Skip to main content

Full text of "Financial Times , 1978, UK, English"

See other formats


[•I# «*)di 


■ 

a 





v No. 27,733 





Wednesday December 6 1978 m ] cy* 


LET THE GIN BE 
HIGH&DRY! U 


BeaBy PtyGin 


CONT»^C!W.\ SgUMO;>»M^« AtlfflfMA. )S;. B&BUM Fr 2 $ , DEHHAMC Hr *5: FRANCE Fr 3.0: GERMANY DM2.0; ITALY L SOB; NETHERLANDS FI 2.0; NORWAY Kr 3.5; PORTUGAL Be 20; SPAIN tt> «0; SWEDEN Rr 3 J5; SWITZERLAND Fr 2.0; EIRE 15p 


NEWS SUMM ARY 


Italy and Ireland may also stay out 



© 


n confirms 
nEMS 


Iran strike 
cuts oil 
output again 


I * 


iTgiTTv 


BY GUY DE JONQUIERES AND PETER RIDDELL BRUSSELS, DEC. 5 


de^fl iiLsa Saa SefcrMtiap bar tpL 
= -tho ^we/moLr §pa3^s\y national 

- ref er <rb ithe- new xtem q- 

cratbi'c^i^if^ten.; '•. V .> • .. v •- 

: {q. be, 

. BaSpievVT seRPmtipt*;. maohfire- 
. gunned- i^iiiyflcabtlies siipec- 
-■inteudeiiE, inspector 'in b& 
armed , EmlKkrStrict^ a^member of 
■ t}»r- ; San>;, Sebastian: municipal 

ppTJ^' fOJi^. '. ‘ . : '.• .v.'C- 

- Thtl ^iwlkernen: ,-wete atf : in; 
piainefrrtbea-.And the ^attack-: wa& 
sbjiiiar ; tflrdi!B'lait'«*ek inwhiciL 

L separiOatSuI iilteduia^ „• offttufcy 
£ CS vil^-Guard ; offieesvPagesS and 






■ •.EQUrRES. were : steady for 
most: of the da;, hhf Shewed' a 
.modest' fail after Tttrnrs -on 
reports of nncertaixiix over .the 
membership of Tlie ;Ehxxtn>ean 
Monetary , Systeip. - 'The VT 
Ordinary. Industrial .Index fell 
-LT to^88i2. ; .v; 

;# -GILTS made steady progress, 
vdth ihe . emphasis oit/tihoris. 
lie - ; . G Overrun ent ' .Securities 
litter was up OJAa* 68,86. 

• STERLING wastah$i) rising 
65 poinfe to $1.9515, Its frade- 
Weighted index -.rose.-: 62.7 

(52J). The doiEat : fosl griwmd,. 



• aai aug : sep c:t hot 35C 

^ssssm s2so 

63 hi , 


Ei3 

rtWj 



HOPES OF setting up an EEC- 
wide currency stabilisation plan 
from the start of next year 
appeared increasingly remote to- 
ri ttiit, amid growing indications 
that both Italy and Ireland as 
well as Britain would refuse to 
join the scheme as full members. 

Mr. James Callaghan removed 
any lingering doubts about 
British intentions by announcing 
f hat he could not recommend UK 
participation in the exchange-rate 
mechanism from January, but 
that the UK might join later if 
tbc conditions were suitable. 

He strongly deplored the Jack 
of progress by EEC Heads of 
Government in the past two days 
in discussions on improving the 
bilance of financial and economic 
resources in the Common Market, 
ami their virtual failure to 
cackle much-needed changes in 
the Common Agricultural Policy. 

“in due course the CAP will 
break down under its own 
wclshf.** he said tonight. 

Noting that ■ other Cover n- 
mems now shared Britain's 
douhls and were unsure about 
entering the proposed European 
Monetary System. Mr. Callaghan 
forecast that its future depended 
on the EEC’s success in dealing 
with problems on resource 
transfer. 



President Giscaril and Llerr Schmidt: baulked at economic 
concessions. 


Mr. Callaghan, who left Ihe 
discussion for a short Owe. de- 
clined to say whether llic UK 
had committed itself specifically 
on sterling's future relationship 
with oilier EEC currencies. But 
he said the Government's policy 
was clear, and would aim at 
keeping the value of tbe puuod 
stable. 

EEC leaders were still deeply 


divided over ;he crucial ques- 
tion of accompanying measures 
io strengthen less prosperous 
economies, in spite of their 
agreement early this morning on 
the technical details of arrange- 
ments to link £eir currencies. 

The unexpectedly bitter con- 
frontation over this issue has 
largely overshadowed the poten- 
tial problems and political ten- 


sions occasioned by Britain's 
efforts to negotiate partial mem- 
bership of the EMS. 

Both Italy and Ireland were 
still pressing for economic con- 
cessions from their richer part- 
ners after rejecting a total offer 
of increased EEC lending of 5bn r 
European units of account (about 
£3.5bn over several years). They 
claimed that this did not con- 
stitute an adequate transfer of 
resources, as the moDey would 
eventually have to be repaid. 

Leaders of both countries 
insisted that unless the offer was 
substantially improved they 
could not declare at this meeting 
whether they planned to join the 
EMS, as bad been widely 
expected. 

The stalemate developed after 
France and We<t Germany, the 
principal authors of (he EMS 
plan, baulked at increases of Ihe 
order sought by Italy and 
Ireland. President Giscard 
d'Estaing. io particular, opposed 
a proposal to step up EEC 
regional fund grants next year 
by 60 per echf to I bn EUA 
(£U.7bn>. 

His attitude was clearly 
influenced by his own difficulties 
with the fcaulli-st and Com- 
Contlnned on Back Page 


1 1 _Lf v 0 i < | l*j 


HHfen to 


•mn 

*VK l Z-> 

tSiilF rates i 
per. cent] 
,22 per cent! 


Shell and Esso seek go-ahead 


or North Cornorant 


BY OUR FOREIGN STAFF 

THE IRANIAN oil industry 
crisis worsened yesterday as 
Saturday's revival of full-fledged 
strike action continued to hit oil 
production and exports harder. 
At best, total production was ex- 
pected to be only 3.7m barrels. 
60 per cent of the level needed 
to satisfy world demand, and the 
figure may turn out to have been 
even lower. 

The Iranian Information 
Ministry yesterday officially 
denied reports that a Regency 
Council was under consideration 
to replace the Shah. 

Such a council would rule the 
country after the Sbab’s abdica- 
tion until bis heir was old 
enough to assume tbe throne. 
The Ministry said such reports 
wer completely baseless. 

In an interview- with foreign 
correspondents. General Gholam 
Reza Azhari. the Prime Minister, 
said there was no possibility of 
the Sbah stepping down. 

The denials — the first official 
comment on a much discussed 
subject — are seen in Tehran as 
designed to squash the mounting 
speculation in political circles 
that the only way out of the 
present deadlock would be for 
tbe Shah to leave the country. 

The Iranian Government is 
rooring cautiously in its handling 
of the renewed strike action in 
the south-western oilfields. 
Observers say little pressure is 
likely to be brought to bear until 
after next Monday, which marks 
Asbura, the climax of the 
present month of religious 
mourning and widely regarded 
as the biggest sphyehologieal 


hurdle the Government has !o 
overcome. 

No more than 3m harrels of 
crude oil will have been available 
for export yesterday, instead of 
the 5.2m barrels produced ai 1 tr- 
end of last week and the 5.7m 
barrels a day that Ii an should 
be putting un to world markets. 
Thu major companies are sidel- 
ing up in- anticipation of an 
OPEC price rise later this munih 
and to meet high seasuo::! 
demand in the West. 

The outlook remain- yb.-inr’, 
with a continuing decline m pro- 
duction forecast, as the strike 
spreads. 

The Prime Minister yesterday 
branded Ayatollah Fohollah 
Khomeiny — the figurehead of i tit- 
opposition movement against the 
Shah — as a too! or ■■ the enemies 
of this country." These enemies, 
he claimed, “are issuing many 
things in his name." 

General Azhar. who is also 
armed forces Chief of Staff, was 
addressing his first news confer- 
ence since his appointment a 
month ago as Premier tu quell 
unrest against the Shah. 

He said troops would use force 
if necessary to put' down an> 
violence at Shi’ite Moslem 
gatherings during the mourning 
month. But he denied rurnmns 
that the military authorities 
were planning la impose a 
4S-bnur curfew on Tehran 
because of fears of violence if 
Iranians defied a ban on mourn- 
ing processions. 

Editorial comment Pam- 2(1 
Life in Tehran Page i 


er KEVIN DONE, ENERGY CORRESPONDENT 



Ll\.Was steady 
.. 'th bank lending 
rately. There .was no 
Tiny significant rise in 
and for funds by manu- 
t industry’. Back Page 

" ^ f ' 0L KECORO $2.5bn ( £l3lSbn) 
ttervehtroo;Iiy the U.S. auth on- 
es inr.theforeign exchange mar- 
fipp 'kf-ts between August and October 
if afledLto: prevent a run on the 
ddUar. says the New York Fed- 
«reUReserve - Bank.. Back Page 

ctiSm •'N^ CLASS of ■ companies 
h^ a^ o^ with net ; assets below £lm and 
ettptoyieg nor more than 200 
iSM WGricets should be . recognised 

tv-.” ,ahd exempted from audit and dis- 
■r u J £:-• :V v : J- ' ^closure requirements in the Com- 
^erence aeai ipahie6 Bill, a Commons Standing 

Committee was told. Page 8 


Mast.'fFam 
Waterloo ttfe 
hdqridrtaer^-r 
tit mttnigM .ll 


■iijg close-j'jp * FTtEOI)JE L.\KEB, who runs 
ipo^tu 6 the cbeaip-fare • . Skytrain Bight 

eaay Ty^ra- g^y^ji- London ' iGatwick) and 
New York and Lbs Angeles, .is 
|MrpJ3gfr]gBw<*«-«y tofrr.t^arew Peking a ehange in his iiceoces 
-:■■■ "^V : - Lu ariouK advance ticket sales. 


5Pj:CL AND. ESSu hr.c 
to the Uepailuicnt of Energy- 
Ip r apprnval of their plan to 
de vcldp t he North Coruioranr uil 
field In the. northern' North Sea. 

The : application has been 
made in s$ite of repeated asser- 
tions : reeeoUy by both com- 
panies that the Government's 
plan to raisV the rate' of petro- 
leum revenue tax is threatening 
the; •viability'' .of North Sea 
projects. « 

The development of the North 
Cormorant field is likely to cost 
about £450m. If the plan is 
approved- quickly, it will pro- 
yid$- a welcome boost next year 
for.-tlk offshore eqaipinent sup- 
pliers' and partfeularlv the 
platform construction industry. 

3Shelf. which is the operator 
for ! .the field, is planning to 
develop North Cormorant 
through 'a conventional steel 
platform. * The field would be 
linked by a spur line to the Cor- 
morant A platform and oil would 
h&.>$?pduced through .the Brent 
^teiu pipeline to Sullom Voe. 

.The field is located about 100 
miles north-east of the Sbetiaod 
islands. ..it is a medium-sized dis- 


,lii :« *•" 

' 1«6-.US ... 

SfHUtiSSO'S I 

HOBTfl C0RK0RJSHT-Q<^.; !, *" B 

. '4WWIWI. 

■ -■ ! 'C* ■ •NSI3 

• f t¥ ; i 


> .aaiKi- 
owMcna 


covery made in 1874 with 
recoverable reserves of oil esti- 
mated at 450m barrels. 

According to Wood Mackenzie, 
tbe stockbrokers,. North Cor- 
morant could have a peak pro- 
duction rate of .about 1SO.OOO 
barrels a day. 

Much of the detailed design 
work for the steel platform has 
already been completed by CJB- 
Earl and W right, and a contract 
for tbe management and design 


k* -ho dctV units lias been 
awarded to Taywopd-Sanla Fe 
and Humphreys and Glasgow. 

If the development plan is 
given an early go-ahead by the 
Dep:-r'ment of Energy, it is pos- 
sible that a platform order could 
be placed next year. This would 
mean that production could com- 
mence in late 1982 or early 13S3. 

ll is understood that associated 
natural gas from the field will be 
piped 'to the western extension 
of the Brent q a s pineline, which 
is already being built from the 
existing Cormorant A platform 
to the Brent A platFomi. 

The South Cormorant Field in 
block 211/26 is much smaller 
than North Cormorant. It was 
developed first, however, because 
it was ideally located to act 3S 
the collecling point and main 
pumping station for the group of 
fields being connected to the 
Brent System pipeline. South 
Cormnrani should start produc- 
tion in tbe middle of next year. 

A further development of oil 
reserves located between North 
and South Cormorant could 
follow if Shell and Esso deeide 
to go ahead with an advanced 
project for a complicated sub- 


sea .veil head development. 

Snell is constructing in Holland 
an underwater manifold that 
eould b e the bub of a system 
of. nine subsea well-beads. The 
whole system would he placed 
on the sea bed and oil could be 
produced from the manifold 
through a single connecting 
pipeline to one of the Cormorant 
platforms. 

The manifold is designed to 
allow inspection and mainten- 
ance work to he carried out in 
dry single-atmosphere conditions 
on the sea bed. although work . 
on the individual well-heads; 
would probably siii] be carried ; 
out by divers. 

Tbe Department of Energy isi 
now considering a total of three 
development plans for North Sea ■ 
oil fields. Decisions on applica-i 
tions made by Phillips for thej 
Maureen Field and by British; 
Petroleum for the Magnus Field 
are expected 

BNOC discovery Page IS 


Commission confirm: 
S. Africa cover-ua 


BY QUENTIN PEEL AND JOHN STEWART 

CAPE Tow n. U-:-c. 5. 


THE UNCONTROLLED mis- 
appropriation or million' or 
pounds of Smith A trican 
Government money, and a con- 
certed effort to cover up the 
irregularities, were disclosed 
today in an official judicial 
report on the activities ui the 
disbanded Department of 
Information. 

The report shows Thai more 
than R64m (£37.6ml wa* devoted 
by the Government to clandes- 
tine projects organised by the 
department over the p^st five 
years. Almost half was spent on 
the establishment or a pro- 
Government English-language 
newspaper, the Citizen, designed 
to present an “ objective " view 
of South Africa. 

The damaging findings of the 
Erasmus Commission, sel up by 


•Mr. P. W. Bolha. the Somh 
African Prime Minister. )•■ 
investigate allege I'.ons r-f 
corruption and misappropriation 
oF funds bj the former depart- 
ment. vindicate the repi-ii-. of 
the South African press on : in.- 
scandal, and .-ubsianliate ihv 
evidence published last month h.. 
Judge Anton Mustei't in defiance 
of Mr. Botha. 

The report condemn-: Ur. 
Connie Mulder, the former Infor- 
Continucd on Back Page 

£ in \ew York 


.-(■■r . I. h 

_l HIMlIlli " ltil54i.1l- 

? I III. mil-. I.CC-I.K. .'i- '.ir. . I...JI .!r- 

12. in. 'in li- . tl,- S.u--*.iV >bs 


;Lan ShuA 

idfis ^fter. * 
between the- 
Brm^ ■;AhS?^LSl'v.«peciaI envoys 

West'. •; . 

’fijBjnfiB fej Ui j W Aitt^bw Witton 

-rhfe ’TJiS^eia'iL^W. rawarff: for 

h^ve- Vstbten:' "nearly. . 300. sheep, 
sioce' Ju!^ rv f ii ■ 


A^^mel^^t»ernnant hascopr 


« BRITISH AEROSPACE is to 
Invest’, up to £25tn. of its own 
resources - iii developing a new 
version' hf the; Jetstream light 
IransTwrt . aircraft at Prestwick, 
Ay rshire.Page7. • 

tliJNUW. NEGOTIATORS in 
West -Germany voted to call in a 
political mediator to help settle a 
^week-long steel strike- affecting 
■nearly. 5 -- $0:000/ workers. Page 3 

9 BOILERMAKERS’ Amalgama- 
.tion .has called a half-day token 
-strike on; December 15 to detnon- 
«brate Opposition to. EEC plans 
for reorganising, the European 
shipbuilding- industries. 


fTalks on bread strike today 


■ ;By PHILIP BASSETT AND DAVID CHURCHILL 


HJ7 a.’ j T i^ 'A i t )Lj *J 


lH I 





Mmm 



” m * w v ?-!p n 





I ui i KT^ry'j 




BAKERY EMPLOYERS and 
aaion leaders will resume talks 
today, on the four-week national 
break strike. The request for 
fresh talks came from the union, 
which has raised hopes that the 
initiative may lead to an end to 
the strike: 

. .'The. peace moves come on the 
same day as the Price Commis- 
sion is* expected to * decide 
whether to. allow one of two 
major bakers. Ranks Ho vis 
McDougall, to put at least lp on 
! the. - price of a standard loaf, 
l Hants yesterday announced a 15 
per cent drop in pre-tax profits 
for - the year 

"Pressure to find agreement in 
the peace talks will be increased 
by; the decision of Scottish 
bakers’ leaders yesterday to 
accept a 12.4 per ceni offer 
from Banks ami Associated 
British Foods. 

;The talks will be held today 


under tbe aegis of the; Advisory, 
Conciliation and Arbitration 
Service, which will try to 
remove the bitterness created in 
the earlier talks on tbe dispute, 
also held at ACAS, when -the 
employers accused the Bakers'. 
Food and Allied Workers' Union 
of ■* deliberate misrepresenta- 
tion ** of their productivity pro- 
posals. 

An offer of 5 per cent on basic 
rates and 6 per cent for produc- 
tivity has ben rejected by tits 
union, which is claiming rises of 
26 per cent. 

The 7.000 Scottish bakers, 
members of the Union of Shop, 
Distributive and Allied Workers, 
will hold baJois on their 12.4 per 
cent settemenl — believed by 
both unions and employers to be 
within the Government's pay 
guidelines. 

The deal, which is being recom- 


mended by union negotiators, in- 
cludes a 5 per cent pay increase 
plus a 7.4 per cent incentive pay- 
ment in re i urn for flexible work- 
ing :irr=7i2C£oents tn improve 
productivity and reduce absen- 
teeism. 

Tbe 1’vice Commission’s 
decision to consider a price rise 
will be laken at its regular 
Wednesday meeting. It comes at 
a significant limes for Ranks 
since il> fall in pre-tax profits 
for ihe financial year ended 
September 2. occurred in spile 
of an increase in sales of just 
under 11 per cent. 

Prc-t;iy profits were £31.121 m 
this year compared with 
f3fi.45S.rn in 1077. while sales 
rose from £1.1 07m to £1.22$ru 
this year. 

Ranks results Page 23 
Lex Back Page 


FINANCE 
FOR INDUSTR 

Release capital for expansion 
through sale and leaseback 



-s-. .• 

W^' CTrr yST MLT ii 

'lie 


lllg 


European news 2-3 

American news 4 

Overseas news 4 

World, trade news -_ 5 

Home news— general ... 6-7-27 

- r : . - —labour 8 

Parliament ... 8 


CONTENTS OF TODAY’S ISSUE 

.... 2-3 Technical page II Euromarkets 30-31 

^ Management page 12 Inti. Companies 30-32 

g Arts page 19 Money and Exchanges 28 

6-7-27 Leader page 20 World markets 34 

8 UK Companies 22-34-25-27 Farming, raw materials ... 35 

8 Mining 26 UK stock market 36 




Kilif y 


V-T 








Spain’s referendum: - The 
- patching np of quarrels 20 
Talisman to go to the Stock 

Exchange 21 

Soviet economy: The plan 

.for- growth 2 

Putting Namibia on the 
•right track 4 


AppvtnbncflU ....... 

-Sac Rata 

Cramtrd 

EMCrialnsml Caitfe 
European Outs. .. . . 
FTMurin Miu* 

Cardtoama 


FEATURES 

Caricoin's future: Saved 

by the lJlf r. 4 

Fatsia, Mahonia and winter 
cherry 10 

W r here ... microprocessing 
creates jobs, not destroy 28 
Strong competition in iuler- 
nationaj banking 28 


3 A 

i«u«rs - - 

21 

Today'* Events 

21 

» 

LM - 

OS 

TV and Radio 

U 

13 

Lombard 

ID 

Unit Trusts 

37 

23 


20 



33 

Racfns 

u 

INTERIM STATEMENTS 

a 

SaJcroam 

6 

{nicrnaMBoaf Timber 

2« 

u 

Share hifarraaiion . . 

-JS-M 

PI essay Company . . 

23 


Medium-term credits: A 
buyers’ market in loans 28 

Rich pickings from worked 
out mines 35 

FT SURVEY 

Nordic banking & finance 13-18 


a 5 & U Sttres . .. 22 


ANNUAL STATEMENTS 
William BomtM Co. an 

CulldOOll Prop. ... 72 

J’MO & RrtJi Brawn Z3 

Ranks Ho»i( Men. 22 


Fur latest Share Index j/hone <11-245 5 


Institutional clients of KF & R seek leaseback 
propositions secured on modern or modernised 
commercial premises. Minimum £250,000. 

No maximum. Competitive terms 


Details in confidence to the Investment Department 

Knight Frank & Rutley 

20 Hanover Square London W1R 0AH 
Telephone 01-629 8171 Telex 265384 












Financial .Times Wednesday 


tt; KOREAN NEWS 


The fruits of a good grain harvest. Anthony Robinson reports 

Soviet planners cross 
their fingers 
and hope for growth 


BOOSTED BY this year's record 
"rain harvest Soviet planners 
have uprated their growth tar- 
gets for 1979 in an effort to 
make up for slippage below plan 
performance in major sectors of 
the economy over the first three 
years of the current five year 
plan. 

in spite of the higher target 
however it is now virtually im- 
possible for the Soviet Union to 
achieve the goals of its original 
five year plan. These entailed an 
avera^i! annual increase in 


Brezhnev underlined yet again 
the need' for adequate storage 
facilities, the need for special 
farm trucks — and Indeed the 
ratal need for good roads in rural 
areas, many of which are still 
reachable only by rutted, un- 
metalled cart tracks. 

Although, this year's grain har- 
vest looks good in volume terms, 
quality leaves much, to be desired 
in many cases due both to in- 
adequate storage and the very 
wet weather which affected many 


growing areas. 

rapid of the current five-year plan and 

inline vsir'e timat nnw stands difficulties affect i ng _ Soviet agri- 


culture emphasises the degree of 


1IU« A'.uiruuicu m HOC Qevci'JH omeurt 111 mo iv iwin ■■ . iHATieirloroMn ilnowna 

cent in 1979. This is ■ the CormmmLst Party's Central Indicates that this year’s nil. and year’s output of 722m tons and £“ n °5 


Committee. “The creation and condensate tarser. of 575m tons reflects the enormous difficulties 
development, of a number of fun 5.3 per cent on 1977) will attached to opening new open 
territorial production complex*.**. missed by n small margin, cast mines in’ the east and 
above all in the eastern pari of More impnrlanrly. however, it delays in sinking new mines in 


MAJOR : > ?BT ECONOMIC INDICATORS 


amrsronsnes 


„<t PMtentage increase over 

"WT 


previous year 




;■ E Gross Agrtsral 
i^toiustrial hMiPrafeEtk 


i - ? i - 




n 


mitinrul income ranging from 4.4 

i ri 5.1 per cent and a total part of the Soviet Union and the on the assumption of a . . .... 

in« re.tse nt bctween-24 and 28 per high costs of creating the new peaking and subsequent decline next years target now stands 

cent in the 1976-30 plan period as industrial complexes and raw of oil production matched by at 752ra tons. According to Mr. H j - d atm __j h ~ ^ 

a whole. material resources in Siberia. increasing domestic demand. Baibakov thisj* 26m tow more 222!fin4S «SS3d taMrt 

National income is the nearest Mr. Brezhnev indicated both Tdr. Baibakov indicated that than 1978.. This puts 1W8 pro- owtotore fits. The 

Soviet equivalent to the Western the size of the problem and the the Soviet Union plans to raise duction at 727m tons. 19m tons Sw 

concent nf Gross National Pro- efforts currently being made to oil production by a further 20.5m below the 746m-ton target. This “s* l n«i 

duct. It is now scheduled Jo rise develop Siberia in his speech to tons next year to 593m. This ri only 5m tons higher than last ■ Bat lta acmevement ae- 

hy 4.3 per 

higher than the 1978 target of 4 
per cent and the 1977 outcome of 

3.5 per cenl — which represented 
the worst economic performance 
since the war. 

But it will nnw require an in- 
crease in national income oF 
around 7 per cent in IPSO to 
meet the nverall plan targets — 
and rhe S'/vtc-i Union has not 
managed growth like that since 
the 1960s. 

Mr. Nikolai Baibakov, the 
Soviet planning chief, told the 
Supreme Soviet Ja.- 1 week that 
heavy industry output is planned 
to rut- 5.S per cent in 1979. com- 
pared -ith an uprated 4.7 per 
ceni this ; ear. while output of 
consumer ;::id liqht industry 
V f, *>d>. tee traditional Cinderella 
of Soviet industry, is scheduled 
in r»*c 4.6 per cent compared 
with 3 7 per cent this year. 

Central to the achievement nf 
these higher targets is the plan 
for a 4.7 per cent increase in 
labour pioduclivily in 1979 com- 
pared with this years target of 

3.6 per cent 

An ic.-a of Ihe difficulty which 
mjj lie fac-’d >n reuchinc this 
taraet can be gleaned by the fact 
that over the first nine months oF 
ibis year productivity sains did 
n-.t !_ven reach the modest 3.6 
per cent target. 

What the planners appear to be 
liankini; on j> the introduction of 
new jil’mi incorporating western 
and MiiH-r new technology. the 
•sharply higher output nf com- 
puters. and higher volume output 
nf trucks from the inatme Kama 
truck plant, which is over tvru 
years behind schedule. Also 
there should l*e kigh?r produc- 
tivity in agriculture reflecting the 
massive investments in 




1976 '77 ’78 T9 ’76 77 '78 79 ’76 ’77 '78 '79 76 77 '78 ’79 ’76 77 78 '79 


on climatic and other conditions 
outside the planners’ control. 

Industrial growth targets on the 
other hand appear to depend on 
a sharp rise ■ in productivity 
without any clear indication of 
where this is to come from. 

Although Mr. Brezhnev singled 
out several sectors and organisa- 
tions for criticism in his speech 
to the Central Committee be gave 
no hint of the sort of economic 
reforms, which are being intro- 
duced in varying degrees, in 
several East European 
economies. 

Whar .is striking about Mr. 

- Brezhnev's criticism of the 
economy is that the same weak- 
nesses crop up year after year, 
lo spite of having invested 
50bn roubles over the past three 
years in the development of 
ferrous and non-ferrous metals 
and the oil, gas and coal indus- 
tries Mr. Brezhriev complained, .. . .... ... ...... 

of continuing shortages of metals 

and fuel and blamed shortcom- j H“» f “ : h 3^JSB&£t 
logs on omissions in the work ; wich ffobri peace- -.-'prize 

of the corresponding ministries ( ceremony, and representatives' of 


Turkey and 
U.S. sign 
financial 


TURKEY AND the U.S.- signed 
four agreements yesterday, pro- 
viding fresh credit to 'the debt- 
ridden Turkish economy and 
deferring payment in some 'old 
debts, AP-DJ reports 
Ankara. ' 

Under one of the agreements, 
the U.S. is to extend $5Qm.'to 
Turkey for balance of payments 
assistance. The credit is to be 
repaid In 20 years at S.77 per cent 
interest 

The loan was approved by the 
U:S. Congress along with.J.’a 
military credit of $175jnv and 
repeal of the embargo on.arms 
shipments to Turkey. 

The other three pacts ."itfefre 
implementing agreements within 
the framework of a TorkSjshr 
American ■ debt rescheduling-, 
accord ' signed in Washington 1 -'ki 
September. 


Ankara raids 

Heavily-armed gendarmerie 1 . com- 
mandos today guarded Ankarah 
banks after a spate of robberies 
timed to coincide with daily ts«v 
hour power cuts when alarraSare, 
shut off, reports Reuter' fropv 
Ankara. Nationwide cuts-vto 
bridge the gap between supply 
and increasing demand began in 
June. 1977. and officials said conf- 
mandos on guard duty ift Istanbul 
had. significantly reduced- the 
number of robberies there. 

Nobel demonstrations - 



war crime row 


BY CHARLES BATCH8LOR 


AMSTERDAM* Dec.- 5. 


the Donbas and other traditional 
areas. 

Meanwhile, this year's record 


and slack control over the fulfill- 
ment of plans by enterprises and 
construction sites." 

He also complained that “we 
have nut yet succeeded in stop- 
ping the process of scattering 


grain harvest uf 235m tuns. Tar capital investments among nutn 
from being interpreted as a wel- erous construction projects, 
cume windfall unlikely -to he j n spite of the fact that in 
repeated next year without con- quantitative terms some 


the country, constitutes a new indicates that the Soviet Union 
event of fundamental impor- will now he hard oressed to 
lance." he 'said. He singled nut achieve the lower part of the 
“ ihe west Siberian. Bratsk, original target of 620-640m tun.® 

Pavlodar-Ekihasiuz, Qrenberg. for the five-year plan. It will 
Xizhn Kamsk and other be virtually impossible, barring 
complexes. an unexpected jump in produc- 

“ During the past three years," nvity. to achieve the revised siderable luck and help from major new industrial enter- 

he went on, “they accounted htshei - Target of 640ni tons. mother nature, has been taken as prises have started production 

for the entire increment in oil Generation of electricity is a starling point for oven more 
production, for nearly the entire scheduled to rise 4.S per cent ambitious agricultural growth 

increment of uas production, and to 1.265hn kWh new year from targets next year. In spile nf the 

for a considerable part nf »he l.iWbn in 197S with power from record harvest the overall growth 

increase in power generation, nuclear stations planned to of agricultural production last 

ferti- coal and iron ore and the pro- jump by 21 per cent Oil and year was only 4.1 per cent. New 


the Palestine Liberation Organisa- 
tion have been invited.. as guests 
oT honour at two of them, accord- 
ing to AP in the Norwegian 
capital. 


Mengistu in Hungary ? 

Lt. Col. Haile Mariam McngistU. 
i Ethiopia's Marxist head of state, 
iuui yesterday ended a two- day stale 
visit to Hungary and flew, off lo 
Bucharest, the next stage -oF-Jus 
tour of eastern Europe, AP Writes 
from Budapest. • 


over the first three years of the 
plan and output is 450bn roubles 
higher than the same period of 
the previous, plan. ht-tie progress 
appears tn have been made 
towards the overall aims of [Air traffic m and oiit <i£ Copen- 
higher efficiency and produc- 1 hagen experienced minor, delays 


Danish air delays 


User;, high powered tractors and duction of trucks and tractors." gas oipeline* will al-o be year’s target is for a 5.8 per cent — „ __ , 

farming technology generally in Oil production is one of the extended by a further 10.000 Urns, ri-?e_ and a further -23.5 b n roubles tivity which are supposed to be \ 

key indicators, noi only hecausc ' .. . . " 


recent year*. 

One of the problems however of oil's intrinsic importance to 
is that gams from new capacity the economy and as a source 
and new machines have to more or hard currency export revenue, 
than compensate for the growing but also because the most pc$«i- 
difficuliies and cost nf energy and inistic Western forecasts of the 
raw material sources in the older Soviet economic performance 
industrial areas in ibe western over the next decarle am posited 


and once again a mnsidemhle 
proDoitinn of the total pines 
laid will be imported as the 
Soviet Union’s own steel canaeilv 
i< a major bottleneck, and will 
remain so. 

Coal production targets have 
been downgraded during ihe life 


(£lSbn) has been allocated in the the hallmarks or ihe current 
agricultural seetbr. plan. 

One major factor to be taken The implications are that the 
into consideration is the decision Soviet Union will try to step up 
to raise producer prices radically imports of western .technology 
over a wide front next year in 3n over the last two years of the 
attempt to provide greater mcen- T plan in order to try and elim- 
lives. At the same time Mr.< inale bottlenecks. 

r i 


■X 





Imagine: 

A bank that can finance a 
giant hjclro-electric plant 
certainly has the power 
to help you. 


Any executive who tells you 
it's a waste of your time taking a 
small deal to a big bank should 
be fired before he wastes any 
more of your money. 

At one of the world's 10 
largest banks every small deal is 
a great deal. 

Ask anyone who knows the 
Bourse, Wall Street or the Royal 
Exchange and he'll tell you that 
Dresdner Bank has a reputation 
for gifted, imaginative banking. 

Which includes following 
through on good ideas. Providing 
much more than just finance. 


You can probably use some 
expert advice. A few good intro- 1 . 
ductions. Help in opening up new ' 
markets, anywhere in the world, y 
The services of resident experts 
in more than 50 countries. 

And the most valuable thing 
of all. a lot of positive reaction. .. 

If we like your ideas, we'll ■■■• 
back you with the services of 
29,000 employees, total assets ; 
of the Dresdner Bank group now , 
approaching $ 60 billion and a j 
century of international business?' : 
experience. 

All you have to do is call us,.- 


Dresdner Bank 


Bank with imagination 


s/a 


Dresdner Bank AG ■ Head Office: 7-8 Ganixs3ntacje,6Fr3nkfurtAAain 1 Tej.:26?i 1 'fe!ex;41230 1 FecleTalRepublicafGem«ny. 
London Branch : 8. Frederick's Place, London EC 2R SAT, Telephone : 01-606-7030. Telexj ^5540 . 

Branches - Chicago ■ Los Angeles - NewYbrk ■ Singapore ■ Tokyo ■ Panama (Deulsch-SOdamenkansdhe Bank). 
Pepresenlafive Offices. Asunodn ■ Bahrain • Beirut ■ Bogota ■ Buenos Ares • Cairo ■ Caracas - Gualanala Hongkong - ■ 
Housion/Te-as isianbul ■ Jakarta ■ Johannesburg -La Paz- Lime ■ Madnd - Mexico -Montewdao- Moscow -Paris- 
Quito ■ Rio de Janeiro - Santiago de Qnle ■ Sao Paulo ■ Sydney ■' Tehran - Toronto. 


MEMBER OF ABECOR 


air controllers 
refused to work overtime V-Jn a 
dispute over a new pension 
system. AP reports ironCHhe 
Danish capital. -j - 

German hen record * 

West German hens contributed 
to the country!s economic gt«wth 
in the past year, raising gieir 
annual output by two eggs apibce, | 
a semi-official survey discidpeU ! 
yesterday, says a Reuter despiftti ; 
Bonn. Each hen laidlpri 1 
97T*TS 1 


THE COURT’S decision to drop Accent, and. the publicity; led Hie 
war crimes charges against. Mr:- Jostlce Ministry to re-opeq its. 
Pieter lffenten. the 79-yea w>ld files. 

Tninionaire, has provoked.- a ..The role o! the Press la pur- 
storm of -protest from former' suing Mr. Menten has. not gone 
resistance groups in Holland. ’ ; un criticised .Charges .that the 
Two prominent journalists, one newspapers ; ana magazines con- 
Dntch one Israeli, who dug Up ceraed were only after sensation 
much of the evidence which led to boost circulation were levelled 
To Mr. Menten’s series of trials, by Mr. Menton’s Jawyer. 
expressed disappointment at the ’ The authorities were reluctant ; 
result Some lawyers wondered to start re-opening old wounds , 
if the decision announced yester- .and moved cautiously. The day- 
day bv a special coart in The before the police came to anwt , 
Hague has cleared up all the un- Mr. Menten at his villa in the -.4 
certainties- sarroundhiR the, case, smart ;dormi to ry .to wn .of Blari- J , 
Press comment in. HoUand has cum, east of Antadan. fg 
been more muted, hut one major 1976, he- and his wife fled. They .^j 
Dutch daUy commented that the were iound a few weeks Jater g 
case had left- a bitter taste. m a Swiss hotel and extradited jg 

Strother drew attention to the to Holland. - ^ g 

remaining unanswered questions." Td®' "-un preparedness. • of-., the 2 
Mr Menten ihay. have dls- police authorities brought a® 
'apwared temporarily from view storm of -oilman on the head 
behind the walls . of a private of the Justice Munster, and now^ . 
clinic near The Hague, hot the. Mme Mmister, Mr. Dries van 2 
reverberations of the .remarkable Agt,-- in . the subsequent ,Parlia- ^ 
series of court hearings will cbn- mentary debate. The fact thdt- w 
tiime for a long time. - Mr. van Agt bad aJ lowed Airgent 

. Nearly 40 years . -after h!s paper* on the Menten affair, to ft 
alleged "participation in the mass unread on .bis desk .came in a 
execution of Jews in Poland and fo^P aJ jbculhr' mticBjn, - 
24 vears after a -‘case was first . ™ .«*’ of .many groups in J 
drawn up against him, Mr. Hoi and has Tjeen rouseff became -Z 
Menten appeared before a court whlle conaidenittons i tod th« \ 

in Amsterdam inf May of last speaal courts ttrfree Mr. .Menten; ;j 
vear. After 25 sittinas, in which n ® ne f^cis estabhsaed ifi 

Mr. Menten showedhis vears had ibe original trial have been dis- 
dlmmed none of. his vigour, he P®?® 3 -' Mr. Menten was found 
was sentenced to 15 years" in guilty of taking pan. : n the mass 
prison. Roth his lawyers and execution of Jfews m the Tillage 
the public proseciitor, .who had of •. Podhoroce but cleared of s' 
"asked for 20 yaanj. appealed similar charge. concern m 5 ariidn 
against this judgment. in another village. Urj’cz.i- 

Tn May of this year the Dutch The - public prosecutor has 
Supreme C.nurt quashed the-sen- appealed against the decision n> - 
lence and ordered a retrial on ! ^e charges. - The 

the grounds thbf the firsi eourt detailed argumente put forward 
had made errors. of procedure. In “* e rtiurt m yesterdays J «dci 
particular, ihe Supreme Court ^eemed to, indicate bill- . 

wanted to know more details 1 of chance .of the ruling being over- 
Mr. Menten’s claim tb have been t£ rne d on a. point of law-. And 
freed from further- prosecution ^ e - ■ the Bunreiiic 
in 1952 bv Mr. L. A. Donkec, the Court w ^ cil Qti^hed the I^year. 
then Justice Minister; sentence m the first place- . 

In last month's hearing the Many questions remain un- 
Justice Ministry admitted it was answered. The-latest court ruling - 
unable to find any record of Mr. th *L ^SE 0 - W.® r * as S“ ab J« 
Menten's past while tile accused c itob ce tiiat Mr. Menien had been 
himself could find nothing among ?i ve ? 0 J> p ? r ,^ Dn . Wr- Dnr J ke r 
his papers. However, he pro- “ i 8 ® b “ t 51 n l ? l doctimentjirt 

duced a number - or witnesses P/ ? S ,h V 3 « ^ [fr ^ r ’ Do f n ^ er 
whose te^timonv s waved the is aow dead and his .son refuses, 
"judses. Mrs. D. M. Kortenhorst, to^pen father's archives. , 
the widow of Mr - Menton’^ The coart judgment is also in «. 
lawyer in the TBbOs.rieariy. coafitet withHhe preiimmaiy find- i 
remomhered her husband telling 151 s J?! * commission set up tn ^ 

her Mr. Menten had said he had S JK f ri *h!!n C S V- 

heen inudoneii while other wit.- tQa * fle had ben pardoned. Tn-o V 

n 1 S IhE «f sr-l-j- m-Ju|y th*. J. 
cvenu - this claim, was unacceptable and 1- 5 

From the start the .Menten 3 


trial.- ’nnve dragged up" tm - 7 "-* 1 " A ! atc /- 
um^m^ri*** -Last month’s sl ®® e to the hearing. • ' 


from Bonn. Each hou 

average 243 eggs in the lSTWSiplOJsaolfqteaiories 

fiscal year, two more than hrrfte r htrirtnes - • tjrougat We' " Velsen w -’*? 

previous 12 months. _ | 

Refugees arrive : ft - 

"More Vietnamese refugees arrived 
tn Hanover on ' Tuesrtay from 
Malaysia aboard a West German 
air force transport aircraft, 
accnrdins to Reuter ' The 169 
refugees will be given temporary 
hnusins in a refugee camp near 
Hanover. 


Russian appointment 


iseoior officials, were alleged to 
have -collaborated with the' Ger- 
mans and- later to- have covered 
. ,, . , { up evidence of their actions. vA 

Mr. Tikhon Kiselev. 61. frdm I series of Inquiries got nowhere 
Byelorussisi. has been named one ----- 
of 12 Deputy Prime Ministers of 
the Soviet Union. Ihe official news 
agency 1 Tass reported on Mon- 
day. monitored by API An educa- 
tor by profession, Mr. Kiselev has 
held parly and government posi- 
tions in his native republic since 
1944. 


The nearly . two years Mr. '.SS 
int.Y the lhriii nTHw aieaten spent in prison hav 

asaixi.\. Mrs. Koitjenborst nlnbetps ^nd’ ^ ' 

thqf thc^ JG^icg. Miaister^hdd : D l nd h ;«*§ ! 
agri-bd to drop charges agirns * ' r« »Jt h hS! h b^ri ^ 

HI S con»«S«3;v: 

events: in and arcmrifilhe small ‘hi? ■il e ' Blarlrum '**' 

town.of -Velsen tovearto the end-. S?™ "PmiS* 1 ^' cum ' 

of the war and after. " -SSiJSS JSlMS >by a S2 

Local policemen anfl^ oven deltberatefy started fire.. 


and the findings of the final ins 
vesligatibn remain secret to this 
day. 

It was- Mr- Men ten's decision 
in -1976- to auction off part of his 
sizeable..- art collection which 
focused ^attention on him; Mr* 
Haviv . , Kanaan. an Israeli 
journalist who al ready . had-tri ed 
1 unsuccessfully to rouse interest 
iNUClear capacity - f in - Mrt. Menten 's war-time- activi. 
France's Mediterranean fleet i ties, brougfu . up the matter 
yesterday acquired a nuclear cap#-! again, ' if was taken up by. a, 
city with the arrival of a strike reporter on the Dutch wftMr: 
aircraft equipped to. curry nuclear - ’ 


weapons, 

Toulon. 


Keurcr reports from 


Soviet planner dies 

Mr. Viktor Lebedev, a leading 1 
Soviet economic planning expert. | 
died on .Sunday aged 02. Travd.i 
newspaper reported ’ yesterday.l 
Mr. f^ebedev, first Deputy Director | 
of Gosplan, the stale pJonnin-j 
organisation, tw-ice received the I 
highest slate award, the Oder of I 
Lenin. 


Trim. publojjmJ dally cx'.-mi 
Sundavi and holiday UJL sutis<Tiuiiun ! 

(air frelrfu * ViSjiMi i rt ir niaiii 
n>>r annum Strand claw poitiasi- p.nd a: 
Nrw York. \.Y. 


j\Vtits Bor free • 

brochure showing 
alt our range to; Edinburgh * 

Crystal Glass Compunj - : - 
DeptiFT.'X! Hall 011 Gdn^ 

London ECl-NSDT 

■M oi-405oaii Here 



■a* 

m- 

V“ 

” M - 
* 


ZORICH- Ills ? 
AIRPORT 

HOLIDAY INI? 87 - 

4 •. - ■■ 

R i - - iA brief . J 

. • wUch' saves time... ^ 

J .jVsiflce.-you. are-back *at {fre '& ' 

J arrpqrt-iivonly.5 raiitotes .• -i - J 
bus^s- friends from-Zoric&j*; 
m will he pTcaicd fc_ m eer,vt^^‘ V-. ' i 

• here a.^your^ hbteL lb. riOTiSr', v . l -i 
« you; \si 3 rrying aboat'in 
•' your ffightowingto rust 

• traffic in ttie crtv. Ati ; in_ 
mg number of business H 

+ eJJers am therefore giving^ 

• ertnee to pur lively uni'q ’ 

• nbd rcsUiixarirhC»lctat2f 

• iprport- - 




thedail 







8est_dF 

r labLemefis-'' tirne arobi^vaixJorr ; fd 
Skytratfi ybu sSve 

• .For up . to jrfonJT^xi'tyT-T'v^^ 

seats- th& ^ - r; 

01-828 T7QGn - v > : ^v 


•y 








Tr-VV •*. ' * “ 

S^ralierj^fl978.‘ 



FIROPKAN.^ 



near accord on early warning system 


as *S 3 ?J! 


*. a' 

Mr,.. . j 
d. • 
■s *. ." ‘‘-i 
r. r : . ’•: 

•TU’. s’’". * 
‘3?o-.*. ~ 

hnr 7 ■ 

Cn.-’v 

■t c"'. ;:>* 


----- - . ^ tqday claimM. . tbit by 

dagger. <rfa''StLiffl7li^ "prowding tfw Nunxbds -Britain 

W araw - v < -T5d^aHl»i^ , S' ^asyfeearing; about" -d&ftfaigfl of- 

• Def^'e Mhristei^^&ygsp^ >tbe harden of tbe;. combined 
to jjfae ' so* igtstem.- s , ’ . . - : . V * . 

nillc^ AWHP l uiifin 7fl'w ■ WlOt» flf TOtalT ^ i* fn AArttn^Ute-SaDUt 


o^seflou . ro wu v^ua. uac/.j«uh m- pe* . -cum. w *** » 

itoee ^ar^aaK^piore.. at tK^ end Boeing. E-3A aircraft, and West 

o f their armn.Vi- wider meeting, Germany- 3nst oyer :30 ^)er cenL 
bro. toBNrttfC V.3si~ : ; - ' r -= *UT3ftf 'Vert- 

CarTent’^Jans-.are- f or 16' to 18 have- been , . compensated, by 
rm7 •-»— — a -U tlMH ^nyTAM.^ntStTUnir n(*2TlV 


at uejien&ixcnea . n , w esi ^er *^. .; 
many ftput early laSZ.’Rieiy nw* Ge rman 

complement a fleetrdfr U-Bril^b-^p^ gdn.niui' offers^ of .industrial 
Nimrods tiiat rap^agEg^ifea^g^^^^^^^-ri ^\y Vri ro fl iirai 
C °T^TO beSnB tie^^wS- 


night, the: rest or the cost will 
be spread out among either 
NATO governments. A major 
question-mark remains, however, 
over the position of France. 

The French doTnot want to be 
deprived of the data gathered by 
the AWACS aircraft, which could 
be crucial in sn emergency. But 
they do -.not want either to give 
the impression that they arc 
moving farther back into the 
NATO fold, by participating fully 
from the outset 

France will accordingly not be 
among the. signatories of tbe- 
agreement expected to be con- 
cluded here tomorrow. But 
NATO officialsexpect the French 
to reach a private accommodation 
with the other Governments 
later on. 

Britain has .given a commit- 


ment that' it will adapt its radax 
stations and ground terminals 
to make the Nunrods entirely 
‘ r inter-operable ” with the Boe- 
ings. In addition to the main 
German base, there will also be 
forward operating bases, prob- 
ably in Turkey and Norway. 

Meanwhile, Gen. Zeincr Gun- 
dersen, Norwegian chairman of 
the alliance’s Military Commit- 
tee. today warned that the East- 
West balance of forces continued 
to move increasingly to the ad- 
vantage of the Soviet Union. If 
the gap continued to grow, weak- 
nesses might develop in NATO's 
defence posture and doubts could 
be cast on the credibility of tbe 
alliance's strategy, he told a 
press conference. 

Gen. Gundersen, who bad 
-earlier reported to the Defence 


Ministers, singled out four areas 
as examples of NATO's potential 
weakness. These were the Soviet 
naval build-up. particularly of 
submarines, the amount and 
quality of the Warsaw Pact’s 
tanks electronic warfare, and the 
West’s vulnerability to chemical 
warfare. . 

Gen. Gundersen said he would 
like to see the alliance's nuclear 
capability improved and updated 
in the European! theatre. He 
repeated that from a strictly mili- 
tary point of view the alliance 

should deploy the so-called neu- 
tron bomb in Western Europe. 
He stressed, however, that this 
was' a political decision that the 
military would respect, which- 
ever way it went 

Leslie Cotitt adds from Berlin: 
Tbe defence chiefs of the 


BRUSSELS, Dec. 5. 

Warsaw Pact countries are meet- 
ing In East Berlin, among them 
the Defence Minister of 
rebellious Romania, which is 
resisting Soviet pressure to in- 
crease its defence budget and 
integrate its armed forces into 
the alliance. 

This is the first high-level meet- 
ing of representatives of the 
Soviet Union and Romania since 
the Warsaw Pact summit In 
Moscow on November 22 and 23. 
Romania's President Ceausescu 
refused at that meeting to go 
along with the demand by Mr. 
Leonid Brezhnev, the Soviet 
President, that each. Warsaw 
Pact country should increase 
defence spending to counter what 
was said to be NATO's “attempt 
to achieve military superiority." 




kill three policemen in 


r : >:'P“ . 


fESSSg|ft pre-referendum bar shooting 




■- -ByGuyAfawtih if* *;!;'.'£?* 
h "-7vjpK 

THHES : 

printed its. first fnlftdal nm .: 
at ItsOEttrojKsai printing base 
in- Frankfurt eairjy fids mono? _ 

to 

staiT i»uaBet pm»tishfa /i . for - 

the’GdntSrieatajadi tbeJOJS. here \ ■ 

fit ... ; :;j 

page^-ettiti ob- by ; 

facsimile". transmission from ; 
: life Financial . 1 

Times’s' I iijdon headaoarters. 
The remaiobigfp&r were com- 
posed and nisdc-np.jn the plant - .i 
of - ’FranJcfurter - Sod&aets , 
Dmckeirlr Lwhtth "pilnts 4be^ 
p fflnMnnp f':; ^ AHgemeimt I 
ZeltUBg. ‘ 

Mr.-M.ML Fisbe r,' editor . of : 
the Ftuaadai Times, add- here . 
today that, the Fratftfpirt base 
would serve the papers readers 
In mart ' European condtrlwf . 
and In the tLS. 1 ' It meant: that . .*■ 
readers-^in- Geraiany,’ Swltzet- 
lantvuttftheria Tflafy, 

Be would b^‘ 

able to get their .newspapers:: 
by breakfast-time, while, as an 
added-lMisr the paitfr should - 


be on sale- la Wafi Str^et, at:. 
8 J3& am. : ‘.7-;. •'. l' •*.• " 

The- Financial whleh 

has - ai lyrcnfation of 
makes some if : per . jEOitf.5of- ■ 
Its 7 safes overseas, ;w!th. ,4fceF 
Continent as :-it fflabt-nuxet ;. 
outside 7 41te '-CiC' M : y.; i'.'r.f 
Mr, Mstaa- said Jthat th&matlii 7 
reason ftoreohiihg t^FeJHi^r^ ] 
ahd^J 


BASQUE separatists' kfifed: three 
more .- • policemen, jn . northern 
•Spain’ today as- the .'Batina pre- 
pared - to vote Tor the !hrat time 
bn" - a , constitution - jgrriqen' to 
, post-Franco.: mpnhrcby 
rand '- guarantee ’freedom?- sup- 
pressed for. the pastLoqr decades. 

• The three— a -pi&ceT^trf. a 
pMJcefinspector a rid 'a municipal 
policeman— were ldll^.::ss they 
sipped -prfe-lnnch of&dqfe drinks 
in a bar-in'San Sebartiait.' -They 
were in' civilian cl othesj recalling 
an 'attadk ih a bar lartmneek when 
gunmen -firom . ETA; ^tifei'Basque 
separatist -org anisation^ .shot and 


killed a paramilitary Civil Guard 
as be drank coffee. 

Police said about 12 customers 
were in the bar when three 
youths with pistols entered and 
shouted: “Get .'down on the 
floor.” Then they fired. 

Police quickly threw up road 
checks around the city, literally 
ripping pieces off cars- in a hunt 
for the unmasked gunmen who 
fled after double-parking their 
car outside the bar. 

Police immediately blamed the 
assassinations on ETA. which has 
carried uut 52 killings, of police, 
civilians and military officers this 
year. 


MADRID, Dec. 5. 

The viulence appeared to be a 
warning to Basques to stay away 
from the polls on Wednesday. 

In the Basque capital of Bilbao. I 
six cars belonging to the Civil | 
Guard were reported stolen at , 
mid-day today, raising fears of 1 
another attack by ETA members i 
in the disguise of police. 

The incidents occurred as more ! 
than 10,000 extra police guarded < 
the Basque region bordering 
France and army units went on 1 
special alert to protect jwblic 
and government buildings ahead 
of the voting. 

• Constitutional referendum. 
Page 20 


Gaullist MP seeks 
to put the ‘joie’ 
back in French life 


L - *Y ADRIAN DlOC| : -- 

[IG-METALL the We^r German 
steelworkers’ union 7 v&gfeed to- 
day to, the steel ■^raployers’ 
suggestion that a^Med^or be 
; called in to help, resoly^tfie <Mm- 
•bEned ' strike and lock-qutTh th e 
Industry, The strike^noy^in.its 
second 1 week, is ke«T^; * total 
of? 80,000" men away '^oni..their 
jobs. No names -.‘Kave^'Jieeij 
mentioned, but Herr 'JSifi&helm 
Faiihmanh. Min is ter ^bY ^Labour 
ih tlie North Rhitte-Wrafe hal i a 
L state' government and C wb?ran 
ot-lnumerdfis ihdusf&f^peace 
-efforte. -ds , regarded. Jffime 

orltheiatsfc •.„ s'/.gi- 
:i -’At 7-ithe'.- saiwij ti^e.-c^the 
North TRiune-Westphaila regnal 
; bi^alS«*c Is-Melall 7 
41jat:thP;Uttibn. was?stic ' 

^feni fiite -j 




in the steel industry of a 35-hour 
working week. 

Strong support for this objec- 
tive. which is likely to be the 
centrepiece of union demands in 
other industries this winter, came 
today from the Social Demo- 
cratic Party (SPD1. In a draft 
programme for next year’s elec- 
tion campaign for the European 
parliament, the SPD declared 
Itself for the long-term adoption 
everyhevere in the Community 
of a :;5-hour working week, as 
well a- for longer annual holi- 
days. It also recommended that 
these should be achieved through 
wage negotiations — us lG-Metall 
is atiumptins to do. 

Tin* draft has si:!! to be 
adot ed by a special SPD parn 
coaf.-ivnce j on. Europe in 


BONN, Dec. 5. 

Cologne next weekend, at which 
Chancellor Helmut Schmidt and 
other Ministers may well tone 
down the demand for shorter 
working hours. In addition to 
the demand -itself however, the 
draft shows evidence of a fresh 
spirit within the party’s upper 
ranks of understanding for the 
unions, whose disaffection with 
their traditional political ally has 
been growing in the past few 
months. 

A poll by the AHensbacb Insti- 
tute. one of Germany's leading 
public opinion research centres, 
reveals, however, that 60 per cent 
of working-age Germans would; 
prefer a .sixth week's hn'iday toj 
a cut in the working .week. Even | 
among trade union members; 
there w-aa a slight preference for i 
the sixth week. 


BY ROBERT MAUTHNER 

THE FRENCH are, if anything, 
more ’nostalgic about their 
past than -the British. Gallic 
hearts beat faster and heads 
are held higher when the term 
“National grandeur" is men- 
tioned.* The nuclear deterrent 
is a constant reminder that 
France is still a world military- 
power to be reckoned with 
and the despatch of a para: 
troop regiment lo Zaire evokes 
poignant memories of a 
glorious imperial past. 

But all this rattling of military 
hardware, the hum of the new 
industrial France, the nuclear 
power stations and the huge 
contracts with China, have 
tended to push into tbe back- 
ground one of France's 
greatest historical assets. 
Where today ^ the jote de 
pirre of the Belle Epoque with 
its 'champagne dinners, 
naughty ladies dancing the 
can-can - and the sumptuous 
pleasures of the famous 
maisoTLs closes — the haven of 
jaded husbands and gay young 
bucks? 

Where indeed, asks M. Joel Le 
Tac, a Gaullist MP for Paris, 
who has just tabled a Bill in 
the National Assembly propos- 
ing the resusciiation of what 
the reputedly puritanical 
FmgHsta call “Houses of ill 
repute.", which were abolished 
l»v a law of 1SWH. 

M. Le Tac is not jusr one of 
your cranky ?.Il J 's who justifies 
the confident that the voters 
have placed iu him by tabling 


PARIS, Dec. 5. 

Bills for the abolition of wine- 
drinking before breakfast, or 
the opening of a skate-board 
track on the Champs Ely sees. 
He has achieved national 
fame through the publication 
of parliamentary reports on 
the financial profligacy of 
French television. 

So his thoughts on the subject 
of prostitution, which is. after 
all. also part of the entertain- 
ment industry. . must be 
treated with respect. 

According to the honourable 
gentleman, the law of lMti 
abolishing brothels missed its 
target because it gave greater 
priority to morality than neces- 
sity. This is a statement with 
which few’ people could find 
fault and might even have pro- 
voked the admiration of 
Descartes himself. 

M. Le Tac. however, clearly sees 
himself as a moral philosopher 
as well as a logician, for he 
goes on to say that it Is better 
to recognise evil and " to cor- 
rect its effects by fixing limits 
to its extension " 

Whether the ladies in question 
really want to be cooped up 
again in the plushy emporia 
of yesterday after their fresh 
air pursuits of the past 30 
years is another matter. Judg- 
ing by the prostitutes’ revolt 
of 1975. which spread from 
Lyon to most of France's other 
Iry cities, all they want the 
authorities to do ri to integrate 
them in .the social security 
system. 


Italy and 
Vatican 
close 
to accord 


BY PAUL BETTS 

ROME. Dec. 5- 

AFTER 11 years of intermittent 
and complex negotiations, the 
revision of the Concordat be- 
tween the Italian Statu and the 
Roman Catholic Church appears 
to be nearing its solution- Sig. 
Giutio Andreotti, the Prime 
Minister, is to open tomorrow 
the debate in tbe senate on tbe 
third draft of the revision of 
the Church-state pact originally 
agreed between Pope Pius XI 
and Mussolini in J92P. which will 
profoundly alter the relationship 
between the Vatican and the 

Government 

The revised Concordat, which 
essentially entails the mutual 
independence and sovereignty 
of the state and the Church, 
is not only important for Italy, 
but for other predominantly 
Roman Catholic countries like 
Spain since it could set the pat- 
tern of future Slate-Church rela- 
tions. With the election of the 
.Polish cardinal Dinal Wojtyla as 
the first non-Italian Pope in four 
and a half centuries, tbe revision 
is now all the more significant. 

In bis addresses since his elec- 
tion last October. Pope John 
Paul II has insisted that the 
institutional Church as such 
should have no direct role in 
political life. This is in line with 
the spirit of the Seccnd Vatic-^n 
Council and follows tbe policy 
of the Pope’s immediate pre- 
decessors who sought to estab- 
lish the universality of the 
Church without “ special privi- 
leges " but sufficient freedom to 
conduct its mission. 

The election of a Polish Pope 
clearly represents a symbol of 
the universality of the Church 
and is inevitably changing the 
" special relation " the Vatican 
has traditionally maintained with 
the Italian state, especially with 
the Christian Democrat Party. 
Only two years ago, at the time 
of Italy's last general elections, 
the Church swung the full weight 
of the 300 Italian bishops and 
428,000 parish priests behind the 
Christian Democrat Party. 

However, the Pope, coming 
from a country where Church- 
state relations have been particu- 
larly sensitive doubtlessly 
attaches considerable importance 
to the revision of tbe Concordat. 

While the spirit oT the new 
, pattern of slate-Churcb relations 
in Italy has generally bc-en 
accepted, with both parties agree- 
ing that there should be nr 
interference in each others’ 





Pope John Paul II 

affairs, a series of specific issues 
is still open. It includes the 
status of religious organisations 
in the country, and the question 
of marriage and religious instruc- 
tion in schools, 

However, although laws on 
divorce and abortion have now 
been passed in Italy, the Church 
does not intend to relinquish its 
right to defend its principles. 
The Pope recently made this 
quite clear when he said the 
Church proposed lo continue 
defending the Christian 
principles and natural ethics of 
the institution of matrimony. As 
regards religious instruction in 
Italian schools, the new draft 
gives the right to choose whether 
to attend or not. 

But beyond specific, and at 
times incompatible, issues divid- 
ing Church-state relations, the 
feign ificance of the current 
revision of the Concordat in Italy 
is in its possible implications 
elsewhere. In his now famous 
letter to the Polish authorities, 
the Pope indicated he favoured 
tbe opening of a constructive 
dialogue with Communist gov- 
ernments as long as they did not 
interfere with the activities of 
the Church to develop its 
pastoral mission. 

In turn, this also has implica- 
tions tor Italy where tbe Com- 
munist Party is the largest in the 
West. Pope John Paul II has 
always been actively engaged in 
criticising Marxist-Leninist doc- 
trines as being incompatible with 
the conceptions of tbe church. 
The Polish church as such has 
generally been regarded as an 
“ opposition force ’’ in the 
country. This is likely to put 
additional pressure on the 
Italian Communist Party which 
has attempted to enlarge its 
dialogue with the church, not 
least for electoral motives Jn an 
overwhelmingly Roman Catholic 
country. 

It is perhaps no small 
coincidence that a symposium 
held this week in Bologna — one 
of Italy's traditional Communist 
strongholds— on the significance 
r.F the election of Pope John Paul 
IT suggested that the new Polish 
Pope could represent “ a 
destabilistny element ” not only 
in Poland but in Eastern Europe 
as a whole with obvious repercus- 
sions in Italy. 







SmSmUm i ^ 









George Wimpey & Co. Limited - Europe's largest 
contractor - recognise good construction equipment 
when they see iL 

That’s why they're using Data General 'Nova 
mini-computers in a big way. 

Novas form the basis of the Wimpey 'distributed* 
processing network that provides their Regional 
Management with sophisticated computer programs to 
help them in their day-to-day work. Solving local problems. 
On-the-spot. 

As each Regional Office is largely autonomous 
and comparable to a medium-lo-large building company, 
that’s help on a massive scale*. Right where it’s needed 
Novas are used to control progress and maximise 
profitability through all planning and constructional phases- 
of a project. Work proceeds faster, with less risk of error 
■ and without the redium of day-to-day record keeping, 
calculating and reporting. 

Typical uses include assisting in the preparation and 
printing of site wages (a complex business in the 
construction industry), invoicing, valuations, 
material scheduling' md billing. 

The Novas also help with special problems related 
directly to the building indust ry. For example, NEDO 
fluctuation calculations and material and labour fluctuations 
in line with Clause 31a of the Standard Form of Building 
Contract 

Recently Novas were used to expedite procurement 
procedures for a major contract in the Middle East The 
planning/ordering/shippiiig cycle was so successful that 
further use of the Novas is envisaged for overseas contracts, 
Roger Cullingham, the Project Manager of Regional 
Computing says: "We started with 9 Novas linked to our 
central processor over GPO lines. We have reassessed 
Nova twice as our network has grown and still believe they 
offer the best price/performance ratio! 1 

Wimpey currently have 18 configurations using one or 
^ more Nova processors forming the biggest distributed 

processing network in the UK construction industry 1 . 

:? iL r=™ Data General has installed more than 50.0(H) systems 

world-wide for all sorts of tasks. Systems that proride 
exce ^ ent price/performance as well as superior reliability; 

. And everything’s supported world-wide. Send for 
•;* ? *. :* v ;■ ■; information. You’ll find we can help build your business in 
a surprising number of ways. 

rTo: Marketing Communications Data General LimitedTI 
| 3rd and 4th Floors, Hounslow House, 724-734 London | 
Road, Hounslow, Middlesex TW 3 lPD.Tel: 01-572 7455. 

□ Please send literature. 

I D Please send literature and have a representative phone me. I 

Name * 

I Position | 

I Company I 

I 1 Address - 

Tel: FT6/I2 I 

^NOVA a e registered tr^tendr* of Dm General 0^ortAw.2^^2 l 2lS222 i S2«Bi*I 













Financial Times Wednesday ' j 


OVERSEAS NEWS 


AMERICAN 






Fighting in 

Afghanistan 

reported 


Smith expresses optimism 
on Rhodesia peace talks 


By Chris Sherweff 


SALISBURY, Dec. 5. 

MR. IAN SMITH, the Prime talks, said this morning's meet- The solution is in the hands of 


Shots m 
Iran’s 
gathering 
darkness 


, . ^ e- ti"; . 


his government team 




BY JOSEPH MANN - ■ 


..-V- r '^Vy 

; ■ .CAR ACAS, Dec. 3. 


_ ti iiuv ^ ^ By Andrew Whitley 

ISLAMABAD, Dec. 5. .Jf' 1 s ^TVodav an*a»-party ing was useful and helpful. the people of Zimbabwe, despite TEHRAN Dee 5 

CONTINUED fighting between "' □^'ronnF^nce mky “ I look forward to having an all-party conference.- ONE nF belter oE the crop 

the Afghan army and staunchly Rhodesian peace conference m y equa u y useful talks with indi- The March 3 agreement on b ® “^T h v thS 

Moslem villagers is reported be closer. vidual members of the council majority rule, ^wbicb Salisbury IQkjs pro ctL|,£ 

from Nooristan in eastern Mr. Smith spoke to reporters later today.” he said. wants to form the basis of dis- '^erorv Av atoll ah 

Afghanistan in what is described after a two-hour meeting in his Mr. Hughes and Mr. Low are cussions. has been rejected by religious anv a. r 
by eye witnesses as “all-out Salishury Q ffi ce between the to meet Mr. Smith and his three the Patriotic Front. Britain and ^homeio 1 , boOEngco a ms 

war.” Sal sbury oace between tne black CQUaci| coUeagues> B isfaop the United States are reported to wburban house tn Pans, 

The reports come from a BnUsh . AbeJ Muzorewa. the Rev. want talks to take place on the interview was 

French photographer who has emissaries. Mr. Cledwyn Hughes jjd a baningi Sithole and Chief basis of their settlement pro- reporter, after his inter ew was 

returned here after spending and Mr. Stephen Low, the U.S. Jeremiah Chirau. in private ses- posals. which have been spurned over ' wneiner ne woui iiKe a 

ten days fa the area with mem- Ambassador to Zambia, and the aions this afternoon. by the Salisbury leaders. Same of wros. i-eriajiuo. 


Certainly,’' 


icii uujra iu me o l ca nuu iUnD3S5auof 10 Mimoia. auu lub aiuua uus <mciuuuu, uy iuc uaiouuiy reauejs. ^ ,, TILvumiM wnonhlp 

hers of the Movement of Islamic transitional Government's Tour- Neither Bishop Muzorewa nor But a spokesman for the replies me ro-year-oia veueraoie. 
Revolution (MTR). The MIR is Snnrema Fhrpputive Council. Chief Chirau would comment on Zimbabwe United Peoples so long _ as ail tne Rings are 


Revolution (MTR). The MIR is man Supreme Executive ConneiL Chief Chirau would comment on Zimbabwe United Peoples so long as au tne rangs are 
a coalition of two extreme reli- Asked if round-table talks be- the talks, but Mr. Sithole said: Organisation (ZUPO) of Chief removed from the pacx, ana we 
gious groups fighting the Soviet- tween the Rhodesian coalition “We had very useful, open, Chirau said the party was Queens are veiiea. 

leaning regime which came to and the Patriotic Front guerrilla frank discussions. The meetiDg optimistic. “We believe the *ou h 

power in a bloody coup last alliance were any closer, Mr. was constructive." British and Americans are that 

April. Smith said: “Yes, perhaps. But He said the Executive Council realistic this time. They Just -close Muslims _ have been 


■“I. amnu adiu. X CO, pu uapa. uuv V W wwtauvil ivoiinuv buss m uc, « . . . - t l . p frn.- 

He reported that the Afghan i wouldn't like to measure how members had told the envoys Insist on organising it (the coo- 1 coming out into roe open . ine 


lit 1B|JU1HU lut njfauuu i WUU1UUL ILNC ill ItlCdBluC Bun luemucis uau iviu suvuja uioui wii uigauiauiK ll » T I r," etlll nnorvlv 

army is on the offensive, using much nearer. I don’t think we they were prepared to attend all- ference) and getting it going, few Iranians wno suu opemy 
• ■ — - defend tne snah are very roneny 


helicopters as backing, and con- are any fnrtber away.” 


party talks. 


The time is now right” aeiena 

Mr. Hughes and Mr. Low have indeed. 


firmed that the small border Mr. Hughes, sent on an But Mr. Sithole added: “Of Mr. Hughes and Mr. Low have 

town of Kamdesh had been African tour by Mr. James course, yon must bear in mind so far visited Tanzania. Zambia 

bombed. He also said two other Callaghan, the British Prime one thing— that the real answer and South Africa. - 

villages had been razed. Vil- Minister, to try to arrange peace to our problems is with us. Reuter, 

lagers in the area are holding _ . — 


more than 200 prisoners, and 
say they have killed hundreds 
nf Iheir enemies, often in ha-nd- 
lo-hand combat. 

The reports back up other 
claims made recently by MTR 


Arab boycott warning to Egypt 


claims made recently by MIR i BY KATHLEEN BISHTAWt DUBAL Dec. S. Tehran Radio. 

o P t£ se H ,a, lE S 1 EGYPT wa forcefully reminded Egypt and Israel, Egyptian pro- Dr. Kaddouri’s opening report I {SSLi-i? 11 ^ J 

Pakistan, who describe regular 1 , .h n n» «h n imniioofi'fiwe ducts would not be allowed to hmiiohr in immorfislfi mcnnntu Clans SO 


None the less, there are many 
women on the streets these days 
un accustom edly clutching a 
Chador, the full-length tent-like 
veiL around themselves, their 
Parisian evening gowns showing 
through. Most foreign women, 
when they venture out, prudently 
don head scarves. 

Tehran Radio, now being run 
almost entirely by military 
technicians and staff, accused 


ia5^"*W!ssa tss >-»« *■ w—*— - ~ sftffisrtti rrr vshrss: 

in Nnonstan and fighting in reneging on its commitments to a * rt]fi rat J * D S from ^ Egy P tian dele 6 ate to recordings of machine-gun fire 

other parts of the country along the Arab boycott of Israel. th no oa _. D f the product had tije coherence. Mr. Mithat Abdul and screams over loudspeakers. 

I Un Til A nnnn-4 n •> . . _ J _ *1 * Amin fc I _ _ Wl+Vl mnYTliflO POTTlPf? tHP. 


SENATOR Luis Herrera Camping 
the Christian Democrat wht> ! was- 
p rod aimed President-elect.- «f' 
Venezuela yesterday by- his most 
important political adversaries, 
today began assembling a .team', 
to help him govern when ; hi: 
assumes the presidency - ■ on 
March 12. V. 

Although official vote coasts 
are' still going on. Sr. Heirera: 
clearly emerged as the .winner; 
among 10 presidential candi- 
dates in Sunday’s national elec- 
tions. Venezuela’s open elec-, 
tio ns, carried out with few prob- 
lems, reprsented a rare exercise' 
in democracy in a part of . the 
world dominated by military 
governments. , “ ' 

His victory dealt a series Mow 
to President Carlos Andres 
Perez's Administration, the weal- 
thiest in Venezuela’s .history* 
and to the Accion Democratica 
Party (AD), which President 
Perez was supporting. .A3J,.hid’ 
won three of the four previous - 
presidential races, and tXHdi- 
Uonally ranked as the largest 
and most powerful political; 
force In the country. - .The 
Government party’s candid ate t - 
Sr Luis Piiiuera Ordaz, -waa 
backed not only by a jmnlti : 
million dollar campaign financed- 


fay his own party, hot ^so by 
the power, purse and influence, 
of the present Government, -. 

Sr Herrerar’s. Social iChnstian 

Copei Party, (known as Chris- 
tian Democrats in other coun- 
tries). the second r largest 
political group in Venezuela, 
captured the Presidency by a- 
slim margin in 1968* but ‘OMy 
because AD suffered a serious 
internal division which ffrew 
votes away from its cam OJ date. 
This time, however, the Christian 
Democrats won- the five-year 
presidential term by what now 
appears to be a substantial mar 


- : : ' ; - • • . • . • • f 

likely - because of consistently jN r 
poor jjublic services in the'laigi.^ 7 “f 
cities and- because 'thhF.GpVeriiiwX 4 ? • • 


-meat- has been' unable 'to “resolve^;. 

many other obvious, social .prob-.,'* Vc - 
lenis despite spending that has' . * T- 
no .parallel In. -Latin- 'America. u?" 
During the long, costly, Presto. . S'.. ‘ 
dehtiaT .campaign, Sr> -Herrefa 'i IS - ' 
haimnetcd; away at the Govern- I ; — ; 


meat and h^s chief rival. Sn.'^ 
pinerua, , If or - representing !;a V 
party which., hais.. wildly, mls-'w 


'gin. Although AD has not yet 
formally proclaimed Sr. Herrera 
the winner, a statement is ex* 
pec ted from the party and the 
Government. 

In the last three. Presidential 
elections, held every five years, 
Venezuelans have voted out the 
party in power. The case of 
President Perez was especially 
striking, however, since- his 
Government has initiated the 
most ambitious industrial^ and 
agricultural programme" ever,, 
and has spent lavishly fn trying 
to appeal to voters just before 
elections. 

.None the less, voters on 
Sunday turned away from the 
official party candidate, most 


managed Venezuela’s petroleum ' ... 

‘wealth and which has tbletated . j ,-y; \ . 
widespread Government corrupt . 
tiop. Despite the Presldent’aloft- . . . 
repeated promise to jaiLanyone_- ■ - 

— including bis own Ministers—^ - : 
who T might be involved, fin i.tj 
malfeasance, ho charges of <nr r -_- 
niptioh : have - yet .. rfspltedi^n ■* ^ , . - 

serions- 1 -- punishment- ' W' Gpvenfe ■ f . ,t L 
ment officials. . • rJl.lJk**' 

: Only this week, Junrevtih the - )sl v 
President otefered <&ange 
brought against a.toca-t anagariae I ... 
editor under a" la wprolrfbttog 
disrespectfol statements '-^boht^ 
the chief executive. The 
of {he news magaztee Resomei^^ J;-. 

Sr. Jorge Glavarria,' 
week’sissue that ftesadent Pews' * ’J ". 
staoiiW be chafed in ^ court ftWr ly-i' 
iHeeal enrichment dmang - Ms^.v . 
awn axhmrusgaticaz.- - . ^ ?vt J ; 


ihe eastern border. The 'reports m the opening report to the been financed made or A 21 * 2 - tb * Egyptian under- With morning cmnes the 
come as Mr. Nur Mohammed ; 32nd session of the Arab originated in its raw materials secretary of the Foreign Trade reality of anotter difficirit day. 

Taraki. the Afghan leader, is Economic Unity Council. Dr. fmm Israe i, tbe secretary pointed Ministry. He condemned what £1 

in Moscow on his first foreign , Fakhn Kaddoun. the CouncU s out he termed “unwarranted inter- ,0 J* 1 * turmoiL This oocb 

} secretary -?eneraL warned Egypt °% he point has particular signi- |RJ2te«n KtaSSSl af?S 

9 Mr Zulfikar All Bhutto Paki-i th3t ,f il wenl ahead and signed Beam* in the present negotia- r.f a member State of the Arab 5 J57J5wi, Keen S 

“-s '&J2JVSL *•% 522 S* I - ....... 


stan's condemned former Prime 
Minister, will be allowed to 


i Egypt would face the same trade that Egypt give up all previous However, the other 12 nations ° r c 2L I “L l 
“i restrictions as those of any commitinenti to its Arab allies, concurred with Dr. Kaddouri’s "whtch everyone write help- 


Miller predicts ‘minor miracle’ 
in slowing down U.S. inflation 




annoar ner<onallv in front nf rhp : ,va “ 3 comminnents to ns .^rau aines. concurred wun ur. ivaaaouns , ' fn __ f '_ 

seven remaining judges bearing ' WeS u Crf !, countr y do,a 8 business The secretary-gen era r. who fs report, say conference sources. sunnltes* 8 f 

his appeal in the Supreme Court; ,n _ th * Arab WOr,d ’ .. . . . a . n Iraf lj- a'so reminded Egypt The incident coming at the very * v jj£ bl Joig ^ north' Iran winter 

before they rise to consider their ■ „ SlJPh . a ,r W “ would put llui under the rules of the boy start of the Council session, is a ° f r “ ien gthening 

ooinion Thic was announced I Egypt in a very awkward posi- con. no petroleum should be painful reminder of Egypt s i£„ com I De .„L. 

indav after Mr. Bhuno had lion - lh f 6 » a certain blockade supplied by any Arab country to difficult position in ihe Arab kiJosine 

threatened to withdraw his ! gainst Lrae which includes any Israel. world. . sdSs For the ordinary man 

authority from the lawyers con-, ^un fry which has economic Another stipulation of the Mr Abdul Azziz was wnt along! g' threat of bein- without fuel 
ductin'- hi* defence I relations wiih the Israelis,' he boycott was mat no ship which to the conference when the;. ule in . rGai 

ilr Bhutto's move was inlaid. had previously called at an Egyptian Minister. Dr. Hamad i »b »enoiw Of equal concern s 

response 10 a court decision ves-! ln thc «vont of any norma lisa- Israeli port could berth in ao Siych. declined an Invitation 10 ; ^LnSditicsespedatiybccau^e 
ter day to ronunue proceedings \ Uon nt trade relations between -Arab port afterwards. attend. I SmE ISSwSSSJ 

in Ihe absence of a judge who; : i. 1 bazaars 


BY JOHN WYLES 


-new, york; DecI ff T? ;;‘i 


his appeal in the Supreme Court 


is ill. The court today confirmed | 
its decision when.it over-ruled i 
defence objections. The defence- 
felt that the court decision re-i 
moved a potentially sympathetic 
voice, and argued that the case } 
should be adjourned for four to | 


Soviets 6 back Ethiopian attack 


BY OUR OWN CORRESPONDENT 


/commodities, especially because 
t of the prolonged closures of the 

1 bazaars. i 

. ‘ There are 4faree-hour wails at 

Skrt’A/l |r/j Ailing stations in this, the world’s 
I i rf'S 5. xK ' second largest oil exporter. 

• Since Friday night, when the 
i mourning month of Moharram 
KHARTOUM. Dec. 5. j began. Tehran's 60,000 odd 
• • . ! foreigners have taken refuge in 


weeks to finish its final aubnn^-j statement issued here by the North or the Asmara Massawa ihe last American and Ki jeln ^ reat •• s a ibei- strenrth. 

sion. as seems possible, his j Eritrean Peoples Llheranon road. adviser* were ousted by the Even when- there arc no black- 

appearance may have to wait; Front (EPLF). Both these Fronts are threaten- DorgUO. the ruling military outs, there is little to do but eit 

until the new je«r because of - Emrw is witnessing the m? the long-established bare f Ethiopia <^nd listen to the exhortations 

a two-week court vacation. The . uerccst flahting yet of ihe coun- areas and supply line* of the J ,h! nL,,., mihii.-lri from the local mosque amplified 

court urged the defence to en- try’s 17-year-long war. and EPLF in Sahel province .and the. ■ |SpS amp me 
sure that Mr. Bhutto did not deal! massive assaults dn EPLF-held towns of Afabct Xakfa. and *J[12 Ua ^ "rA?™ ‘ * On 'the streS burits of auto- 

with mailers already covered in i areas led late last month to the Karora in the Northern hifeh- f Ernwrorti^ liuiL i -ntoX i m3,ic fire continue ..half the 

the proceedings. , capture nf ihe lown nf heren. the lands. - \ night, dying away in tie early i 

_ Iasi w^centre remaimns in rebi? 1 'Keren is the ’nig cost ah.d • hours of the morning. From ‘ 

• Thousands of dock-workers , h-. n g ^ . • <irate»icallv the. niisl imuortant Elhiopu sjplar.s.for Eritrea. Now ; “* /“J 1 ! 

who started a pfffentia My damns- ; The' EPLF claim that the iiwn ever canuircd by any of the changed their tene i ““153“ *lt Sd. bS bv dSi! 

mg go-slow last week at the Russians are supplying the guerrilla movements since ihe 30(1 1l * c claim that the hre k and yj e nfting of the 

country s only port in Karachi ; Ethiopian force of more than armed struggle slaved in Sep - »** or ihe war has completely J* * 

have returned to normal wort >500 lan ks. manning the heavy tember lfifi'L It sits at the changed as a result. . c niehtlv- chorus has been 

ing The dispute, over wages and ; artillery and using helicopters to entrance 10 ihe Eastern and “ It is ™ more the Derguc since the week- 

conditions. threatened supplies (spy behind the EPLF lines. Eye- Western lowlands and the high- fighting, it is the Soviet Union.” j h™- tu^iedto 

of much-needed fertiliser to the ; witnesses also say they arc lands, and is remembered as the th e assistant .General Secretary 5™*’ “ Q J™ « , ^rfiit^rv 


MR. WILLIAM MILLER, . the 
Federal Reserve Board chair- 
man. confidently predicted, here 
today the ach ievemeat - of s' 
“minor miracle” in slowing the 
rate of U.S. inflation' nVithout an 
economic recession. • '■ 

Speaking first at a breakfast 
meeting and then to journalists, 
Mr. Miller appeared anxious to 
counter the recession talk with 
which Wall Street, appears 
obsessed. : 

Part of the reason for this 
consuming interest is the 
genera] lack of agreement 
among economists about the; 12- 
mouth outlook. One highly ypeal 
school argues that s ho rt-tentt in- 
terest rates are already high 
enough virtually to ensure tfno- 
growih period, while anther 
group sees nothing more jdire 


than a fall in the rate of econo- 
mic growth to between 2 and 3 
.per cent 

The Central Bank chairman 
said he saw nothing^ in ; the 
economy to offer “a basic reason.” 
for a recession, but warned that 
“ we could scare ourselves Into 
a recession " by . continued 
gloomy forecasts. He concluded, 
however, that “it will indeed he 
a minor miracle ” if the. Govern- 
ment could steer. -tiie economy 
into a “ soft landing.” without 
creating a recession: ,r Bnt we 
are going to pulT jtofi,”Jie added 
confidently. 7.' 

Among Fed watchers, Mr. 
Miller’s comments will be seen, 
as emphasising the present com- 
mon approach by the- Central 
Bank and the Administration. 
Both have accepted the seed for 
the Fed to have pushed interest 


rates up to their'eurent Ievefa£f- >\- 
and perhaps higher, in .the . 

te rests of depending the, dol^r ;; ' • 
and of curbing monetary growth': C’ 
and. potential inflation.' 'Botti'Ti.TH. - 
however, are anxious to aYord 4 - l. 
removing ali prospect of furtherf •' 
econbmic growth next year. 

Bue much will depend on the . 

success of the Government's pay> - ; 
and prices- guidelines in slowing -, 
the inflation rate. . If next year’s 
major pay settlements - conform . - . 
with the guidelines, important? -. ’ 

symbolic - and real victories vrin.“ V, 
have been scored. But lf by^ iT. 
mid-summer oil and gas workers .'IV 
and truck-drivers have won pay ’ - 
deals well in excess of the guide- 
lines, the Administration may he :< 1W1.3 
forced into tough erflscal policies . V|iU« 
to attack inflation and avoid '-r. 
further pressure on the dollar. ; .iuf 


•' V 

tUlSll ti ^ 


Supreme C|oiirt will not 
consider securities case 


Argentina, 




Brazil in ; 
trade talks r 


j - BY JOHN WYtES 


NEW YORK. Dec. 5. 


of much-needed fertiliser it* the ; v - finesses also say they arc lands, and is r 

lountrv's farmers and nf cement, j directly participating as com bal scene of heavy fiphtinc between of rh- EPLF said as they were J 
but did not affect offloading of : personnel. die Italians and the British completing their withdrawal j 2J5I12!. JJ SonSJt 


farce at times, as 


solitary 


crucial wheat imports. 


The present Ethiopian offensive during the Second World War. from Keren. 


SOUTHERN AFRICA 


Putting Namibia on the right track 


( comrades for support, 
i The past two months’ almost 
! total paralysis nf administration 
I ha- had a cataclysmic effect on 
i private business activity, [die 
; office girls peering out of upper 
i window.- to jeer the troops and 
i watch the latest street skirmish 
‘.down below run the risk of a 
warning volley of bullets in their 
; direction. 


BY JOHN STEWART IN CAPE TOWN 


TALK OF a Slbn scheme to build 
a railway across the Kalahari 
desert has given the Jie to much 
of the economic nervousness felt 
in Windhoek at the prospect of 
Namibia's independence. 

The jitters are nonetheless 
there despite the confidence and 
enthusiasm with which many 
white South West Africans went 
to the polls this week in the 
territory's first all-race elections. 

Windhoek banks say they have 
become warehouses for money 
ready to fly at a moment's notice, 
and although the level of de- 
posits has not actually declined 
in the past IS months, it is 
virtually impossible for bor- 
rowers to obtain more than 12 
months' money. 

Because Namibia is io the 
Rand monetary area capital flows 
are not registered. Nevertheless, 
bankers estimate more than 
Rl50ru io non-corporate funds has 
left the territory in the past IS 
months. 


mo lx 


fi-s-t-, , mwt ■ ; 1 

£ > 


HHZIIII 


j-3/ } .■ ^ ' *«-£££ 

Wr " i ^ .* .( 

lr' -v — 

S8k . 1**1*181 A [ ' Y\ 

"“T* : («ll / / > -\« J'j£. A i 


\ Ml M 

*• f Maurntj*Ti>* 




coa, /s' ' -X. /v.--.-- -^-1 




Whether this money lias left 
for good, or whether it has 
merely sailed over The horizon 
until political certainty returns 
to the country remains to be 
seen. 

Economic activity at secondary 
and tertiary levels has gone into 
a state of suspension: there is no 
new private fixed Investment and 
inventory levels are kept to a 
minimum. 

In sharp contrast diamond 3Qd 
uranium mining has lost none of 
its momentum. Last year De 
Beers consolidated diamond 
mines extracted 2ro carais and 
achieved gross export earnings 
of more than R2Q0m. Twice 
weekly a UTA DC-S cargo plane 
airlifts several; hundreds of tons 
of uranium oxide from Windhoek 
airport to Paris as Yetlowcake 
production rrom Rio Tinto Zinc's 
Rossiog Mine Improves from 
last year’s 3.000 tonnes closer to 
projected peak output of 5,000 
tonnes a year at an estimated 
price of U.S.S20-25 a pound. Last 
year the mine had gross earn- 
ings of SI73m. 

The potential mineral wealth 
of the territory Is well docu- 
mented but an empirical corner 
to corner geological survey 
would require about S40m. Wind- 
hoek in recent months has hosted 

literally dozens of merchant 
bankers, development economists, 
mining engineers, geologists, 
foreign investors and. inevitably, 
a few international hustlers and 
self-appointed “advisors" keen 
to promote the search for un- 
tapped wealth. 


Foreign visitors tell of aggre- 
gate entrepreneurial and de- 
velopment investment intentions 
running to “ billions " as foreign 
agencies and institutions await 
a favourable, internationally- 
recognised settlement in the 
territory. By all accounts West 
Germany heads the wonld-be 
investment league with a re- 
ported S750m earmarked for 
employment. 

In addition. Windhoek busi- 
nessmen have been told that the 
Bonn Government would wel- 
come development opportunities 
to employ part of a reported 
DM 50.00Dm accumulated in its 


Rhodesia and Zambia, as well as 
opening up an alternative corri- 
dor for 2aire. A tentative out- 
lay of SI ,000m is mentioned. 

The scheme calls for the con- 
struction of a 900km railway 
line across the Kalahari desert, 
connecting the railhead at 
Gobabis in eastern Namibia with 
Francistown in northern Bots- 
wana. where the South Africa- 
Botswana-Rhodesia line nears 
the Rhodesian frontier. 

According to preliminary 
studies, the most likely route the 
line would follow would be from 
Gobabis to Ghanzi (a major 
slock-farnung area), taking a 


A bomb exploded yesterday at a Windhoek petrol depot as voting 
continued In the controversial election called by South Africa in. 
Namibia, Renter reports. The blast, the third in Windhoek since 
Saturday, caused no casualties and little damage according to 
officials of Shell Oil Company, which Jointly operates the depot 
with British Petroleum In a northern industrial area. 


Bank for Reconstruction 
(Kreditanstait fur Wiederauf- 
bau). 

Although many investment 
and development projects are no 
more than calculations on the 
backs of envelopes at this stage, 
at least one project is something 
more than a vision. 

An Anglo-South African con- 
sortium of consulting groups, 
comprising civil engineers, 
geologists, development econo- 
mists and railway construction 
engineers is conducting a self- 
flaanced feasibility study to open- 
up a new rail route to the 
Atlantic seaboard for the land- 
locked economies of Botswana, 


course well south of Maun to 
Ora pa (a mining centre) and 
from there to Francistown. This 
route would take the line 
through vast proven deposits of 
coal and soda ash where Shell 
Coal Pty has invested more than 
RSm on exploration. 

At the same time, the consor- 
tium will study the feasibility 
of building a line from Orapa to 
Livingstone in southern Zambia, 
via Xata and Kazangula where a 
bridge would have to be built 
across the Zambesi. It would 
therefore he possible for Rho- 
desia. Zambia. Zaire and Bots- 
wana In ship goods through 
Walvis bay. the safest and best 


equipped . harbour between 
Lohito and Cape Town. 

Not only would the route open 
up a safe and fast outlet for the 
copper-based economies of 
Zambia aod Zaire, it .'would 
vastly enhance the export via- 
bJJJfy of Botswana '<? vast deposits 
of soda ash and low-grade coal 
’which would otherwise have to 
bp routed through South Africa. 
The new line would divert 
millions of tons of -traffic from 
congested Indian Oeean ports 
and save three to ■ four days' 
steaming round the .Cape to 
European and American destina- 
tions. 

The proposed route of a Trans- 
Kalahari line is across flat 
featureless semi-desert , country 
where the.Jjiggest threat to man 
would be a possible shortage of 
water — and perhaps Ibe 
occasional pride of lions. An 
added attraction is that existing 
railway systems of .Southern 
Africa have all been constructed 
to uniform gauge specifications 
of 3 ft 6 ins — some say the single 
most useful legacy of the British 
and Portuguese colonialists. 
Theoretically therefore, it would 
be possible to rail goods from 
Dar es Salaam to Walvis Bay 
without changing trucks. 

The trans-Kalahari railway 
consortium, which comprises the 
British groups Maxwell Stamp 
and Associates, the P-E Consult- 
ing Group. Mott j.- Hay and 
Anderson, Henderson Hughes 
and Busby and the South African 
consulting geologists Partridge 
De VHlicrs and Associates, hopes 
to enlist the aid of international 
development agencies and. 
possibly, western governments to 
sell the project to the five gov- 
ernments involved — Namibia, 
Botswana. Rhodesia, Zambia and 
Zaire. 

Apart from the obvious use- 
fulness of the proposed scheme 
for the tangled economies and 
interlocking transport systems 
of countries in southern Africa, 
the sponsoring consortium 
expects the marketability of the 
project to he enhanced hy its 
potential for political unity and 
regional economic development. 

Although the oew. line would 
reduce the dependence of the 
five countries on South African 
ports in times of upheaval and 
congestion, the Pretoria govern- 
ment could nevertheless 
make an important contribution 
to transport detente id bte sub- 
continent by removing obstacles 
to early incorporation of Walvis 
Bay ip an independent Namibian 
state. 


! For a society that in recent 
! years has esieemcd wealth as the 
I symbol of success, tbc hardest 
blow of all h3s been the closure 
of many of those banks still 
functioning after the whirlwind 
of destruction a month ago. when 
400 branches were 1«*>L Strikes, 
in sympathy with other political 
stoppages: the virtual shutting 
down of the Central Bazik of 
Iran for the past 10 days: and. 
in some cases the sheer lack of 
documents aod banknotes have 
closed the doors of most banks. 

At any one time, up to a 
hundred people cun be seen wait- 
ing outside on the pavement for 
their turn at those branches 
which are still open. The inter- 
bank market is almost non* 
! existent, and cheques are rarely 
| acceptable in Tran, even to buy 
an airline ticket or pay an elcc- 
i tricity bill. So. by now. Tehran’s 
usual free-spenders have become 
a population of borrower?, from 
l those either more traditional- 
minded not to trust the hanks, or 
else with fatter wallets, 
i Everyone L* waiting for the 
crisis to somehow resolve itself. 
Few people can see a wav out 
that can leave the Shah’s present 
position untouched. The exodus 
of foreign families Ls speeding 
up as the reality of the month 
of Moharram lives up to the 
grim predictions made about it : 
and as its peak. Asbura, next 
Monday, approaches. 

There have been very few 
direct attacks on foreigners, but 
latent xenophobia has been given 
free rein. Iranians and foreigners 
alike, though, are tense and 
bewildered. American midwest 
engineers and 'Birmingham 
housewives, who came to Iran 
because it was “the island of 
stability in a turbulent region " 
are now packing the planes out 
Roing westwards. Maoy will not 
be returning. 

Suddenly the leaves hare 
started falling from the tall trees 
lining Tehran's north-south 
artery. Pahtavi Avenue. Instead 
of skiing at the Dizin nr 
Shemshak resorts in the moun- 
tains behind Tehran the talk is 
nf hnw to evade the rigorous new 
foreign exchange controls. 

Smart businessmen’s res- 
taurants have taken down their 
nameboards, to avoid being a 
target during the next feared 
rampage. In poorer areas, black 
"affs of mourning line the 
streets. One isolated flag, in the 
heart of the modern cJty centre, 
hangs above an old shoemender 
sitting on the pavement. Stuck 
in the city's eternal traffic jams 
--one aspect of life that has not 
e .jj? ed — Uncomprehending 
middle class faces stare at this 
man’s symbol nf protest. 


THE Supreme Court has refused 
to consider overturning a lower 
court ruling regarded by the U.S. 
Securities industry as jeopardis- 
ing working relationships be- 
tween stock brokers and indepen- 
dent investment advisers. 

Blyth Eastman Dillon, a sub- 
sidiary of Ina Corporation, had 
appealed against a decision which 
held it liable for tbe decline of 
an investor’s portfolio through 
trades recommended by an out- 
side adviser who bad been 
granted discretionary authority 
over • fbe account 

This ruling sparked so much 
concern among securities- firms 
that the New York Stock Ex- 
change. the Securities Industry 
Association and Merrill Lynch 
Pierce Fenner and Smith had all 
fifed “ amicus curiae ” briefs with 
the Supreme Court supporting 
Blyth. 


The case stemmed from a suit 
brought against ‘TPlytii by Dr. 
David Rolf, an Ohio ophthal- 
mologist, who Claimed that his 
portfolio-designed as* a retire- ; 
ment “nest egg” fijd plum- 
meted in value from $L4m to ! 
$225,00a between May 19§9 and 
the end of 1970. On the recom- 
mendation of Mr. MicbaeL Stott, 
a Blyth salesman. Dr. Rolf, 


trade tafles ~£.]L: 

: BRASIEIA, Dec. 5. , .SjT.V,- 
t. MARIO HENRIQTte SmOTT-;/^: C * 

’NT U. n ^lv MIkuIbi- ? 1 


authorised Mr. Akiyoshi Yamaha, 
an Independent portfolio man*- 


an Independent portfolio max 
ger, to trade for his account. 


Mr. Yamada subsequently was 
sent to prison in 1973 for two 
years and fined for manipulating 
the stock of Health Evaluation 
Systems, one of the equities he 
purchased for Dr. Rolf. Blyth 
argued that Mr. Stott did not 
know that Mr. Yamada was per- 
petrating fraud and stock mani- 
pulation. 


SEN, Brazil’s Finance Minister, . :? L 
has predicted that trade between , v. i/ 
his country and Argentina could.! I!' 
“be doubled within two years.”! . i 

Sr. ^i monsen said the current . 
level of trade between the two 
countries — about SSOOm— was . • > .. 
small . in., proportion . to; -its* t ' 
potential, which meant that;the, : ... -% 
rapid . increase he projected was,-. 

“within the range of posfSba&y?'. x . 

On MoUday.'.Sr. .Sdnuuhnii ■jhetj>.. J .' 

Sr. Martinez de Hqv/hifl'. . " : --!' 
-Argentinian counterpart; ’ ..to: . 

discuss the expansion of trade 
between the two countries; The :V.- t " 
mfeeting came as diplomats torn, l : L i 
th^^ ’.two 'c&untries, ^xbedting' lit 
Uruguay, were expected to .con-- .. !^ y 
tinufe efforts To break a poEtical/ - :;’*?*>■• 
impasse over making .compatible' - 

the Corpus and Itaipu dantsrtHi* 
the Parana. River. . •• *? y •• .:f. v - ; 

AP-DJ i -V‘-- 


CAR I COM’S FUTURE 


Saved by the EVER 


L. 


•• -C. .. 
• * '•+- ' r- 


BY DAYH> RENWICK IN PORT OF SPAIN 


.\7 •- 


INTERNATIONAL Monetary 
Fund (IMF) assistance to the 
battered economies of Jamaica 
and Guyana may have arrived 
just in time to snatch the 
Caribbean Community (Carrwmi 
integration movement back from 
the brink of collapse. 

Thanks to the $240m, three- 
year IMF loan to Jamaica and 
the 518.35m in stand-by credits 
and compensatory financing for 
Guyana, both territories have 
announced relaxations in the 
curbs placed on regional goods, 
the cause of so much ill-will and 
bitterness within Cartoon in tbe 
last two years. 

Jamaica has radsed its import 
quota for Caricora goods -to 
Ja S71m ( £20.29 m) for the year, 
some 100 per cent more than the 
1977 figure. 

Guyana has announced an 
increased limit of Guy 884m 
(£1 1.96m l with special attention 
being given to imports from 
Csmcom's less-developed smaller 
territories, which need the 
income mast. 

The re-opening of the two 
important regional markets of 
Jamaica and Guyana to exports 
from the other 10 member terri- 
tories has forestalled any 
decision by the Trinidad and 
Tobago Government to impose its 
own trading barriers in retalia- 
tion. a course of action urged oq 
it with increasing stridency by 
local manufacturers. 

Such a move would have spelt 
the effective end of Caricom, 
which derives its basic strength 
and purpose from free trade in 
goods and services. 

But a more .optimistic mood 
now prevails, and last month 
Caricom’s governing body, the 
Council of Ministers, met in 
Georgetown to consider a list of 
about 50 key products in which 
it is believed trade can he re- 


stored rapidly to at least- the 
1975 level. 

It - included such Items as 
garments, processed food, sugar, 
rice, fruit juices, cement appli- 
ances. . fertilisers. cosmetics, 
insecticides, drugs, cigarettes 
and even artificial flowers. 

Special attention was 
paid to financing resumed 
trade in these goods by means of 
the Caricom multilateral clear- 
ing fatality, an S80m credit 
system established two years ago 
by tbe central banks and 
monetary authorities of the 
region but apparently never 
fully atitised. 

'The arrangement allows 
regional partners to -run up 
credit with one another to pre- 
determined levels without the 


IMF help to Guyana 
and Jamaica has 
allowed the two 
countne to re-establish 
full trade links with 
the other ten members 
of Caricom. 


U S. COMPANY NEWS 


Good second quarter for 
Heinz; exchange losses hit 
Deere earnings; NLT makes 
S284m bid for Great Southern 
— Page 2? 


bqrden of finding the foreign 
exchange to settle hills 
immediately, since the . credits 
can be rolled over almost in- 
definitely.- Amounts above the 
limits; however, have to be paid 
off within six months. 

Tbe facility has been adminis- 
tered since its Inception by the 
Central Bank of Trinidad and 
Tobago, -.with that country's - 
strong foreign reserve position 
(TT$ .4bn, £795m) in .effect 
underwriting the trading- debts 
of fellow Caricom members. 

Quotas assigned to each Cari- 
com member or group of mem- 
bers under the clearing arranger 
ments are: Jamaica Si8m, 
Guyana 818m. Associated States 

Kid Montserrat SlSm, Barbados 
Silin. Belize Slim and Trinidad, 
and Tobago 86m. 

With. the. - restoration--. :of-- 
Caricora trade to previous levels 
now being active ly-pursued, the: 
responsibility Tails to the Secre- 
tariat in Georgetown tp build, on. 


the goodwill" - thus created . jufer —"-r ..- 
attempt te . revive ’-“regional, j’.. : ' 

’ collaboration od as broad a front- ’ t • 
as possible. ' V ' -r ^" ' • • " ' 

A prerequisite . in- ' " this - v\ 
endeavour is the appointment of- V" : 

a new,-. tuB-tim*-:;-! fiecretaflk Jr"'-- „ 
General to' replace- Mn Atisteri-- ••hWi’i 
M cIntyre, who quit -a- year .ago _ 
for a- United Rations job /in - :|d. 

Caricom goverrdnentx fcfflSr --- fill 
now selected Dr: Kurieigh , lf|{| 

a Barbadian, national, formerfe. •; J Udf 
head of the, industry division j £ t . 
the ' Caribbean — Deveinpuainf^ - 
Bank. for . the job and' he-fiaC- . 
taken op duties to Georgetown^,." • • ' ; . 

One area - of Weakness to " 

he .will bavfe tb direct his atteii - ■ 
tion is- tiie apparent breakdown. - 
of the industry allocation 'setmefc ]?. ' 

•among the seven metnbers cf~ . .V- 
Caricom’s LDC •’•’( les&devSopedL A . " • 
country) group. , : • 

This was designed, to: encourage^ 

‘ the growth of a. li^timannfae^ . . ’ 

turing base in ibe CDGsi^r fbr-, . 
bidding cqnmetition wftKJn a; Dsf ; . . : . 

of about Sfi different go^s. ^ '■ 

The factoriea -to produce- each". 
product, inclnding such items ax * 

shoes, perfumes, - clayblbofci£! - 

- inargarinev paper ba$s. / biscufK': ' 

and : ftiie assembly- bf * ^beae^ -'i ’’ ■,;& . V . 
buggies^ were assigned tospe&ftz:-- ' - 

member terrrtori es and ho other L.- . 

LDC -was supposed^ tb.^est^bluh ' - \±: ■: 

a similar plant for five. yesilfc * ' 

•. . But at least'two .hreache^.w. 

tiie 7 agreemeuL have -taken place .V- 2 % 

recently,.: with; ; Dom 3 nica r - gpafg ; ^ Ofrlr 

- into .paint prodnetjon fawarded^- *. • .. 

to Antigua), and^St. I^ucia ; and t 

Grenada both estgblishrng fibiCj- . A . " u L 
iriilia CatiocatedJto^St. 

Mr.: Austin^ Brainbfe , 7 Jfontser? r . v : :.- -v: . 
rat's Chief Minister.^ a 'rtauneh^':-;"’ ^ - 

defender .'of -tije^ lntcresls ^bf-! - ’v v-j.. . 
smaller Gartcom states./ ^ ’« r '• 

warped- hia poUeagues' .that-; ttor ^ v, .• j; i 
u fenDrirtg of special arrangement^ : . -^'"- 
-in this way cbald -d& almostUa£^; . iAt '!“ . 
ranch harm as fte' earlier restrfer :-.! 4 ^ , -r * ; •*' 


a" principle ! .vdstcfc! y&s-i 
to facilitate an.ddst^igt 




indivldusllii 
shori-tehn h 


■- • -V -j-t; -> -VV;. 

1 •it :-' ■ -£■ ■ 








5 


Further Harrier sale | Japanese consortia to bid for 


^ v n 

- 54! tv-, ■•Is-: 

•h*' « Ti, - 

- *--*» ,• l-,. 

-'ig , y 

i 

.. '• ,5* 'ijS 
rr. r r **■' 

• sel 

H-, : ,; 

Sf'Orj- .... 


Mi 


?-■;' •--' 1 ■a''^.3-":s:.?. V! * • 

PROSPECTS -EQR&*: ^aiotss^uI- . 
conclnsioEt o£,-ite; ,Geneva.-3EiIS- - 
' lateral"' . ;T 2 ^^';> 3 SM 9 iiifioti 4 ;' 

-oflSrfals^Baid^s nbtir- 4[iat--iJ&paiLV 
andtfje tLS/riave '^solvei theti- 
Jong 's^dl^:a^^l^dr- 'trad« • 
' disput^vAacciSi^rlBjair-agreet- 
meiU'je£u%ed/. ra Tokyo earlier 
today, ■AjMtn>*as agreed -"to. -Wjjj V 

increases-iB!; ite dlrus a and>i>def • ; 
import Qifcftxs over fee- ftext'ive ?•; 
yearsr :antL ■ to. cut • :tiriS£ stt^'a.* 


' c. r 


•part-; owrilf' -STTN trade 

: package, :accoUDted:£0r.i$3 ibn in 
1076. or y little ov&;. : a ifcird of 
all X7,S. -farm' exports^, to Japan. 
Although^ ttacJapanese- coo* 
-_• cessions^ cover som^-i^O items, it 
■ was* the - beef and 'dJtxus^qnot&s 
^that- ■ tte-'-.tfcsi' Aajrilwttraticin 
considered. .'' politically - --roost 
; • argued ■ that 
. Japanese ■■ consumption ■'■ of both 
- arSfin'ctij -■Was’’ unr easofiably low. 
jTfgfte had plenty of both 

■to^isani'j' :? ' ■ \ ■ ■; r. • -; \ •-: -' 

■V ^ai^ifftiCoVarv - the Admimstra- 
ii onTieels that the Japanese move 

■lb“more rtittir double* citrua 


L»X~.-.. . ‘ "Pi ''■ 




racle’ 

atlon 

F.-.V v.--.. 


oh law 

- 1 - R’fcSgv® •-/ ■ Moscow,, l>ec/ 5. 


MR. . MlES^fc^maJMETOTAL, 
the. U.$. Treasury; Secretary, and - 
Mrs/ Juanita Xrepi-; the .US." 
Commerce: 1 .' .Secrete nr,' Ctdday 
- affirmed that ihe tarter. Admiijis- 
tration has no. immediate, elans 
to push for the repeal «of • -the 
JacKsoftyk^Amendmenrwhich' 
lies, liberalised' KS-rSaVlet trade- 
to freer Soviet Je.wlsh emigration. 

■ MrS. lvreps^told:, a press. cpxi- 
f erence l 'ho.wOyeE )j that', progress ' 
in 6 verall '-US ^Sovieft relations. 
suchrss have: taJten piece in the 
last few- months,; was the best, 
possible: basis 1 bRe^jvincing the 
American, - people that -a = change 
in the UvS.; legislatfon is appro- ' 
priate. . • “•■IJVjV'V.* • 

‘ She- said rthat ? thi US, views 
with '* appreciation n the recent " 
increase; in Sovier-JewLsh emigra- ' 
tion, •' now" -T^pp'roaehiitg . 4,000 
einigran^ a iO 0 nth'~and said this 
and a soccessf u] ‘ poncl usi cm- b £ a ' 
new" Strategie Alins' Limitati on. . 
Treaty w ouid 'help^ 'perisuad e the 
Carter .^- Adttdilistratioii v - to^ «v. 
operate. wifh' jCongress^ in- the 
changtog- tb^ lew; = " : 7 - : 

Mr. Blumettlbal said the Carter 
Admihrstra&ra .' : rec^fmisps t b c . 
Jacksoo-Vahie: ■• Amendment has 
an important, impact on 
Soviet -triad:’ vblome. ahd- Sts 
status hmst.%: reviewed in ibe 
li ght of .'deveibpmenfs. but sa,td‘ ; 
there iS- ' ■ no" ^ time^able " -for ■ 
repealing ’tiie amendment add- no.- 


deadline for repeal : : had ever 
: been inenliohed. ■ -■ 

; Mrs. Kreps and Mr. Blumenthal 
are . in ^Moscow , for. the seventh 
annual m eeting -. of "'the ' .USJ>R 
. Trade -- and Economic Council, 
which is also .being: attended, by 
400." top "tJ^. busmess;piecutives. 
The' two TJ.S. officials appeared 
‘ at "the first conference' with Mr. 

- Mikhail Kuzm in, the" deputy 
Soviet Foreign Trade 'Midjtster. . 

I ■ Mr. ‘Kuemi n in ' Jus J * 6 ® arks 

-said -that the Saviet&hefteve that 
the volum e" of UB.*Soylet trade 
does not remotely ^correspond 
with the possitoilltieefur bilateral 
trade, .and stress^T-thaf. trade 
must be - based oh.: ' t '“ mutu al 
benefit/: and com oletef equality.” 

.' Mr; JSJumenthai, iall the U.S. 
would: take a number :^>f .steps, 
shoi^ " -q{ repeafihs r -'Jackson- 
Vanicfc.; aimed at improving U.S.- 
Soviet trade reJarfop^" These 
were' speedier hamfliti^of licence 
. applications for D^.esrports to 
the USSR, making .Ihfpfmation of 
-the Soviet economy iatite readily 
available to 'U.S. : ; 1 femessmen. 
and. developing 3S j£rt)J"ects in a 
. variety of areas, bit^iding oil 

- and- g as. d eve lop m en£>adggest ed 
as possibilities for, id^eration 

: by the Sovi e ts. - ■si*'-* 1 

The projects ha ve?f/pb ten tie i , 
value "of. between -?SiObn ; and ! 
$15biu • No further ’details were 
available however...; ^5 v-' _ . . 






ae recovery^. 


niinu. 
li in 

! tiWf.s 


. THE IMPRESSIVE: recoyery 'of--: ;By .'steering -the Ura^i'on a 
Italy's tenhs.. of r tra de- baS We^ managedK.downward the 

• confirmed- by The pobJairatioh': trfr " mdn^tiify a^tJhoPitJes ‘twve^faken 

• offioiaJ" statistics,.:, showfeig ,-JSynt foil .advantage 'of ■ deprec&tios 
/-in. the. .first Tenjinonth^. of.ihi^^'ihe'-ycurreacy against llm^idber 
; year the. cotint^^ \ftitde'.'deflP!t: Eurn^in: r 'Co^uDit^ub§tiies. 


• was cutback dMwrt^. 4 Q 9 iMt?dii^ *lta3y^ majttrtra dui « 7 paVtners 
i ing..the same period Ijost year to and : major export Competitors 
r barely . E39bfL t; -J[if^Cfctdb4fc : lb^ev. J tt>ge^er' . J auaar in the third 


. ft barely ^ in the third 

'fwos a suMuS'.o^ some'TiS^^ wnri&vltf^o'do^s, and despite 
— ••' mad -theliiutb6vj^& «raL'aduf 'i^gCjiR^rar..: costs, Italian 


in partLlSe^nseitjent^ otfrti^ -^"g .dftllary imports of key raw 
leas' • of m omentum. : 'of ' the V'm'atjarials .nave become cheaper. 

SS:S»t^Sl^ p ^ oE d °! lar . is one 

a- mere 8per «nrrrsC in' impotS Teasons &r increase 

during- >thfe first . ten . months ot . I 1 * export; performance 

iMs year.,, Tbe ,decl^^ wbicb in the first ten months 

dollar has : al^ helped.,- - rase by. 14 per cenL 

Wdoiworkmg exports rise 


IF 


McEiONAl^D .> 

THE B^TlSk Wdodwi^cing: iit-.' 
diistryJs ‘Exports this ^year .-are- 
expected -to,-rea eh ^record level 
of £4£$m, : accaidwg tp a forecast f 
by ;tbe". British .Woodwarkniy 
FedlratfoirThls' wotdd be^ELlm. 
more than the vaine ot-expdtts- 
last year -andt would; compare 
with ■worOr of .-shipm«its '. 

in 1974 ; ; -. • C;;; . . 

; But.the fed»atj(%als 6 reports'. 

■ a ■ sharp rise. in . woodwork' 
ports. forecasting, a total, for 197S- 
of £33.4m — 40 per. cent, more - 
than in 1977. Fori kitchen , fund-. . 
ture and dbqrs,; the; import fore- 
casts are higher than ' for 
exports.: .■•".• -: r . '■* v -'. r ." 

Kitchen, fomitiire imports; for 


ciample; are expected to total 
£ 22 m this year, compared with 
£13at in 1977, while exports, at 
'£8.75m compare with a value of 
_£7-3m last year. .For doors, the 
iinport forecast is £7-6m, as 
against exports of £ 6 . 1 m. 

_ By contrast, British prefabrF 
- cated w.ood buildings exports this 
■year-. are expected to amount to 
€2Sm. in value.’ imports are Fore- 
■ cast to total about £ 2 m for the 
year. " 

. The federation says that the 
turnover : for the .British wood- 
working industry in 3978 should 
total £520m, as against £4ft3m 
last year. ■ : - 


Swedish pulp Plessey ir 
“ ak S. hit £9m deal 


by dollar 

■ By John Lloyd : . j- - .' ‘ .7 

: D EMAJVOFOR Swedish phlp and 
paper, has. contlhuCd tU uuprove 
~ but- the .deteripnitionr.bi the 
dollar :-ln relation to the krone 
will mean that profitability in the 
i nduslr y - over, 1973 -will remain 
- “ unsatisfactiny.7. . , - . : • "■ 

.'During-. the , third ' .quarter ; .of 
tips yea r, ■ exports' of paper and 
board rose " by per cent,", and 
tfiose of pulp byT per cient,: , 
compared- with, the samc_pcriod 
in 1977. ' ^ - • 

Exports of paper, and; board 
for 1978 :are expected .to teach 
around C2ih tons, surpassldg the 
deliveries of ' previous years. 

;pver .the first nine, months of. 
the year, production of paper and 
hoard-increased by 10.1 per cent 
over the -same period in 1977. In 
the same period/exports rose by 
15.1 per cent . - - : 

£30ni order 
from Kuwait 

: . BIWATES ; SHELtABEAK has 
announced that it and its Kuwaiti 
associates^ - "Eider Al . Khcrafi, 
ha ve .beeir awarded twe contracts 
by. the' "Kuwait ' Minlsuy of 
Electricity and Water.- 
Th& contracts, whose .'total’, 
value exceeds £30m»" are for 
ixalding seven . covered re*. 

infbreed concrete "reservoir ‘ .to 

store" " " drinking " ; : water r near 
KuWadti 7 

SheHabear Trice Contractors, 
a tdririon of Biwater Shellabear,. 

' have - cbbsiderahie eiperien'ce-in - 
■ this •■field.'and thetr managerial 
and‘'todutical skiHs . ^ he vom- 
ji]«fieh.ted; by riie .. strong locaf . 
' Kriowtedgo providedl by "their j 
• Kaw'ditl-issociates. £•". m s\ - L - 


PLESSEY has won a £9m con- 
- tract to supply a radar and flight 
data processing system to the 
Austrian" ‘flight information 
region under a contract signed 
with the Austrian Federal Office 
for Civil Aviation. The equip- 
ment will 'be installed in a new 
aur"-‘. traffic ■ control centre to be 
built tn Vienna, which will have 
a total of 36 computers. Elin- 
Utrfon of- Austria will • be the 

main" domestic subcontractor. 

Road equipment 

Two .orders for sophisticated, 
.inOljile < roadmaking equipment 
totalling £3:25 in have been won 
-by Frederick Parker of Leicester 
from two .'different East Euro- 
pean state-owned civil engineer- 
ing and construction enterprises 
in Poland and Romania. 

Air lease plan 

Philippine Airlines is arranging 
"to lease three Boeing 747 's in a 
S2Q0m leasing . package arranged 
by Lazard Freres et Cie, Philip- 
pine; Airlines chairman Roman 
Cruz sauL; He - added . that the 
airline will benefit from reduced ; 
cash flow. while the unnamed U.S. 
investors will benefit -from invest- 
ment -tas. credits and accelerating 
depreciation. • ; 

Reuter 

Impo Expo 

Britain's - second London Impo 
.Expo seminar and exhibition is 
to be - staged during. July, next 
year. More than 50 developing 
countries, -in all _ parts of Ihfr 
WOrid, are being invited to take 
part in "three- weeks*; o_f lecturer 
discussions, exhibiting 
follow-up marketing." The theme 
will be. How to sell to the 
' Common Market. 


WASHINGTON, Dec. 5. 

quotas by 1983 wj?l win for the 
impending overall trade agree- 
ment key political support from 
Congressmen and Senators 
representing the citrus growing 

states of Florida, California. 
Texas and Arizona, 

This is despite the fact that 
the U.S. bas apparently failed 

to Set Japan to commit itself 
to a future "lifting of the citrus 
and beef quota altogether. U.S. 
officials say the intend to take 
this matter up with Tokyo ini 
1983. They hope that by the j 
following year the citrus quota I 
might be removed In its entirety, 
and that on beef shortly after. 

The basis of the new agree- 
ment was -negotiated by Mr. 
Robert Strauss, the U.S. Special 
Trade Negotiator, with the 
Fukuda Government, and has 
now been approved by the in- 
coming Japanese Prime Minister, 
Mr. Masayoshi Ohlra. 

The U.S. and Japan are under- 
stood to be “pretty close ’’ to 
agreement on tariff cuts on in- 
dustrial products, but the U.S. 
is still pressing Japan for agree- 
ment on a Dumber of new trade 
codes which it has proposed. In 
particular. It is urging Japan lo 
change its Government procure- 
ment policies which, it is felt 
here. unreasonably restrict 
imports. 

• In Tokyo Mr. Ichiro 
Nagakawa, Japan’s Agriculture 
Minister, said that today's agree- 
ment contained . no understand- 
ing on full .-liberalisation oF 
either citrus or beef imports. 


talks during visit 
by Chinese Minister 

BY MICHAEL PONNE, AEROSPACE CORRESPONDENT 


$lbn Libyan steel project 


FURTHER TALKS on the pos- 
sibility of the UK selling’ 
Barrier lamp-jet fighters to 
China will be held during a 
visit to the UK begninuing to- 
morrow by Mr. Lu' Tang, the 
Chinese Minister responsible 
for aviation. 

Mr. Ln Tung will be accom- 
panied by Mr. Tuan T%u-chnn, 
his deputy minister, and a team 
of 23 advisers and experts. 
They will slay in the UK until 
December 20, visiting virtu- 
ally every major UK aerospace 
company and several major re- 
search establishments. 

Their programme will cover 
British Aerospace. Rolls-Royce, 
Marconi Avionics, Rcdilbn 
Flight Simulation. EMI Elec- 
tronics. and the Royal Aircraft 
Establishment, the National 
Gas Turbine Establishment and 


the Cnnfi«id Institute of Tech- 
ttology- 

Mr. Lai Tung's visit follows 

the recent visit to the. UK by 

Air. Wang Chen, the Chinese 
Vicc-PreJoi pr . and ihe visit to 
China in August by Hr. 
Edmond -Dell when he wax 
Secretary for Trade. 

It is understood that the 
Chinese are prepared to buy 
up to 100 aircraft, worth close 
to £lbn. including spares and 
long-term support, provided 
the UK is prepared to sell. 

But the UK aerospace in- 
dustry is interested in selling 
a wide range of other produets 
to China in Future years, in- 
cluding aircraft such as the 
Type 146 feeder-liner, perhaps 
the European Airbus, and 
engines for ground pipeline 
pumping and other duties. 


BY CHARLES SMITH 

TWO JAPANESE consortia are 
expected to tender later this 
month for the supply of at least 
YSOObn (Slbni worth of steel 
plant to Libya. 

The tenders have been called 
for by the Miaratah Steel Mill 
Construction Corporation, a Gov- 
ernment agency which is plan- 
ning lo erect a lm-ton-per-year 

direct reduction steel works at 
Misralah 150km east of Tripoli. 

The first of the two Japanese 
consortia is headed by two major 
trading companies. Mitsui and 
Company and Marubeni Corpora- 
tion. and includes a number of 
steel manufacturers and heavy 

machinery makers (such as Kobe 


Steel. Nippon Kokao. Kawasaki 
Heavy Industries and lshikawa- 
jima Harima Heavy .Industries! . 

The second group, beaded by 
C. itoh and Company (another 
major trading concern) includes 
Mitsubishi Heavy industries and 
Hitachi. 

The value of the tender sub- 
mitted by the first group is 
expected to amount to approxim- 
ately Y 2 G 0 bn. The second group 
has yet to release -j figure for its 
lender. 

It is understood that a partial 
overlap exists between the equip- 
ment being offered by the two 
groups. The value of the 
Misralah project as a whole is 


Optimism on UK exports 


Warning on textile quotas 


THE LLS. would be willing to 
unilaterally impose restraints 
on textile imports from China 
if the current unofficial 
discussions with Chinese 
representatives Tail to produce 
a bilateral agreement on allow- 
able levels of imports, a U.S. 
Trade Official said today. 

The official said the U.S. has 
been engaged In talks wTUi 
representatives of the Chinese 


WASHINGTON, Dec. 5. 
liaison miss Inn for several 
months and he hoped a 
decision could he concluded hy 
the end of the year. 

The VS. Government was 
committed to the domestic 
textile and apparel industry to 
ensure that “ we will not have 
large quantities or unregulated 
imports'’ of textiles and 
apparel. 

Renter 


BY ROY HODSON 

THE PROSPECT of new busi- 
ness with China is bolstering the 
British Steel Corporation's hopes 
of improving its steel export 
performance next year to above 
the 3m tonnes-a-year level in 

spite uf depressed sales in many 
of its traditional markets. 

Following contacts with China 
by Sir Charles Villiers. the 
chairman, and teams or salesmen 
and technical representatives, 
the Corporation believes solid 
business should be forthcoming 
during 3979, 

British Steel has managed to 
carve out new foreign steel 
markets this year in spite of the 
recession and restrictions in tiie 


U.S. market. The Corporation's 
total export sales for 1978 are 
expected to be almost 3m tonnes 
— a small hut useful improve^ 
ment upon the previous year. 

Additional sales in Asian and 
Far Eastern markets have 
enabled the Corporation to raise 
its exports in 197S. The new 
business has mure than offset 
falling sales in the U.S. market. 

But the new barriers imposed 
by the U.S. trigger price , 
mechanism for hmitlng steel 
imports are having a big impact i 
upon British Steel's U.S. exports. ] 
Traditionally the Corporation has ; 
exported up to lin tonnes a year ! 
into the U.S. market. 


TOKYO. Dec. 5. 

estimated at between \'300bn 
and Y400bn which would appear 
to indicate that neitber Japanese 
tender will cover the entire 
scheme. 

Besides being in partial 
competition with each other the 
two Japanese tendering groups 
face competition from West Ger- 
many and Austria. The first of 
the two (that headed by Mitsui 
and Marubeni i ii. iLsoff a merger 
of two originally separate group* 
which tendered independently 
for portions of the Misratah pro- 
ject last spring. The lender tn 
be submitted later this month 
replaces the earlier separate 
lenders. 


Rolls-Royce and 
Kawasaki sign 
agreement 

By John Lloyd 

ROLLS-ROYCE and the Japanese 
company Kawasaki have signed 
an agreement to jointly market 
in Japan and Asia a compact gas 
turbine power generating plant 
developed by Rolls Royi-e. 

Kawasaki will manufacture the 
planK the SK-30 and the SK-60, 
while Flol)&-Ri>yce will supply ibe 
engines. A similar agreement is 
already in operation between the 
two companies for the SK-20 and 
Marine Olympus plants. 

No royalties will be paid by 
Kawasaki, 


In most of the world’s 
export markets 


we re in 




Last year the Roneo Vickers Group achieved its best ever record of export sales, 
selling office equipment and systems right round the world. 

Even more important than this was - that our biggest successes were 
’. achieved in what are traditionally known as ‘tough markets'. 

In the highly competitive European markets, for example, we've ’ 

/become one of 5ie world's major suppliers of franking machines 
and other mailroom equipment. Postal franking machines are 
'amongst the most complex of all office equipment to market and 
are often subject to exacting local Post Office reg ulations. 

; The fact that we've made our biggest single sales increase s 

-in West Germany - where standards are very demanding - A fim; •; V . 

• shows how well we've met this challenge. \ • • 

Office furniture of all types, duplicators, automatic ;; - 

. stencil cutters, and complete mailroom systems that ' ' ; 1 

do almost everything except write the letters, have * ' ' • • ' • i *' ^ 

.increased our share of world- wide office equipment ' 

business. And it's to meet the demand for products :'/• ' A 

andskills like these that we are now completing W>; 

a new£4 million factory for the Roneo Vickers ljr^' :■ • 

Group at Romford . : 

Roneo Vickers is j ust one of th e six operating 
'groups. of Vickers which cover Offshore - '^i 

:. Engineering, Howson- Algra phv printing plates and 
;.supplies, and Engineering in the UK, AustraDa and * ym&p* 

. Canada. However diverse their products, all these 

groups have one thing in common - they are building ■■ 

on strength to win even bigger sales successes tomorrow. 





Building; on strength. 


. Vickers limilol "Vickers Huusc Millhank London Sti'lP 4 RA 




V . 


Flutter infrnrwtiwiabout Vickm Limited b available. Please write to address shown. 







o Worin psrfa \r DecMilber-&^197S- -A-* >’.-' \JUr^ 




HOME ..NEWS 


. ;■.' : ,.'. \|^mcial 'Times ^Wednesda^ ; D ecejai«^ 

v : .^r-v.^.---- ; --v:"'/'---,-L=.--' - v;--.- . . : " " v ,- ••%••• V;-e v: ^ « n 



switch 


may 



BNOC confirms 

of North Sea discovery 


?:#8§; 




BY KEYW DONE, ENERGY CORRESPONDENT 


The 

Shell 


THE BRITISH National Oil Cor- on a Fifth Round hlock. 

\ poration has confirmed the Hcence is shared with 
potential or Its first North Sea (24.5 per cent) and Esso (24.5 

discovery made earlier this year, per cent). The Bela is located 

! The first, appraisal well drilled about 200 miles east of Dundee. 
; on the And -in block 30/17 b has i t j s thought that the next 
THE TRADE Department is] heen plugged and abandoned appraisal well will he drilled on 
hoping lur j n early resuuiplron after successful Tests. the block ‘in the first quarter of 

of talks with the Spanish ; The State oil company said n ext year, when the Atlantic II 

Government on the possloiity of yesterday that the well had has finished the wildcat well on 


v***\ 


BREAM 


By Michael Donne, 
Aerospace Correspondent 


22 «UREW 

jm- n 

HRTffS 


MAUREEN 


BHJSJJWG 


, COB 


Iberia Airlines transferring its i Rowed 5.S43 barrels of oil a day. 9/14 d. 


The field, which is yet to be 


iliahts from Heathrow to Gatwick . The dwovery well completed In 

Airport. : -Time Rowed 4.975 barrels a day. , nT ,- ar - tn he «T roedium- 

ll has been encouraged in this" the results were encouraging, and eiml find with recoverable 
by last week s Spanish decision j further appraisal 
io restore flights through 
.Madrid l>v British Caledonian on 


bei _ e sized find with recoverable 
- reserves possibly in the region 


its South .American route, which 
had been suspended hy the 
Spanish Government. 

British Caledonian said yester. 
day ii would iesume flights 
through Madrid tomorrow. The 
?LVWftk ,<uspcns’on had cost 
£75.UbO in lost revenue. : 

The airline said: “We are | 
delighted, but we are still a little , 
concerned that uur rights can j 
be used as a shuttlecock in an [ 
Intcr-governinental game. j 

“We will now be looking fori 
reeoniirinalion of the landing I 
rights on a permanent basis.” ■ 
The difficulties between the ! 
UK and Spam started earlier ■ 
I !iis year, when the UK. after- 
Ion? hut unsuccessful . 

negotiation^. directed Iberia and ' 


Pl Th""W Atlantic IL wMrtl of aOOn, tb 300 m barrel,. 
drilM the appraisal well- is At least one more appraisal 
bplnc moved to another Fifth well would have to be drilled. 

Hound hi ock— -9/14 d— where the before the partners could decid“ 
ccirp nr3f * f,n k the operator for whether the find was comwer- 

a consortium including the cial. 

Hamilton Brothers group. This would mean that on the 

It is also the onerator for the tightest schedule, exploration It is unlikely that the corpora- 
disrorery block 30/17 b. which work will continue well into the tioa and its partners would be 


A 

—a » \ 

• Aiawr .i fi . 1 

— : J 0SS J f*t SE.T0B 

IH FkkjLS^/moa 

Mr/» 'XT1 

«au: 

37 V » 39 

- /NJ 


was the first significant find made second Half of next year. 


ready to go to -the Department to Teesside. 


of Energy with a development 
plan before 1980. 

It would, however, be keen to 
evaluate the discovery as quickly 
as possible. . 

Its production .team, which has 
been fully engaged in bringing 
the Thistle Field on stream, is 
now less committed as that pro- 
ject reaches its conclusion. The 
corporation would therefore 
welcome a new development. 

The field is also located close 
to SheU/Esso’s Fulmar Field 
which is' presently . under 
development. If the two fields 
were to be linked in any way- 
in oil transportation systems, for 
instance — the partners, might 
like to move rapidly to evaluate 
the size and type of offshore 
loading system required. 

This conld involve tanker load- 
ing at the field or possibly a 
link to the Ekoflsk oil pipeline 


Biffen pledges Tory reforms 
to help small businesses 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


Lite Portuguese airline. TAP, to , „ 

— their flights to Gatwick by , A LONbERVATIVE Government 


April l. lu 
Heathrow. 


east* congestion at , 


Intention 


would help small companies by 
reducing direct taxation and by 
introducing a number, of other 
ref ones including changes in 
planning laws and in statutory 
requirements On the disclosure 
of business information, Air. 
John Biffen said yesterday in his 
first major speech as the Conser- 
vative Shadow Cabinet’s spokes- 
Subsequentiy. the department ma . Q .!? n sl ? a ^ businesses, 
indicated that u would no: J Addressing the confederation 
adhere io the April 1 deadline <* British Industry's smaller 
although it remains firm in its I hrn j? council he mapped out a 
intention to w. more airlines to 1 preliminary framework of Con- 
transfer tu Galv.ieK, including servative poliaes while ^ressmg 
Iberia and TAP. ! lhal politicians should keep off 

The department now hopes to : Stress off industrial affairs. 

H In general, a future Conserva- 


Both Iberia and TAP refused 
to move, and won a UK High 
Court declaration that the depart- 
ment's efforts to force them to 
move were illegal 


achieve its ends hy persuasion. I 


and Mr. Slanle> Clinton Davis! , tiv f Government should consider 


Parliaments Under Secretary 
for Aviation, recently invited the 
Spanish 3»d Portuguese govern- 
ments iu th«* IJK for talks. 

© Branift. the I’.S .airline, 
which Hie? between DaHas/Fort 
Worth and Gatwick. is likely to 
become a major transatlantic 
operator as a result of new rout? 
awards. The U.S. Government 
has given it permission io fly non- 
stop between Dallas/Fort Worth 
in Te\as. and from Boston, into 
Amsterdam. Brussels and Paris. 

Mr. Harding L. Lawrence, 
chairman, said he hoped the U.S. 
Government v.-ou!d also soon 
approve BranifTs other new route 
applications, for flights from 
Boston to Gatwick, and from 
Dailas/Fort Worth and Boston to 
Frankfurt. 

Braniff is expected to start sub- 
sonic Concorde Rights between 
Dallas /Fort Worth and Washing- 
ton. linking with British Airways' 
supersonic’ transatlantic flights) 
from Washington to London. 


not only what it does for the 
Ids and the Shells of this world 
but its impact on the small com- 
panies. This would be a " tarn- 
round in thinking." 

Mr. Biffen attacked the TOC’s 
recent proposals for the direc- 
tion of industrial investment. 
They involved the "conscripted 
designation of pension fund 
money for the giants of yester 



stopped short of committing a 
Conservative administration to 
plans for a special class of small 
company proposed by the Party's 
Small Business Bureau. 

Called a proporietary com- 
pany, this would give smaJl 
businesses exemptions over 
various matters and is opposed 
by some leading Conservatives 
because of the hostility it could 
cause. 

On labour laws, Mr. Biffen 


Banks Act 
allows 

A m 

•V 

time for 
recognition 


Lords call to speed 




industries in 



8r JOHN LLOYD - ' * 

THE COAL industries of Europe 1985. falling to between 47m and 
must be developed to the- fullest gain tonnes at- ffie.-end’Ot tne 
extent possible If a “ cQsastrpusy century. . compared wim -about 
shortage ” of energy at the ’ffltd’ 7Sm tonnes now. 

of the century was to be avoided; . Jt recommends : 
according to a report by ™e _ 1—That ^ coa i industry in 
House of Lords European Com- 1 


EEC be developed to the 


m unities Committee, publfshed. ^^— - poss -f b i e exteot, and 


yesterday. 


The report expresses concern- . „„„ 

that the European Community's be | or £j t 4 . ls latB 'rh«»miner»* 
SSgTpoIiqr now ends at UBS? “» : Gowraneot 

and mat even the shortterm suppoit the upper eod of 


n-fhat a decision' 'be- made soon. 


the 

targetTfor coaT production in "the 135m-200m tonne estlinate <rf 
Community are not .. being : coal demand made by toe 
attained. National Coal Board for the year 

“The Committee consider ;‘-i : 2000. - • 

that Commission proposals" stlch 3 — ^ T ^ at the 

as that for subsidising iirfr*' primarily concerned with 1008” 
Community trade in pbwer range enerp ^zeaup^t_that Is, 
station coal should be supported up to and beyond the end of tne 

as being small steps in: the right century. 

direction, and they regard - It as- • 4— That the Government 

a matter for regret that so '"fir; ensure the building of more coai- 
the Council has failed to adopt- fired power stations. . 

any of the Commission’s pnx; ^ ‘Cool: Consuiiatwe Document 
posals in this field.” on the posiiion of me Com- 

The report also regards ax iriimity's coal tntmsay, bp. thf 
"disturbing” the estimates; by 1 House of Loros Select^ Commxt - 
the Central Electricity Generat- fee on the Europan Commum- 
ing Board that it will bum- less ties. SO, House of -.taras Paper 
and less coal — 60m tonnesnby 9, £4 JO. 


By MMtitl Bianden 


BANKS WILL have at least 
eight or nine months to achieve 
recognition under the new Bank- 
ing Act or to qualify as a 
licensed deposit-taking institu- 
tion. MPs were told yesterday. 


Prince urges action 
on energy crisis 


BY OUR AEROSPACE CORRESPONDENT 


MR. JOHN BIFFEN 
“Help for small firms' 


SWIFT and determined action sponsored jointly by the Royal 
to meet the developing energy Aeronautical Society . and the 
crisis was urged yesterday by American Institute . of Aeronan- 
Prinee Charles. Tics and Astronautics, was told 

He told an Anglo-U.S. confer- yesterday that-.-' ■ techniques 
Mr. Denzil Davies, Minister of ‘ cnee on Energy in Aerospace, in; already available,'- if exploited^ 
State at the Treasury, said dur- [ London, that anyone who could result in fuel savings in 
Wk 0 rf iS |h?MM W bf unsoMified 1 ibs the Commons committee de- 1 behaved .like Nero, “fiddling jet airliners of between 20 and 
reforas in the tonloJmSf SS ! 011 Bankin 2 BiU that while the elements of wnflagr^ .-W per cent 

lection Act— but said that these I new legislation would come tion are building up, has neither - In the long-term; .the decline irr 
-hoirid anniv to all companies 1 into effect probably two or three ■ excuse nor rationale. availability of petroleum-based 

nnr i ust P one sector of the ' wonlbs after it had received the i “it is up to us to follow the fuels need not be serious for avi- 
cconomv i Royal Assent. . lead set by the aerospace indus- ation. because ft : ;was‘ already 

He was. therefore, going i The Bill provides for a stx- 1 iry and. as my father once said; possible to produce- a 'suitable 

against the views of some of his ' month period after it becomes ! pull our fingers out. r^-jei fuel from coal. . •• 

colleagues who believe special I effective for institutions to “U want the chance. ; fbr Ur. G. L. Pope, -or the- Royal 
coemptions should be made for ‘acquire the appropriate licences | ourselves and our grandchildren Aircraft Establishment. -Farn- 
small companies. . or recognition. 1 of a reasonably decent fature.ye borough, said that among avail. 

There would be other changes’ Mr DaviM made e i ear that: must takc ^ nccessar y abl t f uel-savln S techniques were 

on industrial development certifi- J jj” 1 r j, J m?WL infart, be i We m “ ,t authorise the necessary such developments as Improve 

cates, and that office develop- 1 innnoc ufitfi ♦h»»+ «• fnwtkftv eiw , expenditure tu u\ oid the* m6nts in Tying - de^igit’i ^rcitoi 





take word 


I, 



process 


BY JOHN LLP.YD. 


INTEItN ATiONAL TELEPHONE 
and Telegraph,-ihe mnltinaticmai : 
cojnmuiiicatlonv-' -coaspany.- : -3s- . .- 

likely to go into . the = wonfrpro* " 

desslng market earfy^nest year, ', • v-?^ '. 

possibly- by acqatrins, n.' . large /: . 
tLS. “software” , fconyurter-,' V. •. 
programming) -bouse. - y r • - 

The company recently acquired . - 

Courier; which . makes visual , • - 
display ■ terminals, and Qume . 
Corporation, -which high*;. ; . 

speed printers, hour ufi. ctmi- 
panles. - . • - . . . '- . I . . , ' 

■ It requires 'only an; eiuarged 
“software” capability to enable. ' - . 
tt to offer- a complete- -Woi*;. - - t : 
processing system- ,. v,f' 

Mr. Jim Foord. chief executive - 1 . 

of - the : company's . ': Busfiieas '-. ... 

Systems Group (UK) , said yes; 
terday that a major cutty into '• - ' 
the word process! Qg' marker ^ - . 
“could not be- ruled out.*^- ‘ ’■ > 

company -saw -Itself: as a^ “total 
communications supplier.”. • 

There has been reports, of r a. ) . 
possible partnership-’ -with : ■■ • 2 

Exxon Corporation . in. i : word*'. 
processing venture, or of acquisii-;. . • t : 
tion of the Jacquard Corporation. : . . ; y* , - 

•» iw io o’ trartf flfrhHHmJi; rtTm-" 


ITT Is a' very flirtaitidite ana-’ 
pany, but. nothing has been ton- 
sumated yet” '' ; - . 

T^s r month the Genend ^Elec- 
tric . Company V entered . 
word-processing . . stakes - * with 
acquisition -of tie' US.' ciffidd- 


-equipment company A. B,. Dick. 
. The Natioitai En ' ” ' 


Sm ‘"“bo i SSSta Sftd‘bf £ i SI - resuit 


abolished. . iBank of England, as the super- 

Rates would be payable by ; authority, needed to make 

instalments and there v:ould be further inquiries before making 


day” as part of a GoveraSs °1 SOrof . T * to relief arrangements j a decislon ^ 


industrial strategy that was a 
museum piece.” 

Among a future Conservative 
Government's policies. tax 


paid for by higher indirect taxa- as ve n as s ome -other innova-' . ; 

tioa. including an increase in the y ocs on planning procedures. . ilr- Davies was replying to an . such 

rate of value added tax. He added that he vn con-{ Opposition amendment which | powers and even lnlali L j rianismt 

reforms cerned about the welter of 1 period; prince Charles said: -‘It oftva 


leaving it too late. . . 

The Government was already weight, and such devices as 
spending much on solving eaefgy “ laminar flow." a method of 
I problems. Failure could resulttn improving the efficiency of wings 
'serious political consequents by sucking the ■ airflow closer 'ftp 
as e:. tended Government ri,am V ' v,j '* h nr " ,i ‘ 1 nr ‘'*'‘~ f "~' 


SSSTSSU bTSSS-, iJS pi 2.-"?TS. &-SBS "S« «««— » i«»T. ^^yast 

nrtorire would include some exemptions hitUng industry. Members of; to m0Dths - jlicians are more likely to.res- 


There would be alterations to tor small businesses on the re- the Confederation s smaller firms i 
caoital gains and capital transfer quiremenis for disclosure of council told him of their concern , 
taxes. But the main reform would company information. over proposed product liability 

come through reducing a H rates But Mr. Biffen significantly laws. 


Chrysler raises prices 5% 


Planning 

review 

opposed 


Rate rebate 


By Paul Taylor 


,1 


bv 1.15 


CHRYSLER has announced price increases are the AJpine_ 

increases averaging 5 per cent which goes up from £4,3-7.51 -to peti'Jvc in 1979.’* said Mr. Terry | 
from yesterday on some cars and £4.544.27, and the Avenger p r mce. director of sales and mar- ; 

commercial vehicles. LS 1.3. which w.ll cost E2.S16 IS kp;rng for Chrysler UK. . i MR PETER SHORE. Environ 

prom* JFtto The ampnny mnr owed Sftnury, ynurUr n> 

Horizon 
models 
rises 

tion to make the Chrysler car £264.000 in the first quarter. 


i pond ir pressure groups *xis 1 
and public interest is stimulated. 

• "There is growing interest in 
alternative energy— solar power. 

! wind and lidal — all It needs is 
: expenditure. 

| ” 1 hope that developments in 

' these Reids will lead lo localised 

• power with villages relying un 
their own local energy. This 
would relieve pressure un non- 
renewable resources.” 

The three-day conference 


tarprfse Beard - 

has- also indicated - interest - in.- 
word-processing; probably acting' : 
as a markephg organisation for 
a number of TJK manufacturer^ , 
some of which it already owns. - : 

Mr. Foord .said that the Busi- 
ness Systems. Group (UK) had- 
taken orders worth About SB7m . 
for. this year, 40. per cent up on ' ' 
the previous year's : level of.-- 
£89.7. A further- increase of -26 
per cent was planned, .-for? Jtext 
year. - 

Data terminal business in par- 
licuLar had grown over. forecast 
Orders for toe-3280 IBM -plug- 
compatible visual display .units' 
were about £5.5m. 

The introduction. of the Unlmsit 
4080 electronic-- stored pro- 
gram control <iflfee r ~~ telephone 
exchange (PA BX) had helped to 
maintain ITTs share of the total 
UK PABX market it about 25 " 
per cent . -... . : - - 


'fnmn ■ ^ i 


1-.1 


v 5 . 

1* ) 


them, which could produce fuel 
savings of 20 to 40 per cent. 

Dr. J. Gibson. Board member 
For silence tn the National Coal 
Board; said- if was. well estab- 
lished that transport fuels.' 
including ariatioai fuels; could-i 
be produced from caaL 
“ Existing work to the TJK. 
France and the U.S\i. indicates 
that much of - the technology 
already' exists, although there are 
some areas of doubt.” A 
He envisaged the possibility of 
“ coal refineries ” being set \up 
in toe Jong-term future to convert 
directly coal into commodities 
now derived from petroleum. 


Japanese 
agree to 
co-operate 


$ 


i 


) T . ’ 


i Sunbeam LS and GL one-litre, 
! Hunter, Simra and the recently- 
! laiinclied Horizon models, 
i Examples of the price 


By Paul Taylor 


THE GOVERNMENT is consid- i T jVftTITI511^k ft BfllOP ftftftHS In a sneech in which the kev- i ARCHITECTS' median earnings once again failed to keep pace 

cring w a » tu encourage more VUll JUJ VllliaiJ JLW j J* a speech m »» rose hy less than 5 per cent in with inflation, though in certain 

privaic tenanis u> claim Uie rate , aUem p ls l0 promote flexfbilitv in lhe >ear up 10 June ’ ■ ccordin ” industries and professions in- 

rebates :o which they are en - ; FINANCIAL TIMES REPORTER he planning system, be restated *® ,* . R ? y31 c oiiies - had overtaken price 

tnied. ... • Government Dlannine noliev InsUtute of Bntish Architects. increases- in the same period. 

Mr. Guy Barnett, ParUamen- j THE NEW London headquarters planning permission. never the construcuon was in two , _ The report based on a survev The .survey does show, how- 

iary Under-becretary at the De- of Credit Lyonnais, which stands relenting on its Intention that phases of two years each andi m spue of criticisms of the j . . ; _ rc hi teptq s h n vA: ever, that 23 per cent of salaried 

partinent r.f ihe Environraenu - on one nMhe last big bomb rites any development w—u to .... — i- 1 n resent Kcstem. rwrtiri.iariv from 0QC “' c arcnuecis, snows 

.-.aid this yesterday when he re- - in the City Lo be developed since meet the prestige 
leased nguri:* nl householders in the war. was opened officially position and b 

Engiaod and Wales who received yesterday. aesthetic profile , . . - . 

uic rebates m 1977-73. A triangular island bounded Cathedral. . faces as the p lass-reinforced- whether a further review wotild; , , There has been a sabstantiaJ 

Mr. Barni.it said that he was l,v Cannon Si reel. Queen Victoria The ” curvilinear ouilding cement remains v,nite. (produce belter answers to the jn-i The Institute says that for increase in provision of subsi- 

“ particjlaiiy concerned ’’ about Street and Bread Street, the site leans out at a 5 degree angle. Wales Construction completed j here nt conflict between develop-} purposes of comparison median dised meals and a general In- 

i lie low proportion of private had remained empty as the City preventing dirt from forming so the schedule within the llOiu j inent and conservation. learnings of all salaried archi- crease in holidav entitlements 

f.'nan;.- laluny up raie rebates. Corporation consistently refused readily on the exterior. Although 1974 costing. i Hp did howeve, rriticise the! tecl s rose by 5.2 per cent from jj p to 2 o per cent of archi- 

I fe a a.' cunsijfeing measures to ... . cc ion ♦- rj ^' 1 ■ 


Mr. Shore was speaking to the I 
I annual conference of the Town | 
‘and Country FlaqnLng Assucia- ; 
! Lion in London. 


Architects 9 earnings up 
less than 5% in year 


■BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


i JAPANESE CONSUMER elec- 
tronics manufacturers confirmed 
that they “would keep exports to 
the UK to a “ reasonable' level ” - 

Talks between the cbnndl and 
the Electronic Industries' Asso- 
ciation of Japan -were held, in 
Kyoto, the eleventh in -a series 
oX discussions. . 

Both sides agreed that' ff. was 
In their interest to preserve a® 
“orderly market" in toe UR* 
and that they* would co-operate.to 
avoid disturbances in the market. - 

The six-man delegation.. led by 
i Lord TfiorneycrofL - chairman oft 
the 
tives 
trici axis’ 

toe National Economic Devel fo - 
ment Office. . , 

The visit, was made 'as toe 1 . 
Developmem 'Office’s consumer. ‘ 
electronics sector working ipariy 
was drawing up a report 
believed to recommend - nratffi'- 
closer links between Japanese' 2 , 
and . UK electronic companies.- -' r ■ 




improve the ^gkdtion. 

The son '??^!eusures he may 
have in mind include a publicity 
campaign aimed at improving 
rebate laiivap. 

In in 77-7* more than 2.7m 
hous'-hoMf'--.. 30,000 more than 
in lb*.- previous year, received 

mated !»>' the Development Commission. 

holders were enfitled to toe re- 11 . _ rrl 

bates, but did no! claim them. annual r.pfiri 
Overall the take-up rale was 

about 70 per cent. Private 

tenants appear Jess likely to; advises the Government on the 
benefit from the system. 


s out at a 5 degree angle. W'ates Construction completed jherent conflict between develop-} purposes of comparison median dised meals and a eene 
renting dirt from forming so the schedule within toe f lOui | inent and conservation. | earnings of all salaried archi- creaSe ju holidav entltlem 

lily on toe exterior. Although 1974 costing. i Hp did howeve, rriticise the! ^cts rose by 5.2 per cent from up to 20 per cent of 

— .slow progress made towards ! last year to £d.442 this tectural employees received life 

j approval or structure plans* >' e ? r - * private - practice insurance cover and initial rent 

I Although he would not appor- Cnly"”* 1 * pS'^ni 'from "if 587 a f d + 1 ®J gin3s advance, while 
I tion blarac for tbc delays “ thh { J? 1 rg !« P 1 f ° £i? ’ :>8 ' about 10 per cent bad help with 

I progress was not fast enough." . . house purchase, health schemes. 

} It said that its report showed season- -tickets, and. subsidised 


Help call for rural areas 


financial times reporter 

is . ?**!; AT LEAST 1.300 jobs were policy oi funding the commission number of factories -.pproved in 

e'.M tba » “ha Mti ■ created last year in rural areas on an annual basis, which pre- 1977-78 rose to 2$fi compared 
11 u ' he Development Commission, vented long-term planning, such with 40 in 1975-76 Rolling fac- 
riiiimei! ymerrlay in its as major factor:-- building pro- tory programmes ha; o also been 
for 1977-7S. 

But Lord NnrtoSeld, chairman 


that architects' earnings had 


-rickets, 
accoaimodation. 


Only 7.5 per cent of private 
tenants who pay rates through 
private landlords ereceived re- 
bates. compared with 20 per cent, 
nf local authority tenants and 
14 per cent of owncr-ocrupiers 
and private tenants, who pay 
rates direct to local authorities. ' 


use of the Development Fund, 
voted annually hy Parliament to 
assist rural areas, said that a 
long-term programme of social 
assistance 


Laminated 
windscreen 
wins prize 


grammes. established in 16 counties.. 

*• If Government will only give By the end nf ia«*: month. 593: 
the fiuiimisisjnn. which us secure resources for the new factories had bevii approved. , 

years ahead, the commission can of which 13S had been completed 
perform the role of a develop- and 69 were under construction.! 
ment agency for rural England .Host nf the factor.e- have been; 
and create "thousands more jobs k-t in advance of completion, 
in the rural areas which so The commission spent almost} 

anrf economic assistance was badly need them." I’9in last year and its cost effec-jA NEW laminated windscreen} 

needed ii the Government was In spite of this problem, the tiveness in creating jobs is low. which dramatically reduces toe* 

i,7 halt future depopulation of commission is substantially in- compared with other forms of | risk of head injuries in car! 

ilie countryside. creasing its programme of Government assistance lo indus- accidents was awarded Clio j 

Hv criticised the Government's advance factory building. The try and employment ;MacRobert Award for 1978 yes-' 

i terday. J 

n ' u “ ^ - — presented in, 


Motorway fog warning 


BY LYNTON MdJUN 


Financial Times Reporter 


| WARNING SIGNALS linked to motorway pile-ups. 
j fog and vehicle detectors are tu Ncr date, bas been set for the 
be installed on the eastern ap- start of toe trial, bur success may 
• preach to the Severn Bridge in a lead' id similar equipment being' 
: £750.000 experiment by the Tran- installed on other fog-prone 


laminated windscreen } 5port Department to reduce stretches of motorway. 





Aldennaston 
safety ? 
post created. 


: '-,v 


Financial Times Reporter v : f- 

A NEW -POST, at .-Atomic^ J 
Weapons Research : •" Establist.^' 
meat, Aldennaston. ias- - beenj/^ ! /'? 2 • 
filled 3 */ Mr. E. DrakfrScager^ ; . : ■ 

He will oversee healto" anfi'^ •" > ;•' ;■ 
safety recommendations 'mfiS& T ' . 

recently, by Sir Edward Pbehfn..’:-'-- - • • ■,•!.' ■ 

Mr. Drake-Seager, a memtter-^^ .' ff,'-'.'- 
of toe British . Defence' Staff ih /-.”■• 
Washington,. has been appdintedTi 
special assistant' to toe -director 1 ?^ 
at Aldennaston.. - . .= . : ; 

He will formulate and oversee . 
improvements following." Sir - 
Edward’s report' oh- Ta"diolqg^?.i ' v.t 
health and. safety at the research 
ertablishraetrt.-'- - /. • 


Impressionists top f 2.39m 


.-J 


Car components ‘will need redesigning’ 


BY ARTHUR SMITH. MIDLANDS CORRESPONDENT 


£Sf^*ijf ttdsr -? rt at C i hr * s,,c ' s Sotheby’s sale of SSSbripb , 


ALMOST every car component 
produced in the world today 
will need redesigning over tbi- 
next seven years. Mr. Derek 
Whittaker, former managing 
director of Ley-land Cars, said 
yesterday. 

The drive to reduce fuel con- 
sumption would cause un- 
precedented design changes in 
ear components over toe next 
decade, be told this week’s 
Design Engineering Confer- 
ence. at tltc National Exhibi- 
tion Centre. Birmingham. 

Mr. Whittaker, who joined 
Guest Keen and Nettlefold in 
April as general manager res- 
ponsible for product develop- 
ment. moved last week to the 
Rockware Group, where he will 
become managing director of 
the glass division. 

He told the conference fne! 
consumption improvements 


would dominate car iudustry 
plauning and action pro- 
grammes. U^S. . legislation 
rniiilml a SO per cent Improve- 
ment In fuel consumption hy 
19S5 and similar action could 
Ik* expected within toe EEC 
and Japan. 

Programmes to cat car 
weight* would be crucial for 
all manufacturers. “ Target 
redactions of 10 per cent. 20 
per cent, and 25 per cent, res- 
pectively, for early, mid, and 
late I960 model Introductions 
are both realistic and common- 
place with a/I European 
volume car manufacturers.” 

A 25 per cent weight reduc- 
tion could give an improve- 
ment of befwen 10 and 15 per 
cent in Fuel consumption. Use 
of aluminium, light-weight 
steels, composites and plastics 
could all play a pari 

Engine sizes would not 


change dramatically. Family 
siioons would Mil! have en- 
gines or about 1400 to 1600 cc. 

- Mini-sized saloons will gain 
a far larger sbare of the Euro- 
pean car market, with much 
improved 1000 cc engine*, pro- 
viding a dramatic improve- 
ment in fuel economy and still 
further improvements in pas- 
senger ear accommodation 
and comfort.” he said. 

Three and five cylinder en- 
gines offered excellent oppor- 
tunities for weight reduction 
and vehicle refinement. 

Diesel engines were likely 
to make rapid progress in 
Europe to Torm 10 per cent of 
the car population by V90. 
In the UK and L\S. toe growth 
rate would be slower and the 
10 per cent would not be 
achieved until the year 2009. 

Daring the 1980s, toe built- 
in car mini-computer would 


become a reality, n ith derices 
to aid fuel economy and con- 
trol emissions. 

Gear and axJc ratios would 
almost all change, with a fifth 
gear becoming common on 
most volume cars. There would 
bv considerable change In 
transmission designs and the 
great majority of wiume cars 
would be from -wheel drive. 

Looking beyond 1990. Mr. 
Whittaker forecast toe drive 
to achieve economies of scale 
would mean that most “under 
bonnet parts” would be truly 
international. 

The role of the vehicle 
stylist Is likely to become even 
more important than today, as 


The award was 

■ London to Pilkington Brothers ■ THE WEEK of big Impressionist Hanover Grand. 7 „ 

I by the Council of Engineering ■ sales io London got off to a There were good prices in a - 2 ur£ob“ T £f 

I Institutions, on behalf of the • steady start at Ghristfn’c vesinr. CnfliAht' , ff 09 la nr l3_ ^ - nPm 

; itlacRobert Trust 
; ment of the Ten 

.screen by its subsidiary. Triplex offer, but an auction 
I Safety Class. 1 £75, 

j The Ten-Twenty Laminated • buyers 1 
Windscreen was. Erst marketed j for i 
} in the t?K two years ago and is j One, 

I now in volume production. It is [Danny Jue was bought by Fujii, 

, standard equipment on five cars, i a Japanese dealer, and the other 
; including toe Rover 3500 and the . a pastel of Bathing Girts, well 
• Volvo 262C. i ahove forecast, sold tn Berntsen. 


Kang,- . Sptoehytfi 
Oriental carpets 




4 V 


The total capital cost of the! an Oslo dealer. 

Triplex factory in Birmingham | The top price of the day was 
w £12m 3nd the processes and i £78.000. from Krampf. a TWw 
the product ‘ * ' 


20 yeans ^torottghbar the ; country 
For as Jttlie as £4-£5 -for. a silver . . •V\ u v 

_ case, or . a few- pepse jfor a tor-- L 2 ..:. Ss.n..- 
- toisesheU.' were sold - af Phflllja ^ >.% *- 
for a 4JS4. ...Tie highest' pride '-;... in ., 
wax £250 for a silver ■"■ease - with s ^ 

** ■premium.' 


SALEROOM 

BY ANTONY THORNCROFT 



achieves a 99 per cent reduction 
in cuts tu the face should the 
head hit the windscreen in an 
accident. 

The MacRnbert Award l s made 


tills will be the only way [ annually and is presented for an 
vehicle manufacturers will be , nut stand in q innovation nr appli- 


by Andre Derain; £72.000 from .An 
Cox of London for “ Une. femme thb 
devant le pavsage.” by Leger; Marrilius 

and £65.000 From Sarcr Sa for BurRundy in the later IStb apld r fiaffl35^T.‘ .^7.77^7 


able to distinguish toelr pro- [ eatinn in the field of engineering 
ducts in a highly competitive ; or the physical sciences which 


marketing 

said. 


environment,” he { has ” enhanced the prestige or 
prosperity of the UK. 


“ Marine a Berck." by Manet. 

The collection by Barnc . 

Shine of gold statuettes by lead- Virgin.** .from Liege,, sold -for of £*000- for 
mg sculptors sold for £61,100.' £12,1)00. Two miniature? by tbe 137 . .'•.aleegH^i ■ 
The top price was £10500 for jkj 


rmaony; made £14,000; anfi a late -: Al Bdhh^ & Vt?^«r-: . . 

I3th«gaturr “Hour* -of- tu msmu- . 


The collection by Barnett fStbeebtoj; -Rpure of : » Wlftor” 


V 


top price was £10.500 
“Rollins-over horse.” 
both Frink. 


J- 


.. w _... Spanish forger,”^who ^ ., . 

horsey by Elisa- around 1804 jind isxiDw being; pattern spoons and-ipri&strifffitt'i 
which went, to collected, sold for £320-.ehch. . . E32o ; >' 




\\£. 





HOME NEWS 


• -2" .*’}? .-. ’> r.-^.vi r ■ ■' •’ , ■ 


ri»si£.^ ••. 


Uoy* 


CHETOG6^P£A^ ^r&V^^ Tli^^forecastP yea r 

v/^^^bg/;|ylcgt >*9 .'siT'and:; file ; ' statisiicft-i Epiv 3be : . last 


&.\ST 

!*• -J£ 

Pg c-;;r^ 

Wl» GTS ■ 


JCS;,..^. 

S ;.^ ; 

a ■•*’:■ •;-■•'■■ *Ct^ 

Jlti?- • *••'■. . . 

•.•'*•*3 3'- £ 

x . M, • 


J .L*; ■ •■ ^HScA; ? lieiJ'^-irrariyears ntrw : sbtfwe&';SOra»aua l 

lOT«tfn>8^tui!tbe '!*n>t3Hy £^al:‘ grdwih rale- fwtG^so&Z' per 
ma rTc^,^meptwris"<ptrt .forward r cent: an - anhuiff -gra Wtif rate for 
bjf . .lte;^<3oreramem - :jhe -inajwjflciariag a^tit.'Of-l^ per 

■tetaSfe *iWn&- px,‘ 3^er,‘ eJandi^JceoC ^aritf-ian «oAbSt:£rojvth rate 
lirecforv -itf- i‘ - 'tii^,--fcs- 'n^eiiucafs 4J* per 


B!, j.-.v ? : .-jk 
u -.v^.'f 3 ■. 
Vsrr^ "" *'* ^ ■ 


3*7- • ■ -,'. '.••* ■iTf*,- 
,...• ' ;.• : o -■- • 
•»• ‘ . “■‘ i Cs- ; 



ta^j^Usfi^-liaa^rma^rflpitfi : 1 KCSOD 


■ •• ;. j ■ I 

: -l v! 

- - • 

— ■■'««• 




£ 25 m plan 
for new 
version of 
Jetstream 


By Michael -Ponnc* 
Aerospace Correspondent 


BRITISH: AEROSPACE is to 
invent up.io £25m of its resource. 1 ; 
in developing a new version of 
the twin-engined Jetstream light 
transport aircraft. 

The venture will be under- 
taken by the nationalised group's 
Scottish Aviation factory af 
Prestwick, .Ayrshire. It will 
eventually increase the labour 
force from 1,400 to 1,800. 

Announcing ,the venture yes- 
terday, British Aerospace said 
tbat extensive studies of the 
world market had indicated a 
strong long-term need for a 
light, twin-engined transport air- 
craft to suit commuter-type 
airlines, business organisations, 
and military, bodies. 


Laker plans advance 


Skytrain bookings 


Br MICHAEL DONNE. AEROSPACE CORRESPONDENT 


Three types 


-■- ».- 
i C 


ithetrrades union* . not the 
i,~;oaly=, piojectfo n^thst- .bad b ee n 
a Jvwxdpg. If the. riiergicariDdustry 


or 


rtrv.-r. -. v m 
•ur-.;*.',- . ‘-'j i" 


. rests, .cannot ^Sord-tne ? 

Mdt-3olldwod- GpftromenV 

. Market ;■;?* ojc&: forecasts would 

in senous. trouble; . 
.-v&i-'.' “ Diirine the five : vears from 


• ■ J > -. ti, r,-^, 


•1 !h? 


O’ v? • 

A-:::.,::. .•* 


I}' 


V. •• :\' 


its jro^tTlO perVwn|gg^esate 
time ^tud&iiE totally unrealistic capacity corres- 

taji5S§??do« -jit .commit its P on *ng to unused-.|x^capital 

re3u^-*5' ,?£- wkijrw*? ar0pad £?00m al 

touted 

^Ve^^^ndoirtrv ' has been ' Government prirfmi<ms. ' this 
HhSr&HnSSt^S figure would have Hseo ln £I^bn, 
asked by .goyerrunante of .both -^jj^ acceptance of the unfon pro- 

?^AJ S i5S^h»J^ S iMrt^iSv 11 £ i« rtions would have, meant no 

.’P less' than £2^bn of^bebJdustxys 
relation:^©, investment. -• --and. -fbe natttiR’^— resonrees 

f?#-"'? - 1 '■'■■■■ ■ ■ ‘ • would be stand ihklfl)b bow. . 

i? “ln present daylnoney terms. 
. -.Ise _tbe- cEetni cal /sector, something be tweert ^4bn an d 


The new aircraft wilt be catted 
the Jetstream 31. It will be 
developed' from the existing Jet- 
stream. which . was originally 
developed by- Handley Page, but 
later taken over by Scottish 
Aviation. 

The Jetstream 31 will be 
developed in three versions — 
an 38-passenger commuter 
hiodei. an 8-10 passenger execu- 
tive aircraft; and a special 
version for military and 
specialist roles such as resources 
surveys, coastguard duties and 
training. 


STR FREDDIE LAKER, who runs 
the dh cap-fare Sky train nights 
between London (C.atwfcV) and 
New York and Los Angeles, w 
seeking a change in the licence to 
enable his airline to sell tickets 
m advance. 

At present. Skytrain is res- 
tricted to ticket sales only on the 
dray of departure: When all the 
seats on any Skytrain flight are 
filled, would-be passengers are 
told to return next day. 

The system resulted this 
summer in long queues of people 
camping in the rain outside 
Victoria Station, London (where 
( Laker Airways has a sales office), 
and at Gatwick Airport, causing 
problems for local residents, 
police and public health authori- 
ties. . 

In response to a request from 
the Civil Aviation Authority to 
hind possible solutions to the 
problem. Laker Aiirways. o£ 
which Sir Freddie is chairman, 
has suggested changing the Sky- 
train licence to enable the air- 
line to sell seats in advance. 

The plan is that when one 
SkytraiT) flight is filled, the air- 
line can immediately start sell- 
ing seats for the next, and so on. 
until any build-up of passengers 
is cleared. 

This is such a radical 
departure from the terms of the 
original Skytrain licence, how- 
ever, that it is bound to result 
in a fight when the mailer comes 
i before the authority al a public 



understood to be supporting the 
Laker plan, because it will pre- 
vent tiie airport from being 
congested again fur days on end 
by waiting Skytrain passengers. 


Westminster City Council, 
which bore the burden of public 
health and other problems caused 
by last summer's queues, is also 
understood to welcome the plan. 

Laker Airways originally 
wanted the licence change to 
become effective last month, but 
because of delays in the public 
hearing, as now asking for it to 
be authorised as soon as possible. 


SIR FREDDIE L.YKER 
Seeks to end queues 


ft seems unlikely that the Civil 
Aviation Authority could com- 
plete j ls studies in time for the 
Christmas holiday rush, in view 
of the timing of the public hear- 
ing. But it is possible that it 
could take a derJskm in time for 
the New Year, and certainly well 
ahead of the summer season 
which starts on April 1. 


hearing in London on December 
20 and 22. 

Both British Airways and 
British Caledonian are under- 
stood to be objecting to ■the 
change; oa the grounds that ? I 
turns. Skytrain into a normal 
scheduled service, instead of a 
special no-reservations operation. 

The British Airports Authority, 
which runs Gatwick Airport, is 


Works to shut 


TWO HUNDRED workers will 
lose their jobs with the closure 
of a Telford, Shropshire, foundry. 
The Eagle foundry, part of the 
Sinclair ironworks complex at 
Kelley, will close in February. 
The decision is blamed on a con- 
tinuing fall in demand from the 
motor industry. 


Second direct-sell 


operator enters 


UK holiday market 


BY ARTHUR SANDLE5 


A SECOND Scandinavian direct 
selling package tour operator has 
entered the British travel market 
saying that the Briton Ts u paying 
too much for his package holi- 
day." 

ViDgresor, a Stockholm-based 
subsidiary of the airline SAS, 
has followed TJaereborg; the 
Danish company which entered 
the UK market last year. 

Vingresor, which plans to cut 
out travel agents and sell direct 
to the public through its sophisti- 
cated computer systems, is offer- 
ing 42.000 summer holidays to 
the Britsh for next year. Its 
brochure covers most of the 
traditional British holiday des- 
tinations. 

The arrival of Scandinavian 
competition in the UK. has 
alarmed the retail travel indus- 
try. which is concerned tbat 
major British operators might be 
tempted to follow the newcomers' 
example and by-pass retailers. 

Mr. Alan Sinclair, general 
manager of Vingresor in Britain, 
made no attempt ar diplomacy 
at the launch of his new product 
yesterday. He said: “People 
have bad to suffer the agonies 
of uncertainty, not knowing 
whether their holiday has been 
booked, and not knowing bow 
much it will cost if it has been 
booked. 

“ This is inevitable in the case 
of a holiday purchased tbrougb 
the travel agent, who has to 


check availabilities with the tour 
operator, the tour opeartor con- 
firms to the agent, the agent then 
has to contact his client. 

“ Often these dreary proce- 
dures are coupled with sloppy 


More home news 
on Page 27 


service and the client is left with 
long periods of frustrating un- 
certainty." 

Mr. Christer Mafnusson, 
managing director of the parent 
company, said tbat it bad felt the 
British were paying too much for 
their holidays. 


Rush for trips 
abroad 


FOREIGN HOLIDAY bookings 
are running about 150 per cent 
up on this time last year, accord- 
ing to the Association of British 
Travel Agents. 

After checking with the five 
largest tour operators it found 
that more than 715.000 of a total 
capacity of 1.7m holidays bad 
already been sold for next 
summer, or 41 per cent of 
capacity. 




i- 


woriting rpa rtiefir^set.' v up. by -the Z6£hri of plant wmfifbe waiting 
GoYfitTunent ag. part ftf ritkindnsr; for^ customers for products. 
triaLv«^teg?-T*ad^;bran "\en- ’“The history- national 
joined:-Vtur plan-- ■fo^-VaP' annual planning has consi^fe&ftiy ignored 
growth jj3ki in-GDB of. 4.75 ; .per ;tbe precept that' pb-bhe has any 
cent- betwwwvISffB ami*1879. ;- dear : idea of the Tita^y rate of 
They $ad 'Twen ’tplif to .^eXp^ct ‘development of th&tiEGD econo- 
mainifa^tutin^autpnl to-iberfease /mies or of the cherpj^Hndustry 
by fLpen cebt-af'Sear .diiripg ;the: over the next decader-AH plans 
samre period; awhile 'chenwcal* .must retain a flexibflity.to meet 
output- wax toigo.pp by.'ntr less ; an out-turn which nftfF be better 

' '..or worse than- expwtoo.” 


mi- ; 


a;:: • 

f: , t« 
si?'*: i- 



- * *.»r\ r . - ri ‘ ' l‘c ; , 

. - 7..-aV /•. r - 


■ -m 


inese 
e to 
perate 


■ , JL-P UtHwV 


THE .-CHANGtoOR Ti 
cut-Aacbm^Gut,-: « J 
expendtturft ^^ad 


. Ib»,rkept-J9i$ 
_ «*r,ifhatTevenv 
'-.fe-. ^mL'tbe ' 


th«Lcoxiflnes -of 
£an h& raised :w^h- 
tipA of an exces- 


a, “ _ 

n' •; 


past 
utory 
economic 
bjeoas fy general an^'inflation 
parti cuiar. 


* - 


Mr,. Toni ■Boardmah^. pfeiident 
of tbe-Assoqiatibit Aaysdhat lugh 
mar^al fat^bf ■iacoiue^tai‘are ; . 

.** .-a -atajor: UaatfJiiJitiihr therefore, urge .that you 
fance ,tD r . large 1 oneas .pt. ^fezshbtikf j*trench on Government 
.ecotwijny "to'rput - in ;ex,ta^ efforE-espenditure and drastically raise 
to reduce urur^ costB.'by.vtajglng? the. threshold and reduce the 
pfoductivi^^^ tor ; invest .acdjCtO-' ratesf at ail levels of the income 
innovate " tax/ We consider that you could 

, _3^*totional intei^,5TOan<^ weli also transfer some of the 
Ihit' piSlJc:;'expehd*tttret::shwld . burdeA to indirect taxation " 






surviviiig 
: iIlcometaxdemands , 


•iS.;- 


HNANCIAL T&tES ftfiPOKTBt - 


MANAGERS: in 'Britaiir are, not 
w barsbly i^nalis^ by the- per- 
sbnal income.-- tax, system-, as Js 
often.', -esp^jaBy -avben_ 

■ other countries’, -lu^iet: costs of 
living ; awh-.iakeii' -:inhK'- . account; - 
says rra; : .Lsuryey ^iuWrahed- ^ by- 

Inbucod, -the hi ahageiaeiit V cojt ~ 
SU 1 tants. .-v ~ • • ;• y L y- . ' 


iiiaston 


Ti 

Ifl 


■ated 


■ In Britain, v :Uu 
ried executive with two 
retains -74 per ? cent -of his gross 
income,' ‘compared' wifh .60 /per 
cent'ih 'New 'Yorli. 35 pep cent an 
Sweden ,'^62- i per r cent nr- Belgium 
(54 ! :per 7 ^cent':i^te r : ; social 
charges), 1 73 per- cent iii Switzer- 
land, 76 ; per ' cept; in Holland; 
8D per cent Id Italy and: 84 per 
cent jn'Trance. : 

Whflo'tiae htx : cjure irises mp.re ; 
steeply , m :ibe tJK tbanr.most 
European countries - except Hbl- 
lahd Juid Sweden; ■ al security- 

contn- butr on s -i onL the. Continent: 
(urifieT. reduce tJisposgbfef: jp-. 
eomejeven takmg-famfly. allow- 
ances* into, account. . .In. the UK. 
the tfalue bf tanrtiy allowances 
cancels. rnn±-,. the asocial; seciytly 
contfi’bution^r;.^;.' 1 ; : -■ ; ! - j. ; 
Abcor drbf£-' 'to. -.the -Tnb.ucon 


corf . of ' living j index; - cijverinff. 
“the fairly comfortable.life-styJe ? 


of 'Western middle and higher 
management,™ .only Lisbon and 
Barcelona have lower living 
posts than London. Germany 
Md Sw.eiien have costs 60 per 
cent higher than London and 
Holla ad Vare .47 per cent higher. 

.■’In. London, the survey says, the 
-average executive- earns £8.000 
gross* or £6,000 net The average. 
Swedish executive starts out 
witb £35.000, has a net income 
after'.. tax and other reductions 
of ; £8,000, and-'a purchasing 
power of about: £4,000. 

" ’.Only jn Franire and Switzer- 
land, are management ‘very much, 
better -off thaft in -London, having 
. salaries of 'about £14.000 after 
..tax and -living .cost adjustments. 

In' Belgium the average execu- 
tive has a gross income of about 
£22*000. After tax and social 
security cohtribirtionk, he is left 
with £12,000 :and in terms of 
purchasing power ri)m pared with 
- London, thi6 is. worth £8,600 to 
bim. ^ 

.4nw«il Survey oj International 

Taxation and Lining Costs; Pub- 
lished by Inbucon Management 
CrmsidUmts. Salary Research 
197, ffnififcfcsbrtdge, London, 
SW7; price £75. 




\ 


more conferences 




riTEATFTf MA.WC3&STER hopes Association. .The new organisa- 

8w tion claims to rewived more 
■TTK- pnnfprame ' Jrade^'wbrtb .than.SO iu^ to have con- 

tSS! 

U&p****« yy-^jvsst w; 

Griati?!*’.; Manchester nnrnty-- £irh.'a year in revenue, 

with -a ' peculation of 2.7m, has . r__ ^ re gion. 
about . 100- . hotels and ; several . - 

large centres besides tile, areas ■ " 

aeademic institutions. ... -':' 

A 1 ' newf office, r> opened- -at - 
Manchester -> city’ centre, this 


Manchester centre, tins . . . - • - j 

week, Wii! ;ha • earrtrodled Plant : CXtCHuCu 
jOiiit. '"-tnanagement committee. JLlaUi 
with'-eauai repre^ntation from • ^ £355 qqo plant has been 

Uyem HriyQM lnM - Mn ,^ fjidmleB by BriUdl v-iu in 

taiMsliira fsct ^ 

- «%&£$&* M *C>B <• : ;srpau<» . polymeric 

the -County Council- but it is. fabrics. The materials, Vitapraf, 
threat-- ahont cotne 3 j- e stable for clothing such as 

tromS- 'ebminBrciar sector, ^ anoraks and sports wow. ranging 

-ti hea^duty fabrics for tarpau- 


rain Gain 




\ 


\ 



Peter Keefe is British. He didn't have to go 
to North America or anywhere else to find 
his platform. Just 210 miles north-east of 
Aberdeen he discovered all the challenge 
he needs for his engineering skills. A brain 
gain for the U.K. 

More of Peter' later. 

But first a word about the extraordinary 
mix of talents which made North Sea oil 
success possible. 

When that stormy body of water was a 
new oil province, our immediate need was 
for people experienced in searching for oil 
beneath difficult offshore waters, initially, 
that meant attracting geologists and • 
geophysicists from Mobil companies 
around the world, building a professional 
team with the intuitive 'nose for oil’ that 
comes mostly from the bad-luck experience 
of not finding it. 

When we found the Beryl field in 1972, 
our people needs suddenly shifted. 


Preparing for oil production and delivery 
ashore called for an entirely different breed 
of oil people, with skills ranging from 
platform construction to seamanship. They, 
too, came from ali over the world: wherever 
we had the best people for this unique job. 

Producing the oil required still a third 
breed: hardy, technically skilled, and 
prepared to live for weeks at a time on a 
remote industrial island, over two hours by 
helicopter from Aberdeen. 

In the woridciass competition for oil 
people, companies like Mobil must make 
efforts to grow their own talent. And there’s 
no better place for that than in your own oil 
field. - 

Today, 82 per cent of our North Sea 
people are British. We expect that 
percentage to keep rising as our home- 
grown managers, professionals and 
technicians become increasingly 
experienced in today’s oil field disciplines. 


And we’re working to help bring this 
about. Last year our North Sea people 
attended some 75 different training 
courses. And for several years we have 
been providing financial support to 
universities to help them strengthen their 
programmes for training petroleum 
specialists. 

We're ail winners in this brain gain, for 
bright young people are our future. 

Peter Keefe is one of the two key 
managers of the Beryl platform — in sole 
charge of this £260 million complex much 
of the time. Not bad at 33. And not bad 
for getting the sort of experience which 
will be needed to continue the effective 
development of North Sea oil. 


Eighth (n a series on the challenges of North See Oil. 
For a complete set of these advertisements write to: 
Manager, Public Affairs, Mobil North See Limited, 
Mobil Court, 3 Clements Inn, London WG2A 2EB 


MobiF 


fS ;: 5 £ 3 p|aSSSw^- 

‘Gapfky^ces' ./.'WyfjX; ^fubition; \ . , 


Lit. 








8 


I'ARI.IA 


Financial Times Wednesday December .8 1978 ' 




on 


Foot 
sacked union man 


BY JOHN HUNT. PARLIAMENTARY CORRESPONDENT 


TORY SPOKESMAN protested in 
the Commons yesterday oyer the 
case of Hr. Joseph Thompson, 
■who lost his job because his 
union card was withdrawn by the 
National Union of Dyers, 
Bleachers and Textile Workers. 

Mr. Thompson, of Ycadon, 
Leeds, had his card taken aw3y 
when the union found nut that 
as a school-leaver many years 
previously he had worked for a 
"blacked" company. 

But the Conservative com- 
plaints met with a stonewalling 
response from Mr. Michael Fool. 
Leader of the House, who — as 
former Employment Secretary — 
was responsible for drawing up 
the Act which governs the closed 
shop regulations. 

Mr. Foot, standing in for 
Prime Minister’s question? in the 
absence nf Mr. Jamc*> falla^han. 
agreed that Hie rules should bo 
interpreted in a liberal fashion. 
Ho suggested, however. r.huL 
some nf the Pro?? reports *>n Mr. 
Thompson’s case had been mis- 
leading. 

Mr. James Prior. Opposition 
Employment spokesman, said 
that sine? the incident was lar- 
gely the result nl Mr. Foot’s legis- 
lation. he should discuss the mat- 
ter with the Prime Minister on 
his return from the EJ4S negoti- 
ations in Brussels. 

Mr. Prior pointed out that dur- 
ing the committee stage of the 
Trade Union ami Labour Rela- 
tions l Amendment i Bill, the 
Opposition had fought for a 
genuinely inde non dent tribunal 
which could hear appeals in 
such cases. 

This would certainly prevent 
the sort of passions being 
aroused which only bring trade 





SIR. MICHAEL FOOT 


unions and the rest of the coun- 
try io lo considerable contempt,” 
be declared. 

It was not acceptable, said Mr. 
Prior, that the only right of 
appeal oo the closed shop was to 
a TUC-nominated body which 
was judge and jury In its own 
C3se. 

There had to be a right of 
appeal if.* a totally independent 
court or tribunal. “ Nothing else 
veil/ suffice to allay widespread 
public anxiety." he declared. 

Mr. Foot said .he was prepared 
n> discuss 'the matter with the 
Prime Minister. Nevertheless* it 
Wuul.1 nnt be right to make an 
off-the-cuff comment when the 


Opposition seemed In be taking 
seriously a grossly misleading 
newspaper account of the matter. 

•nils brought an attack from 
Mr. William Wldtelaw. deputy 
Leader of the Opposition, who 
Asked: '* Are you actually seeking 
■to justify depriving a man of his 
livelihood now for something that 
happened 13 years ago7 " 

The Leader of the House 
assured him that he was saying 
nothing of the sort. 

So far. the case had not been 
referred to -the independent 
review body set ap under the 
auspices of the TU C. 

Be Fore such an appeal was 
made, the case might well be a 
hiatter for further consideration 
under the internal procedure of 
the Dyer's Union. 

Mr. Evelyn King (Con. Dorset 
S.) wanted a firm undertaking 
that a statement would be made 
to the House once the facta had 
been established. 

He suggested that that would 
be a good time to announce that 
the legislation of the closed shop 
would be revesed in order to 
prevent such " brutalities." 

According to Mr. Foot, Mr. 
. King had completely miscon- 
ceived Wre situation. 

*‘I believe that trade unionists 
like everyone else should use 
power in a libera! and proper 
manner," he added. 

To a considerable degree, the 
whole atmosphere had been 
soured by the Conservative 
government's Industrial Relations 
Act. As far as he knew, the Con- 
servative Party had no proposals 
at present to introduce legisla- 
tion banning the closed shop. 



6 


only target so 



BY OUR PARLIAMENTARY CORRESPONDENT 


THE FORD Meter Company is 
lb*- only concern againsl which 
the Government has imposed 
sanctions in the current pay 
round. Mr. Joel Barnett, Chief 
Secretary to the Treasury. said. 

More detail? of how the 
Government intends ti; apply 
sanctions emerged in written 
answers to questions from Con- 
servative MPs. 

Mr. Barnet i told the Commons: 
" Discretionary action is only 
taken when a w sell lament is 
■.'■.included in breach uf the guide- 
•line** and no re-neyuUa lion is in 
prosoeer. 

In the pre.-em p-«y round ihs» 
Situation has only ken reached 
in the case *if ihc Ford Mol or 
Company, against which discre- 
tionary action is being taken." 

All the main Government 
departments slated Iasi night 
Shut tney would comply with the 
decision tu impose sanctions 
against Ford. 

The stock reply l rum the 
Mi nisi riv* was: “Smc in excep- 
tional circumstance* of over- 
riding public policy, my depart- 


ment will not place contracts or 
invite tenders in respect of Ford 
producls during the currency of 
the company's excessive pay 
settlement.'* 

Ministers added that they 
would invite those public bodies 
for which they were responsible 
to take into account the Govern- 
ment's decision. 

Ministers responsible for grant- 
ing financial aid to companies, 
such as industry, trade and 
employ n tent, said that account 


would also be taken of the breach 
of pay policy by Ford when it 
came, to considering applications 
for aid. 

However. Mr. Leslie Huckfield. 
Industry Under-Secretary, said 
that after considering the com- 
pany’s pay settlement in the light 
of aJI relevant circumstances, the 
Government decided that it 
would be inappropriate to inter- 
fere with future pay meats under 
the terras of existing offers of 
financial assistance to Ford. 

ns rtlr, 


School pay plan attacked 


BY fYOR OWEN 

IN Hrs first mam speech in the 
Commons as Conservative 
Shadow Education Minister. Mr. 
■Mark Carlisle yesterday strongly 
attacked the Government scheme 
to provide payments Tor 16- to 
iS-year-oJd.< who stay on in full- 
time education. 

He maintained that the scheme. 


to he operated selectively in 
areas of nigh unemployment. 
might be used to mask the true 
extent of youth unemployment 
before the general election. 

Amid Ton cheers. Mr. Carlisle 
contended that the resources 
available to provide such pay. 
menls might be better used for 
discretionary awards. 


Orme firm 
on 50-50 
pension 
board plan 

By Our Parliamentary Staff 

THE GOVERNMENT will pot 
reverse its policy of 50-50 trade 
union representation on pen- 
sion fund Boards, Mr. Stan 
Orme, Social Security Minister, 
made dear in the Commons. 

He rejected Conservative 
demands that the Government 
shoo Id reconsider its proposal 
to allot half the seats on 
pension fund Boards to trade 
unionists. “The Government’s 
policy on member participation 
in the management of occupa- 
tional pension schemes has not 
changed.” 

Hr. Nigel Forman (C., 
Carshalton) said public opinion 
surveys showed that the over- 
whelming majority of people 
opposed the Government’s 
proposal that trade unionists 
could be the only channel of 
communication on the issue. 

Mr. Orme denied' that “I 
find when I visit firms and 
discuss this matter with trus- 
tees, trade unionists and em- 
ployers that there fe a wide 
measure of support. The 
Government sees no reason to 
reverse its policy-'* 

The recommendation of 
50-50 representation was a 
modest proposal. 

From the Conservative 
front bench, Mr. Patrick 
JenJdn appealed to thp Govern- 
ment to recognise that there 
was opposition In many 
quarters to the proposal that 
member representation should 
be the exclusive nomination of 
trade unionists. 

He wanted the Government 
to abandon “ this fooll.«h pro- 
posal " and : restore a 
bi-partisau policy on pensions. 

Mr. Orme said that the Gm- 
emment had not changed its 
♦ lew on member participation 
and felt that pension schemes 
could best he run by giving 
certain rights to recognised 
unions. “We are certain that 
these rights will be exercised 
responsibly ." 

Pym pledge 
on conference 

fiy Ray Perm an 

THE CONSERVATIVE party 
is rominittnd to change the 
way Scotland is administered, 
even though it 2s campaigning 
against tiin Government's 
devolution policy, Mr. Francis 
Pym. Shadow Forth 1 ' ^"crt-lary 
surf d?y. aiulion ' spokesman, 
said jestcrdiy. 

The part:-, which has ioinrd 
the enti-de solution umbrella 
group Tor she referendum cam- 
paign. die* not believe lliat a 
No rmr was «hc end or 
const Rational change, he 
declared. 

Mr. Pym said a future Tory 
Government would rail a enn- 
stilutioua! eonlerenc- to which 
ail parties accepting the 
premise or the unity of the 
UF would he invited to attend. 



LABOUR NEWS 


• NEWS ANALYSIS — PROVINCIAL JOURNALISTS’ DISPUTE 

A wi 



train 



THE RIFT between the views of 
provincial journalists and' those, 
of newspaper employers on the 
state ' of the ■ industry has 
widened noticeably over the past 
few years. * 

The beginning, on Monday, of 
the first national open-ended 
strike by members of ihe 
National Union of Journalists 
working on provincial papers 
and London weeklies was partly 
the result 

The Newspaper Society, which 
represents 260 provincial news- 
paper managements, principally 
in England, Wales and Northern 
Ireland, takes the view that there 
is a serious problem relating to 
the pay of journalists, particu- 
larly the more senior staff. 

Many managements concede 
that journalists' pay, at least in 
relation to some comparable 
groups, has fallen in relative 
terms, partly as a result of pay. 
policy, the operation of produc- 
tivity schemes elsewhere, and 
the great extension of fringe 
benefits in other white-collar 
sectors (n industry. 

Employer representatives, how- 
ever, while realising the difficul- 
ties this causes — in attracting 
some types of journalists for 
example — believe that provincial 
newspapers are largely coping 
with the problem. . 

Low morale 

The attitude of the NUJ, which 
represents the bulk of the 9,200 
provincial newspaper journalists 
is that the industry is sinking 
into a deep crisis — not of profit 
margins, but of chronic iow pay 
and the sapping of morale: 

The result, says the union, will 
jfey growing trained manpower 
* shortages in key areas, a steep 
decline in the standard of news- 
papers, and, consequently, a 
poorer service to readers and 
advertisers. 

Much of this view js shared 
by the much smaller and non- 
TUC affiliated Institute of Jour- 
nalists. but which does not see 
the NUJ strike 3S an appropriate 
means to win substantially im- 
proved terms and conditions. 

The national provincial agree- 
ment sets IS minimum rates for 
senior journalists and a range of 
minima, based on a percentage of 
senior rates, for 'trainees. 

The multiplicity of senior rates 
results From having sir “levels" 
of newspaper — ranging from the 
weekly paper publishing in an 
area with no other paper (group 
li to tbe London office of pro- 
vincial dailies (group 6), and 
three grades of senior journalist. 
These are seniors with two years 
unbroken experience, those wilh 
»wn to five years and those with 
five jean, or more. 

Th<‘ present minimum pay f"i‘ 
the lowest group of senior is 
C60.92p and the minimum for the 
highest of the IS levels Is £82/28?. 
Minima for trainees range from 
£3.1 alp to £64.82p. 

The Society says average pay 
f ur all senior provincial 
Minna lists Is £S4.85p. and £74.25 
itf those on small weeklies. The 
difference between these and the 
minima is accounted for by 
special house agreement? and 
merit payments for journalists 
doing specialist jobs. 

The NUJ does not dispute 
those figures, but says they in- 



- Freddie MaMfeU 

NUJ picket outside Press Association offices in Fled Street yesterday . - 


elude many editorial executives, 
though not editors, and,->of 
course, exclude the industry's 
2,000 trainees. • \- 

The union claims feat 'most of 
the journalists earn less than 
£75 a wek, and 40 per cent of 
senior journalists earn within 
£10 of the minimum applicable 
to their group. It also complains 
that many provincial daily, 
editors, who -negotiate salaries in- 
dividually, earn only about £&50Q 
a year with some weekly paper' 
editors earning £75 a week. 

The main clement of the NUJ 
claim is an across-the-board rise 
of £20 for a]} qualified journal- 
ists, arid pro-rata increases, for 
'trainees. The IOJ is also looking 
for substantial increases. 

The NUJ claim, which covers 
1220U newspapers, also se^ks 
changes in the existing national 
training system and improye- 
ments in hours, sick pay. mileage 
rates, holidays and “exnerien# " 
payments. These reflect lopg* 
standing grievances at some 
offices. 


Vulnerable 




BY PHILIP RAWSTORNE 

LABOUR’S a.ni-.'JarkcieiT* vc*> 
lcrday hailed th n Brussels deci- 
sion lo pay Euro-MPs at n.itinnal 
rales as a signal success for their 

line. 

“The Euro-can gravy tram 
will not nmv run.” said one de- 
lighted member »f the Common 
Market Sar p uu arris Committee. 

In fact, thy question nf pay for 
members of 'he directiy-olectcd 
European A*wnioly may have 
been shunted only temporarily 
iniu a siding. 

Once established the Assembly 
itself is likely to want ih? last 
vurd on this issue as well :;s on 
the methods by v.iiich it is 
elected. 

There is no duubl. however, 
that the Brussels decision is the 
result almost entirely or the 
Labour Party’* pressure* on Mr. 
James Callaghan and his Cabinet. 

The British Prune Minister 
apparently concluded long ago 
that extravagant payment for 
seals in a European Parliament 
would only hei-.'hien ihe political 
discomforts oi progress jo wards 
it. 

Labour's anu-Markeu-ers have 
pressed their campaign on Euro- 
Hi Ps salaries v.iih constant vigour 
ever since it became obvious that 
the could not block ilic move 
towards next year's direct 
elections. 

Even as the EEC summit was 
reaching its decision on Monday 
night. Mr. Dennis Skinner, the 
Left-wing MP for Eolsowr. was 
still omnnijining ir. Ihe Commons 
about the dangers or establishing 
“ an expensive Assembly for 
expensive people.” 

Labours hostility was aroused 
by speculation and rumour that 
the salaries of Euro-MPs. after 
direct election?, would be 
roughly equated with those paid 
to members of the German 
Bundestag. 

The figures quoted in Luxem- 
bourg and Strasbourg usually 
fell between £20.000 30rt £24,000 
a year. 

The issue fuelled the general 
Opposition to the EEC with re- 
sentment, envy and cynicism. 

There were bitter comments 
that a new party would be 
founded — the SOP. the Socialist 
Opportunists Party. 

Those who viewed the directly- 
elected European Parliament ss 
a threat to Westminster's 
sovereignty argued that such a 
difference in salary would re- 
inforce the danger. 

Westminster ?.?Ps. tiiet argued, 
would become second-class legis- 
lators in every sense uf tiie 
words. 

The Cabinet found the fee ling 
too strong to resist with argu- 
ments about the size of the con- 
stituencies that the new Eura- 
MP> will have to l«ofc after. 


And Europe's cast of living 
was loo delicarc a subject for the 
pro-Marke leers to stress. 

Mr. Callaghan, therefore, made 
it clear as lone ago as April that 
British salaries would be taxed at 
UK rates. Mr. Frank Judd. 
Foreign Office Minister, indicated 
last month that Britain was un- 
likely -to acree lo salaries higher 
than the £6,S70 paid to West- 
minster MPs. 

The Brussels agreement was 
enthusiastically welcomed 

yesterday by Mrs. Barbara 
Castle, the former Cabinet 
Minister urhu is to seek a seal 
at Strasbourg next June. 

" Large salaries would haye 
attracted the wrong sort of 
people. The decision will elimin- 
ate some uf the cynicism about 
peuple rushing to get on the 
gravy train/’ she said. 

Labour's EEC sceptics and 
opponents generally shared that 
view, though .llr. Erie Heffer. a 
leading member of the Tribune 
Group, remained dissatisfied. 

He complained that British tax- 
payers would still have to 


contribute ;o the higher salaries 
of German and French MP.-. 

The question of expenses, 
which are likely to be paid at 
the same rate to all nationalities, 
remained a fore point. 

A; present. Euro-HP? can 
claim a subsistence allowance of 
about £50 a day and a travel 
allowance of around 10p to 20p a 
kilometre. A secretarial allow- 
ance of £300 a month i* also 
available, but is paid directly to 
a named secretary . 

Despite tiie cynic j. there is 
little evidence that the prospect 
of high salaries and expenses 
has been a serious factor in 
motivating potential candidates. 

Most of tiie applicants for 
both the Labour and Conserva- 
tive- lists have been moved by 
deeply held pro-Markot or antl- 
Market convictions. 

There have been few' obvious 
carpetbaggers and the selection 
procedures and the election 
itself are likely to weed out all 
but a handful. 

Among pro-Markcteers in 


boili tiie Conservative an«J 
Labour Party, mere -has been 
more ctm-eni -that the low pay 
wh'i-li it argued already 
excludes many first-rate brains 
and energies form Westminster, 
will have the >amv effect on 
Britain’s representation in 
Strasbourg. 

Hr. Marcus Fox. Conservative 
vice-chairman ;n charge of 
selecting the party’s candidates, 
said yesterday iha*. he was " very’ 
angry" at 'he Brussels decision. 

” 1 think some potential candi- 
dates. some very' eminent 
people, will have tu look very 
carefully at ihe financial 
sacrifices they might have to 
make.” 

Sir Geoffrey <je Freitas, a 
member of the present Labour 
delegation fo Siras'iourg. said: 
“ f hope that a year or so after 
ihc European Parliament is 
established. IU leaders and the 
Council or Ministers will review 
the position to see if we arc 
gelling the ri-hi quality of 
MPs." 


Problem of the pin-stripe pound 


BY DAVID MARSH 

fHE CHART shows that British 
MPs in the new European Parlia- 
ment next year will be much 
worse off than most of their 
colleagues if pay rates arc 
aligned with salaries in national 
Parliaments. 

At present exchange rates, only 
Luxembourg MPs. with a basic 
annual £4.665. earn less than the 
British of £6.270, while Belgian. 
Dutch French and West German 
MPs all earn more than £20.000. 

The gulf between rich and poor 
members of the European Par- 
hamcniary community not 
quite as large as the bare figures 
suggest. Allowance must be made 
for variations in living costs and 
exchange rale distortions. 

The basic salaries or MPs in 
national Parliaments are also 
augmented by travel, su^tenence 
and administrative allowances nf 
varying generosity. A UK MP 
gets up to £2.534 annually in 
sustenance allowances and up lo 
£3.88T in secretarial help, while 
his German counterpart receive.* 

£14.000 for office upkeep and 
additional expenses. 

Most MPs in national Partia- 
lnenls also gel extra payments to 
cover ail or part or the cost of 
Parliamentary travel, postage and 
telephones. 

lr. addition lo their basic 


GROSS BASIC SALARIES OF M P’s IN EEC COUNTRIES 


C w w <i —rfMaiiwal C on Swing <WW*w»*»tfcanyT«f 




frahce •’ ’ . r 


BHiSK/M : ■ ;V. *^, :...V-.. 1- 

HEUffiftuuffls .■ 1 r ;>■ ■/ :■ 1 


mtwm . .. : -vj 


Rat* :■) 


IBELAMD. 1 


ifK * 1 ~ 



Sonres-UK PttBuimUij Aomvt.Njk* J 197V 

J I I - 


£5.000 flfl.BQO £15.000 £20, ODD fZ&HBq, 


salarics liKelv to be taxed at 
national rather than European 
ratest. Europari iament 3SPs will 
also get payments for expenses. 

Those presumably will be at 
standardised European rates to 
take account of travelling and 
other costs, and will provide a 
way at least in principle for 
making up part o: the 3»P in 


earnings. 

Nonetheless, unless British, 
Irish and Luxembourg MPs are 
to form their own equal-pay 
movement, perhaps the EEC will 
have to come up with a system of 
artificial exchange rates — the 
pin-stripe pound, maybe — to 
iron out the most glan n 3 
discrepancies. 


%■ 

To hack the claim, which Is 
wav outside the Govern raenqs 
5 per coni pay policy limit, thfe 
union points to newspaper profit 
figures. : 

Provincial papers bad a rela- 
tively lean time between :;1973 
and 11)76-77, which the society 
says provided the Joweit profit 
margins since the early 1960’s. 
The last financial year and this 
year have witnessed a major 
growth in. profits. 

The union’s claim says, for 
example. thaV last > ear's profits 
for United Newspapers were up 
40 per cent lo £5iin. Tor West- 
minster Press up 36 per cent to 
£5iii for the half-year, and for 
East Midlands Allied Press up 


52 per cent to £L6nx’fbr the 12- 
month period. 

The society says ft is extremely 
sympathetic to the journalists’ 

case but has informed the union. 
Chat it will not breach pay policy, 
and argues that many of its mem- 
bers would be extremely vulner- 
able to Government sanctions. 
Sanctions could be -applied not 
only' to newspapers but also to 
other industrial ’enterprises 
owned by newspaper groups. 

The society has made two 
offers. The first, and only firm 
offer, is 5 per cent, together with 
talks on the possibility .of a 
national self-financing producti- 
vity scheme as well as locally- 
negotiated ones. On the average 
senior rate, 5 per cent would give 
just- over £4 a week. 

• The . society .is however, 
sceptical, and so is toe NUJ on 
the possibility of a national pro- 
ductivity scheme, although many 
offices negotiated deals last 
years. This year, other papers 
have also proposed more than the 
society offer, linked to improved 
productivity. 

These include Southern News- 
papers. ha«ed in Southampton 
which the NUJ says has offered 
15 per cent acres fee board, and 
the Birmingham Post and Mail, 
which the union says is offering 
£tl and 5 per cent for daily staff 
ahd 18 pot; rent to those hr the' 
group's weekly papers. These 
papers’ journalists, have refused 
tn obey the instruction to strike. 

The second society offer is 
worth S.8 per cent on "the editorial 
wage bill. This would provide 
an increase of £4 ,0S v for the 
lowest grade of senior jdnnjalist 
and up to £13.72 for thoso. work- 
ing in London offices of regional 
papers. "Senior staff on Athe 
largest provincial dailies wofild 
receive £9-93. * . 

This offer, however, is depemfc 
ent on the Department of 1 
Employment making journalists 


a special case. Employers are 
preparing, jointly .with the IGJ, 
submissions on a special case bat 
Government officials '■ say. 
privately that at the- moment- 
ihey /»n see no justification for. 
making special arrangements for 
journalists. The NUJ is • reins-, 
ing to cooperate with fee sub- 
missions. . ‘ _ 

On a second point if • the. 
Department' did . waive ’. “the' 
journalists through as a special 
case it would, not be for the em- 
ployers to make, an offer. What 
journalists should receive would, 
be assessed by an independent 
panel and. their findings approved 
or rejected by the Government. 

In a txnidn so bitterly and 
permanently divided as the NUJ 
between fee Left . and Right 
there have been inevitable 
accusations of political motiva- 
tion. 

After fee union's executive 
agreed the strike instruction last 
weekend its member for news 
agencies, Mr. Harold Pearson 
resigned saying there was no 
will for the • strike which had • 
been engineered by members o£ 
the Socialist Workers Party, 

In the society itself, there is 
no consensus on a number of 
issues, including, for example, 
the future of national training, 
inevitably . some - newspaper 
managements have taken a more 
robust view than others In their 
willingness to negotiate above 
the 5 pei? cent on the basis of. 
improved productivity. 

Journalists have frequently 
been their own enemies when It 
has come to the point of taking 
a decisive stand on pay and con- 
ditons. It remains to be seen 
whether this again proves to be 
the case bn this issue, over, which 
the unioa rightly or. wrongly, 
believes it has had every justi- 
fication in calling the first open- 
ended national, provincial strike 
m its 71 years. 


Double-shift work at Solihull 
accepted by BL employees 


BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 


BL CARS workers at Rover. 
Snlinull. have accepted the prin- 
ciple of double-shift working, 
marking u significant break- 
through for ihc tough manaee- 
HK-nr line initialed bv Mr. 
Miehnc-I Edwardes. the company 
chairman. 

Building work was halted six 
weeks ago on the E30m first 
sfasr- of a £2S0in programme tu 
double output nr the successful 
four-wheel-drive Land Rover and 
Range Rover models because o? 
lack of agreement with BL 
unions on operating .the new 
plant. 

Mr. Pratt Thomson, manauing 
director or Jaguar-Rover- 
Trimnph. made clear that the 
projects would not go ahead un- 
less the workforce gave support 
for* the production changes 

necessary. 

The company said last night 
that agreement bad now boon 
reached between management 
and unions un satisfactory work- 


ing practices. 

Fewer than 100 employees will 
he required tu work nights under 
the present phase of develop- 
ment. but management believes 
it has established the important 
principle that double-shift work- 
ing is necessary. 

Contractors arc being recalled 
to the Solihull site to continue 
work rin a new assembly line. 
The aim under the present £30m 
phase is to increase uutput of the 
Range Rnvor by 50 per cent and 
the Land Rover by 10 per cent 
by next spring. 

The company maintains thaL 
the six-week investment freeze 
should nut delay the project. 

Detailed negotiations are con- 
tinuing with fee unions on work- 
ing practices for the full £280m 
programme, which should double 
output by 1983. DouWe-shift 
working, the cause of much com- 
plaint by Solihull workers, will 
not bo required until 1980. 

Time is important to tbe suc- 


cess of BL's expansion pro- 
gramme for its four-wheel-drive 
vehicles. Competition is already 
coming from United States, 
Japanese and Eastern European 
manufacturers. But the main 
challenge is seen as the vehicle 
designed jointly by Mercedes 
and Stcyr-Daimler-Puch. 

• The Amalgamated Union of 
Engineering Workers decided 
yesterday to recommend its BL 
workers to accept the company's 
15 per cent pay package offer to 
all employees, which is going to 
ballot- 

9 Production of the Chrysler 
Alpine and BL Dolomite was 
halted in Coventry yesterday in 
two separate disputes. At 
Chrysler, Ryton, 150 men on the 
trim line wilked out to support 
colleagues in a pay dispute. At 
Triumph, 90 men in fee Dolo- 
mite trimshop continued Mon- 
day's walkout in a dispute over 
labour mobility. 


Manual workers likely to call 
for action over 40% claim 


BY PHILIP BASSETT. LABOUR STAFF 


GENERAL SECRETARIES of 
four unions representing local 
authority and health service 
manual workers, who have sub- 
mitted a 40 per cent pay claim, 
are expected la meet within u 
week io co-ordinate industrial 

action. 

Mr. David Basnett. general 
secretary of the General and 
Municipal Workers' Union, will 
also pres? fur the Government's 
proposals lo provide public 
sector wage comparability — lost 
in tile failed TUC-Cov era meat 
agreemeni on pay and prices^- 
to be brought forward awln in 
talks between Ministers and the 
TUC Economic Committee, prob- 

abiy to take place in the New 

Year. 

Sanctions over ibe claim, 
which covers about 1.25m 
workers and which has become 
the first large-scale public sector 
test uf the Government* pay 
Umit. have not yet been detail oil. 


The effects of industrial action 
by workers in key public service 
areas such as refuse collection, 
ihough. are likely to be serious 
and widespread. Action is un- 
likely before the New Year. 

The formal reply to the 238.000 
National Health Service ancil- 
lary workers is due on Friday 
and to the lui local authority 
manual workers on December 12. 

The call for a general secre- 
taries’ meeting was made yester- 
day by the executive council of 
the GMAYU. The union will be 
recalling ir* regional conferences 
after the employers have made 
their expected 5 per cent offer 
to decide the membership 
response to it and to the general 
secretaries’ plans for concerted 
•ndi'ilnal action. 

The general secretaries meet- 
ing is expected to include Mr. 
Basnet L Mr. Moss Evans of the 
Transport and General Workers’ 
Vnlan. Mr. Alan Fisher of tiie 
National Union of Public Era- 




ployees and Mr. Albert Spans-* 
wick of the Confederation of 
Health Service Employees. > 

Mr. -Barnett appealed yester- 
day for the Government tn 
abandon" Its rigid stand on the 
claim; 

He* said:.- “It is an indictment 
that those whose service is most 
vital. -to fee community, whose 
loyalty i._to fee Labour Govern- 
ment Is Undoubted, and whose 
reluctance in normal clrcum-, 
stances to 'take -industrial action! 
which wbuld damage the com-i 
m unity is "well known, .should j 
have seen Their relative position j 
decline so dramatically. 

11 But the patience* and dedica- 
tion ofThese workers" hae: been 
exploited. The Government must 

recognise that injustice.’’ 

The- claim is for a £60-s-week 
minimum wage. Average full- 
time weekly earnings are ' at 
present £64.65 for men and 
£46.52 for women. Part-time 
earnlngs'are" £20.50 and £19.41. 


Report calk 
for shorter 
week’s work 

TRADE UNION beliefs that a 
shorter working week’ would 
reduce unemployment were 
given support yesterday in a -far- 
reaching- critical report . on 
Britain's industrial performance 
•by an academic group supported 
by radical trade unionists. 

The report, “The Future. of 
Employment in Engineering and 
Manufacturing," comes from the 
Centre for Alternative industrial 
and Technological Systems, a 
joint venturp between North 
East London 'Polytechnic and 
Lucas Aerospace Combine shop 
stewards' committee. 

The Lucas Combine is at the 
forefront of moves towards shop: 
floor industrial democracy. Its' 
corporate plait, which cuts 
across many traditional trade 
union demarcations, .is an 
attempt to re-direct the 1 com- 
pany s traditionally military - 
uussd production, into ** socially - 
useful ’ markets. 

The report says that the true 
cost of 15m workers unemployed' 
is more than £10.Q0Qm per year,- 
including redundancy payments, 
administration costs and . lost 
production -doc to current un- 
employment levels. 

It warns that th e real cost 
of unemployment could be 
around £3 0,00<Jm per year- if the , 
numbers out. tif Wofe rise to the 
levels of some economic' fore- 
casters. .:. - •' • * - •* *•-*. • ; - 

Tfee-Gowefeaien^STjange of Job 
maintenance schemeg no 

effort t0~ deal fund ament all jr-with 
the ' problem * . . 

' “Tfea Future,- idf Employment 
rn Enpineerma and Marat Japtur- 
aemtaWe; from- -GAITS. 
North- East: London Pofytedmic. 
Umgbrtdge.j -JiaadfJ^ DagtoOiam; 
Essex. Px%e ?fa: '7 -/ - 


recommend 
token action 


THE EXECUTIVE of the Boiler- . 
makers! Society - :ha$ recoin- 
mended -fo its members in the - 
shipbuilding. - step repair, ' and 
marine engineering industries - 
that they staee a halfday token . 
.stoppage on. December 15. 

. The recommendation is .in * 
response to a call from fee = 
European Metalworkers' Federtf* " 
Won for a “day of atdloh^'tn. 
demonstrate, opposition to -fee - 
EEC* plans, for reorganising -fee . 
European ; 

■*/■ -' ; *'• ' [ ' - :e L- 




--■■■? -v r.-f-. 








-itfafsi* 



■i 

I 


£ 




A 


fi 





•■1 tfXf * r.’Tf: 


',/■ '**r! 


v \ 4\ ’-p \ 

" \4 i\^ \ 


l x s 




I "} t'v ,r v ’:• ^ 

•\ v 1 . • -'Jr.'" -’. : /■'- ■ " ‘ *...•■ . ’’“ . «- * i'l.‘>- ^ ;* « 

.•.f.V*-J ~"- '"; . • ■ •.' m l '[ . ■*- • • -• •„ ‘ .- ■/ y* ■ ;"?; ' ■ 

1'-?‘^;-'-V i-' ~ ^ ■,'■ -■ ■-^■r. -. ■ . . . C-V'S- -^ - ; '- '■■ 

}:j; , '..;> : :■ .* *' '«? iv : 4 . -• . & . ; - •• • . 

V 4 . •' ■/."■' c -■■'■' 4 ■•• ' 

t"C' ■-."... !i-± • .., -.■.••>•'*• I, •.£»';■ ■ 

*•■’!. v. • •■"•*•** *’ i -i- . 

. / :. 4 J?rl.n? ■- ■“. ‘ \ ‘ ' J V . . _•• J VT-V- 1’-- 

■::.' y.;- 

*£ ' .4 ■«•,•■» * , - V * • I . V T ; -■ ■ 

gS®^'&peife ; : 

" '•.VI '"'V-T ' ? • ' Jf'rl .1 *r 3 • 









jan rl prnnramcal alternative to either a second car or public 

: ;||SSENGERS OR PARCELS? 

V. 4 '^. iv;f - , . ] 'fheTarriiliales seating is arranged in three rows.Two bucket 
i^^>|iKwyp^^XfeY^iBe individual bucket seats in the second row 

in the back row And it is a pleasant surprise 
^t^l^^iP^iin^P^’seating -is oT-the same exceptionally high 
/l^v standardifiat has irfficle CX arbpvord for comfort. 

. ■: . yyfr " Of coij^eUall the seating.were fixed and static, the Familiale s 
• icab yng bj^rity would not bcinsed to lire full most of the time. 

i 4 _* -i li rftvih ic.Sni 4 cn - \ 4 




^entire back row folds mish down to the floor. So the 


apart, the Familiale is identical to its stableniate, 
® S|fj^GXpafa±iEstate . Those who are familial' with the Safari will know 
f. f; f jiBt^hat good news that is. But for those of you who don’t, it means 


TV- remains outstanding whether the Familiale is fully 


: V.-.v;:Y V-XTftis , of course, is due to Citroen s unique hydropneumatic 
bf /sus®^ision. All four wheel s areindependently suspended, and height 

LI •iv4«v»n*- m-irura ilia Mr rom nine raf. o 


ride'^eh overithe roughest roads. The self-levelling 
. vi: oT iiydropneumatic ; suspension also ensures trouble-free 


towing up to l!i tons, as the tow-bar is kept at a constant heighgmini- 
mising the possibility of its touching the road on sharp-hills and dips. 

g : v QUIETLY DOES IT. 

yf! ' When it comes to interior refinements, estate cars are 

more often than not the poor relation. This is not true of the 
Familiale. Comprehensive soundproofing ensures that any 
lOih ^oise inside the car is due almost entirely to its occupants. 

It is sumptuously carpeted thro ughout, and for upholstery 
there is a choice between luxurious jersey cloth and 
tough hard wearing Boxline, ideal for sweet loving 
children and mud loving dogs! The front 
seats recline fully and have adjustable 
detachable headrests. The driver’s seat 

R glP§F ^Sjgj j s gjgQ height adjustable. 

VariPower steering is standard,, 
making the Familiale a completely 
effortless carlo park even in the most 
confined spaces. But VariPower also 
y ^ ias a unique advantage over other 

power .steering systems. 

The steering gets progressively 
finner with increasing feel as the Familiale goes fastei; so long- 
distance high speed cruising is much less tiring. 

.Another relaxing feature for the driver is the imaginative yet 
sensible fascia layout. All the instruments and the comprehensive 
array of warning lights can be seen at a glance and immediately 
understood through the distinctive single spoke steering wheel. 

A TOUCH OF CLASS. 

Performance Loo, puts the Familiale into a totally different 
class, Top speed is a swift 108 mph. Getting there is simple, especially 
with the optional C-matic transmission. Yet petrol consumption is 
'quite extraordinarily low for such a big car. For example, you can 
confidently expect to achieve 30.7 mpg (9.21/100 km) at a constant 
;m.> mph (90 krn/h) * 

SAFETY FIRST. 

Since so much of its time will be taken up carrying lots of 
people, there are safety features in abundance. Fully-powered disc- 
brakes alwavs ensure full braking efficiency: Both front and rear 
ends are energv absorbing, helping to prevent damage reaching 
the rigid passenger compartment. In harness with its surefootedness, 
these features make the Familiale one of the safest cars ever seen on 
the roads of Britain. 

A word of reliability: Underneath the Familiale s classic lines is 
a ruggedness of construction easily the equal of that found in its uglier 
competitors. Major services are only required every 10.000 miles. In 
addition, like even CX imported into Britain, the Familiale is given 
an extra thick underbody sea! to keep the British climate out. 

All in all, the Familiale is arguably the best family car it is 
.possible to buv. Because, with its uniquely flexible scaling 
arrangement it can take on any number of shapes and sizes, j ust like 

famite CITROEN ^CX FAMILIALE 

rv :4>X 4 bUF’tP FAi-HUniJi IllUSTRAilD ^ 
v f.v : 5 ;V. r.iESEL SUPER FAMiL'ALE io^2. 

: 5 -SETTER ESTATES. :400 SUPER £5?:2.25C-j l'ESE'-SUPclP I-folT. 



CITROEN® 







10 


LOMBARD 





:• 

i. ■■ 


*■ .■ 
f- 


i - 
4 


BY ANTHONY HARRIS 

IT IS some yea ? 5 now since 
brokers were in (he hahii of com- 
plaining lhai the institutional 
investors behaved collectively 
like a lot of sheep. Their 
experiences in the preat crash 
and rehound of 1974-75 have 
touch*, them not to stampede -n 
readily, and nowadays it is 
currency speculators who are 
accused «f herd instincts. How- 
ever. this is nnl so much a 
matter nf cm race as of one hrute 
fact. When dollar holders want 
to switch, they can normally find 
central hankers nnlv too willing 
to buy. The institutions can 
nor collectively dump British 
industry, though: there arc nn 
buyers. 

Giits market 

In another smise. the institu- 
tions may still appear quite 
shecp-like to (he rvnical 
observer. Sheep can he made to 
so where you want them 10 
by barkinc at them. The insti- 
tutions may hare run a relatively 
even-tempered equitv market in 
recent years, hui in the silts 
market they still bad some fr««*- 
flmn nf action, they could lu % 
more nr less enthusiastic about 
playing iheir part in providing 
new funds;, for ihc over-voracious 
Gnvemment. Their mood swings 
Produced the cycle known as 
the Grand fdd Duke of York. 

Earlmr this year, nnvrescr. 
"Mritisters, startl'd arum Wins 
about surrenrferins iheir powers 
10 thr younc men who write 
hir.kers' circulars and there wa« 
the merest hint *>f a crnwl about 
dtrccrinn of funds .is one nos- 
sible eurc. Since then funding 
has proceeded month In month 

in an ainazinaly orderly wav. 
though nni perhaps a 1 the yield* 
the Treasury would have wished. 

It is worth hearing this psycho- 
logical background in mind when 
considering the possible Labour 
line of attack on the institutions 
in their equity financing role 
The TUC wants 3 propnrtiQn nf 
their funds rhanncllrd m 
industry through a special fund — 
not a Government fund, bur a 
new monster with triparulr 
managemenl. 

The proposal may appeal to the 
weaker side of insTituimnzl 
psychology — no risky decisions, a 
national role, and even a proposal 
that one role of the fund would 
he to make a market '.nr institu- 
tions which wanted In yell out. 

A lot nf ihese midramaiic 
bodies are essentially non-solu- 
tions io nun-problems: hut ih" 
danger of the TUC pvop-val. or 
any possible allempt to pre-empt 
it. is that we would gel a non- 
- > 1 1 1 1 1 inn to a real problem. The 
reluctance nf the mstU'iimns to 
gel involved in management 


issues 1 with The recent pyrepttnn 
of a few of (he bissresfi is a 
major rmblem nf the post-war 
British economy. 

It explains why the take-over 
bidder has been the only effec- 
tive way to get rid of bad mana- 
gers. ?o that as fast as we have 
found bdter manager.--, we have 
loaded ihem down with over- 
sized companies. It also explains 
».hc repeated flight of institu- 
tional money into land, with un- 
productive and ultimately dis- 
ruptive results. This has started 
again. And the TUC is certainly 
not insulting the institutions 
when 1 * says that they do not 
know how to fake a management 
role. H is simply plnjin* back 
the institutions' own propaganda 
on the subject. 

This propaganda, which is 
basically a statement about the 
limitations nf investment 
managers, who aTe untrained to 
run industry, is beginning to 
wear a little thin. The big 
institutions. as the TUG 
acknowledges, are beginning to 
Mir themselves. However, just 
as this development begins to 
look promising, the Government 1 
has re-launched the «illy idea of 
ouiKiv um insider trading. 

This mu Id prnvr a blessing in 
disguise - , for if it provnkes a 
move !■> make a visible separa- 
tion between the dealing role 
and the shareholder role, it tniahi 
also produce sonic better idea* 
than ihi- TUC's un hnw the 
shareholder role should be 
discharged 

Self defence 

The fi- - «l point that ought (0 
become evident 1 * fhaf the 
provision of new capital is only 
the margin of the problem. It 
i? as true of financial as of 
physical capital lhai our central 
problem is noi so much to 
provide more as to get more out 
of what we have. The second point 
might li.* an admission lhai the 
institutions, which are cnllec- 
lively locked in, arc largely 
locked in individually. 

The derails ore fur experts. 
1-ui one can guess the general 
line*. a management irosi. 10 
hold whet is acknowledged a 

permanent shareholding. TJ 11 .' 
vuuld forfeit the right 10 
deal and receive management 
information m return— a son of 
institutional NEB. with coed 
investment-bank managemFn;. It 
might represent move th-m cm*' 
institution, and would >»id for 
new money on the h!»?i* of its 
own performance, which would 
certainly hr belter than that of 
a tripartite fund. If ••onie such 
imaginative self-defence results. 
I hone that (he fLT’s threat is 
taken scnouGi. 


Fatsia, mahonia and winter 



Financial Times Wednesday December S197S; > 

'vl,' 


EARLY DECEMBER. ai l he 
best of times, is a poor season 
for gardeners. The warm 
autumn, this year, has confused 
us all- The bedding plants can 
hardly be pulled up when still 
at their best. The ground was 
too dry lor bulbs to be chiselled 
into it- Now. it has been frozen 
hard for too long. If you are 
raught with tulips still in brown 
paper bags, do not be too wor- 
ried about planting them at this 
late date. I doubt if they have 
missed much. Narcissi are an- 
other matter. I confess to some 
uaplanicd bulbs of the lovely 
double Irene Copeland, one 
which you should hunt out if 
you do not know it. 

These ought fo have replaced 
some summer hyacinths, or gal- 
tonias. six week® ago but the 
hyacinths were flowering Loo 
strongly to be ready for the 
move. It has been a fine year 
for these autumn bulbs. I am 
impressed too. by the strength 
of the pink wrinkled petals of 
the Nerine or Guernsey Lily. 
The thermometer has been eight 
below, even iti my working 
hours, but their heads of flowers 
have hung on despite it. There 
vva<s a time when we all were 
told to consider them half-hardy. 

No such doubt has ever 
attached ro tire three best rea- 
sons for raking the garden seri- 
ously at this season. None is an 
unfamiliar plant, least of all to 


Londoners. But at a time when 
many of you may be wondering 
what to order from a nursery in 
order to make the most of a 

newish garden, especially a 

town garden. 1 think it worth- 
while grouping them together 
and reminding you why they 
are such a god buy. The fatsia. 
the mahonia and the winter 


fig-1 ike shape. Outside a town, 
your fatsia might suffer in a 
severe frosi if planted in the 
open. 

Found in Japan, it first made 
Us name as a {iduse*plant, till 
town gardeners took it up. But 
if you put it against, say. a west 
wail, you arc most unlikely to 
have any trouble. As an ever- 


GARDENS TODAY 

BY ROBIN LANE FOX 


cherry would, in fact, stand 
prettily together. They are fun 
over a long season and that is a 
great virtue in any plant. It so 
happens that my three arc at 
their best now. 

Most Londoners »<*r faltia 
quite often, though not every- 
body knows what it «*■ About 
five feet tall, it is that upright 
shrub whose leaves resemble a 
fig-trees's. darker, evergreen 
and more highly polished. At 
this time of year, you will know 
it by its milk-white .-pikes of 
indistinct flowers, held in an 
open head above the leaves. The 
flowers are curious, but not ex- 
citing. The excitement lie> in 
the shape of the leaves. These - 
are at least a foot wide, notable 
10 winter and easily marched 
with a contras t4o their forward 


green, it i» one of the few plant? 
worth looking at in winter. I 
cannot see that the vanegated 
form, prized by collectors. i» 
worth the money. Fatsias should 
he dark green, bold and upward- 
spreading. You can then plant 
a shrub with honzonat lines 
beside them. Here, of course, 
my second choice comes into its 
own. tl}e invaluable .Mahonia 
japonica 

Enough has been written 
about this queen of winter ever- 
green shrubs for me only to 
remind you of its delicious 
scent. like a lily of the valley’s, 
and its fiat and spreading shape, 
such a fitting contrast to the. 
fatsia. A fatsia and three m ah 0 - 
nias. well spaced, would cheer 
up aoy dank and shaded wall in 
winter. But it is less well known 


that wc owe this .fine shrub to 
a chance discovery-,, ah inciden- 
tal gain Tor which we should be 
thankful. 

Throughout the Empire. Vic- 
torian planters had always been 
alert to the value of . moving 
crops fram place to place. For 
Indian farmers, -lea-crops were 
tantalizing, so hunters were sent 
into China to gather China’s tea- 
plants and bring them back, 
into British India. The attempt, 
m the end, was a failure: the 
blends remained in different 
regions. But on the way, we 
gained three small sprigs of. 
mahonia. begged by the great 
Mr. Fortune from Chinamen 
who thought it a source of head- 
ing. Better a wahoma than 
another thousand acres of Chios 
tea: nobody. . 1 think, has 
bothered <0 sec if mahonia in 
fact has any medicinal proper- 
ties. Yet from Fortunes three 
springs, our stocks must all 
trace their descent. 

Among or near bold, upright 
fatsias and a prickly and hori- 
zontal mahonia. you could well 
place something lighter, a haze 
of white blossom, perhaps, for 
which you should look no fur- 
ther than the guod old winter 
cherry. At maturity, this is no 
tree for the wall of a house. 
Winter cherry, given time and 
space, will one day spread out 



The curious flowers and the fig-shaped leaves of the fatsia. 


to quite a canopy. of branches-. 
But its season makes it a tree 
for any sdfo'especuag small 
garden; where else .can you. pick 
Sowers m November and March, 
from one and the saint? plant? 
Prurnis subhirtella autumnalis 
is the one variety worth buying. 
Watch how the staJXs of. its 
flowers grow longer and larger 
as the.wnter advances. 

At first, your cloud uf white 
blossom lies almost fist against 
the branch.;Then. in March, its 
second season, you will find the 
flowers hanging un stems, 
almost as if they were pendants.: 
Bushes, of winter cherry are on 
sale too, a useful alternative if 


you. arc short of. space. But 
essentially, this is a tree, which 
should -rise out of a lower plant- 
ing or stand out against a dark 
background. Its cloud Ofiwhite^ 
win ter : flowers is only inter,- 
rnpted by frost . which browns 
the buds. -The last fortnight,- 
tfien,_has spoilt it! But. tfte.- 
branches. can "be picket- and 
brought indoors when Oreibuds 
are stiU right.-. In spring^ ypqV 
can -expect a second burst' in. 
milder weather. There are few 
bright spots. in an early" wlafer 
garden. But the winter cherry- 
Is such a charming and pershsent- 
plant that" it alone cap take the" 
edge off this. miserable weather. 


Richard Head sends three 
North for better going 


RICHARD READ who has been 
able tn do little with his siring 
in the last two nr three months, 
occausc uf the hon»?- jarring 
ground nn ihc Lambonm callops. 
heads North to-day in search of 
belter going He sends three to 
Ayr. 


RACING 

BY DOMINIC WIGAN 


In the afternoon's most valu- 
able event, the three mile Dunure 
Chase, he sets punters a tricky 
problem by saddling both Stub- 
iick and Village Thief. Ren Barry 
is on Stub lick and reigning 
chamoion -Tonju O'Neill is aboard 
Village Thi*?r 

Although SurMick. arguably 
one nf ihe leading three-mile 
chasers in the country, is fully 
entitled to top weight of 12 «t 
2 lbs. I shall he surprised if 
Village Thief, with ihc benefit of 
a previous run. docs noi come 
out on top this afternoon. Hp 
is the selection in Wre absence 
of the in-fornt Fury Royal geld- 
ing. Roysiar. 

Head is represented in the 


Fishcrton Hurdle by th:«r con- 
sistent six-year-old, Share 

He. too. should go well- but 
J doubt that he will prove up 
to giving 11 lb to Chris 
Thornton's Yorkshire challenger. 
Bobby Kcmpinski, the conqueror 
nr Cleo's Asp at the last meeting 
here. 

A year ago Gordon Richards 
lifted the Vulmidas Trophy 
through Sea Count and many are 
likely to back -his consistent 
seven -year-old. Lord ‘.ireywoke. 
to do the trick this time. 

Ron Barry's mount was aiiva.-« 
struggling to keep on terms with 
that illustrious recruit to chasing. 
Night Nurse,, in the Emhassy 
Premier Chase qualifier ;ii New- 
castle three weeks agu, and .11 
the finish was a long way adrift 
of the former Champion hurdler. 

Although the Penrith celrtirz 
was shaken nff more easily than 
many who had seen him guv 
weight and a comfortable Heal- 
ing tn slag Party in a handicap 
chase at Carlisle in daj* earlier 
expected. I hare -little >loubi that 
lie was attempting almost 
imno*.«iblo task. ; 

In Ihe belief that no will b-< 


far more at home In today's 
company and over the minimum 
trip. T take Lord Greystokc- to 
get back on the winning tr-iil with 
a win over the somewhat dis- 
appointing Brawny Scot. 

A second possible winner for 
Richards and Barry is The Parch, 
who goes for the dosing eveai, 
Div. tl of -the Lagg Novices' 
Hurdle 

At Fontwell. where Galahad li 
is narrowly preferred to another 
recent winner. Pardon, for the 
Rank Challenge Cup. 1 <ihall not 
look beyond Upton Bishop in 
Division If of the Worthing 
Novices' Hurdle. 


AYR 

12 - 10 — Will rac 
l.nn — Lord Grcyriohe- 

1.30 — Bobby -Kcmpinski 

2.00— Village Thief*— 

2.30— I'm a Dritcr 

3.00 — The Parch 
FOiVTWEIX 

1.1— V- Glanficld 

145 — Galahad If 
2.13 — Grand Trianon 
3.2 J— Upton Bishop** 



I- . ; 

i- ; 




4 Indicate*! programme in 
in black and while 

BBC J 

12.43 pm New* 1 -*hi Pcnlil** 
"Mill. 1.43 Out ihe M 0011 . 3.«Hi 

Delia SmithS Cookery ■‘.'■mrae. 
3.53 JIegion.il News for England 
• except" Lomlom 3.55 Play 
school. 4-20 Wally Gator 4.25 
.lacknnory. 4.40 Animal Mamc 
3.03 John Craven'* Vpv. .-round 
3.1 It The Moon Malliull. 5.35 
Ludwig. 

5.40 Now'S 

5.55 Nationwide tLnudmi 
South-Ea>i nnlyi. 

fijo Nationwide 

6.45 Arc You Being Xcivcd 


and 


7.15 Thr fTn.-kfnrrf File* 

S.03 Sccrei Army. 

!tM New.-- 

D.25 The Kail and Ru-e nf 
Rcptfuld Perrin. 

9.55 Spoi-isniglU. 

10.55 Tonight. 

HJaWnodj Allen m ronversa- 
non with lain inhrH?tnne. 
12.1(1 am V.'caihcr Regional \e«' 
All Regions ;<* BBC 1 except at 
ihe following times-— 

Wales— -3.10-543 pm Kilidno car 
5.35-6—0 Wales Today. 6.45 Hcddiu. 
7.10 Fn n Fe. 7.40-5.05 Tnmorrow* 
M'urld. 12.20 am .\eits and 
Weather for Wale> 

Scotland— 5.53-B2JH pm Rejmj * 
mg Scotland 12.10 am News and 
Weather for Scmlaml. 

Northern In* land— 3.53-345 pm 
Northern Ireland Now- 3.55-6 Jio 
Scene Around Six. 9.23-9.55 Sp«l- 
lichi on pcnplv in Northern 
Ireland. 12 . 1(1 am Neva <«mi 


Heather for Northern Ireland 
England— 3.55-639) pm Lnek 
Easr iNorttirltt: Lnnb North 
iLeerl*. Manrjliester. Ne*' castle 1 . 
Midland 4 Today i BirmingJiam) . 
Points V.'csr • Bristol! : South 
Tod.-ti iSnulhamploni. .Spotlight 
•South- West ( Plymouth 1 . 


BBC 2 


?-■; 
!. 7 
r '• 


F.T. CROSSWORD PUZZLE No. 3.841 



A GROSS 

1 » alch .« fil'd nf tii*- Sail jir.i! 
\riiiy" i."*:; i 

4 Where one *.ua;. %e<- -^l nti- jnd 
tree remain -nil i.!-5i 

Hi Rcc inning'' TSi.il' - < ipilai *7* 

11 Undent* coin-- n«niid curry '*(1 
gerni iTi 

(2 Support reniuinder and paure 
« 4 1 

13 Tn> fur p-artuim Iran fnl- 
!n’.< - 1 5-5 i 

15 Worn doggedly »ut» a I’nln «-.r 
1 n-i? iff» 

Ifi Trnimic tn telephone roman- 
iif 1 7 i 

zn Pardon girl shorn h“nv? » T • 

21 innate in fond we hear ifi* 

24 Tii vide com nf security qiuiia- 
Unn 1 5. 5 1 

26 ilai! for <n*e .ide c-li 

2 5 Wuhoni c?miigh dlu>tralion 
< 7 i 

29 I'd i«> -ii in in prove supply 
(7 ■ 

30 Induigent Si* ihc French bum- 
na.'it »Si 

31 Soldiers nnsied laic ill t6t 

DOWN 

1 Food supplier ha! tn lurry 
wiih soldiers nn >hn* iS* 

2 Cuntif!'* in atLH'fr in tln'.vn- 
p«ur I hi 

" Soldier- 1 d fp!l«v* ip amir. 
1 4 » 

reifiiri!.' *r -nj? ih«- •• •i.rl-J 
be Nf.vil qqem .T*i;:d >,v <• 
, c. . 


6 Yji i" I *".f .-jnc rhafis (hut 
.should ne ret (HU 

7 Mnrmoc to mir lorcd »«ire |3> 

S River guing ir» m.-u u eniild ne 

though i is. 

9 Shii‘ in n.-in^ pnr,l« i5> 

14 Cnur.tgenu^ goalie way have 
In tt'ulch Ihe birds ( id i 

17 Arena hi of .■ near in natural 
siinnii'tlings t !■ i 

15 ■ loud m.-.n in encoiiraue fish 
t.Si 

19 Rlicsing m a partisan iSi 

22 Gninz nr like mnney 7/6) 

23 policeman m the south-east 
has room for action fal 

23 EITectii.il ndvanugc from a 
stair I lef» inj 

27 Who i firemen use may 
include ladders (4» 

Solution in PukzIf No. 3,840 


fiafiHiaB . ti/cfBangeae 
U , E '."El e a n Q El 
QS2SQHHEEB .B23 EQS 
Q 0 □ H n Ei E Q 
HHGD _ BHBSniCSBBiE 
a a naan □ 

HHM 0 

m ■■ , 

EQH n 

a a n 

□asEaGTQ&acs - bubo 



10 . 2(1 

lit. 15 

1 1 .IIU 

5.35 

6.2U 

6.5(1 

7.43 

7.50 

8.13 


•45 


BBC 
Headline; 


am Gharbar 
Fdrtr*i 

ris\ School 
3 33 pm i 
pm Ne\*.- on 

Cricket. ?'ir«i Test. Au«ira 
lia v England t highlight'*. 
Michael Slrocoff. 
Mid-evening Nei«s. 

The Story uf English 
Furn:mrc 
The Money 


Programme 

(report from Rruasefsi. 
9.(111 M T .VS a H 
.9—5 riay of me Week 
10-23 My Kind nf .l|/»vic. The 

Rt Hon Edvard Heath 

on ” Kind Heart* And 

Coronets " 

•Irerj.v i.'meir* in Indio 
Lair Ne - ' ? . 

C|o*cdo« n la'iV 


Hi.30 

11.15 

11.30 


LONDON 


9.30 am School <■ I'rngr amine* 
1I.0O Tl:e Mackenzie Affair. 11.55 
Beany and Cec*' C;*rtnon 12.00 
The Adventure** of Rupert Benr 
12.10 pm n.-esy. Dnssy 122S0 
Sound <■ nf Brimin. l.W Nc« plu< 
FT indc\. 1—0 nunies. News. 1250 
Crown Court. 2.W0 After Noon. 
2.25 Disappearing World. 350 
You're rinl;. Young Twice. 3j0 
Tell Me A in i ther. 4.20 The Sooiy 
Show 4 A3 Fanfare For Young 

Musicians. 5.13 Puitmi-n 
5.45 New - 
fi.lM) Thames m ff 
6213 Help 
6J35 Cross ro.nJ< 

7.(10 This Is Your Lifp 
7.3(1 ('.nronnlioR Sirei'i 

s.Ofl Wednesday ut Elgin 


9.W Eduard 1 and .Mrs. Mmp*'in. 

1O.O0 News. 

lff.30 Mid-week Spurts Special 

11.40 Late Night Theatre 
ttM am Close: A pa In tin? by- 
Degas with music by 
Berlioz. 

All 1BA Resion< as London 
exrrpi at the following limes: — 

ANGLIA 

11.0# »m 17) *- li't H-J.1i*!!? U.OD nvar 
l.ss 7 h“ Sux-* Su**r Pn*i|d-.nui 1 -IS pm 
Ar.sitia ZOO Hmi— nartr- J.J* T*i 

*...nrci> li..ml 1 inn IV Sh*-,- 505 **r a-i^ 
•jr**. KDO \b*m! vmMu UJO ’.hofipir 
iquai!. 12J5 am 79*.- Bis; Qursiioo 

\T\ 

U.00 w mir pi»m*-i5 Is Pun 109 i>m 
ATV :%**•! ilosK. 3.25 TTil- Prarljr-. 5.15 
V*»»l IT riiil! YttUV T«w. MO ATV T- 

its: UJ9 fti rhn- 1i.-o-.--lDun. 12 . » am 

tnsulc Eusin-.-'i. 

BORDLR 

lLPO im Th- Lin :iu;.*»re. 11.40 
UJS TV ovi Si*-- Mitnr Umisrc-.T 
•1.20 pm RopI't- Xfv-'. 2JB Hr*U***P!in' 
JJ# ■-'-rond C»tv O-rr. 505 Bern:*- 
t.Oa LnnI-prrHmd 'V^-ii;... ijy 11.40 Pni-.r- 
'.Vdhoitt i P ott. 12J5 am Dorter lirw 
■Sunurarr. 

CHANNEL 

12.55 pm Til* r**n.... | nunh*:-- l.» 

rha-if!*; ) jnit Mil"! a-j 

'Vher** 5.15 F mm-ru.io rarm *00 
i li.mn»l s#“t *.10 Amur. 10JS < "* , .i:*i—l 

1 af> %>ivt 12.01 * TjVT. 1Z-M am 

F. at I Ac i* t" -■ •'.<!? arfl :*■■-;» !*-. r 

in rsmt-h 

GR AMPJ'aN 

1.2S am >1r«- Thins AUB 7h* li-* 
Tliin: , -r*' U.43 r,. car i i p The Sw-*i 
Sue - *r PAMv&aar ijc pm f-'raiep **- 1 
N-*>-s TT-rtlinr* S.M The Bnlf Harr-< 
Snn . 5.15 ;:Rini.'r ilslc I'lrm 5.C9 
ilMpu * Tilda- 20.J3 , One Of Ttiir-- 
TT.»w.» v.i r,.*< wwi u.is 

hamshr -ion'--. 12.10 am Tto9 n e> o.t*. 1205 
Crjnipur Lai*. 2. 1.:.',: Hcadllars 


KAai»lr...*s 2.00 H«*!o Yennoir 33 The 
El'ctHe ThP.inr* Phnw S3 r.rnism.i^i 
SOU Deonrt iv*»ei *05 H-oon Wale*. *J0 
Rmnu*rtale Farm. 113 The iVcv 
Avrnsprs 

MTV Crtnrw / WA(cs-A< MTV G <•>*•-*( 
Semite except: 13X3 pm F-onavitan 
■.'••irvildinn ;■ P* dd. 4.3^.05 “ Brdw " I 
*=■**,'. . t-OM.15 V Hrtri 

HTV West— AS HTV General Service 
frrept: 1JO-L30 pm Rnpor? »V« Head 
Ln-». *.154.30 Herwrt Wesi 


SCOTTISH 


1.25 pm \»i* .mrl Riirul wn>1 IV*.i:|irr 
?0P r-'nm-n "'ll*- 325 Th- Kl.-rltlr 

Tlieiiir- Shim 5.1S I'jnwn 5.20 
Mi * 00 S*w;.in>J T <«*.*«• *.J0 Film Thi 
Sriionr nf Thr Sonc 103 Late Lull. 10J5 
Police Smn. 

SOUTHERN 

U .SO am Th* i.a -1 Humors UflOnm-ar 
11.55 The S*> -ei Sncar nmichn'it. 13 pm 
M>nM»vs) ,v--*« zoo Koiuwaa/1* JJt 
i.inlr HnitRi- nn Th* Prairie. 5.L5 Th" 
I'ailnvaa A«("*imiri-s or captain Srim* 
5.2D i Tnscmvf-;. *.M Pa- h? Dav *js 
<- nn* SlfH.Wo»F 'Smith Ein* Ar> a (lift 
U. #o '•*<uih"m Extra. 11 J 0 Gwror 
llair.ilion IV. 

TYNE TEES 

0 25 am Th* ilnrul Wn*4 lollowfil hr 
\n r:t» nut >■"«■■■ 1i , i* i «I!iim. 1L00 The 
I av H*i*-im» U.W *i—jr 11J53 TV Snvpri 
Fiiv-ar On in hnn i 13 pm \unli Ha*: 

"''"i .**”1 LiiAVarniintl 2 .Q 0 Wimii n Onh . 
*. 2 # :Ttr< on lor 5.15 l.v. .vo- al«l 
SSirlP’-. *.00 XpritiAin Li»* ll.tt in-iii- 
r«i|'‘n*'v.. Il.to am fn Conirrt— tnaianl 
F'mihinc 12J5 Cnlinsu- 


L' ESTER 


GRAN \ DA 


11.00 »m T.-.r.-.-. 11 JS A Kai.jfui ’I 
<*wti 1.30 pw Th -■ : Tour hi -hr 33 
«ijr* ui k". 5.10 'lat'-i Nc-*'. 5.15 

* .rOi'-rnafle bXU *'■*.-- <.Ja Ri'H-irfs bJO 
:-if *r.d Hr- Xi.ec i:in y. 

HTV 

11.00 am The La;i .‘liiiiler*. L48 !'•»«' 
11JS Th* S-.?r*l Siu.r DuugMiJ". 13 pm 
p.'pnn Wej» fieartlir.i «. 13 Brpnrt Wal** 


1I.M am Th* t.avr Hwni'Pr.' 11.40 rijpar 
11.55 The Aw.-.-' Sucar Dmishn'li 1.20 pm 
L'in-hiinv J3 The E|..i-i,-k Thi-arre 
«h<r t . 4.10 UlM-r \i Wi Hi- i'll itipi. 5.15 
r arimn. 53 rh*'nij<1; *.00 Repuns. 
*3 yokin'# npraev 1L40 tic'lilmc. 

WESTWARD 

U4» am Th* Lj'i Hiinmr.- 113 'near 
11.55 Th-- s»wi Suear rwnch.itu i2jr pm 
i'll': ilrnir.V'n HiriliiJ.i:- . LX h\*|. 
■‘ir*l Ni-'e; H-'.irtllhn. 5.15 Fni'iu-rrm*- 
i irni. 6.00 1-'- fuar •' 103 IVi-Pl- 

•■-art I ii-.- '■•- e-, 11.00 s.\i A T. 123 am 
l.iirti Fr.r Life 

YORKSHIRE 

II .in am I'apmiii rune. 11.19 The 
S- rt—i Lire.* p| -.VaMo Killy 11 J5 Wnrld 
v.'iirih S'«rpirj 13 pm Calendar Ne'e* 
33 5:ars on l«. 5.15 Mr. anfl .Mr*. 6. DO 
Calendar ■Eniiir Moor and Srlmimi 
ertmnii* 11.40 EJrrjrn.- TJlcarre SbPi* 
1210 am Pnllre Surscim. 


I BBC Radio New Wavelengths 

BBC Padiai London' 
iKSEKHi, 20*Ri A 54-Tvhf 

4 IflSWHl '3Jm 

1 tnskHf-Hrm 


1 IBSWHz '275m 

*1 u SILOZJytif Ugree 

Capital Fadin'. 

UakHr IMm & MAyfif 

q OejftHt l!3m 

A JOQkHi'ISOOm 
“ * alcre 0 

4 KHfcHr. iJOm 


LCB-Olvhr ««•(■ 

lUUHi. 2Um t EIJahF 


RADIO f 


(51 SienopHpmc hraadci** 

fHetflpm wjw 

5- Bn am \s qii.n ‘ to* par* I.** 
Trarj* *3 Sirror Ka-e- mi p a ol 
Biwnerf- ZOO pm Tern* Blachherri 4.51 
Knl Jcr'-'b. 6J9 Eilm • Ma;ihaK. 7. JO. 
8.00 A* 03*110 5.CM0.M ,»> V|1K 19.00 

John P~! -A- 12. DO- 23 am A* Ha41n 2. 

VHF — 5.G0 am f-'.jh Radm C. S3 U**eri 
in fh- 'S' ■ • 0D'..51I< d from JlJd'f 

? r.jn pm- G.15 s*ajr r.: see?-u«jr i*. 
0.02 Th* imor 'jne* Spon* pf*e 

W.flO SViiii Radio : 123-2-00 am v.njj 

nadjn - 


RADIO ’ 


5.00 am Saaur.ar? 5.03 Ton? 

Brandos ;(*■ im-rudi-v *S2 Cr.ckt \ Flwi 
Tn:. .Vasiralia *. Er.slacd 'twor* anl 
4 13 Pjuv 'or T:oi«h: TJ3 Tcitt Wosaa 
*S< inviu2:s^ 'Jj Cr.rJivl ‘1'jrJtsr repor. •. 
9.UT H-e.r.f fte'J'.-in ar.-l >.43 Paus-7 fur 
Thoiuli!. 134)3 Jmi:n* Young '>■. 1245 
pm H'as--iarri' iVuii:. liM Mj rr? Ronv?.' -• 
Cy-n Eiiiub>- '2 1 1.45 Spur:;. 

D.'^'i 2-M D<i*..*i HJiiLi'nh :n..-u<l:na 
-f; 41 I , (i S,i*H“.> DriK 4.30 V/nagmi'-n- 
r. j'K 4.45 Ss-jr s D->* 4.0T John Dunn 
•*•> iv.icdinx :■ V s.inr* neck 6.45 spur:- 
T.(B ft -bn Fichaicr.l i 5 » 7 .S 0 

»■*- ~«n4 •> .*.00 r 'i;«p.'j' 

1 * 11-1 e- xr-.-'a e jots- in-.rrr-jr"” 'in'.-.* 
V'Hr- n.55 73"*'. 10.02 Thr %«*■■• 

VI n<’ 41 * .. •*• R’-. Un<5( 10 M 

n * •• • nil? ?' a • 


m-ro'iip-'*: n-iuaif Siidoifti. - . ”*• 
■ liW.r^ 12.00 N>nt: 2 .D 0 Sews Stun mars 

RADIO 

HSH.B am r.r.-.v-i- Fim Tri. 
Au’ir.i'ia *• Cpz»*-.| US-T.W Weather 
7.00-7.05 »VW «nJr> - 7A94IJ0 You? 

aiili eek Choiee pir- 1 (S’- 0.8041 -W 
Nev iVKF e.n'j- >.05 Your aiklwc"!- 
fTfteirc. oar? 7 i5*. 4.00 News. 0.«S Thi*. 
WrelTs Cnmpnser- :-iuun *S». UJA Rnll- 
rtar Special 103 Mn<ie (or (lrpan *S> 
20.S9 Tn-.i Sin- : Cmnoowr* |V* IXJB 
M'.Har Onrceri p 3r i ; tiear. Ravel (S' 
12JM 1= Shnrt -;a:7' W.M pm Mlddvy 
Concert, par: 2 Brahms tS>. UK .Vr«-*. 
1.85 f.qr.-cri jin;: ,j. 2 Jffi Jo«-f Bsl- 
hroclie iS-. S.U Taneyrr 'Si 33 Thr 
Rena issa ace nf cbamOcr Music 

•S>. SilO Ssr.idiss a CibrtUT .01 rc-ort* 
, iS'-. 5.45 Homeward Eauml 'S'- * Jtt New 
*JS At Home : .*.|u»;e of (he n«h Can- 
in^- hy Xanfrcdln:. Haydn iS*. !J« Radu 
Liipu o;ano reciMJ ■>-. 7 AS On 
* Rrairn* .. 8.00 Rpihl.etTPtishv and (ft: 
EEC FO pan 1 . P>e:. wtHid 'S'*- 9-«S The 
Ans Worldwide. NOS B9C So. iwr: • 
Dvitjs ■£•. 0.55 *. Wan WalF' Sin--' !’• 
19.45 Th" Tr.rvs,.r. 4 <3 ,pi. 11^1 V- 
U .53-11-56 Tnn:=h' . e^hubert Sim* *> 

RADIO 4 

*.00 am Nfi.v 6 :ief*j MO Fairpir.s 
Tnda:- *3 >'Mpr'sr '.««?( *.» To*i.i; 
Maaaai-i- i?r!u4:n* r. as Prjjrr fnr ift* 
n*- ‘ "5 jsd s rn4aY* ye-- * ' 

Pi! 1 >■' \*»* • *'' Thn'ISh" 

•"l niv I. IS V--- rtav-m P*r:wm*«- 
fM *.» T 1 *- !.»»!»:« W-i-d *.*5 


P.ircn? Po'»"r 103 N't'i 1 * 10.05 r„ir. 
d'liiT * OurfliiNI Tjme lAM pallj- ,-wr- 
r ‘--i- 10.45 llnrnins Siory 11.00 Ymi. Th- 
.luri. Th',- Trntl'' Calnns tin* m*i mu'-ft 
rnwer • 13.45 Cjycb rnih sinrtcr. lie# 
Ne** 12.02 pm You and Yoim. 123 Dr 
Fmljt-s Cavhciov. 12J5 \Vna:hur . pm- 
iiramme wm 1.09 Til* ll'orid si Oft" 

I. 40 Th' Ar.her-.. 1.55 snipplns forreas:. 

2.00 lews. 2A3 V.-wnan *. Hour J.S0 Xcw*. 

J. 0S .if'-.-f noun Tfitair" JJE1 Chora f Eu*ii. 

*nne 4JS STrir:- Tim- 5.00 pH N. w* 
.tiJianne 5.50 MuppuiK fnreeaR 5 AS 
Weather; pnitrammr nwsc* *,00 N*e*v«. 
*3 Mr Won!! 'Si T.OO 7.M Thr 

.\ri-h'rx. 73 Qicrl point 7.4S The Relih 
|^renr»>. «J5 The IIHi'h-HII*rr » r.Uld" to 
*he G ala xv rSi. 1.45 Grrrnane’s New- 
HiBhi Hew Tar hehlni is Ihc sasi? 4. JO 
RaMdwnp*. 4J4 W.'athrr 10.00 Th* 
’■Vm-M Tnnlyh! 10/8 \n .\rtar in h|i 
TIBI';. 113 A Rook al KMlimr 11A5 Th* 
rmaiiOa) World Tnntsht 113 Today tn 
Parliament. 12.01 *trw.* 

BBC Radio London 

5-00 nm A* Eadsn ; bJO Bu»h H-nir 

4.00 London Lire n.oj pm call In. 2.01 

705 Shau'-av 4.03 Home Run. *3 Look. 
Stop. Limi-h. 7.30 Bla-:fc lumdoncrn. 13 
In Coneer. 10.03 Law Xl*b» LnniJrm 
L.3 As Radio 2 12.05 Quesliou Time 

From :n-- House of Curamons. From 1.03 
As Ratlin ; 

London Broadcasting 

5.00 am .'.lamina Mumc. *3 AM . New 4 
in(iirtnpi.m iravel 103 Brian llaio 
1.00 pm l.itr Rsiwris. 3.00 GcPrtf 
rt.il-. 4.00 LB«; H.-pons ‘tinilinu"-.. 8.09 
•Mu r Eujh;. 4.00 Ni^hilia>.-. 13 am .\i;!h 
Fsira 

Capital Radio 

*.00 am Hroltam D*ne'» Freuma;* stii'e 
'>• , - | l9 -Michael amis) tf' Z2>M Da*** 

; 4-h J.o pm F.??»r *=••«*• .<5 •• T0« 
Lornln:- Toda; S- T.J0 .Mriaii l«w‘. 
•'p"'. l.-- •:. *0P Hurnr s Vnur 

'.n:h'r V.miat.*': ].;>« j; • * I 11.00 Tom 
« !,i-e -.hnv <- 2.00 am Him* a" 

f- r ; m: ij.- 


ENTE RIAINM ENT GL IDE 


CC— -Thr** thdtr^i Mmot tffruia trCtf* 

cirrfj Or tv} zp ft on* or *l thr Sat -Otoce. 


THEATRES 


. THEATRES 


OPERA & BALLET 


HAYMARKtT. __ igt-flM SB3i_ fn. BOO ; SHAPTASBUBY^, _CC. . *?6 E3a0-7. 


525& I 


COLISEUM. Cradil cards. 01-240 
fleservatlons 01-B36 3181 
ENGLISH NATIONAL OPERA 
r?i.ghi A Sal 7.00 Per Rotonirmr#Ft«. 
Toms* 7 00 Yta« Thievlnp Mapolc. " A 
visit to Uie Coliseum Is essential " □. 
Tei Fn. 7 OO Jonathan M liter's prod. 
The Marnape or Figaro. "Sung envomplv 
•veil by a strong cast " Ei, Stand. 104 
tulconv J 0 il» avail, lor all perfs. Irom 
10.00 on dav ol o»n 


Mats, 2 


_ ... Sat: A.3D and 8.00. 
HAUMNE McCWAN 1 

CLIVE FRANCIS > 

NIGEL STOCK i 

petep Paul 

BOWLES HARDWICK 

and FENELLA FlELOtinG m 1 

LOOK AFTER LULU 
nr NOEL COWARD 
v..th GARY 'RAYMOND 
MUST END- SATURDAY 


B3G 4255. Opens Dec. 20 unbl Jan,. 13. 
IANE ASHER. NIGEL PATRICK im . 
. PETER PAN - 

Daily 2 and 6. 45- Prices E3. L4.“ £3. (l 
R educed prices on Dec. 3- 21. 22. Ian. 
«. 9. 10. 11. 1*. 


COVENT CARDEN. CC. 240 J066. 

iGardcncftarge Credri Cards 836 60031 
THE ROYAL BALLET 
Toe l 3 S« 7 30 Manon. Toes. 7. JO 
Lcs 5/fpft'dcs. BlrttidJY OUcrtng. Jacs 
Calendar 

THE ROYAL OPERA 

Fn 7.20 I) barWere d> SIFigl.a 85 Amobj - 
vmu a>a:l for all oerfi frem >0 am' on 
dav o» pen. 

COVENT GARDEN CELEBRITY CON- ; 
CERTS. Sun. 10 Oc>‘ 8.00 Frederica, von 1 
Stade CHILDRENS OPCRA AT 'nt 
JEANNETTA COCHRANE THEATRE 
Xmiii Family Cnieriawwnent THE TWO 
FIDDLERS b* Pcikr Maxwefl OaXes. Dec. 
27. 28 at SOO Dec. 20 SO- Jam 1-6 
»r 2.30 A 5.00 m. 1 . 51.50 tram floral . 
Opera House 'posial or^vi. Send SAC * 
*.v deia-is to Mart*etino Pent. RJ3 H j 


H e% MA^ESTVS. 


. _ CC. 01-930 6606. 
.. Mars vwodv. and Sat. 3.0O - 1 
THE NEW MUSICAL 
BARMITZVAH BOY 
" This Stunning - Pradoction uniquely 
unlovable.-' F Times. "The funniest I 
musical around bar none." S. Mirror ' 


STRAND. 0 1-856 2680. - Evciwjb* 

Mat. Thiirs. 3 00 SalS S.50 and 8JU. 
NO 'SBX PLEA&E— - 
WE’RE BRITISH 

LONDON'S LONGEST LAUGH . 
OVER 3:000 PERFORMANCES . 


KING'S ROAD THEATRE. 0I-3&2- 74M i 
From Dec. 10 Div. 10.30. 2.30 and 4:00 
T8KE ROCKY HORROR SHOW 
DON'T DREAM IT. SEE IT 


ST. MARTIN'S. CC. S36 1445. Evas-S.* 
Mat Tue. Z-4S Sats. A Dec. 27, 3 M 
AGATHA CHRISTIE’S 
^ THE MOUSETRAP 
I WORLDS LONGEST-EVER RUN 
■ 77th YEAR 


LYR.C THEATRE.. ^ ^ 


SADLER'S WELLS . THEATRE. Rpftherv > 
Ave EC. 837 1672. EM3. ‘.7.30. 

LONDON CONTEMPORARY DANCE 
Until Dec. IB Tonight- Eoa, 'Stawrt 
Mater. Ice. Tamo*, to Sat- The Rmnze, 
Than You Can Only sing. Paoole Alone, 
rue. 8 w«d. neat Or oantt with jlbeees. 


Sain Ride. ice. D'OrW Carte 
A Sullivan Dec. IB to Feb. 24. 


Gilbert 


THEATRES 


01-3SZ 74BB. 

Era. 8.00 Ttnirs. 3 60. Sal 5 00 ,6 50. 
IOAH FRANK 

PLOWRIGHT FINLAY 

FILVMENA 

Society pi Weat End Theatre award! 

ACTRESS OP THE YEAR ’ i 
COMEDY OP THE YEAR 
hw Eduardo dc Filippo 
Directed hv FRANCO ' ZEFFIRELLI 
■■TOTAL TRIUMPH “ E*. New* An i 
EVENT TO TREASURE." D_ Mir. » MAY 
IT FILL THE LYRIC FOR A HUNDRED 1 
VEAR5.” Sunday Timet. .( 

I 


, TALK OF. THE TOWN. CC. 01-734 5051 
; Air-conditioned ' froth '8.00. - - Dmina- 
! . Dane! ns 930. SUPERB REVUE . 


BAFZLLDAZZLt 
FRANK 1C VAUC 


MAY FArR. 493 2031. (Green n. r u tjc j ! 
From Dec. IB OW 10.30 2.00 ant) 4.00 ; — 
SOOTY -a CHRISTMAS SHOW 


i THEATRE UPSTAIRS. 730 2954 E»«- 

. 7 JO. Ke»Wd*e Werlrshep Production of 
i MASADA hy Edgar Whita. Last Week. 

vaudeville. CC 01-635 9988. Opens 
I Tau t. a( 1. Sub*. Ergs, at R. 

I Wed. Mat 2-45. Sms- S 9 4 
1 PATRICK GAALANO'S . 

Adanutien ol THOMAS HARDY'S 
UNDER THE GREENWOOD TREE 
"ASpctl on ate flr hinny.” Gdn. 


ADELTHI THEATRE CC. 01-836 ?fa I 
twining* at • 30 

M*t\ nuiFMOr 3 00 Salurdavt 41J0 
Evtfa Mat. Wed. Dec. 27 ai-3.CK». 
An En * h ' , J , ^f (0 ^g" m “S*l»i ’* 

THE UaInS^W 

• HERE IS A HAPPY FAMILY SHOW " 
Th* Time* * 

"80UND TO RUN FOREVER* 
Evening News 

•• SUNNY TUNEFUL *440 


VICTORIA PALACE. CC. 01-B2B 4735-6. 

r- J • <7t.ft34 1317: 

MAY FAIR. 529 3036. I Green 'P*. TuBC.l • E**3*. 7.30 Mats. Wed. and Sal. S.43- 

STRATFORD JOHN* , 

SHEILA HANCOCK 

ANNIE 


Era: 8 00, SaL B JO^ S.M. Wed twutj 50 | 


5P6CrACULAR- 
Daily THeOrnrn 
'ER-DUPER PROD 
Variety 


SUPER-DU PER PRODUCTION 
c.edit tM rd Booaino Ui-836 ?GU 


(liom D"C IB. Frj. sat. 6 JS 8.451 , 
WELSH NATIONAL THEATRE CO..|n . 
^ UNDER MILK WOOD 
Oimi Thomas's comic madlerpiota 
Cl »l*~ re" £1 .3 0 any seat with adull 

'•NATIONAL' .. THEATRE. . *1SB- 2252 i 

■l OUVtCK open ctaBeh ■ Thmaftt 7 Sfl Td- i 
morrow 2 45 B e .7. SO. STRIFE by Gals- : 
wanhf LYTTELTON >arosEe-iHim stage): ; 
TniRqftt 7 45 BETRATAL new pi«y B» f 
Pl"t*r. Tomnr. 7 1S ; PLUNDER. COT- I 
TESLOE (small • aucUoMjm! Fn A SM. * 

S HEROD new ny - ,/>**> M.JIi .-muucl 

* Harrison -BlrtwlMIc Xbd Dommtc Milt'.) 

dntyner. v. I 

Many eyrsllenl cheap »safc an J itiejncs I 
day ut cert. Car park 


• _ • BLOCKBUSTING-- 

SMASH HIT MUSICAL." O. 


Mill 


WAREHOUSE 
GanJm Bc» 


Downer -Thoalrr. COHent. 
OGte ASS 5808. Royal 


ALBERT. 836 3878 CC. BHi. 636 IQ71-3 
From 8 30 am. Parry ra-.e Mon.. Tues. 
Wed. and Kri. 7.4S o.m fburs. and Sal 

*.30 and 8.00 

A THOUSAND TIMES WELCOME 15 
LIONEL BART’S 

" MIRACULOUS MUSICAL ■ Fm Timrl. 
OLIVER 

Witn ROY HUOD 

GILLIAM BURNS MARGARET BURTON 
Fwra Christmas Mats Bops Now. 


Shakrsp'sare Co. Ton t- Jornor 3.00 (Lav . 
2 oertvl Seat* ayailwe tor P«t« .Atk*p s 
AAR. -'PreciY?lr ioMcryed »ory 

enlsrirahle." Time Ont- .Ady. ftkm. Ald- 
wrjeh. Tomoht 1 1 00 pm Concert b* 
Highbr 1 Strung i5th> on doorl. 


WEMBLEY ARENA. Opens- 
HOLIDAY ON ICE 


Ohc. 11. 


... — .ark .Restaurant 9281 Th* Fm OrtaHna* Shoy* (or ah the (amity 

zQSS^nedl^ eard bookhnfl* S2B 30S2. ] Dw.,21 «i? 3,q_*h«n Dec. 23 


OLD VIC 
, PROJECT AT 
l« Pber. rod 


7616 

OLD VIC. 


TWELFTH NIGHT U ; Price most P*eT4. >01-902 12 

Robert Eddlsoii "hrllitnt F'W 4 '. Gen' L_ 


. _ to J*n S 

daily 3 a 6 . Si*.- O k 39 a subwouent 
SAtr, 2 a A 8 . FROM JAN. T, SUNS. 3 
a '.6 Toes. » .Fei. 7 4S.MM. Wpd. 6 
Thue. 3. Chrtdren 4._ 5_en)or DtUpnt half 


ALDWYCH. 836 AJC4. 
ROYAL SHAKE 


Ilia H36 5337 
... ,_SPEARE COMPANY ml 
repertalee Tnnt t.so. tomoe. 2.00 * 7.33 I 
AS YOU LIKE IT 

" An esenmg o( r»rt rrehantmem ' 
*. T-I W.lh COUSIN VLAOfMfR «a« 

J serfs Fn Sal m.iei SARATOGA 
ir*l oriep prnv- Irem Dec. 1J1 B¥C 
4 J 14 at THE WAREHOUSE u -*p»r W>. j 

AMOTT FREE THEATRE. 1.10 R,.i-rl ! 
Siren Lonnon W. I Tri «B5 f-224. 
MY CUP RANNCTM ” 

Pilrle.k TC-nnedy 
Anthonv Maibeipn 
and Erica Stryi"*! 

Man.-Sat at I.I5 ont 


WESTMINSTER THEATRE. " 334 0233. 

Tim Rice and Andrew L tovd-WpWwe- s 
JOSEPH AND THE AMAZING TECM- 
N I COLOUR DREAM CO AT- starring PAUL 
JONES. Twice daily. Reduced pNce i* re-- 
yl**ws from Nov. 27. Opens No* SO 
Tickets £2. Ur £4. Bonk .Now. -.Limited 
. Ann. 


Last 2 Beefs Thurv Fri 7.30 
Dent* Jacobi m IVANOV '•*, j 
Chethov'c comedy with C*i»e ArrmUell 
Brenda ■ Bruce. - Michael Dee.lsan Loui'c 1 
Purnell. John SeYldetn Jane Wynurk. 1 
Jacobi's triumph." O. Tpiepr'ppK '\ • 

_ Last 2 orris. Sat. 2 JO & 7-30. * '• I 
THE l-ADY-S NOT FOR BURNING i 
Ocrek Ja.-pbi "Eaav and yinin authenty" -' 

E. Standard. Elle-n Aiklns "Rivetini ' r .. ■ — — — — ' 

o( » I VWfITEHALL. CC. 01*930 6692-7765. 
Rr 222 VfWl - I Mon- 10 Thurv 8.00. Matinee Fri. aad 
^lchnel_ Oefiivm Jotn Saviden and! *• ■ Sat. 6.15 and 8.45. 

Si*"™ scooo un thy laoahv" Gdn . . •• m TOMBI 

KhwTiS *iS 4 7 *^h 0 ^ee ,, 'i 9 4 it 5 " iS ! - ^«n*"B • ttlaek African Musical 
kmp _LA3f_ Last 7 an. W 12. 13 . 16 A„ Pulsating Musical." E. News. Seat 

: Prices £2.50 to. U.OO. Dinner and Too- 
— - 1 PnaevSert £9 50 me. 

FOURTH GREAT YEAR 

Show: Wizard of Ox Daily 
Sat ft am and Z.'S am. 


f*na:.J. ig. 20 . 22 


:s. 


'tCTH OYER bv Rebec' • OLD VIC CC. 01-928 7616 Back aaaln ' 
sch'dren'd, reeled hr; lor a special chr,s:m« eKon M " CM.it™ 

ipn with G'orij C'ItiI 1 THE GINGERBREAD MAN ' 1 *' 

}. .Unt M, 16 _ December, j " A tht^ 'K t.'X mily, . - 

BBC Radio. 


to see-' 


AMBASSADORS CC Of -836 tt“l. , 

Ergs. 8.Q0. Tu"s 2.4S. Sal 5 00 8.00.1 
JAMES BOLAM 
a .niweh pyrtermanre -- FT 

GERALD FLOOD . 

in a NEW THRILLER I 

•• WHO KILLED 1 

AGATHA CHRI5TIE . . 

a»OLLO CC. 0I-4J7 2663 Evg-. a CO* j 
Mali. Tfturs 8-00. sa*. fi 00 and s 00 
PAUL DANEMAN LANA MORRIS l 

■ DENNIS RAM6DEN 
CARMEL McSHARRY 
SHUT YOUR EYES AND 
THINK OF CNr-LANtl 
• 2nd WICKEDLY FUNNY YEAR *r - j 
wr* limit# — Prckt enlyr|»Inmynt." NtW f 

ART* THEATBc! " "~0 1 - 336 ~2 * 32. • 

TOM StOPPARO'5 ; 

DIRTV LINBN 

” Hllarlon* ■ »<?« If" SuMar Timrs 1 
Monday to Thursday BJO Friday *"d ' 
Saturday 7 00 and 315. I 


- ’ WHITEHAWr. • CC. 01-920 77*5. 

6969 : prc jl Moq. : Fri. 7 . \ S W" 


4aL.-Tl.30 am and 2.15 Pm 

•'.WIZARD OP O* 


OPEN SPACE. 397 

Brecht 1 * 'Respectable Wedding 

Book now. Reduced once seen. Tomor. , W >T ,, . 

Dc t.°?3 W Tuev-sJrts 7 'if°' F " Jm i _^>p( Temur •• a>ntl nuei at ^ norma L 

WIJHi,' ‘ " 

4ESU5 CHRIST SUPERSTAR 
n> Tim Rice and Andrew Lloyd-Wc 


ASTORIA THEATRE CC. Charing Crn::! 
Road 7J4 4291-439-8031. Mnn .Thur-. . 
■ .00 nm. Fri. rnn eai. 6.00 and B.aj ' 

ELVIS I 

BEST MUSICAL OF THE rt-sp 
FVCNiNG STANDARD AWARD 
SECOND GREAT YEAR 
Grour Bodkint), 01-4 32 r9S*. 

r AMBRIDGE. CC 0IB36 601*. ■ 

Bo> OH ice row ooen for 1 

TROU8AOOR j 

a new musical Warring 
RIM BRADEN JOHN WATTS 
Red Price prer.ewi from Dee. 1 
Opening December 19 

COLLEGIATE. 01 387~ 96J5, 

I eternal 1 ana I stars in gtral family jhow 
THE MAGIC CIRCLE SHOW 
Jan 1-6 3.00 and T.jp. Book Non' 


Fchher 

PALLADIUM. CC 01.437 7373. 

Opening Dec. 20 far a Season 

- Oanny la rue 

4s *. Mgyry ■ Widow Twanke* ■■■ 

. „ ALADDIN 

ALFRED MARKS at AB0kNA2AR 
DllvC WATLING. Brian MARSHALL 
and WAYNE SLEEP 
.Pretlens .Dece mber 19 at 7.30 

PHOENIX ITIEATRE. CC 01-B36 229* 1 

«**»• JOB ; \oo aVSSri f 

D I ANAR I GG JOHN THAW ; 

w NIGHT AND DAY 
■* ^‘ nr . Psr * r TCM STOPPARO r 
Directed by PETER WOOn 


WINDMILL THEATRE. CC. 01-457. 63 IX 
Twice Nightly a.oo n(w 10 . 00 . - 
_ .Sun.. 6 00 and B.OO.. 

RAUL RAYMOND, presents . 

THE tRQTiC EXPERIENCE OF TH* : 
.... '.MDDERN.-eflA.';- ^ 
.Takes te nnnreecdented llmlb w%^: » 


; WY NOHAM 3. _ 01-836 


Wwra. 0>OQ. Fn and S»t, S.J5 End 8 JO 

VERY FUNNY " EraftlM News. . 

Mary- O Man**-* jm*cti-h(r comodr 

- r ONCE A CATHOLIC 

saw eme Cnmedv ao sex «nd nHigian.” 
Ofl fy rplegraPP. 

; M^¥. l 5?j:?y.sHAicE with 

LAUGHTER. ’■ Guardian, 


e V1C. 929 6363. Ton'L Tpmor . 
H? - ? . IS* ? ™ E TEMPEST.' Fri. 
0*' ■* '-Ofi am RICHARD HL Si* 
ehjivn^ilSl" ?"*'• ~ 09- HAMLET ■ a 
Sh4ko*ueare tnipgy ACTION MAN: 


FI.CCAP1LLY . From 8 So am. 437 4*06 ■" — 

! S?v*s? & 1? o£ r '„ rp-Jt 

, _ DAME EDNA > ' 

t Starrfnc tftif (if reajinalY annular J „ ... 

> .mi/ ®* RRy HUMPHRIES .YOUNG VIC 5TIIMO. S28 6363,Too‘t<' 

■ B OOK NOW. 12 WEEK SEASON, j Tomar. at a BO 2X1. 

■ PICCADILLY. 417 8103 BM^Mta! 4 * ■ —■ ■■ 

Credit. Card b-jcki’-j- 834 IC 7 I - .... 

RlChart Gnoldon^ Ian Talbot In 

: • TOAD OF TOAD HALL 

Christmas mallows Dec. ie. j* n . 13 . 


COMEDY. CC. 01.930 2S7S 

Prevt. Nightly 4t 8 00 untH Dec. 1! 
Open* Dee. 12 at 7.00 
. BRITT SK LAND 
JULIAN HOLLOWAY 
W an cutting new corned* 

MATE 1 ■ - 


“““ (PRINCE COWARD. CC QI-437 6B77 
Eveninp* BAfl. Mats. Thurs. Sat. 3 . 00 " 

Uerd-wehbe*. 


CRITERION. 930 3216. Credit cars t>bp<. 
^36 tort. Er* Mon.- Thin 8 . 00 Fn nnrf 
6 * 1 . 5.45 8 30 "THE MOST HILARIOUS 

PLAY FOR YEARS." financial Time* 

gl«ki jao 
Bv Michael Ha«innn 

• MAD THE AUDIENCE ROCKING WITH 
LAUGHTER." Et*.' Standard 

DRURY LANE- CC 
«T> Sal. 8 00. MAl'nne 
A CHORUS 
■■ A rare riemtJling. 

«lumer ■ 5 TKnyj. 

DUCHESS. 1H 8243 


OF WALES. Ot.lSO 8681. Credrf 

•WJJKSWWB 9-10 0846 TRpfi. Id Thuhl 

8.00. Fri. and Sat 6.00 and * 45 
ALAN AY £jBgU5N'S_amajn hi; cornea* 


— "BOWK*** FA-„ 

’.W W.dB ngf la.^h, aue me. „. 
a Naihaant Thcntre ptmikiim 


. CIN'fiHAS 

BKBlP 68 **'' 
a-io A 5?0°%.2g E *«“ l* 1 Wk. A.WIL 

Toof^To^StS^ Hux w 


0 . Cxs. 


{ S t,B Camden Tow** 
T, v 5Slv^“S a443. . The .Bob Dylan FDm. 
RnRTnwPfL^ CV* RA “ (AAJ. wdh 
JOAN BAEZ IN * 

aregi. 1 . M s. 7‘30 

. daily. ■_ 13 th vyFfi^- a.an « 


VITH QUEENS, Credit eardi 01.73a iikh l^rSiSSX.i . 1 »?■ -*1 Jh Onfwp iStrnel tone. 
1 Evgs. A00 Wed 8.00. sa *' 5 On Via 5c*d^Tobel.:636 0310 

GEORGE CNAKiRis. HOT 5 OOTsIr?' f Cblldrm paihorlre _ - 

Men 1 .HIGHAHD VERNON. James vilufdc ; mi 


Evenings J ******* 


(Al Proas. 1.4 j. 


sanas. 

- Futtv airrtMnditionedL 


DUKE OF YORK'S. CC. 01-835 5152 
t«n J. nm. Frr- and 5*f. 5.30 and B.lo. 

TOM FELICITY 

COURTENAY KENDAL 

CLOUD5 . 

, " IS BLISS. ■VObearvp* 

MICHAEL FRAYN'S FUNNIEST PLAV.- 


9T-6JT *7862-3. 
fn- Set. & OO. 


D. Tel. 


FORTUNE- 815 ia>*. Era. 0 ' Thun. 
Saturday 5.00 and 8-00. 

11 Miss M APPLE 
M u Rp*RJ*T THE VICARAGE 
FOURTH GREAT YeAR 


REGENT.,'; CC. 

1 Man. -Sat. B.QO. Mat*. ... 

J . •• LITTLE WILLI JB’S 

j . • RESURRECT K&l 

■ MuNeal J 

! " IMP^gfvtL-iiS^ cfl^ CAff^N 1 




TMefHftfrv 


?*a3SBKa^“ ,!S '' 


.Be®: 


J ROUND HOUSE. 

1 rw,Um 5.- ’ Salirfca* rcruy 

-yW*rta“iEiS i f. 


. **T 2364 

reywr «r th* 


ROYAL COURT. 730 1743. Prnva Tn,,. 
Tmer. 8-OP-n» Fri. 7 Snhn. B. 

: ■ WHEELCHAIR WILLIB . 

••.By Alan anw. 


1 

_. . * 

Garrick, cc sib 4boi En. aooi 
Uharov. Wen. 3.00 Saw S.30 and 8 3 0,1 
DENIS OUILLEY In IRA LEVIN-5 ! 

Nyi Thntlnr 

"THREE CHetRS^IoRTfio HOURS OF 
MARVELLOUS ENTERTAINMENT.-- 5 Te| 

••VERT lNG»NIOU4 VERY FUNNy 
VERY EX CITING.- F XlmST 

GLOBE THEATRE. CC. 01-437 1S92. 

Eras 4.15 W*<1 J.oo. 5*t. 6.<H1 W in 

l*AUL EDDINGTON. JUL«A M?KEw3?E 
BENJAMIN WHITROW 
ALAN AYCKBOURN S N-w CDmrd, , 

.. TEN TIMES TABLE !6AVOY THEATRE. 01.636 3fiB9 

Tht» mutt he tM hiMiet laughlrr- Cr»d|f 'Cards 0* 724 4777 

maker m Lnndon. D.T*I "An Irrpjmmw .TQp CONTI 


| Y«L l JO. Sun.. 3.30. 7.4J. 

j BkMe *.t> mrtf .E. w«Md»MU. 

; ODEON- haYMAaket rd si . 2738 . 27**1 
I fy*?®*® *>> Mth «mo9L tt» 

SJO .930.' pum AM mu bkbla. 


*M«oi^^“2gi*y C w'*ni«fla "bjS?* f 

BUBBLING. RRQWN SUGAR : > - 
- — Bast- Mwcl of 

Tei. bookjm eec*tn*e.-- Malar c.-ed» 

card'. -Rgstawant rn. 01*485 241*. 


LElCySTER SOUARE..rt38 *1111 

,c UUM MARS rAAL Sej 


°?- e !0«*- . ft«ARDt.c Arch, ra 
JO ' 1 l«VENGe_ OF THE. I 
*«»• Prog*. Coen. LIS. 

• » says.* ■ 


, <7*3 

HGE Of TH£.Pt|(^ P4>^ - 


PPJNCE C 

WaierAn ' 


en/oynSIr erenlng." Sunday Time--. 

GREiNWICH THCATnt. ui-15B Tsi 
( rpi'XD* B 00 Mat* L» J :n 
SEE HOW THEY RUN ' 

A tarre hr Ph.lln King 

i.nin hi .iniHi.tiy.arrd >*., D i.>.. 


ACTOR or THE TEAR 
Wert Pnd Th"a»-r Awwnj <r 
PLAY . OF THE. .YEAR - 

whose un a tr.f WYWAYT 

In Rr.an tU r v., "4 -raymm slay 
■i'ae you <a «*♦ it " 5 ‘- ' “ - 
m#*s. Wee. -3 89 San 
.fled,- prirn Bin. mda. 


RLES. lave So. 437 BJdr - . . 

."a-as-cir.^ avvii . 
•ira^bss'-.tew • - r 


tAn-unt a -a . 4(1 UNMAttneO VttHddH 

13,^183 MO, t.OO E-Sit — " 


. < fttwatt . . 'X>, .Prtiga, 1 .03 jisn, L.BO 6-SS [it*',""," 

«-.*pwvn niay it shmr Vi.T-.7T - ” 

■ * “5- • AflalH*- PEAW -ON -Wi* - : H 

**”» R 4> # MILT '•Sep,- 

-JO. . . . .-.6JS ..Xen; Vijrtr * 1 ,. ;i' Snt* Bw4h.. . • -,t 

... .- t. . -;. • .VV7W1* 


•'•7?? 
j 





f J^pdJ) (j* 





S'.- • u .... ... 











eernent Page 



irmrnmmm 



Jaispni <@^§p on how government help turned an Irish lecturer into a businessman 

Ireland’s boost for entrepreneurs 


v'- .. .k 

h: 7. 

tSMS 




- "i u ’.rr/mt-Mnrmfirra a ? -sources. - * 



eosihtri^^,manater 
' of ^ ;into- 4ujf;ptesairt job 
TTT-1 . I . ~ v ^ "J , 'becatisavil? is secure and .'x*la- 

^50ibQ0Mnl5“^eis wD pajdi usually 


ggiri ^nw^ feny •..-*. in.. * : irrtiaq'fij -fort- flat be'-ableto afford the 
Pelr^s-^pject ow^ mwfcttf - totre- 
the':'mfa?reatloit-r«t^e^ JIadns- 
trial 'TSei^Tenei^-i^iaajri^ -_ .% 

TThe-. BJAr- ls. ;.i- •• ; . 

kncxwn for 

foreign = rovetftoiekfe-'.to’ JErelahdr- 'Y •:- •'. 

through: -*tp#elca«ef;H»f ^Sichae.I Peirce say? deter- 


*-> >5p-., 

.in- i-j ";■•« 
T-."'* P“- 



is- ju^fistoubfe ^ri:^lts "warfc, feels he: would- tjcrriha-ve had too 
SififrsjHm-;. nrnxfc/iwbleijr^ ^honwing- from 
sored « nterp rise£:$et .'up over a jtbe hanSsi, and . 3f, not from them, 
five . ye£r Jmcrpd W'hich i was ooi>. he.' wpfild have raised it from 
ducted by='th&v Authority -found private Individuals.;; . But when 
that ttec& ;Were ^ew- ftrrt . in respond - to its Study, the 
eirtreppeiieitro :r coming from Authority announced its Enter- 
Ireland's profesriohal^ tjecimical -prise- Development . Programme 
ajulmanagemmitibasB. _.^:-: ; .V : . just over a yeai ago, Peirce was 
■ It. suggested } thattheire ‘‘'Were ' cine of the first applicants, 
two jpajor.;harri£i^ preventing;- r He is the first toadpnt that 
-such-people from ^bwMiig .on ihe has been able ; to raise far 
buito^a na .their m., Fix^ a -nipre money with Ae . IDA's 
manager with a good idea' and support than he . would have 
lit^,'to^es^wfedi~flntl;i£ very .otherwise, and itb^v s fix»'ieyel 


_ _ ! ArW*raiiion*?aua^ 

• HcAT!}^ . the lkt»t concern: of udgfcttotors. f '_ ' Jj.:.^:, ■; 

:*»• of large intemaiiqmxL corstracts: \ • T- -• x 

**i \ cr %;./■-< 1 TJfOff , leave. it io th^ldwyers to ■ . , TwrnBflm^ ■ I' ll * ' fy X 

i >- :'*! : ' - * ‘tidy - 'up Bfterw&Tfiji . ' This " fa .; V "- ^ 

, 5 ' . ’ j* ' ■ bed prtKif^je..icten (pzqlihg^ioipi ni K2|KH?QC 

-.tat - 

f «x CL,^ n". .;■ quite. .* retfd&s ■ when-- dealing ' • 

" : ?c s T - V with the ifep^opma morid 

l' : : f -- s c»w\\*i « Alhert rcm-yden Berg, of- the 

TMC ‘ Askar '-institute ' of Intpz- tion ’fae&ltates the- -recognition 
j A y . ': ’■ >:-;} ' natumai:£^H& of arhitriition agr^imtenits and 

Ht way '««£*” * pointeo^:*p^ ; b/;4^.pi^o«x. the enforcement of 7 fl^rds. 

■■'"‘■•--■i - • SIGStATOIt^rto^^ Thirdly a referen£»,to one of 

- - come from developto&cdantries-lhe -many . specifix*V:Arijitratjon 

no lohger -aidbmati<aUy jus3eptv'Rul the iitenrational 

icxi: iln' ' i that z^t^^M mi^ t^e pIace' Chamber of Commerce;; for ex- 
“ if:-; in ^the'-conitry .‘.'fee' ' Western : ample— is almost indi^iejfsable 
»’%-= party.' They insfet that iostead,. since-many of the. developing 

^ . ': -•- ••>. it ehould.3«l.ia'Vthe^ ‘«wn rountrie5 ^ neit&# the laws 

" **. ' -- ; cojurtriaR :•■ ■■ T6i<Ti "Btuaed lately ; iior fii8titutlon6 to provide for 
V • . raises a nnzn|er of'ptofilems. / v , -1 ^ appointment of .initiators 

^ .. '.; .V 1 .; :. E4rst;oi ^iitoe-Sw^of ^e andto^ityai procedtoc*; .-. 

- ; ' . ■. country In ■j^akHSti. i&buldrpr 0 " 7 ' " tisefu! to agrtofir^at the 

vide tbit flmyariiitra^op ^^er 1575; .Arbitration Rules^ of the 

— ment wiil v hfe ^p«cted : by the^Uriitod'NfltJons (^nit^^ for 

i *"-' . ■ courts * : •'i-'.'wMl ; x|p^ ;^a^ ; 3sit!»3Birtib&al' ^Trade Law 

«:•./. . the •'•sire'. : \ 'implied. 

ment ' Second&v ;-tSe r rules haveheen : derigned 
iA^v'i _. ■ shouid'3xrcferat^i;^:a h# 7 . firbitra- 

■;’ ’• Hho ^leyg^ped 

— Recognitloa aad> ^fp'ne^; A»d 

- . ■ ... ment' of^ ;J^^gh^ .-Aribit^-are, ; proytoB-*^aI.t>ftcaiii8e bl 

!;*/;' .‘ r CV:. A=vya±tfc;b£ . ilistfj riietaLtra^' ekiarajpf er.'. :- Iri 

r. ' . V , ^ • -: ^v-^ : v7 • 4» ' ; 


of financing could well be cru- 
cial in the difference between 
success and failure. 

His newly formed company, 
Mentec. shortly moves into its 
own 6,000 square foot factory; 
this is capable of being trebled. 
It will - became . Ireland's first 
indigenous process control 
manufacturing and- consultancy 
venture. 

Although Mentec is offering 
its services in a fairly wide 
range o£ activities— including 
relatively traditional consul- 
tancy work, including inventory 
control and management re- 
portins-^the ' main core of its 
work will be in setting up pro- 
duction control and monitoring 
systems in process plant using 
microprocessors and mini- 
computers. It will provide the 
hardware as well as the exper- 
tise, and will manufacture cir- 
cuit boards which form part of 
what the computer men call 
“interfaces" between pieces of 
equipment 

One obvious irony, in the 
short term at least, is that Men- 
tec, supported by the IDA — 
whose main function in life is 


to create new jobs — will include 
among its activities the installa- 
lalion of automated equipment 

Peirce graduated in produc- 
tion engineering from Trinity 
College, Dublin in 1964 and rook 
his master's in Industrial Rela- 
tions. He joined ICI as a 
trainee engineer and rose to 
plant engineer, rejoi-nining 
Trinity CoUege in 1970 as a lec- 
turer in the school of engineer- 
ing. 

In 1973, together with Robert 
Ardill, another Trinity graduate 
and now a co-director of Men- 
tec, he was awarded a grant 
by Ireland's National Science 
Council to study computer aided 
manufacture. It was, he says, 
a fairly typical university/ 
industry liaison: they looked at 
uses of microprocessors and 
mini-computers in factories and 
“ on-line monitoring systems." 
In the course of this research, 
which continued for several 
years. Peirce and Ardill intro- 
duced monitoring systems for 
several companies, including 
Semperit. 

Up till now companies in 
Ireland wishing to install con- 
trol systems for process plant 


THEATRE! 

IfB ’■*' ‘ 


73- , 

in ...' 

I- sts 

1. 1 * 

: y' ".*-' \ ' 

J.S*- s 

Ht MOy-tTf^* 


have had to rely on firms In 
the UK and North America to 
fly in the expertise. Peirce's 
rationale was that there was no 
reason why this should not be 
tackled by the Irish themselves. 

He points out the cost advan- 
tage of using local skills, not 
least because of lower travelling 
expenses. More important, he 
says, companies should be much 
happier to know that there is 
a service back-up -within easy 
reach. 

He cites three main factors 
in the way he set up his com- 
pany.. First and foremost was 
his perception of a particular 
commercial opportunity in the 
field of micro-processors and 
mini-computers, which required 
manufacture as well as con- 
sultancy. 

Secondly, he could see the 
IDA’s Enterprise Development 
grants coming — a year before 
they were announced, he claims, 
and this provided the key to his 
timing. 

The third point was that he 
was feeling restrained within his 
existing environment. Although 
he is quid; to defend Trinity, he 


rmE ® 


is critical of academia in gen- 
eral for being slow to capital- 
ise on the “highly Intellectual" 
problems of microprocessors 
and their applicationsr— though 
he does cite some notable ex- 
ceptions in the UK. 

Certainly, the financing deal 
which Peirce secured with the 
IDA is an attractive package. 
It is a joint venture with a share 
capital of £40,000, nf which 
£30.000 is from the IDA, giving 
it a 49 per cent stake. The re- 
maining 51 per cent is held by 
Peirce, who put in £15,000. and 
Ardill with £5,000. Part of the 
agreement is fnr them to buy 
the IDA out within seven years, 
at par. 


• R 

Vf. • 


■ 1 . 


!o7..V • •- 





Ha&&£sn*i itois" . ; . u. . .... 

Michael Peirce: starting a new czrccr. 


Mentec has raised a £130,000 
loan from the Bank of Ireland, 
of which £40.000 is guaranteed 
by the IDA. and a debenture on 
the fixed and floating assets. 
But on this loan, which is for 
seven years with a two year 
moratorium on capita! repay- 
ment. the IDA is subsidising the 
interest to the tun e of 5 per 
cent. 


Arbitration and the 1 



r **-. * 


January 1978 an almost iden- 
tical set of rules was adopted 
by the Inter-American Commer- 
cial Arbitration Commission. 
(IAGAC), which maintains a 
network of national offices 
throughout the Western hemis- 
phere. 

For disputes arising out of 
investments, it is worth con- 
sidering arbitration under the 
1965 Washington Convention on 
the Settlement of Investment 
Disputes Between States and 
Nationals of Other States. This 
has been ratified so far by 72 
states, including many develop- 
ing countries, but none from 
Latin America. Under this con- 
vention the foreign private in- 
vestor and the host country can 
agree that disputes shall be 
submitted to the International 
Centre for the Settlement of 
Investment Disputes f ICSID l, 
located at the World Bank in 
Washington. The arbitration is 
then solely governed by the 
provisions of the Convention 
and excludes any interference 
by the local' courts. Another 


advantage is that an award 
made under the Washington 
convention is directly enforce- 
able in the contracting states. 

In many countries of Latin 
America > tiie basic difficulty is 
that the legislator regards arbi- 
tration as a rival of the courts, 
or as interfering with national 
sovereignty. One of the major 
obstacles is that even when 
arbitration was agreed in the 
contract, the other party may 
refuse to submit to it when a 
dispute arises. Though most of 
the Latin American countries 
provide that a court can be 
asked to order the unwilling 
party to submit to arbitration, 
this is not so in Brazil and 
Venezuela — where arbitral 
clauses are therefore of dubious 
value. 

Another problem of Latin 
America is that for certain 
matters arbitration is not admis- 
sible. Bolivia, Ecuador, Colom- 
bia and Venezuela for example, 
do not allow arbitration con- 
cerning investments and trans- 


fer of technology, but in Peru, 
another Andean Pact country, 
investment arbitration appears 
to be possible, provided that it 
takes place in that country. 

Another problem is that of 
appeal again? t the arbitral 
award to a local court both on 
issues of facts and law. Many 
Latin American countries allow 
parties to exclude such appeals 
by agreement But such contract- 
ing out of the judicial review is 
not possible in Colombia which 
also forbids foreigners to act as 
arbitrators. 

Though only Argentina, Chile, 
Peru and Mexico have some 
experience in arbitration, the 
advantage of arbitrating in Latin 
American countries may be that 
if the Latin American party 
loses the case, enforcement will 
have more chance of success 
than would a foreign award. This 
is because only Chile, Ecuador. 
Mexico and Cuba have adhered 
to the New -York Convention of 
1853. 

The situation in Africa is 
that almost all arbitration laws 


of the African conn tries are 
copies of either English or 
French law. depending on their 
previous colonial status. The 
arbitration laws of Malagasy 
Republic, Algeria, Zaire, 
Senegal and Tunisia are 
very close to French law. and 
that of Ghana to English law. 
Nigeria, by contrast, has 
adopted only a summary of 
the English Arbitration Act of 
1889. 

An entirely new and modern 
arbitration law, prepared by 
French experts, was enacLed by 
Ethiopia in I960. Egypt also 
introduced a new and better 
arbitration law in 1968, but 
care should -be taken in arrang- 
ing the appointment of the 
arbitrators. 

Many African countries have 
adhered to the New York Con- 
vention of 195S. These include 
Botswana. Central African Re- 
public, Egypt, Ghana, Malagasy 
Republic, Morocco. Niger, 
Nigeria. Tunisia and Tanzania 
but none has an institution 
which administers arbitration. 


Such are the benefits the com- 
pany gains through being part 
of Enterprise Development 
Programme. It is also still 
eligible for all the normal IDA 
grants. This means Mentec will 
be receiving a 45 per cent grant 
towards the £185.040 cost of 
buildings and equipment. 

According to Peirce there was 
little problem in raising the 
bank loan: in fact, all three 
banks approached made an 
offer. This was due not only to 
the financial security offered by 
the IDA but, he believes, also 


In cases of dispute referral 
should be made to the 
UNCITRAL Arbitration Rules. 
It should be said that the courts 
of Algeria, Ghana, Tunisia, and 
Egypt snow a favourable 
attitude towards international 
commercial arbitration. In the 
other African countries the 
courts have generally little ex- 
perience in handling arbitral 
matters. 

Of tile Middle Eastern coun- 
tries, only Israel, Lebanon and 
Syria have adequate arbitration 
law. A fairly modern system 
can be found in Iran and, to a 
lesser extent, Kuwait, but in 
Saudi Arabia it is only now be- 
ing drafted. In some countries, 
like Iraq, even an arbitral 
clause referring future disputes 
to arbitration is invalid. None 
of the Middle Eastern coun- 
tries has an arbitral institution 
and only Egypt, Kuwait and 
Syria adhered to the New York 
Convention of 195S. 

Israel— a country with an ex- 
tensive arbitration practice— 
also did so and introduced 3n 
entirely new and advanced arbi- 
tration law in 1968. 

In the Far East. India has 
excellent arbitral institutions. 
Foreign parties should, however. 


due to a general pressure on 
banks to help small business 
which is being partly orches- 
trated by the IDA. 

An interesting reflection on 
the way banks assess projects is 
Peirce's claim that they simply 
did not understand the sort of 
work he -was proposing. The 
IDA. he said, was much more 
capable of assessing the project 
than were the banks. “ Most of 
them would understand about 
data processing but they really 
aren't switched on to engineer- 
ing." 


be careful when agreeing with 
Indian parties to arbitration out- 
side India: Indian courts have 
recently shown dislike of arbi- 
tration abroad, arguing that it 
may prove too expensive for 
Indian parties. Arbitration in 
Indonesia is also well developed 
and an institution has recently 
been set up for arbitration in 
foreign trade, called BANT. 
More or less developed arbitra- . 
tion systems can he found in 
Sri Lanka, Pakistan and the 
Philippines. 

China has established two 
arbitration commissions well- 
equipped for arbitration of 
foreign trade and maritime 
disputes. Their leading concept 
is '* friendly negotiation" which 
has a great resemblance to con- 
ciliation. If this is unsuccessful, 
arbitration, virtually identical to 
that in the West, takes place 
and the arbitration commissions 
take great care to ensure the 
impartiality of the arbitrators. 

In other developing countries 
nf the Far East arbitration laws 
are insufficient and there are no 
proper arbitral facilities. Hov.-- 
ever Sri Lanka. Khmer Repub- 
lic. the Philippines and Thailand 
have adhered to the New York 
Convention of 1958. 


e* ■ ■ - 1 * :« 




. -r.. ? 


AO ■»; |UC*J ■ 

lit ■;* 


4 J -. 




m0mm 

Mm 

«s 


Happy Ciir 
And a Happy New Year from us 

The Morecambe and Wise Christmas Show , on 1TV at 9.00 pm on 
Christmas Day.wiU be one of the funniest and most popular programmes 
of 1978. For Thames Television it will crown an outstandingly successful 
year: not only on the screen with programmes lik e Edward & Mrs 
Simpson, TV Eye an dBotanic Man , but also in sales and other activities. 

The last financial year which ended on 30 June produced our highest ever 
turnover of £61 million including a record £3.4 million in expoits. 

The resultant net profit before tax of £8.6 million gave us the confidence 
to increase our expenditure on programmes by 60% for 1978/79, enabling 
us to offer an ever wider range of productions to the ITV Network. 

The first fruits of this investment in talent and resources will be seen on 
the screen in January, with. Danger UXB, a drama series about the 
exploits of the men of the wartime bomb disposal units; and will continue 
throughout the year, culminating in our £1 million film series of 
Quatermass, starring Sir John Mils, andHollyivood, our thirteen-part 
celebration of the . great days of the silent film. 

So when you watch Eric and Ernie, and your other Christmas 
programmes from Thames, we hope youTl remember that we don’t just 
wish you Merry Chris tmas and a Happy New Year. We try very hard to 
provide it. 














BNTGD BY ARTHUR MRKTT/UID1B) SCHOEIBB 



Fmasdal Times Wednesday 5>ec£n^^ 


MATERIALS 


STORAGE 


• IN THE OFFICE 


Seals holes under water Protects the materials • •• Produces 


O DATA PROCESSING 


Project to build a 


rugged terminal 


JOINT sponsorship is being 
given by the Department of 
Industry and the Ministry of 
Defence to an unprecedented 
project for a feasibility and 
marketing study leading ulti- 
mately to the development of a 
low-cost universal shop door data 
terminal. 

Originating in one of HEME'S 
workshops, the idea is for the 
design and manufacture of a 
simple device which will provide 
the input to a complex produc- 
tion control and scheduling 
system, and a study contract to 
lay the foundations for the 
project has been placed with 
Automatic Revenue Controls of 
Watford. Herts. 

Senior staff from this organisa- 
tion are looking at the project 
from two viewpoints: firstly 
engineering input, that Is the 
data to be captured, the environ- 
ment. communications tech- 
niques and the attitudes of the 
user; and secondly, market size. 

In tiie latter sector, industries 
needing such equipment will be 
identified and the market absorp- 
tion rate determined. Both the 
Dol and ARC believe the two 
sectors have to be explored very 
thoroughly if a really successful 
product is to be designed and 
sold. 


One of the innovations in the 
study is that potential users are 
being asked to define exactly 
what type of equipment they 
could be looking for and wbat 
level of cost they would think 
justified for the equipment meet- 
ing their needs. 

While ARC already has a good 
deal of experience in designing 
terminals of various kinds, to 
produce a device which will cover 
a very big range of uses demands 
a great deal of information input 
to the design team. 

But even now, though the pro- 
ject has been in hand for only 
a few months, the project leaders 
are talking in terras of equip- 
ment that will cost hundreds 
rather than thousands of pounds 
per unit an d be able to stand up 
to the toughest of plant environ- 
ments. Inevitably, considerable 
use will be made of micro- 
processors. Export potential is 
high. 

Further information from 
Automatic Revenue Controls, 
Shakespeare Industrial Estate. 
Watford WD2 SDH. Watford 
44300- Market enquiries should 
go to Mr. Peter Lockett and 
engineering queries to Mr. 
Clifford Osborne. 


HIGH VISCOSITY, two com* sheet piling walls, pipelines, PRESENTLY under construction- All the adriwuses -are 

ponent epoxy coating free of tanks, marine craft and concrete is the Grain Power Station- in by eJecfoacaHy driven xaiT5,, each vI/MawiJ 6-^*' 
solvents may be applied to wet drainage ditches. Rent which when completed will siipplemented by a diesel driven _ ' '* • • 

surfaces or underwater and will Sealing concrete on river and have an output capacity of standby fan which cuts, in auto- TAcrAi* I*0|P . 
cure reliably without shrinkage, canal embankments, reservoirs 3300 MW (roughly the equiva- maticalty in the event of a XAi^lvl i • 

Queotsplass Underwater has and storage tanks is a further lent of seven Battersea power power failure — although that la PAPER conier the 

excellent adhesion to metal, con- series of possibilities. stations), making it one of the considered untikediy at the site ^ being introduced 

Crete, timber, and other stroc- It protects the waterline zones largest oil-fired power stations involved. »nfthelTK early in . 1979 with a 

tures. When cured, it withstands that are particularly liable to in Europe. Vehicle access tn these Sore- ™ ™ comorehensive - specifics- A 

high mechanical stress and is corrosion and gives surface pro- As an alternative, to renting houses is «rfa poweroperated.^”" 7 - tWoiTthe 1210 model it ' 
resistant to fresh and salt water, tection to structures oo land, off-site storage, and -, paying overhead airlock doors,- fe.,. D i ace , ' ■ -T" 

oils, effluents and sewage. especially the- .concrete and related transport costs to and largest of which is 4.27 -metres - A oeni Tastcr s need of F 

It can be used for applying on mortar foundations of buildings. From tbe main site, the Central square. In addition, aid i/have ■ T c ft J!,-^ n p r miunre. and the - •- 
wet surfaces that cannot be dried Different application teeb- Electricity Generating Board has personnel entrance aWockdoors tens and 


lor building products, - ‘ 1 ’ ^ ; 
heatexebange, flpitt power, v 
general engineering, \ 
zip fastener areffhed ^ - 

wroughtmetate, . 

IMIUmltetC - /O 


'S 


Birmingham, 

England 


ELECTRONICS 


wet surfaces that cannot be dried Different application tech- Electricity Generating Board has personnel entrance *Wock. J* * tons and XaIv t- •* 

and structures nartiallv or com- ainues have been devised for found the answer m the use of and standhy emergency exits. . ^ . tem {Lin the- more ft 1*1^111^3 FP! V 1 

tfPWw to wet surfaces, water- three Gourock AIrbouses. The anticipated .minimum Nashua's , 


nletely submerged “n ie Vater wWm to wet surfaces, water- three Gourock .AIrbouses. The anticipated mtamuun life «S leS 1 n NasWs V*- *** *** V* J 

pletely submerged in toe water, Jjne Z0Dps or un{ j erwa ter. Two of these are linked of the airbouses is eight years c e Hes provide better copy DATES department of the-, 

either as » eao oiler or as a coat- m » k t.„i * . _ * . *k~ 4c H m , : . 


either as a gap filler or as a coat- Quentsplass, thorp -Arch Trad- together lo protect various.types but, says the maker, there Is nq ym-utv 

inp Tviwc nf arpa<! wliprp it ran ur-.i Wnct _r I- r n,kt. .,i.4av 


Finnish company , lustrum en- 


ing. Types of areas where it can jng Estate, Wetherby. West 0 f insulation materials for use reason why, under nonnal conda~\“ ... ' H e ig =« seC0 grf K taziua Oy has developed a piece 

Ha neorf aPP rnfir*TP>P rniindAHong. V nrtsliirp 7R7 nM7 in tVa pnn<h*Ti(«Knn #rf nffluar ta mK d life nf IS ViQTS flf nutrv' ' . . ’ _ .. rvF alo4*h<nni«» act irijimaiVf 


be used are concrete foundations, Yorkshire LS23 7BZ. 0937 843388- in the construction cf the power tions. a life of 15 years or dwk _^, irs ^S^ ailent copies every of electronic eqmprasirt .that 

station’s boilers. Each airhotzse should not be achieved. InstaJJa- rA^ seconds which makes the makes dispensing and selling 

measure!: fid metres long by 20 tion on a prepared concrete base i-2- faster conier to use in beer more rapid and accurate, r 

j jm f j • « J metres wide and has a height of is normally completed mOHn troical erSce environments than The Meto*'” BeenoatScT .can beii;- 

p nfc efatic eecrncirv *■■*«. ** m« o r^e g!S5«5«Efi^ *> •*«*««. 

V^U.8,3 3lftllV VlVV-illWHj The third, and largest airhouse structures •takes only 15 mtotfes, ^ but longer warm-up and it has-. a de^-ee cf accuracy. ’• 

v.*TTT n i-n .-.t* • 1 - , , _ . . tVl _ is 70 metres by 30 by 10 metres after which they are immedi- nerjnds. ; of- pTiis or minus 1 per cent irain^. 

threa f 13 U3Corporared high, and is fitted with shelving ately reedy for use. ,'t-' copy counter, once set, pared with various me<aianlilms' i 

rI carpet yarn m t0 and racking for smaller compo- Sole UK mauufatSnret,.! is. ^11 remain constant for however In use in Europe and-the Unftedr| 

fibre can occur on the body stee j content down to about 0.26 nents used in the construction of Clyde Canvas, 92, Bay Scneet. -many originals there are in that States which provide only ' 

, per cent— too little to be visible turbines, condensers and piping Port Glasgow. RerEfrewstace, particnlar job. As soon as tbe or uviniis 5 per cent; , r ~ 

unpleaiant kick wqco a _ person k(af «•» svstPitu. Scotland. (0475 41261). «. «int»h«l nlf thi» nrwntinn 4a hv nnomiu> a “tn«- • 


■P 


makescontactwith earthed fit- but enough to prevent build-up systems, 
tines in the same room. .of a charge due to the presence 

One answer is an anti-static of the conducting strands rf\MPnMrMTC 

yarn developed at the Inter- Suitability needs to be 9 wVlUrVUCIl l.w 
national Wool Secretariat’s measured against expense bow- „ 

Centre in Ilkley. Yorkshire. It is ever: the steel fibre costs about |J <fY4*Q‘f* r vr Til 1*1 
being produced by A. W. Hains- £70 per kg and adds betv.-e.en 15 .IVUluI V XUL1. 1 
worth and Co. of Pudsey. carpet and 20 pence to tbe price of a * 


Rotary furnace drives 


copier is switched off. the Operation is by opening a tap 
munter returns to ” 1” to save and pressing . a hutton. : 

•- tbe possibility or wasted copies, stqcta Sowing and passes throagh, i ■ 
... by the next user. a valve which gives impulses to-' . 

' . Other features include an the cop n ter. ■ - 

V r ‘- adjustable paper cassette to take -The coimter l*i mW to l; 
\r--( n - variety nf paper sites .from- corresponding to /restored j. 
'" AS to B4. a raised edge platen measures. Once the count fes~ 


VMJI Lti auu AiU> A/1 j: uuavj! taijici uuu ww iu UJC v* , • .w iv o'- * L v._ TOAmitttfn 

yarn spinners and marketed by square metre at the manufactur- FOLLOWING the successful flexible couplings and safety/ for easy book copying, an elec- “ten reached, * magieri c^ yaive - 
Bekaert of Belgium. ing stage. installation of a substantial protection devices. '.J .'tronlc “brain" that automatic- me peer now.: 

Tbe fine worsted thread is Further from Wool House, number of rotary furnaces and Suitable for all large items. Df ally adjusts the print process to nme .counter- tveoras wnatr : . 


ijfc, - -■ 


Joe ane worsieu impau ruuuer irum yyuoi nuusv, nuinutr uj jruia^^ iiuimra auu ouiwme wj. o-u **t**;c ncimj. iTi aity anju>L> me iniui >»ut.i.aa.w — — - • - - 

made from 95 per cent wool and Carlton Gardens, London SW1Y allied process equipment over rotating equipment, for wttich cater for light or dark originals; neen prawn anu toe now-. - 
five per ceDt steel fibre. The 5AE (01-930 7SOO). the last three years, ToUtreck girth gears or pin wheels-, atie and automatic sbui-off to save meter jesets to zero. -j 1 -.- 

has decided to make available a required, from 1.5. to 4 mrtres-in electricity when not In use. ' . . gy : turning .-a .getyj.» ^ . ic y Jhcr.j 


Flans for action listed 


Keeps fire at bay 


range of fully-engineered drive diameter, the drive trains cover ~ TCasMia omveat. Conv'Hmise made ;tp ; yo£k-Iikey^: 

trails, as used in such furnaces, 2.5 to 30 HP and can be equipped ^JSJSS IFT' a norma! hand-operated- tap-.-amd.^ , 


SIGNIFICANT PROGRESS was 
reported at the recent meeting 
in Brussels of CECUA. tbe Con- 
ference of European Computer 
User Associations, towards 
obtaining full representation of 
user associations within the 
member countries. 

Of particular importance to 
user organisations. it was 
decided, are: social implications 
of computing, data privacy and 
security, telecommunications, 
standards and portability, main- 
tenance, small systems and small 
users, education and training, 
and contractual terms. 

These subjects were discussed 
with officials of the European 
Commission and it was agreed 


tnar experts would be made 
available on each topic, for con- 
sultation with the Commission, 
by the members of CECUA. The 
latter also discussed with Com- 
mission officials, progress on the 
proposed EEC quadrennial pro- 
gramme for computing. 

It was agreed that communica- 
tion with CECUA should be 
through the national members 
and that these channels would 
be open to other user bodies on 
an individual country basis. 

Each country is represented at 
CECUA by a single national user 
body. Tbe National Computer 
Users Forum represents the UK. 

Further from NCC on 061-228 
6333. 


l\CvU3 ill X/ CUV UtlJ frame. Tolitreck has also introduced a 

, Each consists of a drive motor, range of support aad-'or thrust 

JUST MARKETED in London available in conveniently sized electro - hydraulic coupling, roll sub-assemblies. Installed 

and the home counties is a multi- panels with alternative thick- change speed gear box, electro- on slipper(sl for ease of main- 

purpose rockfire board called nesses aQ( i thermal resistances hydraulic brake, reduction gear tenance, the sub-assemblies are 
Alohire from Bingley, Son and ,n K t,p, b0 *« and output shaft and engineered for loads varyrag 

Follit. Millbank Works. Minerva , lQe t Doartt acce *“ aU t>1)es 01 pinion. The drive trains are from 25 to 25 tonnes. .. v 
Road. London, N.W.10 (01-965 laminates, says the company, engineered for easy maintenance Tolitreck, Priory House, Friar 

46311. and can be used on walls, ceilings and adjustment and are Street. Droitwich WR9 BED, 

This is said to be especially and for composite panels and delivered complete with all Droitwich (09057) 5661. _• V «.i 

suitable for fire-proofing sftuc- door cores. It is easily cut and 

tural steelwork as it is tested to fixed, and can - be simply * ' 

BS476 part 8. It is asbestos-free, decorated with either paint or A PDflCKClMr 
lighter than usual panels, and wallpaper. ™ rKWWaoHW 


trains, as usea m suen furnaces, to ou nr ana can oe equippea TET . - ■ , 

which can be supplied on a sub- with variable speed drived.. SSSS' fMurS&f? “ - ^^ onJ P fer , doeS ^ n °t ■ 

TniitnuHr skn Bracknell iiMii - Service kev is used when wash- 


Service key is used when wash-j^ 3 ^ ; 
ing the -equipment or 'wheif'-'b' . 

electro - hydraulic coupling, roll sub-assemblies. XnstaDed 1TT*11 A. maiotenance is being carriedontr ” j. 1 

change speed gear box, electro- on slipperfst for ease of. mam- ' VV 1 1 1 T*Ill ! Finnish — Industival ; - .an<i ^r. u 

hydraulic brake, reduction gear tenance, the sub-assemblies -are " ’ XM3. vm.i» : Economic 'Central Organisations, v- ( 

boxes and output shaft and engineered for toads -varying j-m 1 a a: Yrjonkatii 13, OOUZOSelsinki 13,7^* t 

pinion. The drive trains are from 25 to 25 tonnes. TrlA Finland. ' 

engineered for easy maintenance Tolitreck, Priory House, Friar mV' ... v- 

and adjustment and are Street. Droitwich WR9 BED,- » »•' , .j' 1 ' 

delivered complete with all Droitwich (09057) 5661. - IflJCulDCS IVI 1CFO WOFK t 

• PROCESSING ■ offices cantainiag computers. ^TllirOVSf ’ 

^ .- word processing. - and telex 

T7» A «d. ®ach'nes. etoi. are two ranges of. LATEST flrm -t'o be placed ibti T-i 

F H.M nlPn fl 1 n? m ^ dll riF acoustic screens now being mar- the Department of Industry's Jiat - : 

M. MOl 1 /H/lluIlig UiavllUlV -. Jr krted by Deipha Systems (L1KL of r authorised; cph.Mtitante' fofc' c 

HIGH OUTPUT, rotational cube a guard fence with interlocked W 4 m) 4 h ° a6oa ’ ' 

blending equipment has been safety gates, . ■ Systema^ 


G SAFETY 

Health hazard lessened 


I'iCOlUl U(t£<t iU ICSaCilCU lotroduetd ti, Awnnk System*, The Bleeder is supplied ato, , 1 ™f 

Rlsley, Warrington, for the plete with a pneumatic material aiunumum-framed.. screens with ^ Under MAPCON terms a re- , 

NOW BEING manufactured loading a special device is built uniform blending and colouring feed and take-off system ah alias 2r° tf ?’ 0P0 1 * af the - c ^S^ 

under licence in Britain is an into the unit, which is presently of thermoplastics. beeh designed for easy dpah- K f r p b s a 0 S? e iH£ SwTPHLSfSSS 12S 

incinerator from .America where being used by the Manchester Accracube Model 3000 incor- down and visual inspection.-, j:*.. ^ n ® f * ce ifi P a tided : gttd button wfli be made to end-qser conv- . 

it has been used in hospitals. Area Health Authority for porates a 2.1 metre (7 feetl-cube The first Model 3000 ins&Ua- pa3 ?!?? ' ^ , . : Z .. 

veterinary estahlishmenis and handling 300 lbs an hour of miving chamber having a blend- tion was recently commissioned. The second range, Apollo has assistance on the -potential for-jt. 
pharmaceutical laboratories lo infectious waste from isolation ing capacity of arouna 3,500 kg at the Wigan factory of Aiffier ° Iff, ^ applications in their. own*’. f .. 

give a clean burning programme, wards in a local hospital. (31 tons). Tbe mixing cube is Plastics where running 'tests *”1° uidta. .In addit; Ion* .'q ■" 

Because it works on the It is also proving very effective rotated about diagonally-opposed have shown that it is capable.-of IDeai J? 01 llQKS ana receivers, support is being offered for pror 

“ starved air” principle, with the in dealing with high proportions corners by a braked motor drive, uniformly blending 3{ tons-bf suppuett as opnonaj extras, ducts and processes involving the i 


Study of Europe’s needs 


SYSTEM DYNAMICS has been 
selected by the Commission of 
the European Communities to 
carry out a study of future 
applications of computers in 
Europe. 

Mr. F. J. Kennedy, joint man- 
aging director of the group, is 
the study project team manager. 

Objective of the study is to 


identify potential application 
areas which may be considered 
for support by the commission 
under the multi-annual pro- 
gramme of the Data Processing 
Policy adopted by council in 
July 1974. 

System Dynamics. 72 Merriou 
Square, Dublin 2. Dublin 704701. 


“ starved air ” principle, with the in dealing with; high proportions corners by a braked motor drive, uniformly blending 3$ tons -Of L“ pt,Heu ,,^ *7 duels ana processes involving the i 

result that waste is reduced to a of plastics which are often Control facilities available with polymerio 15 minutes.' Charging These are padded on Onto sides applications of. micros, / 

sterile ash. the unit is said to be present in particular types of the hlender include rotary “ inch- of the blender can be accbmp- and can be suDpiied with or wrra- 'Further about Base Tmt‘s ' par- 

capable of bartons waste and waste, says the UK licensee of ing” of the mixing cube in for- lished in a little over one hour. «** button quilting on each race, traitor service,' which is called - f 

also its own smoke so thoroughly the Beverley-COMTRO. Beverley ward and reverse directions. Accrapak Systems, Tkylpr All are covered in hessian Micro-Design^ Irqim the., company 
that it can pass the strictest Chemical Engineering. Billings- To ensure operator safety Industrial Estate. Risrey, from a range nf 43 colours.' nf at Unti 3, Lower Farnharn Road. 
pollution laws in the UK and U.S hurst, Sussex RH14 9SA during blending, the cnbe and Warrington WA3 6BL. CulcbKh which eight are flame retardant Aldershot. Hampshire GUI2 4HV 
To protect the operator during 381 20911. associated drive are enclosed by 4994. 'as standard ' ' - " "=<02S2 312911).-- ■ ..- _v; ; :. 1 '- 

• j'Jt-. • . " ■'t-o : -- --.tv '. ■ ■ 


associated drive are enclosed 


throughout the world 


ai* 


Our services include - Capital 
Market Issues, Project Finance, 
Eurocurrency Deposits and Loans, 
Financial Advieejbreagn Exchange 
Investmatt Sovices and Secondary 
Markets in International Bonds 
and Notes. 

And our shareholders are the 
seven independent Banks of EBIC 
(European Banks International) 


European Banking Company 
Limited 


150 LeadenhaU Street, London EC3V 4H> Tel: 01-638 3654 Telex: 8811001 


Shareholder banks: 
Amsterdam-Ro tterdam Bank 
Banca Coninrerciale Italiana 
Creditanstalt-Bankverein 
Deutsche Bank 
Midland Bank 
SociM Generate de Basque 
Sodete G6n&rale 

















‘ r ' • ‘ 

3 

'it it--’ • ’■ ■ 



for a 


The international recession of recent years has shaken up the Nordic economies and there 
is increasing pressure for a less controlled approach to financial markets. Industrial companies 
need new capital, but there is controversy over how the supply of funds should be organised. 


Norway and same senior 
Government ministers sec- the 
need tu reverse the trend. In 
Denmark a private mortgage 
bond market has developed 
alongside the four authorised 
mortgage credit institutions and 
is now in fact being organ iw*.i 
by the private banks. It hj< 





The Skopbank Group*) 


The cooperativ e banking system 


Biggest commercial bank 
Second biggest commercial bank 


skopbank 


' The Skopbank Group 
The Dynamic Third of Finland 

*) Skopbank uiilh shareholder banks 

e . Xloksantmnkalu 46, SF-00100 Helsinki 10. Phone: 7 70 367. Telex: F oreign Exchange and Eurobonds 

* General Eu, ln e^ am -si, F SWlFT-address: SKOP FI M. 

Affiliated bank: Bangue Mordeurope SA„ Luxembourg. 


new 


"'Olt 

ai 


By Wffia^a Dullforce 

Norrtic Correspondent 

THE INTERNATIONAL reces- 
sion ' has -. revived’ within the 
Nordic' .bloc old arguments 
about political., steering and 
control: of the financial markets. 

in at- least Three of the four, 
countries some, liberal bankers 
and economists- appear to feel 
that the time is ripe to resume 
the challenge to the credit 
ratio ners and. interest fixers and 
to push theC ^ase for a return 
to freeiv' ?Taarket^jrientated 
svsteins. In -some cases they 
have the:, support o£ their 
central. banks!. - ■■ .. 

The iTOjiciple that the move- 
ment of money should- be con- 
trolled and: directed - to politic- 
ally: -purposes has 

become firmly. entrenched in- the 
social-democrat. . countries'.-, -of - 
Northern . Europe : siiice Worid 
War Two.. ‘ 

The current 7 ^pressure for 
liberalisation -Is tentative, hr no. 
means concerted national 
level and has alrekd^xun into 
political . opposition but • it 
remainsone'" of.:- the. 'most 

interesting developments on thi- 
Nordic banking scene;; ■ f •• -> : 

To some extent thc .reviyd of 
liberal ldeas.canbe attributed, 
tn the: internatjonaiisaHon ‘of 
the ; .Nordic bjmk& is.: theiF 
foreign business has • expanded - 
since 1 973. but There - are jnoro 
fundamental reasons.^ 


The recession ' .has uhder- 
■ scored the dangerously top- 
heavy superstructure of the 
Nordic welfare states, in which 
the growth of social services 
over the past two decades has 
outstripped the productive base. 
The need to expand, and in 
some instances to re-organise, 
industry is now strongly felt in 
Denmark, Finland, Norway and 
Sweden alike. 

Bat this need raises the ques- 
tion of capital formation and 
the allocation of resources. It 
also focuses attention on the 
provision of risk capital' for in- 
dustrial companies, which con- 
' front the challenge" of new 
foreign manufacturers -at the 
same time as their own' capital 
generating capacity has been 
eroded by the social charges 
laid on them. n : 

The introduction of; credit 
controls- in Norway, Sweden tmd 
Finland was primarily moti- 
vated by the demand for cheap 
housing finance: in the more 
liberal Danish atmosphere this 
demand led to the expansion of 
the mortgage bond market 
Housing requirements and the 
'deipands-'oF fanners for cheap 
finance also resulted in the low 
interest policies adopted in 
. most of the- Nordic countries. 

'- Industry was not neglected. 
;In ali' four- countries it-exper- 
idenced an unprecedented expan- 
sion in the 195115 and 1960s .and 
’even.- profited from the low in- 
terest polio' but imluslritfl 'in- 
vestments. ■ were increasingly 
.subject— adyaiitagetiu sly- in -be- 


gin with — to the credit ration- 
ing imposed by the govern- 
ments and central banks. 

Centrally-controlled, planned 
investment of this type is in- 
evitably production-orientated, a 
factor which had little signifi- 
cance while there were expand- 
ing domestic and foreign mar- 
kets for most Nordic industrial 
products. 

Competition 

Now, however, many typical 
Nordic branches — shipbuilding, 
steei. metals, shipping, and 
even cars and forest products — 
face tougher competition from 
new producers, operating with 
lower costs- 

It has been estimated, for in- 
stance, that la to 20 per cent of 
Sweden’s industrial capacity 
can be knocked out by this com- 
petition: at the same time 
Swedish companies’ capacity to 
generate their own funds has 
fallen from three quarters of 
investments in the 1955-59 
period to one-third in 1974-76. 

There is a question both of 
how capital is to he raised and 
how it can be channelled to 
those campanics or branches 
which can use it most effec- 
tively. 

The liberal argument is that 
the new challenge to Nordic 
industries calls for a capital 
allocation system which is more 
sensitive to consumer demand, 
at home and on foreign 
markets. 

-The . capital format: c*n prob- 


lem is recognised among the 
social-democrat parties and the 
union movements but the solu- 
tions proposed are for the most 
part rather different. 

The Swedish unions want a 
part of company profits to be 
diverted as new share capital 
to employee funds, which would 
be collectively owned and 
administered. The Norwegian 
labour movement believes that 
the revenues from North Sea 
oil should be invested under 
state control. 

The presentation given above 
is admittedly schematic and 
over-simplified. It ignore the 
variations in attitude and his- 
toric development among the 
four countries. But it is fair to 
say that the world recession has 
brought these countries to a 
point where they will have to 
decide in which direction to 
move from their present fin- 
ancial systems and institutions, 
either towards even greater 
planning and central steering or 
towards methods which would 
give more play to market forces. 

The issue is. of course, poli- 
tical and the answers may not 
be the same from the four 
countries. Denmark will be in- 
fluenced by developments with- 
in the EEC. In Sweden much 
w ill depend on the result of the 
genera! election in September 
which could return the Social 
Democrats to power ?nd then ou 
the vigour with which they 
’-.ou : d rh-' tra ’e unions' 

clan* -:or employee -liarc-ho’J- 
in'T fun ’s. 

In Finland . the -tiuathm 


differs because nf the relative 
independence and influence un 
national economic policies of 
U)c Bank of Finland. Here ihe 
combination of a strong gover- 
nor and a highly .skilled staff 
currently product* a seemingly 
effective allocation uC funds. 
Norway has tne most rigidly 
controlled linan- inc system and 
the first effort t.i rentier t; more 
supple has already run into 
trouble. 

Developments m Norway ibis 

year in fact iPtKwtc- well the 
m niggle between the force*. of 
liberalisation .*n»! control At 
the beginning oj the y-.m ,m 
Act came iru- • force under 
which politically dccted mem- 
bers obtained r.i:.*--iritie» on the 
banks' representative lijard* 
fn December in :: il.VralisHtion 
measure the B..rtk of Norway 
abolished it? mi crest rate 
regulations in the hope of im- 
proving the efficiency of the 
credit market and promoting 
the establish .tt-rni or a function- 
ing bond mar.':*: 

The intercut rate derixinn 
has not had ti" rle*irc«l effect, 
partly hews'- tit- hanks were 
mnfused by -.-nfral hank’- 
m mul lane ■'UK w nmg that thvy 
should net try .•> rates up 
:«.o fast and ps.-.'y hecsn — Th- 
supp'V and .vi of •-•-.•sist 

v :r? «ti!l tvv'‘ .Simtir-rly. 
*hv 'nn.' btf.:*': . has 
c'v tre b:-au- 

• i:M s'.it" - cet' ; .' b;:‘k nr-;! 

an : h • • - i;i.- .l. : i vi.i 

i-t 1’-. It- .l: .. ■.! :v 

n 2 ”-C.- r.'..n:.:i.. .K. i.l'v. 10 


September rho Government’s 
price and wage freeze was 
extended to lending rates. 

Must significantly the Bank of 
Norway's action pruvoked strong 
reaction nor only from fbe trade 
unions and within the ruling 
Labuur party but also from the 
Centre and People's Christian 
parties, traditional strongholds 
of the low interest rate 
philosophy. The result is that 
Norwegian hankers are now 
waiting for reports from two 
committees. one hastily 
assembled ui study interest rate 
policy and due to report next 
October. The other, a group of 
es-pen* appointed by the 
Monetary and Credit Council, 
will repun in March on the 
structural problems of the credit 
market, which prompted the 
Bank >u Norway to drop interest 
rate ccntruls. 


Controls 


Tin* i-cijnmiltee will mo.*r 
prnhsoly iiipport the Bank of 
Norway's line by concluding 
ihat recent developments on the 
financial markets have been in 
the wrong direction and that It 
::■> lime lu re-think both the 
menTK and goals of Norwegian 
m-iiieiary pulicie*. Thi* will 
ard to 1 It-^ prcs?uro un poli- 
'i'-'ans t.i lih-ralisc the system. 
E:: on-.--.' Mieggyi- that rh^ 

r*ti;fual rfsomip? is likely to he 
i‘- • i-i^ ipro.icnt uf a publm 
••»• J , n:; , e.' tu c.vatnto- thui.-iuo 
r -» ; •-*-bi- v i\— nr.unevdaiioo.'; art:! 
’bv i! mI j vs'.tli •■■uulil i'.ist he. a 


also become a typical reaitiuti 
for an industnai ur conmi-icial 
association to meet ils nvnil'ors’ 
change in political opinion. funding reciuiremenii. by found- 
Similar confrontations over m a financing organisation of 

, ... _ , . its own to raise cretiil. gonc-r- 

monelarv policy and controls .. , - 

. * ‘ .. . „ .. ally on foreign markets, 

can be traced in ail the Nordic In Sl ,. eden one u[ rh . 

conn tries with the possible putenlialiy mo*i important 
exception of Finland, where the events of the year v-as the 
banks appear to have a more report of the go»ermnent- 
confurmist attitude and to be appointed Capital Market Cum- 
in a inly concerned with reducing mission published in .lanuary. 
the penalty rates at which they almosT a decade after the 
have to borrow Trom the Bank commission's foundation. If Us 
of Finland. The outcome of the majority recommendations are 
renewed debate is vital for implemented, it could op-n the 
Nordic private bankere not only v ’°>' to _ a typical Swedish 
for what . might L»e called compromise between 1 
ideological motives bin fur a liberalisers and controller*, 
strictly practical reason: the providing in large measure 
banks' importance mi the for market-orientated system* - - 
national finance markets has an .^ t ' K * continuation of a 
been gradually eroded over the ni,:;e ^ economy. _ 

past two decades, a development eommiaMun h.ghlignlcn 

which may have been veiled ffi ,? need for a bocsf^ m 
recently by the boom in the industrial investment., v. : : : 1 . . 1 
bank's foreign business in con- woulri sj in u I tan ousi v rai. < r, r 
ncction with the financing of tbe an increase in both prr.au- 
Nordic countries' expanding ant * public savings. ne r.m;- 
payments deficits. ‘ mission s thinking was mu- 

deariy demon strafed in 1 

One effect of centralised a ^pvuaches to The roles .if the 
credit rationing in all four National Pensions Fund. v.b;c!> 
countries has been the pro- n0Vi - dominates the Swedish 
hferation of new financing capital market, anti the sio..l. 
institutions and funds, many R! o r i,- e t. 

of them with a specific political v;an r cr ; present rolls- 1 - 
objective, to meet the demand in; f SC i|,ii C . s cj she ins? 
for credit which is nur bein? ,,, b? revamped. rhii 

satisfied Through Hie trad:- com panics vov.ld h.v-e in com- 
tional land now controlled j p C - r ‘ inr _ re «i i; . r . l i v f ;r 
channel*. In many instances. ^ i! p'- sl i ::c- ..-.■ick m: : r- 
thoe runds are purveyors of | :j1 .•Tectr.t* j ■ir.i-—,’' 

subsidised tti.-dils. , ov a:lo.:m;n V 1 ...' ’ ;.- 

!n Ncrv.cy the exp'Mi«iun i-i M>urces. who*-: n.:.- 
t!’- hard;* a! 1 he* expense extended. Tht*:- 

of pnvrto bankins i> 'well lion* can bo «e-.n a.-, a 
do •vm.-niyl :m.l htzs ri: ched a i<t ;'- e l.berali^jiior. 
pun! a! wb;i-h of at saw t’tii _• the ■ -"-rv.rrN *■- 

CONTINUED ON NEXT PAGE 


' Founded a mere 70 years ago, we Sk op- 
bankers are relative youngsters in the 
commercial banking world-who have not 
had time to become bureaucratic. The 
policy of the Skopbank Group’ 1 , and the 
key to its success, has always been flexi- 
bility. 

■ Decisions are made where they matter. 

And the adaptability of our approach 
enables related decisions to be taken at 
the same time. 

Market shares of total deposits 


This philosophy of banking has resulted 
in over 30 % of all Finnish savings being 
entrusted to our group's care - a clear 
indication of the efficacy of our methods. 

We are now- the biggest Finnish bank- 
ing group with a modem, full-sendee net- 
work of 1.300 offices. The natural choice 
for foreign and commercial banking require- 
ments in Finland. 


1974 1978/VUI 
















y "*5? ft 1 


: -v\ r'3K V* ^‘ 1 -.v.if i i 




14 


Deutsch-Skandinavische Bank AG 


Highlights from our Balance Shee t 
Business Volume 


Balance Sheet Total 
Credit Volume. 
Share Capital 



During its first full financial year the Bank, established 
in 1976, could substantially strengthen.its position as special- 
ist for Scandinavia. 


in addition to loan financing including a forfait activi- 
ties, money dealing and foreign exchange transactions, the 


Bank entered into fixed-interest securities trading. 


Through the two shareholders, Bayerische Landesbank 
Girozentrale and Skandinaviska Enskilda Banken, the Bank 
has direct access to local markets around the world: 


Deutsch-Skandinavische Bank AC 


Alte Rolholstr. S 0*000 Franlaurt Main 

Telephone: JO-4 - 1,Telcv 4-13413 deski d 


Foreign Exchange: Tel.: ’806T1. Telex: 4-11188 ctekxd Money Dealing: Tel.: 280675, 6. Telex: 4-11188 deskxd 


/ 


Do you 




C-.V 





Den Danske Bank - in banking lor over 100 years. 
2S0 branches nation wide. 

Contact: Den Danske Bank, International Department 
12, Holmens Kanal,DK-IG92 Copenhagen K. _ 


DEN DANSKE BANK 


▼ 


AF1S71 AKTJESELSKAB 





Financial -Times Wednesday;; 




NORDIC 






THE SHARES 






llllf 


The NORDIC shares markets 
are small and, with the -relative 
exception of the Swedish, have 
not functioned as major sources 
of capital. According to a 
compilation in the ■ Swedish 
Capital Market Commission’s 
report the ratio of share capital 
to national GNP in 1970 was 14 
per cent in Sweden, 9 per cent 
ia Denmark and 5 per cent in 
Norway: this compares with 
ratios of 28 per cent in Britain 
and 54 per cent in the U.S.. 
where of course the public 
sector is far smaller. (These 
comments apply toi shares: the 
mortgage bond market domi- 
nates the Danish financial 
system.) • 

Recently, the Nordic markets 
have been at an ebb with low 
share prices, reduced turnover 
and lillle new issue actirity 
apart from at the Copenhagen 
exchange, which has seen a 
splurce of new issues in the 
first half of 1978. It is perhaps 
pot surprising that shares 
markets should be relatively 
insignificant in an area of the 
world, where Social-Democrat 
parties have dominated and 
socialist thinking has prevailed 
within a mixed economy 

philosophy. 

. Nov:, however, the shares 
tnarkets are at least edging back 
into the spotlight of public dis- 
cussion. The Swedish Capital 
Market Commission advocated 
an expansion of the Stockholm 
stock exchange as a source of 
risk capital for industry. In 
trying to conclude its deal to 
buy 40 per cent of Volvo, the 
Swedish automobile company, 
the Norwegian Government has 
had to promise to stimulate 
activity at the Oslo stock 
exchange. 


STOCK EXt^NGE FIGURES 


Turnover, 1976: 
Turnover, 1977: 
New issues, 1976; 
New issues, 1977: 


Stockholm/ _ -Copenhagen . Oslo 

SKr DKr NKr 

lASbn/y 353m 249m 

1.75bn 259m ”4m 

1 abb' ,"■■■/ 931m -3S4m 

360m 429m 329m 


Helsinki 

m 

137m 

126m 

290m 

30m 


Reasons 


There are very good reasons 
why even- Socialist governments 
are taking a fresh look at the 
possibilities of the -stock 
markets. All four countries 
need to renew and repair their 
industries at a lime when the 
recession has taught them that 
sharpening competition on 
foreign markets has enlarged 
the business risks. Savings have 
to be generated and channelled 
into risk capital for new ven- 
tures and expansions. New 
industries and new products 
have to be developed. 

In planned economics tin* 
entire operation could be con- 
ducted wllhin the public sector 
but for small countries, whose 
standards of living depend on 
trade with market economies 
there are obvious dangers in 
too rigid planning- Many mag- 
matic socialists in the Nordic 
bloc recognise the advantages 
of allowing market forces to 
determine the flow of risk 
capital to industry. To Uu this 
thjy have— albeit in wasted and 
erippieJ shape — instruments to 
hand in their stock exchanges. 

In all four countries tentative 
action has been taken to better 
the lot of share investors and 
more has been promised, but 
the political opposition to the 
revival of such a typically 
capitalist " institution is y-*ry 
strong. Developments within 
the Nordic stock exchanges over 
the next few years might well 
read as a kind of litmus reac- 
tion to the direction in which 
rhe Nordic societies are moving, 
because the share markets’ 
future has again become part 
of the general political debate. 

Those championing a g re ale r 
role Tor the Swedish. Danish. 
Norwegian and Finnish stock 
markets in the national 
economics focus »vi two very 
contentious political issues, 
profits and taxation. They point 
out that there is no chance of 
revitalising the stock exchanges 
as long as the return on invest- 


ments in shares is lower than 
on other forms of savings. --To 
reverse this situation .- li sted 
companies have to generate, 
larger profits and the i^iible, 
taxation on income from ;share 
investment, which is : common 
to the Nordic countries,. ’has to 
be eased. . ■/>•* 

Both these suggestions strike 
at the very heart of the beliefs 
of the committed socialists *in- 
the Nordic labour movements 
Already the Norwegian Labour: 
Government has had to post- 
pone measures to stimulate the 
Oslo stock exchange beegmse its 
trade unions made tiiey post- 
ponement a conditipn’ tor 
accepting the Goverofrieht’s- 
wage and price freeze, i'A 'bill 
which would create .Investment' 
companies or mutual funds. for 
small savers has been submitted 
lo the Finnish parliament bat 
is not being debated because 
the Social Democrats; : whose 
leader heads the coalltibn 
Government, cannot steel them- 
selves to vote for it . 

The most detailed rectent 
study of the situation ' Of a 
Nordic stock market and the 
most sophisticated proposals for 
stimulating it have come from 
the Swedish Capital Market 
Commission ■which reported -in 
January. Mr. Toraten Carlsson, 
general manager of SkantUna- 
vfska Enskilda Banken. wrote a 
study of- the Stockholm share 
market as an appendix; tor. th is 
report and returned tor,- the 
theme in a recent artide.ijj his 
bank’s quarterly review. . 

His description of the present 
status of the market shows a 
falling rate of return onvllsted 
companes* equity capital; ‘-over 
the past 12 years and.,-* de- 
terioration in companies' - sol- 
vency ratios, notwithstanding 
large rights and bonus Tsjrues 
in 1875 and 1876. Curtfent 
average yields do not meot'-fthe 
returns available on other forms 
of saving and the market; values 
company equity at barely half 
the adjusted book equity. 

In the current discussion 
within Sweden on employee 
participation in companies' capi- 
tal formation through wage- 
savin a or profit-sharing schemas 
a political dividing line -has 
developed between those who 
want a lund system compatible 
with rhe market economy, allow- 
ing employers to become indi- 
vidual owners of shares, and 
those who want to strengthen 
trade union influence through 
funds based on collective sav- 
ing and management. The reso- 
lution of these political dif- 
ferences will determine the 
future role of the Swedish 
shares market. 

But if private shareholding is 
io be stimulated, there must be 
changes in tax regulations to 
improve the conditions for 
investment in shares compared 
with real estate placements or 
insurance investment. An in- 
crease in the deduction people 
can make on their income lax 
returns for “income from 
capital." say. from the present 
SKr 800 to SKr 5.000, has been 
proposed. A change in capital 
gains tax so that it covers only 
mu sales of shares rather than 
reinvestments in shares is 
another suggestion. 

The Capital Market Commis- 
sion suggested that insurance 
company investment in shares 
he stimulated by raising the 
limit for their investments in 
any one company from five to 


•10 per cent of the voting rights. 
It also foresaw an increase m 
share.' investments by the 
National Pensions Fund, propos- 
ing that it also be limited to 10 
per cent of the stock or voting 
rights in any one company. 

In the Copenhagen stock 
exchange the shar.es market is 
completely overshadowed by 
the bond market, while invest- 
ment in shares is dominated by 
the institutions,, the insurance 
companies, banks and the 
Workers’ Pensions Fund which 
puts 15 per cent of its income 
into shares. Private investors 
look to the bond market where 
Yields are ranch better. ' 

At the end of .1977 the 
nominal value **-_*“•£ 
■market was DKr 270bn ($54 bn) 
and bv the end" of October - this 
vear it had reached. DKr 31 5bn. 
This compares with- a nominal 
value of DKr 12.2bn for shares 
at the end of -October. Thq. 
Yield on the bonds averaged 
17 34 per cent at that time 
while the effective yield on 
shares was 5.68 per cent. Tuni- 
over in bonds ■ in the first . IQ 
months of this year totalled 
DKr 11.2bn, up DKr l.Tbn from 
the corresponding; period of 
1977, while the shares turnover 
for the same .. period was 
DKr 253m. 


Tax 


. At present a private investor 
in shares pays 50 per cent 
capital gains tax, if he sells his 
shares in less than two years 
and a 30 per cent coupon tax 
on the dividend. Bonds carry 
no coupon and no capital gains 
tax. Under these circumstances 
shares carry little interest for 
the private investor, and com- 
panies seek elsewhere for 
extensions to their equity. 1 In 
fact those coming to the market 
with.-. -new issues are mostly 
young. • growing . companies, 
seeking an introduction. 

' Tt was thought that . Den- 
mark's entry to the EEC in 1973 
would stimulate foreign invest- 
ment in Danish shares and some 
investors did movife, in while 
the shares were cheap and 
before prices had been co- - 
ordinated with EEC levfels. But 
foreign interest has inevitably 
moved to Danish Government 
bonds. j 

The shares market did receiyd 
a boost from the new Stock. 
Exchange Act in 1972 which: 
had the effect of opening up 
.the market. Turnover rose 
sharply that year and the 
underlying trend since has 
been upwards. But as with other 
Nordic markets the Copen- 
hagen exchange is hampered 
by the division in political 
attitudes towards shares invest- 
ments. From time to time pro- 
posals to encourage savings in 
shares have been made but have 
not borne fruit In the Folketing 
(parliament). 

One positive factor has been 
the expansion of shore-holding 
by- company employees. . .. - 

Turnover in shares at the Oslo 
stock exchange collapsed from 
over ~ NKr l.Tbn ($360mV in 
1973 to NKr 194m* last year at 
the same lime as. the general 
share index rumbled from 


around 180 to 70-: The three 
main- ielenfents generating this ..... 
'deveiopiiient : have, been the-, 
decline. in,.cbrapa ay profits, the; 
bursting of the boom in oil 
company shares when it became, 
apparent that- the government, 
would strictly hinit. the involve- 
ment of private Norwegian, com- 
panies in- North Sea oil develop? 
meat, and the shipping crisis 
which has deprived the- ifcarket 
of one of its major sources, 
shipowners' capital. ' 

Now the deterioration ..in’ in- 
dustrial companies'’ solvency 
ratios'"— • the' need to stimulate •* 
risk-P , ' s *3Wfc equity, capita) -lave 
aisr recognised by, the ' 

y-ar**g !& a Labour Government- ; 
pritpoeals by the Finance Mims- ; 
try to improve conditions for-.;, 
shares investment were -ajban- ‘ 
doned this year, when it needed 
to got trade union backings for: 
its wage and. price freeze- : 

In the pipeline had been ' • 
plans to extend the obligatory, 
capital .placement on banks and 
insurance companies - to .shaires 
(a Bill- -providing for this -has- . 
been submitted to parliament); . 
to "invest national' pension 
fund -capital in shares, to ease 
company taxes and. -to- change 
regulations os "dividend 
incomes. *. These- would have.’;, 
gone a considerable way'to'ineet' 
the recommendations ; ' . Of the - - 
Oslo Bourse Cbmmissio^’Wtrjch - 
has also called for measures; to : 
encourage -the issue -6T- ctmver- - - 
tible bonds, changes in regnla- . 
ti ons . ' f or investment companies - 
and easier access for foreign.'- 
capital to the Oslo - exchange.,;-' 

The Government has'. ih<U- : 
rated that it will Teturn th'/its 
proposals ; in , l_980 v when.’, jthp^ _ 
wage and price freeze is. lifted. 1 
It is strongly motivated to. do 
this by its desire to complete 
negotiations for the purchase by 
Norway- of *a 40 per. cent interest 
in the Swedish car fompjftty. 
Volvo,. Under vthe -original 
agreement half the new share j 
capital, should be'siibScribed ■ by i 
private investors. • 

. The .Government 'has recently ; 
persuaded the three leading ^ 
Norwegian -banks 4a underwrite J 
a NKr 300m issue of shares ‘and^ 
debentures in the new; - Volvo, £ 
(Norway ) Holding Company ^ 
with- the ultimate rate ntioft of^ 
Spreading the . shares '-on. the.; 
market. . • 

■ The growth of the Helsinki _ 
stock’ exchange has been Tunited ; 
by the traditional coacentratkm i 
of - private savings in hank | 
deposits and. by the-large'Share* 
of outside capital in company « 
investment. Turnover reached a 5 
peak in 1973 when" ^trading * 
amounted to Fjh-291ih'/^S70b&). 1 
of which Fra 204m Was -in; ’ 
shares but -smre; then- «bare 
..prices have fallen and turnover 
in 1977* was Fm 100m lower. -; 

• \ The stock exchange board has ■ 
bden seeking further tax reliefs •' 
for .shareholders, who currcnlly 
pay .a wealth tax on the shai'es 
they : hold and income tax on -all 
but" the first ,Fm .l;000 of divi- 
dend income. It_ has concen-.. 
trated though on getting- parlia- 
ment to legislate in favour ipf 
investment funds, which; ifc.Js*. _ 
hoped, would- increase invest- • 
merits in shares by small 
and bring on to the stock maricet.; 
new companies seeking invest- 
-ment fund capital.. - T 

The investment fund- 
however, requires The YOtcsTof ' 
the Social Democrats, who ior 
the . time being dn not seemed:, 
be inclined lo give ; it t&Ht : 
backing. 


11 


t-7 


I • 


ii, 


William Dullfpr£e 


Order 


CONTINUED FROM PREVIOU5 PAGE 


sion recognised that private 
savings would be inadequate 
and it proposed that new forms 
of public savins be instituted. 
This would open the way for 
some form of collective wage- 
earner funds, if not in pre- 
cisely the form proposed by the 
irade unions. 

The Capital Market Cenimis- 
sion pointed out firmly that in- 
dustrial expansion called for a 
higher level of profits and of 
profit-retention in manufactur- 
ing companies. By implication 
the social charges on company 
profits would have to be eased.- 
In its reasoning on this issue 
the committee touched two of 
the most sensitive areas in the 
current arguments about the 
financial systems or the Nortic 
countries — profits and taxation. 
In each case the commission s 
conclusions gave hope to the 
liberalisers in Sweden. 

however, one must raise the 

question of the real impact of 

the commission's report Its 

long period of gestation had 

aroused great expectations and 
its conclusions were spirt tediy 
debated and commented on im- 


mediately after publication hut 
in recent months references to 
it in official policy statements 
and in public discussions of 
financial and economic matters 
have been remarkably few. Its 
promise to be the basic refer- 
ence work for debate over the 
future of the Swedish capital 
market Has not so far been ful- 
filled. 


Any attempt to describe the 
present arguments within the 
Nordic countries over their 
financial markets inuvo* Truro 
rhe particular or technical 
(interest rote regulations, credit 
ceilings) to the general or 
political, underlining the.truisntj- 
ihat the future working condi- 
tions of Nordic bankers depend 
in the final run on political de- 
cisions. The international 
recession has shaken up the 
Nordic economies. The shake- 
up has revived debate about the 
efficiency oF the muney and 
capital markets which in turn 
offers opportunities to those who 
are not satisfied to influence de- 
velopments. Whether those 
opportunities are bcins fully 
exploited is another mailer. 


UUlK 




ANDRESENS BANK 


.One of the largest commercial banks ih ^! 
Norway with extensive expenence'm; 


international bankingi- ; ; 

Weare at yburdjspos^®;^'':.-'^ 


Luxembourg — Wholly, owsil sub^ctiary-^ 
‘ London — Repr^seritaSye 
vZttrrch -r- Pai^Glp^ib^ln N^iieJ^ * 

■ - ! and in Financ^ Cort3bany VjkinQ,;/v 


. Head Office 
Andiaserii San- * ?, 

Inlematipnal On-utiori 

Torvoaien 2 
Oslo s. Nonm^y 
Telrotiom? -»a-»9 5C 

Telpv My 1 1 3*1(7 
ABANK-N 


Suwkfiary, *, 
Ana-Bseos Sanfc 1 
1nienvali6nd[l.S : A ■: 
V »«if AWfrfigen - ! 

Lu-BrnbOui-^Viltei' 
Lu*efnhburg . 
Telephone: ED 59f 
7 cie*t No. . 1 - 268 . 
ABtNTHu 


’ ■ - Afvji^sena (Landcfiv Lid. 
:. .SiftCkEneharlpe 1 .'.;.-:- 7 ■ 
Bo'iding. ; • • 

• - LOOOOO-EC2N 1HH;.- -- • 
England- '-'- r ' L -- - 

•Tcloph Mffr 421-2 
. -T(*»ex No 88 12095 
' -ABANK G 


Recent publications of our : ' '■ 
r . . rntematlpnal Division : : . V = .;’* 

— «Setting up .a busiriess inNorway?” 
— ,«The Norwegiandcpnomy at your, ; 

fingertips.^: ' n ;.*'■ i 

— nAn introduction to the f; :• 

I ntematto rial Division.*- r 




ii.rl 




1' 









AM) FINANCE m 






AND-CO-OPERATIVE BANKS 


!-J -. ». — ■ 


" *1 '.■*' 





« 6 f» «-. - 
9 ««u ’•' v, 

~ l -~ <_*a-_ •: 

•p?! v. ;.-*.> N * 
or i^. -; ;.-*, 

:.;v ~V. 

9fij v . ;i , - Tr ..^ . 

rd'. rV‘ ! -;^ r -::T;. 

5 i!?C-.-., '“‘■-•C: K 


r* *••::..•■ .r^. 
fc :. • J *" : -•■'* 
& .-• 
ri - :^Y ..H! 

“is.--... 'r.T^-v; 






foreign opera- 

.pf .ti e ' se?n^rt&c of : both groups; have been 

- 5®®" "■. savings." *^ankBtv“®(^ff ; 7 co --expanding fast, mainly through 

- qpftaMfefrO ; tM'reatrah banks they- have set 

rh^np^'- ~ ^ P ;fe" - >te»n " T rq n)r J ^ng '-Rouses ■ hut --also- through 
d^ehsly^^psiaaei} to Halt pri.a •SOTne^of". the ' bigger savings 
. .- te^eApi- $&£; ;&&xdp : bank% who" have gone into inter- 
;shaie- ofr-jjank'- activities, * but national markets in. their own 

- amendments ' .to ^.-legisIatiQn', ! right: 'Fnrpi gr i business is eur- 
: wiil ctt-^. ^jhav’d: a- brought ,/their- rently the . mre»t Vigorous growth 

operat?ng'.€o^iditfotffi. ■ ^almost point for "both sets of "bankers. 

- coaipletyy'in fine vtiffc .those of ' ' * - - •■>• -> 


years 


f ^ The. central banks : are effec- 

SffiW-ftfiWS ~ teki most 

n X?A yffi ' ^Ini-T Of them staffed by yfirong per- 

. .&£S£a$SM?SS. "*$ •* h# - *■*&*, Y* 

^ quently been recruited from 
baft?,. Nearly 

V'JT.;; ^ ^ •?;... • V all- of them have been espand- 
i rfiofctr. . gnm^ have* . - now their foreign and securities 
i^achod jan^rgterestmg stage ip ■ departments in -this, way; The 
fh&E* pvptation. Largely^ by niore aggressive ^Saospbere in 
: r m : _haye . created these central banks adds to the 

ilarge^nsits.'become more effec- creative tension . 'with the 
- . pye >--^andfj- i are - now;- ^-offering member banks out m the sticks. 
, c usto mer^^a, ~_w?der range -of One. of the- mdst - striking 
. serw^. ^Iheir operatipns have developments on "."the Danish 
-. *_■ ^n^e^ly. .more banking scene this year has 

■ soi%^e^e . ^nmsh and ^ ^ gnwt fh of a savings 

pawsti ^p^fUiBS • banks, . for bank , Sparekassen.SDS. Its 
i n st an cy- ,• vW^te ^ mon S the balf-year report lifted it into 
pjWteers J .nf. data . processing >n third place among- the Danish 
^©>rope--*-b u t parti cu- banks, measured by the balance 
lar)y .^)veri.y>e _ past two years Forged from the merger 

‘ )eea 1 .'.® ro ? ri ”S of three regional savings banks 
_ emphj^ Jrom /^thin both i n 1973. SDS took, off after the 
mpvein^s ,4ikt.ttfchajiks must 1975 Act gave the^savings banks 
not tradifionai pro- operating; conditions to 

those of the commercial banks. 


an-.i ."* ~ ■■ 


; 7 ", 




sa :?. 
5 ;:•• 
ri? 

i! " • 


c*r ; : 
..* . 


a different structuge r being an 
amalgamation of many large 
and small savings banks spread 
nationwide. It does its foreign 
business through Faellesbanken, 
the savings banks' central bank. 
In contrast to these two giants 
the 70 smallest savings banks 
together hold deposits of less 
than DKr lObn. 

Bikuben is noteworthy for 
another reason, the customer 
democracy which is a distin- 
guishing feature of the savings 
bank morement. Of the three 
forms of administration open to 
the savings banks under the new 
act Bikuben chose the open 
guarantor system. In three 
years it sold guarantee capital, 
which counts . as equity, for 
DKr 300m distributed among 
33,000 guarantors. 


Growth 


By the middle of this year its 
balance sheet was close to Dkr 
20bn ($4bn). it held deposits 
• • of almost Dkr 14btt, its half-vear 
earnings were 34 per. cent ahead 




with •'. loqal j communities 

Reaefi o^ , 

,. .-•— - -varauigb were &* per. ceu> ai*eau 
T^^u^r4ieTid” -etdioes.^ie and it was on target :for final 
politiq^mbyftifie«tsv jwithin the 197S earnings of around Dkr 
. NoVdi^AA^aBtoie^.i towards 300m. ’ - 


new life; tfracticallv 11,6 recover y ine uarnsu 

it^W%S'%^^on- to- ?™*? >“*» 

be taken as typreai, ■ of the 

whale movement It'illustrates 
^co-«pe r^v^b^^l«»-^rting through 'jnerger, 

-t—t. Which has cut thc nlmfycr of 

. __ ‘O** «..«!». ».. -—..-’Kfltl to 

wMs. 



thrust into' "foreign busi- 


gSSit savings banks- from over^O to 
170’in the pasttwo decadei.mnd • 

legislation 
demands. 
w2ti^L-49 

'i r iw-iM - • iiHn ^ - . •■■»» .v.v-p.- — 

r To a- iorelgQ^ risifor. the ; ten- is/ also characteristic. SDS 

-. siosb-' apiurt-gn^ A^aitiCnikrly has a foreigadepartraent of 

C-3rithin;^^ri^ of whom -two-- 

prentSy /leads ~ : t h> , T]r ;-'a-‘ ^v o^^ '-' flurds were recruited from other 
v ^ancf, a dyMinian'-.of^ i^uks. This team negotiated 
• SftWi^te 1 ; ypifT ■■?. foreign loans valued at somb 
r bankers siso- ,to xetii|b^tbe DKr 300m in the first half of 
i . h^jnaticmal this ybar, contributing substan- 
. f aic^x ■ -.^Pmy.Mppbar 10 tialiy to the bank’s profit 

beA inora V^Ttme ®j;:. tong-term, grbwtlu Last year SDS made 
. p lanning its 'mark ^nn the international 

l . Slbr - ebmmereiaf; ; bankers, who' markets when it took up a 
• ten.it to- be'engfosSed with dai^. DKr 394m loan to strengthen 

is its equity base. 

L iflSSgihteg:: ;- ’. : ' SDS is. one. of two banks, 
^^^.^TC^Biai^itowever, where which -• dominate the Danish 
'- .ffieraasih^.innSte .bnd eybh--t.be. aavings bank movement. The 
;= cp^jiaSrtive: 'banks Tsire pd^hing other, Bikuben,. with deposits of 
-^ahead^to <ciirife/. out .tii^r : ^^ua^oitad DKr lObn and a balance 

~ r khart .;this' difference less sheeL of. some DKr 13bn, has 


The Swedish savings banks 
have gone through a similar 
concentration phase to that of 
the Danish banks with the num- 
ber of banks declining to 190 
from some 485 in 192U. The cur- 
rent year was marked by the 
merger of two large banks, 
Stockholm's Spar bank and Lans- 
sparbanken, to form a unit with 
a combined balance sheet of 
around SKr Tbn f$1.6bn). The 
dynamo of the Swedish move- 
ment is Sparbankernas Bank, 
which has . been . competing 
aggressively for commercial and 
industrial business with the 
commercial banks and enlarg- 
ing its foreign operations, , . 

The Swedish savings banks 
hold about a third of total bank 
deposits, a proportion similar to 
that held by the Danish savings 
banks. This year they have ex- 
perienced a substantial -deposit 
growth and a much-needed im- 
provement in profits. Difficulty 
in maintaining their equity 
ratios is a problem they also 
there with the Danes. 

: ', r Thc Finnish savings banks 
h*ve been working to a 15-year 
modernisation programme for 
the 197p-85 period, of which 
one target was to reduce the 
number bf banks to 38. They 
are now d3^wn to 2S0 and a more 
realistic target for 1985 might 
be 150 ban£s- Resistance to 
mergers has-been hardened by 


banks still operate at profit 
levels which are lower than 
.those of the commercial banks 
and need to guard their equity 
ratios. 

The Finns have been having 
some success in taking over the 
financing of small- and medium 
sized businesses, an abjective 
which is also aimed at by the 
Norwegian savings banks, which 
are financing an increasing 
share of local industry. The 
Norwegians' prospects have 
been enhanced by the amend- 
ments to the Savings Banks Act 
which came into force at the 
beginning of this year. About a 
quarter of the Norwegian banks’ 
loans currently go to industry 
and trade. In Norway • the 
savings banks have traditionally 
dominr/ed in lending . to 
agriculture. 

The co-operative banking 
movement in the Nordic coun- 
tries is considerably more varied 
than the savings banks. Io terms 
of deposits it is strongest in 
Finland where the co-operative 
banks hold a good 20 per cent 
of total bank deposits. By the 
same measure the Danish 
co-operative bank is responsible 
for just under S per cent and 
the Swedes for roughly 7 per 
cent In Norway there is only 
one small co-operative bank 
strictly speaking, biit the 
farmers and fishermen each 
have their own bank. 

Historical development and 
organisation also vary greatly. 
The Finns started by founding 
Okobank, their central bank, in 
1902 and the real expansion of 
the local co-operative banks 
came after Finnish independ 
ence in the 1920s, when the 
banks were allowed to take 
deposits from non-members. In 
Sweden the banks started as 
rural credit societies and are 
now organised into 12 regional 
co-operative banks, for which 
Fbreningsbankerha Bank 
(FBB;, established in- 1958, acts 
as a central bank. In Denmark 
the cooperative bank, Andels- 
banken. was founded in 1925 
after the failure of the first 
Danish co-operative bank and 
after a very chequered history 
it has now become the coimtry’s 
fourth largest commercial bank 
with a stock exchange listing. 


the success of*the savings banks’ « j , 
rationalisation' plan which has /YuVHIU&SCS 
enabled the local banks to be- 
come more efficient and to 
attract more local business. 


- The Finnish banks have had 
a l steady rise . in their market 
share since 197?, have been hit- 
■ting their targets for deposit 
growth and for the moment 
they have no difficulties with 
costs developments, which have 
been a bane for some years. 
Profitability is better this year 
but like their Scandinavian col- 
Je agues the Finnish savings 



!*/ 



iC 



pritfat&anken ww the Ikst 

Denmark so ouf telephone 

had tofonember. fn fact, we 

telephone system and ajjreat many other ff hP°d® nr 

conparBe&W: wore ateo the liret commereW haniun 

'Mtewflrette first to introduce the-personal banking 
systenun Deraruu*, and the first Danish 


bank to open a subsidiary in Luxembourg. So, when it 
comes lo doing business in Denmark, let Prtvatbanken 
be your No 1 contact? 

We have representatives and associates in. major 
■financial centres throughout me world and an exten- 
sive network of correspondent banks. 

With time, ouneiephane number has multiplied into 
servers 1 1 's. But it's still easy to remember. Call us! 



PREVATbanken 

Aktiesetskab 

Head Ohicar'x. Barwade. DK i<« Cooenfupjn K .- • 
Facial address: P-O.Bw HOT, Ok 2«» CraerJiW. N* . 
Telephone-. +'«5 1 H ft n 

TaeorarasiPfliy^BANK. "Telex: 2?’96 - - ■.. 

‘ Emches'aJi owr OenmeiK. 

PrivaUapken Iniemauonai lPen’ T -* ,| 'i — -- rentaur^ - 

jj&t tftMBElLOP.THE tr «£PJU>M4 STOUPOF .BfcMW, 




The Finnish' co-operative 
banks have also gope through a 
long phase of consolidation and 
fusion— from 940 banks 'in 1945 
to some 370 now— but'the pro- 
cess has been more a : result of 
natural evolution than in the 
case of the savings hanks. The 
advantages of the independent 
local bank, able to; take its own 
immediate decisions, have been 
emphasised, although this 
attitude may . also be linked to 
the fact that a large part of the. 
co-operative banks’ lending is 
still to private individuals. Farm- 
ing, forestry and the , agricul- 
tural industries have remained 
the main field of- activity, even 
after changes in legislation 
allowed the co-operative^ banks 
to offer complete, hanking 
services. ; 

Okobank, however, has beep 
steadily- emerging from the role 
of clearing bank for the move- 
ment into the status of ;a fully 
operative commercial bank. 

Andelshanken. the ' Danish 
co-operative bank, has already 
advanced further both towards 
full commercial bank activity 
and in the international 
markets; during 1977 it partici- 
pated as underwriter or as a 
member of the selling group in 
139 Eurobond issues. This year 
it was the first Danish bank to 
set up in the Cayman Islands to 
boost its currency lending to 
Danish companies. Tradition- 
ally, it finances a considerable 
part - of Danish agricultural 
exports. 

The bank is a limited liability 
company with its shares quoted 
on the ■ Copenhagen stock 
exchange since 1975. It has 
93,000 shareholders, the largest 
number in any limited liability 
company in Scandinavia. ' 

“Andelshanken is different” 

| has been the slogan for the 
j bank's recent publicity eam- 
jpaign. which discreetly plays 
down its - co-operative back- 
ground and emphasises its 
image of a democratic institu- 
tion offering personal service. 
It has in fact experienced faster 
deposit growth, especially last 
| year, than its competitors. 

The "same applies to the 
Swedish co-operative banks, 
which in 1950 when tliey were 
still called rural credit societies 
accounted for. only L9 'per cent 
of bank deposits in Sweden. 
Last year they reached. 7 per 
cent with most of the growth 
coming since 1974, when they 
changed their name to co-opera- 
tive, banks. ~ - : 


WJX 



15 


- 1 




TOUR BANK 
IN FINLAND 

Its obvious that you can 
Tely on a country’s largest and. 
most experienced internation- 
al bank. In Finland that's 
Union Bank ot Finland. 

With our international 
subsidiary and affiliate banks, 
our rep resen tative offices, 
abroad and our extensive cor- 
respondent bank network we 
can guarantee you top-level 
banldng service throughout 
the world. 

In addition to our com- 
prehensive payment and fi- 
nance services we can also 
give you up-to-date infor- 
mation on the Finnish marker 
and all aspects of Finnish 
foreign trade. 

Whv not get in touch 
with us right awavl 




UNION BANK OF FINLAND 

Head Office Helsinki.Tel: 1651, Cables: UNITAS. 

Telex: Genera] 12407. Foreign Exchange 12525, 
Eurobonds 122161. 



The Doorway to Investment in Denmark 

If you are a prospective investor in Danish securities, 
why not make use of our expertise? 

Foreign investors may invest unlimited in Danish 
Government paper and Mortgage Deeds and get first-class 
security and extremely attractive yields. 

We at Copenhagen Handelsbank 
are there to help you. 

Aktieseiskabet 


(Copenhagen Handelsbank) 





Sara esphat . ; Okr. 650.000.000 

itawnraa .- . Okn 1,1 85,000,000 

Sobcr d rate d lean capital Dkr. ASUOOaOQO 

Total Dkr. 2.5 16,000.000 

Haud0fflca:2 Holmera Kanal, DK- W91 Copenhagen K 
Telephone: +451 128600 
Telex: 12186 - Tefagrama: HAN DELB A ME 
Swift code: fracodl&k 




branches throughout Denmark 

WhoUv-ownsd subsidiary Copenhagen Handetehank International SA. Loxemtoxg 
Participation in: Nordfiunz-Bank Zurich. Zurich 

Manufacturers Hanover Banque Ncrdiquc. Paris 
Nordic Bank Limited. London 
Repiesentativas or consultants in: 

Hong Kong, Madrid. Manila. SaO Pauls, 

' Singapore, and Tokyo. 







NORDIC 


Financial Times Wednesday De^mWf.e ,xWs : - • ‘ - ? 

FINAKCE : :#*g|gi vS; ? / 


\bur guide to the 
financial 


opportunities 
in Denmark, 
Andeisbanken- 
Danebank 


■im 



THE NORDIC countries are not 
always as uniform in their in- 
stitutions and methods as the 
rest of the world supposes, but 
over the past couple of years 
their economic and financial 
policies have been- conversing. 
They have experienced in com- 
mon substantial payments 
deficits, growing foreign debts, 
widening deficits on their stale 
budgets and sharp rises in 
Government borrowings at home 
and abroad. 

The emphasis .in economic 
policy has switched to stabilisa- 
tion and deflationary measures 
as the international recession 
has prolonged and each govern- 
ment in turn has concluded that 


DENMARK 


FINLAND 


KOBWff SWEDEN 


E31974 

SMWMWWMAI 


111975 £=11976 


e::i978 


•Fi n l a nd at least a reversal n£ realigning .themselves with the 
the trend can be expected in EEC system. However, at the 
-1S79-. Norway maintained a prompting': of Mr Anker Joer- ' :• 
fairly high level of industrial genseo, the Dani^t- " Primes.: 
investment until last year but Minister,- the four countries are', - 
this, year’s lapse is almost bow considering whether -they : 
-certain to be extended through ; can fashion closer links for 
1979. .In Denmark the fluctua- theiis four currencies alongside; .- . 
tions. have been smaller. 'the*‘saper-«aake-’’ ; : - r 

One area to which the Nordic _ One domestic , financial deve-' . 
countries have diverged blit, in lopment. The Nprdac- countries r 
which at least Denmark, Norway have in common is' the growth • 
and Sweden have sought to their budget; tieSds dait. 
maintain some measure of co- public borrbwi^/'reqnireinentk 
ordination has been currency The Swedish budget will show^ 4 
policy. Denmark has ■ stuck- ^ - unprecedented . ; deficit of r - 
faithfully 'to the EEC currency SKr 35^^, f$s-9bn) this y^ar 
“snake” with the result that the Economy and' Budget'-'- 
the Danish krone .with nirnar MndsteT has’ already warned 
adjustments from lime to time that this 1 : level of . dafiiat fidacn^-^ 
has followed in the wake of the ^ jjave 'to'- be held Jot ' > - 
rising Deutsche Mark Nonwy ^ yejjs, \ 








Andelsbanken- V 

Dane bank is one of ’ 

Denmark's foremost com- 
merciol banks, with close lint s 
io the broad spectrum of Danish business 
and industry. 

The Bank provides a complete range 
of domestic and international banking 
■facilities, including such services as the 
financing of working capital require- 
ments and the raising of medium and 
long-term loans in domestic and inter- 
national capital markets. 

Andelsbanken-Danebank is active in 
the foreign exchange, the currency * 
deposit, the Eurobond and the domestic 
securities markets. In addition, it is 
heavily involved in the settlement of 
its customers’ international payments 




*>M4 


small countries cannot spend ; iuiiowbu ... .mg. may. .have 10 ne. aeia . rut 'v 

their way out of a lengthy de- grossly swollen by the invest- grammes. "Sj s ^sgivihgs - has S0 ^. ye ^ rS ' - v_ 

pression. Finland and Denmark -meats needed to develop the During 1978 these policies nn associate uartner -7!hfe- fibanemg of -both : the- : 

acted on this precept earlier. North Sea oil resources, had have been bearing fruit. Rates wc “snake" Sweden paymeats defleits a^ ^ ‘ 

which helps to explain why they reached 44 per cent of its GNP of inflation have fallen, private ^ h «»n^rfWalued in *** state *> nd * et deficits ^have 

now have the highest unemploy- by the end of 1977 and Is domestic consumption has bi*en anil has affeoted all the Nordic banking . 

ment rates. expected to total some NKr held in check and in some r*5i,e of theKrona^ ei ^ r u general.tiie pay- . * 

In August, 1977. Sweden's bn f$21.3bn) by the end nf instances declined and all four trade weighted basket of Jne ^ ts deficit have helped lo - t - 
new non-socialist Government this year. The corresponding net countries can show a reduction /evstem which is stimulate thc.expanBiOiim-tlig. i. 

devalued the Krona and clamped debt figures at the end of 1977 ot their payments deficits. To banks? foreign operatidiR biit -;,, 

down on domestic consumption were 22 per cent for Finland, 19 a lesser extent the attempt to ™ ^ have been _ accompanied by 

after having tried unsuccessfully per cent for Denmark and 14 bring down manufacturing The irnroaucnoii 01 offic4a j restrictions on their-': 

to continue its predecessor's per cent for Sweden. costs relative to those of other the enlarged European Mone- lending, while the ? 

expansionary, empolyment- The amortisation of these industrialised countries has also s -’ ste ® supersnaice budg^: financing has ^arpened - 
stimulating approach. Finally, id debts has now become a prime succeeded. This is particularly “*j 5 prompted tneNoTmc^coun- for savings and^s. . 

September this year the Nor- factor in the national economic true in Finland, but also in tries to re-consiaer tneir cu*" tended j 0 tighten their proifitf-j,- . 


wegian Government recognising policies. Strategies vary but in Sweden. 


moderate rency co-bperatfan. Denmark : a development which/' 




c0f> ' and in the finance - 
jjjp" via the Eurocurrency 
markets - of their exports, 
imports ond investments. 


that it could not continue all cases state borrowing on the national wages agreement has will remain, in “sifjEter- in. most case* sympathetic eea^ .r" * 

spending oil revenues in international markets has been reinforced the effect of devalua- snake.” A decision by Britain tral barSs have tried ti> ftsscftge, f.: f 

advance to keep the 'economy stepped up, in Sweden's case tion. Both the Finnish and to stay out could pose problems At tftU stage the. attempt -To -=_• 
buoyant, brought in a la-month the state starting to take up Swedish Governments arc now for continued Norwegian asso- jjgscribe a general pattern in the 1 s ; 

wage and price freeze. foreign loans last year for the cautiously stimulating domestic ciatloit while the Swedes feel i^o^ c financial markets -starts -V • 

first time since World War demand again (both also face that tiie breaking of the link to break dornr and jaini-jive^^.... 


Through a nationwide network of 
branches, joint ownership of London & 
Continental Bankers Ltd. (LCBI and of 
Internationale GenossenschaftsbankAG 
IJNGEBA), and membership in the 
UNICO BANKING GROUP, Andels- 
banken is in a position to provide 
banking services throughout the world. 


Qlmilaritioc One. State borrowing has also new elections in 19<91. between the Krona and ysgy to separate ippialull'-ol'' 

| OimuailUC5 been designed to build up Industrial investment has con-. Deutsche Mark has worked so developments at the national:'; 

Commop to the fbur countries foreign reserves in defence of tinued to fall in all . four well to their advantage that Jevei _. . . r •> 

have been declining or stagnant currency and in support of countries, most spectacularly ih they prefer to watch develop- . - WT^ --- 

thp rioinpstir stahilicaHnn Tim- Sweden and- Finland but iiv ments for a while before- •_ . -IT +U* . 


State borrowing has also new elections in 1979>. 


between 


Krona 


way to 'separate appraisals': of. 


Head Office Copenhagen 
37 Verier Farimagsgade, P. O. Box 360 
DK-1504.Copenhagen V 
Telephone: 45 1 !4 33 62 
Telex: 27086 



industrial production and large domestic stabilisation pro- Sweden and- Finland but ip ments for a while before 
payments shortfalls, both of 
which have been blamed not 

only on the weakening in foreign OT V t -kl . TT % 

demand for their products, but l-H I [Vj T A [\| I ) . . • 

also and primarily on the high ■*- 

manufacturing costs of Nordic — — ■ 

companies, which have pre- *•? ' 

vented them from competing in 

paces. -w- . •. . 

sl&sx Increase In activity 

frequently with an individual . , 

Nordic country's decision irapos- ' -'v 

ing partial devaluation on others THE long-awaited upturn in £750m) this year and at least &s it looks as though it is trying 


wjd.' I r 


ing partial devaltiation on others THE long-awaited upturn in £7 50m) this year and at least as it looks as though it is trying So far. the banks are aotitt- 

because of the size of inter- Finnish economic activity really much again in 1979. Of this, to phase out the quota system clined to agree with the Central - 

| Nordic trading. The payments Started early in 1978. The pace about one-fourth had been and replace it with the call Bank that wthia a year the : 


deficits, the pattern of winch of the revival was slow, but raised in the domestic market money system. The banks have deposit banks may not txeed the ; 


ANDELSBAMKEM 


traditional quote system, at aft.: 


is illustrated in the accompany- strong enough to introduce a by the end of September, 1978. mixed views on the subject. traditional quota system -ait -aft.; 

ing diagram, have been covered tinge of optimism. This, was In November 1978. .the With the quota system they at for additional ftuzds_> 

by foreign borrowing, which in experienced in the banking Treasury floated a FM lTOai least know what money will cost The- banks nlso want to see v 

turn has led to swift advances in sector, too. where close on four bond loan for which the terms and with the call money system fmntavemmt i»‘ th«r 

:he Nordic countries' foreign years of tight — at times cx- were: 10 years, interest lOf ptr tteru is more uncertainty as the ^ - 

jebis. tremely stringent— money ended rent, interest and principle Tak- T2V . S ' obsugc overnight .and JJJrft.orSp?? ' 

- . with snnip I'aclnn nf thi» mai-lmr V ...... at present 15 tnat -pTOat- 


SVEMGES 

INVESTERINGSBANK 


features, paradoxical trends in interest paid on bank deposits Sren' in retrospect, the events I 

the new development. which ranges from 4} per cent of - he current ve ^ indicate a 7 

The Treasury moved more for six-munth deposits to 7} per chan o, lXL t hi D ki'ng\ the Bank £ down . ] 

widely into the domestic finan- cent (plus a savings premium 0 f Finland and somk financial w i« w N i #per.t«t . ; i 

cial market, sopping up public or tax concession) for SS-jnonth changes in the financial mar- - - - • T * 

funds with its new bond issues deposits. kcls How permanent these will ' • ^ aI * ce l^€ywpna 

in order to balance the budget. Despite this disparity, deposits bc is £ar froin c , eaf . . .> - Helsinki Correspondent: 

\et, after a faltering period, grew by about 9 per cent in t!ie>- 2 

deposits in the commercial, first three-quaners of • the! • \ 


about tile same 
ea Inflation was.; 


I mar- 
ise will 


is a lender of medium- and long-term fixed rate funds 
for investments in Swedish industry. 

Owned by the Kingdom of Sweden, the Bank funds itself 
on domestic and international capital markets. 


SVERIGES INVESTERINGSBANK AB 


Box 1605KS-10322 Stockholm. 

Tclephoae:46S-22H40. Telex: 17839 Invests. Cables: Investmentbank. 


The only thing you need 
to know about Norway 
is 'Christiania Bank' 

- they'll do the rest. 

M * /*. 


^aT) AB Bates 






7**/^ 
/&■■&/ 
s f&J 


Christiania Bank og Kreditkasse as. Grand rue.. Luxembourg, 

is a full service commercial bank Representative Office: New York 

with branches throughout the country. Address: 75 Rockefeller Plaza, 
Head Office: Stortorvet 7. Oslo. . Suite 1806 
Subsidiary: Christiania Bank og New York, N.Y. 1001 9. 

Kreditkasse International 5.A., 


j£l. 


Zl" 


M 



CHRISTIANIA BANK OG KREDITKASSE 

KREDITKASSEN 




Telex; 11043 xiabk n - general business - 19310 xraex n - foreign exchange -* 

16833 xiafo n - securities husi ness 

Cables: XANIA BANK - Telephone: 147 2) 46 50 00 


ESSt 


deposits in the eonimerrial, first three-quaners of • the 
savings and co-operative banks current year and the growth for 
began to rise again. the whole year is estimated at 

The Bank of Finland reduced 15 per cent 
its quotas for commercial bank Apart from the ionare eon- 
borrowing at the basic interest servatism of the Finns who sull 
rate, but raised their right to tend to place greater credence 
use the <tU 1 money market This in banks than in securities, 
was done twice in the current there are other explanations fur 
year. ibis paradoxical increase in 

-p. , bank saving. 

Demand An ^vnated 90 per cent of 

wage-earners have their salaries 
Although the current account paid into a bank account. With 
balance was increasing, the the slack growth of private con- 
foreigu exchange reserve began sumption and a 5 per cent 
to shrink towards the end of increase in take-home pay mi 
the year. The basic interest rate 1978, account holders seem lo be 
charged by the Bank of Finland leaving any surplus to immedi- 1 
was reduced twice in the six- ate requirements on account, 
month period between October. In addition, the timber trade ! 
1977. and May, 1978. Even has gained momentum and some ! 
though new investment activity of the proceeds of their forest 
i was stagnant, corporate demand sales are being deposited in the 
for operating capital was bank by private forest owners, 
strong- mainly farmers. 

New banking legislation was The maximum lending rale is 
introduced during the year and 10! per cent, the normal long- 
becomes effective on January 1, term lending rale about 8 per 
1979. The law amending Ihe cent. The rate charged abroad 
Commercial Bank Act is actu- is around 10 per cent. Hence 
ally a codification of existing the corporate sector (which has 
practice. heavy debts in foreign 

Foreign banks may open Te- currencies), is tending lo pay 
presentation offices or establish off foreign loans and convert 
new banks in Finland, but may them to Finnmark credits, 
not open branch offices. They 
can acquire up to a 20 per cent Tnflatinn 
interest in Finnish credit insti- AHlMllivli 
tu tions. All this has been pos- With inflation running at 
Bible earlier, but from 1979 such around 8 per cent a year, money 
steps will require the permis- is “ too cheap ** In Finland. 
Sion of the Bank Inspectorate according to some bankers who 
and the Ministry of Finance in- maintain that their profit 
stead of the Bank of Finland, margins are being squeezed. 

For Finnish banks a maxi- They consider that the basic 
mum solvency level is set for lending rate Is bound to rire 
new establishments abroad. No again in 1979, unpopular though 
more than 35 per cent of a such a move may be politically. 
bank's equity may b v invested For the present at least, the 
in financial institutions — and of slackness in the demand for 
this only 20 per cent may be credit for new investment, has 
placed in foreign subsidiaries, been taken up by the growth in 
With the relatively fast recent the demand for operating 
expansion of Finnish overseas capital, loans for conversion of 
banks, some parent hanks are foreign credits and personal 
moving close to the 20 per cent loans. 

limit and sustained expansion Thus, the money market is 
may require that they increase already tighter again than it 
their share capital. was in the summer and the 

Under the new law. one half banks are now exceeding their 
of the credit loss reserve of central bank borrowing quotas 
banks can be included in the by some FM 3 bn and paying a 
calculation of their solidity, very stiff penally rale of interest 
which improves the liquidity on the surplus, 
situation. The formula applied The Central Bank reduced 
in the liquidity calculation is the commercial banks’ credit 
“ own capital “ limes 100, quotas by FM. 400m to FJI Ibn 
divided by liabilities. Owa in September. But af the same 
capital is share capital, share time it increased the banks' - 
issues, funds and profit/loss. access to the call money m.ir- 
Liabiiities are made up of half ket where it has held m«s 
the sum of commitments plus average rate nf interest fur 
the balance sheet total reduced overnight money down to abmit 
hy own capital, credit loss 10 per cent This Is levs than 


Ond 


wide base 


As central bank for the Swedish savings : i ' H 
banks, which are spread throughout the ' ! ; 

country and hold one third of all deposits, ' [- |i 

Sparbankemas Bank has in effect 1 ,500 ; {.-• 1 J| 

branch offices — giving us widespread * 

contacts at all levels of the community. \c \ - ■■= 

Both in cooperation with the savings banks . - ] ' " 
and directly, we are steadily increasing ’ l 
our business with corporate clients as - . \ . 

well as local authorities— a trend that |s -V ] 

reflected in a marked rise of activity for - f 
our foreign and securities departments. ” 5 ‘ 

Drawing on resources inside and outside j j . 

Sweden, Sparbankerrias Bank isnotabfy f ; tf f '• 
expanding in the foreign o^raticmsti^d ' T" 2 'k 
- participating extensively irt foternationai ^ - * \ N J)a ft ■» 

bond issues as well aspip^kfing short ‘V ' ■ ip ™{J 
and medtorrrterm'fir^ -V v-v.. V -.%fL 

our Swedish custom^;in.crartwitii the ^ | '< ^ iQgy 

affiliated Banque Nordmi roper Luxembourd; '-’ . t : " 
as intermediary. 

Assets equivalent to US, : 'r | : t. \ ; ?*l 

fourth among the catirnerciai Jtenk^gri^Jps " : } , ’ V 

in Sweden. With our wide domestic-base- . -V 
and strong central organization, we are . - . •" -V- •*-:■ •• . ‘ 

in the position t6.gerierate a;jGoniSd6rabte" ^ 

volume of rnternaiional business. /, ~~ !.K. ;-'V 7*^, 

s -j.- '■ 


roperralions and some asseLs and Ihe penally rale Tor ovor-bnr- 
n wn assets, such as cash and rovnne from the C^nrial Bank 


foreign currencios. 

Public spclrir borrowing will 


®reet address: Bmnketiera^Era 9 
MaU.5-TQ5 34 Stockholm. Sweden' - . 
Telephone: 08-762 to 00 - 
Tela*: I 9505 .spbank s . 
CeWe..UnionbariK. SWJFTSfViffSE SS 


which rises progressively. 

The Bank of Finland Ira* not 


rise lo sume FA1 Brin (nearly spelled out its i mention-,, but 








o- 


.c&f&A'fjy 


I 





Nr a 


is 


* 






/‘BeaemSfeT; 6 1978 

J . .._- J : . .V.- . _ --. :V_. 


MrafflSaiSSNG AND FINANCE V 



17 




NORWAY 


— SRS «i^fc 

* ssr*s» 


'/•'F'-'- . ' . 


3 lO'jr ?‘ l & 

3 

';f-s T 

*aakt" s1 ^. • 

sstif • . 

e * Ve-.:? 5 '*! i» 
iin-jn ■ 

1 ,*IU 

1 1 j*2. ****■• 

■* . , 

*\ ^ ^ 

’•Ei r: d, c . ^ 

* ,£ -O 0* V ^ 

,if |_ 

*-*te .V- rj „-*» y 

& ?-n.,r.r.^. 
** 

* 

-A*. J *U K 

^ r. 

^=Wi- vo^. 

*"u- 'f 

l:i.ier -ST-’ 
*!s"c!'karr-»^- ^ 
543 ->TJ3a:;;.^' 

a vp •- p . . 

as- c^r-sc 

Cn.-r: .■"■ 4> . 

a-.-.*-; ■-■>• • 

, v ._ v --• r.- 

u:l:* r ^V : 
.-. .. 


H|i 


. -H' 




THI S -. YEAR^ has seen isome The.- banks - \hav& '. also 



V 


3-7 

S 7 ^' 


=r? tr - 
V»’ 

• :*-v 
'■ 


k 


-r - 


■■■ «a*..' 
v.w‘ ■ 


Tb^ banjcs? ^r^oaunpiA'^Wj paid; directly infcf'a bank 
with the ■ con-; account, . - could’ V .'iartdmati rally 
trcvet^a^ ‘h®4r «Je6igne4 to borrow .. one - to - 'tort!- months’ 
maK^ mem- iaorb “ democratic.? wages ' without security. This 
. Sff: Bfffitj' from su^pefeipn- is to be Wfltliiucd 

Jano«y>-l, ;:and diarelujldeift thimi^EtU^TSl.'- -.+■'. 

■ elected: ^rieJiibers are- how; |ti: a . •■■•. i'A*-- ;-0. -.or. ‘ ■ ' - 

;: ■-.. 

m SZa M8&B&2&*# ss 4 fn » t »™i 

K .nh>’ v -.-• *--•_ .> One. 1 change- fn credit regu- 

^tS^wrta^-^ngcfeai ^tion^;&^ected : td tajje effect 

been: .the ®eia£ o^^resL-J^^ 11 ^ ^ vm . }* S e 
rates’ a^^artof^LaJboiir.Goy- toti^dttcdp^; of considerably 
p miti pnfa : xh«ipx ify ^ rnfe ■ -tighterr rules, concerning banks 

A 'de^n-to abandon'the bbirowinefaeilities in the Bank 
traditional’ tow-tatexest policy of Norvay.. . .. 

wafijakenlast Decanber, though Tbe new rules wm replace a 
the^Go^rrunerit warned that it temporary measure, introduced 
would reimpase xegulations if ^st 5fay, to enforce reduced 
Tai& : TDS9 too' a&arpis: Jji th e ' lending quotas, tRiis measure 
evdiib • most.^ bailks . -increased was known as the "section eight” 
thsisheimal rates' by only 1 to ■ b®canse ' ! it - . was 

l} j>er ^nt.‘ * authorised by sectioir!. eight of 

,. S’ addition, many banks intro— - Norway's Credit Act It obliged 
du&d. scfiehies giving savers banks exceeding ■ftieir ‘lending 
sp^iially''favoTrrable rates on -Quotas to pay hajf the excess 
long^efTn - . ' '.deposits. These into . . a non-interest "bearing 

scbeEbes.'iiave ‘been- a" great account with the iBank of Nor- 
success vrtth.' the public-^jarUy,. w : ay — an expensive arrange- 
perhap^ ^because for the . first . ment for the banks affected, 
time iri many years- small savers - Instead of “ section' eight,” the 
are. -b/etog^gjVen the chance to Bank of Norway- vti& seek to 
eam^enpi^h interest on their regulate the banks^ebding by 
depqsi&'iosnfffiet the effect of - regulating the liquidity It makes 
infl^i ^ «■ v ‘ : - available to them. / 

• ' The- ' 15}-mantti price and Three .categories d£ -loans will 

incomes V freeze . imposed from be offered to banks — automatic 
rnldt-Se^temher also affects (A); " condition ai ; - (B) and 
interest^rates, ' since— while it special <S). v 
lasts; ^'hjuSa are barred from ' The automatic faedhiy offered 
chargins, 1 V higher .. rates on fo each bank will be.dheap (low 
advances:"'^: interest), but strictly-; limited. 

For th^^tfee being, therefore. Banks that need ^additional 
rates ;: at'e^jio longer free; liquidity, because their /lending 
theoretical^.- banks could still is growing faster 'than their 
raise' ih^'^es they’ offer- on deposits, will have to apply for 
deposttSifn&m practice they are • “ B” facility. To obtain this, 
unlikdy jo. dD so. ; The upward they will have to hold their 
adju stme^t- 1- that . took place lending under a fixed/ceiling for 
before .fhe- freeze began has, .an- agreed period of tinae. 
howe^already stimiiiated sav- 1 The “ S " facility, is’ meant to 
ing ^ind^wiH contmue doing so. meet - emergency - borrowing 
.-Wb^' ^cposrt^ have been requirements which mSy crop 
rising rfte 'bahJcs have . kept a up" as a result of special. efreum- 
tigbt'^taw lending, in accord- stances. To. obtain the facility, 
ance' /W^ Government direc- banks must convince tfie-. Bank 
tivesl jjtBfflsrtp finance consumer of Norway : the 

boylc®^h§ye been cut by an circumstances really are'^ekeep- 
esJhnated^-NKr 2bn this year, tionai and - that they" ^feave 
aa^** 2 f 9 rther. reduction . of generally striven to bold 
NlCr,B^&is planned for 1979, advances in line with deports. 

to the National Bud- ■_ The new- j arrangement * 
i. ^ . ' intended te be Jess .costly for 


the banks than " section eight.” 
It is interesting because it 
illustrates the authorities' new 
attitude towards the banking 
sector, since the democratisa- 
tion law took effect. 

This law. dreaded and 
criticised in advance by bankers, 
has actually benefited them in 
at least one respect It has 
Riven the Government a vested 
interest in maintaining banks' 
profit levels. 

Why should a Labour Govern- 
ment care, whether the 
commereial banks are profit- 
able? The answer lies in one 
of the provisions of the 
democratisation law. This gives 
bank shareholders the option to 
sell their shares to the State, if 
they feel that enactment of the 
law has hit their interests. 

Shareholders have three years 
(until end-1980) to make up 
their minds whether or not to 
■sell. 

An impartial commission is 
now working out the rederap 
tion price for each bank’s 
share, based either on the 
market price, at January 1 this 
year, or on the average price 
over the preceding three years, 
which ever is the higher. The 
first official prices — far Bergen 
Bank shares — was announced 
last month. 

Although the Government is 
prepared to redeem bank 
shares, if it must, its ardent 
hope is that most shareholders 
will not sell. If they do. it will 
cost the State a vast amount of 
money. Even if only a fifth of 
shareholders should decide to 
cash in their shares, the bill in 
the taxpayers would be around 
NKr 500m. 

The banks also hope that their 
shares will stay in private 
hands, since they do not want 
to be gradually nationalised. 

The banks and the Govern- 
ment thus share a strong 
interest in keeping bank shares 
attractive to private investors. 
This means paying satisfactory 
dividends, and that means 
maintaining profitability. Para- 


doxically, passage of the 
democratisation law has created 
a kind of partnership between 
the banks and the State. 

Further evidence of the new 
official attitude can be found in 
the 1979 National Budget, which 
stresses the need tu curb the 
State banks' share of the total 
credit market. Over the last 
two decades, this share has 
gruwn steadily at the expense 
of the private banks. 

Now the Government says it 
would like to see a better 
balance between the two groups 
“ in the somewhat longer run." 

The National Budget proposes 
to allow only a 5.5 per cent rise 
iu State bank lending quotas 
next year, to a total of 
NKr 11.6bn. 


Credit 


Since.- however. it also 
foresees that the total volume 
of credit should rise only 
slightly from 1978 to 1979. the 
balance between the State and 
private banks is unlikely to 
improve next year. Nevertheless, 
the desirability of making a 
change has been officially staled. 
• The new co-operative spirit 
flows both ways. Last month, 
the country’s three largest com- 
mercial banks assisted the 
Government out of a tight spol 
by agreeing to help raise the 
money needed to finance Nor- 
way’s purchase of a 40 per cent 
stake in Volvo. 

The difficulty of financing the 
project has been a stumbling 
block, given Norwegi.au inves- 
tors' lack of interest in the stock 
market And because of the 
price/incomes freeze, the Gov- 
ernment had to postpone its 
promised measures to stimulate 
share trading. 

It has undertaken, however 
— as part of its deal with 
the banks— to introduce such 
measures as soon as the freeze 
ends. 

Fay G jester 

Oslo Correspondent 


? .:iiKe ks**37 

- • r- - 


ise 


: i? . - ^ 1 ‘ - 


1C ■ 


J.r/S 


r* f ■ - 


- !■; ' 

















Nordic Banking! 



Nordic Bankin! 
Nordic Bankii 
Nordic Bank 


go 


no further 



Regional Managers 

Bo Jagd Associate Director Denmark 

Kari Jarihunen Ftnlancf . 

’ Arild Nardrum Norway 
Wolfgang Jaeckei Sweden 
Tony Eland United Kingdom 


Head Office 

Nordic Bank Limited ; . 

Nordic Bank House" 

41 -43 Mincing Lane 
London tC3R 7SP . . 

Telephone 01-626 9851-9 
Telex 887654 ' 

International Representation 

London-tiordicSanklJinhedNeactOffrce 

Copenhagen Copenhagen Han delsba nk Shareholder 
Helsinki Ka nsallis- Osaka- Pa nkki Shareholder. 

Oslo Den nbrske Crsditbank SAaraAoWri- 
Stockholm Svenska Handetebanken Sh&reftofaer 

Singapore Nordic Bank Ltd Branch 

H- na Kcma Nordic Asia iid Wholly 'Owned subsidiary ■ ■ 

Rotterdam Nordic Leaswig’Intemational BV Wholty-owned subsidiary 

S£S5reS^ 

fiwAfurt Nordic Bank ivi 

Sao Paulo Nordic Bank Ltd Representative Office 

Sydney Ndf&c Sahk Ltd Representative Office 

Tokyo Nordic Bank' UdAepKsernative Office ■ , 

3S%Si5S 


DENMARK 

No easing 

7 :.\ 


new issue these securities having been sold, this announcement appears as a mattered record only. 


October, 1978 



U.S. $20,000,000 

Sun dsvalls banken 

(incorporated in the Kingdom ofSvvsdisr? with limited liability) 

Floating Rate Capital Notes Due 19 85 

Credit Suisse First Boston limited 
Continental Illinois Limited Credit Lyonnais 

Hambros Bank Limited IB J International Limited 

S. G. Warburg & Co. Ltd, 


PKbanken 


Skandmayiska EnsHIda Banken 


Al^emenc F,;uik Nederland N.V. 

Bank oi America International 
Bankers Trust International 

lokiinl 

Basque Francaise dc Depots ef de Titrcs 
Basque dc XeutHzc, SchhunheT^er, AlaKet 


Amsterdam-RotterdamBanfe N.V. 
Bank of Helsinki Ltd. 


Srae^a Haudelsbanken 

Banca Commerciale Italians Banca del Gnftardo 
The Bank of Tokyo (Holland) N.V. 


Bank Lenmi le-Isracl 

Basque Bruxelles Lambert S.A. Basque Fxancaise du Commerce Exteocnr 

Basque de lTudochuie ef de Sues Basque Tv a tion ale dc Fans 

Banqnc de Paris et des Pays-Bas Basque Scnsdinave en Suisse 

Basque \Ynrms Baring Brothers & Cov, Bayerische Landesbank Girozentrale Bayenschc \ creinsbank Bergen Bask 
Berliner Handels- usd Frankfurter Bank Blytb Eastman Dillon & Co. Caisse des Depots et Consignations 

Jidmunuri Linilcd 

Chase Manhattan' Chemical Bank International ChnstiamaBankoiKreditkassc ODBC Limited 


Blyti Eastman Dillon & Co. 

ja mu n rxt |jj|»^ l , 

Chemical Bank International Christiania Bank o^Kreditkassc 

Citicorp International Group ClaridenBank Commerzbank Compagme Moneg'asqae de Basque 

AluinHocfcdatt . 

Copenhagen Handeisbank County Bank Credit Agricole (CN.C.A.) Credit Commercial de Prance Creditanstalt-Bankverein 

JJgn|id ■ 

Daiwa Eurone N.V. Den Danske Bank al 1S71 Den norske Creditbank 

Deutsche Girozentrale— Deutsche Kommunalbank — Deutsche Skandinavische Bank A.G. 

The Development Bank oi Singapore Dillon, Bead Overseas Corporation. 

First Chicago 

Goldman Sachs International Corp« GotabanTicn 


Limilrd 

European Banking Company 

Ltt»art! „ ... 

■Girozentrale nnd Bonk der Osterreichischen Sparkassen 

ikmtwtuUi 

Handelsba nk X.W. (Overseas) Basse Bank S^A. 

l^ouud UlCTMljMIi . 

Kan sail is -0 sake -Pa nkki Kidder, Peabody International 

I ■■ ■m l 

Kredietbank S.A. Luxembourgeoise Kuhn Loeb Lehman Brothers International 


Dresdner Bank 

^ JllIiMradickait 

Genossenschaftliche Zentralbank A.G. 


Hessische Landesbank 

— nwnmh- 

KJeinwort, Benson 


Lloyds Bank International 

1 iiBP-d 

Morgan Grenfell £ Co. 

iisiird . 

Nomura Europe N.V. 


M anu factu rers Hanov er Merrill Lynch International & Co* 

Limed 

Neue Bank The Nikko Securities Co., (Europe) Ltd. 


Bill Samuel £ Co. 

Unin 4 

Kredietbank N.V. 
Lazard Brothers £ Co., 
Samuel Montagu £ Co. 

Lonlnd 

Nippon European Bank S.A. 


Nordfinanz-Bank Zurich 
N. M. Rothschild £ Sons 


Nordic Bank Sal. Oppenheim jr. £ Ge. 
Rothschild Bank AG 


Orion Bank Postipankki 

Lined 

Rowe & Pitman, Hurst-Brown 


Privatbankcn 

Salomon Brothers International Scandinavian Bank J. Henry Schroder Wagg £ Co. Smith Barney, Harris Upham £ Co. 

J_ilrd laiKd lH«p«jlnd 

Soriete Bancairc Barclays (Suisse) S.A. Soeiete Centrale de Ranque Societe Generaie Societe Generate de Banque SA. 

Trade Development Bank 

limited * (Umdn KraieLl 

L T nion Ban k of Finland Ltd. Union Bank of Norway Ltd. Vereins- und Westbank Westdeutsche Landesbank Girozentrale 

AUnlndlddl 

Yamaichi International (Nederland) N.Y. 


Sparbankernas Bank Sumitomo Finance International Swiss Bank Corporation (Overseas) 




CREDIT. RATIONING and high each individual bank at tbe 
interest rates have been the average u£ the years 1972^74. 
hallmark of the Danish hanking The high interest rates on term 
scene for the past decade, and, deposits were dragging up-' all 
as. Copenhagen Handeisbank other interest rates, 
said, in its October economic. Toe Interest rate agreement 
survey, the economic situation caused average interest rates to 
at home and abroad rules out fall quite sharply. The average 
any .easing of whai by now have interest rates on overdrafts have | 
become. traditional bunking i-.n- fallen from 14.5 per cent in the 
trote... spring to 12.5 per cent today 

Both instruments are used (including commission), and in 
for the same purpose, to assist the larger banks overdraft rates 
the. . financing uf the current have fallen to 11 to 12 per cent, 
balance ■ of payments deficit Tbe reason that the decline 
which is- almost endemic to has been greatest for tbe larger 
Denmark. banks is that they were taking 

Interest rates are maintained in most of the term deposits, 
at a- level which is consistently When the interest rate agree- 
aJbove-the average international raent was made this money 
level- in order to encourage the switched into Government 
business sector to borrow as paper, which today carries effee- 
mucb as -possible abroad, partiy tive interest rates of around 
in^ the -form of short-term trade 17.5 per cent. When the term 
credits and partly in tne form deposits disappeared, the bigger 
of '.investment loans with a banks found themselves having 
mirpiTiii m amortisation over five to reduce the margin between 
yews. rates on deposits and advances 

Credit rationing, which takes and chose to do it by reducing 
several forms including a ceil- rates on advances, 
ing: -on the lean commitments At the same time, the with- 
of -the banks and savings banks, drawal of the term deposits 
ensures that even if businesses meant that deposit growth was 
prefer krone loans to currency much lower than the growth of 
loans there will be few kroner advances fin the 12 months to 
available. 'September commercial hank 

* deposits grew by 4 per cent 

Etimmonf while advances grew by 11 per 

V/lHuUlCUl cent). As a result, the bigger 

-Tbe " combination of high banks have enjoyed a substan- 
interest rates and credit ration- tial improvement (of a one-off 
ing'; "was likened recently ?a nature) in earnings on their 
“ keeping up one’s trousers with deposit and lending business, 
the help of a belt as well as But while bank lending rates 
■brafies,'.’ according to Prof. Hans have dropped, long term lending 
Zeutben, senior chairman of the rates, as reflected in the mort- 
Economic Advisory CounciL . gage bond market and the 
Bank" interest rates have in market for Government debt, 
fact" fallen this year, partly in have risen. Average effective 
response to two reductions in inters! rates on mortgage bonds 
the Central Bank’s discount rate today are about 37.5 per cent, 
(reidneed from 10 to nine per which compares with 16 per cent 
cenjt.in March and to eight per ia March (this year's low), and 
.cent in July). 16.6 per cent a year ago. 

Bank; interest rates, however. By international standards 
were displaying an untraditional these are high interest rates, 
lack of response to discount both for industrial and.agricul- 
rate movements until an agree- tural borrowers and for home 
ment was reached in February buyers. Indeed, as most home 
which limited interest rate on buyers will have to finance a 
bank deposits to the discount significant part of the deal 
rate, plus four per cent. through the issue of private 
The agreement was made, notes which carry a higher eff ec- 
voluntarily but under political tive interest rate than bonds 
pressure, because of discern- issued through the mortgage 
certingly high interest rates in credit societies, average mort- 
the market for special term, gage interest rates are well over 
deposits, which often soared to is per cent. 

22-23 per cent, especially in Several resasons are advanced 
periods when there was a big by Danish experts for this state 
demand for .liquidity to cover of affairs, the most important 
forward currency buying by the of which is simply that the 
arbitrage banks. market is free to set its own 

Ttris . interlocked with another rates, and Danske Bank chief 
of -the ‘restrictions imposed, oh economist. Ib Christiansen says 
the banks in recent years. Legis- that other countries may have to 
lation- from 1975 fixing the accept the logic of the Danish 
margin between interest rates situation in allowing their own 
on deposits and advances for interest rates to rise. 

CONTINUED ON NEXT PAGE 


Kirkegt. 21,03101, Norway-Tel.:48 10 50-Telex:18175 DnCn -Cables: CREDITBANK. 





’ -a*. 


» 




18 


Financial Times Wednesday^I^c^er-« :: 197§;^ 



BANKING 
IS OUR BUSINESS 



Skandinaviska Enskilda Banken is Sweden’s leading commercial bank. In fact, seven 
out of ten quoted industrial companies use the same bank. 

We specialize in international business financing on short, medium and long terms. 
And we are the leading bank for international issues, foreign exchange and investment 
banking. Our experience builds upon a tradition of over 100 years of universal banking. 

So if you wish to do business with Sweden, Skandinaviska Enskilda Banken is the 
easiest way. We already handle more than half of all Sweden's international commercial 
payments. 



S-106 40 Stockholm, S-405 04 Goteborg. S-2Q520Malme, Sweden. 


AFFILIATES AMD SUBSIDIARIES ABROAD: 

Scandinavian Securities Corporation. New York. Skandinaviska Enskilda Banken (Luxembourg) 5.A., Luxembourg. Deutsche 
Skandinavische Bank AG, Frankfurt am Main. Banque Scandinave en Suisse, Geneva. Scandinavian Bank Limited, London. 
Ship Mortgage International Bank N.V:, Amsterdam. 

REPRESENTATIVE OFFICES: _ . 

Madrid. Moscow, Taris, SJo Faulo, Singapore, Tokyo and Athens (for the Middle East)- 



NORDIC BANKING 


SWEDEN 


Signs of recovery 


SWEDISH BANKERS are 
having a good year with interim 
reports pointing to an average 
profit growth of around 30 per 
cent in 1978. 

The Swedish economy - has 
started to recover with the main 
improvement coming on the ex- 
ternal account and the Krona 
has been relatively stable on 
foreign exchanges since the 
August, 3977, devaluation. 

But amid all these favourable 
indicators the Riksbank CCentra! 
Bank) Governor recently chose 
to ring a warning bell about the 
implications of the unpre- 
cedented state budget deficit 
and future external payments 
development, and to criticise 
politicians’ proposal to stimulate 
domestic demand next (general 
election > year. 

The most significant changes 
have been the reduction in the 
rate of inflation from 13 per 
cent on consumer prices last 
year to around S per cent and 
the unexpectedly strong turn- 
about in the trade balance. A 
growth of 7.5 per cent in the 
volume of exports and a 5-6 
per cent drop In the import 
volume is now expected to pro- 
duce a trade surplus of over 
SKr 5bn (?1.13bn). 


Forecast 


The National Economic Re- 
search Institute forecast this 
autumn a deficit of the 1978 
current account of SKr 7.2bn, 
less than half the 1977 figure. 
The trade balance is expected 
to continue to improve, though 
at a slower rate in 1979, but the 
rising Interest payments on 
foreign loans will, it is calcu- 
lated. result in a widening of 
the payments deficit to over 
SKr 8bn. 

The effect of these trade and 
payments developments has 
been to reduce Sweden’s 
foreign borrowing require- 
ments. Their effect has been 
reinforced - by the increased 
domestic money supply. lower 
domestic interest rates and the 
decline in business investment, 
all of which have reduced com- 
panies' interest in foreign loans. 

Lc ns and medium-term bor- 
rowings abroad during the first 
half of tins year were SKr 5.fibn 
net compared with some SKr 
11 bn in the corresponding 
period of 1977. State borrow- 
ing to the end of September 
was down to around SKr 2bn 
compared with the SKr 9bn 
taken up last year. 

Sweden has not needed to 
borrow abroad, in order to in- 
crease its currency reserves, 
which have been maintained at 
.» high level since the build-up 
;>fter the August. 1977. 
devaluation. 

The improvement in the pay- 
ments balance has helped keep 
the krona stable, but there was 
some weakening of the cur- 
rency in September and 
October, mainly as a result of 
the rise of the Deutchemark 
and Swiss franc against the 
dollar, and the Riksbank hod to 
intervene in support of the 
krona. 


The foreign exchange re- 
serves dropped by about . SKr 
Ibn-to SKr 19bn in October, but 
were still SKr 3bn higher than 
a year earlier and the outflow 
appeared to have stopped in the 
first weeks of November. . • 

The relative quietness on- the 
foreign exchange compared : with 
1977 and the reduced. Swedish 
interest for foreign borrowing 
have curtailed the banks' foreign 
business and earnings. In con- 
trast, activity has focussed 1 on 
the domestic market, : where 
profit potential has been greater 
than in 1977 and where; the" 
dominating factor has bben the 
financing of the State 'budget 
deficit . . ' . V 

The Budget deficit has -grown 
from SKr 7bn in 1B78 ■ to 
SKr I7bn last year . and is. 
expected to reach SKr 32bnihis 
year, .which would correspond 
to roughly 9 per cent of <3 NP. 

■The larger part of the deficit 
has to be financed through, the 
banks in default of sufficient 
other market channels and the 
result has been a swift growth 
in money supply ' which will 
probably roach 20 per cent over, 
the year as a whole. 

In the 12 months to the end" 
of September bank: deposits 
climbed by SKr 27bn or almost 
16 per cent compared [ with a 
rise of SKr 8b n, equivalent to 
6 per cent, in the preceding 12 
months. - 

The Riksbank has succeeded 
in neutralising the effect of. this 
increased bank liquidity by 
raising the bank's liquidity 
ratios three times during the 
year, but it has been substan- 
tially helped by the low -level 
of business activity and the con- 
sequent weakness in the demand 
for credit. 

Bank lending rose by 11 per 
cent of SKr 17 bn during the 12 
months to the end of September, 
which was only a couple 6f per- 
centage points higher than, the 
growth in the preceding 12 
months and roughly at the. level 
aimed at by the Riksbank. 

The hoost to bank profits this 
year derives from the increase 
in their liquidity and thfr.tbree 
cuts in the discount rate - — 
bringing it down by half; per 
cent steps to 6.5 per cent — 
which the Riksbank has ;%ade 
this year., ." "■ 

With long-term' boat} rate* 
remaining unchanged ;/at the 
same time as the hanks have 
had to increase tlv-ir holdings 
of stale and mortgage bonds 
their margins am 1 the average 
yield from their bond holdings 
have increased. The hanks have 
some SKr 50b n placed m bonds, 
principally io meet the 
obligations imposed by the Riks- 
banfe. 

Last year, with a higher in 
lerest level, a low yield from 
their bond holdings and a weak 
deposit development the banks 
had problems in meeting their 
cash quotas 3nd many h«d to 
increase the intake of short i.-rm 
money into expensive ‘ s;n*ci:»r 
deposits. This year the improve 
ment in liquidity has enabled 


them to reduce the “special" dangers . inherent in the -pay- 
deposits men ts .position.. and the r Budget 

The nrofit gains will go at deficit at the annual meeting 
least part of the "way to still the of the Bankers’ Association, fast 
fear* the banks voiced in thorns month. .' The - Budget ■ and 
last vear about the inadequacy’ Economy "Minister has already 
of earnings relative to the rate, warned that the Budget deficit 
of in nation and the erosion of. can remain, at its present level 
their equitv and reserves. AH —or. even' rise, .slightly m : the 
the same. PKbank, the .state- coming years. : 

owned commercial bank, report- This year, with the economy 
in» a 34 per cent rise in earn- running at a low level the effect 
inis at the eight-month stage, of the growth in the .moqey 
underlined thS Its- degree of supply on the inflation. rate. has 
consolidation was still declining been contained but the 
and that it anticipated a higher economic 
rate of bad debts in the inline- next year, the negative effects 
diare future - will build up- -If It is to -finance 

'The managing director of the deficits of SKr 
Savings Banks' Association fore- years to comq. the Govewgt 
cast a 50 per cent growth In his is almost hflimd to took Jut 

members' earnings this year but channels outside the bankm» 

pointed out that this would only system. - .... 

restore profits to ' the level The State and bousing: sector 
needed to maintain the ratio of already account -for some.90-per 
equity and reserves to their cent of the bond market 
balance sheets. . the institutional investor on the 

. . tnrm market, such as the National 

Prospects for 1979 are mot Frnid, cannot increase 

clear-cut. The continuing Budget S h are 0 f State bonds -^jib- 

deficit implies that the growth without having-.*' a 

in t-hn money sunolv and in . . — . i »: . 


in the ™ ha nnftiT effect on housing. •* 

deposits vnH be fs .strop? next. BnHl -. Mp . Nard lander and M 
year, which should maintain the 


your bank? 


1 I s it by chance? Or by service rendered? 

We are a Finnish commercial bank with branch offices 
throughout the country. 

We stress individuality — which means everything you expect 
from a bank: efficiency — dynamism — expertise — all 
linked with a genuine desire to serve. 

That's why we're also known as the Service Bank. Through 
our affiliated banks Banque Transatlantique S.A., Paris 
and Hanse Bank S.A.. Luxembourg and our extensive 
network of correspondent banks, we also offer a complete 
range of international banking services. 

So, choosing us is dealing with a service bank in 
the fullest sense of the word. 



Ltd. 


HELSINGJN OSAKEPANKKi; HELSINGFORS AKTIEBANK 

Head Ortice Aieksanterinkatu 17, Helsinki, Finland 
Cables: Helsbank — Telco 12536 hbariksr — Swift-address; HELS FI HH 
Affiliated banks: Banque Transatlantique S.A., Paris — Hanse Bank 5:A.. Luxembourg 


CONTINUED FROM PREVIOUS PAGE 


The logic of the situation is on the issue of mortgage bonds 
that with inflation at around r»o years ago. the hanks claimed 
10 per vent and marginal tax they were losing business to 
raLcs on ordinary inconies at the’ mortgage societies, 
about 60 per cent, the real Since then, both the banks und 
return yn a nominal effective the mortgage societies appear ?<> 
interest rQ lc “I 17.5 per cent is have been losing business in ihe 
minus ahum one-half per cent, market In private note*. Nol cs 
It is true that inflation this issued by house-sellers imp 
year has been running at an doubled in value between 1975 
annual rate of only about 6 per and 1977, and a further hie 
rent, but if the market i?,is not increase is in prospect this year, 
adjusted to this it is probably Because business bo me rs 
because it fears that the im- are encouraged to raise money 
provetnent in inflai'on will not abroad, an increasing share of 
survive the collective wage bank lending has gone to 
bargaining in the coming spring, ordinary consumers and u factor 
which threatens to be' the that really irks the banks about 
toughest in living memory. this situation Is that they then 
Another factor in maintaining come under criticism — noi 
high interest rates is the large least from Ihe Government for 
Central Government borrowing increasing money to consumers 
requirement (the gross borrow- instead of worthy producers, 
ing requirement in 1979 will Some relief from regular ton 
amount to about DKr 39bn or may be under way. Next March 
12-73 per cent of gross domestic Ihe legislation on margins 
product). The Government is between lending and deposit 
now financing some three- expires. The banks will in:- read 
quarters of the gross deficit be subjected to price control 
without resort to monetary legislation, but it will be super- 
financing. vised by the Bank Supervisory 

The banks and savings banks Board, 
fwhich have the same legal While the board is not 
status as the commercial banks) expected to look kindly on a 
feel frustrated by the climate of general increase in margins, it 
regulation in which they live. will enable the banks to move 
M Tt is impossible to run a away from petty-f basing adjust- 
bank when we're locked in bv n ' tnt °f margins. Al present 
the credit ceiling and prevented they c r an easily exceed the mar- 
by the margins legislation from a Period, accidentally, 

increasing earnings,” com- They have to reduce them 
mented St»»en Rasborg. a mem- correspondingly in the following 
h°r of the board of management quarter if this happens, 
of Priva than ken. echoing the The new situation will al.so 
feeling of most hankers. mean that the same body will 

The credit ceiling is adjusted responsible fnr supervising 
upwards at intervals of. about ^oth bank price policies and 
six months. In recent years the •"Muring that the banks are earn- 
adjustment has amounted to enough io meet their capital 
about 8 per cent, which is less requirements — "a com-, 

than the rise in the general Tort i though!,' said Mr. 
price lovef, ro the banks feci Sasborg. 
that they have a losing share n 

of the credit market. ililflry olimCS 

Until a coiling was also placed Lopcnluiyeu Cot respondent 


year, which should maim am me q, have pointed ro the nj*d 
downward pressure on interest tQ tie up Estate fundi nrfn 
, ra *? 5 ' __ ;-js long-term placements, winch 

Yet means, that private investors’ 

Mtors and it m^y be si^jfiCTnt interest in the long-term market 
that the Riksbank -did not make w otimulated .... - 

the further cut in the t tic ins ted la^three years, fte 

rate which bad been anncipated autl)0rities have aUfWrt the'^p 

in the autumn- between short- and long-tetjh 

_ _ interest rates to widen. Now Mr, 

Stsinls Nordlander has' suggested Hat 

a further way of cxpandinff.TOe 
The increase in private con- market would be to introdupe 
sumption, on which the Govern- tax-free state bonds, which :in 
ment appears to have made up t um underlines the importance 
its mind, and the expected re- 0 f developing a secondary baht 
covtry in business investment market *. '.'i 

witi make it more difficult to if aisuments like this reaHy 
control the money supply. Al- lead , to action, one result of the 
though the krona has remained Government's- 1 heavy . - :-defigt- 
fairly stable, the payments spending could be the expansion 
deGcit is forecast to rise again 0 f the capital market, which was 
slightly next year and the Riks- recommended .by the capital 
bank wJI! not run the risk of. a market commission in its report 
now currency crisis. last January. J " : 

Moreover, foreign interest . . However, - this deyelopmeqt 
rates have started to move up cannot take place ovenught arid 
in recent weeks. Under these the budget deficit is likely :to 
circumstances the Riksbank may be financed through the banks 
well feel the need .to raise the in the immediate future; This 
discount rate again in_1979. would produce a continued ^ swift 
Both Mr. Carl-henfJk Nord- growth in the - money supply iod 
lander, the Governor of the -major problems for mon^ity 
Riksbank. and Mr. Curt Olsson. policy and "the banking system, 
th-? chairman.oi.the Bankers-’: .. v- utifririT ' 

diyelt;/ on-, the-. > • j7 : t > 


*i i' 





/t, - I 




o' 









A unique position 

in Norwegian banking, 

Being one of the largest > 
commercial banks in Norway, 
the Union Bank of Norway 
Ltd. is also the central bank, 
for the Norwegian savings 
banks. • 

Through our regional 
offices and through more than: 
1200 savings banks offices, we 
are in a rather unique position 
to give you special service in 
the Norwegian market. 


Union Bank of Norway Ltd. 


DcKnevfrcirame! FeUestrankeoa^. 

Urk<r«ai(n |4.|«-13, P p.Bos *1« Sro txunj. OriO l. TdapBan«-.(472)'a 


-i-. ; 


4 

i .. 
£ 

■A -. 

; j A 

- 

-i - 


- ' v: • • •• •: - ' : 

^rn: ■ 



■> 







19 




as v 



liecGcSjerB; 1978 






Television 


creeps m 


_ .. . _v. 'W-. 


Saturday, Sunday, Monday 


years agq .spumeji -tln& a 

.cea^of.oSktff -B,t6aSyf§¥^ 
ally- centres, ' lilo£. .t&eT* Hu 


Lpaxfrbf. lie 'I^eatrp;- Row : ,-com- President in Washington. 


Saturday's was the first in a 


The end came fast and start- 
lelv: in a fit of machismo 


Xb'rk«"peccadli; toes of. 'an 'eajHer ■era's .but unattractive cohesiveness for CHRIS DUN KLE Y 

T tneatre jQW^iu.te notL^ag^proxi- ^insubordination. A,.pIay-'without the work. 

referfeilc¥lo die >^piing Two- British solo performances Three important new tele- with Skinner, the only sympathe- That l s a great shame, even and snorting from within those with Inside Europe has been 

otW nr motivation seems I ? ade brief appearances to light vision series have started this tic student; and the dutiful though the motives — to give lines. carried to an altogether higher 

- i^^^'TihcnmrnnffhTv'-Bnaf-hhSnlqtif- Hfrp off-off Broadway stage. Alec week and since their opening session in bed, with Wendy millions of unaccustomed But then it is not Romeo and plan of sophistication. 

McCowen drew rave notices for programmes were shown con- wanting the light on and Trevor viewers a supposedly - straight" Juliet, Macbeth, or Hamlet to This is because The Summit is 

ttethaFlSffM&a'eeneratioiL £** st - Marfe ’* Gcupel. filling the secutively on Saturday. Sunday wanting it off. lacked Bennett's version, to maximise sales, and which I look in this series for the first in a series of pro- 

Brea^way^st^^^NpW, -me ju©^ : house until the show ended with and Monday it seems reasonable sharp verbal cartooning and felt to play safe generally — seem the most Interesting contribu- grammes to be co-produced (at 

.cej&i'of; draff -BroaflW^y^pepir - /iue/cuon -^e?tT^-eoEipany. a command performance for the | to deal with them in that order. s j ow j D contrast to the opening, fairly clear and understandable, lions, but to exactly those plays Granada's instigation i between 

“IS: -• StJSKPwf \T Mldent *n Washington. He Saturday's was the first in a . . In Romeo an d Juliet we got which some have objected are themselves and BRT of Belgium. 

W JJftcfiattan -Theatre,.:^ ef_on ^ eat 42od SreeL has chose an appropriate vehicle for [London Weekend TV series ..^**5? 1 fltnr 1 ™l£ n ' a pleasantiv ltalianate play not worth televising: to Henry HR of Denmark, NOS yF the 

. •<%&£■ jnaantained a.prDlifiCi^iecUc-.pace his-brand of mannerisms, which under the general heading "By ,W*‘ sTT1 a n thanks to sound effects (bird! VIII, Pericles. Titus Andrcmicus Netherlands. SR of Sweden. 

7miaito B n>1*4b ».« Sm -IMc - . W : . • - Alan Bennett-Six Plays" (an ^SSSSS JfiSiffSK cicadas, music street io™ and so on which I have never W6BH Boston or America, and 

umbrella utie which Inside-out ^Wgg 1 h?nt Tth e face IfrMins. and Stuart Walked seen in the theatre. ZDF of West Germany. Roger 

■rf 0 n# n i>« 1 ^ s Bleeding in a hospital casual tv economic yet evocative designs Monday’s programme was a Graef. who made Decisions. is 
btle.Me. ImA/nnd Qf Virginia r i eDarttnen t. Trevor was met by exploiting arcades and steps. It drama of a different sort, but for editor of the project, and we 

S2? « Jit Skfnier and. as the credits roUecC was also a play in which the anyone excited by politics a can presumably expect to see his 

pect. surely nobody could justify soundtrack explained and ri> title roles werB overshadowed by- most engrossing one. Tbe first yerite techniques being used too. 

capping Edward ALbees witty u i'ai fn Love With A Michael Hordern's bluff and in an ambitious series from (The next programme will be on 

£ ,e 77Kf* 0i Virf L aia Wonderful Guy.- Like a reader blustering Capulet. Celia John- Granada TV. it was called World Europe - s . textile i industry and the 

Woof/, except to score a cheap jj, e c iues in a whodun- son's unusually slim, elderly. In Action Special : Inside Europe Third World challenge, and the 

la “ 3b - , niL one recalled all the phrases and serious nurse, and even —The Summit and contrived to third on European aerospace 

At the very end it turned out „ ^ fearSi all th jongeurs Anthony Andrews’ tearaway show what happened at the industries.) 

that Bennett's plot did fully jJfJJJLid of course that Bennett Mercutio. various European summit meet- The aim of the co-producers is 

warrant his piracy . yet through- Sd director Stephen Fre.wT.ad Patrick Ryecart and Rebecca lugs leading to the EMS pro- said to be not so much to m- 

out much of the pla> it looked p repared everything scrupu- Saire as the lovers, blessed and posals by using journalists to trease budgets as to increase 

as though the text was actually “■ rupu saddIed with some of the most re-create the r meetings. expernsc and access in order to 

i'ftnti'iirliorin n ft* rho nna thim UJ - “ f •- - va_ rm fm* m pirn nrnoramTnpe whinn nn 


-ducers -remat^.ifljxesoivied-for -to e 


State . 

Sc:; • 

f ■’he 


“ up ^gainA-,%, needs: of, pegjrie 
j qg£ gejEEgfe: started, or staying on 
the-"- Stages • the ■ legitimate 
stagey r 'Adding anoSieir c ti^r : to 
the- gxfstnjg onfes .VUi’gnSy force' 
new J .effprts to . . he-- even y.xrinre; 
amateur! .. though , Iha^^idblem 
,J ~- *' v 1 may he cfrarm.vented-^>y, mpves^ 
lik^.the Hodsoit ^to 
lie ' 'j- ' ’t-cstabRrfjed\wen£(ea; 

; ‘s - rZ ' "v ' -theatre ^ 'S.r-expected 

ua „ '■ - " sr aooe.. -.-7. 

‘ I J Af.the-sttote.s'pf'Ekpii^S' a^ree^ 

* >*.“ % j,. raentVwit.SJ o^E-B roadway theatres 
0 — ... ;* .7:^a - d«rad^Jago^-'<hirt^_Demp'ster 
bou-V ■'-' i sroptetfdsQLSaf the'arefl. iaifl started 
! .s y - r . ...t^vEnse»bte^ud|n;T -Theatre* 

" -j. ' which acta- primarily 1 aaa work- 

a«.. . -■ ^ahop'rfm-h^- -new* talent and 

•some wen-Ktm wir writes, includ- 
Hig Michael ■ ^Weller. . - Another 
f 1 he ; ^ v^lt ^tuaown 1 , tb .'.New 

•tv.f. — %• ' R ':>>-Yori:ers, Vrnceirf Gantry, showed 
s- - - fvrhe does -more than review films 

~. f " . r ■:.* ^Ijoffor the New York, Times when 
' [fl hia :play. .The . End 6/ toe 'War 
Tivas -produced at the Ensemble 
^Studio, Theatre.. : ' . 

o- Tbe. -war of tjie ; Wtie is the 
Mr \^-h _ " 'r; B seeqnd world war and the place 
is a. ha.vy-: landln g ship returning 
.;ii'ito:<he. Halted' §tates. Since the 
1* ' ■*» a sly regu 3 ar : c ary man on hoard 

rlrflieftlx sufiar v to; fashion - into 

* 1 v ■- ./.spirits. whole .ship finds the 

; n •- . ' ' . end^of the w'ar ah end. too. to 

■' ! .^ : ^their; duties . and discipline. Get 
lj,,",,. ; ■ '•- •. * ' tf ag. "horn e^Iooks like it requires 

‘ ^ ‘ ' morel" resolve than they can 

‘ - f r - : - ? : lnrtnaster.-#t least/ viewed from the 

: c offibejs r !ht^ where most of -the 
rv- -. ■ ... ':-:^ctien- tales'. place. 

•- J — - ^ U ifidden hktagohisms come out, 

• r . ’ ’-' :i :'' vSsMirfaRi'.^>etween a handsome 



contradicting It: the one thing • ' nuMt : on whpth *r ihp Famous lines in English nr any The method was developed for make programmes which no 
that didn't seem to frl £ bten The quesnon > whether the j deiivered them well Granada in 1976 by Bnan single television company could 

pevor Hopkins was the safely f 5,‘J S r , a 0 ? J 7h J sens ^f enough but never convinced me Lapping and Norma Percy in manage on its own resources 

dead Virginia Woolf. nSwdence ?n tiie the that they really understood the Chrysler And The Cabinet and alone and The Summit was a 

Trevor (hated name) teaches 1222^^^ toe answer u — iiiSE ecstatic agony of adolescent The- Loon From The IMF and remarkable vindication of that 
Enlish lit. to bored housewives £ ‘ h ' h ,_r vvhat is certain is that passion which can come singing was already pretty intricate, but notion. 

and eccentrics at Halifax Poly- rr made m uch oti 1 e? 'n" drama ~ Norma Percy* team proved 

technic. He looks remarkably jQ 0 ™^dSeyed. 0l ^he^ther^ve BWMMWiPiU ™ lb ^ That by pf,ol,ns the ,B,lfc 


like Alan Bennett, and the voice- , beckon enticingly, 
iover. which in a lugubrious ■ _ . , . , , 

monotone occasionally interjects The othfi^ 36 m Shakespeare s 
remarks such as “This was a seem slightly less seductive after 
lie. Hopkins had often been to Borneo and Jut t« on Sunday. At 
Newcastle . . actually was Alan a cost of about If m (with Time- 
Bennett’s, though the part was Jj? Araer!r;a contributing 
played by Neville Smith. some 25 per cent m co-production 


i H For anvone who eniovs moneyt the BBC has started 
Bennett’s wickedly accurate ear a^of six*? veS^an 

for Jower middle class small talk underta ^j n g which seems to’ me 


j M em c An. miuirriwMii® wins mi 

haiaifn,. mSnt 0f thi Am admirable. What must be ques- 
barrasslng moment the first tjoned however, is the decision 
quarter hour was blissful. Trevor tQ do ' all thp plays jn a semi . 


visited the doctor, and was told « traditional" forni. 
sen t m v^pu turn P to N^ewc3Stle-. V " ”T b ' r ” f ^ 


Enilyn Williams 


SkVd b v the GP f or self *» which they are not entirely 

L^peo^eTke’ me Uneasy ^ake£^e worked specifically 
I Hnn't fppl f)ip c-arnp 3* PVPTV- ^ theStTCS SUCn 3 S Tu0 GlObfi, 
„';L v!! ’- “ ^ and any television production 

one eise. musr c h an ge tbe plays: further- 

On the bus a black girl sat wore. Elizabethan convention 
down next to him. anil the voice- would have demanded — for in- 
over munnvred. “Hopkins stance— that Juliet be played by 
well in the bud sed up to make room, only a boy. and producer Cedric 
1 then started to worry in case Messina and director Alvin 
S rr r ! she tbou Sht he didn't like touch- Rakoff cast a girl, 
rooriate for I fff.ftT SSE Thus it cannot be argued that 


: ; « -> "*«*«***•:»• p.^ «» ss ls s p rs c s„ c 

zs? *n£?S2*%*. sss*v^^ sj sn^rjjs'b’ss 1 ’- Ratoff t * si , r !- 

... t riiip^bqt^eu the two, starting Music-Hall Sidelights. takes and seemed most appropriate for » t “ . h [,. sort oF j n tj m ate insight Thus 11 be ars u ®d that 

.. .. -=v;,,Jw£th^a«*oy browbeating the Col^?s- ^L-’emrerTSt- Music- large number of clerics in Bennett S’ he ter even lhan these P™ d " clio " s n «r 

•-V.-:®5l^a% r :.yer^Uy • while toSlTtoff a series the audience. AHen^Hls n£s for J 8 ^ 1 * J r ° thSt^hev Sn™ 

- - of backstage vignettes M-ith a Emlyn Williams chose a less Trevor’s Mam— portrayed in a of tlmelSTata^dJS 

t 5 in thread of plot to. .connect known quantity. Saki. for his marvelious Britannia metal J? n !f*theie are non? L?ke anv 

.jfuuptHp^^j^eten orates and the them. While the idea # good, subject matter in 77te Playboy of cameo by Thora Bird— were ^ “S.®",? 

• ? 5 Vaf,?«W:^OJifi dB ace or the following director: - Garland toe Weekend World. As in horribly realistic and hilarious. •S** 1 

• -.... -tnte|iectiJ^5)royes unjustified, Wright’s penchant for loosely Edwardian gentleman observing D . , . . . . Tbe . p,ty 15 

. ; nthelr 1 ^ shj p gets more related scenes, too much. nf wbat houseeuaits on country estates he ,® ut tbe p ,° nt be [ ^ cy .. are O o l . tnart ' lune ^’ ,tn 

, cautaBP^istm: - and leads' to the parades as a behind-the-scenes evoked an era that deserves re- P^ ace canteen table was the times. Bj proscribing modem 

- •' look ends up being trite cohfron- calling. But wiien the perspec- by Trevors girl friend dressveremnsand any butcon- 

' : V v- success: of tbe com-. tations: and gossip in 1 dressing tive changed and Williams was £?.»** ? yoga teacher (her hair ventional approaches, the BBC 

VponehK^aSd jDavid;- Margulies's rooms. It is' ail maiihered. in more Saki. storyteller, the focus traiI,n | in her owiesh) tiie p|ay Drama Group have ensured tiiat 
. . > ''-'>'dijDBCt9a|ij('staKfr.-the play seem thn Music Hall style,. and- comes was sometimes lost, making seemed to start meandering. The there is no chance even, of find- 
• - -,&at«.^S Attempt to revive the j 0 life only when the girls' amusing comments that eapiSitrip* to adjoining classrooms mg another Brooks Dream, and 

J^u^aft. ; fe*erts and TheCain« dressing , and undressing- gives across better than the stories I wl,b 1 th0 domineenng housewife- no chance of television making 
. . war 'fhic v trim inuni?: the frttnnreatienttfll iriiat fnH contribution Crt the work's. 



)?Miitxa]Kf; TPhf; -.war .this; country way to a short speech Iby the themselves. Just to see Williams P°P^* 
., - ^aah^i^firragh since then pro- cashier;' providing her" ^years' as the English gentleman, well- 

\ "JvMun^kn ^Tttlt^Vif' ffVWn nw 


Patrick Ryecart and Rebecca Saire 


Thar by pnolins the inside 
knnwledee of leading iournalists 
such as Paid Fabra nf Le Monde. 
Peter Jenkins of Tbe Guardian, 
and Dion Fresmbaldi of Cor- 
riere della Sera it was possible 
to achieve a uniquely broad and 
detailed understanding of the 
summit negotiations at Copen- 
hagen and Bremen. 

And by getting each of those 
samq journalists to convey in 
his own words the arguments nf 
his own country's political repre- 
sentative. it nroved possible to 
produce not the usual nationally 
devoured (if not biased t current 
affairs programme. but a 
genuinely pan-Furooean taste 
which was hnth totally un- 
familiar and wonderfully refresh- 
ing. Fnr tho fir^t time in months 
the EEC actually seemed to have 
some point, thanks to this pro- 
gramme. 

The attraction of the technique 
— as directed by Charles 
Sturridge. at any rate — 's that the 
words delivered by the 
journal's! s work surprisingly 
effectively on tv'o levels simul- 
taneously: as reports and as 
-impersonations. Thus it is not 
just (he financial side which 
comes through, the drama uf the 
politics comes out, too— as when 
the Big 3 »l Bremen Jett the 
.smaller nations to drink the.ir 
cocktails and look just like 
symbolic pieces in a game of 
Diplomacy. 

Having -to say it once a year 
or so really is becoming quite 
tedious, but Granada does seem 
■to have pushed out the borders 
nf television current affairs yet 
aga-in. 


' 7 - 

' J&i 

' - " . 


^/entirely' "different form- <JistiJlea insights . from'? am ". un- placed on a grass-green carpet I 

me^-the ones detailed: by usual perspective. “Shdffte your and a wicker chair, made a iDuSSeldorfer SchSUISDielhSEUIS 
g:;llabe s plays — ■whose guts," the recurring .phrase memorable sight that over- ^ 

spa, resentment and .pro- -showing the.pressure exerted by shadowed any failings in the t -r /v -y-w 


Book reviews 


violence - make the manager, makes a. setisjble material. 


House of Bern ar da Warts and all 


Given the stature of poet- set 


Potsdam boarding 


With his writing shadow critic 



dramatist Federico Garcia Lorca school. Bernarda Alba moves Duke Ellington in Person by Stanley Dance who was for 
and Spain’s changing cultural through the premises with a cane Mercer Ellington with Stanley ma ny years another close friend 

image abroad, the presence of like the spirit of Frederick the Dance. Hutchinson, £5.95. 236 0 f D U £ e> declarin'* that the two 

The House of Bernarda Alba on Great Tbe girls torment each pages peoole who knew Duke Ellington 

several German stages as a other with vicious glee as the best were IlSw Sd Duke" 

tribute to bis 80th birthday was heat and the suffocation mount Mercer Ellington’s "intimate sister Ruth, it .will surely he 

to be expected, but also awaited in intensity, and a surrealist . .. , his farher is certain impossible to find a more intim- 

witb tbe respect and interest due dream-world gradually replaces me 5 noI f 01 nis ra “ er » wriain revelatorv studv of the 

any classic. And since tbe the real one. To add to this to be the closest and most accur- * J" s a t composer £nd band- 

DDsseldorfer Schanspielbaus. journey to self-destruction and ate appraisal which will ever be f eader , > 77 jj^ 
under the new direction of suicide, a pair of Bunuel-Iike. written about this most para- , . 

Intendant GQnther Beelitz, the chickens enter through a door dox i ra j 0 f human beings. It is ■ r ortuitously or. ■ most proh; 

roundest on the scene today, has and remain on stage throughout . . ... . . ably, intentionally Derek 

progressed in a^sli ort tSe to an entire scene. agom.mg m its revelations about Jewell's biography of the Duke 

the inner circle of subsidised Lorca in a straight-jacket how- erTatlc - sometimes acriraoni- first published last year, has just 


*€SJ 




mm 




V \{Vj 




7< ' r : ' T* 



Intendant GQnther Beelitz, the chickens enter through a door dox i ra j 0 f human beings. It is 1?™ lt ?2ni*i 0r * ,. inost P™®* 
roundest on the scene today, has and remain on stage throughout . . ... . . ably, intentionally Derek 

jessed in a short tSe to an entire scene. agom.mg m its revelations about Jewell's biography of the Duke 

the inner circle of subsidised Lorca in a straight-jacket how- e ™*«- sometimes acrimooi- first published last year, has just 
houses, Valentin Jeker's produc- ever, breaks the play down into ° u 5 relationships between Duke been re-issued in an updated, 
tion promised more than the fragments. Adela as the figure and. his musicians and his asso- expanded paperback edition by 
usual in its treatment of the of revolt is given plenty of room dates and. not least, his son who Sphere Books (£1.95). Some of 
funny, sensual, lyrical; and to scamper, while hide-and-seek writes i-andidly: “Certain inci- the new material was added fol- 
tragic passages of one of the is a pastime in this institution, dents here may suggest that I, lowing publication in 

richest plays in modern drama. The words, the poetry, the at times, bated Duke Ellington. America of Mercer’s biography 


publication 


It was the metaphor in The imagery, the symbolic force in The truth is, I did.' 
House of Bernarda Alba that each of the women are brushed Yet he writes 


poetry, the at times, bated Duke Ellington. America of Mercer’s biography 


and it gives Jewell the oppor- 


Yet he writes about Duke tunit y not oirl y t0 rectify mis- 
™ ..SrK. 2SS* take, but also to make amend- 


intrigued him — but not the ques- aside in favour of “abstraction " whom he calls Pop. with respect, 5.,,° amend- 

tion of honour nor the keeping and expressionist interpretation. n0 nale idolisation but with the 

up of appearances. The mansion StiU, for any who have com- perception and intelligence of a vl®, r^hm 0115 ! 11 !* between .a-Jier 
is presented as a country' asylum, mitted the play practically to S0D capable of seeing his father's ana son ‘ 

a folk-tragedy set in a cuckoo's memory, words need not be failings. Some conclusions will In what could be construed as 
nest. This production drifts from the only aesthetic companion to startle a lot of Ellington fol- a dampener on the rival bio- 
the real world slowly into the frustrations. owers. He asserts, for instance, graphy Jewell has inserted in 

realm of the mind and the Lorca’s The House of Bernarda that apart from his mother and one place: “Much of what went 
senses. The staging and lighting Alba also opened the season in sister. Duke had a basic con- on in Ellington's life must have 
| (Bernd Holzapfel), the dark nearby Bochum under the direc- j tempt for women. He also claims been a closed book to his son. 
prison-like garb and white walls tion of Auguslo Fernandes, whose i that from around 1950 onward whom I never (and others far 
and furniture, subtly project the production of the poet's Dona Ibis father began to develop a closer to Eflingron than I only 
cold atmosphere of a mental Rosita the Spinster was selected! pronounced paranoia even to the rarely) saw in a social context 
institution, a chamber where for the Berliner Theatertrelren ( extent of believing in a “Homo- with Duke." 

! frustrations cry for release, any a few seasons back. Fernandes. J se:;ua i Mafia." TTnu»»vpr 9 mrimi. imh^n.-o 


kind of momentary or permanent an Argentinian, dared to mix 
escape from the surroundings. laughter with tears in his con* 


Jeker's concept works. Lorca’s in the Press 
House of Bernarda Alba (written suppressed 


i dared to mix e mana. However, a curious imbalance 

cape from the surrounding, Uughter wi™ 

Sw? roneem W woS' TanJi iJ the Aess on the question of aSatiSliVfo^soLe^f tb'e so^S 

«u>vnaHtv and contain explanations for some of tne period wnen tne son was 

sciuouiy 7* hie mneio -»1 Hn^icinnc enfh oc Inwllin- with hie fnthor ue 


- ^ , K- V, „«d»nT nbv his musical decisions such as travelling with his father as man 

^"?.,?Tpike? , P L5S that long medley of. past him ager . aod tmmpe..playe_r-of 



is a kind of Afddchcn rn Uniform apparently 
(1931), Leontine Sagan's film revival, 
with an exclusively female cast 


Covent Garden 


\cr v, * L *" 

or . 


Birthday Offering 

The variations in Birthday the Royal Ballet had, 22 years 
0#erinfl bfear the strong physical ago, seven to its credit 
impress of their original inter- in the programme on Monday 


during concerts which used to Duke’s 75 years. The Derek 
RONALD' HOLLOWAY infuriate tbe fans who wanted to Jewell biogTaphy. a necessary 
bear new composition, “It was complement to the filial portrait, 
a good way of pooling royalties.” remains equally lopsided. Seem- 
he writes. Mercer also reveals ingly Duke’s great days of the 
Duke’s strong but little pub- 1930s and 1940s will never be 
licised attitudes and feelings on adequately chronicled. 

• civil rights and racial equality. KEVIN HENRI QUES 


Private life 


a museum. 


shared 


:ai orie fime,intemaiSbnal payments were made fay 
shipping goM afad Silver coins across frontiers. 

- Today telephone, telex and SLW.LF.Tldo the same thing 
• through a sophisticated system of figures, codes -- and 

' Irust. That’s tele-money, the money of confidence. 

1 ' Bergen Bank has 123 years of experience in handling 
. ■ IrrtenTational finance, foreign exchange and payments. 

: VVe wculd like to be of service to you, torot^h our countcy- 
wide network of branches in Norway, and internationally 

- traoughouraffliiates in Ujxembourg, London Geneva. 

• Tokyo, Hong Kong, Singapore and Bahrain. 



noon and again on Monday night ing, and particularly effective in 

g5iS a> " S S V w -J >or. S on hi n 5 , what But pow «d *hi f the „W i, 
last week: the newcomers’ dance stretched bea-unfuMy over toe je ea^ for example v^iat we cleared bv the flush of a memoir. PROFIT-SHARING 

personalities are as yet less choreography The baUet was also UffiL nffnn S e parftcuar ' P ersonal touch SC HEM 

sharply defined and there is less enhanced ^ by the presence of *>? >! s ^ 

conflict between their more Wayne Eagling, ideal as Porter’s ELtViS fanailiarily. ..John Corn forth 

tender gifts and the identities alter ego in the duet, and seem- ?. ur ^® Ms - ■^ Ie «P lendld EnclisJt interiors sounds 

Scit in each solo ing Arid by the iaza score in lives are endJessly fascinating. aH as though it might be just an- * MANAGEMENT 

I liked especially the way tbe finale — his dancing as punchy clues rnost gratefully picked up, other special study In the history in( 

Rosalvn tVbitten darted with and alert as the music's rhythms, “d f^ures and furnishings are 0 f applied art, serious, recondite ! CEMIV 

soubr'ette vivacity through the In this same duet on Saturday y 1116 most dreadfui swe- and practical: in reality it i< 

second solo, - and m Genesia afternoon Denise Nunn and avv * these things only in part, for it 

Rosato’s account of the “Elvin’' Michael Batchelor brought fresh- We register and interpret, « also a superior and enlighten- 

uumber there was more than a ness and exemplary precision — often with scarcely a thought, ing picturebook that draws upon To discuss any of the aboi 
hint of gifts that could , flower the attraction here was of dancing the slightest of social signals or for its material that most charm- u^+e to or rino the 
into a rich and distinctive ele- dean in line and academically scraps of evidence, for we can mg, pecubarlj English, and too MananJ „_ ni „ rtll . Na li 
° ance But most Impressive exact, I must record with hardly be anything but involved easily over-looked of genres, the Managing Director, f\obl 
seemed Deirdre Eyden who has pleasure the appearance of Mark in the life of our own time; and Ponte accomplishment of paint- Lowndes & Partners Ltd. 

! 1 J |L. uv.hui" irwoiaKnn .■ th, nnat in 9«’’c nil r (kill nine hark fairlv Pacilv IDE In watei^Olour. <•« U/aII T„. 


PENSION PLAN DESIGN 


COMPUTER-BASED 

ADMINISTRATION 


EXPERT REGIONAL 

SERVICE 


TECHNICAL ADVICE 


INVESTMENT 

PERFORM.ANCE 

MEASUREMENT 


INTERNATIONAL 
tMPLOYEE BENEFITS 


CORPORATE 

rf.O’iL TRUSTEESHIP 


COMMUNICATION 

PROGRAMMES 


EMPLOA’EE BENEFIT 

STATEMENTS 


PERSONAL 

FINANCIAL ADVICE 


frozen out of them. 

But now and again the mist is 



Bergen Bank 
International Division 
Central Office in Bergen: 
Vagsalm. 14/22, 

N-5000 Beigerv Norway 
Telephones 475 217600 
Telex 42018 
Central Office in Oslo; 
WrkegL23,- ; 

Osto 1, Norway 
Telephone: +472 400550 
Telex 11069. r 


PROFIT-SHARING 

SCHEMES 


MANAGEMENT 

INCENTIVES 


To discuss any of the above 
write to or ring the 
Managing Director, Noble 


inherited the "Senna" variation Silver as the poet in Saturday’s our skill runs back fairly easily iPB in watercolour. Norfolk House, Wellesley 

with its demands for speed and a Les Sulphides, his dancing un- and confidently over the last He documents his thesis effec- Road, Crovdon CR9 3EB 

broad jump. Eyden brings to It a fussy, sensitive in Romantic style, century or so, through the agency lively and simply by reproducing T*l* 01-6862466 

beautiful lightness and on open and also note the happy return of of the photograph. with the and commeoting briefly uDon the e * 

style that looks ravisbiagly easy Vergie Derman to her original further Past, however, though tbe paintings made in his period, in -tsw *sr mm 

in overcoming the technical role as Monday’s Child in Mon- fabric and artefacts so often re- any number of private houses of I 

demands of the choreography. I day’s Jazz Calendar after main, to us. the kind of life that the better sort, whether the 1 

think her the most exciting yonng long absence through injury. was led in and amongst and stately pile or the more modest A 

talent we have seen for several And for Jovers of the grandest through them has quite passed b ouse in town, by guests, friends g J 

years. kind of classical dancing may T out of mind. We see the houses, and relations, who just sat down § gja 5 5 / 

With an infinity of care and advise that the Leningrad Kirov the clothes, the furniture, the and made a record of what they a-rftiJrwW 

hard work, and not a tittle luck. Ballet is In Paris for a four-week dhlna. we read the books and saw about them, pleasantiv fili- a***! 7 

she could become a true ballerina season at the Palais des Con- view the pictures, we know ins the time and paving a" nice A LAU 

— one of that rare breed which grfes, wfcaL and why and how; but tbe compliment to their host. Thofircfnameinnanr^^ 

Birthday Offering hymned when CiattNT CRISP knowledge comes (to us as from WILLIAM PACKER 1 uenrsinamein pensions 








iwnanrial Times Wednesday. - | 


20 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET’ LONDON EC4P 4BY 
Telegrams: Hmurtlmo, London PS4. Telec 886341/2, 3838ft? 
Telephone: 01-248 8000 

Wednesdav Dpcembcr 6 19/8 



violence 


The Spanish referendum: By Robert Graham 


»■ oeen greeteu «>»« ,v — ~ . . u. L 9ni — , . _ Occam an aoMuutc 

little enthusiasm as that about reminded Spaniards *5” “1™ both these elements in -a spin* ^ a con fidence vote. 

1 / . > mou; Kormn tft f AEO HpITlflCniCy XUA _ ... __ *i__ «.U. 


the referendum for Spain's new begun to take dem "!lJ^ C :! ff ord « £ genuine compromise. Jf after two months this Js still 

Constitution. For the past three ? ann The 169 articles o t the Con- unobtainable the King dissolves 


weeks 


Spaniards 
to a 


have been to be complacent 


fresh elections.. 


HOW IS Iran to be rescued from problems have teen °J5T 
sliding into civil war and chaos? EtJLeTS? Shah and 

There is an argument that the ^ major opponent, and that 
Shah must remain in power Ayat0 Uah Khomeini, whose 
because he is the only man who j deas are out of tune with those 
can do this and it is a strong of most of his countrymen, 
one His heir Crown Prince should have such sway over the 

ha h Stil c 0 me s ee o y f ea Se t0 A wST position in this 

« "sSbSS 

ESsSaS E5S*s* 


. ^ Knplacent stitutlon have been elaborated parUament for 

treated to a daily crescendo The Constitution represents a irit ^ compromise. Once the Government receives: a ■ 
of publicity on billboards, on the last of the major stages in whgre conce ssions have been vote Q f confidence it then ..be- ■■ 
television and through the letter the consolidation of democracy. mad<? they ba ve usua iiy come gomes immediately answerable 

bos urging them to vote in the That it has taken over xnree {rom ^ Lefti who obtained t0 parliament which, in a hew 

constitutional referendum to- years since the death of over 40 per C ent of the vote in departure, has the right- to 

day. Tlie State-managed publJ- to reach this stage underlines 197 7 elections but appoint special commissions ;in 

■ 1 - ,. n kaHdF9hlv null flu rantiflils eraQUailSl J _ ; re rr . Lii. l On. 


3e for mer The armed The danger In .continuity to 

sr-ss " trS £i s ep o"?on^^ 

33?*2=£*«j.3f2 
ssstia ssy: 


[y dull the cautious, were fearful lest too dogmatic matters of public interact -Xtta 

catchy approach of the Kin, £ stand mlgh t damage the those of other democratic.parlia- 

brisht main nalitical oartie>. c»panisn imnpp Mmmininns then- 





and heavy-handed: no _ _ _ _ 

phrases or soft-sell, bright ma ic political parties, sparnsn “ ~““ t " democratic image mentaxy commissions, -their 

images — instead a rather democracy^ as been restored arp QQW 3eeking t o reports are not legally binding. 

dirif 7 isfe call to order and vote. no t through any revolutiona^ ^ For a sta rt the Y et it Is true to say that the 
The cumulative effect of this process' hut through evoiun . >d tion of a “parliamentary Constitution is giving power.to 
propaganda is questionable, which has permitted monarchy » is a concept which a parliament which until- now 

Judging by snatches of converse- tion to take place in 1 spi e s in n0 other democratic ^ been weak and without ^ 

tlon. large numbers of ordinary a constitution^ e JJ| ed constitution. The phrase eon- real basis for its authority. * 

“ WffK sajMSg — s-em 

S™Sn£-, 5 ? - 3“5T“ r P S “ isra ^ e S 5tate the politicians U-.«. — 

take it for granted or «gard_ .. Lav* : " nlav” *urdh. *o JSSST^ <£? m Confervative B«<|ue Parfr ‘^t 

the largest Basque representa- 


t.-' 

p:.C 


f 

K 

r- 


By 


to 


they have such contempt with tiieSbah 

holds the country back from there _ ta a growing risk of that 


as a plaything of the politicians. 


sr . Santiago ‘ 


— -I 


A common response is: ”H the SSSrtrt? - SeVmSr ££ A^ta^ph^i °r Franco’s fte 


If:' 


The monarch. 

armed forces 

,narch 5 b a e nd“haos. crisi, 

on theh: own they wouid arouse ^ S 

fresh antagonisms. Largely for in the _cou iry has 

h^thruT’ and S RritiiS“h 2 tomd its focus in opposition to 
by the U.S. and Britain, nas ,*,nnarchv is going to make 

argued that his remans s in ^ ^XTy transition to a new 
power in the hope iha t the agita- any ' en , ment enormously 

tion would exhaust itself was . facile to look fOT 

preferable to the anarchy and J’^^Vslriptions. There will 
chaos that seem to lie with any ^ a long period of 

alternative solution. confusion. But there are also a 

CvmW etc 31 mat, y factors worki7 lf for 

bymOOl ] 0n « term stability. Iran has a 

But as the violence in Iran lar „ c c i MS 0 { western educated 
daily grows and the economy technocrats — many of whom 
continues to be all but paralysed ^ ave temporarily fled the 
by strikes, the argument looks country— but who provide the 
less strong. The military govern- basis of a new generation of 
ment of General Azhari, leadership. Its army has vastly 
installed on November 6 after ^creased in size in recent years 
the failure to form a national and \ s bound to want a say in 
coalition, has not succeeded in any future regime, 
its two main tasks of restoring j$ u t its ofifiwr class is more 
law and order and getting concerned with the prestige of 
workers back to work. Already fbe military than with political 
the armed forces are severely am bitions. The country’s Sbute 
overstretched. In the coming clergy were locked out oE 
few days they will face a major national life by the Shah s de- 
test when the mourning cere- terminedly secular policies and 
monies of the Moslem Shiite bitterly resented it. But an Is- 
month of Moharram reach their j an ,-, c 'state of the Gaddafi type 
height is not in Iran's or in Shiite tra- 

-The longer this clash of wills dition and is jotthe goai of fte 
continues on the street, the mainstream of the Shiite clergy, 
more the Shah, irrespective of 
all his past 


THE CHRONOLOGY OF SPANISH CONSTITUTIONS 


"regions and natkra^itie^ rof t00 iftfae wid«prgd t°ie^« 

is recogrased ^ and 0 f military tnbunals and mOi- “Hcf Tnnre^ 

-• ^ *>•■■** « 

tasks — defending and carrying out an 


1812: Rnt Spanish Con.ftn.ion inspired h, th. US. Constitution. F.tnand. VII «.«. to ™»p«t 
1837= '-l^lXctnstifttion adopts upon fiborel pressure during fte Carlist dtil ware. R.svh«d 

1845: ltodoftd r on 8 tiI l .'d~™™t of 1837 hot more repress!., with greator power hr ft. crown. 

Religious tolerance dropped- - -ranted for 

1869: rJ, attempt to institute a constitutional monarchy proper. Unrrersal suffrage granted for 
males with freedom of Press and religion. , 

,276: Powers of ft. crown restored. The Constitution was suspended in 1923 after ns. of anardnst 

and working-class movements. , r ._,_- l h rnw . 

1931: Republican Constitution with stron 8 todalist tiraits. cureahln* power, of Church. Orerftrown 
1939 by General Franco. 





CastiiHan national end odtural holding the Constitution. Jims ’abstention ^ i 

identity Spaciftc racogjdtkm is the military cannot truly .he. cent level, o 
given to the richness a t reewuai said to he depoliticised by this Scedd 

culture and a long list of apeas Constitution. £ separSt” n&BMbL- 

are detailed where the regions In the enffi such a com pro- Despite heavy campaignipg^y- 
can influence tiieir own govern- ^ docU ment is going to mean ^emam political parties^ ^infe- 
meat Nevertheless the authors aJ1 ^jngg to « 4 ill men. Those Basau d country in favour ttiikai 
of the Constitution have rejected who wanted a short conpse the Basques ire- 

last minute demands for d0CuineDt W ete in a minority. .... , record a high degrte 
recognition of certain ^enr Most of those involved from abstentions or negative votes 
privileges applied to the origintl drafting committee ^ ddmohstrate their reftuA> 

country, and indeed a ffreful through to the two Houses of ^ ^e. Consiitutfijh... 

reading of the central Govern- which nhoroughly ac< ^rr_ (nr tw 


little incentive to vote.” 
the Government has 


^ 6 ThP nnwers the King has reading of the central Govern- p arliampm thoroughly As for Se 

As it resided in the Head of State. powere suggests ...these amended the original draft a P pllBS ._!° r -xw 

«*« hss ‘ re . wanted to speB out 


as far as 


extremists on the Lef t ajid Kigbt^ 
they will- almost certainly 

'2 per cent 
the 1970 


ne 1977. but its »«»*«* .nVmHe nhts i n nised and the Constitution; does ployers right to lock out ana 

voting to sbov; they have voted. £uflC uons were not defined. Nor whose *ppmntin seek to separate church from unions' right ;; to strike. The __ t>e hai»y if 

This was the practice in has there been any framework the wvr^**^**£ the state. Yet this is blurred Constitutions, opponents, are about that it would -he happy n 

the previous referendum m for separation of powers or the However^by dint o ^ by ^ pecu]iarly <^ttollc mainly those who represented 80 per cent Vo d ^aW^ 

December, 1976. when Premier institutional control of the charm and a deftfed for the naturc Qf gpain being %5peci . the extremists on either side in 

Adolfo Suarez sought support anned forces other than irwod *525 iicaUy recognised. This was the civil war. The far Right is importMt Bince/^hej^in^ 

for his first programme of through the person of the King has established a presence i t one 0 f the biggest compromises rejects the Constitution because Minister, Sr. Ado^o-SU , 

reforms and which helped to as their supreme commander, in practice will penmt _ mm «n of the LefL Aware that the it dislikes the monarchy, feels treating fheijwfqreMi^ai M.-an 

r behmd-the- gtrident anti-clericalism Of the the unity of Spain is being expression of approval forjtis 


f-’v 


it|iC i - 


9m 


ensure a good turn-out. Given this vacuum the stable important area of PUluaJ , — — — - - — - . . . , 

In the 1976 referendum 78 transition has been all the more scenes manoeuvre for some time lfl31 Republican ConstHution eroded by concessions to adnumstrationr-A large letvour- 

ner cent of thp electorate remarkable. It has been based to come. Because the King has was one ^ causes led regionalism, fears political able vote win influeng .«;» 

voted. But this was only a year essentiaUy oh a consensus said aU along that bfls^ pwer up t0 the civil war, they-were pluralism which has Jet in the 

after Franco's death at a time " — ^ --- . , - - ■ ■ ’ * 

The country needs time for w hen democracy still seemed 

an ms past- achievements, am^to^d out what type of the biggest single incentive unobtrusive, hand of King Juan Meanwhile the Constitution where private education is what, will — — 'attA-rfiAd' 

becomes irrationally a syrobol ^ a _ t ^ d led o U shine a people to the poll* has Carlos. endorses the legitimacy of the accepted (over 50 per cent of to-be a gradual erosion of its ; under sDecial - artidje^ att^iod 

EFSSSK-se ffHSar \ efe « ssatf-*ap« » feUS 



in 


on the whether the increasing process ] the _ police. ^Tlie^ discove^ Jasl Fun damentnl Laws of Franco insisting of a lower and upper 

relegated 


Uli“ til uvwuwm. — -11 til a HMik-i/tv....-* — Qr* IciCpffu 

hnsrllitv to the carried through under his to seize the Cabinet and hold that 

SSrSFZ 5 ,e tSedL o e f leadership and amid the con- lt to ransom for Lbe foraation o 

■ Ss present cHs.ffs the. . tinuing vi„,e n ce must remsu, of a Gcve^ec of Mtlona. ^ 

cluster of social and economic in doubt. SjXSf pn all thnse who care important, it is 


lng effect on all those 
I about the democratic process in 


mental attempt to heal 


?.os jusi « e-jectea an me oasis «.u yiu^i- --- 
the first fnnna- tional representation and the/ ,re 


S; kESBAS d ^e. y on ftc issue oE regional efecUons roc. 


fact that several senior reject 



Coal’s growinj 
support costs 

thf PROPOSITION that coal Industry Acts. Originally these 
mu Jo to S years- grants were intended to help 

time ti/make up for dwindling finance^ ^of^iSailSl Heating up the 
which^form^d thlf bS^of *£ payments and jj 1 " 1 Hot line 

plan for coal that was drawn up the deficiency* in the mine- Operation Dud is on the road, you see the results of accidents, 

m 19<4, has nee ■ .. WOX hers’ pension scheme. Dud for defective, unsafe or as l have to. you would u^e 

aitfaougn not under- Further grants are now being dangerous — and the Operation strong language. We are 50 

accepted, i ne piau n a m?et lhe CQ5t of ^ a - hotline " introduced years out of date in accident 

gone some modifications but tne ^ ^ stock> t0 subsi . by the BritHh Safety Council to prevention.” 

general idea nas rem d _ se ^ production cost of ta fc e down new car owners' com- The Department of Transport 

changed. real, and to reduce the olaints. “I am amazed,” says told me that Rodgers had had 

!, d;rector- 3 *?neral of other business and did not 

_ "We have had 300 plan to participate in the hot- 

W mines ana trici^ supply industry to in- 1 rails in the first day and a-half. ij ne . The Department was 

S ® ne L s J„f ™, P h the end crease its coal burn this winter. niU fell off. that was not always prepared to consider 


Senate on 


n? rprri ' murdsts and Soclatists managed the fringe of the Communist of the Socialists apd.the nr'call - 
•«»! rpnreinta- t0 WTite ln abotition of the Party, rejects the Constitution elections. Having s^nthnJjfea;. 


CiiT- 


SSiThirBSS? ™ W Ul.n,K.r.W»«b,M..^ tori,, of '^Wit i. bourgeoig. p*. ^Tdopttft. 

of Tighwing .•sttimW.ta 'be “«■. right » nomfn.re Sectors. «r. . esablishment and atrii-workutg .Constifttitm he ^ftould be-Sf i.f :: 


placed . to win . the . national 


'ZZZ&.r.te 


has to stop acting as a lackey 
to the motor car industry." 

I suggested this was strong 
language but Tye added: 


which are due to reach the end 
of their working lives and to 


According to a recent Fariia- 1 screwe d on. Retailers appear to complaints of a general nature, 


provide overall a production mentary answer, the _/ l0ta ||be frankly cavalier about refus- jt to 1 -I me, but felt the public 



** . ahmir 135m tons a amount of grant the Coal Board jn „ tP aC cepi complaints." should go to the manufacturer 

capacity oi berhaps as will receive during the present jyp te ji s me that a dispropor- j n xhe first instance. 

170 m tons a year by financial year is likely to be ll0nate l\- large number of com- l asl . ;cd th2 SMMT how many 

fhp ?nd of the Centura. Since it about £124m. ITus is additional piaims ace about riestas, iTS consumer 

the e ° t . _ t lcast tftn years to to the industry's borrowing. Marinas and Escorts. Ill itti good relations department received. 

JrinE a nel Pit into foil pro- which the latest public qnj- radio corerage but only a small After em.nbasisirfg the 
-.nri P cince the pro- tu« \sTiite Paper estunaied about of mention m the Press, -massh-e" s-. -tem of warranty 

™me is Sirred amway at would be about £330m. the operation has taken off well. cpntrol> it r ' ?pUe d: "We have 

mStine expected long-term Review T>« thinks. His inspiration is lotal of 6 00 .;ustomor contacts 

it SS recognised that the U.S. Department oF Tram.- in a yCar uf wh ich 300 are 

needs, it These are considerable sums potion whose hotline receives vaiid •• as many, « n other 

and the Coal Board an average of no fewer than words as 0pera tion Dud will but. in the words of his nominate Prince Charles as'I::s 

i.OOO such complaints each re ceivcd in its first day and amendment, cause "healthy Dressed Man of the Year. 

laughter. Hi« amendment, as w e j USt jumped that one on 
yet unsupported rails for the him He didn . t ]aum what hit 
introduction of public holidays hlnj £ thjnk u appeared ir 
during which people could re- every newspaper in the world 
fleet on tiie wisdom of the pro- It was a publicist ’ fi dream.” 


“They’re not snakes 
they're worms" 


neeas. 

jFHSSrS SLTJ- opened^ 

g Sr os in 1116 «* ** tha , 

market ior coai. stations next year. The time ' 

f . « would therefore seem to be 

Declined opportune for a review of the 


school ties would check class- 
room vandalism. 

I tracked down the author- 
ship of his winning words to the 
publicist John Murphy, who can 
be justly proud of the way he 
has managed to twist all sorts 
of subjects into injunctions, of 
course, to wear ties. In 1974 be 
had the tie manufacturers call- 
ing for a "moral contract” as 
well as a social contract How 
he had the chairman demand 
could people have respect for 
society, for their country", if 
they had no respect for them 
selves? Naturally this was 
Impossible unless. . 

The next year the theme was 
more direct. Tieless men, said 
the vaice of tie manufacturers 
everywhere, were “ slobs ana 
anarchists.” In 1976 the speech 
was focused on the “choristers 
of gloom " who were knocking 
Britain. The link with neckwear 
was somewhat tenuous, but 
Murphy managed to tie the 
knot. Last year's coup was 


mean complaints here could 

buiid up to half the U.S. rum- rap rubfi — OK 

a # „„ ocM bcr if the hotline were better 

These short-term fluc fJ a ^?J® situation. Tins « inot to su,,ge i| kn 0 W n. His organisation esti- For some MPs the early day cess by which produce is bought 1 th at Rov Ma «, n 

have been creating considerable foat there ought to mates that 70 per cent of British motions printed on the back of in hy an "army of bureaucrats." Northern^Ireland °Secre1arv 

" ~ ~ " cars are d, u. or d. and the Order papers each day orc^a This would, he fells, be a step to may flnd himself the focus of 

some unpolitical attention in the 
Not to be left out, a group future as well. The tie mahu 


difficulties for the industry in thoughts about the industry's w 

the last year or two. The re c®*; investment programme. «:«„! V 1U|he auotes a Consumers' Associa- form of legitimised graffiti. By promoting “mental serenity.' 
sion in the steel industry has tb e margin of U 1 ? cer j; ai ”? t .° l tion* report that 75 per cent are putting them down members are 


JSgJT-Sffi ST- S-nuTSoc^Motor jbta to .Mrjj-™ Rtore ft M pu. 


in with their own ing interest in his design of the 
amendment Instead of calling Cabinet tie, of the Barnsley 


longer than naa 1 ongl ° 3 ‘ ae "*L"” I Manufacturer and Traders dis- hy amending someone else s 
while in coal s biggest nn^le inevitably represented, at least [ h figures, auoting an they can take a swipe at their 

market— the electricity supply in part . an act of faith 

industrv— oil has improved its - * J — J 

competitive position as a result 

fte’ h uV e ?„HL , L.d h fte Spec is.rsss . tSTL “ — — 


price freeze. 


Passing the buck 


An apocryphal story going the 
rounds in Washington has 
Jimmy Carter telling a group of 


situation Would for example, insi5ieo inai s V.‘ ;u iau,L3 ' •■Furnne demand again a complete over- 

The production of coal has one possible alternative be to ar ^fJ™een d fo sro ' the ackip- weSs" should°be held *to get nd hau ^ Common Agricul- 

declined but not as fast as sales; hasten the closure of pits which - cnanfies l0 the Pro- of the surplus produce to grate- l ™ Pollc y- 

and the loss of sales revenue are due in any case to cease Jon of^tte cnanges tom rro El| n housewives, 

coupled *ift the heavier _rod pftftren™ .. .fte » gSu^’^od^ n tab.* Put down hy the Tor 

of holding coal in stock has re- years The Coal Board argues gir Johfi ^Q^ers—an 

duced the proportion of the strongly that it would be a mis- in ^ vp p i ann ins to analyse Europe hand and holder or two 

SB? fte“^ P ™^e .0 capacity LI «... Ae « , ^nSS gSTc^J'SSt 

objections "to “toOft-baHing" .ery of Stoto -^SUPPOried Py 26^er Tory Mms to „„ bonds end hdyin* ftedoi,^ 

inwrest Charge^ 3 ^ 61 bUrde ° lorterinff'^gond In'". he every 'year. Today" we’have'fte Jouid wt’’ 1 " " ankerS y: 

To help ease the Coal Board’s would seem to oe a case for efforts. He had 2 Skeo 0 ® oniaion V Ronald Bell, a Tory retiring chairman of the Tie - 

difficulties, the Government has CT ^' de ” ns w ^ h r ^ p " se _,^!!! ^ b D e , phor f e “ ™ Fra JlV 1 SSti-Marketeer. such a sale Manufacturers’ Association. ObSeVV^Y 

S SSSbtl&ftSfr S& he did W «H» He .«U not 4 o tnueh foster send ..reborn Lori, sugsest.ns that 


Put down hy the Tory MP. 

Sir John Rodgers— an old Tj@ tldmgS 

and the Why, one asks oneself around U.S. bankers: “If I weren't Pre 
Liechtenstein — this time of year, am I reading sident I would [be buying Ameri 

again? 


This im- can stocks, buying American 


DOIfTMISSTHE f| 
NAP SHARES FiQR 1979 


: 

150 

no 

75 

EOTO LciHNiroiKftii* 

ICNLNaps 

£217)415 * 

f: 

. im 

« 


7 N 


ri: ; = 

a 


•/r ■■ 


J 

3 

3 

2 

Y 

/ ■ 

Betas Price tnfiM \ 

£4.362* 

FT Index - 

J'T- 

' 



— . \ 

/ 




\ 

* . - ■' 

=" J, 


!9iJ • «» 

■M 6 ■ nw 

■ ms rr re 



I v’ i :Sr^. • - 


m 


t;-.. 
leaj'. ' 
k*..' 


liir' 




• Sefare gams tax and expenses. Figiffoa as at No*wub#r 22, 1S7& 


to 


Jk. 
Ca V . '* 




At the beginning of every year the 1C News Letter selects a < -i’tl . 
number of shares (generally six) for capital, gain over the following 7 - 
twelve-months — its Star Nap Selections. 

The chart above shows the cumulative 12 -month perfwmancc 
each year's Nap Selectkms over the last 22 years; rnduding that rfti® '. ■ 
1978 selections. If you had invested £1,000 in the 1957 Nap'’ y .• 
Selections and reinvested the proceeds at the end of each year in the 
new annual select ions, your initial £ 1,000 would now t» Worth ; 

£217,415 (before gains tax and expenses) agai nst a mere 12. Z73 rf - 
you had invested in the FT index and £4^2 tfyott baiJmaoaged to; 
keep pace with inflation. - ' -* r ." - . ' ?. ' 

In addition to its traditional .Nap Setectionsi'theJC News- Lette r . v 

gives regular weekly recommendations^ Tne o ver^ f_ reoird shows ttet 
its recommendations have beaten the index fys wide percwifag© ■ : T r z , 

margin averaging into double figures on an annuai'baas. The News^'v- > 
Letter also has an imprfesiw track: record with ita'generat'mtfkit 
selling advice over the years, as supported by the many apprec&tfve ^ 
letters received from subscribers, "and ft has extended tbfeip tafwr-r y'.r-^ ^ 
important investment areas. ~./7 _•-) 

The 1C Newsletter, pubii^ied every Wednesday, csayafiable on - •■;■■■,: jg 
postal subscription only. Use the coupon below to order your- _ : - ‘ .j:| 
subscription now, starting with the 1979 Map Selections.'. V’ 

Many regular subscribers describe ft as their best investment eiw'-.' .’. 




r 

i 
i 
i 
i 

L Ttt WWKETWG OEPT, WVSTC«SC»«ONia6. WCL FREEPOST. 
Reg. Addrasv Brackan Housa. 10 Cannon Straet, London EWP48T. . 


• ' j'r -:JT l.',--:: 

Ptan enter my name os a. subscriber- with the 4 Januwy 1979 rtap Setee dm tw* 
lendocec *-r-, 

n C3 SjOO ter ana year (£40.00 alrmafl o u t ri de UK) (toAaft»sltBigbfa<IW> . 

□ Please Invotte for t36jCX5 ~ * • 

(QteqaestabeiiiBitepByaldBto'ntresBMitonPiibaealtoRSlidlJ .. 

UrflArs/Mss 


(BLOCK LETTERS PLEASE) 



i; vk- .'tew.-iiiWl 



KV ■ 


I; 








L un, 








r 



rT 

V 

i 

1 

lip 


SJi 






BY CHRISTINE MOIR 


l? %w. 



■&nend^^' beeao^inaay'inirtAers 
“ -Stxgfc yE^i^neeX ;<Jonpt beJiwe/i^t j&y Sigtofi- 
betto^est : ^tm,^cairt.sa^^ «m gh 

-inixiijto^i&e ciiaugeo v€r H o computerised 
^ .. i ; 2& -t6C^e^^-.^--^t£IWKDts. ; -.■■.'. J^’X' ■''•• 

rftfewafiim; ^^.5»dfe;0»^CfHiers \aqe Taatifc: £adamea- 
soBl^to^a tal doubts. - Someiiislike the 
■’" "PWfe^fe^EWwiej-fflW 1 - faitfr&at ail sal^-wll' pass 


^^r^^Qon»^8d.;.ieastr:tl^ - eataWisped a ■ big 
that broker " capable orintonitdring 
Wtog-jigd- sqlii> stock U> : pu_ theii 1 trading moves. “■ 
^S^pwtredjlli% stock --i(K-.r Mine practical -^feSs have 
stock iajpffdmcts 

e— ;jobhe r.- ^Secunr' of/tfae. new, system^ VUader the 
present. station; sellers hang oo 

_ /tnfth^jgotftiuritii th£ laift-pos- 

^dtodvanfages of .^lidisom^vi^^ imjmeid in a" transaction, 
mtrgiised approach; are ; to^t ^tiecajtse cin di king a ' sale ' they 


Wa 

HI fa -approaen ,- ahe : to^ttiecause oa-amang a saie urey 

r-g, * q ' e stp&bn&ini : firms v^/tiay&rW?. s3gmaa‘ open transfer Jono with 
•^T^.--". . far^ -) e&3 Jps per?^^mi^.tbe-^rayer , s name left blank- 




^^S:SpeciaI company 


wrcai!| a , r 


Y l‘:.i *.. 
. -S. 


s^vStS. • re^strars. (the The essence of Talisman is 
e£ w&eh re giater the final pre-delivery of stock. The seller 
ot'^secnrii^es) .And parts Jrith -his shares which are 
t-the centre-; -witi-^iso Ukfic- then -deposited via- the jobber 
^mochnf thefid^y business ] n SEPOitf, the spedal nominee 
F ■ “ id^fifyins^'/. wiuch' -. Wock- company set "up to pooi all job- 
roker’s dients .^jOnld, receive hers’ stock Jand out. of which 
ividends, rights •_ for- 'rights all transfers are made to the 
flies, scrip issues and so. forth, new owners. ■ 

Opponents of tho system have Under Talisman this transfer, 
ow bowed 'to the inevitable— to- SEPON occurs at' the hegin- 
rhicb - is not to say that" before, ning and not the- end ..of the 
usmg mid after March' 26 there trail which concludes^ with the 
be*. only . muted, grumbles posting of the certificate to the 
: it . it is ja odds «>n bet new owner. • * . . 

-*vy - ‘.*s. |h*t as soon as Talisman starts ' .The' legal conundrum occurs 
: . - , . . , ; j, rolling' cbthpEatots -will reach after the stock leaves the seller 
• i-’'*’:, a .crescendo not heard since and before it is formally vested 
•, , . jj: 197576 when the basic spin- with the new owner. Although 
\ * dples were being debated. the buyer has a; .beneficial 
. Z .‘Y^Vto the. first place, cane interest in the stock ' from the 
Christmas, member firms MU momeut.he strikes-toe bargain 
: ‘V l)? told what Talisman wfl cost he does not obtain fall owner- 
f- .. . ''"ifiein. The working party has ship until he has paid for it . 

- • j -t 'Skready made. its recpmmehda- Until toen toe-s*6£k.'rerides 
c -‘_! r - ^.-tioB3 on : the tariff so it only in SEPON and toe legal 
- ' *_*l' : "::-renjauis for .the Gpiincil to wrap question arises wh^thtr SEPON 
r '■ i up the details as a Christmas is the owner durssg this period. 

. , '/■ ' '. g^parcrf. ' Ewn ^.'to^ This matter is exercising a 

. t" % loweT:'; ' than' the interim number of lawyers' at- present, 
res suggested- back in early, a task made more- difficult 
there; is, hound - to be an because even the present system 


ms 

HC-Wl 

WM 


is only poorly covered by case 
law. 

•Major Investors— the institu- 
tions in the main — are remain- 
ing chary of Talisman until the 
status of SEPOfTs holding of 
the stock has been conclusively 
established. 

As a corollary they are also 
concerned to see that the Stock 
“Exchange takes out sufficient 
insurance to cover itself against 
compensation claims should 
hitches occur in Talisman. The 
Stock Exchange is coy about the 
size of its cover. Beyond say- 
ing that it is ** substantial ” it 
will not disclose the figure. . 

These problems aside (and 
even they do not pose a real 
threat to the future of Talis- 
man > the system looks ready to 
run by March. The first five 
of what have been described as 
the “ seven veils of Talisman ” 
have already, been unwound 
wil bout hitch. Computer tests 
have now been run on all toe 
phases of the procedure up to 
registration. No technical prob- 
lems have been encountered so 
far. 

However, the real test will 
occur in February, when the 
boffins run through the com- 
puter all market transactions 
undertaken during toe last 
account in November and first 
one in December. (Member 
firms are duplicating those 
transactions for Talisman at 
the moment.) Only if that test 
of real data run under con- 
ditions identical to those met 
in practice— goes well will 
Talisman start in March. 

It will begin handling 10 per 
ceut of the stocks monitored 
by the 10 largest registrars who 
together account for 90 per cent 
of all stocks. These slocks hare 
been selected to test Talisman 
as widely as possible. 

Volume will then be increased 
as fast as possible in order to 
reduce the inevitable period of 
duplicated settlement systems. 


It is hoped That 90 per cent of 
total Stock Exchange volume 
will bo coralled in Talisman by 
toe end of next year. The 
claimed benefits nf Talisman 
will- not really be assessable 
until then. 

Three advantages are claimed 
for Talisman: greater efficiency 
and speed in settlements; cost 
savings; and greater capacity 
for dealing among members. 

Talisman cerrainly looks as If 
it should be mare efficient than 
the present long hand system 
once members have grown 
familiar with it. In the interim, 
of course, snarl-ups will occur 
on which detractors Vill pounce 
with glee. These are Likely to 
diminish as more stocks come 
into Talisman and there is less 
confusion about which stocks 
still remain outside it. By the 
end of next year. Talisman's 
efficiency should be obvious one 
way or another. 

Quantifying the savings 
which Talisman is supposed to 
produce is much more difficult. 
In the first place these will not 
occur overnight — or even in the 
Srst year. They will arise 
largely as and when firms are 
able gradually to whittle down 
their back office staffs. 

Even when that process is 
complete the amount saved be- 
tween March 26 and that point 
may look negligible. During 
the slump of 1974 many firms 
cut staff and overheads to toe 
bone and have not really put on 
fat since, partially in anticipa- 
tion of Talisman. Those sav- 
ings. now historic, will be very 
difficult to assess. 

This may be one reason why 
so many are saying there will 
be no substantial savings from 
Talisman. On the contrary they 
can see only loo clearly the 
extra costs involved in tooling 
up with computers to match toe 
system. 

However, Talisman may give 
rise ro direef savings, some of 



irsmm 

<0 

f‘\ ,: r y 



Hugh FvUtltfdUi: 


Chairman of Settlement Services Committee responsible for 
Talisman. Mr. Crispin Gascoigne, with Talisman. 


which could be known in a few 
weeks. The tariff proposed in 
1977 was actually lower than 
tiie fee for CHARM (the exist- 
ing computer cheeking system) 
at the bottom end — 87p com- 
pared with 76p per bargain. 

Unfortunately. CHARM’S 
costs are shared equally between 
jobbers and brokers while the 
proposed split under Talisman 
puts 70 per cent of the burden 
on the brokers. Furthermore, 
although Talisman might be 
cheaper at the bottom end of 
settlements, it is more expensive 
for larger bargains. 


The Talisman tariff involves 
three factors: market volume, 
running and capita) costs, and 
estimated savings compared 
with The present system. 

Although capable of handling 
45,000 transactions a day (a 
level rarely if ever achieved for 
a sustained period) it has been 
decided to base the tariff on 
a small profi I at 15.000 trans- 
actions a day averaging £5.000 
a bargain. 

Critics have claimed that this 
figure was over-optimistic. The 
Stock Exchange now believes 
That level is, if anything, on the 


pessimistic side. Certainly in 
only one month this year so far 
did the average number or 
bargains fall below 13,000 (and 
then only slightly), a 10-month 
average shows volume at 16,759. 

The size of bargains, how- 
ever. shows the reverse picture. 
Only once have average bargains 
per month exceeded £5,4)00. The 
overall average was £4,659. 

The tariff must, of course, 
cover both capital and running 

costs of toe system. Capital 
costs have risen to £io.7m from 

£13-2m since 1977 and these 
are to be written off over 
five yeans. Running costs must 
similarly have been affected by 
inflation. 

The third factor is the 
internal savings which member 
firms should make (or have 
made) from the fact toat 
Talisman is designed tn take 
the major part nf the ' burden 
off ” back offices.” A working 
party has been scrutinising 
those figures since the summer, 
grilling selected firms in minute 
detaiL The working party 
under the leadership of Mr. 
Wallace Hunt, of Hedderwick 
Stirling G rum bar, is satisfied 
that it now has an accurate 
picture of the likely internal 
savings. 

The tariff, structured on these 
three factors, will be announced 
by Mr. Crispin Gascoigne, of 
Panmure Gordon, who chairs 
the Settlement Services Com- 
mittee responsible for Talisman 
so far. 

Once Talisman starts running, 
however, the SSC will hand over 
control to a members’ super- 
visory board. Only one repre- 
sentative of the SSC will sir 
on that board. Two seats are 
reserved for jobbers, two go to 
country brokers. and the 
remaining three are split among 
toe London brokers so that 
small, medium and large firms 
are all represented. 


• r-. 

.-.-.S' ••• . 

.Mv 


Letters to the Editor 


Today’s Events 


?' r’TV/ffiVwi rkf mid . help with the-: n.ecess; 

; I Monetary adjustments? And. would 

' ... ■ monetary (and customs) un 

i SVStem ' ‘ not backed by such .■ to 

... ; ; V. . arrangements be lifcdy to fl . . 

• rom. Svf LkHKua MacDougall vive for very long? where toe strength of a patent George. There was little truth 

•• : } r: Sir,— J_am most grateful to Mr. sir Donald MacDotjgall, •. . needs to be checked, neglect to in what be said then, and still 

" v-'X sntiiel Brittan fEcoaomic View- gg^ Denbigh Street, ;.'^. provide adequate indexing less today. 

cwnt,. November 30) f or nis com- . Westminster, $W1 . ‘v-‘ • deprives patent agents, solicitors Of course tbere may be the 

I J 1 o 11 * ■%. • ' •' W. and Counsel of the means to dis- very exceptional bad landowner, 

• .. . "V waited MacDougall -Report »• •' cover the very documents that as one can doubtless find the 

" . _* :r : _i-> i tbe^ ■•rdle of public finance. in 1. . ; . could settle the issue. odd bad journalist or politician, 

'■ : - - ' !-*<T; uropean integrations TOd, by • • Since a large majority of but there is a greater abundance 

•••.- jt prominence m his d»r i; A British patents is foreign owned, of evidence now than ever before 

■ ■ jy.a^gnished -cohimn. -for helping ,'EUvlIC TBCOfttS and a majority of granted that by international standards 
: catalyse debate on so me . . ' . . patents could not survive a Scottish landowners are pro- 

-. v v.: aportan t issues^ As a contnmi- inftlliy'V - i a tbordugh investigation of validity gressive. enieir»risine and are 

-.''V ' v ‘“r 1 COTTedt What. . A*at^txax j r: -based chiefly on disclosures in performing an extremely valu- 

-1 'Tnlsreaatng Of odr jr^m the Secretory f . . ■- . earlier specifications, royalty able service to the community, 

iir t.,* jannrttee-s reiwt and. secondly, public Records Qpmmittee. -- payment on weak patents are This is under adverse conditions 

^- . -br teissue wrth Mr v Bnnan on a -gj - j iike to. draw a needless; drain on our foreign of taxation that penalises 

cijimcmar matter 1 . i - the attention of the business ciwreficy resources: and even* dcvelooment. discourages much 

* ' *’• 9'^Our suggestion^ for tocreasing com^mnity to the committee of impediment to effective patent needed capita! investment and is 

: ?-v^ e.CommmutyBudgetover, a^inquiryintothe working of cer- in formation''^ retrieval prevents causing the rapid break up of 

e nexI S*. 1 ^ ccnt taln 'pro visions of toe Public such patents being challenged, estates. 

Community GDP Kecordf Acts tinder the chair- It is therefore a short-sighted Emotive phrases like . . 

.... not, as Mr. ^r^^a^hip of-ffir'DTiDCan Wilson, and self-defeating policy to apply caricature lairds presiding over 

_ ««.•},- 1 ites. achieve anything lute the ^^1, jj now ready to receive the accountancy of cost-effective- their vast private kingdoms with 
-'ii .' V uaiisattotr o? toconae per head : .; eTij j eacfc . _ . simply to the internal little regard for the social good 

- ./:■*$ tween member states as • A r economy of the Patent Office . . Let Brian Wilson name 


and . help with the; - necessary Where the validity of a patent such extreme views. Brian 
adjustments? And Would a is involved, as in infringement Wilson repeats the 79-year-old 
monetary (and customs) union proceedings, where the chief parrot cries and myths invented 
not backed by such fiscal remedy lies in challenging the by that embittered personal 
arrangements be Ukdy to sur- patent in question, or otherwise hater of landowners. Lloyd 
vive- for very long? *- where the strength of a patent George. There was little truth 


- : it g .amittce- j. re port awL «*oo<Iiy. C#* m««L 

• : j.- br ke issue with Mr v Bnttan on a twouS-nir*» 

- .• tufisATS? S? £ 


GENERAL 

Prime Minister attends special 
meeting of National Economic 
Development Council to discuss 
microelectronics and £50m State 
aid; and skill shortages. 

Spanish national referendum 
on new constitution. 

Newspaper Society’s council 
meets to discuss provincial 
journalists' strike. 

NGA executive meeting— will 
discuss The Times’ closure. 

Confederation of Shipbuilding 
land Engineeriri^ Unions meets to 
I discuss shipbuilding redundancies. 

European Court of Justice in 
! Luxembourg 'h“ars SEC case 
1 agate if UK for not introducing 
lorry tachographs. 

NATO Defence Planning Com- 
mittee meets in Brussels. 

GiuncD of Europe symposium in 


Paris on development co-opera- 
tion . 

Mr. Edward Heath at London 
Chamber of Commerce two-day 
conference on corporate invest- 
ment and acquisitions by foreign 
companies in toe U.S., Cafe Royal, 
London. 

Sir Harold Wilson at tfaree-day 
seminar on social research In the 
public sector, Heidelberg. 
OFFICIAL, STATISTICS 

UK balance of payments (third 
quarter). Housing starts and com- 
pletions (October). Construction 
output (third quarter). 
PARLIAMENTARY BUSINESS 

House of Commons: Publ ic 
Lending Right BHl. remaining 
stages. Motion on Northern Ire- 
land (Emergency Provision) Act 
continuance Order. 

House or Lords: Debate on im- 
portance of improved relations 


with China. Debate on code of in- 
dustrial practice covering pro- 
cedures for trade union recog- 
nition and procedures prior to 
industrial action. 

Select Committees — Social 
Services and Employment sub- 
committee. Subject: Perinatal and 
neonatal mortality. Witnesses: 
Department of Health and Social 
Security. 4.30 pm. Room S. 
Environment subcommittee. Sub- 
ject: Redevelopment of London s 
dockland. Witness: Mr. Peter 
Shore. Environment Secretary. 
4.30 pm. Room 16. Parliamentary 
Commissioner for Administration. 
Subject: Land Compensat e Act. 
Witness: Sir Peter Baldwin, 

Permanent Secretary to D com- 
ment of Transport. 5 pm. Room 
7. 

COMPANY RESULTS 
Final dividends: Sir Joseph 


This board should provide * 
valuable safeguard against ris- 
ing tariffs. The costs of run- 
ning Talisman will not he 
disguised under general Stock 
Exchange expenditure and ths 
board members will have a 
vested interest in keeping them 
at a minimum. 

In theory, once the capital 
costs of the computer installs* 
tions have been fully amortised, 
in five years, substantial 
reductions in the tariff could 
be possible. However, in view 
of the rapid progress of com- 
puter technology it would be. 
wise to prepare for the equip- 
ment already being obsolete by 
then. 

Finally it is claimed that 
Talisman could actually increase 
member firms’ capacity for deal- 
ing. Mr. Gascoigne says, fnr 
instance, that during toe peak 

of the boom in 1973 some firms 
had to stop taking on more 
business because their settle- 
ment staff were overwhelmed by 
the existing workload. Talis- 
man's capacity to handle 45.000 
transactions a day, he says, 
would eliminate such bottle- 
necks. 

As a result Talisman should 
be of special benefit tu growing 
firms. Not unly are charges 
deliberately being held down 
for smaller bargains (where toe 
smaller firms are thought to 
predominate) bur overheads 
could be kept down as business 
grows — the effect of needing 
only small back offices. 

Overall the prognosis fur 
Talisman looks brighter than 
has generally been assumed. 
Birth pains there will be. Some 
stock could well get mislaid in 
Ihe system in toe initial weeks. 
But there is one excellent 
augury — the men who will be 
monitoring Talisman have a 
vested interest (through their 
own pockets) In its efficiency- 
arid costs. 




Causton and Sons. Elsan and 
Robbins. Peak Investments. In- 
terim dividends: Armitage Shanks 
Group. Coalite and Chemical 
Products. English Card Ctothiive: 
Company. W. E. Norton (Hold- 
ings) Pilkinsrton Brothers. 
Rota print. Thomas Warrington 
and . Sons. Interim figures : ‘ 
Edinburgh and General Invest- 
ment Trust. Phoenix Assurance 
Company. 

COMPANY MEETINGS 
Johnson and Firth Broun, 
Cullers Hall. Sheffield, 12. 
Lawtex. Fiisworth, Manchester. 12. 
Med minster, Abercom Rooms, 
Bishnpscale. EC, 12. Priest 
Marians. Hilden borough. Ton- 
bridge, Kent, 12. Scottish Metro- 
politan Properties. Central Hotel, 
Glasgow, 11.30. Spencer Gears, llfi 
Pall Mall. S\V. 12. 


.. - ’Ate 

' 

• mm rh 


weun_ member states as -is- 4 The.’Finjmcfei Times survey of economy of the Patent Office . . Let Brian Wilson name 

between- the : regions of >toe wmput “ peripherals (Decern- while blindly disregarding the them? This sort of nonsense is 

hf. . • countries _ we studied ber ^ prompts me to think that immeasurably more costly con- not /0 years but *00 years out 

mi*4> toair systems pf public ’ * .rr — ,v._ .» ..j 


and was seldom true 


expected ^ _ 

^-5 i tum -MPh ave way that recent' technological timed^ now as it concerns onr ven ted himself showing that 
ntnes. (Mr. Erittan may_nave •_ eaoadtv for innovation: and any nrnucii mniirc Mivar 3nl aiTPR nf 


proceeds to quote statls- 
which he has clearly in- 


SlSSJ'wSJ changes in toe format and apadty for innovation: and any nse moors CClVer 3m acre8 0{ 
KirSJSrt storage of information may step .which diminishes an essen- Scotland. Grouse may certainly 
tf 3 nf the Com- affect toe selection of pubtic t 2L Bait . of ° ur P at ®»t system ex \ tt on sucn an area, but to my 

nitv budget ySp records for permanent preserv- st f^ s . toe 03 knowledge there is no 

mty Budget were w acmeve «r which industry depends. yn chr-* n farming ; 


where hill sheep fanning is not 
toe primary land use with grouse 


3 ‘ Office to maintain an versa tiy recognised that reducing) 


ip -f ceoerapfficai" ation add the methods of giving which Industry depends. where hill sheep fanning is not 

IF i- * in ' •ccess'.'to them. They may, 'Surpridngly there is no statu- pr jnarj T land use with grouse I 

!£> ki-- mnrrrir^^un Tons — which 1 -fe however, have views on the ex- as a complement. It is unl-| 

A -A V-'- This cotild In teint to which public records in- JJtOTt h?!I versa Ily recognised that reducing 

1075 ' elude statistical material of use shee P stocks below the optimum 

f-, SSS 6 tranrfmT^eouaJ^ to to economists, planners or others. “ slst mdustry “ d level for the sheep themselves 

Z. >v> =• MrohnfSf Community wither on corntmter tape or not, ?7c Arnot d3es or no, . bi "S t0 ^crease 

and the means by which access toe grouse population. 

5’ ‘ . .. , . ^ eoulcf ; most -satisfactorily be :* , -r row £ re , QQ ^:.^ T , t He infers that grazing 5.6m 

s' ,-t. . >ur committee thouftlrt that _ i?en Wclto^n Garden Crtu, Herts. 3Cr€s w , th dwr . <is a le7el 

/ -- .rf^tT^DPOrtftoV^oS--' The full terms of reference of of irre-sponsibihty in terms of 

' f^oi^-iS^cabW ftxS S- toe Committee are: “To review . : . land use which bas few equals 

; • :* J ^.S U JJC I S V J C S2f^rcS.' toe * unmgemente . for gmng mthe ^!«ero.. world.^ toen 


r 


mne rates or a common cur- “? ■ 

to^cmrttft^r^MPWewSoo! Records Act 1958 a\«i 196 l Boards elected 

bv employees 

•: rufirner cent if defence were tkm and to subsequent public “J ClUplujvLj 
1. SdSKe temie tS ttSS •«««« to them in toe light of: I « ) From Mr. B. Cole, 

1 3 present 'Budget.. (Federal, toe requirements of public bua- sir,— What a virulent letter 3 
enditure ih - toe existing ness, of historical urt other Foe writes (November 30) 


does little or nothing to increase 
«• i«L. ArD o t ' j the grouse population. 

^t.^Attrmore Koad._^ " He infers that grazing 5.6m 

Wowjm Garden City, tterts. acres with red deer “is a level 

... . . .*' of irresponsibility in terms of 

- . ' land use which bas few equals 

‘ c^:.. . in the Western world.” then 

4.—^*. , i . , blandly admits “that much of 

Boards elected £\r^r.o “ Vr^r^ 

by employees llr. P tV^lson summarises his I 

Fro m Mr. B. Cole. thorouchly inaccurate and mis- 

Sir^-What a virulent letter Mr. leading survey by saying'-Land- 
Far wktes (November 30) to remain ^-endously 


: J^ojmaals curr'estly:. mooted the; volume .of records generated wttfirelevant experience! Of 
■‘SteSttit of toe European : by ^ernment departments: (in) ctmrse “industrial democracy" '“ nd 

[h&tarv Svstom are- on nothing- technological changes in the is ^claptrap — does anyone really disqualify an independent 
srale itt S2I foniiat and storage of records; think that companies- should be ^ro-land from eeoDonuc sujv 

-i^rec; and I ant certainly 'not »hd d v > the staff and accommo- rim - by boards consisting only of P 0 *^ ^ rom to e 'Vorld 
Sting that tbey H te. dation costs of maintaining pub, elected by employees ? 1 am . h n °P.^ u J, toat such 

ri T dlsaoree with his doubts lie records and toe need for eco- . ;.j( ^ no t a question of “con- a . would d ° ts ^°i ne ^c^’ 
ii r a hiuch^artfer Community obmy .in the use of resources; trolling and screwing down’’ the should the need ever ar^ 
"fc felt woSd ' be a sS5 to make recommendations/’ woricere . ^ industrial enter- better than Mr. Wilson, for these 
(ntim of a monetarv ttoion — : The committee -would like evi- prlse needs organisation, within are toe f 3Cts:- “ _ , wnftn 

•c te a dfffereatmatter from toe denre to be submitted as soon as vdtito some roles are specialised . Seine bO per cent of toe .-,000 
i Em| QL , possible, and not later than Apnl or demanding enough to need holdings of over 50 acres are 


! d E3US. - . • ... 

iot,-o£ course,. a sufficient J. 1 L h '* wtatt 

nr. relative -ini atom rates c«-* 

metary . poli.des care, also 38,.Piirliameui street, Sw I- 

important. But even if 

Kiuld be - “ harmonised," ■ , 

problems could remain.- . . 

sample,' it is not on too . - _ . ■ . . 

aster inflation rates that, in ri avj tip 
used the older, and pre- AmiCAIllg 
prosperous, industrial nQ i 
in toe west and north . pHIdliS 
ilK-to become relatively JT „ ^ 


special * experience. Senior owner occupied, compared with 
managers and directors fiJl such only about 25 per cent 50 years 
roles, as do some specialists to as°- This shows bow rapidly 
other parts of a company. change is taking place, for better 

There is no reason to believe or worse. A more important fact 
that being popular or politically is that acres are a meaningless 
active - enough to persuade col- yardstick, because they vary in 
leagues to vote for you indicates value so much from one place 
any. ability to direct a company, to another. One acre of top class 
Promotion -should be on merit, grain land ran be worth £3,000 
not on popularity. If we go too whereas another acre of tenanted 
far 7 ih pursuit of toe myth of wind-swept hill can be worth 
democra c y in .industry we shall under £10. This means that one 


ue- Mf From Mr R. Amot democracy m industry we Shall unuer nu. iuis raeaiis iuai bub 

tttscA b»t,»toer araetoal . • ■ St|ceess _ fed ;our boards of directors as 5fcacre bolding can ^ her more 

Qga -of various kipds.^ Th^ <i _ i , unsuecessful as our governments valuable tnan a lo.OOO-acre 


ur , n -rn Un dq of- AVierSHOm, BVCKmgnamsnne. couauy. aiucc lucre uv «»ei 

¥ -nation -states we sjpaied, tance . On^eciona i-rfi anas m. - than a dozen estates above this 

unaticaliy offsets oneialf to cost... effectiveness to cjze. and they are predominantly 

-thirds of toe adverse effects Office^, re currentlj engag ns — bill, it is clear that of Scotland's 

Land ownmg « 016 »“• 

_toerge?MrtlF by measures advance! todust^ whose mvesL Scotland is not a case of one man’s 

^ to tiring .about toe struc- ment sener^ly^W^^Pon te v *U OWJ1141IU opinion against another— the 

^ adjustments required to ? Gn °ji 2* h j?* ro deter- Firm Ihe Duke of Buccleucn f acts and evidence are readily 

ire them. . . invention is Sir.— It is surprising and dis- available for anyone to verify 

: lthkeiy thatcountnes WouW mine whei VMtion appointing that, the Financial simply by seeing for themselves, 

tir enter a system of urfr n«mi .TMtiUmtMtan* xher and resriect . or b y consu iting those who do 

Mg'v J JS de?elopmenL ° patenting and able papers, should print such a have first-hand knowledge of 

mat some such assurances ? - 7*L sslv at travesty of the facts on landown- them and a reputation for 

;-itiouId they tend tobecome of effective tog to Scotland (The land ques- impartiality and accuracy. 

pvtqnlsi .or - JESS- tion, November 27). U is equally Buecleuch. 

areas p f„,5 ie Vveness before financial surprising . that It should have Drtimlcnng Castle. 

there ■ would ® L mad/ chosen an author known io have Thornhill, Dumfriesshire. 

pcoiing; of ffle -adverse effects commitme^ is maue. 


than a dozen estates above this 
size, and they are predominantly 
hill, it is clear that of Scotland’s 
13.000 or more landowners it 
does not follow that the biggest 
are the wealthiest or the most 
“ powerful." 

This is not a case of one man’s 
opinion against another— the 
facts and evidence are readily 








22 


Fiiiajacial Times 




Nephew up 19% 

in third quarter 


NSS expansion 
loses momentum 


MWJi 


PRE-TAX profits of Smith and 
Nephew Associated Cum panics for 
the 40 weeks ended October 7. 
197S, show a £2.24 m improvement 
at £14.03 rn. representing a 19 per 
cent increase on a 5.7' per cent 
rise in external sales. 

At the 24-week stape the profit 
advance was one of £Z.SSm to 
£9.28in. There were at that time 
exchange ’pains of £320.000 but 
the strenpih of sterling, particu- 
larly in relation to the U.S.. 
Canadian and Australian dollars 
and the South African rand, 
resulted in a swing to a £540.000 
(£500,0001 loss at the end of the 
third quarter. 

The 40-week profit was struck 
after lower interest or £2.31m 
(£2. 74ml and a .higher contribu- 
tion from associates of £l.39m 
(£0.92m». 

Excluding L’K deferred las the 
charge is £4.5m f£3.77m) and this 
time there is a minority loss of 
£10.000. Earnings per lop share 
are stated at 6.13p (5.35p>. Had 
a provision for deferred las been 
made earnings would have been 
4.52 p t3.S5p>. 

The group, which operates n> a 
manufacturer of surgical, medical 
and sanitary products, textiles 
and clothing, toiletries and 
plastics, reported a profit of 
£i 7.34m for the last full year. 

• comment 

Exchange rate fluctuations are 
non enduing at Smith and 


HIGHLIGHTS 


Plessey has achieved a small increase in second quarter 
profits but adverse currency movements have prevented it 
from showing any more exciting growth; the order books, how- 
ever. have advanced encouragingly. Profits at Banks Hovis 
are 15 per cent lower despite a £3m turnround to profits at 
the Wessex Finance subsidiary and the dividend has been 
increased by only 21 per cent Lex also considers the implica- 
tions of the latest banking sector statistics. Smith and Nephew 
is another to be hit by adverse currency movements and third 
quarter profits are only 8 per cent higher after a 25 per cent 
gain at the half way stage. NSS Newsagents is suffering from 
a static market in its principal lines and sales growth from 
existing units was running below inflation. Geo. Bassett has 
been hit by the poor showing in Europe. 


Nephew's growth. Following a 
£300.000 first-half currency gain, 
exchange losses after 40 weeks 
total £540.000 leaving third-quarter 
pre-iss profits S per cent ahead, 
against an increase of 25 per cent 
aTter six months. At the operating 
level, however, profits for the third 
quarter are more than a tenth 
better which compares much 
more favourably with the proceed- 
ing hair. Sales have also been 
hit bui stripping out currency 
movements and they increased by 
K per cent in the third quarter, 
representing volume growth of 
roughly 25 per cent. Smith and 
Nephew has greatly improved 


margins over the last three years 
and profits have consequently 
advanced much more rapidly than 
other pharmaceutical groups. 
There is admittedly still plenty 
of recovery potential in plastics 
and further scope In toiletries and 
cosmetics. The medical and hos- 
pital side is also doing well while 
the company maintains that de- 
mand for quality denim remains 
healthy. Nevertheless there is an 
ex-growth look about the shares 
which at 09 Ip. taking Full-year 
profits of £20m stand on a fully 
taxed p/e of 11.2. With the pros- 
pect of a 15 per cent dividend 
increase the yield is 6 per cent. 


GROWTH AT NSS Newsagents 
slowed marginally, in the second 
half of the year -to October 1. 1878 
and pre-tax profits for the full year 
finished 17.4. per cent higher at 
£S.7Zm on a 202 per cent increase 
In turnover. 

At the interim stage when 
profits were ahead from £1.61xn 
to £l-93m the directors said they 
expected a satisfactory result for 
the 12 months. 

Due to a change In accounting 
policy, tax for the year Is lower 
at £0.93m (£L27m). Earnings per 
lOp share are shown to have risen 
from an adjusted 10.3p to 3 5 .op 
and the dividend total is stepped 
up from 2.1225p to 2.37p with a 
final payment of l-57p net 

There has been a. net increase of 
36 retail branches bringing the 
total to 408. Two larger main 
centre stores have been opened. 

• comment 

The sluggish second half per- 
formance from NSS Newsagents 
is symptomatic of the problems 
facing this sector of the retail 
trade. In the closing six months 
sales rose by 19 per cent but After 
stripping out the contribution 
from new storeg^-36 opened 
during the year— sales growth was 


running below the level of infla- 
tion. Meantime margins came 
under some pressure and pre-tax 
profits increased by only 15 per 
cent The baste problem is that all 
its principal tines — cigarettes, con- 
fectionery and newspapers— are in 
static markets, and price increases 
tended to be modest last year. The 
lack of price Increases may be a 
.temporary problem but the 
difficulty of static markets is 
more deep rooted. The only 
effective way NSS can keep im- 
proving its profits is by physical 
expansion or modernising shops 
to take .in a wider range, such as 
audio departments. The other 
possibility is diversification and 
wholesaler, Wynd Up Records, is 
a step in that direction, though it 
is. small in relation to the group. 
The outlook remains unexciting 
regarding sales volume, and the 
current disruption in the 
provincial press could have a 
damaging impact depending on 
its duration, but profits should 
keep moviDg ahead thanks to 
physical expansion. At U0 d the 
shares -stand on a p/e of 6.9 and 
yield of 33 per cent, which looks 
fair enough but better com- 
parisons can be made when 
Martin reports its figures next 
Monday. 



P y 



Auditors disagree over 
Maddock accounts 


Second half upturn at Kelsey 


UPTURN IN the second six 
months pul pre-tax profit si 
Kelsey Industries 7! per cent 
ahead at £2.Um Tor the year to 
September 3U. 1978. Even so \1r. 
John Moss, the chairman, says 
the company is still ** chasm" its 
tail" to keep up with, let alone 
overtake, risinc costs." 

Because til" this turnover, shown 
£23m higher at £I!».«Sm. should 
be regarded- with caution as it 
has limited bearing on the 
volume or business done. The 
combined output of the group's 
manufacturing companies was 
similar to last lime but more work 
was completed by the contracting 
company, he says 

At midway, when the surplus 
was down from £981.415 in 
£‘*62,213. the directors forecast 
that the final outcome would not 
be materially different from last 
year. 

Immediate prospect* look 
brighter tlun at the same lime 
last year with all operating com- 
panies holding better order books. 
It is. however, impossible to look 
ahead more than a few months 
because of the uncertainly on the 
national industrial scene. Mr. 
11 oss explains. 

With deferred tax treated in 
accordance with SSAP 15. the lax 
charge came out higher at 
£981.392, compared with £811631, 
leaving earnings per 25p share 
(Up down at 2S3n. Comparatives 
have been adjusted for adoption 
of the new standard which 
reduced the tax provision by 
f 14? 930 1 £217.350). 

A net final dividend of 2.362 1 23p 


lifts the total to a maximum per- 
mitted 3.61212Sp (3/23475p). 

Dunns the early part of tbe 
year orders for the manufacturing 
companies were disappointed and 
they worked at below capacity. 
Improvement through the spring 
was seen and now ali three operat- 
ing companies. Muiticore Solders, 
Bib Hi-Fi Accessories, and Kelseai, 
have good order books and pro- 
duction has been raised to meet 
demand New and more efficient 
plant is being bought. 

A cored solder wire using an 
alternative flux medium to the 
natural rosin, has been developed 
by Multicore and the directors 
believe this will further enhance 
the company’s reputation in its 
particular market. 


H. Ingram 
recovers- 
pays I.44p 

FOLLOWING LAST year's £100.000 
second half loss. Harold Ingram 
was strongly back in profit in the 
first six months. Now Mr. Harold 
Ingram, the chairman, says be Is 
reasonably optimistic for the 
current year as a whole. 

For the six months to 
October 31. 1978. taxable profit 
advanced from £319,646 to 
£353,613, af’er an exceptional loss 


of £487. compared with a £66,312 
gain last time, on sales of 
redundant machinery. 

Externa! safes by The group, 
which makes and markets knitted 
garments, improved to £2. 51m 
(£2.37m). 

Mr. Ingram reports that locks 
hove been considerably reduced 
thereby releasing unrealised inter- 
company profits of some £80.000. 

The forward order position is 
good and the new fashion ranges 
are showing benefits. .Also the 
company’s German operation is 
now profitable and export sales, 
mainly to Europe, have reached 
£903,443 (£865,450). 

The Board is sufficiently 
encouraged by the future outlook 
to commit £250.000 in capital 
expenditure on new computerised 
knitting machinery which should 
be installed and working early 
next year, he adds. 

After passing the final last 
year the company returns to divi- 
dends with an increased net 
interim of 1.44p (l-29p). 

Tax for the half-year took 
£139.203 (£3 32-271) leaving a net 
profit of £214.412 (£187,375). 

Having reached a peak surplus 
of £0.73m for 1973-74 the group’s 
performance had undergone a 
decline. Then last year a series 
of factors including a switch In 
fashions, low cast imports of 
T-shirts and start -up losses in 
West Germany, combine . to pro- 
duce the slump in the second six 
months. 


ONE OF the joint auditors of 
Maddock. toe clay pottery manu- 
facturer. has resigned following 
a qualification on the group's 
latest set of annual results. 

Arthur Young McClelland 
Moores and Co, in a letter to the 
Board, sakl that there has been 
a difference of opinion with 
co-auditors Cape and Dalgielsh 
over an accounting matter. 

Tbe group, which supplies 
vitrified earthenware to the hotel 
and restaurant trades, says the 
auditors report, sigDed by Cape 
and Da&letth, was v ratified. It 
says that Cape would seek re- 
election as the group’s sole 
auditors. 

In the year to June 30. 1978, 
the group earned pre-tax profits 
of £247.649 — some way below the 
£600,000 forecast at the time of 
the croup's acquisition of TPG 
Investments. 

Maddock. formed y the Went 
Group, says tbe main reason 
behind its failure to meet the 
forecast was a major production 
set-back at John Maddock and 
Sons. 

The group, however, is meeting 
its forecast dividend of 029p. In 
the meantime it is to press for a 
restoration of its share listing 
— suspended In September. 1976 
—and is also to seek an increase 
in its borrowing powers. 


Bristol 
Post makes 
headway 

FOR the six months to September 
30, 1978. Bristol Evening Post 
reports pre-tax profits ahead from 
£815.000 to £1,199,000 on turnover 
up from £8. 58m to £10.12m. • 

The net interim dividend, 
including a supplementary pay- 
ment of 0.055p (0.05p). is raised 


from 2.75p to 3p. Last year's 
total was 6.42p from profits of 
£ 1.89 m. 

After tax for the six months of 
£623,000 against £424.000 the net 
balance emerges at £576,000 com- 
pared With £391,000. 

The directors have decided to 
revalue the company’s properties 
before March 3L 1979. and a 
depredation charge will be calcu- 
lated on toe revised values. 


COMPARED WITH an unusually 
profitable first half last time Geo. 
Bassett Holdings shows a_fcll in 
taxable profit from £l'.72m .to 
n.51m -for the 23 weeks . to 
October IS, 1978. 

Tbe directors say they are satis- 
fied that, despite less buoyant con- 
ditions In the industry. UK con- 
jee Uonery manufacture will make 
progress and that the measures 
taken to -improve overseas profit- 
ability will prove effective. 

They are also confident .that the 
cumulative effect of the company’s 
restructuring and the increasing 
performance of its recent acquisi- 
tions will begin to be evident 
towards the year-end. . . 

Sales for the six months were 
up nearly £10m at £35-27m. The 
comparative results exclude toe 
turnover and profits of Drakes 
Sweets Marketing, the wholesaling 
and retailing subsidiary sold. In 
January. 

The net interim dividend is 
raised to lJ6613p (I.4025p) . per 
25p share and the directors ' say 
they Intend to pay a final of at 
least 10 per cent more than last 
year's 426436p which was .paid 
from a maintained profit of £3m. 

Tax. with the deferred element 
treated in line with SSAP 15. 
took £453.000 i £399.000 1 for the 
half year leaving a net balance of 
£L06m <£122m) before minorities 
this time of £61.000. Profit was 
struck after interest less invest- 
ment income of £274.000 
(£123,000). 

The principal extraordinary 
item which will arise at full-time 
relates to goodwill on the 
acquisition of Paleoon'a Scottish 
Shortbread and Adam Imports. At 
halfway this charge would have 
amounted to about £0-3tn. the 
directors stale. 

As known, the group bought 
Paterson’s from Booker McConnell 
in June tor £0.04ra. In August it 
acquired a 75 per cent holding in 


DIVIDENDS ANNOUNCED 


"Contat- 

■ payment 

Bankers Invest. ...2nd tnL' r . 05. 

Geo. Bassett .;....iBt. 2.57 • 

Birmingham Mint ...tot. IB • 
Bristol Evening Post....... -3J. > 

Carless Capet. Jat., 0-41- 

J nines TL Dennis 1J* 

Duodonlan ‘ 6-7 

FlexeDo Castors , 2 J9 

fflghanm -ii Jilt, 'ftfff ' 

Harold Ingram :...int. . L4* _ 

JntnL Umber 

Irish Distillers 

Kelsey Industries' 33S ’ 

NSS Newsagents l.o7 ... 

•Ranks Hovts 1-97 .. 


Date 
- - of - 

payment 
Feb. 2S 

■ Jaru 22 


• ' Carre- ■ 

Total; 

Total 

sp on ding. 

■ . far 

’last.; 

-. div. . 

year 

- year. 

■ 0.3 


. -2J55-V 

1.4 • 

. — 

. s-eei*. 

...is . 

— : 

4.86: 

. .2.75 

:-rr- - 

: 6:42-.’ 

v.oar 

‘. r — ; 

-.0.92. ; 





: Jan. IS 1 / 
-Apr. '6 - ■ 

Feb. 22 - 
’Feb; 7 ' 

• Teh. 13* _ 
Jan, 26 -1-97 


Dividends shown pence per share' net except where otberwi'ie. state^, 

* Equivalent after allowing for scrip -Issue; . T 
increased by Tights and/or acquisition issue* i Includes .additional 
0.055P (0.05p). : - .. 






Adam, importers of TV-gameS and 
similar products,, for £0.75m cash 

and 60p in £ of pre-tax profits is 
excess of £500,000 for 1978. 

• comment 

There are a number of. factors 
which distort Basset's stated. first 
half figures, which, show a profits 
downturn of 125 per, cent. Jn the 
first place, last year’s" ’■ Utterim 
profits were exceptionally, high 
and secondly the current figures 
include the contributions ^from. 
new acquisitions- These additional 
sums are not disclosed but they 
could have totalled around £0-4n>. 
So. tbe underlying profits -fall -is 
about a third, reflecting a sharp 
increase in interest charges and 
much- tougher- competition, '.in 
exports, markets where, sales 
volume of sugar .confectionery 




has dropped- by a. tfenth^Tnainb'.v 
in Europe.. These 1 jiiartjeulm^ qpn- 1 ■: 
ditions are . unlikely . tor change 
much in toe second -.halfi espect- 
ally with rising, interest rates and . 
tbe drfficijltfe-fityolveci in rfegaip^ ■ 
mg .markei^sharefi However, the . 
position is. much-healthier in . thie* . 
more -important home market. . 
where first ..half ales are claimed _ 

"to' be' "abont- 15/jper cent -Jugher- 
in.:'yblume' terms. This trehS * 
appears ;To\ be-, continuing and:-;; 

_:th ere' wfil.be ajV^.Tnjeful.'contrJV. 
button from thietoew ' acquisitions;,- 
in . of which ate reported; :to 
doing well especially , tfe - ’ 
leisure ' companies (bobby kits. 

•toys and'TV gamps)/ At this .stage/: 
at least ,232m looks. possible. Son. 
the year. Taking :a 'line, .through:, 
the ’interim tax charge the shares. . . ^ . . , _ . 

at )13ip,_are on . a prospective - - -H-w ; 
p/a of 0 ; .wbfle’ the/yleW is- fi^ - l--** * 

per cent . • .-‘Ji- -_ >• 





• • V../ 


James H. 

Dennis 

over £0.4m Suter raising £0.46m in deferred 


,£ :; \ 

;• • •••••• 


SECOND HALF taxable profit 
doubled to 1200,084. against 
£107,645, bas enabled James IT. 
Dermis and Co„ engineer, to 
expand the surplus for the ftril 
year to August 31, 197S, by 
£110,339 to £412484. This was 
maiginaHy higher than the pre- 
vious best of £0.39m seen in 
1975-76. 

Sales for 1977-78 rose from 
£5. 63m to £6 -37m. 

A lower tax charge this time 
of £107.183 (£133,703) left the net 
balance up from £108,142 to 
£305.011 for earnings per lOp share 
5.48p better at i2.05p. A net 
final dividend of I.Mp raises toe 
total to 3.15225P (2B245p). 

The group sold 80 per cent of 
the equity of its subsidiary La 
Conrubia SA, manufacturer of 
copper sulphate and -copper based 
fungicides, based in Bordeaux to 
McKecbnie Brothers in September. 
This produced an extraordinary 
credit of £24,934 which has not 
been included in the year’s 
results. In 1976-77 the group’s 
operations in France showed a 
pre-tax Joss of £11,000. 

In future the company’s year 
end w<W be March 31. 



RANKS HOVIS McDOUGALL LIMITED 

Preliminary Announcement 
of Annual Results 

At a meeting of the Board of Banks Hovis McDougalf 
Limited held on 5 December 7378 the following 
preliminary details were approved for issue. 


FINAL DIVIDEND ON ORDINARY SHARES 

The Directors recommend for payment on 26 January 1 973 
to Ordinary shareholders registered at the close of business 
On 29 December 1 97S a final dividend for the year ended 
2 September 1 978 of 1 ,968p per Ordinary share making, with 
the interim dividend, a total of 3.420p per share (last year- 
3 -288p per share) representing, with the related tax credits, 

5.1 Odp per share for the year (last year-4.982p per share). 

RESULTS 

A statement showing the profit for the financial year ended 
2 September 1 978 is shown opposite. 

ANNUAL REPORT 

The Annuel Report, incorporating the Chairman's Review, 
will be circulated on 2 January 1 979. 

Sa lient points are 

(a) Results 

Group profit before taxation for the year to 
2 September 1978 amounted to £31.121,000 compared 
with £36,458,000 for the previous year. External sales 
increased in value bom C1,1 07 million to £1,228 million. 

A reduction in total Group profit for the full year, 
due principally to the problems in the bread industry in 
the United Kingdom, had already been forecast. 

How ever, apart from the Republic of Ireland, there were 
increased contributions during the year from the 
overseas division and from the UK grocery division and 
Wessex Finance Corporation. The trading results of 
the Group's other main activities were generally similar 
to those of the previous year. 

(b) Balance Sheet at 2 September 1978 

The Reserves of the Company and Subsidiaries have 
increased from £67,058,000 at 3 September 1977, to 
£1 58.799.000 at 2 September 1 978. The principal 
reasons for this increase, apart from the transfer of 
retained profits of the year, are: — 

1 ) A surplus o( £ 7 6.906,000 arising from a valuation 
by external professional valuers of the Group's United 
Kingdom freehold and long term leasehold properties 
at 2 September 1 978. 

2> A release of £25.000.000 from Deferred Taxation. 

3) A reduction of £32,000.000 in the value of 
Goodwill. 

(c) Outlook 

Results for the first two months of the current 
■financial year w ere ahead of target with improved 
performances from nearly al! sectors, bur Group profits 
are currently being severely affected by an industrial 
dispute m the bakery industry, which commenced on 
7 November. In the circumstances it is not possible at 
this stage to make a forecast. 


RfM838> 


Consolidated profit statement for the 
financial year ended 2 September 1978 


1. Turnover 

Total sales 

Deduct : Sales within the Group for further processing 


2. Profit 

Group profit on trading before depredation. 
Depreciation 


Interest paid, less received . 


Investment income s — ; 

Associated companies — 

Group profit before taxation 

Taxation : 

United Kingdom corporation tax at 52% . 
Deduct : Double taxation relief — 


Overseas taxation 

Deferred taxation 

Associated companies 

Taxation adjustments in respect of earlier years 

Minority interests 

Extraordinary items less taxation (Note 5) 

Profit attributable to Ranks Hovis McDougal! Limited 


3. Appropriation of profit 


1978 

£000 £000 

1.402.000 
174,000 

1.228.000 


60.307 
18,006 
42^301 
13,897 
28,404 

366 

2.352 

31.121 

1,447 

1,050 

397 

4,515 

10,115 

1.117 

(331) 15,813 

15.308 
694 

14.614 

1.019 

13,595 


1977 

£000 £000 

1,262,000 

155,000 

1,107.000 


61,140 

14,852 

46.288 

11,553 

34,735 

305 

1.418 

36,458 

4.993. 

1,423 

3.570 

4,602 

10,079 

929 

(430) 18,750 

17,708 
942 


16,766 

1,592 

15,174 


Ritmrvefnr nnnsiniu . 

Pm famnne dividends . . .. 


283 


1.000 

283 

Ordinary dividends 



Interim paid 1 .452p per share (1 977 1 .320p) 

3.962 


3.593 


Final proposed 1.968p per share (1977 1.968p) 

5,367 

9^29 

5.356 

8,949 

3.420p (1977 3^88p) 






Profit retained 
The company 


Subsidiaries. 

Associated companies 


1.020 

2,236 

667 


4. Earnings per Ordinary share of 2Sp 

Based on profit (after minority interests and 
preference dividends, but before extraordinary items) 
of £1 4,331 .000 (1 977 £1 6.483,000} and on 27Z7 
million ordinary shares (1977 2722 million) ranking 
for dividend. 


5. Extraordinary Items lass taxation 

Excluding £32,000,000 written off Goodwill and an 
equivalent amount transferred from Reserves. 


3,983 

13.595 


5.3p 


‘ 564 
4.153 

225 4,942 

15,174 


6.1 p 


The full Report and Accounts and Chairmen's Statement wifi be available after 2 January 1379 
on application to the Secretory. Banks Hovis McOouga/f Limited. 

BHM Centre. PO Box 557, 152 Grosvenor Road. London SWIV3JL. 


In an unusual more yesterday. 
Lancashire-based manufacturer nrf 
hairdressing salon equipment, 
Suter ElectricaL announced- - a 
rights issue of deferred shares.'; 

The issue is of 4.93m deferred 
shares on the basis of three for 
every two ordinary heW. Hie 
rights price is lbp each raising 
£465,000 net of expenses for tbe 
company. In the market Sitter’s 
ordinary shares eased Ip to 30p. 

The news shares wiH not- rank 
for dividends for any year tip to 
and including 31. 1988. However 
a big boost to the ordinary divi- 
dend is announced. The directors 
intend to recommend a payment 
of lp per share In respect of .toe 
current year ending next March, 
representing an increase of 231 
per cent. 

Treasury approval has been 
granted for the Increase and it 
has also agreed that the new 
deferred shares will be entitled 
to the same dividend as the 
ordinary shares in 19S9 should 
dividend controls sfctil be in 
existence. 

Suter’s chairman. Mr. Giles H. 
Whittorne. said yesterday evening 
that the proceeds of the rights 
issue will enable the company to 
take advantage of opportunities 
to expand laterally by acquisition. 
There was not potential target 
for a bdd as yet he added, but 
the directors were looking at some 
possibilities. 

Mr. David Abefi. of British 
Leyhrnd. and family interests of 
Mr. Jeffry Pike, managing director 
nf Tremictts, who together own 
29 per cent of Suter’s capital, 
have agreed to take up their 


rights entitlements. Council has - raised Vi)mr by toe 

The Issue has been under- Issue of 12j| per cent. bdnds'daled 
written by Banque Du Rhone. SA. December. 3 _1380 .at .par.. _ 


w Jr . ’ 


YEARLINGS 
AT 


The coupon rate on this week’s 
local authority yearling bonds baa. 
eased by an eighth to Hi -per 
cent Tbe bonds are placed ef par 
and dated December 12^1979. 

They are: London Borough of 
Lambeth (£lm>. Strathclyde Re- 
gional Council f£lm), London 
Borough of ’Wandsworth t£jm). 
West Yorkshire Metropolitan 
County Council (£Jra), City of 
Glasgow District Council (£lmi. 
Metropolitan. Borough of Sand- 
weU r If m )* ‘'Aron rlbstricJ Council 
f£Jm1, Borough ef- : EHesnere 
Port and Nerttm/ (£§m), ■ City of 
Sheffield (£3m>. . Kirklees Metro- 
politan Borough Council dim), 
Huntingdon District Council 
f£tm).- : Cambridgeshire County 
Council (£±m). h 


Crewe and NantwichVBorough- appreciation. 


HUNTING SCRIP : 

A scrip issue of ordinary and 
deferred shares’- is proposed by 
Hunting Associated Industries. 
Basis of the issue. wlH be on£ 
ordinary and onp deferred shares 
for every two ordinary held. ■ % 

The deferred shares will, nqt 
rank for any dividend paid or 
declared for any period -eudirti; 
prior to January 1: 1986. 'On that 
date, the deferred will ’ become 
ordinary shares. « 

r A. rHunting intends to increai 1 
its authorised capital to £5m in 
the. creation of em ordinary 25? 
shares and 6m deferred ordinary 
2Sp shares, and to amend its 
Articles. ' y; 

The new class of capital is p»- 
posed to allow shareholders t? 
adjust their holdings according to 
their own. -investment priorithS 
<rf seeking either income or caplti) 
-eciauo 




THE NEW THROGMORTON 
TRUST LTD. 

Capital Loan Stock Valuation — 
30th November, 1978 
The Net Asset Value per £1 of 
Capital Loan Stock is 16725p 

Securities vduc4 n middle market 
Prices. 


i y n^cC'Sliaxson 

UmltnJ 

52 ComhiTI EC3 3 PD 
GSt Edged Portfolio Mfe— t 
Serrree Index 5.12.78 
Portfolio f Income Offer 81.79 

Bid 81.76 

Portfolio II Capital Offer 131.13 

BM 131.69 


S. & II. 



Interim Report af the Chairman; 
Mr. Derek M. Coombs : 


£204 J 47 


£4,200 


1977/78 

£181,349 

- £4200: 


The unaudited results for the group for "the half year ^nded 
31sc July 1978 are announced' as ~fbHows: 

1978/79 

Net profit 

Preference dividend (to be paid on 
3?st. March 7979) 

The results for the six months ended .31/tt-juljf 1978 show aT - ') 
profit of £204,147 for the group. -The breakdown ofithe. results. 1 lj 
between the two .main divisions is z p ro ffc-of £365,495 for ■ J 
Consumer Loan Credit Division, and a lossr"df £161348 fbr the * 
Manufacturing Division. . ~ \ . 

The results from the Consumer Loan . Credit Division areT [ 
obviously encouraging, and expansion is progressing .according ’.^ 
to budget. 

However, the manufacturing figures with the loss of-T JE^. are ’ J 
a serious set-back for the results of the group 
Whilst top management changes have, taken- place in th& di vision N ; i 
we can see no real reversal of fortunes until’ the'.’ next financial ' 
year. We shall then reap the benefit’ of i ncreased "oVdefs now : 
being generated for the spring amf summer deliver^. periods.-,—- 
Dividend. The preference dividend Will’ be paid in~the .nonnaL J 
way. - - , ' 1 . 

However, in line with the Board's poIicy.-ejqiressed Jn- the year^ 
end statement, vre are not declaring - dividends -on^ -toe- 1 preferred / T 
ordinary and ordinary shares. 

,27th November 1978. ' > 

Edgbaston Street - Birmingham B5 4QH -. ■ T*C 021-612 4«81 : 




& 


V<b 




GUILDHALL PROPERTY 
COMPANY LIMITED 


by Mr. L H. Smith, the Chairman and Marmglng DIrectdr V": • : " f ' i j 

• Profit before tax rose by £87,593, art! increase, of 16% over the 1 976/77 fig u 
does not include the profit realised on the residentfal-sales. TheGroup fe rat. roR fbr the 
remaining industrial and commercial properties Increased from ^£652,993 to £741 ^413 
—an increase of 13.5%. . • •' 



0 Rents receivable from all properties showed 
figures last year, due to the sale of -the company’s 
consequent reduction m income from that source. 

# The disposal constitutes a _ 

amortisation and ground rent Two f reeh otd commerc iatprdpertieshave beeri acquired 
with part of the sum realised and further suitable ihyestme^rtsr are beirig'sbtightW 
complement our portfolio. - 

• The Company has only two vacant p ropertles :-One’ot 4 ,(XX) =sq: fr :i3 ^pect«i lo be 

let shortly after renovation and one, totalling 17,000 sq. ft, Js beir^'refudWsJ^ and ’ 
subdivided into four units; of which one unit Is let and negotiation sare in hantifortwo 
others. v- ^ ■ TJ. ~'S - ’ '■ 

• Although the political climate remains unstable and unpredfCt^bie, «ihe Company 

should make steady progress and I anticipate. that the 1978/79 figures will show a pre-r 
tax profit of about £800,000. - • % = x-. ^ , 


Comparative results 

1978 



Rents receivable 

£720,323. 

L'. '• '-±7tioo8 v I 7 


Profit before tax 

£632,728 

V : £544,635 t ' 

i47s;4j58 

Profit after tax 

£318,258 

. / £279,775 

£239,579 

Profit retained 

: £143.248. 








ii ~it~ i,:.- 

MW 

fe. 








SS; 


%=;• 









6 1978 


ahead 
Garrard losses 


-.It, 

V;'( 


'-'•i 

• v l 




Hs V -v{9 


airrr:. 

o 



. . _. , ,,.. ..... 

jj'roke* before ■ private ^stMas an^rin p&etrohlc 
i'SSlS’MS ife&yPlessCffLX^TOjiiags rose .gyBtgmg. 

'. .. . 

tT of* ±28.Xm -for "tbe ialf-year - 

S«aen®«“ : 30. 197Si an. sahi 
of- 4 -pef ^ent - on the 



, are : shown -at- 8.11p 
r^agwfet^ , '«.81p/ ; • . 
,'^^ojrcver the. sroap’fi' perform- 
Maftw- cont&Hies. to ‘bo’ adversely 
rjsfteeted by^aticipated bosses of 
•; Maiiv £orUse.iiaJf jear at the cos* 
r.js«flier.'.-<dfctrQia^s_ irabsldia/y. 
-. iQb rrar - -Bnglneertog. A. major 

^{.^J^-Peter -Mjusfcall, the. group's 
\JJfoaneq director.aays that for the 
> >«$ofe year the Garrard , operation 
; show a- trading, loss 

r'-^^the region of Stot^'-rThe fua 

' jear^ figures would also-, shew «tfi 
extraordinary item tn. the rtgioa 
'-iaii £tm for theeseost of ihe re* 
*i .l«g«niaation;^::j.^;;:.' :J • '.- 

• ltve Garrard. Workforce is being 
7 ^slashed- by a. total ► d 1^06 with 
■s -rtbe imriiber ofiobaon this opera- 
/* ;tjpirJlXely tobe . down to 800 by: 
^ thfe-end-of this year. The overall 

*■ .VteRact-of the .Garrard • reorganisa- 
f^r^a . would' be*' to reduce - vales 
^^yolume from about StSm to some* 
‘jtong in the region of aim a 

rh-TOe effect of this wiD be very 
<<^ifenlfieaitt oh the company. Next 
5 tpear we. wifl- expect trading results 
be significantly improved 
\tfrflm. the Mm loss to in the region 
jof break even." 
i' 'Even after taking account of 
gfth&rlikely Sh n. trading loss at 
yjGailard this year, Mr. Marshall 
f .^stcH" .expects an overall improve* 
.1 'Anient in gtoup profits for the. 1% 

• nSbirths ; trading to the end Of 

• ^irCh. . . . 

Vi=;Ttie fsecbnd quarter profit ' -ise 
\ /represents e 9 per dent increase 
' Jit' '‘fterlipj? terms' at September 
1 jso exchange rates, .and is eijurva- 
7 /lent to an improved profit trend 
; if 19 per cent when expressed in 
loc&l 'currencies. ... . . 

i ^‘-Worldwide sales' : figures were: 
!- ■^imUarly ' ■ affected by sterling 
appreciation ..ahd, .-with a -slight 
: advance in sales by volume; turn- 
over was up-to £L52m from.H49.7m. 

: Tii" r tfib _ second quarter last year. 
First - halt -sales amounted .to 

■.f3bS^rrv.i£203 Jm). - 
-• ir Asieattpii'-' -&t.' ."the : quarterly 
Ms the' strength of - toe 
: ordbr booTTat^a: record 
25 per g an f up on tbesame period 
Sist Tear.' The growth. Applies in 

f l prod act-' areas fexc ept con suxaer 
ECtxonSa^: and ; i? particularly 
strong in' telecomm tinicatl oris 


VSrieOTBnnnrdcatJom— 
Public- system? 


" ■' Sbc imairmc 

- ••:' :i9T8 . 1BI7 

: V •. . »» om 

293 JL 00 


« 8 ,K» 7 G.D 08 


Prtwtd totawanwnlof, 

Ay w Sp» 0 vU 


Electronic systems JX,'. 8*3* 77.800 
ByCrjnlks. ormpooe — . <6.«p0 <8 700 
Electronic canyxdKDts,.- ayjw 46.2W 
CoeSamer eloctronics -T ; U, U» 9^»0 
Devrecsadon- -iD^Tl to. 233 

TiadloK profit ^i, 32^4S- 32^38 

Operating profit ..— VUStTi. 22 .X I S 
Tdeomimnakationo— .. •• 

pnbHc systfUltt ta.o I.W® 

tj pn ^ . - 3*071 

Btectmite .«T««ns TXg 

HyCrnOllo. *eroepww-,- , a-gl 
Electroofc comnoaoWSt- ‘ s^O 
c amun tr itopMia toss - 2,020 

Associates ' 3.JO 

na e rest vneslvabte 

Interest, psyptde : MM 

PMia: before ta* ^.- 23^20 22.230 

Tax ; 8 , 12 s r.ooo 

39«t preflt lOaBS M.8S0 

j; . Mj «i 

J.:...." M.4SS 14.1*9 

See Lex ■• • ■' 


quotation of the stock has fallen 
substantially below its par value. 

In these circumstances and 
having regard also to the restric- 
tions imposed on the company by 
the. deed constituting the stock, 
the board has concluded that it 
would be best for the stock to be 
repaid at a price well in excess 
of Its present market value but 
below par.' 


Kalamazoo 


6.319 

3,335 

1.766 

1.302 

4.533 

833 

W2o 


calls for 
changes 


. Midway rise 
fOrBankers’ 
Investment 

■ 7btaf income - of.' the Bankers' 
Investment Trust humored from 
£891351 to £989^32. in ttie ha»f 
year' ended October SI,' 2978, and 
profits were JE91S,0E7 compared 
wHh £829,194 in the same period 
las« year. 

- Profit' is after expenses and 
interest of £76,305. against £71.657. 
but -.'befoehe tax of '£3S0^5S 
(£394,904). 

The second ' interim -dividend is 
maintained at O.Sp'per 2 Sp share 
—the total last year ■ was 2.55p 
from' pre-tax revende of £l:67m. 

At October 31 ; ®s year, net 
asset - .vedue per ordinary, after 
deducing prior charges at par. 
was 74. 5p, against'- -74p as at 
Aprfl'30, 1978. ' ■■* 


redemption 


The -board of X^es Group is to 
propose the early redemption of 
aU its 8- per cent unsecured, loan 
stock -1988-93 (of wMch^29B,80S is 
currently 'oil tstanduig^Jt £89 per 
£T0tf ■ nominal of . stbck; . plus 
aerified interest. -3. 

Since the stock' wfis'- -issued in 
1969, the general let^Lof interest 
rates has changed f^^n^cantly. 
irifli tiwr result that the' market 


A CALL for a more equitable and 
sensible formula for allowing 
dividend increases was made by 
Mr. T. B. Morland, chairman of 
Kalamazoo, the business and office 
systems group which is controlled 
by the Kalamazoo Workers 
Alliance. 

Speaking at the AGM the chair- 
man pointed out that had the 
Government's concession on 
dividend cover been calculated on ' 
the basis of the .average of five 
years Kalamazoo could have paid 
a dividend 23.5 per cent higher 
instead of the permitted 10 per 
cent increase.' 

The present concession allows 
a company to Increase its dividend 
by more than 10 per cent if the 
cover after a 10 per cent increase 
is higher than the level recorded 
in the highest ysar since dividend 
restraint was introduced in 1972. 

The chairman felt that this 
method was wrong for two 
reasons. Many companies, like 
Kalamazoo, had an uneven per- 
formance for totally external 
reasons. In 1873 the group had an 
extremely good year 35 a result 
of VAT being introduced and 
profits were inflated by transfers 
from the year before and after. 
Under the chairman's calculation 
this unevenness of performance 
could have been ironed out 

He also asserted that dividend 
restraint really forced companies 
to pay the maximum permitted 
increase every year even though it 
might not be the best decision in 
toe circumstances. 

It is done, however, because 
otherwise the base for all future 
dividend increases is lowered. 
While controls are still applied 
there -15 no way in which the 
nni^unt missed in one year can be 
made uo subsequently. 



Inti. Timber 
on target 


23 


Cortnne Cockrell 

Mr. Joseph Rank, chairman of Rank Hovis MeDougall, on the Roller floor of the Battersea 

. flour mill. 

Ranks Hovis restricts final as 
bread strike hits profits 


IN LINE with the profits estimate 
of not less than £3.5m given in 
last October's offer document for 
Bambergers. taxable surplus of 
International Timber Corporation 
expanded 18 per cent from £3.06m 
to £3.61 ra for the half-year to 
September 30, 1978, Turnover rose 
7 per cent to £7Q.85m. 

Mr. R. E. Groves, the chairman, 

reports that trading in October 
and November has continued' at 
an improved level. 

For the year ended March 31, 
1978, pre-tax profits of £5.57m 
were achieved. 

The half-year result was struck 
after interest down from £1.42m 
to fLllm, including loan stock, 
£105.000 (£212,000). 

Tax takes £i.S2m (fl-SSro), 
including overseas tax of £196,000 
(£291,000), leaving net profits 
ahead from £2-53m to £L8m. 

Earnings per 25p share are 
shown unchanged at 10.8p basic, 
and up lp to 9.7p fully diluted. 
As forecast, the interim dividend 
is raised to 3p (2.75p) net, which 
will also be payable on stock 
issued in exchange for Bam- 
bergers’ shares— test year's final 
was 4285p. 

Following Its loan stock con* 
versions and after all Bambergers 
shares have been exchanged for 
corporation stock, the group will 
have 23.02m ordinary stock units 
in issue. 


REPORTING LOWER profits for 
1977-78, as forecast, the directors 
of Ranks Hovis McDougall warn 
that group figures are currently 
being severely affected by the 
bakers’ strike. The final dividend 
is being held so that holders arc 
getting less than the. maximum 
permitted annual dividend 
increase. 

In the second half of 1977-7S 
profits were unchanged at £i5.14bn 
compared with £15.58m leaving the 
total for the year ended Septem- 
ber 2 1978, down from £36.46m 
to £31.12m. The first-half reduc- 
tion was blamed on losses during 
the 1977 bread strike aggravated 
by adverse conditions in the 
industry and a deficit in Eire. 

Referring to the acquisition of 
Spinners bakeries the directors 
said in May that this would not 
show any material benefit until 
3978-70 when they expected to see 
a significant improvement. 

The directors row say that 
apart from Eire there were in- 
creased contributions during the 
year from the overseas division 
and from the UK grocery side and 
Wessex Finance Corporation. The 
trading results of the groun’s 


other main activities were 
generally similar to those of the 
previous year. 

In the first two months of the 
current year results were ahead 
of target,- with improved perfor- 
mances from nearly all sectors. 
However, the directors report that 
profits are currcntiy being 
severely affected by the industrial 
dispute in the bakery industry, 
which started on November 7. In 
the circumstances they feel that 
it is not possible at this stage to 
make a forecast. 

The 1977-78 final dividend is 
being restricted to an unchanged 
1.968p per share making a total 
of 3.42p for the year, compared 
with 3.288p, an increase less than 
the maximum permitted. At this 
level the dividend compares with 
stated earnings per 25p share of 
5.:<p ifi.ip). 

The director 1 unnnunce that a 
professional^ rev.'.lualion of the 
group's UK freehold and lon*-- 
lerm leasehold properties at 
September 0 has thrown up a 
sut>1us of £7K.pl m. Group re- 
ssrves at the ys r end showed an 
advance from £S7.C6m to flSS.TVm 


— apart from the valuation surplus 
there this position reflected a re- 
lease of £25ra from deferred tax 
and a reduction of £32m in the 
value of goodwill. 

By not paying the maximum 
permitted dividend increase 
Ranks has lowered the base for 
future dividend rises. While con- 
trols are still applied there is no 
wjf in which the amount missed 
to one year cap be made up sub- 
sequently. 


External rale* 

Trad inc profit 

Interest* 

profit before tax .. 

Taxt 

Net profit 

Preference dividend 
Interim dividend 


Half-year 
1978 1977 

£W0 £000 

TOSS! WiSO 


4.722 

1.108 

3,«4 

1X18 

I.79S 

5 

567 


4.480 
1.419 
3. Ml 
1.327 
1.534 
5 
454 


1977-78 1978-77 

ran moo 

External sales 1.228.000 1,107.000 

Tradm-. profit 60.307 61,140 

Dcprr-cjailDQ 18.006 14.852 

Net interest paid ... . U.897 11.533 

Inre5Unezn Income 365 305 

Assnnaii-s 2.332 1.418 

Profit before lax . .... 31,121 3&4S8 

Taintlon .. . 15.813 18.730 

UK tat at 52 per cent 1.447 4.993 

1**5 DTK 1.050 1.423 

■'ivervcas tax 4.515 4 602 

r*?f*rrcd -cv IP 11s 10.079 

Aisocia’.vV tax 1.517 929 

Ta::ar*nii rr. Uii-. . 3.11 130 

N-l prrhi . . .... ir.vps 17.704 

Ji ninti . GS4 92 

Etlr-or jili.iry iL.-blis . . 1019 1.302 

.\rr tunable i".”3 1S.171 

[>lv*i !».«U2 9.252 

Fu.-lajQt.-t2 7..9S3 4.M2 

See Lex 


• tnclndluc loan -not* tt 95.000 i£? 12 OO"-. 
r TncJudJos overseas lax r? oo.ooo iC9l.ooo\ 

• comment 

International Timber has beaten 
the £3.5m profit forecast laid down 
in its offer document for 
Bambergers with £0.1ra in hand, 
but the bulk of the 18 per cent 
improvement at the pre-tax level 
results from a lower interest 
charge. In the second half the in- 
terest element will move against 
the company, with higher over- 
draft rates and new borrowing to 
cover higher stocks and the £2.4m 
cash element of the Bambergers 
acquisition. Hiring stock levels will 
partly reflect the seasonal pattern 
but IT is buying rather more 
timber than usual, spot and 
forward, in anticipation of higher 
softwood prices. Margins have 
been improving steadily since the 
summer as new imports are m 


BOARD MEETINGS 

The Jollovtnc companies hare notified 
dales of Board mecumrs to the Stool: 
Exchange. Such meetings are usual)? 
held for (fie purpose or const dertnfi divi- 
dends. Official indications are not avail- 
able as to whether dividends are Interims 
or finals and the sub-dJ visions shown 
below am hosed mainly on last year's 
timetable. 

TODAY 

Interims— Alliance Investment. AnnJ- 
tagp Shanks. Clarke Nlckans and Coombs. 
Coalite and Chemical Products. English 
Card doming. Holyrood Rubber. Hong- 
kong i5elangor) Rubber. W. E. Nonna. 
Oil and Associated Investment Trust. 
PUUngton Brothers. Rotaprint. Victoria 
Carpet. Thomas Warrington. J. W. 
Wassail. 

Finals— Canlcfleld 'Klaaai Robber 
Estate. Deans on, J. A. Devon! sh. ETson 
and Robbins. Gleomurny Investment 
Trust. Hanson Trust, Killing ha II Rubber 
Development Syndicate. Peak Invest- 
ments. Richards IM. 

FUTURE DATES 

lotoriim— 

JBeechwoed Construction Dec. 12 

British Steam Specialties Dec. 3? 

Brownlee ... Dec. 17 

Crest Universal Stores Dec. 7 

Vlta-Tex Jan. II 

Wason Industrial Dec. 7 

Ward and Coldstone Dec. 12 

WltkmMO Match Dec. 14 

Finals — 

Caravans ICleroationai Dec. 13 

Detain Doc. 12 

Management Agency and Mnslc Dec 15 
Redream National Glass Dec. 12 


longer cheaper than existing 
stocks, and this more than any- 
thing else may allow a sharp Im- 
provement in the second half 
given the squeezed comparable 
period to give a pre-tax profit or 
around £7.5m on the year. Demand 
coming from the home improve- 
ment business is compensating for 
the rather duLl new construction 
market. At 124p the shares yield 
a prospective 9.5 per cent on a 
diluted p e of about 6.2. leaving 
Bambergers out of the reckoning. 

Tribune Trust 


currency 


Tribune Investment Trust ha ^ 
concluded a currency swap agree- 
ment with Baring Brothers of 
U.$.S3m against an equivalent 
amount of sterling for a perioi 
of three years at an interest dif- 
ferential in favour of the com- 
pany. 

A lemrorary facility of ?2tn 
was arranged with Baring in July. 
197$. under which 8Lm has been 
drawn, and this amount has been 
repaid now that the new t -* ap 
agreement has come inro force. 



$ __ 5 ' _ , sc- 

ipsrrssj • f: 

j b i 4 z > V to* ; r. 

. t -1 


! * 



r ' . ’■‘'r' "' • 

v i- * ■■■ - v . 

*-• '*• V • ' •*"' " >* 

V‘. (-r ‘ / -.'•4 


... •• •• 


. r.\ • 

: \ • 


j 

P -- 

■ \~l- 

l & 


r 


is 


p- ; Im0ng new in asi^ 


m 


\ 2 


m } " 




a . tEoUions around the world, and an 
wlem^iionai sensation when it was 
Vnn veiled in 1354, the painting is ■ 

^“(.irdestined to reniainoEiebf thebest- 


be most cele&jiated Boydl 
painting of our age is that of 


' Now, as a final tribute to mark 


blish for 


on. 


:Which he based lus famous painting. 


wththe Queenin the magnificent 
- YefiowDravdng Room at ' 
Buck^Ham Palace, ^is of the greatest 
V' his tori ca^ and-ariisti’c interest: the. 






Annigcffli 

To captute inasketch the . 

- quality of a final great work is the . 
. -.hallmark of a master. Here is that . 


i'-n 

§ 

i 


n 


i. 


^same* . 

/ romantic majesty, which gave the 

• ■ fiiiished painting its unique _ . 

• -distinction. Here is a sketch which 
- foretells the splendour of the final 
‘■'portrait, but Which is also.in.its own 

• Sit a brilliant, delicate work pf art. 

■ • r- , For Annigoni, the sketch is still 

; remarkably evocative; “the essence of 


. .the final portrait 11 As he say s, u It is 
very personal, fbrit is to me the 
Queen as I first saw hei^ so young and 
, : I think romantic? ' 

Although the sketch is issued in 
the form of a linaited edition, it is 
restricted, because of its special 
importance, to 850 fine-art examples 
- onlv-ctfcA indimduaUy signed, and 
numbered by Ariragmi himself. 

It is the first time the sketch has 
been available.;lt is also the last: the 
Coronationjubiiee limited edition is 
; thus the only opportunity there can 
ever be to own an original fine-art 
print of this historic sketch. 

Signed ahdnumbered 
individually by Annigoni in his 
studio in Florence, the sketch -which, 
measures I2*x 15"- has been 
published in this historic edition 
exclusively by Blenheim Fme Arts. 

With the edition already signed 
and read)' for immediate despatch, 
making thereby a superb Christmas 
gift, prompt application is strongly 
recommended. At the price of £75 a 
signed .Annigoni limited edition fine- 
art print of the Queen must have the 
greatest appeal. For full details, write 
err telephone now! All applications will 
be dealt with immediately. Do not 
send any money now. 


.BLENHEIM FINE ARTS LIMITED 
Tohn Carpenter House, John Cai^MMter! Street, 
London E.C.4. (Telephone: 01-353 6791). 



While JFB is a diverse group of engineering 
companies, a common thread running 
through it is an explicit policy of seeking 
out specialist niches in otherwise 
well serviced markets where skill, effort 
and experience can command premium 
prices. By keeping a tight control over our 
costs and operating with the best 
equipment available, we believe that we 
can look forward to a prosperous future 


J.M.Clav, Chairman of Johnson + Firth Brown 
Limited, reporting to shareholders on the year 
ended 30th June 1978. 


Copies of the Report and Accounts are availablejrom The Secretai); 
Johnson + Firth Brown Limited [ Smithfield House \ Sheffield SI 2AU. 


•* 









Financial Times Wednesday December 6 197S 


Jb lexeiio pays 
20.9% more 


BIDS AND DEALS 


TURNOVER of FlewUo Castors 

and Wheels improved from 
£7.35m to £S-34m in the year to 
September 30. 1078. and pre-tax 
proGts were higher at £703,354 
compared with £396,221 in the 
previous year. 

When reporting Brsl-half profits 
up from £239,306 to £364JS08. the 
directors said they expected 
current levels of business would 
be sustained for the remainder 
of the year and that second -half 
profits would exceed those of the 
first six months. 

Earnings per 25p share for the 
year are' shown at 18.32 p against 
14.75p and a final dividend of 
2.J871p mates a total of 3.3 421p 
against 2.764p, a rise of 20.B per 
cent. 

The directors explain that 
Treasury consent has been 
obtained to increase the dividend 
for the year to £110,380 to restrict 
the dividend cow to the highest 
cover achieved for any year since 
control bc-gan. . 

After tax of £96.748 <£10S,20S) 
net profit for the year is £612,616 
against £488.603. SSAP13 has 
been adorned and comparisons 
have been adjusted. AU the 
accumulated 'pro vision for 
deferred tax of £773,088 has been 
transferred to reserves. 

On the current year the Board 
states that although the rate of 
improvement :-in turnover and 
profits seen. -last year may not be 
maintained,’ it is confident That 
at least a modest improvement 
wifi be achieved. 


lifts cover 


The Scottish Amicable Life 
Assurance Society has announced 


a higher scale of automatic cover 
for new investors to its Super- 
annafetion Schemes — the pension 
scheme available for directors 
and other top executives. It is 
also giving existing investors the 
opportunity to increase existing 
life cover without a further 
medical examination. 

One of the most valuable 
benefits provided by an executive 
sum payable on death in service 
which is free of Capital Transfer 
Tax. Life companies on these 
executive schemes provide auto, 
malic life cover up to a certain 
level, without medical evidence. 

Thus even if the executive is in 
poor health and would not be 
accepted for ordinary - life assur- 
ance, be can get life cover on the 
pension arrangement usually, up 
to quite high levels. This latent 
move from Scottish Amicable puts 
this automatic cover even higher. 

Existing members of these 
schemes can' now increase the 
life cover by 10 per cent each year 
right up to the normal pension 
age of 65. This will give them the 
opportunity of maintaining the 
existing ratio of death benefits to 
salary. The company only insists 
on a medical or further medical 
examination when the total 
amount of the life cover reaches 
twice the initial cover, or £ 100,000 
if this limit is greater. 

Scottish Amicable is virtuall.v 
the only life company that still 
uses a wuh-profits endowment 
assurance contract for its basic 
executive pension vehicle. It 
claims that not only is it a simple 
and efficient vehicle for this pur- 
pose. but it automatically 
increases the life cover each year 
with the bonus additions. 


Robertson Foods moves 

into home brewing 


Cariess Capel off 28% 
midway but now imprbl 


Dundonian- lumps 96.5% 
-prospects excellent 


GOOD PROGRESS in trading at 
Dundonian hfted taxable profit by 
Sfi.3 per cent from £60,542 to 
fl 18,988 for the sue months lo 
September 30, 1978, and Mr. Max 
Lewinsohn, the chairman, says 
that future prospects look 
excellent. 

Historically the majority of the 
group's annual surplus is earned 
in the second half and a sub- 
stantial increase for the full year 
is anticipated, the chairman 
states. For 1977-78 the profit 
jumped from £103.054 to £193.000. 

The group's tin and tungsten 
mining interests, held through a 
whollv owned subsidiary. South 
VTest Consolidated Minerals, are 
developing well. The exploration 
programme recently completed by 
independent consultants justifies 
cautious optimism, with results 
showing average grades of ore 
and potential reserves which 
compare favourably with estab- 
lished and successful tin mines 
r'«e where, the chairman states. 


The objective is to develop a 
profitable new Cornish mine pro- 
ducing both tin and tungsten 
concentrates. The emergence of 
tangible results has increased 
interest in the project* and South 
West Consolidated Minerals is 
raismi £240,000 by the issue of 
120.000 new shares, which rep- 
resents 8 per cent of the share 
capital and values the subsidiary 
in excess of £3m. Following this 
transaction Dundonian’s holding 
of 1.5m shares will represent 
seme 92 per cent of the equity. 

Recent acquisitions, including 
finance and insurance subsidiaries 
in Guernsey made a significant 
contribution to the first-half 
result. 

Turnover soared 1253 per cent 
to £415.230. Tax amounted to 
£30.350 1 £18.100) leaviug earnings 
per 20o share ahead at 2.4-p 
il.64n). The net interim dividend 
is effectively raised from 0.67p 
tn 0.7p and costs £35.723 (£29.622). 
The total last time was an 
3diusted 1.4174p. 


A move into the- home brewing 
business is being made by. Robert- 
son Foods with the £1.6m 
acquisition of Unlcaxu the Pent- 
land Group subsidiary. 

Pentland, which paid £51 for 
its £51 per cent stake in Unican 
in 1974, is making a handsome 
profit on the deal. Its share of 
the purchase price is worth £lm. 

To meet the cose of the deal 
Robertson is Issuing L2m shares 
of which just over three-quarters 
are to be placed with a number 

of institutions. 

The other 49 per cent of Unican 
which supplies both concentrates 
and kits for home wine and beer 
making— is held by the four 
Unican directors- who are to be 
retained by Robertson. Their 
share of the deal' is worth 
£600.000. 

Robertson said that Unican 
operates in a rapidly growing 
market and that the acquisition 
marked a further stage in the. 
group’s diversification programme. 

In tre first eight months of 
this year Unican generated 
£194,000 pre-tax profit and Robert- 
son said that volume sales and 
profits would be even higher in 
the final four months. 

Last year Unican pre-tax profits 
were £118,000. Net tangible assets 
of Unican at the end of Ay exist 
were said to be £350,000 — includ- 
ing £79,000 deferred tax. 

Meanwhile. Pentland which is 
making a £999.949 pre-tax gain on 
the sale of its controlling interest 
will be using some of this cash to 
meet the cost of installing a new 
comouter. It also says it will be 
looking round for possible 
acquisitions. 

Pentland already operates as an 
international trader with interests 
in footwear and sports gear. 

RACAL STEPS UP 
ADWEST HOLDING 

Racal Electronics has converted 
a holding of £277,000 of 101 per 
cent convertible unsecured loan 
stock into 193814 ordinary shares 
in Adwest Group. 

This increases its ordinary 
shareholding to 916.328, repre- 
senting 985 per cent 

FAMILY SALE TO 
DWEK GROUP 

Three members of the Dwelt 
family have sold their privately 
owned Tyrone Metalcraft business 
to the Dwek Group, in which the 
family also has a 60 per cent 
stake. 

The initial purchase price for 
Tyrone is £150.000 cash but there 
may be a further consideration 
—to be met by tile issue of Dwek 
Group shares, depending upon 
the profit performance of the new 
acquisition. 

Mr. Maurice Dwek and his two 
brothers, Leon and Elie. formerly 
owned the private company ;vhic(i 


through its wholly owned sub- 
sidiary Lancashire Metalcraft was 
a significant supplier to the main 
group'. — accounting for around 
four per cent of Dwek Group 
turnover. 

At the same time as announcing 
the new acquisition the sroup 
revealed that 1 if had- made £J 16.000 
—showing a surplus of £ 210 jJ 0 O 
— from the sale of its 5.S per cent 
stake in Crystalate ^Holdings. 

Duncan Lawrie 
stake in 

, Brown Shipley 

After months of speculation, it 
emerged yesterday -that Duncan 
Lawrie Investments- has been the 
company building up a stake in 
Brown Shipley Holding 1 :- the 
merchant bank and insurance 
broker. 

Duncan Lawrie, part of (he 
plantation group .Walter Duncan 
Goadricke. has. just gone over the 
5 per cent level at which its in- 
terest has to be announced 

“ A very good asset situation ~ 
was how a spokesman for Duncan 
Lawrie described the attractions 
of Brown Shipley yesterday. The 
two companies have worked to- 
gether before and he hoped that 
the stake would cement their 
business relationship. 

Brown Shipley was selling at a 
discount to the net assets shown 
in the accounts and could well 
have substantial inner reserves, 
he said. One of its property in- 
vestments alone was worth about 
half its market capitalisation, be 
maintained. 

But Duncan Lawrie denied th.it 
it had any bid intentions towards 
Brown Shipley. Apart from the 
question of paving for such a bid, 
Duncan Lawrie thinks that the 
Bank of England would veto it. 

/ At yesterdays price of 233p the 
stake of 280,000 shares is worth 
£058.000. Duncan claims that this 
is the highest price it has paid in 
building uo the stake, although 
the shares bit 26Sp in the Mimni.r. 
Duncan's average co-.r was 
ahoarent'y about 225n or SVK 

Lord FamhaiD, chairman o? 
Brown Shipley, said yesterday ;V: 
he was "quite neutral ** about tS;o 
stake. Business might flo".- ; »cv* e*.n 
the two companies but oniy on «!•-• 
merits, he said: Brown eh’r'gy 
dii. not want to be taken <■■ *.-r by 
anyone. “ Independence is our 
appropriate role,” he added. 

SHARE STAKES 

Comfort Hotels lnterna'.iona* — 
Mr. R. S. Cowen has disposed of 
350.000 shares. 

Francis Sumner ■ Holdings— M. 
Mairoann, chairman, no.’i.ies that 
Louis Flower, family inv« -'moot 
company, has bought 2U0.042 


shares anfi- now holds' lm (3.73 pe£ 
cent). ■ . .j 

Trafalgar. House — Kawaitlnrest- ' 
men t Office, as result df'disposafi 
on November 27 of 25.000 shares, , 
now has Interest in 0,447,000 
' (5.81 per cetrt): \ ■ 

Sogomana G roup— Lawrie Plant- 
ation Holdings has acquired, 

5.000 -shares making holding ■ 

415.000 (13.32 per cent).' 1 

Mount Charlotte Investment — - 

R. E. G; Peel, managing director.! 
has bought .15,000 shares, at 23p.- 

Mercury Securities — G. C.SeliCT-1 
man. deputy chairman, sold 12.500; 
shares at lllp on December ,L 

John Laing and Son— Lady 
Hilda .Lalng,. wife of Sbr Maurice 
Laing. has disposed of 25,000 
"A” ordinary shares at 73p. 

Walter Lawrence— B. J. Pritch- 
ard, director, disposed of 100,000 
shares on behalf of estate of 
G. Lawrence on November 15. . 

Eva Industries — WaCbrook In- 
vestment Trust on November 27 
were interested in 475,000 shares 
15.07 per cent). 

DANISH GROUP 
'IN UK 

A new -UK-based subsidiary. 
Meat Engineering and Technology, 
has been formed by the Danish 
Allas Group, whose interests span 
slaughterhouses, meat processing 
plants, dry rendering plants for 
amuia), poultry and fish and in- 
dustrial refrigeration. 

The new company, based on the 
Gloucester Trading Estate, 
Gloucester. wOl manufacture in 
the UK and market worldwide dry 
rendering plants for animal and 
poultry. 

BROOKE TOOL 

Menteith Investment Trust and 
its subsidiaries sold on Novem- 
ber 24 their entire holding of 

921.000 shares in Brooke Tool 
Engineering. 

Birmingham and Midland 
Counties Trust between Novem- 
ber 24 and 30 bought a total of 
1.15m shares (23.08 ner cent) at 
prices up to 5Sjp each. 

BOC PURCHASE 

BOC International is making an 
agreed bid for Software Sciences! 
internatlnna!. a systems «*ncU 
software company with annual! 
sales of £3»u in the .ear to 
October 107s. which »s majority- 
owned by its own staff. 

The purchase price, which vil) 
to some extent depend on the 
company's performance over the 
next r.hree years, is net hema 
disclosed at the request of Soft- j 
ware Sciences. \ 

Software Sciences employs -'O') 
pen pie in the UK. U.S. and! 
Jiurnuo. It hopes to expand sales i 
to £9m in the current year — { 
profits are running at between j 
fanr and five per cent of turn-! 
«/: { 


A REDUCTION of 28 per cent to adjusted upward, to take account 
£0.S2m in profit, before' tax, is of the insurance credit j-eceweu 
reported ' by Carless Capel and recently in respect of that penoa^ 
Leonard for the half year ended The directors .say profit IS to 
September 30. 1978. However, the line -.with Indications given^in the 
directors state that the trading- annttaTata temenL when an eseei- 
pattem indicates some; recovery lent" half-year result was anuci- 
m^he second half. . , patedaud the trend expected to 

. 'They point out -that the main' continue through the second bati- 
source of profit is the hydrocarbon They now report that -seenno 
solvents business. Unlike '. earlier h&f-- profits wiH show a material, 
years, the contribution made by advance over the first six moatos. 
the refining of gas condensate .For-ail the previous year, taxable 
is now relatively small jSurtUus was £386,000. '• 

The directors* say that- it .-has-. - Order -books for the company* 
long been recognised that alternay eorcehcy minting activity con- 
tft-e . areas for development win teJUe to be good, but there has 
be -needed and as a means to this .hem^fto-' noticeable improvement 
end, new capital has been and- ta ^demand in most of its other 
increasingly will be committed .to. markete- 

oil and gas exploration and pro- • “ jr^t ball profits included a 
duction. .-. £4,000 “surplus (£8,000 loss) on 

In accordance with norma): metaJ stocks, but were before tax 
practice investments In North ;■*»■ £73 000 (£15 000 ) and minorities 
America are 1 capitalised- ^ (£12,000). 

depleted o,r amortised out of nro-, - The net interim 'dividend- as 
duction income, while in thc T «K' e ^tepped up from L5p to fc 8 p per 
until such time as production is .gsp ^share~-the 1977-78 .final was 
achieved, ail expenditure; “"assn 
charged against profits during' the i/ 1 ** * -• 
year in which it is incurred:.- Jt, ; -. - • 
is expected that the return A 

ttfese activities win build upoverJ.;.. ; f\ ||V 5 | ITOC * 
the next few years to provide. the-* ; A A-A* ’ .* . 

required growth. -.vv.l;- y.yVw -I' 

Drilling is currently taking.-. TAf* fl f*ICrl 
place in block 21/2 further. W.'.v'JLty J. IXIwll 
delineate the discoveries' of- f- 

and gas previously made .- 1 
virtue of the farm-out arrange- > -7-1 ■ m I .Vi, 1 H Cl J 
mehts* -made in 1077^ 1 ' -ChCKL' .#- r * k ^*'***. 
appraisal wells will not involve; FOLLOWING \ jump from £1.7ra 
the company in further expend!- nwm a | midway, pre-tax; 
ture the directors slate. .profits of Irtob Distillers Group 

First half earning Per JPP-iShed the year to September 
share lire stated at- 1.4p agamst', J^g 78 ahead rrom £ 4 57m to a 
2.0p. The m lenm dividend £7.28m. Turnover amounted 

creased from 0-M8Sp to 78m against £SSASm. ' - 

net— the total for 1977-78 : was— ' . * .. 

0.9214p paid from profits At half time, the directors said 
r> nam - I < •••' the increase In profits m the. 

■ ‘ '’ second six months was unlikely to. 
match the first-half growth, in 
Preminnlvim r --view of the rise in interest rates: 
mruungndm is,- But, they looked forward to con- 
-a , 1 . 1 :?.:*■ tinued progress. 

Mint mfflaer Yearly profits were, subject to 

• . ^ iax. o£ £2.3fim (£l-34m) and 


one-for-one senp 
proposed. 


Issue Is 


TurflMff 

Depredation — ■ 

Interest paM 
Share- of asms- 
PnA Wore tax 

To minarlOes 

Attributable profit — — 
Be mined — ■ 


First half 


■ • ijutiiiii uitr uiwiiw* 

Rremirmham -: --view of the rise in interest rates: 
mTUUngndm is. Bur, they looked forward to con- 
-a , 1 . * tinued progress. 

IVilDt mfflaer Yearly profits were, subject to 

. lax o£ £2.3fim (£1^4tn) and 

<1 1 C 1 Y monf minorities, leaving the attributable 

3U UIUUIIO VbJjanw up from £ 3 ^ 8 m to 
With turnover ahead froin.£ 4 . 79 m. 

£4.30tn to- £5.1 m, pre-tax .profits cd ■ Stated earnings rose "from 34.75p 
the Bh-nunghaiu Mint advanced to- to 20.87p per 25p share and a final 
£206.000 for the half-year -to. dividend of S.5325p net lifts the 
September 30, 1978, compared . total payment to 5 1025p (3.5475p), 
with £ 1 m ,000 which has been r equal to 6.5 d i4.75pj gross. ' A 


by fiQgfaains 

THE 26 weeks to September 30, 
1978, at Highams,. te» 2 e- manu- 
facturer, resulted, fa 
. over-' and pre-tax .pryitev. wl tn 
figtees. ot WSTm 
respectively. ■ This compHPre . 
Ol^sm and £506,000- for-t&e G&y. 
27 weeks of the previous fyeari; . . L . 

Profit is tracts after debentarg; 
Interest of.£t28jj0OO (£H8,OO0). T«X; 
took £39fijOW’ (i&62.000)V 
The interna^dividend 
from-’ 0.7p. to Det . 

store.- Last- year's t. - 

was 3 . 011 pJ>oin profit 6 ..t>T£LlOT. 

^ \ ■' /■. *: • ; *■ ? v • 

Mid-year profit 
for Shaw 
& Marvin 

There was- a recovery to profit 
after 12 months to loss at Shaw 
and Marvin, mercerisers, dyers 
and knitwear makers, for the half- 
year to September- 30. 1878, hut 
still no return to dividends. - 
. However the direefbrrio report- 
ing a surplus of £4360, against a 
loss of £32,784 last tittie.; agam 
with no tax payable, say that the - 
second half has started- very welL 
Assuming that trading conditions 
ace maintained they expect to 
report a satisfactory profit for the 
full year. . T ' 

Sales for the- six months were 
marginally ahead at . £888,589 
(£833^58). .- 








Sanger in preliminary talks 


International 

Timber 

Corporation 

Interim Report 

Turnover for the first half is up by 7% over the same 
period last year. Profits are in line with the estimate given 
in the Offer document for Bambergers Ltd. sent to 
sbireholders six weeks ago and show an improvement of- 
lS°o. Trading in October and November has continued at 
an improved level. 

The Board has decided to pay an interim dividendof 3.0p 
per Ordinary Stock Unit (1977 2.75p). The interim dividend 
will be paid on April 8 th 1979 to stockholders on the register 
on March 2nd 1979. The interim dividend will also be paid 
on Stock issued in exchange for Bambergers shares instead 
of the interim dividend declared by Bambergers. At the end 
of November the final conversion of the outstanding 10% 
Convertible Unsecured Loan Stock 1990/95 occurred. At the 
Extraordinary General Meeting on November 20th tike 
resolution increasing the authorised capital of the company 
to £8,000,000 was approved. The Offerfor the Ordinary 
shares of Bambergers Ltd. baa now been declared 
unconditional. Acceptances have exceeded 90%. 

Following t he Loan Stock conversions and after all 
Bambergers shares have been exchanged for Corporation 
Stock there vrili be in issue 23,022,04s Ordinary Stock Unite. 


Meat trader J. E. Sanger, which 
reported recently a £575,000 pre- 
tax loss, has announced that it 
is a possible takeover candidate. 

The group's shares closed. 3p 
up at 40p last night — having 
risen 5p at one stage — on the 
company's announcement (hat a 
bid approach had been iti 2 de but 
talks were only at the preliminary 
stage. 

This year Sanger plunged into 
losses amounting to over in 
the 15 months to .June 30. This 
compared with the fi.lm profit 
earned in the previous 12 months. 

The major problems hare hc.-n 
in the U.S. market but there have 
also been losses at the group" 
Astromarkct bulk selling unit jn 
Es-iex. 

The group has since caTi-H out 
a r.itiona'isation progT-mve in 
(he U.S. anJ la*i month vrM that 
its opera linn there was no'' 
making a smwll predt. 

It is difficult to a 5 certain 


Sanger’s cnrrenf financial state 
but it is unlikely that the balance 
sheet wll: have improved since 
its last recounts — for the year 
ending March 31. 1977. This 
shewed net borrowings of £4.1 m 
ermpa ed with shareholders funds 

of £3 fra. 

NURDIN & PEACOCK 
IN HOVE 

Nurdin and Pecorft. cash and 
carry wholesalers, his rec-.rliv 

commenced building 60 . 1*00 *q ft 

rsi-h and carry v. -.ri-.i-.iis? rn rail- 
way proper:,* at D .\"igidor Hoad. 
Kevc. 

Th-» new branch il! replace llu- 
n-.: ; - : ; ng ». irch-ru- • • jC Victoria 
F.aad. P'*r*- , a-'!«.- I i-: eviMriled 
b.- open lor the l.-7'j Chr.sltnas 
irarlc. 

>.o probe 

The nr.iiy.i-a.-ri n:-~zer between 
.'•ia.Vi-Pr-pos-' iloy.’.r.gs Derhad, 


and rhntaliwn Holdings is nnt fn 1 
bo referred to the Monopolies; 
Lummission. 

HILTONS STAKE 
CHANGES HANDS 1 

Mr A. F. O'Sullivan has sn!d i 
23!.iis:j ordinary shores (5.66 Dcr i 
cor;* i-r TliUons Fociwecr at SWn i 
each. He remains lwue'IrluKr ! 
inlcrc.=;>.-d irt 19,649 shorei .'.nrl , 
nr.n-lienificially interested in; 
1W-W air. rs-5. i 

Ti:c ordinary shnn.s : 

were acquired by Liryds Life J 
A&suiance it the same price. ! 

I 

ASSOCIATE DEALS | 

On Cerem.’-^r 4. J. Utr.ry 1 
S; iro.’vr V. i-rz b-**u:hl I C“po * 



EUfidjUlilii 


Assails 


.External Sales 

Profit for the Period 

Interest - including Loan 
Stock - £105.000 
(1977 £212,000) 

Profit before Taxation - 


Interim Dividend per 

Ordinary Stock Unit 

Earnings per Ordinary 
Stock Unit: 

Basic 

Fully Diluted 


Unaudited for Audited 
the half year for the 

to year to 

30.9.78 30-9.77 1.4.78 

£’000 £’000 £’000 

70,852 66,250 134,656 


© Second quarter pre-tax 
profits up 9 percent in Sterling- 
equivalent to 19 per cent in local 
currencies ■'% 

® Exports and ovarseas sales 
51 per cent of turnover 
@ Order book up 25 per cent to 
record £765 million 


An extract from The Pleseey Company's unaudited consolidated results tor the 
second quarter and haft-year to September 30, 1978 (with the results lor the 
equivalent quarter and half-year in 1977/78 tor comparison); 


m j Figures In eoOO's 

Smonfbs 

Smontfjs 

6 months 

S months 

id 

to S«pt 30 

to Sept 30 

to Sopt 30 

to Sept 30 

w isra 1077 


Prodt baton Taxation 
Taxation 


4,722 

4,480 

6,035 

1,108 

1,419 

2,468 

3,6X4 

1,796 

3,061 

1,534 

5,567 

2,483 

S.OOp 

2.75p 

7.035p 

10. 8p 

9.70p 

10-8p 

S.TOp 

16^p 

USp 





3rd Floor; Refuge House, 13-14 New Bond Street, London W1Y 9PF 
Telephone: 01-499 4534, 01-499 1663 


Pi 

' it i i f a 

^ Mm J9 


Ml 



1 1?* 1 111 W¥*Util!T«f'TmlTXfcr^S^T 














-y .. 


HffSj 












Inflation will always be a force to be reckoned 
■with. If vou use yesterday's purchase price instead^- " 
■of today's rcplaccnicn i value in a capital cost 
analysis, the balloon is sure to go up. . . 

One answer is inflation accounting. A method 
that keeps jvice with the ever changlng'purchasing 
power of money. 

Jt may sound futuristic but sophisticated com- 
puter systems already exist to tackle the problem. : 
Systems like those designed around Sperry 
Uni vac's famous 90 and 1100 series computers^ - ^ 

The Sperry UnivacBC/7 small business 
computer makes all forms of accounting easy. It cao • 


take an inexperienced operator thiougii any mo- 

- c ramme step by step anefin plain English. ^ 


terminals. T - Vi - . 

So. if you Jbd mfTaiion is running awav with 
jou. talk to Sperry Unfvaa Our rijmprehensive 
range of computers and distributive systems can 
help (o control your inflation problems. * : 

- Telephone 01-961 21 JQ-- 


. COMPUTER SYSTEMS 

SFESRY UHimC IS A DIVISION OF SPERRY RAND UMTTED 













He h &&&*:¥ sd 




p - . 

la 

p. 

;c .. 



i 


u ..... *.. •. Vi i • . . 

S " w -; - . - ;■ •?;. 

li. 1 . ' 


>X 

»;r - • 


I-;- 4- ; 


t-r-.-' 




. ■ .v 


V " ' • 

«vf# • - vV-v 

■ I :■■■*■ 

■ V.-A- v 


' V* ::: -• 

, - •<•.-• 'I ■ - . 

.. . • • 




-r.y- ' - 

f ri • 




•s£ 


iSfext week 100,000 BL car 
workers will decide in a secret ballot 
whether or not to accept a new pay offer 
: a; / . An offer that has aroused a fair 
atnountpf comment in the press. 

A lot of it less well informed than 


(#• .: ■ ■ vSo'we’d like to publish the full story 
If has been suggested that BL is a 

is in no position to consider 




an 



;e increase whatsoever. 

>• Anyone who passes comment on 
the fortunes of BL should present all the 
Relevant facts. Rather than a few facts 
Wrapped up iff a bundle of fiction. 

: ;; Here are the relevant facts. 

; ; V ■ -The offer consists of two elements. 
0 € . "]/ ; ■ A basic pay rise of 5%, financed from 

" f; "' ’ profits. Modest perhaps, but profits our 

v critics would have you believe don’t exist 
On top of this, there is a comprehen- 
sive package which includes a common 
wage bar gaining date for which there has 
long been a recognised need; a move 
[ towardsparity paynients, so that people 
• doing the same job in different plants will 
reach Wage parity by next November; plus 


:r '.-itr'v 






CvvraV'."' y - 




; All of thisis being paidfor-notbythe 
.Government of bur customers-but by extra 

inthefonnof de-manning 



and genuine increased output per man. 

Unlike some productivity deals, this 
one will only be paid as and when the extra 
productivity has been delivered. 

This is the package that has been 
recommended by the Union Members.of 
die BL Cars Joint Negotiating Committee 
for approval by ballot, and this recommen- 
dation has been endorsed by a 3-1 majority 
of senior shop stewards throughput the 
company 

Of course there is still much to put 
right at BL. 

But profits at the half-year were 
ahead of target^ agreed with the NEB and 
Government Even after hefty interest 
payments on Government loans. 

And the oudook re m ains good. 

And equity funding from the NEB 
is being used as it was designed to be used. 
To finance investment in new equipment 
and new products. Until such time as we 
can go it alone. 

Add the fact that our employees are 
showing ever-increasing responsibility and 
determination to put BL firmly on the 
road to recovery and you can see why we 
have grounds for optimism. 

And why we will not stand by and 
see these efforts devalued by misleading 
and misinformed criticism. 


^ BL Limited 


i 


r:r-Mf ■••is ’ •* . — •. 

'■»v .Vi 8- - 1 
ns** 


■ffluvjn mooswsowANOi ur iv 




' . • -.'■T- 


=■ •*?. V: 


RESIDENTIAL PROPERTY 


COMPANY 

NOTICES 


MINING NEWS 


: - Financial Times Wedrie^ay 1978 

- hbs, • ' - 1* ¥i mii<AC - • r. : * - •*?>* -'"••• - / 


^PRINCIPMITY N » 
OF MONACO 

7, AVENUE SAINT ROMAN 
MONTE CARLO 

D?5k3ence da 

Pkt: Saint tbman 



Situated very close to the Country Club, to the 
Beach and to the Sporting Club. Two luxury 
buildings in a wide park with swimming-pool, 
panoramic view of Monaco and of the sea. 

HIGH QO ALBTY 
LUXURY APARTMENTS 

BANK-GUARANTY . 

Commercial offices: 

SALES OFFICE ON THE PREMISES: 

7, Avenue Saint Roman - Monte Carlo 
Tel. 50.84.44 - Telex 479223 MC. 

to, Boulevard du Theatre 
1204 GENEVA - SWITZERLAND 
SUp Tel. [022) 23.16*88 
Telex 289199 SIPI-CH 


t. 


Cut oul coupon and ser«j Dock 13 SLPi. Marie 

lO. Boutevorj du rh^atie - G 6 LTVA 

CSwitnertond) i would irV-e to i«««ve. Aadiess 

wtthoui arrv comamment on mv port. 

your decumenian-on on fne 'Rea- 7 ^ 

dence ou Pcjc Sqmi Rcmcn". 


(Christmas Oitfts 


THE UNION COLD STORAGE 
! OF SOUTH AFRICA LIMITED 
t incorporated With nmM«9 Itilnlltr «* 
r ReoubNc M South A Meal 

I DIVIDEND No. 30 

i NOTICE IS H18EBY GIVEN that Dl.idcnd 
; No. 30 or 34 emu Per snare has teen 

1 declared Mvahlo to shareholders replstere. 

1 in the Maks al the Company at tnr dose 
! of business or iStti December. 1 97 B. 
r The DIYUMd is declared in fte omtomy 
el the Republic of South Africa and 
1 Warrants m Payment w»H be hosted oil or 
I snout j 7th January. ' 379 from t he Mead 
Office and the London Offkc. , 

Payment fr.-m th« Lsltdon Office will be 
• made in United Kingdom currency at the 
; rate of exchange between the two cur- 
rencies at widen the funds to meet pay- 
ment ham the Loudon Office win be 
remitted on 15th December. 1978- 
A Non-Resident Shareholders Tax of 15 s . 
wifi be deducted from dividends payable to 
shareholders whose addresses In the Share 
Registers «r* outside the RenuWlc of 
1 South Africa. Warrant* despatched from 
1 the London Office to persons resident in 
(Great Britain or Northern Ireland will be 
subject to deduction Of United Kingdom 
income Tav at a rate to bo jrrued at 
! after allowing for coll el In resoect ol 
. overseas taxation. _ . 

; The Transfer Beofcs and trllW ol 
Members of the Company will be closed 
from tfith to 26th December. Iff?® both 
days Inclusive. 

. BY ORDER OF THE BOARD. 

London Secretaries. 

AFRICAN FINANCE CORPORATION 
! LIMITED. 

1 eer: A. T. r;csnec j 

, London Office: 

. 29 '30. SL James's Street. 

{London. SW»A IHg . 

1 Sth Dec ember. 1 977. 

CANADIAN AND FOREIGN 
1 SECURITI ES C O. LIMITED 

! The Rovaf Sank ol Canada Trust Cor- 
-sorshon Limited have received the loftaw- 
■ Itto cable: _ 

*» Due higher dan UrVctoalCd December 
[ income Director* Canadian and Foreign 

; Securities today deelarod additional dhri- 
! dond ffwd cent, on ordinary stack parable 
Decamber twenty-ninth sJureholdcrt record 

December sixth. 

Jackman. 

| !«• Dr.-ember 1 97*. 

j 'thiuhasl ELECTRIC CORPORATION 
j 6 s . DEBENTURE STOCK 1-969195 

At the draw held on the 30»h November, 
i 1978. Section 2 ftwo) d Tranche "A” 

I and TVrncho of the above Debenture 

: fflpck was drawn tor redemption. 

' The reolsTCrs wvn be dm« iron, IStn 
M 25th Oerember 1978 mcJugfre, lor Pay- 
I meat ol the haH yearly interest on Sis* 

| -December 1978^ f||J|j L , MtTED 

London Registrar* and 
1 Faring Agents 

\<rr Woodxaek Street. 

• London W1 A 2AF 
am Ocsembcr 1972. 


LEGAL NOTICES 


Bethlehem’s $1 
iron mine deal 

BY KENNETH MAR5TON. MINING EDITOR 


(B .ttbte 9 la Bui ° f ** l “ 4 y ; ; 4 

ELIGIBLE UAWUWES. KESERVE JS5EI& SESEUVE MJ1«.y 


^ and special deposits 




ADDING to the fast-stowing 
momentum of U.S.-Chtucsc trade. 
Bethlehem Sleet ‘confirmed yes- 
terday that it had Signed a wide- 
ranging agreement -with Peking 
to assist in -the .development of a 
major iron ore mining project, 
reports i David “Lascellcs rrom 
New York. 

Under the agreement, said to 
be worth over SI 00m i£51.4oil, 
Bethlehem will provide China 
with tecbnicai. engineering and 
management advisor}' services to 
help it towards its ambitious 
goals of doubling steei produo- 
! tion to 60m tons by 1985. 

The kernel of the deal is an 
arrangement for Bethlehem jo 
he involved in the planning ana 
. development 'of a large iron ore 
mine at Shuiehapg, 150 miles 
i west oi Peking in xhp Hopei pro- 
vince. The project entails major 
1 expansion of an existing open pit 
i mine, and the construction of ore 
1 bencficiatioa - -and pelletising 
i plants. • 

No details -of.. .the projected 
capacity of the mint or of its 
cost have been disclosed. But 
Mr. Russell Grander, leader of 
the Bethlehem’ delegation that 
negotiated with' the Chinese, has 
said that work is tu start 
immediately. Such projects 
usually have a -lead time to pro- 


duction of six or seven years-bat 
“we're shooting for 'four.'' said 
Mr. Grander. 

The deal was the outcome of 
two trips to China by Bethlehem 
Steel officials starting last 
summer, .and one .trip to the 
steel company's Pennsylvania 
headquarters by Mr. Hsu Chih. 
vice-chairman tif the China 
Society for Metals. 

It is beJieved to be the first 
large iron project China has 
awarded to a Western company, 
and U.S.-Chinese trade observers 
do not expect it to be the last. 


Messina 

shock 


HOPES that the Messina (Trans- 
vaal) South African and 
Rhodesian copper mining and 
industrial group would achieve a 
recovery in the second half of its 
year to September 30 are dashed 
by news of a loss for the full year 
of R6.42m ( £3.S2m )' compared 

with a profit of R2.T5m m 1376-77. 
No dividend is being paid: there 
was a total of 30 cents for the 
previous year. 

The group achieved a net profit 
from its mining and other opera- 


V * 

-. 


tioBS of Jt2.08m, but it has-been 
hit by an. extraordinary debit of. 
RS-Sm. The lat ter • reflects 
primarily losses in Premier -Metal 
Holdings, in the sale of theraane 
hire business* to Lease**- Atmec 
and the write-down of the groqp’S 
investment in Concorde, Bank.;. - 

Premier's predicament . has 
resulted from a severe t ra d i ng 
toss, the write-off of its loaniw. 
Leason-Afmec and the provision 
of R4.6m for' potential toussea.-bn 
the disposal of surplus parts; and; 
components. Medina’s * . latest 
results reflect a total write-off ; of 
Premier’s existing; equity- v 

It is added that in the belieT of 
Messina and Premier’s --Other 
shareholder, the XJ.S. CSaritEquip- 
ttr enf, that Premier can ultimately 
be restored to profitability ~Th e- 
two partners have thus- deeded 
to recapitalise Premier . wifli ah 
equity injection of R7-25B1-- 7 

Altbough tbe copper operab'tma 
could show belter earnings-hCthe 
currant year. Messina ; share- 
holders must hope that . Jbclr 
company's faith in Premier : wHl 
be justified. 

Sadly, it is by no means - rare ! 
for mining companies to nm.xgto. 
problems when they diversify ; 
from their traditional business.- as 
Messina's past experience testifies; 
The shares were unchanged at.58p 
prior to the latest news yesterday. 



lowers 


Inierflora Gift Tokens from 50p are sold with a free 
greetings card and envelope. 

Exchangeable at full face value lor flowers and 
plants at over 2.000 Intertiora .\ 

flonst shops throughout 

Gt. Britain and Ireland, ' 

they're ideal Christmas . \ 

gihs. You decide how r-i ^ 


much to spend; the 
recipients pick -he \!SJjSp* 
tlowers they prefer. ^ 

International Gift . 

Cheques are honoured in 

130 couniries abroad. As the 

only gift vouchers r-j* \ 

exchangeable worldwide. v '\ 

ihey solve your overseas r £s& 

gift and card problem in one - 

Interflora GiftToltens. ' - ' 


[A 


^fetarKJtherweyiriterik^iTLic^lIierlj)' 


COMPANY NOTICES 


THE MESSINA (TRANSVAAL) DEVELOPMENT COMPANY 
UMITED 

ilncorvorjitcd in me RffffuOliC ol SojM Alr.cai 


! TRUSTEE FOR THE CREDITORS OF 
JAMES O'CONNOR ACOMAANY 
THE STOCK EXCHANGE, LONDON 

In the Matter or tfte Estate o 1 Jama 
‘ O'Connor & Ccmpenv. declared oelaurxeri 
Ion Hie 15Hi Novcmagr. 1973. formerly 
trading as Stock and Share Broken ol 
1 LHnerlck and Gal«ray and Members ol 
I The Inth StorL Exchange, take notice 
that Riclrarri Arthur Thompson. Trustee! 
for the Creditors bf Tnrst Deed refftsrored 
; in the Central ©*!i:e ef the H‘ioh Court 
' OutoKn. on 11th De-ember. 1373 declares 
I that ill.. Final OrVldeTd to Creditors w.li 
i be mid filer the exoirv Of this notice. 

Any person or Company who consider 
i they may have a claim against the jbose- 
m ent.cn ed (Vrm. or anv partner of the hrm 
i and wfra have not completed and returned 
' a Form of Assent rg Mrs Trust Deed. , 
• .runt lodge their claim by 31st January. 

I Ma ckli m submitted after 31a January ., 
1 1373. wHI -rank (or adjustment ol dlvi- 
; rends. Further claims should be lornardcd 
I direct <0 R. A. Thomason. £sq.. Trustee 
; lor the Creditors a> James O' Connor & 
Comnanv. The Stork Exchange. London 
EC2N IMF. or Qav.'d Ensor. Esq . Messrs, i 
.Eugene f. Collins & Son. 61. FluwHIUm 
id u are. Dublin 2. 


PUBLIC NOTICES 

STRATHCLYDE 
REGIONAL COUNCIL 

£6.000.000 Bills issued today 
maturing on the 7rh March 1979 
at 11.6093. Total applications 
for £51.000.000. Total Bills aut- 
standing a4.GOO.OOQ. 

| NORTHAMPTON BOROUGH COUNCIL 

. Bilb issued today due 7.3.79 tZSO.OOO 
at IT 33-6C1M £630.000 at 1 1 » Ton! 
applications £7 A5m B.Hs outstanding 
£900.000. 


(%risfmas ®ifts 


; eesssoacsssfisessseaeea 


Still no rush for UK aid 


COMPANY • 
For the year 
30.9 77 30.9.78 


1.490 

11.61T1 

1.19T 

«4 

293 

*2, 15 * * 

— 

— 

293 
4,81 5 

,2.151. 

2.757 

<236 • 

<23> 

4.872 

710 

575 

108 

4.152 

390 

— 

— 

4.152 

390 



2.5Q1__ 

.10 327, 

47 

,88. 

1 

<'1^8» 

1 47 

■ lo0l 



AUDITED INCOME STATEMENT 
ROOOs 


Net Income! Loss- from Mln-ng 
Deduct Pioooec:-!’® and ;.penditure on 
mining protects written of 


fJcl income tram industry alter Ceric- 
elation 


Income Ircm Mthsidlary -compa.i.« 
Interest .ncli. dividends and other in- 
come less sundry eapentf.ture 

Net inGOnui bclory taxation ■ • 


Net income alter taxation 
Outside snarenoiders interest, m net 
income of subsidiary companies 


Net income Bclorc e»lraordHary items 2.083 


I Unrealised losses arising Irom currency 1 * 

. Ilucluaiidns • , 7 ~ 0 

Outside shareholders' intorcs: ir. cu.-- 

rener losses . . . . , ... 


Diaidends . . ■ 

I'tOJii. Nti -.ranslc- Iron, reserves 


GROUP 
Fqr the rear 
30.9 78 30 9.77 


COMPANY 
For the year 
30.9.77 30.9 73 
38 3 

23 — 

30 — 


Cents ucr Snare 

Earning*. — Bolcue c«traordinar> items 
— alter extraordinary items 
Oitidends ■ '- • • • : • 


15.932 

17.114 

450 
■9 628. 

370 

■7.97S' 

4.754 

I.S2S 

9.506 

1.01V 

5,226 

8.4SS 

1.143 

2.316 

2.083 

■8.503. 

6.172 

*3.4251 

.■ 6.420 ■_ 

_2-74Z_ 

, .5.2 1 9 1 

'j 1ZB i 

1 1.720 

] .3.4991 

12B | 

I .1499. 

1 1 28 ! 

> i 

— 

— 

■6.420. 

2 747 

I- 


•6.4201 

■ISO, 

• 6.420' 

2.747 


- — 

GROUP 

For the row 

50 9 7B SO. 9. 77 
19 56 

. — 25 

— 30 

.-ffrOUDCd. 



;* Irish | 

; s Smoked Salmon | 

; S Choice felt »p»ciajjy cured in >• 

■ « We»c «f Ireland. IrrfividtuIlF q 

;q vacuum packed. Prices br letter g 

0 P® 11 ■ <*' 

O 21b side (approx.) £9.75 ® 

. § 31b side (approx.) £15.00 u 

i O Payment and mat ling instructions }J 

1 ® so: ?! 

S CAGLE ISLE SEAFOODS tip. !| 
X Dooboma. UliRa. w 

2 Cp. May*. IrWaraJ. n 

.0 Tel: Q00Q1-96Q51Q. Telex: 9731. o 
i tSOCSS2S&OZ>SCS9SSCS99Si> 


EDUCATIONAL 


The ort.-aordinarv looses mere incurred primc.Hr in Pr*rmicr Metal Hotd.ngs 

Limited, m the sale ol the crane hue business it Lcason-Almcc iFIy.' L-irr.ted 
arid the write down of the Group's utvestmeet i-i Concorde Bank Umrted. 
Provision has also been made -.n the ctlrisnUiui-r items lor a reduction in the 
value df Messina's Investmeri in Messins Ettales 'Pty.i Ltd. The losses Vi Premier 
Metal hate resulted f.-om u sereiv trading lot. the wnre off of Its loans to 
Leason-Almec a«d the orovis an al R4.6 m- Ilian !or oa'ortUI loua on tfte 
disposal of surplus parts and components. The Company has written gif the cost 
of Its original investment in Premier Metal and the consolidated results resect 
a total write off ol Premier Meial's e«-»c.nn eauitv 

ft Is. however, pic belief ol doth ours «»« ami Premier Metal s olft.w 
tnareholdcr. dirk Eouioment Co ol the United States 'hat the company can 
ultimately be restored to profitability. Wc have, thcefore. decided to recapitalise 
the ccrmparv wijfi an edurfv infection of R7.2S rmihon. 

In view of the c«traordinjrv losses, the Directors Or-; Idea that ncilhe.' an 
Interim nor a nn al dividend snuulu tnr ojhS. 

The Report and Accounts lo- The financial rear endeo SO Scot ember 1978 
will be circulated to members on or about 29 December 1978 and the Annual 
General Meeting will be held on 25 January 1-979 <n Johannesburg. 

By Orf«r c! the Board. 

the messina /Transvaal; oevelopmni company limited 

A. T. T1CKNER, London Secretary. 

Head Oncer Mam Central. Car. Main A Eloff Streets. Jofunnesburp. 

London Office: 29 30 SL James's Street. London SWIA 1HB. 

Transfer Office: Z8 Harrison Street. Johannesburg. 2001. 

6 Greencoai Place. London 5W1 P 1 PL. 

London. 

S December, 197B. 


SPARBANKERNAS BANK 
US £30,000.000 &i% Bend Loan 1978/88 

NOTICE IS HEREBY GIVEN that nursuant CD paragraph a of "he terms vnd 
conditions the minimum rate m the amaont of US-. 2 SOD.000 fa.' redemption 
aj per January IS. 1979 trill be wrfharawn from me sinking Fund. Tnercwr*. 
a drawing bv lot of bonds will not be effected this vear.* 


FLORENCE 

Lean Icdun qmckiy ana well at the 
British lnttituu. Courses January 9 - 
March JO. januanf 30 -Fcbnaar 7 71. 
March 6 -Ap-II 13 . April 17 -july 6 . 
Also 4-wetd Intensive Conner 20 
hours' cuioon per week January 9 . 
jancary 30 . Har;h 6 . April 17 . 
Aceommodaxion arranstd with Italian 
families. Apply British Institute. 
Lunja-no Guiirardir.i *. 301 2 S 

Florence. Tel: 294 . 031 . 


RESIDENTIAL 

PROPERTY 


FREEHOLD TOWN HOUSE at King 
Henry's Rd. NWS S Bed. Garage. C m. 
t Bathroom and Shower. Fitted Carpels. 
Price £d9.9S0. T*:.. A.M. 580 3206. 

PM. 800 419 S 


ART GALLERIES 


AGNCW GALLERY. *3. Old Bond SL. 
W.l. 01-629 6176 DRAWINGS FOR 
r CHRISTMAS PRESENTS. Until 22 Dec. 
Mon.-Fri. 9.30-5 50. Thurs. until 7.00 



SPAR BANKER NAS BANK 


I OAY10 CARRITT LIMITED. 15. Duke 
I Street. St. James*. S.W.1. SEURAT 
Palatine* ana Drawings Until IS Dec. 
Mon .-F r i, 10,00- 5.00 

I - FIBLDBORN* GALCRIEB. 73. Queen's 
I Grove. N.W.B. 536 3600. Paintln 
by RODNEY BURN. FREDERICK 

METHUEN. LEONARD ROSOMAN, 
IN SPEAR. JOHN WARD. CAREL 


MINING companies ha-.c been 
Inking rather more advaniase of 
the Government assistance ofiered 
lo them for mineral exploration 
projects in Great Britain under 
Ihc Mineral Expluralivn and 
Investment Grants Ac:. 1F72. But 
lh»*re has been ho rush. 

The Department of Industry’s 
ffixrh annuaf report on the work* 
ines of the Act shovs that in the 
year fo March 31 a tural of 11 
companies applied for £S44^tSB 
assistance for 23 exploration pro- 
jects. or further stages of exisl- 
ine projects. This compares with 
apolications for £289.134 in tn7G- 
1877. 

. Of the projects. 2<t were for 
non-ferrous exploration, two for 
flunrsnar and one for notash. Tor.il 
.is.si«tance snproved under the Act 
bv March 3t ainottnted to rt.fim 
while total applications amounted 
to *2.001. 

They have come from 44 com- 
panies involved in mineral explora- 
tion in 156 areas. Of these Projects. 
76 were in Scotland, the rest 
being in Wales. South-West Bns- 
1 land. .Vor'h England and Pennincs. 
and the V.'est Midland-.. 

in addition fo the asu'munce 
already awarded, bv ihe Deoarl- 
ment. n further £832.1150 involving 
Srt nrni-e's is still .under con«'dera- 
non. Work on Ih7 pro.iens has 
i h-mi Rif Used. ;• However, this is 
still a <tis:n) nntf fin? resnons<* to 
I the ntTer of r50m which has been 
made available under ihe scheme. 

The reasons for this include the 
denr-ved level of metal prices. 
nrnbJ'-tns or securing the owner- 
ship of mineral rights — particu- 
larly in Cornwall — plus environ- 
mental problems and the thicket 
of planning and other consents 
that must be ohtained. 

tinder the Act. companies may 
aoply for up to 33 ner cent of the 
costs of evn/oraiion for non- 
ferrous metal*, fluorspar, barium 
minerals an^ potnsh and emiua- 
t'on up to the ooint at which a 
decision can he taken on the com- 
merrial viahilitv of nn orcbodj'. 

Mineral Expionufon and Invesr- 
ment Grants Act. 1972: Sixth 
Annual Report bv the Department 
or Industry. S.0 23p. 

WIMPEY CANADA 
COAL DEAL 
IS CALLED OFF 

The open-cut coal-mining pro- 
ject of the Bmi-h-owened George 
tVimpey Canada at Stellarlon. 
Nova Scotia, i* not to go ahead. 
This write-* linish lo Lhc deal of 
December. 1H7R. whereby the 
Canadian provincial government 
had awarded the project to 
wtmncy io carrv- out an engineer- 
ing feasibility Mudy'of the site. 

The conciu'Kir,. according lo 
the sovernment. that 

•‘although Jhc coal could be 
mined a i an attractive cost com- 
pared i*Sih alternative fuels, the 
quality of the coal could not be 
upgraded « ubout substantial 
losses. 

“In plain l.mnuape. cxivn\ii-e 
burn tests «i :|,e Trenton power 
plant showed that the coal could 
not be burned without substan- 
tial 'economic penalties being 
incurred’." Bui the Rovemmcni 
agency. Xocacn. nil I continue 
work at other -ite.s “to identify 
the extent nf near-surface coals 
and to bring them into 
production.” 

PATINO MINES 
DOING BETTER 

Thanks io better prices for 
gold and copper coupled with in< 
creased productivity, the Patlnu 
NV groups mines in the 
Ohibousamau district of north- 
west Quebec have raised earning? 
in the third uuarter. reports John 
Suganicb frum Toronto. 

As a result, the nine-month 
total from all sources comes nut 
at li.S.S*L3m i£3J4mi. or S15T 
per share, compared with SCJJni. 
or ii cents per share, in the first 
nine months of last year. 


As already reported. Patino is 
aiming to become a private com- 
pany by way of an . offer of 
C$20,125 per share to acquire the 
15 per cent 1657,239 shares) of its 
stock not already owned by the 
company or its controlling share- 
holder. Csuibrusa Mining NV. A 
total of 121J8S0 shares has been 
tendered so far under the offer 
which is not to be extended be- 
yond December 29. 

Sungei Besi & 
Killioghall 

HIGHER sales of tin concentrates 
together with increased prices for 
them have resulted in the Malay- 
sian Sung cl Bcsl raising Its half- 
year net profits to M$3.6m 
(£800.000) from MiS.Im a year 
ago. The total for the previous 
full year to March 31 last was 
MSG.9m. 

An interim dividend is declared 
of 170 cents (37Spl before Malay- 
sian income tax at 40 per cent. 
For 1D77-7S Sungei Besi paid only 
h final dividend of 65 cents before 
tax. 

Tiie company says that produc- 
tion during the sLx months 
exceeded expectations and should 
be- higher in the second half. The 
Hong Fatt section of No. 2 open- 
cast wlH continue to be the main 
source of production in the cur- 


rent half-year but production is 
expected to begin at the - new 
No. 3 /J open-cast In -the third 
quarter. 

Ram anting Tin Dredging; . re- 
ports a net profit of M$1£I,TOQ 
for the same six-month; period 
which goes against a loss of 
Ms 159 .000 a year ago. There was- 
a profit Tor the full year to March 
31 of MS475.000. In thid case an 
interim is declared of 7.5 emits, 
before tax. For 1977-78 there Tvas 
a total payment of 12.5 cents. - ' 

RAND LONDON’S: 
NEW PURCHASE 

Johannesburg's Band Ifohdon 
Corporation announces that xLHas 
reached agreement with Mr AvT. 3. 
Grobler to acquire for R50O.OOO- 
(£297.500) the Colorado Granite 
black granite operations at Belfast 
in South Africa’s Eastern 
Transvaal 

The acquisition will take -effect 
from January 1 next but it js not 
expected to make a significant 
contribution to group earnings 
for the current year to June , 30 . 

The coal and other minerals 
group recently made a 35-fofil00 
rights issue at 77 cents per share. 
Current year’s earnings nave been 
forecast at 3$ Cents per share end 
the dividend is to be maintained 
at 10 cents on the higher capital. 
The shares were 38p yesterday. 


I— Banks 


HH gili tB liabilities 

UK tanks 

London clearing bank* ;'* v 

Scottish clearing hanks ’•**•' 

Northern Ireland banks 

Accepting houses . 

•; Other - ; * 

! _ Overseas banks 

: ' American banks 

••• -Japanese banks •••••• 

Other overseas banks -- * 

Consortium banks ** 

Total eligible 11a WIi ties* •' 

Reserve assets 

UK banks ■ 

London clearing banks -•* vvv-v-v 

Scottish clearing banka 

Northern Ireland banks 

Accepting houses - 

;- Other 

‘ Overseas banks i ~ " 

. American banks — ..._ 

Japanese banks 

Other overseas banks .-.■•- — 

Consortium banks. 

Total reserve assets 

Constitution of total reserve assets 
Balances wilh3ank of England 

Money at call*. • 

Discoimt market 

Other ...» 

Tax reserve certificates — 

UK, Northern Ireland Treasury Bills 

Other bills: - 

Local authority 

Commercial — - 

British Government stocks with one year- 

or less to final maturity J 

Other ^7.. 

Total reserve assets . 


NflVi 15, Change on 

133$ . ; month 

Cm .JCl 


25A23 

2,753 

897 

1,890 

:AJ» 


44,638 


Ratios % ‘ " 

' UK banks . _ ' 

London clearing banks .... 
Scottish clearing banks .... 
Northern Ireland banks . 

Accepting houses 

Other 

Overseas banks 

. American banks ..... . 

" Japanese banks 

Other overseas banks .... 

■ Consortium banks 


13 J 

las 

.. .. 14-2 
13-5 


Combined ratio 


N-B. — Government stock holdings with more - - . _■ ' 

than one year but less than .18 months to . 
final maturity amounted to 326 —244 

2 — Finance houses 

Eligible liabilities .* 379 '+ 13 

Reserve assets ' 39.7. .+'3,4 

Raoo (%) ~ 

— ^Special deposits at November 15 were fl,092m (up £41m)‘ for 
i banks and 1 Him (unchanged) for finance houses- \* Interest-bearing 
eligible liabilities were £28,685m (down £20 9m)’. ; 


London Clearing 

as at November 15, 1978 


Banks’ 




• f y \ YV ■' 


THE TABLES below provide the first 
monibly indication of the trends of bank 
lending and deposits, ahead of the more 
comprehensive banking and money 
supply figures published later by the 
Bank or England. Tables 1. 2 and 3 
are prepared by the London clearing 
banks. Tables 1 and 2 cover the business 


or their offices and their subsidiaries 
f excluding Scottish and Northern Ireland ' 
banks) in England -and . Wales, the 
Channel Islands and the Isle of Man 
which are Ustcd by the Bank of England 
as falling within the banking sector. 
Table 3 cover the parent banks only. 
In this, it is comparable with the figures 


produced by the Bank of England, w hich 
show the .reserve positions of all the 
banking sectors subject to credit control. 
Minor differences, here arise from the 
exclusion from the clearing bank figures 
of Courts, * subsidiary of National 
Westminster but a clearing bank in its 
own right 


TABLE i. 

AGGREGATE BALANCES 


T«ul 

•utsUffdins 


Chang* an 
munch 


LIABILITIES 

£m 

£m 

£m 

£m 

Stcrliug deposits; 





UK banking sector 

5.647 


+ 276 


UK private sector 

28,106 


+20::- 


UK public sector 

518 


+ 4 


Overseas residents 

2.381 


- 14 


Certificates of deposit 

2,036 


- 45 


of which: Sight 


38.681 

Ifi.167 

■ 

+ 424 
- 126 

Time (ine. CD's) ... 


32^20 


+ 550 

Foreign cnrrenc> deposits: 





UK banking sector 

4,637 


+ 346 


tuber UK residents 

1.167 


+ 105 


Overseas residents 

11J3S 


+541 


Certificates or deposit 

1.178 


+ 43 



■ — ... 

18 J9J8 


+ 1.035 

Total deposits 


57.625 


+ 1.459 

Other liabilities'* 


0,115 


- 128 

TOTAL INABILITIES ... 


66.740 


+ 1.331 


ASSETS 

Sterling 

Cush and balances with Bank 

of England 

Market loans: 


Discount market 

1,912 

-326 

UK hanks 

7.175 

+426 

Certificates of deposit 

808 

-133 

Local authorities 

995 

+ 4 

tether 

269 

11.160 

- 68 


£m £m £m • .... 

Treasury bills 

+ 27s Other bills 

i*°j' J Special deposits with Bank of 

> xj England 

— 45 Investments: 

8,681 - + 484 '-British Government stocks ... 

fi.I67 - i2fi - Other 

*^20 + 550 ’ .1. - 

. Advances: 

• ' , L3C private sector 

UK public sector 

+34j ‘ Overseas residents 

lj)& 1. 43 +J.025 • OCber sorting assets* 

7.625 +1.459 Foreign currencies . . 

1,113 - 128 Market. Joans: 

- •'••UK banks and discount 

6.740 +1^31 

— — — . - .Certificates of deposit ........ 

Other 

• Bais 

; Advances: 

, : XJK private aedor - 

f- 188 + 139 • UErpnbKc sector 

Overseas residents 

— 326 . .... 

+426 Other . foreign currency assets* 

- 133 

+ . TOTAL. ASSETS... 

1,160 — 37 Acceptances 

* Includes items in suspense and in transiL 


. Total 
BUnunliaa 
£m £m 


Ctaanoe op 
■ngoth 

£m £n 


■“+ 174 


2,257 , 
1A9S 


V 3,353 


+ 74 

- 37 


4 >2*S ■ ' +3W 

217 . + a 

.8^83 " +621 

— — + 93X 

AJjg- : . ■'+■* 

3-389-. -• +58 -1. 

— "-SB — t » 7 


+ 1^881 


TABLE 2.- I.XDn iOUAL GROUPS 
OF BANKS' BALANCES 


LIABILITIES 
Tula! deposits 


TOTAL BARCLAYS LLOYDS MIDLAND 

Change Ciwasc Ckaatt , Ctanat 

Outstanding «o Outstanding «« roufWaiitftna os - . Oiatturffas on 


^ATIONAL^ WILLIAMS* 
WESTMINSTER GLYNNS 

’ • . ’ C kun 

On HaiMini Off .. OBtscwSlaa M 
Meath ■-■■■■ month 


MOTICs TO HXLOERS 
O' 8.-« GUARANTEED CONVERTIBLE 
DEBENTURES 19?8 OF 
MASTERTAPE iMAGHETIO LIMITED 
tin llauidatiom 

NOTICE IS HEREBY GIVEN br BA NX 
OF SCOTLAND 21 Trustee* uiMCr Hie 

T. -utt Deed detttl *8l" 4 1 . be- 

tween Misfe/MOe 'Miwcthi Limiioj. 
BravlMM Lffnllcd as guarantor amt The 
Governor and COmoatiy ol Iter Rink O' 
Scotland t hat In etinuanct oi CUujc 8 pi 
the Trust Deed a pan repayment o' the 
prilKJaat anwent secure*! bv the above 
Detents oTUXltM ow OWjmftire ri 

U. S.S59Q nominal amount, will be n»WP 

aaahtsc production ol Debentures lor en- 
facetTrirnt of CMvment at rfic or 

KroMtija nK 5.A. Luacmbour^toise. Head 
Office. Liivembouro. 43. boulevard RavJl. 
i.ujteniboaru art or Mor 1 1 tft Dczvmter 
1978- Pavinent will be made by doii.ir 
cMaiit drawn on ■ New York Ban's hi 
accordance the serms erf the Dewn- 
tu res and no eiecstona hr wvmen! in 
other orrenoe* 

6 :h December, 1978. 


SVERIGES INVESTERING5 BANK AS 
■ Swedish in.estmeat Bank Limited) 
BONDS 1 OS 1 ■ 1 98 B 

' S. G WARBURG A CO. LTD., announce 
cn.tr rite si.tn msialmer.i of Bonds for a 
nonnnal value ol U S.1SOO.DOO have own 
. purchased >a. redemption on IStn January 
; 1979 

U S. 117. 000. 000 nominal amount ol 
bonds rcmj.n outstanding after IStn 

•' January J9Tt 
! JO Gresham Street. 

. LindOn EC2F 2EB. 

j Sth December. 1978 

- BRITISH STEEL CORPORATION 
GUAR ANTEED B ONDS 1989 

S. G. WaRBURG « CO. LTD. announce 
I that the hrat instalment of Banos to a 
nonr.rai value ol U S.«2.&aa.Doo nave been 
1 du re hated for redemption on 15lh January 
I 1970. 

U S *47 SOD 000 nominal amount ot 
(Bonds mil remain ovmjnd.ng after 2 Sot 
January. 1 9T9 
, so Grecnam Street. 

■ London. FC-’P 2fB 

6tt» December. 1 978. 



, L.UMLEY CAZALET. 24. Dav.es SL. W.l. 
| 01-499 5058. CHRISTMAS EXHIBITION. 
! original Prints £10-6100. Unti l 22 Dec. 

MALL GALUUMES. Tire' Mali, S.W.1. NEW 
' ENGLISH ART CLUB. 7« Ann. Eirhbn. 
, MOn.-Fn. 10.00-S.00. SaU. 1D.00-t.O0. 
: Until fStft Offc- A dm. 2Be. 

MALL GALLERIES. Thff~M«l|. S.W.1. Royal 
Mhvatora S«4etY_ BtMh Annual Exhibttton. 

Mon.-Fri- 10.00-5.00. Sat*. 1 0.00-1.00, 

Until 1 .OP p.m. 9 Pec. Adm. 2 Qp. 

5L0ANE STREET GALLERY, Recent 
I KOiniru *» ALEXANDER in Sw, 

l Marble. Bronze ano SUver. 16th fct- 
• IQth He,,. Mon-Frt. 10-5.30. SUL 10-2. 
‘ sfTT5LUL^GAtI«SrA*cr» ii ir5~tArS; 


. siA vssi m 

sreasjlgga'Bg 
. ness” ssranss vs*?*- 


IN BRIEF 

BLACKWOOD NORTON AND SONS 
(HOLDINGS) • ..arteis, (nil*- in'.e vara 
nfd iinv.-h'— {cr Fear lo JtBh- 
19t'» r>. iinn i'tl i ‘-tuber 31. GmUh IIXi.ll 
**v •»* CrVn <i~ rmr. not wrrtn: ae-.rt. 
!"•*#! '!-.tUiii Fonds di - crea>,.-J h> 
Kin dun ■Si.icu locri'jir i. M-.-r-i iha. 

Kfbn.niocv Dm., mber 2S. rioon. 

MALAYAN TIN DREDGING— U..sul:s 
tor tit- fc.ir • June 30. MTS already 
Lnonru. Group asutl assert C.Uhiii iXS.t9lii. 
Buffer hvoth .iininbutjons and advance 
ilea ik.'. mi iGd^Hi. com ntni: i Mh 10 
ite lif'h oa.icr srovfc wore repaid br ilw 
Sl-Iaanan '.:o;vmrnro( m full in Ann l 
ISTii. Iiircsirii>.'ni5 ii.6M.3sa iil.ror.T-" t«. 
Ne! »sti* i7.;3m /in.oini 1 . Mcdius. 
Kuala Luiupur. Cn-MinOcr U. 

SUNGEI BESI MINES— ^ Interim di\i- 
ui'.r.a iro wins per aft arc, uv- Maiav- 
tiar. 1 1 ico : n,? a t 40 p^-r ten • lOTI.Tt 

—ml ku-jMc on January ii. isrp u> 
sr.archoldvrr ri.aulcnrf DccmnUt-r 3; : . 
13IS Ihe aaiJuiii iLsmtnftabW bniiB 
3113. Urn. 


ASSETS 

Cash and balances Hitb Bank or 

England 

.Market luans: 

UK bunks and discount juarkel... 

Other ' 

Bills 

Special deposits with Bank or 

Kogland 

British Government stocks 

Advances 


TABLE 3. CREDIT CONTROL 
INFORMATION 
(Parent hanks only) 

Eligible liabilities 

Reserve assets 

Reserve ratio {%) 


1.188 + 139 

13.173 +419 

10.572 +427 

IAa* +177 

675 +23 

2J57 + 3 

29,528 +222 


25.268 —179 

3.534 + 52 

135 + 0 X 


£m 

£m 

£m 

Jtm 

£m . 

- £m 

11,148 

+272 

11,728 

+ 49 

i7,5as; 


186 

- U 

274 

‘ + 52 

29*- 

•’ + '-12' 

is* 

+ 90 

2.093 

+ W : 

4,533 

. -+386- ' 

2.777 

+ 116 

LS76 

;-105.: 


. + 160 

116 

+ 12 

455 

- 60 . 

548 

+17 6^ 


392 + 8fr- 


316 + 4 'W + 2 15* + '< 

493 + 48 436 — :430: +’« 

SA40 + : 7 • ' L394 + 47 6jfi» , + WO 


7.791 +3» •..3,776 « MS3 +2* 

1JC1 + 44-: , - : S0C_ - + 5 _7» ' + 'i' 

+ 05 . I3A + 0.4 .13-0 ■ 


-37 + $ 

4i«a Atsss ' sos -i- 

. +160 804 +.26 

S48 . +176^ ; . ; sn ^ S1 

■ "tiot "u*-' .+ a 
,e»;> 9i 

iWx + «*; i.036. -J- 1« 


SJ40' _ —'i(B ' 889' + 69 

i.aBf "- - : ' + 3 

• u ??■*-- • . -.Am.-*.:* is. 




'•fSWff-l 








27 




° -1W8 

. . -■<•»'■> , ' , ■ -~~ f - ■>• *• '• • -*• r _ ■ Kf <g 

‘ '^Hy^iCSP- _ 


.rtwaafte 


|'«r::." ; <.*•. 


.'. -V5JH; >.. '.- 
Y-. -** • i': • 


store 


;-^by' coaj^N'irtkJME^' 

iV SCHEME AO’jaTl^r- 3 ^^ ^ water scheme. They claim that rfraw- 


Exlra water is often needed 


. r* r ^^:,T^ -w '' >»« +h« - severn-Trcnr ""‘er autnomy expccu id Dcgm At me momenL me water is 

• - ^ wnrk Sn I0S1 - *"«* supply water provided by the Clywedag 

A PpI^m-: ; «am5WiEn was vv ^ wn?^ S;rw»hire= eround 10 the Sevcrn Two J«« ^ter. Reservoir in mid-Wales. But by 

' launehed.ye^day with the baefc. ^ the 3980s, it will not be able to 

\ ; Biedicfil ^^^^^a-^aund sandstone Indostnai meet the demands on the 

^cWOtm^jwrsua^e people <rf , t 7\ . . Severn which are risine by more 

<■ ■ •tbelieed-fpr.i-and^ advantages of,. « claims that the advantages of than lbn gallons a year. 

S'. IamiJy doctordepUfi^^cM; ^ r 1bc scheme ** e considerable. „ , 

«*-•. - .-ii. -- - ^ t^ouarp- • miles . beaeatn north Am*» rmm nmvMmn u.Kt»p The new Shropshire scheme 


' Thn'enmTMiTTn ^tnWnntnAV-rr ibv |qgarg ;™tes beaeffth north Apart from providing water more The new Shropshire scheme 

Ni-- : •" ■' 7° ? - to oo Pted~hy;l^ ,SWQp$hire. •* . . chtaolv than other reservoir will enable more water to be 

:; . ^ater.'wtntld: thfea be pimped procbsals the scheme could be taken from all seven major 

^'o" rtb0 i. c, fw P?s constructed In phases lo meet abstraction points on Ibe river 

,he extra demand for water as it from 1RS3. 

■ » . mam . prganeawjns •'provigiagi Qf tributaries. ... arocp 

#fv subsntatp heath ddver ooibBMli ^ Before the authority gets ■ Another big advaniage of the 

hf 10.000 general iira : rtiUDn?ii ih abDroval for lhe- scheme. how- The extra water from the project is that the 68 pumping 

>he UJt Is^TirlniariJy aimed at m ait- pass two vetting !Chem « would allow an addi- sites require less land than a 

‘ l£ -countering ireceiit zfffverse “pub*, rthuB'emeivtt. ^ The Department tl0 nal 6Sm gallons to ho drawn reservoir. Only about IT acres 

*#- die tty over tfie standard of ^«he''of ? Eiivi r omnent -"which is study- flul « the Severn each day for are needed as most of the works 
^'“fcight^ \deipril5sixtg services. - ./■/. bg.the authority's application. industrial and domesuc purposes, will be below ground level. 

£" By- selecting, .thtf thetmif “ care awd'a.liS 6 ^ puhlicjo.quiry next At present, about 120ro gallons It is expected that the scheme 
' :r -'for your doctor's^ health ” the two' year.'’- - - '•'••••". -T” are daily taken out of the river, will be used on average only 

'5 lorganlsattofis ' ,aro hoping ;.io Already. .several farmers have Even after recycling, the net loss once every three years for 

' i .. 'emphasise that by using depute expressed misgivings about the is about 80m gallons. between three and 20 weeks. 

“ •£*.• uijj services ' patients can 'relieve •'•' _■ ■ '■■■■ 

s vf-. lhe. stress. «a: over-worked doctors : . . 

-.NilcteM: power poll Mail rush 

t)r. James Cameron,- chairman . 

'll’ - pf the* assodat Ion,- accepted that - - 1 • j B IpF IIpHs 

„• ’ ’there had been “ JaDures ” in: the g 1*01 AOTO/b ® 

:» ■ proppsdi r ej eciea work 

. practice, introduced in April* • 

Tfe .coupled .with ; new administrative BY LISA WOOE>v ' • f F A AAA 

’ - -.conttpls enanrey that these proh- : ; T(|F el/UU 

-le ms were be in jf: overcome. . • A MOTION calling r&r a plebis- Protesters were defeated at a * 

.. t. Betweetfc"88 and 90 per cent of cite- on the prdjMBed- 1300 MW public inquiry in 1874. and two By femes McDonald 

' ill deput&tag services art con- advanced gas^eddled reactor weeks ago. 38 people were i TO HELP move Christmas mail 

. a trolled, either by the Bft£A nuclear power station at Torn ess. arrested when they tried to pre-jthe Post Office is employing an 

* ^sputisin^. Service or. the Medical near Dunbar, EasI'Iio.thian, was vent contractors starting work on ' extra 54 000 people to support 

' .Directors 1 ^ Association. These rejected yesterday ‘-.•by the the site. lhe 122.000 regular mails staff 

.services cover about 25m people Lothian Regional : Council. This week, an independent the Post Office estimates that 

■ .ip the UK..; •• ;■ Councillor Bill Tailor, secre- opinion poll, financed by the this wiil cost £5.5m. 

tary Of the con^rifllmg Labour Frier. <J s nf the. Earth, and Scram. ! Unemployed people have been 
•• : ;V- «roup of the council:, who put a Scottish-based anti-nuclear »j V en preference for the 
TnfhV , ' 'JJZIl ' forward the utotieh. said after the group, showed that 73 per cent seasonal jobs but students are 
tfuOS XOt - maetinE that he would raise the or a sample of 600 people wanted ne3 n i n the queue. 

•r j.; . future of the station with the the r.ovemment to holda second About 4.000 vehicles have 

-ll ■CUMBERil.A mj . FI BRES ts to Convention oC =Seottiali Local puhiic tnouiry. been hired to exnand the postal 

: take weir ; an en*4y fla btoxy near Anthbrities. ' ' Cr. Taylor said: “I am keen transport fleet of 2S.000 vans 

-i? -^urtjam" City under a^ £3in expan- Thfere has beetf^Strong local to investigate the whole matter ani j container lorries over the 
^bft plan .creating 250 new jobs. -p n d Scottish protest: peainst the nf the need for nuclear enervy. Christmas period. In addition. 
^The^ company already employs South of Scotland:: '.Efectrlcity Tb«- set-back concemin? the more than 300 buildings will be 
500 -m two -textile .factories- in Board’s decision: "build the plebiscite is not the end of the hired for ue as temporary son- 
-«! . North-West Durbadn. ' >. - . 1 ■ station. .V: ' war." • inn pontphe 1 


BY L15A WOOD 


brings 
work 
for 54,000 

By femes McDonald 


North-West Durham. 


• -•* stjition. 


A SERIES 














ances 


•f T. i r k ; > 

ri • 

% 


> -• ad 

^EDptlt4» 

!:t7 

; f3E^ 
’ v \jrs!Sl?i 









tat'. — 


^Tbere^: no substitute foe money ! 

: v . , ^ : So^^soldyou Travellers Cheques? 

: Yoo »en’r alone. Every ye^r. thousands of people buy Travellers Cheques. Somewhere, somehow 

they^ \h*aril d?at it’s thfr rfgbt andiproper thing to do. But do Tfzvellers Cheques reaJly bexiefir 
them? Here are some facts -you can weigh up yourse'rf: i ‘. - 

V- CONS ' ' . CONS (cont'd) '■ PROS 

l. Contrary to common belief! : Cheques you have to collect ' I.Travellers Cheques are 'safe" 

Travellers Cheques are -NOT.”' them during banking hours.] they're lost you may 

• accepted by-eybiyaqe. Who has the time 3 . What w;ll( - get your money back after 

j \ ’.....J’ you sacrifice — an hour from !• varying procedures. 

ZMany . Hotels.;,-- ^Restaurants. - D >, e office f Miss your shop-:; 

" Petrol Sations. Slibbr and .sef- ... nino ? Your lunch hour ? ' 


' Petrol Sa tioh s'! ShojB; arid sef- ... ping ? Your lunch hour ? . ; f C. 

; vices. land usuaBy'-it's just'. the i ; yc«rT- y«.. rnn 

^ 6-You rfia nkm a ke sy o u pay » ,' <ash ng ' oi nst loss cheaper than 

on-ra' nke your*’ Tra /offer* f % commission when you buy* ; j •* it you to ^uv 


on- ro j rake your- 1 T ravefters 

Cheques at' a}l. Otheft may . 1r4velM!PS vmeques. ,n, *1. Travellers Cheque s. Mony 
reiuctanriy enrash . them- but means you are being charged v'pbcfcage holidays include this 

; «llw w ■■ “ 8i ye y°^ r a . free -'r SsunnTce anyway. So what 

taking -a generous .margin to As long as. you have their *rj ce urfelv 7 J 

. r.BTptect-themselvfes. cheques; 1 they know they have 7 ' 

A*.*» ^s : feswiffl rss jVV • 

'' SSta l E“ ,N ° ul : tS 3&- a»*.« r - to*«ji ••;'•: ■ ■ 

«d* banking hour*. . •:•— aw ay r The money you paid ~r 

4. Y-ou are almost certainly made". - .for them is IprqbaHy earning J =.£•• 

’- to pay a commission- to change - the- Bajik interest as part or , •*... ; 

' your TraveHers : Cheques into . sornwne s overdraft. Maybe ; 

' f oreign' currency Whilst ibroad. . T°“ , * B ve 7 °^?- < e.g. Access ; . 

- ; :*nd Barclay card .now charge at . 

^ 5. To bujv; -your . Travellers' 23.14^ p.a.) ' 

■ ■ After thinking ebouf ic you may decide, like a growing number of others, thar Travellers Cheques 
•' yan do. little for you except cost you money, and perhaps cause you difficulty and embarrassment 
-^-especially in thir.-xiimate of todays volatile foreign exchange. So what’s the alternative? Take 
cash (that is to sS.y ootes and coins — -we ’ll" -buy them back on your return, oven the coin!. Insure 
7 your cash' agains^-loss'if it isn’t already insured by your travel agent or broker. Compare these 
rates' ter see the" cheapest and most 'convenient way to get your .holiday currency: 

You'll- find tkAi Cbequepoint usually gives more dollars, francs, pesetas^etc™ for your holiday pound 
' than iu : competitor*, for example, op Thursday 30 November 1978 for . £1 you would have received 
' the followirtg" amounts of foreign currency: ^ ..,^- 

. . . . owned b y Mi dland fr ank 

('.- . jChequepoint i. Lloyds. NarWest Barclays j^Tho-tCook ] AmExpress 1 


3, During currency .fluctuations 
pr. a crisis it?- can beeome 
- .impossible to 1 ■ cash your. 
’ - ; Travelleni Cheques at all out- 
side- banking hours. ■ 


jChequepoint i Lloyds , . 

— — tiSA ! ■' . ; ST ' r, 1 ^45 • ' •' 


.,>•* w 

. * : Tc -. - : Llrel ,£58 i 

J.^50 

i fe . 

••-.-•Sp' P«13?4 : l 

138V : 

, * 

'-■' ; Atts. Sdi 27.10 j 

■27. . 

-t • 

# - 

Swl! . SF335 . -i. 

. 3-33 

:P r • 

^.Commission, . ^45j> j 

50p ‘ 

•• 

Hou«:Up tn24 hrs. i 

9.30-3 JO 


NarWest 

- 1.941; 

8.54 


Ralftt \ 138^ . -M 3 ? L . >39 

5ch 27,10 . j 27 '. . - ■ - * ' 37 -. - ' — ._i. 

SF335 - ~i. 3.33 . ■ 3.34 _ 3-34_. 3.34 

^Sp '] .50p : 1 50p_ ^ _ 50p '50p 

pto' l4 hrsT i 9 .3O-3 J0 . 9 .30-3-30 ■ 9.3_0-3.iC_ : .'• 

. for spbr qupMtipns on foreign exchange «l: 01*584 6654 


l.«* f 

194 i 

1.91’ 

8.52 t 

.*. 8.50 

8.40 

1.645 ■ <;*, 

/■ ;■ 1.650 

i .620 

139 • 

139 

139 

— 

. : 27 

25 

3.34 . 

3.34 

3.24 

50p 

'50p 

50p 




fqr value service and convenience 

) opEsm™ everyday* 

; - ^ ; OPEX ■ 

130 Kings Road,' London, SW3 Tel; 0] 7466 • ; • EW&DA1 


130 Kings Road,' London, SW3 Tel; Q1-5M74B6 £VEBY DAY' 

58 Oiieertswav.L^doru W2 Tel: , •, -*>T; ^mclvdms i-.t? 

. 24.Wardour Sfrwt, London, W1 Tel: 01-439 6341 . '#? CfJRISTMiS DAY 

^chequei»^nt-7 tt^E^ALTEnWAriVE— Hglp^iis to help you 


1 in: centres. 

From now up to Christmas Ev e 
the Post Office expects to collect, 
sort, and transport 940m greet- 
ings cards, letters and gift par- 
cels. and deliver them to 22ra I 
addresses. 

The last recommended post- 
ing dates for Christmas are : 
December IS for parcels and 
second-clas letters; and 
December 19 for first-class letters. 

Past Office counters wilj he 
closed throughout the UK on 
Christmas Day and Boxing Day 
3tid will reopen, in general, on 
December 27. 

in England. Wales and 
Northern Ireland post office 
counters wili close for the New 
Yea- holiday on January 1 and 
in Scotland on January 1 and 2. 

Christmas 
nostalgia 
on ITV 

By Arthur Sandies 
YIEWF.RS with a taste for 
nostalgia will find little displeas- 
ing in the ITV Christmas 
schedules. 

The commercial companies’ 
recipe for festive entertainment, 
traditionally a time when the big 
ratings gn to the BBC. include 
such old faithfuls as Benny Hill, 
the Muppets, Morecambe and 
Wise and a special edition of 
Christinas Crossroads. 

In what the companies 
describe as their “ richest-ever 
Christmas mixture ” of program- 
ming. JTV will offer the fearure 
films as Diamonds Are Forever. 
The Day of the Jackal, Camelot; 
and Dr Doolittle. 

On Christmas Da>. the mam 
shows will he a special edition 
or the Muopeu with Danny Kaye 
:ts the guest; Leonard Rossiter 
as a guest in the Morecambe 
and Wise Show; and a festive 
edition of This is Your Life. 

On Saturday. December 23, 
Tommy Steele will star in a two- 
hour version of The Yeomen of 
lhe Guard. 

Shaping 
future 
of tourism 

Financial Times Reporter 

LONDON'S problems as a tourist 
destination — fighting for business 
on the one hand hut struggling 
with the. crowds on the other — 
were the subject of a meeting 
yesterday of representatives of 
tourism, hotels, local and national 
government and traffic carriers. 

Mr. John Smith. Secretary of 
State for-Trade, told the confer- 
ence that Britain needed to look 
at the service industries, of which 
tourism was a notable example, 
as » source of income and work. 

•’ 1 am aware that there is con- 
siderable concern among local 
authorities most closely involved, 
about the social costs which 
increased investment in hotel 
stock would impose: on land use. 
noise, parking and road traffic.” 

Much of the comment ahout 
over-crowding was exaggerated 
end “ even in Jubilee Year. Lon- 
don coped well enough, 

"But are there already con- 
straints which could limit further 
growth, however desirable, to the 
obvious disadvantage of Britain 
as a whole." 

Mr. Melvyo Greene, of consul- 
tants Greene Belfidd-Smith. told 
delegates that Britain would not 
see growth in tourism unless 
there was an increase and up- 
grading of the nation's bedstock. 

Among the problems was the 
fact that investors regarded 
hotels as less attractive than 
other projects because of their 
--inglP purpris*. They saw diffi. 
rulties in .issees'ng rent reviews 




Cr* 


Newlfsue 
December 5, 19^8 


Ail these Bonds tav'mg been sold Hits announce- 
ment appears u a metier ol record only. 


Hitachi Zosen Kabushiki Kaisha 

Hitachi Shipbuilding & Engineering Company Limited 

Osaka/Japan 

DM 50,000,000 
5 %% Bonds due 1983 

guaranteed by 

The Sanwa Bank, Limited 

Osaka/Japan 


WESTDEUTSCHE landesbank 
GIROZENTRALE 


YAMAJCHJ INTERNATIONAL (EUROPE) 
limited 


CREDIT SUISSE FIRST BOSTON 
Limited 


KREDIETBANK S A LUXEMBOURGEOISE 


SANWA BANK (UNDERWRITERS) 
Limited 


SWISS BANK CORPORATION (OVERSEAS) 
Limited 


& ft WARBURG A CO. LTD. 


Atgemeiw Bank Nadedand N.V. 

A. E. Ames & Co. 

L»miteC 

Amsterdam-Rotterdam Bank HU 
Banca Commerdale Italians 
Banca dd Gottvrdo 
Banca Naztonale del Lavoro 
Banco d) Roma 

Bank of America International 

Ljnvted 

Bank Julius Baer International 
Limited 

Bankers Trust International 

Umiled 

Bank fur Gemeimvlrtschaf! 
Aktiengeaetlschart 

Bank Macs & Hope NV 

The Bank of Tokyo (Holland) N.V. 

Banque Bruxelles Lambert S.A. 

Banque Franchise du Commerce Extericur 

Banque G6n6raJe du Luxembourg 

Sooeie Anonym e 

Banque da IlndocMne et de Suez 
Banque Internationale k Luxembourg SJL 
Banque Nationals de Parts 
Banque de NeufUze, SdMumbergei; MaOet 
Banque Nordeumpe SA. 

Banque de Paris et das Pays-Bos 
Banque Populalre Suisse S-A Luxembourg 
Banque RothschHd 
Banque da runion EurepAams 

Baring Brothers A Co, 

Um'«ed 

Bayertsche Hypothekan- und 
Wechsal-Bank 

Bayerisctie Landesbank Qirozentrala 
Bayerische Varalnabank 
Berliner Bank 
AkilengeseUschaft 

Berliner Handato- 
und Frankfurter Bank 

Btyth Eastman DAon £ Co. 

. IniemationHl Limited 

Caisse dea Moots et Consignations 
Chase Manhattan 

Limi>eo 

Citicorp International Group 

Comment b a nk 
AJciiengeseBschart 

Copenhagen Handatobenlc 

Courty Bonk 
Limited 

Cndtarstalt-Bankvtnfn 
Crtdfi Commercial de Franc* 
CnMKLyonnaia 
Crarfito Italia no 
DaiinEbaopeN.V. 


Richard Daus A Co, 

Bankiers 

OeibrUckA Co, 

Den Danske Bonk 

of 1871 Aktieselskab 

Den norake Cndftbonk 
Deutsche Bank 

AJdiengeseDschaft 

Deufaefte GMkazanMf 

- Deutsche Koramunaibsnk - 

DG Bank 

Deutsche Genosaanachaftsbank 
DMon, Read Overseas Corporation 

DresdnerBenk 

Akiiengeseflschaft 

Effcctenbank-Wftrtiiag . j 

Aktiengesellsdhalt 

EufomobOkaie S.pJL 

European Banking Company 
Limited 

Robert Fleming 4 Co. LlmKad 
Fuji IntemaPonai Hnoncs 

Limited 

Gfrozentrale und Bank 

der oeterreichtectien SparfOMsan 

AkbengeseUsctTatt 

Goldman Sacha Internationa] Cotp. 

GroupemcntdesBanquiera 
Prtinfes Gonsvois 

NamtMOS Bonk 

Limited 

Hssaceehe Landtabank 

- Girozentrale - 

HM Samuel A Co. 

Limited 

Industartobsrik won Japan (Deutschland) 
AktlangesellGChaft 

International Credit Afiiance, Limited 
Hong Kong 

Japan Int a mattonal Bank Limited 

KMdeq Peabody International 

Limited 

Kieinwort, Bonaon 

Limited 

KredietbankHV- 

Kuhn Loab Lehman Brathm Asia 

Laxard Brothers & Co. 

Limited 

Lloyds Bank International 
Limited 

Manufacturers Hanover 

Limned 

McLeod Young Weir Inter natio nal 

Limited • 

Merck, Finck & Co. 

MsnW Lynch Intemsfionat A Co. 

B. Metztar Beet. Sohn. A Co. 

Mitsubishi Bank (Europe) SjL 
Mitsui Finance Europe 


Samuel Montagu & Co. 

Limited 

Morgan GrenfeBA Co. 

Limited 

Morgan Stanley International 
Limited 

MTBC A 5chroder Bank SLA. 

Now Japan Securities Europa 
Limited 

The tdkko Securities Co„ (Europe) LtA 
Nippon European Bank SJL 
The Nippon Kangyo Kakumani 
Securities Co n Ltd. 

Nomura Europe N.V. 

Norddeutache Landesbank; 

Girozentrale 

Okaaan Securities Co^LtA 
SaLOppenhdmfc&Gte. t 

Orion Bank 
Limit BO 

Pierson, Heldrtng 4 Pierson N.V. 

PKbanken 

Priv a tba nkn AM fea e Ma ls 
Raoouf ACo. 

RothacMfdBankAO I 

NJL RothachBd & Sons 
Limited 

Satomon Brothera IntarnaUonal 

J. Henry SehrodarWaggACo. 

Limited 

SfngaponKlapso Merchant Bank 
Limited 

Skamftiavtska Enskbta Bantam 

Smith Bamay. Harris Upham A Col 
Incorporated 

SociOtO Generate 
SoeMM G4n6rale da Banque SJL 
Sparitankemas Bank 
Sumitomo Fin a nce In t ernational 
Svenska Handal sb a n k on 
Trinkaus A Burkhantt 

Union Bank of Switzerland (Securities) 
Limit ad 

Verbend Schwal x erlacher Kantonafcankari 
Vereha- und West bank 
Akhengeseilschatt 

J.Vontobet£ Co. 

Wako Securities Company 
Umiled 

M.M. Werburg-arinckmarei, Wilt* A Co. 

Westfalenbank 

AWiengesel/scrtaft 

WestlB Asia 

Limned 

Wood Gundy Umiled 

YanuHchi International 
(DcutacMand) GmbH 



All of these securities having been sold, this announcement appears as a matter of record only. 

© New issue / November, 1 978 

$250,000,000 

Ontario Province of Ontario 

(Canada) 

Thirty Year 9 %% Debentures Due November 30, 2008 

Principal and interest payable in The City of New York in 
lawful money of the United States of America, 


Salomon Brothers Wood Gundy Incorporated 

McLeod Young Weir Incorporated 

The First Boston Corporation Merrill Lynch While Weld Capital Mar 


Merrill Lynch While Weld Capital Markets Group 

Merrill Lynch. Pierce, Fenner A Smith Incorporated 

Dominion Securities Inc. Atfantic Capital 

Corporation 


A. E. Ames & Co. Dominion Securities Inc. Atfantic Capitaf 

Incarpornted Corporation 

Bache Halsey Stuart Shields Bell, Gouinlock & Company Blyth Eastman Dillon & Co. 

Incorporated Incorporated Incorporated 

Burns Fry and Timmins Inc. Dillon, Read & Co. Inc. Drexei Burnham Lambert 


incorporated 


Goldman, Sachs & Co. E. F. Hutton & Company Inc. Kidder, Peabody & Co. 

Incorporated 

Lazard Freres & Co. Lehman Brothers Kuhn Loeb Loeb Rhoades, Hornblower & Co. 

incorporated 

Nesbitt Thomson Securities, inc. Paine, Webber, Jackson & Curtis 

Incorporated 

Richardson Securities, Inc. Smith Barney, Harris Upham & Co. 

Incorporated 

UBS Securities, inp. Warburg Paribas Becker Dean Witter Reynolds tnc. 

incorporated 

Greenshieids & Co inc Midland Doherty inc. Pittield, Mackay & Co., inc. 

SoGen-Swiss International Corporation Daiwa Securities America Inc. 


E. F. Hutton & Company Inc. 


The Nfkfco Securities Co. 

International, inc. 


ai Corporation Daiwa Securities America Inc. 

Nomura Securities International, (nc. 
Yamalchi International (America), Inc. 




23 . 


T/i. ; j annouiti.vmcnt afjf'can as it wwf/iV'rf re*, on*' i'h/u 

sSUktUgwo 


sonatrach 

Societe Nationale pour la Recherche, 

]a Production, le Transport, 
la Transformation et la 
Commercialisation des Hvdrocarbures 

U.S. $ 16 , 000,000 

Medium Term Credit Facility- 

Unconditionally Guaranteed by 

Banque Exterieure d’Algerie 

Managed by 

Bauco do Commercio e Industria de Sao Paulo S.A. 

(Cayman Wands Bnuutbl 

Arab Latin American Bank-ARLABANK. . Banque de VUnion Europeenne 

Gulf International Bank B.S.C. 

Provided by-. 

.Arab Latin American Bank-ARJLABANK Gulf International Bank B.S.C. 

Banco do Commercio e Industria dc Sao Paulo S.A, 

i.Cji M ini i i.ljnifc Hr. inch' 


Banque de 1’ Union Europeenne 


Banque Internationale pour l’Afrique 
Occidentale— B.I.A.O.— 


Pittsburgh National Bazik Societe Centrale de Banque Royvest Banking Corporation 

Nassau Branch Limited 

Agent Bank 

Banco do Commercio e Industria de Sao Paulo S.A. 

* New York Agency* 

Dot ember 1978 


This announcement appears as a matter or record only. 



NORGES KOMMUNA 1 BANK 

Luxembourg Francs 500,000.000 
8 per cent. Bonds due 1986 

Unconditionally and irrevocably guaranteed by 
THE KINGDOM OF NORWAY 


Kredietbank S.A. Lnxembourgeoise 

. Banque Generate dn Luxembourg S.A. Banque Internationale a Luxembourg S.A. 

Banque de Paris et des Pays-Bas Banque de Suez-Luxembourg S.A. Caisse d Epargne de I’Etat 

pour le Grami-Duche de Luxembourg S.A. 

Credit Industriel d‘AlsaceetdeLorraine Credit Lyonnais 5. A- Societe Generate Alsarienne de Banque 

Luxembourg Luxembourg Luxembourg 

Andresens Bank International S.A. Bergen Bank International S.A. 


Luxembourg 


Luxembourg 


Christiania Bank og Kreditkasse International S A. Den norske Creditbank (Luxembourg} S.A 

Luxembourg Luxembourg 


November 1978 


APOLLO 

Edited by Denys Sutton 

THE WORLD'S LEADING MAGAZINE OF ARTS AND ANTIQUES 

Published monthly price £2 GO Annual Subscription £25-00 (inland) 

Overseas subscription £28j}0 USA & Canada Air Assisted S56 

Apollo Magazine. Bracken House. IQ. Cannon Street. London, EC4P 48V. Tel: 01-248 8QC0 



Financial Times Wednesday. December B MjW 


Currency, Monev and Gold M arkets 


- i 

- . . J 

‘ .vi * i: 

‘Tip- ’ 


Dollar easier, i 
pound firm 

The dollar lost ground and revaluation of- the before 

sterling unproved in fairly quiet the start of the European 
trading In the foreign exchange Monetary System would not be re* 
marker yesterday. The U.S. cur- quired. In later trading the dollar 
rency’s trade-weighted deprecla- lost ground, but this was^dne to - - ~--r 
tion. as calculated by Morgan. Increased demand for the D-mark 


the pound spot 


FORWARD AGAINST £ 



D«-* 

CUadiKl} 
Guilder 
BaUbui f 
Uaalnb K 
UAlork 
fitm. Ebb. 
Svan. Fw. 
Hit * 

Nnrgn. K. 
Froricli F r. 
BneOttfiKr. 


nun. as caicuiaieu oy murgau . uiunwu uciuuhi iv * l *~ 

Guaranty of New York, widened against other major currencies.; 
to 8.2 per cent from 8.1 percent- - PARIS— -Thedollar lost ground 
In ' terms . of the D-mark, the against the French franc::, in 
dollar finished at DM 1.3 ISO. com- nervous trading, as . . driers 
pared with DM 1.9155 on Monday, awaited the outcome of jhe 
after trading within a range of European Council Meeting in 
DM t.y 00 0-1. 32 60. Movements were Brussels. The TLS. curreryry eased 
similar against the Swiss franc to FFr 4.4095 from the high point 
and Japanese yen were fairly of FFr 4.4300 in the morning,. and 


22 X 





162V 


fmamjjasoboj 
1978 79 


McanlnrS 


C&oad'ttS" 
Guilder 
Belgian Fr 
.Danish Kr 
D-Mark 
Port- Esc 


from Monday's close of FFr 4-427S.U 
Reports that the D-mark will mot 
be revalued against major, 
European currencies on the IntnKj 
Auction of the EMS led to Arise 
by the French unit The D-mark 
fell to FFr 2.2973 from FFr 13170: 
at the start, and Monday's closing , a,--- 
level of FFr 2.3100. Sterling closed m 
at FFr S.6010 compared .-.with [«n»sn, Ki 
FFr 8 .5890 late Monday. v .-.-V: 

BULAN— The lira improved 
against- the stronger European 
currencies at yesterday's, fixing. 

The D-mark declined to L44&38, 
from L445.10 on Monday, and ihe' 

Swiss franc ' to 1/495.40 ' iroiu-i 
L497.40. The decline of the Itafilm 
currency against the D-mark, 

Swiss franc and Dutch guilder 
followed speculation that'*tfae 
European Monetary. System vfflf 
start before the new year. . The 


AuttrfaSo&-; 
54rl» Fr- 


oi'.i , B 57 S - 1 - 363 * 1 -* 418-1 . S & 2 Q 

SSsrraasr 

iSSS 
„ s ; iffis 

79^! Mg-Mg ■ 

si - a - 57 t - a.su 
Bia tfiW -474 
1 31-| MO-390 

1 27 . 1 &- 27 .M 

SJlt - S - i&i 


4ie- 
I ! 


V0.4B-lfi.46 
ay 4-8-75 • 

, SI.30-S1.70 

189^0-158.60 
i. 1.885-7.964 

iqa 41 -is.hu 

B^rO.BOt 

586-687 

37.42-27.47 

8-334-3.34* 


Beknan rate is wr convertible rranca. 
Financial franc fi0.7O-«LSO. 


S-2*:{H5;4-2SS:2S ! IS 

5£®SST|-«} 

a? Bciun. 1 4.06 eSSKpm. . 

Bwfir ‘-s. 50 dartre di* -i-43 

bSSSWJStfipS*- 

2.3B :S-9 Uredta - -*-l-®“- 
2JS9 .«-* «<«■ pm . X.9B 
4.19 **». P«. 

4z-2* ore pm 4.50 ’lltf tuwptu 

aS&Hv-vnJ 'ftS? 

22-12 «w,>n 7.43 WttP'lS' ff® 2 

44-54 c.iJni 13.47,1^-153 pra 13.02 


5*2*!*yni 

60-106 c-dta 

SB- 150 iMllfl 
2-6 lira ilia 
Jl-IJomp® 
5t-24 u-pm 
4i-ai ore pm 


Stz-ntomli' fiBwant- Ballar 2-20-3 -iftr pm. 
I'UMnoUUi 4J04.80C pou 


THE DOLLAR SPOT 


Day's 

Spread 


SSJS-a&U 

24765-24897 

5JS7S3JW7S 

1.4U5-3-92M 

453547-35 

7L5S-71.7S 

KSL6IMCBJ0 

5J4HWU3W 
4.4MB *. <TO» 

4.4494-4-4520 

U.8050-UJJM5 

1.7055-1.7235 


[■Nn.so-l'r 
Kreiub Fr 
Swedish Hr 
Yon 

Austria Sch 

^ *r o A •: 


qwe 

g JOM-P _ 

2W5UW 

30Jt3#J3 

53S7&&3W 

Un.7SJ.ttSS 

M.W-47JS 

TU8-TL7S 

B52-7MS3.BO 

uAoaaAxm 

44400A44U 

IBTJtO-lttJM 

klm-iam 

J-TOSW-MTS 


FORWWTD AGAINST S - 


One nooth TUrac nwiW **-*: 

D2 OJUUDc'nn W5 

SwuSSUim =oS | 

=ss«r®.. saw if 

IJU-Ulwrm '. Ml UJASliiitwi I 

t bi; W. pm 10-43 5.804. Wy P™ .-•* ' ' 

sjMJtoro pm ' <U1 17-I4-50WB PRi 430 ^ -• 
10^ 4JA4MC Rrt M830 




Sueclul 

European 1 

Oeeember 4 

■ Draw Ins 

Unit of 

Rights 

Account 


— - Italy sold most; of- the 

Y 197.50, compared with 1 197.65. traded at the firing.-.'. i: 

Reports from Bnissels. . P ar0- YORK — The . tfpHar r 

cuiarly from a spokesman of decIined subtly against fitHer 
West Germany, that EurojMjaii ma j or currencies in very bujet 
currency panties were justified. early trading. Most market spe'eu^ 
helped the dollar and depressed 'centred around the D-thatfe,- 

the D-mark. and the possibility of a start- for 

Storting also strengthened, the EMS before January 1, but 
rising 65 points to close at demand for the German currency 
Si. 951 0-1.9520. It opened at tended to ease on the statement 
51.9435-L9445. and fell to a low fro ™, . ■! 
point of SI .9375-1.9385 in the AMSTERDAM--*! ^a te traffihg 
morning. The |>ound touched a the. dollar ^sed to ^F1 
high level of SI. 0520- 1.9 530, before against the gti Uder from. FI 2.6870 
easing sUghtly at the finish. prEV10U ^ fi ^ mg 

“ai5» ”f C En“ TOCToIl4%Ur tet gbuid 
t««9 7 from K2 5 after against the Japanese yen, dosing 
MR ar Toon ‘ and rn S YlSfifiO. compared with Y19IUS5 
on Monday. Pressure from over-; 
the morning. seai a]]d at home was rejKirted, 

FRANKFURT— The German Bank of Japan interv&ri- 

Bundeabank did not intervene { n g t0 support the TJJS. currericy. 
when the dollar was fixed at After opening at Y197.7D, s *hc 
DM 1.9248. compared with doUar improved to Y198.4Q in the 
DM 1.9185 previously. The fixing morning, but suffered from selling 
level was well above its opening pressure after .lunch. The lowest 
level of DM 1.9105. The rise of level touched was Yl 96.20, with 
the U.S. currency in fairly active the market showing signs of 
early trading followed a report caution alter the dollars, recent 
from the Bundesbank that present rise. The scale o£ intervetmoir by 
parities were Justified, and that a the authorities was not jaear- 


CURRENCY RATES. [CURRENCY, MOV EVENTS 


U3. Collar UW* 

Canadian dollar .... METIS 
Austrian scMllln* — 17JW2 

pp lpi.n franc — 3 8BW 

Owlish krone — 6 J277U 

.DentEdio Mai* 

GuUder — — - 

tYencb Jranc *««» 

Norwettfan krone 

Pcsela 

Svredum krona 

Svflss franc 


4L7200 

5-52344 

2xrm 


1- 30634 
X5238Z- 
1UM7 
4U»» 
TJB»T. 
2J96Z58 

2- 73365 
5X8022 
1113.15 
291-129 
6.74636 

nom 

5JBBUT 
2.23629 . 


Decemtmr5 


■ Bank oT., N«rsan 
Ena Dote CMrtwty 
Index duuiaes % 


surfing -v.-£ 

US. dolUr .... :■■■ 

Canadian dollar — 

A us Irian sehflUng ... 1*4-15' 

Belgian, franc — - Wi® 

Dnnlsb krape _.. — r . W&a 
Deutsche Mark --- W7-M 

Gander ... — 

French tranc 

Ur* -i. — 

Yen ‘ v „..n.. lAT-M - -t- . . ■_ 

Based on trade welghied cKanaw 
Washington agreement December,- lid 
CBaak of England lndex=UKD. % ... 


■—80.9 
- 13 . - 
-16.9 
+18.7 .r 
+14.6 . 

+. 5.7 ; 
+«OS - 
+82.7-. 
+J9J 
—‘ 6.6 
-«.7 • - 
+45.9 


OTHER MAR^TS 


Dec. 6 


XowEatea 


„.„l 


ilsssr ad 5SS£S™^^:r~::r.- 

rfikSf MartUa.... | 7^160-7^925^ 
toeilCnueiro 


33.32-37. 3D JCrennany,. 


3.70-3:80 - 


eesSKi JSSoSS! 

llXnW 1.8— 0-l.B660| O.fiMtLO.gl 

4^7^4*.S SLlMall87a‘u-lUt^^^:qi.94^]Li8C>0 
llMenj^tLagflM^gglXugOdda vta.-..,^.! *1-43 - 


h- 


Rata given for Araennna Is. free rata. 


EXCHANGE CROSS RATES 


tVricut al+J--in K| l IfcJiar ; Ueut-i.-bemarl.j 


Mer.inv 

1.5. Dollar 


1. 

a.5i2 


.938 

1. 


3.14B 

1.919 


Jajmatoe le* 1 


nuir k 

Jaiauesv Ven I.0W 

frenv-li frail- lu 

traiw- 


I U.267 
• If. 591 

TTfiS 

U.299 


b8l 

056 


1 

9.702 


486.0 - 
197 3 4, 

10UU. 


.269 

,cB4 


1 355 
1.121 


448-8 
LIB 6 


French Fra oc- avutf Franc- {-Dutcb CuikKal Imtian Ura ; Canada Dollar | fiemtan Frxne 


tt.600 

4.407 


-a -3 40 
1.712 


- 4.065 
2.078 


1684 
852 4 


2.286 
4 - 1-171 


59.15 

30.51 


2.296 

32.28 


U-092 

8.653 


1.C83 

10.51- 


: 4442 

J 431Q 


: o.«io 

l 5.921 


lb.79 

153.8-- 


lu. ' 
8.575 •- 


4.864 

1. 


4.715 f 1934 
1.B14 ’! 498 1 


2.558 

0-684 


*8 78 : 
•Li .71 ■ 


iMlvn Gulwlei 
1 <h> *n Li la l.'fJO 

' h- a .ein Iknmi 

Fra li>- lUi 


0.247 

0.6.-1 


U.438 

1.691 


.481 

.l,i 


U.924 

-4.*51 


65 19 

iMO I 


4.121 
a. 170, 


0.824 

2.v. 08 


1 ! 410 2 

2.43B i ' Iviou. 


0.564 
i 1.374 


14.59 

35.56 


r 


.854 

.299 


I 1.659 
l 6.351 


168 9 
bS£.6 


4.763 

14.54 


{ 1.461 

| 5.647 


6.855 


2812 


i 1. 

- r- S.864 


W5-88 

100 . 


EURO-CURRENCY INTEREST RATES 


tier. 6 1 

1 

Merlinc » 

I lsr.i:nr 

CsosiImd 

LMimr 

1 

Di>t> h Guilder i 

tjwle* Freon 

West German 
Mars 

Frem -b Freae 

I uil is n Lira 

.... . - 

.. Aeiang 

_ ■ ' ; 

JTapanere Yeu^ 

iMm-1 Irani ' 

1 ■l\Vl.' U.illis- 

11 vi 

lino*' n»n«ih:...j 
r:* nfniUf. . .. 
UllVAtnl 

12-1£>4 • 
lZU-12's 

13ij-13'a 1 
1.418 14I» j 
lNU.l-iSs 

13?ft. 14I« ! 

9aj-9'a 

Siv 10 
10S*-ll 

me usa 

Ilia- 12 
lUs-llis 

Bts-BMt 

936 94* 

&49A 

lOU-lL&a 

ii^to ) 

9« tt tO i 

10 iB-lOja ; 
101 8- 10 la 

• J* 10 J 

81, 9 1 

■rij-rir 

riri4 

Je-la 

6»- a » - 
ito-n« 

3t*b-S| 4 
376-4 
n<8 4 
...4-4la 
4rit*4rj 

xo xoia. - 
.10 11 - 
91* -10 

' 9&4-10I* ' 

U3*-10U 
Lu-x«.ig 

■ffSipss 

arises 

M 

10i4-J.vTB 

, UVH.1 
Uil Hi - 
Uift-Ufia 

1 rs-^rir Z 
-3rl- -A » 
i b-i» : 


tne follow .mt forainal rates we_n_ qiraied for London dollar coniflcites of deposit: «e tmmih W.S3-10.3S per cent; three moitths. it^S-lLU per cent; a* ntonthfc 

I: railiMtt per cent: three years iomm per .cent: taur lean IMw-lP^ls per cent: Are Jtw 10H01, percent: nominal dOTtag 

rai^Sh' n-ivrin raws .iiv, call lor sterling. U.S. dollars . and Canadian dollars rwo-dajr call for gniUtrs and Swiss francs. Aslan rates, are dosing rales in Sngapore. 


A 


INTERNATIONAL MONEY MARKET 

New York rates steady 

f.S interest rales showed no hi per cenl with 12-month money the European snake, 
ear irend yesterday with M- rising to 8J-9i percent from 8j- official denials, there 


snake. Despite 

clear irend yesterday with 1.1- rising to 8S-»i per cent trom Bi- official aemacs, there are stili 
week Treasure bills at 8.93 per ll per cent. Call money however fears tbar the D-mark may 

cent compared v ilh an average was easier at 4.90 per cent from undergo some form of revaluation 

S.PS4 per cent ai Monday's auc- j. 10 per cent previously. At > ester- ahead of EMS. Call money rose 
lion, while 38-week bills rose to day's auction the rate on Belgian to Sf-lO per cent from 9J-10J per 
953 per cent from 922 per cent four month bond papers was left cent on Monday and the one- { m quiet trading yeaerday. 

at the auction. One year biiis were unchanged at 8.75 per cent. month rate firmed to 10j-10{ per > fP® metal opened .at 519o}-j 51/ ^ 


GOLD 


Weaker 

tread 

Gold fell $if to dose at $l97i; 


year _ . . 

also slightly firmer at 9.31 per FRANKFURT— Interbank money cent a 8 alnat P« r 

cent against 9-30 per cent Federal ra tes showed very litUe change PARIS — Day to day money was 
funds were changed at 9» per cent urith call money quoted at 3.5- slightly firmer yesterday at 62 per 
with last trading at 3.35 per cent from 3.45-3.55 per cent compared with 8} per cent 

cent. Later in the day the r ederal cent an( j the one-month rate oir Monday. ■ Longer-term rates 
Reserve entered the market to unC hanged ai 3.9-4. 1 per cent, showed little change through to 
f,ra ‘ n . ^serves by moking two-day Three-month money stayed at 12-month money at 7f-7j per cent, 
matched sales, with Fed «unds 3.8-4.0 per cent as did six-month 
trading at 9, per cenL money at 3.95-4.05 per cent The 

BRUSSELS — Deposit rates for 12-month rate was quoted at 
the Belgian franc (commercial) 4^-4.3 per cent,. unchanged from 
continued to firm yesterday. Monday. 
reflecling uncertainty ahead of . , h „ .. u , Ml , 
the proposed European Monel ary I n ^ A 

System. One-month money rose to Slmri^hank l fH! hfmi«wL ^tn ““hhv ui« <» 

DJ-JO per ccm from 9- per cent nviinnhn f by D * I600m to although conditions eased some- 

DMii»i.3iin. what during the afternoon. Call 

AMSTERDAM — Interest rates money was quoted at 10} per cent 
were generally firmer in line and overnight business at SI per 
with other weaker members of cent - ■ 


BULAN— Rates showed very 
little, movement throughout, with 
call money at 101-10} per cent, 
unchanged from Monday. 

HONG KONG— Day to day 
money appeared to be in short 
supply during the morning, 


while ihc three-month rate was 
quoted at 9J-9; per cent against 
94-9} per cent. Six-month 'money 
finned to 9-9i per cent from 8J- 


UK MONEY MARKET 


Very large assistance 


Bank nr Engbind Minimum discount houses were paying In the interbank market longer- 
Lendtog Rale 1TJ per cent around 12 per rent for secured term rates showed very flttle 
(since November 9 1978) c ? n ,oans towards the dose, little change Ovpmlght money opened 
DayTo da? wrtt w» In short ch a n ^d rrom the lli-U} per cent at JlMlJ per cent and nSTS 
,1. T J . nte quoted earlier in the day. 121-121. per cent before easing 

supply in the London money Factors affecting the market back to per cent Barra 

market yesterday, and the author!, were all on one side, with banks then .tended to seesaw trom 
ties gave assistance by buying a bringing forward balances some 12-12} per cent down to 113.115 
very large amount or Treasury *'3* t* 10 '/ ^ arset t0 ? eth ® r with per cent and then back to 121-12V 

»" '*«■ «» «— t M3SS& “S- Saa'y!SS?5» *"» 

houses. This was considered to modest net take-up of Treasury Rates in the table below are 
have been enough, although bills to finance. nominal In ***>"» 

LONDON MONEY RATES 


and was fixed at 2196.55 in the 
morning .and $190.40 in the after- 
noon. It touched a low point of 
$196-190}. 

In Paris the 32} kilo gold ba* 
was fixed at FFr 28,250 per kiJo 


i flue) 


Doc- 5 


Deo. 4 


□old BdIDpiJ (s j 

Mince). — 1 - • ' • ! ■; 

Chrw : 'S]B7±-1» :4t1»-1B3J > 

Opening iStSBi-in'i .SI97M9B 1 

M-.-rning fixing .^...lglOfiXB 18187.70 « 

<(£181.203) :i£l02J50) t 
.Vftrmxm. Cilng ._ 5}96.48 ■' >glS8J5 i 
. IWIOOJHII 'ya««.B85); 

Gold C(itrm. ; : 

dome»Uc»U.v„...... . ' ; 1 * 

Krtmemuid 'SSUSt-CI 13 'SB W- FIS j 

H1D7+1IW61 '(£108-1113) ? 

Xew $OTtrelgDa ijSS-BI * 

jtEM+4U>:f£Mi4li)i 
Old sovGivigd*... — £60-62 . ' . 1869-61 

''£*05-* W vwii-s i«: 

latereBtioaaiij ...: * ! 

Krugerrand—. 8 S 02 i -!044 15235-207 S 

-?(£!05a-10«l.(£ia6i-109d 
Keir So rorelgas — [5fiW6 Z 
l£27-28| . l8271-SEi)1 

66D-S2 663-61 } 

css® fe a ! 

816+ 7a, #142-157 ; 

3100 - 1 BS -- leW-MS i 


OU-jovtnigiiC..; 

SSO Bagrlre. 

S10 - ' 


61 W 


in the' afternoon " ($198.63 pei 
ounce), compared with FFr 28,450 
IS200.08) m the morning, and 
FFr. 28,600 1630019).; in tba? 
afternoon..-' - .t 

.IiT Frankfurt the 13J- Jdlo bae 
wasT fixed iat - 12^200 per kilts 
(519731 'per ounce K 'comp ,s 

with DM. 12^46 t $198 22) 
Monday; — *■ 




On. 5 
I Vli. 


Meriint • 
Cc.-rtnreie ; 
un -icpw-iu i 


loteibaafe 


G-iail 

,\iillir>r 1 ry 

4cp«,ili 


f 1rwui»hf . 

2 ■!■} * notice.. 
1 itavn or 
7 ttmym nnl/cc-.i 
• Inf month 
Tkm Oinot)is...| 
fhrre tnontfas. 
Mx mnntli* ..1 
Mno moDtlia..) 

Ono year I 

Tbo years... ... | 


- lllj-lZls 


ll^B- 12 la 


rart-iB,), 
12^-121, 
12,/.- 12 
ii«-nw 

llit-Urt 


IS. I2I| 

12-ibib 


ZZ-lXUt 

w*-w* 

i8i*-iau’ 
lgyi-IgU' 12IB-12U 

18-12*; iis,-i2 

iihi-iiii: im-iii* 
— | 12 - 12 U 


Grrcl Aoth. 
neuotlalile 
Iji-iuU 

Finanoa I 

Hons* iCompBor 
nepreire ! IHpwii 

Dneomt ; 
avartet- ; 
dejxttlt - 



18»a 

IXie-XEfe 

— 



lata 

. 

121h-12io 

181* 

1ZU 

lam 

1178-12 

12 

. .*>!!!■ 


123ft 

lira . 

lllB-UU 

15!" 


.113* 

1196-18 

18U 




1136-12 

121* 




Use- 12 

121* 

— 

-re 

“ 

— 

— 

. — . t 


Ellghla 

Ban* 

BLUs* 


l£ld 


nja ai^fa . 

- His-llftt 


l. ■ - 


FlncTiuda 

Billot 


un*' 

ze«g 

12lg 

13. 


MOKET RATES 

NEW YORK 

Prime Rote .7 L. 

Fed Fuads ' 

TreaBory BlBt 03-Waetrt 


u-5 
; 4.75 

... — *.M 


i 

Y . 

i J 


Treasury BUI* CM-waek) 4^3 /' t J 

GERMANY . i ] 

nayon or Rate -..._ 3 -3 A 

OvemUUn — ' 

One zaonui ... ; , ... - e^g - « 

Threa mantis ._r..7_ ” 3.49 ~2 

SU nn&tbs M . | 


.•is. 

*K.. 


fitANCE - - "v . .f - 

ffiK-WM Rale .13 i $ * 

^*«rnieh( , • .... kus- 

I “With- . cum i-':..' 

1 “Mias '; .. taus *■ 

- 5t* months TOCS- * 


Loral amhorlnr and Ioann houses srrai days* notice, others seren days* ftidJ-' •tsmaer^enu local toMMin, ; . 
raiei* nnimnilly ;hrce years 126-1=1 per cemi four years 1=4-121 ner wnt; flrr roarsjSt-ci per met. . OBank ^ finfruea^TtSSu 
arc huylna raios lor prime paper Buriau rate tor Krar-motuh hank bills tll-lU per -ceotv foBMBWtt trade bells m nip ivmV 
Anpreilmare sclllne rate* for ooe-mouift Trrasinr WU* ihijj IImb per cent: and iwMaoMfi lliijs-iij nr r«ni- thri T^ m f 
m7..; wr c.-m. Apprastmaie wlUns rate lor ow-mooih bank bills iisi^lj per c«U i • twawoib i;5i«-.E dct 

iDrrr.monib iu»};-iu:>k, wr com; one-mnnib trade wits ja r»r cent; r*-o months 151 percent: and also Qm-^toanoi rsr ™ „ r ? ----- -> .-. 

Finance House Rue Raie» .pablKhcd t>< u w Fmsi.ee Bouse AaMdauoni I i*6eY7 rStOT ftJMiStVTua 5 ’ » APA N‘' : -.I-- 

04 •25? for 4a,J,1 l *«•*'*'■" dars* notico io per cent. CkwrhiB Bank Ban-RRuu tor landing ! O'lwwat - flute' . „• ^ 

1 raawry Bills: Average fender rails oJ ilsmwt 1 l.sm per cent. TT- - ' Bcf “P 1 - Can rcaeaodrtHaj,iv - - 

* ' - I Btrts Discount Rale 


' j n>. 

r- 





.r J?' 










K i ^ b jfV? ft! < 


ATi0 Ar. 

f 

' ■ * 

' Is -l^‘ i:; IS '■■■: v^-r ;K=A 


ocessing crea 
arid doesnot destroy jobs 




NORTHERN CORRESPONDENT 

Dglisn which determine whether shells develop its own special products 
com- reach their targets, as wel] as in the professional electronic.'; 


kO'-* ' . ibwn : oflQdgliiM^r • Portailbvlh : on dheTSimth coast, was prime contractor for Sky. wards Manchester itself because 

“3 WO- and HSJend. nipar-Edinburgh it net IT. the military communica- of the concentration within the 

— . ' peting £nfiw£nee s of YM 30 cheste r hai.alsp reiy lais^jy exhausted lions satellite, and still the only area of electronics and enaineer- 

s. . and ; :tbe"3tt^an«s; '^lOds^ve the potenrtaF.;^^^' cm- opei-ational communications in?. The choice eventually fcl* 

> / was batftd^htl; GBCs .centre -ployees-witii -the,r«Hiii*d level satellite built so far in Europe, on Kidsgrove because the group 

A^jm for ‘ thttT.'maj^udkelnr' : 6fr write- of skills. V- -y ■ MSDS has also provided the saw it as a chance to provide 

~ — equjBti k/ '« British participation in a continued employment for GEC 

"' s . musiCjcentrei -and /tbgj-Blefi.; "Tt 'T\>v# ivp£aa'- ^.Tq C variety of other international employees about to lose their 

4s. a anarket,. hOweTex;;m rWhieh: Y.X/6lvIICv space programmes. jobs, but MSDS is still confident 


— -?*• baw f nmsi c eestyei -and 1hg Tike.; 7t . Y^--; czn'l oc variety of other international employees about to lose their 

:■ an^jt 4 s. aranarfet.-. htweffren : mV which ^-.R-lp Tg llCc: Salco space programmes. jobs, but MSDS is still confident 

t 3 ***$!!* v British i, at The Kidsgrove plant will be that some of the benefits that 

» «?£'* 5r withrstXPng corn^titi^^m ^ /SS? 0 ** thp fitT ed by stages into the com- would have been obtained 

-i!2 nve^eas,^ntT in pIicatwl work which MSDS farther north can still be 

Sll -*?s 3? 'to -partic^BC>>aj^^pToymert out, as retraiaing of the pained. The GEC site in Kadf- 

i% Psfe? Si at DV er lah °ur force to the very high crave is adjacent to faotonrs 

’ T '■ avotxnd;6^:at-j^-,^is L Tp only S«?fL?vS5: SrlffiDS^o * tandards demanded in the occupied by GEC Elliott Auto- 

i n lv t -.T-r-*5 s -t»: 250 at- tbe ^EiiminE < :of '.this P^jr^w yeays- oy MSDS to e- defence field takes dace. At m.itinn and in. ih» mmnnbr 


« . ■;■*■ »*'*!*** .TTt+c"- Th™**> vpar«. — 0 Jua " ‘'‘ w ^ ,v ‘ r ‘9 aireaay me maKUiKS 0£ an eiec 

' aB $ the } urn ™S out GEC mu>*ic centres. i ron ics park within ihe town 

* manufacture where its-Hirwapn ago. 'ahmit 95. Percent of the but aiongside this linc emp | 0 y- . * rprrili1mi>n , . , 

• "Sm&'gg&E* Z S! ««>.« ..Imdy betm. work * ™Xr 


-- CYN ? V ^ 


iavi If l-v - Hr “ - 'V- 1 . a. „ ildYC . dlicau V UC^Ull WUIA Tirtia- nrtflor __ j ■- 

■^-originally -set- iip. Jto f supply JJ.*: ^* ra Vn^L.iS^riiwnSf on clansiT ’ ajl radio components. b ' J° p d 

the Eax^pean market but now Ministry of Initially Kidsgrove will be «« M “ b * rp -| 


the Enrnpaan 'niarket bbt now ««ustrv or Initially Kidsgrove will be ^ 

EMpu, facing competition in an ovef- ^ derives almost h^nts eam- uwd for overload work of i™ 1 ^ ^ ,lh,n he neat year 

-3 crowds Pritlsb martast: from^ f nm *<>«• but eventually like all Ei entuail> eniploj ment is ev 

jmportei'Japanese and^BritvSh-' 0f nther plairts in MSDS it will p : cT ® d ''ll}* ? bo ^ 2 o ?f- of 

made Japanese sefcr-was also Brrtftjns top 10ft exporters. be expected t0 develop a pro- Slr ^n/iL s i 
S-?^: wonWng below CtparRy. (iKc Its successes have -toriuded durt bearing Us own band- ^ R r l^T/ s p f° du , ctJ0Q 

r ; *i; made the o'bvro'us'decisioii ■■'to breaking into the --L& marKet writing, with company thinking , ° . PIans 316 a re f d -' .J” 

: :i- concEhtrite produrtion in oie y*ere the huge . ;.dpmsrtic aj present favouring products _ JL® ?l' e i 0p \ ? ew J 90000 

[ -S; fartot^. aikl' with. Hirwaun- ih -ibdustry nsuaUy ' .. TWdousl? j n t{ie now ra pidly-develnping 1 fac I or > °P a ->te adjoining 
» :J- an «njoyihg ftrn govern- guards all defence orders. ;The professional electronics field- By exisUng sue at Kidsgrove. 

? -2 meat . development .area iocen* company, which already makes thu is meant the wide variety Re course of ibe next 

• /; . Uves— Hirvfaitn ; '.was chosen. the Clansman radfe hs^d bj; the of equipment now heing made "! ree >ears total investment 0 . 

? • Tbe”GE!C' :: pIaJCtt at Kidsgraver British Army has' "wim. a _ con- for commercial organisations, -°^ 1 on n * w P lail t is expectea. 

\.. ■?. however,^ W>H not be suffering tract -' to develop a ; , new. genera- often as a direct spin-off from Trie Kidsgrove development ( 
the slow death which, has come tion radio sy stem^for the U.S. the military field. would seem to highlight two] 

0 W manr othqr brancb factories Amiy.:^ The contnd ^: yron joinO.r lessons for industry Some pro ' 

- thronghdUt th^-UK^ With a sue- with- Cincinatti Electaurics. a * ^p__ rc« • t 1 ducts by their very nature, such 
■cessJoir-of .new, -owners taking TLfe group in whl^jGEC has a A 1 dll 1C C\/illllll audio equipment and tele- 

; : overi - . each .. employing fewer stake, is for an advanced radio Banks, insurance companies, visi ° n s ! te - are ,ikel - v t0 become 
‘ people than its predecessor, and to be used in vehicles, ^aircraft, security firms "and the police. more difficult to manufacture 
: with the quality .^of the jobs in and manpacks/' 250,000 f 0r example, are likely to find c°nipefi lively in Britain 

.7 s ■' terms of / sMU. as well, as the are expected ultimately to be 3n increasing need for secure because the technology i- now 

-JJ? i quantfbv.ofifti ; declining; too. required, : 'V./-' .: speech channels, and will there- av ^ilabje to lower rust pro- 

.--^1 •- Salvation has come' for Kfds- . StSDS- alsn suppUes, many of fore be customers for equip- ducers m tne Far Enst. There 
j; grove 'in -jhe Shape . of/a t^ke- the '■■ highly .. ’.sciusticated mem originally devclooed for is therefiire a need in he moving 
oveT . ijy. . one .' of ,_the. . 'fastest- weappns - used hyi,.tfie_ British the armed services. The cash- conlinnailv into new*r areas — 

- ?^ro"w ih g 'GEC -BnbsidlaMes. and friendly foreign armies, less societj*. dependent on credit C|,ch A< in this case ibe field of 

I Marconi ' Space ■ and Defence and . which now -incorporate cards, is also creating a demand professional eicctromcs — where 

-..* r . Systeths.’fiISDS>.;'wh$ch-wiU"l>e advanced compd tor-coni rolled for increasingly sophisticated Britain's brainpower can be 
**.•£ : em^oyi^'mbre people '&an the/!suidance. systems. Tfe products electronic checking systems. In P ut tu better use. 

:i’\ i prevfbtw-gToap occnpant, aniJ^an ..include Sting Bay, iSie. RoyaJ much the same way as armies M Kidsgrorc GEC i* also 

; . more h&h&fkmed work:- - Futv 'Navy’s advanced " lightweight in the field have begun to demonstrating that — providing 

1 theriaoirtS. he^iind muclL of tlte' -.torpedo which uses ah' on-board require real-time computing constraints such as the shortage 

}' hew work now hieing transferred computer to engage-targets, and capacity so that large numbers of skilled labour are- overcome 






A word with the key Swiss bank 
could open the way for you. 




• to the plant v/JH' be micropro- the Bfindfire - radar- ; Fysteni of calculations can be done — a move of this sort n-ed nut -, 
} cessing, more uktally seen as T a which can' guide- missiles to instantly, banks also need this necessarily mean fewer jobs. 

I -potentiai :detrt^yeE..«f;. jobs in .toeir. targets day-aii^night in facility- so that accounts can he The impact nf microprocessing 1 
f British indb^try.;. ’. JT any weather. Th errew Sky fi 3*h checked while transactions are is certain to be felt in many 

r The grpWtii df-MSDS has - been air-to-air . missUe , carries an m 2 de- Traffic control is another process industries where large * 
l one of th^ success stories- within. BiSDS radar .hosUn^Chead, as ar:*a where MSDS believes iis numljers of routine jobs arc ! 
J. GEC, witii. s*Q?s growing from ■ alsb;:tioes the: Sea? skua, the experience in the defence and lik*»!y to be renla»*cd by elec, 
p ■' i»m ll^bars agn .to £lfi0ib^iU!t ; Boyait\ . 'Nay^jiV'Tfielicppter- space field will enable it ‘0 tronic equipment. The electronic 
'. year and ah' estimated £240m launched anti-ship missile, come up with systems suitable revolution is also coioe 10 < 
: in the enrreirt- financial year. r An - MSEIS makes, tbo, 4he‘hoBaputer for increasingly complex urban create work, however, for the 
I':- amalgamation ’of ^the.. 1 various, equipment now used by artaieiy requirements. countries and th«» companies 

" defence ^ectronicsr'cfnnpMiej: for, catajlatit^ winds, tempera- ft .is likely to take several which develop the potential i 
•: which GEC inherited after ite turea-ahd all the other variates years, for the Kidsgrove plant to markets. 


Transfers. 

' Say the word to 
the Swiss Bank 
Corpora cion. 

You could find 
yourself considering the subject from a 
better angle. 

Because the Swiss Bank Corporation is 
the key name in Swiss banking. All over 
the world. 

Our experience stretches back as far 
as 1872. Our expertise with foreign exchange, 
documentary credits and collections, trans- . 
iers and payments is an advantage derived 
from our world-wide operation. 

And our reliability and stability a re what you’d 
expect of one of the biggest Swiss banks. 

Talk to us about your transfers. Or your 
imancmg, underwriting, or foreign exchange.,. 


You’ll see 
why the Swiss 
Bank Corporation, 
is a name to be 
reckoned with. 

A name that could open the way for -» 




YOU... 


Swiss Bank Corporation 

Schweizerischer Bankverein 
Societe de Banque Suisse 


~'Si' a?ssi5 '91.1 '9-T*: Sr. 5 ^,7: drill"-?. Custom? 'V ripper!:-: 
c*r. ?r, jri minion. .Sepita! ara rpiaer-.'«5: S:.. 5,2 sr* million >c a -.res 
'.0 :->»ipme's: S-'r. 20. Vi 5 mil'ior.. Un p-ot 'iStr. 257 mii‘.r.-. i ijmne; 
ci p :a!* : " aOC-Ger-sra: l,fer,ace ne-.! r C.H-41XC P-ifle - “S': riar. .orsiadfl, 
ara in CH-aO?2 Zurich. PB^6ea-nr 6. 0.e- : 70 rrMg sf-irc j-jnoi.-t 
S’Mter and. Eran;h?s :n *i:an:«i. ?ar..^--i. 'Ihirnoo. Lor.rion, . ;?.v Vo*. 
c-i' Fnrz.izo. S-rc«core arc o.Suovdlar.is. atf'. aieo t jvnarass 
a-'.ri rst^s eriari.es in ove; 1G otncrcojntr.es ihrougnculPiewo.la. 


WORLD MININ 

JANUARY 16 1979 


- ; ^e Pi^cmivTnh^ to publish a .Siiryey on World Mining. The pro\osional 

synopsis is Set out below. . : . ' 

IXlTtODl^CnWf Tii their quest for alternative energy sources, the nil majors, with their 
powetfuh cash : reserves, ^ are moving into the Diming industry. Already their attentions are 
\ begiiinTn^ tq, broaden from energy alternatives;, airii-as coal and oil. into other minerals. At the 
same, time. it carinot be assumed that their continuing exploration for oil and gas will be fruitless 
shown fn the big 'Mexican discoveries — and we may be seeing the evolution of a single major 
world natural resources industry . 7' -’ 


COAL AND URANIUM The progress made in 
the development of these “before -^'and-after- 
diT energy resources.- The problems,, financial 
-politi'c&l, and environmental which have to be 
overcome. ;■ ; - : ‘ 

. GOLDS, DIASIONDS AND PIAT2JSTCJM The. 
dramatic revival in demand and prices for these 
prerious products. ; The. reasons for the revival 
and the outlook.. 

SURVEY OF OTIffiR MINERALS • 


COPTOR ; 

LEAJ), ZINC AN&SILVER 
ALUSflNIUM 

y - IRON ORE- .y ^ ... ■ • . - ’ -. 

NICKEL y. 

natural areas rj^pved 

SOUTfflRN AFRICA L 

NORTH AMERICA ~ ' 

; 50UTH AMERICA- ' '' - V ' . > - , 

• AUSTRALASIA " 


•^lE FAR EAST 

•UNITED KINGDOM AND IRELAND \ 

\ -• ' 

iSlINING SHARE IN\-"ESTMENT How the 
investor fared in recent times. Do the rewards 
’ftfeasure up to the risks and how do mining 
investments compare with those in other 
spheres? 

•RISING COSTS IN MINING Costs seem to have 
'accelerated at a greater pace than those of other 
infiatzon'hit industries. How the rise is being 
tackled. Technical developments in ore extrac- 
tion, treatment processes and mining equip 
m^nt 

LABOUR The need to attract newcomers to 
-theindustry. What progress is being made and 
what farther c an be done. 

FINANCING NEW VENTURES The need to. 
find even bigger sums for tomorrow’s mines and 
';the : problems which have all but halted new 
investment. How these may be tackled. 

THE SEARCH FOR MINERALS New explora- 
tion techniques. The possibilities of the seabed. 

THE ENVIRONMENTALISTS They state their 
case and suggest how their demands can be met 
without depriving the world of mineral supplies, 
or driving up the cost of these supplies to levels 
which would lead to an “oil crisis"’ inflationaiy 
situation.- 


For further information about advertising in thissiirvey please contact Mark Skinner, Financial 
^pinies. Bracken House. 10 Cannon Street, London- JEC4P 4BY- Tel: 01-248 SO 00. Ext. 7152 


There’s only one way to take Glenficldich. 
Seriously 


Von can take i: >{raiyhi. 

Or v. i ill a !:llic plain u aha 
Bin do ivaieisilxr fii.il a >:i’rc 
iaslinji in > ordinary Sco!c!i 

( i'c'iiijJdich is pure. miuJo snail 
Distilled in die ancienl way. in 
Ir.iciiiMinai itjndhe.Uen eopper s! -j Is 
The t esiili is. pi riiaps ll:e l-nes' 

whisky i!:e 1 lii'idaiuK Ji.» v *• !o oiler 
\\ T t :ke it siov\ l\ lake it serionsiv 


,V 

-4 - ■ 


• e ; : . . v. -BJROPfS BUSINESS NEWSPAPER 

rte 3.3 ^' jjs iafi nl'aunen ia O* ra ancsi inwaw *£»K : :c c taw « ft* i*=»r== =f fc SSL-JS • '. :• ' 









30 


Financial Times Wednesday 


INTERNATIONAL FINANCIAL AND COAIRANAL NEWS 



jft 


NORTH AMERICAN NEWS 


MEDIUM-TERM CREDITS 




Exchange 
losses 
hit Deere 
earnings 


Heinz quarterly earnings 
show rapid improvement 


SL"!f A buyers’ 

for Great 





SY JOHN EVANS 


MANHATTAN BANT, the OPEC RTOUp. of J*£ W 


CHASE 

_ Uke most of its American bank- diminishing- u** this' weefc of the 

Cnii tL prn ing counterparts, is continuing balance of payments surpluses of attend n n$|^, TnS ° and ’ " 

OUUUICIII - ‘ to experience very ^stfang^ inch c0un tr,«; as J*P*? *PP*£S . aaa ;t .. 


the 


BY JOHN WYLES 


MOLINE, Dec. 5. 

A DOWNTURN in earnings In 
the fourth quarter at Deere and 
Company, one of the world's 
largest manufacturers of farm- 
ing equipment, seems to have 
upset recent analysts prediction 
for the 197S outcome. 

Earnings for the final quarter 


NEW YORK. Dec. 5. Sales for the quarter rose by " nf satisfactory sales and ea ra- 
il. J. HEINZ has enhanced its 19-2 per cent to $620 from jugs gains.'* 
reputation for. good quality S520.lra a year ago. Net income 

growth in the quarter ending rose from S23.6m to S2$.2ra_ Analysts claim that canned 
November 1 by returning a. 194 Half-year sales were Si.lShn com- tuna fish and tat food are the 
per ccot increase in net income, pared with Sl.Olbn and net earn- stars of the Heinz product range 

ings S49.3m compared with this year and the principal con- 
This is a faster rate of growth $43.2in. tributors to higher earnings. The 

.than cither the company or Mr. Gookin warned that it was company's British subsidiary is 
security analysts had generally unlikely that the company's rate said to be a major disappoint- 


slipped by 3 per cent to S44.9tn, expected add Mr.H. Burt Gookin, of growth would be maintained menL Price wars and a sluggish 


with share earnings down from 
76 cents to 74 cents. Sales showed 
a gain of 14 per cent at $U2bn. 

For the Tull year, net earn- 
ings arc 3.5 per cent up at 
S264.Sm. or S4.38 a share against 
S4.24. on sales ]5 per cent higher 
at $4.15bn. At the third quarter 
stage, some analysts upgraded 
their forecast for Deere to pre- 
dict share carniDgs of S4.57. 

Deere said the principal im- 
pact on fourth quarter earnings 
was from foreign exchange 
losses. 


vice-chairman’ and chief execu- in the second half of its fiscal market have left the company's 
live, largely attributed the year, but he predicted that full unit sales. running 4 percent be- 
income sorgo . to significant year operations would result in hind year-ago- , level* and profit 
increases In sales volume. the sixteenth consecutive year margins are being squeezed. 


LTV— Lykes meet today 


BY STEWART FUEMING 


NEW YORK, Dec. 5. 


t ■ 


glomerate LTV Corporation and Lykes* main problems have profits of $16.9tn. Last year It 
Lykes Corporation meet today to been in its steel operations, suffered a small pre-tax loss on 
IiTfiscal 197S. foreign exchange vote 00 one 01 tbe Star's most particularly its Youngstown sheet its S2.2bn of sales, 
i Qm aDainsi controversial mergers, a deal and tube division, whose financial LTV, however, is a much more 

^13 6m in jqjr ** * 8 which will create the third difficulties in 1977 became a focus widely diversified company — in 


By Our Own Correspondent 
NEW YORK, Dec. 
NLT CORPORATION 
medium-sized insurance hold- 
ing company, has agreed to 
acquire Great .Southern Cor- 
poration, a Texas-based savings 
aad loan and life insurance 
company, for 5234m. NLT had 
previously announced that U 
was talking with Great South- 
ern but at that point It is 
understood that the latter 
considered that a $50 a share 
offer was too low. 

Now NLT has increased Its 
b]d to $53 a share for each 
of Great Southern’s Ora 
shares, which has won the 
agreement of the Texas com- 
pany's Board. The company 
earned a net income of S17m 
In Its last financial year. 

NLT, which conducts accident 
and life insurance business, 
had a total income in 1377 of 
5605m and a net profit of 
$lllm. 


id experience very strong cw suen countries rnmniisslon. 

petition in the field of Intern* .to be responsible for tbe injec- Economic pommyss^ ^ 

• - - v liquidity into the , Mr, .Rockefeller. .believes that 


Such losses were especially largest U.S. steel producer and of anxiety about the impact of the U.S. it is still widely remem- 

vere during the fourth quarter th<? 23rd iargest industrial steel imports on the U.fT. bered as the conglomerate Ling Dpcnrfc rPQnf 1 

tailing S30 3m against S5.7m in company. ‘ ’ dom«tic_sieel ^industry. ^ _ Tcmco Vought, created by Mr. AVC3U1 13 1 tfltl 

" ’ ’ ' " ~ to licence 


severe 
totalling 
the like period. 

The chairman, Mr. William A. 
Hewitt, said tbe company could 
recover a significant portion of 
the 197S foreign exchange loss if 
the U.S. dollar retains the same 
strengthened value relative to 
other currencies that prevailed 
in early December. 

He explained that tbe 197S 
foreign exchange los? relates 
primarily to the translation of 


The merger has been bom of Although industry and union James Ling in ^the 1960‘s. But 
weakness, not strength, for both officials argued that Youngs- several nf Its operations, includ- 
companies are over-burdened town's losses were largely attrib- ing its Wilson Foods subsidiary 
with debt and saddled with opera- u table to competition from which is the third largest U.S. 
tions which are only marginally dumped imports, at least as meat packer, have 'incurred 

profitable. convincing a case was made that losses In recent years. Last year 

Indeed, it is only the weakness they stemmed from the failure the company incurred a net loss 
of the two businesses, parttcu- of management to modernise of S38.7m on sates of S4.7bn even 
larly Lykes. which has made the equipment, much of which was though its aerospace operations 
merger profitable. The U.S. built before the First World War. reported a profit. 

Justice Department earlier in the The dispute became academic Against this background, it is 
year gave the. transaction dear- however when, in the wake of widely recognised that, assuming 
foreign currency financial state- ance under its “ failing company closures of part of the operation, shareholders approve the merger 

ments in U.S. dollars. Unlike cur- doctrine." accepting the Lykes Lykes disclosed after tax losses today, the companies are facing 

rency exchange losses, Deere's argument that in the absence of of siSOra for 1977 on sales re- a continuing struggle if they are 

translation losses ” are mostly a merger, it might not survive Its voduos of S1.7bn. So far this to deveop consistently profitable 

current difficulties. year, the company has recorded operations. In' the short term, 

That decision was challenged losses of almost S62m at its much could depend on the out- 
only last month by Senator Youngstown division. Lykes is look in the steel industry. If 
Edward Kennedy, chairman of expected to report another heavy conditions deteriorate again 
tbe Senate Anti-Trust Subcam- loss for the year, analysts say. next year after the generally 
mittee. who argued that tine LTVs position is a little bet- more profitable environment, of 

merger could have an adverse ter. and in the first nine months 1978, what will then be tbe in- 


objection 



tion -in the ''western financial 
markets had not- appealed 
Chase because ' of. the dow . lend- - w 
ing margins 

The Soviet Foreign Trade 
Bank iVheshtorgbankl- has just ; 
completed a S350m syndicated 
Joan, with- a maturity of . eight 
years and spread nf 5-B per cent. 

The loan, placed among a res- 
trictcd group -of banks, -was ■•n. 
assembled by LazanI Freres 


Paris, Basque EuropeenB .'dff ; 


unrealised and can be recovered 
In future periods if the dollar is 
stronger that in was on October 
Deere said that 1#78 farm 
equipment sales rose 12 per cent 
in S3.29bn. breaking the 83bn 
level for the first time. Indus- 


trial equipment sales rose 2S per impact in the enforcement of U.S. of this year its Jones and Laugh- d us try's third largest company is 


cent to SS58m. 

Sales in the U.S. and Canada 
were up 14 per cent to $3.21 bn 
while overseas sales rose 21 per 
cent tn 3942m. 

Overall, dealer inventories are 
very Inw in relation to sale*, 
particularly for large farm trsc- 
tans, combine harvesters and 
certain industrial machines. Pro- 
duction schedules are about 10 
per cent ahove 197S levels. 

Dealer receivables were SI.2«bn 


anti-trust laws. 


lin steel subsidiary has earned facing a daunting future. 


Pan Am woos New York City 


BY OUR OWN CORRESPONDENT 


NEW YORK Dec. 


PAN AMERICAN World expected to make a decision by from Dallas and Kansas City. 
.Airways today dangled the carrot next March Pan Am is arguing to the CAB 

of more jobs for New York City Mr. Seawell told the Mayor that it needs a. domestic U.S. 
in a bid to win the support of that the merger would create 600 route system in order to bolster 

at October 31, up from Sl-25ira Mayor Edward Koch for Pan new jobs in New York, worth an its overseas activities which pro- 

year. Am’s proposed merger with annual payroll increase of S16m. vide the bulk of its revenues but 

Deere expects another gnnri National Airlines. Pan Am currently employs which are uoder pressure from 

year ra 1979 and added that Mr William SeaweJL Pan aroUnd 12,000 people in New competition by. government- 

capital expenditures in fiscal AlJ ,. g and chief cxecu- York York whoseannual payroll subsidised airlines, 

five, met the Mayor this morn- tola, £ 9300m, K A According to Mr. .Seawell, the 

ing to reaffirm the airline's com- nuTnber of ^ oew J° bs wouW merger would produce anoi her 

mitmeut KalnWnln- li ™ flow from tfae transfer of 677.000 passengers ilk and out of 

poSe head^uarS nn New NaUonal's engine overhaul work New York airports by 1960L 


197S totalled S21Sm. 
Agencies 


Bache issue 

The directors of the Bache Group **■ ^idence of this com 

today authorised the issue nf up mitmeut, he revealed for the 
to 7tlO,n(lO new* shares of common finst time that Pan Am was pay- 
stock to continue the securities ing S25m to acquire the land 
firm’s diversification into insutv upon which the Pan Am bulld- 
anre brokerage, writes John Wyles ing is located on Park Avenue, 
from . New York. Bache. whose Previous owner of the land was 
principal subsidiary is Bache p enn central and the skyscraper, 

2JJSL SSSf* cprmdrics 3 New York ,aDdmark - houses 

Mrwt s fourth IjrffWt SPCimtlCS nffime nf PnmArofinvic 

bouse with n total capitalisation of offiras of Z-.5 corporations. 

3141.9m. In common with its Pan Am will be hoping that 
rivals, it Is seeking to cushion today's declaration will be seen 
its earnings against the vagaries as important and significant in 


Surge in profits forecast 
by Peoples Drug Stores 


ALEXANDRIA. Dec. 5. 

PEOPLE'S DRUG STORES ex- area, merged with Lane Drug 
pects to report that net income Corporation, a smaller but more 

surged by 20 per cent during aggressive chain operating in 

of market 1 cycles by diversifying the wake of the recent contro- , fiSca |. T® 31 ' September Obio and Georgia, 

into areas with related skills, vernal decision by American 1° about S5.4m. or SI. 50 a The company's effort since 

Merrill Lynch, the No. 1 U.S. Airlines to move ’its corporate share, from last year's S4.5ra, or then to consolidate operations, 
securities firm, is investing headquarters to Dallas, Texas. 51^5, the president and chief re-model stores, re-shuffle the 
increasingly large amounts in Mayor Koch's support for the executive, Mr. Sheldon W. Fantie, merchandising mix. and tighten 
real estate services, and the proposed merger with National sa * d - central management controls is 

property area in general is could be of equal symbolic im- Sa,es for 1he >' Mr ros e to "finally beginning to show 

attracting the interest of other portance to the case for a merger $404m from 5366m. fruit,” Mr. Fantie said, 

firms. Last year. Bache acquired with National, which Pan Am is He called the results “ a total H e said that new expansion 

the San Francisco insurance currently outlining before an turnaround ” of the company's consolidation and other pro- 
broker Alfred M. Bender, which administrative law judge of the flagging earnings prospects from grammes should put fiscal 1973 
it believes has the potential to Civil Aeronautics Board. Hear- two and a-half years ago. when earnings “within tbe frame, 
become a national insurance ings have been under way for the retail drug chain, then work " of thU rear's 20 p*r cent 
brokerage business. some weeks and the Board is centred in tbe Washington DC growth. While he declined to he 

specific 



Associated Japanese 

temation 



lal) 


Limited 


Providing a full range of 


Short, Mediumand LongTarm Credits 

Eu rocurrency Deposit and Foreign Exchange Dealing __ 


Underwriting and Distribution of Securities 


A J Bis an international conscsfium bank of leading 
Japanese banks and investment banking house. 


Shareholders 

The Sanwa Bank Limited 

The Mitsui Bank Limited 

The Dai-Ichi Kangyo Bank Limited 

The Nomura Securities Cq„ Ltd. 


2a30Gomhfl! f London EC3V 3QA . ' 
Tefeplians:bi : 6Z3 5661 Telex; 8S366T 


more specific hi* projection 
indicates 1979 ca mines near 
M>.5m or 51S0 a share — above 
tbe 91.70 fa Si .75 range projected 
by analysts. 

The October 31 decision in in- 
crease the quarterly dividend to 
R cents from cents a share 
“ hopefully will he the first rise 
of many." he said. 

- Ir ‘ Fantle's optimism about 
was tempered by his fear 
that a " severe recession ” next 
year might affect caminzs. To 
forestall Ibis he said Peoples 
is developing two budgets — one 
to expand in a healthy economy 
and tbe other in proceed more 
cautiously in a recession. He was 
confident however that Peoples 
is in a “ recession-proof industry. 
We’re a necessity business. 
Toothpaste yon use everv day nn 
matter what Wc would be tbe 
last to feel a recession." he said. 
AP-DJ 


By David La sretles 

NEW YORK. Dec 5. 
RESORTS INTERNATIONAL, 
the gambling concern whose 
shares were suspended yester- 
day after the New Jersey 
Attorney General objected to 
tbe granting of a permanent 
licence for Its Atlantic City 
casino, today said it was 
“ appalled ” by what had hap- 
pened. 

The ohjertinns. contained in 
a 115-page report, were based 
on Resorts' alleged connections 
with organised crime and irre- 
gularities at its casinos in the 
Bahamas and Atlantic City 
(the latter has been operating 
on a temporary licence since it 
opened last May). 

Resorts categorically denied 
that it has ever had any con- 
nections with Meyer Lansky or 
an? other alleged undesirables 
in the broadest sense of the 
term. It also declared that It 
has never raised $lm nf capi- 
ta] from any illegitimate 
source. 

Resorts added that it was 
confident it could .satisfactorily 
rebut and clarify every allega- 
tion and Innuendo made by the 
New Jersey division of gaming 
enforcement and It had asked 
the state's Casino Control Com- 
mission to give it the earliest 
hearing. 

In a bitterly warded com- 
ment on the report Resorts 
also said that much of (he 
material it contained had been 
furnished by Resorts Uself 
bach Jo 1977, and the division 
had bad ample time to raise 
objections- Resorts also said it 
failed to understand why the 
division had included items it 
knew to be untrue and bad not 
given the company a chance to 
answer unexplained allega- 
tions. 

The $5-6 drop in Resorts' two 
classes of shares on the Ameri- 
can Exchange yesterday be- 
fore they were suspended on 
news nf the report illustrated 
Ihe impact of lhp Attorney 
General's charges. Bui though 
the outcome is still far from 
certain for New Jersey’s 
fledgling but hectically grow- 
ing gambling industry, some 
market analysts suggest that 
Resorts may be tangled in a 
political battle between the 
Attorney General and the 
Gambling Control Commission 
over how strictly the xauilq|! 
law-.- should hr enforced. 

The casino today reported a 
net win in November of an 
average $396,362 a day, only 
slightly below the average 
since May of 5630,977. This 
figure represents gains In the 
gaming rooms before operating 
costs and tax. 


tiooal lending, chase chairnum tjnn of new — «n ' 

David Rockefeller said capita] markets. LKk* wS? n?S ’ ry 

day. Apart from First Chicago, to assist theflow; of U.^Sqvief 

Mr. Rockefeller told a Press' few tLS. banks participated in trade, by fixteodip# finance for 
conference in Londoir that bfgTShe syndication. - ’. •: AawTicw-. osportt. - • - 

bank’s overseas lending activity ’—^Eurobankers say this is con- However, he indicated that the 
was continuing to expand, bntai^ 'abtent with the trend established latest Soviet fund-raising opera*.... ^ 
a somewhat lower pace duq .tp: r • 
the highly liquid conditions 
prevailing in the international'?"^'' • 
capital markets. - ' 

“Today, we have a bejerifc 
market in international loans,? • 
tbe U.5. banker said, stressing 
that major banks in Europe aptj ? 

Japan had become extremity -' 
aggressive in competing forhew 
sources of business. .? 

in the medium-terra market^ "' 
m fact,- other bankers are point-'-* 
ing to the example of South' 1 " 

Korea as one country that seenis 
to be shifting away from Amwi-. 
can banks as a main source of - 
commercial bank finance... -'V:. f 
In. its first large loan involving? 

Arab banks. South Korea~i_ 
through the state Export-Irojwi? 

Bank — has raised 5200m. . -Th$ 
operation has been substantially 
j oversubscribed. > . ■ 

Loan managers . were L'pmuT 
j des Basques- Arabes at ^Fran- -- 

Icatsea (UBAF). First Chicago--; 

Asia and the Long-Term Credit David Rockefeller 

[Ba ®? Japan. the course of this year — , *■**-.- , 

i TQe , , y lH, r credit carries a f or U.S. banks to jdrop out of large Mexican 5t^c. credit to he f 
spread of 5-8 per cent for the the' Euromarkets as interest rate raised In 1978;?. "" ' ' 
flrst two years, and 7-8; there-; margins continue to fall. But ' The' Joan is for 10 years, wtb - 

- their role is being taken over a spread of 7-S wf cent jthrough-.-;^ 
chase Manhattan's general increasingly by banks in Japan, out. Five banks win assemble /.^ 
view of the medlum-toftn Europe and the Middle East, the credit . oil a- joint.hasis^Bank 
markets is that there is yut-no which have enough excess of America, . Citicorp Interna- "" 
real levelling-out occurring - la ■ Jfqntdffy ta continue lending at tional . Group; . . Dresaner Banfc 
the level of lending spreads. ' ‘ terms the Americans consider .Bank of Montreal and Bazik of . 
While tbe surplus reVeoues ot un attractive. . Tokyo. ' ?: 


m- 


Tokyo add Banque Nation ale de 
Paris. ■ . . 

• This credit is widely regarded 
fn markets, as representing an 
effective refinancing <ff a 8250m 
two-tranche Euro market loan the 
Soviet State hank prepaid is the 
.autumn.. ’.jr "• 

Among the large syndicated 
loans scheduled up to the year- 
end, Mexico’s' leading state bank- 
ing and • financial - ageqcy, > 
Nacional 5 FiaAden, . .is. ,-^0* 
arrange -a $5Qdm; syndicated loan 
in the EnroniarkCts.'' .. \ 

This should mark the last 


,t«- 

; Ce- 


il - 


Holla 


EUROBONDS 


Firm trend in dollar sector 



■tL 


BY FRANCIS GHIUS 


PRICES IN the dollar sector, of and Eurobonds of comparable 
the Eurobond market moved up quality and maturity. 


by about half a point today in 
what was described by dealers 
as active trading. Most dealers 
were agreed, however, -ffaat 
activity was of a professional 


The u nderwri tlng'syndl catqf or 
this issue - ihelodes Japanese 
banks and ■ the Singapore 
branches of a number of Euro- 
pean and North American banks: 
The bonds will be listed on the 


Tbe Norsk Hydro issue was ex- 
pected to be priced late last 
night. 

. ^ Nomura Securities Is arranging Singapore stock exchmige. Terms --r. 

nature with prices moving up Je- a S25m seven-year bullet floating of this issue are identical ta - , 
cause of the shortage or bonds ra j e nolc f nr the Banque those of the Whn FRN for,.: j' 
in most dealer's inventories National d'Algdrle. The bor- Banque Pxterieure d’Algene 
rather than any real retail buy- r0 wer will pay a coupon of S per arranged last October; : v 
ing interest. y/~- coot above tbe London interbank The Deutsche -Mark sector was 

Some dealers feel the market rate and a minimum' interest very quiet yesterdasrwitti prices 
is somewhat oversold and point rate of 71 per cent Pricing. Is essentially; unchanged. A p 
out that there is a yield expected , at par which would announcement of a DM 200ra 
difference of 25 to 30 basis give investors a yield of 7.64 per issue for New Zeland is expected 
points between Yankee bonds cent. . from Commerzbank Hater today: 


FT INTERNATIONAL BOND SERVICE 


. v 

' -V* 

.-i'5 

v-rrr 


The list shows the 200 la test international bond Js'raes for which an adequate secondaij market 
exists. For further details of these or other 'bonds see the complete list of Eurobond prices published 


on the second Monday of each month. 


Closing prices on December S 


U.S. DOLLAR 
STRAIGHTS 


CfcmseM 


Issoad BU Offer dur ***** TWd 


Texaco sees 
earnings growth 


An Akt. h sa .... 

Australia 8.43 S3 

Australia M S3 ^ 

Beatrice Foods Tl 83 ..... 

CECA Hi 87 

CECA 9 93. 

CECA 91 88 

err 8 83 

Canada 8 83 - 

Canada 8.2fl 85 

Canada St !» . ... 

Canada 9 ft 

Canada 9i 98 

OiMdaJr M 

pi-mlnion BrWxc Co. 9 SS 

E1B 9* 9S 

Cl^portArans 3 SIS 

Finland ni M 

Finland 9 J* 

Hospital O S 9 83 

ItH Finance W 88 . ... 
ltd Finance N 90 .. 

J. C. Penney « Kl 

Mnc Dlot-dnl 9i 93 

N7. Dev. Flo. SI W 

TfZ DvV. fin. 71 85 

Wai. Wert. * 9* 

Newfoundland ftt 90 .... .. 

Perd tar. BU. Si 89 

Norses Konttn. 91 96 

Vnnvar 71 S 7 

Nnru'ar 91 Ft .. . 
OrrtdrntaJ 9J 83 .. 

Ont. Hydro M 65 .. 
Ouehec Hydro 9} 83 

S*miien 91 96 

'.Ti s» «5 

UK H W 


a 

175 

75 

100 

SO 

2S 

25 

75 

250 

258 

2S0 


951 

W4 

99 

951 

9C» 

« 

99i 

9»; 

95i 

w 

Mi 

w 


9U 

973 

*91 

96 

954 

*1 
99: 
97 i 
9K 
9SV 
9 AS 
WJ 


+CU -MU 
0 +U 


70 

25 

US 

SO 

uo 

100 

25 


994 U34 
** 974 


.. 20 

... in 

. 50 
... 20 * 
.... 20 
.. 75 

.. SB 
. 25 
... 75 
. 23J 
... 150 
75 


940 

97* 

970 

974 

904 

9»1 

954 

950 


US 

50 

US 

200 

ISO 


981 

*h; 

94: 

2 k 

973 
W 

974 
«i 
90 
99* 
984 
984 
97 


954 

973 
984 
97? 

983 

974 
98 
941 

98 
•73 
954 
954 
994 

99 
WJ 

984 
*5 
981 
Wt 
94J 
1004 
98? 
950 
971 


+84 

+84 

« 

+04 

+01 

0 

+M 

-H 

-81 

-01 

+84 

+84 

-Oi 

+03 


-83 

+84 

+M 

+OI 

+83 


—04 

+04 

+M 

+Di 

+BJ 

+81 

+04 

+04 

+« 

+n- 

+81 

-84 

+« 


-o; 

- 8 * 

-84 

-oi 

+04 

+06 

rW 

+8f- 

0 

+w 


948 

9.59 

9.45 

8-94 

944 

9JI 

948 

9J6 

948 

t.3S 

948 

9J7 

948 

9J5 

9.98 

5.M 

9.38 

9.70 

9.80 

948 


YEH STRAIGHTS 

Aslan Dev. Wt. 5« SS 
BFCE 4.4 W ii... . 

Burofima 6J 88 

Finland «" 65 V...... 

Knraay 4.7 83 '.-r.v. 

Oslo. OUr rtf 6.6 U 

STfCF 44 01 

Sweden 4.3 98 ; 


Change o*i 


. Issued 

find 

Offer 

4lW 

woe* 

YlflW 

15 

96 

TO 

•r.«i 

rU 

635 

30 

45i 

98* 

-04 

-8* 

?.» 

- w . 

97 

4/i 

-Oi 

-I 

«.7ff 

.. s 

981 

res 

a 

-01 

734 

.. » 

Wi 

ms 

-04 

— I 

SJS 

.. is 

95{ 

984 

■ 8 

-84 

73ft 

... 30 

TO 

9 « 

+01 

+W 

1J06 

... 00 

9M 

96 

-04 

-oi 

8.98 




Chasm an 





I saved BM Offer day week Yield 


+04 

+04 

-04 

0 

-04 


+13 MAT 
+14 10.95 
+08 9419 

+81 9.45 

+0S 9.S4 

+81 9.45 
+XJ 9.1T 
+M 942 
+84 4.18 
0 958 

+M *J* 
+0| 9A 
+fl* 10 JO 
+85 9JT 
+01 9-90 

-81 *.*A 
0, 9.47 

-84 9.45 


Airline petition 


Mackey Internationa! Airlines nf 
Fort Lauderdale has filed a peti- 
tion in Federal Court in Miami 
Tor reorganisation under 
Chapter 31 of the Federal 
Bankruptcy Act. reports Reuter 
from Miami. Mackey flies be- 
tween principal south Florida 
cities _and lhp Bahama islands 
and Haiti. Marfcey said in its 
court petition that it is asking for 
reorganisation because of an 
inability to pay debts' as they 
mature. It will file a plan of 
reorsanisatfoD later. The peti- 
tion said that, aj; nf September 
W). the company had assets of 
53,735.617 and liabilities nf 
S2.SOO.36fi- Total debts listed nn 
the petition added up to a little 
more than 


Carrier acceptances 


United Technologies Corporation 
has increased its estimate of the 
amount of Carrier Corpora ^ tion 
stock received under its tender 
offer to the equivalent of 19m 
shares of Carrier common, from 
in excess of 17urj or 49 per cent 
of those outstanding, reports 
Reuter from Hartford.' 

United tendered for 17m 
share*: of Carrier common on 
November 13 and said at that 
limeit would also accept tenders 
of shares of Carrier's SI .86 con- 
vertible preferred,, considering 
each share of the . preferred 
tendeed as the equivalent of 
1.815 shares nf common. 


CHICAGO. Dec. 3. 
TEXACO is reaching Ihe point 
where Its substantia! capital 
investment programme* are 
"enhancing our earnings 
potential," Mr. Maurice F. 
Granville, the chairman, told 
analysts here. 

"The company is committed 
io a continuing Improvement 
in Its earnings performance,” 
he said adding that. “ the 
effort is well underway and the 
results are beginning to show.” 

Texaco expects capital and 
exploratory spending to he 
about Sl.Sbn. about the same 
as In 1977. Earlier this year. 
Texaro budgeted $I.7Sbn for 
worldwide capital and explora- 
tory expenditures. 

After the meeting, Mr. 
Granville said the company 
experts next year’s capital and 
exploratory expenditures to 
hold near this year's $l^bu. 

“ Under the current restric- 
tive (oil price) controls. 
Texaro is limiting its capital 
pro cram me to thai level which 
can be funded from cash flow, 
excepi tor certain major 
investments that are projeet- 
fijianced.” 

The company's gasoline sup- 
plies ' arc “ extremely tight ** 
nationally. 

“ Our Inventories arc low 
and demand is somewhat 
higher than wc had antici- 
pated."- 

In reply to a question, Mr. 
Richard B. Palmer, senior vice- 
president, said Texaco Is 
currently drilling a second well 
In the Baltimore Canyon dis- 
covery area, and added. It will 
be three weeks to a month 
before the company can deter- 
mine results of the drilling. 

Commercial development of 
svnlhetir gas from the com- 
pany’s 2.3m tan coal reserve 
in Wyoming Is “ a good decade 
away” 

Reuter 


DEUTSCHE NARK 
STRAIGHTS 
ArccnUn.i 8* SS 


CtNMflCM 


ASmd CK-volnp pk Si SI 

I .Visit Via fi «S 

Main* 51 so 

[ n.-inkiiivnca Si » 

Btyir. Ext. Alserie 71 85 

TECA 4 SS 

C.mada 41 S3 

Chaw MafifcatUn 0'S 6 33 
Commerzbank Int. WW 34 
Comm<*rzlunk tnr. XW 34 


00 


Cajxrnhasco City 6 
Council ot Eoeopo Ob . ... 

Council of Europe « 

F.ib 6 00 

Elf Aquitaine 34 Sg 

1 1-TnlMft 6 S3 

i Hitachi Ship. 51 S3 

1U 3 84 

tnrtnnesln 7 SM . ... 

Kobe. City of 57 &S 

Mjsht S-mi-m de EW. . 

W"Xlco 6 S3 

' Mitsubishi Pcjro 3J SS ... 

Morwn stcol Ji sr, 

Norsos Kmom 6 W ... 

Norway 4} R3 

Norwstan IM. Wl 8 SO... 
Petroleo Braal 7 *8 . 

PK Banken 5‘ W 

Quebec. ITnrlijtv of fi 89 150 
RawaronkKi 0» « ta ... to 

Rfwh 54 S3 31 

Spain 8 w 290 

Statotl 8 S3 150 

TroMhenn. Cltr ot 84 ... 5 5 

UD5 Group 64 S3 *5 

Vooesnrla 81 90 350 


l»)8d 

Bid Offer 

day 

week 

150 

TO 

45i 

.0 

+04 

UO 

43 

43! 

— OJ 

-81 

250 

ION 

10)1 

0- 

0 

150 

944 

TO 

0- 

-01 

ISO 

901 

44; 

+04 

+W 

IDO 

484 

96; 

+01 

+K 

150 

TO 

97; 

0 

-03 

800 

48 

98) 

+0i 

+3 

100 

mi 

I0U 

+fl| 

~oe 

100 

1D^ 

im: 

-Qi 

-11 

UO 

tn 

83 

+64 

-« 

75 

954 

TO 

0 

-01 

IM 

97J 

93 

-•1 

-re 

130 

5 s 

974 

0 

0 

300 

4T 

914 

+8) 

+0* 

IDO 

434 

9JS 

0 

-0*. 

158 

481 

99 

-Oi 

-01 ■ 

' 50 

401 

94J 

+82 

+M 

100 

98S 

491 

0 

+0i 

180 

4T» 

473 

+84 

+01 


7.28 

Afl? 

548 

841 

547 

7.95 
845 
542 
»I 

2.95 
5.91 
847 



OTHER STRAIGHTS • ' 

Rank O S Hold. Hi AS 
Auto Cole Uasq. 7 03 EUA 
CoDenbascu 7 «3 EUA .<.• 

Finland In*! Bk. 7 93 EUA 
Romm. tiur. 93 EUA... 

Panama 84 93 EUA .• 

SOR Fraor- 7 !M EUA - 
Alc-mrno Bfc. 84 53 FI ... 

Rran7 71 fS ri 

CFE Mext-.-o 74 S3 FT.-... 

Effl 73 SS F7 

Xeder MhWpph 64 33 PI 

Srv ZeaUMI « 84 PI ..._ 

Nitnrsx 64 S3 FI 

OKB «4 85 F] 

E»F. 9] SS FFr 

Unflerer ID FFr 

BAT S R8 LnaFr . ... 

Bayer Loic. S W LaxFr ._ 

EtB 7J 89 LuxFr .. 

Finland L Fd. 8 «8 LoxFT 

ffonray 71} 33 LuxFr 

Benanlt 'l SS t.uxFr ...... 

SoUar Ftu. s re LuxFr - 
SnMKh 1. Bk. 8 re Laxpr 
Gpstemer Hid. bv ft ss s 

Whitbread 184 98 E ta 

FLOATING RATE 

NOTES Spread BW Offer C.datc Ccpn CjW 


258 

954 

461 8 

8 

8.M 

250 

95*- 

984 

0 

+04 

8.79 

250. 

.a. 

w. -n 

-8- 

8-<ft 

258 

w 

• ft 

-0* 

8J3 

259 

9« 

973 

ft 

-04 

831 

9M 

TO 

471 +#4 

+04 

S3& 

»i 

TO 

1885. 

8 

+8*. 

7.92 

588 

994 

1004 

a 

~n 

BOS 


U 


671- 

«5* 


BU 

W 


+8»- 

+81- 


+K.13.M 

+0132^6 


Z5B 

2M 

zoo 

100 

IM 


IB 

100 

ItH) 


9M 

981 

9*3 

991 

973 

982, 

904 

984 

954 

954 

954 

9W 

953 

W4 

US 

961 

951 


973 
914 
99J 

1001 

981 

974 
904 
99i 
913 
952 
90 
ff} 
VI 

m 


-ts 

-01 

+03 

.+« 


+M 

+01 

+04 

+08, 

—84 

+01 

+81 

+0i 

-81 

+« 


-Bt 

- 02 . 

+tt 

-02 

3. 

+01 

+04 

■S 

-01 

—01 

—81 


^ “ W 
971 O 

93( 0 . 


-03 

-H 


+« 
' 0 


849 

8.35 

8A9 

830 

801 

5A7 

VST 

542 

TJ2 

84X 

541 

5.77 

Su» 

'5.19 

UD 

T.W 

8.72 

*37 

8.68 

5J7 

8+3 

*32 

*49 

8-50 

7JE 


SWISS FRANC TTilWTM'ert ... 

STRAIGHTS I noted Bid ofTar day «nk YWd 

Ac25a Si SS 40 302 1C2J —a - -o' • 0.96 

American Exp. Im. 31 93 80 983 98$ +04 -Ha -3.85 

.« «Ti 9S4 -Oi +» 4.X9 

W « q -01 0 *51 

»» W « +0* >« JM 

»■ 19*1 954 -« -q-rui 

TO J02 1024 -04. +w xsi 

SO 9*4 941 -04--M £42 

«S H»» left- +01 A 444 

S 2 . Y 94 +tt -U to 

JS 991 993 0 . 0 545 

2» 1B2 UZt +« +12 . 4-28 
UU +« -04 457 

■ +X ■ 428 

+ffit .440 


Arlberg Taaael 4 K ... 

A«*s at 93 

Aortrlfl 31 S3 

BnuU 

Chau Manhattan 4 R . 

CVRD 41 00 

Council of Europe <4 .... 
Bankamerlca 3t OS .. .. 

BNDE 5 S8 

Denmark 4i DO 

ncmuarV-Morutaeo Bk. — 80 

EIB a 93 uo 

Eurwwn «l R re 

F. L. StnWth 44 » as 

Finland 41 83 re 

c.ZB 41 h are 

IIUU-UecP'-RSB-tn ii ..... 25 

ICI Fin. HV 44 33 IDO 

Malaga +2 00 SB 


Mnnliob* 4 M 

Nmca* 4 93 

NOTKes Komm. 41 0a 

OKB 4 S3 

Or N'ofcia 5 0B , 

Safe 4» 83 

SBAlvIfc 4 80 
SC» 44 as 

Vnrrt-Alpific it (Q . 
vtiralbcn; Ktaft « sn 
Vtrjma i 91 . ... . . 

World Bon* 41 R 


UO 

TO 

Uo 


20 

H 

■5 

is 

uo 

38 

200 

250 


m 

up 30m 
9M 981 
1801 1001 
1801 UD1 
uai n»t 

US U3i 
102 urn 
9U 9» 
iaoj loot 
9f m 

»a w 

993 991 

Wtl 1QU 


0 +81 
•m +»... 
-Bi -re 
-re +« 
+01 +14 
-a +w 

-*0i +0 1 

-n +1 


-S 


445 

X« 

CBS 

w 

5.98 
C2 r 
cu 
w 

4A . 

U 

557- 


01 

83 

11 

81 

H 

W 

u 

81 

03 

81 

01 

61 

u 

8 

01 

01 

J 

>1 

u 

o.t 

04. 

01 

a: 

81 

01 

u 


9£| 

re 

981 

981 

986 

981 

3* 

9Si 

ret 

96; 

w 

99i 
re . 

TO. 

w 

m 

res 

98 

W 

«» 


American Express S3 .. .. 

•Arab lntl. Rank MS.3 93. . 

Banco El Salvador ITS S3 
Banco Xa^ -Ardent. >19 jb 
B ans Kaidlotv? MS SS ... 

Bans of Tofcro mss re . . 

Bmtmc Tr r omi4 MSS &> 

Bn. Ext. d'AlS MS575 H 
Rnoc. Ext. dv.te. W7.i M 
Banc. Indn el Suer 115* . 

Bp. Int. Afr. Occ. M6.5 S3 

CCCE 2K.05 OS 

CCF 115] 55 

Chase Man. O/S MSI 01.: 

Credit National MS’, 89 ... 

GMahanlo.n MB S3 

ind. Bank Japan MM (8... 

Isfnha«-afcma Mift 53. 

UnirtJansfta M7.7S *0 „ . . 

LTTB Japan Kit S3 . . .. 

MMlaod- )DtL MM » ... . 

VM. West. M3j M 

OEB MSI «t 

itOskWf >7 Wise 96 

SFTE MJ ?3 

Standard Chart. M&.5 to... 
SundxvaDshankcn 93'.. 

Uul Overseas Bk, M8 as 

CONVERTIBLE 
BONDS 

■Wes 31 83 - 

«fSuPin. Bj M 3/79 34. 

Bows til » ■2/78 n-tf. 

COM-Cola Bottlms to 4/TI . ’ 9 

Po-Yosado 53 5C -fcfTa 1575 

Industrl 7 SS 4(79 259 

Texat lot. Air. 7ft m am iu 

JJnni InL FUl 7 SS J.1/T0 SAT 

Tfco Jm. Fat. Si SS 9/18 - 2l 
X rc P, ,nt - . F ‘0* 5 ** ••.■■■ 5/18 GLS 

Aaahl Optical 3* DM ..._ 72/78 588 

O9io camp, u ss tim .aim' eu 
inmm-a 3i re mi ... . .ia/m - on. 

R8 DM. .... .... 1/19 -1270 

KoBttMnita 3ft to DM r _: 1/79 612 
Vfaradal Food Oi DM .. 2/7V XQJJ 

Atosoti Air. u SB DM . jam sea - 

Nippon Shlnpan 98 DM _. 8/7* J» 
Nippon Ynscn 3* to DSf ...1/79 - 351.- 
Ni«ran Dmel 34 at DU ... 2/79 an 
OtvmpDK Optical 31 85 DM 3/79' 7»J 
Rrcah 3i « Dm "“jam IS 

3S DS* _.8/n: tos 
sonrtrKi octne 3} DBA ...i.ai/Ta 5S i 
5jlj“ Stareeto M DM ._ 9/79 7275 
Warner Electric 3} DM -Jim Sjy. 
Trto-Ketnrooi 3i 86 DM „ 11/78 ‘ ■ 7U 


991 

m 
w 

toi 
9M 

Cav< Cn«. 


VU 28/4 101 08.72 
064 51/2 91 O.TT 

17|. '02/4 1UI UJ3 
981 &q 41 9.72 

97i 25/11 12.94 13.J2 
971 08/8 184 lDJ9.w‘ 
9W 1 5/12 9 9J5 ‘ > 

971 .9/2 92 9 91 

W 2/8 124- 15.28 r 
42 « • 

re *lm 

9J9 948 

121 33Jt." - 
4J1 9 JB 'i.L 
9J9 9.98 -r . ' 
lifi* 

1/8 : 12JS 12jQ 9 ll " 
901 27/4 JU Z1M 
9U 04/1 m 08A4 -:r 
99. 9/5 224)8 12JKS_ ... 

94...U/1 OJto 9A8 . Lt 
«( 21/12 931 9.48 '.=•'■ 
94J 18-9 1058 1030 

484 If/1 HM 4.8Z"*.r 
932 5/4 UJA UAfr ■ 

.9? M/2- 0.94 Vja '.-.r 

474 4/q 1036 3039 

«/5 2231. 12.4? 



981 25/1 

TO : . 12/1 
.974 3/2 

ret 27/1 
40 nn 
15/5 


a 


Xba- ’ 
■S frt? 1 day Pmn 

9/78 828 -.948 JR) +0i;u.<S 
2«U 20D +Zi ..A.«u 
TO. -921 +CB +236 
tot 9ft • -r Mi 2J3® 
13U.13U +04.-832 
9U fS 
83 . -U 

w uu 
jfTJ 

;W >« T.» 

Ua-lAft- — 81-. 23d 
MB 70i{ -04 • 6J5 




J'irftn 


+04 -832?' - 

+v^ FCrtw 

-Oi MS.9T ■ ■*>#. ** 


:r^k 


«va 


: :.t? 


^ ^ 
u*» jw -k 
TO 461 +« : . 

TO TO -»i 
98 99 - HO 03S '73® 

JS JJS 




res 

TO 

TO 


U32++1 

TO .T.68->.^' 




ry 




nld-prtM; 



M8 S IW tt« >«* 

UU UU - 8' -+» 
uii m3 *ps ' +7 

tan uo* -04 +«r <l<m 

rei is* +oi 8 am 
U8 HOt +« . +« • 

100 UU +04 +«• 035 


rmcxm becomes t^nest W-,' L, 

offered raw for uls. ■ - ■■■ • 

indicated. 

for Mnrerami* C*r. ila)e=Flmid 
■bond oer Abanr i* 

.v»r, rate 7otcd a r of. Store jsi ’ 

■ otmn .effeettve -ShS' - tronUm^of 305= -,7/. J S . u „ 


o? tSr n ta , ' a L° D 7 Roredd 

lonu not orrmlhnr umka ' »•'. 


2 t .<9iae.it. Data 








-7 ’ V f '- ' 


t. iNANCIAL AND ( OMi’AM \|,\\n 




DEAdlJNE^: 



blocks remain 


v- 

{ ^ *- 1 «■• a- 1 -V l 

«i: r . :. •• ^ 

^*3 cL ! 'i- 
fcOk t>v ® 
:- 

p'-r. •* 

^ - -i~ 

s r -V 

»*;: ■;;«• >' ‘ ■- 1 ■. 5 


:.go 'xmijftat ■from Xbrw^ra .eom- 
teTteceinfcef. & ^SUne for pahs tbs under an Act ..allowing 
action. .:<£/ tbe-r SKr vTEQm tbe^ovenawdt tuinafca- Agree- 
PSm3 'agreement, iintterwhich meatsT-with forei^f (Mwers. to 
isviy is to;taiy 4^vper ceriXoV srofd-aaijiSe texSttos^Tfqt this 
1 »n* the potexmal- da&devtax*: wouy, : nit eliminate. aH' the.dis- 

1m . (Vi ‘ .Umlmnio'n 


te ' toalirtjbajrirtfagrMoek - • company. ; ^profits • to ■ 5e ; ; -made 
„ - f The - 1’SWlte Pfor- • before the payment, of company 
ftHtiPC Mtwmcisl Jdtaiystfi jacso-.4*x, and. these, aeduetiiins 4/hi ot 
tbe nm-^p Toappiyy to profits .' Brafljferred 
'rar-to' - issue :imV uir- Abroad.- \ •' 

aahonfluatedWital in 
S^aSficSSPS^? -V'ofrd<K(trwa>7 r ‘Manta S ov- 

^prorisioniil Va-rr^ge^ 
'three -a^rtip* 
vl^auattaf-- .‘wobfdl initially. rthe/up 
5SSS?S^\ffS4 &' JSWta. shire capital 

y. gcfd half- of a NKr300m<ieben- 
; i? ja fj pLf " dbsti : fehe -hr Volvo '(Norway): 

NKT.2$0in of the 

,ea»?*»ed- y<rtyo. ,CNorwray>. mi*ld bd i» the 


I* * 




l* we 


pu'f*ha*e : .£Hc* .wouljl be in 
fed albert. .-•; - 

prjvarera v^sturs.-a-ceora-- >•■ * ' ~~T-^- r - yrr^- ■ "" ’ 

■ ‘ efeiiffiftiauy agreeni enf. - a IfT-VOIv^ buffered a .bad ,j 
haye. tfiejc divSjeDds lor profits. tfie subordinated c . 

: the 5 t iynie&i of com.- . til. . wetirte Lhixe.7 firsj •■ .-ctaim . on 
ri - VoiTo's'c^rn mgs in eahiings ax ' the expense bf'lhe 




’’’ ,J '}<. 


■ i' 


j»fe^ifia^ agree®enf. buffered . /a .bad .year 

.._ ^v>;'.tSeic :divaend8 Tonproftfei ^e subordinated capi- 
educed-hy-the*] 

ffary tax on -Vol _ 

fetjj Sweden Norway. . ” - , «harehofiiers' dividend. If -Volvo 

^ Orient .taife art . gbhig on. at experienced a run pt bad >-eara. 
be Norweghm Finance Ministry the claims of . the subordinate 
iv find i.'-soJutHm. ; ote avzges -: capital .could erode Jbe com- 
Sowr is (hat Volyo (Norway) h# pany*5 equity. Tbese'considera- 


tions are not likely to enhance 
the attraction of the Volvo (Nor- 
way > shares to Norwegian inves- 
tors. 

in a 39-page', report issued 
yesterday, the Norwegian finan- 
cial analysts state that a sub- 
stantial improvement In Volvo : s 
ability to finance investments 
from it* own resources is 
required If the company is to 
maintain its position within the 
car industry in the lSSOs. Volvo’s 
low profitability. * and not its 
technological resources, con- 
stituted the main limit to lis 
future development, they said. 

The improvement in Volvo's 
performance this year, and the 
forecast improvement in 1979. 
were due to the devaluation of 
the-Swedisb Krona and a record 
year for car sales In Europe, but 
it could not be assumed that this 
trend would last through the 
1980s. the analysts claimed. 

While Volvo's ' truck and bus 
operations were very profitable, 
they were too small to carry the 
company's other operations. The 
car division would have to invest 
between NKr ~ LSbn and 
NKr 2.5hn over the next three 
or four years to develop a new 
modei io replace the 240/280 
series 


MSLU. Dec. S. 

The analysts nuic thal plans 
announced by BMW and Mer- 
cedes. two of Volvo's closest 
rivals, assume a rate of Lnvpsi 
ment equivalent to NKr fi.OiiO 
and NKr B.500 a year per car 
respectively up to 19S2. To 
achieve a comparable invest- 
ment. Volvo would have to spend 
about NTO- 1.3bn a year on its 
cars. Last year it invested just 
NKr 300m. the analysts claim. 

They reiterate Ihc argument 
that a large issue or Volvo shares 
is unrealistic in view of the 
currenr slate of the Oslo .Stock 
Exchange. Great harm could he 
done to the shares market if an 
issue of this size did nor meet 
expectations of dividend and 
price increases. The analysts 
saw only limited possibilities for 
future dividend erowTh, and 
small chances of growth -in tbe 
value of the Volvo ( Norway j 
shares. 

Mr. Odvar X'ordli. the Nor- 
wegian Prime Minister, who has 
invested so much political pres- 
tige in the Volvo deal, appears to 
be totally unaffected by the Tax 
problems or by the financial 
analysis' report. A sookesman 
for h;* office .said the Volvo 
agreement was .«UII expected to 
be i-umplcled by December 8. 




Government 
planned 
Holland. 



Brawn 

i Government is td 

•'Amsterdam Capital mar- 
.... issue of 

ten frear.-Twqds' op a coupon of 
becL'r; /The-ten dec,- which 
^t rp-'time ot pronounced 
ess Tpc. tfre- bond ^market, 
e .the jpwftt&. 'by the state 

^thisistagefew. dealer* .are 
— - — *‘'atdA 'Predict how the 



in energy-saving project 


BY TERRY DODSV/ORTH 


PARIS. Dec. 5. 

CGE, ' the diverslfiett ' French the counDy Is falling behind the foreign operations. The cooipany 
electrical engineering tele- rest of the world in energy- bas earmarked FFr 300m for 
communications group., la Hunch* saving research. Private in- research between 1979-1983. 35 
iag- a -FFr 300m (Sfism j. Invest- dustry has recently been putting per cent of which is for sunligbt 
ment. programme in the. JBeld of pressure on the Government to conversion. 30 per cent for 
energy-saving technology - . _ . subsidise research in this area, housing. J5 per cent for storage. 
-The plan, due to Tttpjffpr -five The company expects its U.S. and tbe remainder for energy- 
years. involves a joint -'project talks to be finalised in the next saving in industry and elsewhere, 
with Rhone Poulenc."tite cberai- few weeks. CGE ds prepared to It is announced that CGE's 
cals’ group, and a co-operative invest between S5m and 510ra in portfolio revenues and other 
agreement with the pblrtic hous- its venture with a U.S. partner, income for the nine months 
ing authorities for the design of whose technology should comple- ended September 30 were 
a new low-energy house. .. . ment that of the French FFr 119.3m compared with 
. .... .. The' company is talking. to. a company. FFr 142.4m. The company said 

Jto th.eusstt^,i.U.S.’grotip about a Turthgr- eo- CGE expects a turnover of portfolio revenues for 1978 
dhfl.ls-. not auif-udfil • the {.operative., venture in-' tbe. same FFr l.Sbn in 1985 in the field would exceed FFr 150m. against 




„ y-of "Jaiinxty Jjy when’ the 
festpient du5tttptionS v^iB be in 
J|karttonL bf ^trtreaslng liquidity 
’ the impact of end rff jear 
St jayn^HitSt - Bni the mar : 
jjreseiitiy is weak and Ain- 
»rfaan toBtmng'badTidws. about 
ihe' Datch economy.- . . 

-^ast month th^ Government? 
mpquheed Holland was 
iudipg fqr a trade deficit for 
. : TfiS .daigSeiy- coafirtned 1 
shat the- market had loug: begun 
mi- suspect but- noitetheJess title 
Vapacf on- bond -^prices -was dra- 
patfe - Over the: past . 12 days 
rading'. the' avera^ bbnd : price 
i As fallen 'ixy. ■ more ' than .; two < 
mints: ’ v- •' 

SmUir&nt : has further TJeen 
.ffeeted hy^be bxbakddHm'nf the. 
epfraiwage U^oti^qns largely 


area.-- "of new energy sources and FFr 136m. 

, CGE'a plans underline, a- feel- energy-saving activities. 50 per 
log; in the French industry that cent of which should come from 


Danfoss earnings down 
despite rise in sales 


Higher Alfa 
Romeo output 


bY hh-ary barns '--iy;. 


COPENHAGEN. Dec 5. 


RV1CE ^ x&aAlvg. We TUlffc'^ .. 

~ ” 'fiarketisnow 15 percent imftesr 

- — ^ of- mid-September. , . > -v; 

. ‘ At-.all „evente. Bond iparkei 

.... -naralfc ls-far:Tejoaved.rt»m its 
BTHFc^^Octo bfer wb en a fibvern- 
rrcaf ;dffe%g' jiuBed Its a xaas-. 

- ... :• difp'-? I® 1 ;’ W0l»v aitd' \ mdv^ 

■ inicklytoasubBtantial pretminn4 

.• n r'^rly . dealings, tart: week’s 
i&F tiS^u.e"fronf J ihe 'Attferaeiie 
3aiik- NCderiand was : forced to 
rff ;4Es--'ccmp.0h. b^r ai VquartW 
; .r joint tdSf pec ecnt::- . ^ 

• ; ^Hpwpver. .Dirtch-intcreStfraies 
rhfy -aDW /baveVadjuated ib ,:tlie 
. . . '. . iew. ^dndtt3o5s:-.>-.\Cerfc^iriy- the 
~2 luteflgnMaL . between .- Wtey. in 
-•; jXj&tenfiup' and N«y;' Torii -haa 
■>. atinW^ , aj«iiifiesuitiy;''.:For the 
imanent fojoeigp exchange mar- 
ieta mfe, fielding- steady; . The 
•j f'lBSQl' ^ irate' stands at? around 
pared-to , rb e J-108 level 


MILAN. Dec. 5 

ALFA ROMEO, the Italian state- 
owned auto manufacturer, 
expects its sales to top 225,001) 
units this year. The company. 
Italy's second largest autn manu- 

Danfoss. THE Danish maim- improved in recent umnihs. and facturcr afler Fiat Spa, estimated 
facturerof temperature oihtrnl short-time working has been that its sales on the domestic 
• omTintncwrit ended. market would amount lo 110.000 

and . nydrauuc eqtu pmw t. S i ?n ifirani increase in sales units by the end of 197S. sharply 
reported sw& in the. year mnmis j s expected in. 1979. said the up from 50-000 cars the previous 
September Stt .. of DKrV 2^5bn company, in view of the tough year Sales abroad were ex- 
(B417mV -an increase of '4 per price competition in world peeled io inlal 115.000 cars. 

J cent ."on fte ’ previous year, markets. This will again limit Alfa Romeo sources «aid in- 
Eamlnay were down, but - the earnings in the coming year, but creased sales this year were due 
, i rrnnpnny -Hnr; jiniyrt a tban^c ,r - reserves Ku,l -~ up in to hiyhcr productivitj 

figure. ; However. /it .(that -previous years the company will .\P-DJ 
qpprating profits. wnw/Still satis-;, be able, lo, carry out its sub- 
factary iast year. 'stantial invAtment programme. 

./.The compady said that hocks Investment in 1978 included 
■of rfihiKhed^gfbods' were reduced the completion, of buildings with 
in' the second half of the fiscal a total area of ll2.n00 sq metres 
year, di^l were now in line with and starts on tiuildinc* with an 
expected sales. Employment in area of 38.000 sq metres, mainly 
the -’/Danish . factories has production facilities in Denmark 



31 


CARCLO ENGINEERING 
GROUPLIMITED 


Xotice is herebv given ot die appointment 
ot Lloyds Bank Limited as Registrar. 

All documents tor registration and 
correspondence should in future be sent to 
the address below. 

A CUERDEX. F.CA. AC.MA 



Lloyds Bank Limited, 
Registrars Departmeni, 
Gnrin.c-bv-Sea. 

Wur thing. West Sliest* HN 1 J up A. 
Telephone: Wort lung 50254 1 
(STD Code 0903) 


$50,000,000 

Societe Financiere 
pour les Telecommunications 
et FEIectronique S.A. 

Guaranteed Floating Rate Notes 1984 

meonditwnUy and ure\ocabfy guaranteed as to 
pm went of principal, premium, if any, and inin est bv 

STET 

SOCTETA FINANZLARIA TELEFONICA PER AZJONT 
a subsidiary o fist iruio per 1ft "Ricosmiz ion e lndu»ui:ile ("lRl't 


In accordance with the terras of the Guaranteed Floating 
Rale Nores 1984 issued by Sociele Financiere pour les 
Telecommunications et I'Electronique S.A. and guaran- 
teed by STET - Societa Finanziaria Tcleloniai per 
Azioni’the rate of interest for the interest period from 
7th December. J978 to 7th June, 1979 has been fixed at 

p» 

■* — * . 0- 



^RHbent j>l itpsfbreSutefaab- 
etSiity 


Donations and information: 
Major Tbe Earl of Ancaster. 
KCVO.TD., .Midland Bank 
Limited. 60 West Smithfield 
London ECJ A 9DX. 

British Limbless 
Ex-Service 
Men’s Association 

•WVE TO THOSE Will) GAVE— PLEAS f 


WE, TBE 
LIMBLESS, 

LOOK TO YOU - 
FOR HELP 

V c come Trom both world wars. 
Me conic from Kenya. Malaya. 
Aden. Cy prus . . . and from Ulster. 
From keeping the peace no less 
than from war we limbless look lo 
you for help. 

And you cm help, by helping 
our Association. BLESMA Mhe 
British Limbless Ex-Service Men's 
Association i looks after the 
limbless from all the Sen ices. . 

J i helps, with advice and 
encouragement, to overcome the 
shock of losing arms, or legs or aq 
eye. It sees that red-tape does not 
stand in the way of the right 
entitlement to pension. And. for 
severely handicapped and the 
elderly, it provides Residential 
Homes where they can Jive in 
peace and dignity. 

Help BLESM A. please. Ve 
need money desperately. And. we 
prnmt'C you. not a penny of it will 
bewailed. 


Acerlan S.A. de C.V. 


Guaranteed by 


Empresas Lanzagorta, S.A. de C.V. 

Mexico 



US$7,500,000 

Medium Term Credit 

Provided bv 

Libra Bank Limited 
The Royal Bank of Canada 
A max Bank Limited 
Eura-Lattnamerican Bank Limited 
— EULABANK — 

Arranged and Managed by 


A* Agnnr 


- 

A 1 *' 


Inter-Pan capital move 


BY. JjOtfN WIC1CS 


ZURICH. Dec. 5. 


Inler^Pari Holding AG will have reports 

The final price for the Inter 


lortS;-. .. . 

Ptp-^ijajiish'- Fiiifljttee' Minister; 
Sm^Heiaesen. has requested 
iUtytuity from ' paf liameni ■' to 
:3&e=- state, -loans. ; to raffing 
32bh- fS5AbnJ. •" RetiteF 
f Some 
‘ vrtii ;1?e- raised: inroad 
.aut^Dkr : 25tm :- at;-' Jx»ne.' If 
^jprqvetl.^th'e iosns-wni be'Tbe 
iu^Kt «tmr .ever sought by" (he 
state at one rime. -. 


IT. JS POSSIBLE that share Swiss Franc is having »U elTect 
capita! “’Of the Swiss company on consolidated profits. Inter-Pan 

irts. 

to « be reduced by the time 
BritUteAmeriean Cosmetics oxer- Pan . shareholding is linked U> 
cises .'its : option to : bny Inter- proflr'dcv’elopntent of the various 
Pan’s minority stake in tbe Juveh3 group companies in- 
JuvenV group between 19S2-SA vblved. in the acquisition. Inter- 
This.is Stated in tbe Inter-Pan Pan.- whose total stake 


«n the 




Ft.-TTwhirn thp* ppnirSb bjnk isf ^ smeu in uj 

S^mddrSmervene wlth 'annual report for the year ended Jureaa group is worth SwFr 43m 
H " “■ - - *>June 30, which shows a further may- have to write oil part of 

loss of SwFr 25m; In the this >09k value against share 
previous year losses had totalled capftkl which totals SwFr 40.64m. 
SfwFr 2iJ5rn. • • according lo an auditor's report. 

“BritiSh-American Cosmetics, a . Inter-Pan states that the 
subsidiary of the BAT croup, liquidation of former Juvena 
took over a majority sharehnld- companies not involved in ihe 
inC' -iD Juvena last year. The BATaake-oyer has not yet »>een 
former Jrntena holding, company completed and is taking rather 
changed Us name to inter-Pan longer than foreseen, 
and • ^retained- temporarily a It is hoped that mod of thesp 
J mlbority stake in Juvena- ran he completed in the current 
Although sales in local -currencies business period. Tbe Binella 
of the Juvena cosmettcs . groitp toiletries division wa« ‘old to 
ace developing satisfactorily this Cooper Cosmetics SA. of Geneva, 
year, the appreciation of fee lasUypar. 


Yeba- dividend 
to iudrease . 

’ By hmathatf ^ Ocf . V ' 

: r-.\ ' BONN;- Dec. 5: , 
EDA: the "West German energy 
'raccrth proposed to "pay -an 


Swiss investment Mad payout 

: , :\SY OUR OWN' CORRESPONDENT . .ZURICH. Dec 

THE ' INTERNATIONAL securi- Bdib Gestivalor and tlic same 


S rOpVX*^ u%r --mm- - +mmm* «« - . - . -. ^ _ 

ivi dend Tor ;this year,| tfes investment fund Gestivalor. 

SilST’ **■*&$■ proS,6 |«f l-ugino. in -of 8.o» ^jg^* “5^™" JS 

TO.l^ hien mi.lenleaf *»„“ *^ r ul ' * del Qnunfc> in n c Um . 

* cb^any tollowiHfr wor^ at [ ^ v, ^ Ql ?: 0 ^ pcr cer ' ^unique 


■' ie- -weekend 


that- group . net } ti'ficite for its first business year. Rentvalor 75 reports a fall in 
-"*■ - ' which' ended on September 30. its issue price In SwFr SO^jO. 


■tiftt-Yose bv 4$7ber cent to } which' ended on Septemncr JO. as issue price to awrr 
y-.i ufe in^h>7sw^ -rtifg I Issue price for fund eertifi while certificatecirculation rose 
tarters-trf this year. The resutt j cat es of - which 118.329 were in ^>’ 318,073 to “ n ^ L”*® 1 


r thc^ --lasf ijuwler ' is expected i circuiatibn. .is given as Sw^r 95 assets amounted to SwFr »i 
even - -better- -than ' the f and total fund holdings as SwFr A dividend of SwFr j— o is 


6.73m. 
to- be 


Acrage. lor the' previous three. ; lQ.84m( 


paid for the year. 


Esso Germany sees substantial profit 


FRANKFURT. Der 5 


ixftv.' CORPORATION'S pnre for crude has been in Germany inis vear will nse 

" subsidiary . Esso AG. reduced by the dollar's weakness, by about 6 per cent, wtih more 
iffimalre a ratetmitial. profit Herr Oehine said “We are not care -on the road and a con 
£ SP eotepkred^Sith / loss -selling crude, and refining costs tun- trend towards more 
^D»^ira“CS29m) -in 1977, have nsen." • powerful motors 

teS-re^rdlng a profit of Hb . explained -that the lighter 


Central heating fuvl ronewnp 


strand DM 120m- id the -. first restriction? ore the. lead content rum wilt rise about 8 per cenL 
ieoMfuariers ; of 1&78» accord- motor fuel have necessitated largely because of the relatively 
Kt2the -xnifflaaeaent board, heavy.. iijvestmeDts. while from long . 1977-78 winter, and natural 
• uriHwkw r. Herr Wolfgang January J; 3979, the sulphur 3as eonsnoiptioc will increase 
-3uMt:-- ' cdntentj healing Juel by about 6 to S per cent. 


must be . reduced, with Esso 


H.erT 'iOebme said that the building a- DM 70m plant in eonsuinpimn of petrn- 

Dpsalgd loss in the petroleum Hamburg to meet this demand. ^SM**?*? in West Germany 

“bdiicts sector bas been import prices of refined pro- will nse by 3 per cent thu jw. 

duseH 'w DM 5. perv toane of have increased subst3n- *n h m-^hur °pnn 

xKfuHs ?iold from DM 16 last ^- a j]y this year even m D-mark Primary erergi. but con 
ar apd the DM 9 predicted- in H err Oebme said. ^ 2 ^ ? 1 ulS! 

&m: . ••-’••^oS'.tSSe'-of re^ed petrol be *™ about 2.5 per cent. Herr 

that Esso iateatfdnaDy “costs S227 via Rotterdam at oe ™ e ... _ . 

t ite. afcare of the German oU present, compared with SIiO m He - a dded tha. E sso AG is 

ir^^-rhy -nbout kp' tonnes of. January, which, - allowing for a d^erafyicg, with pjns io begin 


^EVisiB 15. 't« 36. per cenL The .. D-mark to DM 1*90 -*-»-- - , . . - 

* h » ? S *-a*£5KJ."“ 10 B * 431 "tSihr the fimipen, he. 


Mr^shatfr did- so : by incurring from . DM 298.50. ■ rA* \ 6 

v :-r, - e - - Herr-Oehme said ih^i this invested DM 15m rn thr pas! -*■ 

irVr:> •' - . . ,iL;; " .n^nniMi ' in -a rkn of 10.2 '"ears' in enneessinru in «outh«rn 

g^c-icBLv .were made th^ i^r. vet^ump prices Germany, and is hoof'd of 

nRa ^ m SS“5rii*rtHri. ibnJ! 2 p P fenn» S s 

TO-montb period h° wmtld nor nay .roer. 

? '.'"Ge rihi ay when 


Uitir-u. - ' t - - _ . ■ . 


,$196,000,000 


Aerolmeas Argentinas 

Medium-term financing 
guaranteed by The Republic of Argentina 


$155,000,000 floating-rate portion managed by: 


Banco de la Nacion Argentina 


The Bank of Tokyo, Ltd. 


SIorcav Guaranty Trust Company of Nftv York 
Chemical Bank Lmeknation vl Croup 


Crocker National Ban k 


Co-ntnnaeerl bv: 


Dresdner Bank Aetiengesellschatt 


M-LMiFACTUEERS HANOVER LlMnEO 


The Xipfon Credit Bank, Ltd. 


Funds provided by: 


Morc an Guaranty Trust Company or New York Boco de la Nacjon Argentina 

|>r« )afk BiaarJii 

The Bank of Tokyo. Ltd. Crocker N atio.val Bank Dresdner Bank AktiEngesellschaft 

iCi'lMa Mimh Brail* hi ll*w*i|*>« Mrluih) 


Chemical Bank Manufacturers H \nover Trust Company 

The Niprox Credit Bank, Ltd. 


The Mitsui Bank, Limited 

The Toyo Trust and Banking Co., Ltd. 


The Sumitomo Trust and Banking Co., Ltd. 

* \r« YvrL Bran* hi 

Th e Bank of Yokohama Limited The Sotama Bank, Ltd. 


The Mitsui Trust *m» Banking Co. Ltd. 


The Yasuda Trust and Banking Co., Ltd. 

I Nr*. TntV Pf.DtltJ 

TheLonc-Term Credit Bank of Japan, Limited 


Canadian Imperial Bank of Commerce 


Provincial Bank of Canada i International) Limited, Nassau 


The Saniya Bank, Limited ' 


The Sumitomo Bank, Ijmited 
First Pennsylvania Bank NA 
The Mitsubishi Bank. Limited 
Toronto Dominion Bank 


Banco de laT^aciox Argentin a 


H1,000 *000 fixed-rate portion managed by: 

JiIorgaN Gu ar-ANTT Trust Com pant of Nett York 
Chemical Bank International Group 


Manufacturers Hanover Limited 


Funds provided by; 


Morgan Guaranty Trust Company of New York 


Banco de la >'acion Argentina 

IN nr York final bj 


Chemical Bank Manufacturers Hanover Trust Company 


Agent: 


Morcan Guaranty Trust Company or New York 


Financial advisor to the borrower: 


Banco de la Nacion Argemina 


This snnxisceiscz: appears as aastieio] reel'd erJy, 


.Yofwfief J973 









JfNTERNiiroNAL FINANCIAL AND COMPANY 


A 


Further earnings boost 
at Straits Times Press 


Sime Darby 

plantation 

subsidiary 


for 


ar BILL COCHRANt 


BY H. F. LEE 


SINGAPORE, Dec 5: 


ANDELSBANKEN 

DANEBANK 


U.S. $18,000,000 


Medium Term Loan 


.urani'M *■" 

Loudon & Continental Bankers Ltd. 
..II I.. I1.1II rhr 

Viiiio Baiikin" Group 


VinK"- 
Fr-.'i M'M Ft 


LEADING Singapore newspaper 
, publishing company Straus 
Times Press 1 1975) boosted pro- 
fits again in the year to August 
197S and is proposing a further 
scrip issue, this lime on a une- 
f or- three basis. 

Karlier ihis year, in Jamuiry. 
it announced a one-for-iwn scrip 
issue after announcing it-. 1976- 
1977 results, which also showed 
a sharp improvement. 

Group result-" for I #77-7$ 
showed a climh in profits l« 
SS6.-i.im <US42.S3nif before fas 
Mid SS4.4m net of taN and min- 
ority interests on an improved 
, turnover of SSaOm. 

As Straits Times has for the 
firs; time equity accounted New 
Nation and Times Business Pub- 
I lieations. publishers of an after* 
noon daily and a business daily 
I respectively, no comparative 
figures for the previous year 
were available 

However, re.-ull.- of 1 lie parent 
company arc eoinparaUle and 


they show' pre-tax pi ofir rising 95 
per cent to S98JHm and ‘be post 
tax. figure 49 per cent higher at 
&S3.27itt. 

Turnover rose hv 17 per cent 
i»« SN45.5ra. Straits Times has 
declared a final gross dividend 
of 12.5 per cent, making a total 
of 22.5 per cent for ihe whole 
year compared with -0 per cent 
.m the previous year after adjust- 
ing for the.one-for-iw.j scrip Issue 
in January this year. 

Straits Times' improved re- 
sult* also reflect the continuing 
buoyant conditions which alt 
major newspaper publishers in 
Singapore are- currently enjoying. 
Two leading Chinese newspaper 
publishers. Sin -Chew Jit Poh and 
Nanyanjt Press alsu recently 
turned out an impressive set of 
figures. 

Times Publishing, a sister 
company of St rails Times Press, 
has also unveiled Its 197S results. 
However, unlike Straits Times’ 
impressive result-. Times Pub- 
li.-hing could only manage a 


modest 13 per cent increase in 
pre-tax profit to S55J 5.53 m on a 21 
per cent increase in turnover Ui 
5S140.4m. 

An 11 per vent decline in in- 
vestment income to SS4.67 uj. bow- 
ever, pared the percentage in- 
crease in not profit after taxation 
to only 10 per cent The net 
profit was S-S 12.85m. . 

The group’s profit was signifi- 
cantly affected by. the 50 per cent 
increase in depreciation charges 
to S82iHm. ■ - 

Times Publishing .which is in- 
volved in book and magazine 
publishing and distribution, and 
printing has declared, a final 
dividend of 15 per cent, making 
a total of 22J5 per cent for the 
year. 

This is slightly higher than the 
19.64 per cent bald out in the 
previous year after adjusting for 
a two-for-five scrip issue made by 
the group this January. 

Times Publishing is also a 
partner m the Asian Wall Street 
Journal. . . 


lifts- 3S1SK 


By Our .Financial! Staff .“J \ J^ h ^wer on the day at pletely beyond OUT compveh^fi 

1NSOLTOATED ■ Pbintartinnc " ?» I *•“* fkr ann. Basically-'. TOY position h** 


to ro-tm nngcns vie cally bullish line 

first three months to- September * investment 


I nrsi rnree momns w_ oepiemper ; ” -Zjl-y atits investment seminar a* “unpredictable.-’.’. But, once 
30. with turnover growng at * ! Ei wecW in London- . again: he offered a. guidchtie or 

’similar rate to 5&Sitt .rinseiTs.-'- i. la *L . ecK two. His- orocnosis was a sOrsnz 


>»pweo an 1 m pnivnucni; trotn - - oreseme U bv Mr. Tidasft i second ". Six . own 1 ns. w» ■ »*■- 

.20.7m ringgits to 27.7m,-. > ! 2*X JEST* director and downside risk limited 10 3U0 or 

During the whole or last, year. ! f N omura 400 pbiflhrontbe Doiy on 

1 llie company saw its attribuuWe l - B«inmnp with the assumptions: unexpected factors. 

I*®*** decline by 13 pcp.^c ent } S i»h off “I am he said, made a- define of up U> 
;to 36.Sm ringgits, with turnover will start 10 per cto«- PbrtBte, ‘ . 
j edging up by- just over4mrmg-4? UI T * 1 ** t K? c .|!» a i„.T* tnture - The question;: then, is how 
I gits to 186.9m. The 1977-5RJ. pre- ■ , , -«,i n murh further the market- has to 


: to 3fi.Sin ringgits, with turnover j n 10 per dwu Pbafeitile-. 

(edging up by just over 4m n.rtg-4f ul T f."* 1 rnture - The question;: then, is how 

itfteto lSUn. The 1977-Tfc. pre- ; M^Vij^hSm un had four main much further. Ihe market has lo 
tax figure was S8.8m : mtgfiils ESShinJ^ tlSS wSK 3" before it falls, to. K. Tsubnki. 

asumst 70.7m. _ . _ ^suns for reuchin vus con ni Sector of N^mdra Securities 

I The company 5 average ^seUmg *{S th fSj r wulmlLJM?£r had fn vestment Trust -i Management 
i -prices a showed an -inmmviv , that the current wiLraarRei iw-;* i»*« wak 


i Prices all showed art improve:,. «'at the tT date there Company, reckoned ibaL Hie peak 
.mem during the quarter; nsing ‘been running. Jo •“ at< “=! u 7'T- *V*L h . . ^ a!S a nl 

, in the case of palm oiPth-XOlfl has been a cnntinuous r^c^ : f " . nn al^niveaSiit'rkther ih-n ' 


; to 691 ringAts per -lonig; ton <Jjc • 1971 and ending in January- 1073. 

•mill from' 561 ringgits^- whole ; Second, he pointed to market ]V)7 TTorotif- 
■ those fur ruhher avemeed - 1 jm I turnover. Expressed as a ratio. -1 T OI CM 


(V*nn»«lr K.jh"hnn!c 


l .'rnlii .VjriV ''ii- t,\c;\i 


IX.! 1 1 . 1 nt. linn iiuti'-innl 

.Nii.-frti- IflKiiinr 


Stagnant SA building sector 


■ those frir rubber avemged - 1J}1 ' turnover- Expressed as a ratio. -1 X 1 .Ml Cot. 
> rjnggiLs cer kilo fob, less “^Biy. - provisional turnover -figures for. n 4 

compared with 1.73 ringgits a • the past month showed a- figure rrOQUClS 

-year 330 . The averasc uricc f^t-; of 5.49 per rent, Past experience d , 

; cocoa increased from Ifti rlne- ’ suggests that 5 per cent is thr mtinvoiinn 
nitc nt..- nAHHii fnh. 'if.' -o nn i nrition I li'vi*! and ‘that- when 11 WIU T miUll 


|-,f-n" :rn-* h:*l’ilii-h'- A-ut! •ilhank .V Vienna 

l.*>iif|'in A; llanker- l.l«l. 


requires public investment 


; aits ner pound fob^ ia --3iS 1 critical JoveJ. and that when uiHU TquuH 

1 ringgits. N - ; turnover exceeds that figure the By Our. Own Correspondent 

• The. average selling \ prices; market is headed for a peak- WELLINGTON'. Dec. 3 

I obtained during the .J977-7S ‘ Third, arid fourth.- Mr. Yoshi- NZ . FOREST Products. . one o f 
financial year were SG3 'ringgits I mura pointed to -the level «f the. grants' fn the New Zc:0jn^ 


1 ‘K.i MIAN K 1 1 -un- j «.i iikr. i'-n Kt-ku-jiaiikki 1 *y 


er jim jones 


JijH.ANXESBDKG. Pec 5. 


London 5: ficintinrni.il Bankers Ltd. 


Provide free 
international telephone 
links forvour clients 
from major cities in 
Europe.Scandinavia, 
Middle East.USA.U.K 
and Ireland. 


Through 


Service 800 


rot WCw 

1.-'- rr. "•*. - - -.: '»> 

. ' t . 


LOCAL 

AUTHORITY 

BONOS 


Jiver>' Saturday Uu* 

Financial Tinu-> 
publishes a tablf 
giving details of 
L«»CAL AUTHORITY 
BONDS 

• ui ulTer in 1 hi* public 

/- 1 1 r 1 1 r I fv/T i’.sv m >: 1 • 1 ift ■ 1 1 1 1 f.< 
flense ring >. <’■ n // •«.'/• 

111248 snno. i;.\iu. 7»»8 


sttl'TH AI HIC.VS stagnant run 
-truriinn industry is unlikely 'r» 
show any siiins of recovery with- 
out inert-used public sector 
spend in-4, According to Mr. Mik*» 
Ridley, nianauinc dirrt-tdr of the 
R4P0lil mroover construction 
votnpany LTA. Bui counting on 
Dial in the very near-term could 
lit* .m cxen-t#** m futility 

Wlnic ntlier cun struct ion com- 
;i,iDif< have ilL-en diverstfyinz 
into other sc>-lor-i. LTA has con- 
centrated »»n the business it 
knows. But it mean- l hat ihe 
Wutk u( its Sr-n half turnover 
lmi*r**venien» from R]£3m io 
ri97m 18225.4111’ came from 
of a small electrical 
4-fin»ractur and t«n steel rein- 
r.ire:"^ onps-a , »i*nv. With cost in- 
ll-tinn 11 mean- ihat organir 
-»rov:h in the firsr half of the 
current year \"a- nvsli^ible. 

S.nee M.ireh 31 uncomplered 
»-«*ntrarl< on hand increased from 
P^oiiu ;n R4uiiin 31 Sentembrr 
::o. R'i: i*-*fj» m:-:-; -n« tight in an 

•n«--p;.:- in wnpetiiive markei. 

a pirnnr: in n-jt t nc:*«n«.> in oivral- 
in--* profit noi *m the cards 
\ h:-4li..*r 29. 1 per rent ia\ 
rate jO: 1 jreatv-r 1 11 inCKi ties' juo- 
fii s:*ur»- mean; that the group's 
*i-'i :« ■*:? IS39-.n !T»!'il n*-ufii y;i* 
only 1.9 per rent ahe<*d of the 
••»r.v«pond;n 2 ;x-Jiod of 1277. At 
■jiMl ..f-ni'- m vie Id ti.S j-.cr mni. 


th« sharp reflects -lonanneshurc’s 
view that the pai'crn is likely 
to be repeated m th“ second hall. 

Similar pessimism does not 
spill over irito -Cementation Com- 
pany. Though its trading profit 
for the "year In September 30 
only increased by 6.3 per cent 
to TJ3.Sm. the 200c >hare price 
and 7 per cent yield reflect 


optimism of a ,M?nifieant earn- 
ings improvement in fiscal 1979. 
Cementation has successfully 
tendered for construction con- 
tracts at gold fields of South 
Africa’s northern cape Black 
Mountain lead /silver project - 
Contract profits should start 
fiuwing through strongly m the 
current year. 


2.97 ringgits a pound for. cocoa. \ gest that the 'market is over- of bark from Badiata nw lev-. 


New Zealand moves to 
limit takeover abuses 


Tefahot bank ahead 


BY L DANIEL 


TEL AVIV. Dec: -t. 


BY DAI HAYWARD 


WELLINGTON. Dec. 5 


THE NEW -ZEALAND Stock 
Exchange, has introduced a new 
code on takeovers v hich miwr be 
nhservecl hj all shareholders and 
listed companies. 

Company director' or nlher 
with acre-' »t« early in- 
r-iyniatinn on takeover* are 
specifically prohib'n-rt from using 
ihi* knowledge to Vni’Bi them- 
their fanulte< -ir their 
oPenl- hnfore thr :nark?i has 
bi-fn made aware of ih- takeover 
offer. 

Tin* new cnd«* i- ■le»i.-ncd t-i 
nrnr»-cl Die rights of di.irehaJdi*r? 
and m ensure ih:*t .ill interested 
pj-rne*- »tmu)T3r>««usiy receive 
al* .i- ail.-Me informal mri 


Tbp Secretary of the NZ Stock 
Exchange Association. Mr. Ian 
McAllister said fairness to share- 
holders was the principle yard- 
stick anplted and every effort had 
been made 10 make the code 
mip.-irtial 


The -«inck exchancp nn« has 
the power to suspend quotations 
in ;i r.ik-fuvpp if n believes a 
Tal^p market exists or has heen 
deliberately created or if there 
was a breach of the code in any 
other way. 


Shareholder? niii-l now, be con- 
-ulictl before 3 mmpany makes 
.-•o i'siu- of shares which could 
iln» hakinre nf control 


1 — heated." ' • . • ... which- foim the. hasts af foe 

IflnqrtPCA • - r , But Mr. Yostumura made it forestry pulp and paper intustry 
JdpdUvav IJHr- . ; clear that he Vould regard any have, - up until now. .been tisrd 
• . •- : correction as .shoti' term, an mainly as a waste niatpriti f«r : 

r r61flSUr2flC6 . /opportunity hoth for Jiquidalion Jiring Juroaccs. . Now. NZ Fnrpv 

1 --. - ; of some existing Tioldmgs and the Products is extracting a vakiahle . 

ypTjtlirp : purchase of new ones. -Last year, bonding agent which can rcpla>. r 

M the reminded his listeners, 7 T expensive imported resink. 

TOKYO. Dec. 5. { - - 

T\v'f > JAPANESE insurance- com- • 

panics will each acquire 1L25* fTp l ’ » 1 J j 

1 eianot bank ahead . 

group 10 be established in Six^a-! ’ ' : : - - 

pore in the near fhturfc : . . . 1 BY L DANIEL - . « TEL AVIV, Dec: 0. 

Dowa Fire and Marine 

Insurance Company 'and: - Fuji TEFAHOT, the largest ^mortgage' .2(1.3 and 32.4 per cent rcsp?r- 

• Fire and Marine Idswance haTI k In Israel, turned in a -23.5 lively and Israel investor^ 

i Company said that their :capitat P e r c - n t increase in . net profits poration (16,3 and 19.7. per i»s-.v 

• shares in the new company lo lb ISltSm (S5.6m) in the finan- Thc..goyerngjent has. recdnfi 

• be called “ICS Reinsurance Ltd. CLal year tit March 31. a rate of. been negbluttifig with 'Canadian 

will total Y4.4hn (3XL3m>. ; growth lower than the 36 per investors about the sale of- in 

• ICS Reinsurance, to^ 'be jn-i cenl advance in total -consol Hia- hoictinR. .At‘ titeTsame timer CLl 

vuqfiirofrd in January, will-bp a|ted a.v»cis.- and Israel Ihvesfprs CorporoD o? 

•joint venture by Insurance Cor- 1 This was because the previnus have' been negotiating with' th« 
.poration of Singapore, A’ semi- i >car had produced extraordinary United Mizracbi Bank on the sale 
: Governmental property insurance : nc*i profits of l£132tn, the result of some of their shares lo the 
company, and British. ?JF , innisfi.| , ' f a change in accounting prae* -bank. 

New Zealand. Hong Kong andilice*- . . ** 

. Saudi Arabian cnncern&Vas well ! The bank, which holds be- f HE BOARD of Israel Discount 
as 1 lie twn Japanese, companies. J tween 30 and 35 per cent of all Bankhnlding— the parent enm- 
| Dowa and Fuii w*ere : among' outstanding mortgages, has de- panj of the Israel Discount Bank 
3 number of insurance com- 1 clared an unchanged cash divi- s roup— will propose to an extra- 
Denies invited to InvesfMn theid^nd of 20 per cent for 1977-78 ordinary general meeting on 
new croup, which »s to/handlC' plus n threc-for-trn scrip issue. January 23 an increase in the 


diar'et^-Carmel Mortgage and In- capital 4n T£2.5bn. 


All of these securities h.u been suld. this •i t :Kcunccnu:rt .. fipejrj .tj *; m.illcr of record only. 


vesini-’.m Bapk fS4 per. cent \ 
l o-vi'*'! 1 anil Kishon Inrestmcnt nr'^l-.rn • trin n - 

ffwhnl'r nwnedi came to Illl^lm * OLyO Electric FoW€r 

pf Mnrrb 3t. is^S T.uans and After-tax profit for Ihe ToJcv.. i 

iri'-.ofct's accounted-, rnr S3 per Electnc' Power Company for ifu* : A 

•cenl of th- h? lance -xhwf total., first half, of the. fiscal year 10 _ 

|. th.x :Mirnlu« nf imdrr-H.nkQd September ‘30, ..increased hk . “ TT 

, ■j-.sets held ww index-linked V44.61bn (S226.4m» . from a cop. I v “ 

iFiIfIiiIp^ u-.t< l_j 11 , ». compared responding i?35.1Sbn, Beuler te 
{ 'vifH . fft.'.Sbn. Shareholders’ ports- from Tokyo: Sales for tlip_ r 
! p'jiilh Increased by 29 pi-r cent energy supply company also im* I 
j ’o J?395 ,t i. . proved to -Y925.3Sbn . compared 1 7' 


KEW ISSUE 


^100,000,000 


I I ; iviets 
1 I; Fvlrlitl 


Dana Corporation 


w J_-*b-i ,T1 . . . • • proved to YB25.3Sbn compared!/ 

!' T' 1 -' mam >b.ireh«.idcrs of the with YSSD.62bn ' for ; the same)* 
bank are tV Nrart cnvermnmtt. Period in- 4977. The .c'onrpany d, -4 


Which h.is 5 i s per cent nf .ihb dared a Y25. interim -dividend J jSrT’t* * 
votirn riahts :-cd 17 . 1 per cert- -which was similar 'lb last year? i' 

Ilf the C3n : *:il; Cl a I ij^rpr-ii rjth - fire} half payment.' ’ 'Mm?' 

— - - - , v — • - 


8%% Debentures due November 15, 20G8 


Till* niinoMncOriciit uppcnfS. il.s 
n nitilliT Hif ii’ciiTft 917/11 


Interest payable Mar 15 and November 15 


GUARANTEE FACILITY 

US $ 4,500,000 


ten:-. 




Z^-Ierrill Lynch White Weld Capital Markets Group 

Merrill L.’JkH, Pirrcc, Tenner SI Smiih In^rrpmted 


Kidder. Peabody & Co, 

l'ii-rr|)i>Nlnl 

15-ichc Halsey Stuart Shields 

1 iivi-rpi-r j:«'d 

E. F.EJutton & Company Inc. 


Goldman. Sachs Sc Co. Paine. Webber. Jackson &: Curtis 

Jn<,orp4Wl«d 

DJyth Eastman DilJon X Co. DiJJon. Read X Co. Inc. 

Jniorp'*r-Uf4 

Lazard Freres Co. Lehman Brothers Kuhn Loch Lo> 

Jncrrpoorted 

Warburg Paribas Becker Werthcim X Co,. Inc, 

Jmerprralcd 

L. F. Rothschild. Untcrberg, To whin 


DiJJon. Read X Co. Inc. 


Smith Barney, Harris L'pham X Co. 

IniiTpcriKd 


Prescott. Ball X Turbcn 


Dean 'VK'itter Reynolds Inc. 


Drexcl .Burnham Lambert 

Incorpnrjinl 

Locb Rhoades, Homblowcr X Co. 


Bear, Stearns X Co; 


Shearson Ha\-dcn Stone Inc. 


Alex. Brown &: Sons Kleinw ort. Benson McDonald & Company Thomson McKinnon Securities Inc. ABD Securities Corporation 

7n(<-rfT>-f4fecf 


A. L. Ames X Co. Atlantic Capital Rcbcrr "W. Baird X Co- Basic Securities Corporation Bateman Eichlcr, Hill Richards 

ln«-rpnr4tc<l t_oiT<?rJli.-n lnvorr°r^iciI tn<-<irporA(«<l 


Vv'illiam Blair Si Company 


Dam- Kalman S: Quail 

Inw^PHirif 


Daiwa Securities America Inc. 


Dominion Securities Inc. 


F. Eberstadt £C Co., Inc. 


A. G. Edwards X Sons, Inc. 


Robert Fleming 

In,-orpor4lcil 


Keefe. Bruvettc X Woods. Inc. 


Epplcr, Guerin X Turner. Inc. EuroPartners Securities Corporation 
La den burg, Thalmann X Co. Inc. McLeod Young Weir Incorporated 


Moseley, Halfgartcn &; Estabrook Inc. The Nikko Securities Co. Nomura Securities International, Inc. Piper, Jaffray X Hopwood 

In.-rmJlionjJ, Inc. JnrorpDMlrd 


in. E. Pollock Co.. Inc. Tlic Robinson-Humphrcy Company. Inc. Rotan IVIosIc Inc. SoGen-Sniss International Corporation 
Stuart Brothers Tucker, Anthony S; R. L. Day, Inc. Wood Gundy Incorporated Yam ale hi International (America), Inc. 


Tucker, Anthonv 5c R. L. Dav, Inc. 


Banca .Comincrcialc Italiana 


Banquc Bruxelles Lambert S.A- 


Banijuc Nation ale de Paris 


Copenhagen Handchbank 


Samuel Montagu &; Co. 

i iniitrd 


Y t reins- und Wcstbank 

Allirnroilliilult 


fur supply of VOLVO trucks - , r 


and VOLVO BM construction 


equipment -to Bahattin Gbreu Co. 

for KIRKUK/ADHAIM - 
IRBIOATION PROJECT in Iraq 


. \ r n nit let T mi r { ;.Uf 1 v tided l»j — 
Allied Rank Inter national 
TJanque Arabc et- Inter nationals - 
cl’Invcslissemenl fB.AJ X) 


PKBankcn 


BUILDING SOCIETY INTEREST RATES 


Gft£EmCfl 


LQH0QN GOLfiSAWK 


m-w-vxo 


3»r.*Sri .a ii-.-.i 11 m* 


CwwuiA Jit :a ^ 


/■v j: 1 . Hjiieit.li .Hitt - 
ii.cicBWi.cwr. ' 


Rilrt l.-utr, T,«r 


/ • taaiis^SSir^.-^ 


--r - • „ - - Dflwi' ■ i'-iss*- Sfaar&. Ace<nni» 

-p”»o;i- F ■. li-: Sha.- Acctruarr ■' T ~ ~ : 

<rii; .. ob . an i r..« ? ?ij t . TeW Sb a , « r ‘ ■ '* . T - L -' 

_ .. . . _ . n*’** from Ti«c oaftflj 

- sr!> ‘ ■' ' p ' a 1 ; ■ tn’erev. pna • i- • 

,’l •• - StA-pa, pttfHH P&t 

qiiaOcrtt mi ^a»f« rptm djm MowWr N / . ' 

IpvOii-.c stiii:* -.iu . . ■ ' . ‘ 

.Sfcar* AuBimu S jsr. 


V Uoyat Ex.-bansu Aye;, ■ LSSStSv'-SlS- Tefi "oKSM'iioli 
i4m- y ixed. Interest Infiimc "I _ ESt®? 


- -.I,' - ' "PR W.: 01-^23 . 63 - 

Kl * * H ** a( Xf, '°rofwr 3»I. L r : 

f lsr /1 Inlerr^r Pur/ri.ljn *' • ' -mnrM 

Ivnmp l-KH frner^i. P^rtf n !n •" "" ..: 100 - Sq - 


(j* 









PHI mMi 




®f$m$§S|£ ^ 
hk-' ' ■•■;/. 






f'U'rKrt'v', 

■ f’’: :•*'. ••'■%•- - 


’’■ r "' ' - ’’•■'■?' 

- " ,; : Y . A 


**»*>.? 


vocaMai^ by looking up words that 
range from account, to working capital 


also next year’s FT Information 
. Dfec^ory ib.ey ^*e,to before precise, one and the same. 

TT'V^a’ g^pertly desi^a^d, stylish desk diary plus a com- 
psdiensiys'M director. Conveniently 

together in luxtmpua : black leather and simply titled 
i^eiW^j^palTirn^ Diary*' \ 
m ''* A i. 3bediaiy|feeif is neatly lafcfout and dearly designed 
|6 : ^ve rna^niidi assistance in planning appointments and 




£ § 4 ;: ;> ^vlfelaQe mure conventional diaries, the 1979 FT Diary 
Star^ in:T97B: November 27th to be exact And ends in 1980, 


WJt WUJ ■ ■ • > . • 

. : ' :‘ C A couple of extra months to help you work your way 

ik -L-'A 1 -> ‘lfjl££*Z'-L:Lz 1 A. * Jl — -LiiitA 1 • A - — * 


an asset on its own. 

A source oftisefut relevant, exact facts and figures. A section 

tefeir to on countless occasions throughout 


ir^dhything&pm the telephone 
number of the Geneva Stock Exchange to the address of the 


: need to travel 

abroad we£ve Med passport, visa and 


countries, along with world-time zones 
and air-tmveldistp^." 

And to help you see where you’re 


As a further consideration, we’ve 

b 

booklet which canibe hansferr^ 

year's didty. Allowing you to dispense 
with the aniiual marathon re-write of 
addresses arid telephone numbers. . 


Naturally if required, your diary and its matching 
additions (like the slim pocket version and leather wallet) can 
be gold-blocked with either your initials or company name 

and logo. 

• ' The beauty of having the diary and die information 
directory bound together is that you only have to buy the one 
you are after 

The other one comes with it, at no extra charge. 

r T ; : Geoffrey Phillips, The Diary Manager, Business Publishing Division. 

I The Financial Times Ltd. Minster House. Anhui- Street, London EC4R 9AX. Tel: 01-625 32 11. 


Please send me the following diaries: 


Desk (cloth) £8.50 each dU - OJ 

Pocket £4.86 each .; NAN 

Address Book £10.26 each • COfr 

Desk (Leather) £15.57 each i 

Pocket& Wallet £10.90 each l ! — i 

(Prices include postage, packing and V.A.T. in U.K.. and Eire) 

Please send details of bulk discounts 1 — 

I enclose my remittance for £ rp£^. 

Please make cheques crossed and payable to: 
Financial Times Ltd 


GOLD BLOCKNAMES £1.40 extra, initials 

Quantity ] Sip extra. If you require this service please 
accompany order with precise instructions. 


NAME 

COMPANY 

.ADDRESS 


DATE 


SIGNATURE 


FINANCIAL TIMES DIARY 

The Financial Times LuL Kecisufred in England Number 227590' Bank Account. Midland Bank. 5 Thread net.-dlc Street. Kuniiun EC3. ■V.ttrtmi No. K*9S i2. 5. 


THE FINANCIAL TIMES DIARY IS AVAILABLE AT ALL RYMAN BRANCHES AND Ai OTHER SELECTED STORES 















Financial Times Wednesday 



■34 


WOKI.l) SUX K MARKOV 




on interest rate hopes 




■M 


Amons Oil?. Ealped 


& 


; I.\\T-ST>reXT DOLLAR / 

' PREMIUM 

S2.S0 to El— < 75 ^,*L * 
Effective 81-951$ 34 1 % (31.- nl 
\ FIRMER dollar and a slimmer 
nf hope that interest rates may 
soon peak timmptod Wall Mreet 
in sain some srnund in mnucrau: 
carlv trading yesterday. 

The Do» .lones_ ]r,c *uMrial 
Average improved G.5S to 41 
-while rhe NVMi 



fnretan re-serves 
The Toronto Composite 


Matsushita Con-munt- wire ^jjSWvSSj C>Hla oTaa” gS'^S 

a ™ Speculation * KTdCRA. 
receded {?£?;£» 


ca- 


Index vehicle romstrations in November in contrast 
inuex , „ _ _• . r^m a vear rx.\r ■» nn and h 


13.5 per cent rmm a.year D » 2.60 and KravP D^ n J5° pon . “JJnLs Ash ion Mining. 


YS at 


Public .Authority BomU howerer hardened 2 cents more 
nu *d to weaken, with offennes 


nt 1 pm. 


All 


Common index msj* :«S cents t.i 


Closing prices and market 
reports were not available 
for this edition. 


m evi- 

ATI iron ore nuns in China 

Plcsse> gained 3 lo S21 in re- 
<i>i>nse lo improved fiscal second- 
quarter profits. 

MRPXL climhert 

Cana^rn said a \ctHo.in. - However. uaijicu >“ - u v yzs to \;w» rm nt"-’ .■ as muen a* h**-*— ■ - r,- — r .m<u hut 

ha< temporarily emoined Carmll Management Companies al*>o intentatlona, Busint*'-"-' Machrrtes. ^ Regulating Authorities AS2M. but 
Trom interfernns with » resisted the dovvnh-end. risxn.. of the U.S. has succeeded in boostt?d their net purchases to 

mera-.T with MKPXI.- Conagra had nearly 1< points an J"d. ex >, R rta , S« developing a new type of Large DAI -js.Tm from DM 7-5m the pre- 

vet r* trail*. „ , . -*.\‘* yarned to CSii. Utnaoian . integration (LSI). A 

Deere slipped 1 i« *»-. a ^ r pacific Investments i toOfl* * nd J“ anesc p ress report from Ne«_ 

reporr-nc SlighUy lower fnurin- R; ^cmational i to LSI U- York «. aid lhat t he new type '>< 

iju.iri-’" profits. ,. Yukon Consolidated Cola ea.^ea j nlL MTy a tj 0 n cauuntv is len times 

Carrier lost 5 to S2-K 


Vf0.7 off nt .] I noon added 

, bL^cTi . 46 'to 304.39 * nd UtiUue S Y ^ j} j apan - K major com- ^Sillil* Saw' in high coupon to ^ sector. EZ 

«*. 1» . OBS to 196-W. Metals* and Minerals. J manufa ^ TLLrc;r . f c |l sharply ijy> . ueSi duc 1 U 81 . and prices closed In the «-« , — *- 

*£{H£ a rS?Em howcver. gained g als0 by YM lo Y379 on news tluL as niuch aK 33 pfennigs jower. Pam 

Management Cooipanlcs Internj , l( onal Busine-- Machntes 

resisted the downtrend, U.S. has succeeded u 

nearly 17 points on index. Brascan deve j 0 pi nJS a new type of Largi 

-A’ ^med ^tc, f CSi ; . Canadian ^ in , e ^ alion ( lM, ; 


4 cents 

— Panconririental 
dined 40 cenu more to .ASS^o. 


to 

de- 


Turnover came to IfiAim -hare*, 
against Monday s l pm level of 
14.9m. 

Manufacturers llnnm-er '1 rtj^l 

president John F. MeGidicuddy. * 

.said interest rates could continue , 2.01ml 

lit rise into the New Year iut a yjynlcx 
peak is close. 

However, analysts had 
concern over the vcckcnd that 
there was ;t possibility "• | 

resurgence of money 
• rowth in coming "••*vks v.hicn 
could lead m furth-.-r ■-•rc.l.l 
tightening hy the FmIit.iI Re.-cne. 

Boeing topped fie actives lisi 
and rose U !■» $72;. On Monday, 
it said it was holding talks to sell 
Boeing 747 jets to China. 

Rnhr Industries, a Boeing sun- 
contractor. earned V m #1S. Us 
fiscal first-quarter net profits were 
more than doubled. 

Burlington Indiwirics puinn; 



rious day. 
were little 
turnover. 


Mark Foreign Loans 
changed a tier light 


Paris 


Hong Kong 

Following Monday's good rally 
shares tended to soften^* ^ 

the 


in a moderate busing The_Hang 


up 


received about 
in if. hid to acquire 

«v»rh. 

THE AMERICAN 
Vain- Index was OfiS higher ^at 
1 3u.£i 1 :>l 1 pra. Volume 


SE Market 


Tokyo 


After an early fresh advance. 


— Seng .index. 19 points 

Bourse prices mainly earned previous day. 

„ fresh ground, boosted by good de- .Among the teadent. flo“So«S 

plants. Y52 hieher at Y2« and mand frnm Mutual Funds. Land dedlraed la t *nWJ< 

Fujikoshl. Y» firmer at Y2R2. Brokers said that the market Hongkong Bank and 

On the uther hand. Japan remain R™ up^to Die end Matbeson Ugjjjp^gpJJ 


Indices 








i sM* 1 


NEW YORK 


-JOW JONES 




iT-iri’sr- 


y a ! sr ' : H 1 «|. 


t , !t i6.<i: «.«: «•»! w 

*» Bf' 216-0*; »Wf 


. . ;«■ 


W' 

j ftir 

■i!C ' 


* 

> i 




B’meB'nda* 48-28 

a®-* m 

IB0.27 sa-Of 


ittilttla— • 
rnriWE visl 


• M.5ei 08.26 90.30= *•*■'$£ I "lilri 



OOtTut 


«.Baa 8B.w' *1.1® 22 ' 740 ; ,8 * m . 

ot Uidea ebauged frrm A °K- 2 * 




* Dny'« high 3!4jffl ta^SESI 


Cll" 



\"2.120. 


!.a .te'iSriSl IS«d"ilS.'»n'Soi nSS g« SSiJ “ vh««i«d> * gjy-f 

■01 m> . S™J'2 l fl5 dl ai "i lh SKcd move- Tcleci.mniunieatliin Construction, ^ uta ^ Funds created following HKS2.B5 and ^tehboa Whampoa 

■I<Hl rhe actives list, sain- mms to fint^t with mixco mo Y3 800 rhe "Monorv Xaw. announced 2 j cents to 

to 82111. Houston Oil. m men la on ha ha nee . 

d - -■-* There was another heavy trade 


jCompoMie i 


to SI 

volume 

"»« r. 0|, s SSssr* STSitow-. j«»» 


second place; picked up 

B>-rn7.umatic rnse < to *•« on with 


reaching R20m 
with Monday's 


Germany 

After 


unchanged 
count i ,r trading 

Anglo “A" added .1 «* sl - ! . f,n 
niore-tiun-dwuhled annual profits. 


earlier this year The law pro- Hang Seng Bank slipped HKSl 
vide.s tor income tax relief on Tn HKS176 and Hon *K«j9 Hotels 
morning investments of up lo FFr a.OOO in M cents to HKfR20^ 'j£St 
French shares. , Cheung Kong and Hong Tvong 

Smcks moving significantly Electric each lost lo cents to 


Ind.dlv. view % 


merger. Newell, a. «J f ' i 0 ' uch ed a new all-time 


gain 


Canada 


Markets dLsplayed a bias 
lower levels in fairly 


an easier 

session, slocks were inclirved to 
ground lo cln.-c w:lu a 
tv of net gain- The Com 

r’Tf/S 

Commerzbank 

. J E-tni'i rieals in Bonks, while CHH 

Steels* and Heavy Electricals Ene i ncl . r i n Ks ahead 

to finished mixea. n f i»*.t 

ai-Live Export-oriental *d _ Hl*?clfKxi[s ^ 

mg Chemical 
firmer, while 


C omnium cations, i'uuiic an , he day at S26.0. 

and Pharma- rnmmaM , n |, gained 


issues. Shippings 
L-euticals closed 


lower, while 


n si i an Ericsson. Carrcrour. Crensot-Lolrc. 
u..i i w Tienerale dcs Eaiix and AppUca- 



{V-Vd-p- ve*torda'y morning despite and Cameras turned downwaro- «=»--: 

K^irsss aag-afjs 


md KHH 

v.iih re- 
2.20 and 


elo<od 
fclieci rieals 


lion* des Car- 
On the downside were _ La 
Henin. General*. OcddcntaJc, Saci- 
lor and BIC. 


Amsterdam 


NEW YORK 


low. I — - - 


•l,»l 


Ln»- . 

VJ-j!W>ao.ili ‘ 

Aviijn 

i- • ‘ 

M-.^D.'.llitllilllun. 
\l.m . .... 1 

viiua. 

Mksii^v Hiiff.i 
VIIik .1 Clwmi'-wi.. 
.vllftsl 

\ Mi- 1 imliiwr*. 

\ M \ \ . .. . 

liiit?ra> l« He-.-. . 
imp. viriin**- . 

V liter. IlMihl -. • 

X ■n-r. PriwKn-i. 

V-iier. I.JHI 
.» mei . i vmmiii'-i 
v <ner ln*i. 1-... 
X'HM. t.tlS-l. I'l-Jl 
X n?cr. K.xpn — 
Vnirr.H-iiin- ei^«i 
Siiier Me-Hisil.. 
•V'ln.-r. VloUir-., 
V'licr. N»l. !•*».. 
\ner. ~miM»r«l- 
Xn'»r. ^Iurvs. . 
Ainer. Ivi. Ti;l. 
VmrleK . 

VMt 

VHP . 

Vni|«. . 

Au-.Uvr H' i'Ihi: . 
AbbeU-i.'i Hii-i-1i 

A pm* 

X >. X. 

Xs»uiein • 'll. 
Xnn-" 

A.tllnn-I i'll .. 

Ml. Kii.-lilielil .... 

\m.i Umii I*n 

ivr 

Ah’- . 

Xi-tiU l*i' ■In* -l*.. 
mil. !.»*> Vi lee l . 

Kjiia-’r 

TtwnL \mrn.ii. 
Pxtiki-r- lr. YV 
h. peri'll . . . 
Him. i ci tiwTrtinl.. 
Uwilri>— Ki«*l.. •• 


His-. 


— Ir.k 


■t«S- 


• ■rnmg 
■J’L Ini ' ni‘ l.i-.i'- 

miic 

nrlirr V.il>. . . 
n 7.i Ili-r+ Jii *> 
KlL;liiC 
.. Iim-r VVrijilil.. 


I imm 

I Nil lnAu-i ni ■ 

lleerl- 

Lin M«m»i- . .. 
[■cn.'IIV ■ . . 

Ill-Ill- Ill\ till .. 

Ih-lr.iil EAi-*.'! . 

Lintniniui 'll* 

t>|. -In |.| ii ■■>•.' ... . 
I'l-llttl t>llll('.. 
tllsilAV Iff* 'I . . 

I I.II er ( mil'll .. 

I Krti i.'twniva- 

I'niv.i 

lln.-SM*r . . . 

llui»nl 

Kac<e fli.-bei. 
bHTt A-r:ln*“ 
tji-lii/xn hmli.x 
Kaimi 


I nil M- 'Uli iiUi-... 

.li.lin~.in Jiilnivai 

J. ilm-i'ii I •luirr-i. 

■I til llxiiilln Ini'll, 

K. Vtm i .irv , 

lui I -t-r X In mill' in- 
liiw lnilllil rle-' 

k*l-4fr !*!«■! 

K»x- I 

Krnne>.i4I. . . . 
Kerr M'-I.ev 

K ill. ip Wall it 

ItiniMIV Marb . 

Kii|.|>er 

k'rail 

Ki.iger i.m 
L n«»av Vran- ..' 
Ipvi ni'nii'i. 
l.iW-v l>i». Kuril. J 




K. • i . A • i . 

lii l'm-u >mi. lis- 
hllrs 

Ilim r-.-n KU'ini 
l.mpij VirKritfi.i 
Kiiiimn 

K.U.I 

fciUieH'B.nl 

ti-iiuiii. 

kil i Vi 

twin 

Kami -M M l. jlce.-» 
Kol. tlevil. T-<re.. 
Kir® Inn. Tn... 
K-i . 8al. Hnai.Mie 

Klrx* Van 

FIIIIIK..I* 

Kl. mta l'..WH- . 
rtiiKi 


U^SBH Itn.iil". .. 

| Llllvtfclll 

j taiion I n-liri-i •".i** 
IjoULeni Alr."'il 
j Li lle star lu.ul-l 

i Imi: tfian>i (->> 

| Liirriain Lunii ■ 
Ur 

[ ljir-t.% .*loi«T. . 

Lj kes i.'-^pu 

U.il-M man 

Xt-iex It. H 
Ull*. Hamper. 
11 r|*m 

Mannti'dii.'ii .. 
XNnin.. MImUiiA.. 
VLnr.lwH KipJiI 


lb 

lievnuM- 'lei*:- : 
l.Vnii.l.l- li. J. . I 
■ t ii.|i* -e-n 'lenr 
i;..>n»w Inler . 
Itulim A n«'.. ■ 
It.iva' Liiiirli 
l.-TB 

i:.i-'ii.ar. .. . 

| It Vil« ■*r-l em. 
s»rn*i Sti-ie-.. 
•U J e Mineral ■ 

Si. tk-gi- l^tja-r .. 

-anlji Kp tnil-. 

-an inn* -i 

Mixxin ln.1 ■ 

■vIiihj- ttreamg . 
■s.-ij-iiin»arrger. 

■Ml. VI. 

MMI I’aia-r 
v— xl. Mrs. . • 
TiuiIimt LIiim.i. a; 


Australia 

Shares 


Si.«-k 


XX lv.IM.4lh 

XI x ,1" 

X"h.r 

/aimU 

Aon iih If* 1 1 in.. . 
C.S I rMs-.*\ISln.. 
I.- 1 r«i 

«'.■>. KMiiv MIL . 


Narrow irregular movements 
were the order of the day.- - 
However, Heineken, .m . tune 
Breweries sector, made a bright 
showing with an advance .of 
w ere again firmer- jri 3.70 to FI. SS.00 axyaitmg annual 
nciined, where changed, after a rM uJls. due today. . _ 

slow trading session. In Dutch Internationals, 1 Royal 

BHP. ASS. 4 8. and Bank issue Dutch shed FI 1^0 and Hoogoveos 
ANZ. A S3- 92. were the outstand- -pj o_gfi_ - • 

in? performers, risine 14 and 12 stale Loans were steady.- The 
cents respectively although on 3nn0 uncement nf an SJ per cent 
light turnover. An .institution was ip-year State Loan tender had 
thought to be tupping up its hold- expected, 

before closing Us books lor 

Johannesburg 


CANADA 


»u-t.lii*.il 
Dell X Hn-rell... j 
Pen-tir - • •• 
HpniAiei i'"iii 'H ; 
Mplbtelwin* >IppI. 
Mnwk A. Uip.lkP: .. 
H'fins 

R-iiwe t^x-*'ti... 
h-pton • - 
Miir^ W>ni..r . . 
knout lot .... 
t*r,H.iin -A' .. 

Hri<dil Vlxi*r».. . 

E.H*l V l»('l k 
Hn«ckw»i . 

Hrill«swn-k 

Piiryrnr Kne .. . 
Hui'jm VVM1I1 . . 
KnrlikUfiou Niiiii.. 
Biirp'ucli.- 
1 ■nt|* | vll > in (i 
i.iamJitn I'm-ifn- 

1 uj.xl Hb 1 i 1 l 1 iij-'li.. 
I«M1»TI"P. 
i.4iinx-r.V « •.•mam I 

1 iipw H«» lox . 

1 'aierfi iiprl iax'l*. 
' H~ 

1 pipnefC 1.1*1*11 . 

■ '•jllLIHl A >.W . . 

1 pii*ini»vl. • - • 
1.4 — 118 Am-iB'i -• 
(. nmiti | -I- Ini>r»-. 

1 h*s>- .VlnutiHiina 
' .I14n1u.nl lU Ai 
i.'hmPL'ivli IVni.i. 

< liPiinr 

• IhlbS‘> Oniigv.. 

1 hrxslfi 

1 'ii.-. Mllncnm... 
1. iticorv 

1 i|i(‘ fn.-rni’i. . 
«. il c I n* i»l las • 
1 i-vei*ii l L‘1'3 

• ■>.-*(. mI* • •• 
1. ol^»ie 1*8:111 

I'vilius.Xil-nmii 


Ir.M.i' 

Pnu 1 Jlvlm 

KniMI-M Mofc.... 

i 

I Fi.uiklin Muib...; 
Frwf.^i ilinen.. 

Kiaubmil ; 

I Kuhu-i lu»l* 


\|*r Lippi. Suwiw 
Mi. V 

l|i- fir mi'jll 

vti-fi>-unp: Isisa 
Mi-' 1 ran Hill 

Il-riiiiini . • 

M.-ivk . .. 

j.M'-iou Iaiii'Ii 
I ' (nru HpIi-'H-ihi. 
MtiM. 

I It mu Mins A SI Is 

\)i •■•I I < t 

• 

I Uunmi J. I* ' 

: .XMoruMi . .. • 

Mull'll' XJil 

NnlilbO' 

| Nnii-ii 1 iipinu At-. 
Bill 4181 1 an .... 


| 3 A Liinlamri . 

-Mia 1* 111 

aearL-it..fi. ... 

I -flP- l^^'-lll.-k .• 

sfclM-V . ■ 

I Midi tm 

•lie': ’I mu- (pin.. 
»tSI«Sl 

I S|STI-MP 1 «*T|> ... 

mifl-.-IU Pm.... 

| “lujer 

sniitb impr.. . 
siiuih Kline. ... 
s .. its r>ui 

I SiiillbiJl'MlI. 

iiilltirili 1 al.K'S. 

I > -nt Hem 

; Mini, vii iiVi - • 

-ii4irlii.nl Pntaili-. 

•>iulLenil(»ii>xar 


Viiuiii Pniiei-.... 
\»U ii.ii tag re . 

\ ir»n A.iimini'in 
(lElillui StPPl .. . 

\«n 4 >i.w. 

linn l .Mnnlrt* 
tin nk V.LMSirilla 
Ha oil- Uc*onn»- - 
Hen TeLphonr.. 
IV , .1 Vai.er I ml. 


39 \- 


l he Christmas break. 

Bank or NS Wales improved 
cents 10 AS6.30. while Myers, 
in Stores pul on 4 cents t« 

A SI .67. but Wool worths, up .1 
I cents the previous day. came back 
1 3 cents lo AS1.52. 

Elsewhere. Howard Smith „ 

I jumped 19 cent-* to AS3.S1 and K, i.- 4 ? 1 
1 Ausiralian 1 Foundation Investment 


Golds made a mixed showing- in 
quiet trading. _ . -" " 

Among Diamonds. De Been 
edged ahead 3 cents more -to 
RTloS and Anamrnt rose R1JS to 


in 


Dealers noted revived interest 
Colliery shares, While Plati- 


moved ahead 6 cents lo 86 cents, "^--"dv'anced, aided by some 


Ut* 1 annrta 

Uni-Ain 

Hritu-i- 

i.iitfin l\'»er . 
*.■-1 riiHi* 51 
'.'unii'tK i.t-mmi.. 
(..41111 L< Xff Urn.' 
On Irupbfc «Jtmi 
hi tn-iii InrtiiM ... 

i. in. rtn-ihe 

| iV.u. ttalti' In- . 
jUli. 'uw-J l" . 

1 iriucil'KMir.. 


[but Wormald 
| lowing its bid 
U.S.. retreated 
i.vens. 


for°A^T a o L f the London support! Imptate 1 rose. 13 
for Ansui. or me ^ R3 ^. ^ Lydenburg 

12 cents to R1.45. 


10 cents to 


c Per share.- f Francs 


MOTES: Overseas pr^os shown ^Hitr • n i^L^ P «‘f U ft'iVS 3 rmieO"dlvWeDiI aflsr 

'^•jaas J? -- 


? si! nsr-iazffm 


tmmms 

r Cents. J Dividend aher pending rights Increwicd. 


bssiaji on'nei JWdcnds phis tax. paymwU. * indl 


.x.r 

•raliu^ii 

lien.. .In*-'. -- 
il.X.IA 

(•ell. 1 »Wi 

■ ■■•II. fit IIBUIII--.. 

lieu. Kl'irlmi 

mu. K-.li 

l.l-Ulial Mill*.. - 

iii'iirral M-ii-rx.. 
lien. bill, litii-- 
lien. MpmU • — - 
1 •«-■■. Tel. Klfi-*... 

1 .eli. Hu- 

1 M-nir-m 

; M >rpi8 t>x-»fir... 
il-l-iINVI* 

lieu-, nil 


25i» 

27i* 

57*» 


• '.1 Her w 

I.i.iini-L H K. ... 

I'ire.... 

Illlll-'l 

..race VI.U. 

iirt.A tuwi l'm-Tw. 
I.rt. >>>rVb lrm«..: 

I.reyhi "lli'l 

i.ui's x We-iem- 

i.-u:i fin 

Ilaiibnrlwti 

Hiuini .'1 11 * 1111 : - 
H»nin<-hieiii*r 

Ham- (4*1111 

Hen*- H. .1 

Uo"l*lu 


Sai . fiiiriHei-.... 
Sal. MU' ue liwl. 
Nil li.ll IK* stet'... 

.Sst-una* 

MK 

Se|ituni‘ I mi'.. •• 
.Sc*- Knewnii K.. 
Si-v. fcojriBivi let, 
Sia K ani jMrte.fe' 
.Siajpira Mum;.... 

L. In.initrii*. 
_S.inr.lkX ffMx-l II' 
,\..itli .\m. »•«■... 
Slim, state* Pw^ 
MlmR.| Airinie.- 
Siliwe-i. Ham-orp 
Si.n-m Miw* - .• 
1 if-ct- lentil I PxHJl>l 
Hffilvy MktI'rr... 

1 Hurt Kiiivn 

«»lin 




.Vn l Unu-lni'* . 
JH-m Hui'h .... 

-1-rrra- Han.' .. 
*4,i:'j'' 

Mpn-tsnl Hr* n I.. 

M-i.IXi'tBAl.'niW 

M.l. fit. Itul.aui., 
m*I. **1: fi'i'- 

--Uilltf (.lll-niu.*!..| 

M.-rmii: I'ms . . 

•lu-iet«Li* 

~nn l- 

-uoiiitran-l. 

I 

] tC.-UUPV'-ll . ■ 

1 lekin-nn 

] Inn 1 me- 

1.-I--X 




| Cl net 1* m 

I. mull 111 • 

(nil-. Uatburai... 
('■■ii inner Uff-. 

1 Vi-t'kii I.'it.wn*- 

l.4Al«|l| . ..._. .. 

fin- HI fil * . 

1 ir n ■- ..ii vixnix- 

IkilllV »l ni.-> 

1 1 1. mie Pel 1 -•■«*' is . 
! 1 •.-in iiii.Hi bn> s>- 

j LL Hill 11.. . 

I fnii«i'|!C L-- .. 

X'.in* .MU-.' ' hi. 


r,„ 1 tv- ■ S.w. i * nv - 

! D a : L i Ml 39 ... 

s ; f* I* 

36.15 as.aa a«.re, m.7b_. os.« j <e;3i mwiigBy 

— , .Sov. 23 1 No*. 22 


rxSP^|$n&.l 


M.T5 SS.77, 52.1 


52-sa, « 
1 iLLfli 


Ivue* Twdeo-. 

Klim.. — 

Fall* 

l'DL-luu>g«il — 
Sen Rijjb’-- - 
>ew Lon* 


1.900 I 1.884 
777 1 JJ89 
698 ; 870 . 

425 3 ?l ; 

15 i 2 1 

40 1 24 ! 



W‘ ! 


1978 ‘ 


U0ZTTBBAL 


De*. ' Dec. 
« . ; 1 


Xu*. 

30 


Xov. .- 
29 1 


HlRh 


-iew- 


Indaixn&l 

xJuniblD^i 


iisiggsaisff ssiiss i-s aa^- 

I26l.fi 1552.7(12101 I SW-243Grfi 


TORONTO 1 omnLwte 


1281.4 1BB0-4. 


JOHANNESBURG 

iji.l-i 

- indue! rial 


221.4 — 

2S.6 - 


221.7; 
265. 1 1 


222.5! 

264.6. 


272.0 tl4.8» 
28 1.8 (bill 


Dec. 


Pre- 
si pus 


iy?t 

High 


19 nt 

I Ll» 


r Dec. 

;• a 


Pm- 
' vlaua 


TM.B12MV- • 
ISWiUSi - 

‘ 'uJir' 


i97B 

Hl«h 


Low ' 


Australia 1 , *®.b7 f&W nu» 

17 64 1 36.1 » 101.10' X<*A 
1 <f 161 ; fiuibt 

90.te« 


90.52 


HA t 
Kf.O ; 


16.5 


101.10 
/fUi 

9S.*> j 63. OB 
.14:oi , liOiiOj 
S4.Q ' 47.6 
(4/IXti I (o/2» 
VWi.9 ‘ 7&SJ.4 
i 19;1U| iliiOi 
«.l 20.0 

>llrtii| <*<4« 
018.93 MOJWil'K-fOj 3B3.4 
14.91 tt* 4 l 
7L40- 71.6S 82^t> . M-.-46 
I26f9< tVO.1* 


Spain' ' 
Sweden 


tdV BL06 *' to. -lKrjei WA»;--4 
; i • r (9, ■fix f 1.17/Jl - 
iiv 576:78 1 37&.M0 j 4®^0 1 3S».7»"’ 
I4i8) | kWl> ^ 
S6W. 


SwitZBrldtt '[ 284.7 . 287.6-333-^ 


823.3 


71^ 


79- 


ban K Dec. lWO. 55 Amsterdam Indwtrlst 
1976. -VI Hang Sena Bank 51/TrM- fllf Bjaca^JL 
CommereUle. Italian a 1972- “T 1 *?? 

New SE 4/1/68. kStratu Times -W66. 
o Closed, d Madrid SE 3B/12/77. eStock- 
botm Imtasndal 1/1/88. 1 Swiss Tpank 
Corporation. dUnaTailabla. . . 


Belgium «S> 

Denmark' ■* 

France m 
Germany> 

Holland -j? 

Hong 
Italv 

Japan ,u ' '• i&. t 3 j < 4 il 0 > 

Bmgapore.il. 000.42 30C-6o «**» . *** ■ 

— ~ Boenur 

indices and base dates (all base vaines Rateum Purina 
lira except NYSE All Common-aO sterllnj: Drug 

Standards and Poor*— 10 and Toronto Beatrice Foods -SISJW 

SM-l ftM. (he last named based on 19751. Amor. Tel. and Td- SttlJM 

t Excluding bonds. 14W industrials, Exxon 122.-5J2 

9 406 Industrials. 40 Utilities. 49 Finance Sears Roebuck . — 1 TO 308 
and 2 u Transport, i Sydney, Ail Ordinary. Polaroid 




447.69 447.64 447.0-3 364 04 MONDAY’S ACTIVE STOCKS; ■ 

• — Chance 


Stacks cireilna 
traded price 


„ 437 joa 
1. 432.700 
240,900 


17B.B00 

„ Beloian SE'3fil2/63. — Copenhagen SE Anicr. Hoapitai Sun. : 17S,»o 
l/l/n tr Paris Bourse 1961. ii Co nunerz- Eastman hndak .. 172.3IW . 


n* 

1» 

m 

50* 

21 *. 

50* 

26s 

GO 


day 
+* 
— } 


■** 
-i 
+ i 


,-H- . 

-'1* 


14 


GERMANY * 


i TOKYO 1 


AUSTRALIA 


OSLO 


Prut- 

Urn. 




Uiv.iTld. i 

c o ! o ! 


l»ee. b 


•Prtaffl 1 + "r "lili.-TId. 




- . %i\% 


De.* ft 


Anal. 9 ' — 


Dec- 5 


flPrujB * + or - DtviiYhC- 
‘ Knm«r I' — i i -'I 


% -% 


'l"C 


29'? 




• 'Muii't.ia Un-. 
i .iliimbia Pi- -X. 

«..,.IU.lU!l.".vl Xni 
i omhiivi irtu Kna. 

I.-Iinligiil fcq 

« 'm -.ill K«lw«iii. 

■ ..inn'. txWliii'. 
i.-jiif'ili-r -~-ier..-. 

• x«n l.iu* Ixv- 
i.i-nra.-. 
i"...n.E-1i— n W 
< OOSlI V'.-il- 

i ..n-«i 'Hi '.i .. 
i 'ii-uiniT P 
i ..n?in.-nlHl Or'.. 
LrtiumvnlHl t.'li. 

• ..DVIueiHe 1 ret. 
f .intrvl lle'n 

i ...urr IndHK • • 


Hr- in Pa.-kant 

Hv'i.M.v I iui%.. 
ll-.'lll-H’lk'.'.. . 

1 Hum..' ii k 1 I •• • 

J Vi 

I H.i-i^i.i-iik. Vim' 
Ht.Ukli.il Nai.Xiu- 
ilmil iPii.A'lfi'n 

H nil. 'ii • 

I.X.. Iii.iu-siriet . 
I\.\ ... 

InyiT-...: Kami- 
Iii'nn-l 'I'll • -• 
Iii*ih-v 


ilier^s- -nifr... 
iy»eo- X "ffliiii: 
Uweii- ImuiH-... 
l*K.-ini- Xisx-.. ..- 
Pmam- Llubi iua..‘ 
j l'«n I s *'.* I.»C 
[ l^tliAtiiU'.rtiil An 
| I'M rl. vi Hailinhn.- 
I I ■.«'». I* lull 

; Pen I'w .V > 

J IViiiix ■!- * •- - - 
l'vnu:-. , i' 

l*«-..|i|r- II'HK - 

Peult'^lra* 

1V| 


I .r-,. I Vi - viemv 

t(- a*v 

re'viiKM.i 

levut lin-leni . . 
Iv.ai In-i ui.. •• 
leu* nil a l.s--- 
Tevax I nut 
iiine*. In». .. 

1 lines .Xliriwi .... 

litnkeu 

t ram- 

I nn|.ni«-iii*.. 

I rant*’ 

- trail I. n<. .. 

I r run-wav Inxrn 
Iran VV ...n.l \it . 
I ravrvrr 

I'n-X.iknl-iU'iiia:.. 


B" 


V 

! .\lliaii-i< ' cr.rrd.. 

. li M 'X 

I H\^F 

lia*"T 

IViUt.H'I*'. •• 

| !liu-r \en.iii‘l-k . 
■l4illil.Vvl.niX 

I I .■■tiiii.Trimiil..... 

1 1 ..tin ijuinnti.. .. 
L'aniilcr-Bcii 

1 1|— II-.-M ... . 

fiiniax • • 

; lie'll-. *lte LtHUk... 

■ |iirs.lii.>r Bank. 

1 1-. i-VvrlMI rtviul.; 

. Ill .-I irHTtivinx: ... 

I II.IIM" IJ.X.I ... I 

I Hrti-jon.-l 
, H-k- ii-i 
-I 

I II 

n.-li nihi ^al 
i kHl-lH.lt 

haul In 
UI-> kiu-r L'M Hk'.. 
Ikllfi. 

fi'l !■>.' 

. i .ii >*ie. 


78 1 . — - 1 A rail i Ulan*. . ' 

495 .. 3l.ll- S.2".aHMii 

223 -l 2B.I2 6.3 XAa*iO 

1.6.1 -0.1 18.761 6.9 Ut.m.1. • - - • ' 

140.9 *-0.9 18. /o : o.7 IhnNippm Print' 

316.0 4 0. t .k!B. 12 4 5 Hu. I'linxv. ; 

329.0 - I S 4.3 Uremari... 

1U2 —3 - . - H'.nH* HiHura 

22&0 * 1.4 Zb-ft*' 5-8 ' H*? 8 " IV " < 

06 .S -r 0.2 - : - |V. Ilx-b 

326.0 -0.6 28.12; 4.3 I Hu Irtado 

251.4 2.6 26.301 S.S ' 4ai.";r ' 

177 -l 17.181 9.7 4. A. I 

a 1 1.5 . . 28.121 4.5 i Kau-Mii BkxX- Pw-i: 

245.9-0.1 28.12: 6.7 

185 -6 9.5tt| 2.5 KhImU 


100 • .. 14.M, 7.0 . Milnistiila lad.... 

151.5' * 1.5 »5.Si; 5.1 j .xtii»ul.i»tii Bank. 
136.4 ^0 5 '18.7# 6.9 ! Uif«ib'*bi Heavy, 
49 7 - 1 6 — XlUujIieabi X>ut- 

15?;o - 13 9.36 3.0 Ujlaui X t'-o. 

140.0 -0.8 14.04 5.0 .Uti-Mk'wh'.. • • 
330 . 23-44 a-eiNippnuDen-ki.... 

^50 - ..18-« 5.0: Mihmi 7biuuati • 

v0.5 -0.5 - - : Nihibii Muli*l»... . 

202!o -3.2 1B./6 4.6 . Pi-meei. 
97.0-3.5 
P92.0 - 1.2 


Ik -Aoiit-inn 1 1 'llx»J 1.575 


-in- t; 


\ 'IB-.- 


I tni- 
1 I fc*U 

• .-Cli'l. ■ nl:.r\ V 
ll.A.fc. ... 

I I A IH. • 1 . 


I I nueTi.-l . . • 

I I n-.eti-i %V' 

' I. Ill-ill BXU'-.'|[-. • 

| I rik-n ' arl-i.-i-._ 

. 1 n. .-n I. *.i*i:nrri* 

I I UKU I Hi • "lU • 

• I :ii.*u !'«• in.- .. .. 


i I Jill tuill'.l 

V! . V > . . . 

' 1 -iliIH-lll.lllll 

■•l.'-'ia.- - , 

'lini.-liemi »«• k. 1 

Minn t in. 
I'l-ll-Hl! I'm I'.x. 
i lin. .riVW-i. fc-i-i . 
TVln-rillS ... 

•IVIIrili". 

4lll-kl'J 

Hi. -M-n A l». . 
VhiIh . 

V l-.»l A . • • 

I.-AVV-.I HI 
*lk-.."^l-H. 


97 


_ nuiy fcierm . . 

25 4.3 "K'k I-.III PihFuL. 

2b 7.9 i 7lil"vntc* 

9.38 4!b : >-«•*' 

fai^b-i Marine. 


_ , a It, a. n, t»'#D-r .Wainic. .. 

nS 4 0 • Ibkclat. Iiemast.' 487 
1 18.5 + 1 a l/.ia H B, P||fc 1940 

252.0-1 & 1S.6* 3.I.. 


252 0 . 
665 *5 28.12 2.1 

i67.7 4 4.7 - - 

140.5- 1.4 1 - - „ 

178.5- 0 5; 25 i 7.0 

262 43 1 28- 12 5.4 

289.5 •• '35 4.3 


Irijin. 

IiiX.iii Marine... 
l.ikycifcievlPow i 
I'okvo Tali*.. . 

Iritut 

I<wutt« X.ni- 1 *-.. 


24 7 0 - -3.5 ■ l/.so a.o l<*vta Mnwa 

117.5 -0.5 1Mb 7.3 | 
icO.O 0.2 IS. I# 4.8 ■ 

134.5 1.0 a.3F 3.5 , 

296 . 28. 12; 4,8 1 


370 

-S 

i*' 

46B 

■3 

12- 

885 

-IS 

29 

3 □ 

- 11 

J20 

585 

*2 

ia 

585 

-7 

13 

268 



502 

- 3 

18 

to 10 

-10 

3b 

242 


12 

,780 

-20 

30 

>42 

-8 

13 

.830 

-r 10 

— 

.170 


10 

386 


IB 

293 

•-5 

la 

.630 

-80 

55 

720 

-13 

20 

280 


10 

128 

- 2 

12 

424 


13 

296 

- 1 

14 

592 

-3 

20 

.610 

-10 

, lb 

822 

.-6 

u 

633 

t4 

16 

.660 

-20 

48 

258 


M 

975 

• 1 

30 

.190 

.10 

, uu 

.500 

-60 

40 

246 

ri 

U 

487 

-8 

13 

.940 

-20 

50 

137 

-3 

10 

513 


1 1 

1.060 

"... 

a 

355 

--4 

Vi 

178 

-2 

10 

153 

1 

10 

908 

-8 

20 


i.’x. X-r-W Xu»lmlM... 

id'.xH.anr.si - 

2.6 X,m!<o' Kxi'icmthm., 
l a Vmvot Petrolcnin... 

1.3 I .W-i-c. MiuenUi. .. 

2.3 ! A-w. Pii'p Paper S*» ... 
».8 Xflaoe- Con. InduilrtoH . -. 

1.7 Au*. Poo mint mo ln*e*4...i. 


t0.71 

, 1.00 

t2.05 

t1.28 

10.74 


105 

65 

118 

335 


1-0.75; 9 j 8.0 

— 0.» ll 'riS 
20 < 6.0 
.9.7 




08 


i*8 iSS \ brazil 


Bei«Oi Bau* .... 

. 1 H o rtr y aKnl 

-8.04 j CroHlcNok 

j4-0.ni . kre>tiita«en 9'™ : Ih , « . . 

-il.52 -hO.OS ; Nxiruk Hvtnj Ki*!] 186.75; — Q.7B 12 ; 5.1 ^ 

tl.77 j t Moretnund 1 471^ 5? 7 i 7-6 •* 

rl.83 -*6.10 
40.96 l-rO-M 


m _ .- 


Source Nlkko Secunucs. Tokio 


239 


, 5 Z I BRUSSELS/ LUXEMBOURG 


li- n-.rr 


I IWkuifclniH. . .. 

I'f.-er 

I I'hiMin. l'i>X*t. . 

Pbiladclplua Kir 
I Pt.!ll|l>1.HTI* 

, PbtlliiH Pi-lrv'ir. 
Pl.l-'.UIl .. . 

Pit uev- It* • 
P.imlii . • 

l»lr*sw fct*l A OK 


.-\B. 


AMSTERDAM 


I'rn-e 

Pr-. 


— - - • — - — ii "ii? . * ' iri ud Z.OoO 

P,lni -*-.r Oj*. ; \ M. • Hcrkpt ..y 2.495 


, -iu- 


w •— •« 


HIM 

1 Inn. Ki».""»r-... 

lull. Har.e-ier . 

' lull. ‘•ImiCh.-ui 
lull '.l.iitiirtirt-... 

I la'- 

1 111 1. I*n|«:i • • ■■ 
Ini.. Il.-ciiiie;.. • 
Ini’. Tn.. .\ Tir . 
|.i«B fieri 

II Iniernall.irvi;. 

1 nn Wniu-r 


I.'.. . |,..|| 


1 ‘ulnmld .. . . 
I'.H.iiuer tl» .. . 
PPfi Inrtu-xrie.. 
l'r*-lvr t.aiiil*-H 
P.ih. "^r. bu»-i.- 
t'ullllll' .. 

Purv.» . - . 

IJuiLi-il'al- . . 
IEn|.|.i XniHriiun.. 
Itax-itii-ai-n . . . 

HI ' 

I.VirniMli- —1 I*H'. .- 
| KHW-I4H I ni I 


t B'd 


' XX i^iin-iii 01- 


: ‘-Axed- ' Traded. 
New slock. 


EUROPEAN OPTIONS EXCHANGE 


Apr. 

Vnl. Tj«"« 


APV 
AC.V 
AbJ* 
AK/. 
v KZ. 
kk 
F.K 
HU 
fill 
HP 
H" 
IF 'I 


F.360 
F.370 
7.25 
7.32.50 
f .35 
>60 
>70 
F 32.50 
7.35 
7.40 
7.45 
7240 


17 

10.10 


0.40 


3i* ' 


5 

25 


1.50 

l 


2 

33 


6.20 

2.70 


7370 

F.2CK50 


5 

13 


3 

4 60 


5601 j 
F. 3 3.40 


10 


I 50 


IS 

6 

ID 


4.50 

2.90 

1.60 


ir.M 
HIM 
I H XI 
Kl M 
KI.'I 
h I..M 
* V 
N X 


5 260 
>200 
>500 
V. 1 30 
F. 133.50 
V 140 
F 108 90 
1 110 


1 

EJ 


36 '1 


— S274U 


45 

1 

CO 

1 

2 


19 

6'. 

l r . 

3 SO 
3.20 
0.80 - 

4 30 1 


1Hz 


- F. 127-50 


- F. 109-60 


ntf 

THI 

i-hi 

FUfi 

Kl* 

It I* 

X Nt 


F.35 
r 27.50 
V iO 
sfio 
F 120 
F.130 
F 110 


1 IO 
195 
37 


7 30 
1.70 
0.30 
0.50 


37 2.40 T.2450 


10 

4.50 


S50U 

F.1S2.60 


5 • 

Mae 


— 7.121.10 


Xapif! 


BA 

PX 

B* 


360 

V7h 

380 


5 

15 


l.Vi 

6‘» 


- J73»« 


20 

15 


»’*. 

6 . 


TOTAL voi.l'Jir 1 ? rnxTpACT* 


BASE LENDING RATES 

B Haiiibni-; F-.-nk 

■ Hill Skill U.-l 51- n 

7ij; 


\2i ,r „ 

12?":, 

1 — : 'V» 

1 i 


1 2 : *y. 

j-IIO- 

inl% 


A.B.N. Bank l-i 

Allied Irish Banks Lid. VJ; 
American Express Rk. 1-5 

Amro Bank 

A P Bank Ltd 

Henry Anshachcr .... 
Associates Cap. Curp.... 

Banco de P»iIbao . 

Bank uf Credits: I'.mx-e. 

Bank rif Cyprus 

Bank of X SAV 

Banque Beipe Lid. 

Banque du Rhone 
Barclays Bank .... 

Barnett Christie Lid. 

Brcmar Holdings Lid. IS-.'T, 
Brir. Bank nf Mid. Eu«t 1- J . '7. 

Brown Shipley I-j 1 ^ 

Canada Penn'i Trust... 1'J : 

Cayzcr Lid 

Cedar Holdings 

■ Charterhouse -laphtri 

Caoidartons 

C. E. Coates .... 
Consolidated Credits 
Co-operative Bank .. 
Corinthian Securities 1 - 5 'n 

Credit Lyonnais 121% 

Duncan Lawrie l-!"o 

Tbe Cyprus Popular Bk. 12-J fl n 

EagilTrust I-I*^ 

■English Tran5cont. 

First N'at- Fin. Corp 
First Sal. Sec®- Lid. 

■ Antony Cibhs --- 
Greyhound Guarani? 
Griadlays Bank . 

W C.uinnn^ Mahnn 


i -r.% 

1-/ *n 

125% 

12!% 

* 12 *“.'. 


lili'i, 
H "T. 

14 % 
l2 M, o 
l'i'% 


C. Hojre it Co. 

•iillutl S Hndi,*e 13 -'o 

Hunuknni! .K Shanghai 125"., 
Industrial Bk. of Scot. 12, ^ 

Ki-ywr Cllmann .iJ 

Knowsle;.- .t Co. Ltd--- !•! ‘ ■ 

Llnyd> Bank I-i 1 

Lundun Mv’ candle 
Edward Man -on & Go. 13 ,, 

.Midland Flank. I^p' 

Summ-I MxiulagU 1-5 

Morgan x Iren fell 

rvalfiinal WestminsUT 12; a 
Norwich General Trust 13! Li 
T. S. P.rf- >n & Co 12* ? 

RosMinniiiT . }-*;.i» 

ISuyal Bk » anada T rUf ’ 1 
Sehlc/m^r-r Limited ... 12'. 

K S Scnxv.ib • J 

S'-Txirii;. Trust Co. Lid 1”{ u 

.Sheniey Trust J* 

Standard Chartered . . 12* *■ 
Trade tie' Bank -•-• J"-; 

Trustee Savings Bank J-j 
Twentieth Ceotury Bk. ]3 ; 
United B 

WhtiNv.-. . . 

Wiliiam? Glyns • 

Yorkshire Bank 

$ '.|. juitir.' «>t in» Acpumw R" 1 ' 

|■^!nlllltll•'■ . . 

* t-'.jc iirrmw: io’-. t-fo'inih depo’its 

T". ‘ - 

• t lar •I-.t'.’i*' m» wms 
»ii-J un-l?r III*-. UO 10 
.ixl i»-«r c-.fW tnp- 

; r~.iM H“-.ifi.i!% nv.r u nm n ■ 

*. r-Tcni -iT-.- ifi IIP- 


?in i.eniuu 

Bank of Kuwait 12.-,. 

way Lnfblaw . v L* o 


rtf £!' 


U.'.'F-. --• 
x.ai-iii Uuk'l- ...xi , .i 
XVlfcV .1-1. «.■• ■ ■ , 

\'iii.-£iiK t'-.£0: 

l5i|.-uV-.ri 

II. .K« VVi-Iiii.K.'AjI; 
Hull MU* lciu-l.»irt, 
K... • if ' t'-.A" . 
fin i.i-i .N X Mi-ntiT 
t- iliLi'iu ■ -Ilk-. V.. 

. ,-i Kin. •«.-». i'.— n 

Hi ilirki.-Ii 1 1 1. 2a 

H. ««i.vmim7I.'.0i 

Hu I'.'P'.I'W 

h I.. '.I. ■ F i.U 1 .* ... 
Ilii.'lillll-r.Fl.i- 
Am.>««ilii»iPt.lt- 

\.i|i. r.MUh . 7 .L1 1 - 
Nrti XliilUh iFl.ri i 

-•H.Ai 

*(■ fc.Xi •H.l’.i'.. 
ii * •nioii..f»-n. . 

kh-.-l -M.AII . 

•’Ir'iiji- ' P>. 10 -. 
.■iiis.-IiVl-I'Fi.I'V)’ 

:■ jn^.-.i.i'i.oo> . | 

.in. -..'hi. l> .. 1 

U..r.^lli. *> i.oO.. 

I . I liilf-Jr 1 1.Aj 
SlAVl-ll'HI,- • .. . j 
-L,-» nilji). M. La.' 

I'. .k '.-I*" .H.-ls.>l 

I ll..|.|.-l i I'l-A'I. I 
l.j Ihf. 

I. .-..I li. H_» i«A; 


2.030 

Hcrkct ’ 

x. .B.ll. L'aneui....; 1.098 

*°a 5 -6 ‘- 1 8 i Va^" , .'.:::.:::::.::2.3M 

370.0 - 1.0 , Alii! 6.4 ■ ; 3!o75 


0.9 • \u*r. Chi A titu> 

- ' BwilxwCiwfc Gold 

0.4 ' Blue areui fn-t 

2.3 : BotufumHllc Clipper . .. . • 

Z.6 : a™mbi« iwluwiBs 

0.5 ! Broten Hilt Proprietary....! 

1.4 ! BH * 

1.8 • (Jar H ob United Brewery — ; 

4.7 CSBftii... rt.... 1 

1.5 (Jocktaim CeraraX ■-* 

2.4 Coles fGJ.i - ; 

1.7 I Cons. Gxg.llteM* Aust 

0.5 , Container (Six i 

0.7 Uounm.' MkAinio ' 

}•* j Contain Aii-tralia 

14 ; Dunlop Kortrtor (sdccoll 

3-3 i KpCOK 

1-5 . fcifter-.-mlvb 

8.8 ; fcrsjeawur Koumrees 

1 J l>-2. Indnsine: 

3.2 i tien..Propertv 

1.5 . Hamers ley — 

°- 8 • Hooker 

3 6 [ ICI Australia 

1.1 ' Inrer-Copijer 

3.8 Jeunines industries 

L8 : Jouee t David 

2.8 1 LeutHml lli> 

3.5 ' Delta bi|>milnu 

I * I Mecramar Mineral* 

' • UlMHoMiuss . ■ 

! linn Braponuni 

' Mows 

; .NMboUUi 1 uiermtiou« 

i .North Uroken H 'dinar i:(V:i 

) (KkliritiBe - 

Tliv.i .OuStenrb ... . 

Fr-. Y:4. .Utter Kxi"jnui.'n 

•'» - S; • Pioneer Concrete.. 

1 tecs ill A Cm.iiisu - 


10.67 

< 0.22 

-laso 

tl.50 


+41.04 1 
+0.03 
1 — 0.03 


Dec. 6 


Trice +wr~CruirYiE 


— ' IMw 


“-“HAcftlla ;-0.7B i-g.04O.lZiTCJ8 J 


T L?Z i BBuowm Bnuli 
tB. 48 +0.14 ! Italw. I tan P.V 


,+.0.0210.16 9.52 
.: ;0.57 B.17 

;-0.02[0.08l&8B: 


1.68 

T f-4f +0-U j lua PS ...i 1.47 

t 1 a WE uM^llei«0^•: 0.80 , 

t L66 ,-8.02 Amer.UJ*.! 3.08 brr0.i3'0.20[6A9 J 

13.33' | I'euubre. PP. | 1.94 f-OJJt'. J.136.70,^ 

,1.30 1-.-. .Pirelli OP ....r 1-50 I— O.GS Jabil2.M" 

l2.X2 i-0.06 ‘ -Mira Cm/ OP — ; 2.10 <-0Jffla.2h| 10.47 

t 5.5Q ; Cnif Pfc ^...: 6.66 '-0. lAi JJ45|4.42- 

12.52 .+0.02! Vale Kin fi-«s*PP| 1.06 I+-O.OT J.lt l 10J« . 
+3.40 -0.06 i 
11.25 • ■ -• j 

10.88 '• i 

10.92 .... I 
t2.45 +0.07; 


Turnover Cr.T4.lm. Volume 45.9m. 
; Sonrcc: Rio de Janeiro SE. " 


10.21 . .tolK I JOHANNESBURG 


feT.'TV 
IT^vV.- I : 


VS 


12.94 

tl.57 

t2-10 

*0.79 

l2.12 

J0.5U 

rO.91 

ii.ao 

to. 27 
tO.35 
•0.15 
rfl.40 
11.67 
:2.45 
t0.97 
rl.29 
t1.55 
TO. 09 
10.59 


1.04 MINES 

■ • December S 
_ij 02 • .Vxwo American rinrpo. 


Charier CanteMdalcd 
• Easl Onriontelii . .. 
' " Elsburx .... . 

- .■ H+rmorv 

*° 02 1 Kinross 

. KJotrf ... ... 

- • Ritsu'nbnrx Planmnn 

St Helena . ' . . 

Southvaal . ... .. 
GoW Fields SA . . 

Union Corporation .. .. 
De Eert-rs Deferred ; 
Blrvnonumcbr . 
Cam Rand Ply. . . , 
Free Slate Cednld .. 
-0.92 President Brand 


+0.04 | 
•+Q.B5 ■ 
-0.01 > 


fl.53a^-0.0l | PrewJenr Siem 


S S '2‘ U 'i!, 5 n^. c ? ' U .H. Idu.i Um 8.620 


”-- - , c J I U.ll. iDU'ipm B.D11U — LW 

fi .ievaurt. 1.324 -lo 


86.0 -0.5 

117.0- 1.1 
70.7 - -a.S 

Z7J.5. . 

139.5 
70.7 -0.2 

53.3 -U.l 
98 0 - 3 7 

35.4 6 

22.0 -0 I 
127.5-1 0 

41.5 

109.6 --0 7 
57.7-0 31 21 

210. 0- - 1.5 , 22 
166 - 1 

-U.5 ,0.3 

138.5 — 1.0 

42.5 -0.5 
24.51-0.1 
60.0' 

164.0 

12e 6 m, .0 1 
122.4 -r 0.9 


iiUl.iUrux Li 1.620 



liilercuiu 1.830 

7.020 


2b 5.9 
rtJO - b.B 
26 , 7.3 

87.6 2.0 , , , 

VS7* 5.4 kiwHmWillfc. 
oa a , 4 g : U Unvsit Uwgw..j5.930 
20 I 6^0 ' Pan Huhtmi{-..._. | 2.740 

Peln.+uia ,3.296 

"■*:.i ipii. iJsui+uc 3.235 
>a.Xi«u. Uoiki-... 12.010 
» ilium ;3.230 

?y.m '2.&7B 

I rai.-XKrti fc.ei.l ....'2.765 

UlB 1.146 

i.nMin. -I lui.. .! 716 
x' lei Hv Mouiaa 1 .700 


—10 - — l H.c. Slei«h.. 

■ -5 -lib .4.6! .outbiaud Mining 

--2 |lx)0 • 9.1 ' -.parxw' KxyicruioD . .. 

-4 - • — i Ewth <Si 

-5 1177 ‘ 7,5 1 Wnitian 

+ 40 4aO • 6.0 I VVeotern Minina iftOeent- 

- 10 17U i 5.5 i Wiyi-wonhs 

-10 laU ; 6.0 1 — : 

5*2 1 PARIS 

7 ; 0 j ' . Frwe 

7 a , Dee s | 7r . 

4.1 ! 

5.5 


12.76 

tQ.66 

t0.24 

>0.28 

t1.73 

TQ.73 


. snlfameio 

* . < Wclkum 

*0,01 WvM Drlrfonlein -.. .. , 

•_0.03 Wcstctu HoWJnts 

,0.01 1 Wesiern Deep . .. . 


INDUSTRIALS 


85 ; 
90 

-40 1170 : 
tS ;142 , 
.10 29u 
— 50 .i32a 


14 . 3.5 


|teuie*4- .. 

Ah joi AlmiueU' 

C25" : id“' si?' 

'-5 ,3u4 


-9.81 

rl.55 .-flJKUect 

♦ 1.59 .-0J13 i Angto-Amer. tndtwtnai... . 

• Barlow Hand " — 

| Come Finance 

— ^Kunrr i f'’ Pecre industrial .. 
.ulDiv. .Yi.l. Couaolidated lnv, 

i Edgars Stores 
1 F-.-orReadjr 



42.W 

31.00 

14.69 


*ia'i v y'-* i 

- '-■■lEltiS 


— ; Fra. , 


SA 


|.» i fr 


lai'l m o I laa ii 6 5 : ^erale Vulkabelegamga 
382.2 +0.2 '24.15 , Krealermaos Stores 

' ' ’ - io J? H' H«Vns 


1.2 

vS 

19 

4B 



fftH 

4-031 


5o 

23 






25.( 


6.9 
7 8 


SWITZERLAND * 


ller. ft 


1 I’nce 
l-ra. 


19/J 3.8' , 

122 6 —1.2 |64.n»; 8 . 8 ! Auiiiiiainm 1 055 

258.0'.... : 20 8.4 , uhc ' .X ' ,1.660 

99.9--0.3' 37i 5.6 • Cila.0etR> Fr.lOtl 1.075 
UB ^1 'SO.ais 0.5 • fin. Itirt Cert ..j 675 

121.1-0.1 «2.t 7.0 fin. Ken 1 62B 

38.5 . . M.<0- 1.2 f Ciedil lufw 2.163 

414 .1 ■ 33 5.9 ' fc HXr.nl! 1.790 

I Fi»+ier il+ewyiei.. 545 


'l'.I.I. Xieaiei — ' 
_ Cu» hauvaire. .. ' 

* • _ ' xj.ni' Meilttffl • .. I 

! Credit toin.Fr'ee' 
iCiwrt !<«>»-.. ! 

LHimer 

j Fr. PeiP'io , 

+ nr ' Die. .YU. I lien- Oo-idenia^: 

— I i . It Lmetoi..- I 

— — l— : ; Ja vjnc Hurni , 

XalatKC : 

8 3 8. I.Ureai 1 

IO i 3.U LeKraurt .. 


* „ . Prviwia Cement 
— b i/0.2j' 7.1 . pmtea Holdings . 

+ 6.2 ; la ‘ a 6. Band Mines Prnpertiea 
7.5 ' Lo Rembrandt Group 


-HLM 

-5.9S 


1 4 - u Kerooranai c 

127 +0.9| 12 i 9 4 BvlCD _ . 

65 +4 I — * — Sage Boldins 


+o.m- 

—9^2- 


_ Holdings . .. . 
673 -3 jS4./t ; 3.0 SAPPI 

139.6 -0.3 * 14.110.1 c. G. Smith Sugar 
260.9 — 4.1 , B.25| 5.2 ! SA Breweries 


-Ht.pa 

-W1 

+9J4 


‘-30 

-5 


I16./7! 8.4 | 
15.471 2.2 : 

■66.r — 


-5 

-20 


22 

'At 

AA 

lb 

1U 


. 6.751 1.9] 
3i.al 7.7 I 


n.+im.n Pt ferx. 66 750 — 250. UOO| 1 6 ■ Penn'i Biean 306.5 

lm.ieuiB.il 6.660 :-73 ;1W j 1.6-[ Femi«* Ouueu 490 -2 


3.0 ; 
2.2 
a I 2.1 
5.95; -4.B 
i.a. 9.4 


COPENHAGEN *r 


+ nr "Die YM 


\ MilH- 1 1 1 k ■ I 
llllll-kl l a 4lllk m. 
►d*'l | •U8lia > I. !■ . 
Ill- 

mwviii-i . .. 

Hffn'lii'lxiik 

l|i riH rUi-Jr’'. 
.1 KnI-o. . 




t40lf 

125i; 

145 -2'-. 

■ mi - u 

34 1 

82 V - I 

1Z6'i 

2B3 - 11; 

182 

220 >«— 

1 IB +’< 

1 30 ■« . . 
136 1 1 
568 

16 a - 1 


It 

12 

12 

13 

12 


'•+ 1 
-SO 
-4 


12 

12 

12 

1U 


luleflu.'d B 3V725 

JeunoilxFr.lUkJi... 1.430 
>e-tie .'Kr.lOX}..... 3.150 

U». I teg 2.220 

, i ►«+ iXun 8i+*a»n 2.630 

PirwnalPlP.luOi; 372 
Mu-ler ■ U- .... 3.700 

7.9 ! fi'l. Pan Lerte... 444 
9.6 . -ieliin i ler Cli 7 l>Xr- 270 
8.3 ! -sulrar X.l iPr.lOte* 312 

9.9 , rtwisHiir ‘FrMif. 788 

3.5 • -- me BiifciKr.lWil- 337 

. Hr i>" 7 r.<±Ui 4.650 

8 7 I . ni> ■■■ Bank 2.950 

3 8 /-incli lo- 11.000 l + 3S 

6.6 • i 

4.5 ■ - 


259 * + 5 
739 14 

1.975 ;-15 
2.0 - XlaMun* Pln-uni*. 620 + 12 

4.5 ; !!r*fc*iMf **o .. ..;i.248 ! +-13 37^ 

o.b .Alaea.Heauerae\... 583 |-+4 lLb 
a. r ; Hi.oi ibea ; 145 .+-1.5 

. Am Panba> 209 - 2.5 

4.6 : Ft+oiuey 79.5 - LS 

7.5 ) a:a I 
.17 2ai 3.5 1 

-25 : 21 • B.b. Pteamo — 22 i —2 ; — i - 

1—20 : 21 \ l.a ■ Radio Tecunmue. - , 421 -4 I 27 l 6.4 

■—20 aSB-ai 4.7 1 ICoduuw 585 -~2 ! L I 3.1 

i -30 jcSb.71 a.9 Kbtaa* Pooiem 119.1 -2.1. 9 : 7.5 
—6 la 1.4, utobuB . .. 1 147.5-0.114^.-19.9 

15 ! B.b : SWsBt+iiiBiio.^.. 1350 +5 ■ 59 I 2.0 

2 b ! L7 finer...— 298 - 1 | Ba. 6 ' 8.6 

»o I 2.9 , iwcmesni'iift.. 800 >10 

ja 1 > 1.4 Uhjti.-mi Bran- ii... 247 +2.6 


55.55 — 0.7B 0.7(10.3 Tiger Oau and Natl. Mis. 11.* 

119 i-l ; - . Dniset ».. .1.1*. -W-By 

Securities Rand US$0.65 ' 

< Disco tmt .sf 43^%). 



i- 2 

-5 

—2 

-26 

-20 


14 

1U 

lU 

40 

20 

44 


4.5 • uiinnr^ - 
33; STOCKHOLM 

AJi 1 : 

,a; 


T lP:? 1 — . Ranca Santander- .s3Q> 


sa.g 1 0.0 ; 
256; 6.- 
Ib .tsJ 0 2 1 


SPAIN « - 

Dec - 3 Per cent 

.Island . 317-' 

Hanoi Bilbao 2S3 

Banco Abandon <1.680). 90S 

Banco Central 

Banco Enertor . 

Banco General , 

Bancs . Granada tl.OOOL 
Dam.-u Rispano .. 

Banco Jnd: Car. 

B Ind. Medltercanco - 
P-bncn Madrid 
Fiancn Pepufur 


M 

2S2 

24B 


+ 2 


2St ; - 4- 1 


■* 1 

+.2. . 


"l'rx. 1 - ; 
Kcui.tf , 


12 

11 

12 

12 


a a 1 

a.i! MILAN 

3.2 

7.3 ! 


fe.Ar hi-**.'.... 

! A-m t«v»-iKi 
I t-.faAiKr.rih.. — ' 
. r ailmi»lJnrKfk(Ki‘4sl 


Pee ft 

Price ; 
Cire | 

+■ or 1 Die. Yiu. 
- ;L.ro; % 

\>ix. ! 

1 50 ■ 

.. ; _ . _ 


I 308 : 

-a 1 - • 

run. 

2.850 • 

—29 i IDO SJS 


: ' AUap-i>n«.ifhr'4E 1 

j Btiiecpt 1 

j Motor- 

| oarfHX. 1 

i iteuufcM - - ' 

ia*W>Kt4U 


_ . _ I'.fc+Mt 


VIENNA 



.........2.231 *—28 I 150' 6.7 . rageoia 

! 161. ; + 2.26 — • : iinuiJ5». iVreei... 

122.900— 450. now 2 .ft f riond'wxiJKcn . , 



Bniico Unjniin 
: H»nci Vixca)-a 
-cm — 7 — , Banco Zaraaoiano 
5 Bankunion 

•vt* 1 .*fi . Ran us Vndnlucla . 

— ' ~^~L 1 Pobcock Wlleoj 

nr . 

Drasado* 


t.Wli 


+H~) 

n- 


a.s 

3.4 


m- 
17 ?: 

m. 

ns-; 
as « 

3M 

kj- 
j»- 

213 
14* 

181 
» 

.85 

an-' 

■l: . + |j?- 

+5*l, 


S 


& ; &■?! tnmobanir-- 

S'J-i H L - Areeernwa* 

4 : 9.3 . Espandla Sine . .. 

V4 . 3.S 1 ESPL Rip. TtnlB ... 
a.7a . 3.2 ' Fccsa il.WQr 

lOi 4.2 f Fenosa ri.Wx.- _. 

3 l 35> j 4.6 GsL Preciadwi ..... 56 

o S.O. nrnpo. Vekuqdei rKHfi . 1*5’ . 

8 , 2 8; RUrota^ . «... - , : ,VS;i'' '-"W - ' 

4 1 4 1 njRTdiiero- . .L --TL . _ 

.5; _ ■ ‘ Olarra • *7 - 

. :1*J : 4 2 ' Piiwhp« . Hennidas V. : .T5?2t<' 



5 • r«; xv+-!^. .*. .-w 




*T«A 

- A^'r' - Vrt— C‘ / -* 


il 











35 


FARMING AND RAW MATERIALS 



By }4Haiy Ssrn^^'"--'- ^'.v. \ -• : _\. v : t '. _ 

$£& v BV;OUa CMiiW^WTTES star 

?3 sheries Sii^er^"; haa ^ asked • ''v.. - 

3 ffr. - Fina?. ' Qtm*daeh; T ; ' EEC FRESH TALKS aijrieft--at settling 
Fisheries.. Commissioner. to the differences between producer 
TeintaJdacg.. eyROrt subsidies on and coasHmer countries which 

are -preventing --progress- on a 
^Hls^ jflasoa'‘,i3. that, the, new International TWieat-Agree- 
e^^K;3^ye beBH'iradljr -liit- tty meat -have been railed In' Geneva 
-in >^i^ T,aTae of- the -next -weefe;. : J ' - • - 

e^ Thp-.g5 C : %jatlM Arthur. •, who 

oonsjdering-'tite request, -officials e&au¥ff’"last months deaalocKea 
_said. ■ ■:■ ■ . : - -4 nieeiixig 'sald'yesterday - that he 

"The' Danish’ .fi^ - VpWcesSztg rtilanred td calT to^ether-a small 
'thdustry £ 13 * ^aJimfitioiM’niarSer group of interested countries for 
“ in the tTS. ■ 1 £ ~lgS£ "expcrrt- o f informaf diBCussLqns on Decem- 
— frozen- cod •^llet-fik'chn/totell^ iber 12^4 13. * . - 

abpiit ^IW-'^inwes- 7«HUi> a ; ." Mr.- -Dunk el said -officials from 
‘Sraiua of .'-afcou^Kr 3Sfl». „ . developed and . developing coun- 

^. An". export v stvbsidy i " was intro- tries' bad Jjfeen- Invited out he 
-.-dgeed- by -the' EEC In- 1875 in- refused-, to . give : any further 
■ 'ffltf fthr-‘-jhciunganiceg-; of « dOta^s^- - - - 

^;<fceU*iug dollar. - The. subsidy The,talks fflCSSr 

-■was gradiitfily rah 4 . down and M -because-. of wide ^EEerences 
- . Anally expired in.iiamiary; af over; the sne 

this year... r ■ - - - stocks- and -tba trigger prices at 


wheat pact talks 
lain next week 


stocks- and -ths trigger prices at 
— - which -the stocks would be run 

- - down or built up. The financing 

Wanted; sheep 

■>3WStIerS Of resolved-. -- 'V: ' ; ■ 

i;Partmoof . TTTT/^ ouarh 

r-ity 6ar;Comtiiodftles Staff Fi y/. J, ^EfT it 

■ A — T3S3fTSrOOR - farmer .. has .y ruBivrnpWFfl fARJCES 
--offered a wwanl £l.dOO i& a v BY CHRISTOPHER *ARWS 

bid.toiuing to tioakxastlers whd BRITISH FAJUffiSftS expect 
have niad^- -9% ! with'! several dattle from the pommod /MarXet 

"'fipn.dredMfif bis sheep. . - fanm. price review ©«a-^aHdng -in 

— u-Mry .Mdrew-Wotton of Great agile of vaguely, pi«naslng com- 
■Stert, Cornwood, rounded up 'a moats, irom Mr. Vohn. -Silkln. 
flock :’of;.. ewes : on. Penn Moor Minas ter of Agrtaitottre, at the 
_a»ct?htly i "to . * discover it • .- had Smathfield Show itittS: week— 
“stauhfc.. from- 253. to- only 76 Matty iti the potential “bene- 
■s£nlma]S ; since July,* ' ; . • fits " have already teen eroded. 
-7-7A check drfa' separate flock on Theiorecast comes^&om a re- 
. f^earpsr Stall Moor revealed "that port to be pufotehed shortly by 
-^ fuxtlaTr lO& ewe lambs had ^be Aberdeen Borlrersily School 
■gone. Bussing- -V ! '--- ,- bf AgroouUiure whJflb; nays the 

•'.iMr.--.Wptton, valuta: the lost proposed 11 freeze " jhl-ISEC farm 
c gfock. it r £S,OO0> . - prices will probably end up as 

established hisPenn Moor -an average increase^ "of 1 per 


. These are still the main points 
at issue among the 70 countries 
involved m jhe negotiations and 
particularly between the main 
protagonists: the U.S. and the 
European Community. 

The U-S. which is the world's 
Wgest exporter of wheat has 
been U^ing to shift some of the 
burden of maintaining stocks on 
la other producing countries. 

When the conference last 
adjourned It authorised Mr. 
Dunkel to hold consultations with 
a view to convening a meeting of 
a 12- member interim committee 
of leading exporting and import- 
ing nat ions to try to overcome the 
divergences. 

Observers In Geneva yesterday 
believed the. informal meeting 
planned would probably bring 
together some eight or nine key 
participants including the U.S., 
Japan and the nine-nation EEC, 
Reuter reported. 

The aim of the proposed new 


wheat pact would be to control 
prices and monitor Supplies so 
that they do not fluctuate widely. 

Also under negotiation is :i 
parallel consultative agreement 
on coarse grains — barley, maize, 
oats an dsorghum — uied mainly 
for animal feed, and a fond aid 
convention to give developing 
countries wheel and other grains 
suitable Tor human consumption. 

The informal consultations, if 
successful, could lead to a formal 
meeting or the interim commit- 
tee, which would then have the 
lask of recommending when to 
resume the full conference. 

Stalemate in these talks has 
greatly disappointed delegates in 
the Multilateral Trade Negotia- 
tions who were looking to the 
wheat pact conference for a deal 
including agricultural conces- 
sions which might be used as 
negotiating tokens in the wider 
forum of the MTX industri:i! 
talks. 


EEC review holds little for UK 


^flbek lSAydhrs ago '-iy5th' 1,300 
tjlfeacU-JBffc. is: now left With only 
.7®. Some fosses cap ; be, attrl- 
s^mted to^tfre hard weather con- 
dition. . in '/' the area ? but r Mr. 
“Wmlotr elalms^ "■ most’ of Bis Tost 
thieves. 


)ec. 51 
houses 
; .27.000 
from a 
saon for 
halfet 


BY CHRISTOPHER VARICES 

BRJTISH F.AJUUERS ran expect 
■little from the pawaiwi. 3iarket 
fanrtL price review o«&-^jxpng in 
spite of vaiguely^ffawnislng com- 
moats. from Mr. ■Afebn - Silkln. 
Minas ter of AgrlojMRe, at the 
Smflthfield Show ^bas weeku 

Many Of the potential “bene- 
fits "have already tieen eroded. 

TTie forecast comes^&OTi a re- 
port to be published shortly by 
^be Aberdeen utofrersity School 
-of Agriouitiire whh*-; says the 
proposed l< freeze " on_-12EC farm 
pricra will probably end up as 
-an average increase^ of 1 per 
cent 

In the "U.K. ■adsfehouW be 
bolstered by the effects .of a 5 
per cent devaluation xrf jhe sreen 


pound — the special exchange rate 
used for .translating EEC farm 
prices in units of account into 
pounds sterling. 

The adjustment iwould raise 
the official intervention prices for 
grains, dairy products and beef 
and help firm up the markets for 
most other products. An increase 
>ki Jntervention prices tends to 
raise market prices by about the 
same amount. 

The devaluation would also 
cut the troublesome monetary 
compensatory amount (MCA) 
import subsidies on sensitive pro- 
ducts 'like beef and bacon. 

But, the report warns, such 
has been the erosion of sterling 


Get tough, farmers told 


ir -ended 
the 

ay-" '■'7:7- 

•T be 

$1J390* A 
balance 


'FARMERS WERE advised . last 
night to “get tougJb>And make 
their voices heard mote/ forcibly 
h». Government .' ; i : . 

.Sir" Janies • G oldsmifh* address- 
ing the Farmers' Ghil)" annual 
dinner, launched .'..a^rblanket 
attaQu. on Government and 
Laboiff policy towards fanners 
and lb ear land. 7 

r. Manipulation • of ' 'the ajreen 
pound;- 'for., example,' - ^eant 
British farm«S had to sett^their 
produce" at, SO per ceptTesft4han 
Continentai producers. -; n v-i _ 
" : And’;Sir James *jfccttfed y 1he' 
Government K of "sacrificing: agri- 
cnlture oh' ther-altar of short- 


term political expendiency. 

“Politically it is important to 
supply cheaper food ior the 
voters in a pre-electoraJ period 
no matter what the longer-term 
damage to British agriculture 
and the longer term cost to the 
nation as a whole,” he said. 

"The Government must 
realise that the British fanner 
cannot plan his crops In line 
with the electoral cycle." 

Calling for a drive towards 
self-sufficiency -in food, he com- 
mented: “We can no longer rely 
'on. -the surpluses of other nations 
. 7 countries will only export 
food wbkh is surplus 


in the past 12 months that a 
devaluation of 5 per cent would 
still leave MCAs at the *a:nt 
level as in February- ibis year. 

Even more gloomily, it fore- 
casts further weakening of the 
pound next year. Consequently, 
renewed increases in MCAs later 
in 1979 are “very likely." 

More promising is the -sug- 
gestion that the rapid rise in 
farmland prices — running at an 
annual rate of 30 to 35 per cent 
now — will stop next year. 

Interest in land among “ ncm- 
agricultural " buyers could 
slacken because of increasingly 
attractive investment prospects 
elsewhere, and farmers are 
expected generally to have less 
cash — borrowed and earned — 
available. 

Banks have recently adopted a 
liberal lending policy towards ! 
farmers, hut this could tighten if 
inflation, notably in wages, rises 
to around 12 per cent. 1 

The authors expect lending 
limits to be imposed if this 
happens. 

Farm wage negotiations are 
still going on, but there are other 
factors tending to push up labour 
costs. Competition . among i 
employers for skilled men and; 
Increased national Insurance pay- 
ments will increase the burden 
on the payroll. 

In spite of ?harp competition 
among the tractor manufacturers 
prices of most power units are 
forecast to rise 12 to 15 per cent 
during the year. 


Unexpected | 
drop in 
farm prices 

fiy Our Commodities Staff 
THE AVERAGE price of farm- 
land in England fell this autumn 
fur ihe first time since iht spring 
nf 1077. 

The amount or l-jnd sold has 
also dropped -h-jrply. according 

to the latest survey results from j 
tho Minislrv if Aim. vulture and} 
;.hp Agricultural M-.rtsage Cor-; 

pomtion. 1 

In the ihr<‘-_- months ended ■ 
October mnnuorerl -isles of ! 
12,600 hectares of vacant posses- [ 
sion land r-ab.vjd nn pveiMgej 
£3.191 n heel a re. enmpaved with ! 
the 17200 hectares sold in the \ 
\ three months end?d September 1 
! which a ve rat erf 1'3,275. 

During the comparable part of! 
; last year I 8 .C 0 D hectares were j 
sold for an average £2.458 a 
| hectare- ! 

So far tins year nfierings oF , 
hand for sab- ar* 17 per cent: 
| lower than in j<?77. 1 

Asean rice j 
stockpile plan ; 

BANGKOK. Dec 4. J 
THE ASSOCIATION nf South- 1 
ea*t Asian Nation* t-\*ean> has, 
decided to set up a stockpile of; 
50.000 tonnes of rice for enter- ' 
: gency use. the Thai commerce ! 
! ministry said. .' 

! On its daily trade news. Lhe : 
; Ministry said each member! 
'country of Asean would set up; 
its own rice stockpile which 
would be about 10,000 tonnes in ; 
.size depending on the country's; 

: budget. Thus in cases nf enter- ! 
gency, -Asean i-r«uniries which ’ 
cannot buy rice from their regu- : 
! lar sources, can bay from the • 
buffer slock. Reuter 

BAUXITE OUTPUT ! 
RISES 

: JAMAICA’S bauxite prnduclinn : 
j in the first nin« months of this 
year rose to $.5ni tonnes from I 
8.22ni in the >amc 1977 period.; 
a Jamaica Bauxite Institute 
spokesman snirf in Kingston. 

Alumina evpnrts in the same - 
period rose to 1.53m tonnes front 
1.3Sm year earlier. 

Reuter 


MEXICAN MSNING CONFERENCE 






out 


BY WILLIAM CHISLETT. MEXICO CITY, DECEMBER A 


SMALL-SCL^LE rrininq is alive 
and well judging hy the- interest 
sbuw-j in toe fiv«i-evcr confer- 
ence or. the subject which ended 
this v.-t-el: at ' 3 uoreti.ro outside 
MfXico City. 

Another “ gold nish ” could be 
t-jgeerod off by the enthusiasm 
shown in new gold mining tech- 
nioues which make it possible 
for anyone with a little capital 
to try his hand at making a 
fortune. 

The rcnfercncp organised by 
the United Nations Institute 
of Traininc and Research 
'UNITAR) in conjunction with 
the Mexican Government drew 
200 ceolo-.vj’.s, min-ng eo ginct-rs. 
.geophysicists and other experts 
f-.-oni 57 (-'•up tries including 

China and Vietnam. 

While rhp tun papers on the 
“heap leaching" technique for 
extrsseiiny gold druv the most 
atten Him. r.ariicu!;riy among 
ihe deve'oping rations, pride of 
place should perhaps yo to the 
Mexicans who announced during 
the conference that they were 
confident ;ha; sonn rhey would 
be self-sufficient in pota-h ss a 
result uf a process whereby 
mtash can bo obtained from 
geothermal brines. 

The potash dircovery could 
have far-reaching implications for 
those countries, like Mexico, 
which cannot produce enough to 
feed them selves. Potash is a key 
fertiliser. 

The Mexicans have a 
gemherntal energy field — which 
produces 75.000 kilowatts for the 
town of Mexicali — at Cerro Prieto 
in the State of Baja California 
ner.r the TJ.s. border, ti is known 
that geothermal hrines contain 
minerals and the Mexicans have 
a pilot scheme to produce potash. 

T he stoahi produced by the bnt 
snrings is fed into a turbine 
generator and then into ponds 
whore, using solar energy, the 
brine*: are concentrated. Through 
established chemical processes 
the minerals arc then separated 


from the rich brew in the ponds. 
Pniash is the first mineral which 
is separated. 

Mexico imports 5O.Q0G tonnes 
of potash a year. Sr. Guillermo 
Salas, director Of tiie country's 
Minerals Council, said that he 
expecied the pilot scheme 10 
produce definitive evidence early 
next year. If successful it would 

open the way for developments 
in the many other countries like 
Mexico which have geothermal 
brines. 

With gold selling at around 
S 200 an ounce the paper 
delivered by Mr. Robert Eveleth 
not surprisingly made many 
delegates' eyes glitter. Mr. 
Eveleth explained how the three- 
man Challenge Mining Company 
has succeeded in u<ing cyanide 
heap leaching and portable 
milling equipment to rework the 
Eberlc mine in Mongol Ion, New 
Mexico, for gold and silver. 


Abondoaed 


The mine was abandoned mor*- 
than 50 year* ago and although 
never a bonanza producer some 
ore grading 20 ounces of silver 
a ton was encountered. The 
savers 1 hundred thousands inns 
of ore remaining today grade 4 
to 6 ounces of silver .1 ton and 
less than 0.1 ounces of gold a 
ton and so make it mo poor to 
preess by conventional milling 
methods. 

Challenge Minins was formed 
last year after the U.S. Bureau 
of Mines at Reno. Nevada, lold 
ithe three participant in the com- 
pany that the Eberle ore was 
amenable to heap leaching. 

Heap Icacing has been used 
for many years but what makes 
it attractive now is that the 
techniques need no longer be 
restricted to large mining opera- 
tions. The “ revolution " w least 
in respect or precious metal ores 
is due to two recent develop- 
ments. Firstly plastic membranes 
are now available which can be 


used to make inexpensive, 
quickly jr.SU lied impervious 
loach pans and secondly Ihc use 
of granular activated carhon has 
been perfected for the recovery 
of gold and silver. 

The use of c 3 rbon instead of 
the more traditional zinc precipi- 
tation process allows for the 
design of low-cost circuits with 
very flexible operating para- 
meters. Such installations can 
be operated on a one-shift per 
day schedule and can be shut 
down temporarily. The equip- 
ment is also easy to operate. 

The miner crushes the ore- 
bet ring rock in;--» fine particles, 
which are f.ir-.ied into piles on 
top oj siuril; p instil- nr concrete 
pads. Cyanide s*>!i:t:on ;s then 
juurod over and as it trickles 
through the rock it strips out the 
gold which :s tunni-ilcd off 
ihrnugh channels cui into the 
>urf;!*.v uf the pad 

The cyanide-gold liquid is then 
ncrctilMcd through granulated 
activa'erf charcoal which Is 
washed ia a heated v ? ter- alcohol 
solution ib.*t contains some 
sodium h'.droxlde. This is then 
poured into an electrolytic cell 
co«iain'.ng a steel wool cathode. 
Wh*n a current is applied ibe 
chid i« attracted to the cathode. 
The bullion recovered by fir- 
ing the steel wen! in a small 

ftimp.ee. 

Mr. EveWh assured delegates 
that th** process was simple and 
cot; id 1,0 carried ouf by two 
ooopJe. He. said Chillence Min- 
ing expected in its first year of 
(1 ncrat ion to produce 1.6B7 ounces 
nf cold end 77.972 ounces nF 
silver at a profit of £246,984. 
Nothing gigantic, but not to he 
sp.eetcd at for a three-man con- 
cern. 

Thr beauty of ihe scheme is 
thg! once on? previously worked 
mine is finished — «nlv former 
mine* nr easily-mined surface ore 
can he used to effect — all the 
gear is easily packed up into 
trucks ready for the next mine. 


Warning of new zinc production build-up 


BY JOHN EDWARDS. COMMODITIES EDITOR 

ZINC PRODUCERS may be the improvement in the market 
relaxing the production cutbacks situation achieved for zinc dur- 
introduced to reduce heavy ins 1978. 

surplus stocks according to Study group statistics are 
London market sources review- understood to show that zinc out- 
ing the International Lead and put. after falling sharply m the 
Zinc Study Group meeting in first half of this year, will suffer 
Geneva last w»ek. only a small decline in the second 

It is noted that the Press com- half. What is more productionjs 
muniqoe warned that continuing forecast to rise next year to 4.7m 
caution in zinc -production tonnes against 4.3m tonnes this 
policies was needed to maintain year. Mine production in the non- 


Communist world is expected to 
top 5m tonnes for the first time. 

There are considerable doubts 
as to whether the production 
targets nominated by member 
countries of the study group can 
be reached, particularly as some 
producers are still operating at a 
loss. 

Nevertheless production in- 
creases are being forecast across 
the board. Consumption pros- 


pects still look none too bright, 
with the U.S. in particular paint- 
ing a gloomy picture for 1979 in 
predicting a hefty fall in demand 
next year. 

Despite increased ne4 exports 
to rhe Communist bloc, a surplus 
of 134.000 tonnes is forecast for 
next year, compared with a 
deficit of 203,000 tonnes this year. 


COMMODITY mtARI^ET REPORTS 

inTplTC • Attufiiinwt'sd Meal TntUni; reported 

DAMj 1tLEX/VB^ 3- l -. ■ / ti^dn -the laanUns caA wlrebuv traded 

JL roapw^L^l wrf'jn . Ae" itonjto S* 


LSI” JKSSL - Month. CT4, St. KJS. «. Kerb: WlPetxars: 
S .. nn mmb lw*r M rorwarxl metal 


; /Jfacnated:. • Tto *< 


flOlEPS^S' TlH-StafPtv tw«r Mftmrd neul 
SwmSr ttarceSjt t7fias-S7 J9S- foaowiag the tow 

r J^ : ; TI?g' L : | OffSu |t_° r j npSfftriiil 

* - SS^fSlfMOO-lO j-fl 7 j 7 50 S - 15 '-f» 

7Kp 5_g ^ 76S.5-B.5 — fir.j S lOohtti*., 7680-95 —TBS' 722 OJ! 3 —172 

Sis* :! SEi* ■$&.* h? . jsaai . 7410 h 2 ^ - • 

SSJ-s^: : i 7«os-io Law' 7303-15 -i» 

7«fc£i5^.7Bi 758.5-3.5 t-9 j TMC-M MM 78 15-80 —170 

77*ff.5 ,-S 770.0- J-r ■ j-rflf ; * ■ **?«»' - ( "'l'.' 


5 ,UL Ibdex Lhnfted 01^51; 3466. ~~ . Three month T in 7103-7167 

2S Lamont Road,' London BW10 OHS. • 

»‘.t- l’ . Tax-free trading on commodity futures. . 

2 . 'Tbe re mmodity .futures market for the smaller Investor. 



Do you know about the commodity trading ■ advantages^ LG. 


r : For invefel merits large or small. - LG. Index gives your clients tne 
ei.:~ chance io hade ittfoagii jrot/ without Capital. Gains. or Income- 
Taxi And only tffrough CG' Index can you give them a direct 
poeitionin gold. 'I. V ; 

J r : . K So when they, make a pnofitrirrary of the normally traded com- 
’ 1 " modifies, l.G^ Index enables yoirtp save them all Capital Gains or 
Income-Tax. _ ^ ... , 

ci.;- LG. Index means your clients can make more profit and that 
.. 1 can bring-mo re tr aBsa ctioiiaL. • j:k _ J .. . 

',L - Commodity Brokers interested in making extra profils tor their 
cltentg and ttigmsertves shoul d contad us on 01 -351 3466. 

... i LGJ index Ltd., ^ Lamont Rohct. London SWtOOHS. 

:; T Pteasa^nd me detaBs.ofyptir-commodftf futures services. 


' .Name, 
'‘Addres 


8 Review B 

If you are.involved in the - - - 

1 . •• ,- commodity maiketsandwould H 

» - V ' fiketonBceivethenextsix ■ 

1| - - issueaof our fc^tnightly : ■ S 

%l, publication F^pleaseconfect* . J | 

■ -Prescot Commodities Ltd . ■ 

6 Bfoomsbury Square, LQndon.WCl A 2LP. 

| ia^ihafw. 01-24?2142. Telex: 23110. • | 


m. 


AND PRICES 

in die East orcmidiL Hedge selUac and 
beavr selling horn one particular trade 
quarter depreaaed the market. Id ihe 
afternoon, the price reacted to the rise 
In the poind and stops were nncovered 
at .£7-200. . The descent continued to a 
. lovr.of I7J.40 and a close on the Keib 
of £7,150 alter a rnrite active day’s 
- truttne. Tnreocer, 1385 tonnes. 

UandnK: Srandud: Cash £7,410 7,400. 
W, 10: three motaia HfiSO, 85. 80. 73; SO. 
Kerb: Standard: Three months £7,270. 60. 
Aftenwon: Standard: Three months £7.240. 
38. C5, 20 10, 7,300. 7^83. 7J20. 10, 15. 
H^h. Grade: Cash £7^10. Kerb: Standard: 
Three months £7.215, 10. as, 7.200, 7,180. 
-S8L 50. -45 55. 50. 55. 58. -B. 40. 

. "LEAD— f«q ahhonsh forward metal 
started at the wveraljdu level of £400 and 
rase hdtiaUy to £405. In the morning 
rinjoj the price heM between £402 and 
£*04-5 but on the Kerb heavy seOing. 
jnrtMt of ft pnBt-mtong, emersod and 
tH* depressed the marfcet to £388. In the 
.afternoon the price moved between £387 
and £408. dosing on the Kerb at £339,5. 

■ Ttunoner, 11.423 

• j a.m. + orj p.«nJ~ + or 
..LEAD- j Official 1 — i TT mTfimiU | — 

i ’ i: -i £ ; ar - « 

-Owhi, i 45H-S -7J5 427-5-8 ,^4.75 

g maoifai J 404-5 -7JS; 40O-.5 -5.2S 


COCOA 


Cocoa prices were steady taltlaDy be- 
fore dosing weakly near the day’s lows 
doe to sustained Commission House and 
trade selling, reported GUI and Dallas. 

Yesturdsy V 4- or , BaiioM 
COCOA Close | — Done 


Dec. Z040.D-45.0 -37.0 2100.540.0 

Uueli 2101.0-02.0 —21.0 2 1B7.D-84.0 

May- 213S.O-54.0 —BUS 2160.0-10.0 

July _..2I30.0-32J> -20 J5 2 17B.M0.D 

Sept 2110.0-75.5 1-15.75 2160.5-10.0 

Dec 2084JME.0 .—3.5 2124.D-2S8& 

Marc h 2C55 .P-7 D.0 -5.O. — 

Sales: 5.152 (2.1401 Idue of 10 tnnnes- 
Iiuernntional Cocoa OtjuIbiMh (U.S. 
cents per pound'; DaOy prices far Dec. 4 
IKS 20 (182.46). Indicator prices Dec. 5 
15-day average 186.94 (185.72); ELday 


rest nil (58.32. rest nUU Crain sorghum 
— To.14, rest nJl (76.14, rest nB). Flour 
levies; Wheat or mixed wheat and rye 
Hour— US.6T 1 118.671: Rye tlonr— 12S.S1 
(1».SD. 

RUBBER 

STEADIER openlog on the London 
physical marteL Little Inrerest at higher 
levels, closing easier. Lewis and Peal 
reported the Malaysian god own price was 
235 1 223 1 cents a kUo (buyer. December). 


Nn. 1 


Pltriifli 

Hiirincf* 

B. 


(. Ur*- 

Dour 


£6.7: -58.80 

fil.lfi E9 40 


Pel 

5=1.70 S0JSD 

58.9S-60.MI 

— 

•Inli-Uvr 

bfl.7b 6D.SD 

«a.00-60.15 

60.60-60.00 


COFFEE 


derc’ment! 433 —7 

Cji- Spot.; — ! 


•36.36 I ...... 


Mornfog: Cash £428. 29. SO. 32, 33. 34. 
.35, .hi, 33; three morohs £402. m, 02. 04. 
9ti- ; Jterb: Three months £404. 02. 01, 
4B0. 3M. 88 J. SO. Afternoon: Cw* £4*8; 
three. months £390, 400. 01. 02. 40&5. 400. 
SOS. 86. 490. Kerb: Three months «*, 
339-5.- », 98. 9T. OS 80. 

ZIHC— Easter In niitet c o u tlt tian s with 
forvratd H*fai holding enrand £355 in 

a .mmulng but faffing away to £361 In 
afternoon bef ore recovering to dose 
on .Use Kerb at £352.5. T ur no v e r 1 . 5,100 
tomes. 

( a-m- -+K- |t -for 

ZINC { Official I — Dncfflciajj — 

*" " : i £ "}■ e I* £ i £ 

£«ah 344-6 .-8.75. 343-4 -4J5 

ftmgmhaJ 354-S -4JS 364- Jl -4 

fi’xwmi.-J 346 '-3.fi! - 

Frihi.Sfe'U „ — I ' • H .fi-4.fi J__._ 

Morning: Cash £344-3; three nurnths 

£334. 53S. 54. M3, 55. Afternoon: Three 
months £334-5. 64 545. Herb: Three 
JBUHhs £353. 52, 51, 32. S3. 

. -ALUMIKIUM — Lower, reflecting BteiKng- 
.doHw movements and the hek of ontstda 
inunfey. The forward price moved 
between. £515.5 and £6175 before dosing 
on' the Kerb at £617. T i aa ove r, LSZ5 
tonaem.' 


range above last night’s close as the 
market consolidated from yesterday's 
oversold conditions. Volume was poor and 
the only activity was on the close when 
Cope emerged as a good buyer of March. 
JHR, RJR and EBL bonghi January at 
the same time and Cope and WDC wore 
the best sellers there. The market closed 
at the highs £15-120 higher on balance. 
P rese t Burnham Lambert reported. 


COFFES 

|Yeaterrtay’» . 1 

Glow +or j Busmen* 


£ per tonne; 1 

January — .J 
March. ' 

1445-1M7 +17.5 1446-14S6 
! 1297-1299 + 18.5 1300- 1274 

July...... i 

tieptamber _ 
Novamher... 
January ; 

1 1235-1237' +2S-0 1235-1215 
1197-1200 +24.5 1119-1175 
; 1163- nos: +17.6 nes-m 
1130-1136 + 15.5 1135-1116 
1104-1118 +08.5 — 


Apj-J/ir b2.S5 '.2M’ 52.28-62. J5, rS.lO-tiffl 
Jly-ML-t fcg.7D-rk4.Rjl 64.70-64.7 d 65.50(4.98 
(Jet. lie* b7 05 67.20 67.08-67.10 67 80-67.10 
J.tn-Msi- 63 I>b9.8fi ! 68.35 69.56 89.70 
Apr- J no 71.6’-” I.B0 71 ffi-71 » - 

Jy-det*. 74.0J-i4.flfi. JS.9a-74.20 74.15-74.00 

_ j 

Sales: 146 C01i lots of 13 tonne* 
Physical dosing prices (buyers i were: 
Spot 58.73 d I5S.15>; Jan. 5»30p (59.50) ; 
Feb. 60.30D 1 60.50). 

SOYABEAN MEAL 

.Ymterdayl -4* or I Uuninew 
' t-loae — iJooe 


December.. 
Fetuiairr ... 

April 

June 

Au^utl 

Uciutwr . .. 
Un.-en>><r.. 
' Sales: "60 


r9 03-20.fi +0.45. ••>» 

.116 50-46.7 +0 ZD l2fi.Sa-24.fiO 
.'L9.il.Z8 41 + 0.50 lS6.lfl-2fi.00 
U4 20-2S.fi! | - 


.. C< 0 J- 2 B fit I — 

.ji:s owo.oj-i.o — 

,'(-1 a3-U.5[ — O.SS» - 

iSli lots' of 140 tonnes. 


Bates: 2.0U (3^87) lots of S tonnes. 

ICO Indicator prices for Dec. 4 (U.S. 
rentr per pound': Colombian Mild 
Arab leas 172.00 i samel, other unwashed 
Arablcas 145.00 tsamet, other Mild 
Arahicas 136.03 (138.41). RotJUstas ICA 
1876 HEL50 (138.50': Robustas ICA 1B68 
136.50 (lXi.50). Dally avenge 135.77 
(137.46). 


SUGAR 


GRAINS 


AJnmin'm 

n.m. 

Official 

t+or 

p,^ - ! 

Unofficial 1 

SpaL' — 

-5- 

£ 

616-.5 

— 5l6 

£ 

616-.H 


- Mafntag : Ttoee months E6S6, 15-3, 17, 
16ft 1*- Afternoon: Bnbsfrn. IBM-5: 
three. monSM £518-S. Sofa: Three months 
ffi06,lU, 17. 

-• Cents wr pottnd. tJM par ridU- 
T On BPetimt tmiWSelal rtiww. 


LONDON FUTURES (GAFTAt— Grains 
opened 5p lower on old crops nn changed 
on new crop. Wheat values in fairly 
reasonable volume eased on country sell- 
ing to trade 30p-45d lower . where com- 
merdal buying steadied the market. 
Values improved to close about 5p-35p 
lower on the day. Barley traded 2Sp-35p 
tower where basing support steadied the 
market to dose fip-lOp hmrer, Adi re- 
ported. 


lYeptnrday sl+or Yartwday'tf+or 
U’nth; close 1 — 1 dom | — 


SE.VER 


Mar_ 94.36 
May -J 98.75 


l+B-40 04.20 1-0.06 

<-0.06 ■ 86.60 0.10 
h-fl-U( bB.85 L_o.W 
. — O.oe r 83.3(1 +O.I 0 

I — O.10; 86.15 1+0.10 


/Silver wag fixed 4.95p an ounce tower 
for spot dehvery in the London baQton 
market yesterday - at 30i.85p. UB. cem 
eqtdvalenta of (he Bring levels were: spot 
38fij5c. .down 7.7c; three-month 5B3.2c, 
down 7.7c; ' dr-mooth H»^c. dowa 7jc; 
Abd U-moah 639Jc, down 7.7c. The metal 
»cned at 3ftl)-3fiZip <580-5880 and 
dosed at 3ftUi>8p (387MB9cJ. 

SILVER ' Bullion + or L.M-K- If or 
P» | ' firing I — i close j — 

traype. r prk» 1 • } 

Sip*-...... 3Q1.9Bp — 4.S5 .30L2P UfiJB 

d montiiD. 30BJ95p .-4M 309.Qu : — 4.0 
B mouths .,317.35^ -4.80 - ! 

12mahih*333-35p -4JB. — ! • 

- l-M E— Turnover 247 H26) tots of 10.000 
ms. Morning: Three months -mba 9.7, 
9-8, MLl, 10 . 1 , 18: - Kerbs; Three znenths 
310, 09.8. QBJB. Afternoon; Three momha 
309A.99A. 09X 09-2- Kerbs: Three 
months 309,-08.8, 06A, OKA, OSJ, 0 B. 


COTTON 


TWwaendttiethenext^x pjptesofvqur 


'Comm— Spot and- shipment ■ sales in 
Liverpool amoanted ia 347 lonnes. Mag* 
lag the total tor the week so fax to 1 . 1 W 
tonnes; Fair trading persisted, with 
renewed. sunotion directed to a number 
of growths. African aid Central American 
qualities were in constant request, while' 
-M'ddlr East ere and Latin Anreriism sulet 
uerc also v.idcfr adUShL 


tiept. 88.05 ,-O.flfi. 85.3(1 +0.10 

2 fov_J _0i-ftp It 0 - 10 . aB -. 1 . 5 J +0 - 10 

Business done— Wheat; Jan. SLSML79. 
March 9425-W.W. May 96. 75-99 jo. Sept. 
S9.OOM.O0, Nov. nfl. Sales BX Barley: 
Jan 54^084.00. March' 86.5046.90. May 
86J93-38.80, Sept. 53-38-83 iS. Nov. nfl. 
Saha U 2 . 

HGCA— Location ex-farm spot prices. 
Other mlUlns wheat NJL Wn ytaty t si . 00 . 
Berks and Oxon 90,06. Feed barley: 
NJL England 79.60. Berks and Oxon 
88 . 00 . 

Tbe UK monetary coefficient lor the 
week beginning Dec. u (based on HGCA" 
calculations! to expected . to remain 
unchanged. 

IMPORTED— Wheat: CWRS No. 1 . 334 
per cent Dec. 93.33 TJibcrv. UJI, Dark 
Northern Swing No. 2. 14 per cent. Dec. 
91. Jan. 82.75 transhipment east coast. 
U.S. Hard. Winter. 134 Per cem. Doc. 99. 
Jan. 99.50. uanshipmem east coast. EEC 
naaao»d. Make: U^7Frendi taumtned. 
French. Dec. 106. east coast. S. African 
White, Jon. 67.50. S- African Ydlow Jan. 
67-50. Barley: English feed fob Dec. 83. 
JaiL-atard) 87.50 all sellers. Jan.-March 
87 paid east coast. 

EEC IMPORT LEVIES— The following 
levies and premiums are effective for 
Dec 8 in order- at current levy pins Jan., 
Feb. and March premiums (with previous 
in bracfcea\ All In units of accoimt per 
tonne. Common wheal— 76.66. rest nil 
(7166, reft mil; Durum WbMl— llf-S. 
rest all <1X7.55, tul); Ryo-63.91. 
rest nil (9191. 163. 0.53, 943': Baricy 
—87.31, rest nil (87.31, rest am. Oats— 
ra.fi. rest mi <79.42. rea mli: Maize 
(other than hybrid for seeding)— 2SL33, 
rw tHl i TV. 33 rrat nil': Buckwheat— 
XU .rest Dll <nrt. russ nll»: MiHet— 59.34, 


LONDON DAILY PRICE (raw SUP art 
noo.oo (same i 3 tonne elf for Nov.-Dee. 
shipment, white sugar dally price waa 
fixed at noo.Dfl (£10140). 

Executivie action late yesterday by the 
Amenc an Government which has effec- 
tively stopped any non- ISA member 
sugar being imported at all Into the 
114. next year produced an easier tone, 
reported C. Czamnfcow. Some support was 
apparent at the lower levels, bid (bis 
was soon eroded. Tfao market closed 
around the lows of ,4be day. some 150 
points below first traded. 

sugar i 

Pref. ’YeMerrtay's previoi<a ! Un«n«« 
Comm.' Close ; Close . ik-no 
Uoo. I ' 

£ per tonne 

March .. 107 £fi-D7.S5 109. 049.40' 109.90-07.80 
May...., 1 10.fi j- 10.90,1 1240-12.0011 1240-10.40 

Aui; 1 14-60- 14.66. 11640- 16-60-1 IS. 75-14.60 

Oct. 118JJ 18. S5| 120. 20-ai.bO 1 120.40- IB-SIl 

Dee..._. 1?1 J6 2140 i26.0O-M.25il2S.15-2 1 40 
Xtarub ..1125. 60-2S.K 127.05-27.2(1 — 

May...^l2g.50-29.MjlSO.ia-31.00) — 

Sales: 2.133 (2471) lots of SO tonnes. 
Tale and Lrie ex-refinery price for 
granulated basis Vrtdu sugar was £284.65 
(Bams) a nmne for home trade and 
1172.00 (073-50] for export. 

inKreatienal Sonar Agreem en t (V4. 
cents per pound* fob and stowed Carib- 
bean port- Prices for Dec. 4. Daily 
745 t7.74)t 154 ay averaco 741 (742 1. 

WHITE SUGAR— Close (hi order buyer, 
seller, business. »lesj: Feb. 10340. 103.75. 

103.00. 50: April 10749, 10740, 100.00- 

108.00, 12t July 118.25, 113.30, U3.7V 
11340, 40; Sept- 11840, 11848. nfl. 00: 
Nov. 123.00. 123-75. 123.79-133.00. 18: Feb. 
12740, 129.90, nil. nfl: April 13140. 
13340. nfl. tul- Sales: 125. 

WOOL FUTURES 

LONDON— Dull end featureless, reported 
Bacbe. 

(Fen ce per kilo) 

Ausmllsn |y»terd*.vsrf" orj buslnesa 
i; rea*y Wnoj Oi«o | — Done 


Deoemher ..;2310 - 8 J| - 

March AAS.O47.0-O.5 — 

-Mav.. ....... 1256.049.0:— l.i| _ 

July iiWU-O-Aa.Oi _ 

Uciiher l2d3.M9.01 - 

Uecember...i 3 ^‘J. 0 - 4 O. 0 j .. — . — 

Miin-ii iA44.0-60.0* — 

May ;«4 0-90.0; — 

~ Sales: Nil 

SYDNEY GREASY— Close (In order 
buyer- seller, business, sales). Micron 
contract : Pe: SS5.J, 359.8. 353 3-392.0 14: 
jiarefa 2*C’£, 357.1^53.6. 28; May 


l aso.o. 390.5. 361.1-380.0, 35; July 364.0. 

■ 3944. 369 .9-363.9, 2: Oct. 365.0. 365.5. 395.0- 
f 565.0. I! Dec. 366.5. 367.0. 3664-366.0. 3: 
March 369.0. 370.0, nfl, nUlMay S7L0, 
371.5. nfl. nil. Sales: 74. 

HEW ZEALAND CROSSBREDS — Close 
(in order buyer, seller); Dec. 179.0-184.0, 
March 1S2.0-1S4.0, May 182.0-189.0. July 
: 1S8.0.190.0. Oct. 190.0-193.0, Dec. 194.6- 

197.0. March 194.0-188.0, May 1M.0-198.0. 

. Sales: L 

MEAT/ VEGETABLES 

SMITH FIELD — Pence per pound. Beef: 
Seoicfa hilled rides 54.0 io 58.0. Eire bind- 
- quarters £2.0 io 85.0, forequarters 36.9 to 

35.0. _ _ ^ 

Veal: English fats 66.0 to 77.0. Dutch 

hinds and ends 90.0 to 98.0. 

. Lamb: English small 50.0 in 59.0. 

medium 48.0 to 34.0. heavy 42.0 io 30.0. 

. Scotch medium 50.0 to 54.0. heavy 42.0 to 

50.0. Imported frown: NZ YLs 45.0 IO 
1 48.0. 

Pork: English, trader 100 lbs 39.0 to 

43.0. 100-120 lbs 39.0 to 43.0, 120-160 lbs 
1 35.0 IO 40.0. 

Crouse: Young best (each) 180.0 to 

220 . 0 . 

Partridges: Young leach) 200.0 to 240.0. 
Pheasants: Be si (per brace) 300.0 to 

320.0. 

MEAT COMMISSION— Average fatstock 
prices ai representative markets on 
December 5. GB cattle 6S.41p per fcff lw 
(+0.371. UK sheep 133.Dp per kg est dew 
t-0.5). GB pigs 6SJp per kg lw (+0.5i. 
England and Wales: Cattle numbers up 
10-S per cent, average price 67.47p (+fl.T0». 
Sheep numbers up 13.1 per cent, average 
prtcu 13S4y >-0.6i. Pig numbers up 7.7 
per cent, average price 634p < + 0.6i. 
Scotland : Cattle numbers down 04 per 
L-eni, average price 70. flap (—0^2). Sheep 
numbers down 3.3 per cent, average 
price 1334p i—O.l). Pig numbers no 
change, average price 64-3p (— 0J>. 

COVENT GARDEN— Prices in sterling 
per package eacepi where alherwiae 
slated. Imported produce: Lemons — 
Italian: 120S new crop 4.8015.50; Greek: 
4.60-5.90; Cyprus: Trays 440-5.30; boxes 
HO/isfls 4.00-6J5; Turkish: 10 kg 2.40-2.60; 
Spaua: Trays 2.00-2.40. Oranges: Stuunia: 
NavL-l/Navellnas 3.50440; S. African: 
Valencia late Z.M: Greek Navels 240- 

3.00. dememiues— Cyurns: 10 kg 3.40-340: 

Spanla; 3.50^.50: Moroccan: 240-L56. 
Satsumas— 5pania: Trays 2.40340. Grape- 
fruit— Cyprus: 2.28-3.80; Israeli: Jaffa 
B4/75 3.90-3.70; Cuban: 2.60: Texas: Bed 
Blush 5.40; Florida: 540: Turkish: 2.40- 
3.60. Apples — French; Golden Delirious 
SO lb 72 2.00-2.20. 84 L 56- 140: 40 lb 
13S/1B3.175 3.58-L20, Jumble pad; per 

pound 0.0541.00; Granny Smiih 20 lb 72 
2 20. 64 1.90. large boxes 138,'150/193/210s 
2.70-4.60. Jumble pack 55/60 31 Ih per 
pound 0.07: Surlc Crimson 40 lb 135/l63s 
4JD-5.30. 20 lb 84s L50. 72s 2.00. Grapes 
—Spanish: Aimerla 2. 00-2 JO. Negri 2.60- 
2.80. Bananas— Jamaican: Per pound 0.14. 
Avocados— Israeli: 3J8J.80. Melons— 
Spanish: Greco 4.00-4.50; 15 kg boxes 8/12s 
7.00-7.50. Onions — Spanish: 3.404L60: 
Dutch: 1 JO. To*nat#es— Spoitish: 3.60-4JO: 
Canary: 3JO-L40. Cucumber* — Canary: 
10,16s 2. 00-2 Jo. Capsicums— French Per 
pound 0-30; Canary: 0.30. Dates— Algerian: 
Per glove box 0.32-0.39: Catffbndan: Tabs 
0 JO. Walnats— CaBfornlan: Par pound 0 JO- 
0.52; Chinese: 0JS. Brazils— Per pound 
LWM 0 JIML54, Tocantins 0.434.44. Abnonds 
-Semi-soft per pound 0.42. hard shell 0 JO. 
CbestMuts — Italian: 10 kg 5.00-7.00; 
Spanish: 5 kg 3.00-4.00. 10 kg 5.20-5JQ: 
French; 10 kg 4.50. Filbert*— Italian: Per 
pound O.E-0.33. Pecan Nn»— Californian; 
Per pound 0.65. canlilhnwrs— Jersey: 24s 

7.50. Potatoes— Italian: 20 Ih 3 50-3. 70. 
Celery— Spanish: a. BO-3 JO; Israeli: 38s 

4.50. 

EnstMi produce: Porawe*— Per ss teg 
1.30-L80. Lettuce— Per IS round O.WM.OO. 
Mushrooms — Per pound CI.S-0.-BO. Apples 
—Per pound Brantley 0.64-0.07, Lard Derby 
D 04-0.05. .Cos's Orange Pippin O.OMJ3, 
Worcester Pcftrmaln 0.04-0.00. Russets 0.B- ! 
O.0S. spanen .6-0,88. Pears— Per pound I 
Conference O.OM.12, Comics 0.12-0.18. 
CabbaBC5— Per crate O.H-LOO. Celery — 
Per head 0.12-0.13. Caul Idewera— Per 12 
Kent 350-4.08. Beetroot— Per & lb O.fliL 
Carrots— Per 28 lb 9.700.80. Canstcums— 
Per pound 0J0. Onteus — Prr bag T. 50-2.00. 
Swede*— Per 28 lb 0.6M.79. Turnip*— Per 
28 » 1.00. Parwlp*— Per 28 lb 1.10-LSD. 
Spiraea — Per pound 0.05-0. OS. 

18 — 18—18—13— 

★ 

LONDON SEEDS— Copra. PWHpptne, 

*s per tonne df N. Eureports Dec. and 
Jan. 565 resellers. Soyabeans, U.S. Ss 
per tonne elf Tflbnry. Jan. 274JS, Feb- 
270. seDers. Linseed. Canadian, sterling 
per tonne ctf UX: First open water 14S 
April 'first half May 147 J5, 3/flrtt half 
July 14&25 sellers. 


PRICE CHANGES 


Price in tonnes unless othera-ifc s’a'ed. 


r_" i 


Metals 

Aiiimnuum 

Frw market ieffi.. 
('••taper auh W Iht 
i rn'intb- iju. 

Ca-h i iahr.le.^ 

5 m>.'iith-> Du. •I , i. 

G*i(rt Tn»y «*. 

Lead t»<h. 

3 nuintb* 

ii-Jtel 

Free MarHetfcilXlb: 


£710 £710 

E1.15D/80 ... . '1065 66 
£766 k-6.5 £768.78 

£762.25. — 8 178L!’ 

£763 1—9 £750.75 

£770.75!— 8.75 £ 7 7 1 .25 
S187.625 -175 '210 B75 
£427.75— 4.751.456 
£400.a— 5.25 « 20.5 


Platinum trey m.. 
Free Market, 

Qiuck&Hrer 

Silver truy oz 

5 nr-nrhs. 

Tin L'ash 

3 rn-.urbi> 

Tungsten 'a)... 

Wnl train 23jJt c ff.. 

iflDl- IKil 

3 mouth*. 
Pruduoers. 

Oils 

t^oonnC 

CiH-uodnat 

Libswi Crude ...... 

Palm Malayan..—, 


,.J£1» i £143 

£ 167 J6— 2.20 £166.4 

.3143(48- ,5122 27 

.3-Jl.35w-4.W-.i92 55r- 
.. 309 Sfipl— 4.B0'299 B5i. 

£7,310 !— 185-1.7 925 
.. £7,217.5;— 170'£7.752J 

.. S142.B3 1^141/55 

.8138/48; 8 14i (48 

.. £364.25 -4 i£it6.76 

£345 i—3.5 £358 7s 

. 5720 ]_ 1=72U 

. 38661 +6 . : 680 

. £343 v "+js" |£o51 
. S5BO» —5 sbl7 


Seeds { I 

Copra Pmilp I356BD SSDO 

Soyabean (Li-S.) 1 5274.86a j— 6.75 .>292 

' t 

Grains i > 

iieriey I j 

Home Futures.... ISB6.S0 U-0.1D+.32.4 

Slaue I 

FeiiL-b Xu. a Am.l£106 I !• Z 

Wheat P I 

No. 1 Red .Spnng;£95.25t— OAB£93.5 

No» QsnllT laitriSSOv 1 • £69.75 

Englhb Milling t l £B4 It'i.a 

Cto.-oa BbipraBnt,..- -£2.141.5 —21 £J.C4B 

Future Mar. I£ti. 101.fi —21 L 2 .Ctll.fi 

Coffee Future 

Mar. '£ 1 . 2 M .+ 18.5*1. 463 J 

Cuilvti -A’ Iadex„.,\3e.E5.- f— 0.3 7S4- 

Itui.i'CT U5-. 'S8.75p t5.75p 

Aiupu-(Uau) £100 1 L.i -6 

Wool topi Ms ik)h':. l 274|i 1 272 

• NumUiaL t New crop. : irai-f-'ed. 
n Nov. -Jan. p D«.-Jan. ( Nuv.-Dec. 
uJan. hi Dee. z Per ion. s indicator 

prices. 


EVDICES 


FINANCIAL TIMES 

"Dee. • I Dee. I | Month ago I Year ago 

260.92 I 263.03 1 266 .8 7 ( 240 ■ 3 
(Base: July L 1832 = 160 1 

REUTERS 

Pn°-~ir~ j Dec. 4 Month ajyi | Year api 

_161S.flt 1B19^^1S3L3 [ 1496.F 
(Bub: Sepumhar 18, 1851=1WT 

DOW JONES 

•Dow Dm. ) Dec. j Month j Yetr 
Joaw 4 | 1 [ ajni j a gi 

Spot .._Aa 1.77,393.56 394.81 346.0 1 
Fnturet jo87.92 390.43 392.32522.25 
(Average itrJ44Wfi=idflj 

MOODY'S 


Unody'e 


Dee. i Dec- jUnntb Year 
4 : 1 | ago *p* 


tiple Coamrt ,v9 B8.1983.4i8P3.5 869.5 
(December «. iwn=ii)o.- 


HIDES— 8 Ir mins ham. Very firm. Second 

dear nr J1-3S} kilos fiS.fp per kiln: 3G-KH 
ViV<; Ti.Tp- Mia* C.lp. ught iWs 
i< tp. No calf offered. 


GRIMSBY PISH— Supply poor, demand 
Fair. Prices at ship’s side- rnnprocestc-d> 
per stone: Shelf cod f5.0O-ia.0P. end) Inn 
£3. SO- £4. 60: large haddock £4.w-£5.3fl. 
medium f4.oo-i4.60. small o.eo-f-i.il’: 
largo plaice £5.70-£CC0. medium £5J-t- 
£8.50, best small I4.50-IS.50: large skicn-.-rl : 
dogfish S5.50. medium I" 65: lar—.- i-mon ■ 
Wei Bf OU m> it.UR! (>.>'■' re. t fish il 70- . 
C.4U; - iliIj iiiw; liiuu. tJ Cu — 5,. 

i 1 - . ! 


NEW YORK. Dec. 4. 
Cocoa— Dec. 132.00 ( !78.80». March 

181.70 H7S.GS). May 130.50. July '.79.70. 
Sop I. 176.00. Dec. 171.75. March nlL 
Sales: 716. 

Coffee—" c ” Contract: Dec. 136.30- 
137.50 1 139.06 1. March 127.30 i]29.98i. May 

123.30- 123.73. July 121.30. Sept. 119.3)- 
U9.73. Dec. l'SJO. March 11C.OO-1I7JO. 
May 113.00-116.50. Sales: 833. 

Copper — Dec. 65.05 » 66.70.. Jan. 66.70 
(67.331, Feb. 87.50. March 6SJ3. Mav- 
ra. 50. July 70.70. Sept. 71 JO. Dec. 73 J5. 
Jan. 73.75. March 71.05. Mar 75.55. Jut - 
76.^3. Sept. 77.36. 

Co Ben-No. 5- Dec. 86.93 > 67.90 >. Starch 
T0.-i2-7D.5fl <nS4i. May 77.10-72.15. -lulr 
17.5iv72.60, Oct. 67.50. Pec. 65 50. March 
67.00-67.23 May 67.30 hid. Salcv 7.230. 

■Gold— Dec. 196.60 1 196.80.. Jan. 19SJ0 
(199.20), Feb. 199.90. April 203.50. June 
207 20. Aug. 210.50. Oct. 214.60. Dec. 213.30. 
Feb. 223.00. April 225.70. June 329.(0. Aug. 
233.20. Ott. 237.10. 

tLard — Chicago Inore 23.25 >23.00). NY 
urime steam not available. 

XfMMia- Dec. 2242-27(1 .’227). March 
2MJ-036J <33S*i. Mav 245-3143. July 2493, 
Sepi. 2513. Dec. 252]. 

fiPluUnuntWao. 32«.SI»-327.70 (326.501. 
April 330. 00-320. 70 > 329.30). July 332 J0- 
332.40. Oct. 334 JO-335. 00. Jan. 337.50- 
S37.70. April 340.04-340.20, July 842.30- 
3(2.70. Sales: 1.428. 

ISlSver— Dec. 597.50 (593 .90*. Jan. 581.10 
i5S7.SU i, Feb. 594.30. Mart* 597.50. Slay 
603.00. July 613. M. Sepl. 622 20. Dec. 
635.BO. Jan. 616.60. March 650.00. May 

659.50. July 609.10, Sepl. 679.90. Handy 
snd Hannan bullion spot 595.50 1596.00). 

Soyabeans— Jan. 5641-563 i576>. March 
677-679 >687? >. May 685-686. Jul7 59WS9L 
Abb. 6M. Sepl- 662. Nnv. 051-650, Jan. 
857} nom. 

H Soy a bean Meal — Dec. 18S.S0-135.10 
HS5J0.. Jan. 186J0-188.50 >157.(01. March 

166.30- 186.10. May 185.50-185.00. July 
155.50-185.00. Aug. 1MJD-184.S0. Sept. 

153.50. Oct. 180.00. Dec. 173.50. Jan. 
17*. On-iSO 00. 

Soyabean Oil— Dec. 24.3S <25.l»7>. Jan. 
24.35-24.40 iJI.BSi. March 24.30-24.33. May 
21J0. July 2LOO-24.05. Aug. 23.90-23.95. 
Sepl. 23.50. Ort. 23.10-23.30. Dec. 23.2D- 
23.23. Jan. 23.20-23 ^5. 

Sugar— Nn. II: Jan. 7.55-7.S0 *7.B3>. 
March 8.40-S.42 iS.-Ui. M»r S.65. July S.90- 
3.91. Sept. 9.15. On. 927-3.30. Jan. 935- 
9.58. tlarch 936, May uDQUOied. 

Tin— 665.00-679.00 nom. 1 675.00-685.00 
nom. a. 

Sirwhoat— sciras I3.5 per cent protein 
368-367* 1374(1. March 3S1-36U Uflfli). May 
345-343 i. July 325, SepL 329i-32W. Dec. 
3291-330. 

WINNIPEG. Dec. 4. +Wyc— Dec. 94.00 
hid >34.901. Slay 100.00 <102.10 asked), 
July 1D2.I0. Oct. 99.00. 

t+Onts— Dec. 8530 < 85.30 bid). March 
80210 bid )80.9S>. May 79.00 ssked, July 
7Sja asked. Oct. 77.00. 

ttBarloy— Dec. 74.70 bid (7530 bid). 
March 75.60 (Tfl.DO bid). May 7550. July 
73.80 bW. OCL 75.00. 

(HFlapwat— Dec. 265.20 bid (267.S0 hldl. 
May 272.S0 bid (275.00 1. July 2n.00 bid, 
OcL 2n.M. 

HWhcflt— 5CWHS 15.5 per cent proteia 
coniotu. elf S(. Lawrence 187.46 < 1B8.-W). 

All cents per pound ca-warebonae 
unless otbcrwtfie stated. ■ 8s ^r troy 
ounce — 300-ounce lot3. t Chicago loose 
Ss per 100 lbs — Dept, of Ag. phdes 
previous day. Prime steam fob NY bulk 
tank cars. J Cents per 56-lb bushel 

ex-warehouse. 5,000-bnsbel lots. S 8s per 
i troy ounce for 50-oz units of BB.9 per 
cent punty delivered NY. ? Cents per 
1 trey ounces cx-warchousc-. i| Nrw " B *’ 
contract m Ss a shon too for bulk lots 
o/ IDO ihon ions delivered fob cars 
Chicago. Toledo, St. Lotus and Alton. 
-* Cents per 59-lb bushel In store, 
t* Cents per 24-lb bushel- tt Cents per 
45-lb bushel es-waredottse. !S Cents per 
56-lb bushel es-warehoaoe. UKHH)ttsbd 
lots. 33 CS per tonne. 


EEC aid for 
locust fight 

BRUSSELS. Dec. 5. 
THE EEC said it will contribute 
1 .3ra European units nf account 
to a project to deal with locusts 
ravaging Easi Airlcan agricul- 
ture. 

The amount i* about half the 
cost of a three to si” month 
project cf the United Nation* 
Fncd sr-.’ A:.t;cuiurc Org.ir.i-j- 
l;?.t (FAU: 



Financial Times Wednesday 


STOCK EXCHANGE 


m 4* . . 


Equity leaders barely stir until after-hours’ trade 
EMS reports then cause index to fall 1.7 to 488.2 


Account Dealing Dates 
Option 

•First Declara- Last Account 
Dealings lions Dealings Day 
Nov. 27 Dec. 7 Dec. 8 Dec. 19 
Dee. 11 Dec. 28 Dec. 29 Jan. 9 
Jan. 2. Jan. 11 Jan. 12 Jan. 23 

* " New time ” dealings may uka place 
from 9 Jo am two business days oarito-. 

' A continuing lack of investment 
interest became apparent in sub- 
dued Stock Markets yesterday. 
Leading equities were so quiet 
and overall prices moved so 
narrowly that the range of the 
FT 30-share index up to and 
including the 3 pm calculation was 
limited to less than a point. Move- 
ments of any significance again 
usually embraced companies 
actually reporting trading news 
nr about to do so in the next few 
days, while a modest number of 
situation stocks continued to 
attar act Inquiries. 

Wall Street*? overnight reaction, 
although widely anticipated, 
caused a slight softening in many 
top-name industrials during the 
early dealings before the losses, 
which rarely exceeded a couple 
of pence. were eventually 
retained . The same conditions 
ruled in the bulk of secondary 
issues and small buying and sell- 
ing orders were easily completed 
without altering the general price 

level. 

After the official close of busi- 
ness. however, an agency report 
that Eire 3rd It3ly. along with 
the UK. would not be joining the 
European Monetary System made 
for caution, which immediately 
found reflection in leading 
equities. The extent of the fall 
was modest but measured by the 
30-share index, linally 1.7 down 
at 4SS.2. it was still the major 
movement of the day. 

Singling out the features 
arising from trading announce- 
ments. Plessey's first-half progress 
brought a rise of 4 to 112p. but 
the full-vear profits of RHM were 
slightly disappoint in c and the 
price eased a penny to 32p. GEC 
due to report interim results on 
Thursday. mo-».-d up 4 more to 
34i1p. bul Filkinglun lost that 
much to 30-ip availing today's 
midway statement. 

S ready progress tra« made by 
Tilt-edged. Once again the 
emphasis was on the untapped 
shorts and quotations here moved 
up by a maximum of the rise 
in Exchequer 81 per cent 1982, at 
(M)J. Medium and lonper-dated 
stocks also advanced, but trade 
was not enough to test the 
respective taps. 

Having traded quietly around 
7fi per cent for most of the day, 
the investment currency premium 
picked up in the late trade on 
reports that Ireland. Italy and the 
UK are not joining the projected 
European Monetary System; the 
premium then improved to close 
31 higher on balance at 791 per 


cent. Yesterday's SE conversion 
factor was 0.7589 (0.7607). 

The volume of business in 
Traded Options was again small 
and 353 contracts were completed 
compared with the previous day's 
379. 

Allied Irish down 

Allied Irish relinquished 6 to 
2Q2p and Bank of Ireland 3 to 
405p following late rumours that 
Ireland is not going to join the 
projected European Monetary 
System after all. Quietly firm 
conditions prevailed among the 
major cl carers as Lloyds, 280p, 
and NatWest, 2Q9p, both rose 4 
further. 

Awaiting further news of the 
bid approach, Brcntnall Beard 
cheapened 2 to 42p among Insur- 
anc Brokers, but fresh speculative 
support helped Stenhouse improve 
3 more to 108p. 

Distellery Issues were again to 
the fore in a quiet drinks sector. 
Invergordon rose 2 more for a 
two-day rise of 8 at 162p Irish 
Distillers announced a near-50 per 
cent profits increase and closed 3 
harder at 194p in the late trade. 
On the other hand, recent firm 
counters Highland and Artbnr 
Bell eased 2, to 161 p and 250p 
respectively. 

Tarmac put on 31 to 1531 P on 
the progress made in reducing 
the losses of its West German 
roadstoce operations. Elsewhere in 
Buildings, International Timber 
hardened a penny to 124p on the 
higher interim profits and the 
board’s confident statement, while 
May and Hassell edged up 2 to 
79p ahead of next Monday's mid- 
term results. In contrast, occa- 
sional small offerings left Phoenix 
Timber 3 easier at Hip. Benlox 
eased [ to 2fl‘.p: details of a pro- 
posed capital reconstruction made 
little impact. Awaiting today’s 
interim results. Armitage Shanks 
eased 11 to 78 Jp. 

From an easier opening. ICI 
piek«*d up to 380p. but on lack 
of follow-through support ended 
the -ession unchanged on balance 
at 37Sp. The mid-term profits 
downturn left Carless Capet 3 
down at 2 Sp. 

MFI jump 

Secondary issue* provided the 
local r>oin*s in Stores yesterdav. 
Speculative buying fuelled bv 
revived bid suggestions helped 
MFI advance 9 to a 197$ high of 
17tp. while J. Hepworth put on 
3 to 73o in response to Press com- 
ment. Bremner hardened a ne»»ny 
to 4Sp, after 49p, following fur- 
ther consideration of the interim 
results and imnrovement? of 3 
and 4 respectively wore recorded 
in D-I-Y concerns. Home Charm, 
21Ko, and A. G. Stanley. 154p. 
NSS Newsagents. however, 
softened a ppnny to llflp after 
the results and Freemans, at 365p, 
cave up 5 of the recent good rise. 
Comment on the October retail 


sales figures prompted a . down- 
ward drift in the leaders which 
closed with losses ranging to 4. 
Gussies A ended that much lower 
at 308p; the interim results are 
due tomorrow. 

Apart from EMI, which came on 
offer and fell 6 to 152p, Electrical 
leaders maintained a firm trend. 
Plessey, up 4 at 112p. reflected 
satisfaction with the half-yearly 
statement, while GEC. also 4 
higher at 340p. continued to 
attract buyers in front of tomor- 
row's interim figures. Scattered 
gains in secondary issues included 
Electronic Machine, 24p. and 
Sound Difnsvion, 51p. both up 3. 
In contrast. Safer eased a penny 
to 30p in the late dealings on 
news of the proposed rights Issue. 

The Engineering majors 
flutcuated within extremely nar- 
row limits and final quotations 
were little altered on balance. 



Elsewhere, further consideration 
of the interim statement prompted 
a rally of 8 to 219p in Matthew 
llalL Satisfactory preliminary re- 
sults left Frederick Cooper 3 to 
the good at 23p and J. H. Dennis 
2 firmer at 45p. but Swan Hunter 
remained on offer following the 
company's reconstruction pro- 
posals and gave up 4 more to 149p. 
Pcgler Hatterslcj firmed 4 to 160p 
awaiting tomorrow’s interim re- 
sults. while Baker Perkins, half- 
yearly figures also due on Thurs- 
day. hardened 2 to I24p. Scattered 
demand left Victor Products 4 to 
12Qp and gains of a similar amount 
were marked against Jones Ship- 
man. 132p. and Marionair, 212n. 
Birmingham Mint improved 2 lo 
128p in response to the interim 
results. Smallcr-priOBd issues tn 
make headway included S. W. 
Wood. 3 firmer at 46p. and Saville 
Gordon, a like amount dearer at 
35p. Averys. a good market of 
late on the bid approach from 
GEC. encountered a little profit- 
taking and ran back 5 to 234p. 

News interns enlivened the 
Food sector which displayed 
several notable movements. 
Robertson Foods fell 7J to t£Dp. 
recent takeover hopes dimmed by 
the company's £l.6m ? equation 


of Uni can Foods from Pen (Land 
Industries, 2J to the good at 25p. 
after 25* p. Annual profits towards 
the lower end of market esti- 
mates left RHM a penny cheaper 
at 52p. Elsewhere, revived interest 
and a lack of sellers lifted 
Garden 9 to a peak of llSp, but 
J. Sainshury came on offer and 
shed 5 to 235p. George Bassett 
firmed 14 to 113§p in response to 
the interim statement and. await- 
ing tomorrow's annual Ggures, 
British Sugar added 3 for a two- 
day rise of 6 to 149p. 

Still buoyed by the hoard’s 
forecast of substantially higher 
pre-tax profits. Ladbroke gained 
3 for a two-day rise of 8 to 17Sp. 

Hunting Asscd. up late 

Interest in the Miscellaneous 
Industrial sector was small and 
generally directed at secondary 
issues. Hunting Associated be- 
came a late firm feature, rising 
20 to 310p in a thin market, in 
response to the board’s capital 
proposals. Speculative buying 
prompted a rise of 8 to H6p in 
Syltoae an d demand abend of 
tomorrow's interim results left 
Stoncfaiil a to the good ai 121p. 
Comment in front of today's pre- 
liminary figures helper! Hanson 
Trust improve 3 to 135p while, 
after trading announcements, 
Dundoaiun. 50p, Kelsey Industries, 
104p, aad FlcxeUo Castors and 
Wheels. 56p, all dosed about a 
penny firmer. Brook Street 
Bureau gained 3 to 52 n And I CL 
added 5 at 445p, while Marling 
Industrie? hardened 11 to 40p. 
Smith and Nephew reflected 
slight disappointment with the 
results and closed 2 off at G9jp 
and profit-taking after the recent 
speculative spurt on bid hopes 
prompted a reaction of 4 to 152p 
in Chubb. After the recent good- 
rise. Pilkington cheapened 4 to 
30fip in front of today’s interim 
resulis. 

Lulus closed 3 down at 4Sp on 
disappointment with the lack of a 
dividend payment. Peak e»<od a 
penny to a 1978 low of 7n abend 
or today's results. Sentiment in 
Distributors was quietly firm, and 
late buying lifted Heron 3 tr. Hop. 
In components, Wilmnl Breeden 
eased 2 lo 7Kp on prol-l-iaking 
afler recent firmnpss on the talks 
with Rockwell International. 

Oils trade quietly 

Recently good on takeover 
hopes. Mills and Alien ran in»n 
profit-taking in the absence of 
nnv bid news and touch'd 2lSn 
before rallying to cloy 5 down 
on balance at 227p. Elsewhere. 
Bristol Evening Post phased with 
improved interim result* and put 
on 3 to 133n. News In tern •>! tonal 
were also firm, rising 4 i<» 262p. 

Leading ’ Pronertie* remained 
la reel v untested in-*:i onevenrFtil 
session, but Bernard Snnlev 
firmed 4 to 236p. Warner Estalc 


put on 5 to 150p Jn a thin market 

Oil shares passed ff rather 
uninteresting- session. Leading 
issues failed to hold initial small 
improvements, with British 
Petroleum closing unaltered at 
942p, after 946p, and Shell ending 
a shade firmer at 58?p, after 592p. 
Royal Dote h. however, moved 
ahead in sympathy with a late 
advance in the dollar, premium 
and closed I better at £40£. Among 
the . more speculative Issues, 
Trlcentrol opened lower at lG2p 
on the downgrading in this year's 
oil production figures for the 
Thistle Field, but rallied to 168p 
before settling at 166p, up a 
penny on balance. 

Following tbe company’s dis- 
closure of a possible bid approach, 
meat traders J- E. Sauger met a 
revival of buying interest and 
touched 42p before closing 3 up on 
balance at 40 p. Paterson Zochonis 
issues fell 10 apiece, the Ordinary 
To ISOp, and the A to 173p, after 
further consideration of the chair- 
man’s profits warning. 

Trusts took . on a rather 
uncertain appearance and the 
majority of movements were 
confined to a few pence either 
wav. Among Financials, Akroyd 
and Smithers edged up 2 more to 
200p. 

Among ibe few scattered move- 
ments in a quiet Shipping sector. 
P aad O Deferred were inclined 
easier at S3p, down a penny, but 
J. Fisher found support and put 
on' 5 to'187p. 

Business in Textiles remained 
slack, and only those reporting 
trading statements attracted any 
real interest. Harold Ingram rose 
5 to 35p on the improved interim 
results coupled with an optimistic 
statement on the outlook. 
Hichams added 2 to 54p following 
the 59 per cent rise in first-half 
profitability. - 


Active Australians 

Australians were the only active 
stocks in generally sluggish 
mining markets. Prices remained 
steady in two-way trading after, 
receiving a fillip from the pen 
formanee of Sydney overnight, 
before easing late throughout the 
list. . ' v 

Among the diamond stocks,- 
North West Mining were 4 caSer. 
■at 26p. while Haoma lost 2 to 33p 
•In Uraniums.- Pancontinentql 
slipped 25 to 725p. Peko- 
W'nlUend were 8 softer at 418p; ; 

A lower treod was evident 
among Irish Canadians. Westfield 
Minerals, which recently enjoyed 
a strong rise, extended Mondays- 
fall by a further 20 to 3S0p.- on 
tight selling. Anglo United were 
36 lower at 174p. 

South African. Golds, wetff. 
quiet. There was little stimulus^ 
from the bullion price which 
closed 81.75 lower at 5197.625 an 
ounce. The securities rand was 
also lower and this exercised a 
depressing influence. But -there 
was little selling pressure. ■ 

Among the heavier-priced issues* 
Hartebeesf were i lower at £30}. , 
Randfontein 1 easier at £261 and 
West Dries ; down at £18}. 

Features wore few in -South 
African Financials. Anglo Ameri- 
can drifted after early steadiness 
to finish 4 down at 28Sp, -while 
Do Beers lost 0 to 336p. 

London Financials were steady 
for most of the day. in. line vtith 
the UK industrial market but 
slipped in late trading to leave 
falls of up ro a couple of pence 
with Rio Tlmo-Zlnc, at’. 2S8p. 
Charter, at 132p. and Consolidated 
Gold Fields, at 180p. .- . 

In Tins. the speculative rise of 
Saint Pfran on Mondav was 
checked and the shares finished 
l off at 83p. 


NEW HIGHS AND LOWS FOR 1978 


Thr leilowina sreurrile* auoicd In ih« 
Share Information Service ycstrrdav 
attained new Highs and Lows for 197fl. 

NEW HUGHS (31 ) 

BANKS r2) 

Barclav> National & Comml. 

BEERS (2) 

Inneraordon Borland 

stores ezi 

Cantors A MFI Furniture 

. ELECTRICALS 111 
A B. Electronic 

ENGINEERING Mi 

Babcock a, SYllcox British Aluminium 
Baker Pert Ins Seville Gordon 

FOODS (2) 

Bibnv fj.i C»rtiers 

INDUSTRIALS (8) 

B-rl;fords Hav ‘N i 

Christies Inti. Marling Inds. 

Crcan tj.) Sange-rs 

Dundonlan 5to»«hllt 

INSURANCE <1> 

Hdmbro Life 

MOTORS (It 

E R F PROPERTY <2l 

Br niton Estate ranlt.-u ft Counties 

SHIPPING (1) 

Fisher rj.l 

SHOES (It 

Stylo Shoes 

TEXTILES l» 

Httklng Pentcco-T .Consulate 

MINES (21 

Min corn Hampton Areas 


NEW LOWS (10) 

CANADIANS (T i , : 
Massey -Ferguson 

ENGINEERING 111 

Alcan Aluminium - -. 

INDUSTRIALS (1 j 

Petracan • * 

MOTORS (1) 

Peak Invs. ■ 

SOUTH AFRICANS /|J -’ .. ; 

S.A. Brewerios 

MINES (SI 

R andloitKi'i -iitconimenM 

F S. Saaiplaas Tara Exploration • • 

Falcon . ; 

RISES AND FALLS 
YESTERDAY •¥> 

Up Dm’Ssa 

British Fan d* M 2 .23 

Cirpn. Dam. and ' \ 

Foreran Bonds 17 1 - ”- <3 

Industrials 2 M 2H .* 

FTnandal and Prop. ... 112 51 JH 

O’h 5 * a 

Plantation 1 a L72 

Minas » M « 

Recent I senes » 5 U 


FINANCIAL TIMES STOCK IN 

— - „ - \..v . I -So« . ■ 


VeG I -!>“■- 
a, i » 


_ .. _ .- v v- --t.-c 

»..V. i NO* • f - >“ -V. 

io . 59 


- : 6 ; « | , 

68.66- 68 .S 0 I 68 .S 0 : 

GowwmeataW . 6 9-»7 69.98' 69.98, 69.04^7^ 

; 489.9 486.3 481-Sj 489.0, ^91^ 

Gotd 'll " ! 93.3 1 93.V; 93£f 

Oold«ln«*tBx.Spm.|| 94 g gg . s 9g S 90 . S.Bei^^Sfei 

Ort.DW.TloM -j 15 . 71 . ISA* I*«1 k'KE*£ 

“‘S:. aS U 8.82 ; 8.34 

iflUNn-MVl/-" , o,p 4.234 4.08t 5.l5Sf 


Barningt. Y’ IdlilntO— j l ®’ - fl36 | 031 ; 8 . 22 8.34 8.36-7'^y 

n~ •• r 3 2i8j 4.234 4.081; -s. 

marked ^ j [ 6? & 63 M i 66.35 64^».,TW« 

-S>|uiiy "irov‘«r £« - . - . — ^ ^ 13.552 16.033 16.587^-12^ 

l>«H;ily lianjaiur IrrtxL-- \ _ ~ 

,a -rn 49 0 11 am (W.l. Noon 48P.0. 1 pra .. : sa. tfc / J 

10 am 49.0. ^ 3 pm 4S8.S. . -^713 

Latest Index 0l-23b 8023. 

’♦HjI = !*.»». ... 1 T/m. ■ 


1 iwa ** , . 1^^ 


Laipsi inu« 


HIGHS AND LOWS 


ACTIVITY £ 


.Sine* C«H|dto*kw j 


H Igh | low 


t •iff 

1 Ind.Ord ' S3S.5 

. 1 ll*ifl> 

i; - T Gnld3Uoes.i 206.6 

l ’ .Mi?) 

Gold Mi oes. 132.3 

L lfis-S pro .).. 1 <14/83 


137,4 ; 
(911(36) 

) 150.4 
1(28/11/47) 

'j 549-2 I 
Jl 14/9/77) | 
( 442-3 I 
!(22|5I7&) ' 

,‘ 337.1 | 
1 (3/4/74) 


49.18 

(3/1(75) 

60.53 

.-(3(1/751 

I 49.4 

| (26/6/40, 

f 45.5 
(26(10(71) 

| 54.3 
(25(8/76) 


I —Daily I 
, Gilr -Kdpcrtw )■ 
Industrial* 

1 ^{WWJlaEjre..| 

l Ti4als 


: &May.Vv*r«fle 
f (iilt-EURc*( 

■ IndinlrialB . 

> Spe»-uiatnr 

1 


T'lP 

i78.7; 187.8 
143.31 157^ 

21.li 28-H 

98.5 Z05.7 


15SS.1, 1W.0 
139.9} . 147.4- 
25.4 " -2B-5 
93.3‘. 97-1 


LONDON TRADED OPTIONS 

I I Jan nsrv Apt'f . ' ' J< » lv - 


I ts’rci ( I.L'iir-mi [ 

..li— - ntTer > Vol 


BP i 

IIP 

l-om. I 'li i-'ii : 
l.fiis |i..ln 
tjins Gi‘1'1 , 
C<m* G»M 
Cnuriauhl* • 
IVnirnsiiliU 1 

fiKL’ 

n ku • 

r; kc ; 

r< El ; 

Gmini Met. 
Grand Met. I 
I Cl 
1(1 

IC1 ‘ 

So.-*. J 
Lai n.1 2*ei‘4, I 
Marks /c b|J 
Shell 
1*< •tala 


Boots ! 200 

• HMI I 140 

BM( 160 

Tocala 


Lim-nif.' v_e»n«s ; ’•• 

,-Mpr . Vr*. "her- 1 Vfl. 

i 96 ~ ; - • iu ; - - -r- 

59 — J . 79 ! -- 

: . is , — 

32 ; - . . 36 

1 letal 26 - J 20 j ”'85 

7rj| 13 i',.H- 

23)J - f . 15 1 . - 

I- 11a - , 

78 - I- • 5 . i-’— 

55 , 17 } 65 { 

32 * -5 »- 44 i., ' — 


Ffltmuxry 

J 

12 25 

22 32 

71s IO 
’67- 


81 - 

86 — 

24 11 

li 


40 | - 

.Aucii*t' - 

24 [ _ 

.29. 

19 \ ’ — 




: I23p 
. 339 p 

r 

■[• ii2p 


|-"87p- 

l.58Bp- 


APPOINTMENTS 


Changes in BP Scottish office 


BBITJSH PETROLEUiWS direc- 
tor for public affairs, Scotland. 
Mr. Robert Meunie. h3S retired. 
He ip succeeded by Mr. John 
Riddel J-Webs!er. pre viousl>- a 
deputy manazin^ director BP OIL. 
Mr. RiddeP-Webster will retain 
bis repnonsibibties with BP Oil 

srnd will be based in the com- 
khiv’s head office. Victoria Street. 
Lrtndnn. but will make regular 
visits to Scotland. 

Mr Anthnnv WHJcocks has been 
appointed deputy director for 
public affairs. Scotland, resident 
in Edinhiirsh and operating from 
the com on ay’s nfflec at Aorth 
St David Street It is proposed 
that Mr. Willcnck* will succeed 
Mr. Glennie as a member of the 
p.o-ird’s of Srotti^ri OiTs. BP Oil 
vr-lincry (Gransemnutb) and 
Vnun-'s Paraffin Light and 
Mineral Oil Company. 

★ 

On February 1. Mr. R. H. 
Walirs will join the Board of 
MVTTFEW CLARK AND SONS 
i HOI DINGS) and Matihew Clark 
.ind Sons, as the group’s market- 
ing director. He joined ihe trade 
v ilh Charles Kinloch and 
C’omwnv. He became a Master 
of Wine in MMJfl ami "-as appointed 
managing director of c accone and 
Speed in January HITS. 

★ 

Mr. C- F.. Graham, chairman of 
T NTLEYER’S overseas committee, 
having reached retirement ace. 
b:«f indicated that he does not 
v ish to offer himself tor 
rc-elertinn at the annual meetmes 
r,r Unflo'er Limited and Unilever 
>A' in ?fay. Mr. Graham vnll by 
then have served for 31 years, of 
which eight "-ill have been as a 
. director of the parent Boards. 

Mr. C. F. Sedcole. at present 
chairman of VAC International 
and a director of Unilever, will 
become chairman of the overseas 
committee. Mr. J. Londen will be 
jfipninfed chaSrmaD nf VAC Inter- 
national and will cease to be a 
member of the overseas com- 
mittee. 

★ 

JOHN GOVETT AND CO. 
announces that the Hon. D. W. 
Makbis and Mr. A. S. Nicholson 
have been apoointed to the Board. 

Mr. T. W. Dodd and Mr. D. G. G. 
MUnes have been anoolnted to the 
Foard of WARWICK ENGINEER- 
ING INVESTMENTS. 

The NATIONAL COLD STOR- 
AGE FEDERATION announces 
that Mr. R- Acton of Hull Cold 
■Store.*; has been elected president 
in succession to Mr. R. B. Weather- 
stone nf Christian Salvesen 
(Managers). 

Mr. J. E. Jewiss has been 
appointed a director of HARTLEY 
COOPER HOLDINGS. 

* 

Mr. Michael H. Lovett has been 
appointed director and manager 
of NATIONAL WESTMINSTER 
UNIT TRUST MANAGERS. 
Formerly deputy manager of the 
bank’s West End trustee branch, 
he succeeds Sir, R. Ansrice who 
becomes manager of Cheapside 
Trustee branch. 

* 


J. HENRY SCHRODER VAGC. 
AND COMPANY. Mr. Hugh Ashton 
has been appointed to succeed ?.Ir. 
Cator as head of tbe company 
finance division. 

* 

Mr. Philip Mitchell has been 
promoted 10 senior associate 
director of the BRITISH ilLtitKET 
RESEARCH BUREAU. 

* 

MUIRHEAD announces that Sir 
Edward Fennessy has joined its 
board as a non-executive director. 
Sir Edward was. until his retire- 
ment in 1977. deputy chairman of 
the Post Office and managing 
director Telecommunications. 
Before joining the Post Office 
board in 1969 he had been rnanag- 
ing director nf the Plessey Elec- 
Ironies Group ( 19W-8D) and of 
Dcrca Radar (1950-65 1 . 

* 

Mr. Bruce J. J. Cadbury has 
been appointed to succeed Mr. 
A. M. Glenn as company secretary 
and chief accountant of 
JAMESONS CHOCOLATES. Mr. 
Cadbury previously was financial 
controller of the West Nally 
Group. Mr. Glenn will become 
group financial controller of 
E. HOWARD AND CO. (SMITH- 
FIELD). 

* 

Mr. Timothy E. J. Massey is 
to head SGS FREIGHT SERVICES, 
a company set up by SGS Inspec- 
tion Services, an associate of 
Sncidtd G6n£rale de Surveillance, 
Geneva. The new company is 
simply a change of name for the 
SGS "in-house” freight forward- 
ing capacity in general cargoes. 
Mr. Massey was formerly manag- 
ing director of tbe ship-broking 
and ship agency company. 
Harrisons (London). 

+ 

Mr. D. W. James and Mr. A. 
Neville Smith have been appointed 
directors of VICKERS DA COSTA, 
stockbrokers. 


Mr. J. K. Johnstone has been 
elected a deputy chairman of the 
ASSOCIATION OF INVESTMENT 
TRUST COMPANIES on the re- 
tirement of Mr. G. A. Stoat, who 
remains a member of the general 
committee. Lord Remnant remains 
chairman. Mr. Mark R. CornwaU- 
Jones and Mr. J. R. Storar con- 
tinue as the other deputy chair- 
men. 

* 

Mr. Gary Trnssler has joined 
the Board of GOUGH COOPER 
AND CO., as financial director. He 
previously held a similar post 
with KEY TERRAIN, a subsidiary 
of Reed International.. 


The HYDROGRAPHIC SOCIETY 
announces tbe appointment of Mr. 
George Edney as executive secre- 
tary. A former general manager 
of the Port of Bristol Authority 
and previously with tbe Port of 
London Authority, Mr. Edney was 
a part-time member of the Milford 
Haven Conservancy Board for a 
number of years. He Joins tbe 
society on January L 
* 


* Mr. D. Coates has been 

From January 1. Mr. Francis appointed a director of BEDFORD 
Color becomes vice-chairman of LODGE HOTEL. Newmarket. Pre- 


viously he va« a director of Inter 
Baricon Engineering Services 
(UK), and Gescn (UKi. For many 
years Mr. Coates was an executive 
in the British and overrent con- 
struction equipment industry. 

★ 

GEO. BASSETT HOLDINGS 
announces the appointment nf Hr. 
John T- Fountain Id the group 
Board. He will assume rc-portM- 
bllily for all the group’s sub- 
sidiary companies engaged in; 
transportation, (he manufacture 
of specialist foods, and those 
trading in the leisure induMric<. 
Mr. Fountain joins Basseifs from 
Cope Allman International where 
he was leisure division director. 

Mr. Gareth Owen h.is been 
appointed treasury manager of 
ATLA NTIC I NTERX ATION A L 

BANK lrilJi effect from January J. 
+ 

Mr. G. O’Keefe, Mr. D. II. l-sme 
and Mr. J. K. Rushion have been 
appointed executive directors of 
DOLT-TON GLASS INDUSTRIES. 

* 

Tlie EUROPEAN SHOCK 
ABSORBER ?LLNUFACTU REES’ 
ASSOCIATION Has elected Mr. 
David Avner as president and Mr. 
D. O’Ryan rice-president. Mr. 
John Wardle also 'now acts as the 
secretary as well as being the 
co-ordinator for the Association. 
Mr. Avner is the technical director 
of Amortisseurs de Carbon. Mr. 
O’Ryan is product manager — 
suspension and motor-cycle at 
Lucas Girling. 

* 

GEORGE WIMPEY AND CO. 
announces the resignations of 
Mr. R. H. Gane and Mr. D. R. W. 
Watts as non-executive directors 
of the company with effect from 
December 31. Mr. Gane. a direc- 
tor of (he company since 1933. was 
chairman rrora June. 3973. until 
his retirement in February, 197i>. 
Mr. Watts, a director since 1953. 
was a managing director when he 
retired from full-time duties in 
1973. 

★ 

Mr. R- J. Kaxby, director 
(development and sales), at 
BRITISH RAIL PROPERTY 
BOARD, is to retire On December 
30. He is succeeded by Mr. 
Gavin B. Simpson, at present 
director (estate management) at 
British Rail Property Board head- 
quarters. This post goes to Mr. 
J. Peter Ambrose. 

* 

FIRST NATIONAL BANK, in 
St. Louis, U.S.. whose London 
representative office will shortly 
achieve full branch .status, has 
announced three senior appoint- 
ments. Mr. T. Ellis Barnes IU is 
assistant vice-president respon- 
ible for Middle East opera tioiw. 
Mr. W. Allen Gray is assistant 
vice-president and assistant 
manager for administration and 
operations. Mr. Stephen Maier is 
an International banking officer 
on the bank’s foreign exchange 
and Euro deposit desk. 

* 

Mr J* P- Parkinson has been 
appointed divisional manager of 
tbe biscuit and confectionery 
tnachlnerv division of BAKER 
PERKINS. 


OPTIONS 

DEALING DATES Scottish. Hongkong and Shanghai 

First Last Last For Banking. Newarthlll. MFI, Birmid 

Deal- »k?al- Dv.-'ara- Fettle- <i«:atcast. Dundonlan, Courtaulds. 

lag* in gs <ion raent Jarrttnc Matheson, Avon Rubber. 

Dec. 3 Dec. IS «:ir. * Mar. 2*1 Burroab OH, Vinlen, Cons. Plants, 

Dec. 19 .fan. S Mar. 22 Apr. 3 British Benzol. Lonrho, Buff els, 

Jan. 9 Jan. 22 Apr. 3 Apr. 18 Marie vale and Capital and 

For rclt' indin’O sec cud of Counties. Puts were reported in 

.S’sfl’V Service Lucas -and Burton A. while 

Slocks favoured for the call double options arranged included 
included Ckrlieio. Lloyds and Swire Pacific and U.U. Textiles. 


ACTIVE STOCKS 

No. 


1 Dvnotnina- 

of 

Closing 

I'linnse 

If)7S 

1.075 

Stock 

linn marks price (p) 

on day 

hiph 

In* • 

B.irctovs Bank . 

i’l 

13 

.172 

+ 2 

372 

29H 

Rewham ‘N*.*w’ . 

Nil.'pd. 

IS 

-'3pm 

+ S 

35pm 

23pm 

BP 

. n 

11 

!k)2 

— 

934 

720 

GEC 

-'»p 

11 

.140 

+ 4 

140 

*233 

Shell Transport 

. J5p 

11 

.':s7 

+ l 

002 

454 

ICI 

. 11 

s 

378 

— 

421 

32S 

Lloyds Bank . 

fl 

s 

2S0 

+ 4 

21)7 

242 

NaSWo+t 

ri 

s 

L'OU 

+ 4 

29S 

250 

Burma h OH 

£1 

4 

74 

- 1 

}?9 

42 


Grd. ?.Toirnon!i 1 :.T: 30p 
Marks i S|x-nctr ii|» 
Midland Bank . i’l 

I'nlJcivr 2-vp 

BAT-; Defd 2oP 

Cour/au.'di . 25 p 


RECENT ISSUES 


EQUITIES 



42li f.(. <14 11 1* 

\SD4D IV- 72 

AM.JS ( .('. ! ... 

29 I’.IV 5 1 


4o \nvliHi HMa' * 44 

1*1 \«M>qi MillilKitxli- 72 

KM .'c t'iil. r«muiu; Aft., too 
Til 'Kii.-Ik-ii Wui-.-ii 114 . .. 30 


• 2.55 24,8.7 7.1 


*1.34 3.4 6.7 5.0 


FIXED INTEREST STOCKS 


Kiali, 



r.l ' ■ 

, i'10 .26 1 


■ill , j \ * r in hh- Idol 


r.i* ;u>.u U 


1 Uj -U'.'Iul- \nllf> Mm m i>> l: t .l I*. IM. Isfii.. . I 1214 


ll> IQ* i'hu. .... 


llOO Nil — *i,di! 2pin •(. i—i*H 125, lh\. I n,. Ui. ’86 8E 

22'12 (c/u. 9e|i..Nt-wnMM K>;* Aiv. Prei 

•> J >. f. 24.TI Uc ills I^nuiiric- llr^ Li»v. 

£4'i ■» 1 tlu .35.1 3l*| 3 !ltu.-kii«u-v...rtb C 

97 , I’.l*.; 5/1 ; Tcp I Wl I*m( 

£*/!■•; L'lu :2»'l ; »s*{ <l(|#ri tv mi "mirt* l*nf. Wj 


“ RIGHTS ” OFFERS 


1 

Isnie. = C. ' Binnne. 19TS 

(Vii.Tr E ^ : tiiiU- ' 


'll* +< 

., 4|illl.-rl 
\ 9B[. -1 
(251 ,-4 

I 9tii> I .. .. 
' 9t» .. .. 


12. 1 1 Wr.i'i -iitii iHin-l* m 

: 26(1 Ai*n Hi-illun <tt 

. Ji-12 *1* ; 3K6 rJi . 

.5-1 17 ■ ill- '.*i.|- r.Vrlll 

! 1 3 1 'flljuir 2|nn.Clni>«>l I'.lw-.r 

1 12il (4; |-ui litv.inUi 

tii 12 Hi: W. ituUn.Tsikl llincy, 

1 12.1 .16r*P> 'K'imi* H.-— It ill— H„r 1 i*i.. .. 

! 12/1 1 36 vm 34|.m M.L.Hoblin^ 

; Cil£- 6 .n-.i 1 !. »• >t - a 111*11 Iriih.. . 

: 10/1 . 4‘.|.m 23|iin>tri/l«.TT A Pi» 

; 16/1 i 12«IUI: Si.mTrrn '.‘i.ir ulalo 

e<l2- 196 1 Ifil fTimf l*n«liifi- 


FT-fiCTUARIES SHARE INDICES 

These indices are the joint compilation of the Financial. Times, the Institute of Actuaries 

and- the Faculty nf Actuaries • r 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Tues,, Dec. 5, 1978 


F<qirr> in pJrfnthf'^S tfim* nun**, ol docks R*r 

soalon N0 - 


1 CAPITAL GOODS (172) 

2 Builtfing Materials 127) 

3 Contracting. Construction <28> 

4 Electrical s < 151 

5 Engineering Contractors f 141 — 

6 Mechanical Engrneerliigf72) 

8 Metals and Meial Formlngtl6l 

CONSUMER GOODS 

11 (DURABLE)(53) 

12 LL Electronics, Radio, TV ( 16) 

13 Household Goods H2>. — 

14 Motors and Distributors ( 25) 

CONSUMER GOODS 

21 (NON-DU RABLE) (171) 

22 Breweries (M) 

23 Wines and Spirits (fa) 

24 Entertainment, Catering (17) 

25 Food Manufacturing (19) 

26 Food Retailing (25) 

32 Newspapers, Publishing (12) 

33 Packaging and Paper ( 151 — 

34 Stores (40) 

35 Textiles (24) 

36 Tobaccos (3) 

37 Toys and Games <6> . .............. ...» 

41 OTHER GROUPS (99) — 

42 Cneimcal$(19) — 

4 3 Pharmaceutical Products (7) 

44 Office Equipment (6> — 

45 Shipping (10) — . — ... ................ 

46 Miscellaneous (57) 



209.47 
261.84 
17L49 
122.83 -02 

211.49 -03 
229.90 +03 

28831 -02 
26732 -02 
+0j4 




EsL 

Oh- 
Yield % 
(ACT 
at 33%) 

P/E 

Ratio 

(Net) 

528 

834 

530 

7.97 . 

428 

730 | 

327 

10.60 , 

5.98 

7.79 

6j01 

738 | 

368 

837 , 

501 

8.03 1 

3.92 

1030 | 

664 

7.79 

6.85 

5.94 1 

5.92 

831 

621 

9.43 

4.99 

9.61 

638 

1033 , 

535 

730 

522 

10.16 

634 

631 

7.64 

6.66 

4.71 

1233 

832 

736 

7.88 

5.08 

6.76 

5,11 

620 

822 

6.66 

8.06 

4.73 

10,73 

5.65 

6.62 

733 I 

8.70 

■S3 

737 





FlNANCIALGRQUPtlOO) 

Banks(6) 

Discount Houses (101 

Hire Purchase <S) 

insurance (UCe) (10) 

Insurance ICompositc) (7) ..... 

67 insurance Brokers (10) ..... 

68 Merchant Banks <141^. 

69 Property (31) 

70 Miscellaneous (7) .. 


71 

81 

91 


99 ALL-SHARE INSEX(673) 


saw 


FIXED INTEREST PRICE INDICES 


British Government 


Tum„ Qjy\ 

Dee. uiange 

5 "A 


I 'limlllj; or 
■ ; •— 

I i*: « 

-i 1 — 

55/*i»>| + 3 
3|«u ..J 

! 393 i* 2 

V41; — llj 

3i;i-ni. .. . 
14|iiii! .. . 

in ; 

, . 16r>»; , 

36 1 uii 

3 > 21 . 111 ' 

J 30i.|n'-& 
15|>n,;4-8 

178 ! ... . 


Urter5years_ 103.45 

5-15 yean 11227 

Over 15 years.... . 11731 

lrredeenvblei-~.. 22280 

AH Slocks... 118.44 1 +021' 



Renunciation date usual)? Ian Oas for dealing tree nf stamp duu. b Fltiurcs 
based an ornspeenu csrunjitc. o Assumed dividend and Held. atFurcca:,! div-krend: 
caver bated on previous year's carnlut. r Dividend and Held l/usud on iirospccia- 
or oilier offiua! eiiuestef f or 1BT9. O Grosa. r Kunirc-s ; Cirwr aiin». & 

hr eonverann at shares not ow ranklop for dlridcii’l nr ranking anl> t..r n-tirLOi-il 
dividends. J Placing price 10 puWic. pi Pence unlcxs uilu.nvlic Iadicau.il. 5 Nsucd 
by leader, li Offered to holder* or cirdluarr share-- a-, a - rnjhfv/' «• Li.iud 
hj way of capitalisation. 15 Relon-oduced. ts limed in tunncciHin wilb r^ar^ml-ui- 
t/ua. merger nr reke*uvcr. I|i iniroducnon. ; j l^.ucd hi funner orcf*-rcoic /wider s. 
■ Allnnrcni letters inr faHy-paldi. • Htitiiroul or partly-paid allot incut Iclls-rs. 
4- With narraqiv. 


56.31 

1 13.43 

66.18 ■ 35.16 

65.16 

- i- .- t 

' k-y. 

J r < .]pi ‘jV- l,y 


SI.IB 

13.63. 

61-18 j 61.16 

61.16 




71.86 

13.04 

71.86 71.83 

7F.83 

71.79 .71.79. 

,71.40 c T 

V>3- * 


issues. 4 list of 
London, EMP <8Y 


teld. Highs and Iowa retard, base .dates and vMnes anT / r „ ffmin „, ,r~ — r- - 




B9@ 






























































r- -V! 





Friends* ■ Pwttti Unit TF/Mgix? 
vPWiwErtiDortSflS. 
i Mpads RfW.lttL-Qw, 1 
PaJenun.- .. - ft* 


«=J 1.40 

atSLEMS^ LM 01.930 7333 p ™»- P "*W» Mngrs. Ltd.? Wife Ac) SEp’®}- - . 
Hueen Street. SwlA 9JU. .... ?£? Holhom Ban. COIN 2tlH 01-40542?? **•*' VW -- •-■- ‘ 

Prudential.... 1130 0 U8 0|-0 5) 4 66 


m 


MLA Unity, W 2 .09H *0M 3.B3 

Murray Jolmston* U.T, MynLf <a) 

" Tom 1M, Kooe Street, Glawow, G2 2UH. 041-221 5521 Quitter Management Co. Ud.V 

~~4 4JA MJ European..., • - - 


‘fi-T: Quit Mange* LW.f 
16 Ftatary dnw. EC2M7BD 
. GT. Cap. Inc. 

■’Do,*OC— ■ 



[792 M3) I 

Oeaftnp Day Friday. 

. Mutual Unit Tnist Managers? *aJfg) 

15, CopUiall Ave, EC2R7BU. 

+UI ** SSStefc' - ' 


3# TnoSNc Eraunae'ECMlHP. 

Ou.Vlr.trt |>H Fg.,. 1106 4 110.0 
Quadrant income |I33.6 137.8 


7.96 


&-E. 


-dtivfEJUf m'rta - »-** 

■ aSSpsK 1 

aStsSe^^i.. 

^denon ttrit Trust Managers 44& . 

- 2SR .Feneburdi SL, EC3M6AA. .- ‘' 62*9233 
ApSnavU.T WJt .'VStat^ISf i» 

Aasbacfcer tbrit Mga*.; Co. 

1 r »UU»SL l TC2VTiA.: J • -J&ft&'&ffi 6 

Inc. Monthly Rad:,.Jlg~-.; -fTSt 

Artattaw* StttRfffes U* faKe* . . 

iLBV.'i 1 ffWKSai 


&.T. Inti. Fund- 
. E.T. FburYdsM. 

6. ft: A. Tract faXg>-. 
5 RjtfWgh Road, Brentwood 
JLftJI [W7- 




+na fc 7JD Reliance Unit Mors. Ud.V 
♦0.3 7 50 Reliance irse..7in*miwwieiif,Kt 

-i-flij &7B Opportunely r li 1671 

+0.11 8JD SeCforde T. lAcc.) .. .fci 
SeVtonfe T. Int._.. „l43.{ 


3R-40. Kennedy St . Manchester 
Ridgefield 1« UT ..IS8 

RnijefielO Income.. . [92 


Mutual High YliL |5t4 6L 

national andCammercia) 

51. SLArefcew Stware, EjHntM'gh 031 -55b 9151 Ridgefield Management Ltd. 
Inurne No*, 29— .,.,,.11578 ■ 163 W ... 5.91 

(Acwm. Untold- bl« 2274 . j 391 
- 1 CapuKov.29 R302 13*3 . . 414 

> 227300 {AcQfltL Units) I15E.0 3*5 if . .1 414 

3S3M-.-.-4 4.68 Rational Provident Inv. Mngrs. Ltd.? 

Ghrtmore Furfd MwagenT tiOtB) . 48,Gracechurch»..£C3P3HH oi-623 4zoo 
2 SL Uary.Aw; EC3AJBP - . ’ ^01^2833531 £|M .. . 

NPi O'iMs. Tnii_I®* 9 ]s| " 

(Accwn. UnttsJ** [Baj 1421] .... 

■•Prkes m Nor. 30. Not deal Ira Dji, 

'Pries on Nor. 1. Ned deiinns No». 13. 

National WKbrdmtnV fai 


P,c+; at Nft. 22 ... 

Schiomfler Trust Mngrs. 
IdO. Soplh Sum. Dwk.ni). 

01-MKI4'.?; Am. Ej«mi«jI - “-IS-S 

4«6 ^SSSSL-r^ ■ jzw 
266 
268 
m 

408 

30.6 
«71 
33 

23.7 
281 
232 
275 

^ 32J 

Accum.j22.ii 

u K. Onn Ont - .. 114 S 



n392 22271 
773+0.11 6.01 

115 


Arfl.SmiUerCir. . . 
E.eroiHighyw 

EirtrptMU l*» 

Extra Inc, Ttt_ .. . 
inearrDW.-,- — 

ire- ]09bWdrvH 

IrIdI Grow® . .. . 
im Td linns ■ 

u.wiet Leader. 

■Nil Yiehf 

Prrf. &GATml. .. 

Shares . . 


Ob 1-~3GS571 Property Shot ei 

a j 246 Spedm StLTst 
. ...I 9.60 U •{. r '?h , A 


Rothschild Asset Management fgJ J- Sch™*" W®9B o. Ud.V 

— s.reef “ 



72-80, Gatehouse Rif . Aylesbury. 


4 B0 
.240 
2.40 
78. 


11698 

193.9 



®. a 

fflUs'Ctatoo) Unit Tst. Has. Ltd. 
J FwtoWrt 8C2^ 

^^ £ "_ F,r tltod. 

[fimtt'iUtdutfV J.-- :: 
TnrtdwVteiVEOr^. 1 ‘.' mt 


161. ChMpfMe,EC2V6EU. 

Capital CAciain.). «6J2 

Ertra Inc. [67 4 

Financial. 



01-6366060. 
433 
8 02 


Sol +o.i| 

37,0 +03} 

a* 

BB" 


pSs5i"fiTEE=| 

]Z\ oS HEL Trust M«9«rs Ltd * <a)(g) 

Mifroa Court, Dartfng, Surrey. 




N C. Equilj Fund. . 
NX. Enoy.Re, Tyt 
N.C. Income Fund . 
NX. Inti. Fd. (Inc 
NX. lull Fd fAa... 
N.C. Smllr Coys Fd| 


Rothschild & Lowndes MgmL ta> 

Sl SwiWns Lane. Ldn . EC«. 01426 4356 

New Cl Exempt I £122.0 12901 .1 3.09 

Pncn on Non. 15. Next dealing Out. ' 


180 6 -I) 3 
1103) *a3 
157.73 +<J.a 


r0 5l 


Accum 1 . 

Income Dec 5 — -. 

i flmim Unrsi-. — • 
inwralNo* 29_ . 
[Arcmn Undil — . .... 
Europe rfew lb 


15. 



Trades Union Unit Tst. Managers'? 

100. Wood street, E C 2 01-6288011 

TUUTNou.2 |493 52R .... | 548 

Transatlantic and Gen. Secs. Co.V 
91 99 New London Rd Cheinxloni 0245 51651 


Eartuaui Nov. 30. .. 


1757 


4 in (Accum. Unlu.] 117 4 

q{ 2 feart,.En>t.Nw. 29.. K3 

07Z Burl hm. No*. 30 79 9 

_ (Actum Unllsl. 1006 

3 M Col mo Ore. 1 1271 

e 2£ (Aoeinti UniU). 1569 

aiS CumM. Not. 29 ..52.0 

_ (Accam Units) 58.3 

1314 Glen Dec. 5 52.7 

118 ISaSSti-K 

5£7 (At+um. Ijnils)... .. 58 5 


iran.GwU1.od5 I 


01-2403434 Vang. "Tee Ngv. 29 .. W4.9 


fAcdm yurtil 469 

Wider Nov. 30. _ . 624 

S coum. Unrlsl 751 

IckDn. Dec. 1 671 

Do. Acaim. _....|78.B 


._.S 

72 9 


Nehtar. 


Rowan Unit Trust Mngt. Ud.V (a) 
City Gate Hse . Fimbtirv So., EC? 

American Nov. 30. ..162 0 
Securities Dec. 5....4l7>0 
5911 Hlgfi ‘ 


01-588 562D 

1=1 a 


5911 HWiVhlDec 1 548 

is 


NeWzr High lnc.JUlj494 

Norwich Union Insurance Group (hi 
P.o. Box 4, Norwich, NR13NG. 0603 2?™ Royal Tst. Can. Fd. Mgrs. Ltd. 


(Acorn. Units.). ._ 


Ub.d 


TyndaH Managers Ud.V 
18. Catnynge Road, Bnuof . 

Income No* 29 

Actum. Units) ; 

Spiral Nov. 29 

Accum UnitsL. 

.rcr rp L Nov. 29 .! 

Aaum Liniu.) 

nL Ear Nov. ?9 , 

Accum Unhs) 

■ret. Nov. 29. 1 

(Aram. Umu) ... 


Grimm Magaow nen t &. lid. 
59 Cmtaor Street, EC2P2DS , 


Group Ta-Fd. .[366.0 3853) +OJI 5 21 

Pearl Trust Managers Ltd. (ai(gKz) 

01-4058441 




4.81 

4.81 

7.11 

523 

U3 


II r mm 

Antivay Unit Tst. Mgs. LttLV (a)(c) 

317, HM»iWiora,MMV 7NL. _01«nG^ Sr&^SnTsL„i9S 0 
day DrcT^. 

Barclays Uiriomt Ud-V CalfeXg) 

(Moon Ho^SZ; Rondard Rd^ET. 01-5345544 «jt 


01-6064433 ' tt Q ^ 7EB ‘ 

Pwarl Growth Fd 1243 

Accum UnfLs ----- B9-1 3 

Pearl Inf 

Peart Unit Ts. . 

(tom Units) fl7.l 50.71 -0.1: 

.04 Pelican Units Admin. Ltd. fgKr) 

K 81. Fountain SL, Manchester Obl-236 5665 

47j PeTicanUmls »73 93JI .. 1 4.79 

4.73 Perpetual Untt Trust MngmLV (a) 

r.,..Bin n_— ,1 f — Unit iinrt a faf 48, Hart SL, Herfeyon Thames 049126868 

GoanBan Royal Ex. UuO.MgrS.Ud. P i P « 11 BiGpXUr.r_J39.4 42. e[ | 463 

Royal Exchange, EC3P 3DN e PicqadWy Unit Trust (HKM 

9 M +0JI 437 Antony GIMh Unit Trmt Manners Ltd. 

ieaerjcV'5 Place, (Bd Jewry, EC2R8HD. 


r jM wih: I ?:f » 7 

to. 30. Nevt dealing Dec. 15. 


Henderson JjhninistrrthwV- ttf tcHg) 

8 B5JWT 1 - 5 




ptions 



Cabot Recovery ,| 

a« int - 



0^588 4131 

Extra Income 

SitbII Co'sFd.^. . ... 

Capital Fund W3S 

InL Em. & Assets 

Private Fund [36 J 

Atcumltr. Fund. )ifc_7 

Trchnolooy Fund.„.„[ 

Far East Fd 


4724 . 
48J +01 
39.7 

72,4 -03 
67.9a +0lj 
D 
61 


® a-myg ruts. : ^8331 IS tSSHS 

ms—E i is 

_ wKwffSSfcTZlIfiS 4u 

Sfi 



._SE 

_J*F0.h»L 
Atjcumi- 

BnUmrs i Co, U4-V (*KxJ 

k&'sESF 


Pragressiw Mgmt. Ca.V SmaHer Cos. 
iBHDPHate,^. . 01-5886280 h» Saraud Unit Tst. Mgrs.t <*) 

t?-3 . US . 43 Beech St. EC2P2LX J ‘ A "" ‘ 

I MagB ^ : Mg IfaMMg 

Hnt sSl W^k. 12. **0«L l9- 


01-6288011 


Bridge Fumntonageis CaHc) ** 
ftoHSK+XlqTVUEwtSL,EC4. - 014234951 
Ainerlcan&Grt>4i.-gL9 _3apLf ^^1 




DoflarTmt 
Cepttal Trust 
fmandal Trust 

IncOOT Tnijt— 

tntelfV (aXg) 

15, Christopher Street E.C2I 
Intel. Iny. Fund )88J 



. .. 01W77243] 
954 — i 7 JO 


v.-im • Key Fuad Managers Ltd. la)(g) 

^^^gcavaiE. 


Britannia Trust MnigauBt (aUg>. 

- - - wd) W' _ " ‘ 

2M5QL. ^ 


01-60670701 


^-^78,0479 




NaL High Inc. 
New l 
North!, 
ProfcKlojd. 

Property Shares . 

Shield- 


Betawwt Benson lfdt Rbnvnf 

20t ftnchiircSSL, EX3; . ’• . ; 01-6238000} 

. mn — • G- _ r _ ru 

„ 4.77 

li 

676 

li 

LiR C IWt Tract Management Ltd.V 

Tteaoek ExdBiBfc EC2IURP. 

LBCIfcl 
■JLAGMU 





hr 

EjC] 


I 



Status Change — 
bnivEirrsy , . 

Tlw British 'Ufa •HlkftLMf .W- ' 1 

RcHanr»Hse,TuhbrldBeWe(^ XL 089222271 
BL British Ufe_i_j..iS?3 

•Prim Dec. 6. Next 
Brnm SUpfay & Co. lid-V 
Mn^S, fflQQClTSCL EC2: 

m&htM 


01-5882800} 

9H=IH 

4J£ Lawson seci Ltd-V- (a)Cc> 
tS4f IS '37,Quee«5t, LondooECW 1BY 

tU+T Wwi.ltewM. - mt A' 


01-23652811 




UBS. ftWW. 

; '.Lqal & Guad TyndaH FundV 
™-? l ^2^1RCan»fwtort,Br«oL 0Z7232241| 

^Si3s— « ' S3 ::d “ 


(Aaam;._„, 

' nh. day December 

Leonine Admintetratson Lid. 
z DukeSL, London W1M 6JP. 

BSSs==.-;K -S 


01-4865991 
H+0.41 USA 

3 +03( 4.42 


Linyris Bk. Unit Tst Magrs. Lld-V (a) 




Extrxincane-. 

OLIAcorlK 

. Unyd's Life Unit Tst Mngrs. Ltd. 

* 32-80, Gatehouse RdAytestary. 0296 5941 
Equity Aram. W3.6 1722) 4 4.71 


fir?** 




r-’T C 


Canada Ufa Uidl Tnt^Mngn. ULV 

26 l^69i,PottmB2r, Hfris. P,Brt;511S- ftTCAcaimJ 

ftft&n.. . 

Cage! (Janet) Mngt UL9 
lOOi'Old Broad Sfc, EC2N18Q 

Ncrtb American 2- - - - 

Price «r Ok. t nm Ikalps , dm . Oat 26 . -■ ■■Three (bays. 

Carfjal Unft FA Mgrs. U&mMlt* r '" Abeifc 

-i&Rnrv Hckhc. NewcasUe-tgioo-Tyne . .-2DE65 ( Acotm. Urtts) 

conversion . _. 

GnanncD Find* - t • -w- .- canvas :;«)nc. 

l^J/toar^le, toodon; EC2..^A, ,DL6384121 ttvWeod-™- .. 

Charities OW nai lipresL- Fd* -• , _ 

Site , 

- - 4(Ju^th. CMy alaKM tt Rro-^wiSiK. . ■feSS ,Up ^~* — 

* Par.Ctefftefesiste %*et*e.J«*sFte*ay TiniK)' 1 

ChWWn-Tnst htavgea LtfiW t 

11, NewSL, ECZM9TP- 01-2g2Q2 

Confrtnra«i» i Finrts MgL LMJV (a). 

50. Chautery Lawi,.WC2A lriE. - OM4?tH8a. 

GromtrFmd..^ HU*...; «8 

CosmupoHtan Fund Managers '••"■' *' 
ajPpnt^majliwhioSWlxm ' ; M-a35flS25. Specs* 

easBSKtrw:; 

CndgmsuiTt Unit T*L Mgn. U4. . aptodNwa-. 

9,-10 Foster Lme,ECZV 8W- r > 01-6069262 

UMi (pgme^ ^lgj:;-,; ■■ 

’■ Ha+o"* MO Mann Life Management Ltd 

.Crescent Untt TsVMnsra. IML 

MRTflorrer Management Co. lid, 


01-626 4588: 


2.07 

107 


1+01 





m 


672 


043856101! 
59.13 ——I 431 


CreXWeroatl 
Cro?.Hlgh.DW 



mE=m m 


01-6004555} 
457 


_ ‘;14'ift&eriara'SL, ^VjAU. 01-606 B09?j 

8SBSi=K - 

Oishc.Noy.^4 B69J - M05M .^l S32 

E. F.’Vftwhester Fund Mngt. Ltd. ActUr*^ 

Ofd Jewry, EC2. - _ 

MS^Sss^i JU[.tJ S JSB3e 

Etncen & DtuSey Tst. MngmaL Ltd. MAmf-Bank Group ' : 
3);M»9tona,s:wL 0M99^; UB |t Twst Managers UiV (a) 

saariM 1 r?r- 

v! - «e Mitt Tmst MBgrs, . ;. cmmodRy6GoL— ll?4 
i Law Uo. Tr. M.V fa) IWfc>' V 

AneBteriR^f^.Wycdffl^. 049433377 Dojteua 

7121 +0.11 .4JS 



.1^74279942! 


j Etpfi i & Law- 167 7 

• Janas Rttlay Unit Trust Mngt tW. 
i 10 -HWbi Nile Street Glasgow 
; -J. Ftowluterma^-BZ-O 

■ • AcotiluiWS — : gi-S 


Income.. 



04WD413O kkSJuT 
So. Acorn. 

High Yield. 

O0 l Accum. 

EaoHyEzenvir 

Do.Aceuro.-_. 

Jepon & PacWc_-,-. 
SaAecum. — __ 

• «m« at Nov. 



CORAL iNOEX: . Close 488493. 


INSURANCE BASE RATES 


.tProf*ityGrowth- 

iVanbrogh Guaranleed 


—UV* 

,„ia75% 


•fAdtims stawn under Inwranoe and Ptenerty Bohd Table. 


American Fund . . pi 7 

Practical Invest Co. Ud.V <y>(e> 
44. Bhuridiury So-, WCIA 2RA 
Practical Nov. 29 j^J 159. 1 


HM 

UK 

Is 


54. Jenny n Street. S.W.l. 

Capital Fd... 167.4 

Income Fd -J69 7 

Pf»» ai Nov. 30. Nert dealrts 

Save A Prosper Group 

4. Great Sl. rielcir.. London EC3P 7EP 
68-73 Queen Sl. Ed mpurq H EH2 4NX 
Denlhrr- in- 01-554 889^ or 031-226 -:51 
Save A Prosper Securities Ltd.V . 
■•deriiHliuial Funds 

CaoiLal 06 3 

l.T.U Bay 

Unv. Growth 167 6 

Increasing Incsne Fund 

High-'Tu.W 153.9 

Hrah Income Fu nd s 

High Return .168.0 

Income 143 0 

U.K. Funds 


UKEquttr (451 

Overseas FwhJvIaJ 
Euraue (§4 5 

S.E.Asla B7J 

Sector Fund* 

assSTrir-Bi 


Financial Sec*. |S9J 

01-62aS893 Hioh-Mlninxiin Fond* 

} 449 Sdeaimenui [2491 

i 449 Scieci Income |53-8 



n296 4ga\ 120, CheW*. E c 2 

Caoital Dec. 5 — 102 0 

!93J 
2963 
37.2 
108 3 

313 

Iflrfinn UnfrL... 54 3 

‘-pSxhaFdftw.21 .. 1678 
-SpetEx. Ok 5 ... I2bl« 

•Recovery Dec 5 .>203 S . 

•Fbr u> rienri lumts oS 
Scottish Equitable Fnd. Mgrs. Ltd.V 
2 a 5i. AiKtrtws Sq. EdiUxiroh 031-556 9101 

01-6061066 Income Units ||J0 5j3| +D.4J 524 

174 Accum. Units. 159 5 U3| +0.51 524 

4 13 Dmh« 4*1 Wcdrieiday 

8.68 Sebag Unit Tst. Managers Ltd-V Cal 

SI* PO Bov 511, BcWUry. Hie. E C.4. 01-230 5000 §*=.--» -- 

; iMJ 1 l§|: d1 ! SS JSS®E 

Security Selection Ltd. Land on WN I fump 

01-629 «252 15-19, Uranhi's irm Frfi a . yrC7 01-8316936-9 CaonalCrewlh... ._ 

• 'JnriGlfiTslAcr- 114 7 26JJ+0il 4A0 Do. Accum 

Unvl GthTs Inc — 111 0 22.4*1 -Oill 4 68 Erlra Inc Growth 

Stewart Unit Tst. Managers Ltd. (a) 

■*5. ChmlotteSo. Ed.nb.njh. 051-226 3271 

tSEewarl Anwrtcan Fund 
Slantard Unll* — ..156 9 bO.fi) . I 155 

Acoinv Umts [619 66 a . — 

Withdrawal Unit* VGA 48 *| | — 

-Stewart Brifith Cavul Fund 

Si.inttoiri 1«0 152.41 - 1.7] «05 

Atcum-UnHs. ... 11619 277 4) ♦1.9[ 4.05 

DnM t T uv. I< Fn >VM. 

- . J Jj Sun AJBance Fund Mngt Ltd. 

+HJ1-1.95 SunABiaw H>e..«0r-‘un-. 0403 64141 

7 55 Ejp Eg.TsLW»S — |i214 4 226 31 .. I 4.45 

vfleb*M.. JBI 1032. ,| 3.99 

8 47 Target Tst. Mngrs. Ltd.V ta> (g) 

31. Gre-Jum SI.. EC2 Doalma--. 0296 5942 



0272 32241 



! 45 


953 


Do Accum. 

Fnunciaf Pr'rty. 

Do Accum.. 

H'mh Inc. PnonljT 

International.^ 

SoeCldSiB .. 


TSB Unit Trusts (yi 

21 Chantry Wav. Auto— Krai.-, I 

Oeanogs to. 0264 63432-3 



(b) Do. Accum... 


512 BBHsaa?:- 

[jf SBlSfe*-..: 

f3S ♦5o.Acc.Utms... . . 
jfi lapjetfiiHFund.... 

Ta^ei Growth 

. „ Tarort Padric rd .. 
4.29 Do Relm. Units .. . 

1-7} Taruetlnv — 

341 t<ji. Pr. Dec. 6.. 

... Tin. Inc. — .- 

3-91 Tqj.Pret 

7 70 Ten. SoecialSils. . . 


.0 

$h 

S9L7 
iia : 
286 
245 
27.2 
33 2 
1589 
,:t9 
132 
20 7 


29.; 


16731 


223 


D. 

-d.' 

-+0.4I 


36Ai 

fii 

221 lid) +37) 

3073+531 

123 X 

30.7, .. . , 

363) +03 


-+0.3} 




+2A 


30 0[+(Ul 
14 a 


416 

4.48 

5.98 

683 

6.83 

3.00 

495 

Z13 


4.63 

8.7B 


Ulster Bank* la) 

Wnring Street, Belfast 
(b)UUer Growth ._ „ 138.1 

Unit Trust Account A Hgmt. Ltd. 


023235231 
40.91 -D.l| 5.68 


King William SL EC4R 9AR 

Friars Hse. Fund [39.7 

Wider Grth. Fnd. |29 7 

Do. Accum. [34 9 

Wider Growth Fund 
King William SL EC4R9AR 


--i Income Units 129.7 

+0J| 5.14 Accum. Units [34 9 


01-6234951 
..} 4.62 

•I 5S 


01-623 4951 
..) 456 
... 4J06 


INSURANCE AND PROPERTY BONDS 


Abbey ute Assurance Co. Ltd. 

1-3 SL Paul's Churchyard. EC4. 01-248 9111 
Abbey Gflt lnL7st_l - 



11343 


Euulty Fund. 

EguHy Acc. 

Property Fd._ 

Property Acc., 

Selective Fund 

Convertble Fund 

V Moray Field 

f Proa. Fd. Ser.4 

J Maa.Fd.Ser.4 

Equity FtL Ser.4 _ 

VC«iv.Fd.Ser.4_ 

VMoney Fd. 5er. 4 

Prices at Nov. 287 Vabadtas nonully Tues. 

Albany Life Assuraim Co. Ltd. 

31, Old Burlington SL. WX 01-4375962 

VGtd.MwieyFiLAc. _ 

Vlntl.Man.FtLAem— 

VProp-FtUtec... 
purme Inv.Aoc. .. 

Equity Pfn.FcLAcc 

Fieeo I.PenJWx_ 

Gtd.Mon.PHRuAcc— 
hm.Mn.PoFdAcc__„_^. 

Prop-PeiuAcc. — [129: 

Wpe I dv-PhuAcc @19. 



Crown Life Assurance Co. Ltd.V 
Crown Lite Hw,Wokh>q, SLCl law 
MaugV Fund Atx. _ J "" 

Mmg’d Fd. Incra., 

bung'd Fd. Inlt.., 

Equity Fd. Acc. 

Equity Fd- 1 non. J 

Eamty F«L (nil 

Property Fd. Acc 

Property Fd. I non. 

Property Fd. lull 

lTV.Ta.Fd. Acc.... 

inv.Tsu Fd. I nan 

Inv. Tn. Fd. IniL, 

Fired InL Fd. Acc. _ 

Fid. InL Fd. Incm. _ 

Irrtrrl. Fit. Act— 

Intsrii. Fd. Incm 

Afioney Fd. Acc. 

Money Fd. Incm. 

DisL Fd. Incm 

Crown BrL Inv.'A 1 ™ 

Crusader Insurance Co. Ltd. 

Vincula House, Tower PI, EC3. 01-626 8031 
CBi. Prop. Dec. 5 — [7441 84 J] J — 

Eagler Star InsnWMitUaad Assur. 



Ws&3M33 Lloyds Life Assurance 
20. Clifton St, EC2A 4MX 

MUlGlNov. 30 1 L38008 

Op3'A’Pr. Nw. 30... 143.8 151.4 

Op5'A'EqLNov30...|135J 1433 

O^'A'Hy.NwjO _.|155J 1633 

OpJ'A'nfin.NovJD - 153.4 1620 

0pL5-A’DpLNw30. .'l23.9 lMij 

London Indemnity & GnI. Ins. Co. Ltd 

18-20, The Fortury, Reading 

BmeMT-rBf K 

Fired Interest — [342 3i 

The London & Manchester Ass. Gp-V 


Royal Insurance Group 

New HaD Place. Liverpool. 051-227 4422 

Roval Shield Fd [146.7 1552) +23) — 

Save & Prosper GroupV 

4. GLSLHeien's. Lndn, EC3P3EP. 01-554 8899 

Bat. Im. Fd _.|W.9 UAi 

Property Fd- |16L2 


Winslade Pork, Exeter, 
Cap. Growth Find .. .. 

Exempt Fd. . 
wExeropt Prop. Fd. 
*ExpL In*. Tfi. Fa. 
Flexible Fund — — 

Inv.Tnoi Fund 

Property Fun! 

GbL Deposit Fd. 

M & G Group? 


235.0 

1394 

963 

156.9 

1138 

1368 

asj 

10L6 


AMEV Ufa Assurance Ltd.V 

Alma Hse, Alim Rd, RWgste. Reflate 40101 

AMEV Managed — JK33 

mv&ET 

AMEV Equity Fd. 

AMEVFIxMbtL 
AMEV Prop. Pd. 

AMEVMmLPtnFd. 

AMEV llqdJ%.‘ 

Ftotftrfao 


For Arrow I4fe Assnuce see 
Provtdescc CapHol Lift Assaronct 


3, Threatfneedle SL, EC2. 

EadeiMU. Units 1 552 573} +0J| 5.97 

Equity & Law Life Ass. See. Ltd-? 
Amenham Road, High Wycombe 049433377 
Equity Fd 


01-5881212 Three Quays, Tower H.ii. EC3R6BQ. 01-6264588. K&S 


Property Fd. 




Fixed Interest F. 

GuJ. Deposl: Fd. 

Mired Fd 

General Portfolio Life Ins. C. Ltd.V 
60 Barthotomew Cl, Waltham Crass. WX31971 

PcrtloBo Fund .—l._ 1412 

Portfolio Managed 
P*foUo. Fid. InL 

Gresham Life Ass. Soc. Ltd. 

2 Prince erf Wales Rd.. 3"<viMtlL 


f LLi OJIBMip Lfin>. WAJITf 

^w®ri=l = 


AmerlcanFd.BtL* 1465 

Conv. Deposit- |120.6 

Equfte Bond** 136 6 

Ei.YfeidFd.Bd.- |6S2 

Family 79-80— pM.2 

Family 81-86- 1936 

Gilt aind— 107.2 

Intvnatid. Bond-— 47.6 
Japru Fd. ££*.=_ J37.4 

Managed Bit*— 1’37 J 

Pen. HeniMW— . 

Prone rt-'Bd.* 

t-f Fd. Bd.". 


49.9 

itl 

md 


Gift Fd.l 121.5 

Deposit FdT 1263 

583511. Comp.Pns.Fd.T P&.8 

-0^ - EquityPens-Fd U73 

Prop.Pefrs.Fd.* 2362 

CUt Pens. Fd 952 

Depoj Pens-FdjL™ 3 jl4^ 

rncTe 01 urcfmwr 7- 

0392-52155. (Weekly deaUags. 

~ Schroder Life Group? 

— Enterprise House, Portsmouth. 

— Eoo|ty 1 1 230.9. 

— EqulS * 2244 

— Fired InL 4 13M 

— Managed 4 SsS 

— Money 4 1OT1 

0ve<«as4 83.9 

y4 164.6 

ovl Secs. 4 -.1233 
,124.7 



OIOS 27733 



ml 




83. Pro Cap. B ... 

B.S. Pen. Acc. 8 ^ 

Mngd. Pen. Cap. E_ 

Mngd. Pen. Acc. B 

F. Im, Pen. Cap. B 95.6 
F. InL Pen. Arc. B 973 
Money Pen. Cap. B._. 97. 
Money Pen. Acc B— 99. 
Prop. Pen. Cap. 8 1^93 


_ Prop. Pen. Atx. 8— 

“ Scottish Widows' Group 



. Equity Fun) 

.GIH Fund.-. 


Barclays Lift Assur. Co. Ltd. 
2S2AadadM t L7. 

Barriayboodr* 


G.L Cash Fund — 

G3.lnd.rund. 

G.L. Ppty. Fund 1 

Growth & Soc. Life Ass. Soc. Ltd.? 

WflrBark. Bray-on-Tbames, Berks. 0628-34284 Managed Pens. !. 



Prices oil *Nov. ^9. —Nov. 30. * 4 *iktX 
Merchant Investors Assurance? 

Leer Hie.. 233 High SL, Croydon. 01-686 9171. 

0202767655 

EwItyPen 

f.toney Market — „| 

Money MIC. Pen*. 

Deposit ...... 

Deposit Pens... . 

Managed . 


P.D.^n V^Etflnbtagh EH16 58U. 


Alien Harvey & Ross Inv. Mot (C.I.l 
1 Charing Crou. Si. Hri« ci K34-73741 
AH R Gill Edg Fd . . |C10 11 1817| .. -I 11.98 

Arbvtfmot Securities (C.l.) Limited 
P 0. Bor 284. Sl Heller Jt-rtev 0534 72177 
Cap. Tu (Jersey' — IU6D UOJN +L0[ 4.16 

.Nert deiluw sale Dtl 14. 

‘ 1200 


Gov't Secs. Tsl. I ”.|100 J(R] 

heel dealing daie Lwraer 11. 

East AIntl.Ty (Cl) 197 104| ... i 3.60 

Next dealing flair Pro 7. ' 
Australian Selection Fund MV 
Martel OnpblLUilUcf. cfo Irish voung ifluth*ailc, 
127. Kim Si. Syriray 

USS1 54]!*; | SuSl.«fi !......) — 

Net asset value Nmemfler 2«. 

Bank fo America International S.A. 

35 Boulenurd Royal, Luremfourg G.D. 

Wfdimcrt Income . . NUS11C7I 115J2/ . I 757 
Prices as Nov. 30 Vro. Uh Du. a. 

Banque Bruxelles Lambert 
2. Rue De.ia Regmcc £ ick argwels 

Renta Fund LF 11906 1.9651 1 791 

Barclays UrttCarn Int. (Ch. Is.) Ltd 
L Charing Crot«, Sl. Hrtier. j sy . 0534 73741 

Overseas Income 146 9 ggjf .... I 1220 

UidrioHar Trust KUSOH U« . . J 180 

Umbond Trust ffXICjg ia3JB+L42[ 850 


K;v»r U lima nn Ltd. 
r?. Mill Sirerl. EC3V8JE 

' rCmrttv IFrl 

Bontbeicr. . . . Frl_. 

CroLAitei-Cap K138! 

King & Shaxson Mgre. 

2 Cnarmq Cron. Si Heller, Jersey. 
Valley Hte., Sl Peter Port, Gmsy. 


I T nomas Sirerl Daudbs, I.O.M. 

CUt Funo (Jersey) (Ml 91 

Gill Trust II.B.M.5 ... MU 104. 

Gilt Fnd. Guemsej|9.44 9.4 

InK. Go*i Secs, Tit 

1 firt Sterling 10807 lSJ»-fl.UI ^ 

First lml _ .. .... . IU9312 19329-0351 - 



Kleinwort Benson Limited 
20. FencmirohSL. EC? 


Eiirimefl. tu 
Gifeimev Inc. 

Dc Accum 

KS Far cast Fd 

ICE Inti. Fund 

K? J*Nn Fund . . .. 
h.E. U.S.Gwth.Fd... 
Siqmaermuaa.. ... 
Interntl. Ed. Fd.. 


U24 

SUS1150 
SUS37.96 
SUS1L48 
SU 54 86 . 

- + 0 . 1 $ - 


01-6238000 


Barclays Unicom int. {l.o.Man) 

1. Thomas SL, Douglas; l.o.M. 

Unlcsn) Ain. Ext... 146 T 

Do AtEL Min 09.4 

Do. Grtr. Pacific. [611 • 

Do. Inti. Inane [36 6 * 

Dfl. Lot Man Tg Us.l 

.....|242, 


+0 4 


0624 4856 

LOO 
1.90 


8.90 

9.10 

UO 


Da. Manx Mutual 
Bndiopsgate Commodity Sar. Ltd. 

P.O. Ba* 42. DougNe i.e M 0634-23411 

armaC'Nov. 6 isusna nm . . j — 

ANRHD— Nov 6 ElJ75 UW. ..1 _ 

OUNT "Nov. 6 (5692 2.IOT . .. j 164 

Ongmally Issued a: *510 vnfl **tl.OO. 

Bridge Management Ltd. 

P.O. Bov 508, Grand Cevmn->. Caynum Is. 

NTbsW Dec 1 1 Y17.GM ] ... I - 

G.PO. Bov 590. " 

Nippon Fd. Nov 

Britannia T>l 
30, Bath SL. 51. HeU'cr. Jeray. 


Lloyds Bk. (C.l.) U/T Mgro. 

P 0. Bor ]4S. St. Heiner. Jersey. 0534 27661 

L tores T;i O'seas [52.8 9561 ..-.J 143 

Nets dealing dae Deonflxr 15. 

Llnyds Trust Gilt. . .1 ElD.n [ J 12.00 

initial Offer Close', 13th December 

Lloyds Bank International Genera 
P.o. Bar 438. 1211 Geneve 11 tSvriUBrteflril 
Lift'd Ini. GriMfh.. ISnUM 331M 1.7D 

Llnytfs InL Income .. fsFZCASO 3000a} 4 53* 

Management International Lid. 

Bank of Bermuda Building. Bermuda 
Canterbury 0ee.l_..|S0S31B. [+0.051 - 

M & G Group 

Three Quays, Twer H-ll EC3R 6BQ. 01-626 4588 

AHanik Dec 5 I5USZ82 3.09I +031 — 

AraLEjv. Hoy29,. .._lfii?207 ....T — 


: bland : -11304 ~ mb} + L0} g.g 


, Girl Ex.Acc.Mev ^9 _ 

bland 

Accum Unto.' [188.4 202.6} + 

Samuel Montagu Ldn. Agents 

114 OM Broad Si .E.CJL 01-5886464 

IS 

2J2. 



SterBog DcnomlMted Fda. 

Growth Invest 

InM. Fd _...... 

Jersey Energy Tst , 

Unlma. STsS. Stg 1 

High UiL&Jg-Tsi 

U4- IWlar DensmNsted Fds. 

Uidvsl.STjt ISUS512 

InL High Im. Tst |SUS9.94 


367 

34 71 


706 

?5 0 


U72 

126.7 


E2.02 

12.13 

.... 

£0.93 

5.%d 



2 07 
1W 
150 

1250 


Murray. Johnstone (Imr. Advtser) 
lb; Hope Sl. G lasgow. C 2. 041-2215521 

: *hok Sl Fit | su 53931 J .... I — 

• -Murray Furol I SUSI0.9O j — 

NflV Norember JO. 

Negit SA. 

10a Snulmard Poyal. Luvemhourg 
■ NAVNov.24 1 SUS1219 | | - 


P%3 '.I 927 

Value Dec. 1. Nexi dealing Dec. II. 

Brown Shipley Tst. Co. (Jersey) Ltd. 

P.O. Bov 5B3.SL Heller. Jcr«,. 0534 7477? 

Stlog.Bnd.Fd.lh) |0003 JO ON - - I U BO 

Butterfield Management Co. Ltd. 

P.O. Bov 195. Hamilton. Eerrrum 
Buttress Equity.. ...{SL'SLU 254'...! 1.75 

Buttress Income I5L51.99 Z.O[ . ..I 7 87 

Prices a Nov. 6. Nc»l sut. dar Nav. 11. ^ __ ___ 

For Capdirea SA see under Keyser Ullman I bust's :?o'.F>d’inL..-|Bti 

Ltd. lOucit Irrtf Sets . . ..ttUSB.W 0. 1 

1 Quest Inti to JSUSBJN* 0. 

Capital International S.A. ! Pnce at w». 29. Net dcaftag 

37 rue Nolre-Dame, Luiemhoun] 

CapttaJ InL Fund | SUS173B | 4 - 

For Central Assets Mngt. Ltd see under 
Keyser Ullman Ltd. 

Charterhouse Japhet 
1 Paternoster Row, EC4 01-248 3709 


Neqit Ltd. 

I Earn: of Brninda BMgs- Marathon. Srmda. 
|NAVNnvl7.. — tfi 59 — ( | — 

[Phoenie International 
1 PO Bo- 77. SL Peter Port, Guernsey 
'Inter-Dohar Fund ....[52.32 23? J- 

I Quest Fund Mngrmrt. (Jersey) Ltd. 

I PG5a> 194. St. Holier, Jersey. 0534 27441' 

9.00 


Richmond Life Ass. Ltd. 

48. Athol Street. Douglas. 1.0. M. 0624 23914 
l XIT.W Sifter Trust, ...|1X3A 11661 _ 

3 115iJ-0J 

mr 


Richmond Gd.Bd 

' Do. PtoiinumBd 

; Do Diamond Bd 


■ Da Em InromeEd ._.|1659 


DMM49 32 
DH497B 52. 
DM5L3 33 

BCL2S 

Emperor Fund S3 J6 _ 3 


Adtron — 

Ad (verbs . 

Fondak 

Fcndb _ 



4 78 
A4A 
497 
£20 

2Jb 


GirrillO" C.G.I.Bd 1 


■95.0 


w 


1L64 


OIGmCoWov. 30. 


O.C. Coirunudlly* ....,[142.1 1513 

OX. Dh Comaty.t.. _[528.07 29J 


031+ 
lmr.Wy.Sertesl._.^_ 
inv. Ply. 5e ries 2. — 
Invest. Cash Dec l.._ 


S s7 . .. 



£1065 


Flexible Finance , 

- 0t ” 45W BaafrebiH 

hr 




a= 


wage 

I nil. Equity ... .. 

Do. Pens 

Inti. Managed - 

Do Pens 


G.&S. Super Fd 

Guardian Royal Exchange NEL Pensions Ltd. 

Roval Exchange, EX-3. 01-2837107 Milton Court. Deriing, Surrey. 

Property Bonds (1970 20521 4 - NefexExCap. WJ. 

Hambro Life Assurance United? J«i?.* m«mvc!v-- 


1617 
1724 
603 
173 9 
143.9 
3L87B 
13LB 
145.8 

is. 

& 

9J2 

UOA 


Ee UL Acc. Nov 29. 
Ex Ul Inc. Nov. 29.. 
Mag. Pea. Nov. 30 



fc 

Solar Life Assurance Limited 
1002. Ely Place, London, EC1N 6TT. 01-242 2905 
Solar Managed S. ‘ * 


M-H 


59U 


-C un vat oaks »ahe Dec. 6. 


InHn Life Assur. Co. Ltd.? 
71.Liwib>rd5LrEC3. 

.BK; Hone Dec. 1 ] 13233 


Canada Life Assurance Co. 

24 Ugh SL, Potters Bar, Heru. 

- - 617 - 

114.4 


EafyCrhFdDec. 1 f 

RotmL Fed. NwAZZI 


7 Did Park Lane. LurWor. Wl 
Fixed Int. Dep ir 

IS™ 

JW4.9 

Managed Acc 079.9 

Ovrneai 

Gilt Edged 

American Acc. ... 

PexF.LDep.Cap.. — ttf 
Pm. F.l. Dep -Acc. — 

Pen. Prop Cep 

Pen. Prep. Acc 

Pen. Man. Cap 

P Bar 51122 Pen. Max Au 

PenjGiUEdgXap 


01-62312S8 

-•-•4 - 


I =j = 


Camiap Assurance Ltd.? 

1, Otnralc W«y, Wembley H A90N 8. 


Prop. Bond/ Exec 



Pen. Ga: Edg. Acc... UO.O 

Pen. B5. Cap 25.7 

Pen. E5.Att. W7.6 

Pen. DA.F. Cap 

Pen D.A.F.ACC.. 

Hearts of Oak Benefit Society 
15-17. Tavolock Place, WC1H 9SM 01-3875020 
Hearts Of (Wi [37.8 39.9) +DJ| - 




01-499 0031 fjejv* . »«*•- ' -Hg-!. . 

Nelex Glh Inc Cap. _ W.J. 

. Nelev Gth inc Acc BU5 

Nel Mxtf. Fd. Ca: H9.6 

Nel Mid. Fd. Acc. . _|Sli . . 

Men Sub. Qy Qrceirtw 23. 

NPI Pension; Management Ltd. 

48 bracethurch Sl. EC3P 3H H . 01-6Z34200 

Managed Fund .[1576 16U( 4 — 

Prices D?:. L Next deaUng Jan. 2. 


Solar Equity! 

Solar Fad. Im. S . — 

Solar CashS 

Solar infl.S , 

Solar Managed P — | 

Solar Property P — 

Solar Equity P 

Solar Ffl.IntP , 

Solar Cash P 1 

Solar IntJ.P. 

Sun Alliance Fund Mangmt. Ltd. 

Sun Allbmce Hou», Horsham. 040364141 

Era.Fd.lrtoNov^._(CM92 159.6 . J - 
Im. Bn. Dec. 5 1 £H.P 1-0011 — 

Sun Alliance Linked Life Ins. Ltd. 

Sun Affiance House, Honharo. 0903 64141 

m = 

a +02 - 

+ii - 


Hluuno. miS4in r4s 

Clive Investments (Jersey) Ltd. 

P.O. Bar 320, Sl HeBer. Jersey 0534 37361 
Clive GUt Fd.lC. 1.1 _ 1956 9.S*tf| .. ..) 1151 
Clive Gilt Fd. Usy.f ..|952 9552} ...».} 1155 

Cernhai Ins. (Guernsey) Ltd. 

P.O. Bmr 257, Sl. Peter Port. Cuermrv 

Intnl. Man. Fd [1635 ZTIDJ . . J — 

DWS Deutsche Get. F. Wcrtpspienp 
iGtvneOurgweg ID, bOCO Franrtun 

Inwsu |DKJ7J0 39401 — 

Delta Group 

P.O. Box 3012, Nassau, Bahama: 

Delta Inv. Nov. 30_..|flJSU3 1.71) | - 

Deutscher Investment-Trust 
Postfach 2685 Eiebergnte 6-10 MOO FrarAiurt 

ICoocentra IMCO.S# a? .....| - 

InL Remenfondi |DU4LM 70.70|-01D| — 

Dreyfus Intercontinental Inv. Fd. 

P.O. Box N3712, Nanai, Bahamas. 

NAV Nov. 21 ItUSliM 1653? ..... | - 

Emson ft Dudley Tst. MgL Jrsy. Ltd. 

P.0. Boa 73, SL Heller. Jersey. 0534 20591 

E. D.I.C.T [123.4 U15i .. ..J 3.00 

The English Association 

4 For* Street, EC2 
Eng. Ass. Sierllmr_.[£50.B6 

Wartgate Cm Fd-RO.93 . 

•Next dealing Dec. 6 —Nert dealing Dec. 29. 

Eurobond Holdings N.V. 

Kairiebkade 24, Willemstad, Curacao 

SiS5a hfr EC2 - 

NAV per share Dec. 1 SUS20.M. 

F. ft C. Ngoit. Ltd. Inv. Advisers 
,1-2 Laurence Pountney Kill, EC4R OfiA 
[01-623 4680 

Cm.Fd.Nov. 29...^.| W5522 I I - 

Fidelity Mgmt. ft Res. (Bda.) Ltd. 

P.O. Bex 670, Kami tarn, Bermuda 

Fidelity Am. Ass 1 SUSZJJ4 

Fidelity im. Fwd — } SUS2027 

Fidelity Pic. Fd | $11553.03 

Fidelity Wrtd Fd | $14.06 

Fidelity Mg rat. Research (Jersey) Ltd., 
j Water! oo Hse, Don SL, SL Heller. Jersey. K34 i 120. CheapslOe, EC2. 

’Cheap S Dec. A 


Rothschild Asset Management (C.L) 

P.O Bo> 58. Sl. Julians Cl, Guernsey. 0481 26331' 
DX.Eq.Fr.Nm 30 _ 1565 6M ' 

0 C.IrLFd. Dec. 1 ...0521 161.83 

Q C.lntl.Fo.t... W122 15? 


1495) 

■li] 

r_Sfi) 


338 

457 

167 


PrieeTen^'flii. 14. Not deaB09Nw.iL 
TPncss on Nov. 30. Next deaDog Jan. 2 

Rothschild Asset Mgt (Bermuda) 

F.O Box hfy'. Bk. oi Bermuda Bkf., Bermuda 

! Rc.crvr Anris FdJSUS9.77 9.74J J — 

Price mi Not. 28. Next ritMog Dee. 5- 

Royel Trust (C.l.) Fd. MgL Ltd. 

PO Bwioa. Royal TJL Hi*. Jersey. 053427441. 

RT.Intl.Fd ISU5U7 9 7M+0JWI 380 

R.T.tni'1 'Jly.lFd JaO 37.M +1.U 121 

Prices ai Dec. 5. Next dealing Dec. 12 

Save £> Prosper International 

Dealing to - 

JT, Broad SL. SL Heller. Jersey. 0534 20591 

U5. Do llar-denc mtoated Funds 

D|r.F*d.lnt-i. 921 9.73^.... 731 

lnteiW.Gr- 746 lOh-OJN — 

Fa.-Eastem+t 4647 5024-0(1 — 

North Ameriean*t 3.7|_ •i-.Nj+IMB — . 

Scproj_ IM.77 1614} — . 

St-ring-denemixaM Fundi 
Channel Capitals _....|ML| 


Equity Fund 

FlxedlnteraitFd 

Property Ftmd 

Intemxuonaf Fd 

m 

1163 

^4 

Managed Fund ___ 

109.7 


-New Zealand Ins. Co. (UK) Ltd.? , ^ 

Maitland House. Souaiend SSI 2IS 07 D2 62955 >” e ** Uara “ a ‘“2 s ? *- t0 : 


1.1 £350 J 

fid._ .kj.ci 

hss.l... [04.77 I 

First Viking Commodity Trusts 
l8. Sl George's St, Dougtas, I o.M. 0624 
(Ldn. Agwtts, Duntar & Co. Ltd, 

153, PaiTMali, London SW17 5JH . 01-430 765 


Kiwi Key Inv. Plan . 

Small Co' 1 Fd_ 

Technology Fd . . 

Extra Inc. ^fl. - 

Extra Inc. Out. Fd ... 

American Fd 

Far East Fc. 

Gilt Edged Ft? 

Con. Deposit Fd 198., 



_ 2, 3. 4, CocJwur SL, SW1Y 5BM 01-030 5400, 


Maple Lf. Grth. 

Maple L(. Mangd 

SS.'fcfc:.- 


205.4 

1352 


HU1 Samuel Life Assur. Ltd.? 
NLA T«r v Addhcombe RiL, Cray. 


m - 


Life Assurance? 
thkxae, Cnauel Ash W'ton. 

SSSfcfed I id - 



ol Property Unto-. (262.6 

Property Series A — [ " 

Managed linto 

Managed Series A~— 

Managed Series C — 

Money Units 

Money Series A- 

FlrecTlnL Ser. A 

SFT&SlSilsr 

pnj. huoagea Lap. .. 

Pta. Managed Acc. 

Pro. Glned. Cap. . 

Pns. G'teed. Acc.— 

Pons. Equity Cap 

Pens. tftiUy Acc— — (lDS- 
PnsXW-l Id -Cap - -|953 

Pns.Fxtl IntAX., 

Pens. Prop. Cap 
Pens. Prop. Acc 

Imperial Life Ass. Co. of Canada 
Imperial House, Guddlord. 

Grt. Fd. Dee. 1 [750 U.6I 

Pens. Fd. Dec. 1 fflU 76^ 

Don linked PorttoUu 

Managed Fund 199.2 

Fixed InL Fd 1«.7 



103 . 1 +0.U 
Norwich Union Insurance firoup? 
PO Box 4, Norv. icn N R1 3NG. 

11 1 


_ Target Life Assurance Co. Ltd. 


Man. Fond I 


01 - 6 B 6 4355 BS 5 l!flf?.rir 


Property Fund _ 

Fixed InL Fund 0528 

Deposit Fund. — _ . .[10&6 
Nor. UnlL Nov. 15. ... I Z1L2 

Phoenix Assurance Co. Ltd. 
4-5 King William Sl. EC4P4HR. 


+0.d 


013_ 


— Mac. Fund Act. — — 

0603 22200 Prop. Fd. Inc 

+05| — Prop. Fd. Acc. 

Prop. Fd. lav ftlSJO 

Fixed lot. Fd. lnc.BW.9 


Dep.Fd. Inc — - — 


.■J — Wealth Ass. — [113.7 119.71 — 

— EhV.Ph.Ass. I . 726 J J — 

-■{ — Eb'r. Ph.Eq-E. 80.1/ —J — 


— Prop. Equity ft Life Ass. Co.? 

■“ 119 Crawlort Siren. W1H 2AS- 


. .. Plan Ac. Pen 

ReLPtanCap.Pen | 

Mao.PetuFcLAcc- 
Man-Pen Fd.Cap. 

01-6269876 Gft Pen.FdAcc.. — 

Gilt Pcn.Fd. Cap 

ProD.Pen.Fd.Aix. 
Prop.Pen.Fd.Cau. — 

Guar.Pea.Fd Acc. — | 
Guar. PenJiL Cap. 


712S5 


R. Stilt Pros. 3d 

Do. Equity Bd 

Flex Mcxiey EC._ — 

Property Growth Assur. Co. Lid.? 
Lran House, Crovdon CR91LU. 

Property Fond- ’ 

Property Fund » A>. .. 

AgrioilUi 




.2518 


6Z> 

m 

D33.6 


m- 




140. 




96.0 


01-4860857 

I””.| — Trans International Life Ins. Co. Ltd. 

J — ■? Rrerei BIrilB.. ECO INV. 01-405 64971 

:B) 3 


2 Bream Bldgs, EC4 INV. 
OTidip Imeu. Fd r " 


AgrloilUirol Fund— .. 

Agrtc. Fund f At. 
A&aeyi 


Charterhouse' Magna Gp.? 

Brimet Cento, 


Magmi Managed, 


Irish Life Assurance Co. Ltd. 
11, Fhsfaunr Square, EC2 


— Co. Sr. 


Blue Chip Dec. 1 1760 

.11 Dee. L [429 


Cfty of TNestmmstir Asw. Co. Ltd. 
RfaXStKt Howe. 6 Whhehone Rsad. 
OiKdMCROZuC 


ed Fuad [237.6 

Fd.Ser. II 

Exehat Man. Fd. — rllLl 
ProtoMd. f ' 


.Dec.] 

it 6 th 


«Sjps=» 

Pens. Mngd. too. 

Pens. Mogd. Act. 

F»s: Money Cap. 


01-6849664 K!bKh.SrTli-BS£7 
- 


D955 



, NaL Fund 

Abbey Nat Fd. IA)__ 
I uvea m e m Fund — 
Investment Fd. iA>— 

Equity Final - 

Equity Fund <A l — • 
Money Fund — 

asastfir: 

5 -°° CBt-edged Fund... 

— GiltrEoged Fd. fAJ - 
‘Retire Annuity 



... currently dosed a new tnestoetiL 

Unto 1 




King & Shaxsao Ltd. 

52, Comhril, EC 3. 

Bond Fd. Exempt .—D0297. 104291+002) — 
Next draBng date Dec. 6. 

Uttgham Life Assurance Co. Ltd. 

Langham Hs M Hqlmbroek Dr-, NW4. 01 -203 5211 

LanglBffl'A'Ptah—.SU. MJB j - 

WProp. Bond M»3 MW .... 1 — 

Wisp ISP) Mu Fd [772 suj .... J — 

Legal ft General (Unit Assur.) Ltd. 


AJf Wther At Uts. 
WAH Weather Cap — 

fin*. Fd- UK. 

Pwstan Fd. Uts 

m -623 5433 SST'pSf Siirirt: 

M an. Pens. Fd 

Man. Pens. Cap. Ul 
P rop. Pens. Fd. . .... 

Salte^uM 

H^Soc.Cap.UL.. 1 


iSi 




S534 


^92 



+0.9 

+0.9 

144A 


-P 

*Q3 

+0J 



1 ft AoradtiH L 

Id. 

atjsi 


ml 



::::: 


Man. Pen. Fd. Cap. _ 
Man. Pen. Fd. Acc J13L 1 
OMngd Im Fd lrel)98.4 
gwngd Inv Fd. Amj 



993 10431 aj = 

Trident Life Assurance Co. Ltd.? 


Renslade House, Gloucester. 

Managed [123.2 

Gtd.Mgd 

EuutyAmert ain I” 
u K. Equity Fund — 


045236541 


_ . High Yield ! 

_ Gilt Edged , 

Nkmey 

_ International — 

Fiscal.. 


Growth Can 

Growth Act 


Pern. Mngd. Cap 

Pe«. Mngd. Acc. — 
Pens.Gtd.Dep. Cap. — . 
Pno.GtdjJep Acc. — |X|S-Z 
Ppty-.wp KZ-2 


136.6 


Pens. 

Pens. Pty. Acc. : 

TrdL Bond 1 


■TidLG.f. Bond . 

"Cash value 


146.4 

153.9 

3l9 

mj 

125.7 

99.8 
1275 

124.8 
PSJ 


97.1 

for £100 premhan. 



Providence Capitol Ufa Ass. Co. Ltd. 

01-7499111 


Tyndall Assurance/PentiOnf? 
la. Canynge Road, Breda). 


CMy cf WesMmtrr Assur. Sec. Lid. 
Tetepheap 01-684 9664 
First Unite . . H29A 

Property Unte^___p4.6 


30 Uxbridge Road. W128PG. 

, iS:SB:ag£-.r.l5& 

ESBTBS. " nK ™''>3rsa.lSS BSSffife.-_-B8 


d=- 


Commercial Union Group 

St HtfBt'1,2, Uototiiaft, EC3. 01-283 7500 

' ' *se=l as I ::.J = 


Cash Initial-... ._ ... 
Do. Accum ... 

Equity Initial 

□o. Acquit..— , 

Fixed Inrtlal* 

Do Accum. 


4621 

§?% 

1323 


Canfeilnutfon Ufe Insurance Co. 
50,dBMety UM.WC24 1HE. 01-2420282 

SSSferBSi M - 





Inti. Initial 

Do. Accum.— — 

Managed Initial -.. 

Do. Acorn 

Property initial — 

Do. Accum 

Legal ft General (Uaft Pensions) Ltd. 
Exengn Cash Irot •._ 

Do. Accum. — 

Exempt Eqty. IniL^. 

Do. Accum. 

Exempt Find Into 


iS3 


. . „ Ibl 

Eqafty Pension 

Property Pam* — . 


Cornlffi htmranca Cc. Ltd. 

32, ConiMt, E.CJ. 


— 'i«n£ in Mogd. into! 

— Do. Accum — J 

— . Exempt Prop. Into -J4M 

— Oc. Accum. . [Ml 7 



Deposit Fd. Cap—.- -|47 .4 

Deposit Ftf. A « W7.4 

Eouity FlL Cap. 

Equity Fd. Art. 

Fxd.lm.Cap. . — .}4/.5 
Fxd. ioL Acc .... 

Intnl. cap roJI 

Intel, fla. rAJ 

Managed Fd. Cap. .. - Wgj 
Managed Fd. Acc — rto.3 
Preqierty Fd. Cap — K 7 
Property Fd. An !*'■» 

Provincial Life Assurance Co. LttL 

222 Blsbopsgate. ECS 01-247 6533 

Pro*. Manned FC....IU9.1 
Prey. Cash ffi mi 



3- Way Npv. 30 

Equky Nev. 30 

Bond W. 50 


0272 32241 


— Property Nuv .30 — 

— Deposit Nov 30 


• Sa« 




1B9L3 

ms 

m 


m 


279 8 


90.4 



s .... Pn. Nto 17..... 

O'seaslnv. Nov. 30-... 
Mo.Pil5-WDk 1. _ 

Do. Equity Dec. 1 .. 

Do. Bond Pee. 1 1 

Do. Prop. Dec. 1 

Vanbrugh Ufe Assurance 

4)43 Maddox St, Ldn. W1R9LA. 

Managed Fd 

Equity Fd.............._ 

Intel. Fund 

Flied Intent Fd 

Fui?... :;:::::h2u 


014494923 


— Gflt Fund — Ittfrf 

— Property Fund UL4 

— Etpmr rtmd..- ■■■ 1?*® Tftfcfl 

— Fxd. int. Fund 1963 lfH7| 

“ Prudent?! Pensions Umlted# 


- 




Vanbrugh Pensions Limited 
41-43 M»a Si. ldn. W1B 9LA 
Managed. 



Legal & General Prop. Fd. Mgrs. Ltd. 


Hofbora Sirs, EG1N 2NH 
EoHL Fd. Nov. 15... 


ria SLEDMi «TP. 01-348 9678 Frf. InL O „ 

LAGMLFd.Nw-7.-flB.7 _1B3^ j_ Pr«LFS.Nov.l5...-|£2AI» 


D1 -626 5410 


Credit ft Cduuaerct imoraaee 

120. BegeatSt, Loudon WlREFEL ' 014397DBI 

CACMngd-Fd. Jiatt 1335J — | — 


1J, Queer [Victoria 

..... . . mou- 

Ufe A siur, C*. uf PnmsyfvaMI TirtndBe Weils, to"- 

394Z, New Bart SL.W170BQ. 0J4438395 Rri.Prop.BiJs 1 »L9 

Tl 18a [ M '' " ficthschM Asset Management 

U89DF BK- Ulnt IB- mngrs- urn- SL S«Hlitns Lanr. London EC4 01-6264356 

73. LembanJ SL, EC3. 014231288 NX. Prop a--' 12 ®*. 121S - 

Ejiiatf ■■■■„ !?83 . 39X41+2X1 7.81 Nr« fvt. «y DecenSTS?. 


■*" Eqahy_._._.._ 

— Fnztff merest 

— Property 

Guaranteed see 'Ira. Bur Rates 1 table. 
01-4054222 Welfare Insurance Ce. LU.? 

^ Wiratodc Park, Easier. 0392-52155 

“ Mbneymaker Fd.. — 1194.6, +0.9) —..J — 

For uhtr foods, piuse refer te The LdnUen ft 
Mmchnwr Group. 

084222271 Windsor Life Assur. Co. Ltd. 

Royal Albert Hse., Sheet Sl., Whufew 66144 


U<e Inv. Plans J 
Futwe4sid.GUKa>.~. 
FunireArtd.GtiMbi ... 

Rtt.Assd- Prm .... 

Flex. Inv. Growth 


169.9 


19.90 ^ HZ 
0b.9| — 


mS 106.9 


ChBDKl Islands^ .... 

Cqmmori.**'f 

;ELPei»iit#._ 

fSLFi«rt'**t 

01-5887081 1 ’Prices on Dec. 



^Weekly DnIIiqs. JSOally Deaftnqs. 

■ Schlesinger international Mngt Ltd. 

*41, u Mane Sl, Si. Heller, Jersey. 0534 73588 

ittfc'f.-" 


-i.i 

-PK, 


A.I 

SA 

cm _ 

Inti. Fd Jersey 

Intel. Fd.Lxmbfl 


lass 

!2L7 

S.O 


s« 

093 
2L9U 
IK 

Far East Fund' 

‘Nen sub. day December 

Schrader Ufe Group 
Enterprise House, Portsmouth. 
International Fundi 


4 


M6 

J-S? 

I s 

2JS 


070527733' 


110X6 
,134 7 


E-Equlty 

SEnultV._ 

EFlxedlraeresl. ...- 

SFlxedintereu 

1 LMaimged 

l Managed [120.6 

!j. Henry Schroder Wagg ft 


mr 

120. B 


27561 
Series A (Intel. 
Series B r Pacific) 
Series D (AiilAh, 


urafatearOct 31 

i Fd. Nov. 27. 


FsL.VIt ChlTsl HJ.T 


657 
3 DO 


Anan 
Da rili 


OarDnu Ffl Det.5 ! 

Japan Fd. Nov. 26— 



FsLVk.0bL0p.Tsi 

Fleming Japan Fund SLA. 

[37, rue Notre-Dame, Luxembourg 

Fleming Dec. 5 | SU56226 1+0 e0| - 

Butterfield BMg„ Hamilton, Borroula 

B Butterfield Bldq, Hamilton, Bermuda 

NAV Nov.30 I SUSZ8938 |-Ehl] - 

G.T. Management Ltd. 

Park Hse., 16 Fmsbury Circus, London £02 
Tel: Ol-tifa SUL TLX: SSfilDO 
London Aflents for 

Anchor 'ETUnhs 5W59.99 1.02 

Anchor Gin Edge (9.46 9W-fl.o:i 

Anchor InL Fd.. W5482 4 93 

Anchor In Mu. Tst 27J 

Berry Pat Fd. — S 

Berry Pac Stelg 323 

G.T. Asia Fd ShOflJS 28.4' 


G.T. Asia Sterflng „„U23.76 
G.T. Australia Fi. __ BUS? & 




+0XC' 


>H2: 


P.K 


. i7 

G.T. Bond Fund— SUS1 

G.T. Dollar Fd— SUSl... ^ 

G.T. Dir. ISlrlg J Fd£»«2 8.7tf 

G.T.PacKlcFd RIS16S - J 

G.T. PhIRpptnc Fd. ._(SUS9<E OOjBZj 

Gartmore Invest. Ltd. Ldn. Agfa. 

2. Sl Mary Axe. Umtion. EC 3. 01-263 3531 
Gartmore Fund Moot. (C.LJ Ltd. (aKhl , , 
<L Broad Sl. SL Heller Jersey 053^-73.41 

Gill — ' “ ■ 


Fund ulerseyl 
Gartmore Fund 
1503 \ 

H K ft Pac. 

Japan Fd...._ 

N- American Tst.. - 

Inti. Bund Fund , 

Gartmore Invert me nt MagL Ltd. (a) 
P.O Box 32. Douglas. loU. 


1225 


1^.00 1000[ 
tore Fund Mngt (Far East) Ud. (bKh) 
Hutchison H>e. 10 Hartxart Rd. H.kong _ 
Pac. U. Ts*. — |SHO660 3.SM .. J .H 
06 isia-02a Jia 
a M.7g n xso 

39 10 87| . ... 5U 


|Ss8J2 

Sentry Assurance International Ltd. 

P.D. Box 326. Hamilton 5, Bermuda 

Managed Fund [SJSUfB 253S[ J - 

Singer ft Fried lander Ldn. Agents. 

ho, Caironn SU EL4. 01-248 9646 

’ DeKjfonds ...__|0Maj7 27481 1 *J2 

•TokyoTsLNov 21 — [ WS40J0 | J 235 

'Stronghold Management Limited 

' P.0 Bor 315. St Heller Jersey. 0534-71460 

ICcnnoiilty Trust .189.53 89.001 4 — 

!Surinvest (Jersey) Ltd. (x) 

Queens Hse, Don Rd.. St Hebe r. My. 0534 27349 
AmertsanindTsi.... KED9 7.B4I-042] _ 

.Cower Trail kU.78 12JB7j-D®j — - 

Jft> Index Tst (0042 10.6*1+087) — 

TSB Unit Trust Managers (C.i.) Ltd. 

Gagatel'e Rd.. Sl Saviour. Jersey. 0534 73494 

. Jrn«y Fund _W8 .B. 5L* +0.8 4l67 

05 Guernsey Fond J«J 5L«.+oJ 4.67 

191 Prices on Dec 6. Next sub. day Dec. 13. 

1‘ 3 TSB Gift Fund Managers (C.l.) Ltd. 

5.J5 SejateHeRd.. SL Saviour, Jersey. 0534 73494' 

Gli-.rund (W.0- 

GUI Fund tjsy.l ..[99 0 lOfOl+LO 

Frees on Dec b. Next sub. day Dec. 1 

Tokyo Pacific Holdings N.V. 

J moms Management Co. N.V.. Curasao. 

NAV per share No*. 27 3US63.06. 

Tokyo Pacific Hldgs. (Seaboard) N.V. 

Iiulims Management Co. N.V, Curacao. 

NAV per snare Nov. 27 3US45.95. 

Tyndall Group 

P 0. Boc 2256 Hamilton % Bermuda. 2-2760 


3.17 

Hfl 

XJI 

a.t4 


Gartmore imi. inc.. 


Gartmore Ind. GnI 

Hambro Pacific Fund Mgmt. Ltd. 

3120, Connaught Centre. Hong Kang 

[Far East Nov. 29 BHK14J6 14 92J — 

Japan Fund I5IS9J3 NUB) | — 

Ha mb r os Bank (Guernsey) Lid^ 
Hambros Fd. Mgrs. (C.l.) Ltd. 

P.O. Box 86, Guernsey. 0481-Zo52! 


(fteas Nov. 29 
(Accum Unto) 

Mjer'**!! 3-Wa, Int Nov, 

35-3 ■ - ■} HI2 2 Wm» SL, SL He her, Jewry 

65 ... 260 TOFSL Nor 30 C7J5 

1 Accum. Shares) Q140 
American Nov. 30 .... 79 j 

•'Accun shares’ EO.O 

Far Easi Nm.3Q. .... 825 

• Accum. Shares! 82.5 

J^r.+y Fd. Nov. 29 „ 19L4 
iNon-J Acc.Uts.J . ., 

Gih Fund Nov. 29..._.' t 

(Accum. Shares) |14I6 




6 BO . 


ISU2L14 US) 

ToiJsS 

71.™ 


200 

Too 

T76 

iTez ! 


C.l. Fund 

Intel. 

!nL( . . * , 

lot. Svgs. -A' SU5 
InL Svgs. ’B' SUS, 
Prices m Dec. 



L14 . U^-DOli 


Next dealing 

Henderson Earing Fund Mgrs. Ltd. 

605, Gammon House. Hong Kong. 

Japan Fd Nm.29„ IHJ5223J 23 29 .... | 

PacIficFd* Nov. 29 SUSB.606 1 

Bond Fd. Nov. 23. .,. I SU5ULS4B | . ...j — 
Exduslre of any prelun. charges 
Hill-Santuel ft Co. (Guernsey) Ltd. 

3 LeFebwre SL, Sl Peter Port. Guernsey, C.I. 
Guernsey Tst _.[150« 2M9ol|+0Jt 3.69 

Hill Samuel invet. Mgmt. IntnL 

P.O. Sox 63, Jersey. 

HS Channel Is. F ... |122.8 13131 . ...J 

ftp 2622. Bern, Swltwrlwd. Tdei 3>t25 
H 3. Overseas Fa. SUSIE J5 19J 
C.S F.. Fd. (Acaim.J SF16JM 16. 
CroubimFd.fAcc.1 SF3.n . , 

^ Fd. (Acc..'|S!)5Ul 8J3)-DJ)U - 

International Pacific Inv. Mgmt. Lid. 
P.O. Box R237, 56, Pitt Si, Sydney. Ausi. 
Javefln Equity T>t |SA2i9 2.41) .. .. J — 

J.E.T. Managers (Jersey) Ltd. 

P O Box 9B. CNiniijI Hbw, Jersey 053^ 7J6' 
Jertey Extol. TiU , |1580 1630) . J_ 

As ai Nov. 30. Next sub. day 3L 

Jardbie Fleming & Co. Ud. 

46th Floor, Connaught Cento. Hong kor.g. 


Victory House, Ooogtax. Me of Kan. 0624 24111.. 
Managed Nov. lb [134 8 1423) . ,..} — . 

UnBFe Assurance (Overseas) Ltd. : 
PO. Bot 1338, Hamilton £-31, Bermuda 
Internl. Mifld. Fd. [SUS2JHI — [ . | — 

Union-Investment-GeseUschaft mhH 
Panlach Iq7q7. D 6000 Frankfort 16. 


“ Allanlicfonds . _ . 


Europafonds — [25.40 


Umfonrt, ■ 


Unirenla ... [38 JO 


Unlspeclal L 


.13 JS 


|17E5 


60.75 



7.*' 


Utd. Intnl. -Mngnxit (C.I.) Ud. 

34 Muiuster Street. Sl Heller, Jersey 

L'.I.B. Fund |W£VHB 10553} | 

M34 273S1 unitji siaj es T st . i n u. Adr. Co. 

3 ix Rue Afdringrr, Luxeisoourg. 

_ U.5. Tsl In*. Fnd [Sift 60 - | j 8.94 

_ Nel Uttii Dec. 4, 


S. E. Warburg & Co. Ltd. 

30. Gresham 5tree!, ECZ. 


Coy Be. Pec. 4 

eng int. De: 4 ... 

G-.3t.SFd Nw 30.. 
Merc EW Nov. 29.,.. 
l.'.ercMjiMllD«.4 


SU59J9 
SU517S9 

*JS\ 

|£1BJ6 " 


If 


01-600 «555 

a&z 


Warburg invest, Mngt Jny, Ltd. 

2. Ciurinp Cran, Sl. Heher, Jiy.Cl 0534 7J741 
cr.iF ua. No*. 33, -.|JU£U56 Uf 


Jardlne Eoa Tn._ ... 
JaitflneJ'on.Fd.”.... 

JartflneS.LA. 

Jardlne Flem. Int 

intLPac.Secs.Elnu... 
Do. (Accum.) _.. 
NAV Nor. 14. 


8037856 

ism 


SUS-.-. 

HKS1173 
K 014.14 
HIG14J3 a . 

'twlralefll SUS35.5S 


CMT Ltd. Nov. 30 , 

Meu It Tjl Nw. 16-102.73 

3 99 TMTN01 9. 

0.113 TKT Ltd. Not. 

!l W World Wide Growth Management? 

... . I — Ji3a, Boulevard Royal, Luxembourg 



Worldwide 


Sftri* v4..NSLJii- 


M3TES 


Prices db not Indirfe S eremium exewt wner? iwicatea f an- are In pen« unless OOrerwo* inftcaud. 
Yields % fs/imm in Ian alumn' allow at' duj'I«? exwnsesa Dfrored r-Kts -ndude all cxeensa. 
b To-day's trices, t Y^ld based cn ollr- e-icc. i e TtviVs 0 tuning arte*, h KsWOutoi' 

free of U.K. (axes. P Periodic Bmirmni irr,uran;n e'jm ' Smote rremtum imuraiKS. z Offerwl pnce. 
includes jil raeiK^^ cxcepi joctu'* ccnr-iiisr y Of rrri ipiit: all expense! if txuofii tftreouft 

wen. r Previcu: oav 1 ;. price f Net oi :i*.\ t* -'ai'sM gaup nnfow irtSated by ft. 5 Guernsey. 
5 rr.\ t Susowrii 4 v.e'J sc'o-e jon-. t ex-uibdlvMn. 










CHRISTIE&CO 

32 Baker Street London W1 
Telephone 01-486 4231 

Nine regional offices 
Specialists in the sale of privately 
owned businesses and companies 
Valuers - Licensed Dealers 


FT SHARE INFORMATION SERVICE 


' rimes Wednesday 

financial Tim ■ g R 0 CERp||^^^; 


1 V Lwnw* Gp-lOP 

jg Imw- 


BONDS & RAILS— Cont. 


BANKS & HP-Continued _ CHEMICALS, PLAfTICS^ConL. 


ENGINEERING — Continued 

■ ' M I -MB I" 1 " 


m! Brr. 4 «! Bed. 
_ 1 Cra* t 


BRITISH FUNDS 


55 42 Huna.'iJ .... 47 

77 65 iVliM bljpe "BWS 68 j 

SB 82* Ireland Hjpc'aL-S.’ 

91 77 Do 9*pc ^1-Se. 77i 

■J25 265 Japan 4pc *10 Avs 375 

87 67 Da 6 pcTO- 8 e... 67 

160 1«D Peru Av, **..... 140 

75c 75? SGI.WafWBO 75 

569 5941.- Turin 9pc 1991 

DM91 DM81 TunnbVpc 1984. DMg 


WI 8 

I rtqL Low 

(6 04 54 42 Man w Fin 20p. 44 •• $5j| 

12 80 134 105 Mereiuv Seti... Ill 3 79 

13 30 390 330 370 *2 t 

13 53 i'Q’ f7S On 7t->*i>B3-93 £82* *1 ( 

1 .-951, mh 00.1^-93-98. C82* k* 1 

12 20 64- 56 MiirMer Awtfs. 99-z • 

216 2h0‘ 172 Mai BV.AuM $A1. l*hd +3 , 

8 67 82 » NAJ.Com.GiT> 82 +2 . 

953 299 250 Nat. WKt. £3 ... 290 +4 i 

845 460 350 Sc 6 fO*rsll. 400 ... 

4 00 355 190 Seccwnbe ISC tl 210*d .... I 

. 92 70 Sulim Si. Aub... 86 

152 378 Stand'll Chan LI 420 +2 

Sll* $ 8 * Trade Dw $150 SM* -‘a 
‘ 356 290 Uman Oik fl 320 ... . 

I y« 48 *2 ll.D T 37 . . . 

c-vr Crt t2$* £15* Well 1 EartwS5. £17 -s .... 

CVr| Or* ^ ■‘| W(n|rVft{ ^ 70dJ|. . . 

Z ,U ■ Hire Purchase, etc 

I “ 3 t 391- 1 26 l « ICaWe'i{H(M 10 
Z h fil l^acrrFr.ioo 


1 + crj On 
— Set 

44 { .. 3 52 

111 379 

370 1+2 t 
£821-1-1 I 


1979 

Kgh lew 


- oil field 
- I lot. I Red. 


V ‘■Shorts*’ (Lives up to Five Years) 

•105* 99,irTre.T3urvli'2Pc72p. Jgft 940 

97 94^4 Treasury 3pt 79ft- ■ |g- 3“ + ™ 

47"- 95* Electric 4J*pc 74-79 W« ■ • *** ,{, 7 

103“* 9B'A Trwyirvl 0 ‘.-pc 76t; 99,* ■ 10^ 

9b'- 94-4 Electric 3*pc 76-79 W; +« |-E 


4 (Uruguay 5VF*... I 95 1 I ■' 1 
yS jj DM prices c«lude iin. 5 pnsmuiu 

AMERICANS 


96'- 94'j Electric Ji^pc 7M9 
1031; %* Treasury 9pt 1<WQ£J 
102>,i 9b* Treasury 9'2p-:TOiS 
95* 92* Treasury 3VpcJ77-jJ&. 

%ln < 01 * Funding 5 l 4 PC 78-80tT 

Hoi* loos, E.c-Teouer Upc I960?: 
10 b* 97- Treaty lF-pclWiX. 
•915. 88* rrfttir. 31« 197*81 . 
101*4 94.* Trftiiun 93^1981+*. 

'47 3 91 J Evh.8*pcl981 

100^4 925 E«ch.9';pc 1981—. 
87\i 85'- Each. 3pc 1981..... - 
97 J. 95 ^ Treas. Variable 81$$... 
111 100 E«ch.l2*pcl98UJ 

99* 89!i Treas-BVl* 80 - 82 S. 

• 85V 327. Treasury 3pt - 82*t . . 


95* • 

96* ... 
99,% . 

96'; *'« 
971, 

97* 

947.«d 

95* xd 
101 \l .. 

B?.. . 

95* *i. 

%aS 

*£ " 

101'4 +.** 

flAUsl 

83-U 


• 85V 8 Ft Treasury** TCtt.- 83-j 
115". 103,1 Treawiry 14pc A +'s | 

94 T iwr.. Vanabte - . 95 rf ! 

96*5 87 '4 Treaiiipa'ulKtL 88 m.«1 + ; - 

lOOt 89,% Etch 9-.4PC 1W2 «>? 

9b : ,’ 87 tg Etch. B^c 1983 .... MTS}" * ;• 

R5i 4 79>- Eich 3pc '83 B0;s "|a 

INI* 975, Treasury L2oc 19B3?: 93^, +'* 

100»j B7H |Treasury4'4pc "83 .. 8SS; +.« 

Five to Fifteen Years 

95,1 88 E»ch lOpc 1983.. .. Wjfrt +'4 

39s- flO’a Fiind.nq5'.3K K*5a +, ‘ 

07«; 97.L E*ch. 12UPC 1985* 97A . 

-96"^ 83^4 Treasury 8ia>fW-aW MJ +}». _. 

EJ\ 751. Fumfino 6 3*1^5^ 7b'j + . 8.57 

89^- 79-j Trew^ 7 > 4 jK 8 S®&; 801 +4 993 

. 68 ^ 60 1 3 Transport 5pc .8^8 tlga +* 484 

75% bri Treasury.^ Wfi- « + *l- 7 -™. 

IIS’* 1011 Treaswr i-V 1WB- 105^ + 4 

89^ 76 Treasury 6*4 87 Wft 7TW ♦'* 

lOo'; 91 'j Trwaiiy 11-dlf I«L- 91 ^f* * 4 

75'; 6^4 Fundim WjPc 3^91jt Ml; + « 

112^ 98'; Treasury 12 ape W- !02^k « 


10 51 1127 2 U 4 13'z ASA ■ 

ju 7 84 601] 59 AMF 5®» Com 67. 

of? U53 38% 22 Amu SI... 

0 76 11 54 50'S 14lj Awncan E»?r«» 
369 7U MU 12 ftnwr. Medic. ln« 

5« 8 29 1 5V 912p Asjrco Inc . 

ura 12 00 291. 17V Baker nan*. UjgSl 
11M 12.10 19V UV Barnet Grp 56; 1 - 
]U 814 33V 22 Bendt* Corpus .. 

18 21 12 00 23J; 13 Belli. SimI 58 ... 

B92 1179 13 625o Brawn«iFer.cl6-j. 

10 U 12-231 W 857p Brunswick CwpnlL. 

3 51 sS! 65V 417, BwrtN*r.&>rp.S 5 

12.48 13 47i 51 301] CBS $230 

1759 12.23 . 42V 28V C.P.C.S1 2 .. 

aj 2 H99 49V 32V Caterpllarll........ 

tJs 8.95 28V 17V Chaw M htrSL2 5 

rjw 12.25 22 13V ChesetiroughSl... 

in 12 13 88 11 621b Chrr^fSfrV 


15 rj -‘4 SI 00 — 
59 5 p i — 

31'?«» -V S3 20 - 

2 iv +v si te - 

16»Z +V 60c - 

927p»a -8 40c - 

22i*d +14 4-.C — 

14V -V S10. - 


m L2 Dili 6 142 (376 IHoechU DM5 

1 IjU U|ll o | % m c)j2h jfeBvlflMjn. o, 

421 1328 ‘limp- Chem. El 
Do. 5 V>Pf. £1 
InL Paint ... - -I 
Laporln itufc. 50p j 
114 Leigh inti 50£..M 
£221 j Norsk H.Kr.80 
72 Pljrtu 10P ■■■■;• i 
140 Ransom Wm. lOp - 
75 48 RuiUokil lOp . ■ 

72 55 Revert* *• 

225 183 SaA.A 9 .lnd tl 1C 
190 108 Stewart Ptetin. 177 

"■ Si, ESSS« ,f 

81 Wdnentwlme.. 132 
731; YwUCneim.... 83 


87 IBaherPfrkJOp 


C-.r|G*|P/E 174 

'■5 f-3 ii*> 
' j 5^109 

? 7-1 31 


U ^ 

S^S aop - 97 * 1 

Lo *Ti>’ci 153 

KSSM n 


35 _:.v 

T32 *!■:**£ 58 

101 to. 1 % , l«s 

m Sh. & 


T;'." bmc ® 

ri wms: 
..... 71 . 55 T 2 ^ 
Z_ fd0.67T r Hi 


mm?:; 


1.9 7 .J 31 21 P3 £”iTjii 0 p 70 — . 

a fin s 

5 J S itl S 3 SSfc&i ® Mk : 




life I 


1 it M 12 25 22 13V Chwehrougti 51 

% +£ 1012 Uffl 11 621 b Chrysler S 6 V. .. 

9i» 1219 Z2V 13V Citicorp $4.™.. 
«WJu + ' 1022 1245 14 733p City Inv. SI -> 

oSl 9 87 12.40 » T4V ^ Cm PH SSI 


U Vt 865 Sh ® F^P.Sl . . 

MuS?*? 1108 1268 47V SprVwrii 
8 js- + 1 * 6.84 1053 32V 22 Eaton Crp SO.50 

97 J 12.65 1293 26>z 16 Ejmart - 

84u +lt 10.02 1158 40 2»a |e won II » • 


10.02 1158 40 2SU E»»o»B ■■■ -■- 
8 57 10 97 12V 670p RnKinne Tire II .. 
,. 4.9 93 11.71 19 s, 11V First Chicago 
+ 1 . | 484 4 02 32V 203« Fluor Loin Pa •• 

+i, 7 78 10 61 «v 26lz Ford Motor S2 


Vt 84' Titaiury lOpc 1942. -. 

lU- %V Esch.livpc’92 . . ,331? t 4 

liov 96V Treasury 12 V-PC9W tl 4 

•72V hOV Fundi nqbpcl 94 ztt.J blVI+V 

Over Fifteen Years 

T*H.lin 2 lilTr«hur. ls'ipC 1493SI 103V l+V 


filVd +V 4 84 9 02 321, 20V Fluor Corp V* .. 

65 +V 7 78 10 61 41V ifz Ford Motor SC 

1051- +V 12 95 12 92 25V 16V GATX 

7 n 4 »d +V 10.65 U 90 44V 31 Gen. ElecLS^'z... 

91 Vm ♦ V 12.65 12.95 24V 15V Gillette 51 ... 

Ml- +V 9.05 11-30 56V 28 Honeywell SI 30. 

102* fV 13 03 13 08 18 750p Hutton E.F ...... ... 

85V +'< 12.13 1277 232 171 I B.M. CorpjSS... 
98'1 +V 1294 1308 52V 31V lngenoll-RS2 .... 

L00V +V 13.03 13.13 ?9 3p 665p I.U. IntemationaHI.: 

61* +V 9.95 11.71 14V 900p Kaiser AI »j.. 


100* +v 13-03 13.13 99 3 p 665p|l.U. IntemanoiuM. 

bivk 1 9 . 95 1 11.71 w, y BK-Sf-! 


11 H -3 -ir -5 |tc«.n. .* • > vv ■ 

89 7 j 75-V Treasury 9pc 44 r - 

lObV 93 Treasury 12 oc^j 

• 83 4JV G.ti3pc’90'9p. . 

95 82 V E«cli.lO*40cl945 

1141- 97 Treasury lS-VK yst? 
901 76 Treasury 9t>: ‘92'96t+ ■ 
ITlf- HIT, TreKurv iSVpc 9^.. 
117V 100 Euhrouern-tpc^^ 
5Q 42V Rcdemptiim 3|K 1986-% 
115V 1007, Treasury L^*pc °7^ 
gq- R4i, - -iheqwr lOl^K 1497 
'ml 73V Treasury eVpc 1947ft. 
72V 59V Treas;r»o’ 4 lic 95^Kt 
135 V 115VTreai.'l5';PcJ«ft 

100 's 91V Erch 12 ft 1993^. 
901- 77» a Treasury 91 -bc 1949^. 
9oV 31V rrw'^7l0 | ^p£l49°.. 
.46V 43V E 1 3pc . . 
42'- 34V Funding 3'aK 
15f. 15 Trtas.l2i.«i34l5£15pl* 
80* 65V Treasury Spc-m-O^.. 
r . 8 V 46i a Treasury S'SkTJB-IT?:. 
76 V m Treasury 7^; '12-15S- 1 
■98'- 90V E«ch. 12pc - 1> 17 ... 


Years 41 V 26V UomamJPiVJSSZS 

103V *v 13-33 13 26 17 i JOV HortoqSwnbt-SI 

1I1V +V 13.45 1328 18 * 121 , Owens-lU. S3 125 

991 - +i 4 la 09 la 17 21V 14V Ouaker Oats USS5 - 

767 s kV 2»S 15V Reliance SIS 25.. . 

97 +V 1296 1310 3 ^ 16^ Rep. N Y. Corn. 35 . 

44V + 1 - 681 10.01 j 7 i* iqu Re>nordS5 

86 V +V 12.46 1285- 23V 14V RitMw.-MrHlSlV 
98V *V 13.04 UOa'smJ 2556 SauHB.F.>Sl. ■■ 

77V kV 11-98 12 56, ^ 1SN Shell Oil $1 

113V +V 13.62 13 45, 882b Singer CSlOi .. 

101V k >4 13-15 la 14; 3 P 22 % Sperry Rand S0.5U 

43V +V 6.94 9 80 : 33V IB* TRWtnc.SlV . 

105ia +* 13j3 1321: 2?v 18* Tenneco... .... 

86 V ♦»« 12.M 12 92 161 130 D: ’.SSI'. if ^ ^ - 
74^ kV 1206 1258 § 5 - 495p T^woP- USSOWt 
W»S*V 1135 1227 1 ^T* 14? TexucoS6.25 .... 

116 7 i + V 13.59 13.44, 4 q 2^1 Time Inc 

93 +V 12.98 13.07 865 P TransamencaSl . 

SO* +V 1234 1267 411 , 21 V Uld. Tech. SUS5 . 

83* +V 12.67 12.89 2 4 u 15* U S. Steel SI ... . 

94* +*■ 12 99 13.15 17 ’ u* Wootwonhs S3‘z- 

3 b>» k* 9.90 11.23 491 , 28* Keren Carp SI 

15* 13.15 1316 475 ^ 385p Xonics Inc. 10c .. 

6 b* +V 1231 1253 1 «; 741p Zapata Corp. 25c. 

47'a k*« 1 ? 01 12 26 . . p. 32V"« 


859p -26 50c - 

927p -8 70c - 

48V -V SLfcO — 
35Vrt *»« $2.60 - 
33* +V *2.70 - 
39 >*i3 -V $210 - 
201 - -V S 220 - 
15 Vm +V 94: - 

62 lp -25 40c - 

16- e -V 5U6 - 
93 5p -17 SI 00 - 
15V -V $2 , — 

12 -V 51 00 - 

23V -* S210 - 
18V - « M - 

18%d -'2 SljO - 
20V«J -V 5190 - 
3AV . 9S1 » - 

24'aid k% Sf|5 - 
16* -V $184 - 
34K 53W - 

876o -17 SL10 - 

13 -V SI. 10 — 
111 - -v 51.20 — 
28m -V S5|0 - 
17al ... . $1.30 - 
33 .. . $2 60 - 

l^zdl £1-60 - 
451 - 1 - -* 52.50 - 
Uilal -V 93.68 — 
MH ...S1152 - 

32a -* S3.00 — 

689p -8 95c - 

12V ♦* Si™ - 
22V -V 52.03 - 
31'- 52.20 - 

12 Vd -V 76c - 

131,ia Sl.lo - 
ll* . SI .20 - 

23 VmI -v iy- - 


ICaiiie>(Hfr)l*d 36 
ICieBcreFr.lOtJ.l £69 


8 B Credit Data 10p 
7 till 83 Lleydii Si-0»20p. 

36 52 30 Lnd Scn.Fin.10p 

e" 14 3 k , «r^TfMen--10p 

T fc HE S3 Prov. Financial 

iS 27 15V Strig.Cretf.ll 

i s 201 , HJl; 5lurla HW«.l 
1 7 48* 38 Wagon Finance 


■ .|«n«,| I«l ?a ” 


drapery and stores 



Pi209 I 23| 7. 


1 ?! BEERS, WINES AND SPIRITS 

- IS 94 78 Allied Brew* ■ 84d +‘z 

- ?9 46 26 Antn. Ditt Pr.lOp 31 ... 

“ it 171 137 BasiCliargton. 1M 

- }g >% 1% Bel' Arthur bOp 250 -2 

- ?c'St> 37 Belhaten Brewery 43 

- S2 ill 85 Boddingtoni . 863 •• 

- 92 66 Border Brew s . 7W .. 

- 1 2 128 100 Erowu ihUthee} 116 •• • 

- *0“si 40 Buc* ley; Bre«... 48 

“ 1-i 157 114* BurnwriH.P.) .140 -1 

- ? i 174 140 Burton-wood ... I 08 

"" i- 68 55 Citv Lon. Del.. . 61 . 

“ f 7 IbS 114 Clart (MaUhew). U 8 -1 

- 5 l 215 163 DiitillersSClp. .. 204 

- f| 29 16 Gwtta.JL.110p 22 - 

_ lj, 65 43 GouThBrK 20p. 50 ... 

- 4 r L36 93 f.reenallWhdley 1M • 

" Xl =10 213 GieeoeKinci . 297 kZ 

- 1 4 391 148 Gumnesi • ... 153 

“ |SSb3 127 Hqhld DrJ.tDp. 161 -2 

~ 1 1 L62 33 l nvergordon .... 1M k2 

” ? \ 105 107 ln>h Distiller-, .194 +3 ! 5.1M 

- 1 7 510 270 MacalLm. Glen 395 

- 31*4) 560 Filortaud f 1 .. 560td +-5 

- j 7 70 50 Sandenwn o0 . 

E m f Bar*- 

- ii W I fc'z VYInttueari -A-. 103'; Ul 144.0 



395 

560 td 4-5 
60 
641- 

129 +2 
121 


1 +713 
>22 
226 
5.1W 
5.14 
14.41 
234 
I 1346 
4-2 it3.05 
t4.08 


= it 


23V t-V SI 00 - 
li'-m . 38c I — 

15*«S -V 51 06 1 - 
4680 -60 - 

22V +* SI 80 
927pul ... 80^ 

29 $1-32 

25Jjnl . SI £0 
20V«d . $2 20 

134td . 10 4 « 

527? -B - 

lbtsd • SC 00 
281’rtl k* SI 50 


>$4 • 1133 Iwnhi. Dutfle, . I 217 I . 

185 |129 JvoM-g&ew'A'aip.l 157rt| 

BUILDING INDUSTRY, 
TIMBER AND ROADS 


B®: «V « 1201 S3 6 Mvi ^d m usil.9515 per C| jfl 

92Vml B 8 B 8 ®K Sctnr 0.7569 (0.7^71 _ 280 


Undated 


‘37I; 30V Con-ol; 4pc.. ...... 

J7t- 2tPj War Loan JiMKft.. . 
39V 33 Com, 3'^c '61AH . 
28>- 23 Trcasurv 3pr b 6 Alt 

24V 19* Comols 2Vpc 

24 19V iTreasury I'jpc 


CANADIANS 


••lb* 10 1 ; Bk. Montreal $2. . 

16* 10iV Bk. Nova Scot . 

! 42* 50* Bell Canada S25.. 

*15,1 600p BowVallevll 

' 10* 825b Brascanll... ... .. 
1*21,1 M Can.lmp. 6 k S2... 
i lb* 955p Can PacilicS5... 
'I?* 30* Do.4pcDe6. £100 


INTERNATIONAL BANK !jftSS c S.S l SSSi' 

6.13 1 19 1 , l>PC Sl«k 77-82 1 .11,1 ...|»13|U-2. : a4 g^'gT^ 

CORPORATION LOANS i>g ® EEffSy-l 


98V 9Hj Birm'liam9 1 4PcE79fl. 
94* 87V Bri4U>l7*pc '79-81.. 
107 98 G.L C.12';pc 82. . .. 

112 97V &»■ E‘2pH*3-» 

97 V 88* Glasgow 9*pc «W2 
94 90V Hem.^4Pc7M0.. 

102 1 88* Literpool 9 Vbc 80-84. 

29V 25V Do - u JW.'rred^ j . n . 
99* 86V Lon Corn 9i*pc W-85 
97* 945* LCC.6pc -76-79 

921; 84* Do 5 IRC .77-81 

87'; 76V Do5»zPC,a2-M 

7 Us 65V Do 5izpc ’85-87 

• 78 65 Do b*pc "88-90 

26V 22V Do. 3pc 20 AfL.. ... 
°3V 91 MiddT.5Vw.19B0-.. 1 
99'- 93'; Newcastle Vjp: 78-80 


“ LUMIMO I lb« 11V HudsanV Bay II... 
92V. . 10 03 12.73 33* 22V Hud B.0II G. $2'z 

88 kV 8.87 12.80 15* ll»j Imperial Oilll. .. 
991 , k* 1256 12.97 15* 945p lnco ............ 

981, +* 12.69 12.91 SlOp 3B5p Inl.NaLCasSl. . 

90i- +* 1023 12.36 10* 605n MaswyFerg.il 

92 * kV 5.70 1134 36 * 20 * Pacific Pei- $1 .... 

89 . 1L02 12.74 lMp 50p Place Gas SI 

26* at >V 13.42 - 25V 15 Rio Algom ... . . . 

8 ?i, . . 10T7 1236 24 !1 14 A Royal Bk.Can.M. 

96* . . 6.25 U.86 20'f. 13* Seagram Co CSl 

861, +* 636 U28 14y 955p Tor. Dom. Bl-.Sl. 

76* . 7.18 11.22 12V 880p Trans Can. Pipe 


14*rf -* Sl-12 
13 -V £104 
36* -V S4.56 
131 ijjc .. h5c 
980p -7 HO 
17* -V $148 
74 47c 

30iT'd . 4’ 

2firi . SI 14 
«55p -10 4& 

21* - SS2-0 0 

12* -A 90c 
291, + V Sl.bO 
13V -V SIM 
10 nl -V 40c 

615s -5 «h 

6f)5p -is — 

34* $1 - 

112p -7 — 

19 5L50 

21*u) -V $180 

:■ . "*U 

I JV I -V 103: 


Auerrteen Const... 
Aberthaw Cero. 
Allied PLT.it'. op 
ArimUiue $hnk'. . 

BPB III*. 50p. 
Baggendue Bri 
Badey Ben lOp 
Eamberneri .. 1 
B-wrait De* 10p 
Br^clia-iMd lOu 

eenlor 20o 

BeirttJrd M. !0p 
Bett Brfj.SOp.. 
Blackleys 20p... 
Blue Circle £1 . 
Blundell Perm . 
Breedart Lime . 
Bril Dredging. 
Brown JVmi 20 f 

Brownlee 

Bryant Hldgs. . 
Burnell &. H . . 
Bim Boulton Cl 
C Robey "A" 1 Op 


tl«| ll I 551 !§ 


6 k u- A sa 

^Z* +V 11.91 


S.E. List Premium 32*% (based on S128T3 per £) 


V3v e* 1L S BANKS AND HIRE PURCHASER 

lOO* tlj 12.47 1229 1478 I I J + JJJ LJJJJ 1 

_ Hurt. Lm Stuck PHa I - I HI I Or ( 6 . s 


SAWISSSWm Ift-wiatoiniiij^i stKk 1^1- 

-COMMONWEALTH & AFRICAN LOANS MB w ANZSA i. soo ^5 

• 5 8 ! 4 I 1 , 1 ’ 94S 1L 645 1225 335 264 Allen Ha«e,£l 335 . 

ft S.BSS cfli:- 7 §S + \iS 1215 23? 150 Alliedinsh.. ,. 282 -6 


961; 92 N.Z.6PC <tHW. • ™ 
87V 76*4 Do. 71-pc 83-36.. ... 
951 , 89 SUt. Airica 9ljoc 7981 
70 * 50 Slli Rnod.:'^ic '65-70 
% 75 Do. bpc 78-81 .... 


LOANS 

Public Board and lnd. 


Ml, Ml, Ague. ML spe '59-89 
90V B0 Alcan 101-pc "89-94.. 

33V 2b > 4 MeLWlrlpc E ...... 

154 107 U.SM.C.9pcl982... J 

95 V 87 Do. without Warrants 

Financial 

107V 49* FFl 13pc 1481 \ 

110 101V Do 14pc 7? 3 

U4», 300 Do. 14pc TO ...;••••••. 10 

85 79V 1 CFC 5'zpc Deb 80-82 

Bill 72 Do.6*pcD6. 81-84 
99 ' 841- Do.lOl^cUns.Ln. 86. 

99V 901; Do. llpc Uns.Ln. '88 
101', 90'; Do ll>4pc Uns.U. ?0. 

71 '- 61 Do TVpcADeb. 89-92. C 
7]i- 61 Do.TijpcA DU. "91-94 .. 

84>; 72 OP.9p'A , '9WW. - 
. 81V 68 Do.B-aPiLn. ^J2-97 .. 


59* ... 

sou) .. 

120t§ +2 

B8rf 


I L0ANv MB W ANZ SAl . _. .. 300 * 5 «9- 

5J87 1268 293 210 Alexander D.n. 250 
6.78 1261 £136* C90V Ataenww FLtfO 019 -1 ' 

6.45 1225 335 264 Allen Haiyer £1 335 . 

9.68 1Z15 239 150 Allied! nsh ... 202 - 6 H 8 D 

10.72 1440 174 140 ArbulhnatL U M3 hI ... 10-3 

- - 465 315 BW Ireland £1.. 405 -3 

— — £202 037 Do.lOucConv... £183 u.u <. 

^ 17t; 11* BL-Lewm IE1 - U ... 0 : b* 

- 170 150 6 k.Lfiw.tUMl. 1M •• 7 *' 

702 320 Bk N.S.W.SA2.. 495 -5 Oat. 

315 255 BankSaHUndil 2W 

. C32* £21* Bankers NY.S10 £22-* -'* 0£3.UCj 

8.68 1226 371 2% Barclays £1...... |72 *2 J3*-J 

13.13 13.^268 200 Brown Shipley £1 235>d •• 

11.24 1297 2fl5 232 Cater Ryder O. 260 . - ^’-V 
,750 — 84 o7 Clive Dis’frt2ai 77 .. « « 

1023 1320 -255 171 CsmTAuslSAH 1S3 -3 &15-, 

'£19 £ 12 * Com'zbl OK1W. £15-] ~i 



H 6.T Cm? lOp 
Hel'cal Bar . . 
Herd'si' A' 2Cp 
Her.rt:-n H. 10p 
Do. rut Cw 
Hevv.n Wm 50o 
Higir.SHil! .. 
Hovemrwl am. .. 

Do. Ret. vti 

H,r,viVr) stiul lop 

I DC 20i' ... 
Ibstocl JollliSM 
,lnl T.iutier . .. 

J E HtM'W lOp 


Allied Retail lOp. 14W 
Amber Day lOp 49V 
AquaECiitum Sf>. 

Do -A'Sp.-.™- 
AudiOtramclOp 
Baker's Sirs. lOp 
BanewsSuntslte 
Beattie (J) 'A'.. 

Bernal Is lOo^. 
B8mn&Cen.20p. 
BowdmanKOSa 
Bolton TexL 5p 

Bremner 

Brit Home Sirs.- 
5rown(N}20p. 
BurUMiGrp 50p. 

Do ■A’NVSOp.. 
Cantors 'A' 20c 
Casket (S.)10p 

Church -. 

Comb. Eng. 12Vp 
Cope Sports 5p. 

Cornell Dress 5p 
Courts 'A 
Currys... . ... 
Cuslnmanic lup 

Dehwhams 

Dewhlrst lOp. .. 

Dikore Photo 10p 
Ellis &. Gold 5p . 
Empire Stores 
15); Execute* 20p... 

15 Fairdale Te«l.5p 
15 Oo-’A’Sp^..-- 

40* Fine Art Der_ 5p 
22V FordfM'linJIOp. 

B0 ForirUnsterlOp 
Foster Bros — 
Freemans (Lon).. 
Seller (A.J.J20p 

Goldberg A 

Goodman Br.5p. 
Grattan Ware-. 

Gi. Universal .... 

Do. 'A' Ord 

Gre. Millem lDp 
Hardy (FurnJ.. . 

DO ’A' NV . ... 
Helene Lm. lOp. 

Do 12 pcC«v. Prt 
Henderson K. 20 
Henri ques A lOp . 
HepmjrtMJ.)l Op 
H ome Charm lOp 
House ol Fraser 
House ol Lerose 

.Op 
Op 


Do.Nan.Vtg.Ord. 
Lincroft k. 10o. 
MFlFumHurelOp 

Maple lOp 

Marks & Spencer 
Martin News .... 
Menzies(J-).. - 
Michael (J)10p 
Mid EducaL 50p 
Mothercare 10p . 
NSS NevrslOp. 
Owen Gwen ... 
Paradise (E) 1( 
Pitwsnn (W L.,. 
Peter; Store-: lOo 
Polly Peek lOp. 
Preedy (Allred] 
Pullman R &J 5p 
RamarTert 5p 
Rainers lOp. ... 
Rayfcec) 10 p ... 

Re.idicul 5p 

ReedAuHm "A - 
Ri«lm(ID6S)10p 
Rosgil! 5p. ■ •• 
SiUSlorr.lCiS. 
Do 25"«W D * 

Sherman (SJ1 


IS 243 

10 7.8 J3 
W 52 371 
5 7 4.4 M 

5.8 2-7 182 


143 lg 
83 54 

37* 25* 


61 SainsbwyU-*- ‘TL . .. 3.77.:. -E 

54 Somporte* _i, 1ST Si 

25V SpiHers , if" tL56 
34 Sou'rrel H n 12># 94 8834 A 

38 ^(Joseph* ;;:-+U34 1 . 


5.8 *■' 182 138 l MOt *sV r TrFi 

71 7.6 iM jjale & Lyle U- 
54 'ttt. ill 67 ha»enerRuLrO0 

B5 3.8 ■‘S 38 Teseo5p-T-- 


47 UnlgaiP 

7 D United Biscuits- 
so Watson PWP 1®P 


Tag - +1334 2.7 1ft! 

^ *E* isva 

Vi- 3At If i 

1 d«s Iffl 


Ei;Bi 
2.4 W IE ” 

36 '5J JO-; i 
83 4i -40^: . 2 : 
1 . 1 1 ft! ’ 72r' ~ ?. 


Canper-Neill lOp 


Castings lOp 
ChemnngSp 
Christy Bros. 


fils HOTELS AND CATERE^^gg 

B9 8.1 por Adda see Comfort ^ 

H 1* EMU, Ell 1 * EorelfJJFMOp £lfe vf' 127 M OS 

I fi f 7 % BTiSr^' >3 & £ M S& 

M $ ssattS- 4 ± ^ 1 1 m 

1 , B on 10 Epicure 5p *? • +431 3 5 ,5J .75; 

H I'S , 5 ? 87 Grand Met 5£>P 011% 1-0 5.1 253- 

H 86 96 75 KurwaUM: 1 ^ 25 -3l IT +72T «3 bf;5£ . 

is ill u KSSfe- » - Jfa li M 

h ‘V- *8 a % E as ii 

liUlpis-Eill:. 


7 0 451, av Gueen'sMnatbp. 

71 m 138 Sww 

bt ga s*w A ‘Op. •_% 

i 2 Si 20 StakisJRM’lOF . 2 * 


I'sMoatbp. wz -^36 

r-Ffc i ^ otT 

Lft'SB.- 3-28 . 


U Is 20 *. aPknw ii 

102 30.7 250 166 Tru5t ^?it'' *331, .13-28 

% psafast 

41 U INDUSTRIALS CMJsceU 


JL 

: ■ 

12 477 
6 i 32.6 
23 13.71 
23 153 
TJ *- 


5 / BJ m 

fttii i 
"45 3 7 5 ?-'m 
:ti !:i| 1 


& S B 1 *P 


4.2 6.9 ^ 
4.8 4.9 

4.8 5-0 3^ 

7.9 53 2 ?S 
8.0 ■ 90 7 25 

8.6 7.6 ^ 


fS'SSSSZSt « ’ 2 air 

Si SS£s « r: W 

a =$ 

<m Aaocd.ComnH A 11® • — 


f «, gi, AusUaFiLeyiu* 

aT uS Arcn RubberQ 1© -X 

64 45 B BAG roup r — » “ 


ll.ffl63.9 
8 3| 43 


25 95 

79 63 

■354 181 


“•■"rJKSr '84 2.13 5.4 

, SIS ig ::::: « y 
i| ;?si l 

BOCIntnl 

l^dTwm.iTi -*-5 *3037 3.0 

Sfisiuna' 202 -i ffiOc- Jj 

BamwHeptaTT. 39. -1 ^5 

Bam & Portland- » "J fijg 

Baxter Trswenol.. C29V +1 iff* ^ 
Beatson Clarlc... 177- — • J574 PA 


BDC IntJtl 

BTR. — ,-rr. 


« 145 MrifcSiSj-E 175 -$ *103 

*»9 179 Bartow Rd.^' 2g "J gj 

5Jf 59 27 Barrow Hephurn. 39. i- 

— ii 7n D^h Dinttonrf _ ■ 53 -1 TAP 


9.C 12;. 
3.4 17*;- 
.7.6 «5> 

iu%- : 

103 ISJI - 
12 .*- 
ttfi 023) 
Wit*' 
:32(S5J 
7:i 7S 
— 2&7 
7J W 
.« 

-ai 53: 
r.< ta 

7j0 AM - 
-50 M 
.3. 8 S.1: 


aCs BSSSt l &=&» 

» S ¥ fixes S ;S ®,' 

15? 68 54 Berlsfortb. - M . +2 TA4Y 


o.e i.v , T 

-9.0(80) ji 
11.7150 S 
10.914.6 S5 


5-9 , 75 i4i Bestobell...--— I 
2-X 1D9 79 BKMIe'HW®.— J 

Sx 58 45 Bifurcated Eng- 


58 45 BHurcatedE 

* b , 46 371; BlllamU.HOp. 

M A £ B^ThS 

£7 42 S- &V 

^ 303 127 BortferMcC. 

5-1 161 102 Boot (Henry) 

? S 237 184 Boots,.—.- 


llddle'HMgs — .. 99’ -•-*?&' Tl 

SESSSt 03 :::::: 

tsgrJk si 

EtiSlfe i ar. gj, tj 

^ §8* -i r H' ® 

SSTiicS2J50. £19 Q$20 -- 


1212 163 Bowawrtl.-... IT* , Z H “ 


5.4 111- 

5.4 5.9 
6.1 720 
:9.( (6* =. 
102115 

■ 7.( . 93 -. 
113 70 
63(787 
52 tZ . 
SJ 63- 
7J 45“ 

3.5 84’ 
125 63v 

45 13S_ 


212 163 
l 89 66 


Leslie lOp 
Imts.-jR. 


75ail- — 

48 L - 


47 
45 
21 
57 

29 
64 
141- 
13* 

70V 
80 
54 

134 
84 
11 * 

30 
35 
54 

51 jMltcbellSom.il 
23 |Moie<M)20p 


i fll OrnKbSm £16* 

100V +V 12.94 12.66 32 18 Corinthian lOo _ 31 

102V.. .. 13.95 13 10 £ , q tDi Cred. France F7r £19* 
IWxd ... 1375 1348 ^ 7 Dawes (G. P.l .15 

73rt ^..836 lliS' £ -^-?? 


8361 12^0 jj, 5g F _ c Finance 

11 © 12.88 ‘ ij p,- l Na L 10 , 


+t, 12.48 13 20 *5 
: 12.95 1332 13 
... 11.84 1330 

1L95 1330 

.... 12.71 1350 251 
.. . 13.13 1340 jij 


FOREIGN BONDS & RAILS 


1J 4 Fir*! Nat lOp ■■ 5V 

V Du Wrrti 75-83 2 

9i‘ Fraser Am. lOp 12-^ 
157 Gerra-d Nalnl... 190 
37 Gibbs (A.i... .. 49 

195 G'lWt Bras. Ll. 227 
19 Poede D't Mry 5c 19 
% Gnndlayi Jf 9 


• 9<J 

1*2 LZ3 


+ or|K».% 
- Grass 


24 ]7 Antola jasta Rly... 

4] 53 Do. 5 pc Prei 

98 98 Chilean Mixed 

415 350 German Vrg.4*pi. 

<y| 46 Greel 7pc Ass 

51 46 Do bpc 28 Slab. Ass_ 

■ 44 40 0o4pc Mixed Ass... 


217 155 
100 81 
600 187 
360 203 
69 52 

215 150 


93 Guinness Peat .. lib I 
155 Hambra.. ... 163*1 
81 Hill Samuel .... 87 

187 Do. Warrants.. ZOU 
203 Hons Shifl $2.50 252 
52 Jessel Toynbee. « 
150 Josenh ILcoi £1 .. 155m 
37 licenser Ulimann 48 


37 IKerser Ulimann 
5o (King & Shu 20 p 
88 IkTeiriwort B.L. 
242 |Uoyds £1 - 


-3 h059c 
... ta3 32 
... a 74 

... . 0.67 
. 3.44 
.... +4.18 
♦4 19 23 


ESR&H & F : W*\:LVJ 


54 « 2 ^ ft MgrtPrkto 'fz . 7 , 


1102 6.8 W 

4 92 3.7 ll 

5 9.6 63 72 
710.5 8.7 
110.7 5.6 
.1117 6.4 jS 
.0 7.1 7.1 ^ 


29 Briddort-€T20p: .f?a| 
45 BB&EA 45 

45 BnLCineT.lTVp 60 
21, Brit SieelConst.. 2VF 
5S Bftt.SynhpnZOp- S3. 
62V BrttarVita .. ... U6 


02 -1 623 U 

33V _i, 2.1 4 

tp r L (12.70 '3.i 

S 152 V 


83 10.3 
9.4 *: 
9J0 M 


...... 9336 3.1 

Ul.81 11J 
.. ...1132 \ 21 


4-6 33 , 6 iv 39 iJ Brow,, Qov Kenr 5» •• —■■■ 

si ao ^ w £ tsSSSS: ™ . :::: 

-Hz »«•*!» 5fe. • 5L . -A 


\2 2if Rl 7A 
23- 35) 67 60 
82 -SlO.6 10£ 
7M HI 8.1 
] OT 8 .B 213 
JO 4.6 53 


8.1 99 
11217.91 
123113 
115 4.0 
93 43 
73 65 
3.411.9 
7.3 6.1 


Caplao ProlJlOp. 

Caravans !rt. 2 Dp n ...... *•« 

Carilon Inds — 2W - ■ |55 

Ca woods. M2 333, 

Cetettarlnd. 5p.l 29. -L *0.76 


240' 146 Carlton Inds-. ■■ 
154- 107 Ca woods. — 

1-2 37 2ff; Cehattorlml. 5p ■ 

*1 b4 50 Central Mfg.lOpJ 

38»z 18 CenLS6eerwd.5p 
S'? 300 189 Centreway50p: 
W 56 43. : ChambertahrGp. 

49 36 . Cten*'laiPh.Wp 

*43V 13 CbBige WareslOp 


601* jk* 
34»j 


win 


45' U.~ 

■^b 


I NO . 6 67.! 


-av m WSuEL i «* «x6>. 

V Tc 85 65 CWstie-T.lOp^ W; *V 4 80 

X-J 143 70 Christies InL lOp 1« *] +3JJ 

I*™ 156 106 Chubb 20p..—.. 152 -4- t559 

H » 58 Clarke (Dementi 90 • •• - t|59 

in It * 1X6 90 Cole (R.H.) .— .. 109 ... t3.77 

U J] J 5 -VL Cm^WebbZOp] 7^ 






40 32 Curl. Shoot y Kki -I 

73* 53 Cope Allman 5p I 

38 27 Copydex lGp — 

82 «i* Cosalt 

73 55 Coorlny Pope 20 b 

70 47V Co*an de Grt. lOp 


FINANCIAL TIMES 

BRACKEN HOUSE, 10, CANNON STREET. LONDON EMP ^ 

Telex: Editorial 886341/2. 883897. Adyertiiemants: 88S033. Telegrams: Fmantimo, London P5 

Telephone: 01-248 6000. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester, Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


Derrrtrtju »iju . 
Dewlwm S':0t> 
Doming L LI 5o 
Dr-raml.il id IDu. 
Duhifier 5p 


EDITORIAL OFFICES 

Amsterdam: P.O. Bos 129b. Armierdam-C. 

Telex 12171 Tel: 240 555 
Birmingham: George House, George Road. 

Tele* 338650 Tel: 021-454 0922 
Bonn: Presshaus 1L104 Heussallee 2-10. 

Tele* 8869542 Tel. 210Q39 
Brussels: 39 Rue DuMle. 

Telex 23283 Tel: 512-9037 
Cairo: P.O. Box 2040. 

Tel: 938510 

Dublin: 8 Fitzwilliam Souare. 

Telex 5414 Tel: 785321 
Edinburgh: 37 George Street. 

Teie»: 72484 Tel- 031-226 4120 
Frankfurt: lm Sachsentagw 13. 

Telex- 416263 Tel: 555730 
Johannesburg: P-<>. , 80 x 2128 
Telex 8-6257 Tel. 838-7545 
Lisbon: Praca de A'egrxa 58- ID. Lisbon 2. 

Tele* 12533 Tel- 362 508 
Maflnd: Espronoeda 32 Madrid 3. 

Tel: 441 p772 

ADVERTISEMENT OFFICES 


Martchesier Oueen's 
Telex 666813 Tel: 061-TO4 9381 
Moscow- Sadows-Samotechrama L. -M, 4r. 15. 

Tele* 7900 Tel- 200 2748 
New York- 75 RocLcleller Han lM- 1<»19. 

Telex 66390 Tel: 1212J 541 4625 
Paris: 36 Rue du ScnUer. 75DG2. 

Tele* 220044 Tel: 236.5.. 43 
Rio W; Janeiro 1 A<erekta Pres. Vargas 413-10. 

Tel- 2S3 4848 
Pome- Via delta Mertede 55 
Tele* 610032 Tel 678 3314 
Stockholm: 00 Sewska OagtUdeL Raalanas^agei 
Telex 17603 Tel: 50 60 83 
Tehran: P.O. Bm 11-1879 
Tele* 213930 Tel 68269S 
Tokyo- eui Floor. Nihon Keiai Shimoun 
Building, 1-9-5 Olemachi, Ciriyoda-ka. 

Tele* J 27104 Tel. 241 2910 
Washington 2nd Floor. _3325E Street, 

N.W.. Washington DL. 20004 
Teier 440340 Tel. <'202.' 347 86.6 



. 77 Node lin- 
gs Laurence Scnlt. 
64 Lee Ref no . ... 
\37 M K. Electric... 
Jb Motorola $5. 

56 Muirhead 

5 Newman Inris. . 
58 Newmark Lour: 
39 NomandEI.20p. 
|t b9 Perkln-Elmer 4pc 
73V Petbow Hldg lOp 
•i51 Philip! Fin Wo 
710 PhihpsLp.nO. 
84 Pi [to Hkkjs. 20p 
84 Da. 'A' 20p.. . 
87 Plessty 50p . . . 
59* Press.ic lOp .... 

77 Pye Hldgi 

196 R.ical Electncs . 

8b RediltiiMOn 

37 PolalleiGBlOp 
253 Scholes(GH] — 
456 5onyCo.Y50 ... 
33 Sound Dllhn 9n. 
31 
30 
111 


iili 


Smith (WhiL>5p 
Spear & Jackson 
Spence rClk.20p. 
Spencer Gear! 5p 
Spirax-Sarco 
Slartrite 20p. 
Smeley Inch. U 
Stone- Platt . .. 
Smthert & Pill £1 
Sykes l Henry i . 

Tace 10p.- 

Taylor Pal lister 

TecalemiL 

Tex. Abrav 30p 
Thyoen Dm 10 
Tomk'ms F.H. 5o 
Triplex F'drie! 
Tube inyests.il. 


I?1l'7l7il 7?l a 53 C0P*Al , '"yi5P -SI 

9 ^sasW-J 

H 201 140 CreaniJ lSOp- 201 
pn^niob » 64 Crest Niebol 10p . M 

jb 71 76 *167*113 Crosby Home H. 130 
17 17 5 7 6 18V St* Crosby Spr glOp If 
7 5 106 96 146 DariK&N'mmn:. 1M 

HSS ti 500 230 De La Rue 385 

I 7 9 3 93 109 J 6 ? D^bywara..-;- J « 9 

H U H L871; £71 Ooso, teC. 1MI CM 
15 7 ? 7 I 18: 10* Diamond StMDp .If 
03 3 7 hu 17 8 Dinkle Heel 5p - » 

in in'6 rSii 209 128 0lph,m i vs" 

II lie BO *!22 67 Dobson ParfclOp. 1M 

KH-S K 85 63 DomHIdgs-lOp 84 


74 .....I fL90 bZ-91 

08* +* - 


L7[ 93 93 
4.6) 4.4 72 
2« 11 73 
0 J 3.2 an 


85 63 Don.HWgs.10p 

2-3 J'S,,'* £38* £24* Dover Corp. USSi. 
5'S 1-a^? 52 30 OBwm Smg'.lDp 


. ..236- ' 1.4 10.6 

3.5 34 7.8 

...... t2J7 L4 f 

-1 g226 53 
-2 2 .A 2 « Ua 

+1 02.32 4.4 52 
* 1 +838 3.7 6 A 
... 73.41 3J 6.9 

Tb I 

u-l +7.41 e.s 7 
+2 tlO.05 « . 

d5.45 19 . 

-1 09% 12-4 Q2J 

hO -66 51 5.] 
*V tWLZ 6 4.B 7 f 
+1 385 4J 
-1 b4:06 2.7 
._.. U4.67 14 


e'2 51 m 3Pi 26* Dnfa/BHum-lOp 34 -1 

f S 162 84 DoflbeeComJOp . 92 ^2 

5 ? * 50 28 Dundoman20p. 50 kl 

1% t, 24 12 Dupre.im.5p.... -23«d 

fl Sj 160 93 Cturapipe.-.--. 147 

H || & % KuT 10 '. 3 

| " S S' ::::: 

6 7 fi 18 ^ EC. Cases Hto. 10 

ii i? 109 75 . Eastern Prod. sflp. 78 

ft ii 279 220 • Elbar Inds. SOp. 245 

2'S 47 17V 12*. EftifeflOp--... IS* — 

4 4 g./ rn vm. ru-n irv, aa 


BirminghanrGeortie * 0 ^, RMd ' .' - .. M T>I^ 666813 Tel. Oo 1-834 4381 

Tele* 338t>50 Tel: OW N?w Vo rk: 75 Roeketcller Plan. Ik Y . 10019 

Edirfeurgm 37 George Street - T eie« 238409 Tel 1212' 4e<J 8300 

Tele* 734B4 W. 031226 4L39 .. .. . R|H> ^ Semler. 75002. 

Frankilirt: lm t X- Telex 220044 Tel. 236.86 01 

Tele* 16263 Tel: 55466? Tokyo' ‘■asahara BuiWlrg. 3-6-10 Ucnlkanda 

Leeds Pemvine’il Htwse, The Headrow. ChlvOda-kU. Telet J 27104 Tel: 295 405G 

Tel: 0532 4549*9 

Overseas advertisement representatives m 
Central and South America, Alrlca, the Middle East. Asia and the Far _ast- 
For fiirJier details please contact: 

Overseas Advertisemeiit Deoartmeiit, 

Financial Times. Bracken House. 10, Cannon Street, London EC4P * 6 Tf 


SUBSCRIPTIONS J w 

Ccptet. ooLiirable Ircm neivag«!? and bookstall, Mrld** 0> an r. 1 Jar Jutosnpl.en frem 
5uhs<.ripiian Deeartmeit, Financial Tiib-j', Lou .o-i 


62 4.9 4.7 
45 5.5 5.6 
4.B 50 4.9 
* 6.6 4> 

3.7 13 62 
39 76 42 
3.4 7.7 5.7 
53 6.1 73 
3.9 17 42 
10 3.5 283 
3.4 6.7 6.4 

4.8 83 4.1 
2.6 6.0 55 
52 44 4.7 
35 85 5.0 
2 6 4.413.0 
33 82 5.6 
a 19 In g, 

71 

9.5 
55 

1 4 9 
8.1 
52 
92 

6.6 
82 
3.® 
43 
63 
5.1 
10.41 

831 47 
S.oj 6.9 
331 7.9 
6 N 4.6 
3. 

2 

5. 


84 U4.67 14 

£27* .. _. QS140 - 
44* - .... +236 16 
34 -1 ttO.43 19 


—2 5.66 32 

kl +6144 18 

0.66 * 

434 33 

020 10 

Z035 ~ 

..:... 3.63 ; 3.1 
3.63 3.1 


39V Eleco lOp 

36 ElecL lnd. Sec.. 
15 ETten PVrn. 20p. 
69 Ehtm&Robttns. 


49 

.58 -.... 
2thd +2 

80 


1.63 ' 3.1 8.N 

“ M 
5:4 5 : 
1310:' 
33 5.' 
23 71. 


BkietalntConl.. 
BrIL Sugar 5Gp 
6 nL VeiitTg IOd 
B rooke Bond .. 






































































ajibej. 




: 6 1078 





'o-L^ 


INSURANCE — Continued 


PROP ERTY — Continued 


1 - 

Wffl 

a«r 

l?»l I 





is" -^..fjsaur 

2?l : - . ?si>- **£- 

-.5 40 


•:;f fj?r;-:2T 

iffi 

Macu V^" 


ftjj 


6iC.- 


;» ;v' 




SfW: 

Hi 


#5 


ISi| 

i:y ^.Cofit fiasCy 3K.I 
r l^teb.W-29- 
iMnKWSK«e»H~B 
■ lrtteH^20p~| 
tomesTsoW-J 
todsOtfUratil 
! JartMtJUHKS 
l igfitk pir . ..-:..^,! 

Johnson &Oraiin 
L Johnwg'Chui^ 

I JonrtOn^lB 


■T7S? 



Iucrl... ._ 

^jfelnkwp.1 

■•' EawwtsL 
t£ad(nm.50p- 
Leafeasferflm: 

>•■ {j-bk 

. irtoUFotatlOp. 
■&* Letaus Harris _. 

■' Leisure Car. 1%. 
Lfjs Group Xft»v 
Lfsney.Pfods.5o. 
LetrasetftQfi^- 

" ;y^I 

HJrefctries-Ii , 
LLorc^pthv^«.| 

__ _ 

Lonsdale tAthrat) 
Eow&Bcaar5epV 
■HUNA-lto 
MgrantoLta-Haf-' 

MeCIewyL’A-. 
IFT&WJ 
telDft, ■ 
vMaanoHa Grout 

Marshall L'xtft , 

Marshall's Vnfrj 
MarUi».B»kJw4 

MathKouTT 

Msyjwtfcft! 

Med minster I . 
Metumore 50^1 
1288-. MeB|l Sot £Z<i.j 
Metal Clotures.) 
MettDr— 

) H’sutfoSficBM 
Monument IOp . 
Hm-ganXimatte-. 
WorraDTAbeit.' 
Mo&S^niMJlQp 
MovttexftGp 
51 ™SorGb- 11». 
ftZc.lilMMJf’-JSecs. 

OtaLCWira 

wwEywt- 

m^vcSMJ. 10p. 
MltSwlftSp^ 

uwroawccv. 

|otfkx& Sect— 

fcftOp u 

lOwraonelZbcJ- 


mgwmSSl 

|Rento* lOp-— 

-R8%m£| 


H* 


mi* 

J3.9S 

iS- 
tur 

M33 

7*06, 
VZM 1 , 
223 
322. 
t7 48 

■mis; 
n. 

,ul . 

\332t 




1&05 

93A 


U7- 

:z7| Sshulofi:. 


Hies 


m 


l-r 




awr.d 


-1 

+r 

*2 


-1 




-1 


k474 


"3J r.7 

— r 2J 15.8 .. 
t2Sil3.i ;ftft S3 

an ■ 

|SS|J K3 

: 8.7} .06 25. . 

3.7 ;5.4 73 
6 5 3.4 
13 871X0 
‘43 3.9 

4.7 B.4 
33| 65 

2J{ f8.4 
. 2.7 63 83 
|. 2.4 84 73 
U'- 93 133 
34 8.6 
2.9 -63 
, 53 4.6 4 
J«3 5061 

1.8 7.D 
'3.4 83 4. 

24 36 67 
. 2.7 3.814 3 
| ,'0.9 -2J TB&I 

13 313 7.7 
3.1T0S 5. 
.. . 44 

04%flL9f4.7 - 
IS . 6.7 12.9 
U 23 S3 
•2.7 0* 35 
23 7.0 6.6 

13 7.! 143 

- m 

3.7 54 8.0 

3.9 43 .8.9 

25 * 14 

54 23 9.2 
57 44 63 
25 5.4 63 
5.B 45 6.7 
53 -4.0 -3J 

-3.8 6.6 5.8 
14 175 52 
*-• 22.7 
:4.9 2.6 9.8 
Al -2.6 11. 
'53 - 8.6 -. 
2.4 95 63 
23 76 78 
33 5 6 M 
*10 02 43 
43 45 7.4 
12 4.8 93 
17 3.6 33 
33 

16 13 

\ft£ .8.6 5.8 

- 20 
, 33 .43 67 
p3J 341831 
3J 8.4 3.5 
a ^52 in 


13-1.5.0; 


tesuior 


‘*C_— t 


awnwummQi « 


potfeSi.} 

ScDt'&tta. Id 


l5fcSeM»™- 

SO**.] 

Sp0c4aw20p. 

Somtc- 

Sothetw'Pi.-.. 
Swrw.<6.W.J2* 
Spear 14 JW.7— 
SBfft.^PnUs..-. 
Oo.%%tb«4JL 
SlaoTwitibo*.. 

tease* 

'SMwW-HUiA 
lS««ww.ff.V 


Ketyonrewa-j w ■ 

«riwwLl*.-»5ft 2OT - 
Kwwicltproior; 




-- S3fr'- 


1" £24Lgl4 


**•&** 


■4 jwUi 


ill 1 5, 


159 

53M-, 

t53?l 




to.;, 

53 JSyftaw-j!^- 

|MbttlOp:"l 
■rflialS 

n^MOeimr. 

TllBnqTr20p_. 
To^bfll.R-W — 

Toye; 

Trafalgar H--20p. 
Tr«£lin.USSL.. 
Traieport 'Qt*.. 
TranMdodGp:5p. 
IlMff&ti£«.£l. 

' Tornec Cerz. Sf ■ 

UKO.Intf. ...i.;. 
Uiticom t.-isw-’i'. . 
UotKexXOp^-. 
Unilever-—...-. 

UnVM-VjTJZ. 
UW. Carriers lOp 
UnHedGasImJs- 

Ui.CuaraniaeSp- 

lit Unociirome 
32 MMUi 

Vmefsl% 

VJntefi Grp.29p 
•WbrnnalDp: 
WadtPottUOp. 
Walker Hmr.5p- 
lVaiorfcrriSp — 
VlbebanA; S 

MMson&K.lflH 

Wedgwood „ A , _ 


H7i48 


WhatmSiRAngrL| 
White ChiW&fiJ 
WWteoxift — 
WHteterBSm 

WUkesLJJ 

WiBtins Mitctjdl- 
WUK'sfuWlctlO 
DoJDpcCw.- 

JwmiainstJ.r— 
47: ^tyfflurceoi ' 

tofcoowaiton] , 
'Winn3nfc2«to.| 


INSURANCE 

Bowring (C.T.) J11S j- — 1 1?-?? 
Brenuatfftf.XOfc 


H18 

as 

.33- 
*4.87 
-21 7631 


IMJ2 

-tua 


+1. 


22 


*-1: 


3» r l 

106 




'm 


5.4 93 

10.0 .19 

7.7 43 
U * 

.7^ »4 
3.2 34 
81 U 
54:3.8 
12 3J 
33 63 

42 fa 

43 1 63 249 
23 6.8 

, 43 7.4 

m y 

”•83-7.0 

tih 

53 7 2 
53 6.6 
10.6 14 9 
216 8.0 
■3.7 143 
33 4.9 

1.7 54 
■42 6.0 
02 

5.1 83 

5.7 42 
142 63 

6.710.6 
64 43 

7314.0 
83 6.6 

4.9 82 
72 63 

62 U 9 
33 240 

52 53 

53 6.4 

~i 156) 

6.9 43 
74 8.1 
54| 70 

hi 90 

63 53 

54 

i74 90 

W 't 

3J 3.9-j 

90190) 

85 .7.1 
04 fa 

3.4 7 7 

55 7.9 

33 74 

83 74 
09 119 
SO 7S 

5.8 45 

lil43 

114 GL9 

4.9 « 

100 

34 124 
19 17.7 

3.4 125 
54 ;63 

84 06 

44 115 

2.6 60 

6.4 72 
Oi.63 


264 132'-jCWiffifc Union _ 
166 229 lHagie5t» — - 

£132 £U7Ei*UK9ftCW- 
1W 144 »ja«7&l8w5P 
Sff- US IGen, AccWBflt, 
26 SL 204 te.1tE— 

iHafflbrdLffe-- 

btatt&{C.E420p. 
Hogg Robinson . 
*478to3 ' [Howfen-UU IOp. 


1&&& 


"■ l5p- 


35DP H20 " Lonl&Man. 

totejlWttl2!fe* 
^swr.-. Matthew Wr-Mp] 
2116051. . M/n»Hldgs.-»p. 
pmgiSan'fJOf 


+2. 


U5 


■vm 

079 

tpz 
tW-32 
t203j 
*450 
M49 
1741- 
1506 
*638 
thl.83 
t9 31 
i38 
.62; 


L« 


5$ 3.S 7 A 
mdi 9J 

7 H 


,.A 

331031' 
•73 87122 
2.6 117 
95 20.9; 


Start 

1 Pearl 5pM—..— 

. fteettte...— —. 

- Provident "A 1 



PrijdKttlai 5p ... 

■ BeSgeSp-.-.. 

• RnWd * 

SWaFortWlOp 
91" Swteae 
VSZ Sun AlHaneeU 

91- Sw»Ufe5p 

(79 Tatetfo Mar. EDR 
135- ■ Trifle Indemnity J 
073, i>wfcrj$230 
87.- jWWs Faber 

E 

■69 An^laTVA’^. 
44t isaic Leisure 5o 
■«v BhrSWAT.'A’. 
JBV.SadtEjgln.50p, 
[60 -'. BooserA Haw Lei 
92;Cnfl9riim.20p. 
99 SSaFlel*. IOp. 

32 / Bramlan-A'IDp 

55' GrrtjtGnwlw. 
USB 1 HTVSorrfVt®. .. 

SPEJBL^. 

69 ■ HajK.4B.il MB- 
S' fluOararide %>_ 
79:. »gftqB4VH.fflp 

33 • PhotncCLan.!- 
605? Blfcasurama 5o . 

Rrttf.TYPrtf.El 
15 Saga Holidays .. 
52 - SMUTVATOp 
45 ‘ TrtfttTV'A'lOp. 
52 UJaerTV’A’..- 
nv Webbt>QS.)5p. 

23b Westward TV IOp. 

44bJZ4ttns5p. 


Ha 

238 

244 

M3W 

1389d 

154 

144 

367rt 

410* 

108 

522 

107 

845 

170 

£23t 

235 


1-1 


+3 

+2 

+33 


Wv 

Net 

12.78 
T1051 
t 029 
1829. 
tt.75 
022 
tl6.7 
M.74 
1441 
120.46 
3.48 , 
902094 


rid 
Or Er s 


P/E 


t944 


SURE 

-l 


84 

75lj 

KMjc 

92 

160 

105 

113 
40 n) 
65rf 

121 

35 

114 
28id 

135a 

105 

8i 3 

M3 

38 

31 

71 

162 

69 

551; 

71 

lbi? 


-1' 


+1 


1454 

SI 

7ft 

1107 

3ft 

62 

lipJ'-A-ij 

06 

3.6 

1447 

H 

12 

1016 

4.6 

41 

2.0 

97 

?S 

U6-6 

21 

87 

12.23 

P2.” 

8.7 

04.23 

2.5 

66 

9B 

11 

111 

?44 

1.7 

101 

MS. 73 

3.4 

79 

0.66 


79 

92B 

* 

10J 

15 69 

■ 21 

EE 

n0.15 


26 

(BI2.12 

3.1 

2.2 

(Ct.76 

1‘ 

11 1 

2.05 

SI 

38 

5.95 

274 

17.5 

36 75 

? h 

6 7 

12 4 

M, 

VI 

*2.87 

2 1 

7.6 

41 

* 

EE 

M0.45 

42 

41 

L84 

* 

46 

23 

5.7 

3ft 


VMOTOR?/ AIRCRAFT TRADES 

!■' . ' .“rjMotors and Cycles 


£15’ 



GwfiSL. Units 

20 

105 


027.5c 

L7 1 

7.5 

37 

k 

Lotus Car IOp. . 
Reflam Mtr. 5p. 

48 

10*4 

-3 




RofeRroceMtrc. 

\itrfvoKr50_.... 

97b 

£12*; 

-1, 

M524 

Q12% 

ii 

m 


00 - 
t>4 — 

8.7 — 

90 - 
63 - 
83 - 

. ^ 

33J 35 132 
27] 5.7 

5.8 — 

4.9 - 
06 - 
7.6 - 

. 3 - 6 

2.41 5.8 10.71275 
138 
80 

138 
159 
Z3*s 
43 
50. 

300 
-48 
90 

137 
46 
90 
347 
*123 
350 
114 
bh 
24»3 
67 
78 
128 
100 
118 
42b 
129 
£175 
288 
28 8 

76 

77 
I* 

139 
.2412 
310 
163 
365 

29 
28b 
4a 


11.2 


64 

6.7 
931 
75 
8 9 
1L6 
75 

?.7 
195 
17.5 
73 
7 8 

97 

4.9 

68 

A 

80 

* 

69 


63 
100 
18 7 


v Commercial Vehicles 


7- Peafc-iiwsc: IOp! 

57b Piaxfma — 

;45; ff prit Trailer IOp 


129 

55 

7 

114 

51 


2.46 
3.35 
10 5 
1*396 
MS 17 


134 2 0 
62 S.li 
2.0 4 

33 SJA 
5.5 6.4 


28 

*20; 

48 

12.1 

43 


■Components 


‘felSln- 

AnnftaEq. IOp 
Pesoci. Eng’s-- 

.ftHtewaOW 

Bloetnel Bros. .. 
BrowaBm-10p. 
DanaCorpSl -. 

nS&aJ&p 

8? HrmnSmiih IOp . 
37. HedePtHKIjilOp 
240 ■ Lucas lnds.£l .. 
31\ S»»-6rtwpJ0p. 
.55 - Was* Breeden J 
86 . WdcflheadtJ.) . 
78 


46 

37 

65 

11812 

71 

65 

26b 

281 

65 

161 

11 

52b 

299 

53 

76 

101 

80 


-2 


<£68 
d*2.46 
<12.26 
6.24 
hi 38 
3.73 
1.08 
0126c 
4.50 
5.38 
T2.B9 

th084 

9.13 

d.60 

3 U 

3.86 

4.47 


46 
29 
7.6 
6.S 
6.0 
61 
4.8 

4.0| 2 4)15 5 


3.8) 8 7) 
43 10 1, 
3.7 5‘2 

3.6 6.6^ 
85 2.3 

2.6 8 6 | 
3.7 6.1, 
33 3.5) 


33 


ZrtLVA'SOp... 

^Garages and Distributors 

gmsCtabon.. 

. . _ .sawders 5p .. 

- flp^ej^rflCrp.. 

I';- AltinsawMBU*.. 

V BpGJntlOp — 

.- BraW Group 5p. 

BramaHIC. D>. 

B* Car Aeo. IOp 
CiGLS-B.lOp-.. 

SOP- 
,_... limn..;. 

C<iwie£T.>5o... 

Qggrfs Godfrey— 

. Doflada 

Daflon Forthaw 
^s<F.G.>.~. 

ILawr. 


L71T4| 
K5J 2 7 


, 2.4/13.9 
4 6) 4 6) 5.1 
155 
<5 H 
54 
7.4 


4.0 4.6j 
33 6JJ 
4.9 57 
2.4 S3| 


6.1 

10.1 


:si m 



!S6 

Lyua&ly 
ttnwttuJ 
IHelsnni . 
Pennine MtrJ 


S v: 

7?; ... 

2fr. »«idr^ a AJ>iOp^ 
43- mt* of Leeds .. 
30-Wadham Sir. IOp 
Wesiem Mtr. 


70 

171, 

90 

118 

39Jj 

36 

82 

103 

33b 

44b 

Olyni 

. 77 

46) 2 

50 

33 

5d 2 

m 

120 

123 

115 

080 

90 

39b 

72b 

82 

61 

75 

31b 

Bb 

& 

43 

96ri 


-1 


-1 


-*> 


-3' 


-1 


* 1 


—l 


4.42 

M6J4 

7.B7 

12.16 

tl.40 

d<4.5 

2.51 

*144 

6.50 
di41 
Ml. 73 
352 
5.1 
r2 85 
1.55 
127 
dO 47 
18418 
16.80 
<8.71 

3 64 
010 % 
<16.05 
1.98 
*421 

04 5 

12.50 
6.09 
62.34 


th2.73 
•fl.67 
0.64 
,23 
fa 


3.01 9.41 


'105 
25)10.0} 

34 82\ 

4.8 5.81 

3.1 82. 
2J 7.0) 

2 2 9.1 
23 94 

1.1 31.1 

4.6 5d 

5.8 5.4 

2.3 9 9) 

3.6 4.1 

6.4 4.d 
15 5.fl 

17 4 3.4 

35 5.6, 

5.7 9j) 
32105] 

3.7 4.7: 
355 f£.w 

3 ojloJI 

2.6) 8.71 
3.7 82 
55 fa 2) 
1.9 121! 
1310.2: 


7.3 34^ 
65 5. , 

[27.9 ‘ U 
2 6 7.81 

8.4 3, 


. 52 
21A 
73 
47 
3.9 

5.4 
46 
91 
69 

7.0 
413 
45 

3.6 
65 

13 3- 

5.1 
17.4 

55 

7.1 

3.4 

5.6 
6.8 


44 
3.1 
5:8 

10.9 

22.1 

45 
4.3 
30 
75 
S.fa 


1978 - 

Htyi Law . 


642 

30 

272 

225b 

397 

39 

50 
126 

43 

250 

£194 

£163 

£159 

51 


1527 

!211 
, 84 
B SS 

34 

1190 

£145 

£125 

£125 

37 

1172 

77 

.55 

b04 

'205 

16 

14 

30 

!145 

W 

[103 

44 

66 

1280 

el 

280 

81 

3 

8 

74 

59 

89 

72 

47 

29b 

100 

£140 

\ 21b 

(170 

31b 

56 

lib 

82 

18 

240 

119 

1262 

13b 

16 

50 


Sleek 

Hammerum'A* 
lUntoiird Tn.t2ft. 
Hailemere IOp. 
HK Land. H«5 
I mry Property. 
Interrurtpean 10c 
yermyn Invett.. 
Lainp Props. *A* U | 
Land InveSL... 
Land Sees. 50p. 
DO.SVcCm.TO, 
Oo.bbftC«T.’8S. 
0M0%Cem.-95 
Law Land 20p_ 
Lend Lease 50c 
Lon PravStolOal 
Lon. Shop Prop 
LynUfl Hdgi. 20p 

£PC 

Marlborough 5g 
Marier Estates. 
Mclnerney IOp. 
McKay Secs. 20p. 
UidhumWh.lOp. 
Mountview5p.. 
MottWwIA.&J.) 

Holton 

Peachey ......... 

PrOp.HIds. & Irw, 
Prop. Part 'ship. 
Prop. & SfK ’A .. 
Prop. St< <mr5Cv 
Raglan Prop. 5p . 

Regalian 

Regional Prop.. 
Do ‘A 1 

Rush & Tompkins 
'Samuel Props... 
SeH Mjlrop 20p 
Second City IOp. 

Slough Esti 

Da. WaCom. '90 
Sioa Conversn. 
'Sunlev (Bl Inv.. 
Jvure Properties. 
(Town Centre .... 
(Town t dry 10P . 
ITraftord Park... 
U.K. Property... 
Did. Real Prop. 
Wamer Estate- 
IWamlort) inv 20p 
Wan«iv £ C'rr P 
Wm 1 niter P. ZQn 
Winston EstS. ... 


[1 It) Dnr 
Pttm | — | Net 


| VTd 
Pur Gr'f 


60S 

25m 

248 


115 -)-4b) K043c 


386 

38 

46 

119 
41 

243>d 

£187 

£157 

057 

47 
207 
137 

72 

120 
147 

23 

34 

30 

280 

48 

89 
120 

45 

100 

312 

114 

4i. 

23 

74 

70 

100 

90 
116 

41 

118 

£165 

284 

256 

46 
75m 
131; 

121 

24l 2 

306 

150 

345 

27 

221; 

40b 


-1 


+1 


+1 


-1 


554 

0.67 

335 


2Jia 

10.1 

L62 

u2.75 

dLQ 

5.40 , 

9 

1.02 

025961 

0.82 

3.03 
2.5 

tL73 
bd033 
4 — 
Z2.03 
159 

tt34 

2.48 

2.03 
2.0 
6.64 
H25 
5 24 
a 39 


i.n 

1.11 

<1291 
<12.3 
1 97 
hi 75 
t2.30 
Q10% 
Z.Q3 
4 38 
Q18 Ik 

0.91 

0.01 

4.09 

0.33 

5.b2 

*2.70 

706 

10 

129 


17 L4 
32 4i 

23 2.3 
13 
LB 


U 




(7.5 - 
63 M.Q - 
63 F65 - 
03 3.2 
19 35 
3.9 0.9 310 


25| 3M 


2.8(45.9 


2.9 

zg 

2.7) 

13 

H 

13 4) 

* 

4 

17 

3.1 

1.1 
16 
12 
2.6 

15 


P/E 

653 
193) 
24.9 
4 0)293 
S.B96.4 


3-61 


63| 


25.7 

19.4 

362 

282 


15U 

08 


19.1 


9.9 

142.8 

52 

315 

96 

18.6 

II7JD 

9 

39.0 

21.1 
37.7 


223 

21.1 

t9.7i 

lii 

443 

63 


2 «285 
Ib.U 


264 

97.8 

* 

9 

162 
18.4 
493 
36 3 
405 
:Tir 

218 


SHIPBUILDERS, REPAIRERS 


83 

166 

130 

345 


1309 

200 

1B7 

348 

1E7 

47 b 

40 

145 

255 

39*. 

130 

13? 

118 

140 

Jb 

illfa 


30 
bS 
EO 
IDS 
. 60 
1109 
81 
54 
59 
S3 
58 
4E 
72 
79 

(11S 

32b 


n? 

Hawlhooi L 50p. 

70 




irs 

Snan Hunter £2 . 

149 

-4 

♦3.0 

125 

Vosper 

196 


l5.0 

2b0 

Yarrore 50p 

323 Of 


5.15 


> 3.0 

3 3.8 
.1 2.4 


, * 
3.8) 7.2 
2.4)18 Z 


SHIPPING 


252 

112 

112 

206 

100 

511; 

25 

107 

200 

12b 

66 

103 

76b 

58 

2« 

57 


IBnt. & Coir. 50u 
Cannon Era; 50p 
Fisher U 1 

Furness Withy LI 
Hunting uiirui.il 
lacotn <J. 1 1 ?0p 
Lon. O'Sei'.Frtrs. 
Lvb Shipping... 
Ulan Lineit 260.. 
i.’er,: , Dt Units. 

Milford Dads £1. 
OwanTfamnort. 
P. 00. Defd.Uj 
Reardon Sm. 50p 

Do 'A'SOp 

P.uncInvmtW.l 


29501 


*9.40 3 4 

4.B, 

265 


0052 - 


187 

♦5" 

*155 7.7 


249 


*8.29 4.0 

tffll 

106 


*5.17 - 

* 

38 

*b 

41.88 7.7 

7.4 

38b 






137J 


*4 97 05 

5.4 

220 

-5 

5.18 23 

3.5 

34b 

-b 

— — 

— 

117 

-t 

2.68 - 


10S 


837 2 6 

116 

S3 

-i" 

fa.64 0 9 

11.9 

82 


0.1 - 


36b 


01 - 

■'ii 

6ld 


M3. 75 21 

921 


SHOES AND LEATHER 


lb* 3 

Allebone lOof . 

27*; 

*b 

9115 

2.0\ 

6.4 


Ecoih 1 1 ntn'l > . . 

52 


4.46 

34 

12.1 

5o 

Footwear 1 nvs. . 

66 


d434 

2.1 

9.9 

93 

Gama.' E roihUir 

99 


*4.57 

41 i 

69 

11 

Headiam. SinsSp. 

47 


HL7 

79 

54 

64 

Kittens i'Op 

107- 

■»2 

t4.97 

2.3 

6.9 

4/ 

K Shoes 

78 

-1 

*2 3D 

50 

4.4 

•6 

Lamtr-i HtH. 20p 

90 


1322 

2.5 

4.6 

39 

hrabold 1 Bur. n. 

55 

+ 1 

t2.84 

30 

79 

11 

Oliver (Gl 'A 1 ... 

52 


*19 

77 

54 

4t>** 

Pittard Grp 

49 


*281 

42 

S.h 


'lead S. Sim '4 

38 


2 lb 

1.7 

8.6 

54 

Strang £ Fisher 

72 


471 

14 

9* 

41 

Siifo Shoes . 

79 

+1 

1.75 

32 

ii 

15*4 

TuwrWAElOp 

41 


thL18 

3 G 

7Z 

6W f 

Ward While .... 

98 

+ 1 

.‘44.02 

01 

b.l 

2ft 

Wcarra IOp 

27 


tl Si 

2ft 

7.4 


SOUTH AFRICANS 


125 

1635 

|l<5 

97 

i7S 


49 

* , 

6.7 Ud: 


•190 

90 

t80 

72 



Abe ream P.OJfl 

«2 


1016 

1.4 

11.0 

410 

Anglo Am. in. Rl. 

495 

-5 

065c 

2.4 

7.6 

S3 

Ang. 7» > Ind. 50c 

118 


Q2DC 

4J 

1C 1 

« 

Gala Fids. ?. 2*^ 

43 


Q5c 

* 

64 

45 

Gr (ran* A 50c 

122 


C20c 

4ft 

9£ 

87 

Huleti'sCpn. Rl.. 

102 


02Bc 

Ll 

17.(1 

’88 

OK Bazaars 50c 

350 


W63c 

1.9 

9.9 


Primrose lOcti. 

AO 


♦Q6*?c 

4> 

66 

I3C 

P?. r-uettm A'50c 

155 


07ft 

2.6 

11.5 

56 

S.a Brews. 20c.. 

56 

-b 

Qllc 

211 

1U 


Tiger flats Rl_. 
Unuec 

510 

50 


1Q52: 

QIO*^ 

3.9 

12 

61 

12-5 


TEXTILES 


NEWSPAPERS, PUBLISHERS 


130 

[Asscc. News ..._ 

rm 


t5.9 

A 2 

J65 

Ass. Book P. 2Dp 

3M3 



mu 

-75 

46 

BPMHIdos.'A 

40 


32 



Uerni Brothers*. 

03 


237 

ift 

70 

Black (A.&C.). 

145 


d4.9/ 

3.1 

105 

Bristol Pom 

135 

+3 

10.52 

22 

123 

Collins William. 

1.1 


4.75 

2.3 

123 

Do "A‘‘ 

135 

+2 

4/5 

25 

245 

Qai^Uatt ‘A'50p. 
L Mid. Aided A' 

301 

-4 

112.8 

L4 

38 

54ri 


Ihftl 

35 

65 

Jordan & Gad* 

03 



mi.hH 

4.7, 

55 

lome Counties . 

73 


1457 

tM 

115 

ndepenaentj'.- 

1801 



1060 

2.6 

245 

nLThomsonll .. 

270x3 


bKh 

35 

203 

do. Conv 



105 

35 

120 

.'pool D Pott 50? 

X2B p 

-a 

1737 

2.4 

44*? 

ItaretaU Cav.lOp 

4*b 


14.43 

L6 

Z2B 

Meres lnt 

262: 

+4 

1903 

4.6 

174 

’canon Longman. 

211 • 


008 

02 

49 

»ortsm'tfi & Sund. 

73 

+1 

13.15 

Ol 

38b 

»yramkflOp — 


' ai _ 

1H2.49 

23 

153 

Sbutledgs & KP _ 

1C >. 



1431 

4J 

64 

Slgrpt :'.V. Nj HI 035— 

138 



5.1 

306 

Jtd. Newspaoert. 



1419 

35 

23*2 

A/ebsters Pub. 5p 


ma>< 

1L36 

3.4 

35b 

Wilson Bros. 20p_| 

*12., 


L42 

3l9^ 


4.9) 72 
8.0 


5I| 96 
7.4} 9 6 
7.6 
7.3 
129.9 
52 


5 5)10.7 
83 


2.8 

£7.0 

9.2 

13.6 


164 

58 

85 

85 

50 

*■ 

10b 

<7 

5»i 2 

70 

26 

70 

:?•■ 

84 

132 
1Mb 
’ 30 
J105 
hG5 

mi 

55 

48 


43 h e” 

13>2 


00 

6.7 

6-8 

10.9 


3.7) 73 


PAPER, PRINTING 
ADVERTISING 


Assoc. Paper— 
Do. 

Ault 

Bemrose 

BrrL Printing.... 
Brunning Grp — 

. Do. Reilnc. Vw. 

. BunH Pulp 

■ CapsaaJs 5i> — — 
Causfcm (Sr J.) 
Chapman Bal. 50p. 
Clay I Richard).. 
Collett ffson IOp. 
Cutter Guard 

. East Uncs. Ppr 

Edtafyptus 

Ferry PWtlDp. 
Geers Gross IOp- 
- Harriwi&SoiK.. 
Inverei Grp. 50p 
LAP. Potter 50p 
UcCormiodale £1 
Melody Miffs.... 
Mils & Alien 50p 
W More O'Fer* IOp 
\ Ogihry & M. S2 . 

’ Dftws Paper 20p. 

Qsiey Print Grp 
W Saatdii lDp-y- 
Snthh (Dvldl 20p. 
Sflwrfli (Jeffsn.) . 
Transparent Ppr J 
Tridanl" 

Usher WaBter 

i; Wace Group 20p 
WatJtSnglcn 03 -) 
t — , .Jz- Wttnwugfts.-.. 

(7,1.19 ) n |W)0aiw’Brw)5p 


r5- 


t2.93 

w 

*3.89 

t3j 

d3J6 

43 86 

t4.» 

L93 

338 

1t2J7 

t332 

102 

till 

1335 

±4.25 

086 

K3.05 

426 

14.93 


. .4.46' 
324 
53 
dh3.07 
*Q70c 
I2*a 
*152 
1*334 
P4.75 
17.45 
tS.Ql 
4334 
1332 
1*158 
3131 
3.91 
01 


4.4 S3| 5.6 
143 19 
2A 74 87 
2.0 7.7 9 9 
3£ IIJ 135) 
33 91 51 
33112 42 
3.8 83 4 B 
31 7.6 63 
5.7 

13) 7.0)138 
M 42 10.4 
4.4 6-7 52 

72 63 
— 73.7 

3.8 95 

7.4 72 

4 53 
45 9.2 
zimi 6.7 
ZO 10 m 153* 
23 219 143) 

55! 73 75 

04 53 

4.9 7 2 
33 6.2 

5.9 06 

2.5 9.9 
8310.0 

5.8 27 

3310.8 
09 63 

. 5.7 10.0 
13)113 91 
11(30 28.8 

73 5.9 

3.7 7.6 
07 112 

5.7 7.9 


26j 

3ffl 

4.ll 

1-8 

b.7\ 

Vu 

26l 


03] 


56 

34 

22 

40 

54 

■•I 

n 

16b 

61 

66 

4? 

UD7* 

48 

50 

82 

19 

lib 

h56 
25 : 
91' 
74 

53 
40 
73 

36 
99 
77b 
« 

)106 

66 

48- 

37 
34 
43 

1-74 

38 
6b 

54 
62b 

Sf 2 

90 

60 

49 
59 


PROPERTY 


]Aird London IOp. 
AIMat* London. 
AsBlgaaated Stores 
Apex. Props. I0pJ 
Aqufs. Secs. - 
Avenue CFte 
B « aunl0f,t 
BeasrfCH.^l 
BeUvKqrNIdBS. 

“ keleyHaabr 
__ jflo {Percy) - 
BrsdfordProp.-, 
British Land -- 
i Es.12tcCnv.20CE-, 

: Brixton Estate- 
Cap. iCoo rules 

Cwdas** 1 *- 5 ^- 
(TnWrinelal20p 
Do.Cap.20p~ 
ChaddeSley- 
Chesterfield 
Qantt'ryEsL.. 
City Offices-..- 
Clarke N Walls. 

1 DaaroJSecs.Iflp 


t New . . __ 
rmy&Dtst-'iqpJ 
DaeJanCHWgsJ-l 
Dares Estates IOp 
Dorringtonlft) 
Eng. Prop. 50p 
Co6bpeCm- 
D0.1&CW. 

TEHs. Prop. Iw~ 
Evans Lerds r - 

FalntewEsB-lDp 

iFboreeiJiBl.lODh- 

1 jGilraie 10p~-»-- 
I- tot. Portland SOP -| 
‘Green iR-i 10? 
iGreencoaiSp— 


a* 

& 

Zt- 

74 

90 

37m 


l+I 




173 

256- 

V 

36 

82 

50 


320 

68 

65 

34*d 

236 

32- 

117 

KB 

18 

9 

£74 

£82- 

59 

20 

109 

ssm 

133 

224 

37 

8b 


5>- 


er 


+2 


:*h. 


206 

U437 

*131 

069 

L65 

11337 

MS 

291 

t327 

1627 

16.91 

oiishl 

as 

822B 


14.06 

436 

tL92 

L99 


0.88 
3.04 
flhSL 
1314 
233 , 

046 

tL02 

236 

(OJZ 

631 

2JJ2 


•~..J4*295 
;HL49 


261 5A1L8 
22 2.9 23.6 

24 23 «3 
2.2 5H253 
12 32410 
6.4 19.9 
111 9 
53 * 
3332 3 
5.4192 
4D 7.7; 


f7i 
24 0U> 
5.0 30.9 
3J363 


13j 

* 

4 

12 

L4 

42 


17 

12 

12 


4.4 

3-0 

04 

16 

08 

348 

64 

18 

12 

L9 

3.6 

3J) 

19 

24 

* 


18 3U 
22373 
4226.4 

4.6 100 

3.6 ia» 
13416 
3.L 
11218 
43 9-9 
««)' 
7.5 119 

ifi.6 sue 

#6-9 
Oifi 
12 715 
7Js 16.9 
32 242 
22 109 


731(51) 
5l|l0.4 

20(31.4 

6.0)125 

|W3 


!U0 

48 

53 

64 

20 

26 

28 

10 

3 S 1 

12 

Mb 

6; 

ZT‘i 

109 

i70>* 

31 

49; 

4® 

51 

24 

25 
£5 
79 

53 

17 

27 

26 


41 
38 
15 

7 

34 
55 

42 
21 
73 
29 
46 

1102 

24 
58 
12 
8b 
41 
344i 
18 
61 
48 

25 ■ 
18 
20 
20 
G5 
23b 
20 
271; 
19b 

35 

26 
23 
37 
20 
18 
46 
44 
31b 
26 
48 
41 
34 
29 


Allied Textile _ 
Atkins Bros 

Beales iJ.: 20p 

Beckman A. 10n., 

Blackwood Mort- 
iBohtfSLFah IBs. 
Brigh) iJohni... 
Brinrav Grp 5c . 
Brit. Enka Ion 
Brit. Uonair 

EaimerL'irt.ZOo. 

Cairi 1 Dundee;. 

Ca-prts Im. 50c 

'Carr'glr V.yelia 
Canoam Ind — 
Costs Patons .... 

Corah 

Courtaulds 

Od. 7% Deb 82, 7 
Crtw-ther ' J.).„ 
Dawson lot)... _ 

Do. A' 

Dixon « David: 
Early 'C.1 £ V IOp] 
Foster 1 John?... 

Haggas ( J.) IOp 
Hh*ingP-a.50B. 
Hield Bros. 5p - 

Highams- 

Holla Grp 5p — 

Homfray 

Ill'miOrth M 20o 

Do. ‘A 1 20p 

Ingram IH.) IOp. 

JergnsetHklgs.). 

Leeds Dyers — 
Leigh Mills....— 
Leve*5p.„..-. 

Lister... 

Lyles S.)20p 
fMacJtayHLflh... 
f.lackinnon Scoti 
Martin (A. 1 2ft) 
Miller IF.) IOp. 

Montiort 

.Notts. Mairfg.... 
■Mora Jersej'ZOp- 
ParWand-A 1 ..... 
!PicW«r\y.)iCfl. 
Do.'A'NVlOp. 
Radlet Fashions J 
Reliance Kr£(2Gp) 
Richards IOp.... 
Rnington Reed. 
jS.E.E.7. 20p.... 
Scot! Roberts on 
ISekers lnt. IOp. 
aa* Carpets !0p 
Shiloh Spinners 
[Sic law Inds30p .. 

Sirdar 

Small & Tldinas 
[Sn. Viscosa Li 200 
Do. Pnv. LL200 . 
‘Spencer tGeo.). 
Stoddard *A'..._ 
IStrajd RHey Or'd 
Surbearn Waftey. 
(Tern-Consulate. 
TenfrdJrsy. IOp. 

omkinsons 

T octal 

Turay V50 

Trafford Carpets.) 
Tricovllle lft) 
Ulta-Tex 2C 
/orts-FlneW. 
.Youghal 


145 

53 

78 
75 
23 
29. 

33 
6b 

13b 

52b 

54« 

22 

61 

35b 

35 

IP 

122m 

£7Db 

34 
96 
96 

105 
31 
47 m 
195 
113 

54 
67 

39 
31 
30 

35 
50 

63 
21 
16 
49 
65m 
45 
48b 

79 
45 

74 
138 

36 

75 
17 

55 

§* 

65 

64 
45m 
34m 
70 

33 
83 
73k 
45 
73 
41 U 
35 
30 
30 
42 
74v 
38 

65 
44b 
61b 
26 
76m 
57 

40 

34 


■*■'2 


+ 2 


-1 




-2 


-b 


td659 
t3.73 
*2 92 
4 03 
0.63 
2«»4 

r.«6 


*2.76 

*3.16 

1U 
*213 
2.46 
*3 31 
*J.fi8 

17.67 , 
07S 

00.66 

hP7.0 

HP7J1 

H5 33 

2.01 

T2-5 

60.76 
17.24 
0.76 
t3.Q6 
456 
d3J7 
1150 
11.50 
irUl 
612.82 
dL69 
dl29 

dll 

4.99 

<035 

1.67 

13.76 
HL6Z 
13.54 

w 

1*3.23 
1.7 
7 
J1 
»3J5 
11.05 
M4.49 
184 
12.78 
tl.53 
2.55 
166 
631 
M2.1 
12.03 


12.5 
dl.33 
152 
03.75 
M3 6 
1 01 
4.19 
12.76, 
QKHtJ 
169 
235 
355 
GL85 
$2.08 


iO-'l 

9? 

isii 

m 


5J 
4.4 

•iu 

9tfl5.7> 


lfll05) 7.4 
4.9 
4.6 

1U' 


ir 


20.3] 


ill 
zi si 


UiH 


3-fl 


8.6) 


2.rtio.a 

0.9|12J| 


5.0 
58 
65 
130) 

3.0 

, 

33.9 

5.0 
* 

2.01 921(63) 


!:8 M 

o.a 


3 M 


6.3 

116 


fl.ollilis.i 

I7W 


53 
5.3 
45 
74 
6.8 
,10.6 
9.8(1421 


03^ 


12. 


6.7 

5.4 

di 

t 3 " 


1.410 . 7 


« 

110 

b3 

22 

60.7 
16 .1 
15 

*39* 

1M. 


3.6 


illl 


3.8 
95 
5.4 
64 
6J 

10.3 
42 
10.8 
113 
14 6 
173 
5.0 

7.9 


23 


INVESTMENT TRUSTS— Cont. 

1-1 


FINANCE, LAND — Continued 


1978 


m Lnr| 


5.«408 


9^1501 


2.7 
117 

06 

ti 

07 

4.3 

3.8 


85 

211 

100 

95 

06 

13.8 


6-4 
7.a 
0* 

7 3 

4.ffl 

93 
1.8)564 


067) 

t 


.TOBACCOS 


89 

65b 

66 


1330 

71b 

45b 

50 


BATInds — 

. Do.Defd— 
DunhUf (A.) IOp _| 

Imperial 

Rothmans lZbp J 
iSlenwen Hrulfti| 


291 

255 

380m 

84 

60>a 

52 


11321 

035 

5.75 

12.D7 

1253 


X33 08 5J 
- - 45 
53 35 7.9 
U 102(06) 
9.4 52 25 
29 01 05 


TRUSTS, FINANCE, LAND 

Investment Trusts 


60 
1157 
121 
117 

250 
124 
215 

S 2 

82 

52b 
41 

114 
50 
162 

81 
43b 
158 
145 
74 

115 
69b 
105 

65 
77 
*b 
1% 

68 

SM 
£139 S95 
26 22 
9. 6 

•46b 34b 
87 60 

12b 9b 


49 

1118 

w 

1193 

& 

84 

,39b 

1104 
36 
64 
, 30 

U06 

H06 

49 

69 

48 

45b 


a 


Aberdeen I nvs. . 
Aberdeen Trust 

Alisa Inv 

Alliance Inv. — 

Alliance Trusts 
AHifuadlne.5Qp, 
Do.Capitar50p, 
Mrase Inv. InC 
Do. Cap. 
American Trust 
AmeritanTsL'S' 
Anglo Am. Secs 
Anglo-lnt Div- 
Co. Asset Sis. 
Anglo- Scot lire. J 
ArcWmedesIne,-) 
Do Caa.50o.. 

Areolmj.(tS) 

Ashdcwn >nv.._ 
Atiajrta BalL IOp.] 
Atlantic Assets. 
Atlas Sect..—.. 
AifiL&lnL(50p) 
Bankers' Inv.— 
BenyTrns* — . 
BtojagatePrep.. 
BishonsgateTst , 
Bcrirr £5‘Jw.lbp-| 
BrazDFuhdCraLI 
Brazil Jmr. CrSl 
Snaw®rTst— . 
Bridgewater— 
BrlL Am. fi Gen 
Brltid) Assets — 
BrtL£a?-£ea.5p- 


57 

133 

112 

105 

232 

118 

190 

59. 

78 

42 
40b 

If 2 

43 
152 

®b 

79 
37 

327 

125. 

54 

■ft 

f 

73 . 
6 h 
176 
59 

sm 

$127 
25xd 
7^4 
40 - 
71 

V'l 


+b 


lj5 

4.86 

3.05 

7.Z1 

1043 

1043 

1457 

tU7 

3.05 

325 

ll 

523 

W2%J 

1400 

0.75 

0.41 

193 

3JJ 

255 

106 

1tf034 
170 , 
QS0.93( 

QS521 

tin 

H67 

24 

0.7 


101 6^23.61192 h« 


0« * 

Lft Ofc 
lft sijzs.s 
10 J) 33.7 

uiuaxu» 




10 


11 

lft 

12 

lft 

101 

* , 
1 ft 
lft 

12 


4J 


281 


4.7 292 
1113 13.® 

02 23.7 

9.9 152 

52175 

4.9 205 


0.6 2H5 
4.7 30.0 
19201 
08 218 
22509 

04 273 
43 342 
92 * 
43 242 

95103 

6222.8 

53206 

9.1143 


116 

179 

173 

no 

75 
275 
93b 

98 
325 
123 
143 
337 

123 
134 
74b 
162 

650 

66 

31b 

131 

90 

114 

76 

91 
12 
*»3 
88 

270 

216 

129 

205 

85 
31 

45 
60 
73b 

232 

164 
213 
145 

165 
47b 
216 

hi 

244 

73 

142 
250 
177 

87 
48 
87 b 

8h 

127 

157 

226 

9? 

55 

103 

111b 

141J; 

57 

n‘ 

143 
257 

46 
140 
150 
ll? 

99 
125 
U4 
110 
105 

86 
80 

131b 

70 

85 

113 
102 

70b 

70 

87 

no 

204 

91 

ft 

775 

60b 

W 

176 

93b 

182 

150 
200 
263 

53 

51 

80 

151 

105 
44 

115 
£110 

42 

72 

88 

124 
63 
28 
35 

230 

125 

67 
48b 
llh 

58 
212 

132 
84 
25, 
70 
48 
J7 
8> 
3*?* 

68 
44 

10; 

110 

8S5 

21b 

Id? 

35 

82 

106 

114 b 
131 

61 

6? 

137 

75 

28 

140 

41 

3b 

192 

163 

£65b 

652 


88 

Jl40 

U22 

79 

1214 

% 

75 

^90 

102 

boo 

87 

J 

46 

26 

76 
48*2 
85 
62 

7 ? 

,9 

IS 

£ 

67 

24 

38*J 

3*^ 

56 

200 

140 

1172 

106 

123 

27 

155 

59 
163 

55 
86b 

1194 

96*2 

60 

74 
63 

58 
91 

102 

1170 

59 
37 

70 
76*1 
130 

37 
34 
49 

, 98b 
120 
73 
1125 
97 

88 
72b 
72b 
84 

71 
67b 

60b 

56 

77 
55 
65 
90 
67 
56’ 
48 

160 

67 

63 

SSb 

>630 

42b 

65b 

Bor 

62*2 

103 

701; 

1103 

1220 

41b 

44 

4 

125 

75 

38 


495 

105 

59 

, 85 
223 
78 
135 
101 
281 
,161 
45 
lUb 
128b 
168 

%’ 

ml 

108 

|21B 

iOOb 

47 

215 

|460 

147 

86*2 

127 

165 

69 

122 

197 

no 

no 

Has 

nos 

86 

125 

1192 

81 

66 


S 

154 

126 

544 

ZL 

V 

900 

V 

p4 

100 


89 


Stack 

iBrftL Ind.&Gen 

Brit Invest 

Braadstone £20p) 
iBnnwr lnv...._ 

iCL.R-P.inv 

Caledonia I nvs.. 
'Caledonian Tst . 

DO. “B" 

Caretran aadGen. 
Camellia l nvs. IOp 
Can. & Foreign. 
Capital & Nat. _ 
r D0.“B", 

'CartflruU Did 

Carllol inv. 

Cedar Inv 

emus. inc. a 

Do. Cap_ 

'Charter Trite .. 

City & Com. IntJ 
Do. Cap. (£11. 

CHy & For. Iiw„ 

City & Inter* TI 
City of Oxford — 
ClareitaiK 50p_| 
Clifton I nvs IOp 
fcWJesdai* Itre- 

DO.-B’’ 

Colonial Secs. Dfd. 

Continent! & Ind 

Garni rent! Union 

Cres'm Japan 50p. 

jCrossfriars 

ICurhiIus Inv 

1 Danae Knc.KSOp) 

Do. *Cap.) IOp 
Debenture Corp„ 

'Derby Tsi. inc All 215 


87b 

£llb 

33 

20 

26 

55 

U 

T 

59h 

157 

93 

o4 

34' 

86*2 

48 

178 

90 

71 

16?« 

65 

40 
33 

t>2 

41 
48 
24b 
78 
84 

600 

17b 

70 

21 

bl 

7Sb 

79) 

95b 

51 

47 

“9 

59 

23b 

104 

35 

22 

148 

1123 

£464, 

M67 


£49»; |£35 


|310 

'3 

52 

43 

!159 

67 

ilOl 

74b 

151 

|U4 

34 

BZb 

94 

|119 

86 

55b 

58 

72b 

. 69 
1161 
65 
60 

154b 

1300 

118 

58 

94 

1144 

{ff* 

EL4S 

76 

80 

81b 

21b 

86 

64 

005 

71 

, 95 
1142 
56 


59b 

91 

120 

94 

106b 

18 

80b 

163 

600 

74 

tn 

ff 


Da.Cap.50p.. 
Dominon S, Gen. . 
iDrayton Corn'd. 

Do. Cons - 

Do. Far Eastern. 
Do. Premier 
Duaives; inc. 5ft> 
Dp. Capital £1 
Dundee & Lon. . 
iEdatur^iAn Tr. _ 

lEdinJnv. Df.£l- 
Electra inv.Tu.. 
Elect. & Gen. ... 
Enq £ Intrmail. 
'Eng. £ ft v. Tmu 
'Eng. i Scot. Inv 
Equity Cons': £1. 
Do. Del'd 50p. 
.Equity Inc. 50p. 
Estate Duties ... 
F. 4 C. Eurotrust 
'Fartnlr Inv. Tst 
First Scot. Am. . 
Foreign 4 Col... 

F. li.G.i.T <R025! 
‘Fundim-rs: Inc.. 

Do. Can 

G. T Japan 

IGfn J Cwnnr'ci. 
Gen. Cun-oldid. 
General Funos .. 

Do.Conv. IOp. 
'Gen. Investors _ 
IGen Scatish.... 
iGrr. Lt'hiJr Il^j 
Gfcgo* St'HIdrs. 
'Glenderan Inv. . 

Do. ■ B" 

Glenmurray ln>. .. 

Do. -B' Ord 

Globe Inv. . . . 

G e*ett Europe . 
Grange Trust .... 
GL No’tn'n lire. 
Greenlriar Inv.. 

IGresham Inv. 

[Grouu investors 
Guareuui Inv. TrJ 

Hamhr« 

'Hitt < Philip' 

Hume Hid; • A '', 

Do -3'' 

'\COlurJl>S‘ 

Do i£i 

Industrial i Gen. 
InLemni't lnv..„ 
Inv. in Success. 
Investor 'Cap . 

Jarpirt Japan . 
Jarnin* ae: HKS3 
Jerif-E.i PI. Ip] 
Jersey Gen. Cl . 
Jos Holdings 

Jove inv Inc ltJp 

Do. Cap.Zp 
Kejrsione Inv. 50a] 
Lake View Inv,. 

jlanc. i Lot. Inv . 

Law Detwnuire. 
Laari £:i s ?. tl lp. 
Letts Inv inc.SOp 
Do Cap. 5p .... 

Le Vallonei Inv. 

, Lon. Atlantic . . 
{Lon. 4 Gar\ 50p 
Lndn. & Hc-'.rood 
Lon, 6 Lrnno» .. 
Lon. & L'v. IOp 
]Lon. 4 Lomond. 
Lon. £ "wtrose . 
Lon. 0 Prov 

Lon. Pnceniial 

Lon & E'clytle.. 
Lon. Tst Did. ... 
Lowland nw . .. 

-' iGDuall.T. IOp 

Do. Cap. IOp. 
|De bo Italic. l<o. 

Do. Cap. 4p ... 
>.‘i\ i W.’iim ins 
•Veldrum Inv. 
Mercantile Inv.. 

Merchant; Tst.. 

Monks Invest.... 
Mcr.t. Boston IOp 
Do Wrrts. £1 
V.oargale Inv ... 

Moorside Trust. 

Negn 5. A SliSl . 
New Throg. lac 
Do. Cap. £1 .... 
Do New Wrrts. 

1928 Invest 

N: 1. Atlantic Sec 
Nihn. American 
No rt hern Sees.. 
Oil 4 Assoc. Inv 

'Oiiiwich inv 

Penland Inv .... 
Prod Scs Inv. 50p| 

Pro. ireSal Cities 

Raeount 

Rra brook Inv.... 
Rjoms4 Iss. Cap 
Rivtr & Merc... 
River Plate Del... 
Rcbtco I Br J FI50. 
04 iutSh'sFlj. 

KHinco MV FI50 . 

Dr. SASi-sFIS 
Romney Trust... 
Rosedimohd Inc 

Do Cap, 

'RctfriJrrtdtaSfti 
Safrguaid Ind.. 
Si. Andrew Tsl 
S cot An. Inv 5ft) 
Scot. Cities 'A - . 
Scot Cast. Inu_ 

Scot European. 

Scottish Inv 

Scci.Mort.4Tsi 

Scot. National .. 
5 l-«. Northern . 
Scoi..0ntano.... 
!Scm Uid inv... 
Scot Western.. 
iScoi. Westn. 'B - .. 
Sr; Alliance Tst. 
Set Great Hum.. 

Do "B" 

Securllles T. Sc 
|Srif5RB»hw.SUSiJ 
Siures lmr.50p. 

Sire .veil IOp 

'Sphere inv 

SPLIT Inc. IOp 
ISPUT Cap. IOp 
IStanhope Gen... 
Sterling Ta.>_. 
SiKi holders Inv. 

|Tedmology_ 

Temple Bar..... 

|Thrtw. Growth.. 

Do. Cap. £1_. 
Throgmorton „.. 
Do. £ij% Loan. 
Tor. Invest. Ire. 

Do. Cap 

Trans. Oceanic. 
Tribune Invest.. 

TrpbvesLlntSOn 

Do. Capital a 1 
Trust Union — 
Trustees Corp- 

Tyneside Inv. 

Uld. BriL Secs.. 

Utd. Capitals 

US Deb. Corp~ 
]U5. & General Tk.. 
US Trust Fund 51 
.VHdng Resources, 
hi. Ga. 4 Teas Up. 
‘Wemjrss Inv. £1 
|Wlnte rbottinn.„ 

fWHan Imr 

Do. "B"._^_ 
Yeoman inv — 
lYorlts. & Lancs. 
YoungCo'slm^l. 


Pika 

99 

164 

144 

94 

66 

246 

771; 

74*; 

92jS 

305 

103 
124 
117 
109 
U4 

67 

158 

620 

fk 

104 

72 
100 

73 
82 

7** 

V 

240 

189 

115 

183 

80 

29m 

42 

5*2 

66b 


156 

187 

125 

138 

39b 

185 

61 

ZLO 

62b 

132b 

219 
113b 

ff 

ff 

102 

132 

210 

79 

49 

96 

91 
165 

43 

36 
60 

183 

140 

85 
173 

142 
103 

86 
115 

?f’ 

92 

73 

70 
117 

ff 

2 & 

58*2 

61 

77 

97 
178 

75 

74 
59*4 

630 

52*4 

74* 

158 

77*2 

163 

87 

161 

220 

47 
471; 

6*2 

134 

90*2 

42b 

Jb 

39* a 

24b 

65m 

72 
112 

V 

1^ 
no 
76m 
41*2 
103*; 
• 56 
204 
113 

76 
22*; 
66 
46 
40 

71 

48 
53 
30 

98 
95 

885 

20*4 

143 
30 
69 
89 

56m 

119 

IP 

115 

59m 

261; 

U8 

37 
29 

170 

144 
£53*2 
532 
£41*«c 
410 <c 

87 

56*2 

74 

209m 

73 

U4*2 

84 

16%S 

135b 

40 

100 

110b 

142b 

103*2 

66 

76*2 

93 

91*2 

180 

83*2 

80b 

178b 

400 

133 

82 

111 

149 

56 

115 

167 

92b 

99 
97 
26b 
89 

£lltf 

84 
304 
266 
64*2 
62> z 
143 
103 . 
138 
106 
126 

19 

89 

178m 

690 

84 

73 

282m 

208 

89 

B4 

178 


au 


-*-2 


+1 


+1 


-<-1 


-b 


+b 


+2 


-l 


F*« 


-6 


4-b 


+ >I 


+ '* 


+b 


+1 


4-2 

-10 


+2 


Hf 

Net 

380 

4.92 

t523 

13.60 

11 

1856 

11.86 

3ii 

103 

13.65 

4.6 

73% 

3.91 

175 

Q15J) 

fUl 

11.85 


4.7 

i^ s 

H90 

8.22 

*050 

555 

3.72 

0.82 

3.15 

1*144 

*13.63 

h£s 

457 

52 

0.91 

080 

1454 

160 

3-12 

1085 

H55 

157 

3.86 

13.0 
149 

6.87 

5.69 
1139 
1*185 

1.0 
<4 5 

2.69 
*3.83 
«5*,c 
2 64 

2.02 
5.92 
t3 81 
4.77 

t45b 

3.40 

13 

t2.44 

L85 

L73 

H55 

18 

1223 

13.93 

L47 

2.03 

1.9 
t2 74 

3.81 
*002 

46 

020c 

<29.49 

11 7B 
12.66 
140 
+2.67 
0 86 
(Q47c 

1013 0 

2.39 

3.55 

609 

1144 

183 

«57 

174 

12.81 

dl _ 52 

H35 

s051 

t3.65 

1*170 

060 

H44 

5.9 
*3 45 
+189 

16 

H4 6? 
25 , 
M12 79I 

H5~J5 


1.38 

1.27 

lit 

1.62 

0.89 

3.88 

T4.82 

Qllc 

L5b 


ml 96 
3.07 
d305 
350 
113 
tl55 
411 
12.84 
1.50 
13.70 
124 
012 

8.25 

tfa.34 
025.69 k, 
Q25.6%| 
J— 
s— 

2 69 
t4 24 

till 
40 
l«57 
(2 64 
8.74 
1457 
152 
3.0 
t3J5 
3.9 
3.4] 
H2.17 
thl.62 
12.23 

6.3D 

2.01 

H085 

Q25c 

859 

18 

1335 

1913 

3.ii 

t5J8 

255 

2.W 

h4.82 

20 


Yld 

CvrjGr'i 


PIE 


+2 


4 45 

0.57 

5.08 

hL32 

t4.46 

t!4S 

455 

3.91 

4.46 

10.95 

*3.57 

t6.03 

QlOc 

1.12 

0.76 

125 

T4.67 

1133 

007 

7.70 

155 

15.71 


u 5.3219 

10 45333 

10 5 4 283 

11 55 20 
It 4.8 300 


lft 5ft 


10 


I.9I 10 


L2| 55IS5I 


10 


M 


11 5ft 
10 61 
14 95| 


IZi 


Lft 9. ft 15. ft 


3.4 


ai| 

lft 4ft 30.1 
|3B5 


1® 6.9)216) 89 


3.ft42J 


55jZ7ft n 
1247 


6.Q 


t 42 
U 111 

Ti 55 

05 95 


Lft 08)235 
lft 5ft23.4 
235 
395 
25.8 
14.6 


U 5.6 
11 35 
11 55 
L01L4I 


4.7 310 
7.4 20.6 
31 4L7 
09 20.6 
61 275 
51 29 8 
14 7 
21.8 
♦ 

385 
.465 
24.2 
307 

, ,®- 7 
lft 7.6|lQl 

lift 


LO 10 ft 
1.1 04 
* 8ft 
1.1 3ft 
1.1 3.01 
LO 7.0 
1.0 4 ft 
lif 35 


iii 


ift 


mi 


l.ft 3ft 


lft 


1-3 a 

LI 


lft 


2J 5ft 


-lft 


a a 


a 

LOi 

lft 

1.1 

lft 

1.01 

Hi 

f 

lft 

Ti 

Ll 

1.0 

10 


*V 


7ft 


2.4 


4ft 


07 

91 

Lfl 

15 

5.1 

55 

28 

32 

Oft 

6Ji 

09 

76 

112 

0S 

4.0 
6.4 

09 

10.6 

71 

8.0 
1.0 


215 


235, 


131 
£52 
69 
£54 
02 
28 

• 5 S 

a? B 

2L4 


25.7 

1200 


* 

122 


25 J) 
185 


* 

735 


132 

804 

22.8 

206 

304 

no 

25.3 

* 

3 23 
52.6 

416 


198 
255 
132.7 
5.9)234 


512 

14.6 

29.4 

275 

252 

225 

13.9 


278 

248 

505 

42.8 

151* 

15.0 

iTj 

19.6 

12.4 

201 

352 

22.4 
|20.6 

158 

20.f 

521 


4*31.2 

5.01305 


352 
,28.7 
8)30.4 
32.4 
265 
8)22 5 

24.2 

21.2 
17.9 


11. 


8)14.4 


24.0 
,235 
1)26 8 
265 


25)48.8 


9 24.1 
b 19.6 
6 1775 
6 12.6 


4.8)28.0 


5ft 


192 
2L3 
5.9165 


5.9)162 


4.6)305 


33 


10 J 


2ft 4.0 
lft 4ft 


LO] 

20.1 
12 

Ll 
15 3.1 
1.0 10.7 


21 

7.4| 

lift 


52 

ll 

6.1 

07| 

a 

0.6 

3.4 

4.0 


235 

275 

31.0 
28.6 
245 
30.4 

27.1 
192 

* 


225 


13.6 

212 


lift 
Fj 

82)17.7 

6ft27.D 

i 

4.5 
41 


32.4 
<6 

31.8 
235 

, * 
1345 

132.8 
5W30.3 
4ft30.8 


47.6 

44.7 


52)315 

3ft422 


28 2 


I| 

9.9)14.? 


; «.t 


45)315 


17.6 


1978 

Hig* Low 


19b 

36 

77 

150 

80 

74 

•ff 

20 

450 

14 


ff 

36 

1104 

38 

42 

1840 

42 

, M 
200 

A 

1167 

10 

89 

IC48 

51 

UT* 

|900 

23 


| Stock 

Price 

Ll 

Lanai* Hldi lOpf. 

U 

...... 

Lon. Euro. Grp- 

32 


Lon. Merchant- 

67 

-1 

M.&G.HI09S.5P 

128 


Mawdrtlnw.lOp 

69 

-i 

Manin t0P.)5p 

59 

+1 

UssMrt.&R'tty 

950 

452 

Moofoya (£1)-. 

53 


N.M.C.1nvL 12bP- 
RiptulASqLlq)- 
Parambe IOp _ 

lib 

420 

11 

-b" 

Park Place inv. 

41 


Peaisoo IS) & Sen 

218 

+'i 


12 

94ti 

-1 

S.E.£4*»pe Aral. 

£52 



Smith Bros. 

56 



£44*a 

+b 


£10 


25 



52 



14. 


[Yule CattolOp. 

67 



ffiv 

fat 

05 

1051 

*084 

351 

?0.75 

45 


L43 


152 
081 
0.49 . 
357 
i£lb 
d4.97 


TO 
CYr Grt 


P/E 


IM 


4ft 


OILS 


125 

96 

168 

954 

76b 


£62b 
£13b 
40 
65 
30 

£26b 
450 
413 
144 
9B 
38 

190 __ 
Q(»«te97 


60 

^66 

[134 

720 

65 

42 

£51 

1750 

30 

49 

21 

G|*. 

86 

83 

24 

126 


415 

45 

306 

19 

ff* 

£49 

620 

602 

69 

444 

£64 

190 

254 

161 

195 

195 

82 


310 

120 

170 

73 

65 

130 

T6b 

£70 

575 

97 

445 

30 

29 

78 

49 

275 

107 

235 

225 

54 

& 

250 

61 

£100 

73 


[ttArw EneigyQ. 
(Attack 20p, — 
'Bril. Borneo IOp J 
BriL Peirol'm. tl 
Do. 8% Pf. a 

Burmah £1 , 

Do.Bb Ln.91796| 
**C C P Nth. Sea O- 
tlCandecca Res.. 
Century IOp — 
Charterissll 5p- 
Qr Fr. Petroles S. 
ftCiuft Oil £1 — 
DO.Cnv. “A".. 
ttClyde Petrol Q. 

Hunting Petrol . 

KCA 


1284 

13 

1178 

12b 

1713 

lb 

320 

|4B4 

57 

]22b 

130 

182 

.120 

86 

86 

51 


LASMO , 

MSH014%1981-83_| 
LASMO “Ops- 10 b- 
[UagnH Metals 10c M 
lOil Exp!. 10p_. 
Premier Cons. 5p) 

Ranger Oil 

Reynolds Dtv. lc_l 
JRyf. Dutch F15Q-. 

ISceptre Res. 

[Shell Trans. Reg_) 
Do. 7%P». £1. 

H*Sleb*miU.K.)£L 

‘Tera:c4i(1i Ciw. 

iTnceotrol 

Ultramar 

Do. 7pc Cnv.Cl 
IweeliNai lOcu.. 

Do.Pfd.0ro 10c 
'Woodside A50c- 


60 

86N 

162 

942 

71 

74 

£60 

cn 

38 

63m 

24b 

£20 

388 

300 

90 

asm 

34b 

137 

£99b 

385 

27 

22B 

16 

925 

lb 

£40b 

391 

587 

61b 

274 

£53b 

166 

230 

135 

150 

150 

51 


-1 


-1 


% 

*1 

-2“' 

Vi" 

_i" 


-1 


2.13 

L54 

H0J3 

L41 


t084 

122.43 

5.6% 

Q8*’% 


1067 

QMJIr. 


L02 

b4.65 

01 

01496) 


2J4 


2.8117(0 


a 

L6, 

1L4 

6.1 

U2 


4ft 


3.6) 4.7 


12.7) 

4.4 

a 


135 

17.2 

9J 

|302 

* 


7.6 


7.0 
8.9 
24 2 
53 242 
02 _ 
13.2 85 
05 - 
i 


103 

63 

282 

7.7 


Q5L751J Z4\ 


115.94 


4.9%) 11 02] 


04\9( 

tL34 

J%| 

015*<c 


L5 

b.O 

442.* 


3ft 


lft 0ffl 07 


8ft L7 


M 


3J 


4ft 


l%l r«i 


24 ft 


63 

3.U 

1L8J 

eJ5j 


03 


el*.?) 


L4 


Uft 


155 

LLB 


6.1 


8.6 

02 

15.7 


32 3 


0ft 07 


60 


■9.2] - 
lft 151 

r 


OVERSEAS TRADERS 


1224 

60 

Pfa 

45 

25b 

83b 

95 

L49 

1325 

66 

1295 

a 

9 

55 

40b 

1208 

6B 

'165 

160 

<b 

44 

1175 

40 
£87 

41 
41 


-African Lakes.. 
Aust. Agric. 50c 
Brnrirfdi5.&W 
Bortsvil (Tten. > 50p -1 

B ouslead (10p> 

Finiav 1 James* . 

GUI & Outfits .... 
Gt. Nthn. £10 ... 
H'ris'ns. Cros. £1. 
Hotfmng tS.)^. 
InchcapeO — 

jjacks Wm 

(Jamaica Sugar. 

Lonriio 

Mitchell Coils. - 
Nigerian Elec. £1 

Ocean Wluis.20p 

Pii’son. 2oct IOp 
Do. A' MiV IOp 
Sangei -J D IOp. 
Sena Sugar 50 p 
AS ime Darby IOp 

Steel Bros 

To/er Kerns. ZOu 
Cn GpcCnv. '81 
U.City Merc. IOp. 
Do. lOpc Ln. IBp 


270 

-5 

h357 19.0 

2.fl 

102 


03.5c 1 1 

2.1 

160 

-1 

tti4.19 4.6 

39 

66 

-*1 

029 1.1 

14 S 

54 


152 31 

4.2 

94 


uS.O 31 

8.P 

146 

-i 

K4.B6 21 

0n 

£64 


Qre-h, u 

1.5 

487M 


♦22.11 2ft 

6.6 

72 


432 Ll 

8.9 

305 


1523 2ft 

7.4 

22 


n.o 03 



11 






62 


065 23 

1611 

44 

-b 

3.45 Ll 

11.7 

210 


13.40 O.S 

9.5 

7B 


292 2.9 

b.7 

180 

-10 

8.0 09 

6.6 

175 

-10 

8.0 6.9 

6.G 

40 

+3 

♦0.08 - 

t 

5* 




93 

-3 

703 0 2.4 

3? 

290 


*6.5 4.4 

5ft 

S3 


13.15 2.7 

88 

£91 


Q8% lS.G 

(9 0 

50 

+1 

0 84 71 

25 

50 

+2 

Q10% 30.6 

f3.7 


27 

43.4 

6.1 

911 

8.6 

4.9 

93 

223 

9.4 

89 

7.6 

35 

(33) 

(01) 

XT 

64 

32 

3.2 


23.7 

6 

(5.0) 

84 


RUBBERS AND SISALS 


1978 

High Low 

104 
127 
17 
65 
305 
57 

52 
12b 
400 
129 
135 

89 
59b 
1?7* 

53 
63 
81 

127 
93 


265 

385 

123 

J0*j 

350 

245 

420 

291; 

130 

183 


Slock 


Price — 


Ore. 

Net 


75 

Anglo-IndtXHtf'n.. 

91 

-1 

2.79 

4.7 

o5 

Bertam Cons. IOp 

103 


355 

1.7 

lib 

Bird (Africa) 

17 


— 



31 

BradwalllOp 

58 


♦L73 

1.0 

165 

Castlefield IOp.... 
Chersonese IOp... 

255 

-5 

s2.84 

LE 

26 

48 

-1 

4hL4 

L2 

23* 

Cons Plants IOp.. 

38 

-1 

Q3.0 

1.1 


Grand Central 10p_ 

11 

327 

-3 

0.6 

1523 

t.6 

65 

Harnsoffi Ml> Est. IOp 

103 

4-3 

d4.0 

13 

56*2 

Hl^dands M50c .. 

103 

-4 

025c 

12 

41b 

79 

Kuala Kepong MSI 
IIKulim M50c .... 

66 

44*2 


012*jc 

Ollic 

L5 

08 

69 

Ldn. Sumatra IOp 

188 

-2 

♦4.06 

U 

36 

Malakofl MSI.-. 

61uf 

-1 

hOlic 

L9 

EDI 

Muar River IOp . . 
Pbrisuon Hdgs IOp . 

62 

-1 

♦04A 

3.9 

55 

. 64 


♦f2 2 1 

2.E 

103 

Righiwise IOp 

11a 


♦1052 

— 

37 

Sungei Krian IOp. 

88 




I I 1 ™ 

C'wr { E:'i 

4.6 

5.: 

4.4 

1.7 
43 

7.9 
65 
7.0 

5.9 


TEAS 

India and Bangladesh 


175 

Assam Dooars £1. 

255 


♦9.65 

5.« 

200 

Assam Frontier £1. 

265 


10.15 

4.4 

90 

Assam In vs £1 .... 

90 


7J.1 

3.7 

20*-. 

Emm re Plants 1 Op.. 

241; 


♦2.01 

1.6 

325 

Lawrie Plants £1. 

334 


bl5 


urn 

McLeod Russel £1 . 

220 


13.5 

2.6 

335 

Moran £1 

335 


15.0 

1.2 

22 

Smglo HIdgs. IOp 

26 


♦n 15 

3-2 

W) 

Warren Plants 

120 


K7. 44 

49 

138 

Williamson £1. ... 

155 



12.5 

42 


Sri Lanka 

225 |123 lUminaU | 225 

Africa 


5.6 

5.7 
ll.fi 
122 

67 

92 
67 

10 4 

93 
12.0 


1 1558 ) 15) 3.7 


620 

595 


442 

420 

£42 

178 


106 

37 

[416 

152 

(444 

75 

105 

73*; 

56b 

865 

63 


(390 

130 


140 

244 

£26*4 

7Bb 


57); 

18 

1235 

<4 

52 

37 

31 

,517 

281; 


BlantyreEl 

Ruo Estates 


595 

140 


*50.76 

7132 


!4 


MINES - 
CENTRAL RAND 


Durban Deep fil . 
Easi RandPrp- Rl- 
Randlpm'n Est. R2 
[West Rand Rl «... 


272 


_ 


259 

*8 

— 



£2 fab 

- : 4 

*0350c 

2ft 

88*; 

-6*d 

1013c 

07] 


8.8 


EASTERN RAND 


Bracken 90c - 

EasrDagga Rl ... 
E.R.G.O. R0.50 ... 

Grootvlai 30c 

Kinross Rl 

Leslie 65c 

Maricvale R0^5 . 

lE.AIrtcai. Ld.35c... 

Vlakfontcin 90c... 
[Wlnfceltnak P.I.... 
Wit. Nigel 25c..... 


64 

-Vl 

044c 

* 

41.1 

23 

1020c 

lft 

51.9 

2BO 

-7 

F050c 


10.7 

85 

-1 

tf)19c 

li 

14.4 

255 

+4 

055c 

4> 

141) 

38 

+*? 

07.1c 

♦ 

33.0 

83 

+ 1*7 

tU46c 

LC 

429 

50 

-lb 

— 



42 

025c 

0.4 


545 

1-2 

0129c 

* 

14.1 

30 

+1*; 

— 




FAR WEST 


250 
29 9 
* 

37 5 
19.0 
12.2 

1?2 


12J. 


r?| 

Ti 

4.6)31.4 
37 3 
142 


5.0283 
26 7 


25 J 
284 
ZLO 
24.4 
263 


|445 

£11*4 

S108 

1401 

920 

1280 

& 

% 

i 14 

[330 
,07^ 
1289 
£2 9b 
124* 
970 
1266 


1110 

C20\ 

1121 

M56 

£ll*s 

£10*b 

£104. 

B49 

p74 

Z24\ 


631 

606 

$ 

144.2 

36.8 

207 
19 2 
240 


Finance, Land, etc. 


18 

55 

1136 

69 

46 
32 
20 
62 
48 

§ ! 

nb 

. B5 

*s 

47 
95 
25 


188b 

ff 

St 

ff 

7 

50 

36 

12 

[100 

§ 

s 

1147 

18 

80 

25 

25 

44 

18 


Akrayd Smitten J 
ArmoufTsulOpJ 
AuUwitylrw.ZOp. 
Britannia Arrow _| 
Challenge CrfLSl 
Chartrrtnuse Gp, 
Coramui MkL lp. 
Dalgety £1 — 
Daw nay Day — 
lttDrtosweUa_„ 

lEOm. ireTL 12bp 

El Oro Miring l£ki. 
Erskine House- 
Ex Lands 10p_; 
ExploratttmCo.Sp 
F*5hnn&GOT.5p. 
FTt2*0y Invest ... 
Hambro Trust... 
Hampton Th. 5b J 

Haw Par. S. SI J 
lnt in*. TaJsr. £1] 
.Invest merelCn.. 
Kakuzl kS/-..-,. 
tfKellock lOp- 
tTOACdw Li2fti_J 

Kfcfc'n. Tapin' IOp . 

Kwahu IOp 


zoom 

11 

55 

16 

114 

66 

£13b 

307 

39 

23 
8 

54 

40 
14- 

24 

120m 

17 

50 

9b 

47 

233 

18 
130 

47 

47 

90 

U 


-1 


16.75 


QUL4t 

13.41 


h: 

L75 


dl.00 

1.92 

12 

0J0 

15.01 

2.01 


Q4.0 

dL06 

iSlOOc! 

lOJ 

t0.5 

1.02 

L84 


Z* 5ft 


L« 7.7 12J 
Lft 12 4 

’ 7.8 (7.9) 


19.0 

i 


lift t 
52 
78 


07 


28 

72 

11.9 

33 

6ft 

101 


w 

23.1 


03 


58 

t 

BJ 

6.7 

3.4 

7.7 
191 


4> 


29.6 

6J 

7.0 


1.7 

8.8 
5.2 
li 15.7 


15.7 

3.9 

* 


1250 
701 
66 
20 2 
1578 
!163 
67 
890 
[408 
390 
390 
206 
m 

123 

£16b 

1116 

589 

163 


Blyvoor 25 

Birffels 

Deelkraal ROJO.. 
Doornfontem Rl . 
East Drie Rl — ... 
Elands rand Gld. 20c 

EKburg Rl — 

Harlebeest Rl 

Kloof Gold Rl 

Libanon Rl 

Southvaal 50c ..... 
Slilfontein 50: — . 
!Vaal Reels 50c.... 
Venterjpost Rl.... 

W. Drie Rl 

Western Areas Rl J 
Western Deep R2 - 
Zand pan Rl 


259 

715 

83 

211 

579 

197 

TI 

£10>; 

439 

395 

395 

259 

£11*4 

129 

au, 

120 

664 

187 


AN 

D 

■rl 

063 c 

+ 2 

0170 c 

r-lb 

— 

+ 1 

050 c 

-1 

W 7 Bc 

+ i J 

1 f»ft 5 c 


0250 c 


040 c 

+1 

01 00 c 

*1 

021 c 

+1 

tO 22 c 


tflllSc 

-3 

025 c 

-b 

0385 c 

-2 

t 0 i 3 c 

+2 

«BJe 

041 . 5 c 


1 6)153 
1.8 14J) 

2J108 
L7) 3 8 


LOI 


l.ftl42 
Lft 5 7 


71 


158 

32 

5.1 

01 

12.1 

12.9 

65 

7.4 

133 



39 


xincten.: 

''' 


iIS.-v. 


M I N ES — Continued 
AUSTRALIAN 


1978 


Ln 


5tKk 


1 w 
Pna — 


On. 

Net 


TV 
C'rr fir's 


15 

140 

131 

820 

336 

27 

75 

68 

152 

40 

223 

22 

40 

7 

143 

16*2 

50 

178 

42 

70 

£15b 

40 

570 

300 

164 

100 


30 

420 

60 

305 

185 

11 

350 

310 

93 

11 

84 
640 
470 

78 

78 

270 

87 

70 

245 

340 

240 

85 
IOC 
100 
27D 


0 


10 





64 

Bougainville 50 Ton 

116 


IflSc 

L4 

63 

BH South 50c...-. 

106 

-1 

— 

—i 

150 

Central Pacific..- 

400 


— 

— 

148 

Caaint Rmtirto 50c. 

270 

-2 

«10c 

22 


Endeavour 20c .... 

16 





4? 

S.U kalgnurileSl. 

48 


— 

— 

18 

HaomaGoidN.L. 

33 

-2 


— 

81 

Hampui Areas 5p. 

150 


♦13.55 

2ft 

10 

Metals Ex. 50c.. _ 

27 


— 

—V 

175 

M.I.M. HIdgs. 50c _ 

IBS 

-2 

Q9t 

L7 

TO 

Minefields Evpi._ 

15 



— 

10 

Mount Lyell 25c .. 

26 

-4 

— 

— 

1*; 

New metal 10c- 

4*2 






79 

North B. HIIISOc.. 

100 


Qac 

U 

fi 

Nth. Kalgurli 

11b 





Nth West Mining 

26 

-4 

— 

— 

115 

Dakbridge SA1 

119- 

s-4 

Qlftc 

L9I 

10 

ttOJImln N.l 

24 






30 

Pacific Cooper. 

55 

-i-l 





725 

PanconU 25c ...... 

725 

-25 





1? 

Paring M&Eafta .. 

17*2 

-1 

— 



310 

Prko-Wahsend 50c. 

418 

-8 

Q15c 

4> 

50 

Southern Pacific.. 

360 





84 

Westn. Mining 50c. 

120 


03c 

0.7 

35 

Whim Creek 20c.. 

65 

+5 


— 


NS 


?3 

Amal. Nigeria 

24 



2.81 

15) 

740 

Ayer Hitam SMI . 

310 


OltiOc 

05 

45 

BeraltTIn 

55 


l4 0 

44 

190 

Beriurrtai $M1 

210 


OlTOr 

10 

111 

Geevor 

165 


5.04 

5.S 

£s 

Cold & Base 12bo.. 

'10 






GopengCons 

300 


11556 

O.S 

130 

Hongkong 

510 


135 

4> 

78 

lari'. IOp ... 

73 


;120 

16 

7 

JamarlZbD 

9b 

+b 





64 

IjmuminqSMOftO.i W 

. .10121s 

21 

4U 

Kill install 

WO 


012 3 34 

4- 

780 

Mule-. DredOinj SMI 

3‘0al 


0175c 

# 

40 

iPatang 


.. . 

0062c 

07 

50 

Pengljlen IOp .... 

65 


6 W 

13 

lo 1 - 

Petaling SMI 

220 


OlTOr. 

* 

49 

Saint Piran. 

83 

-i 

7 03 

6 S 

47 

South Crohy IOp . 
South kinta 5M0.50. 

64 


4.19 

2ft 

140 

165 


'.0T45r 

06 

230 

Sihn Malayan SM! 

28Sxd 


QT90r 

10 

134 

Sungei Besl SMI . 

205 


065c 

5ft 

55 

Supreme Corp. SMI. 

68 


2010c 



84 

Tan/ang 15p 

98 


660 

0.1 

74 

Ttmgkah Hrbr.SMl 

82 



01 

148 

Tronoh SMI 

195 


«B8c 

L6 


3.0 


m 


22 

15 


17.4 

20.8 

1L4 

113 

4.6 

76 

6.0 


4.2 

22.9 

102 

B75 

15.2 

12.4 

3.6 

9J 

108 

143 

6.8 

32 

10.0 

9.8 


COPPER 

104 | 54 [Messina R030 — 1 58 


68 

17 

500 

465 

263 

90 

£12 

185 


MiSCEL 

LANE0US 

35 EJrvnnn 

54 

-3 | _ _ 

9 Burma Mines 1 >-;p 

13 


180 Core iMu.roh 10-:. 

lft) 

.. .. t030c 2.6 

245 Nortfigutr CS1 .... 

415 

-5 _ - 

164 F? T.2 

233 

-2 | 95 2.8 

?0 S3 tuna ind; CS1 . 

ti 

— I I 

6P7 T.ira £»p:r. SI . . 

637 

-13 - - 

120 Yukon Cons. C SI. 

154 

. . 1 Q7c ( 2 9| 


---I - l-l- 


60 


2.5 


GOLDS EX-S PREMIUM 

London auoia'.it-ns Isr 'OlciU'd Sontr. Ifnwn go!d -niflimi sh.ir»-. in t< 5. 
currency e'riucmg tne inyC"Sr*»n: collar prenuur.. Th«se prices ars 
availatjte only <0 non-U* resuci'V.. 


S15*e. 

511*4 

585c 

52S*. 

515*4 

SLPi 

465c 

SI 77* 

S37 

$31*4 

512b 



BuflrlvRl .. .. 

SIC*; 

-5 

0170t 

1 8 

moc 

East Dne FI . 

E50t 

(G78; 

17 

TV*- 

Ea;: Rare Pro Fi 

3SC: 

*1U 

„ 



$16* T 

F i GeJulotOC— 

S17-* 

-b 

037V 

4> 

57V 

Prvi trarvj jft; , , 



0150c 

6 

900c 

Si rirterv 1 r 1 

975c 

-13 

019V 

A 

31V 

StiUO'iteinSC'" . . 

3 3Lt 


tOi2c 

23 

S163, 

Va.il Peel. 50c .. 

Slab 


0115c 

31 

STS 

West One r ! ... 

S27b 

-b 

0385c 

1.7 

SI 5 

'A'eii Hidos :-Oc . 

S201; 


OALSc 

« 

895c 

Western Di.-i.-p 32 

975c 


062ftc 

2.4 


13 7 
lO.b 

20 9 
16 7 
22 5 
6.7 
83 
lbJ 
25.4 


MOTES 


Un^ss otv^rreise iroiealcd, prices and r.ci dividends are In pern* 
and denominations are 25p. EsJmcifd price/rjmmgs ratios and 
coven ars bind on Lslesl annuei report: and at: cunts and. retie re 
pcssmlt.arc updatce on hjif-ysorlf ficurcs P/E s art calculated on 
the basis at net distnbution: brackeled tigurts indicate 10 -per 
cent or more difference if calculated cr- "iur" dHtrlbution. Covers 
are based on •■fselir.'jin" dKlntuticn. fields are based on middle 
prices, are grins, cdi-rtfed ta ACT of T-3 per cenL and allow for 
value of declared distributions and rights. Securities with 
denominations other than sterling are quoted inclusive of the 
investment daUar premium. 

£ Sterling denemmawa sccu-ii.e? lanisf. includs :nyeilm*nt dottar 
premium, 
re 'Tj:“ “loci 

* Higi.t ind Lows marled inn M.-: re. r. an.-us'c; 13 all-?-*. ls> right: 
is:ues tor ra:h. 

r Ir.ierim since msreav.d or re.'amed 
t Interim since reduced, pasiec or .le-'crrcd. 
it Ta«-ire* to nen-reurem*. on anplication. 
i> Figure', or report j craned. 
tt Uniiiied security. 

Price ai tmu- s' :-jspen*.ro:< 

irancaLtd di<.ldentf afier oendin; 5 ;np end or ilghc Issue -Over 
(elate; 10 preyiOu-. dividends or ItveLiSiS. 

V Merger Ud or reo.-3anrj-.10n in r'«9'Cs;. 
riw ccmnaraM'* 

gi Same mie-ur. reduced fiiwif antf.'or rcdi-sr-d »,s>nings indicated. ’ 
f rorecJ'-i dividend, cover or earnings updated bjr tales: interim 

siASemenL 

t Coier altar. ; for conserMon of hares not no/, ranl-ing for dividends 
or i-'.nling anlj (or mlnclod diamond 

Cover dees nol allow In; share; v nnJi ma/anc rar.S lor dniarnda: 
a luturb dale. Sc P.'E rain usually prcsnkd. 

¥ Esdudlng g final dividend fluriarariou. 

4- P»giopai pnte. 

H No par value 

a T»i l-e-. b Figures based on p-o'per.'.in n: g-n»r nlhcul 
estimate c Cents d Ci'.id-me rate earn or rayab'e on rart of 
capital, co.er Visrrt on ditidrnn cn lull capital. ! Fedexplion yield, 
f F/ar rield g Asruir.ec ii idend and yield, h A>vjired dmdentf and 
vieid atier ^:rio issue 1 Fbicien! (mm capital sojices k Kenya, 
m littnm night r than p-enou: !bu>. n Eiqi-i* .:;ue pending, 
q Earnings '■j'-td en preiiininai.* n«nir*'. s Dividend ard yield delude 
spec.-n pa-iner.i. { Indicated cividenX cover rclaies to pie/ioul 
dlvfrenJ. PtE ratio 'aiued or. latw: annual ebimnos u Forecast 

divider.: coie- based nn ;n.r!oir. year’s eaiwngs. » Ta. tree up 10 

jOpimhfE re Viqid ail ws Iw currency cUitse y Di.-merd and yield 
based on merrier mint, z Dividend and view irciude a roecial payment: 
Core r does re: apply u special psynwi*. A Met on-iscnsj and yield. B 
Prtierenee dlvldenc pa-.ceif o: deivrr-rd C Canadian E Issue price F 
Dividend and yield 6.esed ,-ui z'cr?'t:u< 5 1 siher a'.cul estimates for 
1979-00. & Assumed dindeitd znd yield ahe* Pending scrip and.-or 
ngh:* r-Sue. H L'u'dend and nridba-ou on preiprcbrt or Kher official 
estlnut*-; ’or 19 73-7° K e i Cures besen on rrosoectus or other 
cfflc/al es'.unate; (or 1973 K 3-.'iS*ri ano rieji sired on prospectus 
or oinei ollicial estimate-, lo: l^J?. rf DnideiX and yield based on 
prospectus or esher : ;, iciei e::rj:(« for ]B7 <s p Figure* based on 
prospeshi: or ether ■dIIi-Si.'-.I ounivlv: let l?7£-79 QOross T Figures 
assumed. ? Bi/idcra :s:a' to date neld cased on a-.uimptlon 
Treasury EMi Rate '•!*« u-'trjngrd unli 1 rr.al.-ru, ;i slock. 

Abbrc . laSKm-. ri e» di.idcrid it i « ;cil|- issue : S i 1 rights; we* all; iZ 
capi'Ji dismtviida. 


Recent issues " and " Rights " Page 36 


O.F.S. 


75 

Free Stale Dev. 50c 

85 

-5 

012c 

2 W 

£11*1 

F_S.Geduld50c ... 

£117, 


Q315c 

* 

581; 

F.S. SaslpiaasRl 

56*j 

-i 

— 


256 

Harmony 50c — 

262 

+ 1 

T055c 

2.0 

56 

Loral ne Rl 

57 




667 

Pres. Brand 50c .. 

706 

0150c 

♦ 

565 

Pres. Steyn50c... 

579 

+2 

080c 

♦ 

61b 

5L Helena Rl 

664 

-6 

Q190c 

4> 

1.44 

Unkel 

180 




190 

Welkom 50c 

214 


Q65c 

4i 

£13*o 

W. Holdings 50c... 

£14 


0415c 

* 


FINANCE 


735 

378 

£20!, 

950 

172 

204 

25 

St 

Bl 

63 

E07 

tL58 

B? 

b 

59 

R89 

P 

73 


424 

Anq. Am. Coal 50c. 

555 


060c 

3.4) 

246 


288 

-4 

10362c 

u 

£134( 

Ang. Am. GoJd Rl 

£1 3*, 


70165c 

u 

622 


725 


flUk 

33 

119 


132nf 

-i 

843 

24 

163 


180 

-2 

9.19 

2-8 

IWa 


16*4 

-U 

1.07 

U 

L14 


£16 


10225c 

2ft 

U04* 

Gold Fields S A 25e. 

£10 7 t 


«135c 

lft 

mm 

Jo’faurg Cons. R2. 

£12% 


iU/Uc 

3.6 

1138 

Middle wit 25c... 

144 

-3 

025c 

lft 

22 

Mincorp 12bP 

MinorcoSBDl.ft) 

63 

+2 

L5 

* 

*76 

14fad 


012c 

lft 

91b 


92 

+b 

018.9c 

* 

tE m 

Patino NV F1sft_ 

£llb 

-b 

0C50c 

* 

38 

Rand Londm 15c. 

3fi 


rIOc 

30 

375 

Selection Trust.— 

asm 

-2 

18.95 

L9 

158 

Senlrust 10c. 

163 

+3 

1«8e 

12ft4 

15 

29 

Sllvermines2bp_ 

36 

tI 

L7 

m 

Tanks Ctm. 50p^.. 

170 


U10.0 

lft 

1 8 


92 


09% 

QUOc 

163 

'E21 

rvadl.Cotu.Ld.Rl.. 

OObd 


3.3 

182 

U.C. Invest Rl 

190 


1030c 

1? 

238 

Union Coren.faft5c. 

245 


t03& 

U 

MO 

Vogeis2i?: 

58 


T07ljc 

LO 


15.9 

1Z5 

12.7 
8.3 

17 2 

101 

17.7 


7.4 

9.5 
95 

7.6 
95 

8.4 

7.4 
82 

10.4 

3.6 
42 

135 

2.6 
15.7 

05 

11.4 

6 

6.4 

9.4 
95 
7.7 


DIAMOND AND PLATINUM 


049 

{488 

£111 


_ 1230 


B3 

117 


1210 

24 

80 

41 

17b 


£30 

285 

925 

128 

54 

70 


145 

14 

52 

29 

10 


(Anglo-Am.lrv.50c.. 
De Been Of. 5c ... 
Do.4flncPf.R5. 
Imgafa Plat. 20c.. 
Lydenburg 12*^. 
Rus. Plat 10c.„... 


£3V 4 


0600c 

lft 

336 

-6 

109? 5c 

33 

950 


0200r 

3506 

1744 

-4 

0184c 

32 

63 

•el 

06.8c 

4» 

88 

▼a 

Q& 

27* 


CENTRAL AFRICAN 


Falcon Rh.SOc. ... 
Rbod'n Core. 

Roan Coni. K4 

[Wankle CoI.Rhl 

'Zam.Cpr5aD0.2ft.. 


145 

-3 

060: 

« 

14 


0ft7 

7ft 

72 




29 


oV. 

19 

.12 




— 


10.3 
oj 
12 6 
65 
64 
5.4 


25.1 

01 

22 6 


This serviee is available !c ever; Ccmpany flealt in on Stock 
ExcIu.icm Ibroughovf the 'On'rterl Kingtoni tor a fee ai £400 
per annum far each security 


REGIONAL MARKETS 

The folio -.-me 1; ? seiecticr of London quotations of shares previously 
listed otI' in re;ional marten. Prices of Irish bsui-s. most of whlehar# 
net ofucia'iy Lstcc in Lonatm. are as quoted on the (ririi exchange. 

Sheffield 3n<* 1 SS 

Sheif. RefKhmt 67al 


Albany Ini. 20p._. 

Ash Spinning 

Bertcm 

Edg-ntt S:i 5£>. 
Clover Crc;' . . . 
Craig SRr;e£! . 
Dvson if* 1 *. 
Ellis B. KiHdr - 

E«ied 

Fife Forge 

FinUy Pie . . 
GraigShi: L’ 
Higspro E"? ■ . .. 
tidil DoS- jjfl . 

I O KI. S : t i! . 
Mlhn. -;:r--nih| 
Pearco •'>! H : 

Peel L’llt; 


26 |... 
67 a 1 m 
15 
323 

23 
615 

35 
64 

24 


Wj 

Wd 

255 

205 

rod 

190 

21 


Slndall tWm.l 117 


IRISH 

Conv '30/82 . 
Alliance Gas......... 

AmotL 


Carroll 1 PJ.i 

Clortlalltin 

Cjncroiir Prads._ 
Keiton (HldgsJ ..._ 

Inf. Corp 

Irish Ropes 

Jacob. ... __ 

T.M G 

Unidarr 


£90*, 


103 

352 

+1 

98 

-2 

98 

-4 

130 


46 


160 


105 


50 


185 

SO 



OPTIONS 

3-month Call Rates 


IndKblals 

A. Brrw 

0P. Cement 

B. S.R 

Babcock | 

Barclays Bank.... 

Beecham- — 

Boot! .... 

Bowaters ... 

B.A 7 

BriHUiOrysen... 

Brown (J. - 

SurtOd'A’.- 

LaCburys 

Courtaula;. - .... 

Debenhare — 

Dittillere — 

Dunlop ....... . 

Eagle Star- — 

EM. I 

Gen ACCiorn' _ . 
Gen Elect- : - 
Glare 

Grari Me: . 

G L' 5 'i' .... 

Guardijn . 

GK.fi . 

(rar *V s'fc 

‘touiec* 


13 
8 
15 
7 
11 

14 

U i 


j.c.i 

"Imps' 1 ...™.—, 
I.C.L 

lnver«k 

KCA - . 

Ladbroke 

Legal 6 Gee. _... 
Le* Service. . .. 
LIovos Ear.t .- . 

' Lof;" 

Ltissan Erick-. 

Loir'nJ . 

Ljca: >/i£f; 

jL«nri'J.)..._... 


.1 


Atr^S i. Sprier ., 
MiSlairr Bank.... 

U.E.l 

IJa»_ W*s:. Bank. 
£•;. 'Aarams .. 

F&ODfc 

15 • Pieive 1 

AfljRHM 

F.ani.Drg. A . .. 

'Tcei Intn' 

Sr-'ilen 


23 
13 
22 
20 

12 JTiic Houses 


if«0. . 
'r.O'n. 


Tube IrtiesL 
Unilever 

Utd. Drapery 

Vfcfcer? 

lA'oolwotths.-^- 

Property 

SrK.Land. 

Cap. Counties ._ J 

E.P. _ 

Intmirqpean 

Land Secs 

MEf*C 


4 

16 

22 

B 

9 

1*4 ! 


Peachey 

Samuel Preps.—- 
Town & City | 

Oils 

Brit. Petroleum. 

Burmah Oil 

Charierhatt. 

Shell 

Ultramar 

Mines 

Charier Ccns 12 i 

Cons GoU I 14 

Pid T. Zinc lfa . 


-' Cstien: iradod is green on me 
Lcnisp Sieci; Erehanjc Rvport mj- 





5 

























































































40 


'"■■■* y- ■■ V ^ r' '• ■' ■ - •• V A-;* ACi*"*- 

• ••••• : .'• ' :v ^ • ^ 

FA|i|ft|§lf 

lwe^|W|s^o|fii^ 

FAG BeanngCdLtd. 

Wojverhampto rv_ <■ ' Te! : 0907^4^^. 


Money 
supply 
steady in 
November 


BY DAVID FREUD 


THE MONEY supply was 
steady last month, the latest 
banking figures, published yes- 
terday, indicate. 

Bank lending rose moderately, 
hut there was no sign of any 
significant Increase in demand 
for funds by manufacturing 
industry. 

The main clearing banks 
were all well under the official 
corset ceiling for the expansion 
oE their interest-bearing elig- 
ible liabilities — (he level at 
which they have to pay penal- 
ties to the Bank oC England 
for excessive growth in their 
customer deposits. 

At the same time, the figures 
show that only seven banking 
institutions failed to come 
within the corset In Angnst- 
October. the period in which 
the restrictions began to bile. 

They suggest that the 
sterling money stock on (he 
wider definition (M3), the 
measure used for official 
targets, was steady or moved 
up marginally in the month to 
mid-November. 

This will encourage the 
Government, which has set a 
money supply growth target of 
8 to 12 per cent a year. 

A big factor in November's 
steady money stock is likely to 
have been the heavy sales of 
gilts after the 2.5 point jump in 
minimum lending rate to 12.5 
per cent on November 9. The 
bank is estimated to have sold 
about £700m of stock in the 
following six days. 

Tbe main pointer • to the 
November money supply 
figures comes from the 
moderate drop in the total 
eligible liabilities of (be bank- 
ing system. These, the main 
deposit funds of the batiks and 
an important constituent or the 
money slock fell by £2039). or 
by 0.3 per c»*nt in (be month lu 
mid-November to £{-L6bn. 

However, special factors 
appear to hare been at work, 
deflating the level of eligible 
liabilities ill Iraiisactiiins 
between (be hanks and money- 
market Therefore, a corres- 
ponding fall in Ihe money- 
supply figures, due next week, 
is unlikely. 

There was a increase 

in sterling advances by the 
London clearing banks to the 
UK private sector which, with 
seasonal factors taken into 
account, probably means an 
underlying increase of nearer 
£220 m. 

This rise was smaller than 
that of the previous two 
months and suggests a slow- 
down in the underlying rate of 
increase. 

Agricultural and retailing 
accounted for much of the in- 
crease in lending over the past 
three months, while Iwrrowing 
by manufacturers fell hy fl-ini. 
Manufacturing industry is cur- 
rently taking up 40 per cent 
or less of the overdraft and 
loan facilities bank managers 
have agreed to allow them. 

Unless manufacturing in- 
dustry demand picks np con- 
siderably. Ihe banks are 
unlikely to find it difficult to 
remain wilhin the corset, which 
allows interest-bearing eiegibic 
liabilities to grow by 1 per 
cent a mouth until April. 

Tallies Page 26 


Record intervention 


BY STEWART FLEMING 



ATTEMPT TO PREVENT ONE-WAY MARKET COST $2.5bn. 


THE U.S. authorities intervened hanks around the world totalled Departing from its normal tion operations since November 
in the foreign exchange markets S3Ibn. equal to the record S31bn practice at its quarto ly foreign as “concerted.” 
tn 1 record hefwwn reported in the February to exchange briefing, the Fed save On events leading up to the 

. „ » a,. April period, and well in excess some indication of its operations November 1 support package 

August and October, the New ^ ^ g23bn reported in the May in, the market since the end of Mr. Partee said Everybody was 

York Federal Reserve Bank t 0 j U |y period. the reporting period. trying to leave the room at the 

reported yesterday. Tbe Fed report comments that Mr. Alan Holmes, executive vice- 6ame time." The Fed reported 

But their action, which in- tensions in the dollar market president of the New York Fed that, from August to October— 
volved a total of §2.5 bn were compounded by a burst of and manager of the Reserve particularly in October — it 
l£l.2Sbn1. failed . to prevent speculation over a possible system's open market account. Intervened heavily in the 
wb&t officials described as a realignment of currencies within said that reports that the authori- market, spending the equivalent 
“one-way market" developing at the Common Market joint float, ties had spent $8-$10bn in the of $2.2bn in West German marks 
the end of October, with the the M snake ” as a prelude to the past month supporting tbe and S294m in Swiss francs. 
result ihat the Carter Admiois- setting up of the broader Euro- currency were " grossly It disclosed that, on the night 
ration resorted to a package of pean Monetary System. Officials exaggerated.” President Carter announced his 

support measures for the dollar, added that the emerging EMS He declined to be more anti-inflation package, the Fed 

announced on November 1. “did add to tensions in the specific, however, and he and intervened in tbe Singapore 

The Fed estimated that, dollar market'' although it hud Mr. Scott Pardee, deputy foreign exchange market It was 
during the period, gross market the potential to contribute to manager for foreign exrhaDge the first time it bad taken such 
intervention by large central stability. operations, described ir.tervcn- action in the Far East. 


Print union may handle 
only editors’ work 


BY ALAN PIKE, LABOUR CORRESPONDENT 


LEADERS of the National third oE them reported for work Apart from the journalists' dis- 
Graphicai Association will today yesterday, while others picketed pute, today's meeting r*f the N«.»A 
consider instructing their pro- the agency's Fleet Street offices, national council will bv con- 
vinciai newspaper office members Tbe PA journalists are meeting sidering the crisis at Times News- 
tiiroughoui the country- to handle today to review their position, papers where all publication has 
only material produced by The Sheffield Morning Tele; been suspended. 


India holds 
back £20m 
from UK 
groups 


By James Bartholomew 


THE INDIAN Government 
holding back about £20m 


of 


sssr durms uw ioumaUsts ' sm «« °d ^ - - 


Such action by print workers appear yesterday. According to a re q Ues t for direct talk*' from 
would add to the pressure on the NUJ, some weekly news- jj r> Joe Wade, NGA general 
editors who. asisted bv staff who papers in the London area were secretary. 
are not members of the National not distributed because van Thonurm «iri in in in. 

Union of Journalists. are drivers refused to cross jouraa- 

attempting to keep their papers lists’ picket lines. leSerday that whatever future 

on tiie streets during the dispute: Last night, the NUJ claimed yesterday that wdateve ruturL 

NGA members at the Press that about 90 per cent of its 9.000 « lE* to 

Association national news agency JJJrthrf* the "union's the Conditions of puhfishmc ” 

yesterday decided that they s«ke '"Support of hi j unions listed bef on? last weeks 

wuuid handle only copy pro- SI) per wees pay claim. suspension 

cessed bv Mr. David Chipp, the Mr. Ken Ashton. general seen- suspension, 
editor. tary. said: “The strike is gaining As long as it was pwiMe for 

As a result the asenev's ser- momentum. It is now time the him to continue justifying moral 
vice, which has been a crucial Newspaper Society responded personal and financial support 
factor in helping provincial news- with a firm new offer.” for the newspapers, he would do 

papers to continue publication The Society, which represents so. 

durina previous dispute was the provincial employers, said He could not. howv' say 


ponies. The action, because of a 
tax dispute, has affected nearly 
all the British tea companies, 
including subsidiaries and asso- 
ciates of Inchcape, Sime Darby 
Holdings, Brooke Bond Liebig 
and James Finlay. 

For the larger and more diver- 
sified companies, the dispute has 
so far caused no difficulties. But 
smaller companies have started 
to be significantly affected. Baza- 
loni Holdings and Badulipar Tea 
Company, two public companies 
in the Walter Duncan Goodricke 
for example, have both 
remit 
considerable 



The NU-i said that about one- this morning. 


News Analysis, Piv^e S 


Proposals made for safeguards 
on computer data misuse 


. August last year, is about the 
• toxatiun of lea company profits 
over the past 16 years. Tea com 
; panics operating in India have 
normally paid secretarial and 
management fees to their head 
unices in the UK. But the Indian 
tax authorities suspect that more 
no has been paid in this way 
lhan was justified, to avoid the 
high rates of Indian corporate 
taxation. 


BY JOHN LLOYD 


A GOVERNMENT advisory com- • A requirement on all Govern- agency would he faced with “ un- 
mittee has called for the estab- meat and local government reasonable" hardship, as in the 


listament of 
with powers 


a statutory body agencies to register with tbe case of a company faced with 
of search and Agency. All other agencies conflicting data protection re- 


Ccod vears 


The authorities are refusing to 
sign ihe “no objection" certifi 
Lilies needed before overseas 
companies can remit their profits 
In March. Mr. Edmund Dell, 


prosecution, and for the creation covered by appropriate Codes quirements between the UK and j Se -rsiury for Trade was 


of new criminal offences, to pro- would have to register once a abroad. . . . . . . . 

tect people from the misuse of Code had been prepared. Tbe report also recommends | hr r.* red on tiie_ issue during his 

stnreui in piminutPR 0 The creation of offences under 


information stored in computers. ® The creation of offences under that wherever possible, the indi 

the Codes. Failure to register vidual should know what inform 


The Data Protection Commit- 


an activity which should be a lion is being held on him and 


tee was set up nearly three years registered would be a summary the use made of it. The informa 
to advice the Government - - - -•••- * - - 


ago. to advise tne government 0 ff eace dealt with by a niagis- tion should be no more csten- 
nn safeguarding people s privacy. f ra t e \. CD urt. A breach of a sive than necvwr;. for the pur- 
Increasing amounts of data are c 0{ j e would be a more serious poses to which it i 3 - being put 

Nmnrr Ci A i*i»n An i.mrornmant irin — ■ ■ «.i_ i . 



posals. 

They include: 


® Tbe establishment of a Data 


tors would have powers, with a ^Td ^ V the 

magistrates warrant of entr> crown, and reoo;t directly t-» 
into and search o. an agency s ParliamenL Th 


staff 


trip to India and the matter was 
raised with Mr. Marurji Desai, 
the Indian Prime Minister, whan 
he earae to the UK in the 
summer. 

Ac curding to the British Toa 
J Producers Association, profits of 
"in 1974, 1975 and 
en held back. The 
oncerned were good ones 
companies, with tea 
prices, rising on the hack of 
much higher coffee prices, 
should 1 Some companies were able to 


i Protection Authority which L Tii- oerindic inspection of not - l)e draWn tnsa *. he c,v,1 i remit their 1974 profits before 
! would have a board of eight to jS«istered P agencies to ensure servlce - I the clampdown. while 1977 pro- 

i 12 members, all appointed by the ^ vi ‘ th tIr . required The authority should bejfif* not yet have _ got 


Tarmac 
to 


German 

operation 


By Martin Taylor 


Crown, two full-time and 
executive staff of around 40. 


financed, after initial w pump-) through the normal procedures 


comoliance 

*** standards. .. .. , ,. Vu ,„ 

Q The mainienanco of a public pruning capita] from Govern - 1 an > wa y- 

0 The preparation of Codes of register for aJl agencies and sy s- ment. by fees na? able by those. “ wv are coustanrly hopeful 

Practice by the authority, each terns handling personal data, ex- bound by the Cr»d»? of Practice. I of an agreement." Sir John Jar- 
setting out'the rules for different cept in those cases — possibly The report estimates that; rfine Paterson, chairman of the 
types of organisation under the police and national security administration cu*ts should run ; India committee of Ihe British 
which pcrecmal data may be col- agencies — the authority was at around £500.0b«/ a year. j Tea Producers Association, said 
leered, processed and" stored, satisfied should be exempt. Report o/ the Committee nr j yesterday. “ 1 don't want to say 

These codes would take the form 0 The possible waiving of appli- Dora Protection, Ciuntt 7341. SO. i anythin p winch would upset the 

of subordinate legislation. cation of a Code where tbe £6.00. : Indian Government.” 


Continued from Page 1 


UK stays out 


TARMAC IS to halve Its loss- 
making West German roadstone 
and contracting operations 
through plant closures and ?ales 

to local companies^ News 0 j munist Parties. He apparently one currency began moving too 

' feared the assent to the Increase far away from others. In such. 


moves, to be effective from 
January 1. come a month after 
the group announced the sale of 
its 60 per cent slake in its loss- 
making subsidiary Cubitt Nigeria 
to a Middle East consortium. 

Tbe road contracting business 
will be disposed of and the 
number of blacktop planus will 
be cut from more than 30 to 15. 

By early next year, tbe British 
company expects to have realised 
£7m from the businesses sold, in 
line with their book value. 

Tarmac Bau, the group's 
wholly-owned West German bold- 
ing company, made lasses last 
year of £2.4ni before Interest pai- 
nients. It now hopes to return to 
profitability in 1979. 

Mr RoU.n Martin. Tarmac's! ir 
chairman and chief executive.! 


Continued from Page 1 


S. Africa cover-up 


in 


how- 

far 


matiun Minuter and om.-limc Mr. Vurs tor's position, 
heir-apparent tn Mr. John ever, is likely to cotne 
Vurster as Prime Minister, for further challenge. Judge Erasmus 
“serious irregularities," ineom- admits that the former Premier's 

action in aiiowinn the funding 
uf tiie Citizen to continue lor 


would lead to domestic accusa- ■ conditions there would be a pre- 

tiens that he bad conceded suined duty' for the central bank j petence. and negligence. 

power to the European Pallia- concerned lo lake corrective i n 3PU{ , e -- him. alone with Geo. , t , 

ment. action and to consult with other I Hendrik ^ Van drn Be?"& former P 1 "* months after he knew the 

ir only six oF the nine EEC EEC monetary authorities. I he , d r of iuiJJn Stale i«H «Xtent of it is open to enu- 
countxries join Ihe EMS next Though. ECC members not ! Securitv, South \frica's secret c,sm ' 3ut ' , Sa> J’ hls 

month, it will be widely viewed belonging to the EMS scheme service." of -»• — — — — - ac.mns are not. However the 

as amounting to lii-Ue more than would be free to pursue indepen- 1 up 


avtiirus uie u«Ji. nuwever ine 

«A j[ evidence uf Dr. Mulder. Dr. 


the Irregularities. 


Khuudie and General Van den 


an enlargement of the present dent exchange-rate policies, they I identifies Dr. EscheJ Rhoodie. the Bcrgh* '' cunfliclT^irectiy" w'ith 

former Secrelar;. nf Information, m the President, 
as guilty nf at '.oust one serious Allfiquah lhe ret , 0 rt uses 
offence in property dealing 1 ’ with s « rDn .» (amniacn nlmuT tha 
Michael Blonde n writes: The i secret funds, j:ross neglect and activities of ihe^ormer Jnforma- 
Suuh an outcome would be a dollar was slightly weaker in | deliberate destruction uf docu- t , on xieparlnicrtl it declines lo 


currency “ Snake ” to accora- would be entitled to be con- 
modate France, which has tvrice suited about parity changes by 
been, forced out of the existing EMS participants, 
arrangement 



said yesterday that the Nigerian I constqucn' c 
and German disposals, taken to- J political dev 

nothar hiaint tho Afint tVi n Y i u.. -t 


ll could also have far-reaching strengthened on expectations that, Mulder retains j -.vide following. Mr. Boiha wij order jn lhc wake 
nsequtntcs for the future , have been nublnhod in advance of the lurliauentary debate. The 


. . .. - „ — development of the Com- test of agreement on the EMS. \ f Pariiani^nt cmnniereial branch of the South 

jether. meant the company will i ntunity. since there would be a But a denial by a West German ; ^ uni moQeU fur ^Thursday African Police has been ln- 

i danger that EMS membership Government spokesman brought ; Tlje coimuissjon. chaired bv sumclcd tn join the commission, 

I would divide EEC countries into a fail m the D-mark and a !j u n gc Rudolf Erasmus, seek to whose work will continue until 
two tiers, one for the economic- recovery in the dollar. ! exonerate both Mr. Botha and Dr. Escjiui Rhondic. who 

j ally strong and one for the weak. .At the dose the dollar was • Mr. Vorster. now State Fresi- i« out uf thy country, is likely 

q'he exchange-rate scheme slightly up against the D-mark at j dent, from am- blame in ttm In face criminal charges. , His 

j agreed in principle earlier to- DM 1.91S0 against DM 1.9155. It [scandal. The report says Mr. Passport, and that or his brother, 

losses have been made, and! day provided for a system o£ was a little weaker against the i Botha, whose Defence Depart- Dene vs. have been withdrawn, 

slimming its two local trading co-ordinated central bank inter- Swiss franc, and the pound i ment provided most of the Tn- Consular official!! in Europe are 

companies, Asteer Bau and Fran,- 1 vention on the foreign exchange gained 85 points at SI. 95 15. I formation Denar to mat's secret toying tn trace him. 

Groene Strassenbuu. Tarmac • markets lo maintain a strict Sterling's weighted average in- fund, was “ at no stage awsirc or General Van den Bergh. the 
BhU's trading operations vrijjj relationship between participat- dex against a basket of currencies j Irregularities. His bands are sliaduwy figun.* bcbind'*bp throne 
centre on the Tcerschotter Bau 


enter 1979 with two of its major 
problems under control and un 
the wav to a solution." 

In West Germany. Tarmac Is 
pulling nut of Bavaria and 
Berlin, where most of the recent 


business in the Duesscldorf area. 
where the group has always, been 
a trouser. 


ing currencies. calculated by the Bank of clean in every respect and his of Air. Y.iixier, who suddenly 

Within tiic forma! intervention England rose to K-7 against 62.5. integrity remains unblemished retired earlier ihis year, is him- 
ma reins there would be an early- while the dollar's slipped to So [ for his great task as frinic self deeply implicated in lhc 


. ftiiminv miijcator to signal when against S5J3. 


; Afiotster.” 


court* operation ant i r»vw-tip. 


At least yesterday brought 


SWSSftt feU 1J to ^ 


the UK authorities have -a tight 
control over the currency. 
Money supply on the sterling 
MS basis is likely to have shown 
only a very small rise of under 
} per cent during the month. 
That leaves the gilt-edged; 
market looking modestly firm; 
and nestling up underneath the 
medium and long tap prices/ 
despite all the uncertainty over 
the EMS. 

Last night the City Was still; 
baffled by the manoeuvrlngs in 
Brussels. According to the 
latest stories it was looking as 
though the EMS, after all ..the 
ballyhoo, was turning iirto 
nothing more significant tbsv a 
French attempt to rejoin ■ the 


r £bn 1 

33 

32 

31 

30 

29 

Jt 

The BankmgCorsei 

UX BANKING SECTOR: 
Interest-bearing : 
dfgiJe ((abdrties ; y mr TT 
OBELS) _ Jf<\ ; ; I 

A 

Y 

1 

■ reDWTTHI J ; 
-^3-WIWTMi -i-}- 

Smoww i : ■ 

MBUGE : ! ; 










■ ! : s ■ i i 

r “1978 : 1978 J 


irfc 

markets beckon - Plessey- • ’ : ‘ v 

order book at the end of 


Plessey 
Once again the lush^ 


of the • world’s electroiiH^ 







tsmber had reached. ;r 
increase of; 25 per ceak .. on' ; fc ^ ■ 
year earlier, w.btile m iha 
ordering of telecoBnmmiisttip'g!^ 
equipment; by the Post ® 
seems to have moved ’welFpa^^. 
its trough. And big military 
tracts are in the offingj_ 3wd[. 

Messey likely to be 
early next year "by the 
of Defence for a sizeable ' shai§!^] 
of the . initial efio&sr^#>j 

for the. Ptarmigan tfomnrahica- ^' 


. _ — . . — . _ ... tions systenu i^tyest«yday?sV;^ 

snake. Currency dealers were 10 per cent, seems ‘to be saffi ' second quarter ffgures lcdd 
left pondering on the signifi- cient to underpin the ^iare ugual ^u^ story. Pre-tak profife- 4; '' 
canee for various key exchange price. Even after yesterday s feac ^ ec i £xq 7 ra "i n -Ju?y-Septeni-^: .- 
WS of a failure to put'- the. .dismal figures— pre-tax profits ^ u » 9-»r cent on the= sanfe"^ 

EMS together. Superficially A;. are 15 per cent lower*— and the quarter last time, but much 
would seem bad news for;the Tiewa that the final dividend has ^ gjowfii has been acfuevet£;VZ 
lira and for the Irish pouiOl, not been increased, . the shares- by - ass0ciate ^ notab ly 
and marginally encouraging for closed only lp lower at 52p. aftej- six months Plessfi$$" : .- 
sterling. But there are ho For the past couple of years operat ing‘ profits are- slight 
simple answers because no one recovery always seems to have j ower ^ an : 1 

can tell the extent to which; been just around the corner ^ ^ 3- V" 

these currencies have previously- at RHM. In 1976:77 profit s were There .are ■ mitigating •• - _ ... 

been influenced hy the prospect. -hit by the “continuing prob- stances. Beeause; the^ . gw U P$..; .. 4 .;: ' ' 
of their joining the new system. - lems " in the UK bread industry submdianes .happeneffi. 

All this is, of course, crucial' and £2m of losses at Wessex mos P^ to. w^K_cmrency ” .‘.-i 
for those British investors who Finance. Last year there was. territories.; uke The. U.&/ anp-rr*, 
have been dabbling in the Irish a £3m turnaround Into profit at Australia^ .cugenqt mo ygmeats^ Jjl c 

stock market, or have been takr Wessex and the overseas side — hawked £lm off second quarter 
ing a view on the investment boosted by U.S. acquisitions— profi tA - For sitnilar e nrre ncy. . 
currency premium on " chipped in another £0.7m at the reasons, PIessey cl»tms_ ttat 
assumption that the -full trading level. However, 'interest second quarter, sal^ growin of ^ ^ 
rigmarole of exchange controls and depreciation charges rose l$'JP« r ceht actually represents ^ '.' 
would be extended to include by £5.5m and in. the aftermath a . slight volume gain. .Gariaia .. > :.-. 

Ireland. The premium has been of last year's bread strike ( which remains a problem area, vrith a ' 
wobbling in the past few days, cost the group around £3m). loss in the. first half '-likely, 
dipping to an effective rate 1 of intense competition for bust- to be followed oy? another £2 nr 
311 per cent on Monday but ness pushed the haking opera- t n ihe* • second JiuoBflte,, 
recovering yesterday. In theory, tion deep into the red. . together- an- exceptional, 

a continuation of the lhik With the acquisition of Spil- below the Dae., But after; _ 
between the pound and the punt levs' bakeries last April fal- the current sharp Tetienchment;, ■ 
should be bullish ia the short lowed by the agreement. in the at Garrard, •• where sales, ard' •' ■' 
run for the premium, with fears iatq siuhpier with ABF to curb being cur from annual rate • 
receding of any extension of the the cut-throat competition - to of £25m. to -.film,, ‘ttere- are 
premium pool and consequent supply multiple -retailers the hopes-. rof breakeven next year. 

-•►tompted profit-taking. Which- outlook for REQT looked tin- With the shares yesterday up 
ever way tbe Irish decision measurably better. . However, 4 P : to Tiflp— where the yield is 
went, however, the Irish stock the latest 'bread striKe, which- jftrWer 7 per cent-rthe City 
market was likely to come started at the beginning of was. edging towards the view - 


p3A er * C 


bl- 


under pressure from speculators November, has probably cost that better news is coming from • •,] 
trying to take profits. the . group £4m already^ .and Plessey. -.; In the second ha?E J 1 

Ranks Hovis 

Ranks Hovis can recoup its eventual higher and -pretax profits ’.■at® -tj^poctoi. - V! 
pre-tax profits wage costs i«t higher prices •to move up from ^0 ^he'. 4' 


In 1972-73 
McDougall made 

of £27.9m on sales of £5 10m. (which is far from cvrtain) ^ mar- 'region of £60in. vNesi- year wilt 
Last year it made pre-tax profits gins on the bakery side, even see further significant growth^ v 
of £31. lm on sales of £1.23bn after the end of the strike, are together with, loss eUmihatidn - 
and if the bread strike con- going to be under pressure., at •Garrard. Bat there rerttain ' 
tinues for much longer RHM Following the massive pro- sceptics who fear. ; that . tfie ;' v. 
is unlikely to top £40m in the perty revaluation RHM still has growing, order book, conaiitwigr ;I 
current year. On past per- plenty of - financial flexibility as it does . largely of new-pro- 
formance it should be capable with borrowings only equivalent ducts, . especially" in 
of earning £80m and this hope, to haif shareholders' funds, municatiqps, contains 'problems' " 
plus a hefty yield of nearly However, this is unlikely to con- as well as ppportuaitiek 


ktotlo 



UK TODAY 


RAIN followed by bright inter- 
vals. Fog in places. 


Loudon, E. Anglia, S n S-E^ N., 
NJE. England. Midlands, Lakes 
Some rain. Fog at first. Max. 
SC (45F1. 


S-W. England, Wales, N. Ireland 
Rain at first Sunny intervals 
later. Max. 9C (48F>. 


Scotland, Scottish Islands, Isle 
of Man 

Bright spells followed by cloud 
and rain. Max. 7C (45F). 


Outlook: Rain at times. Rather 
windy. 

From the London Weather 
Centre 


BUSINESS CENTRES 




V’day 




mi ddar 


miridav 




r 




Arnsulm. 

3 

U 

32, 

Madrid 

-S s 


AllMiH 

c 

1« 

0I 1 

BJauclwir. 

f e 


Dulmin 

S 

27 

m 




1 DnrccJona 

.S' 

[5 

SB', 

Milan 

s s 


Bcjrul 

F 

11 

B4i 




BcHaai 

C 

7 

•U 

Moscow 

S -8 


BrUtr^ife 

F 

-*5 

£11 

Uttnlch 

U <-S. 


Berlin 

S 

-4 

u! 

Xcwcantfe 

V l 


Enwhm. 

V* 

-1 

3JI 

New York 

r. s 


Drlsiol 

V 

3 

37 


is — s 


Brussels 

c. 

1 

34 


F 4 


B. ,UfM 

s 

31 

n 

Perth 





■J» 

an 




Cardiff 

V 

4 

39 


R 6 


fhlcaco 

Sn 

fl 

X! 

iBIo de J* o 

S IS 


I'olQKno 

s 

e 

32 


c u 


Copnhaun. 

c 

2 

34 


5 23 


Dub lid 

K 

a 

49 

Stockholm 

F -3 


EdlnhunA 

F 

7 

43 

Strasbrg. 

C D 


Fraukfuir 

K 

-1 

39 


S 21 


Ceticvh 

C 

2 

36 




(■’Uaaow 

I- 

7 

45 

T^l Aviv 

P 10 



s 

-7 

W 

T okra 

C 12 


ll. Kdiw 

b 

21 

71 

Toronto 

V I 


Jq'hurq 

S 

•M 

79 

Vienna 

C -6 


Lt*boii 

Tt 

B 

4S 

. ifarsaw 



IaiihIoii 


J 

41 

Zurich 



1-uscmirB 

s 


2* 





HOLIDAY RESORTS 


Ai.icuu 

AJmers 

Biarritz 

E Lack pool 

Bordeaux 

BnuIofiOe 


v daj 1 

oildilarl 

-c *y; 

F u »|Jer*esf 
V IS M Lu Pirns. 
S 13 5 l) J.oCJrwe 
F 4 39 :Ma 3 on.-a 


S 11 a' 
S « 43 


casntilnea. F 5B 68 
CaiwTown S SS 77 
Corfu -C -14 S7 
DuHrumlk C S 41 
Fa^o ..F 17 S 3 
HOIWICb K 6 46 
Vonriial Y SO 8S 
niiiraltar F l.i ff‘ 
ttemaejr F 10 X 
inn-rfirth* c -0 s' 

InTurnrc.-; S S 4‘ 
fsli> Of Man K « 4 

l»unbiU C hi M 


fcUlaxa 

Malta 

Nairobi 

Nsploa 

Nlw 

Nicosia 

n porto 

Hbodes 

Sabtmrtt 

Tatwfcr 

Teiwrlf* 

Tunis 

“aHii-la 

Venice 


Vdujf 
, minnar 
■C *f 
V B 4S 
C 52 72 
S ft 41 
S 15 3l 
F 17 S3 
C 15 SO 
r :« «7 
F IS 55 
S 13 35 
F it m 
C J! 5 ' 
R 14 57 
Sn -4 33 
C 17 6 : 
F IS, ft 
R 13 S' 
S 15 S’ 
S S 4 


S—Smuu-. R— Rain. 4! — CtniKly. I- — I- dir. 
Sn— fifloir. I'k— t'lj*. 


TICS 


fidlj 


tast 



Chairman Mr Denis Fahey re|>orls 

© Group turnover over £20m - 
O Exports up by over 30 % 

• Pre tax profit improvement 

# Maximum dividend ?. 


Summary of results 


Turnover 
-Profit before tax 
.Dividends T 


1978 

rOOO 

20,219 

1,370 

394 


.1977 
i’OOff: 
18,050- 
; "9.18 
: 348 


Annual General Meeting -7th December isi78 


Copies of the Annual Report obtainable from:"' 

Tn© Secretary, 

Providence House, BursJem, '. ■ ' • : ‘ ' 

Stoke-o n-Trent ST6 3BQ. 







'.^IKeiwI si. Or l-asi OW?.-. Pri'mwt h tf c, r . ^ :• . 

•j7 thr'KlMUclal linns lal.. Bragin liaiK^ t '-r L l Wvj:iJ * a prvM for- a«d.-NUuA». 


t>P-^ 


O* 




-t -