, .o ,o I-9.I-. Fiu .?m»hfn- dp tOJ p*r i-em. Lmm H nmr h 

v’'” ” 51 V * nn ~ 0%rrB|;e pri -e m./Jp <-»».•»• Foil,) tia.M>4U... 

tot. bd$i .*90 •• COVENT CARDEN — Pnr<;5 in flcrbng 

Jitu Mai uo0 f c3 lo oe..OfiJ63 SS|S 5i.'0 ^ «-•-, vUnr" Mhwwtoe 

Apr- Jut t. 2 o.-m ^7 ’Jj} ‘7 3 3 ’°i’iS STaied. imported Prudoce: Lemon— Seeds 

Jly-aept t4 70-S4.i2 M.4»4( W t<«o-ilc0 itnllan: 15n's new crop SOO-SSO: Greet", l.iihti toilttp '.S565e ',-5 -600 

u\ a enn i L'.S.) If 2604 ; -.,25 9^9 


in? the swifl imposition of 
i stringent precautionary measures 
! by Mr. Freddie Jlicalief. Agricul- 
j lure Minister. 

Official sources confirmed today 
[hat no new cases were reported 
over the weekend. 

Herds of cows and goals on ihe 
farm where last week's case was 


14 <| discovered have been destroyed 


s 136 >S . .. 

£*4 b IP ” ! 5 *" St 4 7^ the farm v»a> completely 

b 44\J . . - 


>860: 


SB3C 


. ........ P4.4*-«M (4 fio-i 5 cD 

”?2:iS?2r«Si322-!5™ ZVlli* 2-»*-5 B *- ,0 -' BflD (Wed: emus: T WS L»*a» : Bones 

SO-lSO's 3.ufl-c.!5: TMrtn^b: ID hi'.us 2.40- 


05. ’.Kerb: Three months f«4. Bfi OS. 03. Nove-nDcr...- 1115 112&--50.5 1125-112D 
&SJ, C2, tn. 400. 306, 9S. 37, 9S. 88. 400. Januar y I iOO -ll- 5 -2S.0 

•ZINC— Steady as forward meml traded ^ajes: aJSrii.jTB 1 lots of 5 loanes. 
for most of tbs day between £357 and ICO Indicator prices for Dec. 1 (U-5. 
1359 W1U» toe price Initially held steady 


„ r __ r ___ per pound 1 : Colombian MJld 

by toe influence "or the copper market. A^^lcas 172.00 isamei^ other unwashed 
Turnover 5^5 tonnes. * “ 


Sah->: its ‘-Oi • l«:s of ij taaoer. 
Pliysical cl-i.i"- price' ihuvers. verc: 
Spot 5S.75p * S?..'< • : Jail. aS. jOp 1 5V.25 ' : 
Feb. UO.pOp 1 60-25*. 


ZINC 1 Official 


+ *ir • M-m. ?+«■ 

— , riHd&umi — 


- ■ ' U £ : f £ 

c>sh.. r -^., 348-. 5 +1.75 347.5-8 +5JS 
3 idocUe, .. 358.6-9 +1.25 358- 5 +8 

i-Tment i 348.5 +1A\ - 

rnm.-reiv - I *55-&-X-5 j 


Arabics* 1U.OO ri4E.Mli; other Mild 
Arahtcas 138.41 il40.42>: Robust els IGA 
ms 136.50 10730 < : HnbusTas JC.4 1S8 S 
137.30 1138-SOj. Dally average 137.46 
i 108.361. 


SOYABEAN MEAL 


GRAINS 


Uomtng: r a «h £348, three mamhG £159. on new crops. Wheat values eased on 
S. 57i SB. SB, 38.5. 59. Kerb: Three some country and stoo-loss sc 1 ling to 



.V+'i-iiIsj + ,,r 

Uu«.inirb!> 

Is in- 


at 


Un-i-m'-cr . 

1:6 3 13 B — 0.0 



1.5 L'»-.3 3 — 1.4 

I'r 60-25.20 

Aj-II- .. . . 

. i.» > -.6 0 — ±.4 j 

1.7 Sj .6 Oil 

Join.-. . . . 

1.4 7J ^ D — 1 2j 

1 j5j 

Iny.fl .. 

1.45. .5 0-» 7 


•-'cl, ■ +1 

i.4i -b 6— Q.b 


Dnreiu . 

j.115 8 j t 0 2>’ 



2.f0: Span La: TTaj’s 2.00-2.10. Oranges— ii-*.,.- I 

Spania: Navel. Kavelinas 3.S0-L3H: S. : 

SJS JS^S: 1 ^s^==r*«6 j+o-sxio^! 

Trass :.20-r^0. CrapefnuT— Cyprus: 2JJ- , vos ; . 0 . 

r-Ju: inraeii: JaBa 64. 75 3.»5.78: Cuban: v “ ^ 7& , 

2.40: Tesas: R.’d Blnsh 5.74: Florida: ■V , .-tlsnin imerLVJ.at £a4 

5toi: Turt:tdi Lug* ,,M Uhnu* t +«t ' J»l.5 

English Produce: Potatoes— Per 25 Idles -Wpnienl - 7 5 i^-.Jaa 

Jl’O-l.nn. Lcimce— Per J2 rtwnd OJft-J.OO, rrHu'e M-n 1-2 -3 t>.tli2 

Mash rooms— Pl r lb O.oJ-O.uO. Apples— (-Ott*- rur.,i>- 


isoiated. Herds on other fariiis 
are bein” immediately vaccinated 
to stop the disease spreading. 

^ .. . The spectre nf another foot and 

Jffl? f^i 5 ; mouth outhieal: is |iari;cu!arJy 
; disconcerting io both farmers 
; and the Government in view of 
the raging epidemic of African 
swine fever which since last 
March has killed nearly 70,000 
Pigs- 


£356: 58, 57. 
55, 54. 


Kerb: Three £356, and trade snpnon helped rally the 

market slightly id close 49p lower on toe 
day. Barter butt ally saw commercial 
ALUMINIUM— Moved ahead tn tine with sellers which eased values back to trade 
miser metals.- Forward material rose to 455 but hurioe. support «s 


Sales: 51 >13ai lots of 100 tonnes. 


SUGAR 


Per lb Srainiey O.M-0.09. Lord Derby 0.04- 
u.05. Con's Orange 
Woh+M .-r I*'- irmyJ/i 

0.03-0.0S. Spartan 0 aw.OS. Pears— Per lb 
Conference O.OS-O.12. Com lee 0.13-0.16. 
Cabbages — Per crate 0.90-1.90. Cowry— 
Per head 0.12-0.1S Caul iflotmn— Per 13 
Kcm 3.C0-SJKL EeUroot— Per 29-lb O.SO- 
1.00. Carrots— Per 2S-1b 0.70-0 -SO- Capsi- 
cums— Per Ib KJD. Onions— Per bae 1.00- 
150. Swedes- Per 36-lb O.flO-O.TD. Tnrnlps 
—per ai-Ih LOM^O. Panrips— Per 28-10 
1.10-1.30. Spronis— Per lb 0.07-0-08. 


... .... . ’hr; vj 2j. b _5 3 t ., j 5i 3 

Pippin 0.05-0.13. IttO"' '.V l« H» .. » S5 — 0 a t*.l 
0.04-0.00. Mussels Ml" B.75,, -U.75j3.7bL. 

"J Jll . K^v L 100 -1 D 

y»).jii, j74 

* Niini'tiu!. • .Ne,i lTnu ; ..mi. i 

u N 'I.Jjii a Ptc.-.lari ( \.n .L*c 

uJ.i/i. a ft.e. j Per ;.,n. c lort.-.aior 
prices. 


Indian jute 
mills strike 
threatened 


By Our Own Correspondent 
CALCUTTA. Dec. 4. 
I.vni \.V -ILTE mill workers have 
finaJ!' - decided tn go on an 
indefinite strike from January. 
* A meeting convened by Wen 

cotton — S prit and shipment sau. in. Bengal Labour Minister. Krisb- 
Liverpooi amounted ? 0 si? ;t»ane«. . nanada Ghosh, failed to resolve 


offier metals.- Forwara material rose to r T“ LONDON daily price (raw sugari 11700? PJ IT1IRFC 

X coatract high nf 1833.5 in toe morning apparent ar (bear tore j and vaiaes qoooo ifgg.oc, a [anne df for Nov.-Dee. Tf UUL Jl U I U IvCo 


bur eased baric In toe afternoon mrins to lmbnwtd ia riose 25/30p ifww an the day. gh. pnu.nt - whji>> sugar «taii r price' teas 


Further substantial demand devstopwL: - hl i in n p an rt«i- 

Inrercst rartsed over n umeruus auaL'des.,' . a * 3tlloc -* in ne^ona 


oaKM. Ill UK •fii.tJ.uwu vnwN m™, , .u.1 ~ “ NZipmeDV. wnJif ***** 

ft la£k <if ftdKrw-throiiBli to dose oa tbe N 1 ew if a 3K- T ? a !l M Tr 1 L 11 Sf. ? ra< ^. ^ fixed at 1101.00 i £100.00 1. 


late Jcerb at I81BA Turnover 155 tonaea. <**ed »^3o, 3w T‘„“ JSS? 1 *** 1#D 

** lower cm oazfoy r Acfi reported. 


Ahooln'in 


Sp«„ ; 

3 months. 


t+- 


OfflriaJ — 


£ 


622.5-3 


pum. 

Dnofflcial 


621. 3 


t+°*' WHEAT 


BARLEY 


Reports Ihai Iran had Durdu&ed 96.000 
toiues ai between fSM and S3 Li Der lonnc 
c and f hfied prices some 100 points above 


LONDON— Don and featureless, reported 
Bache. 

i Pence per WIoj 


iYebienlaj'a -f- or ‘Yenerday 'a +■ or 


+3 


Momtna: Three xnantos £626, 21 . oils. 


Afternoon: Three 


Three wMfflriui ass. 

mm toe £8X0.5. 18. 

* Cents per pound- t m per 
Oil 'previous mofficial close. 


SI ’nth 

ck+e 

- 1 

ilw 


J*n 

riLi.0 

— l.io i 

84.26 

— O.M 
—0.26 

Slur... 

5(4.30 

-0.4O] 

O6.60 

May.. 

96.85 

-n.5B| 

ts as 

-0.76 

Sept. 

(w.lu 

-O.50I 

ua.au 

-0.10 

3ov.. 

92.00 

-0.35 j 

86.05 

L-0.10 


pre-wee (tend levels. However, there was on**! \Y.«.i CWe" ’ 

no foLlow-torongh on toe upside and prices _ 

drified. By the close ah the gains had ■ , 

been erased, reported C. CzamOtow. [ 


haunHU 

Ixtie 


bugttr 

Pret. Yesientay^ JPriritug 
Co rum. tlimv C iiw 

U*. . 


Decemt+r ... ' 230.0-56.0; — 2 Jti 


tiu^nicss 

Lluiie 


lullllr 


March .. 10S.504 Jl .41 US A 00.50 I0.504)B.2'< 
Mav 1 12.5 J- tZ 6J 111. 8 -11.45 ia.S&-11.50 


Atm 

Md-.-.. . 

■I i, iv , . 
iHdu vr . 
,'ieueiiilrt.-i 
.’tlaivi, .. . 
.Mat .. . 


... 255.U M.0i 1 

..|2Jd.U-40.0 
..I540.U V 0 
..L43.)J-h91i +4.5 
JM4.U- 9.0 +4.5 
.U*4 U 50 0 +5.0| 
..jJ+4.U-&0 v +5.0i 


with central African and S'luto American! tinns between the Thflian Jute 
growths ln ennstan: mrnest. ( Mills Association and the trade 

Comm outlook indes fi yesterday ■. unions cc , ncenie d. All the labour 

* , unions operating in the industry 

tfefnil, l d : are unanimous that a strike must 
per stono: Shelf cod 13.60-6.80: ,- ^ e ^ from January 5. 

-4.w-i4.7ti; ian» haddoik i4.;o-^.oo . ! The jute industry is worried 

SSXhS^Sn. that a at ,hi -” t ?s s ™"" 

— - si-rm:d serimislv daniage business prr+ 


£7.00, best small £5.B0-£T.(HI- lars. 
dogflah 18.00, medium £3J0: Tara. 1 len:on 
soles DO. DO. medium £S-3u; rock Fish £2.K>- 
£3.401 s»toe E.6O-EJ.70. 


SYDNEY CREASY: Clou 


SILVER 


fm order 
Micron 


Bnsrnes done— Wheat: Jan. 99.HV4n.75. 
pleoL Starch 94.5094.15, ay 97.05^6.70, Sew. 

83J.0-S9.1O. Nov. . K -fl-K.OO. Said MB. 

Barley: Jan. S4JML20. March 8U7580MO, — - - - . 

May 88.MV«8^0. SctiL 83J5-KL3, Nov. Aug UoJB-Io.Bj Hi 20 18 J5 I7.2j-i 6.75 buyer, teller, buslntres. sales). 

86J1946.00. 8a its S3. Ui,l...„. 120^-ia.3j 111* -18.50 2j.S3-19.D0 

HGCA— Avtresc es tarm spot pria-s Deu. I20.Q -i5 Sal LOJ 2J.2S-.21, 28-32-59 

for' tt-eefi ending November 3A Olhcr Ji7.u»-27.VU U:-.O+25,26 j27J!5-26.D0 

sorer ^ fiad *.Up a»"mw low 2?S’ ** y ' ' ' ~ 

firr cnn ft aj: in, tha v—j— Hrviliflm E- MjdlXDOfi 89 JO, NB W.I0, NW 91,90, l/cc. 40««a. an, un; iniinaj atuj 

Scotland 932*0. UK 80 JO. Feed barley- Saks: 2J71 ilACXi lots of 50 tonnes. 371.0. pfl. nil: May 37257 378.0, nil, nil 

Sfn^f^n nTiu’ i.T,.ir ir ^ SE 79.19, SW 79.3#. East 79.50, E. Mid. Tale and trie cs-refincry price for sales: Bfi. 

STTsS? ft J Mldrawl5 7B.30.-NB T9J0. eranulaled basis white sngar was S3&L85 NEW. ZEALAND— Clow «n order buyer. 
dSl shS,™.h Ktocn o 7? NW SmOBDi 79fi0. TO 79.00. UK .same. a_tonnfi for home trade and scUwi. Dec. 179.HM.0: March 182.0- 

rL. forward prices tor delivery dnrms Jan,- 

ana IS -month bujc, down BSc. Tl» w un.. mm 


COP tract: Dm: 355.5. 338.0, 356J-355.0, 42: 
March 357.1, 557 J. 35TJ-356.0. 2fl; May 
300.5, 351.5, nil, fill; . July 384.D, 363.0. 
364.9-340.0, 3: Oct. 385.0, 388.0, 186.0. 1: 
Dec. 367.5, 370 J, nil, nil; March 370 j. 


per . j. fixing 
iwet ■*.•• p ric e 


l 


£1030 fnTS.OOi tor export. 1633: May 184.0-187.0; July 1S4.9-1B7.Q: 

metal Bne»d (SfiUMcl and Ml *2*? Hua«*ti«wi Sugar Asrtnmmt jl'.S. Oct. tSB.0-m<l: Dee. 1SS.5-19T.0: March 

(Otiiert M.«. Peed Mira K 90J0, Malt- cents per pound) f<* and stowed Carib- 194 8-190.0: May IM-fl-lflg.o. Sales mL 
■dosed at 3041-aWp (W3-5B«sc). Id barley SS.10^ Feed barley S1.40. bean port. Prices tor Dec. 1: Dally BRADFORD— Prices were nominally 

., — i ; : Feb. M. Wheat (Bread) &50, M. Wheat 7,74 (7.76); IMay average 7 32 list ). ncchauKed. Business was being Maced 

SILVER Bullton- <4- or L.U.K. -for ***■*(?* 5g-|®- W^ITE SUGAR— '^ose (in order buyer, too Infrequently and offered at too low 

J5a Km T_ M altiag Barley 8590. Feed Bailer 82.90. sc0er. business, sales); Feb. 104-50, prices for nominal u notations to be 

: _ H ^ CA r I f c,t, ®P ex . fa ™ M*H Drtcea. 105.58, W7.S0-lD7.0O- 30; April 10S.80, increased. Currency uncertainty was 

Feed barte— Central Scotland 80.00: ]»jd, lO9Jft-iO9.O0, 94! July 11S.33. 113.73. unhelpful to trade. Not even' section 

CambddgQ TB.40_ U4.75. 3- Stpi. 119.00, 120. DC, 120-15. &; was i^naDj ef^gyiy however , 

jAin ilA fln _5 75 ^5* JCK Mefflcteot tor toe Nov. 13-LM. 134.75. ml. nil; Feb. 130.D0. 

tain 513 ’ 4p , 175 w* beelmdas Derember U (based on vtOJSS. ir.LO0-l30.00. 9: April 13190, 138.00, 

+®;« ~ ! - - HGCA ramlattons) is expected to remain ijanT i. sales: 1C. 

t * nurilbs’ jaB-2a^ -Fl.4 - | JUTE— Steady Dec Jan. c. a 

1 — ’ — 1 * — — — ’ — — ' IMPORTED— Wheat; CWRS No. 1. 134 MPAT / VEGET4RI FSi Dundee: BWQ E02, BWD I2K, BTC^’o! 

LMS^-Turnover 128 11391 tots of 1C. KM per cent, Dec, B-75 Tilbury. U^. Dark irfiX-rL* / . * * J *^* -s3 3TD £253: c. and f. Antwerp: BWD S5fi0. 

au. afanthtt! ’Threw momhs SIS. 5X 53, Nerpispi Spring No, 2, 14 per cent Dec _ SMtTHFlEi-0~Pnce per paaaL Baef: BWC SS33. BWD fSIS. BTB 530. BTC 


506.90,1 -0-18 80S.06p-2.25 


JUTE 


3-2. 315. Kert>! Three months. 315^. 91 J», Jan. 9125 transbinuebl east coast. Scotch killed- sides 54.0 to 5K.0. Eire hind- jS25. BTD oi9. Jure goods— Finn. Dec 

Afternoon: Three months 3142, a-S. Kerb: 4G.5. Hard Winter 134 per rent, Dec. 90 JO. ouanere 61 o to 63.0. lore quarters 36.8 c, and f. Dundee: 40- In ip-oz £11.35, 40-in 

Hirer months .3TL5. Jan- 90-00 transhipment ei-t enact. EEC to. 39.3. 7.5-oz xs.n. " B ” twills G9.95. 


FINANCIAL TIMES 

Dec. 1 .7 v i . jj ?.!untt| ujt. ' Ywt’ 


a6a.0 a Z65.65 ■ 267,18 
In 


259,64 

lui’li’tiiill 


_ REUTERS 

^Jec. 4 Dec. 1 Mviiti, H p. " t\.i : Vj.> 


1219.6 1322.2 lo3b.l 14*5.5 


i Base 1 SepMmber [ S. 1831 = iCft, - 


DOW JONES 

Dow j Dev. . Xnv. jiluntHl 
1 • j'J aon I 


June* 


Veer 


apirt .... 593 56 394.43 5Bd 63 368. 17 
F.nurc. 390.43 393.2 1 393.48 3^0.51 
”i Aver j.-H IM-LlS-'lnslnO, 


MOOOT’S 


Mm>Ii ’» 


D«-. 

I 


A., i 


A1--III.* 

"S'* 


sneiis in the n^orseas markets. 
The proinn^pd bargemen's strike 
has Elreafl” affected th? foreign 
hrvfrs ronJidf-nfe in the Indian 
rv’’ s abi!i*>’ tn deliver 

^oods in Uru 1 . iL is claimed. 


INDIA CONTROLS 
OIL IMPORTS 


Sfe 


j.njnii > 965.4 iat. 1 983.5 825.9 

i t'. to;, r , )ii* 


NEW DEUli, Dec. 4. 

India -vil) channel future 
imports of all edible Oils and oi!- 
yeeda ihroush the State Trading 
Corporation with immediati 
effect, the Commerce Ministr;. 
faid. 

Tne edinfe nils and oilseeds 
affected include copra, ground- 
nut oil. : tin (lower oil. rapeseed 
oil. ptilm oi». and eo;-* bcun Oil, 
tin? Mi nisi r> added. 

Previuuslv edible oils and oil- 
-.leeds w.’?r? imparled under an 
i open aeneis! licence. 

: Reuter 


■Mr m 






32 


' ' •- • , - * S; .-.■‘aT's-J 

, ' - ' jig* ;,%f 

Financial Times Tuesday Pecembefc^ff 


STOCK EXCHANGE REPORT 



leaders firm again in another idle trade 





Share index up 3.6 at 489.9— Gilts and Golds steady 


Account Dealing Dales 
Option 

•First Declare- Last Account 
Dealings lions Dealings Da; 
Nov. 13 Nov. 23 Nov. 24 Dec. 5 
Nov. 27 Dec. 7 Dec. 8 Dec. 19 
Dec. 11 Dec. 28 Dec. 29 Jan. 9 


Contracts In the Traded Option 
market amounted to a modest 
379. around 130 fewer than Jast 
week's daily average. GEC were 
lively with 124 trades: the interim 
results are due on Thursday. 


*** Hew time" dNlHw nw take piece 
from MO am two bestows dan e artier. 


Banks up again 


After a steady opening, leading 
equity shares made a short up- 
ward spurt which put the FT 30- 
share index four points up in the 
space of a couple of hours 
between 10 am and noon. Condi- 
tions were then looking promising 
for the recent technical rally to 
be taken a «ttaae further given 
the underlying stock shortage. 

However. no follow-through 
support was forthcoming and 
price-, did no more than hold the 
slishtiy enhanced levels for the 
rest of the day before easing 
slightly inward* the dose. The 
indes was finally 3.6 better at 
48!>.a. which takes Its recovery 
from mid -November to nearly 19 
points, or 4 per cent. 

Yesterday's demand included a 
few large deals, but the level of 
trade remained extremely small 
as seen in official markings of 
4.642— considerably better than 
Friday's meagre 3J118 but 
virtually unchanged, on the 4,554 
recorded on Monday of last week. 

Genuine Investors are. pre- 
sumably, still content to hold back 
awaiting economic pointers, the 
outcome of the two-day European 
Council talk* which started yes- 
terday on the creation of a new 
monetary system for Europe and 
for some consensus to emerge on 
the outlook for UK inflation. 

Features yeslerday. therefore, 
emerged chiefly from special situa- 
tions and from leading comnanies 
in the news nr due to - announce 
trading st ailments. In the latter 
eniegorv. Pilkingtnn rose 8 to 310p. 
at;-» r 2i5p. and indes constituent 
GEC out on 5 to 336p: interim 
siarorvi“nis are due tomorrow and 
Thursday respectively. 

Shn-t-H a ted Pit-edged securities 
continued tn make progress, a 
fsiirlv s*-»-jd« demand in this 
sector nr the market Wring 
ouot,i ;i no* e^ins ranging to 
i. Activi'.v. in the liter matvri- 
ties was at n lew ebb 3nd. apart 
from a ‘mail demand for 
Exchequer 10 per cent. 19S". up 
at SP;. prices rarely stirred 
From Friday's r!n'?rrr levels. 
Nevertheless, the under'v'm-z tone 
vis steady io firm. Yest' ,r,, r' r 's 
ecopnrr-'c ind'Cilnrs. the Whole- 
sale Price Indices and the esti- 
mated Pufci'-c sector Borrowing 
Roqtiirrmen! for fhe Third quarter 
of 1978. had little impact on 
sentiment. 


The firm conditions which ruled 
In Banks last week following pub- 
licity given to a broker's circular 
continued yesterday and the 
major clearers closed with fresh 
gains of up to 5. Still reflecting 
the belief that Ireland join the 
projected European Monetary 
System. Ban hof Ireland put on 
8 to 40Sp. Elsewhere. Standard 
Chartered added 4 to 418p in 
response to Press comment and 
Brown Shipley gained 2 to 235p 
for a similar reason. 


leap, while Freemans continued 
firmly at 370p. also up 5 and 
Liberty rose the same amount 
to lSOp in a thin market. Buying 
ahead of Friday’s annual results 
lifted K Shoes a further 3 to 7?p. 

Further Press mention stimu- 
lated fresh interest in GEC, which 
poshed ahead in the course of a 
reasonably brisk trade to dose 5 
dearer at 338p; the interim results 
are due on Thursday. Elsewhere 
in the Electrical leaders. Thorn 
made progress at 363p. up 7. while 
Flessey held steady at 108p in 
front of today's half-yearly state- 
ment. Among secondary stocks, 
revived speculative demand left 


lnp, on the board's forecast of 
pre-tax profits substantially in 
excess of £31 m. 


(m 


Mirroring market sentiment. 
Insurances mde further progress. 
ImprovrmefiTs 8 and 9 respec- 
tively were seen in GRE. 232 p, and 
Royals. 367 p, while Stcnhonse 
firmed 6 to 105p on speculative 
support. 

Distillery issues remained firm 
in slack business. Following 
further Press comment. Arthur 
Bell added 4 to 252p. Support was 
also forthcoming for Highland. 8 
better at 163n, and Invergordon. 
6 tn the good at a 197S high of 
160 p. .Among Breweries. Daven- 
ports sained a penny to 77p after 
the slightly improved annual 
results. 

Buildings made reasonable 
headwav, hut trade remained light. 
B!nc Circle firmed 8 to 272p. while 
BPB Industries 10 to 260p follotv- 
ine weekend Press comment higta- 
Jicrhtine the recently-announced 
interim results. Marshalls (Hali- 
fax) became a late firm feature 
rising 5 to 138p. arter 140p. in 
response tn the better-than- 
experted mid-term profits and the 
Board's confident statement. 
F.rilh encountered further sup- 
port. ndriirte 4 for a tvo-doy rise 
of 7 at a bisli for the year of 
] o:‘.n. Press comment nn the ex- 
pansion of its U.S, activities l^ted 
Red land 4 to 164p and small "Hiv- 
ing promoted a gain of Z to 232 p 
in’ Richard Costain. 

Likely benefits of a currently 
firmer U.S. dollar directed early 
attention towards 1C1 which closed 
fi to ih*» tood at 37Sn. after 27.10. 

B-nsof seined 3 to a J97S 
peak nf 33!n in a thin market, 
bu- nrnfir-taluot clipped 4 from 
recently firm Stewart Plastics at 
179 p. 


Household Goods! 

F.T. -islands Mu 

190h 


fl80 



1978 

7 6 ° L jm ' JlMfrift ' Sop ' Qtt ' flwY 


Chubb good 

Miscellaneous Industrial leaders 
closed below the best with buy- 
ing interest waning as the day 
progressed. Demand ahead of 
tomorrow's first-half figures saw 
PHkington touch 3 lap before 
closing a net E higher on the day 
at 310p, while .details of the 
group's American acquisition left 
Boots 4 up at 20lp, after 202p. 
Still reflecting Friday's statement 
from the board that talks for the 
possible sale . of its Canadian 
interests are continuing with 
other parties, Reed International 
gained 2 more to 159p. after 162p. 
Elsewhere. Press suggestions of 
imminent bullish broker's 


circular and of bid possibilities 


directed fresh speculative support 
' Friday’s 


Stores firm 


A subdued business in the 
investment currency market saw 
the premium drift down in listless 
trading to touch 75 per cent 
before closing a net 2! lower at 
73 Jper cent. Yesterday’s SE con- 
version factor was 0.7607 (0.73361. 


Early demand for leading Stores 
soon petered out but imorove. 
ments ranging to 6 were still left 
at the close. Gnlssies A advanced 
6 to 3I2o, Mofhorcare added -I 
at 1a4p and Marks and Spencer 
3 to SSn. Burton attracted fresh 
speculative -support which left the 
ordinary 2 harder at 184p and 
the A 4 up at 172p. Elsewhere. 
MFT revived with a rise of 5 to 


MK Electric 6 higher at 222p. while 
Comet Radiovision continued to 
benefit from last week’s good 
annual results and improved 3 to 
142p. AB Electronic improved a 
similar amount to 150p in re- 
sponse to favourable week-end 
Press comment. 

Standing a few pence firmer in 
front of the figures. Matthew 
Hall reacted sharply on the dis- 
appointing third-quarter profits 
tn close 10 lower on balance at 
213p. Following last Friday’s 
jump of 62 which greeted news or 
GEC's surprise bid approach. 
Avery's improved 3 to 239p. The 
Engineering leaders plotted an 
irregular course with Vickers 
closing 4 off at 196p and Tubes 
2 dearer at 39Sp. 

Shipbuilders were Fealureij by 
a fall of 6 to 153 d in Swan 
Hunter following disappointment 
with details of the board's 
reconstruction proposals. 

T!ie trend in Foods v.'?s to 
higher levels defpi‘e a further 
contraction in trading volume. 
Odd notable firm. included 

J. Sainsbury, which firmed 5 to 
240p, and Tate and Lyle, which 
hardened 3 to lS.jp. British Sugar, 
at 146p, also improved 3: the 
interim results are due on Thurs- 
day. Favours b'e mention diree'ed 
buyers towards Squirrel Horn 
which put on 3 to a 1378 peak 
of 44p. 

Lad broke featured Hotels and 
Caterers, rising 5 to I73p, after 


to Chubb which followed 
gain of 5 with an advance of 10 
to a 1978 peak of 15fip. Higher 
Interim e a mines helped VTnten 
put an 6 to 151p and T-C. Gas 
improved 5 more to 373p. the 
latter ahead of nest Tuesday’s 
preliminary figures. Wilson 
Walton firmed 5 to 41 d and Euro- 
pean Ferries appreciated 3^' to 
128iP. Hong Kong issues, particu- 
larly dull of late, perked up with 
the help of Press comment 
Jardine Matheson gained 7 to 178p 
and Swire Pacific jumped 11 to 
117p. 

In the Leisure sector, Campari 
“ B " moved up 4 to 104p. but 
profit-taking trimmed that much 
from recently firm Black and 
Edglngton. at 92p. Acquisition 
news lifted Saga 3 to 162p. 

A slight Increase in buying 
interest was apparent in Motor 
sectors although trade was slim. 
Lookers firmed 4 to 61p on a 
single buyer, while Harold Perry 
r-'se a like amount to li9p, after 
j:>id. Lotus put nn 2 to 51 p ahead 
of the better half-time figures and 
held steady to close at that level. 
Among components. WiJniof 
Breeden hardened a Penny more 
to TSp on the talk.* with Rockwell 
International. and Associated 
Engineering gained l { to llijp 
following a week-end investment 
recommendation. 

In quiet Paper/Priming*. Mills 
and' Allen, subject of bid specula- 
tion recently, added 5 for a (h ree- 
d-tv rise oT 20 to 232n. John 
'Waddington were also good, and 
firmed 4 to 796p in a thin market. 

Properties made earl;, scattered 
progress and generally held the 
higher levels. ■ Responding to 
favourable weekend comment. 
London and Provincial Shop 
Centres stood out with a sain of 
S at a high for the year of 13Sp. 


leum touched 950p before settling 
at 942 p for a loss of 2 on the 
day,, while Shell finished onj; a 
penny harder at 586p. after 592p. 
Royal Dutch gave up i to £393 
in sympathy with the dollar 
premium. Among the more 
speculative issues, late offerings 
left Trice ntrol 3 cheaper at 165p, 
after I7Zp. 

Despite the chairman's guarded 
wanting concerning year-end 
profits. Paterson Zochonis ordinary 
and **A" improved 7 to 190p and 
185p respectively. Inch cape, 
heavily down last week following 
the large debt provision, found 
support and milled 8 to S05p. Gif! 
and Duff ns were also firm, rising 

4 to 147p. 

Scattered buying interest was 
again evident in thn Trust sector. 
Argo, 127p. and Cambrian and 
General.. 92p. improved 3 a piece, 
whHe in Financials Akroyd con- 
tinued firmly at 19Sp, up 2. 

Shippings . maintained the 
recently firmer trend. Lofs, how- 
ever. eased 1 to 39p on the half- 
year trading loss. 

One or two bright siwt stood 
out in generally idle Textiles. 
Charles Early and Marriott rose 

5 to 31p after 33p, due to favour 
. able Press mention. John Foster 

added 2 for a two-day gain of 

6 at 47p, on hopes oF a bid from 
Vantona which holds a 17 per cent 
stake in Foster. Atkins Brothers 
reported a downturn in interim 
profits and eased a penny to 53p. 


domestic markets/, enabled prices 
to improve furth v despite ■ the 
fall in the Investment premium. - 

Conzinc RJodnto. the . , major 
participant in the Ashton venture,, 
led the way— a rise -of 4 tar'2T2p, 
while Haonta Gold added 3 at 35p 
and North West Mining 2 nt-^Op. 
the last-named following.- favour- 
able Press mentlon- 

Otber features In Australians 
Included Hampton Areas, which 
advanced 10 more to a 2978'. high 
of I50p following news -that. 
Colonial Mutual LHe Assurance - 
had :v3)uired a 1341 per cent stalm 
for I50fi a share and is to discuss!: 
a possible offer to ail shgis-. 
holders at the same price.-. ‘ 

On. the other hand,- a.Avi£h : 
Urawal of the recent speculative 
support saw 'jliini CreeksJump-^ 
5U to tSOp. 

A further gain of $5,lzi:^he 
bullion price to 8199.375 per bungs 
in front of tomorrow's -inter- 
national Monetary Fuad T /gold 


auction failed to arouse .-imicb 
' 'uold 


Australian gains 


Interest in mining markets was 
again mainly centred nn the 
Australian section and. in par- 
ticular. an diamond exploration 
issues. 

Ailhou-.-h not as bu*?y as last 
Friday, d’amr.nd issues continued 
to attract sncciilative London 
interest, which, coupled with a 
good performance in overnight 


interest in South African' 
shares, which were also affected 
by the lower premium; r 

The Gold Mines Index, including 
the premium, eased 0.1 to ‘124.7, 
while the ex-premium added ik9 'to 
949. 

In London-registered Fbundals* 
consideration of the company's--8i4 
per cent interest in the Ashton 
diamond venture promoted" a-good 
demand for Tanks, wnich.'closed 
4 better at 170p. The rise -in the 
gold price enabled Gold Flelds to 
put on a similar amount to l82p, 
yesterday the company stated., That 
It is not currently contemplating 
Boating off Amey Roadstone. / : 

Saint Piran featured rn^ jfins; 
the shares unproved 4 to -84p 
reflecting buying In front 1 of the 
interim . rc'i ,l Js which ' are 
v- ’-cted next Tueediy. ' ’ 

Elsewhere, rose; 3-' to 

5S[i following a further cancella- 
tion of the board meeting which 
is now scheduled for today. 


FINANCIAL TIMES STOCK INDICES 


■ Dra I 
4 • 


Dec. 

L 


Nov. j.-Sdv; 

■ » .,1 


<i i *\qv. L. AW. f A twr 


GoveranietH 

fixed imere-i. — — - 

nuiu-triii 

Go-d Mine- — —— 

God Mines -ts-ivm. 
ijrri. UW. T«i«» 

Luii'im.i" ti-iiiu.- .. 
IVE Katkj meli »‘i ..... 

Ut) 1 02 . 

Kiju'iv iiiiii'-iei Ent . 

hsi<i‘l\ '+rvR nrf'irttr .. 


68.72 

70D1 

403.9} 

124.7{ 

94:fl] 

.'S.BSi 


LB. 45 


8.56} 

4.642' 


68,66- 

69J7; 

486.5; 

124.81 

64.0 

snsf.. 

15.93] 
. B.5l| 
3.218,' 
67.39- 
18.487! 


68.801 

63.981 


■ 4Si.6i 


134-3; 


95.3] 
.5.98! 
16.7l( 
‘ 8.231 
4.-854J 
. 62.59; 
13.552) 


68.93} 

69.98} 

489.0-; 
124.1: 
93. l! 


- 68 - 58 i. 

69.94; 

-'.484.9! 
125^3' 189. 


B.9CI 


93.8 . 9712! 
■ 9.bb!' fiisAl 
15-441 15.98' 
8:5b! : ' 8-29} 


15.49 
8.34 
4 .fWl 
65.35 

16.033; 16.98?! 15, 


5,t55l 4,554l. 
64A5- , "_ 66. 


74^0- 

■77,1.4 

4S6J5 

143T4 

idii 

,SJ52 

16.65 

rasa 

AlOl 

62.66 
10322 


III UR 


- Basis- 1*) Govt, 
Mines l-' 9 AT 5*** 


cU I. U am 4M-4 Noon ««.•. 1 pm.4M.ff. 

' 1 pm «0A. . 3 pm 400A. - ] ;.- L ' 

Latest index} Bl-236 8fSB - r 1 . ^ - 

Sm.?s ljyifl.-SC. 1 TTXt-d iot. 1948.' TpiL OrtL tt-7s: ; . Goid'- 
pDJ jadei bixried Jiuni-lfitl. SE ACttvliF .Jjrfy i Dec..lW^. . 


HIGHS AND LOWS 


S.E. ACTiVLTY .j 


:-vin.-e t 


. -I H.-M 1 

1 L/>%» 

(. tflRH ! 

Lira- 

Uovuaec .. 

! 1 

1 ijui. '■ 

I of.Bd 
' tU/ih 

f Ljtl.4 
• wluo. | 

4tf.ie . 

iti.ii it>. 

Fixed Ini.... 

> bl.fc'j 
Will 

1 6»vOU 
. Li- Hi 

! loU.4 ] 
[ •scilIr*V 

' 30.55 

iOi 

Imt. Or * 

903.8 
: (le/di 

: -.-A 

■ *49 Ji-. 
| I4w Vf- 

49.9J 

il»/b 1*0. 

-Joid Ume ■ 

; ksUS.tt 

f iliroi 

184.1 

1AH.O } 

) &/Mb, 

45 Ji 
i2W/i£U71 

GiVdJIme . 
<K*-S nn. ■ 

! Idlf.d ; 
1 tee. • 

tib.- 

1*1*. 

r 057.1 

( -ii* 7»' 1 

04.5 


'-I 


— Ueny._ '• 

Gnt-Briseii— ■! 
Inda tricb 
3pecu-ari«v * 
ro&Li* I 

• J 


187^ iUX’ 
137.3 fQOJB . 
285 : -19.&- 
109.? ;- .73^ 


! ■i-'invAveimg! I 
’ niU-Srtgea-J| 
; lD<U ttHM- ...j 
j .it«eeu *nv* ..| 
. 1 


tSO-J.14a.2L 

147.41 . WJT 
26.51- -2 ? JO 
97.1' ‘ 96.7 


) i?' 


rii* 
1 J- 




M- 


;rV 






r l 

.jF-. • 


NEW HSGHS AND LOWS FOR 1S78 


The follow, ng sec urines cniotcd In tl,e 
Share Iniorniatron Service yesteroav 
attained new Highs and Lows lor 197C. 


NEW HJC.US (34) 


Oils drift back 


Leading Oils Rot off to a firm 
start, but drifted back on lack 
of follow-through support and 
final quotations were a few pence 
down on balance. British Petro- 


BANK5 'll 

Bare Ides 

BEERS >.2i 

inverflordon -land 

BUILDINGS r6i 
Allied Plant B.ownlee 

Arm It age Snanlu Enth 

Blvndell-Perhioniar? Fed. Land 
CHEMICALS <2) 

British Bciuol T.ii..-nar Bardex 

STORES IT) 

Kunldc 

ELECTRICALS 111 
&.B. Elcctro-ic 

ENGINEERING (2) 

Babcock 3 Wilcox a , -mb Alumlitlvin 
FOODS (It 

Saulrrol Horn 

INDUSTRIALS (St 
Canfan Profile Hunllclnh 

Chxbb Moss (R.i 

Darin & N rvr man S-nlths Indk 
O'lces (J.I Third Mile me. 

INSURANCE lit 

Hamtoro LWe 

LEISURE ll> 

Plea^urama 

MOTORS I4> 

Wilmni- Breeden 
Hntt'.h Car Auction 
PAPER (1) 

Mills & Alien Inti. 

PROPERTY (3) 

Bellnae Lond. Crovi. Shop 

Estates Prop. In*. 


Chrvsler 
Wharf MK1 
Neill r J.. 

■W Ribbons 


NEW LOWS (11) 

A.MERICAN5 tit 
STORES 11) 
ENGINEERING (1) 
INDUSTRIALS II) : ' 


PROPERTY (It . s. 
Mclnernev 

SOUTH AFRICANS Ctl 
Gold Fields Prop - 

MINE5 CS) 

K nross Falcon * .<■. 

Wit. Nine; Hampton Areas, 

New Wit. ' _ x 




RISES AND FAltS 
YESTERDAY 


E.R.r. 

Plaxcon'f 


BrHIsto Foods 

Corpns. Dominion and 

Foreign Bonds 

Industrials 

Financial and Prep. ... 

Oils 

Plantations 

Mines 

Recent Issues 

Totals 


r : v 

Up DMqi Sm 

u a 

Q -7c-' o 

m i& . . 9c. 

U M 272 

13 *•'; 22 

7 . If 

E5 » 

3 1 » 

77 , 3» * f3* 


LONDON TRADED OPTIONS 

A|tnl. July ; 


Jununry 




• 

• - • 



Ldt iiibi 

n\Trr t 


. Vo*. 

: — 

I. Kgottv 

ll|-tinfi 

urlce 

■•Tier 

VMl 

:*ne* 

1 . e<«iee 

HI’ ! 930 

Cum. L'iiIud! L**0 

•' 23 
14 

a 

i 

• ’ 37 ' 

IB 

1 . 78 

as ' B4 ' 

- "i 

i. •- 943i> 
163p 


160 

31= 

3-' 

6 

■. — 


i- — 



IB i 

1*S 12 

3 

' 

— • 

— ' 

- - 


160 

- 25 

4 

32 

— 

JS 


. 181j>. 


1BJ 

0 

4 

17 

3 





100 

24is 

2 


■— 

— 

*?• 


Coui muUI' 

no 

IS 

3 

20 

— 

. 21k 

— 

1 +4 ' • 


130 

2 

7 . 


— 



— • 

«BU 

280 

62 

12 

67 

9 

‘ — . 


336p 

f itiC 

300 

43 

86 

51 

'6 

5? 




530 

.10 

20 

37- 

' 31 

• 

41 


+4- 

GEC 

360 

& 

16 

a.. 

— 


iiip 

■ limiid Met. 

no 

6 

' I 

- filM 

3 

- 1312 


Omul Met. 

120 


10 

6 

— ' 

7* 

vi 

•* "" 

IU 

350 

-36 

5 

58 . 

i * 



378p .. 

If,* 

360 

26 - r 24 

36 , 

— ~ 

k OA 


- * 

ICl 

420 

-si - 

7t« 

. 16 


* 

•ere 


220 

27 

2. 

35 


.39 

7 ’■*- 



240 

0'2 

36 

21 


26 

— 


.M*rli» i 'L-. 

70 

19 

18 

21 


24 : 

• — 

88p: . 

Merle-. X sp. 

80 

10 

8, 

13 


16 

-*• ■ 

-•a 


OJ 

4*2 

~6 

7is 


iota', — 

.' M 

SIk-U 

560 

48 

12 

- 58 

8 , 

76 

. i 

M8p . 

Sbelt 

600 


3 

£6 . 

- 

40 . 

— • 

H 

Totele 

366 

. 

‘ Bl 


' , 2 - 



| 

February . 

M 

*y 

' Auj 

imt 

# 


180 

27 

' 6 

33 

- 

■37 

.■■■ • ' 

200p 


240 

'• 2 


e»a 

•a 

— . 

— - 


EMI 

140 

24- 

13 

29 

— 

33 

-M- r 

KTZ 

280 

4 

40 

0 

— • 

— — 

— 

240p 

Totals 



SB 


a- 





)•• - 


..;rf ■' 


-.L' • 


STOCK EXCHANGE BUSINESS LAST MONTH 


Gilts turnover increases 31% 


BY GEOFFREY FOSTER 


UK STOCK Exchange trading 
last month was at Us busiest 
since last June, improved busi- 
ness being recorded in all main 
sectors. Total turnover last 
month, at El'J.Sbn. was up by 
£2.951m. or 31 per cent, on 
October and £4.15bn more than 
September's r8.3bn. which is the 
lowest so far this year. 

The number of bargains was 
down hv 7 .-SI to 448.926 but the 
Financial Times Turnover index 
for Aii Se*.'U relies reached 382.0 
compared with 291.5 in October 
and the year's high so far of 
465.3 in -June. 

The big improvement in busi- 
ness mo-nlv reflected increased 
volume in gilt-edged securities. 
Here, turnover rose by £2.5bn to 
ffl.i&bn with business in medium 
and lons-dntcd issues risins by 
£2.3hn to £4.7hn. while trade in 
short-dated issues improved by 
£0.l5bn to £4.49bn. 

Rirgains increased hv 5.591 Id 
frt.331. Short-dated harcafns were 
only 1.325 un at 24.S53 but those 
in other fixed inte-esr stocks rose 
by 4.2fW to 39.478. The averaEe 
value ner bar?a*n in the medium 
and longer end of the market 
jumped by £51.348 to £118.176. 

The Financial Times turnover 
index for British Government 
Securities last month was 3S7.5 
compared with October’s 283.1 
and September's 226.4. 

As in October, prices of gilts 
fluctuated narrowly throughout 
the month. However, following 
the jump in the minimum lend- 
ing rate by 2‘ per eent to 12; 
per cent on Novemher 9. the 
Bank of England look a further 
step in its programme for fund- 
ing the Government "5 borrowing 
needs with significant sales of 
official’ tao stocks. 

The near-short tap stock. 
Exchequer 10 per cent 1983, was 
exhausted and substantial sales 
of this issue and of the long-tap. 


800 i 


MONTHLY AVERAGES 1967*1 Ml 


HOW STOfiK EXCHANGE TURNOVER IS HNS 

J 


™G0e«BU 
BTOH GOVUDiai flMHTELO • 



ummm 

mm ii in' 1 

mimiiLL 

illllllllll. 

1975 

1976 

1977 

1978 


Exchequer 12 per cent 1999/02, 
amounted to around £700m in a 
couple of days. 

The Government Securities 
index eased from an end-October 
level of 69.2S to touch its low for 
the month at 67.92 on November 
10; it closed November at 6850 
which is nearly 13 per cent below 
the year's high of 78.58 recorded 
on January 3. 

Trade in equities improved 
marginally by £0.36 bn to £1.98bn, 
hut tbc number of bargains con- 
tracted by S.450 to 334,009. The 
average value per bargain rose 
by £1,1S7 to £5,919. 

The FT turnover index for 
ordinary shares in November 
was 352.8 compared with the 1978 
high and low of 393.7 (August) 
and 277.1 (June). 

Equity prices held steady to 
firm over the month, but the 
volume of trade was inhibited by 


the trends towards higher 
interest rates at home and 
abroad, continuing pay and 
labour uncertainties and a dis- 
appointing set of third-quarter 
figures from LCI. 

The FT Industrial Ordinary 
share index fell from its end- 
October 478.9 to 468.8 on October 
20 before rallying, largely on 
technical Influences, to close 
November at 4S1.5 for a net rise 
Of 2.6. 

From an all-time high of 
S245.125 per ounce recorded 
around the last trading day of 
October, the price of gold bul- 
lion plummeted in reaction to 
President Carter's monetary 
package to arrest the slump in 
the dollar and closed the month 
at S193.375. PriMB of Gold shares 
consequently fall and the FT 
Gold Mines index lost 19.1 to 
124.3. 


Category 

Talne of all 
purchases 
and sales 
£m 

%of 

total 

Number 

of 

bargains 

%of 

total 

Average 
value 
per day 
£m 

Average 
Average no. of 
value per bargains 
bargain per day 
£ 

British Govt, and British Govt, 
guaranteed: 

Short dated (having five 
years or less to run) 4,491.2 

36.0 

24353 

53 

204.1 

180.710 

1430 

Others 

4.66 5J3 


39,478 

SL8 

212.1 

118.176 

1,794 

Irish Government: 

Short dated (having five 
years or less to run) 

447J3 

3.6 

2,063 

0.4 

20.3 

2164SZ2 

94 

Others 


2.S 

3,546 

0.8 

15.9 

98,810 

161 

UK local authority 

334.6 

2.9 

7,709 

1.7 

16.1 

46,000 

350 

Overseas government: 
Provincial and miudripal 

S2.4 

0.4 

1.694 

0.4 

2.4 

26,708 

89 

Fixed interest stock: 
Preference and preferred 
ordinary shares 

129.5 

1.0 

35^04 

1J9 

S3 

3.669 

1,605 

Ordinary shares 

1.977.1 

15.9 

334.009 

74.4 

933 

5319 

15.182 

TOTAL 

12.467.9 


448^26 

100.0 

*566.7 

*27.773 

•20405 


* Average of ail securities. 


OPTIONS 

DEALING DATES 
First Last Last 
Deal- Deal- Declare 
ins* ings lion 
Dec. 3 Dec. IS Mar. S 
Use. 19 Jan. 8 Mar. 22 
Jan. 9 Jan. 22 Apr. 5 

For rate indications see end of 
Shaw Information Service 


For 
Settle- 
ment 
Mar. 2!> 
Apr. 3 
Apr. 18 


Many was given for the call in 
John Brawn, Messinua. London 
and Northern, Biackmar. am! 
Conrad, Rusicnhurg Platinum, 
Burton '* A." UDT, Em-icim, 
Chubb, Parker Timber. Dun 
donian and Uampsou lmliislvi<-«. 
A put was recorded in Barker 
and Uuhson. No doubles were 
arranged. 


ACTIVE STOCKS 


So. 


Deiiomioa- 

of 

Closing 

Change 

IP.7S 

1078 

Mock 

lion marks price ini 

on day 

hr:h 


Shell Tra-nspart 

23d 

II 

58 ii 

+ l 

1102 

4S4 

Beccham ■ Neiv ' 

NU/|nL 

10 

■"'2 pm 

•i- 2 

52pm 

2Spm 

BP 

£1 

in 

5142 

«. *1 

954 

7M 

Barclays Bank . 

£t 

y 

■i * n 

-+ 3 

.770 

270 

ICJ 

n 

n 

37« 

+ 15 

421 

nnu 

Averys 

23p 

8 

2!» 

+ 

242 

142 

Chubb 

20p 

S 

I-W 

+ 10 

1>6 

lliu 

Ir. chape 

El 

8 

.705 

+ s 

445 

205 

Distillers 

■iOp 

7 

204 

+ l 

215 

1 1:3 

GEC 

-3p 

7 

x:n 

4 5 

.'|J|» 

2'K 

Grand Met. . 

o0p 

7 

in 

+ 1 

121 


Mills Ss Allen Ini 

30p 

7 

••'•■I 

mm-r-m 

x.L ^ 

2.72 

nn 

Natl Vest 

£1 

i 

L'SlI 

-V 

f .1 

20S 

250 

BATs Dcfd 

25p 

fi 

255 

J. 

:i«l 


BPB Inds. .. . 

50p 

6 

2G0 

-*■ m 

2«:: 

203 


RECENT ISSUES 


EQUITIES 


—•Hu ‘ * ' = s - 

I'ti . 5- :■ 


j; = - •+ 




421a: r .. 24 11 
•\S0i0 K !■ _ rj 

AS 1.5b F.P. ' - k*i 

29 F.P. 5,1 

S3 | \ ,iii-liHi-|ll<l"» 44 .a Jjj- 

t'l .A III. "it Min HIV b>- 72 '- 1 • 

J00 itfAii-1. rxn.iniy AM.-lOu i 

Ot :Kiii-li, , n IJm,i ii .51 -2 .^ 1,34’ 

’■ 

t 8.7. 7.1 

o.-' 6.5 5.1 

■ 

FIXED INTEREST STOCKS 

ojHli- -- 


~ - m 

" -L 

!«•* ; 

i . 

U>a-.' i .1-. 1 - • 

», 1 KIO .96 it i iiu 
i . i* ;i6,ii no 
DIDO Ml ■ - Sv'iu 
I-Uj * t. i. 22rI2 t ftp 
J ; r.i . 134(11 lia 
HV; • 1 Ik, -XSil . dig 
97 ■ F.P. ■ 5:1 :+u 

£"iK'. t'l. ;26'1 ns* 

Bia'Anelp-ti 'nfnl.it- 
IP«;Culiw 'Wit) UMrrrvIfr,! 1*. I‘ii. I'x-j.. 
101 Liwsigr U.'um- 10;, i '«i» . '<■ 7 '*.• . 
2pm.QBffKv-G'*«J*H I2gl'n\. I.n>. Ln. - P>Las 
V9pi>i-nmnli inn-. |UJ 0 .\w. |*,m 

119 .Pn>t. Uiuniln,-. 1 k» Cut. i . . 

9 KnJiiTwn~viorlli A L'alYi.l{y> ilaicr f:,V; 

98 p itontHuyv WiX I'cvl 

Bl«;Wi~l K'vut Water 1% Hn^. „ , 

1 I3ii . 
no ... 

<ji‘ui . . 

13b 

V'4 . 

: 'joi. 

1 9ii . . 

fit 

RIGHTS " OFFERS 


mm BU 


mm 


ms 


j6j 

n 

Sau 

o7 

105 

93 

Oo 

1*0 

125 


F.P. 

Nil 

F.P. 

F.t*. 

■Nil 

■Ml 


Nil 


<•» 


1 85 
62 
La., 


I >i; 

; -V! 


8' 12 12.1 
■16. 1Z 26; 1 
- a, lie C .1 L2 1 
29 1 } 

,tSri2 IZrl 
.19,12' 12,1 
•iy ii. „.i a 
: b lhiiz i 
.15112 13.1 
i c: c in 
.18/12,10,1 
119/12-15/1 
1 a>ll, 4 12 


SSpmleci in ru 

^Icixnj jpm Uiwibm ttl'ui.i . . 

414 ri.iaPP "Ti«v«-niJ. 

77 | ... 

4iBl«n L*iim;Cliil'inl 
Plpm HiFu lli"iii 'll' 

111. n~ lti.fl'11^,11 i u»r\i I , 
'I ili-m >lu,r„,| „ 

3fi;m Mim|Jl.L.H"l.liu^ 

S, i- 3 la. i-bi»uu»i I in l . 
tippml ^im'cimliiTt A i'll i . 
lSiwn! ii'tuijeni I'rii-nfal- 
198 <161 (Time ri.-hi. l ■ . . 


sa,..- *a 

jl'Hl T I. 

390 

76 

3t-J* I!' . 


16- 

36|||| .. 

3<- .. 
43,.<..- 
XOi'iu . 
178 


Rtnuaaiil'jii date " Bi>gt lut day for dealing free ot Majnn duly. 1) fi«urc-, 
Based on praspecrus estunaic. a Assumed dividend and jlnjd. n Bnrcca ,i dividend 
cover based nn previous year's earnings, r Dividend and yirid bs-ni un ni-irtncvnis 
nr other official^ estimates for 1WS- jr^FUnires aasumihi. ; c»v<.-r uilim- 

■d 
•lied 
mill 


V-..KF uw "" previnns ' wnuumi ana yiria DS-.eil on ni -' rtncvlil - 

nr other official estimates for 1979. aGruSS. rFUtures assumed. ; c»vi-r uilnn. 
foe conversion of -hares BW 8°* raakins for dividend >,r runklac only fur roiriLici 
dividend^. 4 Placls^ pnou » public. |*I Fence onle.-.i oihcrw.io irirticai-tl ■ . |,. u ,-r 
by tender. Ii Offered to holders of ordinary r bares as a “ rlBhin.’ 1 — Imui-v 


by lender. Ii Offered to holders of ordinary r bares, as a *• rlRhi.-. .-., u ™ 
by way uf capilaU- at,an. U ReinlrodBccd. r .1 Wsied io e»nnccTi"ti with reorcanisj. 
non. merger or lake-wa-, ■*!! infmdBctloii. £}Issm>d m former orcfiTcoce hoWers 
■ AJlotnien: lerters -or tnlly-piW • Pronouoal ur parily-piud ati'jl mcm Idlers 
1c With tumuli, 


FT-ACTU ARIES SHARE INDICES 


; .ie. 


These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 


C**. 


. ■’ V; ■ 


..S 


EQUITY GROUPS 


GROUPS & SUB-SECTIONS 


fiiwe i<v pnrenUiew. slmw wnmr ol slocks per 


CAPITAL COOKS fl72) 

Building Materials (27} 

Contracting, Construction (28) .. 

EfcKlrtca/s (Z5) 

Engineering Contractors (14)...., 

Mechanical Engineering^) 

Metals and Metal Fonning(I6j . 
CONSUMER GOODS 

IOURABLEH53) 

LI. Electronics, Radio, TV (16) > 

Household Goods (12) 

Motors and Distributors (25). — 
CONSUMER GOODS 

IH0N-DURABLEH1711 

Breweries (14) — 

Wines and Spirits (6) 

Eniertalnment, Catering (17)— 

Food Manufacturing (19) 

Food Retailing (15) 

Newspapers, Publishing (12) 

Parkaging and Paper (25) — 

Stores (40)..._ 

Textiles (24) ! 


Tobaccos (3) 

Toy. and Games (6) — — ... 

OTHER GROUPS 199) 

Chemicals (19) - — .... 

Pb.vmjr.euticaJ Products (7) 

Office Equipment (6) 

Shipping (10) 

Miscellaneous (S71-— 


INDUSTRIAL GROUP (4951. 


Oils (5) 


500 SHAPE INDEX 


FINANCIAL GROUP(IOO). 

Bankstb) 

Discount Houses (10) ..... 

Hire Purchased) 

Insurance (Llle){10)..— 

Insurance (Composite) (7) . . 

Insurance Brokers(iO) 

Merchant Banks (14) 

Property (31) - 

Miscellaneous (7). 


Invreimenl Trusts (50) ... . 

Mining Finance {4) ...... 

Overseas Traders (19) 


ALL-SHARE INDEX(673> .... 


Mon*, Dec. 4, 1978 


index 

No. 


23&41 
208.29 
378 AB 
55921 
372.04 
78430 
14433 


209.27 

261.07 

171.49 

12301 


212-05 

229.19 

288-66 

268.05 

207.74 

224.40 

34936 

135.94 

199.00 

181.45 

2ALZ5 

96.15 

199.16 

283.39 

24634 

133.83 

41630 

21518 


22238 


526.03 


24733 


170.90 

200.43 

215.26 

148.44 
139.83 

13TM 

32632 

7733 

261.60 

139.79 


208.77 

104.60 

29935 


22632 


Day's 

Qunge 


+0.9 

+1.9 

+13 

+ 0.1 

+0.4 

+ 0.1 


+0.9 

+13 

- 0.1 

+0.4 


+1.1 

+0.8 

+0.8 

+0.9 

+0.8 

+0.5 

-03 

+U 

+ 2.0 

+1.0 

+ 0.8 


+0.9 

+13 

+0.4 

+0.7 

+13 

+0.7 


+13 


+03 


+ L2 
+ 11 
+03 
+1JT 
+17 
+ 2.0 
+03 
+ai 

+03 

+03 


+ 0.6 

+0* 

+L2 


+0.9 


EiL 


Yield Si 

IMw] 


16.47 

1738 

19.71 

23.07 

17.44 

18.02 

16.63 


16.62 

13.92 

17.61 

21.07 


15.79 

14.80 
15.25 
13.83 
1834 
13.78 
21.76 
1934 
1137 
1779 
2300 
22.96 
15.63 

16.15 
1L26 

18.15 
1432 
1733 


15.99 


13.28 


1537 


2339 

16.41 


1434 


336 

23.04. 


17.97 

16.49 


Grass 

Oy. 

Yield S> 
(ACT 
a J7W 


539 

5.47 

4.29 

3.31 

5.98 

6.00 

8.70 


532 

3.93 

6.64 

6.84 


5.91 

6.22 

4.98 

6.56 

537 

533 

637 

7.62 

4.68 
8.05 
7.78 
672 
6J20 
6.67 
4.72 

5.69 
730 
636 


5.76 


3.82 


5.46 


5.71 
535 
827 
535 

6.72 
628 
5.13 
632 
2.91 
735 
5.09 
b&i 
7.E6 


536 


Esl 

PE 

Radu 

Chet) 


8.31 

7.96 

738 
10.46 

7.80 

739 
836 


8.02 

10.07 

7.79 

5.96 


853 

9.40 

9.62 

10.55 

727 
l(h25 

6.48 

6.68 

12.42 

728 
5.14 
514 
822 
8.06 

1076 
657 
8 73 
756 


835 


a.17 


833 


6.44 

8.04 


975 


46.76 

5.62. 


625 

7.60 


Fn. 

Dec 

1 


Index 

No. 


23636 

20424 

37382 

55162 

37133 

18557 

164.16 


20738 

25768 

171.61 

12237 


20964 
22735 
28634 
26558 
206.14 
22538 
378.48 
134.47 
19305 
179 64 
23571 
96.15 
197.45 
27986 
245:53 
132.% 
418.99 
213.67 


219.98 


52628 


24526 


168.92 

19824 

2150? 

146.71 

13755 

124.96 
32467 
77.44 

259.97 
108.% 


2C752 

103.95 

29533 


224J3 


•'No*. 

-30 


Index 

-NO. 


23431 

28135 

372.85 

54322 

37259 

18328 

16436 


20627 

25625 


172.48 

12168 


28854 

22633 

288.76 

264.02 

205J8 

223.19 

36822 

235.13 

19456 

17829 

23669 

96.14 

-19630 

27158 

243.74 

13120 

405.92 

212,95 


21853 


51962 


243.43 


167.07 

19359 
216.7 1 
147 A3 
136.73 
123.78. 
32238 


77.41 

25850 

108.17 


20622 


18252 

29522 


22256 


Wed, 

No*. 


Index 
No. . 


Z360B 

28221 

374.24 

547.69 

374.93 

18550 

16531 


26830 

25864 

174.63 

J22J3 


21061 

227.44. 

28652 

26539 

29654 

22523 

370.15 

13621 

197.42 
179.89 
239.76' 

95.79 

19838 

.2SL66-J 

24882 

.13256 

408.95 

215.42 


22057 


523.84 


24566 


166.72 

195.92 

21355 

14630 

13887 

125.96. 

323.05 

7737 

26159 

1D8JS 


Tues.. 

NOS. 

28,. 


Index: 

No. 


235.75 

2*2.77. 

37436 

54527 

37339 

18552 

165.551 


207 J1 
25754 
17459 
12251 


21137 

22821 


28759 

26459" 

206.79 

22758 

36893 

13859 


19878 

18 1 33 


23955 

9556 

197.69 

280521 

24557 

13133 

40939 

214.91 


2 206 2 


53L06- 


24623, 


168.95 

i953f. 

21258. 

lfiiL 

13861, 

3272fJ 

32432 

.7869 

26058 

MRMr 


■- '• ’.i 

'Vow ■ ' r- 't; : 

; ago ' .. . . . . 
.'.i-v Jw - 




Imtet 

«e. 




J0137 
18651 
32298 
42551 
28566 
15862 . 
.15551 


c*i- ;• 1 . 

* • 


,■ ■« 


1B57 

23242 

17957. 

11651 


■Ji; - \ 






-• - T? 


19958 

232J9- 

FOX 

25431 

29637 


'fcv- 


. <•; -- • 

2B.7S i-*.- *‘rt 


;hii ■ * 1 


32854; 

126-05 . „ 

1687i:V ^ ^ . 
m72->r: *1^;: •* ■ 

TS6JO JV-i - 

6M^:XSr- . . 
«92J= 

19718 ■%&*&** - 




35S2L' 


Z :-i?r V^S'b.. 


1 6826 

W457 

7W11 

mat):"':. 

-It. • ■ 

'-8356- ^ 


ro-uer JMQ.UU 1 - T-r~ t rf 
9939'- 1 2B3X >.'^V ' 4\ r ' ■ . 

. -‘-.88 S3'^v; : -V;i.: * ’ ' ' 

30S3B . -27738 u- ’ 



FIXED INTEREST PRICE INDICES - 

> 




IS 



X NH. 

Bntlsh Gorammcnt 

M 

Ounoe 

% 

■* 

.1 TO 
to date 

a 

Under 5 years. 

18X35 

+0.08 

— ' 

■■■-• 959 

2 


111.97 

116.98 

+0D9 

•74-; 


J 

Over IS years, 

12 55 

4 

Irredeenufaies. 

122.00 

-j 

— ;• 

' 33 54 

5 

M stocks - 

11021 

+0J5 

0.17/ 

3828 


FIXED INTEREST 
YIELDS 

Br. GosL A*. Gross-Red: 


Lo* 5. jean.. 

C<MMns lS^yiara:. 
• -;25 jears.. 


MetBura ' J 5 wars'— , 
Coupons-" "15" Wan.:.'.' 

S. years./' 


mm - 5jears..i 
Coubans ■ - lS jeao;.. 

25 yean.., 


Iiredcwaite 



‘ 3255 
.i»<a 
1257 


1236 : 
1323- , 
X»5S. 


1200 




1238' 

1258? 

1258 


32J& 

1322;. 

.S25- 


2250 


3l»ii.. Dec. s 


Ifltier Silcltt 

x». sT- a 


. Fcf- 
Dfcu. 

■ i: 


18 

16 

17 






■■ 

Tbul-v. 

■ 5'X. 

. 30 

Wert. 

-Kuv.V 

i * . '1% 

1- f-;T 

Sob. 

-Sw.- 
’* 21 r' 

•: fa. 

■ Sur. 

•■•-at*- 







-fi-yr. RotL Deb & Loans (15) 
Invcsinient Trust Prefs. (15) 
L'vml. and indl. Prefs. (20) 


81.16. 

71.86 


ns.iaJitisM 

." 18,65 
iS.pi 


:as4a 

efcst.[. : ai:a6 


ss. is J as. i6 j ‘ 

'SJ.IS'J '8 1.16 ; Si.16 j ’sifitt 

jt.-OS j-TMB j 71.79 

doW '*ad. vuJdmi ud eiriixSaoM tbaraey m jrafaifeted' 
V^lUllOirK'Ull -FIHMcWjTlnK..,B>Siu. - 


7 ie - IJ< - - —4- 1— record; batx datce bad valnnx and tTritxdtMau ebawa^Syr.- 

■■ i — ; - ■ r .y.~ ~ — — ' - 




f (J* 


\\C. 

























































•NO,, 


' ' ■ ■ . j r 1 ? . ■ ? r '~ ■ _ '. . — ■ — 

~ VnoadbiStm Xlntt Mgt L&,(a) 

■ ^^ O j MOijwS^ -Aj^feqc ■>: ttegjsqa VLIralaiKl YonLlSCSB 5DH, • 0l-» 


MFHORISED UNIT TRUSTS 


OFFSHORE AND 
OVERSEAS FUNDS 


^'Vtr^Wiiysrrt.KMBBDH. 

• 'M-- ft BBMS3UB M ::.:::! 1» W2£=. Wo 

Is Xi l, ^JTgnSK?“ L V/L™- *■«. ***««• «"fl 

^^rwrAfnim,,.. , ..^JUeJf- 2XL Old Quroa Street, SW1R8JU. 01-B30T333. w-ivsvu 

Yii*dr:* &1UtkW «» : A»nlto r . , : ^ T J Wi. r J» JBSESB? 


■'-lC.W 


.(■) .. Minster Fund Managers Lid. . Provincial life Joy. Co. Ud.* Save & Prosper con tinned Target Tst Mgrs.- 'Scotland) wills) Alexander Fund 

0! -MB 6371 Mincer H« . ArtirurSJ .B't 01-6SI 10f» ~Xt Bi*hapN<M,fc E VZ n,-M7A&33 ScOtbilS SeClinU*S Ltd.* 1?. Athol I’rcM-ent. E4in. 3, ■= 37. rut Xdlrt Lwme, tuxccihnurlf. . ^ “rewam , 

if is B 3 B 3 UU -iM:d IS W 2 S=.W> MM » ^».::::::r.|| f]:H ?| ?»W 3 MM || ~ 

c:::: ft «A l,Bit *** «*“■ . Pmdl. Portfolio Mngra. lid.* mm Jr 05 ft “ ,, "T W ? 0 W Allen Harvey ft Ross inv.MgLtC.I, r2g & 

in!A?l W n Stiretl ' S St! WU: Mffi Bare. BCl.va.vK <11-1055532 .‘iev l.£ *. >Td;*-; ; 9 • 1%.M ... 7.62 Trades Union l flit Tst. Managers* l.CturtneCrasi. Ft. Belicr.Jft CL AS34-W-J1 i Chart necift-.* 4*. Heller Jer*er 

fers.** “'-AUtlte Jttfc *J-JW Prudenlul.1... ..1138.5 138S|~1.5| 4« «■. «**»»*. EC* _ Ol«B»»ll AHSGUlEdsFd KM.U U 17J, . ....| 11 98 lift SSS 


tSJjd +031 L86 

S JlTSS 3:8 


.Vet »!« value Nov 


,i.- J ~ 


Keyser Ullmann Ltd. 
25. Milk Street. EC2V BJ£ 

FrtnSCle* .IFTL434 

Hondoelcx. . [rVUOJS 
CenLAsGrta Cap K13831 


01-604 7070 

m = 


ir. •«>«»»« En«.airtan*. • 


&T. XWt Managers Lfci* - 
;itfnnfibt4rcfata»Eajiraja 
OTttm.fnc^-li.1 fi. JM1 


Frudealul |I»S 138SM-S] 4* scwSta«W Tftrt MV^.^~aH« 

Ooilter -Management Co. Ltd.* ho. smith shot*. DnAing. <0306i{M4i 

. 3301-0 41 3.61 


•BaTVES Murray Johnstone U.T. MgnL* <a> ~ ScWesinger .rust m 

*9? V I arfiiSpaff iiOHoMSbwt.iaa.fip-.GSSCH 041-2213S01 Qnilter Jvunageinent Co. LW.¥ hh*"** 1 * “Sfi L" K 

. ,3S :.§= «5 MJ£art>pcran...,..p9 j 2 «31 - - i 335 The Slk. Eirtance. EC2N IMP ni^»4l77 Am-Ejcmt*-- • 

■*3c . V- • S ..A maft la T tl,; iv ' ^Tt j,-Vri ' ' T . JJeaiuiR Jtay pnday. Qoadraottiea.Pd..nB&4 mg^a 4.46 ^S-SSSSSriiK 

nil ^ •5 -•- - . , Mntoal Unit Trust- Managers^ faKgJ Quadrant Incometo 137 3+4^ 7.% ^jg^gifod 

2“ W - 1 S Jiff 4 S **WS| 3 ? r ' 0 P t ^>Av-t.BC=R7BU. , 01 -6064803 ReiUnce Unit Mgrs. Ud.¥ 

9? -2 ? :t- r^^SaOTBl^^r-'-'iV^wS.SS/SrS^^-rr-K-S ; r tSTT: H8 MuUjoISe«.PinB K.1 5531 +0.41 630 w.7>n SiSS^nii 


TOUT Nor. 2 w 3 SZ5| .. ..i 5« Arbullmot Securities (C.f.i Limited 


«-5S: V 

*».Ba J ' 
IS.*,. ^ 


jag» 


us.&GnL..m£j 
3l^an&Gea.»A? . — 

•CL A Jt'Tnist (aMg)' • * 

Ti, Rj^ijfhAd^Brcntwuod. : . 


a JH mW ■ . ffll M H gggfiSHH al i'sil II 

3* National- and Cammercial ReBordeT.l ne ...|06 466| + o..M s-w 

-|S 31. st Andrexi Square. Edtabuiuh (01-556 0151 Ridgefield Management Ud. 

\ Income Nqr. 30.., .057.8 163.61 1 591 38-u, Kennedy- sr. Manchester OfiizwasM 

-ffiSS&f* :Ir:jte**fiSS S::rlH 8 


O’ Reliance Unit Mgrs. Lld.¥ 

’ | yt§ Hcljanrn Hue .lunbrlrtffe Well*. Kt oaej; 

•” ISfi&’i! slid 


EicmptMkt L 
Eurra Inc Tst 
Inconw Dia , 

Inc 10%Wdi«i- 
lntnl Growth 
I nr. Tst Uni" 


inarnsaraop <Awtm QSii:: .Sat 


3.61 Transatlantic and Gen. Secs. Co.f P.a Bo* 284 . Sl Heiicr Jersey 


1 Chart ns Crfii*. W. Heller, terser. (0534)73741 
Valiev Use, SI. Peior Port. Cnuy. 1.0481, 24706 
1 Thomas Street, Don das, I O.M. 

<06241 4856 


t- 1 fi8rtm*«s Fundi 

pmm 


;^*Aj«.^ T ^~|332 : 3551,8 -+f5» *** NaUonaL provident Inv. Blngrs. Ltd.0 BathschUd Asset Management <g, 

A - ~--i.~ - , : .. — --■ - ~— — ■ - '■'-*■ — - i* n . . . .. T^Jtn fl<l Avli'shun*. DSMhfi 1 


9-(3>Kgl 48, GnWmhucsbSU EC3P3KW 

gl -283 8531 NP.IGthUAm.W70 

om i aiw*t 

(Amin Unloij~ 


ACTiVr 


.I 

".>■ -A^gcwin. Uid t-Xc^ jtf»n ag f rw 3 4 A 
S _-ua.P«»l»OTh 
:-.■*» .• Andeiaon TJ.T... 

Amaxaeber Unlt Mgmfc;^o.“|d^ . ; '- 
:;r# -i waste st. .HMea^rigf 


+0-S O.M 
+ 4 . 

+g- 

+ 8 - 

-+fl 


01-8334300 n -®- CalchouM Hd.. -V+lMbury. uwoawi (-w-.wtde. K'"2 

,™ 450 5j.C. BguiD Fumd Tin"3 + ?-Sl IS Capital 28 fioi2 US* ... 

..' : 4.80. Nl .Eng BM-m 1^7 1574 J ti fi ?2 'Accubl* - K 3? 1293 ... 2» Wicker Not- 30 

Ha . . . 1 £Sf n ra F ?Jlfl , SV Bl ' iS JnromeNpv. W.- 197 5 204 6 .. . 7© lAccirnj. Units i 

m 3 2.4Q H-f.- 1°*!- J3- tjh*[ J S-f sZa +12 ffl lArcum Unit*).... |3M4 3MJ3 7.03 Wii-kDn. Dec. 1 

wiltnfi Dec. 38. Vf- smilJrnl^Frf Utl iSjllH 4bfc General Nov. » . W72 m.B .. 3B Do. Accum...... 

Prices ea Nov. 1. Next dealing >; <>■. 15. N l Smllr Coys Frl IS6.1 34631+1.61 4.66 lArciun. UntW- - PWB 1133 ;79 

■9? National Westminster* 1 (at RothschUd & Lowndes MgmL ia> 15KSS. ! u5fOT.‘"Hi Hrc IE ^" d,L1 

.06 ~ ' ' BC2V fEXj. 01-406 6060- Kt SwlUHnslJOC.Lrtn..ECl. 014364356 ■Pn*TJmFdNov5l-ll67B 172.9 4 54 J*- Canine* 

713J +0 71 438 NewCT. Exempt. 1022.0 129B .. .J 3.B9 -SpecE*. Now 1._ E|0 9 25B4 .... 3.99 Income Nov. 88 

- f« Prlres on Not. lSNe*t deaLnc Dec. 15. _ 

J4J +o.a |oz Rowan Unit Ttnst MngL Ltd.* la) Scottish Equitable Pnd- BSgrs. Ltd.* 

till In 7 c"b? atyGotnH**.. Fm*bwS«l-,P3- 01-606 106G 28 St. Andrews Sq .Edlnbui^h 00149660101 r?cc ina U alts) 

5S.7e +0 7 liS American NOTjW|6|i) M W 1.74 Income Units 7 53.5] . ..j 528 ln( Ear Nov 28 

L ..} 4 lbi SecarmesNor 33-U720 M. 457 Accum. Units-- J59B 42 JS I 528 (Accum. Un) (4/ 

->& lit NEL Trust Managers Ltd.* (ajtg) fuehYldDec 1...B4a 577g -. SAC Dealinc day Wednesday Pref. Nov. 2?. .. 

- . MllumConit.Dwldjm.Sniw. »» »*HSVS“ffi~ Inn ml Sebag 1 Unit Tst. Managers Ltd.* (a) /Accum. Unite) 

- SteftighT*;B8I SI? M :::::: *M 

Norwich Union Insurance Group (hi Royal Tst. C-an. Fd. Mgrs. Ltd. Sebac fisgKpu; , MM as jb&iflb? 

iffi PO Bo*4, Norwich, NR13NG. 080332200 M.JerwnStwei.sw.1. oi«29B2&= Security Selection Ltd. Lmdw, wall Grw 

1 GroupTsLFcL 1365J 385.3+2.11 522 Capital Fd -K5 2iSl 1 3-K 15-13. Lincoln'* Inn KiolHs. wet oiJBl 688*0 Capital Growth. 

jjA - Pearl Trust Managers Ltd. (aKgMz) W Nm/Kcict dJuS tJ. 15 70 ' JU-:;| 2.72 ExcraJnc^Growt 


0286 5M1 
191 3.46 


Prim on Nw. 30- Neal dealiim Dec 38, 
Prices on No*. 1. Next dealing Nw. 15. 


, ^S.-toeJIowhly; 
“ I -4 , Axbatfcwrt 
n 32.<&ew^ 


(•st a 

4 

■Mi 


Prices n No*. 1. Next dealing 
Notional Westminster* (at 
M Wi. Ch« '-*'■+ ”™” *”' 

„.E0 Capital f 

0_92 ®xtra I 


N.C Inti. Fd lAer^pl 88^ t-La ] 
N.C Smllr Coys FrfllS6.1 346i! +LS ‘ 

Rothschild & Lowndes MgmL (a) 


nn^ lAruum. Units) 

50 5+0 4 3 M Colmo Dec. 1 ... 

27J6 to! l.M i A ccvleh CJntgj 
31.1* +0 3 <M c-umtaL Non--» 

in i -ni (Accum. units I 

25 1 i 7>9 Glen. Nov 28.. 

N't Jn'i 2 24 lAccom. Units, 
34.7 +0 2 214 ^rlbore Nov 28 

nUtu in «s85«ae5*. 

Henry Schroder Haag & Co. Ltd.* 

.Cheitwldc.K.i'2 01-2403*34 Vane Tee Nov 29 

piUI Nov 28 mz HBJri ... 2.76 .Accum Units , 

lcum.1 — yr- -b§4 1 J29|| -. 1 5 Wicker Nov 30 

■OOie Nov. 38. _ 197 5 2MU .. . 7© (Accorq. Units i 

rcum OnlW...- B5J4 303® -7.© Tirldin. Dec. 1 

ncral No*-. 29 . |?7 2 .99.n - • 3 ” Do. Accum. 


OKH 72177 tilHFUndiJerseii 1899 9 

. . -1 420 GiltTruat/LoJU JlflLb IP, 

3. Gilt Fnd. Gucrnwyp.44 9 

+1] 12.® Ln-J Gavt Sm Trt. 


• Next ocaungaaie Dflct-moer II. First aterlind _l£U.2fl U23I J — 

3 “ - 

AUSlralian Selection Fund N\' Kicinwort BenBon United 

MoiVci Opportunldo, erfl trish Young 6 -' +? 1131 i 01 

Outhwsltc. 127. Kent SL, Sj-riney. , S2!S? , iiJf** r, LtT ^ IS 

USS1 Shares 1 SUSf«3 | .. J *- g*KSL*«-" -Ki \ *% 

Net auct value. November 24. -P* 1 Aceum 152.4 I7A| J *3o 


5'S USS1 Shares. .-'-. | 5l)s£«8 } . . 4 *- Guernsey Inc 

Net auct value. November 24. -8|®SiM.-“ 

Bank of America International S.A. Kfilntl Fund. .. 

3* 35 Boulevard Royal. LucemhAun; CD. kb 1 


1.71 ■» IWJ-B1. uiiramure u w. ifn riV ,; Bt h Fd 

3.71 WldlaseM. Income. JSfSUftJJ USSU . . 7.37 simei ttVrm^da ' 

1 77 Pnce* ai Nov. X. Next sub. day Dec. fi. jntcratJB?F% : 


IUSJ796 -l.M ft] 

SU 51148 .. . 0.7 


' EC2V SEC. 01-808 6060. 


St Stt-t thins I joc. Lrln. EC4 


KSoSElfipt^- «7| 

Ml i Accum L'nlW-..- 2934 
General Nov-. 29 . M2 
4bb lArcum Uiutft-- JMB 
. Europe Nov. IB. ... H3 

’ (Accum. Units,. 34_a 


0145284158 ■Pnftfl 


TBL MgS- IXd- 

1 <J. %fF a, Fnadeftdrt PUD! a JBVBT. SCX 01-5884111 

^^9 52M.3 ^ 


Growtiilnv.' 

Inca mo 


71iJ +0 71 430 NewO. Exempt . 1022.0 129 M .. .1 3.B9 

369 +03 1 45 prtriw 0,1 Nov IS. Next dealinc Dec. 15. 
94J +oi s!oz Rowan Unit Trust MngL Ltd.* la) 
7?” +4J 7Jfl u» Fmch.m <ia.. na. nuaw iimii 


•SpecEs. o 
■Hecorw 


3 21 Tyndall Managers Ltd.* 
IS Cumae Rend. Brirtal. 

J 99 1 nrome Nov. 29 1 “ 

72 (Accum U 
Capital Nov _ 


t.-.-ws? 



U32 


?.,-- r Deallag,*Tuta. 
Govetf ^J<*n)* V;^ 

TV, W.TL'Kr 91 - 


h" whinDet, 
t-ljo, Accum 


^r|J' r^T^^&^deilingday Dee.!*, 

7»- Grievww SIan^mK3ii Co. Ltd. ' 
;J;S nGrartbWDt,BC3F3liS.' I'-i .©*064433 


J Banqne Br nacelles Lambert 

5 05 2. Rue De la Re genre B JDQQ Bn 


■SijSfeff'Lssw ■ 

Jofcmtl. Bd. Fd. pliSlM - | 

Lloyds Bi. tC.I.l U/T Mgn. 


5.05 5e.n« ftUi 741 PO Boa 1«. St. Heller. Jew- ■ 0534 276© 

1 40 Ren “ Fund LF..-P.9W L965| -«l 7-91 Lloyd., Tst O'aeaaBSUI 55.61 .1 143 

' — " “* ‘ " Next dealiDR date December ' 


. .... Lloyds Tst O'jeas 1522 55.61 -J 

I I 0 40 Barclays Unicorn IsaL (Ch. Is.1 Ltd. Next deal , dr date December 13 

1. Chariu Cross. SL Helicr. Jny. 0684 73741 1 rulii nth^ewhU'"" 1 UM 

Ov-erieas Incdibe M69 44JJ .. ..1 12 20 Inrttfl 0Hcr Uoaea 1301 Dwe « h » 

ES^tTS'-KS. M IS “•>* 

- • '. P.O Bn, 434. 1211 i»etie*e II (Smuertandl 

- j! Barclays Unicom InL .1. 0. Man) Ud. U^SgLgSSa'MI ^.88} Z'.i h 

aw lTbumisSu Douglas. I.oJL 0834-U36 . . . ... .... 

; Sj 2 Unicorn Ault em.. (tt 7 M3 ISO Management Internal tonal Ud. 

... .. 533 Do. AusLiOn. ... 291 3Ud — 196 Bank o( Bermuda Building, Bermuda. 

Ji! &&r&S£Z::£2 31:::" £« < , - BWrt “ yVw34 ' waas i-t - 

. ... 1341 Do LoIMaiiTSL-g^ * 4851 — 9.M MiG Gmap 

Ml £S5 11K Do Kaax Mutual IS2 2611 -. 4 150 ThrreShW} , ToocrHUI EC3RQBQ.0J-«264fi 

"T2S B “hopBgate Commodity Ser. Ltd. AtlanticNov.28-.lIirS278 3.84?... J — 
1' ■ ell P.O. Box 42. Douglas. I.o JS, (102+239,1 AuSt.Ez. NovJS. .. H.IS2W 2.3* ... 1 — 

AKMAC-Nov 0 ..pesna MJSI I — Cld.E=_AccNov39. 4711 - 

1 ANHHO--Nov.fi..pJ75 1246] - Island..... 129.9 g?9+g«l33-J 

1 -+D 51 OUNT**Nov.8- JE2692 2.a5a . LS4 (Accum Units, .... 187.1 20121 +0.6| fS.fl 


7flI3 cm City Gate H»e.. Finsbury Sq-, B3. Ot-COS 1OS8 ■jft.St.AndroweSq .Edinburgh 

5S.t 3 +a'7( ibl American Novj30[62.0 MB. — .1 J.7J Income Units 7 « 

, ! . SecurmcsNor 38-U720 38JCS ) 427 Accum. Vn;ts r - 1590 1 

Ltd.* (aRg) High Yld Dec i...gt8 577*j J 848 Dealing day Wedne 


Increasing Income Fum 

m*m^mW:m: 2 SS£slS!££& 3 £lliZ osssfthXL^ «fl J « 



Peart Treat Managers Ltd. (ajfeKD “fflSVt Nm/ aTvext d. 

“US High Hdbarn. WC1V7EB 012038441 nrt ,„„ 

^ Poari Growth Fd-.B4A 20+021 5© Save * Prosper Group 

I’m Accrun Units— .B91 313 +0.31 5.© 4. Great SL Helens Tendon EC3P 3PH» 

^ Pearl UultYS: ^ Z 3^+O.J 5^ niSiSfru! 01 IBar IB?la 7331 

S Pelican u5te Atontu. uS igMz) £lT?7!!2L S ® cnritiea LULV 

■g BI Fountain Sl, Mane heater -061-2385085 ^“*062 38.91 +0 N 

£ Pelican Units. 1373 WJH+O.t! 4.79 J;t?U ®9 S'fl+S'fl 

'll Perpetual Unit Trust MngmL* la) Univ'crowth; . .~.|&7.i 72.ll +D.7I 

locmslaf Income Fund 


lotill ::::| POBw 51 L.BeWbo HM ,SC 4 . Ol-ZWSOOO 

^ Can. Fd Mere. Ud. ' M M IS “RS 

nstnei.sw.i. 01*298252 Security Set ecu on Ltd. LmdM wall Group 

id -(57 « 7111 1 387 | .4- 13. Lincoln's Inn Fields, vc 01-831 6886-9 Capital Growth . -IBIS 

FA ... 469.7 7351.^ 1 7 70 Tinirl GthTst Acc .124 4 2601 .. ..] 272 Do. Accum. 1855 

at Not. m Next dealing Dec. 15. UnvlGlhTsiInc IE11 ZL5nf . .. I 2.72 Extra Inc Growth u»2 


... . , UJK 

Jl 

. ...| 1351 

Ml 225 11CS 

.T se 

.. I 5.67 


P.O Bn, 434. 1211 Geneve II (Swiuertand) 

HS&f£&SS-m 3SiS :::::] & 


1-4 - 


Three Ouaj*, Toner HUI EC3R QBQ. 0,-826 4688 


Stewart Unit Tst- Managers Lid. /a) fA 

+\ Charlotte Sq . Edinburgh. COl-2283271 Accum . .. 20.0 

TStewwrt American Fund High Inc Priority 62.3 

.Standard Units. [56 9 60 61 +0.8] 155 International . ...27 0 

Accum. Units.. . El 9 66M +0? Special Sits (34.5 

withdrawal Unit' (45 8 4&8(-oe| — 


_ _ abmacyvdv a ..pesna 33201 1 — 

®«t ANRBO- Nov.B..Bl 175 124bJ — 

£■8 OUNT’*Npv.6- ..[0692 255^. LlS 
Or, finally issued at *510 ana **£1.00. 

*1*7 Bridge Management Ltd. 

PO. Box 508. Grand Cayman. Cayman Is. 
#74 N"hashi Dee. 1 _..... | 117.858 ] -9A] - 

|E Nlppon^d. r?J]v. 2§p6s»D B 2J 131 J O.i 


Sam nel Montagu Ldn. Agts. 

114. Old Bread St_ KC2 01^886464 

Apollc-Fd Nov. 29|5PM35 48.15! .. ,J UJ ' 


JapIcstNoi 30... HEH329 

„ , _ 117 Group Nov. 2£> 11.18 

21 131 J 0-78 117 Jersey Nov. 15 £5 12 5.61 

■ pit rid 1 17 JwO's Nov 22 ao 07 IB ml 


TIONS 


--ai9iWMiHdlbdnirwaVT«li: -T 01-831 

Barciaya UnicAiyi U±*f (aKCKg) 
-W Unlcomiw yMZHoBdned^d. 1^. -Qt4» 

1 a a stBsa^ ^saai 

g^Auat. 


SKffiSr'iusrs I^S. 1 

■^pcSSat. Hw 3SW*t Bit&rSp bed.-L , .Bandenm Admhwtraiipn* IftKcMg) 3. Frederick's 


Premier UT Adtnln^ 3 BwdetfthJlarf. Hnnon. 01-588 4U1 


Piccadilly Unit Trust (aHbl High income Funds 

7*°“ Antony Gibha'Dhll Tnwt Manager! Ud. HighHeturn |C 

toKcMg) 3. Frederick's Piece. Old Jewry. EC2R 8HD. tnvoroe. ... 

U K- FuocK 


-BI 2H4I 


Brewtwood.'Einsx. 


.,©77017^38 Extra! 


- 1 Cap. Growth inc. 4 
Cap. Growth Ace..* 
Income 8 e Assets 4 

’§SS^3tni B 

Oil & Nat Rea-. 


ii i ; 



©a +05 

«72rf +0.3 

Sl+8J 

72JJ +L0 
67. St +05 


UK Equity W l 

Overeeaa Funds*) 

U S - - -167B 

|»| 


-Stewart British fanhal Fund I™ UBII IIUS 

+ S'H Standard — 0383 150.71 ... J 410 21 .Ghanuy Way. An 

a-tf+O.J 597 Accum. Units. JlM4 175^ ..{ 4 .10 Dealincs 

72.ll +D.7| L96 Dealing tTucv a Kn. -Wud. ihITSB Genarairf. 

San Alliance Fund IHogL Ud. <b, Do. Accum.. .. 

57 A] +0.4] 759 Sun Alliance Hae.. Horsh.m. 040364,41 !hl rto B AcmiS e " 

Exp Eq. Tst- Nov.G 11214.1} 226.31 I 4.45 &6msh^'" 

73.U+|).a a. J7 *rhe Family Fd. 1971 l©a+D9| 3.90 , ^ AcctSi” " 

462( +6i| 953 Target TsL Mngrs. Ltd.* laKgl 

31. Gresham SL. EC2 Dealings- 00965041 t'lster Bank* (8) 

48.4] +05J 512 Target Cammoditi . [3> 9 365rf -0.1] 416 Waring Street Bella - l 

Tanret Financial rb? ? 6Ba+0.U 4.© (biUUter Growth. 138.2 


TSB Unit Trusts (y) 

21,Chanir» Way. Andcner. Hants- C 
Dealings Ip 0204 83432-3 
thITSB General. ..» 3 4951+1 

<b, Do. Accum.. .159.6 63« + 1 

ih) TSB Income. .1613 * 653m -+< 
(b) Do. Accum.... 165.6 693] -+l 


- Britannia Tst. Mngmt. ]C1I Ltd. 

30 Bath SL S!. Helier. Jerrey. 0634 73214 
j® 84 6=188 SJcrlln* Dcuomlaated Fd». 

63432-3 GrowtFWesL 1*7 39 7] J 2 « 

53-S'il-y -S-SS ™ b* fc w.« -— 1 100 

«^la + S S 4 S8 Jersey Energr Tit.. P172 126^ J 138 

ZS 'UnMI STslSie. E2© 2 lij ] JIM 

mlalni ?'S High InLSUg.Tn..|£0.© 0/ 

*9(0 tgl 7 18 0-S; Dellar Deuwalnaled Fds. 

W.71+U8, tM UninI _ STsL __ __siisj: j 


■1 - 

+0M _ 


Ud. 1 17 JsyO'i Nov 22 . [£X0 87 1DJ9|+0 44| — . 

063473114 Murray , Johnstone (lav. Adviser) 

,63. nope SL. Cljtgov. C2. HI-221 5593. 

:r. 5.8 :SBEd')5ii:-d IDBUi |::::..| = 

-—-I NAV November 30. 


I 0.96a! | — j 1250 Negil SA. 

rtn-ruv, -s=.».*.. Flta V «.. . 30a Boulevard Royal. Ltneemhnurg 

K&tfatacBSS 1.^1 :::■] «7 ' WSUM 1 < - 

023235231 Value Dec. ]. Next dealing Dee. II. Negit Ltd. 

410, +0 4, 5 67 Brown Shipley Tst. Co. iSeroey) Lid. Bank a, Eu-rnuda Bld«a. Hamilton. Brmda. ' 

P.O. Box 589, SL Holier. Jersey. 053474777. NAV Nov. 17 - f£6J4 — { 4 — 

SUnfrBnd.Fd.b-. 1 ^© 10 061+003] I2.00 Fhoenis International 
a in, ?£' Butterfield Management Co. Ltd. PO Bex TT SL Peter Pnrt. Guernwy. 

Ttu [ aJb PO. Box IBS. Hamlllon. Bermuda. Inter- Dollar Fund ..|$2J2 250] ] — 


JS T ar|«S^Nav .29 M65 217 aI t95 Unit Trust Account & MgmL Ud. 


Ai»-r,TOTFwa".-|a:7 ifii+o m 

Practical Invest Co. Ud.* (yNC) ' noancialSecs 169 
+4. Blooms buty Sq. WC1A 2KA - 0,-8238883 Hlgb-Hiuimom Funds 

PracDcal Nov. 29. 0503 lM.lf | 4 49 Select Internal... 1241 

Accum. Units [56.7 230.il I 4.49 Select .Income .153. 


1 86 A no Ace Units 286 9 
0.62 Target Gilt Fund |11B2 

432 epacH m 

it rfaR”. a:, 

TgtrPr. Nov. 29 -fife7 

in Btfck:::" S! 


led Income^. -153.7 _ 56H +0.4] .7.71 Tut- Special Sits. .|20 6 


34 4 +0.1 

164.! ... 

m ig] 

22 2 +0J 


SS King Wtf ham Sl EC4K OAR 
im Friar* H.=e.Fund.|M7 
5 re WielerGnh Fnd K9 7 
215 Do. Accum [349 

|tb Wirier Growth Fund 

LSI King William St. EC4R3AR. 

12-38 Income UniL, 129.7 

5.16 Accum. Units -04.9 


I +l"™°4U 1 Butterfield Management Co. Ltd. 

, (S PO. Box ID, Hanllton. Bermuda. 

'.-I.'! 4.86 Buttress Equity . -Bl'SZlt 12% J 1 

' 1 Buttress Income .JiMl 91 1 1 " 


“LI 4.86 Buttress Equity . -Bl'SZJi 12% J 175 

' Buttress Income .ISPSIW 2.05j | 7.© 

I Prices at Nov. 6 Next sub. day Nov. 11. 
01-8234951 H>r Capdirex SA see neder Keyset 
... .| 4.86 1 Ullman LuL 

4-86 ‘ 


*£« .Cabot— 8 

Jh 549 • Kter^tpjwal — -P 
4 m*miw»w. bmII &g mifiKDec.U 
Do,' AcetmCi^S ®asr*» 

^arintf BrothOTK^ Ca. Ltd* {aXac) . Eai cpean — .f 

VV w P TJ- -^VMiMwn Far Bud P 


INSURANCE AND PROPERTY BONDS 


■ Ullman LuL Guest InLI. Sere.. . 5V!S» 9 

Ouest Inti. Rd ... IlL'tti! 

Capital International SJL 


37 rue Notre-Dsme. Luxembniirg- 


Capiul Int. Fund.] JUS17.58 |+OHI ~ 

FOr Central Assets Mngt. Lid see ixiTheSilvcrTrusL (115.6 


Quest Fund MngmnL (Jersey) Lid. 

P a Box 184. St Heitor. Jersej 0534 27441 

Quest SUcFwi Int. B8.1 9331 . . J 12 00 

Guest Inti. Secs.. .Bl»» 0 97a ] 3.00 

Quest Inti.Bd ... .nl'SUN O.MTf . ... [ 9J3 
Pnce 3l Nov 38. Next dealing Dec. 8. 

Richmond Life Ass. Ud. 

48. Alhof Slrret. Douglas. LO.M 0824 2MM 


•5 ,:«a. Lescfe>steaat»aca.' » ■ •• «i-se8»» 

f gBsSfessM^M^a 

W . -• wTd«f-nBTOm& *•; . r ,-x 

Z Bl*hoiwsalw>?n»f3rs»iva Mgnd- O.* 
# •.'XOsltopIgata^BCl- 


under Keyser Ullman Hi 


Charterbonse Japhet 


H 0824 23014 

. . 118.4] -03] - 

Richmond Gd Bd 11093 U5.fi] +11 - 

iM.Pistinum Bd .11581 Ubll +2.0 — 

Do Diamond Bd. .(©I liLfl - 

miuihu D+.Ein Income Bd,. (166 2 174.91 11-61 

° i 2U fn C“fnll®"CC-LBd-)«-fl 30oij l....] - 

4-g Rothschild Asset Management (C.I.) 
c3n P.O Box 58. St. Julians Ct. Guernsey 048120331 
_ OC.Eg.FrNov. 30]565 60.1] +351 2.92 

2.76 O CJnc.Fd. Dec. 1 1521 16Uad . ... 7J» 

... OCJaU.Fdt jL22 .155 136 

LM- OCSmCoNov. 30 -.143.6 14? zj .. .. 338 

0534 37381, OC Commodity*. 142.1 1|U| ... *27 

1131 DlrComd^t S28.07 2936) .. .. 0.6? 

tJ 55 'Prices on Nov. i4. Next dealing Nov. 30. 
IPnces on Nov. 30. Next dealing Jin. 2. 





ttL4B34B5i 


IS |fe 


Abbey Life Assurance Co. lid. Crown Life Assurance Co. Ltd.* Lloyds Life Assurance 
U SO. Pan I's Churchyard, EC4. 0I-348B1U Crawu LUe Hso. Woking. GU2I INWotmiSUl 20. ritdon Si.. E C2.\ 4My 


Mang’d Fund Acc. 
Mang'd Fd. IncnL.iw.+ 
Manud Fd. ImL...^S4 


Is gSSffito: 


: » s 

DeaW ^tWo«yiiwrteg» MK'vtifrmA Managers 

- * ^7* *. -t " as. wifca.»3v bje. ‘ r^M k 

B riha ntejw 1 ^ *W»*gMent Wft) - - [7^ :,-. 

3 LondorvWaQ BgfldlBgx.Xo«>aon WaU- .i ~ Key Eqtu5>fc Gvir .lfiftJ -- 

-X .-7S.-.':- W-8B8 Ot TO lU TB; - Sfer&vMnpt Fd- gaj-v-..-a8B-=J-j 
. L7K6 , - tui ! - 5oy Jproro^Hi rd I t^SV-z- 


» 4H1 4.73 man Fd Ser. 4- 057 142* 

Hfl SS^ ult 3L F «* Ser 4 353 37.2 

*$» *Cpnv>d Ser.4. U45 12ftfi ... 

+<l 2T 8-41 WMoncy Fd. Ser. 4 1123 11831 . .. 

XnteL* (iXj)- •.- • Pnees at Nov. 28. vai nation normally 

St^wS? Albany Life Assurance Co. Ltd 

^ jTTv. - 31-OId Burtlnimu. Wt - 01-43 


5 37 g.m — — . EqiucyFULlncm 

J l ,9M — Equity Fd.InlL. 

141-5 — — Property ?d Acc 

1312 — Property F<L Idem 

3 IMS — — Properb'FdTIni 

.7 !«.* — Inv. TsL Fd. Acc 

I .3771 — Inv. TsL Fd Inem. 

3 1203... - Ln.TxLFd.IniL 

3 11831 . J ■— Fixed InL Fd. Ate 

nation normally Tubs. FNrf InL Fd. Ucm 


.!.(.* 3 mwDir wMi nai 

- :/■ •,/'? ^Up^WBOMaOt: 

' h Ti SBst M 

mmmm ■■ * ConmwddF^Hirl 

I E)BWPtf^rell. 7 .At 

h KxtraiQcOCMi— ^ 

k mm 

.V- ' T^*<sS3£«*>"'il 


n : ■Godd'fcCauouiKu. 
b? . Growth ^ 

V Jnc.*GrowS3Z4 

JmiesLTxtShart® 

r pft&EZZ 

; - n*w iasne.^„, 

iVorth Ameneun- 

c PrOfeaMOQ^LU— 
i ' yropc pyShawg*. 

L statue ChraaD-^- 

- - . UmvEnaigy ^ 


B4. LbWl oa '.WhUg.'j..^. .RayKcnafik Gen— [aft? J. hlwJ SJE 

-W-4B 8 o qw ii W: - PwSwMl Fd. - ..flM -5-i .15 

;SI|: 1 1 

r-S 5£| Jf KWmwmct Bcnjto»iUwt«tta»gcTs* 

;-' JH-8238CW 

- ■ " jm mm • * . i pn 


V*uoi 31. Old Burlington S l.W.L 
iWW ogqaity Fd. ACC...J196JJ 

-01-fiOfl 707ft VFbcedT InL Acc MLO 

afqdtf- 345 JJGH.HoneyFiLAe . UES 

SJi *lnll Man.FcLAcin 1B7.T 

ffi-HL-, 5S7 JProp FdAcc UZ9 

S+C.I 11134 JM'plclov.Acc.- W5 
s,i., v 32 57 EqmS-Pen-FtLAro g.| 
*«.( s 37 FtxMT-Fen. Acc... 180 0 


Inter' I . Fd. Acc 
. . . Inier'L Fd. Incm 

Ltd. Alone)’ Fd. Acc . 

01-4375962 MonevFd lncm 
I Disi Fd. Incm... 

Crown Bit. Inv.* A* 


2063 - 

1484 — 

122.9 „.. — 

1134 — 

1187 . — 


W9.g +0.4 
107.3 +0.4 
Wj\ +0.3 
102 .6] +0.6 
200.8] +0.6 

^j| -.‘ 6 

Mqt 

kw 3 +o l 
ios3 +02 
io§3 . ^ 

105S 
1183 +03 


- Mill CLNov.fi.. ... 136841 

831 Op5'ATT.Nm R0 1438 1514 

- i:ip.VA*BqLNm.3D 1?53 1423 

- . Op.5-.VHy \ni.M 155 j 153.1 

6 68 OpS-A Man.VovjO. 153 9 162.0 

- OpLS-AUpLNm 30 ]123.9 138 5 


Royal Insurance Group 

New Hall Place. Liverpool. ©1 2774422 

Royal Shield Fd .11447 153.1] I - 

Save & Prosper Group* 

4. rctLSt. Helen'*. Lodn. EOtr 3EP. 01-364 BRB9 

Pal Inv. Fd |130 6 13831+06] - 

Pronem PtL*... .161.5 17B.4 — 


800 •••■ “ Pal Inv. Fd 130 6 

— OpU-.VDpLNm M 1123.9 138 5] I — prepertj PtL* ... . 16L0 

13.00 London Indemnity & Gnl. Ins. Co. Ltd. i»2 

— 18-20. The Forhury. ncoding 5R»| ). ComaPenr.Fy f ' ^ 8 

T„ Monevj Manager B3 2 35.71. .1 — EquiKPenr-Fd....: 187.6 

bJtt M SI Flouhle . .CT5 312 +01 - rtnp.f^ns.Fd.*. 2341 

— Fixed Interest - ..134.2 36.1 ... [ — Gilt Pens Fd- 95 0 


lOfttf+Ol 10.1 

JM.a +0.1 9 j 


1244 The London A Manchester Ass. Gp.* 

Tor WinsJmiePK-k. Eider 0392-52155 

_ Cap. Growth Fund, i 2350 | .... | - 

10 00 *Fi« Ex^pt Fd 139.4 [ ... .J — 


$ExpL ^ir TsL Fd 
Flexible Fund 
Inv. Trust Fund. . 


Crusader Insurance Co. Ltd. Inv. Trust Fund. 

Vincula House. Tower PI, EC3. 014268031 oS.'Depowt'FU- 





(Ttd-11 mi P«i.Acc- . H33 
Inti Mn.PnFdAcc. 114 5 

Prop. P<m_Acc. 7295 

Brpie Inv Jen. Acc.. 1209.7 


Gth. Profi r*c.5..J74.4 B4JJ +0.4] — 
Eagle Star lnsur/Mldlaad Assur. . 


Comp.Peny.Fd t... 208.8 219.S . .. 

EquftvPenr.Fd 187.6 198.8 +2.1 

Prop-PensFd.*.. 234 1 2471 .. 

Gilt Pens Fd- 95 0 180.1+0., 

Depos.Pons.Fd-T 1024 107.1 .... 

•Prices on November 21. 
TWeddy dealings. 

Schroder Life Group* 
Enterprise House. Portnnouih. 

Equity I - 230.9 

jdMn— »a m 

Managed 4 Q|.fc 1421 

Money 4.... gf9 1157 

Oi&ttcas-i 60? 884 .. 


lUt 


Clive Investments (Jersey; Ltd. 

P.O. Boa 320. SL Hel ler. Jersey 0554 373? 1. O C Commodity* ..fifllL 15U1 - I !■ 

Cl[veGiltFd.lC.L).@.S6 9 58aU i 

CtivvCikFd.iJsy.Vrt 52 935^ —4 


Cornhill Ins. (Gne rusty) Lid. 


PO. Box 157. SL Viter Port- Guernsey 

Intnl. Man. Fd. _...|1635 178.0] | _ IV JtH‘X do*, nc. in rorrmuua DID., vrnnui 

DWS Deateche Ges. F. Wertpaptersp dea&VSi. sT 

Gnineburnec 113. 60P0 Frankfurt. 

In vesta ]DHJ7.40 39.40] 4 

070527733 [Delta Group 

P.O. Boa 3012. Nassau. Bahamas. 

Della Inv. Nov. 30 |SU5163 L71| — 4 


Rothschild Asset Mngt. (Benanda) ' 

PO Box 664. Wt. of Bermuda Bid.. Bermuda. 


56 3] I 6.06 Conv. Deposit*. ...120 6 

c.4re. VM8 SlHSSfiSa&'L™ VPS 


HjIAMEV life Assurance Ltd.* 

6.76 |AlraaHw>_ Alma HtL. RMgate. RelgUrtOIOL 

'SSpgHW::P z 

sSfA3KS ? MooeyPd 0072 ffafl 1 — 

+ jiJAWEV.Biniity Fd. IliZ7 13*8 ...-! — 


l.Tbreadneedle St. Et^L 01-5881212 AmericanFd^d.*|465 

EagleiMid. U nils. (54 J 563] { 6.06 Conv. Deposit* ...120 6 

Equitj- & Law life Ass. Soc. Ltd.* g?’ iiSldF&v £U° 
AmerehamBoml. High Wycombe 0(9433377 Family 79B0** — 1FU 
FnnitvFd 11172 12321+1-4 — Fami ly 81 -86*-_„. 393.6 

pSw .'1145 mi. - Gill Bond*** I07i 

FivSd Interest F 1C«4 114^ . ... _ 


MSG Group* P^Srt?? 

Three Quays. Tower Hill £C3R8BQ.(<l-fi3S45B8 KfcSGo‘LSecs.4- 


RoyaJ Trust tCFl Fd. MgL Ltd. 

P (J Box >M. Royal Tst Hse, Jrriey. 053427441 

RTlnFl.Fd ISI1SM1 97M ... 4 3.00 

• R.T. Int'l.iJ* iFd.JsD.il 86.04 . -4 323. 
Prices a: Nov. 28. Next dealing Dee. S. 

Save & Prosper International 

Portia ch 3865 BirbergoBse 6-106000 Frankfurt, jvalinr to- 

1WM CJS 77 OtN I n_— - v r* c*. ir.f.v. nrve wwir 




I Concentre 

InL Rentenfonds 




49.01.... - 
126* — 

143? _ 



^®gsg?iS-. p 

The-Stoc^TX^UU^e. EC3N IB*-.. 01-588 3800 ANgrProp.Fd... 998 


The Brittstn Li(^ Office TIC* (n) ! 

ReitmmROT, 7ta^di®^jUjteftl,flBai3S27J. 

'^BLgSfBai UfcL^4S2A-n'^M+ail'. iW 


Th«.siw»»i9niwe. BCM4 1HF- .01-588 3800 AMEvrrpg ; .Ka...(wn «4 — j , , i Price.- on 'Not 

Hid = »ll*ZL= 

si .... j 6g — -181 H.J- g|::::J ='ffisgfigL* 

7M b— • ■ G.L, Gilt fund . —[112-3 118J] .....J — Vniw-vMkl pens. 


Incwme 

InL Growth. 


Bnnnt Shiidey 4 CAUd.f 


''HignnTtoaideiaCti,EQ0+-.- 

-wBSESgm: : -'i 

ftaSai '$**&&* y : 


usttjm 


gw wthAccftm-LVr 
Gn-WtS Scwme 


' Wd,* 

ad attBS^^atM&Bar. HertL- >- Bar uua* 


iWi'i-w 










iSlsISSSpI 

rfiiUr 


Miied^“‘r:.|ii4 2 m3 +o>| _ 
General Portfolio Life Ins. C. Ltd.* 
60 Bartholomew lL. W atiJuun Cross. WX31871 

50 SSSfete"“#iEi.= 

Gresham Life Ass. Soc. Ltd. 


Gill Bond*** |107i 112A - ... — 

Inlernaml. Eond**. ,D 76 1025 ... — 

JapanFd.Bd^T.3574-- 60 4 - 

Managed Bd 1 — >h7.5 1445 . .. — 

Pers.pengon— ..fej.3 - ... — 

RecSco'Fd. IwX'BpV’ ^7il| ! - 

Price.- on "Nov. a. **Nm- 30. •“■Oct. 24. 


B.S. Pen Cap. R._ 1247 
B S Pen. Acc. B— 137.5 
MnMIJen.Cap.S.mft 
Miy:d. Pen. Acr. B o56 
F ftL Pen Cap b 95 6 
F InL Fen Acc B 97 5 
Money Pen. Cap. B. 975 
Money Pen. Acc. B. 995 
iTnp Pen Cap B. 109.2 
Prop. Pen. Acc B.I11L3 


Merchant Investors Assurance* 

Leon HiO., 233 High SL, Crigntoc. 01-fiM 
Property. . _..| 161.7 J J 


Far Arrow life Assnraaee we 

Providence GayUot Life .Assurance 


Barclays Life Assur. Co. LUL 

332Bmbton)R<L.E.-7. 01 

fertK»dr-..|jaM m* 


+0.9* _ 
I +fli| — 



ri ire 3 - Money Market . 

j** ctSK. “ Hi iw| ;::::] r ^ c p ^ ll M ' ct - pOT! :- 

nnuu* GJ.Ppty.Fund . |l 028 10&2 ,-...| — D?pSit f>Cns . . 

. Growth & Sec. Ufe Ass. Soc. Ud.* ^“gcd p rns - “ 

®- Weir Bank, Bray -on-Ttiumc-. Berks. 0838-343B4 Tnllriquitv. 

01-53+ SM4 Flexible Finance I GUSH I ...J — Do. PerU 

I _ LandbankSecs.J. -J — InU. Managed. .. 

J Landbank Set. Acc.1116 7 119.B . j — Do Pens._ 

-.1 ~ G. AS. Super Fd...r £7.971 .l^wt - 


”■ _ Prop. Pen. Acc B.H113 117J] .._..[ ~ 

~ Scottish Widows' Group > 

: _ PO Box 802. Edinburgh EK165BU. ©1-655 8000- 

"Ort.24. Inv.Ply.Seiiesl.. .11072 107.2.... — 

Inv Hr Senes 2 Mil 1065 .... - 

* c ®r InvesLCashDjlL 1. 1002 MS-5 — 

01-086 Pt 71 BeULAccVov.ffl. M!0 2470 — 

"'.I: ” MacVen.Noi'.’M. ^4 27 ftfl Z\'.. — 

~ Solar Life Assurance Limited 

— imi2ElyPlaccU>ndonC.CJNtnT. 012422005 


— j Dreyfus Intercontinental inv. Fd. 


Em *on & Dudley TsLKgUrsy.Ltd 

P.O. Bo, 73. Sl Helicr. Jersey. 0534 »a 

EDICT, i. — 11234 1315] „„4 1 

The English Associattoa 

4 Fore Street EC2 


3T Broad SL .St Kelier.Jerrey OS343IB0L 
US. Doller-dcuoBilaated Fundi 

Ulr. Fxd.InL't.. (921 97/J 7J7 

Internal. Gr.*t.....{758 fill — 

Far Eastern*; .... .,47 10 50.92) — 

North Americas**. |3 75 4.181 — .. 

Sepro? .....|1477 16J4] — 

Commud.****.. .. .134.2 141J — 

st ncposi«T._ hM.6 mi ... . 025 


Euro bend Holdings K.\. 

Bandelikade 24. WUIomrtad. Curacno 
Leaden Agent,: Itrtri, 15 Christopher SL 
Ed. 


— — sweekly Deaiin©. 7 Daily Deniingx. 
Schlesinger Iatemationftl MngL Ltd. 
41. La MaUe St . St Heller. Jersey. 0534 73588. 

-m mm 




^pxerteBm; -J/M 
;cs*^' **6gt^ pd.* 

. ^l«7QWBroad».-Bt3N 1BQ ' OMBMO 10 

; i pi^M-OT 7*eW JS. Next d raHng Defe4L£ 

^aCvim “ 

_ - ^p«uroaMa»« - aewc**iMi^^B»n -aim 

-^OWhsenJFnd*-"^. -y-..vz ■ 
liWwn'rttUindestICCtL- 1 U ■ ' : 01^4j2fc 
: lircoaaB pavrSAUB^M'-w W DB 


ms -■■ - 


: units value Nov. 22. 


^ " NEL Pensions Ltd. 

Guardian Boyal Exchange Mtmn, court luruin. surecy 

Royal Kxchante. B C3. OIC837107 Sclor Eq Tap. - BUI 

Property Bonds... H97.B 205-21 • — | — NelexEq.Accum.BU9 1 

Hambro Ufe Assurance Lind ted* Nei^Motv 9 

701d Park Lane. London. Wl . Nelex Gth Inc Cap «9 4 


— So ar Managed S 

— So ar Property S 

— So arErpntyS-. 

— So ar Fsd. lqL S 

— . So arCashS 

— Solar InU.S 

— Solar Managed P 

— Solar Property 

— Solar Equity P. 
Solar FxdJntP 
Solar Cash P 

•Sll Solar Inti. P 


mm 

180.7 +0.9 
1214 +0.1 

109.8 .... 
925 +L8 

134.4 +0.7 

120.9 +tu 


1-2. , Laurence Po notary Hill, 6C4R OBa. 
01-823 4889 
Cent Fd -Nor. 28 SUS522 1-DM] 

Fidelity MgmL & Res. (Bde.j Ltd. 

P.O. Box 870. Hamilton, Bermuda. 


Hid = 


Fixed IdL Dep 027 9 

Equfty_.._. 1M5 

■Property- 171J 

Managed Cap M4.9 

Managed Acc 1799 

Overseas ISA 


&5R3 


5-;,: 


Beehive Life Assnr. Co. Ltd.* . Gm Edged"™'- 
71, Lombard SL.EC3. ©-633 1288 American Acc .. .. 

Bit Horae Dec- 11 13253 I J — Peu.F.LDop Cap .. 

* Pen-FiDep-Acc.. 

Fen- Prop. Cap. . 

Canada Life Assurance Co. pen. Prop Acc 

** High St. Potters Bar. Berts. P.Bar 51123 £?- " ' 

‘SSB^Hfey & 7 « I :::::! = 

.. . Pen. B^. Cap. 

■»588 Cannon Assurance Ltd.* p££ OA-Rcip.'" 

t (HjSQlc Wy- 'Wembley HA90NB Q1-P02B878 Pen. DJX.F. ACC -. 


NelexGth IncAcc . 515 
Nel Sfctd. Fd. Cap 49| 
Nel Mxd Fd. Acc. 151 3. 


92.41 +181 — 
Sun Alliance Fund TCangmL Ltd. 
Sun AJiianre House. Hmlwn OW) H1U 

Sun Alliance Linked Life Ins. Ltd. 

San Alllanre Havre. Horebam 04US84141 

Equity Fund .1129.1 135.M +111 — 

Fixedln t erert Fd . |U$-6 SL2) +0.11 — 

Property Fund. 


Fide'.liy Pac. Fd...| JUfMO 1 
Fidelity WWd Pd. | SUM |+—., - 

Fidelity Mgmt. Research (Jersey 1 Ltd. 


InU. Fd Jersey.. -jJ3„ „W1 * 

Intnl. Fd.Lxmhrg. DOW 1L4U+0J 

■Far East Fund . -|99 105] . 

•Next sub. day December 8. 

Schroder Life Group 
Eurrurlsa Hnuar. Portsmouth. 0i 
lnfcrtullODai Funds,, 

iKquuty. 103 6 1X0.2 .. 

SEgulty -. . . 13J7 143? . 

tFixeo Inte re*l ... 139.2 148!# ... 

5 Fixed Interest. . 106.7 1135 

iKanaged Ej.B 1295 ... 

JManiKed . ...*.. 120.6 1263.. 


Next Sub day December 25 

NPI Pensions Management Ltd. property Fund 
48.GrarechunrhSL. EC3P3HH. 01-6234200 International Fd 

@SfKhr-Db = 

New Zealand Ins. Co. (U.K.) Ltd.* Son Life «f Canada fU.Kj Ltd. 
MaiUand House Southend SSI 2JS 070282856 2,3.4.CoekBpurSt.SWlY5BH 01-6605400 

»W an i; mVD\ = ^pilu.'u^'ed.l 3H I +o'.9l - - 

lsssaaB“_:.« 13 = MtftfR- 1 sh n = 


p$:: : 


Axcmn. Unite) 




7 ? % m 


S- i U. Cblrftidn Tx**-Kuatm IMMUm 

: . >, - WIB 

5®- MMBiiiaeEfc. "MSI # 

?>fe- ■-usaaxMsr&IBm: 


**V ij, \ ' 

lei* , r£*r mr yg 
> •• . ■ . v. 


Coufederatfes FnAs^Rgt. Ltd.* 4#< 

BQdMumrtijCaOTilWBAmK <. -iri-aotBsg 1 
Cw»rtliKb«d__^H5^.. -■•ao 
Cdsiua*o(IIMn Bmd Ifauggaps. , . 
OiTbka&^TtewtouSWUtBBJ. JMMAK.. 

9 saaaemtms*a 

Crikign^ tMtt ftLMyeL U&+ . ■ 
-fti Forterikee. aav««H^;-' /• iu-fiaftBan 


5 -B iw«ty Accom!'!sS.4a 
gf} Mimd. Accum. — I1A6B 
gJ; 2ntTBquUy HbA 

if |(|j|p||i^ 

Is l&eIjlf: ~izzz ms „ 

-gg Current. vaioe D 


“ Hearts of Oak Benefit Society 


Mwt Kevins Plan. 
Small Co's Fd .. . 
Technology Ft* . . 
Extra IncfFd . . 
Extra {nc.DisL Fd . 
Amencan Fd.. .. . 
Far East Fd .... 
GUt Edged FA . . 
Con. Deposit Fd .. 


rpet House. Gatehouse Rd.. Aylesbury, 
icks. Ay Lesbury {0286i 304 L 


— is-17, Tavistock Flare. WC3H8SM 01-3875020 Norwich Union Insurance Group* 


Hearts of Oak ._ ..07,7 394 ~ 

HU i' Samuel Life Assnr. Ltd.* 

NLA Tin- , Addisrombe RdL, Cray- -01-6884356 
AProDertv Units.. .062.6 17971 .... I — 


— 1 ' '*.71 Z ■ ❖Property Units. 
ittSni fTopertySeriK, 


wra = 


Mm - 


Capital Life , 
{in OwtowHoase.i 


Property Series A 
Managed Units 
Managed Serjes A 
Managed Senes C 
Money Units 
-Money Senes A_ 
FixealnL Ser. A 


JianagedAec. 

rns-GTeed. Cap.. 
Pns GToedL .Acc.. 
Fens. Equity Cap 
Pena Equity Arc 
Pns.KxcLlnt.Gap— 
PniFxd Jnt-Acc 
Pens. Prop. Cap. 
Pens. Prop. Acc 


POBox -t Norwich NR1 ZNG. 
Managed Fund... 139-3 236.8] + 

Equity Fund ®|-9 377 + 

wav| igl: 

HIHterisrW 11 !: 

Phoenix Assurance Co. Ltd. 

4-5. King William St. EC4p 4HR. I 


r +3ja — Target Ufe Assurance Co. Ltd. 

— Tarpet House, Gatehouse Rd.. Aylesbu 
1+0-1] — Bucks. Ay Ira bury (0281 

--I — Man. Fund Inc.., [97.1 l&A . • - 

rriinn* Man. Fund Ace 120.1 lS5 

Prop- Fd- Inc 117.8 124.0 

060322200 Prop. Fd. ACC, 153.0 

■q.U - PTOp.Fd.iin; .... 125J! - . .... 

2-ffl — Pi^ed Int. Fd.lne. 1M.9 1062 

Zl — Dep.Fr, Ine. . 97 J IB!* .. 

....1 — Ref Plnn Ac. Pen. 763 T2.9 +0.1 



K7.V1 ■* VTWWwMiy 


G.T. Management Ltd. 


Pork Hse. 18 Finsbury Circus, Loudon ECS 
Tel: 01-628 8131. TLX; Samoa 


Ret PI onCap. Pen. |63.1 
Man. Pen. FdAcc. .Il29.5 


- 


|P»«na*l»rliivJU..l 


Assurance* ' pens.prop.Acc 

OwpeiABtiWtQB 0802 28511 imperial Life Ass. Co. of Canada 


l=i = 


-* ' fS • MSdS-.!K«lgt&e-Bi.4’ IV ftffi 

^ Crescent Un» Txt M*ra, jUrL rtKlp 

•- n, r • a StetriUe cres. KdWbwrxb-S. '«i>2S8 4SSL 

•-:* : C‘ crosJEWafo-^— -RH37 
S r.rt-rt'-- 7- ■ ^hottitucy Unit Fund Managers^ 
;1 : + ‘1 ’ gV Rimfte M SLIRC8R7AL. . . 01-63844© 
S3S£v.aii.4Wa.: 1HM..+J/JW- 
. i : ir- Ei F. lWDtf hester Fajid Mu^L Ltd-. - 
ii:-. ■ owJttftioea 

gasffi^ 5 SKi:, ,S 8 .d.is 

. £mnan & Dadley Ttt. Mngirmt. Ltd. 

• ' "*v: &. ATOBtfod5!,KMn. - . • 

/f>- • - see Abbey CiiitTmst tf«ps: “ 

'] i.- ’jBtrnity -* Law TJa. Tr. St* WftKfd ’ 

:: j 0^83377 

^ '?? ■ Eumty&L©r^^.t67A • - TUHdH 4* 

■ joM(|fa|ta| Unit Trust Mngt Ltd, 

mwv. onamiwi 


Charterhouse Magna tip.* 

424 St*pb«iiaon Esc. Brunei Centre, Bletchley. 
mtrn KesneMOMiVra _ 

,11 WsS nSziMy II -I = 


Imperial Hmme. Guildford. 

SaWfeT-W. ; M d = 
;2|: ri = 

Wd=- 


Nor. unit. N01. if I itu I I — Man-ren-go^cc.. 129.5 

Phoenix Assurance Co. Ltd- t^n^FdjS?:: 

4-5. King Will, jm St. EC4P4HR. D1-62S08T6 Gilt Pen. Fd. Cap.. 1W.4 

P 7 T86 U, - 7 1 44U | z 

Eb-r:ph.Bq£::::.ki w.ih::.l _ 

Prop. Equity & Life Asa. Co.* P-APfen.Ftf.Acc... 

11B. Crawford Street.WlHaAS. 01-4860857 UAPeuJd Cap... 96.0 
R. Silk Prop. Bd. J 3866 I----] — Tranfiinteruatlonal I 

SI97 Z ’ 2BrewnBlrteg,EC41NV. 

Flex Money Bd I M92 | I — *Tuij p i nvw i, Fd. 144 1 

Property Growth Assnr. Co. Ltd.* VTuiipMoneti Fd.. wo 
Le«moure. Croydon. 1LU 01680OT06 ^ Sg 

Property Fund . 19L1 J+O J - Man. Fan. Fd. Xro. 129-2 

Property Fund*.)'. | JOT2 I -+©-«! — Mined Inv Frt Inti 97 8 


M- 


iHin r: — 



J. Geary Schroder Wagg A Co. LUL 

120.Chcapjide.ECi 01586 4000 

ChobuSD+cl U125 t*01S| Ltt 

Trafalrar0ct.31 . JUS1&M ... - 

Arian Fd. Nov 27. rufiiil 19.U . 2.K 

Darling FtL Dec 1 - S AL© 5- B }f 

JspauTd. Nov. 16 SIS83Z 8.9* . ...1 044 

Sentry Assurance International Ltd. 
PO. Box 326. Hamilton 5. Bermuda 
Managed Fund-. .pU52JK 2535] . . [ — 
Singer & Frledlaoder Ldn. Agents 
20, Cannon SL, EC 4. 01-3480648 

Dr ka foods [DW4JJ.. Z75Bj .... I 6J2 

Tokyo Til. Nov. 21 1 SUS4Q tB ] .... J 

Stronghold Management Limited 
P 0 Box 515. Sl KeJicr. Jersey. 0534-71486 
Com mod Hr Trust |M.S5 8950) ... -4 — 

Sorfnrest /Jersey) Ltd. fx) 

Queens Hse. Dan. Rd St. Helicr, Jsy 053427348 
America nlod Tst- |£7.B1 ).1W +0JI - 

£ upisss^m ^ 1*81 = 

iu TSB Unit Trust Managers (C.L) Ltd. 
Ojf BogoirUr Rd.,St Sartour, Jersey 03347S4M 

09? j CM cy Fund M8.1 5661 . ...1 4.74 

^91 Guernsey Fond .. J43-1 5ft6J .. . J 4 74 

Prices on Nov. 2>. Nest sub. day Doe. 8 

545 TSB Gilt Filed Managers (Cl.) Ltd. 
^ Bagatelle M.SL Saviour. Jersey. 0334 73404 

« WdM 

Prices on Nov. 29. Next nib. day Dec. 6. 


^^.rsu-a w.kdxp...|»< | 4 -aa*-»l — m, uiimu Ji. oc/ici , 

TTum international Life Ins. Co. Ud. !c,h FMdtJersey) |95.ta 
2 Bream Birtct.EC4lNV- 01-40SS«7 

VTuI ip Invert. Fd|144.l 15L7J .... | — 

VT ul i p Mongd. Fd .. 1114 0 11?S -- - 


Gartmore Invest. Ltd. Ldc. Afits. _ . N « 

2.SL Mary Axe. London. EC3. 01-333531 Tokyo Pacific Boldin^r N.V. 
GarteMre Fund Kul <CJ.» Ltd. fakhi lohmls Vnaa tenant Co. .Vl, Cora 
41. Broad SL.SLHrirer, Jersey 0S34-7374I NAA per share Nov. 27 SUSt 
r.iti swa,! ii»4« | 12.25 T(ltM omh. mto. ib.hu! 


Property Fund 'A*. 
Acnrul rural Fund 
Aerie. Fnndf A, 
Abbey NaL Fund. 
Abbey NaL F<L i-Ai. 
Invesanent Fund 
Investment Fd. 1 A:. 
Equity Fund.. . 
Equity Fund <At • 
Money Fund .. . 
Money FliDd,A< 


2BrcKnBld£&.EC41NV. 01-4056-877 

VTulip Invert. Fd. 144.1 15L7J .... — 

SglE»5 a .:Bf.J f! :::.: = 

Man. Pen. Fd, Cap., lji.' 1 ZI3 ... — 

Man Fan. Fd. Ak. 12U 135 ? - 

Wlngd lav FdlnU 97.0 ig.1 — 

yUngd Inv Fd. A«397.9 1B3-0I .... — 

Trident Life Assurance Co. Ltd.* ._ „ ^ 

Roi]*l«de Hmiae. Glouce+ter 045C3S541 Hambro Pacific Fund Mgm^ Ltd. 


JMaaua Managed- 


letty of Westnrinsier Assur. Co. Ltd. 

MngriMd House, a WhitehorM Road. 

CrWraCROEJA. 01-6849864. 

eat Prop. Frad..»29 7 J - 


1- 




1 i i 

iff 

m 


Ii 

P 


Sa 

1 

fi 

Sf 

S 

TV. 

*2) 


fj f". L!: 


*1? 


sS 

; +~ 

1 


SaS 

M 

r tj 1 g 1 * — 

tej 


wssas^ii 

Pent Money Cap. S.1 


*waei» sad-SS- 

Irish Life Assurance Co. Ltd. Henry Funr) j A ■ 

SSS-r- 1 ^ -.-'^“SSEHSBa:. 

imaged Fu 
Propjid. pec.1 

S&ZS&kn 

King & Shaxson Ltd. fiS*ifi^nVL 

SZ. Cornhill. EC3. _ 01-6235433 8 j^ 1 . 

Baud Fd. Ebtemat {1B2.94 HJ427J — Mm. Pens Can UL 
Next dealing date Dee. & Prop Pens. Fa.- .- 


?r=ffiSJS&r 

•— — ORetire. Annuity . 

— 41 mmed. Annly- 

- ■ .— Pnmj Growth Pep* 

— — AUVUier Ac. Be. 

*•— “ 9 All Weather Cap. . 

— MTnv. FdTuts. 

Peoiiorv Fd. UlS.- 

Conv Pen^ Fd. ... 

»,«>«, a^ c Pd. i : L 


•-• I — Providence Capitol Life Ass. Co.JLtd. s-w 

_ 00, Uxhnd^e Hnad. WT28PG 0174991 1L Equ 

SeLMrt.Fd.Cap IgA .9221 .... 1 - gon 


(Sty af Westminster Assnr. See. Ltd. 
TetedWm* nijou uesi 

- 


J . — SJ. Cornhill. EC3. . _ 01-6235433 ^iLPensTFd. . 

— Bond Fd. Ejcerapt.riB2. 94 427| — ( — Man. Pros- Cap. UL 

— — Nextdealiag date Dee. & Prop Pens. Fn r .- 

Z langham Life Assurance Co. Ltd. 

— Langhain Hs. Hotinbroot Dr,NW4. 01-203 5211 BlO&Soc. Cap VL.. 

Z ^Sg^ SA -ptag {Sy. aBffl -I - Providence CapUdl 

^ 3 ^Isp^SF^ Mao Fdf772 l£si M.J — 30. Uxhnd^e Road. WT2I 

1 w new investmeitf. Legal & General (Unit Assur.) Ltd. fill im Fd suf . JWJ 
ZZL6 i — — Kingtwood House. Klngs+wL Tidmwih. Pension Equ t» ; - 129 
.Sonw KT208EU. .. Burah Beath 58436 P*n«onFxd. Int-. J17.1 

r Assnr. Sec. Ltd. SSSSS=S. K H Z. Z BK: M 

s|;fl - 

— Fixed Initial ^5 lSS+O — Fsd. Int. Cap 

Do. Accum - 120-5 3a.9j-tfi.3j — Fsd. Int Ace Jl-2 

luiL Initial, 9114 9SJ +lS — Intel. Cap. £9 7 

- Do, Accum. — 92-0 ,3f-3 +L9j — lateLAcc.—. Rj-S 

M-SB37SOO' Managed Initial _ 120.0 mg +09| — Msaaped Pi Cap-, 

1 _ - Do. Accum- 124.1 ig.7j+ll« Managed Fd. Ace Si 

— 1 _ Property Initial- 100.1 IttJi — Property FiLtap. 47.7 

- — l- — uu lnoil il __ T»mL»rrv FfT Acr #7.7 





ITanaged 

_ GU-Mcd. 

■Property...,.., 

__ . Equity, Amen con 

_ UR Equity Fuad 

= amSSst:-::: 

_ Money. ... ... 

_ International 

1 Growth Ca'pT.Z'!!': 

— Growth Acc. 

Pens. UnfUl. Cap.. 

Pons. Mnad. Acc. . 

__ PciM.Gtd.Dop.Cap.. 


1M-S . . J — 

ill A - 


Pens Gld-DeuAec. . PJ.0 .7 
Pens. Ppty. Cap... UI72 
Pens. PtyT Acc_._.|123.9 


TrdLBemd. B66 38J) . .-. 

■Trdt. G.I.Bond-. \ ~ ,992 I . - I 
•Cash value for £100 premium. 


— Tyndall Assurance fPensionsV 


2110. Connaught Centre. Hong Kong 
Far East Nov. 20.. HHEMlfi 14.921 .- 
Japan Fund. WBS953 10.©J 


Ham bruts Bank (Guernsey) Ltd., 1 
Hambro* Fd. Mgn- fC.f.j LUL 
P.O. Box 88, Guenuey nffii-assai 

C.I. Fund 
IntnL Bond SU 
InJ. Equity |U 
InL Svza. ‘A SU 
Int Sv£: *B* SUS 
Prieei on Nov . ' 

Header* os Baring Fond Mgrs. Ltd. 
603. Gammon House. Hong Kong. 

Japan Fd. Nov. 20 BUSZUa 23 
PacHlcFd* Nov.Sfl . I SUSS 606 
Bond Fd- Nor. 23.. | SUS10.5CS 
Ehtiustve of any prelim. 
Hlll-Samnel A Co. (Guernsey) Ltd. 


18. Canjnge Road. Brutol 


telihi Intimlz Management Co. N.V, Curacao. 

1534- 73741 NAV per share Nov. 27 SU563 06. 

1 u - a Totyo Pacific Bldgs. (Seaboard) N.V. 

. Intlmts Management Co. N.V., Curacao. 

NAV per share Nov. 27 SUS43JP3. 

ieo T 7 ! » aH Granp 

5-M P.O. Bor !2SS Hmollisn 5. Bermuda. t-Z70# 

O'aer.t Nov. 29 BUSU4 L20j ...J fiBO 

P8M 2291 1 rAccum. Units 1 ... .wSpI) 1M .. .. ] — 

1L38 3-Way tn£. Nov. IBgUSZM 2JI3j .4 — 

‘ 2 Nre £L, SL Heller. Jersey , _ 0U437©IB 

•TOFSLNov. 30..-..JC7 15. _?.70| J ■ Tflft 

1 Accum. Share ei... 

American Nov. 30 
< Accum shares,. 

Far Ebj: Nov 30 
tAeeuat. shares,. 

Jersey Fi Nov. 29 
— iNon-J. Acc. Uts_ 

04G1-3SKI Gilt Fund Nov. 28. 

3 76 1 Accum Shares,... 

-§9 TkioryBpw.Draalaa.UeelMn.WMMIU. 
■» Managed Nov. 16 JU4B lSg.._..| — 

UcUffe Assurance (Oversea*) Ltd. 

PO. Box 1288. lUollug 5-31. Bormnda 

[rs. Ltd. Intsml. fifngd . Fd ISUS1B9 - | ] - 

. Unlon-Envestreent-GesellBchaft sobH. 
PottfBcb 18787. D 8800 Frankfurt 18. 

Atianucfonds IIJ-S li 011+0-20 — 

Europ^ondo ....... q .g — * 

Unlrenta 5835 ?9.6« . . . j — 

Urosperifll 2 63.95 64.WI)+0ifl] — 


Do. Accum 1124.1 W.fl+U« 

Property Initials bflO Ifiil .ZT 

DO. Accpnti- - to3-6 109-lJ +<Ul 

Leva! A General (Unit PWoskmsl Lid. 

BxanntCashZrutmg- JMff f 


Deposit Fd. Acc - 
Equity FU Cap.. - 
EqulteFd Acc...- 

Fxd. InL Cap. 

Fsd. Int Acc 

Intel. Cap. 

IntnL Acc. 

Managed Fd. Cap... 
Managed Fd. Acc 

Property Fri.Lftp. 
Property Fn. Acc. 


» Way Nov. 
EqujfyNov 

Bond Nov. 30. 

Property Nov. 30 
Deposit Noy.30.. 
3-way Pn.Nov. 17 
O'seos lnr. Ncrv. 30 
Mn.Pn.37W Dec. 1 
Do. Equity No " 


im im i • 8 LcFfebtre SL, Peter Pori Guenuar. CJ. 

. _ GuemaeyTsL 11581 U0 £rI| +1jI 370 md. JainL Mngmnt. (CJ.l Ud. 

....( — HOI Sam Del Invest. MgmL Intel 54. Miflcciter Street. Sl Halter. Jerevy- 

0534 2Tffil v IB. Fund (SCSIMO 18353] ... ,| 7 JO 

United States Tst I nil. Adv. C». 

+0^6] — 14, Hue Aldringer, Luxembourg 

CS. Tst. Inv. Fnd.fSlflJO — |+0J&] 8.94 

Nel aaaats Nov. 28. 



e 3 .= 


CORAL INDEX: Close 488-493 


. • ' p StTB'H Wai BASE SATES 


aliOTTi under .I«R»uW«. W* Pnyarty Bond Table. 


** Exempt Cash initTOJ 

©4H303B3 Po.Accuju^ .UM.7 
_ uxempiEqty.lJut-BS-X 

— " Do. Accctty- ._.u37^ 

Exempt Fixed Ini t alb-2 

DO. Accum ...ffiR,? 

_ Exempt Magd. IwttoJJ 

“ _ Do.Acenm 1135.4 

_ Exempt Prop. Intt. . fija 

• _ ■ Da Accum. 


Provincial Life Assurance Co. Ltd. 

Saa.Bwbopagate.ECi 01 3476933 


— Prov. Managed Fd JJS J 32 
_. — Piw.Cnsh *Fd .. -^1 11 

- Gilt Fund...- . ..U» 12 


W=J = 


Fxrt. fat Fend . 1*5 10371 .. ..J 

Prudential Pensions Limited* 


Do. Prop. Nov. 

Vanbrugh Ufe Assurance 
4 1-43 Maddox SL, Ldn. W1H9LA. 014884933 

Managed EU 149J 157.7] +0J1 — 

Eigi^Kdy. M3 +2.4 

TTxed InterstFd.1 1W.4 1752 ?.... Z 

gmsi-:Sa- sl« 4 .= 

Vanbrugh Pensions Limited 

41-13 Maddox St. tela. W1B8LA 01-4004623 

Managed — Ogl.B l*«+DJI - 

Bquily ISI7 4 ili.il -+0 Bf ~ . 

WxerflntwesL..... m7t . J — 

Property ffffl.? lBh«+0l| — 

Guaranteed see ins. Bose Rates' table. 


International Pacific Inv. MngL Ltd 


nee PO Bax R237, 56. Pin St. Sydney, AusL 

LA. 01-488 4833 J»wel)n Equtty , IVt.]lA2 79 2.AJ 

157.71 +ft« — JJE.T- Managers (Jersey) Ltd 




S. G. Warburg & Co. Ltd. 

30. Gresham StrccL EC2. 

Cnv. Bd. Dec. ... ....BWtiS 

>ec. JL-- 1- JLSIJ.% 


01-0004555 

+0.07 


Mere Ebd Nov 29. 


PO Box 98 Channel Route, Jersey. 09-T47Sf73 M etr jfi&IttN ovi? 
Jersey ExtniJ.Tst 1158.0 w IM.0]-130( - 
A* at Nov. 30. Neat atth. day Dec. 31. 


JintU* Fleming & Co. Ltd. 


46th Floor. ConcGcght Centre. Hong Roeg 


J online Estn.T^t. 
Jardine J'nn.Fd 
JanHnaSJE-A.- 
Jandine Flout In' 
inti. Parsecs. line.) 
Do.lAccam.)—.. 


|HSS78Jo| 

K 

...Hh.wI 


Warbarg Invest. MngL Jray. Ud. 

1, Charing Cron^St Helicr, Jiy.CX 063473741 

CMFUd.Nov.30;iSCSli5f 13“ ,MI 
' h a , CUT Ud. Nftv 3? ' 

L* MvUIkTelNdv ' 

S-® TXT NOV. 0 

2M TKTUd.Nov.D 


Holharn 'Bara. EUIN^H. 


014650222 Welfare Insurance Co. Ltd.* 


.eetna.l-.-...! -HKS1L33 I ...J - 
AV Ndv. 14 . -Faul'-fllent 51)58555 
Next saS Nov. 30 . 


World Wide Growth, Management* 

Ida. Boulevard RnyaL Luxembounir 
VTurida ide GLh Fd] 3U5Ui9 |+0J7] — 


EjE 


Prices do not include S premium, eucp: «htrv indicated i. and are in pence unless otherwise . 
indicated. Yields •» Shown in last column- allo« - for all hwnnd expenses, s Ottered 



























• !-1 - - c : . 4/ • 






: Lancia! 


$&■ 34 


I 


FOR YOUR COMPANY- 

CASH FLOW 


GUARANTEED 

Wk 


FT SHARE INFORMATION SERVICE 


SB* - 






COntact-B. D. Kay 

INTERNATIONAL FACTORS LTD 

Circus H««u, Now England Rand. 
Brighton BN1 4EX Tel' (0273) BOfiTOO 

Birmingham. Cardiff, loads. 

London. Manchester 


BONDS & BAILS— Cont. 


BRITISH FUNDS 


197B I 
tfifti Low 


I DM91 DMST 
97 94 


Stock 

Hum '2 1 * A*s .... 
ir.K«Wb ; S>c A3-6S 
Irrtanj7%pc SI'S? 
Do9 : «pt -91-96 

Japan 4|K '10 A" 
Do &pc '83-flB .. 
Peru Ass 3pr ■■ ■ 
SCI 6%pc 198U 

|Tunn9pc 1991 ... 

Turintj%pc 1984 . 
Uruguay 3%pc - 


Price 

£ 


I Out. 
Gnu 


47 


4 % 

68rt 


— 

83> 2 

-'a 

7 % 

77% 

- U 

” 

375 


— 

67 


6 

140 


3 

75p 


6% 

594% 


9 

DM91 


6% 

95 


3% 


Rid. 

Yield 

(604 
12.80 
1323 
13 49 

1220 
216 
8 67 
953 
845 
400 


1976 

Hqti Lb* 

C A 
134 


Stock 

(Lives 


UiS. 5 J* DmV'CC' e<clud» in*. $ premium 


1054 

97 

477, 

304V, 

96% 

l<Ji4 

in??? 


102’,. 

4fn a 

%% 

110 % 

10^4 

30lt 

S4 

fflf 

994 
85% 
315-, 
“6', 
%% 
300*4 
96 ft 
85*4 
314% 
3001* 


99V. 

94*4 


“Shorts 

Treatin' n% pc7 %t 
Treasury 3pc ~FftZ 
Electric 4%pe 74-79 
Treasury 10* ^ic 7%; 
Electric 3 *;pc 
Treasury 9pc 19Sutt 


Five 


El 

94 14 
? 6 % 


96', 

8 t 

%‘i 

94Vd 
95%*d 
101 V, 
981 


96*3 Treasury 91 jpc'|0t+ 

92Tg Treasury 3';pc 77-80 
93% Funrjirtg 5UW 78-80tt 
1005* EicOiwer \» 19*W| 

97% Tressun 11-jPi 
08'4 Trwwryjftc 1979-81 
94 > Treasury 9-»pc 19811+ 

91A Each. 8%pc 198} 

9a E.cti 9%pcl981 

85*J EjUi.3pc 1981. ...... 

95% Treas. Variable 814*. 

100 E.ch.l2%pcl98ltt 
89% Treas.B'ipcTO-SS# 

82% Treasury 3pc '82Jt... 

103.', Treasury 14pc TEtt 
94 Treat Variable TC».. 

87% Treasury 8*4pc ’85—. 

89,'. E»ch.9%pcl982... 

87*g E<ch.8%pc 1483. .. 

793* Excti 3pr. '83.. . — 

975* Treasury 12pc 1983S 
87% Treasury 9*4 pc 83. 

Five to Fifteen Years 


AMERICANS 

« M 


+ l a 


+ % 


% 

89\: 

68% 

75% 

315U 

89% 

306*2 

75*. 

112 %' 

96% 

313 

310% 

72\ 


E*ch lOpc 1983 . 
Funding S* 2 pc 'B2-fl4t* 
Exch. 12%pcl985» 
Trearury 8 * 2 pc 'B4-8o^t 
FurKfirra 6 *jpc -85-57 ft 
Treasury Iw '8 - 5-P3it 
Transport ftc 78-B® 

T reasury 5pc '86-89 . 
Treasury 13K 1990ft 
iTreaiury 8 % 87 90it 
[Treasury llipc 1991 
iFundno 5%p: -87-91tt 
[Treasury 12%pc '92+*.. 
treasury lOpc 1992. 
lEich l2%pc '92 


88 
80% 

8& 

# 

ft 

101 % 

76 
91*2 

65*4 

98*2 

84 

96% (TrMsuryTJ'flC^S 
[Funding bpcl993tt 


•M 

83%^ 

76*4 

80% 

61%rt 

64-% 

105*4 
77 al 
91%<d 
68*4 
302% 
85> 8 

97% 

100 % 

61% 


+*4 


60% I Funding bpt 

Over Fifteen Years 


11 10 
686 
12.64 
1005 
859 
996 
4B6 
7.81 
12.98 

10.68 

12.70 
909 
13 06 
1216 

1297 

13.06 

9.99 


120*4 

1287 s 

114% 

JSL 

83 

95 

114% 

90*2 

131*2 

317% 

50 

115*4 

98% 

88'« 

72% 

135%' 

300% 

90‘j 

96*4 

9b% 

42*2 

St 

$ 

OT; 


37% 

37' B 

39*4 

28% 

S’ 


102 % 

110 % 

97% 

7574 

93 


43% 
82% 

97 
76 
111 % 
100 

SUn 

84% ' 
73% 
59% LU 


Treasury 13%pc 1995tfl 
[Treasury 14%pc'94tt.. 
,Ewh. 12>jpc 1994 .... 
Treasury ’94ff- , 

|Tremury J.S^'95 .... | 


Gas 3pc '90.' 

Eicti. 10*4pc 1995 
Treacury 12%pc 95tt 
reaairv 9pc , 92 l %tt- 
Treasury 15 *4pc 9fett.. 
Eichequer 15%FC W- 
5sdcmpuw3pcl«6-% 

fcsSTfw 

IT reasury e%pc 


U5%frri!ac. i5*yic -^att •• 


W 4 

77% 

81% 

93% 

S* 

65*4 

46* 6 

62*2 

90-% 


30% 

f 

23 

19% 

19*4 


,Exch. 12pe 39W. 

[Treasury 9*2tic 199 

[Treasury 8pc D2-061 
ITreasury :-*ax ’08-12 
[Treasury 7%x "12-la 
Etch. I2pc -1V17 

Undated 

Consois4pc 

War Loan 3*>pcU 

Con*. 3*2PC '61 Art | 
Treasury 3pc 66 All . 

Consols 2%pc 

TreasuryzTjpc 


103% 
111 % 
98% 
76% 
96% 
44*4 
85% 
98% 
7 b% 
313% 
101*4 
43% 
1047* 
85 t e 

JSt 

■a 

n 




MW 

a:r 

MW 

ll: 

wm 




lH 

rii 

MW 

te:: 

Him 



iHEEJ 

■ 


mm 




WM 




ilB 



| Stock 

ASA ■ 

AMF5 0 «Cc«i*. 87., 
Anvii SI .. 

American E>P 

Amer. Medic, ini. 
Asarco Inc. 

Ea*er unnl Coro SI 
Barnes Grp. Sto% 
Benefit Corp. S5 . 
Beih.Sieel S 8 . 

1 Bfwm'ofw.clbrj 
1 Brunswick CorpnJK 
1 turrougin Corp. 55 

! CBS 52.50 

1 C.P.C.S *2 

, CalerpHlarll.. 

! Chase M htn.S12.5 

1 Chesrtrough SI.. 

1 ChTysleTSb*4 

. Cilicorp $4 

p City In*. S3 25 ... 

5 Do Cm. Prf.BSl 
■ Colgaie-P. SI 
4 Coll Inrti 51.. 

3 Com. Illinois SID 
1 Com OIIS5 ... 

, Crown Zell. 55 . 

- CuHer-HamrerS5 

Eaton Crp. SO 50 

Esmaric 

U Eoonll 

)p Flreslone Tire 
i 4 First Chicago.. 

Fluor Corp. 5% — 
u Ford Motor S2. 

% GATX 

Gen. Elect J2% - 

% Gillette SI 

I Honeywell SI. 58. 
Dp Hutton E.F... ... 

L l.B.M. Corp .55... 
,% lmwrsoll-RS 2 ... . 
5p l.U loienvuionalll 
to Kaiser Al S* 

3 Man! Han USS7£0 
,% UmganUPIUSSlS 
1 % Norm Sn» Ik. 51 
rtl Oweni-HI.S3.125 
Us Quaker Oats USS5 
Vt Reliance $0.23.... 
• 1 % Rep N Y CorP.S5 

]% RetnordS5 

4% Richdsn.-MiTlI 51*4 
j5p Saul (B. F.) SI 

Bi- Shell Oil SI 

52p Sinqer (S101 . . . 
22% Sperry Rand 50 50 
118% TRW Inc. SI'*. . 

1 18% Tenneco 

Dol5‘iU?.' , n j b_ 

ip Tesm PlUSSO Wj. 

5 Tenaco 56.25 

Time Inc. 

ip Transamerica SI 
Z Uld.Tech.SUS5 
% U S. Steel SI . 
l> Woohrmrtte S?* 2 . 
$ Xen. Corp. SI 
5p X on res Inc. 10c 
lp Zapata Corp. 25c 


14% «d 
59 

31%<d 

ft 

935tud 

21*301 

14*4 

25 

13%*d 

833p 

15*;«d 

% 


On. 

Grew 


| SI 00 


| C'trj Grt 
34 


+ *4 

-14 
+ 36 
+ % 
+% 
+ % 

:S 

+% 

+10 


1 S% 

ir. 

23% 

18>« 

17%rt 

2 W. 

23%nl 

16*4 

34s) 

“a 

21% 

27% ol 
I7td 
33 
17*; id 
4rftd 
107-«n 

18fa 

32^tc 

6 Sf, 

as 

12 * 40 ) 

V 

*ss 

4flHp 

22 % 

927^ 

25‘jid 
20 hx£ 
134 *d 
535p 
lfel nid 
2734 of 
U 

26*rOl 

15%ol 

“K 

685os 

774p 


+1%| 
+ % 
■+1 

— *4 

-■s 

+*4 


+ -4 

XI 

V{ 

+1 

+% 


+14 

+% 

-b 

-»4 
+ 1 
t2I 
+ % 
+% 
+'■4 


S220 
5160 
60c 
40c 
44c 
S10 
S2 56 

51.00 

5ft 
7ft 
5160 
52.60 
S2.70 
S2.10 
52 20 
94c 
40c 
51 16 

51 00 

52 

51.00 

52.10 
51.44 
SI. 50 
SI «, 
+S1. 40 

52 25' 
SI 84 

53 « 
5110 

51.10 

51.20 

53 60 

51 80 

52 60 
5160 
SZM 
50.65 

|S11S2 

53 00 
96: 

51 00 

52 OS' 
$ 2.20 

76c 
Sl.Ib 
51 20 
15c 
S100 
88: 
SI. 06 


390 

.92 

95% 

64% 

260 

81 

298 

460 

55 

92 

452 

511*. 

356 

43 

E 2 i' 

74 


19CE 


42 

105 

330 

|7B 

L3Q'- 

56 

172 

6t> 

250 

350 

,190 

70 

378 

58*. 

■29Q 

T 2 

£lfP 4 

bO 


Stack 

Man tjn Fm 20p 
Mercury Sec». . 
Midland £1 .... 
Do 7*’S> 83-93 
Do 10%*® 93-98. 
Miirtier A'->ett.. 
Nat Qt Au< SA1. 
Nat Com. Grp- 
, Nat. Wert £1 
SchrodetiSl . 
Secoamhe MCil 
'Smth 5t. Aub 
iStard d Ciuri £1 

iTradeDci-Sl 50 

Union tW tl... 
;U DT . . . 

Well' Fargo S5. 

Wimni'l 20p.... 


Price I 

44 

U1 
368 
£81% 
£82 
59% 
187id 
80 
286 
400 
210 «d 
86 
418 
510% 
320 
37 

£17% 
7 Bid 


-Continue 

- 1 


Ctrl 

-1 

^ 5 .• , 

Ll 


379 

— 

+5 

114 9/ 

43 

+ % 

Q 7 %°° 

omY« 

211 

21-1 

-tb 

M3 B 

25 


Q1V 

* 

*1 

?94 

4 

*3 

til 66 

42 


1172 

— 

m 

113.54 

— 


Li 

— 

r-4 

19 M 

34 

055 - 

32 


hit 05 

— 

tl 

— 



SI 40 


-1 

308 



CHEMICALS, PLASTICS— Cont 

4 orj 


51 

6.1 

193 

115* 

95 
5J 
5 

b \ 
a A' 

96 
88 
7.0 
51 
7 5 

7a 

6-b 


1978 

Kgh Law 

376 
£ 112 % 
328 
41% 
62 
91 
114 

,140 
48 
55 
183 
108 

lf% 

81 


- £133 
S.B|421 

49 
82 
6 fl 127 

♦ 171 

* 137% 
5.5 108 

- 290 
75 
72 

5 3 225 
b2 190 

- 24% 
3 9 36% 

- 145 


- 104 1 73% 


Stock 

Hoecliii DM5... I 
Do Fn.'.Q'.df’’: Li* - 
Imp Clem. Ll . 
Do.5°iPf.n- 

Iirt Paint 

Laporie Imb. 50p 
Le<9h Ints 5p ... 
Nor* .H.Kr.80 . 
Plyvu 10p.. .... 
IRanomwnt lOp 
RentoMI 10p.. 
Reverte* • 

Scot Au.lnd £l- 
Slew art Plastte.. 
iTfcirpr Eantr> lOo 
iWartUe (Ber)lOPI 
iWoKienhotme 
Yorks Chenr*.... 


Price 


rw 

C*r B»'i P/E 1 


ENGINEERINGr-Continued 

M i» inir" 


Stock 


Pda 


fl.3 

241 6.6 8 It 
947311.8 
4Jfl 4 .4 5 .9 
9 4 9.6 
4.1 17.6 

1.9 97 ioi 
L6 12.0 '74 
34 14.4 44 

8 3 6.8 *22 

9 9 68 ,41 
261L3 150 
4.212.1 16 
61 71 
4 5 98 

Lb| 87 


Hire Purchase, etc. 


1745 ; 

8 

111 

52 

14 

118 

27 

20': 

48% 


26% 

f.35 

8 

B3 

30 

B 

85 

15% 

10% 

38 


ICatn+MHd^lMpl 
rie B'creFr 100 ] 
Credit Data lOp 
Lloyd; A S;oL20p 
Lnd 5tol.Fin.10p 
Moorwe b*er; lOp 
Prcrv Financial. 
Slrtg. Crechl lOp 
Simla Hidg. lOp 
Waoon Finance 


36 

£69 

Sjf 

96 

42 
13 
91 
24 
12 

43 


hdl 86 
01 2 V . 


ta 01 
2.14 


t4 94 
t>0.96 


h2. 09 


2.01 


81 


1 3j 

iVi * 

2J1 7 3| 45 


97 


10.2 
4.6 
, 10.0 

134 


145 

54 

54 

51% 

37 

48 


BEERS, WINES AND SPIRITS 


DRAPERY AND STORES 

:I*HI 


94 

46 

171 

56 

111 

92 

128 

51 

157 

174 

68 

lbB 

215 

29 

63 


5180 
30': 
$132 
SI 80 
S2.20 
10^ % 


52.00 
S130 
SI .00 
S200 

51.00 

51 40 

52 00 

-14 1 ; - 


2E 
65 
5.4 
40 
4 b 
24 

3.1 
3 1 
4 

70 

4.2 
4.7 
35 
31 
45 
37 

2.i 
: 3 

3.3 

7.0 

4.4 
23 
3.6 


_.V) 

310 

191 

165 

160 

195 

410 

555 

70 

72 

131 

1?5 

IM 

274 

135 


78 

26 

137 

196 

37 

85 

66 

100 

40 

114% 

140 

55 

114 

163 

18 

45 

93 
1217- 
148 
127 

85 

109 

1270 

360 

50 

60*2 

95 

94 
82% 
185 
129 


Allied Brewc. ... 
W DistPrlGp 
Bas 1 . Char'gton 
{Bell An) wr 5Gp 
EHturen Brewery 
Boddingtons. 
Border Brew's. , 
Brw r/uWNrw]( 
BucVley't Brew 
BulmertH P.)— 
Burtonwood . 
City Lon. De». .. 
Clark (Matthew) 
DiUtler. 5Qp 
Gordon (L)lQp. 
jGouuh Brt». 20p 
Gretna) I Whitley 
.Greene King. ... 

lGinim*k> 

H will'd Dirt 2Qp 
Imemordon ... 
Insh DiMiller; .. 
Macallan. Glen 
Morland £1 ■ 
Sandeinau 
Scott i Tiew 20p 

iTomatin - 

Vaux 

iWhitbread ‘A - 
[Wolv Dudley. •• 
Youqtkew'A Mp 




164 
252 
43 
86 u) 
76td 
116 
48 
141 
168 
61 

159 
204 

22 

50 

122 

295 

153 

163 

160 
191 
395 
555 id 

60 
64%. 
127 
121 
102 % 
217 
157 d 


+2 


t4 39 
0.76 
14 91 
4.93 
Z0 42 
12.91 

13 55 
438 

.70 

345 

2.79 

5.79 
73 

284 
1266 
7.37 
17 D 
in 
226 
1355 
5.14 
14 41 
234 
3.46 
1305 
14.08 

14 0 
15.83 
1323 


21 
111 
3| 
4 B) 

25 
2.0) 

fcl 

2.0) 

4.91 

1.6| 

26 
3 01 


19 

4.1 

2 Si 
’ 4| 

3^ 

3 9j 

si 

25| 

* 

24 
33 
3ffl 
3 5 


42 
25*: 
20% 
14 

7 81102 59 
?.b 37 A 228 
4.510 47 
2.9 10.0 200 
15-184 
5.012.0 44 
7 0108 39 

5.8 * 1% 
5«1DJL 136 
7.1(85} 57 
31 9.9 15 

6.8 13.4 124 
5i 10.5 224 
S3 9 4 23 

- - no 

85 77 77 
3 3 115 176 
37 M3 31 
7 0 7.8 190 

L“S5S S 

2 510.8 25 
1 9 (230 67% 
39 6 36 

5.8 9.9 UO 
S C 6.7 185 
3.6 15.7 405 
5 012.4 42 
58 6.7 80 
4.0123 13% 


53 I 
33 
33 
33 
15 
18% 
31% 
.84 
25 
13 
12 
10 
47 
173 
30 

% 

5 * 

150 

73 

28 

& 

162 


31 


building industry, 
timber and roads 


SJL Ust Premium 31'^- 'based on U»1540C per £■ 
Conversion factor 0.76C7 t0.7p36' 


ic: 

164 

22 

78 

26? 

33 

16 

91 

123 

30% 

31 

57 

69 

83 

303 

88 

1M 

41 

230 


CANADIANS 


INTERNATIONAL BANK 

6.13 1 791. |5pc Slock 77-82 1 81'a|+'j I +13 | 1121 

CORPORATION LOANS 

!Birm'ham9%pc79-83. 

{Bristol 7*4pc 7JB1 • 

|G L.C. 12‘ipcJ2 — - 
. Do.l2%pcM«..... 

Glasgow fa BO ff ... 

Herts. 5*^c78-a0. 


98% 

9**e 

107 

112 

5 * 

St 

92% 

87% 

71% 

78 

26U 

934 

991; 

IDfA 


91% 

87*4 

98 
97*. 
88*4 
90% 
88% 
25% 
864 

Si: 

a 

s. 

91 

93% 

99 


Liverpool 9%pc -80-84 
Do 3*2pc Irred.. 

Lon. Core 9%pc W-85 
iLC.C.6pc7b-79„.. 
Do 5%pc ■77-81.-. 
Do S%pc '82-84...- 

Da.5*2pc '85-87 

Do6%pc-88-90 — 
Do 3pc "20 Aft. . . 
Middx. 5Upc 19B0. 

lES'IsS 


12.71 

1288 

12.77 

12.99 

12.43 

1L46 

12.69 


■16% 
16^ 
424 
15 A 

104 

Sc 

ft 

63ft> 

31 r s 

16% 

a 

k 

1 


10% iBk .Montreal S2. 
10 1 Ek. Nova Scot .. . 
l&ell Canada S25.. 
Bow Valley 1 1 

Braicanl* 

Can. Imp Bi.52. . 
Can Pacriic S5.. . 
Do.4pc Deb. £100 

|GullOilCan.!| .. 
|H»*erSid Can.ll 

HollnreerS5 

Hudson's Ely II 

Hud B.Oil G. $2% 

impenalOilll 

Into ■ 

ml Nat. Gas SI. . 


30'* 
600p 
825p 
14 , 
955p' 
30*2 
16% 
315p 

ffl 

iii; 

B 


♦'! 


i. Kft 



Matey Ferg !l ... 
Pacific Pet $1 — 
Place Gas SI . 

Rio Alqom .. . 
Royal Bk.C,tn.K. 
Seagram Co CS1 
Hor. Dom. Bk.Sl 
iTraieCan. Pipe 


15*4 
13*i 
37% 
13 
987n 
17% 
14, G 

*sd 

Jl,* 

13% 

10%ifl 

610p 

62 On 
35% 
119p 
19-; 

21"2*d 

I9d 

12’s 

10% 


32 


-2-s 


51 12 
SI 04 
54 A 

i&i 

97; I 

j’4 
si 14 ! 

48C' 
552 Ct 
90: 
5160 
SL-HJ 


-ill 


?» 
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*i. 40: 

-io a?-; 


SI. 4 

suo 
sieo 
si •: 

%■. 

102: 


l.U 

41 

4s 

3.3 

2t> 

3i 

P 

o." 

L5 

Ft> 
3? 
29 
3 5 
46 


■*8 

138 

13 

59 

an 

31 

10 

44 
98 
20% 
15 

45 
54 
b? 

220 

bl 

75 

21 

24 
45'; 

25 
15? 
1”C 


ASerdeen Couft.. 
Aherlhaw Cem. 

Allied Ptam lOp- 
lArmitage Ghrjc, . 
5PB Intis. 50p.. 
Bawendge 2rt . 
Bailer Ben lDp 
Bamhergen . 
EarnJlDe. lOp 
Beechwood 10p 
Benlon 20 P 
Benlord M. lOp 
Belt Srov ?Op. 
Blocklevi 20p.. 

, Blue Circle U.. 
EJundell Pmn 
Breeden Lune .. 
,Bnl Dredglmi .. 
.Brown Jtau. 20o| 
If.'jwnlee 
Bryant ritdgs 
Siimelt i H 
Bi.r' Boulton £1 


COMMONWEALTH & AFRICAN LOANS 


95*4 

88*« 

96*; 

87% 

95% 

70 

96 


64l 3 

90% 

33*4 

154 

95*a 


92% 

81% 

92 

76% 

89 

50 

75 


107*4 

110 

314% 

85 

S1‘2 

99 

99% 

101% 

71% 

71% 

84*3 

81% 


|Aust. 5%pc "77-80 — 93 

ta5%pc;814« 

N.Z. 6pc 76-80 ' 

Do7*;pc 83-86...... 7J 

Sth-Alrtca 91*7981 - 
iSih. Rlwd. 2|fa '65-70 
Do. WX.7&81 

LOANS 

Public Board and 

584- Aqric. Ml. 5pc '59-89 
80“ Alcan 10*rec "89 ; 94.. 

26% Met.WJ-.jpc'B-.... 

107 U.S.M.C. 9pc 1982 .. 

87 Do. without Warrants 

Financial 

99% FFIlSpcMBl- 

101% Da. 14pc 79 

,100 Do. 14pc ’83... — 

79*3 fCFC5%kM iM 
72 Do. 6*jpcDb. 81-84 
89% Da.lO*aicUns.U*.^6 
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61* Do. 7'4pcA0eb. "89.92 
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12.71 

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13.18 

12.63 

1237 

1220 

1428 


1233 

1355 

1295 

3320 


S.E. Ust Premium 31%"% (based on S22773 per £i 

BANKS AND HIRE PURCHASE 


M 


FOREIGN BONDS & RAILS 


1978 
H* Lon 


24 

41 

98 

115 

54 

51 

44 


17 

33 

. 98 
1350 
46 
46 
40 


Stock 

Antofagasta Rly... 
Do. 5pc Pref. — 
Chilean Mixed..— ] 
{German Yng. 4%pc. 

Creek.7pcA«... 
to 6pc 28 Stab. Ass. 
Do 4pc Mixed Ass.. | 


-1 13.10 

1720 
1674 
(5J3 


Stock I P"» 

IAN2SA1. ...... 295 1-5 

Alexanders D.JLL 250 

Algemene FI.100 L1ZQ 

Allen Harreyll .. 335 
Allied Irish . .... 203 
ArtwUinmL £1 143ui 
BV. Ireland £1. 408 
Do. 10 k Coni .. £183 
BV. Leuml Id 12 
B* Leunv{UkKl- 160 
Bk. N.S.W SA2 5W 
Barf. Scotland £1 293 
IBanken N.Y310 £23 

iarclaysEl ... 370 

Brown Shipley LI 235aJ 
Cater Ryder £1. 2W 
Clive Dft'nt 20p 77 

... Com'l Aut ($A1) 180 
£12% Corn'd* OM1W. £16 
"■ C'han.Hb'».KrlOO £16% 
ConntMan lOp 31 
Cred. France F75 £19% 
Dawes (G. R j... .15 
C121V1189 Dedal* C** DM50 U09 

' F.C. Finance... 70 

[First NaL lOp... 5% 

Do Wms 7583 2 

Fraser Arts lOp 12% 

Gerranl Natnl . . . 190 
Gibbi (A 1-. .. s . ” 
Giliett Bros kl. 227 
Go»JiDlMfy5p 19 

Gnndlays 127 

Guimess Peal .. 116 

B lH.imlW0S 

muel 87 

Varranls.. 200 
hng.S2.50 255 
Toynbee. 62 
(Leo) LI. 155*fl 
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king& Stax 20p 65 

Kleimuort 6 L.. 9Z 
!242 |Uoyds £1 — 276 


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FINANCIAL TIMES 

BRACKEN HOUSE, 10, CANNON STREET, LONDON EC4P 4BY 
Telex: Editorial 88634112, 883897. AdYertisenwnts: 885033. Telegrams: Fmartow, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London, 

Liverpool and Manchester, Tel: 246 802b 
INTERNATIONAL AND BRITISH OFFICES 


3 0 

6S — 

5-®i «!io5 

310 
58 
135 
17$ 


Birunnghani, 


EDITORIAL OFFICES 

Amsterdam: P.0 Bo* 12 % Amslerdam-C. 

Tele* 12171 Tef 240 555 
Birmingham: George Holm. GeoreeRoad. 

Tele* 338650 Tel: 021-454 0922 
Bonn: PressMus 11-104 Heuswllee 2-10. 
Telei 8869542 Tel- 210039 

B russets: 3^* 

Tele* 23283 Tel: 512-9037 

'Cairo: P 0. Bo* 2040. 

Tel: 938510 

Dublin: 8 FitzwIHiam Souare. 

Tele* 5414 Tel- 785321 
Edinburgh- 37 George Street. 

Tele*: 72484 Tel: 031-226 4120 

Frankfurt: im Sachsentager 13. 

Tele*- 416263 Tel 555730 

Johannesburg: P.O.Box 2128 
Tele* 8-6257 Tel. 83B-7545 
Lisbon: Praia de Alearia 5ft- ID, Lisbon 2. 

Tele* 12533 Tel: 362 508 
Madrid- Espronceda 32. Madrid 3. 

Tel- 441 6772 


Manchester: Queen's fto | *«J* IJ 5S5 1 , Slrert - 
Telet 666813 Tel: 061-834 9M1 
Moscow: Sadovo-SanjiKhnaya 12-24. ApL i5. 

Tele* 7900 Tel: 200 2748 
New YorV: 75 Rpckejelte; WM NT 10019. 

Tele* 66390 Tel: (212) 541 4625 
Pam- 36 Rue du Sentier. 75002. 

Tele* 220044 Tel 23657.4j, 

Rio de Janeiro: Arerrida Pres. Vargas 418-iO. 

Tel: 253 4848 

Rome: Via della Mwede 55. 

Tele* 610032 Tel: 678 3314 
Stockholm, c.'o Svemfca Itagbbdet. RMtammv»jen 7. 

Tele* 17b03 Tel- 50 60 B8 

Tehran P.O. 8o* H-1879. 

Tele* 213930 Tel. 682698 
Tokyo. 8lh Floor, Nihtm Keiai &ir*un 

Build mg. 1-9-5 OtemKM, CJjiyoto*u. : - 

Tele* J 27104 Tel- 241 2920 
Washington: 2nd Floor. 1325E- Street, 

N.W.. Washington DC. 20004 
Tele* 440340 Tel: (202) 347 8b76 


M ' 

53 Oo • w 
12 : ’ Howard Shut iOp 
1C4‘ I DC 20p... • 

125 'haoik Jennscn 
3C8 Im Timiwr. .. 

41 1 J J E Ht 'dimplOr 
14 JO EC, ... . 

157 Jar.-ft (J.) 

70 Jei'mr^s SAO 50 . 

79 joh.■1«n.R'lJlare , . 

1-J J?ne> Edwcl jto 
51 -ten (M P ) lOo 

114^- l_nV.--.l 5 ~ noo 

71 ' L3iri'.i(Jrfir) -A 
84 La:ham(J)£l. 

B8 Lawrence (W.) 

70 Le«h(V/m.)20p 
57 Levl.md Paint 
tl Lillee F.JC 
bl London Er ck .. 

74 LortlUY.J). 

:a McNeill Group 

5113 UigrelbSthn-. . 

: 42% Lijlluiscw-Oe!** 
j &J rJander- 1 Hldg) 
jlOi M:jchwiel 
1 67 Martov 

71 Mafiiall: (Hf.) 

=7 f/a-,-6 Has -ell 
13 Wear, Bros .. . 

35 Melv deD l '.V 
73 Pf,tr|MW L 1 
5I : • Mllbur* 

o' Miller (SUrllOp 
52 r/ivumcreu-. 

55 TJlod Snsuwet s 
79 Monk (A) ■ 

303 MowlerifJ).. .. 

US NewarthHI ■-! 

flcrweil Hoi- 1 
21C Not: . Er.ci 50p 
40 OrmeDei'j 10p 
97 Porler Tini&t 
138 Phaetii* Timoer 
82 Pocmnt 
107 R M C. 

116 RedL-md 
9 b I 70 R'cr'd: Wa-I !0o 
104 | 94 Roberts Adiard 
67 Bonn Group .. 

20 Rwrlinsorr lOov 
29% fttifco Group 
30 RuMTOid 
66 raiDfr/ F Cemen. 

155 5GS Group 
31% Sabah Tin#*' !Gp 
30% Shame & Fisher. 

56 Smart (2 ) iDo . 
b Soulhere Con ?p 
20 Streeier> lOp. 

|124 Tarmac 50p . . 

330 Taywr Woodrow 
.233 Tilbury C'tg il 
129 Travis iArndd 
[225 Tunnel E 50p ... 

64 UBM Group. - 
24 [vecus Store lto 
155 iVitom plant 
32 wrartHlog:. 10p 
35 [Warrington 
95 Watt; 3la'-e ... 

30 Iweubncv Prat 
56 hWettcra Bros .. 

37 [Whai lines 2Lo 
23 Iwmt'gh'in 12'ro 
22 lWiggin'. Cun »0p[ 

99 |Wilgjr(Co*w>llyj \ 127 
63 (Wing*/ (Geo) .j 83 


-1 


advertisement offices 

Birmingham- George House, George Road. 

Tele* 338650 Tel: 021-454 0922 
Edinburgh: 37 Gwrge Street 
Tele* 72484 Tel: 031-226 4139 
Franklurv. Im S^hser^ger l 3 - 
Teto* 16263 Tet: 554667 
Leeds: Permanent House, The Headrow. 

Tel: 0532 454969 

Overseas advertisement represematives in 
Central and South America, Ainu, the Middle East. Asia and the Far East 
For further details, please contact: 

Overseas Advertisement Department, 

Financial Times, Bracken House, 10, Cannon Street, London EC4P 4BY 


Manchester Queen’s LS u S2n S!rNL 
Tele* 666813 Tet: 0614134 9301 

New York. 75 RnckeleWa - Phg. NT- WC19 
Tele* 238409 Tel- (212) 489 8jOO 
Pans: 36 Rue duSeowr. 75002. 

Tele* 220044 Tel: 23686.01 
Tokyo 1 KasAara Bui Wing. 1-6-10 
Chiyoda-uu. Tele* J 27104 Tel; 295 40 BV, 


SUBSCRIPTIONS Mmaaim .mri MohsUh world-aide or on regular sutec'lption fr>m 

CcpiB obiamame i»om neu^a.^ npiurim , nl FlnJ1lcia | j^n. London 


SutscrtpHO" DoMrunen! 


45 

•55 

95 

38 

69 

52 

55 

iC% 

33 

74 

74 

318 

194 

314 

77% 

38 

200 

42 

63 

25 

66 

16 

46 

45 

37 

147 

101 


63 
27 
25 
56 
33 
18 
48 
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65 

3 

58 
68 

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92 

66 
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149 

67 
88 
83 
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126 
160 
123 
56 
171; 
157 

70 
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13 
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83 

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83 

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103 

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11 
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305 
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119 

119 

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54 

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671; 

[206 

131 

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[146 


Allied Retail lOp 
Amber Day lOp 
Aguasuitum 5p. 

Do. 'A' 5p.... . 
Audiotronic lOp 

Baker's Sir*. lOp 

Barter, SiBClto 
a tile (J) 'A'., 
'nulls lOp... • 
BlkmnfiiCon 20p 
Board man KO ». 
Balttm Te*t. 5p 

Bremner 

BriL HtntoU 

Brawn (N)20p.| 
BwWGrp.5 
Do 'A'riV' 
.Cantor', 'A 20p 
[Casket (S ) 10p 
Church_ . . .... , 
Comb, eng 12‘jP 
Cope Sports 5q . 
[Cornell Dress 5p.. 
Courts 'A'... 

'Cunys ■ • ■ . - 
[Customagic lop | 
Debenhanr, . 
[Oewhirst lOp.^ 
[Dixons Photo 10p( 
Ellis & Gold 5p . 
Empire Stores.. 
Execute* ?0p 
.Fairdale Te«.5pl 
Do. 'A'5p. ...»■ 
Fine Art Devs ft 
,Ford(M'tin)lOp[ 
Forminster lOp 
[Foster Bros . - 
Freemans (LOn) 
,Gelfer(AJ.)20p.l 
Goidlterg A.. 

1 Goodman Br.5p. 
[Grattan Ware ... 
!Gl Universal 
Do.'A’Ord. 

Gre. Willetts IDp-J 

Hardy (Film) ... 
Do. -A' NV...- 
Helene Lon. lOp. 
to.12pcCnv.Prt.. 
Henderson h. 20p 
.HenriQues A lto . 
HqnHsrlh (J.) lOP 
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.House of Fraser 
House of Lerose 
Uone.(En*a)IOA- 
Krott Mill lOp. 
TtKuntck HktJS . , 
Ladies Pride ZOp | 
Lee Cooper .... 

Liberty 

|to Non Mm Ord . 
Line roll K. lOp. 
MFI Furniture lw] 
Maple 10H 

i Mart rt. Spencer | 

Martin News 
MenJies(J-). 
Michael (J) IQp 
M id-Eduut 50p 
Mrthenare lOp .. 
NSSNewslOp- 
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Pullman R £.J.5p 
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Do N .V 

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Waring & Gillow 
Wearwell 5p.. 
Wharf Mill lOpi. | 
WilLmnWarttii 
Wootwortli 


- - - 53 


2.3 10.4 
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ELECTRICAL AND RADIO 


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65 

75 

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E4 

61 

60 

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122 

134 

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41 
ILB7 
£8? 
£83 

64 

59 

57 

18 

40% 

30 

16 

b9 

42 

56 

,503 

15% 

15b 


AKZO ... 

Al<rna:e lnd-. 

All ri.1 P.ick IOd. 
Ail'd CrfioidlOp 
[Anchor Chem. 
Boyer AG DM.M] 
8lagdn< Noate-- . 
.Brert Cheimlfti 
Ent.Bcik.-ol ID?. 
iBriL Tar Pr d 13 d 
[B urrell ft 
Lariei^Caoel lCp) 

ICaidir 

Cifc*G'g> * : «*«Ln 
hftWiw 

ito 

[Coalite Chem- 
iC oates Bros ... 
DO 'A TJV 

Credaim 
Croda Int. Deld. 
jCry>.iaLne ft. - 
iEJIli E/er.-.rc. 
Enalnn Plastics. 

Farm Feed 

Fi45‘ il ■ , 
HaUlf.utJ i 1ft! 
'Hlcu. Weici :-ft i 


900 

226 

143 

72 

72 
£49 
244 
182 

33% 

54 

9% 

32 

43 

£93% 

L89% 

£89% 

71 

73 
69 
IB 
£4 
32 
3b 
% 
65a 
69 

314 

26% 

195 


rtl«7, 

Mfl 

112 Ifl 

U3.17 

till 

HP 

'BF 

1236 

TZ-36 

M0.75 

im 


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ft? 

458 

m067 

H304 

08 

th351 


LMIOU 


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471 
3 a 
3.g 

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511 


9 4 


55 
310 
740 
52 
43 
42 
156 
400 
£109 
82 
177 
382 
106 
30 
65 

. 24 
bi 240 

3 Ill3 3 7b 
8.7 5 5 
3.1219 
7.« 10.5 
2 615.6 
2 7 85 

5 8 11 7 115 
l [U« 258 

4 4 8.8 125 
‘ 8.0 101 

- 310 

- Ib5 

54 52% 
83 17? 
78 7\ 
4.3 « 
8-5 146 

- ,* g | ft 

7.3)1941 27% 
10)10 5 15 5 1Q0 
115 

6 3 S Bl ?4? 

6 21)64 

77l 27i 5.91 9% 


£69 

73% 

E51 

no 

84 

84 

P7 

1% 

86 

37 

253 

[456 

33 

31 

30 

111 

308 

£90 

52 

88 

i?2b 

83 

201 

42 

14 

122 

146 


Mm FldeiuylOp ( 
lAito'ted Sec.lOpj 
BICC 50p ... 

BSR lDp 

Beret _ , 

Best 6 May lOp | 
iBowthorpe 10p 
Bracks lOp . ■ 
Buhjm'A'ft . 
[Cablet orm 5p 
Campbell Isliwd 
Chloride Grp. .. 
[ChHonl 6 Snell ft 
Count R.aerv ft 
CrayECironit 10p 
Crrilon lOp 
.. 13tC‘m.998J 
Dale Elect. 10p 

Decu 

Do. *A' 

Derritron lOp. .1 
iDewtiun.i 'A' lOp ] 

[tontfiw 4 M 5p 

Dreamland IDs 
[Dubilier 5p. . 

EMI50p. . 

toftj'oCcr. 81 

Elect romps lOp | 
Electronic Mach. 
Elec. Rentals 10p[ 
Eix*tgy Sene. lOp. | 
EurotMnnlrt lGp I 

Famell Elec. 20p) 
Ferranti 50p. 
Fidelity Rad lOp. 
Forward Tech...| 

_ E.C M . 

Highland El 20p 1 
Ltoaes Stroud. 
iKode int. .. .... 
Laurence Scott 

iLecRdng 

M.K. Electric 
Motorola S3 
Muirhead ... . 
Newman Inds .. 
Newmark Lourt 
[Normantf El. ZOp 
.Perviiv Elmer 4cs 
P«bwHI*10p 
Philips Fin.5%% 
Philips Lp. F10. 
Plfco HWqs. 20p 
Do. 'A' ZOp... 


torts 


Pressac! 

Pye HkJgs 

[Ratal Elect nc. 
Redlflusion .. 
Rotafie*G.B lOp 
Scholes (GH) . 
Sony Co Y50... 
Iftond Dlflsn. ft. 
[Teletusion ft 
Do.'A'N'Vft. 
Tete Rentals... 
Thorn Elect. 
Do.5ucCn 9ft94. 
rh-ipeFW.lOp*. 
'Unitech lOp . . 
Uld.Scientinc 
Ward H Gold 
Wellco Hlds. 5p | 
Weslinghduse. 
Wtriwaorth El. f . 
WhlesaleFiq 20p| 
Wiglall (H.) .... 


+ 1 


+1 


163 

405 

Mb.09 


589 


Baker PerCSOp- 122 
Bpmfoids 20p— 33 
Banro Cons. 20p.. 

Barton Sons .. 

Beasrford 20p — 
iBeran (D.FJ ft 
Blrrnid Uualcast 
Bmnghm. Mint . ! 126 
Blum Pallet lOp 
Blackw'dHot" 

Bower EiM.5 
Boulton Wm. . 
BrohamMWlto 
BraithwalteEl. 

SSSfflsi J 

Bnstol Channel:! : o % 

ert.Ahrtr**n£l 

[British Northrt 
Brtt Steam 2 
Brackhoose. 

Brom's Cast 5| 

Bronx Eng. 1 
BrooLeTool: 

Brotnerti'dP 50p. 

Brawn SiTawse. 

Brown John £L . 
Bultough20p....{ 154 
Burgess ProtLkl 
SutterfieW Hv 

Icapper-Nedi) . 

[Cardo Eng.;^_ 

.Cartwright K.10P-, 
CasbngslOp__ 

Cbemring 5(t_. 

Christy Bras.^.ri 

jCohen^ . _ 

CofflpAfer 
concentric Ito. 
Ww.Shrf.^p 

Cronite^roup-- 
Crown HtoJM....' 

[Cummins 78194 
Danis Gowertrau: 

{Dartmtii lw. 5p- 
D*s & Met'AlDp. 

.Daey tap- ---r- 

Del son lOfi. 

Delta Metal - 

Dennis J.H.KJfF _ . 
DeriteodSOp — 153 (- 

Desoutter — .... 
DownWbraelQp- 
Drake & SciiS-. 

Ductile Steels... 

Duport 

EdnoCHIdgs).. 
ElllouiB.)— ;■ 

Eng. Card Cloth 
Eva industries -• 

Expanded Metals 
Farmer (S.W.). 

S.WA £< 

Francis Inds..... w . 

gei intni. r; 

Galon Eng. 10 
Gen-EngJtadJ 
'Gtyirweff — 

[Granges KWO.. 
GreenhanklOp. 

Green's Ecpn-- 

G.K.N. £1— 

Halxt Protista f., 

[Haden Carrier-) 

Hall Eng. 5DpJ^. 
Hail Matteew-,4 213 
HaDite! 

Ha . 

Ma . 

Hawker Sid. «... 

Hill & SmRb.j-. 
Kopkinaxa50p 
Howard Uadq. 

Howden Group 
Hunt Mosadpft- 

!.M.I._. 

jacksnJAHBft 
jenks* Catted. 

Johnson &,FHth 
Jones Group lOp 
Jones Slftman . 

Laird Groui 
Lake & EJS . , 

[Unread “ 


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116 


7-H §2 109 


Hf 

10.! 


20 


243 


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H 37 .'2 
1-3 44 

d B 132 

if it 

H 7.1 “ 
72 loll 


Kraft S2.50- 
Kvrik Sate? 10p 
LeiwonsGp lOp. 
LinfOOd HWg^.. 
Lochwootb-— 
Lo«H(G.F)^" 
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lP(J JtL... 

[Matthews (P) - 

[MeaiTrateStJ 
Morgan Eds. 1 
Morris n(W ) \ 
Northern Foods 
Nurdm P k. lOp. 
.Pan® (P.)10r 
Ipyke (W.J.).IC 
^kusenGiixli 

R.H.M 

Robertson Foods. 
M6M ,50P 
Sainsbury (J.) 
Somportw -L-. 

SpHtore---; 


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[Watson Phlp- lOrf 


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5.6 2j}i 


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5.7 8.7 215 

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Locker 

li^k^&Midfd 

ML. HOkfimiP. 
Mangan Brtrtre 
MartonalrZOp • 
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MeggittSp 

•Metalra* ft ..... 
|Mid(andlnds.5p 
Mining Sup. 10p . 
MnchellSom.lOp 
Mole(Mi20p. 

Molins 

Moss Eng'g 

Neepseml 
Neil f(Jas) Hags 
Newman Tonkv 
Northern Eng. 
Norton (W E)5p. 
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Porter Chad. ZOp.) 
Prait(F) 
Predwich Pa+er 


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Icomfort InL Iflp 
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Middleton 50p. 

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(ReollOp 

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Frnist ATFortt . 
WntrHofAlOp, 
Wheeler's 10p.. 


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15 4.6 224 
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INDUSTRIALS (Wised.) 


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t387 a £24i 2 BaxterTrareml. 

33 152 Bestson Clark... 

726 Beeetam— ,-v- 

27 - 12 i 2 BeitarCos-lOp 

23 . Bentima ... 

Berisftrfe.— 

Berwick Tknpo. 

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ENGINEERING 
MACHINE TOOLS 


fa o 
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Allen W G. . 
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Ass.BrttrSh 12';p. 
'Assoc Tooting 
i Astra Inrl't IDs I 
Aurora Hlds 
:AuMin (James). | 
Arery. . . 
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Bailey (C H.).. 


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Ratcliffe Inds . 
RatdifK(G.B ) 
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RotorklOp. 

Sanderson Kajserj 
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SpencerCIt 20p 
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Spirax-Sarco 
Siartrile20p. . 
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gace lOp 

[Taylor Paihsier 
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29*j [Westland... 

63 [Wheswe ... 

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21 [WilHams (W)*. 
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WTiwell Fny. lOp 

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Caravans Int- 2ft 

Carlton Inds 

15* 107 Cawoorts ......... 

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Ass. Dairies.... 
Ass. Fisheries. 
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Brit. Sugar SOp 
BriL VeroTg lOp. 
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Cadbury Sch'ps- 
Carr's Milling... 
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Clifford Dairies. 
Dd. “A" N.'V.., 
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rt Core. SI. 

7 ft* '« 

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Itima Clays- 80 
Espera*aal2%p. 126 

Eure Ferries 128% 

EwrieHMgs. 2ft 
Ewer George lft 

Fafrbalro Lawson 
, Feeder lft....- 
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Ferguson lnd. 

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First Castle lOp 

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“ Recent Issues " 


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U.,11 for your next 
lAfillt expanaim. 
NewDewek^Hnent 
OppcffttioitfesbrodOTE 
from; 

inRIUb, 

Director ii I«5nslftd DeCTiopracrt, 
Kingston upon HiBGtvGxsacfi, 

77 Loaxjah>.Hiin. HUllHR 
Tdeptonc M82 223JU 

1^" 




.Tuesday -December 5 1978 








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„ r- 7 ?- 




Thomson 
rejects 
Times 
talks bid 


BY ALAN PIKE, 

LABOUR CORRESPONDENT 


LORD THOMSON of Fleet, presi- 
dent of Tiroes Newspapers, 
yesterday rejected a print union 
leader's request for direct talks 
an the industrial relations crisis 
which led last week to the com- 
pany suspending all its publica- 
tions. 

Lard Thomson, who is on a 
visit to Britain from the Inter- 
nati onal Thomson Organisation's 
Canadian headquarters, said: “I 
have no intention of intervening 
in any way in the negotiations 
which are currently being con- 
ducted.” 

Mr. Joe Wade, general secre- 
tary of the National Graphical 
Association, whose union is re- 
fusing to meet Tiroes Newspapers 
“under duress” to discuss the 
company's demands for agree- 
ment on industrial relations 
reforms and tile introduction of 
new technology, had suggested 
the meeting on Friday. 

“I understand that Mr. Wade 
has stated that he would like to 
talk to me. I lake encouragement 
from this but would respectfully 
suggest that any such meeting 
should be held with the manage- 
ment of Tiroes Newspapers who 
are directly responsible for the 
negotiations,” said Lord 
Thompson. 

Times Newspapers says that 
production of The Tiroes, the 
Sunday Tiroes and three Times 
supplements will remain 
suspnedde until agreement is 
reached with all unions on its 
proposals. 

The first indefinite nationwide 
provincial newspaper strike in 
the history of the National Union 
of Journalists began yesterday. 

Last night the union claimed 
an “overwhelming response.” 
with more than SO per cent of 
provincial journalists on strike. 
The l-Hggest provincial biackspots 
for the union were Birmingham, 
Liverpool and Southampton, 
where a majority of NUJ mem- 
bers defied the strike rail. 

After a long meeting jour- 
nalists on the. Press Association 
national news agency voted Sfi-76 
to defy an executive instruction 
to stop work in sympathy with 
the provincial strikers. In 
previous disputes continued 
supply of PA tapes has helped 
newspapers to maintain .pro- 


duction using editorial excutives 
taff. 


and noo-NUJ sta 

The result of the PA vote was 
that some NUJ members walked 
out and picketed the building 
while others continued working. 
Failure of the PA chapel to give 
unanimous support to the execu- 
tive will come as a disappoint- 
ment to the union but Mr. Ken 
Ashton, general secretary, said he 
was confident the service would 
be “ badly disrupted ” and that 
more NUJ meuiberQfthere would 
join their colleagues ou strike. 

The NUJ’s 9,000 provincial 
members are seeking increases of 
£20 per week. An offer worth 
about 9 per cent has been made 
by the Newspaper Society on 
behalf of the provincial em- 
ployers. provided the Govern- 
ment can be persuaded to treat 
the journalists as a special case. 

Leaders of the non-TUC affili- 
ated Institue of Journalists arc 
are also demanding big pay 
increases but do not regard the 
NUJ strike as the appropriate 
strategy. 


BL names chief for 


bus and truck division 


BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT 


MR. DAVID ABELL is to be 
the new chairman and chief 
executive of BL’s ailing bus and 
truck division. Ley land Vehicles. 
He moves from SP Industries, 
the group's specialist engineer- 
ing division, where he has been 
managing director. 

At the same time SP Indus- 
tries is being split up in another 
re-structuring of BL's operations. 
The Coventry Climax forklift 
trucks business, A] vis, which 
makes military vehicles, and 
Self-Changing Gears, manufac- 
turer of heavy duty transmissions 
for various applications, are 
being added to Leyland Vehicles, 
which remains a limit ed com- 
pany. to create a new entity, BL 
Commercial Vehicles. 


Although there was no official 
comment from BL, the reviews 
may include a study of possible 
collaboration with other com- 
panies. 

LV, the largest commercial 
vehicle manufacturer in the UK 
with a turnover this year of 
£450m and 28,000 employees, has 
been without a chief executive 
since Mr. Desmond Pitcher left 
the position in July. 

Since then the truck industry 
has been scoured for a suitable 
replacement and on at least two 
other occasions managers from 
non-commercial vehicle busi- 
nesses seemed on the point of 
signing contracts to take the job. 


In the City 


This leaves the loss-making 
construction equipment offshoot, 
Avellng Harford, and Prestcold. 
which makes commercial re- 
frigeration and air conditioning 
equipment on their own. 

“Future plans for these com- 
panies — as well os the SP Indus- 
tries headquarters at Melton 
Mowbray and the SP Computer 
Centre at Grantham — are cur- 
rently under review," BL said. 


Mr. Abell is 35 and joined 
BLMC as it then was in 1968, 
after an early career with Ford 
and AEI. He held the positions 
of Prestcold executive chairman 
and BLMC Corporation Treasurer 
before leaving the group for a 
brief spell in the City in 1973. 

In 1974 he rejoined BL as 
managing director of Leyland 
Special Products. as SP 
Industries used to be called, and 


set in train a major expansion 
programme which saw the 
division double turnover to 
£230m. 

It was widely believed that 
SP Industries might be hired 
off as a separate, perhaps quoted, 
group, but successive BL chief 
executives have rejected the 
idea. 

Also included in the new BL 
Commercial Vehicles are certain 
BL overseas subsidiaries and 
investments including Ash ok and 
Erin are in India, Leyland Nigeria 
and interests In Iran. 

The Nuffield Press fBL’s print- 
ing concern) will become part of 
BL International. 

A BL statement quoted Mr. 
Michael Edwardes the chairman 
as saying- the grouping of LV 
with parts of SP Industries was 
“a logical step forward in the 
strengthening of BL. Fork 
trucks, military vehicles and 
heavy transmissions arc every 
bit as ‘'commercial'* as trucks, 
buses and tractors. The group- 
ing of the companies makes com- 
mercial commonsense to meet the 
challenge of the 19 80s." 

News Analysis, Page 19 


At least £23.9m cash offered to 
Swan Hunter shareholders 


BY ANDREW TAYLOR 


SWAN HUNTER, which received 
£15m compensation from the 
nationalisation of its shipbuild- 
ing business, is proposing to pay 
at least £23.9m cash to share- 
holders under a capital recon- 
struction. 

As part of the deal Swan Hun- 
ter shareholders are asked to 
swap their shares for stock in 
Go* forth Industrial Holdings— -a 
new company formed to take 
over Swan’s remaining business 
interests, including the loss- 
making Smiths Shiprepairers on 
Tyneside. 

The deal will fail if shares 
holders holding more than 10 
per cent of Swan Hunters issued 
capital vote against the 
proposals. 

At the same time Sir John 
Hunter, chairman and Lord 
Howtck. non-executive director, 
announced yesterday that they 
were resigning from the board. 
Sir John is one of four Swan 
Hunter directors receiving a 
total of £121,000 compensation 
! following the termination of 
three service contracts, and the 
termination of employment of 
Mr. R. Ib iso q with Swan Hunter. 
. Under the terms of the recon- 
struction Swan Hunter will be 


placed into voluntary liquidation 
and shareholders will be offered 
130p cash plus one Gosforth 
share for every Swan share held. 

A further cash payment of up 
to 15p per share may be made 
depending on how much money 
is left after all Swan Hunter's 
outstanding liabilities have been 
met. 

The group's share price fell 6p 
to 153p on yesterday’s news, 
which included profit figures for 
the year ending June 30. 197S. 


These showed pre-tax profits of 


£3Jm compared with the £7,3 rn 
earned in the previous IS 
months. 


Future losses 


The first cash distribution— to 
be not less than 330p— is due to 
be paid six weeks following the 
second of two extraordinary 
general meetings to he held on 
December 28 and January 12. 

If the proposals are accepted, 
Gosforth will acquire Swan’s 
remaining ship repairing, en- 
gineering, construction and 
insurance interests. The new 
company will have net tangible 
assets of £7.1m— including bank 
balances of £3.7m— compared 


with Swan’s net tangible assets 
on June 30 at i36im. 

In addition the book value of 
the loss-making Smith.- Ship- 
repairers is to be written down 
from £3~4m to a nominal £1 
before the transfer to Gosforth, 
This will create a £3.21 m provi- 
sion against future losses at the 
Tyneside ship repairer*. 

Swan Hunter has already made 
attempts to dispose or Smiths, 
which last year made a £ 1.25m 
loss before taking into account 
£268.000 from the •'•'■st of a 
retrospective pay award. 

The new Gosrorih board- 
representing all the current Swan 
directors except Sir John 
Hunter and Lord Bowick — said 
that it would not provide further 
funds Tor Smiths unless fihip- 
repairing prospects improved 
substantially. 

Swan Hunter, in a document 
outlining the reconstruction pro- 
posals. says that although 
Smiths’ losses have been reduced 
in recent month-*, “further losses 
are unavoidable." 

However, the group said that 
activities other than Smiths 
would continue to trade profit- 
ably. 

Swan Hunter figures. Page 20 


Public 

borrowing 

within 

forecasts 


BY MICHAEL BLANDEN 


BORROWING BY the public 
sector so far this year is just 
within the level predicted in 
the latest official forecasts. 

Tbe public-sector borrowing 
requirement in the first six 
months of the financial year lvas 
£3.9bn, on a sea son ally-ad justed 
basis, according to Central 
Statistical Office figures 

This, was just under half the 
£Sbn forecast for the whole 
financial year in a supplement 
to the Treasury’s Economic Pro- 
gress Report last month. 

The figure for the first half 
compares with an equivalent total 
of £2.3bn in the same period of 
2977-7S. when it became clear 
quite early that the actual, bor- 
rowing needs of the public 
sector were falling well short of 
expectations. 

The trend so far this - year is 
subject to some uncertainties 
about the effect of seasonal 
adjustments, which have been 
changed us a result of an annual 
updating. 

Nevertheless, with the impact 
of the tax cuts introduced by the 
Government and the reductions 


PUBLIC SECTOR BORROWING 

REQUIREMENT 


(seasonally adjusted) 


^ 1 

1976-77 

8J58 

1977-78 

5.53 

First quarter 

U3 

Second quarter 

0J80 

Third quarter 

1-5S 

Fourth quarter 

1^3 

1978-79 


First quarter 

U8S 

Second quarter 

2.06 

Source: Central Statistical Office 


Malt whisky exporters reject 
call for voluntary curbs 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 


New lending 
facility 
for industry 
urged 


by TUC 


-By John Moore 


A NEW lending facility should 
be created to help the institu- 
tions participate in the invest- 
ment of industry without com- 
promising their duly to 
depositors, the TLX has told 
the Wilson committee on the 
financial institutions. 

The new lending facility, 
jointly funded by the inso ranee 
companies and pension foods 
and the government, would be 
under the control of a tripartite 
steering committee which 
would be able to replace exist- 
ing institutional shareholdings 
with its own money, the TLX 
suggests in its latest submis- 
sion to the committee beaded 
by Sir Harold Wilson. 

This would allow an institu- 
tion to withdraw from a com- 
pany if it needed to protect the 
interests or savers and deposi- 
tors without threatening the 
interests or the company. 

The TUti has also taken issue 
with the clearing hanks, in 
their evidence to (he commit- 
tee. about the use of selective 
credit controls. Selective credit 
controls have a continuing role, 
argues the TLX- Without them 
it was possible that “ an 
Imbalanced growth of bank 
lending could recur.” 

The TLX is convinced the 
financial conunnnity needs to 
he subject to an overall 
Government strategy in much 
the same way that industry is. 

Details Page 12 
Editorial Comment. Page IS 


ATTEMPTS TO secure ' a 
voluntary restraint on the growth 
of hulk mall Scotch exports have 
failed, a working parly of the 
National Economic Development 
Committee said yesterday. 

Mr. Jasper Grinling, chairman 
of the Scotch Whisky Working 
Party, said the industry had not 
agreed to accept a quota system 
put forward at a private meeting 
of distillers in Glasgow last 
month. 

The plan called for a voluntary 
freeze on hulk exports at their 
present levels for a trial period 
of two years to be monitored by 
an independent auditor working 
with the companies concerned. 
This was rejected. 

Last year bulk malt whisky 
exports totalled £22 in. nut of 
£5 13m of Scotch exported from 
the UK. 

Most of the working party 
members accepted -the view of 
the major British-owned dis- 
tilling companies and the trades 
unions that bulk malt exports — 
most of which goes to Japan for 


blending with locally produced 
spirits— harm sales of Scotch 
abroad. Some disagreed and said 
that no action was necessary. 

Mr, Grinling said that it was 
unusual for a sector working 
party to be faced with such a 
potentially divisive issue. 

The Government was unabie to 
act because of its international 
trade obligations, the industry 
could not agree, and so it was up 
to individual companies to follow 
their own policies. 

The working party report, pub- 
lished yesterday called on the 
Government and the industry to 
work towards removing the 350 
restrictions imposed by other 
countries on the import of 
Scotch, particularly the U.5. 
■Wine Gallon Assessment, now 
the subject of GATT negotia- 
tions. 

The European Commission 
should be pressed to reverse the 
ruling that led to the with- 
drawal of Johnny Walker Red 
Label from the UK market and 
permit a soie distributor system 
and other measures designed to 


prevent parallel exports. 

At home, the report recom- 
mended that stock relief on 
whisky should be made per- 
manent and that there should 
be u Ion?- term reduction in duly 
on spirits, and inure consulta- 
tions bold with the industry 
before duty chances are made. 
Companies should also he 
allowed to defer duty payments 
by six to eight weeks to allow 
them to recoup some of the 
money from consumers. 

This has been a standing 
demand by the industry, winch 
estimates it has to fund about 
£100m at any one tune. 

A bright future tor Scotch 
distilling is predicted with world 
demand growing at an annual 
rate of 4.4 per cent between now 
and 1991. 

. However, i-xi.-img distilling 
capaciir should be adequate to 
meet this increased demand at 
least for the next six years, but 
there will be a continuing need 
For mall to lie supplied by inde- 
pendent maltsters. - 
Nctldy split on curbs. Page 8 


pushed through by the Oppusi 
tion, ihe figures are generally in 
tine with expectations. 

They do not. however, suggest 
that there is likely to be a repeti- 
tion of last year’s experience or 
that there will be headroom for 
further tax reductions. 

During ibe latest quarter, front 
July to September, the public- 
sector borrowing requirement, 
seasonally-adjusted, was £2.06bn. 
This was higher than the 
previous quarter’s £l.S4bn and 
more than double the £800m 
recorded in the second quarter 
of the previous financial year. 

Within the total for the second 
quarter of the financial year Hie 
central Government borrowing re 
qnirement dropped to £2bn. com 
pared with C!.3bc in the previous 
lhre<.‘ months. 

Local authorities, however, in 
creased their borrowing to 
£230m compared with a repay- 
ment of £l70m in the previous 
period. Taking these two 
together the general Government 
borrowing requirement is esti- 
mated tn have been £60m higher 
at EL\2bo. 

The public corporations again 
repaid debt during the three 
months, after allowing for their 
net borrowing front sources other 
than the central Government and 
for their purchases of public- 
sector debt. 





UK TUI) AY 


Eastern and Central England 
and much of Scotland will have 
a dry day with some sunshine 
a ftor early morning frost and 
fog clears. 

Western England, Wales South- 
west Scotland and Northern 
Ireland will hecoroc cloudy with 
rain spreading from the Sonth 
Wes! during the day. 

Western districts will become 
mild with strong to gale :orce 
winds while Eastern and Nor- 
thern areas have near normal 
temperatures. 

Outlook: Rain at times in many 
places, perhaps some brighter 
spells. Mild in the West other- 
wise temperatures around nor- 
mal. 

From the London Weather 
Centre 


BUSINESS CENTRE5 


Continued from Page 1 


i Continued from Page 1 


China and France 


EMS 


however. China has been granted 
a 10-year credit line of about 
FFr 30bn, guaranteed by tbe 
official export credit guarantee 
organisation. COFACE, at a rate 
of interest of about ti-5 per cent, 
similar to the rate which Japan 
is reported to have offered China. 

The Chinese, apparently, tried 
in vajn to persuade the French 
to offer them the preferential 
terras — around 5.75 per cent — 
which the latter have granted to 
the Soviet Union for similar 
deals. 

The negotiations were ex- 
tremely tough according to 
reports reaching- Paris, with the 
French refusing to conclude a 
framework economic agreement 
which was not accompanied by 
finn orders . Hence, the simul- 
taneous announcement that a 
deal had been signed for the pur- 
chase b> China of two nuclear 
plants. 


David. Housego writes: Britain 
has a draft agreement with 
China which forces an expan- 
sion of trade to $S-10bn between 
now and 1985. Mr. Eric Varley. 
Secretary for Industry, is due to 
sign this when he visits Pelting 
early next' year. He will also 
then give the Chinese Britain’s 
decision over the sale of the 
Harrier Jump Jet. 

Japan has a S20bn two-way 
trade pact with China up to 
1985 which was recently 
enlarged and extended to 1990- 
Full details of the increase 
have yet to be worked ouL 

Comparison between the 
agreements Is difficult because 
of the lack of details and 
qualifications made by the 
Chinese about orders being 
dependent on price competitive- 
ness, and other factors. 


; Latin tug which amounted to 
“nobody object.- w doing flic 
: impossible-” 

| The need to ra better balance 
; in distribution uf economic nnd 
: financial re»iiun-cs within Ihe 
i Community was heavily umler- 
' lined at today’s talks by Dr. 

; Uiulio Andreotti, the Italian 
j Prime Minister. 

' He is also understood to have 
indicated that :l might be diffi- 
i cult for Italy to stay in Hie EMS I 
| if Britain were not to join fully j 
( from ihe start, as now seems 
unlikely. 

! Sig. Andreotti appeared to have 
j moved somewhat closer to the 
il?.K. position on proposed 
[ exchange-rate mechanisms, whieli 
! Will bo al llir rentfe of the 
j EMS. suggesting that as 
envisaged now these amounted in 
little more luan an extension of 
the existing currency "snake” 
system. 


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Sydn-.-y 

Ti'liran 

T.-l Ai m 

Tufcyn 

To ran lo 

VlLIUIJ 

Warsaw 

Zurich 


Y'dar 
midday 
C ’t 
F H 57 
C o 41 
R JB «l 
S I'f 
ll .1 41 
K —9 

r 


is 
27 

«: 4i 

K W Ml 
r 
H 

21 "9 


S -2 2S 


X 2S SB 
X 12 .14 
1 10 <i 
t- -3 
r I » 
27 *81 
i- j 4U 
C 17 
<2 12 54 
Cl 1 24 
V -l 30 

i -# m 
r -j a 


HOUDAY RESORTS 


1 Aiacui It 
| Uir<t-n 5 
I rii-.r-u,- r 
i 1 shirk puul |-‘ 
: r.orsli .ini K 

j 'Twifcl.-K-a. f-‘ 
Lain- Tun u 5 
1 Curlu I! 

nuiirovnir. 1 ' 
J Tun C 
f-Ior, no,- i ‘ 
iFur.ilniL i: 
, 'Iibraliaf v 
tilh-mii.y 1 * 
! ifiit-dind'C -i 
: Inv* -rin „% r 
. !-!■.• -Man I- 

, • — X|l||.i ; . | 


12 24 
21 TV 
11 .v.’ 
T 4.1 i 
I 4.41 


21 Tn 
2'2 79 
II Ml 


I'l .-.-I 1 
•i +.! 


■i -lx 

.in 


-I ,nr 


Istanbul 
Jwm-v 
law Mm- 
Majori-s 
Milas: si 
Main 
Nairobi 
iMpIi-i, 

Nil* 

NkuMa 

I'POMO 

Hhuo.% 

S.lllbUtK 

TatiKi. r 

Tenerife- 

luilis 

■/nl-iiru 

Will,,. 

<• —Cloud} 


S Ml 5« 
C S 4S 
1 11 H 
C 17 « 
r 22 72 
C Id «l 
R 21 70 
R It 53 
U a 4(| 
It 17 ISI 

y ij » 

S 1.1 59 

i a £! 
r la «h 
S IS R 
It 1:1 59 


S 22 


r 2 rjc, 

It— U.iiu 


THE LEX COLUMN 




companies pass; »n - ¥shcr 1^1 


The City’s initial react! otf:to — : ' Aon n where: they* eaiLvir the: :6overg ' . 

the details of Swan Hunter’s: Judex TOS€ 3.6 tO 4o5J.” merit continues to hold steriing; 



reconstruction, announced, yes- 
terday, was’ not ecstatic 1 : the > 
shares feD 6p to 153p. But pa. ■' 
balance the terms should prove 
acceptable — if only because 
there is no viable alternative. ■; 

The sums work like this. - The- 
net tangible assets of Swan 
Hunter Group amount to . just 
over £37m- Out of thte comes 
a £3 .2m provision against -die. 
lossmaking shiprepairing tym- 
pany • in the UK whieb -the; _ 
group still owns, and which, hfes 
been written down to ft, .A 
further' £7.lm of bet assets: is.4or . 
be transferred to a .new %bted 
holding- company, Edsfortfr 
Industrial, which will take oveE?-- 
the rump of Swan Hunter’s 
business left behind ' after 
nationalisation. 


f!5’. ri- change an yew wrfiw 

WHOLESALE 
PRICES > 


10? 



..I j-r J r . 
m ft ir. s a i 


1978 


relatively steady, compartie^ -are.: 
likely to become toidecL 
•• haves, and ‘the., have" 
fortunate -ones- vrilL j 

• push- ' up . .'their .-TicMe' 
prices; where foreig®y:-cdBrp^.= v :A>. 

' tion & weak. Thfc; unlucky : ones-v 
-^wili see their, export ■£ ’ 

. dwindle,- and in the home 
will- be trapped by imp^rtj^T 


fcofs 




v ; • • 

- ... ■ . *■ *' 

Back ip - June,. : • 

■ Overseas: Ereifih ters ^ amiouc 
an attrihufeihie.. loss -’M 
passed . .it? ’: ’ dmdehdf J 
f announced ^th'at it 
’ ; 37'. mttfatori uin . • . 

loan repayment^ -Over 
few days the share price 


by more^than a cptartat S^e^vV -- 
such a defeat would throw the thea it has shot upvByi-spra^^pr/; 

whole affair back into the melt- 60 per; cent ' . v ' .- 

That leaves £26.Sra, made up jug.. p 0 t_ Some shareholders Two things ; have h appen^d^a rr 
of £30^m cash less £3.3in of might opt to dissent in the hope LOFS since- its globray' 
associated liabilities," such as 0 £ being bouaht out later by the' summer statement - 

residual far and the cost of pay- liquidator — but he would bfc it received,' in August, ' " 

ing off the loan stock. OEthis bound to do his ubnost to see balance of its .compensation 



s. -£7i£j 


Wholesale prices 


tion money^.LOFS probably- . 


has liquid funds, of well oi?e£ : 


£20m and borrowings of -arbuud ’ 


\<S.' 


any 


unforeseen some commodity prices, pushed the year. 

up input prices for manufats Even if it does - not 


aecme v ’ 


of the threatened OPEC crude the upsurge ; in. . ; LOFS' sba^e 
oil price rise — that the recent price has been the recent 
honeymoon period for raw dramatic upsurge.in spot tanker, 
material costs has probably rates. The rates for a VLCC 


-W 


^i: nirev' 


share price. As to whether it 1977 and 1973 input prices have LOFS is bringing out of lay-up,' ; \Z 
would have been better-, to been declining, but the index have risen ffora alow Of world- - ^ 
liquidate the whole business,: the has now moved significantly scale 17-1S to- worldscale 

tiy. Anythihg 1 over, worid- 

ZA ‘nVirtnlfl* . ■'.nVrrtftinn *|V1 - - 


key here rests on the likely above the levels of a year ago. currently. 

n,!.. i-’na Mp^uiwliitp mamiiffloJiiren;' rmt“- cralo SO • 


of Gosterth Meanwhile marnufaaturers' out- scale 50 should' be covering all 


market price 

Industrial. /: put prices have contmued to expenses and adihg idCerest Aud 'Ol't 

In the early stages, at least,’ rise at only a very low rate,- deprkaation ' and /mhldng a >- 
the new company is likely ttKbe witif the year-on-year growth profit;? But this has come too - 

valued strictly on a yield basis, stabilising in recent months, at fate to; affect- the. /.first- half 
Something like 12 per- cent under S.per cent. .which saw unhanged trading 

Already there- have been signs losses -of. 


could be appropriate. ; That 


would imply a market price of oC a squeeze on margins, with 'question .now is how 


tri,c 


open to question how much of months The" - last "DUblished witb some 59 sinps que- A 

that shortfall could be fl gure ‘f or .Septemberfv.sbowed ^ing up off Kharg Island^tte-. yj* 

recouped by a full liquidation— average earnings to be 15 per world’s ■ w»rmra»r, 

a process which would certainly cent higher than a year earlier. 

take much longer to complete Now raw material prices are no — . — . ... . . 

than the current proposals. Any longer providing an offset, ibut once the. backlog ifi cleared, addlXl^’- - 
advantage could weii be wiped are beginning to. increase the the attempted-, riicit^baii^ng^ij^j?-- 
out by inflation. squeeze. . - ahead of - an OPEC * price - 

The scheme is being put . 'M .■*»■>' 1,0 ’I?® 1 crease has died^ ^dowu, nt&'SvgL 1 *^'' 

together under section 287 of JJ* gU *developmeS. have VLCC ’. S M. **&:&*■ H 


the J94S Companies Act. which scarcely teen eneoun-ln* on worldscale 30. If H]-* 

means that it would be kilted this score. A C | e:ir implication do - the reednt buoyant^ .Jtt;-.:- ?<.... 


tf more than 10 per cent of the j s that wholesale output prices LOFS share price could'fe^'^rV.; : 
shares were voted against it. But will soon start to accelerate as rather premature.' . \j' t . ~v 





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