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■ ' No. 27,734 

Thursday December 7 1978 $ 

& Arnold 

Timber, Building Materials, Healing and 
plumbing Equipment forth® Construction 
and Allied Tiades. Northampton 52333 

v 1 k. .’ y,y — , • j- 






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- • EQUITIES were^heiEed by 
-*■ r-,- .- : . . s^edSvifc ': bojdng* leading 

The strike by .oil WDjSfeers in Iran.- stocks wbfle the new Harris 
protesting against .VShe Shah's 

* • ■ ^ “ Ht I- . 

, . • •■*■«.-. -I? 

.1 - •-■«!. 

" — • i . [n A, 

' »A 

regime spjreadyesterday,cnttm^ 
production ^ Jn the country's : 
Oilfields to Sn/bari^is a <lay^ 
hajf the normal rate:' 7 , 

;-;jiin '^efiraib.^ iesrdents -stocked 
up ob essential foods and cash 
- -u «s •. ao atmosphere of 

• -. *•:* upeasy nalzq before the' Sunday 

;■-■ 'V r - -l-W - a poieotially volatile six.: 

days i of- religious .fervOux_ahd 
.eeghdmid-jwralyds. '.• 

•'. Jean’s . ajaln- putiScal -opposi- 
tion- leaded was released from-.. 

detentioo~-a -, mover seen -rfe'-the ’ 
city as aoShct of cboeiiiaticd. to 
oppb&trorr before the- key 
day s iff.’ Moslem "~r mourning. 
Page 4 ' ‘ • 

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i\-2- l.” 

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id.-. • . • E . 

<>i i' 

3-1 - 

a sue- 

^ ^ cessful deb uL Thfe’jpr Ordinary 

having placed, by Prices- Indosfrtal Index .wst "up 3-6 at 

ir v 

Speakers change 

’■ften'. replaced, by Prices 
U rHri'Roy Hatteisley 4MA 
and/Tre^ffl^.Chie^SeCTetary Mr. ■ _ 

Jbc-T Bar&gtfT -• 'Hie change was ® GILTS were 
irifCrpreted-'ia Westminster, as a- Wain interest . to A . . 
sign that 'ithe rGovefnnaent Was tap. The index closed. 0.03 down 
pceport^S-Pir: detekt Back and at 68.85. ' 

page, *^7*^5". -‘ v; ' -v- ■■•'• ‘ 

.: ■•••. • STERLING renm|aed un- 

Spaniards vote Changed.- at SLOSlfe^ts :trade- 

4nain WmT Weii^n thi» wav weighted index alstt . Staying at 
last'nteh? tb roassividy. upprov- 62 - 7 * dollars tewkywefehten 
iris ' a new depioctatic eonstitytion average depreciathm ^as nn- 

y'r With 

early - results-' 7 |a a 
referendum. Eage-i; 

oa®hai f S19S5, ahead - of IMF 

■ /•> ' monthly 1 ^ awcflbu which 

170,090 oonces/»ere sobFfor an 
aveiace; NI96.06. ' wew-' Yurk 

Continued exchange-rate stability sought for pound 

DisanDof ntment in Commons 


over final 


outcome on EMS 

£400m boost 

for micro-chip 


, , . . c „ THE GOVERNMENT is prepared Denis Healey. Clianed/or uf die 

By Richard Evans. Lobby Editor ; , rj speQd f40(Jm durin5 next Eschoquer . ~| sat 



1 with the likely political impact 

uf the Brussels summit tm 

Widespread disappointment was expressed throughout Europe yesterday that BriUsh public opinion, par- 

only six of the nine EEC Governments had so far been willing to link their pjS? r] £r. cSfihaiJs theme°in 

Exchequer. "1 sat next to Denis 
three years on pushing British ut Uie meeting today and dun 
industry ■ into what the Prime hint in the ribs when I said ibis 

j .,..,..4... i iTOUiiry inw wuai mu ruiiii.- min m uic rnw wiil-ii » saiu mi 

i Minister described yesterday as and he spoke up and agreed. 

' ' ihc ‘‘unexplored territory” of the Mr. Varley declared later. 

microelectronics levi.luUon. Mr . V arley believed that 

The money will lie used for France was injecting about the 
industrial aid schemes, making same sort of money into iis 
using electronic chips, microelectronics developments 

cun-encies in the proposed European Monetary System. But toe xvas evident m tor «« r.rtortos. bul ftrmooy , Pf ndin S 

reuef m both London and Rome among the many opponents of UK and Italian "1. e-Jill L.® . nUS™ I and widely ranging communica- i es s. 


This followed the end late on meeting made little impact in 
Tuesday night of Ibe two-day foreign exchange markets yes- 
$ urn m it of EEC Heads of Govern- terday. with light trading. There 
ment in Brussels, at which the was some speculation about pos- 
ltalian and jrish Prime Ministers eible currency realignments be- 
unexpectedly refused to commit fore the start of the currency 
their countries to joining the regime on January 1. But thorn 
currency scheme. was little chance in rates. The 

Mr. James Callaghan told the ... — 

Commons yesterday that the UK 
would not participate in ihe 
exchange-rate mechanism, but 
‘intended to work for a con- 
tinuation of the exchange-rate 
stability wbicb sterling has 
enjoyed for nearly two years." 

The Prime Minister described 
in detail how the UK would be 
involved in otber aspects of the 
monetary system. In particular 
he referred to development of 
the European Currency Unit and 

Midi lie K JMltrU MIC UUIUDCdU ( . ^ 

.wlwd Vi inelsr raagina commuiiiira- 

M 01 R*t«iry System VielK nut lust ; • irtn pHnp^tifinal unrt «-r->iininit 

British memberehip on the c Uo 1 d m a About £300in is allocated ic* 

lA-r.iriri ,-nin the terms available could have specific uses and the balance wit l 

Suuim t ^nli S meant unnecessary deflation and' An immediate UOOm pro- depend on how much regional 

JSSiv seen rmliSil d.V tom««d unemployment. i gramme was announced by the development aid is required. 

SSSrtiSS for hill? Instead, he declared, the W®* * in,ster whei ? *« took which in turn will depend partly 

Tn Paris there la? a similar Government would continue to'^ chair at a meeting uf the on Uic willingness of foreign enm- 
rtaction coupled ViUi conrtri^ Play a constructive role by join-' National Econom.c Development panics to invest in Britain m the 

““■-rfhi" 1 .ITuL, in- in the dovelnoment of the Council 20(1 received approval manufacture and use uf micro- 

SBSS S-Hrise 

! other organi sat ions, fur what be 

rill lie alio- 

Greece ‘No’ 

Greece has (irmly rejected- 
EEC proposals for the terms 
of ft< accession to the Com- 
munity. and asked the Council 
of Ministers to 

offer on several key areas. 
Page 4 

it would decide later this week future membership of the .EMS. , described as perhaps the ” most 
whether to join, after intensive possibly enlarged to include the i rapjd industrial change in 
talks with political parties. The dollar. I history.” 

decision to postpone a decision His lengthy Commons state- ...l,,. 4 . K .„ 

was well received l>v politicians ment was greeted with cheers' «t“- uaiM^njn, wnn exptaea 
and bankers. and obvious relief bv anti-: tu - d,scus s »"• «“>>ject with trade 

^ - .. Mirkptepr* nn omh of ih^l un,un officials m London next 

In Dublin Mr. .Tack Lynch, the MJt*ereere on oolfl sides of tie moQl j, atknowled"cd that the 

>a inc LAuncii Prime Minister, was regarded as ^ ut d , e l pon ^ nc > by ' advent 

reconsider its h.qvin? been neuvreA in Mr.. Margaret Thatcher. The Con - 1 a 

of micro-electronics 
mixture nf fear and 

recent weeks. But there will be f native leader regarded 1 excitement ” am on 

an intensive effort in th.. next 10 a & ree on a major new iniUa- * c 

two weeks to renenotiate rernic 1 tive as “a sad day for Europe.” This was because there would 
two weeics to renegotiate terms. ^ po)|tJcaI tefms Ministers I be “some crucial job losses in 

There w’ere few signs else- were relieved at having avoided ! a number of industries “ as well 

lities. Schmidt told the Bundestag that 

The outcome of the Brussels he hoped all EEC members Continued on Back Page 

Other reactions Page 2 • Parliament Page 12 • Editorial comment and feature Page 18 
•Economic Viewpoint Page 27 • Lex Back Page O YVincott lecture Page 6 

* i 

ijte y reP or ^ 


^jfakiqg /current and 
Hogg fbr ete;iV3mn^rup3«:-' . v 1 .rapfta^^nov^n^i]^:. together. 

teerqwa. sharply -in - thb third 
Desai motlbll >/;• : . quant® at'i2©m. compared with 
, ^ &fibn-£e&cit in; the previous 

Indian. Preroie^ Moraji Desar.ur au 2ter ' Back Page 
ekpe^t^d tirTupwe a mption- to-: -7~ -. 

day, seeking the JpipriKJXHnen t of # RACAL ELECTRONICS has 
. t Mrs- Indira Gaaohlc-Tarinozitentpt^^oa ^ .£ 20 qj contract to supply 
■=of .the lower hq^e : pf P^rtl^^dip' com inunicatiun systems to 
'. menL'wWch found: her guflt^^fr ^ ^fiddle- East country against 
.breach of privilege^ keen- -inCernatlonal campetition- 

i: f Zi &'£_ Back Par e 

• BAYER, the West German-' 
'based chemical group, is to buy 
.Uriirpyars synthetic rubber plant 
at Bromsgrove, Worcestershire, 
fprT£2.3m. Page 6 

• SEVEN BRITISH banking 
groups have signed separate 
.agreements with, the Bank of 
China for deposit facilities total- 
ting- over £640m. which will 'be. 
Used to finance UK exports to 
China. Page 4 

• BRITISH RAIL and union 
negotiators have agreed 
productivity ; deal based on 
passenger and freight tun miles 
for the 177,000 employees. 

Page. 12 - . . 

• DEPARTMENT of Employ- 
ment. is studying pay rises of up 
to 23 per cent awarded to offi- 
cials of the Transport and Gen- 
eral Workers* Union. Page 12 

deal for 26.000 manual workers, 
said to be as much as the 17 per 
cent Ford settlement which led 
to Sanctions, was approved by 
the Government- Page 12 

r The opriee of.i: st&daffl toaf is 
* td gS up by Op Jtbni naT Honday , 
Ranks ■ Boris- -r^eSougait , an- 
nonneed. t .Associated British 
^ Foods : is 7 J^most : certain jto. 
' announce a similar increase. Back. 


' Middle East talks 

Dr. Mofftapiia Kham^ 'Egyptian 
Premier; arrived in London, tor 
^ti^'V^ My. Jaines C a l iagha a. - 

.arrive • 

^h£ :'4rSt -ift ot -6ft . Vietnamese 
ref Ogees- coming, to EWtalh ^iroro 
Manila^rrtved atHeathroV. .They 
/were., picked' np frben their slak- 
ing ship 'by_-a ; British .- vesset and 
: 3tre being looked , after by 'the 
'Save' The Children Ffmd.-aad the 
: .Ockebdbn Venture.' . ■ " 

Winners . 

‘ DdndhJb Wigan gave seven win r 
hers- out of- ten selections yester- 
.day; His -nap -won at 4-1, his next 
bestr. at 31:2 - and his . <wne-star 
selection at giring a treble of 
more thah Ti^-L. Prices . of bis 
other winners wene -S-li .4-2, .7*2 
. and 2-7,- His selections woo the 
first five - races . at .Ayx. Today’s, 
racing Page 16. . 

s y!ts 



Thlrty-tlirep; pebple.iverfe injured 
when two'.' -trams ■ collided - in 
Cologne', ;• ■ , : . 
Earth tremors^ shoofe Guatemala, 
city, the ‘Caucasus^ in- ifie Soviet 
Union,^ •■■■ ^Cowidj.. dn .-Tutkey - ,- 
Three men, (nrercoihe by Jtnafes, 
died- in' an empty wine' vat -In 
Forn; Italy. ■ v 

Traditional lighting RP cerentony 
oL Trafalgar Square’s! Norwegian 
Christmas free is to take place 
dn December .14. ? 

Mont Blanc Tunnel, traffic was 
halt^i -Tor three hours af.te.r_ aft 
an onymo us . cafter cl.aimed five 
bombs had been planted -there. 


pre-tax profits rose from £29.Sm 
to. £43 .4m for . the half year to 
September ‘ 30, and second-half 
profits are expected to be similar. 
Page .28 and Lex 

• HANSON TRUST regained 
same . of its ' profit growth 
momentum after a static first 
half and finished the year lo Sep- 
tember 30' with a pre-tax figure 
of 126.1m, op £1.7131, Page 28 and 
; Lex' 

• ARaaoTAGE SHANKS Group, 
makers of sanitary pottery and 
'foetal. -and plastic fittings, more 
thhii- doubled pretax profits from 
£P40.O0a to £ 2 . 02 m for the 26 
weeks to. September 30. Page 


(Prices in pfence unless otherwise Indicated) 

Walker tJ.) 


Beech am -.New** ...66pm + U 
Berkeley Hamhrtt _ ... 146 + 6 
British Benzol +.3 

Clarke Sjcfcolfc «.'+ 3 

Deutsche Bank -E114* +. o*- 

Duudonian- — . 55 + 5 
HK and Shanghai .. 264 + 1? 
Johnson.Rehrds. Tiles 93J; + 3J 
Lucas lads. .... -i 3fi7 + 8 


BF 354 

HK (Sehingor) Rbbr. 235 

Anglo Utd'.. 190 

De Beers Dfd. 346 

MIM Hidgs. 193 

Northgate Expin. ... 460 

Sungei Best 230 

Westfield Minerals ••• 395 



20 : 

10 ' 






MB! Furniture 
News’ Xhtnl ..... 


Racal Elect. ... 
,*5Hga Holidays 
Stmilev (A. G.) 

.... 177 +'.B . 
....272.+ 10 
315 + 9 
..., 344 + 6. 

. . .166 -+ 4 
.... :172-‘+ S-. 
....1581 + S 


Allied Irish 197 

Arlington Motor ...... 115 

Bank of Ireland ...... 393 

Coalite- and. Chemical 07 
Hunting Asscd. Inds. 300 

Trust Houses. Forte ../^l * f 
l^unel. B + . 4 

Irish Distillers 
NSS Newsagents .. 
Norton fW*. E.) .. 

Pehtiand Inds. 

Snturiit f Jefferson) 










Accountants’ merger move 
is expected shortly 

NEB borrowing 

A Bill raising the borrowing 
limits or ihi 1 National Enter- 
prise Board and its Welsh and 
Scottish counterparts from a 
total of £1.45hn to about £3 bn 
is to be published this after- 

11 will cause a political .storm 
because of Conservative Party 
opposition to the board having 
a wide-ranging rule. But 

The result was seen by most ! a PE? ar ~ he declared. Srt* of* Welsh* aSrt* S-ouKh 

Labour MPs as ample iustifica-l Tbe prospect did not provoke P° r * . e :«„ ant ! -*- oll,sh 
lion for the scepucisrn shown ! objections from TUC leaders ;it I \ fo'/iL 

ibroughout by Air Callaghan and ! *hg meeting^ although Mr. Len Parliamentarj approval for lL 

i Mr. Denis Healey, Chancellor 0 f Murray. TUC general secretary, 

1 the Exchequer, on key aspects of ! urged thal sustained economic cated soon to ihc GEC-Fairchild 
1 the Franco-German proposals, i e . rowth wou,d he needed to pro- microelectronics projed. 

I although a handful of committed i 1 ™ r Jl , D8ainst The UlOilm includes the IlUQm 
; pro-marketeers regretted the \ wb»cb » urkers * oul d be pie- announced yesler daj. of which 
[serious setback on the road to •»«« lo _J!5®fk?L 
; full economic and monetary 


The meeltn" was uresented ««» will be .pen. on expanding 

with oaner- from rnwrumim aT1 industrial aid scliemu In 

j union. Deuarfnmnu anrT th? ^nirii encourage !be use r.I miirueJec- 

( Mr. Callaghan received the 1 SfnS® ?eIL fiir tfa i? niSIIiMi tronie*. £35m -n ..-dueationiil 

i greatest cheer from the Labour j the SSTnri initiatives, and CISm un training 

benches when he rejected Mrs.! JJf n W 22 2..I . I m and retraining. 

I Th&lchcr’^ criiicism? with j tflin imd no npfioTi but to tni- 

1 ilerisfraliftn ihn» n-itirm-il frnr*r»*u l new microelectronic tech- A further ClOOni is already 

^d pr“?2i!cd "t °he mmmU. '■ ao! °*- v « •» «"««l «» l» Inter- la_e)J«inji fndiMn:,l 

AX -a ANNOUNCEMENT of Kraayenliof. 
merger between Whmney Murray 

nationally competitive. 


, if we can stop dithering and The Government *> also fo 
that i prevaricating, then we can catch encourage the use of microelec- 
iros- ! up and improve our performance ironies in its Departments and 
in world markets.” Mr. Eric Var- elsewhere in the public sector. 
Mrs. Thatcher argued that it i ley. Industry Sccretar;.. said It wants tu sec public-sector 
was a sad reflection on the (later. experiments providing an 

performance of the Government ; Industrialists at the meeting example to the private sector. 

since 1974 that the Prime ! emphasised that no one should 
Minister should have been eon- i expect a net loss of jobs. 

j In ihc end. it would be the 
the largest Dutch accounting major has been a sub- success of the country's own 

accounting firm, and with jed of City discussion for some | efforts in restraining inflation, 

and Turduands Barton May hew. Deutsche Treu hand, 'one of the years. .keeping down prices, maintain- ! 

two of. Britain's largest firms of largest West German firms. Despite the firm s substantial I * n 5 fke stability of sterling and ; 

accountants, . was . believed Equally in doubt would be size in the UK and its important j remaining competitive. 

hnmiaettj last night. Turquands’ link with Uie U.S. European connections, it bad not would ensure long-term pros 

Such a merger would be un- accounting firm Hurdman and been regarded as a serious com- ■ P e rity. Mr, Callaghan said 

precedented in Britain and inter- Cranston. petitor for the Big Eight inter- 1 V1n! rh -'*‘+‘‘ 1 ' *ron«.H t 

nationally, .^ft would place the u is unlikely that there would nationally. 

combined firm among the top lie important changes in Wliioney Significantly, the original 
five UK accounting firms. Murray-Ernsr and Ernsl conwr- strategy behind Turqusnds' link 

.AVhinney Murray and Tut- tions. though these might be a with Klynveld Kraayenbof and, - _ . . , ... . . . , 

quands are well '■-■5 Lit in the new, shorter name- for the com- Deutsche Treuhanrt was a desire ! l ^ nl 10 have openly j^amples cJted }BeJud<-» the 

group of .the 10 largest accmxm- bined group. to deve'up a European aJtema- 1 classified among ihe poorest and ■ Lj'ti Service and clearing banks, 

jug -firms.' A merger of the firms has been tive tu the Anglo-American i members <>f t}ie ! ^ ^ 

But in addition- Whlnnel Mur- the subject of speculation in the giants. j Cmnmumiy. [puters m recent >e.»rs had 

•ray. with .its U.S. partner Ernst citv for several months. The senior partner of Whin ney j attitude wa S in star k con- ; greased rather than decreased 

and Ernst,:is one of the Big Eight Turquands Barton May hew has Murray is Mr. Hugh Patterson, i ft?* 1 *° w^ n0 fJ? r P cSh 

interna tiocial accounting groups, been the centre cf much Press v.-ho had been expected to retire { ^! sier v 11 .., , ; 

A reference to the Monopolfes attention ret-enlly. following its ne'd year. ! ^ ? 

Commissi on cannot be ruled out. unsuccessful fight to remain as Hi< successor in Whinney ! _ ■ , °' n .,1 *■ ,r 1 ? , ...... - -•■- 

since such a merger would auditor of Sime Darby, the Far Murray was thought to hwc(j"® ed H,Ib rel,ef and Mti*fafr*ho jwwld^have no i rouble m 

further concentrate the audits Eastern trading group. been Mr. Peter Godfrey, tiie tl0n - _ _ _ s ^ 0 ~ r _ ' 

of UK companies among a hand- As Turquands is particularly finnV senior London audit 

ful of accounting firms. strong in ibe Far East, revelation partner. 

The plan would have major of merger talks with Whinoey Turquand's senior partner is 
•implications on the international Murray may cast new light on Mr. Dennis GarratL Both he and 
accounting front- the firm's strategy in the Sime Mr. Patterson were said last 

If would call into question battle. night to be travelling in the Far 

Turquands’ 4 ink with Klynveld Turquands' future as a UK East. 

schemes. The Naimnal Enter- 
prise Board's fSOns 1NMOS and 
other ventures are estimated lo 
require a total of another ElOOi.i. 

Editorial comment Page 18 
Details Pace 3» 

£ in New York 

The estimate of a total £400m 
Government expenditure came 
from Mr. Varley, who said that 


1 n H -Hi ii 
,i fill- 

Lm-. il 

! , .».5-vu.4f> Ji 
I . ^5- 1. IS .it. 


U.l'.sJj.i'j .|l- 

Bailey takes on Dubai dry docks 


C. H. BAILEY, the British ship- 
repuir company that fought off 
the threat of nationalisation twn 
years ago. has won a contract to 
manage .the world’s, biggest dry 
diock. complex. 

■ Sheikh Rashid Bin Said Al 
maktoum. ruler uf Dubai, 
anno □ need yesterday that he had 
reached a preliminary agreement 
for an extended lease with Bailey 
and - its subsidiary. Bristol 
Channel- Sbiprepairers, to run 
the l.S5in dwt complex. 

: . Sheikh Rashid’s three-year 
search for a manager, for the 
£&0m project has -involved nego- 
tiations wdth some of ihe best 
known names in world shipbuiid- 
ifig_and repairing, but talks have 

usually broken down. Candi- 
dates have said that they were 
being asked to take too big a 
financial risk. 

y o details were available yes- 
terday about the terms of the 
Bailey contract, but the company 
said it would make a fuH state- 
ment this week to the London 
Stock Exchange. 

For the foreseeable future, 
the three-dock complex wrtl un- 
doubtedly make heavy financial 
losses and Sheikh Rashid has 
apparently conceded in recent 
negotiations that the entire 
capital sum will have to be writ- 
ten off. 

The announcement suggests 

that Bailey is to lease the facili- 
ties. presumably at a nominal 
rent, in order Jo bring into 
action what many see as ihe 
Arab world's biggest white 

Sheikh Rashid decided to 
build the dock when Dubai was 
turned down by the Organisation 
of Arab Petroleum Exporting 
Countries in. favour of nearby 
Bahrain as the site for a twin 
repair dock for very large crude 

The first stage of that com- 
plex. the Arab Shipbuilding and 
Repair Yard, has been In- opera- 
tion for a year, charging cut- 
price rates and losing so far 
unspecified amounts of money. 


European news 2 Technical page II inti. Companies 33-35 

American news 3 Marketing page 15 Enromarkets j, 33-34 

r er ,^L D , eWS j Ar!s PBS* 17 Money and Exchanges 31 

S££ ESLZKir . >-™«« w » *•.,« «m * 

labour 12 UK Companies 28-30 Farming, raw materials ... 30 

;■ —Parliament ... 12 Sllning 29 UK stock market 40 

European- • Summit: Belter 

- than first feared 18 

Economic Viewpoint: The 
; architects of two-tier 

Europe 27 

Marketing: Is anyone listen- 
ing out there? 16 

Business and the -Courts: 
•Worker directors 16 


LJs. intelligence: Spare the 

cloak and dagger 3 

The problems of Tokyo's 
International airport 1 

Steel recession: Switch to 

developing nations 4 

Putting the fizz back Into 
B aimers Cider 32 

Gulf Oil: Shunning past 

errors 33 

International capital: A 
8250m Brazilian loan ... 34 
EEC dairy policy: Milk 
powder burden 39 


Brazil 19-26 

ApixrinuTwiis W 

Appoints. A arts. t-USl-37 
Base Lending Rates 38 

Badness Oms. 37 

.Crossword lfc 

Economic IndkatArs 35 

Entertainment Guide U 

Eoro-optiecf 33 

- FT-ActnariK Indices 40 

Jabs Column .... 3 

Letters ... 



Men ana Matters 



Share Information 
Today’s Events . . 
TV and Radio ... 
Unit Trims 









Mid Kent Water ... 


Brenner nod Co. . 31 

Gfllspnr 32 

Phoenix AisurftflM 44 

annual statements 

Allied Loedoo Props. 21 

BuJlwny Ho Id i os 5 ... « 

Finance Tor Indastnr 28 

Kalanman 28 

Lafce and EIHou .. » 

Peters. Stores » 

Sconlsb Met Pros. V 

rrlcavHk 31 

Uolon Corn, Group 31 

Far latest Share Index 'p hone 01-246 8026 

Victoria. SW 

Westminster Palace Gardens, 
Artillery Row 

A Freehold 

Office and Shop Investment 
With a Residential Content 

For Sale 


Chartered Surveyors 

75 GrosvenorStreet, London W1X0JB. 01-499 0404 Telex 8812560 
and in the City of London - Kensington • Hyde Park ■ Little Venice • Chelsea 

• Financial Times Thursday 

EMS : What went wrong and what happens now 

communications breakdown at the Brussels 



LOOKING BACK on tbe failure 
of EEC leaders, after two days* 
hectic horse-trading, lit agree on 
a European monetary system 
(EMS) acceptable to all, the 
central puzzle is: what went 

.Vo other European summit has 
hgen s;> meticulously prepared, 
preceded as it was by intensive 
technical studies and 'a Murry of 
bilateral consultations between 
the nine leaders. Yet when, it 
came to the point or decision 
their com in unications broke down 

The siiupl.'st answer is (hat 
the wealthier countries — West 
Germany. France, the Benelux 
aod Denmark — failed to take 
seriously enough the demands hv 
their less prosperous partners, 
particularly Italy and Ireland. For 
a genuine transfer of resources 

to make their entry Into the full 
EMS possible. Over the past few 
months, the strengthening oF 
weaker economies has not 
received as much attention m 
debates between the Nine as 
technical issues tike the design 
of the EMS exchange rate 

Italy has long feared, too. that 
its case would become engulfed 
In a political storm over Britain’s 
campaign for reforms of the 
EEC budget and farm policy. 
The summit's failure to tackle 
these issues will no doubt be 
regarded in Britain as one of its 
more serious shortcomings. 
Rut the concessions offered to 
Rome and Dublin were deeply 
disappointing. Their hopes, of 
increased grants from the EEC 
Regional Fund came to naught, 
and they declined to be consoled 

by an offer of some £3.5bn of 
subsidised Community loans 
which vrould -some -day have to' 
be -repaid. . * : 

For once, the obstacle' loan 
increased transfer of ' EEC re- 
sources was not German, but 
French. To the evident dismay 
of Herr Helmut Schmidt the 
West German Chancellor, who 
genuinely has hoped that EMS 
would embrace the entire Com-, 
muirity. President Giscard 
d’EstaJng of France insisted that 
he had do la-tention of straining' 
bit, . national budget to pay for 
the entry of Italy and Ireland' 
into the system. . 

The- . true ■ motives for ,«the 
.French-President’s obstinacy - re- 
main unclear., but almost cer- 
tainly they reflect more than the. 
new-found -fiscal conservatism of 
the programme of. M. Raymond 

Barre. the French Premier. 

Sceptics who have argued that 
EMS was never much more than 
a ruse to re-odant France to the 
currency “snake*’ ... undoubtedly 
: will claim to be vindicated. But 
if Italy, Ireland «nd- Britain stay 
out of 'the EMS, the French franc 
also risks being- in the front line 
of -future speculative attacks of 
just the kind which twice forced 
•it out of the “snake” arrange- 

Part of the . explanation may 
be that on questions of Euro- 
pean policy. President Giscard 
is politically much less secure 
than be seems to be from the 
outside, and feared. that be could 
not win the necessary domestic 
backing for a transfer of re- 
sources. His government was 
badly jolted a few days ago 
when the National .'Assembly re- 

jected a Bill to finance tbe.EEC 
budget out of national value 
added tax collections. The defeat 
amounted, in a sense, to a vote 
of no confidence in further 
European integration. 

The same -unholy alliance of 
Gaul lists and Communists which 
engineered that upset is pressing 
the French President bard on 
-other sensitive EEC issues. He 
has already deferred publicly to 
their opposition to any expan- 
sion of the powers of. the future 
directly-elected European Parlia- 
ment. More critically, he must 
contend with -steadily increasing 
discontent and anxiety, especi- 
ally - in southern France, about 
the likely consequences of admit- 
ting Greece. Spain and Portugal 
to the Community.. The appoint- 
ment of "Three Wise Men" to 
assess-the Impact of enlargement. 

announced at the summit, 

S reposed By the President partly 
i an~ effort w deflect these 

pressures. . • .. 

However they phrase their, 
conclusions, the Wise Men .will 
be hard put to paint an options; 
tic picture of near-term economic 
prospects for a 12-meinberTSEC. 
The European Commission, :io, its 
recent opinion on Spain's applica- 
tion, was largely gloomy shout 
the implications for EUropes 
poureV .regions as well as for : 
Mediterranean farmers and cer- 
tain industrial sectors. Portugal 1 
will need special help (which 
there is little sign so far of It 
getting) for a number of years,, 
if its desperate economic prob- 
lems are not to grow still worse. 

There has always been a 
danger that the next enlargement 
could produce a .two-tier com- 

munity. in "which the important 
decisions affecting. Europe would 
be made by a few Governments. 
Part of President Giscard s 
strategy . all along has .been to 
ensure that France had' a seat 
in fhe top- tier even if— as he 
admitted" privately: just-before. 
last July's Bremen summit— -the 
EMS tore the Community down 
. the middle- If nnly six': of. the 
-Nine join the EMS, antf-'If . the. 
system' endures that risk will 'her 
aU the. greater. *' ;• .yi 
- Britain would doubtless' 
^welcome a - 'looser ' co mmuni ty, 
-especially ..if i-L led to. -.-the ' 
collapse of ' the GAP-' But it- 
wouhT not he as/xeady to accept 
•relegation -hr . the -second -tier, 
where its voice -would count-for - 
little. Nbr would at relish the 
prqspect -of haying, to- iforgd- . a 
share of whatever resource, tea os- 

- V.brusse 

• si^uficanUx..r. 
countries, like thec-':pre$fe$te 
Mediterranean roeittberni:^ r.v 
. Tbe_two men 
now’ pona«Ang'«Hbst 
long-term consequmires^pf-^ 
week's : deHberatiote?pgiffl 

Jenkins, Prescient of 
. Commissions. Mr.-. 

-'claim' i’seine 

ierifiourased . Herr--^chdii^g^ 
'■•setzer" the 'poli tical ; jjamffiBjfrfcgj 
■ proposing the. EMS. 
df'ltfie inagy ] gtzes$s«&- 
wintrier r the .'partiaV 

Herr -Schmidt's irian ;W#keS§ 
Mm to intensify Ws/effin^^ES 
on the . conieary, - tfr-. rMapat&sp 
the indifference '. 
marked GermahCpotieies 
the EEC 3 un&gr much: of -tpFpaij: 
:few XCarS.' 

l : - V.:A-Xa2 

Lira postponement well received 

■’■••..'•I Sal J 


ROME. Dec. 6. 

What the 



By William Dulfforce • 

OSLO. Dec. 6. 

THE NORWEGIAN Cabinet will 
discus* Norway’s relationship 
with the European Monetary 
System tomorrow. The refusal 
of Italy and Ireland to join irilJ 
probably make it caster for 
Norway to participate, altboush 
there is opposition to the idea 
within the nil in:; Labour Party 
and the qoverntng hoard of Ihe 
Bank of Norway. 

Leaders of the former Pconle’s 
Movement, which is aeainsl 
EC membership for Norway, also 
met -today to discuss Norway's 
association with the EMS. The 
movement was a powerful factor 
in the victory of the anti- 
Common Market forces m the 
197:2 referendum which kept 
Norway out of the Community. 

Norway is a member of the 
existing European currency 
snake and. if the EMS is limited 
to the addition of France to the 
present snake members, it will 
he difficult for government 
critics to ar^ue that the extended 
currency scheme Involves . any 
fundamental ebanee for Norway. 

Last week Prime Minister 
nrfvar Xordli stated after a 
meeting with hi* party'? central 
committee that Norway had “a 
positive Interest ” in the EMS 
but would make up Us mind 
about participation after the EEC 
heads of government meetina in 

Among the opponent* of Nor- 
W02ian association with the EMS 
are the Deputy Governor of the 
Bank or Norway and the chair- 
man of >he Labour Party 
Economic Committee, who would 
prefer to see the Norwegian 
krone linked with a trade- 
weighted basket of currencies, 
a* the Swedes have done with 
their krona since their with- 
drawal from the snake in 
August. 1977. 

Political opposition comes 
from u minority in the Labour 
Party parliamentary group, who 
fear closer integration with the 
EEC. and from former members 
of the anti-EEC People’s Move- 

decision on Italy’s entry to the 
European Monetary Sjstem was 
generally favourably received m 
leading political and financial 
circles today. There were no 
immediate repercussions oii the 
lira, which gained two. points 
against the dollar at the Milan 

Sig. Filippo Maria Pandolfi. the 
Treasury Minister, said in Parlia- 
ment today ihe minority Chris- 
tian Democrat Government would 
hold inventive consultations dur- 
ing the next few days with the 
political parties supporting it. 
and confirmed it would take a 
decision later this week nn 
w'hmh-r or not to opt into the 


He indicated serious divergen- 
cies had emerged at tbe Euro- 
pean Council in Brussels yester- 
day. noL only over Italian 
demands for substantial transfer 
of resources from stronger 
countries to weaker ones but also 
over the exchange rate and credit 
mechanisms of the new monetary 

One of the main differences 
involved Italian requests for 
increases in the Community's 
Regional Fund already agreed by 
the European Parliament. This, 
he claimed. had effectively 
prompted the Italian delegation 
Jed by Sic. Giulio Andreotti. the 
Prime Minister, to reserve its 
final decision on Italian entry 
until next week. ' 

The outcome of the European 
Council was not altogether unex- 
pected here. A i though the Italian 
position towards monetary union 
notably softened after the Euro- 
pean Finance Ministers, meeting 
in Brussels on November IS, 
which agreed to give Italy a 
wider 6 per cent margin in the 
new system. Sig. Andreotti was 
coining under ivcrcasins pres- 
sure from the Left-wing parties 
and even some of his own 
Cabinet Ministers on the eve of 
the European Council. 

The Social bt Pa rty has re- 
pealedly emphasised the risks of 
Italian membership without 
Britain's' participation, while the 
Communists, on v.-hose support 
the survival of the minority 
government effectively rests, 
were opposed to any “ pre- 
fabricated ” system by West 
Germany and France. 

Following the -differences 
between the various countries at 
the Brussels summit, Sig. 
Andreotti said on his return 
today that he had to consu tt the 
other parties on the issue. This 
clearly indicates the Prime 
Minister’s anxieties . over the 
tensions • growing in Italy 
between the various political 

The Government is coming 
under increasing criticism from 
the Socialists and the Com- 
munists as well as from factions 
of its own ruling party. A whole 
-senes of controversial issues, in- 

cluding the Government’s three- 
year economic recovery pro- 
gramme, now is . in danger uf 
undermining the present coali- 
tion formula and precipitate 
another government crisis. 

fruit of restrictive policies that 
have limited growth to barely 
2 per cent during the last two 

The Bank n f Italy released 
figures today showing a balance 
.of payments surplus for tbe 17th 
consecutive month in October of 
L375bn. During the first ten 
months of this year, the pay- 
ments surplus totalled L5.6S0bn 
compared with a surplus of 
L1.720bn in the same period last 


say in 




By Oar Foreign Staff 

The Communists, a* indeed 
most of the other parties, wcl- 

cumcd today Slg: AndrcoUi's 
decision io Brussels describing 
it as ’’ realistic.”' However, they 
criticised the Government fur its 
apparently “ muddled approach " 
to the EMS negotiations. during 
the past months. 

The decision was also favour- 
ably received" by economic and 
financial circles, which in nast 
months repeatedly- underlined 
the problems the Italian i.*conomv 
would face by participating in 
a 'scheme weighted against Italy. 

While there ..has been an 
impressive improvement in 
Italy’s balance of payments, 
which has enabled the i-nun ir.v 
to consider seriously entering 
into a more rigid European 
monetary discipline. this 
recovery is in large measure the 


• However. Sig. Pandolfi re- 
minded Parliament today of the 
urgent need to. tackle the funda- 
mental structural weaknesses of 
the Italian econoin), including 
the reduction of ihe public 
sector borrowing requirement 
for next year from L43.720bn in 

He said the Government's 
medium . term • economic pro- 
gramme sought to lav the basis 
for stable growth in Italy, and 
repealed in this context the three 
preconditions for Italian mem- 
bership of the EMS. • 

These included a flexible 
foreign exchange discipline, an 
adequate European Monetary 
Fund, and transfer of resources 
to help weaker economies. In 
Italy’s case, this last point con- 
cerns particularly fhe depressed 
south of the "country. Italy 
insists on negotiating each of 
these three key issues separately, 
refusing to barter a favourable 
exchange rate agreement against 
inadequate transfer of resources. 

Schmidt still hoping for eventual success 



BONN. Dec. 6. 

ment remains hopeful that all 
EEC. countries will be members 
of the European Monetary 
System (EMSi before long. But 
it is clear that the partial set- 
back in Brussels yesterday is a 
political disappointment to 
Chancellor Helmut Schmidt, who 
would have been ready to ?u still 
further tu try to reach a com- 

Reporting on the European 
Council meeting to the Bundestag 
today. Herr SCbmidt said he had 
understanding for the reser- 
vation s 3boul immediate EMS 
membership expressed by Italy. 
Ireland and Britain. Th*i first two 
would make known shortly 
whether, after all. they would be 
ready to go into the system next 
month, and he had the feeling 
there were strong forces in 
England which could steer the 
rouniry towards membership in 
the not too distant future. 

.Herr .Schmidt underlined the 
concessions to which Bonn had 
.agreed. They included th^ grant- 
ing of an exceptional 6 per cent 
fluctuation margin which be was 
not convinced would help either 
the strength of the system or the 
currency of the country which 
chose to observe it. Beyond that. 
West Germany was ready to play 
its role in. footing the bill: to sub- 
sidise the interest rates oh Ibajls 
of lbfi EGG t DM 2.5bm a year 
for five years for less prosperous 
countries in the Community. 

? V . • V 

W. Germany 

He* added that Bonn had- been 
ready to make still greatcr'finan- 
rial S3irifices than this, not only 
on the interest rale subsidy 
scheme but also with respect to 
the Community regional fund. 
However, it did not' receive 
sufficient support for this. 

Government officials note that 
France refused to go along with 
a scheme to boost the regional 

fund and direct it* additional 
resources to the J&s* prosperous 
regions. It is said that President 
Valery-* Giscard d'Estamg had 
visions of peasants in southern 
France receiving markedly less 
Community aid than those just 
over the border in Daly. 

-It is also stressed that there 
wtiji no certainty ihal accord with 
llaly and Ireland could have 
been reached yesterday even if 
Bonn and Paris had been com- 
pletely at one on the so-called 
“transfer of resources ” issue. 

There is the suspicion that 
both Italy and Ireland over- 
esrnjafetL the 1 extent to which 
Wi-sr'- Germany was willing, and 
able, tn use its known influence 
with France to increase the 
. transfer offer. 

It is pointed - out that both 
Dublin and Rome knew from 
intensive bilateral talks what the 
bargaining -position was with 
West Germany and France and 
both still .seemed keenly in- 
terested in entering the system. 
Yet their final position at the 
council remained higher than the 
French, and probably even the 
Germans could have accepted. 

It is not felt very likely that 
either Rume or Dublin — let alone 
Paris— will change, the positions 
adopied yesterday in a matter 
of d.<ys. Although technically 
the French franc is somewhat 
exposed within an EMS uf only 
six EEC members. 

yesterday expressed ■! dis- 
appointment that the- .EMS. 
looked like being launched 
with Britain, Ireland and Italy 
on the sidelines, although : 
several said the Brussels i 
summit was a success of sorts. , 

The conservative Franic : J 
furtcr Allgemeine Zcitung said 
the creation of the EMS. was a, -J 
notable event, but .** the success.- 
is sullied by. Britain's' in , 
decisive- -.- !V' 

** Prime Minister Callaghan- 
wants to hare (he stand-by 
credits and other advantages, 
but wants the British pound-til 
remain free of any obligations. 
True to the British proverb*, 
he wants to have his cake antf 
eat It.” 

Hie Bonn daily Die 
"said; “The big gamble ha& 
tamed into a little ok.V^; 
Despite all the proclamation^, 
about the need to strengthen- 
Europe, it has been shown on^el 
again how quickly the re a(fy' 
ness to make sacrifice^ 
evaporates when It cnmes ftr 
money.” • 

The conservative •* French 
dally, be Figaro, summed ; .t$7 
the result of the summit a$? 
“All’s well that seems to end 
badly.” - The part -agreement 
might be less attractive, to flic- 
eye (ban a full aerdrd, but li‘ 
meant that the system stood 
more chance of lasting. ■ . 

The Socialist dally, ] te Matin 
dubbed the outcome of tbe 
summit: “ A setrif-ftnlure.” Le 
Monde said: “ II is4s ir. at the 
start. Heads of/ State and 
Government had under- 
estimated the domestic 
obstacles they’ would meet on 
the way.” / 

The Communist LHumanlte 
led its edition with the head- 
line ** Under D-mark Law." The 
Brussels agreement reinforced 
the dominance of the West 
German currency in the EEC, 
it said. “Even before next 
Jane's European election, the 
mechanism or abandoning 
sovereignly is building up 

■BELGIAN .BANKERS and finan- 
cial analysts were today openly 
. disappointed ,?>y. the- EEC '-sum.- 
.mips failure to yield, an EMS pacu 
/ that would have' encompassed at 
i least eight members of the Com- 
t m unity- Although - ' Jbe .UK's 
participation . had -V not been. 
; expected here, there'iis growing 
’"criticism in ' Belgian financial 
cireles tha t Britain^ • negative . 
'stance was largely responsible 
for the Italian and.'Jrtth Govern- 
ments' decisions to , remain un- 
committed. • ‘ • • ...*• /' 

-_\vTBe . concern [ui ; . Brussels 
: centres on fears that, the Belgian- 
franc could once again be singled 
out -as one of the-, jnost vainer- : 
r able currencies in' the EMS and 
.’would come under Sinewed pees-: 
,'sure. So far this year well over 
BFr lOObn t £ 1.65bh) . ' has been 
"spent by tly» Belgian Govern- - 
ment on defending .the' currency. 
The Belgian calciifctioh- is. that 
the likely absence -from’ the EMS 
the lira and theUrish pound 
has removed the cushion that it 
was hoped those weaker currerr- 

■ i:'. 


• • . - .. y..- j. .r 


•r ka-v j — =r 

; cies would have provided fcFithoA 
Belgian franc' . against; Juriha '-. -: 
speculative attacks;- - 5-; ; . *• v. 

* *■ Criticism: rthax-: th'e ^.cdrrcticy^-'j 
stabJlisatldn . is;^r£fe- s nrtire : ;-- r v 
than a . French reentry into; tbc." v 
snake has -fhere/orp bear £irfh - :;- 
enetf by the realisation 'that the’ : ?: 

. French franc' cpuldnext- year PTO't >r 
■ride an 'alternative . target inside 1 tv . 
.the ; system^ Sitnihoii^g; ? -• 

Belghun’a For $j gn ; Minister^ ^ j 
day welcome France's rp,Mtibp^.. ^ 

ship of theESS^, but 'Vent on.tdv- 
suggest Ctet:_..fSe ’ ppesent ;EMS:- i J : 
agreement: shbuld he'^een-. as the :• 
first phase of . measarra that after —.; 

edns^tations ' withvffie. U:S^couiff. 
2ead to a new. monetary hrder. - - i l 

Si#* 7 

S Finance Ministry tries to 

look on the bright side 


' S. - - V. 

-' W'.TY 

HOLLAND.. IS sU» -guard^y, ' F ifilii *^~1 

op.timisucs.ihat progress- wtilvlw 

made towardsssetling up an -EEC. 

currency-. 'bine r despite. . ‘ me’ “j ’. 

inability to reach falLagreement -I '- - • j. : , , 

in Bru' l %schr. r No official ' . 

has yet betn made public to -the. 

two-day. Sujmnit meeting which 

ended folW i ast .' nigh\, but . the : ■ . .£• - r . ; : • ' 

Finance Ministry is clearly .try- f y • .• -- HOflQfICl * ; T 
ing to- look on -the bright. sfde. : . i, ~~ ' , J* 

“ The. EMS discussions did not e xpected ^ !address Jjft, 

produce the good things.. that. 

we hoped from them but there, ^cu^sihns -.^n Bru^ela. -- ^e. 
is stilt s. 9040 chance that Italy ppver^entjrewrentiy^^feat . 
and Ireland will join the EMS,'"'. 1 ®' ^P^^ntoff. its-donte^c 
officials at the ministry said in n bmi c -hr or 

an initial reaction “Nor was two-tiay debate 1 -In .Parfaafftenfj 

an initial reaction. “Nor was 
the UKJ entirely negative in its 

Bankers Ver-e 'also •.unjs?fUn^ 

attitude ^ towards the scheme^" to write .off «ie ’ E-MS's- chances 

they added. 

of success . bejpre .Ireland, i artd - 

Mr. Dries van AgL the Prime Ttely have 1 ciariSed. thefr^Tfe}^ 

Ministerr : " : vf as .accompanied to tip ns. The prrohlenrswhichhad- 

tliA - mPP.tinu hv Tlr iirrnnl aricon fru- fl-wi umIid. 

lr.:- - ' 
:r-r ' ■ 

the ' meeting by Dr. Antont arisen for - the weaker ^members 
WcLMnk, Treasurer General at of the EEC were not- unforeseen* 
the Finance Ministry. Mr. van they noted. 5 ' — 

President’s words fool no one 

Lynch: an unwitting victim 


PARIS. Dec. 6. 

AFTER ALL Ihe advance re- 
joicing in France over the 
creation of a European mone- 
tary system lEMSi. the French 
tnday reacted with undisguised 
disappointment at the outcome 
of the European Council's meet- 
ing in Brussels. 

While the UK’s decision to 
stay on ihe sidelines of tbe new 
system for the moment was 
generally expected, rbe failure 
hf Italy and Ireland to make any 
final commitment came as some- 
ihing of a shock to French pub- 
lic opinion. 

The brave words of President 
Giscard d'Estaing. who said that 
the results of the meeting were 
“very close ’’ to ihe objectives 
which ■ he and Herr Helmut 
Schmidt, the. AVest German 
Chancellor, had set ihemselves. 

have apparently fooled no one. 

Nearly all French newspapers 
stress that, in the absence of 
three m ember countries, the 
EMS can hardly be described as 
a Community system. Only- 
France h3s joined ihe old mem- 
bers of the European currency 
“ snake,’’ and several commen- 
tators. have underlined the dan- 
gers of being the weakest link in 
the system. With the British. 
Italian and Irish currencies in- 
side the parity grid and cur- 
rency basket, the pressures on 
the French fr$nc would have 
been much smaller. 

Nor do most commentators 
here attempt to deny that 
responsibility for the failure to 
reach a compromise lies with 
President Giscard .. d’Esla ing’s 
intransigent attitude towards' 

demands by Italy and Ireland 
for a greater ’ transfer of 
resources. It is emphasised in 
Paris, however, that President 
Giscard was hamstrung by 
domestic political consideration-' 
and that, a? a time when the 
GaullisLs have stepped up their 
opposition tn his European poli- 
cies. he could not afford to upset 
them any more than he had 
already done. 

At slake was-thc controversial 
issue in France of ihe European 
Parliament’s powers after it has 
been directly elected. Malian 
and Irish demands would have 
required an increase in EEC 
Regional Funds-granls next year 
from 620m European Units of 
Account to more than Ihn eu. 
An amendment to this effect had 
already' l»een passed bv the 


DUBLIN, Dec. 6. 

r ' VS 
: L. 


European Parliament izr Stras : 
bnu re. bat President ! Giscard 
considered that this ratf counter 
to an earlier decision! by the 
heads uf government taken in 
1977. j 

By refusing to accept the 
principle that the European Par- 

liament could oblistr ibe.Cotinci] 
to change its mind; president 
Giscard evidcnilj. hopes to per- 
suade the Gaulli-tr that he is a 
firm opponent of any nhange in 
the present, balance. hT power 
between hte various' European 
institutions. . • i - 

THE AVAILABLE evidence in 
a confused Dublin today was 
that Ireland was an unwitting 
victim of the crossfire between 
President Giscard d'Estamg and 
Mr. James Callaghan. This 
apparently, accounted for its 
failure tn join Ihe EMS. 

At issue was the scale and 
method of resource transfers 
which ihe three weaker econo- 
mics id Ihe Comrauntty would 
need to join ibo EMS. The 
French President, the Irish say. 
made a mugher-t ban-expected 
stand against the method which 
Britain wanted for resource 
transfers — that is reform of the 
Common Agricultural Policy 
(CAP) and a massive enlarge- 
ment of the Regional Fund, ft is 
also understood' that he baulked 
at the sums involved. Ireland 

wanted. £650m of the requested 
£3.5bn in grant fqrm over a 
five-year period. 

In the event, the French 
President’s obdurate stance 
meant that Ireland was offered 
a third of what it had asked for 
— only £45iu a year for five 
years, or a total of £225ra in 
loans, so soft that they almost 
amounted to grants. 

Despite ihe fact that Dr. 
Martin O’Donogbue. the Minister 
of Economic ' Planning and De- 
velopment, today announced that 
£Lbn in loans was also men- 
tioned, the offer simply was not 
enough for Mr. Jack Lynch, the 
Prime Minister, to commit. Ire- 
land to immediate entry. - 

, Tbe £650m figure was con- 
sidered a minimum entry price. 
Ireland’s balance of payments 

are extremely vulnerable. . This 
year the current account deficit 
is likely to be £300nt. Although 
capital Inflows will almost .cer- 
tainly ..cover this, reserves at 
£I.lbn up' to October are not 
large. ..enough to cover, the sus- 
tained, run on what would be an 
independent Irish pound if the 
country joined the EMS. 

Normal loans, are largely 
irrelevant, since Ireland could 
easily borrow £ibn on commer- 
cial- markets. The problem Is 
affording to pay them back; The 
country runs an enormous public 
sector borrowing rate of 13 per 
cent of Its itiJYP of I&Sba. The 
aidi WmiliL have had to be: In 

grant' form if it were to be a' 
real balance of payments cushion 
and. a . permanent rather than a 
lenrporary. transfer. 

. Being a- victim of President. 
Giscard’s. stand - Has involved - a 

g «al loss of -face for Mr. -Lynch- 
_ e is not in' any immediate poll- . 
ticaP trouble r since his'' ruling 
Fianna F ail Party “enjoys -an 
overall 19-saat major! ty-'ih the 
IdB-kfeat PaWJaunjEgal.' ' ■‘.‘■y 
'.{It. now. setims- djear that -Mr- • 
Lytt'ds. ,tfsual_ty';a very , cautions 
and -• politically. }• acute"^ Prime . 
Minister. misread- ’ .what ; ' one 
OppositionUleaiaer itotlaj- cabled ; 
President ' Giscard’^ - “ a cm -nega- 
tive approaph." Mr/ Lynch seeans ‘ 
tD have seen it -as, one of positive, 
enthusiasm.' ? , 

Spaniards vote in referendum on NATO ministers unsure of U.S. coinmiime&t 

new democratic constitution 



MADRID, Dec. 6. 

referendum to endorse a new 
democratic constitution. If 
approved, the 169-article con- 
stitution will end the con- 
stitutional vacuum that has 
existed since Franco’s death three 
years ago. It will also mark the 
formal end of the transition 
period from dictatorship to 

Early turnout at the polls pro- 
vided no clear pattern of bow- 
many Spaniards will take the 
trouble to vote. The voting age 
for the first tinge has been 
lowered to IS which has added 
2.4m to the electoral register. A 
total of 26.5m Spaniards are 
eligible to vote. The referendum 
has been deliberately held on a 
weekday to encourage maximum 
turnout and employees have 
been allowed time off to vote. 

The constitujon. which has 
taken more than a year to 
elaborate, was approved by Par- 

liament on. October 31. It was 
then endorsed by all the major 
political parties. The main 
objections came from Right-wing 
extremists In Aiianza Popular 
and Basque nationalists. 

The Basque nationalist party. 
PNV, has been urging voters to 
abstain as a sign of protest 
against the constitution's failure 
to give adequate recognition of 
the Basque country's historic 
rights. Meanwhile, the militant 
Basque separatist organisation 
ETA has stepped up its campaign 
of violence to disrupt the con- 
stitution and canvass a strong 
negative vote. 

The main political parties 
have focused much of their 
campaigning on the Basque 
country in an effort to drum up 
support for the Constitution. 
They fear that a strong negative 
vote, plus substantial absten- 
tions. Hill tend to undermine 
further tbe prospects of achiev- 

ing- a peaceful and negotiated 
settlement to the vexed issue of 
Basque autonomy. Extra riot 
police have been drafted Into 
the Basque country in anticipa- 
tion of trouble. Yesterday three 
policemen were killed in San 
Sebastian in an action today 
claimed by ETA. 

The Government has organised 
a massive publicity campaign to 
persuade people to vote. It has 
printed more than 15m copies 
of the Constitution, including an 
edition in Braille, and others in 
Spain’s main regional languages. 
The Government would be happy 
if it could obtain an 80 per cent 
favourable vote. However, It will 
be a significant indication of the 
degree of politicisation of Spain 
to see what proportion of those 
eligible to vote do not show up 
at the boths. Among the youth 
in particular there appears to be 
widespread Indifference. 

NATO DEFENCE ‘ :{Mhrislers Carter had not yet decided on a 
ended their two-day -waiter niece- final figure for the fiscal 1980 
lng here unsure as ta how. far defence budget. He hinted at a 
the U.S. will meet AUiince mm- news conference -that the figure 
mitments to increase defence coiild vary ftom year to year 
spending by 3 per iant in the provided the total came out 
com Ins budget year.. allrigbi in.the end. 

European Defence > Ministers Mr. Carter would keep fhe 
have expressed strong concern NATO commitment in mind, Mr. 
during the* past two days horvBrown said. But he would also 
over the damaging ennsequ cnees “ recognise competing domestic 
for the Alliance, and for their requirements for funding ami 
own plans to raise defence the great importance of holding 
spending, if Washington fails to down inflation by reducing the 
achieve the 3 per cent target, budget deficit” 

Mr. Harold Brown, U.S. NATO officials fear thal other 
Defence Secretary, reaffirmed Governments will find it difficult 
that his Government remained to meet the commitment to 
committee to “annual increases -nrengthen the Alliance's Torees 
in defence budgets in real terms If the U.S. fails to take the lead 
over the next few years with a as It has profised. 
goal o! 3 per cent.” The com- Hr. Brown was equivocal when 
mitment was endorsed at last asked whether Washington was 
May’s NATO summit in Washing- opposing the possible British sale 
ton following a major Americanor Harrier Jump-jet aircraft to 
initiative to strengthen the China. The U.S. had no objection 
Alliance's defences against tbeto its allies selling defensive 
continuing Warsaw Fact military weapons to China, but sales of 
build-up. offensive weapons would have to 

Mr. Brown told his colleagues. bo “ v «y carefully considered 
however, that President Jimmy and consulted upon,'" he said. He 

refused to he drawn on whether 
he considered the Harrier an 
offensive or a defensive weapon. 

Britain bus not yet made a 
final decision on the Harrier sale. 
But it has been probing its allies 
to see if a way can be found of 
approving the sale by procedural 
means rather than staelng a full 
debate in Co com. tbe Paris-based 
agency that vets Western sales to 
Communist countries. - 

Mr. Brown said -the meetinq 
bad laid a good deal of ground- 
work for further discussions of 
arms control negotiations with 
the Soviet Union, and the 
modernisation of NATO nuclear 
forces in the European theatre. 
These issues will be of major 
concern to the European NATO 
members if the U.S. starts new 
strategic arms limitation talks 
(SALT 3> with the Soviet Union 
once SALT 2 is concluded. 

West Germany,, in particular,' 
has been expressing serious con- 
cern here in tbe last two days at 
the Browing Russian nuclear 
threat to Western Europe 
embodied , in the SS-20 miesilc 

and the ' Backfire bomber. Herr r’ 7 - . : 

Hans Apel. the -West German . - t r> -A.’v.' ffl - 
Defence ; -Mints tor, -wants the ; 

Eurfp^rgATO countries - to DefaSS^' *'fiS 
alert urge* private misemsiona^ - "iterated 

on -the correct ’response' -tb the The-fe-OWing 

threat. .. .without giving” ’ the 

impression Star Bonn is takinc: ^hjch-.-emptesjs 

the initiative on sensitive umo^’-SSSp rhalp- 

of nuclear policy. . ., and - im proving :a~ Ybrce - 

All the NATO countries except offensive' opera ttbds U w[t^tittte ’ 
Belgium - today formally sighed Wilitafey ^renmttan' sir*. %irn» 

to a new, airborne early" They : noted 

warning; system (AW ACS 1 d^ 

signed tn reduce .the danger 6f -quired for 

*i? e Warsaw an .J tbat ^ir enhaw»?*g5Sbal 
Pact, Belgium, which.- currently military capabilities are th? re- 
has axarefaker Government, rl su It of taciSSn!S5JSiS?.E? 

to IS Amerksan Boeing E-3A aip- December tdeetlnz of tfie*NAT0 

that, the «fem^the AHiance’s - ^ Vr ~ ^ T v 

largesf^ever awipcrativeprojem 1 Sr 



1- . .<«r, 




MB. , ALFRED §AH>f, president 
Carter’s _ aatWnftatioo adviser,, 
continued fck.lbn* Jiattl of try- . 
‘ ina to seD the A (framlstnrti on 's 
voluntary -programme ta Counter 
inflation* by, today, predicting to 
the joint Congressional Econo- 
mic Copunittee -that- price rises 
would fall- from ’the current, rate 
of ftbOtti I0‘per cent to "six or 
fereo next year, if - the pay. and 
price guidelines ire JoHowetL 

It was. he told the • Congress? - 
men. “the only gerniittOAheoe 
of licking this disease^ itfHhout' 
plunging odrselre^lato a.^eces-' 
si on or strmt^acketing -ouEs'elyes. 
into comprehensive, mandatory 
wage and price controls." 

The . Administration's .‘pro* 

• sely Using for its " . programm e 
. today, bore" fruit in the. news that 
.some 1.170 official? from 800 
cities had pledged to support- the 

-guidelines in regard : to- ihe 
worker* they employ and the 

services they -buy. Hr.. Kahn 
called the pledges .“.a - source of 
'.enormous ..Satisfaction " to the 

v (Vnfet the fiuJdelatcs, wage in- 
rcreaseg. arc la he "kept io 7 per 
eemr' a year and price rises to 
half a per' cent below the aver- 
age increase in. the . last -two 
years. - . ■ , 

: Mr. Khan gave a strong push to 
the oiily element of the anti- 
inflation package that requires 
Congressional approval: the so- 



Paycodewillbe changed 


TION next week- Will atvooimct 
some changes _ta r: and ciariflcst 
tjons In.. Its WageaB(i^3rfcegujdc- 
-lines, Mj.:V • Bsqry - Bpstvortb, 
director, of ... ihe,. President’s 
Council .- on '/Wage... and Prices 
stability, said today.' 

But Mr, Bosvrojrth -claimed ‘the 
adjustments .. wHL: not . alter.- the 
ou Hines of /.the White Hbose'S 
voluntary 'programme, which 
calls for average -annual wage 
increases to be held tb.7 per cent 
and price rises tor be kept to at 
least half a . percentage point 
. below : 197fr77_average increases. 

■He identified ihe- areas for 
likely changes as bridge benefits, 
pay' plans for -non-amoa workers. 

. - / *JEW YORK, .Dec. 6. 

and the conditions -under which 
companies Will b® able to opt for 
profit-margin controls rather than 
” price controls.. The Administra- 
tion fears that too many com- 
panies will choose profit-margin 
controls, which wouldweaken the 
programme. - 
Despite Mr. Bos worth’s pro- 
testations. there, is,; growing 
seep tici bin about clajins thaf the 
changes may. not^sobstanrialiy 
weakjen the policy’s jmpacL 
•' Administration' official clearly 
aim to present any’, changes as 
largely" technical, but it is sus- 
pected that, if President Carter 
accepts some or the;; proposals, 
the" alterations witi significantly 
raise the 7 per cent* ceiling on 
wage increases. - - • • r 

7o price 


called “real wage insurance" 
scheme. Congress will be asked 
to approve this, when it recon- 
venes in January. As a means of 
encouraging groups of workers 
and unions to comply with the 
7 per cent wage standard, it 
would provide an income tax 
rebate, equal to the amount by 
which the actual 1979 rale of 
inflation exceeds 7 per cent. 

Mr. Kahn admitted the proposal 
posed “fiscal risks." But that it 
should be possible to “ keep these 
to modest levels." The Admini- 
stration view is that some limit 
will have to be placed on the 
size of the tax rebate. Jest 
external factors, like a big OPEC 

oil price rise, push U.S. inflation 
to even higher levels next year. 

Mr. Kahn entered the oil price 
debate by saying that the only 
long-term solution was for them 
to rise. 

But he told Congress's 
Economic Committee that his 
Councii on Wage and Price 
Stability was studying energy 
costs. “ an area of inflation that 
is most perplexing and most 
ext raordinarily difficult." 

Mr. Kahn also said his council 
was studying the petrol shortage 
in some areas in the past week, 
hinting that prices might have 
to go up. The Government 
might even have to consider 
rationing unleaded fuel, which is 
in shortest supply. 

Mr. Carter has the option from 1 
next May to lift controls on U.S.I 
oil and oil products. Mr. Kahn 
pointed to an easing of controls, 
with some measures to ensure 
the benefits do not just go to the | 
oil companies as higher profits, i 

v Trieste 
he side [ 

; BY "JOHN ;WYLES . * : 7^"" 

GENERAD/ i&OTORS 4 G3t), the small cars. 
giant U.Sr-motor manufacturer. After an S.7 per&gDt gain in 
increased its sales and share of.. October, the company's sales rose 
the UJS.- cir. market for the third by 12 from last Novew- 

consecutive month In 'November, her, to give it an aggregate gain 
whileboth; its - main rivals; Ford for. the two months --of 102 per 
Motor Company and* Chrysler cenL GIFs progress undoubtedly 
Corporalkai. recorded their third helped November^ -sales of 
successive sales declfiie.' V V -. domestically produced cars to a 
With Jonly twa/selling months 32 per cent gain fronifthe same 
of the new model year to go by. it month last year. This is’ margin- 
is top soon to declare a definite ally Jess- than some- analysts had 
trend: But analysts are puzzled projected, and converts into a 
by the declines ut Ford amf par- 'seasonally adjusted annual sell- 
ticularty ’ Chrysler' . -which f'/bas r ing rate of 1057m' vehicles, which 
launched a re-designed range of' would suggest -a yeawad total of 
large cars.; ;If this pattern con- ; about 92m cats. - 'i-.-.// 
tiDnes mto nextryear, there- may^ Ford's sales, which»f^l hy 9.4 
well be : a signififeaiit change in” pwrwrt in . Gcteber.^Iipped by 
market - shares . for the jl979 6.7 per;. cent last raon*. leaving 
model year. .ainhe OPs sales - tota^saie-v^l ^per -xe&L . Tieliind 

to allow offish 

. BYWILUAMCHISLeTT MEXICO CITY. Dec. 6. i aavise on Iran 

f A DRAFT law;, being- studied baf competing on their ground. ) By. Our Own Correspondent 
T the Mexican .Parlffinem . co^ The Advantage fur Mexican! 1 ^ * 

.. ; turn the codiitty'" into an *off- banks under such a svstem is L WASHINGTON. Dec. 6. 

• shore" banluhg/ccntre. ‘T6e ; iaw that,. with. the creation of foreign fTHE ADMINISTRATION has 

! paves lhe..way-;for the- httigg of- branches here, more foreign turned to a former senior State 

some of the restrictions imposed business could be booked in Department official under Presi- 

on foreign Mexico. ( Mexico without having to go via dents Kennedy and Johnson to 

Under/ the* lawj- foreign ; banks tiie branches of Mexican banks help with contingency planning 

whose, fhnetion • 'in'THexico at . abroad. . .' for the. Gulf, amid signs that 

pi'eMnt la co^ed to estabrish-,. Government is conscious l'^an is having to cut back or 
ing representon ve offices, would ^ f . export potential of the i Postpone planned purchaseJ 0 / 

®oiiS?y’s oil and of the need U.8. arms. 

'inn for : large amounts of kr. George Ball now an invest- 

r^id^nt tinports, particularly capital ment hanker in New York, is tera- 

^ soods. With. Mexico entering porarily 'helping Mr. Carter’s 
^increasingly, into the inter-. (National Security Council assess 
national commercial market, the the. implications for U.S. policy 
' Govecmneat feels that the time of.-- the radically changed 

has come to make the country’s {situation in Iran. His temporary 
an I? P sri U n t i hanking more international. ; assignment, relatively unim- 

Ss1rfcteT' M -^ '^ b Some observers have pointed in 

When details were r - Hj3de out unless the incentives °f the concern and confus.on 
knows about- 'ihe proposed' taw here were comparahle to those White House officials had 
-recentiv, share prices 0 ?. several in other offshore centres tike earlier had to call in Mr. Richard 
private' Mesacan banks dropped Panama, there would be tittle Helms, a former Nixon-appointed 
substantiallyv -.reaectuig' the Point in' foreign banks starting U.S. Ambassador to Tehran, to 
nervousness of i&e system faced branch pffices. - - brief them, after the Central 

with the' idea of competition. The Bank of Mexico believes. Intelligence Agency had faded 
The hanks have &nce regained the proposed law is the first step to give advance warning of the 
confidence as it became clear towards opening up the banking- outburst of opposition to the 
that foreign banks would hot be system without damaging it. '.Shah. 

ring law 
e banks 

NEW. YORK Dec. 6. 

the company's sales, including 
a ^ restraint oa sales of large 
VS-engined cars, to meet fuel 
economy requirements, and con-! 
tinued difficulties in reaching | 
targets set for its controversial 
Pinto small car. 

Financially troubled Chrysler 
slipped by S.l per cent Iasi 
month, after a 5.5 per cent 
decline in October. The com- 
pany’s 10.4 per cent market 
share Was the lowest for several 
years, amt is bound to cause 

But American Motors • AMC » 
the smallest Detroit company, 
ha-- bigger problems. Although 
Jeep sales continue to show 
good gains, its passenger car 
sales were down by 17.3 per ecu’ 
lastjiuonth. leaving it with a 
miniscule 1.7 per cent market 

George Ball 
called in to 
advise on Iran 

By. Our Own Correspondent 
* WASHINGTON. Dec. 6. 

threat to 
i Trudeau 


| By Yictor Maekio 
I OTTAWA. Dec. 6. 

A QUARREL threatens to break 
out between Mr. Pierre Trudeau, 
the Prime Minister, and ibe 
Government-appointed task force 
j on Canadian unity, over its 
I report to be submitted to the 
j Cabinet next March, 
j The Prime Minister, whose 
(popularity is falling Readily. 
J according to public opinion 
| polls, faces a direct threat to 
.his bi-l-ingualism policy, the 
main plank on which he has 
campaigned in three elections. 

The task force has been study- 
ing the pressures threatening to 
destroy confederation. Leaked 
information published by the 
Canadian Press news agency is 
stirring up a storm , because it 
said the task force will come 
down hard on bi-liagualism 
policies and will describe them 
as the cause of hostility between 
French and English-speaking 

The Prime Minister reacted, 
angrily when the question of the 
leak was raised in Ihe Commons 
yesterday and again today. He 
branded it as “rumours and 
speculation.' He pointed out tin! 
Parliament bad approved bi- 
lingualism policies with the sup- 
port of all parties. 

Trudeau dared the Opposition 
to fight him on bi-lingualism in 
!the coming 1979 election, saying 
I he was ready to go to the 
country on that issue. 

The latest Gallup poll issued 
yesterday, showed a steadily 
growing gap between the Con- 
servatives and the Liberals. The 
Tories are now ahead, with 45 
per cent, to the Liberals' 35 per 
cent. The New Democratic Party 
had 18 per cenL 

• Canada had a seasonally 
adjusted current account 
deficit of CS1.34bn in the third 
quarter, a record quarterly short- 
fall, AP-DJ repons from Ottawa. 
According to statistics Canada 
the second-quarter deficit has 
been revised downwards to 
CSl.lfibn from the previously 
reported C$1.36 bn. 


Spare the cloak, sheath the dagger 


the U.S. intelligence agencies’ 
prime customer — and he is un- 
happy with the service he has 
been* getting. Last week he made 
bis complaint public: over the 
past 15 years the U.S. has come 
to rely too much on gadgetry, 
satellites, electronic eavesdrop- 
ping on the secret messages of 
other oations. “ sometimes to the 
detriment oi tin? assessment of 
the intelligence derived, and 
also trie intelligence derived 
through normal political 
channels,* 1 be told a news con- 

He seems to have been pro- 
voked by the lack of any advance 
warning of the riots against the 
Shah of Iran. Mr. Carter s valued 
ally, and of ibe Rhodesian mili- 
tary strikes into Zambia at Ibe 
awkward moment in October 
when Mr. Cyrus Vance was hold- 
ing talks in Washington with Mr. 
fan Smith, ihe "Rhodesian 
Premier. So Mr. Carter has now 
ordered the State Department, 
the National Security Council, 
and the Central Intelligence 
Agency <CIA> to do their poli- 
tical homework better. 

The CLA is directly in the Pre- 
sident’s sights. Last January Mr. 
Carter added to the agency's 
overall responsibility for the 
writing up of intelligence esti- 
mates, the job of assigning in- 
telligence tasks among ibe 
various branches of the intelli- 
gence community. The next 
session of Congress will consider 
, putting that reform into legis- 
lative form. 

Day-to-day electronic intelli- 
gence gathering has been left to 
tile Defence Department, under 
whose broad umbrella com e the 
National Reconnaissance Office 
(satellites! and the National 
Security Age n cy t com m u n ica- 
t'.ons and code intercepting). 
That is bow the Pentagon wants 
to keep it- Satellite photography 
is vital to the verification of 
strategic arms agreements 
(SALT) with the Russians. Mr. 
Carter has said so himself. High- 
flying reconnaissance aircraft, for 
instance, help the U.S. to keep 
track of weapons the Russians 
might be putting into Cuba. 

Yet the President evidently 
feels that. SALT. Cuba and a 

A dm. Stansficld Turner, 
director of the CIA. 

few other special instances apart, 
there is a limit 10 the usefulness 
of remotely collected intelligence. 
Photographs of Russian forces, or 
sometimes interceptions of the 
usually .un crackable Warsaw Pact 
codes . will tell something or 
Russian military capabilities, but 
little of Russian intentions. 

It is a more telling criticism 
that, given the Defence Depart- 
ment's security preoccupation 
v.ilh the Communist bloc, the 
U.S. intelligence community has 
in general devoted too few of its 
resources to other, less politically 
predictable parts of the world, 
such as Iran or Southern Africa. 

The CIA’s clandestine service, 
in any case, is not what it was, 
partly because no alternative 
employment has been found for 
the large number of undercover 
agents made redundant by the 
Communist takeover in Indo- 
china — a point that Admiral 
Stansfield Turner, the CIA direc- 
tor. made brutally obvious in last 
year’s " Halloween massacre.’’ 
when he gave 820 of them their 

The Admiral 1> a Naval 
Academy classmate of the Presi- 
dent’s. He was appointed with the 
brief of bringing the agency's 

cloak and dagger operations 
under lighter control. Publicly, 
he has eschewed the use ot the 
dagger— ruling our ilie assassina- 
tion of foreign leaders as 
"repugnant to our national 
standards." though his predeces- 
sors tried hard enough with Fidel 
Castro — and called for more spar- 
ing use of the cloak. ■* We must 
not, by spying, try to obtain 
information that can he found 
and made available through open 
sources," he said recently. 

The CIA clearly intends 10 
stay in the espionage business. 
And Admiral Turner, not 
surprisingly, feels that public 
mistrust of bis agency and closer 
supervision by Congress have 
damaged the Cl AS ability to 
operate effectively. “ Albed 
intelligence services are nervous 
about whether we can keep 
secrets." he recently told a 
"Washington Press group, sound- 
ing very like Mr. George Smiley. 
John Le Carre’s fictional British 
spy chief after the discovery of 
a too Russian agent, or “ mole.” 
in Whitehall. 

Not only did the Admiral 
suspect other NATu spy services 
of refusing to pass on certain 
information to the CIA’s Langley 
headquarters, but hi- also cited 
a proposed joint covert opera- 
tion with another country, which 
fell through when ibe CIA 
reminded its counterpart that 
eight Congressional committees 
would have to be informed 
beforehand. (The CIA is 
required to give advance notice 
of all coven actions to the two 
committees, one in each House 
of Congress, un appropriations, 
foreign relations, intelligence, 
and armed services./ 

Inevitably, this irritates the 
CIA. When Mr. Richard Helms, 
a former dA director, was giver, 
a two-year suspended sentence 
last year and fined $2,000. after 
pleading no contest to a charge 
of wilfully misleading a Senate 
committee on CIA activities in 
Cbiie, he was cheered at a 
receotion by former agency 
employees. They even chipped 
is to pay ihe fine. 

The spate of newspaper re- 
ports a couple of years ago nam- 
ing CIA agents in foreign posts 
— which the CL\ feared would 

endanger their live*— has sub- 
sided. But u run of books on 
CIA activities by former agents 
has been fought bitterly by the 
Langley hierarchy. 

The latest concerns the 
agency's role in the final days in 
Vieroam by Mr. Frank Snepp, 
who was taken to court by his 
former employer for alleged 
breach of contract in not first 
submitting it to the agency for 
approval. Mr. Snepp lost the first 
round this summer when a court 
ordered him to hand proceeds 
from the sale of his book to the 
CIA and bans him from publish- 
ing anything more. Mr. Snepp 
has appealed. 

The recent CIA firings without 
parallel since Mr. James 
Schlesinger carried out a similar < 
hatchet job when he took over 
the agency in 1973 only increase 
the chances of more disaffected 
e.veiuoluyees surfacing in print. 

To help him run a tighter ship. 
Mr. Turner has moved a number 
of his navy associates into top 
jobs. This, coupled with the 
previnu-5 abolition of the board 
of estimates, which included out- 
side academic specialists, is 
thought by some io have dimin- 
ished the scope, and perhaps the 
independence of the agency's 
intelligence analysis, without 
giving" much improved security. 

Indeed, ihe CIA has been under 
fire for allowing a major security- 
leak to go undetected for eight 
months. It concerned thp sale to 
the Russians of a U.S. spy 
satellite manual by a former CIA 
employee, Mr. William Kampiles. 
who was convicted of espionage 
last month. 

It was Dan of Mr. Kampiles’ 
defence that a high-level Russian 
agenl in the CfA was responsible 
for the disappearance of the 
handbook »13 copies in fact), 
which describes in detail how 
the KH-ll satellite is used 1o 
phntograoh Russian nuclear in- 


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By Quentin Peel 

CAPE TOWN. Dec. 6. 
judicial commission inquiring 
into Ibe massive misuse of state 
funds in the former South 
African Department of Informa- 
tion are to travel overseas in an 
attempt to track down the destin- 
ation of money earmarked for 
clandestine Government propa- 

This was announced today as 
Dr. Connie Mulder, the former 
Information Minister and once 
the second most powerful man in 
the ruling National Party, faced 
weJI-nigb irresistible demands 
for his final resignation from 

The parliamentary caucus Of 
the National Party was locked in 
a lengthy meeting to decide its 
strategy following yesterday's 
official confirmation of malprac- 
tices and maladministration in 
the Department. The likely 
result is that the 130-udd mem- 
bers of the caucus will decide to 
close ranks and force Dr. Mulder 
to quit 

The revela lions of the so- 
called Erasmus Commission, that 
a total of R44ni (E37.6m» was 
devoted to secret projects of the 
Information Denartment result- 
ins in inestimable losses by the 
state, arc to he debated at a 
special parliamentary session to- 
morrow. Several key National 
Party newspapers today urged 
Dr. Mulder tn resign. 

Reuter reports from the UN: 
Six more adherents of the South 
West Africa People's Organisa- 
tion (SWAPO) were arrested at 
-dawn, today in the township of 
Katatsura. near Windhoek, 
according to information 
received in New York from 
Lutheran Church officials in 

Iran opposition leaders 
freed on eve of holiday 


TEHRAN. Dec. 6. 

THE LEADER of Iran's main 
political opposition, the National 
FronL Dr. Karim Sanjabi. has 
been released from detention 
after being held for nearly four 
weeks. No reason was given for 
his release, which is seen here as 
an act of conciliation to the 
moderate opposition in view of a 
testing weekend ahead. 

Released with Dr. Sanjabi. a 
74-yea r-otd veteran politician 
from the era of Dr. Mossadeq In 
the early 1950s. was another 
leader of the Front, Mr. Darius 
Foroubax They were arrested on 
November 11 shortly after Dr. 
Sanjabi's return from a meeting 
in Paris with the exiled religious 
leader. Ayatollah Khomeini. 

Dr. Sanjabi has been often 
tipped in recent weeks as the 
country's next civilian Prime 
Minister, if an accommodation 
with the Shah can be worked out 
During his talks in Paris it is 
known that the court sent a plane 
to bring him back as Prime 
Minister, but he refused the offer 
at that time. Since then indirect 
discussions between the regime 
and opposition moderates on the 
selling up of a neutral, civilian 
government have continued. 

The news of Dr. Sanjabi's 

release came after the Shah had 
announced the pardoning nf 120 
political prisoners, bringing to 
about 1.700 the number freed 
since his 59th birthday six weeks 

[Dr. Sanjabi said in a tele- 
phone interview after bis release 
that he was not willing to take 
part in a government of national 
union “ in the existing conditions 
in Iran.” Interviewed by a 
French radio station, he added 
that no such post had been 
offered to him, AP reports from 
Paris. J 

From tonight the country will 
be shutting down normal activity 
for almost a week, leaving the 
field to the army and the com- 
bined forces or religion and the 
anti-Shah opposition. A big push 
against the survival of the 
monarchy is expected. 

A five-day holiday reaches its 
climax on Monday, marking 
Ash ura. the blackest day in the 
Silia Moslem calendar, and the 
Government will be relieved to 
escape with only light casualties 
during the inevitable clashes. 

The atmosphere of deepening 
crisis has speeded up the exodus 
of foreigners from Iran. Westing- 
house. the U.S. corporation which 
has widespread interests in Iran, 

is reported to be flying several 
hundred employees and depen- 
dants out on a charter flight on 
Friday. There was no comment 
from the company today. 

Most Western embassies in 
Tehran have told their nationals 
to slay indoors on Saturday and 
Sunday, and some have been 
advising those who can to lake 
a holiday abroad. Gen. GboJam 
Reza Azhari. the Prime Minister, 
said yesterday that the safety 
of foreigners- was assured, but 
diplomats have questioned how 
this can be guaranteed in 
practice. - 

Iran's crude oil production fell 
back today to under 3m barrels 
compared with last week's peak 
of 5.9m barrels as the revival of 
full strike action ' continued to 
bile. The strikers are reported 
to have promised however, that 
domestic needs will be met. 

In dealing with its public 
sector strikers, the Government 
is taking a noticeably soft line, 
both for the oil industry and far 
other key sectors such as power 
Gen. Azhari told the Senate today 
that small groups were prevent- 
ing others from working, but he 
was hopeful that the electricity 
workers would' return to work 

OECD chief attacks West on aid 


PARIS. Dec. 6. 

Modest OPEC 
price rise likely 

By James Buchan 

•lEDDAH. Dec. 6. 
THERE ARE strong indications 
here that ihc* Organisation of 
Petroleum Export ing Countries, 
OPEC, will be persuaded in agree 
to a series of modest increases 
in oil price? for 1W79 when OPEC 
ministers meet in Abu Dhabi on 
Dccemher 16. 

The Jeddah newspaper. Saudi 
Ga/ntte, reporied on Wednesday 
Ilia i an OPEC majority now fav- 
oured an nil-price rise for 1979 
in “small but not necessarily 
equal doses." This is understood 
lo follow a closing in the posi- 
tions of Saudi Arabia and Kuwait 
during the five-day visit of- a 
Kuwaiti Government delegation 
to Riyadh 

Kuwait had supported an in- 
crease of at least 10 per cent lo 
compensate OPEC members Tnr 
losses in revenue caused by in- 
flation and;-. the -fall In the value 
bf the : dollar .since the last fiill 
OPEC price increase nearly two 
years ago. The Snudi Oil' Min- 
ister. Shaikh Ahmed Znki 
Yamani. was reported as saying 
last month thai Ills country con- 
tinued lo prefer a freeze in 

"At the Riyadh talks, Crown 
Price Fahd and the Kuwaiti 
Prime Minister. Sheikh Saad .41- 
Abdullah Al-Sabah — together 
with the two. Oil Ministers— are 
understood to have agreed nn the 
compromise of staggered in- 

, “ NEGATIVE ; arid defensive 
j policies" by .Western govern- 
. meats were -attacked here today 
j at the start of a high-level sym- 
I posiuin on development aid 
attended by over 20 countries. 

Mr. Emile van Lennep. secre- 
. tary-general of the Organisation 
; for Economic Co-operation and 
Development (OECD), pleaded 
for a coherent approach in the 
mutual interests of North and 
1 South. 

i “ We cannot, for instance, tref- 
;come the fact that developing 
countries represent expanding 
markets for the products of our 
countries and at the same time 
! brand them as a threat for 
; employment in our countries, as 
! far as their exports of manufac- 
( tured products art- concerned.'" 
I he told a joint meeting of the 

OECD and Parliamentarians 
from the Councii of Europe 

Short-term action to prop up 
the weaker parts of indus- 
trialised economies, he warned* 
" will only make it much more 
difficult for us to achieve the 
sustained non-inflation ary growth 
wc are seeking." 

nn several key issues, rich and 
poor countries needed to seek 
cum in on 'jdIu lions — developing 
new energy sources, stabilising 
cummudity market*, and avoid- 
ing food-supply shortage*. Higher 
investment in the developing 
world \vi> also in the interests 
of industrial Lud t-uun tries' global 
ilrategics. he said. 

Progress in development co- 
operation was insufficient and 

aid flows disappointing — particu 
larly on the part of some of the 
larger donors. Advances had 
been made in finding new 
approaches, . such as the so-called 
“basic human needs" concept. 
But agreement with developing 
countries on this Approach bad 
proved difficult 
The developing countries' 
retort was forcefully put by 
Mr. Iqbal Akhund, Pakistani 
Ambassador to Paris. Poor 
rnun tries could not be expected 
tu put their own houses in order 
simply by tackling basic needs 
and without changing a world 
system where the rich were 
hound to get- richer and the poor, 
at least relatively, poorer. He 
also rejected the assumption that 
basic needs could be met without 
rapid industrial- development. 


TOKYO, Dec. G. 

■ FACTIONAL .squabbling inside 
•Japan's ruling Liberal Derrin- 
' cratic Party has caused a delay 
, m ihe election or Mr. Masayoshi 

■ Ohira as Japans new Prime 

1 Minister. Mr. Ohlra's appoint-, 
r men rHv ;i$ supposed to have hceu 

! formalise# this .'afternoon at a 

■ apriinl .incetins of the Diet. 

; after .-wduVh .the membership of 

; Ihe ‘ .new Cabifcei was to be' 

The Diet session was postponed 
• repeatedly and finally put .uff 
until. ' tomorrow owing to a boy- 
: cott decision by tiic intra-party 
i group supporting the outgoing 
1 Prime . Minister. Mr Taken 
| Fukuda- The Fukuda .. faction- 
1 muhibers refused to attend the 
i Diet .session on the grounds that 
| Mr. Uhira’s proposal lo nominate 
a member uf his own personal 
following as Party secretary 
general violates an unwritten 
Party rule according lo which 

the secretary general should be 
a member of a part) faction 
other than that nf ihc Prime 

In the background, resentment 
also appears to exist v.ithm the 
Fukada faction at allegedly u:i 
fair electioneering methods used 
.by Mr. rihira s supporters in the 
■rveent .primary election for party 

Trouble began early this morn- 
ing when outgoing Prime Mim«- 
icr '.Fukuda summoned a final 
meeting of hi* Cabinet and asked 
Ministers to resign in prepara- 
tion for Mr. Ohira'- election la ti?<- 
in the day. Ail but one yfilic 
■Ministers resigned as reque/ed. 
Bui the Minister of Agrictitfure. 
Mr. Ichiro Vakagawa. declined 
and askd Mr Fukuda to ra-nuss 
him. Mr. Nakacawa. i well- 

key man in efforts by the Fukuda 
faction to force Mr. Ohira to hack 
down on hi- original .-election 
for the Party secret;* r; -general 

Mr Ohira had originally pro- 
posed the avpoUfltnent of 

former mini iter of ‘-.agri culture 
in the Fukuda/ Goveritmont. Mr. 

known spokesman nf ihd LDP’s 
p a*: ihe 


Jar Right, later emerge. 



ZeuKn.Citzufci.fta; Tarty secretary 
gene,?!, hirt chad god his mind on 
Tuesday after, Mr. Fukuda ex- 
pressed strong opposition to the 
choice (on-fhc grounds that Mr;. 

,‘Suzuk; is d* dost- " to c.r-Prime 
Minister hfrguei Tanaka.- now on 
trial for IIL alleged involvement 
in the Lockheed affair;: Sir. 
Ohira ’s A’cond choice for the key 

/Porl\ jiost was Mr. Kunikiriu 
Sniii\ member of his faction and 
a Fortner health and welfare 
minister. This choice ' was the 
main bone nf unnv.-ntion during 
today's protracted Party squab- 

Fuel and farms cause problems 


TOKYO'S NEW international air- 
port. better known as Marita 
airport, has had an almost 
incident-free run since it opened 
last May after five years of 
delay and a tense final two 
months which included a corn- 
man do attack on its control tower 
by anti-airport radicals. 

.V.irila is still, however, the 
most snag-riddcn project under- 
taken b) any po<l-war Japanese 
government — with the possible 
exception of the ill-fuicd 
Okinawa Ocean Expo nf 1975. 
which failed laraely because it 
coincided with (he post-nil crisis 

Some id the reason* for ihe 
snags — and some of the red Wil- 
ing features which have enabled 
the authorities to claim that 
Naril-i fiasco stories wore a 
grand exercise in joumaiistjr 
exaggeration — are «*l out below. 

Fir-i: the redeeming features. 
Mania has turned ou( lo be an 
easier place lo get to than most 
people expected before it 
npened. The airport is 41 miles 
inland from the Tokyo city air 
terminal where most passengers 
check in — and there are 41 miles 
of four lane highway which can 
become blocked for hours by- 
even minor accidents. In spite of 
this, getting to and from Narita 
(the world's second most distant 
airport from the city it serves) 
has proved to be less of a night- 
mare than feared. 

*' Limousine buses" (furnished 
with special blue cards which 
can be sbown io the driver by 
passengers who discover a sud- 
den need to go to the toilet) 
make the journey in bd average 
of 70 minutes — which can be cut 
to 50 minutes in off-peak periods. 

** Sky-liner " trains operated 
by a private railway company 
take an hour, but have been little 
used since the airport terminus 
station is located a short bus 
journey away from the terminal. 
In a typical Narita mix-up, Japan 
National Railways, wbicb owns 
the railway station directly under 
the terminal, has failed to get 
approval from local authorities 
for the super-express line it 
planned to build from Tokyo. 

This line mjsht have carried pas- 
sengers to the airport in under 
SO minutes. 

Next on the list of pleasant 
surprises is the fact that the 

students and farmers -who 
opposed the building of Nariia 
airport during its ten year 
construction period have not 
thrown any Molotov cocktails 
within airport limits since 
opening day— and seem unlikely 
to do so. 

The 1 Government claims that 
ihc number nf permanently 
based radical elements in the 
Narita area is now a fraction 
of the 309-slrong hard core who 
lived nn the site before opening 
day. Some of those who stayed 

port to support any extra traffic. 

la the late 1960s. when Nariia 
was planned by a government 
which had . apparently never 
beard of environmentalism, it 
was assumed that there would be 
nn problem about building a 
pipeline which would convey 
aviation furl to Narita from a 
port or ports on the coast of 
Tokyo Bay. some 35 kilometres 

The Government started build- 
ing the pipeline in 1972. but gave 
up a few months later after find- 


bid to solve 


un have married local farmers' 
daughters and >ettled down as 
marsei gardeners. In their last 
major set-piece, the “ 100 days *' 
demonstration organised last 
September, the radicals mus- 
tered 7.000 anti-airport marchers 
but ‘.here was no violence. 

The last reason why Narita is 
getting a better press than seemed 
likely last spring is that it is 
relatively empty. The Tokyo 
International Airport Authority 
claims that 4 per cent more pas- 
sengers have passed through the 
airport on international flights 
than used the old Haneda inter- 
national airport in the same 
period last year. 

The airport was built, however, 
to handle 60 per cent more people 
than that as well as hordes of 
well-wishers and sightseers whose 
admission within airport bounds 
is still subject to severe controls. 

The emptiness of Narita is a 
blessing for passengers, but a 
catastrophe for tbo many shops 
and restaurants which were per- 
suaded to net up -there, offering 
a fair cross section of Japanese 
consumer gadgetry. The reason 
for the empty spaces is the very 
simple one that there is not 
enough aviation fuel at the. air- 

ing that local authorities whose 
territory was to have been 
crossed either would not accept 
it at ail or else expected impos- 
sibly high compensation pay- 

The airport authority spent six 
years (from 1972 to 197S) devis- 
ing an alternative route for fuel 
supplies which involves two rail- 
way lines and a short pipeline 
between a railhead and the air- 
port tank farm. This has an esti- 
mated daily capacity cf 4,645 kilo- 
litres, about 30 kilolitres less 
than the airport needs when its 
normal complement of 170 
scheduled flights is being 
operated. The difference is made 
up by drawing □□ stocks, accumu- 
lated before opening day, but 
no-onc knows what will happen 
when these run out. 

Last summer, the Government 
was finally able to obtain the 
agreement of local authorities to 
the building of a pipeline which 
will be submersed 12 metres 
below a river bed and which 
will carry four times as much 
fuel as the present railway 

delivery system. 

The pipeline will lake three, 
years to "build and. will be so 
expensive .that the airport auth- 

ority may have to treble its 
a* ready high fuel handling 
charges when it comes into 

Narita airport has one runway 
al present and cannot expect to 
acquire another until the Gov- 
eminent finds wry* of buying 
out 17 farming families who are 
holding out on 39 hectares of 
land which would be covered by 
the second and thirds runway t. 

i Another 500 hect-j res needed for 
Hie enUrgcmeni «*f the airport 
have i>:en held V. the authorities 
since 197-3.1 Th - Jack of addi- 
tional lunwjy? n cans; that there 
ara potential ijiuiing problems 
when wind?, blnw arros* the 
exiting runway instead of along 

ii a- 'hoy nurnallv dp. 

Another " problem , is that 

Njnias airspace overlaps at one 
point with that of Tokyo's old 
international airport ; at Haneda, 
now used mainly for domestic 
flights. Aircraft using the two 
airports are allotted' different 
altitudes in the overlapping 
areas. But the radar- system at 
Narita, introduced in 1 - 1973 when 
most or the airport installations 
were completed, T& not as 
accurate in measuring altitude as 
the newer equipment flt Haneda. 

The airport authority, which 
incidentally expects, to lose 
YSObn | £52m i duriig its first 
year of operation, cari expect lo 
be operating a viable inter- 
national airport equipped with 
three runways and lafge enough 
To serve Tokyo's needs by about 
1982. This assumes that the 
Government puts up the Y500bn 
needed to build the second 
phase and tbat some means short 
of compulsion can be found for 
buying out local farmers. 

Thc^ irony is that by that time 
Tokyo’s old international airport, 
on reclaimed land on the edge 
of Tokyo Bay. will also have 
grown a lot. The Government 
is currently reclaiming addi- 
tional land next to the -main 
Haneda runway. The aim is 
cither to extend Haneda’s 
capacity or to move the whole 
airport further out to sea sn as 
to cause less disturbance to local 
residents. If hnd reclamation 
al Haneda poses relatively few 
problems, as seems to he the 
case. One might ask why anyone 
decided to build an airport at 
Narita jn the first place. 

By Charles Smith 

TOKYO, Dec. 6. 

Chairman of Nippon Steel and 
chief negotiator of the S20bn 
Japan-China trade agreement 
signed last March, will be visit- 
ing Peking later this month in 
an attempt to reach a '‘meeting 
of minds" with the Chinese on 
problems which have cropped 
up over the implementation of 
the agreement. 

One of the questions Mr. 
Loayaraa may discuss is how 
much the original agreement 
should be expanded: Jr has been 
suggested that the elgb 1 -year 
$20bn framework on which the 
original pact was based should 
be extended to 12 years and 
$80bn. Another question, closely 
related to the first, Is how to 
develop Chinese oil and iron 
resources which will be needed 
to enable China to balance its 
trade with Japan within, the 
framework of the agreement 
- Japan's Export-Import Bank 
has offered China a low interest 
long term loan of between 
Y200bn and Y400bn to finance 
the first stages of oil and iron 
ore development China, how- 
ever. appears virtually to have 
rejected the Ex-lm Bank offer 
on the grounds that it does not. 
wish to borrow yen. 

The yen is understood to be 
one of four hard currencies 
listed by Cbina as unacceptable 
for the long term financing oE 
its economic development pro- 
grammes (the others are the 
D-mark, the Swiss franc and the 
French franc). China has told 
Japan that- it wishes! to borrow 
dollars at low interest. rates but 
Japan seems unwilling to meet 
this requesL 

Japanese banks would be will- 
ing to extend long terms syndi- 
cated loans to China on the same 
terms as to other international 
customers (that is at a margin 
over the London interbank rate). 
Such, loans however would 
apparently be far too costly from 
the Chinese point oF view -and 
are not likely to be taken up. at 
least in China's current phase of 
development. China would prefer 
instead to borrow dollars from 
the Export-Import Bank, which 
would in -turn borrow from 
Jap, -i u's foreign currency reserves 
(now totalling over $32bn » 

Tin- E:.-ini Bank has already 
begun iu extend do iUtr-de nomin- 
ated loans lo Japanese borrowers 
for specified purposes (mainly 
the financing of ** emergency 
imports"). It has no established 
policy, however, of making 
dollar loans to foreigners and 
.seems reluctant lo start. 

The granting of dollar loans to 
China uould lead to demands 
for similar loans Trorn other 
trading partners including the 
Soviet Union (which wants to 
secure Japanese financing of its 
Siberian development projects), 
inti in turn might lead to accu- 
sations from other developed 
countries including Ihe U.S . that 
Japan was using “cheap dollar 
loans" as a form of export 

h seems likely that Japan will 
ha>v to make up iu mind how 
to deal wjth Chinese luan 
requests, by the spring uf next 
year at the tyicsi. Tills is the 
I hue when o nmmber <n nujib 
plan i (.ori.ucl ’negcd.i. -uieiii wti! 
enter their final stage*. Plant 
roiui-jeti negoMaieti in Ihe jw*i l 
fv.-,' month?' h-:vj uin-ii;. bee i 
cxi-iessed i;« dolii.-; ra’h.v tii.--n 
yen (or in some rases- iu a 
L-umbinjliun of both). 

S.i far. however, , ihe Chinese 
have preferred lo pay m cash, 
thus skirling (he question of 
-.vhciher credit should be. 
extended in dolla*-!-. or yen. 
Examples of dollar denominated 
cash-hosed contract* include ft 
power s' a Lion run t ran signed hy 
ihe Mitsubishi group in 
November and :i cupper refinery 
coni i.= cl s coed c or Vh.j week 
by ihc Sum-l r -in i group 

China’s reluctance in hnrrnw 
vr»n arisss from the conviction 
that ihe yen will continue to 
appreciate against the dollar and 
from the fact that the oil it 
hopes to sell to Japan in return 
for imports of Japanese nbnt 
will be priced in dollars. 

Common Market 



rejected EEC proposals for the 
terms of its accession to tbo 
Community, and asked the Coun- 
cil of Ministers to reconsider its 
offer on several key areas/ 

Mr. George Rallis. the Greek' 
Foreign Minister, said afterwards 
that- the Community's offer was 
“disappointing' and unaccept- 
able." The Community .wag 
evident lv more concerned with, 
satisfying’ the demands . of Its 
present members than with, try- 
ing to understand Greece's needs, 
The offer put to Greece, 
finalised a few hours earlier-ar 
the Council of Ministers, is Con- 
siderably less generous than that- 
proposed by the EEC Cotnihi$- : 
sion at the end nf October, 

Tbe Commission had proposed 
that two-thirds of Greek fans 
products should be eligible tot 

EEC prices after fire years, and 
flSt there should be * seven- 
year transition for the remain^ 
ing third, represented by olive 
oiL fats, meat and dairy 

PZ lSe C Couincil, however, decided 
that- the seven-year -transition 
period should be extended to 
St on these latter I^ u< g 
and that this group should be 
Widened to include wine and 
certain fruit and vegetable pro- 
ducts — fresh and processed. 

/ .'This would mean that 
eight-year transition • period 
would affect almost three- 
quarters of Greek agricultural 
production, leaving only a 
quarter eligible, for EEC pnees 
Vithin five years. The Greeks 
are pressing for a five-year 
.transition : period for . ail 

Another major- 

the free movement : Of \Gieeh 
workers throughout .iheUSw*- > 
mtinity. The EEC has. prop^ied- 
an eight-year transition -period, 
while the Greeks • wautnlrfie 
movement from the moment iftgf: 
join. •••••' V;^.y 

This presents .particular ,pibb-_ '. 
iems for Gfirra&ny, whieh;aiready 
has a large immigrant.. wesfer. 
population, and- which £ea? s-ja.. 
large influx of Spanish workers, 
should Spain try to use the Gtfecfc'' 
teems qf entry as a t»rece i 8«it = ml 
its own negotiations to "ftQHir 
Community. - .•.r .cly 

Mr. Rallis said tonight, that 
Greece -would set_out its positiwi. 
in detail in a memorandum to the 
Council, and that this -would: 
serve as a basis for further talks.: 
between Greek and Commuiuiy. 
atnbassadors next week, j r 


Carter criticised on 
trade witfc ^Russians 


veteran diplomat aod forEyjr.UJS 
ambassador to the Soviet Ih^on 
today said trade should “nbt : be 
linked to any other aspect 
Soviet relations and it Wa^Van 
“ outrage " that the superpowers' 
did not have normal trading rela- 

Mr.. -Harriman made ' Vhis 
remarks at a luncheon of. the 
U.S.-U.S.S.R- trade and Economic- 
Council after einergingyfrorBU a 
90-minute Mneeting with Yltr. 
Leonid Brezhnev. " the 'Soviet 

He called on the top 400 "U.S. 
business executives present .to 
join in efforts to “ get a decent 
Bill through CongresfiT-jr '» 
reference to the repeal of the 

MOSCOW, Dec. 6. 

Taekson-Vanik Amendment to the 
'1974- Trade - Act ■ which ties 
: liberalised : trpde" - to . specific 
Soviet’ Undertakings on.- Jewish 

Mr Rarriman indirectly criti- 
'eised the Carter Afadlitfstration's 
decision this summer to impose 
new controls on the sale of <rii. 
equipment to the Soviet Union in 
retaliation for Soviet dissident 

Tie said H was in the American 
national interest to help the 
Soviets increase oif -production 
and, despite the large Soviet 
; market for U.S. agricultural 
products, it was also in the U.S. 
national interest, to help the 
iU.SS.R. increase- agricultural 

. . ..yv- -- ... 

Mercedes service station 
network for, Soviet Union 


system in the 

Germany is to establish a smnil 
network of vehicle service 
stations along the most impor- 
tant (nteraatiional routes in the 
Soviet Union. ''i 

The arrangement follows the 
appointment of Mercedes '*s 
“official suppliers" to'; tbe IBS) 
Moscow Olympic Games. From 
the middle of nest year c 
small buses and other 
vehicles wrM be placed at the 
posal of the orgauisu 

It has now aiso been "agreed 
Chat Mercedes wil-l establish 12 
workshops and a mobile emer- 

gency service 
Soviet Union 
The Soviet Union has very few 
service stations at present.- One 
estimate is that there are only 
350 to serve tire whole .of the 
heavily-populated western region 
of Che countin'.- _L - 
Cars and commercial, vehicles j 
of any make will be oble to use! 
Mercedes stations .. jl using; ihe 
Olympics. AfteTm'rds^ib<y-wtil , 
r«in;n23. fc ito service - Mercedes' 
vefcflclt^ Wy. . *Bbe . deat^iflrift- 
bripg; -10 *3.075 the nunri>er ..Sfl 
Mercedes vJ&rYice- 
Europe ’ of -w^idb 1239. in 
West 'Gwmany. 1 ; V-.. 

Coal research 

by john Lloyd . 

THE UK Rational Cuaf Board 
and tlte RsHau Mate company 
Ente N.izionale Idroearburi yef- 
lerduy Jgncd a lucbnica! coila 
bowl inn agreement to combine 
ie-jeai«n into converting coal 
into oil and ms: 

The agreement provides for an 
exchange of tocfmicaf informa- 
tion leading to an agreed pro- 

v -.‘ V:... 1 

gramme of collaboiiatuw betweer 
the .NCB -and. Lbe Ttalian- com- 
pany -‘At fi- later stige; the two 
nrgacrisatibhs would ' engage in 
join-t tebor.atory-scale sAudies, 
pilot plain, development work and 
assessment of the- technology 
lequifed- for commercial-scale 

Progress in aircraft tariff talks 

' WASHINGTON,' Dec. «. 


been made on the UA proposal 
in tbe Geneva Multilateral 
Trade Negotiations . <MTN) tn 
remove . tariff and non -tariff 
barriers In the multi-million 
dollar aircraft trade. But U.S. 
officials fear time may run out 
on the proposal which was only 
tabled by the U.S. after the 
Bonn Economic Sum-mi t in July. 

The U.S., which as the: world's 
largest aircraft manufacturer 

and - ; exporter has. ' an. obvious 
interest In seeing restrictions lo 
other. • markets lifted;' has 
apparently found support for its 
plan in Japan 

More surprisingly, officials in 
Me. j Robert Strauss’s special 
trade, office, say nhat EEC coun- 
tries and the European Cbmmts-. 
si on. which had hitherto sought 
to blunt competition froth U.S. 
ainirail companies, have also 
shown, interest --- 

UK banks 

sign $1.2bn 
credit deal 
with China 

By.Vorne'BarUog, . 

BrttishbanKing , grOff^' "yp«ter- 

vdtti 0ie JBank oT 

- deposit- facflrfles ^annmnftngfta' 
$L256n which VilT be used fo 
finance UK exports to Ctohac. - ■ . 

The largest of the agree- '; 
ments, which wlji in effect 
form a tine of 'efefflti.-fe-.lflffi 
the Midland Bank and amounts 
to $4O0m, followed by - the 
National -Westminster “Bank' 
Group wfth $360 m. ' 

The other, participants are 
"S. G. Warturg in -coufruictfon 
with Irloyds Bank International . 
(filOOm), . Standard . . .and 
Chartered Bank (SlOOih), 
Barclays Bank' Internatiohaf ' - 
($l50m}, Williams and Glyn's 
Bank in conjunction with, (he 
Royal Bank of Seotiand 
unit Klefnwort Benson in cod- 
junction, with the Royal. Bank 
of Scotland ($X00xn). .. . 

The deals, signed in London, 
specified . that to qualify, con- 
tracts most have' a minimum 
value .' of $5m - and must be 
' placed within TS •* months. ! 
Interest rates will meet the 
rales of .the international con- . 
seusus. Classifying -China as an 
intermediate- .. .country ...tills 

- would be 7i per centrlor err.ctf ■ 

of two to five -years^ 3 r $: -5'.> 

Mri John Sihttii, ^cretsiry of . 
State -for Trede, . . 

; l»e ' 

. - Xrtes-^^T , 

■ i.ttjieZEyioiJ Gixaran- 

; fee ■■ JDepttrt^eo^i.KMth; *np- 

riegotiatiimf^re^^LtiBU-= -> 
ing with the jRanft bf '-G&na 
regarding the auabriaiftTfcuige- 
meni» r for major Bro jert * 

; • London Xh*iih^3:rof ... 
Courmpxce. jmd ifoddstey is ~ ■ 
workins, with the Department . .. 

. bf Tra deft o publiciste the 'new .— 
sdieme\^peb;^ifflbli!S jBfJllsh 
exporters %o apply ^for^aid - 
. when biddhfe For eontYacfe in 
developing -c^onfries.. . 

- Under. tbe frchemeriataijched 

- earlier titis yeaa^fi: peritsife & «- 
the UK's total ihiraterotiaid . 
(£15m-£2fim a'yeat^ has been 
made available for ebmtnereial 
projects - -yrtricir -are 4‘develop- - 1 ^ 
mentally sonhdl^ W"; ; 

• France' srad • China ^Mted 
yesterday 1 ah tadtnrtriftr 1 ^ •: 
operation ugreemenr, ia'Xlhe*. 
field of dat^proeesmng . 1 
electronics, AE. reports . fifet 
Fdris. • r\, 

-.the supipy ol complete eq«^- T 
ment paEtiaify-hnitt'iniaS J 

components, . .tire' grahthig'rof ;' 
licences, as -well as ' ' 

know-how ^and the: 

Chinese '. 1 r tcchhlctans*-.-;-.' r.?"'- 

Mlnisfry said. = . . : I'Ik-j' 


o-i'k.t r unj 

tv' . ' -Tvj 


Steel recession changes traditional thinking. Roy Hodspn 


AMONG THE most serious 
casualties during the painful 
recession in world steel trading 
since 1975 have been the con- 
ventional ideas or steelmen in 
tbe developed nations. 

There is now growing recog- 
nition that the world steel 
industry of the IRSOs will be a 
very different animal to the one 
envisaged iu the early 1970s by 
the established MeeJ companies. 

Practically nothing concerning 
the relative roles of the old stecl- 
cnaking nations, and the new- 
comers with their resources of 
ores, coal and energy, is working 
out as predicted before the crisis. 

Just how fundamental are the 
changes in world steelmaking 
development is spelled out in a 
new report prepared by the 
secretariat of the United Nations 
Industrial Development Organisa- 
tion in Vienna. The intention is 
that the report will form the 
basis nf a consultative meeting 
nf world steelmakers in New 
Dilhi in January*. 

At the heart of the discussions 
will be the rapid switch in steel- 
making development schemes 
from the European and other 
advanced countries to the 
developing nations. Between 197S 
and 1985 the developing nations 
will be installing TJOni tonnes of 
new steelmaking plant — more 
than the European Community's 
total capacity. Two-thirds will be 
contributed by six nations. Brazil, 
Iran. Venezuela. Argentina. India 
and Smith Korea. Cbina is Ukcly 
to add 30m tonnes. 

A few years ago the advanced 
steelmaking nations, concerned 
about the nigh cost of new steel- 
making in. their .own countries 
and the burden of environmental 
control measures, were. favouring 

projects tn many developing 
countries are being pursued 
rapidly. . 

Iron Hire deposits and supplies 
are. cfucial vto tbe expausfoir of 
steel production in the develop- 


_ . ' Planned capacity 

Country 2975 capacity ; 1980/32 1985/88 

m tons J m tons m tons 



- 11 








. 1.4 




. ; 19 



1 - 



South Korea 












Saudi Arabia 


- - 2J& 

: 4.4 




' 16 

the creation of plants of their 
own to make semi-finished steel 
in countries with rich ore 
deposits including Australia, 
Brazil. South Africa and 
Venezuela. The United Nations 
report concludes: “That con- 
cept has been largely put aside. 
The sponsors oF ‘semis' projects 
have been forced to suspend or 
cancel them because of lack nf 
funds and the poor prospects In. 
the international steel market." 

]n contrast to the dilemma that 
is facing the advanced slcel- 
raafcing nations, steel industry 

ing countries. The UN Indus- 
trie Development Organisation 
is preparing, subject to approval 
af the New Delhi conference, 
arrangements among developed 
and. developing countries in- 
terested in exporting and import- 
ing iron- ore to help developing 
countries .towards an understand- 
ing of the 7 structure of the iitter- 
national Tnarket. UNIDO is pre- 
pared -tu. identify cases for 
possible r; co-operation between 
coun fries to exploit shared ore 
deposits.' : ' 

International co-operation -to 

make '• better^ * use ^ ;of t 55? 
exploited dej»sits cf-ea~ “ * 

is aiso planned. The 
report 'is jucepbsftig a st„ 
f or, : dcvjeJopin^ Vcbuh trtei 
- practical, ■"■fomm&les v«ip jpsjdeitf' 
methods if 'acpiileiaiSfiaB", fo-'-thg 
use of coking casL ' -ii 

The f o recasts predict 
developing, countries —>ri£i -^ii* ' 
tsease. thetr. steeimaJong- eapar; 
eity t>y some 12 per cent a . year 
over the next 10 years.- Tfeat 
. means that crude Tsfrssi .optput 
in developing ; countries, '"inchid- ' 
Ing Ghana, by 1985 vai be of .thfr 

oroer .. bt '-ii s©ar-'. ; 

:Tbus the - d e vek) : 
wrlL. together, be a b&g£$r '&£&' 
maidng force. . Either 

Europe, the Ujs; or Jajpsat' 

The- UTfiDO report estimates , 
that the developing nations 
have some 15 par ceritrof • Woiid , 
.steel . production, by; tfer i^iiTlSSOs 1 
compared with 10 - per- seat- id •: 
the - mid-1970s.. MeonwWie': in- . 
' itiridual sbeelworKs ip ''develop- 
Ing^ countries wd£L gri Wai«£. , I!be‘ 
mjgest. existing stertwoxter in- 
pmg countries is' oT under ^ 
™. tonnes a yoax. Tbe hS ^K»#a r 
now : being, p tanned ahdrlwdtt are' 
» the range ftf b«wees-4m .^ - 
lVm ionoes a year. I H&e'JS&a&T 
time ssftaH wosRs tffv ufflteyqiftn-'' 
fonues a year ' 

direct, reduction and . el«itric.ftre x 
furnaces will aflay ■ya^kppnriaflt' 
pant in awving an - 

' '• 


Ti*.H 3 4-4 £! 

rivets and bolts with a we produce one of the widest ranges BP Cher™ 

seem a little far-fetched, of solvents in Europe and ensure that founders of the 
But al ready adhesives they are available when and where chemicals induf 
direct competition with they are wanted. Without these vital, the rawmateric 
ods of joining materials, versatile products many industries Group provide 
ind car produdion. wouldn't be able to produce many This, togei 

s could be next. of the things the modern world needs- i nvesfment in re 

i!i itinn BP Chemicals pharmaceuticals, toi letries, pai nts, product range, 

Financial Times Thursday 


Sanctions must go 
CBI chief says 


u “ rwl EMS increase in bank to 

lnfnv nl<mi rights has ‘inflationary bit 

_■% .. jJi / ; hV±i - - - 

* C J ' : ^ •- # 


w*‘ P v - . 


to abandon pay sanctions 11 It 
wants real, continued co-opera- 
tion with industry. Sir John 
Methven, director-general of the 
Confederation of British In- 
dustry, said yesterday. 

He told a Press Gallery lunch 
at the Commons: “The really 
depressing thing to me is that 
the Government doesn't seem to 
care about fairness. Government 
arm-twisting by secret and in- 
formal methods is a weapon 
capable of infinite misuse.” 

The CBI shared the Govern- 
ment's objective of reducing 
inflation, be said. However, 
there was an imbalance of power 
between employers and unions 
that could not bo rectified by 
imposing sanctions against com- 

Warning those employers who 
believed that the threat of 
Government sanctions might 
help in pay negotiations. Sir 
John said: “In the end. 

employers have to be able to 
stand up to union pressures on 
their own an d not depend upon 
the certain crutch of Govern- 
ment sanctions.” * 

He continued: “Sanctions are 
dangerous because they are 
applied arbitrarily and according 
to secret criteria. Sanctions are 
illogical because they cannot be 
imposed go all firms. Some will 
escape because they do not 
depend on Government patron- 

Sir John said that the 
Government had now developed 
a panoply of informal and often 
secret weapons — blacklists, con- 
tract clauses and discretionary 
powers — in support of a “ too 
rigid, nun-statutory pay policy 
which lias no support from the 

Government *' arm-twisting '* 
might be extended to planning 
agreements, trade-union domi- 
nated industrial democracy and 

bach-door domination of the 
whole private sector of industry. 

Sir John declared that be 
would fight such moves "to the 
death.” He said; “The solution 
to our problem lies in no way 
with the gradual- creeping 
extension of sanctions.'’ 

The Government should pursue 
tight fiscal and monetary policies 
and keep a close rein on public 
spending plans. Employers 
should seek greater solidarity 
and the unions should be brought 
back within the law. 

The present pay bargaining 
“shambles” should be replaced 
with a shorter pay round in 
which the private sector made 
its settlements first, setting under 
market pressures the rate for the 
public sector. 

At the same time, greater 
public understanding and agree- 
ment should be sought in a 
national economic forum of the 
economic context of pay bar- 

to Bayer 


By Sue Cameron, Chemicals 

Warning to tourists 
over unlawful flights 


holiday flights abroad, were 
issued yesterday by Sir Kenneth 
Selby, chairman of the Air Travel 
Reserve Fund Agency. 

The Fund was set up in the 
wake of the Court Line collapse 
and has over £14m to compensate 
holidaymakers hit by tnur com- 
pany collapses. 

In his annuau report. Sir 
Kenneth says: “The Agency is 
seriously considering the position 
it must take in respect of losses 
resulting from the unlawful 
trading by air travel organisers 
outside the terms of their 

Air. tour operator licences arc 
given by the Civil Aviation 
Authority for specific tours — 
usually after stringent vetting of 
financial resources. 

A company with a licence to 
run an occasional foreign trip for 
a golf club, for example, would 
not necessarily be legally free t« 

run a series of tours to Majorca, 
or charter dighls tn the U.S. 

.And coverage for passengers 
on such trips is questionable. 
“ To the exrent that the organiser 
has traded outside the terms of 
the licence it should not he 
assumed that the Agency will 
necessarily meet the customers' 
claims,” says Sir Kenneth. 

“The Agency is therefore con- 
sidering the steps it should take 
to bring home to the I rare Wing 
public ‘the risk they assume if 
they book u holiday which is not 
covered by a valid licence." 

The Agency w in a “ good 
position.” according to the report, 
bpt Sir Kenneth says that it is 
not as strong as be wfiu.’d like. 

He adds: “With god manage- 
ment and care it is adequate in 
the light of known circum- 

Th erepurt shows that there 
were only a few minor incidents 
requiring Fund payments to 
customers last year. 

by Shore 

BAYER, the West German-based 
chemical group, is to buy the 
Uniroyal synthetic rubber plant 
at Bromsgrove, Hereford, and 
Worcester, for £2.3 01 . The deal 
will give Bayer its first produc- 
tion facility in the UK 

The plant is on a 30-acre site, 
has an annual production 
capacity of 10.000 tonnes, and 
employs 136 people, who will all 
be kept on. 

The deal . covers Unlroyal's 
technical expertise . in latex — 
synthetic rubber — production. 
It is expected to be completed in 
two weeks. 

Bayer, a prominent Inter* 
1 national producer of synthetic 
rubber with seven plants world- 
! wide, has for some time been 
! considering chemical mannfae- 
| ture in the UK 

■' It is understood to have con- 
! side red building a UK plant, not 
I necessarily for latex, as well as 
! acquiring an existing one. 

THE INCREASE in central bank 
' drawing rights permitted by the 
European Monetary System has 
an inflationary bias, according to 
Dr. Roland Vaubel, professor of 
economics at Kiel University, 
West Germany. 

Dr. Vaubef, giving the ninth 
Wincott Lecture organised by 
the Institute of Economic Affairs 
in London last night, said the in- 
crease in drawing rights implied 
a considerable expansion of easy 
credit facilities. 

This element In the system car- 
ried the idea if a currency was 
weak in the exchange market, 
this was just bad luck and since 
the country's monetary authori- 

ties could not be held respons- 
ible they deserved the Solidarity 
and help of their partners. 

Since inflation and depreda- 
tion of a currency was due to 
an excess of supply of money 
over demand for it. and since 
supply could be controlled by 
the monetary authorities of the 
conn try, the latter was clearly 
responsible for any excess which 
might arise. 

Even where the excess was not 
due to an increase in supply but 
to a shortfall of demand because, 
for instance, the terms of trade 
deteriorated as a result of a 
shift in currency preferences, 
money supply could be adjusted 
to the demand for money with- 
out reducing employment. 

Dr. Vaubel. who bas spent six 
years writing a book on Euro- 
pean Monetary Union, said: “ In 
these circumstances, the offer of 
a subsidy to all currencies which 
are weak in the exchange mar- 
ket is an incentive for competi- 
tive monetary expansion and in- 
flation or— to put it more mildly 
— it weakens the incentive to 
avoid inflation.” 

By Paul Taylor 

Shell plans big cuts 
at Thames refinery 


SHELL UK OIL is planning to 
run its second largest refinery. 
Shall Haven., on the Thames 
Estuary, at only 55-57 per cent of 
capacity over the next two years. 
as part of its Campaign to cut the 
losses of its refining and market- 
ing operations. 

The company has already told 
its 1,850 employees at' the site 
that it intends to spend 123m 
over the next five years 
modernising the refinery. It is 
proposing to cut the workforce 
by 550 hy the end of I9S3. 

The refinery is capable of pro- 
cessing S.4m tons or crude oil a 
year. Bui in a letter to 
employees. Shell says that it will 
process only 4.8ro tons next year, 
and 4.6m -tons in 19S0. This com- 
pares with 7.6m tons in 1973. 

With its four refineries — Shell 
Haven, Stanlow. Teesport and 
Ardrossan — Shell has a refining 
capacity of 3im tons a year in 
the UK But next year and in 
1980, it expects to be refining 
only 20.5m tons a year, working 
at about 66 per cent of capacity. 

Shell says that its forecasts 
suggest that the UK oil indu$ln 
wiH not be able to fully utiise 
its present refining capacity, 
even as far ahead as tbe later 

Shell UK OH has made a loss 
in all of tbe past three years. 
The fetter to Shell Haven em- 
ployees says that its operating 
costs are hither than the aver 
age in the oil industry, while its 

net margins axe lower. i 

As a resdSt it is not price com- 1 
petitive add has lost about 3 per! 
cent of its market share, falling 
from 22 per cent of tbe market; 
in 1973 to 19 per cent this year. I 

Labour j 

To maintain processing levels - 
of 21m tods a year, the company! 
has set itself the target of reduc-j 
ing its operating costs by about! 
£2.40 pir ton of product. 

Tbe old Shell Haven plant,-, 
parts of which date hack to the/ 
eariy 1950s, is one of the most| 
labour-intensive refineries in tbe > 

It has 220 employees per • 
million tons of refining capacity,' 
compared with 149 at Shell's. 
Stanlow plant. 91 at Teesport. 
142 at Mobil's Coryton plant and 
83 at Esso's Fawley refinery, the 
largest in the UK. with a capa- 
city of iSm tons a year. 

ICI ethylene 
plant halted 

PRODUCTION of ethylene — raw, 
material for making plastics and j 
fibres— restarted at ICI's Wilton I 
complex on Teesside after a gap j 
of 36 hours. 

The 450.000 tonnes a year Xo. 5 ! 
ethylene cracker had been closed; 
for routine maintenance. Severe! 
frost put it out of action for a! 
week. 1 

Commons Select Committee 
that the creation of a new 
town corporation would more 
effectively ensure deiclopnient 
or East Loudon's docklands 
tbau the existing Docklands 
Joint Committee, were rejected 
yesterday by Mr. Peter Shore;. 
Environment Secretary. 

He also restated his belief 
that road improvements must 
take priority over the planned 
Jubilee Tube line for the dock- 

Air. Shore was giving evi- 
dence before the environment 
sub-committee of the Commons 
Expenditure Committee which 
began a fresh investigation 
yesterday into progress made 
(awards revitalising tbe dock-- 
lands area. 

Much, of tbe questioning 
centred on the issue of whether 
the Docklands Joint Com- 
mittee — made up of the area's 
five London boroughs and the 
Greater London Council — was 
the best body to promote dock- 
land development, given its 
lack . of effective executive 
power 'and its complex 

Mr. Shore said he was not in 
faroar of establishing a 
corporation On the lines of 
those for new towns. ** I don’t 
believe a new town corpora- 
tion would be right in the 
docklands area.” he said. 

He also rejected suggestions 
that the system of special 
grants to the area was 41 too 
complicated.'* Over the next 
four years, total capital invest- 
ment in the docklands area, 
including special grants, /is 
expected to be £238m. . . 

sir. Shore said transport was 
the “unifying factor " In* (be 
area, but restated the Govern- 
ment's opposition to the GLC's 
plans to extend the Jubilee 
Line into the area. 

Such a line, he said, might 
lead to “ suburbanisation " of 
the docklands rather than serv- 
ing the function of. attracting 
commerce, industry, and new 
Jobs to the area. A mas* tran- 
sit system might he justified 
in the future but file first 
priority was to establish better 
road transport links within and 
into dockland. 

The environment sub-com- 
mittee, which last investigated 
progress in the dockland:: area 
in 1975, plans to complete its 
present investigation bj next 
March and probably will take 
evidence from the London 
boroughs, the Docklands Joint 
Committee and. possibily, the 
Fort of London Authority. 

j Tbe group bas a big market- 
ing operation (n Britain. UK 
j sales for tbe first three-quarters 
I of this year stood at £50.6ra 
•Hitherto Bayer's main European 
l mamifacnirtim outside Germany 
| has been in Spain and Belgium, 
j A main attraction of the Uni- 
’royal acquisition is that latex is 
i expensive and bulky to trans- 
- port. Bayer bas found tbe UK a 
i difficult market for synthetic rub- 
i her because of price fluctuations 
i arising from currency exchange, 
j Mr. John Webb, managing 
'director of Bayer UK* said yes- 
i terday that the translation would 
) integrate well with the group's 
| operations. He held -out some 
ibope that tbe Bromsgrove plant 
I might eventually be expanded. 

Uniroyal has decided to move 
[out of the latex market alto- 
gether. The company's U.S. 
parent recently agreed to sell 
its latex interests In America. 

Uniroyal is to build a new 
plant in Manchester to produce 
ribratbane. a chemical used i 
making solid tyres and rollers 
for the printing and graphic io- 
; duslrles. 

rates In the Community was likely 
to be reduced by fixing parities 
between the former snake cur- 
rencies and the French franc. 
The margins around the parities 
would remain at 2i per cent on 
either side. 

Apart from the grad of bilateral 
parities and bands between the 
member currencies, there would 
be parities and bands vls-ft-vis the 
basket European Unit of Account, 
now renamed European Cur- 
rency Unit. If a member cur- 
rency reached the upper or lower 
end of its band vts-a-vfc tbe 
basket, there would be consulta- 
tions bnt not necessarily interven- 
tions. The bands visra-vis the 
basket would he equivalent to 75 
per cent of the bilateral bands. 
• Exchange rates would be kept 
within their bilateral bands ■— If 
necessary — through increasing 
interventions In foreign-ex change 


Margins - 

If central banks received sub- 
sidies for creating or admitting 
• inflation, there would be more 
inflation than without such facile 
credit facilities. 

Policy conditions attached to 
tbe loan could prevent tbe 
recipient from abusing it. but 
they could not remove the initial* 
incentive to perform badly so as 
to pass the international needs 
test for indiscriminate help. 

The new monetary system con- 
tained essentially four elements: 
6 The variability of exchange 

dt It would be possible to finance 
tbe - increasing » interventions 
with credits which the member 
central banks extend to each 
other through the European 
Monetary Fund, the successor to 
the present European Fund for 
Monetary Co-operation. The fund 
would be enlarged from 15bu 
EUA or ECU to 25 bn ECU winch 
was about JE17bn. 

Half the drawing rights would 
be for medium-term credits with 
a maturity of two-five years, the 
other half for short-term credits; 
The term of the short-term 
credits was to be extended fronir 
six months to nine months. • 

While short-term credits were 
previously granted uncondition- 
ally for one quarter, they wmud 
now be given virtually automatic- 
ally for three quarters. 

Moreover, the so-called ver® 
short-term drawings which were 
not only unconditional but also, 
unlimited, will no longer hare 
to be repaid at the end of the. 
following month but at the end: 
of the second month after the: 

All credits would be den ojntn- 
ated in European Currency Units*. 
Interest had to be paid at the; 
levelled-down weighted average^; 
rale of discount in tbe member;; 

• All EEC centra* banks would 
deposit 3d per cent of their gold. 

reserves and o f , the ir reserves 
of non-member carrenmcs, : that^ 
essentially of their dollars, with 
the European Monetary Fond. 

Property of the rwrvB^d 
valuation risk, however, rented 
with the national antral banks, 
ha exchange for their reserves; 
the member central hanks would 
receive an equivalent amount oi 
unconditional drawing rights 
denominated in European Cur- 
rency Units. 

s To enable the ftmd to pay 
out the basket of currencies, of 
which the- European Currency 
Unit consists, the member, central 
banks would transfer to the nma 
not only 20 per cent of their 
monetary reserves hut also the 
equivalent amount in their own 
currency. The procedure was 
analogous to the. creation of the 
gold tranche in the .International 
Monetary Fund- ' i- 

Dx. "Vaubel said the fourth 
element in the scheme — the 
transfer, of monetary resources 
to the 'European Monetary Fufl<r 
— was a non-event. 

“It actually makes no 
difference whether the reserves 
are" deposited with the fund or 
not. Tbe crucial -poinTis that the 
member central banks, receive in- 
creased .drawing rights in each 
other's currency.” 

: The second element in the new 
system ' — the prospective 
increase in foreign exchange in- 
terventions — was objection able 
on welfare — theoretic grounds 
even if they were not financed 
with subsidised credits.' 

■ incentives ahd^smcetfUw*.'.' j . 

“1 now come to the fest-:*^ : : ^ ; 
cardinal feature -of new.—; 
scheme : the return of Fraa^M^yl. 
a snake-type -adjustabte^sw^r 
system.- To cousidertfcls eteraeai~-'r-“- 
In isolation -from, the othera4et^_ 

\is assume txiat -parities- 

maintained" through 

■ exchange Sntervmitto ns ' : ~:hnlrr ^ ’ 
through continuous adjustmwti^^-- - 
of monetary policies.- "• .\ : 

“The question- which, rose* 
itself immediately, i s-: . who ; ft 
adjust to whom ? Which 
tries subordinate their monetary^, -.xv 
policies to _the\excbangew^^.--y-;-^ : 
-target, and which country agrees-p, ...y- ■ 
to -renounce ■ all exchange-flafe- -'--.v--- 
policy. in exchange for th e 
dom to conduct Its' jnone®a®y 
policy a* it wishes, with. - -benign }'■- 

'neglect " of any exchangfejas^-. ~} z l 
implications ?’ r . . , ' :" r- 

“ With -or without -mtervea-'--;. 
tions. * parity ■ systems can '-.only;;. 
function consistently a 
a. hegemonial or 

rency. If at. all. it will • *-. ; 

smaller countries which ^ 'adjust ' .. •; 
?o the larger countries; . This is 
because for the smaller econo-, t- 
mres* being more. = open, tBe--. . v, : 
benefit- of ^xehangeirale 1 . 
stancy has a -larger- waght .^i -' £•, 
compared with domstic ■■ price- 
level stability than- for tiie-.larRe^ - 
■countries- ; ± \-y * ; 

Incentive ' ^ •' ~ ’ 

• The hegemonial . cniT^pcy "" •' | 
role is then performed! by , th e ■ ' £ 
currency -of the largest : economy 
in the region — like- the 
dollar in the Bratton - Woods' ■ > ■ 

System or the Deutsche Mark hf : . »■ 
the snake — - because the .largest;-! - /- 
economy and Jtsr currency t«d to * 

account for. the largest; -share -'-m -• >. 
the -international 'trade and- 
capital trails actions • of "the - '[ - V:. : 
smaller countries' and 'bee&use".'r. •; 
the largest economy* hemg least: - . <*. 
: open vis-a-vis. the rest -of the ? , ; 
world* can- best afford to "adopt 
a purely pasrive exdiange-rate^ • 
policy. .*£. 

“Since thfe. /benefits- ^ iof--. -- 
exchange-rate -constant are'aOfc 7 -. j" 
fully internalised’.' . the.v*. : 
begemouiai-ain^ncy:- country,: it L; 
may not have a sufficient inc&to-..-: - 
tire . to conduct a. :. monetary : j , '. 4 , 
policy acceptable to the satet-- . - 
iltes. . Thus. central-haBk carters - f 
with an infonnal ar formaLprice-^ r 
leader tend to he unstable and • -« l 
sbort-yred.” : *. \ - 


“This is because . foreign- 
exchange Interventions involve 
‘avoidable interference with the 
monetary policies of foreign cen- 
tral banks. 

> “if a central bank seSs foreign 
currency which it has "not held 
m the private banking system, 
it Increases the foreign country’s 
money .supply, i.e^ it'exports its 
own inflation. 

■■■: “ In a sense, such iitferventions 
'imply avoidable extern al . effects. 
■They are incompatible, with the 
principle that everybody has to 
bear the full consequences of his 

i- .“They run counter to toe 
‘notion of individual -responsibi 1 
T ,lfty which is a necessary condi- 
tion for the functioning of th e 
market's feedback mechanism of 

Reversal in wealth 
distritaition trend 

Wage costs 



f 90m aid sought 
small companies 

\ BY : MICHAEL JL^TDEN ' : By David Freud ' \ - /• ^ 

i THE LOXG-TERM.trend towards' personal wealth to about 22 per r UN{T WAGE c0st5 in nunu- Sic-tetoSS! 
; greater equality, in the dislnbu- cent. , facturina industry ha*e grown PeS ses re& 

jlioo-br wealth continued Between .-■-The share of the richest 10 per. faster than in any qt the main t\ had’ a re 
1971 and 1976, but there has C ont -A the adult population | compeiio? industrial nations ne « un j Gr 
been a slight reversal of the dret’oed from 65 per cent to t durihe the nast /12 months. 

yesterday .that,’ : 

, Uin inutnu -uu vmw anoui o par cem xu i pex I niurins a special article conipar- provmeq ta^m in loan 

j fished in toe latest issue of the cent. J in” 0 the UK's* productivity and i and share capital to 277 small 

' . T *ln2 UCaI 0fflCe 5 Bl ' lw een 1574 and 1076 - tQ P ! wage costs with those of the U.S., companies for. the six months to, - ' 

Economic Trends. 1 per cent increased their share i France. Italy. Japan and West Septeraoer 30. agamst £l9in xo r\ 

LJ* p in S2i!3L J asain T0 about 25 per cent. whHe l Germany. 193 complies m the same j 

(main influence nn the chan**- thc richest 10 per cent improved -n,.. nni«.«. *..» in of .1977. . 

Jft "SSSSS ,° f J ffH from 57 per cent of toe 

(main influences nn the changes _ iQ 

'in the dirfribntion of personal ^h.'lv fmm ST p^ 

(wealth. There was a rapid and ^to GOoercent 
.continuous rise in the prices of total to eo per cent 

residential property, while sbnre At the other end 

The article points out that in rp he Erdwth. in applications Is ' 

the long run the growth of cos- ! jfSSrired conttSt to the AH 5« 

suuier prices moves In line with > totem? by uSer m- OH ^ ^ - K ' 

the growth in unit wa&e costs. j ' “ "TVi-' 

1 re " e _ cts _!?. e .. <i L [ ; Stberi<Siin?“teldiw.FSe - 1 .^U£S5S:-i 

and partly recovered in 1975, and j n another article in Economic earnings per head and the growth | Although ' larger-scale" indius- 
1976- . _ Trends, it js shown that toe areas of output per head. i trial loans advanced from £13to 

By Paul Taylor- 

A -^NSERVATiYli V-- 

would make proposala^p^\jto*;v ’ - 
proving health care ia T- j3k 

j toe snares of personal wealth domestic product per head was other four countries. The UK industrv ^ - j&iy togt the Jarger dtfek ^ including;' apeefaa flnehi 

iheld by the ricnest section of 119 per cent for the nation as a thus broadly maintained its com- ( companies have' kept' themselves assistance for family. 

{ the population. whole. But toe North, with an petitlve position. I relatively liquid, and so^ ^have" not **^op- priority," a^Oqnservat 

I Tnr pshmatPK -shfiw? that inpmasp r. r no nor- Ckat. . ... . ^ a ■ 

I T'nc estimates «how that increase or 139 per cent. Srot- 1 
between 1971 and 1974 the share land (131 per cent). Wales f 125 I 

from 30 per cent of toe total average. 

r v ‘ - * — | 1 VI rill vcij jinjaaau, auu onj UttfC iiui — f . x f ,«. ' r v 

With toe rapid inrrease in needed • alternative flnancmg health, spotesmaa ffiufi 
i tL^dulTpopulMion ’fed sSrp?y ? proper ^cLo^lrere ^ove I 'ouS^owever.UK performance j Demand from small. business^ 

i !!.„ ? n _ per cent) " cre ab0TC ! has diverged and costs have been for funds . continues unabated, could cost betweehl'iH20m' - f i 

rising faster than in any of the !The average size of an ICFG loan fi40m a year. . - - 
other five countries. j is about It 

When we sell you 

Sharp improvement 
in UK surplus 

a life of up.'to 15 years. • . . . ^ Wjlg fe 

*k_ ....... ,:r- Readme Sorrnr. VKac.-vnmTriMrtftW-rW-- • 

Travel agents 
to court 

But the average life of a !oan 5eadin 5 ^'= 

is eight years, and carries a fixed ° n - ,. a _ repo i't * 

interest rate of between 13 and ‘W'. ^ . -ii r/.; 

H per; "cent in the six-moatb^ inner cities .pubiished^Jqr^a^^-^l 
period to September 30. This has -society. yesterday. ^ tfcyS.-j 
risen to -about 15 per cent, and la order tovxcuxect- the Jte»- :>^- : 4'4.-- 
1CFC executives report a slight tion. Dr. Vangh^i said a Cfohset^^ ^ r 

si O wine in erowth Of (Temttnri wHm nrm u . -MiJa. 

slowing in growth of demand, rative government-’ wotiia -mafeeC' 3 

TVio A/ivrtntMVu con> «. *■ U.* 41k. * - ‘ “ua “ ■i;' vJf' • i 

The company says that the the society’s . r • 

we sell you 
aseat “ 

THE COMBINED surplus on Hie UK current and capital accounts | 

improved sharply, during the third quarter of this year, to i By Arthur Sandies 

£21flm. This compared with -a deficit of nearly £ljbn in the 

second quarter and a surplus of £I73m in the first three months. THE expected reference of travel 
The figures, published' by the Central Statistical Office, agency agreements to the 


include .revisions io earlier monthly estimates. The visible (Restrictive Practices Court by) 

I ■ There’s no sfancfcy on Sfcyfcah. 

** We have 345 seats every day on 
bolh our flighte fcj New Yotk and Los 

And once you've bought a fckel; you 
have a guaranteed place on the plane, 

with ail the comfort of flying on a wide- 
body DC10 jet. 

With excellent meals, drinks, in-flight 

enbertaonmmt and duty-free goods to'buy 
if you want 

So there's no hanging about at ihQ 
airport wondering if you* get on. 

Because if we haven't gat a seat, we 
don't sefl you one. 

For up to the hour information 
on seats the day you want to fly, ring 
01-828 7766. 

For further information on Skytrain 
scheduled service to New York ring 01- 
828 8191, for Los Angeles 01-828 -4300. 

deficit for the third quarter Is now put at £U2m compared -with jthe Office of Fair Trading hap-i T O AU1U1 

a previous estimate of £28Lm. 1 pened officially yesterday. 1 -*> •._ . . . ^. • 

However, the imisible trade surplns has hecn estimated at i The Association of British* _ 'If A.„ f A '-f /\ 'j in Ati’'"-' 

£3£6nu compared vrith a previous projection of £225m. As a I Travel Agents has rules which S2lG IlCtS £4.1 If4 ^ r 

result, .he overall current account deficit for the quarter is now broadlv prevent the sale of v ■ V T jMTiv ^ re. ' 

put at £26m. down by £3bm from the previous estimate. Favour- member tour products by non- vto^av ’ : _ . - ' I;*.*:' 

able revisions to earlier estimate have also pushed Last year's members and *orbid the sale of YESTERDAY; it was Sothebys Tonoiqk. th e New York ' 

current account snrplus tip to £406m, against a previons estimate non-member foreien-based trips iJim to seU ampreasiomste. In for an etcbmg;bv. Ja«mfea^TSmi.^'-V : 

°f *289 ol through retail agents which do ^.morning, Pjctores went for Napir 

not belong to ABTA. f* 1 ™Pre^ve S i 395 1 000. with a by Munch spiff fw . S&JBO^ahai 7-' v' ' 

BALANCE OF PAYMENTS 1 for Jto claim nE°th C | PST cenf buyer's 'prwSra' from 

_ >778 Irno rules arc in' the puh.?c°in- K?»J£SLS A 

Sotheby’s Impressionist | 


I Current account 
Visible balance 
Invisible balance 

1977 1st qer. 2nd qtr. 3rd qtr. | terest. ABTA, 
Seasonally adjusted ' vides a raeasur 

New'!WcCT Los Angles ^4 


Current balance 
Investment and other 
capital transactions 
Balancing Item 

Official financing 
Net transactions with: 


Other monetary 

Foreign currency borrowing: 
by HM Government* 
by public sector under 
exchange cover schema 
Official reserves (drawings - ' 
on, - ; additions to. — ) 

* Drawings on two Euradol 
S2JS00 and $1300 million, and 

—3,589 -1.709 -M2 - 182 

-^2.452 -f-2,115 —229 4- 308 

-1,137 r- 406 -413 + 126 

Not veasonaliy adjusted 
-1.137 -!- 406 - 554 -f 213 

-2^96 -4.416 
404 - 2^539 

t- 92 
+ 634 

-r- 72 

-3,629 -7,361 



r-13>18 -r 1,113 


- 505 

-34 — 



— t 877 


- 797 

-r1J92 J- 243 


- 278 

-f- 853 —9,588 

-f- 46 


- a ‘ Patrick Seale, the London- A Clock ana' vrttM 
in the public in- dealer, for Baigneuse. an attroc- 

membership pro- Uve nude by Renoir. i Qiauea ; EU0.640 and !» ' 

■e of consumer In- . ' . ■ “ ” . " , .. rrr* 

ustonaers affected _ Japan -.3-' ^ 

vides a measure of consumer In- \ ■ rTTS 

i^u ranee — for customers affected L.L , leTy Japan .pjr- L.*r- 

-342: by the financial problems of E? ** for .. a Seurat.. Le CAl ; If- 

-316! member companies are recom- G,lcn ? 1 de GruoeLmes. while a , .wLtIWVm.,.: 

— 26 pensed by a central fund j private ... buyer acquired -Ati' ■■ — ■ • • - - j L . 

p ABTA suggests thaiabandon- j nL rqu 1', P aj “ tcd ^ 1 1970 by Marc - ? Y ANT 9 t *y THORN CROFT V- 

— 3 . ment of the present rules might* ™ T - ^J-B.OOO. Vue ~ ■ ; ; .-. ".“o 

■ allow unrestricted enirv into 1 “ ■ l ' 1 ssieraont - oy .- itonet made v - ". ■■ '~- 

— 72 (travel retailing wiLhom any con- ■ -and La Fonwritui,. bjr ^58,845. At •; 

-Ml |ium« ?i^ 9 orff?dVS3 Miro * sara « ^ watercolours awl 

other sums paid. Jn the afternoon session da- tn / al 

— 210 1 The Association ho.<s rfrnnnarl ) vnieri ?r> r^rawinpc inrf ® WlCifif S&¥-er„ JtuBSlatt -s^- 



110] The Association has dropped (voted to drawings and water- works ofart "'---I 

j many of us rules, including colours,.. which totalled £709,840. ?ork: on^ ^ ^ * m .'i 

resale price maintenance during i Um eda, a Japanese dealer gave " J 

26 negotiation between the OFT and £30,0°° for Le Cavalier B by VirSn^ & ‘ ^ 

ABTA. Now. however. ABTA is Chagall'and'a charcoal nude by kSSS' ' ^ 

~ saying that any ntrther changes Demur- made £24.000. slcha ^ 

would hamper client Service. Guitry’s copy , of Les Chats W' 

— The case is unlikely to be heatti Champfleray*, ..illustrated by «an 

before 1980. ... artists of his period jndudlS ' 

*30 Apart from the. ABTA ex- Picasso, Manet and. BonnanC of. 

cluslvity- rules the OFT is chai- sold for £S,<K». r - - - 

“ 54 lenging rules on retail premises At Christie's an auettnn «r nu ;"-1 


... ■«- 

ii n ^ 

, ‘.'l i| l 

between travel and other work ; 1321 , 47 ^. The': top- price was toe 

r SotSeSgr*'. sale 

Spurw- Central siBt.itiMi o»B«i i and an ABTA recommendation < £9.000. plua the 10 ■ per cent 

— ion agency agiuemon:.. buyers* ' premium, paid ' by ^ 

■ ‘ .. .- . ' • ' 

■Hv- V 


? -.'I;-.- i 1 



•; ; : •--. rW. %■ " - : 

i. - •‘■a.--.-: 

Accountants back 
tax relief proposal 

T alks on Minerals blacking 
Swan threat made 


THE- yroCT iodide': mPfrom . It is expected that fte.Tbistlej 
Tbistle^Field- is->-)seIw£--ptD^9fld-'9bttP''«IU- fan fcaSMm- onshore 
by; the. Bntt-^SiiUoBai ioariing;foripartr.of-*»year be- 
: 'cowor^/^ -S 

sysfem^wpsnpe-lb'-Sttnoia-^np'StfflDni capsw^ty- to deal 

S the-snS&fif Jsles."'. • with all -the nil ^wnl able from 
- Tbi-'S^eV^rel^^ Seeti in’-ffie-Bast Zetland- S$Ws.' 1 ;•• 
psDdncfiOri ^-satiee 1 - .$£4 end :: : g& ’ The kenninal. ! 

Marehiritit^e^uW -of delay sprint tn operate-, fully beftre,-lAte 1?30 1 
eom^ffiibmifg^a^'pipeliJJe -aftfc ‘tir.-j? S8l*\2-L ; ■. % 4 £ ^ .w ... . , 

tbe4enmnal;0& has. so fat- b^ea: -. TyK)^ i memhm Of? »*&g & tie : 

- pgodnc?d'' qff^re-rato- 3rtt0$£f*Snr ^P^SR4 , ^.?SiSi«uf« i 

The field. has :; jp?-ryi^fftieftnn?h^qjele»>aed diffe^ig,.eSUPiales 
. capacity - oE aigftly • ^^ar. 

100.000 >han^<,-a.^dafe^^)^^-^e;^^^ompany sgH earlier 

should iise vttt a ^S'fre^ expected output 

200.090-ih -1980^ :;.*• V -r~ --- vV. --Jwxt iyear to toralnojapre than 
•. .Three=<0efis“fti Jb^e&st of 1 tha.:#™ ?•*«»»■- ^ IhMWA. the 
ShetJ andSi'-LEbfstlc: ^hmlin. and independent , ofl company 
Heath«v ar$,-iKN/ ^producing-- hy^id yesterday that **&£ 
pipeline into /Sttjlora-Voe.. The. production c should. total 45m 
Nioiart>'and JBrerihfleldfr should' bar^lSi - •:.. _ . ./:■ rfHn 

start -pumping oil to' the terminal ./. The' group- delaying dnll - 1 
in the first ^uartap of oext-y^.^Jh^^ 'Wui^'pr 0 *^ 011 H ? u f. lo ! 

-Offshore s loafing ? ; from . the -$>eed . work an -water • injection 
Thistle -Field lias heen- seriously "-wells:': 7 ' “ ' I '. 1. _ ., 

hit in .reenrt-'wecks'.-'hyi.'.had- ~ Two. more .vrater Injection wells 
weather* •-,* The riupehhe. -should will ! now be drilled; next year, 
guarantee' ouge sustained • pro- 'makiiif' a total of' five. Ten pro- 
duction' levels. ' :.- V '•* \ .ductibn- wells have been drilled. 

re- . 

^a^^&s'ajgt ' 

95 ? ' 

p- ** 

S T ***** ^ 

lFv sr^4_- ^ 


“/■ ;-:: ^ 
- ” - ••• >-:>•«?■ 

supported the Confederation of 
British Industry In calling for 
tax relief on certain business 
•expenses to be introduced iu 
the next -Finance Bill. 

The Consultative Committee of 
Accountancy Bodies said in its 

annual submission to the Inland 
Revenue, that disallowance or 
certain types of businers expen- 
diture. known as “ nothings." 
remained “one of the most wide- 
spread matters of eomplaiot and 

That was also highlighted in 
the CBI's submission last week 
when it concentrated on four 
areas in which it considered 
changes in tax legislation to be 

Like the CBI. the accountants 
limited their' submissions to a 
few main points. They called 
for a review of anomalies in time 
limits and loss relief*, and for 
consolidation and simplification 
of tax laws. 

I In the light of Government 

promises to put stock relief on 
a permanent basis. the 
accountants ?aid that anomalies 
that were of tittle concern when 
the relief was purely temporary 
should be ironed out. 

Taxes that produced little 
revenue but were complicated to 
administer should be abolished, 
.including capital gains tax. 
development land tax and stamp 
duties. Those taxes produced 

only 1.9 per cent of total tax 
revenue in 19<i-7S. 


Other subjects where action 
was called for included a review 
of the law concerning 1 merest no 
overdue tax: correction or diffi- 
culties in the subcontractors' tax 
deduction procedures; and clari- 
fication of the group relief pro- 
visions where group companies 
were transferred. 

The accountants also wanted 
some measure of spreading the 
tax burden when accrued in- 

terest was received in one year 
and publication of the decisions 
of Special Commissioners. 

O The Inland Revenue an- 
nounced a concession to make 
it easier for companies to 
transfer executives to posts in 
different parts of the country. 

Executives who would normally 
be taxed under the benefits in- 
kind legislation will be able to) 
receive “cheap" bridging loans 
from their companies to change 
residence without facing a tax 

As the law stands, a strict j 
interpretation would make thej 
employee liable to tax for the 
benefit he receives from a I 
bridging loan in excess of 
£ 25 , 000 . That would have applied 
at half rate Tor this year and 
next under the 1976 legislation 
and at the full rate from 19S0-S1. 

The concession extends a 
previous allowance by the 
Revenue: over removal expenses 
and applies to loans outstanding 
for no more than 12 months. 



by Aboriginal group 


BJUL Y fi'k-P A DELEGATION Of Australian anti-nuclear demonstrations. 11. 

v Aboriginals from Queensland, has no knowledge of any sugges- ■ 

av Akinnvw T* vi nn vesterday threatened to press for ti on that its mineral* would be 1 

BT Andrew iati.Uk h lacking of Rio Tmto-Zinc blacked on arrival in the U.K. 

. _ * n-m 77 Tr * group minerals landing in the It has extensive interests in ; 

A HANDFUL of the more prom I- uk .They want a radical change Australia, through its per 

□ent institutional shareholders . ^ group's attitude towards cent owned unit, Conzinc 

in the group's attitude towards cent 

of Swan Hunter are holding an Abor jgj Qa | S jiving near a bauxite Riotinto of Australia. The main 
informal meeting today to dis- ^ ■ Queensland. focus of Aboriginal complaints • 

mice the "rnnn « ramtal recon- _ .c _*«. «v A « « .1 /> 1 

cues the group s capital recon- ij^ e ^ brea t came after the has been the Comalco operation 
smiction proposals— -which in- d e i^g a tj ont led by Mr. Mick in Queensland, where Conzinc 
elude a minimum £_S.9in cash chainman of the Riotinto has 45 per cent of a 

payment to shareholders. North Queensland Land Council, joint venture with Kaiser 

H«L« Se rvwimorilvi In l^UILU ^UCCMWUU U1UU VUWUS.M, jujm * 

ii S level otW 5f* *£±2£Z Al " m i ni ™- .... 

More long-life bulbs urged 


!Tv- '—'"•'t; 

• :r 

ti.v Jf* 



v:< "-'-i' 

■ • .». & «k 

-i- ; 

Mb... «iv 

LV ' ,: *-‘ - . 

- v -- : • .■■■ ^ ! 
^ tar £ 


!fiV MICHAEL DONNE ; ' ' .J' 

ALL' CHTEFT AIN * main baltie that engines of the new standard 
tartkS In-fbe" British' Army • are to wi H. greatly iinprow the L-60 s 
hsve improved engides. with the rel lability." r \> ' * . 

first being, deployed, .with the • -It wos-annoanceatthis year that 
Rhiiie ASny npit year.The Army tiie UK was starting detailed 
has abou t SOa.CferftiiDS.;-; J - - : development Heavy 

This tws-inade clear yeitenlay ;faWj[ : tap 11 ^ 

by the Gb^haiwt 4n a resp.o.nse r Qweftam in the Wte_i^s._ ^ _ 

fo earlier . criticisms /Tty the Studies alrea^"., completed 
Commons Bicpeflilitu re Cmumi't-. have^^ylejd LflO 
fuels iri The LeyJand L-6G as the eng me foriwenew tank. 

reduiSed^the effective capabliity ver ^ 0D ? f 
of ' Chief taS tanks. - . engine being d^el.«^dhy : RollS; 

, w t*y. : witUav Dpfpn^p Roycc . and • • Avco 

Mr: Mulfey, j^efence AGT-I5QP : ^lvanced 

Secretary,- fays^in- Ms re^y , 0 2' gas turtle being^veloped for 
thexoM^ttee^twhen:dewlop- American Anny’s-jXM-I new 
ment tjf ;the Lfifr was started in ■ . b tahkT^ ' 

10 a 

“Tbe.^ pressure; .--lo -.Teplane v. • ■ - . 

Centuritm tank?; with ; .dtieftalns.; SlflllHJK gfaflt 
was speh. however, thatt-dt ,vas-.v> 5 f u +M&®. H ■ 
dedded^io begin: production pf MR- tVTLLLAM RQJxpRS-^ecre^ 
the LrfiOi engine . to ' . 963, .tary. foriTranspoQ, •»».: allowed 

although? lf fwas ■ apparent 'tbaf a grant' of .f^^^-^^.Tunnel 
fiirther-^ ;ieTCtepiaeQL-^;:.-^^ ^niimt towards ft^OOT^Qf pro- 
remjirefL. If;:.. 1 v?', v f.~-^?djrig additional sid^gpand rail 

v yfb36: the ' (TCvernihent 'unloading facilities , at the cora- 

acknowiedges L^'at.:; . r fhitt«Vpan 3 f|-Bitstroe 
defectartnax «n^rge.-'ffiet" results,- nea.ffBd^^Buzza^ Mford- 

of - - • v 

BRITAIN'S LAMP industry 
should make long-life light bulbs 
more readily available to house- 
! holders and should provide more 
, information about the perfor- 
mance of hufbs. MPs said in a 
report published yesterday. 

Allegations made by Mr. David 
Meiklejnhn, a Scottish engineer, 
during evidence tD the Commons 
science and technology com- 
mittee that there had -been 
collusion among lamp makers to 
keep, quality low. were rejected 
j by the MPs. 

But another .witness. Professor 
Sig Prais. of the National 
Institute of Economic and Social 
Research, said last night that 
the doubts raised by Mr. 
Meiklejobn had not been finally 
I dispelled by the report. 

Long-life lamps have double 
i the 1.000 hours' life of most 
I household bulbs, hut British 
makers have been reluctant to 
| produce and market them widely 
! in spile of costs which would be 
j almost level with existing bulbs 
I if both were produced on the 
same scale. 

Double-life lamps accounted 
fur less than 5 per cent of the 
100m light bulbs sold to British 
households last year, 
i Britain's four lamp companies, 
i Thorn Lighting. Philips Indus- 
tries. Osram (GEC1 and Cromn- 
| ton Parkinson, which supply most 
j of tbe £35.5m- annual UK filament 
lamp market, are urged by the 
j MPs to make changes In market- 
i ing antf to scrap at least one 
i restrictive practice. 

Tbe MPs want all lamps sold in 
shops tn have packs informing 
the buyers of the designed life 
of the lamp in hours and the 
average light output io ii* life- 
time. ” There should also be 
details of filament type. The 
voltage and wattage should also 
continue to be displayed. 

Some marketing changes would 
he forced upon the companies if 
tbe flfPs* recommendations were 
accepted by the Government. 

The changes would be the 
subject of a marking order 
under the Trades Descriptions 

Act 19fi8, a move rejected by the 
Government seven years -..'u. 

Light on lbs mad? to British 
Standard U>1 f*-t an average life 
ot 1 .UUQ h-jiir: m»plit in 
practice, last for as little as 
700 hours, the report said. 

There is nu British Standard 
for long lift- bulbs, -ilthcugh aD 
ii:t-:iia!ioo:il standard ir^els f f :r 
2.R00-hour lamps. 

Third rep>)rl from Vie select 
committee on science and tech- 
nology on the durability end 
efficiency of filament and dis- 
charge lamps: HMSO. SOp. 

SSJtete yte.toSSftaSS executives Some Aboriginals have claimed 

lions have been critical of the ^ e3d !?, J5? lr j£ r * *£' IlHm-i there has been maK re atment of. 
deal, but so far there has been chairman, at Bhe groups Aboriginals, who. it is alleged.. 

Z^,o?el°c° t“e proposals 1 " 1 '" “ SSb^d already ™ - 3°® ■ 

The dea J l will fail P if share- received a commitment from pound while the company takes 
holders controlling more than 10 shop stewards in Avonmoitih.. a fortune from the tribal, 
per cent of Swan’s issued capital where the group has a smelter. lands.” 

reject the offer, so the reaction as well as otherunion leaders Two Comalco officers were in 
of the institutions meeting today, including me Transport and ^e Rjo Tinto Zinc team at yes- 
wbich between tiiem hold more General Workers Union and the terday’s meeting with the 
than 10 per cent, is critical. Scottish TUC, not to handle Aboriginals. The meeting. 
Shareholders are being offered group materials from Australia, judging by reports from both 
135p cash plus one share in a He said a commitment had sides, was a re-statement of 
new company, Gosforth. for also been received from Austra- known positions, 
every Swan share held. Gosforth Han unions not to handle Rio The Aboriginals want compen- 
is to take over the repiaining Tinto-Zinc materials. sation for the use of their land. 

Swan businesses following the The group has not experienced Comalco maintains that its pre- 
nationalisation of its shipbuild- any blacking in Australia, except sence is legal and that part of 
ing operations last year— for for uranium shipments, which at its policy calls for Aboriginal 
which the group received £15m one stage were the subject of advancement as a central aim. 


A spokesman for one of the 
group of about six merchant 
hanks, investment trusts and pen- 
sion funds attending the meet- 

ing. said that it was an informal ! 

I -is 5— U..4- liixc n foal, i 

discussion, but there was a feel- 
ing among some bodies that the 
level of cash and quoted invest- 
1 ments being retained by Gosforth 
• was too high. Some of this 
could have been used to increase 
, the cash distribution to share- 
: holders. 

Gatwick project needs 
review, says Sussex 


Construction industry’s 
work value falls 1 % 


THE VALUE of work carried 
out by the construction industry 
during the third quarter of this 
year w:-s, in constant price terms, 
down by 1 per cent on the pre- 
vious three months. 

Provisional figures 'roni the 
Department of the Environment 
show that the value of work 
undertaken, when expressed in 
current prices, stood at f4.22bn 
against £4.07bn in the second 
quarter of 1978 and £3.58bn in 
the corresponding period last 
year. Figures showed an S per 
cent improvement over tbe third 
quarter of last year. 

The number of new homes on 
which construction work started 
in October remained at the level 
established in the previous 
month, according to tbe Depart- 

Total housing starts reached 
24,100 against 24.500 in Septem- 
ber and 24.800 in the same 
niontb a year earlier. Taking 
three months to reduce the effect 
of monthly fluctuations, starts in 
August-Oetober fell 5 per cent 
cm the previous quarter and S 
per cent when on the same 
period qf.-last year. 

; holders. ' THE GOVERNMENT has been plans, which will then probably . 

Under the proposals. Gosforth urged to study in more detail be the subject of a public 
(will have net tangible assets of the effects on surrounding com- inquiry. 

£7.1m. including bank, balances munities of any further expan- However, the council questions, 
of £3. 7m. But Swan says that sion of Garwick Airport before the airport's ability to cope with, 
this bank balance is not "free it derides finally. even 16m passengers a year, 

cash.” as some of this money is West Sussex County Council, especially with only one runway, 
owed creditors. in whose area Gatwick lies, is A report prepared for the 

A further aspect of the deal, concerned that development council by a study group, set 
which has attracted some there might become comparable up by the council's policy and 
criticism, is the decision to with that at Heathrow. resources committee, suggests 

write down the book value of Gatwick has recently been that with 16m passengers a year ; 
the loss-making Smiths Ship- expanded, in a £100m modemisa- the airport would provide ; 
repairers from £3.24m to £1 — to tion scheme, to take up to 16m employment for some 36.500 
sot up a provision to cover future passengers a year, against the workers, directly and in local 
• iosses at the Tyneside company, present 7m-8m. services and ancillary occupa- 

i I I In its White Paper on Airports tions. 

i I Policy, published this year. The Expansion to cope with 25m 

I . j . ( Government envisaged further passengers a year would raise 

P3eP 'possible expansion to 25m pas- the total employment to 55.000. 

JL^<L£JUX.L . sen gers a year by means of a including 30.000 on the airport. 

The Royal Commission on Legal second main passenger terminal. The report describes the White 
Services hopes to be able to to cope with expected traffic PaDer proposals as naive. It says 
report in mid-1979 and there will growth in the 1980s. that no further expansion beyond 

be no interim report. It has Because of the time it will 16m passengers a year should be 
I received more than 800 submis- take to build, the British Air- considered without the govern- 

I sions from people and organisa- ports Authority will probably raent making clear its intentions 
i rions connected with the provi- ask the Government this winter should a second terminal be 
sion of legal services and more for planning permission for the built and one runway prove in- 
tban 200 private submissions. new terminal and associated sufficient. 

: ■'**;* • 

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■i V ’■ ^ V * .. 1 y i s ; . ' &f\ ',->>> ?' '*V ; ; 

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J; The part itself might well cost only 
a few pounds. Butif it isn’t quickly 
available, the productionJoss the . 
breakdown causes could bring the bin 
tb £10,000; Or more. v v . 

. . And that’s no hypothetical case - it 

actually happens.. . v . 

■?y: ■ That is why die most important : 
part of any lift truckns the one you . 
Srrt see - its -produG-t support- - - 
:l r . ;lh tiie.realwprid.sheer economics 

: dicfetes:tiiat no maiiafactni^er can 

guarantee all spares instantly available 
# the time. But a good manufacturer 
can make very sure that delay is cut to 

mltted to better product support than 
anvone else. And we have it - 

anyone else. Ana we have it . 

.7 We have more depots nationwide, 
more Sendee Engineers (over 600), 
and better parts availability (more 
than 90% throughout Britain). 

Design, construction, training, 
spares, depots, staff - they are the tools 
with which Lansing fights the unexpec- 
tedly expensive spare part. t ^-i . 

The, nne that’s not there when it’s 

One more factfor you. Lansing sell V8it; 
more trucks in Britain than any other 
maker, and 80% of them go to existing, Cener 
satisfied customers. 

In the lift truck business, like any iikestc 
other, the proof of the pudding... uSE 1 

bHifeliL MSklf 

We do more for you 

Geneml Enquiries: BasinKtoUe: 0256 5151. Depot v Bristol: 0272 71 
Durham (Bowburn): 0385 770313._Easl Kilbride: Ojoa- ^bOl. 

East London; 01-987 2090. Edenbridge: 0732 tib-b.-l. Enfield: 01-fl JHj ■ 1 .4 
Ilkeston ( Derby 1 : 0602 5287S1. Isleworth; 01-568 4681 Leeds: 0 d 5 2d.»U2.i 
M anchester (Famworllti; 0204 700022. Pensneit;U.'84 2/814L Reddiich:tb2. _■?. 
Wales (Bridgend): U656 56625. Warrington: U925 3il7 r. 


How to find out more about head-huntin 


PITY the Poor Straggler was. 
I think, the name of a pub once 
kept by Albert Pierrepoint, the 
former hangman. It is a phrase 
which has been brought to wind 
frequently by the response to 
the “international league table 
of head-hunters " published 
here on November 21. 

Now that recruitment of 
managers and specialists 
through intermediary concerns 
is apparently fast assuming the 
proportions of major business, 
it is surely part of the Jobs 
Column’s job to try to expand 
public knowledge about the 
whole range of consultancies 
and agencies involved. (And 
since it is best to start os I 
need to go on : the whole range 
is what I mean by “ head- 

It feels good to be able to 
report that the overwhelming 
majority of the more than 60 
comments- which have arrived 
on the subject of the “ league 
table/' have at least agreed that 
il was well worth while for this 
column to attempt to convey an 
idea of the relative size of major 
concerns recruiting on behalf of 
client employers. whether 
mainly by -advertising or by the 
“ search ” method of individual 

But it did not need all the let- 
ietters and telephone ' calls to 
acquaint me with the fact that 
information about such organi- 
sations tends to be equivocal- l 

knew it. That -was why I was 
at pains to point out 16 days 
ago that, since International 
head-hunting is considerably 
farther-filing than 1 am as yet. 
I was confined to passing on to 
readers in various countries the 
estimates of relative size made 
by the redoubtable Jim 
Kennedy, publisher of the 
American-based newsletter, Con- 
sultants News. 

So while I am equally pleased 
to pass <in Kom/Ferry Inter- 
national’s complaint that their 
total fee billings in the fiscal 
year were SI 2.8m — which would 
place them over PA Inter- 
national at the top of 4 the table 
instead of fifth with $10tn as 
estimated by Consultants News 
— I am also bound to state what 
Jimmy Kennedy think s on the 

His cabled reply starts: “Con- 
sultants News stands by its esti- 
mates.” And that -is all I shall 
say here, because it seems best 
for everyone concerned that this 
column should restrict itself to 
noting that there exist different 
views about the figures but that, 
by any reckoning, Korn/Fdny 
is one of the leaders in its field. 

The same applies to two other 
cases. Billington Fox and Ellis 
states that its total billings for 
the same year were 511.6m, 
which would place it third in 
the published table between 
Heidrick and Struggles, and 
Egon Zetander, instead of 12th 

with 55.7m as estimated by Mr. 
Kennedy. Do If Kohnhorst, of 
Berndtson International, tells 
me that its billings were 55.8m. 
which would bring it into the 
table in 12th place. Those are 
the only three specific com- 
pJaints,I have received. 

Other readers, however, are 
plainly anxious in their com- 
ments to drive it into my, and 
the public's, skull that size com- 
parisons of head-hunting 
businesses are fraught with diffi- 
culties both numerous end 


One concerns the European 
use of the individual-approach 
method of “executive search,” 
which accounts for a large part 
or even the whole of the activity 
of many recruiters. This method 
contravenes official regulations 
in several countries, especially 
in Germany where it is Illegal 
to make enticing alternative 
offers to people at work, or to 
keep files on the qualifications 
of promising potential candi- 
dates. But surely no one could 
pretend that search business is 
not done there; the question is 
just how and to what extent the 
results are recorded. 

Another difficulty, pointed out 
by a good three dozen people, is 
that in the U.S. where most of 
my “top 20” head-hunters are 

tnainly based, custom allows 
recruiters to go about openly 
asking employed managers 
whether they would fancy a job- 
change. To do the same in the 
UK, however, would probably 
be enough to give everyone con- 
cerned a fit of the blushing 
vapours. So in the U.S. search 
can be a volume business with 
methods and billings to match, 
elsewhere it tends to be con- 
ducted far more modestly. 

A further numerously 
asserted difference between 
searchers on different sides of 
the Atlantic is that, since one 
can hardly poach employees 
from companies which employ 
one to poach people from ethers, 
every new concern a searcher 
adds lo his list of clients effec- 
tively subtracts one from his 
sources of recruits. The con- 
sequent restriction on the size 
of business is far tighter in the 
U-K- — say— where the market is 
relatively small, than in the 

Mere contentious, perhaps, is 
the argument of Bert Young, of 
Alexander Hughes and 
Associates (UK) that since the 
salaries paid to recruiters in 
America are twice as high as 
those earned here. Vie U-S. 
organisations ought to produce 
twice the fee-incomes of their 
British counterparts. 

“ By locking at the perform- 
ance of our U.S. affiliates, East- 

man and Beau dine/' Mr. Young 
said, “ I have come to the con- 
clusion that we have an equally 
effective level of success. I'm 
definitely convinced, however, 
that we do not have the same 
level of motivation — taxation, 
corporate and private, takes 
care of that. Frankly. I envy my 
U4J. colleague in this respect: 
he. has every reason to go for 

All of which persuades me 
that, given the object of ex- 
panding knowledge about the 
head-hunting business, the 
exercise that started with the 
league-table has on the whole 
proved satisfactory. But I’ll 
think very carefully, I can tell 
you, before making any similar 
ranking in the future. 

Dark seahorse 

YET another thing I have 
learned lately is what a ship- 
ping sale and purchase broker 
does for a not inconsiderable 
living. My teacher was Tony 
Barker, of Merton Associates 
(Consultants), who needs one 
for a big London concern which 
he may not name, although he 
guarantees to abide by any 
applicant’s request not to be 
identified to the employer until 
specific permission has been 
given. The lesson about this, 
to me, previously esoteric job 
went roughly as follows: 

If you are a buyer who just 
needs to get cargo transported, 
you go to a charter broker who 
goes off to the Baltic market and 
gets you some shipping. 

But If you want a whole ship, 
then your position is delicate 
because the market is affected, 
of course, by open declarations 
of demand. So you keep what 
you want quiet, except for 
whispering it to a sale and 
purchase broker, who tiptoes 
off and finds someone whose 
secret wishes match reasonably 
profitably with yours. And Bob’s 
your business, so to speak. 

“It’s work that calls for an 
ear to the ground where market 
rates and so on are concerned, 
and an “ye for future trends,” 
Mr. Barker said. So it presum- 
ably also requires a glad band 
for contacts in and around ship- 
ping, making it virtually certain 
that the successful candidate 
will already be established in 
the business. 

But there is a wide age range 
for the job. which will be 
responsible directly to the com- 
pany's mahagi’iS director. 
“Anywhere from early 30s up 
to 50 or so would do/’ 

Since the newcomer is 
required to justify a director- 
ship quickly, whoever gets the 
job will be expected to earn 
much by way of commission as 
well as a salary of — I would 
think-— about £10.000. Inquiries 
by telephone to Mr- Barker oh 
01-38S 2051. 


A major financial institution seeks managers, male or female, who will have responsibility 
for individual areas of activity within an expanding International Fixed Income Department. 
Divisions within the Department will include Eurodollar Bonds, Ufi. Domestic and Yankee 
Bonds, non-dollar Euro Bonds, and the Short Term International Money Market 
instruments. Allied to ic will be a Department covering International Fixed Income 

Successful candidates should not only be familiar with the technicalities of their own 
areas, but also understand how to use analysis and economic research with dienes. 
Importance will be given to the integrity with which they handle business and to riisir 
willingness to work as a team. 

(They may well have gained their evperience working as junior partneri with a MAJOR 
STOCKBROKING FIRM or wichin a financial institution active in these, areas.) 


Please apply: 4 *% 


Chichester Rents 

London WC2A 1EG 1 I 

01-242 5775 A • 

Hawker Siddeley 
Power Engineering Ltd . 

Projects Division, Leicester Road, Loughborough'. 

The Division is engaged in die iota! design and construction of a wide 
range of comprehensive multi -discipline and turnkey projects involving 
Power Engineering such as Power Stations. Electrification schemes. 
Process and Industrial Plant etc. worldwide. 

As a consequence of sustained business expansion, the fallowing new 
position has been created: 

Senior Sales Executive 

to be responsible for promoting and handling sales within the Division of 
power-based projects and comprehensive electrical, mechanical and 
process engineering schemes to Governments. Corporations. 
Municipalities etc. on a worldwide basis. 

The successful candidate, who will bo willing to travel extensively 
overseas, will be suitably Qualified wch an adequate technical background 
and will demonstrate previous commercial experience and a successful 
track record ot professional selling at senior level for at least three years 
and will be accustomed to conducting pre-contract business discussions 
covering mulli-million pound, multi -discipline projects particularly 
involving turnkey elements. A knowledge of financing major overseas 
projects and formulation of financial packages essential. Previous 
experience and contacts in well-established markets particularly in the 
Middle East and newly developing Industrial economies desirable. 

The staff position is at the Division’s new offices in Loughborough. An 
attractive starting salary is available in line with qua Id ica lions and 
experience, with periodic merit reviews and excellent career prospects. A 
company car will be provided together with gonerous overseas allowances 
as appropriate. 

A staff pension scheme operates to which mas : existing arrangements may 
be transferred without toss of benefits. Generous allowances are given to 
cover relocation/ disturbance and legal costs. 

Write, in strictest confidence, giving outline career history to; 
F,W. Adams. B.Sc.. 

> Sheldon & Associates. Consulting Engineers, 

73 Carter knawle Road. S72DW 
Tel. j0742) 57478. 

Financial Controller 

circa £9,000 + car 

This new appointment is being created within a profit accountable division - 
assets in excess of £20m - of a major British group manufacturing and 
■marketing fast moving consumables. Supported by a substantial finance and 
administrative team the primary role wall be the development of effective 
management information and control systems, but there will be close 
involvement in the overall management of the division with particular 
reference to pricing policy and commercial negotiations. Applicants will be 
qualified Accountants aged circa 35 with a progressive career record in a senior 
line capacity in a manufacturing or distribution environment using computer 
based information systems. Benefits are consistent with the standing of a 
major industrial group including generous relocation. 

Please write in confidence or telephone D. S. Thomson on 061-2368935 
quoting ref. 1USMA to Mervyn Hughes Group, 53/55 Princess Street, 
Manchester M2 4EQ. 

Mervyn Hughes Group 

Management Recruitment Consultants — 

- ’ '.A'* ■' .. 

. :• ; —v.:' -~ 

. I*: ■ •' .V, A’: v » ' • 

* ^adiiig oiJ compel* * ~ 

foH^ra^ ribsition^at it’s head office iathe Middle-East area. 

Area Co-ordinator (Product Sales— 
International Marketing) Ref. K-151-78 

Basic function: develop, promote ard market petroleum 
products internationally wihin assigned geographical 
regions. Ensure that optimum profitability is achieved 
within :h-: :e-ms of established sal-s and marketing 
Objectives. Co-ordinate with regional offices wilhin l he 
assigned region on major especis oi sales activity. 

Qualification Requirements 

University degree in business administration w 
economics or equivalent. 7 relevant experience in 
intern ansnal sales rhanagemeni of petroleum aroducte. 
Perfect knawiedqe OfEnpl<-,h I inojaqo is essential 
Preference will tw given to candidates with prev-ou.- 
experience in major oil cc> r? antes with background and 
experience in p"d planning. Candida;-.-, ‘ 

must also possess good enji-.iicai ability r-f the 
international oil scene-?- ’ 

Senior PetrcAaenn Economist 
Stef.K-165-73/ . 

Basic function; develop hrnan f supply Djan revenng 
costs and revenues- bared on corporate -jiiidaiinns Wake 
- recommendrfion' on t>v economic and gp?tal,onet 
viability of contracts and other items which should ba 
co-oramaicdwith corporate policy. Make critical analysis, 
discuss and appraise t merging new trends m -nor gy 
matters such as changing supply 'demand pattern 
alternative costs of different sources O' finer g, isc. 

Qualification Requirements 

A university degree in chemical or process engineering. 
10 years’ experience >r process engineering. suppK- 
planning in the oil industry and adequate knowledge of 
supply and cargo ttaamg econo mice Familiarity with 
linear programming. 

Perfect knowledge of the English language is -.ssentiaf. 

Assistant Division Manager Ref. K-1 52-78 

pjMcfiincncrr !o leeu ;r :eam cl four -o».> higr -, qualified 
employees :r inilidur $ and carrying out plar.r. -.g and 
economic studies r«ia;ed lo The dtvnloonranl c • .anipviiv 
plains me evaluation uf major tsphol mvttinv.-.ii pretext 
and programmes. Tt ■(.- assessment of now tius'i itss 
opportunities. Amlyns of a wide range of opernnona', and 
rin u nrial issues. 

Quafificstkxi requirements 

BSc in petroleum, chemical or industrial engineering. 

MBA or other graduate level finance business degree. - : J~: 
10 years' applicable experience in the petroleum industry 
including refining, petroleum economics and planning 
with a minimum ot two years in a managerial post. ".v 
High proficiency in English. Age. between 22-40 years. v ~- 

Senior Planner Ref. K-T20-78 T 

Basic Function: cam/ our planning end economic studies . 
and analyses related to me development of short and a 
long term company plans and objectives. The evaluation ~ ' ; 
of maior capital investment projects and programmes. 

The assessmeni of new business opportunities and sales. ’. ?. 
and various other proiecr studies and business analyses .si 
_as required. ' ~ V 

Qualification requirements ^ . _ . „ 

BSc preferably m engineering. MSc degree and/or MBA- ' T 
also highly desirable. 7 yeai s direct working experience. •*; .* 
in the petroleum industry, preferably including exposure . ■ J ; . 
ro refining, petroleum economics and planning. Perfect 
knowtedga of the English language »s essential. 

Age: between 30-35 years . 

Very attractive salaries anti fringe benefits will be offered. 

Among thebenebis: 45 calendar days of annual vacation, 
annua; vacation ainockets. mm'shed and air-conditioned 
apartments, educational allowance for childrens' 
schooling, medical insurant#, etc. 

interested applicants arc. in the fust . nstance •. invited to 
write to: Copeland. *nd Charring ton Ltd.. 27. Henmkcr 
■ Mews. London SW3 63L qnnng lull details ot 
qualifications anJ experience Pease also quote toe 
appropriate /ob reference number qn both envelope and 


27, Henniker Mews. London SW3 66L 

* v ; .V VV ’^ 


C1T4.DQ0 p.a. 

Our client, :h-? London basnd branch oi a major ■foreign International Bank seek to appoint - 
an Operation; Manager far their tepidly expending Operations Department 

Candidates mu;t possess sound banking experience and have been exposed at some stage to 
ali acpccu ct the day to day operations of a major International Bank. Detailed experience 
of the problems laced by transferring from'manujl to computerised processing systems is 
essential. Or-ditfates will have a proven and established record tn management and emphasis 
will be laid on Uiisquality- 

The pest o=’;’crs an exee//ent and challenging opportunity to a committed professional 

Piease send vitae to Sangster Pearson Limited. 7sc Fioor f Unicentre. Lords 
Walk, PRESTON, Lancashire. Qitoto ref: MH. 249/2 
I This vacancy >» open to mole cnc female opplicantt.) 

-i '-''v^SrCj 

tiu -V --ti j 

s* R ec rui tmeo-t ana Selectiort Gonsultants 



■ T ', •. j niue n f re: L & rdS . .vv afK Pr'eslpn.Tei X07 ? 2 > 7 1 072 
• ' -vr.-vvv-rv: :. - v - > / „ 


We arc offering an opportunity for an experienced banker whose 
initial assignment would be with nur Frankfurt Branch. 

The successful applicant will have already demonstrated particular 
skills in developing new corporate business, corporate relations and 
negotiating financial transactions. The applicant should be a graduate 
aged between 30 and 35. preferably with an MBA or a professional 
qualification. . Fluency in English and German is essential and a 
working knowledge of the German market would be useful. The 
position provides exceptional opportunities for career development 
and offers a competitive salary and benefits package. 

Please write with curriculum vitae to: 

Mr- Reinhard P. Hube 
. Vice-President and Manager 

Muenchener Strasse 1 
P-6000 Frankfurt A.M. 


The Manager of the Manchester office of a 
leading ’ Iptrmarignal Bank Is seeking- an 
Internal Auditor to aBsume fofffrsponsmility 
for the andir of^ dieBank’s inttmtiaffeirs. 

£12-15,000 p.a. tax free - 

Financial Controller 

Interior Design Contractors - S 

Qualified male chartered accountant 
35-45. Ruent English with knowledge 
of Arabic desiraWe/To take charge of 
complete accounting and administrative - 
function. Excellent fringe benefitsihdude 
free furnished accommodation, company 1 
car. bonus, medical cover and generous.- 
leave arrangements. 

Suitably qualified candidates please phone 
01 -493 71 1 7 for application form quoting 
MRD8057 (24 hour answering service). 


The First National Bank of Chicago is « ZDBn 4i n . Mc 

national investment manaaemMitBm«rn 

experienced porting ^ 

manager will work clo^ly with flsgd ' I . n eoag £ 

in London, and the U S fixer! inrwm-^f 000 — c research staff 

business fr Xing tH&Sl t ? in Qiicago. #ew 
i^WJ-oo^eveloped by a worldwide : market 

Candidates should have several 5 -’ 

ing bond portfoUos. plus “ttnanag* 

eff^vdiy. Knowiedge S mod^ 

package, 18 part °* ; tiw -cowponsation 

coinplet^wifldSI w, fifSSSS?CaJ?J f refir in ‘ 



P-4 0 Building, ’ ' ™ 

tatotoH Street, 

.. London EC3V 4QU. "•-‘■IkBSf- 



cjY^’o- 0 - 

TBe^ienfc '^ Mgni&arifc mtarnmonaam^fitor in shipping and real estate. 
TT^^h ?j^v;~— T^aSnmW 1 shinaitt appmhted\viU report to the Group Chief 

* 1 " 1 : r! ~ ■'"' ‘ 1 "WKMiMBlm* .atj'liii*' »!■ tmaff -fiMdnnartnw tnpm vncujiHl in 

■^-.j.^..- :: -' r 1 ^.': :•'.. '^y»^': TfT^wj gBrnijn li' and financial modelling. Some 

? f vV‘ -:, . pveseaB'tcavelwill b&ne^ssaiy, and the ba»e may well move tn 
-j-f : - >: ^ppytv^vriihwr £-4^S:$ei^;Therc «rt! prospect* of a board 

, bo1 vzfidd«l T^BtflUdification experience will have 
;vv'Ji ^•.iv;.'-' -:;-?• ,' hfx»nr£ j »im^ iT^ t^Cjfcyy^wmaioraccoiJotirig firm, a -merchant 

v i ..lwnt fiFinmni 

'cEcreeraiHtsalajyto date, which will be treated 
Si , . ^jMq T inp7 - #»««£ itfr 'E tA ‘^ feso^^fiaecuti ve Selection Division, 

pledse'liicmtea daytime telephone number at 

^Bhfilie>-^d'u4i Kdhie Strwt; Jirndrui . EC2V 7 IXj. 

IT I fe* 

''CSiaSSiM^^iw^SliSi^ ooewtfons mover 30 counties, annual 
sa]esinexcessof£300^uliiotj^nd pre-tax profits of more than 

Thererisnow a vacalfc:yfc» a Director to take responsibility for the 

I oT^ ■] (7;T*i I *T J f; 3 * •: 

turnover of the companies is around £30 million 

Chairmarv:Sji3&ial Products; special assignments fn qther parts of 
Chfondemaybe gWeriin additionto his responsibilities in the plastics 

•• V‘ t . jarogj^im‘Chfori€fe^3fdup; y 

> v-^^jpb'slpuld interesttoa General Managervyho has had 
r. .^yqreylbus^xp^^ industry and in two or more 

. ? ■ i^orf^stionafare^s. Knowledge of plastics processing would be 
/ ; helpfuib'ut is.Rpt an ^sential requirement. It is unlikely that applicants 
■.^urrer^yea^ffvglessthan 05.000 p.a.wiil havetherequired 

yApplicationssre invited- from men and women who should write, 
yg iyir^iqlLctetalte of career and salary to date, to:* V ~ • 

S ’ - -,;^)S5^.P^Whithngham i-Vv 

% -*• Executive Resources Adviser - 

r : , .7 Chtofi^e Group Limited tJ; 

* ^52Grdsvenor Gatdehs . • . - - ; 

:.•■ •*: ;;vlU)rtdQn swiw oau. - . ;; : .... 





7 Digital Equipment aretjie viiprld’sldaci- 
mg designed and manufacturersof mini- 
computers, a company with a virarldwide : 
staff of over 40,000 and ^ .4 biiiioo . - 

turnover. / •• ' 1,7 

Wfeare a moving ■-■■ 
.company whosegrowth in 1 5 European 
countries has been.whancedby'tfw pro- : . . 
fessioneHsm of thefinancialmanagement ■ 
teamat our U. K.Headquarterein Reading,, 
Berkshire. ...-. ■ , ■.- . ■ -- 

‘ Travellirgtfiroughoutt^dKand .. ; . 

Europerthe successful man or woman vwJI 

<aintjnuqtl®<^^ • ' 

oui^fiinctkJiT.preserTfing auc£t findings 
and reaxnroeix^s^^ 
of management- ' 

• ; -The position derriandsfitfeast sbcyeer^ . 
oudti&pd accounting experience .Un h/ers ity 

education «s desirable although additional 
experience can bea compensation. Inter- 
national experience in several countries at 

management teU^ip a major international 
^accounting firm^f multi -national company 
IS required . Language ability in German or 
. French as well as-English is extremely 
- useful. V .' . 

Obviously, within such a successful and 
expanding orgatHsation.yoLir careerpoten- 
tial is excellent. Your salary will be 
negotiable around£14>000p a .and the-full 
range of fringe benefits includes relocation 
assistance whereappropriate. 

..' please write giving full personal and 
career details, quoting ref : 485 to: 

Tim Pedder. Digital Equipment Company 
Limited. 2 Cheapsjde. Reading. Berks . 



Eccles, Manchester 

Arising from internal promotion, this appointment, 
which will provide real challenge and opportunity 
for career development, is with the Industrial 
Chemicals Division of Diamond Shamrock Europe. 

The new Financial Controller will be responsible lo 
the M.D. lor leading a strong professional 
accounting team in developing improved control 
and reporting systems, providing line management 
with meaningful financial information and making 
sound judgments. Success would lead to further 
opportunities within the organisation. 

Candidates, aged over 30. should be qualified 
Accountants, probably ACAs or ACMAs. with at 
feast five years’ sound industrial experience in 
manufacturing or process industry. Maturity and 
leadership, backed by professionalism, are 
necessary qualities. 

Attractive starting salary, car, and benefits are 
those associated with an international company. 
Relocation help in suitable cases. 

Please write with full career details, or telephone 
(061 -789 7300) for an application form, to: 

The Personnel Manager, 

Diamond Shamrock Europe, 

P.O. Box 1 , Eccles, Manchester M30 0BH. 


Diamond Shamrock 

Adcock-Shipley Textron, one of Western 
Europe's largest milling machine manufacturers, 
invites applications for the senior position of 



We would like to hear from qualified 
Accountants aged over 28 with post qualification 
experience, who are able to demonstrate suitability 
(or this demanding but rewarding opportunity. 

Reporting to the Fnandal Dreed oc the 
International Controller wifi be concerned with all 
overseas manufacturing and sales locations and 
fake responsibility for accounting and 
administration, analysis erf new projects, initiation ' 
and control of accounting procedures and make 
regular reports to management 

An excellent salary backed by a good 
pension scheme will be offered lo fiie selected 

A p plica ti ons should be in writing and 
addressed to: 

|. F. Boss. F.CA, Financial Director, 

Adcock-Shipley Division of Textron Ltd., 

P.O. Box 22, Forest Road 
. Leicester L£5 OF). 


Chief Executive 

t a I 

A substantial public company primarily 
engaged in the property investment, housing 
and contracting industry, requires a chief 
executive for one of its expanding subsidiaries 
located in South West London. 

Applicants, preferably aged between 30 and 
40, should ideally already hold a senior position 
in the industry and be self-motivating, an astute 
business person and a decisive, tough manager, 
able to exploit the opportunities that already 

Remuneration will be by negotiation plus 
appropriate senior executive benefits. 

Applications, which will be treated in total 
confidence, should be sent to Bo:: A6561, Financial 
Times, 10 Cannon Street. EC4F* 4BY. 



We are a medium sized research based firm of 
London Stockbrokers with a strong institutional 
client base. We wish to recimit a person to join 
our institutional marketing team in order to 
provide greater depth of sendee to clients using 
our research material. 

The ideal candidate will be in their mid-twenties 
and have at least two years’ experience with a 
stockbroker or an institution. Although not essen- 
tial. knowledge of the electronics and electrical 
sectors would be a distinct advantage. 

Write in confidence to: 

BOX A. 6545 



AGE 26-305 £7250 : £8750 PA 

Oar cKena are die top ?r»fettion*l* in riieir *pl»n -of busmen which 
offers i fifiandafy erttmaud service co commerce ix*indu*trY. 

The w oris dsamds good Mperience across a brnsd ItauKiil/KeoiMKin; 
spectrum including the reading of balance sheets - 

You will need so be self motivated and able “ represent tht Company 
in meetings with top client manaiemeni. 

Three new executives are repaired so picuc «lrpl»»e as aeon j, poislWe 
to arrange a preliminary interview. 

TIM W££JU CMC M50« . 

corn Exchange: building, 52/57 mah* lane, london. iC3 

Director of 
Computing Services 

Thomson McLintock Associates, the management services company 
of Thomson McJ-intocic &. Co, undertakes a wide range ot special 
projects for clients throughout the UK . 

Computer consultancy forms a central part of the work and the 

standards with individual clients. As a member of the board, the 
director will also contribute to the general policy formation and 
management of the company. 

Experience of EDP across a wide spectrum (gained in husiness, with a 
leading manufacturer or an established consultancy) coupled with 
proven management abiliry is vital. A degree or a profession:) 1 
qualification will be preferred. Age 30s. 

Remuneration is negoriable and will recognise die special ability and 
responsibility^ which the position demands. A carand other benefits 
will be included. The appointment, based in the City of London, wil I 
involve some travel. 

rieasc reply in confidence to N W M May (Ref: 825FI . 

iliMr* IIW 



Financial AHviser 

£ 11 . 845 -m 090 pa 
plus £520 pa London Allowance 

The Electricity Council is the central co-ordinating body lor the electricity supply industry 

in England and Wales. 

This is a newly created post and the successful candidate will be one of two Deputies 
reporting to the Financial Adviser. The responsibilities will relate to.all aspects of the 
administration and finance of the Electricity Supply Industry's Superannuation Schemes 
in England and Wales, which have a combined membership of 165,000, annual 
contributions of nearly £100 million and Funds currently valued at £1,000 million. 

The successful candidate will also be required to assist in the general financial tasks of the 
Council. This post is one of career potential within the industry at large, requiring ail round 

capacity and initiative. 

Candidates should have experience at a responsible level in accountancy and finance and * 
knowledge of pension administration. They should hold an appropriate professional 
qualification and preferably be aged from 40 to 50. Some experience or knowledge in the 
investment field would be an advantage, as the successful applicant will be required to work 
with the In vestmen t M anager for the Schemes . 

It is not expected that candidates will be versed in the full range of duties involved and a 
planned introduction is envisaged, involving a progressively widening job span. 

Please reply in confidence giving concise persona! and career details, quoting Ref. T899. FT 

to D. E. Shellard 


Arthur Young Management Services 
Rolls House.* 7 Rolls Buildings 
Fetter Lane. London EC4A 1WL. 



London Based 

This is an opportunity to become a senior member of a key central department of 
Tube Investments, the vacancy arising asa result of internal promotion. Tl. with 
worldwide sales of £ 1 000m per annum, is a highly diversified British based 
engineering group with interests ranging from precision steel tube and primary 
aluminium production to machine tools and domestic appliances. 

The pnmary task is creative thinking on the development ol business policy and 
strategies for the Group as a whole. The position carries responsibility for 
detailed dialogue with particular divisions on business and product plans, budgets, 
capital investment programmes and acquisition proposals In addition, other specific 
assignments are undertaken for the Tl Executive Committee. 

The challenge implicit in this post would suit a business graduate probably aged 
30-35. with planning experience and a background 0) success in management: 
considerable analytical' and communication skills are required. It is expected that the 
petson filling this position will move into a senior line management |Ob within the 
Group after about three years. 

Salary and conditions of employment are attractive and will include a company car; 
relocation assistance to London will be given where appropriate. 

Please write, including a detailed c v. to - 
The Personnel Manager, Tl Central Organisation. Tl House. Five Ways. 
Birmingham. B1 6 3SQ. 


TV.ue In.’irsimen 

To be a successful Company Secretary, 
you have to be seen in a .'"/A" A 
successful Company 

T. Cowie Limited is a successful company - a major Motor and Finance Group with its 
Head Office in Sunderland and depots throughout the North and Midlands. Its Motor 
Division encompasses the complete field of company fleet services for cars and 
commercial vehicles, retail sales, maintenance and servicing together with self- 
drive hire, its Finance Division provides a complete range of banking, finance and 
hire purchase facilities together with contract hire, leasing, and insurance broking 

Now- the Group is looking for the right Company Secretary whose duties will 
cover the entire operation. Reporting to the Board, your main responsibilities 
will be advising on questions of company law and practice and communicating 
decisions to operational sources, plus overall secretarial duties. 

You’ll be professionally qualified and have sound experience as a Company 
Secretary of a public company. You should have a thorough understanding of 
all aspects relating to company acquisitions. This post is one step from Board 
level and prospects are excellent. It is an important appointment which will 
carry a highly competitive salary together with an executive car. major 
company fringe benefits and relocation expenses where necessary. 

Ring; Oavid Green on Washington (06321 466660. 

3 Professional & Executive Recruitment. 

Derwent' House. District 1. Washington. Tyne and Wear. 

& Executive 

Anuiir.aliflns art- -ACILUHI*. '1 uni Di*: 1 ' Iiitu .i"'J .. u-:i' • 

Financial Times Thursday ^ 

ieiri ter" 



• y'‘ : 

^ee9SS9®SSSBS8C55595 5 0 < 

s LLOYD’S 1 

» Motor 8 

8 Underwriting 8 

|S Agency 8 

8 £10.000 + 8 

c. £10,000 

This important appointment is based at the London Headquarters of the 
Tobacco Division of this British owned international group of companies 
-°heworld^sfargest private enterprise manufacturer of tobacco products. 

. _ .. - f. 

The Marketing intelligence Manager with his/her team of nine people 

and comm'ehensivetxjmputer system will be responsible forthe analysis 
of worldwide economic, financial and marketing data and for ensunng 
that senior management both at Head Office and in our overseas 
assorted companies receive the necessary information tor effective 


«A Chartered Accountant 0 
8 is required to take on g 
g administrative « 

8 responsibilities for a «<?'' *■> 
oMotor Syndicate at 8 

8 Lloyd's.' ( 200 Names. ) « 

• 8 Candidates with previous g 

rt experience of-Managing o 

2 Agency work are asked io o 

O contact Mr. D. R. Widely- 8 

8 Executive Selection. g 

o S Martin Lane. g 


and cash atlowanc 6 s_£ 11 , 000 to £16^000 taxfro^; 

? London EC 4 -RQDL. o 

X His private telephone number o 

a s_ M 00 *V 7 Roforonpr 4 . 70 - - 

This is an opportunity for someone aged around thirty. P. robab ^.'^ t ^ a 
economics degree, experience of economic analysis and reporting, 
good working knowledge of computer data systems and a basic 
understanding of company finance. 

• O is 01-623 9227. Reference 450-^’ 
9eoecs©esso©©s©«s® s — 1 

The partner in charge of our MiddJe East 
firm's consulting services will be »n London 
for several days in mid- December to talk to,- 
qualified accountants wishing to investigate 
the possibilities of joining us during . ia/?. : 
for two years or more as management 

stantial premium is payable for fluency in 

The salary is negotiable and there are substantial fringe benehts. f "lease 
write for an application form and further information to Andrew West, 

British- American Tobacco Company Limited, 
7 Milibank, 

London SW1P 3JE. 


seek the following 
experienced Broker* 
Interlink Broker (wWi FrenlM 
Senior Interbank Brokers 
If A Brskcr 

FX Broker (with Frcnrh/G:'^'^*' 
Son ior 5 f^ Dealers (with French I 
Currency Deposit Dea rrs 
Interlink Broker (far Frank! .in' 
Eurotfo'rir Broker hta.idsl 

Commersril Broker (with seme 
c«psrien;c of Gi't Mark'll 
Please contact Mifce Pope 
30 Queen Street, EC 4 
236 0731 

Opportunities exist at several .levels of 
seniority and at a number of locations, from 
which consulting engagements may oe 
undertaken in any of the thirteen countries in 
the Gulf and Saudi Arabia in which we have 
long established offices. Assignments are, 
normally confined to management and 
accounting oriented subjects and computer 

, jars. r?rs>T„^ 

;■ T tunities Y for those seeking to make their 
“efww the firm. We provide Yu Hy 
furnished housing and meet the co^o 

• utilities and medical care Six weeks feave. 
-with paid passages is granted for eacn yea 
’of service. . 

" ■ if you wish to work hard in> sunny climate 

■ where your expenence ^needed.-* 


;j r y^wernay have justthe jdb.fofyoa. . 

- '• • nnceihle with . 


We seek qualified accountants with problem 
solving ability, the maturity to deal with 
company and government officials up to the. 
highest level and the flexibility to apply 
themselves with equal vigour to the simple 
systems problems of small trading concerns; 
or the' complex requirements of major 
corporate or government studies. Postr.. 
qualifying industrial, commercial or con- 
sulting experience will be a preferred asset 
but investigation and systems experience in 
a professional practice may well have 

- please write to us as soon as possible with . 
relevant personal and career details,; ar»4 ? 

telephone number so that miftal 
. : interviews with' the partner m charge uarr be 
'arranged quickly. - 

^Applications should be sent in strict ^confi- 

science and quoting reference.F1 08 to . 

developed the abilities we seek. A sub- 

Douglas G Mizori 
Whinney Murray €f Co 
57 Chiswell Street: 
"London EC1 Y 4SY 


Emoluments c. £15,000+ Car 

As a result of internal promotion, our client, a large quoted group with 

extensive worldwide interests, plans a senior financial appointment. - 

The successful candidate will have control of all aspects of financial 
reporting, planning, and systems development and play an important role as 
a member of the Divisional Management Executive. , 

Candidates will be qualified accountants probably aged 30-35 who have 
experience within an intefnational business environment. In addition to a 
high degree of technical competence, they must demonstrate a strong 
personal presence and the commitment to succeed in a competitive 

C °Stervdews 1 for 1 thls appointment will be conducted before the 
Christmas holiday period and applicants should therefore submit 
relevant details to Nigel V. Smith, A.C.A., or Peter Dawson as soon as 
possible, quoting reference 2325. 

Fulton Packshaw Limited 

Part of the Charles Fulton Group^fure seeking a Dealer experienced in the 

Sterling jnter-Baiik 
and C. D. Markets 

Th e remuneration package will b£ made attractive td the right person.. 


Please write or telephone in confidence to Hugh Davies, Chairmam Fultprf :- • 
maw Limited, 34^0 Ludga^fil. London EC4M..7JT, 01-248 3242. 

Douglas Llaxsbias Associates Ltd. 

Accountancy & M&nagemetr. Hsciuitawn! Confulianlr. 
410. Strand. London WC2H0NS. Tel: 01-236 9501 
121. St. Viacent Street. Glasgow G2 5HW Tel. 04l-<u2o-lC'l 
3, Coatea Place. Edinburgh EH37AA. Tel 031 -*.25 7744 

LTD ' 

— .* _ .1-. 

Fulton Pack^v : Lid . is^ the ' £ . ^ 
sterling broking sUbsidiaiy^f CliarUw 
. Fulton & Co.L4&' : . 
firms of International raoniey J rnarket 
brokers. / \ v ■<-. •- 


As part of a major expansion of its International Investment 
Department in London. CITIBANK N.A.. one of the world s largest financial 
institutions, wishes to make two senior appointments:- 


N.W. Home Counties 

up to £10,000 

isnesio mane two aenivi 

Head of Research 

I hi? <■ 
Midland: hnd 
and rcspcrto .1 

To establish and manage a small department of analysts covering 
the U K. and other European stockmarkets, who will support the 

in “l P “ - the research departmenl of a 

financial institution or stockbroker is required. 

UlHJiiui orvjoivkj. w.w. 1 

Portfolio Manager 

To assist the Senior International Investment Officer in the 

management of institutional portfolios. . , H 

Candidates should have several years expenence 'n fund 
management, and knowledge of the German and French stockmarkets 

would be an advantage. 

ViSi' wr.|!^iiij 

acrov; r'nc \vr- 
,ipp-..'n'i.vl tic' 
cirii.u:.-!'. \i- 

ILH 1 TV.'-’ 

and ■alv «r«. « 
The .il'Ori.tic 
c.fnJid.u. iv.- 
n.ird •» or 1 ' v;:r : 
\pni IC..M”- 

jf>: l l'-»n '■ 
Wi \ ; L - *'-. 

\r*pi ic-.t ; 
ihe T i :< . .•■■•• 
he . 

nding circwi r-ppomimr.- w at ihe \icst 
■ tTictt 3 erriinanv n'li'At iumc i? known 
;rimu(inour iHl "*-'>rliJ. \licr 3 f mw turo 
-Aith lhu Oir«ior -oi proitt:i> 

. 1 .- husinc * 1 .p».rrru:i'. r.r •JMirmn 
mu > liu*. ii'-P'in'IhU -'nH 

.Ready io move mio management This operating unit -part of ^ British^ 
owned international group - employs over 1 ,000 people arid has a turnover . 
approaching E 35 rn In this new appointment the accountant is part. of the ? 
management team with full responsibility for the financial department plus . 

other associated hnc management Junctions. _ : | 

■iu nt’iK »’ "• i» , p in.nj-iM«-;T.ciu 

•irr in’-'icd rV'-m ;r.i. i..*i«r- wli.i 'i.t>t 
• ;.irs ot Drrrj:ii->--:' v in-lu>irul Lxptricnre 
:nh impiL-.M-d i.; .i In', • iii’m m*-. 
f is 'jnimponxm : “>m tin. succcwlul 

niiniwrarc. -inj will thfi'-c >>n 
•i.inini'itn ■ it -oipePMsV.'n. 

■ofiittwi tt.lI) f : i l CS' -ih- "ild he ».*nv ji Jed 
"\<.V -I?:, \ hm iii K'lL'In l.rd.. l.on»!«‘»r. 

The comnanv is /. e - 1 estatjlished. at the forefront of its technology ^nd 
jrighiy profitable. Ii iz expanding rapidly both mihe-U X and overseas. 'fiAuch 
of the accounting systems workhas been done and mostaie computerised. 
The emphasis will be on providing a lop quality service to the haads.of 
depanments and helping io plan and execute further profitable growth. 

.ii.- iiUTi.miiri m fnt riivr.T i ’ 1 (KtriiiJ. 

ncs in whu*|i • •■•I .uv ii*>r iiiri-ru-ii'd shnulil 
Icnu ihc Posiii"!' NmuKr 

You are likely to be m youi early 30 ' s. professionally qualified, a graduate and 
have already proved vour abilities either at Head Office or at Operating Unit 
level. You can effectively sell yourself and your department to vour 
colleaques both for your technical expertise and commercial acumen. '. ' 

Men and women will be equally 'acceptable. 

Stanmg salary will be negotiable up to C J 0 . 000 . 

Both positions offer an attractive salary, an excellent benefits 
package and exceptional opportunities for career developmen . 

» _ a \ A / 

Apply in writing, enclosing curriculum vitae A-W. Regan, 
Vice President, Citibank N A, 336 Strand, London WC2R 1HB. 

contact fPhilio Plunibfev 

Plumbfey/Endicott & Associates Limited, 
Management Selection Consultants. 

Premier House. 150 Southamplon Row. 
London. WC 1 B SAL; Tel: 01 -278 3 U 7 


Director Designate 


?^SJgS “pp= R nuX=ccurs wiUlin th.s vw n. mreriaK 
fnvSSiit bSktor . "ouw person with sound Kpensnce o! tte • set.ln. 
ments/clearing procedures relating to both the prlmarj and secondjr? 
Eurobond markets. 


Two well established, fast expanding Consortium banks each seek someone 
with the ability- not only to prepare but also to interpret a 'anety or 
managemem information, regulatory reports and operational statistics. 

North East based Engineering Company 

The Company ii a private Company and u concerned 
with the design an ^construction of specialised and highly 
technical plant for the Steel. Non-Ferrous and Chemical 
industries. Sales are In excess of £10 million, of which a 
significant proportion is exports. 

The successful candidate will already have a proven 
management record wichin a large engineering company. 
The post will carry a substantial salary, together with 
the usual benefits commensurate with such a position. 
Applications in writing, together with C.V. to 
Box A 6565, f inancial Times, JO Cannon Street, E C4P 4BY. 

Male and female applicants invited 


IB tel v T l KTlfcTjiK 

Managing Director 

to £15,000 + car 


The essential requirement is sound practical knowledge of biirQ-cun^nc> 
loans admin./doeumeniation but the Bank— a vigorouslj expanding In 
lional— also looks for the potential to undertake increasing responsibiliiv. 


Our prime requirement is for someone with a proven combination of manufactLff&ig 
expertise, marketing skins, and sound financial aptitude which has been appHed 
successfully in a profit respqnsltite^ ’.general management rde. Experience -stould 
have been gained In at least two different organisations^ buh the: type of ■industry is 
less important than the ability to motivate and manage people at all 'levels: 
Preference will be given to candidates between 35 and 50. The cROTt company & 
a manufacturing subsidiary {350 employees) of a diverse and independent - groups 
and offers all the rewards and conditions of service appropriate to such ^ position', v 


To discuss these possibilities— or your own particular career ohjeclives in 
general terms— please telephone John Ch her ton. .U.B. or Ann Costello. 





London. W.C.1. 

previous experience, in senior banking position in the Middle East 
an advantage. Good prospect*. Salary and other benefits com- 
mensurate with experience- Plow* wr '« Box F.I070. Financial Times. 
10. Cannon Street. EC4P 

Telephone 02 1 -643 7226 f 24 hr : service! Quoting Ref. 1 1 73/Fr.'fleediExdCUt>ve 
Selection Limited. 6th Floor, The Rotunda, Birmingham BZ 4 PB. . 

Lonapn Birmingham Manchc&rer^Tfterqs 


v’ *' V. ■- ••?.. - ' -‘S' 

plfl|ia||ieAii6nt Opportunity 

bireetdrv Business Systems 

,Ti»eP^.C«^^SVoSi»«t«dBployingsoineof itfi staff Into a 

-*-<■ « •__£ KhV.. fk nUAinnol 

in Major Consultancy 

.. Ojm^« t ixi»^><^f«»'andgrowthtoi^^ponamact•viR , ••.. 
TlteDiw^.^HrffsrthefoUwwig wrvfcas. « Y 

* -poTnyflavof studies of rnanaQemem information and qihor systemg 
* '.MqtotenfeJttS' - " 

. ’•*&;. dW^devolOpnwntaridcrojeciniarfflgemgnttJ ipsjoreomputQr- 

- • „ . ;baj{«JsvsfBmi '■ ; i’r y'-r-. • 

.^ 'cc^patafCdnaultsncy/tncludinghaidwa re selection and installation 

/ ....... 

“ • WQ.^wulioU'ito beer from<uccesghjl expcriancedt^insa Hants who 

have the drive and motivation to lead and develop tho Division: 
extensive experience of computer-based management information, 
financial control and admin taran've systems,-* wide knowledge of 
modem computer practice and the ability to relateiothetop 
management of client oiganisations. 

The successful candidate will probably be aged around 40 with a 
relevant degree and preferably an accounting qualification. He or she 
can fobk forward to a challenging and rewarding career wfth first-class 
conditions of employment Starting emoluments will be well into five 
figures and other benefits include company car and non -contributory 
pension scheme. 

Please write in confidence to Bill Le viand. Staff Manager, quoting 
reference O S81V7. 

: "Canadian Imperial Bank of 
ComnaerceTnjst Company 
: (Bahamas) ttef., based in Nassau, 
r . - needs a Senior Trust Officer to take 
"•* ^responsibility for tfieorganisation's " 
considerable trust ancUnvestment ; 
managejftebt ahdlnternational tajfe 
J plannirigactivittes.on behalf of a Y 
wi derange of multinational clients; 

- ' Youliviftrepbrt directly tothe 
Managing Director. , ' 

Irv.addrtiontoyour dagree in law 
ioi* accounting* AIB (Trustee) or other 
relevant professional qu al'rficati on, 
you vy iU needtb have had at least . 
; three years’ experience in trustee - 
worfc investment management 
, and/or taxation, preferably on an 
inter national scaie.ln term's of 
personal qualities yoii will be aged 1 

■between 25 and 35, a confident 
; decision-maker capable of working 
; >wi;th rhinimal supervision. Good 
•’ communication skills are obviously 
. bsseritial. 

Y:'We propose a salary of 
q . US$25,000 plus an attractive 
benefits package which includes 
expenses for your relocation to the 
V Bahamas. Nassau has a pleasant 
‘/climate all year round and offers 
/.excellent sporting and social 

Y' v Applications, with full curriculum 
^.vitae r should be addressed to: 
Brian R Galloway, Personnel Officer, 

■ ^C&riadian Imperial Bank of 
'■'Edmmerce, 2 Lombard Street, 





f _ 

U *) 
• — 1 / 


Your next move 

T- V* 


. - Matjn Jiidd.Mpnagajmwrt 
w/tn aipajor Chartered 
...The RecrujtmentPerson 
have in receijt months . t 
America, for top execu' * 

Hants isian established expanding consultancy assoqaJed 
ancy practice.' 

and JratniPg Division' has an impressive retard «n assisting 
nior financial executives. Search and recruitment activities 
undertaken in most major European countries and North 
tor international companies, in addition we provide a fuii range 

. orpersonnel and genial ma nagement consults ncy advice to clients. 

Vtfurihe'r cwsiWHft is required to assist in the recruitment.aclivities Opportumtie;- in 
general consiiltam^will also arise in this challenging position for a. man or woman able to 
cwitjnue.tb develpp. . • 

.^pplicahts.shoOld be qualified accountants, aged in their early .30 s. The ideal candioaie 
..vyflf have previous recruibnent; experience, a background which/includes a period «n the 
. a cbouhta ncy: profession riand currentiy be earning in e/.cess at'ES.QOO. 

. in retum.vre offer the chance to work with some maior companies, undertake a broad 
r^rfe'e ofifinancial and management services and the career development potential o( a 
substantial firm. •> 

The remuneration package can include a car. BUPA and pension. 

Send concise details of career to date, qualifications, age ana salary to l. J. E. Barrow. 


^Management Consultants 

55 Nevy Oxford Street, 
London WC1A 1BX 

Personnel Resources 


Recruitment Consul cants 


If you are in the job market 
now - we are here to help. 
Coutts Careers provide 

* Excellent job search 

* A thorough knowledge 
of the job market. 

* Contact with top 

Confidential and expert 

* Superb Secretarial 
back up. 

Telephone now for a cost 
free assessment meeting. 

Percy COUTTS aco 
“ 01-8392271 

140 Grand Buildings 
Trafalgar Square, 

London WC2. 


Allies: -ins an. invi'.eC for ifte Milov. - 
■r.s .n ;ho pr^AKTiiEST OF 

Fa-.ui:v t' A/l.nsiCvrai.or.:— 


Salac: - #faj"s Profc<isor Xll.SOe- 
?:ij.:xip.j. ■ es.bu-m.mjT p sur'/cp. 
Mrad-r- XS.«t3.XP.S» p.a. 
p iicrlins> i£l iivH:ns =■ 

Th.-rc »il..r be sirp?lem>niallon of 
salarr in rjn^ E;.1«-C!.9I6 p.« 
's!:r:."a- Tor mjrnrd apjjuliiices or 
SNJL-rrsn p.a_ iiii'rlinsi for iinalo 
aro3'n:**-?‘ .nl provision for cblklrv-n's 
oiju'TiTkj'i allon-aac^s and holiday visit 
p.siau’.s. Frlrsi binrflis Include pen- 
.'f.on srtaome or'comrjct addition of 
25 1 . o. r salorr ■ partly issabio): ramliy 
actsi;>s: baaiape a l Iowa nee s: car 
and houKlns alloiranci.s: . various 
ailir.i-anL'cs. Diiaded applicsuons '2 
cop!*, s * rr»h curriculum vitae and 
/'SMijilt 1 referees to b#> ten: 10 
R .c.sLrar. Unlvcr&iT of Ife. 

Xiwru br 4 January 19JV. Apollcan'j 
r-<dcDi m the IK should also send 
iiik cop'" to ihe limtr-L'nH'rtnlir 
•.oiincil. 90 To'.'cnbim Coun Road. 
Laodon V.'iP ODT. Former d-?t arts 
ma- he ni"ialr;.':l from e!:her addri-ss. 


£ 6500 + 

The f \T. Business Information Ttd., a subsidiary of The- 
Financial Times Grpup Ltd., requires a qualified ACMA or. 
A CCA; to .be responsible to the Croup Management 
Accountant for airihe Management Accounting requirements 
of this subsidiary. . . ' . 

Applicants, aged 2S-35 years, --should have bad extensive - 
experience with a major indos trial or commercial cnierprisc 
with knowledge of . computerised accounting a useful asset. 
FJ. Business Iiiforination Ltd.. Is an important and expandr 
ing afea-'Of the Group which markets lmsine^s information' 
through jts comprehensive library service,, publishes a wide 
range: of -'new^etfe# as ■weli as lhe syndication of articles, 
appearing in. the financial Times. 

The job.' entails the preparation of monthly management' 
account , and tp -assist., With- the pieparatiop nr annual. 
/ ^cotu3ls,"the-bUdge't and forecasts’ / "• 

•" In addition the successful applicant will, in liiiiscin with the 
Managing Director and Group Management Accountant assist 
in the develojinienr i»f projects, analysis, costing exercises; 
capital iCspendJtore assessments and 1 other.related activitifr. 
Prospects are good for- a perron with: drive and personality _ 
who. can 'work bn their own Initiative. • I ■' 

Ttixe 'Anal salary v.lli be awarding 'to age and experience, 
with the usual company benefits. 

Please write wi£h- full c.v. to -Personnel Department, The 
Financial Times Limited, Bracken House, 10, Cannon Street, 
EC4P-4BY;-- • . . • : . 



to complement existing dealing department 
English and German essential. Salary commensurate 
with experience, all usual fringe benefits apply. 
Interviews London or Frankfurt. 

Please reply in strictest confidence with curriculum 
vitae, stating any banks which are not to be 
approached, to: 

Box A.6567, Financial Times. 

. 10, Cannon Street, EC4P4.BY. 


.An expanding fir.-n cf stockbrokers are seeking to make an appoint- 
ment in a new office in :he Wesr Yorkshire area. The likely 
candidate will have an investment, merchant banking or industrial 
background, will be 25/35 in age and probably possess a professional 
qualification. The post carries the prospect of partnership. 

Write Box A.6S63. Finandat Times, fO, Cannon Street, EC4P 4 BY. 



The Competition for carW opportunities, both in the U.K. 
and overseas, demands increasing involvement and expertise m 
career planning and the job search. 

INTEREXEC provides the most comprehensive, professional and 
confidential senfice to assist the Senior .Executive seeking a 
new appointment* r - 

Why waste timpl-^onsulc: 

^ : The Interexcc Register Limited 

Th,e World -Trade Centro.' London BI 9AA 
;.v„. aW81;W77 , 


PAGES 36, 37 


Jargon replaced 
by plain English 

ENORMOUS efforts have been 
deployed in recent years lo 
make the computer accessible to 
ruany more users, principally by 
simplify/^? The rarfous 
Jan^uoees used m cnnirminicaie 
with it. but also by building 
machines which have already 
within them translation routines 
which H'ilJ aTlou- them to learn 
from user* in a s»et»-by-6tep pro- 
cedure. This includes the Adam 

Work carried nut in the V.S. 
at Berkeley Enterprises seeks 
to go a long sreo further and 
eliminate the need tor computer 
languages of any kind by pro- 
viding a universal translator 
that will accept statements in 
plain English and interpret them 
Into instructions for any com- 

The particular block box that 
does thi.< is called Djlnni and 
tbe startling claim for it is that 
** implementation of artificial In- 
telligence - will cause it to 
understand an instruction in 
English to perform a specific 
job. however this instruction is 
worded. If one thinks for a 
moment or the many variations 
it is possible to make of a short 
sentence without changing its 
basic meaning or infringing 
grammatical rules, the real sig- 
Ttificance or the claim is imme- 
diately apparent. 

The unit wilt extract the exact 
meaning of an instruction from 
any one or. possibly, several 
hundred variants. 

Present state of play is that 
Djinni has a 100-word vocabulary 
and identifies some 25 concept's 
such as "add. copy, or print” 

Under development are additions 
which will take the vocabulary to 
400 words and the number of con- 
cents or commands to 70. This 
should be adequate to cover a 
great deal o : industrial and com- 
mercial v;o r k. There ore neces- 
sarily ground rules for the use 
nf the unit: but these cover less 
than four pages. 

It is being implemented in con- 
junction with one of the compu- 
ters at Browns University which 
is at Proridence. Rhode Island, 
and interested persons in North 
America have been testing it 
over terminals and telephone 

Applicable to most human lan- 
guages. it' is not a computer 
language in itseir and could be«t 
be do'eribed us a method of seek- 
ing clues through the meaning of 
words, of concepts and through 
interpreting contexts- usirtg 
nmhemar’es. linguistics, logic, 
and — inventors say — “ common 

Perhaps it is early days to 
become too enthusiastic. But 
success with this development 
would immediately hand hack 
control of a company- computer 
to top management f where it 
belongs), eliminate the huge 
overhead of' learning computer 
languages, and broaden the 
present restricted cla^s M compu- 
ter user” to encompass all 
literate people able lo tap out a 
renuest on a keyboard. 

Further details of Djinni from 
Olaf Tbnrsen at Berkeley Enter 
prises Inc.. S15 Washington 
Street, Newronville, MA 02160. 


have no 

JUST LAUNCHED this week at 
the Plant Engineering Mainten- 
ance Exhibition and Conference 
in Birmingham were two floor 
cleaning machines from Cimcx, 
Cray Avenue. Orpington. Kent. 

The battery driven scrubber/ 
drier. £BSl. Is designed for the. 
simultaneous scrubbing and 
auction dr}!ri5 of large floor 
areas and is also suitable for 
locations vher? mains electricity 
is not available, or where the 
Hour is more than 50 metres 
from the nearest power point. 

Incorporating the company's 3 
brush counter-rotation, system, is 
the LS2 ride-on battery powered 
sweeper. This has a scrubbing 
width of 24 inches, brush speeds 
of 400 rpm. and can deep scrub 
and dry all types of textured, 
studded or rthbed flooring even 
when the surface is uneven. 

Bricks can 
be child’s 


Maidenhead, Berks, 

Fluid Transfer, Control 
and Filtration 

Lubrication Systems 
Garage Equipment 
Combustion Engineering 



Data over telephones 

SHORTAGES of modems essen- 
tial to t'i-nslate computer talk 
into telephone signals and back 
recently experienced by users 
of the 2.400 bps Date! serwres 
from the Post Office — with delays 
up to six months reported-— 
underline the claim recently 
made by Charles P. Johnson, 
president of General DataComm 
Industries, that PTT's should be 
common carriers only and keep 
out of the products market— 
especially ibose sectors which 
demand elect roric expertise of a 
high order which is only acce c - 
sible to companies with a growth 
rate big enough to buy the best 
brains. PTT's do not understand 
data transmission which is quite 
different from telephone traffic, 
he asserted. 

Genera! OataComm is the U.S. 
market leader amov the inde- 
pendents and is ceekme to oene* 
muc more deeply into Europe, 
where sales of modems are ex- 
pected to cxrand bv 30 per tent 
each year O’^r the next fivp 
years to a cumulative figure of 
over Sl55hh. 

The company is competing 
strongly across ihc modem pro- 
duct miter with Racal-Milgo and 
Rac-iil-Vadic and covers the multi- 
plexer arpa which the lalter do 
not yet take in. i<K representa- 
tion ! s ,- ia International 
which designs and Installs com- 
plete systems and furni«hcs ser- 
vices io all it* ii^rs. L** f est pro- 
duct *q be offered in Britain is 
a 4S00 brs modem with a fast 
pot] facility. 

General DataComm lorperi 
over S3hm in the year to.Sentem- 
ber. 1P78. a growth of betier 
than 50 ner cent, entirely de- 
rived from communications 
equipment for compiler users 
and complementary units such 
a; monitors and testers. 

The comnsmy ^ees explosive 
world growth continuing, extra- 

polating from the belief that 
while in 1975 there were 120m 
business telephones in the world 
of which one in 100. or I.2ra. 
bad n data termination, the pro- 
portion will go to one in 15 by 
19S7 on a business telephone 
population of over 240m and will 
amount to 16tn telephones with 
data terminations. 

In other words, the modem 
market will continue to grow at 
24 per cent compounded for the 
next ten years. 

That the predictions mstlp hy 
Charles Jnhnsoir-are. if anything, 
conservative, is borne out by a 
state-of-the-art report from Info- 
tech. This group's study ** Future 
.Networks " singles out computer 
networks as worthy or at least 
the same attention as microcom- 
puter developments if Britain is 
to maintain its international 
technology status. 

But large networks are very 
expensive to establish and will 
require public funding lofotech 

( Inherit on QA2S 35031 ». 

Meanwhile. James Martin has 
rnmoleied the first of bis 
•’ Public Rencrts " since joining 
the Butler Cox group and. in it. 
deals with computer networks 
an* distributed processing. 

He identifies the ability of 
computers at (Pstant point? io 
communicate with each other 
;md with slave equipment, over 
telephone lines, as the fourth 
junior development in computing 
since its inception and draws ihe 
enn sequences for gnvernments. 
PTT's and computer users 
ge« “rally. 

The stud'- examines evict, nc 
and nropo'-ed networks including 
paeke«.*witi hinfi systems and the 
sa’«iii»e-bafed concepts. 

Further information on the 
study, priced at $275. from Butler 
Cox and Partners oo 0L-S53 1138. 

GOOD NEWS for the do-il-your- 
setf . bricklayer comes from the 
CSIRO Division of Building 
Research in Australia, with tbe 
announcement of a large, light- 
weight brick that slots into posi- 
tion as simply as a child's 
plastic toy block. 

Designed by Messrs. Max 
Murray and Hank Penplink- 
house. the brick is made from :< 
mixture of clay and sawdust and 
only requires’ a minimum oT 
mortar. Each has a fare equi- 
valent lo 2.6 conventional bricks. 

In terms of volume, three of 
these will take up the space of 
10 ordinary bricks and weigh 
about 27 kg as against ^ome 41 
kg for 10 of the solid-pressed 
standard variety. 

At present, the concept (alls 
for the blocks to be used as 
in-fi il panels between steel or 
wood columns, where they can 
be secured with the usual brick 
ties or — in the case of recessed 
steel — slotted into tbe [-beam. 

It should also be possible, it 
is believed, to make angle blocks 
for use in corners, and to tope 
with changes in direction. A 
free-standing walL for example, 
will require these. 

•Mr. Murray claims the use of 
mortar or adhesive may not be 
necessary at all if the manufac- 
turer could turn out the finished 
product under tight quality- 

The Division is interested in 
henring, from manufacturers 
will to produce a trial hatch of 
the bricks, made according lo its 
design, at P.Q. Box 56. Highett. 
Victoria 3190. 




JUST COMING on »o the market 
i? a range of office furniture with 
units which may b r frec-slanding. 
linked together and. in the case 

of tmnp units, built upwards over 
de*k surfaces. 

Tbe unit? are being marketed 
bv FJambo Fonsrhritt 42. 
Hoad. London NY10 fiLD (01-965 
5611) which claims that its new 
range ran bp tailored to the 
needs of a r»articul»r job and yet 
easily changed around when 
Alterations io an office layout arc 
called for. 

Tabic tops are equipped with 
points for electrically-operated 
equipment and for visual display 
units there are turntables which 
allow several operators to have 
acres*: io thooi front different 

Filins systems and peripheral 
units to support carious types of 
equipment arc available. 


Dixons gets 
ICL 2960 

DfXOXS. EUROPE'S largest 
photographic and audio retailer, 
has placed a conlraet with Inter- 
nation.-!] Computers worth over 
£lni and it happens to be for the 
200th ICL 2960. 

Dixons will he replacing its 
L-nivac 93S0 with the new ICL 
equipment, which will require a 
considerable amount of program 

The existing one-line stock con- 
trol system is to be completely 
redeveloped using the Dataskil 
2900 package. CREDITS (Corn- 
outers in Retail and Distributive 
Trade* ». The new stock system 
will track the good* from the 
initial order through to the 
eventual snip and will provide 
management w ith 'he ability con- 
tinuously to monitor the entire 
operation at all levels 

Dixons burtsetina and fore- 
ct#sl*ne rerm I roment<. both Tor 
xtor-k and for financial informa- 
tion wil' b»* handled by PROS- 
FF.R (PROfit Simulation Plan- 
ning and Evaluation of Risk) 
ICL's financial model-building 
computer language. 

Conversion has already been 
slrated by ICL Dataskil and is 
scheduled for completion when 
the new equipment i* delivered 
in May next year. It will run 
under the VME/B Operating 

ICI, Hmne. Putnej. London. 
SWT 5. U1-7SS 7*272. 


Bigger cuts by laser 

Business equipment study 

LATEST market report to be cent per annum) and the bumble 
published by Pactel covers bust- telephone handset, about fit per 
ne:» communications in Western cent. 

Eurone and costs SP95. During the period the total 

Although it comes to the con- niarkoi in the«c areas is e\- 
conrluvton that the “ office of the peered io mo r e than double from 
future " will not really •■eeome .siyjtbn to $2.« lbn. an nverace 
commonplace until the mid SOs. annual growth rate of about 
U nevertheless sees some equip- io per rent, 
ment areas in which growth will sources uf data and opinion 
he marked between now and j nv | udes the pa consultants 
. . . . throughout Europe. special 

For example facsimile U*n»- mar k et surveys, interviews with 

mission is predicted to be the SU ppjj erS- interviews with lead- 
bjpsest growth area, with the jna technologists/market 

present annua ! shipment ra e p ,^ nerSi and data collected in 

w °i f QB S! m n JvitJ* Pactel international informa- 
iL h 9S .!7^ Mrtf- is 11011 centre. All the figures are 
annual growth rate of nearlj IS COl ,si a nt 197S nrices. 
per cent; Microfilm equiDment ?' ,, 

growth is -put at nearly 17 per Pactel bebeyes that one jf 
cent rising from S166m now to growth-.n hi bltuig feetors in 

S- 642 m by lflSfi while the bigger «ie business equipment area is 
private branch automatic cx- t ' lc failure of most equipment 
chances (over 1000 extensions i makers to address them selvesto 
will urow at about 12| per cent more than one or two areas. The 
to >3Um user frequently faced with the 

Interestingly, some of the task of integrating the many 
growth looks as if it will b<? at separate products to satisfy his 
the expense nf one cnmmunica- °^ e f. s - . Tn ere are very few 
tinns area in- particular, telex, fully integrated solutions, 
which Pactel reckons will put on The report. “The Business 
n mere three per cent per annum Communications Market place in 
in terms of machines sold. Western Europe. 1978-86 ** is 

Other relatively slow growers, available from Partcl SA. Grand 
according to Pactel. will be Rue 56. GH 1700 Fribourg 2. 
mobile radio and paging (3?- per Switzerland. 

Networking made easier 

There are 11 selectable modes 
of transmission covering single, 
double, and optionally, indepen- 
dent sideband, and also con- 
tinuous and modulated con- 
tinous wave. 

The control unit is compact 
and easy lo operate. Commands 
are given on a 20-button key- 
board and a digital display is 
provided of transmitter number, 
cbaunel. and frequency selected. 
Also provided are type of service 
and operational status indicators. 

Tuning has been eliminated 
by the use of broadband circuits 
throughout, simplifying opera- 
tion to the extent that frequency 
can be changed in a matter of 

Also absent are thermionic 
valves and mechanical devices, 
so that routine maintenance is 
needed only at very long 

Rrnomhill Rnad. Wandsworth. 
London SV TS iJQ (01- $74 72SJ /. 

VACUUM Thermal Processes, 
associate of Wenlgaie Engineers 
of SL Ives. Camls. has extended 
its laser-cuttina facilities with 
computer numerical control 

The laser can now easily be 
programmed to nil any shape to 
an accuracy of o.Ol mm. nt a 
rate nf 6 metres a minute. Once 
programmed, the data is stored 
on tape, and may be repeated 
wh**n required. 

The CMC drives h co-ordinate 
table via stepper motors, and 
simultaneously the loser para- 
meters. This enables the nower 
to be switched on and off for 
interrunied cuts or holes. In the 
past VTP's laser has heen 
capable of circular cuts up to 
6 feet in diameter, and linear 
and profile cuts up Jo 457 mm 

US ins) x 305 mm (12 insi. 
Now. with CNC. this has been 
significantly increased. 

It is expected that by April. 
1979. when an additional tahle 
is io he insi:ill'*'1. linear, profile 
and circular cuts of 24 ins x 24 
ins will be possible. This facility 
should enchie more companies 
to take 3flv:-ntaae of laser tech- 
nology. which overcomes many 
of the problems previously 
associated with cut ting, such as 
chips, cracks. .cpMnor. swarf and 
dust. l.oser i-ulline produces 
near perfect edges, and because 
there is no pressure on ihe part 
being cut very thin sections may 
be used. 

Vacuum Thermal Processes. 
Edison "Road. Industrial Estate. 
Si. Ives. Hunr'ncdon. Cainhs. 
PE17 4Ll : . 0223-51 53S. 


High speed forging line 

DETAILS OF a semi-automatic 
fnrsing line made no from 
a I read v well established indivi- 
dual items of machinery arc 
being offered by Lamberton and 

The company says it can now 
provide a romoJete .semi-auto- 
matic hot shearing and forcing 
line which will accent bars tin to 
eight metres long and feed them 
one at a time to a healer. The 
line is made up from a hieh 
speed vertical forging press 
equipped with an automatic 
billet feeder which, in turn, is 
fed by hot billets cut on a hnt 
shear at the exit of a bar heater. 

As the bar emerges from the 
heater at foreing temperature, 
the shear automatically measures 
and parts off the billei. the latter 
then being presented to the billet 

r#, *'ler via a chute Billets arc 
fed autiimaticallv uve r the first 
two d ; c stations and auto- 
nta’icailv ejected. 

The line is claimed in be 
canable of accent in a Iona har-- 
and converting them into over 
1.000 forgings an hour. 

It is stated that manual opera- 
tions are greatly reduced as only 
one action is remit red on a thre* 1 - 
blow forging while on a two- 
stace forging the onlv require- 
ment is to initiate each stroke. 

When employing thi? forging 
line, there is no need for a shear 
operator, material controller, 
fork lift truck uocrator »nd 
loader at the heater, say, the 

Lamberton is at Sunny? ide 
Works. Coatbridge. Scotland 
ML5 2DL f0236 20101). 


Fast check on moving rod 

FULL REMOTE control over any 
distance i$ possible with the 
la teal 1 kW Wgh-frequency trans- 
miners launched by Redifon 

Transmitters can be sited in 
open areas suitable for propaga- 
tion purposes and can be con- 
trolled over land lines from a 
central, urban control centre. If 
required, a country’s complete 
HF transmitting network could 
be manipulated from one point. 

One control unit cun deal with 
ten transmitters allowing fre- 
quency. type of service, and 
aerial selection to be performed 
by one remote operator. The 
details for each . transmitter can 
be stored for up to 15 cases, 
allowing rapid changes and 
improving operator efficiency. 

Designated T1005. tbe trans- 
mitiCi’s use synthesis Tor fre- 
qitenry generation, covering the 
ratine I to 29.999 MHz with 
290.000 channels in 100 Hz steps. 

SPEEDS up to several hundred 
rneires per minute can be 
achieved in eddy current testing 
of rod and tube using the Eddy- 
chefr Lab 2 system designed in 
■Germany by PmFtechnik KG anrt 
offered in the UK by Baugh and 
Weedon of Hereford. 

Surface defects are detected by 
ihe comparison of measurement 

from closely adjoining areas: the 
search coils are closely spaced 
and their outputs are electronic- 
ally compared to produce a 
defect signal which is shown on 
a vertical column light display. 
Known defect levels are set by 
tbe user and appear on a similar, 
adjacent display. If the level is 
exceeded alarms can be initiated. 

Similarly, sufficiently serious 
defects can be marked using a 
delay marking module which is 
microprocessor controlled so 
that even if ibe speed changes 
after detection, an aerosol mark- 
ing unit further down the line 
will make the mark in the right 

The equipmenr i« uvinstrucied 
nn a modular basis -o lhai lr 
••an be matched ox:ict!\ m n-er 
r*'ri i -e?m , n:«: lr*t**r m«-»'t 5 fi' , T ,i iin 
aorj expansion is ?lso nude much 


To keep measurement -toisr 
leve's to a minimum, several 
mechanical handling systems for 
the needs of various kinds of 
flow lin* have been developed. 
They are particularly vibration 
free, minimising erratic signals. 

Incorporated in each system 
is a means of supporting the 
test coil correctly in relation tn 

the passing rod or lube. A wide 
variety of coils is available In 
accommodate different diameters 
and these divide into two types: 
thirty-degree segment coils for 
monitoring welded seams, and 
encircling coils for rod .and 
seamless tube. 

The equipment can operate up 
to 100 kHz. the frequency used 
denending upon the metal being 
tested, the depth of pen ei ration 
needed for the test, and the 
linear speed. Controls have been 
reduced to a minimum — only 
those related to the test pro- 
cedure have been retained. As a 
result ihe instrument i\ ex 
tremely easy tu use. 

Baugh and M'eedun. Wqjn. 
imr-.h S*t**I. Hereford HR4 
VF.Z (0;32 67071 1 . 



Home again— to Labour cheers 


came back from the Brussels 
debacle yesterday to Labour 
cheers in tbe Commons. 

"Just what did you achieve 
for Britain?” Mrs. Margaret 
Thatrber demanded brusquely 
as the echoes or the Prime 
Minister’s triumphal entry 

A good question — but Mr. 
Callaghan, of course, had ail 
the answers. 

He had put Britain’s national 
Interests to the forefront, Mr. 
Callaghan retorted. “ On 
occasion that is necessary," be 
rebuked the Tory’ leader. 

At Brussels, in fact, national 
interests had won the day over 

International agreement 3Ir. 
Callaghan added. 

And a host of MPs were 
eager Co award him the laurels 
for such a notable victory. 

Mr. Douglas Jay contrasted 
him favourably with ihe 
Tories who ** champion tbe 
interests of any country but 
their own.” 

Mr. Enoch Powell welcomed 
hint safety home with “ relief 
and satisfaction.” 

Even Mrs. Barbara Castle 
could scarce forbear to cheer. 

Bnt Mr. Dennis Skinner 
ungraciously asserted that the 
prime Minister bad achieved 
only a 'marginal temporary 
victory ” in working-class 


The Prime Minister smoothly 
responded that he would con- 
tinue to wage the battle for 
the proletariat's welfare: and 
even lectured his left-wing on 

Having gracefully accepted 
tbe political plaudits of the 
anti-Marketeers, Mr. Callaghan 
then extracted bis due tribute 
from the pro -Market ranks. 

■“ >Ve can be satisfied that our 
country played a constructive 
part In ihe months of discus- 
sion that led to the construc- 
tion of the European Monetary 
Scheme,’’ he declared to Tory 

The President of France had 

said so himself, Mr.. Callaghan 
modestly added. “ I prefer 1° 
rest xay case -on that rather 
than on the Jeers of au Opposi- 
tion prepared to do anything 
to destroy the credibility of 
the Government.” . 

It was no nsc mouthing 
slogans about unity unless the 
EMS were devised to meet for 
needs of all its potential mem- 
bers. the Prime Minister 
reproved his Tory critics. 

■■He wished the Six success 
with their exchange rates; be 
hoped indeed that ESS would 
provide (he basis for another 
attempt to secure international 
monetary stability. 

Meanwhile. Britain would 

rely on its own efforts to en- 
sure the wellbeing of its 
people, said Mr. Callaghan. 

Mr. Denis Healey, however, 
would play a full part In the 
development of the EEC’s 
monetary system in all its 
aspects. And former Trade 
Secretary Sr. Edmund Dell 
would Join an EEC committee 
to improve the Com m unity’s 

Snch moves hardly gave sub- 
stance to Hr. David Steel's 
charge that Britain had re- 
treated from Brussels Into 
second-class status, Mr. Cal- 
laghan suggested. 

No one now questioned 
Britain’s loyalty in the EEC 

EMS now ‘would mean deflation’ 


BRITAIN could have faced un- 
necessary deflation and unem- 
ployment if the Government had 
agreed to Join the new European 
Monetary System when it starts 
at the beginning ot next year, the 
Prime Minister told the 

His part in the EEC summit in 
Brussels, which he admitted bad 
produced a “ more incomplete 
"result than was expected ” was 
warmly praised by Government 
supporters aod anii-Marketecrs 
nn both sides of the House. 

Tn sharp contrast. Mrs. 3Iar- 
garet Thatcher, the Opposition 
leader, strongly attacked Mr. 
Callaghan and insisted that the 
fact that the nine EEC countries 
hart been unable to asree on a 
major new initiative meant that 
it was “ a sad day for Europe.” 

Backed by Tory cheers, she 
maintained -that it was a sad 
reflection on the performance of 
Ihe Government since 1974 that 
the Prime Minister should have 
been content to have Britain 
openly classified among the 
poorest and least influential 
nations of the Community. 

Mrs. Thatcher questioned the 
real reasons f or Britain's failure 
to join the EMS from the start. 
Was’ it economic weakness and 
lack of competitiveness? 

Or were there political reasons, 
in that the Prime Minister knew 
that, whatever his own view, the 
Labour Party would never have 
allowed the Government to make 
Britain a member? 

corresponding value of ECUs. 

■* This is a matter the Chancel- 
lor of the Exchequer will consi- 
der shortly with the Bank of 
England. In taking a decision, 
we shall take into account the 
possibility that intervention in 
Community currencies could he 
helpful tn us in maintaining tbe 
stability of sterling.’’ 



A roar of approval came from 
the Government benches when 
the Prime Minister retorted: 
"The plain truth is that just as 
other countries judae their 
national interest, we judged 

Tory backbenchers went on tn 
the attack with shouts of • shame" 
as soon as Mr. Callaghan con- 
firmed that he had told his 
colleagues at the summit that he 
would not be recommending to 
the Cabinet that the UK should 
participate in the EMS exchange 
rate mechanism when it began to 

Arter stressing that the Govern- 
ment intended to work for a con- 
tinuation of the exchange rale 
stability which sterling had 
enjoyed for nearly two years, he 
said it had been agreed that the 
UK would be free to join the 
exchange rate mechanism—- or to 
remain outside it-— 3t a later date. 

Britain would join in the 
development of the European 
Currency Unit and of the Euro- 
pean Monetary Fund. 

“We are free to choose 
whether or no* we wish to deposit 
20 per cent of our gold and 
dollar reserves with the Euro- 
pean Monetary Co-operation 
Fund against issue to u> of a 

The Prime Minister also con- 
finned that Britain would partici- 
pate in the enlarged Community 
credit which was linked to the 
establishment of the EMS. 

This would be without reserva- 
tion in the increase in medium- 
term credit. 

“ As regards the short-term 
monetary support which is more 
cJosely linked to day-to-day e.v- 
change rate intervention, we 
have agreed not to call on the 
credit increase which is now 
being made, and our partners 
have agreed not to 'call on us. 

•‘There is also provision fnr 
reciprocal consultation about im- 
portant decisions concerning 
exchange rate policy between 
countries inside and outside the 
exchange rate mechanism.” 

Ignoring derisive laughter from 
Tory MPs. Mr. Callaghan insisted 
that Britain bad played a con- 
structive part in the months of 
discussion that led to the con- 
struction of the EMS. 

The initial decision has now 
been taken and it is for each 
country to decide whether tbe 
proposals now on offer are com- 
mensurate with the greater risks 
of going into ibe exchange rate 

Mr. Enoch Powell 

the last Conservative Govern- 
ment which took Britain into the 
original snake only to emerge 
•• very bedraggied " just six 
weeks later. 

In a further justification of 
the Government’s refusal to take 
Britain into the EMS from the 
start. Mr. Callaghan stated: " If 
one oF the currencies in Europe 
hecomes a currency of refuge for 
tbe dollar, that makes it more 

difficult for those who will be in 
this system. 

“ { am not prepared, 'at this 
time, to take that risk." 

Mr: David Steel, the Liberj] 
leader, described the apparent 
division of the EEC into wo 
blocks — with Britain among 
those in the weaker block — as 
most unfortunate. 

He questioned the Prime 
Minister's claim that Britain had 
played a constructive role in ibe 
EMS negotiations, suggesting 
that the other members of the 
Community took a different 

This brought a strong denial 
from Mr. Callaghan, who said 
the work of Mr. Denis Healey. 
Chancellor of the Exchequer, nn 
the EMS had been highly praised 
by all those associated with Urn 

Mr. Douglas Jay (Lab, Batter- 
sea North I. one of the leading 
anti-Marketeers on the Govern- 
ment back benches, coupled his 
tribute to the Prime Minister's 
defence of the national interest 
in Brussels with a prediction tint 
the outcome would gain wide- 
spread support throughout the 

The Prime Minister answered 
that he had listened to renre- 
sentative* of Italy. Ireland. Den- 
mark and Belgium without gain- 
ing any indication that they 
intended to depart from what 
they considered to be their 
national interest 

** I thought I was joining 

modestly on that piuticuiar band- 

Tbe chorus of approval from 
anti-Marketeers on the Opposi- 
tion benches was led by Mr. 
Enoch Powell (UU Down South) 
who stated that tbe decision not 
to join EMS would be received 
with “relief and satisfaction." 

When Mrs. Barbara Castle 
(Lab., Blackburn), contended 
that the conditions would never 
be met for achieving monetary 
stability ih Europe through fixed 
exchange rates. Mr. Callaghan 
commented: “ I cannot depart 
from my strongly-held view that 
it would be in all our interests if 
the conditions were met." 

He hoped that the EMS. even 
though Britain had not entered 
the exchange-rate mechanism, 
would be ihe precursor to another 
attempt to get more exchange- 
rate stability on a broader basis 
embracing the dollar and pos- 
sibly other currencies. 

During further exchanges 
about progress by the Com- 
munity countries towards econ- 
omic convergence, Mr. Callag- 
han expressed regret that there 
was tittle tiketiehood of Britain’s 
movrag very ■far tn the direction 
of bringing the inflation rate 
down to that of her major com 
petitors in tbe next 12 months. 

"We may have to take other 
measures to achieve that over a 
period of two or three years' and 
to get where the Germans are 

Lending right 
Bill hits snag 

China trade to grow 


By John Hunt 

His broad conclusion was that 
while well constructed and effec- 
tive international monetary 
arrangements could assist those 
who took part in them in cer- 
tain circumstances, they could 
be no more than additional sup- 

“ In the end.” declared the 
Prime Minister, “it will be tbe 
success of our ow n efforts in re- 
straining inflation, keeping down 
prices, maintaining the stability 
of sterling and remaining com- 
petitive tiiat will insure the 
long-term well being of our 

Taking up Mrs. Thatcher's 
challenge to say what had really 
kept Britain out of the EMS. 
Mr. Callaghan stated: “I sup- 
pose. basically, it was because 
w felt that tbe system, as it 
was devised, was too close to the 
original snake. 

" It gradually acquired more 
characteristics of the snake as 
the negotiations vvpdI on." 

He reminded the Opposition 
leader that she was a member of 

THE PUBLIC Lending Right Bill, 
which sets up a fund to pay 
authors for hooks borrowed from 
public libraries, ran into trouble 
in the Commons last night 
Mr. lain Sproat tCon.. Aber- 
deen S.) spoke for 55 minutes 
and Mr. Roger Hoate (C.. Faver- 
sham) for 47 minutes. 

They were speaking on a new 
clause from Mr. Nicholas Ridley 
(C«m.. Cirencester) proposing 
that the administration of the 
new scheme should be put out 
to private tender. 

In effect, this would allow it 
to be run by a company indepen- 
dent of the Government. 

But after several hours of d1s ; 
cussion, the Government -ad- 
journed funner debate on Ibe 
report stage of the Bill without 
explanation. Mr. Ridleys clause 
was not put to a vote. 

Tbe Tories were particularly 
worried that by bavin? a 
registrar adminster the scheme, 
the Government would be setting 
up yet another " Quango ’’ 

Under the Bill. £100.000 in 
public funds would be spl aside 
for authors in the first year. 


£5bn-worth of trade with China 
by 19S5 could well be exceeded. 
Lord Goronwy-Roberts, Minister 
of State. Foreign Office, told the 
House of Lords. .' 

Tire current forecast of £200m 
a vear in Aogjo-Chinese Trade 
had in Tact' already been 
exceeded since August to the 
present time/ he said when be 
wound up a debate on improved 
relations with China. 

The signs were that we were 
on flow with existing contracts 
to achieve much higher levels 
than in orevious years. 

Commenting on the possibility 
of selling Harrier jump jets to 
The Chinese, be said exports 
might well include some defence 
equipment. But we were not 
prepared to he the only supplier 
of such equipment tn china. 

Lord Rhodes (Labour), who 
initiated the debate, urged that 
Britain should go ahead with 
the Harrier sale, despite the 
letter sent to tbe Prime Minister 
from Mr. Brezhnev warning of 

Russian displeasure if the Bill 
went forough. 

“We can’t go on indefinitely 
being undecided about these 
things." declared Lord Rhodes, 
who last June led an all-party 
delegation to China. "First it’s 
on and then - it's off. We are 
going to have the worst of both 
worlds if we are not careful. 

“We should tell the Russians 
straight that we are going to do 
this deal, which is a straight 
forward defence transaction." 

Emphasising that he was not 
anti-Russian, he said that Britain 
had the means and where- 
withal tn provide technological 
exports to China. 

“If through the sale nf a few 
Harriers we are precluded from 
taking that opportunity, we shall 
regret it as long as we are a 

" Lei the Russians be told that 
this Harrier deal is chicken-feed. 
in comparison with the 300 sub* 
marines and the big Russian 
fleet or all tbe oceans ot the 

ELINOR GOODMAN looks ahead to tonight’s pay sanctions vote 

Dash of tension in a too bland diet 

TONIGHT may witness one of 
the few moments of genuine 
tension in The House of Commons 
ibis session. 

With the Scottish Nationalists 
and the Liberals both threatening 
to vote with the Tories, and a 
group of Labour backbenchers 
still refusing to fall into line, 
there just a possibility that 
the Government could be 
defeated on the vote over pay 
sanctions. Such a defeat, though 
not in itseir a deathblow to the 
Government, would be extremely 
embarrassing to Mr. Callaghan, 
and make it very difficult to go 
on using sanctions. 

Though the Tories haw.- not 
tabled the motion as a vote of 
confidence. Ihe Government 
whips are certainly giving 
Labour backbenchers the impres- 
sion that the Prime’ Minister is 
very concerned indeed about the 

Behind Ibeir arm twisting is 
the clear threat ibal iF the 
Government does not get the 
approval of the House for the 
sanctions which underpin ;t$ pay 
policy. Mr. Callaghan just might 
feel be had to resign and go to 
the country in the middle of what 
could be an unpleasantly frost; 
winter for the Labour Party. 


Such ih reals arc, ul course. iu 
.some extent pari of tbe elaborate 
game of bluff and counter-bluff 
which the whips are bound to 
play with recalcitrant MFs 
before a crucial vole. 

Despite everything, many 3IPs 
still believed yesterday that the 
government would scrape home 
almost out of habit. 

Although the Government is 
in a minority of five and. since 
The beginning of this session, no 
longer has the automatic support 
of the liberal^ on crucial votes. 
.i kind of lassitude has descended 
on the House of Common*. 

Far from having tn rqiend ns 
lime dodginc banana skin-; care- 
fully laid by the Tories Imps 
m bring the Government down. 

one of the Labour whips’ mam 
worries has been preventing its 
own MPs getting Too complacent 
about its ability to coast every 

Since it got through the vole 
on the Queen’s Speech last month 
by a margin of 12. tension in the 
Chamber has been minimal. 

What excitement there has 
been has tended tu be the kind 
of artificially created diversion 
which schoolboys might stage in 
a boring Latin lesson — such as 
last week’s essentially humourous 
furore over Winston Churchill's 
role at Tonypandy. 

This is partly because the 
Government has not tried I u 
introduce anythin? but the 
blandest diet uf legislation Su 
far tlris session, the Tories have 
not opposed any of tbe Govern- 
ment’s Bills on sci-ond reading. 

IV is not only the uncontrover- 
sial nature of the legislation 
under discussion which has 
made the House such an un- 
ci ramalic- place over the last Few 

The job of tiic Tory chief 
whip. Mr. Humphrey Atkins, is 
to be ronstanily on liie lookout 
fur banana skins with which be 
could send the Govern menu if 
not era:,hing. thi.-n stuniDling. l*i 
an eujbaii jssiL..- ticieaL 

Fu« the rr'ict-!(;i*«l rules rtu 
not make it easy f o r the 
OppnsG-.un tn inflict real damage 
on the Government through Hie 

Imit'cti. many Tories would he 
extremely surprised if. even 
given the Governreem's minority 
position in the it was not 
Mr. Callaghan, rather than the 
Opposition, wbo dictates the 
eventual date of the election. 
Deep down very few people 
want an election now so the will 
to jump the procedural hurdles 
is not there. 

.As Mr. Atkins pointed out in 
his evidence to the Select Com- 
mittee on Pmrediire two year* 
ago. ihe Opposition's avenues 
for renm ring ihe Government 
are iiEnted. 

11 it lieu iic> tint in yi the 

whole hog vnd demand .t virc cf 
no confidence, for which the 
Govcrnmeni. by convention, has 
to provide time quickly, the 
Opposin') n has ty use some of 
the time available to it on a 
Supply da;-. 



Mr. Humphrey Atkins 

ll then has three upturn-*. 1\ 
can put dawn wn aniendmeni 
uiima for a reduction m th - 
■eleven i lilsaJii.-i'j. sai.ii.- as 
way of expressing its dis- 
approval. or it ccn propose a 
motion expressing the Oppo- 
sition's hostility to a particular 
government poiic>. 

Altcnjativciy, it e.*.-». it has 
decided to do today, use the 
Vats o:i ’he adiourneinent. 

This third option is considered 
a weak way out by some. But 
the Tories argue, as they did in 
their evidence to tbe committee, 
that there is very little point in 
putting down a motion criticising 
some particular aspect of Govern- 
ment policy only to have it 
amended by (he Govern m cm. 

The aniendmeni. which can ho 
rouehed in anodine forms 

as tn make H almost impossible 

for any of Their own supporters 
to oppose, is then voted on first. 

Thus, if the Tories put down 
a motion criticising the use of 
sanctions, the Government could 
have concocted some vague 
amendment supporting the 
Government's fight against infla- 
tion in the most general of pious 

The Tory whips dismissed the 
idea of calling for a cut in the 
Chancellor's salary on . the 
grounds that this might have 
been perceived as ;< ' personal 
attack on the Chancellor. 

Though he is by no means 
popular with tbe Led. such a 
motion would not bav« attracted 
much support from the Labour 

For the same reason, they 
rejected a straightforward motion 
of no confidence. 

To defeat the Government in 
ihe votioe lobbies, the Tories 
either need to get the complete 
support of all ihe minority 
paniesand that ha*, proved diffi- 
cult in the pa«it— -or lure some of 
the Government's own supporters 
into abstaining. 

The view among >cnior Tories 
is that even the most rebellious 
Labour MPs do not want to be 
responsible for bringing the 
Government down. 

The psychology of foe Labour 
rebellion, as they «ee iL is to 
rause the Government foe maxi- 
mum discomfiture without 
actually harming it. 

Thus, some Lutaour MPs might 
he prepared to abstain tonight 
only if they were sure it would 
not mean the Government lost 
the vote. 

For this reason. the 
minority parties and tbe group 
of two dozen or so Labour MPs 
opposed to sanctions were yester- 
day behaving like coy maidens 
playing whist and were keeping 
their cards very close to their 

The- Tory whips xvere keeping 

veil away from Ihe Labour 
rebels nn the ground* that a word 
from Mr. A time would he the 
last thing To pereuade them to 


Mr. Atkins was, however, busy 
pointing out »o the Ulster 
Unionists that they could with 
sonic justification forgo their 
normal practice of abstaining on 
procedural motions. 

His argument was that the 
Tories would not have bad to 
resort to a procedural motion if 
the Government had accepted 
the recommendations for chang- 
ing the rules put forward by the 
procedure committee of which 
of course, Mr. Enoch Powell. the 
Unionist member for Down 
South, was a member. 

Meanwhile, those Labour MPs 
sponsored by Ibe Transport and 
General Workers Union were 
studying a letter written to them 
by the Union's general secretary 
reminding them of the union's 
opposition to sanctions. 

At the same time, some MPs 
were interpreting foe Govern- 
ment’s decision. to field Mr. Roy 
Hatters ley. Prices Secretary, and 
Mr. Joel Barnett. Chief Secre- 
tary to the Treasury, as a sign 
that the Prime Minister was 
preparing the ground for a 
possible defeat. 

In this way, th e Government 
seemed to be trying to down- 
grade the importance of the vote. 

The alternative of upgrading 
the proceedings, and so perhaps 
ensuring the loyalty nf back- 
benchers. by ihp Prime Minister 
takiug part in the. debate, 
seemed to have been rejected. 

Ministers were being cagey 
abnuL what the Govcrnmeni 
would do if it lost foe vote. 

Some took the view that such 
a result would make the con- 
tinued use of sanctions very 
difficult indeed, others that it 
would make very little difference. 

The Tories were being equally 
diffident about their strategy 
after foe vote, but if they won, 
they would presumably challenge 
the Govcrnmeni lo table a vote 
of confidence. 

Then, the whole process nf 
chasing vulc* would begin again, 
'nth the ndfis Mucked in favour 

of the tiovL-rnmenl. 

LABOLR \ 1 " > 

- ' ' T v- 

VauxhalJ ‘near- 

pay pact 

/ "H 


•*: f: 

settlement for its 26,000 manual 
workers, which some union 
officials estimate could be worth 
in total as mueh as the 17 per 
cent Ford deal which attracted 
sanctions, was formally approved, 
yesterday by the Government. • 

The deal gives pay increases 
ranging from U to 6.7 per cent 
fnr day shift workers, plus £2- 
£2.60 as the first part of a 
productivity deal, and further 
possible weekly earnings under 
the second part of the producti- 
vity scheme of 25p-£10. 

Vauxhall said throughout the 
negotiations. which included 
threats of separate strikes by 
manual workers and craftsmen, 
that Government pay guidelines 
had not been considered- 

The Department of Employ- 
ment said: "The Government 
welcomes the settlement as being 
consistent with the pay guide- 

It said that the company had 
told the Government that the 

settlement added on average 
5 per cent to earnings, and a 
further '3 per cent or more from 
productivity payments. The com- 
pany had assured the- G °vern- 
meat that the productivity 
.element was within the Govern- 
ment's criteria for- seir- 

ftoancmg schemes. 

••• The company avoided strikes 
over -the deal at. some plants 
only?' because many workers, 
particularly skilled craftsmen. 
felL:.if gave them increases 
-equalling those under the Ford 
settlement. ' 

“ -^Che Government has imposed 
sanctions bn Ford estimated to 
hi 'worth about £60m for 
breaking its pay guidelines, 
j* Union leaders of more than 
3*00 -sugar workers at Tate and 
.Lyle are expected shortly - to 
■ give final acceptance to a 6.9 
per jeebt pay deal. 

■vjhe- company said yesterday 
%lt the increase on the total 
;wage bill included a 4.9 per cent 
• rise - in basic rates and 2- per 
cent -to be financed by a cut of 

some 130 jobs is the -LiverpOoV 

Need for rationalisation in the,-,v,- 
biggest cane-sugar refinery con^. -- 
cern was apparently recogniae(i; ._- 
by both sides in negotiation. 4|ter ' • : 
a fail fn profitability 4n the-pa^- .s- 
yeax 'dr so, 'partly due. to Conrv . 
in on • Market restrictions on -infi-V-'. 
ports of case sugar, and cpm-> - 
petition from the more favour-;;-. _ 
able EEC policy -on beet-sugai^.' 
production. -. 

Mr. John -Edmonds, nations;;',;;^ 
officer Jn the General and - 

cipal Workers’ Union, said. that 
basic rates would rise by between-; 

£4 and £S: Average basm rates;-^. y. 
now. were, about £50 a’weeK asd,?;. =.< 
earnings £65. ' 

# -General 1 secretaries *Vr * 

unions representing - -.. 1-250*, \ : ; . 
Health Service \ and : loeaL < 
-authority manual workers -meetr,-... 
todav to make plans* for \cow--; 
certed industrial action over;?-,.-. 
40 per cent . claim. - Emplo yers ; . -- 
arer expected to- stick to the i\ 

cent limit in their offer.. 






Officials | Print union 
of TG WUt talks on Times 

77 -V' .-V 

win 23% 


By Our Labour Staff 

OFFICIALS of the Transport 
and General Workers’ Union 
have been awarded pay rises of 
up to 23 per cent — more than 
four times the Government's 5- 
per cent limit The rises are 
being studied by the DepartmentJ 
of Employment. 

The increases, approved by the 
union’s executive committee 
which is meeting this week, 
range from 13 to 23 per cent, 
giveng rises to about 450 officials 
of between £9 and £27, 

Mr. Moss Evans, tbe union’s 
general secretary, who has been, 
possibly the most vociferous of 
unloo leaders against the Govern 
ment’s pay limit, is not affected 
by the increases. His pay and] 
that of all executive officers iS 
dealt with in a separate review. 

The increases fnr the officials 
are backdated to October 30r 
The largest rises of 23 per cent, 
for national offi(\ils and national 

Newspapers crisis 



THE NATIOXAL Graphical cj D ati d ^ ~ ' 'f '- 

rday to 

This 1 meetihg would- agrte .4 -. 

Association ^ wlUch nogofiatta*; 

concluded, . and ho cHsv 
itices should be Issued 

resume talks oo — 

papers crisis, but only If the could be 
company backs down on the missel notices 

based composwo s.siem. Times issue. This » the union k 

i After a meeting of its national second attempt — ' a request b# 
council, tbe NGA. which last wade far a direct meeting 

: ! 

month withdrew from all talks wi j* h Lord ’ Thomson - Of Pleev 

with Times Newspapers, said it p res jdent Of. the -company, ~was 
vtould negotiate if the company rejec t e a earlier this. week. - - 

dropped its demand that Representatives of em- 
Journalists and advertising staff p ] 0V ers on 1,200 provincial news- - 
must eventually be . able -to jom papers hithy a Journalists' strike. 
UGA members in transmitting sa jd vesterday that they, were not- 
-materiat directly into the com- prepared, to defy Government - 
posing system. .-•■ ■ pay policy.-’ . ■ 

;-; The NGA council also com- Tbe NGA" endorsed a request 
plained that Times Newspapers, for assistance from Hub NU-I for 
[-Which suspended all publication support during the strike . v 
3 week ago today, could not Union members, worta'dg for' 
nossibly expect to secure agree- the "Press Association are jal-. 
ment on all the industrial re la- ready supporting the strike by 
;tions reforms it is seeking by handling only copy processed by ■ 
December 15. after which staff Mr. David 'Clripp, . tbe editor-im 
.will receive dismissal . notices. r chief.;., ■>-. j 
V;Mr.. Joe- Wade. NGA general A ^neCting of" the National 


secretaries at The union's head- (secretary, said that his union Union .of Journalists* chapel 

quarters. Transport House, are, 
larger mainly because they ill-; 
elude an element to cover 
London weighting. 

The rises at the lower end of 
ihe scale cover area officials at 
local offices of the union. 

The Department of Employ- 
ment said yesterday that it was 
in touch with the. union about 
Ihe increases and was studying 
tbe detaiis. 

Tbe Government is also exam- 
ining increases of up to 60 
per cent for TUC staff and rises 1 
outside the guidelines for Labour 
Parf staff. 

wa^.tiiefefare, proposing a meet- (union branch) also teitefated- 
ing between Times Newspapers support for the- strikers yester- 
managefqenT and - all unions day, although a move to^teyetse 
i n voi ved. .presided, o either a previous .derision Tor PA joa?-- 
Mr. Albert. Booth. Employment nalists not to-.take strike action 
Secretary, at; Mr. Jim Mortimer, was. ruled “not valid" because 
j chairman ofuhe Advisor^, Con- of poor attendance. ;] ' ] ' 

Jl -- i \ ■ j ; - L/ . V-' . , • ’ 

Railway unions agree 






productivity deal 

Pit closure 

is planned 

By Robin Reeves, 
Welsh Correspondent 



SOUTH WALES miners agreed 
yesterday to resist further pit 
closures, by industrial action if 
necessary, at a delegates' con- 
ference in Bridgend. 

The meeting also mandated 
foe South Wales leadership to 
concentrate on winning tbe 
miners’ basic wage claim of 40 
per cent rathe r lhan negotiate 
this as port of a package deal. 

The discussion on pit closures 
came in rhe wake of Plaid 
Cymru's leak of union Minutes 
earlier this week, suggesting that 
the National Coal Board had 
plans to close II South Wales 

Mr. Emlyn Williams. Soulb 
Wales miners' president, said 
this was simply not true. Only 
one Welsh pit. Deep Duffryn. 
near Aherdare. was under official 
threat of being shuL 

UNION negotiators -and the 
British Railways Board agreed 
yesterday on a productivity deal, 
based bn husines performance, 
for the railway's 177,000 

The agreement is. subject to 
ratification by the executives of 
the three rail unions and 
approval by the Department of 
Employment - 

Payments under the . scheme, 
which does not involve any 
changed working practices on the 
purl of rail workers, would he 
backdated to April. The pay- 
ments would represent about 24 
per cent, of average earnings or 
just under £2 a week based on 
BR’s cuirent performance. 

The business performance 
scheme is based on passenger and 
freight ton-miles. It includes a 
controversial “ safely net " 
arrangement on freight levels 
whereby -productivity payments 

would he protected;, above ..i 
certain figure H BR's freight 
business fell off sharply. . . ’: 

The seheme has 'been disputed 
by the board and the^ unions and 
was the subject of an IndfcpeJfc 
dent tribunal . linaer. -Lord 
McCarthy, the ihdustrial relations 
expert •• '. V 

British Rail said yesterday 
that . it reserved the right tp/ 
reopen discussions on some 
aspects of theV scheme before 
next April if. economic factors; 
changed. ■■":\ 

. it also stressed -that the. freight i 
safety net was not, in its . view, 
satisfactory and there' .wdoid 
certainly be a renegotiation of 
the scheme, for next year. 

Tn a separate issue-, the- joint ; 
management union workfoe! 
party Into Ways of assessing an 


improving drivers’ productivity:-’ 
‘ " first. 

will meet far ihe 

. time next ,/- -.- a- 

Joint Council proposed 
for building industry 


Move to save 

shipyard jobs 

TALKS HAVE been arranged 
next Wednesday with Mr. Erie 
Variey, Industry Secretary, to 
try io save 12,300 shipbuilding 

The move came after a meet- 
ing in York yesterday between 
British Shipbuilders and repre- 
sentatives of 19 unions for 
detailed discussions or British 
Shipbuilders’ plan to cut a third 
of its workforce for building 
merchant ships in foe nest three 

! A BIG CHANGE in the building 
J Industry's negotiating structure 
! is befog proposed by one of tbe 
I principal employers’ federations 
! and the industry's second largest 

The proposal appears to reflect 
both disagreement among 
employers' and the rivalry foal 
has existed’ between foe Trans- 
port and General Workers Union 
and the Union of Construction, 
Allied Trades and Technicians. 

The Federation of Master 
Builders, which is not directly 
represented . on tbe National 
Joint Council for the Building 
^ Industry— -which fixes the indus- 
{ try's wages and conditions— is 
! Proposing the formation or a 
building, and allied trades joint 

industrial council! -. ’= . U 

This would settle rtftffer Stid* 
conditions for. the, estimated'' 

350, OdO people employed B(r~tbe.. ?/ 
20,000 companies affiliated t® ihe, 
m aster, builders’ federation: ’l 
-present pay is fiacecL. by unjbhBlv. 
and the Federation, of BuGi&iig ^ f " 
Trades Employers eh " 

try's national Jouit cauhdL 1 ? " 

The move edmes’-aftar 4-irjijiw££ 
tian.hy the Federation 
ing Trades Em ployers of i'-daii* : r- 
*I° m “taster builders . thst>r ■ 
they should be represented :en> > 

fo« existing, national Sofia goiufcC'--', 
ciL The proposal, to change the : -~ 
negotiating', structure' T3(' r fpe!u*? : 
supported by : tbb ^ 

.WOrfcers the second- rlhEgest:-/. 5 , v 
union to UCATT.Tfi Sund&gA 



Dual oil price plea to Variey ft ! 


have written asking Mr. Erie 
Variey, Industry Secretary, for 
a two-tier price structure for 
North Sea oil and gas. 

They say that it would en- 
courage chemical companies to 
Invest in the UK, because it 
would rut their feedstock costs. 

Mr. Roger Lyons, national 
chemicals officer of foe Associa- 
tion of Scientific. Technical and 
Managerial Staffs, wbo wrotr 
on behalf of ail chemical 
unions. »aid yesterday that a 
two-tier priri* system would 
make the British chemical in-' 

dnstry far more competitive 


The : UK : industry was ' fn 

The __ 

danger of being "swamped" jjy 
East European states and by 
members of the Organisation 
of - Petroleum ' Exporting 
Countries, -whieh were all 
rapidly devriopfng downst ream 
chemical production. 

The -OPEC countries would 
have tbe Advantage of cheap 
oil and gas-based chemical 
feedstocks- white East Europe 
was bewBtfag.fnmi buy-liack 

deals with the West. 

It was vital to take steps lo 

bpiia up 

industry: before! iorehrih cota*-^ 1 - 
.petitors ; grew 

***** *»s -vr&r&hk ?? u 

opportunity *» : 

. greater Jhvesfoient. :J fo>^ WK— .'l' w-" 
chemicals. New ' T^. 

chemicals. New ™ 
help tD ease 
by providing shPxUcriiS H-f-oi-- 
ter construction ; ^ 

emphasised in Wa.* iettorf -v , 
Mr. Variey the- w - 




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tf your cross th,ism advertising speaks for H 

rharJ^L-ethatvourZffiS^l^^^^o^ 1 -^ ' itselft It doesn’t. Somebody has to say: “This was the gj Please complete this coupon, pin it to your letter heading; ana seno rt to jeremy Buumore. -;j 

lies anwl^ebeiow the horizontal line, problem, this was the budget, this was the compe- The ChainTOni j. Walter Thompson Co. Ltd.,40 Berkeley Square, London WIX6AD. <01-62*9W)O W 

JSSStaXnSofyourwc tition. this is what the market thought, tf.feisvvhat | .OOK:’# 

^ Because the curious truth is that many clients— they wanted to hear; the is ho wwethought of 

and agencies -appear to judge the effectiveness of saying it, this is how we changed and improved *. th B 

advertisfa^urcSyoniaur horizontal scale — the the finished resufc-andth,s,s whined ■ 

rroreawards, the more “memorable” the advertis- And we do just that, everyday of Our ■ 

ing, the better it is.*This is , of course, nonsense. aim is to see that ail I the advertising wed > 9 

But very potent nonsense. diems shs squarely .n the top n^tand-mrcf 

At 1WT we believe that the only proper our chart. As near to the top of the vertical g 

questionto ask of advertising is “Did it world” If it possible - and as near to the right of thehonzontal 

did itwas— in the proper sense —creothffi. It created scale as is practical. But in that order gj 

a desire in the mind of the market. It was money not ,f Sf ClSr of - 

spent, but well invested. cross anywhere but in the top nght-hand quarter o. 



...... ... .. .• .... ..-■•• 

you are publishing a nurnberof case^ ^ 

historiesjn booklet form showing hdw ^ 
you haye helped to put binan^-flrTOly^.-tai^ . 
the top iight-hand part of your charts 
fd like atopy, please. >: ’i-- • r 1 ' 

5UCIII, UU<> TTCn niiusvu. ' . 

Money that helped to enhance both the our chart, fill in the coupon. . 

reputation of the dfem’s company and the profit to JWT havemoreinformationthananyoneebe 

« * l KIk*. mnnau cnonf tri onfarPC die 


reputation of the clients company and trie prom to jyvi 

his shareholders. Not money spent to enlarge the about how advertising works - ^t h r n *e s tort an 
client’s ego or the salaries of the agency’s creative the long term. Yes, we enjoy wmnmgpnzes. As g 
department. as you're winning profits first. 

One of the biggest mistakes in the business is to -source: s««h ^ '™ 

Petition in company 



. • - ^ 


«<ter 7l 

1 • ;-/ r-:;-/ 

WmS^. -V k-ii- 

^MBB«"tegga£- ?.*& • v- V a#:*. TU'-T .• ' i-V-v \.., 




don’t fool chOdren 

.*£ WC^a^»^^WOS. ./ : ’ . . r . 

ADVERTESIBfG ^;tHWRBN ifffiotd, tbe , -average -. weekly 
is »■ subject. :qfjttjpjro vt-rsy*. on spending power of tfe ftve-to-14 
botb side&: 'o£~ti^Atia»tit^'.year olds test .j jeipL was 85p. 
thougfi at pr^jt 3he .- debate which -doesn't s8ub8\*~ tot until 
seems% .]>e; .-you.reatise'Qv^toCal amount 
air tbaD'^iOeyp^fla-^ara^- -• j -J}£ .o£:$pesdfog Imq^py- available to 
more to chiWren iast^yeM' Was' as high 

m ai^epji^acteita W.tiie 1 f©r». : ^as- i40fim. >.'*-_• . > . .- * '. : 
cast that. Oi&^Soif^updldtian. in ' .There are^teW surprises tn the 
tbejflyeto^l'^;to(^&et: :& ex- -list of thfop i & - money was 
pected.xq;fali f^ S$££,006 last' ipetit - cn^^, 

itne (■ - +»i ." •: 7 -jB^v W . toot- - A™ ■ _l_ 71: - : • 'Jra .-fL JaUk. 

a tfifflcult- .and - tfomktess J^MK-^yinPi^figureS Hretf' iip the list 
but fora nterfcetT sis : TOgf-te&3tb& Afcd&iUng to the research com- 
children's . market^ :“tfoe‘' thing j.-that- market- 

percentage Tosses ^r^^^tiaoSrii^g-_^opJ«; would do \«£n to keep 
mako ibeir . jn zaiiad .tsithit' cBilcfcreii arc very 

Acc*rdi^^-W;jop^«OTv^ by^ pSice con sdras. Nowadays adults 

are often hardly. aware of price 
increases of a penny or two, 
but such rises may have pro- 
found effects on children's pro- 
ducts. This is because children 
have quite small sums of. money 
at their disposal and therefore, 
value every penny.” 

M Intel takes u close-up look, 
at spending by the under-Los 
in confectionery and crisps and 
savoury snacks, estimating that 
children account for about 10 per 
cent of all spending an confer 
tionery, or approximately £130m 
a year. 

This enomons figure is the 
same amount ns the entire nation 
spends on- breakfast cereals, soup 
or canned fruit in a year, says 

Miatel. It is also four times 
the value of the UK market for 
pocket calculators. 

Crisps and savoury snacks is 
another market where children 
are important not only as con- 
sumers but as buyers. Some 
40 per cent of children buy crisps 
each week, while for snacks of 
the Horror Bag type the figure 
is around 20 per cent Eves 
in terms Df purchasing, children 
account for around 40 per cent 
of sales of snack s — say £25ni to 
£30m— and 20 per cent of sates 
of crisps — say a further £4flni. 

Says Mint el: ‘‘Increasing sophi- 
caiion among children may lead 
to shifts in the sort of presents 
they receive, such as radios 

where once they wanted' toys. 
But as far as their own spending 
is concerned- the main demand 
is concentrated on things to eat 
and drink. Success often goes 
to those companies that keep up 
a feeling of excitement and 
novelty through rapidly changing 
products and promotions.” 

The main problem facing com- 
panies making children's pro- 
ducts is one they can do little 
about— ■ and the expected fall in 
the birth rate. Increased affluence 
could lead to more money per 
child, 'but for now it looks as 
though those markets that 
primarily depend on spending 
by children face an uncertain 

• -V.^igs 

• ifecrtat: - r ' S' - ■ " 

out there? 

pul pit- speakers invoted the 630. He began by cbhstriicting an constrained consumers’ freedom lades through which politicians The 

strong congregation !to promote intricately argued - i ease for of choice. Like so . many view the facts that blur i he r Haueraley and 

the cause oE marketing with all government intervention in the economists abstractions, it is at perceptions of reality. Socialrsis this respect is that tin 

the powers at their disposal. The economy. Quoting, .fashionably finance with reality, it is look at nur present economic dis- .businessman himself. 

** MARi^E-TiN G-’ . ^ MUST “■ sell. Ms. S. cheerfully sugg ested that lithic units, which need the impressively by Mnchael Hesel- liver in turn argued the virtues 
marketing was- thfe politicians be sued': under the tooth and claw of competition? tine. Do politicians really know oF marketing and enirepreneu- 
evaflgelidaj. ggspff ;• fry Aria cb 'the Trades Descriptions Act for so Haping asked if not answered — have they even an Inkling — riaJ innovation with irrefurabie 
M aritetttig.=i :j Soc^e . dedicated often making tawleaduiB these questions, the Secretary what is going on out here in the iogic, and Mr. Sheppard. Ian 
.riseit_fgt' ■ its. ainiTiay s con feren ce promises, and damned -them for G f state proceeded to rush head- world of industry and commerce, ?JacLaurin of Tesco and Keith 
j sst- yepfo T fteyxy rous^gly being interested only u? power, Jong onto shakier ground with a where the majority of the adutt Pricket*, of Ford sli demon- 

ptWer ’ Power. . dubious Galbraith i an analysis of population spends' the majoriiy st-rated the exceptional skills 

hJL Boisterous, knockabout enter- the crucial necessity for more of its waking hoars, he asked, which their very different etm- 

^foment received '(la the : time consumer protection (and then This is, he said, the single ques- panies bring to the exceedingly 

“^kft^TTD ^ wi ’rtB ionoured theatrical phrase) with still more consumer protection!, lion he is most frequently asked complex problems of indu*;rlu: 

tumultuous applause. '-It was a Prof. Galbraith's moth-eaten by busioossmen and constiiueois growth and development, pro- 

“ Seff BeU Sell- ' f har.d act for Mr. Blatteisley, who hypothesis states that during the alike. blem? which cconr mists like Pro- 

Fnli o win!?" fait" hfnKv in .entered the confetcppe just as past hundred years power has Mr. HeseHine contended rim r C s«>r Galbraish and pi.’iticiaos 
ithrertisrie A«Sm's init the applause for Ms. -S. was peter- passed from customer to cor- the facts were not in dispute, if of a 1 hues gr»-;y simplify and 

"sirmarv fbnt<rteiK ifinp- rrf thA away, to followl poration. and that this has was the smoky, subjeutivc spec- misundersund. 

sionary toou>i«ps, qine or ine _ ... . • .. r. •-... _ M.nctri{ n «j ./■.»rmna.r’ r Mn HA« .u-r.....u ...ui.i. «..u» n ;.. n .. n-i.. rtUTerenre beiwetm Mr. 

Mr. Hcseliine in 
tiie lauer. a 
at least 

tenth speaker '• uttf ortuaitely from ’ Adam . ~ Smith— every astonishing that anybody can array and perceive it to be the knows the limits of his know- 
showed less devotion for the socialist's chic ,-= capitalist seriously helieve Victorian result of two centuries or capital- ledge, wherea- the S.i-reiary of 

’ ' ’ he *ees the 

Us a^eot-tes as 

— J . _ . _ , .„ , ... cement cornu I- 

That:Mn Hattersley's -speech, never work. It is tb'e>tolCk indeed of choice than their caused by even greater govern- tants — a vainglorious role for 

most of^wiSrh' was tefoperate the duty of govetnment, he modern-day counterpans. Yet menial meddling and muddling. whichtheypaLeoilyiackqualifi- 
and Mgent ^as received by the claimed, to create -M-enmon) ic ev ® r since the ex-U.S. Ambas- Hence Socialists inevitably — cations. 

delegates '.'-inhospitable and legal, framework iwithin s ?“°. r to India prepounded the given ibeir premises — seek It was a lively, spirited con- 

hostility, waa largely due'-to.. its. which industrial' v i competition thesis in The Affluent Society ri-ore and more power to ccrrecr ference. and far belter than 
having- been ingeniously -under- could thrive, so long^s tut com- two decades ago. it has been the maladroit inefficiency fas most. Yet unhappily, as Alien 
mined hy ils. Ariana Stassino-' petition was “in tfift . national dogmatically espoused by con- they' see it) of unrestrained free Sheppard implied. Lite leading 
poulos, iwiw immediately : pro- interest” (There’s rub, of sumerists and inten'entionisis enterprise. < This was indeed the pulpiteers were only there to 

ceded the -Secretary of State for course.) Mr. Hattetriey and Ms. everywhere. credo which Roy Hattersley had propagate their own prejudices. 

Prices .abOonsumer Protection S.. -to mention but a.f^wi. are un- it was Mr. Hattersley’s perora- earlier advanced). The impasse, certainly not to confer. With 
on the pdff&m. - " .. likely, to agree v^ejre the tk> n _ together presumably with Mr. Hesel tine asserted, is that in exquisite symbolism, the 

Ms. MmiU and author interests of the nation lie: wid Ms. Siassinopoulos's anarchic dis- *he detailed management oi the politicians' split-second arrivals 
of The. y«nale woman, signed both are equally determined that taste for -government of anv kind, economy, givernmenis are oven and departures ensured that Mr, 
copies orwiieh were pethS sold they know best. .-5r;-V- which prompted Alien Sheppard, likely than market force- to HeseJlfne d d not hear Mr. 

by hec-dsar on tbe^o^ftrence . Mr. Hatterstfey abo^-advanced <*-;«£ executive of Wam^v Mann get things rigbL The Hattersley, Mr. Haiicrsley did 

?S b S£Lv lB a . p ®f“ 0D3 ^ tejwpponem t±je case, which semna./irrefut- and Truman, id complain 'bi»te-rlv quintessence of the market not hear Mr. H*?.-,elrino. and 

® We - 15 riirely 'heara, that during the post-speech panel dis- system is its propensity to cor- neither of them heard even one 
cwtain industries .^.function mission that the politico-economic Tect its own mistakes quite of Uie other sp^Vers. Marketing 
fr .cf r. . d._ FJ1. efficiently as monopolies while a rgv-bargv to which the ronfer- quicklv: gavei nuients. on the mast Indeed sell market ‘my— bin 


Projected growth of UK population by 1997, 3‘8%. Southern 74%.* 

The South is a thriving, affluent and above all growing area. Despite the low 
growth rate of the UK population, the South is growing apace. 

Between 1971 and 1977 our population grew by 3*3%, while the notion as a 
whole managed fust 0-5* o. 

By 1991 our population is expected to be some 14\- higher than today - with 
5-7 1 ) natural growth (good news for nappy manufacturers’) and 8-9‘i. accounted 
for by newcomers to the area. • 

Quite simply, the South is an area where people want to come to live. work... 
and spend. You can reach this growing market with Southern Television. 

That's the Southern difference. 

’ 1991 Projection. Of lice of Population Censure i jl» vey^ 


For further information contact Brian Henry, Marketing and Sales Director. 

Southern Television Limited, Glen House, Stag Place, London SW1E 5AX. Telephone: 01-834 4404. 

able, dehaor. 

others need to be Jff.Xstate of ince was befog ^ ’subjected hVduoi oiher bandTfind the Vd-im^-ion tf kow ean :i v.nen nobody will 

Selv- eg Water adv3nce d much since the days error painful and humih.::rva. iiswn? . 

ret>ct ' fle «tnTeDtitm that ^ -.°€v?^5? 8e "’hen he was an undergraduate, and evitably tend to coitipcund ■„ 

Go^eromot im^SSlan S har ^i J ' lend^tbemseves-^com- f Exactly how long ago that was them. 

■ ' - j petition: whereas : nobody in jj,, ne^Opeted to ssv) Could not Own-oarcd with the semi-ppi. Winston Flcit’lnrr h mnnay'no 

1 q the "inlsrmfoable frss'ona! trio of Haller: 'ey. cl'rec-or ;.n; Heu-her Shelton 

free enterprise and Heseilme aud S^a^sinll , ! »ulo^ Delunc;* on<; Cei fnoMx 

ax®:. * ■ ««»».»«.»• •» W.S 

Warning to ber theme, which The dilemma lies 4n knowing Pegged- avoid getting set tn the nessmen - s conference speeches 

it is oo!r fair to sav.wfc - some- where to draw the Dne: which sepic or stale orthodoxies. sounded sound if pedestrian. Sir 

limes iss than lucidly logical. ’ indimrias^vvo rk ,-Oesl as mono- This topic was later developed Adrian Cadbury and James Gul- 

S 3m S Si 

«?0R0LA6800 | 

For oetaite a<nlaci 
June Dove. Course Registrar 


Compurer Systems Ltd 

7 Church Path. Wlerton Pant 
London SW19 TelOJ-5408611 


Wc arc a fast growing 
London .idvcrrisin^ susenu 
currently billing T"m p.a. We 
now have a number oi clients, 
principally in the automotive 
and fashion market.-, lor v- hum 
we nv\ d K > provide a full PK 

To meet this need, we 
' " i ft * .ictjuiiv an interest in 


an active and successful PK 

The comp;in \ we arc 
Ictikin^ fur will probably be 
ijuite small but must have a 
record of success in PR and 
must be able r« > demonstrate 
that irs management possesses 
the skills reejuirei! t« > run an 
enlarged business. 

Please apply to Box No. TjW>. 

finger lickin’ good 


IXTEUPUBLi€. -The,, benign immediate effect. Kentucky 
Hydro of irilemktkihal adrer -.Fried Chicken plans a major 
tfslng'- ceitunly •^^na .'-'oh--‘’ tlje_ canipaflgu to. relaunch its 
roivniabouts Vwloat- it ltise^ on the finger-lickin' image. Says Lane: 
swinlL In : : Brila in; Kentucky f Between how and tiie end of 
Frig CSricken has just Aiprfl. 1980. we shall have spent 

Masius has bought all shares in 
Ergon Advertising, one of the 
largest independent Greek agen- 
cies. This brings the number of 
Masius offices around the world 

one of Britain's largest provincial 
agencies. Most of the money will 
be used to redevelop tbe com- 
pany's head office. 

• BROOKE BOND OXO is spend 

to 31. Total Masius billings ing more than £600.000 on the 

launch of New Chicken Oxo via 
J\VT. Chicken Oxo already is a 
£2.5w brand. 

• C, & T. Harris (Caine), a sub- 
sidiary of FMC. has appoin-ed 
Vernons to handle its £500,000 
above and below-tbe-line budget. 

swiitned its advertising account -over’ £l.25m. mainly on TV worldwide this year will total 
dutjbf one Imerpublic agency, suported by radio and posters. 8640m. 

Wany C ampSwil-Ewald, and into" We.,'^re developing stores ail to FOOTE -.CONE and Belding 
anuher, JtiAana Ericksop r 7eyen .over. Britain (there are 270 at Communications Inc. reports 
lhotgh. lt sMfe.'tull . creative, pre-. present) and these will be pro- record billings for both the third 
se /ratio ns by •three, nob-inter- moled to the public in the most quarter (S28.7m) _and the first 
pip lie agericies: SaatchL - -and dynamic advertising campaign nine months of 197S (S79.5oi — a 

SitchL OBSi mad' Masius. ever to hat the fast foods gam of 37 per cent). FOB is in The company is the largest dis- 

U* In tha-end lt Caine dowii tb -business." the process of acquiring a sub- tributor of British bacon in the 

dflail," says Kentucky marketing Total global billings for Tnter-: stantial minority interest in UK. _ 

dkectior Chris Lane. ” McCann public, which. recently added Ian- .Tempo Advertising in Sao Paulo, to JOHN ALBERT, a director of 
h,<d . thought’ ' our ’-business tas to the fold, are expected . to which will take irs offices io 29 Charles Barker Lyons, is leaving 
\ trough in -great d^th and came amount this. year- to no less than in 15 co untries. to set up his own public relations 

ip with tmpressivrnrbposals for SI .75bn, around SLlbn of which to THE INDUSTRIAL and Com- consultancy specia.ismg in 
loth OUT long- -and' shortAerm will be handled by the SlcCann marciai Finance Corporation is advising companies on European 
dvertising activities.'-' ; - "• side. * . making a loan of E2S5.000 to the affairs and the workings of the 

The appointment - Baa' D' ARO? -TBLA CMANU S and: Graham Pqulur Group of Leeds. EEC. 

From Maidenform to Marlboro 

IT HAS always ' occurred to. ine what matters to the people it -instance, bad happened ro print 
that when the UFO lands after talks to. -Anyone -who works in. advertising in the age oF TV. 
Armageddon and they try to advertising learns that, usually Did the fundamentals still apply? 
reconstruct -the way . we: were the hard Way and usually without j. 100 Great Advertisements 
from such fragments as. are left; piecing, it together. But just, starts in 1950 (where Watkuis 
they win make thel most sbose occasionaliy you come across a leaves off) and proves McLuh an s 
not* of the political'", platitudes 1 point of focus. '• -. .thesis totally. As a selection 

specially sealed' for- posterity's One of them occurred for me of primarily English and Amen- 
consninption .. but- ffphi'. an old many years ago when I first came ■ ten press ads. each chosen on 
Coke bottle, a torn page of cl ass i- across Julian Lewis Walki ns’ individual merit, it adds up to 
fled advertising, a peeling poster: The 100 Greatest Advertise- an instinctive social commentary' 
As Marshall: McLuhan more ments. There: between one set -as well as tracing the evolution 
eleeahtly -puts - it: “Historians of covers, were al! the classic of the techniques of communica- 
and archaeologists will one day Press ads^d ever heard of—all tion over, the past quarter 
discover. that the. ads of pur time of them American, most of them century. 

are richest add -mo^faithhit: 

daily reflections .'.any’ 'sdcSety ever .. - - - 

made of ^ whole- range of -u 200 Great Advertisements,” a collection of some oUthe most 

activities.” Faithful-because. they , _ - ■ ~ 

reveal- our most res) and: pressing notable print ads of the past 30 years,- is published today. 

preoccupations, often inciden- contributors include David Abbott, David Bernstein, 


Tbere are. I believe, two main 
reasons’ for this, both of them, 
severely practical. 

The first is that advertising, un- 

Norman Berry. Jeremy Bull more. Bonnie Kirkwood and 
John Salmon, BARRY DAY, the .book’s editor, explains why 
■* 1Q0 .Great Advertisements ” provides a more personal 

like any other form of communl- commentary. on tbe past three decades than most history- 

cation. is motivated by t he com* - - ' ■ 

mereial imperative^ which is books could offer. 

every bit as strong. as- its terri- • - • • ^ • - - - „ - - -- 

lorial equivalent Ao ad bos 
to : work or the advertiser- is out 
of business. At the same time turn 
he's , restricted by size, space, was 

4>i. tbe century. There 
nmvRiTifint ( ,m They. 

been to create various kinds of 
information shorthand. The 
visually literate audience “reads'' 
an image .faster, expects to see 
it closer, and likes to make its 
own connections. By way of 
instinctive response, the Press 
ad. has largely abandoned its 
tidy proscenium arch, pushed its 
camera right into the experience 
it is trying to convey, and cut 
away much of its traditional 
explanatory text. 

And as the 25 years have 
accelerated -along, we have seen 
certain basic truths emerge or. 
in some cases, re-emerge. Tbere 
is the increased importance of 
the brand “ property ” — the con- 
sistency of an advertiser’s mes- 
sage and/or style that gives the 
customer one small thine — be ii 
Guinness. Volkswagen, or Camp- 
bell's Soup— to hang on to in 
a .changing, anxious world. 

And there is the more recent 
realisation, in face of the flood 
of legislation, that logic can 
cause more problems than it may 
solve and that, in any case, the 
■■ ■ 1 essence of many well-known pro 

ducts is mure emotional than 
.There is the emergence of the rational. How tbe extreme 
■ liberated ” woman. Remember surrealism of. say, Benson and 

Where were you in the 1950s? 
Maybe you weren’t in the business 
when the disturbing Maidenform bra 
campaign was raising eyebrows. This 
book will show you that TV does not 
have the monopoly on amazing images. 
49 agencies made it 
The index starts with Aaiders 
Marchant Weinreich and ends with Young 
lV Rubicam. There are 49 agencies listed. 

Maybeyou were at one of these agencies, 
when the ad was actually being created. 
Maybe you actually helped create it. . . . 

'Tdistoriuns and arrfiaexilogists trill 
one day discover that the ads of our 
time are the richest and most 
faith ful daily reflections any society 
ever made of its whole range of 

Marshall McLuhan 

^has^ontiex- conscioiTsu ess ' {" The. Penalty of twin has the Toni?" 1. in°. 

«i*^nmmrhiration process Leadership ” 1. self-consciousness Or tiie Freudian frisson of dream- for the truth is that there is 
S ry^freCmeof&Womatfz ing she was appearing half- little that is new in advertising. 

4rm”J S to self-interest dothed in public in ber Maiden- Wnal h new and endlessly 

-of the possible. .. . - wjf £onn bra? " interesting are the applications 

■ foeSSe had Ere^thlng we think we have .There is the spectacle of a and permutations. And when you 

the _? to- thoughtofstocewas there. Only symbol like tbe Marlboro cow. put together the more visible 
S-!o,SS that his or time. technology and new found hoy riding successfully around manifestations of a quarter 
hervilfe fe^made ntKof ^ aggro sophistication have changed the the world and into countries that century thais been anything but 
litfle tSnS on ?S Spression of foe basic tech- have never laid eyes on 8 cow- dull, you can see 10 1 a way more 
h?g fapStSSaT! Sd nfoues. AH our hopes and fears boy. except through the Holly- personal than most history _boote 

Crities of advertising Who com- l t ^ J 00 b urim- advertisement- Th» T\ T v,w r,se ' n -WrcrtiinBCMis in publi.'Aod 

nlatir that it deals in trivia, there- what another, retrospective iook pnm aavertiseraenu the i' be, THiwa .vncwnjrru. iNnw Group 

fore; «15 me point . It deals with might reveal. - What, for effect, among other things, has .v«w.u **1 cmw u>.w. 

of can show just who you were and 

And a 

me book on advert! 
this would be the one. 

Ads that amaze. Ads that It has been put together by 
delight. Ads that shock. Ads that Londons top creative directors, 
have passed into legend Above Abbott, Bernstein, Berry, Bullmore, | w 

Why you should buy this book 
In a throwaway business, the very few 
ads that achieve permanence deserve a 
permanent place in your library. They’re 
worth studying. Not just for what they are. 
but for the way they have helped to shape 
the advertising world and the people in it. 
295 pages- 30 of them in colour 
’100 Great Advertisements' Is bound in 
pictorial cloth and printed on fine art 
paper Page size is 12" X 8 Jo" There are 
295 pages and 30 of them are in colour 
The book has an inmxJuction by Barry Day 
comments on the individual ads by the 
selection panel and a useful bibliography. 

It is published jointly by Times 
Newspapers Limited Mirror Group 
Newspapers Limited and Campaign. 

‘100 Great Advertisements' 

Please address enquiries regarding 
orders to: 

Graeme Andrews. Campaign. 

Regent House. 54-62 Regent Street. 
London WlA 2HG l England I. 

I" — — ^ 

H Hr Graeme Arulrfan. 1. jmpaign . Regan Houm . ■ 

5f-to? Regcn: .Street. London tt'Ll JHG |£f^iandl 
Plcawr said me copies oflUOGrrtl 
,*rfh^TUscmcnis.' I endcse paj-ment of (US S50 > 
per cop v. induding postage ard packing 
Pkase make cheques etc. payable :o 100 Great 

all, ads that helped to influence 
and define the nature of the 
business were in. They’re here, 
in 100 Great Advertisements! 

A selection of the world's best 
print advertising since 1950. 

In fact, there are many more 
than 100 ads, because, where 
its relevant, we show more 
than one ad from the campaign. 

‘100 Great Advertisements’ 
has been ayear in the making. 

Day,. Kirkwood, Salmon, Shaipe 
and Webster all define and 
defend what they believe is great 


I Compan y 'Uiaar «ppkCT?M 



Company i» ha* appiicaHci 


B Please cwnplrfi both secooos of the coupoi 




■ Financial Times :j 

Tha lurk of .., 

JL MJL^/ aUvJ\ \JrA ■ ^ j«; , AX industrial enterprise works as well as banlss and - by nine of the largest German altogether eliminated should, an 

* identical with the company that insurance companies that really enterprises. It is backed by the important divisive issue arise in 

j "w" • ■■ owns it? Or is it rather an matter. German Association for the Pro- ^jj e absence of the chairman, or 

Tn£\ iFldh organism in which the company The public discussion, at lection of Shareholders - and vbea not pt the shareholdersT 

■ IIC II I^II of shareholders combines with times rery heated, which pre- supported br a weighty pro- present the 

U1V ^ Uie workforce on which the ceded the passing of this act duct of German professorship, ™Pra*atUfresue presenvtng. 

operatinn of the plant or the use lasted some 25 years. The pre- the so-called Cologne Report. Government ana traae muons 

BY ANTHONY HARRIS nf capital depends, and which history- of the issue goes even The complaint was-presented to deny that this is a correct appre- 

has an interest in it at least further back. The German trade the full bench of the Federal ciatioD of the position and . that 
WHIIF thfrf « nn «io-,tinB tmn iiseif would not be too had equal to that uf the shire- unions formulated a programme Constitutional Court by Herr the shareholders remain - 
iodide™ }i“ "li ^U.r Elders?. of indusm* democracy in the Otto Esser. chsirmsn of the dominant. . ^ 

anger io Dublin on account of constraint"'—^ the balance of pay- These basic questions, .which ._ ■ — ■ - -- . The employers, .however* Teel 

the Summit, not evervnne it nients and the limitations on also under! J much of the dis- - . . -.that. .llie Acr robs .Ih^m - 

altogether unhappy wiih'thc out -Gnvemmeiu borrowing. The cussion concerning the reform BUSINESS AND THE COURTS or four important freedoms 
come. The Irish investment punt-sierling link - enables the of company law in the UK. were guaranteed i>v -the German -t 

institutions, of necessity, acted a* Dublin authomies io the real, though well concealed rv a H HERMANN. Legal CorTesDondtint . Fundamental Gaw: to dispose " 

SSSJ ..VSn (TB. u5 f” J» £ BY A. H. HERMANN, lA80» Correspond*., . ^ 

week. They sold the Irish stocks which would be revalued as a otiupied .he German hcderal - , .... _ ■ associate freely without the pars . • 

which British investors bought, major catastrophe anywhere else. Constitutional Court for four i9^(js before Hitler's ascent to German Confederation of Indus- : ticlpation of those who hawe • 
and pDed up what is in Dublin and the PSBR amounting to days of last week. The judg- poWer Their sloqan then was try. and by the joint attorney of opposing interests: to -choose 
terms an astronomical pool of une-eiehih of GXP. c.ive meni e?;pected in three months through economic democracy rhp niainrifti.- Dr Herdin' their occupation freely, anettd,-- 
liquidity, in exrew of £2Q0 di. Xow n r lake a ‘'it from year in year. w ;jj deride Ihe fate of the re- towards socialism ** The recipe „ ^ ^ conduct -their business freely. - , 

they are happily buying their cau-w* no trouble at all « hen y.«J vised - German - industrial f Qr the oresenr law is all con- Ma ^ se °’ P reinDUS jy Secretary ■ _ rWr'K - 

stocks back al a discount. h.iv open access to the capita! dpmocracv law the .Uitbesiim- . ? , pre t en L 1 A W 15 ?ii--w«.ft of State under a Social Demo- The Constitutional Courr is 

_ • market 1 of a mueh larger country If Ma> *1976 'V h u ° r ^ pi £ l, ?,i! ***** Minister or Justice. unlikely to be impressed by the 

Fimhnria uiH* Lv same currency. Thte~ »,? ,^?L»hK in by Fritz Naphtali under the title ^ (&un defendtQ ^ o, e act argument 'that interfering vlth 

ILUpfilOna The 1,11 rely monetary dis- ^ ^ Economic Democracy, of which m eVen more foSable. It these freedoms will ultimately . 

Thev seem to have been rather c»p!in? — ••M.-hange rare, potential >-r.a5La ioe innuence oi era a new edition appeared m 1966 coiicjrted three cabinet transform the German market 

m orecley rel gh t ed \haiH nv™ *« n rs WnApi competition. and ‘merest Pteyee* and «inmn» on rt.e with a pre f a cc provided »y Dr T H *$£. e^nomy into a - soa^f- 

on this side nf the water for a rate-— sm the same «« for the running of lar^t German enter* ^ |{jp cierman trade union reDresent ine the Federal Parlia- economy; It went on : 
number uf reasons. First, they UU:_ b..t i he correspond mt fisr a 1 pnsos. It raised the proportion lwdrr , of fhal time . ^ Heto Osk^ a judgment of July 20M954, .*. 

never shared the euphoria of Ur. hard J i p ?£ 1 ,?ii of lheir repress "tatives on the The passiT10 of the Act hv the “S*' ““ f that^the fundamehtal righta ■ 

Lynch about the intentions The behaviour of this small supcnrisory Board - which fi-™n MriUmenTib 1976 did Y e ? er - . th ® S^ainBan of ihe that metunaaiMniain&ag . 
Of Bonn and Pans uodiscieftned corner of the t ‘ d u k , members of t,ern,an P® * f. " r , Federation of German Trade do nor protect a pamm JM£ S 

“t?hv on earth should thev financial UK does cause a ccr- J? not cause the German employers Uniont - economic sj-stem.. 'bur restfead _■ 

pay u?£650m a y ear ‘to jj.n rtS'r ^ amount of tut-iutting in the »e mana^i men t Board m ln acknowledge defeat in a con- concerns in the the dignity, freedom Trad 

«•»* JSS2!? S Si-dSdl n"r O* Kb» inteniretation of quality of man.” _ • 




anger io Dublin on account of cor.strolnis — the balance of pay- These basic questions, .which 
the Summit, not evervnne it men is and the limitations on also under!}- much of the dis- 
altogetber unhappy wiih'th** nut ''Government borrowing. The mission concerning the reform BUSINESS AND THE COURTS 

come. The Irish investment punt-eicrlmg link - enables the r»f company law in the UK. were » -wv 

institutions, of necessity, acted as Dublin authorities to play ,i.. . 0,1 thnnsh urell crHicc^l^d pv a u a . ■ ■ aa m ■ ^ A n _ n ^i._ 1 x- 

bookies to rhe punters who erennlmg to thew more relaxed ^ “J; 1 EY A * H ’ HERMANN, Legal Correspondent 

wanted to bet on the pum Iasi ri'ic... .\ enrren- deiici* J* 811 *, /“* "“’"f® .. ; 

week. They sold the Irish stocks uhicb would be re^ataod as a miupted .he Gcrm-an rederal - _ .... 

which British investors bought, major catastrophe anywhere else. GunsiiiuGonal Gourt for four iguijs before Hitler's ascent to German Confederation of lx* 

lTf* nVw^i*Jr» ujiTj L*vc same currency. - “f?. ■ if; . by Friu Naphtali under the tit! 

JLUptlOna Tlw purely monetary dis- ^ ,s a 5;T considerably tn- Economic Democracy, of whic 

Thev seeiu to have been rather cipline — fSchanse rale, potential creased Ihe influence of cm- a new edition appeared in 196 
i™?lelMlsh.cS th.n“v ’,ln" r nrei? n cnmpetmnn. a„d IrnerM V .nd lr«fr inmn, an the wlth , preface prmrtded hy <h 
rt this Ride of the water for a r:<t . p — ^ ^ same ,i* for tlu runnm e of German enter* ,„ p German trade unio 

umber uf reasons. First, thev UK: but 1 lie correspondin’; pnsos. It raised the proportion jp af ^rR of that time, 

ever shared the euphoria of Mr. di^'phn*; hardly app»y nt an. of their representatives on the Tht . 0assiTlo of the Art hv th 
vnrh a boat the mmd intentions The hehjyionr of this small simcrvisorv Bo ard _ which ° Vorn Hi 

me in iidiriuut «.i supervisory - 

undisciplined corner of the a _!L inre 

WWABJS- - . "Ttiis dor ring prcOoc;IC« Miiqvefy 

CC. ThM» tteatn.S atutpt UfUkn erMW.j- wiovaWe." F. Tliwm. ■ ."TTw. Ijwri —t 
eartft br Mrtcefcor* or at the Sax OWt*- 1 ■ Musical around bar irone.' 1 - S. Mwror 

»£ f ^S*nt Mr nT ir^ SSM«!?2il -^‘SiutiieTr Art reSm^ ***** PresWenf ^ Omatiliitional ; tt-rt : , Into 

l-XVbe indulgence has to be offset by a appIies t0 the top 650 companies ^ wpnvBp. :w,Ji ‘ |fi^ I 33n?!St tSfSK ^ mieliarted areas. ,. ; 

‘.K't T" Z “X^iuS ?S^SnSn^TlbS™iv “■*» ‘ n,rins ' ^ '%Bp““n«adv e £! rimadm of .rad, ddion, .»» tray the botoce and .btau. of that th, ™^.of 

game as played according to the we 'n England have a bad cm- ■ reaction of thT l Writ 2 l,aranlped in German wm secure a position the supervisory board together wage bargaining. This issue 

European rules, fi was a Cum- science about Ireland, and would a n y 1 B r manS Fumlamental Law. The consn- £or ^ representatives of the with the labour direcior cm thd attracted the greatest attention trade union.. rtpresentatives, on 

munity subsidy which was under bate to have a row with then.. ^ "“7' tutional compLaint has been sb^ieholders. They argue that management board (a . post of the bench during last week's the. supemsoQ? board is a vecy 

discussion. and the finanV-ally Third, their prosperity «s v.el- but hat e a deu^e influence on * wUy in excep- which trade unions aspire to m hearings. Dr. Ernst Benda, the important and. so. far -uncharted, 

sophisticated did not esnect if c n n ,p "* m a nartl b0T nf v ' a - - * f, ie economy. They include all ™«ie oy no less inao -a iem it can oe useo omy m , JL , ^ PresidenG underlined area of law^' r 

a bilaleraV deal Jnuld noionty exporters and invested, the enrineerins and chemical tions uf industry and separately uonal circumstances and can be with their nominee) will ,d?s- courts President, unaerunea area u « ; . ;; 

have looked odd. but would have an d above all for the unspoken 

come up against the dead body hope «hai Soul hern prosperity _ > 

factor — the dead hodv or Dr. may one day be high enough to „ - FNTF'PTAIN MENT ;M e^L 

Otmar Emminaer. who 'Uke his look quite tempting- from the /^L/vIrii 7 n»'/\ •mXfrkll Tkl«An01*Arl M 1 ! JJ!™. 1 ™ . .*. .-f ^ d ^»ah 5 !& l -J5SS&2&J1 Jfei , Wh i^. . H2 . w SSt ; ' 

predecesRon. al the Bundevhanl- Ulster side of the border. I ||OKWSrO WG11 DlGUdlCQ- GUIDE • : u..^ w < gSS r ?°g^ *82551 

is firmly opposed to mixinu senti- v if VAI. V|f cc. Thwsibt^rn aa 5 pl , ( 5?TSir SS ^ ■{" •bk*"* 4 *- -- f. ■3 w ., t i , ttn J^ * t stwkewwe-Co Jwt e.eo,' .$««».- «^ni. 

men! with mnno- n— hneinnee “ ra * 6r 0 ®^* 1 - Mirdci l Jraan d b at nom. S. Mimir WWe lor l*ol« AtMTs ft Sr R i Final Derl.i. 

merit w.Ni mone. a i.. business. fJf'DODIIlil flOI! _ . m OPERA & BALLET . ltxiC thEme. cc. oi-*57 3«s. Prct^d* nmnw :■■ : wr e njoyable - 

However, even supposing the ^ ■■ a • j coliseum, credit care* oi -24a szsa- TunTt. s^o. sac s.oo: tuo.| Tt»oe .om Aev. t*s%. fttu^gwa. 

impossible, and granting a Finally, there is an unspoken QUATllAr T7T* VI 1^111 1 V iSSlSm' " nat%naI' opera flowright «n£ay SweMoiav o«. a?, 

subsidy, would that really have question ubich economists might. JMLIfi. dllUlllvl XX j 1. Tlvlvi J TdjwsJu^i j vx immim _ i-n^ to* n.?^fa^. P ow^i v* una* 

been a bull signal for the Dublin have some fan resolving. In the %T 1 . •* D J.ufjSEmZ Soutr " actress w SSfc Vig s« d^“ 

t',? r T r M ha H ^ ea ''; ./ l T S t>^n, a n ^inf^ JuNJO O'NEILL, bv Tar the most 54 seconds was not startling. However, it can be argued that IfSsSt^wJ&SMT . ^TSS-Sf 2%E£* ^' 6 S ^‘i 0 ^ M 7 f 

few days, the more hard-headed wrangle, a German minister rf , " «»» a.-p > n rhniu",rn u.'nit as ht* ni^ac^d and he would have won far more Cd™ Sit r.oo o*c Bo*e«kw»n«r . -iol - • b» franco zeftirelli i,J^TSu» Tu ^» cnfiiwil 

^5 e subsidy might have turned to the Irish represents- <u>asoii« with nearlv 50 a number of on-the-spot admirers easily had the race allowed his *** K «". T **“ 00 4, ' 0 *[l l- q*? f o:'%rtf r#L kvcnt 5 7o L t™asjr o’! - m^^-may flygf* ‘ , ^ , w-76r "»«« ( °G 302 

ehm,n,ted »ha! »o,ild whjrHlw !,« a „6 «,d P,rh,f» you. f* 1 Vu craSt lhe“ Since were res* to bock Wm ante-post stamina tn come into play. SS c.t «£pp. H . taw. S " "ll - .t — ... 

s-kpffis. jssxnxr. SHs^sJjnsisft DaUy EspreK .J^rs« 8 ™SL , -r£ Etes 5 &<£g' 

srrrs^ To sm.?£ k? ,n «. Mw- •»„«,: “,1^^ ^ aggfy.,,,; 

Gprmm Irtvelu nwmiohl FV-unita frlchm-in “fin 1 Inne vipW it -- readily 10 tile Wittier S amp * mile Of tOQaj S ttip, EHQ tdRe Dim i^pfciao*. BlrtMtaV OUeriRfc E«- S.CPO. Sal 5.30.. «.». W«t Mat. 3;0 VVHITEMAU- . CC. 01 -9W 6&P2-77&S. 

uerman levels overnigru. IX spite lt is am an. un a long view, n /»„ j u,,, j:«e « n *#trf j n a n already impressive d*r. Aimifii wau sYai/Trw ait sen*, irrom Dee. is. Fn- Sat b.js? Mm. m -murs: zoo mShcr fh. amt 

the apparent reasonableness of it negative growth, depopula- Chokwaro should find little dm- loaaa loan aireauy « m welsh national t^tre go. *» w ^e-tsindTSl - 

Irish trade unions, who have tlon. and agricultural decay." h RACING CUltJ J m ™ ,a alD 8 hls , unl,M en b^fJr hi aW w-WN^uonr- .. . - * Mw & 1 S!SfiLta«i - 

said that if thev could be ^ure is only since British policy be- fsMwSJvU record while the ground remains Mnraugh. uno bids for ms^ firth w 10 o«. ° » ' * i*r 1 “mV" 1 /Sn - - c minren m -itat with muil { MnaL 1 : a hmi. scat 

that the punt was as good as came strongly inflationary that gy DOMINIC WIGAN good or firm. 10 “ *} Ayr - _ . ^iw^cSchTanc national toeatm.. -.S 20 2 aM- 5 r ^ S w S t9-.sQ^”'-“i cr ’* nd To ^ 

the D-mark, they would accept the Irish have enjoyed such 1 take him to add to his Although the New- Zealand- e '2? rta ilSi3f"' dES Stcrmat-i^Toniag??^^®^ ; CkHrtml . fCI KL H S j*?- oa,, 

a Geiinan s. ale of pay increases, signal benefits from the as&ocia- - — a I ready-formidable reputation bred Exunious is without ^ the pec. 2 T~ 2 a « s.oo. D*t i S-iiS! SI b# Gjlswortl, ' , '...' T<>mor -.. 7 - M ; »ia» irn. 

most Dubliners suppose that a tion. perhaps because it was only _ . T with a victory over Dorisimo. benefit of a recent outing, there mw insui »m. sm VTStiSP Whitehall. ' “ocT "rt -930 “rres. 

pretty nasty squeeze would also in an innationary environment n ,1< ? n -. T •»>'.*« Ro>ai Lcgena, wbo vas considered by many to seems little, reason why he sae dgwin to M an^tir? p^t. r^ w. TrJZZ -- 5 pumo ^" bv . B ' n 

Chokwaro well prepared i. 

eartft br tw at the Box OSk.*- 


for another Ayr victory 

eisa.iUal '■ O. Tef. Tamar 7.00 Jonsaah 

JUNJO O’NEILL, by Tar the most 54 seconds was not startling. However, it can be argued that fi , ^ n ^J d - au ^^, ,rr jS e enio®? 1 
successful jockey at Ayr in Chokwaro won as he pleased and he would have won far more dw f *MWkw«gr. 

majesty’s cc. oi^aa sees, theatre upstairs. 730 zssd. En. 

; M HL T^n Mali WNL-Wsm. 3.00. 7.M Kniddee Wortolwp RreUucUo^ of 

Etu. 7 -* THE N£W SusiSSl - MA S ADA br Edfla, Whl&e. L«1 But. - 

HARMITZy AH MY WAREHOUSE, JDonmar Theatre. Covent 

• ’This rtFnr.nsr pr«i«=l«r uoi«w«y Gartfe „. Box Office- 83E 680 B. RoyH 
{ oniovaWr. F. Tltkm.^, ^Tha UwolOTt s^tcewenrc -Co JcnY. B OO, seaty ***if. 

f Miralcal arorn id bar none.. S. Mirror >We lor Po . e AlWn’j ft Sr « i Final ueri.i. 

LTRIC' THEATRE. CC. 01-437 3656. ; ” PrctgcSr oMcrmf . ycjj. enjovabfe - 

UroZ 8.00 Thor*. 3-00. SSL' S.OtX 6J0. Ttwn .OnL Affv> t*9>. AhtryCb. 

1 ! WEMBtXY AKCMA. .. Opini” Dec. n. 

» szsa *5Bff-arjS5i. fib. 2&E*t&\ 

etM.iMN ■' o. Tef. Tamar ,.00 Jo**™™ ACTHESS Of TO «4R j 0&. joitf aufcseOt/rK 

'JKT?; CO^tDY^ TOTYEAR l 2i s 4n<1 B. FROM ^>K. 7. SUNS. 

SJiria. ; ~ f F mi i_r - Taml 6- Tum. to Fn. 7^5. Mae.. Wed. 

ST'frm Pl5£R?| " r. w'J-T. - An I and Thur. 3- ttiUdrenl a«d Ssntor 

" ^ JSTtJffl CION-W most U. (0.1.-SC2 

&155: " "LL A 

YEARS-' Sunday.' Times. 

K We can said the 0T) 1,I£ ‘ Scottish course this arier- 
On a long view, it — - - — 



ff. as ii appears, be has laken additional three-quarters of a 
readily "to the winter game, mile of today’s trip, and take him 
Chokwaro should find little dim- to add to an already impressive 
culty in retaining his unbeaten list of victories with a win oveT 

. . ,, _ "j , . ; u-h. Kill. In, hier ffffh 


l _ UittT FAIR. *93 Z03I. «5rt«i PE. Tube.J 
BarMcr* <H [ftm, Doc IB D'r. 10.30. 2.00 MU 4.00 

a«m Fair «Ytce most 

WESTMIN5TER THEATRE. 34 0262. Tim . 
Rice - and Andrew CV >4 WrthtT. 
N [COLOUR- DREAM COAT ' Twice Daily. 
Tickets £2, £1 £4. BOOK NOW. UmlM 

Sat 7 M Mun Tuefc 7M - Ul f MAY FAIR. 629 3030. IfiRM Pfc. TUbc-> B«- ■ . . 

SrlpnkJov BhOKtov Offbrlra. 3**, | Em. B.OT. Sal 5.30. 6.30. Wed. Mac." 3jO WHrTEMAU- . CC. 01- 

<t*r. bi Amirtif wau avallTfor aH oerfftl ifront Dec. it. Fri- Sat 6.1 S. E.OSJ Mon . jg -n,urs: 6.00. H 

eulte in retaining his unbeaten list of victories witn a wm over , ^c\?vw c ci!i r DEN'OTLeBRi , nr . .” uncer 'milk 'wood | ~ ipitomShV' 

record while the ground remains Kirwaugh. who bids for hiy fifth Sun .‘, 0 0 «. ||Sf C p«d^c» .« r ^^jgugo^ySL^SSa^ ‘ - a s« t 

good or firm. win at Ayr. ^ iVa* E c 3c hr* k n c theatre. J xwv». national theatre. . . S 2 B 2232 . 5 riC £ s t£.' s » t AV’n tH 1f cr and To “‘ 

l take him to add to his Although the New Zealand- fetwy *% n HE!Z« dW '■ j fijj Jar^ _ 

already-fomidable reputation bred Exuntous is without the pec, zr. a a at s.oo. otc. 29 . gg.-jg* SS^Ia. h# Gj's^rthy.Tomor... 7.30 . erg ^tmg shm* | w*” l g* -.75 am. 

with a victory over Dorisimo. benefit of a recent outing, there Js^opwS houm ii*Kai oaiVj. sjs» 4 LrrrtLrov “gy 1 Tonie*t vsthttwallT ccT rd -930 “ttbs. 

who was considered by many to seems little . reaf on why he sae for dgwtH 10 M amctir? Dot. r.(£ h. aj^morro- ..*s puinder h ^■“^Jf 0 I , KM C i„l 1 J!d 0 2 j , 'pi' 1 ' s ttm 

Oylan Thomas’s conflc m«3(er(Hrce.' 

WHrTEMAU- . CC. 0I-9W 66P2-776S. 
Mon. to Thun. 6.00. MRitie* FH. and 
. Sat- 6-15 and. I -IS 
1P1 TOMSl \ 

Fxciftno Blatk Africa jMinucal ' 
i - a rMtoatHoA- MBKaL u a I*« 1 . Scat 

pretty nasty squteze would also in an miiationary environment r .-'*; who was considered by many to 

have been involved. that they learnetl what they fc:: I l rT,;0 ^ s a , n< L„,?„ „l5 ro t ' h „ h-.v-c be tlie most backward member 

The real Double as they ha v p could get away with. The de- * 7 ^1, ^ of tire field when finishing a 

been realising, is that being a niand for u £G5flm subsidy can ’n" 311 tetri enins ontino wiu be rcmote tiiird tn Ghokwaro's race, 
fully disciplined member of a be read ci an Irish valuation of tiw reappearancir of Gbokwaro in 
rich club is not necessarily more the privileges they enjoy under ilte Gtetsnocl. \o vices Hurdle. . 

attractive than being a highly the present Sterling arrange- Chokwaro made all his Own in the Ske id on ^ Hurdle, from 
privileged member nf a poorer monte — a slightly costly cornpli- running after jumping into the which Coffee Boy. Lister- 
one. Tlie privileges which mem 10 nurclves. The 'ead Srtii flight in the Col- combe are both absentees made 

Ireland enjoys under ihe Sterling unresohod and f^ctealinq ques- rov Novices Hurdle at the last heavy weatlier of l^alina 
rules are undeclared, ii l« tru-?. lion is wluMUer the Sterlins club A'-t meellns. unri drew steadily Sharp for beds, when an 11 to 4 on 
but they are ra’ber strik'ne. v :1l look so attract - .' e if wo do ete*<*- to wo hi-a lengths ahead favourite for a three-runner 
What Irish experience really ge: inflation down tu Gentian oi Wharton .uisnnr. handican over two miles at Ayr 

shows i.? that toe British situa- level.', on onr ov.d. AUhoucb his time of 3 minutes in October. 

_ „ 01 . a . T with a victory over Dorisimo. benefit of a recent outing, there how ^' 0 ^ « 

non. They are Ro>ai Legend, who vas C0QS jde re a by manv to seems little, reason why he sae ior mum 10 M amctirg Pot. R.g w. [ * 

: m mrtC .inn f hrtK V/arn . . ■ ^ 1 _I _ ^ » h A ahaii ta p«m *a># tarn ■ e mja’ams pamJwf x ! n 

be tlie most backward member should not be good enough xo \ ijouw tmui gS^Sj 

COTTESLOE 'Mnall aadUortum): Tom or. ’ 
row A Sat. 6. HEROD m. afar bv j 


S^ati Cl. £2. £1 

11.30— -Four Pals* 

1.00 — Welton Lad 

1.30— Royal Legend** - '* 

2 . 00 — Exlmious 
2 JO — Chokwaro 

3.00 — Carribeg Prince"* 


Evening* at 7.30 ’ ‘ 

red it i< tru" lion is wluMUer the Sterling club A-r meetins. and drew steadily Sharpferbeds. when an II to 4 on 1.30— Royal I 

«r strik'nc. v!» look so anraeGie ir w** do ci"*' r tn w'n hv 25 lengths ahead favourite for a three-runner 2.00— Eadmiou 

iertence renUv g?: inflation devn to Gentian of Wborton .ifjtnnr. handican over two miles at Ayr 2J0— Chohwa 

British si tua- leveii on onr own. AUhoucb his time of 3 minutes in October. 3.00— Carrlhej 

K.5.1 Tomnn-OM V World Scene Armirul Six. 1025 Most lift XaSuu *m 

'■20 Top nf ibe FMns. Wanted, ft. I* The Fail and Rise Stei SrS i « -« 

US 2 P«li. Today. Frt. 7.30 Derek ] 
jacooi in IVANOV CHeWiov’B casiedv 



K.S.t Tomorro*-. V World. 

7.30 Top nf Ibr P«ns. 

W59 The Gn.>d Lite. 

8-10 Mastermind. 

»0)0 News. 

925 Geninc A nay With Murder 

t Indicates programme in 
black and white 


"Omnibus " prosents a film Ea-t (Xnnvlchl: Look North 
aboui Claude Ciiabroi. (Leeds. .Manchester. Newcastle!; 
1125 Tonicht. Midlands Today (Birnungh:*mi; 

Kocne Vmund S : x 1025 Most v -'«r.i«i inly. *.13 ■‘Sort.-rr’^c. *-K Th; hta' wCST— -x^ htv tten.-rat” 
winL tl 15 liviTa'I »nd C at+tfonlvn. ».1S feanrt-rt*!* farm MO ric U.35-11.M *« lV!H»MtrK»on \&- 

M anted, it. la The rad and Vnal -Vu;ia . tm e^ot a ij»o« Rirpon west Htaaaass. smajo 

of Romuald Porrm. il.4a News 7,-3 ko-a-i- js.uC i 3 .?a nm.jr r-.'o- 1 *: & sun v:cji. 
and Weather ter Northern :iccu«d. izao •* Voir :.ta*te r. wish:. 

Ireland. r '.-r*- SCOTTISH 

y.nglend — 5. 55-6 JO pm Lnnk . v ATY U.os am Wii-Vn-cooi*. UJ 3 P rev 

»i.mi inMMM. V%, L Jitw tn t va\pawv uwcnoeo CGmMY al - . _--rv_ ^ a<_ . i_ 

ETCnintn At 7.30 ~ yrttfr a-»e Arrlnddl. Brenda Btuca T **” AO w»>rg5»rfBm«a_Um l N M 

Mats. Thursday. 300. Saturdays *.«}.- M kh»cl Denson. Louise PumeU. John ■ p * rmhiu "f^ff a G%fJirY£A ^ N 

E*ir* Mat. Wed. Dae. 27 M 34KL Strident. Jane wynurk "JaeoW’s THfRO GREAT tea 

Ad Enchaalinq M«* Mu»l*Jl trimnoh ” D. T^egnuXt. . WYNDHAM’S. ’ CT-B36 302 . CC. 

'm^J?.uSaui L4 5L *• wi. Sai. 2.30 A 7.M. gkzs. BH >371 Mm S-OO Hit Men. 

CHOW r j .LADY-S NOTT FOR. BURNING , Th^rs. 3 KO FrL and Ssi 5.1! Ind 8.30 

HERE IS A HAPPY FAMILY SHOW», p«irt; Jae«M "Emv * »Iriki aathomv." -- ENORMOUSLY WC 

. •• ‘ E : •e.ilew ~ Atkins -m*aun VERY WWaFY.” ewhna nw. . 

BOUND TO RUN FOREVER. . , , utiyiifai fluMfty.'- F. Times “A gem at . Mary O’MaUet"* smash-Wt mod* ■ 

... *!»•»»"• «.K,ra : * A'elormanee from Robert Eddlson . . . ONCE A CATHOUC 

••sunny. njNIFUl. AND . • Micnaet DemuMi. John saHtkmt ano - supreme comedy on sc* and eka^on." 
SPECTACULAR ” frcntU. Brute Scaoo uf the lauoha.” Gdn. ■ tlallv Teleameh. . . 

Da'I' 1 ' __ The Rhals. Last 4 ■ porta. Dec. It." 14. "MAKES YOU SHAKE WTH- 

The Times 
FiMina News 


Da, J. y ' 

Cree .i card Bo okHw B 1-B36 BIT . 
tr.#. CSS M« B CC. Bkes. ESS 1071-2 
m CJO a.m. Party raw Man.. -Tun. 
a. and Fri. 7,*5 n.m. Thors, aod Sa.. 

4. SO ana 8.00. ' 

ALBE'. /. ESS Mi B CC. BkQS. 6JS 
From EJO a.m. Party HR Man. 
v. 03 . acd Fri- 7.*S D.m. Thors. a 

BrcnOA BnKe stcotJ up the launha.” Gdn. 
rn* RNals, Last 4-Bom. Dec. it; 14. 
„'f- 18. Ktoo Law. Last 7 ports. Dec. 
Ii_»a IS -mat.J 19. 20. 22. 13. 

OLD VIC. CC. 01-928 7616. Back again 
tor a sMcfar Christmas Season 

Thors. S.OO FrL and 53L 5.1 ! 
* - “endpmouslt WO 

vettY FUWeY," esenipp 

M " < a5^;t"A’S^S5^^c , 

" supreme eometb on sc* and 

Daily Telegraph. 

• - LAUGHT&R-" tHUTdOanl . , 

YOUNG VIC 92B 63e3j„ To ; Wed. 
7.30. Sat. B. Tue .,2 00 THE T AfEST. 
Tomar. 7 JO. Sat 11. 00 «m I HARD 
III. Sal., 3 30. Mon.. Tue. 7 J0 iMLCT 
a Sha kespe are Mtoov ACTION AN. 
YOUNG VIC STU PTO. 928 636 Tqnt 
and Tomer, at 8 BOBO. 

12.45 pn. News. 1.00 Pchbl* ' V?.* 

Mill. 1.45 Bogpuss. 3.33 Rccional - A*} 5£ n \t?. Bt Pl 

News for England (excepr 

London!. 3.35 Play School. 42ft _ l . V ’ Jcs ^ ,- "^7 n 0 u U 

Yogi Bear. 4.25 J.ickanory. 4.40 p ,dpV - 11 j5 

tT.mif'c Rrnndi'raeMnn Cnmnsnt -\t*V.‘& and Mea.hP p for I. ftltf* 

Emu's Broadcasting Company 
(EBC .1). 5.05 John Craven's 

News round. 5.10 Blue Peter. 

5.40 News. 

5.55 Nationwide (London and ter Scotland. 

Scotland — 5.55-0 20 pm Report- 
ini .Scotland. IliJa-n^lj Thursday 
XiKht. I1J55 News and Weather 

Sou*h-E?st only). 
€.20 Nationwide. 

Northern Ireland— 3^3-T.JV! . pm 
Northern Ireland News. 3.55-6.20 


ll.o-l am Play School. 

3.10 mu Onen l>irer*lty. ; 

SJU N'eus on 2 Headllnep. 

K.m , .Vhen-T*-«'! Betf Catties In. 

T.43 Mid-cven>ne News.; 

7 30 »wsvpok. , 
tS.30 it id week C'nema: “ Kind 
Heart* And Coronets. -- vtar- 
rins Dennis Prtre. Valerie 
Hobson. Jor-n Greenwood 
and Alec Guinness. 

19.15 Accident. 

11.95 Late Nev.'S. 

It 20 Onen Door. 

11.50 Closedown talk. 


DJI am Schools Programmes. 

F.a’n^rijle •Juno. 7J) Eircn-r Man. 15» dart owl 5.20 1'rossnja.lJ. kOO Srntlami ann Chrtimm Mata Bo ck Now . Sun. 6 
KoMiui l .liaa llovlc PrenAffc: “ Lew Tod-:. *33 iteniW* War. Buiaulc ^LOWYCH. H36 6404. info. 836 5332. ----- 

Brlzht aui D.itk " SSan. tjs v.olcomO to die CelUdh. 18 JO royal SHAKESPEARE company in palace. 

' rro-u :h- Top. 1LOO Laie Call. UB5 repertoire. ToffFV 2.00 £7 JO Mon.-Th 

• BORDLR Bmsraaaa. 1MB Urv* Awcrwaft Stffe. 5 T *|. 1 or Tw* J 

H.« am stop. LMir. UsUa. U-» CAtlTHPDN wim; COUSIN vlaoimar *l»m 3 p<rrts. arTTiSl 

With, rspoon. UJ5 nBurt ^YULiimiKJN T^or. S*l m. A e.i SARATOGA (r t <j PAiaA “ 

CaM-rn uf thJ Uodfli. U48 Ow. HAS U.» ibb TmCmiwoOII. UJ5 Ppttt »« 7-1 Or. 

Th» n|a Sifo: Siuiar Douannot. 1L23 pm Thrjrcr's CardtiN uf Uil* sooth. U-40 TM E WL.t fHQIItt tge urwer w M ■ 

Bart r NvH«. *Jt Th..- L!;:le Hoow on the 'iwvr LL5S Tot Swt.t tar Almost . FREE THEATRE. 9-19 Rmr I 

Prai-w. SJS La' .m- am! Shfrfcr. *JM U* pm SmKhrni \ v ui. Z30 Women CM?. saaat.Lonmia.W.JL Tg. 4WS Hi 4 . 1 ALFt 

_ „ — iced Once . 

Sun. 8 pro. Omhi Turn. 7.30 pm.. From 1 

DPC T3 Tu*«.-Sun*. 8 pm. ' ! ABC. 1 

ALACE. CC- . 01-437 6834. 

Mon.-Thup.. FH. and Sat. 6.00 and 8 AO. 220 

or Tiro Rtca and Andrew Llerff-WeMier. 


it. Sep. Peris. ALL SEATS 

1. 0*aU> ro»r NM CA>. Wk. I Sun. 
Il 2.20 9,20. 8 20. 2. D*Wh on A Nil# 

IAJ. Wk, A Sun. 7.00. S.2Q. E-Od 

Lcjl-aruirod TSimltf, 
Farm. 7,30 tsotan!'.- 

SltpAtf. 758 Kmm-rdah; 423 Las'..-'. 4.45 Koa-.hrtmO.TB. 4J5 The MY CUP RANN ETH OVtW UMM 
manb: Man. JBJJ b-M-T aw °'* 

r.hannsi umrtnirtiY v-w* auf WBafa ua Sar - a ^^.ld flSod 

WJi,- 4 -c. 4J3 tin LlrtiT noov on rhe TV1VF TFFC »» » THRILLER 

Prairtv. 5.XS Canoon-jm.. SJO SnUtnnan. i»l\C ICL3 “WHO KILLED 

6.Ci Chan n- 1 6.10 Lasstr. UL29 SJS am tiu; Coud Word Mtownd Or AGATHA CM WIST IE ... - I 

nui-awl Laic Neui. ifl.JZ Moalc - for N'orJi Es:n Jfwa HeadUnw. IlJWtVItlier- A( , cuo . cc. 01 -437 2663. E«tj. 8 00. 
\dv.-Dt. 1U0 jimlc- H7i-m!«ra: ■• The Dead mm. UJ5 Perey Thrower 1 « Man. 3-00. sal. S.OO and E.oo. 

Pun*! Dk - J2J0 un X -** and WCMVr lUe souih. lUHJjtir. U3S TO- Sweet PAUL N , ^£5 , 

ic t-rcoflt Rimar Donckmit. UBpn* sorm Bant Xcrt .W? 

I- n iLfDrtlU and L.mLaround. 2.83 Wommi Onlr. A2B tir” rou nntsTh a 

trRAMFIAJN Thnrsd..y .UaUDfp: 'ThU Was the We* s *SHiii 0 o5 I 

ALADDIN 1 1 ‘ - — *— t 

ALFRED MASKS as ABANAZAR I a-ASSSC l. 2. S, A. Oatero StrftriVpa. 
DiTrs WATLINC Brian MARSHALL Torratham Court Road Tubs*. SSS'D-iO. 
aeil WAYNE SLEEP U and A orofii. Chiidron haH-prkeJ 

Preriewi CMcember 19 n 7 . 30 . is Richarg Adam’s _wa i H tSHIP djptn 

■uimuiv — ; — __ -- . ■ ilfi. Now wWi siereroahonic sound. Phi. 

P KJ^ N J , rm T iSEft T T E An C « ■. 1.45. 4.00. 6.15. B.53. Lat« show TEfcxS 

Cvgi. 8.DD. wftf, 3.00. Saf. 5.00 Jfitf t,30 OiAfHSAW MASSACRE iX~-GLCt '1 UK7 

Dl AN w AW a nSSSSiAao. aio? 5*oV S3: 

HlGHT AND DAY CARRIE |X». 3.50 7J5 Late aim 

A New Pt*Y hy TDM STOPPARD PIRANHA 'Ki 11-00 i 

W recmo by PETE R WOOD J, cSeil^ Bufiw. MMuet DouU 

PICCADILLY. Prom 8.30 a.m. 437 4506. 5 ' 25 ’ s f0- 


Credit cant bfegs- 836 1071 . Pre*. Tue. . 
at 8. Opals Wd. at 7. bain. E*S- at 8. 
Sat 5.15 and 8.15. 


- «?d a handtui or cobbers 
Stsrrlns the increasingly popular 



B.m. Late -show 10.55. 77 

4: HITLER. A CAREER iAi Progs. IA 
4.45. 7.45. Late show 10-45. ' =i 

CUKZON. CiHTan Sfrwt. Vv.l. 499 37i4 
NOW LAUGH AT HERS . . . ’ § 

(Engllsn SvbUrloa). thhi* *t 2.00 (r* 
Sundaytl 4.05; 6.20 and 8:40-. 7?. 

pj limes. i.**r initmes ,, am « astoria THEATRE. CC Chorine Cros* ; uZ.:T. Mr TB-,,,eo “ rT - I =jo. tera snow Frt.n 

r- rfiii— n f'nilrt ? ‘HI lf*pp V'unn ^45 Virile ;■ iocs- 11.23 '..REplW LRIe r. irrl^n* r.r fhi* Srarh. 11.88 ilscaf. It - V S n^-iri Til (HIM ifoy firm Thirrr ' Directed h* Harold Prince. 1 | Sit. doors osen It. 15 ■‘cun dtco. art 

*5* P.l£S H-m IjSfw M..UI H-Taillm. I. 1L2S T:e Pracfttt. The Sv,-,t Sonar Dawn mu. 1J0 pm p^nl^ViK.^TaT I P R I WIE O F WAlB. biW ' C^Tt ' Jl fflJS: A ” 5fj,a l 

*r* , i r aUe ?_ A “l5°'_ ro * V » m LhucBIUho. M* L'Wtr Headlines. ...,.^5S v *5 r “S Oootonff*B 30 OJA 6. Mon. io Tnurs. i ODI9N LEICESTER SOU ARt T830 61 :l|L 

Fam.Uiar. 3.a0 The Dubinins. 4 JO OR^/N.AD.4 hi th K.i'Artubcni. pas friends oi ! Ilasj Lv'nr^S.n?2-V and . 8 . 45 . j fcrce 70 from wayahdne /aj sco.a 

G'liiJren'y Film Matinee: ** Captain U-»s am w.. u.« A-Osimioi .01 M.. n . ■:,.rnon. s.3 Cmnn;.ii. tja spcon d great year ' W-j ^ A be^ooI« r*^y cam™ Dte S^A - 30 ■-!£?• 7 « JE -' 

S - »hftd- ^4DL.u*__«Djrj|.a ri“ u . r > *■» .We» *=• ** *!!310?5. Or«n to3S„«. ffUw ij 5B . ; -if yxw*>^i?S3i o. e«. I m^s t & *”• * OOT% 

J Familiar. 3,50 The SuJilrans. 4J!0 
. GhiiJren^ Fiim Matinee: “ Captain 
! S - :'h::d ” 

5.4"> Sn\ s. 
ij.C0 Th:*n?c-. ;»l 0. 

FJS CrO'iroails. 

7.80 The Bionic Woman. 

8.00 Goorze and Mildred. 

RJ8 TV Eye. 

9.08 The Sweeney. 

18.00 News. 

18.38 Thames Report. 

- J LOO Rafferty. 

12.00 tVhar ihe Paoem Sty. 

ru t r\* LnucBanic. 4.1^ Llatcr ..■.ms Headline*. 

UK^/V.ALJA r7J tin H-.KdNttbtni. friends oi 

11.83 am .1 .•‘is' U 11 , U.ij . 1 . Biinllol q| C.15'wn. 5.25 Crn«»ro:i^a. 4-M 

• e «.is*. 1.23 am T>'S |- Vuuf R : 3!M. t-M :::uur’s S.:» PoUfd S:2. 71a ; jpt DaiM. 

To. Lii .iti'l T'RU. UrlrHr -Warn*, t. 61 Enm-.-rdat-* r:r.n. 7.M ncianic Han. 
5-19 Tiir'i v -.-.r. 5.L3 • rupsr&ads. W5 13-38 t>n:m-rpaini. 11. M Th;' lYaillu-.-. 
ilfutadJ K non*. Z'rm?xla!c I »rt. 2 iJS B.dtlm-.-. 
l.M Uf-- Itihion Dvllar X-ts 1»-M ii/re-ntu nn I‘I. U 31 Thr PajrJM b-r. WESTWARD 

ti.a K.'.-iwbj Juruh. 13JB am CartoorumM. 1 L 88 wldtersDoon. 

UT ., 1L15 PdiT Thrower'* aprd-'no nr the 

Hit • .< 0 inh. U-48 Ojcit. 1LSS 71w Sweet SBBar 

CAMBRIDGE. CC. 01-B36 603S. 
Bm Office now ooen tor 


A new musical starring 

Red. price proslews from Doc. 13. I 
Opening December 19 . I 

.... • BEDROOM FARCE Law slew Fri. A " Sal. -'doors' won - ' 

If you do not laogh. sue ire." d.‘ Exp. • 11-15 am. i 

' 6MDN“MA«ttLk" ARCHTwaT T t23 ' 

QUSfMS. Creon cards 01-734 1166 . 2011 '21- FORCE 10 FROM NAVARONE ' 

v ” ed . 1 . OO . sat. S.OO. a. So. * A ‘- Sea progs. Db.. d:ors ooet 1 30. 
CHAjyjMS. ROY DOT RICE, *-*5- Lale show Fri. a Sat. tigers 

•■DAOJNl^L SUM "MC&T L «-rMl P SS C ^ aU SA .. «**- Sfii 437 et Cl- ‘ 

-^ M OS T MAG KAL.- Times, uV; - SS7 BarV * * 

MOST MAGICAL." Tiroes. Lft Soo. 

11IW Raffprtv rt— s ZJS IFota :r. Onlr. . 4JB TV Cart now line. SJfl J'lM th« Job. 60* prevs. - Nio 

fFiih mtIX* n-iraoK »-•“!■ ttomc mi rh' Prair:?. SJ* pm J«*- -iirl OlaiT W-2S R’Mgsfd Lute X-n*. Ow 

IZ.03 tinar Ihe Paoen< ht>- Lin.. yeiv*jr sii 535 '.raisrtudi. MB Tilt of tht' Twru. 1UW Movie 

12.15 am Close: A paint in V by -teyori LIS lucjn Wale*. Ths (Y^-.ikir; ■■ To..- Heart Hon- D'o •' iTT JL 

Decas. with mu^ic by fam-.r'v Wile. f.SS .-t- Mlilldn r.'urtc 1 sranlru Ray SIUlamL U2Q pm * r 

Rrrlin? ' ?3,: - t 3 -® D -’ tSvhino ir Ihe rraSank- raiih lor Ul?. J.isvi'- 

AH IB' Rcstjonn as 1-oidon ^ Fm ' " *" YORKSHIRE ^ SSK’W 

except a. the fnliowlng times:— htv CYKRU -WALES—vs ffrv Gaiual ULIO am Record Makrn. L20 pm play FOR 
. .. r . . . S rrl-.”* ?xcey:: 1.3MJ3 pm PMiavriJid C ah.mdjr Nora. A ZB Jalriu-riaw. AC 

e&-'fiOY. CC. 01-930 
Prevs. Nigntly at 8.00 until Doc 
Oawg Oet iz at 7 00- 
■ Rirr fKLAND 
in an exciting nova comrdv 

“’TSKSaKS'e' ^3SiMaM4i-shS:^S 

M SSL3Si A 9BS ! j^«Y B T AKa i ^ GAL NOTICES 

. S: r ~‘ 


t i 

ACROSS 6 Recesc in wall for Hospital nlS’ ns? ,0 *BL 5 ! 

1 Menial brightness reriuueil sitjn in French reson (51 lipmA 

by spies ttt!) 7 Lived and wont off embracing 

10 Town district io iodge soldiers Pole (T» 

. . r . . 8 Bribed London borough io ■ — 

11 Division or number or soldiers prov ide fair trading (6. 7i 00*1 Rffdid 

dcuilcd U. r 9 Pawnbroker with short ansv'er 

12 ^ a i ninS .'c, 1 ie maDner Ihl? about lines creates noisome 1 MssfcHa 'gsm 

Marines (5» conditions iI3) * v**"* ^ 

13 Rearranged last deep base (Si Australian cinvbny with n msuh* dm 

la Praise termer ifl.l Geramn stan d a rd added clause (5-51 *£ 

, e article and turn 11 on H0» 17 , s ( , ur , i ncorrcct v \ n . if S ■»«i*w«er.. 

16 Thought coming from wide splendid? fSi 

IS L've S tJ 4 relurn thal whub w 19 in Krench “»* vdiU>T 

t*l • o krtirt i 


by Mletiael Nastlnn 


g r., . Bi. the 

. . . S r7l-.”* :*ccy:: l-HM-Jj pn Pi'Jiavrtau r- a h'ndjr Stirs. AZB Jabhvnaw. a«s oldo joco round house, lm vy— • •*> Ue K1CI1 .-QOijllT lib JiMsi-u 1 

A!NGLL\ V<i;.Mun y nydd. AZi snrvn Wlh. «.«- L»tU« Umpn on Uu- Pralrte. AW Catomiar TH E AUD?EN ce N nooK wiy« EyBi * M’F - V, »■ S»KrS5t j f^habenyy ZHrl^on Canwanws ; 

2i sn 2.w WT-JSaj. saa - * m M,atl Bya*" 1 - OJO ,0 Con£crl - ““ ^ “ « 7 - **'f 

: : i-mJS.*" y , —— --^L-SL-ga ; utCRAF 3„ 

Saurh. U.« ivs-tt. H . 5S The Sv-cr: Sn-ar c p!an?ra L'nJ t Sail. 12.35- 12. 33 *m Iliad 
numUion:. 1JS pm .\ulii Jews. 2.03 Your !.ui.u^c. 

article and turn ii on (lOi 
16 Thought coming from wide 
areas (4i 

IS Live to return lhal which is 
vrroQS Hi 

) BBC Radio New Wavelengths 

BBC Radio London: 

1453k H;. 2fl*nt A M-Frirf 

-1 U53fcHz ZBbn 

•z LTSkHt 2*Tm 

1 UMkH£'275«i 

U & IMUthl iterae 

Capital Radio: 

15»cm. 194 a A «Uvhf 

O MSkHz Oim 

JL. %7VHz-3Mm 

A 205km ’I5e0m 

Hr & 92-9Svhf 

London Bnudcmtos: 

ft 88-91 *M stereo 

115UiHx. IUr, 6 , 97J«Nf 

You ud Tom lUff TU- Peier Bndsoa 'Km 8 . 0 D. sis.Tia Sid™.! 
ShDW 'S‘. 12J5 WeaTlirr. pmErammc news. I OKI CALCUTTA! 

L4M Thp World at im*. L48 The Ardwrs. 
LB Shipping ton-cast. ZJP News. 2M 

««,opi ° - CHil Fr CALCUTTAI^ - 9-0 0- 

" The fen Mai '- 

hr W m Broura 

_ CC. Dt-das SOM. 

S**Y .. ew rKop* Fnaiv 

Lofmofl emit* race 
- Jtost MaPatf oi tm 

.Mo. Wm ftf i firs’ 1 
BYKHEAn merry- lie ~ - . . 

- ^ Vo - “SW!’ or JVTJL -'"it Tv:/:.. 

samcafp sHOPprrrmf: comPjlyy 

. . .. . .UNITED... . 

Woraap’s Hour. 3-M Nu«r&. 308 ijUimUoas [ duke of york^I cc^ OvbsS sij? JfL_ h0 ? lc, ~3’ aceeMce-. Major credit M«fer 7 of The -Cdtnaapws 
to tlw Prime Minima. 3.3S Afternoon I l«»i. W. .»d St. 530 Si b.m! towmi ret, pi-ags Sia .. _■ 1 . . .... 

Tllvatn* th<. ASS Sloes Time. 508 PM rt^'CtTY 

roajcsulne. 5JB Sh!M»nc fortcaw. couhtenay ____ KENDAL 
5-55 lVfaUwr: programme ueua. L88 3lep-H. *. #s bliss '-oumtw 

6J8 Too of i hi Form. 7.S0 New*. 74S “Michael Frayn’s funniest play - 
TRi’ -Vrchrfv 7^3 Time lor Verse. TJO O. Tel. 

*y theatre. — or. 35G HSREBT '<jrvrar.’ L u»r 

Credit Carp i 01-734 47 ^ • • I for. ihe wturthw-up br ihv ahov<^ 

ACTOR*o^S?ff r l^«™ " ! Gwrswntes. to di» Hiau Cowf .of 

! day nf Wir.'iaatpr 

. PLAY OFTHt YEA* “ IlSSi Pg^WWt- tfl -fho TOW . COOrt ilV 

Brian Clam “A mwnnbuK Li-_ . •• »T>; . MC1SFL . rSL 'Kim* • lb,m ib_ 

n » rijfi | stmp.wnj nn.nesira, F Si art. I 

* ,uu 5 oi ctpon in inly liii-n fnr srnlntm- 1 . . n.*-:h«.:L <*.. U33 id Short UV* 1 - par*. 2 . Tcha".oi-tf.y in. 1 JV Wca! 

20 Fish wilh Tair lady its said f*, p ,n ,nlx, tlie ior sCUiptUl (*j siertwlumk broadcast lutlio eiTaghoar ■i.-dht FranHnm Bart 1B-M Th«. v.’orlrt Tunuaii. 1»J8 

hut it’s a uarnins io nuulls . * Medium wave 3y;,u«E. siLi-llut lob N»*s. 1A5 .LRauxis; U_« V Boot st ] 

, C. , 1 ^ 23 Brush, shrub, cither or bulh . 503 ■ *' un „°’ w Slaadieeer UUMar i.os-prr l-w The 'Financial vrorM TonhUa. U-I8 Ti 

' te-i i TratY SM Stmun 3 *t«. UJI Kiiil xw •>i>+r*i part V *' Dry In Pardaiuvnt. M.8B News. 

22 Refined woman with girl and Rnravn 2 J» pb Tmi BtoiVhwm oi SM«selrtu.«r ■ ■» .. 2.48 v.osttt . 'talk- RBr . b .j 1i4 « 

.ci J* Stone from ring father left Kid Junscu. 7 J> a* Radm Mas 2.43 schui*.'n.. Two u>-*s pan - ’Die K3ufO London 

_. I". i„ V,.’ I,.. , nrtflc (41 '“hn P>»1 '?•- 12.00- Close A* Radio i Fraimto vwi Sal* man:.-* ’’ . tsi. «« SM am \* u a<| to :. 8 J 0 Hush flour. 

24 AO Sir. US HTODg. l>Ut *,oe.. in DAmri ■> Srimmann uiano reeua! .?►. t* BertJn l.oudau Live. 12.03 ora Call In. 2A3 

* Ka'--Mw^. EW A Hpssian Cooten pari FORTuritT e«. a. Thun. "3 * ttv “ « anyway 7 ‘-W CUSWttES 

. itorvdiA ProtiplivV */>. 1-48 A Talent sasuraay S.OO and 8.00 - i * mamw itu ps piav. -i i -* vn - 1 - SXCIffl . nE 'Ku>eY ■ bpqm Rntrar. 

:n .lulus;-: J. IV. Lan; hen wl:h fh- BH*. Muriel. Pavlow ai MISS MARPLE j STsi ftS -’ 1 _ . Gan » Ew«PiaB.OO. 1 3S-il. ilart: Lan*. LonrtrTn 'ECSR 31 nr 

Svmpliuns Op heMra. F-antfari. Mn I Sound akMwv. MO A RWhD JMn ?oi?rtm^ r cJJ5T V »S5 R ® ‘ “« 8 A&. laod UraL tbr- 

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ludio e.'THBhoir Krajjkfim cart 18.80 Th*. World TuOUUii. 1»-M Aw CC_ ^i WD'. EfL 8 . 00 . 1 W ja^ 5 a 5»S* NiGEi 20 *Srair , i n - 13! rRoyaJ Coorts of 3 umJtc. siraad. toKSmi 

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'liffdem'bfeir 7 ; 197S 



All'-* 1 -. r 

The Red Line 


A second opefcr fiirti*. Ffwfisli' 
composer AuJIs 4$itEatti-"J*ipMiir 
nen Ffica (Thc ; SBe&r pine} ;• had 
its first perforfi?utftes?.iat" the 
: Finnish Natfoi&lj'\ Opera in 
Helsinki last -SaHfefln’s 

first opera.' commfe’sinned for the 
1375 Savonnpna Opera Festival, 
■was Tfye After 

encountering a - performance at 
the l97T^ea^rai»,£ d^smbed fbb 
■w.ork i co^nnns , as ^a rr 

ambitions: -;$£bSg£ ^towerfafty 
expressive work<ihfe-.on&:gue?ses 
eapaWfr: : -«^-jtto«U3toSicatTng Its 
da rit northera fascination to a 
■wideraudienfie'limS'only, tSavonr 
linaa r s} rt : aiid: v eOi^iSefed 7 tiiat- its 
eomposer-dispiajfed. “aVgraspof 
mnsicswtramatic a imenstoPs. '-and 

arrnmderstandkife et ihelc-pur*; 
. pose; .that pnmiise.mucti/' - ; u •, 

. If there caif fce. '.detected. j;m 
these pb rases- a-teerf ato . riote" of 
seif-protective. ( ittttos,;/ J .i&W- 

throw caution t jn 4bp-.- winds in- 
praising , toe new . opera, which' 
shows tie -ptbia jft 'df-ihe . first - 
fulffUed^mdre.rit fttaetiallyThan. 
one d*rt&?ti£e#« ^;aifd$nggests 
that i j tt : ■riceapJr ■ *. s -a :slgatiic&nt' 
f&ree- r» . biwra— 4S iss'iWy;- .-indeed^ 
ope. of the few f iporUmt onera 
t-omposets- aiive ' iday. To twist 
LapfyT firaeEfattil ‘ 5&ta-: -'.positive 
statement : tO- pr( luce one. good 
opera; may be irei cird«i- as goad 
fortune;- -to prod ice two looks 
like an authentic iperatic talent. 

Saliiaen>: tiSe ha? -two prin- 
cipal- meanings -a i 1 to their con- 

■ junction ; is summarised the stuff 
o/ r the. opera — its. range; its 
aim; and also its tragic power. 
The. red Une is t ie cross on a 
ballot piper — tfc ■ action takes 
place . to . 1907. a time of 
historical imports ce- when the 
fi^t Finnish elect >n under uni- 
versal suffrage- w s being held. also- lhe line of blood that 
seeps.. from the iroat of the 
’crofter .hero. Topi, es he lies dead 
at the end of the nera, savaged 
by the tnaranding A>ear tfiat has 
been plundering . rod menacing 

. .his. V.fopeit— homestead. -Unlike 
The Bor^emnn^icm posed -on an 
original 'ifbre^to: The Red Line 
was draw? fSy.SalUnen himself) 

' from tEe -ciasSc“ Finnish, novel 

■ 11500) toritbe ; . same nanie -by 
Iliiiari KimfiJ (1)574-1970). prolific 
novelist ;iif mqrist, and poet of 
the - ■ heajtrful. -treacherous 
Northerner innisb landscape in 
whieb nmv and opera, are set: 

The twqacts of. the opera. are 
m*ri e up seven scenes and .an 
epilogue; fptganised . with the 
compel rf. unerring mastery of 
form anf dramatic timing that 
cbaracteifles every aspect of its 
ntanufactfe. The plot follows 
the wrath ed fortunes of Topi, 
liis wifeRifka, -and their three 

children, ^ politically and 
socially v'festiw * hutsidc world 
begins to impm?e on the unre- 
lenting ■ 'ble&tjesar --;°f their 
poverty-ridden - ^-isnstepce. A 
pedlar comes byl-.’Wlh tales, 
riddles, .and ballads /and with 
intimations of 'discontent stir- 
ring 1 within the Russian empire. 
-At. a public meettogr-a scene of 
hypnotic* /theatricality which 

brings thefii^t-'act to a 
trenttndtras' cUinas -r- the agita- 
tor.^FuntarpSS,; invokes _ ideas of 
liberty, equality, ruidi fraternity. 
Of .a people fea fnto g to act 
rf j p v-My. in the; shaping of their 
own lives, toveracinus ears. 

. - ,ta -the second act,, the election 
takes' -place,. and <-Tbpi and Jtiika 
■ corhe;- tote v the? .village- to- vore.. 

.Tzrtbe background,' dormant but 
not forgotten, lies ' the bear— a 
passionate land - very funny) dis- 
cussion among neighbours on the 
exact - meaning of the "red 
-line !* is- suddenly interrupted by 

' the sound of his stirring (an off. 
stage- horn cativrtoat is his 
Minority and his "EErri o t'e motif i. 
^Disaster strikes. - , ITirsf hunger 
-'and -disease -carry off the three 
children: then', at the- dose Topi 
leaves for- 4 bis - toortir . combat 
•with the beinV. Iit r fbe’ final blast 
of offstage h<toa$,,^, amhn aJ re 
now rccogni^d : ; Ps;- d-- -symbol , 
though to no-. ’didactic or Con- 
stricting sense,- of the power of 
nature, against which man stands 
revealed a poor, bare, forked 
animal and political freedom a 
necessary,, noble, ... and cruel 

Neither the novel nor the 
libretto is available in English 
transtauicn. It is— a- mark of 
lhe innate dramatic power of the 
opera that ..the -non -Finn i.' 1 !- 
speaker soon appreciates, oven 
without the immediacy ofdire?: 
comprehensicn-. .the iinafnnatjvo 
economy and -- precision of 
SaKtocn's adaptathto-. The Rrd 
Line, is that rarest of 2C"h- 
centory phenomena,- an opera tic 
epic, in v.h: ch are inttrintogl od 
thetues of state and!uf-T' t ^ ,ividu:tl 
destiny. LikeVBayJd Blake'? 
verj - different and-ralher Je?s 
successful grand opera, 
Tousscint. it s&i excitement, 
tovolvement, arid - Identification, 
on severs! levels sixeuManeously: 
as a • vweeping£'.jwany-f aceted 
drama of pcrlitkal/bwaken^rig, in 
which a non-doctrinaire breadth 
of vision allow?; /events to be 
..viewed from mitre, than one 
standpoint; as a drama of per- 
sonal tragedies infused with a 
rich fund of huucm . sj-mpaJh.*. , 
its characters experienced in I-Jo 
rou nd. ncri as ciphe^s of sym boL?; 
and. not least important, as an 

Jorma Hynninen 

operatic entertainment that 
grips .one by the throat. 

It is an opera that combines 
national accent with universal 
significance — the themes display 
this combination, so too the 
eloquence and rightness with 
which the music realises them. 
In parts of The Horseman, par- 
ticularly in its first act one could 
point to musical gestures and 
devices not wholly absorbed into 
tin- bloodstream of the drama. could be extrapolated as 
mannerisms. In The Red Live, 
musical idiom arid dramatic 
nn'oldme are inextricable. It U 
a northern opera, and a northern 

idiom: Shostakovich. Prokofiev, 
anti especially llusorgiky have 
been digested, and the lessons 
of their manipulation of musical 
and dramatic tensions learned 
and mastered, to a point where 
the composer's own voice now 
speaks with unique clarity. Ex- 
pression is wide in range, plastic, 
marvellously varied. The success- 
sion. In the first act. of Riika’s 
solo scena. the pedlar's haunt- 
ingly simple strophic ballad, and 
a broad tableau for agitato r and 
chorus animates and fills in a 
canvas predominantly dark of 
tone but never unrelievedly 

The fther Place, Stratford-upon-Avon Covent Garden 

? * -vi 



kv MiQiiAEp . C;0y.EN£& •« , • j Wlth Morlons rt . mrn to the liaeauon of the movement: 

P uv. . . .. ./ -.Opera House repertory came a Eagling riding through a big 

FoUg -I Euriphides -quite nrt talked^ as-^ome mysteri- 

movement: , 

l could expatiate for pages on I 
the. riches or the *core — the J 
muscular, untrammelled lyricism ! 
of the vocal lines: the dynamic 
thrust of the choruses: the : 
almost unnerving acuity of the | 
orchestral writing, in which j 
siicnee tells as pointedly as [ 
sound; the strokes, or theatre. ■ 
The sextet, no more than 20 
bars H>og. that follows the call 
of the stirring bear in the 
middle of the second act, is only 
one such stroke, when the scalp 
prickles and the senses confirm 

that the composer has under- 
stood. What opera Is all about. 
Sallinen's musical language will 
in some quarters be deemed 
conservative — its tonality is j 

sometimes a diatonicism of ! 
simplest nteans. The impact and 
the scope of his opera force one ! 
to question all over again the • 
worth of Caleb penny tales sue b ; 
as “ conservative " and ** ad- ! 
vanced. - " The Red Line seems I 
to me to be a work Lhat manors. , 
a major work, of a kind that 1 
reduces all such consideration to i 
the level of in-dew at spec ala- • 

It has stretched the Finnish 
company to great achievement. 
Fierily conducted by Ukko Kamu. 
designed with expert economy 
and subtlety fay Kimmo Katvaotb 
(particularly admirable in his 
reservation of strong colour forj 
moments of dramatic revelation). ; 
the production by Kalle Holm- 1 
berg moved forward with an I 
ineluctable force tempered only i 
slightly by a tendency to move 
characters unnecessarily often | 
about and off the stage, and by : 
some obscure symbolic devices at 
the final curtain — the opera, 
needs a hard, quick termination. • 
and this, at ihc public dress ; 
rehearsal and first performance, 
it failed to obtain. 

Two casts had been supplied ? 
to jive alternate pcrtunnances. • 
each with its own points of 
c-xcellence. There could be nn 
doubt that Jorma Hynninen. the- . 
Topi of the first, cast, gave the 
more powerful performance: the , 
young baritone, already a Ham - 1 
burg and Scala Pelli-as. and a i 
singing actor of incendiary inten- [ 
sltv and robust, beautiful tone, is 
destined for world fame. Equally, 
it was clear that the agitator 
(Eerp Erkkilfi. an alarming blend 
of raesmer end politician) and 
pedler fJaakko Hietikko, a light 
and lyrical bass) of the second 
cast told more strongly in their 
roles, then those of the first. Both 
RJjkas. Tam x'aljakka and Fitva ' 
Atnritien. were profoundly mov- . 
ingin their different ways. Hapny • 
the company that command-: the : 
services or two such sterling : 
sonranos: h:*pyc (he company 
with so dramatically atert and . 
committed a thorn? . It was. ; 
indeed,. a company achievement.: 
which in opera is the highest ' 
kind, and of which in London 
our .own ENO still gives us- 
occasional glimpses. They are ! 
the company to give us one or ; 
other of Sallinen's operas: and ! 
surely It cannot be long before i 
they do ? 

The Mellstock Choir Band 


Under the Greenwood Tree 

bv B. A. YOUNG 

Patrick Garland's stage adapta- 
tion of Hardy's book begins and 
ends with the Old Hundredth— 
“All creatures that on earth do 
dwell. Sing to the Lord with 
cheerful voice." This is the key 
to an evening in which most of 
the actors bins and piay musical 
instruments, and in which major 
elements of the plot turn ou the 
relative value of strings or 
harmonium, of staff notation or 
tonic sol-fa. of clarinets or 
serpents. (The Mellstock Choir 
Band finds against clarinets but 
allows half-witted Thomas Leaf 
(George Gabriel) to play his with 
them; finds in favour of seTpenls 
but leU Eiias Spinks (Terence 
Conoley) to swap his Tor a fiddle 
after one scene.) 

The story about the conflict 
between the happy-go-lucky old 
choir and the reforming young 
Parson Maybold becomes a like- 
able play, and Mr. Garland has 
made it as authentic as he can, 
even employing Hardy's Victorian 
Dorsetshire dialect, which has 
been so much mocked in rustic 
comedies that it Is only by much 
skill that the players keep it 
from sounding fur.ny. Occasion- 
ally they forget «as Hardy di'.ii: 
when Fan.-y Day (Strap Growlcv) 
refuses the parsons hand she 
breaks into standard Engi'Sh to 
match the author's sudden up- 
claw manner. 

I found ihe evening warm and 
cheerful. The Old Hundredth i* 
by no mean; the only music we 
hear: the company breaks into 
song a ; . the drop of a straw hat. 
with folk songs, settings by 
Chris Liitlewood cf Hardy's 
verse, and traditional dances. 
David Bacon as Tranter Reuben 

and Frank Shelley as his old but 
vigorous .father set the pace with 
mussc a.s hearty as their per- 
formances. and there is pleasant 
singing too from Sonia 'Woolley, 
who as Mrs. Penny gives a pretty 
song called “The Swallow," and 
from Adrian Casey as Billy, the 
only treble in the choir. The 
•arrangements and the perform- 
ances never make the mistake of 
seeming too yoc-d. just as Lhe 
dancing (choreographed by Mr. 
Lit tie wood) contains a Deces*ary 
element of rustic clumsiness. 

Romance is in the band of 
Miss Crowley as Fancy and 
Geoffrey Klriaacss as young Dick 
Dewey. Miss Crowley is Juvt-J.v 
when she is common but less 

so when the remembers that she 
is a schoolmistress, and Mr. Kirk- 
nes; is handsome, which is all 
he needs to be. Gilbert Wynne 
has the difficult task of making 
Maybold decent and sensible, 
even romantic himself in the 
right circumstances, and yet un- 

The scenery by Neville Dew is 
venires, on a big square wooden 
hox that can be turned into a 
variety of places and things but 
for me bus ihc look of some 
-.cienw-fiction artifact that ha> 
grown among the simple country 
folk by »ume alien means. Even 
a greenwood tree lowered from 
the dies could not reconcile me 
to it. 

V & A Christmas raffle 

The Associates of the Victoria 
and Albert Museum (the V and 
A's own charity) has launched 
the first V and A Christmas 
raffle. Prizes are original works 
of art by leading contemporary 
artists. All the artists have 
donated their work' for the 
benefit of the Museum. 

The pictures include water- 
colours. etchings, aquatints, litho- 
graph?. a collage, a drawing and 
a set cenprint— several of which 
are valued by Christie's Con- 
temporary Art at £500 and more. 
Altogether. 11 pictures are to be 
raffled and arc on view in tin* 
main entrance of the V and A. 

Tickets are available at tin? 
main entrance or by post from 
Nicky Bird ai the V and A. The 
draw is on December 20 with a 

champagne reception at the V 
and A and will be made by Dr. 
Roy Strong from a facsimile of 
the largest wine cooler in the 
world made by Charles Handler, 
circa 1740. 

Arts Council 


Lord Donaidson. Minister Tor 
the Arte, ha? announced four 
nnw ^ppoiruments and one ,e- 
appfiintmont to the Arte Council 
of Greni Britain. 

The new members are 
Council lor Bernard Atha. Mr. 
Rohm Guthrie. Miss Margharha 
Lt4;i. and Professor Antbonv 
Quinton. Dr. Richard Hoggs rl 
has been re-appointed. 

SisSf ,?~rr ! * msw 

des\M bj’ Ralph Koltal. is a f rum the coach. MacMillan's of personalities in the Erst at, 

i I studio classic of controHed. but Manon is an innocent oppor- duets which made them seem the 

££i'S!!u PuJW^S.- simplicity. The com-] tunist; Penney' < Manon is all this, natural outpourings of two young 

* a? **“>' '“*• arqund a stone acting j bitt sympathetic at every moment, people desperately in love. It is 

^rea, in unofrm white and the ver.- last acquiring a exactly the sort of dancing the 
tatthough Theseus is shod dignity because she has suffered ballet requires, warm in its 
sagn g tne stange, oe c iiuna uqy ^ erteket boote). There are so unjustly — her bcautv deserved iyricism. and seeming freed from 

scarves for th? King and Queen, better things. ' a'U physical problems. 

HflPtytws. is rareiy enou^ a vril for Arteinis. red leather As a dance interpretation there As the third member of the 
' IS. f straps for the disfigured Hippo- was nothing to fault. Penney at central trio David Wall was no 

' la®iiE . Agaln-and again (and not her Best seems truly bom to Jess remarkable, because he has 

pu certaiiHy -iiom ffly-.juein .ry. j ug j j }€C31ise j sjuing- nest dance, so easy and natural do the darkened and deepened his read- 
'•-. id yet wbat an - enthralling to /him) one is reminded of rigours of the classic manner mg of Lescaut without losing its 

/ V - ■■■ 

/ . , *v . / . 


Fkirlpides' delicate images of 


BBC Symphony 


The BBC season at the Festival flowed sweetly and reasonably. 

tep-sari, -wrestle' individually, exciting Phaedra, giving tremen- lace is placed round her throat iosl nothing of its mad humour., 
nth ttheir inner selves. .Nothing dous animation to the erotic j S «jf almost sexu ai abandon. Strong company support; sen- 
'• have see» lately is —store principle that Hippolytus achnow- - xiiis 'admirable reading was sltlve orchestral playing under 
harrowing or unsettling- "ti^n ledges but does not admit Neat matched. bv Wayne Eagling's des Barry ’Wordsworth. And to think 
.ffichapi Fenton gtoote^ ^Htopolytus, thematic unity is supplied hy Mr. Grieux. Dne could no't ask for people sniffed at Manon when it 
coidly- ah ahdonW hyrhis-ArtetoJs. Budkin’s subtle in^stence on the dancing of more exultant was first given: it has won ai 
facing the fact,' as lie lies dying, importance of self-knowledge, dynamics in the first act. nor for secure place in the repertory and] 
Oral all our lives may be. frittered Miss Parry exits with the line a" cleaner or more exact de- in the public's heart. f 

away in -pursuit of- "an insub- “That self is no self that will not ■•••■ 
stantia) ideal - • - give itself." Frustrated and m-j 

■■■**»»*» wij Hippolytus SL s“«im«t“s ,SiF««Uv»l Hall/Radio 3 

iiPKSfE t6e sakc 01 publlc dccoram ' i 

shown; =*6 uppaUingf-y. fickle The chorus speeches, heavily! *|-v jy ^ x 

and Euripides allows toe trio cut, - are shared among two l K Kl .tVTTI II li till V ' 

.siflideittt =foom - to manoeuvre representatives. : and tieoffreyi-- V U J lllUllVliJ 

W^th. the -scheme so dial actual; Freshwater brings jus to the edge j_ ^ ' 

choice and human fallibility play of our seats with hre account of - •; . 

an- eoiral part-' Theseus (a. the “bull-thmg rising from the| , MAX T DPPFRT 

mighty performance by. Patrick sea Jo satisfy Theseus curse on , OV jMHA. LUrr.EA i 

Stewart), broken with rage by his banished son. ; -;• 

his -wife’s suicfde not*- accuses. Hie .play is about essentials. The BBC season at the Festival flowed sweetly and reasonably. 
Hippolytiis of acting iik^ Angelo, Bin it is also, about flesh and i s not turning out exactly as its but without - the full richness of 
cloaking -treacherous' faist fn a blood,- and to' that tension planners had intended. Mis- Feeling or sonority that this 
guise . of. public- and. .-moral between- . idealism and what fortune has caused the cancel- orchestral wizard can conjure 
righteousness.. The. Nurse- warns actually happens to people, lies ] a tion of two British premieres up. In the Scherzo, the playing 
Phaeidra'+hat life, is a. -practical the .perennial, message of one of due to be given by the orchestra started to bubble with greater 
craft to be 7 learned asoti studied, the very greatest; theatre writers. — the Lutoslawski song cycle from vitality: elsewhere the tone 

'■■ ; Fischer-Dieskaii some weeks ago. seemed unusually - restrained. 

. / . I.---.. . and the Estonian compdser Arvo .moderate, median in -dynamics. 

. Part’s Cantus to tile memory o-f Centrepiece of -the concert was 
Benjamin Britten last night Hugh Woods Scenes -/ran? 

.. (PSrt failed to arrive from Comu? (1965). given a welcome 
Moscow). Gennadi. Kozhdestven- revival. From past perform- 
sky conducted, as an apt replace- ^nces I remember a more lyrical 
menL the Passacagha from Peter outpouring than this one encour- 
Grimes.' it was a valiant, but in asc d. The orchestral writing, 
the circumstances, understand- 2 nd the admixture of Tippeit- 
ably — somewhat cautious reading, i^e flute-and-celeste swirls, 
(I have never yet heard an solemn Messiaen 1c brass thirds. 

■ of 00 !™* of - ,L - v;be h Z ant * cut ■aod thrust of the 

theatre or id nje uonwrl.tall. in StpaT i asfcy e ] a£ sical ballets, sltl-1 
which the i opening vio s to'o « lie* raakc a potent . fascinating to- 
^ entirely happily on the instru- pression F of ma5ical soun<i . 

' devices “in a light Fantastick 

Britten s part . round " But the vocal writing 

Caution seemed the keynote of fur soprano and tenor soloists 
the concert; this. too. was a seemed, by comparison, a trifle 
slight letdown after the Russian drab.. Perhaps it was -the fault 
I conductor's glowing first Festival of the voices in to is performance 
Hall concert with bis new — Jin Gomez on edgy form, 
(orchestra in October. The Brian Burrows disappointingly 

Dvorak D minor Symphony dry and toffnn of tone.- 



... ^my'^mym 

" ii-y.~+y& 

‘y-- ' *■■■■ "• 

The very beginning of a dassic sheny 

New RSA-Robert Mayer Award 

Natasha Parry 

The Royal Society of Arte' 
1979 Scholarships for singers and 
string players include a new 
RSA-Robert Mayer Award. 

L This has been instituted to 
j honour Sir Robert Mayer's per- 
! sonai. contribution towards en- 
j courasing young British - 
musicians. Using its own funds 
1 the. Society will .sponsor the 
l, ,.riru Ban : RSA-Robert Mayer Award which 
; will be "of comparable value to 

the other principal awards. lt is 
different to the others in that ll 
will be offered specifically for 
further study at a recognised 
centre of music tuition to the 
United Kingdom; In the past the 
Society's music scholarships have 
been exclusively for further 
study overseas. 

Further details can be 
obtained from the . Secretary, 
Royal Society of Arts. S John 
Adam Street, London WC2X tiEZ. 

No wine can call itsclt a ic 

sherry unless it starts life on 
r h c gently sloping hills around j 

Jerez de le Frontera in Spain. J 

Here, throughout rhe 4S|| 

long hot summers, the white J|p 

Palomino grapes slowly, ripen. ff^r 
Come September, they are jjflL 

gathered by hand aiSi taken _ |t . . 

in for pressing, . W 

Thej uice -called mosto - • ■ 
is allowed to ferment naturally ; ■ Ti 
in wineries at the vineyards. _ . 

Some ofthesemostos will ^ 
develop flor-ayeast on the > t «— 
surface of the young wine. ' 

Why this should happen ] 
to some wines and not others ■ Wm 




remauis a myscer> : .But it is the 
presence of flor that determines 
which wines will develop the 
characterisrics ol iinos and 

The classic hno is pale in 
colour and dry to raste with a 
delicate bouquet. Luncheon 
Dn' is just such -a hno. Serve ir 
chilled to appreciate fully its 
true character. 

The classic amontillado is 
allowed to mature for longer 
in the cask, taking on a richer 
colour and a subtle nutty 

Such is the character of 
Club Amontillado. 

IjmdieonDry & Club Amontiliada 
Two classic styles of sherry from Harveys ofBristoL 


Financial Times Thursday D'ece^efc 7v-i97fc 


Telegrams: finastinto, London PS 4, Teles 886341/% 883897 
Telephone: 01-248 8000 

Thursday December 7 197S 

A divided 

IT IS DIFFICULT to feel any 
great surprise at the outcome 
of the European Council meet- 
ing in Brussels. For months it 
has been obvious that the 
British Government entertained 
serious rese rvations about 
several important technical 
aspects of the monetary 
stabilisation scheme being pro- 
posed. which it felt would make 
things more rather than less 
difficult for the United King- 
dom. These reservations failed 
to persuade the other members 
of the Community to rerise the 
scheme so as to make it more 
equitable as between strong 
currency and weak currency 
countries, with tb? result that 
the British decision not to 
participate in the scheme, at 
least from the beginning, was 
virtually a foregone conclusion 
by the time that the European 
leaders met for their summit 
in Brussels. 


Ireland and Italy, too, have 
economies which are potentially 
vulnerable to speculative pres- 
sure in a European currency 
stabilisation scheme, but in 
their case fear or the risks has 
been more evenly balanced wirh 
hope for the countervailing 
advantages. In the final negotia- 
tions. however, they were not 
persuaded that the gains would' 
be adequate to outweigh the 
risks, and both governments are 
now reconsidering the position. 
Whatever decision they now 
take, however, will be taken 
uneasily, if not reluctantly. 

So the net result of a year of 
negotiation and debate is no 
more, as of now, than that the 
existing five members of the 
European currency «nake have 
agreed to a remodelling and 
slight strengthening of their 
arrangements, and that France 
has decided to join them. This 
is not an entirely unexpected 
outcome: but it is nevertheless 
deeply disappointing. 

It is disappointing primarily 
because of the stark contrast 
with th? breadth of the aspira- 
tions originally linked to the 
target for a new European cur- 
rency stabilisation scheme. 
When Chancellor Schmidt, and 
President Giscard d'Estaing 
launched this year’s negotia- 
tions, they made it clear that 
what they had in mind was a 
major political breakthrough in 
the development of the Euro- 
pean Community. In the event, 
it .is clear that there has been 
no major political breakthrough, 
certainly not one which is going 
to strengthen the Community as 

a whole: as so often before in 
the 20-year history of the 
Common Market, long-term poli- 
tical considerations of the com- 
mon good • were rapidly 
discarded in favour of the 
familiar haggle between compet- 
ing governments. 

What is so deeply regrettable 
is that those countries which 
were committed to the new 
scheme from the word go should 
have pushed national interest to 
the point where they knew the 
British Government was vir- 
tually bound to remain outside, 
and where even. Italy and Ire- 
land might be deterred from 

The British Government must 
bear a large share of the blame 
for the outcome, however. It 
has for so long adopted a mini- 
malist or even obstructive stance 
towards participation in the 
Community, that it has largely 

alienated the sympathy of other 
members of the Community; in 
the case of the currency scheme 
itself, British scepticism has 
been so unrelenting that it left 
no room for the illusion that 
the Government might sh*ire in 
any of the broader political 
aspirations of Bonn or Paris. 
By contrast. Mr. Callaghan has 
been only ton obviously anxious 
to appease the Left wing of the 
Labour Party. 


This week's decisions are not 
necessarily irrevocable, of 
course. The UK will be 
associated with various aspects 
of the new scheme, including 
possibly the partial pooling of 
reserves, and' it may yet join 
the scheme at some later stage. 
The continental' governments 
have deferred yet again any 
discussion of a reform of the 
common agricultural policy, but 
if they should take steps to curb 
the Intolerable financial burden 
of the CAP when they return to 
the subject in March, conditions 
for British membership in the 
currency scheme may look more 

It cannot be excluded, how- 
ever. that this week’s European 
Council meeting may prove to 
have beenra turning-point in the 
direction .of a. two-tier Europe, 
in. which the stronger economies 
are hound ever more closely 
together; and the weaker 
remain oh the outside. If this 
is to be avoided, the first item 
on tlic agenda for the next 
Europeaif summit must be to 
revive some of the European 
aspirations which underlay the 
original Schmidr-Glscard initia- 
tive.- • . • r -' 

A calmer view of 

than first feared 

BY PETER RIDDELL, Economics Correspondent 

T HE unexpectedly bitter cushions for the whole develop- 
arguments at this week's 
EEC summit in Brussels 

about the membership of the 
proposed European Monetary 
System (EMS) have tended to 
overshadow the crucial point 
that the nine countries did 
actually agree both on the 
details of the scheme and on a 
starting date of January* 1. 

The immediate cynical 
response to the outcome of the 
meeting was that France had 
chosea a particularly convoluted 
and Machiavellian way — even 
for Paris — of rejoining the 
snake, the existing European 
currency bloc. But the events 
of the past two days amount to 
much more than that, even if 
the currencies to be linked 
formally next month now only 
look like being those of the 
present -EEC snake participants 
— Belgium. Denmark. Germany, 
Luxembourg and the Nether- 
lands plus France. 

The EEC will not merely 
carry on as it was before April 
when Herr Helmut Schmidt, 
the German Chancellor 
launched his proposals for a 

meat of the EEC (discussed on 
page 2 of this paper). 

There are more immediate 
implications, however, of the 
Brussels decisions for all those 
involved in foreign exchange 
transactions. For a start, the 
system agreed is different from 
the present snake in its scope. 
This in turn may mean changes 
from what is happening now. 
even if the membership remains 
limited to six, rather lhan all 
nine EEC countries. There is the 
linked question of what will hap- 
pen to the currencies of the 
three probable non-members 
and of their longer-term rela- 
tionship with the new system. 

The new system differs from 
the snake principally in tite 
nature of its Intervention 
mechanisms and in the credit 
facilities available in order to 
ensure that tile mutual exchange 
rates can be maintained. Its 
objective is more 

At the Brussels summit: President Giscard d’Estaing waitsrfor the meeting to resume while Herr Helmut Schmidt catches m> 

on 'the! news. ' 

e ambitious than ministers— of what will happen non-participants are excluded, iets, and the likely limitation the- other leaders that sterlings 
that of the snake in providing when the early warning signal The new system is essentially, of membership to six could effective ratt^ouid M hem 

more funds for intervention and goes off. Sceptics doubt whether designed for the EEC, though, affect the central rates , set at Within a ma^in of pins o 

in integrating the intervention this will be fallowed by the others can be associated^ .Its'- the beginning of the scheme. Al- minus 2.2 5 P-r cent agaum its 
mechanism more closely with desired consultation and adjust- rules have been tailored to per- though heads of government on trading paring tnrougno^r.tne- 

discussion of monetary and ment by both strong and weak mit a continuing involvement bf Tuesday, evening were- stretui-.-wonQ,_ ana. not- just those In 

r- - economic policies in participant countries. Instead, they believe, those EEC countries which do o'usly denying an . intention to the EEC. _ 

zone of monetary stability In countries. The details are dis- the pressures will be principally not initially want to join-. fihe. alter parities, before January .1,- .Indeed it is possible, that af. 
Europe. The arguments at this cussed in the accompanying on the weaker countries. currency scheme. the foreign exchange' markets political xncumstances : in 

week's meeting which had led panel. Many critics, notably in it is a key difference between That has the semantic would not be surprised py* a Britain changed- after an aiae^ 

to a probable division of the the UK. still believe that in its snake and the new system that advantage that countries edit, small- revaluation of the titra, and progress whs ■ made 

EEC into a prosperous group of essentials the system is the same the latter will be Community- say they are in the system with- Deutsche Mark within the next within the EEC on informing 

six countries and a weaker one -as the snake. based and not merely a club out being in the currency, ipohtb following the -small .up- the budget."’' 

There is. in particular, the crossing the community boun- mechanism. While it allows a valuation within. the. snake m balance or 

central question — the main issue daries. From whose discussions certain amount of papering over October. % 

of contention among finance Community members who are of political -cracks, it is possible . 

to detect more substance in the. 


of three (Italy, Ireland and the 
UK) on this key issue will 
clearly have important reper- 

SOME OF the recent comment 
about the impact of the so-called 
microprocessor revolution, both 
from government sources and 
from elsewhere, has bordered on 
the hysterical. There have been 
suggestions the introduction of 
micro-electronics represents 
technological change of a quite 
new and revolutionary kind, and 
that its social and employment 
consequences are likely to be 
catastrophic. It has never been 
very clear that the “computer- 
on-a-chip” is any more dramatic 
than the invention of the tran- 
sistor: the factual basis for the 
dire predictions about jobs has 
been weak or non-existent 
Hence the Central Policy Review 
Staff has performed a useful 
task in producing a report, pub- 
lished yesterday, which sets the 
whole matter in perspective. 


Without underplaying the im- 
portance of the micro-processor 
chip in reducing ibe cost ol com- 
puting power and greatly- 
increasing its range of applica- 
bility. the CPUS rightly regards 
it as part of a continuing pro- 
cess uf change to wfc:c7: econo- 
mies have successfully adapted. 
‘■Technological change has 
always been a major source of 
economic growth and rising real 
incomes: this should be equally 
true of micro-electronics.’’ The 
employment effects of any new 
technology are notoriously diffi- 
cult to predict, but on the basis 
of its studies so far the CPUS 
“is yet to be convinced that 
micro-electronics will be a major 
factor for the worse, unless the 
general prospects for employ- 
ment make for increased unwil- 
lingness to accept technological 

In support of its calm views 
on employment the report points 
out that the introduction of 
computers into the Civil Service 
20 years ago was accompanied by 
similar expressions of alarm 
about job losses, but in practice 
the consequence appears to 
have been that the more com- 
puters ius tailed, the more staff 
has been hired: in some cases 
computer applications nave 
themselves suggested new areas 
of work while in others staff 

freed by the installation of com- 
puters have been absorbed in 
new services. 

Such, sparse, evidence as is 
available about microprocessors 
leads' to, similar conclusions. 
“Applications.” says the report, 
“ rarely involve the straight- 
forward -substitution of labour 
by microprocessors. More often 
the main motives are the reduc- 
tion of stock levels and savings 
in raw materials and energy, im- 
provements in quality and reli- 
ability, better information for 
control. or the solution of tech- 
nical -problems. Applications, 
particularly on the service side, 
often lead to possibilities for 
new. or improved services that 
were not foreseen before the 
applications, were made. 

Whether an individual com- 
pany invests in microprocessors 
depends, of course, on whether 
it sees an adequate return on 
the investment.- If the coni- 
Tuerci a I advantages are aS great 
as they clearly are in certain 
cases, .it is not . obvious that 
special -incentives and subsidies 
to promote the use of micro- 
processors are needed. - The 
danger is that assistance from 
public funds will- be either 
wasteful or dangerous — if it 
encourages companies to rush 
into applications for which 
there is not yet a. commercial 


The important role for the 
Government is not in direct in- 
tervention but in helping to 
create the conditions in which 
technological change - can be 
readily accepted. This involves 
investment in training and re- 
training and policies’ to promote 
labour mobility. The shortage 
of skilled staff which electronics 
and semi-conductor manufac- 
turers are already experiencing 
is partly the result of Govern- 
ment policies which have eroded 
differentials and Inhibited 
mobility. of trained 
manpower and the willingness 
uf trade unions to accept ’he 

necessary changes in skill re- 
quirements may prove to be the 
biggest obstacles to. the spread 
uf microelectronics. 


THE HEART of the proposed EUROPEAN MONETARY SYSTEM Is a seheme to link closely 
the exchange rates of members, basing the system on the EUROPEAN CURRENCY UNIT 

The ECU will be composed on the same basis as the present EUROPEAN UNIT OF 
ACCOUNT. This is a basket of the EEC currencies, the amount of eaeh currency included 
reflecting the distribution of trade between members of the Community. This will include all 
nine EEC members. . 

The new unit will be used as the denominator or numeraire for the exchange rate 
mechanism: as the basic indicator of whether a currency is diverging; as the denominator for 
operations in both the intervention and the credit mechanisms; and as a means of settlement 
between the monetary* authorities. 

Several features of the ECU are unclear — notably Its use as a means of settlement and the 
position in the unit of currencies not participating in the scheme. While the exchange rates 
of non-members will be frozen for the purpose of calculating the raliie of the ECU it Is not 
yet clear whether their weightings will or will not be altered to reflect trade patterns. 

Each member currency will have an ECU-reJated central rate which will be used to 
establish a grid of bilateral exchange rates. Currencies will he allowed to fluctuate around 
these central rates by a margin of pfus or minus Z25 per cent Countries at present outside 
the snake may opt for wider margins of 6 per cent at the outscL 

Intervention will he compulsory when these margins have been reached. To tins extent 
the scheme is like the present snake. However, in addition, the ECU will he used in its other 
role as an early warning indicator to detect divergences between enrrenelcs. This threshold of 
divergence will be fixed at 75 per cent of the maximum spread of divergence for each currency. 

The question of what happens when that maximum is exceeded has caused considerable 
controversy. The Brussels meeting effectively decided on a cam promise. When a currency 
crosses its threshold of divergence there is »' presumption that the authorities concerned will 
correct this position. This can he by intervention, domestic monetary- policy, changes of 
central rates and other measures of economic policy. 

In this sense, the system will be much broader than the snake. But In practice this begs 
a lot of questions about what Mill happen, especially as the threshold or divergence is likely 
to be reached before the compulsory Intervention point is touched under the system of 

' The -communique merely notes lhaf in case corrective mrasurrs arc not taken on account 
of special circumstances, the reasons shall be given to other authorities concerned, interven- 
tion, will. in principle, be .■made in the curtencies of members and adjustment of central rates 
will he subject to mutual agreement. 

In support of this Currency mechanism. a very short term facility o' an unlimited amount 
wfll . be established add the existing short- and medium -terra credit mechanism will be 
'expanded from around.' Inbn ECU (about £10.5 fin ) to 25bn ECU. The latter will later be 
consolidated into a EUROPEAN MONETARY FUND, to be established in two years' time 
when the ECU will also be used as a reserve asset and as a means »f settlement 

idea of baifway house or partial- 

In particular, there will be 
reciprocal consultation . in 


consider . 
the cuii 
ay have 
and iin ; . 
exits of 

rk which 

to jenri 
& -rather, 
one call. 

that Britain 
'the possibility 
CjqWa: Tency regime. 

Oldulv looked a long 

i. after' the 

laic ■ doubted disappoint 

The French Government faces Brussels, but tHp 

various EEC bodies about “ ira- the most immediate dilemma .. «® ye created | jrai, 
portant • decisions concerning in the absence of ?tbe Italian allows 
exchange rate policy between lira and the Irish-pound the 
countries participating and any French franc now looks the most tU5c ^ s 5°“f’- ™ a 
country not participating in the obviously exposed currency. . In more tnag merely 
system.” Thus currency policy some circumstances. in the past The likelihood of he_ three 
has been established as a proper .the French might have preferred outsiders-.'joining ' d c- ra nds : not 
subject for Community dlscus- to devalue before entering tlie only on. improvement to the 
sion even if some countries are system, but President Giscard Community budget aH more 
at present unwilling to link. d’Estaing is committed to a- help for- the less pjspernus 
their own national exchange stable exchange rate as part of regions, -but. also 
rates. • -• the ' battle against inflation, whether thd system 

The system allows scope foY Indeed, he may be Counting on gether. The scepti 
non-participants In be involved German support fS uphold the. remembering yestetda; 
from the start in the vnrv trade over the next few mouths French fran c ro w 
short term facility under which the plan for the recovery o ourof the TUemmt sr; 
European Currency tfnits are the French economy launched receutlv m early 19,1 
‘ . ... by M. Ravmond Barre, the over, the underlying 

4 per cent «f 'the and 4 Primc Min, ' ter - bft ”- ' ' ‘ differences, especially 
ner cem of the dolfar rescnS' 7,1 p position of non-participat- rates of inflation of 

eu rren tly held* by^ cen 1 ral* ba nka J.j " jL r 1 ' f J ^ arkeit ESSES?- ^now 
11 ra!S,n attractive lor an rea cii<Jn suggested that there is greater than when the 

no reason ec believe that there was born six years ago. 
will be a sharp fall of either Britain. Italy and Irela 
the Italian lire or the Irish were forced to leave w 
pound outside the system, few weeks. 

Britain has been publicly com- The prospects of the nefeys- 
raitted to maintaining a stable torn also depend crucial! on 
effective exchange rate against what happens to the doi 
the average of all other cur- recent greater . stability o 
rencies for some time.. Indeed, U.S. currency provides a 
the pound has fluctuated within chance of success than 
a narrow'. band since early 1977 have been thought- a few m 
on this calculation. This policy ago, as Mr.; "Callaghan -po. 
is unaltered by the British .out But"tbe '.definite" and 
decision not to link sterling setback to -Earlier dreams a 
rency regime will be involved in formally with the other cur- Brussels meeting does 
the review of the working uf rencies. -According to Herr hopes of creating a wider zo: 
the system after six months. But Helmut Schmidt, the German stability, io-. /include. " also 
well before this happens the Chancellor. Mr. Jim Callaghan. Japanese yen ioiok, l 
scheme will be tested in the mar- the British Prime Minister, told remote, ' . . . 




uulsider like Britain to allow 
sterling to be used for inter- 
vention as an aid to. the 
stability of the pound. However, 
the Brussels communique made 
it clear that non-participants 
would not be able lu draw on 
tlie proposed expansion of Com- 
munity lending to less pros- 
perous countries. The UK will 
be involved In the increase uf 
the EEC's medium-term credit 
to an amount of about £7.7bn. 

Non-p3rticipants in the cur- 


United front 
by the Uniwash 

Sandwiched between the 
Uniwash launderette and a 
Japanese car showroom in 
Holland Park Avenue I found 
it- 11 Open.” said the card on 
the door, like any other shop— 
the- headquarters of the British 
Esperanto Association. The 
telephones rang constantly there 
was an atmosphere of mild 
chaos among the two staff — 
today, after all, is the first 
centenary of the language. 

Its beginnings were • not 
auspicious, admitted the general 
secretary, Herbert Platt Origin- 
ated by Ludwik Zamenhof, a 
Russian /Polish oculist (the 
borders kept changing) when 
he was a student, the language 
had to be invented twice. ” His 
father felt it might interfere 
with his studies and destroj’ed 
all his manuscripts. But since 
then, and especially after 1905. 
when the first international 
Esperanto conference was held 
in Boulogne, it bas developed 
steadily, says Plate There is 
an academy based in Paris, and 

“Another round in Labour's 
vendetta against the City 1 " 

he claims 12m Esperanto users 
in Europe alone, and. well, he 
cannot estimate, but plenty- 
more in Britain titan the 1,500 
British members who pay his 
salary and that of his assistant 
** The idea caught on Tor reasons 
we now recognise as false," says 
Piatt, 51, who took his job in 
1963 after working for the 
Defence Ministry. “ If people 
were able to communicate 
freely there Mould be no war — 
we knoM- now that is not correct. 
You only have to look to 
Ireland. . . . But some strife 
would disappear. On’ the other 
hand it's been said that as long 
as people can converse enough 
to say they believe in God they 
arc friends. When they can 
specify which God they come to 

Espera mists now talk Instead 
of the UN's £55 m bill' for trans- 
lating speeches and documents, 
or the massive cosi to the EEC 
of the same service. 

Platt is especially pleased by 
the establishment of a 7$-siTons 
•Esperanto Parliamentary Group, 
nearly all Labour because, he 
explains, of the effective lobby- 
ing of the Trade Union and 
Co-operative Esperanto Group. 
No. he admitted, as far as he 
knew none of the MPs — among 
them the staunch anti-European 
Anthony Wedgwood Benn — 
actually spoke Esperanto. 

Neither the Liberals nor the 
Labour Party seemed, when I 
talked to them, m know much 
about Esperanto „r its enthusi- 
asts. But Const rva live. Central 
Office easily explained -why 10 
Tories had joined the Parlia- 
mentary Group: "I don ? t like to 
take their names in vain," said a 
spokesman laconically. “Bui 
most of them arc groupies — 
they'd join almost ant 7 hing.” 

To the point 

The Conservative AIP Neville 
Trolter, just back from a trip to 
West Africa, tells me that^ — in 
one of the smaller countries — he 
was shown some correspondence 

between a major British ensin- 

cering contractor and a govern- 
ment minister. 

The contractor, working on a 
multi-mtilion-pound contract, 
was concerned at not being paid 
for five months. Trotter saw the 
letter of complaint which had 
been returned by the minister. 
On each page was stamped in 
largo letters a Nixonian 
expletive. The covering letter 
read: "Re you application to 
come and talk lo me. it is quite 
clear that our minds do not work 
in the sime way. So I am not 
going in meet you." 

It seems a rather inelegant ap- 
proach compared with the Zam- 
bian way of doing business. The 
finance minister John Mwana- 
katwe has a novel method of 
controlling the economy. When 
a ministry overspends, the BaDk 
uf Zambia simply refuses to 
honour its cheques. 

Full fare 

In Liberia. Trotter was a tittle 
startled by the way inflation has 
gripped the popular imagination 
— when the desired cash-flow is 
in the other direction. An oilman 
complained that he had been 
asked lor $3,000 for the forget- 
ting of •• irregularities " in the 
company accounts. When he 
remonstrated he was presented 
with a formal assessment of 
S 60.000 and the information that 
“ the appeal court has not sat 
for 14 years.” 

Casting pearls 

The report of Judge Rudolf 
Erasmus un the nefarious 
activities of South Africa's 
former Department of Informa- 
tion is likely to prove a best- 
seller for its revelations of 
high-living, high-spending and 
double-dealing. It could also 
prove something of an attrac- 
tion for students of what are 
already known as Erasmania-— 
poetic fancies enlivening the 
mure prosaic jargon of the legal 

The Judge, one of the first 
Rhodes tchubrs to attend 

Oxford University from South 
Africa, has a reputation for his 
linguistic contortions on the 
bench. His latest work is no 

His report begins wilh a des- 
cription of the secret fund or 
the Information Department as 
having •'all the attraction of a 
lovely fresh apple, but the 
germ which could cause com- 
plete rot tu set in was already 
there 3 1 the flowering stage.” 
By the fourth chapter he 1 .? 
firmly into bis stride with ” the 
strong chain which had to draw 
the republic through the 
troubled waters and rough seas 
of hostile world opinion " — the 
secret fund again. 

He has the slate president, 
Baltharar Johannes Vorster. 
unable to separate the wheat 
from the chaff, but equally 
unable to 3ct over the spilt 
milk of the Information Depart- 
ment activities. Dr. Cornelius 
Petrus Mulder, the information 
minister, for his part turns a 
blind eye like Nelson to the 
actions of Dr. Escbef Rfioodie. 
his cbief civil servant. 

But the denouement is best. 
Judge Erasmus describes how 
(he secret service accountant, 
who had inrestiga ted a nd 
clear the secret projects, 
broke down when confronted 
with che full evidence of 
irregularities. “He burst into 
tears and, like a lanced boil, 
made a clean breast of things.” 


There was some Yuletidc cheer 
for British Rail directors yes- 
terday. Southern region pas- 
sengers might have been cast 
into darkness by the engine 
drivers' strike but Ray Buckton. 
general secretary of ASLEF. the 
drivers' union had a seasonal 
greeting for BR. Featuring a 
large bell of the kind that 
engine drivers once rang 
Buckton’s message read: “Peace 
on earth." And goodwill too? 




LL - - Peter Brotherhood, precislori 
■■ engineers, moved heoefrorn /■■ 
The South Bank in 1 906 to'miake'way for : - 
London's new County Hail- My grandfather 
moved with them, and f 'rrr continuing. -the >: 
faniMy tradition- ! trained as atpofmaker 
add now help sell products likl these all' ' 
over the world; - , ; 

I’m pleased grandfather came to 
Peterborough-^! enjoy it. ... 

Roger Pettican \ y : ; 

; Find but about Peterborough howr 
Ring John Case. 0733-68931. 

Development Corporation* 

PO Box 3 Peterborough PEI 1UJ 

■i : 

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'•' y* .. The political and economic scene in Brazil is due for a 

major change as the pattern imposed by the coup d’etat of 1964 begins to 
> • ' wear out. Civilian politicians and trade unionists are starting to enjoy a greater 4 
. . ; freedom and Brazil’s foreign partners will have to adjust to the new realities. 

Char ees 

Hugh O’Snajghnessy 
Latin ™^rfca- 

“ WE/. AM making- the tran- 
sition tor ^ • democracy/*; a 
veteran. ' raziiian politicriaii 

remarked | inc the other day. 
“It may & be as peaceful, and 
smooth atansition as they had 
in GreecHtpr'.the colonels 
were ejtfcd' sure it 
vrUl ndte- as turbulent ■ as the 
present ttmthraln Iran It 
could bdmilar to the : situation 
in. Sprf waiter * the * death " jjtf 
FraneS-i. ‘ •• . •'■*;' ■ 

The neral elections rtf -last 
month lowed that indeed the 
old, artritarian Brazil which 
was feguratedb jthe military' 
coup 6196# was .fading fast, 
and f . political structures set 

up by the generals at that time 
were exhibiting' signs of wear. 

The freedom' allowed to those 
rttwip fli gning - for the -opposition 
tvtok or Brazilian Democratic 
Movement and the latitude given 
; to the press in the run-up to the 
: poll made it evident that a new, 
more liberal era had dawned- 

The new freedom, was far 
from being absolute but it was 
a distinct change from; the days 
of severe political and press 
censorship which*. .Brazilians 
lived through in the’1960's and 
the early 1970’s." The-results too 
- showed that the tit&dwellers at 
least were nnafrmd' to express 
their desire for chaoige^ even if, 
under the present- rules the 
MDB is constraint^ "to remain 
a party of the opposition while 
the : ARENA, the! .National 
Alliance for Renewal stays as 
the sounding boar^fpr the view 
of General Ernektin.GeiseU the 
. President. . -i-z/Z'-. 


.. Many of the principal cities of 
the country, especially the 
industrial heartland^ '.of Sao 
Paulo voted for MX^pbough as 
results still dribble^hi^from out- 
lying areas . the ARENA 
appeared to be aw Htfa-ining its 
hold over much of ,th^ country- 
side. While the MpB&iid well 
.in-. the lower house .ffiegovern- 
ment party maintam^Its grip 
s on - the Senate. The.v&KENA 
chalfced-MP about. lOmyptesand 
the MDB about 15m. ^ 

. *■ 

: '■ . . -.*■ a". 

\ . . 

. 4r’- ' • 

None of this was to be 
wondered at. The strikes and 
the political unrest, the con- 
tinuing complaints of business- 
men against the Government 
and the groundswell of criticism 
of the authorities in the com- 
munications media ali indicated 
this year that' Brazil was 
becoming weary with the results 
of the 1964 coup d'etat 

For many months it bad been 
obvious that change and 
liberalisation were inevitable. 
It bad also been obvious that 
change would come about as 
General Ernesto Geisel pre- 
pared to hand over to his chosen 
successor General Joao Baptista 
Figueiredo. Today ihe air in 
Brazil is thick with rumour and 
speculation about how the 
liberalisation will be carried 
out and what its effects will be. 

One of the first victims — or 
beneficiaries — of change will be 
the two-party institution. Since 
shortly after the military took 
over ARENA has been there to 
act as a political conveyor belt 
for the policies of the 
Presidents and their close 
associates. The fact that it was 
the “Government party” did 
not mean that what ideas it 
generated became official policy. 
It was a receiver and dis- 
seminator of ideas, not a 
generator of them. The MDB 
at the same time was cast in 
the role of the permanent critic, 
attacking with greater or less 
energy the Government’s 
decisions but never being able 

to aspire to real power. 

It now seems reasonable to 
suppose that this highly 
artificial and petrified situation 
will be changed, the Govern- 
ment allowing four or five 
genuine parties to start up. 
Each would be a genuine and 
authentic expression of real 
political forces. 

There could he a party for 
conservatives and even a group- 
ing for the extreme right, a 
centrist group which could con- 
tain elements from the UDN or 
National Democratic Union and 
the PSD or Social Democratic 
Party which flourished in the 
years before the coup. The 
PTB or Brazilian Labour Party 
could rise again in some form 
while the Socialist left could 
have its own group. 

Many opposition figures are 
mistrustful of the Government's 
intentions and claim that the 
authorities are merely trying to 
destroy the MDB at the moment 
when, like Pinocchio. it is mov- 
ing from a puppet existence to 
real independent -iife and 
becoming a real and useful 
vehicle for opposition activity. 
While it is a foregone con- 
clusion that the military will 
attempt to manage the emer- 
gence of real political parties 
in the way best designed to 
minimise the disruption of the 
present status quo it is also 
certain that the MDB must be 
broken up sooner or later. 

As the logjam in the party 
political arena begins to break 

up the trade unions are emerg- 
ing for the first time since the 
1964 coup as independent 
centres of power. The mid-year 
stoppages in the metalworking 
industries of Sao Paulo and the 
rise of individual workers 
leaders to national fame has 
raised the possibility that 
organised labour couid become 
as powerful a force in Brazil 
as any single political party. 


The break-up of a 14 year old 
political order and the emer- 
gence of the trade unions once 
more as a power in the land 
comes at an awkward time in 
Brazil’s economic history, a fact 
which adds to the delicacy of 
the tasks facing Brazil's rulers 
and which will make demands 
on Brazil's trade partners and 

The presence of real political 
parties on the scene and the 
consequent releasing of the 
trade unions from the chains 
that have bound them for so 
long will undoubtedly create 
greater inflationary pressures 
in Brazil at a time when infla- 
tion has already become once 
again a serious problem. 

It could have been foreseen. 
The victory that successive mili- 
tray rulers had since 1964 in 
their fight agninst inflation was. 
it can he seen, due more to the 
fact that they were able to 
cripple organised labour and 

virtually outlaw strikes than to 
any other factor. Though many 
analyses have been done of the 
arcane mechanics that economy' 
ministers used in their efforts 
to halt inflation, the military 
governments of the past 14 
years have discouraged analysis 
from making too much of the 
fact that the unions were de- 
prived of bargaining power. 
The "free market economy” 
conditions which were supposed 
to obtain in Brazil never in fact 

Cne of the contracting parties 
to the economic bargain, 
organised labour, was by decree 
deprived of the power to 
organise effectively and the 
“free market” was thus 
seriously distorted. As the 
unions begin to be allowed 
greater freedom this distortion 
in the Brazilian economy will 
have to be worked out and cor- 
rected. The process of working 
out and correction is hound to 
be a delicate, costly and infla- 
tionary one as workers attempt 
to recover the purchasing power 
and the bargaining counters 
which were taken from them 
progressively since 1964. 

The release of the pent up 
forces of civilian politics and 
trade union demands will doubt- 
less too have more far-reaching 
effects than that of merely 
stoking up inflationary fires. 
Greater criticism may be ex- 
pected of the whole export-led 
model of growth that Brazil has 
followed for more than a de- 

cade. At the popular level 
there is likely to be greater 
questioning of an economic 
policy which says that domestic 
consumption must he made 
secondary to the demands of the 
export markets and the balance 
of trade. 

It could also lead to more 
open questioning of the role of 
foreign business enterprises 
which operate in the Brazilian 
market and some pressure for 
a curtailing of the privileges 
that they have been enjoying. 

That in its turn could produce 
increased pressure on the 
balance of payments which is 
already suffering from an up- 
turn in interest rates charged 
on Brazil’s massive foreign debt 

The Brazilian authorities are 
not worried about this develop- 
ment. As one leading Govern- 
ment figure remarked. “If you 
owe your bankers a small sum 
you have to do what they say. 
If you owe them as much as we 
owe our bankers then the roles 
tend to be reversed.” 

It is a fair bet that lenders to 
.Brazil will have to exercise no 
little patience and self-abnega- 
tion in the months to come — as 
the lenders to the Acomiaas 
steel project have already had 
to do. 

Whether the political and 
economic transition that Brazil 
is faring will be smooth or tur- 
bulent is a question which will 
be decided by the ability of one 
man above all. General 
Figueiredo, the Presided t- 

President-elecf. General 
Joao Baptista Figueiredo. 

elect who takes over from 
General Geisel in March. Some 
of the statements that he has 
made this year have shown that 
he lacks political tact and that 
the niceties of diplomatic 
language are not for him. At 
the same time his supporters 
say he is a hard worker who, 
unlike the present incumbent 
has mastered the ability to dele- 
gate responsibility to his 

Time alone will tell whether 
lie is equal to the delicate 
nature of the job that he has 
taken on- 








/•: j .Vii. A— I 

Y ur gate to Brazil 

Think about Brazil. 

We were bom and raised there. Always 

We know everything about it And, believe 
us, Brazil has a lot to offer. 

Now, if you want to take advantage of it; 
we can help you. Whatever yon need to 

import, or export, or invest or know about, 
let us perform ail the necessary services and 

Saving you time. And money. And 

Helping you to enter Brazil and grow 
with it 


Avem'da Baulista, 1450* Sao Paulo -Brazil 

• 300 Branches throughout Brazil 

• New York Agency: One Wail Street. N.Y. 10005 

• London Branch’: The Stock Exchange, London EC2N 1HH 

•Grand Cayman Branch: P.O. Box 500, Grand Cayman 


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Intact, we fly more often, to more destinations in Latin America i9® 
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k ■ .*i i\ t 

Lloyds Bank Group 

in Brazil. 

Bank of London <Sl South. America, 
a subsidiary of Lloyds Banklntemational, have 
been established in Brazil for well over 100 years. 

In addition to a comprehensive knowledge 
of local conditions, the bank with its associated and 
subsidiary companies, maintains a network of 
branches throughout Brazil which offer a full range 
of financial services. 

Central Office and Sao Paulo Branch: 

Rua 15 de Novembro 143-165, Sao Paulo 
Telephone: 239-0322 and 239-5122. 

For further information on doing business 
with Brazil please contact our Latin America 
Division in London. 


A member of the Lloyds Bank Group 

Head Office: 40/66 Queen Victoria Street, London EC4P 4EL-Tel: 01-248 9822. 

FeBewr s ub sidiaries of the Lloyds Bank Group; UoydsBarikC^fonua,TheNaliond Batik ofNeir Zeaba tLLBLifae Bank ofLondon&. Sou A America and their 
p Jwfiari rt have. nfficMim A lyemim- Australia. Bahamas, Bahnir^Befgfim^Bisa^Camda. Cayman Idands. Chile. Colombia, Costa Rica, Ecuador Egypt, 

El Salvador; France. Federal Republic of Germans Guatemala, Guernsey Honduras, HongKongi ban, Japan, Jersey Malaysia, Mexico, Monaco 
The Netherlands, Nicaragua. Panama. Paraguay Peru . Philippines, Ponujpl, Repobfic of Korea, Sjngapore, Spain, Swiceriand, 

United Arab Emirates, United Kingian, USA, U&SJL, Uruguay Veneweb- 

CHEAP IMPORTED oil. cheap 
labour, subsidised credits for 
farming and industry 

(especially capital goods), 
attractive incentives for foreign 
companies and massive Govern- 
ment investment in steel, min- 
ing and electric energy brought 
booming growth to Brazil UDtil 
the end of 1973. 

A year later the full impact, 
of the world oil crisis had hit a 
country importing 90 per cent of 
its oil. The balance of payments' 
deficit swelled from Sl.Tbn to 
$7,lbn with a trade gap of 
S4.69bn and a $2. 41 bn services 

The choice was clear: either 
to increase experots rapidly and 
cut imports, so creating a trade 
surplus to offset the inevitable 
service deficit caused by 
systematic resort to develop- 
ment-financing foreign loans — 
or face international insolvency. 

Priorities were rescaled: con- 
sumer goods were passed over, 
credit or tax incentives were 
pumped into export produce 
(coffee, soya, sugar and cocoa) 
and industries considered likely 
to affect the trade balance posi- 
tively by producing import 
replacements (capital goods, 
instruments, car parts and 
accessories) or into exports 
(vehicles— a key item — rela- 
tively unsophisticated 

machinery, processed foods, 
instant coffee, fruit juices, and 
food oils). 

A compulsory prior deposit of 
100 per cent of value was 
exacted from importers, to 
discourage purchase abroad of 
superfluous goods. High tariffs 
were placed on a vast range of 
products: the more superdubus, 
the more prohibitive the tariff. 

Meanwhile, whenever a 
Brazilian company was deemed 
capable of producing a local 
counterpart imports of foreign 
components or equipment were 
discouraged under the Law of 
Similarity. This law is a sore 
point with foreign concerns as 
well as competent, large-scale 
Brazilian manufacturers, who 
feel that it penalises them and 
rewards a host of small Indus- 
tries not particularly moved to 
improve quality or delivery 
dates, since they have little fear 
of competition. 

The package of policies 
devised by President Ernesto 
Geisel and the civilian techno- 
crats in charge of key Ministries 
and trade bodies paid off: by 
the end of 1977, Brazil had a 
modest trade surplus of 5117m 
with exports of $l2.Ibn and im- 
ports of SL2.0bn (a $6J0m drop 
in exports compared with 1974). 

Most important, while Brazil 
i? still the world’s second largest 
exporter of farm produce after 
the U.S., its manufactured 
exports totalled about 40 per 
cent of exports in 1977 and, in 
1978. exceeded agricultural 
exports by 52 per cent to 48 per 

The high 1978 ratio of manu- 
factured exports versus com- 
modities is. however, caused by 
a virtually disastrous farming 
year. Nevertheless, the rise in 
exports of manufactures and 
the fall in farm exports 
illustrate the benefits and draw- 
backs of Government foreign 
trade policy and indicate that 
the dilemma may persist in 
years to come. 


This year, successive droughts, 
frosts, unscasonal heavy rains 
and blight have hit farmers. 
Moreover, in the wake of 
Government cuts in crop and 
farm machinery credits, part of 
an overall anti-inflation drive, 
planting areas were reduced. To 
complete the picture, world 
farm commodity prices 
slumped, reversing recent boom 
effects of soaring coffee and 
sugar prices. 

These natural or unnatural 
diasters sheared about $1.5bn 
off revenue from agricultural 
exports. Moreover, with lop- 
sided export-oriented central 
planning, staples like wheat, 
maize, rice and meat fell short 
and forced imports of items 
previously produced in sufficient 
domestic quantities. 

Thus, manufactured goods — 
especially transport materials 
(vehicles, motors, parts, vessels 
and. albeit more modestly, the 
Brazilian-made Bandeirante air- 
craft). and machinery — saved 
the day. offsetting the 22 per 
cent drop in agricultural exports 
with an 80 per cent upsurge in 
exports of transport materials 
f$469m from January to 
August) and 35 per cent rise in 
exports of machinery, instru- 
ments and equipment ($345m in 
eight months). 

These composite groups are 
now in fourth and fifth place 
on Brazil’s export list, sur- 
passed only by coffee beans 
IS1.05bn in eight months), soya 
meal or cake (S751m) and iron 
ore iS713m). 

Faced with limited chances of 
larce-scale sales increases to In- 
dustrialised Western nations, 
and with massive trade deficits 
with Arab oil-producing coun- 

tries or Nigeria, Brazil has cam- The psychological price of 
paigned, with varying success, this concession — on . an item 
to sell more to oil suppliers, representing only 10 per cent 
diversify its range of exports of all U.S. textile imports-r-is 
and find new markets in de- almost as heavy as the, financial 
veloping, non-OPEC nations.' 'It Price for Brazilian textile manu- 
has wooed everv country in the faeturers. creating a precedent 
world but Cuba, which it still that makes all Brazfl’s sub- 
shuns for political reasons, sidised exporters .uncomfort- 
while haring no similar pdli- aMe - • 
tical reasons, while having no m . 

similar political reservations' TraAprifjvpc . 
about trade wilhthe Comecon 1UWUU T 
bloc or China. Under the incentives scheme, 

Few dents have been made in they receive up to- 50 per cent 
deficits with Saudi Arabia 'relief on Value Added and 
($926m), oil imports of $945nu Industrial Product Tax, for 
exports of only Sl8ra. Kuwait manufactured or semj-manu- 
( imports S3 11m, exports only ofactured exports. ' Foreign 

58.8m) or the United Arab manufacturers operating in 
Emirates (imports 582.3m), er- Brazil receive similar incent- 
ports only S4.5m. But with ives, in exchange for, a commit- 
Iraq (exports S67.6m. imports ment to export XYZ dollars of 
$90 Im) Brazil has scored tiro goods over 10 years. In the 
major successes: a $150m con- case of major manufacturers 
tract to build two hotels and lhe commitment is about $500- 
a $l.2bn contract to build . a $7flflm. The largesse is a 
500 km stretch of r aii way-l:- double-edged weapon, however, 
proof that, after initial srepti-' „Y, ehicle manufacturers like 
eism, Brazilian manufacturers'. Volkswagen. Fiat, ^ Mercedes- 
and builders arc convincing ?? n2, : ror ^’ General Motors and 
part of the Arab world . have - not ‘ ord * 

their goods and S emrescan- adhered t0 
compete with those of U.S. cas * s J? ave exceeded 

European suppliers. ' :‘: theBJ deadline. - ... 

With Nigeria. Brazil has been ' Reputable, efficient' Brazilian 
even luckier, marketing,' \vith manufacturers or constructors 
the image of Pele. the football have used subsidies effecthrely 
star. a range of electrical 311(1 formed hard -driving foreign 
appliances that helped to push sales teams', with ever-improving 
exports from $2.Sm in 1973 to results. 

5130m in the first eight months However, only about 200 com- 
of 1978. panies among thousands of 

Meanwhile. Brazilian-made officially-registered “exporters” 

Volkswagen* are driven in make substantial contributions 
Algieria. Bulgaria and through- 10 foreign sales: several 
out Latin America.- Brazilian- thousand are considered drones, 
made Fiat 147s are exported to * hlch cos* tJ, e Bank of Brazil's 
Italy for sale in Europe, and Export Bureau (responsible For 
Brazilian - made Volkswagen supervising foreign - trade-), 
spare parts and motors are used of time and millions of 

by the company's German and dollars a year to chase them up. 

U.S. operations. Fiat, for one. Not content with taking Gov- 
considers the export market for ercraent largesse and not 
its $550m Brailian operation one roc,proc ^ tin .^ . m €n ^ r S e tically 
of « enormous possibilities ” increased foreign salt*, some 

manufacturers,” cost the 
j I • authorities close to $100m a year 

LUCKier >n loading frauds, export-invoic- 

ing “shoes" which are empty 
Another market with great boxes or crates of old bricks, and 
potential for Brazilian exports other dodges, 
is China, where concerted efforts SIackly appJied and sup( , r . 

th j Chme.-.e vised cred jt s or tax incentives — 
will huy have alreadyled to nf , t used to buy invest* 

contracts worth onr 8600m for Tnent property or expensive 
Brazilian iron ore and steel c ar&-^have an inflationary effect 
products over the next three on j^g m 0ne y supply and 

... . . „ . . . . deftcitary effect on State 

Urtdaunted bv queues of high- revenue that bite into the benefit 
power Japanese and Europeans of 5etter foreign t^de, market 
ready to sell to China. Zrazil s shortages from under^iroduc- 
negottators are expressing satis- tjon of food rtaplea push up 
faction at recent successes, and maj , food prices funh er a-gra- 
making it clear the> expect v -atlng inflation (running at an 

Tn « I ^.- , r n rr l° n J i hs t ° con } e - estimated 40 per cent annually). 

Brazn has Few hopes Meanwhile, on the inter- 

? ! ts with na ,j onal front. Brazil faces the 

Arab, OPEC nations in .the near — 

future, trade figures with in- 
dustrialised nations tell a dif- — — — ■ 

ferent tale. It now has a 
5689m surplus with the EEC, 

including a 5453m surplus with 

the Netherlands (importers of Tiff W MTTP IT / lt milB I »T^?^8 
coffee end of Brazilian-made A VJUTlLA H CJ X V 

Philips appliances), 0 5113.5m - 

surplus with the UK and a . 

(shrinking) $84-5ni surplus with TILT *R a fe1 B fc W #•«■«# 

France, which, recently.' has . ITW K ^ | j 1 

rushed onto Brazil’s markets. “ ^ 

with everything from capita! " 

goods to air traffic control T r - r* _ , 

equipment ii your Company now finds it necessary to 

uS^luSi 4 rtVoi consider manufacturing in Brasil to retain your 

SSt ZriZ ? e caD P^bably help. We have thirty 

last five years. years of experience in Brasil and substantial 

JdTdStatetfftSitotaSd fundifor investment in such companies. .We can 

advise °" « ndI ?S i oint partners, regis- 

and tyre manufacturers, n\ake tXatlOH Of foreign Capital, recruitment of local 
this goal hard to achieve. Most , .. _ ... „ 

of them import from three to management and availability of -Government 

10 times more than they export, finance and incentives. ' 

despite Brazilian Government ,- 

Pl ^e' 0 ■ 7or larther formation ple^e contact: 

single trading partner (S2.6hn 

two-way trade in ihe first half • 1 . - ){~ ‘ r I ] — I £ 

of 197S) — has now compelled | 1 i | I • 

Brazil to take the first major ' t- I *— ' 1 1 1 — 1 

step to alter its export Incen- . v. ' 

lives policy. Under what David P.McNaugh tan, ■ J 

Brazilian negotiators call the nnlfpr H T k r l i frl r 

-draconian” U.S. trade Act. -UGllCC I L .tv. ) Liu., I 

American clothing workers de- 11 CopthaU Avenue,. 3 

manded a 37.2 per cent counter- 77 rr c 

vailing duty on tax-relieved London EC2R 7LIJ. 5 

Brazilian textile exports: 10 Tel: 01-628 4761. ■ •] 

avoid this, Brazil’s authorities Tote— " >, 

agreed lo cut subsidies by this ■ ■ T 

amount, over a 12-month period. ■ - 

threat of wilespread retaliatidp 
for subsided and/or; tari| 
barriers (wlidi it is. not re due 
ins to -the . «atssf action [of JEEO 
and other nigotiatorah,. -evefi 
though it is nW hi th» strong 
position of bebg on© pf eigh^ 
countries. resp®sible -i|r word= 
ing tile new GATT jubsidiesj 
code, which- vill enarse thee 

ing tile new GATT lubsidiesj 
code, which- wil enmrse the: 
right of deVeliing 'n/tiohs toi 
subsidise exports Harder .(oJ 
.sustain dcvelopneri, and’ 
include a strict pzptf p damage -; 
clause condition. _• i-J L-. . . 

. With a 55.3bn baJhie of -pay- : 
mentis deficit ^xpeeficehis year 
(including a probad S800m ' 
trade deficit due . ttmluggish 
agricultural performs ab Brazil 
must contirrae to |T ^4 in its . 
export drive and, in it, step.- 
it up, . ■ . '■ - *':• - A 
Obstacles are mountii how- 
ever, at home and abroi The 1 : 
public mood does' not -Amble ~ 
1974^. when draconian k tical 
controls and propasanl bar- 
rages induced voluntary^ in- 
voluntary support for thebort 
drive and downplay the fc to ■ 
consume or earn higher fegj 7 
Today, an increasingly cfrol- ; 
free public and Press ! A no .- 
longer, receptive to f ood tri- 
ages, . consumer credit sqiled 
by . exorbitant interest' les 
while some fanners or. U] 
manufacturers spend snttsiM 
credit on trimmings, not pris 
tion. wage controls 
adversely affecting blue t^r 
workers who keep machine^* 
farms running- and oPf 
neglect of growing urban bH . 
—all in- the name of .“I 
cause.** ... I 


Nor can there be- sayings l 
crude oil imports while Bra^ 
struggles to step up domesa 
oil production: the publt 
ignores both pleas, to save petri 
or fuel oil and price increases 35 
well as consumption increase^ 
monthly: causing an imported 
crude bill that wilj cost 53.3bff . 
in 1978— over : a third of tota'i 
estimated imports. 2 . 

A new .government comes lo-i ••• 
power in March 1979, committed* 
to institutionalising democracy. § ‘ 
better living standards, moderate . - 
economic growth and careful 
handling of tbe balance of pay- i - - 
ments. With the new. more ; 
demanding public mood. 
stronger congressional opposi- y.:*' 
-tion. and growins international **-. 
protectionism, the i in ponder- r$. 
ables likely to affect Brazil’s 
future export drive go beyond • yj 
unreliable weather and higher ^ 
world oil prices. ”3 

Diana Smith r. 


David PI McNaugh tan , 
Deltee fU.K. ) Ltd., 

11 CopthaU Avenue,.. 
Londori EC2R TLIT. 
TeL Oi-628 4761. 
Teles: «83744. 

James A. Braga Court, 
Deltec S.A., 

Rua Formosa, 367-S, - 
Sao Paulo, Brasil. . 

Tel: 345192. - 

Telex: 1122657. - . 



• v?i jv.'cs* jpi'w" ?:& £, 

-s' A/ic* ?? /^IviTfS^SSi ftk-a 


ijr^ *7; - -. .--. 

Sr; JOS&S^iter'iffi-a^o de-rifeMonoally In this;- independent ’’ area. plcment his income. His wire 

loBai „ n • fljirnt • tv? tOO n»T p^t— ^ot'OitiySilthe cost most customers do not bother goes out to work as a maid 

;, (£8750>@^^S^o L te^TSAmtimsi^:^^ hills or have hot the mathematical (setting leas .than the national 
wife-ai^'two^teeiiage- daughters irf -e?chap^e>Old-oi& thh mari^et) prowess to work oui what a minimum of £ 39 }. or cleaner 
V‘ Wbo'« 3 ire • hlre purrt>*se transaction will (gelling still less). 

rtJt'Kslc— ti^cLis. the cost them in. the long run. Tl^ g e j S hard-pushed to feed his 

anything other than 
manioc meal and beans — 

*, meat at £3 o kilogramme. 

■ Sr : Aio^' 3 &&^^^ite^^^Staljne!ils:pn the basSs 'if 25 P er securit y- .. With this high-starch, low- 

-a i One " 

around the 

iix* w iunuLmc. exposure, around the comer 

block or so away sells from h j s £ j umi to the sight of 
and shoes, luggage. p r j vate cars, well-dressed people, 
_ a brae. . until recently, -j-y aerials, and delivery boys 
were not obliged carrying large, tempting parcels 

So. he signs himself over to 

either cash- or 


-Hr. -A; \ 


Crime does not always pay: 
Thus, someone who has been a Rio receptionist making a 

refused credit from a solid purchase in a suburban store | 

vrr . - 

i ; ir- 

. -• 

,i - 

-r. .: 

'"• i • 


-ici:: • 

:>r m 


- * < 

Bdgets- like:;ctrftHir^V^ I only. .‘B^ n g / aii.;aiMl^.e: 1ti» t g. „„ r ;w1^;^~nnu; they must So. he signs himself over to 
. ruy ^^t^.can^^&JTd. - Cash r^rigeraMr.^Wt^W-pr W-fi J„ rud - i J3? ) ^' ut a, e - display small traders, collecting a group 
Bini:- >;-=v'A- ■' set from amajOTiChaui store is » S,t 0 inrlude final cost of of ‘terns here, another group 

[A. cJear .swis&.pf.-^h at.le-.ean S0ID e wfcra t d i fferent fpomhuyi ng 0 f there, all on the hire purchase— 

:r.c»not^£it ; P^ft: 3^ a . «,r. with^the,' latter, 2S e . monthlv^insSmentl then blanches when the 

he- "gxo(Sition-,'ialfc®r 4 b® 11 . .*■!*£ --finance company; j.—dtroctly demands pour in. or turns lu 

■ uJeiiir-,# tpuntry where-,- more bandies 1 transactions; ..with the _ 

omnwmlyAifee scaler per- former it assessep'H-s*?^'®: not i\ClUS0(l 
Dh’s^nieaos --’ffle . ^tmjra .. l>e ; . a customer’s/ .crpdit-wrthinfiss 
lirdpijs. himself' - an< j. allocates ai iMUual^'Credit 

iehlApaynieutS' on ;eveiythlhg -•‘■paekaee n to the sttiPB.--: • • i^uk U uwh ■ - - — - ...... ■ 

vWi inr set. tO.OTBOSi-Jatchen" Tims/a profitaMe^wlI-run chain store' and goes down "°“ , - ed V™ 1 ‘J 1 ® 1 ‘ 

-• igjets, furniture; clothing and-j args chain may -retcive/ say. market to a local store, does not front of her * “ 

'•./•cTsOm (£L25i^ai«to-inblan. realise that the refrigerator for on credit Mora draotaltca 1>, 

.««» Cr 6 h OoJ h (£l C ») in cash7own 's Srt he ™ .hafor b% 

: SSS&TSSS^-S:- Ml 

■: 'njf iStassa' ^ 

r '4 (Which once- touldlbe paid ters. Under curreiit^gislation, local storekeeper will not be a resident of a city where most 
■ ^ht UB toad'^istaiments) and the cost of a single sold . per cent a month, but 8 per criminals carry lethtd weapons, 
eing - banki'^tt^iscijurafiB on hire purchaei^^ust not cent or more. the receptionist beckoned the 

ns^er^Sit • while fevoi£ exceed- Cr 23,000 al- He sbfs to himself. T \ I cashier into a comer, and 
cSSl bSm^stmerrt credit: ^ ^ Sough -a packaggM items borrow the money from some- explained the situation. The 
foart of thbS^ortdrtvb that who^ total cost .exceeds this one for the 30 per cent down cas hier found a passing police- 
V S^SfSe:S:.s!S“ma y be soldl^« W who moved in on the 

w-arl ' .•■!.» : « ' i*ase. to a customer- m one close to half the salary of a spurious customer. The custo- 

•ELSl ■ tW -• , • "C" income bracket) "I gn rner" puUed out a .38 calibre 

me 120 .<KO peoslc;-wIlere?aif Legally, iostaJmtmte: should “e“se tastaUnent. of Cr WO plstol . 

• - • not exceed 12 months, - but (£20) a month, can t i . ne ^ 

e bdmtla&m blinder tho'kge ' not exceed 12 months, ' but (poi a month, can t i «e -j^ e policeman was faster on 

2CUmd trter tmd third of the severe stores ove°r nv^vea^^th^r thr^one ^ draw ’ Result ’ a shoot -° utl 

b-fitxongSJ^^Tpree earns and thp, pnee <3St6n&. for oier tivo years rather tnan o e lam nnn , mnn 

> more 

itrongSJ^homv Tdice earns and thp, price ceiuug, VI," <as common in M car 

ore tLn the riatioiml minx- jfavoured customers^-'to. say, («n» relations) exhaust P oll “ tion > and safe 

of Crri^to (£88> a^monft Cr 40,000 (£ 1 , 000 ) for^particu- skirt hire pur^ase regulauon^ r?tura of the maiden aunts 
i«TAwfe- lsiriv mohisticated ln^set and works out cneaper. T e re- documents wrested from the 

»■.■*. Cl 

- * •- 


y s-- * t .- 

Sr5i?SS- 17?4 or 36 in^ffit^w-ith keeper and the mao irom r „. han<ls of tbe tWef; who tarned 

If ^o? this year-^dS.l' per. cent accompanying increase* in the ^sk ^n^^rem^ es do help out t0 be a steadily-employed 

>re than- In- the Brat half -of final cost of ^bemused buver to sort out labourer whose aspirations ex- 

77. . • : • ' •: V,- . - -. Interest rates offered ban*- ^ " d t . b ^ r ^ ^ h ° jra £*ded bis financial possibtli- 

_ v' ; *V *;': r - •> V ; : tied finance chmpani^major ^ dotted line - t,es - 

aorflacM ’ *• * • department stores average • 3^ . **. oivin his less . The authorities and, officials 

UCrGHSCSf :-^ ^ ;- v; per .'Cent a.mOntb. P uncTe or cousin as a of bank-tied finance companies 

On toft of 41^. looibo about. 3 - 1 P. er . ouarantor (in this maricet, who spurn low-income clients 
>overs, . 34%600 - ventilatbr& ' m ^®v^ ' co -^ e ^^ °nn/^. guarantors are greatly sought and play safe, granting credit to 
d 372 «jiiiii« ‘wT* , ' 5 fl d •and;, -rides. Because ' ' ^gj-j In the long run he pays establishments of repute, all 

' refrigerators de^yioxat^ more gent morethan the cash express grave concern at the 

“Sic lov- income credit 

iichpr^' PtpVhS store* -da , pot hijjh er to re- g . ^ id d had odds not phenomenon that shows no 
ftS^Sih^S^iSSn- V* •• ^appliances from me signs of abating despite sporadic ] 

ansistor'.; radiS^'and: '434,000' interest The odds “» Powerful: the attempts at regulation, 
cord piayers— sales/ Increase)? f a S^, 7 per ggni- a y customer down market customer lives in Independent storekeepers. 

• between 12 and ;4> per cent £f^r|f* a ;P Cr gnoa (£150) an envirtmment where T\ who will receive their dues 
Add to “that prpdurtion; - and . 

1 CAA AAA . im _ nlv 1 IC W 

aua-w .««v 'fbm a large store pitches its remmereials loud and thanks to a partlcnJazly aggres- 

iles, 6£ 500.000 ^cars FOr -- six ^ h s bl S k f rom . hard, where stores display wares sive sys.em of debt collection 

lonths" and'it would -be fair to and can thus temptingly and, in Brazil s tropi- as long as defaulters can be 

Ssume Tthal . . despite V vw caT climate often do not have traced (not too difficult if a 

jueeze, the- durable. consuih^^^^f ^", P or f45. Jd S\bss fronts or walls to separate large enough tip is handed over 
oods industry' is aot monthly Viastalments of Cr 750 theip from p; 

hi* niMdtkliwn mnAVi 4.r wi— a Ann / rOOC \ SLVlTI HOl POO OS « 

!22lC 5 

mnnlmv anSlBunems m v.* iku . * — , ... _ - ■ 

be pinch iuo much, jli'.i-r, /rtg 75 V Cr-R.000 (£225) for symbol goods are there, under a has to make a living ) appear 

Ti j&inful:part^onceimthe ( J^^liinent-120. not 70 per pedestrian’s nose, asking to be not to have time for sympathy 

bousht. His somewhat better or self-regulation. 

.ioJSS^SIS^h^-^oices: bought ffis somewhat better or self-regulation. 

.ne, paying ^.^cash --dowiu- about; .Like the buyer of a new car. off relatives in steadier jobs 

a ' two-: t he S?ent. of U a fergC, well-know n ■ J Individualists 

joofcimRact' se^>(^-12.87(K dep i^ to have- TV. iT — -"•* -^~ te 

irons, radios and gadgets, 

'ins screen -r^aS47 awareness of the and : encourage him to buy one They axe^ independent 

c6lmrr. TV: i Cr;'4sOQ0 (£100)“^ for. financiaUonus he brings upon because it will prove to his another sense, dogged indivi- 
p Ufilns !scrdeiLli)la<* and whiter hiroseif. Though defaulting; neighbours that he is do mg t ^hat 

TV: ' or Cr ^.380 ' (£107) -for. a e xists it is not an overwhelm- wen. swailowed up by chams that; 

f °lnanT^ S S 

.SS 5 S 55 SS ^ “ edit 's« !STAS 5 “-S sssr 

; “n r e SSS °Jore” S of SBJ 

« fr rrff’ar sssrs 

mMmz ^ gsffis- ins 

such here .or there (sometimes Hinnsi ‘vmitfi 

.-honest, sometimes not) to sup- uianu oiimri 



TTW yc& 


■ ^commerciai banks!;- or an finance - companies will 
appliance from a nation-wide nothing to ' do with 
ctigin, store which w«ks only, enterprises. 
with bank^ied jfinance com: 
panies -(or . the few finance: 
companies . owned -by appliance- 
manufacturers like - Sharp , of 
Brazil);-. - "/(_ 

' Major, finance companies- are 
highly competitive: they; must 
offer attractive interest rates, 
rapid approval of contracts and 
other facilities, to ^dealers .or 
department Stdres^in brdeT to 
stay in this ■ lucrative market) . 

Generslly!-*- buyer; of , a deyr 
car trades in his old. vehicle. as 
part-payment.' A first-time " car ; 
buyer can rarely ' affionf an- un- 
used car: ; he starts with an 'old, 
cheap Volkswagen Beetle amj.-- 
as his income increases,^ buys - 
more expensive used cars Until; 
he can afford a brand-new one.- 

To buy a Cr. 120,000'. <£3,00(1) 
two-door compact sedan on hire 
purchase, the customer must 
pay 30 per cent down (£900 j-r. 
taking the value of “his tradom 
into . account- He has two .ye^s 
to pay off the remaining - 70 
■ner cent” which,-. with, Interest . 
g ^ fact oot^Cr. 84,009 
(£2,100) but Cr. ^ 9 ‘ 3 ^ 

(£3^33) or 120 . per cent. But 
heine an “A” income bracket 
customer, he; generally realises , 

what he is Jetting h ^ f n ^ 
for, and makes due arrange- 
ments. - 

- The finance company, not the 
dealer, signs the purchase 
contract with the customer and 
has legal, possession ;of the car 
until the last cent is paid off... 

Creditworthiness is tirsr 
■checked - ‘with the ' 

Credit Protection Service which 
records details of aU u&ers 
credit— -and bad payers. 

:. Even so, finance; companies 

base- their monthly . interest' '-.V 

•'- ,-!Ws..«r.y_ Vs*— .--. ' — ? 

May we introduce you? 

The aircraft in our picture was designed and 
made in Brazil. 

Does it surprise you to learn that Brazil has 
an aircraft industry? If so there could be other 
gaps in your knowledge — and you could be missing 
vital business opportunities in the country which 
is tipped to be the world s nest industrial giant. 

Brazil's economy has reached take-on. 

In 1977 the country tumed out nearly a million 
motor vehicles, and 78.000 tractors. It has the only 

float-glass plant in South America. It is one of 

the world’s leadingproducers of cane sugar, 
bananas, edible-beans, coffee and oranges. And in 
the Bank of Brazil it. has Latin Americas largest 
financial institution. 

Thesize and importance of the Bank puts it 
in a unique position to introduce you to this vast 
market. We have all the facts at our finger-tips. 
We can help you with fiscal and company law. 
And we have a network of contacts in commerce 
and industry throughout the continent. 

Gail us soon. 



London, Paris. Paris-Opera Hamburg. Frankfurt Amsterdam Rotterdam Mian. 
Roma Lisbon, Madrid, Stockholm Geneva Zurich. Vienna Brussels, New m • 
San Francisco, Los Angeles, Chicago, Washington, Toronto. Mexico City. 

Tokyo. Singapore. Grand Cayman, Panama City, Coloa Buenos Aires. Montevideo, 
Ciudad Vieja Paysandu. Rivera Asuncioa Puerto Presidente Stroessner, 
Santiago de Chile. Antofagasta Concepcion, Valparaiso la Pa z. 

Santa Cruz de la Sierra Cochabamba Bogota Caracas, Lima Quito, 
Manama-Bahrain. Tehran, Lagos and Sydney. 

New branches and representative offices to be opened 
shortly in other countries. 

Banking correspondents throughout the world, and over 1,000 full branches in Brazil. 

15/17 King Street, EC2P 2NA. 

Telephone: 01-606 7101. Telex: 8812381. 

make sure 



VARIC isn't just Brasil's top s a complete 
introduction to South America. If you’re looking for new sales 
territories to conquer, prospecting for gold in the Continent s 
rich export markets, or are anxious to keep your delivery 
promises -it makes sense to contact VARIG betoreyougoany 

VARIG Passenger and Cargo flights serve Asuncion, 
Bogota, Buenos Aires, Caracas, La Piu. Lima, Montevideo, 
Panama City, Santiago, all in addition to Rio de Janeiro, bao 

Paulo and Brasilia and 56 other cities in Brasil. 

In terms of personal convenience, VARIG cabin service is 
a discovery in itself- No tasteless plastic. Sumptuous meaL 
served on bone china plate. Hospitality as warm as VARIG s 
DC-10 s ate wide. 

As forfreight movement, VARIG cargo service fe a 
revelation too. The first, and mast capadoiLs/widebosyDC-lO 
service. 27 southbound weekly flights, in excess of 700 tons 
total uplift- all containerised/pallerised. 24 hour consular 
document service. Up to 30% ULD savings. 

There's another VARIG service which stems from its 
50 years experience of the South American commercial scene: 
expert advice which could put you on a direct route to 
business success. Starr prospecting VARIG today. 

Forjurdicr information consult your nearest VARIG office. 

London 01-629 9408,Bi™ingham 021-63 2 6771, 

Manchester 061-437 7725,Glasgow 041-221 5708. 



Financial Tinuss Thursday December 7 1978;. 

Successful business 
with Brazil depends 

on the good contacts 

you. have. 

Internationa] Trade in: 

Agricultural products: Tropical fruits. 
Agro-industrial products. 

Foodstuffs: Livestock products. 
Industrial & Technical Raw Materials. 
( Chemicals & Petrochemicals; 
Fertilizers; Minerals & Ores: 

Metals & derivatives) 

Economic consulting, market 
surveys, joint-ventures or 
investment opportunities 
advices /guidance, covering the 
above mentioned activities. 

When you are considering 
establishing solid overseas 
business contacts, our 
accumulated understanding of 
the local market for a broad 
range of activities could be 
highly valuable. 


PHONE: <01 1) 67-4718. 
P.O. BOX: 54071 
. CEP: 01227 


Bright start for futures 

TRADE IN the recently estab- 
lished coffee futures contract on 
the Sao Paulo Commodities Ex- 
change has grown enough to 
interest New York operators, 
and proposed changes, particu- 
larly in .soyabean operations, 
should quicldy inject more life. 
Foreigners' will soon be granted 
permission to trade in Sao 
Paulo, which will open to them 
this new and potentially dyna- 
mic market 

'** When the Brazilian futures 
market is fully operational it 

2 Finch Lane, EC3V 3NE 

Telephone: (01) 6232291 ggnCO dO EstadO 
Telex: 888839/887996 ,7"^ « 

Forex: S8T4963/4 de SdO PaUiO S.A. 

The business opportunities* 
in Brazil are immense. . 

Try a new way - consult us \° 
Head Office: Sao Paulo. Brazil' 

450 Branches in Brazil 
international branches in 
Asuncion, Cayman. Frankfurt, £& 

Los AngeJes. Mexico City, 2 ^ 

Mew York, Paris, Tokyo 

banespa f 

7i 'in Tir-vTiwiyn iiwaniiniiiMffcan^ gHiPwiff 

European Brazilian Bank 
Limited was founded in 1 972 
to raise finance and promote 
joint ventures in European 
markets for Brazil and other 
Latin American countries. 


Banco do Brad SA 
Bank of America Group 
The Dai-tchi Kangyo Bank, Limited 
Deutsche Bank AjQ. 

Union Bank of Switzerland 

ropeon Brazilian Bank Limited 

will offer arbitrage and hedg- 
ing possibilities to operators 
outside the country,” says clear- 
ing house president Sr. Marcos 
de Souza Barro&. A foreigner 
who plans to purchase Brazilian 
soyabeans will be able to lock* 
in a cost price by buying ahead 
in Sao Paulo and at the same 
time protect hims elf abroad by 
selling futures in Chicago. With 
these opportunities Sr. Souza 
Barros expects to attract busi- 
ness from the world’s major 
commodity exchanges in Lon- 
don. New York, and Chicago. 

Sr. Jose Ulpiano de Almeida 
Prado, president of the Ex- 
change, the Boise de Merca- 
dorias de Sao Paulo, argues 
that by hedging in Brazil, a 
foreign operator will be able to 
cut his country risk when pur- 
chasing Brazilian soya beans or 
coffee. Hedging on other ex- 
changes leaves him open to the 
risk of events such as a dock 
strike in the U.S. or Europe., 
which can drive a wedge be- 
tween Brazilian and foreign 
commodity prices. The estab- 
lished international exchanges 
have recognised the convenience 
of a thriving market in Brazil 
and have given significant sup- 
port to the fledgling Sao Paulo 
effort by passing on organisa- 
tional know-how and experience. 
Sr. Almeida Prado and Sr. 
Souza Barros both believe the 
Sao Paulo exchange, helped by 
Brazil's weight as a major con- 
sumer and producer of several 
important commodities, has the 
potential to develop to world- 
wide significance, and they 
minimise the possible conflict 
with other trading centres be- 
cause their market now has 

opportunities for all. 

The New York exchanges, 
according to Sr. Souza Barros, 
already follow the coffee trade 
in Sao Paulo with daily requests 
for details, not only of price 
but also of activity on the floor. 
And London, he thinks, has a 
special interest in Brazil: 
“Loudon is worried that con- 
trols in the U.S. will restrict 
trade. An active market here 
would provide an alternative.'’ 
Moreover, London trades robust 
whereas Brazil produces arabic 
coffee, a fact which minimises 
potential conflict. New York, 
on the other hand, could see its 
traditional position as the 
dominant market for Latin 
American coffees threatened. 
“ We have better volume possi- 
bilities than New York,* 1 boasts 
Sr. Almeida Prado because 
Brazil is the world’s largest 
coffee producer and its second 
largest consumer. Sr. Souza 
Barros predicts that New York 
will continue to be an import- 
ant exchange because thetl.S. is 
the world’s largest consumer. 
But he suggests that Latin 
American producers . who 
believe that, to their detriment, 
the ‘ New York market is 
dominated by consumers, may 
corn? to prefer doing business 
in Brazil. 

country processes and- consumes don’t want rapid growth,” he 
so much of its own coffee and insists. “ We don t want tpe 
soyabean crops it is the world’s market to go to 20.000 connects 
second largest soyabean pro- tomorrow." The u 
ducer after the U.S. Local!; systems would hot be able ia 
based agribusiness, including handle such trade. 
Br azilian farmers and multi- .exchange itself, the isoisa ae 
nationals, needs a futures Mercadorias de Sao Paulo, has 
market Services of interest to-; been- active for decade as 
operators abroad are a spin off- cotton market, and aitnouga 
pvrwirtprs have trade in cotton futures has w- 
to "££?!. S taLy vanished 0 «^ p ^few 
national markets but not every- ^ears, it has valuab expe 
one is eligible, and even those, hhce. 

who are find advantages in ... In April this year. . U|e 
operating in Sao Paulo. “ It i& exchange introduced the coffee 

better than hedging aBroad . and soyabean futnres contracts 

because we can take .delivery, with the backing on a new, 
and we also avoid the exchange organised, and secufe clearing 
risk of a maxi-devaluation house. Penfield insists .that tne 
says the head soyabean trader clearing house is the hems 
of a multinational with Brazi- of any market ana he nas 
lian crush capacity. succeeded In establishing a 

solid, reliable organisation. lUs 



But such talk is of a future 
not yet at hand. For the time 
being organisers are struggling 
to build a strong market to 
serve the domestic economy. 
Herbert Penfield, the Conti- 
commodities representative in 
Brazil and the most Important 
force behind the development 
of the Sao Paulo futures 
market, argues that since the 

even more conservative 
those in better established 
But there are limitations; ^markets. 

■“ The major problem is there is Clearing house president 
no real liquidity," says... the Souza Barros explains that 
trader. This complaint is margin deposits, for example, 

echoed throughout the market- made with the clearing 
by people who hestitate to : take house itself rather than as is 
a position foF fear they will not the case in London, with the 
be able to get free when they. members. “The clearing house 
wish to. Other criticisms- wants greater control,” he says, 
attach the high cost of commis- -The worst thing would be to 
sions and the awkward and slow have a problem now, in the 
warehouse and delivery beginning, and lose confidence." 
mechanism. Organisers dearly. Coffee is the most active com- 
recognise the problems and are modjty wil h approximately 500 
working on three specific open at the end of 

measures to bring more November and trade- bouncing 
operators into the market and between 40 and 50 contracts a 
increase liquidity, but they do ^ The coffee contract speci- 
not want to rush. fles many ldlo bags of type six 

Exchange president Almeida coffee, free of Kio and Rio zone 
Prado prefers slow growth taste, and warehoused in Sao 
giving the market infrastruc- Paulo, Santos or Londrina. 
ture time to adapt evenly: •'* We -■ Soyabeans have been much 

slower than coffee to pick up, 
steam because of the problems . 
caused by the drought during 
the last crop year. Only about . 
80 contracts were open at the : 
end of November, and activity j.' 
on the floor was morose. The ■ 
soyabean contract* is * for 00 \ 
tonnes of beans consistent in j 
quality /with the Brazilian crop i 
in hand at the time of purchase ; 
or Its immediate predecessor, j 
ponta Grdssa, in the state of $* 
Parana* is the delivery point. 2 
The problems depressing the T 
soyabean industry are gradually j 
disappearing, and Brazil is b 
looking forward to a record £- 
lS.5m-tonne harvest which £ 
should stimulate the market atj? 
the - same time, : . exchange f, 
officials are 'woxidrig on three z. 
measures to increase liquidity t- 
in the market as a whole and i* 
give soyabeans a ' particular^ 
boost. . * ... f 

The participation of foreign r 
operators ins Government? 
acceptance, and the' detffft. pre-jj 
sently being: ^p r ep a re d, should 
have final „ , approval before 5 
Christmas. A second measure^ 
will create aspetial credk.linej 
with Ihe Federal Savings Banki .. 
the Caixa : Economics Fedejau 
to finance margins. Souza 2 »p£ 
ros expects to get, low intern^ 
rates of 1 per cent a montw 
wen below inflation' which ^ 
over! 40 per cent s year. £ 

Important | 

Reducing the 


in capital projects 

This financing will be espeefc] 
ally important to ihfe producer^ 
Mr. Penfield argues that Witifc 
the market -for soyabeans aft 
approximately Cr. 300 a bag.L 
Cr 100 above the Government’s^ 
suport price; there is plenty of? 
incentive for a fanner to tie £ . 
down a price for his future crop ¥ 
for fear , tile market will fall g 
before the harvest. . However, £ 
cash -short farmers -hesitate .to £ 
sell ahead because of the possi- 
bility that price increases and £ 
rising margin calls could force $ 
them to sell when they are 
unprepared. The new credit f- 
line, expected almost immedi- * 
ately, will give greater fieri- \ 
bility.. . .. * \ 

Finally, the - Sao Paulo r = 
exchange wil extend its hours ?• 

THE PACE of growth in the 
capital goods sector is slowing 
down after a period of violent 
expansion. In the -ear ly-1 970s 
this sector was identified as a 
gap in Brazilian industry and 
the Government actively 
encouraged its development, 
providing bountiful supplies of 
heavily subsidised loans. 

Expansion was tremendous — 
and at times, chaotic. With the 
slow-dowfi. manufacturers have 
recently been facing serious 
problems of idle capacity. 
Finally, in September last, 
Guilherrae Hatab, executive 
secretary of the powerful 
GDI f Industrial Development 
Council) that authorises tax 
incentives for industrial pro- 
jects, announcced that the 
council would not be approving 
any more project; in the capital 
goods area other than in 
exceptional circumstances. 

The outburst of growth has 
already been firmly reflected in 
Import figures. After rocketing 
up from ?1.2bn in 1972 to 
S3.9bn in 1977, imports of 
machinery and equipment, the 
most important sub-sector, have 
been gradually dropping, falling 
to $3-lbn last year. At the same 
time exports have been growing, 
which means that the net deficit 
will only be about 31.4bn tin's 
year. With the. entry of new 
manufacturers severely limited, 
the sector will now pass through 
a period of internal readjust- 
ment, with the inevitable take- 
over or bankruptcy of some of 
the weaker companies. 

A recent study by BNDE 
(Banco Nacional de Desenvolvi- 
mettto Economic** j, the world's 
largest economic development 
bank, states that the number 
of companies mushroomed too 
quickly, leading to “dis- 
economies of scale." . It' con- 
tinued: “ Indeed, it does not 
appear reasonable that the 
country should have ■ s.even 
manufacturers of steel- rollers, 
when Japan, the US. and West 
Germany, which are much more 
developed nation?, only have 
three. In other words,- it is 
necessary to hare ar certain 
specialisation among equipment 
manufacturers, correcting the 
present tendency of having too 
many manufacturers of some 
lines of product, as well as too 
many lines within the same 

With the expansion of the 
sector manufacturers have 
increasingly lobbied the Govern- 
ment to try and push-through 
new policies more -in -line with 
the country’s present- stage of 
development. Numerous local 
businessmen have criticised the 
fact that a substantial propor- 
tion of foreign financing comes 
in the form of suppliers’ credit. 
They maintain that it is absurd 
for the over-burdened country 
to contract even Further foreign 
debts to import equipment that 
local manufacturers^ with half- 
empty order books, are all too 
anxious to produce. Many busi- 
nessmen would prefer a slower 
pace of devcJopmentof the hnze 
new project*, provided that 
local industries were given 

orders for all the equipment 
that they were capable Of 

In some cases the business- 
men have successfully pushed 
through changes. After pro- 
tests, the share of equipment for 
th? third stage of the steel 
expansion plan, which has just 
be.gun, was pushed up to 65 per 
cent as compared with 25 per 
cent for the second stage five 
years ago. Brazilian companies 
are now winning 80 per cent of 
the equipment orders from 
Eletrobras. the State company 
that co-ordinates and to some 
extent carries out the country’s 
energy programme. Five years 
ago. their share was just a 

The most famous case con- 
cerns Acominas, the new steel 
mill in the state of Minas 
Gerais, where the Government 
was forced tn renegotiate part 
of the $50Pm loan from a 
European consortium of banks 
so ihat the local manufacturers’ 
share of equipment orders could 
be increased from 40 to 50 per 
cent. More recently, after a 
prolonged battle, manufacturers 
managed to squeeze from the 
Government the concession that 
their share of equipment order 
for the $2bn steel mill in 
Tubarao be increased from a 
third to a half. 

of a tiny ruling elite, can readily 
lead to extremely unfortunate 
and highly expensive blunders 
such as the Tubarao mill and 
the German nuclear deal has 
led the business community to 
demand a more accessible and 
more representative fonn of 

In the middle of the year 
eight Sao Paulo businessmen, 
who had been elected as spokes- 
men in an opinion poll among 
businessmen organised by the 
newspaper Gazeta MercantU, 
published a statement in which, 
after a critical analysis of 
Brazilian society, they said: 
" We a re convinced that the 
economic and social develop- 
ment of which we are thinking 
is only possible in a political 
system that permits the partici- 
pation of all.” The signatories 
included three leading names in 

the capital goods industry— 
Claudio Bard ell a. Paulo V HI ares 
and Antonio Ennirio de Moraes. 

A restructuring of political 
power Would also be necessary 
to solve another key problem. 
The BNDE 'study -commented: 
“ The total dependence on 
foreign technology is the 
biggest obstacle now facing the 
capital goods sector.” Many of 
the big names in the seetor are 
subsidiaries of foreign com- 
panies. 7 With the head com- 
pany’s products at its disposal, 
none of these companies is 
interested in developing new 
technology. For many local 
businessmen Brazil has swapped 
an earlier dependence on 
imported goods for an equally 
dangerous reliance on imported 

to allow more trade while the i 
Chicago market is operating. 

Souza Barms - explains that i 
many operators want - to use i . 

Sao Paulo and Chicago sins til- ( 
taneoosly, but now there is only ! 

15 minutes when the markets } 
are open together. Frequently S 
ah operator is forced to take ; 
a -position in One and remain \ 
uncomfortably uncovered until > 
the other market opens, and •• 
solving this- problem should 
allow trade in Sao Paulo to i 

But these changes alone will 
not rush futures trade in Brazil S S| 

to great success. Behind them. “ 

Penfield says, must continue the 
slow and dogged work of educat- 
ing potential users and bringing 
them into the market. And 
further changes may be neces- 
sary to streamline the delivery 
and warehousing systems and 
cut their costs. 

Sue Branford 

Keny Fraser 

Howerer. many businessmen 
arc thoroughly dissatisfied with 
the present set-up by which 
they are not consulted in the 
formulation of important 
national projects. Rather than 
fighting for later alterations, 
that do not modify the essence 
of the project they are demand- 
ing rh<? right to participate from 
the beginning. 

The Tubarao mill is an 
excellent illustration, for most 
businessmen were net merely 
lobbying for a greater share 
in equipment orders but were 
also pressing for a radical 
reconsideration of the whole 
enterprise — one which they 
consider an inexplicable and 
unforgivable extravagance since 
it will produce semi-finished, 
steel that will not be required 
fur local consumption and faces 
very poor prospects on the 
world market 

Even Procopio Lima Neto, 
planning director at BNDE, 
recently commented: ” From an 
economic point of view the 
project is a very bad mistake. 
But the decision was basically 
political and I am not going 
to talk abont politics.” The 
director is believed to have 
been referring to President 
Geisel’s personal commitment to 
the project after -bis visit to 
Japan in 1976. 

Despite the outcry the 
project, which is being carried 
out with Japanese Kawasaki 
Steel and Italy's Finsider, is 
going ahead. An agreement for 
a $7 00 m loan for the mill was 
signed with a consortium of 22 
Japanese banks at the end of 

The fact that the present 
political regime, which concen- 
trates grear power in the bands 

Merchants and Brokers in 

Cocoa, coffee, sugar, tea, edible nuts, dried fruit 
canned goods, grain, rubber metals and chemicals. 

Subsidiary and Associated Companies in 

Accra, Bahia, Geneva, Hamburg, Hong Kong, Kuala Lumpur 
Munich, New York, Paris, Rio de Janeiro, Singapore, 
Sydney.Takoradi, Toronto. 

St. Dunstan's House . 

201 Borough High Street, London SE11HW 
Tel: 01-407 7050.Te!ex: 837588 

%• • ■ 

' '- v ■ ' ' 

,'v - • 1- -V- ... • 



■:! •■- ■ *y^ftw<Stfr£- 

The furnace for Acomiras 

tffcUSin^eJuniacewffi be« 



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«?i- ‘ ■ • *■•: ri ssa 

— t- r 

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m*; ;•■ .7 ii; ?L. : - 

\':*r£! 2*72*2 

.- JK LAtB' i379i Bficaa . e^QJrises, . most keep 

Ge rais. „ . . eq nun&nly iaKrwti -a?. pace’ witiL. Bra41‘s- population 
. Acoinina^ '*hl£siaa?t up “its flrsr cxplositm : iftom - flOm to an 
-bla§t .fo&aMf 0 11ik v ^45Btiii\estimted 120m people in less 
ventutt^ie^^{to‘ vep^^'jpnMIduc new 

. America^ I&cgest ^teel works—: .ftctcriest *todrfe»T.v^WPlles. 

Bfanco.' otice, VO?ti&\ railway fecflitiea aad 
as: is<dated hamlet iii tbp agajfli : hrofsjg g.; •? -. ’> - '^.,- . 

■' ;. of iran' flrsfiffi . Ij ri fag -' is ^razji^a in over- 

State,, no via tte ' centse r ^of -- ffltvlaH plansr-Co^ceiv^d and admtn- 

entfiiDrise^rt largely by’graduates of 

sq km: 10 sqr katCtf factory area;' the . country’s most efficient 
" the rest ^nbS^l'; 5tonamg ' eyistihg .State-run . jsfed works. 

estaiew-ftw^-^oi^f^land stsfE, ; Usiminas tal?<c; / in Minas 

: JG^tiis) whicb y«s; biiflt and is 

-cep^es" >v ‘Tefinstidnar ^khv. '. run vtBi^tbe dose co- 

' facilitier tod' reservoir opCTation orNippo* Steel, 

’ibat. win: J rcrrtde^teattr .for 'the ^esgn^ aippIy^^coMtruction 
; nulls, ^accesS toads-aiuf railway .. and.: .:; fioaxudal . badang for 
braniii Uhefc- r 7^ ' ‘AcotBinas* key eqmprnent, how- 

“''VSa its eaAr yeics, Acotoinas ever, is. almost entirdy Euro- 

: *M '■ v8Pim -blast J*a* 

" ftDmac& 1 prodacin|.2in tonnes a Ashmore. fnteraatianaJ LT, 
T yS^^ste^^|urtnres-^md which wiU supply £280m worth 

- heavy.' • or ■'xriijdluni' ~ sfecUons^ of the £250niJ?f^eonipment 
-for:, inddstnaF-. cbhstruction ordered from Bntish concerns. 
: (S«t6eW«. J ' ^ms, - ; pgrlons, Tpls' involyds ^bMrt.fliom of 

’l Tiidactsi' ' railway^^yorks, - etc.> Bri J^ h 6 

. - or -’homa-htiilding. -Industoal content will be made either by 

r.*® ' wbiidlarta* to. Europe or 

;. ■: absorb’ SO .percent af output' , 

, ,Sj3<rard .. m arket ^con dijiong and 

flSSW'.- .?*VrfS5¥?5i*- ^ wSJ British. West /"German and 
. French eq uipmeirtr. is^backed by 

»-'50Sm EuSStf. loan man- 
• SSSh^ aged by Morgan GrenfelL On 
destined, v ■;*' by, sp^sU^utmg ^ of th^ come, suppliers' 

sa ^i; ^- 2bll ln eredits of some ^626n. mostly 

Of .VMB%-.. JtaA&di banks Witii -a $72m 
' credit *om the.«brt-Import 

-,vteriP*: natifma^^eel .-prpdnc- ^ t nf Japan fortbe Japanese 
f :;|^'prbgzmm«ieVflK>se,iBJgetis contribution to’Awminas’ gaso- 
to 19?0 me ters and boilfgft-; -■■: 

- {current -^lobAl urodHction . is ^ ^’5 share is for 

,/ about. lamtonnea-J; Britain. Europe f>vhile Brazilian 

: ;.J rcut <api^ goods aaobfacturere or 

-'..‘ifihm tile 60ginat flgure <rf 20m constroctors' are respon- 
*: tdianes ^sieto;.^rah^ved: -in jjbjo f or 30 ;pefc: cent of 
I, t STO/ ^wheb '^razal’r econojuic Aeominas’ key " eqnipaneot or 

■growth ahead .**; dO per. structures): Is a; new -departure 

r'oent ^r afflOTj^ Xn th^wake of f K -.Brazil's stp^-V^edthorities 
'/the o4I tiifis'.aad- J it5 impact on emerging f roml^t-'iieW. . form of 

Twyrn'Ent^. fh^. innrnvh hv.nM«fA«hmnrp. 

g e37>ansTbii:p^6'<^ Mn3e exist-J Asbinore and project director 
:--^lig .Stati^npi; steel : 4npis; but for the foreign contribution to 
• i 'SAeothiiiap v iraSVbeen ‘ 1 feft v yjrtu- Aeominas, Brazilian/pegotfators 
. Slly. intact. .sfcti(^ it - fiSs an . ite- from Sidebras Aeominas 
^^^anfrprodnetibn gapresderine itself. ; had an jexreptionalJy- 
«*to the tonstractibn inasket tod dear idea, bf ail';, details and 
:.^i^lyi^-^haric r m^terids. Jor prices -at the eqit^nnent they 

wanted. Thus. Davy negotiators, 
from the outset, proposed, an 
equally detailed package ’ of 
design, supply and construction, 
spreading the equipment manu- 
facturing onus from their own 
plants to- intemationally- 
renowned British, German and 
French cohcems_(thus reducing 
risks of ovebcomnutment or 
delays), and from the start, 
guaranteeing financial backing 
for their proposals from the 
Morgan GrenfelHed Euro-loan. 

Also, Davy Ashmore pro- 
posed — and Aeominas accepted 
— that it would supervise all 
European design, manufacture 
and construction package with a 
progress-chasing task force, 
originally set up in Stockton, 
but now transferring to Belo 
Horizonte, capital of Minas 
Gerais Slate, as key equipment 
and components arrive faster. 

This international, tightly- 
organised approach led fo the 
signing of a memorandum of 
understanding in May, 1976, 
and the start of construction 
work remarkably quickly. 

Indeed. Mr. Collinson. who 
admits to unfond memories of 
project management for Davy 
operations in other foreign 
countries, is full of praise for 
the speed and effectiveness of 
Aeominas* decision and co- 

He is also encouraged by the 
eagerness' of Aeominas’ staff to 
avoid bureaucratic tangles that 
often make Brazilian giant pro- 
jects a nightmare. “We have 
built up a relationship of ex- 
ceptional Trust,** he says. (This 
is not common to Brazilian- 
foreign joint enterprises . which 
can suffer from differences in 
attitudes and difficulties in com- 
munication that fall beyond 

While Davy and its European 
partners in the package are busy 
manufacturing, and now assem- 
bling equipment on the site. 
Aeominas’ directors are attempt- 
ing to renegotiate repayment 
terms of their foreign credits. 

This is part of Brazilian 
Government policy for State-run 
enterprises that have taken large 
foreign loans in recent years — 
aimed at reducing the impact on 

the services account and balance 
of payments in the next three os 
four years. 

Current Aeominas repayment 
terms are between - five and 
seven years (with 30 months of 
grace): the hope is to secure six 
years of grace and six for repay- 
ment with spreads adjusted to 
market rates {they now range 
from 1} to 21 over Libor, 
depending on the national ity of 
the bank) from the date of 
delivery of each tranche of the 
loans or credits is now guaran- 
teed. Delivery of tranches began 
hi 1977, and will end in 1960. 

Aeominas* directors also hope 
that having established their 
reputation with the .Govern- 
ment for strict obedience to 
schedules and budget forecasts, 
they will not have to defer start 
up because of cuts, in Brazil's 
overall steel budget in 1979 
{pared from some ?4.5bn to 
$3bn) of which Aeominas’ 
budget alone accounts for 

. While work continues so 
rapidly that the blast furnace, 
now- rising to half its eventual 
height of 100 metres, is ahead 
of schedule, only persistent 
heavy recent rains are causing 
technical headaches, slowing 
work on the dam destined fo 
supply the water for the mills. 
Engineers now hope that St 
Peter held by all Brazilians to 
control the weather will be less 

Davy Ashmore itself is 
designing supplying the blast 
furnace, designed to produce 
5.300 tonnes a day of hot 
metal, while Woodall Duckbara 
(a Davy - subsidiary) is design- 
ing and supplying the two- 
battery. 53-store coke ovens. 
The continuous billet mill is 
designed and supplied by Davy 
Loewy (Europe). It will pro- 
duce 2m ingot tonnes annually 
of bloom, billets and slab. 
Aeominas' sources indicate they 
would like to export part of the 
slab to offset the part of cost 
of imported coal (Brazilian 
high ash coal is unsuitable for 
top quality steel). 

Furthermore. Davy Ashmore, 
in association with the British 

Stedk Corporation’s subsidiary 
Redpith Dorman Long, is 
designing the rolling mill build- 
ing structure. 

.The structure will use 400,000 
tonnes of steel — haif of it 
imported from the UK — mean- 
while Cryoplants of Great 
Britain is part-contributing to 
Acominas’s oxygyn plant, and 
Babcock oi Great Britain and 
Fives-Liile of France will supply 
the ore yard. 

According to Davy Ashmore, 
the British share of the 
Aeominas package represents 
22,000 man years of employment 
for the UK. 

Davy now has 30 people work- 
ing in Minas Gerais, commuting 
daily between Belo Horizonte 
and Ouro Branco until they 
move into on-site accommoda- 
tion, with their families, early 
next -year. 

Acominas's steel making plant, 
designed by Usiminas's design 
department, is partly-supplied 
by GHH of ^Germany, while 
Gennany ’s Ferrostaal and 
France’s Secim-AJsthom have 
joined farces in the heavy and 
medium section mills. Secimt 
Alsthom are responsible for the 
blooming mill, and Stein Sur- 
face of France will supply soak- 
ing pits and reheating furnaces 
for the heavy and medium 
section mills. 

Thus, Mr. Collinson feels, 
everyone has had a fair deal: to 
get the contract. Davy quoted 
an. exceptional Iy-reasonable. but 
not uneconomic price, thus bene- 
fitting Aeominas. while British. 
German and French equipment 
manufacturers benefitted from a 
large - order in a time of steel 
crisis in Europe, and from con- 
certed Brazilian efforts to 
smooth the way for them. 

“Aeominas won't be the big- 
gest steel works in the world,’’ 
Mr. Collinson says, '* but it will 
be an exceptionally modern and 
efficient operation — and it's 
exciting to be part of a brand- 
new concept, for us and for 
Brazil, in a state like Minas 
Gerais, which is forging ahead 
with development." 

Indeed, while Acominas's con- 
tribution to the national steel 

The Aeominas blast furnace under construction 

programme is vital, its impact 
on MinaiS Gerais State is even 
more important. It will act as. 
a magnet, drawing spin-off 
industries not only away from 
over-industrialised Sao Paulo 
and Rio de Janeiro States but 
from the j n ere as in gly-f acta ry- 
packed surroundings of Belo 
Horizonte, into a once-forgotten 
area, dotted by iron ore and 
other mines. 

At minimum transport cost, it 

will draw on Minas Gerais’s ore. 
thus providing a tame market 
for State-owned or private min- 
ing companies and, in full 
operation, contribute some 
$l00tn a year (on Sl.lbn sales) 
to Minas Gerais tax coffers. It 
will provide direct jobs for 
some 6.000 workers, as well as 
decent housing for them and 
their families only a few miles 
from the mills, whose fumes 
and waste will be controlled by 

sophisticated methods of pollu- 
tion control. 

It is, in fact, a key part of as 
ambitious Minas Gerais indus- 
trialisation programme that has 
already attracted international 
giants like Fiat (car production 
and foundir). Kmpp (mining 
and manufacturing). Mannes- 
mann and others earning this 
State the title of “ most dynamic 


ir \-. • zi'f- “ 


~Sei frtf* 

rh^rTiiC* 3 * 

On a greenfield site 100 km from Belo 
Horizonte in the state of Minas Gerais in Brazil, one of 
the largest and^ ‘most far-sighted industrial projects 
ever undertaken in Latin America is progressing ‘ ; ; 

It is the new integrated iron and steelworks 
now being established at Ouro Branco byAco Minas 
Gerais S. A. (aqominas), at a cost likely to total eventually 
not less than US$ 3 billion. The works are being 
designed to produce initially 2 million tons a year of • 
structural steel, with built-in potential for ultimate 
expansion up to 10 million tons a year. 

Davy was chosen by Aeominas to lead and 
co-ordinate an international team of British and 
European engineers and contractors, who are 
supplying nearly £450 million of specially designed 
plant and equipment for this project Through Dav/s 
initiative Britain’s share wilt reach over £240 million: 
over £180 million of this will represent direct exports, 
providing about 22,500 man/years of work for British 

Davy's involvement covers every main area of 
the iron and steelworks. Key sectors for which Davy is 
itself main contractor include the blastfurnace plant- 
already well ahead of programme-the coke ovens, a 
tonnage oxygen plant and a complete billet rolling ■ 
mill complex. \ 

.Davy has the capability to handle large * 
projects, from design and engineering to supply ■ ■ i 

construction and commissioning, anywhere in the k 
world. - if 

. . ■ V- 


Davy Ashmore Internationa! Ltd 

Ashmore House, Bowesfield Lane 
Stockton-on-Tees, Cleveland TS1S 3HA. 

A Davy Corporation company 




‘■■■a L.-. 


Financial • Times. ■ 

Brazil is 

Our Speciality 

F.M.P. Shipping and Travel can offer a com- 
prehensive freight forwarding and air travel 
service to Brazil. 

We specialise in International shipping and. 
forwarding, project forwarding and co-ordina- 
tion, barge operation and air freight, together 
with an airline ticketing and hotel reservation 


For further information contact: 

Mr. K. Barbosa Wordsdell at 
F.M.P. Shipping Limited 
35 Albemarle Street 
London, W.l. 

Tel: 01-493 5986 
Telex: 26S661 


A mosT comprehensive raid? had Just hwn puMutiwJ stunvinA taw foreign 
Investors Trom oror 50 c-nonm;* that bat*: atna-ly -dieum their cor.Hdtno;’ by 
Itiieaitns In Brasil, in »0» local Arms. Tbere are 300 specially drawn ccrultx 
charts, man; or them Full pajtt. 

TWs will he i hi; 4th edition n! this Guide. Paw ••diUonh have Is^n widely 
used br Universities. iTorerntni.-nf nfticcs. ian,** iiwwnr groups, and service 
companies all over Eat ope. Hu- L'.S. and Japan. 

TTto once per cops - will fv- *11*. 00 ilncl. PtP 1 . r»ver 300 aUvnnj,v* orders 
have been received from Brazilian concerns. in'.-iudlrifi ih» Branhan Govenmient 
who will disirlbutc copies <o mosi overseas Brasilian Embassies. 

For more Information and orders the address is;— 

Prasa, ulavo BUac. 2S, Grupo 1911. RIO DE JANEIRO 
P.O. Box 2S15-ZC-00. Brazil. Tel: 242-S203 


Threat to Indian survival 

“ THE PROJECT lor the eman- 
cipation of the Indian Is a 
(■sophisticated act of genocide. 
Taking" "away the Indian's col- 
lective right to their lands is 
the equivalent of the death 
penalty. The Indian cannot live 
without land. If this project 
goes through, the Indian will he 
exterminated, -.without there 
having been any need. for. hands 
to get dirty or resort' made to 
arsenic or weapons." This pas- 
sionate outburst by Dom 
Thomas Balduino. Bishop of 
Goias Velho and president of 
CIML the Catholic Church’s 
Indian Missionary Council, has 
been one of many shocked 
redactions by anthropologists, 
priests, lawyers, students and 
others to the Government’s 
Indian emancipation project. 
Even. " .Vertanistas," known for 
their moderate political posi- 
tion, such as Orlaodo Villas 
Boas, founder of the famous 
Xingu Indian Park, have come 
out firmly against the proposal. 

The project, which has been 
presented in the form of a 
decree law so that it can be 
passed without discussion in 
Congress, was drawn up 
secretly, apparently without 
consulting any of the groups 
working with the indians apart 
from Funai. the official Indian 
National Foundation. Although 
the text was finally published 
in mid-November. President 
Ernesto Geisel has not yet 
signed the decree — which leads 
some anthropologists to the 
tentative hope that the Govern- 
ment is wisely having second 

The project appears innocuous 
on a first reading, particularly 
as it is peppered with phrases 
of good intent with respect to 
future assistance to the Indian. 
It provides for the “ full inte- 
gration ” of the Indian into 

Brazilian society, with the 
eventual abolition of the special 
legal status at present enjoyed 
by Indians which exempts them 
from certain obligations placed 
on ordinary Brazilians. 

According to Carmen -Jun- 
queira. a. leading Brazilian 
anthropologist, the sting comes, 
in . the tail, as the last few 
articles state that, on emancipa- 
tion. the Indians’ lands return 
to the Government. Once 
emancipated.' Indians could thus 
be divided into families and 
treated as ordinary settlers, 
with the right to a small plot 
of land for farming. The annihi- 
lating impact that this would 
have on the Indians' rich com-_ 
mortal life style is self-evident. 

Government officials have said 
that emancipation will permit 
Indians to reach the highest 
posts of the land, “even becom- 
ing generals and presidents." 
according to the Minister of the 
Interior, Rangel Reis. It is clear, 
however, that . without any 
preparation for life in modem 
Brazil the Indians will be “ inte- 
gral ed” at the lowest level— as 
rural workers, beggars, even 

Claude Lcvi-Strauss and the 
British organisation. Survival 
International. William Sturte- 
vant, curator of the Smithsonian 
Institution in Washington, has 
compared the proposal with the 
Daves Laws passed in the U.S. 
in 1887, which divided up the 
Indian reserves into Individual 
plots. In 1950. after the 
Indians had lost two-thirds of 
their land, the law was repealed 
and the policy officially recog- 
nised as disastrous. " 

Indians made their first edntart India ns such as the Gravnm- Interior we. can oFten get the 
with “civilisation” through. con-Kayova in the south .of Mato size, of the reserve reduced, in 
struction workers on the roads. Grosso, while maintaining practice, if not on paper," he 
Now some of the Cinta Largas friendly attitudes to outsiders, explained, 
are-working as under-paid rural greatly value and .staunchly 

labourers and a few. still unable defend their own way of life. Fuoai s constant owe ■— _ 
to speak 'Portuguese, are already overcoming age-old hostilities, £ H n£ K L- 

suffering with , «U> 

™ that much greater results could 

are beginning to “J. • be.-obtained with the available ;• 

Yanomani Indians in Roraiin^ *Hhai assemblies in which.: as- _ 

. . i*v i.-— moai Bsseutuirea ~jZ resources, if Funai were really 


A leading Sao Paulo lawyer, 
Dalmo de Abreu Dallari. put it 
succinctly: ** Legal equality' will 
lead tn economic .inequality." A 
few Indians are themselves 
aware of the deceptive nature of 
the project. Aniceto, “ cacique " 
(chief! of a group of Xavante 
Indians in Mato Gmssn. com- 
mented: “We can’t be emanci- 
pated if wi* haven't a trade. We 
don't understand the white 
man’s way of life.” 

Protests about the project 
have also flooded in from abroad, 
coming from, among other 
quarters, the French ethnologist 

As in the case of the U.S.. 
the new project is a legal 
means by which a vigorous 
emerging economy can eliminate 
an older way of life which is 
proving an obstacle to expan- 
sion. The rapid occupation of 
the Amazon regioD over the past 
decade, with the construction of 
huge roads, the. setting up 
of large cattle ranches, the 
development of mining projects 
and the building of hydroelectric 
power statioos, has increasingly 
hemmed in the Indians, forcing 
them into reserves or driving 
them further and further inland. 
The project will be a legal 
weapon with which to obtain 
access to Indian lands that were 
not incorporated during the first 
wave of occupation. 

The pace of change in the 
extreme north is so fast that, 
without time to make the transi- 
tion, most Indians are being 
wiped out The case of ' the 
Cinta Larga, the Surui and 
Arara Indians, in Aripuana re- 
serve in Rondonia in the 
extreme north-west of Brazil 
near the frontier with Peru, is 

After pressure from cattle 
and raining companies their re- 
serve was halved from 3.6m to 
1.7m hectares — a move which 
paradoxically left most of the 
Indian villages outside the 
boundaries. Some of the 

on the border with Venezuela, is- «, resU | t of the growing aware- resources, u r unaj were 
no less dramatic. These IndiansT 5 "^ - «f the seriousness of tbeir : ^ the Indian cause., - 
of whom there are about 12,006, ScamentTttey are starting Na ?* **• ~ 

had only sporadic contacts with -f Q orearl ]se action around a P? mted ou J **“* ^ n1 ^ 6 
outsiders until 1974. when and fundamental Government authorised the out-! 

stnjction began on - defend oT their ** of Cr280m ($20m>-in tax;!' 

ivnn. a Huoir> V^-I- P toblem 'r th ? incentives to just one cattle' \ 

Perimetral Norte, a hugero^,!?^*^ It Tc precise! v these incentives to 3 nsi- one cuiue 
of geopolitical importance, tbat-T-rf.-Lc W ho coiild be most hurt raacb * _ Suia-Missn, which Isj 
is to span Brazil's frontier • In !?; 

the north like an enormous. ;*■ is. the- largest of the 35< ranches, 
arch. Construction has been' in ; _ i -that axe being set up m -the, 

temporarily suspended fqf. igeic' L? TU Cl Al -Amazon region with -public 

of funds, but not before'. over---- -money. The amount. was more 

a quarter of the Indians from .-. Although an improvement has than twice Funai s budget truft y 
the groups in contact with, the \< occurred in recent years. Funai year. 

construction teams had thed has not supplied the Indians The long-term future for the 
from disease epidemics.- V\ . with- adequate support in- the j S bleak. What is occur- 

As cassiterite has been found crucial area of land demarca- r j n g ■ - jg a • .head-on conflict 
in the Sucururu mcrantaiii/tion. The Statute of the Indian Brazil’s bouncing 

range in the heart of tte:Xfittlan' passed in 1973 planned for -all. economy, out Vo 1 bring 

area, the big State-owned authorised Indian _ reserves,- pr od active use . all avail- 
mining company CompanHia covering about 59m hectares, of able land and labour, "and : - % 
Vale do Rio Doce will be setting land, to be completely marked radically different.' culture ' 
up a mining project, radmffiig out by the end of 1978, but wor fc ^ seen as an enji : 

an air-lift, to take out thV&fe. T JFunai has only . managed _-to .j n hot 1 ' as a T means dr ' 

The only hope of survival.^fqr achieve a third of this target. , money; and . where ' 

these Indians is a large well-. The pressures bn; Funai are natural- resources are Baj- : .' 
defended Indian reserve, ; to be great, particularly as. it Loappror : - moniously protected .an^ ..- - 
set up immediately. ~ v priately attached "to "the Min- renewed Tn-'- 'an -■essehti^ 
For the Indians further to the istry of the Interior; a sector ecological balmice, not : des- : 
south, destiny has been a. little of government that is domin- polled. in the competitive quest " 
less crue}. Slowly establishing ate d by hard-headed "technicians for quick profits. The Indians 
contact with white civilisation with tittle sympathy for the are clearly- the much -weaker 
20 or 30 years ago, when the Indian ceiise. A. targe land- side -in this tussle and are. 
pace of change was much less owner in the Amazon admitted doomed to- extinction . unless 
rapid, these indians— or rather- that he and many others firm — but. highly, unlikely - 

the survivors, for the deatKrate systematically complain when 'admeasures are taken by the - 
from disease has always 'been reserve is being marked out Brazilian Government in the - 
high — have gradually built mp’i - “By sending a deputation con- near future. 
healthy resistance to the Initial; sisting of friends of ours to ~ - - c n ( ». 

lure of the white way of life.- complain to the Ministry of the ■ DranlOTQ 

next prefect 
's foremost 



Whenever or wherever you assess your 
project financing needs have a talk with 
Westdeutsche Landes bank. As one of the 
top German international banks, we have 
built a reputation as a wholesale banker with 
vast resources and a proven ability to move 

Ex-im financing on a large scale, utilizing the 
full gamut of all available international financ- 
ing instalments, is best entrusted to a true 
wholesale financing institution, free from the 
demanding administrative burden of retail 
banking. Here, all specialist effort is concen- 

fast with professional and innovative style. 

trated on finding the best possible client 

„ . .. . . solution, taking full advantage of an efficient 

Foreign trade f maneing packages, buyers bacl; organisation to help monitor country 
credits and capital market (mane, ngs.n DM. rlsks . arra ,- ; g e for government guarantees. . 

and provide foreign exchange hedging 

Eurocurrencies or. where necessary, in 
domestic funds to cover local costs - • 
WestLB not only has the necessary world- 
wide facilities - in London. Luxembourg. 

' ~ New York. Tokyo. Hong Konci. and other 
main financial centers - but above all. the 
necessary experience resulting from its 
traditional links with Germany's efficient 
export industries. 

WestLB. with a balance sheet total of more 
4han DM 30 billion, ranks among the top three 
banks in Germany and the first twenty world- 
wide. It acts as clearing bank lor 180 regional 
banks in the important Slats ol North-Rhine 
Westphalia which encompasses the heavily 
industrialized Ruhr area. It is state-backed 
and authorized to issue its own bearer bonds, 
which greatly increases its refinancing 
capacity ensuring well balanced sources of 
funds to facilitate the full spectrum o! credit 
business on a vast scale. 


The Brazilian stock markets jtre 
stumbling under the weight; oj 
40 per cent a year rate of infla- 
tion but they are basically 
healtby institutions which have 
evolved significantly under the 
Geisel Government. None the 
les.s they are still young and lit 
need of further development, 
even if the framework is there 
for a strong bullish perform- 
ance in the medium term. Those 
days, however, will only arrive 
when the economic horizon 

The near prospect Is not 
especially promising, though 
there are bright spots. Second- 
line companies have done con- 
siderably better than the blue 
chips, and for ail Its laziness 
the market has managed to 
support, a relatively larae 
number of new issues this year. 
A Worn offering, rhe largest m 
Brazil’s history, is just now 
going into the market, support- 
ing to the claim that although 
it still handles but a small frac- 
tion of Brazil's total savings, the 
capital market, including ihe 
stock exchanges, is developing 
into an important part of the 
Brazilian financial system. 

One of the brightest spots is 
the performance of the institu- 
tions established to bring 
foreign investment to the 
Brazilian capital market. In- 
vestors abroad who bought into 
these funds during their almost 
three and a half years of exist- 
ence have found their capital 
has on average returned more 
than investments in European 
and North American markets. 

Unibanco, a large Brazilian 
financial conglomerate and one 
of the most active investment 
fund administrators, is now can- 
vassing potential clients in 
Britain and on the Continent, 
and if the response is sufficient 
it will quickly offer a new issue. 

Five funds, each having 
raised 52m or more, dominate 
the scene and have brought 
to S55m tn Braril. Total 
foreign capita! invested in the 
funds altogether reaches about 
$560m when the 10 or 50 
smaller funds are included 
Unibanco administers three of 
the more important names: 
Robrasco, the biggest in Brazil, 

lias raised $15m in Rotterdam, 
. Brazil- Vest 958.9m in London, 
and Bra si tin ter 952m in Paris. 

Unibanco director and vice- 
president Julio Cesar B. Vianna 
explains that participation in 
the funds is restricted to com- 
panies;- individuals can enter 
only -indirectly. His most 
important .clients are institu- 
tional investors such as insur- 
ance companies and in vestment 
and pension funds.-' Unibanco 
has three- funds— •* We would 
be happy to have mariy more" 
— to give freedom to tailor them 
to suit' the needs of clients 
willing to invest $52 m or more. 
Together they determine invest- 
ment policies, and having only 
two owners cuts the cost of 
administration. particularly, 
simplifying the ■ process of 
raising new funds. Brasitinter, 
in the same way, is owned by 
the French investment fund 


Braslivest, however, has 19 
shareholders from England, 
Scotland, Ireland, France and 
Switzerland, and with so many 
involved new issues are compli- 
cated-^ and expensive. “The 
advantage of having so many 
shareholders is that it creates a 
large investment potential/* 
says Sr. Vianna. . - 

The, Brazilian authorities are 
considering regulation changes 
which should make the funds 
more, attractive. Vianna is 
expecting repatriation pro- 
cedures to be simplified, cutting 
the investment period from five 

to a minimum of two years and 
abolishing -the rule which forced 
capital withdrawals to he par- 
celled over two and a h'alf years. 

He predicts such changes will , 
■please foreign Investors but 
warns that otter arid mare deep- 
rooted problems will have to be 
solved before . the investment 
funds become . really ! dynamic; 
"Investors are hot increasing 
their stake because of Brazil’s 
economic problems like . the 
balance of payments deficit, the 
spectre of a larger devaluation, 
slow growth, and doubts about 
the- political - and economic 
situation. • 

Despite these problems, the 
performance of the funds has 
been strong enough to encour- 
age investors. Over .the year 
beginning October, 1977,- the 
Dow Jones average, dipped. 1.3 
per cent -and the Financial 
Times Index lost 6.7 per cent, 
according to Lriibonco data,. hut 
Brasilvest, the strongest per- 
former of the .five big. funds,' 
gained 29.6 per cent in dollars. 
BrasiUhter added 24.1 per cent' 
to its value, and Robrasco, the 
slowest performer. 3.7 per centT 
'This is especially good enn^ 
sidering it was a bad year for 
the market,” says Vianna. 

Buoyed up by high expecta- 
tions based on declining infla- 
tion and a small trade surplus 
in 1977. . the market began 1978 
with a boom." Bovespa, the Sao 
P^ulo Exchange’s index, 
climbed II per cent in Janiiaiy ’ 
and another 8.8 per cent in 
February, but fell back 1.7 per 
cent the following month and 
lost another 6.8 per cent in 



most beautiful hotel sits on Rio's most " beautiful 
beach. It is the Hotel Meridian, C op ;i cabana. 534 
rooms, two restaurants, poolside bar. Refine’s disco 
and conference facilities for-700. 

HOTa . .J The.addressi _ ' , . 

1020 Avenlda Atlfintica 

M6RIDICN^ 0 de .Janeiro 


Group Sales Office: 
01-493 4649 

For your nexl projeci financing venture, talk 
to Germany’s foremost wholesale financing 
institution first. 

A strong force in wholesale banking 

Westdeutsche Landesbank 

. ' Sufc'.irlian w; We ,rL F- 

XatMFsaniativa Ofli^ea Latin Ame-ica Office Mgvv Yen-. Tel ’’■i-i-OSI'C P-r ■n*-" J->n e rii.:- T-4 7 ^ ?■ ^ 

v - " fiarvT-JP P’jnc o 5 k c i 

,*0 V ■ n:s D -ilOnD-.;wMrr , 1 Tel 01 V- S' - Fi-artfun OHi.'.* M 0MV25791 

Vojj! ! w . ivi.'Jon Ti?; ^?S 6 l £ i 7 f i 754-0600 Tokvc. Fd 216-0581 

i.-ij. Si J - 1 "•--"‘■re irq T<h Wv -.iL 3 u-'i^Urndcd.HC'nc Kc-nq T --4 5-253206 

•I.-; ,n.-i -*|A Te.i c - ; ',;i JT 3 - 18 11 . MelCounf»i 7 i?i 67 S <31 

- " r.--. 10 ? puiiM li i.- .■in^rilr- j A .Rir os Jar.enc.T~’ 2 sU 3823 


Any company domiciled in Brazil cmi.femar 12% qrf its oaparate lax in toarisai. 

Thai la one oi the ieoiuzes ol the Gowomnanfstox policy, thal provides oftowanoaiotup to 50% of tl» laxdueas 
an incent^a ra the cMvolopmonl of priority emsas. 

S° it your company is pulling its money Into tourism, it shaaM profit twofold when you visit Brazil . ' 
Because i Hw proceeds ate ploughed into tbe extenskm and improvement ol the domestic hotel network. . 
Thai is how Emlxratiix was able to back tbs entry of inlemattoaai hotel thorns, such as Sheraton, -Hilton, -■ 
mtoiccntanental and Mendien. ' . . ^ .■ 

And help the great domestic chains, such as Homo and Othan. " ■ 

That is why, even time you put up alone of these holds you'aie aeBadtixto 
Profats that may also be earned on Die main stock exchanges. Bylhe end at the 
issued and In^ vestment Certificate evidencing the 12% investment in 
tourism. A Certificate, that may be traded far listed shares. ■ - 
As y«i see. there is a difference between investment in toarism in 
Brazil and any other investment you know. Here, m* even the tax - 
money leaves bn holiday. 

-.te’fbr your company. , 
year your company will be 

Further details may be obtained Emm Emhcartux’s bnatnunl 
Department Pratra mud, 7 - 10th floor- 20. 000 - Bk> de Janeixo - 
Brasil- Phone: (021) 253-8282 - Telexr(021) 21066. ‘ . 

L 3 t«;iRy GFM.USIRY KltOJriuttrCL 

embratur . 

AUTHORITY - r.-- =- 


\ ;vA^®fia»ela?:?^^s ;5iSi: 

'ji&Srj:/^-' •; ' ! ^k- z : -Vl'^S-' •S'F'silT.: "-■ 

' '•V-^-’ ::. : -7-v x--:; - : 

r peceniier 7 1978 


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iSAO P AULO: City/ifi'jtW' U»6hr^W««iJrer. ; ’ I -loVe tae-ltfe style, lies between paying up or losing tiiras and ability to adapt to 
-pin of R rayR 'y -7mrfiwfry - apft-T ve . never 'been '- Tiealfluer. ray one’s sanity. " local customs. 

Erivate Wtat a dlsnatt-htr cannot do 11 is not always easy for a 

■Detroit , \of _CSl>Btb£ ■■&£ lu>me.-I had to listen to them [<f£ baf 2 sed €xftcutive “ s foreigner, even if he works with 

aggressive,- - fas&ndving, vjbore hacking a}l , night win bron- $1 th regulation size forms Brazilians, to slot into Brazilian 
cosnwpbiitari>^a*\js a&pafeat-chiar coUgbs. here they, run ln ClBacinJ plicate, quintuplicate soda 1 Ufa- Access is smoother 

. axouh 4 half-naked and stay 0r j^te multiples. Thus in “ v * u “ *“ 

dents Jttake- t&ne for. gooi fpod; hrown aliyear jwuinL. . brazil writer’s cramp is intrinsic 
the aits iwd live Jy'csnversaticm. xliaye- a ^.ashing' flat with to doing business or being 

:But pollution; stitfgs the eyes ^ view of the . lagoon. My wife authorised to doit. 

^Hd lungs, .anfl ,tbe ^ , s con- ^esTi’t iwre to wash Mppies or ... ■ , . „ -- 

tvurs are Karsh ahd 'grey. " ' ’ housework. We have a nurse- 3 Paper rams at least, their tongue as the acid test of 

if he makes the effort to learn 
Portuguese. Though many 
Braid lions speak good English 
or French, they will often use a 
foreigner’s willingness to learn 

-be visited by.tfie- foreign" execu- race with a.^dKa. and tonic in 

Thev will use other tests — for 

tw.vuiiw W uwiwcigu-.wwH- -77- -r - j.- .-.’V'-- V > iirUrt Steelworks calculated it took p^iriVnV" thp 'lieeree of svm- 

tive because illtimate- political hand ad ldjlt Who 34r „ example, the degree 01 sym 

SSfeTJ" 1e/n/°« 

t Brasilia is a- hew.- Oty- lares .ana ^ngiKu expansion programme— and that Brazilian history or customs. It 

*r J* 

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fit <?: 

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■*. , 



■®ut wonwio m, +- 4iBir.. ui#- — -■.Tr-!iX expansion programme — ana that Brazilian history .. 

-acquirfng ':a ' personalfty^tbe Some foreign executives work this programme could have been ^ to «v that the less effort 
.place you can on, do.yoiir deals foT Braalian concerns. They completed in one third o£ the a foreigner mafr PC the less 
in, ^nd Jeavn'-aftef'A day or so. earn hig* salaried but. do not time had the red tape been less efforr Brazilians correspond- 

^.Bio de Jan^W tKW pdint of ^ ’-55£?S suffnMtiBg ’ ingly make, despite their apon- 

-.fee 1 triangle of Brazilian basi- are Brazy ’s bureaucracy can taneous friendliness. 

|sr ai powers is .the . ei- sto M o syndromes in 

stiH -a.Mve^ fnants, ^® 2 con- foreign execat ives. They make .CinrArP 

industry, trade and^a handful-of SS* ^ ^B^Sans are decisi °ns at normal speed then 

State-run copcems which have ",7™ ^ ^ ^ executive have t0 wait 00 a telephone Even those who make sincere 
not yet. moved to Brasilia. ’ - t D f n a ^!iL SSoS executive suspended by a forgetfuI efforts have not, however, found 
' Win rtvlea Itself the " riar- 01 . a '* Qrei sn concenj,../. secretary, sit on “ hold ” waiting it easy to make close Brazilian 

Tts ^Atrar+rtr^ «in - being." Where it’s for the message to get throuch friendships as opposed to 

all happening,^;. , afid since hordes of civil servants and pleasant acquaintances. Many 
s» fVA«M mnuL Brazilian taxes ’aref^By their mountains of forms, hundreds couples have found that only 
^gg”.**gBg^Jgg notolfo. •■mom-aw reisnn. of stamps. Initials ud .to- wbon iMr children am 
v.„ . L ,;i j - 'Tjfc.* ron^rts able," ’ they ' caa>';. , speid their tures. Anybody in the import making Brazilian school friends 

, C ' money the wayvti^ey ^hftose. It or export trade, hamstrung by does something closer than 
iS " is hard to find on^wjio ^as Ideas thousands of pieces of legisla- cocktail party small talk develop 
«rhwnt ' ' . _ of giving up his^razilian job Van and several times that with other childrens' parents, 

oiners. . . Md ren , rnin g to \eork at home many bureaucrats employed to Thp cattail or dinner nartv 

. Rio is Mb : marvellous and -or retiring. . . impleriient it. will find himself costulue ball or nightclub 

^wful. Its marcels^beaches, g^g j nvest tluelr savings in '^? ?pil ? g more ^ than going. C i reu j t ^ a pleasure or a curse 


fu**' the interior of Janeiro shocks. gossip column • conscious, 

those with' haga, sa la ries ■ state, retiring thete’-af week- In a tropical climate, how- Ostentatious rivalry between 
1 k urS - ese -primai b prom e ^ dg . ^th farmiy and - friends to ever, heavy drinking is best hostesses is sometimes fiercer 
urban pugnt '. . -•> rest, play golf or^garden — all left to those with exceptionally than business rivalry’ between 

. These t^hiotri- ar^ "readfly extra cushions frimt^e pres- strong constitutions. Most long- husbands, 
available to afor^gn e^eutiye, sores of high-level husness. suffering executives opt for Tbose wh _ pre f er quieter 

andhis fa mily, living <mfi^ood ‘ outlets. Many rise Jives . coneen tratuig on sports, 

basic salary plqs . parl^Mt, PfeSSUreS ^ u'% f ? e dawp lab ? ut *“ i m relaxed with friends or an occa- 

car and children's educatiDh x ?! sionaJ outing to a cinema, -con- 

match — but who 
reasons must 

/Croadi-' 1 ?® xtic jams do not cause un- (either foreign or Brazilian), as 
bans, fpahema*^^&&Chhd a ^f as countries. reiieVed' ' suffering for the “facile." •‘pretentious" or 
‘pjher hfeo^gljir^oC Ig^i^ic^fliajr^ ^ ^^GOnstteyl^fia$tte»ai 'arst. half of his trip from the -silly.’ They detect a strong 

pameachnt «qnat' beanty. r ^ltvfa«hffteago of- the- in^ket -and souihem beaches to the business element of insecurity in nabi- 
i(ipat * »ht 3 ^rtiw g 'at is ■ only centre, the motorist executive tu6s whos econversation centres 

y^ent, moptii for a atpev^ ^ haf^Erind— f or ex- can C0 J,p t on spotting flocks of on vicissitudes with servants, 

reasonable flat ind r soarihg';t6 'ranple .the . «ce of 5 .replicas V ^of the ‘‘girl from country club scandals, and other 

Whatever, ihe;£Lker.isBl ■ps^ for telephone system ipanema" immortalised in song, superficialities which, as one 

<t penthouse ^flr?a:<yicw.;4o (like??' 'to gorstient in the ** r m used 'to the traffic," one non-habitue put it, "Those 
dramatic' it.oretjtiCrejs siispehkoh' rafd«e oT^cructal conversatjon executive said, “but the day I blokes couldn’t even afford back 
of disbelief ; tb accept-*^' lit is *2“' re»Mn 's°. for hours^there- gel used j 0 gjj those beautiful home." 

Clear era itsTbeSt r to hur^uCT^ at P 1 ' 3 F v 11 K ' s time for rac Some executives complain 

best-p^, aShSSf’aSd t0 pack i7L - that it is virtually impossible to 

- -ItaUm ,-^oiftvex .' doing. ^ mmdprtsent as the extraterre- ' The girls come in two species; hold a serious cpnyereation even 
stint JEor. th%ir cdmpimiesinBio ctrfaf monster in the “ Quat£r-."dT allable . unhampered by the at a small gathering- its as it 
are Often . sdkfh^fi~ abqut -the rnMn . Experiment” sprawling Victorian standards still people were running away from 
place;^lT c»h get beach^ and njto-^eVery nook and cranny of imposed by many Brazilian their origins— as if they were in 
sun art ; hoint ; not; \q .mention city Or State life. families on their daughters — or carnival costume ana grease 

better food apd ' morja^amusing . . e - ... .’ h _ for- looking at only unless inten- P a int all the year round, scared 

compaby,” is a frequent coni : inerfhf /tions M® folly honourable. *» 5t °P samba-ibg because 

m ? nL- l ” t Latter-day Victorians wear they’d have to face less glamour- 

No> SlUto. the 1SS.‘ X Vtu!£ “ TSL^Su 

dic climeh JMo: 4..totamou^.tp r ^ queues, knows which window 113 those of the ictonani. > e . s ‘ 

3~ Mecca. jE*asSMto,.for the' city. jn which Government office to go , or . off beacbes - ^' n ^ h _ Tb f re ^ a „ ^ }ns , ta ^ g „ of 
appears to^lncreaSe in propor- to first {not fifteenth time roimd temte to confuse some of the Southern Gal^rma-^lollr- 
tiou to tiie dullness- of the life: after 14 false starts and redirec- a ™ ed >' oung ^ cbe ors £°° d ’ Beverley Hills. Malibu 

h? led ba^' In England,. Sweden tibbl and with palms to i 0T Earned temporary bachelors Beach-about Rio de Janeirc 1 . It 
or ..Germany: A.middle^anking Waged with beer money, the that matter). But with lime caters for the upwardly mobile 
foreign executive. in Rio. ^gener- man who gets customs cl earajice, 1 ^ 37 a11 a djnst , migrant, rewarding hard woric 

^iy ciaimsr 'greater sitisfactioii in three weeks, not months (or •. For decades young foreign y ith raatenal ple^ures, prorid- 
witiLfiis .Work and perecuial iife yehrs;, licences granted, per-, males have been taking to them- Jng . . e 6 4°°^ oacKdr^> lor 
30 .this tropical haunt than in mils ■ -stamped and manifests ■ selves Brazilian wives and pro- n e wJy-manuiacnirea personau- 
^ 5 htTOrfa^ .;iv. * approved, - djicing children with English, ^ n ® ve ^ .^ K1 ” g ^hat^vour 

. 'A -ydnag' *'lta^jih4ian p -*'ialr Dispatchers costs money— the American, French or German father did for a t* ~i so 

hair streakod fairer’bF the. sun, sum rises in relation to the surnames who speak iheir measures you bv .-our latest sue- 

face free of the frown often complexity of the transaction father’s tongue with thick cegs or failure. ^ 

seen- on a Londoner^ ftatoffs. (and-tfio number of officials to/PoTtuguese accents an inoica- 

w . - . 1 rn . _ - mx ’«.« . n ■ .1 .1 * A e k.fU kAnAimnhfA infari . 

summed 'it upr "“I : love - the be dealt with)— rbut the choice .tion of both honourable inten* 




1 #0 


J l‘» 

L/— * 


Z < 


* > 4 

' ^ 

April. Since then v the .Ipdex 
has been on a roller coaster and 
by the end of November last 
Was 9 per cent'.lowerjlhan iii 
November, 1977. 

■ Julio Krauspenhar, "manager 
of one of ."Brazil's \.lop^rated 
investment management cain- 
. panics, the Bank-- pf .BostOd-S' 
Boston 511, blames '.the resurg- 
ence of inflxtion, . the growing 
trade ■ deficit And ■ the-; unsteady, 
performance of the -eco&bnrff as 
a whole. .. “The rate .of growth 
of profits has been 'very low," 
be reported. “From mid-1077- to 
mid-1978 it was The lowest isr'XO- 
-years, and. in real terms there 
was negative growth.” • 

On top. of these • pmblems 
disturbances peculiar . to the 
market hindered performance. 
The Government delayed- the 
disbursement of resources to 
the big fiscal funds, the back- 
bone of tpe market, and the 
recently created- Institutional 
investors, the - pension .funds, 
have not Invested -as much as 
expected. • Moreover^ investors 
had to adjust to -the new cor- 
porations law which, among 
other things, redefined profits, 
so that ’ companics.'appear tp be. 
lesa ; lucrative - thaii under, "the 
old accounting rules. 

“But,** Mr. “ Krauspenhar 
warns, the ;Bovespa index . is . 
"misleading becayse_ it is 
dominated by blue chips. Com- 
panies • in the -second line have 

done much better.” Bovespa’s 
index' of bine chips fell by 5.6 
per cent "between January and 
October, but its. index comprte-. 
mg only second-line companies, 
gained 44-2 per cent daring the: 
same period. 

Another factor depressing the" 

■ market from the investor's point 
of view is the number of new 
issues. . “Subscriptions have 
tbe^n* above -what was expected 
"and that. weaken the market,’ 
complains Mi . ; Krauspenhar. 

. Blit froth the companies’ point 
.of. view the market is becoming 
a more*: important source of 
capital A priority but often un- 
appreciated . arm of Geisel 
Administration policy has to. 
to -promote -the capital market 
as.a soarce of company funding 
.by: directing' money to invest- 
ment in shares, by reforming 
the antiqnaied corporations law, 
and by creating the Comissao 
de VAlores ’Mobiliarios (CVM)i! 
a market watchdog similar to 
America’s Securities Exchange 
Commission. ... 

A Sao Paulo stock exchange 
source says:' “The market has 
changed .tremendously over the 
past V four, - years. It is now- 
dominated" by institutions in- 
vestors instead of individuals, 
and a 'fin of money is. being 
directed by law thipugh .them 
to the market and on to com- 
panies”-He considers the cre- 
ation of the GVM an important 

step in regulating the market 
and points out that the new 
. corporations law is aimed 
^almost In its entirety at protect- 
: jng the minority shareholder. 

• .-■As' a result of the Geisel 
policy the market has been given 
jgteat potential as a source of 
^capftol for companies end as an 
alternative field for investors, 
whose interests are. now better 
protected. An executive of the 
lobby representing companies 
i&ted on Brazilian exchanges 
told the Financial Times thatr 
oyer. the last two years there 
has "been an appreciable im- 
provement in tbe market as - a 
source of funds. However, 
interest has been restricted 
mostly to Brazilian companies. 

'Some multinationals have of 
course gone to the local capital 
market for financing. Com- 
panies such as Souza Cruz, the 
British-American Tobacco sub- 
sidiary, Anderson Clayton SA, 
daughter of the American agro- 
industry giant, and Ford do 
Brasil have had their , shares 
tailed on Brazilian exchanges 
for several years. But by and 
large multinationals have shied 
away. However, the 535m shares 
and convertible debenture' issue 
at the end of November indi- 
cates that tbe market may be 
mature enough to merit the 
interest of multinational finan- 
cial managers. . 

This large -new issue was from 

Vibasa, a subsidiary of the 
Villares group, one of the top- 
ranking Brazilian-owned indus- 
trial complexes. It consisted of 
$I5m in preference shares and 
$20m in convertible debentures, | 
all covered by firm subscription 1 
agreements. Villares itself took 
half the shares. Notwithstand- 
ing this demonstration of 
strength, the capital market still 
plays a small role in the Brazi- 
lian financial system, and the 
Geisel effort has equipped it 
more with potential than real 

Roberto Teixeira da Costa, 
chairman of CVM, identifies in- 
flation as the capital market's! 
number one enemy. Not only 
does It decimate real profits; it 
also pushes interest rates on 
alternative investments sky- 
high. At the end of November 
certificates of deposit were earn- 
ing 53 per cent per annum. 
“Why risk your capital when 
you are guaranteed such re- 
turns? ” a Sao Panlo exchange 
source asked rhetorically. 

The capital market, including 
the stock exchanges, will lan- 
guish until Brazil gets control 
of the serious problems disturb- 
ing its economy. ..When that 
happens it will be capable of 
strong and rapid growth that 
may, as in 1970-71, end up in a 
runaway boom. 

Kerry Fraser 



25 ' 


Telecomuni ~ 


The eighthbiggest 
company in Brazil 


Brief history The genera] guidelines of the brazilian telecoxnuxucation system 
introduced with the creation of TELEBRAS in 1972. 

To rationalise the telephone service, one of tbe first and also the most important measure, was the 
transformation of hundreds of existing small companies into big key companies for each state. 
TELESP bom in April 1 2, 1973 with this aim, as the key company for Sao Paulo state. 

TELESP acquired all the assets of Companhia Telefonica Brasileira - CTB, a company that 
formerly was called Telephone Company of Brazil, the first telephone company in the country, 
founded in 1880. 

Since its foundation up to today, TELESP presents the following evolution: 

Terminals in Service 

Capital Stock USS 10 3 

Number of Employees 

Municipalities Served 

Incorporated Companies 

Toll Circuits •. 

Telephones per 100 inhabitants 



/ 0 


1. 164.066 






















(*) USS 1.00= Cr$ 6,10- April/1973 
USS 1 .00 = CrS 1 8,03 - June/1 973 

(+) December/1973 

TELECOMUNICACOES DE SAO PAULO S.A. 7 TELESP is one of the biggest companies in 
Brazil, according to the classification of Visao magazine - “Who’s Who in the Brazilian Economy’ 
(1978 edition) - ranks in eighth position. 

2 Administration •TELESP’s administration is composed of the following members: 

Administration Council 

President - Antdnio Salles Leite 

Counsel - Helvecio Gilson 

Counsel -Luiz Antdnio Silva de Araujo * 

Board of Directors 
President - Ant 6 nio Salles Leite 
- Vice-President - Carlos de Paiva Lopes 
Administrative Director - Waldemar Rangel Bonfim 
Financial Director- Joaquim Gilberto Caltabiano 
Operational Director -Levy Kaufman 
-Technical Director - Marco Aurelio de Almeida Rodrigues 
Assistant Director- Pedro Maciel Braga ; 

3 Capital stock composition -june/1978. 




Telecomunica^oesBrasileirasS.A. -TELEBRAS ... 221,208,586 
Jelecomunicacoes do Rio de Janeiro S.A. -TELERJ . 85,923,874 
Emp. Bras.deTelecomunica^oesS.A.-EMBRATEL 36,341,014 

.Subscribers • 52,418,256 

Banco do Brasil, Banco de Desenvolvimento do 
Estado de Sao Paulo, Banco do Estado de Sao Paulo, 

.Banco Nacional do Desenvolvimento Econ&mico, 

Caixa EconOmica FederakGoverno do Estado de . 

Sao Paulo, Prefeitura do Municipip de Sao Paulo, 

and others 25,545,349 

TOTAL : 421,437,089 

Exchange: USS 1.00-05 1 8,03 -June/! 978 

4. Evolution of net 
profit before 
income tax • Total for 

the period: 1973/1 977- 

In Millions 

of USS 

I9ft 1974 1975 197b 

Exchange: US$ 1 .00= 
OS 16,05 -Dec/1977 

Exchange: US$ 1 .00=05 16,05 -Dec/1977 

7 Investments forecast 
for the period 1978/1982 


USS Millions - By year 472.7 678.5 545.2 486.6 561.2 


-Accumulated 38.492 51.793 57.437 64.937 67.937 

knkncial Times Thursday December 7 1978 


V *SINCE 1940, Brazil has been 
.doubling its electricity output 
.‘every seven years, a feat 
^rivalled by very few other coun- 
tries. Brazil now produces 
about 24m kW, of which over 
. four-fifths comes from hydro- 
electric power stations. About 
three-quarters of this energy is 
..consumed in the south-east 
"region of the country, where the 
country's “ industrial triangle ” 

(Sao Paulo-Rio de Janeiro-Belo 
Homonte) is situated. The 
Government plans to keep up 
high growth rates, reaching an 
installed capacity of 57 .Sm kW 
by 1987. 

The cornerstone of Brazil's 
strategy for continued indus- 
trial growth is this abundant 
supply of energy. The country 
is fortunate to possess an enor- 
mous hydroelectric potential of 

at least 180m kW. However, 
well over half of this potential 
is situated in the Amazon basin, 
and at the end of the last 
decade it appeared that Brazil 
would encounter very serious 
technical problems in its efforts 
to bring this energy south, as it 
will have to be carried dis- 
tances of up to 2,000 km. Along 
with geopolitical and military 
considerations, this concern 

pushed the Government into 
hastily signing a disastrous 
nuclear agreement with West 
Germany which is being in- 
creasingly attacked in the Press. 
The eight nuclear reactors 
planned would have provided 
10m MW altogether, but it in- 
creasingly appears that only a 
few of them will actually come 
on stream. 

At the time Brazil's scientists. 

who were not officially con- 
sulted, pushed for the Govern- 
ment to put off any important 
decision about energy diversifi- 
cation for a few years; taking 
advantage of the breathing 
space provided by the huge 
Itaipu hydroelectric power 
station which is being built in 
collaboration with Paraguay on 
the Parana River in the south 
and wfll be the most powerful 
dam in the world. 

As was foreseen, the problem 
of electricity transmission is 
gradually being solved. In 1982, 
with the completion of various 
hydroelectric projects, the whole 
country should be linked in one 
electricity system, extending 
from Belem in the Amazon 
basin 4,300 km south to Porto 
Alegre near the border with 
Uruguay. This will be one of 
the largest single systems in the 
world and together with 
development of direct current 
transmission it is exploding the 
myth that it is impossible to 
carry energy Jong distances. 

The Itaipu project, which will 
have an installed capacity of 
12.6m kW, will certainly give 
a big boost to supply, increasing 
it by over a third. The project 
is on schedule despite . a two- 
month delay at the beginning of 
the year, and at the end of 
October the President of Para- 
guay and Brazil watched the 
blasting of the c offer dams to 

open the deviation cut through -mid-1940s. when the first hydro 
which the Parana River -Is. now- .electric power stations were 
Sowing -to allow for the construe- -installed and all the 'equipment 
tion of the dam on the Twer -had to be imported, 
bed. Foreign engineers, work- - Watr 0 f the generators will 
ing on the site, marvelled. at^h&jje' • producing energy in :50 
recovery of time lost, comnwnt-,. cycles, European-style,' to suit 
ing that such a feat would: .have". Paraguay's needs while the rest- 
been .impossible in Europe ;^in- be suppled at 60 cycles, 
where workers would not haye-tp be used in Brazil where the 
accepted the very long shifts ; American model was followed, 
or the lax attitudes towards', : As Paragnay wdl be selling 
safety. most of its share of the energy 

• " ■ produced to Brazil to pay . off 

lTlPaTine<iS • ■•“Pthe large loan it made to pay 
^UCAJIllt» for its share of construction 

There are about 28,000 vwaiv costs, Brazil originally . wanted 
kers bn the site, a thrd of all the energy transmitted in 
whom are Paraguayans. Blus- ;60 cycles. Not unexpectedly, 
trating graphically the coir Paraguay resisted, anxious to 
tinuing cheapness of Sonth jccep open its option on this 
American labour even in_ : -ai energy. - ‘ 

relatively developed country- . ^ well as the normal alter- 
like - Brazil, an American^^^ current cable to Sao Paulo, 
engineer calculated that * u diw. be “bled" at mter- 
similar project in his home jyals way, Brazil will be 

country would only employ Riding direct current cable, 
about 15-36,000 men. .. v -; c f jts kind in Latin 

The 18 turbogenerators will ^America. This cable is probably 
be supplied by a consortium' of not economical for the distance 
Brazilian and European ; .corn- to be covered — about '850 km — 
panies, including . Bjrawn_ because of the high, cost of the 
Boveri, Siemens and Voith ■ generators at each end.. ■ 
which won the $707.1m ordey in,. -'However, as well as fitting in 
July. The proportion of- .the - with Paraguay's demands, it will 
equipment to be manufactured also be extremely useful to 
in Brazil is high — 81 per cent Brazil in building.up. experience 
of the turbines and 80 per-C$ot in DC transmission .to m eet the 
of the generators. This reflects, country's need in the near future 
the great strides made -by .to bring down energy from the 
Brazilian industry since' the- Amazon basin. This particularly 

. important contract, worth $700 m, 
has not yet been awarded. '■ . 

When construction, work on 
the dam is complete the Parana 
River will then have to_be closed 
for a period that could vary 
from two to six weeks as .the 
reservoir fills. As it is difficult 
to quantify the damage that the 
closure will do to shipping and 
the environment in. : Argentina 
and Paraguay, the- issue has 
become controversial. 

Brazil has decided against; 
building valves into the main 
doors of the dam to discharge 
low -levels of water ana thus 
regulate the . river course as 
being risky and costly. Although 
the Brazilian Government -has 
taken no official position on this 
issue, it is also known to be 
opposed to the b u ilding of a 
special da®, on "Monday River, 
a tributary of tbe -Parana. It has 
been calculated that this pro- 
ject could cost as much as 
3300m, whereas the . d a m a ge is 
approximately put at about on©: 
twentieth of this. 

Brazilian - " officials . take the 
view: that the third option— 
financial compensation com- 
bined with palliative measures 
such as freeing water previously 
stored, up in -existing '.dams on 
tributaries • farther down 7 7 the 
river— will almost certainly be 
the solution adopted. • 

/ S.B. 

This symbol means more than one hundred years of international 
experience. It also belongs to a young and dynamic Brazilian 
financial group. The Espirito Santo Group. 

Banco Inter- Atiantico de investing io S.A. 

Head Office: Branch: 

Rua do Rosario, 112 Av. Brasil 1.299 

Rio de Janeiro Sao Paulo 

Tel: 263.8012 Tel: S52.0956/0929 

Telex: 21.23913 Telex: 11.25821 


— ES Holding Administragao e Participagoes S.A. 
— The Guinness Peat Group, Ltd. 

Banco Inter-Atlandco S.A. 

Head Office: 
Dois Corregos 
Sao Paulo 

See: . . Branches: 

regos Av. Brasil, 1.299 Rua do I 

Lo Sao Paulo Rio de J 


— ES Holding Administragao e Participagoes S.A. 
Representative Offices: 

Rua do Rosario, 112 
Rio de Janeiro 


Regina House, 5th Floor 
5 Queen Street 
Tel: 01-248 T421 
Telex: SS6067 


Edificio Residences Sta. Teresa 
Piso 9 — OH cina 95 / 

C ip re? es a Sia. Teresa 
Tel : 4414054 and 438119 


Companhia de Inter- Atiantico S.A. 

Head Office: 

Rua Conselheiro Crispin ia No. 53/3° 
Sao Paulo 
Tel: 343482 


Av. Almira nte Barroso No. 90/10" 
Rio de Janeiro 
Tel: 244.3235 


THE • TOTALS of Anglo- 
Brazilian trade are constantly 
increasing, and in the first 
seven months of this year, the 
latest period for which statistics 
are available, Brazil sent 
£l67.6m-worth of goods to 
Britain and bought £137.3m in 
return. The gap in Brazil’s 
favour was probably filled by 
the purchase of invisibles from 
Britain, and in particular by the 
payments for financial services. 

The visible trade gap will 
doubtless be closed to a certain 
extent in the next few years as 
machinery continues to flow out 
from British factories for large 
projects such as Aconiinas, the 
steel mill in Minas Gerais. 

As one of the so-called 
- super-competitives " Brazil is 
attracting more and more criti- 
cism of the barriers it has raised 
tn a whole range of foreign 
products and of the subsidies 
that its exporters have beeu 

The Brazilian Government has 
accepted some of these criti- 
cisms and has been modifying 
the support given to textile 
exporters to the U.S. Brazilian 
sources indicate lhat as the new 
president. General Joao Baptists 
Ficueiredo. settles himself into 
ufii'-e. the trend a* ay from un- 
orthodox methods of trading 
will lie speeded up. 

This will be welcomed by 
Brivsh exporters, who in the 
par.; hove heen put off by the 
■"n^rcesing complexity of export- 
ing in thp Brazilians and in . 
particular by the demands made 
.'nr joint ventures. Such ven- 
tures demand a commitment of 

- J *' '<**&* '» ' - ' : '■$ iVi--'- JR 

.'■'Si fete P- -■ \ .pH: 

A- a -V P ■ ■ 

M,mrn .. 

Brazil's Ambassador to Britain. Dr. Roberto de Oliveira Campos 

capital and an involvement in 
the Brazilian market which arc 
often judged tn he too oneryu:- 
lnr the size of the potential 

‘ But some exporters feel that 
tin* relaxation rules about sell- 
ing into Brazil will be more 
than counterbalanced Dy the 

SA;? * 

It’s wonderful to make electric 
wires and cables in 
a country like Brazil. 

That grows with Itaipu 
at the rate of 
12.6 million kilowatts. 

> That grows with Agominas at 
A the rate of 2 million 
tons of steel a year. 

progressive slowing up of the 
Brazilian economy which they 
see taking place. 

As the rate of inflation bounds 
up again and the figure for the 
year’seems likely to turn out at 
about 51 per cent, there is every 
inducement for the Government 
to damp flown economic activity, 
especially as the inflation threat 
is made more perilous by the 
size of the foreign debt con- 
tracted by Brazil, and the dis- 
appointments that have been 
suffered by the agricultural sec- 

The future of Anglo- 
Brazxlian trade will to a Targe 
extent hang on the decision 
taken by the incoming Govern- 
ment. If it decides that the pace 
of the march towards indus- 
trialisation has to be slackened 
the demand for British tech- 
nological equipment will dearly 

If . the pace of industrialisation 

is ..maintained, however,, the 
demand will still be" strong, 
although the call for "a corres- 
ponding rise in the foregrounds 
to finance Brazilian purchase will 
rise at, the same rate. While 
British' trade officials " are 
cautious in their forecasts about 
what the .incoming president’s 
decision will be, they point to 
the fact that Britain has no more 
than 1.2 per cent of the Brazilian 
market ; in imports, a figure 
which -compared badly with that 
of Germany with S.per cent. 

For its part Brazil can con- 
fidently count- on Britain con- 
tinuing-. ‘to be- a good" export 
market - The country . is now 
Britain’s., largest supplier of 
orange juice and is a big seller 
of soya and coffee- while smaller 
specialist lines such as wooden 
furniture have 1 also had a ready 
acceptance in Britain. 


•ir.. ;• v' 



The Pirelli Group in Brazil: 13 factories. 

14.003 employees, will celebrate its 50 th anniversary in 1979. 




A: Xavante Jet trainer flies over a Bandeiraht&di 
gmbroer’s So© Jw de Campos pita#.- ttribraer ts 
the largest general aviation manufacturer oirtsixte 
... " . . ; iiie United Stares . " v .-.'V ■ 

7 jj. - -SKI WM&W0Z0W: 

; f 1978. 

1 _L'\. „''** * -■• ' .■^■r; s^-..*- 


Vj-» ] jS& 

The architects of a two-tier 

*** ;s 

fwa », ~'=i . *& 

**<&*? ’•aft 


*si :*« 

*2 va! Vf . 

3 y ^^rVK5 

r *v> -s,.;.,-::^ 

= ... r 

a - e*m . _ 

Seja •-: .y ; s! t: Vj 

Mbs! •: 
ria- -_ 

[• V,;*l- „ 

-. .. ‘ '* f'rO 


» ejy 

*4m , 

IF , !WT? ' j&ffi : -to- vteye^" aT two-'vb&ig' 'stt|«4t . withy the wrong 
. tier Europe,' with - -*fte .UK;- - parity; and the b^nii 'tfpuld have 
Italy, and Irefarid - io ' the provided the’ UK v®h adequate 
second tier. i women: will Save .protect! 0117 for allowing parity 
. -free o -tlie arcfcitem, ftfc-- James changes to- b~£ made witfuw tlje 
" Cal agfcauv arnJ Fl^ident Vatery banti itfri/ crnffnItiuE with mar- 
rGisrari fflafcfrif e v ■■:.■ -'ry feet mopeTRrelfc.ljhe proposal is 
j , :^ : Anytxne-wjur£a^vz^ted -^iune ^t31 relevant tp«'poss3jle later 
±f»*r^iic-wM/MiriaiflW-lAat.PKi Italian ox Jrisb member- 
— t»ie Itaiiahitkwecoment b&s be- ship or assboation-^and also as 
• : i: 9 »e- •iBcmsli^ly' relwtaant 'to * tallbadc possum; for Trance 
r joio the European Monetary *f that country is umdh? to sus- 
'.Sysrem Without ^Britain. : Tbe t»» her present EMS. commit- 
.r French .•.Governments . veto of *nent& _ I y - .. 

>the proposed increased regional • v -V ZA;':. a - ' ’ 

i_transfef made it that moeb . more n MftfA iirfhlfrlPP 
-difficult for tbK-Itn&Br'Pdme. 

j.Jtinister, may"be askedr Why bother 

^fo take ht*' .eaantiy- in^e. is to “join" an EMS under a 
0 under dbincstie- poiiticat con- formula which allows previ- 
^jstraints, iptoarka^y, siimlar tb-oosly floating countries to be. 
zJhase- otJAik 'Caffighiafl.. It also^ have ‘ almost as Exactly as 
iTPitt up .the-backs.Qf : the Irish— bsfoice? The first part of the 
^j^lrea^wnrri^ answer istitictit is better to 

-^he jinks between 'lhelr pound take the more- "European" of 
ii-and sterling: ^ . \ /• ; two alternatives, Other things 

i, The- .eairaordixiaiy ^.3Jiing_is being' ^quaL It only 'discredits 
.-.that . Italy Tiad .already. negoti : the Community ^if ■ bad policies 
i.ated a wWer 6 - ^er >cent“ ex- are welcomed or excused (for 
-cchabge rate band-r^vho» centre instance when some politicians 
.jaoint could itaelf be cbanged by say that we can- never have 
■..nmtiial . agreemcnt-rwirich was cheap food again) simply to toe 
.^nvailahle to all counbles at pre- the EEC Hue. Eat if we can 
sent'floating; and whiei^ if man- argue, for sensible - policies 
^n^e^ propegrly, wonld have given -within aConmmnity'framework, 
-iheUK aH-tbefreedom it cot^d why not do so? Aadwbile I am 
.. wish in the condnct of its econ- wry distrustful -of ‘metaphors 
.i.-omic- policies-inside ^the EB45. about “missing the bus” or ”sit- 
v The- proposal.' was -never a'dequa- ting, at the topi table?’ tbe UK 
.-.tely - taken - pn board, The hnly mi^t have . just, i-j Uttie more 
^ argument; I.have T^ard against influence on the Gammunity's 
4 ,it is that^ sterling -has moved, so agricultural pdlic? and budget 
little .reccotly-.and the outlook if it took part ntEMS as well. 

Joi it so good lhat it does mit ; More important^ however. is 
*%eed-sucb!.a moving band! .One that the admission 7 of some 
debating answer, which does not countries with; isijder margins 
please the ChaoceUor as much would have reopened the argu- 
as it should isf-tVSy deprive ment about the form, tbe EMS 
ourselves of a chance to float should take. The arguments here 
upwafds? Another debating cut aeross nationai lmes. Those 
. answer isi^igt if ffie oHtlook for who would prefer 'to start with 
sterling is -so dear, what would a ‘ "harmoni sa tihn” Of monetary 
we lode hyJoinjiigT 1 -•»•:- and perhaps, f^ral policies 

.' Debifing. points aside, there (winch does not;mean identical 
are clearly . long-term risks in inflation rates ofemonetary tar- 

getsl and who would prefer to 
See exchange rates coming to- 
gether in the market, rather 
than being temporarily forced 
together by intervention, would 
have had a chance. They may 
still have in all . the forth- 
coming discussions of associa- 
tion or later membership for the 
peripheral countries — but La an 
unnecessarily troubled political 

The ironical thing is that the 
emotional reason for the UK's 
rejection ef a' wider band inside 
the EMS was the reluctance of 
top people in London to be in a 
second division of the Com- 
munity, with the Italians and 
the Irish — which they are now 
in with a vengeance, (tee also 
wondezs whether it would hare 
been quite so easy for president 
G Is card — who does not aspire to 
be a de Gaulle — to use his veto 
on regional grants, if what had 
been at stake had been a wider 
monetary system for the whole 

also how far tbe German 
inflation rate will rise as a 
result of the wholesale printing 
of marks to support misguided 
intervention in the dollar 

What is now required Is for 
the heads of European govern- 
ments to think again about their 
misguided belief that floating 
exchange rates are at the root of 
world economic problems; and 
for their central bankers and 
economic advisers to summon up 
the courage to fight the policy 
blunders which are liable to be 
committed in the cause of so- 
called “stable exchange rates." 

ing around some secondhand 
bookshops in London — and pre- 
sumably Sig. Pandolfl was in 
Rome revising his translations 
or St Augustine. (And do Ger- 
many and France have Finance 
Ministers at all?) 

The political and business 
leaders who dislike floating 
rates make the classic mistake 
of talking about “ stable rates " 
when they really mean the 
temporary fixing of rates by a 
political instead of a market 
process. This is an error made, 
for instance, in Paragraph 5 of 
the overpraised UK Green 
Paper on tbe EMS. 

If monetary policy, rates of 
inflation, restrictions on cur- 

official borrowing, export drives, 
import quotas or the other 
paraphernalia of modern mer- 
cantilism. Some of these things 
there will be still for normal 
protectionist reasons; but there 
need not then be a balance of 
payments justification to add 
respects bility to them. The 
great danger is that in the name 
of temporarily -fixed” exchange 

rates either in the EEC or in a 
wider area, progress already 
made in freeing trade and pay- 
ments will be reversed. 

John Stuart Mill once wrote 
that money was much Jess 
crucial than people thought Its 
main importance was that it 
could do immense harm if it 

The spotlight in any case 
switches to France, which will 
be conducting a pilot experi- 
ment in linking Its currency to 
the Deutsche Mark. It will be 
fascinating to see whether this 
means lower inflation and a 
climb out of the present French 
“growth recession" as some 
monetarists might argue, or to 
the stagnation and unemploy- 
ment feared by establishment 
economists (including French 
ones). In tbe latter case there 
would be so many parity and 
other changes that French 
membership of EMS would 
become a fiction. Although 
France missed a chance in not 
seeking a transitional arrange- 
ment along the lines of the 
Italian formula, it is too early 
to assume that French policy 
will fail. Tbe question is not 
only how far the French infla- 
tion rate will come down, but 

4 What is required now is for the heads of European governments to 
think again about their misguided belief that floating exchange rates 
are at the root of world economic problems and for their centra! 
bankers and economic advisers to summon up the courage to fight tbe 
policy blunders which are liable to be committed in the cause of so- 
called w stable exchange rates." 9 

It so happens that Germany. 
France and the UK all have as 
leaders men who were Finance 
Ministers at various stages of 
the breakdown of the Bretton 
Woods system of so-called fixed 
exchange rates, who took some 
personal knocks as the system 
crumbled and who now see it as 
a lost paradise. These leaders, 
especially Herr Helmut Schmidt, 
have tried to be their own 
economic advisers. Indeed 
Finance Ministers did not even 
attend this week’s summit 
While government heads were 
indulging their various egos in 
Brussels, Mr. Healey was look- 

rency movements and domestic 
economic controls are all vola- 
tile and unpredictable, so will 
be exchange rates— whether 
they are “fixed" or floating. To 
attempt to fix exchange rates 
is to start at the wrong end. 
The great virtue of a floating 
rate is not that it brings about 
an earthly paradise but that it 
balances Die supply and demand 
for foreign exchange. Trade tan 
continue even in turbulent 
times, and when all sorts of un- 
foreseeable forces are influenc- 
ing the relative popularity of 
say yen. marks and dollars with- 
out crisis meetings, cap-in-hand 

went wrong. This applies 
particularly to exchange rates. 
They can cause immense havoc 
if they are not at market- 
clearing levels: but their power 
for good is strictly limited. 

A besetting temptation of 
those who discuss economic 
affairs is to suppose that there 
is a brilliant stroke of financial 
policy which could quickly 
transform the behaviour of 
people and institutions. We 
were told that a low exchange 
rate would start s virtuous 
circle of export-led growth. ** I 
would devalue again and again, 
and again, and again .' 1 one well- 

known economist said privately 
a few years ago before turning 
his attention to import controls. 

The Green Paper now talks of 
another virtuous circle stem- 
ming from the opposite path of 
a high exchange rate (high 
relative to the market value) 
leading to lower costs, less wage 
inflation, “ greater stimulus to 
efficiency/’ and so onward to 

paradise. Indeed, the Paper 
achieves the feat of running 
both incompatible virtuous 
circles — of devaluation- led 
growth and high exchange rate- 
led reduction of costs in the 
same few paragraphs. 

Take ihe high exchange rate 
paragraphs, which were wel- 
comed too uncritically by the 
City. EEC supporters and anti- 
inflationists generally. The 
difficulty of discussing the issue 
is that the misguided and the 
correct view sound so similar — 
and indeed a composite mixture 
of the two is held by many. The 
correct view is ihut a domestic 
monetary policy designed to con- 
tain and eventually reduce in- 
flation to lower rates will keep 
the pound high in the market — 
although nut at any precise or 
unchanging level — and it will 
not harm output and. employ- 
ment so long a? it is clearly 
proclaimed over a period of 
years and carries political con- 

The misguided view, to which 
sections of the Green Paper 
come very near, j.s that the Gov- 
ernment should chose a particu- 
lar exchange rate as an 
independent object of policy to 
be pursued by intervention, 
borrowing or controls or. most 
absurdly of all. by persuading 
other countries to raise 
their own inflation rales 
(••symmetry") or to print 
billions of ECUs or SDRs. 

)Ve would avoid these con- 

fusions if we remembered that 
" a high exchange rate ” has no 
meaning for the world as a 
whole or for a large group of 
countries trading with eacjt 
other. The key to controlling 
inflation, either in such an area 
or in an individual country, is 
—1 have to say it— the control 
of the money supply. A high 
exchange rate is mainly the 
transmission mechanism through 
which an anti-inflationary mone- 
tary policy affects an economy 
such as the UK's which is highly 
exposed to world trade. 

Ultimate shock 

If the authorities have for 
any reason allowed the money 
supply to rise “too fast” they 
only compound the error — and 
intensify the ultimate inflation- 
ary shock— by holding on to an 
over-valued exchange rate. This 
is still the lesson of Mr. 
Callaghan's unhappy term at the 

Occasionally a currency depre- 
ciation or appreciation may 
shock people into increased 
efficiency or more investment. 
But these are transient effects 
dependent on surprise and are 
inherently unreliable. The main 
contribution that monetary 
policy — of which exchange rates 
movements are an aspect — can 
contribute to full employment 
is negative: avoiding sudden 
inflationary or deflationary 
shocks, or slop-go changes in 
policy, or on-off trade restric- 
tions. Exchange arrangements 
cannot remedy the rigidities of 
labour markets, whether due to 
Government or union distor- 
tions. or nen-indexed capital 
markets, which lead to over- 
heating while there are 1.4m 

Samuel Brittan 

‘ 'S' • " • * 

Letters to the Editor 

Prospects for 

From', th e, \GUHnnn^ 

be an element of qansistexit plan- successful is due to their sus- sure that tbe ceuntry moves in should be brought to your atten- 
. nihg and stable jiw^Cment in a tained investment in the most their direction. As to the Army, tios. I refer to the International 
^sector, which affertsS’So/inoch of modern and efficient machinery it shoald be made very plain Chamber of Commerce publi- 
- the rest of BrijS|h ' industry, which enables them to market that for all its weaponry, it cations on uniform customs and 
•'Given the sever e-constraints now their products at very competi- represents no military tradition practice for documentary credits 

L-il : » rim - — ~ - - ‘ - : r._ -ion i nr« 

placed- on .BSC by^eront cash five prices . 

British . . limits, plant buddc^tfeel that a M. Littlewood. 

’Makers' Aksociritiov, \ : • •% ? : A m indmmn desjrable^thvestm eht Lom ir Internati 

flabersl Aksoddtism r. 

; ; arbur.' suri^pf Vtte.i 

Indus triTiXSOfrember -W£yt & 

minimum desirable? 
/.‘level pan, only- .ie^ 


ivestm ent Lomir International. 

Sliced by Whitchurch, . 

Unit Into Koss-on-Wye. Herefordshire. 

Buses versus 

•- ffef ^ ; not-A A V / ,’ir r ,-.-r\ T T • • ' 

;qye^fftb!r , v^5r:':HbdsQiB’s 

jitter than 

$e«ryfl^roej 0 l^t;l^ldere.haaf^ Fwn^:Mr. M. Pray. 

whatsoever. Its senior officers publication 290. 1974 revision. 
are completely loyal to the Shah Article 9 of which says “ Banks 
and nobody else. They have been assume no liability or respon- 
weli looked after as has the pro- sibility for the form, sufficiency, 
fessional army generally but accuracy, genuineness, falsi- 
should the Shah go, there is not fication or legal effect of any 
one of them who will be able in documents, or for the general 
any way to keep the rest in line, and/or particular conditions 
The considered policy of the stipulated in the documents or 
Shah to ensure this over the superimposed there-on; nor do 
years will, in this situation, they assnrae any liability or 
guarantee the split which itself responsibility for the descrip- 
will render peaceful transition tjon. quantity, weight, quality. 


Canadian Prime Minister Air. 
Pierre Trudeau arrives in London 
to meet Mr. James Callaghan. 

Mr. Lu Tuna. Chinese Minister 
for aviation, starts 14-da.v visit to 
UK arcospace companies and re- 
search establishments. 

NATO Ministers meet in 
Atlantic Council. Brussels. 

South African Parliament 
special session on Department of 
Information scandal. 

Financial Times two-day con- 
ference on Nordic banking and 
finance opens in Oslo. 

Dr. Otmar Emmlnger. Deutsche 
Bundesbank president. 'speaks on 
the exchange rale as an instru- 
ment of economic policy, at Lon- 
don School of Economic*. 

Today’s Events 

Mr. John Silkin. Agriculture 
Aftnistcrs. in Brussels for further 
EEC talks on fisheries policv. 

U.S. Treasury Secretary Atichael 
Bin racn l ha) in Bonn io see Chan- 
cellor Schmidt and Finance 
Alinistcr Matthoefer. 

Union of Post Office Workers' 
conference starts in Bournemouth 
t until December 111. 

Provisional figures of vehicle 
production (November). Suney 
of short-lerm export prospects 
Hath suney— October). 
PARLL\MF.NTARY business 
H ouse of Commons: CivJJ and 
defence votes on account and 
winter supplement a rips. Debate 

on unjust and arbitrary use of 
sanctions on industry. 

House of Lords: Public Records 
(Amendment.) Bill, committee 
stage. Social Security (Contribu- 
tions) re-rating Order. Debate on 
report of Committee on Con- 
tempt of Court. Debate on further 
measures to protect animals, par- 
ticularly live animals for 
slaughter, and horses. 

Pinal dividends: British Sugar 
Corporation. Atitchcll Cotts 
Group. Interim dividends: 
Cav.-ood.s Holdings. General 
Electric Company. J. Lyons and 
Company. Great Universal Stores. 
Pegler-Ha Horsley. 

Sec Company Now* on page 30. 

From Mr. A. Dalqtetsh. will render peaceful transition Uon. quantity, weight, quality, 

SirV-Nigel S^vraer (December ViXt» impossible, condition, packing, delivery, 

^h^inadvertentiy^tran&pqsed g* wWletiS 

train and b us te h^ comraent on the ring for a while the represented thereby, or fo“r the 
energy dse. It is of course rail ° f ^ s - 00d fal , rt or acts and/or eni *- 

travel which is about three times J* i on * d £ !ay ^' won. solvency, performance or 

as energy intensive as that by r “ er to the country s sat it* standing of the consignor, the 
bus. This ‘ ratio applies both to clergF v:ho V* undoubtedly a carriers or the .insurers of the 
express urban and suburban ser- f° rc ^ °f reaction; are completely goods or any other person whom- 
vices and to inter-city travel. unattractive to modera educated soever." 

■ If our Government were could not run any- TOe banks merely act as an 

wng *■ jeSo^ ,tJ TSSSSw thin* U they wed. TO it taJIrtW aeSSr facilitating 
e*PW& economms and .cconamiste are Jg™ “ on g ffSSMS/K leastjm are right that they are th e P transfer of fundi against 

m • . . . “ - i*« OTrikat' Ti fwt Cm TT\ _s _ _ & ■ « • . 

• v A?* VH. ' -"V- >v'n 

y. ' ' ■ ■■ ■ - .•>• ' ' •-.--w-.-'V •- .. 

’ - • - _ ' N — ^ ' .* \ 

\ ; 

, • * ■•..•' . . " _ r •!" . 

:x } * ■ ^ 1 ~ , ' > - -> ‘J 

i , - •" - 5->v- • / 

.isst^®«OT2 &.m£nsss ssSSl &SSS2Z .»« ^ ««« Awf, 

■asus.-gB- nJia’ssaaarss ssrs itr.; 

4 «B.uruKr«i Hwmfpwwnm third the fuel ner nassen^er-mile 16 unporumt point. out f rzu d. It is surety claeinv 

STp^ge? Progressive ..and weJWnten- S'uSSnSbS bS Si 

an unreasonable burden on the 

4 ncans -thatr-Ahix year’s . eapltal work since it lacks the rational 
expendituro f400m ...reflects .subjectivity of sensible econo- 
•' decisions made in 1975-T6. ;This mics. That industries such as , 

-year's , order level therefore cars, ships and aircraft should be y*ensey, murrey. 

' ’means tiiat-ttiere can ' be little wiped off tbe map in the 1980s 

“chance of achieving expenditure “even on -the most optimistic *• ':' • m 

^ ftvejs^.of ;'SS 00 m a year-in the assumptions" is a statement of , rFI|p f ran lit II 
*.uear 7 -feture. If todayV trehd truly' astonishing proportions.. liuiuuu 

~‘hs continued, the. 3500m figure Even tbe Treasury, to its eternal ^' c L, 

-• iriU- be out by a factoriof three, credit, regards forecasts atoa .LUd£) 

. - , ■' iTonger -than 18 months ahead as' _ . „ ... 

necioe ana si an a ana ngne as presented before they effi 
best one can for what one settlement 
believes in. An undoubted c. p chilmaid 

«■ Crescent, Enfield. 

years is an increasing inability 
to do this. That moment has 
been reached in Iran and in 
these veiy vital days we must 
decide where we stand and 
encourage those whom we 
decide to support. To write 

.• wili be out hy a. lactoriof three, credit, regaf^ forecasts decide to support. To writ- - — „ , 

This; V “ From Mr. P. Tempte-Morris. ZIP. From Mr. D. Henderson 

concern for British plant builders otwoDom vawnty. •- - r Pnor tm- pl f*? ***** appraisals, is Sir.— Under the heading "This 

.vTsid prompts tbo question: iow- Moreover, any forecast where .Sir.— Wntie yoim xe^rtm^ot not the -way. -- J - - - 

_ can Jn industry, be- expected to the short term. is so ludicrously -Je Irazuan crisis has been erira- Peter Temple-Morns 
perform efficStly^ijtf preserve wrong can have little credibility, rive and .t^iyij g». yoy leader House of Commons, SWI. 

jobs and exports when "it is aUowmg for adjustments on, the subject (December 6 ) ts 

VsnbtteM- Aenonnous their <now redundant) base dpngereusly misleading, torn- 

T fiuctuaroas ia its home ; market of 1970 prices the group is tellfng dentally you commit the same nf ? TlhrtllP 

iSvTSlSrStt us that -in 1979 GDP consumer mistakes as. the lamented Times Ul P UOUe 

Rights of 

‘ the? 5 uSe Cr j>n Sa chaSlS but spending and' export volume wUi. ; x£ewspaper in almost its last day j* 

S& 4»» A-j-SarSLiisss practice 

- -there is- a point 1 - beyond - which . 3 tibe tewer 
. further cut-hacks in investmott :^Jueved. in 
‘ prove destructive: _to BSC, Jo “ Ql0 ’ 

5w planf builders' and, equally •“ apparent 

■ guide is free. Can you afford to 
WI be without one?" the Depart- 

awi- ment of Emploj-ment recently 

published an advertisement cx- 
- toiling to employers the virtues 

)hOTie its booklet “Individual rights 
of employees.” In the back- 
ground to the advertisement are 
" gbosted-ia " glimpses of (he 
various pitfalls In tbe shape of 
understand Parliamentary Acts Into which, 
is to intro- like Pooh’s Heffaiump. the un- 

* '.j-'*-; ■ ■&', > : ■ ■ . iJti 

- ’’A | 

•’Tiafcers*. Association feels we tiutpuL • and ti « indeed true Jiat Iran Hons ^ to be included. At present Race Relations Act . . . Given 

have now passed that point. Economists have a valuawe needs time to settle down and tbe operator is instructed to say full frontal exposure Is "Employ- 
* . There. - have been rprh raises of s*reice -to discover ^ what type of govern- «ni e ca jj will be credited." that ment Protection (Consolidation) 

• There have been rprOmises of {“Tj** ^ ...dtesoter what type of govern- “Th e ca ji will be credited." that ment Protection (Consolidation) 

Substantial investment /iO smaller a . tefrettiible tendency, to meat and leadership it wants. It regrettably is terminological Act, 1978. Chapter 44. 

.Schemes to modernise: and Jm- c ] a,m wu much for p rof es- is equally valid as you rightly inexactitude. The customer, if I am a self-employed employer 

prove quality These . schemes* ont *^ at bef ? re ca 5 he is credited at all, which I for without any rights, who cannot 

Soi- eW.'.fiigT^qf -^ei5 “ ke P IaCT : ,a ^ ? n , d order must one- doubt will get one unit I afford the time to read 44 or 

>. • ' £■ ^ zdvisiUS AUd E&neni OUDllC . ha roernrw? and if 5 MSenhal to em tr.Tfl thet fvi +Twk fVtBMicMAne 


<To not kr??sL more jobs will From Mr; Littlewood 
it ihe_ engineering. “ ■ -Sir,— Hoover’s 10 pbin 

Bill of lading 

wtnica ctuuu yieKi . praejs iot . . . — ... ,. ^ »,) vn*> :**r* . -“j dujcBi'. * wjjji euueavuur 

niacJ builders in the Abort term,- i v Lcwi771 WaU Buildvl ^ s - Iraq can only have a Progressive fair way is give one minute avoid the pitfalls to which the 

'be Orb silicon Steel scheme! -has — — future if be remains at the head credit and allow units to that Department of Employment has 

licen held uo bv opnosStieh vb- ... of his country. Needless tosay Ta lue according to tbe distance s0 kindly and frlghteningiy 

n|->at c’osure- While ho Pm^unflnn . once be gets through this crisis 0 f the calL drawn my attention by employ- 

‘c'e ts> Sejoba XrOttUCtlOn -he wiU not be quite the same P . P . Downey. log as few people as possible- 

-n'rt»'be -aboreclatad tbit ■• , Person again but at iMst he vn\l Sfjtxry Sales. which if a pity when I could very 

"at "a nfaevtioc of a choice : * '*». present for the foreseeable y>yvem House. well and usefully employ several 

^f cr jirrestinenL If ‘ tU5>tA . future to maintain the unity of Anchor Road, Bristol more. 

,-vV do not jnvesL more jobs will From Mr; M. Littlewood heJ £ 10 ^ ? e paSt £ ome «“P ,0 - V ® es 

:t;, w* » pbint plmo.Jf2fdffi tfba?^ R ||. nf la UJna ^he^^o^othS 

^ a stiSa^S. .Tbe most serious thing : about Bill 01 l^OlDg £oot and it is all too often un- 


^il’TrUh 1 SSC* in cSna^wili SavS^i/^nSef- viiitfn and ontside Iran who jjj* “*• c‘onceS^' Su Bm ar of toucbe l ibanks to ‘tbe Employ- 

^ as suss, a^wssss , cheat i rJsrtrs 

^uTSh^ iT ef ' S0 ^ ^cr through banks, trade £Le consist and high un- 

hStevireSSis? the ; ^ ^This ; nrinmple has been ?By. Where year lMder serioudy o^^ons or roeda- enjpioyment only on inflation 

tSS?o S«te : S^t #? ilSi t0 lSS l,l uw£ia nation gained does of coarse rgoodfy nSi^of pwple ’ who 

From Mr. C. Ch&rraid 


1 n Nigeria you’ll see us ?. lot. Standard Bank Nigeria Limited is one ot 
the big three domestic banks with over 90 branches right across the country. 

Our long-standing commercial involvement in Nigeria means that we 
can help solve local business problems, including the ones. 

When Standard Chartered afters such coverage in depth and local 
know-how, why go to anyone else? Our direct branch -to- brand] links to 
feG countries across the world cut out delays and the extra expense ot 
intermediate banks. It you don’t believe it, ring Keith Skinnernow on 01-615 7500 
and discuss it. 

Jsciffyrer, which prevents 

swseuw .. . m rfiffictdt Northern Italy is hisher than m as they are. very many or tnem empwjiucuu 

Chartered i 

Bank Limited 

helps you throughout the world 

ecbmnay,** but surely there must reason 

Head Office: 10 Clements Lane London EC-1N 7AB 

Awl.- vsic-ti ed.-lOO million 




Pilkington soars midway: 
sees strong second half 

Alliance Investment 



Sir J. Causton 

Clarke. Nicholls : 

Clydesdale Colls. .. . 


PROFITS BEFORE laa of Pilking- 
ton Brothers increased sharply 
from £28.6m to £43.4m in the first- 
six months to September SO, HITS, 
and second-half profits are not 
expected to he subsiantially dif- 
ferent to those now reported, the 
director-? say. 

In view of the dividend cover 
rule now applicable to dividend 
limitation, the board feels jusli- 
fied lo increasing the tim interim 
.dividend Trom an equivalent 2.W*p 
to 3.:lp— year's total was equal 
jo -i.SOtSp from pre-rax pr»ljH »f 
171.7 m. 

In total the improvement |n 
sales and trading profits noted in 
the second half last year has been 
sustained in this first half year 
although there have been --onw 
disappointmenrs in some parn of 
rhe group. the directors .%a.v 

Id the UK. the demand for Hat 
«lass and glass fibre insulation 
products has been strong, the 
home improvements sector being 
particularly buoyant. fSla** fibre 
reinforcements have, however, 
suffered a decline in activity with 
consequent adverse effect < on the 
trading results fur Uie-e products. 

In safety glass. Triplex also had 
to deal with increasing market 
difficulties since '.larch and the 
effects of the Ford strike will 
show themselves in the second 


In I he optical division Ihe 
ophthalmic market has been de- 
pressed except for plintnchromic 
glass where lleactolite Rapidc ha« 
continued to make provre*-. 

uv- Treat. improved trading re- 
sults from Sweden. Finland and 
South Africa are beginning 10 re- 
flect the invest men is made in 
thore countries while long- 
established j-ubsidiaries in 
Argentina and Aurlralia also re- 
ported higher profit* compared 
with 1077. 

In Canada after a poor etarl 
trading operations showed an up- 
turn toward* the end of the 



Arlington Mo tor 

Armitage Shanks^ 


Benlox __ __ 

Causton (Sir Joseph) _ 

Coalite & Chemical 

Ocvenish (J. & A.) 

English Card Cloching_ 
Grant (la mes) 

Hanson Trust 
Mad dock 

Page Col. 

Hanson Tst 

Norton (WE) 



Peak Inv. 



Oil & Assoc. Inv. 



Pheonix Assnce. 



Pilkington Bros. 












Tricovjlle • 



Victoria Carpet 



Young & Co.'s Brewery 




Cor re- 



Current . 

‘ of s ponding 









Jan. 16* 




Feb. 1 





Apr. 2 





Feb., 9 . 


— . 



Feb. 6 





.luO. 29 




Jan. 29 


— • 



Feb. 23 





Feb. 12 





Feb. 20 



2.1 ' 


Jan. 25 





Jan. 23 





Jan. 30 





Dec. 14 








Feb. 9 





Feb. 23 




4 . 

Feb. 2 





Feb.. 6 


— ‘i 



. Feb. 6 




Feb. 7 





Jan. 19 





Feb. 20 



0.33 s 


Jan. 26 


. — 







- If 

■ ' Financial Times Thursday Dece*%i? ^ ,y |j\ l l U ' 

Hanson betters forecast # 


period. Mu*l of the associated 
com patties had another good half- 

Half-year Vwr 
IS 75 1577 IS 77-75 
1'iu tin tui 

mi; -Me -dlu . 

Trarfn . w->ln— 
L'K i> r - •]■! . 

iitit ",ii profit 
i .io.-n -in. Iiks.iiic 
,\ . .hi' i.i ((-.•' pr.iUi-- 
int> real 

Profit before lax 


Nil pr.'lit 
.tlin-*rin> • 

MinhiiMbtc l 

- l mvc.-tiiirnL mtHin*. • Dchii. 

The .-ales figure i-omprLsos I K. 
£ir>4.::m cfl-lJ.lnu: overseas salts. 
£ 120.2 ni iltiWm) less sales to 
group members. £27.6ni (£24. 4m). 
In accordance with previous prac- 
tice. unrealised exchange losses — 
.C? l.Tm — arising on translation ol 
die nor asaeLs of overseas coin- 
panic- and unrealised exchange 
qain*— £l.7m— arising on translo- 
lion of overseas long term bor- 
rowing- by parent company have 
been taken lo reserve. 

Net exchange losses — £U.Stn — on 
normal activities Including short 
teem borrowings have been 
charged against trading profits. 

Meanwhile Pilkington should 
know the .Australian Government's 
reaction to its £24.6m agreed cash 
bid for Sola Holdings— the 
Australian manufacturer of plastic 
lenses for spectacles and sun- 
glasses — by the end of this month. 

The Australian Foreign invest- 
ment Review Board, is due lo 
discuss Pilkington's bid on 
December IS anil decision is ex- 
pected a few days arter. 

Last month the Australian 
authorities reversed an earlier de- 
cision to block a multi-million 
pound hid from Brooke Bond for 
Bushcils. the largest Australian 
tea processor and distributor. A 
key to the decision was Brooke 
Bond's agreement to aim lor an 
eventual 31 per cent local hold- 
ing in its combined Australian 

See Lex 

KiUlngball (Rubber) .. . . * Feb. 7 • J0.17 12 11.55 

London Sumatra ini. .Ian. 19 — — ■» 

W. E. Norton' int 0.3!»v Feb. 20 0.16* — 0.33* 

Oil & Assoc. int. 0 39 Jan. 26 0.3S — 2.1 

Peak Ins nil — nil nil 0.5 

Pilklogtnn Bros. int. 3-“ — 2.SS* — 5.S1* 

Richards 0 01 — 002 1.18 1.04 

Rotaprint ml. 1.12 Feh. 26 1.12 — 2^03 

St UTo olein • 305? Feh. 9 11 .• 66 22 

Trans-Natal Coal .. KWJ Feb. 23 . fi _ — 3S.5 

Victoria Carpet int 0.3 Feb. 22 0.44 — 1.41 

Thos Warrington ini. 1.16 Jan. 22 1.16 — 3.13 

West Rand Cons. 10?5 Feb. 9 10 If J 13 .* 

Dividends shown pence per share net except where otherwise stated. 

* Equivalent after allowing For scrip ixi»ue. t On capital 
increased by rights and or acquisition issues, t First interim dividend, 
i Including 6.5p special distribution, 'i To reduce disittrity. !i Total 
not less than previous year's forecast. * v Board expects not less 
than 2-ip. tf Includes additional 0.0162 p for 1977. gg South African 
cents throughout. 

Feb. 26 
Feb. 9 
Feb. 23 
Feb. 22 
Jan. 22 
Feb. 9 

Causton doubled 
to peak £0.69m 

Coalite off £lm at halfway 

PROFITS BEFORE lax of Coalite 
and Clu-niical Products were down 
from £7 .23m to £H.33m in the hair ended September :;y. !«7B. 
but given a normal winter. »oroe 
recovery should be .-•.•on in the 
second six month*. 

The net interim dividend is 
lifted from 0.9361 p »0 l.0297p — 
the total la.-i year wa- 2.77!)fip on 
pre-tax prulits of £lK.32m. 

Turnover in the hair year im- 
proved from flll.<Mm to £ltr,.!»2m. 
Profit i- after depreciation of 
£2.4 m |£2.S9mi and intereai re- 
ceived. £113.01111 (£2ftli.onn paidt. 
Tax charge M L'tJHtm. again-i 

The acquisition nf Charrinjiton 
Industrial Holdings was completed 
in October 1077 but for com- 
pari.-.on. the Charring ion result* 
have been included Tor tlie period 
to September 30. 1977. after a 
compensating deduction for in- 
terest received on cash paid for 
the acquisition. 

There were reductions during 
this summer in the production and 
distribution of fuels bul there were 
encouraging improvements from 
builders' merchant in c. transport 

and warehousing. automotive ped 4p to 67p giring a prospective 
di-iribuiion and vehicle building, p'e of 6 while the yield is • per 


* comment 

It is difficult to draw any firm 
conclusions from Coalite's first 
half results, which show a profits 
downturn of 12 per cent. In recent 
years, summer demand for solid 
fuel* has been on the increase but 
these results reflect a vuhinie 
downturn or around a tenth- 
much in line with industry statis- 
tic-. The company suggests thaL 
this year has seen “a return to 
the more familiar relativity 
between summer and winter." But 
an equally valid explanation might 
he that underlying demand might, 
in fact, be levelling off. There 
will be the bcneGt of a price rise 
from October but it is still loo 
early to judge. Of course much 
will depend on the severity of the 
winter months, but at this stage 
analysts are forecasting only a 
minimal increase to around £!7m 
Tor the year, including a JE3.3m 
contribution from Charringtons. 
There can be little support from 
chemicals and oils as that sector 
is still very Hal. The shores drop- 

beer sales 

PRE-TAX profits of Sir Joseph 
Causton and Suns more than 
doubled from £31S.2:il to a record 
XtsSo.732 For the year ended 
September 30. 1U7S. and included 
a much lower temporary employ- 
men! subsidy or fllfi.tiso against 
a previous £546,Q9S. 

The directors Say the recovery, 
which began in. the last auarter 
of 1970-77. has been accelerated 
and sustained; losses tor the two 
years ended September 19715 
totalled £951,650. 

• At Ihe interim stage profits had 
jumped From £33.000 to £259,000. 

Turnover for the year was 
ahead from £9.66m to £Ifl.9m. less 
material content of £3.1 6m com- 
pared. with £2.9Sai. 

After a tax credit or £53.063 
f £3.733 charge) earning* are 
shown as 9.3p per 23p .share 
again*! 4p and there is a dividend 
of lp net for the period— :he last 
payment was a 1.000SI25p final for 

•977-7- I PIS- 77 

year end — £625jtS3 lower than a 
year ago. Shareholder's funds in- 
creased by 35 per cent to 
£2.323.883 and the group's gear- 
ing is now at an acceptable level, 
although further reductions arv 
still desirable, the directors state. 

Assets per share, excluding de- 
ferred tax arc given, as 32.5 p 
compared with 24.2p. 

Causton is a lithographic and 
letterpress printer and stationer. 

WITH PROFIT, growth regaining 
some momentum in the second 
six months of the .year to Septem- 
ber 30, 1978, Hanson Trust 

finished the full year with , better 
than, projected full year taxable 
profits of £ 26 .lm compared with 
£24. 4m. 

At the interim stage when re- . 
porting static first half profits of. 
m 4m f£ijL2xn) — which , followed 
two years of rapid growth— ^the 
directors forecast full year. re- 
sults in line .with the previous 12 
months. • .■ 

Now, describing the outcome as; 
excellent. Sir James Hanson,, 
chairman, says that if the 
sterling -dollar exchange rate-had 
been the same at the year-end 
as at the start, reported profit* 
would have been £l.Sm hitter. 1 
The recovery of the dollai,.he 
points out. should benefit the com- 
pany next year. . ■; 1 - - 

The profit .expansion w^ts' dae 
Lo a higher contribution- \ of- 
022m (£9J2ml from the - UK; 
which offset a downturn, from- 
£l5m to 03.6ra in the U£. and 
little change in Australia, which 
gave £0.3 m f£ 0 J 2 m). . .’ 

Full year earnings per 25p 
share arc stated ai 22.3p (20 .3p); 
and with a final payment 1 of 
3.99S4p net the dividend total. is' 
stepped up from 6J2897p : -to 
7.02S4p. ' 

.Assets per share at the year etld 
totalled 106 p (lOOp) and cash and 
Government stocks amounted:" to 
78p (sap). 

Pre-tax profits include .£0Jm • 
t£l.5m) of property and other in-, 
come, less interest and parent 
company expenses. 

Sir James reports that in UK 
industrial services, Butterley 
Building materials had an excel- 
lent year with a profit 6f. jE3.7m 
(£3m) and tiLD. suppliers of 

construcilon equipment and 
hirer of pumps, performed well 
with JE2.3m (£2.1 ml out of a 
divisional total of £7m 
US industrial services division 
m^de a profit of £fl-om 
with Carisbrook and Interstate 
achieving goo d results *n 
competitive markets. . ... 

"The U.K. agri pro ducts dmston 
almost doubled in profit to £L3in 
(£ 0 J 7 m) but. as PenBOWly 
Indicated. UjS. agnproduets haa 
a . more testing year. • _ 

, However,.. Hy grade, the meat 
processing and packaging com- 
pany. faced with a shortage «f 
livestock still produced a probt 
of £ 3 . 7 m t£6'^m) oh? of a total 
£7.4m (£l 0 Am). Seacoast results 
were better than had been antici- 
pated with a lower catch partly 
-. compensated by * higher firhuwa, 

si-tunce means -that we have no 
doubt whatever. *.h«'. s?od 
fortunes of rthe- company ■ 5--iji 
ccnriinie lor-i into tut ft-lure." . 

Sec Lex : 


Motor tip 
£ 49,000 

Sales- • — 




{■riusTTiJl servtceJ — 

' Bu»lnes>f« sola . ■ ■■ 
Karcnt company" . 
py«m before tax ... 

- Aarlproduow— 



Lndustrial Btrrlcftj— 




Maid ns ...... • - 

.10^ . 10’* 
no flu 

M3 Ki n.. 

Prop, and olher Income- 

7.0 6.0 

0.5 5.4 

— 0.3 

25J S2.9 

- 0J 1.5 

T-5 : 9.9 B.7 

Mlnorirj- proDcs — ’-J 

Extraordinary credits #.l o.» 


Dividends - *-! 

B - u!?tociinK " twenat 
and pweni tauipany expenses. 

The company's cash resources 
are now more than £30m aru 
«ic James commenU that -This 
strength added to oar v:i per- 

INSCFFICIENT supply of vehicles . 
to meet demand contained first 
half growth in taxable profit; at 
Arlington Slotor . Holdings ' to 
£49,000. The half-year surplus- 
wax £720,000 on sales £S2m higher 
at £23.72 in. 

Current demand is running at a 
satisfactory M but ..cos*.* re 
being adversely affected :by7The- 
present level of interest rates, hi. 
particular the group's finance -sub- 
sidiary will produce lower, second, 
half profits, unless the cost of 
money shows an early reduction- 
overall, however, the -directors 
believe the outcome for the year 
will be. satisfactory^- -saya Mr;- 
Norman Housden,- the. chairman. ' 
For 1977-78 profit' was- £121 m; 
on turnover of £43.41tn. ... - 

Tax for - the half-year :took ' 
£374.000 (£349.000) leaving earn-, 
ings per 25p share down U3p at 
S.lp on' capital increased by the 
January rights-, issue.- The- -net - 
interim dividend- is held at 2 Jp-r. 
larf year's final, was 5A71».‘ ' 

Mr. Housden says the advance, 
in profit would have, been greater 
had the vehicle manufacturers - 
produced more to meet the com- . 
pany*s requirements for both cars 
and commercial vehicles. . 

Phoenix Assurance unchanged 
at £27.4m for nine months 


Mr. John Young, chairman of 
Young and Co.’s Brewery or 
Wandsworth, in a half yearly 
statement, said yesterday that 
bottled and draught boor sales 
had been down, but were cur- 
rently improving. 

“A poor summer, a fiercely com- 
petitive market where no longer 
do we have all our own way. de- 
lays to the brewery development 
with more disruption than we 
bargained for. all affected our 
beer and progress." he said, 

But things were looking up. 
Beer sales were showing encourag- 
ing increases and there were 
ample signs that demand was si ill 
great for the group's traditional 
draught beer. 

TraJin-; oroht H-V'ii? 

TES in. o-'* VM.o»S 

Profit before tax ... MS 73 i 313.231 

Tax '••#« "I7W 

V: nroH: 7 :;n.«s 

Hxiraurd-.narj debus .. -iii '•‘.9M 

.Uailam.- I.-".!'.' J1S «4 

Dividend ' . " ; ' ?-'s — 

l.ent inu ... .. bIT.uST • '.’IS <94 

• ».u«>. i.'nmntiseB r> Vos.: Front 
aoferp.-d tax l os- eariiorjiion us 

&V..I50. CbsrKv. Fa>."rr r.vujan'.sa- 

U«ra cov.s in«.ludins r.’drmdaney p»rm>.-ms. 

' Alter ubjvi rs I+t.sei. 

Tho direeiors ray lhai the tax 
position re (lects ihe combined im- 
pact or tax lories brought forward, 
slock appreciation relief, excess 
••aoiiai taX allowances over do- 
previaiion.* Ihe recovery of ACT 
pr-- viou-h 1 written off. and (he 
release or dererred tax. 

There was a substantial reduc- 
tion in group bank borrowings, 
which totalled £1.S0I.53U a» the 

• comment 

Sir Joseph Causton's recovery Is 
best seen at the trading level 
which shows a substantial turn- 
round from Josses pre-temporary 
employment subsidy last year. 
This is important since TES — 
which saved jobs, boosted short- 
term profits and improved cash 
flow— ran out in April. Causton’s 
biggest and most important 
division is the Eastleigh printing 
operation, which represents about 
two-thirds of capital employed. 
Once the doyen of commercial 
colour printing, it subsequently 
ran into stiff competition and 
volatile markets. Last year, how- 
ever. on the back of a better 
advertising and publishing 
climate. Eastleigh turned previous 
losses into profit. There is still 
plenty of scope here for improve- 
ment while the likely downturn in 
consumer spending leaves a ques- 
tion mark over the current year. 
Elsewhere, the London division is 
also out of the red and the re- 
maining. more solid interests have 
again done well. It cannot be 
said, of course, that the group is 
firing on all cylinders. Eastleigh's 
contribution to profits. for 
example, is still only 30 per cent 
i»r the total. Interest charges are, 
however, a third lower— borrow- 
inns are down from over 150 per 
cent at end 1976 to around 70 per 
cent of shareholders’ funds— and 
ihe workforce has been cut by 
more than a jenth. The resump- 
tion of a dividend must also be a 
ngn of returning confidence. At 
--■*P the p.'C is only 2.5 and the 
yield 62 per cent. 


Six months unaudited consolidated results. 


Good start 
by Harris 

6 months to 

; year to 
J March 31 

Group income before interest and provisions 

Interest on borrowings 


Profit before tax 
Estimated tax 

Profit after tax 
Minority interest 

Attributable net profit 


1978 1 



f 1977 




44.724 ; 

40.590 1 


... j 



•28,218 i 




52.110 1 

4.321 | 




33.1 60 



7.430 j 














6.710 | 





The shares of Harris Queensway 
made their market debut yester- 
day- with a substantial premium. 
The retail group's shares were 
offered to the public at 155p each, 
and yesterday when dealings 
started they opened at 173p. 

The offer or 5m shares, raising 
£7 .Tom, attracted applications from 
the public and employees for 
U9.5m shares, and market dealers 
had been predicting a premium or 
around lap. 

So the 20p premiuiii yesterday 
was a bit better than had been 
anticipated. There «as the inevit- 
able selling pressures early in the 
U:iy but the shares held firm and 
closed at 173p after a low point at 
one scncc of 171. Tn all about 2ro 
shares changed hands yesterday— 
4U per cent of the issue. 

At I73p Harris is standing on a 
p c of 10.5 and yield of U.7 per 

PRE-TAX profit*, virtually un- 
changed at £27. 4m, are reported 
at the nine month . stage '.'by 
Phoenix Assurance. Higher 
returns from investment income 
over the period were offset by 
a continuing adverse . under- 
writing experience. . The . tax 
charge and minority Interests 
remained unaltered at £102 and 
Jl.Bm respectively, so the .-' net 
profit over the period was 
virtually unchanged ar XI 5.6m. 
However, the earn bigs, per: share 
fell to 23.8p against 2C.2p 'for the 
corresponding period last- year. 

The net premiums writ tea, -on 
general insurance Business 
showed a 1.7 per cent rise over 
the period from £253.7m;. - last 
year to £25S.lm. However, these 
figures were affected by currency 
fluctuations, and the ' 'non- 
consolidation of a farmer 
subsidiary. Allowing for these 
movements, the urtderlying .real 
growth in premium income: was 
92 per cent, .L 

The company's operations ,in 
the UA. recorded an underwriting 
profit of £L.9ra as against £0.9m 
in 19«Z At the half year - stage, 
the company reported a profit of 
£U.7m. The operating ratio over 
the rust nine month; was 94.4 
per ecnl compared- i«ith 96.9 p*r 
cenl last year.- These good 
results reflect the general 
improvement in tbc U.S. 
insurance market. The company 
anticipates that the next down- 
turn in the cycle couid occur 
towards the end of next year. 

,ikeJ > 10 be a 

Mini lev.' det-hn •. 

In the UK. d satisfactory third 
quarter was experienced with an 
underwriting profit in the lire and 
accident account of £0.5m. This 
reduced the overall luss for the 
year to C.tlm compared with u 
loss of £(Um in 1977. There 
was an improvement in most 
classes of business, but the 
commercial (ire account, unlike 
that expi-riencud by other com- 
posites, was affected by the con- 
tinued high level of national fire 
wastage. The motor account is 
showing a modest profit, while the 
comi>any is putting up its house- 
hold contents rales from January, 
1 in order to get the personal 
householder account in balance. 

Europe remains a problem for 

the company, with ; substantial 
losses of nearly £2m. being suffered 
in the Netherlands, Belgium and 
Spain— slightly lower than for 
last year. The company reports 
than operating conditions remain 
tough, with difficulty in getting the 
appropriate rates for the business 
being written. 

Other overseas business coni 
tinues to lie generally profitable, 
especially in Canada. A belter 
third quarter’s results -was 
recorded for Australia, a territory 
which is giving .-all insurers 
operating there considerable prob- 
lems because of -strong market 
competition. • " . 

Investment income showed a 9:9 
per cent rise on the period, from 
£262m to £2S.9m, reflecting the 
continuing favourable, investment' 
conditions and the gro\vth in the. 
underlying funds. Adjusting for 
currency fluctuations- and the. non- 
consolidation of ‘3 ‘ former sub- 
sidiary,, the-iroderiyinc .growth in 

investment income was 17.7^ per , 
cent - ^1 J ' : * " V, '. ' _ : i- ‘ ' i. 

New IHe -businesG ,b?ef tlie nine''; 
mon tbs- showed; 1 a substantial- rise, 
—from £0j&Sra to £127m-rth(Hign 
the figures are not strictly com- 
parable^ because- :qf the eon-. 
soUdation of a suBtidtary. ' The 
company has recorded a‘ sub- 
stantial ; Yise in group pension's 

business following the introduction 
of the new -state pension scheme. 

• comment - 

The results of Phoenix 

Assurance at the nine month 
stage were somewhat disappoint- 
ing, compared with those of other . 
composite -insurance companies. ! 
While- the U.S. has 1 progressed 
satisfactorily,, the -UK account is ■ 
being slow to recover, from the 
very poor . first quarter, while 
results in Europe ; are still - 
extremely adverse. Given a normal 
fourth quarter.- it looks -as if the 
company will show pre-tax profits 
around £42m against -£3Bm last . 
year. Looking to next year, the 
company feels more optimistic 
about the UK, given Ihe proviso 
of a mi/d, storm-free winter, 
while at the.: same. time, it hopes - 
for an improvement in Europe and 
anticipates only- a shallow decline : 

: as the U.S., cycle turns down. The 
share price fell 2p to 242p where 
there is a projected yield of 7.r 
per eent ^oss. 
v • C -.x~J i • —s- 

j. jSykfe’ INTERIM 

Treasury. ' consent- has been 
received by JC Dykes (Holdings) 
Cor the .payment, of the Interim 
dltldead of--0.33p7 net already 
declared. The last payment was a 
2.35 p final for 1971^77. 

ft} . 


y 1 

I'M.* 9 \ 

f w %■ 

8 ^ ■ 1^^ 

. v. • • at -h Tr&AmV'&rwrh- 

Results for the year ended 30 June 1978 


1978 1977 

ProfitsEamed £1,071,238 £970,589 

Funl Dividend 1.46875p 1.25305p 

{Maximum Permtted) 

Earnings per share 5.26p 4.456 

■A diusied lor sci ip issue 


Kalamazoo calls for 

dividend concession to be 
based on 5-year average 

Mid Kent Water 
£3m offer 

Why 23 % Per Cent Increase Was Not Permissible 


A £3m offer for sale by tender 
is beinx made by The Mid Kent 
Water Company of S per cent 
Redeemable Preference Stock 1984 
at a minimum price of £9S per 

The slock is payable as to £10 
l»er cent with applications to be 
received no later than 11 am next 
Wednesday. The balance of the 
purchase price will be due ou or 
before January 29. 11170. 

Tenders must be for a minimum 
or fino and above that in multiples 
of £100. ^ , 

The first dividend on the stock, 
am nun line to 11.44. wtil be paid 
next April 2 and thereafter divi- 
dends will he paid half-yearly on 
October 1 anti April 1. The stock 
will he redeemed at par on 
January 31. 1984. The grossed-up 
Hal and redemption yields are 
12.JS and 12.49 per cent 

Brokers to tbe issue are 
Seymour Pierce. 

Notes: 1 Comparative figures for the siv months to September 30. 1 977 have been revised to reffect changes in 
accounting policies subsequently given effect in the accounts for the year to March 31. 1978. 

2 The principal subsidiaries of Finance for Industry Ltd. are Industrial and Commercial Finance Corporation Ltd. 
(ICFC). Finance Corporation -for Industry Ltd. (FCI) and Finance for Shipping Ltd. (FFS). 

• comment i 

The terms of Mid Kent's issue are j 
identical to the £34 m Colne Valley 1 
offer • last month, and thati 
atrracied applications for over- 
mini of slock. On ihe market: 
Colne is now trading at equivalent i 
to pai — two points over Ihe mini-, 
mum tender price. So another 
good response looks likely Ibis 
time a ■winning no deterioration In 
ilio market between now and. next 
lVeriiies*l:»y. Tenders for Mid 
Kent will have lo be pitched with 
a l ' imini premium to ensure 1 
Mvtthig stock. 

Mr. T. B. Mori and. chairman 
of tbe Kalamazoo Group, told 
shareholders at tlie Annual 
General -Meeting at Northfield, 
Birmingham, on Tuesday. Decem- 
ber 5, 197S: “Wo wore dis- 
appointed with the concession 
given by the Government on 
dividend cover, because it was 
not as sensibly conceived as we 
feel that it could have been. The 
way in which it has been drawn 
up allows, a company to increase 
its dividend by more than 10 per 
cent, if the cover after a io per 
cent increase is higher than the 
level recorded in the highest 
year since dividend restraint was 
introduced in 1972. We. think 
that this is wrong for two 

*■ First, many companies, like 
ourselves, have an uneven per- 
formance for reasons totally out- 
side their own control. We had 
an extremely pood year in 1973, 
as a result of V.A.T. being intro- 
duced. This caused all businesses 
to reconsider their accounting 
systems and gave us an oppor- 
tunity, which we took, to provide 
services to a large number of 
new customers as well as amend- 
ing the systems of our existing 
customers. Our results in that 
year, however, were made 
artificially good, because a lot of 
customers delayed buying until 
the Y.A.T. regulations were pub- 
lished late in 1972, while others 
brought forward orders which 
they would have placed in 1974 
— su Ihe profit for the year. 

which .was a record at the tim e, 
was Inflated 1 by transfers from 
the'yeare before and after.. 

• “The dividend for 1973 was 
limited, - so cover was high and' 
has made it . impossible for- us 
to raise our dividend under the 
Government coac'essi'mC Had 'the 
calculation, as -1 suggesr in my 
review, been based on the 
average of five years, ;he uneven- 
ness in performance would have 
been ironed out and we could 
have paid a dividend 231 per 
cent higher instead of the per-' 
mitted 10 per cent Increase. 

: ‘Ttic second reason for my 
suggestion is perhaps even more 
important. Dividend restraint 
really -forces a company to pay 
the maximum permitted increase 
every year, even though this may 
jiot be the best decision in the- 
. circumstances. It is done, how- 
ever, because otherwise the base 
for all future increases .is 
lowered, and while controls' are 
still applied to dividends there is 
□o way in which the amount 
missed iii one year can be' made 
up subsequently. If ' calcula- 
tions were based on the average 
of a number of years, this would 
not be so, and dividend decisions 
could be more closely related to 
performance and prospects, 

"Finally, I- want to refer you 
to the section in our report deal- 
mg with participation. The last 
paragraph of this says: ‘We 
hope that the curreni pressure 
for the - illusion of industrial 

democracy JvilL . .not -distract 
attention from the; only, sort of 
participation'- which ftokUy eounts 
— the.' sort that provides . .each 
-individual /with /the opportunity 
of influencing -those decisions lo 
which- he bn she js com patent to 
make a contribution.': / . ..>• ■*. 

To me it was ,un fortunate that . 
our _R«port and -Accounts wfere 
-published in - rthe : aftermath - of 
the CB1 Conference, when press 
reports were giving the impres- 
sion that all employers rejected 
completely the- idea of participa- 
tion. As a result^ few people 
seem to have noticed . that we. 
at least do not. 

. '’S'- 

‘ It seems to me a tragedy that 
so much attention and publicity 
should be given- tO 'tbe debate 
on legal enforcement of partici- 
pation at board level, no matter 
how ill-conc'elved the 'notion may 
be/ while so. tittle is directed 
towards the ways la which really 
effective involvement can take 
place, to tbe* benefit of aH con: 
nected with the company bi 
which they work. • 

“ What is required of industry * 
is a positive drive for,- and a v 
constructive approach to, ; what - _ 

should be . one" of management’s ’ 

moot valuable • opportunities — I 

hope sincerely that, more or our.' _ . *„\ v . 

CBl colleagues will, in the not^ > 
too distant future, ‘come, to this • 
view rattier titan the one-^ ^ which t * > 

some so si ridently expressed at' ' • 
tbe conference." *'.'■'* r \ V* 

1 .•••* .* ; :.'.f t: 

, (j* 


.X- • ■ - • 


Ismb- bertvrcaused if you 

havr been m Hj& ~ fcfifSl'/^fccf 'I&ere had decidea'to^cmpenff ^ General 
would , have' - beerf- r ^Wnfficfept ajee^ng to 'seek io-^/einove us as 
aKidpid .Zr&jBbfn&r/r . ■;*- :■' £sf*' 

. Aside' froy ; ther fftatenenwot y They q&ffiut&t&lted intended 
over' accowii£3g; Tre*th&alrpL : -a8;:.tQ able inthebrreportthai the 
ay pil^ rt ^in^ hfwiy^p^ -^ OtftVjctnat.<^TT»pa 7 TO -had Included in. uw eon- 
pnbllshed jrcpPtflwF accounts ; sdUdated profit * fiSDjMW nranage- 
1 signed by -Jl^siriaiaing iadfto cs,'nteAt fee' ,\ Ior:':'tb> . a ^ ■ t °- d 3 V 
Cape r re^e r beav7 inDaiiagEJMflt Stafford 

qoiltaeatiti ^ 7 : : .f >-«-. .-> Vrirom. February^ JSSS^ bn t had 
^ai: ^-twn-ezcioded ihe Tosses -fnm then to 
matcriafsncenunti^ORie is that Jn»e SO. /lhi&j^e9Spfln5 treat- 
fte - : ae®nB ©»‘ 11 SntW^^ ' - the rraCTt dbes ^ 

Mentations -ofcMBe - dtsccrartt tha^suistasCe Of. "the. agreement 
- - -1 ■ -'-- ■ -‘ - - - tJK* . rohr; ; o«3ufe4; Stafford 

Mq /tt#' was 'a niucred. thes^malnlaln. 

* r-WtOtout^Sie 'consolidation 
_. . - Josses. Mad- 


^'iroin^4^Si:>tO f347.64Q 

*,. passing 2 “ ^^^SL Wel I 

■ 'tns oB Q«snl)6f'S& a n?lwe .' • 

■■ n >bornwh^^in^: .; Artter. Young ■were.’ appointed 

' V ' :',vT'- joint ; auditors • of •- -the group. 
.,'*■■■>•;«• r. -n. vni^ ^t^tfrffW atten.- formerly the Mem Group, at the 

:> tv. ,. : _ - s - * ■.''. tion ie y(e&^ek ^-tiundmgtSe- j*!GM tn 1977; wilhcCape and Dal- 

**„*-;■ - ■• -■-■■?- .-no &■«. refV»s^}ttf «? ei 2!2?. audltors 

• — ■ -■-• • ■ ■ ■ v; : •-*?' AnwicSn' *db^d£Ss ; t if :nd£\ in- - of -tbe company: in :£92S . 

'"' " ’ sirre Its irertiii^^i.'dOinwhssrtjon; i^'Bfe^iwliQe Maddocfc- » a tech- 


authorised -. If ewnoai^'s jpiiup , ^ 

"• -7 <riio. appeal -fafls it .cnnlri^ ho subject September, 1976j.V£tica has pre- fines and-P£nafHes. : ’■_'?•.? - ' '■ ^ eluded any dealtbgs In its shares 
• . --jt: ■ . - The - auditors also .Say - that" had under Stock Exchange rules. 

-l. '':;>>^the^tateinent of- standard account-:'. .. ' -..; 

*. >srjiig. practice;. No.'- T4 '.on . group . 
accounts not appBetf-tbe fMaJWS 
Josses' of Royal. StSffdfd China 

'■•••• - r.V.'^’-busidess^-4n :in ^ ed "' b y Maddock T~\ A _ T „ ^1. - 

-£;--:£(5r;BS £r^>t ia ^°r Devemsa 

picks-up in 




ha?e. been 

accounts.' ';. • ■ • 7 : .*. ': - 

It is over thk Issue ThatArlhur 
Young- say-thg’ accounts do not 
present =3.-"" true' and -fair ” view 
of the 'financial affairs of . the 
group as at June 39 year. end. and. 

why they -.were', wanted: by. the .... . 

Board that. If they; did nnr resign FOLLOWING LOWER ; midway 
it was Hlcely -that a general meet* pre-tax profits of Xl$&222, against 
ing would, be caBed ’to consider a £207.004, J. A- Devenfafe- and Co., 
resolution to' rem6y.ewthftto: .-.--- brewer, picked np3u-the second 
In a copy of itbeir- -letter to the half to ; finish : me^oD. 'year to 



^ V. • 

■Young- $ayi-»" Although Jt would Earnings per '-25p share 
not normally be ^ppropriate for giren as 20. 7p (jsSpf ajd a 
an auditor ta resj&tt'wfcenAn. audit dividend of 4.45p n?f lifts the total 
..virtuBUy.' - coipphiei ; we have payment from S ftP VjQ 6.3»op; 
."^agreed -t<r,;ab . so_asjCape^and absorbing 1241^081:|2Z1>,074). 


Barrow Hepburn’s £10. 
chemical sale to Tunnel 


TOE TROUBLED Barrow Hepburn 
Group has agreed to sell its 
specialist chemicals division for 
£10.5m cash to Tunnel Holdings, 
Ihe UK cement group. 

At the same time Barrow’s 
chairman Professor Roland Smith 
announced that an accountants 
report into alleged “ serious 
irregularities ” . at the group's 
Schrader Mitchell and Weir sub- 
sidiary would, be a?ailable in the 
next few days. 

Provisions against losses at 
Schrader are to be increased 
from £lm to a maximum of 24.2m. 
It is Barrow's need for cash that 

has prompted the sale of its 
chemical division which last year 
generated over a third of the 
group's £3J2m pre-tax profit. 

The deal, requires Tunnel share- 
holders’ approval and so far, Mr. 
Peter Frost, chairman of Thomas 
Ward — which has a 29.6 per cent 
stake in Tunnel — has not joined 
his fellow directors at Tunnel in 
recommending the purchase. 

He said yesterday that he had 
abstained from voting on the issue 
until the Thomas Ward Board had 
opportunity of studying the full 
details of the offer. 

Half the purchase price is to be 
paid in sterling and the remainder 
in European currency — which 
Barrow will use to repay some of 
its overseas borrowings. Mr. Derek 
Birkin. Tunnel’s chairman, said 
that it was likely that this side 
of the deal would be financed 
through a currency swap. 

He said that the group had 
been searching Cor some 15 
months for a chemicals acquisi- 
tion. Tunnel already has major 
joint venture stakes in the 

Stables business which has de- 
veloped a new process for 
disposal of tosjc waste. 

Mr. Birkin said that the 
acquisition of the Barrow business 
— which supplies specialist 

chemicals for industrial in- 
cluding synthetic suing agent.-, tor 
the textile industry and chemicals 
to prevenr or suppress foam in 
industrial processes— marked an 
important stage in Tunnel's 
diversification programme. 

The Barrow chemicals division 
which has extensive overseas in- 
terests — generating G4 per ceni 
of pre-tax proiris last year — is 
forecasting total pre-tax profits of 
not less than 21.7m in the cur- 
rent year. 

Barrow's remaining business 
interests are in leather manufac- 
turing machinery, leather pro- 
ducts. plastics, packaging and tbc 
merchantiog of conveyor belting, 
safety equipment and textiles, ft 
also has a 50 per cent stake in 
British Tanners Products — with 
tbe National Enterprise Board 
owning the other balf-sbare. 

These operations last year 
generated a combined profit 
of almost £2uj — before interest 
payments due the group. Prof. 
Smith said yesterday that corre- 
spending profits in tbe current 
year were likely to be around 
£I.lm. This was after higher 
interest charges of £1.53m. 

He said that after the sale the 
group's net borrowings would he 
reduced to around £1.3m. Under 
tbc terras of the deal Barrow is 
proposing to repay at par its out- 
standing 12 per cent unsecured 
loan stock 1989-14. 

In its last accounts Barrow 

showed net debt of £11.2m com- 
pared with shareholders' funds 
of almost £10m. 

As well as reducing its borrow- 
ings. Barrow also intends tn 
eliminate some of its loss-making 
activities and unprofitable invest 
menis. but the group warned that 
in view of the possible extent of 
the extraordinary provisions, it 
ix not able to confirm its divi- 
dend forecast Tor the year of la? 
net compared with last year' 
l.375p net. 

Ladbroke buys 
another hotel 

Ladbroke Group has paid £I.5m 
cash for Clive Hall, which owns 
the freehold of and operates the 
Tour-star Clive Hotel in Swiss 
Cottage. London. 

The hotel has 86 bedrooms and 
extensive conference facilities. 
The net current assets of Ciive 
Hall as at November 30 amounted 
to some £170.000, 

On completion of the Myddle 
ton Hotels acquisition, this pur 
chnse wilt bring the number of 
hotels -acquired by Ladbroke 
since the becmninc of the year to 
22. making an overall total of 2r>, 

It is understood Lhe proceeds 
or the sale will he donated to 

Clive Hall was run by Mr. Chiam 
Sroka. a businessman, understood 
also to have interests in import- 
ing and exporting and in ship- 

A spokesman for Mr. Sroka de- 
clined to say which charities the 
money would be going to. 

-r ***? ' 

is.; ■ 

. tr-:-. ’ 


EnglishCard higher 

lNCREAffiD ;«mtxibHtio'iiS J-The net interita>'aividend is 
- from the UK-iad. India, and ajre- ralsed .10, 1.2p fl£3p) arid costs 

. '.dueedr loss, itr . Europe, E h jflfch £69JOO0 (£65.000); -V 2-Wt year’s 

^r 1 : 1978: . Sales.. "by . tbe gro^x "which half-year emergejtVJlt ,' £452 000 
?! ■ -manufactures -card- clothing, ireri (£352,000) .with £194^8)0 t£144.ono j 
, .and -steeL-wire, rose from i&Qlih coining: ; from.; the'- >UK, and 
7- to 29.37m..';.'- • ••*;./: v- fi* m . jQoWKtor (£218,008) £fa>m India 
-i-i ?Statffid':*aJmlnjg4lp(ec- 25p:staCrt less -a deficit )ii ; - Ewipe . down 
:. . .were ahead, -at lpk ■ -jtf tec fiora, £3.0,000 to TLOWD,^ .' 

- .OT-ntetjs tax <rf£587^00.(&47^0&>. ; : - "There was an extraordinary 
•p'i There- was W UK tax charge th& charge tffls.. time of ^39J20d reJat- 
i 3ilBUk' ^ Compared wilh.^9,00O--pre- ins to ,ext*dri^e rate; changes on 
: vtously.-, -V'^ ' s-L' netvafflets.pbroad, .:.yj.;.\ . 

BICC sells 8% stake in 
General Cable for £15m 

blkfsitiif - r.. 

i <..>'■ 

'• 1 ■ 1 ■ - 1* 'A ‘ 



■ .. 1 


!>u: j. 


WI c 

« n 


1.238 £57858! 
iS75p l^SWj 


1 to 






. l am pleased tolnfoitn you tharorn hopes of a recovery in profits 

. _ fitter the rece^orih ave berinmore tha n justified this year. Sales this 

W ^ear^rried ajl £ 6 . 0 © 0.000 and we achieved profits on trading of 
?Jfv' £ 4264^2 compared with £ 1 22^386 for 1 977 - Our profits on property 
*r Jsaj8S^£ftWfl977;:E2flLfie7J. -1. . * 

S - ... 

jR We^^p^ngaTHml.Dtyidend of 1 p per share which, with the 
I ' _ Interim of H p pm’ share, makes a total for the year of 2 p. This means 
that wshave bee n akrteto increase our dividends by 1 00 % this year. 

^♦/Fournewstoresareplanned fwthe current year, bringing our total to 
." 474 ^j^esametir^w ie"eafpanding the physical size of our shops 

w r fnd tnte new^^rfBtt^ntii and wehope xhat this will also help to 

increase ^ovir volume sales. Oiir Camping and Leisureactivixies have 
been paiticiitariyaiccessftil and these too will be expanded to cope 
' with dw increasing demand for these products. 

Thecurrent year has Started well andowsaies afeatpresent 
comfortably ahead of last year. If the trend continues, and the 
Christmas trade isupto expectations, then I feel that we will be able 
’. to ^how further iocreasesin our profits. 

■* 0 ' . ;V“j: ‘ ’ ‘ '■' '-4 -P.;GOULD, Chairman 

. . tTBe^moal General. Nlseffog • -> ; 

. WlH>ffheW on 2 tst December. 1978 . 

Copies of the Report and Accounts can be obtained from ; 

.’The Secretary, Peters Stores Limked. v. 

Julius House, Norham Road. North Shields, 

. .. v ; -Tyne &'Wear,NE 29 7 UX. .. . 

The Scotiisl'. Met ropolitan 
Property Company Limited 






1?:7- \ 



Main points from tlie import for the yehr ended 
15th August, 1978, 
and the Statement by the Chairman, Mr . LA. : Walton, 

CJ.E, (Glas. and Stnah.),H6nrF.R.CJ > S. 


■ 3 f Increase id set revenue from propferties to 
£2.94rafronz£2.58m v . - . 

# Increase in revenue before taxation to £1.45m 
from £1 .32m.' • ' 

^ Increase in total dividend for the yearto 
■ 1 ^ 7285 pperihareamounting to £583,634 
- .(£527,134). .- 

^ (Capitalisation issue of one share for every ten 

^ Book valueaf Properties amountto£61.8m 
: (£43.7m). - 

* By 19S2r- 1983 gross rentalincbme,-at present 
levels of vaJues, will exceed £6m perannum- 

BICC, the British cable and elec- 
trical engineering group, and 
General Cable Corporation of the 
U.S. has been finally severed. Yes- 
terday morning General Cable 
sold its 22,220,000 BICC shares 
lS.2 per cent) Tor £13m. 

In September this year, BICC 
completed the sale of its 20.1 
per cent stake, in General Cable. 
The reciprocated shareholdings 
had been created in 1970 with a 
view to entering the U.S. cable 
market in partnership. But hopes 
for this partnership were not ful- 

BICC used ‘ provisions in the 
original agreement to ensure that 
the' stake sold yesterday uas dis- 
tributed as widely as possible. 
General Cable had powers under 
the samd agreement to find a 
buyer, at a higher price but did 
rwtruSe them. The outcome was 
^jmttuaJJy satisfactory M said a 
spokesman for BICC yesterday. 

The shares were placed at L23o 
per sha-e. compared with a mar- 
ket pricA during the day of about 
131p. It was claimed that the 
shares were sold quickly and 
easily and lhat they were divided 
between well over 100 institutions. 
" It was one cr the longest 
placing lists I have ever seen." 
commented one of the partici- 
pants in the sale. -Vo single insti- 
tution received more than 400.000 
shares according to BICC. 

General Cable said yesterday 
that the disposal was m-*<de in Jie 
light of the corporation's long- 
term objective and its desire to 
reduce short-term indebtedness 
incurred for the purchase ot Auto- 
mation Industries Inc. earlier llus 
year. British stock market con- 
ditions and BlCC’s sale of its stake 
in GC were also quoted as factors. 
An after-tax write-off of S10.7m 

will be charger against GCs 1 WS 

Brokers to the placing were 
Carenove and Co. and L. Mcssel 
and Co. 


British Vita Company, the 
Manchester-based rubber and 
plastic* group, has completed its 
agreement to acquire the whole 
of the issued share capital of 
Caligcn Foam, tbe AccringTon- 
based polyester foam specialists. 
The consideration is £2m cash, 
of which £l.5m has been paid. 
The balance is payable with 
interest in a year's time. 

British Vita announced m 
October lhat it was- buying 
Caligen front its joint o^ner*. 
Tenneco International, of Hous- 
ton. Texas and Tootal. 

The purchase was described as 
British Vita’s first mainstream 
entry into Europe. Management 
accounts of Callzen for the ten 
months ending November 4. 1978 
showed estimated pre-tax profits 
of £850,000. 

After adopting the accounting 
principles of British Vita., net 
asset \2lue of the Caligen Group 
is estimated to be £1.8m as at 
the completion date after a 
£350.000 dividend payment -to the 

Mr. Peter Redpath. who has 
been managing director of 
Caligen Foam since October 1966, 
has become chairman . and 
managing director of Caligen. 


United Engineering Industries 
has sent shareholders detaOs of 
its acquisition of Link Systems 

and notification of an EGM on 
December 21 to ratify the deal. 
The take-over i«a s first announced 
on November 23. 

Link Systems is described as a 
manufacturer and designer of 
nijcro-anaJrsis electronic instru- 
mentation systems which non- 
destructively detect elements 
present in materials. Over the last 
five years profits have risen from 
£13.000 to £365.000. Net tangible 
assets are IS18.000. 

The initial consideration 
amounts to about Il.Gm consist- 
ing Of 1.333.334 shares and 
£750,000 C3sli. Further payment, 
not exceeding £1.35m. will be 
made if Link'* combined profits 
for the two financial years entl‘n 
July 31 19S0 are over £l.2m. But 
if profits are below £800.000 in this 
period then a refund will be made. 


Britannia Arrow Holdings, 
formerly Slater \\’;ilker Securities, 
has sold 90.125 ordinary shares in 
f.rimshawe Holdings, the indus- 
trial group. Tbe sale represents 
Britannia’s entire holding. 

However a further R.14 per cent 
of Grimsh.we’s equity is mort- 
gaged to Slater Walker Ltd. 


Industriid and Commercial 
Finance Corporation has provided 
a loan of £425,000 to Masters 
Wilkerson. to enable the comoany 
to purchase tbe freehold of its 
leasehold factory at Garratt Lane. 
Wandsworth, S\V. - 

ICFC has also announced □ loan 
of I2S5.000 to the Graham Poulter 
Group of Leeds, one of the largest 
provincial advertising agencies in 
the UK. 

BOC and TMG in £2.4m deal 

-BOC International has agreed 
in principle fo buy the 25 per 
cent of Irish Industrial Gases and 
BOC Northern Ireland it does not 
already own for £2.4ro. 

Tbe stakes are currently held 
bv TMG Group which has decided 
that associated companies would 
provide too large z proportion of 
ns earnings if the holdings were 
retained. TMG acquired the 
minority stakes when it took over 
Hammond Holdings. 

BOC and TMG yesterday 
stressed lhat the agreement was a 
friendly cnc. Completion is 
expected before the end of Decem- 
ber when Mr. XL A. Buckley will 
resign as director of both UG 
-and ; ROOTL Mr. Michael W. J. 
Smtirfit will remain on the 
Boards of both companies. 

-- Agreement ha* also been 
-Reached on related tr.vters such 
as The drv’dends for The current 
yecr and the nrcporti.-i.n of next 
year's earnings vh’ch will be 
applicable to the T11G Group. 


Gla afield Lawrence: Mr. H. 
GHlson. a director, has acquired 
1.900 sharei Mr. J. R_ Glanfield, 
director, has converted £2U0 loan 
stock to 750 shares. Mr. S. T. 

G Unfield, director, has converted 
£35.000 loan stock to 37.500 shares 
of which 27,500 are in his own 
name and 60.000 in the name of 
Mr. J. R. G la libel d. 

W. H. Smith and Son (Hold- 
ings): Lord Hambledeo. director, 
has increased bis trustee holding 
of “B" ordinary shares by 90.000. 

Cony's a trust of which Mr. D. 
Curry, chairman, is a trustee, dis- 
posed of 127.662 shares to the 
beneficiaries on November 28 for 
a nominal consideration. 

Lee Refrigeration: Mr. D. C. 
Purley, director, has sold 20.000 

Temple Bar Investment Trust: 
Pearl Assurance Company is in- 
terested in £551,503 ordinary 


Vantona announces lhat up to 
2.503Br<5 new ordinary shares will 
be issued and allotted as a result 
of acceptances under the share 
alternative of the ordinary otter 
for Compton Webb. 


Fresh capital injected by an- 
other company of tbe chairman 
of Edwin Jones has allowed 

Edwin Jones and Sons (London) 
to continue in business. Edwin 
Jones has _been und<T the man- 
agement of a receiver. 

The chairman. Mr. Michael 
Berry, has injected the fresh 
L-aprtJl through his company 
Dorlirvj Development. 



Marll»»»n*n'>h Property Holdings 
announces ihj»* Mr. M. M. Lange, 
a dirrrior. sofd 25 (kXJ shares on 
November 2S. His beneficial 
interest *n the voting shares is 
now S.«i8ro shares. 

Mr. P. Wortman has resigned 
as a director and Mr. R. A. 
Roberts has been appointed 

.The '.CM will bo held 
December 29. Notice to share- 
holders will be Issued on Decem- 
ber 7 but no accounts will 
accompany Ihk notice. 


Neil and Spencer Holdings has 
received St oek. Exchange permis- 
sion for the ILstlog of S8.11S 10? 
ordinary shares, representing the 
consideration for the acquisition 
of Stanley Newbny, manufacturer 
of commercial washing machines. 


Beslox plans for expansion 

' A capital reconstruction to be 
proposed to shareholders of 
Bentos Holdings is intended to 
facilitate tbe payment of divid- 
ends. raising of further capital 
and making of acquisitions. 

The deficit of £402.024 on the 
parent company’s profit and loss 
account .last February is to be 
limited by canceBine the share 
premium account of £117.250 and 
the. capital redemption fund of 
£15,000: writing off half the 
nominal value of the 20p shares 
to provide another £130,000 and 
setting off unrealised profits of 
£140,7891 These changes would 
bring die profit and lass account 
back into tlie black and allow the 
company to start paying dividends 

Beales wants to increase the 
authorised share capital to 
£300,000 and will then be in a 
position to raise capita)' or issue 
shares for an acquisition. 

. An EGM on January 3 vBl vote 

on these proposals which will go 
to ihe High Court to be 

First interim 
from London 


A MAIDEN interim dividend— of 
2p net— is to be paid by London 
Sumatra Plantations and the 
Board fays it hopes to pay a final 
dividend of 4p. For 19f7 a single 
di rid end of 4p was paid out of 
total pretax profits of £l_34m. 

The directors point to the dan- 
ger of trying to forecast a full 
year's profit on the basis of re- 
turns for pan of the year. On 
November 15 this year tbe Indo- 
nesian Rupiah was devalued from 
415 to the UvS. dollar to 623.5. 

Although this measure, of itself, 
i.s not expected to adversely affect 
the company, until there ‘S clari- 
fication of o-her measures, includ- 
ing increased export duties, it 
t>6uid be premature to forecast 
the overall effect, they add. 

Drought conditions during the 
previous tM0 years have affected 

Harrisons and Crosfield. includ- 
ing interests of subsidiaries, had 
a 43.5 per cent stake in tbe com- 
pany on June • 19, IB7S. 


Comrort Hotels International 
has formed a subsidiary. World 
Hotel Management, which will 
specialise in • developing and 
opera line hmeLs for owners in this 
country snd abroad. 

An expansion prospect 


THE PROSPECT of a permanent 
new mining area for the Union 
Corporation group's Winhelbaak 
gold mine is outlined in the 
latter’s annual report The chair- 
man. Mr. L. VF. P. van den Bosch, 
discloses that negotiations are 
now in progress lo acquire from 
UC Investments and Acacia 
Mines the right in perpetuity lo 
prosperi anti mine a large area 
now held undr r option which 
adjoins the eastern boundary of 
WjnkeihaaJf's lease. 

“Various proposals are being 
carefully evaluated." he says and- 
add:' that the existing agreement 
with ih: owners has been ex- 
tended to March 31 and it is likely 
that a new agreement will be 
concluded lv 'that date. Winkel- 
haak has already earned out 
mining In the new area under 
endorsed prospecting permits and 
tbe decision ro put things on to 
a permanent basis clearly in- 
dicates that the area is reckoned 
to hate a fair potential. ( 

In the other annual reports 
l<*ucd by the group’s South 
African gold minis that of the 
new Unisel confirms rhat full pro- 
duction is still expected to be 
reached in November next year. 
The chairman, Mr. E. Pavitt. adds 
that the revised cauital exoendi- 
ture estimate still stands at 
RS4m. ir having been inflated by 
delays in underground progress. 
But the rice in the sold price has 
Improved the original earnings ex- 

In reeard ro ihe St. Helena gold 
mine. Mr. Pavitt says that opera- 
tions will continue to move into 
the lower srede areas of the pro- 
perty. But when the removal of 
higher grade pillars in the No 2 
shaft area has been completed. 
thl> better grad? area will become 
available for mining with (he re- 
sult that the overall grade should 
be stabilised for while. 

Capital expenditure a! the Kin- 
ross mine is estimated at about 
R2ni i £1 2m i over the next two 
years by Mr. van den Bosch. 
Mining operation-: will start in the 
better credo No 2 «ha!t area next 
year and i bus reduce the mine’s 
dependence on the remaining re- 
serve.- in the southern portion of 
the mine. So milling of No 2 
shaft area ore should halt the 
decline in overall recovery grade 
that has taken place in the past 
nine months or so. 

Of the group's Bracken and 
Leslie mines, which are nearing 
the end of their lives, the former 
is expected to maintain its pre- 
sent level of production into The 
second half of next year. There- 
after, production may be possible 
at a reduced rate, says Mr. van 
den Bosch. 

A high gold price cannot change 
this picture, simply because the 
mine has Tittle ore left. Leslie, 
however, still has a fair amount 
of low grade ore reserves and it 
is being kept going thanks to 
South African Government 
assistance. Mr. van den Bosch 
saws that the low trrade producer 
still has a life ahead of over five 

50c final 

THE DECEMBER dividend season 
of South Africa’s gold and 
uranium mines is opened with a 
sparkle by the General Mining 
group’s Stiff ontcin which has 
boosted its final payment for 197S 
(O 50 cents (29.8n). 

It makes a year's lotal of MS 
cents compared with the 22 cents 
which has been p.tid for each of 
the tv. o previous years. The latest 
payment, which is at tbe top end 
of expectations, justifies the recent 
rise in Investment opinion or the 
shares which were 2t>0p in London 

Less satisfactory, however, is 
final of SO cents declared by 
Boffctsfomein. but it brings the 
year’s total to 190 cents against 
ISO cents in 1977. The elderly 

West Rand t'onso)idaled is also 
paying a lower than expected 
final, it being 10 cents lo make a 
year's total of 17J cents against 
13 cents. 


Colonial Mutual Life Assurance 
Society announces rhat it has 
acquired from Annus Trading 
628.200 shares of op of Hampton 
Gold Mining Areas at 150p per 




■■hare subject lo the necessary Esv 
change Control consents. > 

The bis Australian life assur- 
ance society announced on Mon- 
day that it had acquired 724,600 
shares, or 13.9 per cent, in 
Hampton Areas at 150p per share 
from CCP North Sea Associates 
and bad approached Hampton 
Areas to discuss the possibility 
Of making a general offer to all 
shareholders at the same price. 

On Tuesday. Hampton Areas 
■said that further clarification of 
the position was being sought. The 
company was consulting its finan- 
cial advisers. Samuel Montagu, 
and in the meantime urged share- 
holders tr> take no action in re- 
gard to their shares. Hamntou 
.Areas rose 4p to I34p yesterda-y. 

NOR AN DA*S 1979 

Spending of Canada's Noranda 
Mines in 1979 for capital and de- 
ferred development and explora- 
tion programmes is expected to 
be about CSISOm (£78.9 ml com- 
pared with the forecast of C$134m 
expenditure for 1978. 

The company said the CSISOm 
figure includes the previously 
proposed acquisition oF an alu- 
minium sheet-rolling mill in Ten- 
nessee that Xoranda agreed lo 
acquire for about US$40m. in- 
cluding working capital effective' 
on January 2. 


Mining Investment Corporation 
(formerly S elukwe Gold Mining 
and Finance) states that its policy 
to expand in the natural resources 
field and to purchase profit- 
earning companies is continuing. 
The main emphasis will he on the 
existing UK coal operations which 
provide a substantial part of 
group profits. 

But further opportunities in UK 
coal are limited and the group is 
to look at prospects for diversifi- 
cation into other minerals and 
natural resources, both at home 
and abroad. But it is not 
intended to engage in pure 
exploration projects. 

. E. Norton’s record orders 

Profits before lax of IV. E. 
Norton (Holdings) were down 
slightly from £285.000 to £231.000 
in the- haff-year ended September 
30. UTS but ‘the directors are aim- 
ing for a year’s profit which will 
compare favourably with the 
record 1*647.347 of 19n-7S. 

Ffrst-haJ/ sates rose from £4.Sm 
to £6.9flm — there is a record 
order book and the policy is to 
maintain the steady increase in 
turnover while at the same time 
improving margins and control- 
ling the rise in overheads which 
occurred in the first six months. 

The interim dividend is O.SOSSn 
on capital increased by fast July's 
rights issue — Iasi year's interim 
was equal to 0.L631p adjusted for 
the scrip issue followed by a 
junvlar final. 

The directors intend to pay divi- 
dends for the current year total- 
ling 1.073p on increased capital 

In his statement to share- 
holders. filr. Walter Norton, the 
chairman, says during the first 
six months trading continued at 
a Ivqhor level than the corres- 
ponding period of last year, but 
lead limes in deliveries produced 
a temporary dip in profitability. 

This, coupled writh pressures on 
margins and the fact lhat a major 
item of cost recovery was not 
finalised as of September 30. re- 
sulted in a - reduction of gross 

The group continues to increase 
the range of more sophisticated 
machine’ tools. So far this year 
two in-house trade shows have 
bpen completed and the group 
has oarticinated in two major 
national exhibitions. 

As already announced, jointly 
with B a relays Mercantile In- 
dustrial Finance ;he group has 
formed Noreantile Leasing, a com- 
pany whose major objective will 
be the specialist leasing of 
machine tools. Two other develop- 
ments arc currently under con- 
ridrralion and the chairman will 
keep «h:in'li older* Tolly informed 
when there arc advanced. 

looks to 
profit rise 

A FURTHER increase in profits 
and earnings per share can be 
.mfici paled Tor 1979 says Mr. D. A. 
Jacobs, chairman of TricoviUe. in 
his annual statement for the year 
ended July 13. 197S. 

He add? that consumer demand 
is at present buoyant and the 
forward order position, which trill 
account for the second half of 
ihe financial year, is very satis- 
factory- “ Wo are hopeful that 
our record performance Will 

As previously reported, group 
pre-tax profit last year was lifted 
by 27 per cent from £561.802 to a 
record C7J3.H7.7. The net dividend 
was raised from l.S23?5p to 135 p 
per lop share which is covered six 


Mr. Jacobs discloses that 

TricoviUe is forming a subsidiary 
comoany in the U.S. This will be 
mainly a sales organisation as the 
directors believe that much of the 
group's range of women's wear is 
particularly suitable for the 
American market. 

Tbe new company will take at 
least 18 months to become estab- 
lished. although a pilot marketin'* 
scheme has already been carried 
out with some success. 

The group is seeking to acquire 
more companies in the fashion 
industry which can be 
incorporated in its expanded 
distribution warehouse and its 
advanced computer system. Find- 
ing suitable acquisitions must 
inevitably take some time. 

On the “ impressive improve- 
ment in liquidity." Mr. Jacobs 
notes there was free cash of more 
than £500,000 available at Ihe 
1978 year-end, compared with an 

overdraft in July 1977 of about 
£lm. Overdrafts are shown down 
from Ilm to £15.296. 

The £t.5m improvement in 
liquidity has been achieved by 
lower stocks and continued 
increase in profits. 

Regatding the slight drop in 
turnover— from £9m to £S.7»m — 
the chairman says that certain 
turnover obtained in the past has 
been without adequate margins 

Action has been takvn lo reduce 
such turnover and to take 
advantage of the lower stock level 
the group now requires. 

Mr. Jacobs adds that acquisi- 
tions in The UK and expansion 
overseas are. in the directors’ 
opinion, the basis for continued 

Meeting. Winchester House. EC, 
January S. 11.3(1 am. 

£1.8m deal as 
profit soars at 
James Grant 

ANNOUNCING taxable profit 
sharply up from £381.000 to 
£603.000 for the nine months to 
October 81, 1978. tbe director* of 
James Grant and Co. (East), 
house furnishers, state that they 
have agreed lo sell one of the 
company's shops in Aberdeen for 
£l.Sm cash — eiome £1 .Com over 
book value. 

Railway Pension Nominees is to 
buy the freehold of the premises 
at 95-99, Union Street, with vacant 
possession. The deal is for com- 
pletion on February 2. 1979. 
Meanwhile, James Grant i- on the 
move to freehold premises it 
acquired at 4M1-42L, Union Street, 
for £260.000. 

The directors, reporting on the 
nine months’ performance, -ay 
they expect that profit for the uif[ 
year will be satisfactory. For 
1977-7S it was a record £7 .-JjU1Hj. 

The interim dividend is held at 
0.375p per 25p share. The com- 
pany has close status. 

Surplus for the first three 
quarters was struck after taking 
account of deferred service 

The premises being sold, form 

pan of the security for the com- 
pany's first mortgage debenture 
.•crocks. The proceed' will, pending 
reinvestment in approved pro- 
perties. be invested by the 
debenture trustee in approved 
deposits. The property was last 
valued >n 1965 and appeared in 
tbe books at £150.000. 

Oil & Assoc. 
ahead midway 

Gross revenue of Oil and Asso- 
ciated investment Trust was up 
from £213.749 to £224.327 and 
after management expenses and 
interest, pre-tax revenue came 
out just ahead at £165,162 for 
the sue months to September 30. 
197$. against a previous £J62,42.’J. 

Net revenue increased to 
£106.777, compared with £100.132. 
after tax, lower at £58,385 

The interim dividend, raised 
from 0.5775p to 0.58625 p net per 
l’5p share, will absorb £56.315 
(£54,259i — last year's final was 
1.5 18p from revenue, after tax, of 
£ 200 . 000 . 

Retained revenue was £50.462 
(£45.873 1 and net asset value per 
share i.s given as 76p at the half- 
way stage and 75p on full con- 
version of loan stock (79p as at 
Spntember 30. 1977). 

The net asset value includes 
the full dollar premium as at half 
year end. and does not take 
account of any contingent 
liability* to capital gains tax which 
would have arisen on the realisa- 
tion of any part of the Trust's 


Capital Loan Stock Valuation — 
5th December, 197S 
The Net Asset Value per £1 of 
Capital Loan Stock is I67.25p 
Sectirroes valued at middle mirVet 

Lake & Elliot, Ltd 


FOR THE YEAR ENDED 31st July. 1978 

Group Turnover 
Group Trading Profit 
Earnings per Ordinary Share 
Ordinary Dividend 


£1 8.835m 
£1 .621 m 
8.1 7p 

£1 8.247m 
f 1 .121m 

"The immediate ouiJock for our steel foundry 
companies is improving with the prospect of more 
substantial orders. The valve industry which has been 
operating at a low level for some years shpws signs of 
improvement and increased orders are expected from 
overseas where special promotional efforts have been 

In the longer term it is still impossible to detect any 
substantial growth in the industries which we serve 
but the capital investment which we are making' is 
continuing to improve our efficiency." 

Peter Lake, Chairman 

Copies of the Report and Accounts ate evailable bom the Secretary, 
Middlesex House. 29 High Street. Edgware, Middlesex HA8 7HR 




Armitage Shanks upturn 
to £2m at mid-year 


• • : ; " Fmanci al Times 


FROM SALES of £ 12.76m against 
£10.22m. profits before tax of 
Richards. Aberdeen-based textile 
maker, were down slightly from 
£768.000 to £705,000 in the year 
ended September 30, 1978. 

When reporting first-half profits 
of £353.000 against £351.000. the 
directors said that provided the 
ex pecta torts for knitwear yams 
were fulfilled n reasonable profit 
for the year should be achieved. 

Earnings per share for the year 
are shown at 3.12p i3JZ7p>. The 
final dividend is O.P05p against 
O.Slop making a total of 1.155p 
compared with 1.035p previously. 

Tax lakes £328.000 i £372.000) 
leaving net profits at £377.000 
against £306.000. 

Commenting on the results, Mr. 
A. R. Rubertson, the chairman, 
says that despite the continued 
lack oF economic growth through- 
out Western Europe and a particu- 
larly sluggish textile sector, the 
group managed to achieve a 
greater market share for ail 

To do so. reduced profit margins 
had to be accepted which were 
already under some pressure, and 
having regard to all the circum- 
stances a modest reduction in 
profits would not have been 

But for the long delay in com- 
missioning the new dye-house and 
the slower breakthrough in the 
sale or knitwear yams, slightly 
improved figures would have 

" We are continuing to 
strengthen our management team 
and are successfully widening our 
product range. We expect to 
improve our profit performance 
in the current year." the chairman 

FOR THE 2G weeks to .September 

30, 197S. Armitage Shanks Group, n/. m nn an prTIUf*C 
maker of sanitary pottery, metal tSwAICW Ifibtl INu3 
fittings and plastic mouldings, 
more than doubled pre-tax profits 
from JCO.Wm to £2.Q2m, on turn- 
over nf £23. 43m against £18.95m. 

The directors say UK sales have 
continued at a satisfactory level 
and it is anticipated that this level 
of activity will continue through- 
out the current year. 

However, it continues to be 
difficult to maintain export volume 
against severe competition on a 
worldwide basis and the increas- 
ing development of local manufac- 
ture. they add. 

For the previous full year, turn- 
over totalled £42.3 lm and profits. 


The directors view with concern 
the present situation in Iran where 
production is currently suspended. 

The company’s investment in 
the share capital of Armitage 
Shanks (Iran) is 19.S per cent 
and amounts to £321,220. In addi- 
tion, there is a contingent liability 
in respect of a guarantee relating 
to a bank loan to Armitage Shanks 
(Iran) currently standing at 

From half-yearly earnings ahead 
from 2.52p to a.SSp per 25 p share, 
the interim dividend is kept al 
the same gross equivalent with a 
net payment of 2.01 p (l.flsp). Bui 
iF the profit level now reported 
is maintained, the directors intend 
to recommend an increased final 
—the 1877-7S final was 2.32p. 

20 weeks 











«d 6 









setback at 
Peak Invs. 

A loss or £209.433 by its cara- 
van subsidiary. Peak Trailers, left 
Peak Investments with a pre-tax 
deficit of £45,348 for the year to 
May 31. 1978. against profits of 
£211,000. Turnover was down 
from £5. 67m to 15.25m. 

The directors say that the cur- 
rent year should be better for the 
group, with greatly Improved 
results coming in 1979-80, par- 
ticularly from the caravan side. 

They are taking steps to im- 
prove the trading position of Peak 
Trailers. Plans are being made 
to transfer manufacture to more 
suitable, premises with a Substan- 
tial lowering of overheads. 

Although the company is cur- 
rently operating at a loss, the 
directors believe that with the 
changed overhead structure and 
the prospect of increased sales In 
the early months of 1079. the 
trading position will improve sub- 
stantially by the end of the 
current year. 

There is no interim dividend 
for the period compared with a 
payment of 0.5p for 1976-77. 

The directors explain that the 
caravan industry has been 
through a difficult period and as 
a major supplier to the industry. 
Peak Trailers suffered a reduction 
in turnover of almost 16 per cent. 

Profits of the property division 
were slightly lower at £146.887. 

The group's charges were re- 
duced substantially during the 
year, the directors state, partly 
because of less use of overdraft 

Pre-tax figure was struck after 
inrerest of £169.302 (£235.451). 
However, then? was a tax credit 
of £58.565 (£50.469 charge i making 
a net profit of £42.717 1 £130.540 1. 

Minorities took £21.146. against 
£20.179. and there was an extra- 
ordinary credit of £26.941 (nil). 
Profit came out at £48.512 
i £ 1 10.3G1 ) . Earnings are shown as 
fl.28p tl.45p) per lOp share, before 
the extraordinary credit. 


Inwvs: pari — 

Profit before ux 2,824 


To ratiMriur.s 

Endian* 1 -- 'OMM 

Extraordinary credit 

Lea vine 

® comment 

Half time profits from Armitage 
Shanks appear to show an 
impressive jump but the com- 
parable figure was depressed 
resulting front a sharp downturn 
in Australia. A belter impression 
of the current trend can be 
obtained by comparing with the 
previous six months. Sales are 
virtually unchanged and after 
adding back some £0.3ru to last 
year, relating to costs of a 
factory closure, profits are 

The htUiHTiiw: companies beve notified 
dale-, of Board meetings !<■ die Stock 
Exi-hansi 1 . Such mix-line* arc n -ually 
held tor the parpen of coojidorliw divl- 
t lends. Official Indications aru n-.<L avail- 
able as to whether dividends are In tenon 
or (trials and the snb-d-r .stuns .huu n 
below are based mainly on la<* year's 


Interims— A asocial ed Too!:ns Industries. 
Baker Perkins. Brent Walker. Enlish 
Bunding and Engineering Apptuacn. 
British Tar Products. Buckler's Bri-u err. 
Burnett and Hntlani'hire.'. 
Cattle's Boldines, Ca woods, CUurchbory 
Esia Jen. Duraplpe. General Electric. 
Great Universal Stores. J. Lyons. Mans- 
field Brcvren. P«sjkr-Haiier-.tey. Pitti-nr 
Lamrv'- Puraan. Alexander Rii'wll. 
Sonnmana, SlunihlU. Wasnn Inrtu-trial. 
WUkins and Mitehell. V. William:. 

Finals— Briiish Susar. Janie* Crvjn. 
Kr.' Investment. Mitchell Col's. J.iliu 
Williams iif Cardiff 


I'v’crimi — 

Barker and Dob r jri .. Per. 11 

Brown 'N.» Inres. m-*ai« . .. Dec II 

Dnm Holdings - Dee. 1; 

DiiomTuotetn Gold Dec. 12 

Erskme House Investments Dec. S 

Kloof Cold Dee. 12 

LRC International . Dec. 

t.ibanun Geld .. Dec. Z 

Norcros Dee. 13 

Saint tlran Dec. H 

Scottish and Newcastle Breweries Dee. 20 

Trafford Carpets Dec. 14 

VnUIipM Gold Dee. !.* 

Wen Driefoniclo Gold Dec. '2 


Gtirfun t.*roup Dec. 14 

Charterhouse Group Dec. 21 

Dohton Park Dee. 12 

Ea^l Drlefontdii Gold Dec. U 

ilouifray Dec. 2* 

icr Dec. m 

Alar ley Dec U 

North British Steel .... Dec. is 

Pyfce I*', j.) - 

Sacra ti 'C. Dr-e. 11 

Trafalgar Hanae Dec. K 

United Sprint: and Steel . ■ . Dev V 

VtakfOOttlP Gold E«c. 12 

ahead by less than a tenth. Sales 
volume in the UK has marginally 
muted ahead, helped by a small 
improvement in building activity, 
but overseas local competition is 
building up. particularly in 
N’geria. leaving Armitage -search- 
ina around for new markets. 
There are no long tenu order 
books so forecasting is always 
uncertain. The group is affected 
by consumer spending but the 
recent rise in building society 
interest rates casts a shadow over 
prospects, as much of the 

important renovation market is 
financed by mortgages. The 
position in Iran is another 
uncertainty. Assuming no dra- 
matic changes in trading 
Armitage could 'come up with 
around £3Jm pre-tax for the 
year — dose to its previous peak 
in 1973-74. So at TSjp the shares 
stand on a fully taxed prospective 
p.-'e of 10 and yield 9.2 per cent, 
if there is a 10 per cent dividend 

margins cut 

ON SALES up from £5.99ni to 
16.79m Rotaprint, the printing 
and duplicating equipment group, 
announces pre-tax profits virtu- 
ally static at £115.000. against 
£111.000, for the half vear to 
September 30. 1978. 

The latest pre-tax figure was 
struck after interest of £3 70,000. 
The previous year’s profit was 
after interest of £119,0(10 and 
after deducting £3.000 start-up 
cn*qs of a new factory. Tax takes 
£30 000 (£31.000). 

The interim dividend is held at 
1.1205 d net. The previous year’s 
to* a! was 2.9324p. after a final of 
LSI 19 p. from pre-tax profit of 
£3*3 000. 

Sales for the half vear went 
up from £5.99 m tn f 6.79m and 
the directors say UK sate* — up 
by 22.5 per cent — followed the 
previous year’s pattern. 

But there were mixed results 
in export markets. Sales to 
Janan mo r e than doubled and 
Ihn^e to Scandinavia increased 
by 44 per cnet. But sales :r. Iran 
were particularly disaopomting 
hecat**? *>f the political ri iniqui- 
ties tttere. The French distribu- 
tor suffered domestic diffi* - ulrie« 
which resulted i n purchases fa il- 
iac to a low level. 

For the year to Karch. 1978. 
64 J per cent of the company’s 
sales were in the UK. 37.7 per 
cent in Europe and 18.1 per cent 
in other countries. 

Scheme to meet challenge 

Beilway’s reconstruction to 
boost market value 


THE proposed reconstruction of 
Cell way Holdings into two 
separate companies is expected to 
be completed by early May, 197n, 
Mr. E. Ward, commercial director, 
disclosed yesterday. 

Presenting the annual report 
and accounts Tor 1977/78, Mr. 
Ward said that the company 
understands that the Inland 
Revenue will nor object ro the 
scheme, which will segregate the 
group's' properly investment and 
development interests from its 
housebuilding and associated 

Under the scheme, shareholders 
of Beltway Holdings will get a 
proportional interest in the two 
new companies— Be) )w ay Builders 
and Bellway Properties. Both 
companies will he listed on the 
Stock Exchange. 

Mr. Ward said that the main 
reason for the reconstruction was 

to “explode the share price nearer 
to the group's true asset value.” 
He claimed that *the combined 
value of the two new companies 
would substantially exceed Bell- 
way’s current market value of 
£21 m. 

Mr. Ward also disclosed that 
the '-toup’s properties were cur- 
rently being revalued. In ibe 
latest balance sheet the value of 
freehold land and buildings is put 
at I16.ini. a figure assessed at 
Julv 31. 1977. 

The present valuation is ex- 
pected to be in the region of 
£24m but this will be announced 
after the end of January' next 
year. More details of the recon- 
struction scheme will be Riven at 
the company’s annual meeting on 
January 19. 1979. 

Meanwhile, the latest balance 
rheot shows a substantial improve- 
ment in liquidity. At July 31, 
1977. net borrowings stood at 

£S.5m (£14. 36m). compared with 
shareholders' funds of £17 .5m. ex- j 
eluding deferred tax of £3.«7m. 

fn his annual statement. Air. J. 
Bell, the chairman, states ihai the 
proved need for private housing 
continues at a high level, but the 
continued creation of an artificial 
shortage of building lend is 
materially increasing the cost to 
private house purchasers. 

As known, pre-tax profit for the 
1977-78 year amounted lo £3 27m 
.110.14m) on turnover of 132.85 in. 
Dividends totalled '25l5p per 
share, against 2.61p.* 

Mr. Belt reports that good pro- 
gress has been made in the reali- 
sation nf the .group’s assets in 
France hut delays have arisen in 
(he sales of; some land. The 
closure of ’ the Australian 
operation is being undertaken and 
negotiations are in hand to dis- 
pose of the remaining assets, be 

A FJVE-PART programme aimed 
at ensuring that British industry 
harnesses new micro-electronic 
developments was launched yes- 
terday by three Government 
Departments at a meeting of the 
National Economic Development 

The Council debased the use 
of in icro-electronlcs against the 
background of papers submitted 
by th^ Government Departments, 
the Central Policy Review Staff 
and the National Economic 
Devetonment Office. 

The Departments said in their 
joint paper that the potential 
consequences of the microchip 
revolution evoked “a mixture of 
fear aud excitement.” This point 
was picked up by Mr. James 
, Callaghan. Prime Minister, who 
I told the meeting that the Gov- 
ernment's programme would cost 
£100ro over three years. There 
would be “crucial job losses;” but 
new jobs would also be created. 

The five-part programme pro- 
posed by tbe Departments of 
Industry. Employment, .and 
Education and Science involves: 
making people aware of the 
potential of micro-electronics; 
training and retraining workers; 
reorientating education arrange- 
ments; providing direct Govern- 
ment financial support to in- 
dustry” and gearing public sector 
purchasing to accommodate 
tnicro-eiectronic products. 

“ Micro-electronics i« likely to 
be the dominant technology of 
the next decade.” says the Depart- 
ments' paper. 

** The potential consequences 
evoke a mixture of fear and 
excitement. The excitement is 
about the possibilities of 
dramatic increases in produc- 
tivity. Tor saving resources of all 
kinds (especially energy), and 
for improving working condi- 
tions. The fear is of increasing 
rapid change, especially in em- 
ployment patterns. 

“But as a trading nation we 
have only one realistic option — 
to seize the opportunity provided 
by this new technology to catch 
up with our industrial competi- 
tors and to adopt and develop it 
at least as fast and comprehen- 
sively as they do. To opt out will 
lead to the very worst fears 
being realised.” 

Micro-electronics would provide 
the UK with an opportunity to 



compete more successfully in 
world markets. “ It is vital that 
industry presses ahead- with ap- 
plications to ensure that we .do' 
not fall behind our competitors’ 
and that we grasp all the oppor- 
tunity s which micro-electronics.” 
presents to us says the paper. : ' 

This means that the Govern-; , 
meat has rejected' the alterna- 
tive approach of the UK import-, 
ing all its micro-electronics. ; 
components, which themselves, 
are not of very high value. “Inc! 
this fast-changing technology, 
total reliance on overseas. siijH 
pliers could put our users at.a'r 
disadvantage compared with the. 
user industries in the home 
country of the. supplier,”- the- 
paper says. ! •T ; 

On the other hand, manufac- 
ture in the UK would help ^u»- 
improve tbe competence of ; in- 
dustries using- micro-electronics. 
Without having a ’ micro-., 
electronics manufacturing 

industry, “we could find -our- 
selves not just importing- the 
relatively low-value micro- 
electronic components, but milch 
of the equipment into which, 
these components are built.” ; 

The Government's consequent 
Strategy for the industry falls 
into three parts. 

First, it aims to establish. 
“production capability for the 
very high volume technically 
advanced products of- the future, 
which will have major overseas 
and home markets.” The Rat- 
ional Enterprise Board’s £SQm 
INMOS microchip project falls 
into this category. 

But. saj-s tbe paper, there is 
room for “ inward investment by 
the established multi-national 
companies, either on their own. 
or in collaboration with TTK- 
owned companies." It cites the 
recently-announced GEC-Fair- 
child plans for producing 
memories and micro-processors 
as an example. 

Second, it wants to create “a 
capability to provide user com- 
panies with special micro-elec- 
tronics products and with the 
essential research, development, 
design and test services.” This 
would be based largely in UK- 
owned companies, or on trail tt 
nationals willing to become 
“ committed to the UK user 

Third, the Government wants 

..... .Athley Asturood 

- sir Geoffrey Chandler, director-general Trf : NE DO, and- 
Mr. Eric ‘Variey, Secretary of State for Industry. 

an infrastructure industry estab- 
lished to supply specialised pro- 
duction equipment, materials 
technology and computer-aided 
design and test facilities . for 
home and overseas markets. 

The Government’s five-part 
JdOOm programme is aimed .at 
achieving this. To ' increase 
awareness of the potential _ of 
micro-electronics it is working 
with the National Computing 
Centre and with consultants to 
get the message across at 
■ senior levels of both sides n f 
industry and in other 
. organisations. 

“We aim to Involve some 
50.000 key decision-makers over 
•the next three years or so ” says 
the paper. reiterating .. an 
Industry Department announce- 
ment made on October 30: This 
will cost £10m and there will 
aflso be other intiatives. 

On training and 'retraining, 
the Government aims to prevent 
skill shortages being _ a major 
constraint to the adoption of the 
new technology- Plans . . are 

being drawn up by the Man- 
power Services Commission arid 
individual _ industries^ __ training 
boards. . 

Existing courses ' are. also 
being developed, a_s^ajx interim 
measure-. . to i" train ^an ' -'extra 
3.000 people In computer soft- 
ware skilU. by next autumn. . 

The education contribution in- 
eludes increasing the supply . of 
teachers in basic -subjects, train- 
ing teachers da. new develop- 
ments, and making schools and 
colleges more' aware of- the 
oppor®mities offered. 

The fourth part of the Goy-. 
ernment's programme is its finan- 
cial aid to Industry- Its £l5m 

mforo -processor applications pro- 
ject aid scheme launched by the 
Industry Department In July vs 
being boosted to £5 5m- 

Finally, the Government has 
plans for public sector purchas- 
ing ■“ to be in the lead in' Apply- 
ing micro-electronics whenever 
this is possible and economically 

Change need not cost jobs 



Mid-year upturn at Victoria Carpet 




Allied London Properties, Inn on 
the Park. Park Lane, W. 12. 
Bryant, Cranmore House. Solihull. 
3.30. James Halstead. Radeliffe 
New Road. VVhilefield. Man- 
chester. 12. London Scottish 
Finance Corporation. Si. Janies 
Club. Charlotte Street, Man- 
chester, 12. Pressac, Post House. 
Bastocks Lane. Sandiacre. Not- 
tingham, 3. Samuel Properties. 19 
Si. Janra<V .Square, SU\ 3. J. 
Smart. 2S Cranio nd Road. S. 
Edinburgh. 12. 

A SURGE in UK orders in August 
and September and a more 
gradual improvement in Australia 
are reflected in the recovery from 
a £13.990 los s to a £369.284 pre-tax 
profit at Victoria Carpet Holdings 
for the half year to September 30, 

The turnround was also helped 
by an exceptional gain of £126,380 
relating to a contribution from a 
temporary employment subsidy 
and to the amount so Far . 
recovered from the Bond Worth 

Provision or £110.979 against 
this debt, following the collapse 
of the carpet wholesaler, was the 
cause of the company falling into 
deficit last time. 

Demand in the UK has not held 
the high levels seen at the end of 
the first half and the directors 
expect some reduction in activity 
in the early months of next year. 
Aded to this the Australian com- 
pany has been faced with a severe 

federal budget and. in September, 
with a dock and transport strike. 
Nevertheless they nntfcipr.te 
demand being more stable there 
than in the UK. 

Encouraged by the result* so 
far. however, the Board has 
raised the net interim dividend 
to 0.5p l0.4375p) and expects to 
pay at least the same as last 
year's 0-9701 p final. 

At fulltime in Wii'TK. apart 
from the bad debt provision, the 
company was also affected by the 
continuing decline in demand for 
its A-vminster range of carpel and 
profit slid from £248.000 to 
£126,000. compared with the 
record 11.12m seen in 1973/74. 

The exceptional raid-year gain 
should be disregarded in assessing 
the group's profitability, the 
directors comment, li is likely 
to be a long time before they 
know whether they will recover 
any part of the unsecured balance 
of the Bond Worth debt. 

Operating profit for the hair- 
year was 130 per cent ahead st 

£242 9G4 and there was a tax 
charge this time of '192,028 (nilj. 
leaving a net surplus of £177*236 
lloss £13.990). The interim 
dbidend. Ic«s waivers, will cost 
£24.900 (£18,563 1 . 

In July this year the directors 
said that a temporary employ- 
ment subsidy had been granted 
until the end of September 1978 
and with this assistance they 
hoped to maintain production of 
Axminster carpel. 

They now stale that they have 
sought approval for a further 
extension of the subsidy from the 
EEC but delay appears inevitable. 

The reorganisation of the 
Axminster depan ment. for which 
the subsidy was granted, has not 
yet become fully effective due 
partly to lack of time for prepar- 
ing n new range lo obtain the best 
advantage of the Autumn selling 
season. Even <o. although this 
department is still losing money 
the J Is arc sutBdenlly 
improved io justify their 
pcrser-cring. they add. 


Changes on Overseas Containers’ Board 

THE RATE at which microelec- 
tronic technology is being taken 
up by U.K. industry already 
lags behind that of foreign 
competitors. Including France, 
West Germany. Sweden, Japan 
and the U.S- according to a 
memorandum by the Director 
General of the National Econ- 
omic Development Council, 
Mr. Geoffrey Chandler. 

The ability of UK industry 
to take advantage of the bene- 
fits of microelectronics de- 
pended on the wUliugness of 
management and anions to 
accept big changes. These 
changes would bring new mar- 
kets. but coo Id raise fears and 
misunderstandings. It was thus 
essential for Ute various sec- 
tor working parties and 
economic development coun- 
cils, as tri-partlte bodies, to 
promote onderstaoding of tbe 
steps needed for tbe successful 
application of microelectronics 
to industry'. 

In a review of the progress 
of tbe working parties, the 
memorandum notes that: 

0 Tbe electronic components 
working party bad identified 
several options for the manu- 
facture of high volume stand- 
ard circuits, on which action 
had been taken. 

• Tbe computer working party 
bad commissioned a study on 
future manpower needs, while 

Following the death of Mr. K- 
Reynoids, who was managing 
director. Mr. B. O. C. Swayne. 
the chairman, will take over the 
duties of managing director nf 
J. M. Corbet-Single ton will be- 
come chairman and chief execu- 
tive of Overseas Container 
(Europe) from December 12. Mr. 
R. F. Cornwell will continue as a 
member of the executive com- 
mittee and will become the 
director responsible for the Far 
East trade division and the 
Pacific Basin trades. 

.Hr. R. J. A. Hornier will be- 
come the deputy chairman of 
Overseas Containers (Europe) 
from December 12, with fecial 
responsibility for systems and 
management services division. 
Mr. R. P. SI. SVormal. in arlililion 
io -his existing responsibillics. 
will take rospnn.srbilily for 
administration and research and 
development of new- trades. It is 
proposed that .Hr. 31. R. Read be 
appointed finance director from 
January- l. Ii is expected that the 
chnnseover Trom Sir. Cornwell to 
Mr. Read and Sir. Harmer io Mr. 
Cornwell will be completed by the 
end of January. 


The Secretary of. State for 

Transport has mod* five appoint- 
ments in the Board o." (he PORT 
Robin C.ill<»ti. Mr. II. XV. Hinds 
end Mr. P. Shea are lo sor e for 
tnree years from Jn luary l and 
Mr. D. J. Allison was re -appointed 

for the same period, in addition. 
Sir Derek Mitchell will lill a casual 
vacancy arising a I the end of this 
year, until December 31. Ifi7si 


Mr. Peter .(. Fleming has been 
promoted to conraiercia! director 


ENGINEERING. Darlaston. West 
.Midlands. He joined the firm In 
July last year as commercial con- 
troller. The company is a sub- 
sidiary of The Wellman Engineer- 
ing Corporation. London. 


The Secretary of State for Edu- 
cation and Science has made four 
new appointments and one re- 
appointment to the ARTS ClM/N- 
CTL of Great Britain. New mem- 
bers are Mr. Bernard Atha. Mr. 
Robin Guthrie. Miss Margbantla 
Laski and Prof. Anthony Quinton. 
Dr. Richard Unggarr has been re- 
appointed. These appointments 
run from January 1 until Decem- 
ber 31. IflSl. 


Jlr. Julian D. Pant has been 
appointed executive director — 
banking of 8ANCU URQUIJO 
lo be the only Spanish merchant 
bank in the City' oF London. 


Mr. Joint A. Wheeler has been 
appointed inaiiaumg director. CBS 
viously operations director — 
manufacturing, LYON’S BAKERY, 
and succeeds Mr. George Ridneli 
who is returning to New York to 
take up an appointment within 
the CBS Group. Mr. Wheeler will 
he responsible for pH ;t»e com- 
pany's manufacturing and distri- 
bution operations. 



PLASTICS. P.V.C. manufacturers, 
within the Hepworth Ceramic 
group. fiJ5 appointed Mr. Alan IV. 
Beil as marketing director. 


Mr. J. t;. (Jim t Patterson has 
been appointed managing direr- 
lor nf exploration for CONTI- 
/Conocoi. based in London. His 

areas of responsibility cover the 
UK. Norway, Chad. Niger. Central 
African Republic, Netherlands, 

Mr. Jim Patterson 

Spain. Italy and Tunisia. Earlier 
this year Mr. Patterson was 
appointed executive vice-president 
of Continental Mid Della Petro- 
leum Company. Cairo, but soon 
after ho was recalled to London 
to lake over from Mr. Lloyd 
Rinnan who had returned to tbe 
U.S. as vice-president of inter- 
national exploration. 


Mr. R. E. Granger- Mr. H- M. J. 
RKdiie wtf Mr. C $. Stewart 

have bee n appoint! d to the Board 
or HOGG ROBINSON, part of the 
Hogg Robinson Group. 


Dr. John Fairlic has been 
appointed general manager of 
N1MSLU. the L’K company formed 
earlier this year to manufacture 
and market the Ninislo 3-D photo- 
granhic system. Previously. Dr. 
Fa*rlie nas a director of photo- 
graphic importing and distribu- 
tion company. Em or prise Leisure 
Sales and iml list rial product man- 
ager of Polaroid UK. 


Mr. John C. Uarlry has been 
made chief executive of the 
AVDEL dfvisiun of Newman 


Two executive directors are lo 
be appointed m January at WEIR 
PU3FPS. Ca til cart. Glasgow, an 
engineerin': company and a 
member of the Weir Group. Mr. 
M. B. Lei per becomes executive 
director, purchasing, and Mr. J. I>. 
Barrie i» made executive dircctnr, 
major projects. 


process plant contractors, 
announces that Mr. John Dowling 
has joined the company as dlrec-| 
tor of corporate development.' 
Prior to joining Humphreys and 
Glasgow he was chief executive of j 


Mr. Gareth Owen will be leaving 
COMPANY on December 31 to 
take up another aupointmcnL 


Mr. X l>. Malpas and Mr. H. F. 
Pennell will join the Board of 
January 1 

THE introduction of raicro-elec- 
ironies in industry need not 
result in higher unemployment 
if the UK remains competitive' 
in the sectors affected by rapid 
change. That is tbe view of a 
paper on the social and employ- 
ment implications of micro-elec- 
tronics by the Central Policy- 
Review Staff, the Government’s 
“ think tank.” 

In a guardedly optimistic 
paper, which stresses the diffi- 
culties of accurate forecasting, 
the review staff emphasises the 
need for UK industries to be 
with the leaders in technological 
innovation, If wide-scale un- 
employment is to be avoided. 

Reports suggesting unemploy- 
ment resulting from micro- 
electronic applications could be 
between S-5m. overestimated the 
speed at which these applications 
would be introduced. It also 
underestimated new markets 

Tbe paper said: “Everything 
will depend on whether job 
creation matches job reduction 
... we have yet to be convinced 
that micro-electronics will be a 
major .factor for the worse, 
unless the general prospects for 
employment make for increased 
unwillingness to accept techno- 
logical change." 

Two important factors are lhat 
the UK must adopt the new tech- 
nology at least as quickly as its 
competitors, and while govern- 
ment action was importanL more 
important were the decisions of 
managers and trades union is tv in 
determining the rate of change. 

The report gave several case 
studies in the private and public 
sector where the effects of micro- 
electronics applications can 
already been seen. 

• Jn the civil service, the intro- 
duction nf computers was widely 
predicted to have an adverse 
effect on jobs. Instead, people 

employed in areas into which vices being offered and major 
computers were introduced rose, changes were not usually .on 
and staff “freed" by computers employment but on organisation 
wefe absorbed in. new services.. . structure and product range. 

• The -introduction of word pTo- . Tlie-report’s section bn emploV- 

cessors into offices did not ment ended with the warning 1 
usually result in staff cuts. The. “It is of the. utmost importance 
extra productivity available from that the UK be ahead of its com- 
a word processor was often ab- petitors in benefiting from tbe 
sorbed into extra, pr&tige ser- productivity increases which the 
vices. application of micro-electronics 

• The use of micro-electronic- will make possible. Internation- 
based stock control systems in ally, it .will be a . case of the 
warehouses had resulted in gains devil taking the hindmost.. -. 
from the reduction of the amount In a more speculative passage 

of capital tied up in stock. 

• In an engineering factory, a 
microprocessor-based control sys- 
tem had reduced the production 

on other social effects, the report 

1 — Health hazards in industrial 
processes . will, tend to be 
reduced. . - - — . 

2 — New skills will be acquired, 
as' production workers " are 
increasingly distanced from tbe 
production line.’’ However, auto- 
mation wili-mean- a decrease of 
some present skills, in many 
occupations, present demarcation 
lines would become blurred. 

3— Falling . telecommunication 
cycle and given the company costs, and- the -availability of 
greater confidence in bidding for remote computer facilities, will 
exports. .A few jobs were lost, lead to more decentralised work 
but mainly in the clerical area, centres, and possibly more work- 

• Job Josses could result in the ing from borne fdr. white-collar 
car industry where new, auto- workers. 

mated production lines were laid ’ 4— Services — such as medical 
down but the numbers employed and social services — will incrcas- 
depended more on tbe UK’s ingly. be aided, by thr use of 
market share and export pros- improved telecommunication aud 
pects. computing devices. 

• In telecommunications equip- 5— There is some concent that 
ment manufacture, jobs bad the advantages of the new tech- 
been lost in the switch from oology will be less available to 
electro-mechanical production to tbe disadvantaged.' The public 
electronic. However. there sector, through. such agencies as 
would be an increased need for the Post Office, should- ensure 
design engineers, and for general .distibution ' of their 
workers to manufacture' a new advantages. - 

range of equipment which elec- 8— Interactive media, such as 

tronlc exchanges made possible.. Pres tel — where the. customer can 
Tbe case studies showed indicate preferences as well as 
applications rarely led to. direct receive information — could be 
job substitution. Tbe' applica- used in referenda organised by 
tions often led to improved scr- local or central government. 

the radio radar party had com- 
missioned a report on priority 
technologies for the 1980s. 

• The telecommunications 
part?- was studying the employ- 
ment Implications of (he switch 
from electro-mechanical to 
electronic technology. 

• Other parlies outside the 
electronics lector had also 
«tudird the implications o( 
microelectronics In different 
ways. The domestic electrical 
appliances party had prepared 
a major report on the subject, 
while the office equipment 
group .was concerned that UK 
industry -lagged behind other 
countries iu moving towards 
(he mauu fact lire of word pro- 
cessing machines. 

• Working parties in other 
industrial vectors, as diverse 
as pharmaceuticals, paper and 
hoard, machine tools and dla- 
iributlve trades were making 
(heir own assessments of the 
opportunities created for their 
industries by the application 
or microelectronics. 

But in many sectors, pro- 
gress was slower than In com- 
peting countries, and there was 
a pressing need to Identify 
constraints and bring users and 
suppliers of microelectronic 
products closer together. The. 
National Economic Develop- 
ment Council had started work 
oil a general study of (he 
faclors Influencing (he UK 
economy over the next 10 to 13 
jears. inrlodiug the develop- 
ment of roirroriertronics 

Components trade prospects 
depend on manufacturers 

PROSPECTS FOR tbe growth of 
the electronic components Indus- 
try. like those for tbe UK 
economy as .a whole, depend on 
(he response of the manufactur- 
ing sector to the microprocessor 
revolution, according to Mr. Eric 
Hammond, chairman of a special 
working party of the National 
Economic Development Council. 
Mr. Hammond is also an execu- 
tive council member of the Elec- 
trical. Electronic. Plumbing and 
Telecommunications Union. 

UK electronic components 
companies produce valves, 
cathode ray tubes, semiconduc- 
tors. diodes and rectifiers, 
integrated circuits and a range 
of more traditional components 
such as capacitors, resistors, con- 
nectors and electro-mechanical 
devices. Last year's production 
was worth more than £900m, and 
there are 128,000 people em- 
ployed (half of them women) in 
more than 500 companies. 

Output is growing at between 
15 and 20 per cent a year and 
is .expected to grow by about 
15 per cent a year until 19S0. 
Employment is expected to re- 
main between 125,000 and 

In Lbo medium term the com- 
ponents working party believes 
that the industry should try to 
increase exports and reduce tbe 

rate of growth of imports. The 
UK’s share of world trade has 
remained stable at about 5.6 per 
cent, hut the trade deficit In com- 
ponents has grown from £143m 
iu 1973 to £235m last year. 

Tf UK industry contains im- 
ports. and holds Its world trade 
-hare in a market, growing hv 15 
per cent a year, the working 

party estimates that employment 
could remain about 125,000 with 
the growth in productivity match- 
ing the growth in output. 

Its report emphasises the need 
for the industry to develop pro- 
duction of mass-volume “stan- 
dard "Integrated circuits capable 
of performing a variety of func- 
tions and reaching _a wide mar- 
ket. Initial capital costs and 
risks are high, as standards can 
only he produced economically 

at high volume In large plants 
and must attract a- sizeable ex- 
port market. 

A second constraint is the 
shortage of skilled microelec- 

tronic engineers, one which is 
serious and growing. Pay 
restrictions and the . erosion of 
differentials has aggravated the 
problem. Industry Will need to 
use staff as productively as pos- 
s»ble. and refresher and retrain- 
ing courses should, be available. 

Microelectronics will radically 
alter many manufacturing and 
marketing processes. Oppor- 
tunities include computer- 
controlled machine tools, pro- 
dnetion and inventory controls 
and theixse of robots for routine 
tasks. ‘ ' . i. 

As a result UK manufacturers 
nave the opportunity to -improve 
Uteir. competitiveness in a wide 
range of- products ‘and services : 

• . tite components industry will 
nave an important role in helping 
users tQ - assimilate advanced 
technologies. - 

The report makes particular 
mention of the developing ,tech- 
pology of ,. optoelectronics, .a 
method of transmitting messages 
■by laser beam rather (ban- by 
electrical -- impulse, - and- one 
already identified by the develop-' ' 
ment council .as a key tech- 
nolqgy for.the.aext two decades,. 
Foreign competitors are becur- 
ning to invest heavily ip . optical 
fibre industries, - and toe . working 
party recommends' considerable " 
Government support for ihe UK 
industry.. . : . i . . • 

* t ; h % tiu ryf Sf fe ( t Uwil8S Kim t-cj 1 R ? J: ftjT} «> W- ? J 

Current , Moisey and Gold Markets 



p.e. Thrt#iP.:.nib(i r*-a 

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Gold Mines 

Was'stiH a Jot J 

SiT-wnwh f,jrward dollar 07c pin. 
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versus ame - mxmaqmttr;. 

^gr^^yen^.:lg tratftHsVthw did 

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trsdfilfl'.pHnaiiwJ rather : 

the dollar spot 


Points made in the Statements by the Chairmen 
Mr. £ Pavitt and Mr. L. W. P. van den Bosch 


■ tt JUto^ wth the ! S' r Difc 
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against the. dollar -fanr. shewed a j 

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Austria Srb 144244.04 



U 4 T-M 44 






0.42904 0300 
107.50-197 JC 
1C 47-1043 


I 043-0.B7C Hi 
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1. M 104c pm 

1 1.754 JSmdla -m 3433J0orrth» -3.73 
iLBMJWm B4« 34S-34Bpfpm 7.49 

rk High industrial and commercial demand for gold has continued* 

■Sf Investment demand for bullion was major contributory factor to rise in price* 

; 47.57c ms 
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-13 JO lU-KOcfll* -UM 
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! L7S-14Sy Pm 1045 4.90-S40y pm 443 

O.S. cents per Canadian s. 

I SJ64.SBgr« pm 4J2 174-JULSgro Pm 447 
' pm HUB 442447c pm 10.64 

■Sf 11 shift fortnight has reduce6 productivity. 

rr introduction of industry schemes has improved labour supply. 

4f Rising costs are a matter of concern. 

NEfir. 1 - 

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afteAoon-ii ".km -Sojlwr '.,iS!5E?^!S!WS^ A 

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F ? AN g^Trr %l ??? . AMSTBRDAiMM^ltar yas > kSS? frone *. 

aU the day’s, calculations. 

at- DAI 1M155 iua betori.nooa. 



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ISL'TSJ TOKYO— In tradme I S^ Pd “' fc™" «» SX** ; WasMnmon aan*»en. 1 


SiSsrlffiS ™ ^SR». 1 : 

«i ■■ I other markets 

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from the factors fa'yjgfidcnce the j rvc. /> £ * | 

nziDg leyrt.-r': .j ■ - -_ • ’■!• •■*, market, there ho inter-! . , 

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weaker’ .teutfeocy towardLV.tfic accounted tor ^Waa-wiue forward nmm cru^mm ... I 3a.56_3a.36 | ia.7S.zo.25 irraana 
Finite with nii egrtaiattH Cdntinnlng trading totalled J82to-;and swap I nr«k Dmcfama.. .. j 7i.171.72.915 36.47^7.37 Hennany. 

. uig the EMS-. :The l|^. unit eased . f ; BRASILIA — Braalian |K..->npt Iu .riKn)} 0 . 529^.539 , 8 . 27430 . 0 . 2/510 js«7*riaort3 : 

tQ FVr 2ftOT PFSr.tflW-.ift' cruzeiro '"was dewdtiicd for the ' f.uspmhuiirg Fnuci SO. 10-59^0 I 3O.29-30.31 NorapJ 

the ‘mbrnfiig fed' FPr 4^0fl^«t igth time this- ^e2r ^yesterday, ! ?-EKJtS2!Si HSS'H2SS^‘ ,r, ' ,lpl1 

' Tnfi - Sda /; * nd w SL tfu ?P =* 1 ®2l .^f 1 lT0 . i”fISSirgSi ^&\i5^1jSSiS5o3tert;na"... 

against th8 D-tnaxk to FFr 2^950 compared with the jfrftvious level >iuy*p,w Dou»r... 4 . 264 . 2 > ‘ 2.1860 2 . i 895 'i *t*m 

compared with ; FFr . 2J2975 0 f 19.95 in terms. ;of the dollar. I r xxb.uH wo iuo<i 1.6603 1.7065 0.8610 o e74S S‘u K '»i**-u 

previously, while tbe Swiss franc This makes a total devaluation ' — 

improved to §wjPj; - 2.5756 from teis year of 27.712' per. cent. ! Rai- awn lor 4rs-nnna » frp* rule. 



' 27-28 

60-61 It 

' 10-35.10.55 
. 6.55-8.70 
• 1630-1700 
! 530-320 

4 . 00 - 4.10 
. 9.9 10.10 
' 1391--145U 
1.9400-1 .9500 

Results for the year ended 30th September 1978 
(compared with results for previous year) 

Name of Company 





Ore Reserves 




cents per 











































(4.221 ) 





St. Helena 















1 5.785 











Ore reserves are those calculated at a gold price of R5,500 per kilogram (U.S. $1 97 per ounce} for 1 978 ; 
R4.200 per kilogram (U.S. SI 50 per ounce) for 1 977. 


D«e -6 v* | Pikinft lV4wr '}Ji7>n»te-:>rn3aTkj‘I*i48B6p*l«': >iwj Fihwi m»mp Pmih* uuus- i.-,i «e:; ■>«.«■■ Lm : 

Po.inJstpcflieS-i^' 1 -'. ;!v'iV.,-r i-- MHlS. . 4.795 ; 3 583 . ZTs5 ‘ . 4.060 1^60 

U;S. CjolSr^^.- .j ' :■*.{•£■ -j. I 1298 t ' , °- *08° B50.1 

UfttiteHw -iwrtr " -■ ' ■■];- -- OiltW - rl --. 0.331^- ; -- j'.' . ItiSJ 2 282 1-.691 ITai 443.1 " 

J«iwi«e y«i IJWt r>. a.594-';. 5 062. , ,*.7^- • iJDUIp. 12.26. , 8 651 10.53 4505 

f V?'iWgS&I' r ,2.274 - 4.364 •. . 44« ' la ^ ! 0^866 Tmi IMM 

^ u*s; • v; us^ 2.573 . . . 1^.17 497.6 

' 2-ijijr ^ i «■“». \ \ «wV ~ 

UiUwb Ln LOCO -u .^ : w- •, 1.178 . ^ . «JS7; : • ;^tf32 3 -;- '■ • 9J.7 fl^ • •_8.«10 2.447 luutl. 

1WBB4M Dilluir ! •!? ' 04371 .5 . D.8S3 . • -i . vf.636 / • 169 5 3.750 \ 1.437 1.774 . 7f3."l 

• 65l 7- 1 19.51 \ 5.639 , b 664 . 2B06 

I. l>i.i«l V. .!■>•■ ►■.•*!, .- 

St. Helena Gold Mines Limited 

It is anticipated that the major features of mine 
operations will continue to be the general move 
into areas of lower grade and secondary development 
to remove higher grade pillars in the area served 
by No. 2 shaft. Once these latter areas are re-opened 
for mining the grade should be stabilised for a 
period. Results from boreholes drilled in the 
Ongegund area indicate a continued trend of lower 
grade ; however exploration is warranted. The 
payability of the area will, however, depend not 
only on grades encountered but also on the gold 
price/prod uctron cost ratio at time of exploitation. 

• ■■ u .-?f ■: 


est /Rates 

. '• ■?. ’ ‘ ‘ ‘j* 1 p..'; ‘ . ■■ ?: • ' ' JiSP Cpwdiiui. 1 1{ • . ' . ' ’ , We*l (ttrinao ." 

Dec.'S-; -■‘■Bwrtiij -CA'. DiSlipS; . .fWhr .« DiitcU.Ciaidpr ; Sww*fV«nF . Mark F:en^i f iin - iuiuni Li^ 

jSiwri whii, V'.J - 1 ' ]' - 7 ! 9V10 • Ta'A' 3*s-3te lUkU^ • 10 14 

. r T * \ BVIO *-*■ - 3H-3s». . 9:, 10 : e . 11-13 

Month-: -...7...^, .ISM^i'-TCfNty j . :-43 b-9«a . j eSc-10 - T*n*. • 5H-4- 97i-l0'. s 14 15 

Thw» toohlhP.,1 • 1 S|b 14 - • l.Biil«Bp f X^-IO^V [ 9-^-0+S IOIj-IOt, .5.6 

r '14i4.34if. I»|-12^ ;>• vJOts-IOk • - - • 1 -- * • 

Caiiwir, . .c.oJ-.‘.lSV-Wr, t . - .Chs-ll-j 20&e 

Leslie Gold Mines Limited 

As a State assisted mine the fuller exploitation 
of marginal ore has been made possible. In the 
longer term the Company should be able to work to 
a lower pay limit and grade. Taking into account 
State assistance and the prices received for gold 
during 1 978 it is estimated that the mine now has a 
life in excess of five years. 

Unisel Gold Mines Limited 

Equipping of the shaft has been completed. 

The first complete reef intersections are anticipated 
in December 1 978 and trial sloping operations are 
planned in March 1 979. The mine should reach full 
production in November 1979 provided there are 
no major intersections of water, no unforeseen strata 
problems and that adequate numbers of trained 
personnel are available. 

The revised estimate of capital expenditure 
remains at R73 million. 

There is every confidence that the ratio of 
revenue to cost in the immediate future will exceed 
that anticipated when the decision to exploit the 
mine was made. 

J.npnfrf Wi< 

’ 3a?.4 • 
oTr-4 ■ 

4 -U 

i Ha-la* 
3* 10* 
IDIj-HU ■ 

10 14 
.5 .6 
io 1 

1612 17* 


10': i. ic 

1H« lUs 

11 I’--, 

1 1 :- 1 lr. 

— 2<v ~- c 



t-T. 2.1 

Ttw frjnitwi/tz cdaanaJ riua’Mm- qoouS £ar hooloa ifcBw cem&caiet at detnettt: tee ratmth io.iu-1 o.n per wn»: *re- man'Ja si.: 
:114641,& pftr per cem. _ .. , 

.. : . Lmw-term Enn>*>ll 4 r_to«f't*:_Two years 1M-1(H per.'-cenr; Uirec roars ]Ai>7M-eer ceat: four years U*»n-l6ji* =er rent, tiv.- years 1 M 
.riUtL Skon-lenn raiee aMf-call for suTWBk..' as. ftoD am' aaJ Canadian dollars iwrulBT cail for sutlders and Svu» franc* Asian raios a 

.ij v • ■ ■. • . . . 

5-11.1" d or vcm six cum u,: 

•l« »r «a;: nomuial dnsms 
re tinsuu: r»i«s it SIcbidot^. 



Belgian rates firmer 

v4>hbtE term Belgian -Tr<«aii;trry : riqe once more before tfie intri bllls to 9 2S per cent from 9.26, 
certificate: rates rose yes lik'd ay. jjuctiori.of the European r-lonetaryTier cent: and 12-month bills to 
dor the.- second time within -recent System. fi-3 1 per cent from 9.S3 per cent. 

weeks. ■ Ooe*niorrth - certificates V FRANKFURT — In/prbank in- Certifiiyle of deponil rales aJio 
rose tb 9.50 pet eentfrom Oia 'per ' ferest rales were . firmer Call'- decli ned. 

£ent^ tU'O-piiprilh to'^9.30 per cem money was quoted at 3.30-3.60 per.- AMSTERDAM— Call mooc.v was 



Winkelhaak Mines Limited 

A large area to the east of the lease area is held 
under option by the company. Negotiations are at 
present in progress to acquire a right in perpetuity to 
prospect and to mine within this area and it is likely 
that a new agreement will be concluded by 31 st 
March. 1979. 

Capital expenditure on the installation of a • 
surface chilled water refrigeration system to improve 
working conditions in the deeper areas of the 
northern block is estimated at approximately 
^5 million. It is planned to start construction of the 
jlant during 1 979. 

Bracken Mines Limited 

The limited reserves and the fact that no areas of 
significance remain to be developed mean that the 
life of the mine will not be materially extended as a 
result of higher gold prices. Accordingly, it is 
anticipated that the present level of production will 
be maintained into the second half of 1 979 and 
thereafter production at a reduced rate may be 
possible until the end of 1 980. 

Kinross Mines Limited 

It is anticipated that further development work 
in the upper levels of No. 2 shaft will enable stoning 
operations to commence in the coming year. The 
establishment of stopes in the area will reduce 
the mine's dependence on the remaining reserves 
in the southern portion of the mine. Capital 
expenditure in the next two years is estimated at 
approximately R2 million. 

Gold lost SI I an ounce jd the 

Copies of the full reports of the companies ( each of which is incorporated in the 
Republic of South Africa) for the year ended 30th September 1978, are available from the 
London Secretaries. Union Corporation ( U.K .) Limited {Ref EfO ). 95 Gresham Street. London EC2V 7BS. 


v front 4 -ldgti -point per cent month . w *s unchanged fit 4 ^(K 30 j» r cent. ' auction. 

ft>r“ ong"aT0d t*¥» month paper, P*r cent. • - 511 LAN — Money market rates' in Paris the 121 kilo bar was 

.and lD'Ser cearfbr^thre^-ajoatl}.' NEW YORK— Federal Junds; were unchanged, with cali money ^ed at FFr 28.100 per Jdlo 

Belgian 1 franc, ’ following the in early trading. ; Shortly before : 11 J. per cent; and tnret-monui at 

reraJubdea -of the; O-piairk against hinctt rates eased to j>er. 3 IW 1 J per cent. ■ — 

other. Eurptwan snake currencies cent. Treasury' bill rates also . . BONG KONG — Money market - GoM Uullicm ip fm»i 

on October 13 . The pressure has eased during the. morning:.- conditions were easy, -with «J 3 1 nu «* ; • ■ • 

increased again this week on sug- Thirteen-week oills fell to S .91 per . money at .101 per cent and oyer- . — 

gestions that’ the D-mark - may . rent from 83)6 per cent, 26 -week night at 9 per cent. UominJ; risiag . 



. GoM C«|ib. 

| domwiCraUc-... 

i Kru(cerT»n.l .. . 

1 Ne« Sovereign* 
, OU Snweign*. 

; Cinki Coios.. 
J nUirDMi>.n 

n*v. b 

j Dw. fc 

, £195-196$ 






.i£ left-SiS i 






?29Bi-2ll( .S208J-21 li 

55ft- BS 







, 320 u mj 


- . Day.-to-Uay credit* was .in. ^iort Exchequer. These’ factors were mid morning. Rates touched 12-12 j mdiwmign. 
supply In , the Eondon- 'znoney -’slightly outwelehed by ai ^TnoderslP per cent later in the day. and • 
market yesterday, and^ - the -net ^rake-ap of .Treasury bills to .closed at 11 3-1IJ per cent. flo 

. 5584-BBi 

authorities' gave a small amount . finance.- ^ ■ - - - , Short-term fixed-penod interest ■ . sinTlel 






of assistance' by buying Treasury .. Discount bouses paid Ill-Ill per rates showed little change in very ; “ _ 

f ram the discount houses. - cent for. secured call Joans in the quiet trading. FFr 28,050 1 5158.00) in the morn- 

Banks brought forward small early, part,- and closioc balances Rales In the table below are ing and FFr 2S250 (SI PS. S3) on 
'surplus. balances, and. the market taken at UJ-12 per cent- In nominal is some cases. Tuesday afternoon. 

.In FranJifurt the 12i kilo bar 

• ■ -'•••’• . V tras feed at DM 12.075 per kilo 

•. fS135.50 . per ounce), against 

* AuikAU uitMCV DATirC - . : DM 12300 (8197^21) previously. 



! CertifitMa I Inierftsftk j 

depotit J: .' ., -■ y.dapwfifl'. j _ 

flflOfll Autt-I' Tmtada 
nesotfable i . Hew 

-fe -^71 : "OBEY RATES 

i^Sf.SS iTSSrs- ."SESf : NEW YORK 

Orienright -'—j — 

l d«y* notica-; : 

oisjsd 1 . 
ssrsst; 3tffl:i.j f au1..i ii , j.aj 
fcss&d- SBSrMf K „*'? jg 

r»K ■ ■' — ' — lX-lllU I • — • I 

— !lU3'12ts 

1 17*112 t s . 

| D^p«ii» .| itapcxti 
12U - [lllg-18 

I23| - ^ - , 

1 -- UiV.18- ; - - ; 

, 1 2V.' i 12 > 11 V 111 ; 12.^1214 

:i2l t 12 Sb; IITb IV-j 1IA. 18rL 1 

| — ^'-.1134 -• 11^ 110-12 ' 

, - - - IUV1U, 

1 Prime Bate XU 

; Fed Fuads - - — ft.75 

'Treasury Mis il.r-treekl . . 8.M 

: Treasury Bills CfrmdU 4jS 


| Discount Ra:<> 
•ucc fflotuk 
. Tfrrve simlhs 
$n iuouuu . 

Two ywre- ■•••. *' •- ; — : 

Local auuoruy - ■ — - — . 

raifc nommally tfirre ytan HWSSg P* ^ 

BMb Rnmttff PnfM TflT ftfflJl HUTIf 3# * 

lyorniSte \Tervst cem. 



Discoim 7 Law- 

. »i 

Overmslu . . 


One monih ...... .. 


Thre* ■ nureaw .. .. 

Six mircibs 

- .. .. 7.D42S 


PiS'Vtnwr Rail . 


Gall t'-;-.tm4u<ioa!i 


fcil!? DtKoam Cur 



General Warehousemen 

The Directors have declared an Interim Dividend of 
l.l pence per share (197?- — 1.015 pence per share) which, 
together wfih associated tax credit, is equivalent to a sross 
dividend nr 6.57^ ( 1977— 6.15% 1. This dividend will be paid 
on 25th January 1979 to shareholders on the Register of 
Members at 22nd December 197R. 

The results for the half year to 31st July 1978. based 

on- unaudited accounls, are: — 






Trading Profit 

Add: Interest received 


PROFIT, before Taxation 

Deduct: Taxatioh 





NET PROFIT: after Taxatinii ... 
Less: interim Dividend 







The tax .chtrgfi for the current half year is calculated 
at 525 o fi977— 52fe) and the provision shown is lbe tola! 
estimated tax liability of the Company. 

Advance Corporation Tax already paid during the period 
is £76.126 ( 1977— : £79,622). Turnover for the half year under 
review showed an increase from the corresponding period 
last year, taking into account the rate of inflation. The 
sharply reduced contribution from interest received reflects 
the lower interest rates existing during thp period. 

The Directors consider the trading results for I he first 
six months of the financial year to he satisfactory . .Subject 
to the importanl Chrisiroas trade il is to be hoped ihat this 
improvement Will be maintained. 

41. Glassford Slrepl. Glasgow Gl 1U1J'. 

Design, production and 
marketing of fashionwear 

8th record year 

Pre-tax profit up 27% 
to £713,673 

Earnings per share up 28.27% 
to 14.11 p 

• Year's dividends up 28.9% 


0 Expansion in the U.S. A. 

Report and accounts from 
The Secretary. Tricoville Limited 
91-93 Great Portland Street, London WIN 6DP 


Putting the fizz back into Bulmers 

Cider . . . and apple juice 

TT HAS been a bumper season 
in the cider apple orchards of 
the west Country. The glut of 
fruit is such that the Hereford- 
based cider makers H. P. 
Bulmer. boasting a 60 per cent 
share of the UK market will be 
processing apples right up to 
Christmas. Then, in an unpre- 
cedented more, the company 
urlll be opening its apple presses 
again for a few weeks in Janu- 

After the miserable t977 
crop, when Birimer processed 
only 10.000 tonnes of apples, 
the company's tot3l throuahmit 
this time could he nearly 60.000 
tonnes. Vet there will be no 
price benefit on raw apples 
because as part of its polio' of 
sustaining the Ion? term confi- 
dence of local farmers. Bulmer 
is paying a slichtly higher price 
per tonne than last year. 

■Where Bulmer will gam. how- 
ever. is on its purchases of 
apple juice concentrate. Much 
of this comes from France, and 
price? shot up in 1977 because 
of the poor crop. This y»ar. 
though, the pr;c- of concentrat.? 
is down by ?hm»t a third, and 
■Bulmer is buying the concen- 
trated equivalent of 45.000 
tonnes of applr*. 

Combined with the local crop 
these purchases will fill Bui- 
rner's entire storage rapacity, at 
nn average raw material cost 
similar to that of 1977-78. Mr. 
Richard Hollis, the finance direc- 
tor. is happy at th* opportunity 
to make such an investment in 
stocks. e'T?n though it will tie 
up £2m nwr* in working capital 
than originally budgeted for 
1978-79. “ Unfortunately." he 

savs me Full v. ' the Price Com- 
mission also know? ail about 
this year's app|<- crop." 

The Price Commission i« not 
Pul rner's favourite govern- 
mental agency at present. Early 
this year th° company proposed 
price increases which averaged 

12 per cent, or 3p a pint, to 
become effective in March. “We 
carefully limited the increase* 
to the level which we judged 
would not harm our market." 
according to Mr. Brian Kelson, 
the group managing director. 

But the Price Commission 
stepped in. It was agreed that 
F-ulmer would restrict its initial 
price rise to fi per cent in May. 
Therp would follow another 4 
per cent in October. 

So although Bulmer has 
eventually achieved five-sixths 
of its originally planned price 
rise, it has lost much of the 
benefit during the peak sum- 
mer season. The company esti- 
mates that the intervention by 
the Price Commission has cost 
it £ in profits it would 
otherwise have earned, during 
the current year, which runs to 
the end of next April. Thanks 
to it* ro-operation Bulmer has 
not. however, been made the 
subject of a full-scale, investiga- 
tion by the Commission. 

Nasty setback 

In spue of this price obstacle. 
Bulmer is now able to face the 
future with confidence after last 
year’s nasty setback which sent 
pre-tax profits, before excep- 
tional items, down from £4.QSm 
to iu«T £2. 13m. 

ft ha? the assnr sne? of raw 
material supplies at i stable 
cost for ihe next two years. Its 
planned nigh stocks 'rill h* 
enough io carry it through until 
19-SI. allowing for the expecta- 
tion of a relatively poor apple 
crop urxf year (because Ihe 
trees will be suffering the after 
effects of bearing the huge 
1978 harvest I . 

.Moreover, the domestic cider 
market has stabilised after the 
hammer blows of the past is 
month?. Bulmer had been lulled 
into a s o nse of falsp. euphoria in 
1976. when the long hot summer 


pushed up volume in rh* May- 

Septemher period by an 
amazing 28 per cent. But m 
lale 1976 and early 1977 big 
excise duLics were imposed, and 
the weather was much less 
favourable, so that for 1977-78 
as a whole sales volume 
declined by 7 per cent 

In the. past summer ihe 
weather was again unfavourable, 
especially because of low tem- 
peratures in -Tilly and August 
In the circumstances Bulmer 
has decided to cut its losses on 
us experimental chain of cider 
houses, trimming the number to 
a hard core of six profitable 

But overall volume has been 
steady since June, and there 
arc hopes that with the public 
having become accustomed to 
the major price advances of the 
past two years the longer term 
growth trend may become 

Bulmer has been building up 
it* retail outlet? for Draught 
stronghnw. a brand whose 
sales continued in grow last 
year despite t'ne general weak- 
ness of the cider market. More- 
over the company i? nibbling 
at the lower end of the wine 
market Tt has relaunched Dry 
Reserve — which went into 
national distribution t«o years 
ago — as Special Reserve, in 
medium -sweet and dry varia- 
tions. Tie bottle has been de- 
signed to resemble a one-litre 
wine huttle. to encourage wine 
drinkers to switr-h to cider at 
a rptail price of Top. 

The group lias also attached 
considerable importance to the 
development c i growth oppor- 
tunities oversea*, hut here the 
picture remain* rather mixed. 
On the credit side, the Austra- 
lian operation, lor seven vears 
jo«?makin z. ww l-vn year 
turner! round into profit* fol- 
lowing the secondment of 
managers from tiie UK This 

now look* a viable, if '-mall, 
business which earned a trading, 
profit nT £79,000 in 1977-7S. 

There remain question marks, 
however. over Hw more 
ambitious U.S. venture which 
checked in last year with an 
im»ial loss of £116.000. slightly 
more than expected 

Though still hopeful of even- 
tual success, Bulmer accepts 
lhai it will he some time before 
Uus project become* profitable. 
Meanwhile it is continuing to 
experiment in soled ed l‘-S. ic*t 
markets, and i« i-nrrcnUy 
exploring the poicnual of 
larger buttle sizes 

Middle East 

Elsewhere Bulmer iia* minor 
export markets in Son Mi Africa. 
West Africa. Germany and the 
Middle East, the latte: favour- 
ing a non-alcoholic sparkling 
apple juice presented in a 
champagne- type bottlr 

On the stock markri. the 
company has only gun* - pan of 
the way towards restoring ihe 
status lost after the 1977 -,et- 
back. In the summer of last 
year Bulmer announced a 
reaching reorganisation package 
involving the establishment of 
a new holding company, and the 
setting up of an emplojcet' 
profit-sharing plan, while the 
dividend was more than 
doubled. The shares reached _a 
peak of over I70p in July 
which has never siiv.-e been 
approached. The pri- - ' 5 has 
recently been around i40p 
Bu liner's exeentr- A - .*e?m 
happy, however, at the manner 
in which the company o’? *t*x?d 
up to the omhlems of the na*t 
couple of years. The chairman. 
Mr. Peter Prior, is a jx.'ot advo- 
cate of th® role of lcMerdiip 
in industrial manage nv: it and 
hai had to test his rh* m 
harsh conditions ithe g-oun •■m- 
forerd to declare a numb®; of 

redundancies last yp»n as well 
is i he. favourable growth en- 
vimnmcni of earlier year?. 

.Some £3m of planned capital 
spending was hastily deferr:-d*j 
wh«n the scale of th® decline 
in cider sales became apnarenr. 
Evr*n so. orl borrowing* rn*e 
from £2.9m to £4.9 j» during 
1977-78. But the scoring remains 
modest. Mr HoUis estimate* 
that after the impending addi- 
tions to r.pplc jmcc stock*, debt 
will ris® to £7m nr fSm. hut 
shircholdcr*' fund? arc around 
£22m. ‘It is exactly the rich! 
kind of Mould investment for 
us." hr joke*. 

Much of ?Ir. Hollis' time ha? 
been taken up recently with 
amendments to the profit shar- 
ing scheme made ncresspry by 
the legislation incorporated in 
the last Finance Act. Changes 
to the qualification tu1*»s /nr 
ms’ance. have been necessary c o 
that employee* will not. lax 
relief on their shale purcln.-"?. 
But the company ha* gone 
ahead with the first phase of 
the *nrl 69.500 shares 

’•crp recently bought by the 
trustee* through broker* 

Meanwhile 'hr company'? 
executives mri admniisirative 
naff have within tfi? past few 
weeks moved into a new head 
office building. I* i* a develop- 
ment whirii. Bulmer * executives 
point nm v.-}tb good hum-our- 
heralds the T-inid decline of a 
company according to stock 
market folklore Em they se.» 
thing* quFe differently. 

Brian Kelson. Tor rnstape?. 
srpies that the group has 
coped with an unbroken sere? 
of handicap*: bad weather, the 
duty increases, poor crops and 
the Price Commission. Now. 
with the lorric* still queueing 
up rn deliver the fruits of a 
marvellous apple harvest, tber® 
i* reason to beiipvc that the 
pendulum has r-tartrd to swing 
in a more favourable direction. 

Financial Times Thursday December 7 1978 . 

O O The Industrial Services Group 

Record first 
half results 

Six months to Year to 
30 September 31 March 






Profit before tax 

Attributable to shareholders 

40.863 34,222 
2.020 T053 














"Substantial increase in turnover and profit . • 
results from Expo Division . • ■ buoyant car sales for Motor 
Division . . . increasing demand for Engineering services . 
£2 million reduction in Group borrowing . . . prospects 

Maxwell Joseph, Chairman 

Copies of the Interim Repel a'e available from the Company 
Giltspur Limited. 56 Thames Street. Windsor. Berkshire SL4 1 QW 

Giltsour Bullens Freight* Giltspur Engineering Design • 

Giltspur Expo Industries (USA)* Giltspur Expo Industries (UK)* 
Giltsour Motor Industries* Giltspur Packaging* Giltspur Precision 
Industries* MarlerHaiev Exposystems. 

«vf: ¥ 

>*f**?. Y T ,«- 

A i 

■!|iU 5 

. sO\ 
iri ’ 

Thu announcement complies « /<* (fa- require, nenls o) the Council of The Slock Exchange in London 

( Incorporated in the Kvtgdom of Xo » way with limited liahU'/yt 

U.S. $50,000,000 9£ per cent. Bonds 1994 



prr cent. Guaranteed 
Convertible Debentures. 1973 

(<n liquidation) 

None- •* t-«r, i Vm - Bint c.r 

J - nnd • r riw Tnu: 

Dr-.d dJicd iirft Jun.- 19*3 br>:*7«:n 
HuurL.p'. IMi;r,-ii;| Inmtd. Bra/. 
h’ a d L. Hii ted ii G'l (rjri’cr and ‘h rt 
c?«frn), lomp-ny ji |h- E -nr 

cl S'nlind tha; in pgri'iinr el 
g|«l' 8 M (nr TrijJI Ot -J i pi-t 
"Bi/"l'.''t cf thi orinri|i(l iroijn- 
tr th- ug, drcini'irl Qr 
51 '51(13 r '■ d(-h:n!irr<- o: 5ti*5QQ 
no/ninj' - !| h, rnrf- acting; 

proit: ue-i if 1o, --f j . 

r>«n- of pijrmrn: a: ;h- nf 

X .--I*.; -Sir Ii 

5> L.|w 

■nS-ijrc an- 



*1 6a.. 1 -. 

v.rd Fev:! 

on «f if-.r • 1 ! 

i*i D:i*mx.. 

I'Tt. P« y— 

-ot «- -l b- mi 

1 H - n t dr » • ■ 

■rh'-Tn ifn 

«n -5-> i f'-- 

Y,rv t..-; 

■ I ;c;H»i 

4' w-Jl iV; ; 

r-Ti ■»/ fh/ 

and Hi) 

(a- p-. /. 

m»-«f ii 

fii— a; 

i-\ «an 1-^ 


5".-->T- r-~ 


ocrosrrARY receipts fWn>rR 


We gre e!casrd conh-m th** r 0 «tn 
Ol t»g Srml'Arrugi P-do-- lor Hi, '• 

1 month ncrlofl rnn~i Juno io. i*V7« at ' 

, KotkIvj t-cl.. Toi-io Como|itf,in4 , 

. up no* jvjiutii- (g EDP 

Holders ucon .-cell cation to ihe lollci*<m 
uricislD" -lent- 

CUIIxn 1 ' [i;n-(n> in Fr^nU- 

liirt. r.irl". and M'lin jnrj o: - 

Citlhjnk (r-H'TO--, 5 A . Og;;r|; 

Cltihin 1 ; f Lu»;mbcurol 5 A . l-axcm- 
Kwn. ' 

ICrMlftiniV S A L-iKcmbourseor,' , 

Lcrarmhiyjr 3. 

C'tibenk N.A 
1?S Stran- 
London WUR 'UC. 

December i?7B. 



£3.000 080 Sills due on T 3.73 *trf 
offeted on 6.12 "3 md were acaited tr * 

rale of 11 JdiAa ar_, <crt AooliCT>:ah'- - 

laf^l(*ij EJO 050.390. F»cit *re ih; on 1 * ' 
Bills outMendino. 

I - 


E40Q.00D H.IH -ivied *i’h Deteni ^e-- 
.’376 doc 7rh Mirth 1?73 ,|.n ■ 

thtr writ. AnriK^lions lo*e|icd £1.600,000. 
£400.000 bifli rfre Aatciendina. 




IN *ME MdTTtR OF -^C,|y p JWR 


CO. LTD. 11 1 

LEEDS CDUMTV COURT fi}. 13 c t n?S 

COURT DATED THE :tt NOV EMBED in-* . SEVAN — John Hrnr> a ^n«> n r ihanh*. 
M*. GEORSE ERIC KULMTON n; fcr JIMin - .. . ... . 

Hwt-l Pj. jiJ" Brit M-Frt j .<«in-g ter JBfinn. —11 be h*W «« 

A .-to.— uni has Setn (rn.i-™ LI9UI. ’2 30 rm on TH U ,,H av 
DATOR of -rm sMim-namirT CoipmSv w - 

OslM IK* 23 «i d*r cl No»cr-Sit- 1370 *• Sl - Miihtcl'a OuitP- C.-VCi'*" 

a E. RUSHTOH. Lag ancr!', Sa-iarr LenOon. SB '. 

Issue Trice 99 per cent 

The following haic dgiccd 10 procure subscribers for the Bonds: 

Iismbros Bank Limited 

Amsterdam-Rotter dam Bank N-^- Basque BmxeUes Lambert 5-A. 
Commerzbank Aktlengesellschaft Den norske Creditbank 

Salomon Brothers International 

Th» rnraft Fdri<- eTch «Q:-ij"2'mjr Bbeo-e uiue bjv* been admit fed »(* the OBSrja) List of 
Th* ’neck E-vhirer -n London 

F-’i-nubr. ol >h- Fond' ^ir /- .*ihw* trom £\ffl Siatij'ical Semcei Limited =»nd copies ro>y be obtained 
dunn; n:-»j^l hu-.ire-.-T bo'.Ti up *c -md incbMiUp -1st December- 197S from ihe FroLers to the — r ■ 


Fnrv^ ft Filnran StraiCl- rnrobnll S'. Co.. 

lit I'lgu-r. r"ji-.» .• ■ r—iM- J Monr^ate Place. 

Fiirhnrr Vi r ■. London EC 2A 1-1 A London tCJS fflR 

and Uie Stock Ex'fun^. asd I be Stock Excbange. 

Seek wick Forbes 

The worlds most imcnunioruil insurance 
and reinsurance brokers 



Application has he?n m?rfe to the Council of The Stock Exchange far the ijndermcntianrti 
Slock to be admitted to the Official Us t 

The Mid Kent 

i incorporated in England on the 12th August, 1S9€ by Ihe M>d Kent water Ac ft S9S ) 



8 per cent. Redeemable Preference Stock, 1 984 

[which will rnaiure for rgetemphon at par on 3is» .January. 

Minimum Price of Issue £98 per £100 Stock 

yielding a! thi* price, together with the associated lax credit at the current rale, £12. 18 percent. 

This Slock is an investment authorised by Section t oi jhe Trustee invpQimenls Aci. lS5t 
and by paraqraph 10 ol Pari n of the First Schedule thereto. Under lhat paragraph, tho rsawrer] 
rate of dividend on ihe Ordinary Capital of the Company was 4 per cent but. by ihe Trustee 
Invest rni'-nis (Water Companies! Order 1973, such rale was reduced to 2.5 per cen l. m raUMnn 
10 dividends paid during any year after 1972. 

The preferential dividend® on this Slock will beal Ihe rate ot 8 pe r c?nt p?r annum and no 
iax wifi bo deducted lh?rclrom. The associated tax credit, at ihe present rate of Advance 
Corporation T-jy (3o-'6Zih& of the distribution!, is equal to a rale of 3 63/67 ih$ per ocni. 
per annum. 

Tenders lor ihr Slock must be made on ihe Form ol Tender supplied with the Prospectus 
and must be accompanied by a deposit of £10 per £100 nominal amount ol Stock applied ; pr 
and sent in a sealed envelope to Deloilta Haskins & Sells. New issues Department. P.0 Box 
207. 128. Queen victoria Street. London EC4P 4jx marked “Tender tor Kid Kent Water Slock' 
so as to be received not Inter »han i la.m. on Wednesday. 13th December. 1378. The balance of 
tho purchase money is to be paid on or before Monday. 29th January. 1979. 

Copies ot the Prospectus, on the terms ot which alone Tenders wiU be considered, and 
Forms of Tender may be obtained from:— 

Seymour, Pierce &. Co., 

10, Old Jewry. London EC2R3EA. 

National Westminster Bank Ltd., 

3. High Street, Maidstone. Kent ME 14 1XU and 
ii. The Parade. Canterbury. Kent cti 2SO. 

or from Ihe Offices of Ihe Company at High Street, Srodland. Kenl ME6 5AH, 


r : s >s 

- °°o-. 





"• n ■•* »i< »..«■* *.^“7 “■ 

i\-£W YORK, Bee. 6. 

rHlT ^.rr.~ rnrti ritT-fir*W~Tnbiftm~+n.H TOCOIOB .-WOllftl eqU&l • W UHLUBSliy U3S1C Him flaS 06611 TO VlQfD 

gm..Wjff,_MggalK;-^»WBeMt. exfeed 197T6 3203 Jin _or- |6.a2 profit margins which have been 

per .share on siles o£S5^6ba. hovering between 3 and 3.5 per 
{^rs pre^deiit^Ea 4 mI £tecu- 'strides' ^ag^isr^; : in tent. 

4$ TO * s ®? i r^iwy >/«• - ^ ^> r '*v ; -; >. >• -\Wmi:^'{*nietaw/deii^dted ■'by Mr.. McCardell was at pains 



£ -F . ; . ; 

ir & 

'Mr. McCard^ : .wb(>.T^;iur^ tbe (^pa^liaye cost abMit 2o today to quash speculation that 
•from .Xerox' 15 moptfis. ngBf ^iias ceatg a ytatre rind - a .emtpge.^o pte. the company may be ready to sell 
nWhed through. a- vti0pe : dftori“ia^/{n~/Jiri5t - out -accBaotio& its construction. equipment and 
this JyeM./ta iMOstr^'jin^ti^inftC&ias fiav^ abaved'iAbtmf 40 turbo-machinery divisions so as 
l&llty of the. leadiiig^Uj^ firset- cents^a: sharer oft 1978 -earnings, to raise gash ''for Its truck and 
cj)Pst?iurQcgT>p ri-tqiefr . fefl’MgB$Bnt+ In : .-additiPa ' earrouCy. translation farm equipment lines, 
manufacturer. • WlBe: 1 --roniii&by' Joss^'lm ve arncraated to about $1 There was “ho intention wbai- 
di aims;' to -haVe-'^cut 'inore]: .share compared ' with -4fl- cents soever" of making such a move, 
sJloOot of costs- in ltO/fiscaJfyaar .in^lSTr. said Mr« 35cC&rdeU. Mr. McCardell said. He added 
Riding: October '31 “As a result. of ; the new presi- that the company would not need 

cjardaii conceal' tbdrfytfhat earn- deoTs efforts, Intent ational any outside financing in fiscal 
iags for 4he year will jiof prove Harvesters workforce has been 1979. . 

jtel IBM start prices battle 


NEW YORK. Dec. 6. 

IXEL. ONE of . Interna ftopAl expects to start- sfiippiag models memory units for its AS-6 model 
n. Business Machine^* hmtn f coaj>;of its 3033 Processor,- with 12 and one and model two computers by 
-Opetitofs ip. dje compute rJ> usipess, 16m characters of., storage 30 per cent to about the $75,000 
■"■\dteriwetj ttftfajr thstttjs TnatCle- capacity in the mini garter of that JEM is charging per 'mega - 
lS!i DSglits. ^antjiyaTs'Tftcent- price 1979:. ..': ."'I.':.,'.' "••/’-• byte. 

^ cqts on Triemoty/unltS;ft>y .large! 1 . . IBM. said ■ it bad- aejneyed the Underlining what some analysts 
cdmpttters;-/ •". ■: ; : ; : ; -" S . v ibereSsa3 1 capacity'-by ^iitcitiding have said about the -IBM moves. 


its .charges far each additional Itel said today, th&tl£ip match- areas. Itcl said it was already 
increment ol Inf ^characters of ing IBM’s reccotiy .jSajioiuiced offering models with a 16 mega- 
storage. nr. one megabyte, to cut-in the' price Ql mejpory units l>ytc memorv but IBM wilt Dot be 
about $75,000. from $210,000. for IBM’s large computers. Itel shipping computers with that 
;IBM also disclosed that jt said it is lowering -price of large a memory until nest year. 


* **■ ’ . . * • ‘ 

at Tesoro^ > 

;By Our Rhapdal Staff 

JBrowttT|’orman Distillers 
increase whisky sales 


on; of supplies First-half sales were $2S4in'i. labour compared with $ 21 4m a year ago. 
nlfieant-boost and all of Brown-Forriian's major 
rqitfti-Forman brands conlinue'd growth pat- 

-o , p , - vunu^u jhu <o a sjguumsn.uutot aim au Drowu-runiidug major 

a. Mar aisastrops^-financiai per' ^Q sai^g • f 0r . Brwn-Forman brands conlinue'd growth pat- 
formant** In Iwr7, which was Distillers in the second huArter terns based on case sales from 
capped by a Szs-Sin. toss in ure td October. 3L Saletvimp roved the wholesale to the retail 
fipal quarter of meyear. ... .' toSlTlm fro ma ci«resi>^diag trade. 

. r - Tte company, which SKfjSf*!?" •’ 3 S ft Volume sales for Jack Daniel 

onee held- 37 jRer. cent unterest in to . S12.9m . from the Tennessee- whiskey was consider- 

the financiaiiy-G-ah Wed ConUneh- same period in 1977: Jer share aTi , ahead of ^ correspondinR 
tat . Oil J* «MW rMW: tU ^ s inaeased .* rom 1977 pcriod when was le&s 

Puerto Kco, earned -8829:4m or a -corresponding: 64 ; . matured stock available 

t,h i 19 cents a. share-: in. the. final aSe-. company’s labbw contract 

tC.!ii s - L. »Tin;:;sj quarter compared with ' S302Bm af lts Louisville production faci- *dverti«ng boosted 

' or a loss «f$2.aa' .'in ; ih^ same lilies iws- due to -iap^e' on- rin ?. ®7 pan ^ 1 1 0T1 - ^ 5°U a * nd 
; , period last year. Cdrco^.hasVsince November 30 but : inc3»r three- “f” a . lta | ian v ' in * s further 
sought -', protection -from vl-i$s year contract was’^Mjfied on . shown by 

lUMisa . ..UHUM U|<IV^ */ui-cuiw?u.ui. r, J - w 

legidataioh. X- ■ . y .; . '.'f . ; The company said uie ,new uranai - 
For tbe ye^e; Tesoro hafl a' net^cqpbfwrti' v ,pxdvisijoiis :%£)iiv itfage . . The company’s Old Forester 
profit of $2L8m-or $ii7ff ft ihart^ and benefits increase fall within and Early Times Kentucky 
. . compared with a lbs* ih .1977 # recently announced .^federal bourbons product lines had good 

- • -■ S67.7m -op.g5.5g> share. V V :V gniriplJ nftf.; r •- . • - . gains' in the period 

V: ' . FT^ ^ 

;' r> ' r '.7l, •'•* ' J?- - - •* • 

The list jdfoWs • th^.200: latest , internaiiott^ bond ‘issues for which an adequate secondarv market 
exists. Fofc furthtt^etatis-ii! these or-oibegibonda see' the corapleie list of Eurobond prices published 
on. the wboqd Mooda# pf ; Mch^<nonth. ; y Closing prices on December 6 

tMT-ooLtAR;'': t t- ■ ■ ’. .-v .awwaaftr ; r ■ pjDiajuTfi .7 as ..'..: as. ml a -m 7 .m 

js-.-j - m. ■ > NrTA^Mi m* . 

ASo-aHa if +«1 saz . 

- nefct rica ~m. ■ m +aL a.v» 

qtea si - ft v » . w - «a>%« +« 

c^a * ■+•»■ v^i 

CBCA B| n .1..:..... +....{. 25 M .Mf .-VU +« 9M 

Clff.S M — \ L, J. TS . .0. 4ft -9Jb 

CaiuKla SSS;....... — SB. ■.Vk.&fF 1 ,.,0 * -*M 

oaaaflft sjzs k - ,2a.-\-w>y« -ai~.~u- 
cmda SIJS ‘.asr'fJi^'W 0 ? 'sjw- 

eafrMSf.B.SST. — ^ M : • Sc- ,vl| ' 95T 
Cjfflsita M . » . m woi . +0* +M , 9A6 

CM\a«i 4 as ir-yirr. '+■».' +u w 

pffinfo-'Bmua ?,«? asi.-^a. ,+oj 

— -- * 3 -. -aar- mz+tfr —ol .1.62 
^porttaan* V S3 - m. «T -« + 0 J %X 

jbo -mr ws-.+bf- +et tM 
a.fts m w ut -+04 m 

ftfvtair.o/ 5 - a . as--- +1 sta 

Ucl Fjnanco B« ffl zs : .Kf yjB : £H; +u um 

s t*L - a w ‘ v.'*w +h 

a-', ig- -an-.-itt .+«-+« 3 , .(.«• 

M* Blordel » ■„» ...» 3 I .+» M5 

KSPev. Fin. M'JB. Of - +W +U •ML 

"S' . 20 . +i *34 

Mat: We«. *« TS 'sJSF 9K 441 -VU «F 

mv&zk-* a. 

ggWftff-A S -r-rr- v JSl..WI. -7M. i»- +li. UAS 
amp* a* .»• a +M *jb 

" "'■ 31 • 4* o. +M *30 

E5S“ AV...._ a* r.W ..w +-M +Si *.B5 

U^ SJ.SJ ...._v. r ^ sn 401. +B4 9.42 

■ ptW JUC HB .BMRK-' T '...'• ?• •.- •'• ' ’ Cluuioe w* ' 

’ "t •• .BW OOer daV- wook YTfeW 

gs ; — .. isq . *h S -m 4N :t» 

Aflim- peveWp. Bfc 5JSS Up..-. Hi ,«K. 4*1 -« 6.44 

: 2S0 m, ton 4U1. 4 OS 5JK 

Ai«U1a.3) JM ...rA..-*..*.- Si *«.. *4S 401 -« fcjl 

Bagfc^incrua. S} » .-AST V*i +01 4 OS 5.84 

Ejrtfe. ECL. Atterte 71 SS Uft - tt| 9T . +« ,+ 8 S 7J7 

CElPA 6 BS 138 » Wl’-rt * 1 O WB 

*^»aa « a* mb- n ■ • . «at o -+w 5-22 

Manhattan. o.-s a as Ma-= mfr uu 4 *i 4 U 5 -tj 

CojjniienbaslUqt.^VW it : -W 1 7 X 844 uq. * O - - 1 J 2 .I 6 
gnnawr4wok int; 3CBr 34 . zap •- *21 a*. -9.. -^u . s.*i ■ 
Oodeniuses' €?t» a .BO..-..- IS : *31 ;*i 40J .401: 652 

Cojflcu of EwrtJW) M m :.»■ + 2 : +u 6 jj 

com^ tf.-simM a; m , m sir *«i- +u. uz 

EJJ.a 9» ■. M. *u . 971.-01 e 6.37 

Elft Amiltatop 54 8 S -J. . if, m- 931 .-931-401 4B1 6 X 5 

Flmaod § S3 — ■ 150 _ _ 9*1 9*1 _m 433 

Hirfrcni Slltt. a S3 - g.. *91 ' .*91 4M ' +li : 5J4- 

tB4 5 M'- ISO- 99 9*3 48* -4M 514 

Indbnsala 9 *4 180 . .*p 9 * 4 BJ TAB 

KotiB. Clrf Of SI SS j ; m- xM M01 — BS — 01- 5,66 

lim Services de Klet ISO «# 971 4Bi -M 7J8- 

Me±lcc B. as T ^. rr a-.M +M 661 

MlwnblaM retro, a S5 1M 9M AOU 4M — U : 5.77 

N^san. -Steel S 85 . lflfi . **| loot 401 4B1 , 5.74 

Yefe rs Kotam. 230* *71 97Z —Bi -« • *J9 

Morway 4* si ;..l.:._v_..^; 2 ss ;*6| 971 -a-. +*1 sn* 

NobveglAii-.lnd. Bk-.EOT.„ r» *sa -4» . o .4» 6J# 
Petrel eo Braau 7 » -W[ . W. 9*8: 4»1‘ +3S - TO* 

PWjBmkea a OS 1W 'HI Of +4 -01 670 

Onfbec. ProwScce «f : '*a.- .*s,--A.- -4*1- .637 

BWarnoKKi Or.5L.S8 ..' -•»••.- W.' *4J 40f + 0 S 663 
RlqUi 3i S3 J30 _y. W, . 2K* , : 4B1 . 5JB . 

small 8 8S ISO :-m .-*9; +BJ +(U ; 6X7 • 

Trondheim. CKs ol.*t— t5A 444 401 4 jb 

W& Gronj) 5| S3, tS 971. *7L 4« +M . 660 

venetneta 84 or...—::.v. .r ISO " *3i -an;-+|f. *bl 7JJ 

w*- jjt- 



*. fi-: 

wntaM fi.7 88 as. « *7*. a , -oi 7.24 

A'orwss. f,7 .S3- . xnof lMJ « -BJ : 534 

Oslo, city of 6.8 90 IS 9SI 961 D -•} 73 

SNCF 6.6.90 23 -*«• :,m 9 0 766 

Sweden 6 J 60 :..., 40 951 *61 I -Hi LB 

- -• ' . ' . " Change an 

PTHBR STRAIGHTS Inmd Bid Offer day mek Yield 

Bank O S How. J15 k A*-:_ 12 Mi *51 0 -Bj 12.93 

AUB Coin "Ba-.q. T 90 EVA 16 961 971 0 -01 75* 

Copenhairoq " S3. EDjL _ 30 ' *tt 971 a 0 7.35 

Finland bid. Bis. 7*3 EUA U *61 *76 B -ti 7 J* 

Ktamn. Insi. 7} 93 £UA_ 13 *Sj 99i a I 74! 

Pananii 81 93 EUA ..Li... 21 *S *61 S 8 S.M 

SDR PruKc 7 W EW'', : . . 22 971 W +W +W 7J* 

Absetnene BK. 6i ^-FJ .75 TOi * 1 J -Bj >1’, x.v> 

- AB1B Cok Basq. 7 M EUA 16 *61 971 

Ornnhaseq 7 S3.EnA.- _ 30 ’ *tt 971 

Finland Uid. Bb. 793 EUA 15 *61 *74 
Romm. Inn. 75 93 EUA- 13 *N 941 

Panama Si »3 EUA ..Li... a *51 *6! 

- SPR Frvtcc 7 B SW'i. . 22 971 W 

Abcemene BK. 84 J^-FJ IS Wl * 1 : 

BrazU Ti S3 FI -...--r....-..- ->5 9» 901 

CFE Mexico 71 83 El .- 7S *11 *T1 

EXB 71 M PI ...... • 75 -924. *21 

"Nodar. Middenb. H 83 41 75 93 

New Zealand O’ E4 FT, 75 *31 *U 

Nonpar « P3 FI .-:.-. = UO 916 911 

OKB 6? S3 FI 75 901 *84 

E1B 9i $S FFr ... 200 W W 

"Unilever 31 S3 FFr. .'.... „.. 108 xoo iooj 

J5AT S SS LmrFr ... ~ 250 . *55 *64 

Barer Lux. E EC UttPr _. 250 *51 *61 

.SIB 73 SS L«sJT 250 943 *5* 

Finland I. FtJ. 8 86 Lu*Fr 250 *» *61 

•Norway ~T S3 : LnxFr .C- 250 *61 972 

Renaoli 7J s? LnzFr'. 5D> * 6 i 971 

. Solvay Fta. 3 to 5» *91 1001 

Swnnrh 1- Ofc. S 88 LakVr SW **i xml 

Gesseiner Hid. BV UOI M *71 Ml 

971 0 0 

*74 D —Si 
9 *: 0 ■ 

*61 0 0 
m +ai +« 
* 1 ! -#i -11 

901 0 -01 

*71 6 -91 

*21 B -II 
Bfi -04 -12 
•*U -Oi -Ii 
912 -05 -13 
*H -W -K 
9S1 —54 0 

1003 +01 +01 

*54 *61 +04 + 01 

941 95* ’ 0 0 

*M 961 0 0 

964 *71 ■ - B2 

*61 971 +64 + 04 

WI 1001 0 +*! 

Whitbread ID* M i. r 25 

Ml -91 +01 lW® 


CE?PA 6 BS 138 

ra»aa « « j.. MB 

Chile Manhattan o.'S 10 U- 
.CoQwcierxbapk J *i. ^VW- if:. -390 
Comanwatoank Jnt. XW & Up 

CUT * «U.— • JSr 

CnroS or. EaroDe BlCr.! ,33B 

etb a at \ . m 

EUtAonltainp 34 . *8 yi . -J, WKt- 
FlMazid 6 S3 150 _ 

atfew ship, a si ■ 50 - 

.. American Espress St j.;-..;- 01 
. Arab loll- Bans M04 sal. 04 
B*tK» El Salvador m : S8 li 
Banco Nbc. ,'J-senr i»'85 81 

BanJr Houdlowy MS M-..: Z1 
Ban* oi Tutyo M3J W... 1 04 
. Eafteue Worms TUL5J-4G..T 04 
■ Bo- Ext. d’AJs. 348.373, M 01 
Bone: Ext. d Al«. U7J S 6 - M 
Bone. -halo m SuaS.-MB-.-. 01 

Bo. im. Air. Oct ants ss oj 

CCCE SI3.2J 95 -. 1 ^.-.^ -. 84 

CCT MSI S3. . W 

Chase Man. O S 513^93 -.?•• « 
Credit Naiiotaal M5igd|-j.; •-** 
■ GoioDanSen. MS 88 ' 0} 

lnd. Bank -tapan 2HS1"$5;:.' ’ a; 
l^hhavvahrna M53'85r. 0 i 
. LtnllUan&ka M7.7S S7-.I._ ; 1 
LTCB Japan 313* 83 ,'^i. 0i 
> Midland 1ml. VSS -M fli 

Not. West. M54 M Bj 

ORB M3C Bb n-r--C- -<U- 

Offshore Mining 56 ■=. m 

sns-W » - OS 

' ■ sundard Chart. MAS 04 
SwadsvaHshaiihar MB. ay u 
Urd. overseas Bt. MB S3. Oi 



Spread Bid Offer C-d*le C.cpn C-yld 

981 *91 23.-B 191 10.72 

*51 *64 Mil ' «{ *.7T 

97 974 12'1 UJ1 2T63 

*U *71 21.(1 *i *.61 

9&1 -97S 25/11 12.94 13A2 

*61 *7 U/4 101 1B.K 

*84 982 15/12 * 9X5 

*61 9T1. */2 *1 *.91 

*52 96S 2-5 121' 13X6 

*71 ' *81 2S«1 - *2 1-57 

*ti *71 12.1 9{ 9.65 

902 972 31 9.19 RM 

9*4. 9 K 3/5 124 12-31 

*74 *7* 27-T *J1 *36 

*73 ~ 984 U.'l *,» * J* 

*62 2.-5 

*81 ISil 

*7> 15/5 12-11 12-65 




1 + 

12 . 2 S 

12 j» 



























*J 1 








98! 19/1 

ns 5/4 

L9/1 9.44 9.62 

5/4 10.6* 10-86 
8t2 B.94 *J4 

4/4 10JJ6 1(1-3* 
4--S 12J3 12-47 

- : Chit. Cnv. 


- date price 



day Prem 

__*/» 628 



+0! 10.70 

im 3 a 



+24 T.*S 

W .126 



+M -2M 

4/7* * 



+5S 2*J>1 

....6/78 147J 
CL~jV7S .25* 




+ .04. 0^6 

- 0 - 7. *8 

x....'6/l* 14J 



+34 20J5 

._..uns 347 



+01 —ms 

1 ... *ns 21 



*22 UM 

irsrS m «u 



+Si U2.7Z 

.^xtm ■ sm 



-V US 



t r*( ? l< 
• nk 

. rt y(? a«« si ss 

V American Esp. tnL 'Si 93 

.trtoors Tonnd <sS ..; — «. *71 

. Asea 31 88 

Anstrta 85 92 r..„..T ...... 1M «T 

TlraxU '44 IN . .151 

Chase" Manhattan .4 W ... - 7S 282 

CVRD 41 » » Vi 

Qnmdl of Bumps 44- ■'■ " 1 g“-I8|* 
Piantaunerica -3! 38 ... 5 - »} 

B.VDE 5 8K • S ,'S* 

Dcnmarlc. 4* Sfl W U» 

TtamuxfrMn rtsMie BU- ■■■ J® “r 
EIB -4t BS . war .100 

EBraMm 4* S3 :.._ » « 

F. L. SoiUttb 41 89 2 MM 

CS * « .i..w. » • M« 

jnWifecS«a*:«f4fl 4i ...—. ® 

let Fm TsiV AS « ;... 3« 

Malardi « » ■ » «* 

MantadmtSB — - — W> Mfe 

yens 4-9S -. "fa 
NM*e» RMUn. 44 M -.i r .-*£ *S! 

<Wi# «-r-5 ** 

Oy Nokia S 98 » . W1 

•/I ■ .-Ckanse en 

Oned BW Offer dfer week Yield 

'.Off ■ M- 1024 ;-t» '.-‘O'- :«5. 

.40-'. * 8 fr ** +M +01 jm 

®. 971 Ut <L2Z’ 

44- -'. « M54 AW +8* 

I fto : *i» - **J -. +M .:+ai 3.7* 

75 '«• 18M - +8i *bt ‘ 5i», 

W M2 mi +W'^li- TL25 

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Quebec to 
stall bid 
for Credit 

By Robert Gibbetu 

THE QUEBEC government is 
planning mtrves 10 prevent 
Central and Eastern Trust 
Company from buying 55 per 
cent of the Mock of Credit 
Fonder Franco-Canadicn, the 
; Montreal-based mortgage and 
financial senlces company, 
for C$ 65m. 

The government said In 
Quebec Ciiy that legislation Is 
to be introduced within a row 
days providing for examination 
of dealt; of this type “ lo 
determine if they are in the 
interests of Quebec." 

Credit Fourier, which 
operatfen a national mortgage 
and financial services business 
and also holds ma]or real 
estate interests across Canada, 
has a Quebec charter. The 
legislation planned by the 
Quebec government, ii is 
assumed, would be a form of 
an investment review process 
. on the lines of the federal 
government Foreign invest- 
ment Review Ageny. The 
Pari Quelie cols government's 
legislation would apply retro- 
actively to cover the bid for 
Credit Fonder. 

On Tuesday. Central and 
Eastern Trust, controlled by a 
Moncton, New Brunswick, 
lawyer, and a Montreal finan- 
cier, said it would offer C$136 
a share for 55 per rent of 
Credit Fourier’s outstanding 
stock. It said that Credit 
Fonder shares heid by the 
French hanking group Paribas 
had already been promised and 
these glares amounted to about 
20 per cent of Credit Fonder 
outstanding shares. 

* Both Credit Fourier and 
Central and Eastern Trust, an 
eastern Canadian trust com- 
pany and real estate operator, 
have total assets of about 
C$1 ^bn each. 

Resorts’ new 
hearing date 

By David Lascelles 

NEW YORK, Det 6. 
NEW JERSEY'S Casino Con- 
trol Commission has brought 
forward by one week, to Janu- 
ary & Its scheduled hearings 
on Resorts International's 
application for a permanent 
licence to run its new Atlan- 
tic City casino. This follows 
the wide publicity given (0 a 
formal objection to the applica- 
tion by the State’s Atlorney 
General on Uie ground.* of 
Resort*" alleged connections 
Vflh organised crime and 
about (jnestionable financial 

Resorts reacted to the report 
yesterday with a strong denial 
of - wrongdoing, and said it 
wanted a chance to rebut the 
charges as soon as possible. 

Resorts' shares suspended on 
news of the report, resumed 
trading yesterday, and were 
quoted today at around $23 per 
Class A and S46 for Class B, 
down S4 and respectively $6 
from pre-suspension. 

Pfizer expects 
more growth 

By john Wicks 

ZURICH. Dec. 6. 
PFIZER, the U.S. chemicals 
and pharma cent! cals manufac- 
turer, alms to “ maintain its 
past record of consistent 
growth." the company chair- 
man. Mr. Edmund T. Pratt Jr. 
said in Zurich on the Introduc- 
tion of Pfizer stock to the 
bourses or Zurich. Basie, 
Geneva and Lausanne. After a 
17 per rent increase in group 
turnover to $1.72bn for the 
first nine months of 197S. 
Pffrcr expects further satis- 
factory growth for the fourth 

Mr. Pratt stressed the Impor- 
tance to future expansion of 
research and development, 
expenditure on which would 
rise from oxer $11 Dm this year 
lo some $l25m In 1979. 
Although Pfizer's major 
capital Investment programme, 
in which nearly 70 per cent of 
cash flow from operations was 
spent over a five-year period, 
was completed In 1975. the 
next few years will see expendi- 
ture on fixed assets or some 35 
to 40 per cent of operational 
cash flow. 

Extension for Carrier 


, A Federal judge in Syracuse, 
New York, has extended until 
December 14 the date by which 
Carrier Corporation and the 
’ U.S. Department or Justice 
may bring an appeal against bis 
ruling that United Technolo- 
gies may proceed with ils $lbn 
takeover bfd for Carrier, writes 
our financial staff; Carrier, 
the nation's largest producer of 
air conditioning and beating 
equipment, claimed that' the 
opinion issued today hy the 
judge makes it elcar that there 
arc sufficiont grounds for a 
trial of the ease on Its merits- 
The company continues >0 
believe -that the merger would 
violate anti-trust laws. 

Tiffany earnings . up 

Tiffs nys, the exclusive Man- 
hattan jewellers which is 
having talks on a SI (Vim merger 
with Avon Products, the door- 
to-door sales cosmetics com- 
pany, had net earnings of 
$l-34m or aS cents a share 
against 5925.935 or 40 rents a 
share, agencies report from 
New Vffrfc. For fbo first nine 
months net earnings reached 
$3-23 ju or SS.4 a share against 
31.74 or 76 rents a share. 
Sales so‘ far totalled 344.4m 
‘compared lo $35,S4m. 

Shunning past errors 


GULF OIL. the smallest of the 
seven sisters, is a company 
dogged by past mistakes: an ill- 
negotiated contract which 
obliges it to sell 40 per cent of 
il$ natural fas at a fraction of 
market price, a disastrous 
attempt to enter the uranium 
marketing business, and a heavy 
commitment to unprofitable 

olefins production. These mis- 
takes will haum the company 
for several yeans to come. 

On the brighter side. Gulf 
seems to be pulling away from 
the scandals that rocked n 
earlier in the decade and led 
to a management purge in 1975. 

I The company also hopes by next 
yu-jr to be reapfnc the benefits 
of a sweeping lust-cutting pro- 
gramme and an investment 
budget belter tailored to us 

As Mr. Harold Hammer, execu- 
tive vice-president, lolfi a recent 
analysts’ meeting in Pittsburgh, 
tiulfs home town. “ We do 
Ibolieve that this is a period for 
‘austerity . . . but everything we 
see indicates that Uie gradual 
■increase in profits fh.vl we have 
I been experiencing will vuntinue 
through 1979." 

Some of Gulf's misiakes go 
back over 10 years. Fur instance, 
in 1964. Gulf agreed io supply 
Texas Eastern, a gas production 
and transmission company., with 
4.4 trillion cubic feet of natural 
eas at Uie rale of aOOm cubic 
feet a day. Fourteen years later. 
Gulf is still only tv,-r» thirds of 
Uie way through that contract, 
but the price it gets for iis gas 
is a mere 21 cents a thousand 
cubic feet- less than one 
seventh of the going rate. GuJf 
is trying to speed up the contract 
by pushing deliveries to SOfim 
cubic feet a day. Even so. the 
last gas w-ill not go through until 

Uie mid-1980s, pulling a long' 
term drag on earnings. 

Like -other o-il companies, 
Gulf invested heavily in petro- 
chemicals in the 1960s only to 
see the market weaken steadily 
in the 1970s. Fully 75 per cent 
of its operating- assets in 
chemicals are in basic and inter- 
mediate petrochemicals and 
polyolefins, which Gulf expects 

and General Atomic found itself 
caught between suppliers, who 
refused to fulfil their contracts, 
and utilities clamouring far 
their uranium. 

The resulting litigation is still 
far from over... and although 
Gulfs chairman.. Mr. . Jei^y 
Mcaiee. told analysts that lie was 
encouraged by the wav it had 

moved this year (“1 think 'the 


1978 (quarters) . . 

Net income 
Net ineome/share (8) 
Capital expenditure 

will remain highly competitive 
and unprofitable, possibly, lo 
19S0 and beyond. 

Gulf third ill-judged move 
was its purchase in 1967 of a 
nuclear engineering ecmpaijy. 
General Atomic Unto which 
Royal Dutch /Shell later entered 
un a 50-50 basis). General 
Atomic not only saddled Gulf 
with heavy losses due. to the 
(“omplexities of the nuclear busi- 
ness. it also plunged the com- 
pany into its now widely; 
publicised uranium litigation. 

Along with sales of nuclear 
equipment. General Atomic made 
commitments to supply its cus- 
tomers with uranium at approxi- 
mately $14 per pound, having 
uranium producers to obtain 
uranium at $13 pbr pound: Then 
the uranium cartel row burst 
upon the woritL uranium prices 
shot un to over S40 per pound. 



UT : 


4 .884 


' 5,043 




' 20S 




. . L07 





wind is blowing in our direc- 
tion, 1 "* the wrangle is likely to 
penalise earnings, for another 
two years at least. 

The combined toll on earnings 
from Gulfs past mistakes "is 
virtually impossible to calculate, 
but senior executives hope that 
the cost-cutting exercise launched 
earlier this year will bolster the 
trend into ' tins black. • 
Tackling the problem at' a 
more fundamental level; Gulf is 
also try ing to sell off unprofitable 
assets and invest the proceeds in 
more fruitful fields. Over the 
past year, for instance, it -has 
pulled out of marketing oil pro- 
ducts in Norway and has bought 
216 new outlets in Switzerland; 

lo the hard-pressed cherhicals 
division, the accent is on diversi- 
fication : away from olefins, mainly 
into sped ally chemicals. • The 
acquisition of. 'Kewanee Indus- 

tries for S455ra Ja'st year was a . 
big step in this. direction, 

• The reins . are . also- being ~ 
tighteued on capital . spending, , •; 
though Gulf .denies that: this'? 
ambimts to' a retrenchment as - 
many analysts have claimed. The v ' 
record $3bn- spent in 1977 'was 
exceptional Mr. Hammer argues, : ; 
because It included unusually - ; 
high investment in exploration 
and - • • development ; ' and . the , . 
purchase of Kewanee. . This;; 
year, . outlays should e.nd . .up 
closer .to $2.3bn. . : 

Next year, investment is. ex : _ 
■peeled. lo be. around S2.3bn once' 7 
again, though if any attractive 
leases are’ auctioned/ paymeWs' '■ 
will be extra. - " • J 

The aim. “according io Mr.-- 
Hammer, is 'to' finance capital', 
spending from cash Row: -partly • 
so that Gulf can enter 1980 .with- 
out a further cash drawdown, and ., 
partly to keep the. company cut “ 
of the capita] market at a tihip" ? 
of. record high interest rates. 
This could- help earnings fo fiie'.:. 
long run. Mr. Hammer believes 
At the same time.' Guff is-ifyv.r 
ing to ginger up its near-terhi \ 
.prospects By balancing out -its “ 
long-te'rin investments with a few ■ 
tiiaf bring quick results.. One way 
wou-ld be - to., buy - another, new 
company- like Kewanee. .. 
native •'which. .15 being contig - 
uously reviewed;" -- 

But ■ whll.d " analysis - • '.Vidv^ '■ 
praised Gulf's efforts 'to put- ; itsi-' 
finances ‘in Order, they rfind "it -T 
hard -to ignore the dark cloud of-; 
litigation ■ that hangs over the;, 
company- And ■ they argue that 
until -the co.urt. cases- arc re-.' 
solved, or Gulf makes a realistic'.-', 
provision for aft . unfavourable 
outcome,, its' prospects should be ^ 
viewed with caution. *■ — 


Yen losses upset Oscar Mayer 

MEAT PRODUCTS manufacturer 
Oscar Mayer and Company 
suffered a sharp decline in net 
income for the year to October 
28. On sales ahead from S1.19bn 
to ®1.33bn. net income fell from 
835.02m or $2.43 a share to 
526.03m or $1.79 a share. The 
company said thal about 75 per 
cent of S6.8ni or the decline was 
due to an increase from S2.02iu 
to SS.85m in unrealised losses on 
currency translation involving 
the yea. 

The balance of the drop was 
attributed by the company to 
increased costs of raw materials, 
labour and supplies that could 
not he fully recovered through 

price increases. Sales -volume -in 
weight was down by 1.4 per cent 
from the level of 1977. but in 
dollar terms sales were up by 13 
per cent because of higher 

The company said that demand 
for its processed meat products 
remains strong, and the record 
com crop this year is expected 
to Jead to increased supplies of 
pork and more stable raw- 
material costs in the 1979 fiscal 

For the fourth quarter. Oscar 
Mayer reported not income up 
from $8.87 m lo 89.04m. Because 
of an increase in the average 
number of 'hares in issue, nei 

earnings remained” level -at 62 
cents a share. 

Meanwhile, for the first 
quarter of the current financial 
year. United States Shoe Co» 
poration improved per share 
earnings from 91 cents lo $1.20, 
wbile for the first half Handle- 
man. the records and tapes dis- 
tributor. advanced from SI 
cents to S1.37. 

In the first nine months, 
clothing patterns manufacturer 
Simplicity Pattern moved ahead 
slightly from 74 cents a share 
to 76 cents. Loops Drug Stores 
improved from S1.25 to $1.50, 
and retailer Wickcs Corporation 
advanced from $2.06 to S2.56 a 

NEW YORK. Dec. a. 

- Textiles manufacturer;-- Jv P.-- 
Stevens and Company rose from 
$2.87 to $2.98 for the full rear, 
while the gas a oil chemicals con- 
cern Petrolane lifted per share 
earnings from $3.31 to S3.S9. 

Two companies with interests 
in vending machines showed 
increases for the fall year: 
Macke Company mowd from 
S1.30 to $1.57. while ARA 
Services rose from $3.87 to $4.63. 

Setbacks for the full year were 
reported by two utilities. General 
Public Utilities, which slipped 
from 82.58 to $2.28. and Public 
Service Company of Indiana, 
down from S3.34 to 82.80. 




Eight Year Multicurrency Loan 


Dresdner Bank AktiengeseJIschaft 
Chase Merchant Banking Group 
First Chicago Limited 

Banque Nationale de Paris 

National Westminster Bank limited 
Citicorp International Group 
Midland Bank Limited 


Societe Generale 


The Bank of Tokyo, Ltd. 

First Pennsylvania Bank N.A. 

Morgan Guaranty Trust Company of New York 

Barclays Bank International Limited 
IBJ International Limited 
Standard Chartered Merchant Bank Limited 


Compagme Luxembourgeoise de la Dresdner Bank AG 

- Sar,i> Inien.i-ift-iai — 

The Chase Manhattan Bank. N A. 

The First National Bank oi Chicago 
Banque National? de Pans 
The Bank of Tokyo. Ltd. 

International Westminster Bank Limited 

Citibank. N.A. 
Midland Bank Limited 
Societe Generale 
Barclays Bank International Limited 
The Industrial Bank of Japan. Limited 

First Pennsylvania Bank N.A. The Industrial Bank of Japan. Limited 

Morgan Guaranty Trust Company ol New York Standard Chartered Bank Limited 

Sank of America NT & SA 

European American Banking Corporation The Nippon Credit Bank. Ltd. 

The Yasuda Trust & Banking Company. Limited Banque Internationale pour L Afnque Occidental B.I.A.O. 

The First National Bank ol Boston 
Banque Canadienne Nation-ale 
Credit Suisse 
Svenska Hanrielsbanken 

The Bank ol Yokohama, Limited 
Banque Frangaise du Commerce Extericur 
The Long-Term Credit Bank of Japan. Limited 

Bank Mellilran 
Credit du Nord 

Continental Illinois National Bank & Trust Company of Chicago Credit du Nord 

International Commercial Bank Limited Kuwait Foreign Trading Contracting £ Investment Company S.A.K. 
The Mitsui Trust & Banking Company. Limited State Bank of India 

Trade Development Bank . UBAF Arab American Bank UBAF Bank Limited 

UBAF Arab American Bank 


International Westminster Bank Limited 


The First Boston Corporation 

UBAF Bank Limited 



Financial Tiroes Thursday: pec 


■'-VVjV-'-.Tr- r i '-. fl 

This announcement appears as a matter of record only: October-1978. 




■A ■ 




of Costa Rica 

Medium Term Financings 

Banco Centra! 
de Costa Rica 

Managed by 

BankAmerica International Group 
Bank of Montreal 
Security Pacific Bank 

Banco Internacional de Costa Rica SA 
The Bank of Nova Scotia Group 
The Bank of Tokyo. Ltd. 

Banque de la Societe Financtere Europeenne— SFE GROUP 
Banque Nationals de Paris 
Canadian Imperial Bank of Commerce 
The Industrial Bank of Japan, Limited 

Co-Managed by 

Banco de Santander S.A. 

Banque Canadienne Nationale (Bahamas) Limited 
The Mitsui Bank. Limned— Los Angeles Agency 
Toronto Dominion Bank de Panama. *5. A. 



ROME, Bet. fi. 

Provided by 

Arab Latin American BanK 
— Arlabank — 

Banco de Santander S.A — London Branch 
Banco Internacional de Costa Rica SA 
Bank of America NTfiSA 
Bank of Montreal 

The Bank of Nova Scotia International Limited 
The Bank of Tokyo. Lid. 

The Bank of Yokohama Ltd. 

Banque Canadienne Nahonate (Bahamas i Limited 
Banque Internationale a Luxembourg S.A. 

Banque Nationale de Paris 
Canadian Imperial Bank of Commerce 
First Pennsylvania Bank N A. 

The Industrial Bank of Japan. United 
New York Agency 
Midland Bank Limited 

The Mitsui Bank. Limited— Los Angeles Agency 
Provident National Bank 
Provincial Bank of Canada (International) 

Republic National Bank ol New Ycwk 
The Sanwa Bank. Limited 
Security Pacific Bank 
Societe Finantiere Europeenne Finance 
Company N.V - SFE GROUP 
Toronto Dominion Bank de Panama, S A. 

UBAF Arab American Bank 



NEGOTIATIONS are at an ad- 
vanced stage for a reported 
L230bn ($2S2rai deal whereby 
the state controlled Monte dei 
Paschi di Siena Bank will, take a 
majority stake in a major bank 
which now belongs to the group 
controlled bv the Milan financier 
Sig. Carlo PesentJ. 

Assuming the transaction goes 
through, it will represent not 
only a significant restructuring 
within the Italian banking indus- 
try but a much, needed financial 
shot in the arm for the troubled 
empire of Sig. Pesenti. 

The arrangements are due to 
be finally approved by December 

20. Thev call for Monte dei 
Paschi and its subsidiary. Banca 
Toscana to take a combined in- 
terest of T9 per cent in'Credito 
Commerciale. now controlled by 
Italraobiliare. itself a part of 
Sig. Pesentis Italcementi group. 

Monte dei Paschi will acquire 
51 per cent, and its subsidiary 
28 per cent in Credito Commer- 
cial?. According to ’ banking 
sources, the latter has been 
valued at a total L28Sbn (8360m > 
making the deal worth in all 

It is also reported here that 
the two Tuscan banks will, as 
part of tlie agreement, make 

available a further lire-200bn of 
funds for the financier, -to pro- 
vide further scope for a general 
reorganisation of . his interests, 
in particular those involving his 
links with another Italcementi 
group bank. Banca Provinciate 
Lombards. ' „ 

Observers also believe that 
the deal may lead to a subse- 
quent rationalisation between 
Credito Commerciale . . and 
Credito Lombardo, a consider- 
ably smaller credit institution 
already will tin the Monte Dei 
Paschi group. ' 

Acquisition of Credito Com- 
mercial? could significantly 

enhance the. sta n d in g - 
state-controlled Siena institution 
near - the .-top of- 'Italy's banking ' 
league. - ' . 

According to.: statistics for 
1977, prepared by lhe business' 
weekly 11- Mondo, Monte ,-flel ; 
Paschi is. as weJF as being jtffe 
oldest; the eighth largest Tin k- ; 
in the country with total deposHv 
at the end of last . yemftt off. 
~L7,826tm and profits of LTfibpr. v 
_ To- . these resources, would 
added . the Li,5l?,bn .of. deposits- 
held . by Credito. Commerdat. 
which last' year . Tanked '-v-gpiij' 
among Italian' banks; accoTfltqg. 
to 11 Hondo.- • ' - - 

Slower growth at Heineken 



HEINEKEN. the Dutch-based in- 
ternational brewery, wine and 
spirits group, today revealed 
higher profits and sales in 1977- 
73. although, growth was less 
than. In the preceding financial 
year. Holland's largest brewer 
also announced a plan to align 
its business year with calendar 
year. It will ask its share- 
holders to approve an amend- 
ment to its statutes and pro- 
poses that the 1978-79 fiscal year 
will cover 15 months. 

It plans to pay an unchanged 
cash dividend of FI 3.50 per 
FI 25 nominal share on capital 
which has been increased 25 per 
cent by the scrip issue oE Febru- 
ary last. Net profits rose by 8.3 
per cent to FI 113.7m tS57ra» 
from FI 1 09.6m in the year 
ended September 30. 

Turnover rose by S.2 per cent 

to FI 2.67bn (8L2Sbn) from 
FI 2.47bn. In 1976:77, net profit 
rose by ig.S per ceoL while sales 
were 15.6 per cent higher. Net 
profit per share was FI 10.27 
compared with FI 9-4S. 

Despite the slowdown in 
growth compared with the 
previous year,, profit perform- 
ance has improved since the first 
half, In May. the company 
announced that profits were only 
2 per cent higher at the net 
level. ' Sales growth has 
slackened off through the year, 
though. At the half-way stage 
sales were 13 per cent up on 
the corresponding 1976-77 

The Dutch drinks market is at 
present distinguished by fierce 
price competition, strict priec 
controls and rising costs.- Ex- 

pansion of Heineken's modern i 
brewery' at Zocterwoude near • 
The Hague is, however, expected.. 1 
to lead to a relative decline in) 
production. Pierson. Heldring en • 
Pierson said in a recent review ] 
of the company. 

Heineken's annual report WilL-V 
he ’published on December 20. j 
The annual meeting will be held > 
on January 9. ’ 

• THE European . Options j 
Exchange will not delist its three; 
inactive U.K. options classes and j 
will decide in February at thei 
latest on new . series with later ! 
expiry dates, said EOE general ; 
director Tjerk ;• Westerterp, - : 
reports Reuter in' Amsterdam. . . 

■ New series for BP, G EC and I 
1CJ could be ** introduced - at; 
short ' notice if there were [ 
demand from the market.'’ . 

Zinc price 
setback for 

profits show 
sharp rise 

DFDS shipping group 
expects earnings dip 




.By. Adrian 'Dicks • J’"' 

BONN. Dee! fi. , 
THE FALL of Hie) ITS.', dollar 
and a continued Jow. lpyel of 
prices far zinc took a heavy toll, 
on .Preussag, the W est German 
base metals* - energy " and . 
engineering group, during ffie 
first nine.- months of IfiTS-. -the 
company* told . shirehbldets 
today. . f. / ~"-'X 

As a' result, Preussag suffered 
overall loses in the periettbat- 
were- uot: entirely offset ;by 
belter performances from 
several non-metal , areas .-of 
activity. The board stops short 
of predicting a. loss fot 1978 35 
a whole, but ^leaves - share- 
holders with Bttlej reasoa To 
hopefor profits. • - 

' The metals, division, 
far Preussag's biggest single 
area of interest; suffered an 
18 J per cent drop in turnover 
for the fist nine, months con*; 

By Our Financial Staff 

CONSOLIDATED PROFITS of j DFDS. the Danish shipping pom- tremely important that we main- j 

FFr ti.lni (&16.Snri on a 14.J peri p an y expects reduced earnings tain and. preferably. . increase ( 623Jm (S3fi<Jm). ;Noue- 

cent rise in sales are reported j n 197s an d says that prospects eacfifngs in the coming years, 
for the first rune months of 1978 i for ^79 and the following year The way things look for 1979 and 

ifcian to 

Uzefess, there was' ;a‘ slight 
improv ement in London . zinc - 
prices during the third quarter, 
making possible u 4.2 per cent 
improvement In the Deutsche- 
Mark equivalent of the Euro- 
pean producer price from ihe 
second quarter leveL .1 
Lead, Preussag*s second 

r/its tuinuwicvnu'm appears as u matter of record only 


(Fnrretningsbimkencs Finansiaingy ng Bkspo rtk redittinstitittt) 
flncmporuMii in the Kingdom o/Nonwiy u-ith limited liability) 

US. $55,000,000 
Term Loan due 1988 

Ananged by 

Merrill Lynch International Co. Den norske Creditbank 
Andresens Bank A.S 

Bergen Bank 

Christiania Bank og Kreditkasse 

JArtvided by 

The Dai-Ichi Kangyo Bank, Ltd, 

The Nippon Credit Bank, Ltd. 

The Daiwa Bank, Limited 

November 19/ 8 

by one of France sj are nol promising. ' coming years, there is a real 

leading pharmaceutical and fine.} A company statement sald thar need for everyone to do -.their 
chemical manufacturers. results for the second half nf best." said the company. 

The profits for the prpod in-1 ibis year will be adversely In 1977 the DFDS increased 
elude a capita! gain of FFr 12.9m , 3 ff e cte<l by falling freight rates, net earnings by DKr 51m to a 
and compare with tee FFr •o.wni ■ pxchanae rate instability -and record DKr 120m on safes of 
achieved for the whole of 19i»-' labour market disturbances. In DKr 931m. The result crowned 

5*)*“ for the nine months ; were , *979 and the following years several years of effort 'to re- i major melal product, showed 
FFr2.SlSbn. The company is con- ^ese trends are expected to con- establish a satisfactory level -oft a stronger 9.6 per cent gain ia 

{rolled by ibe Hooch?* chemical • tjnue. In addition, the company earnings. 

group nF West Germany. i s finding it more difficult! thet^ • The ceiling on loan commit- 

Areund 61 per cent of _i?roup ; expected to sell obsolete toanase. meats for banks and 'savings 
sales are made outside France. The steady renewal of : the banks was raised by ? per cent the company hopes to in- .fl CH t is essential if earnings and today in a total of DKr 114bn 
crease ihif ratio tn around two-, jobs are to be maintained, .said with effect From tile end of 
! tbj-'j.; bv Fie end of the decade. ) the company. Planned replace- November, the central bank an- 
j D'vr-sificaticn into animal and ntent of oassenger ferries on the nouoced Aoday.. The ceiling 
pk’nt at. wall as seml-pharma- • Esb.ierp-Hanvi<*h 3nd the- Copen- restriction has been in force 
cruticrl precincts is onn key so luigeu-Oslo mutes will cost «inee 1970. The' ceiling ;was. 
the improving foreign sales DKr l.Shn (S277m). “If we are raised by 3 per cent in February 1 .’ 

to renew our old fleet, it is «■ thfe year and 4 per cent in Jurie.;^ 

,7- - * third qu4rter faU T in production. 

' • The . company 1 reports much 
- 1 improved : re^ilts- hwn- Hs 
\ specialised tail tank wagon and 

the third quarter, while capper 
and . silver . prices also 

" .However, short-time working 
at the gr<nip*s lead ' and ztuc 
mines in West Germany led to 
a -JS^ pcr cent drop th ore 
butpot. while the forced shut- 
down In -September of the 

| vructure. 

sales level 


Firm DM sector emerges - . j oil, gas and . eliead^^ 6 ^ 


: PRICES FIRMED in both tlie DM40m convertible for Tokyo 
. dollar and lhe Deutsche iVjark Electric was priced at par with 
SALES AND ea mines for the of the Eurobond markets conditions otherwise unchanged. 

r firn ten inonibs of th*s year were 

By Cur Financial Staff 

portatipn, as well as* 
per. cent Increase'- ia ’ 
gas sales in The 7 ‘first nine 

JThere jw as a IS per cent rtse 
in the turnover' of the P reus sag 


, ,no * ; • . . In the dollar sector, prices bonds traded one quarter to halE «ronp> coal Interests, thanks 

; • tn ". .roatf.y mam a ncu. 11 was . st ayed steady, edging up by a point firmer in what dealers; to a substantial' increase in 
announced yesterday by about a quarter to half a point described as more active cOndi- !• produtiibri ..from Ms- Ibben- 
Rueis?r;\ve.*kc AG. the West on the day. The market's atten- tions than last Monday and ; bneren pit at the end of. a 
.German chemicals, plastics and l >on was focused on Lhe allocn- Tuesday. One reason given for: lengthy programme of Invest- 
I huifriin" naicrfa'e nrodact-r tions being sent out tonight by the improvement in the lone' of , r rneni to overcome technical 
buiiam nauna s Proouctr. Hambrus for the Norsk Hydro the market was the announce.-: problems. 

’ - - * 1 . lb? ■-"■’L'l tue com*, r! - * i^ur- vas l)«»ing nuotert menl of some details about the' -'At the same time* the group 
p::ny b ;..>riorniance sine? June . a' a discount of 1 1 points in pre- Dcutschc-Mark tranche of the;' reports a drop in the high-level 
j repreaen s a uiudcst recovery' • marker trading yesterday, a most Carter bonds: these were much ' of stocks held at the pithead. 

I lu-viovor for Lie oprning • creditable performance consider- as expected, but then the market- thanks to higher coal sales. , 
six months of 19<8 was Ireiling Ing that the selling group dis- hales nothing more than un-'; The- building' and construc- 
by approximaieiy - jia.* cent. . count is li points. certainty. : tion division also experienced 

However, tae directors make jt ; The 610m issue for Bank in the domestic market, ihei an increase in sales in the first 
c.ear that the ouilouk For 19i9 Ml/ralii has been tinned at par tone was also firmer, with. the’ nine • .months, although new 

conditions otherwise un- Bundesbank selling bonds, albeit: orders both from home and 


#■ ^ 

Seated Eu 

remains mixed. 


Earnings were able to reach j changed, 
leve-.a of ? year agn in the first The Indicated 
ten mnn'h 


in small quantity. 

»f the fn the Kuwaiti Dinar sector. 

oferseas entomers were some- 
what uneven. Preusaag 

m'hs of 1978. because DM200m issue for New Zealand, the KD 10m issue for the Cilvi announced that it Ms hoping 
es Mich as ib-- Iniroduc- announced yosirrdav by Coni- n[ Oslo was priced at par. after; for furfher large - contracts 

The Bank of Tokyo, Ltd 

Negotiable Floating Rate U.S. Dollar 
Certificates of Deposit 
Series D Maturity date 
9 December 1980 

In akLurUjncc with the provisions ut the Ceriilkatcs 
ol Deposit notice is hereby given that lor the 
m,\ month interest period Irom 7 December 1 978 
to 7 June 1979 the Certificates will carry jn 
Interest Rate «.it I per annum. 

Agent Bank 

T he Chase Manhattan Bank. N.A.. 


1 tiujal Exchange Avc.. London EC3\‘ -1LU Tel.: 01-2S3 1 1131 
Index Guide as aL Not ember :50. 1D7S 

»Ji\e Fixed Interest Capita! 129.67 

•’live Fixed Interest Income 114.28 

45 CoRihiil. London EC3V 3PB. Tel.: 01-623 6314. 
Index Guide as at Not ember 3Q. 1978. 

Capital Fixed Interest Portfolio 100J2O 

Income Fixed Interest Portfolio 100.04 


50.000 people in the United Kmcdom suffer from pragr esM ■/:■]>• 
paralysing .MULTIPLE SCLEROSIS-— 1J10 cause and cure t>f 
which are still unknown — HELP US BRING THEM RELIEF 

Wv need your donation to enable us to cmUnuc uur i. iik 
sufferers and to continue our commitment to find the cause 

Please help— Send a donation today lot 
Room F.l. 

The Multiple Sclerosis SociH \ nf fi.B. and X.l. 
■I Tartthreok Wree*. 
lotndon SW1 1SJ 


Three tranches for $250m Brazilian loan 


THE LOAN of $250 m to finance 
the giant Itaipu Bina>-iuna) dam 
and electric generating project 
in B is now under syndica- 
tion. The loan, which carries 
the guarantee of the Republic 
uf Brazil and which is being 
co-ordinated by the Compagnie 
Fmaneiere de la Deutsche Bank, 
comes in three tranches. 

Un each tranche ; per cent 
of the spread will be paid 
annually by the contractors 
which form n group including 
German. French, and Swiss 
Interests. The grace period is 
identical on the three tranches.' 
six and a-half years. 

German managers., which in- 
clude compagnlo Financlirp de 
la Deutsche Bank. Bayertsche 
Landesbank. Commerzbank. Com- 
pagnie Financier* de la Dresdner 
Bank. DC. Bank, and West- 
deutschc Landesbank are com- 
mitted for SITOni: French 
managers, which include Banque 
Nationale du Paris. Paribas. 
Banque do IT. r nion Europeenne. 
Banque de I’lndochine el de 
Suez. Credit Lyonnais, and 
Societe Generate, are committed 
f nr $4Am: Swiss banks, which 
include the three leading Swiss 
banks. SBC. UBS. and Credit 
Suisse, as well as Volksbank. are 
committed for s40m. 

The first tranche of ibis credit 
amounts 10 6125m for ten years 
with a spread uver ihe interbank 
rale of t per cent throughout and 
participation' fees of ,V per cent 
for amounts fmm 
per cent fur amounts from S3tn- 
per cenL for amounts /rum 
and per cent for 
of 87m and above. 

The second tranche amounts 
b) S7'im fr.r 12 years wtih a 
spread of 1 ’. per cent throughout 
and participation fees risinz. 
strictly in the same fashion as 
on the Ursl tranche from A per 
cent to ,1. 'per cent, then e per 
cent to finish at 14 per cent. 

The third tranche amounts in 
950m for J5 years with a spread 
nf i: per cent and participation 
fees rising, as in the first Jw/j 
tranches from per cent on the 
smallest amounts to i ppr cent. 
Ihen 14 percent, to finish at J per 

These terms mark an improve- 
ment for Brazil, birt not a Tan in 
the margins of the banks insofar 
as the contractors are paying the 
difference. Such practices, which 

are developing m other countries, 
arouse mixed feelings among the 

In the Middle East market, the 
.El-Sham? Pyramids Company of 
Egypt is raising a 922m seven- 
year credit to finance the con- 
struction of an Holiday inn near 
Cairo: Spread is 2J per cent, 
and lead banks are American' 
Express Middle East Develop- 
rtienf and ffftlcorp. Saudi 
investors arc providing backing 
Tor. half of the project. 

The 75m Saudi rival loan for 
National Chemical Industries of 
Saudi Arabia, among the first 
of is series of credits in the 
Stfudl currency, is nearing 
completion. ■ - 

The five-year facility carries a 

margin of Ig per cent, with a 
njirunjum. spread of 7| per 'cent: 

Lead managers Arab and Morgan 
T armey. 

Grenfell Finance and \V: 
Middle ' . East'" have ’ received 
formal approval from the Saudi 
Arabian Monetary Agency ■ U) ’ 
raise to credit. 

• Bank of Tokyo and Detroit' 
(International), formerly. Ihc- 
Loadoh consortium bstak. 
Western American ' Bank 
( Europe; announced . yesterday 
that Mr. Ellsworth Donnell has. 
resigned as managing direrior 
The. resign at ion is effective from 
Dt-cember 31. . 

Bunk of- Tokyo ."now has - 
management control of the bank, 
following a reorg anfs aSoo 
earlier this year. ‘ ' ' 

Danish government looks abroad 


THE DANISH government's re- 
quest to the Foiketing for slate 
borrowing abroad in 1979 of dp 
lo DKr 7bn is the lar- 

gest authorisation the Govern- 
ment has ever sought. The 
amount granted after ihe pre- 
vious request was DKr 5bn. of 
which DKr 3.8bn remains avail- 

However, previous authoris- 
ations have only covered a B- 
incuiths period while this one 
will cover d year. 

The government ilso plans lo 
borrow up to DKr 25bn on the 
domestic market, and total 
borrowing requirement 1$ 
expected to minium to DKr 39hn 

Including redemptions by exist- 
ing -- debts, -according to the 
autumn budget statement. The 
net borrowing requirement will 
be -b.?ut Di-ir Jihn. 

'in^ tfc -/, orei5T1 borrowing, in 
18Tb will amount io about 
DKr Sbn. bringing the total 
government foreign debt - tn 
abffnr'DK-r 2Tbn. 

• The. SwFr 200m (till Tail bond 
proposed by the Swiss Bank Cor- 
poratidn is to be spread over 10 
years with a coupon of 3 per cent 
writes our financial staff. Price 
has been fixed at 9»t. and the 
\ 70 nd* „;o onsalc front next W v d- 
nesday • 

The SBC is unc' of tbe. three 


major banks m Switzerland and 
the terms of Hr funding- are fully 
in line with the market. They 
compare witii recent Camon 
loans at 3 per cent over - 12 years, 
au or which were 'priced at par_ 
Tpus -lhe. Swiss bond market 

Scant s iSn of an upturn in . 
yields despite lhe looming UJj _ 
rundihg package, now earmarked 
for next month, ‘ 

Bond deah» rs - in . Switzerland 
received, their Srrt_ taste of 3 
per.ceni offerings back in March . 
Whra^an attempt by the City 01'- 
Zuncli lo raise a 12-ytar Ibao: . 
foundered. Lfausuaily .‘or . this ■ 
strictly disciplined, market ifhe.; 
Jtond failed lo .be. placed.' : - 


* * • - ■ •••■ 



V 1978 



*• ■ Sjw' “i V- 


to raise earnings base 

^FOR ‘ THE . six to 


, Mt • 
set b ac|il i 

. Pre ^ 


M«- i ui B ' Av 
mhi a 

■\'fO^> total iQ vestment «f.;R*t3 .4m has not boosted earnings sigrrifi- 

but further acquisition- 
;rewth appears to be ! 
increasingly likely. 

addition, to its indirect 
25 per cent of mining 
. Federate Mynbou's equity. 
Remgro; must Remgro has a direct 20 per. cent used stake in banking group Volkskas. 

_ _ w _ i^si large Increasing this to 25 per cent. 

■portion trf^exisiing^^Tesmirces which would cost less than R4ni 
-- v -;; wiU ba.Liaed T 0 wrest a bigger at the current share price, would 
..jJjjlalK (Canada) to . Rothmans; Xb* Bj^ket - share -from .ocaj-mono- allow Remgro to consolldaie 
^ternatiDaal real -poUsSrSouTh African Brey? eri es. about R4m in earnings, rather 

Realisation of iigget and- Myra’S" c^reftmfnary skirmishes in the than takipg into account present 
added -a further Ui$SKJ3m ainct growing' toarket share war have dividend income of Rim. 
since Septemner30,.-:a^ by mefeasinRly On first half earnings of 68 

debenture -ifoi^.vha^ fteaft- au6~. bitter: accusations ..between the cents a share .compared . to 
cessfully- negotiatea^ Z^ri'- y .- ^Wd^-iroupsi- : -2n£ bom - are- 65.1 cents in the 1877 period. 

‘ Eah aa eins i ^eing fii'gi position involved in 'scramble to Remgro has declared a 125 cents 
in the -South Africa ridiqaor/beer. acquire, additional : Outlets for interim dividend, an increase on 
indu&ries.^- in: - (Jetaber-''- and -thpr bber and liqtLor'products. the previous 11 cents. An in- 
November Remgro acquirod full ’ "WltiT *.dev^opbig liquor war, creased final of 13 cents against 
control of . DlterrontlHeiitsi Retogro’s . earhings. from this last year's 12.5 cents looks likely 
Breweries and- the'OildeWeeSter, source’ > could "well ;comei. under for a prospective 6.7 per cent 
Group.^as' well 'ss?a r 4R:per emit gdnmdeirablei . . pressnfe. yRelaxa- yield at the share's current 
stake iu W-.- aud A. Giibey ( of price coniiolon cigarettes 380 cents. 

£SS£Rand : gaih for Barclays 

llT’-S ljr, 



^ 4<»- 

* X *j)iSPTTE a" substantially- in- tSBOJim) operating. wiiflt xi ut of 



On a smaller scale and with 

■ 1 “- - 





P‘**C - 

a « h, 

hop* * 

for ?’r 

IV 5 I-... 


im <•.- 



pm» . 



Pv->’- 7. 

' .. 

a • 
\L ; \.r 

J 3i\ rfttr Cased provision for- doubtful F* group total of R6&3m com- a 24 per ceot turnover increase, 
>fdebts of R4.6&H (S5.4rp). South pared with R55mjin l977. Jn the the merchant banking subsidiary 
P.-t,- " Africa's largest banking: group, facer of lower demand for com- doubled taxed profit to R2.9m. 
in -Barclays National ' Bttik. . has :ntercial > bank . erdilt- as the With local interest rates in a 

^edired a -iisher Jtet- profit of economy continued; it?j Recession- down-trend. Barclay's turnover 
‘ sR36.78m t842Jm) .for .the year, ary path, the major 'jiart of the appears set for a major improve- 

rf;: ^ ^*'.10 September -30 compared with group’s increased 'lending ' capa- meat in the curreot year. 

' Z;R33.77m last year. bllities was in Its general and A t September 30. its capital' 

t — with to^T assets 10 per -cent hire purchase arm. --Barclays surp|us in relation (0 Bank - Act 

*i (t higher at R5,692ra.eS661^m) 10 Western. ^ , • reo .irpmentc «rtnhd at R->3 6m 

• ”*.- rf the Tace‘ of -credif ceiling' <ajn- On, hire purchase; business, requirements ^ stood at R^.em. 

‘ "'fiRdlft.' Mr. John Barry. 7 .chairman; Western can lend at effective m.amny that the group has the 

' ■*-■ > i::rt. . «4s hopeful-4hat grovrt6..will jise 21 .per. cent interest rute.agai nst capacity to acceDt another R400m . 
•c ' 4 shying the. -cu*rtfnt;jear. . average ovenlraft' about :n deposits and increase lending) 

;r ,., . v Growth was pot _hveaiy distri- 23.5 per cent. The channelling b.v R240m. This compares with. 

bnthd among the group's various of lending capacity tp -Westem September 30 deposits of 

••.■'activities. Tne -commercial bank- lifted its taxed ptofit* to R7J2m R3,890m and advances of 

- . ;Y/^ *V‘ ; fag arm maintained a; R52m ($8.4m). " R2.574m. 

, r. , - ••IJJ. gS \ .*:-• ' _ i • ■' * -r- -*-- ' ■ — 

: ; 

„ 1 -'. -i'll 

■ :r ~ ■ iHTy,. ' iu T 
• : *r.” 

r-Z ....... . . ,, . 

-•V'. . -. • , ” r vi'-~ * *" -■ • • i-'.. 

i- if> r r ‘ • ■ • ■ V l-v! 

n ;>'p 1k IN T3IE wake -* of : P«sIdodt 'panics, the NatioraTTuvestment par-value share. Its shares are) 
'••if ’ ^teaeral Zia -ul/HGq’s announce- Trosi will stop-': -Ireeeiving traded in the market at S1.13. j 

- - — ‘ — Tr — ■' n ~ c> the NIT estimates 

Pakistan to alter investments 



S52.6m in equity 
with another Sl7Bm | 
debentures. ! 

.... irits S180m: towslmept ln\tieben- The NTT collects nvfcgS from in~fiscal 1978, which ended on 
• errares to eq\dty -shafes withB\six iniflviduals and institutions and June 30.- the NTT earned 34.6m, l 

%immths. ' . •-- .v : ay:. ' Reinvests the . fufld^. Through or 59 per cent of its total in- 1 

„ .- n n ^a*. iriamii. bui ic mwliiim. anri lnnff-term'-^eredits. rnme. from its dividends on' 

panel seeks 

' By James Forth 

SYDNEY. Dec. 6. 

A COMMITTEE set np by the 
New South Wales State 
Government has called for 
dearer laws to govern com- 
pany accounting. The account- 
ing Standards Review Commit- 
tee, which was established In 
November last year (o 
examine accounting standards 
In Australia. said that 
the only way to make 
accounting standards 

more generally effective and 
information to the securities 
market and the public more 
reliable was to have standards 
which eould be enforced. 

The report, which was 
tabled today In the NSW 
Parliament, suggested that 
standards should be enforced 
by law. cither directly or 
Indirectly. The committee 
proposed a genera! accounting 
standard, as a first step. 

The report suggested thal 
Australian accounting 
standards were vague and 
ambiguous. They allowed 
optional valuation rules for 
many items, and " conjecture, 
judgement and estimate on a 
large scale." 

The report said companies 
required that their accounts 
gave a “true and fair view" 
of the state of business and 
profits. But this had been so 
variously and loosely Inter- 
preted in practice that 
differences running to millions 
of dollars had been found 
between reported profits and 
the amounts considered, on 
official investigation, to be 

It was not possible nndcr 
existing accounting standards 
to know whether the informa- 
tion published in accounts was 
fairly indicative of the stale 
of affairs and profits of any 
company nr merely the conse- 
quence of the accounting 
rules it chose to use. 

The committee suggested 
statutory interpretation of 
44 true and fair" or specifica- 
tion of the general rules to he 
adopted in making up com- 
pany accounts, or both. 

The report suggested that 
diversity in accounting should 
he reduced. The setting of 
standards was one way. though 
the committee said Australian 
standards, and others which 
were considered, were largely 
a codification of existing prac- 
tices, and were vague and 


Bank of Japan may 
relax restrictions 


: THE Bank of Japan may soon 
be in a position to relax controls 
:on short-term foreign currency 
> movemenls wh ich were in tro- 
! duccd. or rather intensified, last 
: March as part of the Govem- 
: men l*s programme for coot bat- 
. ting speculation against the dol- 
lar in the Tokyo foreign exchange 
' market. 

The controls include a ban on 
the purchase by non-residents of 
1 ycD-denominated bonds with a 
maturity of up to five years and 
' one month and a requirement for 
banks to make interest-free 
; deposits with the Bank of Japan 
' equivalent to 100 per cent of 
; any increase tfrom pre-March 
j levels) in their Tree yon deposits. 

1 The Bank of Japan says it 
has not yet " officially con- 
: sidered” the question of rescind- 
: ins the March controls, but adds 
\ that it will relax them “when 
the situation permits.” A bank 
1 spokesman went on to say today 

TOKYO. Dec. 6. 

that he considered the situation 
in the foreign exchange markets 
had improved “ dramatically " 
since the announcement of Presi- 
dent. Carter’s dollar defence 
measures at the -beginning of 

Relaxation of the .March con- 
trols would probably mean a 
return to the situation which 
existed for four months after 
November. 1977. when a series 
of less stringeot but still fairly 
severe controls on short-term 
money movements were intro- 

The November series of con- 
trols set the interest-free deposit 
requirement on free yen deposits 
at 50 per cent and banned non- 
residents from acquiring short- 
term Treasury bills. 

Rumours that the Bank of 
Japan may relax the controls 
have been circulating in Tokyo 
since last week when the dollar 
temporarily recovered 10 Y200. 

Tokyo SE warning 

THE PRESIDENT of the Tokyo 
Stock Exchange. Mr. Hiroshi 
Tanimura. has urged corporate 
and institutional investors in the 
market to be more prudent in 
their investment decision*;. He 
pave a warning that the recent 
•sharp rise in prices cannot con- 
tinue indefinitely 

He said that a “fickle" attitude 
on the parr of some investors, 
pursuing short-term eains. has 
been evident during ibe recent 
price surge. 

Such a rise in prices as has 
been seen recently, divorced from 
basic economic realities, cannot 
go on indefinitely, he said in a 


The firm*; should he more 
cautious about share price move- 

TOKYO, Dec. 6 

meats triggered by possibly in- 
correct information, the state 
ment said. 

The Tokyo Dow^laaes average 
rose above the 6.000 mark for 
the first lime on December 1. 
and has continued upwards in 
heavy tradina. closer today at 
6.050.93 — down 1-76 on the day 
— compared with the 1978 low of 
4.867.91. «et on the first trading 
dav of the year. 

The main fundamental factor 
behind the surse has been a 
heavy excess of savings over 
investment within the Japanese 
economy, with corporations and 
other investor* channelling 
surplus funds into the stock 


Effect on economy of six 
fop groups to be studied 

P- . -* 

. -;W*i33-- Dfc BoM* ....+ ■ Wtlf 

Boo* fWrai 

_ -SSrt'towb 9.354 
^S.7» f ’95J7 ' -Off-rPol^ Bon* 1 0-223 

, D*-Bu>*r dM;30-* DM Bw 

.- HR *fcxt* a Now , ,»S.4t v WJS2 
US: s Sittifidh* ; fun/- -.JJrfJ • ' Wr* 
a Cau^Doto- Bton* ;. :^S.7? : '»5J7 * -Otr-Po 

W. 1 1C Sj.l^ 

i_.., -_-3j *| 


. V i :i>| 

r wi 

Our Eurcbankmg Services 




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; ‘ - • . .-servkssthcfijde . " : 

•• . • s-^.< . •• ■ ‘ •- 

. "irt Sne wtih pravatent market 
;^'c6nditicgi5 . 'and; Speoftc 
xteeds. we nwage 
a br paiiicpate in' selective 
if trdsm^idns3.4oans arang- 
ed e^her on a fixed-interest 
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Syndicaied Euroloans; 

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.Security hading - - 


25c Bd.'Roi'ai -R 6 Box 626 • Luxembourp-VillB • TSt: 475144 - 
• , . • : T?iex:-1 791.- 1792 (Dealers). 1 793 tCredrts) 


Weekly net asset value 
r^. on December 4th, 1 978 

^ J :Tokyo Pacific Holdings N.V. 

U.S. $63.35 

Tokyo Pacific Holdings (Seaboard)N.V. 

O.S. $46:16 

Listed on the Amsterdam Stock Exchange 

Infonnulon: Pierjon, Heldring 5 Piervsrv NV Horengntht 1U, Ain!*«rdam 

JAPAN’S Fair T*-ade Commis- 
sion said it will launch an 
j investigation to determine 
'whether six major Japanese 
■ business groups may unduly 
influence the nations economy. 
I The targets of the Investl- 
! gatlon will he Mitsui. Sumitomo. 
Mitsubishi, Sanwa Bank. Dai-Ichi 
Kan sty o ^Bank. and the Fuyo 
Group: tbe-e include Japan’s 
leading banks and trading 

The purpose of the investi- 
gation will be to find out If ihe 
presence of the groups may 
unfairly impede free competition 
and hurt the economy. 

The investigation does noi 

The Taiyo Kobe Bank Ltd. 

. Negotiable Floating Rate U.S. Dollar 
Certificates of Deposit 
Series C — Maturity date 
9 December 1980 

In accordance with the provisions of the Certificates 
. of Deposit notice is hereby given that for the 
six month interest period from 7 December 1978 to 
■*7 June 1979 the Certificates will carry an 
Interest Rate of 12V«% per annum. 1 

Agent Bank 

The Chase Manhattan Bank, N.A., 



‘ This ftiutoitncemeitl appears us- a. matter o/ record onlw 

uss 10 , 000,000 


Floating Rate Notes Due 1983 
Guaranteed by United Mizrahi Bank Ltd. Tel Aviv 

! a . : . • !... ; *■ \\u these jiotes hate beevrprivately placed 

; - . Agent and Adxiser to ihe Borrower ■ - 

CREAFIN SJl., Zurich 

TOKYO. Dec. 6. 

mean that the six groups are 
violating law. commission 
stressed. It merey wants to look 
into the present state of affairs 
lO prevent possible adverse 
effects in tlx? future. 

Toward rhis end, the commis 
sion will find ojI how situngly 
the groups are influencing the 
economy and how close co- 
operation is between member 
companies in each group. 

According to a survey which 
the agency conducted in 1974. 
the 185 companies belonging to 
ih'-se groups accounted for 21.9 
per c?nL of the entire eapiiat in 
iudurtry and Im-i/iess anJ 22.9 
no- cent of resets. 




ECONOMIC ACTIVITY’ — Indices of industrial production, manu- 
facturing output 11975=1001: engineering orders (1970=1001: 
retail sales volume, retail sales value (1971=100): registered 
unemployment (excluding school leavers) and u stilled vacancies 
(OOOsj. All seasonally adjusted. 















3rd qtr. 



, 106 





4th atr. 









1 st qtr. 



•110 ’ 





2nd qtr. 





254 .2 



3rd qtr. 






















































OUTPUT — By market sector: consumer goods investment goods, 
intermediate goods (materials and fuels); engineering output, 
metal manufacture, textiles, leather and clothing (1975 = 100): 
housing starts (000s. monthly average). 

Consumer Invst. 

Intro d. 



Textile House. 









3rd qtr. 




99 J) 




4th qtr. 









1st qtr. 








2nd qtr. 








3rd qtr. 










































EXTERNAL TRADE — Indices of export 

and import volume 

(1975 = 

100): visible balance: current balance: oil balance: 


of trade (1975= 

100 ): exchange reserves. 








volume volume 


balance balance 

trade USSbn- 

3rd qtr. 



+ 31 

+ 574 




4th qtr. 



— 5 

+ 507 





1st qtr. 

I 2 n.n 




— 642 



2nd qtr. 

122 s 



+ 183 

— 398 



3rd qtr. 




- 36 








- 59 






1 1 1.2 

+ 68 

+ 143 

- 95 








— 195 






+ 119 

+ 209 






FINANCIAL— Money supply Ml 

and sterling M3. 

bank advances 

in sterling to the private sector (three months' growth at annual 
rate): domestic credit expansion (£m): building societies’ net 
inflow: HP, new credit: all seasonally adjusted. Minimum 
lending rale tend period). 


3rd qtr. 
4th qtr. 

1st qtr. 
2nd qtr. 
3rd qtr. 



advances DCE 













+ 365 














+ 1.791 










10 ' 








9 JJ 



+ J04 













+ 713 






+ 535 





INFLATION — Indices of earnings (.Jan. 1976 = 100): basic 
materials and fuels, wholesale prices of manufactured products 
(1975=100); retail prices and food prices (1974 = 100): FT 
commodity index (July 1952=100); trade weighted value of 
sterling (Dec. 1971 = 100). 









Foods* conidty. 


3rd qtr. 








4th qtr. 









1st qtr. 



149 Ji 





2nd qtr. 




195 Jl 




3rd qtr. 


’ 144.9 



206 J! 













144 2. 

154 .8 


206 J! 

















" Not seasonally adjusted. 

This announcement appears as a matter of record only. October 1978. 

Banco Central Del Uruguay 

Medium Term Credit 

Managed by 

BankAmerica International Group 
The Bank of Nova Scotia Group 

and Provided by 

Banco de la Republica Oriental del Uruguay 
Bank of America NT & SA 
Lloyds Bank International Limited 
Midland Bank Limited 
National Bank of North America 
Republic National Bank of New York 
The Bank of Nova Scotia Internationa! Limited 
The Royal Bank of Canada 

Society Financtere Europeenne Finance Company N.V-SFE GROUP 



• • 

Marketing Manager 

Construction Industry 

A key role in opportunity appraisal and the 
management of contract acquisition for the simply 
of expertise in large scale building and civil 
engineering construction. 

The Marketing Manager will be closely involved 
with overall commercial strategy, in-depth control 
of sales approaches and the provision of appropriate 
resources and research information. 

Candidates, probably aged over 35 , will combine a 
suitable commercial or marketing background with 
experience of large capital development projects. 
The job is at the London main offices of a large 
international company. 

Salary £to,ooo~ with appropriate benefits. 

Please telephone (. 01-629 1 S 44 at any time) or 
write — in confidence — in the first instance for a 
personal history form. D. M. Watkins ref. B. 1109 . 

This appointment L cpcn :o nun and conun. 

United Kingdom Australia Belgium Canada 
France Germany Holland Ireland Italy 
New Zealand South Africa South America 
Sweden Switzerland U.S.A. 

International Management Consultants 
Management Selection Limited 
17 Stratton Street London W1X 6DB 



As the British subsidiary of the Banque Nationale de Paris, one of the 
world's leading banks, we operate very successfully within the field of 
international finance. 

As part of a progressive reorganisation programme we have set up a nevv 
Methods Section and are now looking for an ambitious, highly motivated 
Methods Officer to run it. 

This is an opportunity which gives considerable scope to the individual and 
responsibility for organisation and methods, particularly in computer-based 
areas. An important aspect of the work will be evaluating systems, recom- 
mending improvements and keeping abreast of developments, especially in 
the field of Banking. 

The successful applicant will ideally be an AIB with a sound knowledge of 
modem office technology coupled with experience of supervision. 

For this important appointment we are offering an attractive negotiable 
salary depending on experience and ability plus a full range of benefits 
appropriate to a major international bank. 

If you have the experience and motivation to succeed in this challenging 
role please write with full career details to 
Mrs. Paula Keats, Recruitment Officer. 

| Banque Nationale 

de Paris Limited 


POBox 416,8-13 King William Street, 
London EC4P 4HS. 


General Manager 

(Accountancy base) 

Southern England 

c. £11,000 

This profitable company, part of a leading 
provincial newspaper group, has a 
turnover approaching ClOm. Its daily and 
weekly publications serve a wide area of 
Southern England and contract printing 
forms a growing feature of the business. 
A senior manager with an accountancy 
background is now sought who wifi 
deputise tor the General 
accountable lor the profit and growth of 
contracts work and take day to day 
responsibility for the Administration 
Division. This embraces the accounts 
function, data processing, an in-house 
computer and a range of internal 
services. A key task will be to Snk other 
epoup companies to the computer for 
accounting purposes. Candidates, aged 

35 to 40. must have an accountancy 
quafficaboa preferably chartered, with 
experience of ED P. A successful record in 
a management role wBI be essential. 

Salary is negotiable in the range £1 0.000 
to £12.000 with a car and attractive fringe 

PA Personnel Services Ref: AA5 1 S688, FT 

Initial interviews are conducted by PA 
Consultants. No delate are divulged to 
clients without prior permission. Please 
send brief career details or write for an 
application form, quoting the reference 
number an both your letter andertveiope. 
and advise us if you have recently made 
any other applications to PA Performs! 

PA Personnel Services 

Hyde Park House, 60a Knight&brfdgc. London SW1X 7LE. Tel: 01-235 6060 Telex: 27874 

■i .TfeT.ter or FA Iri ■snarers' 

Wfe ere the Eastern Hemisphere 
Headquarters ot a rapidly expanding 
US. Corporation, providing services 
and products lor the Oil industry. 

' The Position: To develop and 
expand the Corporate Treasury (unction 
with emphasis on total cash manage- 
ment including cash How projections 
currency exposure analysis and short- 
term money-market dealings 
The Applicant preferably a 
qualified Accountant (AC A • A G C.A i 

with pnor experience in a treasury 
position and used to operating in a 
multi-currency environment The 
successful candidate would show 
potential for a future financial line 
management position 

The Rewards: Competitive salary 
and conditions are negotiable. 

Candidates should send a detailed 
career history to Miss A. Wright, 
Personnel Assistant. Geosource U k 
L td.. 3-5 The Grove. Slough. SL1 fOG. 

'tv-. \i 


Financial Times Thursday 



1 CJE7.50B West London 
This • progressive position- 
with a subsidiary of a major 
public group enables you to 
take overall management 
responsibility for the com- 
pany accounting function. 

A negotiable salary is 
backed by large company 
benefits and career prospects 
are excellent! 

Ideally you will be A CM A. 
25+ or CA with some 
industrial experience. 

^ call ^ 

Keith Diver 

01-248 6321 

Personnel Resources 


Recruitment Consultants 

c. £11,000 plus benefits 

Ourdients, one of the worlds largest financial ' 

companies, wish to appoint a Finance Manager for their 
European Treasury Office. This is a new positiontiovaring' 
planned growth in the treasury area which embraces 
Europe;. Middle East and Africa. 

The successful candidate will be rasponsiblefdr ; 

recommending policies and negotiating short and tong 
term financing. He/she wfll hold a key position irrthe - 

: company's r^atTonshipwitlrm^or banks. "■ . \ 

We would I ike to hear from candidates who nave a • 
sound corporate treasurybackground together wrina 

confirmed record c^sticces^vlnegodatmg. / - 

If you wish to be considered forths appointment • 

please said your curriculum vitati in strict confi dence tp 
T. D. A. Lunan attfre address below quoting reference 
n umber 2S9. : 

Management Selection Division 

T. D. A. Lunan & Associates Limited, 
1 Old Burlington Street, • ■ . 

London W1 X 1 LA. . 

Tet 01 -437 251 5/01-734 4777. 

E3 Reed Executive 

The Specialists in Executive and Management Selection 




c. £8,500 

This is an exciting opportunity to become part of a 
dynamic expanding company. Active in the field of distri- 
buting and servicing ol capital goods, this autonomous 
company Is part of a profitable Public Group. The com- 
pany's successful expansion has created the need for a 
Company Accountant to assume the responsibility for the 
entire accounting and reporting function. You will be ex- 
pected to appraise the internal controls throughout the 
company and to make a significant contribution to its 
effective management and profitability. Candidates must 
hold an accountancy qualification and have sound in- 
dustrial/commercial experience, interviews will be held in 
London. Removal expenses are available. 

Telephone: 06 1 -662 6631 (24 hr. service) 
quoting Ref: 2279(FT. 

Reed Executive Selection Limited , 

15 Piccadilly, Manchester Ml 1LT. 

The above vacancy is open 
to both male and female candidates. 


In Banking 

Please apply in confidence to: 

Jack Pine, BA, quoting ref: 491 
k >k David Clark Associates 

4 New Bridge Street, London, EC4 
W 01-353 1867 


International money brokers arc seeking 


Reply to: . 

36-40 Coleman Street 
London EC2R SAN 


arc Ioann; for a. panert to take over the running of an etnPluhed 
horary :ai”ip» Jcr the investment research department of a firm of 
S»:fcl»rokcri. The petition aiio involve* trssJnnj down and obtainlnc 
information Irom ottaide sources such as Companies House. The Meal 
cand'cjia wi'l prabao-y be *£2d between 25 and 35 and have some experience 
of Ub-a-y r>V in tins field. A competitive salary will be paid and, in 
addition to ,h: usual fringe benefits, the firm alio operates a bonus scheme. 

WrlU TO fio* Ai 5b*. financial Times 
' 10 Cannon Street. £C«P «ST 

Manufacturing Company in 
Central London 
Require a 

The company manufactures 
costly merchandise of .immacu- 
late duality and has a high 
reputation for itt products and 
service. Applicants. should be in 
the 15 year age group, be able 
to prove past success, and to 
train and control a small team 
of salesmen. An understanding 
of 2 sn *ral merketing. techniques 
an advantage. The path to a 
seat on tije board and a possible 
managing directorship is open. 

Plcaie write, giving- full 
detail! of career and 
experience, to:. . 

Comyns House 
Tower Street 
London WC2H 9NS 





An opportunity arises for a 


■if Taking 2 market from £3 riHTsor to £20 million as i.ooa-- v" : .‘ 
manufacture replaces . imported goods . •• 

#Anowirg ypu'ie m u growth business, influenced fay faeay/ 
V Government spending ' • • -7 

* Joining a company of .50 employees; expanding m iess-fhan ; 

years io well over 200 : '• 

17 - £ years to vitell over 200 . 

*Backed by two multi-national giahis. 

This is tne backcloth to an exciting industrial marketing appointment, calling; ^ • 
tor sound practical experience and the personality to join a small management •• 
learn dedicated to.increasi nq profitable turnover. "I 5 - . . 

•Candidates '(mite or femaiei should be In. their 3D’s end beweitijua lifted b/ 
both education and experience. Sales, distribution, advertisings market -Infor- 
mation and business planning are all. facets of a position that wifi Ttierit an 

me: non unu piain >iny 

excellent basic salary, the usual f ringe benefits and generous relocation expen-;" 
ces to the company's South-western headquarters, close to the M4. 

interested applicants are invited io send brief, but Lorntirdhensiyuj aelsl is pf . 
{nen career to frie address given below quoting. Reference Nuriibei UC8/2/FT. . 7".. 

Charles Barker-Coulthard • r 

30 Farringdon Street, London FC4A4£A. * .7- y 
Telephone 01-2360526 

kial Ad 

to £S,000 

Our client fs a young, well established Japanese 
International Merchant Bank, based in the City. It 
specialises in Eurobond Dealings, with the major 
Merchant Banks as its customers. 

An Accountant is required to control competently 
the computer accounting function. This entails 
supervision of an assistant. Good experience of 
voucher analysis is necessary. 

This position reports directly to the Deputy Managing 

This is an urgent appointment. 

lK U3ElEIElBH3liat3lalBiraElBIBH3SlElSlSB3|SlEig|giBlEi| BI £ 


c. £15,000 -f- Company car . 

Burrup’s, leading City and specialist commercial printers, part of the' Estel . 

Group of Companies, is looking for a Group Salts and Marketing Director.; 
Company turnover is approximately £10 million ;with a number of locations 
in the U.K. and a Sales Office in Paris. : ' . 

The job is:- ' ~ ' ‘ 

( 1 ) to develop and implement marketing plansTbr the Company^ further 
profitable growth; 

( 2 ) to lead aod motivate sales operations with astrongempbasis on •' 

The appointment requires somebody who can demonstrate achievements to- 
dies and marketing pt a high order, preferably, bur not 'ne c essarily, in . 
printing or associated industries. . . • 

This is a Board appointment and the salary will be in the region of £ 15,000 
plus car and usual company benefits. ■ " 

PI cast strile ailb jtdl deUatr-in confidence — & ' " . •' 

P.W. Barker, Managing Director, 

BurrdpMathieson 4c Company Limited, ' 

Crane Rouse, LavingtonSrreer, . 

Tendon SEt oNX ' 

[sliU iTH rTU Ifa'lSs^ 

13 1 
13 1 












IS , ; 

13 1 
.13 j 




BBEBtalaBiaBiSSialHlaialaBlsIaEiHfalalaililalalH ; 


• " . 

i ' • - 

up to £9,000-4* car 



The Client A Jong established well managed international group in the finan cial 

**ector. which has expanded rapidly over recent rears and-has been - 
conaistentlyprofitafale. .- ’ .._ 

The Requirement For a ycami qualified accountant to join a small team at head office - : 

respfln^te *r all aspects of financial and management accounting: 
within the group. Iiubal .emphasis . wffl be on the reviewoffinanrisd . : 
operating proredin-es and there ’nil] be some investigation' work into 
poteaual acquisitions. Prospects of promotion u> Chief Accountant ra" : 
due course am good. . _V . " v 

The Candidate PrateWystp ia tht profe^ion. tvith l«-o to three yearrWqualifyme 

Pnutlmi a . . . . ■ 

The Candidate 

roung person with a good | 
grounding in Settlements and ; 
who has had some experience of j 
dealing to further his or her j 
carer in the London Branch of j 
Seattle-First National Bank. I 


K Management Consultants ' -C r'-' ". ; 

_ Shelley House. Noble Street. London. EC2V 7DQ ' -LLBj 1 

Phone A. Brooks. 
Foreign Exchange Manager 
on 01-438 4981 


2nd Floor. 78 Queen ^ Victoria Si- EC4. 

Contact DELLA FRANKLIN oq.OI-248 6071 
®WIK ACCOtlllTS. Jar. ft Snr. no. . n amlni ma , 


TWO CASH ICRS, w/25 . . . • 

JUNIOR /TRAINEE BANKING ASSTS. 17/20. for Do*. Credits, ' 

Forox. Accoudis, Manaseniciu Info., ft BuflUro Septa.. C.WXAMB m; 
TRAINEE FOREX DEALER. 20, Mj nil& "pick ■ QP/XJTiOttS . 

draJlM MB, - - C-J.0M 


HOMEY BROKERS - require SierflriB ft Lowl Alidwr.'j- . Qca!>?.-&— tiB.oeo 
aIm> Junior ft Trainee boilers c£3.M9. ■ • ‘ . 

2ND CHECKER > A: • 4 
£«po/S.OOti A ExceUera Pct*^ r ^ ; 
Wid w enties. ekpd. io IsiuanceLi 

Payment -f- Admin, of - 
Guarantees- A- -BenvUii«tiiuu^*s: 

Guarantees 4:. Bondt/lsjuinoe-* - A* ,\- 
^of- Clean Acceptance - FacSItioy 70 
■ Outward CoUecdora” ~fwjiuc«d^ j. 

by International ^ 

Ring hi «J22i3 ; %-Sc . CO./, > 

:=■: r Foe Aprsoln'm»entL.w_ . 'H' S- ; ^ 

.".■ YPN EMPLOYMENT-.! r*. ->• ^ 



'A NT 

‘ . I 





■ r /Thgrrrfnfli Bajjki'wlttL aapets is now one oftlie lacgen 

‘ bankftjm t^irogi^'TCtth ^*w^><g talijUflhjad jiad, ft^eaaaftd network ofbrajadies. 

■ One *£jpwtogEraaa£ffcaA Branch. Jsseektogaa -Account Ofilcenmalaca? 
femais^to strengthen Its Corporate Banking Group. Tbs responsibilities of the 

nelationsblps TOftfr a number of specific corporate accounts. 

YoirwiD. proTjaMy "be ‘between 30 - 53 , “witb lMT accounOng or business degree 

aadxttidertakB frequent travelling ■within Germany. 

■ Salary andbebafttswlll be attracUveand coffipeti- 
tfrB.ibss e are best.&kiined at initial interviews, which. 
wfflbeheldSnlGnd^prObahly in early Januaiy. 

;. Please wrfteM fc£® ’first instance, givlngfull 
* . vdataps of your car^aphisv^monts to date, inr-Tnrii-ng 
salary progress,fo^^h Bartlett, Vice President, 
ghfifrofo al Ban^ l^Strand. London, WC 2 IKE 

Chief ^ccountantimd 

i Financial Adviser S 

h ’ , A quftliflftd acawnta^ iV requIred with a'bro^d 'ccimWcal expsnence. who has held senior 
f - ^nafWgewot.^osiWHK* for^ *! post- of -(^M-r-Accounsaiit -JM f I nancial .Adviser in th« MMB 

— • — 

I . Tjiesa ar« tire; Bpktd'.*.. eommarcial businesses employing ^£.000 people with a turnover of 
v--=-£274m_. : ^jCh^tf- ^ecWiver^e" . luwipm. re ^rgaphed- in® Creameries, 

^tfdwlbuan f. these 

businesses/ ire ofoonsiderablesize and regarded- as a “profit centre" with accounts 
i^and financial matters organised. KCordipgJy. - ,- 

ji'iThe' Chftf Acroiiinw. and >Rn*ne&fSAdyiMe wilj -teporr to- the Chief ExecVitive and will be 
Irresponsible for. a 'jeenKalt uiu»;j*fWfch prpi&fei^Jirfancial and management accounts, assessment 
Ik ; of -commarclat projects, forecasts ‘and^4wdgets. The- type of service varies between the three. 

I ^fDivrstpfls according .^ithe charac^»|r?o^the.>uslaess and their commercial needs. The person 
ZT appolhterf" epH ba-expected to contffftute to future planning over the range of the financial 
arrangements qf tbes« Oivl»Jtjni^‘^* -v ' 

Applicants wHI pnsfeaWybe ari®as^55 yeafs of age- Salary is negotiable with a car, contributory 
ir'.permoq «hr^irtd; dthex* beR^ficT associated with.* large • organisation,. ■ 

•?y|;\: ■ PJoast. Write, (.or. telephone) tel .• ■,■» • • ...... 

jrt/npifcv : ^ * . . 

HB .at. : K-W •■•' PiftMiwI' and -Administration Director. \ ' 
fP''l.mWw d - MifcHarketing Board. 

«• : ■ - ... TKanies Ditton. Surrey. KT? DEL. 

•fc V-'o : -... '• 


» 1 ■ • 


Genera I JVI i n ing Groo p 


BOTiCE.tS ,8RK3B¥-!$lVzy that <JjrldeBda have bwn declared hr the undvirneniloned eompaniw, payable to 
iheMUos reawtekft st/tfw-riw of business no 22nd Dccwaber lea. The rtahwn o i members of the companies 

«W ; .be ekwetf i ftOro 3W &fc$«*cr. lfil* to 5th January. IJW. both days tntSBJiye. : 

• ';Nb UrtruiXj^^^vliq^^tiiaiU^ 0* the office of payment win be accepted. alter The last day to redsicr. 
U'T&e divstead* are declared is iht enmwa of the Republic ef South Africa. . payments from the L'oned 
’Kh^oat'OClc* ' wifi be. .made ta'Unfced Kmatfom <hnreaey at the- rate of exchanet rnUnjt on the undennenuoned 
i^rmii^-VcraTcraWa^tUtftd'er .'Use- flnrt/day thereafter on.-wittcfc * rate <* eacWose l* obtainable. • 

fmx- rt Jj'i -win be-, deducted from dtndenda parahlc to shareholders whos; reeisured 
addreaaes are ontoWe ;tt» FepubUc of Sontt Africa. •• 

Pgsioeut .win bo. tqadt by the. transfer. sfcretaHea men Owed below. 

;TlKr~tnB r niiWt itwrie fiiay 'hd : &Kt«£l&d at or ohtaintel’frotu - ilte londTO 'office' at die companies or the 

offices of the waaaler oaerwurtea.-. ’■ .-- • .••-■ '. .' .V' 

.--AH cdwwaiss rfacmlimed. are Jatonwated lb the Repobltc of South . ./• “■ 

DtvtdendK qb aharos Included la share wpmats to be arer of TCest Rand OonyoUdawd Wipes Limited, will be 
paid in terms of a notice to &*..p)bUstwd inter. 


‘ ‘ *7 Otfv of the Board* 

• : ' -\Lottdw.5eCT«arl« 


London tunes; .. 

Princes Rottse.'- 
AS emdinsi Street . 
.London EC3V 7KJJ. 

(Kit .December, 1ST8.. 


Transfer Sccm*has: 

Cttwter QOMOUdatcd Lunited. 

p.O Boy JflO. 
Charier Haase. 
Part Streeu 
A SWard. Kent, TJR 4 UKO. 



T8B bokwKras acts «> un 


;■ TfQTiCE IS JIBRS 3 Y 5 'WBff* »*?*** 
ftftoedon WS o< tbo Gmat& AOrWS. 
ahir ft MeriStf Of 0» <ie<sa«* of th* 
jiiww-WBWd companr will Sc beld s* 
ttft^efficrs' of Lcourd Curas * C<x- 
atone- tx ';Vi-9mUO.. semU UM« 
ml s&a, «q Ftidari *h* Rb day. of 
Oecewbee IKS. ■ » -tfcfcds-WiMw. 
for the wn oo «o CjeoWOril 8w*hx» 
'm and m o» «w aM ACU 
i DATED this Slat day crf-NarewSer IffS ■ 
By; Order- of the, Board. * 

; w. s. readeil . . : ; . 

— - DirecueT 




» s^thRt 2 *? of ' <he Campodes Art 1M8. 
that a Mccthrt Cndltam of *e 

aixrw-jwwd Cooapaw vffl he hrid « 
tba offices of Uotari C Srt» * _ a - 
Otuate -ai-S» BoKtach Street. Lohdoa 
W]a SBA, on Tuesday, the 12h day .* 
December XK 8 . «t M o’elo* nddd*y. 
foe. the pispoees menSoeod la aerttofls 
Jftf and-sn'tf fltt ntd Art. 

■ DATED iffis art to-N Nowmbcr liTS- 

' By Order of ft* Soant 



fjj«a-:cor...thn Estate oi jamec 


The Irish .SBOea Exchange, lain notice 
djt Rttart Arthur Tbonjasna. Tntstee 
jqr. CredHCTi by TMUt Own roglnmO 
iq the Cemrai ortse m the Hmb Court. 

« idth December. 1973 Oedirea 
Mat ea* Rant DM 0 aad to Crea to r s w|tt 
bo ,»W . enir the enury- oi this eocke. 

wnoo or Cowwnr ** 0 o «napd*e 
tftW wav dm a claim asamn the above- 
mtn tlooed Him; or amr Hnncv bf the #rm. 
•ftd who jiww not c owm l tW d W rnuriwa 
a aoem of Aaseac » the Trur Deed, 
mn tadpc their claim br Slat' Jacutarv. 
1079. ... 


dertv FigeiHr.cbUraa sbmrfcj be fonqrded 

Cbmpany. -‘TtKi Stork- uehanoc. London 

iupeng 1 F. 'cetilRS Sc -ia*? StFVtoima^ 
i Sou arc. Dublin 2. 

for Growing 

It you arc a shareholder in an established and 
growing ectmpany and you. or your company, 
require between £?0.000 and ^1,000,000 for any 
purpose, ring David Wills, Charterhouse Development. 
- - • • Investing in medium size companies 3S 

minori^ shareholders has been our exclusive 
business for over fort)- years, are prepared to 
iirvestin both quoted and unquoted companies 
currently makingo\ : er^ , 50,0CX)pcx annum 
jtgbt ' pretax profits. 


Charterhouse Development. 1 Paternoster Row, St. Pauls. 
London EC4M7DH. Telephone 0J-24S5V99. 


Members of Midland Industries Group of 
Companies, manufacturers of complete Farm 
Machinery and Loading Equipment, seek 
extra capacity in their West Midlands factory. 

Skills available are in Fabrication, Machining, 
Assembly, etc. 

Reply, principals only, in strictest confidence 
to: — 

Mr. B. Gordon PleydeH 
Divisional Chief Executive 
P.O. Box 77 
Wolverhampton . 


67 acres residential land available for development, located 
in fast firqwing town west of Edmonton, in the heart of oil, 
gas and coal development area. Copy of accredited appraisal 
available. Contact Visa International Properties Ltd., P-O- 
Box 5634, Station L. Edmonton, Alberta, Canada T7C 4G1. 
Telex 03741641. ; • 


Injection Moulding/ Vacuum Forming 

A change in policy presents an unusual opportunity 
for a Company wishing to expand into, or add to, 
indoor and outdoor garden products through the 
acquisition of a well designed, modern (1978 i range 
of tools and jigs at a proportion of their value. 
Offers in the region of £25.000 or more expected. 
Write Box G.3028, Financial Times, 10 Cannon 
Street, EC4P 4BY: 


fior further information contact: 
K-Dean. . 

_ Breeds Race, Hastings, 

E. Sussex. 

• Tel: 0424-430824 


Small Company with kcIio silos force, 
with well esixbfahrd outlets (n GUc 
Shops. Deparnaanm Swr», Hard- 
ware / Do-It-Yourself • md Gaj4*n 
Cencr#s. seeks additional products that 
It can either iitMiufKtgre under licence 
or burr ootrif l>£ eo sell to these outlets. 
Write Bex GJ0»i Financial Times. 
JO. Cannon Street. E C4P 4bY. 


Up to £100.000 available for 

No Endowment Assurance. 
Commercial Fi/ncft also available, 

Write Bov G.2582, Financial Tlptet, 
10, Cunwi Street, EC4F 45T. 



It a smitl team of esppr Iriried tvi 

qvfliflad eltctrooie tefineen who can 
tuna your ideas Into retire* at a 
rwlljtfc prtc*. Whether yosj wut 
soraetfdrw^ Hui R^ ^or wph Instated, 

mv. for fwoerftox hcrtm. 


MortAed for Europeta, A loan. Near 
and Far Esse Enhances. Muteivefcsge 
ootieb awUble- for worM^eMe as*. 
Price* £175-£400. 


Acorn Studio*, 

BrMd Gardew.- Londwi. SWtJ. 
Tel: 01.74U 02|7. T ¥ le*t 2S8S7. 


ft Jeo an e s e Cosnnan^ exporUnu a 
ranou of. CCTV Soww, Cerawe. 
Lenecs. Camera ir Brackets, Mom. 
wTvkl» Seneers, Auto SJ&K. 
etc. wtatwt » wprt m a UJC, OWtfbu- 



fuHy «*ir>?ed to nvtrvufttxurf eh tfpes 
of jolae-y products. Are* ap.eroei-. 

7. BOO sq. ft. Alio adiitVnnil 
adjolnin; spier up to 40.000 sq. ft. 
available i( required. Reasonable rent 
can be negotiated. 

Apply to: Metsd. Ssmreor* induq^-ial 
Estates Ltd.. -Bridgnorth. Salop. 
Tel: Bridgnorth 5221 . 


Factory recendiaoiMd and guaranteed 
By IBM. Euy. ***e up ta 40 per cane. 

. Least J year* from £3.70 weekly. 

J ■ ReM from £2? per nonch. 

Phone: 01-441 2145 



Travelling to Switzerland in 
about one woek'a time, invites 
Business ( Professional assign- 
mints. Future travel also 


D2>b ft Clegs with Haudo ft Spark. 
M. Wawrtw fleet. S.W.I. 

Peter Whitfield and Bob Tanner 

(formerly of Clubman' s Club and 
Orme Developments) 
have £2,000,000 to invent in: 

0 Managing directors wishing to buy their own 

• Companies wishing to expand 

• Companies wishing to merge with a view to 
early flotation 

Minimum profits £100.000 per annum 

Write Box G-2S12, Financial Times. 

JO Cannon Street. EC4P 4BY. 

Overdue Accounts 

Out c>r :bc ilciaf or-:. muferUUDt faclor* in vncreashi; ny pro F-ah nirv- aim mainiaJnlnc tiqctditf Is ffi.- 
•.•asb a.ueraTid br (Cctart and speedy eoll-JcUon oi 
ouWanjtru; ar.-sants. 

Crc-dli Aid tncwnoiSiWS all aspects of modem cretin 
iiMi-cttoa. barh in ‘.hi v.K. and Overseas. A totally 
or. fL? .:unal acme*- — run by chartered acvDuaiaais. 
Contact in strictest confidence for 
Commercial Collection & 

Business information 

A. B. Bade no ch, A.CXA. D. W. Clark, A.C.A. 

Credit Aid Limited 


Property Investment Group 
(with insurance interests) seeks 
control of dean shell or small 
Trading company. 

Write Box GJ007. 
Financial Times, 

10. Cannon Street. EC4P 4BY. 

4 :.Vr t-r.d^e S.rt 

London ECiV BAA • Tel: (U-SW 

MANX'FACTURERS — Contact required for the 


— joins together buildings, fittings anti furniture 

Opens up new possibilities — the system is simple to 
manufacture with a reasonable investment — -it can lay the 
foundation for several industries. 

Foreign licences granted for a branch of industry or whole 
industry- Complete equpiment supplied- Full-scale instal- 
lation shown. 35 years* back-up experience. 

Please contact: 


N viUav&gen 15. S-230 50 BjSrreii, Sweden 


*.th a differed:.. Ex?sn raxarten 
adwee wart Company catler«d to pve 
bait ad/wufe: I«:io*y| by NOMINEE 
Service aid Pcgifttred Office (aciiitte* 
(>.e. complete anonymity I. 

W« offer: 

(il Experienced tervizc by a forme.' 

Sank General Manager. 

(rtj Bank introductions. 

(iii) Immediate availability in ble ef 
Man. GibraUa- and Cariobaan. 
Write or telephone for further details: 
2 GoMIt Terrace, Upper Oairdi St. 
Douri», Ide of Man 
Tel: Douftaa (0*24 ) 22435 
Telex: 42S241 

After horn ft weekend* 0424 251 15 



Well established small private {roup 
<f companies have potential business 
oppctxunicy in leasir^. The product 
and market contacts arc already 
developed bur finance of £' ; m. upwards 
is n eeded, Thr venture would be on 
a 50/50 basis with a food return on 
investment potential. Applications 
from a>n corested parties which should 
give evidence of financial status and 
principals will be dealt with Hi the 
strictest confidence. 

Write Boar C.3D1S. Financial Times. 
>0. Cannon Street. £C4P 4BT. 


Interested >n good recondkutd chip- 
boa.-d ratnufitturir.g plant bued on 
btggaue raw material haring 20 to 30 
tana metric capacity per day. 

Writ* Bo* G.30?f. Financial Timet. 
10. Cannon Street. EC4P 4ft Y„ . 


arc proposing to *« up an Insurance 
Broking Company to look after their 
Insurance requirements. To employ 
the necessary expertise a minimum 
premium of L I m is required. II your 
Company ii paying not leu than 
£10.000 in premium and could be 
interested in subscribing lor the 
equity, pleur wm» for details: 

Box G.3023. Financial Times, 

10. Cannon Street. EC4P 4ET. 


The U.S-A.'s raoidly growing iic cream 
chain is seeking dilt.-IbjlC'S or ZIP'Z 



FRANCHISES in major marker outside 
die U.S.A. ZJP'Z "Maks Tour Own 
Sundae " features Ice Cream. Frozen 
Yogurt. Diet Ice Cream Products. Ice 
Crvam Ca.n and Parties. Appointed 
distributors wifi have the rights to scfl 
stores and establish opcruioni. 
Principals only, with substantial tales, 
managerial and retail experience. 
Please submit lull financial statement 
With first fetter. Minimum SI 00,000 
investment in U.S. funds for select 
marker areas. 

Address replies to: Office of she 
President. ZIP'? Intc-niitcnil Inc.. 
P.O. Box 5630. «70 Monroe Street. 
Toledo. Ohio. 43613. U.S. A. 



Are you obtaining the best once ter 
your tow-im'eage prestige maioi-car ! 
We urgently require Rolls-Royce. 
Mercedes. Daimler. Jaguar. Vanden 
P!*i. BMW. Porsche. Ferrari. Mascraci, 
Lamborghini. |tnsm Convertible. 
Rover Triumph and Volvo can. 

Open 7 days a week. 
Collection anywhere in U.K. Cash or 
Rankers* draft available. Telephone os 
for a firm price or our buyer will all. 

Braokwood (04867 ) 456? 



42/45. New Broad Street. 
London. EC2M IQY. 

Tel: 01-628 0899. Telex: 8811725. 
Company identity in liK. Saudi Arabia, 
Pakistan. India. Bangladesh and the 


0. Ruol.i Ltd., s large organisation 
dex-ing m all types cl domestic con- 
sumer -products, i.e. Hardware. Toys. 
Cosmetics. Textile!. £k-ct.’i;al goods, 
etc., etc., offers immediate ca;h le- 
quantities of surplus stocks c< this 

for o qu-cfc decision con ten: 

Denh Ruoin. 


34 Macdonald Sl. Birmingham E-3 6TH 
Tel: 021-622 2222. 


Are you a shareholder in a 
close company? 

Does your company have a 
current period corporate 
isx liability? 

Hare you an Income tax 
liability for shortfall/ 
undistributed profits? 
Does your company have cash 
reserves which have not been 
d^mbn led due To high rate 
of laic on income in your 


Pleas* rtbly in itrlctest confidence to 
Box CfidfL ginsm-inl Tines. 

Id. Cinnon SrrceL FC41* 4BV. 



— finance of stocks and debtors. 

Send for detailed booklet. 
Lawrence Collateral Services limited 
1-1 T Hay Hill. Berlttier Square 
London W1X 7LF. Tel: 01-629 9807 

awns four cattls lancbes in three 
wesfem tlxn. Almost *.000 o»Wni 
acres, plus 6JJOO leased acres ■ Federal 
and sretei bmna dtmtoaod for c amour, 
recreational use. plus cattle. Some 
mineral riahn ’now leased lor oil and 
B*s drilling'!. 

Need capital to ecoand. propose 
merger with German. Swiss or British 
company to acquire same. Contact 
O Marc Carter. United KlngOom 
Representative, inval House. Hasfe- 
mere. Surrey England. Teleonone: 
Hasicmer* <0*25) 2208. 

limited enmms . 


30. City Road. EC!. 

01-628 5434/5. 7J4f. 992b. 

,0m behalf of Italian ma<iufac:vrcr» et 
high quality swivel casta.?- one t. a. fer- 
al read* exporting to U.S. A. and E E C. 

I countries, we are seek I no sole importer 
lor U.K. Write: Mr. Wohlrab. Eurc- 
pUn S.R.L.. Via Motto 17. Milano. 

ctLOiCEftY 5fiCqL>irn^'| 

-.Fimifiafil 5(-©jGcTumncdi:-| 

o-y. ■ — i 



£50,000 TO BE SECURED 
Write Box G3022. 
Financial Timesl 
10 Cannon Street, EC4P 4BY. 


We >re inviting propositions 
from first-class Lessees only. 

Pfeote write In confidence for 
oil your requirements to: 

Kan aging Director, 


2 London Wall Buildings. 

London EC2M 5PS. 

Telephone 01-58* 5276. 

For sale in confidence 


In two major shopping centres 
Well-known, thriving 

with excellent retail premises 
in prime locations. 
£1.000.000 + turnover 
Four shops on new '’existing 
Leases (some Freeholds might 
be available) 

Outright sale or merger con- 
sidered at around 
£300,000 8AV 

¥.. WEBSTER, FJU.C.5. 




Unique cppcrtun.i, in Maine. Largo 
very sc:::»<ul irxeg'ited potato 
spe'icid.1. High qujkt; ccniUpd ie;d 
and top grade table «o:k. Ore* q.COO 
acn?; under culrivabon with yield; 
25'- abtve indijiiry arc-age. Modt-rn 
j corag; capacity fo: 2 1.ClGQ tout. 
Highly skilled and txporien-.ed manage- 
ment team wifi remain. Offi'cd at 

Write Box G.3023. Financial Times. 
10. Cannon Street. EC4P t sT. 



formerly partner in City firm, 
interested in inklertakms 
assignments in Switzerland. 
Write Box F.1071, FinaJKiiul 
Times, 10, Cannon Street, 
EC4P 4BY. 

Exchange Street. 
Norwich -NT12 1DJ 
0803-29971 (7 fines/ 


A unique opfwrunitv arhei to pv,r- a imal| agency tituated in 
Central London. Taral billinji amount 
to £750.000 per annum infl are 
derived ham die servicing ji blue 
ch> tlienu. 

Principals only apply fo Bc> <J.j0f4. 
Financial Time i. JO, Cannon Street. 
EC*P 4BV. 

! CAPITAL L055 Cbmoanin reaulreb with 
agrrea im iptsn e. izs .000 and 
( £200 090. Write Bar G.3029. Financial 

1 Time*. 10. Cannon Struct. EC4P a BY. 




in Fra nets and Italy 

"SrtMdfie iutnimm conpvar vldi a 
aalts office in good loeadoos is France 
and has addJrtonU mce to reni 
to ffroa lrtrtuag to gat np sSnflar 
upon dons. 

Wriu Bos g.som, Financial nines. 
W. Cannon Streoi, K04P «BV. 

BrtatoL Tb* ntvtt l ttter th»> C SftnMli 
capital to aoiall bupmewes. invemrs or 
ont ro prot i Buw ring 0272 37222. 

WUtttO. Non-BUtm nrat mortute et 
fciOfS 0,000 on owner oceuoleo 

side p ro perty lust professionally 

n £90,000. Maidenhead i062B> 2290S. 

£1 A WEEK FDR EC2 address or phone 
messages. Combined rales +■ telex 
under £5 a week. Pmtlw offices near 
Stock Exchange. Message Minders Inter- 
national Oi-m 0898. Telex 8811725. 

No eapttsl r Mobed. tstabtnhed over 
SO years. Clients In 82 countries. Send 
Urge S.A t. — Wade. Dept. P., P.O. Box 

8, Marlborough. Wilt*. 

Magazine has been jwamoed with world 
wWe enau fries. Ask In year local news. 
agent* or sent £1 lor two oon free 
nsue*. International Opportunities Mesa- 
ting. Swift House. London, 5.2- 







FMtxqstoyre Peek* SdSofk. 
nm* MFQ 77474 Tata U570 

INVENTOR SEEKS Manctlna Oroautsxuon ADVERTSU Mvsetew n t 

foe untaoe domyctlc device. Pgt hPbfd. or DtvpMnwi Cwimt. «w Property 
for. ConwlssteJudniT basis. CsnaMer Asset* S»e Write Box 

actlHig out met stock and mooldlng G3028. Fleenttal Times, iq Cahrvon 

tool*. 04 346 451 6 evetrlnex. Street. EC4P 4 BY. 


emigre** » »«««*« duriog 

Ogeeabef to eer^hHtk insurance I 
Export AgrtKta, ftiq pvtailtr 
ia B*rketfit|, He seta eliqfltt and /« 
■Mtanenti Us BVkrtfltf-qWHty 
can be usefully e*e4. .Codteet initially 
through Dxvtea, Rou rb ota m ft Co.. 52. 
High Street. fe»o*e. Surrey. Tel: 
Esher 47644. 


Oeqr 480 jits hi stock 

guy wfaefy from tb* manufacturer* 
frith foil idter-ales senrtee. 

01-986 8231 
Tekx: 8V7784 

welgm Petrol Ermine*. CiW card.. 


Intends to expand its activities 
in the London area by 

Preference would be given for a 
company with a turnover in uX'tess 
or fl mwkin which has cood dp. nn sea 
where further e-ipjrmon rail laXa 
plow. Smaller rornpani^s would also 
be conaiderod. The mahae'taicni and 
sioff would be rei aided and mined 
with the existing team* op*rraiins 
In the area. 

Vrlle Box rt.Mlfl, Pinondul TICKS. 
10. Cannon Siren. EC4P 4BY. 

Client wiihes so ittqulrj 


which has previously conducted a tij- 
nifcant trading activity or owned 
property of a value of least 
(100,000 (preferably greater), Present 
«wet value should hr small or 
negligible. Write to.- 


Chartered Accounants. 

■ Eldon Ledge. Eldon Pfsce, 
Bradford. EDI 3 ft?. 


In building construction 

or transport trade 

£500.000 or more agreed tosses, must 
be trill trading. Quoted yr unquoted 
acceptable, 5*;lr t- - * otaciol to 




Contact: R. Minhcll (principal). 
■■Fcrndale.” Sittion Road. 
Boreham Waad. Hors. 

Tel: (01 >.207.0266. 


We reqoirf 10 purchut a Travel 
Agency located m Central London 
or she City to integrate with a mijo- 
private transport group. We mould 
offer security, expansion and profit 

Please write in confidence to; 

Bov G.J0Q9, Flnancla 1 Times. 

10. Cannon 5trert, EC4P <SV. 


We wish to acquire an opera- 
tional Garden Centre. 

Write Box G.30Q5, 
Financial Times, 

)0 Cannon Srreer. EC4P 4BY. 

Funds available for purchase of 
old established companies. 

Write Bo* C.J027. Fiwncrol 7imo:. 
JO. Cannon Street, £C*P <fi>. 


Wall St. slightly higher after active 


S2.B0 to £1—82;% <79J%) 
Efftctivc 51.3515 371% (3-1 ' " 

ume in IS .months, strategic at shed } to C 

Merrill Lynch Pwrce Fenner and tor W ' * “JJJJ- ^“quarterly intends o fieri 

Smith. «ho advise I arse iiMdlur. Fi?^ after raism, me qoa J 473.0m share 

lions- are recoramendinp that dividend, put on h a< . Pranr-n-Caiwd 

• MS «W*' SB. EkTSTV^ 

outset 'yesterday no^ifioa ^or^the "nelri ^ull ^arkeK abralor for stock, climbed J1 to Tokyo 

ligher after active trade ^ : 

C5 - , - : Dee. ! Dee. jD^tI D “*J S £ m ]" Ht«b f Lon- ) jtlrii f V'T - 

...... Brusseu summit which is ex- At 1.00. while CL J. Coles. in Stores,- - i 6 ; o 1 * • ! 1 ■ ■ ” • _ ! ■[ ■ ' 

sT^Ss {SsSS^ssis ■ 

on li to -SSL. and 473.000 shares of Credit Foncier t™ Naflbnat put oo " cents to a , m ^ B - adM .\ aa.«.; bL 2 h| «««[ « B - 4, | w -‘ ■*• Sfif \ (WflblV -. 

TUESDAY'S BROAD advance was serves a 
extended at Ibe outset yesterday position 

exienaeo ai uie wui«.. «»»=•••• ' ■ — c-j+i . . wfaich announced Improved A.S8.70 and JUM * jy 

on Wall Street, but subsequent However. during the trading J s Slee , eased 1 lo S22i- U is shares again presented a mused operating profits for lhe Sret ten A §2.44. while . Co als_ ussuo Oak- 
profit-taking brought the *™rk*. sess j on . Wage-Price Council chan*- holdine ta ifcs on an iron ore pro- appearance at the close following n j (}nlhs * of 13TS ga jried DM 3. bridge improved ». “““t-J? 


hack m Us tracks before tufnin^ mail Kahn said the Council nas jn china worth more than aDO iher active business, with ^ Bayerische Vereinsbank AS1.S0. In ' contrast, - Pel"* 

upwards again in the closing .^ijned. economists to study the J fieneml Cable Unproved i large-capital and esport-onentated . d DM 4 stores had' -WaflMSBd. in Uraniums, declined 
minutes of an active trading nJltl0n - s gasoline shortage situa- n has sold its stake in RICC j. vSU es mainly lower on pro . Dt ' Kaufhof up DM A 8 cents to .455.36. Central Norse- 

scssion. , ion. He said ml and petrol prices for taking and general selling, om Preussa J wh , ch iSa | d it j s man Gold 30 cent: 

The Dow Jones Industrial Aver- would probably have to rise to AMERICAN .SE Market Value medium and «> w ‘Pr l( ?°_ sloCK5 unf .fe ar ,f rourth-quaner business diamond specolal 
age. up 13.7 the previous day. rose prevent shortages, and »»ere is a lm|rx fished o.4t firmer at lo\M pointing generally hutner ui „ bg sufficiem t0 balance 1&78 cents. to 55 cents, 

afresh to S20.40 at 10.30 am and possibility the Government might ^ a falrly active business of The Nikkei-Dow Jones Average Ju ^ nevertheless gained „ „ 

then retreated to S17.9I at 3.30 pm have » consider rationing of un- SJS3n| ,*»»* CUlrai- . ° ioK whSe DM I.H0. Among Electricals, AEG HODg KOU 

ni-im- 10 Hr.^inv 1.33 higher on Tf>.-iricd gasoline. The market lost laboratories put on « rise lo close at O.O.iti J-. wnne .hmh mi 9 on mh' a 

«£5h0 shares ’of Credit Foncier comment — „ : Scents , to ,,.45 . BB-SL skzb| BB.4t( fMf ■ 

FTancn-Caiwd en. ^^^1® ^the Mining seetor.- Reiristm *»«»! ?»■»] ^j W' 3 « it® «!£.' ... 

T ° ky ° d mixed ^ ^nSd ^SSZZS 5S^Sf“&“ S SSJS , - ' 

Shares again presented a mued ating profits for lhe Gret ten Ajz.44. while . Coals mwiog «.i- • 11 asm 21.16B' ' -‘'c 

appearance at the dose follownng monlhs of 137S gained DM 3. bridge improved ce* 1 *? OOOV ;«M» wm. ( r K : - 

aoother active business, ■with ^ Bayerische Vereinsbank ilSl.«0. In' contrast, - «1 kk , . t - 1 ■ • . ^ .. 

large-capital and csport-orientated advanced d m 4. stores had' -WaRsead. in Uramums. declixigd ^ n-^ « hbAaai? 

Usues mainly lower on P^DJ- Kanfhof up DM ^ S een ts t to ^ A55.36. tontral No^- _ .if lode* ctooflWt from Aug. 24 __ 

taking and general Prcussag. . which .said It is man Gold 30 cents 1 to AJ LL2Q land : - • -• 

medium and lo w -P™*“ r stocKs unclear if rourth-quaner business diamond speculative Andimco 4 i Dec, t ' Xov-.E* ! Xov. l7 1iT«r 3*: > ... 

nmnlmn SpnerallV runner. _ ... . I 1 ,r--» Mntc m Sa n>ntx ■ ;... .J • - 1 ■-- • ■ ! 1 - V ' 

• Hay’s high S2&.B7- fair Btj 

lnd <ttv. yield % 

yov.Bt 1 Xar.» 1 iVwrsgist^^ :' / 
” fins B JO I '■ 5.57 ffiftW'- 

shares {3.31m I. 

J rise lo close at 0.030.93. 

while DM LK0. Among Electricals, AEG 
shares moved ahead DM 2.90 and 
Siemens DM 2.S0. while in 
.hanna Engineerings. MAN put . on 

«■ otr. Emcpprlsfti picked »^c m S5 SSESK KS T 

, = t«'. Sin; on increased third- market up*uw prompieo me Qf us njark-denominate. 
raiter earnings and a raised Pra|‘ l -‘ ak '"R- „ J/nita^L U^. with Public Authori 

extremes 01 w.ew |jU .j ced U p j w Sail; ana - products. 

Following an early four-to-one ■ S5 ,,j. Minnesota Mining and F lir osl 

ratio lead, sains finally outscorea 4j on ufactiirinR put on 1 to Sfi2. A up : j,-, j 
declines by just a narrow margin . , k tl f jo.OtM) shares were traded Qirerte r 
of S63 m 395. Turnover further sfi2 dividend- 

increased 10 2ti.S3m shares from |Ietfr0t dow1 , j nn Tuesday on Reasons 

nr S63 in 395. Turnover further so2 

increased 10 2!r.S3m shares Trom * „ down 3 on Tuesday on 
Tuesdays level or ->t>9m (i^cal fourth-quarter profits. 

Forecasts that short-term ' " d *“ „k with n eai nof 13 

interest rales may soon peak bounced oacK wiin n -. 

fuelled Tuesday's market rise, but ,0 B ^ins tomid^he acllw list 
analysts said there is n “ bul e-ised J to S73i, while Eastman 

real concensus about interest ^ j IfJ ^ D; an d General 

Hong Kong ” 

'Mkrket returned to a firmer STANDARD AND P00BS 
tack yesterday in moderate aCti- . — 

city, mainly on local mter«t._The ' n«- 1 Dec Dr 

Hang Seng index rose S.Io to Dm-. D«- , D J 

• ir. x ^ 

29 '( .Bigfa j. Low i HCg^L i 

s^j^^sisst " ;^;;5 M h 

sx’isfr T ~r; \£7M^ s%3R.“-5£ , £ j asa 

The easier dollar against the Ree H la V n a„ Swire Pacific and Hofieblson . I — ~~z — , — T7Z — 5^7 • - • 4®, 

ton on the Foreign exchange 2??,™* Whamooa 10 cents each to tod. aw. yieW 5. . J ! S1 * ! . 7 . . j .. — 

Market luriher upset export- buying : DM 2S-«m the pre\ ious ^ HKS4.50 respective^, ■ i- gj73 H-. -a.90 .8.64 ■ f- 8» 

,rientalcd issues. TDK Electronic <*ay. Mark Foreign Loans were tndTVheeJock 2-3 cents' ' to lo^K^v ■ •• '. ' ■ 

■otreating -YOU to Y1.S80. Canon well maintained. HKS2.673. although Jardine Bk>o>i^«u '[■ ' a.7B. 8.67- 8J6 . j- -7 .7; 

i;s to ™ and Toyota Motor p^jg IMathMon were unchanged..- at — — — “ 

Pharmaceuticals lost ground, .Market unnroved afresh in more ^^^0° Ugtit gained HK»1 to Jf-T-S E- . ftTTl fiOMMOH ‘ Pta. 0 

but Real Estates. Textiles. act jv e trading than of late, with HKS25. Hong Kong Telephone _ luec.L- i«uto moeu.w.' L»16 L91» 

Machinery concerns and foreign buying taking place 6 o cents to HKS2850 and Hong PS 0 *! a 4 1 ! Hteb . Low 865 U»8 

Petroleums were higher. prompted by the relative firmness K on - Hotels 30 cents to HKJ15X80. — — ; — — -r Poll*.. ... 595 455; 

_ Of the French franc on the S4Ai 65.75. 65-77, W.M | «-» Ina^oged— 406 - sn 

Germany foreign exchange market. The Singapore • ,- U1A » hew Higto... j |4 .. .M. 

Share prices mostly gamed finished O.i higher at 77^. Shares were in firmer fe^e.m . — ; ^ 

ground in livelier trading. Peugeot Clttoen gained 9 to light trading, with the 'Smgapo^ ^ mqktbEAL _ iw. d«. !d»- 1 ; 

Influenced by the results of the FFr 499 after announcing higher Straits Times Index picking up Dec. . High ! 'l 

r "r- - 33 Tifȣ iifiuss Jsrk Sft m . / ai'ias 

541.. w.,..«.. nil ...-. . , 19 i9-«. FFr e a2.n °a n ^ Tbcmi so^BiSd t 4 sis SS4.9^ National Iron 15 . cents. : tp TORO NTO fl«6S 1282.11 in U KB2.7-(12 Hh 

11(5 )" n 'f iif* u>FFr 232 ' 1 ' SJsS.?*" MJdSanBanHni^iined JOHANNESBURG [ vjj aU 215.4 • hU‘ '^ 9.8 iko 

Ut Hi w* A,.«tralia w cents. to. SS6.00 »*A <*%*** > 8U' za-ir ^fLiii : ^!«J 

S2i» I : AW.4I« 94 194 , , Chinese Banking, lo cents to SJ7J0. ■■ ■. ' ■ "iy " T " 

„ Isi'rw .78.-9 i 7S*6 I-ate selective buying interest , . ' Dk. •- ftp- iflTS , 197B — : ^TveeT 

L.S. .VMtat w:w.. B.B7S B.BSt, brought some Ufe to an otherwise AHlSterCiani ! 6 \ vimis •- High . t^ju- . 6 } nou.] Htid 

{„,* dull trading session yesterday, . . . t - _____ '■ ■—* — 

24 leaving stocks firmer for choice Bourse prnies tended to burden jw 2 -»o bM.« . sw/n 4 ‘ 1 - 16 Spain (*/>'. «j»' BUO^Uli 

‘S 4 * CANADA ° n Ma?kct CC ' leader BHP again Unilever ea?h FI pO^e/ln Balgium-S-; «■'* »j &\ gg Sweden ~ 

3llj 19 IS., ^S rc ro b AK%cfwhU?W^fieId ^ElS vvh S ™ Folte Airtiij DdJ Denmark^. ^ »». “J ; S5, 2B6.61 ,2W.7|^ 

IZ . 3?t 40ij ^pcrtles. after recent buoyancy and Ahold .wjM ^ LjJ 77 ' 8 ! »» : JS& l .JK 

id- vauuwstw.... i6 1.5-. on the reorganisation proposals, between FI 2 and FI 350. -How* ; • '**£(* : ^ ^ Hana^n B ^3^«. 

90! d 46*; 43 recorded a fresh advance of 18 ever Helneken. “P J Sermanyi.J a2£ -° (LnmerehSe itilana - lf3 

tB»a u^n*. <?> m no 1 tm . *5|i 25si cen ts at A9S.48. Tuesday, reacted FI LoO ahead of • 1g ti »* '. mi , tu New sb :4n/a. ftstnite -TIn 

\lw- ^ ! 2 ,fi international Combustion moved the annual results, due later Holland >5, w .■n’Jg, i :lMl ,cQni 

l !i^ »S=r:- 64° ahead 15 cents to AS2.00 and yesterday. _ _ ____ WKong ^ce^ls^: 707.70^* ** 

S“J» “s« ?5==iT53n5s*4-“^’» 

es oy jusi block or jD.uuo shares were irauvu qu3rte r carmngs. - r'L'" NjDoon stee | an d Hitachi. l ies - w *u» fudiic Auuoriiy issues 

i tn 393 Turnover further sfi2 dividend- .' , ..... v^ofT y t Y255 wMch have beon showing both gains and losses 

sed 10 2!i.S3ni _ shares from dQW7 , » ftn Tuesday on Resorts International A >■« «« -l wnicn nave oeen ^tending to 20 pFennigs. The 

er' a =i l thLr short-term lower fiscal fourth-quarter profits, topped the actives Ust but slipped h « V. 7 h nar against the Regulatins ^ u c ^ Qr ,;?® s tnr s k 0, a fte r 

e ™* 1 * lh *L soon 1 S bounced back with n cm nof 12 ■ ,n SM3- , cn on lhe foreign exchange «™«* M* 

•' nil 9744' MIS' 9BZ» MlTft 33.76 188.96 j 36J0 -«S-»T-.l«as' ' 
. 87 -* B 97 - , ‘ “ . . j iU/si L twsi ituiUBtfftgiftte - 

- Xm.Bi . \PV. BX j ypv. 16 ~; VT*f ag»OyP»^.r' 

rates. . 

A number of economists have 

Motors *: to 3561. 
Textron receded 11 to 

market luriher upset export- ouymg um 
C anada orientated issues. TDK Electronic da y- t Mar> Fon 

^tock price* mosUy gained retreating YOU to YUS80. Canon well mauitained. 
ground in a' Fairly active trade YS to YASO and Toyota Motor p j The with tile Toronto Composite Index Y10 to YS9S 

; L . Ar, rn T-ism- 3.1 to 1 283 J! Golds. Pharniaceutivais 
rk on an visin„ . London but ^ 

cals lost 



Market improved afresh in more Oi«- Bvml yleW 

X.jv- C9 . 
5^3 | 

8 J3 -] 

— a.78. ■ .■ 

5^7, '-j .434 • ' 

^ i 

8J» ■ y ' . n. 777 -ys- 

KUes wid ridt» ' ' ' ■ :'} 

ber.B i Dei. S't DmU v 

reaching a peak. Harris Trust Iranian helicopter contract ffin prices advanced 39.9 to Machinery concerns 

rtK-praldenl Beryl W. Sprinkel GoM shares were ir i good form. Bu! II q Jf whUe 0Us an d Petroleums were higher. 

?TCr^x r u d RcS v; in £ ,j j a 

rate will peak near 13 per cent S-JL RcdtaKe i. t L2! 

led 7.0 
1.29 at 

ai I.7S3.3 aud 
133.7S. Banks. 

Issue., moeu.w.' 1.016 f L91» 1^00 

—I 865 i 1.098 ^ 7TT ’ 

F.H. .. ;..v . 595 f 455; P cue 

a-siysa'iE.siSnW. asur. 1 ^. - ««» 


,.495f 455; r- 69B 

BSSl^.-St :« f ^ 

»w uSn..~*J 24 l - 38,}- . 

two- ground 

prices mostly 
in livelier 

I Dec. . Dec, 
l 4 ; 1 


Vii. ii l .-it- S5 

AJ.ii^-'tr^i.ii 24i’ 

Aet nn Uii-ili' 301; 
AiivMii-'I- . . 24 li 

At-* ii' 3J'-i 

\i-<i 46 

Allrtf. l-il- l*ii 151“ 

l.tijtielil puri-i ll't 

Aiiie>l* 30i- 
Vitiwl ~i . ‘43ii 

\ III- « hAlmer-. . 31K 

*..\l l\ . ... 46 _ 

Aineni'l.i H "8 ; i 
Ann-*. Virlinc. . 13 t 

Aiiu-r. biaa>U. . 501; 

\liiet. hrnnhiii. 38 :» 
AmwAiD .. 36 

A :n»r. i VHuanii.t 26-, 
AimT. fin - lei.. 23 -j 
V mw. tio-l.ri'V 221 1 
A met. h-.|.ri".f 32lj 
Amer.H-nue t’n«i ZB 
Aoier. Vle>itu« ZS 1 ; 
A rim . M>y.r>.. 5i« 

Amu. Ns*. U»--. 411; 

AniHi. Min lar-i 45 *; 
\tiiw. 5*1. -r*-! 511; 

Arner. Tei. A I •■.. 61 »; 

AlmAi.k . . . 30»» 

AMP 1& : » 

AMP . 33!; 

Ain|tr 1®’! 

tl>c km-.-. . *7*; 

Auln-ieer lln~-li HSJn 

Armen.. . 19’t 

4.Y.A 231* 

\viruera Oil . . 15 

. . 135; 

A.hlAii.l UII 50 

All. UvMwW . . 55U 

\iitn Ltam Pr- 31ij 

Wi 8i* 

\»«. .. 2^1 
4u-n Pr.-lm-li.. 54 
BMl.'im- . 254« 

Hrtujr>r Hiiiim.. 22 
Hank Vinetli*.. 26 U 
Hmiwr Ir. N.V 34 
Bemcr'ii' .. 26ij 

B?xier I’mveiivi.. 42'- 
He«rrii-r Ki*«l — . 24 >* 

Feci 'in Iju.-kinwi 34** 
Ktli A Him ■•ii.. 17U 

Beo-ti* ... 37> a 

Heiiautt Lout - ti' 3i > 
HcthieHcM mwi. 20.; 
Hlai.W U*.;kri . 17 

Bneioa 73 55 

Ho!** 1 asedli:.. . 27 


Run: Warner 2®*> 
b'raulrt lur . ... 141* 

Hms-au . . ■ 141* 

Print 1.1 M.ver-.. . 34 

H.Pe* t Uni II . , IBi; 

Ui.M.-k-iay ilia’s . 2£<; 

Hrnn>« t-.-k ... . 14 U 

l>ii.-vi ■«< hrie . 1 17 U 

Billina W .licit. .. 61; 

«. >.nimu ••• 

1. in lui'ro'ii.' * 

t mne 

1,'nakerNau. ■ 

1 . taiwii Ti'l'ei-* ai.'. 
(. iininiln- Hi|.;i!>>* 
>. uni-* " nglil . 

I Un rw 

11a ri l min Am- •• 


lie- ll-mii- 
IX* imui 

Urlll-pU I Hi... K-Uf.i: 

LMnni-.ivI •’lia-.irk 


Ululinl lijnip. 
L*v.nev . VV ail 1 .... 
llneer t-.’i!‘"i» .... 
L*.in- i.niemii-a! .. 


Lhe-’er . 

Uni-ait .. 

Kauie 1'iL-lier.... 

h«ji Klrkiiw* 

Kail man KiniHk.. 

411- 1 «P: 

,l.«l.u- II until le.. -i 25 
■l..liiia.iii . I . ■ 1 1 r r -,.o 1 ' 76 S* 
4„lm >.n l.iaiicni.! 24»a 
J»V Manilla lur';) 30 
1,,'jlai <-..iV-. • ; ^3is 

Kn*eiAiniii'ii'W 18U 
Ha»ei likli 1*1 lli-d a** 

hniM.-r >li'el I 19^4 

K..v 12 

ki7IMIn-..l I .... •.*•' 

Kerr .. 48 k» 

Kfctilw WalUH 29 U 

klmU-rlv tlarL..; 4* 

ki.|4vr 19** 

kmll 45 

Hiwwr 1 35 >* 

lan-va,* 1 niiii... 33 k; 

lari' 1 **«rml‘ 341; 

Lifabr tin. Fnw.i 24 la 


I lir\ llo>*l' M’jUl' ‘ 

I II-rn..'.l- li. -1. ■ 

[ IJirli' <•!! Mcrfi • 

ii.k^ccr-il Inter.. * 351; A llw*. 

aBJ* ' 38 U 
1264* I 187 

Li£inHI ijmip. .. 
I.: IJ\ .bill 

451; I 45 r. 

1,'nta- |ln*-.|i .. 

I! I'M 

l.i luu- .. 

liflor ■>irlein... 
'•Alrna* 4|„ r ^. .. 
-,| . 4.-> Miiicm • 
M. Ili'gi- Pajer 
-ama t*- tiuU. . 
-an. I in .-l . .. 

**>»M ImU 

S.-tl . II .. Ilirailili . 

?ch-uin**rcvr. .. 


-CiH* ri*i«*i. . ... 

*i’>ri' Mr* 


.--lafir.r •-.*' 



218.92^-214.881 21BJJB 21Ulr'- 8*2.1* (U|Wi . 
222.52; 221 Ji: 222-68 222.E2 ' 228^7 (L2lWj . 

flBjpwifca.-. - 

*V>a.,«k«.rlll ... . . 

W »-.* 



/ten Ir JH Kailii. 

l 3 I'rca 

to FFr 2.i2.5. 


2263 224-9 223.4 221X ' 272.8 tl4J8i .. 1B6JI (»'/«- 

• 285.9 296.7 286-8 2ffi.ff : 2S1_3 fLIll J.J---184J'<13u/ ; , 

L.s. .nt,la* htl».. 8.87 j B.B5- 0 


Pip- IST 8 , 1973 
I vkar* •' Hlfit* • T/ny 

i Deer 1 PreTT 7 ®®- 
I ' 6 ‘J rloua;) HI fjfi 


Linui InNitiriu. Ml'a J 215s 

33!; > 34 

\K (i ll.. . . . 29 ZBes 

fc. IV-i. A#1. In- 16 1ST* 

Klin* 264: 264a 

Kineenii Eltfoirii 35;* 33 U 

limcry VirFrlahi: 194fl 1 ?Ir 

Km ban . ... 36k| 35U 

231* I 22 

K.1I.1 3 

hu^/Hiani.* 281* 

K*niark 25'* 

Elli vi 21a* 

Ka.uni ...1 50j* 

Pain-tiilili-aiiiem 33 
Kr»l. LJeva . 33 1 * 

Kireimie Tirau .1 15 i* 
K-U Nai. UrnlMr. 271* 
Hi** 1 Van 171* 

Kimra-ii’- • 39i* 

Ki.irvla Piiv-er... ■ 31 
Klu-ir 3Ua 

23 1 r j 27i* 
251* 1 25 
21*« I 215« 
SOj* i 503e 

L-jl.hec>i Air.T-'n 21i* 
I^neMar lmiusL 2*ii 
L.«i« Uliuui U,l.. K /Sr® 
Laniiaiaca Lan.i .. 21 

Lm-n*j 44 U 

Lu-.-kV l*|i>re» ' 16 

l.j'ti") L'-jrpfi . 83* 

Vim Jtillan .. 9'* 

lllie.* U. H 36ia 

Uiia. Han'iver.... 334* 

Uapc* 295* 

UnnthiiiiUil . ... 

AlHime Mmlauil..: 15'* 
Uanlali Pu-kl... , 165* 

'*95* 1 29 

■jea Ionia mer . .. 


settle 'h.ll.i. . ■ 
-ear.. I.'i/l uit.... 

slwn Vi 1 

shell I tui*|.<irl - 


riaiuaie .. 
'•implicit* twi . 


fwiib iuter 

yrntiM Pai*r..., 
*aiii*. , .i fia>j.e_.. 

A a a* 1 1 A umliii'li.- 
* aulim SilW .... 


Bank 01 M not tea 
tlMik Nora an nia] 
| U^u.- 
Rj'l TomplK'nia... 

I Rivr Valle* I (]■!- 

"( \ 

7 ' 7g l 

• . ! , 4/ioi .■ --(£■£) bank Dec. '1952. 55 Amsterdam ttduwMt-'- 
• 226.0 883.3 ' 1970. CT Hang Seng Bank 3V7«k. Si ?««»• . 

_ H»o WJO Commerdale Iullana 19T2. o3®: - 

lail vs ■> '. mi 1 'tfij) New SB I417/B8- b StraUe -Times' ia&r- 
r ■•flLS, hiMi c ChHBd. d Madrid fiE 3W12/J7.- cSttflU ., 
P2fr.ce. 6UJU 707.70 . 323.4 holm UttMlfd fSwlK ,. 

ahead 15 cents ro AS2.00 and yesterday. • HoiurKoiig ?2fr.ce&W-83 70i.70:.sii.4 

Australian Foundation Investment State Loans were narrowly * *» t ; _ * JW» iWj oorporadon. « unavaitebte. . 

UPLamiiU • 2 1 : * 


to mixed. 

Ura'cMi ;.... 

! tin mi- 

33lr 1 33 j* 
45i* I 45s* 
42 : 411; 

I Cn.cary Riacr- • 39^: 

-lull b k Hue 64-'* 

3l5j !' 313* 

Slav Uen. •■*ivn , » 23i* 1 23>* 

.Mt\ ‘•41* 42ifl 

,|i- berm. 41.. . 231* • 231* 

U,-L)hDiii;.i Uuiitri 34 - 341* 

U •.<!«»• Hill 25 • 25 

SJcuivrpx - 31l< | 32 

Uriel. 641* | 651; 

Mviriii Lym-li. - 171; . 17a* 

M^-ja PiSr-j.eii'ii 32i* , 321; 
MUM 381* ! 385* 

Sl'lll «*.«* 


Mmriirtii CaI.P/1 ; 

MUllUMII 0,1 

31'nu. \al. .... 
•MWthem Pai'if u- ' 
» ml herul.'ai i**a\ 

lauilk- Slilie- . . 13 m i.eiDeni - 1'/'* 

Utxaili* XB Lon- 9-« 
Can. I u*5' W. Uiin! IS 1 * 
i. Imliiri - r*-2 

can. iv-fiu-;. ... -5 

». nii. Wu.’ilfc' In* 5!3 

L«*u. .-ui*r (lii.. . 72 
i.ftrungO'Kwie 4 45 
Lu-»lar,A»fwl.i-.’ 9^ 

NOTES: Orerseas nrices shown below anO/or scrip 
•rxcluite S ororalum. Belgian diridends o Grew dlv. ft AmurnM dlvMmd jtfgr 
are afienr withholding lax. scrip and-or righa lssim. kAfWT^RCTl 

4 DM H denom. iMjMML “2SSM5-- 

Italv uSi 70.79 j 7W0 gg j WEpN feg pA Y^ ACflTYE StOdfaK- 

■ — — -> -uiii-.ig-.-sf . ■ ■. - ;■■ ■ . ^ 

. Smeaixtrei^i' 3fr2^4 ! 550.42 : 4M.W j 2&t0 .... traded price day - 

share, f Francs. K (8i9)'! (S,l* Boeing 493^00. 731 -I 

i Sear* Roebuck SKL440 2U • . 

Indices and base dares fan base Talues Texaco — ' : rZfS* • 

140 except NYSE All Common— SO Eastman Kodak-...-. K2JM *1, 7* ■ 
Standards and Poorii-10 and Toranio Holiday Iniia ...i...; 213:180 1M - 

100—1,000. ibe last named baaed 00 1973': .Beatrice J^oods . 21i^W 34J 

t excluding bond*. *408 . tndnstriala Dfflre ...... — 3P7.1B8-, 231 **ol 

5 4oe indusi rials. 40 tllOUtes. -40 Hnance utnnesota Mlnfas * - ■ 

and 20 Transport. ISydoey AD OnUiuof. .. IMawdaimring 1M.£W ; « ** - 

23i ;«u 


Km. 1 Mrt.«... ... 
Kmeumrl M. w.... 
Kitijiin 1 , 

IV* 11 knit H.lli .. | 
rrevfk-a M’utm. 

Krauuaut 1 

f ui|ita liuie 

Uliui MIuk iU I*, 62 

M.rfiii Mirp • • 


Hi'nyin 3. 1 '. ... 

UulutVl* . . . 

Xluii -i iv U n.. •• 

A bUWxi 

NaLioiui t*o .. 

'•mtiiianu ... , 371* 

>‘i*‘i Baii’iianff. 241- 

•'prrT* Hiili-ti.. . 16 

'l*i ry li«n.i 44 

>iuii>ii.. - 30 ' n 

■Mau'iani llmvi./ 251s 
'lil.l.tul. *>ilunll« 474; 
suu Un iniiiana. b4J* 
M.t. Un Ul*!.*. . .. 39-'a 

staub Uieinn**.- -39 U 

■Jbieiimn— 265* 

1.. 11111UO' 31-'J 

I.IHI-. Bmfaurrt.- 13:. 

1.. M1MIIUU U*'. ..: 19 5, 
1 ii-rka llrKUir.e- 1 5.50 

(.•*•11111. . — ilUU 

IHi.-fi Ue*el— .. la’3 
Umii-uii UlW*.. ”2'; 

Mime Uiik» 83 

Ikiiiiv tViitneum ■ t6i* 

HrM>ci 'iBM 

limiiUii V. ■ 22 

1 1*1 J* 'll! ■, 14S| 

tKiunu'or fricke .. 31 ’p 

K-inl Mnmrtaii. .' 701; 


; TOKYO n 


l*rice 1 + "r 
Him. — 

* Prit-ft. 1 + or Di«k.Tk>. ■ 
Ven , - •; V.ft I 

1 Price; 1 

[Kiunet) — t 



iien..Vmer-lnv. .. 


Ven. Cable 

(•en. DynaniMtk. 

44in 1 431* 

25»s j 25 s* 

Kteetrm.— ' 49 

i>en. r»»tfr Mill*.... ■ 

Uieneral Mnuira.. 86 U 

2UJf 1 29 

BtiriinatMii Nibi*. 40 Sr 


1 Jiin.ioeli •■'■•ill . 

lien. 1’ub. I tn. 

fttfU. >lgnal 1 

den. Tr4. Elect— 

It eti. Tue 


iiungia Pacifii - —. 
ijniviurte.. ... — • 

Caiia-luwi PMciiw Hb 1 21'* k.e»r*- Oil 37!i4 

— 275* ! 37>s 

Can* 1 Kmd<]iH(4i— 
1 >1 mill mi . . . 

CameriCrtueml' H*« 

1 JiHif Ha«*icv 
1 aierpiUarlniet*-' 
( B- . ' 

l rimM I i'lim ..' 

i.enii*> a f.W . 

* cniimenl. . . . 
i.^mii .\in-rsil 

1 tiamni'"i Idler. • 
1 111*1 JlanhatlRtf 
\ Ilk.NV ■ 

*. D«!^ehrjii (Ani4.. 

I .hr? sie >*>l«n 
1 . birtB'.i BrMi*i.' . 

(. br*»l«r .. 
i^in-;. Milai'iin. 

• me., 

cm loiciling. 

Lie ecu 11. 1 Did 

i>k*l..|r .. 
*..>.-Vj»le Hallo 
L/>:Um> Aikmin . 


U'*.«inch B. F. ... 

16 ra 



i.foriyw tire- ., 



58 >« 







un. Allan Pax-rea, 




lilt. N'tirth trcni..' 



Aal. Distil '«■* 19W • 19 U 

Nai. Service imi. l4o-. 14li 
XalM’ua. Steel ... 291; 1 2Bii 

>«tylQM1 431* . 451$ 

! XL'K 683* ' 63 

,\e|juiue Imp 25U • 22 

\nw Kneiaiui E..' 221; ' 23U 
Non Enauitul'lei' 34 34 

NiaKaia'ttuhae'kj 14H , 14i» 
iVia^an* share....; 10>a 1 10s* 
N. loiUtalnn.. 2 OI 4 ; 20 
.SiwuiltcgATerlMii- X3ii 23 J* 
.V.mUNaU tri*r...' 35 | MIi 

Niiiu. suie* l*wr. I 25 

.NLlmtnt AirulWr, 28i* ’ 29 i? 
\tbue-L Baowrp 24Jj I 24:* 
Nvnuii sinuiu ....• 171; 1 18 

Lk-cMooiai Hetr*Ji 15-’* | 15»s 
Uiplvy Mrnilier— 90 \ 20 

Uliui E4ikOU 161* • 16U 

(Jlui 18l» i 18'a 

Sleuilla Uiu^ .... 
’'-«Wer. . .. 

Sim (-< , 


3> iilei 


lekttvuu . — 



I eueoi. - 


i.iindi \w 

liuuUiiCaiivl*.., 351* 

Ills i ll»« 
47:* j 47i s 
991? • 100 1 ; 

(rrevliouint - . 

liuii X " Mere.. 

fvull Mil.- ’ 

Ueiihuruin - 

llannn M inma. .... 

Ulint. Orvu 

Ilniu U, J— 

Hen Ivin 

i ivi c-iji-- 'bu«i.: • 
U»en: Corning... 
Unenr llillMi*.... 
HacillvUa. • ••• 

>2 i.e«« •ft> Hein •iemr 


J4 le-utagull 

14 -g Idas iaiileni .... 

10s* ft#** lim’in 

20 IcM'Uli <k Mil,. 

23 j* leaa* tti'itics... 


25 lmit» Minvi 

29 i; Urn kel! 

24 :* 1'iane. . . 

18 I mu- nielli?*. .. . 

15i3 I radio 

20 1 (x< 1 1 moii 

151* iran-eav luirn. . 

j8; a 1 ran W'«iri*1 Air . • 


23 1 ri-L-juLiiieuia. .. 

H. iucei -M i.:.ii. 

! lie hnjici 

H-.enC * »i -A' ■■ 

LI Hat Miu 
« uni* 11 Uk* . . 
ituii-mii't •* 1 *a ■ ■ 

I. A.t 


liapenM >>k.. •• 
liseu'A ; 

1080 -10 
340 ;-2 

| 13^ 2;4 •Woc- Hotp Hapcr 8i^r= 1 
- 18 . 1 8 ) ,l«t Cein. 1 odiruflea 

Hh|m; . 

Hiuieuer .... 
U-.i-hm .. .. 

. in ! 1.7 I .Vu*L FouodatloB l#»&l ...J tl.00" - - 

( 4u 08 Awdimco...... r ..*«,■ *0^5 ,-0.04 • 

: 13 ; 0.9 ! Amu Oi £ Gia> tO-68 +0.01 1 . - 

| Bamboo dee* Ooul. I 10.19 l-O-Ml • P«- 6 . 

I 10 | 0.4 i «me Uehu IiM +0.94 [+04M — —~rr 

18 3.4 ; Bougainville Copper- " il.&O , Acerita..—.* 

lo , 2 6 BiambK^Induxirier I tl.57 ■ Uaoco-HiBia 

' 05 Urnkcn Hill Prepnetaiv..... 18.66 40.18^ danuu iuu I 

; is ! ?;4jauuonio....... i •«*■# ' 

liria . 

1 Inmipi Ant. 1*1 

li.-ljii.l 16ifl 

Kal-cr I.V— iti'f l 16M 
l^uir +ui. Cm |’... 8** 

I^J.iHir L.-in. •H'. 4 3b 
Vleiici'i' 6 •*".. ; ,2254 
M*.— c* 1 10ii 

Mi Untie ! 25*: j 24 

, farihc Cigiian^./ 21 13 

I .iluirl 1 ^ *. 26 Fr 

Lmunitwe Hfi i 2Z?e*'.mAm‘ 16|j 
• ..m*.u*l i-iii Kny. 34 j* 

Li-nibuslimi K>| . 11 

i.'nt'ntb Mi-.ii' 1 27 
1 (in>ni. -^ncrlue.l 385* 
I ••niimicr > - ic» 1 i - - 125( 
I. min Lire III-. . ■■ 35 M 
i‘* 155; 

i.i’ii.K.llxin >1 . ' 23!j 

i_..ii— . 1 F-'-i- 22'* 

1 .01 .mi in- . | 37j. 

Hc-k-ic Feckftpl.. , 875a 

Hull- lav tun* 19»a 

Heumlakc ; 30.'0 

Unneivell 68>* 

Hunt pi ! llt.i 

ilw|i-i.'’>rp. Amu' 30i; 
HniL51-.ll Ml . ll*>, 24 U 

Huni .fli-XiUiMn' 13>? 

HlillL'D. lB.K.1 ‘ 161; 

1.1 . In'iu'triec .. ; 26 U 

I.M 401 2 

ln^er*jil tlawl-- 46 

luianii Slim! ■ 35ag 

ln«iii’. Ixl* 

Han Fvt.A. Ll“ 

■ HanAniM nrl*l Ail. 
Parker Hanmhu.i 

t\alcd,v I1111 

I*tn H« X I : 

Peony 4. L‘ 

Heunioii j 

Henfiie? Drug ' 

l’*M|ile» i*a» 


25!j ! 235* 
20 J* 203* 

| I'nloa Mil A i*»> • 

.^iULenlnl* i.'V 

L . V.L 

L \UCO .'• 

L 1 * I 

L nneTei.. . .. .. 

I.'nncter >V ... 

L muii Umiix-i | .. - 
L -nion Lar..>'e. . . 
L iM'ii Lrimmcsf 
1 1 nun Oil Lai;: . 

L iik/u tth-itii- 

U-C'ie 33 Is 

1|i*iiiiaiii Side fl| 3.2u 
Nuraii'ia 'l.iif. ... 36‘E 

Am .. ci 1 Kih il* .. I 17 1» 

Mb. U'i— -1 35*1 

Nun on; Oil A lia*; 29': 
IM.n..,l r. ln.l.r 4.4s 
I'acilk-i i.|ij» 1 M 1 1-84 

HS.-ili'.Ti*i mi l 60 j* 38 

I’aliiK- .. ... 20>* 

»\..|i:c' Ik: I -..J 61’ 

I Pm e 1 . hii. \ «»*-.' 2.10 

I'mci-i |.w»li K®'8 

|v*ucri '-nii'n 1 '23 

TIT - ' . aiO-2 9 - - ! A*al.i Ilia*. , 371 +1 . ]ft j 1.9 1 ^ » ‘J 

AiManVcvci'i.'i;:: 495.51.0.5 *»•*•«■* ig** ! i?4 r asi ^ v 

SSI 1*7.0X0.918;/*' 1:5 a & i+s . 

i!"'"' h" ■ ■ ■ KJ- 9 ;i 0 :S» : {-J • Kite ^ iw i gvill^gST^v;:':? 

La* i'1-H.p.- .... ... 31 ■ 4't | Hitaein , ; 855 — 3- ! 13^ 2:4 Ae*oc. Ha1»»Hafjcr 8 1 5=5= t 

16Z .... - 3 HeiMta 500 -2 \ 18 ' : Bj AaMas-C-in. loiluxu+e. , 

■ 13:1 :i;S liS -IS ' To | SStf£K::d 

~.1mv 248 4,2 5 128.12! 5.7 Komatsu -' 380 -6 « i ^ j ^wnvflie Ccpper.“l«A»u 181.5-3.5 9.38 2.6 ! ki.M.ea 289 .-4 , i 0 , 2.6 

Miiudiultniiiu:-- ; 844.5 ♦ 1.0 ,1824 3.7 - hycm4.en.mir ..3,600 -50 , 36 | 0.5 ! 1 

I .-.-.i 99^—0 5 14.1ft 7.1 MaMmsftlia In-l.-t 726 - 6 , !0 lAi™ 3 *! 1 !"™" 

154 0 *2.5 -IS.iiJ! b.l I Miisui.whi BaukJ 281 ’-.t [ 10 • 1.8 | Cartton L-nlted Brewwy...- 

137.0 Jo.l LfllTb 8.8: U iiaubisblHW 127 -I | 12 1 4.7; WxUfflW...... r ' 

" " 50 0 + 0.3 — 1 . Mmulilsbi Coip..i 434 15 _ 1.5 . CMklairn Cement. — | 

".t.. 161 +4 -9.36 2.9 MuemAUo ' 305 +9 ; 14 2.3 ColeaCttJ.i....^ ; 

K „.. ' 141 5 + 1.5 14.M 4.9 Mluubr,hi ! 589 -3 | BO 1.7 Opp*. G oklllelrt* Auat | 

k2",h.O I' sazifi A* 3.6 ! N Uema.-. 1.600 '-10 j 15 | 0.5 Uwteib^Wih..- ! 

ha.iib.rf." .. - 1*54 +4 ld.7h 3.7 Xip|*}n .SU !!.»*«., 813 '-9 I 12 i 0.. U.ruripc ffluUnto — J 

kl-.-tner (ill IDO. 1 M2.0 + 1 5 I — •- ! Nnaaii-lMom 6S9 — 1 16 ; 1.2 Urtlain AiwlraUa i 

Luii . 302.7 j- 0.7 '18.76' 4.6 ! .1.640 —30 I 48 | 1.5 Dunlop Hnbber fcO centl ..! 

hniuii DU iuv" 99.0+3.0’ - •- , 3 hh.*h Eletilc 358 J ■ 12 | 2.3 EsUUiC 

I „„L! 294.2 - 2.2 1 25 4.2 • sek'im- Pi«ab._ 968 5 . 30 , 1.5 1 EWer-siBltb...- ^...1 

I. nei.i im'iOO 1,560 -15 23 8.0 , 'Iimw^- 1 190 20 ; 0.81 ^eariarn Ueeourcw. 

I •iIlliMi’ii. 98.6*1.5 9.38 4.8 -7ony 1.600 ........ 40 1.3 , MX. Industrie: 

.... 236 B -» 2 5 t* /fc « O : Txftilu* Marine ..... 247 —1 1 1 | H. 2 Mea.. Property Tru*l 

i™. USirari’riJS A i is : i:S i SSSS^: 

■.M.m-imiiei ibH-k!: 660 —5 Za.12 2.1 ' leign. .. :36 .-I ; 1U j 3.7 • 

A •*.••! maim .. .69.5+1.8' — ■ - ' faXyi* Marine ; 516 't3 i 11 1,1 laiepCopner. • 

Preti.^4 Dm. IU.I 142.1+1.6. - - 1 jMk*obiwiHS»’rl.060 •• .. .• 8 3.8 Jeobinfi.lralu*ine... 

itln-m+IVri. Kirt-.; 100.5 +3.0 ' 35 6.9 • »n>v 334 -1 W | 1.8 Jonea iDavWk 

iieiin- ,i 264.8 + 2.8 26.12 5.3 I u*av 176 —2 • 10 ■ 2.8 Lennanl l»< ; 

i .! K92.3 +2.8 1 23 4.5 loaWw Cu«v 1 154 I I 10 | 3.2 1 MeUUv Expiorm lira : j 

/,,,-Lei . . 248.5 + X.O 'If.ab; 4.b 1 ^^■\■.^tB M-ibv ' 8 98 —1 0 ■ HO | 1. 1 1 tfetramar MiueraJa ; 

ilu,. .; 118.9 +1.4 7.3 \ MIM Holding* 

W,* ic3.0 j-3.0 Is. It 4.8 Senrcs NikkP SecunUos. Tokyo , l^wfmpcriuin ; 

1KH\ 154.8 +0.3 ' u.ab; 3.5 [ .\ew» 

1 . ii'in-A IV1-1 tu' 297 .I 28.12:4.8! , .Mefl-aas fnwraUona . ; . 

■0.71 1 . . ...1 Uerxeci Bant 

4 T rtfl • ilnmMiKi • . ■ Z 


11.82 - ;T fl.02r 
fl.00 i+8.84" 

■’♦1.84 t ...... BRAZIL 

to.65 -oak : 

+0.68 ■ J+o.oi ! . * ^ , 

to.19 -OJWl . D«.6 

^ ->32i 

■+ or a^riir.iTrtU 

' . P«.6..' . .;' r. 1 OiV) 

Aceota.:...;:....-.! ■o^o:|+ofy!o.i2!ki« - 

itabcamfinuii...' 1.61’f-0.t!7[(;9ja. 

Tl,Jf I ...» , UHUvu-f r — --|--r-+r 

18.66 1+0.18 L iwmix* Uwi HN -i , 1.47' 

un - ■ - : ii.nnni tn n on- ■ li3.Ofc a.88 

hnll mul PalA . .. 


1 haiilb-if . .. . 

I hi... -Slier UlllUO. 


I nnipn U.U !*>-■.. 

il 30- i W«vl‘l 1 L31 i+ojn'.j.ifcntw 

*217- -l+O-ia^ Snuaa tuir Up-„.i .2.10 vOjAjIRA 
+5 50 ■ .,hipPb.......^j. 5.51 T-^0.14!JJlfcW^S 

;|;S i ?'~ | V«e Km Pf ’i VO * ^0.02 

+3.38 ■ f-tUK ! Tbronver Cr 117.1m. Volume TLidCr-i 
H.25 r j Source: Kio- de Janeiro SE. *+: . 

*n an II. 

+0.87 : ! 

+0.92 ; ; 

■I .A. A 236, 

.'-liMllll.^lrUHIII. ... 180, 

'lclaui>e> . . .' 254, 

'.li IbH-k.: 660 

A.’.»*iiiiaiin. ... *69, 
I'lni-n: Um. ]’■*; 142 
UIii'iii W«rl. Kiev.: 180 
•■•■lii-iiiip . . .1 264 


'il- 1 /w.-hei . . . 248, .; 118 

Imui. i ic3 

X +.»*..•. . 154 

l • ii-iii-A. W‘i“i Ui>i 297 

i36 .-1 
516 "r 3 



-1 11 
- 2 lb 
60 ! 30 
.-1 ; lu 

•T 3 I 11 

20 > Ci-H ] Kadeaviair Hcwmrcoe 

40 1.3; ax. iMiame 

It | 2.2 . lieu.. Property Trual 

lb 1.5 , tumenloy .i 

40 0-8 • Hooker M , 

10 1 3.7 1 >01 Australia.. 

11 I 1.1 loter-Ccraer • 

8 ' 3.8 , Jemung* 1 nduaine 

12 | 1.8 1 Jones iDavhlL 1 , 

10 j 2.8 1 Ceaxaud i>. 

I 10 \ 3.2 1 MeWf Expmnulm : J 

20 I 1-1 1 Metramar MiucraTs^ ; 

tsira t_M7 1 JOHANNESBURG 

fig : • 

12,12 l+ioil Anjfle. Anjertcan Corpn. .. 
+0.79 j+6 Jt 1 Owner ConsoLtdalml 
+2.15 - '+8.68 1 East Dncfonudn 

rtuo - 1 siaimm: 

+0.90 :_0.01 1 Harmimr — 

+5-22 i KtaS" 


He1i.n1 Elmei .. 

; PO/tr 

Hhe*++ Ik-tae-. - 

Pbiiailelphia b.c.. 18ia 

Pli ill p Uuma ... 72 is 

Pbi:lip* Pwm'ni aula 
IMI+hmy . . ■' 36>« 
PilucyB-ne*.... ZSi* 

Fit-mill ' 181? 

PIcmcv Lfl .XDK 20': 

j l nuvia.- • 

[ l mUM lira!* ■* 
] L”i Batv+.rr... 

; LSU*p-iini .. 

I l.ri'o-* ... ■ 

f . . 

Ltd lecnnin-sivi 39 r* 

1 i.ii-irn'-’r p.**r*r' 
•.■■Olini+nrl Mr|i.| 

1 ..nilnemai Mil..! 27Ty 

•.viniincni*i Is 
1. ,11111*11 1 1* Li 
' «»iper In-lu* 

IllM . . . — 

1 1111. t' mi-.iur-.. . 
lull. HartrriM.- 
luxi. Mm ft Hitii. 
Inti Mu.mix*!*... 


Inti. Hq-ei 

Ini,. Keel liter.. . 
Ini'. Ip. A Id., 
liras Beer . 

It Internal iona 1 . 

.. . ivbii-.*l . ■ - 52i) 

277.75 • 277.87 K.*um»- file--.... 14 

ir-.. . 2b ' 24i» PTO lihluMne*.J 24-: 

«lei.. 35 U 35 I'M .Ac: l.amliie.. 871* 

Lbtit. 36 ' 58 1« Hill'. “«i. bi«t+ ... Z2|j 

k*|,. ’ 19 19>j Puloina 3= l a 

15 15 Pntvx 16 J « 

40*4 395a Wnaker'iai- , 24ia 

10".» Kaj-i.l American..; IS ■» 

28 14 Kayi hea-n .. 48 

52*fl K'-A 27 

10 Itepiiblw pteel.... 24 1 a 

aoag | * liim-iru- 18 s9 

2+3* X ITuilUS t'SVl 14 

181; llH.-.rr+n .... i5 

21 Wallace- Murray . 19k 

__ XXamei-l ■•iiiiitc. . H9ifi 

■*f+ XfiiMicr- Lkoii rrt.' 25 

^4 XX Hie- Uan'meni- 27 

^4;» iucn-i-ars. 27 

5 IT 4 jWe-lern iMflit-rr 23 ■: 

j IVern+ii A. Anmi 23 

34Sa | Wwirsn I'm** 1 . 

"7 i Ub-uii;‘i'-p bull IBI* 
241* • 

141| i"i‘ii’iin«i-er.. . - Za-'x 
48 I « hlr 2u 

g7i* { " uii e '.■■n. In 1. 18 

241; I Wi.-ian- L- , 15 Sr 

5 I! 

a. 5 1: 

27 1; if 
25 1« . 


23 I ' 
3BI7 ' _ 
18U l, 

14 ;; 


19'. ! 
40i; ; . 
25 ! ! 

26+ ? ; 



5=3. ‘ 

16ii , 

lain 1 

I'niA * i2al| 

'/lll.-f-l- “■! IC cO-'D.’ 1-13 

lialiKCi I'll ; 151? 

lO 1 * 

[ Ifi-. X.-j-mi . 33 

1 Ifi'ini Hk •■< 1 aii.| 37 

■f.ixn 1 mi - i ..! t4*l 

;i i-|-l • i-l»i— . nriv»; 7 

tj^jracem .. 842.3+3, 3 25 -5.1 1 BRUSSELS/LUXEMBOURG 


jng ] Aurtb-Uraken fTinn-^airtV 1 .) 

link bridge. ; .| 

' Dir.- ‘UiiileBiirti 

+ t+-iFr-. V'd. : Otter hxpnaai Ion .' 

— j A ei ! % Pioneer Concrete. 

. tu+jiiu A Lv-mtu — 

. . ! r*»x 

I ?, «-|-l • i-lmi— . liriT*; 7 
1 'nla^e , ••• .... • 32 Is 

I Lu * -hi- .11 . i lb+i 
j -1,+nill l. *1 Inc" S 


j -ini|..-li . . t't 

I ■•*•+■ ■ 1 1 -. ’ll.- . • 2'i.i 

\ Hi v|. Ifi > % Ill'll 1 3.60 
I IcMiii. * i<ii.i-ni •• 49j; 

I «*j ..11 1 . . I*. iii.Bh.i 22-* 

Ira fu'-Lii] 18|t 

Imh- XI - 1 »i> up Bis 
I lie* ■ -i.llV 

L.i 10‘+ 

1. iil-l'l- . il.lw-M 103? 

XV* II,:*,.. 39*1,-. 

TI - f ^ lAn+sJ -.*.010 -80 . - I - . tL U. dlelub' .. 

Price + or Di*. 1«. 1 tt|lK| ,. u ■■ 2,460 —35 'lib 4.7 ; louibBnd Uidiuk 

* 1 ° . L.8.IS. Lceneal....! 1.096 —2 >100 j 9.1 1 Tpareas ExpmniUou 

, no 1 .IB 414 T-10 - I - j tooth iS> 

~ tno o : a. , I 414 '^10 1 - 

* *" tfiiV JK Hit! 6 « -7.1BO It 10 430 

itfc"* H |". ^ 7 l'T ^ sa ‘ Nai 3.U60 ,-15 17*1, J 06 .B-II 5 a ■ U.H. liuiDltai 2.515 ; — b 1150 

Xniii**mik -1 V.< 75.0. .. ^ 5‘f I bevaeit 1.340 ;+ 16 1 85 

Uiil-Iik'+I . . B0.5 -0.5 » 5.B 1 | ,u_._ 1. 1 enn or* • a,i 

XMKX il'l. I0i .. 
V nil. h vi nk -F !?, . . 

UnkaX* .j+lmi +".2L'i: 117, 

j: 18 't 

1! Bis 

• 10 '+ 

I liiilinn' ! Hllrn* i', 
I El-*'*'U-r .hi.riJi .' 

« 'n? rfm 1 „n'uuC(Bru!« Ci 1.600 1-20 : 90 ; b.6 I - 

'3 T S 4 to ■ 74 i Z - a0a -* l 70 . 7.1 : - 

3 '+.2 5 27 s| 20 Unercin -1.835 I+S ,148 17.8! 

177 j 7.5 Waiiom 1 

10 430 1 8.0 Waatern Miuitu: it OueutM.i 

— 15 170 | 3.6 IVis.suaAhs 

-b !lt»0 6.0 — 

+ 16 | 85 | 6.3 PAJSES 

in ; ; HusieitborB Plqcinmzi iuo 

S: il . 1 :::: I 

40 44 ! . q j|| : JSOnfllvaai . WW 

tl 68 Ufl DI UoW Fields 6A ....~ 33.00 
-245 i ' Onion Corporation .. . 3.55 
tO 96 —Mi ( Beers Deferred .- . — . 7.57 
lY'aa iZo ni • Blyroondodcm 3^0 

5ieo * Eas1 j? 3 " 4 ■ s-w 

+ I.OU ^u.uo Fnfc SlaU rjetfoIi 1^^ 

: PrMMwU Brand . — ; .18-28 

IS-.TooJiT’wsWim Sieyn TlSJW 

Jo bs - □'hi f- wdk0ln - • TMO 

Spq Inni‘. WieB * Dr,efon « ln — .45*00 

Jnio £n SI ! w «*«9 Boldiiwi- rSi.Bfl 

J? - ” ‘ttE WeKem Deeb +14.30 

+0.70- -0.02 1 ; HIDUS TRIALS 

ti.54 i-a.oii'AEcr — tlm 






_ — 5.70 


13.70 .-+0JR -. *. 
EJw.. VtaflS ! 1 
1.33 -»f} ■ 

■3J15 ..-Hie, 
iJ* — OJS - 
S.BO ,-+086 ' 
ioo • -40JS ' 
14.75 '-TF.05 

19.63" : . ■*$&!- ': ~- 
25.00 j+4» V 

3.55 --441B- 1 


*5>i J HV-i 1 .«-i irani-i 1*^ 

2U»» 1 W'.»x.'ii. «m+. 1 22is 

Keanrir Inti ! 26H ; 275g | W'hwainn Blert 

- v-dcsL § Traded. 
I New nock- 

Keute +a 

] Attique O.-vln'iV 

hnm-X.V Hrairer 139.5. . . A47 B 1 5.4 KreiicUaiiih.. |7.00J BO 1 4.1 , Heme +4 : 705.1 

hin+L+uiilrl't . I- 70.4 -0 3 . 94.B 1 4.9 £ Kjn-akt Bw«c.. 6.960 [ + 30 *430 5.4 . .l t rM, U e U.-v-InTV 384 

'i;i.|.HbnwleafFi 34 +0 7 ■ 20 1 3.9 »«" H*«MI«Ub- -J^-740 33-tt. 2.8 Air I 388 

IH-mck-ii *H SK-I 96.5 -1.5 14 1 5.6 ! ri-in.liiUL 3.295 -.■-!»» ‘ : Aqmbtlnr- . 638 

„ +iw.iiwi. bausinc13.810 1—26 i2u4 ! 6.4 ' jii;... : 540 

B3K1T.N.M- Sijiili is : «:tsSr “*-g« iiSUS frJl' fc 4Rr- Its 

k,I.U, iH,.lu-.. • 128.2+0.7: *3 i 2.3 +sa uu '.6.6 . tuAjJenm .* i MO 

liii.Mulier iFU!P-' 43.3 + 1 '19 8.9 a‘52a "35'Vl7u fi , aN¥ ,f u 0nr - Z'SSS 

Xh|.N*+1IiiiiPi.1l! 109.9 +0.3 : 4tt I 4.4 ! l "V’ lk,u t,M Tgi l“5 5 l7 ° ! 6 2 ,! 67.8-rtf.l; 21 J 7 - Z ^ Un Uin'ii" loi J 1 ??* 4 : 60 i 10 Sr’-t' A ‘ e ‘ w 

xit.iHk , v 1 »• 210 az , lul I. li® I... .. bu I 7.0 ciaUancaire- 455 

l 3.6 reiniiina. u. . ..jiou 1 o.a i Aciuitalne .. 538 

ntv.iiini. mjjmih-13.210 1 — 26 idu4 j 6.4 1 alt;... ' 540 

' a5 i Sir-Cien. He lee... 12.020 i + 10 U4o : 6.7| Uoarauei^ ' 768 

• g-ji-ivuuL 3'?5* I 4 55 W1 5 6.6 Unviu .. ! 580 

+ 1.8!24.7d' 6.6 
- + 3 I ion, +3 
+ 8 'dUJb! 4.9 
U27 <14.06! 6 

. 42 , 6.5, 

1 Angla-Anvr. Industrial ... 


| Barlow Rand 

J Carrie Finance 



} Dr Beers Industrial. ._ .. _ 


; Ednards CoitxoUdaied inr. 



fvd&vs Stores 


— O.M 

1 EverKeady SA .. 


1 Federal** Volk+belesslnss 


} Gre^lerraans Stores 


Il'itetts ..• .. 


iLTA .: 



1 UcCarrhy Rudwar .. 



Ned Bank 



1 OR. Bazaars ... 


-0^; 109.9 + 0.3 J 48 I 4.4 ! I ""i |k,u (gj l“2 a /0 1 6,2 ' , 

L'cc ■Hi.iL , i . ' 166.9.+0.^ V wUeMyMB gueJ 1.68U P-3 0 — . — 1 Ci u p Mainer j . 

a n 1 m e « n ' Premier BflflKw 

~q I ISS& 71 1 Pretoria Cement 

ie »•»««» HotilBws . 

I T8 ‘ Lo ^ Rwl mnc * »To pertea 



-Iso. Apr. July 

. Sene* T 1+1 Vel. Lm-I V.M. Lh+v M.h k 



9.60 3 

20 — - 

F. 369. 50 






— • 2 

~6 li 6.40 




1.10 12 

2.90 — . 

F. 32.50 


0.40 10 







— 35 

— 5 


2.30 — 










F 37.50 






0.90 27 

5.60 : 23 4.50. 

2.50 io ; fl 








2 7-3 

S279I* , 



8 Li — 

— — 1 ' *7 



F. 120' 


! 21 

"l 20.50 

F. 128.20 




F 153.30 



3.80 — 



2.60 — 

3.60 2 7.50 

7.30 - - 

>. 109.90 




0.80 — 








5 - 

0.90 — — 









F. 120 






1 — 

5.80 - 

4.50 2 

2 -. 

7*i • - 

6.50 - , 

F. 122.50 



Vr>K Mac ,XnSU*t 

, 260 


13»s t 

18 * — 



a a; 9 



41* 15 






. — r — 



AJ5.N. Bank 124% 

Allied Irish Banks Ltd. 124% 
American Express Bk. 12}% 

Amro Bank 12i% 

A P Bank Ltd 121% 

Henry Anshacher -12i% 

Associates Cap. C.orp.... 121% 
Banco do Bilbao . - - 12}% 
Bank of Credit & Cmcc. 12}%, 

Bank of Cyprus 12}% 

Bank of N.S.W 12} % 

Banque Beige Ltd. ... 12} % 

Banque du Rhone 13 % 

Barclays Bank 121% 

Barnett Christie Ltd.... 13}% 
Breroar Holdings Ltd. 13i% 
BriL Bank of Mid. East 12}% 

■ Brown Shipley 124 % 

Canada Perm't Trust... 12}% 

Cayzer Ltd 12} % 

Cedar Holdings 12}% 

■ Charterhouse Japhct... 12}% 

Cboulartons 12'% 

C E. Coates 12}% 

Consolidated Credits... 124% 

Co-operative Bank ”'12!% 

Corinthian Securities 12}% 

Credit Lyonnais 12?% 

Duncan Laxvrie 12} % 

The Cyprus Popular Bk. 12} % 
E2gir Trust 12}% 

English Transcnnt. ... 121% 
First TVat. Fin. Corp. ... 14 % 
First Nat. Secs. Lid. ... 14 % 

■ Antony Gibbs I2i% 

Greyhound Guaranty... 124% 
lirindlays Bank 121% 

B Guinness ' Mahon JJ*% 

Hambroh Bank 

Hill Samuel 1-.— Sl2}% 

C. Huare & Co 

-Julian S. IloU^e . l 3 i% 

Hongkong S- Shanghai 12}% 
Industrial Bk of Scot. 12}% 
Key»er Ullmann 124% 

Ulihll ipi.lL'i.. .: 
* mi i.ininiKrrJi... 
JXiUh vl ■ l l~*o 
pu i.n |i- . . 
lijn’j.-liVeri + i.liX 
Iff^n.’-vFiiVi ... , 

iltiiin n Hi. .' 

i:.jifuu. .ri.c-.i,. 

m>0 1 23 8.1 
139.5- + 1 - - . 

43 -0.5 - - . 

24.7.+ U. 2 17 6.9: 

60 ... . 

1 64.7, r 0.7 2b. b, 7.8 
127.2m +0.6 
122.4 : Lfl.£' 3.B 1 

i/ivu 4 »a»i ... ■ f.w i+u BAnihMiirff 

CradRt Lom.frW 129JB + 2.8 . 13 i 9.2 [ 5^? rJOdt Gr0U1 * 


CreixioL Loltcl-.J 

■ Uuxaa 

iTr.. Perrcnei-.. 

6SQ 9 Tio 1 io USpf Hold,nss "r 
140 -0.2 • 14.1 10.1 frv 1 ^ •; 

260 -0.9,9.26 3JI G « ^ 

Pnre ' +or | DIv. Yia. j ^ Ocrirfraut v; 

1 iu!i:li> F iJs.j 122.5—0.1 36.(6 8.8 Aluminium. 

1.075 1 + 20 

Knows! e> & Co. Ltd.... 14? % 

••latelliHin: • - 
I si •;» i nli t|i.Fl.l3.''i 

i l.-hyiVi- .H >1-..?. 

! i. mu** ■ t ■ hi ;ui . 

Viking lift-. 

iliM.llr. HlV’k 

239 --I 1 au 8.3 ■ dBL -A ' .....1,660 -+10. 

97.5—2 - 47^ 5.7 : um Uetpv h'r.l-jO 1-088 |-I0 j 

li8 . . SOJb. 0.5 D«l I'm Leu... 880 ■+» 

121.7 +0.6 42-1 7.0 : Uo. ttefi • 630 +2 

38.5 . 1.2 : (.mill ftuiwe 2.165 

414.3 +v.3 ' 33 3.9 ' b.«i.-livww.i 1.820 |+ SO 

i + ! Lmeui ; r 

; __ l it 4in Borei j 

- Lanufie 1 

3.7 ' IiUiw - 

1-* J. 



a^2 ~r .*r 

: 3r?"+w. 

~~Z IT,' *V*" ”T ‘ SA Bnn*Tries — „ . .. . i .« • . 

J| 7? - ! - ^ NatL ^ ■*”* -^4- , 

7M 0 7?i a Secarities ; Rand “b^^L63| h ‘ . 

035 - 60 SS./V- 1 . 9 : CDUcount Of 44k6%) ! ‘ 

-+1Q [ 10 . 3.0 i - 2.035 - 60 '3G.7b; 1.9 

258.8 —0.2 16./7 1 6.4 
750 ;-ll 16 .j<l2.2 

Lloyds Bank i+ : % 

London Mercantile ••• 12}% 
Edward Mnn.+un & 'Co. 13 % 
Midland Bank 1^1% 

■ Samuel Montagu 1-5% 

■ Morgan Grenfell—.. 124% 

National Westminster 124% 
Norwich General Trust 12}' n 

P. S. Refson Sc Co 12'% 

Ttossminsler 12}% 

Royal Rk. Canada Trust 12}%, j 
Schiesinper Limited •• 125% 

E. S. Schwab — 13'% 

Security Trust Co. Lid. 13}% 

Shenlev Trust I 4 

Standard Chartered ... 12}% 
Trade De*. Bank 12}% 

Trustee Savings Batik 124% 
Twentieth Century Bk. 135% 
United Bank of Kuwait 12j% 
Wh i tea way Laidlaw 13 % 
■Williams & C.lyn’s .. I2}% 
Yorkshire Rank 12}%, 

■ MflnhiT* nf «h<> Areepims Hou«-s 

* 7+r+*- iHi*crf < w,. j-nuMi ,h 

Hi:',. . • • 

* 7-d.iy il> air-ift nu Mims <* su»<mi 
am) undxr H' up W ^2+^®* lu '- - 
and nn-r »3.cnn ifli "• 

■: I'al! 4rpd«i!, nwr t i -MO 1° ■ 

! H-manil il.pnsi;s lu'.. 


Hrire + l.i 
krmin. — 

Dlr. YTTl'. ' 

x.kiKUtrtn Kr.luO 1.088 10 : 22 2.0»“«M® *?* J-.8 7.6, 

D«l l-Hri Len... 880 +b ! 22 , 2.5 'j» -M«« "«* •• r, 1 -*®? -”5 B 37 -*i 3'S: 

Ul U«k • 630 - 2 ! 2Z ; do* aminei-iy..! fM +1 IW 8.2'- 

irciiliTul** 2.165 • 16 3.7 ; Solr we* — , 143.8-0.8 a f 2.1 a^AIN * •_ 

b.^-lirra-ali 1.820 J + 50 ; IO \ S.1 ! MnM* 210 +1 ,9.96 4JB j Dee. fi - ■ Per ci 

Pl+-liei lOix+fiei.; 546 a 4.6 1 • • • -f?'3 !■# 3.0; A.slud . in 

ijndinan P« Um. 67.260 1 + S00:»100i L6;rt Ta,,t % , ? : “ M i 5li- s,, 5 jjmco BUbi® - . 3a 

I h«. '-main 6.700 1 + 50 -llu ; 1.6 \ JJfSS?? Cl,roeD ' " l, -® > s - 5 : Banco Adanuco ll.OMI 245 

Inrwintui 8 3.750 1 + 26 I 21 ! 2^1 ? ; SSS'S Tl ! - • Banco. Cewral '.no 

.1 13 mall lPr-l»An-.1.445 1-.15 21 ; 1.4 ; ’, w,,,u,Jufc SS" 5 .’-*' V 1 Mi' - .■ •/ 234 

.Xe-iie iKr.lIWi—. 3 J60 f— 10 ;<iM. a! 2.7 KSSlSi “f a I I S'S ' t*"*® 
i*v 2.240 1+20 illUl J.8 ¥ b) ? , . Kh,IKr " .•.? 5 Y 5} 8aaoi Granada -lAIW). Uf 

■\r : : 

ii i A ... 

1 UCTitku'u wpjsaoi 3.660 !+ao 1 la 

at. (iototu 150 ! -r 2.5 .HA}. 9:7? Bancn fliawntt .: 


Iimii.Kv Unnh .... 
hr- 1 X -UiIIi-I.'m... 
rimin i^aiiki'H..- 

iir* 1 

l«tl I’M | +1 

HHI+lL-'-'nnk . 
•i.N I'i'iiH iKrtCT.i 
.'uni K'atvi . 

*|/.U Un ill- in t. 



I'nn in-r-ATiv. 
e*.| Ii.IV-i i-ii-cu.. . 

i40i 2 ; .. . 
125 —I; 

146 ‘-r-l 
13H2 t' 4 
34Us;+ '3 
82 —5+ 


283 : . . . 


1191; t Us 




16a ; . . . 

JL A IMdlWF.U0t: 273 j-1 ! W - + M ilJIW 

ibikIoi (K-aaOl -.. 3.775 +-75 I 2b 1.7 i ! ** r — - 299^ t 1 .9 ! 26 J: e^PB. iDd. UedUeiTaneo . 

12 a'l ^imUwUUPui'j 270 12 \ 252.5 Cl.5 -&M ! vSSiStar" "I", 'i 

.. , it. . 450 + 6 1 2o 2 9 ... ouo +u ■ 6.- 1 cancn aiaarra , 

la o a ■ ^wip^Ip ■ tfi'JflUi.) WB j + 7 j iD 
12 • 16 sm» UnllH.IWl 338 'i+l -10 

_ ' . ?i*iu - 1 Ken KtvOil 4.600 1 — 60 i 40 

w ' n 7 ' Lplmi ban If...—.. 2.960 ' + 10 , 20 

12 ' 3!b ' 4onvl» lu. 11.228 !+ 826 1 44 

12 . 6is , . 1 ' - i . I 

10 4.6 ! 

10 j 4.4' 
10 1 3.0 


40 2. 2 
20 J 3.4 

12 9.2 ; MILAN 

11 : 8 . 1 ! 

12 ' 3.B ; 

12 • 7.3 I Dec. « 

{ 'AtpA Ul txr-4«J-....i . 199_ L— 3 
— Ada U*vai(Kr.SCl) 145 1 

‘.AaKAlhrJiOi — J 81.8:+0, 
1 Allan Uopcoi btd£j 11B !.. . 
'-BUrtjtxMi. 427a— Q, 

rTTiUuibP- 1 112 ;-i 

O. UBrtto.—™ f 179 .+ 1 

* I , 1 41* 1 « 


lu* . 1 
u fe 

. AaKAiSrJJli 1 81.5+0.5! Sr6. 

MU AM 1 AtlM Uapooi KiifiJ lie !.. . ’■ S' 5. 

MH ~* W ' _i-BU«|IMi. 427a-O.B| 4.1. 9.1 

• j Pcwu • + or ■ Drv. Y+I..1 — r >* I } SJ 

Dm. A • Ut*- i — Lira’ % 1 Umdfe— 179 ,+ 1 ja.7b ! 3.: 

! ' lake*. 235. 1 — 4 i.lOl 4, 

* \ 11 30 I ' —1 — • Bi«*'iii* - 4f(kr=i- 113-1 .,..,-636 I 4.1 

Ua-toei-' 1 800 — 8 : — ! — ■fciriCr+iD'P'.hirf-l 126 - 1 I . 6!flj 

Put. 2.830 f— 20 , loO S.S ; V«“ 287 J . n ; 2 j 

Lk'. Hrii- 2,202 (-19 ■ ISO 7J ! PkaBri*...., _ .98 : . . . .' 4 4. 

r in inlet _.i 136 —18 — r Tilnutm iPreei **9 ‘ — I 7. 

iMIcemcui. 22.700 — 200 ou*ii 2j8. H«r<fce»'. •ware 386 - + B i lb !'4J 

ItaL-i-iw I 326 --25 . — | *1 an*. chi — ... 125 B.i 

liuiuKHnua ...— 35.000 "+250 liOOj 3A '‘iloUre Ul'BijUi,.-, 63 —1. . — — 

18.30, + 1.55 — : - Banco Santander (53B» 

Sanon UrqnUo u JW9* : 

Banco Vizcaya . 

- OrJv - .... *. j BAnco Saraanxamt . .. 

•*-!SL ■****• V'*' v ' a - BaMranina 

rvn++ , — | Hr. | t Banna AodaincU — 

s+vifi |;a ssssst- 
Mor+* 1 1 u f^o^ssrt 

:- + ^V 

” ■ ,.t, •. 



: uaioz. — L 599 

!_■ : - | u^iiihbooi 35.000 -^250 l^fl; 3J1 -'iluUffc UuiujUi..- 

. 342 1U 2.9 VImHIvIwhi vHSlTfi!* " ' ' 

ix.-iliii.r- 1 1 270 . . 9' 3.3 j V ivrtti PTH LUO >--40 — » • S:k.K *ff hr*.... 

5764+2 ao . 8.« 1 Piiwu a l'i»-..— 1.418 ..— 52 lad 7.5- A*ml EiHslila- } 

. in)>.ii 81 . — • | rtnMi 7m ' '920 --7 8i^- 8.7-1 r*n irtix’B'.Hrxi 

, r . 200 - 1 8* 4.0 ' una Vfto.rn ' 880 r+H . — . - ' i;.’*WHi — • 

\ xiaani- 11 240 -2 10 4.2 . „ > I'.re iKs.JK-._ _. 

287 :.t . b ; u«m« .7. :.= * 2 . 

.98' ■. . 4 - 4.1 ^axtaero — J 

386 +B "i lb 1 4Jg 1 Hnp n lpraa Bnonldas''- 'O". — 

125 : ai. PMWIUMr a». 'i''.-. 

65 1 _ Pnrolem — • ' .jjt , 

8^- 8.7.; P*n retix’BMii-xi 
— < - 'i;.'44Hi"'... +•• 

I | lalTI [ , 

^ JH- 


* V 

■ A^.'v_*iT' 4 S ! *?Sr+, f 



-jja '- : 

.■*■>•1 ?.“, ’• per. :«:'' ' jr, »"’■■- -• -,'.' V ' * J 
*7' rc.n?: r ■j*.®-'., "■■ , 

197 $ 


* S *’-S 


* 'tfersuadad 


^ By Par Commoner 5$aff 

TVTLL bei’^^unkagti. nt 
saw. natural Christmas :t?eea 

*§Is‘ ye®*,' tfie -Timber r Odin# 
^mnisatien warned jmarihp.^ 
blames tiie£sijp?nageTniaiiily 
competitidnr'.'frbffl."’ ■plastic 

“* — Wfeicfi’la 187M1 

>ere ‘Tof. natural 

r fheir - planting * ? 

•there 1 to be a 

.. jt’ormpti**"'- r ' v >'•■-’ 

«»®owctct - according- tfl ^timber 
3WBT&-. Teptewntta*.: private 

, .aodJaptfiWpens in.^ngl^dand 
tW«, demand for live ■ natnraj 
s, ^isett-ifiais 7 provutT jmexpocteiily 

- ,>>6t*3Hg.--.. =- -■■- - . . <•-, • _'■■ . 

* ' rtTfce hot-summer of JSTBrwstf i 1 
sr setback to -supplies of, 
i^nwu trees-gpowth - was ,stnnte^M 
-< l wuJa. away wfer&IoiL. v . : ' 

- ; *Bht ;gie^prSanna^OT: ^ claims 

tBafcihe'psSce'per footrtf natural 
- - iOirlstmay trees will.-hot be a 
\great d^T higher- than 'list -year.' 

potato support 
buying campaign planned 


New bid to 
agree EEC 
fish policy 

By Margaret Van Hattem 

BRUSSELS. Dec. 6. 

THEy POTATO Marketing Board more than 17.000 eligible growers sumption is now recoveries from ' £ ij ? Jst ? r * of ..„' A?rit:u, \ ure and 
3s - pla^urins a; second support had not responded The B.S S!tSS 2« SS Fisheries, w* 11 Mr. Finn 

bitsarig programme td.Jfft potato growers had in fact made up Hie high prices In 1975 and 1976 But ' r 2V F/sherit-s 

. Mr. j. Arbuckle, vic& chamnHn to provide the Board with f vhalrmnn e ; impasse ip i nesuliarions for a 

■of'tte Board. saM yeaesday that total of 4S0nnn trmn«s • fw?i” B i a ^n »as absent ; common fisheries pnlicy. 

woum ^ t rtuckte ar ^ ed - 3t 10 JS5 n the j S I 

promised^ ahwmae^a dedsion in boosting markerconfidence « ° f * dreSs,n * " ^ main ?*r tners b *JJ ld f ' )e resolved 

M£lL ** bC - “- 3- -- still too 
aspyo?- ciy spread. growers not doing a fair job.'StIJtin presented ifce other EEC 

tie -scheme ■■.■in i^ 001 ^ estimates that there merchants who are prepared to 'Fisheries Ministers with specific 
viSdd S PtShefd a surp]us ot around buy rubbish and retailers pro- i and detailed demands for pre- 

®L5®4*?“ fro “ pared 10 5eJ1 it- he commented, iferentjal British rights in W 
Sr^SiMity Sr “LJJ 78 , cnj>, which because of _ f coastal water up to 50 miles. 

have^reacbed T p STJ^ 


No easy way to lift 

milk Dowder bui 

^ Tin market ' - 

1 s^ecoyers ^ 

^ 4 in*f -- '• •' ;.- 

‘ g/ Our Commodities Editor 

s Wt PRICES rallied 6 n -the 
vUmdos ■Stetal' Eschange yester* 
. _ ^day despite another -big- fan in 

> the P enang market overnight ' 

\ ii *“ .J > CSaSTih eventually closed. last 
, 'L.-- - ~ 1 . ’■ ?nigbt ^ 25 - up. at £ 7,335 a tonne 
; . ."'.V : ■' i Rafter filling to £ 7,235 earBer In 
— j'tiserdby. The ferete months quo- 

; ::• : hbtmer, was £25. - down 

n aUSj&ZS a: tonne widening the 
Ycash price prermum to over £148. 
, In Pahang the Straits, tjzKprfce 
EaB'-by- SM5S to ; SM1^28 a picul 
' ; (13S.3 Ibs^ making a loss of 
in just two .days. . How- 
'' - eyer liondon market sources are 
: expecting fl. recovery ^Wlth con- 
buying, interest apparent 
-aS^he lower piie^ levels. - 
M. iBepter reported from La Pac 
, ; Ah win ' XOWL workers at the San 
■ ; jdB8* ^n mine -and- SdO admin is- 
1 KliSve staff af the Iocal'aBSce of 
-- BoJiviaa -State .Taming. Cam- 
1 'paoy. Com biol, .went an. strike in 
^WsphDe^betiraiBn the provfnpe 
;n>jMul-J.the Goveptaneirt... 
'10^90 -worioscs v. threatened: to 
■J&fj&ir- & " ftie“ : aispiite Is not 
.-settled.' - • - ‘ • - • - - 







»' - ' UMi-Dec*& 
-The \Ii200' WHkers-at South m*n 
Bevu- - - Copper - Corporation’s 
ISffl.OOO-tonnes-per-year - Guajone 
- cop per mine 'have voted to em»- 
. Smie- their indefimle strike until 
- — . tKhir 'demands ’for higher wages 
■v • ai%i ; {he dismissal: bt jfdur senior 
: - executives at the mlne^ are met, 
.» Peruvian ^lneworivent'- Federa-- 
.• .*• fidn ■■Ot&cial:- Sfiaiimo Par jCoBe 
" 1 Reuter herfc ■- y \ ' ‘ 

growers the guaranteed : m-kirir tonnes. 
m* price of £43J0 a totme. It is fcJt ^ ^ mark(?{ ^ 

[-•'Present market prices- are best be controlled if supplies are 
axotxpd £32 a-. inane: But 36v take off early in the season 
Axteckle pointed, o^.., that even especially as this helps sales of 
a rise 61 520 a tonne to provide surplus potatoes as stockfeed bv 
©cowers with., adequate- Mtucns being available at a mote nitable _ 

would raise- 4he retail, pjice of time. POULTRY is threatening to over- 

pot^oes by less than-lpf-a B». .Last season nearly £24m was take beef as the top-selling meat 
- He.di-d aot-^hMik the lKaise- spent in supporting potato in Britain. 
wHe would object to paying a growers. The growers paid It will steal the lead “in no i 

tfftte hat more ■'to ea&ose coo- £5.7m in the form of levies to the at all” if better efforts are 1 

(hitWViittT aP cuntsVioc *' ciWntt at Rfiflert TV,^ ** - - vint rr\ n Ar, A 1 

Poultry may | 
oust beef 
as top meat 

The German Minister. Herr 
Josef Srtl. promptly closed the 
meeting and referred the issue 
to heads of Government meeting 
! here earlier this week, hut thev 
{ appear barely to have discussed 
the matter. 

Ir is generally m t that fbe 
fishing talks failed because, both 
air. Sfikio and Herr ErtJ mis 
calculated badly: Mr. Silfcin in 
producing a document merely 
resulting old demands withou 
indicating where he might be 

^ . , - - — ‘“s AIMUi U 4 levied ill me U1 “11 II UCUCI TT 1 LUI L 5 dTC ^ 4 If Uf? 

tswmy of £uppU«;:\^iicfe at Board. Th$ Government contri- not and more monev spent! ready to compromise; Heir Ertl 

present price levels j»ta toes were buted £9.6nt zo support buying °° promoting butchers' jnear. Mr. • »n taking the document at face 

j-7ery good value fdc-jntouey.' and paid a further £S.6m as a Colin C.uUimorc. managing direc- ! value 

beha«a: the deficiency payment to fill the gap lDr 0/ the Dcwhurst retail; 

■ Mr. - , Arixtcile Deuevca me uencieDcy payment to BU the gap lor 01 lDe l^ewnurst retail; — 

market was “on the edge" a between the market price and Etchers chain, warned in Lon-- Mavioa nll A .« >r , 

Irise ia prices ra as yereat, partly the guarantee price for pro- ° on yeslerday - ■ lYlCAICU tflllU WS 

on;the Imxnteence: o£^l further ducers. Chicken was alreadv the num-. 1 • 

■buyaag programme He expressed This year the guarantee price ber 0De cbl>ice among bouse-! JOW^DriCC 
<US appourtment that boIy ~6,0OO was cut by 4 per cent, but wives buying a weekend roast. ! r 

growers bad partic^patod - ia-the growers still exceeded bv 12000 “ e ^ daimed. ; rniTPP ^5iJpC 

first support programme,' which hectares the plantings target of « ?P e3 t .^ ng V, ® t oya! Srail -‘i ^ 

had introduced a amv system 172,000 hectares rMommeoded field . . Show ***• Cullimore was j MEXICO CTTl . Dec. 6. 

wheiaeaiy registered- .’.producers by the Government The Board a L tackm " p0 ° r Promotional [THE TvtEXICANr Coffee Institute 
were offered the chance ho sell is hopeful that growers will cut v° m f?® r be AI.EA.T. off - ; (Inmecafe) confirme 
the Board 10 per cent .at the back closer to next season’s 5r oot ? f . lhe Meal Livestock : mitting some coffee 
start ofjfte mam -OT?p> ;. _ target of 170,000 hectares. r’SL the official minimum 

It i S A. esttamed tt« con- | fZZfg*™" > m ° of «■ 

— television and £500.000 on maga- « \n inmecafe spokesman said 

zine advertising. The Insb Meat/ fbat f 0r the past four weeks 
Board was raising £lm for pro-ip r j ces were being fixed daily in 
motion while the r»ntish meat [accordance with demand. 
!S?S*L?? 1 1 dl K "^feo^ what. No prices were fixed in the 
i!f. be i past three -davs because of poor 

demand and the last deal regis- 
tered was in the region of $144/ 

Mr- Arbuckle estltaatod" that 

'Computer as important 
as a combine haryester’ 


-1SE CONTROL given, t^r .a com- owning a mini-computer and 
puter on the farm Is .as.jinpor- hiring a bureau. Most of the 
taitt a the combine: haryester. farmer users present felt that 

for the New Year, he said. 

Mr. CnJilmore also attacked 

reports of impending cuts in \ jis' for December' shipment he 
meat prices as dangerous talk sa fa 

caiiousiy cruel to Hhe house- 1 Mknwbile. the Brazilian Coffee 
u Institute said it was not adjust 

There is na chaoce of a j j D o th e contribution quota 


introduced a computes^ >bji his In the next couple of years 
fans, north of Aberddet^-said he clearly will not own his own 
had many problem* iattfaHJ' due computer and requires a 
to bad xommunicatiotfriaiuf .poor specialist adviser with the <-om- 
informalion inputs anit tbese puter back-up to answer detailed 
had been overcome. . questions. It was felt sucb large 

- vBdt like, other delegate be organisations, which could pro- 
wafned of : the dangers of vide this service, such as the 
.^-sharks-” -and -advised^aling Agricultural Develonment and 
with companlni qf “TesC^riished Advisory Service (ADAS1 and 
track records.’*' 1 .. ■ ■ . - • the Milk Marketing Board _ — 

. -Reading University fighies ih- (MMB) have beeD remarkably figures, however, this would 

dicated. ^ that there -waaVHttle slow .in exploiting the consider- suggest a rise of approaching 

financial difference' - . between able resources at their disposal. 10 per cent 

■ vu> vinuu>uvmir» oilU wniBS. 

Recent stable prices had helped : Coffee prices were lower at the 
to raise meat consumption. Since ; opening on the London futures 
May (he average price of the | market yesterday following con- 
meat on sale in Devhurst shops I firm ation of cut-price sales by 
had varied between alp and 52.5p Mexico and Brazil’s decision 
a pound. effectively to lower its export 

He claimed this stability would price slightly, 
continue for the next four!# Cocoa futures collapsed the 
months with the average price ! permissible limit down at the 

going up less than 5p a pound. 
Even working from his own 

opening of the New York 
market last night The fall 
came after the London market 
had closed only marginally 

EVEN IF the European Com- 
munity was to manage to get rid 
of iis milk surplus and pare 
down the- butter “ mountain M It 
would still have far too much 
dried skimmed milk powder 
on its bands. 

And for as long -as dairy far- 
mers' incomes in Europe are 
supported through the interven- 
tion prices the EEC wil remain 
stuck with a milk powder sur- 

These are the main conclu- 
sions of a >tudy prepared by the 
Milk Marketing Board on the 
prospects for milk powder pro- 
duction and sales in the future. 

And while the authors provide 
an exhaustive and intriguing 
analysis of the factors which 
have produced the structural 
powder glut, ami take a thought- 
ful look al the future, they offer 
little in f he way of solutions 
which might free tbe EEC from 
one of its more burdensome 
political and financial embar- 

Their most effective-seeming 
idea — a chance in the relative 
values of the various com- 
ponents of milk — while provid- 
ing perfect conditions for an In- 
crease in powder consumption 
at the full market price, would 
also lead to a further growth 
in surpluses of butter and add 
an extra 550m units of account 
a year at least on to the cost of 
propping up the European dalrv 

The germ of another suggested 
solution lies in tbe argument 
often put forward by the former 
Agricultural Commissioner, Mr. 
Pierre Lardinois. 

He often said that the high 
intervention price for skimmed 
milk powder inside the EEC— 
£845 a tonne in West Germany 
at present compared with a world 
price of £250— meant that dairy 
producers bad no incentive to 
develop new uses or outlets for 
milk powder. 

As the report points out: ** It 
might be said that the stability 
which intervention offers also 
has a depressive effect on pro. 
duct development.” 

This lack of research and mar- 
keting enterprise is contrasted 
with the changes which have 
occurred in the trade handling 
whey powder (skim is a by- 
product of butter making and 
wbey the “ waste " from the 
cheese process) which has no sup- 
port from the Common Market's 
intervention system. While much 
liquid wbey is still dumped, it is 


gradually becoming economic for 
dairies to use it in new products 
such as alcohol, egg and sugar 
substituted. Whey powder is also 
an Important constituent in 
many baby foods. 

In a few years, the authors 
claim, these outlets wili be tak- 
ing up significant quantities of 

And now that the future of 
ibe traditional style of interven- 
tion support is m some doubt, 
at least according to outline pro- 
posals emanating from the Com- 
mission headquarters, there is a 
good case for promoting collec- 
tive action among milk producer 
organisations to find new uses 
for liquid skimmed milk and 

Funds, it is suggested, should 
comef* from an EEC-wide co- 
responsibility levy — a tax im- 
posed on all milk delivered to 

”The substantial costs of re- 
search could then be spread 
across all producers in the Com- 
munity. Commercial exploita- 
tion of successful results might 
then be left to individual mar- 
keting organisations acting com- 
petitirelj', the report Says. 


But aside from this, which 
would plainly take several ex- 
tremely costly years to produce 
any worthwhile results, the next 
best proposed sohitdtm is that 
an intenna-tional agreement 
might be sought with other ex- 
porting couoRries to bring 
“ better discipline " into the 
world market. 

Precisely tbe sort of flannel 
produced over and over again by 
the EEC Commission itself 
which has long been, and 
re m ai ns , the most disruptive in- 
fluence in the international dairy 

Alternatively, it is suggested, 
greater quantities could be dis- 
posed of in the already heavily- 
loaded “food aid ” market. New 
Zealand, for example, os already 
getting rid of some of its sur- 
plus through Japanese food aid 

The report makes clear that 
lhe Common Agriculttaal Policy, 
profligate as it is, cannot bear 
aR the blame for the current sur- 
pdus. Even before the common 
dairy policy came into operation 
in 1963 EEC production of skim 

powder exceeded full-price con- 
sumption. But things have cer- 
tainly grown worse. In 1965 tbe 
EEC produced 775.000 tonnes of 
dried skim- La-tt year output fell 
marginally short of 2m numes- 

And of the l.Sm tonnes con- 
sumed within the EEC only 
230,000 tonnes were sold at. the 
full market price. Most other 
sales were made at heavily subsi- 
dised prices for animal feed, the 
overwhelming bulk going ironic- 
ally into the industry producing 
“ m5 !k repJueeT *’ feed for calves. 

But powder cannot compete 
economically with other protein 
while the price is still being 
fixed in relation to Community 
policy towards dairy farmers as 
people and businessmen rather 
than the needs o£ the market 
for the product. 

For all the talk of hiving off 
the Continental peasants under 
some sub-heading in the regional 
fund or social fund budgets, 
nothing is likely to be done in 
the foreseeable future. Evidently 
action has to be taken elsewhere. 

The difficulties of the Milk 
Board's economists who pre- 
pared the report are highlighted 
in their projections which estab- 
lish the ideal level of milk pro- 
duction in Europe to meet 
liquid drinkinz milk and butter 
consumption needs. 

Assuming that New ‘ Zealand 
butter supplies were blocked out 
of Europe and the Community 
had to rely wholly on its own 
resources, production of the by. 
product skim powder in the nine 
would still be 1.74m tonnes. 

Allowing tor 120.000 tonnes of 
butter imports which would 
necessitate annual mdlk produc- 
tion of 9fhn tonnes compared 
winh 105m tonnes at present, 
there would stab be 1.5m tonnes 
of powder produced each year. 
Some 1.25m tonnes of it would 
have -to be stockpiled or disposed 
of with costly subsidies. 

Politicians may shudder, but 
the inescapable conclusion once 
again appears to be that if the 
cost of the CAP is to be the 
main criterion in the manage- 
meat of the policy, the most suit- 
able way of dealing with the 
s Jammed miUc powder mountain 
is to take it out uo sea and throw 
it overboard. 

• Limited supplies of the report 
Skimmed Milk Powder in the 
EEC, are available f rom the mii% 
Marketing Board. Public Rela- 
tions Division, Thames Ditton. 


RA • MPTif <?- ‘ ■*-•'• v'-JBJfi- -.'It-'- - Afternoon: • -firebars, three 7 . 308 . 7 . 105 . Afternoon; Standard, three 

• .JOE 1 AU .• > jnomhB^SSjB. iOA 83 . Cathodes, cash months £ 7 , 178 . 63 . no, 80 . 85 . 7 . 180 , 7 . 130 . 

*• *0!M»ER-Mflmr. ' - ‘ ‘ c - — — — «. -- — •"■—•* - 




•anrwfir- dw 
3 a Xucte jsjwi 

" W^fa-UTV three months 83 , ,Kert»: Standard, threo months fT.lSfl! roBUCTAc - 

fPW. 65 . 90. 7 * 00 : ftoo 90 05 r n fti KUIluaTA5 }f , * n a narrov flBSP 

Tn£&£br«r after . forward me..! To! «*<^°o_ «o- 

?A 1 A reflecting thesShan* I aJl , LEAD-stwdted ta the afternoon srfcon #ri “ 2 LES ,cr * 1 ££f‘ 

rat the dar with vatott atfiiUMittS amn* 10 fre* taoin*. fiueredJliv- market. Earlier. bayinsM the rtoS 

™bu 7 lHfcte:Ke* Price gamed ground on Ei|ro- after, slatting at 34 W-CW. pnecs had been Ih/n^ 

it ■Se < 4 «w w S- demand and burltiff at the ctoped -Tij- pnjflt-UJdng trtltefc caused a and final ™ 

■T7an>mn*iS3i levels. This enabled the inartei to decline n» 5396 at ou stage; Lacer. bo*- lcvUs UlPC £!a '' 13 011 

*• '..rr _ : y- ' arocuM Er.MV during the afternoon ever, buying in a thin martet with wllera - 

. .. ttwea aretai xnatnc-- rapoaefl v«a? a dose.oa tin Kerb o l XT. 1 S 5 . Turn- reluctant S Bowed a dost on the Kerb of .Yesterday’* , 

at^.adrjiirtw;t»W -.tfftr: I^TQ tOCneo. . . 1186 . 55 , the dart htth. Turaorer; 8,875 COFTEE fl-r 1 + 

^ " 1 £&J&!£L ■ 5 *m^s 8 *.v AIoouoc ' standard, caah raso. three locoes, 

•g&A 1 ’. ^ * 1 ’ Oktt ggg reft - rnonihs JTJ*A ». «. ». «. 30 . 35 . 38 . — — . — 

£i»r *T«e rMotbr Oh Jrii JCetMe-VOtt- IBgh Grade, casta £ 7 AW. Kerb; standard *^°r, 1 + ^ ^ P."'-; J+ «r 

~ 30 , 40 , 60 . M, 78 . us “ , -l Omaal l — ! Tor - 

Feb. 61.289 i 60 . 3 Bp». 


1 fl jwr t«nm- 

• Oarinei* 

; I**ne 



karfc cadi X 36 S,: awo^s .aBBU, three mdothc £ 7435 , 



ftjxt. fct'dri 
osw.1 fZi. ‘ 



■Wb . . 

AWk 1 , 25 ^-® ~ 2 -&J - ; 767-8 

&6P<n'ot: 766.3 _~ 84 ] 
CifijPdBg' - ■ ••• . 

0tab- — -.'735^5. —gj] 

770.5 -aS 
awtPa’r^- 78SA — esi 

TIN r Official 


, 7235 -qo 

+1* Z.uoothaJ 723046 
4-1 SettWeJ 7240 

6 .it’ ifillbi 1 ,. . 

76 <k 64 k 5 *».-■ 3 'iwmtta 
771 -a^ *1 SfltdotntJ 

; *78 1 - - Sew Yoritl 

7125 - 3 Q 
75 X 828 f — 58 



-T 7 IJI 

pjn. j+ or ) 

Unofficial I — . •A»ah il ' , | f 




F — 17 BJ 7330-40 
1 — -ia*r 71903 

s - 






CrjofflciaJ j — - j , v „ , w _ 

— >? T, ^7 r ! ^2f\ ! 2? 9 i~' l7 - 5 i435 - M i* 


.o-t o 1 430-2 «.» jut 

• 0-1 (—4 j 404 . 5-5 j+ 4 i Julv • ! 

■ 27 f — 6 ■ — ■ September-- 

— I ——1 *36.36 i ^.... Noretnber^.j 

. „ Majcb. 1286 - 1288 — 17.0 2294-1875 

+ 5 -X 8 May , 1227 - Ii! 3 & - 48.5 1234-1216 

1183 - 1 184 J - 15 . 0 11189-1 178 
1152 -US 3 - 11 . 51155 . 1 M 7 
1 126 - 1 1 30 , — 86 . 0 . 1 1 2 7-1 120 
1100 - 1110 !— MO' 1105 

Phyrlcal closing prices nmren) were; COVEUT GARDEN— Prices hi sterUng 
Spot 58 . 7 Sp rae.TSpt; Jan. 6020 u ( 58 .S 0 >; per package except where otherwise: 

stated j — Imported Produce: Lemons— 
Italian: 120 s new crop L 88 - 5 J 0 : Greek 
6 . 60 - 5 . 80 : Cypriot: traya LS 0 - 54 D; boxes 
to/ IS* -1.00-635; Tnrtasb: 10 kilos Z1A 
S.»; Span la: trays 2 JW- 2 . 40 . OmllM 
Spania: Navel/NaveHnas 3 . 60 - 4 . 30 : Smgh 
African: Valencia Late 2 . 08 ; Greek; 
Navels 2 J &-2 50 : Jaffa: Navels 128 s 5 . 08 . 
Clenwntlses— Cypriot: «> kilos 3 .-I 0 -XM; 
Spania: 380 - 1 . 40 . Satxtsnas —Spania: 

trays 2 JO- 3 . 30 . Grapefruit— Qrpriol: 140 . 
3 . 80 ; Israeli: Jaffa 6 V 7 S 3203 . 70 : Caban: 
2 . 48 : Texas: Red Blush 5 . 30 ; Florida: 
5 J 0 : Turkish: 2 AO 3 A 0 . Apples— French: 
CoMcn Delicious 20 lb 72 IffO-SJO. 84 
1 . 40 - 2 . 00 ; 48 lb 15 S/ 163 ; 173 o 3 . 50 -L 20 . 



Chow | 

+ 'T| 





Deevral-er.... 121 . 53 - 22 . 4 , 

Fcbman- 127 . 40 - 27.8 

April ...... . ' 127 . 43 - 27.8 


Augiui -! 26 . 0 «AN 

•Jrtolvrr • 123 00 - 27.0 

120 88 
- 4 - 1.9 1127 . 6326^0 
+ l.U 127 JO- 26.28 
+ 0 . 66 ; 126 . 00 - 24-80 

+ 2.0 1 1283 Q 

+ 1.3 


Ahtminim) _ . ! 

U £710 

_ _ ,*710 

free mazketjeg) .^USfl/SO'.^ glM/U 

ptpper ouh W Bar£ 767 ^ 1 + 1.5 £ 763.75 
Z monthi do. do.£ 783 _ 2 S + 1 £ 784 J 6 

Gwh Cathode £756 1+2 £ 750.75 

do. do. '£ 77 1.75 + 1 £ 771.26 


Morning: Cash IX 2 S. 26 .* 24 . 2 S, 38 . 37 , 

« w M 2 n ^ n °^S. i 4 ^J 88 ’ ®L 5 , Soles; 3 ff«l |S, 0 U> lots of 5 tonnes. 

+® m o nth s sun, 400 . 5 . ICO lodlcarer prices foe Dec. 5 (UJS. 


lanthle pack per poarnf 0 . 0541 . 00 , Granny MflMfO 

Sales: 63 < 60 > lots ,*-100 tonnes.' ^ „ 2J0 . s* ij». b««es , _ 

138 - 158 / 163 / 210 S 2 . 78 - 480 . Jumble pick i-S"r la 1 

35/60 31 lb per pound 0 . 07 , Stark Crimson £*”?.— . ? 
LONDON DAILY PRICE frsw smart 40 lb I 36 .a$ 5 s 4 . 30 - 5 . 30 . 30 lb Ms L« 8 . ***0 H«tt*{eU)Cn>) SJ .68 
noo.eo isame< a lanoe cU tor Nov.-Dee. 73 * 2 . 36 - 2 . 40 . Pean—lUlUn: per potna} I LOO 

shipment. White mgar dally price was WUliania 0 . 15 - 003 . Crapes— Spanish: 

fixed at £ 100.00 f samel. AJmerla L 30 - 2 J* 0 . Negri 2 . 66 - 2 . 50 : Italian: Plattomn tnre 

fftt. ** — -jarz-. —zmz. — ~ ~~ — - vi. *Tr ■* ,v *- Tkrmlaal price* were immediately White Ohanes 2 A 6 . black Ohanea 130. pros Marku. 

6 C Mmnblan Mild offered down at tbe opening and losses Bananas— Jamaican: per pound 0 J 4 . 

SiBwK. 1 S?ia <U ? J#, '» <,aer Qnwubc<1 °* 100 p° lius occurred before suf- Avecados-lsraeli: 5 JM. 00 . Melons- - 

Jr?". "■ °®- 5 - Araoicas 145.06 (samel, other MKd fidem support was uacoverri to stop Spanish: Green 4 . 0 PA 50 ; 15 -kDo iy«M 

tferfodKt Limited 01-351 3466. , Three months Lead 403.9-40&6 
» Xam&rt Road^ Londoa SWlfl 6H& , - 

. t Tax-frte trading gn conEmodKy futures. 

-j.v- e onun imU Ct iotorey in arfret for die smaller Investor. 



'.a S 


^following th« DIVIDEND DECLARATION by the Company 
on 12 October 1978- NOTICSI ls' now given, that the following 
. jaiSTREBUTlON tral become payable to' Authorised Deposit- 
" 'a ties on or after U December 1918 against presentation to tbe 
Deposliary jaa -below) -of/Ckim Fdrms (obtainable from the 
pDeppgitaryj 'listing Bearer Depositary Receipts. 

V r Gross: Distnbtith>rL..per Unit 1 . ' ' . 4500 cents 

Lea& 15% US WUMwlding Tax 0.675 cents . . . 

Con verted it &U8575 • 


National Westminster Bank - limited 
Stock Office Services . .* 

5th Floor . 

Drapers Gardens 
R Throgmorton Avenue 
London EC2P 2ES : 

5tft December 1P7R 

S.S25 Cents per Unit 
= £0.01954022 

wI * towdprice Arahicas 133.00 036.08). Robustas IGA the decline, reported C. Cnrnlkhw. 

^ D Y r °" ***** ^ * 3»«54 W 7 B 134.50 il 3 SJ 9 >: Roblwtaj ICA tm -^r~- ; 

throp^oia the day. Tba market was J3S.6p 1138.50). DaHy average 13s. 75 r. , .i ._ _ 1 n 

featureless. The dose oa the Kerb was 035.77>. .YertenUy* Awrioua , Brain ess 

JS 515 . Tttnwven 4£06 tuna*. GRAINS P C%Z > ' : ‘ D °* > * 

I Bin. 

ZtXC' / fhtleail ! > Unofficial-' — 

or i _ ion. t+oe 

LONDON FUTURES <CAFTA>— Grains i: iwMCxm? 

i£J p J!? her ilsreh .. 107 AflJ 7 .S 0 107 J 6 - 07.88 108 . 26 - 07 JB 1 JM- 1 ^ 0 . 

J. * J £ ; £ >£ 5 p higher on oM ^ mcbugeS "ifoBrj «'<0 iKiO ^ to « 

3 wrertta, 4 salt. 5 tf 5 ; ^35^ C 75 “ “i_’ enr J 1 ? le _ n 7 rfe Aui,....„ ll 4 . 60 -l«.an<. 68 - 14 .'« 6 flB!»- 14 !H 

S>«js..o[ -343 ' — 2' i — ; ~z_ 

Mm.we«| - | > 55.643 i . — „ . „ 

Vm^ng: Cash OC-V three. monUu higher 00 wheat and ftMOp UabeT^o" 

**• 53 - 5 - ss - Kerb: Three months batter. Ach reported. 

■^• ■' 523 . Afternoon; Three months ; 


ALUMINIOK— Moved qeietly Mth the . 

-mun price marked shghtly higher. U j—- . 

heU between »17 and 6518-5 through tbe 

8 / 13 s 6 JMV 7 . 00 . Onions— Soanlih: 3 . 0 ft. 
SJO: Dutch: 1X0. To mat oes— Spanish: 
3 . 404 . 80 : Canary: 3 .S 6 -L 30 . Cucumber*- 
Canary: 10 / 18 s 1 AO 2 . 30 . Capsic ums ■ 
Freiuffi: per pound 0 J 0 : Canary: ■ 0 . 30 . 
Dates— Algerian: per glove box 634 - 0 . 39 ; 
Californian; mbs OJO. 

English Drud uce : Potatoes— per 23 kilos 
13 round LOO. 




3 months ..... 

Tungsten (*) Igldg 

Wolfram 32.04 ... 

Ztac £ 353 JJ -OJ 5 I 

3 months 1£345 1-2 

Prod Hours. [3720 V 


£ 7,335 1+25 
£ 7 . 1 S 2 A |— 281 

+ 3 JS £ 4 »S 
+ 4.5 £ 420.5 


85 '£160.4 
S 141/56 
l£J 68.76 

>Mi-iMi.iiua-».n Mnslwooitis— per pound 6 .SS. Ap ple s - SSl—rtn-j- I 

on the nmrnfoV iccchur ~ t.~, — _ Aiig..._ ii 4 . 60 .U. 0 114 . 68 - 14 . 66 1 KJS-MJ 0 her poond Brarrdey 0 . 644 . 09 , Lord Derby t™ 0 — •— W 6 Bft 5 B 8 O 

ranalDsrf 5 JWS J 1 B. 50 - 18.55 ! 1 UH 3 JB' 119 .B 5 - 17.85 8 . 8 MJB. Cox's Orange Plppm 6 . 054 J 4 . * - ■{ i, 

re mai ned^ Ready In the afternoon. Com- D*?. . 121 .H-I 1 .W iil ft .1130121 "ttl as Worcester Pearmain 0 - 04 - 0 . 66 , Russets J™*" £ 345 ic !£561 

fa 2 ^ €d '‘■reh l lJS. 3 >a. 4 ll 126 ; 68 . 2 S. 75 'l 26 ! 60 - 25 l 26 0 .» 4 >. 06 . S Parian «. 064 Ua. Pean-per MslayWi (85904 - -$617 

,S 2 fT May I 26 .S 0 - 29 . 25 ima-S 9 . 60 ' — poand Conference OdSO.12. Cornice OJA 

— 0 J 8 . Cabbeses — per ewe O.Oft-l.OO, CHtry 

S^es: 2.196 12 . 663 ) lots of 50 tnanes. —per bead 0 . 12 - 0 . 13 . C aalin swers- pe r 12 Sosdl 

7 hre L r fo ex - refinery price for Kem 4 JNS 3 . 00 . B ee troo ts — per 28 Dt 0 £ 0 - Oopm Philip ($ 5 ff 5 p (. 

granulated bays white sugar ms S204SS iX torS-p Soyal^n 


+5 >$292 




p-m. [t-h® 
UnofflciaJ — 



' — 


» — 

Jon ...] 


buv — 1 






— O.T 
1+0. 15 
1 +O.O 6 
(+ 0.1 
+ 0.1 






r+O .1 
+ 0.15 
■+B .1 

6 Bomin. 

„ , . Bramess done— Wheat: Jan. SI.aft. 9 i.SS. J “** ***-«• us". ia; e+pi. 

£ { £ ; March 94 . 404 L 25 . May 9 «JMWt 7 E U7 - 73 - nU - ■» N v»- niM. 123 JO. 

— j .-.- 1 — : . ‘SS.IO^S.OS. Nor. 91 . 8 P- 91 J 0 Sales- ?1 ^ n ^‘ Fe *>- I 2 *- 00 - 126 - 60 , nil. nU: Aprfl 

17-8 J+l.aj 518-9 1 4 - 2-06 Barley: Jan. 84 . 3044 . 15 , March 86 6538 JA U 3 . 66 . nil. ftff.- Sales: 206 . 


leteroatfonal Swar A^eament IQ J. TortHra-p e r’ffifoToO-L 20 . i*?*® 

SSL POa w« b |m nd dSTs! ™X^U0-iJ£. Se riSs-ster Bari^. . 

T stnJEv lsSaTaviSei^iin^mi 117 0.0^0. CP. Spriaa Craeas— per crate. 

T -°? . lg-aaj average 7 ff 0 < 7 J 1 ). romlsh 2 AA- 2 S 0 . 

WHITE SUGAR — Close tin order barer. tormsn 
■efler. bpsuiess. sales). Feb. leaffft. 16330 . 
no. nil: April lOS.lfl. 16630 . 107 . 06 - 106 . 25 . 

191 ; July ILL 73 . 112 - 50 , 1 K.S 6 , IS; Sepu 


Sept 83.40-83.40. 

/pence per kDoi 

817 -a _ _ 

May 89 . 80 - 88 . S 5 , 

awttoE Three TomxtosjslT. 19 . ‘After- HGCA-Location ear-farm spot prices. 

£S 5 ^S£a‘ , 2 S? hs ' £5tS ' 5 - “■ Kert); Feed barley-. Shropshire 

VnvcwoBths me. 3 ,7 "' KSW * aw»i»b :r»«ent’ 3 --t- «, 

tO^rl^ Serial — — 

SJCVER ^IMPORTED — -Wheat: CWRS No. 135 Dneember 223 fl-MD-SB 




Home Fumre. — £ 36.6 + 0.1 

M a lta 

Frenob No. 3 Am £ 105.36 + 035 i 

Wheat • 

Ko -1 Bed Sj*tngf£ 96 . 2 BtJ— 0.5 
No£ Haiti Winter £89 Ja 

COTTON— Spot and shipment sales In BnglMh iMUUng *£84 
Liverpool ammaued to 32i tonnes, brine- -^hlp^tent — aC£, 136 

log the total for the week so far to 1 . 3 S 8 Pusora Mar— — £ 2.096 
tonnes. Scattered operations in Middle Coffee Puturo 

Eastern growths attracted most attention. Mar. £ 1.287 

with occasional support in both North C-onon ‘A’ !»»<«-- j 
and South American aoalJUes. Bsldforldfo 39 . 75 p 

£ 82.4 

£ 93.5 
..'£ 89.73 

E 6.5 <£ 2.048 
5 ^ £ 2 . 031.5 

11 £1.458^ 
7 B. 4 c 

+ 2 

63 . 75 p 


I 272 p 

Spot^MLicl 0 * d«re’ B>f ' ,L 4 c l *dffee-raMS Jan- S8J0 trenshlpmem^eist '«asL EEC ^' 2 ' 

5 «L?i. vS? ^l c ‘ nnquoied. Maize: VXJFrench nnoaoied. Du«suber.J^ 4 Lil- 4 BJ 

wilfe: down j- 5 c._«X-raOTtt 8063 c, Wrench Deo. IO 6 JS east cnast. AMrinr, March. fc* 4 . 04 Bi>- 

dlLVffk : 

Ball ton 

3 LM.B. L 

tiw, . 5 


ckw r 

tiOftt : 



Spot^;.. 2 S 9 . 33 p — 2.6 29 S. 6 p ‘- 2 .B 
Twmtha. 307 .ESp ’ — — ' " " 

Plan to buy 
back U.S. 
cotton dropped 

TOKYO, Dec. 6. 

_ Japanese trading booses 

L« 1 ^" a^ r SSSfflff-JSf 5H£Rf*& importing American raw cotton 

[— *«- 7 5 w-dtf of cur reai levy gins Jan. . 3594 ), sao. 6 . sM.iwa.s. 2 »: July M 2 .s. said they believe TLS. shippers 
Kcb. and &larch jraninpu ( with ww lora 36 U. bO. na; Oct 560 . 36 S. 0 . SO.NB 5 . 0 , have given up their recent 
- “-H!? IS offer to to back from Japanoao 

Buldfor ldJo_. 

Sugar (Raw).. ^ffildo 

Woolto pa 64 b {Mk >)Jg 74 p 

• Nominal, t New crop: 3 Unquoted. 
.» Nov.-Jan. v Dec. -Jan. treb.. > Jan. 
wDec. a Per ton. = Indicator prices. 

2 . 7 c. The tneul opened ai 2 B». 30 »a African Yellow Jan. ■* 

2 . 7 c. The meul ooen^t ii -mjioofc " m,e JBn - w, - aa - a - "ncan Yeuow Jan. 

jasaa.- ^ sajp- 

'|W4.0ABJF— 1 

Alar 244 . 6 - 60 . 0 ' >.>.L — 

i rii imr Wtii n.iH ~.Tni, nn ,~, — CREASY— ckae On order 

w'lUMvr ?nnc^.rK h , , twrer. seller, husuxss. sales). Mkren 
_E !5 LEY! E 5 — The foDowIng Cantractt Dec. 354 J. 354 A 355 .M 5 LS. K: 

amuuths. 307 . 2 Sp j— 2.8 306 . 55 p - 2.46 \vr k. ^ 

t> t» 4 rths'jsi 4 45 n 9 a * res * 4 D 1 rest aH>. Rye— 83 . 14 . 

lamouSilso’mS : I-f ' “ ’ 'SflSl. rest itfli: RariOP— S 6 . 6 S, 

momnqsao.lBp >— 3 J. — , ml < rest nH»: Oats— 7 S. 7 ^. rust 

1 * . -n r* MC | mil'.- ii.k. Mlkv flu, L— 


os: Morning 
7j5j TJ, 


. 1 I fl cu r por a letf fo Caiwda) ■ » 

stock Dividend announcement . 

. At • m««itg of tbe VoartT fteni on fi OCtoBer TS 78 , the .OfoKhw* Oeclsred 
r stock dividend on the cornmoti share of , CM i CWMit/ i oo Vie bjao of 
one common share tor each four common mares ireld. parable to yharehoMor* 
of. record 00 1Z January 1979. TM issued and hrffy p^d common stare 
capital of the Company wm thus be - Incroairt Horn 7S00 AQ0 no yriw 
Mmres to 9 JT 75 (KM no par wine stiarW and to acMnve ttott the Dlrpriore 
will transfer frtw retained aarnlnga th* sum of S 3 . 623 .OOfl (CanadlaR (unttl 
^twtae toned shore .capital McounL. * 

Tv : ThoVaddltfeoal shores will; rang- periagw lit *U respectswtai tfw artgn; 
■^watstandrnft common shares and . applications. wHl be mad* to the Stock 
ftpiianoes concerned. lor llstlwa, pu r pos es . 

Deonitlve share certWceies and f racoon proceeds Wilt be .posted cm 
1 Febniare, 1979 and It h expected that. Stock E*ej»ooo dealings is the lit# 
stores wift teommiicv oa 73 JtBOuy. 797V- 

Further details wlU *» efttuiated w» 21 peormber 1979 . 

'Sr order of the Board. 

... _ - - . M. C-. JOHNSTON. Socretarr. 

^-December g gars- > • 

M. Se*-«W 9 : -Raster. Sta*»n "A, V 
Saint jomr. New BrunsNiek. - 

^Canada cat 4 W. ■ 

jsr^srt^ju 'sx SraVi: » Japuese “ d Korran ' ttey sait 

tonne. CemOMn wboat— 7 EJ 6 , rest nil .. .. Mii . 

(fti.86. rest ndi: □irum_wiK« T ) 18.44, oil sale*: ut importers contracts for San 

JS new Zealand crossbrbds— close Joaquin Valley California cotton, 

_ rust S (ln buyer, seller): Dec. 179 . 6 . 164-0: because tbeiT domestic short 

iS^er^oarcKl.^ supply position has improved. 

is«.0i May Tbe shippers are now making 
fresh offers to sell American raw 

MEAT/ VEGETABLES c0tt0B T .° Japfmese imponezs 

SMITHFIELD—Pcnce per pound. B«»: ^ 

Scoidi wifed sides 54.9 to 58.9; Sire ifod- clear, indicating that they- now 
quarters 6 L 9 to 63 A forequarters 38.6 need to buy back contracts from 
10 38 . 0 - V«U: EngU* faB 66.9 to 7?j; F ^ cuS to mers including 

— TurfiMtr K C 347 j inis of 10«0 for ^eetSina ' >7*7. rest nil 'ft . 33 , rest WJJ, 19 Mj ; OcL MM 

_ S£s?rvs,rE5 ® ® 

397 . 9 . 7 JL Aftcuioun: Three mOMis 306 . 5 , JjffiViSg Sr' 

Hi si Tnr** ” s,: ' 64 


flour — 13636 
127.73 U 28 L 51 ). 


Dot eh hinds and ends 940 to 944 

absorbed by underlrinc Interest for levels steady. ' Lewis and Peat reported tbe 
lo steady at the dose nar^naihr lew Malaysian sodown price was 237 (2331 
than last nlgbrs prices, reported <Jfl! cents a kilo (buyer, Demnberi. 
am -T^rfTrTr — ■ ■ -• : — ■ ■« . — - 

-i '■ "Timertay a; + 6r 
COCOA j, Clow ‘ 



No. 1 .Vtrit+lay'ai Previous ; Braniem 
BJiJs. Close | Clow Done 

Scorch medium 48.# to 54.0. heavy 4S.o Japan has contracted to buy 
to 8.0. iamripfl -frozen m YLa 45J about 200,000 bales of San 

"VK. MOW, xiriiii ».> to J " 1 !™ 1 Val ify CaUfornia Mtton 
45.0, 160-130 ib 34fl to 43.9, 120-160 a fo r shipments from November to 
35.0 to 421). March next year. 

MEAT COMMISION— A»*r*g 8 fat SW* y 


Dec. 6 1 Deo. 5 jSloatS ago j TSrigs 

269 . 54 : 260.08 [ 264.24 f £ 41.55 
tease: July L 1882 = 100 ) 


"Doe. 6 Tllontb nop^u KP 


151 B. 5 1853 J \ 1500.7 


Dow j Dec. | Dm. / Month] - Tear 
Jonw i SI b i ago j ^ 

Stop.... 380 . 18 390.3 72 B 6 . 42549 . 6 i 
Pntnrp a 386 . 45 387 ^ 9 ' 3 B 1 . 98 325.99 
lAverage ia 2 *- 2 M 6 =j(w^ 


itoe. iSoSS Tear 

7 , Dec. 

.Moody's ' 6 

ago : ago 

fipio Com nfly SSl-l 980 . 1 ; 981.7 SS 7 .S 
(Dec e mber 31 , 193 l=lMi 

Defl — — 9031 . 1143 . 0 - 1 — 3.3 2064 .M 1.9 
March" — , — 2065 . 1197-0 1 - 3.3 211442888 

May Sm-D-ffi D i— 9.0 2 150 JM 7 .fi 

July 2181.0-25.9 - —9.2S 2145.0-15.3 

Heft: -^£lD 7 - 6 -C 8 J !- 4 Jfi 2 l 28 JM 5.0 

Dec....— ^..' 20746 - 75 ^ -103 S 880 . 3-740 
M ach — .‘— 15.0 2 flS 5 £- 62 . 0 - 
Sato: u 5 f 5 . 155 ) iin of in ronne- 
IfiurnatlOBal Cocoa Oreranl*ati«n iU, 5 . 
nnu per pounds: Dally prices for Sec. J. 
25 C. 6 S. - ladlCMior nrtce-f Dw. 6. Lrday 
avfkast 18498 . ii63.9L-; 01-dar averaic 
133.62. - - - ' 

FB H ; S a ppfcr go or, demand 
■•■d. Prieto at ship s side ( unprocessed) 

ghelf cod £5.58-5471, codUnss 

prices at repmeattfirt markets ’ m In Texas, a Lubbock Cotton SS 

araswt ss ss sss s Excbanee comnittee •*«■ ss “, 22 s* 

. ..... Sd.ei^'o.BiT Aalte £ m! mated cotton production in the Mi 

Jan-Mqr SI 85-SD.90' 69.75-fiOJfi! 84849 JO 1*. i -1.6). EusUmI and Mg: Cattle Texas High Plains area roSLh*&M S ° I “ fT-M ’ n “ dhnn 
Ap7-Jo«l aa-fliafi- W 5ff*S <8 mauben up 45_por cent, average price 1,770,000 bales, w ‘ so " 

Jan f 88.7458.98: 

Fab -....i 80 . 86 - 81 . M 59 . 70-5456 


Vpr-Joe. »«■«»' «.op-m.« mmoers up as per ram. average pries M 1 770 000 bafeiL VZ ftOfl 

Jlyoepr S 5 . 7486.75 64 . 74 68 . 86 ^ 4.80 6469 P -f+tjfii. She» nrob«* down 2.4 v.-Z’S ^ 

Oct- Dec-: 67 .BW 850 S 7 JE- 67.20 67.78 * 7.56 oer com. average Price ISUp (- 8 . 6 ); ofiles from its previous estimate 

■Tan-Mar 70 . 2 fi- 70 . 6 fl Efl. 55 -S 8.85 — Pig numbers up 15.1 per cam. ' average a month ago. 

/250 72 .S 6 71 Ji- 7?. 80 7415 - 72.78 « 3 .Jp Sratigsd: Cattle Dec. and JaiL 5 o 7 abeaiis; 

JT-SepL 74 . 8475.00 74 fill -74 03 - ■«£«» «■ « ■?* “ W “ U “ ate ^mpaVUS VJ. doDars per | Dn « rif Tift- j 5 L 

«cr:sc PWM^n mtn thC rec ° rd rtUtpUl Jail year ^ 7 - 25 . Feb. 272.50 »lfor>. LinseaJ. 

ner rem. aTera^pncr ue..r> .-1.6- jf 3 215.40Q bales Canadian. .Krt>n rf p-.-r tonne nf I K f*- : : ! 


Copper and 
metals rise 

NEW YORK. Dec. 8. 

COLD closed sHghlly hlsber. in quiet 
comUtions on mixed acUvity prior to 
results of the IMF auction. Silver dosed 
easier on continued Commission House 
and local liquidation. Cocoa dosed easier, 
tm Tight arbitrage and charter selling 
reflecting Commission Boose stop-loss sell- 

-£S W *‘ Sl osed ftkflWv higher on 
•ocu anort-coveriiiK. Sugar closed steady 
on tight Commission House buying. 
..£ «y D ee. 1TBS0 •179.801, Mereft 37 S .75 
3 *fl» 17850 , Job: 174 . 90 , Sept. 
171 . 55 , Dec. 167 . 90 , March nil. Sales; 
LI 19 . 

... _"^r'* 5 5 " Omrtmct! Dee. IM. 35 - 
1 S 6 .SS asked ( 134501 , March 127 . 30 - 12 r .30 
( 127 . 531 . Slay 123 . 25 . 123 . 30 . July 123 . 50 , 
Sept. X 2 L 56 - 122 . 50 , Dec. 116 . 56 -SLM, March 
118.90-119.90. May nil. Sales 742 . 

Copper— Dec. 66.55 ( 66 . 10 ). Jan.- 6726 
f 66 J 0 i, Feb. 6406 . March 68 . 73 . Mar 
86 . 00 , July 71 . 00 . Sept. 72 . 00 , Dec. 7 X 30 , 
Jan. 73 . 70 . March 74 . 50 , May 75 . 30 , July 
76.10. Sc pc. S 8.94 

Cotton— No. 2 ; Dec. 86 . 7 D 168 . 621 , March 
70 . 40 - 70.46 ■ 79 . 84 1 . May 72 . 10 - 72 ^ 0 . July 
70 . 70 - 76 . 80 . Oct. 67 . 46 - 67 . 50 , Dec. 65 . 86 - 65 .W. 
Mvcta B 6 £ 8 - 66 .W, May 6744 bid. Sales; 

*cukf— Dec. 197.70 ( 193 . 801 . Jan. i& 9 ^o 
197 . 401 . Feb. 200 . 60 , April S 04 J 0 . June 
269 - 10 . Aug. 211 . 70 , Oct 215 . 40 . Dec. 21 S. 10 , 
Feb. 222 . 80 , April 2 * 6 . 50 , Jane 230 . 20 , Aug. 
33X89. On. 237 . 60 . 

ttard— Chicago loose 23 . 30 . !C!f prime 
steam 25.00 724.73 nom.i. 

tl Matas — Dec. Sanaa 122341 . March 
SSa-235 OH). May :434-243i. Jiffy 2484- 
248i, Sept 2494. Dec. 252.232*. 

§ Platinum-—! an. 324 i(Ka 5.00 ( 320901 , 

April 326 J 84 B 7.06 ( 328 . 46 ), July 328 . 80 - 
32850 , Oct. 33 L 16 - 33 L 30 . Jan. 333 . 6 ft- 33 XSfl. 
April 336 . 10 - 338 JO, July 33 S. 6 flS 38 - 80 . 
Sales: 2 .C 6 . 

SSUirer— Dec. 3 S 1-60 7588 . 16 ), J&n, 584.60 
fS 9 l- 40 ). Feb. 557 . 60 , March SO JO, May 
59 T. 60 , July 605 . 50 , Sept. 613 . 60 . Dec. 
626 . 60 , Jan. 631 . 10 . March 640 . 10 , May 
6030. July 656 . 46 . Sept. 667 . 70 . 

Soyabeans— Jan. 676-8796 ittMi. March 
693-892 ( 682 * 1 . May 7604 W 4 . July 703 -D 14 , 
Atrg. 6624 - 6664 , SePL 67 S, Nov, 839 + 619 , 
Jan. 6664 . 

hSoyabean Meal— Dec. 191 » >138.88). 
Jon. 192 .B 6 -L 91 .no ( 137 . 10 ). March 190 - 00 - 

1 5 9 .5 0 , May 19 SS 0 , July 188 . 00 . A us. 
IfiSStt, Sept. 196 . 0 V, Oct. 132 . 50 - 1 S 3 . 00 , DBC. 
181 - 50 - 182 ^ 0 . Jon. 13 LOO- 182 .M. 

Soyabean DD— Dec. 24 ^ 0 - 24.65 ' 24 . 471 . 
Jan. 24 . 60 - 24.65 ( 24 - 13 ), March 51 ^ 5 - 24 ^ 0 . 
May 24 ff 5 . 24 . 40 , July 2 L 20 , Aug. 24 . 10 . 
Sept 33XO, Oct Z3.70-Z3.7S, Dec, 2 J- 45 - 

23 . 50 . Jan. 23 . 46 - 23 ^ 5 . 

Sopar — Tio. 11 ; Jon. TM bid ( 7 - 99 ), 
March 8 . 46 - 8.48 1 S. 4 &. Ma 7 8 . 7 + 8 . 7 S, July 
8 . 96 . Sept 9 J 3 - 9 J 4 , On. 9 . 36 - 9 J 7 , Jan. 
9 - 55 - 6 - 5 o. March 987, May nil. 

TtW— 654 . 004801)6 nom. (S 55 .Ofl 6 K .06 

**Wbeet — Dec. S 604 ( 36151 . March 8574 - 
337i i3SBi). Mar 3481-3W. July 32 BF- 33 . 
Sept. 3314 - 332 . Dec. 3414 - 3425 . 

WINNIPEG. Dec. 8 . 7 tRy *-«.00 Wd 
> 95 . 50 '. May 102.50 asked UK . 00 asked', 
July 162 . 90 . Oct 100 . 00 . 

ft flat*— Dec. 86.60 bid <85.00 bid), March 
S 1 . 7 D bid ISO.SO bid). May TSilO bid. July 
79 ff 0 . 

ft Barley— Dec. 78.00 bid (7S.n), March 
57.20 asked < 78.10 bid). May JTJ 3 B Djfl, 
July 77 ff 0 bW. Oct 76.70 bid. 

KFI&zseed— Dec. S 6 S 50 bid ttBSffft Udi. 
May 277.00 bid ( 275 . 50 ), July 27 SJH) asked. 
OCL 274 . 00 . 

ITOlheto— SCVfRS 12.5 per cent protein 
content df SL Lawrence 187.73 ( 188 . 9 S). 

Ail cents per pound exrerarebouse 
unless otherwise stated. *Ss per trey 
ounce — 130-ounce los. t Chicago loose 
Ss per 100 na — Dept, ot As. prices 
previous day. Prime steam fob NY base 
lank cars. 1 Cents per 564 b bushel 
ea -warehouse. 5 , 000 -hwbel lots. Sts Per 
tror ounce for Sfloz tmils of H .9 per 
.cent parity delivered NY. 5 Cents per 
troy ounces a-irar«Muso. Ne* “S' 

UMHIOli SEEDS— Copra, Pttllppicesi cM:ract In Ss a short ton lor bulk lots 

dollars per l antra df N. Surnpeas pons. 

lo at 5 mimes, 106 i!4n- lota of pig number"* on *3 3 per reel, arcraje 

*J iOJ,U*.'b. 

nrlce 03 Jv 


upyu US. '.{•■ti.fir-: tri;r MjJ 

Ui.i'j- Jum.-bfto'. iiatf Jut 119 *Klh-r.- 

of 100 short tons delivered lob cars 
Chicago. Toledo. St. Lows and Alton. 
** Cents per 39-lb bushel m store 
*• Crois per 34-lb bushel. H Cents prV 
■i'-lb hu h,-! es-warebouse. SS Cents per 
i-l-iS t’UKh.l ,.x-vi' alehouse. l.Wflbusbe’ 
|y> ft -J? w*r lutKiv. 



Small institutional demand lifts selected equities 

Tap price raised as investment funds appear for Gilts 


Account Dealing Dates 

- *Flrst DecJara- last Account 
Dealings Hons Dealings Day 
Nov. 27 Dec. 7 Dec. 8 Dec- IS 
. Dec. 28 Dec. 29 Jan. 9 
Jan. 2 Jan. 11 Jan. 12 Jan. 23 

- ■' Hew time " deal in may take Place 
Iron 9.30 am two botaesi da n earlier. 

Selective investment buying of 
leading industrials yesterday en- 
livened the early trade, but stock 
markets were featured chiefly by 
ihe highly successful debut of the 
-many-times . oversubscribed Harris 
Queensway issue and by the 
appearance of institutional funds 
for UiH-edsed securities which 
enabled the Government broker to 
■ raise ilia price for supplies of the 
medium tap slock. 

•Equities began the session ex- 
tremely quietly but gained 
momentum following buying of 
top-name companies. Interest was 
particularly noticeable in Courl- 
aulds. although investors were 
none too keen to chase the price 
higner in order to obtain stock. 
Another active counter was that 
in the new nil-paid shares result- 
ing from Beechani's- recent rights 
issue and the price rose 71 to 
66p premium on the last day of 
dealings before the slock becomes 

Confirmation of. the UK decision 
to stay out of the start of the 
European Monetary System made 
no further impression on senti- 
ment; on the same question, how- 
ever, Irish issues were often 
lower. News of the Pilkingion’s 
half-yearly results, which exceeded 
best expectations, failed to gener- 
ate fresh ciUnu>iasm far equities 
generally and prices came back a 
liiLle from tile day's best as a 
(>>uii:u tendency »el in towards 
the close. 

Oversubscribed more than 
twenty times on application. 
Harris Queensway opened slightly 
hiaiter than envisaged at 17«ip. a 
premium of 20 on the issue price 
of 13Tjp: despite trading briskly, 
no further headway was made and 
the price finally settled at 772p, 
after 171p. 

The day in British Funds mainly 
concerned the medium tap. 
Exchequer 121 -per cent 1985. A 
combination of straight invest- 
ment demand and switching from 
both short and long maturities 
was sufficient for the Government 
broker to withdraw at 97/j, for 
'supplies of the stock and become 
established later at 97i. Business 
in remaining issues was des- 
cribed as steady with the 
emphasis again on the untapped 
short area of the market 

Largely reflecting a small busi- 
ness late the previous evening. 
Southern Rhodesian bonds opened 
easier. Little trade transpired ex- 
cept in the 2j per cent 1065-70 

stock which closed at £52 for a loss 
of three points. 

Continuing to reflect the proba- 
bility that Ireland will not initially 
be joining the EMS after alb the 
investment currency premium 
pushed up in active trading to 
close 3& higher at 821 per cent. 
Yesterday’s SB conversion factor 
was 0.72S8 (0.7560). 

The volume of business In the 
Traded Option market Improved 
and the total number of contracts 
completed was 675 compared with 
the previous day’s 353. Land 
Securities and Marks and Spencer 
were lively, recording* 146 and 
lOSp contracts respectively. 

Irish Banks dull 

Iii.\h banks lost further, ground 
on Ireland’s late indecision re- 
gardinc its possible participation 
in i he projected European 
Monetary System. Bank of Ire- 
land fell 12 more to 393p and 
the 10 per cent Convertible de- 
clined 10 points to £173. while 
Allied Irish cheapened 5 to 197p. 
Ot her overseas issues, however, 
closed Ann on domestic and in- 
vestment currency influences. 
Algemene, £1244, and Deutsche, 
£1144, jumped 5j and 51 points 
respectively, whOe Compagnie 
Ban cal re rose 3J points to £72} 
and Hong Kong and Shanghai 
gained 12 to 264p. Australian ANZ 
put ex 12 to 312p and . Bank of 
New South Wales 20 to Slop. 
Firm of late in response to a 
broker’s circular, the major 
rJcarers drifted gently lower as 
buying interest dried up. 

Apart from Phoenix which 
eased 2 to 242p. after 248p, in 
> carl ion to the disappnintin*: 
1 bird quarter profits. Insurances 
i-lnv*d a little tinner throughout. 
Supported up to u 107S high of 
'.’Hi) in from of the mid-term 
figure.*-. Edinburgh and General 
reacted lo close unaltered at 24p, 
on disappointment with the state- 

West country brewers J. A. 
Devenlsh rose 2 lo I97p on the 
improved results, while R. P. 
Bulmer gained 4 to l44p in a 
restricted market. Despite Tues- 
day's excellent final results, Irish 
Distillers fell 6 to !88p on Ire- 
land's reluctance about the EMS. 

Mens items enlivened an other- 
wise quietly firm Building sector. 
Tnnncl B rose 4 to 296p no the 
£10.5m acquisition of Barrow 
Hepburn’s chemical division. 
Further consideration of the West 
German disposals lifted Tarmac 3 
to 15SlP and the impressive 
interim results together with the 
chairman's confident statement 
prompted a gain of 2 to 78}p in 
Arm it age Shanks* Second thoughts 
on the mid-term profits left 
International Timber a penny 
easier at 123p, hut Johnson- 
Rlchards attracted buyers and 

Improved 3} to 93}p. 

FCS attracted a little more trade 
than of late and improved 2 to 
380p. but Fisons finished that 
much cheaper at 313p. Coalite 
and Chemical, unsettled by the 
poor interim results, lost 4 at 67p. 
British Benaol, on the other hand, 
became a good market and rose 
3 to a 1978 peak of 35}p. 

MF1 at new peak 

Further speculative buying on 
bid hopes helped MFI feature 
Stores once again with a fresh 
rise of 6 to a 1978 peak of 177p. 
Demand in a thin market helped 
A. G. Stanley put on S' to 172p, 

126p. continued firmly awaiting 
today’s interim results. Buyers 
showed interest in Camford, 4 
dearer at 67p. 

Second thoughts on the annual 
results and hopes of a speedy 
solution of the bread strike talks 
helped RHM harden } to 52}p. 
after 53p. A dull market on Tues- 
day on fading bid hopes follow- 
ing the acquisition of Unicaii 
Foods, Robertson Foods rallied 2} 
to I36p, but the vendor. Peotland 
Industries, at 23p, gave back 
nearly all of the. rise of 2} that 
stemmed from the sale- 

interim profits nearly £3}m in 
excess ot market expectations 

SE business in November 

Owing to an error at source, certain figures contained in 
Tuesday’s feature on Stock Exchange business in November were 

Turnover in ordinary shares was down by £0.14bn lo £1.4Shn 
and the average value per bargain was £294 lower at £4,438. Total 
turnover for the month rose by £2.46bn to £11.97bn and not £2.95bn 
to £12.47bn as published. 

The corrected figure for the FT Turnover Index for Ordinary 
Shares in November Is 264.7, and for the All Securities Index 366.9. 

while Janies Walker closed a like 
amount better at 120p with the 
shares 2 up at 104p. NSS News- 
agents, however, reacted 6 to 104p 
following comment on the 
sluggish second-half performance. 
In front of today’s interim results. 
Hussies A finished 2 better at 
310p. after 312p. ProGt-takins 
ahead of tomorrow’s preliminary 
results left K Shoes 2 easier al 

Inclined easier initially. GEC 
picked uo to close without altera- 
tion at 340p; the interim results 
are due today. Elsewhere in the 
Electrical leaders, further con- 
sideration of Ihe half-yearly state- 
ment left Plessey 3 lower at 10J)p. 
Down to 130p in the earlier deal- 
ings. BICC rallied to 132p before 
closing 3 lower on balance at 129p 
following confirmation that 
General Cable's S2 prr cent hold- 
ing in the company had been 
successfully placed through the 
market. Rofaflex were noteworthy 
for a gain of 3 to 47p. while 
RaeaJ, 6 to the good at 344p, were 
assisted by news of the £2»)m 
radio communications export 

John Brown encountered 
occasional buying interest and put 
on G to 392p, while other leading 
Engineers to edge a little higher 
included Hawker. 2 tinner at 232p, 
and Vickers, a penny harder at 
19 6p. Among secondary issues, 
W. E. Norton became a weak 
market late at 30p. down 5. on 
the lower half-yearly profits, but 
Baker Perkins, up anotber 2 at 

buoyed PUkington which rose 
sharply to touch 325 p before 
closing a net 9 higher on balance 
at 315p. Ahead of being quoted 
in fully-paid form today, Beecham 
new shares were actively traded 
and the close was 11 better at 
G6p premium, while the Old 
vlwed 13 to the good at 622p. 
Awaiting further news of the 
talks currently taking place with 
several Canadian concerns regard- 
ing the possible sale of its in- 
terests in tbat area. Reed Inter- 
national relinquished 5 to 154p. 
Elsewhere. Dundonian. which re- 
ported excellent interim remits 
on Tuesday, were speculatively 
supported on bid hopes and 
closed 5 lo the good at jjp. Re- 
flecting domestic and investment 
currency influences, Australian 
Broken Hill Proprietary 
appreciated 30 to 690p. Profit- 
taking after Tuesday’s laie spurt 
of 20 which followed news of the 
Board’s capital proposals caused 
Hunting .Associated, at SOOp. to 
lose half of that rise. 

.Haddock were re-listed yester- 
day under Special Rule and. after 
opening at 18} p, the shares closed 
at 241p following a good two-way 
business; dealings in the shares, 
formerly Meru Group, were 
suspended in 1976. 

Quietly traded Motors tended 
firmer. Among Distributors, 
Heron rose another 3 to 118p. Re- 
porting first-half profits, 
.Arlington disappointed and fell 3 
to 115p. With the expected pre- 

tax loss confirmed. Peak Invest- 
ments added a penny to Sp on 
the company’s optimism concern, 
lng future trading. 

Renewed buying interest left 
News International 30 better for 
a two-day rise of 14 to 272p. 
Among Paper/ printings. Sir 
Joseph Causton added 2 to 25p 
after the more- than doubled 
annual pre-tax profits. Jefferson 
Smorfitt on the other hand, gave 
up 6 to 186p on the Irish EMS 

Properties made. only. limited 
headway despite a slightly- im- 
proved trade. Elsewhere. Berkeley 
llambro stood out with a rise of 
6 af a high for the year of I4Gp. 
Peachey found support and 
firmed It to S8p, while 
Country’ and New Town put on 

2 to 34p. Corn Exchange, still 
involved in talks that may nr may 
not lead to an offer, encountered 
revived interest and advanced 4 
to 240 p, but Bellway ended 2J 
off at S0p following the iate an- 
nouncement of the reconstruction 
proposals. Clarke Nieholls gained 

3 to fiSp in response to the interim 

Oils edge higher 

Dpspite the prevailing quiet 
conditions, scattered demand in 
a thin market pushed the oil 
leaders to higher levels. British 
Petroleum closed at the day’s be^t 
with a rise of 12 at 954p, while 
Shell put on 8 to 595p. Still re- 
flecting dollar premium in- 
fluences. Royal Dutch advanced 
1} more to £41 >. 

The chairman's profits warning 
continued to have an adverse 
effect on Paterson Zochonls with 
both the ordinary. I75p, and .the 
A 170p. losing 5. 

On the forecast of a sharply 
increased dividend. Hongkong 
(Selangor) Rubber rose 20 to 235p. 
Castlefield, however, disappointed 
with lower profits and fell back 
10 to 245p. 

Irish-Canadians strong 

Irish-Canadians showed the 
most marked advances in mining 
markets, where the rise in the 

investment dollar premium made 
gains commonplace. • • ■ ■ 

Strong Irish buying was Evident 
as the secror had its busiest trad-, 
big day tills week. Diminished 
fears rhar Canadian-registered 
stocks would be stripped, of their 
premium *content following . an 
Irish entry into the' 'European 
Monetary System fuelled buying; 

Northgate rose 45 to 460p' and 
Westfield Minerals climbed 35T to 
39op. Anglo United showed a 
rise of 10 to I90p and Tara were 
35 higher at 72ap. \ 

There was also moderate trad- 
ing among Australians. With tht 
exception of MM the shares caine 
over from Sydney, unchanged. 
MP.l rinsed 8 higher. at 193p, With: 
the higher premium pushing -.up 
values. Paoeonttnental gained '50 
to 77 5p, while Conzinc Riotinio 
hardened 6. to 276p.. Araonc ihe 
lesser-oriced issues. Whim' Creek 
were 3 better at 70p.\ .. 

Trading amoDg South. African 
Holds and Financials was, -by -con- 
trast. quiet. AlthouVt the bullion 
price moved narrowly, dosing at 
S196.375 for a fall of 8 1 25;. there 
was little investor interest, ' -hod, 
in dollar terms there were small 
fails through the list- leaving tbe 
eT-nrcmium index down 1-S at 
92.R. . 

But the sterling prices were 
affected bv the premium and' the . 
Hold Mines Index finished 25 
higher at 127.3. St Helena were 
20 up at 6S4n. while Vaal -Reefs 
gained J' to £11}. 

The same factor moved the 
Financials where De Beers were 
rvtCn for a gain of 10 and Anglo 
American were S harder at. 29Bp, 
hut both shares closed -beneath 
their best. 

Tins also moved higher, I but 
trading was light. The main 
feature v. as Sunpei Besi,: after 
Tuesday's high interim dividend 
announcement and the shares 
advanced 25 lo 23 Op. 

Coppers had Messina down 4 to 
54p after disappointing figures 
which, however, had been ^dis- 
counted in Johannesburg. Butthe 
level of the premium prevented 
a sharper fail. 

'Government Sices.-.."- 

Fixed Interest 


Gold Mine*. . — 

Gold Mines ilvx-S pub’ll 

OnL Dir. YMd 


P/E llallo inetj /"i. ■ 

De*llns» marked.- j 

Ec/ulty tunwnr Cm . 
Equity iMpbs total— 

’. -Dec.. 

' , ft .: s . 

...;: 88.83f 68.861 
-70.23! 7Q.0B' 
491.8; 488. z[ 
...; lZ7.a! 1A5.0 ( 
tV «a| ‘ 94.8 
.... 5:85! 5-90j 

,J 15.-58- 15-49 
...i oAi 8.34! 
...1 .4,575* 4.32a; 

. J 11 ;• 70.75; 

I..! — ■■ 16,3,13! 

: “ JSffV.’r jn*& 

4 I , , 1 •. . _ 3th • -T _ \2fl 

08.72' 6A66j . 68^| 6®»5sL .75JHt 
70;0l[ -69.97; 59 

48B.8. -488.3! 481.5; 485.'£ 

124.7i • 124.8 .134.3/ -124 j.i 146^ 

. 94.9, -94.01 93-31. -91lf i05^ 

5.89; 5.92,- .S.Bflj - '-sW. i -6;s'5 : 

15.45 * 15.53. 15:71; 1M9| : 16^ 
. 8.36' -8:3 if 8,23.'- 
4,6421 3.218: 4.354j .,.4;08i}; ,<4.» 
•ao.ea B7^ . 6Z.6B; 

16,106! 12.4871 ir.532i 16,0^ 

18 am «S9. tl »® 4*1.6. . Mono. 4K.3. 1 JMB Ht t . • • ^ ^ 

2 pm 481-5. VWn 40».». ..... v 

Latest todox OX-236 W26- • " v . 

, nn ear, ta 10/tc pixed .let. .'1931. lad. Onf. lT/78, Coi/r? 

ki£c.' 9 ^ zk*v £: ***** «“ ncd Jane ** ArtlvUy 


197^ " • Siort- Cnmpitailwi 

l , • _ 1 ~ 

■ •: . Hi_-. lt '| !>•» i [. L;tr' 

1 ®* ; jgaa’f m- 


y^ 8L ?t 7 j ^30 ; 

i ml. Old.. .;. SSAS.j 43J4 , | *9*^ 

Miu-, 206.6 f 124: 1 i 442^ J 43-5 

gw w | (WjB| , l2 9/;b ■rai/b.'76i tse/wti; 

Gniit Vine' .' 132.3 ] 90.3 .. 357.1. | 54.3 

I'm. 1 - iWrti ' llWt [ (3f6a‘74r \25rt5nej 

1 — Dad\ 

. (.IHfcktril- 
• ludturrblt - 
> SfVurtlwtie.! 

, Tula Is .... ... 


’ Gilt-fii(Ke<l.-. . 
I lo-iiurrial* -'.} 

1 .-‘peeufcilvt 
J T"U»l» 

142.-71 ,•] 



Denomina- of . 

■-.tion- marks 
’... .Nil/pd. 15 

Stock ---tion- marks 

Beecham “Mew".... .NIl/pcL 15 

bp £i' 

Pilkington £1 12 ■' 

Shell Transport... Zap • 12 - 

Barclays Bank ... ■ £1 ; H 

Marks & Spencer -25p 19 

BATs Defd 25p » 

ICI . 9 

Courtaulds .‘Sap . * 

Harris Queensway. 10i> •- 

Lloyds Bank £1 

GEC SaP 6 . 

HK Sc Shanghai...- HK$2jp 6 
Midland Bonk — £1 ’ ' 6 . 
P & 0 Defd .£1 ' 0. 

Closing Change 
price (p) ojjday. 

66pm +11 

954 . .. +.12 

515 +0 

' 593 . ~t S :. - 

370 ' 2- 

- S8 . +.-i- 

257 + .2 •- 

3S0 .. + -2 ~ 

123 ■+' .1 

+ 12 ' 
^ 2. -. 
+.- 2 . 


high . 
954 v ‘ 
32S. r 
602 -- 
, 372. 


304 • 

421 .. 

ITS - 
297 . - 
340 ’ •• 

: 360 
lift - - 

21 L." *v 

237'g: : v.r 



233 Vl V. 

3M^ +- ; 




First Last Last For 

Deal- Deal- Declara- Settle- 

Ings lags tion ment 

Dec. 5 Dec. 18 Mar. 8 Mar. 20 
Dec. 19 Jan. 8 Mar. 22. Apr. 5 
Jan. 9 Jan. 22 Apr. 5 Apr. 18 
For rate indications see end of 
Share Information Service 
Call options were completed in 
Ladbrokc. Cartier Super foods. 

Messina, MFI. Hongkdncr and 
Shanghai Bnnklnc. Jardlnc 
Ma1he<an. Zeller}. n)T, Burmah 
Oti. Dundonian. CtTy Offices. 
ICL, Spiders. Rnstenbarg 
Platinum. Duple. St. Plran, Otter 
Exploration and Avana. A put 
was completed in Barker 1 . .and 
Dobson while doubles .arranged 
included Zfttcrs. UDT. English 
Properly, ICL, Chubb, and- Town 
and City. 

.The following tcairtttes ouoted bw 
Share Information Service yesterday 
attained new Highs and Lows- for 1978.. 

NEW HIGHS (26) . 

BANKS <11 

Allen Harvey ‘ 




Arm 1 1 age *^ EMlc £S 7 ** ■ ' • - 
BrKish Bcnzoi 5TQ( * S V ' •" 

MF ' rumW SiKT*KM3n> - ■ 

A S. Electronic 


Baker Perkins Wotnbwell Foondry . 

United Wire 


CHItord Dairies e ' 


Trust Houses Port e _ 


Crean (J.) Dykes-U.) • . ■ 

Davies & Newman Stag Furniture ..... 
Dundonian Lh»ifhnr-.' 

INSURANCE lit . . r 

Edinb. & Genl Inv. ' ." ‘ “ 

MOTORS (t> . ' ^ 


Bert c lev Hambro • : • 

TRUSTS (21 , v . “, H . ,-•• 

Keliock • Jttliock'Conv.. 

• MINES (21 -€& ,. T 

Mincom Hemotan Areas j. . 

NEW LOWS (2) — 

. ' ...1 ... 
.. PAPER (IV— - , 

invemNc Group lwiMtsm 

TEXTILES ,1, \r 

Le>gn MiRs . 

-- ■ ••+ 


Up Down Si '* 

British Ponds U . 3. -A* i-- 1 

CirpsL, Dom. and 

Foreign Bonds 14 3 -M \ 

Industrials - ...i! <26 230 ;Vtt 

Financial -and Prop: ... 284 JJ -2H 
din — ... m 4/-- 

Ptantatim . • S 14 "W ,-f - 

MB*» -i m 5 : 

Recent' fsmci * 8 . .. 2 -Ht 

Total*'. ‘7w .-.i«.a«4 a ’ i€: 

... -J •.» JT- t - 

: L.-sr. 


ia substantial 
in the Groups 

position , 

John Bell, Chainnan, 
BelKvay Holdings Limited 


197S£000 1977 £000 

32,852 30,590 

Profit before Tax 

3,271 159 

Earnings per share 

5-9P (3.4p) 

The Report shows a substantial increase in 
private house sales and an increase in 
investment income. 

^Fbr a copy of the Bellwav Annual Report 1978, 

I please complete the coupon and return to the I 
1 Company Secretary. Dobson House, Regent Centre, 1 
j Newcastle upon Tyne NE 5 5 LT. Tvne & Wfean . 

j NAME 1 — 1 

I ADDRESS • — ‘ I 

• Bdlw-uy is a major house builder dirvyfopmgin ihe South Eaal, 

1 ihd Non h Ejh. ihe North Wfcj. Nonh MiSands and Cenird ^9) I 
> SunUmd. In- house builtfinj; activities are hacked up b> a 2RI * 

| sound property portfolio. j 


Tbe flplloN 1n*r fable shows the percentage ebansesf wUcb hare fohet plac- since December SO. 1977, in die principal eqoio 
bccuoos of the FT Actuaries Share Indices, it also contains the Gold Mines lode*. ' 

EnsIneeHns Coetr actors + WJS Consumer Goods fN on- Durable* Group — . — + 3.W 

Electricals - - -7 »•« Pood Maaufwtturiog - -r 3.W 

Mining Floanee - - + 1701 Basks - — - — — - - + J® 

Mechanical Eoaincerfna - 1 SJ» Other Groups .... . — - - — + 

Capital Goods Croon - - ■* 14AS Metal and Metal Forming . - + aM 

Wines and Spirits - - - •• + 1M8 Eotortalnmeet and Catarlng ..... 2JJ 

Electronics, Radio and TV + 12.71 ' Stores — + Jf* 

Contracting and Co nstr uc ti on + HAS Investment Tracts - — — + 

Oils - *- ML2B Insurance (UfcJ + 0.0 

Office Eq uip men t - + 0.27 Breweries — — — — 

Chemicals — + OJT Financial Group - - ~ 

BoiMteg Materials 8J3 Insurance Brokers - fS 

Consumer Goods t Durable 1 Croup + SJD Discount Nooses — - «-* 

Newspapers and PnMtehlns + 74JT Taps and Games . — -* 503 

500 Share lode* + T J 1 Merchant Banks - 

Property + PMrnwwotlekf Protoos . - - 

industrial Croup + M2 Househeld Goods — ~ 

Overseas Traders + 6J2 CoW Mloos FT - 

TeatOes + 6 JS Insurance (Compos ha) •— - — 7Jl 

AU-Stiere Index *■ SJT Hire Farcfuse — - ” 

Food RctaSIno - J sa Shipping . - “ 

Motors°and blsttBrntoro - o!sa - p, r..-r,ia 2 e rtanges havd ofl Tuesday. December S. 1978 

PaekMlm and Paper + Indies 


l '.X IVI ■ 



• I'll; 



lM* ; 

1 • 

ir ! 


v 1 

1 Hit 


V.-i , 




28 ; 


■ 64 

i 86 

-- j 

954 p 

L' >iinn 


26 1 


1 23 : 



l. .-in 1 mi.-n 


15 i 


! 13 



- i 

■ Mill 1 ■■■• >IJ 


3 <2 


i 6 1 



— | 

„ii- /■•■ii, . 




1 52 : 




“ 1 


i ,,ii- I.mIi| ; 




, 161; 





26 • 





.. J 


• iniilvn 


16 : 


i 2i ; 



• '.■■irtiiiililv 1 




i 14 


_ 1 



3 ! 

- - 

1 9 : 



— i 



86 i 


1 91 I 



340 V . 

«. IX 


47 • 


. 56 ' 



■ i 

r. H. 


28. ; 


! 55 

• 8 





7 : 


. 17l;| 



- : 


i •mii'l .11,4. 


7 . 


1 11 



5 *| 


■jiairl Mgi. 







10 1 





; 37 . 









1 IT':. 

- . 


— i 





, 8 ; 




Lrui<l . 


10l 2 ; 


. 21 • 



■ i 


LiihI »«„ • 




i 10 ; 




• i 

.Hark*- .V ji;..' 




22 1 



z I 


livrkT, A rj.. 


io : 


■ 131;' 



»«r* j,. 




. 7i« 



— i 

Mrrk* A I'll.- 


i ; 


! 4I-, 


-• i 







— i 




14 ! 


( 30 








20 j 



' lint 




27 : 


: 33 




s i 


! n»s' 


K'l 1 


2 : 


; 25 1 




LM 1 



• id • 



- i 







3— . 

T 5 s 


£t * * 

iJ | I • 

IVirg 3— ” 

j f- 

P t * 





42l 2 r.l-. 

24 11 


' 43 

tAn/i-ll/Ti' llll;-, . . 

.. 44 

2.X- £.- 

8.7 7.1 ' 

A SO. 50 V P 


1 H ' 

1 Villi -II Ulll 111 ^ f.v-. 

.. .. 72 

— ’ — - 

- — . I 

ASI.S5 F.V. 

1 - ! 



IfiAu'i. hnnuhi!' .\: 


165 j F.P. 


1 in 

|Hams (/uwn -r.iv 

Mr 172 .... 

■T.a 3.i 

6.8 7.2 1 

29 [ « -1‘. 

1 5 1 ; 



iKiii-’Jien Vu»r;n h*». 

. 50 

>-I.o4 a >> 

6.7 S.O 


rj ‘ ft. 1978 

5 5 4 S- : 

-£ Hi-h. Low . 

^s-.i r.C 1 — , J9S4 v inrul’ic I-lcJ ... 

■ | i‘ lu |2b t | I 2 I 4 114* jt-Vh w: \oll«t Umi-rr^ Hi** l‘. iM. IdtS.. 

*‘i . .1*. lb; 11 H4 iOl llmiv l8- ; i.'itii, Vi-9 1 

|100 Ml - — 5pm 2pn.|H*nle>-l.uu.l«tl Lu.. Ln. 

.11 r .>-. .32 1C; UU|, . 98pl>uwi,iin !■■■■- . i.<;- 0 hr. I'n-r 

r . 1 . 1*4, 1 1 ; 165 ll'j I'i-, la,. .<■;■!- 

£ 4 i ■ a-. £5 J 1 dig 9 l(ul.i.utii-tt..illi I -.I.M.I^r Utili-I i“ 

97 F.P. 1 5,1 < 8Si> lOj'i 

£’«>■; U. |2o I ( 504 m(,i lli-i. Iv*.. 

994, .. 

' If;' ... 
-114 • ... 
5|»tu- + I 
9B|. . 

. 9'* .. 

9b, ■ . . 




lsoie ' g“ 
Prirel =S 

latest . 
lien doc. 

j 1978 


■* ii-iii" + i»r 

p; i 

• ■ 

' High : L*iiv 

' rl 

abtJ :F.P.| B 12'.12 1 G6|-n.; -pni llteeclm ni ... 66 m, -II 

17 • 'n |1B,12 26fl 3l4Mni2ia»i»n.Bouiitiii iWm 2ijiKi»-:« 

ioo ; F.P. | a. iv.!isi,l2i 41* I 38E Un.wn iJ- igq +a 

b7 ■ ; F.P. ,29. 1 6-1 '27 ; lllg Cn|i«-r..\tfili 74li- 

105 1 Ml 15/12- 12/1 8wni -'|*> ; C» iU.v-.i ! 8,^1*418 

93 ; '>■ 1 15/12. 12/1 W*pm! 11pm 1‘ifc'n ll|.m~E 

So i '*i 1T.H o l2 It. | t*r* IfyUic-ruiH Hnrcev 'llZiim-rl 

130 , V 8 12! 13/1 lBiwn li-ji-m iHot-kltm * Hort.m • lb..n- 

125 i Ml |15/12 12/1 36pm 3«pm .M.L.HoldtnR* I 56r.m 

!H KV. Id* lH b,l2 BQIgj 77l-.'A*wuian lua«. , 80«a v-3 

186 Ati 18;1210;1 «3piU| 25pm SunliMt .v l*nt 40 i-im-.2 

62 Mil '18/12‘15/1 12pm | 6i<mll enn. i>iiMiiai v i3m n - .... 

133 r.i.J o-ll; 0/12] 196 ' 161 'Tlnu> l*n«lit..t- ! 179 J-»l 

Renunciation date .uBian* lari day for dealing free of >ump d*ity. h Klcurea 
based on prospectus estimate- o APSotned dividend and yield, u Forccasi dlvnicnd: 
cover baaed do prevloOS year’s earnlma. r Dividend and yield based on prrtspcciii* 
nr other oficial Estimates [w 1979. q Gross. T PlgnriK amuned. ; Cover aflu^s 
lor converstep of shares noi now rank In* /nr dividend nr ranking only r..r rosincicil 
dividend t. s Placing price to public, pi pence unless Mhcrwlbe indicated. 1! lv.m-d 
by tender. a Offered W btMen of ordinary chart s an a « rights - •• U*nrd 
by war uf caDltalisaUoo. II Bftetr oaoe ed. Issued in cennectfan with renrgam-va- 
tlon. merger or lake-over. 1111 Introduction. Q Issued id Inriner preferenee hniaws. 
■ Allouncni lenerg iot IdUy-paid 1 - • Provislnnai nr parilv-ppid allorment irtletv 
With warrams 

i 9 12: 12 1 j 66r».; - !■•*« lUtwelwm 

1 15 J 12 26/1 |3>4MIU 2*a !■•!», Buu itiiii 

I s. iy.lbl.l2i * *1* I 38E jUmwii iJ- 

■29 . 1 lj 6-11 '<17 ; 7|l|;Oi|>|«-r..\Mli 

15/12-12/1 8wni •-*|*i;Clni«.t.l ‘ 

1 15/12, 12)1 W*l*» llpni I'iboii <Ui 

' u-12 U.| Tvdieniill * Hibev. 

m 2! 13/1 18nm jl'jr-m ;H»kliin i. Hort.m .1.. 

;15/12 12/1 36pm 34pm;M.L.HoldtnR' 

\£ 2 12 b ,va Brigl 7Jl-:Ne*ruian luo«. ... . 

18/12 10;1 «3j>ni| 26pm Stntln-rt .v l*tit 

'18/1215/1 lZpani binullrm i iMi-uiaiv.. 

| 0-11- o/12] 196 I 161 -Tim,' l’n»h». i- 


These indices are the joint compUaiwn of the Fmaedal Times, the fnsfihite-flf Acteris 

and the Fawdty of Actuaries 


Wed.p Dec. 6, 1978 




n9w*s m parerntiese-j show nunfccr of stocks per ‘jg** TSax-T 

section % 


2 Building Materials (27) 

3 Contracting, Construction (28) .... — 

4 Electricals (15) 

5 Engineering Contractors (14). 

6 Mechanical Engineering(72) 

8 Metals and Metal Forming(16) — 


11 (DURABLE)(53) 

12 Lt. Electronics, Radio, TV (lb) 

13 Household Goocb (I2J.._ 

14 Motors and Distributors (25) 


21 CNON-DURABLE) (171) 

ZZ Breweries (14) 

23 Wines and Spirits (6) — 

24 Entertainment, Catering (17) — 

25 Food Manufacturing (W).... 

26 Food Retailing (25).., 

32 Newspapers, Publishing (12) 

33 Packaging and Paper (15) - 

34 Stores (40) - — 

35 Text/fes (24) 

36 Tobaccos (3) — 

37 Toys and Games (£>) .. .... 


42 Chemicals (19) 

43 PharmaceuUea! Products (7) 

44 Office Equipment (6) 

45 Shipping (10)— 

46 Miscellaneous (57) 


51 Oils (5) 

59 500 SHARE INDEX.:. 


62 Banks(6) 

63 Discount Houses (10) 

64 Hire Purchase (5) 

65 lnsurance(Ufe)(10) 

66 Insurance (Composite) (7). ..... 

67 Insurance Brokers (10) 

68 Merchant 8anta (14) ..... 

69 Properly (31) — 

70 MisceHaneous f7) — 

71 Investment Trusts (5Q) 

81 Mining Finance (4) 

91 Overseas Traders (19) 

99 ALL-SHARE 1NDEX(673) 

333 { 23956 23851 

Z07JD 20119 
735 379.08 37ZJ8 
10 JO 56553 55821 
7.77 37L73 37206 
739 185.95 18638 
839 164.62 26433 

7.93 289.47 20927 
939 26134 2HL87 
7.77 I7L4T 17149 
6.01 122.83 123J1 

836 ^149 212.95 
952 229.98 22939 
9.66 28831 
1.6 0 

British Government Ort. 


” Under 5 years — — ... 10351 

5-25 years 12227 

Over 15 years 11731 

IrredeemaMes - — 12250 

5 I Afl stocks 1X0.46 +0JZ 


10351 +0. 


Itulc.v i Vlcu- 
Xn. | « 



_fji. LUiub. 
l/BV'i=S'inv • 

I ' 

j to : 

Aw. r Am 
29 r 2d 

is 20-yr. Red. Deb & Loans (15) S3J1 riS.« -MJi j »i* j 

16 Investment Trust Prefs. (15 >: 5i.i6 15.6s 5i ; ib{ si.l6 ; .51:16 j si. is |,5i.j6f-5Ll6 1 'm.nW 

17 Coml. and lntl L Prefs. (20) 71 -8a 13.04 7i.«6 j 71.86! 71. 83 j wissj "yi.-rr": 'tt A? j 

t Hedemniw- vteW. Highs and low* regard.- ban dates — d vjIops and ra^ir-^t. 

L hp^ J> c> 



y A-& 



JC y 

ft 9 

i Erj 



*a sc 
'i 5»- 

L; : . 

- - - » 

sSSTS -ISfe » 

(Minster Fund Managers Lid. Provincial Lite Inv. Co. Lld.y ' Save ft Prosper continued 

Minster H-*_ Arthur 5i EH. 01-623 1050 222. BMmovj.iltf EC2 0 1-247 sSSJ Scot bits Securities Ltd¥ 

Prttlilic II -ill". 

High Income 

IB* 1 

I:i7 i 



-DqiAfekn, ..; _._ 

Friemfc' PfMdt- Unit Tn -Win*# 
f : PhiftgoiEnd; Dctido^- ’ ’. 


^ • --CT. UtHt Man ag e rs Uif 

s «' SigiaKWlggs 

S :■■' “'■ssES^SSiPfe 


M:«»er*ta..27_ 157 6 ,"WW I 584 

E-empjNov.30.. ..|te6 103jJ | 5*0 

MLA Unit Trust Mngmnt. Ltd. 

Okf Queen Street. SWIA 9JG. 01-030 7333 

MLA Until |«2 4941 I 3 S3 

03065045 Mumy Johnstone U.T. Mont.¥ (A) 

A \H *^3 f-S 163 Hop '‘ *"ft fihwow. G2 ZUH. 041-221 5521 du liter Management Co. Ltd.* 
625MLS -4-60 HJEureown .. _ (79.2 8*J( 1 355 The 5K. Eedun^ECZM IhP. 

- ■ ■ Orally Day Fndav. Quadrant Gen Fd. . .1106.4 110.41 , 

-01428 8131 Mutl,al Unit Trust Managers V U)(g) Quadrant income.. -11336 137 b| .. 

H 8 i*i5K l p‘£- En w7 u - ssn^TS *■»■“ «"*"»»■ L “* 

B.U3 Mutual ii*Trt {$04 75:3+0 4 7 5§ Reliance Hse . Tunbndqe Wells. Jtl 

3.TO Mutual Blue Chip W4J 4* +0 J 477 

1,20 Mutual High Vl4. 157.0 Uii +oi| 8.83 

i m Na * i °na | and Com m er ci al 
7 Jo 31. Si An(4ew Square. Edinburgh 

3 IH StMbH- . |J# d 4'7|*p« *41 

7 82 icetv.eKl ■ - - g .?H*g3 \ ft 

Pnnfl. Portfolio Mnqn. Ltd.¥ lallbHd ScolE- kth Ujga Jt?3g f|3 

H«l»m Ear... EC1N 3NH 0M05 ** fo™, M . iT^ £ S Dc- 13 

Prudential . _ . .11310 139 (» *101 4 42 SehfesingeT Trust Mnqn. Ltd. ia» iji 

(03061 fc-Ml 

140, Sou/h 5WW. OWiifisr. 

031-5569151 Ridgefield Management Ltd. 

.S;ft A- Trust. frit?) -V;; y.» 

SRrteigftftwLBnniwdBtf {fflT7j2T3C0 
OSK-,- K.7¥|*ft2| -445 

5artowfrFt»d Man«g«r*¥ tallgi 
2SL Mary Axe. EC3ASSP - *. .MHW 
" ,Ttty-..« 0 . KM+Ut 

flidgdje^ InL UT.....I 

S?# - . IS 38-40. Kerne* SL.M/mcMfiev 
WW Nw.29_:.„_Hfl5 l5s.ffl. .■4.1* 

(Accun. Unrti). jlMB IMhJ 4 14 

National Provident Inv. Moors. Ltd.¥ 

*0- Grat rchurrt 5L, EC3P 3HH. 01-6Z3 *200 
N.P.I. Glh.Un.TsL, ..M7.0 5 


Rothschild Asset Monagemeat <gt 


a** Am L-rtwtn.-. 

Jil Ain. 5n«llerCo«- 
'•* Eiempi High Vld .. J 
£ rerun Mfct. Ldrt— - 
Eilxa lnc.T-0_ 


InW) (JrtJwUi „ .. ■ 

inv T« UnKS 

Martel Leader-, 


Prel. 6 DlLTriM— . 
brOWier 061-236 8521 Prepom Shares . .. ■ 

■ 5 a ■ i » 

neHfVir nsr. iirraimnni),j9i utrr^c^fA Jg? IsS-oJ !!i 

SekforteT Inc. . ,l«.0 *7 1| *0^ 5.5J 

J. Henry Schroder Wagg 

Target Tst. Mgrs. (Scotland) (a) ibl 

rt Alhw Crewm, E»" 3 031-Z29 Bb21-2 

Target Amer Eagle 124 « -24 J*S -og 180 

TurowThhilr pi 9 45.iS +(L2j S.» 

ErtrainromeFd .140 2 44 T| +0 it 992 

Trades Union Unit Tst. Managers? 

100, Wood Street. E C 2. 01-6288011 

TUUTDee. 1 - 1502 . 53 5J*1.« 534 

Transatlantic, and Gen. Secs. Cd-¥ 

91-99 New Lcnflon JW ChHmlord 0245 51651 
Barbican Ho* 30. . . 

(Acaur. Units ]. . _ 


8uekbm. Nev. 30 

ggo Unrti)— - 



Anderson Unit Trust Ungiis 1AL ,r 

■»<» u» r ruitiA - • " ■■•toM Bl. cyw. m. tAecy>.. 

5SrS!u^. _ «0^-«bS (AijtoAjl t>6ft Tst. Pfls. Ud. 

•lAasbadrer Uolt-MgML Co.;Ud: r '< £ '.T, 7 3£ade*fehsn.fiWJeHy. CC2' c JD4H4m 
i 3. Noble SI. EC2V.7JA. ' T OlttOWS S~1 'S3' 

Sne-MortWy Food^flSS . J35L-^4 ?» :ffl£t'Sto?ri242 2fcS fw 
. Arhuthnat S»airf*tas : mcW<e> ,rvj : . Oesihg 'Toes. ItWed. 

37. own K4ftlBV.^0P236^ Gofftt (Johnl¥ ••'*■. v* >■= 

H 0 - 1 ? IAffW I -Ui4ls) , -~', 

9 NPI 0 \eav Trurt 

_ J (Actum. Units) ■ -... . _ 

■■£->os on No*. 3ft. Ne»t dealing Dec 29. 
'Prices M Jtor. l DM deaiuig Na>. 15. ' 

National Westminster (a) 

161. Clvapude. ECV6EU 

|| KSBiftt- 

5 S NC Income Fund . 
N.C. IWl. Fd line., 
N.C. Imi Fd (Acc. 
NC SrrflrCoysFd 





lift 6 

+7 9 

. TIt 

167 1 


02% 59*1 12a 

1*3 CaaUl Pec. 5- ‘ 

Vf s :.: 



CnwvUitnu. . • 


Porttolk. Inv.Fd. . 

Um renal FdJdL- 

RothschHd ft Lowndes Mgmt. (a) 

Si. SailMni Lane, L*., EC* 01-026*356 

msec on Nov. 

Rowan Umt Trust Mngt Lid.V (a) 





t ftKwa UfUts)-- . 


7T London WoD,EC2 
ST*- Dee. J- ...I 


1 18 


7ig*(UU *33 
72J 4QJ 7S9 
37A +04 5.34 
95.* +1.4 4.94 

38.0 *01 7.08 

74 7b +02 5.92 

58.14.4-2^ 2.50 

NEL Trust Managers Ltd.? <a>(g) 

Milton Court, Dorking, Surrey. . . 

SSS**-ȣ=JB SMil 1:81 

Norwich Union Insurance Group (fa) iaeo>m 
R.O. Bax 4, Norwich, Nftl 3NG. 060322200 Royal Tst. Can. Fd. Mgrs. Ltd. 

'Akuhi- U nits)- -• |3*J 
•PnSrOiaFdNoril -R67-5 
■SpecE».Dec.5.— .- • 
•Rrcoven Dec. 


01-2403434 U«ng 

W 1 ^ - 

(Acaim. UhnOlI. ' BS 9 

Cumbl Dee.6 I5L9 

(Actum. Units? 


(Acaro. Units) - .. 
Marlboro Det. 5 . . 

I Ateum. Units) 

ian.Cvdh.Dec3 ... . 
(Acuim Units).. .. 
Van'IftDec 5 . ... 

1 T'ee Dec. 6 


Crtr G-ile Hjt., Flnscury 5 a., EC2. 
5911 HtghYld 





- , 2Mi 

Far un eiOTDt funds __ 

Scottish EqrttmWe Fnd. Mgrs. Ltd-¥ 

28 $i . Andrews So. Etknt>wgh 031-556 9101 

24? 4 

5:... 1203- 



01-606 1Db 6 Income Unhs. 

Grittyaicin Management Go. Lfafc 

19 - f -»3»+BJ 

A9f«S Unit Tst Mgs. Ltd.? fake) 
ift?; H?3f) Hpttwn. WCl V7NL " ““ 

Bwtqs ltaican Ltd.? (s)(c)(g> 

Ihworp Ho. 252, Romford Hd, E7. .. 01-5945544 

Unjavn America- L ' 

gp.AwL:Aa. -t 

Bo. ( 





Prkei j*Mw.3l 


l *“«*■. fflB&zaw'.-.-roi-flsa 52 

f 3H JO) Baring Brotten ft 0^: Ud*;<a)k) 

^5&ljS«faNiAa t .EC3li... .-^01-5882850 

. i . SSSSEiriM. :ffl :d » 

Jtaq sob. day 

59 Sretham Street, EC2P20S 




(Accum. Unite). 


tDnft5) — I7U 

(Aceum. UnteL 

GoarAan Royal Ex. Unit Mps. Ltd. 
SflyatExchaigd; EC3P3DK -l-’ ■_ 01-6280011 
tag) GondMti Tst 195.4 , : 4UL.1P4 425 

01-831620 Hwdenttn Adrolnbtntfoof UJfcKB) 
Premia* UT Mnh, 5 BgMgt 
a tamm ui, eboi. _ 

GrowTsL Fd .J365.B 385.11 -02) 522 

Pearl Trust Managers Lid. (a)(g)(z) 

.::::: ffl SI 

i in DeiUng day WMnesdaj- 

568 Sefeag Unit Tst. Managers Ud.¥ (a> 
fg POBovSlLBeW^-^-ECA 01-2365000 

^ I &SBBSftrJH I U^j 444 

Security Selection Ltd. 


<?l*06»4W 252, High Hcfborp, WC1V76B. 

Peart Grown, Fd_4 

Accwn Units .... C 

?Wf Inc. 

Peart UnU TsL f 

(Accum. Units).. 

2631*0.11 4 79 

■jy § 

50.91 +0.21 522 

Pelican Units Admin. Ltd. (fi)(x> 

81, Fovntjip 5 i„ Manchester 061-236 5665 

Pelican Un» s 187.4 93.91 +0.1) 4.78 

Perpetual unit Trust Mngirt.f (a) 

48, Hart Sl. Henley on Thames 049126868 

P’prttalGn.Gth. -09.4 42.4J .. ..[ 4.63 

PfccadlBy Unit Trust (a)(b) 

Antony GMh UnK Trust Hansen Lid. 

2s F r r S c ^ -s P^. tBd Ja*ryTEc2R AMD. 

01-588 41n 

Erira Income J29J 

Small CoTFd" J “ Jfil 

Capitol Furej _.Jl4}T 

{2-Em^ A Assets. 

Prwau- Fund 

30. Nert derilin Dec. 15. 

54. Jeronm Siren. S.W 1. 

Capita* Fd - 167.4 

InciBK Ffl Jfi9 7 

Prices X No*. 30. Nert deaUng 

Save ft Prosper Group 
4, Great St. Helm, London EC3P 3EP 
b8-73 Queen St.. Edinburgh EHZ 4NX _ . 
Dealings to. 01-$5<t 8899 or 031-226 7351 
Save ft Prosper Securities Ltd.¥ 

Internal kvsJ Funds 

01431 6930-9 

M -I if 


Far East Ffl 

n t"$l 

Sfii~ T" - IMA 

I remaflnm J .. Bj f 
Wdl . Wide OotXH-RTA 
Ifcenaa* FMI ’ , 

Austraii*n.„, — ~_I36.Q 

EF= =« 

Far East Fiji 014 

American Fund 12L1 

Practical Invest Co. Lfd.¥ (y)(c) 

44, Bloomsbury S A, WC1A2RA 01-623 8893 

Pneoae Dec. 6 USD 6 159.BI -Oil 4 47 

Actum. Uims 072 -03 4 47 

CapluJ 36.9 

UlH» Growth . |6B 9 

bnti9M btcorae Fond . 

Hlgh-YWd ...154.4 

Ktgh Inccane Fnds 

High Return-. 168 2 

Incoro? (43.1 

U.K. Funds 

UK Equity M83 

Oversea* FmWsIz) 

Ewnpe _%* 

S ector Fiuvh 

iSSC.:::::- KI 

Financial Secs I7DJ 


Seiea Income MO 

ni-fi29 «252 15-19. Lncota 1 * liw Fi***. WC3 

U7 UnvIGlhTuAoc (2*7 

- -- Umri GthTst Ik [21.0 

Stewart Unit Tst. Managers Ltd. (a) 

45. Charlotte Sq. Edinburgh. 031-2263271 
rStewort American Fond 

Standard Units -1562 6°-6| . I 1.S5 

Accum. UnUv — . .. Kl 9 M Ol 1 — 

ivithftowai UtlU* . . [45 B *8 si . 1 — 

-Straw* BrtfMl OtolUl Fond 

Sundard 11*4 0 152. 41 . I *05 

Accum. Units..— .. |l629 177 a( . [ 4 05 

Draft's Ttiw. IK "*rd 
4|* Sen Alliance Fund Mngt. Ltd. 

.-Ill -X.-I l«n. t un a,| ailt * Jfce, Hor-urem 0*03641*1 

51.4) ,0.3 7 .9 \s 

73Jj +02( 545 Target Tst Mngrs. Ltd-¥ (a) tgi 


9 SI 

31. Gmham St- EC2. Dealings. 02% 59*1 

■ a s ” ISSW.:: 

*=a j* ?JSetfesq 

■ n «Do. Acc. Drib 

Target Em Fund- 

Target Growth. 

Target Pacific Fd. .. 

<2f Do We in* Units 

1.75 Target lor 

3 36 Tm.FV.Oet 6 

, TgL Int 

JR Tqt.PrH 

7 67 Tgt. Soeciat Sits— ... 

79! 7 


|Z7®4 9 
13 3 



167 j| 

TO Ol 

I* a 

».«l *0 1] 








Dd.Aovm ... . 

Tyndall Managers Ltd 

lB, Ganynge Road. Bristol 
Income Dec 6... — 

(Amen. Units). - 

Cfpltol D*c.6_ 


tiww. oec. fa ... 



(Accum. Units) 

24, CstieSt, EifiafarolL 

aasi&i.”* 2 

(Amin. Units). 

London Wall Grew 
Capital Growth.. ...B2.4 

Do. Accum |86.2 

Extra Inc. Grown . J 

Do. Accum. ... 

Financial Pr’rtj . 

Do. Accum... .120.3 

Htgii !nc. Priority... . 


Special Sits 

TSB Unit Trusts (y) 

21, Chantry Way. Andover, HMs. 036*62188 

Dealings to 0264 63432-3 
(b/TSB General . _. W6.4 4971 -03] 

fbi Do, Accum 5? 7 .«.« +O.H 

(bl TSB Ircome ftlA 

(6) Do. Accum. [65.B 

Ulster Bank¥ (a) 

Waring Street, Belfast. 

(b)instlr Growth . .. 138.* 

Unit Trust Account A Mgmt. Ltd. 

King William SUEC4R 9AR 

FrlftsHse. Fund B9.7 

Wirier Grth Fnd W.7 

Do. Accum. 134 9 

Wider Growth Fund 

Kinq William SL EC4R PAR 

*L2t+DJ| 5.64 


‘IJfl- .l U2 

Income Units 129 7 

i 134.9 

5J2 Accwn. Units . 

. I <86 
. .. 4.86 

BUibmpMA. '- pjnHMbft-MMRt. Caf Hffl Sanwri Unit TsL MgrJ.f(a> 

>\i ;.. 4 Btibamsfas EC2. -. ' •. .^aX^SWKfp 45 Beech $ l.EC 2P2LX . . . vjS»/am»801l! 

B ' ) atef>f'p*0.~4®5 l&Pa.- A. Wtht^T naU^gy ' 

h : s - s 

. . American & 

•, \ •; Tii income'—. 

1 ,s, '!gSw 

'• safe 

Acc. UK "Dec. 5 
E gate InL Nov*. ___ . 


Bridge Find ifofi»ers U)(c) 

ReglyHse, MogWBBaihS^ECd. . 0T-6Z34951 

7 ^*^^oes. JWWr l |iSrs. Ite 

Bri t aa ni* Trust Maha bobm I £*)(g0 






.... tatefe? ta)(g) 

3^5 15. Christopher StreeL E.C2. 

InteLTov. Fund IB&9 

Kfgr Fund Msagos Lt^ mij 

25,MllkSt,EC2VBJE. . ^^40670701 

Key Energy (tl 

•OW38^Wfif0W wwlprort^und.— | 

KUmrt Bmo»Uidt Ifeasesf 

- 20, Fbncborcb St, ££3. r ,ii®623800Cj 

K.B. tMlFd Ind— 184.8 " 

The British Ufe Office LW¥ t*i . 
Mum Hse- 7m2irWpeWefls ltt v 0692 2271 


L-ft C UnlTTrust Managenttut ttt.¥ 

TVStoefcExctaogp EC2N 1 H P. -i. 01^568 230d 

ISSifeitgV I IS 

LiUHidn Set& lid.f (aXc) 

Wjhbih^lpeUoflECTRlHy. 01-2365231] 

•; | tw] 


Brapn Shipley ft Co. UHf 

Mngca, FomdavCL-ECZ. 

BStfc’ “ “ 



ws. ttWed. tTbtrs. 

Lepai ft General TyudUF Fund? 

01-6008520 ‘Ift^Chuvroe Rond, Bristol. 0272 32241] 

-aas*it=«Ljiid ^ 

Hext sub. day December lX 
Unwhwt A dBui i btiatiau Ltd. 

-2, Dnto-SL, Londwi W1M 6JP. 01-4865991 

.iSSpizzrrliW <:§ 

UoytK BlL UDH TsL Hays. Ltd* (a) 

01-623 128ffl 

■-. V ZdiWh^ Pntlm^ twfa. Bar 51322 j 

U«L^ U^UfrUntt TsL Mngro. Ltd. 


- 01-6264; 

• Prices «,Ofa. ft.Nnc deafingdae Dec ZL See afcp Stxx* Excfonge OmHto. 

r ^ & Mfe^j^wag|dp«»Wj: J- 7U& 

CteiriRCQ JFnmttt' r '-- ' • -s- Corver-Oai Inc. 

-• . r. - TIT'. ’ -• .. •- . ■ v =■ -DwWend- — , 

L.-* r. l^WnviftlMdaasECZ. 01-6384121 (Accum. Urftst-.— i 

-■ ?• 9!?WSH8S*aiSa J - . 

OfiMifeM jJiifieiil invesL Fdft : 

•J 5- ■- 7HmK»V«M;EC2MII»; . ' 01-5881815 

■■- 3' I dteme Nqn.'ZL— — B31.98 — ,1 — 1 7M 

01-5886010 2«- 

17431+211 466 

, ft 

SFarCsertatoae Ighrt see 'Janet FWarf 
F CW*ffct}o T«*t Managersi LWf (a)(8) 1 
:C U;ifcwSL, EC2M4TP. ■ . J 0WB326K 


WP, 'Growth T^L — &■ 9 25^. — _}. 730 {Acnsn^.atj) 

£■ -%82S&.22b ?«- ■ “«*- WzS™= 

;<‘GnnWtFtmd (460 «.<f <18 gSStSfaCZr. 

Ctimaponan Fond Manners •. • Bgtdafind Prod* 

3*PtwSM« i iMd*SWlX9EJ. 01®56O5. Trustee,- 

.^•aasrijH-- Ss&f-: 

; CRrigrwwnrt Dwt TsL **gn,lM. 

9'MF«wLane,'eq2Y6«M (D-6069a2 Pe»7Ex- Ore. 12. 

V" ■ Salltil ManoLtfe UtanagefReaf Ltd. 

^ . S3 ..^1; 900 SL George's Wby, Stewmage. 043856101 

' SeSnt Unit TsL Musi*. l^d- TaHBl ; CrwthjWts^u— 158-1 5M[ „... I 431 

A^Kcm&*m+x : \ .vwi fei H !? a SZ?£.. xl0 ' ^ 

... cfe-Amer. 


Vii CPP- 

14-18; Gresham 5L, EC2V 7AU. 


Motor/ Fund Mangers Ltd. 

E. F. Winchester Food MnpL Ltd. Mjre.^oro.6— T i 
01-6062167 — 

m«*-4 «-teBSte 

1 •£. J- 

01-600 453 
‘ 4.57 

OU Jewry, EC2. 

. S3 415? ^ .- 

Etpua ft BaSey Tst Magmit ltd.. Baric Brrop - 

SfL-ArHnetwi SlS.WI 01^997551 U»* TlWt MWW^S Ud.f U) 

^ iSSSSS^ae: ^ ^ ttWiwft 

- . Stt AW»T Heft Trust *»*<■ V .. MM«fcraT~ “ ' “ 

Eicdty A uw tin. !>: «.¥ Gjwo . - 

AflfntaanHttiighWycoBdit 049«3»77; 

EadwiLaw _^a3 7L8L+03 <28 Dc-Acam 

jS Rdtos Vnn T«st Most ltd. 

lowest NdeStreeLOasgow-; Wl-3»413ra MawdlfcaJ— 


tProperty Crowtit-.^. 


fUkSita dwwri. undtr lnsutaoce and UVeperijr Bond TaMe 

Abbey Ufe Assurance Co. Ltd. 

1-3 St. Paul's Chwthyvd, EC4. 01-2*8 9111 

Faulty Fund 


Crown Life Assurance Co. Ltd.¥ Lloyds Life Assurance 

Crown Lift Hje.. Wnhito, GU21 1XW 04862 S033 ^ ClifKW S%.. EC2A CM! 


Property Acc. 

Selective Fund 

CcTtverlibfe Fund 


•Man. Fd. Ser. 4 .—. 1366 
VEgurty Fd.Sff.4„ 356 
TCom-. Fd.Sfr.4_... U4 7 

fMoney Fd . Ser. 4 _ 1125 .. . 

Prices at Nov. 28. Vaftetion norouiiy Toes. 

Albany Ufe Assurance Co. Ltd. 

31. Old Burlington SL, W2. 

B ir Fd. Acc. [1960 

flnL Acl 1410 

ItorwyFdJlc. .. 1166 

•Fd.4ec 1129 

fin* Acc. 16« 


G*td. Mcn.Pen. Acc- ._ 133.8 
hrtl.Mn.PnFd Acc. _. U45 

Prop.PeiLAcc. 1296 

M’pte Inv.Pen JUx — 209.7 


Maim'd Fund Acc — . 

Mang’d Fd. Incm 

Mang’tf Fd. lull 

Equity Fd. An 

EoaMyFd. Inc/n 

Equity Fd InK 

Property Fd. Acc 

Property Fd. Incm 

Property Fd. Inh 

Imr. Tst. Fd. Act. 

Inv. Tst. Fd. Into) , 

Inv. TjL Fd. Itul 

Fixed In L Fd. Arc — FH. Incm. _. 

Inter’I. Fa. Acc- 

intertl Fo. Inan 

Money Fo Acc 

Monc* Fd. incm 

DbL Fd. Incm — 

Crown Bn. Inv.' A" 







i8ti I 0,31 

8 61 

Milt. Gl. Nov. 30 

Oc 5'A'Pr. No*. 30— 

ill ?- m If i 

iou -ai 

10 lj +ai 



1052 ♦0.1! 

i]|3 +0.6) 

mjj +06 


1*31 1514 

135 3 1423 

155 3 1633 

0pL5'A'Dtrt NovJO J123.9 13031 .... 

London Indcnnny & Snl. Ins. Co. Ltd 
18-20, The Fortuny, Reading 583511. 


Royal Insurance Group 

Ne« Kali Place. Liverpool. 051-2274*22 

Roval Shield Fd ...„ |148 7 15561 J - 

Save ft Prosper Groupf 

*. Gt.SL Helen’s. Lndn.. EC3P3EP 01-5548899 

6 47 

... 34 3 36 J +0l] - 

Manchester Ass. Gp.¥ 

»« SSSHSat-zrB ? 

— Fi ted Interest 134 3 

The Loodop ft Manchester Ass. Gp.f 

I" Wmslade Parte, E*eter. 0392-52155. 

10 00 
9 52 

♦Fie*. Ekempf Fd, 

♦ E««r®t Prop. Fd 
AErtTL In*. Tu. Fd 
Flexible Fund. ._ .. 
Int. Trust Fond . — - 
Property Fond. 

AMEV Life Assurance Ltd.¥ 

Ahna Hse., Alma Rd, Jteigoif. 

AMEV Managed. Jlp.8 

AMEV MgdT r B' . — - llBi 
AMEV Money Ftf. — 107.2 

AMEV EcuityFtJ 112 7 

AMEVFlWlnL 914 

AMEV bgL-Pen.-B' U0.& 
Flexlptan 100.7 






Crusader Insurance Co. Ltd. 

VlnaAi House. Tower PL. £C3. 

Gtn Prop. Dec. 5 .—174.4 8*.2| 

Eagler Star Insur/Midland A«ur. AmerkanFcLBd- _ 

1. Threaftteedle St.. EC2 01-5681212 Conv.DeouH* , 

Eagle.'Mld. Unhs B5 J 57.41+0.1) 5.96 Eqo^rtoid^;- 

Equity & Law Life Ass. Soe. LM.¥ 

Amenham Road, High Wycombe 0494 33377 

,“^5“ «"» rss,^ - 

139 4 
156 * 
113 8 
136 B 
85 C 
101 6 

Gal. Inv. Fd 

Property Fd * 

GIK Fd , 

Deposit Pdf 

Comp. Pens-Fd.f ._. — . 
EquilyPens.Fd.- -_| 

Prop. Pens. Fd. - .— ...' 

Gilt Pens. Fd. ; 

Deoos.Perrs.Fd.t_. ...I 

•Prices on Decentier 5. 
Weekly deal Mgs. 

Schrader Life Grnup¥ 

Enterprise House, Portsmouth 


fi l 




+0.81 - 
+o‘i “ 

m - 


— Equity! 

Three Quays, Tower H ill. EC3R 680. 01-626*588 

Equity Fd 

R ^ 40101 ^WivtT::;. 




remnv li- waunam litw. wajiuj 

. Far Arrow Ufe Assurance see 
PrarUcaca Capitol Life Assurance 

Barctayv Life Assay. Co. Ltd. 

252 Romferd M, 87. ' 


ClU-edued — 



ffl 1 

nn ; 






■Canent urits wfcw the. 




General PortfoBo Life Ins. C. Ltd.¥ 

60 Barrixjloiit e w Ct.. Waltham Crow. WX31971 

PortfoBo Fond ( 143.2 

Porttolio Ma: 

P'foilo. Fxd 

Gresham Life Ass. Soc. Ud. 

2 Pmx* of Wales Rd. B moulh. 

G.t- Cash Fund Ml 


6.L IntL Fund 

G.L Ppty. Fund 

Growth ft Sac. Life Ass. Soc. Ltd.¥ 

Weir Bank, Eray-on- Thames. Berks. 0628-34284 
Flexible Finance — 

Ex Vi 
FamiL . . 

Family 81. .. 

Gilt Bond***.„ 

ImemainL Bond**.... 
Japan Fd.Bd.".., — 

Mj«wh JS d.—v 

Pers. Pennon***—. 
Prooerty Bd.** . 

Recovery Fd. Bn * 16' 


120 7 






157 5 


B tl 

110 D 





Fueiflnt. 4. 

Managed 4- ... 

Money*... ...... 


Property 4 

K 8 S Govt. Secs. 4_. 

B8. Pen Cap. B J 

BS Pen. Act. B 

Mngd. Pee. Cap. B i 

Mnqd Pen Acc. B ...., 
F InL Pen. Cap. B 
F Int. Pen. Acc. B| 

Money Pen. Cap. B 

Money Pen. AcL B — 
Proo. Pen. Cap. B — | 
Prop Pen. Acc. B..._ 




87. B 





2561 2691 


D705 27733 

+oj — 
+og — 

+ 0.2 

+03 - 
+ 02 ) — 

+0.4 — 
+06 — 

, +02 — 

10511 +o2 — 
U5.g -o-i 

Pnces on 'Dec. -to "Nov. 30. -~Oa 24. 

Merchant investors Assurance¥ 

Leoa Hse. 233 Higb 5L,Crovnon. 01-6869)71. 
161 7 



Property ...• 

Property Pens.. . . 

Eowty . 

0202 767655 f oully Pens. - 
Monet Market . ... 

M oner Mkt. Pens 


Deposit Pens.. . 


Managed Pens. . 

ImJ. Equity 

Do. Ppns 

inti. Managed ... . 

SSS^Hut^nwIiri = NEL* Peiitti ons Ltd. 

G.&S.SuperFd 1 £7,971 | J — Mi Hot Court, Dori Ing, Surrey. . 

Guardian Royal Exchange m 1*1 Eg.' 

Royal Exctange, E C J. 01-283 7107 Nei»* fAoney Cap 

raw,**.— Mi. 3s.a i- gaSmUS-eJ^HM 

Nele* Gih Inc Acc 


Z 2 * 

Scottish Widows’ Group 
P.0. Btu 902. Edinburgh EH16 5BW. 
031-655 60fo 


Invest. Cash Dec. 

E» Ul Act Nov 
Ei Ut Ire No* _ 

Mag. Pen. Nov. ».. .|270.9 



Solar Life Assurance Limited 

10/12. Ely Place. London. EC1N6TT. 01-2422905 

— Nambro Ufe Assurance UmitedV 

01-4990031 WJM.MCJII 

Beehhre Life Assur. Co. Lttf.¥ 

71, Lombard Sl, EC3. 01-6231288 

Blk. Horse Dec. 1 — ) 13233 | .._.J — 

CarcMto Life Assurance Cs. 

2-6 (Itoh Sl. Potters Bar, Herts. 

ssan&d s& 

Carntou Assurance Ltd.¥ 

1. OhmpicHV- WenWiev HA90NB. 

PA* 51122 

l+’s-si - 

01- 4028876 
a any — 

+m - 

Nel Mid. Fd. Acc.. 

Next Sub. 






7 OM Park law. London. W1 
Fixed InL Dep 


Property.... — 

Managed Cap 

M ana ge d Acc 


GJUEdced „... 

American Act 

Pen. F.l. Dec, Cap 

Pe«.F I.DepJtoc ...._ 

Pen. Proc. Cao — 

Pen. Prop. Acc 

Pen. Man. Cap 

Pro. Man. Acc 

Pen.GnrSM.cap — 

Pen, Clh Edg- Aec.__ 

Pen. S.5. Cap. 

Pen. 5.5. Act 


Pen. OAF. Acc — , 

Hearts of Oak Benefit Society riiiiiriii , r 

15-17, Tavtsuck Place, WC1H 9SM 01-387 5020 eSSST,, “ 

Hearts olOafc 137.8 34.9| .. ..J — Prop«ty Fond.. 

HU! Samuel Ufe Assur. Ltd.¥ 

NLA Twr, Addlscombe Rd_ Cray. 01-6864355 Nor. Unit. Nor 15. .. 


’ 5911 

W t 0 * - 

-tove ® :■■■ 


sL3 ■ 54.D 

day Decet*er 25. 

NPI Pensions Management Ltd. 

48 Gracechurch SL. EC3P 3HH. 01623 4200 

Managed Fung ... J157.6 16421 ... 1 — 

Prices Dec. 1. Next dealing Jan. 2 
New Zealand Ins- Co. (UK) Ltd.¥ 
Maitland House. Southend SSI ZJS 070262955 

Solar Managed S — 

Solar Property S 110.6 

Solar Equil lyS .~ 172.5 

Solar F«j. mi. S ...— 1157 

Solar Cams 

Solar l ml. S 

5oljr Managed P 

Solar Property P 

Solar E guilt r ..... — 

Solar Fxd. InL P 

Sotar Cash P 

Solar ImJ. P. 




110 2 



135 J) 




+ 0.1 





Kiwi Key (mr. Plan 

Small Co’s Fd_ 


Ertra lie. Fo. .. -■. 

Extra Inc. DW. Fo 

American Fd . .. — 

Far East Fd — 

Gilt Edged Fd 

Con. Deposit Fd.. 


■_■ Canent wine 

Capital Life Assurance? 
Cortstoo Htwe, Chngel AshMTtao. 



IE. 96 


I:d = 

Charteytiouse fdapna Gp.¥ . . 

S5SS?' H -' “ ^ ?w=i 

CtvttB* envrar 134.4 36 j 

•Property Units 

Property Senes A .. .. 

Managed Units 

Managed Serin A__ 


Monty Serin A. 

Flied IrrL Ser A 

Equity Series A. — _ 

Pns. Managed Cog. _ 

Pic. Managed Aec^_ 

Pns. GTeeaTCaji „ , 

Pro. G'teed. Act BJ5.6 

Pern. Eouity Cap 1103.5 

Pens. Equity Ace I1K.7 

Proved. InLCap — - 


Pe®. Prop. Cap , 

Peat. Prop Acc 

Imperial Life Ass. Co. of Canada 

Imperial House, Guildford. 

m = 

Uak Ui*ed Portfolio 
Managed Fund _T94.§ 99. 




Norwich Union Insurance BroupV 

PO Bov 4. Norwich NR13NG. 060322200 

m • 

^2D^ U4 ' 

Pearl Assurance (Unit Funds) Ltd. 

r aSaHWlHoUwm. WC7W7E8. 01-4CSB441 

_ Managed Fund . (US2 12L3 1 - 

— Egu&yFund IHJ* 1m3 . - J — 

_ Property Oitt (U&5 1185} . .( — 

_ Property Accum . . |12oA 133 j| ..-.-I — 

— Phoenix Assurance Co. Ltd. 

“ 4.5 King WHIIair St_ EC4P 4HR. 01-626 9B76 

_ Wealth As;-. — 1114.6 ,.,120. 

__ EbV.Ph.Ats. 716 

_ EbV. Ph.Eo.E |T6.1 

- Prop. Equity ft Life Ass. Co.f 

- 119 Cravriorfl Street, W1H2AS. 01-486 C057 

_ R. SBr Prop. 6d. — 

Do. EmiltyBd 

Fib* Money Bd 

Property Growth Assur. Co. Ltd.f 

Leon House, CroyAwCRVlLU. 

71255 PriwertyFund-. ' 

Ud'QCG 70/ 


City of Wesinmster Assur. Cs. Ltd. 
^a; 6Whta ^^ Dlft«96M 

ss aafifc* 

Equlty Find ... — 

Irfsh Ufe Assurance Co. Ltd. 

11* Finsbury Square, ECT. 

Slur CMt) One. l_—_ 


Cp.SrJI D. 
Managed F 



d Food.- — .1237 6 
' I. Ser. 11 

Ex erh^Man. Fd. — 

, Dec. 1 

Prop. Mod. Gth 


Property Fund 1A»_ 
Agricultural Fund.. — 
Aerie. Fund IA>. 
Abbey Nat. Fund. . 
Abbey Hal Fd. <AI.. 
Invettntent Fund . 
Invesmeot Fd. (Ai._ 

„„„„ isgassr-v. 

01-628 8253 Money Fund 

‘ 5 SO MofwrFund'AV- . 
— Actuarial Fund . ._ 

“ Gm^rtFdLtA*".” 
•Retire Anmiliy . 

— *Ret t 

- fe 

irnneq. Ann iy.. 
Brewtb Prod 1 

Pm.’Mngd. ffap 

&j^fc^8 totwi( 

Perfom ^ ‘ 

fifty of’WBStmmrter Assur. Soc. Ltd. 
Te&plwm 01-684 4664 


King ft Shaxson Ltd. 

52. CwnWII, EC3. 01-623 5433 

Bo^Fd.£xejtot_-jm9^ W^+OOIf — 

Langham Life Assurance Co. Ltd. _ — . 

LanWiam Hie, Hetobroefc Ih., NW4. 01J035211 ^pS*rS:u5“ 

SSSSS* 11:1 e SSfc 

Legal ft Genera) (Unit Assur.) Ltd. 

All Wtfte 
•All Weather Cap 

• lov. Fa. Uts - - 

Prosion Fd. Uts.. — 
Com. Pens. Fd . ... ... i 

Ciw. Pin. Cap. Ul) 

Man. Pent. Fd 

Man. Pent. Cap. UL 

o« & /wa« Ltd. 

"■ Si 

Sun Affiance Fund MangmL Ltd 
Sim Alliance House. Horcham. 040364141 

ExpFd.tnLNo*.B..._ |a49_2 1SMI J - 

im. Bn. Dec. 5 1 UL90 *1 .....1 - 

Sun AlRance Linked Lite ins. Ltd. 

Sun Alliance House, Horsham. 0403 6*141 

Equil* Fund .— — 


Property Fund 

International Fd 

Deposit Find .. . u 

Managed Fund |1103 U62| +0.7| 

Sun Ufe of Canada (UK) Ltd. 

2. 3. 4. Coctopur St* SW1Y 5BH 01-9305400 

Maple Li. Grth. 205.4 

Maple Lt. Mangd. 13|-2 

Maple L». Egtv U1.8 

Perjil. Pn. Fd 207.9 

Target Life Assurance Co. Ltd. 

sat 1 "** 

Man. Fund Inc 

Man Fund Acc 

Prop Fo. Inc._ 

Prop- Fd. Acc. — 

Prop. Fd. Inv ... _ 

Fired InL Fd. Inc. ...... 

Dep.Fd. Inc. 

Rri. Plan Ac. Pen. 


Man. Pea. Fd. Act 

Mm. Pen. Fd.Cap.. .. _. 

GHt Pen.rd.Aa 

Gin Pro.Fd. Cap ; 


Prop Pro. Fd.Cap 


Guar. Peu-Fd. Cep. 

D A-Pen.Fd-Acc 

D.A. Pen. Fd.Cap 

Transinternational Li is. Co. Ltd- 
2 Bream Bldgs* EC4 I N V. 

•Tulip Invert. Fd. . — 

•Tuflp Uangd. Fd . — 

•Man. BondFd 

Man. Pen. Fd.Cap.... 

Man. Pen. Fd.Aa — 

•Mngd. Inv. Fd. Int-- 
•Mngd. Inv. Fd. Acc 

Trident Life Assurance Co. Ltd.¥ 



i - 

Rensiade House, Gloucester. 


Gtd. n«d 

_ kmerican — 

U K. Equity Fund 

HWi View 

Gift Edged 

Money — 125* 

International 100.9 

Fiscal 129-0 

Growth Cap 125.9 

Growth Acc.._ 13L3 

Puts. Mngd. Cap 1110 

Pens. Mngd. Acc (121.6 


. .1 





m i 




Pens. Phr. Acc.. 


Trot. Bond — 06.6 

•TrdLG.I. Bond \ ... 

-Cath mine hu £100 premuw. 


if £a +ij 


m - 

i : 




+U - 
+0.7 — 

+0J - 
+ 2.2 — 
+06 — 
+L2 — 
+L3 — 

136 * Tyndall Assurance/Pensions¥ 

~ 10. Canynge Roto, Bristol. 

Providence Capitol Life Ass. Co. Ltd. 

Ktagswood House, IGnffwood, < Tadwort)i, 

l::.J - 

Commercbl Unan Group 
SLHafteSl, UttiusfttH, EC3. 
Vr.AB.AcBec.2_^| 58.3 
DoAima^lfu | 1*33 

Confeflentloii Ufe Insurance Co. 

M, Cbaacriy Lane, WC2A IHE. 01-2420282 





Cash lafUal 


Ecu nr initial— 

Do. Accum. 

Fixed I "Aft! - 

Dp.Aceum-j — 

inu. initial 

Do. Accun. -I124.6 

Property inlllai 

Do. Acam. .J _ 

Legal A fintal [Unit ftnfetf) LbC 
Exempt Cash ImL 

Do. Acoati — -QOU 

Exempl Eqty. ]nh._ . 

Da.Aaom._. . — , 

Exempt Fixed IniL 

DtoAetipn — 

Exempt Ur«l. Imt- 

Do. Accum..-, 

Exempt Prop tart.— 

Do. Aca*a 



iig - 

mm - 

W ::: 

30 Uxbridge Road.W12*PG. 

Sel.Mfct. Fd.Cap [|7j2_ 

Sel. Mkt Fd. SUL- -&M-0 

S5£(S i, fe:...f?3 

Deposit Frt. Cap.. — 

Deposit Fd. Acc ... - 

Eqaity Fd.Cap 

Equity Fd. Ace. — . 

Fxd. int. Cap 

Frt. InL Acc.... -- 
Intnl. C«ji__ 

iMnl.Aec. — 

Managed Fd. Cap — 
Managed Fd. Acc.— 



3-Way NOv-30 

Equity Nov. 30 

Bond Nov 30..- 

Property Nov. 30 — 

Deposit Alov. 30 .... . 

3-WarPn. N(W. 17... 

Q'seu Inv. No*. 30. 

Mn.Pn.3-W Dec. 1 . .. 

Do. Equity Dec 1 — 

Do. Bond Dec. 1 

Do. Prop- Dee. 1 1 

Vanbrugh Life Assurance 
41-43 Maddox SL. Ldn. W1R 9LA. 







Z Provhtdal Life Assurance Cb. Ltd. 

- 222 BJshepsgaie. EC2 01-247 6533 

74anagedFd .... 


EquttyFd — — 



F/xvtf fotarel FO. _._. 


Property Fd 



u u 

Pro* Managed Fd... 

GHt Fond. 

Property Fund 

Equity Fund 

FuI.Tol Fund 

Ilf 1 


fioniltm Idwthwc Cc- Ltd. 

3Z, ConiMIL E.C J. 

Cap. Ftb. Nor. 15 .—1122 

wJ - 

Craftt ft Coainem insurance 
120.R®eBtSL.LDK(wWlR5FE d-4397081 
CSC Alngd-Fd [1230 I33.Df | - 

Prudential Pensions Limited* 

U9« f * General Prep. Fd. Mgrs. Ltd. HoftomBaft, EC1N2NH 01-4059222 

31. (feieefi Victoria SL, EC4N 4TP. 01-2489678 EquiLFd Nov. 15... -[£2S-5« 2633]. 
LAGPrp.Fd. Det_6 — (99 7 104 J| +Lfl( _• Frt. l^L Km. IS HJK ■ 

01-626 54*0 N*rt tub. my Janux-y T. Prop Fo. Nm 15 --IC2BAU 28.87) . 

Life Aisiff- CP. of Penmyivania ReHanee Mutual 

39ft2. New flood St , WIT ORQ 01-443 S3 95 TwWdgf We Us. Keto 089.^2271 

LACOPUws.. 197. B 1J27I .„.J - J ■ ~ 

, . „ R . „ - Trf ' „ , IM Pflthiehild Asset Management 

. Uoyds Bh. «nn Tst. Mngrs. L«- SL Swiinim tan*, EC4. 01-626 4356 

71. Uwart St., EC3. 01-6231288 NCPw .... 1120 6 1283) .. J — 

Exempt _|98 3 103.4) .. ) 7 81 urn Sub mi Dw-rt*, >r. 

Vanbrugh Pensions Limited 

*l-«3 Malta SL, Uhl. W1R 9U DM994923 

Managed B0L3 106.7] . - J - 

li:: = 

Property- - |lX.7 , luLOl 1 — 

GuirxjaMf see 'Ins Base Rues' UHt. 
Welfare Insurance Ca. Ltd.f 
Wjnstode Park, Exeter. 0392-52155 

Moneymakrr Fd |104.6 + 0.¥ J - 

Ft+ Wher luntfs. please roier ie The Lendwi 6 
Uxpchener Group 

Wtedsgr Life Assur. Co. Ltd. 

Royal Albert Hse . Sheet St.. Windsor 631 ^ 

Life Inv. Plans _.. - 
FulureAsrt.Gttna'l — 
FutureAssd.GUrtbl . . 
Rei Asto Pros . . 

Fie. Inv Groat h 

69.9 73 61 

».r ^ 



101 5 106.9) 

41 _ 

Alexander Fund 

37. n + Mali*. Dam* Luirrijons 
Alrxxnper Find . . I 5uS6 ' 91 

Kr; asset talue Oe:. 5 

Allen Harvey ft Rots Inv. MgL (C-IJ 

1 Cha-nfl Cross. St Hell*' J‘ir . C 1 0534- 73741 

AHRGiHEdg.Fd-. |tl013 1D17| . , .|1198 

Arbuthnot Securities (C.l.) Limited 
P 0. Bo* 284. St. HcHer, Jersey . 053* 7 21 77 

Cap. T«. Mersey).... -fU6 0 12001 ...J.416 

Not deahig dale De: 

Gov't Secs. Tu — ..flOO 


-0-101 — 



Next dealtaj «* Detroiber 11.' 

.! 12.00 

I 3i0 

East &1 'ttl.Tst" '■ Cl 1 1 . )97 ' 1W| 

Wen oealins Batr Drc 7 

Austnrun Selection Fund NV 

MxiVH Opdortiwtie^: c.'o Irish Yung s. oiittMaitr. 

127. Kent SL. Sidney 

USTI Shares I SU5M8 [ . f - 

Net asiel tolut Novetter ’4. : 

Bank fo America International SJt. 

35 Boulevard Royal. Luxembourg G D 
WMtavest Income ._.JSUSU*«« 11532| . I 7 37 

Pnces at Nor. 30. Nc>i sub. lay Drc. 6 

Banque Bruxelles Lambert 

2. Rue De la Regence 8 1000 Eiumis 

Renta Fund LF |1 912 1.971! +6J 7.89 

Barclays Unicom InL (Ch. It.) Ltd 
1. Charliqi Cross. St. Heller. Jsy. 0534 737*1 

Overseas Income ..._.|46.9 +9.31 1 1250 

Uiddoliar Trust , 11-53 ♦*L> , 1 II? 

Untband Trust ISiSsCjO 10318) 4 850 

Keyser Ullmann Ltd. 

25. Mi lv Street EC2VSJE 01-606 7070 

Fonroirv. . [frl 434 7 5731 I 2.40 

Bandselex .. F-U8g0 324.6S .1 _ 

Cent. Assets Cop -1C138 60 138!65|+OM| — 

Xing ft Shaxson Mgrs. 

1 Charing Cross, Si H*Hrr, Jrrvfy 
Vsfiev h'e Sl Peiei Port. Grtm 
1 Thomas Street. Douglas. 1.0. M 
Gift Find (Jersey t_...(90l 
GutTiuKilo U : .. 101 8 
. Gill Fret Guern»fy|9LS 
Inti. GdtL Sees. TsL 

First sterling 1(1807 18.ll 

First Inti |si93 12 193J 

Kleinwort Benton Limited 

20. FenchurthSl.. EC3. 

SUSJ7 96 

Eurinvesi. Lux. F 

Guenory Inc , 

Dc. Arrma 

Kfi Far East Fd 

KBintl. Fund 

KQ Japan Fund . . 

K.B US. 




Barclays Unicom InL (Lo.Nlan) 

1. Thomas Sl.. Douglas. ■+> M. 0624 4B5» 



UiHCOra Auxt. Ext 

Do Aua. Min.... 

Do Aim. Min.. 

Do Crtr. Pitifie_.. .. 

Do. Int) Income 
De. i. ol M. 

Do. Manx Mutual 

an Tst Ma.l 


31 72 . , 

+o b| 

■m ■ 

24 9 






4( _ 

2b 81+0.7) 
Bilhoptgate Commodity Ser. Ltd. 

P.0. Box 42. Douglas, lx>.M. 0624-23911 

ARMAC -Nov. 6— _|SW312S 33 '• 

ANRHO— Nov. 6.. p.175 L2+I 

OUNT-Nov.6 |£2.692 2 85: 

Originally issued at *S10 and 

Bridge Management Ltd. 

P.O. Box 508. Grand Cayman. Cayman Is 

N'dMhiDeel, 1 737.85? j _f 

G.P.O. Bo> 596. Hniio Kono 
Nippon Fd. Dec.b ... .4SUS2BJ3 2I2+|-011| 

Britannia Tit. Mngmt., (Cl) Ltd. 


0 78 

. Gwth. fd. .. 

Slgn+l Bermuda . ._ , 

Intemil. Bd Fd ! 

Lloyds 8k. (C.l.) UfT Mgrs. 

P 0 Box 195, St Heflier. Jersey. 0534 27561 
Lloyds Tjl ffseas . .. 1 52.8 55i| . ...J L43 

ten deghng da«J«en*er 15 , „ 

Lloytls Trust Gilt J 0.0.00 I . .. I 1ZJB 

Innai Ofirr Closes 13th Decenter 

Lloyds Bank International Geneva 

PC Bo> 438, 1211 Geneve 11 i5w!urriandi 


Management International Ltd. 

Bant ol Bermuda Budding. Bertnuoa 
CanierOun Dec. 1 .. .ISU&3JD | I — 

M ft G Group 

Three Quavs. Tower Hill EC3R oBQ. 01^264588 

Atlantic Dec. 5 15US2.82 3JM .....J - 

Aust.Ex. Dm 6 rSUSi.K 2 - 

Gld E* Acc Ore 6. ... 5USB 83 9 9S)+Difi 

isiEunt lllio.a too g +oy 

l Accum UnlU' |1S85 202.71 +0_' 

Samuel Montagu Ldn. Agents 

11*. Old Broad St.. E.C.Z. 01-588 646* 

ApolloFd. Nov 29. -ISF44J5 48.15} . .. I 189 

J aptest Nov. 30 

117 Group Nov. 29 ... 310034 



30. Bath SL. Sl Heller. Jersj. 
Sterling Denooihvaled Fds. 

Growth Invert 36 j 

Irrtnt Fd - jt^ 

£ 2.02 
tO. 93 


Jersey Energy Trt 

S T«. ’Sty. j 

126 , 





High InLSUg.- 

Oft. Dofiv Onowintod Fds. 

UntWl.STsL f|wS5J2 

im-Klgh InL Tu I5US0.94 

Value Dec. 1. Nen dealing Ok. 11. 

Brown Shipley Tst. Co. (Jersey) Ltd. 

PJ) Box 583, Si. Helier Jersey 0534 74777 

StHtg.Bnd.Fd.thi 100.03 10 Obi . . .J 1280 

Butterfield Management Co. Ltd. 

P.O. Box 195. Hamilton. Bermuda 

Buttress Eoilty I8U52J6 Ug . ...I L75 

Buttress two*)*- )»SJ.44 .’H, 1 7.87 

Pricey st Nw. 6. Ne>t tub. day Nov. it 

For Capdrrex SA see under Keyser till man 

Capital International SJL 
37 rue Natre-Dsme. Luxembourg 

Capital lid. Fond I SUS1758 J . J - 

For Central Assets Mngt. Ltd see under 
Keyser Ullman Ltd. 

Charterhouse Japhet 

1 Paternouei Row. EC4 

Adlropa .(DU 30 AO 

Adi verba IDUSIDQ 

Fondls I MCI 40 

Emperor Fund 


COve Investments (Jersey) Ltd. 

P.0. Box 320. SL Helier. Jersey 0534 37361 
Clive Gilt Fd. (C.l.) ..19.60 9.&U J 1L65 

Cure felt Fd. Usy.t ...1937 9S& 4 UAB 

CornhUI Ins. (Guernsey) Ltd. 

P.O. Box 157. SL Peter Port, Sueonry 

Intnl Man. Fd 1163.5 17&0( ...| - 

PWS Deutsche Ges. F. Werlpapienp 
Gronebtnwrg 113, 6000 FranWuri 

investa IDI1J7JD 39.B0|*0.40| — 

Delta Group 

P.O. Box 3012. Nassau. Bahama! 

Delta In* Nor. 30 (SUSU3 1_71| J - 

Dcutscher Investment-Tnnt ‘ 

PtBIfach Blebergasse 6-10 6000 Frankfurt 

Concentre JDW207D 22jgML20| — 

InL Rmteofon* |Dai>8.60 70.701 ----J — 

Dreyfus Intercontinental Inv. Fd. 

P.0 Box N3712. Nassau, Bahamas. 

NAVNqv.ZI |SUS15J4 16331 J - 

Em sen ft Dudley TsL Mgt Jrsy. Ltd. 

P 0. Box 73. SL Heller. Jersey. 0534 205*1 

E. D.I.C.T. (123.4 laLSI-a 1 300 

The English Association " 

a Fore Street, EC2 01-538 7061 

Eng. Ass. f 
Vtortigo te 
•Next dealing 

Eurobtmd Holdings N.V. 

Handebkade 24, WllleEStad, Curacao 

f £»" su - ZL 

NAV per stare Dec. 1 SUSTOeO. 

F. ft C. MgmL Ltd. Inv. Advisers 

1-2 Laurence Pountney Hill, EC4R OBA 
01-623 4680 . 

CenLFd.No*. 29 1 SUS522 | . I - 

FldeBty MgmL ft Bes. (Bda.) Ltd. 

P.O. Box 670, Hamilton, Bermuda 

Fidelity Am. Ass 1 W §23.84 

Fidelity InL Fund HIST 

Fidelity Pac. Fd JUS 

Fidelity WrldFd. 1 JUS 

Fidelity MgmL Research (Jersey) Ltd., 

Waterloo Hse., Don Sl, Sl Heher. Jersey. 0534 

Series A (mini.) K330 1 .1 — 

Series 6 (Pacific) J - 

Series DlAitLAss.l._.pi4.72 I - l — 

First Vicing Commodity Trusts 
8. Sl Crow's SL. Douglas, l.o.M. 0624 4682 
lin. Agents Dunbar & CoTUd , 

53. Pair Kali, London SW17 5JH. 01-^30 7657 

Fleming Japan Fund SJL 
37. rue Noire- Dame, Luxembourg 

Hentlng Dec. S 1 UJ 562-26 ) . .( - 

Free World Fund Ltd. 

Butterfield BMt. KamHioo. BertnnU. 

NAV Nov. 30 I SU51B94B |...l — 

G. T. Management Ltd. 

Parle Hse 16 Flosbury CJituj, London EC 2 
Tel: OlftiB 813L TLX: 886100 

117 Jersey Not. 15 

n7js)0'; Nov 22 Ino.o? 

Murray, Johnstone (Inv. Adviser) 

lb3. Hope St . Glasgow. C2 0*1-221 5521 

•Hope Sl Fd . I SUSJJftl |..J - . 

'Murray Fund.. .. I SUSlO.90 . J — 

NAV Noventoer 30. 

Negit S.A. 

10a Btoilevard Royal, Luvembourq 

NAV NOV 24 1 SU 512.19 | . [ - 

Negit Ltd. 

Bruit ai Bermuda Bldgs . Hamilton, firnidi. 
NAVNov.17 . (£6.54 - |....J — 

Phoenis Internatlanal 

PO Box 77 Si. Peter Fort. Guernsey 

Inter -Dollar Fund IJ2J2 230| . J — 

Quest Fund MngmnL (Jersey] Ltd. 

PO Bo* 1 94 SL Heller. Jersey. 0534 274*1 

Richmond Life Ass. Ltd. 

*B. Athol Street. Doupin. t.O.M 

• IThp Silver Trust 

Richmond Gd.Bd „ 

Do. Platinum Bd (IS: 

Do. Dtanmnd Bd. . .. 

Po.Em InegmrBd 




93 1 
164 6 

0624 2391* 


-O 3172 

Rothschild Asset Management (C.l.) 

P 0. Bo. 58. &L Julian} Cl. Guernsey. 0*81 26331 

O.C.Ed.Fr.Nov. 30 ... 

O.C.Inc.Fd. Dec. 1 

O.C.lnU.Fd t 

OCSmCoNov. 30 

O.C. CrmmoOlty* 



O.C. Wr.Comdiy.t 
•Prices on No 

142.1 illi 

II28D7 29.86, - 

.4 Next dealng Nov. 30 

tPricss on Nov. 30. Ken dealing J n. 2. 

Rsthscliild Asset MgL (Bermuda) 

P.O. Go* 66*. 8k. at Bermuda Bid, Bermuda 
Reserve AaeU FdiSUS9.76 9.78U0JMI - 
Price on Dec. 4 Nett deafing Dec. 12. 

Royal Trust (C.l.) Fd. MgL Ltd. 

FO Bo. 1«. Royal Tn. Hse . Jersey. 053* 27441 

RI ffi:rjVrfd.:jro’ J7 9 M d ffl 

Prices u Dec. 5. Ne 

RT In 

til . 
Next dealing 

Save & Prosper international 

Dealing «• 

37. Broad Sl.. SL Heller. Jersey. 

Oft. DelUr-drnomHiairt Ftoldl 
Dir. Fad. 18.40 9 454-032) 

FafS^^V:iV.:.kb<7 5o|| 


0534 20591 


deaflog Dec. 13. —Next dcaUn? P« 29. 

Ctonnel iVtaiufcjt 

Coir mod. UJ2 

•Prices on Oec. 4. ”D«. 5. ^Nov. TO. 

iWeeWy Dealings *0**r DeaBngL 

Scltlesinger International MngL Ltd. 

41. L» Motte SL, Sl Hener, Jersey. 0534 73581 

G'H Fd 

Inti . Fd. Jersey- 


"F+r East FunU i ... 

•Next sc. day Decenter 

Schrader Ufe Group 
Enterprise Home. Pomnwitli. 
international Funds 



— inxMlnierest 13B.4 

SFl*M Interest ..— 107.4 

(Managed 120.4 

SManaged 120.0 

J. Henry Schroder Wagg ft Co. Ltd. 

120. Cheapslue. EC 2 01-5884000 

Cheap S Dee. 5 I Ui<6 

Tratalcar Oct 31 I SL'5,12130 i 

Aslan Fd. Not. 27 mJSlflJ 1 19jy 

Darllnq Fd.Oec. 5 BM.90 2.02 

Japan Fd. Nov. lb (SUS8J2 8.94) 

*UJB 233 




London Aoents lor; 

Anchor 'Pi/ ruts ISUS 

Anchor GHt Edge ]£9.< 

Anrtior krt. Fd f “ 

Anchor In. J». Tu__ 

Berry Pac Fd 

Berry Pac Slrig J 

G T. Asia Fd ! 

G.T . Asia Storing .... 

G.T. AuareHa Fi .... 

G.t. Bond Fund 

G.T. Dollar Fd. 
GT. Ur. 

JS0.49 1.02/ 

9.44 9.43+3.03 

, ‘82 4.93 

3 242 

303 TO 3175tf 
MjOftOS 10.44i 

susilj__ io.™ : 












CSlrtg. I FdtaS. 

G.T.PaciflcFd _Si2 

G.T. Ptidlppine Fd.._[SU59. 

Gartmore Invest. Ltd. Ldn. Agts. 

2, St. Maty Axe, London, EC3. 01-283 3531 
Gartnwc Fund MmL (C.I.) Ltd. (nXb) 

41, Broad Sl, Si . Hener Jersey 0534-73741 

Gdt Fundi Jersey) |9SJ0 2DOO| .. J 12.25 

Gartmure Fnd Mngt (Fre Eoct) Ltd. (iHh) 

1503 Huunron Hie, ID Han -• r 

Japan Fd 

N. American Tst 

l nil. Bond Faix) 

Cart* ore Invert ok rtf 
PJ1.BM32. Douglas, I oM. 
ban more (ntl. Inc . ...if 1.1 22.' 

Gartmore IntL GrtWGLZ bS.< 

Hambro Pacific Fund MgmL Ltd. 

2110, Connaught Centre. Hong Kong 

WTV1 = 

Hambros Bank (Guernsey) Ltd./ 

Hanbros Fd. Mgrs. (Cll.) Ltd. 

P.O. Box 86, Guernsey. 0*81-2(321 

. _ — - 3.70 


C.l. fund ..... 

(mitt. Bond 5U« 

InL _ . 

InL &&. ‘A* SUS 
Int. Svm. -B‘ SUS 
Pnccs on Dec. 

11.15 __ 

ffl ML-* 

>. Next deiHog Dec. 1) 

Henderson Baring Fund. Mgrs. Ltd. 

6C6, Gammon House, Hong Kong. 

Jbpan FtL MovJ9— (SUS2231 23.M . J — 
PacIficFd* Nov. 29 _] SUSH-Wb . - 

B6ndFd.N8v.23.-J SUS10348 | ...| - 
•Exclusive w any gielbn do>ges. 

Hill-Samuel ft Ca. (Guernsey) Ltd. 

B LeFebvre Sl. SL Peter Pon. Guernsey. C l 
Guernsey TM. 1154.5 1653rt(+2.4| 339 

Hill Samel Intret. Mgmt. Intnl. 

P.O. Box 63. Jersey. 0534 27381 

HS Channel Is. P. (122.3 13L5J . J 52B 

Box 2622. Bern. Switzerland Telex 33425 

Hj.ftwsea WS235S 1932-0^1 - 

C-S-F. Fd. (Ace . . SFllOB 1653-004 - 

Crossbow Fd. (Acc.).. 5F3 82 3.9lU0XI5| — 

ITF Fd. (Acc.) SUS&22! - 

lotensational Pacific inv. Mgmt. Ltd. 

P.O BOX R237, 56, Pitt SL, Sydney, Ausi. 
Jawtttt Equity Tu._..|»L29 2.41J .. | — 

J.E.T. Managers (Jersey) Lid. 

P.0. Box 9ft Channel Howe, Jersey. 0534 7Je73 
Jersey Extml.Ts(.„_|15ftD 16ft0] ... ) — 

As at Nov. 3D. Ken sub. day dk. 3 L 

Jarding Fltmbig & Co. Ltd. 

46th Floor, Connaught Centre. Hong Kong 

Sentry Assurance International Ltd. 

P.O Box 326, Hamilton 5. Bermuda 
Managed Fund (JUS2J85 Zft35l j - 

Singer ft Friedlander Ldn. Agents. 

20. Cannon SUEC4. 01-248 9646 

TWff^d^ til 

Stronghold Management Limited 

P.O. Cox 315, St. Helier, Jersey. 0534-71*60 

Commodity Tirol JB» 55 84001 ... J - 

Su [invest (Jersey) Ltd. (a) 

Queens Hie.. Don M.. St. Heller, Jsr. 0534 273*9 
American Ind Tit. ..._|£7U 72U-~022i — 

CoWi T ni’.l (Cjl.74 125S-DD3 — 

Jap. Index Til JCW.60 IIJjS+01^ - 

TSB Unit Trust Managers (C.l.) Ltd. 
B+gaieile Rd., SL Savtour, Jersey. 0534 73*94 

Je*ssy Fund |*B 8 5L 

Guernsey Fund. — .fee 5L4| 

Pnces 30 Ix-l. b Nert uib. day 

TSB BRt Fund Managers (C.l.) Ltd. 
bi&cllf Rd. Sl. ftivXwr. Jrney. 053*73*9* 

Gilt Fund 99.0 

Gill Fund Ur/.J JM.O 

Ptfxei on Dec. 6 Nert Mb. uy 

Tokyo Pacific Holdings N.V. 

Intimls Management Co. N.V. Curacao 

NAV per share Dec. 4 SUS63J5. 

Tokyo Pacific Hldgs. (Seaboard) N.V, 
tirtimis Managemenl Co N V_ Curacao. 

NAV per diare Dec. 4 SUS46.16. 
Tyndall Group 

P.O. Box 1256 Hamilton 5, Bermuda, 2-2760 

O'seas Nov. 29 ISUS114 120| . I 600 

lAcann.UnltSi ...ISUSLSO . 1.901 .. J — 

3-Way InL Nov. 16....&USL69 283| . ... J - 

2 New SL, SL He Her. Jersey 0S3437331O 

TOFSL Nov. 30 .|£7l5 7.701 . 2.00 

•'Ac tom. Share: I ... . C11-4D 13J0 

Amertcixi Nov. 30 . ...179-5 85.C 

' Acorn shares). 180.0 86.0 

Far East No». 30 823 89 0 

tAtoian. iliaresl 1823 891 

Jersey Fd. Nov. 2»._«41.4 203.Cn 

INoikJ. Acc Ills. I . ..^83.6 TOO. I 
Gilt Fund No*. 29_. _hD3D 1D5 Ori 
lAtoum. Shares! - . (140.6 1431 

Victory House. DOogtiL Kla of MatL 0624 2*111. 
Managed Nov. 16.TTlB*8 142G( ( - 

UniKfe Assurance (Overseas) Ltd. 

P 0. Bor 1388. HainiliDn 5-3), Bermuda 
Intent). Mngd. Fd . ..I5U51D0 — | . ..( — 

Union'investment-Gesellscliift mbH 
Pmtfac't 16767. D 6000 Frankfurt 16. 

Ailanuritmdi H4-50 mffl*0.; 

EinopafonOs . 

U. Hoods 

VnrefiLa...... . 


Utd. Intnl. Mngmnt (C.l.) Ltd. 

1*. Ualwrter SlreeL Sl Helier. Jersey 
U.I.B. Fund . U051M82 105J3I . i 7 80 

United States Tst. Inti. Adv. Co. 

)*, Pur tldnager, hi’endMirfi 

U.S.Tsl.lnv Fnd. _..|S10.M - 1 | 094 

Nel aswu Oec 4. 

S. G. Warburg & Co. Ltd. 

30. Gresham Street EC2. 





Cnv. Bd. Dec 5. - 
Eng. InL Dec. 5....-..; 
Gr.Sl.SFd.NW. 38 
Mere. EM. Dec. 6 . 
Men Uy MW Dec 4 


suaa.37 io.4« 
100.16 10171 


-o'josf - 


Jardloe Edit. TjC.U. 

Jardine J’prijd *.- . 




Do. (Accunti. 

NAV Nov. 30 


H. r ._. 

•Eqtmiieif SU$83 32 



-0.?7| 2 1 

-me - 

-Oxri — 

-oH — 

Next Mb Dec. 15. 

Warburg Invest Mngt Jrsy. Ltd. 

1. Charing Cross. Sl Helier, Jiy.Cl 053* 73741 


CUT Ud.Nov.30.... 

MeuisTsi Nov. lb... 


7MT Lid. N*v 7 

World Wide Growth Management^ 

ICj. Boulevard Royal. Luxembourg 
World imie Cut Fd| SL‘S14.fl5 j-0 13] — 


Pnces do net include S prerrium except where utfeawd r and art m nr nee unless otherwise indicated 
Yields % (shown In iLl column mint lor *11 toeing erperses. 4 Offered 

*il e> sense* exc 

: Previous asy's . — - 

t Suspended * V'fM arize Jena 


v . ' 

Financial Times Thursday December ¥ 19$£L- . .j 

— FOOD, GROG £R lES-r-COhfi l > ; 


.BONDS & RAILS— Cont: 




Rlgh Urn 

* ul iW 

- I In. I 

“Shorts’* (Lives up to Five Years) 

- 1 91 i ITrUMir, U%oc 79# .[ 99'' I I II 51 1 

W5i- 91 i TrtJ jir, U%oc 79# 
97 Treasury 3pc “9# . 

97"- 954 Electric 4%pi 74-79 
304 1L WU Treasury Wjpc 79$?.. 
%% 94*4 Electric 3i:oc '76-79 
1031, Treasury 9pt 1980# 

102;’. %% Treasury 9%pc '80# 
95*1 92 a Treasure 5%pc 77-30 
96% 93', Funding 5%i»c '784J0# 
110% 100S, E-checuer 13pc 1980# 
106% 97% Treasury ll%pcl981# 
«!!- 88', Ire™* I'vx 197981 
10 1 *4 94,1 Treasure 910*1981# 
97 * 91 * E»ch 6%pcl981 .. 
lOd-, 92% E»ch. Piipc 1981 .. .. 
37 '.£ 35*2 E>ch. 5pc 1*761 . . .. 
97 1 , „ 95^ Tre*.;. Variable 'SIM . 
Ill 100 Erch 12%p.:1981# 
“flij 89% TreJS.8Kpc-8&-82# 
85% 82^3 Treasury 3pc "32# . 
115 , 103, ii Treasury I4pc '82# . 
%U 94 Treas. Variable *a2« 
9bV 87’, Treasure 8%pc '62 . . 

100% 89.L E«cli.9fipc 1932 

9t>'» 87*. E>ch.B%pc 1983 . 

85 79L E*cl»3pc83 

114', 97*j Treasury 12pc 19B>jj. 
1004 87% (Treasury 9%pt 83.... 

55 42 H.1.19 24 A-.-. .. 47 4-.- *6 04 

77 u5 Iceland b‘- a; 3.S-82 68>d — 12 80 

88 824 Irekmil'iK’Bl-S; 834 *4 7';. 1321 
91 77 Do 9'aur '9J -9b 77-4 — T" “ 

425 265 Japan 4pc ' 10 A\ , 375 — 

87 t,7 Dubpc'33-aS 67 0 ! 

160 140 Peru ft s' 3pc . HO 3 

7i 75p S.G I 6%p* 1980 75p 6', 

SW S94W Tunn 9pc 1991 .. 594V, 9 

OM91 DM61 Turin 6'jpe 1984. DM91 6% 

97 94 Uruguay 95 3'? 

. U S. s i DM price? p* elude* m, S premium 


.iSLl s«* k [ £ M&lc 

97% 9 27 

97,1 -i 9 76 
H&3 3.69 

95',, d _i t 5 50 
101--4 *,‘4 12 78 
98U 11.64 

887s . 394 

. 95% 1021 

92'xd .. 8 92 

9SJW. 1011 
851' _;. 3 SI 
96H ■ 12 90 

Ml,* + 1258 

91.; +% 932 
83*4 3.58 

104*11 + ,', 13.06 

984 +4 12.15' 
88% +4 1D.«2| 

Five to Fifteen Years 

95 V 88 E«ch lOpc 198? 

S** 804 Funding 5%pc ‘52-84# 
97’c 97' E,ch. i2‘4pc 1985a 
% 7 c 83*j Treai«y8%x ‘84436# 

754 654 Treasury 5pc “86-89 65 

315*4 1014 Treasury lie 1990# • 305% 

894 7b Treasury 84 87 90# 774 id . 

1064 911, Treasury 11 %pc 1991 . 914m 

• 54 6?4 Funding >4uc '67-91# 64* j .. 

lit'; 98'; Treasury lS-Upc ‘92# . 2024 

84 Treasury lOpc 1992 . 854, 

113 %4 E««. l2'*pc 92. . . 98% . 

110S 96', Treasure 12%re ‘93#.. 100^ . 

72k bfl'c Fuwlinqbw: 1993# . 614 

Over Fifteen Years 

1:04 10*1, [Treasury 1 >«k 19°3#j 103% 

1287, IlOu Treasury 14'jjx. “94#. Ill*, 

1W4 974 12%pcl994. 991; 

897, 75% Treasury 9pC “94# 76^ 

106% 9? Treasury 12pc "95... . 97 . 

83 43', Gas 3pt ‘90.M5 44>, . 

95 824 E*ch 10'4pc 1995 . 86^ 

1H4 °7. Treasury 124pt 95# . 98J., 

*>04 76 Treasury 9pc “9296# . 771, 

13ir, 1117. Treasury 154pc “96#. 1133a 

1174100 E.clwjuer 13'iK 96#. 101', 

50 4*i 4 Rriermwn3oc 1986-% 43*. 

1134 1W)7. Treayiry l?*4p£ “97#.. 105% 

984 84i, EicrtequerlOliclW 86% . 

884 73% Treasury 84lK%997tt 74*S . . 

724 594 Truw,{J4PC“95-9S#. 60% 

2 354. 213% Treas. 15J 2 pc “98# . . 126% 

1001. 911, E*ch 12nc 1998 .. . 93 

901; 77% Treasury 9 Uk 1999#. 804 .. 

9b 4 81J, Treasury l#5>e 1999. . 83% .. 

W," 77% Treasury 9 Ihk 1999#. 
964 81% Trea-jirvMP5cl999. 
964 91% E'ch 12pc ‘99-02. .. 
42', 34-4 Funding 3 > mx “99-04 
15% IS Treas 12a)c“&a5£15pd* 
80% 65*. Treasury apt “Q2-C4#.. 
58% 46% Tie.isury 5 : 3K “08-lS 

58% 46% Tre.isury5:sK“08-12# 

76-% I 62', iTretury 74pc’12-15# 

98% 1 904 | i2pc l3--17 ...| % 


37% 30% Consols 4pc 

37% 287 a War Loan 3%pc# .. . 

394 33 Cony 3%pc bl Ah. . 

28% 23 Treasury 3pc 66 Ah.. 

24% 194 Consols 2*^pc 

24 19i, Treasury 2%pc 

217, 13% ASA 

60% 59 &MF5 a °Car,.1P, 

38% 22 ftma*Sl 

50S 19*, ftmerienn 
24 1 , 11 A rner. Medic Int. 

15% 912p A-^rrjjlnc 

29% 17% SaUr Inlnl. Corp SI 
19-4 11% Barnes Grp. S6^-. . 
D ,, 33% 22 BendiiCorp 55.. 
Ij&I 913 231J 13 6«fi SteelSS ... 

13 625o Brown'g Fer. c!b*; 

14 857n Brunswiclr Corpn II 

65\ 41“% EurroucitTj Con>- 55 

51 30% CBS S2 50 

42*9 28*< C.P.C.» 2 

49% 324 Cawrplltarll 

28% 177- Chase M htn.512 5 . 
22 13% Chesrtrauqh Si- 
ll 621p CHryster$64 

22% 13% Citicorp S4 

14 733p City In*. 51 25 .. 

25 14-% Oo.Cra.Prf.BSl 

184 114 Colqate-P. 51 
324 194 Coil In*- SI 

26 15% Cora. Illinois 510. 

. — . 25% 164 Cora Q»IS5 

294 20% Groans Zell. S5 ... 
,, 1Jfc o 47% 20% Cuder-Hammer 55 
AM ion 22 Eaic Crp SO 50 

Aft flS 261; 16 Ewnarf 

40 2^* Eoonll 

a*f inS 670p II 

H? ura 29i * n ‘< rim Chav ... 

VS. 32% 204 FtuorCorp **»- 

K yiK 414 26% Ford M«orS2.... 

,V«S <2 49 1W ? GA-n{ 

tH aa liM 44! * 31 Gen.Elect.s2i3. 

Jiffi 24j; 19, Gillette SI 

41K II 30 561 28 Honeywell S1.50. 

J3M 18 750p Hutton E.F 

«« 232 171 l.B.M. Corp.SS. . 

t?M 13 m 52% 314 Innertsil-R 52.. .. 

T3M 1 ? tI "80 6b5p I U International (I 

17 71 14 \ 900p Kaser Al P- 

996 «71 j 2 ^ Mjid Han. USS7 50 

41% 26*5 Morgan (JP)USS* 5 

1H; 10, Norm Sure# lw. SI 

187, 12% Dwwi>IH K325 

21% 14^ Ouaher Oali USS5 

28% 15*3 Reliance SO 25 

314 16t, ttep.N.Y Coro. 55 

173, ]fli s RexnordSS.... 

23% 14lj RichtJ5n.Mrrit.Sl4 

581o 255p Saul (B F.) SI. . 

284 18t, Shell Oil SI 

19% 882p Singer (SIOI.. .. 

38 22% Sperry Rand SO 50 

331; 18% TRWtnc.Sl',. .. 

27% 13*; Termeco 

i 3 M 161 130 Dj-UNUSU. 0 !- 1 ?.- 
llm 4 75o 495b TmwPIUSS 016J, 
fuf? 22 147, Texaco S6.25 . 

1I45 40 224 Tiraetnc 

ig'iy 144 B65q TransamerioaSl . 
ip io “41% 21% Utd Tech SUS5 
12 S 24% 15%. U S. Steel SI ... 
jfjq 17 11% Wodtyorthj 53% . 

^ Xerox Corp. SI.... 
975p 385p Xanics Inc. 10c . 
12.54 14% 741p Zapata Corp. 25c . 

or I Di*. I Red. 1776 I i 

- I Gnu | Yield High L*w j Slock | Price 

4. . >6 04 A’ Mau.en Tix Mp 44 

- 12 80 “ 134 105 Mercur, Sv*ci . 113 

4 7% D 21 -300 330 Midland £1 368 

% - 1338 (02 178 Do 7%%&9i *8 3% 

— . . £»», £B0J; Dol04“'.9>* £82*2 

6 12 20 64% 5b Muster As ets . S9 

3 216 JbO 172 Nat-EMufil SA1 197m 

6% 8 67 82 66 Nat. Com. Grp.. 82 

9 933 208 250 fin. West- Cl. . 288 

6% 8 45 460 350 Sclirodsr; £1— 400 

3'; 400 255 190 Seccombe MC £1 210i 

S premium 92 70 Smith SI. Aub... 86 

452 378 Siand'd Chart £1 423. 

? $11% $8% Trade De». si 50 SIC 

J 356 290 Union Disc £1... 320 

art ttr. [ ITM 49 32 U.DT ... ._. 38 

- Cross CttI fir's £254 £154 Welb Fargo 55. £18? 

| ‘ . 74 60 Wmtrust 20p .... 70m 

15l,id *% 5100 - 
5$ 5°.- - 

52%ra +v 52.20 - 
24% +£ 51.60 - 
174 -1% 60c - 
968pm *41 -Mr — 
23'jnl +1 44c — 

14% +% S10 - 

26% *1% S2 ^6 — 
2«4at * 1 52.00 - 
906p *47 50c _ 

994p *67 70c - 

£14 +Z 7 * 51-60 - 
3 r*ra *1% $2.bO - 
344 +1% S2 70 — 

«im +14 si 10 - 
21% +1 $2 20 — 
16%d +4 94c - 

651d *30 40c - 

174 5116 - 

98 5p +50 5100 - 
16% +% S2 - 
124 +4 5100 _ 
25 +1% 52.10 - 
18% +% SI 44 - 
194 m +1% 51.50 _ 
2ivm +4 51.90 — 
40 +1*, 651 40 - 

2S%m *1% 5225 — 
n\ +1% SI .84 - 
35%re +1% S3 40 - 
9lip *3f SI 10 - 
Ui, +1. S110 - 
22 +£ SI 20 _ 

29%ul +1% S3 60 - 
17^ri SI 80 - 
34% +1% 52.60 - 
lS%«d +1% 3160 - 
43%rd +3 52 20 - 
ll%«d +% 50.68 - 
195m +9 SllfZ - 
33xc +1 S3 00 - 
704p +15 9* - 
12“% +*8 51.00 - 
23% +1% S2 08 - 
32% +1% S2.2CI - 
12! e m 76c - 

13%uJ *% 51.16 — 
17 +% SI 20 — 
2S'»jd +1% 15c - 

24 t% SI 00 - 
32*S +% 88c - 

lbt-m +H si Oo - 

467p -I — — 

23% *\ SI 80 _ 
95CnuJ +23 Stc - 
307, *17, SI 32 - 
2c at ♦% S1.80 - 

214m *1 52-20 - 

134id 10% - 1 

555p +28 - - 

17% a -1 S2.00 - 
294*4 ‘'c S130 - 
11% +% 51.00 - 
27x3 -r^j 52.00 - 
is%m +\ S160 — 
i4m +% si 40 - 
39% ♦#. S200 - 
bZSpe . 7%c - 

792p *27 'jOc - 

Hire Purchase, etc. 

3 6 391, 26% Cattle’s - Hngtl lOpj 35t 2 
I70A £74% £35 Ce E’cre Fr.100. £72% 

2J 8 8 CretbtDatalOp BP 

14 11! 83 Uovtb4Sc«.20B 1D0 

7 5 52 30 Lnd.Scat.Fin.10p 41 

j i) 14 8 MM-gate M«- lfjo 12 

34 118 85 Pro/. Financial 95 

2 8 21 15% Sing Creflii lOp 25 

? 6 20% IWj Sruria HWgs iOc 12 

i b 4fli; 5d Wagon Finance 42 

_ 2.3 94 78 Allied Brews. ... 85a 

_ 51 46 2b Amal.D.B.Pr.lOp. 31 

_ ? t 171 157 Bass Char’gion . 165 

_ s i 296 1°6 Bell Arttrar 50p 252 

A 3 56 37 Befuien Brewery 43 

_ 41 111 85 BoCdingtOns ._ . BAs 

_ ax 92 66 Border Brew 'i~ 76 m 

_ 39 128 100 Brtmi trAaithem 1 116 

_ 3s 51 40 Buck! i*y “.Grew... 48 

_ as 157 1141, BulinertH.P.j... 144 

— IS 174 140 BurtOnwcod . . . 163 

_ 45 68 55 City Lon. OeT... 62 

_ 51 168 114 Clark t Matthew! 156 

_ 44 215 163 Distillers 50p. .. 205 

_ c 1 29 13 Gorton fLj lOp 22 

_ 4i 63 43 GougtiBro; 20p. 50 

_ 2 3 136 93 Gre enatl WhHle- 124 

_ a * 310 03 Greene King.... 297 

_ si 191 143 Ginraiess 154 

_ 3j lt>3 127 HigWdDrii.ZJfc 162 

_ 44 1S2 83 Invergorden 162 

_ 2 3 195 104 Insli Dictillers .. 188 

Mgli Low 


I Price M M IcmISsIp*! 


High low 

E NG I N EER I NG— Continued 


11 12 till 6 542 376 HoecW DMS .. 500 
— 5 Of — £1J3 £112% OtfsMMfe U - £125 
4 3 b 11 5 8 421 32B Imp Cnem £1 . 380 
1.1 I - fl- 49 43% Do. 5 °pH. O « 

111 »U2 - 82 62 Inl.Painr 80 

25 ?.d 6.7 127 91 Laporteln* 50p 109 

4> J 7 * 171 114 Leigh IntsSp... 120xd 

4> 5.4} * £37% £2?%Norsl H.Kr.80. £25 

42 bO 5.9 108 72 PtrsulOp 107 

_ a al — yon ijo Raran Win lOp 28S 

48 ReiHoLil lOp _.. 

,55 Reverie* 

225 183 Scot Aq. Ind £1 
190 108 Stewart Plastics.. 

— “ ’5% TkuwBrr»»10p. 

171* Wa/tSe fBer ) lOp 
145 [ 81 Wotaenhotme.. 

104 73% Yorks Chenrs .... 

1978 l ■ ~ I 

■High Uw[ “1 

Kwi» Save i(K 
Leonora GftlOp 
Lhriood Httfac 



Meat Trade Sup. 
KUtthsn Ed?. IDo. 




231 7.4] 4.41134 

145 53 

54 33 

54 33 

37* » 

Allied Retail lOp. 
Amber Day lOp 
AQuascutum 5p. 

Da. ‘A’ 5p.._... 
Audlotronlc lOp 19 
Baker's Sirs. 10p 41 

Baiter. Sloes lOp. 150 
Beattie (J) “A - .. 130 

25 Bewails lOp-... 


104 Irish Distilien .. 188 

50 [410 1370 Macallan. Glen 395 

t <3 570 [360 UarlaadCl STCn 

1 -* 1 50 Sanaeman. 63 

1*0% Scott & Nr* 2Gp 65 

55 Tomatin 130 

94 Vau» 121 

82% Whittread A- IDS 

185 VVolv Dudley ... 217 

129 Young Erew 'ft 50c 157 xd 

196 150 
136 73 

47 Bremner 

3 BriL Home Sirs. _ 
30 j Brown (N)20p. 

Do. ’A'*fV5Cp. 
Cantors' A' 20p 
Casket (S.)lOp 


Comb. Eng. 12%j: 

224 162 Currys 

23 14 Cimomaglc 10p 

110 | 81 Detienhams 

I, Dewhirst lOjj.... 
Dixons Photo lOp 
ails & Gold Sp. 
Entire Stores..! 
j Execute* 20p.. . 

Da 'A'5p 

j Rne Art Devs. 5p 
2 Forrf(M"t/fi/2flp.| 
Foirrnnster lOp 
Foaer Bros ' 


55 7 ?! 

51 2« 

iT7 J3 

S.E. List Premium 37%<S, ■ based on USS1.9532 per It 
Cunvenion factor 0.7238 <0.7569) 

1297 - 
1189 - 

ID 30 - 

1291 - 
1238 - 
1296 - 



101 | 79% |5pc Stock 77-82 | 81%|+% | 613 | 1124 


98% I 91% |BimVt.am9%pc 79811 92% J .110 03112 73 

98% 91% Burnham 9%« 79*81 
94% B7% Bristol 7%pc 79-81 .. 
107 98 G L.C. 12'ax "82 ... . 

112 97% Do. 12%pCl9B3. ... 

97% 8314 Glasgow 4%pc 'fiD® 
9J 90% Hem. 5 %pc 78-80... 
107% 8C% Liverpool 9%oc 8W 

29% 25% Do.Sjpctrred 

a«» 4 86% Lon. Corp 9%pc 8«5 

97% 94J* L.C.C.bpc 76-79 

92% 84% Do 5%pc 77-81 

871? 76% Do 5%pc 82-84 

71% 65% Do 5%pc "85-87 

78 65 Do 6%pc "88-90 

26% 22% Do 3pc "20 Aft 

93% 91 Mi0d« 5%pc 1980 . . 
991, 93% Newcastle 9%pc '7880 

92% . 10 03 

88 . aS7 

99% . 12.56 

98% . 1269 

90% 1023 

92% ■*% 569 
89% +% 1096 
26%«3 +% 13 29 
87% 10.77 

-lb% 10% BK Montreal 52. 
165’ 10,$ Bk. Nova Scot . 
42A 50% Bell C.wsda 525.. 
15. k 60flp Bow Valteyli. . .. 

10% 825p Brascanll 

•a.l 14 Can.lrao.BK S2... 
16% 955p Can.PatiUcJ?.. . 

S ’” 30% Do.-ftoc Deb. £100 

16% Gulf 0:1 Can.ll 

315c Hawker 5ld. Can.jj.. 

16 7 j Hal linger 55 

16% 11% Hudson's Bay l|„ 
33*4 22% Hcd-B.Oil G S2% 

inn? 13 7^ 33% 22% Hcd-B.Oil G 5 
ifS 12% imperial OilN. 
3S7 12.80 icv 

12.56 12.97 
1269 1291 

945p Into 

58Sp Ini. Nat. Gas SI... 
605c Massey Ferg.ll. . . 

H pj » ft SK: 
*S M ft % tSBSa?--; 

147.BS +'4 SI 12 
U% r% 5104 
37% +1% S4 56 
13^*<c +^- h5c 
10% -r S1.0 
17% +% SI 4? 
14% +% 97c 

30%£ .. 4«o 

20%m +>, SL14 
49fip -35 4Sc 
21% +% 352 06 

13 +% 90c 

30i 2 +1 51.60 

14 +% 51 DO 

lD'vul *l, 40c 

65fip -40 SOc 

0% « mo Aigam 

77** 24 i* Mji Royal Bi. Can 52. 
a°« i?BA ^ Seagram Co. CS1 

H ™ W’* 955p Tor. Dorn. Bk.*l. 
6 36 1128 111 MIL T-_ n:_- 

.. 636 1128 «j! 

.. 7.18 1122 >1 
+% 814 1158 S 
+% 1059 1282 
.. 1342 _ 

569 1191 di 

[Trans Can. Pipe... 

655p -40 SOc 
W0p +35 - 

36 +1% 51 14 
12 Dp +8 - 

19’? +% 5159 
21-Vm *% S18C 
19id +.*. 51.12 
13% +«; 9br 

5.E. List Premium 37%S tbased on S22898 per £/ 

106%! 99* |warw,cH2%%1980..| 


1247 12 29 1078 I I li ml Rn I mdl 


U c 
Price ( — 

Dir I YTd 
Net | Cur Gr'; PIE 

95% 92% Ansi. 5%pc 77-80 ... 93%rt +% 

88% 81% Do S'lpc "81-82. . .. 82% +% 

96% 9 7 N.Z 6pc 76-80 94%+% 

87% 7 5% Eh>. 7%pc'B3-86. ... 77Ktij +% 

95% 89 Sth Aina 9'jpc 7981 90 +% 

70 50 StARhod 2U>c 65-70 52 -3 

% 75 Do. bpc 7$-81 88 -2 


Public Board and Ind. 

64% I 581, lAgric. ML 5pc '59-89 1 59% |+% | 

ANZSA1 312 _ , 

+% 5.84 1240 293 210 Alerander-.D £1. 250 .1455 

6 77 1256 0361, £90% idgeraene 0.100 £1241, +5% *3^ 

+% 340 269 Allen Harvey £1 340 +5 Hil?39| 

+ « 1.7® 12-18 2J9 150 Allied Irish 197 -5 HSO 

+% 10.66 14 17 174 140 Arbulhnot L £1 143m . 102i! 

+121 Q20c « l 4GI 4 
—•1 1455 - 87 

10.66 1417 174 

- 465 315 Bk Ireland U.. 393 

-5 HSO 
. 10 23 
-12 1071“ 

H — £202 £137 Do. lOpc Cora, . £173 -10 Q 1 O', - 

17% 11% Bk. Leuim l£l 12 Qlb 4 b 
170 150 B*.Levi»(UKJ£l 160 . . 7.47 

702 580 S. M.S.VV SA2.. 515 +20 05?: , 

315 25S Ban! Scotland U 295 +2 T11C5 

,1 to £32% £21% Bankers N.YSltl £23^ -1% QS3.00 
A% H'S 572 2% Barclays £1 .370 -2 IB 28 

11 S wff w 2<W Brow Sbipttr i’ 1 233m -2 t941 1 

V«| &5 232 Cater Ryder £1. 265 +5 V1717 

10% 84 67 Clive Disnt 20p 73 +1 M85 

1023 1320 .255 m ComJAu5 .ffAl) 183 Qlfc 

■£19 £12% Corn'd* DM10* £16% + % fltt*. 
129011253 ^20 £15 C'ltqn.Ht* KrlOO £16% Q12‘i 

13 951 13 ID 32 IB Corinthian lOp . 32 +1 i0.7i 

ff S TAM £24 £13% Crtri. France F75 £20 +% O' 07% 

+20 03?: 
+2 T11C5 

64% 58ii Agric. ML 5pc '59-89 
90% 80 Alcan 10%pc 'F9-94.. 

33J* 26% Met Wtr.3pc'B' 

154 107 U.S.M.C 9uc 1982 
95% 87 Do without Warrants 


107% 99% FFI13pcl981. . 

110 101% Do. 14pc 79 

J14i; 10fl Do. 14pc "85 

85 79% ICFC 5%pc DeO. '80-82 

81% 72 Do. 6%pcDb 'Bl-fiA . 
99 89% Do. 10>jpb Uns.Ln. "86 . 

99% 90% Do. llpc Uns.Ln. 'S3 
101% 90% Do. ll%pr. Uns.Ln. 90 
71% 61 Do. T'iPC ADeb. "89-92 . 
71% bl Do. 7t«pcADb. '91-94. 
84% 72 Do.9pc'A"91-94 . ... 
81% 68 Do.S^pcLn. '92-97.. 

100% |+% 
102 % 

- 4 0 
15 7.01 

t» ia T5 ic kc ciz, tsarcis 

7.50 - 

1023 1320 

* +% U.S 1334 £24 France F5 

13. 6 94 1230 5 b • Dawes IG. R.5. 

M . 856 12M £89 [«u.-%i!a*0tf5c 

I uS 1280 83% 58 F. C. Finance. 

1 1248 1320 8% 1% FIr:l Alai. lOp. 

. H '25 Ti-xi •» i. rv> 7s_n 

t941 - 6 fll 
ft 17 1” - 9.7 
M 85 - 92 
Qlfc 29 5 v 
VXtt*- - 4 0 
Q12'i - 6 9 
TO .71 73 3 3 
0907% - 33 

twts.-VBjeDMyO £1141* +5% Q1B*J 

zej 4.21 

12.95 13.32 
11.84 1350 

% Do. Wm.. 7M3 
9% Fraser Ans. 10p 

1L95 1330 1^6 15? Gerriird Natnl .. 190 

1271 13.50 59 37 Gibbs (A.).... 51 

13 jj 13 40 ^55 195 Gilleit Bros. (1. 227 


1-1 Ml 

24 ]7 Amofagasu Rly... 

41 33 Do SpcPrel 

98 98 Chilean Mi>ed. 

415 350 German Yng 4ign. 

iDoAp*: MivedAss. 

59 37 Gibb, (A. ).... 51 *2 

35 195 Gilleit Bros. tl. 227 
29 19 Goode D'lMrySp 19 

142 96 GrintHays . ... 130 +1 

130 93 Cumness Peat . 116 

217 155 Hambros- 165m *2 

100 81 Hill Samuel .... 88 +1 

biW 187 Do Warrants.. 200 
363 203 Hong Shng.SS 50 264 +12 
b9 52 Jesvel Toynbee. 62 
215 150 Josetjh(Leo)El . 155m . 

5> 37 Keyser Ullmann 47 -1 

74 56 Ktng6Sha*20p. 65 

114 88 Ktemwort BL 92 

297 242 

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15 41 - 10.1 

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+12 hQ59: 
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[ t9 23 j 48| 4 1 


Tele*: Editarigl 886341/2, 883897. Advertisements: 885033. Telegrams: Finantimo, London P54. 

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For Share Indei and Business News Summary in London. Birmingham, 

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CuaG'jj i%% Ln 
(to CoCrvUl 91 

Cory : Horae* ' 5p 
Crcda Int. 10b 
Croda Ira. Drfn 
CnrVLilate 5p 
Em* & E-i-rard 
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Copies obtainable :rom newragenK and UccAstat 1 ; vrcrld+-d? cr cm regular sut&crip'ior* !“«ir-i 
Subscription Department, Fincnciai “irre*., Lora^on 

« FreerrBrslLur). 

Getter (AJ.12£». 
Goldberg A .. .. 
Goodman Br. 5p . 

Gt. Universal.... 

Do -A 1 Ord..„. 

Gre Millet ts 10p 
Haroy (Furti).... 

Do. ‘A 1 NV 

Helene Lor.lOp.. 
Do.l2pcCfiv. M. 205 
Henderson K.20p 80 
HemquesAlOo . 28 
Hepwiyiii[J )]0p 72 

Hon* Charm lOp 221 
Home of Fraser 135 
House of Lerose.. 60 
lows (Ernest) 10p— 154 
Knott Mill 10p.. 26% 
ff Kunltfi HUfs. . 21 

* Udlef Pride 20p. 60 
, Lee Cooper .... 16S 

Liberty 180 

Do.Non.Vtq Ort.. 168 
bncrofl K. lOp. 48 
UFi Furniture lOp 177 

Maple lOp. 23 

j Marks 4 Spencer 83 
Martin New,. 218 
Me>utes (j.) — ISO 
Michael (J) 10p 20 
M«). Educat. 50p. 236 
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Ov/cn Owen .... 214 
Paradise (B)10p. 2D 
s Pawson (W.L.). 63 
33 Peters Stores lOp. 46«zl 
6% Polly Peck lOp. 9% 
7l Preedy (Alfred) 83 
78 Pullman R. 6 J.5p % 
3% Ramar Te»t. 5p 12 
52% Rainers lOp . ... 73 
52 RaybecklOp... 91 

30 Readicut5p 42% 

64 Heed Acritin ‘A - 95 

13 Ri*Fn(IDLS) I Op 18* 

11 Rosgill 5p 27 

9 S&U Storei l?tjp 22% 
9 DftSVf.tftip. 23 
118» a Samuel (H)-A\ 174 

21 Selincoiirt 5p.... 26% 
9 Sherman ($)10p. 14% 

138 SrtihW. H 'A’5Cp. 144« 
73 Smrrie»AG.5p 172 
121 Status Disct lOp. 195 
13 Sternberg 10p.. 23 

22 Sumrie 20p 31 

101 r«re Prods. 10p 180 

82 UDS Group 93 

24 L/pton (E) 'A' ... 39 

108 Vantona 20p 124 

64 Walker (Jav)_. 120 
62 Do.N.V 104 


P ROP E RT Y— Continued 


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