Skip to main content

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

See other formats



£ tfW 


Onstream |Y« 
On time 

with Capper- Neill 
Onsite 



No. 27.735 


Friday December 8 1978 


There are no finer springs 
than Springs by 





■ r . L Robert Riley Ltd 1L Rochdale. 

’ ‘ ^ Tel: 4 4551 / 


Sdb TSt BSUlUM Fr 2S: DENMARK Kf J-5; FRANCE Fr 3.0* GERMANY OK 2.0; ITALY L SM; NETHERLANDS FI l.O; NORWAY Kr 3.5; PORTUGAL tic ID; SWUN Pte 40; SWEDEN Kr 3,25? SWITZERLAND Fr 2 -0; EIRE IS P 




m * »■* 


NEWS SIMMNM 




GE&EML 




B8Sl«ESS rS;# 

. : • " ■ s'" r">" S.x'.fC 


3 fcy, 

4 r * i: 





, — - . - W//’- 1 .. . . 

=•., 3 

i,. 






; :LV>- 1 ; • : 


L ■ - 




A 


- « EQUITIES lo^t earty gains 

V .. . 4>ecau&e . o£ the: disappointing 

profits fifpires of QEC. 
The FT Ordinary Ioduslrial 
en^fiaJiraUy. lmto <josed QJ3 down Bt 491 . 5 . 

jd^dthfiajtegat^that hav* ^ haVln tond^d 496-3 at 
(been made. ag*njst bim M 
• 'Mj«rfieadJ.coart when a" sfafe- . ®r® -* ‘ 

■outfit ie made to the police in '• GILTS traded sparsely <m a 
IJiane was read out. ■ ■)■'■ . mikedtrend, The Government 

\ Mr^'TiiQrpeJs statement says. . 

- tthal-he Jiever. had. a homosexual - 
relationship’ with- Jf orman Scott; 

- fttiat Jie ,did : hot :lal:e part in an 
iallfegesd. conspiracy -m. kHI Scott; 
and that he-i id never :knowingly 

’-OWUailito been ;a : -party. to,‘th£ payment of 

. - ” . . money.' : flther, .■.directly or 

mifcectlKU-Aridyew.Newton.- 
." jthe alleged mad.’’ . 

5 .\lTbfi -st^enjeat- describes Scott 

i • as “micfifil " aha ^VUMrianced'* 

and Mr.' .Thbrpe sa,w ■ thh help he 
!gave .Scdtf^asT^y.-.dutyC Mr. . 

SMtt_we^Tiased>ffli. compassion, 
and ' jcnwiiiessW^efc 1 'in . - dHe 
course : -^ScQ it;; ; ' with 
. matevoii^^: and :i*#en|a 2 en t? 


C- 


— 1 ' 

* -*'■ 

:V: V-" ?:*> 


. . '•*' : 
“V - u: Her 

. 

/ • — 1 -■•'tia- 
• ■"‘■Cry 


'-1 



Seemities Index w*s tEP ^-I6 at 

■68.99. . 

_______ • STEELING MSjiajuwd un- 

Micfeaei ^ for the s&hmL^day at 

Ho^e?^s?orc^^ali : Dff .tfe! 3H.9S15. its traile-u^ted uidcs 
pay saDctions.debataaftsr-to-wdy^. also utaying at 62. 7|-3Hie -doOar 
scenes at Leff-wilg i^oxTr ll^L VaS-litUc changed arTKW 1^160 
used ' L917W, and & depreeia- 

wiii malte today aPd^ ■ narrnwptl to S^jjper; cent 

cent). 

■tosc $2i intandoD to 



r ». r 4 


Meeting next month likely to discuss currency developments 

Giscard invites three! Schmidt says 

EEC futureS 


is threatened 




Western leaders 
Caribbean summit 


BY ROBERT MAUTHNER, PARIS, Dec. 7 




<’'? ■ •. 

: •-•V-'v — » 

V,V* • i.' ; 
■ V v’S ”■ 


;V% BY GUY DE JONQUIERES 




BRUSSELS. Dec. 


President Valery Giscard d’Estaing of Prance has invited President Jimmy 
Carter, West German Chancellor Helmut Schmidt, and Mr. James Callaghan 
to a summit meeting on the French Caribbean island of Guadeloupe on 
January 5 and 6, it was announced in Paris tonight. 

The invitation, which a French their wives and one Government cerned. his meeting with former 


presidential spokesman said had 
been accepted by the U.S.. West 
Germany and Britain, came as a 
complete surprise, and was seen 
•at \«4 another step in the French 
President’s campaign to estab- 
lish himself as one of the wruid's 
leading statesmen. 

UnJike recent Western sum- 
mits. the Guadeloupe meeting 
will not be devoted essentially 
to economic problems, though 
there is even. - reason to suppose 
that the^- y.ill he discussd. par- 
ticularly following the setting- 
up of the European Monetary 
System. A communique pub- 
lished here merely said that 
“■ political questions and Inter- 
national developments of par- 
ticular interest Co the. partici- 
pants’ mutual relations” would 
make up the agenda of the talks. 

M Pierre Hunt President 
Giscard ’s spokesman, said that 
the meeting would be informal 
to enable the faur leaders “ to 
talk freely about the inter- 
national situation in general, 
and to express their views in 
a djmate of confidence and 
friendship”. The four statesmen 
would be accompanied only by 


aide each- No communique 
would be issued after the 
meeting. 

The U.S. Embassy said 

tonight that President Carter 
would be accompanied by Mr. 
Zbigniew Brezezinski. bis 

national security adviser. 

Among the main issues likely 
to be discussed are the Strategic 
Arms Limitation Talks between 
the U.S. and the Soviet Union, 

disarmament. East-West rela- 

tions in general, the political 
situation in the Middle East and 
Africa, developments in Europe. 
and the domestic situations of 
the four participating countries. 

President Giscard clearly pre- 
fers informal summit gatherings 
with no fixed agenda to the more 
formal meetings like last July's 
Western economic summit in 
Bonn. With no obligation to 
publish any communiques, the 
French President feels that more 
can be achieved sometimes by a 
relaxed and frank exchange of 
views than if each participant is 
tied to a national negotiating 
position. 

As far as M. Giscard is t-on- 


U.S. President Gerald Ford on 
Uic 'neighbouring French island 
of Martinique in December. 1974. 
created a >‘iiccessftil precedent 
Tor next month's Guadeloupe 
summit- It was on that occasion 
that the two leaders managed 10 
inaugurate a oev era' of friendly 
Franco-U.S. relations. after 
many years of diplomatic 
conflict. 

Three main reasons probably 
lie behind the French Presi- 
dent's initiative. One of them 
is certainly the purely national 
One of giving France a world 
role at a time when President 
Giscard is coming under in- 
creasing attack from the Gaul- 
lists, who have the largest 
numbers in the ruling Centre- 
Right coalition, for neglecting 
France's international role. 

The second is that discussions 
between the L'.S. and the three 
most impo riant European coun- 
tries about problems such as 
SALT, gives lhe latter at least 
an opportunity of influencing 
VS- policy in areas from which 
Continued on Back Page 
Editorial comment. Page 22 





X 

IMITED 


Pr^ent..,C^e^:*^ STREET cl 

- wwtj fi aivft. ^iqr.pr»4*ffPf R <f< n .07k pUt- 

& yards', shot^ be 

ieitiifi - lhe’ : daw VpaSs ^wottW* - dosed in the next two yca^s. but 1 
suggest th^t£4tchH&.4Vttutk''did iibtr v }M& ruled out . tte - : 'C“.np!cl3.i -- 

mam coiii- -, RY> , d 

draw's;' ^}nar. 4^S«; page; 6; jianies^*cconim^o ilie latest 

Editorial Coh»!^L'P38^22. V;r'^ ■? an ' 

in ' ' V • 9 . 

Bpt?iaraaa«iant : pa xy liquidity ten 

3^ihi«r>JPiel^^B<^ -told , tne J : s6^ third quarter of 

South • Afrirad-' ParlJadie®.! .that ^Sis- : yeur; -after rising steadily 


Government raises 
limit to £4. 





rafter risin: 


iiiikl977, according to a 
^■GdvernujeTit survey of 230 lead- 
t^aag; companies. Back Page 

QTY TAKEOVER Panel has 
-made- -a series of amendments to 
code, including 
/ eliminating one of the way . of 
. obtaining comroL of a company 

’ ’ f -r v.VKhout full takeover bid. 

_ ••'’ "Back Page. 

Cledwyn Hughes^ .^nd ■ Stephen . 

Low.- the UR ail£t‘s^§v .^iv>ys « MORTGAGE DEMANDS, now 
seeking to arrpgbe^l-par&-. talks running at.£Sbn a year, wili 
bn RhQdesl.^iflij^^ - -Btitswana double in fhe next five years and 


nearly half: the secret projec 
ran by .the lnform^tion Minis* - 
including , ihe -financing ' of 
allegedly-- independent 
paper, would be scrapp 
he insisted ^that- otbeJs -.p-r--—., , 
- continue- in "spite, bf •; 

'Page' 6 


BY JOHN ELUOTT. INDUSTRIAL EDITOR 


building sock^9s will have to 
maintain their- present growth 
rale- says Provincial' Building 
Society, head. Page 9 


1 President KhaJ^.i^-^-krororie. A 
Botswana offieiitl--.srid ftc talks 
were-‘-ver^^4ft)ll".. '*. . 

Time^ move 9 A new five-year corporate 

Tories Ney^Japdrs ' has. invited ;plafl bastbeeh approved by the 
leaders o £4*4. ItaUonaF Graphical yGoverhiriest' for Short . Brothers, 
Asso^iatiMf .tbtartks “witJSdat ; 4ir^ ' .which. wjJL eiabe the Bel rust 
conditions--’ t&l? .weekend.. ln : :. an- company' to continue producing 
effort to, rdsdve Mhe- industrial:. rcraft. a ero structures and 
relations crisis: which led to- phb j % gufded weapons. Page 12 
lication .being--., suspended.. fast 

Thursday^ -Page-li ... • NATIONAL Committee on 

. 7 ‘ : '• .•>•..■**■ -'.Computer Networks has called 

Bread ta.lks *ialt for some relaxation of the Post 
7 “ E Office’s monopoly and greater 

Talks, wmed "at - qn^Jig". the five- Government investment in ner 
"week-brad strike Were- adjourned . -works carrying 'computer-pro- 
last nighYafter id-’houre o£. ralks -. <iu - ced information. Page 9 
spread oyer two days. Eagq 11 , . ' 

fti I Iri « hnru^U 1 : • VtiKE .MARKET for machine 

OUttlil nopeiMl .--tools is strengthening, with new 

Fisheries M bister' John Silkin orders in June- August period up 
said in Brussels that he was still - 3 per cent on the previous 
hopeful of reaching agreement, quarter and orders on hand up 
with the rest 'df the EEC in spite 


THE GOVERNMENT has decided 
to quadruple the amount of 
money that can be borrowed by 
the National’. Enterprise Board 
and its regional counterparts to 
an unexpectedly high total of 
about £6bn. > 

.This emerged' yesterday when 
the Government surprised its 
followers and angered critics of 
ilk industrial policies by publish- 
ing a Bill in Parliament to raise 
the borrowing limit of the Board 
f-from £lbn tD a total of £4.5bn. 
with an intermediate stage of 
£3bn. 

The Bill also raises the limit 
for the Scottish Development 
Agency to £R00m and. the Welsh 
Development Agency to £400m. 
It will be followed by furlher 
legislation today to increase the 
limit of the Northern Ireland, 
Agency. 

Launching the legislation, Mr. 
Eric Varley. Industry Secretary, 
said that the National Enter- 


of the collapse of fishing policy 
talks. Back Page' 

Briefly . 

Spanish .voted 67. per cent' in 
favour ..of ihe new democratic 
conslilution, though 'one in three; 
people, abstained. -Page 3.. 
Defence Minist^' expects to raise- 
at least £lm- in scrap value oh 
the carrier Ark Royal.' : -. 

Former legionnaire was jailed Inf 
life in Corsica for . kill mg two 
shepherds. 

Brazilian soccer player Roberto 
Ri veil no, now. .in, ’Saudi Arabia,.. 

has been barred '.from playing 
there until the balance of. a 
5200,000 transfer .fee,. is, pa iH. 

Crewman ’died whent an RAF 


6 per' . cent. On: a 12-month 
comparison, orders rose 2S per 
cent. Page 8 

COMPANIES 

0 GEC pre-tax profits rose from 
£14418m to £162.9m in the six 
months to September 30. Ex- 
ternal sales improved from. 
£l.Ibn to fl.ISbn. Page 24 and 
Lex 

• BRITISH SUGAR Corporation 
.pre.-ta xprofits- rose 25 per cent 
to a. record £25.5m t£20.5iu) for 
the.year to September 24. Sales 
totalled £o04JZ2m (£2S7.27mi. 
Page 24 

• J. LYONS AND CO., the food 
and. catering group due to be 
mergedT With Allied Breweries, 
increased ■ pre-tax profits from 


Canberra crashed' fiear .'its basa' £6.4ui to £9m for the 24 weeks 


CHIEF PRICE CRANSiC YESTERDAY 

(Prices in -pence unless otherwise indicated) 


RISES: 

AB EleetronJc 160 

Eaggeridge Brick ;--- 86 

Bambera - 153 

Beecfumv .632 

Berkeley Hambro...-,-I50 
Biockleys 69 

Brent Walker oS 

Burnett & H'shire. .i. 200 

Burton “A" ...>■•* TT6 

ERF 1 .140- 

GUS “A” 314 

Hanson Trust' ^.141 

Highland Dist. 2W 

Ladbiroke -. --.j kS3 

Lyntoo Prop. 

M arshaU's U mversaT ISO- 

Sfews-'tntl, '278 


+ 7 
.;+ 3 
•.+ 5 
-f 19 
: +. 4 
+ 5 
+’ .4 
■f-10 
+ s 
10’ 
+ .4 

"T ft 

+• 5.' ' 

.+ .B • 


Reckitt & Colman 

Saga Holidays ...... 

Samuelson Film. ... 
Stanley (A. G.J ... 

Stonehill 

Trust Houses Forte 
Vaux Breweries 

Wood (S; W.) 

De Beers De/d, ... 

Vaal Reefs 

Western Deep 

FALLS: 

Arinltage Shanks 
Barrow Hepburn. 

GEC '- 

May &. Hassell 

Shell Transpdrt .. 

Anglo United .— 


4S5 +' 
171 + 
100 + 
17S 
125 + 
■25S + 
128 + 
50 J - 
352 + 
•£llv + 
714. + 


11 

5 

11 

4 


i9 


751— " 
.15 - 4 
332 - S 
77-4 
587 —.8 

184 - 6 


prise Board was an “ indispen- 
sible pari of Britain’s industrial 
scene ” and was a " holdiDg com- 
pany of major proportions.*’ 

He- added that the money was 
needed because the present £lbn 
limit would have been reached 
by the middle of next year. The 
new limits had been set to cater 
for the next five years and also 
included a change in accounting 
arrangements increasing by 
£1.5bn the amount of private 
sector borrowing which has to 
be included in the limits. . 

Because of the way the Board's 
figures have been arranged, they 
can be presented by the Govern- 
ment as a £3.5bn sop to its Left 
wing and in the TUC. which 
wanted a major extension of the 
funds. 

But they can also be presen ted 
to critics of the Board as only a 
more limited increase of £2bn, if 
lhe private sector borrowings are 
taken into account. 


The Government can also 
placate its critics by pointing out 
that the Bill deals only with 
statutory limits and that the 
actual amount of public funds 
allocated to the Board to spend 
is laid down in the annual Public 
Expenditure White Paper. The 
present figure is £275m a year, 
bur ii is likely to be increased 
next year. 

However. Sir Leslie Murphy, 
chairman of Lhe Board, has often 
said that he does not need large 
increases in his funding and last 
night refused to comment on the 
top limits chosen by the Govern- 
ment. He said he had asked for 
an increase but th3t thn final 
fieurcr were a mailer only for 
Ministers and Parliament. 

The Government and the Board 
were 3lso stressing last night 
that increases in the limits would 
not change the Board's operation 
— nor would they mean that 
Continued on Back Page 


Kirkby takeover falls through 


BY JOHN ELUOTT, INDUSTRIAL EDITOR 


government HOPES . of 
solving the problems of lhe 
Kirby Manufacturing and 
Engineering workers' co-opera- 
tive suffered a severe blow lost 
night when Worcester Engineer- 
ing .refused to go ahead with a 
planned takeover. 

Mr. Cecil Duckworth. 
Worcester's managing director, 
gave the news to the Depart- 
ment of Industry as Mr. Eric 
Varley, the Industry Secretary, 
was. about to start a meeting 
with critics of his industrial 
policy on the Labour Party's 
national executive committee. 

Mr. Duckworth said later: *' I 
don’t believe that KME is a will- 
ing seller and I don’t believe we 
can overcome the sort of resist- 
ance we have been facing.” 

: The withdrawal of Worcester 
lifter three weeks of detailed 


negotiations poses major prob- 
lems for the .Government, which 
is facing demands from its Left- 
wing — and from the workers' 
leaders — for a National Enter- 
prise Board takeover. 

Members of Labour's national 
executive last night cashed in on 
the Worcester withdrawal to 
press this solution on Mr. Varley 
and on the Minister in day-to- 
day charge of the matter. Mr. 
Alan Williams, Minister of Slate 
for Industry. 

Worcester, a small central 
heating equipment manufac- 
turer, emerged as favourite to 
take on thet co-operative after 
a Department of Industry work- 
ing party had studied the matter 
last month. It rranged a £4m 
overdraft -with Barclays Bank to 
match £4m Government funding 


needed to develop the co- 
operative’s radiator production. 
Il wanted to make 260 of the 
720 workforce redundant. 

The question of Stelrad. part 
of Metal Box. taking a 10 per 
cem stake in Worcester to under- 
pin the operation had also been 
discussed. Stetrad was named 
in September as a possible oui- 
righl bidder for the co-operative 
if it went into receivership. 

Since it Was set up by Mr. 
Anthony Wedgwood Benn when 
be was Industry Secretary four 
years ago. the co-operative has 
had £5.5m state aid and has suf- 
fered losses of £3.5m. Losses are 
now estimated to be running at 
£20,000 a week. Last month's 
working party said the co- 
operative needed £1.5m to Ilfim 
to sort out immediate cash prob- 
lems. 


CONTENTS OF TODAY'S ISSUE 


European news 

2-3 

—Parliament 

... 12 

Inti. Companies 

2*40 

American news 

. 4 

Technical page 

... 14 

Euromarkets 

28-311 

‘Overseas news 

. 6 

Management page 

... 19 

Money and Exchanges ... 

... 31 

World trade news 

7 

Arts page 

... 21 

World markets 

.... 33 

Borne news — general 

*9 

Leader page 

... 22 

• Farming, raw materials 

... 37 

— labour 

. 11 

UK Companies 

24427 

UK stock market 

.... 38 


South' Africa in the apar- 

. theid trap 22 

Polities Today; A time of 

- uncertainty 23 

European Parliament: A 
French “beauty contest” 2 
Venezuelan Government: 
-Where did the dollars . 
go? 4 


FEATURES 

EEC textiles: Problems in 
the Mediterranean 7 

Americans slice their sili- 
con chips in Limerick ... 19 

Around Britain: Wakefield 20 

Credit Fonder Frano- 
Canadien: Government 

steps in 28 


EMS aftermath: Why gilt- 

edged brokers smile 29 

Energy review: Nuclear 

reactor surgery 32 

Farm- iand: High risk of 
huy of buying extra acres 37 

FT SURVEY 

Dutch Limburg 15-18 


AsiWBtmcnli - - 

10 

Lombard 

20 

Appointments AiWts- 

is 


22 

Bank .Return • 

2k 

20 

Property 


SntatBlitmoot Guide 

20 




3 a 

Saleroom - 

S 

FT-Actuaries Indices 

ja 

Sftara Inform at) on ... 

40-da. 


3 

Today's Events 

2J 

Lex. 

42 

TV and Radio 

a 


Unit Titicts 

Weather 

Bass Lending Batec 


W 

42 

33 


INTERIM STATEMENTS 
CatMwuls Holdings . 24 

CEC 12 

Gl Universal Stores 2b 

J. Lyons and C*. .. 24 

For latest Share Index ’phone 01*246 8026 


Pe9ler-Hntttmez - 

Pitman Lid 

Thomas IKamnaton 
Wilt In* and Mitchell 


ANNUAL STATEMENTS 

British Sugar 25 

Canadian imn. Bank 26 


HERB SCHMIDT. West German 
Chaacelior. warned this eveoiqg 
that the Common Market would 
disintegrate within a few years 
unless European countries suc- 
ceeded in reducing their inflation 
rates and stabilising their 
currencies. 

in a vigorous defence of tbe 
proposed European Monetary 
System, he said that the pursuit 
of monetary stability imposed on 
national authorities essential 
disciplines, which bad been 
widely neglected since tbe 
collapse of the Bretton Woods 
fixed exchange rate system 
several years ago. 

Herr Schmidt told a Brussels 
conference Of UNICE. the Euro- 
pean employers organisation, tbat 
he sympathised with the diffi- 
culties faced by Britain. Itaiy 
and Ireland in deciding whether 
to join EMS. 

They must be given the 
necessary time to make up their 
minds. “But not too much time, 
because floating rates harbour 
the danger that the common 
market will degenerate. Five 
more years of monetary up- 
heaval in the Common Market 
will lead us to a situation in 
which we are dealing with 


fictions, not realities.” 

Noting tbat the EMS had been 
assailed by German bankers as 
well as by British observers, Herr 
Schmidt argued that These 
criticisms cancelled each other 
out. German bankers claimed 
that it would be inflationary, 
while Britain maintained tbat it 
would be deflationary. 

Tbe German Chancellor also 
complained strongly about the 
operation of the agricultural 
policy, and added that he bad 
been impressed by criticism uf 
shortcomings 


tins wctru. hi LHUbseis u\ iiuin t .. ■ .. .. . ^ 

Mr. James Callaghan, and Presi- I dis iibut.on and l re ail businesses 
dent Giscard d'Estaing of 1 w,u * lso be affectcd - 
France. 

He was personally angered 
every time that he learned that 
EEC butter was being sold to 


the Soviet Union at heavily sub- 
sidised prices. “ T had never 
realised tbat the Soviet Union 
was a developing country' which 
needed subsidies.” 

But beyond repeating his well 
known objections to CAP sur- 
pluses. Herr Schmidt gave nn 
sign that he was any more pre- 
pared than in the past to press 
energentically lor a reform of 
the system. 


Britain’s borrowing 
facility doubled 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


Changes 


BRITAIN is to be allowed to 
draw up to £1.6bzn in conditional 
medium-term financial assistance 
from its EEC partners— twice the 
present limit. 

This is implied by ibis week's 
decision by EEC heads of govern- 
ment in Brussels to extend the 
Community's credit mechanisms 
as pari of the creation of the 
European Monetary System. 

Although the UK j? not iinkins 
sterling with other EEC ‘curren- 
cies, it is participating in lhe 
medium-term financial assistance. 
This is intended to provide 
finance for countries with 
balance of payments problems 
rather than to support day-to-day 
intervention in foreign exchange 
markets. 

The doubling of credit facili- 
ties gives the UK an additional 
source of finance, apart from the 
International Monetary - Fund, if 
it again faces balance of pay- 
ments difficulties as in 1987-68 or 
:n I97A. 

Britain did not draw on the 
EEC facilities during the 1976 
crisis and so far the only country 


The decision will depend both ! 
on the resolution of a number of I 
remaining technical diflicultics I 
and on the balance of attractions j 
in using Community currencies 
to help maintain the stability of ! 
sterling. ! 

The Governmeni will today I 

publish a White Paper seLting- j 
oul Lhe decisions of the summit, i 
with a short explanation of ! — 


of Industry for financial help for 
its plants at Brenirord. where 
l.SOO ary i-uiployed. and 
Wrexham, where 600 work. 


1 in .New York 


Dec. 0 


Previous 


references to the UK’s position. 
Vrhy gilt-edged brokers 
smile. Page 29 


Soot 
J month 
3 months 
12 months 


•. 1 wi;.h.: . y, \ J ..Ik 
».-*■ dia <iift 

I . ft- dis I ■ dn 

!•• di* <jis 




International 

Commercial 



□ ACQUISITIONS 


□ BUILDING.SURVEYS □ LETTINGS 


D MANAGEMENT 


□ TOWN PLANNING □ VALUATIONS 
□ DEVELOPMENT CQ-ORDINATION 


□ 1NVESTMENTFINANCE & 
PORTFOLIO MANAGEMENT 


Healey- 

London W1A3BG c - ; T' 


By Kenneth Gooding. -! 

Motor Industry Correspondent 

GOODYEAR. THE UK subsidiary 
of ihe world's largest lyre manu- 
facturer. laid the unions yester- 
day that losses in 197S would 
reach ririni and that more than 
1.000 jobs must ?n. 

The brunt will be taken at the 
group's headquarters in Wolver- 
hampton. where 400 have been 
given immediate notice and be- 
tween W0 and 1.000 will lose 
their jobs over the next 15 
months out uf 5.000 currently 
employed. 

Goodyear >aiil “similar man- 
power savings " would be made 
at the Glasgow lyre plant and 
the general rubber products 
factory in Craig a von. Northern 
its shorreominss made earlier I Irt, ' anri - "here ;CJO and 1.S00. 
this week in Brussels by both e . spec ! ,v 5 1 - ' ar , c f 


The company lost £605,000 be- 
fore tax in 1977 against profits of 
£611,000 tiie previous jear on a 
.turnover up from £159m to 
£187 m. 

Changes this jear instituted 
by the new American chairman 
aod managing director. Mr. 
WesLi Hansen, involved 400 jobs 
lost at Wolverhampton and 150 
in Glasgow. Another 100 jobs 
went with ilu? closure of remould 
factnrties at Boston Spa and 
Barnsley. Six warehouses and 
seven Tyreservices shops were 
also cl used. 

Goodyear said yesterday that 
I a combination of circumstances 
I had reduced the demand for UK 
j tyres by about 4m over the past 
; two or three years. 

• imports nf foreign vehicles 
i were increasing; many tyres Tor 
the replacement market were 
I imported. particularly from 
| Eastern Europe and the Far 
! East: and tyres were lasting 
to do so has been Italy, which I twice as long. Exports »f lyres 
approached both the EEC and 1 have also declined, 
the IMF in 1976. The EEC's j 
medium-term credits last for , I oopic-sinim 
between two and five years. lL>n k . LJdllfSR 

The increase in facilities J Other UK lyre manufacturers 
means not only > doubling in j are also suffering. Dunlop is 
what the UK can draw but also , clo<e to a decision about its 
in its notional creditor ohliga- '• future production and marketing 
dons to lhe rest ef the EEC. ' stiaieaies. which will almost 
Britain will have w decide ; certainly involve the closure of 
within the next lew weeks ; its plant ai Speke, where 2.400 
whether to deposit 20 per cent of | are employed, 
its gold and dollar reserves j Firestone UK. which is 
against an initial supply uf the j involved in a similar exercise, 
new European Currency Units. | has approached the Department 


□ AUCTIONS 


□ SALES 


Its OCO BROADVErmeET^LONbOK*' EpZNJW 
PARIS BAj. ISS&S'AMST ERDAJVf*' 


mmm 






y.at 


is&ZitirJS&M'-- 






Caudal Times Friday 


g.t>^y:«; 




\MlM 


sa 


iri"A i 


W ' ^ 


DIRECT ELECTIONS lo _ the £ 
European Parliament have 
become a subject of passionate 
interest to Franrr’c political class 
— for reasons which have a great ? 
deal to dn with French politics 
and practically nothing to do . 
with Europe. 

For unlike general elections, £ 
which are decided on a fiisr-pa>t- ■ 
the-posi basis after two rounds * 
of voting. the direct elections 
will be purely proportional, each . 
political party presenting a -r 
single national list. This means 
that the four broad parties which 
emerged from last Marclvs Par* 
Hamcntary election'; — She Gaul- 
jisrs. Giscardian UDF, Socialists 


the EUROPEAN PARLIAMENT 




: 'C hut ihe Treaty of Rome.” M. I 
”,V: Marcbais talking about new evi-i 
;„ 1 ,. ; dence of a phot to submerge 
rvt. French sovereignty in German 
!»• and American interests; and M. 
; V: Chirac floundering badly during 
a visit to Ireland f the ruling 




FINANCIAL 

TIMES 


beautyfeohtest 


Fianna Fail parly arA the Gaul-| 
list partners in the present EEC 


t o t list P artners . 

y Parliament). Prime Minister 

Raymond Earre stepped Into the 
dispute. 

. v’v-^-V M- Barre knows his European 
onions. He was an EEC Com- 


Jon 

BANKERS tend to he cautions v The '.Increased confidence in money supply andi^ation. And Ml 
men, not given to rash prophecy, the dollar would he durable only they implied rna^tne isuno^banjc raw 
That rule emphatically applies to if the U.S. was successful ut curb* should .set a money _5UPfuy- «-■ ...£9 
the executive board of the ing inflation and reducing its. crease _target for i97»_ w^icb jgFs 
Deutsche Bank. West Germany’s trade deficit. But already there emphasised this point (perhaps 
largest commercial bank, now were signs that the deficit was within a range of 6 tn9 per cent) . j 
concluding what ■ it modestly being cut and that this process it was .noted that this jear's.w i 
■ terms a “satisfactory" business would continue in 1979. •. : • surge in the West-German stock -3^. 

TVylTra vwm a* year- Dr. Guth felt that the Deutsche market had flagged , in October. 

iVJ.aXll.lIUc Thus when board members Mark would play an increasing n6 t least because of Iears about W 

. , . make encouraging comments role as a reserve ^currency —rising prices andf interest rates . :% 

inrliiciffnOd i*fe. about the dolllr and the Euro- whether t* 1 ® Bu ” des £* nk kked But. Deutsche Bank believed 
inUUStneS W, pean monetary system (EMS)-, this or not. B^t je sb^sed that these fears ha<L poshed the £ ' 

and see a further upswing in the there was no substitute for the.p 0aitlve aspec ts of the economy ^ 
limorl fn ■:•*? domestic economy aSd the bourse ««nre **<$££ V {? P o « ir entered 1979 too much into & I 

UTSea TO in 1979, it is worth taking more the f wesee^e futore. Even background. n l 

® - *8: than usual interest And that is Si ve ntbe successful operation of factors Included hopes A- 

/>/> nnAraL-A % what happened when the board w .: of an improvement in the profit- -&= 

CO-ODeratC ft held its traditional winter news J” i,? u S2iii5 “«? th^didi!?' ability of enterprises next year-®. 
^ I conference in Dusseldorf this that the stability oi : the dollar ^ strength of the Deutarhe 

Bjr William Dufflrorca VJ& «£■ • _ „„ h . StSr SU SEES, M 




«/ j-c; . M- Barre Knows ms European 

'i: . 4, _____ '“4^5 anions. . He was an EEC Com- 

tf* . i I - ■ T _ ^ H ... missioner and. according to some 

for i the t rench w 

s m. vaavai g^s, econoinv « cured - and leave 


emerged from last Mari-ii-s Kar- . jlva. s wmmw' - ■— ■ f^rj ec0 noinv " cured H and leave the 

Hamcntary elections— the Gaul- 4|^ ... — 1?- . ,. v . . .■.-,^*4':^ Matignon to iead the French 

lists. Giscardian Socialists ^ t - delegation to the new European 

and Lmnnumists — will undergo a TiifSS^tST BY DAVID CURRY ;?• •; ' Parliament. He said that, in the 

simple lest of pooularity. • • ] a5 ( resort, any increase of the 

The man most looking fnrvrard .. w Michel Rocard. had got round Ibis rather nicely Parliament’s powers -would have 
tn the elections is certain.?- V .^-ro. ^ Socialist who A special Gaullist congress to tn be settled by referendum. 

President GiM-ard d E.-tii m.. Fur , ~ t0 reot re and the discuss direct elections had Since the referendum was one of 

one Ihine. France becomes . ban- “ as .. tn ask th^ Prosidonr to the favourite weaonns of Gen. 


CONFERENCE 


one thine. France beconies .•nan- r u | tec tu»l ore tender to decided to ask the President to the favourite weapons of Gen. 
man of the Council of M.msters fl^Mj^craod throne is clearly seek a declaration from the EEC de Gaulle, the Gaullists found 
on January and «he creation Mittcraoa mrone is cieany f government th:ii they themselves outmanoeuvred. 

of the new European Monetarj would not tolerate any increase A few days later President 


centre-^tace :n wcu-idiumuru 

In addition, the fa. t that leadership nuarrel just before the 
Fram e takes over the manage- tenons would rather spoil the 
merit of the EEC in ih.? run-up Pa«y* »™ a Se as the inevitable 
to the elections means lhar rhe future government of France. 
President's u*n pnl.ticat cnali- If the Louinuiuists are excited 
tinn. the Union pour la Denm- about the elections they are 
cralie Francaise. can expect to keeping u -t secret. Tlie French 
reap considerable propaganda P«lys credentials as Euro- 
bonuses communists are recent and 

Finally, the European is<-»»‘ thin. Its relations with its 
catches ihe PresidenlV main un- brother P ar {.y . * r ,° 

official advprsaries. in the more appalling Hike M. Chiracs 
nationalistic wina of rhe Gauliist Gaullists. it opposes Spanish and 
parr.-, un the h»p. The UDF. ut Portugese entry into the EEC) 
least, will gi. into the elections and tlio.se with the Italian parly 
with a fairly :inanini»us idea of on! >’ J usc P ol| te. 
what sort of Europe it wants to The really intriguing question 
see Hie Gaullists are badly surrounds the Gaullists. The 

divided and will be* fighting a Gaullists claim, in brief, that 
European election with the since they more or less invented 

reputation, fair or unfair, of Europe (a doubtful claim to 

being iinEurupcan if not aim- paternity i their conception of a 
European confederal system is the only 

The Gi'scardians. enthusiastic valid expression of French senti- 
hur unorganised, are hoping that i»*nt. Eui. according to the 
in the elections they can nutsenre ^trenic nationalistic wing led 
ihe Gaullists, organised but un- by M Michel Debre, the ex Pnme 
enthusiastic, giving themselves Minister tins image of the 

a useful psychological fillip in Ihe Continent is being fatally 


ikt 



would entail a referendum on a 
text agreed by both houses of 
Parliament. 

The problem of parliamentary 




Maritime Jp 
industries ft 


co-operate $ 


Tforce wee*. . Plsewhere And ttt arK wruen neipea muwh jw,* 

^ TTie comments on currencies by mo^a^ success eisevvnere^Ana im orted - in fl at jon:' Further. i|g 

OSLO. Dec. 7, Dr. WHfried Cuth. joint spokes- ^re was now * r^al muctr capacity was -.stiil- under- ® 


p owe r U 1 heaves- NORDIC _ AND British govern- Sard- SJbSSy ^fd* be ffiST 


i'ywi-1' "III imiwie WU, nunuu, di.uou KUVCIU- „ , rl , haarfl - uai mis 5l.HUUJ.iy iuuiu uc — , — — j .. . , . 

linn of the constitution of lists ments must co-operate at the Sth Particular attention — not maintained. ripe for a domestic boom farnng 


imu mi mi i.uiijuiuuuii ui imh msms uimi vu-u|«nit a t n-ir+i Pitlst- altAntion nor. uainianreu. 1 — . . “ .js .- 

of candidates is becoming an highest possible level with their JJJJ. bP^aS rir Guth has often On the EMS, Dr. Guth felt the «P pnees. • A? 

endless subject of amusement maritime industries, if their L e “ i tmnfficiallv as a wood was being lost for the trees. One Board member made -clear Jw] 

for commentators. skills and experience are not to re Bundesbank If the EMS turned out to be be did not believe ti^ economy 

The President and Prime be drained away by the present SmSSIS*'* future simply -a technical ■ currency bad yet entered a -period of self- 

Minister have said they would shipping crisis. Mr. Otto Nord- vresmem. ^ arrange men L then' it would col- sustaining growth— but be., did -«< , 


. r”i ■ : M 


Minister have said they would shipping crisis, fllr. Otto Nord- p . . 

like to see a united Gaullist- land, executive director of His view is th 
Giscardian list of SI candidates iHambros -Bank, told the FT 3° stabilise t 
for the election. The Gaullists. conference on Nordic banking impressed the 


director of to H “ t !£tnse 'the^doHa? 1 haTO'SS^SfSie aimVas to' eneour- not” rule our this development^ 
told the FT . “ e d ?“f w uJ ® age further stable economic for 1979 providing, among other §§ ' 

Drdle banking ^ p e ^“5 id ^ e n0 ® particularly growth and that in itself implied things, sensible wage agreements 
s today. He American decision further cuts in the inflation rates were reached. . 

he was ?ot SeoDtion of foreign- of partner countries. According to Deutsche Bank; 

S denominated 16 Sans, the ^t . The operation of the_ “snake" stock market » M 


who say that their vision of and finance here today. He 
Eurone is fundamentally dif- emphasised that he was not 




ferent from that of the Giscar- talking about State subsidies but “w® ?f a n, (he fest The operation of the “snake" stock market developments in 

dians seem certain to turn the about “a coming together of the SSJ-hi of which te' about to be bad helped the battle against in- 1979 may weLl be like jftose this 
,d £ ad0 ™ D - . , ^ maritime industry, its creditors Jf“gi e °‘ wblcn ^ a flation of member cbnntries and year=-and that is" hardly had- 

The President has said be and the government to evolve that a™ basis there were the EMS would do the same. The news; Stock market -prices have ?- ;3 

favours the dual mandate in both imaginative solutions" _ interSt Ate k£ question was whether neces- risen on average by 7 per cent- >- J 


Sr.lte?iiiSSSlS r $S. , ta S2SKSSSSl!. a to , th.l!?*!2 We5t ^nrimywoulc) now make mad. within the system Wiickly the engineering, trframics.giass. 


,“'V "'•' v *“ m-eater impact, encouraging a and without fuss. . cement- ana nrarisage oams. *ec- 

Saaas ^ifss.s m£As& g* 


cement- and mortgage bank sec- 


Mr. Jacques Chirac 


VM UdUUUS dCWUUU-UOUU VCftHClA dUU 4 a u„ iklC mO-lTtC 

two the number of elective new ships built with State sub- deficit by inis means, 
offices one man may hold. This sidles. • ?. 


Dcrmancni haul*- f«>r iniUience betrayed, and the election of a that it was not necessa^' as any ni<?ans t j, at t he men who are ship owners feared that the 
within the Gan II isi-VDF coalition J’/. Se l cSwMt I 5^l*iM^ber»21S2L Jocal mayors. MPs and ministers “scrap and build" policy pro- 


policy pro- 


building 


Portugal parties face crisis^^^B 

BY jlMMY BURNS ... - ?- • •*’ LISBON, Dec. 7.^ 


relations with the Social Denm- Tn f J ou , r pal ?? s spllt TOte Far East the European ship- hurdle next week, two major tion to the present Portuguese controlled by - the . Commuidst ^ 


are sraditlnnally pnor. with v-stablishment. ii,JnMi«t s a ?hi r t e ?i SJmv I attempting to polish their tar- asj* leftist.". .. . • . . The two ..documents ' reflect SJ: 


ierman Chane'ellnr Helmut At the other end of the IS^the^^ronMn**? 1 frlVSent l S at *? s ,? arly s ^f uld - d0 weli in SWponraerB and shipbuilders nj S h e d public image. 

Schmidt lumped toother with Gaullist spectrum are the rela- l he „ c J. ec i l0 ^_ «■ should recognise, that their _ in- ^ DartieS t fc 


shed public image. The Socialists, meanwhile, opposing tendencies within the 

The two parties, the Socialists have announced their national Socialist Party each of. which : 


see the party, adopting a more 


nmre Mtish . *nd M. Olivier Gulchard. who shortly behind in megatonnage which disputed the whole wisdom capaci^. But BurweS^M? S Sansis. V I 

But for ihe moment all is cannot see what the tiresome M. by M. Georges Marehais the 0 f direct elections, reaffirming own^shouW not seekttie tot£ Sfferencesandnow 1 ? ^Two documents circulating ALtS ^ dSed^ -dSSJ ^ i 

sweetness and light following a Debre is making such a fuss Communist leader, who believes the narrow - nationalism wi'.h eradication of shfrbt&kliiig in ^^i^ Jritic^imatilin^ in* within the Socialist PartJ cratic iSS > ' JSS Sid ' 

Euro-Soiiabst congress in Lille ah " uC - firntiy that being anu-Geruu.n which trances partners often their countries. Shipping and ter n a i divisions defections’ and indicate the seriousness of its involve dropping Marxism from 

earlier -this mooth t to which the Caught in the middle is M. and. jn particular anti-Socuil reproach her. If he comes well s hipbuihting policies' should be SSSSJil sumS it crisis of identity. SI iffieial SSI 

British Labour Party despatched Jacques Chirac, who wishes the if, p tbe elections, even jF the co-ordinated itdwnugh dnter- recen f municipal elections in - The first is signed by a group as oossible second ten A 

the mayor cf Camden i. and the elections would simply go away. nn M JS- St 7’ 0irT Ia? D ^ rhVif Soc,all5lS . are . tfae ^. IE8 u est ^ In ‘! national organisations. Evora capital ? of the Alenteio of leading party members in- denev wants -to kA the Sheivlist 

Socialists ar p broadly ;.-Pvd Jle was prime minister when the sourly on the German Chan- nerSi not only will he havei Mr. Leif^ ^Joereensen. director ?l°w ra ’ ^?„ al °L„5 t-T.V' ViEr" Sr*-” dency.wante'to see the Sociatist ^ 


British Labour Partv despatched Jacques Chirac, who wishes the Democrat, is good politics. The out of the elections, even if the C(HMdE j II uted niwaugh 

• « ^ 1 . . « _ I — i 1 ..... . I J FnrPIPn AliniCtTV I'ntil m on Ton nil neA thn Uinnnrf n m. « .> 


°^| both parties suffered crushing -eluding Dr. Rui ifilar, the ▼ice- Party re-establishing itself more ghi ] 
sa defeats. i governor ot ihe Sank of Porto- clearly as the party of the Left. ££*] 

”^1 Tbe CDS is holding its national Joao Soaaus ilxmrb,' a development Which Woiild nbt i 


fra m "work oe . xss m!‘ jSSiSK ^ «»««». g? ‘jaE ' ^OSSTST W 

svsteui. vision of their consequences, but with M. Francois Mitterrand, crux uf too matter, he politics he -uttlnc costs and renirnine TO I nHemnf f r> mttln urli«it i tn U.A^. ctifA.mn mlmn Ci rvn ti ahirnrlr 1 ¥ n ^ 


svslem. vision of their crEnsequences 

‘The cloud nn the horizon f«*r »»ust fake account of the ^ 
the Socialists is the grow ins P^ft M - Dpbr ^ represents, 
necessity tu setib? Ihe leadership Two weeks ago he though 




.-.tt j'C.i-. + : L h ''+ it* : ■?*' 


curons costs »na reniromg to attempt to settle wbat its leader- state-run television network. It Communists. • • • % 

| profit by operating each snip as a ship describes as a “crisis of was presented to- party leader Both tendencies are reported ^ 

i self-contained economic uni t, identity.” Dr. Diego Freitas do Dr. Mario Soares earlier this to have come to a head it t 3 

“ the a StiSrSSI ATnar ? 1 * Party leader. Js ex- W «J- / . . crucial meeting of the party * 

the manager a floating sub- pe cted to be re-elected ,unam- The document expresses con- national executive earlier this S 
sidiarj while the organi- mously, having first defied the cem with the extreme positions week. The' meeting was con- I 

Irofi? a Id d <;e!5riS ctrtfj?' “ t0 CDS as a | Centre-Right party. The adopted by the party leadership vened by Dr. aS Soares in | 

profit and _service centres. party wiU thus reject the Centre- following Dr. Soares' stormy order to fix the nartv’s nosition 




th 
f € 


leets techi 
ece...ot FU 
ir internoti 
niture,de€ 
id equipmi 




economic strategy- lot 1979. The Such a definition, theoretically the prerid en^. ? ratJIr 'than T* No " ST 

aim w to restore the comped- at least, would bring 'it closer to The second document attacks 'TaS-tiaknentTwiU coXm that the 
^ N ?,!T^ lan J n(ius ' a future alliance with the right the recent creation of a Socialist social democrats within the party 
hid ^'rpTh^i 0f ceaCre Soc,aI Dcraocrat Part y “«<*« union with the support of have won at least the flwt J 




had already been imposed and 
the target <was to limit the rise 
in prices to 4'per cent 'in 1979. 

A tight monetary policy would 
be continued next year but a 
limit would be placed on the 
growth of the State banks to pro- 
vide a 'better balance with ithe 
private banks dn the tooger run. 
Borrowing abroad by the govern- 
ment. the State banks and the 
Stale oil company would continue 
but conditions would be created 
to allow more credit-worthy Nor- 
wegian companies to go on to 
the market. 

Mr. John FursytU, chief 


Czechs set 


- "7 ■ 

Row over Menten grows] 


lQW6r BY CHAWJS aATCHELOR AMSTERDAM, Dec. 7 J ^p 

/' CONTROVERSY summnd- and politicians, 

in S the release of the Dutch- war Evidence gfvenby Mrs.- D. M. 'ftvv 

iarS£eiS mmes suspect Pieter Menten Kortenhorst, the widow of Mr, X'i 

“ ** continued to grow with a denial Menten s lawyer in 1952, that her ^ 




a denial Menten ’s lawyer in 1952, that her 


awtf&Sg fa y Mrs. Georgina Donker. the husband was told his client would 

7 .-. ■ UMUriJ'. 7 ., r , r . .. . . 


;5 

s e n 

SL 


VIENNA, Dec. -7. 


FURNIDEC (international fair of 
furniture-decoration-equipment) 
is the newest exhibition organized 
by HELLEXPO ~ ^ 

(Thessaloniki Internationa! Fair). 
It's for you if you're interested ^ 
in the art of contemporary 
furniture creatively designed ^ 
for the home, office, schools, v 
restaurants, hotels. 

At FURNIDEC. you' (I also find t 
decorative articles for both 


wegian cmiujaiw io so on to ®/ P»l L*ndv* ' widow of HoUand’s . Justice not be prosecuted further, was 

thl marked 8 Minister -in the early 1950s, that one «f the reasonslhe court gave p/, 

Mr John Farsvtli nhinf VIENNA, Dec. -7. t ,er husband had granted him for -free ing Mr. Menton. Despite " 

ppnnnmni nf Jiuunity from prosecution. an ■ appeal by Parliament, Mr. 

argued iliot ^olerninenri ^ were rSrt^invak 00 ' romST "f Meanwhile, under pressure Kortenhorst’s family has refused 
placing ton much emphasis e! g* S dedSed lo « SS f ™ ,n MPs ' Dr ' T Jacob de l ° *‘ Ve aCC6SS to arciliveS ' I'M 

balancing their current accounts ^irth ^rglts for nert vea? d lh f P resen J Justice Minister. The report of- the illegal 
and ignoring the imparlance of ^ h ' released the findings of an activities of' policemen during 

the capital account. The problem National income is now set to in duiry carried out shortly after and after the war was finally • 




iniprinr pnHpxtprioriic:p nlii<S ,,,n “ ignoring the importance of released toe nnoings ot an activities of ' policemen during 

' , uc . uacM'ua capita! ;iCCOum . The prn biem National income is now set to ini Juiry earned out shortly after and after the war was finally ^ ! 

the latest in equipment was a matter nf imbalances rise by per cent and indus- lhe war ia A° alleged corruption released yeslerday after being AS] 

Pncno tnthomnfWrtl among the real economies, which trial output by 4.5 per cent The ainn f 1g policemen. It revealed kept secret for 2S Vears. although ■ .vetfgj- 

our nc iu me wurluur in iurn meant imbalances in targets this year were 5 per cent n & links between the events and the names of the -persons involved V-?is3 

”1 i n“ i B. 1 1 r*» r~ la* _ .... _i _ t a inrln.-i v ! » 1 nn ■_ i i _■ Mi* Uofitdn filthriunh BTr- M rmtAn i*. 


FURNIDEC. It's a world of art, mdusirial capacities 


The Swiss hanks recent inter- 


in both cases. 


Mr. Menten, although Mr. Menten were deleted. ,It describes the 
had claimed he had been actions of a number of junior i-Srj 

narrinnpd in n>nirn Fnr his nffloUie h»t ^»ir ! Ti! 


imagination and productivity., vention to "limit the rise of Ihe The move suggests that at the pardoned in return for his officials, but fails to confirm il 

\ - V Z/C<™!Y Marouoi i' IlmPPt pyhihitnrc ariri Swi ** franc had not been moti ' E? - iqfin hl Pl ~ 4i,c “ ce “bouj facts which might persistent rumours that 

sue nSr^. yOll ll meat exmouors and voted by current account con- ,n ,■ Per,a,n key Boals are embarrass highly placed officials important people were involved. 

aft.dKr • t • u i.„> i„- uniiKeiy io oe met. Ihe — — — — 


mm 


visitors from all over the world, side rations but i»y export prob- 10 T ? 0 e r pl “ 

---, ,#fr . ,. ;• lems and the country's surplus or '8T nany proviaea for an 

i-FcEif Experience tne flavour and induhlnal capacity. The flow of annual growth of 4 9 per cent, 

variety ot an international trade ?S^*"SSSi!f.i e 3GS i bul “intraf" SS 


fair and pniov j tb° private How of funds could an . er P°n. drive, 

icin diiuenjuy, OT03 . pr i together with an import squeeze 


Visit FURNIDEC... where art meets technology 


FURNIDEC 79 

^ ^ 


INTERNATIONAL FAIR OF FURNITURE- 
DECOR ATION-EQUIPMENT 


13-25 FEBRUARY 1979. THESSALOrilF.; - -inEECS 


ORGANISER HELLEXPO (THESSALONIKI INTERNATIONAL ?A|P.^ _ 

FOR INFORMATION. Tnp.-saiomhi 1 34 Eon ,*!■<* Si .Tneswioniki.Gieece.Teieptio''e. 03 ' -Z7 ■ s:- 3 — ■ _ T ^ ,, ‘2 « 

Ainens, i Witropoieos Si. . Athene Greece. Telepnone 01- 323 80c! T-:- iv . 2 ' *?60-l F 1 1 GR. 

rf. CntniHT 


CABLES: FOIR1NT Thessaiomki 




. , . " y have a much greater influence, together with an import squeeze 

' the advantages of doing Investment in the U.S. by West maxmmm energy and fuel 

business on the spot. ^ rrai a "hir°of P rapaciti epres “ ted „ , 

r. a real smit or capacity. Meanwhile, the top party body 

j 7 he iu ® r i U5 tr -^ m ^! assa ^ 0 . r , l “ appears to be preparing a purge 

.• °’ A * of its members under the guise 

[nav c „ ar . er ! en . ce l . thal "j* 1 , t0 1110 of renewing party membership 

- -r U.S.,Bntain is the worlds largest cards, the second lime this has 
_r ; exporter of capital and gains occurred since the country was 
... one-third of its earnings from its invaded by the Russians in 1968. 
V. ; invisible irade. inie City of The last time the centra] 

I.nndon was one or ihe worlds mitlce of the party called far an 
j major financial centres, whose exchange nf cards was just 
... j expertise covered many areas in be ft,re Christmas 1970 when 
i ■■*.. • 1 ■'■'■hich even small Nordic enm- 70.934 members were expelled 

Ottiriai Carrier : Pf 11 ^ anU exporters could need and some 390,000 struck off for 
~ _■ ,<■ help. passivity. 

J.>: Pointing nut that West Gcr- _.. . . , 

I W * * » ~ * 1 , a 0 many's trade .with the Nordic ,. Mr - Vasil Bilak. secretary of 
- countries was as large as that ^ c ^ n jl' al committee, has 

- with the US. Dr. Eckart van revealed that about 30 per cent. 
Hooven. member of the board of tijat . 1S aboul former 

. • management of Deutscbebank. members, also lost their jobs or 
; ? warned Nordic exporters that were demoted, at work. The 

... tliey had m offer competitive Czech Communist Party numbers 
'Kn ' ■ prices. The market losses abnut 1.5m members and candi- 

mStP . ■ suffered by Nordic companies in dales. Between 1971 and 1978 

■ Germany in recent years had a total of 450.000 candidates were 
URfc- stemmed mostly from the differ- recruited, according to figures 

cnees in ihe Innation rates released earlier this year by Dr. 

between Germany and the Nordic Gustav Husak, the party leader. 

countries. The new screening is unlikely 

££££ - Mr. Jaakko Paremen. vice-pre- to reacb the dimensions of tbat 

: sident of Finnish E^tso Gutzeit, in 1970 and the exchange of 
said severs years* hard work aod cards could also he used to get 
a continuation nf the current rid of "opportunists" and 
Favourable market trend were “irresponsible elements” who 
nerivd in the paper industry to joined in the seventies. Whether 
compensate fnr recent profit- ihe purge will be aimed at 
AL “A|P. ability jnsses. The acces of the nntenlial supporters nf the 

c-.7i -V -. — TpIol- 41 "> ‘.'Oi FIT PiR anrttl American paper com- Charter 77 civil rights group 
I"-’- ‘ ** ’ ' P anips ^relatively cheap pulp- remains to he seen. 

•i’f.c.: wiriibl-i. wood and their high degree nf 

productivity meant that the 

world paper trade would con- firancui Tium. - puhUiAni dtiir «u»i 
tit! lie to be tied to the perform- Sunday* holiday^. U.S. gnb^nnunn 
jnre nF ihp nnrfh S2B'i.oo lair rn-fstni tias.nn «air muili 

«?nH. "L ine x,orm American Drr annnm . ^ ad c! „ s ^1,5^ nairt at 
producers. New Yoriti ^.y. 


Management that’s 
going places.... j 


■- -—has a Super King Air turbo-pr6p 
corporate aircraftat its beckahd call ! 


More and more go-ahead 
companies are seeing the . 
light about executive travel 
and certainly once a 
management team has felt 
the benefits of a corporate - 


and easy to maintain-^-it'ea 1 
great favourite with air-crew 
and with financial controllers; 
and of course with the 
executives who return from 
negotiation and decision- 


aircraft facility it does not look making appointments just as 


back. Just think about the 
difference between arriving gt 
your business destination 
after all the hassle and 
frustration of normal travel 
and the ability to step out of 
the company's own fari. 
comfortable, fully pressurised 
executive- aircraft (in which 
you were able to work in 
comfort) with just a short car 
journey to go from any of the 
one-thousand-plus airfields 
throughout Europe. 

The-' latest model in the 
renowned Beechcraft range of 
Super King Airs is the 2DOC — 
the C sands for convertible— 
and it has.rtte facility to be 
used either, as a comfortable 
12 seater. commuter or as a 
6-8 seat “flying boardroom 1 * 

5 As with alt models in the King 
11 Air range it is fast, safe,-, 
reliable, economical to acquire 


fresh as when they left the 
office. ■' • • -. 

To find out more abburthe 
economics and practicality of 
applying one of todays most 
valuable business tools. to ■ 
your enterprise^ a nd the 
wealth of ancillary and back- 
up sarvices available, you ’ 
have only to contact Neil 
Harrison at Eagle, 


Gctyonraanagementteam 
offtbc ground with a 
BeecbcraftSiqier Kii^Air 


: 

%\ 


7b\ 



&«!• Airdraft £wvfe«s Ltd, - . 
laa warn Alrpen . 

Vvatf ord Haris WDZ7BY . 

let (09273) 79611 Wan ^St8D8 









rfr-Tt' 




. • J L.- Ai- i v -*- ;■ -_ 

Hi 

- "" '.T.* r .? V -y- ' ■f'—r-'.’. ■ 


_ife*d££.£ r -.1 


J '••'•. • i • •• W0$: • .. 

•£ • ' i‘ \ ROBERT MAUTHNER 


V?* «7.<i . 'Z 
1 *3..- ' *8*:. **i 
. • ’H'- E'O . 

'" is i - .’ r. 

r =v /..'v i«Ai 
,' ’’ S-.^i 
a V* W\ * 

;$U§ 

a * * . ." tL 

?..=;- . , v&- 

Wk: ... *' %c 

■•r.;--Vl'- >.. 

r:, ;•' :.t*.‘ k ' 

«■ ■■ J . ■ 


'■■ • ! l -l . . . ■ - l ■ 


• - : ... 


- - V 1/ J '•. ' 

' - JACQUES^ •? caiKAGr ■. •:jhe. 

.C" . ^CairiHtt ' leader, last '•.night 

:.y*?.-i -launched -y>vtralent attack-, on 
; Presided tA^Gisc^ ! - d’Sstamg's 
Enropekn-' "policies-. ahd accused 
■■..£> ■"■■■. ’-■ tittf\presM«ii .of Stowing Prance 

fnjp ffl.wlgn -servitude and 
'' ‘0 $ ' -'flnegSertHUT it*,-, niternati oral 

Z ifite^Uv >... ■- •;■ A, -V* \ 

■ : 'J.Jjit ^Chirac's, ..onslaught: was 
■'* : ,-^matfe -'.4n: av letter . frpm pis 
“. •.; v: -hoapital 6ed r wbiere.be i$ recover- 
v -; dog Tram la jracent -par. -accident. 
: V~ \ : The -'fetter. - to -read / wit ..at' a 
. " meeting or lhe--\GauUi5t Party’s 

. political, council- vJ.lt jwaspae of 
r : - his strongest criticisms / of - -the 
. President's Jdtefgn policies, since. 
M. /Chirac.- 'reeigned' ! as* -Prainc 
Minister 1 in-August, U976, after 
! -.1 .*'■». dilute /.urith ~ ' ML • Giscaril 

--d'Esialng- .- .■>-..: 
V-;- • - . >fhe- at tack cam e- on the day 
;. that:', the Qakllists abandoned 
• ’ : ; .‘their: op position.-, in the National 
- - r Assenibiy ; fi>'- Goyerhmenr iegisf- 
fcv' - Jatipri :'-. pfiwMiog . for ’ the 


'barmpniSatioo of France’s VAT 
system with that other 
Common, Market .members. Last 
week, tie Gaullists had joined 
tic Socialists, .and Communists 
.in' .Ifiodsng the B-ill, but they 
backed, -down .today after the 
Government Sad accepted a 
number.' of. relatively, minor 
amendments. . : - 

*nie ' sudden, -.switch of the 
GawHbst leader’s-, tactics left 
-many .GauUist memliers of Par- 
-diutment- J>em used; -and provoked 
-4be. comment from one puzzled 
;JIP'that “ this morning we were 
asked -to -roll on bur backs, anti 
■this eveuung we .were called upon 
“th' storm- tile Basrlile.” 

Apart from, the frustrations 
for. as djmamic and active a man 
- as M- -Chirac of being tied down 
to a hospital tied, the Gnu I list 
leader clearly was. angered by 
.'President Giscafds refusal to 
-demand additional assurances 


PARIS, Dec. 7. 

from his EEC partners that the 
European Parliament's powers 
would not be increased after nexL 
.Tune's elections. 

To underline his determination 
not in allow the European Par- 
liament to override the European 
Council's decisions. Jd. Giscard 
d'Eslaing even prevented a com- 
promise from being reached in 
Brussels on Italian and Irish par- 
ticupatkm -in i£he European mone- 
tary system. It was the European 
Parliament which had passed an 
amendment that would have 
allowed -the bigger transfer of 
resources from the Community's 
Regional Fund, which the Italians 
and Irish were demanding. 

The President's very “ GauJ- 
list" gesture, however, ap- 
parently left M. Chirac cold 
Tor -lie stressed in hts letter that 
Prance would not be able to 
withstand pressure from 'its part- 
ners to extend the European Par- 
liament's powers. 




- *; - ' 


tiroes 


£ 

Sst-e* 

n-OfCp 

; V n d call 


• •- * V-* 


r ; ■ 



; New proposals 
Ij&dy on EEC 
lorry weights 

■■■ By -Guy-.de lonquieres 

' ‘BRUSSELS. Dec. 7. 
■THE "Eoropean Coroinis.sion is 
expected soon to modify, its pro- 
nosate-. for harmonising maxi 1 
jnum lorry, and. axle weights in 
'the EEC ki.the hope of breaking 
the deadlock which has pre- 
vented -a decision- on the issue 
'Ion more thari^ieven years. ■ 

- Mr. -Raymond Burke, the 
TrahslJbrLv CommiSHioner, told 
Iris -colleaglies at the Commis- 
-sioH's-'-weeKly \ meeting that .ho 
■ intended Shortly ?to put forward 
: a revlsed plan which would leave 
in eraben .countries: free to set 
-their" owit 'rules for commercial 
vehictes v which" are used only 
domestically. 

‘ It remains to be -sera whether 
the hew ''approach 'WtU satisfy 
member - governments. r and par- 
ticularly Britgm’s, which has >d 
the opposition to existing pro- 
posals. it m understood that the 
Commission does ' not plan to 
amend the maximum levels "now 
.on ithe table ^of • ll jonnes lor 
axle wmghts and- 44 tonaes.' for 
averall laden- weights^ - 
The UK .: Government . sup- 
pbrted strongly by British public 
opinion, ■ has- argued .that ; to 
permit lorries nf this , size could 
cause serjaus damage to British, 
roads and; annoy people; living 
near main highways. Moreover, 
'the larger : ^engines needed to 
power ■ • stfch : '** juggenMnitsT* 
would'enrit rttxxje exhaust fumfe i 


turnout 


lower than el 

BY ROBEftT GRAHAM 

THE GOVERNMENT and the 
mam political, parties today 
claimed that yesterday's rerei-..-n- 
dunt vote gave .'strong endoi-nr- 
ment to Spain's hew democrji!.- 
cniHtitution.- V-‘'With .counuvi^ 
virtually comjrielc,- Minisi ry of 
Interior computer calculaiiuns 
showed . that just over S7 per 
i cent nf those .wbp went in hil- 
noils approved. 'tiie; constitution. 

•Ceve rthekssi-Tthe turnout was 
low. Of the'- ’25.5m Spaniards 
eligible to votfe ia the referendum 
an average 32-pei; cent abstained. 
The abstention Vrate. was muchly 
10 per cent .higher than in the 
June, 1977 flections. 

- In the twd;#r®y - Basque pro- 
vinces of Guip.uzpoa an[ l Vizcaya 
there was a ^ per cent absten- 
tion rate and. ah average -0 per 
cent negativd- *- vote- 

The overaHriiegative voie was 
7.9 per cent /£• further 3.5 per 
cent was accbtitfted for by blank 
papers, also, cohfiidered a fnrn 
of more* foroefirt; abstention, -lust 
under 2 neir. dent of the ballot 
was considered tjjrongly filled in 
or unacceptable. ;- ' 

Given thatBpPfpval of the con- 
stitution waB'-'a foregone conclu- 
sion interesiba* c&itered on how 
to interpret ihe' high abstention. 
There is enough ip this to feed 
everyone's ppftjudfiees. The two 
Imparcial apd »A|cazar. today, 
turned - the -stajistjes round to 
demonstrate, that, 4J per 

cent of those •elispaero. cote had 
dipapproved of firc cons; ’.n.*: ion 


MADRID. Dec. 7. 

— either by voting directly 
against it ur by not voiiog at all. 

Yet the abstention rate is prob- 
ably largely attributable to more 
human la dors. It was a miser- 
able rainy day for voting, the 
I S-y ear-olds eligible In vnae for 
the first Umc seemed for the 
most part to lake the constitution 
fm- granted and there was a 
general indifference to an unex- 
citing campaign to drum up 
voles. 

The result, nevertheless, is 
likely to have three important 
consequences. Sr. Adolfo Suarez., 
the Prime Minister, used the 
referendum as a means of 
endorsing bis own administra- 
tion and the position of his party,' 
the Union de Centro Demo- 
crat ico. Within 30 days of pub- 
lication of the constitution in 
i he official bulletin which could 
take at least 20 days) Sr. Suarez 
must decide whether to seek a 
vote of confidence in Parliament.: 
call a general election, or both. 

Second, the result will give' 
a psychological boost to the 
exert eme Right which has been 
able to exploit the referendum 
as a testing ground for to 
electoral sup pro t 

Third, the strong negative 
response in the Basque country 
has underlined that the main 
political parties can make little 
impact there so long as the 
Basques feel inadequate con- 
cesions are being made to their 
demands for regional autonomy, i 


Warning to 
Turkey on 
risk of 
recession 

By Terry Dodsworth 


PARIS, Dec. 7. 

TURKEY MUST continue its 
! present policy of restrictive 
financial measures while placing 
greater reliance on market forces 
I within its economic planning. 

These are among the main 
! conclusions of an annual review 
of the country published by tbe 
Secretariat of the Organisation 
I for Economic Co-operation and 
i Development lOECD) which 
! goes on to stress that Turkey 
faces the risk of a prolonged 
recession. 

“The serious aconomic prob- 
lems Turkey has been facing 
over tbe last two years — accelera- 
ting inflation and growing exter- 
nal deficit — were to a large ex- 
tent the consequence of policy 
orientations that chose to accord 
higher priority to keeping up 
the momentum of tbe investment 
drive than to initiating Lhe neces- 
sary policies to adjust the Turk- 
ish economy to changing world 
conditions." the report says. 

The country's balance of pay- 
ments deficit is expected to fall 
in 1978 to S2.6bn compared with 
S4bn in 1977. while the growth 
in gross national product is fore- 
cast to slow down lo 2.7 per cent 
in 197S against 4 per cent last 
year. 

Broad encouragement is given 
in t he survey to the stabilisation 
programme adopted at the be- 
ginning of 1978 and supported 
by the IMF. This has " imprinted 
a measure of discipline upon the 
economy not seen in Turkey for 
many years." says the OECD. 

The main anxiety, however, 
remains the high level of infla- 
tion. which demands a continu- 
ance of restrictive policies in 
spite of the cost in terms or un- 
employment and the fall in 
capacity utilisation. In the short 
term an increase in foreign trade 
credits u is badly needed " lo 
help mobilise some of this spare 
capacity. 

In the longer term, the report 
concludes, it is essential to en- 
courage growth and improve 
efficiency in industry. To this 
end. Die review suggests that 
more emphasis should be placed 
on market forces and the en- 
couragement of competition; 
that there should be new policies 
to encourage savings and the 
growth of a capital market; that 
the Government should increase 
its revenues to cover public ex- 
penditure; and that priority 
should be given to increasing 
exports and the encouragement 
of foreign investment to improve 
the level of management £.kili 
and technology in the country. 


EUROPEAN MONETARY SYSTEM 

Test for the Andreotti 


BY PAUL BETTS 

SIG. GIULIO ANDREOTTI. the 
Italian Prime Minister, started 
his consultations with the coun- 
try's political forces to-day on 
the controversial issue of Italian 
entry inio the European mone- 
tary system (EMSj. which is 
assuming the character or a 
major test for lhe survival of 
the minority Christian Democrat 
Government. 

Although the Trimc Minister's 
decision la postpone a final deci- 
sion on Italian membership until 
next week generally has been 
favourably accepted" here, there 
is not the same consensus among 
the political parties on 


immediate Italian participation 
in the system. 

Sis. Filippo Maria Pandolfi, 
the treasury Minister, reitermed 
to the Italian Senate today the 
main reasons for the Govern- 
ment's -hesitation over tbe EMS. 
including inadequate transfer Of 
resources and reservations on 
certain aspects of, the exchange 
rate mechanism of the system. 

However. lhe small but 
influential Republican Party 
warned today it would withdraw 
its support from, the minority 
Government if Italy opted to stay 
out of lhe EMS. A vociferous 
faction of Si'g. Andreotti's own 
ruling party is also putting 


pressure- on the Government tn 
join, although its stand appears 
to be dictated largely by 
domestic political motivations. 

In particular, right of centre 
elements within' the ruling party 
consider Sig. Andreotti's decision 
at the European council in 
Brussels was conditioned mainly 
by the opposition of the Com- 
munist Parly to immediate 
Italian membership. 

In recent weeks, the Com- 
munists have increasingly criti- 
cised the Andreotti administra- 
tion, although they claim they 
do not favour precipitating a 
Government crisis. Bui the 


SOI 


ROME. Dec. 7. 

accumulaunn «.f orflilicu] enn- 
lrm*crsie:i ;.ml irrtia.iofr.c against 
lhe Government ure now tirwed 
by uiacy parly lo&i::r> us pre- 
lude tr* an me crisis ill 
th« near fuiure. 

Meanwhile, ihero was further 
confirmation ujday of the current 
recovery in lhe count ty's indus- 
trial production. Figures 
released by the nih-.-tai ^ntisti-.-s 

bureau, lsia!. incu-aii* a 9.0 ;>tr 
cent increase in industrial nut put 
in October over the same month 
last year. This is ih<? fifth con- 
secutive uOnthli increase in 
industrial output' Hus r*},r afi. r 
a scries of falls in ihe inde:-: 
since September 1P77. 


Norway postpones decision on currency pla 


BY WILLIAM DULLFORCE 

THE NORWEGIAN Cabinet 
today pO-,tpuned a decision oo 
participation in the new Euro- 
pean monetary system. The Fin- 
ance Minister. Mr. Per Kleppc. 
said there were questions about 
British policy inwards tbe EMS 
which Norway would like to have 
clarified. The Government was 
weighing ine alternatives and a 
decision would be made next 
week. 

The Cabinet's hesitation comes 
after 'three of the five members 
of the governing hoard of the 
Bank of Norway Iasi night ad- 
j Vised a iHinsi participation in the 
EMS. Thp .same three advocated 


Norway's withdrawal from the 
European currency snake in Feb- 
ruary. when the krone was de- 
valued. but at that time they 
were overruled by the Govern- 
ment. 

The three want Norway to fol- 
low the example of the Swedes, 
who withdrew from the snake in 
August 1977 and linked their cur- 
rency to a trade-weighted" basket 
of foreign currencies. 

The Government has under- 
taken to inform . the Storting 
l Parliament! of its intentions 
next Thursday and to allow a 
debate on the EMS on Monday, 
December 18. Two Opposition 


groups, the Centre Parly and the 
left-Wing Sncia lists, today came 
out against EMS participation 
while other parties said they 
would wait to hear the Govern- 
ment' views. 

The ruling Labour Party docs 
not have an overall majority in 
the Storting but so far the Prime 
Minister. Mr. Odvar Nordli has 
insisted that Norway's EMS par- 
ticipation was an administrative 
matter Tor the Government. 

However, there has been grow- 
ing public discussion of the 
issue. In particular former 
leaders nf the People's Move- 


OaLu. Dec. 7. 

OK-nt a:uin.-:t Common Mark'-: 
membership, vhu-li kepi Norway 
oil i of the EEs".’ in !hc IP72 
referendum have objected ;n ibe 
way the premier i-t tr.-ming the 
EMS issue. 

Mr. Kleppc said no v.us due 
tn see the British Chancellor yf 
the Exchequer. .Mr. Denis Healey, 
next Y.Vdr.esday. v. hen he hoped 
to get clarification on lhe British 
position. A troubling question 
left open after the Brussels meet- 
jug nf EEC Heads of Gir.ernmepr 
this v.vek concerned the U.S. 
dollar. Norw.i; df-in.-ndt-nce on 
the dollar wa* hivh. 

is .< 


Emmiiiger sees chance of greater stabuMty 


BY DAVID MARSH 

THE European Monetary Sys- 
tem has a greater chance of 
stabilit;. than the “snake” 
which it is replacing now that 
European inflation rales and 
balance of payments positions 
are moving more into line. Dr. 
Otmar Emmingcr. president of 
the West German Bundesbank, 
said in London yesterday. 

Exchange rate realignments, 
which have taken place in the 
“ snake " every six months or so 
over the past two years, should 
now become the exception rather 
than lhe rule, he said. 


Interviewed before giving a 
lecture on exchange rate policy 
at the London School of Econo- 
mics. Dr. Eraminger said there 
would be no change in the 
Deutsche Mark parity before 
tbe system started next year. 

From the political point of 
view, it would have been better 
for ail tbe EEC countries to join 
at once, he said. “ But there is 
3t least some likelihood that 
Italy and Ireland will join the 
ESIS straight away.” Participa- 
tion by France, Italy and 
Britain — the EEC countries 


which, with Ireland, are not in 
the present snake — would noi 
cause any immediate strains 
now that all three countries had 
their balance of payments in 
“good shape.” 

The Bundesbank realises lhat 
its increased intervention obliga- 
tions under tbe EMS would 
make steady steering of the Ger- 
man money supply more diffi- 
cult. Dr. Emminger said. 

The central bank has already 
had to taken in massive inflows 
over the currency imresl of the 
last few months, with the central 


German and U.S. aid 


hank's foreign u-;rrves rising 
bv about DM 17i.n .-in;;e lhe end 
of -time. 

Dr. Emmingcr said Hie 
PM 2.5 bn to :jbn UP. Treasury 
bond issue to be launched in 
Germany rex*, week would olav 
an important role ;n snj'.tiiiv up 
some of tilt- pmenii.i!!; Jesiain- 
lising inflow--. 

The U.S. Treasury j >ue form- 
part nf the pac'.ag.- u- e : res 

described Dr. Emmin-^vr 
revolu’iomrj — * - i - . h • •. « * re 

announced no .\t.\f,j-,ber 3 to 
protect the f‘ idler. 


i / t: Ti 

p <TF> 1;-V“ ,n i ^ 

'■si srf, r; - -. r. ti — *; H 

Or'** lu* Cr».- Vi^'.L.L*. , 'ia^ '£*!•»■ 


BY DAVID WHITE 

WEST GERMANY and the U.S. 
came under fire today from MPs 
of several European countries 
for not increasing the proportion 
of their national product given 
in. development aid. 

•At the meeting of OECD coun- 


tries and parliamentarians from 
the Council of Europe, repre- 
sentatives of smaller countries 
said thev could not be expected 
to maintai high aid contributions 
if the bigger countries did not 
do the same. 

Dutch delegates said that they 


and the other Western countries lag behind in retell.* term® 
which had reached the inter- Present love!.-: nf d: .?lonmcnt 
nationally-agreed target of con- aid were not enough ti' the world 
tributing 0.7 per cent of GNP— wanted to crvdic'ie lb" absolute 
Norway and Sweden — would be poverty in which p?o;.l»j 

unable to justify the. cost to their are reckoned m ir *. T ;<*p 

electorates if countries like Ger- Mnmmersleeg. Butch B’-finn 
many and the U.S. continued to Democrat MP ti-M j<u.,;-r 


- / / ' 

n.'-r-'--:. • y: I . /-■' 


• ■ ■■ ■ i - - • - ' 







toci 



fV-V '-V 



- :■ " y v •' %■ 7^"' .i 








our 





'COStS- 

pon 


; * . Have you thought about your printing costs lately? . 

. an expense- item in the profit and loss account, it isn t usually the sort of 
/ - 'fliihg that excites your accountant. Or any one else for that matter. ■ 

Unless you decide to take a closer look. 

- " k , '• Mb V ’ ’ *1 | ' ' • ' . " * 

; ' . Consider this. 

Your organisation depends upon a regular flow of printed information.^ ■ • • 

. .i- : •' . Everyday items like reports, price lists,, letterheads, sales letters and invoices; 

’ v even labels arid instruction manuals. But they could be costing you a small 

■ fortune.: whether you produce them pn your own equipment or buy them 

■ ■frombutside suppliers. . .. : 

. '• In fact, your printing requirements might now have altered so dramatically 

that tirrie":aind money are being wasted. 

' ' V Your problem is in pinpointing just where the waste occurs. 

- That s where we come in. 

.1?^ . > We re Addressograph Multigraph, the leaders in duplicating and printing v ; - : 
• sustems for the business world. 

. y& - Contact us; and with no charge or obligation, we'll conduct a personal 

-survey of your printing needs. 

- .It will give you a commonsense appraisal of the situation with facts 

and figures showing how things might be improved. 




yy: .-..^y- ■: :-Oi ;fl mi: y. . ■ •• 

..j;.-' ^yyyyyy 


ii<\ yymmy 


- ■ >' • 1' V •• .«V': S* 


. . Reading it could prove to be a revelation. 

(ftjV. Wouldn't you like to know more? 

:■ %\ Complete the coupon today or phone us on 

' Hemei Hempstead (0442) 42251 Ext. 96. 

\ \ \ \ A 




SS: 


i.'x.-xX-.W W. ^ 

: \ \ \ \ 


y^yyyyyx 

"y - \\ s \ \\ 



ADDRESSOGRAPH Ilf# 
MULTIGRAPH 

Addiessogrjph MuliKtiapn LlJ.. 

‘ Markenng Division ijrv> -e-t 

.Maytendi A.vnuv. Hemvl Hettipdf’id. Herts HPL 1 



J' 




... _ 


F.T. 8/ 1 2 



jw.WJWiLS £T* ' 



; • ■ : I ^ y ; 

• ■' >' .r 1 s'- '.-'.**-** . i 

i •« . m??? yywyyyiy&zp&y 

•' r-;-. 


:}: f -;y :<V 

i ^ *36: - r> 

'W" 

- 


■ : y. . \ j; j — •. 1 * “c.f4i w* 

wy c ■ v r ! 

sSfilsai; 





Financial Times Friday Decemb^ 8-1978 



inU. 


BY DAVID BUCHAN 


il growth expected 
capital investment 


Democrats i VENEZU€LA ’ s NEW. government- 


gather to 
re-crown 
Carter 


Where did 


go 


BY JOE MANN 


BUSINESS SPENDING on new 
plant and capital equipment is 
likely to increase only Michliy 
in the first half of 1979. while 
the O.S per cent increase in the 
November wholesale price index 
shows that inflationary pressures 
in the O.S. economy remain 
unabated. 

From its poll of business 
spending plans conducted in 
<Vlober and November, lbe 
Commerce Department today 
estimated capital expenditure 
would be at an annual rate of 
SI 65.fi bn in the first six munlhs 
nT nest year — an increase of 4.6 
per cent in nominal terms over 
the iast half of 1978. hut little 
in real terms because capital 
.coeds prices are rising ai about 
S per cent a year. 

This compares, the department 
says, with a 4.5 per cent real 
increase in capital expenditure 
hy private business this year, in 
SloS.Lbn. over 1977. 

Meanwhile, the Labour Depart- 
ment today reported that whole- 
sale prices last month rose hy 
O.S per cent, very filfehily down 
from the 0.9 per cent rise in 
October, hut still at an annual 
rale of nearly 10 per cent. 

The latest figures come as no 
consolation to the Administration 
in its efforts to curb inflation 
Though rises in the wholesale 


price index do not feed through 
directly into consumer prices — 
the key rate watched by politi- 
cians and ‘he public — they are 
a good auide to future trends 
in these prices. The latest con- 
sumer price figures show an 
annual rate of increase of 9-6 per 
cent. 

Wholesale food prices were 
one «f the few bright spots in 
the latest report. w ; i!h the dip 
in the overall rate of increase 
largely accounted for hy actual 
beef and fruit price declines. 

However, industrial equipment 
prices rose a full 1 per cent last 
month — a rate that if continued 
could lead in a decline m real 
terms of capital expenditure 
next >cur. 

Government economists are 
now reckoning that inflation in 
ihe Iasi ihrce months of this 
year is unlikely to drop below 
9 per cent and could touch IP 
per cent. At the same time. 
Mr. Alfred Kahn. President 
Carter's chief inflation adviser, 
says he will measure success 
for the voluntary pay and price 
guidelines rt they shave I lo 
1.5 per cent off the inflation 
rate. On present trends, this 
would seem to put the adminis- 
tration's goal of 6-6.5 per cent 
inHation next year out of court. 

The other urea which would he 


WASHINGTON. Dec. 7. 

affected by nearly double digit 
inflation next year would be fot 
the President's proposal to give 
groups of workers that settle, 
within the administration’s 7 pet 
cent wage standard a tax rebate. 
This so-called real wage insur- 
ance scheme, which must be 
approved by Congress, has not 
yet been publicly detailed. 

According to Press leaks here, 
however, it would give workers 
rebates amounting to 1 per cent 
of their first $20,000 in wages for 
each percentage point that in Sa- 
turn exceeds 7 per cent. But to 
limit the drain on the Federal 
Treasury, the maximum rebate 
would be $600. Thus the admini- 
stration would protect workers’ 
incomes, if the inflation rate 
stayed below 10 per cent but not 
if it went above that figure. 


Carter backs talks 

President Jimmy Carter said 
yesterday that he would like Mr. 
l-eonid Brezhnev, the Soviet 
President, to visit the U.S. for 
four or five days of talks on 
global matters, according to 
Reuter in Washington. He said 
Mr. Brezhnev’s position is that a 
summit should not be held until 
a new agreement on limiting 
strategic arms is ready for the 
two leaders to sign. 


ICI. PRESIDENT Carlos Andres Luis Herrera. Despite that- fact '- Despite these, and- 

: By Jurek Martin Perez has been a popular leader that Copei has traditionally been political manoeuvres. . or- 

untMPfCTC Dec 7 in ' Venezuela and bis Govern- a weaker party than AD - {win- Herrera's party (wortUH» with 
Misaifma, uec- ment has spent more than any Ding only one out of four pro- .the support of three -small. 

OVER 1.600 delegates from the other in tbe country's history, sidemiai races since the last die- groups) won control or ine- 
U.S. Democratic Party will gather Nevertheless bis partv has just tator fled in 195S> and despite a 'presidency and an- upper band m 
here tomorrow to re-crown losl tbe presidential eleciionand massive publicity blitz mounted .Congress "far the next five years. 

2 SKS? S3SJ& SS 5 ‘ J 4 r “nJS*SSS£» : ' * 

muty to tbe county at Urge. )a ™ ™ l£t moo" ^'SSaMy. Sr. Herrera's per-- 

Ostensibly, the muMerm party Qn , f the 10 candidate s Jjj® sr PhSrn? Tfcer eJe!f disk played at -least a smaii 

convention, a relatively new multi-coloured g- J™ e I“L maToritJ nS nde. : Although neither major 

institution, ha* been called to paper baliot had aoy reai chance drove voters wild with 

prepare the ground for Q f winning ibe presidency. One f 0r *he past two decades . enthusiasm, the Copei standard 

policies that Democna. j wg s Luis Pinerua Ordaz, a Th* country was surprised that toarer invariably came off as 

“"K kj®. ?fio£ short. unsmiling 57-year-old Sr Th * %™*K** 9 gjggd l J£-- 'jkftAllir. warmer and more 

election .car of 1980. member of the Democratic 20verimiC j Dt part* so thoroughly.: Spontaneous than 1>is usually _ -iv^ 

^ Ii! r >,rlrr nf Acbon 1 Part >'.f AD » wh0 ° ffer * d . and the Copeyanos-as supporters gtim-visagod adversary. were Spent on heet sQumfnmih,- -^ • 

^ r VL ^re ^ nc r ej , s- continue the programmes of of the social Christians-, are -Jokes were often made during electric power. -agriculture*- pub- . ’* 

IJLSJ 1 M^Jidprod out ofnacc with * *' S ** 1 “ s caHed— went wild with glee, the long- presidential campaign u c works; andpubllc&ervkes,. " 

jn a ly Mnsiderea out o pa Andres Perez. Although political polls for the - about the countless thousands of w rt, B .. Trtax ita «kbeciaTtV in 

maiorllm will bet™ find” wa" The other was Sr. Luis Herrera most part give Sr. Pinerua a -posters -around the country bear- a t ffectih?lM , ige*OTiibSs;S 

S iScanrilinn the conscience* of Campins. 53. a .tall, rotund bull slight edge: over Sr Herrera Uhe ing- a smiling likeness of Sr. JitiS ns were o f ten *■ 'Sswm- 

Sb^SITwitSut piSmpSS fhem of * wan yrixh a warm smile, a other eight candidates were faT Luis . Pinerua. “The Americans S ' Tie*Presidenl -VvSfDV&^trrr-: 

to* 1 flare up into the sort- of intra-] wid * moustache and .bushy black behind 1 . most analysts agreed, got him to smile once and then n ^ inC g“ f, w5 s5e. ijSendftig i to '= . -j 

party -warfare that marked thelwtow*: Sr. Lms Herrera and the election could so toberw. they . oiade a million copies, a waler e lectrhs^.' tod Ttto; . 

full conventions of 196S and bis Social Christian Copei Party -lfrhal was truly surprising .was Venezuelan journalist « * w - country would ' npimthcleffl' be. k&y 

iir-i 1 pointed to the tens of tuitions that Sc Herrera won with, such :Ameri<m.n media and campaign W = a ml hla'flr- 



were spent op s t eet, - Si umln/ubif 


that Sc Herrera won with, such 'American media and campaign niafru^ti bv shbrtaces^ajnl-blaQc- 

•in i m nio mirtrin nnrl fhdt ha «■ U i rn^f Ku hnfh ' .« __ _ . -• ■- 1 • 11 *•’ - 


devoted gi 
convention 


SAlSS»tS^ as«>cl3ted with th^Perez govenv more ^ 

should 8 resemble 2 mSJ ways roeilt had suddenly becom f nch : Toit^Volers 'were added fo the ports grew tod -boto^ 

that of 1976. when sweetness and Both of the major candidates ‘ ^orm C a XQ l 1& 'S ince the last electioil in ^ addition, -■ every: poIiticaF v V,. 

light was imposed by Jimmy were long time politicians backed ^ ge 1 [0 J°™ 1973,- : «iii a large block of : the part y. __ evenMhe; government’s . .v 

Carter, as the newly successful by major parties. Both ran cam- r ' s ° b n ' e electorate was undecjded unul own — made tbe fight against - 

presidential candidate, after paigns costing sums that dwarf leaden >tvned out to m -P y the time they enteredtbe voting officiaI corruption a major part 
decisive campaigning in the • political spending even in the losers, asserting that Sr ^Herreras -booths. . its ; Platform- ‘-Whet^.-'the : 

primaries I U.S. Both offered programmes v-ictory was due solely to the fact More important, though^ has ?I*T C oSi ' 

C will mvp lh pi thar were generalLv alike, while that many /arj Left voters threw.. becn ^- ^ performance of. the ^ ..V' 

The President will give the ;their parUes showed few real their weight behind Sr. Herrera- p er ei - Q vernment. Sr. Perez, an 2 - -. 


i that were 


The President will give the . h ir par ,’ s 

riAnmo Trinrncc tftvnnrMU' 1 .... 


Per'ej government. 


t to avoid -a ticket J> fit’s not hard -* 
to' deduce that -.things are -rotten : > 

■SC : jU . . 

epute for Mfhpngb Presid en^Per p^jpts r: 


a ticket 


we 




18 There’s no standby on Skyfrain. 

We have 345 seats every day on 
both our flights to New York and Los 
Angeles. 

And once you’ve bought a ticket, you 
have a guaranteed place on the plane, 
with all the comfort of flying on a wide- 
body DC10 jet. 

With excellent meals', drinks, in-flight 
entertainment and duty-free goods to buy 
if you want 

So there’s no hanging about at the 
airport wondering if you’ll get on. 

Because if we haven't got a seat, wa 
don't sell 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. 


Mr. Walter Mon dale. voted overwhelming! v for Sr. were elected. 

Zbigniew Breezinski, ihe; 2__ 

National Security Adviser, and; ’ 

any number of Cabinet members, i TkTTC7' ,1 * 

Six months ago. with his popu- 1 \ f T f| I 

larity low and tbe party rumb -1 ^ 

ling with discontent, Memphis) 
loomed us a major problem for ■ 9 

the President. But his perceived vm WtOtA 

success at Camp DavitL his im- S IB ijldlC 

proved national standing and the 
satisfactory performance of the 

party in last month’s mid-term | BY STEWART FLEMING 
Congressional elections seems to j 

have drawn the teeth of those j n-u c- vorvc c 

b “° topostd 10 hJSTW 

t . . • summoned a special raectin 


led overwhelmingly for Sr. were elected- sive foreign policy. Vast sums of corruption charges.'- 

NY to discuss change! Brazil tops j Citibank 

. • , inflation court cas 

in State usury laws ttmit . iff ( - am cn 




court cdse-'g^ 
in camera r m 

By David -Lasceflcs' - Y-*?". 

- New York, Dec. 7..^ s 
CITIBANK HAS >on a, court 4 



NEW YORK. Dec. 7. 


By "Diana Smith 

RfO DS JANEIRO, Dec. 7. 


[make trouble. 


Liberals, in particular, seem to 


~ ‘S 1 «nt at most banks and thrift not afford to make new advances' ■- i SDpa prices -continued to exer- ■. i eoB , m g5 C j B i . inforiMtioh, >which . 

plight of the dti^ wjfare re- sinc e their funds- are costing, MMrj ! ntmn on the 

lb* PMPW.1 .0 modify U» “dob moro. "it '! 

■What weenie likely to emer-e ’ u5e ^‘ ] * w iD New York bas been The Bill which the State Jegis-j «oJem£br The ^ ' : - 

Wh * 1 I uoder discussion [nr several i atU re is considering— and which *The Sice of meat in mSor Evans. ^of 

therefore. a a Jtoh 1 months. Hitherto it has been has been approved hy the Demo- C iir^ has jusNlncreased by-SO - :■ 

«« not «“ blocked by political pressure cratic majority— would alloy the ■ ,U ^ CrCaS -- ? y W whi|h gayo^Tj^wdy. limited v- 

” te l ° ^ Per H^ en Gtocromekt recently^ 

dent Carter wants the party's. “* h « -^l.Tn W o,» » s, . ow **- S5SK* / ^ 


growing 


Sfr. 1 David. .Edward! to: 


were .dxsd.teed.-W 


h%f e e 0 O vcr n mei.. re «n'tly1 > b ? k - 

g*JR.“ so . w 1S55E*--* “ 


ISewlbrkCT Los Angeles 

LAKER AIRWAYS ■ GATWICK AIRPORT -SURREY 


The Bank of Nova Scotia 

1978 ANNUAL STATEMENT 


Condensed Statement of Assets and Liabilities 
as at October 31 


Statement of Revenue, Expenses and Undivided Profits 
for the financial year ended October 3L 


Assets 

Cash Resources 

JSecumies 

Call Loans 

Other loans and- discounts 

Acceptances and letters of credit. 

as per contra 

Bank premises 

t ontrollei 1 companies 

Other assets 


1978 

I 7,930,377,827 
2,594,309,289 
608,667,240 
15,039,810,274 

1.1 30,828,731 
188,743.588 
177.976,312 
36.000.700 


1977 

$ 5.534,887.863 
1,944,841.235 
, 553.673.095 

13,000,789,283 

1.060.204.129 

132.879.144 

111.424,600 

20.547,899 


■ M 




Liabilities 

Deposits 

Acceptances and letters of credit . 

Other liabilities 

Accumulated appropriations for 

Josses 

Dehen m res 

Capital paid up 

Ko st acciiunt- 

Undivided profits 


$27,686,713,961 S 22.359.247.248 


$ 25,332,610,833 $ 20.219.610,977 
1,130,828,731 1,060.204.129 

55,401,301 46,776,104 


191,824.069 

204,641,000 

41^250,000 

729,000,000 

1.158,027 


159.801,439 

191.730.000 

41.250.000 

639,000.000 

874.599 


$27,686,713,961 $ 22,359.247.248 


Executive Offices: 44 King Street Wert, Toronto, t.'antoa 

l.UiS office.-: in Canada, the Bahamas, the Caribbean. Aberdeen. Athens, Atlanta, 
Bahrain. Beirut. Bella.-t. Belize. Boston* Brussel.-. Bueno- Aires. Cairo. Caracas. 
Chicago. Cleveland. Dubai. Dublin. Edinburgh. Fr-mklun. Glasgow. Guvana. Honff 
Kong. Hou.-toi). -Jakarta. KnaJa Lumpur. London. L-w Ancelev. Mam.'hes’ter. .Manila, 
Mexico c itv. Miami, New York. Oslo: Panama, Pari#. Piraeus. Portland. Rio de 
Janeiro. Rotterdam, San Francisco, Seoul. Singapore. Sydn«?v. Thessaloniki, Tokvo. 


Revenue 

Income from loans ; *. 

Income from securities 

Other operating revenue .......... 

Total revenue 

Expenses 

Interest on deposits and bank 

debentures - 

Salaries, pension contributions and 

other staff benefits 

Property expenses, including 

depreciation r 

Other operating expenses, including 
provision for losses: on loans of 
$41.591.514 1 1977: $36,957,973 i based 
on five-year average loss experience 
Total expenses 

Balance of revenue 

Provision for income taxes relating 

thereto 

Balance of revenue after provision 

for income taxes 

Appropriation for losses 

Balance of profits for the year 

Dividends 

Amount carried forward - 

Undivided profits at beginning of 

year 

Transfer from accumulated 
appropriations for losses - - • • , 


1978 

$1,839,178,091 
171,131,290 
127,954.436 

$2,138,263,817 


1977 

$ 1.447.312.462 
137,061,469 
118 .110.556 

S 1.702.484.487 


$1,363,026,079 $ 1,014,697,096 


idia 

Scotia 


Transferred to rest account .... 
Undivided profits at end ol year 


299,646,117 

89,026,690 


147,081.503 

$ 1,898.780.389 

239.483.428 

85,600,000 

153.883.428 
63,0004)00 

90.853.428 
39,600,000 

51.283.428 

874,599 

39,000^000 

91.158,027 
90,000,000 

S 1,158,027 


256,415,793 

73,768,346 


131.359,033 

$ 1.476.240.268 

226,244;219 

94,700,000 

131,544.219 
54.000,000 

77.544.219 
35.475.000 

42.069.219 

SOS, 380 

33,000.000 

75.874,599" 

75. 000.000 

S 874,599 


’rfir 7n ^ 7f thp tocoununtii whirfi said there was 

dit to enterpr isi m ^ »n tto no ■ systematic - wrongdoing. 

developed North and North-East- — ■■ — — — 

Consumer credit and non-sub- V . . .. .jk- : 

scribed business credit has 
al ready been squeezed by excep- 
ticmally high private lending . %■ ’ 

rates, now dose to 80. per cent 

annually. In several cases, how- _ _ . ? _ 

ever, this has been a double- - ■ 

edged weapon. Businessmen have 

resorted to short-term fore : gn I3r™l 

loans, at more reasonable inter- H 

cst rates, thus. like'state-niD con- - ■ . 

cerns. adding to the inflationary - 

flow ot the money supply. * 

It is expected that a few r H - II 

months aFter the new Govern- ■' JkjvB ' 

ment lakes power in March next ' 

year, more drastic anti-inflation 

measures will emerge. ^^11 II 

For the second time in just 

over a fortnight, the cruzeiro has - 

been devalued, this time by 2.1 _ , . . 

per cent, lo CC20.37. to the dollar Count your lucJ-.y stars... - ; 

to buy and Cr20.47 to sell. you've found -i 5-slar hotel 

The latest devaluation brings right in the centre of 
this year’s total devaluation to Charming old Amsterdam. 

27 7 per cent. One more is The Amsterdam Marriott, 

likely before the end of the year.- i n p i| 40Q roams 

in effect total annual devaluation 

of 30 per cent. indit/idual aif.'Cpnclitioninj, 

Sr Mario Simonsen. the Fin- . rninibar and colbur-TV . 
ance Minister, has rejected per- I with tre® in-room movies!) 

sistent suggestions that there 2 4 -hour room service, 

will be a maxi-devaluation of '25 plus two populanestau- 

to 2Q per cent of the cruzeiro ? 3 nf<; anti p 

against , the dollar in the next Irnmale in-'ornfortand 

few months. He. has stressed 

that tbe adverse impact on small convent .pee. You II thank 

concerns would be too great and _Y? ur lucky stars you 

would push them dose lo bank- found US. 

ruptcy. Any beneficial effects (T\ ■■ _ i ri J 

for exports would he cancelled / \ fnSTff f fl^I Tl 
out by rapid rises in domestic % B ^ 

Prices- 


IS 


Montreal fire 

A Bre ra"en out of control 
yesterday at Notre Dame Cathe- 
dral. a century-old landmark. 
Reuter reported . from Montreal. 
Firemen had difficulty putting up 
ladders because of the narrow- 
ness of the. streets around the 
cathedral 


Count your lucky stars... 
you've found -i 5-slar hotel 
right in the centre of 
charming old Amsterdam. 
The Amsterdam Marriott, 

In all 400 rooms. 
Individual air-conditioning, 
rninibar and cofour'-TV . 
(with tree in-room'movies!) 

2 4 -hour room service, 
plus two popular restau- 
rants and a lively lounge. 
Ultimate in comfort arid 
convenience. You'll thank 
your lucky stars you 
found us. ■ • • 

‘■Amsterdam 

Marriott. 

Sladhouderskacle 2 1 , 
Amsterdam, Holland. 
Phone: 020-8351 5h ■ 
Telex 15087. 
London Sales Office 
01-4938592/ 

. Or call your local 
. Supranational office. 


Bahamas: BNS International i.Hon^ Kony > Limited; Scluoder, Leading and Company 

Holdln.es Limited. 


C. E. KITCHIE 
ChaiiTnan of the Board, 
President and Chief Executive Officer 


Scotiabank % 

THE BANK OF NOVA SCOTIA 


J. AG. BELL 
Executive Vice-President 
and Chief General Manager 




The war that never ends 

- A . ./ ’ We Briifeh are a peaceful people: When a war is 
,lkc to consign it to thchistoiy books - and 

^^■1 " Wc . on - The disabled from 
' Vars and from lesser ampaljms, non all 
iSSiS' ! " Sf.S!L , - w 1 ? rgc ! iren V th ? w 'dota-s. the orphan:, and the 
|gg||»/ ” wr them theirwar lives on, every day and 

//k .W' -to.many cases, of course, there i% help from n 

■a * 1 «: r ^? “ 

T . h ' s .^ “.kere Army Benevolence steps an. With 
understanding. With a sense of urgency .. . and n ilh 
pr.icth.uL financial help/ 

tHRfl To us ir i-, .rpnrftegtfto help these brave men -'and 
women, too. -Please will yoirhrfp us to domore'.'We 

rnust not lei our soldiers ~<fo\vh.~ 

The Army Benevolent Fund 

for soldiers, ex-soldiers and their families iatiistress . 

; Dept. hT/DukeWf York's HQ, London SW3 4SP; ' 










VlW 


\ 5i i hT^cH 3T5T* ^k'jjp 1 Jugal « U*I 


(Yp-^U ’o - 0 li^is 



. • * ,*.i'- ■ 

" '.' :' ► v . 


. . ■ ' •'•••' 

• *, .4' ' . 

'.-• ,r'.- — . ,-- ~ r ■ ' 


- -.<-* •' s— • »>'•.-•• .— •• • '• 

- %- ' ■ ' 

-■•?.- 


v -.:- . 

■ •:'■■: •■ ' 


^ggP - 


sis a 



Jam- Betamaxwii! even record off 
f one channel as you are watching 
f another: Happily this means 
you can enjoy the programmes 
you wantto watch, without missing 
; the programmes you ought to 
? watch. 

Of course there are things 
on television you can well do 
without Who wants to watch even 
- the funniest commercials over 
and over again? 

Here’s where the twenty 
■ years of experience that Sony 
have gained in the commercial 
video field comes into its own. 


Betamax is supplied with a 
remote control switch that allows 
you to edit out commercials 
from the comfort of yourarmchair 

It is also extremely easy to 
maintain. 




WAV 1 .:s;V7 


i^giMpfiyou dorft have to make Betamax will switch itself on, • 
a choice between spending record up to three and a quarter 
ff miteki.ng and spending time «■; hours of television, and then 
fcfchirMteievision. switch itself off 


And it’s backed up by a 
- Sony service network exclusively 
• created for video recorders. 

If you have ever complained 
that you never seem to have the 
time to watch television please 
give this numbera ring:01-434 1713. 

The person at the other end 
of the line will be only too pleased 
_ to tell you more about the . 
machine that makes time foryou. 


^^;Si6ij?ean do both, with the 
aickoithe new Sony Betamax 
frbroeyideo recorder :::Y 
. Tdt adds up to three and a 





television that you otherwise 
would have missed 

All you have to do is connect 
Betamax into the back of your 


You can set your Betamax 
in advance to record a 
programme that’s on up 
:o72 hours later Enough 


time to have a business 


dinner on the one hand 
or a trip to Brussels on 


the other 


Sony (UK) Ltd.,134 Regent St,London W1R 6DJ. 


into the back of Betamax 


nam 


set the built-in digital clock to 

ammo of you 


IBS 




liifc 


IJetamax 


Home video-recorder, £798.751 


■ 




!f • VmiauAii tn rprnntBBC or 1BA broadcasts otherwise than for private purposes; and any material which is the subject of independently owned copyright mayonly be reproduced with the consent of the copyright owner 
Itisunlawmlto recorotjBLroriDftoiua v* If youareinany doubt as to yourrightsandobligatonsyou should referto the GopyrightActB5& 












S.G.I. INTERNATIONAL HOLDINGS S.A. 

6 %% G uaranteed Bond s 1980 

S.G. WARBURG & Co- Ltd., announce that the redemption Instalment of U. 5. $2,400,000 
duo nis-r December. 1978 has been met by purchases in the market to the nominal value of 
U.S.S94 .000 and by a drawing ol Bonds to the nominal value of U.S.S2.306.000. 

The distinctive numbers of the Bonds, drawn in the presence .of a Notary Public, are as 
follows:— 

FIRST SERIES 

52 .58 60 68 69 76 

' “ 142 1S3 


10326 10338 

10405 10409 


10966 10971 

11002 11006 


11282 1 1285 1 1288 11292 
11317 11354 11358 11361 
1 1390 11410 11423 11429 
11467 11470 11474 1 1477 


11508 11511 
11544 11547 
11579 11583 
11614 11618 
11651 11656 
11688 11692 
11725 11741 
11779 11791 
11838 11848 
11904 11909 
11951 11965 
12055 12074 
12144 12148 


11692 .11697 

11741 11744 


1.1515 11519 

11550 11554 

11586 11589 

11621 .11626 
11561- 11884 



11753 11756 

11801 11804 


11965 11969 __ 

12074 12080 12083 12101 


11929 11934 11937 11941 

11965 11SB8 12041 


12386 12389 

12425 12429 



12083 12101 12127 12130 
12154 12158 12162 12166 


12194 12198 12201 

12245 12253 12266 

12284 12287 12291 

12343 12361 12364 


12361 12364 

12408 12412 1241b 

12452 12455 12463 


12536 12539 12546 12549 


12628 12634 


13534 13538 

13593 13596 


12643 12647 

12744 12309 


14056 14060 

14181 14184 


14022 14042 14045 

14140 14160 14169 


14314 14327 

14380 14383 


lOOOO 10007 
10101 10114 


9971 9976 

10063 10078 

1021 0 10218 10221 10225 10229 10232 

10282 10285 10302 10309 10315 10318 

10357 10361 10385 10388 10396 10399 

10416 10422 10426 10429 10438 10442 

10463 10466 10477 10481 10484 10549 

10593 10597 10600 10606 10628 10632 

10661 10656 10658 10663 10666 10669 

10688 10697 10705 10708 10713 10724 

10779 10783 10786 10789 10792 10796 

10814 10817 10822 10825 10834 10853 

10902 10906 10911 10914 

10957 10960 10963 

10999 
11043 
11085 

11192 

11230 11233 11247 

11302 11306 11309 

11375 11378 11383 

11440 11450 11460 

11488 11498 11501 

11530 11533 11536 

11569 11572 


11606 11608 
11639 11644 

11678 11681 

11713 11717 

•1 1767 11770 

11814 11832 

11873 11877 

11941 11945 


12048 
12137 
12173 
12208 
12262 
1229S 
70 12374 

416 12422 


12905 12963 12966 12975 

13098 13102 13110 13135 

13234 13238 13242 

13292 13301. 13305 

13405 13409 13413 

13545 13548 13551 

13604 13608 1361 S 

13634 13637 13640 13643 13649 13653 

13739 13744 13747 13751 13755 13758 13761 

13800 13306 13810 13814 13818 13821 

13839 13843 13846 13870 13873 13878 

13938 13946 1395Q 13953 


14266 14260 14263 

14302 14306 14311 


14064 14134 

14200 14204 

14278 1428S i««v i r«jui |«JUV 1 <-*o> • 

14334 14338 14341 14350. 14363 14367 14376 

14395 14398 14403 14406 14414 14417 14420 

14434 14439 14454 14458 14462 14467 14471 

14484- 14487 14493 14496 14500 14504 14507 

14521 14525 14B29 14539 14543 14550 14553 

14572 14576 14579 14583 14586 14589 14593 

14606 14611 14614 14619 14622 14625 14652 

14714 14733 14748 14764 14767 14771 14775 

14739 14792 14807 14810 1*813 14816 14820 

14839 1484? 14845 14849 14856 14859 14864 

14884 14887 14890 1*894 14897 14901 14905 

1*gi8 1*922 14925 14929 14934 14937 14940 

14954 14958 14961 14965 14968 14973 14976 


14943 14947 14951 14954 14958 14961 14965 14968 14973 14976 

14979 14983 14986 14989 14995 15000 

SECOND SERIES 

All numbun am prefixed by the letter *A' 

11 15 20 24 29 

69 74 

114 119 

168 173 

229 235 

299 
3*8 
421 
478 
578 
675 
782 

842 
922 
995 
1060 
1151 
1213 
1294 
1371 
1460 
1521 
1660 
1758 
1833 
1942 
2021 
2091 
2178 

2276 2281 

2331 2335 2 

2415 2419 2 

2469 2473 2 

2518 2524 2 

2591 2596 2 

2745 2760 2 

2878 *»— » 

2968 
3052 
3100 

3155 
3218 
3272 
3341 
3391 
3474 
3536 
3597 
3655 
4049 
4138 
4383 
4487 
4534 

4699 46 

4648 46 

4702 
4796 
491 T 
4975 

On 31st December, 1978 there will become due and payable upon each Bond drawn lor 
redemption, the principal amount thereof, together with accrued interest to said date at the 
office of:— • 

S.G. WARBURG & CO. LTD.. 

30, Gresham Street. London, EC2P 2SB., 
or with one of the other paying agents named on the Bonds. 

Interest will cease to accrue on the Bonds called for redemption on and after 31st December, 
1978. Bonds so presented for payment must haw attached all coupons maturing after that data. 

U S .S4 ,890,000 nominal amount of Bonds will remain outstanding after 31st December. 1 978. 

The following Bonds drawn for redemption on dates given below have not as yet been 
presented for payment. 

31st Docmtinr, 1976 

First Series: 34049 Second Series: A4579 

31st December, 1977 I 

First Series 

11-JO 7326 8579 8612 11516 11537 11559 11581 11504 

1162S 11672 11693 12091 12164 12185 12207 12685 12813 

Second Series 

A729 A 9 23 A1S65 A4578 A 450 3 A4587 A4627 


30, Gresham Slreet, London, EC2P 2EB. 


3th December. 1978 




OVERSEAS -NEWS 


Israeli army wi 


BY DAYID LENNON 

THE ISRAELI army appears to 
have started to pull-oat sonic of 
its equipment from the Sinai and 
to build new bases behind the 
proposed withdrawal lines, even 
though the agreement to hand 
the peninsula back to. Egypt has 
not yet been signed. 

Hopes of a peace treaty 
between Egypt and Israel will 
also be boosted if. as a senior 
aide to Mr. Menahem Begin, the 
Israeli Prime Minister, said 
yesterday, Israel has no plans to 
build new settlements. A three- 
months’ freeze on new settle- 
ments agreed at Camp David runs 
out on December - 17. - More 
ominously. Mr. Ariel Sbaron. the 
Agriculture Minister, insisted 


Ohira 
appointed 
PM after 
squabble 


today that there is a Government 
decision to build new settlements 
as soon as the freeze ends. 

The current stalemate in the 
peace talks is apparently toeing 
viewed as a temporary matter 
by the army which would, have 
only nine months after the sign- 
ing of the peace treaty to pull 
hack over 60 kilometres to a new 
interim defence line. 

Dozens of army trucks loaded 
with equipment passed me in 
the morning on the road heading 
north-east towards Israel. In 
the evening, convoys of empty 
army lorries were again on the 
road, this time moving east- 
wards towards Israel's forward 
bases. 


ws equipmen 


The army has apparently The final withdrawal behmd-.tbe 
decided to utilise the time at international border . is 
its disposal to ensure an orderly' scheduled to follow 27 months 
withdrawal even before .the later. - 

agreement is signed with Egypt. , The a nny has already started 

is-- 

back. But if agreement -is fl ? aI lme -- 
reached. Israel will need every- ,V. Army and -civilian bulldozers 
minute to make sure the army -and. earth-levelling equipment 
does not have to abandon or could be 6 een working on. a pum- 
destroy equipment because of ber-oT sites both In the Sinaiani 
Hie ■ limited time available. -' •' farther back m the -Negev .behind 

Tinder tie propped peace ■<** mteraat/anel border . . 
agreement with Egypt, Israel*. -Surveyors were marking: out 
will withdraw within nine tile sites, as trucks arrived with, 
months to an interim line run- earth for. the bases to replace 
ning 450 kilometres down tfie more than 150' Israeli bases 
centre of the desert peninsularr which will have to be withdrawn 


V* •• iSINAi ikiL ? 

within three ylarsof signing the 
peace agreement. \" • • - . 

Some of lie iases will he tem- 
porary, to serve only the' interim 
period, . but those ia- the, Negev 
will become part, of .Israel's hew 
permanent -defence- line y facing 
E^pC'- -"'' J ‘ r ""7T I” - . 
. -Meanwhile. My. * Mosbe-Dyan, 
IsraeFs iPoreign Minister,' is-' not : 
riding "out a meeting with' Mr. 
MuStaphK- Khalft, . the - Egyptian 
Prime Minis teJy'wbq is currently 
totxrihg T Emope.’ Sf r. I 0 aHl had 
been reported as saying that he 
is likely to 7 meet Mr. Dayan in' 
Europe -soon and -possibly Mr. 
Ezer. Weizman, the .Defence 
Minister. ■ 


Sr 

V 


S. Africa to drop secret projects 

BY QUENTIN PEEL - : CAPE TOWN. Dec. 7. envoy, in WM 


CAPE TOWN, Dec. 7. 


ALMOST HALF the secret Africa and overseas, investment The Prime Minister said Dr. - - ..... . ■' 

projects undertaken by South in general businesses with shares Mulder had never kept the - 

Africa's former Information De- in South Africa and foreign' com- Cabinet informed of bis Depart- ullu lUsS*. 

partment, the subject of official panics, and something called ment's activities. He also- said. 

allegations of theft, fraud and “operational activities” which that when behad personally dis- . '• 

misuse of funds, are to be dis- have been dealt with by the covered _ the nature aid extent fQllfG -v ’.r\L- 

continued, Mr. P. W. Botha, the Erasmal Commission oF Inquiry, of. the Dep artme nt s jiperatiops. iHIAiJ ' 


:,n i;i»: 

Mil' ** 


i 


By Charies Smith. Far East Editor atmoanc?(1 ^ Parliament today, was spent on The Citizen- news- and forced Sim to resign: ... .- ciedwyn Hugliesdnd Mr!stephen i'.‘ : "xlf !* 1 ? 

Ibis move will include the paper, but Mr. Botha did not Parliament is currently eu- lq w - arrived from Salisbury toe' ** •’■UN ' * " 

TOKYO. Dec. 7. hugely expensive State financing make it quite clear just what gaged in a two-day '.debate on talks-with Sir Seretee Khama,lJhft- -.‘c^;?\ - :i- -' 

AFTER A n 4-hour delav caused of the Citizen newspaper. . the future of the newspaper will the Erasmus report bii fee De- Botswana. President, on flie-pnjs- ' 

hv fxi-tional souabbline -within in fur* nf nnoimitinn de- ^ He sald Government funds partment and the. opposkioa pects of- anall-party pepfce eon- ; 

the Liberal £muntfe Pam hS nf the had been cut off since November groups are determina te, derive ference on Rhodesia; - Reuter l-h: 

Mr Main vosh i O ttirawas elected SLUZ 17 - but thit to stop it from pob- the maximum behefit-out of the- reports from Gaborone, Botswana: >.;*• 

PH J! MiSlr nf S- n S Goveinment; Mr. Botha denied Iishiag could resuIt in the Goven jmeD t’s -apparent vdisconi- The convention of -a con: • 

It 1 a «neeinfw- that the Cabuiet wna collectively Claims totalling some fiture. . ference was essential to solve tiie 

afternoon at a speciall> sum- responsible for the irregularities Rifim , f- Ll „ . *■ tragic conflict ” in Rhodesia, Mr. 

mooed meeting of the Diet. 0 f the former DeparUnent He ^ ' Botha safd ^ at some ._^LJ said on arrival. The -. ■; 

Mr. Ohiras Cabinet, an- announced rbe scrapping of 57 Rl g m (£n < 2 m) had been spent 1n Vh t Sf? 1° fSSl envoys', African tour has already 

nounced immediately after the secret projects out of a total of by the state on The Citizen, and taken them to Tatrama, Zanftna. _ 

election, retains only one Minis- 125 which had been considered a further HlOm <£5.9m) was to SLJX Sbntir Africa ' and Rhodesia; 

ter from the previous adminis- by a departmental inquiry. But be repaid by Mr. Louis Luyt. the E^yffi2f5F^!tSrt- t K2Si!i£!t Askc<1 . l L, bad ,i^ b tT 1 ' — 

tration of Mr. Taken Fukuda. he also announced the retention fertiliser magnate and former ? p c <>UJ^ ged t y m eeting- wl ti l. the 

Mr. Sunao Sonoda, the Foreign of 68 others, 56 to be continued “front" owner of the paper. <■% ■ 

Minister Slavs on as nrnnF of lha sprrotlv. anrl th«» rest as mihlic Mr Rnth-> uhn mnvul -a reso- ?0ntPDTOr^. Even though be Hn.hes Said. . I Tiave committed ... 


=• H the lnformauon Department on likely to force bis resignation travel to Mozaohique. . - . 

Other Ministries have been operated a huge range of Auditor' now, observers here'beUm. -• . .4 

allocated to Mr. Ohira's close portedly independent propa- *L n ® parfiaraenfary Auditor- Tfmfo WllITTI dpniPff 

associates or to factional sun- eanria prercisps from a R 64 m General on better ways of- audit- -They do feeL however, that CUUIU uciueu 

porters of the two ex-Prime ???? Iml* f™? but that in * thesc - laid ^ bulk ot the niay step down some time in Angola yesterday dismissed^ as a 

Minister (Mr Fukuda and Mr it waf allo Tnvolved in oSS hlame *°r the whole Information the' . coming year, using. his ill- bluff claims, by tire pro-Western 
Kaku e? Tan aka iwh^se simnorf is nn SnS not an nhvioSte Department scandal on his health, as a reason. As for an guerrUla organisation Unit a that 

£»n ai fflai SSS’ff iS JSi, ftirS colleague. Dr. Connie- early election, this is ’generally * had shot' down' a. Boeing 737 

2 e Jv-rnment”* ! h propa ° da for ^ Mulder, the former Minister of "thought unlikely. butMr.'Jftotha killing 50 Cuban soldiers, 'the 

s ' country. Information, who . was just could decide to call one about official news ajgency Angop said. 

The Finance Ministry, possibly These operations included the defeated in the September con-I the middle of 1979,-to help re- according hr. Reuter. Angop 


Iran opposition lead# released 


BY ANDREW WHITLEY 


TEHRAN. Dec. 7..' 


quoted tiie'; commercial director 
of the Angolan Air Company as 
saying the airline had only 
Boeing' 737s and 707s, . Fokker 
Friendships and Soviet-built Yaks. 

OAO sanctions demand 

The secretariat of -The- Ougahis- 


the most important post after owning of property in South test for the premiership. - forge party unity. " '■ quoted tiie'; commerCiar director 

Mr. Ohira's own, goes to Mr. ■ ■ • of the Angolan Air Company as 

Ippei Kaoeko, an Ohira faction - -..*••• saying the airline had only 

member and a former bureau- Y • 1 • "■ "l • V-. - 1 '‘l- Boeing’ 737s and 707s,. Fokker 

Iran opposition leader released 

known as a specialist on tax MT Mr OAU Sanctions demand 

questions (a relevant qua lifica- BY ANDREW WHITLEY TEHRAN,.. Dec. T.- ' The secretariat of -thb- Oraahis- 

tiQn, given tax reform ib likely _ < _ • o+rnn ivf Afrtmrt' Tltiitv fflAV i 

to be one of the -main pre- THE IRANIAN opposition religious leader. Ayatullah: attacks on a list of named hu^e^ed^ibr^hnm'ediate/' man- 

occupations of the new govern- leader. Dr. Karim SanjabL re- Taleqani. who has close connect. religious leaders and communi- daiArv w nn nmi> 

meqil. • leased yesterday from nearly .tlons both with Dr. Sanjabts^iles around the country, over so U tb Africa : ^for ^hoUlin^ 

The Ministry of lnternational fl L ur m detention, has re- National Front- and with Jhe past few days : _ It said.fhat independent elections- in.Namibla, 

Trade and Industry has been affirmed his refusal to take parr Shah s most admanant ooptoent -iir the Gulf port town of Boshire, official Ethiopian Radio has 
allorated to a topLtnemhcr of in a Government under what Ayatullah Khomeini, in Paris. -i.*the local Shi'ite Moslem digni- reported, _AP . reports- from 
the Tanaka faction Mr Masnml Was Ascribed, as the “illegal In an important new develop-- tary. Sheik ,Abu Ashuri,. was shot Nairobi . The ^ Ethiopia-based 

Esaki while the Economic Plan- monarchy. . =. meat, .a strong- religious, nrebibi-’jleaa by the army. . secretariat, the ^ radio,. said." made 

mns Agency will b, headed hyj He ato .aid he- would he 9**? A*. "l }™H ° ' “S5»w& iSHS-'*! «?>***■. 


i VV»"- S Vc « ' - t 


opposition religious leader. Ayatullah; attacks on a list ^of named SaPcAd^Sr^faiSSStel^nXi- 


hihitions. 


faction l " t e ' p country. A statement issued by Wlth akl Lhe m^n opphaftkm 

' - : hihmons. . a m 0 d erate triumvera4 in the factions ie Iran now havinq -uf ^the ' vear^^dh!? 

The director of the Defence Sunday's procession, marking Holy City oF Quoi at led by moved solidly behind Sunday's ocSS2 >bLS iS a 
Agency (equivalent to Defence both the Shi'ite Moslem mourn- Ayatullah Shariat Madhari. said procession, the feeling is-, grow- fes=52m^ ^ar e arlier 

5Jl n, ?fnl.'v the mg day of Tassua and the United shooting .was not permitted ing here that the authorities and V aefidfo?lS4^m 

Mr Ganri >amashita, a Tanaka Nations human rights day. has under any cirrumstances. will allow it to go aheal as thl Kp Bsnk^ 

faction member who has a been initiated by a militant The statement condemned long as it remains peaceful. ^ Zealand said yesterday, AF-DJ 

7—— — ? — — V 

SS l “ "f ?S u ooml«i p ^S’ Demonstration Indian riehate on Oniiilhi S"a» ®2r , ^JS!r 


circumstances, will allow it. to go ahead, as tibe ^ Reserve 'Bank 

pnndomnpd Inn n n c lLmmqinc na»Mnfn K •* r» • a- . * 


The statement condemned long as it remains peaceful.-,^ Zealand said yesterday, AF-DJ 

7 — : reports from 'Wellington. Export 

T «■ ‘11 j V1 ^ receipts rose ,42 per cent an d - ’ 

h,c,,. s , or .h, poimcr * 0 , 1 - i/bu lwl 5 ll a..uu Indian debate oo Gandhi sasrfjagE l 

tivities surrounding defence j Glloonclond ' which rose 9-9 per cent largely 

policy). The new Justice Minister ||| V^UCtflSldnU : NEW DELHI Dec 7. due to' beef -and- Jamb price ' - 

£ » J— ^ DNEY Dec 7 THE ^JVURUAHENT Ihe house, w* iu fhe'h^se ho, *SSE£ r £gg-SL ^ ^ 

JSSttft TaSakf ,“ n ou?S £ *>«* ™ AN »» P-jSj- iSSnl'M re port. the eCcouot ! ^usecdo, " 

defendants i °is Mr. 0 ” Yoshiw^ S| de p “ ltlC ‘ vete a mted"”'" c,aimed ’ . ™ ”« luSS* UP SS& 

Furut a 72-vear-old lawyer who £ . ’ , w ^ arrested n for a breach of pnvilege and based on consensus since four resulted in a new inflow 

has no factional affiliation but J risbane j^ day afte T • a contempt of the Lower House members of the 15-man. all-party NZS413m_ and an official capll 

who is reputedly ven- close to ^monstratwn against the committed three years ago. Committee disagreed with "the inflow of-NZfWm. ' '• 

Mr. Ohira. Posts allotted to Mr. ?nti march d l^bflation er SSroite Prin,c rtinister Desai majonty findings on the question _ , ... ■ 

Fukuda's factional followers in- Jhe large number of meSl moved a motion for a sir-hour of jurisdiction. . Chflia llTlOg Standards 

elude the Ministo- of Telecom- 1'?™“'?!'-.°" ? .Pn v * eges Com. The Privileges Committee's china haa: callidlv 


d not speak. ^ _ exports.' . _ : tm .>* 

'Fh®. Committee’s report, the -Capital- • account -transactions, 


^ ■> 
•A* : LZ J* 

!nk',-.r.w 


wins 

* \ \r>r \ -* 


The Ohira Cabinet ,-onlains uf about 1.300 police lurhed out 1*“*jt-!* * W» '»• <° >•<•» eomPlaiuK of enrup. dank of the nation's" 750m #i- 

ESS&52* IS riirST= SEfS -I -■ 

Ss~SrdK2 SSSSWE »”«a,-isfc,-S5s sj swili S.-Lj^aTSrS 

»ui j 1 r •( i U finli n“ e n” n . Premier- Mr. .Tohn because it was given precedence premier. Parliament will decide built if ihe peasants lack 

ticians who had Tailed to find Bjelke-Petei^en to repeal legis- over several other similar on what actira to take iaiSt enthusiasm, if some of them 

jobs in preuoua administrauoo>>- iation introduced Jasr year which motions. Two hours were lost in the former Premier only 8 after even doubt the advantages of the S'. 

The heavy stress on “ main I removed tne right of appeal to bitter procedural wrangling. Mrs. giving her a chance to speak in socialist - system because their 1 £ - . 
stream party factions in the a magistrate if police refused a Gandhi, who faces possible im- her defence. living standards are not raised j 

Cabinet linkup at the expense March permit. prisoninent and expulsion from Reuter I°f a long 'period.” • j* • ■ 

of smaller intra-party groupings — . . ' ■ 


lor a long period." 


could also prove a weakness. It 
can be argued, however, that 
Ohira had no choice on this ques- 
tion given the need to reward 
the Tanaka faction, which played 
a key role in securing his elec- 


Union chief accused in Peking 


Vietnam support ff 

Vietnam yirtuativ put a stamp of - 3 : 
official approval on Cambodia's '-3* 
newly-formed . insurgent . move- - v? 
merit yesterday, pledging -" lull- - -li ; 
hearted support " fqr its goal of ' :3"-” 
toppling the Phnom Penh Govern- ' v 


a key role in securing his elec- PEKING, Dec 7. hearted support" fqr its goal of 

n 5 Pn m e M,nis1er - a * d tb * CHINA’S LEADING trade um'oo current public political debate in « thut r» is more likp^i toppling thi Phnom Penh Govern- 

sffik. ■srShA-i: s s' a ch ' c h ^pe£f n ! B ■sa ^ ^ l *°- 

tSSr if, Hoffmann and, SSKSTuS .«S ' 


defeat of its leader in the elec- RimnrpeRion of the Aoril 1976 ^°bn Hoffmann adds from thieves— worse than the blood- P akis tan Knmhino 

lion for the party presidency. S teTicn An Men sSSre and Pck,ng: ^o^nds of people are sucking capitalists of yester- 

.. . . nois in lien ao men square and crflW d; nc UD to 10 ri rrn , n year. Despite an official warn- Omdanlified - -attackers 4hrew a 

Mr. Ohiras anpuintments to of having planned to support a p k} . 6 i ‘ ■“ f nE |« te we pt lhar bomb into the office of the 

nfRces hre remained ° P unchanged S ^ ^ woS d Uih^tK 

culprit in^suppressing the* revolu- f^Sa ^ ^d^ ^Vo for ?^£t^poS 

faction to force i hv retraction of tioo at Tien An Men." ir said. rhfnp^ 1Ci ,V ° f " If it Were not for Mao Tse l r ° m R 5 w fi r>ind} ‘ The explosion 

some appointments. This means The ter s , d by - geV€ - Chloeie Sialism. - ” 11 Wcre - not for Wao Tse ‘ damaged- the newamom hut 

that Mr. Ohira has surmounted militiamen who participated 
the first challenge to. his >r:_„ An 


SSB jBM-an 3^“‘dS a awSavs 

the first challenge to,, his .Ti en An Men incident'' rHf!** a despot, that todav? M it asks “Whv riiri thp A ' *■ ■ ' : •t * 4 

authority a s Prime Minister. c l e £f n th ~° M r Nf stor e d Chiflas . modernisation Pro- p e0 nte go afo^' this read” lsti . Amm IS 'wilUng. ' 

The next challenges facing the aidweapons a ta PeSIng te "l 1 * 1 “ KttcS H .Sift “reg^ng deiU President Ml Amur ^Uganda has 

no* co\ emment are lo. finalise tn^ohinerv Fapinrv whprp ho onr»» . ^nd tfiat the people are fnrrorf thnm a 1 nnvy it? Te ths H ordered Ms - Govemmenf-o^fberf 


a machinegun battalion of militia and. In some people's view, the ». fr vr^ouixa -umu uncea v m : — 

m A P reports from Toyko: in support of the now-disgraced even wiser leader Vice-Chairman modermse our yesterday. AP- reports frbm '.'-i 

Foreign tourisLs here have in- “gang of four" extremist Teng, promised democracy and 80 on ’ ^ Nairobi.-... The: announcement :£ ■' 

creased about 10 per cent a. year leaders. It added that "Mr. Ni had prosperity." the poster savs must firet modernise our people followed alvlsrtt to Dgandk earlier ii 

since 1975. exceeding lm last also ordered 100 tanks to stand “But the old power system a , modernise our social this week T>y. President Gaafar -Jj - - 

year, but a government report by in readiness lo back a coup oppressing the people is still frnm 

warns of a smaller increase for detat by “the empress ‘—a with us: it did not change." Afrira^ir Sf -ifcX*ni5ati£Ui- -Of jrf. 

1978 because travelling to Japan referenc lo Mao Ts e-Tung's The unnamed authors of the - ca l I - ed f ? r African. Unity. .- •• -.^3 . 

costs more under the rising yen. widow Chiang Ching, a member poster complain that living an eno^to axoiteary justice la np » - ' w_ ■ 

The report edited Thursday bv of the gang. standards have oot risen ^ Ghma » n d said aU citizens should T&rakl leaves MOSCOW': >JJ '> 

the prime mfn is tel-'^ office ^aV . ^ P°^ er J* d not raake ** and that pay increases have not rtnmmn ^Mubanamd TaraH, the . • 

newlv elected nrinw* Minister «lear whether these events took kept pace with rising prices. The Hor ^| Kong ^Communist Afghan Premier, : left Moscow ' ;gj-.. 

SSslyoshiOhina^ thfcSt of P |ace . around the time of the People no longer had to put up newspaper Ta Kong Pao carried yester^ atjtiie end of a three- ' 

restaurant fnodf grog's arrest In October 1976, a with slogan? about “class “ auxrpt of the Peqjrie's Daily day vistt dqrihg which he signed M 

fflonth after Mao ' s deaUl - ^ struggle" but “the ftmr article id Thursday editions. a treaty- .or mendship . - and M - 
in five years 3 P ' d P “' 7t ?. an S hus b een accused of ploL- raodlrnisations substitifted jiKt “However high one’s position ^ ‘ 

As % rest. I* it c -,;4 fnreten to usur P state power. as well to bash their eardrums" or worthy, one’s deeds^ if he, has Tass, the .official ... 

tQurlsis Tsmii- K o“ r - Ni :, w - » of the "Some people" hod biTE, wM ertmee he will' be " e "» WW- ’-ootored J . 

first eicht months’ thi* v«r Co ? mun “ l P“ rt * v PohtburD and tbe Chinese people needed dicta- punished according to the law v -' f ■ 

r^nrrieVi «niv Ronnm Earlier identified as a vice- torship— -that they did not want Just like -an ordinary person and ' • *" ' . ?>- 

reni frem thn lfke'te°i 9 ^- “ ^ chairman of both the Peking and democracy. 41 Stale men Is about cannot r enjoy special privileges," ^tniOpi^KfOTamia' patt '-^i : 

c lihe in iai». bhanghai city councils, was the people being the masters of the Chinese newspaper said. - Ethiopian head of state ‘Menglstu -? - 

The report then urges relief elected President of the All- historv arc no more than empty The article - said that under naiie -Mariam has ended a two-. . 

measures be taken, including cut- China Federation of Trade talk," says a poster. “The people China's system of government , y visit at the invitation - j 
rate air fares, exemption on Unions in October cannot control their own desti- “All citizens should be equal 5? Prudent . 'hamNae' 

restaurant Ux und development Diplomatic sources said Ihe nies. Their labour is used by under the law" and "should 1 P ** 99 ** : (roue: jf ; - 

of low L-oit hotels ’ and poster was une of the most bitter others and their rights are woven enjoy the rights they deserve and the" - *' 

restau runts, tn make Japan more and direct attacks on a senior into an imperial crown tor some- should carry out theic obUga- Srinteia V^w T - : ' ' 

attractive in foreigners. official since the start of ihe one else. What sort of master turns." '! 


socialism. 


war, "Radio Uganda ' announced 


However high one’s position 


with tha. -.Soviet 




►in (jjs - 






■ -.X«V ~ui—‘ . ' . '„"'■ 

,.'••• ■ » ■-; ''■'■'•. : ”7 f V ■’■ - ■...*** 




iDecenjljer -S 1978 


WORLD TRADE NEWS 



-- ■>•; -.Tit 


■■ v« ■' ■-'•T'-" 



assess 







talks 4 

.COMMON. ^lCer-$9ftl^]pNnENT BRUSSELS. Dec. 7. 

: EECFQI&tfCNM^ to the' AdmlnistrationVautiiority to depth of French reservations on 

.„ 'jbeTd/ayspi^ri#;^ nextwaive countenTiriing duties o it this question an'tf also the bat- 

j ; Tutsdajria asset^tfie^^ imports,' which ance of offers made to date in 

Multi^ expires at the beginning of next the negotiations. At last month's 
r -lateral Tfid^negoSafiQTjs (MTff) month. UncercOnti^: abbot the Foreign Ministers Council here, 
before tfte;e«rd b£/tbte~year-:.- y future of- the waive-have proven the French delegation expressed 
***- -Thoneet^-iwas^aiied by the Jtmajor stumhUnsWock between strong dissatisfaction with the 

German. pnsidency'Ot-^the Conn- the. UJ5: .aodlhft-E EC. .- concessions made so far by the 

cil 'of Mini§teri? i&lidwfng; a. brief - '."The Carter.- administration has u.s., especially on agriculture 
discussipbjlat theEEG ‘-'summit" argued, that it must be able to and industrial tariffs. 

^n- .Bjriiaais'iearlier this weelc. present Congress -with, at least it Jean-Francois Deniau. 

’V Leaders^ ■ of tthe-\ Nino, govern- the- -outlines . of .an . "-acceptable France's Minister of European 
m«mt£apparently agreed that tb* GATT. : package W&eu it submits Affairs, claimed that he had 
ittgotfonGhi ; shew of the forced the EEC to abandon the 

eluded^ as'7sbori.~'£s- ’ possible, waiver.; if the -latfeT.JS' to stand December IB target dale for com- 
thoiigh withtwfcomnrftt^ : d^^,».^wn* ble cb i:,1 ? e pf,appn>val. p} e tion of the GATT negotiations 
selvi» to a- firm-timetaWe^^ VV^.^Thia: argument, i& accepted by Biat by wor ia Economic 

. The main: EBG .fcOventwents except Summit m Bonn last Julv. But 
deliBerations- : VSs r ;7b' .d^eraineVTrance whl^ has obstinately 60me otber governments’ seem 
whether i-GOT Negotiations £re.: touted that not even a pro- sh „ t0 beIieve t h a t a slim chance 
sufficiently elose^a final-agree- visional . a* 1 *^*? Vx “ n he remains that it will be met. 
meat to: permit President- Carter reacned. m GATT until congress chancellor Helmut Schmidt of 



package^ fdi^iatiffijation within' wonlji withhold jomal^atifica- ih e assent of his colleagues to the 
S* ^ nert ^itree inonths. - - non upbl after the waiver had print . ipjE o! completing the nego- 
.<■■- If .that can begone,- it- would been extended/ • •■ /; tiations bv the end of the vear 

iaiproyerr ,th«r <*'ances-©£; .early Next Tuesday's- Ministerial A declaration 40 this effect was 
’£■ the- Congress to extend meeting is expccted- to test the included ?n his draft speaking 

J •• '•" . ' . /.I - . -. -: ^ — Li L. — . — notes for the press conference 


at the end of the “summit” but 
was never read out, apparently 
because there bad not been 
enough time for the leaders to 
discuss the issue in depth. 

In any event, completion of 
the talks wiU almost certainly 
require modifications in the EEC 
Commission's negotiating man- 


Slow growth in British 
e^KWris predicted 444 


BY LORWt BAJtUNG 
THE / VOLUME ■ of. British 


‘**n? g?-.l 


.'ltd 


ex- 9 per cent -rise: in ;tb.e ; second . _ _ . 

ports is :likefy. to.' increase- by. half of 1978 - . 0 ver ; the .corres- date. The Commission asked 
3 io 4 per cent, on a seasonally ponding period in. lfl.77- - Foreign Ministers to sanction 

adjusted 4 baste,. beWeeh .ihe. “The increase in.. the volume such changes last month, but its 
secbndrhslf. of this -year and:. the of exports for r tbe ! *jsecond half request was shelved, 
first six months of nest, year; of this year 'is spine five per cent 
according to a ; Department of lower than was^reported in the 
Trade survey. •••;• last survey, but 'tiSft estimate for 

' . The estimates ’ suggest -some the first quarierof-'nSrt year has 
continuation .of growth 1 m the- been increased,” r lheijdepartmen t 
first half Of ne^ year, following said. . - 

a recovery in thelsecbnd half - ' - This suggests . that there may 
lj$ of this.year.Fpf-ISTSos a whole, have been some^^i^ge in delt- 
t^o '• export volume is. expected 1o rise veties which is' expected to be 
by about.4- per- cent . compared made good in the jeariy part of 
1 vj. with an 8.5 per cent increase in next year. !.“'•* ^; ’.; 

5Z 1977. . .• V:. ... Some iDcreaserttdaxound 7 per 

[f* - -The ; , estimates : are -derived cent! is expect®^ iO/.the level 
from' forecasts of- export' pros- of price rises, cgmjpflred with a 
pt, peels made, by Britain's laziest year earlier, at'^e.- ebd of this 

•ir. • wnnrtiiM iwrrrnatiiao fnt* - fh« vpiir-and infri !U*tt-war‘ J 


Italians % 
worry over 
Iranian 
payments 

By Paul Betts 

ROME. Dec. 7. 

CONCERN IS growing in 
Italian political and industrial 
circles over the situation in 
Iran following reports that a 
number of major Italian 
groups are facing difficulties 
in obtaining payments from the 
Iranian authorities. The 
Iranian banking system has 
been almost totally halted hy 
strikes and chit disturbances. 

The slate-eon trolled rivil 
engineering group. Con da lie 
d'Aequa, eurrenily involved 
in the construction of the 
fil.Sbn harbour project at 
Bandar Abbas is reported to be 
owed some L140hn (£85m) by 
Iran. 

Although the giant stale 
holding. Istituto per ia- Rico- 
struziouc Inrtuslriale (TRl). 
including Condone and the 
several of whose subsidiaries 
Finsider steel group are 
engaged in major Iranian pro- 
jects, is at present at least 
playing down the situation, the 
veteran socialist leader. Sig 
Giacomo Mandiii. today asked 
the Government for details or 
the problems now facing 
Italian companies operating in 
Iran. 

Italy Is understood in have 
current contracts in Iran worth 
a total of some L4,000hn. 

• The Paris-based Inter- 
national Chamber of Cum- 
ntoree (ICC), has selected Dr. 
Moshen Lak- an Irarian, 
president for 1979. AP-DJ 


China fact finding tour may lead| U.S. group 

to set up 
turbo plant 
in France 


to substantial UK contracts 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


A TOP-LEVEL mission from 
China, headed by Mr. Lu Tung. 
Minister for the Third Ministry 
of Machine Building and respon- 
sible for aviation matters, 
arrived in Britain yesterday. 

Although the mission is basic- 
ally on a technical fact-finding 
tour and is nui expected to con- 
clude any coniracth. in the long- 
term Ihe UK is hoping for sub- 
stantial sales of aerospace pro- 
ducts to China. 

Mr. Lu Tunu’s learn includes 
mostly specialist technical per- 
sonnel, including lop officials 
from the Chinese Institute of 
Aeronautics (a research estab- 
lishment)! and from the Shen 
Vang and Harbin acro-engine fac- 
tories. 

Their aim over the next two 
weeks wilt bo 10 see as much as 


possible of the technical capa- 
bilities of the UK aerospace, elec- 
tronics and equipment industries. 

But while the team js not 
itself likely to become involved 
in discussing future trade deals, 
the information that it lakes 
back to China will be un- 
doubtedly of great value in 
enabling the Chinese Govern- 
ment to assess the quality and 
scupe of UK aviation products, 
and could play a major role in 

influencing future contracts. 

The intensive programme in- 
cludes visits to British Aerospace 
civil and military production 
factories at Hatfield. Preston 
(Lancashire) and Dunsfold and 
Kingston in Surrey, where they 
wilt see both Harrier jump-jet 
and Tornado military aircraft 
production lines rprobably in- 
cluding flight demonstrations), 
as well as work on the Type 14 d 


Dutch in airliner talks 


BY CHARLES BATCHELOR 

CHINA HAS expressed interest 
in building the Fofcker F-2S air- 
liner under licence. A delega- 
tion from China which visited 
the company two weeks ago 
asked if Fofcker would be pre- 
pared to provide a production 
line. 

Fokker told them it was in- 
terested provided at least 100 
aircraft were to be built. Any- 
thing less would not make the 
project worth while, a Fokker 
spokesman said today. 

This would be the first time 


AMSTERDAM. Dec. 7. 

Fofcker had licensed omduction 
of the F-i’S and the deal would 
be worth several hundred mil- 
lion guilders. Fokker offered to 
send a team to China to discuss 
details of the project but the 
Chinese said they had enough 
immediate information, the 
spokesman said. 

At the moment the deal is in 
the " informative " si age. he 
added. It was not yet clear 
whether the Chinese had coa- 
side red production in such large 
numbers. 


feeder-liner and Type 74S turbo- 
prop airliner. 

Other visits win be made to 
EMr Electronics, Redifon Flight 
Simulation, Marconi Avionics. 
Smiths Industries, and to such 
research establishments as the 
Royal Aircraft Establishment at 
Bedford, the National Gas 
Turbine Establishment at Pye- 

stock, Hampshire. and the 
Cranfield Institute of Technology. 
Bedfordshire. They will also be 
given a joint presentation by a 
number of UK machine tool 
companies. 

ffi The Scottish Banks involved 
in the SJ.L‘bn series of deposit 
agreements with the Bank oT 
China, signed this week, are the 
Royal Bank of Scotland, in 
association with Williams and 
Glyn’s Bank, and the Bank of 
Scotland in association with 
Klein wort Benson. 

Sweden places 
Skyflash order 

8jr Our Aerospace Correspondent 

: A CONTRACT worth about £60m 
for the supply of Skyflash air-to- 
air missiles for the Swedish Air 
Farce has been won by British 
Aerospace's Dynamics Group. De- 
liveries start in 19$0. 

Associated with British 'Aveo- 
space in the development and 
production of the Skyflash mis- 
sile arc Marconi Space and De- 
fence Systems and EMI Electro- 
nics. 


By David White 

PARIS, Der. 7. 

AFTER General Motors’ decision 
last month to build a 355m car 
battery plant in Lorraine, eastern 
France, another U.S. company 
with interests in ear components 
today announced plans to set up 

)□ the same region. 

Garrett Corporation, part of 
the Signal companies group, 
plans to spend FFr 40m (SSnu 
on refitting :i plant it has bought 
at Thaon-les-Vosges. near Epinal. 
to produce turbD-ehargers for 
commercial and private vehicles. 

The company is setting up a 
French subsidiary- Garrett 
France, with a registered capital 
of $lm. Initial production is due 
to start next August, but full con- 
version of the plant, bought for 
an undisclosed sunt from a 
packaging company, is expected 
to take three years before full 
capacity is reached. ______ 

Preliminary plans include 
making heal exchangers, but 
company representatives said it 
was possible that production 
Facilities would be extended to 
aircraft components, for which 
Garrett already has important 
clients in France. 

Output or turho-chargers! 
designed to improve performance 
of both diesel and standard 
engines, is expected to reach 
250.000 by the mid-19S0s. equiva- 
lent to half the company's 
current production, which is 
based in the U.S. and at Skclmers- 
dale in the UK. 


-M" *. -VMjfc 
•&&:$ 

-‘U • . O' — : ; 


i.f* 


r» '••• • * 1 . 

.11. 




exporting companies for - the year -and into nextkyear./ 
Department /of Trade.”. : J Taking volume and. price move- 1 

.. The major companies -them- men is together, ; increase in 
selves expert the volume of their the value of efforts , for the 
exports in the first half of -riext large exporters isteestiinated at I 
year to be’flironnd 12 'per cent around 20 per eeSttrih. the first 
higher than* the first balf'.ot. half of next year, ibmpared with 
IEPB. TWs..«omparesr‘-with" the the same period lfcl»7S. 




Sote Swedish optinllm 


BY IpHN. WALKER-'- 

THE SWEDISH..- -Iridustriifl Exports by Swe< 
Federation - .’ cautiously ’must-, be^ ^Increased.! 

optimistic-;. -economic says while predfctit 

developments * Jiu 1979 in its duciion wiW rise by/ 
latest report - It. says: imports-are cent- during 1979. -fd 


it 1 ! ..'a > 



STQCKHOU^ Dec. 7. 

^Companies 
report 
/that pro- 
f*D) 5 per 
ring the 
‘ ITS. 
row 
ebra paired 
per ’cent 

allowahc^-. tis ' W^.::aS- : l3iffher in 1978. - i • . ‘ 

hoiwing suhsklies. - • /■ : <='•• With' tber profit ise of -better 

The Federatioa suggests that times’' ahetfd, Unemployment is 
more money fn/peoples pockets exacted/ tn- be significantly 
will Increase demandfor imports r^ueed/Lnnhe second half of 
and this- Will— nteair higber -ftM .J’jf'is' esential that the 
inflation-.: Prirta next year, ara, presciH administration have some 
expectedrtp’rise'by 7.4 per wt^ tangible economic successes to 
In addition there are a numlfer sbnyr! - as -; the next general 
of wage agreements which iwllf -election: is mow. only 10 months4 
raise .-wages id 'some : sectcrfs:' ' 7 away, 


m Efec'TEScrttsS' 

. . 

m* -J 

i Ifiii Medfferranean 



in 


*>• , 






3 * •' 


rti:* 


i 

it 

it> 


& 

rj' 

V5 


$• 

«<■ 

! 


ft 


v 

fe 


RY RHYS pAVfD ^ 1 : • 

THE-.; EUfiOPEAW; Cbramisslnu 
looks .set id find itself in • the 
middle: of another .textile row be- 
fore the end of the month- as, a 
result ' of . negotiate ops .. taking 
'place, cut access next .year, for 
products from the EEC's Mediter- 
rahean : associates. ^ v ’r^: . . ’ 
The eontmisrioa wduU seem lo 
have the choice ; bf - offending 
’ either- the^i^xtile-iiidustry jn the 
Community ’/.of 'Mediterranean, 
associates, including ; the .three 
applicants for _ full ..Community 
membership-^ Greece/ Spain and 
Portugal — qn ;tht*. other, hand 
it could end nip. pleasing . neither 
side. ' 

TSie problem ' Is- over the 
growth rate. in exports of tex- 
tiles "from- the associates. Be- 
cause of thei* special relation- 
ship with the Cornmndity -these 
are covered by one year under- 
standings rather than the four 
year GATT Mtiltf Fibre Airange- 
. men t ( MFA) bilateral : agree- 
ments which., 'apply to. low cost 
producers in the -Far East Apart 
from the three possible new 
.member countries, the /EEC also 
has ' to- make : arrangements for 
controBing imports in 1979 from 
Turkey, 'Malta, Morocco' and 
Tunisia. *' - ^ v! - '/-.'• 
The Commission bad consider- 
able difficulty last year ia' per- 
suading several- of the Mediter- 
ranean associates ter argree -to 
understandings, -which have .in. 
any case jM'ovcd difficult to- im- 
plement. The Commission was 
obliged this summer to impbse 
unilateral- restraints bn. Turkey 
after its exports of cotton yarn 
had by the end' of .July dinlbed 
to 2S .per cent above the agreed 
figure. More .recently, similar 
action has -been taken, against 
certain products from Malta.. . 

The Co mm kison's negotiators 
in the present tglfcs have had to 
work within the mandate . laid 
down by the EEC Council of 
Ministers last December. The. 
'principal intention of this was 
to -ensure that -increases in 
exports from the Mediterranean 
associates do not undermine the 
effect of, restraints -imposed 
through MFA - bilateral agree- 
ments -on Far East exporters. 

The evidence" suggests, how- 
ever! .that-' the Mediterranean 
associates are no' more willing' 
this year -than Jast to accept -ceifc; 
ings on- their exports^ to -the Ctm-. 
munity. T wo = of -them-— Turkey 
and- ‘Malta— have declined to 
• negotiate; As a result It. b likely 


that ceilings will be imposed 
upon these two countries which, 
the Commission will decide 
unilaterally. - 
The other countries have 
agreed to talk, J>ut Greece is 
understood to be pressing for 
unrestricted access to enable its 
‘industry to adapt for eventual 
entry, though it is not offering 
the same degree of reciprocity to 
the textile industry in the Com-' 
munity.- 
The Commision, though strictly 
speaking obliged to stick to.its 
inandate. is certain to be con- 
templating a compromise which. 
..wOl go some way towards nieet- 
. ing the associates’ claims. The 
textile Industry, including that 
of the UK, will however, almost 
certainly strongly oppose any 
deviation from -the mandate, . ' 

Low cost producers in otber 
parts of the -world, who come 
under the control of the much 
tighter MFA bilaterals, are 
another interested party. The 
growth of their exports "to 
Europe has been restrained. In 
some cases shipments have been 
cut back, -partly to allow pro- 
ducers -in less' developed 
countries to win a bigger share 
of the European marker. If in- 
creased access -is allowed to the 
■associates, they are certain to 
complain that the effect of their 
sacrifice has been lo increase the 
opportunities available to 
southern European and North 
African producers, V 

■ The issue -will be passed for 
decision later this month by . the 
Council. of Ministers which could 
be faced with a Commission pro- 
posal indicating what it con 

side red to be the best deal'. it 

-coiiJd obtain, despite being some- 
what outside the mandate. The 
council -' would then have to 
decide whether to accept such a 
deal or- instruct the Commission 
to go back and re-negotiate 
within the mandate. The Council 
is bound to be influenced, how- 
ever, by the political difficulties 
which . insistence on its mandate 
would cause. In particular it will 
want to avoid souring the 
atmosphere surrounding mem. 
bership negotiations. 

‘ ' The Council .will aiso have to 
take into account the danger of 
a severe loss of credibility on its 
part with the- textile industry. It 
has ; after all been encouragiTig 
the industry to use the breathing 
space provided by tighter import 
controls to rationalise its struc. 
tore. 



-I ■ 

■< . 




: >■ 


Do you know that most smaU-to-medium 
size companies are.wastinglO to 15 percent of all 
the fuel they use for heating, power and lighting? 

Oyer 12 months that can cost a tidy sum. 

It could be the difference between malting a profit 
arid just breaking even. 

And, even if you’ve already started to tackle 
the problem, you’ve a lot to gain by finding out 
how much energy you may still be losing. 

Pin-pointing the wastage isn’t that difficult 
Especially if you take advantage of the Energy 
Survey Scheme. 


All you have to do is fill in the coupon and 
we’ll send you details of the scheme and a list of 
independent professional consultants. 

When you’ve chosen a consultant, he’ll 
spend a day at your premises studying your 
company’s energy use. He’ll send you his report 
recommending simple modifications which could 
lead to substantial savings. 

And tire Department of Energy will pay 
up to £75 which is most of the cost of the survey 
So, fill in the coupon and find out how to 
reduce j^our company’s fuel bill. 





V . 

I *1 ^ 


To: Department of Energy Free Publications (ESS), EO. Box 702, London SW208SZ, 
ENERGY SURVEY SCHEME. Please sendme leaflets and a list of consultants. 


Name. 


{BLOCK GAP1 LUs fLEA£E> 


MS, 


Company. 

Address— 


Position. 


I 



Department of Energy 


Sj 


■J 




8 


HOME NEWS 



New Hitachi talks 
on UK TV venture 


BY CHARLES SMITH AND JOHN LLOYD 


HITACHI, the Japanese elec- desirable location in Europe for strategy of establishing c olou r 
ironies manufacturer that shelved a. Hitachi colour TV plant using TV production inside the EEC. 
a plan to produce colour tele- the PAL system, whereby com- If the plans go ahead, Hitachi 
vision sets in Britain last autumn parties are licensed to produce will become the fourth Japanese 
after local opposition, is expected a given number of sets for the colour TV manufacturer to pro- 
soon to announce a TV production European market, because it duce sets m Britain, after Sony, 
venture involving the UK. offers the largest market for Matsushita Electric and Toshiba. 

Hitachi UK. its British market- colour TV outside West Sanyo Electric is also known 
ing concern, said yesterday that Germany. to have had discussions on a 

it had been approached by GEC, There, a combination of factors joint venture with Thorn but 

the British group, about a pos- including costs virtually rules those appear to have lapsed, 

sible joint venture. Talks had out Japanese (investment in con- Other types of collaboration' 

been held but no conclusions sumer electronics. between the companies r emain 

reached. Hitachi appears to have taken possible. 

The company believed that the note of the' laun ching of the Japanese electronics companies 
possibility of ’an individual ven- Toshiba-Rank joint venture for manufacture -TV sets in Britain 
ture in the UK was still out of colour TV production this year, under a West German patent for 
the question. The company insisted yester- the PAL system, so that a 

GEC would make no comment day. however, that a feasibility country with a large home 
on talks, nr on the possibility of study on European investment market is important as the site 
a joint venture. projects conducted during the for such ventures. 

Hitachi and GEC have been past few months included wholly The terms on which. Hitachi 
discussing proposals for owned as well as joint venture comes into the ■ UK are likely 
collaboration in consumer elec- projects. to include stipulations on export 

ironies in recent months. Hitachi Hitachi recently signed a ratios and on local content in- 
has evidently convinced itself licensing agreement with the eluding the use of UK-manufac- 
that the -investment climate in Spanish company Chave for local tured tubes. 

Britain is far more favourable manufacture of colour TV sets Hitachi will be watching with 
than a year ago. mainly because and other consumer electronics some anxiety for the UK reaction 
trade union opposition to its products. The Spanish agreement to its plans buL it evidently 
investment plans has died down, covers only local sales and has fairly, confident that it will be 
Britain remains the most no bearing on Hitachi’s long-term better than a year ago. 


Plutonium store site 
may be in Britain 


BY DAVID FISHLOCK, SCIENCE EDITOR 


BRITAIN COULD become host secretary-general of the Inter- 
nation for the world's first national Atomic Energy Agency, 
plutonium store under inter- of a comparative study of 
national inspection by the early plutonium storage and spent fuel 
1980a. storage. The report said inter- 

Energy officials from 21 national plutonium storage 
nations, who met in Vienna this appeared to have signficant 
week, are pleased with the pro- advantages over international 
gross made at the first meeting spent Fuel storage, 
which discussed the idea of in- Britain expressed strong 
lernational plutonium storage as support for intefnational 
3 new safeguard against nuclear plutonium storage on the basis 
proliferation. that, in the case of separated 

They have called another meet- plutonium, something stronger 
ins in May. having agreed ihe than present safeguards ras 
basic idea should be developed needed. The UK plan is to work 
into proposals to be laid before out a practicable storage scheme 
governments, perhaps in another first, and then to tackle the 
two yeans. legal problems — not the other 

They have also agreed that ihe way round, 
place for international Countries taking part in the 
plutonium stores 'would be at meeting were : Argentina, 

commercial reprocessing plants Australia, Belgium. Brazil, 
for spent nuclear fuel — such Canada. Denmark, Egypt Fin- 
ns at Windscale in Britain or at land, France, West Germany. 
La Hague in France — and pos- India. Italy, Japan. Mexico, 
sibly at fuel fabrications Netherlands. Pakistan. Poland, 
factories. Spain, Sweden, UK and the U.S. 

The meeting fnllowed the cir- The USSR and the EEC 
culation, by Dr. Sigvard Eklund. attended as observers. 


Big increase in office 
building in South-east 


BY JOHN BRENNAN, PROPERTY CORRESPONDENT 


NEW OFFICE development has of more than 30,000 sq ft in the 
increased greately in the South- Greater London and South-east 
east, according to figures region. 

published yesterday. In the third quarter of 1978, 54 

The Environment Department's such permits were issued, 23 
review of Office Development more than in the corresponding 
Permits issued during the third period in 1977. 
quarter of 1978 shows that it Seventeen related to office 

f ranted permission for building schemes in central London 
.2m sq ft of offices, compared totalling 3m sq ft, 20 were 
■with 3m sq ft in the third granted for 1.6m sq ft of new 
quarter of 1977, and a quarterly building in the Greater London 
average of 3.5m sq ft for 1977 as area and the rest, covering the 
a whole. South-east apart from the 

Office Development Permits are capital, added up to a further 
required for building any office 1.1m sq' ft of office developments. 


Product 

liability 

proposals 

criticised 


Guernsey Airlines flights start 


A NEW Guernsey-based air able as a back-up lo Guernsey 
carrier. Guernsey Airlines, has Airlines, which is expected to 
started operations. It is an off- become^lf-supporung in about 

shoot of the East Midlands Capt. Dadd said the company 
company Alidair, whose chair- was studying the possibility of 
man, Capt. Roger Dadd, lives in operating scheduled services 
Guernsey. The airline will con- from Guernsey, 
centrate initially on passenger Meanwhile a "substantial 

charier (lights between the amount n of charier work had 

Channel Islands, Ihe UK and the been secured for the coming 
Continent. year- including a contract worth 

Aircraft from Afidair's fleet £43,000 for a French tour 

of five Viscounts will be avail- operator. 


By Eric Short 

PKuPOSALS FOR extending 
manufacturers' liability for 
defective products were totally 
unreasonable. s*jd Sir John 
Melhven. director-general of the 
Confederaton of British Industry, 
last night 

He said nobody was denying 
tiie public the right to protection 
from unfair treatment by manu- 
facturers. As the first director 
general of fair trading, be had 
spent a lot of time telling the 
public about their rights in this 
respect. But the proposals that 
claimants should no longer have 
to prove, negligence when seek- 
ing compensation were short of 
natural justice. 

Under the EEC directive being 
canvassed, the producer would 
be liable for damage caused by 
a defect, whether or not he knew 
or could have known of the 
defect He .questioned the 
reason behind expecting that thft 
producer could have known. 

Sir John told the annual 
dinner of the Association of 
Insurance and Bisk Managers in 
Industry and Commerce, that he 
did not accept that the nature 
and size of (be nrobem had 
been adequately defined. The 
numbers involved were certainly 
small and he questioned the 
justification of any change in 
the law. 

Whatever happened. Sir John 
pointed out that business and 
industry would have to bear the 
costs, so the consumer would pay 
more and British goods would 
become less competitive abroad. 

He urged the Government and 
industry to act together to fix 
standards of safety and manu- 
facture. 

Mr. Dennis Farthing, chairman 
of the association, referred to 
the unwillingness of the London 
company market generally to 
provide manufacturers, particu- 
larly multinationals, with the 
insurance they needed and 
which they found best suited 
their needs. The result was that 
good and profitable insurance 
business was leaving the London 
market for overseas insurers. 


Rothmans factory in 
Spennymoor will 
provide 800 jobs 




BY DAVID CHURCHILL AND RHYS DAVID 


CARRERAS ROTHMANS turn in the market for. acrylic 

yesterday announced plans to yam, which has been affected, -fay 
open a 345,000 sq ft factory in imports and fashion changes. • 
Spennymoor. County Durham, . In October. Courtaulds an- 
providing up to 800 new jobs and nouneed that because, of a fur- 
enabling the company to meet ther weakening of -the acrylic 
rising demand at home and market it would also be 

abroad. forced to make cuts at the two 

The new factory has been pUm ' s with a 

acquired from Courtaulds and *°ss ' . Jobs. - 
although Rothmans is not dis- **»• union . s f ha ve come out 
closing how much the site cost, strongly against the company’s 
it admits that total investment P lan would involve a 

including new machinery will be reduction from seven-day to five- 

more than £20m. fr0I L f0U T t0 

When the factory is in full three shifts per- day They have 

production it is expected to pro- 
duce about 15bn cigarettes 

annually. These will mainly be ei H° urtauids exn '. 

for export, Rothmans said yester- P^ees at the site, 
day although the increased pro- °f al , Rothmans now 

duction would also be used to seems likely to offer Courtaulds 
meet rising UK demand. The ? w ®- v the 

company has about 14 per cent t° accept the job losses. Ratn- 
of the UK market. 1X13118 said yesterday it was pre- 

Rothmans' acquisition of the Pared to recruit locally 
Courtaulds factory has come at Our first priority will be the 
an opportune time for introduction of a comprehensive 
Courtaulds training programme to develop 

The factory was started by the new skills required to 
Courtaulds in 1973 and com- operate cigarette-making and 
pleted two years ago as the third packing machinery." 
stage in a big development of The new Rothmans factory will 
the Spennymoor site as a be the company's fifth in the 1 UK 
worsted yarn centre. Two years ago it opened its 

But the factory was never fourth factory, at Darlington,, by 
brought fully into operation by acquiring the site from another 
Courtaulds because of a down- textile group, Coats Paion. 


One in two houses 
has central heating 


BY MAURICE SAMUELSON 


Project will 
studv rural 
problems 


A TWO-YEAR project cdsting 
£55,000 is to study the relation- 
ship between national parks 
policy and rural community 
needs. 

The study, announced yester- 
day, will be sponsored by 
the Countryside Commission, 
Environment Department. 
Ministry of Agriculture. 
Fisheries and Food and the 
English Tourist Board. 


MORE THAN half the house- holds nationwide, are that 
holds in Britain have central average expenditure by London 
beating, well over half have tele- households was slightly more 
phones and cars, and three- than £80 a wek, Hi per cent 
quarters have a ' washing higher than the national 
machine, according to a survey average. The proportion spent 
of family expenditure by the on housing in Greater London 
Department of Employment was more than 17 per cent of 

It is the first time that more total expenditure, compared with 
than half the households have 14 per cent in rural areas, 
had central heating, according to More than half the sample — 
the survey of last year's spend- 50.7 per cent-— either owned or 
ing, which puts the proportion were* buying their homes, show- 
at 50.8, a rise of 3.7 per pent over ing little change from. 1976. 

1976. Yorkshire and Humberside 

Households’ spending increased spent most on fish and chips, 
last year by a A average of £10.14 Northern Ireland households 
a week, or 16.4 per cent, to reach spent most on fuel, light and 
£71.84 a week. ■ Average gross power.- 

household income' was £93 per People aged 65 or over, living 
wek, £75.27 net after: deductions on their own. spent on average 
for tax and national insurance about £26 a week, but almost SS 
contributions. This is an increase per cent went on housing and 
of about £9.50 on 1976, or 14J fuel, compared with 20 per cent 
per cenL in the average household. 

Other finding*, based on a Family Expenditure Survey, 
sample of more than-LOOO house-, 1977. SO; £4.75. 



BY KEVIN DONE, ENERGY CORRESPONDENT 


GOVERNMENT approval for de- . as the mixture of crudes that 120m-130m cubic feet a day. how- 
veloping two important North could be Fed into the line and ever. . ; ^ n . 
Sea energy discoveries has been whaf capacity would be. alto. B? sai f 
delayed by the Energy Depart- rated to the various fields.-. iaatum of 

meat's: anxiety over means af The Magnus Field, which .is -leg g aip ipel^^de^ded oaAhe 
recovering their oil and gas.'T ' expected to cost' more' than- Department _ ana on 
The Department is seeking to *l-3bn to. develop should be pro- Ctnpmstom^ There had been 



confrontation: on the issue: 


co-ordinate more closely in ducing l^.QOO _barrel s i ^CTude {. ht > Magnus - 

SStTfe’fTy °Brit^ de ;eSj: a 1 2? ^ e t4 a e?however, it development is expertei by , 

leuxn’s Magnus and Phillips 
Petroleum’s Maureen Fields, td-'i&s 


Magnus and Phillips -*iK be producing SOmci^t e ^6thSr*s& of negotiations is ; 
n’s Maureen Fields, to ^ * a SSrt thi also in progress, fo? a western 
maximum recovery §£5“bt Wfch to £e leg extension- *as M 

plan for exploiting line, 


ensure 
BP'S 

Magnus, North Sea’s northern 
commercial discovery. 


to recover associated: gas ~ 
from fields such as Nlnianj 
Heather and Cormorant : ' . . . .; 

Approval for the -Museum de- 


most commercial discovery, a TVLwrn+Iatinnc 

thought to have proved broadly lYegOtianOIlS .. 

acceptable. But the Government The Department wants Magnus velop.meul mighty take -longer. 
is seeking strong assurances t0 gorm part of a northern leg The Department 'would -Uketo j 
from BP that associated gas .yffneinn to the Brent gas pipe- see ; oil . recovered from- the-.: 
from the field will he piped into but hds met difficulties over Maureen Field by pipeline ratter -j 
the Brent gas trunk line leading 'timme. of negotiations with /.than, by - offshore loading -into ^ 
to St. Fergus, Grampian. companies operating otter 'fields tankers. ‘ . j ..... • 

BP plans to produce oil from ^ the area. , Yttie Maureen Eipld_ alone ^ not .. . 

Magnus through a pipeline link _ . lh thern leg an jostifya pip^ide..^ 

to the Ninian crude oil trunk . To ™. ake ,h ® jS link to shore or to .existing trunk.; i. 

tineto Sullom Voe in the Shet- economic proposition it lines such asBFsForties line or j 

lands necessary to Occidental's Piper-Claymore^ 

■ The Brent System oil pipeline. assoc ^l ed T^ r ,? Fi e idf N^nti- pii>d ^£' . - ' I- >.«. 

which also leads to Sullom Voe, *°n and Thistle Fi^ N^oti ... llF . -fl, e -medium- Jera, -othnwt 
is closer to the Magnus Field, ations are far from complete. finds m ^ area might be deveL ? 
but BP maintains that there are If other reserves discovered in ..oped, such as r .Phillips’. Tom- f; 
strong reasons for building the the Thistle Field block are de- Thelma discovery. But the De- f 
spur to the Ninian line. veloped. the northern leg pipe- partment must decide whether.-'. 

It operates the Ninian pipe- linemight eventually take a peak to delay developmentsnowor to 
line and bolds a stake in the of about 200m cubic feet of gas insist on ofl companies' taking on . T 
Ninian Field. A link to that a day. More likely production single Projects on an unecoumioc V 
system would simplify negoti- from the Magnus. Murchison and basis in the hope that other de- . - 
ations over such difficult matters Thistle Fields alone would be vetopments will' follow. - 


-^•4 1 


\iici^ r L ’ 


Government may act to saye 
jobs at Marathon 


■ _ . . . 




/ •• 


BY RAY PERMAN. SCOTTISH CORRESPONDENT 


Machine tool home 
orders up 28 % 


THE GOVERNMENT Is con- 
sidering faking a speculative 
risk to save jobs at Marallura 
Shipbuilder's oil rig construc- 
tion yard on the Clyde; for tike 
second time in two years. 

Although It is not prepared 
to go as far as it did In 1976- 
when. through the British 
National Oil Corporation, ft : 
ordered a rig which was later 
sold to Penrod Drilling, the- 
Government does not want to 
see the yard dose. . - 

Ministers and officials of the 
Energy Department and the : 
Scottish Economic Planning/ 
Department have approached.' 
BNOC, British Gas and. the';: 
National Coal Board to' ask/, 
them to consider placing a-’/ 
joint order. 

They were told the Govern-/. |- 
raent — probably through (he 
Industry Act — win underwrite 
losses on the rig for periods 
when the three nationalised 
corporations are unable to^hse 
it or find outside charters.?' 

. / 


.The plan is still iq- Its early 
stages and has not been con- 
sidered by the individual 
boards. 

-'.-.Mr. Ian Clark, . executive 
: director of BNOC said the cor- 
poration had told the Govern- 
ment it would not .'be in Its 
commercial interests to bay a 
' tig alone. However, it might be 
feasible with other bodies. 
/...Marathon, which., is U.S. 
owned, was set up with the 
-help of a £6m Government 
/loan In the former John Brown . 
..shipyard, following' the sit-fn 
at the collapsed Upper Clyde 
Shipbuilders. 

.. It has built nine threHeg- 
jack-up rigs, -which - - cost 
between film and £I9m. - 
•• The yard Is now finishing 
work on a second rig for 
/Penrod and has been unable to 
ifind farther orders. .1' 

Redundancies among the/ 
.rdtl'jO workers were' to have 
started next week, but have 
been delayed- until after the. 
New Year at the-prompting of 


.trades .unions who have been 
lobbying tiffe Government to 
save the yatd- 

The .Scottish ' Office Is 
anxious to avoid TUrtber . unem- 
ployment on Qydehank.- which 
' has been severely. . hit . by 
closures aid lay-offs, and the 
.Energy -Department' wants to 

preserve British expertise In 
the building of Jacfeup rigs. 
. However, the. renewed crisis at 
the yard has raised the . prob- 
lem of. :11s long-term, future. *. 

Marat&ou’s rtgs.are suitable 
only for shallow water drilling 
and. so are of ho use oh North 
. Sea oil fields. BSfOC and 
British. Gas -would be able to 
use them In . the ■ English 
Channel, where they have 
been allocated adjacent blocks, 
off the west coasts of jEhgbmd 
and Wales and oh the southern 
. North Sea gas fields^ _ 

.' Tile Coal Board . would have 
least nse fora rife It presently 
uses shins owned by 'Wiiupey 
seaiab for. its programme of 
Offshore drilling for coaL 


BY HAZEL DUFFY. INDUSTRIAL CORRESPONDENT 


THE STRENGTHENING home up during the latest three-month 
market for machine tools is period under review, with a rise 
reflected in the latest official of 6 per cent in net new orders 
figures for the industry pub- over the previous quarter. This 
lisbed in Trade and Industry represents an increase in real 
today. • terms. but Department of 

The value of new orders for Industry officials do not view It 
the home market in June! to as strong enough to establish a 

August period was 3 per rent fixTini trend- 

higher than for the previous Th e relative strength of the 
three month period, while orders home market comes after rising 
on hand were up by 6 per cent, investment expenditure hy 

Seasonal factors, however, have P ?n St SS' 

to be taken into account during Probably reflects \n part the 
this Denod various L.ovemment aid schemes 

On the more meaningful 12- lpC<3 

month comparison, home order 10 bnDe * f 0 ™ ard investment, 
books were 28 per cent higher The recovery in the machine 
than a year earlier. The total tool industry, reflected in sales 
order book showed an increase of 27 per cent higher than 12 
11 per cent, reflecting the fact months ago, is one of the more 
that orders on hand for exports marked in the mechanical en- 
in the latest quarter were 12 per Rineering sector. But it started 
cent beiow the June to August f roin a lower trough than for 
period last year. Orders overall, most of the rest of the sector, 
however, are still showing an in- Current indications in tlic 
crease, after taking price rises industry are that the recovery 
into account. will begin to level off towards 

Export orders began to pick the middle of next year. 


BL sales gain most from Ford dispute 


BY KENNETH GODDING, MOTOR INDUSTRY CORRESPONDENT 


EL WAS the biggest beneficiary in November 1977). market snare down to the 10.6 tics, as 1,493 were sold 1 In Audi, up from 3.54 per cent to 

in the UK from the Ford strike Although the other major per cent level of last year. November. 5.19 per cent, 

and in November its sbare of the Japanese importer. Toyota, As welt as BL — which had six Vauxhail's share was up from The Comecon countries boosted 

car market rose from just under throttled back on sales in out of the top 10 best-selling 8.87 to 10.47 per cent bur oyer their market share from 1.7 to 

22 per cent to 29.3 per cent. November and saw its market models in November, the other the 11 months its penetration is 3.25 per cent. 

Importers also continued to do share drop from 2 per cent to two domestic manufacturers, down from 9.1 to 8.19. The top 10 models in November 

well and foreign cars took 53.3 L42 per cent total Japanese Chrysler and Vauxball, benefited Common Market mantifac- and unit sales were: 1. BL Marina 
per cent of November sales— penetration rose from 9.79 per from the Ford dispute. turers accounted for 35.66 per 1 6,944 >; 2, BL Mini (5.871); 3 

onlv sliubtlv below the record cent to 10.26 per cent for Novem- Chrysler’!? market share moved cent of November sales against Vauxhall Chcvette (4.227); 4. 

53.S per cent in August this year, ber and from 10.80 per cent to up from 5.44 per rent to 10.23 33 per cent previously. Among Vauxhall Cavalier (4,1541: 5. 

Last November imported cars 11.09 per cent for the 11-month per cent and helped boost Its those making the greatest strides BL Allegro (3.907); 6, BL Prin- 

shared 46.7 per cent of the mar- period. percentage over the 11 months in percentage terms was Peugeot, cess (2,948): 7. Chrysler Alpine 

ket. There will have to be a severe from 5.89 to 6.93. The group's which moved up to a 3 per cent (2S76); 8. BL Maxi (2.800): 9. 

Tha ct-itictim frnm ihe Sneietv faJI ln sales in December if tte French-built Horizon is making market share (from 1.7 last Ford Escort (2,792); 10, BL Rover 

of 1 Motor Manufacturers and JaP anese “e to keep their an impact on the import slatis- November) and Volkswagen- saloon (2.518). 

Last November Ford .sold 


BNOC takes majority interest 
in two North Sea operations 


') 


TWO MORE oil Companies — Eastern in the North Sea. But the Department adddd that 

Amerada Hess ' and Texas The corporation will -now further agreements might have 
Eastern — yesterday signed become a co-licensee with the to. Be negotiated if companies 
, l, _ D v two companies and will have an make 
agreements giving the British „„ *11 


new commercial dis- 

.. , „ _ .. effective voice and vote* on all coyeries under firsjt to fourth 

National Ou Corporation operating committees. - round licences - — discoveries 

majority participation in those The Department of Energy not already covered fay partid- 
Norib Sea commercial interests said yesterday that the corpora- pation agreements, 
which they hold under first lo tion had completed the “ major _ Amerada • and Texas Eastern 
fourth round licences. 


task" of . negotiating participa- |iave interests, in. 16 first* to 
tion agreements with companies fourth round licences. Significant 
The agreement will give the that have actual or prospective discoveries in which they are 
corporation an option on up to commercial fields under first to associated include -.the Fuhnar 
51 per cent of petroleum produo- fourth round licences. * ' (extension), - Hutton and North 

tion against payment of market It said definitive participation West Hutton oilfields and the 
price. But the 51 per cent in- agreements bad been signed with Leman Bank; Indefatigable and 
terest will he reduced, where a total oH>2 companies, providing- Rough gasfields.- They are also 
appropriate, to take account of for majority state participation associated in the Beryl and 
the interests of the British Gas in all the present commercial ?#mtrose fields, for which par- 
Corporation, which is in partner- fields on the UK continental tici pation agreements . were 
ship with Amerada and Texas shelf. . signed earlier this year 


. -i'iJ' j » * n?u 

ir- y, ‘ v u t 


■ Hi iu r ; rn 


Improved 

Sunbeam 


m spring 

By Kenneth Gooding 


Traders issued today, show that 
many customers are willing to 
wait for Ford cars. As a result, 
November registrations, at 
100,715, were not so buoyant as 
in some previous months and 
showed a 5.24 per cent advance 
on the same month a year ago. 

It is now almost certain that 
this year's car will not match th» 
1973 peak of 1.66m but will turn 
out to he right in line with the 
society's forecast of around 1.6m. 

In the first 11 months, regis- 
trations reached 1.530 321 — a 
jump of 21 per cent on the cor- 
responding period of 1977. 

Ford’s share of the market in 
November, at 5.82 per cent 
(down from 2S.56 per cent in 
November 1977), was below that 
of Datsun. the leading importer 
with 6.08 per cent (5211 per cent 


UK CAR REGISTRATIONS 



November 


10 months to end of November 


1978 

% 

1977 

% 

1978 

% • 

1977 

%. 

Ford” 

5.858 

SA2 

27.336 

2836 

381,897 

24.96 

324,457 

7SJO 

BL* 

29^15 

29J1- 

21.040 

21.99 

357,517 

2336 

308,229 

2US 

VauxhaH* 

10.548 

10.47 

8,488 

8.87 

125,301 

8.19 

115,208 

. 9.10 

Chrysler* 

10J99 

1003 

5,203 

5.4 4 

1064176 

6.93 

74.540 

5^9 

Total British 

47.071 

46.74 

51.010 

-53J0 

778,122 

SOSO 

690.990 

54.60 

Datsun 

6,128 

6J» 

4,989 

5J1 

994)02 

6A7 

80,906 

6J9 

Fiat 

5J30 

5J9 

5.101 

533 

69,418 

4S4 

62,011 

4^8 

Renault 

5,261 

5J2 

3,944 

4.14 

66J40 

434 

51458 

4J.6 

VW/Audi 

5.225 

5.19 

3,387 

3^4 

60.397 

3.95 

43.969 

*** 

Total importsf 

53>44 - 

53.26 

44,609 

46.70 

752,199 

49.15 

574,651 

45.40 

• IikMh can from companies’ 

Conti Rental associates "Wi arc not 

included in total. UK flpw. 



t Includes Imports from all aourecs, indudiq on from Cotitincntal mudiw of UK anpOM. 




10.000 Co rt in as and 8.000 Escorts 
— an indication of the gap in the 
market this year. 

• The Ford dispute is also 
reflected In UK vehicle produc- 
tion figures from the Department 
of Industry today. 

The seasonally adjusted output 
of cars for November was 54.000. 
a 48 per cent, drop from the 

104.000 in November last year. 
The fall in commercial vehicle 
production was 24.4 per cent 
between November 1977 and this 
November, when 22.600 vehicles 
were produced. 

The downturn in car produc- 
tion in November was also 
affected fay the troubles at BL’s 
Drews Lane components plant, 
■which hit output at some Austin 
Morris factories. 


sion of the Chrysler Sunbeam 
powered by a 2.2 .litre Lotus en- 
ine will be on the road in 
Europe hy -next spring. 

Vo kune production is sched- 
uled for t)ie new year, and 
contract between Chrysler UK 
and Lotus calls for more than 
4,000 cars over three years. 

Bodies'wnll be built at Linwood 
and Lotus engines and gearboxes 
wild be fitted to a -car which 
should attract a wade European 
following. • , 

The price wilt be between 
£5.000 and £6,000 and will attack 
the same market segment as the 
Ford Mexico. 

Pre-production models have 
been built and are being tested. 

Mr. Cotin Chapman, chairman 
of Lotus Cars, said yesterday: 
'* We are pleaied to be co-operat 
ing with Chrysler over the 
development and production of 
this very exciting -road car. The 
combination of llie Sunbeam's 
good road-holding and handling 
with our power unit snakes a 
very exciting, but refined, small 
saloon.'’ 


Perstorp resin 
plant running 


A PHENOLIC resin plant, the 
first phase of Perstorp 
Ferguson’s £4m investment pro- 
gramme at Aycliffe, Durham, Is 
bn stream. 

The second phase, building a 

moulding compounds plant, is to 
start immediately and should 
come on stream in about. 15 
months. It will provide jobs for 
60 people. 


Rare stamps fetch 
£747,430 at Gibbons 


THE LONDON salerooms were for £12,000. and a' polychrome 
exceptionally busy yesterday, boulle and ebony armoire for . 
Perhaps the greatest achieve- £11,500. 

ment was at Stanley Gibbons At the Wednesday evening aucr ' 
where rare stamps were sold for tion of . contemporary art at 
£747.430. m its most valuable Christie's, which made £392,950, 
one-day sale ever. The top price Jean Dubuffet’s “Banc de Pros* 
was £47,500 for the finest known perite” sold for £35,000 to s 
example of an unused 1861 Cape private West German collector, 
of Good Hope 4d vermilion error . Lichtenstein’s “Modent 
of colour.- Painting. Not 1 “ weptfor £28,000 

One of the world's top ten Alberto BurtTs “Combus- 
phtiatellie rarities — a cover sent tiona Flastica” for £24,000. 'A.-.: 
to Loadon in 1862 and bearing - =_ 


let 


two of the 4dl 1857-59 Ceylon 
stamps and a Id deep blue, made 
£19.000. . 

The same sum secured the five 
best values on blocks of four of 
American stamps issued iu 1893 
to mark the 400th anniversary of 


SALEROOM 

BY ANTONY THORN CROFT 


\i e swa tw «***' Sam 

it' “ Rm4 


Pm 

01 


an envelope sent to Bordeaux ^ 

and bearing an 1848 Mauritius 2d 

stamp made £18,000. An unused < i a ^ ei 7 

corner block of 18 UK 1841 1 red ^ Antom 
brown stamps fetched £14,000 T v ~ 

from a British collector. ' . hB ^ t ‘ 

in a sale of Old Master draw- tf Vteto&Sf 

"tes at Soapy’s, which totalled 

£121.075, the Los Angeles County- LeSrt ^lS^^r 
Museum paid- £16,000, plus tiff SaJSSSJSS.-: 

10 per cent buyer’s premium, for Jo? JmxtSSShthS 

Gio- ,ba ‘ » A 

vanni Piazretta o' * " 

other figures sold 

an ink drawing of a reclining £420. 

woman and h youth by II ParraJ-. A sleigh, drawn by horse or ; 
gtanmo .unearthed an a Torquay reindeer,- , -ahd :■ probably : ■ of 
discovery ” event, sold - for Eastern European - origin,- circa :•..■? -i 
' IBM. sold fbr i^eO m a eale at- 

At Christie s. furniture totalled- Phillips. : 

£286,725 . with French - dealers . in, contrast; for. the more ele- -0 
, t0 ^P riw 'Was; Sant iraveller.- and deibrib'ed as - r .v r 
£16.500 -tor n Louis XIV ormolu “ ideal for -the-:-:fastr:- to6y ing ^ - 

mounted barometer and match- gentieraaa." a 1333^ RbH&Royce' - ^ 


. ----- --- sale also: -incTuded ^. small 

Xiv^ marquetry bureau - mazaria collection of 29 Victorian ili eese 
in the style oiji* C. Boulle sold dishes which made £lX3-: - 



O 


V- V ■ 



nt 




4978 


wjSfVV 


"!at B - 

■ : y* 


HOME NEWS 






^rtj ay J\ 
A _ 


ar.5| C ^a*JS 
*a -.rST- 




V «5^- 

it? «* „ “* 4/ 

*■ r-: ; ,Jr j*£. 

B-3{ 

j ,. S -Cr . * 

J L.w. <=? 


pj BUILDING ;C<^ESl^J«iNnr - . 


wine sales 


-^S^‘ ,: Q!EiNQ^0 J fte‘ home .losn^Tdperatbig as w? have in the past 
■ xlreid^uRto £8bit. &.- .y«v,.^ iU^The growinfi use 7 qf rAocle ties by 


V; 

.V^ ?r. 


.... , ^ 




7 -' :■ fc *•' * >■'.•■ 


•** ‘■-' - 


. '• ?a.i : ;:):*C 
;.:?- s;;y.v 

.", , _ -wt •, , ' 

•• iT-ii-. *Cd- 


c-j ^ " 9; 
' ‘ ’ ■ •=■* ‘irw^ 


3' 1 Mf ''Aian : fti^£:4bi& b «enfiSlt' ’surprising that oi(ey ..axe con- 

J.- w> 

! “ SSfc-l- are 

*Z -'-i, r \L- ■■ " • : i‘ ii .declared ';.’ their “home loan 

.He.sild. the'Srowlh.of •Societies services — 
was -"qne rof'. fee ; §re>L succesa-y not -'suggest the societies' 

•fftoi3ES t T3r.-.t6ft- financial: frart^iauc role;ia the mortgage fielrt 
- enabling pVner^occnpatlon to rise- change but "'I foresee an 

fnftnyWper cent ; per cent -intensification of competition for 
srncjB. -1969; But; s oci_etjes could f he funds we nee'd to finance our 
.ft of -sffor $ : to become comp lace nt ; j en dijjg : 

and": lie, defected signi that this . “Societies niust maintain their 
could happening; • -.-. 10 . 1 .growth but tir. a '/ar more coin- 


By Our Consumer Affairs 
Correspondent 

BUMPER CHRISTMAS wine 
sales were forecast yesterday 
by the Wine and Spirit Associa- 
tion.' Sales In the fast quarter 
of 1978 could reach 200m 
bottles Of wine, compared with 
a boat 175m in the last quarter 
of 1977, the association said 

yesterday. 

The Christmas boom, how- 
ever, follows slightly depressed 
autumn wine sales. The asso- 
ciation said that the Septem- 
ber Customs and Excise 
statistics for wine duty paid 
showed an Increase of just 
over 6 per cent compared with 
1977. 


- ir** - 


-‘Htfe/jjwrt asi( whether we can petlllve atmosphere^ That* I fee), 
.cbntijwe: to: prosper if we- go on ' means change." - 


save 


i^ucMr energy chief 
difidses Shore J 


J.C . : BY DAVJD flSHtOCK, SCIENCE EDITOR 




<■*?*£ . ■ 

•V 


T-'r •-'** t 
“■ l V tort** 

?n ; -‘^ssl 

_ ‘-'..rrU 

“ • *i>*r , ll u , 


2 

'e- £p 

- * ■ «.v.. 


.... •- 

"i n*> u— a* 
-••■■! - S»\fK- L" 


’• e- 

V r.< :-?* u r y 7i 


•' irs 

=;i,! •■" -CCS; 


•- •> - as* 


terest 


TETE .GOVERNMfcNT would be 
wrong, ' sihgfe out nuclear 
Energy lor special treatment, in 
tennsr-of public inquiries, on the 
basis ' W its sa fety •'■ record dr. 
.-scale J -of : "investment,; a nuclear 
industry; leaded palmed; yester- 
day. •' ■’ ■.'^ J ■ --- • ' . 

Mr. ' Ckm Allday, , managing 
director'dfBrithih Nuclear Fuels, 
criticise d '^thC suggestrori . -made 
by Mr.' Peter Bhore'^nvirqtunent 
Secretary, -j !py September, ^- that 
major nuclear innovations might 

need; it differ^ ^-category : of 

.. public:- inquiry ^Iropi otter Imust . 
trial projects.- :.r " V' 

_Addrepsrng the' Brittsh Nuclear 
En ergy S>ci ety. ih .Mhndon . he, 
said tfiat pcither fh'.its safety 
record -nor fin ‘forecast,- expehclt- 
rure was: $te . nuclear , .industry 
■wbrsd than any. other, '? •.- 

- -He ‘Also accused the- poye_rn- 
ment of illpwing flie nation ; to 

- squander - f os^il-fued- : resources, 
“•unnecessarity - - .and- ■• irre- 
sponsibly." while neglecting., tor. 

Tj&Jmiddy. Cbyefrn- 
raenfs bwti stuaues to' show, that : 

the rlste^ .oY a Tteior huciear 
accident are shfeht, that : ttie ton- 
sequences are not likely .to be 
catastrophic, and that. other -an- 
dustrial xisks.-arc piUch, greater 
' *v-'\ .» '■ -a 


ons 


The . -Energy Deparfmenl- hpu 
- forecast ’ Britain would ; sgftnd-. 
£20bn : on nuclear stations, by 
end"’, of the ! '-century, bpt>the ' 
British xhemical ind ust^r. plan- 
.neit to spend pverthe. next. 
thr6e : years, and the ^stimated 
^xpenditsre* on . .Norti? :Bfea w7.- 
< waS £25t>n .betweed^BT&E©.-. 

Jflr. -ADday p a id^ tribute to" Mr.".. 
Shore £ot 'thi AU&He had tateh" 


to “keep our- constitutional pro- 
cedures and TeafibX»sibi]itiM> cor- 
rect" in ihe cpse of the Wind- 
scale inquiry, iirtoJte company's 
expansion plana,^ 'PWiey inquiries, 
he believed, eduldr contribute to 
—but not detprmme-^Goveni- 
ment policy. ■ 

“A policy in^ty 'can perhaps 
fulfil in a rdfbftCWCk. and busi- 
nesslike m:uiner^4^;:,fraditionaI 
role of a Royar^rohaission." 

While not °^g^tine that 

.Royal. Commis^Ste.; could be 
done done away wife’ an inquiry 
: jcould perhaps deffi^irith a. policy 
issue needing a'^Fiy quick de- 
cision “ and cognr- 

. sauce of and pricer. 9 feel ' 
for public opinion*!) alter than 
could a Royal CojEoission/' 

' ^The danger ’ w^that vocal 
minority views w^- interpreted 
as public .opinion a:. . . 

The most imports&Iunct ion of 
«.J)oiicy inqwupy v»£to demon- 
- strqte.that alUaspecejtf f an issue 
had been- aired- delated and 
tested ^5 public -be fteRWiyfdcc:- 
aloid ' Was taken. he led 

ais .r isafety. valve for^opjmsitian. 

Much-’ has ./bee^naade of the 
.-yalyeM WuadscMe in this regird 
•abO thins it#s inrportant" \ 
'• ^fr. AW&a^djd not believe a 
dpeislnn/io^go ahead with a de- 
jSoPsiigftjpiV fast breeder reactor 
^represented a major policy step 
‘ fer but the Government 

hac^proraised an inquiry. 

fle’ would not expect a policy 
igqpiry. to .'precede demonstra- 
' ciOns’ of wave or wind energy. 
But; he would expect close public 
■scrutiny of the “ implications, 
-economics, risks and depend? 
ability of any proposal to make 
.Britain dependent to any large 
.’■extent on wind, wave or solar 
energy." 


This is slightly below the 
moving annual total of more 
than 7 per cent up on last year, 
the association pointed out, 
although total market growl h 
in 1978 is about a fifth more 
than last year. 

Mr. Vincent Larvait. deputy 
chairman of the association, 
said: "The sharp rise in 
Angust bad been expected to 
carry over its effect into Sep- 
tember. 

** Wine merchants with 
reasonable slock levels held 
back on new orders until 
October's build-up for the pre- 
Christmas trade." 

But reports reaching (he 
association from all parts of 
Uie country' indicated that total 
volume sales would show a 
substantial advance this year. 

“Consumers dearly intend 
to enjoy Christmas." Research 
carried ont by the association 
had shown that (he light wine 
sector in particular was prov- 
ing popular this year. 


Agreement 
on £20m 


.fund ion nt | 
;ito demon- ! 
&f an issue I 
abated - and j 


docks plan 


By. John Brennan. 

Property Correspondent 

> • 

AGREEMENT has been reached 
on. 1 .plans for a £20m plus 


redevelopment of 50 acres of 
Liverpool's South docks. 

Meisfcy Docks and Harbour 
Company lias agreed the terms 
for a 125\year lease on the site 
with a consortium of financial 
institutions^ backing Gers’d 
Zisman Associate's, llie develop- 
ment' consultants. 

Zisraan had spent IS months 
discussing its plans fnr the 
Albert, Salthouse and Canning 
Docks area south of Pier Head 
with fee dock company. 

• At this stage, agreement "in 
principle"’ has been reached 
and a formal lease giving the 
dock company, “ continued par- 
ticipation in the increasing 
benefits from the progressive 
development of the three docks “ 
'is. expected to be .signed early 
next year. 

This agreement has been made 
just two months after Mersey- 
side Couniy Council announced 
plans to buy the whole 400 acre 
site from the Docks company. 

The county council said yes- 
terday feat it “is de lighted' to 
know of any proposals that are 
designed to promote private in- 
vestment in ' the derelict dock 
estate," 

Yesterday's news of the Zis- 
tnan Dock -Company's agreement 
will not. however, affect the 
council's negotiations lo acquire 
-the whole of the dockland area. 
\ The development consortium 
is planning a trade, (industrial 
and export centre. It would take 
at least five years lo complete, 
and involves filling in the Albert 
Dock to create car parking,. buiMd- 
sing offices, shops and -leisure faci- 
lities, and renovating warehouses. 


British Council spends 


ms 


K THE'^BRiTlSH ’ Cornell spent 
r . i77.8ra in the year to March 31, 
g 8& per cent of H public money, 
c. In the .previous year it- spent 

I ' m.7mr 

Tb at eme rg es froor the 1977-78 

* .annual report of 'the : council. 
5. which exisle to. promote the 
f . English language abroad and to 
g ■ develop/^: loser cultural relation.- 
I ' 'ships with other nations. • ■/. 

V The biggest item oh the hill 
“: T was- £2SJm spent on schoJar- 
1 ships and courses. Salaries and 
^'...allowances -for .-staff' overseas 
£ accounted for £17m and for.staff 
l in the VK, £10Am. 
f'-V' The council expects to ■ spend 
H about £P3.Sm in 197S-7B and 

* >£101 Jim; in 197*80. - - • 

. In .his ■ introduction ;tb the 


report. Sir John Llewellyn. 
director-general, says: "Tte 
expansion of revenue-funded, 
teaching of English has enabled 
"us to reach a wider public ov'ex- 
,-seas. New. operations have been 
started or are about to start'_.in. 
Costa Rica, Ecuador, the Federal' 
-Republic of Germany. Sfega-. 
pore. .Syria and Venezuela. 1 ' r • - 
-..-Education, he adds, is an ev^r- 
- expanding market "in which' we 
can complement and assist 
normal trade contacts — as we 
have- long done in relation 7 fo 
the book trade— to the benefit of 
■the- overseas customer and .'fee; 
trade itself.". .- •’ . 

. The British Council — Animal 
■Report 1977-78; JO, Spring 
Gardens, London, S.WJ. . 




private seniees use 
Post Office lines— report 


sr /OMN Lloyd ; 


r COMMERCIAL t ENTERPRISER allowed to bid for licences jo. 
should be allowed- to use. Post operate private services .over 
Office- lines for private services Post Office lines. .... 

and more public money should' • . The report recommends- estab- 
r he put into speeding the -intro*, llshln’g a digitally based data 
;■ duction of networks carrying network. At present, data ,tzan$, 
computer Informatfon. ' the missions from -computers must 

- Department" of- Industry says in. be translated- from digital ferm 
a L, DOr v today- t0 analogue form by a modem 

The iecolmaeQ.dations are before -entry 'into thy ne 
'■ from th* National Committee on a®d re-translated where they. are. 
' ■ Computer Networks, set yp in received. . 
f’ May. 3976. by. Mr. Eric Vartey. r . . . ' > , 

' Industry Secretary,' : to advise JbXpDnilieill ■-'... 

: him on the need for. public ^ new services should pro- 
..eompiiter -networks^ ^in -the uk Tjdeftrr circuit switchhis* leased 
; - its report says that the ne™ services and packet switching, In 
' for a public service is W hich data. is broken down into 
“important and. urgent" ana » packets ” and. routed threagh 
that. : the - telteommumcations whatever circuits are available. 

" 4-Ua r!hirdPffTnonr j' 


Uldt . " — — VfJQitWVCr VUL'UUA 

". authoritiM-— the ■_ Government The Post DflSce has introduced 
and .the •.‘Post-..' Office— must packet ^ ^switching experimentally, 
become . “'enterprising. • ana Circuit switching is the normal 
. - . . • method of using one. line cqn.- 
It emphasises, that. i a. more tinuously 'for one transmission^ 
- liberal Attitude,- should he. taken Howe » er the report says, the 
h'y fee Past^ffiM towards attach- p ost office view is that a •-full* 

S d§ifel network will not he 


tSEfin by tbe e,^ ■ 


*• i — - phased on oy iDe.ea* _v. 

ihtfSfd he With ...those constraints in 


‘mind, the report argues that 1 
“ contributions from national . 
funds should be sought if it can I 
be shown that this would speed j 
the provision and use of these i 
facilities." 

■'. To 'attract increased business 
.use of a data network, it recom- 
mends that tariffs .should be 
cheap and unrelated to distance 
■^between users in fee UK.' 

- The Post Office said last night 
that while it was required by law, 
to exercise a monopoly in tele- 
communications, it issued 
•licences to private companies to 
operate in those areas where it 
could not or did not wish to offer 
a service. 

■ A free market in data trans- 
'raission would have meant either 
a. jumble of different standards 
or the large multinational cora- 
jpanies imposing their standards, 
-cutting out smaller companies. 

Relations wife customers were 
generally good, especially since 
the corporation had a number 
of trained personnel up and down 
fee country handling data users’ 
problems. However, there bad 
not yet emerged an identifiable 
.users* group which could frame 
and present users' demands. 






Christmas 
forecast 
of bumper 


THE FUTURE OF BRITISH SHIPBUILDERS 


Continued Government aid needed 


BT- IAN HARGREAVES, TRANSPORT CORRESPONDENT 


BRITISH SHIPBUILDERS' cor- 
porate plan makes it clear that 
whichever option it and the 
Government choose for -the 
future, there will be heavy costs 
in terms of financial support and 
lost jobs. 

. It points out that between 1972 
and 197S. fee industry cost the 
government £20lni in direct ex- 
penditure and £22Sm in financing 
credit to shipowners who ordered 
ships in British yards. 

The industry Is expected lo 
continue to depend heavily upon 
orders from British owners, who 
provided between 64 and 77 per 
cent of (he work In the past 20 
years. Some major companies, 
such as Cammell Laird, Swan 
Hunter and Scott Lithgow, have 
depended almost entirely upon 
domestic orders. 

On the warship side, the 
Ministry of Defence currently 
accounts for 82 per cent of the 
order bonk, compared with 65 to 
70 per cent five years ago. 

The domestic market has also 
accounted recently for almost 90 
per cent of British Shipbuilders* 
marine engine activities and m 
the ship repair sector, most com- 
panies rely no business from 
British owners, with the excep- 
| tloD nf Falmouth Dock. 45 per 
cent of whose work has been for 
, foreign customers. 

The plan then lakes these 
sectors separately, describing 
ranges of options and preferred 
solutions. 

MERCHANT SHIPBUILDING: 
British Shipbuilders currently 
employs 23,000 men in the sector 
with an output capacity of 
830.000 compensated gross regis- 
tered tons a year. Of this 580.000 
egrt comes from the large and 
medium-sized yards and 50,000 
egrt from the small yards. 

Taken as whole, these yards 
are “among the least productive 
of major shipbuilding countries." 
with au output of Ifi egrt per 
employee per year. This is 50 
per cent worse than typical West 
European ratios and even further 
behind Scandinavia and Far 
Eastern performance. 

Financial performance has also 


deteriorated, in recent years— i « ; v 

with turnover down 16 per cent ? " ■ 
in constant price terms in the 
three years before nationalisa- 

Delivery performance had also 

deteriorated in the last five JJg|. '"MCr 

years and improvement on de- 

livery times was an important VffC.' 

factor in restoring shipowners' JKLiateSk 

confidence. Mm 

The Government’s require- -ii ***** ... 

merit .to keep losses within £45m '"&& j“ ~ V- .aBl- 

this year, and ijgbi overdraft jpt ■ WmL ' 

limits, will restrict opportunities. : „■ Tt. 

to improve efficiency through =. ^ mmImPI*" -aailBK i "■ 
capital spending, so other means '. ■ .4 

have to' be found of .securing 

improvements. i.~." .-.•InKa . a 

Four options, already widely ■; t \, A B 

reported in outline, were con- jmj j 

sidered for (be sector, rancins Jsm 

from' retaininc all existing Mim 

capacity at an inten'ention fund JR - '■ " 

cost of £1. 185m in the next five 

years to shutting down all mer- jfioML Jjftlfi&M'i-S 

Chant facilities except those 

required fnr natinn.il strategic MuvE CAaEi 

purposes at a cost of £183m — of British Shipbuilders 

but with the |n« s of 24.000 jobs. 

The preferred option strikes ; n fhp fi na j decisions, which will 
middle ground, calling for a 35 f orm ^e subject of action plans 
J ce , :° du f" D 0 " J, 1 ! ca P ac, D' to within major production centres. 
430m ergt in 19801-81. increasing Recently modernised facilities 
1? 10 csn - . Al>0ut were likely to be retained and 

12.300 jobs would he lost in mer- «- cerl am yards with poor facili- 
chant building in the next three tl - cs ant ]/or performance records 
3nd J. hp ox ’ ra ou,put have already been identified as 

1 S!2L* the corporation having limited potential." 

expects (he market to be Tbp future nf the small yards 

im T V Z-Z:r b ^ h,ev °? by would be influenced S th^ cor- 
nrnrfiictiviiv° nt Thi^ corporation's view that no struc- 
P r0 fiESi l 5-Rrt,T5“cS- ! tural world overcapacity exists in 

h»» C ff*ihP^fnrirt this sector. Some facilities would 

f fir Inni In nn^PPnt °f n a,so he ke P l ber ause they are 
? n( S, er e nl 3 '^ pcr cent ,n suitable as back-up warship 


19S3. 

The inlervenlinn fund cost is 


suilahle as back-up warship 
builders and because they pro- 


put at £44nm and. although it vidr sc °P e for Versification. 


is not mr-ntinned in fee plan, the NAVAL YARDS: The three 


corporation estimates that an- leading naval yards — Vickers 
other £40m will be needed for Vnsper Thorny croft and Yarrow 
redundancy costs. —have shown growth and profit- 

Although 12.300 jnh s would he ability in recent years, 
lost under the selected option. Between 19S2 and 19S3, thesp 
the plan says that fi.OQO of these three yeards expect to receive 
men might be redeployed into from the Royal Navy nrders for 
warship building and offshore ten destroy er/rrigates. nine mine 
oil work. counter measures vessels and six 

A number nr external studies submarines, in addition, there 
of productivity and facilities will be contracts for one com- 
have been commissioned to assist mand cruiser, four destroyer/ 


frigates, one seated operations 
vessel and .one underwater re- 
covery vessel for fee back-up 
warship yards — Cammell Laird, 
Swan Hunter and Scott Lithgow. 

Export orders are also expected 
and taking those with a better 
than 50 per cent chance of suc- 
cess. fee plan lists one aircraft 
carrier, four anti-mine -vessels. 26 
fast patrol craft, six hovercraft 
ane one submarine^ 

Warship yards also need heavy 
capital investment to meet the 
needs of a modern navy, hut the 
imposition of overdraft limits on 
the corporation means that “only 
expenditure tiems necessary For 
health and safety reasons or vital 
for continuation of business will 
be allowed in the short term." 
Postponement nf some projects 
will be necessary in the next two 
years. 

The main schemes affected are 
a £5lm Devonshire Dock devel- 
opment at Vickers, associated 
with the production nf a new 
conventional submarine and cur- 
rent nuclear submarine; the cov- 
ering of a dry dock at Yarrow, 
costing £4Jm. and modernisation 
at Vosper costing £4.Sm. 

Although employment is 
expected to remain constant at 
about 20.000 in these yards, im- 
provements m productivity are 
reaarded as necessary. 

The corporation wants the 
Government In case the terms on 
which it can sell warships abroad. 

ENGINE BUILDING: This 
involves six companies, three on 
the Clyde and three -in ihe 
North East, although it has 
already heen announced that 
Barclay Curie of Clydeside is 
withdrawing from marine engines 
to become a general engineer- 
ing concern. 

All these companies, except 
Hawthorn Leslie, made heavy 
losses in 19 k- 78 and. with the 
exception nr J. G. Kincaid, there 
has been little capital invest- 
ment. A review nf facilities has 
shown Barclay Curie and Dux- 
ford, Wcarside. to have fee worst 
equipment. 

Three options are put forward; 
1 continue with existing over- 
capacity and existing company 


structure, giving a financial 
break-even position: 2. amal- 
gamate Kincaid and Scolts 
Engi nerrins: allow Hawthorn 
Leslie to diversify into medium- 
speed engines, wife Clarke and 
NEM concentrating on Sulzer 
slow-speed engines, and Doxfnrd 
continuing to make ifs own 
engines; 3, close down Doxford 
and concentrate Doxford Engine 
production on Hawthorn Leslie. 

SHIP REPAIR: The four major 
groups— Tyne Shiprepair. River 
Thames. Vosper and Falmoulh — 
are expected to lose £14.4m this 
year— a substantial slice of the 
£45m Government target. British 
Shipbuilders' companies market 
share in the UK has fallen from 
46 per cent in 1974 to 39 per cent 

Jast year. Employment totals 
7.500. 

The chosen strategy is lo con- 
tinue operation at the six Tyoe 
yards and Brigham and Cowan 
at Hull. The future of Wallsenri 
Slipway Engineering is to bp 
decided at the end of this year. 
Capital spending of £6m will !«* 
allowed for the Tyne group 
increase fee amount of quay 
space available. 

River Thames Shiprepaircrs 
will probably face a more than 
halving nf its 1.100-strong labour 
force, sale of facilities at Felix- 
stowe. and closure of facilities .ti 
Gravesend and Sheerness, it 
will have a capital budget of 
11.5m. 

At Vosper Shiprcpairers on llie 
South Coast an attempt is being 
made to buy dry docks leased 
from fee British Transport Ducks 
Board. Capital spending of 
£4 .2m is proposed. 

Falmoulh Shiprepair has 
suffered frnm poor productivity 
and unstable labour relations 
and is expected to lose £3.2m on 
turnover of £6.4m this year. 

GENERAL ENGINEERING: 
This provides 15 per cent of 
British Shipbuilders turnover 
and occupies 10 per cent of 
the labour force. The strategy is 
to improve co-ordi nation hetween 
companies, to concentrate on 
high technology activities whore 
possible and lo improve produc- 
tivity. 


At Lloyds Bank International, 
everyth i ng we do 

adds up to one kindofbank 


Resourceful 


F I OK companies and 
other organisations 
who operate multi - 
nationally, Lloyds Bank 
International has many 
different resources to offer. 
Our strength is world-wide. It lies 
in the stalls of our people, backed 
by the t-loyds Bank Group assets 
oi £14 billion, our ability to 
mobilise funds quickly in a variety 
of currencies and in any part of 
the world, and our detailed 
knowledge of the international 
financial stage -the important 
people, the markets, die 
opportunities. All these add up to 
a depth of resources capable of 
solving your knottiest financial 
problem. 

Eurocurrency leaders 

One ofourmajorskiUs is putting 
together the right package of 
Eurocurrency finance tor our 
individual customers. In 1977 we 
managed forty syndicated loans 
totalling US $6 billion. In 1978 we 
have been one of the world s 
foremost banks in lead- managing 
syndicated Eurocurrency loans. 
*We are underwriters in over 8596 
of all Eurobond issues, and we are 
active as managers in this field. 

So you can see that whenever 
you need finance, it is worth- 
while asking us first about.getting 
the resources together 

Skills in major project 
financing 

Project: finance, -while it contains 
a very large funding element, 
callsforanability to mobilise a 
wider range of resources than 
purely financial ones. Feasibility 


studies, interpretation of 
technical data, empathy .with the 
non-banking experts invok ed in 
the project- our level of 





In addition, we atLBI have 
experts in the right places round 
the world with the local know- 
ledge to put resources together 
in exactly the right way This 
on-the-spot representation by 
skilled professional bankers is 
one of the major asSets of the 
bank. A major resource, if you like. 


our trust department helps you 
and your key intematipnally-based 
staff to solve a host of legal, 
taxation and insurance problems. 



‘f 


involvement in this complex 
aspect of finance is only marched 
by the skills we can bring to beat; 
Among major projects in which 
we have been involved are a 
large shipyard development in 
the Republic of Korea, an iron - 
ore mine in Brazil, an aluminium 
smelter in Dubai and a liquefied 
natural gas plant in Iran. 


All the services 
you need 

Supporting these key aspects of 
our world-wide activity are all the 
extra resources we offer in our foil 
range of banking services. For 
example, we tackle corporate 




urns 


1 




The ■“•.la'-n 0-ir.Jr !i-io»-rl?<lrir '••W* .- II ' ». ,.j r.-jt 

I, 1 Ir.p.r - I* • U^iflur., f— r^e-.rr, ih. fv. i 

I fult. --ll-Tl .1 Mf.ViUnyj.CC^U-XQ'.'.-Ti.ll tlli-'lIjBi 


LBI-the 

resourceful bank 


Export credit- 
the know-how 

Often a vital part of international 
financing is the provision of an 
export credit package, plus the 
necessary 1 guarantees. The Lloyds 
Bank Group holds around 25% 
of the market for foreign, currency 
export credits originatino^^^^ 


’IH*arrefirrr.i i- Krrr-ili-^.i.Jii-T tiwtunmiMij huiUi 
Kr 7 tn» en jnd k’nJtf > 


iw — n 

, » pi» w i ra rirtn it fwtf rfTEL nvifirMitJU'lltt. 


finance from an international 
point of view, helping you to raise 
capital iiv the most efficient way 
or to make the best use of die 
money you already have available. 
Here, our money management 
service plays a viral part, enabling 
corporate customers to use the 
banking systems of the world in a 
way that maximises return or 
minimises borrowing require- 
ments. Our investment services 
broaden the opportunities 
available to make the best use of 
your existing funds, either short- 
or long-term. And to complete 
the catalogue of the resources we 
have immediately on call for you, 


Think of resources in the broadest 
possible terms, and you’re 
drinking of Lloyds Bank 
International. People, skills, assets, 
in-depth knowledge, mobilisation 
of the latesr techniques and 
technology -we have them all 
And they add up to the sort of 
international bank we are. 
Resourceful. 



The Lloyds Bank Group has 500 
offices in all five continents, with, 
a. total of 15,000 employees 
outside tlieUK.Representationis 
particularly strong in all the major 
financial centres of the world. 



L LLOYDS BANK INTERNATIONAL 

■fc>vfe-, ... A member of theLfoyds Bank Group. 

International banking at its best 

IloyAB ar ik Tntematf o na l (Plead Office) ,4^^ Qoeoi Victoria Street (FO Box 241), London EC4P 4EL'Icfcphone OI-24S 9SZZ. Offices end subsidiaries in over 40 countries around the vrorii 




if;.- ft/. — ■ 


aa^i 









APPOINTMENTS 






APPIiCATIONS ABE INVITED FOR A ^ 

I NEW SENIOR POST 




'fir- 




Financial Controller 


..-. r 1 Young and Systems Orientated 

London, c. £9,000 + car 

■ • ' Our clients arc two fast growing, Well established the development of the companies control systems in this 

i' companies using a common jccuuniing function and fast moving environment, and a substantial contribution 
specialising in direct response mail order and reference to the organisations day to day management and future 
book publishing. Present combined turnover is £3M. business plans. It is expected that the successful candidate 
They arc part of a major and well known international will be appointed a director after an initial period, 
publishing group. Reporting to the Chief Executive, the Candidates aged 26 - 33 and qualified accountants must 
Financial Controller will take total responsibility for the have a good grasp of financial systems and will show a J 
financial control function of both companies, managing a broad appreciation of business gained in a . Jj-' 

small staff. Majur personal tasks will' include demanding commercial environment. _ 

. G.E. Forester ; Ref: 1 SI 89} FT. 

Male 'or female candidates should telephone in confidence for a Personal History Form to: 

LONDON: 01-734 6852, Sutherland House, 5J6 Argyll Street, W1E 6EZ. 


. s "W' : v • '■ -• 




AT THE 


London Group Headquarters 

'CJf OF AN IMPORTANT INTERNATIONAL 


or 


■ Y-”vp-'y- 


MANUFACFU RING GROUP 


Hogget t Bowers 


Executive Selection Consultants 

BIRMINGHAM. CARDIFF, GLASGOW, LEEDS. LONDON, MANCHESTER. NEWCASTLE and SHEFFIELD. 


The successful candidate's main duties will be to- manage; 
the departments responsible for: . 


(a) reviewing, revising and standardising group 
accounting policies and procedure^ systems and 
internal controls, affecting both: U.K. and overseas 
subsidiaries and involving considerable discussion 
with other members of the senior accounting 'staff. 


(b) extending the range of work and the respon- 


sibilities, particularly overseas, of the present 
Internal Audit department. 




(c) recruiting and supervising the staff working under 
him on the above activities. 


Considerable experience of accounting work withdn industry 
and also of auditing are essential. Starting salary 
dependent upon experience but in excels of £ 12.000 per 
annum, with other benefits. Initial interviews in confidence 
by' the group's auditors to whom application should be sent 
at Box A.6568, Financial Times, 10 Cannon Street, 


EC4P 4BY. 


Supply and 
Trading Staff 


BUSINESS AND INVESTMENT 
OPPORTUNITIES 


PARLIAMENTARY 

NOTICES 


■ TARMAC main board "director .'grinding wheel plant; _3fr.-_R. 

" Sr Peter Woodman has been Smith.- general managpr.UiuvCT^i 
given full executive responsibility Grinding Wheel. Co; Inc., Salem 
for the company's activities m plant; and. Mr. Gregg Updsay. 
Nigeria. This includes implemen- general ■ manager, - Universal 
ration of the complex agreement Grinding Wheel Co.' Inc., diamond 
to «Usp n««> of Tarmac’s equity -in product plant (including UnJvel. 
its- subsidiary. Cahills Inter- Products). 

national " r -*- • 

*?* SMdie ra |StV Mr. BUdiael IC Sfiaw lias been 
co^Ortlwn regarding the sale of appointed chjef executive and 
Cubitts Jhtemational. the com- group znanAging.. director __ of 
pany which holds Tarmac’s sharer CLAYTON D£W ANDRE GROUP.- 
holdlng in Cubitts Nigeria, makers of power braking and 
Tarmac has made a £16m provi- 
sion against losses in Cubitts 
Nigeria. Under the agreement 
Tarmac will remain in Nigeria as 
management contractors on a fee 
basis. • „ 

Mr . Woodman joined Tarmac 
in 1970 from George Wjmpey. He 
will continue with, his main board 
responsibilities for legal matters 
and the Group's oil exploration 
[interests, but relinquishes his 
position as company secretary 
From January 1. 

Mr. G. Turner is appointed 
group company secretary from 
January 1. At present assistant 
group company 'secretary,- he 
joined Tarmac in 3087 to. establish 
a legal department. '• 

- Mr. G. Meadowcroft has been 




NORWEGIAN COMPANY 
NAMED SR AUTOMATION 


The British National Oil Coi potation. which is playings leading role in the 
development and cominerculisation of Britain?. North be:-, oil resources, is 
growing steadily in its role as a supplier and marketer of -'rude oil, both from 
rts own resources and on acquisition from other producers. 


is interested to represent British companies within 
the field of instrumentation for process control and 
control valves. 


To meet the challenge and commitments involved in this activity, the 
Corporator i s Supply and Trading Department is looking to recruit additional 
start m the toilowmg fields. 


Supply Operations Assistants 

Supply Programming (ref. SOA/SP) 


Please contact Mr. Saether at Hotel Barkst on, Earls 
Court, ’phone 01-373 7S51, Sunday, 10th December, 
between 09.00 and 11.00 or apply direct to SR Auto- 
mation A.S., P.O.B. 87, 23S0 Heggedal, Norway. . 




. appo in ted general manager of 
In parliament s»i«* i37»-79 1TEL (UK). He was previously. 

THB VAN die men-s la nd COMPANY ^ ner9 \ n^oa^er of the data 

NOTICE IS HEREBY GIVEN that WgJ- systems division of ITT Business 
citnn Is being made to Parlumerit In ow f n . ... 

present Session by Tie Vu'Wi™*" 1 Systems UK- . 

Company <herefnarter relprrrt to»» tte . ■ . ★ 

SSJTier 3 to as •■“*»!' Mr. 1L T. B. FeOowes has-been 

»vhon»m * a appointed a director of ASTLEY Mi _ w , K c ha w .* 

eont ^o *000^5°* dditi oeai powers °n the &.■ p£aRCE money brokers, a . I* 1 * Mlohael ^ . . 

subsidiary of Gerrard ; and * - , — . 

the Company and to amend National Discount Co. •. other automotive products In 

* " succession to Mr. J. W. K«dJ 

and The van Diemen 1 * Land compw* j ^ Logan, president of who retires today having, reached 

o? ana * after «tii December i9?g - 1 AJAX MAGN53THERM3C COR- normal retirement age. 

copy ol the Bill may be Inspected And prv» ATKIN IIS has been 

ot ttie a Hnderm*nuoe«d appointed to the "board oF Ajax Mr. R- B. Smith has resigned 
ITT** by Ma^riethermic (UK). Berth ' com- his directorship _ with Sequana 




Mr. Michael K. Shaw 


- : T Ti 4 

fh h K " 


COMPANY NOTICES 


m7y »b, Magnethennic (UK). — — ... - . 

desositmo k Petition wi« ; it in erfter are subsidiaries of the Maritime Agencies, - -and has 

or both Houses of PprMament. Jbel^n h^nl nf AnTHTATIVV. 

dste for me deposit oi such a pejKjon in Gutnne Corporation. 

the First Ho os* will be 6th Febrwr* * 

1979 II the Bill tfrlDKiatcs ln.2»* nnM . 


An Assistant Supply Profrainrner is required to operate a crude oil 
idine L-.roerdiiiine.The iob will involve direct contact toth-vmth suppli* 


loading programme. The job will involve direct contact both-with suppliers 
and receivers oi the crude, whether inside or outside the Corporation. 

Applicants should have 3 5 years’ experience ot sopptv programming, 
some of which has been on crude oil, and must be able to liaise successfully 
with operations and trading start of other Companies. 

Supply Services (ref. SOA/SS) 

A services assistant is required to maintain shipping records and 
documentation, and to analyse and process claims for demurrage, out turn 
losses etc. 

Applicants should have a sound background in this and/or closely allied 
fields and will desirably have had 15-20 years’ such experience. 



JOHANNESBURG CONSOLIDATED INVESTMENT 
COMPANY, UMITED 

•Incerporjtca in Uir Republic ol South Africa) 

GOLD MINING COMPANIES DIVIDENDS 


The loiloirtfn (KiidNA hive been flee I a red payable to the euireoev ol 
the Reoublic ol South AIDca. to members registered *n the bools ot the 
companies conc«-ned at the close ol Business on Friday. 29th December, 1978. 
and where applicable. In the cue ol The RamHontetn Estates Gold Mining 
Company. Wltwatersrand. Limited, to persons presenting to the London Bearer 
Reception Office Coupon No. 87 detached from shire warrants to .bearer in 
terms or a notice to be Issued bv the London Secretaries and published in 
January 1979. 


Name of Company Dividend Per share /volt of stOCB 

teach Incorporated in the Number - Cents 

Republic ol Saadi Africa) 

Etsbure Gold Mining Co. Ud. .... 11 7.8 

The Randlontdn Estates Gold Minina 

Cb- Wltwatersrand, Ltd 87 . . 2SO.O 

Western Areas Gold Minins Co. Ltd. 27 12-0 

The dividends are declared subject to conditions which can be inspected 


Per share/ anil of stock 
. , Cents 


Supply Planning Assistant j 

Technical (ref. SPA/T) 

An Assistant. Technical Planning, is required to enlarge the technical 
support to sales effort and supply operations particularly concerning crude 
oil quality, test methods and standards, refining and processing techniques 
and product specifications. 

Applicants should have a minimum of 5 years’ experience in Petroleum 
Refining and be qualified in Chemical Engineering or other similar disciplines. 


The salaries for these posts will be fully competitive and associated 


conditions of employment are attr active and include a comprehensive 
relocation plan. Positions are based m London but it is possible that some 
may subsequently involve location in Glasgow. 

Candidates are asked tc. wnte or telephone, quoting the appropriate 
reference, tor application form to the Personnel Manager. The British National 
Oil Corporation, 33 Hans Crescent, London SW1X ON D Tel: 01-5894565 Ext. 315. 


»t or obtained front tb* companies' Joninnesburg office or from ihff om« ol 
she London Secretaries VBaroeto Brothers Limited ol 99. BlshoMffztc London 
EC2M 3XE. 

Subject to Hie Mid conditions, piy merit by the London Secretaries and 
the London Bearer Reception Office will be made in Untied Kingdom currency 
at the rate of exchange qoated bv the company's bankers on 29th January. 1979. 
provided that In the event ol the company's bankers being unable to quote 
such a rate 01 exchange on that day. then the currency ol the Reoubtk shah 
be convened at the rate of exchange ouoted by the tom starry'* bankers on (lie 
next succeeding day on v, Web such a rale Is Quoted. 

Dividend warrants will ' be pasted irom either the Johannesburg office 
or the office ol the London- Secretaries, as appropriate, on Slit February, 1979. 

South Alrican Non-Resident Shareholders' Tax at the rate of 15*i> and 
United Kingdom Income-Tax Hill be deducted from the dividends where applicable. 


The Share Transier Books and Roisters of Members will be closed Irom 
noth December. 1978. to 5Tb January. 1973. both davs inclusive. 

- 4t Sr Order ol the Bo ard* . 

JOHANNESBURG CONSOLIDATED INVESTMENT COMPANY. LIMITED. 

Secretaries 


The British Notional OH 


Head Offices and Registered Offices: 
Consolidated Building. 

Corner fox and Harrison Streets. 
P.O. Box 590. 

JOHANNESBURG. 2000. ’ 

7th December. 1978. 


Per; *. B. AfPLETON. 


Guthrie Corporation. joined the board of AQUITAINE 

-- r ★ MARITIME AGENCIES as market- 

o? 7 Lorlfs th or h it pi C . HENDERSON GROUP mg director. • • . 

? r r, i 5 , i 5 S??nrn , r ,, mat^'n anhomiceB the appointment or * 

rhiT Private Bin office of tne .HotBe of jjr, John E. Dowling as a non- Mr. Harry Bo user, managing 
or ^ un *^ 9 "** executive director. Mr. Dowling director of Mlcheisons, has been 

Dated this first day of December 1978 . ^ extensive industrial expert- elected chairman of. .THE . TIE 

, — — — - ence wfth American and UK MANUFACTURERS’ ASSOCL^* 

companies and (heir . overseas TION, with . Mr.- Gordon Dwiij 
subsidiaries and has recently Welch, Margetson & Co. as vice- 
been appointed director, of chairman. Mr. Drew will continue 
corporate ■ development oi as - the Association’s . . honorary 
Humphreys & Glasgow. '. treasurer. • ^ 

7 At UNICORN INDUSTRIES When Mr.'E. F. JPohrtdn retires 
INC. and its subsidiary companies on January 31, Mr. P. Howells 


Dated this first day of Docemter 1978. 
Trover* Smith, Bralthrralte A Co . 

6 Snow Hill. 

London EC1 A 2AL. 

Solicitors. 

Martin & Co.. _ .'-j, 

1 Dean Farrar Street. ■ T- « 

KTfHm V 

Rartlainannrr Agents. 


IN PARLIAMENT SESSION W7S-79 
UPfrVE'RSITY COLLEGE LONDON 


N ? TtCE J 3 the U.S. the following appoint- wfll succeed him as managing 




In <hi> Tirrrmt Secxkm by Ihe Dnlvernfry mcuis . nave uceu uumc. via. uuei;iui ui .ujuiuy 

or ihweinaiier referred to u Calvin Foster, general manager, TANKSHIPS. He joined Overseas 

■■ the umversitv "j. ihe council oi marketing group, Unicom Indus- Tankship (UK) in 1959 as second 

11-:—. PadlAw. r nriilfif. fKaMtlteltar . . _ 9 _ w. . . . • xi! 1 - J 


SSSPL hries Inc.; Mr. L. Megas, general navigating officer and readied 

SZHS 1 !? Immaper. Universal Grinding his prerent position of -general. 


Medical School i hereinafter referred to 
as “ the School “1 for leave la Introduce 
a BUI thereinafter referred to as "the 
Bill ”i under the above name or short 
title for purposes of which the Mtowliix 
Is a concise summary: 

1 . To transfer to the College certain 
rrcetaotd and leasehold property of thn 
Unlvcrattt. 

2. To transfer certain trust property 
from the University lo the College urns 
the same mists. 

3. To transfer to the College Ml debts 
and liabilities of the University in retail on 
to the CoHeae. 

4. To enact previsions to aecnre that 
agreements, appointments swords, con- 
tracts. deeds etc. existing In favour of 
or against the University In relation .to 
the CoUepe are fransferred to the Collfse. 

5. To provide that any scheme. .Will, 
deed or other Instrument con lain in/ any 


Smndi nr university coUese Hospital mmager. Universal - Grinding ms present position^ o 
Medical School thereinafter referred to (Wheel Co. Inc., Philadelphia, manager— fleet m 1974. 


THOMAS WARRINGTON 
& SONS LIMITED 


General Building and Public Works Contractors 
Ellesmere Port 


-7- . "the unaudited results for. the six months ended 3Qth June, . j 
1978 are as Jpllows:— . - * • V. I 


v>,* 


AFRICAN AND EUROPEAN 

INVESTMENT COMPANY LIMITED 
- Kncor Bora ted «« the 
Republic ol South Africa) 


ANGLO AMERICAN 
INVESTMENT TRUST LIMITED 
dneornoreteef In the 
Republic of South Afrlcal 


beqnwa. gill or trust in favonr of IJntver- 
vity of London. University College or of 
the University in relation to iM College 
or other benefit shall cwtUnne 'and have 
effect in favour of The College, 
s .To provide for ihe repeal of certain 


Profit before taxation Including £22,000 
surplus from the sale of uneconomical 
investment properties (1977 — £12,000) 
Corporation Tax (estimated) ............ 


104,000 

54,000 


PREFERENCE DIVIDEND PREFBTONCE DIVIDEND E .To provide for ihe repal of certain 

Oindend no. El ol three per c*irt_for Diyidend No. «8 of three per rent r&r proMalona or I be Univcrofty Codecs 
the slv mom hi cod in a Deeem bee 31. 1978. ih# *ht momhs ending December JM. 1978. L 0n doo iTransfcri Act lWa 

^ ^refe^i ?• To enact nrovlsJoiiS relating re the 


Charles Barker 

Confidential Reply Service 


of the six ccr cent cumulate preference the St* oer cent c umiHa thie preference , i„! .... .ir u ^lljuV r^uTl nf l.iu,lOTi>fnt.. 
stock who me reqictered in the books ol shares who are reoisrcrefl in the books umvtTStfy COiicee Pool or Investments, 
the company at the close ol business on oi ihe company at the close of business 8. To provide that on the 1st October 
Decern bor 22. 1978. a"d IQ per»« w- rr „,„ . »•!» ihe School shaU be amalgamated 

sentlno coupon No. 62 detached from The preference share transier registers Ill( , Coilere and all -nrooerty real 

nock warrants to bearer. A notice regard- and registers of members will be closed i 

rng payment ol dividends on coupon No. (rum December 2S. 1978 to January 5. and personal or every desertion o fti 
62 detached Irom stock warrants to bearer 1 97V. noth davs inclusive, and warrants School shad be tested In. and all rlRhls 


Cost ot Interim dividend— amount pay- 
able :*• 


;e zer.a vc? ocMr.j and hti seewanh r,T.7jrw«i.r>s ic ■. wijirt 
lorjti '2 jOi-r reply VVrire t ie reference nr fiber on Ihe en.vJOiX ard 
io pi.-.- Lc-rhJon otlice. 30 Famngdon Siren:. 

London EC-4A-ic A. 


W' 


Financial Controller 

NW London c.£9,000+Car 


( 62 ootacnea irom stoex. warrattis to oearer ivii. uoin but* iikuwc. *nv -,n,nui bviiuui auau k ui, uu ui iuum 

w.|l be published ,n the Press bv the. Lon- v»iM be rusted Irom die johanneshorg and prlTilcgCS Of the School eserdsaMe 
doi secretaries ol the company on or about and United Kingdom omces ol pie traits- j, y CoHeae. 

December 15. 1978. ler wscretaric* an or about February 15. LC j, ii.kih.i.. 

The preference stock transier registers 1979. R «lst«rcd P. r< i er ^J c iharetioibers 9 ^ i-* 1 hf^rnl,^ In* 

and registers of atoektioiders will be paid Irom the Unried Kingdom will receive Of the School lo ihe College and any 
closed Irom Dtv-vn&cr 23. 1978 Jo the United Kingdom currency equivalent beanesL gift or trust In favour Of the 

January 5. 1979. both days Inclusive, and on February 6. 1979 o* the rand value School shall continue and have effect In 
warrants will be posted Irom the Johannes- o’ their dividends Hess aouroprlate taxes*. f as — _r roHoEe 
burg and United Kingdom offices Ob the Any-u tn prelerence sh^eholdcrs may. \ ,w., 

the transfer secretaries on or about however, elect to be Paid hi South Alrican Jv. To Pna« provisions to secure that 
February 19. ’979. Regislcred preference nirrincy provided that any such request agreements awards, contracts, deeds and 
stockholders paid Irom the united King- <* received it the others ol the conrnwr s other ttuRTtmeniR existing in favour of or 
dom wl» receive the United Kingdom trans’ersecrcsarte* on or before December IJta jn„ mp School sh»H contimie and may 

^.VSoctlve rareo. ~n-re,.dmn share- ^ ««.#£ and eXc^b^ 

approoriate taxes'. Anv such orciereme hoide-s tax is V4.92Q4 per cent- In favour of or agatpst live College. 

Stockholders may. however, elect to be The dividend Is payable subject to con- Platts showing the lands vested In tbs 

paid in South African currency, provided oi.icn* winch, can be inspected at u»e University for the purpose of or in rela- 
tnat the request Is received at the offices ffead and London offices ot the company .i_, .. Colteue have Seen denraltMt 

of the company's transfer secretaries on » n * 41 J***®- «' the company's J' 0 ? *<> »« “®ye Itoen dcpMtted 

or belore December 22. 1978. j .transfer seqerahei Consolldaied Share «B IBe Office Of tbe dcrx or tbu Parlia- 


Thc effective me oi non-resident share- 1 ? e ?* 5,rsr ? Limited. 62 MarshsH Street, mentis. House of Lords and In the Private 
holders tax is 15 per cent . I Johannesburg 2001 _ and Charter Con- 1 Bill Office. Bouse nf Common* and at the 


hanneshuro . 200 ! and Ojcct Con- b|U Office. House of Commons and at tbe 





Our client, a well established and diverse publicly quoted company with a 
turnover in excess ot £400 million is currently exlending ils leasing equipment 
activities and has also recently movfed into the motor leasing field. They now 
wish to recruit a Financial Controller to join the team responsible for the 
successful future ot the new leasing division. 

Reporting to the Group Financial Controller, the successful candidate will 
be responsible for the provision of a full financial accounting service to 
operational management. 

The main responsibilities will be controlling and advising on ail financial 
matters including business profitability, profit and capital expenditure plans 
and funding requirements. Additionally to take an active part in the manage- 
ment and growth of the division arid to become involved with the overall 
group activities by giving assistance to the Croup Financial Controller. 
Candidates should be qualified accountants, ACA or ACCA, with good com- 
mercial experience preferably involving leasing transactions although this is 
not essential. 

Salary will be negotiable circa. £9,000 together with a generous range of 
benefits including car. Equally important, this is a position offering excellent 
prospects for future career development within a fast expanding group. 

Please quote ref. 1518 


ditioos which ean be ’nsorctco at the bead Ashtoro. Kei 

Jiffl London Offices ol IK company and 

at ihe offices of the company's transfer anglo a me# 

secretaries. Consolidated Share Registrars OF SOU 

Limited. 62 Marshall Street. Johannesburg 
3001 and Charter Consolidated Limited. 

Charter House. Park Street. Ashford. „.. . ___ 

Kent TN24 8EO. 

Bv oreer of the Board. M. Mjm street. 
ANGLO AMERICAN CORPORATION i25"'V?* bu ., rB ,£22 I - 
OF SOUTH AFRICA UMITED December 8. 1978. 

Secretaries ■■■■ — 

Compan.es Secretory UNION DE BJ 

Pa"*, a^ltieet. 

Joisinnciburfl. 2001. U.E 

December 8. 1979 „„„ ... 


UNION DE BANQUES ARABU 
ET FRANCAISCS 

U.BJh.F. 

US:.25.000.000 LOAN 1976; 1981 


BRAS CAN LIMITED 

| 'Incorporated under tne laws o! Canada! 


NOTICE IS HEREBY Given that the 
Board ot Directors of ihis Company has 
declared a Quarterly dividend ol twenty-ftv* 
cent* .25 cents i per share <in United 
States funds! on the Company’s Cfa»« A. 
Ctaw B and Class C Convert. Die Ordinary 
-bares without nominal or par value, pay- 
able January 31. 1979. to shareholders ol 
i eC °i r 97g t 11,6 C,dSe 01 buslnc * 5 on Jawtary 

’ TfS *r'1* od oavable on Class A Con- 
vertible Ordinary Shares represented by 
mare warrants to bearer vr,n be paM only 


against surrender ol such bearer warrants £* cw, J rf D,te ^ or preparation ot 

Irwith coupons serial Nos. ls7|i9oTSS 211. . lnrpr 71,„ D ^ W, ^i 
inclusive, with talons attached) V tor- 5S2L al 7 ’ 979 ‘ " Frfdiv. 22nd December 
thange for bearer Intern atonal Deooslury ‘~*' a a '_ ' n0 ? r '- „ , _ 

Hccewte issued bv Morgan GtSranbt Qrdec "> ^ he c .^2SCS- - , , 

Trust Company of New Yotk at Brasses. J- “iTTlfS. Secrets rv. 

°l Cl t- 55 - ConvarUMe JARDINE MATHESON AND CO. LIMITED 
“JK®? ?' .‘? c Company or tor (Incorporated under the Companies 
S, ecrlihcates ot the Cow- Ordinance, Hong Kong) 


By Order of the Board ** 'he offii-es of tbe undennentioned 
anglo American cdrporatjon Parlianf’ntaiT Aaenu. 

of SOUTH AFRICA LtM ite D On and after the 4ch Decerolw 1B7S a 
orr h I E Mm ®W «f i*» said plans way be inspected 
companies Secretary burins all reasonable tours ol Ibe day at 
Office: the offices of ihe Bursar of the Col leg a 

lain Street. and at tbe office* of Ihe Undo no rationed 

Parliamentary Agents. 

On and after ihe 4(b December 1B78 
a any of the Bill may be Inspected and 
copies thereof obtained at the price of 
R3p each at the offices of Uie Academic 
RcKImrar at the University, me offices of 
the Academic Division of the College, at 
ihe officer: uf the Secretary of the School 
and at ibe offices of tbe undermentioned 
Parliamentary Agents. 

UbJeclion lo the Rffi may be mode by 
depositing a Petition against it In ParUa- 
ment. The latest dale for the deposit of 
such a PcUtloo in the First Rouse will be 
6ih February 1979 If It originates in the 
House of Lords, or 30th January 1979 if 
ft originates in the House of Connaoriv. 
Further Information may be obtained 
from Ibe Private BM Office of the House 
of Commons or the undensentfoned 
Parliamentary Agents. 

Dated this 1st day of December 1970. 
SHARPE. PRITCHARD A CO.. 


The followiDg is a Statement by Brian Warrington, 

Chai rman - — 

The Directors have declared an interim dividend of 
l-1637p per share (1977 — 1.1637p). This dividend, with the 
associated tax credit, is equivalent to I.7369p. per share j 
(1977 — 1.7632p). It will be paid on the 22nd January, 1979 
5 o shareholders on the register on 22nd December; 1978. 

Taking the company's business as a whole I consider the 
profits for the half year to be reasonable, bearing in mind 
that they reflect to some extent work taken on at a time 
when competition, particularly in contracting, was- very keen 
and it was difficult to obtain work at realistic prices. -There 
was an improvement in private house sales during the period 
under review. 

Up to 30th June contracts were secured to the value . 
of £3.1 million and from 1st July until the time of writing 
further contracts have been obtained to. the value of £4.7 
million.' Although conditions remain very competitive this 
work should yield improved profit margins. 

House sales in the second half of the year continue at 
a better level, although we find that prospective purchasers 
are experiencing considerable delays in finalising their 
mortgage arrangements. 


'Ll . 

", l",. T'..~, • 

'" iv s.'u * 


Bondholder! are hereb/ Informed 
that the rate ol mtara: for tho 


sir-month period starting on Decem- 
ber 5. 1978. and ondlrro June 4. 

1979. has oeen fixed at 12 

Coupon No 6 will therefore be 
payable on June S. 1979. at a price 
ol USS61.G15. equivalent to a 
interest on Uill.DOD. — worked Out 
on the basis of 1B2'360th. 

The Fiscal Agent 


CREDIT LYONNAIS-LUKEMBOURQ 


UKO INTERNATIONAL LIMITED 


NOTICE IS HEREBY GIVEN that the 


Qoeen Annev Chambers, 
is Broadway. 
WESTMINSTER. 

London 5V1H 9LF. 
Parliamentary Agents. 


registered share certificates of the Co*p- 
oanv. Bearer warrants <w,th coupons serial 
. 154 1 1 60 both Inc lutive “SSd Woi 
airacheo) may be surrenderea (or exchange 


INVESTMENT ANALYST 


FOREIGN EXCHANGE 
DEALER 
required 

by an International Bank in 
BAHRAIN 


CIK 

S9. Rue de Namur 
1 000 Brussels 


INTERIM SCRIP DIVIDEND 
Tne average lost dealt price of Jardine, 
Mathreon and Cq. Limited's stock units on 
the Honq Kong Slock Exchange Limited 


legal notice 


lor the five trading days up lo and inciud- 
| ttoo orusseie mg 6th December 1978 was HKD. 12.12. 

' SVS2 S -—Trust company 1 978 In the A' .1UST1CE 

i Dated *J‘ *9 the number ol stock unlls. In respett VrarwSr» r °* W -'ItRKN AKD VALLEY 

ol Oef.milr iff Canada, the Stfl of which stockholders have not elected LUffTED amf In Ihe Matter of Tbe 
]ol December 19 ^ Itorece... ; cash lot HKD. 0.20 per nock Comnaniex Act 19«. 

oracr o» w Bo^rd. [ urvit by ihe lollOwirro fraction: NOTirF is rpdpdv rvuuiii jk s , ^ 

| ^ _ L. A. ALLEN. S«reurv 0 GIVEN ih*{ a 

I The Tranafer Agents of the Comwnv | — Pel If Ion for Ibe ‘vrltMlog tig of tbe above. 

i Irv st ..Com nun, untad.i 12 . 1*2 named -comma? by the Hist Court of 


Nn. aosnr oi 1979 


Weil known firm of stockbrokers with an inter- 
national business require an Analyst Salesman/ 
Saleswoman to augment their existing and 
expanding U.K. institutional coverage. 


REVLON 

INTERNATIONAL 
FINANCE CORPORATION 

4% pw cent. Guaranteed Debentures doe 1983 
By Supplemental Indenture dated January 9, 1978, 
Revlon, Inc., formerly the guarantor of the Revlon 
International Finance Corporation 4% pec cent 
Guaranteed Debentures due 1983 (the "Deben - 1 
lures’*), became the direct obligor under the Deben- 
tu res .and assumed the obligation to make ail. pay? j 
ments of principal, interest and premium, if any, \ 
| on the Debentures. The Debentures will continue to 
; be listed on the Luxembourg Stock Exchange and 
i will be quoted under the name Revlon International j 
^Finance Corporation, followed by the name Itevlon, 
Inc. Any Debenture'certificates issued in respect of 
previously issued Debentures wilt bear a legend 
referring to the foregoing. 


The Job require, Boating in root' , T”, Transfer Agents ol the Company 

forward European and Middle Eastern 1 11 ^ Comojn, umttad. 

currencies and management of custo- g^nniiSa S«S W lSl , ,ia. V, fH51I5 r ' 
mm investment ponfotios. Preiious I bank. n. a n* tto Tv * u £a' 
experience of similar work wlfb large I Changes of address shouie be' noMed 
nuMDlsaUuns easenUaL I '5. S* 110 "* 1 Trust Comoanr 

Tax-free Salary and good fringe [Canada MSC 1 BJ. IOB lrBet £ast * Toronto. 


, Comoan y unattod. 12 . 1*2 named -company by the Rlttb Court of 

Wtomcwo aBd W H?i!tn. V, rSS“!Ii er ' C ? l SSiT' Stocs-hoMcrs 1 entitlement* to Ireakyis Justice wax on the 2*til day of November 

C'ww <* adyrow should t noUMd tailed ra lh«5n ‘ , “ trl INTERNATIONAL TRADING i LONDON) 


The successful applicant will already have had 
considerable experience in general analysis and 
would be required to specialise in the overall 
leisure sector and be prepared to maintain 
existing coverage of the electro-component 
industry. 

Salary will be commensurate with experience and 
a profit-sharing scheme is offered. Pension and 
health insurance benefits are also available. 


be neb i j. 

Please contact Immediately— 

01-623 3223 


HSUS' V '5. ■ Twt Comoaav Bv wav ot oxamote. a hower of i.mo u wrrED whose registered office la Mm ate 

Canada M5Ci Bj" S East * Toronto. i*oek units inrespect ol which hr has at GKN Croup Head Office. Smethwick. 


[December 4,1978 


REVLON, INC. ' •' ■! 

Irving B.Sunldri 

Wee President arid Secretary 


LEGAL NOTICE 


-Otof'ito Js 9t s*J?k™ni5 er ci, , ” J - *512*S 7th £1 M*rfh lls ‘io»u ,efl a , 6 ?i.^ ce,n6 f r ' , l,De 01 ,br x,u} CfwiMny reoulriiiB si x& «op r £* tytanhw. IKS, lo send in their TuU 
« k iS a ,|'“tfii. J a n ; f2S rC M?^SS Sf BL M SSLJ V SSkr cVVrn' *,&*£?. mi ^ payment of a» ramOnted cfeiiM X cartaim, OM Snraames. thalr address 


Applicants should send brief details of their 
careers to date in confidence to: 


Box FT/555, c/o Hamvay House, Clark's Place, EC2N 4BJ. 


Please list any firms to wtiich you do not wish your letter 
Jo n carded. 


COMMERCIAL CREDITS/ OTȣ53U. 

2ND CHECKER SBK 

! £4^00/5,000 — Excellent Perks Tut stock exchange London PUBLIC NOTICE 
Mid twenties, expd. in Issuance/ Q ./" Matter or the Estate oi James barnsley mctrofoutan borough 
j Payment .+ Admin, of L/CS/ \t»g236f' =i^S. Tglffl *1- B.ils. - &TB December. „ D . 

Guarantees - Bonds/ Issuance ;ttS£JHLa! fSTJSSSl }£VZbJ 9 &m? tiS’ .. &*££ 

Outward Collections required « mjBtoJna? 
by International Bank. | 

, 01-283 4022/3 r '£p a t ,?J!£ r a, t g'£& '* g TS&Z" ot,f5t;, " d, " g - 

| For Appointments ! 'Jr Comranv vho corsrtder 

J , tooy mjiy oiw? o claim an j ■ rr; t thn »havi> V J| 

VPN EMPLOYMENT ! mentionefl i snn. or anv partner Q t *hn firm. > ACn I 

* ■ Form of Assent °T^' < th? Trast^BeML OWTORTUNITV to ourchase as new. 

J5“fi todae their claim Or JJJJ jamurr. *’* a . n 38 , Jl ES7.D0D VAT paid. To- 

na ini IJ^> hlATIPF 19 I. 9 - w » * reptocixnent cost lor identical 

| PUBLIC NUI Iwt ,_5Jj clflBf submlned alter ji{> January TJf81 would be £70 000, If ypo could 

I I L isn t W r M .,r^ n . ,e ’' distribution of dM- «’ one Launched May '78. this oi- 

_ ^ affffll. Further claims should he forwarded ouislic yacht has sailed Ins mao 2.000 

DUDLEY METROPOLITAN BOROUGH dlreer to R. A. Thompson. Esa.. T i nste* and li equtaoed vmui ieah-l^d 

1 ML L1 _ I *?e the Creditors ol jmn O'Connor A deths, lull range ot Brookes and Gate- 

L2.iDO.ODO Bills HiuTfl V.12-7B, ma tur- ; Com nan v. The stoele EvcJianue, London house Electronics. 'RcMgcraflm, Hood 

I no 8.3.79. at 11’i'i. Apflraiwu toailtd j fC»N 1HP. or David Enter . £*o.. Mews. Si' 11 - riinilr on Steering Wheel, etc 

£21.250.000 and there a ra £4 .550 OQO I Eugene F Coliinm & Son, (fTFltawSMtam Phone Hamolg «421i2j S754 during 

Bills ctitstoitding. Souare. Dublin 2. business hours, ^ 


ssr^ss vttrs "«Sb re s5sus ?sii«airdiS5n 

U1,ll ‘ O „ 01 JustlcP. SlTaod. London WC2A a*L, 

By Order of ihe Sav'd. on Monday tbe lSUi day of Janunry U79. 

Acting cSS?o«y ‘slJSury “J, a " y , n « »«Wr. CODtrUKfWIT Of the 
Hon« Komi T Company dis&irotsa \o sopporc or 

7tfc Otcpmbff, 1970. DDDSC The mMos of an rirtw on 


LEGAL NOTICE 


MOTOR CARS 


In (be .Matter of CLEARBROOX 


said Company deslrota to Mmooit or n vbt MWr « CLEARBROOX 
uDpse the ntablfut of an Order on the HOLDINGS LIMITED- aod 

said Petition mar appear at (be time Uw Maner of Tbe Cam puHg Act !M. 

^r^K'naiuicf'inSmH- pflpl Ip UAYlPC beartns In person or by bis Counsel N'OTtCE IS ‘HEREBY GIVES dm ih- 

___ Ct London > UdLIL NwllCc fnr that purpose; and a copy of the fThdliors of tiw abaec-naaned Company, 

. In the Matter of the Estate ol James BARNSLEY METROPOLITAN BOROUGH Pclirl °u will be furnished by Ibe under- whlch I* botag ToUmlarUy wound up. 

I ih nBr io h C «J«elared detaoltors council alKircd lo any eredttor or eontrtbt n or y * n «RUl«d. on or before Ibe atb day 


AIA- CAW WANTED. Private. JHert. Com- 

Su£.'3fe5i.-: A tM!S"'SS: 

Tramti anywhere. ■ Tel. 01478 2811.- .. 


Outward Collections required 
by International Bank. 

Ring 01-283 6022/3 
For Appointments 
VPN EMPLOYMENT 


the samr. 

.. 1' L IFF TURNER. 

Blackfntn Boose, 
iff New BrhlRe Sireer. 
London EC4V «BY. 


Chris U an and surnames, their addresses 
and descriptions, ton particulars of thelc 
debts or claims, and - the names and 
addresoes of their Solicitors m anyj. I0 
the imicrsImN George. Frederick 
Cockerpfl of Coopers t LybramJ. Abacus 


PUBLIC NOTICE 


DUDLEY METROPOLITAN BOROUGH 
BILLS __ 


NOTE. — Any person who In lends to 1 loose. Gnttor Lone. Choapside. London 
appear on the hfarup of ihe Bald Petition EC2V SaH. the . Liquidator of the aaM 
musi serve on or send hr post to the cornpanr. and. If so ream red by notice 
abave-iMintHf notice In wrftliu: of Us In writing irom the said Liquidator, are 
OPfKJRT-UNTTV to ourehore as new. InlrnHon so to do. The notice must male PvrsqnaUy or hy Iheif SolieUtM. W Come 
rr ■*». CS7.PPO vat paid, to- ffie name and address of rbc person, or. In aad prove their debu or claims af 

went wSld^5S lf l70 C 000 Irww'eSSw ? * fir11 5- ^ «"”!««* *««• of tile Koch ante and place as shall be specified 

get one Landed May ■Ja.'Ttiis^E ^ and mnsf be signed by tbe person in sucb aoilee. or In default (hereof they 
quioite yacht has sailed ins tnao 2.ooo nr a ™ J or Ms or their solicitor (if any) will be cschuKd fWta the benefit of shy 

Tlin J ! n n trah-iaM and must be nerved, or if posted must dismbnUon made before such debu «- 

hoSS 1 eVmt'mEi ° tar post in niffieiebt time to proved. - - 

E!htod”|£' StS.^Twhni. H Sf Z fctl «Bt fater than DATED this 3th day of Dece mber, m 

Phone Hjmoie t04:i22j S7544urlii« f8ar o dock In Ihe afternoon of she GEORGE T. COCKERELL, 

business hours, 12Ut day of January 19T9j " Liquidator. 



WANTED 


^Chf 



I 1 
^ - 




'yAC- '«■?;$? 










Misy 


®1 R. 

\S 

J V i? - 

3/ ;- , . •_ 

* 

Hitft *■_. . 


3r , .' ,,j ^-e 'sii 

i.l 1 ^ . V 

i.:» . ;•;.•'■• 


• ** ■• 1 • 

- -.C .7 . 

• . • r >■ 5~*. 


GTON 


[ION [i 


ygSZ p. R '• iRa HtWHs u : 7 1 «?I1 




LABOUR NEWS 








iij 




mis 


iH n [vT; 




> «*»H ,. 

-T b U Ctf,-? 

*■■ 'V>* 




<. >• ? 

» ' i 




H 

P % 

I 

iij 

i 

Mi 


V™- 


by Jalak 


TIMES NEWS^^EKS,-«iaa3gC' -reference are ,of gre?t Import- 
men t tavitsd' National ‘Craphicalancc. • ... • . \ 

AssodaUon leaflenAresteraay to It fc possible that talks will 
jtjin them i^ talks-^ Without pre-deal first withdisputeff procedure 
cwJditiorL 8 >;^■ 4 i^s■',Weete^;dAra the and) other areas thsit- : tb* com- 
indhstrial '-rhlafiattk' grisfc ; which 1 pany -has ybf IB disensa with the 


iDdostrfaJ ^irelaftaas crisis ; which' I»Bjr;bBS yfef iB discnss wiui the 
led ■tb '.'the'iJsiilapM’Blda ' dI jII NGA. initiany^leaTiiiE -asrac the 
pubHcatw^a weefc-^p- ’' - - sensjtfvo'uew technology-issue. 


->e: faresaking a 

compote rTCowpos tos-^ ^ inevlta b le -but-^its-" liming 

alongside 1 atlght lje debated. Vvl . 

;Lpni;;TOomson, wtib;- has de- 


has de- 


beforeifiattal^gja^A-A : .‘ : v^day.-stfd “Letj'us lorget the past, 
- l€*:iis 'talk'niwir 1 J; ‘ 

recognjim ^ ’neroJ6?. hegoimt/y ?BritaEiji -was the ' <wds . Place 
ions . detet’- - w jiere the Interna tlonal'Thomson 

mined.’, to : - feast. /.sKarfng. : its Organisation faced anarchy m its 
monopoly - df I T&peSettiog ■ with labour . relations-' and; was forced 
other ; stiS, c JtBT^act-^erms: of >io. play Russianrooie tie- 




union 


joins ‘free for an- 


era . have 
ints. the 
Ifegree of 
in senior 
firtich as 

rted the 
U been 


By: PHfUP -BASSETT*. LABOUR STAFF ‘..,.1--. 

' •' ,' v; • ■;> :;• rv' ; ••..•/: ' . U u-y - . 

MR. - T05L - JACKSOV. ‘ general cribed the claia\;a*,"a revolu- 
Recrotary of the ' Union' of Post tionary turn in the* history of the 
Office. . Workers, . one - , of, the union,’* hut some seettyas-pressed 
staunchest Trapporters-bf mcomes for it to be increased^ Amove to 

S blic^ yester.d^r.rel'uptshtly took increase it to as jfihch as 51.4 
is- union into the^rae for. JtU" per cent, whickiyonldadd 4.5p 
of wage bargaining -beybnd tbe to the cost • letter, -was 
Government's 5 per. cent limit, - 'rejected by the.cobiterence. The 
Mr. Jacfaflh; ,: .ftiis .year's TUC final- claim is: expected to be 
f*air m?q/ justified the union's formally ratifiedv by the 1,600 
24-4 per “cent claim K Which it delegates today. 'mV: * 
expects will add 1 2p' ;a first- and - Setttemen t is daemon- January 
second-class postage ; rate* and '3. .The union, wtflcb is moniior- 
ninjUr im:rba 5 eS'.“tb r . teIephone ing productivity which are 
charges, "as bein^ “ihliie interMt‘ leading to increa^-.heyood the 
of the pubHe: we ,«erve.” ! ' A -> ~ - five' per . cent littdt, “.wall also 
At their anil ual J conference, in negoiiate a prodUcfa>ity scheme 
. May, 1 ■ : Post ^Office ; : wbrkers tn run from the ^Kre date. 
rejected juieturn 10 ' f?ee_.^pl^ It , nas agree^A; : one-off 

lecfive ■ ' ^ ' '-bargaining,^'- «id- business ■ perfonhjmcB ..produc- 
. effectively /ynted &r. an faeouies: AwtJt _ scheme §';Je Post 
policy.:- ; A \ ■* ' Office, -which wiffi?.giTC union 

* the 

be a free-fbr-aUitben we must have 

he part , of , the, all:**, ttS 

He said ; Post /Office y ' wtf «a. hpm» hag create^^fegree of 
making . - recrmtloent becanse ,®e senior 

impossible^. - even-. JVltb .. 1 Ate, staff hive received *liiich as 
unemployed- “So. if the acrambio ««q .: ■-. . . _ ^5 ■ 

takes -ptac?. and W opt but’ w®A- Ministers:’ haws idppted the 
1 win destroy the senqce we pro-, ^, heaiei . ^hich been 

vide to the <s>n^miiity.' ~ - .y^r estimated to cost aboifc^m/as 

but-in the interest^f ; the; public : ..: -•- ♦ / .' 

We- serve,, we haye no-alternativec ... jJl ■ - 

but to tTy Ao heepT abreast: -.of- ^ UllV rjB^StCl 
wages and eohdiUonsr deseloiK - - ■> ^ - • 

ments. eisMifhere*-^ • 1 A' - " ftr UTirPnWSVGS 

- . The claim, Wbieh^wilf U?ovef 

200.000 : works's; ^consists oL an HS^I/T ly INSPECT 0 R S are to 
S per : cent 'increase ; *n- basic tMgin nfuBne checks on micro- 
rates; .an 8 per 'f^t' increase in ,#aye sdfeis in restaurants, public 
allowance^, full cpnsmUda tfon • oS'house^ and .cafes in the City of 
. pay policy : supplements; a thr^- IdHiddn: where the Corporation 
hour reduciion lii:-th,e wori^rig,.is ^Coinpiling^ the first local- 
It also ; includes ■ reduce d£ In- authority register of microwave 
cremental scates.^id^m escalator ^qalRiHen t . * • ". . 

clause giviing..:a^cbnsDli^ted i: > ; Jhr. -Uilwyn Jones, Port and 
percent for each j v per-^nt .rise Cftyr^ London Medical Officer of 
. iitr.the'lt«fto|l Price Index.-ji the ^ealti^.said that radiation might 
iDdex', g ! ijes;-‘beyand. jfirj&r Aent'^cspe from defective ovens bnt 
ih this pay rnund^ JAL/, ^-;ihat <5 no complaints had been .j 
: One TOnferencef delegate des- received. _ -1 

‘ t & . ■“’ «■"■■■' ■ • ■ ' : ’i 


pay rise agreed 

TTVE'.;PBS' CENTTpay’ rises im of £1.70 weekly attendance 
basic; raffes .iave T heen agreed . allowance in an attempt to cut 
for &0Q0 worker$ in the - ; York- .ahsenteeism. ' - ■ 

shitewwDltextile industry. -; ^ Mr,. Joe. Kitchen, the union’s. 

Bntliecaiise of other improyett regional officer, said be was 
benefits.: ^ which .cpyld .put them satisfied the agreement ^ cbn- : 
m hreach-of the -^veriUpent’s formed to rtbe Government's pay* 
pay ’ gujdeTKVes, ..‘the, agreement policy. A working party would; 
between >the; Ertfisfi.- Wool-^ ^.Con- be set . up early next year to; 
federation : ahd theAGeneral and consider extra welfare and-sick- r ; 
Municipal .WorKerC 'Union. ^ ^ will ness: benefits. . . ..>/ 

have to be ratified by the Em- The agreement covers won-., 
plpymezrt: JJepartiaent.; AA: kers . mainly -in- , the combing, 

Other - prtipbsals.' : lhrihei ‘agree- section. : including' warehouse^' 
ment, reached in Bradford after men, drivers, technicians and 
long talks, include, increases in clerical woriters. It is back.- : 
overtime pay .and., the payment dated 'to November 16. •'•' 

• • * ' • _ * •*. , 

State ‘interference’ attacked 


jster 

waves 


MR. FRED JARVIS.' general 
secretary of.4he National Union 
of Tea cberi -.t coademtied ' the 
Government.. for “interference *’ 


Market Harborough. -Leicester- 
shirei be kaidr . “By interfering 
-with arbitratidn carried- .bnt. by 
ACAS,- ' -the" : 'Government'' -'. iff 
threatening, one of its owb. :most 
positive co^tribiftions >tQ -indusr 
trial relations-' . •/. ■•;'■• : 

“ While . public-' attentidn has 
focused on r tbe" -iGoveromeni's 
sanctions against Fbr^' little 'has 
so far been said - aibguWthg. 


Government's attempt to set 
aside arbitration awards which 
employers as well as teachers 
accepted.” . . L-' 

- ^Tbe Government . has 
threatened to “ claw back “ wbat 
the arbitrators awarded in excess 
of- -10_per cent in the teachers* 
.London, allowance and told' .the' 
employers ' to' renegotiate ' an 
arbitration- award ^ ^on residential 
special schools. - . 

This is .. a very seneos 
development which demands r a 
elear and' public answer from the 
Government.' and not the under- 
hand manoeuvres we have bad 
till now.” - - U 



Bond Dealers 
telephone number change 

• Jiist. Chicago Limited announces 

• .that its Bond Dealers telephone 
.- / \tiurnber\wifl fe. changed on 

lltfi December, 1978 to:- 

01-283 7031/4 


Asked how long his company 
would be . prepared to sustain 
the suspension of Times News- 
papers, he said: If we were run- 
ning any other business than The 
Times and Ihe Sunday Times I 
could probably give you an 

answer and it would" be to- 
morrow/" 

Leaders of the national strike 
by 8,000 provincial journalists 
were told yesterday by Mr. Moss 
Evans, general secretary of the, 
Transport and General Workers’ 
Union, that his members had 
been instructed to give them 
maximum support. 

As a result, deliveries of print- 
ing ink, newsprint and other 
supplies are likely to be affected. 
In some parts of the country, 
newspapers van drivers belong- 
ing to tbe Society of Graphical 
and Allied Trades are refusing 
to cross journalists’ picket lines 
and NGA members are handling 
only copy processed by editors. 

Mr, Ken Ashton, National 
Union of Journalists general 
Secretary, said that unless the 
provincial employers came up 
with a new pay offer “they are 
going to start suffering very 
badly in the next few days.” 

Journalists at the Press 
Association, the national news 
agency, said that more than 100 
NUJ members were now on 
strike in support of the provin- 
cial strikers, who are seeking £20 
a week pay increases. NGA 
members at the PA are handling 
only copy sub-edited by the 
editor-in-chief. 


Bakers’ 

talks 

adjourned 

BY OUR LABOUR STAFF 

TALKS AIMED at ending the 
five-week-old national bread 
strike were adjourned for ibo 
second day in succession last 
night 

Since Wednesday, employers 
representatives from the Bakers' 1 
Federation and loaders or rhei 
Bakers' Food and Allied I 
Workers' Union- have spent 
about 14 hours trying to resolve 
the pay dispute affecting 26.000, 
workers employed, by Britain’s 
two biggest bread producers. 

The two sides, meeting under 
the auspices of the Advisory 
Conciliation and Arbitration 
Service, plan to resume talks 
this morning after describing 
discussions so far as “useful.” 

The union lias been demand- 
iog a 26 per ceot pay increase 
for bakery workers employed hv 
Ranks Hovis McDougall and 
Allied Bakeries and has rejected 
an 21 per cent offer with produc- 
tivity. 

Both sides are under pressure 
to find a solution in the run-up 
to Christmas. The number of 
union members defying the 
strike call is said to have risen 
to about 10,000 while the federa- 
tion members are threatened 
with some permanent loss of 
business to the independent 
bakeries which 'have increased 
their output. 

Thp federation members, how- 
ever, claim to be maintaining 
between 60 and 65 per cent of 
normal production. 


Why rail men are militant 


FOR - THE COMMUTER on 
Godaiming station waiting- for 
the cancelled 7,58 to Guildford, 
Woking and points north-east to 
Waterloo, the current series of 
24-hour strikes by train drivers 
produced more painful days of 
missed appointments and a 
scramble for alternative trans- 
port. 

The series of strikes afflicting 
the Southern Region have been 
mounted over a particular issue 
— bonus payments. But it is also 
typical of the kind of local un- 
official industrial action which 
has branded the Southern 
drivers as militants. 

According to British Rail 
figures, drivers were involved in 
only 10 disputes in 1977. and 
eight so far this year. A recent 
one-day strike in the south- 
western section cost £}m in 
ticket losses — not a huge figure, 
given BR’s overall revenue. 


NEWS ANALYSIS 


SOUTHERN REGION 

BY NICK GARNETT 


Blackspot 


Nevertheless, the present 
issue over which the Southern 
drivers have been striking— the 
proposed award of special pay- 
ments only to high speed train 
drivers — is a national one. Only 
Southern Region has been on 
strike, however- and British Rail 
recognises the area as the worst 
blackspot for labour relations. 

The first obvious point is that 
Southern handles more com- 
muters than any other region — 
'250.000 people into London and a 
similar number out every day. 
With such heavy work loads over 
short peak periods, any industrial 
action clearly affects large 


numbers of rail users. 

The second point is the Con- 
centration of the rail network. 
Southern is tho smallest of 
British Bail’s five regions in 
terms of geographic size, but it 
has about a sixth of the rail net- 
work. and operates about a third 
of BR's daily 16.000-1S.000 
passenger train services. 

Southern— unlike any other 
area — has. a heavy concentration 
of rail staff. There ace five main 
stations within a small radius In 
central London, for example, and 
three a short distance from tbe 
capital’s centre. 

Some management officials 
will say that this makes it much 
easier for the more militant 
members of ASLEF. the drivers* 
union, not only to tap and 
express but also to ferment dis - 
content. This would also he the 
case among the guards who are 
represented by the National 
UDion of Railwaymen. 

The compactness of the 
Southern rail system certainly 
has an effect on the workforce. 
ASLEF officials say there are 
much tighter family links among 
the Southern drivers than 
among those in other regions. 
There appears to be a feeling 
of common identity, and this can 
be translated into a willingness 
to slop work in support of 
colleagues. 


A third major factor, and the 
one emphasised by the drivers’ 
union. Is the nature of work on 
the Southern Region. 

Southern drivers, and guards 
work to a rigid “diagram " or 
timetable, marked by relatively 
short journeys with frequent 
stops. 

The drivers' union says a 
driver is 'normally given 15 
minutes from the time he signs 
on to getting into the cab, half 
an hour, together with 10 
minutes walking time, as a meal 
break between the third and 
fifth hour, and 15 minutes again 
before signing off. 

It is tbe closest thing on the 
railways to n car factory produc- 
tion line. “ It brpeds. a deep 
sense of resentment and bitter- 
ness against tbe system and 
against management.” one ASLEF 
official says. 

British Rail says it under- 
stands the problem, and recog- 
nises that much of these difficul- 
ties would be overcome iF there 
were higher pay monte- for all 
staff. 

Stoppages 

Problems relating to rostering 
of jobs — which can acutely affect 
the amount of overtime available 
to any one driver— are the most 
common reason lor unofficial 
stoppages. 


A further difficulty for 
Southern Region drivers is that 
they cannot normally reach the 
daily mileage ” targets" above 
which mileage bonuses are paid. 

Tbe drivers claim that there 
has been improved productivity 
since 1974. with more work in 
some regions, and the use of new 
equipment. They say this should 
be met by special bonus pay- 
ments for all drivers— not just 
those'of high speed trains operat- 
ing above 100 mpb. 

At present drivers throughout 
BR earn a basic £66.80, with pay 
supplements average earnings are 
£92.14. 

A fourth factor is almost 
certainly the history of stoppages 
since the middle Of the last 
decade. Southern Region drivers 
came out on strike in 1965 over 
a proposal to introduce single 
manning across BR with higher 
cash payments. Southern Region 
was already operating single 
manning, but the drivers still 
wanted the extra payments. 

They won the strike, and some 
observers say this has given them 
the confidence, which they have 
never lost, to take on manage- 
ment. 

Mr. Derek Fullick, tbe execu- 
tive member for the Southern 
Region has been accused in the 
Press and elsewhere of deliber- 
ately whipping up militancy 
among the drivers, and taking a 
major lead in instigating indus- 
trial action. 

But Mr. Fullick bas always 
taken the view that he reflects 
genuine reasons far discontent 
among a group of ASLEF mem- 
bers who have not only the craft 
pride of the driver, but also a 
special relationship with British 
Rail, management. 


\ou can own a 






, y v - v • 








for £78-85 a month. 

This special offer includes delivery charge 
12 months road tax and number plates and is open 

until3Ist December 1978. 

Aspedal offeris also available forthe ZS Shortcut 

AVATT ART F THROUGH PEUGEOT FINANCE 

(Subject to availability.) 

“22.cashretailprice: £2,583 -3 6 . Deposit £863.:4 monthlypaj-ments £78 85.Total purchase price £2.755 -10. subject to acceptance. Offer available to UK residents only. 

Pricescorreaat time of gping wpress. 


<>* uiltarej 


m WnmwrA 


Pp| 

5H! 



OT 
















12 


. Financial . Times Friday 


wmm 


ttM»lf5 *ENT AND politics 



Confusion as Left challenges 

for defence 



BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


THE COMMONS was thrown 
into confusion at the start of 
the much-heralded sanctions 
debate last nieht when LoFt- 
wingers held up the proceed- 
ings for over an hour with pro- 
tests abour luassive Government 
supplementary estimates for 
additional spending. 

The Left and some other 
Labour MPs were angry that over 
T'.'-j -Shn ir. supplementary esti- 
mates and votes on account were 
so in? throueh “or* the nod" with- 
out MPs having the opportunity' 
to debate them. 

The Left-wingers were prin- 
cipally annoyed 3t Heine denied 
the opportunity of examining the 
extra defence spending involving 
£3.1bn for vote on account and 
a supplementary estimate of 
£24S.5m. ‘ 

To show their displeasure, they 
forced a vote ugainsi a Govern- 
ment motion which said that the 
accounts should he put “ forth- 
wi»h" without MPs being able to 
dehale the details. 

A total of 92 Labour MPs 
v»ited against the Government's 


There was also the possibility 
of a humiliating Government 
defeat — or at best a narrow 
escape— on the sanctions Issue at 
the end of the night 
But the (revolt was not confined 
to the Left-wing Tribune Group. 
Mr. Michael English (Lab., Not- 
tingham West), chairman of the 
general sub-committee -of the 
Expenditure Committee, also 
voiced opposition to the Govern- 
ment's behaviour. 

“We are now faced with the 
situation where we are saying 
that the expenditure of tens of 
■tlHHisands of millions of pounds 
should not be discussed," he de- 
clared. 

Rubber stamps 

He pointed out that such a 
situation could not arise on the 
United States’ Congress or .in the 
various Commonwealth legisla- 
tures. 

One of the leaders of the 
Labour protest was Mr. Sian 
Newens (Lab. Harlow). He asked 
the time left for the debate on a the House: 




New plan Xiamont 
for Short 
Brothers 
approved 



micro- 



BY JOHN U.OYO 


By Our Parliamentary Staff 


mons was maintaining less and 
less control over expenditure 
year by year. 

He challenged MPs to say that 

any single one of them could put tjje GOVERNMENT has St 
their bands on their hearts and proved a new five-year corporate raicrbrelectrotiics 
vouch that they knew what every {, lan for short Brothers, which ansf - to boost production, Mr. 


SUBSIDIES, and interference to industries, particularly the Post _ 
thepSvate sector, were not the Office, to eacoaragetechoologh 
Wsys^to’ stimulate the use of cal change. .through theirorter- 
industry tog-policy- 

The Post Office r should allow ^ 


item of expenditure on the list enable the Belfast company TYannan Lamont, a. shadow to- a free “interconnect” toarket (in 

— — — — 4. - - --li Jk hL' m w -gaia lflBl — ■■•♦’lie nisla TlfafinOC 


meant 


‘Mockery’ 


to continue its three main, acti- dustry spokesman, said last which apparatus such as phora, 
vities- of aircraft production;' night telex, etc, could^ be sold &eely>,. 

manufacture of aero-structures >- Sir.. Lamont who was speaking an <j it was possible that the evr - . 

for other companies, and the de- -to'- his Kingston upon Thames poration- should be split into 

It had, he said, been drawn up sign and production of guided constituency -laid out .the frame- separate businesses.- - 

by accountants and they were weapons. .- ; '•’SSL' ° f _ C ° n ~ JOSS A Conservative government 


adept at disguising things. The The 


_ _ uecioiuu - . 

estimates were riddled with wag announced in a Commons 1 : . r.i .V g Darpty 


Government's decision . KBS. . m J * Lw woul,i “ revisw progress’^ 


jargon. 

“ If this 


is proper 


„ answer, last 
Par Li a- Concannou, 


mentary control of expenditure, jcnister of State, who said toe JFf f ° 

am) If thio is nronpr Parlia- «1.. Haan nmnanwl Tnr fh«*- •owae.iary. 


MR. STAN NEWENS 


MR. FRANK ALLAUN 


I carried by a biz majority of 24fi the Government’s 


Are we just to be expenditure as part of an overall been 
i who walk through package, without t 
Unjust and the Lobby to approve huge sums to go into details 


night by Mr. Don- 

Northern • Ireiand Variey, the Industry 

and if this is proper Parlia- pkJThad been prepared by ^ ha( , nQt 

mentary democracy, then we shall compan yin conjunction witiT ■'* -- of the nrob- 
have to do some very fresh of toternatianal manage- to “mb 

thinking, indeed," he went on. consu itants. : ^by 

winff°atSck! e aJr r Fran? 1 Alteon' Mr. Concannon said Yhat despite' announcing subsidies. - 

rSf-i "^ th« company's financial tosses to - Xo listen to the Prime 

JirntiM 0 SS recent years, the Government- Minister talk, one would imagine 
without expJananoo^ Govern had ctmflde nce in its future and .that industrialists needed advice 
ment by concealment. ■ planned to invest some £60m up from.' their political masters to 

He pointed out that there naa t0 lfl82 t0 all0 w a ma j or capital .adifptythe impression is left that 
no fewer than sixteen j^qaipment programme which,* if "if were not for the National 


circuits. ' ’ ■ 

“We remain deeply sceptical 
of " the: Inmos venture, "but- of 
course if it succeeds we will want 
to build on it." 


procedural motion hut it was Conservative motion condemning rubber-stamps who walk through package, without the opportunity supplementary defence estimates helping to increase produo-:' Enterprise Board, .or. the 
' * ~ ’ * ils. if the public over the past five years. To push ^ by e^^ng the com* NaSohal Ei 

- ■ L.,i> thrnUffTi fhoco m 3 ftp r« WlthATIr , . - 1 - ^'ii > . .. 


We have no 
option-PM 

By Our Partianwhtary Staff 1 - 


^ .. Economic Development BRITAIN RAS zio option btrf to. 

i33S-9'-i. The House then started arbitrary” use of sanctions of money without debating them ? knew what was going on, they through these matters without pan y* s technical capability in all Office talks, there wonldbe no : move .mtOT iiucro-eiettroiUe 

a series oF votes on tbo five iudi- acainst industry. “My colleagues and I wish to would say it was a disgrace." debates was making a mockery should enable the 'cam- -British presence in these: new technology lilt ri .tocomp^ta^ 7 ^ 

virtual estimates. The Government was facing protest about this state of affairs, he maintained. of democracy. •• - ' 

Oddlv enough, the Icngihy the prospect of bitter criticism We think it is quite outrageous He was backed up by Mr. Ian Of the other estimates before 
wrangle worked to the advantaen from boro sides of the House we should be asked to do this.” Mikardo (Lab. Bethnal Green the House, more than £19bn was 
uf the Government. It meant that over its use of sanctions to im- Io particular, he was opposed and Bow), the veteran Left- accounted for by extra spending 

oic-r two hours was taken out of pose the 5 per cent wages policy, to having to approve the defence winger, who said that the Com- on the civil service account. 



rise Board must 
Thatcher 


‘Back farmworkers’ call 


world markets, . the Prime Min- 
ister told MPs in 4 Written 
answer; yesterday, , • ' 

• Commenting on-* the .- Govern-- 
merits -decision . to -.-launch., a ' 
£100m ' programme-, - to develop '/ 


BY IVOR OWEN 



pany to achievg a return td proft- .-industries, 
tabillty by that date. Policies should be built on a 

“The plan recognises the great number of principles. These are 
importance of maintaining good Slat at least as many 
industrial relations, and the Je created as lost, that more 

necessary Ganges will be impie- Joba wiH be lost m the public . 

rented in full consultation with than in the private sector, toat microelectronics, Mr. CaHagban; 

the trade unions concerned, who subsidy and ioterfermice^in. the said the Governmfeiit recognised 
have already indicated their gen- private sector are self-defeating, that the new technology would 
eral satisfaction with the plan." and that barriers to change and involve job losses as a result of 
„ „ -j 4.u„ mobility would have .to be 

Mr. ConcaMion removed, requiring changes in 

force at Short s is expected to |a.- , , - ™i,i urvicK housing . nolicv 


THE PRIME MINISTER wjs plained some of the considera- crease by about 300 to 6.500 by andtiie tax s^tem. 


BY IVOR OWEN 


GOVERNMENT PKuPOSALS for into the matter to see if there accepted 

iucrea:»>ng tin.- borrowing powers was any prospect of changing benchers, 

of the National Enterprise Board existing practice. . The Prime Minister undertook 

strengthen the case for compel- The case for ensurin'* that Par- to consult Mr. Eric Varley. the 

liug n lo open its books l" the lament is able to obtain more Industrial Secretary: ■ u ""‘ "" 

Public information about the activities toe issues involved. 


urged to support the farm 
workers’ claim for an increase in 
excess of 100 per cent. 

This course was advocated by 
Mr. Dennis Skinner (Lab. Bol- 
by Labour back- seven, a member of the Tribune 
Group, who was recently elected 
to Labour's National Executive. 


With support from other f'p e Nationaf Union of Agricul- 


House uF Commons 


Accounts Committee. Mrs. Mar- , lf the NEB was supported by Mr. 
pret Thatcher, the uppnsmon Hugh Jenkins (Lab. Putney), 
leader, contended yesterday. „ . <•> , „ 

In h ouestion time clash with He recalled that Sir Lesbe 


about all Labour backbenchers who are 
opposed to the 5 per cent guide- 


But he stressed the import- line, be described the farm 
ance of preserving business con- workers’ claim as w justifiable. 


6dentiality particularly where 
the interests of private enter- 


lb e Prime Minister, she argued ““JjJjJ.* b nl P ri se companies were concerned. — aue «wru imu w men .«u« a 

that if Parliament was to exerci -e justified ihe non-disclosure of ^ Michael Grylls (Con. Wage BoaTd — " and to hell with of the farm workers* union and 


Mr. Skinner called on Mr. 
Callaghan to see that the claim 
was met by the Agricultural 


proper control over 


public .information on grounds Surrey NW) argued that it was sanctions.’ 

expenditure, it was essential that nf busmess confidentiality. disgraceful for the Prime The Prime Minister, appar- 

the PAG should have access to In normal circumstances, said Minister to seek to uphold the ently unmoved when Mr. 

the accounts of the NEB and the Mr. Jenkins this was widely ac- existing practice on the day that Skinner sardonically inquired if 

British National Oil Corporation, copied as a good reason by Con- the NEB was asking for another he had put his “farmer J3m hat 


ALr. Callaghan agreed lo look servaiive BIPs. but it was not £lbn of taxpayers’ money. 


U.S.-style audit committee £1™ expected 

from scrapping 

of Ark Royal 


.on” when confronted by the 
farm workers lobby in Whitehall 
earlier in tbe day, quietly cx- 


tions inv olved. .. 19S2. Conservative policies to pro- 

He stressed: wnat the wages -progress against the corporate mote micro-electronics - would 
Board does is to fix the minimum plan %. oald be systematically delude: 

wage. The actual wages are mon j tore( j and subject to regular # Overcoming the “ appalling 
settled by negotiation on each rey j ew ,^. shortage " of skilled labour in 

farm. t 

j (Lab c nanv e whfch ha^ received CT overn- • Kest0ratI0n 01 * D « B11 uves xor 
SSd to^^r ^ “ m>affemenL to tempt entre- 
set up in Northern Ireland, ex- Pf^eurs from abroad, 
pects to begin car production • En c P“ r agem p nt «>fsmaH firms, 
early in 1980. Mr. Con cannon, 
told the Commons. “ 

He rejected the fears of both 
Labour and Tory MPs that the 
car to be made there might 
prove a failure and said be was • 
quite satisfied with the product 
Mr. Roy Mason, Northern Ire- 
land Secretary, told the Com- 
mons that this year 29 American 
companies had visited Northern 

5,Si? d Jth r ^ m POST Office may market 

pared with twn.m the whole of t 

last year. 


tural Workers and another mem- 
ber of Labour's National Execu- 
tive, pointed out that 17 per 
cent of the payments made 
under the Family Incomes Sup- 
plement went to farm workers.. 

She asked him to meet leaders 


to take foil account of the need 
to increase domestic food pro- 
duction. 

Mr. Callaghan suggested that 
it would probably be more 
appropriate for the union 
leaders to meet Mr. John Silkin, 
the Minister of Agriculture. 


higher productivity. 

But ~th£?e will -he offsetting 
gains in producing "micro-elec- 
tronic devices and to the soft*, 
wear industry; from the pro-' 
ductioh and export of . r new 
products and from the general 
increases in real incomes which 
„ mircro-electronics can- m&e 

Motor Com- Bntisb industry. ■ ■ -nwiWi. - . 

~ Restoration of incentives for Possible. 

Mr. Callaghan said; toe main 
effect of this technology on jobs 
would be through its impact- bn 
the. UK’s international competi- 
Bncourament of nationalised tiveness. . 

PO may market Prestel 
business terminals : 

BY JOHN LLOYD 


seneme to oe 


BY PAUL TAYLOR 

THE GOVERNMENT i* to con- tary of State, Prices and Con- 
sirtor the fjiiesiinn of U.S.-style sum?r Protection, that the mat 
audit committees for large Bri- 
tisS companies ai foe Report 
Siage of the Companies Bill, it 
was revealed yesterday. 

Mr. Braudcn Rhys Williams 
(Con.. Kensington) yesterday 
agreed in withdraw his amend- 
ment to the Bill— requiring large 
groups to appoint audit commit- 
tees — on the assurance of Mr. 

Robert Maclennan Under-Secre- 


By Our Parliamentary Staff 

THE GOVERNMENT is expect- 
icr would be considered at the ing to raise more than flm from 
Report Stage. . the scrapping of HMS Ark Royal. 

>L\ Williams' amendment re- Mr. Patrick Duffy. Navy TJnder- 
quired audit cummitioes fur all Secretary, told the Commons last 
major concern? with net asr-ets night. 

of more than nOOm and with a Mr. Duffy said tbe market for 
workforce of more than 10.000 scrap fluctuated and it was diffi- 
cmplnyves. cult to forecast accurately Ark 

He estimated iha' this, would Royal's scrap value. But HMS 
an ply to about 25U British com- Eagle had fetched more than 
panics £lih. 


Bid to bring Girobank 
under new Bill fails 


/ 


/ 



RAL ELECTRIC 


INTERIM REPORT 

1. Order; received by the U.K. Products Groups in the six months were 29 per cent higher than 
in the same period last year, with export orders rising from £272 million to £489 million. 

Trading conditions 2t home have been mixed. Demand has been generally strong in electronics 
and consumer products, but new business has been harder to achieve in the industrial and power 
engineering sectors, where margins have been under pressure, in the overseas companies, there 
was no appreciable up-turn in the level of business. 

2. The unaudited results for the six months ended 30ch September are given below (the figures 
up to the 31st March 1978 include the whole of the sale; and profits arising from GEC’s major 
activities in South Africa, whereas from 1st April 1978 no sales and only one half share of the 
profits of the new associated company are included): 

6 months to 6 months to 
30th September 30th September 


12 months to 
3 1st March 

1978 1977 1978 

£ million £ million ' £ million 

1,180 1.102 2.343 

171.6 155.2 344.1 

8.7 10.4 18.8 

162.9 144.8 325.3 

83J • 74.3 166.9 

79.4 705 158.4 

1.9 1.4 * 3.3 

77.5 69.1 155.1 

2.25p 2.0p — 

I4.12p 12.60p- 28J.6p 

£ million £ million £ million 

18.8 22.9 36.6 

10.0 7.6 137 

4. The directors have declared an interim dividend on the Ordinary shares of 225p per share 
l 1977, 2.00p> payable on 30th March 1979 to shareholders on the register at the close of business 
on 15th February 1979. 

5. Bank balances and short term deposits, less bank overdrafts, amounted to £624 million at 
30th September. 1978 f 1977, £522 million). 


Sales (to Customers outside Group) 

Profit 

Interest on Capital Notes 

Profit before Taxation 

Taxation (including deferred tax) 

Profit after Taxation 

Minority Interests 

Attributable to the Ordinary Shareholders 

interim Dividend — per share 

Earnings per share 

3. The profit included 

Interest receivable less payable 

Share of profits of Associated Companies 


6 . 


Engineering 

Industrial 

Electronics. Telecommunications and Auto- 
mation 

Components and Cables 

Consumer Products 


Turnover 
6 months to 


Contribution 
to earnings 
6 months to 


30th Sepcember 

30ch September 

1978 

1977 

1978 

1977 

£m 

£m 

o- 

.ff 

C ’ 

■ o 

189 

166 

16 

17 

162 

M3 

19 

22 

385 

301 

27 

22 

160 

142 

11 

11 

127 

109 

6 

4 

1.023 

861 




Overseas 

Europe 

89 

83 

7 

8 

The Americas 

49 

57 

4 

5 


53 

53 

2 

2 


-»2 

37 

3 

2 

Africa 

1 1 

79 

5 

7 

— 244 

— 309 

— 21 

— 


1.267 


353 


1.170 


284 


100 


100 


Exports from U.K 

Turnover includes inter-group sales and contribution to earnings has been calculated by including 
the share of profics of relevant Associated Companies. 


one: stanhope gate, London w.i. 


BY MICHAEL &LANDEN 

AN ATTEMPT by the Opposition 
to bring the National Girohahk 
under the controls impose# by- 
tbe new Banking Bill was.de- 
feated in the Committee stage 
examination of the legislation 
yesterday. 

Supporting an amendment de- 
signed to remove the Giro’s ex- 
clusion from the Bill’s provi- 
sions, Mr. Peter Tapsell said its 
purpose was to ensure that the 
public sector was included in 
the proposed new supervisory 
arrangements. 

He argued that it was impor- 
tant to establish the basic prin- 
ciple that all institutions operat- 
ing under tbe legislation should 
be treated in the same way 
whether they were in the public 
or the private sector. 

Mr. Denzil Davies. Minister of 
State at the Treasury, said * n 
reply that there was no question 
of the supervision imposed bn 
the Giro and other excluded 
organisations such as the Trus- 
tee Savings Banks being any less 
onerous than was imposed on 
the private sector banks. 

In relation to the trustee sav- 
ings banks, he said that he 
accepted the principle behind 
the Opposition amendment but 
argued that it was too early to 
bring them into the new super- 
visory system. 



% 


-MIL DENZIL DAVIES 


At present, three txmpax&eer-' 

business terminals for -its Prestefl Stendand Telephone and GaWes, ■ 
viewdata service, due to go pob- the UK sobsldaanF of TIT, Pye 
lic earjy next year. and the General Electric Ccuh^. 

The corporation would market party (GEO are 'either planning .' 
the 'sets in competition with ihe to produce sets early nerf year, 
manufacturers to the. private or are producing sets tor maritet' 
sector;, who are planning srhaH- tea's currently under, wav.] • . 

6C*le production of the sets. •' None of the companies antiri-' 
No final decision. on marketing pad demand to he more than a 
the sets— which would self init- few thausand.to toe "iBrat - jbekv \ - 
ialty ai about £700— has yet been <1316 business Prestel sets are 
taken, and it is not known w^ch designed to be used on the desk 
manufacturer Would receive toe top, and are about the size d! a 
contract io-supply toe Post Offiibe portable typewriter, - with .a 
with the sets. \ seven-inch screen. ' ' ", 

than was proposed for private 
sector banks. 

It was important, since the 
Giro was backed by public 
capital, that it should remain 
accountable to ' Parliament 
through the Treasury Ministers. 

Mr. Davies also gave an 
assurance that the Government 
had no intention of nationalis- 

added* e that lld i? 3 necess3rv’ the -if® assurance simply because they life assurance admitted that they. 

Government would act to^nsure find This was one cf did not- understand their life 

Government would act to ensure th „ m3jn coneln9 } 0 ns to a report assurance nreds and were utterly 

published yesterday and pre- confused by the policies being 
(wred by a leading psychologist marketed. Such people, claimed 
for Liberty Life Assurance. Com- Mr. Keith Blunde], the manager 
pany. of Liberty Life, quite reasonably 

The UK life assurance industry would not buy products toey-did- 
has for decades complained that not understand. ' . 

people were underinsured. Yet • The report called -for the- 
as the survey said In its intro- setting-up of a working party* 
faction, *n attempts to bring this which would examine ways In' 
home to the public had failed, which life assurance, policies and 
The survey covered 1,035 men promotional literature could; be . 
and women aged between 15 and presented more simply. Such, a 
57. body should report -its .findings 

It found that 36 per cent had to the Department- of Trade, 
no insurance at all, while a sub- ~77ie Psychology of Life Insur- 
stnnfial percentage of the re- twice; £10 from Liberty Life' 
mainder bad life policies which Assurance Company, Kingmaker - 


Life assurance often 
'baffles the public’ 


BY ERIC SHORT 
MANY PEOPLE do not take out 


Most of those with little or no 


protection for the societies' de- 
positors. 

Commenting on their exclu- 
sion from tbe banking legisla- 
tion. the Minister pointed out 
that they were already subject 
to the supervision of the Chief 
Registrar of Friendly Societies, 
who had done tbe job very well. 

In the wake of the Grays 
Building Society’s problems, be 
recognised that even tight super- 
vision might not avoid occa- 
sional difficulties, and pointed 
out that the building societies 
were discussing with the Chief 
Registrar the possible need for 


a comprehensive deposit protec- hart a very. low payout on death. House, Station Road, New Barnet. 

1- -n.nMna tl'K nor nnliau E-ATE 1 Dry 


Receivers begin attack 
on ‘Romalpa principle’ 


BY JAMES BARTHOLOMEW 

A HEAD-ON attack on^-tbe 
“ Romalpa principle " : was 

started by the receiver^, of 
Bond Worth in court yesterday. 
JLn the Romalpa case in liftfe. a 
supplier was able lo enforces the 
return of goods from a company 
which had gdne inlo receiver- 
ship, claiming that title had not 
passed to the buyer. 

In the Bond Worth . case, 
which began yesterday in front 
of Mr. Justice Slade. MonsaHto 
is claiming that it retained title 
to some Acrilan which it sold to 
Bond Worth. 

The case has attracted great 
interest among accountancy 
Anns which specialise in 
receiverships. They are anxious 
that the “Romalpa principle ” 
should he overthrown because it 
makes their jobs more difficult. 
Representatives of several firms 
attended the case yesterday. 

There is also some doubt 
among auditors as to how goods 
supplied on Rom a! pa-style 
contracts should be treated in 
annual accounts. 

The banks, too. would like the 
Romalpa principle overthrown 

since it reduces the collateral 
which Is available to support 
lending to companies. 


Mr. Jeremiah Harman QC, 
speaking yesterday on behalf of 
the joint receivers and Mr. 
Chrisrnpber Morris and Mr. 
Anthony Houghton, manager of 
Toache Ross and Co., said that 
he would attack the validity of 
the Romalpa principle in law. 
But be also intended to fight tbe 
case on tbe basis of the uncer- 
tain wording of the contract of 
sale. 

The joint receivers, while 
wanting to win the case on 
either ground, said yesterday 
that they hoped a ruling on the 
Romalpa question would 
emerge regardless. 

Outlining the facts of tbe 
case. Mr. Harman said that 
Monsanto, tbe American chemi- 
cal company, bad supplied Bond 
Worth with just under £600.000 
worth of Acrilan, the artificial 
fibre. 

The material was supplied 
under a contract which- included 
a clause designed to invoke the 
Romalpa principle. 

The clause stated that the 
risk of the goods was trans- 
ferred -with delivery, but that 
the equitable and* beneficial 
interest remained with Monsanto 
until payment was received. 


Mr. Harman said he would sub- 
mit that the Romalpa principle, 
if applicable, was not valid in 
law. But in any case, he would 
also submit that the clause in 
this particular, contract was “so. 
ineptly drafted! ” as to fail to 
successfully make the principlp 
apply. “ I don’t think a lawyer 
could have drafted this clause," 
be said. 

The court might have to con- 
sider how far the purported 
retention of title by Monsanto 
could extend, Mr. Harman said. 
Tbe Acrilan held by Bond Worth 
when it went into receivership 
Included raw material, fibre in 
the course of being processed 
(both with and without being 
mixed with other materials) and 
the finished product — carpets. 

Hie question of whether pro- 
ceeds of sale of all or any of 
these categories were due to 
Monsanto could also arise, he 
said. 

Tbe case is expected to last 
about 10 days, and, then judg- 
ment may be reserved. Mr. Ray- 
mond Sears, QC. is representing 
Monsanto, while Mr. Andrew 
Mnrritt is representing National 
Westminster Bank, the largest 
creditor of Bond Worth. 


By the early 1980s, he said, 

they should have progressed far # 

enough to be treated as private tion scheme to protect their in- — average fl25 per policy. Hertx ENS 1PH. 
sector banks within tbe legisla- vestors. 

lion. Mr. Davies said that If they 

On the Girobank, however. Mr. could not agree voluntarily on 
Davies added that the position such a scheme the Government’s 
was different. It was supervised view would be that legislation 
as si ring ently if not more so should be introduced. 


for Oriental 


PERSIAN 
- Shiraz carpets and rugs iir 
Kashbai designs e.g. approx 

6x4 ja33 

ra 


fign pareoarprices . *ifprfe«iK*»aaw‘ , 

AFGHANISTAN 
BetouchiTribaland Nomadic . 
rugs e.g. .approx 

ROMANIAN s 
Persian designs, carpets and . - 
nigs e:g. approx 1 1 1 x8’.fy 74f | - 

CHINESE . . . 

All sizes, coloursand qualities 
available e-g: 12x OF - * * m 

carpets . .from; S/FH- 

-*othr*nUbte Sinkiang carpets and rugs in 




Samarkand designs etc. , 
e.g. approx 4* gx 2* 3" 

Bokhara 

£136 

TncoRcfrfflL 


k unt 3 31 . 1,79 
I No mate tern one . 
discount pwpurctee. - - - 

Cbrperi in traditional Bokhara 

SSSSSS**:. deslgnse.g. . . / 

• TRAD? ENQUIRIES approx 8* X 5'from _ 

WElCOMtO •TAX-FREE EXPORT SAt.ES f OR- OVERSEAS VISITORS - 


Hwwiditrt, twrtn..EC3ft7Da - 


Oeds'CstfcWefcXXT*? 



0^1; £ 


The Financial Times 


Staff 




' -’-ib ' l’" •/_•_ •:’:."./ 


\$8$ 

n • c'^v 


*X '. 




/?S_ 




^gfa- 


I — 




1 




IT 


aw 


— HtefciW*'-* . 
ca^.3 - 

t* 

3* 


•=•*• - - jfcei 


irafi 

- v&ff £ : 




* 


r 


rf >+ 






yy : 




isafcs 

Wi 


#*! 


'-w*. 


v 


C5fW^: 


slower 

productivity 


Electric vat heating gives 
more economic anodisin g 


Smiths Industries Limited, Cricklewood, London. 


lurt 




w 


<TEf 


m 

■as 


'i 




m 




-■I 


fCA' 


'« V >. 


/ 


V 


V 


Electric infra-red oven 
speeds paint drying 


■>» 


British Airways, Heathrow, London. 


■m 


W& 

' •.■: p -J* 

* % 






t 


:Sft' 






' ::;r. » 


iEfectric LTM furnace cuts 
heat-treatment costs by 25% 


Mann -Industries Limited, Mansfield. 




W*K. 


-s— 


> ; *: 






s?* 


y* 


Lower reject rate with 
electric infra-red ink drying 




TfextAe Decorative Company L im i ted , Notti ngham . 




4i 


>%- 


Faster paint drying with 
electric convection ovens 


John P Webster Limited, Shepherds Bush, London. 










Low cost installation with 
electric vat heaters , 


Supplementary steam raising 
by electricity saves £1000 a month 


Small foundry makes big cost 
savings by going electric 


All the 


wise 


power, 


instantly available at the touch of a switch. 


. . Post to: The Electricity Council, 

Tb find out how electric processes can increase efficiency 2R4, 30 Mfllbank, London SWlP 4RD. 

and profitability, simply send in the coupon for a copy of ^ 

‘Electricity: Results on application’. ■ 




f ' 

11 


Position 


Company 


Type of basin esss 


Address 


The Electricity Council, England and Wales. 












We invite you to an 

AUCTION 

to be held at 

The Adelpht Hotel, Lime St. Liverpool 
on Tuesday, 12th December, 1978 at 2.30 pm 
for the sale of 

Z0A4MERCLAL INVESTMENTS, DEVELOPMENT SITES 
AND VACANT UNITS 
unless previously sold 


full particulars from 

Thomas & Jones 


COMMERCIAL 

16 Cook Street, Liverpool Telephone: 051-236 6746 


EDITH) BY ARTHUR BENNETT AND TED SCHOETERS 


• PROCESSES 


Ion plating advance 


Nr„ Andover Hants. 

Factory/ Warehouse- 23,700 sqft 
Offices/Canteen- 8,000 sqft 
SHORT TERM LETTINGS 

ref: IND/AIE 


MATTHEWS GOODMAN 


.JSsEjOSTLETHWAITE 

Lr;^Gtl^2?8j3 20 0.*-7aUPFEFtf HAMES sf LONDON EC4R 3UA 


METAL PLATING by ion trans- 
fer is a novel concept in plating 
technology, developed originally 
by Culham Research Laboratories 
of the Atomic Energy Authority - 
and now being adapted and 
marketed for industrial applica- 
tion by Dubiller Scientific. 

The equipment efficiently pro- 
duces ionised beams of high 
purity within high vacuum 
installations. Surfaces of com- 
ponents held in the vacuum 
enclosure are bombarded with 
ions of a given metal and thus 
a solid coat of that metal is built 


Based on work originally car- 
ried out for the European Space 
Agency, the first system for 
commercial work consists of a 
liquid metal gallium source, and 
a control unit Together they 
provide a stable source of gal- 
lium ions at currents ranging 
from 5 wicroamps to 100 micro- 


amps at energies from O.lkeV to 
lOkeV. 

The gallium Ion source con- 
sists of a heating unit, a reser- 
voir for molten gallium and an 
anode and cathode mounted on 
a flange. Gallium ions are 
emitted from a metal, vapour 
plasma ball at the top of a Jet 
of liquid gallium, the jet being 
anchored to a needleshaped 
anode. . . 

This jet is formed by an 
Intense electric field between the 
anode and cathode, at a threshold 
voltage of 4-5kV. The ion source 
•control unit, the DC1Q-1O0, pro- 
vides all the power needed to 
operate the ion source, with 
focusing capability. It will also 
power other metal ion sources 
now under development. 

Dubilier Scientific, Radley 
Road, Abingdon, Oson (08692 
42035). 





FED DISC MACHINES 

" TB^igGELUMIlH) ' 
CHAM CON/ LONDON 888»1 


• COMPONENTS 

See-through 

tlACA IrAAIK V Mu 


plant dry 


.^rr-sv- 


Displacing imported strip 


HANDLING 


Feeds sticky liquids 


EfflAYHMR HEADQUARTERS 
FOR SALE 6,600 sq ft. 

)NST^!l^^04AL/^o^-PF0=^■ making user 

LIFT-CENTRAL HEATING 
REALISTIC PRICE FOR QUICK SALE 

Henry Davis &Co. 


.!(?! New Eo rK!Sf Lo." c?cn •V'Y 5LG 

.01-499 2271 


Enston Offices N.W.l 

20,000/50,000/100,000 SQ. FT. 


Might sell - Strictly confidential 


Principals only apply Box T4994, Financial Times 
10 Cannon Street, EC4P 4BY 


10,000 Sq. Ft FACTORY 
POOLE, DORSET 


Prestige Glass HI Factory with Offices. Delightful location 
□ear Harbour. Now ready for early occupation, 21 year lease 
offered at £1.60 a square foot. 


Please contact; 

Matrix Ltd-, Le afield Industrial Estate 
Corsham, Wilts. - Phone 0225 742586 


ROBNORGANIC which specia- 
lises in the formulation and 
supply of protective coatings for 
electrical and electronic com- 
ponents, has introduced a lineai 
dispenser for one-part liquid 
systems that combines accuracy 
of shot measurement and plac- 
ing with high speed operation. 

For users requiring miniature 
shots — between 5cc and 0.05cc 
— of a one-part system to be 
placed with a high degree of 
accuracy at production-line 
speeds, the dispenser has pre- 
cision metering pumps on an 
indexing table whose positional 


accuracy Is claimed to be better 
than plus or minus 0.001" 
(0.025 nun). 

All parts in contact with tHe 
material dispensed are- corrosion- 
resistant, allowing the machine 
to be used with silicones, 
epoxies, polyesters, polyure- 
thanes, oils and solder pastes. 
With many materials the lower 
limit of shot size is determined 
only by 'the viscosity of tbc 
material itself, the equipment 
being capable of handling 
materials of up to 600 poise. 

Robnorganic, High-worth Road, 
South Marston, Swindon. Strat- 
ton St Margaret (0793-82} 3741. 


WEEKLY OUTPUT of up to 28 
tonnes of clear, flexible pvc 
strip eonld be achieved by an 
advanced, high capacity extruder, 
shown here, now operating at 
the Warmley, Bristol factory of 
MaviL This would, by itself, 
satisfy Britain's market for the 
strip, making the UK indepen- 
dent of current imports from 
Europe. 

Produced in 200mm, 300mm 
and 400mm widths, and varying 
thicknesses, the strip is in grow- 


ing use for energy-saving and 
draught-excluding strip doors in 
industrial and commercial pre-: 
mises. Other expanding applica- 
tions are in special grades for 
industrial noise control and anti-', 
flash welding screens. 

The £125,000 extrusion facility, 
supplied by the Italian company,:. 
Union, is one of the most up-to- ' 
date now operating in the UIC 
The techniques required -for- 
extruding the large-section .pvc-. 
strip have been developed With' 


Ure-litjlp of icrs Plastics DM* 
dob; which is supplying the 
; crystal-grade pvc material. 
--^Die-machine has an unu suall y 
'teTlie:' screw diameter (ISOnnn) 
’/which . allows a very high 
^throughput without high screw 
speeds or excessive pressures. 
-In';: : addition, the associated 
/equipment includes a pneumatic 
conveying system for ' feediijg 
. and recycling the pvc gtantd&f 
'-■Fnrther details from ^Mavil, 
■; Tower Lane, Warmley, .Bristol 
VES15 2YT. 0272 612255. 


• RESEARCH 

IBM logic runs faster 


-b Machine tools 

Small-batch 


• DATA PROCESSING 


Keyboard controller 


CONTROL TAPE SERVICES of 
Normandy has a micro-processor- 
controlled processing keyboard 
for numerical control work. 

CTS 763-3 is essentially for 
NC machine-tool users and can 
be applied by an operator or 
engineer for NC tape punching 
and editing. Standard equipment 
includes a 45 CPS printer, search 
facilities for feeds, speeds, tool 
change commands and a block 
search capability. 

E1A/ISO/MOOG code is avail- 


able and the inside-ont tape 
spooling feature is a unique 
method of efficient tape handling. 
To specify a machine to the cus- 
tomer's individual requirements 
there is a range of options. They 
include data transmission facili- 
ties, program output keys, auto- 
matic sequence numbering and 
interface circuitry for computer 
numerical control systems. 

Control Tape Services, Glaziers 
Lane, Normandy, Surrey. (048- 
642) 2432. 


• PACKAGING 

Sweets in a stick 


TAYLOR ROSE 

REQUIRE 

20,000 + sq. ft. 

office 


Within a few miles of 
Heathrow 


Sites, as well as buildings 
vacant now, will be 
considered, to ibuy or lease. 


Our clients are one of the 
largest multi-national 
companies, who will occupy 
the property as their 
European Division 
H.Q.(C141) 


TAYLOR ROSE 

27 ALBEMARLE STREET 
LONDON W1X 3FA. 
01-492 1607. 


WANTED 


WANTED 

fluid an tnl Truing and Conference 
Centre. Hotel. Education or simllar 
property to provide accommodation 
for about 120 persona. Ideally located 
in Midlands with good Rail /Road links 
to London. 

Propositions to retained Agents:— 

JONS LANG WOOTTON, 
33 King Street, London EG 2 V BEE. 
Tel: 01-406 4040 Ref. DEMH/SPMC. 


PRE-FORMED SWEETS can be 
individually wrapped, collated 
into predetermined quantities 
and finally emerge in a stick 
pack which a machine overwraps 
at speeds in excess of 24,000 
pieces an hour says Rose For- 
grove, Seacroft, Leeds LS14 2 AN. 

Individual pieces in a stick 
can vary from four to 17 and, 
besides the variation in quantity 
— which is a mere adjustment 
of the collator^the machine will 
alter to change in product size 


by a substitution of parti; : 

Hie machine is called the RF 
341 and has a new feed System 
consisting of a double disc unit 
with greater number of feed poc- 
kets than are generally used, 
says the company. 

This, coupled- with? tangential 
. alignment of tbe pockets, greatly 
increases feeding efficiency. Both 
discs swing out oh one pivot, 
making end-of-shift care and 
maintenance a swift and simple 
task. 


EXPERIMENTAL one-micron years' work at the IBM Thomas: - * _ .l 

silicon microcircuit technology j. Watson Research Center in JjIY||0PF 
that achieves almost a tenfold in- yorktown Heights, N.Y. to „ 

crease in circuit density over asnecls af shnmkine ,AN AUTOMATED small-batch 

present silicon circuits has been “J. 1 *f p ** ts °“J production (ASP) contract has 

described by IBM scientists. The silicon circuits to dimensions of Signed between National 
circuits also switch 3-4 times one micron and smaller. Included {Engineering Laboratory (NEL) 
faster than previous circuits of are device and circuit design^ and The Butler Machine . Tool 
tbe same type and dissipate one lithography and otber fabrication. Company in Halifax, 
tenth the power. processes, as weU as circuit per- Asp Mercise has been 

These experimental computer formance. 

circuits are believed to be the Studies at liquid nitrogen tern- ^|£??f£ n J ,y an< . Machine Tool 
smallest silicon logic circuits sO peratures (77 degrees Kelrin or 
far fabricated in large arrays. Jninus 196 degrees Centigrade) 

The technology is capable of pro- show that switching should be 
during 256,000 memory locations about three times faster than at 
on a chip, or more than 10.000 room temperature. 

logic gates. All lithography is done on a fu ^, e A£ 0 “^f 

Described in a series of five computer-controlled electron 
papers at the International beam system. Lithographic line- T - ** 0 *®^ - ^ apan ’ ADier * c * and 
Electron Devices meeting in width is controlled to within Q.l Scandinavia. . 

Washington the IBM work has micron, and registration from- ..The contract placed with 
been primarily on a form of level to level is better than 0.3 .Butler Is for a one-year 'design 

metal-oride-semiconductor field- micron. Once a wafer is loaded study that if successful, will be 

effect transistor (MOSFET) with into the system, exposure is com- part of the UK's answer to com- 
po! y crystalline silicon gates, pletely automatic. Each chip petitors. *' 

Most of the processing technology location has registration marks -.jfgL is operating on behalf -of 
is applicable to bipolar transis- that emit secondary electrons uriatm iR in managing the pro- 
tore as welt ■ when accessed by the electron Je6i - wA Butler has been chosen 

Raw switching speed of the beam. The system recognises of its' hleh technical 

MOSFET circuits is 230 pico- this , signal and , registers . the. jJSEJJ};, a n d S S^- 
seconds (trillionths of a second), beam for that chip. This auto-, cteSSi t brinx SrnS: 

In a more typical environment, roatic registration process at the ^ 

switching speed is 1.1 nano- chip level eliminates the proS-'** , • ' _ 

seconds. Power dissipation is lem — a serious one in other Uttftv- Butler Machine-Tool Company 
0J7 milliwatt per logic element, graphic technologies — of aiis- is a member of the manufactur- 
This is unprecedented in silicon registration due to wafer Varp- i°S division of B..EUiPtt.an d-Co ., 
FET technology.. ing and distortion during^dugh- at Victoria Place,. HaliIax..KXl. 

The- papers reflect several temperature processing. / 14ER. Halifax: 83198. - ' * V'. 


BECAUSE British ’ Steel Cor- 
poration's Llanwem steelworks 
in South Wales: was bniH on 
reel aimed marsh tend, the com-- 
jjany has a constant battle with 
the disposal of surface water, 

aWbtile pumps, are -used to 
extract ' water In emergency 
sttiiations, such as when flood- 
ing occurs m caWe tu nne l s , sex- _ 
vice tunnels and tire 1 storm 
water dxatinage system. The . 
suction and deSivery. base s us ed 
in-', these particularly tough 
operational conditions most be:, 
able to «*pe with mod, earth,- . 
rocks and foliage. 

A steel-reittforced _ vinyl hose, 
T4ial.lah .made- SupaVm, . ha#- 4 
translucent wall ~ whfrii, says 
BSC's engineers, has proved an 
invaluable ^toe-saver in th at it . 
tdlows ' instant .dftteefion -:,of- 
blockages and . has sisch; excop- 
tional burst-strength ;that thor.’ 
expect 'the, hose wUl last at least- 
half as long again as codrvirikr 
tional "hoses. .. ‘ • T t : • 

The maker .afctntbutey. the. 
unusual strength qualities of the 
bose. to its. patented manafac- 
tuidng process wh*chaBows both., 
hose and • spiral ste el w ire ' 
reinforcement to he extruded, 
.together in one ; .- cbntmuous 
length, 

Sole .UK distributor .. hi 
Andersens Rubber- Go., St.John - 
Street Redtminster,- -Bristol'. ' 
(0272 668141). - 


per] or 


•i!u‘ 


Tfcll 


■‘OOtS 


Switch unit 
starts soon 


A WHOLLY. owned subsidiary of.. 
C ' and K Components Inn, 
Massachusetts, bastieen set up in . 
the U.K. and in the hew year Is . 
to' undertake" ' assembly..’ of 
switches for the -.-electronics, 
industry at a production unit in 
Kettering. 

Employing about 100 people,-, 
the "unit will produce the entire * 
C -and K range, including sub- - 
miniature toggle, rodder, lever 
- handled, slide and - thumbwheel 
types: Discussions are . already. . 
under way: with piece part manu- 
facturers in the U.Rr - - t 

' To begin with the company will ' 
fulfil' big exportEorderai^inee iti. 
Will * provide all the i switches 
normally exported’ hyithe parent 
company from the US. to some. 
23 countries— including Japan " 
and Taiwan. 

More finpi 40 HazelwuodTEdad, . 
Northampton- W 1LG ({^04 . 
38236). .".- 1 ; ' s ./ W ,---: 


- 


• OFFSHORE INDUSTRIES 

Economical motors 


^ . vmm 


BUILDING LAND 
AND SITES 


RIPE FOR IMMEDIATE 
DEVELOPMENT 

8 5 toner H.Q. Cominwcbl Bui Wins 
SITE FOR SALE 

P.P. for Showrooms /OfB cm /W ire- 
homo/ PenthouM Flit owr. unpl« car 
parkin* tpace. Excellent position in 
OW Street, E.C1. Fhld. £55,000 i.te. 

R. J. SLATER KVA 
Slough 41072 


SHOPS AND 
OFFICES 


Property Advertising 
Also appears today 
on pages 34, 35 and 36 


REGENTS PARK. LONDON KWJ, Magni- 
ficent Offices g. OSO sg.. ft. Ewry con- 
ceirable amefltty. Harrison and Part- 
ners. 486 SIGH. 


FURNISHED OWFIOL Oxtord Street. £75 
month inc. IWhUhtart. ratal, 01-439 
0S51. 


INTERNATIONAL 

PROPERTY 


SUITE TWO Furntthed Offices. Oxford 
Street. T73 month tnc. Llaht/lwat. rates. 
01-439 (SSI. 


ATTRACTIVE UJ. 

LAND OFFERED 

jfi3 acres, of whJcb 140 prescnUy in 
scn-lcc as Poll course, for sale. 
Located within ID miles Of exoandinp 
Connecticut City and 20 miles from 

similar centre in Westchester. N.Y. 

Additional i3 aeres__ adjacent to 
course available on 60 Wir !““■ 
Price tnon-neftatlable) Is SI 75C.OOO 

Principals only, please. Write Ron 
F.S072, Financial Times. 10. Cannon 
Street. EC4P 4BY. 


I'i- ■ - - ■ 1 

BB.tjrj 


jS 



RESIDENTIAL 

PROPERTY 


CARRYING OUT detailed exami- 
nation of every weld made on 
a number of North Sea oil or 
natural gas pipes as they are 
lowered to tbe sea bed is X-ray 
equipment powered by a ranee 
of fhp electric motors from the 
Bodine Electric Company of 
Chicago, U.S. 

The X-ray equipment is 
mounted within pigs or pipe 
crawlers, and the motors 
(mounted within the narrow con- 
fines of the crawler) will power 
a 322 lb load up gradients of 
as much as 25 degrees. 

Reliability of the motors must 
be absolute, even in the extreme 
temperatures of the pipe after 
welding, as any failure with the 
crawler trapped in the pipeline 
could result in costly delays. 

Modem lay-barges are capable 
of laying anything np to 2 miles 
of pipeline a day at a cost of 
around £5m a mile, and a hiatus 
could prove financially disas- 
trous to both the inspection 
company and the pipeline con- 
tractor. 


A prime feature of the motors 
is that they run three times as 
long as competitive units from 
the same 108 volt nickel cadmium 
battery pack, says the company. 

In addition to the remote 
crawlers, visual inspection is 
occasionally carried out by send- 
ing a man down the larger pipes. 
In this event, a Bodine motor 
is also used to power the vehicle. 
This is a 42-frame permanent 
magnet motor driving through 
40 : 1 parallel shaft gearbox and 
producing ISO ibs ins — said to 
be exceptional for a unit only 
21 ems by 12 cms. 

With a full load on the trolley, 
the maximum endurance from 
<the 36 volt battery pack using 
all other makes of motor has 
at best been balf an hour — in 
the majority of cases only 20 
minutes. When the company’s 
motor was fitted (it claims) the 
trolley ran for three hours. 

Bodine UK Sales Division is 
at Ridings House. Bakers Lane, 
Maidenhead, Berks. (062S 27094). 



9 


OFFERS ARE INVITED 
for the purchase of the lonj 
leasehold noridentUi interact of 
FHILUMORE COURT _ 
KENSINGTON HIGH STREET. W» 
with the benefit of 8 tenanted flea 
holding over the propMal for the 
addition of 3 penthouses. Appliona 
must be prepared to complete Iqr 23 
December I97B, time of the essence. 
Apply Whitmore Pretsutx 01-247 73S6 
36 Oder Street, London. El 


SOUTH S£A ISLAND 


HE WHO BUYS AN ISLAND 
buys a piece of unspoiled 
nature. 


There Is actually only one problem that arises 
In purchasing an island: there are too few. 


FOR SALE 


PRIVATELY OWNED 
SOUTH SEA ISLAND 


App. 49} acres, about 2,500 x 1.500 
ft. Situated 1 mile off Caribbean Coast 
Line of Panama. 7 miles N/E .from 
Colon Harbour. Medical facilities 
available in Colon <3 hotpltals). 
Humidity and Water. Temperature 
simitar to Bahamas, ideally suited for 
development. No danger of flooding. 
Lush vegetation, undy beiehat, eoriJ 
reefs, dear water. Price £200.000 


Write PA J44J 


AnicHaenoerntu’- Petermann 
BundraHee 91 


D-1000 Berlin 4f fWest) 


Dredge for rough seas 


VOLKER Stevin Dredging, the 
Dutch marine specialist, is plan- 
ning a -new dredge, the “Stevin 
80" and has shown a prototype 
model to international engineers. 
The dredge, a multi-purpose 
semi-submersible. “walking” 
cutter dredge, is expected to 
revolutionise dredging tech- 
nology. 

It will be able to work on bard 
soil under heavy swell condi- 
tions. This is a significant 
advance in dredging capabilities, 
which will make a substantial 
impact on the conception and 
design of major harbour develop- 
ments throughout the world. 

Until now the cutting of hard 
soil by a conventional floating 
dredge in exposed waters could 
only be carried out during rare 
intervals of calm seas. Such 
operations were extremely costly 
and limited in scope. Because 
of this, new harbours were 
necessarily sited either in 
sheltered waters or in softer 
solL 


Introduction of the “ Stevin 
80” means the location of the 
harbour will be governed by the 
optimum transport pattern. It 
writ be passible to design and 
build ports in locations which 
previously were considered un- 
realistic because of advarse con- 
ditions. It will also be possible 
to dredge harbours at sea with- 
out waiting for the construction 
of breakwaters, an important 
time-saving factor. 

It will also open up new 
possibilities for pipeline trench-' 
ing an rough coastal waters and 
for coastal mining ventures and 
be used for broadening and 
deepening shallow or narrow 
harbours, and for tbe con- 
struction of artificial offshore 
islands. 

Presently under construction, 
the Stevdn 80 will be com- 
missioned by the end of 1979. 
It will weigh 2,9 metric tons 
and have a dredging depth of 
105 feet 


One of 
the world’s 
great banks. 

Over 1600 branches. 
Operating in over 40 
countries throughout 
the world with 
branches, 

representative offices, 
subsidiaries and 
affiliates— all designed 
to help you with your 
international banking 
requirements. 


Condensed Statement of Assets 
and Liabilities as at October 31 , 1978 


Assets 

Cash resources 

Government and other securities . 
Loans, including mortgages 
Bank premises ' ' 

Securities of and loans to corporanons ' 
<antrofledty the bank 
Customers Kabilify under acceptances, 
guarantees and letters of credit 
Other assets . 


1978 1977 

$ 8,147,147,742 $ 7 , 165 , 038,541 
4,564.849,007 . 3,403,063,570 
25,446,517,500 ..21,819,176,461 
.474,525,919 - 413^273.134 


trr 


374,934,732 . 235,494,686 


T , 861,855,546 - 1, 289,1)91 ,017 
34.531,984 25.196,946 

$40,904.516,430 $34. 350^334,355 


Liabilities.. 

Deposits ; .v - 

Acceptances, guarantees and letters df credit 
Other liabilities • 

Debentures issued and outstanding - 
Accumulated appropriations Ibr tosses-" 
Capital, rest account and undivided profits 

(ABBgwmanJnCatMSandobmJ 


$36,990,558,889 

1,861,855,546 

234,098,128 

413,666,000 

325,470,815 

1,078,867,052 

$40,904,516.430 


$31,379,914,005 
1 ^89,091^)17 
‘ 166,548,859 
-353,891,000 
- - / 306 i 659,889 
854,229,585 

S 34.350334.355 



Thousandsof types andsizeshstock forlrim edafedeln^ 

LONDON CH- 561 S 118 ABERDEEN(SB 2 & 32355 j /2 

MANCHESTER 061-872 49/5 


TRANSFER CALL CHARGES GLADLY ACCEPTED 
24 HR. EMERGENCY NUMBER 01-437 35£7 Ext. 4 W 


W. Earle McLaoghBn, Ctmrmvn ofttia Board and Chief Executive Ofllcar 
Rowland C. Frazoe, Pms/derv 
J. K. FMayson, Vice-Chairman 
WD. a Gardiner, Wce-Cftafrman 
H. EL Wyatt, Wco-Chawmafi 

FL A. Lifting. Emcu&Ve Vice-President end CtM General Manager 
A. FL Taylor. Executtvo VSce-Pmsidem and Genera/ Manager, Int erna tional 


THE ROYAL BANK OF CANADA 

Incorporated in Canada in 1869 with OmftedKabffity 
London offtaes:6.Lothl)uryEC2R7JY, 2 CockspurSLSmY5BQ :;U.. 


Channel islands:TheRoyal Bank of Canada’ 
(Channel islands) Limited, Sl Peter Port, Gtiems 
Paris: The Royal Bank of Canada (France), 3 rue Sc 
75440 Paris CEDEX 09 
RegioiaLRepresertafive— Frankfurt 




Surrv 


















; > vrrvr;.- 


f5BlnG»'j%Eldi^^SeiiDekW^. : --8'^3j97S 


'*.. A-:>'f.*.‘ 


“ - r -/:■ 

T Vi- • 


FINANCIAL TIMES SURVEY 


Friday December 8 1978 


rough 

ee Ps 

irv 

t v 

■ swi 

***** ■ ^ 
"V* «>■ 

■•- h 

u -'-nr h-.-L *n 

p ‘^u: 1P :;-*» S*tj 
>!;■ .- _ . ' sOjo, 

;V ” ^T-id, * 
u** 

' -v* i. 

Siijla-. '"3* 


? .; :?> a 

*, wMs'i:;*- 

■« - - “ **4 ■# 


?»-■■= ar:;^ 


w *• - - -a:?s •• 
4“.fc-rr"^~ “ts 

A.-’ - . . t. - -Ji:. 

--- v _ 




■"•• ". : V : ,. ; : 

‘■".'■f.', ^ I: •; 

Ui 


i unit 
soon 

t >> i ... .... 











,v‘ -> : " \£ *{.■» •’jVfV-. 
„i>. -' - . ' iOyCr/.'.f. ■ • >-.•-?■, 


Tucked away in the southernmost part of the country, the Dutch province 
j ; of Limburg and its citizens, with substantial Government help, have vigorously and 
successfully tackled the problems of industrial decay and high unemployment. Prospects are enhanced 
by Limburg’s location in the industrial heart of the European Community. 


*A -- - 7 • • ' ^ • ' being. iiuflV tdong the river 

fact Limburg ; is under- 
1 ' -. ' TT.-- going the most, radical trans- 

" a i;: ... . fonnation of* any area of Hol- 

^ JjXi' V • : ■ ■ land. In the space of 10 years, 

Vl/TT fi - 1 j .. . _ .between lOfi&au^ 1975, the pro- 

_ r-T jL-jfcdt JL‘‘ j _ vince's staple activity, coal min- 

•; :.-’v' r - ' . • . " ing, was shut dowh -completely 

V V .-- - r '<-. with the loss of-. nearly 45,000 

XV_ rU " . jobs— 30 per- cent of all indus- 

TT^fpMEFf*. .. . • trial employment. This has 

l r w LJi a not only meant creating new 

; - ' • , . .. jobs, it has involved finding a 

r. ' ' ■"/ new function'^ for dozens of 

a ^~’ rS '.- r ^ , Jp small communitiesr clearing the 

slagheaps, the pitheads and the 
JL' Vi* ... coke plants; and^^inlding roads, 

_ V.’ ~ : .l.-;.: ‘ . schools and hospitals to meet 

• • • ’ "= the new needed? the area. 

By ChaWes Batchelor ■' By the ea«* 1960s Limburg's 
Ai^e^Wi'CoiTWiwMienr coal mine&^imed ■ by private 
-• - ... . ... companies and; by the state — 

leans yelj, l^e .visitor , to the serves ^ Grdifi^en provided a 
amthoagtysi-ja^c- propnce.\ of c ^ ap alternajfw, -while in the 
the Netherlands by ; to or jar 16 terrQ p^er was 

sees O' neat eoun^side which . tQ 0 ver as t&af major source 

becom es^ increashigly. . mUy we 0 £ ener gy_ Th&declsion, which 
furthe^.^soujh he. goes, a • He many now see ^having greatly 
passes : 7 the:: occasional modem un^r estimated%e difficulties, 
factocjr 4 or. chemical,- plant, -and ^ taken to 4but the mines, 
only on- the Eastern nm of the - Armrnd go per eettt of the jobs 
province do the slag h^ps- Hat . which were axedOwere in the 
at- a- grimier uadustoal past. ' ; . _^astem mining. '-&iion around 
-The prpvimdaf ica^tal of-Ueerieh, puttiiig^particularly 
Maas&icht straddles the Maas, heavy burden dn^a- few com- 
its - steeproofed .' grey stone m.uhifies, MucirHEMB been done 
h »?M?rig y ieutlanff mare: ISelfioaT? 1 in the hxt^tvening^l^TS to give 
than : 'Butch; ;.. ■.The,;shdpping^ the region ^ ne w iodustries and 
streetsToakho less'jtfospe^ous -A r new infr astructitfa.,.- 
thait those of pRotterdam or TKje j Despite the entu^cms loss of 
Bagm^waa^ • in ;•% miffing^- and- 

hhh£ftir'nra^erfs aiid^ptels; am*hiDectly ^elated, (industries, ^and 


m 




the effects of the wider 
economic recession, the number 
of jobs in manufacturing 
industry rose to 79,300 in 1975 
from 73,600 10 years before. 
Investment incentives in the 
south of the region helped to 
create 15,000 new jobs, while in 
the less badly affected north 
bonus schemes produced 
another 6,000. Unemployment 
is still the highest of any 
province at 9.8 per cent, how- 
ever, compared with the 
national average of 5.3 per cent 
To bring local unemployment 
down to the planned country- 
wide level in 1980, another 

10.000 new jobs must be created. 
Particular problems faced by 
Limburg in the creation of new 
jobs are the large number of 
older workers and the attrac- 
tions of high wages over the 
West German border for many 
younger people. 

A recently published draft 
bill entitled “perspectives for 
South Limburg” calls for the 
strengthening of service indus- 
tries in the easternmost part of 
the province, while in the west, 
around Maastricht, manufactur- 
ing industry will be the major 
creator of jobs. The transfer 
of Government offices to the 
area is expected to bring in 

2.000 jobs. 

Limburg was the birthplace 
of the industrial revolution in 
Holland around the middle of 
the last century and it retains a 
varied industrial structure 
despite the loss of mining. 
Chemicals is -the largest indus- 


trial employer in the area, with 
-around 12.000 employed by the 
state-owned DSM and another 
5,100 in other companies. 
Metal products manufacturing 
employs nearly 9,600, while the 
engineering, electro-chemical 
and building materials, ceramics 
and glass sectors employ more 
than 8,000 each. 

Many of the labour-intensive 
industries which were 
-encouraged to move to Limburg 
in the 1960s to make use of its 
large pool of labour have since 
had to cut back as rising wage 
costs have reduced their com- 
petitiveness. The province is 
now seeking capital-intensive 
activities with high added value 
and low payroll costs. 

Limburg has attracted many 
companies in recent years from 
the U.S., the UK, West Germany, 
Belgium, Sweden, Denmark, 
Switzerland and Japan. The 
province's promoters think it 
offers particular advantages to 
British or U.S. firms seeking a 
location at the heart of the Con- 
tinental market. Major British 
manufacturers with factories in 
the region include Rank Xerox. 
GKN Group, J. C. Bamford 
Excavators. Reed International 
and Tube investments. Among 
U.S. companies with a stake in 
Limburg are American Metal 
Climax, Consolidated Foods Cor- 
poration. Tenneco Chemicals 
and Dart Industries. 

Limburg's distance from the 
main Dutch centres of popula- 
tion has been a disadvantage in 


the past. It was a long way 
from its markets, from the 
centres . of power and influence 
and also from Holland's outlets 
to the sea. It is now projecting 
itself not as the bottom right- 
hand corner of the Netherlands 
but as the centre of a large area 
of wealth and population taking 
in the Ruhr are3, the heavily 
populated West German Land 
of North Rhine-Westphalia, the 
industrial area around Liege in 
Belgium, Brussels and finally 
Holland's Randsrad. Limburg 
claims a marker of 50m con- 
sumers and 150,000 companies 
within a 140-mile radius of 
Maastricht airport. 

Uncrowded motorways run 
through the province, while the 
international road net gives 
access to Liege and Aachen 
within 30 minutes and to 
Duesseldorf, Cologne, Brussels 
and Antwerp within an hour. 
Fast rail connections link Maas- 
tricht with Amsterdam in 2* 
hours and with Rotterdam in 
two hours. A four-times daily 
service by KLM?s domestic air- 
line NLM. links Maastricht air- 
port with Amsterdam-Schiphol, 
with the direct flight taking only 
40 minutes, while two flights a 
day link the province with 
Lon don -Gat wick in 1} hours. 
Passenger traffic aside, the pro- 
vince sees great potential for 
Maastricht airport developing as 
a freight-handling centre. Inter- 
national airlines already bring 
loads from Scandinavia, Yugo- 
slavia.-Italy, France and the UK 
by truck to be air-freighted to 


the Middle and Far East and 
West Africa. 

Barge traffic is also important 
to the area, and work in recent 
years on the River Maas and the 
Juliana Canal means Limburg 
can now be reached by vessels 
of up to 2,000 tonnes. Maastricht 
has direct links with Rotterdam, 
while Antwerp and Liege are 
accessible by means of the 
Albert Canal. The Ministry of 
Transport is carrying out studies 
wbich could lead to Ft 150m 
($75m) of improvements to the 
local canal system, parts of 
which are still limited to 600- 
tonne vessels. 

The size of the problems still 
facing Limburg led to the 
setting up of the Limburg 
Institute for Development and 
Financing cLIOFl in 1975. LIOF 
replaced or largely absorbed 
three previous institutions 
engaged in the study of the 
region’s problems and in attract- 
ing new development. It noW 
groups under one roof all the 
activities aimed at stimulating 
industry and advises new- 
comers and existing companies 
on their commercial and 
financial problems. The State 
and the province of Limburg 
each have a 34 per cent stake 
in LIOF, local municipalities 
have 26 per cent, with the 
remaining shares held by local 
chambers of commerce, banks 
and companies. 

LIOF can offer subordinated 
loans, take an equity stake jn 
companies, lease land and build- 
ings and guarantee loans. It 
can grant up to FI 25m of risk- 


bearing capital a year but is 
prepared to go above this sum 
for really attractive schemes. 
Its small executive staff of just 
over 20 means it is able to react 
quickly to requests for assist- 
ance, while at the same time it 
has extensive experience of the 
problems of the region. 

The ability to take equity- 
stakes in companies was granted 
only 18 month, ago but LIOF 
has already taken shareholdings 
of between 10-49 per cent in 
seven companies, including 
those in printing, electronics 
and metalworking. 

The acquisition team at LIOF 
sees the closure of the Limburg 
m-ining industry as an oppor- 
tunity rather than as a disaster 
for the region. As Rotterdam 
recovered from wartime destruc- 
tion to become the largest port 
in the world, so Limburg must 
use its opportunity to rebuild 
its’ industry from scratch. 
LIOF's increased budget has 
not been without its problems 
though. It is free to spend its 
funds as it wishes as long as 
it keeps within its statutes. But 
the need to go back for more 
funds at the end of each year 
means in practice that projects 
have to be approved by the 
ministeries of economic affairs, 
finance and social affairs. Since 
LIOFs funds come largely out 
of the Economic Ministry’s 
budget they have io be justified 
like any other spending and are 
subject to the same scrutiny and 
pressures. LIOF is currently in 
dispute with the Ministr yabout 
a Limburg company for which 


it sees brighter prospects than 
do the Ministry's experts. But 
LIOF feels it is gradually 
proving Itself and believes its 
studies of companies in diffi- 
culty are of a better quality 
than those produced by officials 
sent out front the Hague. 

Apart from the activities of 
LIOF large areas of Limburg 
are eligible for Government 
regional aid. Holland's scheme 
of investment incentives has 
recently been revised. Some of 
the regions, including Limburg, 
are to receive extra assistance 
under the new scheme, while 
economic growth in the crowded 
western part of the Netherlands 
will, it is hoped, he slowed 
down. A major feature of the 
new system of incentives is that 
tax restitution i$ paid to com- 
panies as a negative corporate 
income tax when there is no 
tax against which it can be off- 
set. Under ihe previous scheme 
loss-making companies gained 
no benefit from investment in- 
centives. 

Holland faces a period of re- 
lative austerity as gas revenues 
declines and its industry fights 
to retain its position in tough 
export markets. The problems 
of regions such as Limburg re- 
main just as pressing, but the 
available funds will have to be 
made to go even further. Lim- 
burg is convinced it has plenty 
to offer the industrialist though, 
while the new system of Govern- 
ment incentives shows a willing- 
ness to increase support to The 
regions. 


-> . .. ‘ • 


Call the Industriebank LIOF in Limburg first 



1 • J.: e, .• 

* .V . r-. . ’ • ■ . 


- ./f. ,: x - 


NETHERLANDS 


CASH 

GRANTS 


LEASE 

PURCHASE 


VB1TURE 

CAPITAL 


'Rotterdam Am hem . 


V Calais 


MAASTRICm 

Brussels* , . . . ■; G 


jen Dortmund 

;• * 

Duisburg 

Dusseldorf 


GERMANY 


i Cologne^ 


TRAINING 


GRANTS 


BELGIUM 


Liege*; 


Koblenz* 


MARKET 

ANALYSIS 


•Frankfurt 


LIOF 


NETHERLANDS 

043-54181 


TAX 

BENEFITS 


i Luxembourg 


FRANCE 


i Mannheim 


SKILLED 

LABOUR 


/ Karlsruhe 


FACTORY 

SITES 


• Nancy#' 


Strasbourg! 


TAX 

HAVENS 


You can maximise your post-tax profits 
and enjoy LIMBURG 

Europe’s f inest industrial relocation region. 


TheNV Industriebank LIOF (Postbox 800, Maastricht — 
Telex 56706) is represented in the United Kingdom by 

LIMBURG ANALYSTS LIMITED 
30 St George Street, London W1 
Telephone 01-493 3675/6/7/8 

(UNTIL31 DECEMBER 1978 TELEPHONE 01-499 S900J 







16 


■«irl 




fr: 


?■- 

!■- 


KNP 

growing like a tree 


During the 19th century, KNP took root 
in Maastricht, an anci.ent town situated 
in the southern part of the Netherlands. 

KNP grew into a concern of interna- 
tional size, with branches reaching to 
all parts of the compass, not only at 
home, but also “beyond the frontier” 
into Southern and Western Europe. 

A company which currently has over six 
thousand employees, producing high- 
quality paper for both large and small 


printers and packaging board qualities 
covering a wide range of requirements.: 

A company with an annual turnover of 
close to a milliard guilders, and a paper 
and board output of approximately half 
a million metric tonnes a year. 

KNP, born and bred at Maastricht, now 
successfully extending its name and 
production throughout the western 
world. . ■ 

' ’• '.Vr# 

.m M* 

-- V 1 
•' r?%\> 

rt Vr 

\S’ 



Koninklijke 

Nederlandse 

Papierfabrieken 


Bassin 22, 6211 AK Maastricht, phone: (043)-842222 
Royal Dutch Paper Mills Ltd. 


L ’ 

y • 



. Financial Times Mciay ^ 

DUTCH LIMBURG U 







OUTWARDLY THE economy of. 
Limburg- shows little sign' of 
stress. Designated a special 
development area with an un- 
employment rate nearly double 
the national " average— -and 
higher still in some pockets of 
the north-eastern corner of 
south Limburg — the province 
deafly rests in the bottom half 
of Holland’s prosperity league. 

Yet the- finely tuned social 
conscience of the Dutch Gov- 
ernment and the natural ener- 
gies of the indigenous popula- - 
tion have combined to ensure 
that economic strain, where it 
exists, does not intrude upon 
the visiting eye. 

For those with any knowlege 
of the general run of 
“ depressed areas ” within 
western Europe. Limburg would 
in fact appear remarkably well- 
heeled: All is clean serenity 
m the best Dutch tradition. 

By British standards, for ex- 
ample, nearly all of Limburg's 
urban housing- can be claimed 
to be modern. Shopping cen- 
tres are lively and well-stocked 
and the average Limburger 
bears little resemblance to his 
often shabbily dressed contem- 
porary in. say. the north-east 
of England. 

The key to social tranquility 
on this scale is found in the 
progressive socialism practiced 
by Holland's political masters 
at the Hague. 

Effectively. unemployment 
benefits in Holland virtually 
cover the previous full work- 
ing wage of the out-of-work for 
the first year af unemploy- 
ment. Thereafter, the subsidy 
reduces but remains strikingly 
generous- 

This extensive redistribution 
of wealth — courtesy of Hol- 
land's relatively high level of 
taxation — is ' the obvious start- 
ing point to a story of success 
in skirting industrial unrest 

But if the economy of the 
region is, to a large extent, 
propped up by Government 
hand-outs of one form or 
another, full praise must be 
given to the population of Lim- 
burg in co-operating magnifi- 
cently during a period of dra- 
matic social change. 

Contained 

Today, unemployment in the 
province is contained at 9-8 per 
cent despite the fact that the 
rundown, and eventual closure, 
of Limburg’s once dominant 
industry — coal, employing 
something like a third of the 
total workforce of the province 
—was squeezed into the tea 
years up to 1975. 

The transition of Limburg's 
economy can have few parallels 
in modern history, and prob- 
ably none in terras of the sheer 
smoothness of the changeover. 

Limburg splits fairly evenly 
into three geographic blocs, but 
the whole is dominated by the 
south of the region. This con- 
tains the highest density of 
population in Holland — if not 
in Europe — and boasrs an em- 
ployed workforce of around 
84.400. cnra pared to 20.100 and 
14.800 respectively in the north 
and central part of the pro- 
vince. 

It is the south of the region, 





. . $W" 

. '.v* . 


tion industries, via favourable' 
tax incentives for mattf-national 
companies^ ~ 

The bonded . warehouse . regu- 
lations In. Limburg axe simple 
and flexible to .the extent that 
the region is .practically a .free 
trade area. This is. ah important- 
pan of the Limburg philosophy.- 
A bonded warehouse can be 
built anywhere in the province 
without, official- interference^ 
Stocks are not liable to turnover. ' 
tax or import duties. .- Moreover,. 
any ■ products . produced or 
assembled under- such -. condi- 
tions. are equally -free o£ tax and 
duties, at least when .dispatched 
to non-EEC countries. ■!— . 

- Despite high unemployment 
the region does net- seekf labour 
intensive industries. Pieter 
Niessen, managing director, of, 
the.- Limbutg Institute ' for ; . 
Development and Finance - £ 
fLIOF), puts the options sue-, - 
cinctly: “Dutch wage hosts spa- 
relatively high and this restricts . 
the choice. - 


Success 


FRINGE 

« Ufa M 

-v f "v <!■ .'*j| h v*y% 


which once contained the coal 
mines, where new industry has 
put down most roots — attracted 
by some of the best develop-- 
ment area incentives to ' be 
found within Europe. 

Out of 924 separate com- 
panies operating within Lim- 
burg, more than two-fifths of 
them are sited within the 
southern boundaries. In terms 
of the spread of employment 
the region has achieved part of 
its objective in creating a bias 
towards the service industries? 
some 52 per cent of the work- 
force is tied to this sector with 
42 per cent to manufacturing 
industry and 6 per cent relying 
on the land for a living/ 

In this respect, it is interest- 
ing to note that just 90 years 
ago nearly half of the work- 
force of Limburg was employed 
in agriculture. 

But the Limburg authorities 
are not convinced that expan- 
sion in the service and distribu- 
tion industries is complete. For 
Holland as a whole, the 
employment rite in this sector 
is closer to 58 per cent, while in 
the northern region of Limburg, 
which remains a substantial 
farming community, the service 
industries employ just 48 per 
cent of the working population. 

Within this service and dis- 
tribution framework, the retail, 
teaching and health care 
sectors are major components 
and this largely explains a high 
level of female employment. 


Something like two-fifths of 
those holding down jobs in the 
service category are women. But 
industries such as road trans- 
port and construction are also 
major job creators. 

The' construction industry 
alone employs a tenth -of Lim- 
burg's population with perhaps 
75 per cent of the figure 
employed directly and the rest 
taking pan in auxiliary trades 
likr- plumbing arid electrical 
wo* ■ ’• •••• 

", -Limburg’s ‘corieentratiori ori 
‘fhe service and-' distribution end 
of the industrial, spectrum -is 
understandable enough; ' The 
region is heavily flanked by 
manufacturing .. and iniiiipg 
industry in neighbouring .Bel- 
gium and West- Germany. It 
has the clearsightedness to' ; 
recognise that future prosperity 
lies in exploiting its natural 
geographic advantage as a. 
potential clearing house for the 
Common Market To this end it 
his laid, the essential road net- 
work and is dose to completing 
a major expansion of its airport 
at Maastricht the provincial 
capital of Limburg. 

By choosing carefully the 
type of industrial siting it feels 
it can best accommodate, the 
province hopes to remain unen- 
cumbered and, efficient with a 
manageable 'working .population 
keen to ke® its living standards 
high. 

To this end, the official lead 
is substantially towards distribu- 


“We therefore seek high 
technology-based manufacturing- 
industries of the. . type already 
achieving a notable success 
here." .... 

Some 14 British companies - 
have already set up shop in the - 
region arid four more have par- 7 
ticipations in local companies. - 
Textiles . and chemicals are 
strongly- represented through 
ICI, Laporte, Guthrie Corpora- 
tion and the Durham; Chemical . 
subsidary of Harrison and Cros-. 
field. Rank Xerox has been in 
Limburg since the eariy sixties. 

Major Dutch industry i^ repre- 1 
sen ted by DSM, whose mammoth .! 
chemical plants straddle parts of. 
the Limburg countryside, as 
well as companies as diverse as. 
the BMP paper group and OCE, 
makers of reprographic.. equip;' 
ment whose operating profits for 
the. first six months of this year 
were running some -21 per cent 
ahead. 

‘ Important influences' from 
elsewhere oh the' Continent 
come from Volvo in Sweden, 
which took over the DAF motor 
.operations,, and Switeexjandjs 
Nestle, -j. V-,1- ■' 

The Swedish par enl company 
controls. 55. per cent of Volvo . 
Car BV with, the balance of the 
share capital held- by DSM and 
the National Development Bank. - 
In Limburg, Volvo operates 
what must be one of the most 
up to date ; car assembly opera- 
tions -in the world." The plant 
was formally opened in mid- 
i?88 and major extensions-^ 
taking total floor "space up from > 
56,000 square metres to 148,000 ; 
— came into upe ration -eight : 
year* later. . . •; - : .-..-'vV •' 
Tb.iJi sort of physical growth 
comes naturally to the ~Lim- 
bnrger.- At the outset the 
economic restructuring in the 
region the Government laid 
down an impressive develop- 
ment infrastructure. _ This • 
included industrial sites, on 
Governmentowned . and. .State 
subsidised land;- many- of which 
have necessazy utilities already ‘ 
installed, - • ' \ 


Je&ey.Brcmn 


Chemicals the linchpin 


. ;Sfe. 






DSM. the state-owned chemicals 
concern is the largest commer- 
cial company in Limburg and an 
indispensible part of the 
region's economy. Its move into 
chemicals, one of the major 
growth industries, from the 
limited perspectives of coal 
mining gave new life tu the 
province. Coal dominated the 
economy oE large parts of Lim- 
burg for the first 60 years or this 
century, but DSM and those 
involved in stimulating the 
development of the' region are 
aware of the danger of chemicals 
continuing another form of 
monoculture. 

DSM takes its chemicals 
seriously and has no intention 
of becoming an American style 
conglomerate, says Mr. Wim 
Bogers, president of the Board. 
It has. nevertheless, expanded 
up and downstream in the 
range of chemical processes and 
developed a variety of related 
interests. ‘T would be happy if 
Limburg could lose its single 
industry character." he said. 
"DSM would welcome other 
medium-sized, or even, large 
firms in the area." They 
might compete for some of the 
more skilled members of DSM's 
17.000-stroog Limburg work- 
force, but they would remove 
the burden of it being the most 
visible means of support for a 
large area of south-eastern 
Limburg. 

The company was set up with 
Government funds in 1902 to 
provide a Dutch counterpart to 
the privately-owned French, 
German and Belgian mining cun. 
cerns active in Limburg. Dutch 
private investors showed no 
interest in developing the pro- 
vince's coal resources. DSM 


expanded and was finally operat- 
ing four large mines, the slag- 
heaps of which stilt dominate 
the horizon near Heerlen and 
Geleen. The four private com- 
panies produced a quarter of-the 
coal from eight smaller pits and 
total production from all the 
mines peaked at 12m tonnes a 
year in the mid-1960s. 


Allowed 


A IO-year plan to shut down 
the coal mines was started by 
the Government in 1965, but 
DSM started developing its 
chemical activities as eariy as 
the I93i)s. The concessions of 
bituminous coal which fell to 
DSM and which were seen as a 
handicap in the beginning 
allowed the company to develop 
downstream processing facilities 
yielding coke, gas and a wide 
range of coal chemicals. When 
DSM's coking plants produced 
more gas 'than the company 
could sell it started extracting 
hydrogen to use in the synthesis 
of ammonia, a fertiliser feed- 
stock. 

The company is now a 
broadly-based chemical group 
with turnover of more than 
FI lObn ($5bn) in 1977 and a 
worldwide workforce iff 33,000. 
one third of which are 
employed outside Holland. It 
produces 86 per cent of its out- 
put in Holland, but the. home 
market accounts for only 41 per 
cent of sales. 

It has six divisions. They are 
chemical products — fertilisers 
and. yarn, and fibre feedstocks; 
plastics — hydrocarbons and 
polymers: industrial chemicals 
—resin feedstocks and chemical 


intermediates; energy— natural ammonia' . plant in . Augusta, ‘ 
gas and mineral oil; plastics Georgia,. which, has helped make . 
processing- — packaging its siibsidiaryj Nipro iu the U.S. 
materials and consumer goods; DSM’s : largest ' .riijgle -' foreign 
building— materials and con- investment'.'.' 

^T^nrnhtems of thn Despite ^ suable invest- t 

The problems of the West ments abroad fti plant essential J ’ 

ir dUJ ?T - for JocaJ markets DSM remains '• 
overcapamty. high costs and low firmly based in Holland. ™ 
EMtera Bloc pn«s and barter aims for a three-way split of ! 
vT"? aV » i? 01 J eft ° SM ^ its act£ vities between Limburg, : 

■*2f U5 V* the rest- of the. Netherlands and , 
further back a -up the chemical foreign, countries- Where • 
chain, producing yarn and fibre possible, it sites new: plant at ■ 
feedstock^- for example, it has home although this does not f 
been hit later than concerns . mean it wiU pass rip opportune '■ 
?!“£. a f. AKZ ° 1 whJch « heavily ties abroad. Modem cornmum- t 
yarn and fibre cations mean there is no dls- ■ 
manufactunnfi. Net .profit at ^advantage to the company’s/ 
DSM has nevertheless fallen Limburg location- DeliveSwto : 

- hC m2Tkets outside Europe may 

the peak of FI 518m have to travel. further by barae, ' 
In * 197 Z, it fel1 lorr Y. or train to Rotter dam for 

a further 16 per cent to FI I-lOm onward shipment, but DSM is 
and the company paid no diri- ideally; situated .-for its . big ' 

^ l,m * m 30 customers -in west Gerraaw 
years. The workforce of nearly and Belgium. . ■■ 

l3,no° in tBe chemicals sector Raw materials -are pumped in 1 
back by by ' a network of-trariSurope 
2^00 over the next five years pipelmes, DSM’s-' own . LSm 
because of the problems of tonnes a year, pipeline, to Bot- ; 
?!”■**• . fe ^? lis f rs “d terdam, the 2.5m tonae (ulti- 

plastics. Profit in the first half niately - lOm tonne) canscitv ; 
Of 1978 was FI 31m— half the PALL pipeline Antwerp '■ 
corresponding 1W7 figure. DSM owned jointly -with the Eelrian ;■ 
S Ct l a,,0 ? Cr dlffic ? t year in Government and mi ethySne 1 
19/9 when it may make a small pipeline owned jointly with five- ■' • 
io ~; _ , _ " __ West German- companies. Unit- '.. 

The FI 6.5bn. Mpansion.prn- ing DSM with Antwerp, Rotter- 
gramme started .five years ago dam and the Ruhr valley- other - 
is ernmng to an end. AU the factors which place, Limburg - 
major : projects, will. .be ,com- ; firmly. ^aLTflie '-heart- of7 OEM’s - 
pleted next year- Tbeie include operations^ i are ■ • the central - • 
an ethylene cracker and a hew laboratnrfes-- : E m^oyfei7 '7L300 
polyethylene unit in Limburg. researcheri.Ih ’Geleen '■ " 

second phenol and methanol company’s headquarters 1 'in 
plants elsewhere in the Nether- Heerien. • r . : ... 

lands, the caprolactam plant at DSM's policy to- wincen--- 
Nypro ia the UK arid an tratc productive plant i^]^^ .. 

, ' CONTI NlffiDlON NEXT PAGE - 



■1 ' 






38 




LIMBURG m 


t J <2 
i * *»***!% 

.' ‘"- r i Jr^ 0 * 1 ^ 
* .- 3 

!,. _ " -lor: ' 

i vCtJ?* ■&; 

c‘: f % 

: : • 

3— -■ H' 

; ~ ■ > '■“•■'tt ' 

• • *?frr C:-* 
:i :■*„* °i 


-•??■'.■ iir 4 

: -^f. 

fcrl . --» 


u ■ * 

>! ^ ;;-:r;* * 

! •“••■■■ M-Vi 

i vr'ii— , • 

-t: ■ - fc -s- :-; 

■ • • -i.V. ;*... 

a '"?V£ 


f- :• •r..‘.T 
■■■! ; 

^ __ " • L -- • ■ -G 


M«> BrcM 


>in 


3J3mem£ 




incentives 


THE D$X3H *di^B»e Jbr guntt- special • social and? . economic the most prosperous part of the and under the mixed premium 
IatiPg ifiyesttnen^ls ^mfergoiog problems andJor flle.ieiocatioo country; A rate of 15 per cent FI 5m. The premium is paid 
a TS^ea£!rev>lsku^;<% 3 ^ees'v€ 9 re of industry out dr the crowded will be levied on new business on ground, buildings and 
suggested.'.^* June 1976 and west of the country. Further buildings where spending machineiy. The minimum 
were - taken up-xauone of the aid is dioe to be introduced next exceeds FI 250.000 while an amount invested must he 

- f oorjn«!a v ;pfofc©sa^ r sociaIyear for r; investment which 8 per cent levy applies to fixed FI 200.000, of which at least 

and jefcdttbn^ the makes fiaviags ; eff-eneiTgy and outdoor installations above 35 per cent must be financed 

- Lahpitr 'P^rty - d^niaated Ben ray/'/ materials,; Resulting in F] 500,000. The SIS area f mm the company’s own 
Uyfr ;GcraerKment ^ -That -Govegfr': jenviroimeptal, Improvements comprises the province of North resources. 

: . before Sub proposals and^which 'jiids ffc^ -developmeot Holland south of a line running The area of southern Limburg 

- cKdxT hfe ampleme^ted. a^d ;ir ^:4w^hnpl(^gy ^ -rij - roughly fromBergaa aan Zee to _f rain Koennond south— is 
■ wasleft ^ ‘Hie additional, premium for Hoorn, South Holland with the covered by the maximum "IPR" 

S will be exception of the island of grant — 25 per cent for both 

: th^ugh paxEam^la^lfey.^ ail^ecr on a descending scale. Goeree-Overflafckee. the entire manufacturing and service in- 

. lavements of Fl_._2.000-23.300 province of Utrecht and Gelder- dustries In & e Roenmond and 

involved '-ln-toRva^alktnm^of vdlUbe granted a -premium of land n0T ^ ° f the Lower Rhine MelicJc ^ b&th categories are 

tMs Mpd ha^tMrfed.to abscure ^pe^cent, descenffing to 5} per Md west of the OsmL eligible for 15 per cent grants, 

the: essential’ differences < i < wrth_ eea*. on investments of between If assets for wloch preiMums w jjij e j n venlo and Venray 
^e previoi^r^ceiaire schefare^jn 53,000 and Fl 86,600 and on are f anted Jre soM wtjuna manufacturing industry only can 
■•-J®*' ^ to.iper cent on spending certain period f- dasinvestmetrt f{>r 15 per cent 

.Hons; \ and,/ .tbe : Econonucs between ■•**»' ■' 766,600 and P^vnent must be made in the oremlu _ 

Ministry ^report Strong : ihtjar«ft,' ' 800,000. " : form «* €Xlffa lax - Thls P 3 ^ At ^ insistence of the Euro- 

bot it? significant lias : iart beei : • m^nt , s the «m» nercentaee At tne insistence or tne iwiro- 


to smpe- bhrerverst- ’ ' - pending, of. more,tton FI 30m original investment premium, ^ per cent of the total mvest- 

T3ie- -rabid impo rtan t ' element wM^ at jeartFl An must caJoulated on the sales price. Eient ias f *** ® n 

‘ in the-new inv^^t account ^ for newly , biult business ^ disinvestment period for + ^ nount ^granted under 

' law is' that companies' *£i mises . » ri5s «^ business buildings is 18 years 

, making .: - g; W-JSJE*? Vir££g B E?‘ ^r fixed outdoor installations 

losses iiiSP -benefit -Prerminns gpfeto » for e * ch 12 years, for aircraft and sea- 

arb- pnid to ^ companies as a d J Ef Sob, S vessels years and 10 years 

negative ;<»rparate income tax ^ SWm^ alHiough the f or other investments six ^ow^oes for small-scale pro- 

‘ when ’ there re^o - fax against extra tnust not exceed 3 «sts and for major investments 

•522.-.S2r-5-Jr-2L 5K:- 4 per cent of the-. total invest- y :_T as well as the basic investment 


premium. 

At the insistence of the Euro- 


whidithey eah be-offset 'Under 


fflenf In addition to the new special !^* a ^**i 

the preyions si^eme.which supplement for areas w*th signi- 

wci^stw.dpms wUl be K »"»* GovemmeM has set to 

isribStsS 

■»waf5s Sr«= » 

SiSS^ ^ ^ r^ ^Af^S’lS^eent “rbUSTentt™, do oot «• 

• W . .will be gnti&Aztor business in fhZ haus * * id t0 industry which also 

W buildings and-%tp;7} per cent includes high risk credits from 

Prpmninis on fixed outdooir installations. the province ot Umburg aiwi Nationale Investeringsbank. 

ruamuin* . xUbms A'iwWte regions ,ri t™*-*'**** the provision of risk bearing 

The investment account pro- to benefit ftjom.tbe special £ uch ® s and Bergen op ^pj^, t0 smaU and m edium- 

vldes fhr ;i)«sdc;pir«nfim!s of 23 supplement for^aieas with sig- Zoom - sized businesses, financial sup 

per*. ;, tBnty'.Qit;;. new ^business nificant* p^obi^^D| l ^ t ■^ 'An extra port for innovations and tech- 

premises.' 15 y &ri eeik on exist- premium of '20^tfr;cent is pay- (^uOOSG nical development and training 

ing^ buildmgs r pn< , seagoing able^ on busine^-fibHdings and „ andrecrurtmentbenefits.Addi- 

ships, 13 p£r Cent.for fixed out- 10 per cent 'on'fixed outdoor Businesses inveshng in <those tionB jj y j n the Limburg area, 

door instaOatloris — -randns: installations. : ’Lambure’s areas where -the 25 per cent tho T.imhuro Tnetitiitp fnr TV>. I 


port for innovations and tech- 
nical development and training 
and recruitment benefits. Addi- 


in^tapatipra — 'ranglng installations. . ; ^S^’'Tdmbnrg’s 


. — ^ — j-t--. — r” .. — . - . .... the Limburg Institute for De- 

froiii a. static crane- to -an oil eastern mining *Bea;tbe munici- Premium as available may ve ] 0 p men t an d Financing 
refinery^l2 per_cent on a^craft palities of Heerli^ Branssum choose to receive a tower basic {lIOF) can grant subordinated 
and seyenl^per^cent Ott biher and Kerkrade;' vi^td in the premium, of 15 per cent, plus j oaDSj take up share capital, 
inves tme nts , depending ^ipn “the western miidBg-wed.the district a su m of 51 12,500 for every Jease land and buildings and 
bnsiness^climHfie and on the ^ bf Sittard, are el^)ie for these permanent job created. The guarantee loans, 
emplograeixt. iev^- these rates premiums.- Other regions maximum possible grant under / -'a > 1 

may be raised or lowered by up ' covered by this pjpfof the new the 25 per cent rule is FI 4m LuaTlcS UaiCHCIOr 

to _one : half of their present scheme are of the 

level by tiie-FmaiioB Mintetry proviiices of Groningen, Overij- m 1 

after . cot^nhation' - wiifr. the ssel, Urenthe and I^ieslan d . g Ui -| pQ I n 

Ministries nf Finance' ■' and • fheiniums \ granted;:, on new \ y I I I I I I Lq I \ 

Sbcnd . AfCsuxs. The minunum investinents in ' the^hstern and v^xxwxxxx v wxky 

investment? entitled • to’ - these : cenlrai .part ; of-. the? 2 tother]ands 

premimftS:IsFl 2,Op6. J : ? - will be ^irtljr dffsm -by a iexy CONTINUED FROM PREVIOUS PAGE 

The~"hew legjalation ptovide^SppKed under. .VtK^Vjjselective 

extra- pfendims T^sinan-scaie ^vestment : Jegulafloi^ «SIR). complexes . rather than , to dis-. manpower while getting tightly 
projects— up to BT B0Q,l)0^'fbr sdicmer;' T^ aim iS'-. to dis- perse it over a number of loca- integrated routes to its key 
large ^w^^ lnvestmeri^ ’for co furtheywricertfrudoii liras. This means it can be products- It therefore remains 

investment in — ideas i wffi' of mdastryr^nd^fmplDymeiit In flexible in its deployment of substantially Dutch and Lim- 
.... '• ■■■:■: 1 •' ■ : r -I , J — - r — - ■ ~ - — - I burs-hased. It believes its ex- 

tensive facilities in south-east 

Africa or any other country dis- 
approved of by the Government 
“But any large company invest- 
ing abroad has to put its policy 
in a social context," Mr. Bogers 
said. . He does not feel DSM 
differs from privately owned 
concerns in this respect 
Listed along with DSM*s many 
chemical .subsidiaries are its 18 
per cent stake in Volvo car and 

•’> "■-• " ■ ■ • - - a 25 per cent stake in DAF 

'.•'■‘'v - i‘£^V8ipiirpdiice.oztrseaestoyou. UitriiqmeisBockwool Trucks. These holdings came 

Lapmus.- J We are sititctted in the South of the N ztherlands, in the about when the former DAF 

^nifo^ISiribt^i wh^ wefeelour^lvesathomeimdwearewell family concern was expanding 

Content tobeifaere* . . - . .gX . _ . in Limburg and DSM was look- 

. ?• You witt meet with our products every wferp in the United j D g around for alternative em- 

■ ■. ’ -Kingdom. Qiir sister<ampany Rockwool Ltd. atBridgend in ployment for its mine workers. 

South -Wales takes care ofthesedeofa wide range of insulation products The company does not see itself 

that have- four, umque functionsz thermal insulation, acoustic msulation, as acting as a bolding company 

■i sound absorptiofiand ftreproiection. There are 7i}any possibilities of for the state or—in the case of 

applying these insulation products: ■ Volvo Car — as a supporter of 

c.mroofs,floDrs,wcdis J ceiUngs ; . ■ a lame ducks. When the Dutch 

• 05 industry, pawerstations, Government increased its hold- 

'^l^ it^d^ ^nri^inidequipineTit.(U^ boilers) . ing in Volvo Car earlier this 

are some JStt5»SS3.S5lJ2? 

; ' additional fhendfyrieighbqttrs.- • ■ ;'■ bank and not with DSM. 

Aafprasweareconeemediteoiddbeyou.. -Priv.Wy^wn.d 

found us hard to understand at 
first,'* Mr. Bogers said. “The 
fact that we made profits dis- 
proved the theory that state- 
owned companies were back- 
ward. But other companies are 
‘ ‘ happy to work .Hath as and we 

doDoolLtd. \\ BRIDGEND I SI are involved in many joint ven- 

\mIndus£ridLEslate _ -.NX ~ , • I |||| tures. There was a feeling that 

^ndgend,Mid:XEan^gan4j^l3BT tdeohoneiBridgend 6261l\^ m J | p J we were different in the begin- 1 

-,t- : - v ■>: >£ocku wiiopinu# • b but that has now disap- 

V te&phone:p475Q-9888S : ' . J | peared.*’ 


Chemicals 


CONTINUED FROM PREVIOUS PAGE 








mm 







-'•v:- ‘J J etus introduce. ozirsefoes to you. Ourndme is Rockwool 

LapifuirS.Jfte are situated in the South of the Netherlands, in the 
■' province Idnib wrg, iohere we feel ourselves at howe taid we are well 
-donteh* io.beihgr&f • • /. . •; .■»*/ 


' Kingdom. Qiir sister-company Rockwool Ltd. at Bridgend m 
'• Soidh-Woles takes^cccre ofthe sede ofa wide range of insidatwn products 


sound absorptioniand fireprotection* There are J^any possibilities of 
' applying these insulation products: ■ . -v.;;'- 

e- in- roofs, floors, walls, ceding* 

». Z r- ■ jft . . il.. J -Z-- n/nH/)7< /rfr/ln 


sh^uddhgf Original equipment. ( tike boiler s) < - 

Theontytfmgwe, 

' CX&tw • V- 

• AafaraswearecoTicernedticoiddbeyou.: 




dwoolLtd. .\\BRID 

, !* jMelndustrialJSstate •- \ V 

1- ^dj^ewLMid^^iamorgtm^f3l3RT teleDhonezBndgend6261l\^ — 

i. _ ' ■ ' -. u 'EcdnvoolLopmiis’ ‘ 

■x ■: ^ PX> jiAl ^O.pfmADROBRMOND tetephiX7£:.04750-9888$ ' 


BRIDGEND 



In LIMBURG 

the cross-roads of the EEC 


Well placed for international trading. 

To find out more write to the Information Department, 
DSM, PO Box 65, Heerienjhe Netherlands. 


DSM 


chemicals and plastics 


It all started 
in the Netherlands, 









...but since it’s 
a relatively limited 
market, we decided 
to be big outside 
the Netherlands 
too. 

Today Oce is the worfefs lead- 
ing supplier of drawing office plan 
printers and materials. Oc6 is also 
one of the fastest growing com- 
panies in ihe-office copying field- 
and is in the forefront in repro- 
graphic cesearchand develop- 
ment * 


Sales have increased from 16 
million guilders in 1958 to about 
1,250 million in 1978. The Oce 
Group now employs 13,000 people 
as compared to 600 in 1958. 

Growth has been truly inter- 
national. There are now over 40 
Oce companies on five continents. 
In 1977 Ozalid Group Holdings Ltd. 
joined Oce-van der Grinlen whose 
shares are quoted on the Amster- 
dam, Paris, Diisseldorf and Frank- 
lurt stock exchanges. The Oce 
convertible £/f-!oan stock is quot- 
ed in London. 

Sales in 1977 


A sign of our times is our in- 
creasing need for comm unication. 
Oce copying {and plan printing! 
equipment is playing an important 
role by contnbuting fo better and 
more efficient communication par- 
ticular/ in the fields of administra- 
tion, education and business. 

If you’d like fo know more, ask 
for the 1977 annual report and the 
statemenlfor the first nine months 
011978. 

Oce-van der Grinlen N. V, 

RO. Box 101, Venlo (Limburg), 
Netherlands. 

Oajtaua-r^t 


reprographic equipment and materials 


miscellaneous 


Oce is sensible copying. 


oce 




• 'i -r: -^:v ‘ T ; AJ . V 



IS 





It 


It's one hundred and forty four 
years since Royal Sphinx NV. was founded 
at Maastricht in Hoi land. Today the compa- 
ny is an acknowledged manufacturer in four 
drfferentfields: bathroom ware, ceramic 
tiles, refractories and household, coffee 
and tea filters and glassware. 


Randwyck brand glassware and Fiftropa 
tea and coffee filters are sold in many 
countries. 


RovaiSr 


Jphinx bathroom ware and 
tiles have a reputation throughout E urope 
foradvanced design, styling and 
imaginative use of colour. Royal Sphinx is 
a major producer of refractory materials, 
sellingworldwide. And jtoyal Sphinx 


jyal Sphinx has its 
manufacturing plants in Maastricht 
Holland, with sales companies in Belgium 
(Brussels and Hemiksem). Germany (Essen) 
and U.K. (Berkshire). 


koyal Sphinx. Like our namesake, 
we keep looking forward. Like our name- 
sake, we're going to be around a long, 
longtime. 


sphinx 


RoyfalSphinxNV, RO. Box 1030. 6201 BE Maastricht Holland, Tel. 053 -841333, Telex 56233. 


Financial Times Friday Dwember 8 j9TS. ”* | 

DUTCH V ' 



. --*r. .=>.* 5 -'" 



ON THE map. Maastricht variety of commodities. From Free, of import duties and turn- greenfield industrial sites dis- 
appears curiously isolated for the Roman bridge (rebuilt after over tax, bonded warehouses In where in the province. ; _ 

a provincial capital. The town the warand still so-called) Urik- Limburg allow cargo speedy Because of this and owing to 
is tucked into the south western ink the two sides of . Maastricht access and exit, a process ‘which the high level of . preservation 

boundary of Limburg with the elderly Limburgers spend many, at Maastricht ■ airport is undertaken by me local com- 

creater part of its 110,000 popu- a sunny hour watching the enhanced by the lade of mass munity Maastricht retains an air 

Tation wedged between the progress of a truly working passenger traffic. of . timelessness. The nax^ire 

Belgian border and the wide, river. ' • 'dver the next 20 years the of old and hew building^ is. a 

free flowing waters of the river Barges with a ■ maximum airport authorities expect the ^eremarkame piece • ot 
Maas. There are few points draught of around 9 ft can make te rm mat to grow dramatically architectural ai enemy w toe 


seemingly more removed from rapid progress to Rotterdam-if Maastricht can achieve its effects most nomme ^iong tne 
the centre of the province. and, going south through the. ambition to become a major river and in tne ojaer, <wce 

But reality is not always to be sluice gate at Teznaaien. can sendee and distribution centre. .“JL. „ i MaStrich t’s 

.. jLj »k a Marirot latter is now one or flaassaicnrs 


found on the map, and the Join the Albert Canal which for toe Common Market Next . . . *=-,*„*_ 

“sitor "oon discovers that links with Ahtyrerp ■«*.«» toold well l see the omit 
Maastricht could not in fact, be Liege. Navigable by the largest mg of toe first five year “* Stove toS hS^S 

more systematically interwoven inland water vessels, toe Xus development plan for toe « ™ bSl SSL 

with the region over which it connects the Dutch seaports 'terminal, involving a massive dearth an 

presides. The point is equally and toe river Rhine to toe m- increase in bonded warehous- nf thJ 

valid for neighbouring Belgium dustrial districts of Liege and. ing, addition parking space and Important element of toe tnyvn 


and West Germany with which Lorraine. • 
Limburg shares a border some Some five 


of 


Jeffrey Brown 


easier access to the airport’s economy ^ and many 

L.imourg snares a ooruw sums some nve miles north of road links. Eventually the exist- . aa . th&^namw 

129 miles long. Over half of this Maastricht and laying beaide ^^M ft runway could be . dteWSTSe 

fronts on to the heavily the E9 motorway is Umburg’s extended to 10,000 ft womdnOT tos^^ toe 

industrialised region of North only airport of international - If Maastricht has an -Indus- London. ' Market' days generate 
Rhine-Westphalia. The rest statusr A large area of Belgium >1 quarter In a manufacmr- enormous influx bf one-day 
servees as a formality-free and West Germany Is served as'; ing sense it lies between the shoppers, many from Belgium 
frontier with Belgian Limburg well as southern Holland, and. town centre and the airport. ^ ^est Genhiny and the 
and toe province of Liege. Maastricht operates four- flights The more established industries bailing community’ of Maast- 
Thus toe boast that Maastricht a , da ? to Amsterdam. There are centre on ceramics but cement ridlt resnonds to toe caBenge. 
sits at toe crossroads of the also two ^flights daily to London and paper making plants are But if - JS a tias it ^ 

Common Market is not made 'Gatwick) via a stop over in also to be found, as wrfl-as a towards the discerning shopper, 
idly. A radius of some 75 miles Eindhoven. . number of medium sized fac- aa d the- high added value level 

from toe town takes in toe 4 In recent years Maastricht aJr tones engaged in light inchistxy. of -m e trade is reflected in toe 
major West German cities of terminal has expanded rapidly But the amount of industry number of foreign shops setting 
Aachen, Cologne. Bonn an d m freight transport as shippers directly attached to Maastricht upresidence . Maastricht even 
Dusseldorf. In Belgium. Liege, forwarding agents have remains modest pven toe way has its ^ 

Antwerp and Brussels all fall teken advantage of Limburg’s Limburg's development area 
within toe same boundary while favourable customs regulations;, status has opened up extensive 
directly to the north in Holland 
lies Eindhoven, home of the 
Philips electronics empire. 

South Limburg is the most 
densely populated region of 
Holland— and probably Europe 
— and extending toe theoretical 
radius out to, say, 140 miles 
of Maastricht drags something 
like 50m consumers into the 
net plus around 150,000 
separate companies. The wealth 
therein, and these consumers 

are possibly the richest in, the - 

world, is duly reflected in toe . ' 

hich level of communications HOLIDAYS AT home to toe generated finance. The local in whichto spend a long week- 
in .restructure found within the Dutch mean either a trip to the branch at Maastricht, perched end. itWh its tall, sloping roofed 
area - coastal resorts of the -north or conveniently at the western end houses and splendid preserva- 

For its part. Maastricht is a gentle train ride south to the of toe Roman bridge over toe torn and, reconstruction work, 
most efficiently served with wooded, hilly regions bf Lim- Maas. is able to cover around a Maastricht retains a strong 
roads and waterways plus rail burg. Those opting for. toe quarter of its - overheads from sense of history. Many of toe 
and air links. Extensive con- latter are rarely disappointed, toe sale maps; guide books and old fortifications -remain intact 
si ruction by the Dutch Govern- The southern half of Limbeurg souvenirs.- . ■ • and as a result Maastricht- still 

merit in recent years has pro- contains some -of .the most - " The mam ; centres for the looks largely -as it must have 
vided south Limburg with a delightfid countryside in , the hoUday’trade are the towns of done ™ the days when it was 






at 




Maastricht connecting the family holiday. 


placed 


could be described as little . . „ . 

v m _ m nrp Thun Jin pnlurfiRH OHO’ SUC11 S1C£0« • rflZIS Of 

northern ports of Holland with ^The tradition in Holland is situated in the verv heart^of Alexander Dumas will mate the 
‘DllnM ■ n rt Aii^ iiiapA rtf ^ _ * .i sjj ^ what south Limburg is famous to _ 


t imhuni r_ ___ pufifimage uj the . musketeer's 
Running east-west of Maastricht shores of the Mediterranean for*— -^deeDhr worried hills abri final resting place. 
is the E39 motorw,, linHn* tav, , to rscept /f » ? made sub- Ever^hera «,e re ^u- 


27* r A *? e ” b R ^ inroads into th. babit. c^Cer. Wg mer.«: H^rioWbi apra- 

moving on to Cologne. Roads tonnsm remains ail minnrtant us n ■ j *__iTr ,;u_ l " 


t 'tvl ? •s?’ 5 ?? 

ii-I tho Ttfrth nF rK ? e reglon ' 7** 5 ® >50n 5s f hort ’ burg during toe summer subsequently, a history of com- 
Kloital^ ^ however. Attempts are being mon tos. and the town is equally P»®x intrigue. The churches are 
provinual capital. raade t o attract spring and an ideal ^ for 4 motoring a major draw with the oldest 

Trams leave Maastricht autumn custom via out of season holiday! Once the local delights dating in parts from the sixth 
station every hour linking with package deals, but toe problem have been exhausted the tourist century,, and so are toe old 
Amsterdam in 2t hours, or of what to do with an hotel for can foray ^ BeIgium and fortified corridors that spread 
less. Main lines are electrified some nine months of the year West Gerrnany . jj, particular, in a wide network beneath the 
and the passenger service is remains a constant headache to the c j ties 0 f ijege and Cologne town- These came into being 
fast and reliable, and not the local tourist associations. ar<J m e oneriay during the 250 years up . to 

expensive by UK standards let These are widely spread with return ^ving distance. about 1825 when Maastricht 

alone Du ten. By the same token, nearly all towns having their L became • known .- throughout 

major improvements to the own branch of the National During its short summer g U rooe as the “Iron City* 
ulac» and to the Juliana Canal Tourist Office. At the last count season, the population of • 'j. 

have, in recent years, greatly -there were something like 40 in ^ alkenburg doubles to around .- .AI* this present day history 
increased the efficiency of the Limburg surviving largely on 30,000 as visitors flock in. 1S - moreover, concentxa tea. The 
waterways. Both the river and Stale money but managing a Caravanning is popular but toe avera se pair of tourist legs can 
the canal now carry a large resoeclable level of self- town's many hotels and board- mauag® to take most of it in 
ing houses still experience a during a n afternoon^ stroll. 



af tmmoon^s 

very respectable trade There is Any route would be well sup- 
a casino— one of two in Holland, P^ ed with bars and cafes, while 
both run by toe state — and at the , end °I dky the wel- 
roany fine. restaurants including a rea lly ■comfortable 

one accnrded-two “stars" by the botol. Maastricht has; . many, 
MlchelULl guide. There is a including a new fntemationai 
strong., Burgundian flavour 'to hotel of a very high standard, 
the eating traditions of Lhn- T ' . 

burg and - Vaikenburg does its IUgrCulCIltS 
level best to promote toe - 

ideal. Here indeed are the ingre- 

„ ^ 

if a Tn variety. The Detth are 

- y understandaWy - choosy about 

gourmet ^ tourism in the 


Maastrichr offers the 


“js srsz 


Michelin “stars" than any other 


is small and its natural beauty 


SB? 

- - ^ 4 
This . aspect of .Limburg some long-term plans could 
should hi no ^way -be under- soon start to come to fruition, 
estimated.. It ranks in line with .• -'Work’ on a major leisure 
scenic beauty and historic con- centre- Is already at an advanced 
neetion as an attraction fo the planning stage. The.plan Is for 
holidaymaker. - For ; -the Dutch * cross between a motel and- a 
the three features combine to. country club to be set In a 
give toe Impression that a visit pleasing rural setting in which 
io Limburg is akin to a visit would be implanted two 18-hole 
to a -foreign country^ Certainly golf courses as' well as an 
the region has some 'very dis- Ancillary nine-hole course and 
t i net ive /flavours which, 'when practice ranges. . To this could 
fused within -the right climate be added tennis and squash 
framework, -acts as a .consider- courts*, kwimmhig pools, (both - 
able charm to toe -tourist. - iirdoor and : out*door) and. 

The feeling that Limburg is 5 venIuail3? ' ' Ma toternational 
somehow not quite a. part q# bot^ aecommodation plus con- 
HoUaitd is reproduced most fe^nce centJ^ ' 
intensely in Maastricht. The A compromise between tfie 
town is modest in size (popula- tong-tenn ambition of the 
tton some 110.000) and the bulk. °^ eI °pers and the amiable, 
of it' is wedged between the pragnt ?V sm „ toe t - Dutch 
Belgian - border and the river - a,a, noirtties. in - Limburg wiil 
Maas. For this reason many of ^ ve 10 reached If and when 
its architectural influences are ^ nance 18 forthcoming. But the 
Belgian In origin while on cer- Jt F rt0 lhe project makes rlbt- 
tain days of tog week— namely - TOI ? lmerclal se ” se Injbatgoht 
market days— a huge influx bf g row to industry within 

foreign visitors fa spearheaded f urQpe • **?d toerir are; very 
by toe Belgians-' On Friday* ST'C C0HrseSl * area - The 

especially. ; many . bf Mads- tngh . co ? r ^ of ; Jam3 .. ..severely 
tricht’s shops switch their price f es t ru : te HbB and . The 

tags from guilders to Belgian Jiff .1**9*? Limburg can mw 
francs. '■ . T -• -exploit the speed at- which the- 

The town itself is a delight ”»°^V^dtarways are capaMe . 
The visitor comes away with „ to^hSphrtlnS -■ frustxated 
the feeling that here must be tp ^ e . evince. - 

one of -the more . ideal pilacfiy . : • t ; 4.. - 




“ •%' ■ ■■ 

ft 









- i. :: 




;■. y^.^?Si4fljSlS| ;*pie|; Bece] 


The Man 


_T?j?‘A Modern two^toTcy factoiy- cent of ilia . total Wk-force of 
etf_/ esrate .'. jiist u/outside i f •sstollar : numbers 

^ LimaeScfc -first ' leaving. sad) rtfeciiiiiiig -inctus- 

-- and tries as iestUeft ; / /- ’. 

'-/product - modern . ''WhUe : ':Izd2nft' is- keen to 

• a .‘ oroad -mix of indus- 

. American. V-awned • 




now emi>hS's. 215 T peope uid has, . v .. • . . 

. sai^W^^Awflog . \%.3?fiSEi^E2r . ° n 

is- a sysobbl/ ofthei/iadustrial which -tije-IDA- has ^een con- 
-jrevol^S- widcfc- d&siaud Is- eentcatingr is the electronics and 
trviri^ad. Wd .td: create. I* is electrical industry Apart from 

eiacUynheS^conKiany^ fflndoufrcnterion 

fies both,,, the advantages - add . «£*»* there ^a.nmii b e r of 

«. 15 

’ . BecanseTif Tta‘ high/levefe of [■:■ AltboagtL Ireland- frequently 
unemployment, IxdajMi- is-jfibs-/-templ5 foreign-companies to its 
ins wbb ediiadeB^^^^8jmfei*. ; 'dbcMS-' on-, the grounds that it 

- ation - ^d.T-CTfei^dasn? away provideVa foDthDld iii tbe Euro- 

from wK^hy^^rteriiEiin^an .pean Community, it faces the 
st^od^i^^ i'^a^ety tinder- problem .Qfbemggeo graphically 
developed ' i^amn on tbe/o^^ of the- EEC 
economy. UT-? .1/ J-_ ” = -and also;. separated by. an expen- 

- . - TtaeVbpdy /givefc: vchhrge of rive' stretclr of sea. - However, 

stimula.tjng; -- this, process^, is for the- electronics industry, 
the./ JndustriaT /• Development distribution. ¥ nhmajor prob- 
AnihoEity--a* . Vigorous, - hard- lem, 'and. .many . products can 
selling' V'govemnieiit. agency be air-freighted economically, 
whose- task - is ;to i attract .and Elecstrohlcs 'factories are also 

develop industry within Ireland not particularly Tied to certain 
and, above : all.- Jn create new .. services* arid ' . fcauld, within 
jobs. / V reason, bef sited 'anywhere with- 

At . tiie ; lowest; of; estimates Sri Ireland. . ' This is: consistent 
imemploymetit is running at 9 with IDA philosophy. of taking 
per /-.rent . yhi^/'.is /.bepg. the jobs to 'tite' people rather 
fuelled . not only, by - school than creating ' them in giant 
leavers,- but by 4,<KIQ / wo ricers a industrial centres 
year leaving: the land— agjicul- /Until a few yeanTago, Irish 
ture at ill. -accounts for 23 per universities produced ■ a- stream 


Why Americans slice their 
silicon chips in Limerick 


By Jason Crisp 


of electrical and electronics 
engineers for whom there were 
not enough jobs, and many were 
emigrating to seek employment. 
Now. supply and demand is in 
balance, according to tbe IDA. 
There is also a pool of local 
labour — mostly girls — who per- 
form the assembly operations. 

What the IDA particularly 
does not want is a number of 
assembly shops taking advan- 
tage of cheap labour as if Ire- 
land were Europe's answer to 
Taiwan. Instead, it wants com- 
panies which produce computer 
peripherals, mini-computers, 
scientific instruments and medi- 
cal electronics where there is a 
high level of research and de- 
velopment. 

The types of company are 
likely to fall into two brackets: 
true multinationals and the first 
overseas base of fast-growing 
companies. 

Analog Devices is almost a 
textbook example of the second 
type of company the IDA is 


seeking. Started in 1965 in tbe 
U.S. to make modular com- 
ponents. in 1969 it expanded 
intn the “ interface " business, 
making digital-analogue and 
analogue - digital convertors: 
these are the electronics which 
enable computers and instru- 
ments to talk with each other. 

Competition 

Like many companies in 
semi-conductors Analog Devices 
has grown rapidly. By 1973 
sales had reached nearly S22ra 
and for this year the company 
is anticipating a turnover of 
$65m. As Hank Krabbe. man- 
aging director of the Irish 
operation notes: “ In semi-con- 
ductors you need a growth rate 
of at least 25 per cent just to be 
in the running with the competi- 
tion.'’ 

Inevitably one of the major 
problems of sustaining that kind 
of growth rate is the continual 


need to raise finance. Because 
of this, additional grants and 
financial incentives offered by an 
industrial development agency 
are of particular importance. 
As Krabbe points out, the com- 
pany could not have afforded 
to set up its new MOS semi- 
conductor facility in California. 

As 35 per cent of Analog 
Devices sales were in Europe, 
there was also the obvious in- 
centive of setting up within the 
EEC, in order to avoid tariffs. 

Having decided to set up 
within Europe, the next major 
step was !n choose the country 
offering the most generous 
grants. Analog Devices looked 
at France. Germany, Italy and 
Holland before choosing Ire- 
land, where it received 40 per 
cent capital grants and, perhaps 
more important, a lax holiday 
nn profits on exports until 
1990. In addition it receives a 
research and development 
grant — because it does not pay 


tax. it cannot write off R & D 
against it, hence the grant — and 
there are training grants as 
well. 

So on the plus side are the 
combined benefits of being 
inside the EEC. There is also 
the financial package, which is 
important to any rapidly 
expanding company. And there 
is the additional fillip that for 
an American company there is 
a common language. Against 
all this are to be set a number 
of disadvantages, however. 

One of the major problems 
in the manufacture of silicon 
chips is the exact level of 
purity needed throughout the 
process. The first snag arose 
in the construction of the plant 
when the company found .that 
no Irish plumbing contractor 
could instal stainless steel piping' 
with the required degree of 
cleanliness. In itself this was 
not an insuperable problem — 
the company trained the 
plumbers — but it was one which 


was indicative of what it was 
to face simply because Ireland's 
industry is not sufficiently 
advanced to provide the compre- 
hensive hack up facilities for 
high technology. 

Similarly, Irish industrial 
gases were not of sufficient 
purity: the company needed ex- 
ceptionally strict levels, such as 
nitrogen with less than 2 ppm 
impurities. This means it has 
to buy its gases from the UK, 
and this in turn meajis it needs 
to hold a greater stock because 
of delivery factors. 

Maintenance 

Another problem Analog has 
faced in Ireland has been 
equipment down-time. Most of 
the highly sophisticated equip- 
ment used to make tbe silicon 
chips comes from America and 
if anything goes wrong it can 
take up to five days for it to be 
repaired. As Krabbe points 
out, in Silicon Valley. Cali- 
fornia, someone would be there 
within two hours. The way 
round this problem has been for 
Analog to train its own service 
engineers and although it is a 
long process it is supported by 
further grants from the IDA. 

The effect of this is a 20 per 
cent loss of production which, 
according to Krabbe, will 
decrease as tire number and 
skill of the maintenance tech- 
nicians rises. 


Analog Devices also found 
that it took slightly longer to 
train the girls in the assembly 
areas than it had in the U.S. 
Krabbe believes this was be- 
cause from a very early age 
American children are familiar 
with mechanical gadgets around 
the home, and this is not the 
case in Ireland. 

Overall, he reckons that the 
extra cost of being in Ireland 
— as opposed to. say, the U.S.— 
in terms of contingency plan- 
ning for higher stocks, and of 
extra back-up, probably amounts 
to around 10 per cent. 

One aspect which, interest- 
ingly. did not influence the com- 
pany's decision tn choose Ire- 
land was low labour casts. 
"It was not a factor. . . we 
knew that eventually they 
would be coming up in line with 
the rest of Europe," says 
-Krabbe. 

Over 40 foreign companies in 
tbe electrical/electronic sector 
have come to Ireland, of which 
only one has failed so far. 
according to the IDA, and as 
more come tbe problems which 
Analog Devices faced should be 
minimised. 

The IDA's hope is for a sub- 
stantial electronic industry 
dominated by foreign com- 
panies. but with indigenous 
entrepreneurs springing up and 
setting up on their own. It is 
a high hope, but no one could 
accuse the IDA of not trying. 


ANYONE reckless enough to 
organise a-public celebration of 
the,/ bicentenary . ^ of /Britain-'s 
industrial revolution would have 
to. statt' his . preparations now. 
Most historians' accept that the 
tempo of ' economic and indus- 
rial change begot to quicken 
dramatically itopnd..T780: the 
revolution was beginning to 
make itself . obvious by the end 
bT the century. - 

- • w. w: Itestow^: the American 
scholar >, twhos»/\ . “ hake-off " 
theory: of economic growth has 
caused endless contr^versy ever 
since it was first exptmhded in 
the late 1950s) sets/fchb UK 
“take-off ’’/-in his period. So 
does Peter Mathias, in his 
. famous Work-" The* First 
trial Nation?/ (T969 )- Here is 
Mathias’ thnmfen^L sketch -. of 
the major -forces. which he sees 
as stoking the revolution’s fires: 

‘‘Risirig demand, 'high wages, 
the shortage ^asd inflexibility of 
skilled /aboux then created a 
great .stimulus in - the; nxidr 
decades of the (18tt) ^tury.te 
innovation/ mechanical advance 
and an- eventual breakthrough 
to hew/foms ht. .power,, mat- 
etfaJ&^riracblriiss// and /factojy 
production. Afrer- iTSS; Toreign i 
trade- once-; again provided ' a. 
strong boost to ihdnsbial expan* 
sion on the demand: side^ Once 
innovations had/hllbwed cast- 
reducing .technique^ 'and -rising 
productiyity . to bb. 'established, 
then thh' circle- tfecame ti/selfe' 
reinforcing - : ene'- vrith '-strong 
forces huilt ia Jo diffuse ;«hd 
institutionalise : fprthSr Innova- 
tion^ •: •’ •/ _/■■■■■;} 


Making the first industrial 
“take-off” is.-fibW ; reckoned to 
have bequeatii^/us:a burden. 
A- recent series^ of' articles in 
a national/ newspaper drew 
attention to.;fhfi' pervasive view 
— which was generally held nt 
the time — that theCUK’s relative 
industrial deriind began quite 
early in the i^eftpd half of the 
century — perhaps/- as - early as 
the 1860s— and; Jhat/thi s loss of 
industrial preeminence was the 
more keenly £&i:. because the 
experience of ,tlue -first industrial 
.revolution, ha&Sf. on coal, iron 
/and steam, r h^/ appeared to 
endow Britaiiv^th both the 
right and the dxUy.to lead the 
world. 


Questioning conventional wisdom 
on Britain’s economic failure 


T 


• -Since then, /litany has 
.been a famUar/phe/- We are 
reckoned to declined 

because (a) we lumbered 
: with a lot of quf-bMate capital 
equipment at a tfrbVwhen our 
/competitors from 

gleaming scratcfcJs^-'We taught 
our .public scheat^jjtera! ethics 
based on a tebrtuifeibf classical 
;{5tqic>.. • -philoaS^iy and 
fAnglicainism,.'- inaj^eppriate to 
modern business /prance (and 
Tm*eti else)f (c) wejph^d. an 
Empire, at .-once drain o^nthe 
public.j'purse : ai»/a protected 
,mafk|tt. which ^fpped the com- 
pet^e. ^3lriU^(d) the British 
ng/cla^s developed early 
adoptej^fram the remnants 
uf,,' guilds, a craft^utisan 
;:appi$ach to work which doihin- 
xted. the trade union movement, 
lt/lived uneasily with factory 
latiour and always adopted . s 
hostile attitude to management 


initiatives— where these existed 
— on productivity, especialiy 
where these meant, as they 
often did and still do, a loss 
of skill: (e) we have never, 
until very recently, given 
managers a proper training and 
we have always under-rewarded 
and under-regarded engineers. 

Unfortunately, such litanies 
become almost a comfort: a 
problem defined is a problem 
solved, or at least tidied away. 
The causes for our complaint 
should, from. time to time, be 
examined. 

Just such a re-examination of 
our shibboleths of failure is one 
of tbe most valuable strands 
within this, most recent, work 
of A. E. Musson. 


Disaster 


’It isj.in .the bulk, an - extra- 
ordinarily dose examination of 
British audnstrial development, 
with- as much detail as can be 
packed Into a very broad sur- 
vey. Mtisson Is a facts man: 
anyone wishing <to find a -brief 
general description of the 
raiding, iron, steel, ceramics, 
chemical, automotive or any 
other major- industries of the 


past few centuries could read 
this book with profit, if he 
takes it in small doses (as a 
whole at a gulp or two, it reads 
heavily). 

Yet Musson is more than a 
tabulator. In the central core 
of the book, be unmasks the 
purpose of the facts: he wishes 
to stake Ms Bag in the camp 
opposing those who see the 
country's second industrial cen- 
tury— from the tetter part of the 
19th century on — as an unmiti- 
gated disaster. The net effect 
of their propaganda, says Mus- 
son, is that “by 1914, one is led 
to believe that this country has 
degenerated into a kind of in- 
dustrial museum." 

On the contrary. “There are 
good grounds for regarding the 
period 1850-1914 as that in 
which the industrial revolution 
really occurred on a massive 
scale, transforming the whole 
economy and society much more 
widely and deeply than tbe 
earlier changes had done." And 
here are the tables to prove it, 
most tellingly the occupational 
table which shows the massive 
desertion from the land which 
occurred in the second half of 
the 19th century (though many 


of those who deserted went, as 
Musson admits, into personal 
service). 

The fault at the root of the 
fashionable retrospective gloom, 
says Musson (in a passage 
which shows a flash of polemic), 
lies in part with a strong 
tendency among “ modem post- 
Keynesian economists ” to 
assume that endless growth can 
be manipulated. Britain had to 
fall behind: the U.S. and 
Germany were larger, and had 
greater resources: the market 
dictated it In fact, the offshore 
island did well to keep up as it 
did for so long. 

There is even a sturdy 
defence of that beloved TV 
serial villain figure, the 
Victorian businessman, who in 
the early- part of the century 
had revolutionised his country's 
economy. Of his policies in the 
late 19th century, Musson says. 
“ it made sound business sense 
at the time to continue investing 
and expanding production in the 
old basic industries such as coal, 
iron and steel, shipbuilding and 
textiles, and profits continued 
to be reasonably good (though 
cyclically fluctuating of 'course) 
right up until 1914." 


Alter that, the reader is a 
little confused. In one passage. 
Musson refers lo the “ cata- 
strophe " in industry between 
the wars: in another, while 
admitting the decline of the old 
industries, he notes that 
between 1918-39, there was a 
" remarkable upturn in British 
economic growth so that 
Britain's relative economic 
growth improved substantially." 
Still, the lone, even after 1914, 
remains generally optimistic. 


Pathfinder 


if not theoretically, inevitable." 
In such a- case, the Victorian 
bourgeoisie can bear no respon- 
sibility — the retention of a 
leading role was 'beyond the 
grasp of the most competent 
ruling class. 

There is no such law. The 
U.S.. the pathfinder of the 
second, science-based industrial 
revolution now leads what is 
being heralded as the third, 
based on microelectronics. This 
is of major importance, in 
a period -where the UK (as 
other European countries) is 
grasping after the appropriate 
leadership for the difficult times 
ahead. 

Finally, Musson's implicit 
assumption, in his passages on 
the entrepreneur that the pur- 
suit of profits in itself adds up 
to “sound business sense" is 
one which has to be set in con- 
text. This is done, in the short 


run, for the individual (or 
corporate) investor or business- 
man; it need not be so in the 
long run for an industry, or 
society-. 

Over the past half century, 
industrial advance has depended 
upon an increasingly complex, 
statist intervention in the 
market at a variety of levels, 
often especially in those coun- 
tries which hold most to the 
ideology of free enterprise. 
The pursuit of profit has been 
harnessed and directed in an 
enormous variety of ways, both 
by political (socialist) pressures 
and by financiai/strategic ones. 
“ Sound business sense " is now 
a difficult concept to define. 

The Groicth of British Industry 
by A. E. Musson, Batsjord, price 
£14-50.. 


John Lloyd 


Two commonsensical objec- 
tions might 'be lodged. First, 
while it is evident on the basis 
of Musson's tables and figures 
that very strong growth did 
occur in nearly every sector 
over the period 1850-1914. the 
evidence is everywhere that in- 
novations and advances in pro- 
ductivity were widely ignored. 
Musson tends to proclaim an 
iron law that yesterday's revolu- 
tionary is today's Jootdragger — 
“ Retardation ... in many 
British industries by the later 
19th century may be regarded 
as historically or empirically. 


CAN YOU AFFORD 
TO WAIT? 


Messages c«f’ ba deiivs'ecnasre- 








1 •• r",' " - •• » 

/^Whernt comes to letting, Edward ‘Erdman and 
/ Company overthe years have let some of thelargest 

\ /: - chopping centres in the country, and there are few if 
’ Thriy: centres where we have not been involved in shop 
^ .transactions. . 

/. . /Ourserviccs include not only Iettihg property but 

v/afeo rent reviews, purchases, sales,’ auctions, 

... ./■”/Jnanagemcnt, i ' valuations, investment, regional 
; // ? ' ^-planning, lown centre redevelopment, industrial 
. .consultancy and project management. 

- 3 We make ho particular claims and rely on 

: /'/reputation and record as a national practice which 

. ' Yemembers the personal touch. Where partners still do 

‘the problem-solving. ■'/’• 




> i- y. \ m . * m •i:*J 

i “■ •is*' 1 f-v ; 

<:. . jM'.'t : 



Edward Erdman and Company ■ Surveyors 



Bull Ring Centre, Birmingham^ 
one of the first covered shopping centres in-Europe 


; >y 




Erdman 


tsnd Company 


ECONOMY 7 


* 


-the facts. 


* ECONOMY 7 is Electricity's new 
low-price off-peakheatingtariff. 

* ECONOMY Zgivesyouseven 
tours of night-time electricity at a 
bwer rate than other off-peak tariffs. 

* ECONOMY Z issuitablefor 
bothelectric storage heating and 
waterheating. 

* ECONOMY Zcanbenefit users ' 
ofmodem high-capacity storage 
heaters thatiequireonlya 
night-time charge of electricity 

*r * ECONOMY Zalsomakesit 

possible for users of older storage 


heaters, of the type thatrequiiea ' 
daytime boost charge, to benefit, 
tour Electricity Board will gladly 
advise you on what action you 
need to take. 

* ECONOMYZisatitsmost 
effective when your home has 
good insulation. 

ECONOMYZalsoenablesyouto 
heatmost of your hot water on the 
cheap off-peakrate. 

* ECONOMY Z is here to stay with 
a night rate substantially cheaper 
than the day rate. 


Hundiedsofthousandsofpeoplewithelectricstorageheatingaie 
already benefitmgfrcm Economy Seven. For more facts, askat your Electricity 
Board Shop now They H gladly give you detailed, individual advice and 
explainhow an Economy Sevenplancouldsuityour particular needs. 


HEATBLKT 


The Electricity Council, England and Wales. 











20 

LOMBARD 


Financial Times. Friday December ;^ 1978 



The fight 
a 35-hour week 


BY ADRIAN DICKS, IN BONN 


IT CAME as no great surprise 
in West Germany when Pro- 
fessor Fried helm Farlhmann. the 
industrial relations expert who 
serves as North Rhine-West- 
phalia’s state labour minister, 
was called upon by both sides to 
mediate in the current steel 
strike. He has several major 
successes behind him, as both 
mediator and arbitrator, and 
probably no-one is better 
qualified to try to find some kind 
of compromise in a situation 
where each side regards its 
position as non-oegotiable — the 
union, IG-Metall. insisting on at 
least a first step towards the 
35-hour working week and the 
steel employers refusing even to 
discuss it. 

What promises to make the 
mediation effort even more 
difficult than this nutshell 
description suggests is that the 
argument is taking place on 
shaky ground. In the glare of 
publicity, as in the colder light 
of ecnnouiic analysis, it has 
hecome widely suspected that 
IG-Mciall is pushing the 35-hour 
week claim without being quite 
sure what it means by it or what 
it -will actually achieve for its 
members in the steel industry. 


Privately. top IG-Metall 
strategists are rumoured, to 
agree tbat almost any one of these 
alternatives would make better 
sense in general, and for steel in 
particular, than the 35-hour 
week. The 35-hour week was 
adopted by the union's 1877 con- 
ference by a narrow majority, 
and not before the leadership 
had vainly tried to stop it 
Indeed, the vore was only the 
first of several embarrassing set- 
backs for the IG-Metall president, 
Herr Eugen Loderer, which seein 
to have persuaded him and his 
colleagues that, at a period of 
deep frustration in the entire 
union movement, they must lead 
from in front or be pushed aside 
by the pent-up pressure of 
frustration from behind. 


■ Job losses 


The union’s sleel industry 
executive. Herr Rudolf Judith, 
made a long and in part 
impassioned speech last month 
in which he effectively set the 
scene Tor the sir ike. haranguing 
hundreds nf shop-stewards and 
works council chairmen wirh the 
justness or the claim and winning 
their clear support for the 
general proposition that it was 
tune to take a stand against the 
rundown of *teel jobs. Yet he 
d'd not actually explain how. in 
practice, cutting the cunrraclua! 
working week from 40 hours to 
33 would help either in safeguard 
existing jobs or in create new 
ones For the benefit of some of 
the lm Germans still on ihe 
dole. No one else has presented 
a very convincing case, either. 

Supporters of shorter working 
hours, whether they want to help 
ihe unemployed or to make life 
pleasanter for people who do 
have jobs, have tended in West 
Germany to come down io favour 
of earlier retirement nr. at the 
other end of the age-scale, n' an 
extra year at school, preferably 
devoted to training young people 
in marketable skills. The steel 
industry employers themselves 
have offered a sixth- weeks 
annual holiday to everyone in 
the industry — not an ungenerous 
offer for an industry in deep 
financial trouble, though al>o 
well-suited to its round-the-clock- 
production methods. 


And so n notion that no one 
can convincingly justify in 
economic terms, which is 
anathema to the employers, 
unwelcome to union' leaders and 
probably unhelpful if not 
actually’ harmful For the broader 
public interest has acquired an 
awesome momentum of its own. 
When this year’s second big 
wage claim, for the public 
services, wast partly unveiled 
this week, it was clear that other 
unions will happily benefit from 
any success IG-Metall may win 
on the steel front, although their 
expressions of solidarity so far 
have he».-n confined ' io 
denouncing the mass use of the 
lock-out. 


SPD debate 


Tin? ne.Yi siage was adoption of 
the 35-hour week by Chancellor 
Helmut Schmidi's own social 
democrats as a plank in the 
party's draft platform for the 
European direei elections next 
June. It remains to be seen 
whether Herr Schmidt and his 
colleagues will let this “desir- 
able European coal” remain in 
the programme after next week- 
end. when a special SPD confer- 
ence will debate it. 

If the SPD throws out the 35- 
hour week, it will disappoint still 
further its supporters in the 
unions. If it accepts the idea for 
the European arena, it will have 
lo support it at home loo^wlib 
all that means for future indus- 
trial costs, tu say nothing of the 
time in ten yeers or so when 
demographic evidence suggests 
that the- entire working popula- 
tion will he siartinc to shrink. 

In the circumstances, the 
politicians may do well to look 
for help tu the man in .the street. 
An opinion pnil on the steel 
dispute revealed that by a two-ro- 
one margin, mosi West Germans 
would take a sixth weeks annual 
holiday over a shorter working 
week any time. 


A package for the business 



. • 


BY ANTHONY MORETON 


WAKEFIELD may seem an 
unlikely place to launch a busi- 
ness venture »nique in Britain.. 
Yet last June it became the first. 
Key Business Centre in the 
country. With unaccustomed 
modesty for Yorkshire, Wake- 
field says it is also probably the 
first such centre in Europe. 

A Key Business Centre is a 
city in which special arrange- 
ments are made to give visiting 
businessmen a complete package 
of services. Everything from 
hotel Rooking to car hire and 
secretarial services is included. 
The idea is so simple it is sur- 
prising larger arid more afFluent 
cities have not thought of it 
before. 

One of the. greatest problems 
facing the travelling indus- 
trialist when he arrives in a 
strange town is. to know where 
to get his car repaired or docu- 
ments photostated. If he is in 
London or Lyons or Milan he 
may have an office or an agent 
to fall back upon or be may be 
reasonably conversant with the 
local geography. But much 
business is done outside the 
large centres and in what might 
be called the second division 
cities valuable time can be lost 
in finding a secretary, booking a 
hotel in the next place of call, 
or in altering travel arrange- 
ments. 

Wakefield’s business informa- 


tion service takes care of all 
these details. It claims that 
now all its hotels and guest 
houses are linked! to .the infor- 
mation centre in the town hall 
and so can provide not only the 



WAKEFIELD 


main services but also, photo- 
copying. printing, translation, 
equipment hire, meeting facili- 
ties, sales promotion services 
and car repair or breakdown 
services. 

The idea for the facility came 
from the Yorkshire And Humber- 
side Tourist Board. It 
approached Wakefield, which 
joined in. as did the local cham- 
ber of commerce. When the 
centre was officially opened it 
managed to attract Mr. Edmund 
Dell, then the Trade Secretary, 
to undertake all the necessary 
honours and launch it with 
heavyweight pomp. 

The tourist board clearly «i'a - 
the possibility of .expanding 


industrial business together with 
the more conventional forms of 
holidaymaking. It felt that the 
concept of business tourism had 
the same sort of potential as 
ordinary tourism and believed 
that a visiting businessman one 
year could turn into a holiday- 
maker, complete with wife and 
family, in succeeding years. 

The idea is not so far-fetched 
for Wakefield as might first 
appear. -The city may, to the un- 
initiated, be associated with the 
heart ot industrial England, full 
of dark satantic mills. In -fact, it 
is a light engineering town des- 
cribed two centuries ago by 
Defoe as “a large, handsome, 
rich clothing town, full of people 
and full of trade." 

Much of that prosperity may 
have now disappeared but the 
town is by no means a depressed 
area. And since it stands at the 
junction of the MI and M62 
motorways it is possible to be 
in some of the best countryside 
in England in well under the 
hour. 

There has been an encourag- 
ing response by the town’s 
traders to the business informa- 
tion service and there is a queue 
of them waiting to get into the 
next issue of the brochure distri- 
buted to visiting businessmen. 

The response of businessmen 
has been rather slower. The 


Council reports a steady number 
of inquiries but the flow, to use 
a riparian analogy, is more a 
trickle than a flood. This is not 
unexpected because it takes 
some time and considerable pub- 
licity for the scheme to become 
widely known and none of the 
three bodies concerned with it 
has thrown heavy resources 
behind the necessary promotion. 

One of the difficulties Wake- 
field faces in getting across to. 
its potential clientele is being 
overshadowed by ■ its larger 
neighbour, Leeds, just 20 miles 
to the north. Even though Leeds 
is not over-endowed with- top- 
class hotels, most businessmen' 
visiting West Yorkshire make 
first for Leeds and then head for 
Wakefield only as a second 
resort. 

Nor is Wakefield over- 
generously supplied with hotels. 
It has one three-star Swallow- 
group hotel in the city but the 
rest of its accommodation- is 
down-market Trust Houses 
Ftirte has a Post House along- 
side the Ml on the edge of the 
city. Otherwise there is not a 
lot of choice. 

Strangely, in such a situation. 
Wakefield is still' very much a 
visitors’ town. A tourist board 
survey showed that it was second 
only to York within the board’s 
area for demand for accomxmv 




YORKSHIRE g j 


1 


T' ’&£.t 

- §|gr£ 



■i 


.t 

t 1 ; 




dation.lt has some 300 beds and 
considerable pressure . arose 
when: ICL opened a training 
centre ', ip the town, bringing 
iir.BG. students a week for its 
courses. 

Space has been allocated for 
a -new hotel on the NoEmahtqn- 
WMtwood industrial complex 
and -talks have been held' with 
;a. number of hotel chains though 
nothing firm has so .far 
emerged. 


More top-grade accommoda- 
tion is 'heeded because the town 
is attracting new enterprises.. 
Elida Gibbs, has just completed 
a £75m distribution centime on 
the complex and Corning is 
centralising its UK distribution, 
of Pyx ex glassware in a new 
warehouse. Projects such . as 
these attract the travelling 
businessman and Wakefield in- . 
tends to stay one step ahead 
in providing services for him. •> 




i 


a- 

-*a 




3. 


Rambiix can boost confidence 
with Cheltenham victory 


KAMBL1X, GOING as well as 
Space Project in many race- 
goers' view when unseating John 
Francome at the 13th fence in 
Chepstow’s Embassy Chase 
qualifier a few days ago. re- 
appears ibis afternoon in the 


RACING 

BY DOMINIC WIGAN 


Bath Novices Ouse at Chelten- 
ham. 

U will be interesting to see if 
bis Chepstow blunder has done 
anything io impair his con- 
fidence. If. as Fred Winter 
clearly believes. Rambiix is ready 
to do himself full justice, he 
ought not to be hard pressed lo 
gain Ills fiftli victory in his past 
six races. 

I take Mr. George Ward’s 
gelding to heat a field including 
Koiro Scott, an oifibt-.vear-old 
from New Zealand, trained by 
Nick Gaselee. who has rim well 
on both his appearances this 
season. 


A second possible winner f«<r 
Fred Winter, who has been more 
reluctant than most to risk hi? 
chases on .the prevailing hard 
ground, is the luckless Archbold, 
runner-up in his past three races. 

This chestnut son of London 
Gazette might go close in the. 
Kincton Opportunity Chase — 
however. I must favour the ex- 
perienced Exhibit B, who is 
something of a course specialist. 

In the Coral Hurdle Qualifier. 
70 minutes later, I shall be sur- 
prised if Charlntson cannot take 
advantage of the 21 lb he re- 
ceives from ' David Nicholson's 
locally trained Listercombe. On 
his last appearance, the Josh 
Gifford-trained six-year-old 
needed only to be pushed out to 
account for Kirov in KemptonV 
November Handicap. 

Listercombe. Si lengths away 
in third place there, meets 
Charlotson on only 4 lb better 
terms. 

Looking ahead to Kempt-m s 
Boxing Day fixture. Grind 
Canyon and Bachelor's Hall 
appear certain starters for that 


always intriguing affair, the King 
George VI Chase. 

Tbe dual Colonial Cup winner, 
who impressed all who saw him 
being schooled over Fontwell’s 
fences on Wednesday, will take 
in the SGB Chase at Ascot in 
eight days' time before going to 
Kempton; while Bachelor's Hall, 
last year's King George hero, 
may have a preliminary over 
the minor obstacles. 

Incidentally. Grand Canyon 
has been set to carry 11 stone 
33 lbs in Ayr's £7.000 John Barr 
Handicap Hurdle at the New 
Year meeting on the Scottish 
course. Sea Pigeon, whose long- 
term objective is the Waterford 
Crystal Champion Hurdle, heads 
the weights for the January 2 
race with 12 stone Tibs. . 


CHELTENHAM 
1.15— Exhibit B* 
2.25 — Charlotson** 

3.00 — Rambiix*'"* 
NEWCASTLE 

12.30— Vat Man 

1.00 — Bow Butts 

2.00— Estate Agent 

3.00— Ex Professo 



ftrS- f Indicates programme in 
black and while 

r& BBC 1 

{• 12.45 pm Nett*. 1.00 Pebble 

. Mill. 1.45 Heads and Tall*. 3.53 

! fictional News fnr England 

1 i except London). 3 -55 Play School 

fas BBC-2 11. 0U aim. -1-20 Hong 
Kong Phoocy. 4.30 Jackannry. 
4.45 Captain Caveman. 4-55 
Cracker-jack. 

5.40 News. 

5.55 Nationwide i London and 
South-East). 

6.20 Nationwide. 

7.00 Tom and Jerry. 

7.15 Star Trek. 


8.00 Citizen Smith. 

HJft The Liver Birds. 

9.00 News. 

MS Target. 

10.15 Tonight— In Town (London 
and South-East!. 

10.45 Regional National News. 
*10.50 The Late Film: “ A King in 
New York.” 

All Regions as BBC 1 except at 
the following times: 

Wales — 1.45-2.00 pm Helin Wvnl. 
5 -55-6.20 Wales Today. 7.00 Hed- 
diu. 7.30 It’s Welsh Rock. 7.50- 
8.00 Tom and Jcrrv. 10.15 Kane 
on Friday. 10.45-LO.5l) Regional. 
National News. 

Scotland— 5.554SL2H pin Report- 
ing Scotland. 10.15 Spectrum: Art 
Magazine. 10.45- 10.50 Regional, 
National News. 

Northern Ireland — 3.53-3.55 pm 
Northern Ireland News. 5.55-6.20 
Scene Around Six. 10.15 Celebrity 
Concert. 10.45-14.50 Regional, 


F.T. CROSSWORD PUZZLE No. 3.843 



1 1- 


. ACROSS 

1 Cautious wave from burglar 
(4. 7) 

7 Little dug takes niavhine-gun 
in half (3) 

9 Announcer in tears loi 

II) This clue promises to pay 
while holding fasi t9) 

11 Transferor with a right nf 
possession over a hill {#> 

12 Note sweetheart receives 
handy protection 1 5 1 

13 Cuts between two orientals 
pul in shade (7i 

15 Actor puts deer right t4) 

IS Excitement within is less 
tiresome (4) 

21) Cold wind and fog artist 
left (7) 

23 Post for proFcssor of church 
music (5) 

24 Swore after study was 
knocked on the head (9j 

26 Regularly indicating starling 
point for clock golfer (2. 3. 4i 

27 Game organised with drive 
(5) 

28 Fish expert (3) 

29 Killed for homy put on too 
frequently f4. ’J. 5» 

DOWN 

1 Philosopher ruund accord- 
ingly packing cases (8) 

2 Coloured jumpers jusl land 
in the sea |4, 4« 

3 Pub willing to serve a lot of 
beef (51 

4 Give the right two poinLs to 
style (7 i 


5 Class with blushing relations 
( 7 1 

ft Sportsmen who regularly go 
on courses (fl) 

7 Electric unit no port can 

accommodate Mil 

8 Dues the Queen have to 
collect? ifi) 

14 Disciple takes on master in 
Scotland (9) 

16 Money one accountant makes 
from vegetable (Si 

17 Former European wife (3. 5) 

19 Creature of motor club has 
company on (7) 

20 Towering source of call to 
prayer « T* 

21 Grant airman a bit of rope 
(fi) 

22 Preserve label of university 
man i6> 

25 Single French article matched 
to* 

Solution to Puzzle No. 3.R42 



National News. 

England— 3.5545.20 pm Look East 
(Norwich): Look North (Leeds, 
Manchester. Newcastle)’- Midlands 
Today (Birmingham); Points West 
(Bristol); South Today (Southamp- 
ton); Spotlight South Wert (Ply- 
mouth). 10.15-10.45 East (Nor- 
wich) A Hundred-and-one 
Delights: Midlands (Birmingham) 
The Pilgrim Carvers: North 
(Leeds) The Houses of the Sun: 
North East (Newcastle) Friday 
North: North West (Manchester) 
Home Ground: South (Southamp- 
ton) Augustus John: South West 
(Plymouth) Peninsula; West 
(Bristol) Loved I Not Hannah 
More. 

BBC 2 

11.00 am Play School. 

US pm Racing from Chelten- 
ham. 

5.35 News on 2 Headlines. 

6.00 The Voyage of Charles 
Darwin. 

7.00 Mountain Days. 

7.30 Mid-evening News. 

7.35 Delia Smith's Cnokery 
Course. 

8.00 Country Game. 

8 JO Westminster. 

9.00 Butterflies. 

9.30 Pennies From Heaven. 

11.00 Late News. 

11.15 Pennies From Heaven (con- 
tinued). 

12.35 am Closedown, talk. 

LONDON 

9.30 am Hallmarking. 9.50 A Bic 
Country. lo.ig “The Art of 
Crime.” 11.30 At The Embank- 
ment. 12.00 A Handful of Song*. 
•2.(0 pm Daisy. Dri*"--. 12J0 Thre* 3 
1 .(nip Words. 1.00 News, nlus FT 
!tk , i?v. 1-20 Thames News. 130 
Farm bouse Kitchen. 2.00 Mnney- 
r^.iJpund. 2.25 Frida-.- 

‘•no Vnu Take This. St-angerV ’’ 
• *5 The Doom belt fha^c. 4.45 
5.13 Thames Spore 
5/5 News. 
k on Thames at B. 
fi.30 ^'nnwrdale Form. 

7 00 The Munpel Show. 

7.30 Survival. 

R.nn rpneral Hospital. 

O.flO Vprias. 

•!) 00 Npu - s. 

If) JIO Tpnnis — Davis Cun Final: 

Great Britain v. U.S..4. 

(2 30 am GcoriP Hamilton TV. 
12.55 Close: Painting by Degas. 


music by Berlioz. ■ 

AH IBA Regions as' London 
except at the following times: 

ANGLIA 

9.30 am Richard Pears*.-. 10.25 Dare's 
SuuMkme. 1M0 Remember '5*. UL40 
Oscar. H-55 Tbe Sweet Susar DuUKhMU 
1.2S pm Anglia News. 2.25 Friday 
Matinee. 5.15 The Practice. ft. DO About 
Aurilia. 740 Father Dear ? •lifter. 1830 
Probe. UJ Tennis — Davis Cun. 1Z4» 
Winners sod Los- rs. 12J0 am Christians 
In Action. 

A TV 

10.05 am Survival. 10-30 Ik-mlns 
Cinema " A Dream for ChriSTjuas." 120 
pm ATV to-trsdesk. 2J5 Mone Matinee: 
■■ Bi-lore Winter Comes ” SJ5 Happy 
Days. O.M ATV Today. 7 JO Doctor On 
The Co. 

BORDER 

9J5 am The Lost Islands. 104)3 Survival. 
1045 Daw's SlnaalnnK. IftSU Remember 
'*58. 1.0 Oscar. 1L55 The Old Sweet 
Sueur Dnushniit. tUO pm Border News. 
■NL25 .Manner: • Tin- Prisoner of 
&ndJ." 5.15 Carnoc) Way. 6.00 Look- 
around Friday. 6.39 ThinRiimniyJi/. 7J# 
Father Dear Father. 12.00 Police Sur tie-on. 
1225 am Eord-.-r Nov* Summari. 


Enum-rdale farm. TJ0 oh No. It's 
Solwyn Fropdu 10J0 Report Extra. XLOO 
Tennis— Davis Cun. 12410 Donna Summer's 
Disco Pany. 

HTV Cymru /Wales— As HTV General 
Service except; 1294-25 pm Penawdau 
Newyddlon v Dydd. 4.15445 Plam y 
Bad. 64)0-0 AS V . Dydd. ID 38-11. 0Q Out 
toot. 

HTV West— As HTV General Service 
except: U9-1J0 pm Report Weal Head 
lines. 6054 JO Report West. 

SCOTTISH 

4 JO am i-ru-nds of Man. 104)0 Ann 
Frank. 1035 Dave's Slncalonc 10.50 
ReniL-mber <S. 11. fiO Oscar. US The 
SwCi-t Suaar Doughnut. L25 pm News and 
Road and v.'-.-.uhrr. U0 Rousepany. 2-25 
Friday Manner " The Fanner's 
Daushicr." 5.15 Mr. and Mrs. 6.00 Scot 
laud Today. 6 JO Emm-rdal.' Farm. 10 JO 
Ways and Means. 1148) Te-rmjs— Davis Cup. 
12.33 am Late Call. 


ENTERTAINMENT 

GUIDE 


CC. These theatres accept certain credit 
cards by telephone or at the Box Omce. 


OPERA & BALLET 

COLISEUM. Credit Cards. 0i-2a0 5258. 
Reservations 01-836 3 IB-1 
ENGL15H NATIONAL OPERA 
Tonight ft -Tfaur. nut 7.00 Jonathan 
Millar’s prod. The Marriage Pi Figaro 
'Sung extremely wed by an strong cast' 
Ev. Std. Tomar. 7.00 Der Reswikavaller. 
W«d. next 7-0fl The Thieving Mmp 6 
‘Every scene grips the attention' Tins. 
104 Balcony Seats avail lor ad perffc 

from 10.00 on oay of' perl. 


COVENT GARDEN. CC 240 1066. 
(Gardertharge Credit Cards 836 6903 J 
THE ROYAL OPERA 
T’nt. 7. SO. Wed. 8.00 It bartdwe dl 
Slvlglu -■ - i 

THE ROYAL BALLET 
Tomer. 7.30 Manon. Tues. 7 JO . Lm 


Svlphidcs. Birthday Qfferinn. . J. 

s avail, for alt 


Calendar. 65 Amphr seats 
peris, from 10 am cn day ot dctt. 
COVENT GARDEN CELEBRITY CON- 
CERTS Sun. 10 Dec. a. 00 Frederica von 
Slade. CHILDREN'S OPERA AT THE 
JEANNETTA COCHRANE THEATRE. 
Xmas Family Entertainment THE TWO 
FIDDLERS by Peter M, »x«Hj Davies, 
Dec. 27. 2B at 5.00. Dec. 29. 30. Jan. 
1-a at 2.30 ft 5.00. Tkts. £1.50 tram 
Royal Opera Honse. Send SAE (or detaHs 
to Marketing Dept. R.O.H. 


SADLER'S WEJLLS THEATRE- Rosebery 
Ave. EC1 837 1 E72, Until Dec. 16. 

LONDON CONTEMPORARY DANCE 
Evgs. 7.33 Tonight A Tomorrow. The 
Bronze, Then You Can Only Sing. People 
Alone. Tues. ft Wed. Next. Dreams with 
Silences Solo Ride. Ice. Thur. next. 
Dreams with Silences, Then You Can 
Dirty Sinn. Eos. n Orlv Carte In Gilbert 
ft Sullivan. Dec. 1 8 to 24. 


THEATRES 

ADELPHI THEATRE. CC. 01-B36 7611 


Evenlnus «'7.30 

3-Op. Saturdays 4.00. 


Mats. Thursday . 

Extra Mai. Wed. Dee 27 at 3.00 


An E^chanuna^Wfw Musical" 


THE RAINBOW 

HERE IS A HAPPY FAMILY SHOW V 


7Ji*_ Times 

N FOR EVER " f 


"BOUND TO RUN , 

*"-/ 

Daily Telegraph / 

Credit card bookings 01-336 7611 


CHANNEL 

low pm The Depun. — 143 

Chano-M Lunchtime- X-.-ws and 'A hat's on 
When- 1J0 Firsi A-.1. +2.25 The l-riday 
Malm-? "Th-. Cani-.rvill- <1hnsi." 545 
Emm-nLiV Farm 6.0D Rvunrt At Six. 
6J5 W-inLiiKl.i. 7JQ Benin- 10 28 channel 
1 -jIi- X- ••«•>. 12J0 am Xi-ic and licalbi-J 1 
in French. 


SOUTHERN 

9-30 am 'Tash and Corn pany. 1345 
Dave's Sin-'UlunR. 10-50 Remember 
HAD 1U5 The Sweet Suo» r 

Douuhrtui. 1.20 pm Southern Neva. 24M 
Women -mil 2.25 Friday Matih-.'e. 
.*' Thrii? 2.1-11 III A Piwi." 545 La vernc 
and Shirley 5.40 ■ Weekend. 6.00 Day bT 
Day. 6.03 Sv.-ne South East iSaulh East 
area onlv- 6J0 -lUt at Town. 7J0 Mind 
Yuur l.on^UiiK'-. 12JO am SouUk-rn News 
Extra. 12.40 Sear- 


GRAMPIAN 

445 am First Thine. 9.30 Canada At 
War Ifl.BO Tcchnallash. 1025 The Rolf 
Harris Sho-.,-. 10 JO Ri-mrnib.-r '-if. ULW 
••sear. UJ5 The Sueel Suaar DiiUBh- 
nui. 140 pm Grampian Headlines. 

2.25 Friday Maime- ' l-lum ul ihe 
Dov-.-s ' 5.L5 Emnu.r-fal- 1 .,mi. 6J3I 
Urampian Today. 6-39 Th- Mupp.t show- 
7.M Welcome to The i'?i!i-lh. 10 JO The 
Enicnainem. 11.00 Ti-nnls — D jvi-. Cup. 
12.00 ntn-.-L-iiuns 12.05 am Grampian 
Laie XuUit Headlines, (ulloui.d by Road 
Report. 

GRANADA 

4J9 am S.-«itk- Sir-.-? 13 JS The 

.Xmuzini: Chao and Th-. Cti.m -'.lau. UJSB 
The Nature nr Tbmus. li.u Canoou. 
11- 25 Clapperboard 1L45 Suns Book. 
140 pm This It Tour RimIii 1_J0 The 
Am mnt IVurld ul KrM>-in. 2.3S Friday 
JIjIUW-c: ” Ci-mlli-." AID Cjrrooo. 5-15 
Thrt Is Your KlKhl. 6.M nraoaila Re- 
purts. 6 JO Kick-atf. 7J3 -'ih no. il’S 
S-lwyn VrocBin. 12.00 LjK NUbi 
ThnBvr. ” Ktsku.” 

HTV' 

9J0 am Sumvaj Special 10.25 Dave's 
Sinvalunx. 10.50 P-.-mcmhi-r eg. UL48 
•Wear. 11-55 The 5«wi Suaar Douubflut. 
140 Pm Report W-.it Heatlin-s. L2S 
Rr-g/irt Itflrf Hcadluu-s 2Jta U'noien 
■■nly. 2^ The Friday Mm love ■ 
*■ Chuh.iseo." 5 15 I.arerm .i:iU -thlrlcy. 
6.09 R-POfi Wcsl. 6J5 B-piin '.Vak s. *JU 


TYNE TEES 

945 am The tiood Word, followed by 
Nonh Easi New* Headlines. 9.39 
Animat-ii ria-.ilcs. 1045 Dave's Singalany 
10-50 Rriit-mh.-r 'iS. 11 AO nwar. U-55 
The F«e--I liiHr Do-ichnu'.. 140 pm Nnrlli 
East News and Luukaround t245 Friday 
Matin-- ■ r.nnn Women." 5.15 Mr. and 
W n. t-tn Yi/n/iern Lifr 645 Awtibnie 
12.03 Winners and Lasers. 12J0 am 
Epilocui. 


ULSTER 

1B.Z5 am Djv-'s Slni'.alunE. 13J0 Re- 
member 'lit. 11.40 Oscar 11.55 The Su'ert 
Susar Douubniii 1-20 pm Lunchtime. 1J0 
Roir Rjrrls 245 Frid.iv Mallnee- " Tb-i 
F-rru-r «■ D->n«hlcr " 4.05 C.trinon Time. 
443 UK— r News Headlines. 5.15 Mr. and 
Mrs. 6.03 Reports. 645 Sponscaxt. 1240 
am bedtime. 


westward 

949 am Spice 1999. 1345 Dave's 
Sinitalom:. 13J9 Renv.-nihi-r - RS. 11.00 
Osrnr. U.5S The Sweet Sucar Douchnut. 
1247 pm Ctos Honey bun's Birthdays. 
14D W-51 isjrrt N'-nes Headlines. 1.30 First 
An. 1245 The Friday Mauuee: " The 
iT*ntervi((<- {Jhust " 545 Emmcntale Farm. 
64)3 Wi-siward Diary- 6J5 Time Out. 
TJ3 Derm-. 1343 Westward Laie News. 
12J0 am Faith Fur Lite. 


YORKSHIRE 

9J0 am Wild. Wild World of Animals. 
10.93 The Hrrhs. 10.15 Tarznn. 1143 
Winner? And Losers, 1XJ5 TeD Me Why. 
1.20 pm Calendar News. L30 Farmlmio'c 
Kni h. -a 22S Friday Film Manner: " The 
Farmer's Dauyhier." 446 Cartoon Time. 
545 Sim. 64)0 Calendar 1 Em ley Moor and 
Betmnnl i-HIlarur. 6J5 Calendar Sport. 


BBC Radio New Wavelengths 


1 3fl63hHt,'3S5i)l 
1089fcH*j-2TSm 


3 12J3k»T 2JTm 

ft StFSiSvhf sicreo 


HAKiUim 
939hH= 330m 
ft 88-SlvhI stereo 


2tnicH:/1500m 
ft VF95vhr 


BBC Radio London: 
1458kHz. 206m ft SC.SvM 


•■-■“ol Radio: 

1543kHz. 194m ft ®j|vhf 


London Broadening; 
115UHC. 261m ft S7JyM 


RADIO 1 

5,00 am As Kadin 2. 640 Dave Lee 
Trans. 94N S:raoa Bales. U.St 
Paul F.umeiL 2.00 pm Tony Black- 
Burn. Oja Kid Jeas-n. 649 Rouadixliie. 
7J040.00 As Radio '4. 1340 The Friday 
Rock Show is*. 12 C0-24M am As Radio 2. 

RADIO 2 

5.93 am Vc«-« Summary. 54B Tnay 
Brandon <S> Includin'-’ 645 Pause For 
Thought. 7J2 T-rry tvoitap *5. im.-]odniK 
847 Racluc Rullviin and 8.95 Pause For 
Thnucbi. 10.03 Jimmy voicu -Si. 12.15 
pm Washuners* V.'alk. 1233 Harry 
Row- -it's 11 sen Hoilv <Si in. luninfi 1.45 
Spons Di.sk. 2.33 David Hannlton 'Si 
Including 2.45 and J.45 Sports Desk. 
4J3 '.V.ismuen>‘ Walk. MS Sports Desx. 
4.47 John Dunn -S- Including 5.45 Sports 
Dr-4:. 6.45 Sport*: C'-’-Ji. TA2 Take Ynur 
parners -Si. 8.32 7-iuiw; Great r.maln 
r. U.S. 84)4 l-'r;iiik ChacKsflvId conducts 
ffte BBC Radio Orchestra iSL R.05 Fri- 
day Xishl is .Music XU'hl iS>. 945 Sport* 
Desk. 1042 Suntan Yonr LncaL 10J8 
Tennis — Da- ;j Cup ■ commcniarv 11.02 
Brian Matthew Introduce!- Round Mid- 
night. inidndui.: 124X1 News. 2. CO am 
Xcus 


RADIO 3 

655 am framer. 7.00 Nw- 7-OS nrer- 
luru i.Sj. . Ul News. 3.05 Afonyas 


Cencen 'Si. 9.00 News 9J» Tnis Week’s 
Composer; filozar 1&1. 10.03 HoOdax 
SareUl >81. 1043 Vonne Amni RcdlJ 
iS'. 1140 Music Making Frnm wirminc- 
ham i St. 1245 pm Cardiff Midday Prom, 
part J iS*. 1.00 Sews. LOS PUyhin IS*. 
140 Midday Pram, part • .s 1. 2JW 
Bnshiun Fualivul 1973. Concert, pah I 
■Si. 240 inicrvj! ReadlnE. 2J5 concert: 
part 2. 3.45 Gun: her ScbuU-.-r : 5 Violin 
Cnnrcrto -Si. 445 Mozarl For Poor 
Bands. 4.58 Yonnn CumnovM 73 «Si. 
5.45 Unnieward Buund is., sjg Sews. 
njS At Hume: SehUJlr-l p!uy\ Beet- 
hovrn. 7 JO Etyar TP- Dn-aur "f 
Gerontius.” 949 la Shnrt n.in-i 940 
Muslr Now. 10.65 Lad> B<.- 1 food. . hr 
G-.Tsbwln. Art 1 iS». 10 JO M.irivs on 9. 
140 Lndr Re Good. AM ? . f.,. 11,45 
News. 11-50-11. S5 Tonipht’s Schubert Sonfi 
iS-. 

Radio 3 VHF only — 6J5-74S pm Open 
L'nlrcraiU-. 

RADIO 4 

648) am News BniBrn;. 640 KarimW 
Today. 645 SJUppinfi forec.i-:. bJO T«J«y - 
mazarine. ineludiDn 6.45 Prajvr ter the 
Dar. 7J» and 8.00 Tmlas't News. 7J8 
and (43 N'-urs Headlln- s 7 45 Thnuabt 
bur The Day. SJ5 Ycderilay in Parlia- 
ment B.00 News, i-mfn-y etnfwT pho’l 
10.00 News. 10.05 Frmii itur dun Corres- 
pondent. KJO Daily S-m-n-. 20.45 Uwti- 
1ns Story, 1L1M Down Yuur War vislis 


H’allsi-iK] in Tvrii- .Hid Wear. U.40 
Aniiuuiii-incniii. 11.45 Lisii-n With Moiher. 
12.03 News 1ZM pm Von And Yours 
1247 My tvnrrt: iS-. 12L55 Wiaiher. nro- 
Eramnn- n-ws. LOO The World al On-. 
1-40 Th- Xrchers. 1.55 Shipping Imveasi. 
240 Nt-wh. 24)2 Wuman's Hour from 
Bristol. 3.00 News. 3.05 Ali-rnuuii Theatre. 
■LOO Nowh. 4.05 A Name on a Map. 445 
Stury Time. 548) PM: hews magazine. 
5 50 Shipping foreeaxt. SJS Weather, pro- 
gramme news. 6.30 News. 6J0 Colnji 
Places. 7.00 News. 7.85 The Archers. 
7.20 Pick of The Week 'S'. 848 Profile. 
B JO Any Questions? 445 Letter From 
America. 9J0 RoleMoscnpi-. 9J9 Weather. 
Z3.0S The World Ton«hr. 1DJ8 Wrek 
Endine is>. 10J5 Frtu on Friday with 
Frill Spie,:L 11.00 A Rook al Bedtime. 
13.15 Tbe Financial World Tonight. 11.38 
Today tn PurUamcni. 11.45 Jiut Before 
hlldiHeht. 12.00 News. 

BBC Radio London 

54M am As Radio 2. 6J0 Rush Hour. 
9.08 1-andan Live. U.W Lobby. LLD3 pm 
Call In. 2.03 ?ns Showt.'iv. 4.03 Uom-- 
Ban. 6.13 London hnoris D<-sk. 6J5 Cfond 
VishHiK. 7.00 Look. stop. Listen. 7 JO 
Block Londoners 8J0 Track R-cortl. 104H 
Laic A'lkht London. From 1240— As Radio 


London Broadcasting 

5.00 am Mortnmi lTu>.ic. 64)3 AM: nan- 
won news, information, travel. 18.00 
Rri.tn n.iyei; Show 141a pm LBC Reports. 
3 J0 I'lrnrke Cab-. 4.00 LBC ReporlS 

■ conilituvki. 8 JO AIK-r Klalii. 9.08 .\'i«bi- 
Ime. LM am Kfohi Esira 

Capital Radio 

6 JO «i" Graham Denes Breakfasi 
Know 1S1. 9.00 M ich.iel Amw). 12,0a Dave 
Cash IS-. 3.00 pm Roc -r Srtiii i'Si 7.M 
London Today -St. 7 JO Adrian Love’s 
Upon I.Iik- 1 Si. 9J8 Nickv Horne's Your 
3Toi her Wouldn't Like li iS>. 1L0B Miki 
An-ns Laic Show .«». 3J«) am lan 
Davidson's London Unk luicrnatlpoal i5>. 


AUERY. 856 3878. CC Blew. 836.1071-3 
From 8.30 am. Fifty rate Moo.. Tues., 
w-e ='. -r .JS pm. Thur. and SaL 


Wed. and Frt. 

* THou n£H c rrV COMe ,s 

■* MIRACULOUS MUSICAL." Fin. Time*. 


with OTBuoo 

GILLIAN BURNS, MARGARET BURTON 
Extra Christmas Mats. Booh Now 


ALDWYCH 83S 6404 Info. 816 5332 
ROYAL SHAKESPEARE COMPANY In 
repertoire Ton'L 7. Jo. tumor. 2.00 ft 
7 30 Final Peris. 

David Mercer's 
COUSIN VLADIMIR 
■ Rlvetma theatre '■ £. Telegraph. WIU»: 
SARATOGA I red Bruce orovs. from 

Dec.. TS». RSC also at THE WAREHOUSE 
■see under Wl. 


HAYMAKKET. 01-930 Chanty PrW.J 


Dae! '12/8.00. Rea. Price Frov.De^-13 
_ - — B.D0. 


'ax.B.OO. One ns D«. 14- Y.ODjSuhs. 3. 

- -Wad. 2.30- Sat. 4.30 ana Q.OO. 
.. .. ™ PENELOPE KEITH 

- L NIGEL , 9WW- ES 

- i HAWTH ?5^ARAO Rees'* 

. 

by BERNARD SHAW 


ALMOST FREE THEATRE, 9-19 Rupert 
Street, London. W. 1. Tel. 485 6224. 
MY CUP RANNETH OVER bv Robert 
Patrick [Kennedy's Children), directed bv 
Anthony MaKhKOfl with Gloria Gifford 
and Erica 5te«cns. Until 16 December. 
Mon.-Sat. at 1.15 p.m. 


AMBASSADORS. CC. 01-836 1171. 
Evgv 8.00. Tues. 2.45. Sat. 5.00. 8.00. 
JAME5 BO LAM 
"A suoarb performance. “ F.T. 
GERALD FLOOD 
in a NEW THRILLER 
-WHO KILLED 
AGATHA CHRISTIE . . ." 


APOLLO. CC 01-437 2663. Evgs 8.00. 
Matt Thurs. 3.00 Sal. S.00 and 8.00. 
PAUL DANEMAN. LANA MORRIS 
DENIS RAMSDEN 

CARMEL MC5HARRY 
SHUT YOUR EYES AND 
THINK OF ENGLAND 
“ 2nd WICKEDLY FUNNY YEAR, 
very lunny. great entertainment. 


Very 

NoW. 


ARTS THEATRE. 01-835 2132. 

TOM STOPPARD'S 
DIRTY UNIT 

"Hilarious . . . see ft." Sunday Times. 
Monday to Thursday 8.30. Friday and 
Saturday 7.00 and 9.15 


ASTORIA THEATRE. CC. Charing Cross 
Road. 734 4 291-439 8031. Mon. -Thurs 
B.OD p.m. Fri. and Sat. 6.00 and 8.45. 
ELVIS 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 
SECOND GREAT YEAR 
Group Bookings. 01-437 3856. 


CAMBRIDGE. CC. 01-836 6056. 
Box Office now or wn tor 
TRQUBADOR 
A new musical starring 
KIM BRADEN. JOHN WATTS 
Red. price previews from Dec. 13. 
Opening December 19. 


COLLEGIATE. 01-387 9629. 

International stirs In areal family show. 
THE MAGIC CIRCLE SHOW 
Jan. 1-6. 3.00 and 7.30. Book Now. 


COMEDY. CC. 01-930 257B. 

Prevs. Nightly al 8.00 until Dec. 11. 
Open Dec. 72 at ,7.00. 

BRITT ECKLAND 
JULIAN HOLLOWAY 
In an exciting new comedy 
MATE 


CRITERION. 930 3216. credit card bkns. 

B36 1071. Evs. Mon.- Thurs. B.0Q. F-l. and 

SSL 5.45. 8.30 "THE MOST HILARIOUS 

PLAY FOR YEARS.': Financial Times. 


GLOO JtX 

1/H*stlngs 


by Michael ... 

"HAD THE AUDIENCE ROCKING WITH 
I. Evg. 


DRURY LANE. CC. 01-336 8108. Mon.- 
to Sat. 6.00. Matinee Wed ana Sxt. 5.00 
A CHORUS LINE 

A rare devastating. Icryeus. astonishing 
stunner." 5. Times. 3rd GREAT YEAR. 


DUCHESS. 836 8243. Mon. u Thun. 
Evenings 8.00 Frl.. Sat. 6.15 and 9.00. 
DM! CALCUTTA! 

9th Sensational Year. 

” The nudity ft stunn ing. 1 * Dally Mail. 

DUKE ' OF ’YORK'S. C(f O VB36~5"l22l 
Evas. 3 om. Frl. and Sac. 3.30 and 8.30 
_ TOM FELICITY 

COURTENAY KENDAL 

CLOUDS 

•' IS BLISS." Observer. 
"MICHAEL FRAYN'S FUNNIEST PLAY." 
D. Tel. 


FORTUNE. 836 2238. Evs. 8. Thun. 3. 
Saturdays S.OO and £.00. 

Muriel Pavlow as MISS MftRPLE 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 


GARRICK. CC. 836 4601. Eves. 8.00. 
(sharpv Wed. 3.00. Sats. 3410 ft 8.30. 
DENIS QUILLEY In IRA LEVIN'S 
New Thriller 
DEATHTRAP 

"THREE CHEERS FOR TWO HOURS OF 
MARVELLOUS ENTERTAINMENT;-- S.Tel 
"VERY INGENIUS. VERY FUNNY. 
VERY EXCITING." Fin. Times. 


C.C. 

3.00.- 


01-437 1592. 
Sat. 6.00. 8-40. 


BENJAMIN WH IT ROW 

ALAN AYCKBOURN'S New Comedy 

TEN TIMES TABLE 

" This must be the ha palest liughtur- 
nukcr in London." D.Tel. "An Irresistibly 
cn lovable evening." Sunday Times. 


GREENWICH THEATRE. 01-8SB 7755. 
Evenings 8.00. Mats. 2.30. SEE HOW 
THEY RUN. A farce bv Philla King. "An 
evening of unadulterated laughter," p.t. 


HAYMAKKET. Ol -P30 9732. Tonight at 
8.00. Ton- Trrmv 4.30 and 8.00 
GERALDINE McEWAN 
OUVf FRANCIS 
NIGEC STOCK 

PETER PAUL 

bowles Hardwick 

• and PEN ELLA FIEt-DPNG in 
LOOK AFTER LUCU 


l»y NOEL COWARD 

RAYMOND 


with GARY 

MUST END SATURDAY 


KING’S ROAD THEATRE. 01-552 7488. 
From Dec. 18. Daily 10.50. 2 30 ft 4.00. 
THE ROCKY HORROR !; OW 
DON'T DREAM IT. SEE 17. 


HER MAJESTY'S. CC. 01-930-6606. 

MB IS. Weds, and Set. 3.00. 

• ^ THE NEW MUSICAL 

■ARMITZVAH BOY 

.•* tBig. ntilna production uiuquoiV wh 

: lor»W»." F. Times. " The funnirat Muiteal 
* ” ’Tirountt bar none. S. Mirror. 

LYRIC THEATRE. CC. 01-437 M86. 

E»6S. 8JQ. N Thur5. 3.00. SaL^.OO. 8.30. 

. -pldVwght filumena finlay 

Society at West End Theatra awards. 
ACTRESS OF THE YEAR 
=•', COMEDY OF THE YEAR 
h« Eduardo de FlklOpO 
: DlrectSf (^ FRANCO ZEFFIfELLI, 
■'TOTAL TRIUMPH.' 'Ev News - 'An 
EVENT TO TREASURE." D. Mir. "MAY 
IT FILL THE LYRIC FOR A HUNDRED 
YEARS." Sunday Times. 

MAY FAIR. 493 2031. tGrcen P*. T“*»«-' 
.From Dec. 18 Dly. 10.SO. 2.00ft 4.00. 
SOOTY'S CHRISTMAS SHOW . 

MAY FAIR. 629 3036. 

Evt. 8.00. Sat. S JO. B.M. Wed Mat ft 0 
(from Dec. 18. Fri. Sat. 645. •-4M. 
WELSH NATIONAL THEATRE CO. In 
• UNDER MILK WOOD 
'■ Dylan Thomas's camle masterpiece. 
Children £1 JO any seat with adult 

NATIONAL THEATRE. 928 2252 

. OLIVIER I open stage) Ton t 7. JO. 
.Tomor. 2.45 ft 7.33. MACBETH - 

LYTTELTON iproeeniam «M«: TOO t. 
7-43. Tomor. 1 ft 7.45 PLUNDBR by 

rOTTtSLO? (small auditorium): Ton't. 
* Tomor. 8 HEROD new olav by Paul. 
Mills, music b/ Harrison BfrtwisKe and 

Dominic Mu'downey. • _• 

Marry excekent cheap seats aH IS 
theatm day of pert. Car park. Res- 
rppfwrt 928 2033. Credit card bookings 
928 3052. 

OLD ‘‘VtC. 1 " 925 7616. 

M&SPECr AT -THE OLO -Y1C 1 . 
Last pert.: Today 7.S0. Derek gntt 1 ti 
..IVANOV. Chekhov's comedy wfoj Ohm 
ArrindeO. Brenda Bruce. Michael Denison. 

W!5m.'^"j-4W WSSt-^Tt 

7^? THE* l*Drt 1 NCEf , ‘fOR'BURHINC- 

r%.;ss' ,ss \ffis 

physical DuidHy." F--J 1 .mes._ jj A gem «. 
a performance from Rober lfodiSDn ' 
Michael Dentson,- John Sjwmmt .*<» 
Brenda Brace scoop up toe 

gsn*,?- tCTrtf'faWAiTa 

7perts. 12. 1ft IB Wiat.i. 19. 20. 22. 23 

OLD VIC CC. 01-B28 7616. Back again 
for a special Chrtstm» Season. 

THE GINGERBREAD MAN 
"A triumph . . . worth travelling miles 
to see." BBC Radio. - 

OPEN SPACE. 387 6569. 

Br«hVI RTSPECTABLE WEDDING ' 
Book now. Reduced nrice prew. unUI 
Sun. 8 pm. Opens Tues. 7.30. pm. From 
Dec. 13 Tues. -Suns. 8-pm. 

PALACE. CC. 01-437 6834. 

Mon.- Thurs.. . FrL .ft Sn. BjgO ft 8^0. 

JESUS CHRIST SUPERSTAR, 
by Tim Rice and Andrew Lloyd-Webber. 

PALLADIUM. • CC. 01-437 7373. 

OpenlnQ Dec, 20 lor a season. 
DANNL LA RUE 
at " Merry Widow Twankey in 
ALADDIN 

ALFRED MARKS as ABANAZAR 

Previews December 19 at 7.30. 

PHOENIX THEATRE. CC. 01-836 2294. 
Evgs. 8.00. Wed. 3.00. Sat 5.00 ft 8.30. 
DIANA RlGG. JOHN THAW 

NIGHT AND DAY 

A New PHY BY TOM STDJMM 
Directed by PETER WOOD 

PICCADILLY. From 8.30 am. 437 4506. 
Cradit card bkgs. 836 1071. Prey. Tue. 
at B. Opens wed. at 7. Subs. Evs. at 8. 
SaL S.1S and 8.15. 

A NIGHT WITH 

DAME EDNA 
and a handhii ol cobbers. 

Starring the Increasingly popular . 

BARRY HUMPHRIES 

BOOK now' 12-WEEK SEASON. 

PICCADILLY. .437 8503. 836 3962. 

Credit tort booking* 836 1071. 
Richard Goolden. Ian Talbot In 

TOAD OF TOAD HALL . , - 

Christmas matinee. Dec 1 e-Jan. 13. 

PRINCE EDWARD. CC- 01-437 6877. 
Evenings 8.00. Mats-^Thurs.. Sat 3.00. 

by Tirn Rica and Andrew Lloyd-Webber. 
Directed by Harold Prince. 

pgfiSf 



REGENT. CC. 01-637 -9862.5. 

Mon.-Sat 8.0. Mata. Frt- Sat. 5.00. 

“SS&iSS&JF. 

The First Soul Gostref Musical 
" THE SHOW IS A TREAT, “-’nmo*. 
"IMPRESSIVELY TALENTED CAST." EN. 




SAVOY THEATRE. 01-836 8888. 

Credit Carts OT-734 4773.. • • 

TOM CONTI 

ACTOR OP THC YEAR 

West : Eod Theatre -Award* In , 
PLAY-OF TT*K WAR 

WHOSE LIFE IS FT" ANYWAY 7 
by Brian Clark. a momentou* . pfa*. 4 
u«« yna to. B," Gdn. Evemnu 8fo0. 

Mill Wed. 3.00. Sea. SAS end 8.4s. 

SHAFTESBURY.. CC- 8SS 8586-7. 

836 425S. Oaene • Dec. . 20 until Jen-. 13,' 
JANE AiSHPR. NIGEL PATRICK In 
_ PETER PAN 

Daily 2 and 6.43. Prtca* £5. £4. £3. fit 
Reduced prices on ■ Dec. 20. 21,' 22.' Jan. 
8, 9. IO. 1I-. 12. 

STRAND. 01-856 2680. Ewmluov 8 00. 
Mat. Thura. 3.00. Seta. 5JO and ajo. 
no sex Fuan— 

WE’RE BRITISH 

LONDONS LONGC5T LAUGH ■ 

OVER 3.000 PERFORMANCES 

ST. MARTIN'S. CC 838 V43. Eeg*. 8. 
Mat. Tue. 2,44 Sat*, and Dec. 27, 5. 8. 
AGATHA CHRISTIE’S 

THE MOUSETRAP 

WORLD'S LONGEST-IVER RUN 

2Tth YEAR • 


TH. UPSTAIRS. 730 2S54. LSI. Perfs.' 

Ton't. Tom or 7.30. KesWcftw Wqritaop 
Production of MASADA by Edgar White. 


-r- 


VAUDEVILEC. CC. 01-836 9938 E«. 

BjQO Wed. Mat. 2-4*5- SMS. S.OO ft 6.00. 

PATRICK GARLAND S 

Adaptation of THOM AS" HARDY 5 
UNDER THE GREENWOOD TREE. , 
.'■A richly enlovable evening. Gdn. 


VICTORIA PALACE. CC. 01-B2S 4755-6. 

01-034 7317 ' • 

Evas. 7.30. Mats- Wed. and Sot. J-45-_ 
STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 


i 

t 


SMASH 


BLOCKBUSTING- 
HIT N 


MUSICAL." D. Mail. ' 


WAREHOUSE. Danmar Theatre. Cawtt. 
Garden. Box Office 835 6808. Royal 
Shakespeare Co. Ton't.. tom or. 8.00.- Seats 
available for Peter Flannery's SAVAGE 
AMUSEMENT Oast I'hfW; “A striltfog 
and vibrant piece of thwue ‘S. gxiwas. = 
Now booking - tor. KIDS' CHRISTMAS . 
SHOW. Ad*, bkfls. Aldwvch.. ~ 


WEMBLEY ARENA. -Opens.. Dee. Al.; 

HOLIDAY ON ICE,. .j- 
The Big Christmas Show far all the family 
Dec. 21 at '7-30 then Dec. 22 to Jan. 5 
dally 3 ft 6. Sat. Dec. M and nitaaauent 
Sail- 2. 5 and 8. FROM JAN. 7. SUNS. 
3 and 6. T«*. to Frl, 7.45 Met Wed. 
and Thur. 3. CKiMren -end. Scoter 
Citterns half price man perfs. to 1-90 2 
1234). ‘ 


WESTMINSTER THEATRE. 534 0263. Tim 
Rice and Andrew LlDyd Webber's 
“JOSEPH AND THC AMAZING TECH- 


NiCOUkUK- DREAM CO AT." Twice DaKy. 
Tkkrta £2. £3, £4. BOOK.. NOW. LhJtKed 
Run. •. . . • 


WHITEHALL CC. 01-930 6692-7785. 
Mon. to Thurs. 8.00. Matinee Frl.'. ana, 
- - Sic. 6.15 and 8.4S - v ? r 

— IPI TOMB1 ■.-■••• 

Excltfng Black African Musical ' r 
"A pufsatfrig Muftcaf." £■ N*M. Sett 
Prices £2.50 to £5.00. Dinner end Top- 
Price Seat £9.50 Hid. 

■ FOURTH GREAT YEAR. 

Cmistmas Show Wizard of Ox. -Daily 
2.1$ p-ijt- Sat IT a.m.. and 2.1S pan.. 


WHITEHALL- CC. . 01-930 7765. 
OPENS MON. Dec.. 11 Mon.-Prf. 2.1S om' 
.SaL 


11.30 am and Z1S pm. 

. . wizard of erz 
. . Seats .£3~ £2, £1. 

" lot. Tombt V ^ontinoes, sH JW normal 
rfimni. - 1 " 




WINDMILL THEATRE. CC 01-437 6312. 
Twice Nightly b. 00 -and lOJJO. 
fun. 6 and 8. 

PAUL RAYMOND presents 

THE EROTIC EXPERIENCE OF TUB 
* RN ERA 


“Takes to unprecedented lirnlts what is, 

& re.' !?"'■ 


CC 

Mon. 


WYKOKAATS. ' 01-536 .302ft. 

it'os. P5» t«) 71 tram B.00 ana 
Thura. 8.00. Frt. and SaL S.TS and 8 JO. 
' "ENORMOUSLY RICH 
; • VERY -FUNNY." Evening News. 

; Mary O'Malley's smash -tut comedy 
1 . ONCE A CATHOLIC 
..Supreme comedy on sex and religion, 

- Pally Tafraraoh. 

- “ MAKES _YCHJ SHAKE WITH .- 

LAUGHTER." Guardian. , 


YOUNG VJC. 928 6363. Ton’t. 7.30 Toni. 
11 am RICHARD III. Tomor. 3.30 Mon. 
Tue. JJO HAMLET. Tomor. H-fK) Tues- 
2.00 Wed. ft Thur. 7130 THE TEMPEST 
a Shakespeare trilogy ACKM MAN 


YOUN G VIC STUDIO. 928 6363. Tonfoht 
at 8 BOZO. ..... v ; 


CINEMAS 

ABC.T ft 2. Shifteibury Ave. 836 .6861. 
Sep. Perfs. Alt scats bkble. 
j- ®S* THE NILE (A), Wh. ft 

Sun. 2.20. 5.20. 8.20. 

J. MATH .ON THE NILE LA). Wfc. ft 
San. 2.00. 5-00. 8.00. 


CAMDEN PLAZA (Ope. .Camden - Town 


T u jfL 465 2443 THE BOB DYLAN FILM. 
*' RENALOO a n aba •• r a a i ■«.■. >.v. 


-j- ft CLARA!' LAAI with BotF- 

Dylan and Joan Baca In * Trade Stereo. 
Progs. 260 ft 7.30 Dally. 7 Mi. WEEK. 


CLASSIC 1. 2. 3. 
. Mtcnham Can 
U 


4. Oxford Street >opp. 


Tottenham Court. JRtuuf TUMg. 636 0310- 


luid A prog 
1: Richard A( 


Children ftalf-price. 

...... tUm'i WATERSHIP DOWN 

tUi.Now Min stereoohomc spund. Piotj. 

BJ5 - Late eh ow TEXAS 

ait 
Law show, . 

. Suloid. Michael Douoias. 
COMA lAAi. • Proas 1.05. 3JS, 5^0. 

8.10. '.a*e show 10.55. 

4: HITLER. A CAREER (Al. Progy. T.45. 
4.45. 7 AS. lAte show 10.45. 


CURZON. Curzon Street. W.I. 499 3737. 


YOU. LAUGHED AT. HIS ^ Aj-F A Ml ". 


NOW LAUGH AT HEF_ . .. . 
PARDON MON AFFAIR TOO CAA1 
fEngCth SabttHect, Film et 2.00 wot 
4415, 


Sundays’ 


6 JO and 8^40. 


‘■I’C'^TER SOLI ARE THEATRE. {930 
3232). THE THIRTY-NINE STEPS fA». 
Se«- ows. Wk 1.30. 5.00. 8.10. Sun. 
3 JO. 7 AS. RWble 8.10 nrog. ft tveelc- 
endt Late Night show FrS: ft Sal. 
11. 45. p.m. 


OD"ON HAYMARKET iB30r 2738-27711. 
MIDNIGHT EXPRESS. (XI. Sep. progs. 
Dly. 2 JO. 5 JO. 8.30. Lett show -Frl. 
«f-A= a 2 ors >115 a.m, prog, al 

1*1.45 p.m. All teats bkble. - - ■ . ■ 


rtUSllARt, ig>p 6J flj - 

FORCg _16 FROM- N avarqNe tAV Seff-i ' 


"dtws emeu 1,30; "4-30, ’7.B 


Late .shoot 
11. IS P.m. 


Fn.. & sat-, doers' 




Alr-condlttoned. From -8<0a. DM no. 
OanckM 9-30. SUPERB RfVUt 

iAvnr . n»T7i «- - 

at M FKAtiKfc VAUGHAN 


OO EON MARBLE ARCH. W.2. rraz.-' 
FORCE TO FROM . NAVARONE 

■ “ ' ibTCso. 

it doow 


*■30 . 7.45. Late show Fri. ft 
.open .11.15 pm. 


Rff'NCB CHARLES. Lett. So. *37 8184,- 
^rowerrie u THE BEASTi 
London -3L. Sen. oerfs. Dly.. One. Sun-5" 
_5. 55.- 8 Js. Lie. .SlM» F rtT*.- 
5aL 11.13. Seats Bkble. Llc'd. Bar. - ^ 


Dstort. arcus. 437 
it 

WOMAN 


■FIR; Cl avbarghV Afan Bates ^I d^pSuI^ 


Mazurrier-s an unmarried ^umm. . 

sap. 6 00. 8.SS. LaSr 
*5^50. Aaatha Cbriette'p' 


DS S,T iii N -n T JS E ' tf .iA irUSTPgiC.: - 


ART GALLERIES 




CHRIST* . ^ 

Mon^7rL,i9 JQ-a.M. -liiua. ruitn , 7 . 00 . . 


o«l t/niu. ' 


DRAWINGS 

'1 5.Dacrm brr. 

untu,-7i 


.-ftM-wa- 

> foe-. Ortarn 
sr._ (So n- Frl 


' " ■ ... 1- • L 


MAUL. GAL. 

ENGLISH.-—. 
Mon.-FH.. TOX. 
Unth- ISth-Dec. 


MlLSW. t. " HEW “ 

---- • 7K : Aim. 


MAU. GAIXERIBSI Thejrtxlf. SW.T . JtoYat” 
M In laura Soelery -80m Afiwunl -Pxh RNttooU * 
<>7,--Fri - T IT.Oo-5.oo. sat a. totoo-t ~ 

Until 1.00. •p.m.- If -Dotj -Adm. “2Dfl. 


,14. " Old Bono. »- . 

—7.408-. . -PIC7URBS 


w.i, . ., 

THE FUND TmjR. 7 * ■ 
Mon^FH.^O.QoSjP.' Sert 1041 


■y MCM8 . GAU.TWE6. - -73.-- 

S36- 8FQ0 >' WMI 


BURN.'. 



•SfiFP*’* Rarfc Rd. iddk prlm- 

*?_ •UV?- EDWIN SMITH photographs. 


MVIO CAIWITT UHSTEP. 15. Duke. 

vmu TS BBe ” 


0,1*499 5058. CKOISriMAE EXHIBITION! 
Original Prtnn CJO-£iDO. JjnUl 2z Dee.;. 


rt. _P* UL*3^ GAf.LERY. AvO Mart* Une. 




oil and - Waterr olenr Pafotlngs. Seutotura. 


*hd Unframetf 'fimTArt RrerO- 
hprrlem* jnrtoqina jSte ond t imttM Edition 


ffrlnta. 





s 




- >- 


H 


r * 


i n n 

! ir 



9-00-5.00 Mgn^frt. 


V? 


..»5. j •; • -,t. 




l 




21 


* 8 lift 






i 


s’. X . ! , 
- 

= ( i 


^ ■* g 0 i?5 ; _ f • | 


./■ ■■ 

3:"i^ ■ , ' i > ifl 


- s:j . i 

. - i 

*' *■!•&* \ 


' ' ' " .T. i 


i .t . ;»:f I.' 

v ’ C 

l ■. • -■.• i 








• . .. ■••■• \'j ! 

-Jj . ....-._ > 

, j • ' 




tc-j ;i :: < 


s-w-'-r 


•X i 




• P 

. V !'*- 5 




- y- « 


■ s 

- • * l» 


• • r£ vt'"' ••■ •■.■v* ' v'-*> * / V - - H CJ ' 

■•^0: December " & 1378 aLsa g^ 

^ptefle'j^oody Allen * nigec ANDREWS * 

-flfr ~ ' ;v .~ 7 '.'~. r ; - l 'i;‘~,-''^-./-‘ '' T ^ - Gr|ffitH>,'^ V pgr C. iove-stalrved bleached of colour — and the means of catharsis. The prim instincts. The balance between 

ft Int^Ufrs -^A) -T i.* :^:v-*jaajth'ter-Joey (Marybeth Hum. dialogue teeters on the hrlnk of surface cracks a couple of the two encounters is too trim 
. A y ■ J. rSa^iia^'GiBCt^tZ^Porh^ii the' \nncleys they are those verbose monologues about times; once when Geraldine Page ant * facile, and so is the moral 
,® . T&e; Siida^pjeppleTtXi.) ^GiiqvTwq looking; for'-v. is-, ..something Life and Death that Allen used smashes a row of candles in a leSS ? n v, \°v, be dra " n: ,hi ' 1 P eo P le 
a: Fo^ JC^tj^^ayartnev:(Ay= abstract _lik<» .Goodness. or Love, to pur, self-spoofingly, into his church in grief at hearing uf her need b°tj to give and to receive 

EE- ':• • t ■■ riA*nfi..:-TIei*egik'r- - Sriftare' or tnvalfv. nwn mnuth in earlier films. hnshand’c nCniarrisine r.lnns love, and Woe— or frustration— i 




own mouth in earlier films. husband's re-marriage 


. '.If' -ft. all a^dSjike tracker- But there is a marvellous 0D f e when Maureen Stapleton J^fleSUe uwLts^sitisf? 
LV barrel Beigiflan.-. it often seems reined-in wildness about the *” ler s the film Uke a Scarlet _ _ h nC ed. J * 

r frttaywiiom lorietiaslearnSd-to^e crarker-barrsl -Bergman, film. These are characters with- Woman under full sail, tin both ' 


t frtte'vrtiom [odfetfias^tearnSd-to l&e - crack er-harrsl -Bergman, film. These are characters until- WDman under full sail, tin both ■ 

j: -expect- alxctost axiything— excsoV-The film is. photographed with a oaf the liberation of a sense of Sccne5 re ^ suddenly splashes ^bat does succeed in the film 

t a 1 serious- film y . uTIiiteridW: he sort of high-definition inelan- humour., and their soul-search- across a predominantly mono- are the stray l ruths that spark 

I has' diiif^hfted : u&'aif and ’prchL.ehob' the roours look like j nos and emotional prevari- chrome film . But elsewhere this from Shirley Knight's superb 

(. ■ ttuced Exactly. - -that. •• .-'The film David - Hockney -interiors cations are like a pain with no I s , 3 Hell tastefully decorated in performance as ihe wandering 

VW .;.v 1 : . ■ ■ blue and etov. the doinestic heroine. Miss Kmc hr has a face 


the rooms , look like in B s and emotional prevari- chrome film / But elsewhere ihu from &nincy Knight's superb 

Hockney - -interiors cations are like a pain with no if, 3 Hell tastefully decora led in performance as the wandering 

. ■ blue and grey, the domestic heroine. Miss Knight has a face 

-J 1 ’ -- • surfaces topped with empty grey like an especianl goose tnut the 

vases -.(Geraldine. Page's sped* least insult intended) and her 

r.-c-u'' *T jj alityi and the window-frames large eyes, pouting nose and 

like stern geometrical proposl- saucer lips h.ive ap expressive 

“>< lions. pliability worthy of. and 

’ i •• • /<*!'•* The cnldness of the interiors reminiscent of. I.iv L llman. She 
scetns like a deliberate counter- turns her — on paper — rather wan 
chill in Annie Halt. There is Everywoman heroine into a 
room to swing a lobster here, vivid portrait of puieL quirky, 
but nn will or sense, of freedom humorous hope and suffering, 
to do so. The acting catches the * 

mood perfectly, from Keaton’s 

frayed and pallid eldest Someone in the Hollywood 
daughter to Maureen Stapleton's Bright Idea 1 ! department has 
anxious and dogged extrovert, come up wiih the notion or 
like a hull that knows it isn't making a sequel in The Guns of 
welcome in the china shop hut Nacarone with fewer stars, less 
carries nn regardless, thinking money and a less exerting screen- 
that a rampage will do everyone play than the original. The film 
gnod. Best of all is Geraldine is called Fnrve Ten From 
Page, whn not only looks like Vnfnrone and it is appalling- 
nnp of her own grev Dots and Harrison_ Ford. Edward Fox. 
vases — a knobbly hair-hun sur- Franco Xern and the late Robert 
mounting a huge, caranace-iilce Shaw swashbuekjp through this 
coat — but acts with the con- tale of an Allied sahotage attempt 
cealed-madness gentility of a in Vugoslatua in JfW.t as if 
Tennessee Williams heroine. wading through mud. The 


can^edAngmar BCTgtn an^and.^as ^ ^ 

Cries and Whispera- Bergman is' 

.certainly tbe-boveriEg pJ^sence.- 
Interiors l^^inaiLhali- 

a * d ozen lats^h/;. ( eveitjth ese • are- ■ 
ne rvotts ^tujekjeslu: apef fhe fi Jn-s.. . 

. title is heavy with punning signi- S.’ski 5 ' 
fi cancer 1 -interiors', of houses, ,A 
' “ rhtEriprB ,> of humaii- shuts. -It '. 

' is'a f ascinitLog fl|ni: not ;least ja' 

. the way.-’ttat ii confootf ds -expecr. 

. tatipns . based . on . Allen’s past 
worJC; and builds intriguing'neW- 
ones -concerning, his -future, .- . 

Z&tmie Ball, AUen's las t.'mo vie, 
had - its . Serums,- aide , also— the . 

Why an^How.of j&T'ro man ce ’gatie 
wrohg-rbut it. was camouflaged 
in a zanyrcoraie. format.- . Here 
Allen . bar- .dispensed with .the 
I eoumaflage for- possibly iuat 
changed ft);' denying us his own 5^ 
preseiice in ftonb-ef tbd eamerai " S; ■*' 
i -and- keeping only 'Diane Keaton 
,nf . his earlier films in the cast. 

‘ Bowdiednip ’ and ^tyen . lines.- of 
i anxiety around . her eyes' and 
upper lip, ‘J she plays the jidetry- 
wrlling -eldest daughter in an 
& East .Coast family of-gaufuJouEly 
G. disconsolate introverts;:, whose 
f member-atom's- spin '.around- in 
j • moral- and- emotional Space try- 
• ing to -find a nuri ens.-‘ 

'Cbe nucleus- -certainly Isn’t 
Father J-E. r G. Marshall), . who 
walked, out on Mother some 
V years.agff'flnd is^aboiit- to many 
a - plump. ■ hearty replacement 
Jr rMaurpen.'StapJetonL It certainly 
' • isn’t-- Mother - fGeraJdinje ' Page), 
the most unstabJe of them, all in 
her nKern?tiptr.-,of. uptight- airs- 
ahd-graces^ and Sudden fits nf- 
, hysteria. •* Nor is it : frustrated- . . 

actress daughter FlytT (Kristin , 7”*.* Diana Keaton in •• Interiors ” 





The Mellstock Choir Band 


I c-iimnl Hurl 


Vaudeville 


Under the Greenwood Tree 


by B. A. YOUNG 


B Vnmilai'ia ' ;«■ Patrick Garland’s .stage adapta- refuses the parson's hand she is a schonlmistress. and Mr. Kirk- 

..Vnrfinp*’ Ihrniioh mnH Thn tion of Hardy's book begins and breaks into standard English lo ness is handsome, which is all 
Uwtnris fill- Hvr,iiinn ' hr , nM . ends with the Old Hundredth — match the author's sudden up- he needs lo be. Gilbert \\ T >nne 
SSSSTI! “All creatures that on earth do class manner. has the difiicul. task of making 


"shown conimercially in this chots would shame Thunder- i instruments, and in which major son ^at the drop of a straw hat. The scenery by Xcville Dewis 
country, although it had an air- birds. " : elements of the plot turn on the f ot |j yongs. settings by centres on u big square wooden 

ing on BBC television some . ’ lrt _. , r _ lllc . ; relative value of strings or Qjris Littlewood of Hardy's box that can be turned into a 
years back. T A , nn a Fit n , ^ r ? J!.* | harmonium of staff notation or verse< an(j traditional dances, vaneiy of places and things but 

It's a patchy, likeable film Out L nm, h2 IPJlJ ' ton,c ao, ' f *i v °« f t lar,n , et * . or David Bacon as Tranter Reuben for me has the luuk of some 

half succeeds and half doesn't. p ^£i- m- C | hJ r^niat \ ! 2 ?rpen i S 7 <Thc Mel, i slock Ch . 0 ^ and Frank Shelley as his old but idence-ficHon artifatt that has 

The half that doesn't consists . n .„* LnSnarorv ! a ' : 5‘ ,in 'J t ^' arinels T ln, | vigorous father iet the pace with grown among the •'.mple country 

chiefly of an over-schematic HnSht? ahou,^ ^ the nualiu^ofMei!? ' 0WR music as hearty as their per- folk by >ome alien means. Evmi 

screenplay, by Coppola himself: d p i ect i on .. ., , r - < a v ! fu‘ ,t 0 rS R„j a ^!l ie r,V! formances. and there is pleasant a greenwood tree lowered Horn 
in which heroine Shirley Knight, th ' . j h • .A festival ! | hcm ; f nd p,- n c^L' rr^nrl sin ?ns from Sonia Woolley, the iliei could not reconcile me 

arter walking out on her bus- srTd.lvJ- ir^vVntnn ’ ?. UI els , EhasSpinksf Terence - j . . ly lL 

band one day and taking to the “HroSiR^ ^ one or ^ wHand !^ J f£ * f * * called " The' Swallow/' and 

road, finds contrasting forms nf s Qrae P r evelanons ° n ^ ccnc / .. , from Adrian Casey as Billy, the Arte CntinHI 

compensatory love with (a) s ' . i The story about the conflict on jy treble in the choir. The AltS L>OUnCu 

James Caan. a mentally retarded The most handsome was Sun « between the happy-go-lucky old arrangeme nts and the perform- appointments 

hitch-hiker who brings out her bedding, by the Indian director choir and the reforming young ances never k ^ niistake of rilnaidson MinistPr tnr 

mi Rami. This soroemiK invthninsical Parson Mavbold becomes a like- • _ , Lora Uonaiason. Minister fnr 


country, although it had an air- 
ing on BBC television some 
years back. 

It's a patchy, likeable film th-it 


screenplay, by Coppola himself: “election 7 ,< or 
in which heroine Shirley Knight, ‘1 th ' 
after walking out on her bus- SSdilv 

band one day and taking to the L“t „ rr , ri , 


and produced one or two hand-i a ft^r ynt; scene.) 
some revelations. I Thi , clnPv . .,k ( , 


The CMHer Place, 5tratford-upoit‘-Avon Palladium 


band one day and taking to the crodnc-ri one nr two hand- ! ' .nnn V 4 song called "The Swallow." and 

road, finds contrasting forms nf s Qrae P r evelations ° n ^ ccn( 7 .. , from Adrian Casey as Billy, the Art<; CntinHI 

compensatory love with (a) s ' . i The story about the conflict on j^. t re ^] e in ^j e c boi r . The AltS L.OUnCll 

James Caan. a mentally retarded The most handsome was Suns between the happy-go-lucky old arraBgement , an d the perform- appointments 

hitch-hiker who brings out her W«W*«g, by the Indian director choir and the reforming young ances never makc niist ake of Lnrd Donaldson Minute tnr 
maternal instincts, and (b) Bapu. This gorgeous mythological Parson May bo Id becomes a like- . n . ■ h Lord Donaldson. Minuter for 

Robert DuvSl a macho traffic costume epic, staged with all the I able play, amt Mr. Garland has J"™ 1 ®* , cbc ,reo" raohed In Mr ,hc Arls - - bas announ / ed fo “«’ 
cop who brings out her n vnipbet «air of a Hollywood movie and|made it as authentic as he can. - no LsarV new .anointments and one re- 
cap wno brings out ner nympnet nQne q( tfae vu!gari , y 1S sliI1 in , even employing Hardy's Victorian ^ ' , “ rus« J ?lumrme?s appointment to the Arts Council 

search of a London distributor,! Dorsetshire dialect, which has e ement of rii-tic c umsines. . 0 f (, rca t Britain. 

which T find baffling. Though been so much mocked in rustic Romance is in the hand nr The new mem hers are 


of Great Britain. 

The new members 


ipppi 

IP by MICHAEL .COVEN&Y 

■ - - - _ •... , . - . * 

Following Euripides quite- jtot ialked of «t ijwah mysteri 
closely. David ’ " Rudkin’s” ousay precious high'-art 

’•realisation' , Tor theRoyalShake- Tgom Pansels* production 


T ! _ 1 1 * precision of decor and scenic 

I 17 Q \/l 1 M T 1 p* I 1 1 effect and a beautiful, offhand 

1 J I * i CJL IV 1 II 111 will wit in its telling of a legendary- 

story (the “ Ramayana ’■». If 
exported Indian popular movies 

[■ . „ are ever 10 emerge from the 

Z by ANTON\ THORNCROFT ghetto of •• specialist Cinemas 

in the West, this is the film that 
should start the trend. British 

fe mysteri- ij^ e c jj ampa? r n p was ra ther flat has no trouble -charming the distributors, please note — and 

f-. ' ■ at the Palladium this week audience. But there did not seem acL 

iroduction. which is rather surprising since to be a complete effort involved: 

(dtai. is a it -was dished out by Liaa more a run through the old T? nt nkor+ 

ojHe^ bvt'MJnneJlL . one • of the great familiar routines. i ivamDen: 

^■^cwn- [troupers of our day and a cele- Pan of th e blame must rest ' v Acadpmv 
>ne acting r bra ted adrenalin gusher. By ^th the material, the kind nf r^Lduciuv 


by ANTONY THORNCROFT 


made on a smaller budget than j comedies lhai it is onlv hv much Miss Crowley as Fancy and (.luuitcillnr Bernard ^th,i. Mr. 
some of its hlocbbusting Indian (skill that the player* keep it Geoffrey Kirkncss as young Dick Rohm Guthrie. Miss Marghanta 
rivals, the film has a jewel-likc from sounding funnv. Occasion- Dewey Miss Crowley is lovely Laski. anti Professor Anthony 
precision of decor and scenic ally thev forget (as Hardy did); "'hen she is common but less Quinton. Dr. Richard Hoggart 
effect and a beautiful, offhand when Fancy Day (Suzan Crowley) so when she remembers that she has been re-appomied. 


Country Cousin 


Gotham by ANTONY THORNCROFT 

Gotham are back.. It is hardly who sing the kind of standards I pretty 1 ; and Michael Tare 
the cry on everyone's lips but for that no one else dares — Holtdaiy i vulnerable 1 . The fact that they 
the coterie that ‘ decorates /err Slrinffs. flfr. Paganini— while, wear white bow lies with gym kit 
Country Cousin it means ODe larking around with banter that also keeps the eye trapped while 
good night out this Christmas. It they would probably prefer to their fine voices and the wetl- 
was Gotham that opened this call chartreuse rather than blue, oiled professionalism of the 


contemporary aun^nces ; ieet / (although -fTheseus is shod was in.thi 

savaging,' th? -sri^xgtf, declama : ■ jgrick«if ..bjtots). There are tradition oi 
tory properties •<)£' the original. Me King and Queen, numbers, , 


I And yef w^rat -an entfarailjagHo: Mm) one is reminded of She was the star from Ihe memory or Cabaret served only to sibly to a, professional •• career. ! more over U 19 lop. Gotham sweats a lot. theatrical but as a bizarre ami 

E piece/it fs; chriousHy tizueleas:/a pete^-Bnjok’s iaiboratory- method’ start, walking alone through the remind us of Minnelli at the peak The Rambert Academy Fou n da -I They are a three-man troupe Much of the appeal is in the soph ish cal ed .illernalive for the 

f - its tecussiomof. -private. mariiiHy at "Its best, exotic use made of scaffolding which was to support of her power. She has always tion Course in Dance wi IT, take from The sophisticated ‘(that is appearance of Garry Kerb office parly it ran hardly be 

£ ’ in -pobljcr context. Between the p^eussion to add colour to the- excellent band to sing un- been a tremendously dramatic pupils from September. 197&. Ipayi American cabaret circuit (manic): David McDaniels bettered. 

P-- .cahflictijag. demands delicate images of accompanied the opening bars performer. living ratber than; 

F; goddesses — the ■ JPJft’. r'jfpteip-jjjitdp^ and. topography, rendered .of “How long has this been singing her material. Now some 
& Aphrodite ' and Artemis.- rep rej; iotp beautifully evocative para- pompon?” But then there was of the intensity is lost 

I ^f* nP ^ S d^ C ° 1 ToT, e se t, ?^.s OVat i^ 

£ with their inner. selves. Nothing anu?ation_ to Jhe _erDfic L^ ndon visiL Her image. J 




ledges but does not a Jtalt Mg: now baff hefofnT “ 0™ 2? "Shir aSS 

MItiaer Beimingto^Hi ppolytiis. 5 ttraately bulging body, is still an artist p er haps. though, some! 





•- stantiaFideal " give itself” Frustrated and In. uuwu ' 

\ ;• complete, she kills herself as -Or course /much that remains 

Phawlriv flijjpoiyttus muc h f 0r that sentiment as for is good — -not many artists can Ham House closure 

- and Theseus "are; victim .of .pro- ^ sake of pub } ic decorum. hold the attention for almost two 114111 xloU5e LiObure 

1 f 'ordained • > F>ate,; Faifr_ 4 teet£ . ts _ hours, accompanied only by a Ham House, near Richmond. 

T. shown to be appaWin^y ^fickle -The chorus speeches, neayuy 0 f ma j e dancers. The voice Surrey, will be closed throughout 

! and /Euripides aJJbale -llh'e- trio. cut., are shared -among tw stJ jj sl0 p 3 rampant January and Febcuary, 1979, for 

sufficient room, 'tp'j.axraiwieuyre representatives, and Leoucey y^inoceros at 50 yards and she redecoration. 

I wittun ihe-.scheme:wAhaf actual Freshwater brings us ro toe edge 
choice and buman frmhHity pIay of our seats, with ^ai-counr^f 
ah equal pairt.'v Tfi'eseus: .-(a the . bull-thing rising from the. 
mighty -penforoiahce by'-Patrick sea to- satisfy Theseus curs? on, Coliseum 
Stewart) , bredseti 1 .wiShi rage'.- by his banished son. - ' 

his wife's sokidei note,, accuses - The play is about essential?. __ . H . 

Hjppolytas of ke^agHBut Angelo. But it- is also about flesh -and I) r\<v> Irm rn 1 -t 

cloaking ireadierous " Just .'3i a blood, and. In that tension I Jr-| |\ { lVf”TI 

guise-;, of . .public ■ ■.rnrf.j moral between- idealism and what J-r WX Avv/UVlllVU- V Ulivi 
righteousness: The Nurse Twarns- actually .happens to- people;, lies 
Phaedra Jihat life is a' practical, '.the perennial message of one of 

craft jo beJleariieA-and' studied, the very greatest theatre writer?. i_ v DAVID MURRAY 


r.'wwwwwv^ 

3 



i • «Knrmww* S 
V twii, PiPOBBuc* mow j 

S • j 


KcrfW-T P 



Lcomrd Bari 


Natasha Parry 


First- African' Reith Lecturer 


by DAVID MURRAY 

The merits of the English elude an ugly" stage-rape of 
National Opera Roxenka falter which the producer should be 
have been sung before now. and ashamed), and neither his words 

- certainly the singing is one nf nor accent suggest the 

its substantial merits. OF the 

- newcomers in the revival on invented. At the end of Act 2 he 
Wednesday, Angela Bosiock’s cannot retuni engagingly to 
Duenna - is a model: - firm and bibulous good humour, for he 

■ characterful of line, obtrusively h “ s never had it Van Allan’s 
" discreet, just -broad enough to powerful resources make much 
make her due impression. The of *b«s un comical monster, but 
.grotesque intriguers Valstacchi s ° * ar a dimension of incorri- 
and Annina are efficiently taken S>ble innocence is sorely missed, 
by John Fryatt and Sheiagh Under the circumstances the 
Squires, though they might be comedy of sentiments has to take 
allowed riper idiosyncrasies — the precedence, and Sandra Browne’s 
roles are underwritten but Octavian carries it best. Being 
prominent, and half-measures dusky as well as petite b not a 
1 arc no solution. John Gibbs natural advantage in a patrician 
makes an unusually strong. Viennese breeches-part. but she 
definite Faninal. His anxious is wmningly volatile, the voice is 
social-ilimbtug side is almost lost roundly seductive, and her pbras- 

m this version, sadly: no English mg is vital and forthright Her 

• equivalent has been found for Sophie is Joy Roberts, whose 

• hia absurd bleats of "Blamage! ’ well-conceived- performance is 
' and “In nieinem Siadtpalais !” vocally patchy — attractive in 

—and his 5 tadtpata« hardly sus- fu " cr >- cloudy in pianissimo, 
cests the panrenu, since it ! s and- needing at least two breaths 
. palpablv reconstructed from the over par for “ Wie himm- 
Marschallmi handsome bed- iische. ■ • ■ Lois McDonall 
chamber of Act 1. sketches a shy sensitive Mar- 

m. - nrb E fa scbalfin; more of the authority 

_ , n ?. w she displays ar last . in Act 3 

Richard Van Allan, in some cou .] ( j profitably be brought to 
respects as good as one had bear up0TJ Art lt whera her half . 

- hoped, and promising sun more. yg^g. need highlights. David 
. His Ochs is fnll-bloodedly sung, Walker’s costumes are unfail- 

and cold-bloodedly acted; be in giy a p ti , lev g e j s S 2 j 0rl 0 f 
;cuts an imposing ana even bustle, and what ought to be the 
alarming figure. There is no fi na i glorious rout of Ochs is 
honest rustic vulgarity in him. dreadfully staid- — it is not like 
nor much hint of the backwoods John Copley, the producer, to 
aristocrat' at sea in metropolitan pay s0 little heed to the music, 
intrigues — this is an intelligent Mark Elder is acutely sensitive 
•_ brute, an : icy lecher who rarely to the chromatic sensuousness of 


IM-n.SVERJGE: 



ll'7p 


TTI70 

ITflllft 



12-Ip 


il*4p 




/uuiiuvui/avwi/«*nA 

10-Ip 



You will be delighted to learn that 
Britain has one of the cheapest* first-class 
letter posts in Europe and accepts three times 
die weight for die money. And a three-minute 
off-peak trunk call is actually 20% cheaper 
than 20 years ago (lOp now, IZKp then). 

Over the last tliree years the retail price 
index has risen 43%. Most telephone charges 
not at all. The basic cost of sending a letter by 
die smallest coin in the realm- Yip, about 7%! 

Yet, unlike most odier countries, the 

Post Office does not depend on a subsidy 

from the taxpayer. Indeed, we earn the profits 
required to finance die £1000 million a year 
that must be invested to expand our services 

and to improve them. 

We’ve done a lot, but theres still more 
to do. For we kriow that one misrouted call 
or late letter can undo so much good work. 


t,,- hp the 1979 Reith smiles, and who paws his bride- the score, and draws ravishing 
The * 11 ,. A -n«iri«>r m his t0_be 001 ,ike * heifer bui sounds from his orchestra. The 

give Oie BBG.Beith- Lecture^ wfl lecturer,* and will t t, „ like something rented oa tbe waltzes are elegant but Schirung- 
be AJb;. MazniL -^e. six half-hour, broadcasts 00 ^. pc -R wP erbabn. ' He cannot con- less: Mr. Elders refined ways 

historian a»d educatipoisi. . the relationship bet weep >eivably qwil the retinue of allow them as little buoyant 

professor- of jsoytJjai snenc^. 3?- v#-, cat . n d the West io tbe post- frtght-wigged Toons whom we Gemutlichkeit as there is in Mr. 
tbe^Universlty of; Mtcbigap,. Ann. ^ oQial see (and wbose L-avortiogs in- Van Allan's Ochs. 

^ - * ' * . I •* . 


9-3p 




2ZMCEEPING BRITAIN INTOUCHd 


^prfcBWmftoepriifcjiiipe'i'a Z-/>vl*Cr!nU I Ml I 

yunher iribmuBMKm any of our pivduvb cr Strvices can be ofcraintJ from ycur H csd Foiniuster cr Icier none Ccnir.-I M 







*r-"' **■' 


FINANCIALITMES 

BRACKEN BOUSE, GANNON STREET, LONDON EC4P 4BY 
Tafogrems: Flaantlmo, London PS4. Teles: 886341/2, 88388? 
Telephone: 01-248 8000 


Friday December S 197S 


The uses of 
intervention 






BY IAN DAVIDSON, FOREIGN EDITOR 


THE CAUSES of the disappoint- 
ing conclusions nf the Brussels 
summit were essentially political 
—a reluctance, especially by the 
French, to undertake the step 
forward in economic integration 
which secips a logical counter- 
part of monetary union. The 
future debate is now likely to 
take other forms. In political 
terms. President discard 
D'Estaing. through his invita- 
tions to a four-man Atlantic 
political summit in the New 
Year, has deliberately reverted 
to a broader and more tradi- 
tional view of foreign policy — 
an adjustment of the political 
relations between important 
sovereign states. Europe, in the 
French view. remains an 
economic community, it seems. 

International 

However, Brussels also left a 
much more mundane piece of 
business unfinished, which is 
also of importance outside 
Europe as well as within it: the 
appropriate next step in inter- 
national monetary relations. An 
exchange rate regime which is 
apparently unacceptable to three 
«>f the nine members uf the 
EEC — or, more to the point, to 
three of the four non-members 
of the present snake — can hardly 
be taken as a model for broader 
relationships. 

Many of the issues Involved 
are at first sight technical and 
dry: one cannot imagine a 
heated popular debate about the 
potentialities of reserve asset 
substitution, or the proper limits 
on intervention in the exchange 
markets; hut the sharp dif- 
ferences which exist on these 
technical issues reflect equally 
sharp contrasts in domestic 
experience and the lessons 
which have been learned from 
that experience. 

Nowhere is this clearer than 
on the question of intervention. 
Britain abandoned any but 
smoothing intervention in the 
markets some 13 months ago, 
and many would hope that the 
consequent monetary regime — 
a control of credit tight enough 
to keep the exchange rate 
buoyant — offers us the best 
hope we have of an effective 
anti-inflationary financial policy. 
The Germans, on the other 
hand, have intervened whole- 
sale, and the EMS is based on 
obligatory intervention. 

The German and by proxy the 
Swiss point of view was 
explained in London yesterday 


in a thoughtful lecture by Dr. 
Otmar Emminger, the President 
of the Bundesbank. Broadly, he 
presented the strong currencies 
as being on the opposite end of 
a seesaw with the dollar. (He 
was too polite to suggest that 
it was the relative underlying 
weakness of sterling which 
enabled our own authorities to 
sit out the dollar crisis.) 

The strung currencies were in 
danger of rising uncontrollably: 
the rise already achieved had a 
strongly deflationary effect. In 
these circumstances it was 
reasonable to act strongly to 
check the movement of rates, 
and to risk an offsetting infla- 
tionary effect on the German 
and Swiss money supply. The 
long-term results, he conceded, 
were unpredictable: the result 
of strong external monetary 
growth in a normally stable 
economy is " uncharted." • 

It is natural, perhaps, for a 
British observer to take a 
gloomier view of the potential 
results than a German. This is 
not just the risk of a resurgence 
uf inflation in Germany or 
Switzerland, which may well be 
small. The most obvious adverse 
results may well be seen in the 
United States and in the dollar 
banking system. Heavy interven- 
tion, which amounts to an open- 
ended flow- of foreign credit, has 
shielded the U.S. from pressures 
which would have provoked 
sounder monetary and bank- 
lending policies long ago in 
their absence, and British 
experience suggests that delayed 
correction is harsher and more 
disruptive than timely modera- 
tion. 

Disorder 

It was this factor which was 
unfortunately missing in Dr. 
Emminger’s observations — cen- 
tral bankers are naturally tact- 
ful about the domestic errors of 
others. It must be faced, though; 
and the need for a link between 
exchange rate and domestic 
policies might make a highly 
suitable topic for the French 
President and his guests. It is 
only when such a responsive and 
responsible system uf exchange 
relations can be established that 
we can judge whether capital 
movements are an autonomous 
problem, as the Americans 
argue, which might be met by 
British proposals for substitu- 
tion, or whether, as Dr. Emmin- 
ger argues, they are merely a 
symptom of a deeper disorder. 


Obstacles in the 
Middle East 


Mr. Treurnicht : clear hardliner. 

A MOOD is abroad among 
influential whites in South 
Africa today that the 
policy of apartheid, or separate 
development, cannot continue in 
its present form for very much 
longer without grave danger to 
tlie whites themselves. A mood 
is, of course, a notoriously diffi- 
cult thing to pin down. South 
Africa is such a peculiar coun- 
try that it is only too easy for 
the visitor to misinterpret what 
he is told. In any case the 
privileged white community has 
every incentive for trying to 
persuade a sceptical outside 
world that change and reform 
are just around the corner. 

Certainly, those few white 
South Africans who would be 
regarded as liberals in any 
European country have looked 
for the prospect of reform so 
long and so vainly, that they 
have ceased to believe that 
Afrikanerdom can ever change. 
There is certainly no dear 
evidence that the National Party- 
led by Mr. P. W. Botha is pre- 
pared to re-examine its funda- 
mental beliefs. 

The passible threat of inter- 
national sanctions being im- 
posed on South Africa is not 
the central focus of this 
anxiety, but it is a contributory 
factor. Opinions are deeply 
divided over whether sanctions 
are likely to be applied. I met 
nobody during a visit last week 
who believed that sanctions 
would be fully effective, even if 
they were voted in the United 
Nations Security Council. Yet 
many people believe that even 
ineffective sanctions would have 
a serious effect because of the 
impact on business confidence, 
both inside South Africa and 
among parent companies abroad 
and potential foreign investors. 

The depth of this anxiety can 
be gauged from the insistence 
with which South African pro- 
paganda, as exemplified by the 
South African Broadcasting 
Corporation, daily tries to prove 
to its listeners that the West 
cannot afford to jeopardise its 
own economic interests by im- 
posing sanctions on South 
Africa. 

There has even been some 
suggestion that South Africa 
could retaliate against the rest 
of the world; yet every well- 
informed South African knows 
that retaliation would be self- 
defeating. 

If the threat of sanctions is 
only a contributory factor in 
the current mood anxiety, it 
is nevertheless directly related 
to the central reasons for this 
anxiety. Broadly speaking, the 
argument runs as follows. 
During the 1950s and 1960s, 
South Africa had a high 
growth rate, crucially assisted 
by foreign investment; crucial 
in the sense that it not only 
has been counted on to provide 
about a tenth of new productive 
investment, but has also made 


good the normal deficit of the 
current account of the balance 
of payments. In the past few 
years, however. South Africa 
has been affected -like every- 
one else, by the multiplication 
of the -price of oil and the con- 
sequent recession. Unlike 
everyone else, it has also been 
affected by the black riots, and 
the slaughter of blacks, in 
Soweto and other black town- 
ships in and after June 197fi. 

In one sense, the effects of 
the Soweto disaster have been 
offset by the recession. The 
shock to business confidence of 
SoweLo did cause a substantial 
net outflow of capital: a sharp 
drop of the inflow, combined 
with concealed repatriation of 
capital by fo reign-owned com- 
panies. exacerbated by evasion 
of exchange control by South 
African citizens. But -the reces- 
sion — and the shock -to con- 
fidence. which -has caused a 
slump in business investment, 
in turn depending on imports 
oE machinery — has Jed to a sub- 
stantia 1 surplus on the current 
account in the balance of pay- 
ments. 

The economy is now slowly 


be considerably higher, iu the 
region of 6 to 7 per cent. 

But once the growth rate rises 
above 3-4 per cent, experience 
shows that the cumynt account 
goes into deficit, as investment 
drags ' In imports of capital 
goods. A higher growth rate 
can only be achieved, and the 
balance of payments can only 
be made good, if foreign confid- 
ence is restored and there is a 
corresponding inflow of capital 
and capital goods. 

This is where the psychologi- 
cal impact of sanctions, or even 
the shadow of the threat of 
sanctions would come in. Unless 
or until it is lifted, foreign con- 
fidence will not be restored, 
and the foreign capital required 
for a higher growth rate will 
not he forthcoming on the scale 
required for a 5-7 per cent 
growth rate. Some of the factors 
affecting foreign confidence are 
outside South Africa’s control: 
events in Mozambique and 
Angola since 1974, to start with, 
events in Rhodesia to an increas- 
ing extent, and more recently 
disturbing signs of potential 
instability in Botswana. 

The apparent determination 
of the South African Govern- 


q Hired domestic growth rate. On 
the evidence so far, therefore, 
it must be said that the South 
African Government appears to 
have very little understanding 
of its own self-interest. Bor the 
more that South Africa 
antagonises the outside world, 
in its foreign policy, the more 
it will multiply its problems at 
home. 

Apart from the shortage of 
foreign investment; the primary 
obstacle to a more rapid growth 
rate is the shortage of skilled 
manpower. This shortage in 
turn is the consequence of the 
many ramifications of apartheid. 
The reservation by law of 
certain jobs for whites is by now 
an. infinitesimal part of the 
story. The objections to black 
training and promotion raised' 
by the white trades unions, or 
willingly acquiesced in by white 
employers, are much more 
important 

This is. indeed, one of the 
paradoxes of the situation: 
South African industrial leaders 
are convinced that the kind of 
growth rate required to reduce,' 
or even halt, ' the looming 
shadow of black unemployment 
can only be achieved if much 


level of about 20 per cent within 
the next ten years. 

If South Africa’s leading in- 
dustrialists see so clearly the 
economic, and thus the political 
dangers in racial diserimiiuation, 
yoir'may well ask why. they do 
not more energetically pursue 
= integration! st policies where the 
Jaw allows it The answer seems 
to -fall into several parts. On 
■.the; one hand there ts the long- 
standing tradition of reliance on 
cheap black labour — cheap in 
the sense that its wage rates are 
low, and cheap also in the. sense 
that its housing and other social 
-bphditiobs are abominable. Any 
’improvement of these conditions 
would 'cause a sharp increase of 
the.' costs, or of the taxation (if 
by any remote chance the 
-Government were to chaDge its 
policy) of South .African com- 
panies. 

. On the other hand, the in- 
dustrialists are afraid of any 
confrontation with their white 
wbriwrs. This fear is magnified: 
bjr. recession', even though they 
.know that, in the long run, a 
return to rapid growth will only 
be possible if the black-white 
demarcation is substantially 
removed. 




Trekking to the Transvaal pt a time w 


hen white supremacy was unchallenged 


climbing out of the trough, 
from a growth rate of about 
0.5 per cent in 1977 to about 2.5 
per cent in 1978. But nobody 
believes that 2.5 per cent Is 
anything like enough, if only 
because — and here is the nub 
of the problem — of the de- 
stabilising effects uf black 
unempiojTOenL 

One of the implications nf 
apartheid is that there are no 
meaningful official figures for 
black unemployment, since 
blacks are not in principle 
expected to be in white areas at 
all except for the purposes of 
•■ministering” (as the official 
phraseology has it) to the needs 
of the whites. 

The growth of the population 
In South Africa is rather more 
than 3 per cent a year, and the 
trend line for productivity is of 
the order of 2 per cent a year. 
Together, these figures mean 
that South Africa needs a 
growth rate of at least 5 per 
cent a year just to keep black 
unemployment at a constant 
level. It ought, just as a matter 
of sheer political prudence, to 


raent to flout international 
opinion by its policy In Namibia 
may in itself be marginal. But 
the decision to prolong, on 
strategic grounds, a deliberately 
colonial policy in this quasi- 
colony, may have grave reper- 
cussions on the management of 
the economy, and thus of the 
politics, of the Republic itself. 

But thii. is what is so odd 
about the whole Namibian 
fiasco. The best official advice 
reaching the Pretoria govern- 
ment is that the South West 
African People’s Organisation 
(SWAPO) would not. in “nor- 
mal conditions," get the 
majority of votes in an y general 
election. 

Yet Pretoria persists in pur- 
suing a neo-colonialist policy in 
Namibia which, even if it suc- 
ceeds in maintaining Namibia 
as a docile client-state, will keep 
alive at least the theoretical 
danger of UN sanctions, will 
thus exacerbate the problem of 
restoring foreign business con- 
fidence in South Africa, and will 
in turn exacerbate the problem 
of achieving the minimum re- 


more rapid progress is made 
with the advancement of blacks 
in economic terms. Yet foreign- 
owned companies which have 
been instmeted. under inters 
national pressure, to reduce the 
wage gap between blacks and 
whites for equal work, have also 
been told to stabilise their total 
wage bill. " 

Partly as a result of tl?Ls 
pressure, partly as a result/of 
the recession, South African 
industry has introduced labour- 
saving investment, the capital- 
nutput ratio has gone up sharply 
and there has been a steady 
loss of industrial jobs for blacks 
since 1975, while white employ- 
ment has gone up, though real 
earnings of whites have 
declined. For blacks the pattern 
has been reversed : their real in- 
comes have gone up in the last 
few years but only at the cost 
of unemployment. If the 
national growth, rate does not 
mpve up ioto the 5-7 per cent 
range, the consequences for 
black unemployment are. in the 
words of an influential civil ser- 
vant, "scaring,” with a forecast 


•Finally, even those indus- 
trialists who talk liberal are 
really w’aiting for the Govern- 
ment to give the lead. So what 
in- the last analysis, are .the 
chances of the Government 
giving such a lead— of introduc- 
ing a major reform of the policy 
of .separate development? . 

Most people . would think 
these chances are pretty slim, 
especially since .. the sweeping 
victory in the Transvaal section 
of the National Party, of' Dr. 
Andries Treurnicht, a hard-liner 
if ever there was one. And yet 
I was surprised to hear at 
Afrikaner newspaper editor,' 
who is reputed . to have close 
contacts with the Government, 
predict that.the Prime Minister. 
Mr. Botha, was inexorably set 
on a policy of reform, that Dr. 
Treurnicht and his allies would 
he forced to bend to this policy, 
6nd that Mr. James Kruger, the 
hard-line minister of Justice 
and the Police, would be 
sacked in a forthcoming re- 
shuffle. 

After Transke! ahd Bophutha- 
tswana, be said, one more 


■ Mr. P. W. Boffin: ’ 

possible reformer. '. ;C 

.*' independent " bantustan might - 
be created, hut thereafter the ■ 
homelands policy would . he ._ 
tacitly abandoned. Instead, the ' 
Government would in practice -- 
take over the .policy of the 
opposition Progressive -Federal •' 
Party of creating a confederacy - 
in South Africa, in which black . - 
townships like ^Soweto would . 
become quasi-autpnomous . pro- 
vlnces. Moreover, he said, the ’■ 
time available for achieving 
these reforms . had been 
telescoped by recent events; so 
that they must be implemented ~ 
within the next four yeersf 
economic fore ts would :be "bind-. . 
ing on the Government. “ Wtrat - 
we need now are political 
reforms; and .the opinion polls 
show that the whites are ready ... 
for more integration.” .. 

Meanwhile, there are two Gov- 
emm enl-appo int ed _ commissions 
looking into various aspects of 
the constraints of. apartheid on 
-economic growth, and one senior 
civil servant, predicted -to ine 
that their recommendations 
would he " revolutionary." - 
" Revolutionary ’■ in . South 
African terms does not mean 
“ one man. one vote,” or any- 
thing like it The constitutional . 
reform currently being debated . 
by the -National Party, which 
would create three parallel^ 
parliaments "for whites," 
Coloureds and - -Asians, is ..- 
designed to secure allies, for 
the whites so as the more effecr 
lively to. entrench white domina- 
tion knd exclude the vast black 
majority front any participation 
. in the political decision-making 
on their future. Even this con- 
stitutional reform is, fiercely 
opposed by. -the Likes of. Dr. 
Treurnicht 

On balance, : therefore,, it 
seems likely_ that, if the South 
'African Government does make ’’ 
any concessions of - ideology to ; 
the long-term .interests of the 
whites., it will do too little and 
too late, and will certainly not 
impinge on the central, issue of 
white supremacy. 

.To conclude, here are four 
quotations: 

“The trouble with you 
English Ts that you think people • 
wflf always look for comproni- - 
ise. The. Afrikaner will go on 
saving ‘ no * right until the last 
minute." A prominent -Dutch 
businessman^ resident in South 
Africa for the past 16 years. 

"Nothing fundamental will 
change for 15 years, ; and then 
there will be a final explosion, 
and it will be * catastrophe." A - 
leading Asian lawyer. 

“It Is not "economics which 
will determine events, but poli- - 
ticsd ideology.” An Afrikaner 
economist 

“The Shah did things too 
fast: our people have learned 
that lesson. You must not have 
vnbridled reform." The 
Afrikaner newspaper editor — 
the man who. told me thal poli- 
tical reforms must be achieved 
in the next four years. 


A PEACE treaty between Egypt 
and Israel is now unlikely to 
be signed by December 17. the 
target date set at Camp David. 
This in itself should cause few 
worries if the Israelis do not 
take the opportunity to start 
building new settlements on the 
West Bank and Gaza. The 
general conviction in Cairo and 
Jerusalem is that a peace treaty 
will be signed. The leaders of 
both sides, together with Presi- 
dent Carter, have invested inn 
much nf their prestige and 
credibility in producing a treaty 
to allow a total stalemate ter 
develop. It might be necessary, 
however, for another meeting 
like Camp David to resolve 
remaining differences. 

Euphoria 

These differences, both trivial 
and serious, are tending to 
obscure what has been achieved 
over the past year. The mood 
of euphoria created by the 
Jerusalem visit, and sub- 
sequently by Camp David, has 
tended to dissipate as the two 
sides argue over the final form 
of the treat?’- The differences 
which have emerged were in- 
evitable given the form of the 
Camp David accords. On vrusial 
issues it was studiously vague. 

This gave -ample room for real 
misunderstanding. At the same 
time holh Mr. Begin and Mr. 
Sadat had to sell the agreement 
tu Lheir own supporters and 
allies. In doing so they put 
their own gloss on what they 
had agreed. 

Both leaders have tended to 
underrate the difficulties facing 
the other. There is a tendency 
to see the other side s objections 
to one or other part of the draft 
treaty produced in Washington 
as essentially cosmetic. But for 
all the formulae which have 
been used to bridge the remain- 
ing gaps, two obstacles continue 
obstinately to block the road 
towards a final treaty. These 
are the future of the Pales- 
tinians in Gaza and the West 
Bank, and the Israeli desire for 
a completely bilateral agree- 
ment which .separates Egypt 
from the other Arab powers. 

By emphasising the autonomy 
of Gaza ralher than the West 
Bank Mr. Sadat moved away 
from the emphsis which is 
normally placed on the West 


Bank. The Egyptian desire to 
station their own police in the 
Gaza strip further erodes the 
position of the Palestine Libera- 
tion Organisation. But the 
Israelis have remained 
intransigent on the problem of 
when elections are to be held 
in either territory. 

The strength uf Mr. Sadat's 
position is the popularity of a 
peace agreement within Egypt, 
in the return of Smai he has 
positive gains to show and there 
is a general, ir exaggerated, 
hclief that peace will solve 
many of Egypt's pressing social 
and economic problems. In 
Israel the original euphoria 
which greeted the peace talks 
has more rapidly dissipated as 
the extent of the concessions 
sinks in. 

In the long terra, however, 
it could well prove that of the 
three parties who met at Camp 
David, the Americans will prove 
to have lost the most. By 
approving what is essentially a 
bilateral deal between Cairo 
and Jerusalem President 
Carter ensured that Egypt, the 
largest Arab power, will no 
longer be able to play its 
previously pivotal role in the 
politics of the Arab world- 

Instability 

The Baghdad summit meet- 
ing of all Arab countries with 
the exception of Egypt did not 
produce the sweeping con- 
demnations which the more 
radical states desired, hut 
equally significant was the 
broad censensus against the 
Egyptians. They have not been 
able to produce any policy 
which is a practical alternative 
to that pursued by Mr. Sadat 
But Egypt’s influence on what 
happens in the future in the 
Arab world has been severely 
limited. And without Egyptian 
influence instability in the area 
is likely to increase. The 
Iranian crisis has already given 
the main oil producers in the 
Gulf an acute sense uf their 
own vulnerability. More than 
ever the Americans need Egypt 
as a moderate vuice in the 
Arab world. But Camp David, 
for all its benefits, has ensured 
il» influence will be weaker 
than at any time over Ihe last 
four years. 



MATTERS 


Puttings premium 
on fear 

“ Most Board members 
become a pretty pathetic sight 
when having to face up to a 
kidnap — unless they have 
already given thought to the 
problem l was told yesterday 
at a discreetly-organised one- 
day course. Living with 
Terrorism. The latest abduc- 
tions in Ei Salvador are 
undoubtedly going to concen- 
trate corporate minds on this 
far-from-pleasant thought. 

"Some of you may find it a 
major problem to persuade your 
top executives to admit the 
risks they run,” Dr. Richard 
Clutterbuck, an expert on these 
risks, told 32 of us who had 
gathered in a London hotel. 
But he thought that a growing 
number of firms dealing in 
sensitive areas were aware of 
tbe dangers, not least because 
of the individual ransoms of up 
to $60m paid in recent years. 

Lloyds tells me that after the 
Lindbergh kidnapping in 1932 
it began quietly underwriting 
kidnap and ransom indemnity 
policies. It requires pre- 
cautions to be taken, as with 
fire insurance, and sets certain 
rules, including the need to 
co-operate with local police 
forces. 

This co-operation can be a 
problem in the main target area, 
Latin America, since many of 
the police forces . there are 
corrupt according to Clutter- 
buck. a retire major general: 
between attending tbe BBC 
general advisory council and 
lecturing to tbe police he was 
chairing the course, one of 
given regularly by 
Protection ant ^ Com- 
raunication^Sg ce!5 - 

, But he insbSfcg? the need 
for «,^ peraijo Tfe on tactics 

aimed ar winnin-« breatlung 
space: "it is a Ji'iMlt balance 
hut you ha v<. ; n ii* for U,no ’ 
both it. inv.n-ase v® r chances 
of gelling . n .,.i|®nct?, and 


&') ' ' i 


\.p7 

Jtf 

I V r i .’SI l.iuAJ 




/ 



terrorists abroad that the firm 
is not a soft target.” 

This cap lead to complica- 
tions. One U.S. employee of 
of Beatrice Foods j s now suing 
his firm for 5200m for allowing 
him to be held a hostage for 
over seven months in Colombia. 
More real are the threats by 
host governments who feel their 
authority has been brought into 
question. In 1976. for instance, 
Venezuela threatened to nation- 
alise the $20 m assets of Owens- 
Illinois, in its country after, as 
part of Its attempts to meet 
kidnappers’ demands, the com- 
pany paid for an anti-govern- 
ment advertisement in the local 
press. 

While the arrest rate in Latin 
America is minimal, in the U.S. 
it has been around 90 per cent 
and in Britain in the past nine 
years it has been 100 per cent, 
according to Clutterbuck. He 
argues that corporations have 
to consider families and staff 
morale but that governments 
should stand firm. He adds: 
“Any legislation they pass to 
restrict negotiations is likely 
tu lead lu families and firms 


acting behind the police's 
backs.” 


T ogetherness 

Meanwhile, with an eye to 
security of possessions rather 
than of persons, a Christmas gift 
catalogue in Texas offers three 
His and Hers safety deposit 
boxes inside a mountain in 
Utah. Underground neighbours 
include major corporations and 
the Mormons, who keep their 
millions of baptism records in 
massive granite vaults. 

The price of £45,000 for a 50- 
year lease on the His and Hers 
vaults includes " closed circuitry 
and hair-trigger alarms" 
powered for the environment- 
conscious couple by "waterfall- 
generated electricity." 


Foiled again 

The ineptitude of bookshop 
assistants, which I touched on 
earlier this week .seems to be a 
hobby-horse among the highly- 
literate readers of Men and 
Matters. Among other grotesque 
tales, one reader tells me of 
asking for “anything on 
Grinling Gibbons,” only to be 
directed to the Animals shelf. 
Another, telephoning to request 
Norton's Star Atlas, was of 
course put through to Travel. 


for 146 years and the Friends 
for only three, hut since then 
they claim :o have put in 13,000 
hours of conservation work, 
which in practice means check- 
ing the "greatest vandal of ail,' 
rampant undergrowth. 

They arc not the only organ- 
isation involved as Marx, buried 
perhaps prophetically, near 
Spencer (the social theorist who 
coined the phrase “ survival nf 
the fittest has his own body 
of admirers. But'ihe Friends 
are less interested in the 
Eastern cemetery where Marx 
lies with Spencer than in the 
jungle-like Western one, which 
is usually closed. The idea is 
to make it into a nature reserve. 

“It could be a tourist attrac- 
tion like Pere Lachaise, Mont- 
martre or Montparnasse.” says 
Sharvey, adding quickly that he 
means the cemeteries rather 
than the cafes. Apart from the 
elaborate graves of Tom Sayers, 
the Mohammed All of Victorian 
days, with his sleeping dog, and 
of George Wambwell, the ISth 
century raenagerist, wiih his 
sleeping lion, Highgate's trees 
also fascinate Sharvey. 

“ There were deliberate areas 
uf funeral gloom,” he says, a 
favourite Sunday walking spot 
“ designed to promote moral 
values"— of the more melan- 
choly variety. 



Unmistakable 


Tourist tombs 

"The finest example of the Vic- 
torian way of death” is how the 
Friends of High gate Cemetery 
describe their friend. Now that 
the 37-acre cemetery has been 
bought by Camden Council they 
are pleased that it seems to 
have what Nigel Shervey. their 
spokesman, describes as a 
“secure future.” 

But they plan to keep a watch- 
ful eye— as does Camden which 
hardly thinks nf its acquisition 
as a snip at £1 an acre. It will 
have to shoulder restoration 
costs uf up tu £0.6m and annual 
running costs of around 40.2m. 

The cemetery has been around 


Tory bloomer 

Whatever her political future, 
Mrs. Thatcher can at least be 
certain that a corner, perhaps 
several corners of a Japanese 
garden will be forever Thatcher. 
Margaret Thatchers are bloom- 
ing in Owayana in delicate pink 
and white stripes, with just a 
hint of transparency — the fruit 
of three years work by a 29- 
year-old gardener who says he 
named his new rose after the 
Tory leader “because of her 
elegance and energy.” Put like 
that La Thatcher can no doubt 
forgive the absence nf even a 
Trace of blue. Has Heath not 
anything to show more fair? 


Golden Ellipse and JjKft 
18 ct. blue coloured " fcffigp 
gold. They, invariably j|BB 
identify Patek Philippe 5; 
designs. They tell you |v?> 
that the watch was HSfp 

finished entirely by tH 1 ' • 

hand, fn the manner 
practised by Patek Philippe 
since 1839.. The Golden 


I HIrpse was derived. by 
Patek JPhifippe. from .- . • 
the Golden. Section, - 
the principle, wtitdlj 
already inspired tte 
design ofthe - 1 - • : 
Parthenon. The blue 
coloured geridof the 
dial is a-brt of alchemy 
signed Patek; Philippe. : - 


Observer 


PATEK PHILIPPE 

Ennobled by the craftsman's toucli ; 

Catalogue and list of jewellers from: Patek PhHjpperJDept 
P.O. Sox 33, Maidenhead* Berks SU> -38G.- 




... ^ 











; » .•< ‘ * ~ \ . 


(J 


GEC ahead at £163m 
for first six months 


British Sugar profit up 
25% to record £25.5m 


Financial Times Friday December 8 1978 


■£>fl 


/: t |f 

!0 ‘ 


. 


IN MIXED trading conditions, the 
General Electric Company has 
lifted pre-tax profits from £144.Sm 
to £lK2.ftm in Lhe six months 
ended September jU, 1H7S. Ex- 
ternal sales improved from £1.1 bn 
to Il.lSbn. 

Earnings per share are shown 
at 14.12p against 12.l5|> and the 
interim dividend is lifted from 2p 
to 2.25p — the t o I a I in 1U77-7S was 
4 ,045p on [ire-tax profits uf 
£325. 3m. 

Orders received by the UK pm- 
d nets group in lhe lir.si half were 
29 per eenj higher than in the 
same period Iasi year with ex- 
port orders rising from £273 m to 
£4S9ra. 

Bank balances and short term 
deposits, less bank overdrafts 
amounted to Ifi24m at September 
GO, against £522 m. 


An analysis or turnover (in 
fin's) and contribution to earn- 
ing (in percentages) shows: 
engineering £l8fl and 16 

(17»: industrial £182 (£143 i and 
ly 1 2— > : eleclronics. tdccnmmuni- 
cations and automation £385 
(CIO! i and 27 |22): components 
and cables £160 (£142) jnd 71 
tile consumer products £127 
(IlUft) and 6 (4). 

i.i ver>e as. shows: Europe £Sy 
( £S3 1 and 7 (Si: the Americas 
£49 (£37) and 4 (5): Australasia 
£33 (£3:5) ■ and 2 i2); Asia £42 
(£37) ;md'J (2): and Africa £11 
t £7'J i and 5 i7t. Exports from 
UK loiuiled £353m (£2S4m>. 

Turnover includes inter-group 
sales and contribution to earnings 
has been calculated by including 
the share of 'profits of relevant 
associated companies. 

Demand has been generally 


strong In electronics ' and - con- 
sumer products, but new business 
has been harder to achieve in the 
industrial and power engineering 
sectors, where margins have been 
under pressure. In the overseas 
companies, there was no appre- 
ciable up-turn in the level of 
business. 

.Meanwhile Avery, the weighing 
machine company, has put into 
motion an investigation into 
DEC'S cha i in that a merger 
between the two groups had com- 
mercial and industrial benefits for 
both concerns. 

Just over a week ago GEC 
revealed that it was considering 
making a bid. worth £S3m. for 
Avery- The group said yesterday 
that its directors had decided to 
make a preliminary investigation 
into possible benefits of a merger. 
See Lex 


Pegler-Hattersley marks time 
as associate profits decline 


ON KALES ahead from £41. 49m 
to £46.53 m pre-tax profits of 
Tegler-Haiterslej were static in 
the half-year in September Go. 
J97S. at £3.J4m. anainsi £.7.4201. 
after the share nf associated com-, 
pany profits sluni,»cil from 13.41m 
to £2.34 m. 

. The group says that operating 
performances are at present satis- 
factory and results fur the year 
should be similar to those for the 
previous year when the group 
turned in profits of £12.3Km. 

The interim dividend is raised 
from 3. top to :i.3.ip and the 
directors are forecasting the maxi- 
mum Tor the year of &.5-Slp 
t7.KSjpt. Staled earnings per 2-ip 
share are the same — 1S.5]»— before 
tax. and ll).6p against 11. 4p utter 
tax. 

The directors say that profir 
front trading coiniwnles was 
appreciably better than the pre- 
vious period. The building pro- 
ducts division benefited front 
improved demand from the build- 
ing industry. Bui activity in the 
steel valve market remained 
unchanged w ith keen price compe- 
tition in international markets. 

The contribution from associ- 


ated companies was substantially 
lower. Mcfivoy UJificld Equipment 
results were lower than 
anticipated. particularly in the 
U.S. Fluid Control in New Zealand 
was affected by the downturn in 


the iuitiun^I 

economy, bui 

proa- 

i>evt> (or Consolid: 

ted Brass- 

foundry in 

Souih 

Africa 

are 

encouraging. 





Halt year 

Year 


1S7S 

1977 



‘U00 

ICMW 

xfa'l> 

Saks 

.... 4Bh.ll 

4l.4v» 

Bn «i 

Tr.nlllif; probl 

.1 UJ3 

SMI 

*•.73 • 

A.->mh . '.uin-.iany 

.. 2,337 

2 403 

c *•«» 

lnn-iv-l paid . 

. . .TJ 

19 

. ini; 

Mt'lal MK apprecn. 1.10 

*::ju 

■•Jii> 

Profit before tax 

... 5AJ7 

5,d 

12J81 

Tax . . 

.... -J-TM 

2.000 

4.012 

PreHr jIkt lax* 

... 3.10.1 

3.3.0 

7.6*9 

Do ifii-ndi 

.... 1 n41 

923 


R'-ialn-J . .. 

2.060 

2 430 

3 411 

- L'K lax pnividi d ai rMiUBlt-d rale 

paiahle tur year, t Deducted. 



• comment 

Following last year's spectacular 
profiLs slump, Pegler-Hattersley 
appears to be back on a more 
even keel. But it took a turn- 
around from previous metal stock 
losses to lift pre-tax profits frac- 
tionally ahead of last time. While 
the final outcome is likely to be 
little changed at perhaps £13. 5m, 


the breakdown of profits has 
altered significantly. Steel valves, 
which were hit by world wide 
recession in the refinery and 
process plant industries, remain 
highly depressed and this opera- 
tion is barely breaking even. But 
elsewhere a good improvement 
from building products has made 
up for a disappointing showing 
from associates. This is partly due 
to difficulties in New Zealand but 
mostly because of the smaller 
contribution from wellhead valve 
manlfacturcr MdEvoy, which was 
hit by poor demand from oil com- 
panies in the U.S. Current spend- 
ing on sub sea' valves, however, 
should pay off handsomely in 
future. Meanwhile, the building 
products side Maps, piprs. etc.) 
has blossomed as builders 
merchants cash in un demand for 
home improvements. Future 
growth, however, will largely 
depend on a belter climate for 
steel valves which once contri- 
buted a fifth of profits. At 138p 
the shares stand on a fully taxed 
prospective P E of just under 
seven and yield 8.3 per cent. 


FOR THE year ended September 
24. 1978, profits before tax of the 
British Sugar Corporation rose 25 
per cent to a record £23.5m from 
£20.5m in the previous year. Sales 
improved from £2GS-27m to 
£304Jt2ra. 

Earnings per share are shown 
as 40 p against 42. Sp. The final 
dividend is 3.634p raising lhe total 
to a maximum permitted 5.304p 
compared with an equivalent 4.»op 
adjusted for a scrip issue and 
sub-division of shares. 

Current cost profits before tax 
increased by 21 per cent to 
£13.4 m, up from Xll.lm. For the 
second year, the group has pro- 
duced inflation adjusted accounts 
in accordance wilh the Hyde 
Guidelines. The principal adjust- 
ment is an increase in lhe depre- 
ciation charge.. 

Presenting the profit figures. Sir 
Gerald Thorley. in his full chair- 
man's statement, reports that over 
lm tonnes of sugar was delivered 
to customers, the highest volume 
ever, compared with just under 
91*0.0110 tonnes the previous year. 
The Silver Spoon brand is now 
the brand leader in sales of granu- 
lated sugar to the retail market. 

The expansion and modernisa- 
tion plan, which will enable it to 
produce 1.25m tonnes of sugar 
in the normal campaign is on 
target. Capital expenditure was 
£36 m and will be £42m in the 
current year. 

Sugar beet was the most profit- 
able of any main arable crop last 
year. This should encourage the 
grower to increase acreage to- 
wards the group's target. 

The chairman expects further 
growth in sales and profits in the 
surrenr year. Its position as a 
low cost producer, provides a 
sound basis for the re-ncgotiation 
of production quotas due to take 
elf eel in July 1980. 

The directors propose to intro- 
duce a share purchase scheme lor 


HIGHLIGHTS 


GEC has achieved another solid advance for the first half 
of the year although investment income proved disappointing - 
and the overall figures fell short of the City's hopes. At GUS - - 
half time figures check in with a 25 per cent advance in profits. 
Lex also considers the latest annual report from the Takeover 
Panel and looks at the slight decline in company liquidity 
which, according to official statistics, took place, in the third, 
quarter of the year. British Sugar’s profits are up by a quarter 
reflecting last year’s successful harvest, while at Baker Perkins 
profits are down, but the good news is that the order book", is .. 
picking up. and better things are promised for the second half. 
Pegler-Hattersley appears to be back on an even keel but the 
small advance in profits reflects the turnaround -from previous 
stock losses. 


AFTER A higher depreciation 
charge of £7.44m against £5i*7m. 
Great Universal Stores increased 
pre-tax profits from £53. 08m to 
£66.49 m in the half year ended 
September 30, 1978. 

Provisions for unearned profit, 
service charges and . collection 
costs were £104 .09m compared 
with £99.Tfm at the March 31 year 
end. 

First half sales were ahead at 
£678. 75m against £566 .08m with 
the VAT content at £45£<m 
(£3S.S3m>. • 

Earnings per share are shown 


at 13 p against 1028p and 1626p 
(T9 Kp) excluding deferred tax. 
The interim .dividend is -raised 
from 3.60873p to A02875p— last 
year’s total was 8:2487 5p. from 
pre-tax profits of £l28.lm. 

F . Half-year 

1978 1977. 


External saint 

Depredation - 

Profit beta* lax ... 
Tix - 

Minorities 

Preference, dividends 

Attributable - - 

Irncrun ttyrdchd 


soon cm. 

67K.T45- S6&.DTO 
7.440 3.165 

•MM SMS 
.-34.125. 2T 415 
•10 - 1* 
33 •- 33 
31.324. =5,555 
10.013 8.671 


t Including.' VAT £45.870 (I38.33in I .' - 

' - See- Lex .. 


employees with effect from April 
I, 1979. 'niis will enable partici- 
pating employees to use up To 
£500 per annum of the existing 
employee benefit tan annual cash 
payment) to acquire British Sugar 
ordinary shares under a scheme 
which, it is anticipated, will en- 
joy lire tax advantages of profit 
sharing schemes. 


Turnover 

Profit 

Interest 

Profit before tax .... 

Tax 

»ei profit 

mvtdenils 

Retained 


Year 

1877-7S 1J76-77 

woo nm® 
2W.:«7 
SB .374 =3.004 
3 79S 2.340 

75=716 20.068 
1.307 1JW. 
34.009 19.233 
3.1*1 3.391 

20.838 16.SC 


• comment 

British Sugar’s 25 per cent pre-tax 
profit increase on sales only 13 per 
cent higher reflects the success- 
ful 1977 harvest — following three 
appalling years — which brought 
an improvement in operating 
margins despite the fact that 
sugar prices rose no more than 
6.6 per cent on overage ; the 


July green pound devaluation 
came too late to have much 
of an impact. In the current 
year market share and volume 
should again rise slightly, and the 
harvest now being brought in 
promises to" produce over lm 
tonnes of sugar, the best since 
1971. The company is beginning 
to worry, though- about the EEC 
quota renegotiation. BSC may 
claim to be the most cost-efficient 
producer in Europe but it has' 
never reached its "A" quota of 
1.04m tonnes (it may just this 
vear) and must be vulnerable to 
quota poaching from continental 
farmers, particularly if quotas are- 
reduced overall. Rising working 
capital requirements, despite a 
reduction in debtors, and the next 
stage of the heavy capital invest- 
ment programme will require 
extra borrowing but BSC has 
arranged substantial overdraft 
and medium-term facilities. At 
148p the shares yield 5.5 per cent 
and the historic p-'e is 7 fully- 
taxed or 3.6 on an ED 19 basis. 


Stonehill surges to 
£lm after 32 weeks 


Burnett & Hallamshire increase 
for first six months 


Baker Perkins down 
improvement at year 


but sees 
-end 


AS EXPECTED, profits before tax 
of Baker Perkins Holdings at 
£3.23m Tor the half year ended 
September 30. 1978, did not maich 
the £3.3 jm achieved in the same 
period last year. 

But the directors explain that 
historically, first half results have 
not been a good guide to the 
year's results and this year will 
be no exception. 

They are confident that as a 
result of improved order taking 
and in anticipation of some 
recovery in the European asso- 
ciates' results in the second half, 
the group’s overall level of trading 
for the year will show a satis- 
factory improvement. 

Earnings per share excluding 
extraordinary items for the first 
half are shown at )l).2p against 
12p. The interim dividend is 
raised from 1.9p to 2.1p — last 
year's total was 4.3p from pre-tax 
profits of JES.JMm. 

Total sales rose £l.2Sm to 
£4I.fi!im. Improved performances 
by the company's North American 
and Australian subsidiaries and a 
23 per coni increase in -ales in 
the UK rnarkei offset a fall in lhe 


value or UK exports. 

The director* expect that the 
value of. export sales in the year 
as a whole will exceed that of last 
year. 

Pre-tax profits were adversely 
affected by higher interest 
expenses and a drop in invest- 
ment income caused by a four- 
week strike which disrupted 
operations or the European 
associate. 

Mr. I. If G. Gilbert, the chair- 
man. notes that a significant 
improvement in order taking has 
occurred during recent months 
and, in the half year under 
review, the value of orders taken 
was. on an annual basis, some 25 
per cent higher than that of the 
last financial year. 

At £57m the value of orders on 
hand at September 30, 1978. was 
film higher than at March 31, 
1978. 

• comment 

News of Baker Perkins* bigger 
order book will please the market 
more than the nine per cent first 
half profits shortfall. Admittedly 
better things are promised from 
the current half and a marginal 
improvement .k tin • trading level 


has been dragged back by higher 
interest charges and an excep- 
tional fall in investment income. 
Borrowings, in fact. have 
increased both to finance stocks 
and pay for acquisitions. On the 
trading front orders from the 
relatively prufilable baking 
industry have helped the Aus- 
tralian subsidiaries improve their 
contribution, while machinery for 
the chemical sector has made 
most nf ihe running recently in 
the U.S. Meanwhile the new fond 
processing companies will make 
little impact oa the full year 
figures and the group currently 
has no further acquisition plans. 
Expenditure on fixed assets and 
R and D has been stepped up in 
the last few years (currently £6m 
and £3m respectively) and further 
benefits from this programme can 
be expected to seep through. But 
although overseas prospects are 
brighter than the UK I now only 
one quarter of group sates) the 
world outlook for capital goods 
is by no means exciting. At 12fin 
lhe fully taxed prospective p c 
of 6.S inxMiming profits of Dim* 
i> onlv just u\er filin', based on 
last year'* tax rate. The prospec- 
tive yield is .7.7 per cent. 


ANNOUNCING pre-tax profits up 
from £1.42m to £1.62m in the six 
months to September 39. Burnett 
and Hallamshire Holdings says, it 
is optimistic about the second 
half. For tbe whole of last year 
the group turned In pre-tax 
profits of £3.08nt. 

The interim dividend is raised 
from 1.42732)) net to 1.59SS2p with 
an additional 0.02152p for the year 
ended March 31, 1978. For that 
year the group paid dividends 
totalling 2.85464 p. 

The directors say the construc- 
tion division’s civil engineering 
and building company is expected 
to do better in the second hair, 
and the division’s development 
companies' activity will almost 
double in 1979-80 after the acqui- 
sion of sites at Birmingham and 
Bury. 

The commercial division, adds 
the directors, will realise the 
major part of its annual profit in 
the second half. / 

On the mining side the acqul- 


tion of further coal reserves Is 
anticipated on the existing major 
site. The evaluation or U.S. strip- 
mining projects is being under- 
taken. 

Turnover for the period under 
review was up from £i7.3lm 
against £in.I2m. Tax takes 
£840.000 (£738.000) and attribut- 
able profit comes out at £777,000 
<£6Sl,000j after minorities. 

• comment 

Burnett & Hallamshfre’s open- 
cast mining operations through 
its UK coal and clay activities 
continues to fuel group profit 
growth — albeit at a slower rate 
this time. With an energy crisis 
looming into the 1980s. this side 
of the croup's business is certain 
io dominate for some time yet— 
although the previous high rate 
of growth from UK mining 
I profits up 31 per cent in the 
first half) ts bound to slow at 
some point. To offset this the 
group is looking to extend ns 


interests into the U.S., where 
prospects look exciting; An 
acquisition seems the most likely 
outcome and the group anti-] 
cipates an anouncement before I 
its year end. In the UK, steps are 
being taken (o ensure future coal 
reserves and B &. H are negotiat- 
ing an extension to its major 
Midlands Geld. The group's other 
main operations in construction, 
oil and commercial vehicles had, 
a mixed time but oil distributor- 
ship should see some gains til tbe 
traditionally better second ~ half 
following last year's reorganis- 
ation. However immediate 'pros- 
pects for construction • -and 
commercial vehicles remains 
unexciting but B & H anticipate 
some gains from its increased 
property development business 
next year. Meanwhile dividends 
remain depressed under restraint 
policy. At 200p the shafts yield 
2.4 per cent on a /haximum 
increase. / 


THE ■ MARKED Improvement 
mentioned in last Jude’s annual 
report of Stonehill Holdings has 
taken place at an unprecedented 
high level, resulting lrt an upsurge 
in pre-tax profits from £407,000 to 
£1.010.000 for the 32 weeks to 
November 12. 1978, on turnover 
up Irom £6.74m to '£1 0.07m. 

In his last annual - statement, 
Mr. P. Steinberg, the chairman of 
the domestic furniture manufac- 
turer. said that trading for the 
first 72 weeks of the current-year 
had improved, dramatically over 
last yearis same period' and the 
order book was as a very high 
level. 

- The. directors were, .looking: 
forward to an excellent autumn/ 
winicr trading which; If continued 
into 1979, would yield a marked 
improvement in full year results. 

For all the previous year, tax- 
able profits . of £1.01 m were 
achieved. 

Mr. Steinberg now reports that 
to meet the continuing high, 
demand for the company’s pro- 
ducts. it has embarked' upon a 
further development programme 
involving the acquisition of addi- 
tional premises adjacent .to its 
existing complex', and the instal- 
lation of new sophisticated plant. 

Staled earnings for the 32 
weeks jumped from 3.48 p to 8.66p 
per 25p. share' and the Interim' 
dividend is lifted to 35p (2.25 p) 
net, with a final of 4.5p forecast 


—in 1977-75 payments totalled 6p. 

m weeks it wim. 


1977 1*77-78 

fOOO . £008 

Turnover M,W .6.741 12,890 

Trad In* profit l.i» SDT L194 

Depreciation 128 3M • UH 

Pro-tax profit .. UU0 4T7 ' 1-812 

Tax ...- M5 2« SM 

Available *SS . m 4S4 

DMdMHis ..... 1W138 .271 

Be earned • -389 . 6* IM 

• comment 

Signs of recovery were already 
apparent, at the tail-end ..; of 
StohelnlFs last financial year, -but 
the latest -figures — showing 'profits 
nearly 150 per cent up on a sales 
increase of 50 per cent— are 
better than -anticipated. Virtually 
all oF the sales- increased repre- 
sents . higher volume - ' as .. the 
management adopted a policy oF 
aiming for higher volume and 
increased market shares rather 
than pushing, up prices. ; The 
■ strategy . has paid off for profits 
have more than recovered rising 
to 25 per cent above the previous 
half-time. . peak anti .pre-tax 
margins are four points better at 
10 per cent The outlook for the 
second half is good. Tbe current 
order book, will 'take ' Stonehill 
through to hext year and pre-tax 
profits of . over £l.Sm look 
possible. The forecart Bp dividend 
could still be increased, but on 
that basis the yield -is 9B per cent 
and the p/e is 7.9 fully taxed. At 
125p the shares are reasonably 
rated and the downside risk looks 
limited for the time being. 


IkoS 


i 


WILKINS & MITCHELL 


LIMITED 

Manufacturers of Wilkins & Mitchell power presses ' and 
Serves washing machines - ..... 

INTERIM .RESULTS FOR 26 WEEKS ENDED 
30TH SEPTEMBER, 1978 


52 weeks 


Mitchell Cotts on target for 
year: difficult trading ahead 


IN LIKE with forecasts for the 
year to June 30. 1978, pre-tax 
profits of the Mitchell Cotts 
Group, at £i0.24m. are below the 
previous year's record of £1 1.67m 
but the net attributable figure of 
£3. 63m has beaten the £2.9lra 
achieved in 1976-77. 

First half profits were little 
changed at £4. 58m against I4.64m 
but the year's forecasts were 
made in the face of continuing 
lower profits from South Africa. 
In the event, the proportion of 


profits from that country at the 
year-end fell to 45 per cent 
against 68 per cent last year. 

Many of the countries and 
industries in which the group is 
involved are facing difficult con- 
ditions, the directors now report. 
From early indications of the 
current year, they warn share- 
holders to expect a downturn in 
profits. 

Earnincs per share for Wn-78 
are shown at 7.9p against 8.08 p 
and the final dividend is 2.8p mak- 


ing a tolal or 3.4562op 
previously. 


against 3.4 p 


Year 

1977 '78 1976-77 
£mo rooo 


rnfii 

Imcre*! 

A>»oeiaies share 

Profit bet art tax 

Tax 

Mm profit aher tax ... 

Minorities . 

Exlranrd. debrir- 

Dispmed lax overseas 

A nrl bauble 

Diridrndi 

hi-umed ..._. 


13JT3 J 5.346 
3.447 3S97 


ItUSt 11,641 

5.MC 6.440 





-ended 


26 weeks - 

26 weeks 

1st April, 


ended 30tir 

ended 1st 

1978 fas 


Sept. 1978 

Oct, 1977. 

per audited 


(unaudited) 

(unaudited) 

; * £6pO's’; ,J 

accounts) 

.. ! „ ■ • . 


£000*s 

TURNOVER. 


• . . ■; 


United Kingdom 

. 20,497 

- 15.076 

36,537 

Overseas Subsidiaries . 

. 5,857 

. 5,300 

. .12,675 

Group Turnover 

26,354 

20.376 

49,212 

PROFIT 

Group Trading Profit * 
(Loss) 

\ -- 171 

• • (611) 

(317) 

Exceptional Items 

% 473 ; . 

— 

• 381 

Group Profit (Loss) 

. 



before taxation 

- 644 ' 

(611) 

64 

Deferred' Taxation 

395- 

■ s' — . ■ 

143 

Group Profit (Loss) 

j; •. 

(fill) . 


after taxation 

249 . ' 

(79) 

Extraordinary item 

' — 

. — ■ 

(«7) 


249. 

(611), 

(146) 

Dividends Net: 




Interim Ordinary 

4S 

16 

16 


4.S74 5. I'M 
m* i.3i8 


CSS 414 
3.62* 2.U1 


TRANSFER TO (FROM) 
RESERVES 


1.753 1.7*4 

1.873 igo; 




'■ . . V' . • ’ . ■ ./ . .7 ■■ - • .I-V. Vv-.v 

i: • ■ - . • •-•/. :* - -• - •- . •* r* 

J.i 

- # V W, 




Interim Results 


Crean expands to record £1.52m 


Chairman Edward Sinks reports: 

• Group turnover £105 m. 

9 Group pre-tax profit up by 22% at £3.543 m. 

• Profit available to shareholders £1.517 m. 

• The second half has started well and another 
good year's result is expected. 


THE DIRECTORS of James 
Crean report record pre-tax 
profits or £l 52m Tor the year iu 
June 30, 197s. against £L13m. on 
turnover up by £3.67m to £21. om. 

They say ihat trading has con- 
tinued In be satisfactory in all 
the group companies and it is 
expected that fire-lax profits in 
the current year will again show 
an increase. 

At the interim stage profits 
were up from £50.3.000 to £651.000 
and an improvement for the year 
a> a whole was expected. 

The final dividend, of this 

Dublin-based distributor of elec- 
trical and welding products and 
soft drink manufacturer. is 

increased rmm 5.iiS75p to 7.4125p 
net per 50 p share making the total 
llt.-in (S.45p). 

Tbe year's tax charge lakes 
£297.1100 (£78.000) and reflects 
stock appreciation relief «ir 
£416,1)00. This figure assumes an 
extension nf stock appreciation 
lax relief for (he Irish 

subsidiaries amounting to £45.000; 


ner profit was £l.22m (£1.05m). 

Earnings per share are shown 
at -30. op (2G8p> and I9.:(p (15. Ip) 
excluding the slock tax relief 
benefit. 

All companies performed well, 
the directors slate and the over- 


all growth in sales and profits was 
evenly spread throughout the 
group. And it Was equally 
balanced between Ireland and the 
UK. 

There were no acquisitions 
during the year, they add. 


EXCEPTIONAL ITEMS 
Change in terms of UK 
Maintenance Contract 
Costs of Redundancy .and 
Factory Reorganisation 
Provision for possible 
costs & bad debts due 
to current situation 
in Iran 


Earnings Ter Share 3.88p (9-51p) . (1.23p) 

INTERIM STATEMENT 

Improved trading results in the United Kingdom - were eroded, 
by losses in Australia. A rationalisation plan is now being 
implemented to resolve the situation, bnt losses are currently 
continuing. The U.K. companies, however, continue, to be 
profitable.. 

To minimise the disparity between the -results of the two 
halves of the company's financial year, the Directors have 
decided to change the gronp’s accounting date to 31st December, 
and accordingly tbe current financial period will end on 31st 
December, I97S. 

For the nine months lo 31st December, 197S. the Board have 
declared an Interim Dividend payable on 29th December, 1978, 
of 0.75p per share tu those members registered on Lhe books 
of the company at the close of business on the 8th December. 
197S (previous twelve months period, 0.25p per share).. 


ISSUE NEWS 

Milletts 
36 times 
oversubscribed 


The £2.S8m offer for sale by 
clothing and camping equipment 
retailer. Milletts leisure Shops, 
atractod Ifi9ni worth nf applica- 
tions from lhe public. Applications 
were received from PI employees 
for 73.000 shares, which have been 
allotted in full, and 27.332 other 
applications were received from 
the public for a total of 62.716 400 
shares. Thus ihe issue of i.7m 


shares was 36 times oversub- 
scribed. 

There will be a weighted ballot 
of applications for up to, and in- 
eluding. 4.500 shares to receive 
200 shares. Applications Tor 3.000 
shares and above will receive 
around 3 per cent of the amount 
applied for. with a minimum of 200 
shares. 

Market dealers last night were 
suggesting that in the light nf 
the buoyant response In the offer 
the opening price could he some 
15p above the offer . price of 
IlOp. 


- -£; r j 


NEWMAN 

INDUSTRIES 


This advertisement is issued uteompUance with the 
requirements of lhe Caunidt of. The Stock Exchange. 

Andrew R. Findlay Group Limited 


DIVIDENDS ANNOUNCED 


Half year to Year to 



30th September 31st March 


1978 

1977 

1978 


£’000 

£’000 

£’000 

Turnover 

105,202 

102,043 

223,805 

Profit before taxation 

3,543 

2,909 

7,757 

Profit after taxation 

1,657 

1,359 

3,656 

Earnings per ordinary share 

6.84p 

5.66p 

1 5.1 9p 

Interim dividend per ordinary share 

1.086p 

0.973 p- 

3.81 Ip 


Brent Walker 
SB & E.l . ... 


P-ritish Tar 


Castings 
, Cattle’s t 
Ca woods 





FueJ Dialfi butto Pu W to.a v 

‘dorialnefStllpDWffs PstcKBginsr-COfft^M&r Services^ - - 


J. Crean . * ", 

ftirapipe 

G.E.C 

gus 

Irish Ropes ... . 

Keystone Inv 

John J. Lees 

Mansfield Brewery 

Mitchell Colts . ... 
Peglcr-Hu! lersk-i 
A. Russell . 
bum nelson Film ... 
Stonehill 


joint Williams 
W. Williams 


Current 

Dale 

«r 

Corre- 

sponding 

Tnta 

for 

payment 

payment 

dlv. 

year 

tint. 

1.4 

Jan. IS 

1.1 



.hit. 

2.1 

Fell, ft 

l.U 



jot. 

0.3) 

-fan. 12 

0.35 



int. 

12 

Feb. 16 

1.1 





3 65 

— 

3.45* 

3.3 

tint. 

0..18 

Feb. ft 

0.3 

:j 

.LnL 

O.fi 

Jan. 5 

0.35 



int. 

1.59 

Jan. 2.3 

1.43 



tint. 

O.fi 

— 

0.42 



jui- 

n.ds 

Feb. 

MAS* 



.inl. 

1.00 

Feb. 1 

0.97 ' 



tint. 

1.9.3ft 

Jan. 26 

1 73 





7.41 

— 

5.6'J 

10.3 

tint- 

1 Ofi 

Apr. 3 

Oftfi 


.ml. 

2.25 

Mar. 30 

o 



int. 

4JI3 

Mar. 30 

3.61 




822 

— 

3.0(» 

5.99 


4.73 

Feb. 2 

4.23 

6.3 

tint. 

0.6 

Jan, 13 

0.55 


int. 

2.54 

— 

2.31 




2.S 

— 

274 

3.46 

tint. 

3 53 

Jan. 29 

3.13 

5 

.int. 

] fin 

J.in. 12 

1.44 



5.39 

— 

44 

S-39 

tint. 

3.5 

Apr. fi 

2.25 

— t 

tiat. 

.3.5 

Mar. 23 

3 


tint. 

0 7.1** 

— 

025 




1.73 

-— 

1 39 

2.75 

tint. 

0.5 

Jan. 1.3 

0.3 



The 14.1 m cash call by Newman 
Industries has been taken up as 
to to per cent. Those shares 
offered by rights which have not 
been taken up have been sold in 
the market at a premium and the 
net proceeds will be distributed 
to entitled shareholders except 
that no payment will be made for 
less (ban £1. 


Rights Issue of 600,000 - r ■ - ■* ’ 
8% Convertible Cumulative Redeemable 
Preference Shares of £L each at £1 


Brasil vest S.A. 


Net asset value as of 
20th November. 1978 
per CrJ Share. Cr$30.730 


The Council of The Stock Eiehaiige has 
admitted the above securities to the Official 
List. 


per Depositary Share: 
U.S.S 14,441.06 


Particulars are available in the Extel 


per Depositary Share 
{Second Scries): 
U.S.S13.561.04 


per Depositary Share 
(Third Scries): 
lES.? 11,540.61 


obtained during usual business hours on any 
weekday (Saturdays and public holidays 
excepted), up to and including Thursday ■ 
28th December, 1978, also from: \ 


WORLDWIDE FUND 

LIMITED 


Parsons & Ca., 

P.O.Box No. U 2 T, 

100 West Nile Street, 

Glasgow G12QU 


Grenfell and CoJeg rave 

55/61 Mborgate,' 

London EC2R 6DR 


i e. - “ ■ • 1'‘ nnrrr uincrwise staled. 

1 uiuivrfleru after allowing Tor scrip i.stiie. t On capilcil 
increased by nshl* and/or acquismon i«5ues. S8ji ioi.il forecast 
S S.oSlp total forecast. * Phis additional (l.rei52p. 2 075p (niai 
forecast. '»For nine months la December 31, 1978. fr Additional 
(i.043.ip. South African cents Chroughoul. 


A commodity futures trading 
fluid 


Net Asset* Value per SI share 
as at SOtfrtfov. J5*WSli.t*3 


Dawnay, Day & Cq^ Untifed ' 

Garrard House, 31 Gresham Street ' • . ' • 

LondQuEC2V7DT ." , ' — ' ;vv 

Stfa December , 137S - - -7 





:T^“vCvr •//;/ '■ '- V • - .-./ • * 

I»4V±: . : a:~: ■ j- . • • ' 


f **iV*5n 





.BOARD MEETINGS 


Wagon 

Industrial 

forecasts 

record 


•Oft 


*a* 


Si- 


gesto 


) 


r ™ni 0.5p Id 0,575p net. When 

the croup made a £620.000 rights 

....... wsue ip June this, year the Board A PRE-TAX profit increase of 

----- foreca st dividends for the current 23.5 per cent from £1.550.000 to 

J ' ear of 2.07op net. In 1977-78 the £1,915,000 for the six months to 
. pttrtax. pft>atB fronl.) £R itoto:.^in; . IWup paid a. total of 1.8Mp on September 30, 1978, is announced 
Ofl -fpiraOVer-r-pf- --wSm-^agaiMt .jieoas, , Official lafttcaitas are: not avail- pre-tax profits or £l.]lm. by Wagon Industrial Holdings, 

S65m. -. -r . yi'r.y- . »tfle>ji.io whether .QMdra d^jtf* Stated, eamjngs per J0p share and the directors anticipate that 

^ £L “? 'JrgL '' **?, to « T wp f * , anri , proBt f °T ^ y ,* v wiU 

associates’ WDltibUtkibs «f £14>m. TEncuble ■■ assuming full conversion of loan "a substantial Improvement 

tShfcnF «traek' after interims— e. Awfla f&wanii.-aiMiDp'* stock they rise from l.91p to 22p. over last year's record £3.73m. 

' ““ *""«-'«»• E ** Be - Ho “* e The Interim dividend, absorbing 

£334,630 <£283,328), is raised from 
3p to 3.5p a 35p share. Stated 
earnings per share are up from 
8p to 9.6Dp. 

Tfae directors expect to raise 
the flnai dividend from 4.67pp 10 
4.997p, lifting the net total from 
7.679p to 8.497 p. 

Croup sales for the six months 
Cattle’s rnse per cent f roin £I6-T3m 


tntfire^, ; iJShasg^^Ap^y.C from KJg^^wa- QWroer.' BpMlie Sou»e 

CTO - Rfrt* tft. • •ftfc Slu' : -t*. 1 j ■ “ . « " rT ’• " . 


Lamm 


rin n - i~ "~ rti ----- r' ivwiinoiu. 8.-'.' ■ Ftfl WWH . r 

Group. Jonai Wdodhead. - 

,r'After . fcsyer^.-tox ■ lo£ - {Un « 5j»i»-Cari^ ■M aMwa.' GWrtvM. pro- 

(£S.to) ;..tod ^ oritig.; .y 

profits;, mp&a&ea trs n^ ; £t2m. tp j_. - u future oatbs-.*-' 

£5BJ.- r . ' i 1 ' ‘ ' ' ••' ■■ 


interim*— 


•■ Last " year's- fijeures. 'have been Braunmit* ..- . **«— “ 

eS-UBBesS- fit s 

parable with the basis . used - in * servt^ Dec. i s 

1378 to account for.tiie. change .Keuna& zSaaU-' ._..... .J™.— . Doc. 15 

in treatment of .fe^B?th»Swa fo." «« ’i 

Tn Mt'A.jtoeA:. no Tnwtefcs CwontlM — t! PRE-TAX 


Dee. 13 


Midway 
rise for 
Cattle’s 


profits of 


company,, Atmton^-regardted.:, a?‘ Tt^r ^ - ; v --- pee. :i .Jniui"** v X* — a tn £io osm 

an associate. .“■ ;.£**: r:.,'/-’..? ^'■:'S s3£h livSiSaiis^ ^ Dec. u iHoldings), the consumer finance U I^‘. 

The board. of- the . . FfiOB- 


3 ;.. 


■rne uoara savs^m'View cn-inc — — and retailing group, rose from . present Gaures do noi 

sgrmif Wn f . wr^partiart lot profits airiwp r bncstmea. Trust — : w £608,000 to £760,000 in the six i^frludip an; v contribution frnm 
f 5*^ w months to September 30, 1978. on Cotswold Coach Craft which wan 
from company years,«na . - ■»••-.-- ■ - - - salps ^ ead ns.lm to £2lm. ac ^ re 3. 0ctob « l lW V« r - 

The group is opUmlstic about the directors add that all the 

second half, although a watch is trading subsidiary companies are 




-ns 


ftiment 


in • December;" .from- =v whom — 
accounts - are 'available for ■ ' nine ' 
months.' trading., and - . whose - 
businesses are highly' seasonal, 
interim - figures include, bn. a 
time-apportioned ■ basis, resufts - 
from their ' 
accounts as. 

No accou . _ 

4tepreflialiDn.-of . Jr^hold proper- 
ties under ^SAP -12, pending the. 
comp let loir ^of revgluatlbirof “UK 


British Tar 

ZOUGU' ■ VfldUj - 'igailHQ -< - " u .. - * 

r : '-'.latest completed. t* , 10OC'tTk' 
do comparatives..-. . i ' 

“““ £716,700 


being kept on the recent upward pr rf o™biff v ' , eII- 
trend in interest rates. 

The profit figure was slruck 
after £425,000 (£237,000) was 

transferred to deferred revenue. 

The Interim dividend is 0.95p 
net, against an equivalent 0-S3p. 

Lbsi year the company paid a 
total equivalent to lB3p on pre- 




Samuelson 
Film lower 
at f 0.53m 


‘CJ-, 

,1 r- 


.V' 


y. \ 
'“sfi- 


propertles."' - BEFORE TAX profits of . British tax prqfils of £1.47m. The interim 

In accordance with 'the terms Tar Produets. the bulk storage, dividend has been waived on 

vpf- tha Allied Breweries' offer, no chemical. manufacturing . and 291.000 shares, 

interim dividend is- lb betpaid— merchanting group, rose- ; ftom Tax takes £203.000 (£202.000). DESPITE AN advance from 

-for the last -'fitH year, a single .£573,002 to £7l6,714, m the six Extraordinary profiU are up from £172,112 to £279537 in second 

2JW8h ^Ihleririi-' was payable oft montis to September'311, J9TO. ' . £10.000 to £249.000, and retained half pre-tax profits, Samuelson 

1653m ^taxable profits,: - : .V; . ■ : The -interim dividend. 'Is raised profiLs from £223,000 to £587,000. Film Service ended the March 31. 

1978 year lower at £532537, com- 
pared with £635.112 last time. 
Turnover rose from £6. 68m to 
£S.04xn. 

In (he first 7 months of the 
current year. UK turnover is up 
30 per cent over 1977-78, which 
the directors describe as 
encouraging. 


Elson & Robbins just ahead 


SECtiNB HALF . pre-tax profits' of 
: '.-Bobbins' 


. 'Jr. 

r .;- f ■■* 
■s«.’ 


V'-i 


r Principal activities "of -thfi group The directors state that the 

ELsoxi -and ■ Bobbins fell' from consist of public works contract- overall improvement in profit 
£983525 lo '£864,655,. leaving:, the ihg building, estate. devfelTOment margins is partly due to the 
too! for the year ehdCti Septem- and. holding oE properties- for xn- closure and disposal of some un- A,so . Panavision inc. of Los 

her S0^ 1978' ahead 1 frofn £l,74m vestmenL ; - -.. satisfactory Uading activities and Angeies. whom the company 

- — to a marked improvement in the represents throughout Europe. 

profitability of one of the group's has recently introduced a number 
subsidiaries. of significant additions to the'r 

Although one of the principal range of cameras and other film- 
subsidiaries is still experiencing making equipment, and this 


to £L8m. Turnover -of the group, 
which tnakes springs, spring 
assemblies; >etc' was "up r from 
fllBtet to £taS4nS, 1 
The final- dividend '^ia raised 
from -I519p net to 2JI42p making 
a total' bf 3.493>> agalnBt 3.129p. 
Stated eatmngB per. Sp share 
after fulT^deferred tax -aie lL49p 
itL&py and “befbre deferred tax 


M&S Canadian 
base retains to 
profitability 


significant improvement in profits 
‘ ?. Pre-tax 


TCHEU Midway. 


i.Ks r\PG 
If. fiiT-' 


ryr- w Marks and SDenctEi , fi'-Cv»adian 

I8.06p C25-78p). ■ Tax for- the ph* subsidiary Peoples -.Department 
vkms year.' igs been '- restated stores, Montreal, recovered from £1 ®®- 356 ; 
beesuse-of'> change in the treat- a - j 7^ loss^fr .-operating ’ 

meat pf drferred cax.., -- h'-. -•■egrningsof $739,000,' excluding tax 

- •credits, ■ for the 1$ vweeks to 

...' October 31, 1979. Sales, improved 
by -S4in to ; S37m end«steted earn- 
. - , Juts' per share, amounted to 15 

. ..'I cents. • 

: " The - company's : name will 
' become Marks and^Bpencer imorc^ parnbi? 
fTttlUUglUliy.v v Canada Inc. as from.?*hnary 1 ^« ,, h J17 v l ^ le 
• x... ■ and ( its -year-end wiJLsttfteh. from Taa 

Including a •neLsurplus.pnJbe j u iyl 31 td January 31" ; J U- 
-sale .of uneconomical'.propei^ica;'. ' - .-. >u 

-amounting ..ip: £22.000 ^gidnstr’ ' ' •* • -•■ 


and 

a lack of demand, the directors augurs well for the future, they 
are confident there should be a add. 

After lax of £299.775 (£343.676) 
stated eornines felt frnm 23.07n m 
18.4n per 20p chare, while a final 
dividend of 5.39p net. raises the 
total to 8.89p (7.4p)— director* and 
certain members of their immedi- 
ate families hare waived their 
entitlement on 150,706 (215,050 
shares. 


for the year as a whole, 
profits for last year recovered 
from a depressed £68.410 to 


rise 
for TBomas 
Warrington 


£12.000.-. profits of Thomas War- _ T) A«, T 'd#-'- 

rington mid Sons itn proved' from-' '.-J\.vCOVClY- 
£91,000' ^to £104,080. in. th'c first. haJlf- “ v ' 


The interim dividend is in- 
creased from 1.1'p to 1.4p net 
per 25p share-=“lasr year's final 
payment was 1.45S321p. 

Hjtf-rrar 
1573 1077 

f I 

fidS.100 713.3W 

123J4S 116.K4 
JS.tSl S’.SM 
3.70$ V 851 
1.386 
72,(50 
41.000 
31.150 
47.877 
79 3? 


Two 

overseas trusts 

from 

Henderson 



(4^ 




TariU'Vrr 
Tradlni; nr<>fit 
Di'iireclolioii 


Nei profit 

Kin-aordinary crcdlrt 
MafciDG 


SI .662 
28 . 08 0 
M.I! 82 


Alliance 
Investment 
edges ahead 


-ru -# _^7 03.BE! Grow income ftf Alliance Invesl- 

tft-Dfil fafier tax EI.MOj sale o( mcnt iwe filthily from £433,300 


UitUUU lU ^IVtjUW.iiLUK .. . .w nva <U.'. 

;U!^T ,r Toofing 

' AJTt^r. ~pHXP+ y&tyP? tMT&OQ)'’- > Turnover at Associated 


—■last year's total wai 3A3 12p^ ori J 1978 werp. juwadlfra 
pre-tax profits Of £176,000...- '£72,430. ‘ 


Pcehold properjt. 

There has been a further im- 
provement in the group's liqui- 
dity poatfon and the directors 
are actively seeking new acqui- 
sitions. And they are also in the 
process ' of taking professional 

'advice regarding the possible cash the company paid a final of 2.05p 
£51,662 to paymenr to members by way of a from •revenue, after tax. oE 
capital reduction. £369,000. 


to £469.300 in -the first half year 
to October 31 1978 and net profit 
was up from £182,700 .-to £198,400 
after ail chars us including tax of 
£116,600 against £116500. 

The interim dividend i* raised 
from 0.95p net to l.Oap— ia$! year 


Henderson 
North American 
Exempt Trust 

Henderson North American 
Exempt Trust offers a simple 
method for wholly exempt 
pension funds and charities to 
invest in the important US 
markets which we believe 
represent good long term value. 
The Fund is invesred 60% 
through currency loans and is 
managed on a day-to-day basis 
by North American specialists in 
our organisation which has over 
30 years of American investment 
experience. Since it was recon- 
stituted as a North American 
Exempt Trust on the 25th 
November 1976, the Fund has 
outperformed the Standard and 
Poors Composite Index by 8.8%. 


Henderson 

Japan 

Exempt Trust 

Henderson Japan Exempt 
Trust is specially designed to 
enable wholly exempt pension 
funds and charities to invest in 
the fast growing Japanese 
markets. The Trust’s invest- 
ments are invested 65% through 
currency loans and are managed 
on a day-to-day basis in Hong 
Kong by Henderson Baring 
Fund Managers Limited, a 
company owned jointly by 
Henderson Administration and 
Baring Brothers. 

The Trust was launched in 
September 1978 following the 
successful performance of 
Henderson Far East Trust and 
Henderson Baring Japan Punch 


Dealings for both these trusts are weekly on Fridays. For further 
details please contact Colin Day, Henderson Administration Ltd., 
IX Austin Friars, London EG2N 2ED. Telephone: 01-588 3622 



Henderson 


Administration Limited 

A number of iht Unit Trust Axioduricn. ’Sol applicable to Eire. 


--MS 

■KJ- 





BRITISH SUGAR CORPORATION LIMITED 


\js \r 


in#f 


pup l* 


*• :*.*•'■* ’ ' 







1978 

-£000 

1977 

£000 

CAPITAL EMPLOYED 

Share capital (authorised. 

(ssu^cf and f uffypaid):^ : v 
Ordinary shares of:50p each 
Reserves 7 V v ' 

-30,o6o . 

15,000 

95,458 

Deferred Credfts 

Loan Capital’:/. .. . ; 

131,286 

2,091 

.20,400 

110,458 
2,371 
.. 20,700 


-153,777 ^ 

133,529 

EMPLOYMENT, OF CAPITAL . 
Fixed assets : : : 

121,977 

: 92.868 

Current assets • 

Stocks of consumable stores 
Stocks of suga r and ■ . 

'other products 
Newsugarbeetcrbp. 

Debtors ; - / . ‘ 

BankBalances arid deposits 

18,223 1 

33>647 . 

5,369 

11/266 

: 153 

16,123 

.16,102 
' 4,421 
' 21.338 
9,398 

• ■. ■ , • 

68,688 

67.382 

Current Ijabilrtifes, 

Tax . : /.v ■ - 

Creditors 

Bank overdrafts 

Dividends:.- - • - - . . - 

Rnal-<tec6nfihlefided). . 

1,567 
22,359 . 
10771 

2.19T 

1,335. 

23,314 

2,072 

.” .r. ■ ’ 

36,888 

26,721 

Net current assets r 

37,800 

40,661 


Considerable achievements in a tough year. Sa,ient Figures 


Historical Cost 


.Current Cost 


Profits 


Sales 


Margins 


Historical cost£25,576,000 (£20,468,000). 
Current cost £13,396,000 (£11,087,000). 

1,000,000 tonnes ofsugarsold 
(900,000). Brand leadership established 
in granulated sugar. 

Margins were tight. Sugarpriceincreases 
were below inflation. Animal feed and 
molasses prices lower than 1977. 

The expansion and modernisation 
programme is on target with capital 
expenditure of £36,000,000. 


Production 36% more sugar produced. 
Prospects Increased production and sales. 



1978 

£000 

1977 

£000 

- 1978 
£000 

1977 

£000 

Turnover 

304,223 

268,267 

304,223 

. 268,267 

Profit before Tax 

25,576 

20,468 

13,396 

11.087 

Profit before Tax 
asa%of: 

Average capital employed 
Turnover 

19.4% 

8.4% 

20.6% 

7.6% 

5.3% 

4.4% 

5.2% 

4.1% 

Dividend Cover 

5.4 times 

5.2 times 

2.8 times 

2.8 times 

Total dividends pershare 

5.304p 

4.75p 

5.304p 

4.75p 


The Annual General Meeting of the British Sugar Corporation Limited will be held at 
The Hyde Park Hotel. 66 Knightsbndge. London SWIon January TJ. 1979 at 12.00 Noon. 


If you are not a shareholder or employee and would like a copy of the 
Annual Report please senefthis coupon to: 

The Secretary, British Sugar Corporation Limited, P.O. Box 26, 

Oundle Road, Peterborough, PE2 9QU. 


Name. 


Address; 


153,777 


133,529 • Points from the Statement of the Chairman, Sir Gerald Thprley TD . 


FT 








1 




:'* . *-*V* * * . : . ‘ 


/vi-W 


<<fU 

Barclays Intnl. held to 
£122m by dollar fall 


ALTHOUGH adversely affected by Attributable profits rose £4m group’s normal trading activities 
the fall in the value Of the dollar, to £n4.4m, after tax of £59.4m has been deducted from reserves 


John 
Williams 
advances 
to £1.2m 


•• : Hnaridal Ttart i)ecesBS^8‘ ifjft&l 

Improving trend continues 
at Lombard N. Central causes 


in H'jiich currency a substantial i£5lin), minorities, and extra- The company is a wholly-owned 

part of its revenue is earned, ordinary credits of £2.9m this subsidiary of Barclays Bank. _ 

Barclays Bank Intcrnationl time, comprising surpluses on dis- 1S 'rm 

increased pre-tax profits from posal of trade investments and aperat inc profit iisj in.7 

£113.xm to £ [22.4m for the year on part of the group’s holding in LMn tmerot tM n.i 

to September 30, 1.078. » iih 181.1m certain subsidiaries. AsMMdauW share 23 2 

asainsi £55.8 marising in the first Afler dividends absorbing sto 

half. xo.Sm i£0.7rn), retained profits to minorities - iu i*.s 

ir exchange rates had remained emerged at £53.8m compared with *g™£ K f*** ^ M “ 4 

stable throughout the year pre- £48./ m. biyidowu - o.« 

tas profits would have increased A net deficit amounting to Retained S3.8 

further bv some £12m, the £ 17,7m on realignment or * loOnd^ nnor year charge Dab 

directors explain. exchange rates arising outside the icaw cwdio. 


The company is a wholly-owned FOLLOWING MIDWAY profits up Lombard. North Central, 
i bsldiax y of Barclays Bank. £75.000 to £430.000, John Williams wholly-owned . subsidiary 


AFTER A sharp rise' in first half and: leasing business', .fndud 
profits from £3 .29m to £9.87in, finance for industrial and ^gxji 


; sens of revival, they fidt • . 

r -The New Zealand subsidiary 


concern 


¥i 

■ C }) 

n> 


a tural equipment increased-SJ-per-^rned £D.5m- (fQAfaaj -profits; . Th e group . oL f ’i TO tit^ttopal 
of cent •: - fc-hile Lomb3rd Ranking (Cyprus*. inrestorsvbJch mBt y^sterday to 


XJ auK. . iw,vun IU ildU.UVU, JUOU iriiuttUM muwuj-uwiicu . ^uuaiwo*/ v*. turn- n line ■ «? _*T ~*-T- J- Ci*i« Unntmt’r ’ 

1ST7-TS 1974-71 of Cardiff finished the September National Westminster Bank. A substantial increase. . in notwithstanding unresolved politi- discuss Month's capital 

fm 30. 197S year with pre-tax surplus reports pre-tax surplus increased sterling retail >. deposits was . cal problems in Cyprus traded reconstruction plans not to 

U3j ioa.7 ahead from £910^11 to a record from £ il.73m to H9.7m for the achieved in funding this increased profitably but the whole surplus join in .opposing the .dea l,.- • -- 

m AAn Afl- - r ran 94m M on 1670 --‘-A „ mnt intronnu TMArVf) ThflVWlH TtlflhG DrOtKTSSlfi TO Tl 


\l '.7 £1208,805, on turnover of £20.22 xn year, to September 30, 1978. business, theVdirecfors «*ate, and - was placed to contingency reserve, They wiH inake propolis to. the 


1223 iuj against giS4m After tax of £9.52m (£5. 82m). buoyancy m the properly market The Maltese activity contributed group, armed at improymg the 

“■J Earnings- per 23p share are dividends and ' extraordinary enabled the company to realise £0.i2m. marfifetanSUty' of . new- snares; in 

1, 3 given up from 7.79p to 8.27p and items, retained profits emerged and redeploy substantial funds.. - .The directors say that -despite Gosfortb industrial f minings^ to 


siTi as forecast, a final dividend of at £4.76m (14.88m), but was par- ’ Tricity Finance profits jumped higher interest rates and unsettled be issued .by -Swan. In a difej ion 
•.7 l.Tap net raises the total payment tially offset by a £2-2Lm charge from £0.82m to £1.55m. economic .■ circumstances.^ the Swan pkyis.to make a^mnmnpm 


Boost for Wilkins and Mitchell 


9.7 l.Tap net raises the total payment tially offset by a £2-2Lm charge from £0.82m to £1.55m. ’ economic .■ circumstances,, the Swan ptajiS-to /nake a,_mnrnnum 

from 2.19p to 2.75p. arising from exchange fluctua- Overseas. Lombard . Australia Increased amount of good busi- cash payment©! £23.9m y>,:ts 

. tions. -■ trading in ah. ehoromneat -of ness on the 'group’s books and trie shapetioideK.- 

# comment In tbe UK, interest rates unemployment and high "interest prospects of '.improved o vers eas ~ Under the' -ter ms -G oafoTtii^wjH 

- John WfflJams has done surpris-'' reduc ? <i Jo? the first half but rates produped lower ppofijs of resets., partic ularly ^ Augtrgha, take over thg Swhn 


ine^ toS^re-tax profit I? 564 " the second she months. £1.19m f£L96m>. Howeveri.-tbe TeaBs them to expect improved bvedne^ 1^5 aft^- the 

by almost a tt£d: WTWle other The group’s instalment credit Australian economy now sJmwtf perfwroance. ’ natim^Kati^o^^ .stupbimdhig 

steel stockholders are finding the 


going considerably tougber, Wil- 

The exceptional item of £473.00 potential of washteg machine |^^ ae m ^ fi ^ nt ^5 at i2ni r ^f Its 


A TURNROUND from a £fil 1,000 The exceptional item of £*/3 f uu porenuai. nation increase the contribution of its 

loss to £844 .ono pre-tax profit was reflected a change in the time of market is steel services division. The 

made by Wilkins and Mitchell in taking profits for the service ab!e given the r P o«r^K emphasis an pre-processing has 

the 26 weeks to September 30.- operation and a provision of of majors like Hoover over me cer tainiy helped, and assuming 

1975. But the Board says the about £190,000 against losses m rising level the recession has further casual- 

improved trading results in the Iran. Given the traditional^ stronyer ues to devour, the company looks 

UK were eroded by Josses in . • second half and further ^,aius j n a g^ng position both to sux- 

Australia. • COITinient from reorganisation nine vive and perhaps cash in on those 


cun'iiiuxi-- miv vi\ iirni.n— is in j~itlonalisinir it« . — „ ° — .. ^ ^ . anu h iuimuij (.iuuuiu. utpumw w, ■ ouai ou«n is 

continue to trade profitably. mninr Servis wsshimr machine a buyef- 0n annualised profits oT now i ook set for. tbe best growth. The second half has started well improving availability- -of .• S»< 

For the year ended April 1. _ n J - 1.6m (he group is on a fully taxed A major £3m investment pro- and subject to reasonable weather quality house coal, and Cawooi 

197S. the aroup made pre-tax ™ f ^hin/T Pw» iav P»' e of 3 at 41 p. . gramme Is nearing completion and no serious industrial is hoping for improved suppli 

profits of £84 ,wk». compared with fi ,c n f vi - innn ivH^li . and. .more importantly, orders are mterruptio ns. the directors expect during the next few months- 

losses of £52I,0U0. There was no iiim, BllAlrlAv’c flowing in. Although dependent on to produce another good year’s There were good increases 

final dividend. pJLn vllfw ui rnr thl DUCKIcY IS - the automotive industry, the com- resulL . profit and turnover in buddti 

shnrphnlrlprc. are. however, tn been even Higher but for the j nany claims to have lost little First-half turnover was onlv anrf mail materials as well as 


profits <^f £K4,OOtt, compared with nf £171 flOK) excludinc 

The "' “ aS <«e B p“ on°J S wou"d hi« 
slUrP hofdprs are however tn been even higher but for the 
” continued lo.sses in Australia. 


be paid 11.7-ip net Tor ihe nine conimueu losses in .nusirdiia. 
ihs.- compared with U Tshr cm Traditionally the manufacture of 
months to Pecemher 31. 1978, heavy press® generates up to 2o 
compared wtth 0^15p for the pe. r cent of group profits but 
previous 12-monlh period. To J“ ,s tJI T e «ie contribution may 
minimise ihe disparity belween have bf en higher wtth UK 
the results of the two halves of industrial demand for new or 


Brewery 

Improves 


uy oiuiubi « uum. uujic — - - . - — r. lu .mtrnn- Tact vm - i j . • . 

steel atockhnlders are finding the --r. - . .. • opwatitms JIast , y^r. . ^ . 

going considerably tougber, Wil- 1 W ■ / • 1 1516 ^ % - 

Cawoods ahead 22% midway i 

steel services division. The V/'M.TT VVUVJ UI1VM.U / Kr : IUaU- v T • : primarily to discuss -the ^caSh 

emphasis an pro-processing has ’.V . distribution, which had wen. 

certainly helped, and assuming . • : -■ - - ; 8| *■ j - ■ . criticised by some as being too 

expecting good year s result- ■ ^ ^ ^ 

in a strong position both to sur- _ T •*- .. . not be Jti. shareholder^ mferests 

vive and perhaps cash in on those , ... ' . ' . to block the capital reconstruc- 

who fall by the wayside. For the - PRE-TAX profits up 22 per cent bqt with the domestic trade, now pinpoint. tbe -shifting emphasis of tion. but that steps ihooid be 
first time, however, steel profits to £3. 54m ‘are reported by the second largest market, for profits across the group, but ooyi- taken to ensure - that Gqsfortfa*3 

have dropped below 50 per cent Cawoods for the first six months solid fuel in the UK. the National ously Cawood's non-fuel dtstribu- _ madiet value adequately reflected 

and it is foundry products which ended September 30, 1978. Coal Board is giving attention to tion activities did exceptionally ^ , j,ank balance and quitted 

now look set for. tbe best growth. The second half has started well improving availability- of - good well. Much of this improvement invt^innpni being retained. 

A major £Sm investment pro- and subject to reasonable weather quality house coal, and Cawoods falls-into the division supplying-.- . 

gramme Is nearing completioo and no serious industrial is hoping for improved supplies ready .‘mixed concrete etc <31 per • - • " 

and. more importantly, orders are interruptions, the directors expect during the next few months, cent ,of profits fast year), so clearly A Jig II I -- 

flowing in. Although dependent on to produce another good year’s There were good increases in; Cawoods iss responding wen to the T / / fcB.iffllf, 

the automotive industry, the com- TestttL profit and turnover in building small upturn irr bufidlng avtivity. ' ***.*.'*, “ 

pany claims to have lost little First-half turnover was ooly and road materials as well as in On tbe shipping services side the _ . -w • • i 

from the Ford strike while the Dim higher at 11055m mainly refractories, container and other reported improvement was prob- Of 1 1*1 C|| 

application of turbochargers to reflecting reduced oil sales to shipping services and packaging,. a b!y doe to the extra container- At ... 

disel. and latterly to petrol industrial customers and loss of the chairman reports. -» capacity at Ellesmere Port. On .>■- 

e n »"es has increased the demand Iqw margin coat sales to British the fuel distributorship tbe com- l/ AnPC 

for Williams components. Mean- Steel Corporation. •Comment pany is hopefifl that the NCB can J\U|iv5 

while architectural products have Earnings per share are 6B4p , h . cawood’v sales- were supply more high quality bouse * „ ' 

edged ahead and the new double fS.fiflp) and the interim dividend £ JJ n 3 C eSt hi«ber7the cmn- co^4iowever much will depend PRE-TAX profits of Irish: Ropes 

glazing line, installed at a cost Is lifted from 0^73p to l.086p- ^ un well |o K bxLE Slbe severity of the weather in Tor the 13 months ended Jfepiem- 

of roughly DaO.OOO, is expected to last year's total was 3fiUp from ?2 per cent. especiaUy the next few months. Overall, her 30, 1978 were £774.599 com* 


£774,000 
at Irish 


»«nci,i„,;™.n7 n d on wTsb]„g from ite.SU to itel 10 i- the C h«r- S dcmeMc S£?2 \ KHTw fiS SS. up Cm 

that date. machines and tumbler dryers has six months ,0 September 30. 1978 ^ but thank, to grants and last mao, says that in fuel distribution wa? atSEd a ?en £h iS « M6p yWd a prokpec- £13^m to £18m. of which £l.6m 

Turnover for the half-year was also been having a better time Trading ^ year s rights _ issue borrowings (at competition for the. reduced withon* m wSL-'lSTfaw cent while, the We was attributable to three acquisi- 


Turnover for ihe half-year was also been Having a better time tracing proui n>r uie .vu years rights issue borrowings (at competition for the reduced Period Without arev rale- tlve 4J1 per cent while, the o/e was attributable to three acquisi- 

DH.f.Sm. against 120.38m. The pre- than of late. Its strength has amounted to £442.978 f«01£12) , asl year’s balance sheeet date national demand for oil was, and irti P tions made diulne the period. V 

lav lioure includes an exceptional been the major rationalisation and tax took £186.444 (£173.000). about 30 per cent of shareholders' continues to be very severe. xaot breakdown U is atmcaltrtq- .t» 8.4. increased capital earnings 

.. r P.-n ie not interim rliviHpnH tC fiinrleN u. u:. . ....«! • — • •’ V“. J- r- 


item of £473.096 (nil). Deferred carried out over the past 18 The net interim _dividend is funds) have apparently been He referred in his last annual 

t3x is DHia.cnw mil) months under a new management stepped up from 0.55p to 0.6p. further reduced bjr cash flow. At report to the supplies of good 

Slated e?rnincs |ier share are team which is operating tighter Last year's total payment was Sip the p/e is six and the yield domestic qualities of solid fuel 

S.S5p. .Hguinsi a loss of 9.31 p. stock and financial controls. The 1.7873p from profits of £842.019. 8.3 per cent. . _ and the group has had difficulties 


<l> 


CANADIAN IMPERIAL 

BANK OF COMMERCE 


Piccadilly 
unit trusts 
relaunched 


STATEMENT OF ASSETS AND LIABILITIES 

as at October 31,1 978 

1978 

ASSETS 

Cash and due from banks ~ $ 7,247,734.219 

Cheques and other items in transit, net * 986,145,891 

Total cash resources 8,233.880,1 10 1 

Securities issued or guaranteed by Canada, at amortized value 2,088,079,237 - 

Securities issued or guara nteed by provinces, at amortized valuo .• 62,740,951 

Other securities, not exceeding market value 2,255,762,562 . 

Total securities 4,406,582,750/ 

Day, call and short loans to investment dealers and brokers, secured 31 2,494,83 >' 

Other loans, including mortgages, less provision for losses 22,698.793,897 

Total loans 23,01 1,288,728 

Bank premises at cost, less amounts written off _ 328,587,673 

Securities of and loans to corporations controlled by the bank’ 734.649,023 

Customers' liability under acceptances, guarantees and letters of credit, 
aspercontra- 1,522,374 

Other assets 34,988 


$ 6,157.473,886 
644,525,742 
6.801,999,628 
1,983,990,080 
63,282,927 
1,376:919.834 
3,424,192,841 
■ 357,450,436 
19,192,066,899 
19,549,517,335 
296.229,606 
589,576,145 


LIABILITIES 

. Deposits by Canada 
Deposits by provinces 
Deposits by banks 

Personal savings deposits payable after notice, in Canada, 
in Canadian currency 
Other deposits 
Total deposits 

Acceptances, guarantees and letters of credit 
Other liabilities 

Accumulated appropriations for Josses 
Capital Funds: 

Debentures issued and outstanding 

Capital: Authorized— 62,500,000 shares of a par value of $2 each 
Issued 

Rest account 
Undivided profits 
Total capital funds 


1,522.374,211 
34,988,121 
$38,272,350,61 6 


1.281,428.013 

26,305,565 

$31,969,249,133 


are shown as I7.0p. per ZSp share 

, Pitman advances midway =Sf ? v|’lS 

’ . .J; I.*;. : ’••• • net witb/jTjflnal.bf-SASp..’- '..v-.-; y 

and on target for year sssUlt 

. - : and development costs increased 

THE DIRECTORS of Ktman merging preferred , ordinary mil as expected. . . 
report a rise in pre-tax profits deferred ordinary shares- ■ into ■ - 

from £997.000 to £1.1401 for. the ^ ordinary shares of SOp.an interim • - V - •-- - - 

half vear to September 30. 1978, dividend of L3p was paid ,in PiPpanillV 

on turnover ahead to £t3.45m October— tbe directors forecast a X ILLfllUUJ 

against £J2.05m. . total of not less than i333p for ’ 7 

Particularly gratifying, ttiet ^Preoi/ figure was after interest UDlt' ; llllStS 

state e £293 > 000 <^M2A00) and was sub- -r--” 

meat in performance of the pnnt- ^ t0 ^ of £433^ compared rclHUIJCIlctl :• 

SHuSz Trofits iouS havt £ W,ti £365 ' 000 Ia£t *“■ „TI» tel of Ite troubled 

boosted by a further £150^00 from. Pireadlffy .group were yesterday 

Canada and U.S., if their cohtribd- y T_ relaunched . - by their- new 

tions had not been adversely • tj DCflHIlw6u managers.^ the Ant pny Gibbs tner- 

affected by the depreciation of Ihe. ' _ ebant banking concern, --v 

dollar— around its lowest ebb'ou hnniK tmiTl - j™-.! ■ • 
September 30. LfUlllla UU111 . Piccadilly funds' .will carry the 

profit rands^b^amr rn^ . PrOVideHt Life ****' 

sfr 'months^are^no^expected^to’ Un ^tif n 5^ # bon,1 f rates f 
equal these in' volume. Never the with-profits cgf ttracts for; I^S 

less, direciors . -ay that profits are h announced by Provident - Life Stock Exchange 

on target for the vear and they Association or London:' the com- investigation, t . • - - 

see 1 no reason: to believe. • qt’Pany. as usuaJ. belng The first to,., Antony Gibbs gid .yesterday: , 
present thatSfWoupVj budgeidi Publish its^bonus ^declaration for.-^We ) hay* •: undertaken • a 
n/vThoVrhiow-rt ^ the year. . thorough review, of all the for- 

ySr On its compound bonus series, wer PicradUy_ trusts -and many 
Jrere P a ^ record £L37m / «»• rate remains at £425 per cent. »*a£?es ^ave been made in the 

FoHowingXe ^reoraaqfeation of- °f the^bawc benefit plus existing portfolios. As a result. -mere were 
the^ group's capital 'structure, bonus additions . and on the ««ne. ortaaions or setbacks -m 

— _ — ; ; •' — simple^ bonus senes, now closed unit prices over -the past ft w 

n A r>T?TfTn\T t0 new- business, the rate- remains months whfle the' changes were 
BANK RETURN at £4.65 per cent of the basic beinar made; although some of tbe 

: - i’ irciaidiv ~ re ? i-eio F benefit Also on the series the’ trusts requlr^ vety lirtle change 

_ cuTs * | ill? final bonus payable on death or and bare, performed well against 

1875 I far maturity Claims is kept at 15-per market’-’ - - • • . 

: — - 5 - • • — cent of all previous bonus addi- The Antony- Gibbs group has 

BANKING mSPAKTiHENT tions. On pension fund contracts expanded^ its -unit trust - invest- 




f * « 


Unchanged 
bonus from 
Provident Life 


Unchanged bonus rates on all 


The unit trusts', of the troubled 
Piccadilly grpup were .yesterday 
relaunched .T .by . their- new 
.managers, the- Antpny Gibbs mer- 
chant banking concern. ' . . 

• From nexL monih 'the nine 
Piccadilly funds/. will carry' the 
, 'Antony Gibbs jrame and. they 
'will take the total, number under 
Its management to 12 . 

Antony Gibb's bought the group 


BANK RETURN 


1 IK. »+> or 
I Dh*. i— i 
I for 


BANKING DKPAKTMKNT 


LIABILITIES I £ I £ 

Cap** I IAS63,000| - 


the raft & £3.50 per cent. 


ment management department to 


Although tho company declares accommodate the expansion. 


; V::r. 

■ *L-». a 


Puhiwtieprit.... as. i77.7fK-i|— 12 .oeo^« 9 | reversionary bonuses every year.V - 


$ 1,127,514,188 
491,889,670 
6,675,221,267 


683,933,020 

643,837,962 

6,010,673,422 


>pwli> -.JMMiUft 


makes a full review of the! 


Banker 357.so3.l37 — U8.D48.305 financial position every three 

tST.*™ ‘aa.su.i0B- 12.824.K6 JWK1, incomfiKm with many life 


flO.su.t0B + 12.824.K6 with many life 

2,173.060.995 -118.174.796 This year Is the second of the 


12.295,510,653 

14,416,576,817 

35,006,712.595 

1.522.374,211 

176.518,902 

356.278,341 


11,228,612,954 

10,749,262.573 

29.316,319,931 

1,281,428,013 

102,843,379 

332.371,761 


ASSETS i I 

Sort. Scourttlaa. .jl.' 775.561. 088'— U9.090.000 
A4v<mcr<i£Oibed ! 


current trienniura,: so a complete . . n « A «. >• . 
review will be made in 1979. But JIT X.ZIIZ 
unlike other companies, it com- ■ v 


Deanson 
on target 


pounds 


ner companies, it com- 
the bonus annual ly. 


In line with the midway fore- 


l *- 328 - 516 1 msledd or every thrae years, thus cast of - profits in excess of 

a .4bcr 165.385.614 - l.ToOl ^ VIB g .policyholders a better deal £200AOO, : Deanson (Holdings), the 


m.8»3:m 2,-!- I7.750.a)ij than the .figures indicate at first printing and stationery group. 


300,000,000 


225,000,000 


321.47b— i6.6bi glance. expanded .taxable surplus to 

e ns nw «5 ZuBi7ftTq« ,.«°® system used by other £202.346 for the year ended 
hfo eompan/es. the compound September 30. 1978, compared 
rate on a triennial basis would be with le previous . year’s £132,006. 
UKP.VimiKx r £4.43 per cent. Turnover : rose from £3.19tn to 


IbsCE UKI'.VimiK.v r 
jTibS - ST - ' 


77.926,332 

830,709,657 

1.830,578 

1,210,466,567 

$38,272,350,616 


69,680,000- 

640,000,000 

1,666.049 

936,346,049 

$31,969,249,133 


.Vifci if me* ft.*3a,on0.000' + ITSjXMJtfO 

Id L'lmiHti«i.:5.9Cia.l4l.2SS! + lb7.233.>JW 
Id Buik’i: OepJ| 30.563.752 i- 17,760.301 

ASSETS • 

flow. Lleli^ U.015.10H, _ 


L43 per cent. Turnover : rose from £3.1 9m to. 

£373m. 

IOHN BROWIV liVhen reporting mid-year profits - 

JUnj up from £64.785' to £113.000. the 

93.7% TAKEN UP ■ directors anticipated that second 

r ^ , . . half results would approach those 

J olm Browns rights issue rats- of the first six months. 

S n has Deep taken up as After tax of £100^09 (£67.435) 


ing ns^m has been taken up as 


{*V 


iithwCovt. + 454.753.6ib to 93.7 per cent. The balance has yearly -earn lues increased from 

*oW and net proceeds will S^pjo 4.E?% r “ojr^ 



REVENUE 

Income from loans 
Income from securities 
Other operating revenue 
Total revenue 


STATEMENT OF REVENUE, EXPENSES AND UNDIVIDED PROFITS 

for the financial year ended October 31,1978 

1978 


1977 


$ 2,549.921.180 
290.698.256 
198,854,639 
3.039.474.075 


$ 2.043.357,184 
232. 303,206 
174,787,684 
2.450.448.074 



EXPENSES 

Interest on deposits and bank debentures 
Salaries, pension contributions and other staff benefits 
Property expenses, including depreciation 
Other operating expenses, including provision of $84,901,824 
($ 64,426,442 in 1 977} for losses on loans based on five-year 
average loss experience 
Total expenses 
Balance of revenue 

■ Provision for income taxes relating thereto 

BALANCE OF REVENUE AFTER PROVISION FOR INCOME TAXES 

Appropriation for losses 
Balance of profits for the year 
Dividends 


1,917.413,667 

465,118,603 

120,265,393 


1,483,379,714 

419.848.690 

103.353,583 


Amount carried forward 
Undivided profits at beginning of year 


Transferred to Rest account 
Undivided profits at end of year 


231,151,073 

2,733,948.736 

305.525.339 

112,000,000 

193.525.339 
40,000,000 

153.525.339 
53,360.810 

100.164,529 

1,666,049 

101.830,578 

100 , 000,000 

1.830,578 


190,246,032 

2.196,828.019 

253.620.055 
103,000,000 

150.620.055 

30.000. 000 

120.620.055 
48,776.000 
71.844,055 

4,821,994 

76,666,049 

75.000. 000 
1.666,049 


STATEMENT OF REST ACCOUNT 

for the financial year ended October 31,1 978 

1978 


Balance at beginning of year 
Premium on issue of capital stock 
Transfer from undivided profits 
Balance at end of year 


640.000. 000 
90,709,657 

100.000. 000 

830,709,657 


1977 

$ 565.000,000 


75,000,000 

640.000,000' 


European Operations Office: 42 Moorgate, London EC2R 6 BP More than 1 700 branches in Canada 

Head Office: Toronto 

Offices throughout the world 

Aiionta ■ Now Voile ■ Portland. Oregon (4 branch**) * Seattle • London ■ Frankfurt "Paris • Hong Kong ■ Antigua • Bahamas - Barbados ■ Cayman Islands • Grenada ■ Bardt of Cnnvwerc* 
Jamaica Lim>:e<j. a wholly owned subsidiary wuh tA branches m Jamaica • St. Lucia ■ Si. Vincent • Trwvdad and Tobago— California Canadian Bank, San Francisco, a wholly own^d 
subsidiary with 24 branches in California ■ Manama. Bahrain Offshore Banking Unit ■ Canadian Imperial Bank of Commerce {International) S.A.,_P8ns and Commerce tammauon*! 
Finance Company (Asia) Limited. Hong Kong, subsidiaries at a comrollod corporation ■ Singapore Offshore Branch with ACU— Trust operations in New York * Bahamas ■ Barbados 
‘Grand Cayman - Jamaica ‘Trinidad and Tobago— Roadant Roprwentttiyos id Chicago ‘Daftas *.Los AnseJe3*San Francisco ’ Amsterdam^ MBn^Zuich • Bahrain -Tehran, Iran 
•Sydney "Tokyo -Sao Paulo -Mexico, 


'b.b26,ixiou>». + i75.ow.ouo ^distributed to. entitled share- ihe dividend Is stepped up to 2-JMp 
— holders. f2.095p7.net. 



Comparative Consolidated Profits (Not Audited) ? 


Turnover — outside group 
f including VJLT. £45.872,000- - 
(last year £38.328,000) ] 

Profit before taxation 


Half Year Ended 
30th September 1978 
. . JEOOO’s £000*s 
€78,745 


Half Year Ended 
30th September 1977 
£000V -JEOOO’s - 
566,078 


fatter charging depreciation 
• £7,440,000 f last year 
£5,465,000 1] 

Deduct: Estimated taxation 
Corporation tax and overseas 
tax 

Deferred taxation 


-21.660 
5,765r - 


-.27.425- 


Deduct: Outside shareholders interest 
Preference dividends or. : 
Parent . Company ■ 


23 : 


Profit after taxation attributable 
to the equity stockholders or . 
The Great Universal Stores " 
Limited ' . . 


32,324 


Earnings per stock milt 


Earnings per stock unit 
(excluding deferred taxation) 


■7--:i0J28p 


interim dividend declared ... 


I6.26p ; 

4.02875P 


. 12,60p>: > ■: 

• ; flfiosfsp ; 


The dividend amounts to £10,015^)00 (last year £SJ87LOOOJ aiid wiil iK. 

February? WTO ’ “ ^^oldera; on th e regis& X 

HIRE PURCHASE AND OTHER INSTALMENT RECEIVABLES ^ : ; : . . , 

The provisions for unearned .proflt, service charges and . collectioh costs are - 

10 UQW 5 . ■ m . l ' _ _ - . i*. •, • . •' s. « 

■’ . •• '-'-r ‘ " - £ooo’*- ■ ■- ■ -i-V'-f :'=• -- • 

31st March 1978 z..-r.Z:2 :\. . . 99,763 • V->. V 


30lh Septejnber ,1978 


10449A 









m 

m 



Ida*. 

IIP 



'}i;n -, L J 

4 * i ! * *_ r lc i 


^v-n 




.» T ; ^ l/i. 


V 



jjrpiJ '(j-O 


MINING NEWS 


i 

R< 

m 

II 

pands furl 

her in 


Utah’s coal contract 
pleases Australia 


Peachey makes 
progress r 


\\ 


ri 


•UtC -ItoternaflbtiaL 1 the -rubber 
gloves,- : euatraceptwes- * amf 
tonetritf ^cld' £2ts to: 

acquire • three- "priVJtttdy owned 
U& companiea markings further 
stags- In Sit&S ff dr& American 
expansion *pro g t.j unme .; : 

The compazdes acqirirBd^-Bates 
Ffle Majtufacttutoff,' H. C. Cook 


-slons of Section 200 of .the Com- 
panies Act 1648 io" compulsorily 

acquire . the 'otrtstanCay ordinary 
and preference shares:; 


BMCTINNEW 
SHARE: DEAL i 

.Ur,. Graham FKXuson Uaeey’s 


Pioneer High Fidelity (Great 
Britain). Capitalised at £30,000, 
it is Pioneer's third marketing 
firm overseas, following Pic&eer- 
Melehers in West Germany and 
Pioneer Electronics Denmark. 


AUDITORS MERGER 


Tfxe partners of Whinnry 


- three incluidev manicure -items, 
pocket screwdrivers, letter: 
openers^ and lighters: - -Tbevcom- 
. ponies will ~tie- iojhhWj'JWWs. 
recently fqrme&Ndrtfy lAmerica’n 
division, cuxtcmtisir .comf^uing. of 
the Canadian .end , U.S. Scrota 
company. V 
Last year these darned XI 2m 
. pro-taatf. proSt' out'of total group: 
profits of £6.8m. 


ARGU5/TRIDANT . 
ACCEPTANCES ’ 

The offers by Argos Press to 
acquire Trident Printers has been 
accepted in respect - or 4408,017 
ordinary shares (97 A per cent)' 
and 189,009 3Ji per cent annul * - 
tiva preference shares (002 per 
cent). 

Argos -did not- hold any. shares 
in Tridant-hafore September 29, 
but since, that.: date acquired. 
168,000 ordinal? Tridant dates. 

Also. Sinco tfaat date person*; 
acting, in concert have acquired 
791,186 ordinary shares in respect 
of ' which ‘ they have accepted 
Argus’s offer. . 

Aggregate - of • "acceptances 
represents 972 pier cent of issued 
capital - of -Tridant. 

Neither did: Argos hold any 
preference ' shares before an- 
nouncement of offers and has not 
acquired any such 'shares. Since 
September -.29; ■ '■■■-■ 

’.. . Persons . acting: in ; concert with 
Argus hate acquired 3.77 prefer- 
ence scares In respect of which 
they hate accepted the offer. 


General Investments. . 

- The acquisition .has all the hall- 
marks'-. <rf : earlier - deals put 
together- W Mr. 'liOHt'- Who has 
been appointed chairman of &GT 
on. the ; resignation of Mr. H. 
Bennie.- 

. Mr. Lacgy, as in many of his 
other deals ; has add that he hvU 
increase his xtake.bi JEGI, but not 
to more than'29 her cent. The 
deal comes -Jnst five days after 
BMCT announced it had bought 
a. 23. OS per cent stake in Brooke 
Toolf Eugfneerin& - -V- 


Bfirton Mayhcw and Co. confirm 
that, for some time, discussions 
have been taking place which may 
lead to a merger. 


BRITISH VENDING 

British Vendteg todnstrte* has 
purchased the whole of The Issued 
share capital of Gloster Outeder 
Operators for' the consideration in 
cash of £110,000.’.: •• 

GCO.is engaged m providing a 
service _ for customers for the 
supply of food, ^uid beverages 
from vending machines. 

The value of thO net assets of 
GCO at March 21. 1978 amounted 
to £46,000. - The profit before tax 
for the year ended March 31, 1978 
was £13,000. 


ROBERTSON FOODS 
The acq uisindrr of AJuican by 
Robertson foods, has .been 
completed. ' . ‘ i. _• 


AURORA AGREES 
TO SELL 
OSBORN STAKE 

Aurora Holdings has agreed to 
sell its 66 per cent holding in 
Sunuet Osborn SA for RSJra 
(£4Bm) including a dividend of 
RO.ltai. 

The South African Reserve 
Bank has agreed that the buyer. 
Haggie. should pay RS.4m in U.S. 
dollars as a capital repayment and 
the remaining R2.6m in transfer- 
able currency by way of a special 
dividend payable by Samuel 
Osborn SA in sis monthly instal- 
ments. These will be subject to 
South African witbolding tax of 
£5 per cent. 

The offer from Haggle Is condi- 
tional on consents from the UK 
authorities and the passing of 
resolutions by a general meeting 
of Osborn. A majority of 75 per 
cent is required for these resolu- 
tions to be passed. 

The net assets of Osborn 
attributable to Aurora amounted 
to R7.3m <£4.3m) on September 
30, 1977. and the net profits 
attributable for the year ended 
on the same date Rl.lxn (£0.6m). 


PIONEER 

. ’Pioneer Electronic (Enttfpe), a 
subsidiary of Renter Electronic 


became., unconditional oil Novem- entire issued - capital: of Shrlro 
ber '17 .. and remain . open for (United Klngd o ffir ' ft* _ audio 
acceptance. ' r equ ip me nt distributor-in Britain. 

' Argus intends to ' apply . provi- . ; The UK firm wffl be "re-named 


in first half 


REPORTING TAXABLE profits half-yearly earnings- -rose from 
ahead from' £4X594 to £193^273 for 4.1p to 5-46p per«p share. The 
the 28 weeks to July 16, 1978. on interim. . dividend 1 jjfevfcfted to 
turnover ei £3_8flra.aeal«fft £S.13m, ! L928p (1.75Sp) net, "Wifi*, an addi- 
the directors.', bf.'. Brent... Widker. tional.0.0435p on AGJf ;- reduction 
jthe "leisure group, : confidently, —the 197T-78 final wujfiWTP- 


precast fall. year results will .be \ professional revaluation of 
itt excess of_1977.. when.3 £401 481 ^ "company's. - pfopartfe* at 


in. excess of _1977. whe 

surplus^ was achieved.^ , - August.1978' 15 per 

1<n “!££- cent increase to XTASah; over the 

Avifh to® March, 197? -valuation^:- ■ 
returns from' "the.- company* .^tt! - . 

major investnient. priJgramma-of-' : ; .* .” ' 

, the last two yens ma ki n g a: sub-/, /^kcflnfi’ a ?#I —f- 

. stnnfl -?) t>qb^ri fnititviT, tft . warning s. . V v4^^|vilvi'| . .. 

m 1979.. v • ‘ • • " - ; < ■ j- ■ 

Tbc'te was no tax charge for the n ..Khar A/ . 
period, against £ testates; £30,700,. JaUwUvI & 
and stated earnings jumped from . . 

0-17p to i.76p per Sp.sbpre: .The. " 000 

interim, dividend is: kept at 045p . vil 

Jk 

' S*^?p5T tlK Pm ° d ' '’"’ S fKtogV Rrtber fell 

directors, impost. f; . ,• .. . . .. ^ £570,625 for the year to June 

. S' 30. 1978, against a previous record 
- Chorefebury . v ? : ■ 1 EOTungs are shown as 9.93p per 

- *Z ■* Jnn'-.'ohjm Nimnarwl ivitH lltjttn 


• V rf .HlirC.LIUlHT -' * ‘ Eariungs are' shown as 9.93p per 

J 10p share compared with lOASp 

Tofo timYinr '- : ' bndf a -final payment of 2A5p 
ILSlSa ultUcf' makes the total 3fi5p. Last year's 

-' - ’ i . .- . total of 9.8p included a special 

■Sjri' -f S ipcif-' Vii> 1 r'' -'dlaiLiBivxtlon. of 65p. 

• ill iliM luul. .- \i At halfway profits were down 

- •" . f? *. ~ from £304,000 to £257,000. 

i. VTith nrt teqts-- hnd. other- pte-tax figure for the year !n- 
income-bjgher at X2Sa, 106 again® Surfed investment and other 
£330^88. r : pretax -... profits . of ; income of £190.800 against £256411 
Churchbiuy .-.■Estates advanced and was subject to tax of 
from £I22^1- ; -to £182,119 for. the £i7S t 6S5 (£394.166); the directors 
half- year to September 30^1978, ^ay the tax figures are not com- 
• : The: directors -consider the full parable because of the effect of 
year^sv rteulU wni prove ": Very ACT on last year's special 
satisfadtory. ■ and .. show a good ttividend. 

increase : over last ^rear’s .record Thewr was an extraordinary' 
£2757745 pte-tax profits. - > ‘debit of £5,758 for the year com-; 

•Alter .tas of £94,733 4 £56,972) pared with a £28489 credit 


ield up at midway 


PROM turnover of £14.02 nr against 
£S,G4m profits of the.. Mansfield 
Brewery . rose "from £1 ,4m -. to 
£l-.78m..- in the half . year .ended 
September '30, 1978. . . Profits for 
. the previous . year ■ totalled 
£2i?lm. - - • - - - 

...The half year profit is struck 
after- -aB "charges eicept tax . of 
£810,000 against £732.000. 

The "interim - dividend is lifted 
from 2Jlp to 2 34 p— last year's 
total was 7-.5p. 


0.42 p to 0.6p net The- total last 
year was L79op from pre-tax pro: 
fits of £782 4(M). The chairman has 
. waived -bis- rights to the interim 
-dividend.. r 


John J. Lees 
sees profit 
downturn 


Ladbroke’s 

investment 

plans 


: John - J: TLees, .confectionery 
maker, ’. raised . tumovei - - from 
£704.458 to £714,409 in the hail 
year to . September 30* . 1 978 hut- 
pre-tax profits l were lower at 
£48,489 against 1 £54,009 in the 
same period last yea£ 

And it seems likely that profits 
-for the current year will be less 
■ than the record £1?3.000 achieved 
in 1977-78, -** but hopefully not 
materially so” the directors say. 
-The .first half profit , includes a 
gain on the sale of -fixed assets of 
£0,005 : (£484)! Tins: charge is 
£24,718 against £28.085. 

TTw interim dividend ts stepped 
tip from o.55p to O.fip— 'last yw s 
total was 2.lp. • , . . . 

As prevk>t®y indicated, it has 
been difficult to. maintain sales 
in the six Biontlis just ended, at 
the high level recently ' achieved, 
the directors say. . , 

There- hag - been no -materiel 
improvement in the sales per- 
formance to date, but the Hoard 
fe hopeful that the efforts , being 
made to correct this will become 
effective in the "last haH’ of the 
current six-month period.. 


Laibfokc. Group plans to 
generate -.less uiaa. half of. its 
group ‘profits from gaming by 1981 
arid Will spend . around £50m to 
achieve this,: Mr. John Jarvis, the 
chairm an and managing director, 
has told ExteL Currently non- 
gaming 'interests ' provide only 
30 per cent' oi. profit. 

.Mr. Jarvis . indicated that 
Ladbrokes would be investing 
between £15m and 120m over the 
next ..three years in expanding its 
"betel and. holiday operations. 


A. Russell 
jumps at 
mid; year 


Castings leaps 
£154,000 


.Pre-tax profits of Alexander 
RnsseH Jumped from £313,408 to 
£524,041 for -the halt year to 
September 30, 1973. on tumoter 
well ahead from .JElffni to £6BliL 
Profit for the previous year was 
£503.000. .: 

The . interim - dividend is in- 
creased to 1.688p (L44p) net per 
Hip . share- Last year's final was 
OSOSp. . 

Profits for the six months ware 
subject to tax £272.501 (fMJ-gg) 
and. minorities £28,151 
leaving, a balance of £223^39 com- 
pared with- £136,608. 


J. A. devenish 


PRE-TAX profits of Castings, the 

malleable" ironfounders.T went up 
by £154,000 to £3564160, on tura- 
n.-sr ahead from £24 lm tcr£Z-77m 
in ‘he six months. to September 
. 3U, 1978. Taxtakes £185,000; against 

£HV»000- 1 . • ' 

.- The-interim dividend is up from 


J. A. Itevenish and Co. has clari- 
fied ■- yesterday's- preliminary 

results" statement ^ w 

For the year coded Septe mber 
29, J97S. profits increased from 

jOUMUM » 

of £596,746 f£608.66o) aDd ^- 
ordlnary- credits of 5za;n\ 
<£12S^94J. . 




~s -i : "T-: M :-' 


AUSTRALIA'S largest cos) 
exporter. Utah Development 
Corporation, which is S9.2 per 
cent owned by America’s Utah 
International, has extracted 
better terms from the Japanese 
steel mills for new contracts than 
those obtained by other coal 
suppliers in recent negotiations, 
reports James Forth from 
Sydney. 

The new contract is the Drst 
negotiated ; since the Australian 
Government announced stricter 
export controls on iron ore, coal, 
bauxite and a luraina and has 
already been claimed as justifica- 
tion for the new policies. It 
coves the sale of about 6m tonnes 
of -coal over the next two years, 
worth more than A$200m 
(£117ra). 

The terms are much better than 
a contract recently approved by 
the Australian Government for 
another Queensland coal opera- 
tion, that of Thiess-DampJer- 
Mitsui, before the new export 
controls were introduced. 

The average price for coal from 
Utah’s Blackwater mine under 
the new contract is US$50.40 
f£26) a tonne with a base price 
of US$49.50 a tonne. This com- 
pares with the old price of US$52 
per tonne. But, with relaxed 
penalties for impurities. Utah will 
receive almost the same price. 
Moreover, the new contract 
retains the principle of price 
escalation and avoids recession 
clauses. 

The Thiess consortium settled 
on a price of US$43.50 a tonne, 
and reduced sales tonnages, for 
comparable coal to Utah’s, while 
the Canadian exporters are 
receiving about US$49.50 a tonne. 

The new Utah deal comes at an 
opportune time for New South 
Wales producers which are now 


starting negotiations for the two- 
year period from April 1979 to 
April 1981. 

Australia's deputy Prime 
Minister, Mr. Douglas Anthony, 
said the Utah negotiations had 
shown that commercial mineral 
talks could be carried out success- 
fully within the context of the 
Government’ s revised export con- 
trol procedures. 

“The outcome was fair and 
reasonable to all parties. It is 
particularly pleasing that Utah, 
with the support of the Govern- 
ment has been able to retain the 
principle of escalation and to 
negotiate terms and conditions 
which do not include such 
onerous features as a recession 
clause On both matters the Aus- 
tralian coal industry generally 
has been expressing great con- 
cern to me." he raid. 

In another move, the New 
South Wales coal producer, 
Kembta. Coal and Coke has 
obtained a contract to supply 
1.3m: tonnes of coking coal, worth 
more than AS50m to Pakistan 
Steel over five years from 19S0. 

The general manager of KCC 
said it was the first sale of Aus- 
tralian coal to Pakistan and repre- 
sents^ an important new export 
market The Australian Govern- 
ment had approved the contract 
wbiefa did not breach the export 
control guidelines. 


Belgium's Union Miaiere and 
U.S. Steel and Sun companies. 
The metal-containing nodules 
were raised by a test mining ship 
at' the design rate of 50 tonnes 
per hour from an area approxim- 
ately 1400 miles south-west of 
San Diego. 

The ship used, “ Deepsea Miner 
n," is a converted 20,000 tonnes 

ore carrier with an overall length 
of over 540 feet. A much larger 
vessel would be needed to support 
a full-scale commercial operation 
•which would require a recovery 
rate of over 250 tonnes of nodules 
per hour- 

OAIA is to analyse the vast 
amount of technical data gathered 
during the latest and previous 
cruises before “ Deepsea Miner 
u embarks on her next test. I 
Despite the success of the latest! 
effort. OMA stresses that many! 
engineering problems remain to 1 
be solved before ocean mining 
can be practiced commercially. 


Lord Mais, chairman of Peachey 
Property Corporation, tells share- 
holders in the group’s 197S 
accounts that the year " has been 
a hard and difficult one, with 
much valuable time spent deal- 
ing with the problems of the 
past." 

The accounts, published three 
months earlier than last year’s, 
provide few surprises. As reported 
at the preliminary stage last 
month, pre-tax profits in the year 
to June 24 reached £l.9m after 
1977’s £87,000 lass leaving attri- 
butable profits of £501,000 (3.9p 
a share). 


A June revaluation of group 
properties shows commercial 
holdings worth £29.9m and resi- 
dential properties {including the 
Park West apartments) valued at 
£2j.3m giving a total portfolio 
value -of SBl.Sra, a pet surplus 
over book value of £*.7m. 


Property sales brought in £4.7m 

in the year, and a £3.4 m reduction 


In borrowings, to a net 35.7m, 
cuts the annual interest bitt by 
fAsO.QOO. and. along with the port- 
folio revaluation, that boasted net 
a sets to £28.9m, or I32p a share. 

Peachey’s shares which were 
already discounting the figures, 
rose just ?p to 88{p yesterday. 

Rationalisation of the business 
following the departure of the - 
late Sir Eric Miller last year is 
proceeding well, with the group's 
400 subsidiaries now trimmed to 
just 15 active companies and all 
the non-property interests sold. 

Lord Mais reports that “claims 
against the estate of the late Sir 
Eric Miller and others are being 
pursued and are in the course of 
legai process. It is difficult to 
estimate when they will finally 
be resolved but it is hoped that 
some at least will be disposed 
of by next year when the Depart- 
ment of Trade’s report should 
have been published and fuller 
details of the assets of the estate 
known." 


PROPERTY DEALS 


Randfontein 
paying 250c 


OCEAN NODULES 
RAISED FROM 
3-MILE DEPTH 


The successful recovery of 
ocean-bed nodules from a depth 
of 3 miles has been achieved by 
Ocean Mining Associates, the sea- 
bed mining consortium of 


A FINAL dividend of 250 cents' 
f!49p> announced by the South 
African Johannesburg Consoli- 
dated group’s Randfontein gold-' 
uranium mine is just about in line 
with expectations. It brings the 
1978 tot al to 450 cents against 350 
cents for last year. 

Less satisfactory are the final 
dividends declared by Western 
Areas and Elsburg. Th eformer 
is paying 12 cents to make a 
year’s total of 20 cents against 13 
cents while the latter's final- of 
7.8 cents makes 13 cents against 
8.4 cents. 


0 Abbey Life Property Fund, 
advised by Htllier Parker May and 
Rowden. has paid £2m for the 
36,000 sq foot Fitzpatrick House at 
14-18 Cadogan Street Glasgow 
from Fitzpatrick Securities. The 
building. let for a total rent roll 
of £115,000, gives the fund an 
initial return of 5.25 per cent. 

• The Nuffield Foundation has 
accepted an initial yield of 4} per 
cent on llie £280.000 purchase of 
n shop at 30. '30a Westgate. 
Mansfield Molyneux Rose, on 
behalf of a Midlands fashion 
group, bought the freehold build- 
ing earlier this year and, after 
rebuilding, re-let the space to 
J. Weir and Sons for £13.750 a 
year on a 25-ye;ir. five-yearly 
reviewed lease. Chesterlons 
advised the fund on the purchase. 

• LCP Holdings has cleared an 
£800.000 dealing surplus on the 


sale of its surplus distribution 
depot at Saltwell. The 1950’s 
building has been leased by the 
group to a private export packag- 
ing business since 1974 and pro- 
duced £42,000 rent last year. It 
bas now been sold to an insur- 
ance company for £950,000 cash. 


• Only four months after their 
arrival at Bank and Commercial 
Holdings Messrs. J. Green and 
G. Spanner resigned from, the 
Board on November 29 and 
Mr. K. Borneo resigned on 
December 5. Messrs. Brian M. 
Troup and Anthony J. Gtmbiner 
were appointed on December 5. 
Clifton Investments, of which Mr. 
Green is chairman, is do longer 
interested in 5 per cent or more 
of the company's shares. Hailwood 
Estates holds 3,075,000 shares 
(7.8 per centj. 


at 


e 


has a lie 



e 


T rade Imbalance, 
Depression and 
Inflation 

. Since 1973, the world 
economy, including Japan’s, has been 
plagued with the problems of inflation, 
depression and foreign trade imbalance. 
Various measures have been adopted in 
all countries to combat these problems. 
The industrially sophisticated nations 
have held summit conferences and 
endeavoured to achieve world 
harmony. However, the economic 
headaches still continue. 


Y en Appreciation 

On October 26, the dollar 
broke the ¥180 mark in 
Tokyo, London and New York. 
Back in 1971, the 360-yen- to-one-dollar- 
rate fell to 308 yen. With the change 
to the floating exchange-rates in 1973, 
the value of the yen against the 
dollar continued to appreciate until it 
doubled In terms of exports, this meant 
a significant decline in the competitive 
power of Japanese products on the 
international market 


A healthy spirit of international 
cooperation in tune with today’s 
growing economic interdependence. 

Our overseas office network 
picks up information about worldwide 
needs as or even before fliey appear. 
Our success in these areas has been 
made possible by our reputation in the 
delivery of machinery; the organiza- 
tion with overseas enterprises of 
international consortia; international 
fund procurementjvand the utilization 
of skilled human resources from 
throughout the world 

These activities are possible 
because the organizing function of a 
Sogo Shosha (literally “general trading 
company”) like ours is being exploited 
to the fullest 

The management’s policy in the 
future, as in the past, will be to 
continue to develop such projects. 

We all have our own problems . 
in today's stagnant economy, but we 
cannot simply wait for conditions 
around us to change. We must try to 
solve the problems ourselves in an 
effective manner. 


We at Mtsubishi Corporation 
have been working to solve our own 
problems and hopefully contribute to 
the solution of others’, through our 
many varied Sogo Shosha functions. 


M eeting 

the Challenge 

In times of recession 
then, a company’s 
approach to business becomes 
increasingly important And though an 
element of risk accompanies any 
business transaction, too much 
preoccupation with this risk can 
prevent any appreciably significant 
business expansion. Mitsubishi 
Corporation will seek new opportunities 
and expand its business, realizing 
always its role and responsibilities in 
the world economy. 

In that respect we are confident 
that we can motivate our staff of 
13,000, our 61 domestic and 66 overseas 
branches, and 28 overseas subsidiaries 
and their 33 branches to help realize 
such mutually profitable objectives. 


T jhe Initiative of 

‘Mitsubishi Corporation 

While making provisions 
for a smaller volume of 
transactions in a low-growth era, 
Mtsubishi Corporation has made 
increased moves towards overseas 
investments which have a strong future 
from a long-term perspective. 

For. example, we have been 
engaged in the development of LNG 
resources in Brunei; the development 
. of coking coal in Australia and 
Canada; pulp-production in Canada; 
and salt-making in Mexico. These 
projects, while contributing largely, to 
the long-term stable supply of ■ 
resources to resource-poor. Japan, also 
. aid the development of local industries. 


FINANCIAL HIGHLIGHTS 


... Six months ended September 30 . . . 


1978 

1977 

Total trading transactions* 

$22,449 million 

$24,803 million 

Net income 

$43 nnlhan 

$45 million 

Cash dividends 

1.850 

1.850 

*Total trading transactions by type of transactions 


1978 

' 1977 


(Millions of dollars) 

Domestic 

$10,932 ( 48.7%) 

$11,395 ( 45.9%) 

Import 

$ 5,703 [ 25.4%) 

$ 6.983 ( 28.2%) 

Export 

$ 4,320 ( 19.2%) 

$ 4,641 ( 18.7%) 

Outside Japan 

S 1,494 ( 6.7%) 

$ 1,784 t 7.2%) 

Total 

$22,449 (100.0%) 

$24,803 (100.0%) 


Business results ot the parent company for the six months ended September 30. 1 978. The US. dollar 
amounts represent translations of yen amounts at the rate of *189 «$1. (The approximate rate change 
Of September 30, 1978).. T . . ‘ . * 


An active global partner 
that gets things done. 

A Mitsubishi Corporation 


Need Office: 6-3, Msrunauchi 2-cfiome, Chiyoda-ku, Tokyo 100, Japan 
Mitsubishi. Corporation London Branch 

Bow Beils House, Bread Street, London, EC4M9BQ England Tel: 01 (236) 2060 Telex: 888251 









NORTH AMERICAN NEWS 


Kr 


Court ruling on Occidental 
bid for Mead immin ent 


BY DAVID LASCELUES 


THE .lUDHE in the bitterly con- 
tested Occidental Petroleum- 
Mead takeover case in Dayton. 
Ohio, today began considering his 
ruling on a request for a tem- 
porary restraining order to 
prevent Occidental going ahead 
with the acquisition. 

Although Judge Carl Rubin set 
no date for his ruling, both he 


and court officials said the need Department which charged that 

Occidental and Mead had over- 
lapping interests in production 
of sodium chlorate, coking coal 
and carbonless copying paper. 

Occidental, which bad been 
boosted by a finding from the 
Ohio Securities Division that it 
complied with the State’s take- 
over laws concerning disclosure 
to Mead shareholders, said it 


NEW YORK. Dec. 7. 

has refused to put a price tag on suits, both Mead and the Justice 
it. Since then, the takeover has Department asked the judge to 
turned into one of the most hard- grant a temporary restraining 
fought of recent years. 

Mead swiftly resorted to the 
courts, charging that the take- 
over would violate anti-trust 
laws, and that Occidental had 
also breached U.S. securities 
laws. The company was joined 
in its opposition by the Justice 


for speed was recognised. 

Final arguments in this stage 
of i he case were heard yesterday, 
but whichever way the judge 
rules, there are still several other 
suits and counter-suits to be 
heard before the manor is finally 
sell led. 

The case arises out of 
Occidental's attempt last August 


to take over Mead, the Dayton- would be prepared to divest it- 
based forestry products company, self of these interest in order 
in a deal analysis have valued at to get approval for the takeover, 
around $lbn. Occidental itself Pending resolution of these 


order, on the grounds that if the 
takeover went through, it would 
be virtually impossible to dis- 
entangle the two companies 
later if the court ordered the 
merger to be reversed after 
hearing all the other pending 
suits. 

Occidental’s position was re- 
cently complicated by jts dis- 
closure fn documents filed with 
the Securities and Exchange 
Commission in connection with 
the Mead tender that its affairs 
were being investigated by the 
SEC to see if its filings with the 
Commission since 1975 had been 
accurate. Although the com- 
pany's documents said the im- 
plications of this for the Mead 
takeover were uncertain, it did 
not say they were immaterial, 
which would be normal. 


Turnround 
at Tesoro 


By Our Financial Staff 


JBrown-Forman Distillers 
increases whisky sales 


BY OUR FINANCIAL STAFF 


FEARS OF disruption of supplies 
following the expiry of a labour 
contract led to a significant boost 
in sales for Brown-F orman 
which was Distillers in the second quarter 
loss in The to October 31. Sales improved 
to S171ni fro ma 


TESORO PETROLEUM has 
recorded 3 net profit of $:J.5ra for 
the fourth quarter cf 197$. com- 
pleting a dramatic recovery from 
a near disastrous financial per- 
formance in 1077. 
capped by a $2S.5m 
final quarter oT the year. 

The refining company, which Slum, whereas net earnings rose 
once held 37 per cent interest in to $1:1. 9m from $8.2m for the 
the financially-troubled Continen- same period in 1977. Per share 
la l Oil Refining Company of earnings increased to SI. 01 from 
Puerto Rico, earned S329.4ni or a corresponding 64 cents. 

19 cents a share in the final The company’s labour contract 
quarter compared with 3302.8m al iLS Louisville production fact- 
or a loss of $2.32 in the same lities was due to expire on 
period last year. Corco has since November 30 but a new three- 
suught protection from its vear contract was ratified on 
creditors under U.S. bankruptcy December 

legislataion. The company said the new 

For the year. Tesoro had a net contract’s provisions for wage 
profit of $21. tint or $1.75 a share, and benefits increase fail within 
compared with a loss in 1977 of recently announced federal 
$87 ,7m Or $5.52 a share. guidelines. 


First-half sales were $284m 
compared with S214m a year ago. 
and all of Brown-Forman’s major 
brands continued growth pat- 
terns based on case sales from 
the wholesale to the retail 
corresponding trade. 

Volume sales for Jack Daniel 
Tennessee whiskey was consider^ 
ably ahead of the corresponding 
1977 period, when there was less 
matured stock available. 

Television advertising boosted 
volume expansion of Holla and 
Celia Italian wines and further 
growth was again shown by 
Korbel California champagne and 
brandy. 

The company’s Old Forester 
and Early Times Kentucky 
bourbons product lines had good 
gains in the period 


RESULTS IN BRIEF 

Yen losses upset Oscar Mayer 

NEW YORK, Dec. 7, 

MEAT PRODUCTS manufacturer price increases. Sales volume in cents a share. 

Oscar Mayer and Company weight was dowD by 1.4 per cent Meanwhile, for the first 
suffered a sharp decline in net from the level of 1977, but in quarter of the current financial 
income for the year la October dollar terms sales were up by 13 year. United States Shoe Cor- 
28. On sales ahead from $1.19bo per cent because of higher po ration improved per share 
to S1.35bn. net income fell from prices. earnings from 91 cents to $1.20, 

$35.02 m or $2.43 a share to The company said that demand while for the first half Handle- 
326.03m or SI. 79 a share. The for its processed meat products man. the records and tapes dis- 
coinpany said that about 75 per remains strong, and the record tributor, advanced from 81 
cent of $6.Sm of the decline was corn crop this jear is expected cents to $1.37. 
due to an increase from $2. 02m to lead to increased supplies of . In the first .. nine months, 
to 8S.$5m in unrealised losses on pork and ' more stable raw clothing patterns manufacturer 
currency translation involving material costs Simplicity Pattern moved ahead 

the yen. For the fourth quarter. Oscar slightly from 74 cents a share 

The balance of the drop was Mayer reported not income up to 76 cents, Longs Drug Stores 
attributed by the company to from $8.87m to $9.04m. Because improved from $1.25 to $1.50, 
increased costs of raw materials, of an increase in she average and retailer Wickes Corporation 
labour and supplies that could number of shares in issue, net advanced from S2.06 to $2.56 a 
not be fullv recovered througf earnings remained level at 62 share. 


CREDIT FONCIER FRANCO-CANADIEN 

The Quebec 



BY ROBERT <5IBBENS ;-'. r "/ ” - ' - - • ' j- ’ 

ONE OF CANADA’S oldest suitor lor Credit Fonder, and lost ont to the Argus Corporation carefully at any pknfor.a western- Canada^ :-|p. 

financial institutions the Mont one tailored to the scope of its interests. - ■ Federally-chartered tasflttfton. It had a major .investment in I. 

reaLbaseil^ Credit’ Franco- national operations and. in Afoout 60 per cent of thetotaltotake over a Quebec-chartered ErahcanaC® and Gas. itseifeon- |..- 

Canadien, has quickly side- recent years, slightly less con- Credit Fonder stock as beared one. tabled, by the AngloAmertcan T/ 

stemad the «nhmp of an servative image. As it now held m Europe, mandy nL France Within 24 hours, tbe C^ebec'Group mCanada. ThiB bas-beea - T - 
start" frornth^ Mari time stands, any change in control and Belgium- Two represents- Government saldYtwotddbrmg reduced t** per^ cent; ^buT the- . t' 

pSSSs cSSal tSid E SS would come unde? the scrutiny tires of Paribas sit in.the Credit dSS^cial legislirtien. reiffi ^mpaay also bat ahm&27pjOQO . 1 1 

Trust ^ ConSSnT based in of the Quebec Government — — fee its approval of takeoreraof ' scares - :.of%HudsMi. Bay. Mining '• £ : ■ 

y^iaas SS&W& ; 

Government of Quebec Premier panics traditionally have been takeovers of SUV ‘ ' T r® - V 1 " 

Rene Levesque has played the provincial ly incorporated, partly TaKeoveES QI a-Py ■ - - vestment Review Act .was n 

basic protective move Credit because provincial legislation prOV ln C iil lly-ChaTtered. \ ■- planned to protect Quebec - Some-' -commentators: - 

Fonder, with assets of C$1.2bn affecting individuals has a financial institutions will *^® excesslve foreign control, 

and mortgage and financial ser- strong impact on them- e-toll Pon+rol 

vices operations across Canada, On Monday, trading in the lores tail vAJUU di anq. 
is incorporated -under a Quebec stocks of both Credit Fonder Eastern’s takeover 
Charter. and Central and Eastern was 


The Quebec Government says baited on the stock exchanges, bid Of Credit FOdlCier, 
it will bring down special legis- On Tuesday. Central and Eastern but may not be the end 
lation next week giving it power put out a statement saying, it. * offei-r ' 
to scrutinise and block any would offer C$138 a share for 01 LUti 
takeovers of Quebec lending or 475,000 shares of Credit Fonder ■ . .. . . 

financial* institutions operating -^he lastteade had been axotmd ponder boardroom, and two branches incliidtogone in Hhe coropdny 

with Provincial charters, indud- C$1 W). Those shares represent fram Cxedit Lyonnais. “ ^ - — ■ ‘ * 

lng transactions in orogTess or 55 per cent of outstanding stock, central aiitv.oRtom 1 


Paribas leaving- Quebec after 
Credit Fonder was set up in 'many years and French -and' 
Montreal in 1880, and the Belgian investors willing to take 
the Paribas Group .headed the. cash now in view of the Ymcesr- 
hyndicate which financed it. It tain political future of Capiada. 
expanded almost immediately to . However the -.-Paribas 1 Group 
Toronto and by 1907 had fea$ recently' taken '.a- 20 per cent : 
branches In Winnipeg, v;Edm6n--^take totbe ’’equity ’’ of Power 
ton, Regina and Vancouver, Corporation of Canada.' Its., 
operating In the mortgage lend- voting' interest' is 10 per cent 
field- ‘ Now there .are, 1,9-. power • Corporation, a holding - 

. — . / contrulHng fiihaiHial, ; 

log transactions in progress nr 55 percent of e—ng ;.»« ~ cUSoUfSSSS g?|M “*■ £^£S“S( gJSS: : i 

planned m the future, within Central and Eastern added a agaement of Credit Fonder The company is wdl. known financier Paul " Desmarais has 

that oet comes the C$b5m “ come-on." It said it had re- wouldbe asked to stay of if its for offering a slightly . higher sharply increased its holding m~ ' 4 

(UB.77m) bid by Central and cerved assurance that about 20 bid succeeded, and the company rate on its debentures "and other ^aker suhsidianes, Great-West - 
Eastern Trust for 55 per cent per cent of the Credit Foncier would own. independently. ... instruments sold to investors. It Life and Investors Group. TMon--. “* 

of the Credit Foncier stock out- issued shares were represented The presient of Credit Foncier, has been known as .a strongly \ jp y j jrnigtf ? nation a l' 1 trust' com- : 

standing. by holdings of .the French Pan-. Mr. Raymond Lavoie, who -has. conservative organisation in Its party, : is also within tho Power 

This appears to checkmate the has bankinggroup on behalf of worked bard to increase the. main mortgage business; but, Corporation fold, and Isihthe^ 4 

expansion plans -of Central and itself and French and Belgian scope of operations, said he was agressively adding financial and process of separating its Quebec J3 
Eastern, itself a merger of two investors. This stock would be “surprised" by the bid state-' general trust comfrahy. services' business in the traditional pro-' .53 
small trust and loan companies tendered under the offer. meat, but thet Board would not In recent years. Zh the first nine -yinciaily^ chartered , entity from 

two years ago into a financial A few months back. Central comment publicly tiH after a months this year-/ it had earn- assets^ held In'otharpat hs of’the 4 

services group with assets of and Eastern, controlledby a well- formal offer had been received.' ings of C$7^m, including gains country to 'be - ’put under a:' 

about C$L2btu known Moncton lawyer, Reuben He drew attention to the fart on sale of real estate, against Federally chartered un^jrella^ r.-- 

It operates mainly in the Cohen, and a Montreal entre- that Central and Eastern is a Central and Eastern’s "‘CfSBnL The ' Cehlral- and -Eastern- 

Iffartime. However, many had preneur. Leonard Ellen, had Federally-chartered trust eom- Credit Foncier also controls a approach ' may have been 

hoped some fairy godmother tried hard to gain control of pany, and hinted that the real estate investmerrtr portfolio turned away : but it may not be 

migbt find an ‘‘acceptable" Crown Trust of Toronto, but Quebec GovemmMt would look.. of C$100m or more 4 inalnly in the end of the: affair, y 


Consolidated Foods gains 
majority of Hanes shares 

CHICAGO. Dec. 7. 

CONSOLIDATED FOODS Cor- Mr. James Gordon Hanes Jr., 
poration has concluded its cash the chairman of Hanes, members 
tender offer for any and ail of his family and others, 
shares of Hanes Corporation Consolidated said it is 
and has acquired or has agree- 
ments to purchase about 75 per 
cent of the outstanding stock. 

Consolidated was paying $61 
a share for the Hans stock. 


Consolidated said it 
expected that proxy materials 
will be mailed to Hanes share- 
holders within several weeks for 
their approval of the previously 
announced merger agreement 
The company said Hanes under which Consolidated would 
stockholders tendered 30.2 per acquire each share of Hanes still 
cent of the 4.3m outstanding outstanding for $61 cash or $61 
shares. principal amount of Consolidated 

Prior to the tender, Consoli- Foods 8 per cent restricted 
dated owned 21 per cent of the convertible subordinated notes 
stock and had agreements to buy due 1985, 19S9, 1994 or 2004. 
an' additional 23.7 per cent from Reuter 


7/;kre Bondi have not been registered under the Securities Act of 1933 of the United States oF America andmaynol be offered or sold in the United States 

or to nationals or residents thereof. 


NtWIKUE 


These securities having been sold, this announcement appears as a matter of record only. 

SDR 25,000,000 

SVERIGES INVESTERINGSBANK 

AKT1EBOLAG 

(Swedish Investment Bank limited) 
wholly owned by the 

Kingdom of Sweden 
9% Bonds Due 1985 

Credit Suisse First Boston limited 


Cargill opens cash offer 

’ '• ' MINNEAPOLIS. Dec. 7. 

CARGILL SAID its Cargill Purchase and payment for 
Holdings subsidiary bas started a shares will commence promptly 
cash tender offer to purchase any after 18.00 est December 27, 
and all outstanding common Cargill added. The offer is 
shares of MBPXE r 'Corporation at scheduled to expire on January 
$27' a share, "net/to seller. S, 1979. 

Cargill Holdings presently The Board of MBPXL has un- 
awns 554.057 shares of , MBPXL. animously approved the offer 
approximately 22 per cent of the Cargill said, 
outstanding common shares, and As a result of litigation com 
has contracted to purchase an menced by Conagra against 
additional 112,984 shares or 4.5 Cargill, a State Court in Nebraska 
per cent of the outstanding stock, has issued an order permitting 
— -Cargill to proceed with the offer 
but enjoining it from selling or 
disposing of any shares it owns 
or will acquire pursuant to the 
offer and from voting or not 
voting such shares on a Conagra- 
MBPXL merger proposal without 
further order of the court 
Reuter 


8th December, 1378 


Banque Bruxelles Lambert S.A. 

Credit Suisse First Boston (Asia) limited 
Scandinavian Bank limited 


Chase Manhattan Limited Credit Lyonnais 

Dresdner Bank AktiengeseHschaft 
S- G. Warburg Sc Co. Ltd. 


Algcmcnc Bunk Nederland X.V. AMAS S.A. 

Baoca Conimcrciulc llaliuna. 

Bankers Trust International 

Um 0 ri 

Bunquc Franca isc dc Depots ct uc litres 


Bank ot America Tntenvatkmal 

Baoqne Earopecnne ae Tokyo 


A. E. Ames £ Co. Amsteidam-Rotterdam Bask X.V. Bachc Halsey Stuart Shields 

Bonk Leu International Ltd. The Bonk of Tokyo (Holland) N.V. 

Banque Frangaise da Commerce Exteneur 
Banque tie t’lndoctune ct de Suez Banqnc National® dc Paris Banque de Paris ct dcs Pays-Bas 


Banque Worms Baring Brothers &Co~ BayeHsche Landes bank G!ro*eotrale Bayexische Yeronsbaok Bergen Bank. 

Berliner Handels- uih] Frankfurter Bank Blj lh Eastman Dillon & Co. Cahse dc* Depots et Consignation* Cbcnucai Bank International 

Chrisliania Bank osK red itkassc Glicorp International Group OaridenBank Co mmerzban k 

Compiiiinic Aloiw^usqne dc Banque Coniine nlal Illinois County Bank Credit Agricrde (CN.CA.) Credit Commercial de France 

Credit lndostriel ct Commercial Creditanstah-Bonkvercui Credit o ItnKano Dahra Europe N.Y. Den no rake Cnflhak 

Deutsche Bank DG Bank Drcxel Burnham lamheit Effectenbaak-'Warbnrg Fntopean Banking Company 


DG Bank 

First Chicaiio Fuji lnlernalional Frnanco Gefina International GeaossenscbaltEche Zentralbank A.G. 

Gimzcnlraie und Bank der Oslcrrcichischcn Sparkassca Gflldnua Sachs International Corp. Gotabahken Greeoshidds Incorporated. 


Hamhrns Dank 


Bill Samael&Co. 


1BJ International 


Isritnto Bancario Son Paolo dT Torino 


Hessische T.amfesbank 

3viddeVri*eah(idy International Kleinworf, Benson. * Kahn Loch Lehman Brothers International Lazard Brothers &Gb. 

Laxard Frcres cl Cie Lloyds Bank International Minulactnrers Hanover McLeod. Totm^Weir International 

Merrill I.vnch luternalidnal & Co. Mitsui Finance Europe Samuel Montagu & Co. Morgan Grenfell & Co- Morgan Stanley International 

The Niklin Securities Co.. (Kurupe) Ltd. Nippon European Bank SA. Nomura Fumpe N.V. Nordic Bank Limited Sal. Oppcnheim Jr. & Ct- 
OrinnBank PKhankcil Postipankki Privalbanken N.M. Rothschild & Sons Bolhsdiild Bank AG Salomon Brother* International 

J. Henry Schroder Wasjfi & Co. Skandin.i viska FihLilda Ban ken Smith Barney. Hams L'pbam & Co. Sooetc Bancajre Barclays (Suisse) S_L. 

Social e GenOmic Soeicic Generalc de Banque S.A. ' Sociclc Privec dc Gealion Finaaciejc et Foncicre SPGF S par bank cmas Bank 

S trau ss, Turnbull & Co. $iuui;unm Finance lnlernalional Sand&vallsbanken SrenskqHandekbanken Swiss Bank Cor pora tion (Overseas) 

Ycrcins- tmd W'estbank J.Yonlobcl&Co. Wcsldcutschc Lacdcsbank Girozentrafc WoodGnndy Tamaichi InterMtionai 

iJI 1 * v ^ 


International 

Harvester 

setback 

NEH' YORK, Dec. 7. 

A FALL IN net earnings from 
$6.88 to $6.14 for the fiscal year 
is announced by International 
Harvester, one of the world’s 
major manufacturers or farm- 
xning machinery. Total net is 
down from $202^m to $186.7m, 
although sales show an 
increase from $5.97 bn to 
$6.66bn. 

The net figures Includes a 
loss of $1.01 a share on 
foreign currency transactions, 
compared with a loss of 66 
cents last time. The net for 
1978 was further reduced by 
41 cents by tbe ebange to 
LIFO accounting method and 
by 26 cents a share by strikes, 
says the company. 

In the final quarter, net 
dipped from $2256 to $2.41 on 
total earnings of $73m against 
575.4m. Sales of $2.08m com- 
pare with $L71bn. 

Agencies 

Sperry sells 
Remington 

NEW YORK, Dec. 7. 
SPERRY RAND CORPORA- 
TION has signed a letter of 
intent to sell its Sperry 
Remington consumer products 
operations to a new company 
to be formed by Mr. Victor K. 
Kim. Terms of the agreement 
were not disclosed. 

The Remington electric 
sharer line was introduced in 
1937 and U tbe only consumer 
product produced by Sperry. 

Mr. Bom bas indicated that 
be plans to continue ongoing 
operations and retain the 
Sperry Remington workforce. 
Sperry Remington Is based In 
Bridgeport. 

The company said a filial 
agreement is expected to be 
signed in mid-January. 

Reuter 

Chilean banks’ 
foreign debts 

SANTIAGO, Dec. 7. 
CHILE'S Central Bank has • 
raised the ceiling on debts 

which domestic banks may con- 
tract abroad to 215 per cent of 
each bank’s capital and 
reserves, effective immediately, 
Mr. Javier Via. the banking 
asociation president, said here. 
Reuter 


Eurobond price trends mixed 

BY FRANCIS GHfLiS' \ ■ ' 

PRICES MOVED in opposite Domestic interest rates have- bond market moving.- up. Many 
directions -in the two major moved up and Ihe^ -'ydeM. gap be*- deilerg were, overbought and tbe : 
sectors of the intematitoaal bond tween domestn caad foraagn iDM inevitable te chnica l reaction duly 
markets Yesterday. Quotations J*® 1 mar H ets ^ . grown wider. ^ ^ conrse> 

However, demand as reported to AOIocations -for . the -Norsk 
were three-quarters to a be good for the Braol assoe he- Hydro issue 'were described by 

point higher in the Deutsche- tog (managed by Deutsche Bank, dealers as relatively ‘ -kenerous 
Mark sectar but among dollar The indicated couptm of 7} per and die market 1 gave Tt a good 
tissues. Josses ranged, to a Afil. cent for an eight-year maturity reception.- iast "eight the lead 
point ‘ 1 '.-£s iprovin gat&active ~£ar: to- manager. was~qifotfnff a price of 

^Insplte of'the better toneto vestors. 97J48I. -The floating rate note for 

tbe Deirtsch eMaxk sector, Uresd.- -r - Trading in the DM sector was Privedna. Banka was prices at par . 
ner Bank was u nab le to float Hie more active yesterday than, on with -indicated conditions other- 
DMlOOm ssue it bad booked to- previous days. The one 'sector not wire ‘unchanged : ■--- 
the calendar for an unknewfl benefiting from theis buoyancy T The Philippines ' is the first 
borrower: apparently toe bar- ig the Japanese convertible 1 Asian borrower to return -to the 
rower refused to accept a coupon market, which is being affected yen bond, market since it was 
higher than that (indicated by the by the weakness of the yen revived -recent^r after - a three- 
lead manager a few weeks ago: against the DeutscheBfark. . /. month lulL Final terms for the 
The same mashap occurred to In the dollar sector prices came ,YI5bn 10-year ■ issue, being 
Westdeutsche Iamdesbank eariiec down by as much as a point on. arranged by - Daiwa Securities, 
this week and confirms that ^de- the day. Tbe previous two days . include a coupon' of 7 per cent, 
maud for foreipi DM bonds- bas had been somewhat anomalous, a price of 99.4 and a yield of 
fallen off quite fitrongly in recent, with the New'York -bqhd market 7^4 per cent The bonds bare 
weeks. - - ■ • ^weakening and prices to the JBuro-“ an average liffr of ;nme -yeac».:» r. 


FT 



BOND SERVICE 




? V- • . 

The list shows the 200 latest international bond issues for which an- adequate secondare market 
exists. For further details of these or other bonds see the complete tist of Eurobond pricre published 


on the second Monday of each month. 


i 


Closing, prices on Deeeiuber 7 


US. DOLLAR 
STRAIGHTS 
Axi Akl. Bi 85 . 

Australia 8.45 S3 

Australia St 93 - 

Beatrice Foods 7* S3 

CECA 9i S7 

CECA 8 93 

CECA » 98 

CNT 9 93 

Canada S 93 

Canada 8JD S3 

Canada 8| 98 

Canada 9 S3 

Canada 91 98 

Canadalr 81 83 

Dominion Bridge Co. 9 86 

Era 91 99 — 

Ekaportilnans 9 S3 

Finland 82 S3 

Finland 9 8S 

Hospital u/S 9 83 

Hi-1 Finance 92 ss 

IIl- 1 Finance 92-M 

J. C. Penney si S3 

Mac Blocdel 91 93 

S7. Dc». Fin. Si ST 

NZ Dev. Fin. Si .« 

Nat. WcSL 9 Sfi 

Newfoundland Si M .... 

Nord Inv. Bfc. 8J SS 

Norses Komra. 91 98 

Norway 7J S3 ...» — 

Norway SJ S3 

Occidental 8( 85 75 

Ont. Hydro 8J Si 32S 

Quebec Hydro 9* 93 — 58 

Sweden 91 88 125 

UK 8i 85 206 

UK 8} S3 - 15* 


Oumfeon ' 

Issued Bid Offer day week YMd 
» «; Mi -BJ -HU 9.90 

m 971 +® +« 9J1 

9*8 991 +U +1 9J8 

951 981 +81 +8f 8.90 

941 95 —8* 8 9 M 

98 911 — N +81 9JL 

9M lOCti 0+2 9J* 

981 971 —01 -H8 9JT 

951 951 -01 « 9.46, 

951 958 +Ot +*1 : 9J8 

941 941 0 +81 

99 w; -04 -Ik WO 

992 um 0 +#l 9.46 

9K 9T2 -« +12 9J8 

94* 951 -M -MS - 9J8 

97J 934 -HH +« - 9JB 

972 981 • +8K -‘9.38 

m 98 +01 +« 9.W 

9M 971 +08 +02 9.70 

971 98 +01 +U- 9499 

962 9M +0t +U 10J3 

942 952+01 +28 38.77 

97* 981 -04 +08 9.0ft 

98 981 -01 +0S 9-47 

9Sj —84 +02 9 AS 

95! -Oi +8J 9J4 

9fl -0* +11 9J7 

992 0 +04 9J8 

97* 0 +B* 9JD 

911 +01 +01 9J4 

94* -04 +ei 9 A0 

98 -81 --01 9St 

94* +01 +18 30X8 

961 0 +0* 9JS 

1001 +01 +01 9X9 


175 

TS 

1M 

58 

25 

25 

75 

250 

258 

250 

400 

350 

70 

25 

VB 

SB 

100 

100 

25 

25 

20 

in 

50 

20 

20 

75 

50 


75 
SO 

.... ISO 


95 

94* 

981 

901 

96* 

98 

94* 

911 

941 

9ft 

99J 

98* 

9ft* 

973 


98* 

971 


+81 +tt 
+0*' +« 
+81 +» 


9X3 

9X6 

9X8 


DEUTSCHE MARK 

ffmA L CH1 ?. - ^2* w 0ff *’ weak Yield 

Arxendna 61 88 — 158 951 9* +■* +M Til 

Aslan Develop. Bk. 51 88 100 93* 931 +01 +6* ' 642 

Australia 6 68 ... — 250 1(01 10i; +0*' +01 5X1 

Austria 52 90 IS) 94* 951 +02 +01 6X8 


Bankamerlca 62 90 1 SI ot* OT( 

Bn lie. Ext. Aljtene 72 85 300 96} 97 

CECA « 88 150 974 973 

Canada 42 S3 600 98* 901 

Chase Manhattan O/S 6 83 100 rail 102* 

Coraratrzbank Inu WW 31 300 1041 US 

Commerzbank Ini. XW 31 100 82! S3* 

Copenhagen City 6 80 75 95* 96* 

Connell or Europe 61 100 901 991 

Council of Europe 62 130 9rl 9ol 

E1B E 90 381 9K 97* 

Elf AgulCaina 51 38 300 93! 94 

Finland 6 83 35* 9*e 98* 

Hitachi Ship. Si 83 58 992 1001 

1BJ E Si 300 991 OT* 

Indonesia 7 84 188 97! 901 

Kobe, Qly or Si 86 100 100,' Id} 

Light Sertfcos de EleL ... 150 96* 97* 

Mexico 6 85 : 200 961 97* 

Mitsubishi Petra. 52 85 ... 100 10Q4 io»i 

Nippon Steel 51 85 100 991 100* 

Norecs Komra. 6 W ~. 300 • 971 981 

Norway 41 83 250 96* 97* 

Norwegian lod. Bk. 6 9d_ . 125 924 983 

Fetroleo Brazil 7 SS 3M 992 99* 

PR Banken 52 38 100 93* 94* 

Quebec. Prorlnce of 6 99 150 95* 95* 

Bautaniukkl Oy 52 88 ... SI 933 944 -04 

Ricoh 5| S3 - . 30 100 1001 +M 

Spain 6 88 200 95* 964 0 

Statoll fi 88 — 158 96* 911 -a* 

Trumihelin. Cny of 53 34 94* 95* o 

UOS Croup 52 S3 . — 65 97* 97* +01 

Ve&cauela 61 90 151 941 94J +0* 


+0* +04 
0 +H 
+81 +0i 
+01 +0t 
+04 +04 
+04 H* 
+01 *- 
+01 +01 
+ 0 » + 0 * 
+8* +U 
+04 +14 
+8* +B»j 
+04 -81 
+04 +U 
+04 +M 
+0*- +0i 

+oi ,-a ; 
+81 -81 
+« +01 
+M +04 
• -01 
+0* +04 
+91 .+« 

O +01 
+81 +83 
+01 -81 
+M +01 


+01 

-04 

+01 

0. 

+0» 

+« 


5X2 
7X7 
4X6 
5Xft 
. 5.71 
2J9 
5X7 
AX7 
6X8 
-659 
6X5 
644 
6X0 
.548 
5X1 
7.46 
5X2. 
246 
6X6 
5.68 
540 
6X4 
5X3* 
640 
7X7 
6X6 
6X5 
6X5 
SJ» 
6X1 
6X9 
6X8 
6X4 
7XZ 


SWISS FRANC cifaUM 

STRAIGHTS Icsued Bid Offer day week YleU 

Acesa 52 88 40 U22 162* +«1 +01 4.90 

AniL-rican Exp. Ira, 34 93 40 991 991 +0* +1 . 3X7 


Aribcnt Tunnel 4 93 
Aaea 31 S3 

Austria 3} 93 

Brazil 41 

Chase Manludiaa A 93 

CVRD 43 98 :. 

Connell of Europe 44 .. 
Bankantcrica 32 83 ._. 

BPfDE 5 88 

Denmark 44 Bo 

Dcunarit-Mortgase Efc. 

BIB 42 B3 

Euratom 4} 93 

F, L. Staidlh 4* 69 ..... 

Finland 44 83 

CIZB 44 93 

KUB-LIccbcnstein 42 . 
ICI Fin. NV 41 S3 — 

Malaysia 4* 98 

Manitoba 4 93 ....... 

Newag 4 91 

Nnrwrs Kanun. 42 90 ... 

0KB 4 93 : 

Oy Nokia S 80 — ;. 

Safe 42 83 

Sand Tlk 4 80 

Seas 44 S3 . 

Vocar-Alpmc 44 93. — 
VQralbcrs Kraft 4 93 ... 

Vienna 4 93 

World Dank 42 03 


YEN STRAIGHTS 
Aslan Dev. Bk. Bi SS 

PFCE 8.4 M .... 

Euroflma 8X 00 


... UO 

-100 
.. • 70 
.. 50 

- 65 

.. 80 
.. 75 

.. 180 
.. H 

100 

00 

... 25 

... 00 
... U0 
. 25 

100 

81 

... 206 
._ 78 

... 108 


972 98 +02 » 

921 93 +81 - +M 

95 951 -01 +01 

«4 9H -B4 -4* 
»a 1024 +W. +u 


941 

UOS 

991 

991 

303 


94| 

USB 

99* 

188 

1031 


Utt 1021 
991 1004 
9*1 992 

UBS UU 
UU lOU 
3801 m 
1031 164 
UU 1041 
98* 981 

10L4 mi 
972 98 

UU 1012 
9w m 
ini lou 
zu iou 
UU uu 
UU 702J 

2001 im 
no uu 
300 tuot 1002 
258 1002 101 


30 

85 

15 

300 

30 


-82 —02 
» +«* 
+41 +01 
-8i+tt 
+81 +2 
+ M +fl; 
-01 +OI 
+01 + 0 | 
•HK -HR 
+« +1* 
+01 +0* 
+01 +1.. 
+2 +» 
+B +02 
+1. +01 
+81.-+8I 
+ii +i*;. 
a +et 
ft-.', ft 
+81. +0* 
+0* +« 
—04 +91 
-U +01 
+01 +01 
+oj +K 
-OI-- A : 


4X0 

4X3 

iR 

W 

3X9 


3.77 

XXL 

4X6 

4X7 


4J3 
4X2 
3X9 
3 JB 
4.90 
3X7 
US 
oxr 

4.83 
4X1 
4X4. - 
MS'. 
OI 
Ml 
3.99 
XH. 
4X7 


. . Cfcaaoe on . 

Issued «d Offer day WeekYleW 
. 15 962 97* +8* —8*- 62 
. < « « -01 -81- TX9' 
-10 M R1 B . -1 ftA 


Finlaod 6.7 88 ^ 25- 

Nonny 5.7 S3 U i. 3 

Oato. Cltr of 8.680 IS 

SRCF OX 80 ; - 20 

Sweden OX 9ft 48 


9T- 

100* 


TO 
mi 
9& ' 96X 
96* 97* 

95 -86 


- .* 


•HU 

.-a* 

-oj. 
+01 
-Oi. -8* 

OR 


7X2 

5X8 

7X8 

7.06 

6X9 


““ 9 ffer *** YWd 
Rnnfc O/S Said Hi AS ... 32 Mf '95* "8 ‘ -B| JZ9S 
U 96»- 972 " . 8 


Amo Cote Baaq. 7 83KUA 
Copenhagen 7 SS EUAj- 
Finland 2nd. Bk. T93EOA 
Romm. insL 71 fs EUA... 

Panajia 82 88 EDA 

SDR France 7 ss EUA „ 
Algemene Bk. 82 83 FI ... 

Brazil n 83 Ft 

CFE Mexico 7| 83 FI 

EEB 72 S5 FI 

Nedw. Mlddenb. Si 8S FI 

New Zealand *I « FI 

Norway 84 S3 FI 

ORB SJ S3 FJ 

ElB 91 S8 FFr 

Unilever 10 S3 FFr 

BAT 8 83 LuxFr 

Bayer Lax. a s s LuxFr ... 

RIB 71 88 LuzFr 

Finland L Fa. 8 88 LuxFr 

Norway 71 83 LsxFr 

Renault 71 83 LoxFr 

Solvay Fin. 8 8a LracFr ... 
Swedish L Bk. X 88 LuxFr 
Gestetner Hid. BV il 83 £ _ 
WhJthnsad W SO £ " 25 


—91 7X8 
» 96* .- 9I| a 0 7X5 

15 962 TO ‘ft ft 7X8 

« 7X5 

» 95* W -ft ft 1X9 

22 TO -.981 ..-8* .HR.- 7X2 
J « W .*-11. -11 8X3 

£ 2S +Ji B 9X4 

H TO ft -M • MB 

75 .921 921. ft" —04 8.75 

75 . 92J . !». -0* -rU US 

,5 2? TO +11 -1 .’.8X6 • 

U» TO TO ft -14 8.94 

M 98* 98J . 0 0 9.96 

m 300 1032 ■*■+«: 9.92 

» 95* Md ft 0 .8X4 

S H- JS ■ +«• ft-77 

=8 94S 95* • ft -8i 8X6 

S*:*- « «xS 

TO TO ft* ft -axi 

500 961. TO ft'. +u 8X4. 

ao- TO ion -B +0* Tn 

5te .. 992 XTO 0 - 01 . are 

I* 87} 88* +8*. +8J mi- 
86 87 fl +l 12X9; 


FLOATING RATS 
NOTES 

American Express 83 

Arab I ML Bank UGX 85... 
Banco El Salvador US 83 
Banco Nac. ArsenTMS S3 
Bank HandIowy-M8-83 ..." 
Bank of Tokyo M52- S3 
Banque Worms 3451 95 ... 
Bq. ESL d*Alg. BfS.373 9* 
Boue. Jbtt. d’Als. M7X 85 
Bquc. Indo et Suez U5}... 
Bq. InL Afr. Occ. U8.5 83 

CCCE M5X5 88 -..:.._ 

CCF U3I SS- 

Chase Man- O/S M 
Credit National U5i 88 ... 
Goiabanken. Me SS ......... 

Ind. Bank Japan UU S5 _ 

lxhlkawaJlma yji ^3 

Unbljanska. M7J5 8S'.* 

LTCB Japan H51 85 -l 

Midlan d InU. M5i 93 \ 

Nat. West US* SO 

OKB M5J 88 

Offaborc MUdos 86 

SFTB MS 83 

standard Chan. ms . 5 sa._ 
SftndsrallzbankeB Ml 85... 
UttL Overseas Bk. MS 83 


SpRod BM Offer CafateC-cpoCytd 
M 981 998 20/4 M| MB 

« «■ W'BA H .9X7 

U 965 -TO 12/4 2UZ.UX5 

01 . TO- 97* 21/1 9*. 9X8 ~ 

- TO To Btn 12.94 13X2 
961 97 18/4 ID* 10X5 

M - -982 98* 15/12 9 . 9X5 

u 2? to ZR ,f , n 

M 9* 96i 2/S. 32* - 13X5 

Oi 971 TO 25/1 9* . . 1ST 

m TO* TO"U/i ’« 9X5 

S 5! TO 3/2 VX9 9X8 

0i TO TO VS Hi la-qi 

" TO TO ZT* 9XL.9XC 

Si 22* S 9X9 9X9 

W 77 977 15/* no 32X6-' 

Si - TO VA 12JB: 12A7. 
P* . TO. 981 27/4 iHi-. , 21X6- 

L 21 ‘ 2? nfl to :mx 5 

Ox. . TO - 99 .9*5 12.06 7222 - 

g TO TO R8fl 9X4.; VXV 

» Si S-SS* ,J1 MV 

« 9*1 . 997; 18 /a 10J* 10x1 : 

g-TO TO 39/3 
01 90ft TO - 5/4. 18X9 18X6 

ra TO ,10/2 8X4 9J5-. 

S 2“ “TO 4/4 UX6 30X9 
0i- .981. -99 W 12X1 12X7 




-"<V 


AVERTIBLE C*. Cnv.V- ; -- /W 

Aria s: as l glS B J®, ^SiT rt * y Prtm 

bSSTs^bs^” 54 ® ^rS8:-$iiri?*S 

Cocs-eJa Bomtes'fii";;;;" dm *■*- TO ■ I3J 

5*0™ 7 S9 4/79 354 «U 123 7m '«» 

Jena* Rit, Air. n ss ..._. 4/79 MX ' ft?- xn • +5 

J** 0 ™ Bn. Fin. 7 88 Sim 3 J 3 . yn. iin^ +K -SS 

Tyco JnL Pin. s 84 5/7B c e - 71- « ;tr£ 

Asahl Optic ll 3* DSf ._.iX2/J8 : -“JS8 m *3Z “ "S 
Casio Como 3* 85 DU 11 m VSL . vnt* 1—1 . i.,i. • 
Bramlya 3J SB DM ........M ot 9M 3M4 -at Hf 

Jmco U 38 DM jSp . to 

Ronlridrokn 34 83 DU - Vn.- U2 ; « tu — H ^ 

Maradal Food Si DM 2/7* UU TO 1 TO — M iaS 

« D “ » .TO “to -tf .TO 
Nippon Aar.. 3X 88 DM .;X2 fB 7 ?S 

Nippon Shihpaa Si nor S /76 
Hlppon ton 9t asmC VN 
DI X 3p f 3 * 8B DM ... 2m 

ffia-BSfiS? 

» OK..XVU 623 - TO TO “-§ *£ 
7U - S2 • » — w a.TS 


■fk 

w. 


L'-i 


50*^921 33 

738"T2l& im 
, TO TO 
47T TO To : 
70S TO - OTi 
07 ■ IBM Z0U 


■Mi 


86ft 


2X4 - 
2X7 
ire- 

rHtt "lire 
..ft.. 5X5 
-• B - -3SX0 ; 
-■I 30X2 - 
9X7 


3i SS r mr ' n/ y| 


iii] 


■J: 


• No tofynnaaon avaflabio^Hrevtony daH price. ' v 
l 0D * •* “«« “Mwr 

^ata Bwuta; The ytcM te tbc yirid to-r^fcmnaoa 

hondsrwiierB JtOs in tamtsasi f fcb^^ . 
w*. weeks Chance overprice .a -weak earitovT^ 

PtofUnp TOM Notes: Denominate In doilxn uniM.- WMtrl 
SSi ■SS**' »-Mtohaian eoopon 

0«OTilaa»i ln danant tal8«r,oihe*iri» ‘ - 
day=Change pn dar. CrTt tote~Firsi flaitf ‘ . y .y 
* 0*0 ah ana. fine; prlce= Nrantnkl -mq mw ot ~ Tfc 1 i 
^d per share expressed In cornua' a SiS' \ V . 

‘ d0n - ra r te n ^ d . at ,HUr ' fttlesPe rTOm ytPBi |m|i9f ttfc •• ?%',% ' 

£««jc«i effectftg tn^ of acqirirtog- snar^+iartlif'boatt-'- -4s--* 
ovec. the most rereo t Pricc-of n^itorm .'- 4 / “> 

O Tbe Financial Tima Ltd "iW4: ' * 
or M part In aoy^ &^'nat'»n£ w 

‘ izi 1 . • - " 






-r* •. 

':^X. 

y>Om ^ 5»»onfc. J -' 

: ;r- . :- • > • - - ■ v • ..... ■ - ^ 




29 


hi 




lookers are smiling 


. * , 

-i ' nl - J - •*_ 

■h-r V a *C? 

- V -3* ,*e».s. 


■mm 

2r, 

- l 4 


^ STEWART DALBY 


f- 

*• r- - ■■■-. ,.;<1 ; . 

>■■.-. : .'is*- • 

. . J « v: . : v v 

sj. 


despitey ;PftCffipitsj> 7 .. 

appofntmeirt : - in - - government 

■ circles that the European/Wone-' 
- lary System dJdimt immediately 

' wttik «nt. Jar aere is 

. <me sectlQg <tf tltg:<wnuiinity in 

ftAfa .ighirit.il;' rriimigl. • '^hat 

is Me <£ntuxda£ <me, - There had ' 

been fcraye-reServattons - about 

jn'aay areas * of -. • ^exchange.: ccm- 

iHfiRv mass concern-- was 

■ wfa e lfrerescfagnge, cqntrb& wool* 
jfeUftfcAh&'gsftSdged market. .-•: 

r- Wid5aLthe Government of Mr. 

’X-jncfr ' hga ; 5/* i*ea : 
etrtinisSastirany suggesting - tfiat 
Ireland would, he ; joinihgtbe ; 
EMS, if txansfefr.B*- jeawtces 
of £65003 it ■ had^askecL-ior -was 
forthcoming: -: jap^onev ip. -Vde 

Cabipafc had . quite. ^pelted out 

how:jps<&ahg& .conpjHs. . -would 
apply. fir&ani#- controls would 
have been oeeessafy. j£ -’Britain 

Bad . .Tidt joined; wjuie Ireland 
wedfe-ahead.-. ; Y^-CL v,- , V .- . 

TbeJJJterest bas.never been so 
much in .equities^ Although. 78 
shares are Quoted 1 on: the Dublin 
Stock’ Exchange and 12 *j£ these 
also hhve London Quoted there is 
dresImarheHn only five shares. 

. Anybpue.woiila' find At difficult to 
buy more than £2S t (KK)-. worth, of ■ 
shares hi. 'companies other. .than 
Cement Stbsdstbne,. .■’ Bank of 
Ix&Iaad „ahd: Allied Irish Bank. 
Ip. the second division /though 


still marketable. Jefferson 
Smurfitt ; and Waterford Glass. 

■ Gifts, howeveEr.ar® a., different 
proposition, the Average sire of a 
deal being OSlOa^Wm f2.55bn 
worth of gbvermnent . securities 
outstanding the market Is prob- 
ably only on&tentfi ;tbe size of 
its ^British .counterpart. hut it has 
seen business -<xf up to -53Qm a 
.day.;-' ./ *.-. ~ 

'The aorxn, however;. 3s; usually 
in siugle figures/ . 

The - market ip Bioreover an 
important source bf gwemiatat 
revenue ‘‘ since the : present 
■adxhlnlstraSdn is borrowed up to 
•tbe^ hilt: -with . a public- .'sector 
borrowing- rate amounting to 13 
per cent of. the country’s small 
GNP cf £8.5bn.' 

Thedoubts 

' Would, for example, a Barclay* 
Card! holder or ah Access - card- 
holder. have been able.to us. bis 
card in Ireland- if ah immediate 
guillotine came down^ /Would 
someone like me- be able.to come 
to London and cash. an Allied 
Irish Bank cheque -as: I can now 
since there is a completely free 
flow between the two- -pounds, 
Brtish and Irish,; with the excep- 
tion that Irish notes are not 
generally accepted -in Britain. 


What would have become of 
the £2m worth. of British notes 
circulating in Ireland, and what 
would have happened to the 
estimated £300m worth of funds 
on deposit in Northern Ireland 
by Irishmen wishing to avoid the 
Inland Revenue Inspector in the 
Republic? 

What would have happened to 
anybody who had driven up from 
Dublin to Belfast with more than 
£250 about his person? Would it 
have immediately been con- 
fiscated? Again, would an Irish- 
man have been able to hold 
shares in British stocks and how 
would he have held them? At 
the moment a broker or bank in 
Deland can act for him but all 
shares in -the U.K. must be 
registered with authorised 
depositories and would Irish 
brokers be authorised deposi- 
taries? 

All these questions hypothe- 
tical and intriguing though they 
be however are overshadowed by 
the major problem of what 
would have happened — or what 
could still happen since Ireland 
has still not ruled out joining the 
EMS — to the gilt-edged market 
In recent weeks' a lot of buyers 
mainly from Britain rushed into 
Irish gilts and equities hoping 


for windfall profits from a sud- 
den break in the parity link. 

The attraction of Dish gilts 
has traditionally been twofold: 
first marketability because of 
the free access of sterling; 
second a $ per cent of 50p yield 
advantage. The £200m worth of 
funds which are estimated to 
have flooded into the gilt market 
since late October had been 
especially speculative. It has 
meant the Government Broker 
has sold about £500m worth of 
gUts this year, £150m above his 
original intention. 

The attraction bas been the 
prospects of both a foreign 
exchange gain and capital gain. 
The widely held feeling has 
been that the Irish pound would 
appreciate against sterling if the 
link were broken, hence the 
foreign exchange gain. But more 
than this, there was the under- 
lying suspicion that, in the 
event of a break, investments 
in Ireland would have to go 
through the dollar pool. Wben 
Australia left tbe sterling area 
holders of Australian securities 
enjoyed a 22 per cent dollar 
premium. So there could have 
been a capital gain bonanza for 
those already invested in Irish 
gilts when the shutters came 
down. 


In the event there has been 
no immediate Imposition of ex- 
change controls. The people 
wearing the broadest grins in 
Dublin this week are tbe Irish 
brokers who sold largely to 
British investors (more than 
half of tbe. £200m was thonght 
to have come from Britain) and 
are now able to get back their 
stocks at a discount. 

Broking view 

Most brokers in Dublin always 
doubted that Ur. Lynch could go 
ahead with joining the EMS not 
because of tbe practical difficul- 
ties involved in exchange control 
but because Ireland’s economy 
is too small for an independent 
currency with an extreme 
balance oF payments vul- 
nerability. The country this year 
will probably have a current 
account deficit of £300m, which 
-would be regarded as unaccept- 
able for most independent Euro- 
pean economies. Moreover, with 
reserves of only fl.lbn it simply 
could not withstand any pressure 
on its currency arising from 
trade pressures. 

So far the brokers have been 
proved right and no doubt are 
counting tbe profits they have 
to sbow for it 


J. Lyons & Company 
Limited 

INTERIM REPORT 

The results set out below are forthe twenty-four weeks ended 1 5th September, 1 978:ln 
view of the significant proportion of profit from companies whose years end in December 
from whom accounts are available for nine months trading and whose businesses are highly 
seasonal, these results include, on a time-apportioned basis, results from their latest completed 
accounts asdo the comparative 1977 results. 


GROUP RESULTS 

(unaudited) 


Group Turnover 

Group trading profit 

Share of associated companies'profits 

Operating Profit 

Deduct Interest payable less Interest receivable 

Profit before taxation and minority Interest 
Deduct Estimated taxation : 

United Kingdom — 

Foreign 2.7 

Associated companies 0.6 


1978 
24 weeks 
£m.O 


382.0 


1977 

•Restated 24 weeks 

£m.O 


365.0 


; .Tii 


nixed 


s - .... ■ v 


SERVICE 


• :.. : -r i 


I'i-fc- 

-if. 

i V ! *\ 




/ : v::i 


; ; ; - ; R: 






| Dividend 
; maintained 
i^GHH 

9y Our . Own Gprrwpondent < 

& - ' ■ v V BONfa/ Dec-j7.. , 

WEST GERMANICS -largest 
me chanical engineering group 
Gntehoffnungshfl ette, has fnl- 
fllled expectatians 'by propose 
tog an unchanged . -eash. divi- 
dend <*f DM6 per /DMSd share, 

- The annual meeting, in: 
February will rise be asked to 
approve an increase .In the . 

- GHBE .group -capital from 
30M4O4-3m to uM604^ni, fn line, 
with! the steady . growth, .or 
Investment ifi'-eoBoe^rtion with , 

, long term;/-j>lant - ccmstfructto n 
business. • 

A statement' from GHH 
l today said that af least hrif of 
> the/'^ wk. r. shares-: ^wonld^ he 
j offered . to ' • riiarelibldeTs 
* through 3 bank consortihm. 
f More- than half of liuu Is 
? owned by a group of /trusts 
t. connected -'-to-.- the - Haalel, 

? Jacobi and Huyssen fanaJUes 
I and by /the Reffboa holding 
| company, controlled :in-tdnt-by- 
. the AJHanr and Maricb Keln- 
f suraixe grenpsx-axul ‘by’ 5 Cem- L 

\ i nyrrf pi rir . ^- -.‘-f 

1 Giving pfrifininary . figures 
| for X37?778t <ended”Jnnfe 30) ,/ 
f the . ' supervisory board 
: annonneed a group net profit/ 
Of DWlftAn ($59m), down 
DKEIm from tbe previous year. 
Turnover pet 

cent to j)M!2.4hn ($R5bu) 
with exports fractionally down , 
from 45 tn 44 j»er cent as a/- 
share ;irf the tqtaL •. - f 
:New, orders-: . In! 1977/78- 
sbowed virtually no cbabge,’ 
ritbohglu ;af the end of the 
•year, the '.total; of orders: hr 
b^id \&as up. 85 pee c cent to . 
3i^t under DS0.4ta— rather 
moretinut a year’s Sries,-as the 
Company pointed out with; sat- ■ 
Isfaction today.- '- '- 
: : ’ Against so me expeclatious at i 
JmginnJBg !of the year, the’ ] 

- GHH group ~ has been' aHe. j 
. sllgb^ ^o increase its exports. 

from d6-9/io 67.9 -pec ceot- Jtf ■, 
total- sales. 1 The inflow of new 

- mders tiering the 1^77/78 har- 
ness year also reflected a Slight' 1 
relative ■ strengthening/'.-- of 
exports, alfimugh this was. well 
under 5© per eenL . . : 

Jfew investments' during the 
year were up by-.DM46m to 
Dtf314m, while themnuber <rf 
employees' remrineff virtually 
unchanged'-at -83^00;.'"' 

Bayeriihypo 
strongly adiead 

V-;-. ’ MUNICH, Dec. 7. 
OPERATING PROFIT of 
Bayerlsche Hypotiieken-und 
WeChsel Bank .(Bayeraiypo) 
Improved strongly in the first 
10 months of this- year com- 
pared with 1977.- The company 
gave no figures. 

-Net* -Interest earplugs rose 
significantly and profits: from 
commissions increased satis* - 
factoTily, rithmigh *. earnings 
from, .trading «u the . bank’s 
own ^account has- not -yet- 

- reached- the eoshparahle 1977 

jpaiA l | ~ ' • . r 

Xftrrent : earnings rose 2 3X4/ 
per emit compared with a 7.4 
per cent rise in persoimel emits - 
and' fifi per cent in ; material 
costs, Ihe bank' added In an 
Interim report.. 

The hank balance sheet total 
rose b? DM 4.37bn C92-3bn> In 
the first . .10 months to 
DH4404bn ($23,lhn) with the 
group total increasing by 
DM 6411m to- DM 61.02bn 
($32.1bn). / 

Betrter 


Austrian 
textile /; 
failure 

VIBSNir llec. 7. 
THE JOBS of spjae 3^200 em- 
ployees of the Voeshroer Kamm- 
garn AG, an AustrUn'. company 
producing worsteds fabrics and 
similar products, 'came into 
•jeopardy today when, director- 
general Georg Angerer said he 
had filed «. petition/m bank- 
ruptcy. 

Angerer made his step known 
at 'the annual sharehold^s meet- 
ing and explained ,i£ was _»nsed 
by ^increasing ^debt'edness. 
During the last’ • weeks the 
Finance Ministry, banks and in- 
dustrial top manage^-.had tried 
to work out a formula4o keep 
the company going, /v"b at the 
gloomy" outlook for thc-European 
worsted fabrics markSiv. allowed 
little hope.* . ir/i'-./. .. 

Voeslauer Kamzbgriat ls the 
latest of a number ‘_of. private 
enterprises where jobs.:, have 
become‘. „epd angered. -,^Eumig, 
which cialnis to be tfe^world's 
largest film projector /producer, 
recently reduced itir/istafF by 
soihe BOO. /Tlie truck. /bus and 
tractor/ producer SteyrfDrimler- 

:v . 


Daimler-Benz sees rise 


BY ADRIAN DICKS 

DATMLER-BENZ expects 1978 
profits to match those of 1977. 
at tbe end of a year that it 
describes as " generally satisfac- 
tory," despite the estimated 
DM lbn cost in lost turnover of 
last spring's strike in the Baden- 
Wuerttemberg engineering in- 
dustry. 

Preliminary results for the 
whole year published by tbe 
company indicated a probable 
rise in 1978 sales of DM lbn, 
taking tbe total up 3.8 per cent 
to DM 26.8 bn ($14. lbn). 

The protracted engineering 
dispute cost Daimler-Benz over 
DM lbn in lost turnover, and in 
terms of production about 25,000 
cars and 8.700 commercial 
vehicles. Nonetheless, the pre- 
liminary results pointed towards 
a further year of steady progress. 

New fixed investment during 
1977-78 for the first time ex- 
ceeded DM lbn in a single year, 
as tbe company pressed ahead 
with its five-year, DM 7bc re- 
equipment programme. Tbe 
highlights of this during the past 
year were the commissioning of 
.a -.computerised engine testing 


facility at tbe Untertuerkbeim 
works, with an annual capacity 
of 500,000 units, together with 
an expansion in engine assembly. 
At Sindelflngco, new plant in- 
cluding a press and paint shop, 
as well as a new central spare 
parts store, was installed. 

These developments contri- 
buted to an increase in output of 
passenger cars from 1,590 a day 
in October, 1977, to over 1,700 a 
day by tbe end of this year. 
Daimler-Benz is expecting some 
slowdown in the present boom in 
the West German domestic car 
market, yet reports that for tbe 
time being, it still enjoys the 
highest level of orders for pas- 
senger cars in its history. Largely 
because of the strike, it reports 
tbat there has been little im- 
provement iu the long delivery 
times imposed on its customers, 
overseas Daimler-Benz plants 
rose by 4,200 to 65,000 units. 

World-Wide production of com- 
mercial vehicles was down by 
some 10.000. with the strike only 
accounting for about half of a 
15.000 unit reduction from the 
1977 total of 1S7.000 made in 
West Germany. Production at 
overseas Daimler-Benz rose by 
4^00 to 65,000 units. 


BONN. Dec. 7. , 

Tbe group reports “varying" 
sales developments in overseas 
markets, but says that overall it | 
was successful in defending its 
market share. 

Giving details for the first 
time of its recent U.S. acquisi- 
tion. Euclid, the heavy dump- 
truck manufacturer, Daimler 
Benz reports that the company 
turned in a “very satisfactory** 
performance, with turnover up 
from $167m to more than S200m. 


KPI profits lower 

TOKYO. Dec. 7. 

Net profits of Konishiroku Photo 
Industry fell to Y2.58bn ($13m) 
in the first half-year -to Septem- 
ber 30 from Y3.2bn in ihe same 
period of last year. Sales of the 
company moved up to Y71.3bn 
from Y65.6bn. 

AP-DJ 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave., London EC3V 3LU. Tel.: U1-2S3 1101. 
Index Guide as at November 30. 1978 

Clive Fixed Interest Capital 129.67 

.Clive Fixed Interest Income 114.28 


Net profit attributable to outside shareholders 0.7 0.6 

Group Profit 5.0 2.2 


Preferential dividends of £28,000 (1977 £37,000) were paid during the twent/-four 
week period. 

* The 1977 figures have been restated so that they are comparable with the basis used in 
1978 to account for the change in treatment of investment in a company previously regarded 
as an associate. 

No account has been taken in these figures of depreciation of Freehold Properties under 
SSAP 12 pending the completion of revaluation of properties in the United Kingdom. 

INTERIM DIVIDEND 

The Allied Breweries Limited offer for the shares of the Company was declared 
unconditional on 22nd September 1 978. The holders of Lyons shares thus became entitled, 
on acceptance of the offer, to receive from Allied Breweries Limited the special interim 
dividend of 1 .4p per share on allotment and the second interim dividend of Z99p per share 
on 1 st March 1 979. Accordingly no interim dividend is being declared by J. Lyons & Company 
Limited. 

Cadby Hall, London W1 4 0PA. 

7th December, 1978 . 


ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
45 Cornhill, London EC3Y 3PB. Tc!.: 01-623 8314. 
Index Guide as at December 7, 1978 

Capital Fixed Interest Portfolio 100.20 

Income Fixed Interest Portfolio 100.55 


Skis KOSsignoi may miss target 


^BY^EimYDODWORTH : 

tiTFAVOURABLE EXCHANGE 
conditions caused by the fall in 
the'valne <rf the dollar may mean 
that - Skis Rossignol will be 
unabtertb reach its forecast 18 
per cent turnover increase this 
jc*r. 

’/Presenting its first-half figures 
for .{he six months to the end of 
September, the French group 
said yesterday that its ability to 
achieve its target figure would 
depend on tbe currency trends 
in the current half year, 
j . In the first half, consolidated' 
sales were up by 15.7 per cent 
to FFr 363Bm ($83m) against 
FFr 314.3m in the same period 
of last year. . If parities had 


remained constant, the growth 
recorded would have almost 
reached 20 per cent, the company 
added. 

” Despite these currency prob- 
lems, Skis Rossignol. which 
claims to be the largest ski 
manufacturer in the world with 
21 per cent of the global market, 
managed to lift consolidated 
profits disproportionately by 17.4 
per . cent from FFr 55.9m to 
FFr 65.7m. Depreciation rose by 
35 per cent to FFr 11.5m. 

Ihe company also remains 
confident of steady volume 
growth in the U.S., along with 
expansion throughout the world 
under , the influence of the 


PARIS, Dec. 7. . . 

present growth in demand for 
skis. 

Output this year will rise to 
1.8m pairs of skis from 1.6m 
last year. 

The group adds that its 
diversification into tennis racket 
production is not expected to 
make a significant contribution 
to profits this year, ai thou. oh 
results should begin to come 
through in 1979-80. 

The acquisition of two new 
companies in this field in tbe 
U.S. bas enabled the group to 
present a wider range of pro- 
ducts which have beeo 
“ favourably ** received on the 
world market 


This announcement appears as matter of record only.. 


December 1978 



Deutsche Bank profit up 
during first 10 months 


BY JONATHAN CARR 

DEUTSCHE - 6ANK, West 
Germany’s -biggest commercial 
bank, raised operating profit by 
6 .per cent in the first 10 months, 
of this year -on' business volume 
up by IS per- cent against last 
year's average. 

- The biink expects a satisfac- 
tory result for the year as a 
whole, implying that the dividend 
will, in any case, be maintained. 
Ftfr last year, Deutsche Bank 
paid ‘DM 9 per rii&re of DM 50 
par value which, with tax credit 
fbr domestic shareholders, meant 
an overall dividend of 28.1 per 
cent . - 

After .a first half when 
operating- profit rose by 10 per 
cent and business volume by le- 
per . cent : against last y ea £'? 
average, -the second part of the 
year has been characterised by 
growing.pressure on interest mar- 
gins, and this is expevted to 
become greater in coming weeks. 
In all, earnings on tbe volume 
of business (the interest sur- 
plus)’ rose' by DM 98m or 6.1 
.per -cent in .’the first 10 months 
to DM "1.7bn, 

- /Foreign branches have made 
an above-average contribution to 
the business volume increase or 
9.5 per cent tp DM S 6 - 2 bn from 


DUSSELDORF, Dec. 7. 

January to the end of October. 
That goes in particular for 
Deutsche Bank in London. At 
the same time, new brandies 
have been -opened in Brussels 
and Antwerp — where Deutsche 
Bank shares have been introduced 
on ’ both Bourses — and In New 
York. 

. Savings deposits in the first 
10 months were up by just 2.6 
per cent to DM 18Abn. But there 
was a lively demand for shares 
with customers turning over a 
net DM U3bn from savings 
accounts to share purchases. 

-The bank’s - volume of credit 
Increased by 6.1 per cent in Ihe 
first 10 mouths of this year — 
much faster than in tbe same 
period last year — totalling 
D* 488bn at the end of 
October- And long-term credit 
was - particularly in demand, 
growing by 10.5 per cent against 
6.5 per cent for short- aod 
medium-term. 

Credit demand from private 
customers was largely responsible 
for" the.’ big increase, though 
Deutsche Bank’s low interest 
credit for investment by medium- 
sired enterprises more than 
doubled in volume against tbe 
figure st the end of last year. 


Norwegian bank 
plans $100m 
rights issue 

By Fay Gjester 

OSLO. Dec. 7. 

DEN NORSKE Creditbank (DnC) 
Norway’s largest commercaal 
bank, is to increase its capital 
by NKr 65m to NKr 520ra ($105m \ 
through a oneifor-seven rights 
issue at par. The issue will be 
offered during the first half of 
next year, and the new shares 
iwiBl 'be entitled to full dividend 
for 1979. 

Tbe issue is interesting be- 
cause it will he the first by a 
Norwegian bank since the begin- 
ning of this year, when a new 
law designed to make the banks 
more democratic came inte effect. 

The redemption price wifi be 
based either on the market poke 
at January 1 this year, or on 
the average price over the pre- 
ceding three years, whichever is 
the higher. Both the government 
and the banks hope, however, 
that shareholders will not sell, so 
that the banks will continue to 
be privately owned. 


FINANSSERINGSINSTITUTFET 
FOR INDUSTRI & HANDVAERK A/S 

Copenhagen 

DM 20,000,000.- 
MediumTerm Loan 

arranged and provided by 

COMMERZBANK INTERNATIONAL 

Sori£t£ Anonyme 

in co-operation with 

PRJVATBANKEN AKT1ESELSKAB DEN DANSRE BANK AF 1871 AKT1ESELSKAB 

COPENHAGEN HANDELSBANK F/SLLESBANKEN FOR DANMARKS SPAREKASSER A/S 


This announcement appears as matter of record only., 


December 1978 


db 


Upturn for Dutch paper maker 


.t ;w t 

. f 

> 7 M 


BY GHAWJES BATCHS.OR 

Bl^EHRMANN-Tetterode . (BT), 
diversified paper and board man- 
ufacturer and trading group, an- 
nounced- a slight acceleration in 
profit growth In the first nine 
months of 1978. It fflfpects, a 
“reasonable” increase in net pro- 
fit in the year as a whole from 
FI 38.8m (818.7m) last year.' v 
The decline in paper and board 
prices over the past three years 
seems tp have come. to. an end 
anid prices rose slightly in . the- 
third quarter.- The improved re- 
sult came largely from the print- 
ing. pap&i. stationery, toys .ana 
hoard sector^. The results of the 


machinery division were un- 
changed. - 

Net' profit rose 7 per cent to 
FI 24.4m in the first three 
quarters while sales were 12 per 
cent higher .at FI L27bn ($M0m) 
This compares With the 5 per 
cent profit growth and the 13 
per cent 'rise, in sales recorded. 
In the first half of 1978. . . 

Provisions made to coyer 
starting-up costs of- BT*s Belgian 
company. Papeteries de Mont 
Saint Giiibert up to the end-of 
September, were adequate. BT 
has! .set. aside a further FI lm 
against net profit to cover the 
expected costs in. the final 


AMSTERDAM, Dec. 7. 

quarter of the year. 

• Philips, the Dutch elec- 
tronics group, today said it will 
pky ah unchanged 1978 dividend 
of Ft <h69 • per share. This 
follows Ihe company's announce- 
ment last month that net profits 
were 2 per cent lower at FI 
431m .($207m) in the first three 
quarters of the year on sales 
which were 5 per cent higher at 
FI'23ba- (Sfllbh)- 

Volume sales rose 8 per cent 
in-the nine months and the com- 
pany expects this to be main- 
tained for the year, as a whole. 
It paid a final dividend of FI LID 
inij.977, ; . 


HOW TO SUBSCRIBE 
to • 

THE WALL. STREET 

JOURNAL 

Rate for UJC & -Cont in ental 
Europe 

$190 1 year 

$100 6 months 

$50 3 months 

Payable in doltan or’ equivalent 
- in local currency. 
Delivery by Jet Air Freight 
From New York every business 
. ■ day. . 

(Other area rates bn request) 
Send order with payment to: 
THE WAU. STREET JOURNAL 
International Press Centre 
76 Shoe Lane 
London, EC4,- England 
Attn. Mr. R. Sbarp 
Abo avaflable at major news 
stands throughout Europe. 
ASK FOR IT 


DANSK EKSPORTFINANSIERINGSFOND 

(Danish Export Finance Corporation) 

Copenhagen 

j 

DM 75,000,000.- 
MediumTerm Loan 

arranged and provided hy 

COMMERZBANK INTERNATIONAL 

Soci6t6 Anonyme 

in co-operation with 

PRIVATBANKEN AKTIESELSKAB DEN DANSKE BANK AF 1871 AIOIESELSKAB 
COPENHAGEN HANDELSBANK F/BXESBANKEN FOR DANMARKS SPAREKASSER A/S 




30 ' 




Fmandafr $.1 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


Hitachi has record sales 


BY CHARLES SMITH 


TOKYO, Dec. 7. 


HITACHI, the leading Japanese resulted mainly from strong V A programme (parent company 
electrical and electronics manu- demand for summer season elec- only) averaged Y6.41bn per 
facturer. reports record sales of tronic produces such as air con- tnunth during the six-month 
Y 1,268 bn (5fi.4bn) for the half ditioners and refrigerators and period compared with monthly 
year ended September 30 and from rapidly growing demand for savings of Y5.71bn in the first 
record next profits of Y46bn computers and semi-conductors, half of the 1977 fiscal year. 
(S233.5m> for the same period. a 15 per cent rise in orders T h e success of the VA pro- 
The sales figures represents a 7 was attributed to “remarkable” gramme contributed to a reduc- 
per cent increase over the level growth of orders for electric ^Ion in the ratio of cost of sales 
of April-September 1977 while power generation equipment from 73.6 per cent last year to 
profits were up 28 percent. Both from the Japanese power com- 718 per cent in Hitachi’s latest 
figures are based on the .con- pames. half-year period, 

solidated results of the parent Hitachi s exports rose 17 per _. te 

company and 40 subsidiaries. cent over the levels of April- ™ ”1* 

Hitachi notes in its interim September, 1977 and accounted ' fe 1! from : 1.03 crat 

report that it achieved its record for : *£*£* « Secfu !2 of loan 

economic 1 * conditions." These thanks partly to successful *° a dccliBe in 

included a continuing slackness efforts at cost-cutting in the face interest rates, 
of private investment in Japan of revaluation. The company Hitachi expects its sales for 
(which depressed sales of heavy pursued its “value analysis." the full year (ending next 
electrical ' machinery) and the cost-cutting programme which April) to exceed the 1977-78 
sharp revaluation of the yen focuses mainly on economies in level by just under 10 per cent, 
against the dollar which cut into the use of raw materials and Net income should reach about 
the company's competitive the increased use of imported 90bn an increase of 14-15 


strength in export markets. components. 

The companies' increased sales Savings achieved 


per cent, over 
under the year's level. 


the previous 


Koreans see loan breakthrough 


BY RICHARD C. HAN5DN 


SEOUL, Dec. 7. 


SOUTH KOREAN" bankers feel Official government policy is S2bn. with similar totals for the 
they may be able to break into to diversify the sources of following four years, in part to 
the ranks of the most highly external loans from a heavy finance rapidly expanding 
rated borrowers in the world dependent* on U.S. and Japan- Korean operations overseas. Mr. 
soon following the timing of a ese banks in the past to more Chung said, 
very favourable loan agreement borrowings next year and in The highest priority of the 
today. The *200 ni loan for the years to come from the Arab Finance Ministry is to assure 
Export-Import Bank of Korea, as countries and Europe, the Assist- that the terms and conditions of 
reported earlier, curries a Z per ant Minister of Finance, Mr. I. future borrowing from inter- 
rent margin over LIBOR for the Y. Chung, told the Financial national dollar markets wilt be 
first two years of a 10-year agTee- Times in an interview. based on the good terms so far 

roent and J for the remaining South Koreans new net foreign achieved. South Korea is eager 
eight years, the best terms so far currency long-term borrowing to put the period of high borrow- 
for a South Korean borrower. needs next year will total about ing margins for Asia behind it 


Securities 
companies 
may borrow 
overseas 


TOKYO, Dec. 7 

THE FINANCE MINISTRY is 
considering allowing Japanese 
securities companies to borrow 
foreign currency loans within 
a total framework of $20 0m to 
hedge against foreign securi- 
ties they hold, probably from 
next week. Renter reports. 

Securities companies will be 
asked to report their foreign 
securities holdings to the 
Ministry and will be given 
Individual quotas on that basis 
within the overall framework. 

Our Euromarket staff adds: 
Such a new borrowing frame- 
work is apparently designed to 
support the growing activity of 
Japanese securities firms In the 
International bond markets, 
according to Japanese sources 
In London. 

The sharp fluctuations of the 
yen this year mean that the 
securities companies have faced 
considerable exchange risks in 
foreign currencies. 

In addition, the new frame- 
work should assist the financ- 
ing of professional inter- 
national bond positions among 
the securities houses. 


Citibank raises 
Singapore prime rate 


Citibank NA said it has raised 
its Singapore prime lending 
rate to 8 per cent from 7.5 per 
cent, effective Immediately, 
Reuter reports from Singapore. 


Myer Emporium 
falls short 


increase 



BY JAMES FORTH- . - SYDNEY/ DftCI '7: 

THE MAJOR Australian retail leading nations still grappling in profit Of almost 14 per cept 
group. Myer Emporium, in- unsuccessfully .with the problem Mr. Steele said, the strategy for 
creased its sales in the first four of restoring satisfactory levels 1979 was based oa .a po stave, 
months of the current year, but of activity and employment Wftb- aggressive approach. iV review 
they were still short of expect*, oat aggravating inflation, wr pee being undertaken tnxougnmH 
tions. the retiring chairman, Mr. little prospect of an early or- ths group would define - tne 
K. C. Steele, told shareholders dramatic turnabout' of the strategies in more detail and 
at the annual meeting in Mel- present subdued rate -of establish priorities for the-- corn- 
bourne. economic growth.” year. He added, that’ the 

The uncertain state of the Ha added, however, that thfer*. group lwdgeted to ^eua_a 

economy in the last three or bad been some sign of . more' record A$35m in tne cuixra 
four months since the federal buoyant sales over the past-twqhyear- on new and renovated, 
budget had produced a further weeks. If this continued, it could_faciiities. •- 

slackening in the rate of sales well be an indicator of a better Mr. Steele .retired at the raa 
growth, but the board viewed Christmas to come, as well as the. iff the meeting to make way tor 
thig as the price which had to long-awaited sign of returning/ 1 . HCr. Sydney BaiDieu- Myer as 
be paid to ensure that inflation consumer confidence and spend- 1 , chairman and Mr. K. A. Rosen- 
continued to fall, he said. ing. f . thain as chief executive and 

“With Australia and other la 1977-7S, Myer suffered a Jali; feroup managing director. . 


CIG lifts group earnings 12.5% 


BY OUR OWN CORRESPONDENT 
Commonwealth Industrial that 


earnings 12.5 per 


* e -Vij ,y7' SYDNEY. Dec. .7. ' 

while trading conditions/ They pointed out that since 
metal fated- ihe dose of the financial year 
Australia, Thai Industrial Gases had made 


Gases managed to lift group were difficult in the metal fehri-dhe close of the financial year 


in 


cent from segments Were" a.- public issue of 100 Baht shares 

A$ 13.25m (U.S£l5m) to a record “.ii JSSSti in a orenmim of 79 Baht to the 


encouraging, particularly in- con.-'- at a premi — 

A$14An (US .$ 16.9 m) in the year product and overseas - 1- .i - Thai public, which had been sub- 

*_ <• i an j — j.-s-.h _ . _* - < , , .l. — . u- OWr > 8UuSCni)M ana 


to September 30, despite difficult “ The dividend for the year ia.stantially 
trading conditions in the metal held at 12.5 cents, but it is ^urf/seduced I tiie hohungo Cl from 
fabricating industry capital increased late last year. 6? per cent to *> percent. ;• 

topn tiaca by one for three free scrip 'issue-/-. The UJL S r 9 u P , J|9£ * n t ei l‘- 
The resurs failed to keep- pace result equalled earnings -of : national holds almost 60 per cent 

with the profit growth of the gj J^ n ^ a SrTcomSed. of the capital of CIG. 
previous year, when earnings ^ adjusted 2L4 cents' ih ' ■ 

rose more than 21 per cent, the previous year. . ):■ .• • VjL. . 

but CIG still managed to out- The directors said that' capital s J.DVcslUluUt’- 
strip the sales growth, 1 of 9.9 expenditure in 1977-78 totalled: ~ 
per cent, from A$166m A$30.6m and for the current year' STOW t U 


<U.S.$188.6m) to A$182m would be in the vicinity / of 


(U.S.$206m) The directors said AS35m. 


BLACK' HORSE FINANCE SERIES 



NESS 


't. if.: 








Six ways 





/ 


b- 


...i . • . 



em 


1 Salaries How many monthly salaries 
can you handle at a true cost of £1,000 
a year? Our Pay Service can handle the 
payroll operation of a company employing 
300 salaried people lor less than that and, 
besides saving time and staff, provide an 
impressive cashflow advantage- 


2 Pension Schemes You could get 
the benefit of a professionally managed 
pension fund portfolio. We already handle 
over £600 million worth of investments 
for major companies in Britain. We can 
also advise on insured pension schemes, 
for companies and for individuals. 


Money Transfer Ifyou 
m f have access to a computer,.but 
are still processing credits and 
debits manually you re possibly 
not aware of BAGS -Bankers’ 
Automated Clearing Services. 
They can save not only 
considerable clerical effort but, 
for credits, also give you almost 
an extra month s use of your 
money each year. 


5 Investment Most businesses 
enjoy periods when they have 
surplus liquid funds.TIuough our 
worldwide group network we can 
arrange profitable short-term 
investment of such funds. 


3 Shareholders Whatever else you 
are in business for, its not to run your 
own share registration deparrmen t. We 
could do it for you - better and probably 
cheaper. We have the largest specialist 
department in Europe. 


5 Expenses Handling travel and 
entertainment expenses is a time- 
consuming chore. Company Access 
Cards provide financial and adminis- 
trative savings: separate monthly 
statements are sent to die company 
making control simpler and cheaper. 

Streamlining your operating 
procedures is one way of 
generating more money. But you 
may still need extra finance for 
expansion and development; 
we’d like to help with this, too. 
See your local Lloyds Bank 
manager or send in the coupon 
below 



^TorMarketini'Departmenr, 

Lloyds Bank Limited, 25 Monument Street:, 
London EC3R SBQ. 

I would like to know more about: 


j ! Salaries [j Money Transfer 

I | Pension Schemes Q Investment 
I [Shareholders j | Expenses 

□Fit 

Name. 

Tide. 


d 


r (j* 


CANBERRA; Dec. 7. 
THE NET inflow of foreign in- 
vestment in enterprises In Aus- 
tralia, excluding undistributed 
income, more than halved, to 
: A8208m (U.S.S236m) in the third 
quarter of 1978 from A$450m in 
tile second quarter, the Statistics 
Bureau reported. ... 

However, the inflow was. still 
the second highest in - the past 
four quarters. 

Reuter . 


bank plans 
to raise 
$ 150 m loan 



x 


By Fianefc -.GSriHs. 

A MANDATE -for a 5150m loan 
for ’ the- - Basque .Exterieure 1 
d’AIgerie Is expected to T»\ 
awarded eariy belt week , .afte r 
sonic Initial confusion dozing 
which -two leading U-S. banks , 
weiw approached and asked by 
the' borrowed to a s s emb le a man-, 
agement -group.' - 
Both banks, proposed similar - 
terms to the borrower, a sifiit 
spread of 14 . per- cent :for toe 
first four years, .rising to 14 . per 
cent with four yeas gr ace.- _ _ 

- The confusion was compounded 
by the -unpredictable negotiating — L/- 
tactics of the borrower.' - 
-The . grave illness. Of Presideqft' 
BoiHnedaenne in am" waff gftvea 
rise to any concern- sa:Tjbe bank-'. 
aug- fyi BmrwiTit fev: at . isbustoees^ as 
usual bath financial - and: 
busin ess inatters. -Bankets do; not 
(beti'eve'tbat-Jtbe cre at-' 

worthxoess has been affected: ■ " 

. Algerian borrowers have, signed 
about $lbn worlb of. loans in tife 
past ten days andmegbtiaiiidiB 
other ' fund raSring . opem^oha,*. 
cthsr than tiie possjbte BRA itoffii, J :. i 
are proceedicig noiiihABy. : ;i ' : : ! 

In -fee firk fen nwKtijM of. this - ?. 
year, Algeria bad raised $2Jttra' I', 
do . the ■ interna tional fihandal ^ 
markets, a fpogfeld . in crease . vf : 
compared '.’to : -tbe eqnavuleiit 
period Jast year.' : "--j 
AJgeriau borrowers fcqve aflso 
been benefiting. maybe'X Httie' ■ 
ilate tn the.^ff, frean the genejai. 4 -■ . 
fall in spreads and dengtitenrng J V 
of matauittes ..wbidh ' ias ; ’bees . .r. 
hharacterisriti-of tie ■ market, for :;j. ~:s 
the past year. - i '4'. 

The term's offered by. thei.^-J ' 
(banks. to REA are the finest oafes t? . L '- 
a ^traight.financial credit foc.-an .5 
Aigftrifcn borrower in- the current 
cycle. ’ . ':. 

. Recent figures,. on. Algeria’s^ii: 
debt are much as anticipated.' t - - 
The total debt oontracted rihroad ' - 1 
stood at at tbe end of •-? -: L 

1977, a figure which has Since' 
risen to $14.7bo.; 





•a-': 

- -r 7.i 


We offer alternatives 
for international finance 


■ V- 


alsoin 




Badfe^KbrrnriiflialelDn- 
desterik :Orie of Sotflri- . 
west Germany , s'Jeeu3ir)g^ 
banks, operates both -a 
- representative cfficeand a 
subsidiary in Zurich spe< 
daiia'ng in non-recourse 
e>qx>rt financing - unique 
fora German bank. 

Gurfully staffed represent- . 
alive office acts as an infor- 
mation and contact: point 
for banks and clients in 
oneoftheworlcTsforemost 
banking and tradefinanca - 
centers. 


Our vvholiy-dwned st*i; 

sidiaryi forfaitienjng und 
RnanzAG(FTZ),provkies 
-diversified faci litie s for in- 
ternational fi nancing oper- 
ations, concentrating on 
non-recourse export! fi- 
nancing (a forfail} and other ' 
spedaJiz^tiaddfinancfog 




services. 


: To find autrrforB^xwtajar : 
services in 2drictv just 
contact 


•FrederickS^at 

Represwitative 


BADISCHE 1 

HDMMUNALE LANDESESANK 
GROZENTRALE 


Bahnhofpfelz 5.- P.O. Box 2098 * 8023 ZlBkfi 
TeL0121l460S -' 




.*■ 


•t- 

. 'Jr 

t 


r V 


-•]^AL MONi 

intc 


r ' 


* 


THE SANWA BANK, LIMITED 
SINGAPORE BRANCH 

U.S. $20,000,000 


NEGOTIABLE FLOATING flATE U.S. 
DOLLAR CERTIFICATES OF DEPOSIT 
DUE JUNE, 1381 


-Xu accaidanco with the provisions of the Certificates. ' 
notice is hereby given that for the Interest Period ' ' 
from 8th Decanber to 8th JunB.'1979; the Certificate ^ 
will carry a rate of interest o£12£% par annmn. : - 


AGENT BANK ’ - - - • • - - 
MORGAN GUARANTY TRUST COMPANY OP 

• • . ' NEW YORK . ' T' ; -'. ;> : 

SINGAPORE OEFICB' . . w : --I - 


■ 8th December, 1978. 


■ft 


fe ; :' ' 

V 1 ; 


M 






^rate ; 


'3.;! ^ 




- ^ j • - 






INVEST IN 50,000 BETTER TOMOMOWS I 

50.0OT to toe United Kingdom suffer torn progressively 

paralysing MULTIPLE SCLEROSIS— ^the cause and cute of 
which, are stiU unknown— HELP -US BRING -TSCHlf RELIEF- 
AND HOPE. . . . . - ~r - ''■y T . 

Wi need yoar donation to. enable W. to /continue ®ur' wink 
fo and -Welfare - or btultiple -sclerosis 
sufferers .and to continue our commitment to find'Thecanse 
M ^ LTIPLE ' SOmOSlS threragh; MEDiGAL 

Please' help— Send a douflini "todayylo;/- ■; ; - 
Il3*5 Room- -F4, '• .• ' _ w ' 

?^;^ tip L e J , ScIeTOsl $ 

4 Tachhnrofc'Street, v 

London. SW1 1SX "---fr/***--’--?*:'-#' 1 *' 

















December 8 1978 




Currency, Money and Gold Markets 


the pound spot f forward against £ 


i[ia?ron 


TjTTI? 









7 DM Day'll Clwi 

4> Sprea»l 


V-a. 9 

CamdlanS 
tiutkler 
Belgian y 
Danish X 
D-Mark 
Port. Bar. 
Sgui,P«. 

Nrwpi. K'. 
Franc 1 1 h r. 
Sued lab Kr. 
Yen 

A '«*riaSch. 
S*1« p r . 


Bel*un raie la for convertible Iranca. 
Financial franc 60.4MD.50. 


the dollar spot 



FORWARD AGAINST $ 


MataiM l w i 



CURRENCY RATES 


CURRENCY MOVEMENTS 


Mi 


Bank si Meraao 
England Guaranty 


msmrm iituth 




mm 










itmw 


B 'i i 

ri t ■ jr* iy^nrf^gi 


ijpf 

i fy 


rrynitpiMr-rJii 



M-"? 1 'ht? 

■ik.'fV.rbinT 

I «i »\ Y ^r« ■ ^ i 




OTHER MARKETS 


finance 



£ 

Note Bales 


27-28 
60-6H! 
10-33 10.55 
8.55-8.65 
3.70 3.80 
1630-1700 
■ 385-395 
4.00-4.10 
9.95- 10. 10 
88-98 

1391 S - 143 1« 
3.30-3.40 
1.9450-1.9550 
41-43 


Rate RUM for Arsennru la free rata. 


Ujs v Dollar iDeutseheniartl Japanese Yea I French Kmocj owltt Frauc illuteh GuiMei; UsIihii Urn | lajutla | Uo^iau Fmiw. 


Foranl-iiterihur 
U.8. Dt4Wr - 


DOuWebe mark 
Japaneae Ten 1,000 


Fhcoctr Thane IQ 
Surfss Frano 


Italiaa-LIta LOod 


Canadian Duller 
Belgian PraaoJXO 




This aaaaunccarntaRpBasga matter oTrecetdcnb: 



BANKA- 

0SN0VNA BANKA SPLIT 
U.S.$ 8,745,399 

7 YEAR LOAN 

GUARANTEED BY 

ZAGREBACKA BANKA ZAGREB 

MANAGED BY 

MARINE MIDLAND LIMITED 

PROVIDED BY 

BANK FUR GEMEINWIRTSCHAFT AG 
BANQUE CANADIENNE NATTON AT E 

NEW YORK AGENCY 

MARINE MIDLAND BANK 
THE NATIONAL BANK OF WASHINGTON 
PROVINCIAL BANK OF CANADA (INTERNATIONAL) LTD. 

AGENT 

MARINE MIDLAND BANK © 




•MsTED 


Wool Gorman 
- Dark 


ixia-H 3 * 


bv®V 

eii-91, 

9Je-fl3, 

30,%-iQtt 

1014-1068 



Wit-lO^A 


T6e foHowine nomtCutf rftrt were anoled for London dollar certificates of deposit: one month 1D.70-M.80 per cem: three months 11.70-U.SD per ccni; six months 
LLW-1LTB pet cent; ode ypitf' 11 JS-11.45 per cent. . ... 

td)DK-t«rit»'EBrnaollar HlajMil*: ..-Two mam-lH-lW per cem; three years lDt-lM per cem; four years 1M-1W per rent; five years unjvio'w iwr cem: nominal claims 
rates* Short-term rales an can for sterling. U.S. dollars and Canadian dollars two-day can far guilders and Swiss francs. Asian rales are closing rates in Singapore. 


INTERNATIONAL MONEY MARKET 


GOLD 


French intervention rate cut 


Dorfiestie : interest • rates; .to 
France have shown an easier 
tendency just recently, and.yefr- 
terday.lhe Bank of France cut by 
i per 'cent dts intervention rates 
in the domestic money market 
While domestic . rates have de- 
dinkdf Euro-franc interest rates 
have~~ risen - appreciably ta line 
with a narrowing of the forward 
franc premium over the dollar. 
This tends to underline the uncer- 
tainty which surrounds the franc, 
and 'exactly- how it may perform 
after implementation of . the 
European Monetary system. 

Yesterday overnight money- was 
quoted unchanged from Wednes- 
day at 6f per cent Longer term, 
rates were; . onfe-month If per 
cent; three-month Bf-tJ} per cent; 
six-month 7-71. -per cent and 13- 
month 7J-7J per cent .... 

NEW YORK— Treasury bills 
were generally firmer, with -IS" 
week bills at "8-89 per ; cent conk 
pared with BB8 per cent late 


Wednesday. and 26 -week bills at 
9,24: per cent against 9-23 per 
cent." One-year bills showed a 
slightly easier tendency, to 9-30 
-per • cent frem- 9.32 per cent: 
Federal- funds were trading at 
per cent after 9f per cent 
earlier La the day. and the same 
rate o n We dnesday. 

FRANKFURT — Interbank 
money market rates showed no 
dear trend with -call money at 

3.5- 3.55 per cent compared with 

3 .5- 3-6 per cent on Wednesday. 
One-month money .eased to 
40-42 per cent from 4.1-42 per 
Cent as. did the three-month rate 
to 3:95-4.0 per cent against 
4.0-4. 1 per cent Six-month money 
was quoted at 4.Q5-A2 per cent 
from 4.05-4.15 per cent, while the 
12-month rate stood at 4.15-L3 
per cent against 4J-413 per cent. 

BRUSSELS — Deposit rates for 
the. Belgian franc (commercial) 
were quoted at 9J-9J per cent for 
one-month 9J-98 per cent for 


three-month and 8J-9 per cent for 
six-month. 12 -month deposits also 
stood at Sf-9 per cent Call money 
continued to decline to -L33 per 
cent from 4.60 per cent 
AMSTERDAM — Money rates 
were firmer where changed, with 
call money at 9J-10 per cent the 
same as Wednesday. One-month 
money rose to 10 J -104 per cent 
from 10 - 10 i per cent as did three- 
month money. The six-month rate 
was also firmer at 9J-10 per cent 
compared with 9J-9f P?r cent pre- 
viously. 

' MILAN — Interbank money 
market rates were again 
unchanged with call money at 
l(>i-10i per cent through to three- 
month funds at Hi -HI per cent. 
■- HONG KONG — Conditions 
remained steady during the early 
part of the day before easing in 
the: afternoon. Call money was 
quoted at 10$ per cent with over- 
night business dealt at 5} per 
cenL 


Firmer 

trend 


Gold rose $21 to $1981-199 in 
fairly quiet trading, although the 
market appeared to be generally 
encouraged by the result of the 
latest gold auction by the Inter- 
national Monetary. Fund. The 
metal opened at $1971-198, and 
was fixed at $198.10 in the morn- 
ing. and $19830 in the afternoon. 

In Paris the 124 kilo gold bar 
was fixed at FFr 28,400 per ldio 


UK MONEY {MARKET 


Moderate assistance 


Bank of England Mbiliiuxm. . 
*{-! Lending Rate 12$' per cent 1 
! "" (since November 9,1978) ■ '■ 
Conditions in . " yesterdays 
London money market were 
particularly ' subdued, with the 
shortage of day to day credit con-: • 
tinning from Wednesday -and 
■period rates showing vet? little 
change indeed. The- shortage 
1 appeared to be somewhat, less 
than originally forecast and the 
authorities gave ' assistance by 
buying a moderate amount of 

LONDON MONEY RATES 


Treasury bills, all direct from the 
.discount houses. 

The. market was faced with a 
modest take up of Treasury bills 
to finance and balances brought 
forward by the banks being some 
way below target. 

The. biggest factor was Wednes- 
day’s gfll-edged sales. 

On the other hand there was a 
slight excess.- of disbursements 
over revenue transfers to the 
Exchequer’ and for a change, a 
small decrease in the note circula- 
tion. 


-Discount houses were paying 
lli-Uf per cent for secured call 
loans at the start and although 
'rates may have touched 12 J per 
rent to -places, closing balances 
Were taken mostly between 
12} per cent and 12 per cent 
In' the interbank market, over- 
sight loans opened at 12-12} per 
rent touched 12 J- 22 g per cent 
before easing to 12 - 12 } per cent. 
Rates again rose to I2j-l2f per 
ednt- and dosed at Ilf 12 per cent 
..-Rates to the table below are 
nominal to some cases. 



(8200.77 per ounce) to the after- 
noon. compared with FFr 28,375 
(S200.1S) in the morning, and 
FFr 28.100 ($298.32) Wednesday 
afternoon. 

In Frankfurt the 121 kilo per 
was fixed at DM 12,269 per kilo. 
<$19 &j 92 per ounce), compared 
with DM 22,075 ($295.50) 

previously). 


OrtifleMa 
an deposit 


12ig-iar« 
11 V Hk 

Alicia 



12 Via 4 
12 .121c 
12 .12k 
llig-12 - 
XlSg-UTa 
lit*. 13*4 


Two. neon— 

Local aotbortty ami -flnaBca llowes **veu days" notice. «UWW «evra day*' «*«*■ * f«DMr-irnn local auilwlty mortisaBc 

renu four tears 12J-13i Mr flvc 5eare BHH aerceni. eBink MU raws Ri 
Ste BwtW rato for ftowaonHi bwk bn\s tlBio-HHier salt; foot-Momb trade bills J=; 

. scr ESLrfjnitmMinx r««s'for uue-mowli Imam ^bHls UUS 2 -U 7 » per ewi: and rewnonft lU5 w -m per «m; tbree-momb 

hSk bias UX1SS-B WT "TV m-tiuee- 

b« la 12 oercatn m moat ft* z a per mat and 4brseotoatk ;ja per «W- 
Kates otdiBabei by tbe. Finance HoaaeS Aaorta nonv 114 per emt from Decanter i . Ufis. Cloartaa 
flaw iwfcr » setjeau. -goartW M teotu« IS pee-cas. 

Thwi^. pain AveraBB-.toaier rafet of dtoeonat 12-3S® nre • 


HONEY RATES 

MEW YORK 

Prime Rate 

Fed Funds 

Treasury Bills < 13 -wecki 
Treasury sills 128 - week) 

GERMANY 

Dlscoont Raie 

OremlsM 

One moBib 

Tbrce moults .. 

S« mooibs 

FRANCE 

DsRwm Rale . 

OvemlBlH 

One mon:b . 

Tbree rarmihs i. .. 

Src monihj _ 


JAPAN . 

Disconm Rate 
-Call. UlncwDdbioQan 
BQU-nisanmt Jtaia 


Ths annoDncemaitanpearsasa imtercf Kan) only 


BANCO NAOONALDE DESARSOLO 

US.$40,000,000 

guaranteed by 

REPUBLIC OF ARGENTINA i 

Compfementary Loan Finandngdirough 

INTER-AMERICAN DEVELOPMENT BANK 

Managed by 

Bayerische Vereinsbank Marine Midland Limited 
Security Pacific Bank TheTokai Bank, Limited 
Banque de llndochine et de Suez 


Provided by 


The BankofVokohama Ltd. 
Banque de llndochine et de Suez 
Euro-Latinamerican Bank limited 

-EULABANK- 

Gulf International Bank BSC 
The Mitstulrustand Banking Co, Ltd. 
Republic National Bank of Dallas 
Taiyo Kobe finance Hongkong Ltd. 


Banque Canadienne Nationale (Bahamas) Ltd. 
Bayerische Vereinsbank International S.A. 
TheFuji Bank Ltd 
Marine Midland Bank 
The Nippon Credit Bank Ltd 
Security ftrific Bank 
United International Bank limited 
TheTokai Bank, limited 
Agent 
































































■ Financial Times: 


ENERGY REVIEW: PRESSURISED WATER REACTORS 


BY DAVID FISHLOCK 



Preparing for heroic reactoipurgerjl 


r;r 

: - " 


GIVE Or the most remarkable 
operations ever planned tn 
repair a fault inside a nuclear 
reactor has been simulated in a 
demonstration on the Gulf 
coast in Florida this summer. 
Its success will add confidence 
tn the decision of the British. 
Government early this year to 
allow the electricity supply 
industry to pruceed with plans 
to build Britain's first com- 
mercial pressurised water 
reactor (PWRj. 

In pursuit of these plans, the 
Central Electricity Generating 
Board expects to choose before 
Christinas between four possible 
routes to the PWR. They are 
the four proprietary designs 
available from Babcock and 
Wilcox i U.S. > . Combustion 
Engineering (U.S.). Westing- 
house Electric lU.S.) and Kraft- 
werk Union (West Germany). A 
more remote possibility is that 
it will want to combine features 
from different designs. Westing- 
house. which has sold more com- 
mercial nuclear reactors than 
any other supplier, has the clear 
advantage of a licence agree- 
ment with Britain, signed wirh 
the hlessing of the Labour 
Government in 1975. It has also 
modified its design recently in 
ways which meet the CEGB's 
approval. 

Bur commercial PWRs have 
suffered from a potentially 
highly debilitating disease in 
the past Tew years. It manifests 
itself as denting of the super- 
alloy tuhes in which high- 
pressure sieom is raised in the 
reactor. Its cause is a novel 
kind of corrosion arising from 
impurities in the boiler feed- 
water. Its consequence is tbat, 
if allowed to proceed, more and 
more of the steam tubes may 
have 10 be scaled off and the 
reactor's electricity output may 
steadily diminish. 

The U.S.. with more PWR 
units operating than any other 
nation, has recently released 
figures showing the extent of 
the denting problem. According 
to rhe Nuclear Regulatory Com- 
mission — the equivalent of 
Britain's nuclear inspectors — 
nf 42 operating PWR units. 17 
hiiilt hy cither Westinghouse nr 
Combustion Engineering have 
been found to he suffering from 


f® WESTINGHOUSE MQDEL'F'STEAM GENERATOR 


S' -am Flow 
Reslridor 



k| 




F*d#aier 
Intel Nazzla ' 


SieamOutlet 1 
Nazis to Turbine I 


Weak 8 Focke: 
' Separators 

- Upper SheB 


S.-.irt '.'are 
' Separator 


, Feed Rno 
v-.ih'J" Morale* 


- ; li 


Tube Bundle 
clapper 




tripec'.ien 

For: 

Ttibep'W 8 
SvbP ?rr fvr.g ‘ 


some form of the denting prob- 
lem. Another eight have been 
inspected and pronounced fit; 
and nine more have not been 
operating for long enough to 
warrant examination. The rest 
are suspected of having 
incipient problems. 

The problem is confined to a 
reactor component called the 
steam generator (sketch A) of 
which each reactor has two. 
three or four, at a cost (in the 
case of the Westinghouse 
system) of about $4m apiece. In 
essence they are big heat- 
exchangers — up to 70 ft long 
and 4fi0 tons in weight — which 
sit between the primary and 
secondary loops of the nuclear 
steam supply system, raising 
steam like the boiler in a fossii- 




. Arii.iPralton 
Bars 


Gua trefoil 
"Tube Supports 


..j-u > r v-; 


•Tvia:r: , .-l 
, . FI?.!; Ba’flq 

_.7ur?ian? 


-CU-*e' 
- e arMion Plain 
Fr.Tiai 1 , i^wlant 
-Nozzw. 


fuel plant. In fact, they were 
originally designed and built by 
time - honoured boilermaking 
methods — an approach which 
has proved inadequate for the 
stresses of modern nuclear 
plant. 

Westinghouse in the late 
1960s recognised that the steam 
generator required a design and 
manufacturing technology of a 
quite different order from tradi- 
tional boilerraakiog. It planned 
its first special factory near 
Tampa, amid palm trees at a 
coastal site from which assem- 
bled units could readily be ship- 
ped fay barge round the U.S. 
coast or along inland waterways. 
Working conditions aimed at the 
standards of precision and 
quality assurance associated 


with watch making. 

Even so, the steam generator 
proved a trouble-prone unit. 
During the 1970s, Westinghouse 
estimates, some S70m of the 
company's own funds have been 
pumped into research and 
development on its problems. 
The latest tranche of cash, some 
SiS.Sra. has gone thi s past year 
into the simulation of an opera- 
tion to remove and replace all 
5,000 U-shaped tubes in a steam 
generator without removing the 
component itself from the 
reactor. As a result. Westing- 
house believes it lias a tech- 
nique which — if approved by the 
nuclear inspectors — will allow 
customers to refurbish faulty 
steam generators in about one- 
third of the time it would take 
to remove and replace them 
with new ones. For a utility 
faced with serious deterioration, 
the savings could be as much as 
$500,000 for each day saved com- 
pared with the task of replacing 
steam generators, which takes 
three times as long — from 180- 
210 days. 

The decision to attempt 
"spare parts surgery" upon a 
steam generator was taken less 
than a year before the operation 
began. The opportunity arose 
because the Tampa factory had 
a completed steam generator 
designed to its model E speci- 
fication which the eusiomer 
wanted upgraded tn the latest 
model F design. It meant com- 
pletely stripping and replacing 
the “internals" of the 3 inches 
thick steel steam drum. 

The company assembled at 
Tampa a team of 70, drawn from 
several divisions, and led by Mr. 
Harry Andrews from the nuclear 
steam generation division in 
Pittsburgh. They chose to 
simulate the Turkey Point 
station of neighbouring Florida 
Power and Light, one of the 
first to receive steam generators 
from the new Tampa factory. 
This plant has been sorely 
plagued by denting, and is near 
the end of its spare tube 
capacity, so any further deteri- 
oration will make inroads into 
its electricity output. The ms- 
toroer had already ordered 
replacement steam generators — 
for which there is a two-year 
lead time — from Tampa. Wh3( is 


more, the design of the reactor 
is one of tlie most restrictive 
from the standpoint of changes 
in situ. If Turkey Point could be 
refurbished. the engineers 
argued, they could tackle any 
PWR in the world. 

' The targets set by Mr. 
Andrews and his managers were 
to simulate the retubing of one 
of the four steam generators of 
Turkey Point in 62-67 days, 
using an actual steam generator 
suspended vertically within a 
mock concrete containment. The 
operation had to be performed 
under working conditions in 
which no-one would be exposed 
to notional amounts of radiation 
that necessitated his being taken 
off the job had they been real. 

Up to 20 were working inside 
the containment at any one 
time. They worked 12-hour 
shifts, seven days a week, 
throughout the operation. A 
corps of health physicists pur- 
sued them constantly to see 
that none exceeded the permis- 
sible ISO manrems of radiation. 

The most evident problem 
was that in order to reach the 
radio-active steam generator 
itself the craftsmen would have 
to enter the containment 
through a 1 S-ft hatch some 
50 ft below the operating deck 
for the surgery’. All men and 
equipment would have to nego- 
tiate a sharp 5-bend to reach 
this operating deck. 

The surgery hrnkc down into 
Iff operations. The major in- 
cisions were, first, to remove 
the head of the steam generator, 
a 75-ton section, in order to give 
free access to the 5,000 U-tubes 
within (sketch B); and second, 
to slice through 10.000 tubes 
near the base so that they could 
be lifted clear of the steam 
generator (sketch C). For the 
first operation techniques were 
worked out for simultaneously 
cutting through the steel vessel 
and preparing cut edges for 
rapid rewelding. For the second 
operation they developed a way 
of cutting the tubes with 
abrasive discs 

Once the 10(1 (nns of tubes 
had been freed, they could be 
withdrawn vertically into a 
cask lowered from above — much 
as spent nuclear fuel is removed 
from the reactor. A “ gondola " 


carrying two then clad in .pro- 
tective suits could then .be . — 
lowered into the vessel to pre- -rjj 
pare the nearly empty barrel . 
for the task of retubing. . : 

■For retubing. Wes ting house's 
nuclear service • -division. hi-,, 
developed a remarkably versa- 
tile robo-t called the R-theta, •’ 
which could be programmed to - 
perform a variety of cutting, 
repositioning, expanding and- JSJ 
welding operations with the jf£4; 
precision used in the workshop 
by some of Tampa's; mosLi.l&Kji 
skilled craftsmen. This robot, . 
which ■the company estimates jfg 
accounted for “ several million V J-sv 
dollars '* of the project cost, is.-.-;. %&y. 
the technology about which the '■&. 
company is most secretive, . ijjjA, 
The demonstration, begun in , ^ 
mid-July, was performed in the 
minimum estimated time of 62 - 
day's. Left undone at this stage- 
were repairs to the 1 per cent 
of tube welds which had failed 
X-ray inspection (rcwelding of ' 
which would have taken only' a West 
little longer). Mr. Peter its fi 
DeRosa, representing the tors 
Tampa division in the opera- -of 
tion, says that he is “ confident" princ 
it could be done in less tune n meth 
than the 62 days. _ - plant 

The operation was observed out l 
by representatives of a dozen that 
electrical utilities with worries in oi 
about their steam generators, more 
among them the Swedish State turns 
Power Board. Florida Power perio 
had no fewer than 70 observers- refue 
present. The CEGB has had a jj u 
team led by Dr. Ian Preston," chose 
director of engineering, of an 
reviewing the whole operation: on hi, 
Thd Nuclear Regulatory Coin-, lievej 
mission paid Tampa four visits . own i 
in the course of the operation. 'ing si 
The operation will need its these 
approval before being per- horizi 
formed for U.S. utilities, tabe 


JW- 

v . 







gy-i gjg gjg 







abrashre discs inserted 
f ® tiimigb fpfishi| dit 


Westinghouse plans to submit 
Its final report to the inspec- 
tors next summer, in the hope 
of obtaining approval . in 
principle for it as a safe 
method of reFurtashing faulty 
plant. Its engineers also point 
out that if the customers accept 
that the operation can.be done 
in only 62 days, this_ is little 
more than what. in practice 
turns out to be the annual 
period of shutdown for 
refuelling. 

But even if no customer ever 
choses — or needs — the option 
of an in situ retubing operation 
on his reactor. Westinghouse be- 
lieves it may bave advanced its 
own techniques for manufactur- 
ing steam generators. Currently 
these components are assembled 
horizontally, each superalloy 
tabe being inserted separately 


by band, expanded, welded and 
X-rayed one by one. .Kit in 
retubing, the team dropped 
tubes in bundles . of up to ,100 
down the vertical barrel of. the . 
steam generator. ^Moreover, the: 
circumferential weld of . this, 
vessel, a process which- takes 25 
days in the factory, wasjnadein 
only five days by a new narrow- 
gauge welding process, where 
the head was replaced after the 
• retubing. The biggest advances 
in manufacture, however, may 
come from 'use of the R-theta 
robot on the production line. / 

Early next year the engineers, 
at Tampa plan, to start assemb- 
ling three steam generators 
vertically instead of horizont- 
ally. making use of the high 
bay, 115 feet high, in which 
they staged the operation last 
summer. - 





• :.V*TV‘ T : -7 *■ 

■ / 











- 



?1;.: 





-'..Vi P£;' - 

r wK-.'i-: - ' 


-3 

s--i 

-X 


Without sound advice 
on International Real Estate 
you could be let down 

The JLW network of co-ordinated world-wide offices 
can put you in touch with a comprehensive Real Estate service, on an 

..international or local basis. 

28 offices in 13 countries 
A World of Experience 



vw/> - - „ 

TMiB .»»"/' VVC 

iut» MW l 
V\\1U ;WV j rtm . /A 

Vvwi . r/Ai » "rA& '"j 



ANGLOVAAL GROUP 


DECLARATION OF, ORDINARY (and Participating Preference) DIVIDENDS . ‘ 

Dividends have been declared payable to registered holders of ordinary and particlpattrig > 
preference shares of the undermentioned companies, all of which are. incorporated in. 
the Republic nf South Africa. The dividends have been declared in the currency of the /• 
Republic of South Africa and payments from London will be made in United Kingdom 
currencv. The date for determining the rate of exchange at which the currency of the i' 
Republic will - be converted into United Kingdom currency is shown below or- shall . 
be such other date as set out in the conditions subject to which the dividends are paid. 
These conditions can be inspected at, the registered office. or office. of the London 
Secretaries of the companies. Detailed information regarding the dividends is. as follows" 


For companies/ 1 company mnotatad 

Pn?able :o hoideri reentered Mf. ihr uinw tit bustnmis an 
The transfer books and registers mill bo closed from 


Bate ror determining the rate of exchange ■. 
Warranis in paiTDeni/*Ul he posted on or ataont 


.. . A 
2SJ2JKV 
M.1S.3B7S 
. <0 . 

S. l.tBTP 
'2. 1.1979 
. 2. 2.197B 


B • 1 

2S.U.1KX 
S942JWX- 
tfl ' 

3.1.1019 
2. 1-1979 
2. 2.1979 


, C 
5 1.1979 
- a^i.jp.v 
. to 

12. 1.1979 
f». 1.1919 
9. 2.1979 


FINAL DIVIDEND — year ending 31 December 1OT8 


/lAME OF COMPANY 


A Cansotldaud Murchison LM. 

- 


Dividend. 

Dumber 



INTERIM DIVIDENDS -r year ending 30 June 1979 


NAME OF COMPAHY 


A Anglo-Traujvaal Consol Idatod Investment Company. Ltd. 
Ordinary end 'A' ordinary 
Participating preference 

A Eastcm Transvaal Consolidated Hines Ltd, '.-•.v'--." - 
A H arts hcestf Mild n Gold Mining Company Ltd. 

B Middle Witwatemrand (Western Areas] Ltd. . 
i: Middle Wltmtorarard (Western Amu) Ltd. 

CZandpan Cold Mining Company Lid. 


.-V otes: , - 

1. Nn dividend has been declared as the Company operated at altes due to substantially 
reduced - saltv?. 

2. Being 5 cents io respect of the fixed rate of 5% per annum for the half-year ending 
ffl December I97g and 15 cents being 50% participation in the Interim dividend 
of 50 cents declared on the ordinary and ‘A 1 ordinary shares. 

3. This declaration required to avoid payment "by the company . of. undistributed 
profits tax. 

4. The increase in the interim ordinary dividend arises from higher earnings for the 
six months ending ffl December 1978 and the company's intention to reduce the 
disparity between ibe interim and final declarations. It should not therefore 
he assumed that the final dividend will be increased by the same proportion as. 
the interim. 


B|I order of die bonrrLt Registered Office 

Anglo-Tmnsvaal Consolidated • Anglovaal House 

Investment Company, Limited 56 Main Street 

_ . . r: ' ’■ _ Johannesburg 

.Secretaries . - London Secretaries 

per: E. G. D. GORDON ,. ' • Anglo-Transvaal Trustees Ltd.- 

- n v ,n-o . . 285 Regent Street 

/ December 19, S London WIR SST - 


China Trade Corporation, j 
New York, 

and its fourteen wholly-owned 
subsidiary companies are pleased 
to announce the appointment of 

n 

Private Bankers, 

as their merchant and investment 
bankers worldwide. 




Chartered Surveyors 
International Real Estate Consultants 


Nugan Hand International is represented in. Australia, 
Argentina, Cayman Islands, Chile, Germany, Hong Ko ng 
Malaysia, Panama, The Philippines, Singapore, T hailand. 
The United Kingdom and the United States. 


- :- i- -V’V - 


, hp&i <w 



















33 


***** 



y 


ir^DeeepBer 8. 1978, 




Alflll 


(Jrpiu 'q-c 


V 1 


St» Jteryous ahead of banking figures 


. 

^1- 


'•-r- 1. • - : t r * .V4®.-$34i, s gaily 

EfftKtiv©5I^5TC 37?% - Y*** ^ *20?. ^ . . 

S«&32h? “o 
-.^Bpso®- for the i J eceat increased 

''&SSS5- lower-. SSftSrf'w-itom at 
Vuegte rtfaiY ./: '-,> 1 -yv-v - Jtturphy. Oil. flnlsbed SZ dcrwii at 

/Hte .'. ••&, 

Average camera* 9SL to 516:09 Heck’s Improved- .?£ to 

acd t^ NYSB^ CronnKm Iffdex_ forecast a, 50 pfe^tgA* nse in 


£s‘;^«{..;.. : - 

*«■£> 

t*S? 


losses -W gains.' by. $18-10*501. Ookhc not" on ti^to bill on 
Trading - .pjlnirie- 'propped SJaSm rumours', about a 1 possible '.foreign 
^shares-ftj/gr^ftnX.-:,-; ■ j.v .takeover.. /. -^v.- . -■■- 

ThfcGbtfera^ dropped $2'la.5Z7&?» Dn 

Producer £ r Prices .* - for Finished Pant ■ $2? to - St24J^and General 
•G ooda : '.-rosa-': . at; : .a -Seasonally Dynamics $2j tri'.STT-jV: ■■:.■■ '.:' 
attfjjstea ainmiat rate of 9.6 per. Westingbouse Electric -/lost S? 
cBdtio November, camparedwfth to -vSXS-^t will evacuate its 
rifes-'aF W.8 per .cent. 1n,.fJwt .two employees from lran“on..atem- 
prevfaosinti ntfas. However, some - pgrasy: fcasisrr ' * :• '- " . 

Watt street analysts iadJxpeM^a ;.- Pheips podge added Of at *21? 
-a -rate of gain eoi^eraife.tMto^. , -;^h looks for a (“good first half 
9.6 per cent for" November: •; .- -. ^ext year/* , , - •:■■ 

nS2£ • •A*** lost » *° 550-it 

the «^ConfflmerCre^ ^ a boiKioa its first Baltimore 

expanded , adjusted Canyon' well bwi sauk'it-bas not 

?®42bn to -Oet obgr_- afters rncx^s- . given, tip-on ibe.area_ami will con- 
ing- ..a -..revised. :.JSS8mx .. i n tfoue cxpjoriiigr 

at«i. *oiie concert Intenwtton^.^Ptarwster eased 

«*° ms*. *■» fmnth <iuar - 

After/the SE closed. the Federal 

Reserve k»W . the^. Basic Money ■ Boeing reacted *1 1 tD.^Tl}- 
stoefc fell STPOm ■ in! the "V General Electric Shed *B to «Si 

latest reporting wfeift and . the : despite defence contracts worth 
new category (M*l plus) feil-$o9-3m. • •• ' -r •. .-> 

$l.4bn. . ; --«;• •: ■ • ■ ■. MBPXJ/ tacked on; $k at *26? 

Xtra moved ahead. $1?' to. $36? — CargOl began its offer for any 
on higher -September- quarter net and all MPBXL shares at $27 each, 
earnings plus- raised dividend. ' - MPBXL rejected an ear&er mer- 
■ Amorrjc .-Gambfing "-.185065,. ,ger pact with Conagra ln favour 


Dbo. Dee. 
3 fi . 


of the CargHI offer. Conagra 
gained Sfi. to S21g. 

THE AMERICAN SE Market Value 
Index lost 6.45 to 151.49 and the 
volume fell to 253m (355m) 
shares. 

Volume leader Resorts Inter- 
national “A" gave way $} to $26} 
—it was sued by a shareholder 
over objections raised by New 
Jersey Gaming Authorities to 
granting a permanent licence for 
Resorts' - Atlantic City casino. 

Riley lost $! to $34? although It 
won a multi-million dollar con- 
tract to build steam generators in 

Saudi Arabia. 

Tejon Ranch dipped $} to $33} 
— it said rumours of a takeover 
were " incorrect n EDO advanced 
$ii to $19*. 

Canada 

Markets closed around the best 
level of the day with the Toronto 
Composite Index up 55 to 1,290.5. 

All other indices gained ground, 
with Metals and Minerals up 2J3 
to 1,077.9, golds 27.7 to 1549.6, 
Oil and Gas 4.5 to 1,7875, Utilities 
1.16 to 19852, Banks 4.44 to 307.71 
and Papers L01 to 154.79. 

Dome Mines rose $1? to $84?, 
Campbell Red Lake $1} to $34} 
and Giant Yellowknife $? to $10{. 

Canadian Pacific Investments 
put on $? to $23? pnd McGraw- 
Hill Ryerson $? to $9 — each 
raised their dividend. 


Paris 


Prices were steady in active 
business. reflecting increased 


Foreign interest and the steadi- 
ness of the French franc. 

Moulinex, however, shed FFr 2.8 
to 141, while Ferodo eased 
FFr 150 to 461.50 despite higher 
sates in the first nine months of 
this year. 

L’oreai rose FFr 24 to 774 on 
higher sales in the first nine 
oqpmhs. 

ITT and Merck led U.S. shares 
lower. Germans also were lower, 
apart from Siemens which gained 
ground. Dutch and International 
Oil shares weakened, while Golds 
and Coppers were steady. 


Brussels 

Most Belgian shares were high- 
er, with Steels notable in reaction 
to recent Government measures 
to aid the Steel Industry. 

Reserve, Lambert and Hoboken 
each rose, while Clabecq and 
Cockerill each gained sharply. 
Also higher were Halnu'e Sambre, 
UCB, Fmoutremer. Cometre and 
ArbeidL 

Among Foreign stocks, UK and 
French issues were higher, U.S. 
fell, while Dutch and Canadian 
were little changed. Gold shares 
rose In line with the higher Lon- 
don fixing. 

Amsterdam 

Share prices were mostly easier 
in quiet trading, with investors 
holding back against a back- 



2BSb i- 26 Ir 


-2BVT:2fl 



!>«. I Dec. 
3 6 


IVe. I Dpr. 
3 G 


lAorvAEi. Grotiu..,.; 

, ill- i 

CfttoiL Induttrief; 
(jpctlwert Alr.-r'ftj 
lute£har iuuu*^ 
twig Intern I Uii.j 
-Lbulsura La iwl...' 


ZO I 19 Bn 




ISctjfllOOt.fli.lY.-.. 


•231* 

2358 

4We 

19- 

JIS* 

••SIR*; 

s*-.- .. 
vn£ 

4150 

.19 

•311» 

: 55* 
32Tg 
275 b 




£14 1 -62 
69*, 1. 70 


-2.71*"; 27 


1 st *-* . fl 1 -* 


23T 8 i 351, 


1428 • 143* 
lOig | 101s 
201s t 20>* 


1®4 t ™ 








107b I. 1632 



17 ts I- I8a« 
231a { 2338 


Peri, in blmor 



UevioD-.- 

K^wlde Me»m«. 
Kevnoldi' It. J. ... 
BJeh'Kui Unrei 
Uoukwell Inter... 
Uofan & Hifis..... 

Hoy«< Dnirfa ...... 

UTM 

Ki«n Togv 

Ryder dy-iem^.. 
Mfewav .Srom_. 
St. Jot Uinentlr. 
St. Kegli 
aenw t-'e livt-. ... 
Sam Inre--t._.„. 

Sft&iiU I DO- 

Scbiilr Umwinc . 
Sthimnl^rcer. ... 
SOI 

Stv.jl Pbj<t. 

9lhviI Mrs 

S-uiiik'r f J i m. ( '■ [ 

See CtuHmner .... 

seagnm 

searle ili.U., 

Smrv Uuei'iuk.... 

St DC! i 

Shell l 'it 

shell Imiupoil .. 

a teniil 

atennrte CVirp 

almplioity Hit... 
tflnuer - 

SmiUj i nUT. 

Smith KUoe 

dolitron 

Soutndowo. 

aoutbem La Ltd. 

doafliern Co. 

Sthu. Kat. Res... 
SoaOiL-rn FbcUm.-. 
aouthemkaiiini^ 

SourtilaO‘L_ 

8'«r*t IMarbarer . 

Speny Hutch 

Sperry Hand. ... 

Squibb..... 

Srathlam Stand.. i 
Std.OUGililurnia: 
Sid. Ukl Jn-llana. 

Sul. UU Ohio 

Suit? Chemical-, 
otFTluv I'rii't ....' 

Mwietwler...-. • 

Sim Co 

sunditracvi. ; 

Symex i 

THuiiiKnii.'r : 

Tektronix 

lekilvue 

l'ewx 

1‘eoeee 

I'e-oTvPeiroieuin. 

lenm 

lrxaBguit..— • 

I«mi Kavieru .... 

It- as lnd-'ni ; 

l'eXHH(l,l \ LiHS.J 
Clilmcs ...; 

Timfi lm._ 

Timii WiiTnr. ; 

TtmkOD - — • 

Trane. 

TraoMnenua .— ./ 

TVanacu i 

Tran Lb ion _.J 

I'nui-wav lntm..j 
IVau Worn Au _] 
L'neeen— ...—.! 
in -Cant men la i.. | 

ir-too Oi L UasJ 

IHW .] 

eutbL'emury Kun 

U.A.U— -J 

L'AJUJO ...•' 

CGI ‘ 

Unilever 

L'mlerer M 

Lnirai Ueiu-orp.-.J 
Luiun Cari-aie....; 
L'niua Coninieiv*. 
Union Oil Call I... 
Ijmou hcilir - 

Ciutoyn! 

United Umriiin... 
LS ileiii»r|> 

t [ S (i\|»iiin 

L's SI we 

US Steel 

I Ui lodiuuloclt- 
UV luiiu-lni*- — 
Virginia Wert .... 

Walsreen 

Wallai-e-JJum.r . 
Warner-*, oiilinii. 
Warlhu ■ Lanif«i1 - 
WbU-llmrintiii 

Well'-Kaiyu. 

Wh eiu Souuouii, 
IVwtr/n . .Vinei ' 
U’eaiem Lumn— I 
W'e-Uimh'.p SluJ 

Wn'crhaeuid....' 

UTiInjiiwl 

White Con. luii. * 

William Co ! 

WiBuonsiu Bled .i 


W.wiwtiiu 

Wtiv 

ti'hl 

Zapata 

Zenith Kadm 

U.S. Tits' .«S tSfc-0 
USTrw-aiyrWf 

Ujj. 90-d»V bill*. 


Pee. Dee. 

7 6 

1BJ« 195, 
4 4 

55 U 555* 
11U U<i 
133s laij 
194 194 

f785e 1785 b 

9.89% 8.87t 


CANADA 

\i>ml.i| Hhjei 1 

Vitnlo' Safiie 

Alcan A.iiiniiii'in > 
Albania St te< .... i 
AAfotm ‘ 

Ban L, ul Mom real 3 
Hnni .VmaS'ilii' 1 
Hlmc ■v’lin » *.. 4 

Ib-li Trlrphoi'e... t 

Boa Vallrv In i. 

0P Canada I J 

HltSOlD 1 

ttrlDiu :< 

i. mj’jiry Hiiwer... 1 
L'anidu Mines .... J 
Uaiuda iVnieni- 1 
Canada X5V Laii. 
Can. I in j i Bk Ltenj i 
Cauadii Induel ...' S 

Cau. I’anne - 

Cau. Hoviltc 1m . 5 
Cau. auier oil... ' 
Carlins o’Keelr..' * 
Corfsiar AbLesIte..; 

CbJeliaHi -....; 2 

C«n,iDv<.< j 

Cons. Mat hursl— 
Consumer Cut.... 
Cmeka Kesuuivtt 

Costal n 

Da on Dwei 

L)enl<on Mines... 

Dome Milieu j 

Dome Petroleum.. 
lAiffiinJwi Brxiati 
Domiar. I S 


380* 38 


BASE LENDING RATES 

A.BJCT. Basok I2?%BHambros Baitk 124% 

Allied. Irish Banks Ltd. 12?%BHilI Samuel-..: S12?% 

American Express Bk. 12?% -C. Hoare & Co Tlfis% 

Amro Bank 124% Julian S. Hodge 13?% 

A P Bank LkL, 12?% Hongkong. 8 e Shanghai 12?% 

Henry Ansbacher .12?%- Industrial Bk, of ScoL 12?%- 

Associates Cap. Corp...; 124% Keyset - UUmann. 121% 

Banco de Bilbao - Knowsley -& Co. Ltd.;.. 141% 

Bank of Credit & Cmce. 12?% . Lloyds Bank 12?% 

Bank of Cyprus ...12?%, London Mercantile ... 12?% 

Bank of N.S.W. J3?%". Edward Mahson & Co. 13?% 

Banque Beige Ltd. I..' 12?% Midland Bank '. i.... 12?% 

Banqu'e du Rhone et de ■ Samuel Montagu 12?% 

la Tamise. S-Al. 13.%Bllorgair. Grenfgll 121% 

Barclays Bank 12?% National -Westminster 12?% 

Barnett Cbrifftie Ltd;... 13J% ' Norwich- GeneraFTrust 12}% 

Bremar- Holdings Ltd.: 13?% P. S. Refsbn & Go* 12?% 

Brit Bank nf Mfd. East:i2» % . Rossminster 12?% 

■ Brown Shipley .........125% ;Boya3 Bk, Canada Trust 12?% 

Canada Perm’t Trost... 121% Schlesinger Limited ... 12?% 

Cayzer Ltd. 124% E> S-_ Schwab 13?% 

Cedar Holdings .......... 12}% ■ Security Trust Co. Ltd. 131% 

■ Charterhouse -Japtet--- J2J% f? lfel 5 ey j T 5S s L 

Chouiartons W% gamiard Chartered ... J2?% 

C. E. Coates 121% Trade Dot. Bank ...... 12?% 

Consolidated Credits... 12?%;. Trustee Savings Bank 12?% 

Cooperative Bank *121% T^entietii Century Bk. 13?% 

Corinthian Securities 121% United Bank of Kuwait 12?% 
Credit Lyonnais 12?% Whtteaway Laidlaw ... 13 % 

•Duncan Lawrie 12?%: Williams t Giya’s ... J2J% 

The Cyprus-Popular Bk.,.12?% Yorkshire Bank 12}% 

■Members of tbs AccepUns Hmara 

English TranscoaL .... 121% ■ comiaJiiM. 

First Nat Fin. Corp. ... 14 %* 7-day depflstB W?;, l-ntomii deuosita 

_ First NaLSecs.Xtd... .1* % t ug ^ m ^ s , mm 

■ Antony Gib^s. — - -— ■ - ® 7 ._aaj Under M% up to £35, 0» 

- Greyhonad Guaranty— and owr ss.m m%- 

Grindlays Bank 12?% t can. dcw*ns over fiaoo io%. 

■ Guinness Mahon 12?%. * ***** ^ 


FOOD PRICE MOVEMENTS 

December 7 

Week ago 

Month ago 


£ 

£ 

£ 

BACON 




. Danish A.1 per ton 

L140 

1,140 

1,115 

British A.1 per too 

1.UO 

1,110 

1,085 

Irish Special per ton 

1010 

LUO 

1,010 

._ Ulster AJ per tonl 

I, DO 

LUO 

1,050 

BUTTER 




...'NZ-per 20 kg 

12.61/12.74 

12.61/12.74 

32.61/12.74 

• ‘Englifila per cunt 

76.00/81.11 

•79.14 

79.14/79.15 

Danish salted per cwtT... 

80.90/83.49 

80.98/83.72 

80.98/83.72 

CHEESE'S 




NZ'pw tonne 

1^23 

1^00 

1J6L50 

English cfaeddar trade per 




. tonne 

— 

1,345 

1,345 

EGGS* 




. Home produced! 

? Stae 4 

3J20/350 

3.10/3.40 

2.60/180 

Size 2 

420/4.40 

3.70/4.00 

3.20/3.40 

December 7 

Week ago 

Month ago 


P 

P 

P 

beef 




Scottish killed sides ex- 




' KKCF - 

54.0/5S.0 

54.D/5S.0 

54.0/58.0 

. Eire- forequarters 

36.0/38.0 

36.0/38.0 

37.0/39.0 

LAMB 




English 

50.0/34.0 

50.0/52.0 

52.0/56.0 

\N£ PLs/PMs 

• — 

— 

56.5/58.0 

FORK .Udl weights) 

35.0/46.0 

35.0/46,0 ■ 

37-0/46.0 

POULTRY— Broiler chickens 

35.0/33.0 

35.0/38.0 

35.0/38.0 

•London Egg Exchange 

price per 

120 eggs. 

f Delivered. 

t Unavailable, fl For delivery December B-1S. 



ground of scattered strikes by 
Dutch Public Sector employees. 

Internationals were all easier. 

Heinehea were unchanged at 
FIs 9ffi after announcing higher 
year vet profit and an unchanged 
dividend bn increased capital 

Volker Stevon were quoted 
FIs 96 following the recent merger 
with Stevta. 

State Loans were steady to 
lower. 

Switzerland 

Movements were narrowly 
mixed in featureless trading with 
markets lacking new stimulating 
factors. 

Leading Banks and Insurances 
were barely changed. In 
Financials, Moevenpick recouped 
Its recent loss, while Elektro-Watt 
and Forbo “A” each firmed. 

Among narrowly mined Indus- 
trials, Hero Co nse rye n, Clba-Gefgy 
Bearer and KW Laufenburg met 
some demand. 

Domestic and Foreign Bonds 
were steady in moderately active 
dealings. 

In the Foreign Sector, Dollar 
stocks traded slightly below 
Wednesday’s New York closing 
levels. Dutch and German shares 
were easier. 

Milan 

Prices were generally higher 
in moderate trading. 

SnU Viseosa firmed in Chemi- 
cals, while Montedison shed 
Lire 155 to 174.75 following news 
.that only just over half of its 
Lire 203bh capital increase has 
so far been taken up. 

Industrial ami Financial leaders 
were mostly better. 

Bonds were quietly lower. 


Industrials held steady in light 
trading. 


Tokyo 


Share prices were slightly 
higher in heavy trading— 540m 
(490m) shares— on selective buy- 
ing Interest, despite a delay in 
the formation of the new Ohira 
Cabinet. 

Synthetic Fibres. Steels, Heavy 
Electricals, . Pharmaceuticals, 
Chemicals and Vehicles gained 
ground, but Real Estates 
weakened. 

Shippings and Petroleums 
firmed, but a late wave of profit- 
taking in leaders pared early 
gains. 

Nippon Oil were up YL1 to 66L 
Toray Industries Y6 to 182, 
Nittoh Chemical Y12 to 229, 
Azuma Steel Y29 to 339 and' Japan 
Lines Y4 to 116. but Helwa Real 
Estate lost Y8 to 6S5 and Pioneer 
Electronic shed Y20 to 1,620. 


Hong Kong 


Market eased slightly in mode- 
rately active trading. 

Hutchison Whampoa fell 
175 cents to HKS4.S25. while 
Hongkong Bank shed 10 cents to 
17.70, as did Jardlne Matbeson to 
12.10. Hong Kong Land to S.15 
and Swire Pacific to 8.0. 

Hong Kong Wharf were down 
HKSL10 to 2850. 


Australia 


Johannesburg 


Gold shares were firmer on the 
higher bullion price indications 
and a weak Security Rand .whigh 
attracted some London demand. 

Selected issues advanced on 
General Mining Group dividend 
announcements and Union Corp. 
annual report. 

Trading had virtually come to 
a standstill some time before the 
official close, with operators 
engaged in lighthearted antics 
ahead . of the Slock Exchange 
move today to new premises 
after 75 years in Hoilard Street 


NOTES: Overseas prices shown below 
exclude S premium. Belgian dividends 
are after withholding tax. 

+ DM 50 denom. unless otherwise staled, 
yields based on net dividends plus tax. 
9 Pta 500 denom. unless otherwise staled, 
■p DKr 180 denom. unless otherwise staled. 
$ SwFr BOO denom. and Bearer shares 
unless otherwise stated, i YB0 denom. 
unless otherwise slated. S Price at time 
of suspension, n Florins, b Schillings, 
r Cents, d Dividend after pending rights 


Minings nd Industrial leaders 
led on across the board rise, 
following the uptrends on Wall 
Street and Lodnon overnight. 

Westfield rose 14 cents to 
A $8.60, while Intercom b gained 
10 cents to2. 10 on its higher 
profit and BHP 4 cents to S.70 on 
optimism over its current oil 
exploration programme. 

Bundaberg Sugar put on 5 
cents to 3.35 and Philip Morris 
10 cents to 6J0. 

Among Coal Miners. Coal and 
Allied advanced 20 cents to S5, 
while Utah were up 5 cents to 
S4 on new's of its contract with 
Japanese steel mills. 

Uraniums also improved, except 
Queensland Mines which eased 5 
cents to 83.15. Diamond issues 
gained ground. 

.EJse where. Renison firmed 10 
cents to $9.70. Western Mining 6 
cents to &1.60 and Mount Isa 3 
cents to $2.45. 



JOHANUE SBUB.G 

Gobi 

Indufctrinl 


" Dec i Pre- , 1978 ( 137E - 

7 j VHms | Hi^h . 


>, AoBtralilPC) &34-B4 ; 552-40 
0 i ' 

kl Belgium tu ' 97.76! 97-74 

Denmarkl**! 9154' 91.01 
't i ■ 

5 France ttt» 7E.6 j 77.c 

5 Germany! ’ ) SS5.10 ■ BAi.i' 

anUmd {jj/| 7S.4 7 r .a 

Tfo T1F Kjnr 52L99 52S.0o 


GERMANY ♦ 


and/or scrip Issue, e Per share, f Francs. 
O Gross dlv. %. h Assumed dividend after 
scrip and/or rishts issue, fc After local 
taxes, m 7i tax free, n Francs: lnchidlnB 
Unllae dlv. jt Nam. q Share split s Dlv. 
and yield exclude special payment, t Indi- 
cated djv. a Unofficial trading, a Minority 
holders only, vtgerser pcadms. * Asked, 
t Bid. 5 Traded, t Seller, x Assumed, 
zr Ex rights, xd Ex dividend. xcEz 
scrip Issue, xa Ex alt a interim since 
Increased. 


TOKYO % 


Italy (Il) | 
Japan ml 
Singaporefii 


446.60 447,5c 
553.26 5£'2.64 


! 666.79 4!Ll9 
; (2£,'9j fl/3i 
1 101.16 90Ao 
[ <B/6) (23/6 1 

1 98.9b B8.C« 

; (14/6j i^i/ICi 

. B3-0 47j; 

(4/ICIi I ilfa 
! S6S5 i 
. (19(10) 417(5, 
95.1 { 76.0 
i ll/9i I i4Hi 
.7U7.70I 3h6.4 
. (4/0) 1 (I3i4i 
■ SS^b | 66.45 
: (26/01 1 (lO/li 
448.60 364.<M 
• (7/lifi i4/10i 
4 14 JO 2o2.0 
1 8/fl) i9/l) 


Indices and base dates tall base values 
IDO except NYSE All Camman-~50 
Standards and Poors — 10 and Toronto 
3M— l.DVO. the last named based on I9isi. 
t Excluding bonds. 1400 Industrials 
S 400 industrials. 40 Uulliles. 40 Finance 
and 2o Transport. C Sydney Ah Ordinary, 
fl Belgian SE 3L/12/G3. •“ Copenhagen SE 
1/i-rc. rt Paris Bourse 1961. riCommerx- 


AU5TRAUA 


Spain I</|] 9L70 < 92.40 1 110.7S \ 87.8b 
I (3/8) 117/3) 

Sweden iv 1 372 -59 ! 3716.56 408.00 326.74 
| I t4/fli (Sill 

Switzerldf/) 3SS.a I 2S6.6 323.7 261 J5 

I | H 4a, ^26/91 

bank Dec. 195.”.. 5? Amsterdam Industrial 
1970. Vi Bang Seng Bank 5T7/M. ||||Banca 
Cammerdatc Italians 1975. a Tokyo 
■lew SE 4 LVS. b Straits Times I96S. 
c Closed, d Madrid SE 30,12'TT. e Stock- 
holm fininsirlal 11-56. /Sinss Bank 
Corporation, u Unavailable. 

THURSDAY’S ACTIVE STOCKS 

Change 

Stocks Closing on 
traded price day 

Sears Roebuck 409.600 213 +i 

Boeing 223.900 71* -li 


Sears Roebuck . ... 

Boeing 

Exxon 

Amur. Tel. Tel. .. 
Champion Spark ... 

Tesacn 

Nor. Ind. PS 

Brit. Petroleum .. 

Bally Mfg 

Westinshnuse Elei. 


221.700 50 -i 

213.300 612 -9 

213.200 9« - * 

1W.J00 24! -i 

1S5.200 1 5? -k 

154.700 181 -f 

149.500 441 -fi 

141300 IS -I 




64.5.+0.I 

Urei'tUank 118 L 

Aufciooo.... 350 ( 

Kre-Itkaouen 115.0,+ O.i 

Hv in. Krc 183.501— 3.1 
dlorebnmd 93.75i+ 1-! 


BRAZIL 



Snurca Nlkko Securities. Tokyo 


BRUSSELS/LUXEMBOURG 

, Iliv.j 

Dec- 7 : I'ni.-e : +..r < Fr.. IV Id. 

I Kr . — | .Set ‘ % 


Ane.1 2,195 +B5 ■ - • — 

Ucrt.ei-8" 2,460 116 . 4.7 

L.ti.k.lVKicni.... 1,090 —6 ,100 ) 9.2 

Coekenil 451 !+37 : — — 

KBbn -2,355 —5 177 7.5 

Kli--tf*u«rli 7.180 +30 430 6.0 

Kai.1 ii|Ui- .V.M 3,060 - 17U 5.6 

Vl.B.lnucBni 2.490 —25 150 i 6.0 

l.evaeir 1.324 -16 85 , 6.4 

lidLlltrux Li 1.620 . !+2U SO I 5.6 

UiAmAku 2.530 •+ 125 170 J 6.7 

ffltenwi 1,825 I—IO '142 ] 7.8 

Kre.lirrtjei.k >6.910 -90 >29 a i 4.2 

tai .H ps*I* 8elce.J5,9iO '+10 -325 I 5.4 

Phu Huiiitnq 12.740 • 52 . 45 ’ 2.8 

Peni'liiLi 5.240 —55 jldu 1 5.6 

*>:. tn , a, t-aii.|:i>-|3.23S -f 25 ^c4 . 6.3 

Si«.'.<.icu. Bvice... 2.050 4-30 '1*1 j 6.8 

ckirina- !3.285 ;+20 215 6.6 

2.580 .+5 IA..1D 8.1 

Li»t-iifii biecl .... 2,750 [ 17 J 6.2 

U.B '1,18 J i+30 I - - 

I'D.Uiu. fl.l-ji j 720 1 + 4 ! su 6.9 

V lejiiejfomaane . I 


rin .UimilK loOceuraj 


Hwi.igur 

B.5..S. tiervai 
t'grreiuur 


- SWITZERLAND * 
6.9 1 


Turnover Cr 30.0m. Volume 32 Am. 
Source: Rjo de Janeiro SE. 


JOHANNESBURG 

MINES 

December 7 Band 

Anglo American Corpo. ... 6.70 

Charter Consolidated tT.,70 

East Dnefonteln U.03 

Elsbnrg «... ISO 

Harmony 3.90 

Kinross 75.30 

KlOOf 

Rus ten burg PlaUuum 2.05 

5l Selena flS.20 

Southvaal 5.90 

Cold Fields SA 25.DO 

Union Corporation 5.50 

De Beers Deferred 7.72 

Blyvoorulmcht 6.00 

East Rand Pty t5.60 

■to. 11 1+0.02 [ Free State Gadoid t27.0O 

Prcsldem Brand 16.40 

President Steyn fls.OO 

SlUfontein 6.20 

Welkom 4.85 

West DrlcfOmein +42.50 

Western Holdings m.OO 

Western Deep 1 15.00 

INDUSTRIALS 

AECI 13.15 

Anclo-Amer. Industrial ... ll.Sfl 

Barlow Hand 4.60 

Currie Finance "1.00 

De Beers Industrial >12.75 

Edgars Consolidated lov. .. >2.90 

Edgars Stores f38.0o 

Fcderale Volksbelegglngs . 1.90 

Greatermans Stores 2.85 

Hulctis >2.32 

LTA T.OO 

McCarthy Rodvay tO.Ro 

NedBaoS 7.90 

OK Bazaars 7.30 

Premier MlUins 3.30 

Protea Holdlncs 1.30 

Rand Mtoes Pro pen I es .. 1 f 0 

Rembrandt Croup 3.80 

Retco 0.30 

Sage Holdings 1.45 

SAPPI —43 

C. G. Smith Sugar . ... S.R5 

SA Breweries 1-23 



UaMIUUstxll 25® Iti 

I’MlmwM IZ2- 1 I ®* 

B a? a i + '* I 

'■/piTriafnrer.... 201 +1 

Veit Ihi/nHl 241 , + 1 

































































































BY JOHN BRENNAN 


Over-ambitions planners 


AFTEN TEN' years vfurk. only 

54 of the country's .SI rvaionjl 
structure plan*, have ln?on >ub- 
mitted lo the G»'i verm in'ii 1. an-'J 
only 24 of these have been 
approved. Mr. Peter Snore. Sec- 
retary of State for the 
Environment, warned planners 
this week that, “this is progress, 
but it is not fast enough " 
Addressing the Town and 
Country - Planning Association's 
annual conference in London, 
Mr. Shore repealed bis cumniit- 
ment to the system of count* v- 
wide structure plans, despite 
recent opposition from the 
Environment Sub-Committee of 
Parliament's Expenditure Gnm- 


mittee Reject ins changes pro- 
pnsed by the committee. Mr. 
Shore said that “even if we 
found what we thought was the 
heUt-i uay it would — on past 
form* — he five or seven years 
before we know if we are right 
or not. , 

Mr. Shore asked planners not 
to ue “over-ambitious." He said 
that "a reasonable plan pro- 
due?'! affluently and speedily is, 
frankly, to he preferred to plans 
honed iiiid polished, but long- 
delayed l>y excessive detail or 
hy over- emu olicaled techniques." 

Mr. Shore explained that his 
pn-ou^'l. to place responsibility 
fur ali planning applications .with 


districts, rather than couoty 
authorities should end the 
present uncertainty over which 
planners developers should 
approach. And he repeated his 
rejection of the Environment 
Suh-Committee’s view that 
development controls are 
inefficient and unnecessary, sa.v- 
. inq that "we can and must im- 
prove it where- possible.'*' by 
responding to criticism. 

Turning to land availability. 
Mr. Shore said that this was often 
“discussed publicly in a sterile 
way with the trading of statistics 
by planning authorities on the 
one hand and housebuilders on 
the olher, each side unfortu- 
nately sometimes simply not 
accepting the other's case.” 

Local discussions should, he 


felt, resolve most of ’these ' dis- 
agreements. The: Community 
Land Act would, he believed, 
resolve the rest 

Now that loan sanction restric- 
tions on the authorities have 
been relaxed " there Is nothing 
to stop the scheme making good 
progress. Of course," he said, “ I 
am not satisfied, with the rate 
progress and I will look forward 
to the time when local 
authorities generally will com- 
mit themselves .wholeheartedly 
to Implementing their policies 
through the scheme." 

Mr. Shore continued: “We 
have now established across the 
political spectrum that develop- 
ment land values "should he 
taxed " and as the tax. “ Is 
bound to have some inhibiting 
effect on the market ” the Land 
Scheme ensures that enough land 
comes forward. He believes that 
the laws have now “achieved a 
reasonable compromise between 
■the right of the community to 
get the benefit of increases in 
land values and yet retaining 
enough incentive for the market 
to operate.” 


Monopoly traders 

* . - #w A 




Against self-interest 




AN INDUSTRY that thrives on- 
controls makes a poor critic of 
restrictive legislation. And when 
property men decry the govern- 
ment's planning and develop- 
ment laws they risk leaving 
themselves open to a charge of 
hypocrisy. 

Setting aside the political 
aspects of a policy ultimately 
aimed al the public ownership 
of all development land, the 
principal targets for «nip>-r* 
from the property industry are 
the Community Land Act. Deve- 
lopment Land Tax. and ineffi- 
cient planning systems Each yf 
these areas of criticism can he 
looked al in two ways. 

On the one hand. OLA. DLT. 
and sluggish planning al! add to 
a developer's problems. The 
OLA. following recent relax- 
ations of loan sanction controls, 
may for the first rime give 
authorities the scope to u«e their 


land acquisition powers effec- 
tively and this may theoretically, 
resolve developers' site assembly 
problems. 

But overall, the legislation 
increases the authorities' role in 
the development process and. 
even if Mr. Shore's comments 
iIms week < reported above) sug- 
gest that he hopes that this 
greater role will result in 
greater planning efficiency, on 
past pcrf'irinance local authority 
participation means additional 
red tan-?. 

The Land Act. combined ■with, 
DI.T. has also meant that land 
owners, who in the past sought 
out ways nf developing their 
land arc reluctant to be drawn 
into the open. And that has led 
to the present boom in the price 
nf 1 lie diminish im; supply of 
dev eh inablv land free of 
cun l ro Is. 

DLT at its current interim 


rate of. 665 per cent, rising to 
SO per cent in 19SQ. clearly cuts 
through the financial logic of 
many proposed new develop- 
ments. 


All the negative aspects of the 
legislation are well known. But 
what of the positive side of the 
government's programme? 

At a cynical but practical level 
the more complicated the laws, 
the greater the need for pro- 
fessional advice, and the larger 
the fees for surveyers. buyers, 
and all the other agents who 
specialise in lighting a path 
through the rules. Fewer 
developers may bother to tread 
that path. But fewer develop- 
ments keep tenants locked into 
the established investment port- 
folios oF the property com- 
panies and financial institutions, 
competition between these ten- 
ants for the restricted amount 
of commercial space beeps rents 
moving ahead, and that in turn 
underpins the rising capital 


values that justify property 
investment portfolios in the first 
place. 

On the wider stage, complex 
development controls sit uneasily 
alongside government talk of 
regenerating the inner cities, 
creating modern industrial 
buildings and generally improv- 
ing the environment Bat does 
the property industry really 
relish the prospect of 1 truly 
free market? - 


Town centre .developments' 
carried opt hy the . retail 
gjnnps could prove' to be . 
“ socially undesirable ” accord- 
ing; to the Hammond Phillips 
Partnership In a review of 
the retail property market 
published today. 

In a market where rents 
Tor prime located shops have 
increased by “ between. and 
100 per cent" in the past 
year. HPP notes the number 
of institutions, traditional pro- 
perty company ' developers 
and stores groups that are 
new starting work on shop- 
ping schemes. But it warns 
that . “there arc certain 
dangers in consumer 
developers undertaking' com- 
prehensive town centre 
development schemes. - Al- 
though super-stores bring 
huge demand from the ’public 
they do not -necessarily create 
a- good shopping environ- 
ment” 

The problem with these 
superstores is that their 
operators, being the scheme 
developers and being 

“ primarilyi interested in maxi- 
mising their own space and 
location ” inevitable, “ domi- 


nate the trailing positions 
and. create, a monoply: 
situation.' . The scheme;- may- - 
be fi nan cially ' advantageous 
to local authorities buf coMd-- 
be undesirable socially and - 
.might quickly lead to other-. - 
traders In' the vicinity. beinjr 
forced to dose with bnfldings- 
remaining empty and an . • 
ultimate lack of choice 'for ^ 
the consumer." . t 

’. The dramatic rise i n Tgfc til . £ 
rents poses another threat to .T- 
consumer choice by forcing ; 

established convenience^- 

trades from the High Streets. ~- 
And when' tenants can taJte-T 
£im premiums . for' ■prime'- 
located units, “Key money”- 
that, “rarely bears .any revt- 
semblance to the theoretical .* ■ 
value of the unespired lease- > 
hold Interest, which is often. >' 
■very short, and arc regarded.:; 
by the purchasers as a once- 
only, payment . to secure 
representation in tho .- 
th oroughfare . HPP secs - - , 
no end to fashion stores’ in- - 
vaslon of the High Streets. 

.Ope side effect of the rise; 
in shop rents is the increasing 
number 1 of - landlord and. 
tenant battles over reviews. 





Terra Xtric 


-And with that in mind, HPP 
notes the “trend innewshop- 
■pihg centres for the deyieloper 
■ to ensure . that futiire rant: 


: review patterns are staggered 
- : to avoid the, danger of: tenants 
. confronting landlords collec- 
tively When reviews are due.’* 


How would a pension fund 
justify financing an inner Lon- 
don industrial development 
where site costs run to £jm an 
acre if the vast tracts or Dock- 
lands were fully served with 
roads and available for develop- 
ment at current use values? How 
many provincial offices would 
find their way mlo investment 
portfolios if tenants have a free 
choice of half a dozen specula- 
tive schemes in the area? And 
wliat of rents in. a really free 
market? They .would bear little 


relation to the current market 
where British office rents are 
among the highest in ‘he 
world. , . 

A free market is out of the 
question. It is politically impos- 
sible. But it is also commercially 
impractical without first dis- 
mantling the structure of the 
present market that has been 
built around artificial restrictions 
on the supply of commercial 
space. , . , 

■ That leaves critics of the legis- 
lation in ao interesting light. 
-Since few sections of the 
property industry would benefit 
from less restrictive controls, the 
criticisms are either just load 


enough to pay lip service ..to. 


laissez faire capitalism without 1 
al * fc “' 


IN BRIEF 


laioacb — — s- 

risking any real changes, or they 
reflect genuine concern that tb&; 
private sector of the industry 
should be allowed to operate. as 
an efficient part of the economy; 

Looked at that way. politicians 
evaluating criticism of theft 
policy would begin to appreciate 
that there is more than self- 
interest behind the property in- 
dustry's lobby for a lighter DLT 
charge and more flexible plan- 
ning controls. If the industry's 
spokesman really thought only 
of their own incomes there would 
be plenty of voices calling for 
ever more convoluted laws. 


TT IS hard to be cheerful about 
the Brussels office market while 
there are slill 3.77m fid ft of. 
empty buildings, and another 
538,000 sq feet due for. Com pie-' 
tion within the next ; two -years. 
But Jones Lang Woottbamanages 
ac brave smile, reports lettings dr 
sales totalling 820,000 sq, ft in 
the first nine months of lire year, 
and forecasts that the over^upply 
will be absorbed by 19S0. - 
To support its case JLW has 
just let 21,530 sq ft of the 
Herpain, Belgium . '..contracting 


group's “building at 50 Boulevard 
du Regent- in the .Quartier- Leo- 
pold to the Deutsche Bank for 
BF ,3,750 a -sq metre (X530 a sq, 
ft) The rent; -which" is the .same 
as JLW’s recent-letting of 34.400 
sq ft in Coitfercial Union s Arts/, 
Lux- building on Rue dii Luxem- 
bourg, Avenue ties; Arts an<L Rue. 
.dii Commerce to ‘.the Japa nese 
Embassy,, confirms -the marked .■ 
strengthening ; of . ..interest .'..in; 

prime located space in recent 

months’ - - 0 




j ,w " 


Property Deals appearon 
PageSfr 


, * • ' s. 





RIAL AND BUSINESS 





City.... .7,000 sq.ft. 

Strand - 6,000 sq.ft 

St James's 1,155 sq.ft 

WC3 : 925 sq.ft. 

S.E1 - : 580 sq.ft, 


Industrials Nationwide 


BENFLEET Essex 
Warehouse/Factory with shop 
38,900 sq ft FREEHOLD 

Also 

Warehouse 39,000 sq ft 

on 3-5 acres FREEHOLD 


LEIGHTON BUZZARD , 

Modern Factory/Depot . y? - 

22,000 sq ft on 2 acres ^ t 


lm 




KETTERING Northants- ' 

Single^storey Factory 
FREEHOLD 30,500 sq ft 


Clients' reqislrsnsents 


SOUTHAMPTON 

New Warehouse 11,675 sq ft 


Birmingham 

Central Warehouse 26,500 sq ft 


Freehold or Long Leasehold 
Buildings in Central London. 


BERMONDSEY set 

Self-contained Warehouse and 
Offices " 21,315 sq ft 


WEDNESFIELB staffs 


..'A 


New Warehouse 7,500 sq ft. ,/ 


500-700 sq.ft Office West End 

2,000-2,250 sq.ft. Office West End 


LEWISHAM sei3 

Nursery Factory Estate 
3,000 to 40,000 sq ft 


NOTTINGHAM 

Modern Warehouse 24,300 sq.ft 


i 


*" 



HEATHROW AIRPORT 

New Warehouses 
21,000/42,000 sq ft 


MANCHESTER 

Exceptional high eaves 
Warehouse 60,000 sq ft 

Also 

New Factory/Warehouse Units 
5,000/50,000 sq ft 



St Dunsfcaris HSU, 

. / SMOOsqtfk WiSiM* 

si^tedmprommentQ^ l |||lppl 


■i 

■H-f? w'Ji*''. 




r. 


■ • • & 



**w*.V : u 

£ i- ‘ - > 

•• • ”■/ 





■ - 7r\- 


■; ' Y-f 


- 


ealey & Baker 


Established l820inLor.ccr. 


29 St. George Streets Hanover Square, 
London W1A3BG 01-6299292 


-OF- LONDON nSC..3BROAI>STKEeT .C'.O-’ N EC2N 
OC:AT£OCFnCES F*AHIS 33 JSSELS AV5~= "OA\? A .EHSPi 


Fully air Conditioned- 
Highest quality finishes - 
interior and exterior ; 

Three 10-person passenger lifts 


Island site 



Private car parking 

Own private drive 

, . . . 




Ready for occupation March 1979 # 

For full details please quote "Ref CGS/MJC - 



k* K 


i: 


5,000- 
25,000 

square feet 


ft- 


t-'.N 


MODERN FACTORIES 

FOB BENT 


ttv 


Central Region's new estate at West 
Mams. Grangemouth, adjacent to M9 
motorway, direct links to docks, Glasgow 
25mls. ; Edinburgh 2/ mis. 

Total of 82,500 sq.ft of factories now building. 


ENTRY 1st MARCH 1979 


Chestertons 



7 


rzr 


9 Wood Street, Cheap side, London, EC2V TAR 01-606 3055 


Foi moredtiaiis cc-ntci;: 
Indusmal Deve^Ja , :l■. J l'. , Unit, 
Central Reaicnal Cnuncil, 
Vievvlorih. Stirling. 


>i. Telephone 

Stirling 

3111 




AVONMOUTH-BRISTOL 

TO LET 

Modem. Warehouse links 
6,600 -75,600 sq.it. 


Av ailable Mid 1979 


. _;e 

Chartered Survevors 


2-1 Berkeley Square 
Bristol BS8 1 HU 
Tel: ',0272) 26691 


Lease For Sale, E.C.4. 


Self-contained, modernised office building 
close to St Paul's. Approximately 11,956 Sq. Ft. 
Good representative Ground Floor. 




\ ; 





Gas-fired central heating • Fully carpeted. 
Lift - Part air-conditioned. 


London & Leeds Investments LimitecMtie property 
development subsidiary of Ladbroke Group Limited. ': 
are-site seeking. Major schemes are underwayin . ’- 
London. Swrndon. Reading. Gloucesta 1 , Leeds. :: 
Manchester. Lufpn and Nottinghamand others ate'in 
the pipelme. shortly to be annaurtc^ Further-sites : :':vj; 


facindiistnai/warehouse and dfficAprojects are -VL r 7 T T .. . L : 
urgently required:. ' i -'i-'-jy '- _;.v 


Flexible purchase or partnership ansngenriewiW^^^^" 
land ownfng industnalists are of spepaVinterest-i' ■ 

! Finance, nahiraHyJwill no t be a ptpblecn. .- ' j-V V’./'i- . 


Full details, 
please, lo: 


or K. K. IfilstoClcEsjl CEng MIModiEi."' '• ' 

Deputy Chairman and Director, LsdpfOkfi A 

A. < ?GSiL^a V0W ' SO Mount Stroot. LWTdOtl & L©6CfS 


ImcStmwlJa'Urmtrd 


- ' • t .Chaw^foisa, 1 : 

Lfihdon.. 
-NWtO^XC:^ 
^ -OMS9'£03t : _ 






K. . 
> 





/I- • : T 






O 


^ ! 


.•' MK z* 

lhv <iaj:>“ **.* 

i*'. . * "1 1-,' 

•-■^i!;, ‘‘* 0 , 

B ‘ = 


«• ■ r l * 

.. vr-srto 



■: T-r-. 7 - : •:;:. i. ; - " ° 

; ft V ■■ y^V.r^i^r? 

Since we cut our first sod in 1970 we've 
completed Weil over 6 million sq ft of industrial 
and commercial development in Northampton. 
In the past eight years more than 200 firms 
have chosen Northampton's their ideal U K 
base. Over 30 overseas companies now 
operate from here. This historic county town 
is located on the Ml , midway between London 
and Birmingham, in the centre of the 
motorway system. It provides easy access to 
major ports and airports and almost every part 
of the country. 

vSince expansion started 1 2 000 new 
jobs have been created and Northampton has 


an excellent labour relations record. New 
homes, schools, roads, sporting and social 
amenities have kept pace with the expansion , 
making the Northampton of today more than 
just somewhere to work. 

If you enjoy life to the full find out 
about Northampton. You won't want to be 
anywhere else. 

For further information write or phone 
L Austin-Crowe BSc, FRiCS, Chief Estate 
Surveyor, Northampton Development 
Corporation, 2-3 Market Square, Northampton 
NN12EN. Telephone (0604) 34734 


V- ^-7-7 \y. ^ . . 

ft*> ’’^tK ft 

^ % - :C V - 

- • ji- • *'• - . 

':U.< v 


ftft Henry Telfer Ltd has established a factory, distribution 

^ warehouse and offices totalling 268 000 sq ft on a 20 acre site, 
ft The factory employs the latest techniques in the hygienic 
.f manufacture of meat products and is among the largest of its 
- i kind in Europe. 


D0UI & 


js J,' ’ ' ' 

ft .ftvft' -Vi 




r>. y • : - 

■ . ft,., ;• \ ~ 

T rmp ..> 
P : v.:r.; : :■ : ; u;, 











ft . - - , # , v ’ • ^ J 

’ ■ ■ ' — ? <■. %.<• r-ir*v • fti 


^K) for Industry 


CAMBERLEY 

\72\7 sq. fc. 

Warehouse To Let 
IMMEDIATE OCCUPATION 

FINSBURY SQUARE. E.C.2 

Ground Floor Faciory 5.200 sq ft. 

Own Entrance. Central Heating. 

TO LET 

HEREFORD 

Modern Factory 

96.600 sq. ft. 

FOR SALE/TO LET 

LONDON, E.6 

Refurbished Single 5rorey Factory 

5.000 sq. ft. 

TO LET — IMMEDIATE OCCUPATION 

STAPLES CORNER, N.W.2 

New Warehouse and Offices 

20.000 sq. ft. 

TO LET 

SWINDON, (Cheyney Manor) 

Warehouse/Factory Premises 
9.320 sq. ft. 

LONG LEASEHOLD — FOR SALE 

TAUNTON 

4.350-8.700 sq. ft. 

Warehouse/ Factory 

TO LET — IMMEDIATE OCCUPATION 

CLIENTS REQUIREMENT 

5,000/10,000 sq. ft. Factory /Warehouse 
North London Postal Districts 
Freehold Preferred 

King & Co 

Chartered Surveyors 
1 Snow Hill, London, EC1 
01-236 3000 Telex 885485 
Manchester, Leeds and Brussels 


IMPORTANT FREEHOLD 
OFFICE BUILDING 



FOR SALE 
BYTENDER 

NO. 104, 

LANCASTER GATE 
LONDON WL2. ,<fu&L 

■■■* . -ffW* 

J ... 









JJ About 10,000 sqJt gross 
TO having mainly office user and 
y| requiring some refurbishment. 

3a Closing date for Tender 

Wednesday, 20th December, 1973. 

RBI PamcuJais bum jcuii Sole Agenis 



J ackson-stops & Staff, OorK Ouinney & Co* 

14 Curzon Street, 88-96 Fore Street, 

London. W1 Heriford. 

TeL 01-499 6291 Tel. Hertford 57311 


By order of the Housing Corporation 

WELLESBOURNE 

WARWICKS 




Reftjrbish^,Air-Ccrriitic3ned • 


mtmtm 


provic&ig approx. . 

3,000/6j000/9j000 sq.fL 



v ; -v;; 5 'ft r Sole Agents ; 



^Bernard Thorpe 



:nd Partners 


1 BUCKINGHAM PALACE ROAD LONDON SW1W OQD 





\mm 

= 'j 




4:'^u'7naT^io : -ndirs;r: ; 

ac-- we 


iari-M cD ougaii 021 ^300:7136; 


Jmkibhraljflcahon^v 
irf&mation Service : 'ft 

0mti} 
^tf^fcliaWs 



SAVILLS 

Paddington Nr. March Cambridgeshire 

Nursery 

Forsaie Freehold 

7-33 acres glass 

Cowallsedheating Fully automaticlrrigatton and ventilation 


01-4998644 2 U.C.rosvenor HiU, London VC'l Tejat 2637<te 


£8 per sq.ft. 

11,000 sq.ft, approx. 
Self-contained office 
building. 

Immediate possession, 


103MountStreet. 
London W1Y6AS. 
Tel: 01-493 6040. 



NEWCASTLE UNDER LYME, 
STAFFS 

Warehouse/Cash & Carry/Offices 
Close to Motorway 
95,000 square feet 
Freehold for Sale 

Apply; Churston, Heard and Co- 
Berkeley Square House, Berkeley Square, 
London W1X 6DE 
01-409-2199. Telex 24601. 



FREEHOLD 
RESIDENTIAL 
BUILDING LAND 

AREA 8.35 ACRES 
FOR SALE BY TENDER 

IN TWO LOTS 
Closing date:" 

NOON, 19th JANUARY 1979 


Hillier Parker 

May fb Rowel *- li 


77 Grosvenor Street London Wl A 2BT 
Telephone: 01* 629 7666 

PETER BROMWICH & CO 

18 PARADE. ROYAL LEAMINGTON SPA, CV324DW 
Telephone 0926 39419 






tO\£t 






New single storey units 
4,300 sq. ft to 19,000 sq. ft 


qiPUMK jSL**- DCVHDPMDIT St 

■ mas&imbrqok ltd 

f.' V"—. 

■ V_w p- vBUHSi FiP--r rt *i« Ojer**, 

r C9BBBLt f Twroiin 

V 3? 'll Si. ^ . . _?■ m 








PETERBOROUGH 

Woodston House 

Modern Offices with ample 
Car Parking 






28,300 sq.ft. Offices 
3,1 54 sq.ft. Storage 
Available On Lease 


Accessibility 

Famborough is excellently located for communications. 

The M3 Motorway is within 2 miles 
providing direct and fast access to London and Heathrow 

Airport 

Proposed office development 
* Tenants requirements can be incorporated. 

Amenities 

Prestige entrance hall. 

Gas-fired central heating orair-conditioning. 
Automatic passenger lifts. 

Fully carpeted office areas. 

Extensive private car parking. 




Hillier Parker 

Miry A Binnln 




Chartered Surveyors 

103 Mount Street. London W1Y 6 AS 
Telephone: 01-493 6040 


Norman Wright & 
Hodgkinson 

Chartered Surveyors 

2-6Priestgate.Peterborough PE11JQ. 
Telephone: 63921/7 




41,000 sq ft 

detached factory 
on 2 V 2 acres site 
next to the Al 
Peterborough 

<s> 


RING John Case 
Chief Estates Surveyor 
073368931 

Peterborough Development 

Corporation 

POBox3 

Peterborough PEI 1UJ 



New Warehouse/ Industrial 

- •• :.?fV -V. / •- . 





34,000 



Anthony Lip ton & Co 


38 Curzon Street, LondonWIY 8AL 

Telephone 01-491 2700 


P 


EARSONS 


. 27LondonStreet.Basingstoke 

Telephone 0256-62222 


St£E0R6E$ HOUSE 


StGeorge St.Wl 


approx 


MjOOO 


sq.ft. 


as a whole or separately AH modem amenities 
apply agents 


PEPPER flNGLISS & YARWOOD 

Chartered Surveyors - . 

6 Carlos Place London W1Y 6 LL 
Telephone 01-499 6066 


FLAT DEVELOPMENT 
DOUGLAS BLE OF MAN 

Fort Aruie Hocei. site of appro*. 2.S 
acre* now tuu the benefit of " piin- 
ninj in principle.” for a residential 
flu redevelopnent scheme. This is 
probably one of the most munificent 
sites on the Island. Elevated pesrtion 
with uninterrupted views of the 
harbour. We are seekinr fon bvhaff 
of clignts) an arrangement with a 
substantial development company. 

If you ore interested please contact: 
Anthony Blasdale 
Longden & Cook 
60 Fountain Street 
Manchester M2 2FE 
Tel: Kr-833 9981 


SANDWICH, KENT 

LEASEHOLD FACTORY PREMISES 

18,640 SQ. FT. 

Single Storey Modern Factory 
^ Two Storey Offices 
Ample Car Parking 
-jt Oil-Fired Heating 
-j? 3 Phase Electricity 

Offers invited for the lease 

1 0227 51155 


CITY EC2 

Self-Contained 

COMPUTER 

PREMISES 

4,600 Sq. Ft. 
Earlv Possession 


Kinney & Green 

Chartered Surveyors/ ■ 

2 A Eastcheap ECS 
01-2S31191 


SHOPS AND 
OFFICES 


MODERN OFFICES® 

to let on long lease 

Northwood Hills, Middx. 

4.540 sq ft 
ononelloor , 
with car parking 


King 8 - Co 


1 SnowHilL London ECT Tel: 01*236 3000 


PRESTIGE OFFICES 
ALDWYCH. \VC2 

2,130 SQ. FT. APPROX. 
Superbly fitted, good decs, 
carpets. CH. 

RENT £15.500 pas. 

DANIEL SMITH SR I ANT & DONE 
32 St- James's Street, S.VM 
BW3Q 9385 


I BEDFORD SQUARE. Vf.C-1 — Ground Floor 
and for Basement TOO O' 740 so. It. 1 year 
tenancy £3.750.1.630 pj. BROOM- 
HALLS 01-222 1324. 
w.C.1, — Three suites In modern build I no. 
760. 1500 ana 2260 So. It- Can. nzy. 
Garaging. ID-yesr leases. Rents £4.560 
o.a.. £10300 p.a.. and £15.000 o a. 

BROOMHALLS 01-222 1324. 

GOLDERS GREEN — SUPERB GROUND 
FLOOR MODERN OFFICES. In main 
road suit Professional Firm or small 
Company. Total area over 1.200 so. It. 
£2.000 p.a E«cluS. ERNEST OWEftS 
A WILLIAMS. 1. Golden Green Road. 
' N.W.1T. 01-455 1144. 

I 


BUILDING LAND 
AND SITES 


FREEHOLD INDUSTRIAL LAND For Sate 

In thti heart of ■ the Midland s. Fully 

Serviced TO-acr complev PLOTS nalr 
Id fourteen acres. ESS .000 p « Richard 
WS. ttak.fr will give vou lull dec ails PM Ife 
mm now Willenfiall iW. Mid*.) 68S11. 


Cluttons 

'17 Now Dover Rood. Canterbury 


FREEHOLD 

MW OFFICE BUILDING 

4,500 Sq. Ft. 

NORTH east surrey 
VACANT POSSESSION 
ALL ENQUIRIES 



.. ... ; 

British Rails • ™¥ e !y^r<L an cSiJ ?' , 

£ 38,000 3 foot 1 J 

SHOPPERS in Aberdeen. should ... i 

treat the 47J It shop frontage o| ^ chan £e of lease, structure .}. 
95 : to .99 Union Street ^ worked- And row unnamed : , 
respect, for institotianal „• clients of Bernard 

frontage bas est th| BnwhRUL -Thorpe and Partners have- paid , 

pension fund £37, 8W. . In a £U9m for. the 1950s buildings, 

cornered deal witfrlhe finishing. mtschr Morta ag e (IntemaHonal)- • j 

'.(But) ;»£*** *• “ ■ -■ 

Group. British Rail s - fund has . j,j(^"bought the vacant build- v \ 
paid £E8m cash .for Graorts six iags five years ^ago, renovated the -i ■ 
floor, 13,500 sq ft shop and pre- and warehouse. -space 
let-the unit to the fashion hquse WlTrf the two^totey offices -whii*; V..i 
;Grant. which bought the free-' give-Rediloii -Computers': 13/090 
hold just after -the war and held sq ft ot net usable space. Ail’ the \ 
the property in its books at : a- Taufldihgs ire .. now let on . five 
i 965 valuation of £150,000, will yearly reviews, .some of which j 
"bank the difference aiid- pay fall due- in -Idly next year. . 

£360,000 for a 17.000 sq ft shop w -Neither Tborpeuor -NCP are . 1 
the less fashionable end of talking- rents* . But open market '. ' 
Union Street at 419 and 421. • It reins In the Manor Royal estate 1 
will complete the deal and make in .Crawley and nearby Lowfield . 

-its move at the beginning of Heath now run as high as £2.00* . i 
February Churstod, Heard and £2.25 a sq It lor smaller ware- , 

Co. acted for Wallis, and Peter bouses and average £1.50-£1.7(\a | 

Hunter introduced the deal to sq ft for larger units.- '■ •• > 

the rail fund's surveyors, Wright '0:' * ! 

and Partners. .' . PORTMAN’S . -ESTATES’s • j sub- . ‘ 

• I... _aidiary. UK iPropeCty Company,; 

T ANK Pronorties.' the bas-«rfd rthe- ; reioainin£ &9 yeazs ■ , 

and GEC to redevelop the former £2*1, Jjj/j. J 

rar» reprS^ y w . ■ 

signed np Bass Charrington.a^its Son ' S fr!inf^^a t n^ 'oti^ { 
latest pre4ettiag. Fuller Petser.. St - 

fei KTp rS i*n .. ? t ® oT H 

SSgS^BE:- 1 ' 

sq ft of offices in fhe Woek along -^view, unpl 2047, 
with -purpose-built storage and - • ; 

sThweLi^whiA^^v^ CASH Mid carry warehou^s^e : 
pletion next AprU, the high office 

content of the Charrington b.ock . 

u£S ^ aroni,d :® e £2 ‘ 20 ticustomer baflders’ . merchant - . j 
a sq rt ievei. business, proved so keen' to take J 

These pre-let rents - compare a- 24,000 square- feet retail ware- 
with the £1-60 a -.sq -. ft that house on. the Nuffield . Estate ' a ■ - - ; v 
Inveresk has been paying since mile or so from 7 the centre of : j 
J uly this year for its 64,000 sq Poole, Dorset, . that' it has -jnsr . I 
ft paper storage _ space _ in a signed to accept four yearly rent .f 

60 ft high refurbished aircraft reviews - on- its 24 years lease. : . i 
hanger on the site. Oyster Lane -..Builders’ merchants -Willis .. 
whose parent companies are (Bournemouth), advised. ‘ ■ by -i 
financing all the development Knight Frank and RuUey,-let the 
work plans to build 750,000 sq warehouse to B and 0 for '£29,000 
ft of modern industrial and 3 year giving the unnam ed local 
warehouse units . -at. -Brooklands authority pension -fund that: then j 
before turning to the redevelop : acquired the inveetment-for “ in 
ment of 250,000 sq rt of exist- eX cess of £360,000 an HitiaL re- 
ing 'space now folly let to smaller turn of around 8 per cent - - 

industrial tenants’ on five year g an( j q ws a dyised by Goadsby '. 

leases for between £1 -and £l_75 an ^ Harding in the negotiations. . ( 
a sq ft. B and. Q*a £1-20 -a. sq ft initial •«. 

• . rent will have to; be .topped: by ■ ; 

‘ , a fair ^margin to make commer- ' r 

PENSION FUNDS_ preference sense o£ industrial develop- , ' 
for a minimum of 99 year leases , nent on'.Caravans International's T 
on investment properties can;.^^ jj te down the -road at 1 
result in some odd negortabons p arkstonei Poole. Caravans Inter- • 
Because of _fat preference nat jonal hones to receive “well 

National Car ^rka subsldtory in escess >* of £450.00(7 for the ' 

Job n Matthews Prope rties. fOim d f T)rvner • - caravan manu facturing 

it easier to reuegoUate the 1 re- dlte ^ ^ A34B Poole-Ringwood 

maining <9 years pf its hqadleMe which now -lias .' planning 

on its 89,090 _sq ft industrial nemrission Tor T9 industriaV^iid 
and 26.006 sq it offle* 'warehouse units making'up Tt.000 

on the Manor Royal Industrial r* at cnvprprf snare ’ Far and 
Estate 'in- Crawley before offer- ^B^reel^tb ireto . 

turns. NCP s-Jease. from the New 22 1979 •' •: 

Towns Coimnission, rah -without T*’ : . V' : : f p 

review until 2057. But. to give the 


n* 1 r 


*TY M 


REVERSIONARY 
OFFICE INVESTMENT 
FOR SALE B 

lettothe Department 
of the Environment : 
28yearsfrom June 1974,. 
1st. review 198! 

6,500 sq.ft .approx* 

UNDERGROUND CAR PARKH8 CARS! - 
• ALLAMENmES '• 


FACTORIES AND 
WAREHOUSES 


M40M0.M1 LOCATION — Commrrclal 
property In Thjm« Valfev irp*. Com- 
prtMnsIft R(«i,|gr mjtntp1n«d. Aon), 
Craft ini Co. Windsor 51251. 

NEW WAREHOUSES To Lei from S SAT 
SO. It. Old Oak Lane. NW.IO. Richard 
£1114. 01-499 715V 

27.550 SQ. FT. new cfear nun Wjrchotijr. 
Rushden. Northants- available for im- 
mnllilt occupation ohcrlng an «,«<, 
height o» 22' along with evceUenr car 
parking and loaoJna- Rent £1 per sa. fl. 
o.a.e. Further details from Sole Agents: 
Swtndall Rendered and Atkins. 19. Cam. 
bridge Street. Wellingborough. North an cs. 
Tel. >09331 7EG22- 


WANTED 


COMPANY 

Seeks to purchase long lease or 
freehold of 

50,000 sq. fit. Warefiouse/OffieM 
in Kent. Surrey or Sussex area. 
£500.000. Available for occupa- 
tion within 2 years. 

Write Boa T4996, Financial Timer 
>0 Cannon Street, E C4F 4BT 


SELF-CONTAINED OFFICE v 
BUILDING 

CLOSE TO ST. PAUL’S CATHEDRAL 
4,150 sq.ft, yy 

: LEASE FOE SALE ;/ 

Automatic passenger lift, 

Centra! heating, Fjtied_,carpets, ^^ : " 
- Telephones. installed. ; . 

Replies from Principals aiity to ■ ■. v-_- 
Box T4995. Financial Times. 19 Cannon Street.: EC4P 4BY 



INVESTMENTS 
FOR SALE : 


also appeals ■ Sai# 


□□ 


IQ.Kjig Street. CGv*3rt;6arden,.l.cndcri > v VC2c SH-Z 

01 3369654 


WORKSOP, Notts- — Invntment. Leasehold 
Iniereci Wamhouse. BT yean uncxoired 
G.R. £272 p.a. Let «n reoabrng few 
£2.500 P.a. Bene* *941. £25.000. 

W. 5 F. ARMSTRONG & CO.. Devon- 
shire Square, Loughborough fToi. 
21 4545). 




{ y>^o* x 



























1978 


FARMING AND RAM MATERIALS 





i- i* s . • 1 .' 

nr..." 1 -;■<■>. • 

."*< fe?< - 

>r ;v . ‘ -C-r* . V ."• 
- l !':rN; Vjy,: •’; 

:J? ;^: . 

,,*"X ■ 

V rt- _. • 

.1 u=- a ^j., 

-i .i-w.i -'-■ ft>Or 

f C'A :' ; 

" t - 'j ^ 2 **.'*'•• : 

■1 -> 

.'“^v r A «;;. '. 

■G ■.%?-'■ G5’ 

:.-v ■^ , < ' --* s/Ji • 

»" « "A a ;" AN'-- 

°- = :r"AF ^ 
t ’" 


A\ s 


%: • 
J E-;-. .;*/ ’ 

•'■* as 




; •*_*■.• 
■^ : T 


EHOLD 

IA«V 

»THENT 

.E 

rtment 

sment 

jne 1974, j 
198! 

ipprox- 




CATHEY 


if 


t- . :y ,■*•••• *i »• '• . .;. 

■. •; 

;ONlT&E TgYEipf i'ftfeii. attempt 
.'tffjbreok AKe .staiejfiati-.Hpciiitu; 
proves?'- ; .towarcte'Aan Inter 
'uatunral :r WfajjatT Agyeemew ' a 

■ =aaior ~ U-S. 'adviser atrthe'tallsS 
,has' sa Id . the ' ■ negotiations' are 
'“ on tie .point 1 of coHaps^’ v - 

■ -Mr, Michael ;Rali t president of 
^(rreat- iPtiH^.rW^aSiC. said in 
:ifanwa:dC|# That he- had 'advised 
the Cmwr. s 4£«iinlstjratian to 
-rtafe&ito f^hsrpartTD the taltts 
jahff start paittigjm jexport sub.; 

■ sidy,, ‘-on :■ 'tRS.- 7 . grain until the 
“European Coramuffity- stopped 
. shipp tn^ suhsidised 'exhorts. • 

.Se^ claim -that - the EEC , siuts^ 
riels' system woiilU -ultimately; 
..price, the. U.S. outjot'feorH grain- 
markets. ••:■., • -£V; : 

“ Soriiethine;should he done- to 
show that, we^tfemarnff 1 fair kid 
= effective .competition for inter- 
national - markets,!’ :.; be ; said, 
according to- AP-Dow Jones. 


close to collapse 


- ; “ All we- need Is for somebody 
to say we’re goto* to get' tough 
in international trade. 1 ** ' 

Mr. Russell . Arndt, .another 

adviser , spealdnff :.'; for - the 
.-National -Corn-Growers' Associa- 
tion. claimed, tbe'talks held little 
promise lor anY improvement in 
exports. 

.; . Mr. Robert '-Strauss,- . Mr. 
Citrter a . .chief 'foreign trade 

negotiator.' said .farmers could 
expect “modest improvements ” 
in foreign markets from the 
Agreement talks. ; • ■ r; - 
Continuing *his Attack; on the 
;£EC stance. Hr.- Half said the 
Europeans 1 " have neVer placed 
an ante iii the potr-- -~ 

'-Mri Arndt pointed oulthat the 
-proposed coa rse g rain -.agree mem 
linked, with the wheat part, was 
'nothing more than an inform a- 
ASoif exchange on priced , crops, 
export availability, -import needs 
and freight rates. - O' 

^This -agreement does nothing 


to improve aecess to European 
markets,” he claimed. Wheat 
prices in the U.S. would be be- 
tween 50 cents and $1.25 higher 
if other countries had made 
" more responsible decisions ” on 
grain sales.. 

A report published, in Wash- 
ington yesterday said interna- 
tional grain reserves, backed up 
hy national stockpiles and more 
bilateral grain supply agree- 
ments- would provide the best 
short-term means of stabilising 
world food- supply reports 
Reuter. 

The total reserve would need 
To be 55m to 65m tonnes to 
ensure a reasonable degree of 
price stability. Of the total 25m 
to 30m tonnes would be needed 
for the developing world. 

Such stocks should be held in 
addition to normal working 
slocks, the report says. 

in Toronto the Canadian 
Wheat Board assured Japan and 


other Asian wheat buyers that 
shipments will be back to nor- 
mal by next month. 

Port congestion, hold-ups with 
land transport and repairs to 
elevators have delayed ships. 
'About 300.000 tonnes of wheat 
scheduled for shipment during 
the last quarter 0/ the year have 
been delayed. The Canadians 
arc reported to have paid com- 
pensation to the Japanese 
buyers. 

• In Canberra, the Australian 
Statistics Bureau estimated the 
197R-79 wheat crop at a record 
15.lSm tonnes. 

Its flrsl estimate of 197S-79 
grain production compares with 
a revised figure of 9.32m tonnes 
for the drought-afflicted 1977-78 
crop and the previous record of 
14.80m tonnes harvested in 
1968-69. 

The bureau put the area at 
10.18m hectares against 9.97m 
last season. 


U.S. blamed for delay 
in rubber 



BY GROG SMOSARSKt 

.OPPOSITION FROM the Xj'S; Is 
holding :up the . conclusion -of an 
international rubber agreement 
according to delegates' at the 
negotiating conference here. 

Jt is claimed that producers 
. and.- most consumers, 'except the 
U.S., had achieved. a broad - con : 
sensus based .on the r producers' 
apparently flpal draft earlier this 
week. : •. •--■ - . - . - J 

- . But as the conference was 
moving into . its final . scheduled 
day [tomorrow the question was 
; whether the U.S. .would modify 
ita position, to- enable the con 
ference to sueceecb- In spite of 
general bostilityi the U.S. was 
refusing toxomment or amplify 
-. its position. .. •: - 

- • One of The four main points of 
contention is the Size of the 
buffer , stock; Most- delegates 
believe that a 400.000 tonne 
'stock : would- be "-adequate • to 
Bfahilise '.the world - rubber 
market. ■■ The U.S. starting 
position, was 700,000 tonnes. .... 

So far; both -sides- have been 
-prepared ' to- concede- about 
100,000 tonneywith-the majority 
accepting that, a further stock of 
that size .should be. -instituted if 
the price receded "to the bottom.' 
. of-the- range. - Thus fbe' majority 
oF consumers are .prepared lo 
contemplate •" financing their 
sbare'of *a 500:000 tonne stock.- • . 

Another major sticking point is 
the question of "floor* price. The 
Idea is that the price range set 
: around a xentrat reference level.- 
phould follow- the general-. .trend, 
of the market. V . ■ 

' The producers ha,ve.gnly one. 


Sugar forecast rises 


BY JOHN EDWARDS, COMMODITIES EDITOR 


EARLIER PREDICTIONS of a 
substantial reduction in world 
sugar production during the 

- -n.„» , 1978/79 season now seem un- 

qnaufication. namely .that there 1... . . , . .. 

should be a minimum level below M'kely to materialise, according 
which prices "should not be | t0 F - O. Licht, sugar statistician, 
allowed to fall. Most 'consumers 1 The second estimate of the 
accept this, together : with the|i97g/79 world crop issued yes- 


producers" Jdea- of a minimum of 
150 cents per kilo — hut not the 

u.s. 

There is also o disagreement 
about the formnla'Tor adjusting 
the ‘ central ; reference. " level. 
- The final problem is the degree 
of consultation over other 


terday is raised to 92.16m tonnes, 
only l.4m tonnes below last 
season's record production. It is 
1.2m tonnes above the first esli. 
mate in October. 

Licht. commented that if its 
revised production estimate 


measures which ace goin» » 0 Proved correct the world would 

5£37p p!!l!!n&*St the ss »«'!«; "EJgf 'SLS 

of att fh r iS n h rnd ^ “mTSfcwth. 

of the producers increasing 1 rfi#.. nutDut level 

export taxes, thereby pushing up j a,cled nu,put ,evel - 
market prices andvdaiming that ] tt umnpr nrrin c 
the price range ;- T nefeds • in be j *>UITlper Cri Ops 
revised unwardS j&c&use of the) There was- little reaction on 
higher, prices. * ' ■ l the London futures market yes- 
terday. It was claimed that 
traders had already discounted 
the fact that supplies were going 
to be more plentiful than antici- 
pated in view of the bumper 
crops in many producing areas, 
including the EEC. 

AN ESTIMATED 37m edeoa trees j Meanwhile there are hopes 
affected by swollen" shoot, uhliat Colombia may join the 


Diseased cocoa 
trees replaced 

ACX&A'^ec. 7. 


ports from non-members of the 
AgreemenL 

Colombia is considered to he 
a significant exporter and its 
joining would help lo strengthen 
the Sugar Agreement. However, 
the most important non-member 
remains the EEC. which has in- 
dicated its willingness 10 discuss 
next week its future attitude in 
the Agreement. 

It seems unlikely that <he EEC 
will take any decision about 
joining until the 1980 review of 
the common beet policy, and pro- 
duction quotas, is completed. But 
it is hoped the EEC wit) define 
more clearly its offer or “equiva- 
lent obligations” following its 
refusal to accept the principle uf 
export quotas. 

Mr. Cera Id Thnrley. chairman 
of the British Sugar Corporation, 
pointed out ihat EEC stig.ir pro- 
duction quotas, due for renegotia- 
tion in July 1960. will be toughly 
contended. But he was confident 
that since the Corporation was 
the lowest cost producer in 
Europe the UJv. Government 
would press its " overwhelming 
competitive and economic case 
against all comers.” 


Quick end 
to Bolivian 
tin strike 

By Our Commodities Editor 

THE STRIKE hy Rolhian tin 
miners ended last night after 
lasting Only 36 hours. 

The Bolivian Minister of 
Economic Co-ordination pro- 
mised to meet the demands of 
(he strikers w ho want tbe 
Government to pay $4m owed 
in mining royalties to the pro- 
vince of Oruro and the Installa- 
tion Of a cement factory in the 
province. 

Tin prices upened higher on 
tbe London Meial Exchange on 
news of the slrike and an over- 
night rise 'in ihe Penang 
market But values fell back 
laler to dose marginally lower. 

. Other base metals were 
generally higher. Lead was 
boosted by reports. later 
denied, of production difficul- 
ties at Asarco's Glover plant. 

Brazil frost 
fails to cut 
coffee supply 

By Our Commodities Staff 
'WORLD PRODUCTION of coffee 
1 will be maintained in the 1978-79 
; season, ending September, 1979. 
I despit* the Trust damage In 
Brazil, the International Coffee 
; Organisation forecast yesterday. 
1 In its quarterly bulletin ihe 
• Coffee Organisation estimated 
the 1978-79 crop at between 
| K9.97m . to 73.79m bags tof 60 
[ kilos I compared with tile I977-7S 
I crop pf 71 Uni hags. Brazil’s 
!crop to be harvested in 1979 is 
i pm at between 16 and 20m bags 
against 18 9m hags in 1977-78. 

I Exportable supplies are put 
j at between 52 31m and 56.31m 
Iba^s compared with 53.71m hags 
j in 1977-78. 

; Opening world slocks at the 
■ beginning uf Uetober are esli- 
; mated at .11 Iftm hags against 
2S28t7i bag.? n rear earlier. 

: London toffee price* were 
I higher v est«»ro»y in what was 
[thought t<» he a technical r**ao 
!rion in an oversold market. 
However. sentiment remains 
j depressed M the apparent avail- 
ability of ample supplies. 


FARM LAND 


High risk of buying 
those extra acres j 

BY JOHN CHERRINGTON, AGRICULTURE CORRESPONDENT 


DR. ROBERT BRUCE. Ihe 
Midland Bank’s agricultural 
manager, has been wanting . 
farmers of the dangers of paying 
too much money for land; 

His remarks were made at a 
meeting in Cumberland, where 
land prices have taken off 
during tbe last year. There is, 
of course, nothing new in bank 
managers uttering Cassandra- 
like warnings. 1 once sat 
meekly in my bank manager’s 
office listing to a lecture on ihe 
foolishness of spending £20 an 
acre on a farm, for which ihe 
money would have lo be 
borrowed. 

“Why didn't you ask me first?" 
he said. "Because after listen- 
ing to your lecture," I replied, 
“l am sure you would have said 
no. and I wanted tbe farm.” I 
could have added, but this was 
not the moment (0 do so, that 
I have always believed that 
bankers like any other trades- 
men should -be kept firmly in 
their place. 

However circumstances alter 
case, and some hanks, the Midland 
in particular, take a much 
closer interest in their farmer 
clients' affairs. They have 
specialists on whom managers 
can rely for advice. This is 
probably a wise precaution, as 
the sums uf money at stake are 
nuw so large tbar financial 
mailers could easily go wrong 
ver> quickly. 

Bankers' worries stem not 
from the purchases of whole 
farms, where presumably the 
buyer knows what he is doing 
and has substantial assets already, 
but from the results of farmers 
buying small parcels of land to 
add to exist inc acreages. 

This is particularly prevalent 
in areas where farms are small. 
Any coming on the market would 
be hardly likely to attract the 
institutions or other big buyers. 


Nor would neighbouring farmers 
be easily able to find the 
resources 10 buy. say. a 100-acre 
farm at £2,000 an acre or even 
more. In fact sold as. a whole 
it might make a good deal less. 

In an area or small farms, 
there is any amount of farming 
families who have the resources, 
or believe they have, to purchase 
another 20 or 30 acres 16 add tn 
their existing holdings. Auc- 
tioneers and estate agents are 
well aware of this, and will often 
divide . the farm for sale into 

convenient parcels. " especially 
designed to attract the 
neighbours. 

One agent told me that it was 
essential 10 have a good local 
knowledge of the district so that 
the potential of each prospective 
customer could he accurately 
assessed. 

Of course not all farmers seek 
credit. The industry as a whole 
has a borrowing capacity of not 
much more than 10 per cent of 
total assets. The mu in mass uf 
borrowing is probably in the 
arable districts. 

Small farmers with cows or 
livestock lend more to the banks 
than they borrow. This 1 
believe has always been" so. and 
accounts for ihe fuel that in the 
cyclical slumps the arable areas 
have generally suffered, while 
livestock areas have survived. 

While there are undoubtedly 
family nest-eggs, more and more 
farmers are being forced intu 
borrowing quite heavily to buy 
that odd field which has just 
come up for sale 00 the 
boundary. 

Suppose a farmer has a 120- 
acre farm on which he is milking 
90 cows and paying a realism- 
rent, or interest charge, of £35 
an acre — £4.200 annually. A 
neighbouring 30 acres comes up 
for sale and be thinks he can 


buy it for £2.000 an acre or . 
£60.000. 

The annual cost nf this loan.-/ 
at the presnl rale nf 15 per cent- • 
is £9.000. nr a rental uf £300 ao 
acre on the purchase. This is 
obviously too high to be con-., 
leruplated in isolation so he ■ 
averages he overall rent (or the- 
holding. This is now £13.200 or 
£88 an acre. But rhal isn't all. 

Both the banks and the Agri- 
cultural Mortgage Corporation, 
demand repayments. Banks 
require repajment over 20 years.;'- 
the AMC up to 40 years. If the .. 
fanner has borrowed from a 
bank he will have to find £3.000 . ; 
annually, after lax. to keep the ., 
accounts straight. And the land!/ 
must be put to use. / : 

If it is a dairy farm, and dairy 1 .'* 
farmers do in general appear w? 
be the buyers in ihese cases, the- ; 
farmer could miff? another 3<L & 
cows, if the did The job well. 

These would cost £500 apieccr'.' 
£15.0(1(1 15 per cent equals;-* 

£2.250 a year. So the total extra*/ 
annual cost to the cash How off./, 
buying XU acres o[ land could he 
£14.250 or i 475 an acre. The' ,■ 
cows, uf course, wuuld earn an 
extra income of about £400 a - 
head if they were well managed. 
So looked at in harsh i-omnier- 
ciul terms the farmer is budget- 
ing for a cash How loss uf about. 
£2.000 a year and probably hav- 
ing to work a great deal harder 
than before. 

This, is an extreme case. But 
I am told fanners are entering 
into ihesv sort of cmnmiimenis. 
Some have savings and expecta- 
tions from relatives. But while 
these may disguise the real costs 
of the exercise, they do nothing 
in reduce the economic liabili- 
ties The only hope uf ever clear- 
ing the liability would be a vast 
increase in milk prices, inlerest 
rates- luck to 5 per cent, and mas- 
sive inflation. 


Beef export openings in Greece 


disease endemic Ltr : .Ghana, are 
being cut down and.replaced by 
high and early-yielding hybrids, 

Ihe ■ : Ghana NfiSffij-' Agency 
reported. - • • t<' - 

Some 27m trees - have so far 
heeat' -replaced during- cthe last 

two' years.- -. ' - / • , 

- The Cocoa ' Research/ Institute ! Market sources pointed out 

in-; Eastern Ghana., ifhere more! that Colombia has a strong 
than 50 per cent of, tfee affected motive to reverse its previous de- 
crees -are -situated . isy&ying to I euuorf not to join following the 
breed- plants resistant/,; to the ! announcement by President 
djrtastc ■ . ‘Gajter^L.UiS. restrictions on im- 

• ; ■ i r nr -i-. — ' ' 


International Sugar Agreement. 

A group from Colombia is in 
London as “ observers ” at next 
week’s meeting of the Inter- 
national Sugar Council and to 
discuss Lhe -possibility of joining 
the pact. . 


China seeks aid 

TOKYO. Dec. 7. 
CHINA HAS sought Japanese co- 
operation in its projects to boost 
lead and zinc production and 
install pollution control facilities. 

A spokesman for the Mitsu- 
bishi Met2| Corporation sjid the 
Chinese request for aid was made 
to a mission from Milsuhishi'and 
Xichimen. 


Israeli exports 
forecast rises 

By Our Own Correspondent 
TEL AVIV, Dec. 7. 
ISRAEL'S EXPORTS of pro- 
cessed foodstuffs will reach 
8225m this year — an increase of 
22 per cent on 1977, according to 
the Ministry of Commerce and 
Industry food division, 
i Together with fresh agricul- 
• rural produce, processed food- 
; stuffs account for 20 per cent 
f nr Israel’s mtal exports of about 
•83.000m a year. 


’THERE IS a growing market for 
beef in Greece and because the 
country's farmers have not been 
able to keep output in line with 
demand, there is also a growing 
need for imports, according to a- 
review by the Irish Livestock and 
Meat Board. • 

The board forecasts that ihe 
gap between production and con- 
sumption is likely to widen 
during the next few years. 

Imports of fresh and frozen 
beef over the past six years have 
risen almost 200 per cent to an 
estimated 130.000 tonnes this 
year. Domestic output during 
1978 is forecast at 104.000 tonnes 
compared with 91.000 tonnes in 


1973 and 109.000 tonnes in 1977. 

Expansion of the beef industry 
in Greece has been discouraged 
hy a mixture of economic and 
political difficulties. The gov- 
ernment. for example, has im- 
posed a maximum wholesale 
price on beef as part of its anii- 
inflatfoo campaign. 

Land is costly and often more 
profitably used for growing cash 
crops. And the climate does not 
allow the production of adequate 
fodder crops. 

Special aids for the importa- 
tion of calves for fattening also 
help to discourage Greek far- 
mers. 

The market for sheep and 


goats' meat appears to be stag- 
nant. Domestic- output, forecast 
at 119.000 tonnes this year, will 
be supplemented with an esti- 
mated 10.000 tonnes of frozen 
iiuuons. 

Dependence on imports has 
fallen dramatically since the 
start of the decade. Imports 
totalled 64.000 tonnes in 1971. 
declined fairly rapidly to 45.000 
tonnes in 1973 and slumped tn 
only 8.000 tonnes the following 
season. 

There is a small market for 
some 10.000 tnnne> of imported 
pork each year, but the country 
appears to be self-sufficient in 
poultry. 


COMMODITY MARKET REPORTS" AND PRICES 

I tj i CC \rcT-AT"C. * a AiniteXmilrd ‘ Uc!<r Trading reponed v i ' *.m. v+ ,.r + »r 

0A3L; ffullALj T-- - that in.-iho moraliv'casb wlrcban traded TJX l GMiul ! — I'n.-iri.-inl — 

' - , • , ' ■ - -Rl «SU Three. rndmlw £7*7 86.3. S7. 87.3. i 

COI-P^H—stratfy an (hp .LcTwtnn ifctal -m.’J® S. ~ cXthodti nH i r?S9. three Hu* Grade E X c ■ i- 
Xxchrife -wtih forward meral hoWInff m mUUis £738. 1 Kerb: W' rebar* (hree Qi&.. .,...'7250 60 +117 7310 50 —15 

isssi 71 -1. 

am ppeDliii( , 8 >l^ | ai C 8 in«. : a ’Clurdin ' £738. i <tinniha ; 7!9&-200.+ 70 7180-5 — 18 

. — •' - 1 - 1 -- ■ -'ur 'after a steady Mart . HeWteoTl ./ *7360 (+1251 — 

-.a) ai I7.2IHW7J.70 nil eel- Slialla. KJ ;S1845 |+17 — 

... . In lhe East overnista. tCaWVork — '- ■ ...^ 

-PhjflnaMmt bushes ihe price bach to . ' „ . ~ 7 ” 

... . . .. . .. and ibis level was maintained until WUrtw forward meial 

J: and efiarusi selling entered the «««d ar.£4(B-£«!» and then moved up 

. fe-.: -;L "1". - -market. The Hose on the Kerb was 10 MU.- The market was aulei bui (here 

T**-* 'H 8 t?6£s--7q.5 + - 3^179 Turnover. 1.403 tonnes waa on he heavy borrowins of caih to. 

i .->«» ry_ — Three months on expectations of a stocks 

deeftue. After holding tv-run-en Mil and 
Bit. die- price dosed on the Kerb at 
Turnover V.450 tonnes. 




VwifnUvi + «r . Ra«lne*» 
fOCI'l L‘I,M> — li.-lit- 

f<ee 3005.0-62.0 + 6.0 2064.0-J6 0 

+ 1.5 2116.0-2081 

Slav 2(20.8.21.0 -4.0 2144.U-I8.D 

Jnlv 2117.0-20.0 —3.5 ll&S.D-lB.O 

**!• t 2)03.0- 10.0 -0.25 2 JS8.0-04 5 

l»rc 2070.0-74.5 .-3.5 2030 3 75.0 

0-70.0 —12.5 2070.0-60.0 
Sale«: 1.3! l ,3.924 1 1 ms nf is tnnne--' 
Iniemailonal Cocoa Orsanisaiian iUS. 
cents per pnundi: Dailv prlres (nr Dec. 6 : 
1S1.27 1 I 8 C.O 81 . indu-aior prices Dec. ■: 
15-dar iverase 143-87 i1S3.99k 22-dir 
average 1S3 92 ilSO.Ci. 


778-5 

Oaslr. 758.5-9. + 5i|- 737-8 - y^^rnoon : Standard three months £7^15. X413. Turnover 9.450 

] 773-5-6 +4 \ jo.' S3. 20. 15. 10. 7.200. 7.190. 95. St. 75. 

Kerbs: Siandard three months - 


SncittuJ 71Q--5..fO .[ 
fttarmw 


T3B 




♦72 


SO 8 S. 

£7 JOT .70 73. 


MAD 


i.m. 

. u (heist 


1+ or ’ p.n*- -+ nr 

' — iltuUBcla^. — 


COFFEE 

’ Yestenriir'* . 
COVKBK 1 


SVDMEY CREASV— Close' un order 
bOV*.r. seller. b>i>incss. sales 1 . Micron 
Contract: D-c. MsJ. 354.-I-3J* 0. 

.VC Alir.-h 355 0. V4.8. 5. II: 

Slav rSv.c. -159 x .■ao.’-Xio.S. 21; July ate 8. 
nir. n. 2tC.5--(6!.0 9: «•■». 1M.0. ISO 9. 1W0- 
1>r..i 2. Dec. ISO 8. M nil. nil: Mar.-h 
"#*.5 :7J.ft. nil. ml. May 170.0. 175.0. 

nil, nit Sales: un. 

NEW ZEALAND CROSSBREDS-Ch.se 

• in order bluer, seflerc Dec. 17«0. ISO H: 
March ;vj D. isw.O: May 19-1.0. 1V..0; July 
!«7.n UH..0. OH 1S»0. 1910: Dec. 181.0. 
107 0: March 194. D, 198.0: May 1M.0. 
19« i). Sales: 13. 

BRADFORD MARKET— The mart*! v. as 
Israel) mi'dianeed uitti nttly mmnr price 
adjusmj.-iiis reponed. This redected a 
niii-l markei while oripin wool sales did 
not male an)' feature. 


I.Gtiindei Llwitetl 01431 3466. . . May Sugar 1 12.65-114^5 

^Lamont RoadiJbondon S#16'0H$. ' 

’ T, 'Tax-free trading ojrvbmiaodity futures. 

> • ' • The commodity f Wares markei for the smaller investor. 



;; r- r . ■ 



-• # .• T ^ ^ * - , . , 

Ehie to our continuing expansion in . Europe 
we require experienced account executives, 
v The positions may be based at any one of 
- . our e xis fang. Eiifopean .locations. 

\Ve will- offer excellent prospects, and re- 
_ murieratioo commensurate with experience 

■ 'to .die successful .candidate^ who will have 
the advantage : pf working with a company 
backed by a sophisticated communications 

■ system 'wifh direct phone links to major 
exchanges with extensive research depart- 
ments located in Chicago, London and New 
York. ; .V;,. 

please apply -in writing enclosing C.Y. to: 

fox G3030,’ Financial Times, .... 

10 Cannon Street, London EC4P 4BY. 

^Applications will be tredtedmth complete 
confidence 

flWNRVA. ^.HAMBURG - LONDON - LUGANO 
t ZURICH ■ v 

Atlanta CMmpdiph - Cfiicago -Dallas ; Denver 
Desmoines Houston - Kansas City • La/ayerte 
, ■ Lbs Angeles;. Lubbock - Memphis- -Mirnieapoli.^ 
JJew Orleans - New Yorfe - Oklahoma City - Orlandx 
' Portland - St. Louis - San Diego - Sari 
.'■Seattle - Vancouver; - Washington - Brazilian 
UAjfikate:Sao Paulo 


nut._hiM.j — _ 

: Morntns: Cash £4W. 39: three moaths 
SUl. 12. U.S. 121 Kerbs: Three roonihs 
£412.5, 73. 13.5. 14. 14.3. 14 A/terDOOn: 
Cash £433. 34: ihre» monU» £411. 11.3. 
12. 11.S. 11. 10.5. 10 09.5 10. Kerbs- Three 
months £410.5 10. 18.5. li. 11^5. U.S. 12. 
;lp. 11. 10.5. U.S. 12. U.5. 

_ ZINC— Moved narrowly in a nealecied 
markht. Forward meial traded between 
iKa ‘ and . £ 2»7 ihrnushnui (he day and 
eloped on Use Kerb at 1336. Turnover 
8430 tonnes. 


•• ' 

tu.......! 43B-9 

.3 month* . | 412-6 
‘Wi’amij 439 


C t « 

-12, 43 Sr* 
1U 410-5 
«: 

■ *36.36 


l'h»e I + ,,r , Bii-lnw 

i — -Ihinr 

[ £ per Topnei ' 


RUBBER 


+ 24 
+ 55 


liniuij- 1439-1440 - 11.0 1439-Z5 

1309 1510 +17.5 1310 1288 

-U«r ‘ 1347-1X46 +M.0 1246-24 

July : j 12061206 +25.5 1207-1 1E6 

September .. 1173-1J77 + 22.5 11 <742 
.\..»einivi ...I 1145-1150 *19.5 1127-25 
Jinu« 0 ' 1125-1135 +25.0 - - 

Sales. I.9M i3-Vh Join of 5 wanes. 

ICO indicator prices for Dec. 6 iU4. 
cems per pound’: Colombian Mild 
Arabicas 173.0(1 Matno. unwashed Arabi- 
cs* 143.00 <145.00 1 . other MQd Arahu-as 
132.00 r 133.00 1 , Rohusias ICA 1876 Va.M 
1 134.50 1 : Robust as 1 C.\ 19« 136.00 tl33.50>. 
Daily average J33.S0 1 133.73 ■ . 


OUIET opwilns on ihe London physical 
market Liulc imprest, closinc steady. 
Lcu s and Pear reponed rb<> Malaysian 
30do.rn pnee was J39 < 537< ccnis a hilo 
ihuy.T December!. 


N-. ! Ye*terda.v'») Pretum* Hii'ino»fc 

U..>^. time 1 i-'ttar l><nir 


21 XC 


a. in. f+’T' p-n>. ?+nr 

Offb-lal — ' L'md&einl* 


GRAINS 


ii ■ t 

Cash i 345.5-6 +5 Z> 344.5-5.5 +2.2S 

.3 months .i 356.5-7 +3.75 355—5 +1.75 

346 +3 , - : 

Mbi.VM' — ■ — ... * 53J-4A • 

Morning Cash £345. 46. three months 
£355.5. 55. 55 j. 33. 30.5. Kerbs: Three 
mbnlbs £357. Atiernonn: Cash £345,5, 
three months CBS. 56^. 37. 56, 5S.5. 
Kerb: Three months £035.5. 56. 5fc.5. 56. 
554. 56. 

ALUMINIUM— Gained ground altboush 
Ute market remained thin. Small buylns 
with aellers rctumni. owing to (he pos- 
sible tightness or nearby meial when 
(be cash contract starts, caused forward 
metal * to advance from £620 to £625.3. 
The close on' the Kerb was £6234. Turn- 
over 2,650 tonnes. 

S3 0 min' in’ . a.m. jt-for p-m. it+or 
’ ■ ] OQirlnl — lUnnfBdal i — 


WHEAT 


BARLEY 


M'ntli 

Yrelenlfty 
■■lire- ' 

f; + '» i Y re 1 ■.'-■(* j 
— r-lrre 

s+or 

Jan ... 

91.70 

-O.®. 84.10 

• — 0.!fl 

Itar .. 

94.25 

- — 0.15 i 86.55 

O.Q5 

*ta|- - 

96.70 

-O.Ifl t.8.95 

+ 0.® 

•■tel 4. 

69.25 

i+O.lOi ba.40 

1 

NiiT— 

92.10 

1 + u.lOi 86.25 



. , ■ x « : £ 

Spat. I — ; — ; 

5 mocLbs.l 623-4 , + 6 ■ 626- .5 +6.75 


Mornings: early February £822. ihree 
months £622. 23. Afternoon: three months 
£823. 24. 25. 2S.5. Kerbs: ihree months 
£625. 

■Cents .per bound. tfH per plcuL 
t On previous unofficial close. 


SILVER 

--SBvcr was fued l.Op an ounce hlaher 
in the London bnllion market yesterday 
ar 368.35P. U.S. cent Morvalenu of the 
fixing levels were: spot 38S.7 r, up J.Pr; 
Chree^nomb OT 8 .Sc, up 2^c: six-month 
-868.4c, up 2.6c: and 12 -month 634.7c. up 
3.9c. The metal opened al 29&-299U 
f 3814-5830 and dosed at 2M.80-298.80p 
(38338SO. 


' SfLTTSE j 

i 1 

Bullion '-f- or, L.M.E- 

+ or 

fer j 

Jislnj; j — i Here 

— 

troy ca. | 

price | i 



Spot -300.35p +1 1 299.3 P ,+-0.7 

itoreithB.308.5Sti +1.3 307.B5p .+ 1 
d.mootlu.. 3lS.9S|i..+ 1.4 — I -«■■■ 

12 month* 332- lOp +1.95 ' — ) — . 

« I .. 

LMC— Tunwrer ?« r«» tol.4 of 10, BOO 
ars. Mamins: Three months 308. 9-2 5.5.- 
M;- M. 9-3. Kerbs: Three months 
3884, 54. 8.2 Altemomi: Three monihs 
307.7. 7.8. 7.8. TJ». 7.8. Kirbs. Three 
Bwmhs 307-5. 7.3. 


Badness done— Wheat: Jan. 91.9541.65, 
March 84.66-14^8. May 9T.IB-9fi.t4. Sept, 
nil. Not. KAO-K.OO. Sales: 190. Barley: 
Jan. 84.45-W.65. March 86.75-86.50. May 
S9.1S-S840. Sept. S3.45-S3.4d, Nov. ■ niL 
Sales- 214. 

HCCA— Lncatlun ex-form >pttt pnees. 
Other mlMIng wheat: N. Lincoln 9L20. 
Faetf barley: N. Lincoln 80.10, Hams and 
W. Sussex 88.09. 

The UK monetary coefficient for ihe 
week beBinnlnc Deeeraber II will remain 
unchanged. 

-IMPORTED — Wheat: CWRS No. 1. I3i 

per com. Dee. B640 uuoied Tilbury. U.S. 
Dark Northern Sonnet So. 2. 14 per cent. 
Dee. 80.58, Jan. 9245. Feb. 93.25 tranship- 
ment ea« cnaTt. U.S. Hard Winter. 12} 
per com. Dec. 89. Jan. ® .w. Fpb. S9.75 
tranchiomem east mist EEC unquoted. 
Maize: U.S. 'French anqnnicd. Fri-neh 
Dec. 10623 east maet. S. African white 
Jan. 87.30. S. African Yellow Jan. 87.50. 
Barley: Ensil'd! feed Inb Dec. SB. 50. Jan- 
Mart'h 87.30 east coast. 

EEC IMPORT LEVIES— The following 
levies sod premiums arc effective for 
December S in order of current levy plus 
January, February and March premiums 
• with previous in brackets'. All in wins 
pi account per tonne. Com mss wheat: 
7^.30. rest nil (78.39. rest Dili. Durum 
wheat: 116.44. rest nil n;644. rest nll>. 
Rye: 8X14. rest nil UB.14, rest Dili. 
Barley: 86.68, real nil <85.88. rcBl mu. 
Oati; 78.75. rest nil i7i.73. rest nlli. 
Malae < other than hybrid for seeding' 
77.27, rest nil (77*7. rest nlli. Buckwheat: 
Nil. rest nil fftil. rest nlli. Millet: 59.94. 
rest nil <50.94. rest nil). Grain sorghum: 
75.40. rest nil f 75.40. rest ndt, Flour 
levies: Wheat or Mixed Wheat and Rye 
Floor: 120.98 1 121*1. Rye Flour: 127.73 
(127.731. 


WOOL FUTURES 

LOUDON— The market wsf dull and- 
fraiureltas, reported Bacht-. 

< Pence per kilo) 

Auvtrellan |V«eni : .VA+ cr. fiiismeil 


J«n 60 68-61.80' 60.46-60.45 66.40 

FV4.. - 61.58-81.70 GO. 66- 6 LOO 
.lnu- Mir 61.70-61 JD 60.B5 -bO. 90 61.70-61.50 
,4i.r -I b4 06-64. 10 6 5 50 65 55; c4.15-t3.48 
.llV->r|.i Bi.40-tB.46 66 70 b5.7b' t8.40-t5.80 
n.'i U.- cB 6 j-68.70 67*48.20 M 45 68.10 
Jhm- ll«i /0.8S-70.90' 70.20-70.60 
Ai'i-Jtu- <5 20 -i 5.4Q( 72 50-72 90 75.20 
4f--+-H- 76 45-75.80; 74.88 75.00 


Salt-: lu 'some i at 5 tonnes, its '1W> 
lots ol r- tonnes. 

Phi«u.jl closms prl'.'-4 thuyere- were: 
Spu M.JSp 1 39.75 ■; Jan. CO.SOp <60 20 »: 
tjb M 3'ip '61.20'. 


SO VA BEAN MEAL 

'Yesierda.v + i>r •' Biitnnren 
(.‘lose ’ — • l<"ii« 


^lenMiH- 

+ 2.4 '22 90-22.70 

Keenan ... Ih9 10-18.5 + 1 7 29 60-26.50 
A ric/i .... 1 128.33-59 4 + 1.95 1 J Su-27.20 

June 126 00-28 7 + 0* 26.00-25.60 

Aujjii-t ' 128 0 J- 2 B 0 + 1* 

rict'ii -er 127 60-27.9 + 1.2 27.60 

lli.irml+r ... 124.00-28.0, + 0.75’ 

Sales. 142 <63) lots of 100 tonnes. 


SUGAR 


LONDON DAILY PRICE (raw Susan 
89.00 ‘lion.ooi a loans cif lor Nov. -Dec. 
atMmem. White sunar daily pnee was 
Hied at nun oo issmc. • 

Renun- that Pbnu*nl had purchased 
a prmnpi carpo r»f Braailtan r»un Irom 
ihit recMiKlhanA at II® fobs caused lla 
marfcei m trade ‘done ai Uie ooeninp Ut 
180 tiuim* fclow Kerb levels, reponed C. 
liamiknw Thereafter, prices showed 
lilile chance iinitl Ihe New York martet 
opened and moved sharply upwards 
Cains nr some £2 were quickly recorded 
befnre heavier offerings blunied the 
advance 


*u«»r 



Prd. I'cslerdnj s 

Frw iitui | 

■ Buvlnesa 

C'-ani in. t. love 

Clow 

lHiDe 

t+m. ; 




Grar.v Wooij L’l**e : — 


li- me 


COCOA 


The market bavins opened weather 
titan due. tanked in have found some 
dtreetfpn hut fcw any sains al the dnss. 
reined Gill and Du Bus. 


tieremher ...817A-24.0.-5.V 

Much S30.8-24.D-9.fi 

Olav ,225.0-55.8 — 0.5 

Jnlv |23a.<U0,0-6.II 

nether .^...-S54.D40fi.— 5fi 
December ... 256.6-42.fi —4.0 

March .257.0-44.0'— 5.5 

Slav :24OJM3.0- 2fi 

‘ Sales: 8 iml). 


g per inline 

Man-li .. llfl.4fl lflfi01B7fiB-07.60jin.OM7.76 

Mur I i3.45-15firiU.55-lD.40i1 14.00-10fi0 

Ani lli.50-17fi£1l4,fifl-U.B511B.M- 15.25 

fx-c 120.75-20.60 t18.H-U.55 120.75-W.M 

Dec- 12i.«-25fiB 121. 10-21.20 122.50 

Vnn-lt - 1-6.05 28.25 125. Si 25. 4Di 1 2B.00 
Mav 151.00-52fiS'128.BQ-29.2S| - 

Sales: 3.400 i2,16G> lots of SO tonnes 
Tale and Lyle ex-refinery price Tor 
Rnmulaicd hamv white Sugar w«s Q64.SS 
■same ■ a tonne for home (rede and 
nr.’ oo i £171. o(i) for exwn. 

' Intcrnalipnal Sugar Agreement iUS. 
tents per puttndi fob and slowed Carib- 
bean :mii. Prices tar Dec. 6. Daily 
TjiS «umei: la-.day average 7.M isaine'. 

WHITE SUGAR — Close 'tin .order 
buyer, seller, bufiiocs. sales •— Feb. 106. W. 
106 OT. lu.‘. 75. 20: April iB8 75. ’KJO. 
lOii. 75 into*. 63; July 134 J10 1I4.S5. ml: 
ml. Stpl. 119-20. 11B.T3. nil. nil: Nov. 
IJLPD. 136.00. rui; nil: Ft-b. iSlOT. 131.00, 
mL ml- April 1S2.H. 1M.0B, ml, nil. 
Sales W 


MEAT/VEGETABLES 

SMfTHFIELD— Pence per pound. Bref: 
Scotch allied ald*i 34.0-36.0. Eire IDnd- 
Quarlt-ra 63-tMla.O. rarequariere 3C.0-36.8. 

Veal: English fats 66.0-77.8, Dutch hinds 
and ends 96.0-99.0. 

Lamb: English small S0.0-5S.8. medium 
SO 0-54 11 . heave 42.0-50 0. Scotch medium 
SO 0-54.0. heavy 42 D-S0.0, Imported frozen 

N. Z. YL's 46.0-48-0. 

Part: Enuluh. under 100 tbs 38 0-46.0, 
100-120 lie; V> 5-45.0. 120-1 ti0 llw S.0-43.0. 
Pheasanu: Bret i per bracei 320-350, 

niedluin teach i lw. 0 - 100 . 0 . 

MEAT COMMISSION— Average rat 41 uric 
prices at reproseniative markets un 
Dec ember 7. GB cattle 70filp per ks. 
Ik. > + 1.4#*: UK sheep I31.SP per Kk. 
e-4.dA-.iv. » — 1.7a: GB pies 55. tip per kit. 
Ik. it 04'. England and Wales: Cattle 
numbers duirn 4 8 per rent, average price 
Tu.Pfip ' ii Ss •: Sheep nuntberc up 1.4 p.-r 
cent, average price 13I.6P 1 -IJ 1 : Mb 
number' up 27.9 uer cent. averaRC price 
63. *p teO-t'. Scotland: Catlle numbers 
rt'.wn 6.5 per cent, iveraee price 78.71 p 
■ r0J6>: ‘•heep numbers up 69.0 per cent, 
average prite H7.Sp i-O.bi. 

COVENT GARDEN < Prices In sterltae 
per package escept where otherwise 
Stated'. Imported Prpduu: Lcmaae— 
Italian 120s new crop 4.50-5.50: Greek: 
Sjn-S.w: i:> pru'-. Trass 4.80-5.20: Basra 
SO I«K 4 00-6.25. Turkish: )0 kilos 2 40- 
2.60: Spa DU. Tnys 2.00-2.40. Oraltpas— 
SpatUa- . Navel Navelinaa :.60-4.30: 
S. African: Valencia Late 1.30: Greek: 
Navels 2.00-2.30. CtememiwM — Cyprus: 
]fl kilns 3.3IM.00: Spaoia: 3.28-4.48: 
Moroccan- 3.06-4.50 Satsumaa— Spanta: 
Trays 2.58-3.38. Grapefruit— Cyprus: 1.28- 
3 50; Israeli. J»Ha 64 75 1.50-3.70: Cuban: 
2.40: Texas: Red Biusb 4.90-5.00; Florida: 
5.U0-. Turkish: 2.46-2.0). Apples— French: 
Golden Delicious 20- Ih 72 1.50-2. 18. M 1.30- 
lfi«: 40-lb 13S 183*1730 3.50-4.00. lumblr 
park per pound 0.05-8.07. Cranny Smith 
2tMb 72 2215. 64 l.M. la rse boxes 136150 
163 210s 2.70-4.60. Jumble pack 55'00 31-lb 
per pound 0.07. Slark Crlmsou 40-U> 13S. 

1 43s 4 30-5 TO. 20-lb 845 I SO. 72s 13*. 
Grapes — Spanish. Almena 2.20-2.99. Nearl 
2.s»-J.*i: Ifahjp. White Oboncs 2.M. black 
unanes 2 . 211 . Bananas— Jamaican: Per 
pound 0 14 Avocadas— Israeli: 3.30-3.50. 
Helens— Spanish Green 4.0Q-I.S6: 15 kilo 
boxes S I2« 7.30-8.00. Onions— Spanish: 
2.P6-3.50: Dutch: 1.90. Tomatoes— 

Spanish: 3.S0-L20: Canary: 3.30-4.80. 

Cucumber*— Canary: 10*165 1.60-i.M. 

Capsicums — French: Per pound 0.30: 
Canary: 0.30. Dates— Ataer Per alove 
bux B34-6J9: Californian: Tubs 0.3*. 
Lettuce — Freni h- I2a 1.00. Walnuts— 
CaUtarDian: Per pound 0.48-0.30: Chinese: 

O. 33-6.35. Brazils — Per pound LWM BJ2- 
0.54. Tocantins 0.42-0.44. Almonds— 
Spanish: Semi-soft per pound 0.42. hard 
shell n.3D. Chestauta— lialian- 10 kilo* 
5.50-7.00: Spanish: 5 kilos 2.80-4.60. 18 
talos 5.00-7.00: French: 1# kilos 4.50: 
Pnntixwse: 5.7M» Rlbert*— Italian: 
Per pound 8.32. Pecan Nuts— Californian: 
Per pound 0.65. Potatoes— Italian: 30-lb 
* 50-3 68. Hlftlotoo— French: Crates 3.50 
plus VAT. 

English Produce: Potatoes— Per 25 Wire 
l * 0 - 1 . 911 . • Leuoce — -Per 12 round 1.00. 
Mushrooms — Per pound 0.53. Apples— Per 
pound Brantley 0 M-0.09. Lord Derby 8.04- 
« as. Cox's Oranse Pippin 8 05-0.14. 
Worcester Pearmain 0.04-8.06. Russets 
D.n5-0.oa Spartan 0.06-8.68. Pear*— Per 
pound Conference B.OR-41.13. Conner 0.12- 
U.16. Cahbases—Prr crate 8. 88-1. W. 
Celery — Per bead 0.12-9.13. CaalHlameri— 
p,-r 12 Kent 3.50-4.59. Boetreete-Pcr 28-lb 
n.OT-0.99 Carrot*— Per 2S-lb 0.80-8.7*. 
Capsicums— Per pound 6.38. Ootans— Per 
bajs 1.M-1JV. Swede*— Per 2S-lb B.6M).7«. 
Turnips— Per 28-lb 0. 60- 1. 00. ParsalPS- 
Per 2S-lb 1.10-1.20. Sprout*— Per pound 
0.04-0.06. Spring Greens— Per crate. 
Cornish 1 .30-2.08. 


PRICE CHANGES 

- Prlre in tonnes unless otherwise 
ctatetL 



lire. 7 + »r Mmiili 
1978 — as" 


Meta la 

Aliimlplinu J£710 ■ 

Free market te/.j . .51.170(90 
1 ’..lifer raab W Bar £7 70 

i|i.. riii.1’789.5 

1 ’aili t/albnile. r757.5 

5 moot be iln. «1n. L775.75 

liukl .Tiw o/. S19B.5 

Lead re*li £433.5 

3 niimlh* £410.25 

-\irlel J 

Free MarlMtcintlhiSl.58 

, 1.50 ‘ 


1‘lstlmiDi tr»v ot-. 
Free Marker...... 

Qulrksilvei' 

toiler Iro.r iv M 

3 iiii’inih* 

Tin null 

5 inunths 

l’linj-stHi 1 r> 

Wnllrani 22.04 cif . 

/.me raili _... 

3 imiDIti* 

i'nvjueera 

Oils 

4*i w 1 11 1 1 1 1 Plain 

tiimindniit 

Linseed 4 'rude. 

Palm Malayan 


£710 

-25 5l.EO.2B 
r 2.5 £763.5 
+ 4.25 £753.5 
+ 2.5 £751 ' 

+ 4 £771.5 

-8.25 SZI9.S75 
+ 2.5 £422.5 
+ 5.5 £411.75 

*1.76 

1.88 

£142 

+ 1.85 £ 17 1.75 
+ 2 5 125 50 

+ 1 205. 85 1 - 

+ 1.3 30d.15|> 
-15 £7.765 
-5 £7.585 

5143.71 

-0.5 ¥143i«B 

- 1.75 £363.5 

- 3 £575.5 

... S72CI 


£166 
£168.25 
S 147-152 
300.351- 
308.551' 

£7.320 
£7. 197.5 
*142 63 
. 9137/43 

£355.25 
£34B 
*720 

1 

•S875j/ -10 5850 


£543»- 

95901 


£355 
. S 6 O 8 


Seeds [ 

(Viprm Philip ;.9S75n - 10 5580 

Sny sheen 1 L. 8 .J I*279« + 1.75 S2B5.7S 


firaina 1 

Barley ' 

Hiime Flithre £86.55 

Miik 

French .V>. 3 Am £106.25 

Whew 

X<>. 1 KM Spring £96.50-' 
A.ifi Hard Winter £89.5u 
K<Jgh*li Million f £94 
l'*s+ta Sluinueiii.... £2.147.5 

Future Usr. £2.087.5 

I'ulTre Fuluni- 

W sr £1.309.5 

4'nllun M" I minx... 79.95 

Kulitier kiln 60.25|i 

Nuflvr fBawj £99 

Wnnlw»i» M| fkilni. 874]. 


+ O.D5 £82.3 

-0.10 I 

+ 1.25 £93.5 

£89.75 

.. . £91.5 

+ 1 1.5 £2.110 
+ 1.5 £2.064 

+ 22.5 £1.451 
0.2 79.4- 
+ 0.50 65. 5|. 

■ - J £104 
.. . . 272,. 


■ Kooiinal. t New crop. * I nquou-d. 
n Nov.-Jait. p Dec. -Jan. r hi-h.. uJan. 
to Dec. x Per ion. z indicator 


INDICES 


COTTON 


LIVERPOOL COTTON— Spot and shlp- 
niem sales in Liverpool amounted 10 1.169 
tonnes. briitSfflB the total lor ihe week 
so far 10 2.357 [ftnne«.- Sohsianuil 
demand broushl increasiw tatereai In 
many different BradeJ and orders were 
frequeniiy arraneed. Activity centred on 
North American and Middle Eastern 
criiit’ihs. wilh support in African and 
Israeli qualilles. 


LONDON SEEDS— Copra . Ptiltioplnex. 
dnllars per tonne rir N. European pons. 
Dpi... Jan. 573 resellers. Soyabeans O S. 
di'Hars per tonne of Tilbury. Jan. JI8. 
Feb. 287 tellers. Linseed. Canadian. 
Merlins per tonne cif UK. first npen water 
14$. SB. Aprimrit half May 148.73, June- 
first half July 149.. relleri. 


FINANCIAL TIMES 

IW. 1 her. fi Month *£■■ 1 rer tg" 


361.82 259.54 £65.62 24216 

<B»se: July J. 1932-1*0' 

REUTERS 

Dee. 7 I Tire- 8 Mnntli «s" Yrer *S" 

1S1S.IM512.7 1521.1 1440.5 

'ifiaa: Sepiemb’er 18. 1931 = 1011' 


TVttr 

Junes 


DOW JONES 

'1M-. | Due, iMumiii Vc*r ’ 
7 I fi ! Hy 


i^kl 


fit* p .... ZB0.99 390.18384.05351.57 
Put ure a 388.04 386.45 384.20 326.54 
iAvtrace 1924-25-28 = 1UD . 

MOODY'S 


1 Dee. j Dre. \I"l.rii Veer 
Moody's 7 1 6 1 til" 


dple _lV>mmn- 984.9981,1 971.68638 
'December ai, 1931 = 100 . 


Nth- WlRK. D-.. T. 

Cucaa— Pi't 17F.».v . IT*, sui . March I74.U ' 

• ITli.iUi, Jlav I7F29. ,Iu1» t — 1U. R^PL, 
174. Ou. fin- 170 4U. March ml. Satan: 

l. sr+. 

Coffee—- C - Cummer IW i::k 30- 
ta7_'a <117.11.. Mar.il ly; so-ijeju '127.r.li.. 
May u 4 . 70 . tub 1.-2 40-Lr.ini. seoi. 
l:'].r.i-l."j.4i\ Dot . U.' oo-iii.'jn. March’ 

lls.Ov-1'.'l so. May ml. t.Bto 

Copper— Dec. ti7.UD infiLS.. Jan. B7.« 
'ul.-'O.. 1-Vb S+.40. Mjr-h r/i.lS. Ma- 
70 30. ful> 71 33. Si-ni T.’.JU. Pee. 71 60. 
Jan. 74 00. March 7l.S». May 73.40. July 
r« it/, avpi 

Cotton— N" J: Li. "i . CS.^VtA.iKI iTfl 4?i. 
May 71 3.7-71 W1 '7C 1.7 > .full 7J.J5-72 «l. 
riel. 6t>.7.4. Dir. b.7.3j-ifi m. March 66.00- 
66.40. Ma; 66 Hei.K.Olt Sale*: 4.-;|ii 
'Gold — Dec. 199 U0 ■ 197.Tu>. Jan. 2uu.30. 

• 188 20 ■. Vvh. .‘O. April 203.611. June 
•jes 40. \u;. .‘15 10. Mel. "lh$0. Dec. 55P..W. ' 
Fell. 224 -JO. \eril J-.-7.V0. June 211 60. 
AUK. 513.40. Oil. -£;9.5i). 

tLard— Cliiiuyu luu-.c 9*1.50 'Mnif. 
NY priiiu' sic .1111 l'< im iradcd <53.u0<. '■ 

tm alzo— Dec. 5*41-574 '-.".'ai •. March ■ 
23"l--.'3ii i5.l3i'. Ma: 244! -.*44 July 2-49!- 
1491. S-'i'l 2.79 !. Dee 2i“;-233i 
.’Platinum— Jan. .731 USX 0V «1C4.:i". 
\pnl 2.12.40- ’.14 HO 'Jta7».. July “5.5W. 

10. Oei. .TW 59-J.X70 .tan. .T41.M-.7fl 50. 
April J4". i0.M l.70. Jul: J4fi.00.34R 2«. 
Sale 1.433 

’Sllvito— Doc 3M.40 '.isi.hOi .tali 347 40 
•j*4.i4i. Feb. iVI -JH March .794 Oft. Ma-. 
601 10. July MM0. Si-l-l. 417.6H. Dre. 

630.90 Jan. 6.13 5U. M»rch '-44.70 May 

1 653.9U. Juh (At 50. St-pi fiTJ.iM. Hand! 
and Harman *U"* W.W '3T3..4U-. 

Soyabeans— Jan nS7.i-fiOT2 ' <<TS : '. .Mann 
700-590 Ifi*--'.. Ma. 707-7Ub. Julv 7DO.70II-. 
.lux. :k. S'.p: C” .Vmi. <43, Jjii. S2!. 1 
nii'ii. 

iSuyabeoa Heal — Dec. 794. 00- 194.30 
•191 .(M>. Jan. 1MS.2U-I5i4.7n <191 50 • March 
194.10-1 at 2!<J. Mav 191 SO- 191.7(1. Julv 191 Oft- 
HHl.SH. Auj. 1S9 20. Scpi 1ST .50. !)■■(. 

m. UO-ISj.OU Dr'.-, lfc.1.30. Jan. IS! ■»- 

1S3.30. 

Soyabean Oil— Pec 24.OT-24 SS <24 A7,. 
Jan. J4S.V24.S0 <24. C.". March 21.7.4-24. 6.V 
Mav 24 til. July 24 7(1. A UK. 24 40-24. 4.1. 
SeDI. 24.(15. !'■«. 23 90. Dec 23.6V11 7ft. 
.tan. 27 53-2 4.65 

Swuar — Nn. Hr Jan S 13-9.3(1 'S2.1i. 

•March S 70-s 74 'ST-i. Al jv '.97-S.9S. Julv 
9.2C. Sept. 9 1J-B 47. (hi. 9.55. Jan. 9.5— 

9 fin. March I ft 1". May umiU'ited. 

Tin — H60.ftO-66j.UU iimiii 1 634 00-H'V.ftO 
mini.*. NY -p»i (KdJMMHS 00 a-ked 
'tAJ i6i-n39.ua •. 

“Wheat — D.-c. 264-iM! <260! t. March 
.139-259: '357!.. May .149.-349;. July 329!. 
Si pi. .VC! I 'c ■ 343. 

WINNIPEG Dr-- 7. Rye— nee W 3 ji 
bid '96. nn old'. Mav 1«12!U bid <ln2.Mi 
a-kcdi. Julv '.U2.B0. Mel 100. Oft 

ttOals— Dec S7.P» bid (Sfi.fin Mil.. 
March Si 40 tii'l ‘SI Til bid'. Mav 79.7ft 
bid. Jul> 7* .3u bid. ijci 7S.S0. 

tfBarlev— Pi'«- 7.1.art Oi.dtt hid'. March 
77 20 r 77 I'll aired'. Mav 77 10 . July < ■ 4" 
bid. >Jci. 77.7:0 bid. 

}* Flaxseed— Dm. 274.5rt bid '26* ?n hid. 
Mav asefi® d-4'-d 1277.00 hid'. July 2SC.I* 
a‘krvt. n ( | J76.90 

'■ VJheai— SCWHS o r cent pndem 

cnnlcnt elf SI. Lawrence lfc: 19 '197.71' 

All mms per I'OuihJ i-s - ware ho use 
uiili-4s iiiheni'ire stall'd “ 6+ per troy 
ouni..- — lOn-auncc I"'"' 4 Chicaco loos,' 

«4 per mo lbs — Dcpi. uf An. prices 
|ir>-\ I'jiii djy Prune ,wm fob MY hulk 
tank ear-. t Cvui' per -Su-lh bu -h+i 
1 -s-w- 3 rehouse. OOft-buchel lols. J Vs r+ r 
iruy ounce for - 50-or unns of 99.9 per 
c-ni purdy deliVi-ri'd NY. • Ccnis per 
troy uiinces rt-wiRkMU- ft New " P *" 
eoiilr.ii-| in 5s j shon ion for hulk Iok 
0 ! 100 shuri ions delis end Job oars 
ChirjKO. Tulcdo Si. L>iuis and AllflTl. 

-■ Cems per 79-lti hnshcl in sior+. 

If Corns per ?4-lb bushel, j. C* nis p^r 
4S-lb bush. -I i-Jt- warehouse. 7! Cents per 
56-lh hushil i-y-warehousc. l.OOO-bufih-l 
lois '*! C* per tonne. 


GRIMSBY FISH— Supplv user, demand 
fata. Prices at snip’s side lunpro'cssi-d' 
per hodo: Sltelf cod £3.(i0-£fi.0n. '.ndllnss 
£1.60- £3 2HJ— lame h add nek H.40-C.28. 
medium l4.D0-fa.09. small 12 *<0: larar 
plaice I4.30-E3.0D. medium E4.iH3.fit' h- si 
small £3 50-14. »: larpr si inn<-d dnuffsh 
{£,50. medium Ca.Ofl: roetfish f2.nD-I2.fiO: 
reds £l.S2-ca.W; sal the LI 00-3.40. 


j Canada boosts 
grain sales 
■ to Poland 

j OTTAWA. Dec. 6. 

Canada has increased hv 
! TOO.OOfl lonneg lo 3.1m tonnes the 
; amount of wheat, barley and oals 
'available for sale lo Poland in 
1979 as part nf three-year agree- 
; nienl I»e7ween lhe l uni nation.'--, 
. said Olio Lang. Minisier respon- 
; sible fur lhe Canadian Wheal 
j Board. 

Reuter 






W 38 



•*' r5 


...:s.-,. -v .- : . J -,- , ; . a - ^ V : jFinaniaiaa' ^ 



STOCK EXCHANGE REPORT 


GEC disappointment reverses new advance in equities 
when 30-share index looked poised to break 500 |p||; 


Account Dealing Dales 
Option 

•First Deelara- Last Account 
Dealings lions Dealings Day 
Nov. 27 Dee. 7 Dee. 8 Dee. 19 

Dec II Dec 28 Dec. 29 Jan. 9 

Jan. 2 Jan. II Jan. 12 Jan. 23 

• " New lime dealing* may take place 

fra in 9 JO am (an business days earlier. 

A promising extension of the 
recent advance in equities was 
abruptly reversed yesterday by 
first-half profits from GEC which 
caused acute disappointment. 
Before the announcement, leading 
industrials had pnjoyed busier 
trading conditions than of late 
with investment imprest spreading 
from the rew seLcetcd stocks on 
Wednesday to a much w ider range 
of issues. 

A good two-way trade developed 
in places but the overall trend 
continued firmer and at 2 pm the 
FT 30-share index was 4.5 up at 
495.3. The possibility of the index 
breaking through 500 for the first 
lime since October Zft was then 
very real, but the release of the 
GEC interim results shortly after- 
wards changed the complexion of 
the market. 

GEC quickly reacted on the 
cutting of hull positions which 
had been bull up continuously 
since before thr start of the 
Account, the share falling from 
349 p, which represented :i rise nr 
9 on the overnight level. In a close 
of 332p for a net loss oT 8. The 
ripples of this setback soon 
reached other equity leader* and 
dampened down new-time buying 
inquiries which, until then, had 
been considerable. 

Enthusiasm fur electronic 
Issues aroused by the Govern- 
ment’s f40Um bao^t to the micro- 
electronics industry also Taded 
although must slocks still ended 
higher on the day. The FT 30- 
share index illustrated the gi-ner.il 
about-turn in the lenders with u 
closing loss of 0.3 at 401.5. 

Business in Gilt-edged securi- 
ties was snarse but. after Wed- 
nesday's demand for the medium 
tap Exchequer 12’. per cent 1085 
which enabled the Government 
broker to rui.se his price, invest- 
ment funds yesterday switched to 
the long lap Treasury 12 J per 
cent 2003/ '5/. The GB satisfied 
the demand for the Xln-paid slock 
and then withdrew his price of 
15J: he was not tested at a higher 
level but it is assumed that stock 
would next be supplied at 45J 
including the call or £30 due 
today. The trend otherwise was 
mixed with medium/longs improv- 
ing J and some shorts losing that 
much. 

Little of note occurred in the 
investment currency market 
where a small evenly-balanced 
business was effected at slightly 
higher rates. At the close the 
premium was I up on the day 


at 831 per cent. Yesterday's SE 
conversion factor was 0.7255 
(U.72SK). 

Active trading in GEC. which 
recurded 251 deals before and 
after the company's half-year 
statement, provided the main 
feature in the Traded option 
market yesterday. Total contracts 
recorded were 606. 

Follow mg Wednesday’s highly 
successful debut. Harris Queens- 
way attracted a healthy balanced 
trade and touched lup before 
»>itliug a penny higher oil balance 
at 17: ip. 

Banks quietly dull 

The major clearing banks 
passed a quiet session and drifted 
marginally lower. Elsewhere. 
Nambms found support and 
gained $ to I73p, as did Kleinwort 
Benson which firmed 3 to 95p. 
Reflecting domestic market in- 
fluences. Bank or New South 
Wales improved 10 \o 525p and 
Commercial Bank of Australia 5 
to ISSp. 

Insurances surrendered early 
modest gains and closed margin- ■ 
ally lower throughout. Still await- 
ing news of the bid approach. 
Brent nail Beard eased 2 to 42p 
and ihe recently-announced dis- 
appointing third-quarter figures 
clipped a like amount from 
Phoenix at 240p. 

Seasonal demand for Distillery 
counter* again attracted most of 
the intere't in a thinly-traded 
drink- serlnr. Highland touched 
a J47S- p.-ak of 170p. before 
closing fi up on balance at tii8p. 
Inverfinrdon added 2 to 164p. 
Among Breweries, gains »{ 7 nnd 
5 respectively were seen in Vaux, 
12Si», and Burtnnwnod. 173p. 

Leading Building descriptions 
made modest progress, hut 
Burnett aud Hallanwblre put on 
1U to 200p in response to the 
higher interim profits and the 
optimistic statement on prospects 
while, in thin markets, Baggcridge 
Brick firmed 3 to a high for the 
year of :ifip. Rlockleys appreciated 
5 to nip and John Carr (Don- 
caster) added a couple oT pence to 
a ItlTx peak of 53p. In contrast 
concern about the situation in 
Iran prompted profit-taking - in 
A rmil age Shanks which cased 3 to 
75Vp and. ahead of Monday's 
interim results. May and Hassell 
shed' 4 to 77 p. 

fCl touched 383p before shading 
to close just a penny better on 
balance at 381 p. Despite the satis- 
factory mid-term statement. 
British Tar Products held at 54p. 
bur recently dull Leigh Interests 
found renewed support and 
improved 5 to )25p. 

Gussies please 

Gussies A rose 4 to 314 p. after 
316p. following the better-than- 
expecled interim results. Burton 
A also improved, with new-time 
buying ahead of next Thursday's 


preliminary results adding 5 to 
176p. Mothercare resisted adverse 
comment and held steady at 150p. 
Among secondary issues. A. G- 
Stanley remained firm, rising 4 
for a two-day gain of ]2 to I7fip. 
while speculative interest left 
P. amber* 5 to the good at loop. 
Recently strong on bid hopes. 
MFi encountered small profit- 
taking and gave up 3 to 174p. 
Ahead of today's full-year results 
K Shoes hardened a penny to 77p. 

Half-yearly results well below 
market estimates caused a 
marked reaction in GEC which 
advanced --afresh to a new peak 
for the year of 349 p before 
reacting following the figures on 
persistent selling to close S 
lower on the day at 332p. Outside 
the leaders, news of the Govern- 
ment's I4(H)m boost for the 
microelectronics industry sti mu- 



110 1 


MOTORS and 
DISTRIBUTORS 

F.T.- Actuaries Index' 

_J l I I L_ 


JUN JUL AUG SEP OCf MOV 0 

1978 


laled buying inter e-st in Electronic 
issues. AB Electronic, 160p, ami 
Parnell. 390p. rose 7 apiece, while 
Electrocomponents put on 8 to 
31 5p Raeal. also assisted by news 
of Ihe £20m Middle East contract, 
improved afresh to 353p before 
easing back to close only 4 up on 
balance at 348p. 

The Engineering majors traded 
on a quietly firm note until the 
last hour or so of official business 
w hen an easier trend became 
apparent. Tubes. 3»4p, and GK\. 
2blp. both, finished a few pence 
cheaper on balance, while John 
Brown ended 2 up at 394p. after 
396. Among secondary issues 
demand ahead of next Thursday's 
Interim statement left S. YV. Wood 
4 to the good at 50p. Buying 
interest revived in B. Elliott, up 
4 at 175p. while similar gains 
were seen in Laird Group, 96p, 
and Matthew Hall, 224. Castings 
responded to 4he increased 
interim dividend an profits with 
a rise of 4 to 52p, while others 
to reflect satisfactory trading 
statements included Wagon 
Industrial. 2 firmer at 155|>. and 
Associated Tooling, a penny up 
at 41p. Wolf Electric Tools were 
firm at 8Sp, up 3. while further 
demand lifted Camford 3 more to 
70u. 


Selected Foods attracted a 
good two-way business. Tate and 
iyle were quiet active and 
touched 192p before reverting to 
the overnight level or 186p. 
Following the annual results, 
profit- taking clipped 2 from 
recently firm British Sugar, 14Sp. 

In Hotels and Caterers, 
increased investment demand 
lined Trust Houses 'Forte 7 to 
25Sp and Ladbroke 5 to 183p. 
Brent Walker put on 4 to 53p 
in response to the good interim 
results and the chairman's 
confident statement. 

Beecham up again 

Interest in the. Miscellaneous 
Industrial leaders was on a better 
scale than of late. Renewed de- 
mand left Beecham up 10 more 
at i*32 p, after 635p. Reckltt and 
Oilman gained 11 to 48op. while 
Smiths Industries advanced to 
22Sp before settling at 22Bp for 
a rise of 4 on balance. Better- 
than -forecast annual results 
lifted Hanson Trust 4 to 141 p. 
while Slonebill responded to the 
good interim figures wtih a rise 
of 5 to 125p. The mid-way re- 
covery in profits prompted a gain 
of 3 to 41p in Wilkins and 
MHehell. hut news of the sale of 
its specialist chemical division to 
ease the company's liquidity 
problems failed to help Barrow 
Hepburn which fell 4 to 35p. 
Marshall's Universal, an old 
speculative favourite, came into 
demand and put on 12 to lfiOp, 
while hid hopes encouraged fresh 
support for Dundonlan. up 2 more 
at 57p. Ricardo improved 8 to 
30Sp in a restricted market. Good 
interim results left Alexander 
Russell 5 dearer at 9Sp. while 
others to respond to trading 
statements included James Crean. 

2 firmer at 207p. and Cawoods. 

3 up at 146p. Sotheby improved 
5 to 350p and rises of around 4 
were marked against Plastic Con- 
structions. 34p, and J. H. Fenner, 
167p. Edward Le Bax closed un- 
altered at 42p: the price in yester- 
day's issue was incorrect. 

Reports of increased holiday 
bookings attracted -buyers to 
Saga which gained 5 to ]?lp and 
Horizon which finned 3j to 1171. 
Elsewhere. Samuelson Film 
Service improved 11 to lOOp in a 
thin market following the annual 
results. 

Motor sectors encountered a 
good two-way trade with more 
buying interest than of late. Tn 
Distributors, Heron added 3 more 
for a tbree-day rise of 9 to 12lp; 
the 10 per cent convertible closed 
10 points higher at £195. A 
renewal of speculative interest 
coupled with small investment 
buying helped ERF to a 1978 high 
of 140p, up 10.' Lotus put on 2 to 
50p after news of an arrangement 
whereby Lotus would manufac- 
ture high performance engines 
for the Chrysler Sunbeam. Rolls- 
Royce. however, were a dull 


market and dropped to 93p, 
before ending. 2 down on the day 
at 94p on further fears over 
Iranian contracts. Among com- 
ponents. Wilmot Breeden rose a 
penny to a 1978 high of 78Jp, still 
reflecting the talks with Rockwell. 

News International - again 
featured Newspapers, rising 
another 6 for a tbree-day. gain of 
20 to 278p. Elsewhere, further 
reflection of the excellent results 
added a penny to. Sir Joseph. 
Causton. 26p. Jefferson Smorfitt. 
iSSp, regained 2 of the previous 
day's full of 6 which reflected 
the Irish decision on Euro- 
currency. 

Leading Properties failed to 
hold earlier higher levels and 
usually reverted to unchanged, 
but secondary issues attracted 
increased demand and. . although 
slightly below the best at the 
close, displayed useful gains in 
places. Fresh demand in a thin 
market lifted Lynton 8 to 12Sp 
and' Berkeley Hambro made 
further progress to 152p before 
settling 4 higher on balance at 
150p. Property Security Invest-, 
ment gained 6 to a high for She 
year of 122p and Chesterfield 
added 13 to 355p. while .Regional 
A and Percy Bilton put on 3 
apiece to 74p and 17Sp respec- 
tively. Property Bolding and 
Investment gained 7 10 317p. 
Following the interim profits and 
property revaluation. Church bury 
touched 31 Sp before closing 3 up 
on balance at 315p. 

Oils turn dull 

Occasional profit-faking brought 
an end to the -recent firm trend 
in the Oil leaders. British 
Petroleum ran back 8 to 946p and 
Shell finished a similar amount 
down at 5S7p, but a fresh improve- 
ment in the dollar premium was 
reflected in Royal Dutch. J higher 
at £41 f. Little worthy of note- 
developed in the more specula- 
tive issues which were inclined 
easier. 

Despite the cautious statement 
on current trading, Mitchell Colts 
held up reasonably well in 
easing only U in 42jp helped by 
the increased dividend. Gill and 
Dnffus again attracted - modest 
buving and rose 3 to ISOp. 

-Reflecting the overall improve- 


ment in the equity sector,. Trusts 
put on a firm performance. Jersey 
External put on 4 to 168p and. 
Glemn array “B" 3 to 73p. , r ' *>'. - 

Occasional support was again' 
forthcoming for selected Ship-.' 
pin gs. - F urn e ss unproved 3 more 
to 255 p: and P & O Deferred 
hardened a shade further; .-to 
851 p. • -.. ;-y< 

Golds. Jirmer . 

South African -Golds featured: 
mining markets. Rises throughout 
the list were common and the-. 
Gold Mines index gained 3.7 to: 
131.0. while the ex-premium index ; 
advanced 2.2 to 95.0. ■ 

The market strengthened .oil 
the back of the higher bullion 
price which closed up 32.25- at-; 
3198.625 an ounce, encouraged 
the targe amount of bids at Wed-: 
nesda/s- International Monetary. 
Fund auction. Early buying from.: 
Johannesburg and interest from 
the U.S. after the opening of Wall 
Street gave prices a fillip, while 
the investment dollar prenubm- 
remained firm. •. -'-?•• 

Among the leaders. Vaal Reefs 
closed 2 higher at £11 1 and "West 
Dries gained J to £19}; :FS ; 
Gednld went J higher to £L2f 
and Western Deep rose 39 to 7\4p: 

• The same factors which pushed 
Golds op helped South African: 
Financials. Values held up after - 
early buying from Johannesburg 
and De Beers finished 6 higher, 
at 332p. Anglo American hardened 
4 to 300p. ' •* .. 

London Financials, on the other 
were confined to one or two penjbe, 
hand, tended to drift but losses 
with Rio Tinto-Zinc at 237p and. 
Consolidated Gold Fields at ITOp. 

The recent strong rise hi Iriih- 
Canadians was halted. Although, 
a few buyers remained in. 1 the. 
market. Wednesday’s momentum 
was lost and selling depressed 
prices to leave Anglo United. .6 
off at 184p and Westfield Minerals 
1 softer at 394p. North gate fell 
15 to 445p. 

Tins closed little changed alter 
a quiet day. although Sungei Best, 
at 240p. showed a rise of 10 after 
recent news og a high interim 
dividend. Coppers and Rhodesians 
were untested, lacking any lead 
from Johannesburg. 


FINANCIAL TIMES STOCK INDICES 


— " - i 

Govermnwii Sen.— ...| 

Fixed Interest— — — ■ I 
. I ndiutrU . . .... — . — — 

Sold Mines — 

Hold JUnee (Ex-8 piaO 

Oxd- DIt. Yield - 

Suniog*. r’WSlftilll.. 
PfE Ritto (net) l*)..— 

"Pwlhir marked - 

. Equity turnover. £m..J 
Equity bargain* total..! 


Dec. 

7 

"Dec- 

6 ._ 

' Der-* 

.6 ^ 

■' Dee.' 

4 : . 

Tr 

'rXor.- 

30 

•A JW 

' 

68TJJ91 68^3 

68.86 

68.72 

68.68 

88.50 

■ 73-ia 

70.3l| ' 70:23 

70.08 

.70.01 

6957 

69^98 

7 77.82 

491:5 

'49 L8 

488:2 

489.9 

4863 

124s8 

481/5 

489 Jl 

13LO 

127.3 

128.0 

134.7 

. 184.3 

145-9 

96.01 

92.81 94.6 

94.9 

-. 94,0| 

933 

. 1M.7. 

. fi.88 

■ 5.85 

5^0 

. 5.89 

B.B2 

5-98 

5.54 

16.59 

15.36 

18.49 

35.45] 

1553 

15.71 

16.73. 

tL41 

8:42 

8-34. 

8.36 

. BiSl 

-8JZ8 

'8.48 

4.241 

.4^75 

4.328 

. 4.642 

a, 218 

4,334 

3-954 


86.90 

70,75 

60-62 

. 57.39 

62.69 

7SJ0 

• 

16.116 

16,313 

15.106 

13.487 

13,532 

12.458 1 


10 VB 4BZ.6. n W49S.D. Nona 495.7. l>m *8. 
I tun 4B&3, 3 Wn 493.T* 

LatcstlndcxUnZM atQfc. - 

•NU=8.«. 




highs and lows 


S.E. ACTIVITY 


1973 


.Since Cunipilation 


High | w ! H, K b i 


Dec. 

,7 


Dw 


--Govt. Sea...; 

'need far— .j 

Ind. Ord ! 

Gold Mint*. | 

-GoJd Mine* .- 
lKx-5 pm.i-i 


78.58 

- (3ji) 
81-27 

mi 

535.5 
IKS) 

806.6 
lM/3) 
132.3 


67.98 

ao<ui 

69.30 

433.4 

(2<3| 

184.1 

(29<U) 

90.3 


1 127.4 j - 49.18 
j (9/1/38) 13/1/75], 
. 150.4 50.33- . 

[(28/11/47); ifrlftol 
I 549.2 I 49;4 


J - MUv .- .1 

) Gilt Kriced— . 
l'lndu8trlaF* r _| 
j Sueeulaiiva \ 
f Totals 

. i 


'(14(9177) 
I. 442^ 

337.1 
1 (3/4/74) 


[ (26/6)40) j- 
J. 43.5 • 
1(2600/71) 


54.3 

76) 


{ "6-day AsemgeJ 
■ Gilt-Sdged -:.l 
I ndue triale... j- 
Speculative.. 

Total* ... --.-ti 


146.0’ 

145.ll- 

.23.4! 

95=51 


154J 

141.5 

24.2 

94,71 


144=1' 
153; 5 
.23.3 
-99.5 


133.0 
242.7. 
. 84.3 
-94,7 



-■ .r 


/ 


NEW HIGHS AND LOWS FOR 197* 


• Tim tollowina aecuriUm ouotedVjiia 
Shan Information Service resttrtay 
atufnefl new Hlsta and Uues for 1S78. 


NEW HIGHS (31) 


7.. 


BRITISH FUNDS (1) 

Tr«S. 12UPC -03-OS^ ^ 

Hlcrtand Olstllleriea ‘ Moriand - - _ 

mverporton BU1LOJwGS tej 

BaaaerWB* Brick winira 

Brownlee ■525S < JSSH WI ^ 

rirr IJ.) Roberts Adlard 

STORES «4>. 

Allied RetallfT* SiSj’rto-Srt 

Dewairst Status DMCOtfnt 

ELECTRICALS- (21 ... . 

AT. Electronic G5C 

ENGINEERING (41. . 

lurnets Products United VV inr 

EUtettta.) wood wj 

FOODS (31 . 

Arana Un taste • 

Oltord Dairies HOT£LS<2 , .. . 

Mount Charlotte Trust Houses Forte- 

INDUSTRIALS tTT) 

'Captan Profile .Mom (R.i 

Clarke (Clement/ Rowril (A) 

Crean <J-> 

Davies & Newman Stonehlll 

El eco UlrffhK ' . 

Grf, "* ha "' LEISURE (11 ' - 

-MalKh. Agcv. Music 

MOTORS U) 

l.R.F. WTlmotSrtediO 


±«, 

,*• 

MS’ 


•• h 
4*. 


PROPERTY IBI _ , 

Berks) rr Hambro Greet Porttand- 
Brbttor. Estate ew. • 

Country N- Town , Lohdon & Fw . shop- 
Estates Prep- Inv^^roA *«- . . 

StV, ° TTXTtLSS tl) . V Z 

Tern-coreutate 

Hampton Areas. . ..Hpwkom TW ... tfr-/- 

NEW LOWS (3) 

raHks'D 
Bk, teuml Le-ls^^^, 

ldrw ~ i-V 

RISES A3VD FALLS 
YESTERDAY: 

-Up D own i.Saino _ 

British Finds — ... .1* 50 I* 

O/rpm. - Dam.- - and-- 
Fore tan Bands '• * ^ 

Industrials • . *2 IK SJJ 

Financial and Prep= . . «*:•*..»• 

OUs'' 

.MtaSTT...-.: . «z » - «: 

Recant Issues J.. . 1* 2 U 



; .- - t 




-Totals 


. m .ns-iAn 


ACTIVE STOCKS 


OPTIONS 


DEALING DATES 
First Last Ifist For 

Deal- Deal- Deelara- Settle- 

lugs ings tlon menl 

Dec. S Dec. 18 Mar. 8 Mar. 20 
Dec. 19 Jan. 8 filar. 22 Apr. 3 
Jan. 9 Jan. 22 Apr. 5 Apr. 18 
For mte indications see end of 
Share Information Service 
Stocks favoured for the call 
included Cartier Superfoods. 
Ladbroke and Warrants. Hong- 
kong and Shanghai Banking, 


Avenue Close, Electronic 
Machine. Lonhro. Ftteta Lovell, 
Reed International, Gill and 
Dallas. Mills and Allen, Bamtah 
Oil, Avans, Plessey, UBT, Ward 
White and British and Common- 
wealth. Putij were completed rn 
BP and Ladbroke Warrants, vddle 
double options arranged included 
Hongkong and Shanghai Bank: 
ing. Burmah Oil, Ward' White, 
British and Commonwealth and 
UDT. - :• 


Stock 

BP 

Barclays Bank ... 

GEC — 

Shell Transport... 
Allied Breweries 

-Beeeham 

Tate Sc Lyle 

BATs Defd 

Disttilers 

Harris Queensway 
"New” 

NatWest 

P Sc 0 Defd 

Plessey 

Prudential Ass. ... 
-Racal Elect. 


nomina- 

of. 

Closing 

Charige>' 

1978 ' 

1978 

tion 

marks price (p) 

on dsy . 

■tiigb 

low. 

n 

10 

: 946 ' 

r- 8 

954 . 

720 . 

£L- ■ 

« 

■ 368 • 

2.. 

37? 

295 

25p 

’ 9 ' 

S32 

_-.-8 . - 

349 

233 

29p 

9 

■ 587 : 

'--8 

602 _ 

484 . 

23p 

8 

: 85 - 

— ■ ■ 

94 - 

78- 

2 5p 

-.8 

632 

. +10 . 

72S - 

561 . 

FI 

8 

. 186 • 

— 

21S 

164 

25 p 

. 7- 

. -.255 

- 2 

304 

227 

SOp' 

.7 

. - 20* ••• 

— l. r ; 

'215- • 

-163 . 

: 2Qp 

, t- 

' .173 

.+.1 : : • 

177 

171 

. £3l 

.7. 

2S2 

- 6 

293 ’ 

250 

■ £1 

7 

. 85* . . 

+ i ■ 

118 -. ' 

76* 

50p 

- -7 

- 112 

+ 3 

125. ■ 

87- * 

5p 

7 

1S2 

- 3 * ; 

173 ••/ 

135 : 

23 p 

- 7 

. 348 . . 

. 

362 - 

196 . 

- ■ • 

-i- w 

- » . V »•: 


TTv! 1 

T, 





Pegler Hattersley Limited 

Interim Statement 1978 


In the half year to September, profit from 
trading operations was appreciably better 
than for the corresponding period of 1977. 
Improved demand from the building 
industry continued throughout the period, 
resulting in increased activity and better 
results from the Building Products division. 
Activity in the steel valve market, however, 
remained unchanged with keen price 
competition in International markets. 

The contribution to group profit by 
associated companies was substantially 
below last year. McEvoy Oilfield 
Equipment results were lower than 
anticipated, particularly in the United 
States. Fluid Control in New Zealand was 
affected by the downturn in the national 
economy, but prospects for consolidated 
brassfoundry in South Africa are 
encouraging. 


Operating performances are satisfactory 
at present, and subject to factors over 
which we have little control, our 
expectation is that results for the year 
should be similar to those for 1977/78. 

The Board has declared an interim 
ordinary dividend of 3.55p per share, 
compared with 3.1 5p in 1 977, which will be 
payable on 29th January, 1 979 to ordinary 
shareholders on the register at 29th 
December, 1978. Subject to unforeseen 
circumstances, the Board intends to 
recommend a total ordinary dividend for 
the year of 8.581 p per share (1 977/8 — 
7.685p), the maximum permitted under 
present regulations. 

J. M. Harrison 
Chairman 


Half Year to 

30th Sept. 30th Sept. 


Year to 
1 st April 


Sales (group companies) 
Trading Profit...... 


Share of associated company profits. 
I merest paid less received. 


Profit excluding metal stock appreciation - 

Metal stock appreciation — estimated 

Profit before taxation - 

Taxation — - 

Profit after taxation 1 - 

Dividends 


Retained 

Earnings per share: before tax — . 

aftertax — 

Ordinary dividend per share— net 


1978 

1977 

1978 

£000 

£000 

£000 

46,531 

41,488 

86.825 

3,032 

2,342 

6.757 

2,337 

3,408 

6.530 

(82) 

09) 

(106) 

5,287 

5,731 

13,181 

150 

(310) 

(600) 

5,437 

5,421 

12,581 

2,334 

2.066 

4.912 

3,103 

3,355 

7,669 

1,043 

925 . 

2.256 

2^060 

_2,430 

5.413 

1 8.5p 

1 8.5p 

42.9p 

10.6p 

11. 4p 

26.1 p 

3.550p 

3.1 50p 

7.685p 


Note. U.K. taxation has been provided at the estimated rate payable for the year. 

INDUSTRIAL VALVES • DOMESTIC PLUMBING FITTINGS - RADIATOR VALVES • ACHYLIC SANITARY WARE 
INDUSTRIAL RUBBER COMPONENTS • FABRICATIONS AND DESALINATION EQUIPMENT 



LONDON TRADED OPTIONS 

j* 

| • January 


April 


Juty 


Ex're'eeCloeinBj 
Option j price offer 1 

Closing 
Vol. | offer 1 

Vol. 

Closing 
offer j Vol. 

Equity 

dose 

BP 

850 

117 1 

2 

15 I i 

1 




95 lp 

BP 

900 

71 i 

3 

100 1 

— 

114 

— 

e. 


950 

26 ‘ 

12 

61 j 

1 

83 

-• 



140 

15 

20 

18 

— 

23 

10 

isip 


180 

Z!?l 

20 

1 

— • 

20 

— 



120 

81,! 

1 

131,1 

— 

16 

— 

123p 

GEC 

220 

1st : 

1 

1 

— 1 

— 

— 

334 11 

GEC 

260 

81 j 

4 

80 ; 

1 

- 

— 

M 

GEC ' 

280 

62 

19 

«? 1 

10 

— 

— 

.» 

GEC 

300 

42 1 

31 

S3 ! 

28 

65 

1 


GEC 

330 

19 ! 

47 

52 j 

37 

45 

3 

.. 

GEC 

360 

6 1 

40 

17 

24 

28 

5 

«■ 

Grand Mel. 

100 

171,1 

l 

19>3 

5 

24 

5 

114fi 

Grand Met. 

110 

8 [ 

67 

lUsl 


IB 

— 

•• 


120 

av 

__ 

6ij; 


91- 

18 


ICI 

330 

61 , 

— 

62 | 

7 



382 p 

ICI 

360 

32 j 

4 

37 ; 

10 

48 




200 

49 ' 

5 

56 ' 




246p 


220 

30 J 

6 

38 

- * 



ee 

Land Secs 1 240 

11 

15 

22 j 

2 

28 


ee 


260 

2U 

20 

10 

5 

17 



Marks A Sp 

80 

10 1 3 : 

20 

I3»«i 



— 

88p_ 

Marks & Sp 

90 

41- 

- - 

71,. 

4 


— 


Shell 

600 

12i, 

8 

26 | 

9 

40 


S88p 

Totals 



352 


144 






February 

May 

August 



220 

5 

55 

11 1 



16 

. _ 

199 1. 

EMI 

140 

20 . 

-- 

25 

3 

29 

-- 

150p 

EMI 

160 

71, 

6 

i* i 

2 

18 

... 

s. 

RTZ 

260 


2 

14 

— 

32 

— 

237p 

Totals 


1 

63 


5 


— 



RECENT ISSUES 


EQUITIES 


liutt- !: «■' i ; I 

I' mil ; = — — 

I’Z <" ® 


Ml* 


Jsn--lc 


— Hlyli Ijiw 1 


»f*2+-r is;. 

\tr - i 5^ 


42iti t'.l'. 

ASD.bO K.K 
ASIJ5 K.f. 
155 • K.l\ 
29 F.l\ 


24 1 1 1 
, “ 75 

— li> 
— J7o 
S 1 >1 


«s J\nidi#rflUs> t 44 

rtf Avhton MminjjsOr... . , 73 

100 IttAnM. Fnimiii" A51..100 
171 jntrrti l/uft-n.niiv 10[i l73 

c* |Khcti«-n l/iwn 10|> .. 30 


...... j 18.55; 2.«| 8.7, 7.1 

^'l /7.e' 3.1- 6.7' 7.2 

. . . : M.34; 3.4, 6.7 : 5.0 


FIXED INTEREST STOCKS 


fir A* 

a 

|f Jji 

Pi.i 

Hq-li 1 

C** -i 

. r.l*. — 


m 

: 1'lCi 26. 1 

\Z>2 

fl 

; ■ I' 16-11 

1 |h 

[100 

! Nil 

‘•l.n. 

»t-I 

r.i". 22.12 

r*,. 


r.J. 24,11 

1.-W 

J U'/'- 

tlu 25.1 

y. 

97 

F.l*. 5/1 

*1. 

£».«■ 

• UlL 2b 1 





3lnck 


= ** 
c ■- 


4 «■ + or 


j£ ~z j 


SNlaiAniilewv Innnlile 

HlJ 1 '.il iif V«Hp> H'nterirj, jjf-i 1*. I*rl. 
101 * iw/0' W-ii-'f IO» 1 •■■■, ‘‘ r “■ 

^niiHtvIrj.Un.hll I2S 1 ' 

btfn.'Vvwnwx IikN. lO!- ,v 


IW3... 

•fW-^8 


>7.aj. 

,-. I'm. Iji. 

&|i'.'\trwniaii I ml-. I'J}^ .\,-r. I’rei 

JM Piu*. Lttuiiihif' 12 5 Lin,'. 

y ''KiekJBMi>R<irili A. Uhnd|irWili-r'/° >6 

SBi. ■Sw«.’q»' 10.3. 

Krin '* »l»r 1't, I'rpi. l^>5 


.1 99A, 

> 121 - 
. 116 
6|>ni 
9B|i ; 
156 , 
9U 
.. 9U|. 

.. 91* 


♦ 3 


+ 6 


lw*i 

Pnirr c i 

!■: 1 


it 

RIGHTS ” 

OFFERS 


I LMe-l 
R,-nuni^ 

\ D«lf 

; 197B i 

SfaN'k 


' • ■ 

1 Utah j I* 1 "' j 


UJ- 


560 

17 

ino 

o7 

105 

93 

140 

IBS 

/4 

185 

62 


F.l\ 
\il 
F.P. 
IM*. 
.x if 
Nil 

K.r. 

Nil 

r.i*. 

>u 

>n 


8' 12 12'1 
;ie,’12'26:l 

3(12 21 12 
29(11 5:1 

15(12 12 1 
15(12 12d 
8 12 12 1 
15/12 12 1 
22>12 o 12 
18' 12 lOd 
1812 15,1 


ftlO 1668 iHwohm m 

5 ■x|.ojiS3s iMilllnull,, 11 iH'ia.i.. .. 

4H • 388 IHn-w ■■ ij, 

rj ' ills l'a|q«->rlll . . .. 

ItHnrrl (( .‘fill.. 1 .. 

14*1,111' 10r«U Uixmi il»i 

117 ; 140 HikIiiii -1 

jdimi U.I.Hi'lilinsii .. .. 

*ji- 7H« V» ,, *n luii- 

*• j.m'i- »|n»*l"iWil \ |*m . 
n,„„; ^khTwii 1 uiMiitii' . 


640 :+U 
.. 3|.m 1 4 U 

,. 398 I + 4 

.' 74I 2 : 

.• 7|un>— I 

.1 IOtiuI — I 
.] 147 ! ♦ » 

.! 36l<ni; 

SOls! . ... 

40pm| 

,.! 14 [mi; + 1 


Rcnuactaiion rlaie nr-sally last <tay for dealing Iret nt stamp dury. b I'tauTM 
ba id on prn.fpecin^ e-umatp. y.XspniRd di» idrnrt and yield, u Forecast dividend; 
cover bawit on pri-mm; year's earniM 1 *- F Dividend and ileld baaed on pros peer as 
i»r oiher ufliual etmnaiec fur 1979. u Cro.-*. t l-leures u'.sumud. f Cover allow • 
for coRwrsion ol thirty not now ranKins for dividend or ranking only fur rcstrlcied 
dividend?. 6 Flacioa arice :o pd&lc. r* T’rn^.c unlo.,.i oUv-nnae indlra led. fl I^ard 
by lender, ;| Offered to bolder* of ordinary iharcs a, a ■■ rights," — luucd 
by way vf capiutli-almn. I! Retttrodaced. Hi Uvuod tn cnnnocrioa «.nh rcorcanlsa- 
tinn. mersre or take-over. |||; ron-edoalon. □ Issued in former preference holders, 
■ Allotment lMleri iar fnlly-pajd). • FrovisionaJ or partly-paid aljDimeni letters. 
ir With warraau. 


FT- 



SHARE INDICES -a 


These indices ire the joint compilation of the Financial Times, the .Institute of Actuaries 

and the Faculty of Actuaries J -j. . 


aw;.' 

- . 4.- 



EQUITY GROUPS 

Thurs, Dec. 

7, 1978 • ■ 

. Dec. • 
-6 

•; Toes,'; 
‘ Dec. ' 

5 

“2- 

D*c^_- 

4- • 

'"2t 

Dec. 

• •: 1 ' . 

Year 

. • aw.; 

.-Cntaxj 

GROUPS & SUB-SECTIONS 

Figures hi pseethnes show number ol sfndts per 
section 

Index 

No. 

Day's 

Change 

% 

Esc 
Eanw 
Yield % 
(Max.) 

Cress 

Oh. 

Yield % 
(ACT 
at 33%) 

Esc. - 

P/E 

Rada 

(Net) 

Index 

No- 

■ Index - 
No. 

loden.- 

‘ •lid. /: 

.Index 
No. . 

'Irstex. . 
Nn. , 

"• ^ 

1 

CAPITAL GOODS (172) 

239 A3 

-03 

16.43 

526 

834 

24037 

23936 

23851 

23656 

204.74; 

2 

Building Materials (27) 

210.85 

+0.2 

1730 

5.41 

8.09 

210.40 

207.70 

20819 

20454 

18714; 

3 

Contracting, Construction (28) 

383.94 

+05 

19.79 

'423 

726 

38159 

37958 

37828 

37382 

326 Ifiy 


Electricals (15) 

55538 

37254 

—1.4 

+03 

13JH 

333 

5.7B 

1055 

7.77 

56331 

37217 

56553 

37U3 

WATT 

■55151 

37155 

44559: 

5 

Engineering Contractors (14)~ 

1730 

37286 

2882S. 

6 

Mechanical Engineering^) 

186.96 

+03 

18.04 

5.97 

739 

186.78 

I55.95_ 

28630 

.18537 

16024 

8 

Metals and Metal Forrning(16) 

CONSUMER GOODS 

164.46 

—03 

16.62 

859 

836 

264.99 

16452 

16433 

16416 

15691. 

11 

(0URABLEX53I :. 

212.65 

+0.9. 

1636 

5.04 

8.05 

210.77 

209.47 

20957 

.20738 

19120 

12 


266.47 

171.00 

+1/4 

+03 

13.98 

17.66 

3.85 

6.66 

inn 

262.90 

170.91 

261J4 

17149 

26187 

17149 

.25758 

17161 

22938 

17750 

13 

Household Goods (12) 

7.77 

14 

Motors and Distributors (25) 

CONSUMER GOODS 

124.64 

+03 

2031 

6J5 

683 

12432 

12253 

12321 

12257 

11817.. 

21 

fNON-OURABLE) (171) 

213.22 

■ +03 

15.68 

5.88 

838- 

21765 

71144 

21? 

28954^ 

292.14 

22 

Breweries (14) 

234.44 

+UL 

14.47 

6.09 

952 

231.99 

:229.9a 

22919 

22735 

; 23674: 

23 

Wines and Spirits (6) 

288.22 

-0.6 

1528 

4.99 

9.60 

289.90 

28831 

28856' 

88634 

24822: 

24 

Entertainment, Catering (17) 

272.76 

+U 

1339 

6.45 

1033 

26973 

26732 

268,05 

*26538- 

24967 

25 

26 

Food Manufacturing (19) 

210.05 

23056 

+0.4 

+0.7 

+0.6 

—02 

17.98 

13.62 

532 

513 

6.43 

7.72 

7.41' 

1027 

653 

639 

20931 

22856- 

37536 

134.43 

20850 

226.69 

370:99 

13553 

20724- 

226.40. 

36936 

135.94 

20614 

20054 

.207:99 

33250 

,12737.- 

32 


377.89 

134.18 

>1 9H 

370.48 

134.47 

33 

Packaging and Paper (15) 

19.79 

34 

Stores (40 j 

197.98 

' — 

11.63 

4.70 

1236 

19856 

19750 

19980 

19585 

193.98 

35 

Textiles (24) 

182.30 

-0.1 

1739 

7.99 

736 

182.43 

18175 

18145 

17956 

16934 

36 

Tobaccos (3) 

24L74 

— 

22.95 

7.77 

515 

241.74 

23828 

24125 

23927 

22322 

37 

Toys and Games (6) 

96.76 

+0.8 

2281 

6.68 

517 

95.97 

9552 

9625 

9615 

102.44' 

41 

OTHER GROUPS (99) 

200.94 

+0.4 

1532 

6.15 

827 

20056 

19925 

19926 

197.45 

192.42 

42 

Chemicals (19) 

28552 

+03 

16-03 

6.62 

812 

28455 

28358 

28339 

279861 

26239* 

43 

Pharmaceutical Products (7) 

251.45 

+12 

1X84 

453 

10.98 

2*837 

24556 

24636 

24533 

080 

44 

Office Equipment (6) - 

13520 

-03 

17.97 

5.64 

653 

23555 

134.99 

13385 

132.96 

12236" 

45 

SMpping (10) — 

42120 

+03 

1436 

722 

8.83 

41989 

424.90 

416-50 

410.99 

46334 

46 

Miscellaneous (57) 

215.80 

+02 

1737 

635 

733 

21532 

225.40 

21528 

22357 

20053 

49 

INDUSTRIAL GROUP (495) 


+02 

15.90 

532 

8.40 

22315 

222.15 

22218 

a9.98- 

29652 


59 


99 


• . t 




.. 


\ ' 

. "• f. 




-ia 


500 SHARE INDEX. 


FINANCIAL GRQUP(IOO).. 

Banks<6) 

Discount Houses (10) — 

Hire Purchase (5) 

Insurance (Life) (10) 

1 ruuranee (Composite) (7) ... 
I rtsurance Brokers (10) — 

Merchant Banks (14) 

Property (31) 

Miscellaneous f7) 


fnvesinwntTnists(50) 

Mining Finance (4) 

Overseas Traders (19) 


ALL-SHARE INDEX(673) . 


248.82 


171.68 

Z00J8 

216.07 

153-88 

14038 

12736 

326.18 

79.07 

26539 

11135 


212.15 

10313 

300.49 


227.63 


-03 

-0.7 

+03 

-1.4. 

-Off 

-06 

+13 

+ 0.8 

+03” 




+0.4 

—03 

+03 


2332 

1533 

14.66 

331 

2238 


1033 

16.33 


539 

5.86 

834 

53* 

639 

639 

533 

630 

236 

7.44 


4.96 

6.90 

733 


533 


6.43 

83$. 

9.74 

47.43 

5.71 


6.76 

7.68 


17237 

20L99 

21637 

153.49 

14237 

12834 

327.99 

7739 

26333 

110.95 


21132 

10332 

29947 


227.71 


17170 

20242 

21536 

14937 

HUO 

12732 

32734 

7730 

26174 

118.44 


20935 

103.72 

29072 


22647 


179.90 

20043 

21536 

140.44 

93933 

127.40 

32632 

7753 

26US 

109.79 


208.77 

104.60 

2993S 


22632 


168.92 

19834 

215.02 

14671 

13735 

324.96 
3M37 

77.44 
».9 7 

108.96 


20732 

1B.95; 

29533 


22433 



»- 


- 

% • 


28377 - 
tTM. 
28W9 


21L99 


FIXED INTEREST PRICE INDICES 


British Government 

Tlwn., 

Dec. 

Oars 

efange 

1 

xd ad). 1 
T+fBy j 

. 1 

»d adU 
1578 




% 

.to thu 

1 

UnderSjean 

103.48 

112.45 

117.40 

177 K 

-083 

+016 

+0.14 

+0.70 

— 

838 

921 

1Z35 

1354 




4 

InedeenaMes 

_ 

5 

AN stocks 

11036 

+0.09 

— 

1028 


FIXED INTEREST 
YIELDS 

Be. 0o«t. A*. 6roa Red: 


Low 

CnipQis 


5 years... 
■ 15 years..*. 
S years. ., 


Malm 

Conpods 


5 years... - 
15 yeas..:. 
25 years.... 


High 

Coupons 


S yeas/... 
IS years... 
25 yea*.... 


Irredeemables., 


Tfiturs^ 
Dec. 
T r 


9 36 
lt35 
1237 


12.47 

1232 


1233 

3339 

1331 




W«t, 
Dee.' 
6 • 


937 

1139. 

1710 


.2245 
19 US 
3265 


1252 

1120 

3322 


1201 


Veer • 
ago -• 
(appro*-) • 


. 734 
4Jre 


. m: 

10 a, 
1035 


■> . 




3030 

XU3 

1U9 




10.45: 


Tliur*., Dee. ^ 


fruits j lleU 

1 5. : 


SVe,|.- 

l*rc_ 


Thw. 

tin.-. 


Mi*.: 

-Uec. 

4 


‘'rt-.. 
, bus 


Xbqia. 

Jim- 

' so 


: XuV: j Srrt, 

. 23- h a 


Y«r - 
IffO - 

jfewrex) 


IS 

20-yr. Red. Deb & Loans (15) 

65.02 

1 13.48 

66.2 1 | 

55.21 

H5J49 j 55:16^ 5^J6'f 55. RO. 

.'55.SO | .61:47: 

16 

I n vestment Trust Prefs. (15) 

51.13 

13.67 

51.16 j 

51.16 

. 5LX6 j -61:16 j 51-16 J 51.16- 

'.3i:i6 1 85.70 

17 

Couti. and IndL Prefs. (20) 

71.44. 

13.10 

7!. 86 j . 

71.86 

7156 j'-71.»j. 71,831. 7ll?a : 

.-; 7L79.-J./7785 -. 

t IMmirUm yield. Highs and low recird: base dates and values 
Issoes. A list ar tba cmtkunm h avaHabta ftrem (ha Publtahere, tha 
Linds a, EC0P OBY, price Up, hy past 22p. 

»d cencduient chaagw' are pvUbbed > SanfMaSf 
Plnanclal Tfnw. Bratton ; Mum, Camot Street, ~ 


*' • 



•. • • . - 











.jr.-tfr. .■». . . — 


, 4 . J - ’ v ' * ' r 

&^i.Vi|.>iV. ^ j i. Ji* V »_ ,> V . J * ~<lC’>*'*.v'v*Cv~ r ’ 




.V 39 


.-ft: : i 




AUTHORISED UNIT TRUSTS 




Bp-rjf'iliMiJWl 


£,e. 


ACtivi 


iry 



it*)'- Minster Fund Minaqm Ltd.. Provincial Lite- In*. Co. Ltd.? Un 4 Prosper cwithnied 

i Mlmter Hie, Arthur St, EC4. __ .01-6231050 222. BMOTgale, EC2. 01-2476533 SCOtWtS Securities Ltd? 



iBSpr: 

* D®. taws.., 


I'Jf MlrrmrNw.27.. (17 6 

fa 


fopi^NwrSClV.iw.6 vn 


5JH 

5.40 


Pro! if* Units- 1844 

Htyi Income 1117.9 


90i 

1251b 


ifltOJI 3.16 
d) +o!bj 7,71! 


HolbOril Bars, EC1N 2MH. 
PniOHttial ... mL5 


p;^ter.Bl"#K6l; 2J5 cMqL&si bSsinAquc”** 013307333 LW '^J, a !l^ 5 lf), 

^"-'^^f^iUinrnif' airttaL ;>* <■ '•'• K .'- ©«HK Murray Johnstone U.T. Mgnt? (a) 

'■- 7S5ES55SSrt|i? MtesaftM «9 153, HfipeSiwet Stogoff. G22UH.M 1 - 221 55zi 

«9 MJ 6«f8oean....,.~.|aiJ , . . 863] +10| JSA 

f&T:. • : ' ■'■ ' 


Scotbtts._ 

ScMyteW- 


SMtsWr«.. T — . 

sax. EjuGJJy v— 


„ B r, 01 ^ 5 ^ ^Itosraijrt *7 is^: 13 - 

13M] +0.M 4.01 Scfaleshtger TfwSt Mngrs. Ltd. (a) (z) 


38.3 

S1I 


168.9 


4LI -0.1 
.553 +0.1, 
633o +01 
ISBJa 
Tb.oj) 

0k. 


IS 

454 

m 


-Target Tst. Mgn. (Scotland) (a) ib> 

19. AIM Crescent, Eif n. 3. 031-229 BbZl. 1 ? 

Target Aiwr.EaglrWb ThjJ+ojj 2.78 

Target TtusUe W19 . <Sft3f 

Fa 160 4 


Emm Income Fa . 


64 




686 

9-09 


Deaton Day Frtey. 


Huffier Management Co. Lid.f - -_ _ 

TlwSU.Exdi.wjr. EC2N IHP. 01-6004177 Am EMM| 1 

esa«sa=HIB- Slid ffiSsae&sS 


?w£ BiiatRTTi Mtthal Uf.il Trait Managers? ttH»> . 

1A. CopaoIT Art., EC2ft 7BU. 01-6064603 

m d 330 Mtrtual Sec_Plos — -152.6 6.55 


iter. . 
L Income 


Ffl.._..|J06.4. 

ne..M..Il33.6 


140. SflWfi SW«, DorVmg. 

- _BJ 


(0306)86441 


Trades Union Unit Tst Managers? 

100. Wood Street, E.C2. 01-638601 1 

TUUTDk.1 150 2 5351 1 534 


Transatlantic and Got. Secs. Co.? 

91-99 New London Ri Chdmslortl 024551651 



£. & A. Trast (i#o* 

BarttBore Jta|d MmgB^.004) 
AnvECSEa^ 



lutuaMic. ... 

luttudBbeCh 

MuualHIgii' 

NaftonaT and Cunmereiai 


Rritance Unit Mgn. Ltd.? 

Rt-UdW H^.. Tunbridge Wdb, Kt_ 

' .7.6 
.4 

47.1 


674 OpportuiiuFtf — — 


{..3IA 



i6*. 4 

lii V i : 
54 r > 

' * 


£' 

jmL_ . 
tfeJs* 

• • • 

.ta^dwri^TdfTnLCo. _ . 

.-: i «w+-w; ■Brifeme .i,.flWZ3637fi 

s . ; 

T^5SS2^k!w^«m^v^ ublm^r 


(Atxum.Urtu) 

Katioral Provident In. Mngrs. Ltd.? 
48.6r*KA«i*St. EC3P3MH. 

„ v . IS-2B33S31 N.P.l.tWi.Un.Ttt 147.0 

m , 

^^S^'nStS 4 -^ n+i-Dec- 
■ ■Prte on Nw. 1 Nwt duluqNm. 
National Westminster? la) 


031-556 9151 Ridgefield Management Ltd. 
— T 30-40, Kennedy St^ Uaochesttr 

3 8f atttttSzS 


E tempt Hj 
Exempt Met. : 
Ectra Inc. Tst 

Pref.&EIR Trust . 


Earbican Dec . 7 . 
BucJtfwvDec.7_^_J009 


dB& 


(Accurn. UnitSL^: [201.9 

CotmoDre.1 127J 


— J 4J82 


KSldW- 

fjomoL ivihO.-m 


8101 +0fl 

1257^+ljj 

IDbJ+Uj 


D61-Z368521 

a^3 & 


29;g 

M 


5C fis&«==K 


“d « 


MSSSSo u S 


tAcam. Urte 

VirCwti 


Rothschild Asset Manag e raent (g) 


J. Henry Schrader Wagg & Co. Ltd.? 



CThwaagg^ 8 *^ 


._. it. Fd. (Inc.) i _ 
N.C. Jnll. .Fd. (0u.)S6J 
N.C.SirtlrCoyiFd.... 157.7 


(Araen. Udbj___ ?9{ 
henendDetCHI »J C 

( AcOMH . _IWH HQ95 

Europe 


ES^S UWt -TsK-Mg*. tid. 1W 

■\3 IV«nrirt-S Pt,l«^ E«:. _m.568 «U1 |{2J5*f™TSi 4ff5 


IfjJ.CbHpsar.ECTVbEU. 

IS i3Slffi=i=|gi 

FrMMid Ijj 8 

Growth lm_- BEK 



721. 

5BJ 

I li 

381 

74 W 

582* 


01-6066060. Rothschild & Lowndes MgmL (a) 


4.32 
230 
5 37 
4.94 
706 
591 
250 


SI.SunlhinLjne. Uta,EC4. 01-6264356 

NewCT. Errmpi (£1220 129.0! — J 3.89 

Prar. on Nov. 15. Next dealing Dec. 15L 


_« 
■21_.pb7.8 

Dec. 5 263 4 

Dec. 5 203.4 


ITUW03434 Vang, 


. _ i.GwUlE. 

(Acaen. Units) — _h 
Van’Hy Dec.5____r 


/fwDec.6. l< 



__ 8.40 


Tyndall Managers Lid.? 
10, Canynge Road, Bristol. 
Income Dec. 6, |^S n 


imam u 

(Amm. Unlts)„ 
GaplUlD 


I Dec. fa — 


Rowan Unit Trust MngL Ltd.? W 

01-6061066 J 
+4.01 


Acaim. UnrtS^. 1182.3 



Unwsd'Fd'^ :l5A2 582^ Z\l\ 250 City Gale Use, Finsbury Sq, EC2. 

NEL Trust Managers Ltd.? (a)Cg) $££$& &.s:“Iw# ' 

Milton Court, Dorking, Suing. 5911 High YkL Dec. 1„. 

“* sa^i as wbssfc 

^-h — i (Acaen. Units>._ 


Acaen. Unit^ L 


iitt. EarDec.1 


S3- 8 

m 

9B.4 


^Accum. Units) 


'FOf tax e*mpt hatch 

Scottish Egintahle Fnd. Mgn. Ltd.? 

28 St Andrews Sn EdHiteegh 031-5569101 

vu— .IBS— Bt... fflinJ IS 

an DfUng day Wedomay. 

sis Sebag Unit TsL Managers Ltd.? (a) 

, 5 “ PO Bex SIX, BcMbrjr. H*.. E.C.4. 01-2365000 

Nehtar 'High li*___[495 5211-71 fcQ2 [22-1 ^ -H 2^ SH»B Capital Fd [35.1 36.7] [ 4.44 

Norwich Union. Instmca Braup (b) (Acaen. Umi* J9B.4 19351 -4 453 WowraBl-lMJ »« - J 838 

P.O.Box 4 , Norwkh,NRl3NG. 060322200 Royal TsL Can. Fd. Mgn. Ltd. f““7*Tff~^ v 4 75; 

Group TsLF 7 . ^ .. f3 68.9 3885} +3 2| SIB ■ 54. Jermyn SMH.S.W.1. 01-629KK! “iafSte ** OM 5 < «S3 ^ BffiSS**"- 

Pearl Trast Managers Ltd. (a)(g )lz> fe M — ?jg u^G^tS ~ d 450 ~ 

,03^064433 252, High Hotbonv WC1V7EB. .. . .01-4058441 Stewart Unit Tst. Managers Ltd. <a) 


WA 


8.b7 
4.79 
4 79 
8.00 
8.M 
530 
510 
12.93 
12.93 


Inc. Dec. 6 -__- Dj67.0 

Scat- Cap- Dec. 6 MOO 

(Acaim. Units). 1169.6 

Lendea WaH Grasp 


Pearl G rowth Fd. 
Accrnn Units 
Pearl I no. 


8.75 Pearl Unit Tst._ 
3.04 . (Accton. Unto)- 



(ag) GitmSilil TsL-_4SS.9. V.. ^'+05| 4J3 


Pelican Units Admin. Ltd- tgHx) 

81. Fotmtahr St, Manchester 061 -23b 5605 

Pelican Units .«7.7 94^+051 4.78 

Perpetual Unit Trast MngmL? (a) 

48, UartSL. Henley on Thames 049126868 

p-petualGp.Gth 1432 46.81 +6.4| 3.97 

Piccadilly Unit Trast (aKb) 


. _ Pros S Nov. 30. Nett IBliflg DCS. 15. 

4.77 

4-jZ Sava & Prosper Group 

q.TO 4, Groat St Helens, London EC3P SEP 

M Bsar<ss«#rt.®Sixn. 

Save & Prosper Securities Ltd.? 

International Funds , 

35-3+M 


Extra Inc. S rowtfl- 

Da. Acaen. .^ra - 


45, Charlotte So, Etdriurgh. 
tStneart American Fund 


Finwael Pr*rty — 
031-2263271 Do. Amen.. 



High Inc- Priority — [I 

MeraattmaL l 

Special Sits V 


027232241 


TS8 Unit Trusts (y) 

4.D5 21, QMiy Wjf, Andoncr, Hants; 


405 


Capital.. 


Ss’iaSSfE^' 1 ® - 

i&mdftjfi- Ov&eafcjjtitf iaMeHgJ* s...‘ -v. ux Fwids 


asMSfe 


Antony SIMs Unit Trust 

rodencV ’s Place, OM Jewry, 


, r FaIU 
k tSTEROAf 


R0B*ftWiE7.:Ix01-5M[SSM: 

-■'UitoftAmericdi^JtLS-: ''3Aitel+lUt . L3i . j^gSrth 

Incotne^taMs' — j 


Bc^ 





LhS 


Jteunu^*. ^.^1745 Tt6| .+o^ 

ftariop Brathm 1 4Gai f JJd-? ; . ■' 

timnMSt, EC3L - ; j - :-m-5BB2B3D 

.. 




3 t F..« 

01-588 4111 

Eitra Income P97 

Small Co’s Fd, fl0.4 

Capital Fund 43.9 

Im. Eras. & Assets ~ 45 J 

Private Fund. 367 

Acamvtr. Fund.._.„.{663 


R8HD. 


7.90 

1» 


’ s ?aa=ffl- 


Far I 


J2JI-0.il 


40 +0^ 


39 9j 4.Q.1, 


. J.5 -02J 
683* +03 
29J +04 
24l{ +0.lj 


10 80 
5J0 
4.90 
560 


Univ. Growth -|69.4 

inmwn IncotM Pmt 
Mfgn-Tiew 

Wsh Income Funds ... _ 

Hlqh Return I69J 

Income ■ |43 J 

U.K. Funds 

UK Equity 1455 


74.6] +061 
5071+03 


aia 


48.91+03 


DraOng ffott. A Frl. KIM. 

Son Affiance Fond Mngt. Ltd. 
SunAIKanceHse., Horsham. 040364141 

5*M^-=KF m*d is 

844 Target Tst. Mngrs. Ltd.? (a) (g) 

31. Gresham SL, EC2. Deafings: 02% 5941 


189 

7.45 


(bJTSB General 

«.ri) Do. Actum.. 

(b) TSB Income. 

(b) Do. Acaim 

i SB Scottish— 
(b) Do. Acaen., 


Dealings to, 0264 63432-3 



Ulster Bank? (a) 


3211 

130 

320 


Overseas Fcuebte) 

Europe --.877 

._. 38.2 
695 


5i8 SKs~ 

i on U.S — 


Target CornnodKy ...134 3 

Target Financial [62.0 

« v, TewtEaiHv... 


s- 

i.T- 


American Fund — . n — [222 
Practical Invest Co. Lid.? (y)(e) 

44. Bloomsbury S^WCIASRA 01-6238893 

Practical Dec. 6 10506 159.H — J 4.47 

Accum. Units __ZZ1|2U2 So.fl — 1 4.47 


Sector Fundi 
Commodity — 
Energy... 


F Irene lal Son.. 170-2 

Hkfa-Bbmnim Fonts 

Select Internal .| 

Select I name 


fe 5 


Cabot Am. 

N; Aarer, Dec 
Sisdter Cos-Mi 



Rett wk day Decatricr 

-hb Smuid liffit TsL HMnJf .Ca) 

9, BHwpflMe. Ed Qja»«» 45 Bte* St, EC2P 2LX' V-‘ > V ; 01-6Z8 8011 


>■ 








»i»3er- 

Dnlar Trust. 

iltJ^YfedTan 
;MeH? Ca)(g) 

35, Chridopber Street, EX2.; 
.loW.lm. Fond. — -—188.9 , : 7 

Kay FmA Mangers LtdL^aB^) - 
2S^6eilcSL,EC2V8JE. 


ICES 


itrtu'.S :r izjrs 




.Kblmeut Hamm -Halt MM«en? 

20, Fta&rtfi SLEEKS. ’ --fcflT-6238000 


.... _ . .._ ... 1« 

The tottafi'iad ^Dctr ttd? (a)H 
Re*flpM+4iivr««d&3^ 


Drit: 

Rvwxr Co. Lt£? 



iS^SSliu jr SV% -J -L55 

Traskl M^ngemeat UdL? 

EC2N 1HP. 01-5882000 

“ "Hrd 

Sec* -tat? (a)(c> 

London ECAfUBY. '01-2365281 

, « 
f 4L3I 


FumlSSH 
Rurtel- 

and warrant -I 




ind * ; Gw»tra! Tyndall Fund? 




s *■■ 


!»V 

A'’’ 


12* * 
;k:« m J -". 
--E ■« r?s '*■ ••' 

-r.s s - 

■is 2 ? r: : 



mm d?' Decanter 
«7-t*«lite JWtaintatraHim Ltd. 
^DnkeSL, London WZM6JP. 


027232241 

l:d-^ 


^;HSrat_pSmiffihvHw<= /T.^bwl 


Si 5^ 

'• :s 


-t;: i > 


rd •?•};.• 


. ■ I^;(^bb*s)(1IpbL UtLV 
>inn mitHnvt«» M Fra*nRD.-T‘ > 




Bephlve Lite Asitff. Co. Ltd.? 
71, Lombartl SL, EC3. 

[rBSc. Horse Dec 1 — 1| 


Lloyd's Ufa Unit TsL Mngrs. Ltd. l 

aSSSSf ."saf* 7 ™ _ J 6 4$ 


<1 

% 

i.-- 


3 c- 
A** 
?-« 


-3 . 2 »** 5» 
:sf3? ^2 ? 

: *A 51 


6bdW 'M ■ .1 . A?«rie» 








r -S >' 


•7 v. - 





«lNKhwo - -v - 

1 >-joi 

SarSST^-teTtst Fdi J'- ,*>''■ 


;&%£k===± 

PWp&yAcCWTL 1 


; ^ : ^Su3SZ3:i 

t hie fte fa Trikt *a^mra‘.tod? ta)Cg7 V ; 

^1-2832632 


’ll, NeyrSL, EC2fi^4^ 

WlwfHiw 


- Sfrpl? 



. Srowtbfw^i^WJI) ''V-WT-r-J ; 


<:* 


.ii* 4 
•is 5 


■v 


X^napdnw'^nffi.MBMam::- (Accpm. Unto)™,. 

3*PomStiW£taiidBB5Ma7(9eJ. i ''vtflfaaSKIH. 

..^i^ ttS 

.CraigtriMMrt tfaife Tst. Mprs-Tid.. . ' AarinLC 

•9(10 nriter.Liri»,'^C?V l 6HH v "J 1.01^06 4SC jAM^ 


^ _ - 


-y ;• 

v -v 1 

:s> j?: • 




+(121.1000 

cnr>- Maratlte Management Ltd. 
*^ ,/W '>Gtewf+W.Sievw69e. - eo „ oa3 8 56 4 1 ” 
Grawtti Units— —.-~.156-I • ■ -59.01 1 4J3, 




CrascentUnirTst^ ^Mn^mteKj) 

4,iieWleCt^:BWWtfi3.^ Co. Uri. 

’ ^ ^^ ^arwSL, EC2V7AU. u ^0I+ ^ & 


01-6068099] 


34485 


MtrctdT' Fund .Managers Lid. 


.30; GnsbaroSL; EC2P2E8. 


BscfritonteT , Un rt^ftoid 
OisIncNov, 24 .,—„. J1692 lBUSH— ..! *3^ tSrcGen.Dec.6i_t 

E. F7Wtcfa«ster r«"M' Vtofi-UL . : -Sg£ir U Bi 

8W Jewry. 02,. .>«**?£■ ® luTlffit * 


01-6004555 

.— j .cr 


-- l: 


•s 


- TWi-. l .9-“ JterivUti.Nb^^.jaH.0 

Emswi iilhidter Tst^ BsA^RC^Ghsmp:.' 
-2D,Aritegtoi j ^nJSnFSS «■> 

' -v‘-".iee : JW^UATiirrtita|is- >_ :i ' -y.^ cwmodHy&S«; — 

Egt*,.*'Uw tln. Tfl k? WlhKcj- 

AnterdawRiVW^yft*^ . ‘ I#* 3 ®# feS 
T'qoity&tiv- 1 l^d6B5 ' KAmrt. 


Jw-Foby :;iIWt : ^TrtlUftwtlid.^. 




^ J IHSURANCE BASE RATES 

I t •- — 

'• IVanbttigh 

J ■* 'T -a r i^ra iis V shPwn ugdrr’tnBWac* Wf PrJ^ty BWd Table 


-ii?4» 


.10.75% . 


^ - ' "->•** 



I 



4J3 Waring Street. BeHaS- 
450 (blUlsier Growth (385 


0232 35231 
<13f+0J[ 5.60 


Unit Trust Account & Mgmt. lid. 

King Wimiam St- EC4R9AR 01-6234951 

Friars H». Fund 139.7 

WlelerGrtli. Fnd 29.7 

Do. Actum 134.9 


Wirier Growth Fund 
King William SL EC4R OAR 


Income Units. 


Acaim. Units. 


Hi H=l 


01-6234951] 

4.86 
406 


INSURANCE AND PROPERTY BONDS 




OFFSHORE AND 
OVERSEAS 


Alexander Fund 

37. rue None-fLune. Lmernbemg- ■ 

A'eunder Fund | SUS6 91' I 

Net asset value Ok. 5. 




Keyser Ullmann Ltd. 
25. Ullk Sbeti, EC2V BjF 


01-6067070 


Alkn Harvey_& Ross inv. Mgt^CJ.^.^ 


Fonwle. . FrJ 434 1573 .:.... 2 90 -‘ 

Eonosrlex-- F-UBU 12465 . — 

Om Assets Can -- K138M 13B 69^+304 — 


■>>'F 


1. CtBflBO Cross. St Holier, C 
AHRGdt Eife.Fd (U0.19 _ 1D20(+0031 1L98 


Arbuthnot Securities (C.l.) Limited 


King & Shaxson Mgrs. 

1 Char log Cray, Si Melwr Jnwy. 
Vallfv Hie.. St. IM'r Port. GrfPi. 

3 Thomas Street. DougLiS i O.U. 


P.0. BOx 284. SL Hdier, Jerw f . 0534 72177 ** E UI " 


4 4.16 


Cap. Tst. I Jersey l... JJlfe.fi ' TSO.fll 
Netl Dealltn Sate Dec. 19 

Gov't Secs. T jl 11® Ifla ..._1 1108 

Next dfsluq dote DfCrmarr 1L 
Easi*tatlJa.(Cl.„Hf« xS]"“-l] 3.M 
Next dealing flee December 26. 


GiltTnrX il.o.1 

GHt Fnd. Guemwy]915 
Inti. Gb*L S*m. TsL 


Australian Selection Fumt HV 


Kleimvort Benson Limited 

20. FenchuixH SL. EC3. 


jbHw Ospouiraties. QO IrWt Ynuitg A Otitiaralte, EurinvesL Lux. F. 


127, Item Sl, Sydney 

U5SlSlBrw 1 SU5148 i I ^ 

Net asset mine Nwrw 24. 


Guernsey Ina. 


Do. Acaen. 

KB Far East Fd.. 
KBIntt. Fund*— 

KB Japan Fund- 

KB, U.S. Gwth, Fd. -i 


Signet Bermuda - 
Internll. Bd. Fd 


Bank fo America International SJL 
35 Boulevard Royal; Luxembourg GJ). 

Wltflovestlnowne— JJOillJri 11533 ..-J “J7 
Prices -at Nov. 30. Nut tufa, day Dec. 6. 

Banqne Brakelles Lambert 
Rue De U Rcgencr B 1000 Bruoeb 
Renta Fund LF_ — (1.906 1,965) -« 7.91 

Barclays Unicorn Int (Ch. Is.} Ltd 

I. ClBring Cross, Sl Hener. j a . 0534 73741 Inrtbl OHer Closes 

Overseas Income 146.9 443 1 1220 

UnKMIar Trust KUS1! CJ 1 139 j 1:70 

Untiond Trust SI5IIC3 103JB 


165.7 S,U 69.9rf 

^WtS 7 ^ 

SUSU.72 
5US37. 


01-6238000 


WS12-19 


5US4. 


4S 

435 

156 

L% 

0.66 

0.78 

185 


Lloyds Bk. (C.l.) U/T Mgrs. 

P.D. Boi 195, SLHeiiier. Jersey. 0534 27501 
Upyds Tu.O’seas.— | 52.8 5ifi| .._.J L43 

Next dealing date December ,15. 

Ltoy* Trust GUI — ^ p £1000 [ .—4 12.90 


■< 


December 


A50 


Bare bye Unicom Int (t.o.Man) 


Lloyds Bank International Genera 
P.0. Boi 438. 1211 Geneve 11 tSwitzerland) 
Lloyds int. Growth — .[SF11ZM 334001 .....I 1.70 
Unyds Ire. income .,_|SrZ&>30 29BJfl| | 5.40 


1. Thomas SL, Douglas, l.o.H. 


Unicom Ann. Ext 

Do. AusL Mia 


Da. Grtr. Pacific i 


Do. i ml. Income 

Do. Lot Min 1st 

Do, Man* MuUal 



1.B0 


8.70 

9J0 

130 


Bishopsgate Commodity Ser. Ltd. 
P.0. Box 4% Douglas, I o.M. 

ARM AC *Nw. 6 [5US3L28 3! 

AN RHO"* Nov. 6 — C1J75 ’3 

0UNT”No».6— H392 ZL 

OriglaaJly issued at *510 and 

Bridge Management Ltd. 

P.O. Box 508, Grand Cayman. Cayman Is. 
NTashl Deal ) „ Y17,B5B | J 


G.P.O. Bat 590, Honilfong 
“ i__Jj5usau3 


Nippon Fd. Dec-6 __T5US&3 ZL2% J 

Britannia TsL Mngmt^ (Cl) Ltd. 
130, Bath SL, Sl. Heller, Jersy. 

SteriiM Dene mi 
Growtnlnwst — 


lntrt.Fd.__ 
Ene 


CT.-STSL ._ 

High Jm.Stlg.TsL 


rgyTst. ._ 
SLStg 


■led Fdi. 

-367 

.78.6 


117.2 
£ 2.02 
£0 93 


153:::: 


1267 
£233 .... 
0.96a 


0624-4056 Management International Ltd. 

+1 81 1 70 Bank of Bermuda Building. Bermuda 

■“ Cantertuiry Dec. 1 (SUS320 | | — 

M & G Group 

Throe Quays, Tower Hill EC5R6BQ. 01-626 4588 

Atlantic Dec. 5 5UU.E2 3-D4I .— .J — 

AuslEx 0«.6 SUM 36 2.491 ....J — 

0624-239U " Sft” iSJ^lJ JIBS 

(Accun Units} [1893 203.9) +1^ J335 

Samuel Montagu Ldn- Agents + 

13d. Old Broad Sl, E.C.2. 01-588 6464 J.V 

ApoHoFd. Dec. 6 ISF0420 4fl.Q0l-.D35l 3.90 L-i 

Japfest Nov. 30 HX51329 14^) .Jj 009 

ITT Group Nov. 29 [suSlUt 31381.74 2J2 ! 

327 Jersey Mor. 29-.J3.ff9 jjW-OJJftl 0.75 >9 

117 JsyO's Nov22_-.[£10J)7 10J9| - <S 

Murray, Johnstone (Inv. Adviser) 

0534 7357 . Ih3, Hope Sl. Glasgow, C2. D41-2215521 

^ ’Hope Sl. Fd 1 SUS3951 

■Murray Fund I 5US1690 

NAV Ni 


a78 


2.00 

im 

130 


November 30. 


1=1 = 


12J0 


L«-| 


*27 


Ui Dollar Dtitomimtad Fdc. 

Uravy. STsI |SU553i: 

InLHJgh UilTo pusfl.94 

Value Dec. L Next dealing Dec. 1L 
Brown Shipley TsL Co. (Jersey) Ltd. 
P.O. Box 583. Sl. Keller. Jersey. 0534 74777 

Stbtg.Bnd.Fd.(h) J00.03 10JMJ ..-..| 12.00 

Butterfield Management Co. Ltd. 

P.O. Box. 195, HamllLon. Bermuda 

Buttress Egulty JSU52J6" IM [ 1.75 

Buttress Income (SIISLW 2.051 J_ 7,87 

prices at Nov. 6. Next sub. day Nor. 17. 

For Capdirex BA see under Keyser U liman 
Ltd. 


Negit S.A. 

10a Boulevard Royal. Luxembourg 
NAV Nov. 24 ( JU512J9 


I 4 - 


Ne^it Ltd. 


Capital International SJL 

[37 rue Notre- Da me, Luxembourg 

(Capital InL Fund 1 SU317i8 | — 4 - 

f" Centra/ Assets Mngt. LW see under gJfiBSSftf— 
Keyser Ullman Ltd. carrtiionC.G.i.Bd.-.! 


Bank oi Bermuda Bldgs. HantHno, Bnvda. 

NAV Nov.17 |£6.59 — [ 4 — 

Phoenix International 

PO Bo< 77. St. Peter Port, Guernsey 

Inter- Dollar Fund IS2J6 2J5|+0O5| — 

Quest Fond Mngmnt (Jersey) Ltd. 

PQ Bor 194. Sl Heller. Jersey. 0534 27441 
Quest S tlo. F >d. I m.... . |B8_2 93.4| +OJI 1200 

Quest Inti. Secs. J0.9L 0.4K^-MBr 100 

Quest Inti. Bd _..WSffJ97 0.950hMffl 900 

Price at Dea 0. Next dealing Dec 13. 

Richmond Ufa Ass- Ltd. 

48, Athol Street, Douglas, l.O.M. 0624 23914 


tx'The Silver Trust — 
Riertmond Gd.Bd. 

Do. Platinum Bd 


Abbey Life Assurance Co. Ltd. 


Crown Life Assurance Co. Ltd.' 


Equity Fund 


Equity Act 


Property Fi 
Property * 


Selective Fund 



Convertible Fund., 
VMooey FimdH 


Woney Fund — 

VProp. rd. Ser. 4 

VMan.Fd.Ser.4 

♦Equity Fd. Ser. 4 


VConv. Fd. Ser. 4 
TMoneyFd 


tweyFd.Scr.4 


at Nov. 28. vaidHao normally Tics. 


Masg'd Fund Aca — 
Clang'd Fd. HKfa . — ] 
Mang'd Fd. InlL 
Equity fd. Aca. 

Equity Fd. I nan. , 

Equity Fd. Imt— 

Property Fd. Aec. — 
Property Fd. Inert — ; 

Property Fd. I nit ; 

Irv/TsL Fd. Acc 

inv. TsL rtf. Iran.— 

Inv.TsL Fd. Inil 

Fixed Im. Fd. Acc — 
Fxd. InL Fd. Inan.— 
Inter 1. Fd-Atx.. 
Intern. Fd. Inan 


1053 

103^ 

1SB2 

100.7 

48.9 

953 

963 


963 


Albany Life Assararice Co. Ltd. MonevFd Arc 

31, Old Burlington St, Wi ■ 01-437 5962 Mow^^Fd! I ncm.~I 

satBi 



. Inv. Aec... 
Pen.FiLAccu 

I.PwlAcc — 

Gtd.Mon.Pn Acc - 

Inli.Mri.PnFdAcc. 

Prop .Pen/ , 

srpterioU’mAce. 


1, 


DisL Fd. (iron 

Crown Bn. Inv.'A’— 




Lloyds Lite Assurance 

1-3 SL Paul's Cludiydrd, EC4. 01-2489111 ^""U'fHse WflUng s GU3 1XW &4 662 SOB a Gffftoa SL, EC2A 4MX 

- MIIL GL Nov. 30 I 138008 

Op3‘A’Pr. Nov. 30 1143.8 15L< 

0p3*A'EqL Nov JO 
Qp-5‘A'Hy. Nov 30. 

Oo 3‘ A ’ tan. Nov JO 
OpLSAMStJtevJIO 

London Indemnify & GnL Ins. Co. 


546 

103.4 

Soa7 

1016 


li s. 

ua.o 

98.0 


13031+0.4, — 

155.3 +0.4 B.61 

m3 + 0 4 — 
M +2J — 

10O +2.7 662 

304^ +it ~ 
mill 

lots noo 
iraa+ftA) — 

me +0.-J 
IB&i +0.4 

5M:d ~ 
1163 

115.3 


tk 


100., 

109.3+03 


P430 

.0353 

.0553 


dl" 

+0.1 6.97 


18-20, The Forbury, Reading 

« BSBigSS^r;^ 

Fixed Interest |343 

The London A 
wmsbde Part, Exeter. 
Growth Fund —I 
K. Exempt Fd — I 


Rqyal Insurance Group 
New Hall Place, Liverpool. 051-227 4422 

Royal Shield Fd 11467 1552J „-..] — 

Save & Prosper Group? 

4, GLSt-Heleo’s, Lfldn- EC3P3EP. 01-5540899 

BaL Im. Fd Q32J 13981 +0.4( — 

Property Fd* IJ6L2 mM 



bis. Tk. FdJ 

'Fund— 

Imr. Trust Fund 

Property Fend- 


41.3+03 - 


i4'ig.+3^ 
22SLS|+2jj 


AMEV Life Aswrance LttL? 
AhMi Nse^Alma Rdt, Relgtto. 

giacitar* 

EVMooey Fd 107.4 

JEVEauttyFd H4.4 

AMEV Rxm InL WJ 

AMEV tan. Fd..__ JJ.6^ 

AMEV Mod. Pen.Fl lAb.6 
AMEV Mgtf.PeoTB* m3 
FlexqHan -' ■ ...-— 11 0 0 .7 
AMEV/Fiamlpetna 



Crusader. Insurance Co. Ltd. , 

Vtarta House, Tower M, EC3. 01-6268031 Gtd-DepptFl 

Gth.Prop.OeaS [74.4 842( _ T J — M * 6 BTOtp? 

Eagler Star Insar/MMbnd Assur. 

IfThraadneetfteSL, EC2. 01-5881212 

Eaglellffid, Units 155-2 573( -OJJ 5.97 

Equity & Law Lite Asa. Sue. IM ? 

Amenham Road, High Wycnoilie 049433377 

, FryiityCH . 124j 

HSKiicrMi S: 

Gtd. Deposit Fd [1013 306.1 

‘ xfFd... 



B3.g 

22 Lz 


ta^Fd.1 


Dram. Peas .Fd.t [102.6 

-Prices SDecemter 5. 
IWeeHy dMTrogs. 

Schroder life Group? 
Enterprise Heuse, Portsmouth. 


202.3+138 — 
24 9 J 


icta +CO[ — 

ioai+03 — 


m « o nrunpT money h ^ 

Three Qmy% Tower Hill, EC3R68Q. 016264588. 


EaYIeMMAL* 

Faiufly79-ao—| 

Fa rallySijSH 

Gilt Bora***^ 


Mixed Fd. [314.9 120.9! +i 

General PortfoHo Life Ins. C. Ltd.? 

60 Bartholomew Cl, Written Cross. W3G0.971 
Portfolio Fund — —[1432 
Portfolio Managed — M23 44., 

PWto.Fxd.lnL- — 14?3 50J 

Gresham life Ass. Soc. Ltd. ___ 

2 Prince ofWates Rd. B-moute. C2027S7655 Egulty Pens. 

P ■ Pbl. C..-I 1001' 



+1J - 


Joirt.SKS.4-. 
BS.PenCap.B.. 
B_S- Pen-AcaB... 
Mngd- Pen- Cap. B 


Magd.PeaAeaB 
F.Tnl 


Managed — 

Per*. Pension’** Ea93 

Property Bd.*f_L_J16A3 


» *Dea 6. »*0et 7. ***0a. A 
Me rchant Investors Assurance? 


. . InL Pen. Cap. B 
F. Int. Pen. Aca B 
Money Pea. Cap. B— 
Monty Pm. Aca B_ 
Prop. Pea- Cap. B 
Prop. Pea. Aca B. 



070527733 


CUve Investments (Jersey) Ltd. 

P.O. Box 320, Sl Hener, Jenny 0534 37361 

Ibive Glh Fd. (C.i J [9.60 961). — | 11.45 

dire Gilt Fd. (Jsy.l -.[9-57 9 ._1| 33-48 

Com lull Ins. (Guernsey) Lid. 

P.O. Bax 157, SL Peter Port. Guernsey \ 
Irani. Man. Fd |1635 ITSDf J — 

DWS Deutsche Ges. F. Wertpapferep 
Gruneburoweg 233, 6000 Fraoicfurt 
investa 10073)8 39.70|-fll0| — 

Delta Group 

P.O, Box 3012, Nassau, Bahamas 

Delta lnv.Nw.30__pUSl.6J X.71| 1 — 

(Dentscher I nvestment-T ro st 
Posted] 2685 Blebeigasse 6-10 6000 Frankfurt 

lD "— m 


Sterflap-denawbated Fmvh 


Recovery Fd. Bd.*^_|693 
Prices oa *Oea 6. " 


_ lean Hsa, 233 High SL, Croydon. 


— Property 


® rP " S 1 


_n — G.L cash Fund 


■ For Aifew Uf« Assurance set 
PravM t BdB Capitol Lite Assoranso 


G J_ Equity Fund. 
Gilt Fund.,... 


qq.l 1 

Ills 


ni»2 

102J 



— Sw 


Money Market 
MaaeyMkLPens.. 
DepaML— 


Deposit Pea 
Managed h 


Manned Peas,. 
l«L_Eiurit^™ 


DfrcMys Lite Assur. Co. Ltd. 


DopT 5 ' 


K2 RrasSortf Rd, E7. 


I rtL Managed. 
Do. Peas. 


16L7 

173.9 

143.9 


01-6869171. inv. 

Inv. 


Scottish WMom’ Group 
P.O. Bax 902.Ediabtegh EH165BU. 
031-655 6000 


InL Rerueafands 

Dreyfus In t e r cont b iental Inv. Fd. 

P.O. Box N37I2, Nassau, Babunas. 

I NAV Dea 5 ffiBliC ■ l&£3f+DL10f — 

Entsoa & Dudley Tst. MgL Jrsy. Ltd. _ 

P.O. Box 73, SL Hefiea Jersey. 053420591 SLFbitf*^ — 

E.D.IX.T. P242 1323+06J 3.00 


187.8 

Gia 


„ s 

145.6 

108.9 

440 


s& 


G.U Ppty. Fund 

Growth & Sue. Life Ass. Sue. Ltd.? 

Weir BaaS, Bray-on-Thame* Berio. 0628-34284 

Flexible Finance ) £30y> | j — . 

NEL Pensfous Ltd. 

&. iS. Super Fd I £7,971 | — _] — MIKon Cowl Doridog Snrty. 

Guardian Royal Exchange Kett&s^ ' 

Royal Exchange, EXJ. 01-2837307 Nelex Money C«p, 

Hambro Lite Assurance Limited? Neiex GroincAcc — 


.Ply .Series 1 


Invest Cash Dea 
Ex UL Acc. N0Vj29_ 
Ex Utlna Nov. 29 
Mjtg.PeiLNav.30 



Solar Life Assurance Limited 
10/12, Ely Place, London, EC1N6TT. COgl2 2905 


The EngBsh Association 

[4 Fore Street, EC2 

feWfS 1L, _ 

•Next deafaq Dec. 13. **Next dealing Dea 29. 

EarohiMid Holdings N.V. 

HaraWdcade 24, WlHemstad, Curacao 


London Agents: bxttL 15 CMstopher SL, EC 2. 
[TeL 01-247 7243. Telex: 88144067. 


Solar Managed S 
Solar Property S. 
Solar Equity S-. 
Solar Fad. InL S 
Solar CasliS 
Solar IntLS 


+0-4[ — 


132J3 


Canada Lite Assurance Co. 

26 High SL IteleraBv, HertL 

ISgmirl & 7 3 


Cannon Assurance Ltd.? 

&0bUtdB Wy, Wwi*hT HA90NB. 


0361 

-SdP&y m.i 



■ P rP^A M n 

^ m * A \sS^rn uecunber. 



7 Ofd Park Lane, Londoq, Wl 
Fined lie. Dep._ “ 

Property—.. 

Managed Cap- 
Managed Acc — 

Overseas „— — . 

Gdt Edged 

. — - — . AlWrldl Act .. 
01-6231288. pfn.F.l-Deo.Cap 

1 — Pra.F.l.DepJl£a 

Pen. Prop. Cap— 

Pen. Prop, to.- 

Pen. Alan. Cap- 
P Jar 51122 Pm. Man. Acc ... 

Pen.GiHEtfg.Cra. 

Pen. Gilt E tig. Acc — 

Pen. B.S. Cap. _ 

Pen. BJ. Acc — 

Pen. D.A.F. Can.. 
03-9028876 Pen. DA.F. Ae& 

[+0JH 


01-4990031 NelMxd.Fd.Cap.— P 


IrU 




SOiar Managed 
5911 Sog Proper^ P 


+0.3J 

+oi] 


Net Mad. Fd . 

Nett SrtL dqr December 
NPI Pens oas Manaoement Lid. 

48GracechureUSLEC3P3HH. m-6234200 Son Altem House, Honham. 

“™ w aS«n. B Sd«i?2.--i- J “ aSfez; 

rFund 


New Zealand Ins. Co. (UK) Ltd.? 

Maitland House, Southend SSI 2JS 070262955 


Sub Affiance Fund U&ngmt. Ltd. 

Sun AlHance Home, Honham. 0403 64 Ml 

Sun Affiance Linked Life Ins. lid. 

040364141 
337-31+0.1] — 

Mt 


NAV per share Dea 1 SUS20.60. 

IF. & C. Mgmt. Ltd. Inv. Advisers 

u-2 Laurence Pomdney Hffi, EC4R0BA 

Kent Fd. Nov. 29 | JUS522 | J 

[Fide Sty MgmL & Res. (Bda.) Ltd. 
P.O. Box 670, HandUon, Bermuda 

FkfeUtyAm. Ass [ SUS23.B4 | 

Fldtllty Int. Fund | 5US2O.07 [ 

[Fidelity Pac. Fd | SusS.83 

FMeBtyWrMFd 1 SUS1433 I+Q07 

Fidelity MgmL Research (Jersey) Ltd. 


Properly 

Intemafh 


I FcL. 


■Kiwi key Inv. Wan 
Small Co’s Fd_ r 

Extra inc.Dist.Fd — pDCLZ 
iFd.. 


American Fd 

Far East Fd- 


— “I Z GDt Edged Fd. 



- BSffifcd Sfc 


+0J 

^5 =. 
+02 — 


| Waterloo Hs 
27561 

[Series A timid.) L 

ISeries B (Pacific) — E 

BerietD (A m Jti s . ) — g— — - , — , — _ . , u 

|p|— i vttlM CnnnlOffiN TfBStS SBIWy A5SUWFK8 IIHGfTMlK)fl9l 

JlO-12, SL.CHroe*sSt, Dougla^Le.M. 0624 25QI5 WL Box 32b, Hamilton 5, Bermu* 

— ~ - — 3£Q Managed Fond pU2JK 2J35| 1 — 


FsL VKoCix 
'PSLVkWJ 


Sub Lite of Canute (UK) Ltd. 

2, 3, 4, Cockspur SL, 5W1Y 5BH. 01-9305400 

Maple UF. Grth. 1 2093 | +3. 1 

Maple Lf. Mangd. — | 1353 { 


Hearts of Oak Benefit Society Rnwl 

15-17, Tavutnck Place, WC1H9SM 01-387 5D20 EmSyFunaT. 

Hearts of Oak — — ..(37.8 39. 9f ■ — -J — Property Fund. 

Fixed Im. Fund 


Con. Deposit Fd. 

Norwich Union Insurance Group? 
PO Box 4, Norwldi NR1 3NG. 


«*^9t 


PerssiL Pn.1 


Cm. Tst. I 

1.0p.Tst — T57-0 
iFlenring Japan Fund SA. 

(37, rue Ntxre- Dame, Luxembourg 

Fleming Dea 5 1. SUS6226 

[Free World Fund Ltd. 
Butterfield Bldg-, Hamlhan, Bermuda. 
[NAV Nov. 30 1 SUS1B936 


+L« - 


Hffi Samuel Lite Assur. LttL? Deposrt FW -_?■ 

NLATwr^ Aadtacombe Rd 4 Cray. 01-6864355 Nor. Unit. Nov.l5_| 

” Pearl Assurance (IWt Funds) Ltd. 



Target Lite Assurance Co. Ltd. 

«tt22» jgj h««, "SU?ffl6 l59o ; 


E.T. Management Ltd. 

Park Use, 16 Finsbury CPnn, London EC2 
Tel: 01-6S8 8131. TLX 086100 


Man. Fund, Inc OT.9, 

Man. Fond Acc 1211 

Prop. Fd. Inc 117. B 

— Prop. Fd. Acc 15X1 

Prop. Fd. Inv [lSg.O 


4 Property UnKs 0626 

Property Series A — [105.8 


Managed Units. 
Managed Series A 
Managed Series C. 
Money Units _ 


m 9 


AJcrner Series A, , 

Fixed InL Ser. A—. 






Capital life Assura n ce? 
Cqnfaton House, Chapel Ash WHm. 
" JrtrosLFd.. 


Pna Managed Acc™. 153.7 
Pns. G'leei Cap. — 107.7 

Pns.G’ieed. Acc U56 

Pegs. Equity Cap — — 1D3S- 

BSfflt 

Prc.FxriJnLAcc 97J 

Pens. Prop. Cap — _ 963 
Pena Prra. Aec |9LB 



252. High Hofbora. WC1V 7EBL 
Managed Fund. 

Equity Fund — 

Property Dtst. 

Property Accum— 

Phoenix Assurance Co. Ltd. 
4-5 King Wd Kara SL, EC4P4HR. 


01-4058441 


FlxMim.Ftf.lnc — 10 

Dep-Ftf. Inc 97.4 

Ret. Plan Ac. Pen— 753 

aasas:-^ 

Man.PeaFd.Cao- — U7- 
fillt Pen-Fd -ACC Q33. 


_■ Wealth Ass. — — JH4.6 120L9 j — Gfflr.ReaFiAca 

- = tseasss: 


cm PeaFd. Cap 

Prra-PW-FiLAcc. [162.4 

0X6269876 Prop.Prafd.Cap hfcO.9 

_ 973 

96.6 

97A 

DJLPeaRLCra 196.6 



London Agents for 
Ancnor ‘B^Unlt 


, nta BUSLEfl 

Anchor Gilt Edge_l)£9,43 


[Anchor InL Fd_— 


Prop. Eqitty & Life Ass. Co.? 

U9Crowfbrtf Street, W1K2A5. 01-4860857 Transiuteraotional Lite Ins. Co. Ltd. 

2 Bream Bldgc, EC4 INV. 01-4056497| 

WTnllp lowest. Fd. 


rlm.Ftfi — i - 


090228511 

l:d = 


CMrterhouse Magna Gp.? 
Hso, Brooel Centre, 


Imperial Lite Ass. Co. of Canada 
Imperial House, Goildford. 71255 

J 4 =i - 

Pornwro 


Property Growth Anar. Co. Ltd.? 

Lean Honsa Croydon CR91LU. 01-680 0606 
Fund. 


Managed Fund .m* 

Fixed InL 


«“ 

‘.Managed 

SSSffc 

iMagna Managed — - 



, M.71 


itf-Fd. 

641272 SeoxvCaaFd. 
Equity Fund — 


Cite' of Westminster Assur. Co. Ltd. 
Arratewf Horec. 6 Wbletmne Roxd. 


Irish .Life Assurance Co. Ltd. 

U, nrBhnry Square, EC2. 

assert-® 1 

Uasaoed Fund 

.Fd. Ser. II— , 


FwrilA) — 

rolftead 

Aorta Fund (A)— 
Abbey Nat. Fund -— 
Abbey Nat. Fd. tA)_ 

ISSSfStei 

iSSrSdiarrEr 


Mite.CRO SJ^t 
Proa Fund— -I 
gerfFund 


Exe« n4.Man. Fd. — f 
PrOp-Md. 1 


. Dec. 1— 


Utamnma— a. 

*flU?Ited^ ZZZ~‘ 


Act. 

Pern. Money Cap,. — 

Perform Uriu — - 



01-684 9664 Prop. Mod. GUl —J i 


PraTMd.Grte.Ser.il 
King & Shaxson Ltd. 
52. ComMl, EC3. 


01-6288253 Money Fund 
* 'loneyFund 


».71+D.71 500 

J - 

3.011 +01 ~ 

m = — 


«A1 

1 Fond-. 

GIR-edged Fumf -I 
Gm-BfiedFd.tAI—, 
a Retire Annuity——. 


V 


01-6235433 




All Wilier At UtsJ 

S BtherCap.— | 
LUB-- 
Fd.yu. 

Con*. Pens. Fit — — i 

Cnv. Pns. Caff. Utj 
Man. Pens. Fd, 


Langham Lite Assurance Co. tod. m«l Pe«. c»- w-l 

UMWa«F«,Kdoibrw*Dr v NW4 01 -SB 5211 ^StSS^rlS,'. 

LaagUnra ’A 1 Plan — [66.4 .69. 

Oi^teTFrFS 1 w 


Prop.Peos.Cra.UUf 

mohSA 


-~T) — Trident Life Assurance Co. Ltd.? 


AnudtUs Mi"' 

l - SC": 

DS ^ 





Renslade House, Gloucesier. 

.1123.9 


045236541 



Growth Cap [j 

Growth Acc. L 

Pens. Mngd. Cap— [ 
Pens. Mngd. Acc. „f 
Pens.GtdJ 


Pmi.GW.Oep Acc.. - 

»y..cai 


_ Pens. Ppty. Cap- 


Pens. Pty.Act 
TrdL Bond 


136.6 


J 1365 


"TritL 6.1. Bond..— , 
•Cash value 


971 

tor QOO pmuun. 





TymfaB Assurance/Peuslnns? 
I* Cranage Road, Bristol. 


027232241 


30 Uxbridge Road, W128PG. 


City of Wutnrimter Assw. Soc. Ltd. 

JrAjimoo 01-6W 96M - . 

tt»acidB , -. , a=f = 

Cummeirbi Union Group 
St. H*l«i\ 1, UndenhaS, EC3. 

Vt-AjuAc. D(a2-teJ SAg 


J6EU. 
Casta Initial 
DaAwym. 


Legal & General (Unit Assure Ltd. 

BSS^ 

4SBra rv j — Pension Fxo7«- 


“ ProvWertee Capital Life Ass. Co, Ltd. 


DoL'AMfld? Uts_ 


Equity Initial 

Do. Aram. — — 
Fixed idlialte— .. 

Do.Acanc.- 

I ML I nitial 

SSSlnifc. 

D«. Aeon. 


d = ■ 


Confederation tote Insurance Co. Exempt C«*luiL 

50, Chnnctry-Lono, WC2A IHE 014W20282 Qa Wm 


Lead & General (IMt Ptadass) "HC 



. P*n.__ 
Fixad IW-Pen.—i_- 
Equity Pension—-, 
|;PnpertyPemlixi 



•EwnM Eqty. Intt. — 

Dc. Accum. , 

Exempt Fixed InlL 
Db.Accuni. .. — , — . 
Exempt Mngd. frat.1 

Do_ Acaen. — Q3J.4 

ExanptPrnp. li«.-_-l®£ 
DaAratm.— . — R0L7 



Pension Fxd- ia =-.~ 

sasass=d®5 

FM.7irt.Caff. 

Fxd. lift./ 

Inbd.Cap 


IMnl.A cc — — 

SdFlCaff. 


Managed. 

Managed W. rifle. >te-| 
Property FtL Cap 

Proper? M- 




01-7499111 Bond 


_ Propertypet 7 

_ DrpoaHDee. 7_^_ — 
_ 3-Way Pn. Nov. 17 _ 


. tin*. Dea 7; 

MaPa3-WOeal_ 
Do. Equity Dea l 
Do.BtBnfDec.l_ 

Da Prop. Pea L. 





m 


Vutbragti Lite Assurance 

4143 Maddox SL, Ldn. WlR 9LA. 


H Z. Provincial Lite Assramn Co. Ltd. 



222 BhhopsgalaECL 
Prut. Managed Fi 



fuf.uaui nm#' 

TR Fund 

karris 3 

Prudential Pensions Usutad? 
HolboroBare,EClN2NH. 


01-2476533 Vambmuh Pensions Limited 

J — 41-43 bUodox SL, Ldu. W1R 9LA 

H 306' 



014994923 


Managed— ' - 

10U 

Rawfiwteresl 

98.9 

100.7 


1L ._ 

lO&i 


.Cunateed see 'In. Base Rales' table. 


“■ “^SfrfSiiW 

iFWL.£lw. i J5 — [JJ2 •“ Ltfe Assur. Co. of Peonsyfmua 


,J - 


Legal & General- .Prop. Fd. Mgrs. Ltd. 

U.Oueon V«4t0riaSt-, EC4N4TP. - 01-2489678 EquiL Fd. Nov- 15- , 
_ ‘ FxiinLNov.ls- — ] 

Prop. Fi Nov. 15--- 

Reliance Mutual 

Stoa. New BdftdSL, W+70HL . 0M9383® 2?.'“' K *J 

LACOP UraU, ^[77J X027I | — 


j- 

Rel. Prop. -I 2219 


014059222 Welfape Insurance Co. Ltd.? 

i __ Wimlade PaA, Exeter. 0392-52155 

IAS "li. — Moneymaker FA 1104.6 +0.fl J - 

'37[ .1 — • For otter faxb, (drase refer io The London 

Manchester Group. 

089222271 Windsor Ufe Assur. Co. Ltd. 

J I - Rwaf Albert H5e. ( sa»et sl, Wlrxhor 68144 


Lleydf Bfc Unit Tst Mogn. Ltd. 


Criant £ Comuterte Insunoce - 

12CL Regert SL, Lsmdon wlp 5FE.- 03-4397031 71. Ltmted 5L EO. 
C«Sngd:Fi .11230 .mfl ~.i . Exempt.. - 1983 


Rothschild Asset Management . 

m ^ 1M| SL SwIiMib L ane, Londm EC4. _ - 01-626 4356 KgSEffiglSSJ- 

01-6233288 N.C.Prop. 128.3}. .^.J — R»l Assn. Pens .1 C2i 

303.41 [ 7.81 Ntrt SA “v. OeeMaer *. Flex. Inv. Growth flflli 


699. Hnft 716 
i9.no 
44.D0- 
6J2. _ 

106 4 


1133 

JO’-* 

1555 

% 


1161 


1153 ) +orl - 


1743 

KHltt 


-*0.4 


+ 0.1 


1167 


•Charterhouse Japhet 
1 Patemoster Row, EC4 
[Adtrani. 



Rothschild Asset Management (C.I.) 
01-2483999 P.O. Box 58, 5L Jutiam Cl, Guernsey. 048126331 


?2« ....J 4.75 


M+010 

’ '-olo 


4.40 

4.93 

536 


2.76 


O.C.Eq.Fr.Nov. 30 ._ 

O.C.inaFi Deal 

O.C.lnU.Fd.T , 

OCSmCoNov. 30 

O.C. Commodity- 


Wi 


O.C. Dtr.Comdty.t~. 
‘Pnca on Nor. 


_ _ 8 

1421 

ISZ7.09 

4. Next dealing 


urn- 
i«j 

29jH'Q51] 


Nbv. 30. 


292 

758 

136 

3. 


0.b8 


I Prices on Dec 7. Next dealing Dec. 21. 
Rothschild Asset Mgt. (Bermuda) 
P.O. Box 664, Bk. of Bermuda Bid., 


Brnmida 

Reserve Assets FdJ$US9.76 9.78f .._.J ~ 
Price on Dea 4. Next deatng Dea 12 . 


Royal Trust (C.l.) Fd. MgL Ltd. 

P.O. Box 194, Royal Tst. Kse.. Jersey. 053427441 

R.T.Irtl.Fd ISUS917 9.76 

R.T. lnt'1. (Jsy.l Fd. .MO 87.1 

■rices at Dea 5. Mi 


Prices at Dec. 5. Next dealing 

Save & Prosper International 


Dealing to: 

37, Broad SL, Sl Helier, Jersey. 


053420591 


UJL Dolbr-denominted Funds 


Dir, Fxd, Int"} lfl.90 

InteroaL Cr.*J„ 7.46 

Far Eaa«n"t— [46.47 

Norte American — y+8^ 


Channel Capl^^ 


. 1073 

•Prices on Dec 4. “Dea 5. 



tWreUy Dealings, t Dally Dealings. 

01-5887081 Schlesiuger International Mngt. Lid. 

— j — 41. UMotteSL,SLHeiler, Jersey. 


S.A.I.L. 


[75.. 


053473588- 


SAO.L to.8B 

GUtFd la. 7 


I nU. Fd. Jersey. 
intnLFiLxmbrg. — 

•Far East Fund — m. 

•Nett si*, day Decenber 


2.B3 


906 

4.84 

1256 

3.64 


Schroder Life Group 
Enterprise House, Portsmouth. 
InternatUsoxl Funds. 


070527733 


□026 


132.7 

]B|4 

xed Interest QQZ-4 


SFixed ldu 
£Managed 
SManaged 


020.9 


10UJ. 

5S H :.h 

m d - 

127.6 . 


~ J. Henry Schroder Wagg & Co. Ltd. 


Use., Dun SL, 


120, Cheapside, EC2. 
Cheap S Dec. 6. 


SL KeBer, Jersey. 0534 Trafalgar Oct 31 
Asian Fd. Nov. 27, 


I .—J — Darflnn Fd. Dec. 5 
— Japan FiNovTlb 



37 jM +0J 
6004 -8.0 


-4 - 


Singer & Fried lander Ldn. Agents. 

20, Cannon SL, EC4. 01-248 9646 

Deta foods- m&31VM 1 6J2 

Tokyo Tst Nov. 21 _| SUS4000 | —.4 156 


....4 - 


lAndwMo.Jiy.Tu. 


Berry Pac 

Berry Pat Strlg 

G.T.AUJ Fd. 


IX? tOXI 

s A'< ... h 
5.00 tO£B( 

WS53j«” -023| 


G.T. Asia Sterting — 03.94 14.771+021^ 

G.T. Australia Fi ._ JUS177 lojfflrO.p^ 
G.T. Bond Fund. SJJSZ3S"+01M| 

SfiftiTSanJ..,, 

C.T^’acJficFd SIMMS — 

G.T. PMOppine Fi_|$U59A2 MjeJ 


200 

1338 

200 

lOl 

O.M 

0.92 

3.90 

2.71 


Stronghold Management limited 
P 0. Box 315, St Hellw, Jersey. 0634-71460 
Commodity Trust 1 84.55 89X0| J — 

Surinvest (Jersey) Ltd. (x) 

Oueeni Hse., Don Ri. SL Heller. Jsr- 0534 27349 
American lnd.TSL._|£7.25 7-?2|*OJf 

Copper Trast H±L83 1202(+flX 


4H.B . 51.4 
18 514 

Nett sub. day 


053473W 
4.67 
4X7- 


546 

149 


0.95 


Bartnore Invest. Ltd. Ldn. Agts. 

12, SL Maiy Axe, London, EC3. 01-283 3531 
lOarteore Fund Mngt (C.I.) LU. (a^ ? 


Jap. Index Tst. 

TSB Unit Trust Managers (CO.) LttL 

Bagatelle Rd., SL Saviour. Jersey. 

Jersey Fund I4B.E 

Guernsey Fund J4fl.fi 

Prices on Dec. 6. Ne 

TSB GHt Fund Managers (C.l.) Ltd. 

Baplrife Rtf., SL Savter. Jersey. 053473494 

Gilt Fund 19 M> IDTDf J 1ZM . 

Gilt Fund ( Jsy. I J99.D lOZit — J.12J». 

“ ' xi Dea 6. Nett 


ersey 


100-01 i 


(Sarbnore Fted ItogLJftr East) LW...(?Hh) 


[im Hultihfcoa Hse, 
|HKAP3C.U. Tst.rai 

bapntFd^Zlrad 
puTArnerteralAH 

llntl. Bond Fund M 

ICvtinore IwrestBMt 



[GartmoreiiiL Inc- 
Mrunore Irtl. Gi 


..telrin! 

3.870 

1HJ3B 

u = 

0624 _ 

m:°3 a 2j* 

Hambro Pacific Fluid MgmL Ltd. 

2110, Connauqbt Centre, Hung Kong 

fcWA-rB Midi: 

Hambrns Bank (Guernsey) Ltd./ 
Hambrbc Fd. ffigrs. (C.l.) Ltd. 

P.O. Bov 86, Guernsey. 0481-26521 


Prices an Dea 6. Nett sub. day i 

Tokyo Pacific Holdings N.V. 

Intents Management Co. N.V, Curacao. 

NAV per share Dea 4 SUS63 55. 
Tokyo Pacific HMgs. (Seaboard) N.V. 
Intents Management Co. N.V v Curacao. 

NAV per jhare DtC. 4 SU546J&. 

Tyndall Group 

P.O. Box 1256 Hamilton 5, Bermuda, 2-2760 


□■seas Dea 6... 
(Accun. Units)-. 

3-Way lot No*. 16— , 


2 New SL, Stricter, J< 

TOFSL Dec. 7 

(Acaim. Shares) 


American Dea 7 jgL.j> 


[C.l. Fund- 
Intrd. Bond 


148.1 157.7WI 

SUS 108.94 llZJll 

JUS U.15 Il.<3 .._. 

InL Svgs. 'A* SUS XJJft l.od . ... 

Int Svgs- ‘B’ SUS 134 137] .. . . 

Prices on Bat. Nett dealing De: 13. 


intE^J^r 



(Accum shares) 

Far East Dec 7 

r Ac mm shares' 

Jersey Fd. Dec. b — 204.6 

tNon-J. Aca UUJ 303.0 

Gilt Fund Dea 6— — 103.4 
(Acaim. Shares) 1414 


S-S Vktory Haase, DhAl Isle of ttaa 0624 2411L 
^ Managed Nov. In I." |1345 142.0f J — 


Dea 6. Nett deahng 
Henderson Baring Fund Mgn. Ltd- 
605. Gammon House, Hong Kong. 


Unilife Assurance (Overseas) Ltd. 

P.O. Box 1388, Hamilton 5-31, Bermuda 

Intern!. Mngd. Fd [SUSIDO - | ..-.J 

Unrois-Investment-Geselbchaft mbH 

Postfach 16767, D 6000 Frantturt 16. 


any prelim, charges 

HHkSamaei & Co. (Guernsey) Ltd. 

[8 LeFehvre SL, SL Peter Port. Guernsey. C.l. 
Guernsey TsL 0545 165.M 3-59 

Hill Samuel inveL MgmL Intnl. 

|P.O. Box 63, Jersey. 0534 273S1 



Atlantidonns 

Europe! ends 
UnDonds— , 
Unirenta 


Unisoeeia) 1 



Utd. IntnL Mnflnmt (C.l.) .Ltd. 

14, Mulcas ter Stmt St Heller, Jersey 
U.IJB. Fund tUISIBUit 105531 ..-.4 


7 JO 


Act). , 

RLCAccJ JSF3.B0. 

ITF Fd. UtaJ— ,^.[5115824 

IntenaHooal Pacific Imr. Mgmt. Ltd. 

PJO. Box R237, 56, PM St, Sytewy. Ajisl 

B l Emilty Tst — ISA2J9 2A1| .—J — 

, Managers (Jersey) Ltd. 
di 9B; Channel House, Jersey. 0533 73673 
Extra!. Ts — 1158.0 16BQ) ...-J - 

As at Nn. 30. Nett seb. day Dea 3L 

at Fleming & Co. Ltd. 

Toor, Connaught Centre, Hong KtTC 


United States Tst Inti. Adv. Co. 
14, Rue AJdringer. Luxembotirg- 
U.S.Tst Inv. Frd.—..|S1B.7B - F I+-QJMt 
Net assets Decenter 6. 


0-93 


S. G. Warburg & Co. LU. 

30, Gresham Street, EC2. 

Cm. Bd. Dea 6™-, 

Erifl. InL Dec. 6 

GrSL SFi Nov. 30-[. 

Meta Ebd. Dec. 6- 
MercMyMklDrt.4 


01-6004555 
+0061 - 


1+0-51 


0J69Z 


. Jartflne Esin. To 

ESSsSa™: 

UxrtDne Flem.InL 
[imLPaaSecs.UnaL.| 

Do. tAcaun.j 

NAV ha*. X. 


H 
HI 

jj 1 

HKSU.& 
HKSuil 
HK51344 ^ .. 
'Equhaieiit $US833w. 


200 

3.90 

2J0 


Next sub. Dec. 15. 


SUS9.45 
SUS17.72 

SK1U7 7 ‘1D.4 

[0006 loo; 

Warburg Invest Mngt Jrsy. LU. 

3, Charing Cross, St Heller. Jsy.Cl 0534 73741 

CUFLld. Nov. 30 |SUS13J6 13.90 

- - M367 1402 

£12.73 1304 

SUS9.96 1021 
119.87 10.13 

World Wide Growth Management? 

10a, Boulevard Royal, Luxembourg 
Worldwide Glh Fd| SUS14.B7 [+3.0^ - 


CMTUiNov. 30 
‘ lhTs "" ' 


Meub TsL Nor. lfa_ 

TMTN0V.9 

TMT Ltd. Nov. 9 


NOTES 


Prices do rat indudfl S Brrmiisn, except »n , ‘re imTeaied +. and are in pence unless a 
WdS % (shewn in last uriurtn allow far a'l temng eipemes- a Oirered pncei In 
W Today's prices, e Yield based on pHeroricr.d 


unless otherwkse indlotetf. 
Include ail expenses. 

... „,.._r. h Dtaribuilon free 

JttUKtaxesL p Periodic premhimlreuraniteBlara.s Single premium insuraraj x Of lereri pnee include* 
(all expemes rttepl agett+comnilsston. y C'feren price inOutfes all expenses iiaourtii ihreugn raanagt-s. 
k Previous day's price. V Nei ot ta, on realised capital gains unless Indicated by *. ) Guernsey gross, 
idea ♦ Yield before Jerser u«. f Ex-iubd'vesifin. f? Only available to chan taste tao 


It Suspendea ♦ Yield beiore Jerser 'Ju f E*-MM>vrtioti. ft Wy araitable 


bodies. 


.1 

















40 


Tr* ITTi 7 M vfaTSfgPT#? 


r-iUWFYORF. VAl L'EP-i AM.-- 
AUCTIONEER* OF P 6 AI. cKT/'= 


Healey & Baker 

Estabte/Mrd tB20n London 

29 St. George Street, Hanowcp Square. 

London Wl A 3BG 01-6299292 

.:n 'i oi i o«i on ir-‘ oi d rpoaii ••. f Rtn 

• i'»rjl!n*l EC ‘if I’.P .11 T.'c- 


FT SWARF, j INFORMATION 0 SERVICE 


• jx . ... . - - 

; 

' 'Sv^ v 


• BONDS & RAILS— Cont. 


BANKS & HP— Continued 


wa 

Hajii Law 


BRITISH FUNDS 

! Pnce |*«l WJ. 
Stack £ - lot | M. 


“Shorts" (Lives up to Five Years) 

■105% 99U [Treasury llVdcTW.- 99ft 

VT 94V Treasury 3pcT9tt... 95V Jg 

«trj 95V Electric 4Vpc ’74-79 96V «« 

104a 98ft Treasury 10 * 3 * 79£- JIA “j* 

94V Electric 3VpcT£79 96V 3M 

103% Treasury 9pcl9mtt 
102ft 96% Treasury QljpcJKJ# 


102ft 96% [Treasury WjpcJBW 

1 954 924 IT rexury 3 


1978 1 'I P*» r«rJDw."*| *«£ 

High Lo« 1 Stick | £ | - | Grew | YWd 

55 42 ■ Hung '24 A'S.. . 47 4% . 

77 65 I'.eunlb'^K 83-88 68 «d .... — : 

88 82U Mind?*** ^81-83 M** .. 7% , 

91 77 Do 9*pc 91-46 . 77 

425 2t.S Japan 4pc ‘10 Ass 375 .... — 

87 67 Do face "83*88 . . 67 § ■ 

160 HO Peru Assam. ... MO J 

'75a 75a S G.l.6%pc 1980 J5t> ■ 

S99 584% Turin 9pc 1991 ... SWj .. •• f 

DM91 DMift Turin &4 jx 1984. DM91 . 64 

97 94 Uruguay 3Vne 95 . 3% 

U.S. S & DM prices exclude Inv. S premium 

AMERICANS 


. *■! KHL 1978 I 1 1+ "J 0" 1 1™ 

MS I YkW High Low I Stock | Price | - | Net |r«|Grs 

44| *6.04 54 | « lMmvonFir.,200 I 44 -I 13.52 I 1_1|12 fl 


— _ . , 122 .100 Lockwoods. J.ui 9-i a*. 

CHEMICALS, PLASTICS-Cont. ENGINEERING Continued j | J, ; £ * 7 . 

w ** ! ». r-1 B.WKU »ru W ; UM S 

u.i sam MUff-IM. I I SffiH MM" Ht II 2 BSSSiPS- Hfif I Sl'iln v i SSSftufe 2 «F* 8 H 


: Finan 

fe.WlS5}p/E 

% Biff . a&R ■spLgcifl-afr 

, . ' ■ a a- Ksfc:; f -j $ .Are $ 

-Continued » » . tSSL?* « St v . 

1 . » I I ml 157 ■ 72 Lyons 153 ; - - M g “ 


1 5?: 


4% *6.04 S 4 42 ManvonFin.SOo 44 3.52 1112011.6 ^ 1376 HoKWDMr--- aio°i — 183 — «5 32 I8amfards26p^.[ 33 

- J280 134 105 Mercury Secs— 115 +2 3 79_ - *■* « SJ?* ££ 381 *1 nbJ7 2J 66 81 70 4Kfe«»G»20p4 56 

7i ? 13 21 390 330 Midland LL 3M — . *14.97 43 61 5.8 421 aZB imp.tjem^Li.. aox 9477 1U - 73 38 

— 13.38 r 92 £78 Do 7*A8>93 £83 -K Q7ij%a.I - 23 ft* 80 . . t232 4 J 4.4 5.9 56 . 43 

- - £ 95*4 £801* 0ttl04%93.98. £82*2 Olrin 2U -r .« S? SL^J^Mp 1 » +1 tfc.87 IS 9.3 9.7 26 16 


335 9477 1 L 8 - 73 38 Barton A Sops.. 60 

t232 4i 4.4 5.9 56 . 43 Beaufort lOp ... ;51 

feB7 15 9.3 9.7 26 16 BevaMD.F.)5p 25 

[4.43 22 4.0182 70*2 51 8 irnrid Qualcast 52 


$76 1.5 I] || 109 70 ffiv-lOi !| f| 

dl'35 17 &1 6'9 73 30 pSe(WJ ?wi- WtW ** ^ 


- - £95*4 £80*2 Do 10C%9J-'B. £82* 2 jjlOVi 2 U eJ42 - « « ! amrSinifsOe 1W + l" ^§7 13 9.3 9.7 26 16 Sevan <D.F.i 5p 25 (fl35 17^^73 X '•'"Tl-U'ir. 

i if? & 3 iP- ::::•: ® I s . t 7 SS 1 && l\ ii*? & § KSW. ii ;::: R8 H||^| ^ ;i IS 

•» im « ,58 aei&a irsa.t | Stef is !5I a s=sss i =ja 

ss is g iis ssa?aaa-=p= ; = 1 | s =ss a,is€f IMkI 1 

— .s ,is sssiar. a a- k » »ii gsa* J - aFuajjji i sssffil & = sr 8ii8» Sss 3P % 


m am 33 U jnmwn > AA .... nw u.#a 

4.00 255 190 SeooriieMCU 21M ..... *13.9 

92 70 Smith St. Aub... 86 5.09 

452 378 5tantfd Chart £1. 426 +3 19 64 

Silt, S8U Trade Dev. SI JO ML0*j . — 055c 


1 C SUL, *58*4 |fradeDev.Si JO Slflij ,J_. 05&: i2l -<2 6.0 190 ii m ^4 I“" 1069 3.ot 4JU5I 56 

1:5 356 290 Union Dis: O 320 hlA.05 - 73 T j m, J££rB?) 10 p 32 +1 i7 Z-? 

r-iawa 4 5 . bp e r3= 1 1H&: ^ rzfe? djdiufi 


ut Plastics J 178 E.- 313 51 Z«1L2 150 W 
r(b«taUkL 24 106^ 3.0 4J11L9 56 31 


9fi*< 442 

99A 10J7 

9&* 364 

97*8 927 

97*4 -U 976 
AhA .... 369 


*^^SW»7M0e 95Urt ...... 5J4 

■110*4 lOO^a Ejchrguer 13m W lgUl 12 2 

106*4 97H Tn-Birylll.pc 1981ft W 4 ~U UM 

■91 5 ! 88*4 Treasury 3 * 2 « 197961 . 88 « ... 3.W 

101** 941 Twbiiry9?ml«Ut. 954, - £ 10^ 

97.; 915 E«h aupc 1981... . 92 -1 893 

lOdl, 92? Excn.Oizpc 1981 9|\i -*j 10 U 

,87\i 85*; Ejc*i. 3pc 1981 . 85*. . 331 

97 JJ 95*« Treas. Variable 8144 ,96 ? e 

Ill 1 1W E«ch. 12-’jpc 1981ft 101,1 1260 

99 - 89*4 Treas^ijpc-SOW 9lti -{. 9 34 

35V 824 Treasury 3pt Bffl... 83*« • 3^ 

lU’s 103,1 Treasury 14m W Igf*; -»i 1340 

%l, 94 Treas. Variable 8244- _95d .. 10.12 

%*» 8 Fa Treasury 8 * 4 m '82 — 884»d 919 

•IMV 89,1 Exch. 9 * 4 pc 1982 W; -A 

%>.; 87*j Erch 8 * 4 pc 1983.. . 88 *jd -*s 9B7 

85 '« 79V Exch 3m 83. 80*a 374 

U4V 9?r c Treasury 12m 1983ft W« •• , JZ-J5 

■ 100*1 87% Treasury 9*4pc '83.... 88 ',! 10.43 

Five to Fifteen Years 


a*k 1 13*2 ASA 16Ud +V SUM] - 3.1 

60*2 59 jAMF 5%Conv.1T7.. 59 .. ...| SJJ — «-8 

38V 22 fimaxSl 32Vnl +>4 S220 - 3.5 


50% 39*2 American Express... 22V ...... 5160 — 3.6 --V ™ 

241* ll z Amer.Medic.lnl. 17% -^1 - lPJ 1746 05 

15% 912p Asarro Inc. s . Wpd -3 *0c — 2 J O o 

17S Baker InW.Cirp- SI 23*6«* ■•,■■*£ — It 52 30 

19V 11% Barnes Grp. S62,. l4 * 4 +V H.O - 34 W » 

33*2 22 Bend* Con*. 55.. 26 -V §?■§- §r Tin R 5 

23*2 13 Belli. Sieel S 8 .. .. -V SLOD - 3.5 ^ « 

13 625p Brawn'gFw.clW, 904p -2 5fc - 2-8 “ 

14 857p Bnmswicl Drpn II . T10 +*a 70c — 3 b -2 — 

65% 41% Burroughs Carp. S5 Jl\ SLM - 1.6 x 

5r 30i; CBS 52.50 3FM 52.60 - 0.0 


^■^1 um 1 8&*i 1 hi 

British Northrop,. 68- 6.09 3213.4 W 77 47 Untote^..- J7 • W6 ZS 67 |7 


r 134 r: 433 43 5 ^ 641 44 & ggffiSft ,21 - 
u. in — - ^3 Jjj 6 .gj 2.6(182 138 Stocks (Joseph I- 


.186 U..!tl334 U 


Z7 6.*W6.» 
57 4.« 9 i 
36 3H&8 
S3 aa 33 
7.4 63 7.7 
36 53 7.9 
81 43 4.1 
13 103 7JL 


Hire Purchase, etc. 


p| 351; 

fML86| 

1 £72% 

012% 

m 


ww 

100 


14.01 

41 


2J4 

12 



95 


14.94 

25 


h0.96 

12 


_ 

40 

-2 

H2.09 


DRAPERY AND STORES 


104 [68 British Northrou.1l. 68-' 6.09 3713.4 27 77 1 47 |Untete^- s ,-l ‘ 77 -3+Z 

103 68 Brit Steam 2$ 1 92 ...... M.75 Z? 7.8 R8 95 \70 . S J Si 

53*j Bnrckhouse .69 +1 4.05 }„ 9.0 * 67 1 50 {Watson PHp.l0w K 1+i, 

* ihn’crjd'Mj W. ..... *271 20 97 to : 


S. +l a to ft h 

■28 tU>9 43 83 41 

S3 +1 1232 39 7.111.1. 

108 6.45 2-? f.9 8.1 

125 -2 4.88 3.6 5J 72 1 


81 3S 531-87 
.47 Z« 73 73 


HOTELS AND CATERERS 


'■U 175 3 i*a BaneBSwes jwl 133 +3 tju _» dj uuj « 1 

f, 84 Beatfje(J)‘A „ 131 +1 236 6.1 27 91 |7 | |Bott«fiekLH 

[ -2 42 25 Bental K 10p_... 35 TL2 23 51 128 76 50 [CamtordEng.! 


SI ii 1 1 1 

ISi % « i H si y % » EBST&S. % % y 



77v3;? iom nia 3i z ‘" Q -% IS = 5sP« » ^ + ? IS ^ v^- 2 s is dTF 

91%S +% 12.64 12 93 24V SSSSlSsTw* 48*SS -U S220 - 23 p95 109 Irish Dirtl Iters .. 190 +2 510 ♦ 33^6 67% 4fli; Fine Art 

6^ +2 9 04. UTS S“^‘t SL50 ;. giS +i - 29 SIS Macal^.Glen. 395 5.14 25 13^ 36 F«tJ(M 


25 15 Do. *A’ 5p S I Ilia 

67% 4fli 3 Riw Art Ders. 5p I 57*aJ-*z fl36 


Over Fifteen Years 

120Vll02*ifTreiiurj 1993it{ 103VI+*, 

12r, 110*»rrreasuryl4irt>c-P4tn 1UV l+J 
1141*197% E*ch. 12'jfpc 1994 ... 99% Uj 


ill lit wnBiH4i|i». -S-yr r; ; i r 7 gr. . u 

144 114 Desootter ; 130 . — fS.60 33 6.4 tJ ^ % 

35 30 Dovmebrae 10p_ 31 W-32 72 11.4 10.7 ^ 268 

38 15*z Drake tScoflLi 35 ZLOZ - || 67 48 

36 110 Ductile SIMs „ 114 ...... 5.41, « 7.1 33 35 34 


>ay I'M ■ - 30 - 0334 

fffASlaBF 57 . "V X 3 ^ |2 

taeHWgiSp- 78% +L 2^ -2.4 

al. Metal (£1! 2 75 -8 tl 6 JK 13 
I. Am Asphalt 51 H 

itsan(A)10p_ 85 +1 2-B 5.4 


114% 97% E*ch. 12'jpc 1994 ... 
. 89 T s 75 ' 4 Treasury 9pc ‘94ft ... 
106V 93 Treasury 12pc -q 5..- 
•S3 43*s Gas 3pc ! 90/95 J . ■ 

95 32V E*ch 10 * 4 ptl 995 .... 

111V 97 Treasury 12Voc "95tt. 


99 % +% 
77 +V 
97*2 +% 
441 ; + 1 £ 

86*; +4 

98 % >% 


311% 97 Treasury lZVoc "950 . 90% +Js 

90 U 76 Treasury 9m 77 >4 +% 

■I3lf 2 U17. Treasury 15 l xpc'%l*. 113*a +% 

117% 100 E.creguerL*'4m W- MIV +*s 
50 42V Redeiigilion 3pc 1966-% 43% +% 

115*4 100% Treasury 13*4DC-97tt 105% +% 

,«* 8 V 84*; Exchequer 10** 1997 86 V +V 

88*4 73% Treasury 8VpcT997tt. 75 +% 


A&lsnKW; 

■« 

96* 4 817 4 Treasury lfcpclW.. 
96*4 93*a Exch 12pe 9M2 ._. 
42V 34V Funding 3*;pc '99-04 
15*4 15 Titas-l?2«W)KT5a)« 


75 +% 
60V +V 
117 +*, 

93V +V 
80% +V 
831; +V 
95 +V 
367, + v 
15V +V 
66* z +V 
47V +V 


23% 141, Richdsn.-Mrrtl 11 V 
581a 25 5p Saul (B. T) SI... 


... .. S1.06 - 3.3 
-11 - - - 


3J] 7.91 53 ^5 BBA Group 55 72.42 32 66 

IS sol 90 95 RTTPw 117 5.81 2i U 

^ 79 63 BOC lirtnt 69 +% 1338: '38 6-9 

£L2TlL0j6i.9 Jy-. j-, fff p • .329 + 1 - LLLO 3J 58 

IS ?i S| W 6 ■ MS ■ Swc5ffsaa w ** 

3-lj 7 j| 55 JL -.S £22si”RTfl? 2M +2 (00c 2J 8.9 


TIMBER AND ROADS ^ g JSSiV m 11 « 1 1 it* . Su? Sill Stt ^ 3" 

ISSSffiHiB 515:3s* I 1 SSskpI *'ai, &S5K52 J arS «iii ts&A,BS5&SS:'Jt ' t 


GlynwM 186 +1 8 .M 1.4J15 » 

Gmges KIOO_ 750 I 1 — I— — — fQ 3 

GreenbanklOp. ; 43 ] ItdhLZl] 32 42 111, iyjfi 


Baxter Travenolll 130 1 — 
BeatsonCteO 177 
Be«tiam._ — BMl +10 


v/ap u-op lesorofo-UMumj- w -- — — gi 44 Bamhergen. ... /a 

■25 22 14% Texaco 56. 25 17%xd .. ... S2.00 — »8 12fl , m BarrattDev.lOp. 105 

.44 40 22% Time Inc. 29Val -*, |150 — 2.6 301 , jOV BeechwoodlOp 28*; 

.06 14V 865p Transamerica $1 • 1*V - •■■ SLW — 4.4 j5 2 Benlox 20p 26*; 

.66 41V ?1V UldTech SU S5. 2&eti +JV 5*-00 - 3.6 ^ ,5 BeohJrd lOOp 58 

All 24*3 15% U.S. Steel 51 -.... 1W -V 51.60 — 3.1 / q r, Rrk. 2 %. 55 


15*i 15 TitBJ2*jpeu>05n5ixHi 15V +V 
807, 65V Treasury 6m 02-06tL- 66*j +V 

jRKSSieVS: JriUfSIijS 

98*; 90V Exch. i2pc 13-'17... 92* 4 d +V |12-W| 13.00 

Undated 

37V I 30 V IConsols «m | 32^|+*, |li92| - 

37*5 287, War Loan 3* — ' “* 


:88 24*; 15% U.S. Steel SI ...... 

1314 17 11V WoclworthsS3*j. 

11.20 49% 28% Xeror Con*. SI— 

1315 97 5p 385p Xonlcslnc.l0c.... 
12.52 14% 741p Zapata Corp. 25c. 
1224 S.E. List Premium 37%% 


.. dOA 18 75U2 li- ^ 22 52 133 35 f^V H*H Predslqn S» 

:: BP U M | In 1 Bffi: jh ■ ■ % a Tj Hi ill I OSSSz 

Q. » uH | jk B ~ SS ii d H m b 


ksc 4! i Of HMsI isss^ i 


PaV Habh Prtcsiqn 5p » . +2 iG-03 131^4 17.6 ^ 54 Berisltirds. 
| 88 HadwCamjS’- 10f T7.92 L0 105 148 74 aerwidtTU 

I 81 Hall Eng. 50p _ 11® -... t4.5 4.0 61 65 D5 ltt BestobdU. 

167 Hafi Matthew™ 224 +4 f7.il (O.B| 4| 82 l09 79 Biddle Hldg 

115 HallrteSOo : 155 6.55 2.9 63 |2 ro 4 c RifurcatHlI 


68 54 

74 46 


I 25 5 /' 
19 4.7 5.^ 


,“5 ,* SS ” f? 69 54 Bett Bros. 2ft).. 

1™ = | J9 M tSlSSb: 

•Wf'-u & - S:s,B 51 ISSStlS:: 


U.3C r» ■ I r 1 * ■ ■ 1U() #3 DTOWI Mil 

„ „ , , 1224 S.E. List Premium 37%% * based on USS1.9500 per E> 41 21 Brit.Dredgt 

65V +V 1 12.45 [ 1253 Conversion factor 0.7255 10.7569) 230 24 Brown Jksn. 

2Vd +2 1299 13.00 80 48V Brownlee... 


• 39*4 33 Conv. 3*ipc '61 Aft. .. 
28% 23 Treasury 3pc 66 Aft.. 

•24% 19V Consols 2* roc 

24 19*4 Treasury 2Troc 


32% +V 12.92 
29V +V 11.79 
34% +% 1027 
23% +% 12.85 
20Vxd +% 1231 

iT-, +v 12 a 


CANADIANS 


80 48*; Brownlee— 

58 36 Bryant Hkkjs.... 

*21 153 Burnett V H 


79 BiddfeHMg 
45 Bifurcated I 
37% BUtan* (JL) : 
26 Black Artw 


VHI9HUIHIW b 21 153 Burnett 2M +10 tfi.89 11.0 2 . 2 } 52 Rgg jg MO “E iMt 33f 10(153 K gi|MIQM 

•16% 10V Bk Montreal 52... ISM +V S1.12 — 3.5 190 170 Burt Boulton £1 175 dl0.15 2.6 8 7 65 gQU uSSNewslOp. 104 237 * 3.4 * 76 59 Jotason&Brtt- 

IWb 10,t Sc Nova Scot .... 13,1 +i£ SI. 04 — 3.6 43 22 C. Robey 'A'lSp. 36 tl67 23 69 95 ^ 68 Owen Owen 313 -1 t2.89 35 38112 '87 62 Jones Grng>10p. 

42% 30L Beil Canada S25.. 38^, +4 S4.56 — 55 26 20 Cal’roler (GM] 10p 24 ...... 134 28 8.3 6.4 ^ 20 Pasrine (B) lOp. 20 ...... — — — 33.7 164 106 JonwSMpmu; 

15 ,? 600p Bow Valley/I 13V« -V h5c — 02 53 40 Carr (John). — 53 *2 dL05 * 3.0 * w 64 +1 P196 22 4.613.7 1M% 67% UtrdGreu^— 

iK 825p Brascanll.l. iftV . . . S1.0 — 4.5 68 40 Carron— 68 +1 t363 1.1 8.0 (M ^ 33 PeimStoKlOp. 45a4 -1 2.0 2.9 6.6 7.7 , 63 47 Lakei OlcL-. 

•2ll Can.Jmp.Bk.S2... 17w+i S1.48 3.8 108 68% Cewrt Rcadstone 94 1+3.0 3 5 4.8 91 & Polly Peck 10p. 9* z — — — — M Jjne(Pwty)lQp 

16% 955p Can.Paciflc S5... 14» +JS 97c — 3.1 38 27 Conber Gp. 10p.. » *9 7? Preedy (Alfred) 83 2.86 3.9 51 58 -4V a 

■” 30 V Do 4m Deh. £100 30*;tfl ... 4'*<i — 131 258 157 CostauiR 252 t6234 12.1 1« 8.9 105 78 p u n mm ft.i,j.5p 96 6.06 20 9.4163) 69 57 Ley's Foon*ies- 

16% Gulf OilCan.ll.. . 2l4«d +% 11.14 — 2.5 48 31 Countryside 5o . 44 trAll 19 4iajM 1 j'|. ^ RamarTert-S 12 030 3.6 3.1 (84) 38 29 Unread—,,— 

§ 315o Hawker Sid. Can.IL 4©p -5 48c — 3.9 104 62 Crossiey Bldg ... 104 <M.19 05 6.0 OW .yg 2 5 ^ RatnerslOp 70 t235 13.0 5.0 9.8 78 64 Uoyd (Fll.)-.- 

1% HoUingerSS +1'« S52.06 — 43 118 30 Crouch (D.)20p 104 m0 33 5.7 81 52 2 Rgy^eck lfti 91% +»; 338 29 55 95 21% 14Ja Lodar{T)5p.« 

itu HuriuMVcRav ll 12% -V 90c — 3 j> 73 62 Croudi Group... 63 298, 2.0 7.0(851 1 »r ATI, tL61 3.4 5.7 7.7 19V 13V Du. Aa,- 


S ■ Z. ^ u 2 .I 1 S 7 f 1 S f 2 is- g* n » ig ^ ss 

J 2 ,«. 0 r, a 179 A = M S W B B 

313 -1 1289 h 38 112 '87 tt T ' f 4 fa UT 73 

lltoJ 20 - -1-133.71164 1106. (jonefSMpmau; JB +1 t|46 3 A « * 121 , 7V 

3.9 21 102 4 

333 3.4 9.2 3.7 


BnBiC : -p =s ffl a* 
SSSjitll 

BSl&sKif 


24 1 19*4 |Trea 5 ury 2VPC | 19%|+% |1288| — 

INTERNATIONAL BANK 

101 | 79*4 (5pc Slock 77-82 | 81% | . I 6,13 1 11.24 

CORPORATION LOANS 


£ussjil £20%+? 

ier£l.™ 178; _ +1 
Leslie lfti. 75id 


98?i 41*; BlrmTiam 9* 4 pc '79^1 
94V 87** Bristol 7*4pc "79-81 
107 98 G.L.C.12»a*c'82 ... 

112 97*« Do. 12Vpc 1983 .... 

97 % 88V Glasgow 4 I^ic' 8(W2. 
94 90V Herts. 5Vpc '7M0— 


14%l+% I 12 MI - 14 Ca^.Bk.SZ::., 

iL BANK 37% mv ^K'KIioo 

■»!.. .1 ua 1 1 U* £ s BSS&bu: 

1 a x si n 31% 16% HoUmgerSS 

LOAN S 16*4 11 V Hudson's Bay II . 
11,001 i 5 ii 33V 22*» Hud.Ek0ilG.S2V 

SfS res \a a 

m 2 ' ' IiHb 1941 BMp 585? inLNat. Gas SI — 


20 29 66 7.7 Y 47’ ST«E 

Sffiii $ e: n pi 1 1 a&Jt 

RamarTexL5p 12 030 3.6 3.( M 38 29 LJnrert— 

Rainers lOp 70 t235 13.0 5.0 9.8 78 64 L^rd(FJ4.L. 


J63) 69 57 

ll 'Vi I B Kfep- 

“ » ^ i Ir4s 

45 81 *U1 70V London & MMTd; 


73 SHSbJ 20P _ ifll t hil 

9 


22% +1VS52.06 - 43U8 30 Crouch (D.)20p 104 W4.0 33 5.7 81 $ Raybeck Mp'- 91% +V 338 1.5 55 95 21V 14*J 

12% -V 90c — 3 j> 73 62 Croudi Group... 63 ...... 298 2.0 7.0(13 ^45 30 RriXutSp 42*; tL61 3.4 5.7 7.7 19*2 13V 

31% +% SL60 - 24 105 W DougiasRotoLM ffl +1 g.46 46 5 9 4.9 ^ ^ 96 +1 129 42 45 81 *111 7®; 

, *y? - H MB -2 h5.71 33 73 4.7 3 ^^IjDiSnOp. W fU9 08 t (M '37 M 


H.00 - 33 162 100 O wning G.H.50p M0 -2 «.71 33 71 4.7 ‘"g 

40c - 17 106 66 Erith 106 - . 1557 15 7.9133 tV 

80c - 5.8 26 10 F.P.A. Consi'n .. 13 MSI - — Hu 

— — — 79 60 FaiidoughCons. . 68 . M355 3.4 76 8.0 ‘^r‘. 


rr;; 830o 5dM fill. Nal. bas »1... coup out — j.o XU r.r.H. guimu.. 

98V US US 10% 605p MasseyFeig.il— 640p .... — — — 79 60 FairctoughCom. 68 

« J Ilia 36% 20% PariOcPeLSl .... jgV +V SI 14 - 15 28 19 Feb.imLMp.- 27 

S' iVl iHS 50p Place Gas SI 122a *t - - - 27 19 On. A lOp . , 26 


11 Rnsgri 
9 S&USI 


nllD&SHOp. 

Sumi^ro- 


t437 13105 8.7 

25 2110.7 5A 

-1 539 21 ILt 63' 


B&EA— 

tt.CheT.12Vp 
riLSted Const, 


.. -34V +V 21 }; 
, 45 — RE.70 3.7 
60 L52 21 


■•217 80" M.L Holdings., 
101 54 Mangan Brow 

9 ^ BBSIt 


iS :S 8:1 

Mid 16.75 

IGOxr -3 H6.0 
70 . ...• 210 

2 W - -l" 553 \ 





17 anifflio.™ ..— “ — — 

585 B. HsProp.SA2 .690 
36*i Brook SLBr.lOp 53* 

28*2 Brooks Wal20p. 35 

39*2 Brown Boy. Kent 50 

L0I Brunions(Mss). 110, 

59 BtKflOejnr— <- 70; .... 
15a Bumdene5p~ Wl +V 

16 Bunts AndfnlOp 27V 

% . c.H.mu^iop- g 

IK ^elmkSries lM !’.!”* 

62 CaplanProf.lOp. 124 +4 


lU S S I 

201 


70 50 Silt Rhod.2Vpc '65-70 52 ,., 

96 j 75 I Do.6pc'7#81 | 87 |-1 | 

LOANS 

Public Board and ind. 


S“«gfS 

iSheerwtSp 

trewayJOp 


ChanWanPtf. 
Change Wares 


r±“ wL SF ^ 
'Ji 4<176 


465 315 Bk. Ireland £1- 39i, 1C138 - 5.6- 138 104 l.O.C.20p ..... U 6 .... tt?.12 0.710J19J 

£202 037 Do. lQpcCon*... qp ...... Q10"b - R.9 - 197 135 instock Johmen 162 +* t6.23 38 5.7 6.1 

171; n Bk.Leumi l£l. 11 -1 OlMh - 4.3 - 145 108 I nL Timber 123 . ... 17.15 23 8.9 7.6 

170 150 Bk LeumKUKJfl 160 .,., 7.47 15 7.0143 £* 1 , 41*, J. B Hoklngs lOp. 56 ... hl.08 1L8 2.9 45 

702 580 BH.N.S.W.SA2 . 525 +10 Q32c * 3.6 | 30 14 J.C.E.G 17 .. - - — — 

315 255 Bank Scotland £1 290 -5 +11.05 3.6 5.7 7A m 157 Jams (J.) ....... 157 «J1 1.7 9.1 9 8 


Howard Shut 10p 16 hi-U 23 YJ 0.1 • 6&l z K.H.P 03 

l.O.C.ZOp 126 .... td9.12 0.7 10-fl 19 J Cl CPTRiPAI AND RADIO 108 125 FfnsomesSim.£l 160 

Ibstock Joimsen 162 +2 T6.Z3 38 5.7 6.1 tLtUlKlLAL AIMU r\MLMU ^ 53 Ratcnff, lids 86 ..... 

1 -* 4*7 1 C Hfl 7 n . _ .. . . ■ .*« ■ . -* ir ri 1 t n r me A 01 C 7 PatHrffc If 1 A 1 fll - 6-1 


« Ilf 1 SsMSSM* BIWilHm s s ssssS. 8 iL4 


L08 Ua=^45P« » WSSSitt +2 » afag g 2 KK 

■77-. I T%1 Ti oul 36 25 AwTnFMehylOp 33 <2.1 . W« SA M E* 2 *H ran 


Public Board and ind. 31 ! 255 l^v&SLda wo -5° Sk ts 5.7 h $ ^ jMwi&jT’Z ig ... djji 1.7 9.1 98 ^ f 2 JSJSS.^ % S34 

90I 3 Kl 2 IfclOtJr-B^f S m 3 agS^S-B.&a^ m -i 57 ?} 57 i§ 79 ^Sschar*' 94 +1 ® ll 29 64}g J? Bwffzz -1 53:84 

**mm. iJiil I 8= AABBC A-riS.iia3 1 ^, 1 - « 


its I on 


a« 

+i- «i? ^ 


•90s W Alcan low ww.. ^ 268 200 Brown Shipley fl 230d -3 M - 6.1 - 17 ID Junes EdmLUp. 13 

>3*4 1 26V MW- Wtr.~3pc B,- 27*; . . H24 *- i “ / 28 5 232 Cater Ryder £1. 265 thl7.17 — 9.7 — 45 3} Kem.(M.P.)10p, 42 

1J4 107 U.S.M.C. to 1962... 122d +2 73? .TV, 84 67 Cline Dlm20p 78 14 85 — 93 — £41% £15% La^ge S.A.F100 £38*; 

95V I 87 Do. without Warrants 88* 1023 1320 ,->55 171 Com'l Aus. (»1) 1B8 +5 Q16c 29 53 6.7 87 ’ 71® Laing(John)"A" 85 

Financial *£» £ 12 v Cum'rok dmim. n6V .. .. «»£ - J.Q - im 84 lmumU-ki. 120 

1071 99* FFi line 1981 300V . 12.90 1253 £7® *15 Chgn.Hbk.KrKH) £17 +V 012% — 68 “1109 88 Lawrence IJAU. 96 

lSmSSSSSa* u 3 vcSlSto£S 9 m ” h - 5 ! £*; 

•|iV 7 7 P "13"“ lie Hio ■&i£^ SSSSkStimav.:... m - 2.0 - | 6i uHSte'Mh.:: B 

8 4g J £v SSSSSSb 5 SS & » f.c. « n.m\ z«| «u«ib a wivii : . w 


tL34 45 2J Q171 151 117 RenddCl 

1716 1J 83 TO « 55 RKhatdsofLeic.. 

7484 25 il 5.8 66 42 Rid.'nsWesl.50p. 

M34 43 4.7 63 S3 62 Robinson fThm.). 


83 62 Robinson (Thos.). 69 

68 44 RotorklOp 54 

70% 60 Sanderson Kayser 62: 


jot -2 1938 15 Hi 

; ■::::: Sf' K k" 

; ? , 

IV 4L45 L7 10.« 


81% 72 Do. 6*4PCM>- ■81-84- 73 d 

99 39*; Do. 10*alJC Uns.Ln. 8b 93 

99V 90V Do. line Uns.Ln. 'B8 93 

301V 90% Do. HVpc UnsLn. '90 . 95*’ 

-71*^ 61 Do 7VmADeb. '89-92 61V« 

71% 61 Do. 7VpcA U I.21-94. 62 V 

841; 72 D0.9K-A - 91-94 72*; 

81V 68 Do 8%pcLn. '92-97... 70«; 


ukiuKun w./ «-a . +«• 

01?% - 68 — Q09 88 Lawrence (VO. 96 

■HJ.71 73 3.3 55 ^5 70 Leech (Wm.) 20p 85 ... 

Q9.8T% - 33 - 99 57 Leyland Pamt... 84*; +% 

nia o'. - 7*: ® H!! S tf. 


it 45 m & « £|*S(f 671 , Jl 70% 60 » 62V ^ 

m a k » f ? gs£ s a 1 a Issi § 2 - s " p 

a | l 2 S& I £ K 8 SP 5? Sfasi-s: a,i«! 
s-a h a a If? ^94 gsS’cS- Si* -i- a « Ad m *v g* +v zg 

!sS is 4-? II 58 lb OHfartb SreU 5u 34 0A4 3.6 2817 A K « Sheepbrrfge..... 72 +2 t43^ 


L248 13.28 3*<.~ IV Firs! NaL 10p., 5V 

liiac v I- 1 IV, Writs 75^3 2 


FOREIGN BONDS & RAILS 


jSJj "■ US g’S 13 9 % fSsSaS ilv .::.. - - -j - *?? «v ssmss: 12 :. 253 p|f.i(66L^ ^ £Kte5.TcSri »T a :::::: 2»1 ullttur* » 

m " 1105 1330 1 % 15^ Gemrd Nabd... 190 g9.1^ — 1 7.2 — 1 % 84 Manders (HWg) 101 . t258 3.1 cic 300 Decca ” 445 1L9S 2.1 a. 018.1 21 15 Spencer G ctVSj 17 ...... 0 

721? -i," 1 ZK 13.65 59 37 Gibbs (A.) 53 +2 2.23 — 63 — 166 107 Marchwiel. . .. 122 *2 15.08 VJ 6.2 5.7 ^ “Sfift- - 435 +5" 1L95 2.1 4J. 17.7 186 122 Sp»ra»-Sarco.... 162 ..... ftr 

7 /lli *" 1115 1340 255 195 GiHetlBrcrc.Cl. 227 15.41 — UJ-J — 9? 67 Marley 7B +1 d233 35 ?■§ I * J 7 % 741 . FlPTHrmiiiOrT 25 ffl74 3 2 a 4 10 7 147 64 St 0 ltrite 2 Op.... 120 f 2 il 

70,J 1313 ™ 29 19 Goode (TlMry Jo 19 ...0.13 - U - 138 71 Marshalls (Hf*) 138 . d5.86 4J 6-4 4.1 2b MVDerrUron^ M tu.rt ^ ^ w m St«leyl«fc.£L 273 +1 HI 

: ^ rah ^ IS 3 SSsr. ffi a Bi - ll " S E £IE: & ‘ 4 .. ^ J:S 6 ™ f S£ « :::: E S a a >S IS&fi: & :::::« 

U? Sf.7K2.-r-- ^ +a «97 Z §5 Z g If SfiaEiY,- • i t * 4 1-8^4 73 Sj ,22 ftf 1 1-3 . % rS^ 1 - « II 


7 | V frSgjE ffi 

AR 73V 53 Cope Alfinanbp • 68V +1V 3.5 3.4J L 

7 Sl 38 23 CopydwlOp-.. 36 M t 

?3 82 40% Cosalt 56 o 22fr 53 6 ^, 

R E AEBSSEV.J S H 

51 207 140 Creair(J.)5(to, 207 +2 10^ ■* 7.9 

iJ-f 90 64 Crest Nichoilfib. 75 +1 t3.4I 33 6.8 

‘St *167*2113 Crosby HouseS. 130- - ... 

| ^ S p «■« 

II a» 230 DeURue 385 ...... tl0.05 45 Vi 


enbywan?....^. 

rtsjH«bcCv.91-% 


4, £BTV Ml DteWmocW* Mb 

» S T BBUSHR s 


d5.45 £» 7 


1978 ! 

High Low | Stuck | £ 

2.4 17 Antofagasta Ply. . 23*; 

41 33 Do. 5pc Pref 39a 

98 98 Chilean MIaed ._.. 98 

A 15 350 German Yng.4%pc. 411 
54 4b Greek 7m As; .... 50 

51 46 Do tm 28 Slab. Am 49 

44 40 Do4pc Mued Ass.. 40 


Price l+urlDn. *4j fed. 
£ - Bros YWd 


100 81 Hill Samuel 88 

600 187 Do. Warrants.. 200 


m feusB"! ^ r 2 \$g& z I ifl z I n 


l Toynbee. I 62 


3? jgq 17 6 DWrieHeei'Sp . 16 "... thO.26 « 

Haiti W 178 Orplorru - Vft +1-.M5-AI . 

‘122 67 Dobson Part I0p. 107 +1 M.06 ll'*’ 1 * 

ll 85 63 06mBld®.10p 8 « H4i7 1A __ 

4! ^ ^ sssrf v » «r r« r, 

| ^ SSSSiS % ir sa 8 .s 

j.V * 1.7 n» ni.«Awiit. wu rv «i- mIM i a 


1*97 - 84 - 99 73 

- ~ T. ” 70 32», 


1*2 — 55 37 Keyser Ullmaim 47 

l*; (720 74 56 Wng4Shax20p. 65 

6 1624 no 88 KJemwort B.L - 95 

4 {533 297 242 Lloyds O 280 


«a«yW“ '-IS zLlflzLs 


FINANCIAL TIMES 

BRACKEN HOUSE, 10, CANNON STREET, LONDON EC4P 4BY 
Telax: Editorial 886341/2, 883897. Advertisements: 885033. Telegrams: Fmantimo, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester, Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


Keyser Ullmaim 47 .... 0.67 - 2.1 - 107 79 Monk (A).. . 93 +1 35b 

King 4 Stax 20p. 65 ... 344 — 8.0 — J 41 103 Mowlem(J) 112 +1 tb 6 

Ktemwort B.L - 95 +3 +4.18 — 66 - igE , j 3 b N ewarthlil tl_ 154 d4.91 

Uoyds n 280 1^.23 4.8 4.9| 63 jog 79 Norwea Holst.. 98«d ... t4.65 

J10 210 MotL Brick 50p 305 ... 111.72 

— 135 07 Pari er Timber. 135 6 08 

175 138 PhoenW Timber 140 -2 433 

.,..r-A ■ 172 82 Pothins._ 138 -2 d5.15 

MFS 156 107 R " c -- 140 -3 758 b 

MvIL-J 173 116 Redkmd- 168m +2 t4.25 

. LONDON EC4P 4BY % 70 U ch'fc. Watt 10p ^82 T«J7 


?5'aI IS 71 an 430 186 Faroell Elec. 2&p 390 +7 t6.7 3.1 

•' tins iS 2-9 SI MB 280 Ferranti 50p._.. 375 ...... u5.7S 11' 

.. til 72 34 5.7 0 * OT tq FiiMii* Pari Tfki. B4rf +1 t5_21 l.i 


183 in 74 11 npiex r cries . Hbro ....:. m./u 2^1 u^j 

16JM36 336 hube liwests. £1.. 394 -2 12127 2.W 8 ^ 5.4 

4.9 r ^5 60 [TuiTirr — 82 +1 239 5.2 4.^ 4.8 


Z ll % 27 li a 48 “ 

25 Is 85 so H S- gSS’fe;- §■ +z - *S iu-yni o 

78 *225 2.6 43 133 S II mS'PTSi.HV Vthi ^ 1 

27 ft.47 33 82 56 S U ^ = 3 ' Tit 


175 138 Phoenlt Timber 140 -2 433 O^WfiuV G E.C 332 t4 07 6.9 LS 118 32 20% Utd. Spring lOp 27 +147 33 82 56 S K SEftSfiSP '■■5T 3' MT' -7 6 

iS £ K?~ tl :! SB Ii ti ' « ! aSP S ' * l SP ll HSU £ BSfe- £ ti.HI b \ 

'll HI BEUw It* <2 ,’iS « tifti I ffi a 'flr ti H tiffi S US -W H N “t 5 ? 

Ill S SSh^CteK - 1 S? 1 77 lg j 87 M Lec Rgngjj...- ^ g g S S SS W^.fci §3^8 M IS g* S cKS «4 iiii Sfe' 41 

ii ftssSt ii Mf h 14 1 1 Snaps' yB 1 ? 1 * s bbs| I 11 

48 30 Rube»o*d ± _ 3? -1 t229 ffl $| lSI *Wa -g Newman Iris 82 +2% J^0 |siU « f f Sn^klSlS' 41 f ©0 ll 1'J *3 31 Erode^ HldEaOp '?« "Z1 SS 4^ 

1 IrfS w SESStffi *8 r-B SKil S § SSSsfc 3 :.::+u? 8 pH** » -jl -!* .ss- ^ 

3.8 8 0 » . SSITS.FiiUaE: (on, oi-t _ ii _ 133 97 Weir Group ..-.. 102 r-1 1528 3.7 72 4.4 ^ ™ Extri.™.^^. 115m ..... «.47 2 . 


EDITORIAL OFFICES 

Amsterdam. P.O. Bor 1296. Amslerdam-C. 

Telex 12171 Tel: 240 555 
Birmingham: George House. George Road. 

Tele* 338650 Tel: 021-454 0922 
Bonn: Presshaus U/104 Heussallee 2-10. 

Telex 8869542 Tel: 210039 
Brussels: 34 Rue Ducale. 

Tele. 23283 Td 512-9037 
Cairo. P.O. So* 2040. 

Tel: 938510 

Dub*ln- 8 ritewilliam Souare. 

Telex 5414 Tel: 785321 
Edinburgh: 37 George Street. 

Telex: 72484 Tel: O31-22o 4120 
Frankfurt: Im Sacltsenlager 13. 

Tele.: 416263 Tel: 555730 
Johannesburg: P O. Bo. 2128 
Telex 8-6257 Tel: B38-7545 
Lisbon: Prau tie Alegna 58-ID. Lisbon 2. 

Telex 12533 Tel: 362 500 
Madrid: Espronoeda 3Z, Madnd 3. 

Tel: 441 6772 

ADVERTISEMENT OFFICES 

Birmingham: George House. George Road. 

Tele* 338650 Tel: 021-454 0922 
Edinburgh: 37 George Strew. 

Tele* 72484 Tel. 031-226 4139 
Frankfurt: Im Sachsenlager 13. 

Telex 16263 Tel: 554667 
Leeds: Permanent House. The Heaoro*. 
Tel: 0532 454969 


Manchester: Queen’s House. CXiecn Street, 

Telex 666813 Tel: 061-834 9381 
Moscow: Sadoro-Samotechnaya 12-24. Apt. la. 

Telex 7900 Tel: 200 2748 
New York: 75 Rockefeller Plaza. N.Y. 10019. 

Tele* 66390 Tel: i212i 54 1 4623 
Paris: 3b Rue du Sender, 75002. 

Tele* 220044 Tel: 236 57.43 
Rio de Janeiro: Avenida Pres. Vargas 418-10. 

Tel: 253 4848 

Rome- Via della Merced* 55. 

Tele* 610032 Tel: 67B 3314 
Stockholm: c'o Svenska DagbLadct, Raalambs«agen 7. 

Telex 17603 Tel: 50 60 88 
Tehran: P.O. Bo* 11-1879 
Tele. 213930 Tel: 682698 
Tokyo: 8 th Floor, Nihon Keizai Shtmbun 
Building, 1-9-5 OteiracW, Chiyoda-ku. 

Tele* J 27104 Tel: 241 2920 
Washington: 2nd Floor, 1325 E. Street, 

N.W., Washington D.C. 20004 
Telex 440340 Tel: 12025 347 B676 


Manchester- Queen’s House. Queen Street . 

Telex 666813 Tel: 061-834 9381 
New York: 75 Rockefeller Plaza, N.Y. 10019 
Telex 238409 TeT *212* 489 8300 
Paris: 36 Rue du Sender, 75002. 

Telex 220044 Td: 23686.01 
Tokyo: Kasahara Building. 1-6-10 Uehikamia. 
Chiyoda-ku. Tele> J 27104 Tel: 295 4050 


45 29% Royco Group 40 +1 tlJ2 2j 

48 30 Ruber aid. 39 -1 t2J9 V 

90 66 Rugtoy P. Cement 78 +1 $3.96 U 

188 135 SGB Group...... 171 . 1533 AJ 

69 31% Satuh Timber lOp 66 *1165 K«- 

52 30% ShaipeS Fisher 52 ... hL92 

55 36 Smart (JJlCio. 46 .... d2.03 V. 

10% 6 Southern Con 5p. 9% . . .. — — 

38 20 Streeters lOp. . 25 . iL72 3 l‘ 

174 124 Tarmac 50p. 160 -1% T9 95 U 


. .. hL69 51 2.1 9J *«•> Vr^nZ^^Tnn' rrCl pop T x e 

CTJ 3.0 7.9 55 Sers iOg. TO 2 9 3 7 

-2 15.95 3.7 6.7 5.0 ^ KTO&xtoT 

Z Hfii 2 IS 7 9 5® 84 72 E^.CWiu Clays'- 82^ +1% ^97 "2 2 

I -II ISi « B-± W* H 

64 | +1268 10.9 62 ft.b „ „ F -* taUI*«WV ■ Ml hVli 47 


5510 0 ££07 £69 Peridn-Elmer4pc £97*; . — 04% - T4J — 133 97 

II 78 145 73*4 PetiwwHIdglOp B4 W438 3J 7J 5.0 « 42 

M £58% [51 Phi&ps Fhl 5V% £52 Q5V% — Q12 — 36 18 

~t « UOV 710 Philips Lp. OO. 822 -13 Q17% 2.0 H H 97 « 2 ' 

nj gill2 84 Pifro Hldgs. 20p.. 94 +2 3.01 4J 43 6.6 97 63 

2.710 0 ^ 84 Do.’A'20p... 89 +2 3.01 4 8 53 62 24 12% 

_£-£*S-S IK S7 Pto«**90n 112 . +3 5 49 1.7 73 CUD U5 75 


174 124 Tarmac 50p 160 -ly T9 95 If *3 J.l Jig 84 Do •A’So^l « +2 301 4 8 5. 

474 330 [Taylor Woodrow 420 +4 17 72 53 2-7 10.0 l™ *1 PteUv5to“-Jll2 .+3 449 17 7 

?I§ \PJ hmwn. 290 MJ4 ||105S.7J= S, gg£!g'H ^ ’ Jf i : 


SA * » «MSW* 26 U32 4.7 7b 30 ^ W SCZZ JMrt 2L 15A7 22 73 

5.0 61 42 WeflmarTSig'g! +1 3^3 23 83 6.4 ™ ® F^MlCto” 0 " % +1 nf liUf 

_ 36 18 WftoiSpg.]*- 25 ......Mim 4.9 5.9 5.1 ,2*. ,29 Ua v 1 J H 

24 I? S 2 U S£~ 1- - ft ll 

52 24 & z::8g> ll 5 A ii | 7 


** 7 72 S5Z.7IO.OJg |= pSZ^a?"” jH . 3 H* 1.7 73 (SS US 75 WhBehoiseSOp.. 115# 23 3 6-9 33 7.9 “ £ ’ ESEgE£&% «n • 2T 

:034 25 105 57 97 +1 '3 0 39 45 l3 26 21 WI»anK(W». 26 dl.15 45 66 45 4? B . SSvSSC'fiS « +i SS? 771 . 

.... d3 87 62 32 7.7 ™ 59i= |£ 6 q S3 -117 4712 WTms4Jam« 100 12.49 4.9 3.7 B3 g: S 10p S ~i" ?*?-, 

.. 11114 3.0 5.6 7.6 ^4 77 » 1 3*^ J 1M 7J ^EJeO. Tools 83 +3 M29 M 2J 85 ^ |? SSSMPsas- .{S' - 2 -' \ \ 

T437 U 85 9 8 *. lYb KauhbiMncs.. 4» 1.6 7.7 12.6 230 176 WoWy Hughes. ZOOrf -2 7.48 43 56 62 ,Si ■ MSifA*” if? 7 VS'* ± i 

vDMIll I 1HM I ES4i«»i.B8BS:a8^ 

? 8 818i I SB; I IS i l£ « ^es, m . IJSii,s!« 


194 129 Travis & Arnold 180 

314 2 25 Tunnel B 50p. .. 296 u! 
77% b4 UBM Group- . . 76*; 

38 24 Venn Slone lOp. 38 

200 155 Vibrookwt 180 

42 32 Ward Hldgs. lOp 36 


66 30 WestbricV Prods. 64 

116 56 Wetterti Bros ... 81 

46 37 Wnathngs25p.. 38 

45 28 Whrt’gh’ml2*ro 39 

37 22 Wlggws Con. 10p 33 

147 99 Wi hon{ Connolly) 125 

101 63 W-mpey (Geo).. 86 

CHEMICALS. 


Z 47 1 P wlrtffkS itta 36 ’ Um LOllVfUfi 310 253 Scholes (GH) . ! 310 

1 63 h 8MB?. 8 -1 Ilf H’jiSj 7 22 ISS*?* * 

125 95 Watts Blake ..... 113 ... H.2.84 3.8 35sfg ^ A SS"..' 33 


EMICALb, HLASI 1 L .0 g ^ BBSK W H ll S ». n r S S 

HZ T.1 T-j] 240 122 Wh£S?Fig2ft? 220 j'!.'- 5.89 4.0 4.0 9.4 95 53 Barro^M'fe; O^nSlfl ?§ “ 


M2 220 Alginate I nds._ 230 +3 W14J7 2J 92 6.6 

146 84 Alula Pack lOp. 143 t«6.42 21 _|,?-8 

90 61 AB'd Colloid lOp. 71 L70 32 36 13.1 

79 60 Anchor Chem. .. 72 ... 1d422 2.4 8.7 55 

l57 £401; Bayer AG DM.50 £51% ... gQ17% 14 2.9 230 

275 122 BlagdenNoakes. 244 +2 *12.18 L9 7.4 105 

•218 134 Brent Clients lOp. 1B4 M3.17 6.0 2.615.7 


ups ffi RBfflras 


351; 19 Bril. BeiEollOp.! 35 -% 06 

■66 45 Brrt.TarPra.10o. 53 -* 12.11 


14V { 8 V lEurrell Sp .. 
41 27 {CariessCaoel 


Burrell Sp '. 30V •■% S0'93 O.J 

Carless CaorflOp 29 -f tfl.93 3J 


26 157 IVJ 

tC 111 *15 1105 [A.C.E. 


ENGINEERING 
MACHINE TOOLS 


Overseas advertisement representatives in 
Central and South America. Africa, the Middle East. Asia and ilte Far EasL. 

For further details, please contact: 

Overseas Advertisement Deparimenl. 

Financial Times, Bracken House, ID, Cannon Street. London EC4P a BY 

SUBSCRIPTIONS , WJ- , 

Copies obtainable from newsagents and jx»* SUMS wwWw.de or w regular subscription from 
SutBcripdon DepartmenL Firancral Times, Londw 


I <9 41 C.ttalin - 43 

£95 £87 CmaG'gy 7V*v Ln. £93 V 
£90 £83 Do5SCnv81 ,< *4. £90 

£98*; £83 Doffi'kCiu^T 95. £89% 

81 64 Coalite Owm.... 67 

79 59 Coates Bros..... 74 

78 57 Do.’A'NV... . 70 

27 13 Cory(Hwace)5p 18 

b5 40% Croda im. lOp . 54 .. 

34 30 Croda ltd. DeftL 32 

•40 16 Crystalate 5p. 35 

.IlllV 69 Ellis & Euerard. 9r .. 

j o5 42 Enakm Plastics. 65 f 

1 75 jb Farm Feed 69 ... 

394 303 FW FI ....... 319 *3 

?7 13V HahieaMJ.) 10p ,27 +1 

j234 156 Hksn. WsfchSftl- 195 


i 195 — { 65 46 Alien (I 

■fife 47 6.4 51 52V 33V Allen V 
I|S' 38 48 84:172 108 Amaf I 
t2J6 35 50 8.0 71 38 Andsn. 
M07J 53 6-2 9.8 4? 29 Anglo- 
1222 31 62 U 5 W 6 '« **««. 


is 


115 


3.43 

206d 


15.8. 

112 



IhZJ 

84 

+2 

1h2J 

298 


10.0 

136 


99 

57xd 


4.40 

45 


h2J6 

142 


1536 

63 


1h239 

29 




144 


106.73 

7 


8- 

41 

+1 

t? 58 

27*; 


L15 

89 

104 


6P 

234 

-i 

♦15.9 

164 

-1 

m3 

8V 

+u 

0.24 


2i| 8.7) (HD 157 112 
98 48 

76 56% 

284 182 
200 140 
.170 90 

86 57S 4 

2.3 5-3H ! 159 104 

441 4^ 75 33 22 

4 J 37)11.4 szh 43 

ll tl 3-5 n% 48 
11.53 73 y, 41 


— 25 15 Goldman (H)10p 35 ±058 - 

iIbsH 5S 62 Goimne HWs — . 68. - 338- 1.4 

^ 73-4 72 • -50 Grampian Ttdgs. 56 AS5 L8 

7.6(58) 125 84 E/arwta '/f l 174 +*" fl_g7. 47 


-I “.l - I T-.II25 [102 


XI +rr frrn .Li Grampian T«gs. 56- AJB JjB 

116 +1- f|82 2.6 75(58) is 84 Granada 124 +3 fl.97 47 _ 

85 ...i. d3j66 2.6 M U H 37 GrtmshaweZOp 60- *3. - - — — 

63 -1* 1-62 . 14 38(8 6 ) 72 37 Grknenwb lOp 66 ITT: 411 . 7 . 

ffi * a 'fi 2 SH,n * l M.-SSSSSi&i?. . » zj-s. 

X S S-S ?’r xiU’l £ ££ HaJbraSWgLMp- 36 ' ...i 1086 92 . X 

99 *f|.63 3-9 67 «% 2^2 HalmalOp 39~: rl‘ «L67 74 

-.52 ”, i 11 t .J 1 P Hanttbme 12*g>i 41.. U02S ,33 37 6 

W 8 -2 538 4 5.5 j 104 U Haoime* Cp-^Sc. • 72. +2. .D7c 28 55 5 

22% 1052 TS 3.5 59 154 121 Hanson Trust „ 341 . 44 7 J 02 . q2J 76 1 

98 3.® IS 9i 68 ) £89 E75 Datfjc Cm'8893 £80 • +2 Q 6 %« 855 R» 

5|V — 3 0t^ J 9 SI 51 Hargreaves 2 T 3 p .„ +3^7 2.7 8.1 

64 wa 35 62 46 95 65 Harrts(PIL)20p_ 76 . ...... 434 ■ 23 U5 

Ilf - A - 31 j-0 M? A 1 . ?3 Harrts&SheW». 50*? +1 12.99 rZJ J 9.1 * 

64 +2. 2.94. 4i -43 72 76% 65 Hawkire£T1i»M 46 ^ a_o5- ZS 9 

,50 + 1 L94 « 5.8 55 M Th S3S5SS . -ifc ^ _ - 

Ml 4.39 U 51 SS w ' 34 Hey(ltawi)10p 68 . 2J * 

13? ..... 43 ? LB 5.0 32.9 164 120 Har%Wiarf£l 14Bal .... ijZ 16 ■ 


74 5? Fitch LoreU?Sp. 60 All l^lOfjMA 3 g 28 Hina MaTwri ztto SS- 2.1 7 

26 20 Glass GtowrSji M rtS -2.9l 7.ffl 66 82. 61 HoldenlA.L -7U in? 67 .33 '( 

77% 56 Harlew'iTs P. 20o 65 . ...... dM- 3 J 6 « 52 74 59 HoUlrBreau. ... ’ 66 ‘- ^.... 4Str ; ro- 3' 

252 165 Hdbrth lto jj. 235 — W4 5^ ill 63 177 IMV Halt JUmlUL lft* 164 V * 1 . »7JI iX 

95 59 Hinton (AjlOp 87*d .-..J f2.91. 5.71.501 5A 390 |228 Hotwer'A! 228 -^; L5J4- 2X 


(j* 










CTICT 1 


; »*5 ' ' f -'- !>V 

- . »*S. si., 

3-W 'o ^ - Si* 

3?— 2 


1M 


52 


MD 

r’-I 

ilij 


-:3 

li) 


1? 








RANCe — Continued 

r'lTfiTjto^'fUflddSr* JC«%R» tT/tll f . i IWIfl 301 1 MU 7113 « 


ffiS&S 



is 


Mag 

■■■■■■■VI 


44T- 


wmms 

kaMidtaH 

LLl’^ 

JM tenfek<W<a 

&bsm 
■b° 

II 32 

IzsM 

,_fcw«Siidflp»- 
gQte^WSpJaf 

EictutfhfaSl 
O-ClaLlDp.l 

»l^^ 35S 
P^UdMM 

@1 

■Letwi Harris'. 

Mart Car. Hte J 


>?• n 


-;: 2W-; 



L - +3 


Kl 



WCca^iAcS 


7+2 


rl 



s Svjpg» 

J -* 3 W j 

?rr-.j *.«.. i::2? uh% 

u : r feff -sJ 
■: * [frl 5 » 

i*? - N:; v'r-^.^p. 

•rs ' J -;>• ■/: .* W 

-,;• i s. 

■ ’••.V*--67- 

54 


:«) 


if. . » 

v 3* 

•„.. : -W 03i 


,:j. 


if' 


;iv 



43 

*59 

Si 

Iff 

* *^4 
r-j» 83 • 

•-¥ 


trA-jl 

Macpnm«i ra.)l 

ManStolK 

MarihtCLlndlOp. 

Eke , 

Martln-BJarX— . 
Malke»a»7*pc. 
Maynards 2Sp.. 
MedrtfstolOp^ 
M«dJaere-5fr._ 

I Meta Sox S_. 

WefalCtosure. 

JB5pc82£ 

Monument 10p. 

;«<KS»rO«We. 
IMorralJlMttM 

WtasfRcl 
[UovUexfl 

HMywn&nH 

assm 

Mil. C'Uj'nSQltiB 

|n««fl&Z*frO 

|W r»^E^ p,]Qpl 

fttor*SecsTiOp. : 
foto-Svrttfr5p._ ■ 
■■I Bee Finance CV. 
5^ ffice-&Ehyt~. 
rfUO&tx^tb.b.^. 
Pws towl2»;c.- 

%*£#- 
Panfc&WHtel 


Petrtflsiqp-u-H 
PHrocortl2%p. I 
FWflf*Pat«ts .. 
Photo- Me 50p„ | 
PlHOngtOd Br. £L : 

PltoVtowtln.. i 
PM fc Const- IQp. 


#A 


+2 


+1 


Mt 


rl 


Kl 




-..603 



H 


■■-■A 




IF* 


- *’*r 

il- 1 : 


i3u 


I Pnw.laimtfc.1 
RF^GnatM 

R TD Ef Ottp 30p 
Randalls _ 

I BaokOmn — - .'■ 

I faddtttolSQp. :< 

RetifeamCB 
Reed Eire. 

I Reed? £A r 
RetjWiPBwO 

Renwit&G reupVl 
I Restrnnr-JiB 
I Rg xn wre./, 

: WcBTto- 


\*l 


5^2 



PGroag -- 

WP*w»w3H 

{Scotcfov.-.:-.- ,.| 



‘sS? 


^gwssa 

- Shan* Ware 20pl 
Stebe Gorman ■ 



105% Staffs. PottS— 

Waxas 


ipdSSSi 



(875 SM4*ltattAK58. 
70 Swire PacHfcbOc 

falbeit5p_^_ 

TbenralSTOd- 
rtLTIinKViwSp. 

IWrtMUeta*.. 
TBUooT.20p_' 
rool«BR.W_. 

._ 13612 rejf*-. 1 — i- 

JOTj rrantlln. US» . 
63 rran3}3ort Dev. . 

fr ”™ a a^ 


- •!' 


Tancrfrttm. 
Timer Corz. 5o 

UKOloll f 

UoiKmlnctefs. 
UitHfexlOp^-, 
UaUewr. 


^3W^2lUn , *N.V.FU2 i 


Hum Carriers 10p 
R»7jUote4Gash«fcJ 
lUh. jU.Saagnice5p.-l 


hWWbbMsiOpJ 
Wade Potts. lOpj 
yte fc«rKa t.Sp4 
J™ jw ^y u 5p^ 

Bouci^ 

[Wedgwood — ^ 
MtabvBovdlOp. 
hnoek.MJl.tcii. 


IMnerslOpH 

PW {yirtgnCrp-20p 

44 illlMriM 
2? 

U 

I 42 

J205 

I « 

89 

H^;l I 

214 MffBOTsnR Angel. 
■■ White CMU&B.. 
WWtecroft _.■! 

Whtekja5-&w4 
»Br«{J.) 

Wl IV Ins Mitchell. . 
WitVsnM’hUifl 
Do. lQpc Cnvr. . 
Wm BUreCJ.).- 
Wllk. ig' 
■ IMteUWuWI 
36^2 VWnn. loite 20p_. 

1 34 metmmm 
mm Warn 

Wood! 

•Wood 



ter 


+1 


I 

I 


H-5 


1«L 




b* 


S 


frfZ.94 

5.4^ 


w 

& 07 

mL02 


rata 

Srol O a.7j33i 

f 13 a 

3L9| &J 52 

2^t8.l 

2-7 &2 8.8 
X7 8.410.4 
13 93133 
32 83 53 
2.9 6i 8J3 

52 45 5J 

.1^193 <5J 

te 73 f.7 
3.4 83 4.7 
U 8.4 6.9 
2J 3.8143 

SJiff ^ 

32 83 55 
45 


65 133 
6.7 26 8.0 
23 6.8 85 
23 69 65 

13 7^ M3 
_f92 
33 5 lC 82 
3.9 43 95 
25 i 14 

52 23 9.2 

53 3S 
25 53 
5.0 45 
55 43 
7.6 6 4 
24(175 

f — 23.7 

as 

M 
It 


.99 

^«9l 

422S 

11-59 

Q?» 

ltd 

6241 

&& 

bl54 


L93 


<26 


HHt 


EK«d 


in' 


pj 

[»i67 

t&97 

k%\ 

tel 

\m 
028 
I dO-49 

m. 


0W , 

blS 


nua 

iuP 

d4,47 

H7.48 

tail 

raO.S 

10.0 


t254 
JO 9 
M157 
0.91 
5.40 



114, 

±inSl # 




y mI t 







liaii 

Hfs-s 

42 42 62 
■ft 43 65 
135 6J 
■p43 7.4 
5M43Br 

83 


aSCB 


>63 14 
365 1^1 
■42 42)1 
063 BJ 
135 541 


li 




L9175 
3.4125 

88 
4.0115 
26 69 
, 6.4 72 
ZfljlD5-63 

Ip| BJD 

“JH-t is 

Oi.43 54fi52 

26)115 55 

-251 aa u 
Tawiu 
u] 55 75 
3.7 53 
9.410.9 


INSURANCE 


C. 

jBritaonieSp.vi; 

tenn*JflBdApi«| 
Comm. Uflkxr.. 
JEagte Star.— . 
Edn.4Een.lnfJ£b 
&UK9%Cw- 

k.R.e..j 

Hanbo Lffc--, 
Wa»(C.E>20pJ 
htoggRflbhwM 
mtW*n(A.)10pJ 



ESS 


-Z 


-Z 


t ?TH=i1:Sr 


p3Z 
172531 

t4.» 

b428 

1721 

7586 

t658l 


m.- 

.... 


+■ ar 

Dte 1 

rid 

Low 

sba - 



W JCSirltrt 


PearfSp- — — 

242 

-2 

12.78 — 


?16 

Phoenix 

240 

-2 

910.51 - 

65 

I ZD 

ProvaenfA",, 

14Stt 


tB.29 — 

R5 

120 

— 

X4Db) 


1839 — 

81 

135 

PrtritentlalSp- 

152 

-3 

*6.75 ~ 

h h 

1 25 

Refuge 5p.^ — 

144 

-2 

822 - 

86 

m 

Royal—— ^ 

368xd 

-2 

Tib 7 - 

bl 

3 ID 

StdgFcfbesipp, 

410ft 



19.74 33 


9i 

StenhBwse— — 

107 

-1 

T4.ll 2.1 

5i 

482' 

Soft A 1 Dance £1 

514 

-1(1 

120.46 — 

5.1 

5L 

Son UfeS|» ...— 

106 

-1 

3 48 - 

4.« 

679“ 

TatSho Mar. EDR 

«75 


gQKBi - 

0.6 

155- 

Trade lademmty.. 

170 


■;,t8.60 — 

76 

£17% 

Trawfert 5230 

424% 


3S1.60 - 

14 

227. 

Wltils Faber— 

233 

-2 

1934 2.4 

5.9] 


LE 

^bWO&^yA*--; 

.BtSUffB* 

53 O*fcEdBtn.50p. 

fl». SoostjfiHaiAM) 

- CmpsItetSto- 

; b^se 

firawfirwulftJ 


1135 £08 
-41 


r HVnt,Wir'42Dp 

'mS&jeST- 

MM.% 
. Pwtw tUanJ- 

; SwSS&.fl 
laTtSfiii 

HvtMTV'A’lOlL 

Ulster TV ‘A*— 
I WrtbO0fc>5p. 
L __. WestMdTVlOp. 
1 44*2}Zetten5p_ — .- 


SURE 


78>i 

107a 

92 

160 

106 

U3 

4BM 

650 

121 

37 

3J7i 2 

,28a 

l37jfl 

106 

vP 

38 
82 
71 

171 

69 

55 

71 

ill 

53 


+1 , 
!+3ial 

*1 

*1 

-2 


+5 


-2 


+434 

t3.07 

ttUh233| 

14.47 

tSJi 

2.0 

M66 

1233 

04.23 

9J 

2.44 

M5.73 

0.66 

9.28 

7169 

H025 

A222 

d2.76 

205 

5.95 

96.75 

12.4 

1287 

43 

hd0.45 

L8« 

13 




i! 


W.6l 


751 5.4 
11 55 
35 55 
7.2112 
4 J 65 
2.8 4.0 

B7 U 

83 6.7 
63 93 
Hill 7.6 
17 4.6 92 
3.4 7312.0 
3J 35 75 
4 102 6 
It 7.9 68 
2A 25195 
3i 23169 
11 111 7.1 
52 3.8 7.8 
27.4 12 _ 

25 55 102 
51 4.9 
7.7 64 

9.0 » 

4.1 85 


32] 

33 

11 

4.6 

92 

1 25 
F2.7 
125 




22 




— J 

— 

195 


027.5c 

17 

7.1 

50 

+2 




10% 




- 


94 


M5.24 

2.4 

a 3 

03 


032%, 

2-6 

53j 


140 

+10 

2.46 

131 

57 


335 

62 


-ij 



03 


163.H 

5.3 

51 


W237 

55 


MOTORS, AIRCRAFT TRADES 

_ .Motors and Cycles 

!72 IlM Gm .^TurSs 
53 37 UtusCarlOp- 

12% Sh Reltent*4tr.5p. 

{£25 {762 Jyuhto XdW 

Commercial Vehicles 

bMaste 

r pM*iwtaj.icp 

57% Pfcfft nrKj... ■■■■ ■ 

45 [VofJtTfafcrlOp. 

Components 

44 tAbta*n»e , s- 
m MritoirStream 
56; »o*ftisE4.10p 
1107 ASSOC. _ 

52 Aaumotm 
56. BluMifl Bros. - 
,20% BCBteBniLlOp. 

. ,fp4 DamCorpSl-. 

B04 1252 DowtySOp 

B99 
12 

$ 

0 



.KM'- . 

te4akwasii«ts.£n 

■33% Ism* Gitwp lflp J 
55 ■ KttMltBrt eiteii^ 

yiiHUj] 


Garages and Distributors 


st 



46 


d2.68 33 

67] 

37 


dh2-46 43 

10.1 

66 

+1 

822b 3.1 

51 

Oft 

+ l? 

1524 3.6 

65 

72 

+1 

nut as 

7.1 

65 


3.73 26 

8.6 

2W* 


LOB 3.1 

6.1 

Oft 

+% 

0126c 3J 

32 

281 

-t 

4.50 41 

74 

67 

. 

53B Ll 

170 

262 

+1 

t2.89 K5S 

2.7 

53 


m . 84 33 

74 

307 


9.18 4.6 

45 

54 

+ 1 

0.60 41 

4.5 

.78% 

+1 

3.13 33 

6.1 

101 


3.86 4.9 

57 

80 


4.47 2.4 

83 


lac. ft). 

..JCCvActlOp 
C£S3-lft>~ 

rOeSF 

Omrte<W5o_ 
Darts Godfrey- 
Oomjfl. 



72 


PHH‘-£rp._ 

l&Sj 

iSsSSfel 



1978 


m Lew 


P RO P E RTY — Continued 

!-1 


■ f- 


INVESTMEMT TRUSTS— Cont. FINANCE, LAND— Continued 


642 

10 

272 

225>i 

397 

41 

50 

12b 

43 

250 

1194 

£163 

W 

275 

139 

80 

138 

159 

50 

300 

48 

90 

,137 

46 

, n 

347 
, 123 
1330 
,122 

87 

, 78 
U28 
(100 
1118 
,42% 
1129 
£175 

m 

288 

7b 

77 

Il3» 

£> 

163 

[365 

29 

26% 

46 


Stock 

Hapmeron ‘A* 

iM-T.'-i 

Hn-Jemi-re lop. 
HK Land. HKS5 
lirry PrtDcrl* . 

Inicrmregeji IDs 

|Jcrmvn 1nve;t .. 
Lainq P roK. ‘A' . 

LAiid InwM 

land Sec. 50p 
[4.JV C *». '£’ . 
DS b'j'Weny m 

Do 10 fl .Co»-95 
Law Unfl35p„ 
Lend Lease 50c 
Lon Prtn Shp 10pj 
Lm. Shop Prop 
'Lvntofl Hagi. 20p 

MEPC 

MarJbortugh 5p 
MarkfEilates. 
Meli^mey iop. 
UcKny Sees. 20p. 

MHfturttWh.lOp. 
MOunt*id*i50 .. 
Huc«ow IA.4 j 1 
Notion. 

.Peachey...— ^, 
hWMtfg.4/iw.i 

Proa Part 'snip. 
Prop. & Re*. -A’ Ji 
Prop Sr:. Inv SOp 
Raglan Prep. So -| 

Regallan 

RegionaJ Prop.. 

Do.‘A' 

Rush £ Tompkins 
iSamiet Props._ 
Scat. Mrtrcp.20p. 
jSecond Chy 10p J 
'Slough E«i 
, DoJOKCm. V 
iSlockConversn. 
Sunfey (B1 Inv.. 
ISwire PropertJes, 
Town Centre 
11% [Town & City lOp J 


527 

:i 

211 

94 

280 

25 

321 

"it 

1190 

£145 

£125 

£125 

37 

1172 

77 

55 

104 

105 
16 
14 
30 

1145 

*■ 

1*44 

[280 
, 61 
1280 
.81 
3 
a 

74 

59 

89 

72 

97 

29% 

[100 

£140 

£lb 

[170 

& 


82 

IB 

240 

119 

262 


[TraffortJ Park — 
U.K. Property... 
Lhd.Rwl Prop. 
'Warner Estie.. 
[Wamford )ny. 20o 


13ij |W Si nun. 4 Civ P. 


iW’minster P. 20? 
Wire ton Eits. 


Price 

610 
25d 
254 
220 
58 e 
40 
46 
122 
42 

2454 

£189 

£159 

£159 

«9 

207 

139 

75 

128 

148 

23 

34 

30 

280 

45 

90 

324 

45 


Dir 

Nit 


|fM 
C'rr 1 6 r i 


P/E 


31 

iao 

317 

122 

& 

74 

74 

102 

93 

117 

41% 

119 

066 

288 

260 

47 

75d 

13% 

122 

24% 

308 

150 

345 

27 

22% 

40% 


+ 5 

5M 


0 67 

-4 

3.35 

-I, 

KQ43 C 


2.20 

-r2 

tO 1 


16J 

-> 

ux 75 

+1 

8)0 


540 

-1 

D5-„°» 

+1 

Dfc'.'. 

-1 

Qll)*i 

-2 

107 


Q2S-. 

-1 

0.82 

»2 

303 

+8 

25 

...... 

1173 

bdOJ3 


7703 


1.59 



+ 1 

♦134 

+2 

2 48 


2.03 

+i r 

7.U 

+t 

664 


H2.5 

+5 

5J4 

+6 

0.39 


111” 

+3 

1 il 

+2 

d2.91 

+7 

d23 

+1 

L97 

+% 

til.75 


1730 



Q10% 

+2 

703 

+4 

4 33 

-% 

Qlftc 


0.91 


0D1 

-1 

4.09 


033 

+2 

5.62 


1770 


7.06 


1.0 


1.29 


1.7! 2 4165 1 
32 4 J 0 , «: 
ZJ 2.01255 
13 3.6)202 
isl 0i^5£.S 
0 4 

lit 5.3 25.7 
2.2 3 4 19.8 
11 3.6 J7J 
1 5 3 3)28 4 
63 »3.3[ 

6 3 

6 3 16 4! 

OJ 3 171595 
3.9 3.81 8.8 

3.9 0.«31.4 
6 6.W 
2-5 2.5203 

1.9 1.7 <62 
5.0 2.2 9.9 

42.8 
9a 52 
O.H?L5 


li 


6.9 

25 

h 

2.8 

L6 

0.1 


2.9 

2.9 

2.7 
13 
13 

2.8 
11 
34 
53 
Oil 
* 

4 


IS 


3-fl 


1.7 S4I1&3 
3.1 2.0 U.4 
11 2.7 49.6 

11 2.7 363 

12 33 403 
L6[ 5.5 >131! 


4-8 


S 9.7 
192 

17.0.1 

JJl _ 
37(213 

23)383 
1.7 


22 223 
22 223 
43 <9.91 


1771) 


25)44.6 
, 6.4 
287 


2?| 

<6.1 

2.|w! 4 
5.a « 


228 


SHIPBUILDERS, REPAIRERS. 


83 

160 

230 

345 


309 

200 

187 

348 

157 

» 

m 

^46 

tU5 


67 

Hawthorn L.50p. 

70 

. 

176 

Swan Huffier £1 . 

150 

-1 43 0 

135 

Vospcr 

196 

. — i5.0 

260 

Yarrow 50p 

3230S 

5.15 



SHIPPING 


252 
1 112 
112 
206 
[100 

W 

s 

S’ 

|103 

76% 

58 

29 

57 


BrlL 3 Com. 50p . 
[Cnnninn Bros. fOp 

[FlshcrtJJ 

Furness Withy £1 


[Hunting Gitsn. £11 106 


[Jacobs (J. I.) 20p 
Lon. ffStX. Frlrs. 
Lyle Shipping — 
Man. Lmers20p. 
[Mersey Dk. Units 
'Milford Docks £1 
|0cean Transport J 
P. &0.Defd.£l.. 
Reardon 5m. 5Gp 

Do. 'A'dQp 

Rundnum Iw.i. 


295*1 

265 

187 

255 


40% 

13& 

220 

35> 2 

117 

111 

& 

35 

61x1 


-1 


elizj 

+% 


t9.40 

K632 

tl35 

tS39 

».17 

KL88 

t477 

5.18 

2.b8 

837 

6.64 

0.1 

0J 

M3. 75 


3.4) 4 8| 93' 

7.7] Lgito 
4.6] 4.9^ 6.4 

7.7| 24. 


26 




351163 

r li 

3.4 

1113|(«.0) 
0.911.6] 05.7) 
0.2] — 

23] 9.21 3i 


603 


SHOES AND LEATHER 


19T8 

HI|H L«* j 


Assoc. News 

Ass. Book P.20p. 
BPM Hfdgs. 'A’ 

> Benn Brothers .. 

Black CA.&C3. 

Bristol Post 
Collins Wlitam. 

Do. “A" 

DaHyM»l'A*50B. 
E. Mid. AIBed'A 1 
Cordon AGott* 
Home Counties. 
IndMendentJ— 

Intlhomsonll- 

da Cam. 

LlnolD.PostSto 

> Marshall CarJOp 

Newslnt 

Peanoi Unanan. 

Pcrtrorth&W. 

! Pyramid lOp — 
Houtled^&KP- 
SkneW.MJH^ 
Utd. Newspapers. 

> Websters Pufe5p 

> Wlson Bros. 20p 



AJIebone 1CW . 
Bnmhiintnl'... 
Footwear Invs.. 
Girnzr Scmitilr . 
HradUm. S>ms5p. 

Hiltons 20p. 

K Shoes. 

[Lambert Hth.ZGp 
'Ncebold 6e*rt'n. 
|CHirer<G)*A'.„. 

Pitta rd Grp. 

[Stead 4 Stm ’A' 
Strong & Fisher 
Stylo Shoes .... 
[TumerWSEIOg 

Ward White 

| Wearra lOp 


2712 1 

52 
66 
99 
47 
107 
77 
SO 
55 
50 
49 
38 
71 
80 
41 
9C 
27 


-1 


-2 


116 

174 

173 

120 

75 
275 
93% 
88% 
98 

3?5 

123- 

143 

137 

123 

134 

74% 

lb2 

650 

6b 

31% 

131 

90 

114 

76 

91 

12 

93 
. 88 
270 
.216 
129 
205 

85 
31 
45 

61c 

73% 

232 

164 

213 

,145 

[165 

47% 

21b 

66 

£44 

ii 

127 

87 

9B 

86* 

li 

92 
, 55 
'103 
Ul% 

W 

ff 

IB 

1190 

150 

1117 

115 
liio 

105 

86 
BO 

131% 

70 

, 85 
IlM 

70% 

70 

89 

no 

204 

n 

82% 

S' 

176 

h »2 

1B2 

150 


,'B8 

140 

*122 

79 

56 

314 

S' 

75 
[194 

90 

102 

100 

87 
9* 
56 

'124 

11 

26 

76 

«* 

85 

62 

7 ?I 

f 

g! 

Hit 

67 

24 

»* 

[I 

140 

1 

[U 2 ? 
155 

iS 

55 

1194* 

SC 

74 

63 

58 

. n 
(102 
R70 

59 
37 
70 
76% 
130 
37 
34 
49 

bp 

88 


SOUTH AFRICANS 


'Aberurm R030 
UnglDAm.ln.Rl. 
TAjig.TrHrid.50c 
r GoldFI*.P.2%c 
[GFunn* ‘A’Stx 
Hulett's Cpa. Rl. 
OK Bazaars 50t 
Primrose lOcts. 
RM 7rae«nirA'3k 
ISJL Brews. 20c J 
(Tiger Oats Rl... 
Unisec — 


93 

+X 

10 16 

SZO 


063c 

no 


Q20c 

42 


05c 

125 


Q20c 

102 


07Hc 

340 


t058c 

50 


♦Qftc 

155 


026c 

56(2 

+% 

OlJc 

510 


TO 52c 

.52 


01012C 



TEXTILES 


NEWSPAPERS, PUBLISHERS 




PAPER, PRINTING 
ADVERTISING 


46 Assoc. Paper— 
£92 Do.9>zpc Cone.. 
29 Autt&WftWB.^ 

62 Bentrose 

39 Brit. Prfntfng..- 
55 BranninQ Grp-. 
52 Oo. Restric. Wft 
88 BcmzIPulp — — 

38 Capseals 5p— . 
15 CaietanCSrJ.) 
65 ChajnsnBaLSOp. 
46 ClanrtRichanD.. 
50 CoUett O’Son lOp. 
18 Cutter GueuK — 

^12 O^t 20p 

43 East Lamcs/Ppr 
544, Eucalyptus 

» Ferry Wal^. 

39 Geers Gross lft>- 
60 Harrison & Sons- 
61% UnrtTSkGrp.SOe 

168 L&P. PoBer50c 
220 McCorw0daJe£l 
68 MehJOy Mills ~ 
UO Mills & Allen 50p 
62% More O’Ferr. Wp 
OI% Odlvy&M.«. 
24 0{»es Paper 20p. 
45 Ordey Prirt Grp 
_ 65% SaatchflOp—— 

B L« Smith lDrtd)‘20pJ 
"■ SmcrfaCJef^J- 
Tiwparent Ppr. 

: TrfdantGita®- 
l UdKr Walker lOp. 
% Wace Group 20pJ 
1126 WaddhstanUJ-i 

72% WWninushs.-- 
il viwtwrwwisp 



PROPERTY 




a 


£183 

£100} 

89 


20%' I 


AlTd London lOp. 
Allnatt London . 
Analgmaird Sorts 
Ape*. Props- 10 b. 
. AquiS.SeC5.5p. 

' Avenue Cl'se20p. 

Beadinont Prow- 
i BeaarlC.H^lOp 
. BeHwayHidBS- 
BertteiwHambro 
Bf! toffeny)- 

Bradford P rop. ~ 
BritWLand™. 
S Do.12pcGnr.20Q2. 

Brfxton Estate- 
■ Cap. & Counties 
' Carwgffli 
CWrortndalMp. 
De.C3p.2fti-. 

- ChinWryEst- 
. City Offices---. 

Clarke NleWfc- 

i Control Secs. 10p 
' tantEztttrtV*- 
Cary New r. lOA 
C'nty&ftsLl^. 
Dae^n IHIcte). 

, DnwEaateslOp. 
Dorrinuton lOp. 
Eng.'Pnsi.5flp. 

Do^jpcCnv.. 

Do.l^xCnv- 

Era. & Agency ■! 
Ests.fcGen.Zfti^ 

Era- Prop. Inv_ 

Evans Leeds.— 
Falntew Esis. lOp 
FliOKe&W-lft- 
GflgatttlOp-— 
Gt Portimd50p. 
G--e;ji IR.) 10p - 
Greertcaat 5p_ . 


63M 
228 
21 
84 

»■ 
Set 

8Dtf 

150sl 

in 
268 
42 
£US 
119 
Ad 
•97 
87 . 

83 
5C 
35 M 
315 
70 
68 
35d{4-l 
24Q 


35 

119 

106 

18 

61 

34 

£75 

£82 

60 

20 

110 

88d 

136 

20 

T* 

8% 


+4 

1*3 

44 i 

I 


+1 

*1. 

[+B 

+3 

+2 


Hi 


+2. 


206 

d4J7 

hl31 

0.69 

L65 

M3. 87 

d4i 

291 

t3^7 

16^7 

16.91 


. .94 
Hill 

a . 28 


14 JK 
t«S 
tL92 
TL99 
10.84 
6203 
0,66 
OJB 
3M 
Wil 
MIA 
233 , 

m 

0.4e 

11.02 

236 

4132 

W1 

LI 

162S 

0.49 


23453 
4.9 26.1 
3.2 4L0 
63 203 
1LS 

5.4133 
3334.6 
L4j 5319.7 
43 7.8 


li 

■3-21 


43 


L7 

13 , 

12 33^363 


4.4] 


4 9] 123 
29)24.2 


r7.« 
24jl3l7 1 
4.9)312 


22 17 
18 

15 

16 
Di 
2i 


32 43| 
0.9 
16 


0.8)10.2] JSM 

134-5) 

liu 


403 


OZ72 

4418.6 

10222 


10.0 
4.2 

7.7)123 


«-3 — 

fl5fl — 


73.7 
7.6)16.9 
3.2 29.4 
22189 
7.1 l52l 

8i| 8 

20)31.7 
6.UI2.5 
ll93 


Sol 

h 48 

ns 

S' 

72 

56 

34 

32 

40 

54 

72 
22 
166 
61 
66 

49 

J 21 * 

&07 

48 

74 

&« 

50 
82 
19 
11% 
60 
*56 
25 
91 
74 

53 
40 

73 

36 
99 
77%. 
45 

H06 

66 

48 

37 
34 

. « 

H 

66 

54 
62% 
32% 
90 
60 

49 
59 


1130 

48 
53 
M 
20 
28 
28 

M 

9 

12 

39i 2 

33% 

28 

63 

29% 

[109 

£7B»« 

31 

4ft 

49 
51 

24 

25 
B5 
79 

* 

53 

37 
27 

26 
26 
42 

38 
15 

7 

34 

55 

42 

21 

73 

29 

46 

1102 

24 
58 
12 
8% 

41 

34% 

18 

61 

48 

25 
18 
20 
20 
83 

3% 

20 

22* 

3* 

26 
23 
37 
20 
18 
46 
44 

li- 111 


[Allied Textile 

AlkinsSro* 

[Beales (J.)20p. 
BedsnanA.IPp , 
Black*, ood KorL. 
BojdSL Fab.lOp. 
Bright (John) _. 
BrigrayGreSp. 
Srlt. Enkaion.— 
Brit. Mohair — 
Buhner L'lrt-SDo. 
Cairti (Dundee). 
Carpets Int.SOp., 
Carrigtn Vfyrlla 
[Cawdawlnd — 
Coats Patorts — 
Corah 


CourUulds 

Do.7%D»82/7 
[Crowther (J.) 

Dawson IrrtJ 

Do. ‘A* ,.~„ L 

Dixon (David) . 
lEatiy (G) 4 II 10p{ 
Foster (John) — 
Haggas U.llOp 
picking P's.SOp. 113 
Hldd Bros. 5p_ 

Higftants 

Ho llas G rp5p — 

H omfray — . — — . 
JIFgworthM.20p 
Do. *A’ 2Dp-_ 
Ingram (HJ lOpJ 
perome (Hldgu j 
Leeds Dyer; — 

Leigh MIh 

Lever 5p 

Lifter 


Lyles (S.) 20p - 
Vjckay Hugh — 
Mackidnen Seatf 
Martin (A.) 20p 
Miller (F.)lOp. 

Monffort 

Notts. Matrfq.... 
'Neva Jersey ap-. 

Parkland 'A*. 

Pieties IW >&Co. 
Oo.-A’NV lOp 
Radley Fashions 
Reliance Knit20p) 
Richards 10p.... 
Rivingtun Reed. 
S.E.E.T. 2£to_.. 
Scott Rooertson 
'Setters im. lOp. 
|SfBw Carpels lOp. 
IShJIoh Spinners 
[Sidlaw Inds^Op. 

Sirdar 

Small iTid/nas 
|Sn. Viscota 11200 
Do-Priv. L12D0J 
Spencer (Geo.). 
Stoddard *A'— 
Stroud Riley Drid 
Sunbeam Wofsey. 
Tem-Coosulate. 
Tert*rd Jr$f. lOp, 

Tamtirtsons 

Tootal 

Toray Y50 

Trafford Carpets. 
Tricoviile 10p— 
Vita-Tex20p— 
Vo-43. FlwW.2Clp. 
Yocghal 


145 

52 

78 

75 

23 

29 

33 
V* 

13% 

52% 

52j3 

21 

a 

ir= 

ir* 

123 ai 
£70% 

34 
97 
97 

102 

31 

47* 

195 


5? 
67 
39 
31 
30 
35 
50 

64 
22 
16% 
49 
654 
46 

ff* 

45 

73 

138 

38 

75 

i | 

5ft 
21 

65 
64 


34ui 
71 
33 
. 83 
74 b 
45 
73 

«• 

30 

30 

42 

75r 

38 

65 

45 

S* 

76ti 

57 

40 

32 


+1 


+2d 


+2 


+1 


*1 


t25 
d!33 
152 
03.75 
M3.6 
1.01 
4.19 , 

m 

169 

235 

3L55 


i2M 


72 

nS 

63 
28 
as 

73 i210 
:ps 
j 37 

33| 6.7j 64 

2.4) 110 5-7 5® 

17] 9i9 IS 
3.6]13i Fjlfg* 

“ 47 
3.7j 7.81 53 l H 
3MU 43. 

24) Jl me' 

23 94(5.7) 

11 113 74 “2 

33 73 4.9 
3.1 7.6 4.6 Jffl* 
13| ?lflU) 163 

mlT4^| 

»«fl 

23 9.7 74 ft 
28 83 6.8 
24J C.610.6^' 

21 91 (421 I 
24111 54:,^ 

3.0 26 5.8 : 14 ? 
24102 651 S 

0.1 121 am 

54 7.4 3 J '■}?! 
5.6 74 29 IS. 
3i 5.1 66,^» 
3i 8 A 54 
*> 3,9 f ,| 491 2 
24) 8.7 (66) 1 4 ® 

rgjju.y 

OSlO.715.9^ 

5.4) 52 63 Uf 
6J 35 £5 
54 U-JS- 
7.2 32 
3.6 74 1“ 
5.5 454 .55 
65 2711W 

6 121 “f5g% 

33 9.1 43 > If* 
* s 6 * ; 91% 

25 10.6 43-:S% 

9.0 43 

25 9.4 (AD ,218 

22 6.7 85 

13 54 214 Ljj 
13 73160 g5 
15110 95| 4 “ 
53 42 47l 14 J, 
19 67138 W% 

122 
197 
110 
no 
IDS 
27 

m 


1d659 

13.73 

1292 

4.98 

0.63 

264 

246 


1276 
1336 

§ 
1331 
1188 

oO.oo 
hP74 
hP74 
H533 
241 

% 5 n 

Sf 

t3.06 
436 
H337 

?H§ 

raUl 
M282 
fH69 
dl.29 

«04 
4.99 
d335 
167 
13.76 
H162 
1334 

If 

«3 23 
J4.7 
*0.7 
431 
H3.55 
135 
1d4.49' 
184 
1278 
1133 
255 
166 
b.ll 
hd 23 
1243 




li 10.7 73 

21 6i 84 

53 74 28 
2.7 41 67 

54 72 68 
4J 44 64 

£3 ill. 

IB 11573 
fli 9.7 (2271 
53 4.6 5J 

22 6f 74 
B2j 7 J — 

4 


TOBACCOS 


g46 

89 


S7 

^0 

71% 

4ft 

50 


BAT Inds 

Do. Defd 

DuntiilMA.; 10p-i 

Imperial 

.Rahmans 12%p ... 
Stems sen Hn-lOpj 


295 

255 

330ri 

85) ? 

S' 


-2 


-1 


|tl32L 

8.85 

5.75 

1247 

1283 


*33 6.7 52 
- - 43 
5.7 33 73 
li 10.0 (6.7> 
9.4 52 25 
29 83 63 


60 

157 

221 

117 

Z50 

124 

Sis 

<?' 

1224 

50 

H&2 

» 

1« 

, 74 
U15 
6ft 

fus 

65 

77 

S 

68 

1510% 

5139 

26 

9 

*«ft 

87. 

32% 


TRUSTS, FINANCE, LAND. 

Investment Trusts 

r 


nil 

5^ 

IB 

i 33 

fl29 
51% 
47 
37% 
36 
84 
. 3ft 
1104 
36 
64 
, 30 
106 
IM 
49 
69 

V 

43 

45J 2 

IS 

47 % 

, 5ft 
[S« 

6 

34% 

bO 

ft 


Aberdeen Inus.. 
Aberdeen Trust 

MsaJnv 

Alliance Inv 

Alliance Trust— 

IAP.lfundlnc.50p, 

Oo. CaphaJ5Dp. 

[Ambrose Inv. Inc. 

Do. Cap 

American Trust 
American Ta. *9* 
Anglo Am. Secs 
Anglo-lm. D)v_. 

Do. Aset Shi. 

[AngJo-Scot. ln»._ 
[Artlwnedes Inc... 
Fan _ 

t lmr.lJAl) 
jwnliw — 

aSaiLlDp,, 
tic Assets. 
Elect 

&>nLi50p) 

■Bankers* Inv...- 

Berry Trust 

[BidapigateProp.. 

vcossaeTS 

.Bonier & 5'Jr IfJc. 
Brarll Fund CrSl. 
Brazil Inv. CrSl 
Bremar 

Bridge«atr._.. 
[Brit. Am. & Gen 
jBrillsh Assets - 
j8rU.E37.Sra.5p. 


57 

136 

123 

306 

234% 

118 

194 

59% 

78 
42% 

41 
99 

42 
153 

44 

79 
37 

130 

324 

54 

* 

S' 

73 

ft 

178 

61% 

S10% 

K\T> 

25ad 

ft 

41 

7ft 

U% 


8? 

4.86 

1345 

7.21 

18.43 

10.43 
t437 

tU7 

345- 

325 

18 

523 

®»| 

1430 

0.75 

0.41 

193 

3.0 

2.55 

106 


M634 
,170 
030.93, 
85521 


+*4 


1151 

1167 

24 

0.7 


23.6 
5.9 4 
6.4 226 
43 Ml 
54 29 1 
il0.7 13.Fi 
_ 03 - 
12)115111 


10 

10 

10 


uj 4,8ja6 


11^ 


10)113) 


ifl 9.9)152 


11 


l.Oj 

* 

l_l! 

12, 

12) 


4.6(38.0 


61 


5.A 


ii( 4 . 9 I 26 J 


% 


17.9 


if 30 '* 


5.4 27.7 
4 J 35i 
92 4 
43 232 h 

"“fS 


f 

66 

ora 

^6 

.44 

a 

S' 

320 

219 

104 

LOO 

fl92 

^2 

89 


84 

71 

67% 

S' 

97 

55 
65 
90 
67 

56 
48 

S' 

63 

, 5ft 
1630 
42% 

» 

iff 

70% 

103 

ff 

4 

38 

# 

20 

26 

55 

53 

95 

4ft 

lb 

5ft 

is” 

93 

64 

34 

>IS 

71 

26% 

65 

40 

33 
62 

41 
48 

?P 

1600 

V 

11 

bl 

7ft 

7ft 

9ft 

51 

47 
99 

59 
23% 

i Sr 

35 
22 

11 S 

If 

§20 

73 

52 

48 
159 

67 

101 

7ft 

151 

1114 

34 

9 

119 

86 

5ft 

58 

72% 

69 

llbl 

65 

60 

15ft 

5 

58 

94 
144 

ff 

80 

81% 

Zl% 

86 


jG.T. Japan 

fimLAComni'ci. 

[Gen. Consoldtd. 
General Funds.. 

Do. Conv. lflp. 

[Gen. Invectors _ 

jGen. Scottish 

[Sen. SChtirs. 12%) . 

[Glasgow STMdn. 

Glendevon Inv. . 

, Do. “B" 
ttlnirnurray Inv.., 
Do. ‘B* Ord. 

(Globe Inv. 

{Gowtt Europe - 
Grange Trust. _ 
Gt. Norlh'nlnv. 

Greerrlriar Inv- 

Gresham lnv.._ 

Sroup Investors 

Gua rt£an Inv.Tstj 

Hanmros 

; Hill (Phillpl 

HuiaeHMs."A"J 

Op. “B-.- 

IcofumMS) 

Do. (£1 _.. 

Industrial & Gen. 
Intemat‘1 Inv.... 
Inv. In Success- 
Investort’ Cap.. 

JanSne Japan— 

Uaitlne Sec. HKS5 
LterseyEti.Pf.lpl 
Urney Gen. £1 . 

uos Holding 

pove Inv. JnclOpj 

Do. Cap.2p , 

Keysuoe lov.50p| 
Lake View Inv.. 
:Unc.&Lon.1nr_j 
(Law Debenture. 


[1C* 

56 

ff 

91 

120 

94 

106% 

18 

80% 

163 

600 

74 

,5ft 

1270 

171 

S' 

148 

26 

69 


I L«la Im. It 

Do. Cap. 5p 

Leva lionet Inv. 
Lon. Atlantic-. 
Lon.8iGart.50p 
Lodo.& Holyrood 

Lcrr. A Lennox- 

Lon.AUv.10p 
Lon. A Lomond. 

Lon. & Montrose 

[Lon. A Prov— - 
Lon. Prudential 
[Lon. A Sttyde- 
LoruTsL Did.— 
Lmvtandlnv — 
U1G Oval Inc lOp. 
Do. Cap. lOp.. 

. Do. Cap. ^p 
tMn.5Uebeo.Lmr. 
MHdrum Irnr. 
Menantfie Inv. 
Merchants Ttt_ 
Monks Invest 
MonL Boston 10p 
De.Wrrt5.fi 

Moorgate Inv- 

Moorside Trust. 
NegltSJLSUSl 
New Throg. Inc 
Da Cap.£l — 

Do.NewWrrte. 

1928 Invest — 
Nth. Atlantic Sec 
Ntha American 
Northern Secs - 
(Oil & Assoc. Inv 

Outwfchlnv 

Pent! and Irrv — 
Prog. Scs.lrTV.5Qp] 
PrnvMMCItto-i 
Raetxn 
Reabraak Inv— 
Rights A 1st. Cap 
River A Merc.-, 
River Plate Oef.J 
RsfaecPtBrJFlSQ. 

Do. Soho's FIS. 
Rotinco NV F150 
Ob. Sub. Strt FU 

Romney Trust 

Rosedlmond Inc 
DO. 

otfcsdriUfn.50p. 
Safeguard led _ 
Sl Andrew Tst. 
SaLAm.lrw.5Q} 
Scot. Cities ‘A . 


Scot. EasL Inv- 
Scot. EuropemL 
Scottish Inv 
Scat. Mott. ATsl 
Scot. National.. 
Scot. Northern . 

Scot. Ontario 

Scot. Utd. Inv— 
Scat, Westem- 
|ScoL WestJL'B'-l 
Sec. Alliance Tst. 
Sec Great Nthn.. 

Do.-B" 

Securities T. Sc 

tS.Wftfcta.SUS5. 

Shires Inv. 50p. 
SizewelllOp — 
Sphere inv — 
SPLIT luclDp 
SPLrTCaclOp-] 
Stanhope Gen— 
Sterling Tst— 
Stockholders hw. 

L Throg. Growth- 
Do. Cap. £1— 
64 (Throgmorton— . I 
a05rDo.8%%Ltan- J 
71 . 1 T 0 r.lnvest.lnc. 


Do. Cap 

Trans. Oceanic. 
(Tribune Invest- 

TrptevesLlnc50p 

I Do. Capital £1 ] 

(Trust Union - 

Trustees Carp— 
[Tyneside Inv — 
W Brit Sea- 
Utd. Capita Is— 
US Deb. Coro.. 

US. 4 General Tit- 
us Trust Fuod 51, 
Viking ffescurcs. 
WCa-ATewsIOr, 
Wemyss lmr.£l 

W1ntert»tian_. 

Witan Inv 

Da“B’ r 

[Yeoman Inv— 
[Ycrte. & LanCs. 
lYjuagfB'dnrJl. 


185 

142 

85 
17« 
144 
103 

86 
115 

96 

97 
9ft 

S' 

u & 

78 

101 

91% 

5812 

61 

78 

98 
180 

76 

74 

€ 

5f% 

75 
158 

74 

165 
89 

166 
220 

48 

47 

6% 

137 

92 

43 

99 

£11% 

SI* 

If 2 

St- 

114 

112 

77r) 

42 

205 

.56 

204 

113 

77 

S' 

4ft 

7U 2 

S' 

S' 

885 

20% 

i? 

S' 

s- 

S’ 

117 

.6W 

2ft 

119 

36 

m 

550 

pel 


87 

S’ 

209rd 

7ft 

116 

86 

169M 

40 

102 

112 

144 

104% 

S' 

Si 

1*3 

84 

*2% 

182 

420 

133 

82 

112 

149 

56 

115 

169 

S’ 

r 

IM 

168 

67 

62 

1® 

IDS'" 

139 

108 

127 

19 

179)2 

730 

84 

73 

283* 

208 

90 

MS 

179 

"If 


+1 


5 


*4 


+1 


+1 

+% 


+% 


+1 


+1 


-40 


202 

5.91 

t3.Bl 

4.77 

tU6 

3.40 

23 

1244 

IK 


yii5 

H5.5 

18 

12.13 

t3.93 

147 

103 

19 

12.74 

3.81 
1802 
46 

Q20c 

09.49 

11.78 

t266 

2.94 

11A7 

0.86 

tQ47c 

W13.0| 

239 

355 

65 

t2.44 

183 

1457 

2.74 

12.81 

*032 

H35 

s051 

13.65 

11)170, 

3.60 

12.44 
5.9 

13.45 

IP 

H 2f 

M12.7*| 

H5T5 


1.88 

127 

t2-9 

L62 

0.89 

3.8 
14 J2 
011c 
156 


£62.96 

3.07 

d3.05 

350 

t2J3 

1155 

4J1 

1284 

250 

t3.T6 

124 

012 

125 
1634, 

sa 


2.69 

f4|2 4 

17.11 

4.0 
t457 
(2.64 
174 
(457 
152 

3.0 
1335 
3.9 

3.41 

H2J7 

1til62 

t223 

630 

2.01 

HISS 

Q25c 

859 

IS 

1335 

t933 

3.5 
t538 
235 
254 
Irt.HZ 
25 

445 

057 

5.08 

hl32 

t4.46 

1345 

455 

3.91 

4.46 

10.95 

1357 

1653 

QlOc 

132 

0.76 

12.5 

0.07 

7.70 
155 
13.73 


a 

& 

10 
u 

ID 

10 

10 

64 

M 

ID 

10 

11 

u 

u 

to 

u 

u 

10 

20.8 

12 

U 

13 

10 

u 

11 

11 

15 

15 

10 

11 

LZ 

15 

to 

1.0 

10 

10 

IP 


1.6 903 
65231 

6.7 20.6 
O 366 

5^9 22^0 
5.9 253 
35 * 

3.8 325 
21 53.7 


4.0) 

71 20.1 
42 255 

4.1 33J 
5.8 23.7. 
24 512 

5.2 14.6 

4.6 29.4 
52 27.6 

5.8 255 

6.622.8 
90141 

10 
15 

5.0 27.9 

5.3 25.0 

2.8 505 
33 43.6 
0.8 1U3 
6.2 153 

54145 

7.4 205 
115125 

75 <t 

4.0 33.7 
63 22.6 

6.9 20.7 


10.6) 


iwii4| 


11 
1.01121 


13.8 


7.9 2lJ 
10 52.8 
4.8318 
4‘ 311 
33 352 

4- 1 29.1 

4.830.9 

4.6 32.9 

5.6 26.9 

5- 7 2Z.8 

6.6 245 

6.7 212 
94 17.9 

116 145 


6,lj 244 
4. 7)235 
6.1(27.0 
5.Q26J 
2349.7 

7g24.4 
7319.9 
0.6] 1775 


12.7 


65 24.0 

51 27.9 

4.7 315 
44 285 

5.7 245 
41310 

52 275 
71 195 
82 A 

4.7 233 
51 219 

72 19.4 
6.6 215 
5.7164 

5.716.7 


4.6)30.1 
13.6 


51231 
8.018 0 
54 27.4 

4.6 332 
BS p 

5.0 321 

5.7 235 
45 A 

4.5 34.6 

4.0 332 

4.9 30.6 

4.8 315 
31 485 
35(45.4 

5ll3WI 

3.6 414 

56 28.7 
3J> 

9.9 14.9 
35 42.0 
45 3L4 

101174 

To 25.0 
4.8 305 
35 A 
4JJ375 
74 191 

11512.0 

A7175 
f75 

10212.0 
as 
45 318 
29 38.7 

10.7141 

44 290 
52 26.9 
5.4 2S.6 
52 28.6 
75 21.0 

6.0 24.6 
50 26.7 
0.7 
2-0 63.1 
16 666 
66 A 
34 44.2 
3.^372 

a 22.8 

192 

24.0 


Cl 


irance, Land, etc. 


55 

uli 

69 

46 

32 

20 

62 

48 

S' 

34 

1 


4? 

st 

S' 

7 

50 

36 

12 

[100 

s 


pUffoydSotitbers 
Amourist lOpJ 
AuthoritrluAZb. 
Britannia Arrow J 

(Challenge Crpjl 

]CharteflKnne6|!. 
kktiiirniMkLln. 
Dalgety£l 


[147 

18 

80 

25 

25 

44 

18 


fttDoianrefla-. 
Elfin. (Kfl. 12%o 
El Ore MMpg lOp! 
Enkine House- 
Ei Lands lOp 

EvplofStlBnCaSp 

FadnenAGea.^. 

Fitiroy 

Ha mbre Trust-. 
Hamptoa Tjl 58 J 

Haw PM. S. 51 

InL lev. TsJhc 3| 
Investment Ca. 
KafcurikS/- — 

■ftKellDCfclOp- 

trOe.Cmtln.10p-) 
KinVn TsyferUJp . 
KwiriulOp 


T 

u 

*8 

g?! 

308 

39 

a 

8 

54 

39 

14 

24 

12M 

17 
30 
ID 
49 

233 

18 
230 

48 

48 

90 

21 


+2 


-1 


16.75 


0U14c 

.41 


KttJJSl 

175 


dlOO 

192 

12 

0.50 

15.01 

2.03 


Q40 

dl.06 

50100c 

105 

(05 

3.02 

184 


19.0 

A 


12.4! 


2.81 

74 

I 

10.1 


1J 

8.8 

55 

161 

■LU 

1.71 

135^ 


iz 

7J0 

1.6 

125 

C7.i 

Si 

A 

85 

66 

34 

77 

191 


29.6 

6.1 

75 

16.1 

165 

3.9 

A 


OVERSEAS TRADERS 


Tift 

774 

African Lattes... 

270 


H357 

19.0 

2.0 

2.1 

170 

hfl 

Atst.Agnc.50c 

105 


Qi3c 

11 

2.1 

44/ 

170 

96 

BeitsfenHS.&W). 

162 

+2 

1M.19 


3. c 

6.1 

ill 

45 

6artbfic*f T l*s. , 5<i- 
BousteadilOpl 
Fmlay (James). 

67 

53 


629 

L52 

Ll 

X4.1 

431 

I92> 

85 

130 

85^ 

94 


u5.0 

3.0 

a: 

4.1 

166 

95 

150 

+3 

K4.86 

21 

4 [ 

95 

.70 

>49 

Gt. Nthn. £10 

£64 


012% 

2 A 

1 1 

221 

575 

325 

Hns'lB.Cros.fl. 

5 00*4 

+13 

♦7711 

?? 

hi 

9.7 

57 



70 


432 

1 A 

9? 

87 

445 

795 

Inchcaoe £1 — 

305 

-5 

1533 

22i 

7.1 

7.6 

3D 

?1 

Jacks Wm - 

22 


LLD 

62 

— 

3.5 

GJ 

9 

Jamaica Sugar . 

32 


— 


— 

— 

KlI 

55 


62 


6.65 

23 

16.0 

i3.L 

l.l 

4ft 


42% 

-1% 

3.46 

* 

13.1 

4> 

775 

708 


210 


13 AO 

0.* 

95 

£>: 

107 

68 

Ocean Wisns. 20p 

78 


2.92 

2.1 

5.7 

6.1 

235 

165 

Pat'son. Zoch. lOp 

180 

+5 

ao 

6.1 

7.C 

3 .] 

775 

lbO 

Do. 'A 1 N/V lOo 

170 


8.0 

6.1 

b.f 

3.2 

54 

27 


3ft 

+% 

+038 

— 

05 

— 


4I-. 

-u 1 V‘ ' / : !K?I 

5* 


E — 

— 

— 

— 

4X 

uSimr Darby 10pi 

97 



24 

3.1 

24.1 

r-'B 

175 

Steel Bros. 

190 


4.4 

52 

b4 

61 

40 

To:er Kems. 20n. 

51 

-1 

13.15 

2.7 

92 

<481 

flOO 

E87 

Do. 8pc Cnv. *81 

f.91 


0B% 

18.0 

I9.C 

— 

75 

41 

U. City Merc. lOp 

50 

-1 

0.84 

7.1 

L3 

84 

72 

41 

Da 1 Ope La lBp 

50 

-1 

010% 

30.6 

D.7 

— 


RUBBERS AND SISALS 


1778 

High Lb 


104 

127 

17 

4 

J* 

129 

135 

89 

5ft 

197 

83 

63 

81 

127 

93 


265 

385 

123 

30% 

350 

245 

420 

2ft 

130 

183 


75 

65 

9 

165 

26 

Zft 

a 

65 

56% 

41% 

29 

69 

36 

S' 

103 

37 


175 

260 

90 

20% 

325 

180 

330 

22 

90 

138 


Stock 

Anglo-lndones'n .. 
Bertam Cons.lOp 

Bird (Africa) 

Bradwall 10p — 
CaaJeffekflOo— 
Chersonese 10p_. 
Core. Plants 10p„ I 
Grand Central let J 

Guthrie a 

Harrises Mly.EsLli)F 
Hi^Uand$M50c.. 
Kuala Kepwig MSI. 
IlKuhm M50c 

Ldn. Sumatra IXJp 

Malakoff MSI — 
Muar River lOp— 
Plmtaiim Hldgs.lDp.. 
Rlghlwise lOp 

Sungei Krian lOp. 


-1-1 


Price | - 

92 
101 
17 
57 
245 
47 
39 
11 
325 
201 
108 
67 
46 
188 

•a* 

65 
11B 
85 


Drv. TV 
Net C'vr Gr’s 


2.79 

155 

♦L73 

335 

♦hL4 

Q3J> 

d0.6 

1523 

d4.0 

Q25c 


M6.0 

h015c 

♦0.48 

♦5221! 


4.71 


♦hl52| 1.9] Z7 


4.5 


17 52 

10 45 
A 21 

12 44 

11 7.7 
03 7.8 
16 7.0 

13 61 

12 50 
15 4.0 
01 5-5 
11 4.8 
11 5.6 
3.9 12 
2.0 51 


TEAS 

India and Bangladesh 

Assam Do oars £1 . 253 *9.65 

Assam Frontier £1.. 260 1015 

Assam Invs. £1 .... 91 7.11 

Empire Plants 10p.. 2ft 42JJ1 

Lawrie Plaits £1. 335 bl5 

meed Russel £1.. 217 ...... 135 

Moran a 330 15.0 

Slnglo HWgs. lOp 26 4FL75 

Warren Plants. — 317 h744 

[Williamson £1 — 153 125 . 


Sri 

(225 H23 |Lunuw£2 

Africa 


5.7 
, 5.8 

11.7 
122 

, 67 
Z 61 93 


6.8 

104 

95 


Lanka 

225 j 1558 


620 390 
595 130 


|Blamyre£l 1 595 

[Ruo Estates 140 


MINES 

CENTRAL RAND 


442 

420 

£42 

173 


106 

37 


140 

1244 

£26% 

73% 


5ft 

18 


[Durban Deep Rl _ 
East Rand Prp.Rl- 
RandfonfnEa. R2. 
West Rand Rl 


282 

261 

£27 

91% 


+8 
+1 

+% 1 0350c 

+% Q17%t 


EASTERN RAN 


416 |255 


152 

444 

75 

105 

73% 

56% 

865 

63 


445 

£11% 

IDS 

401 

920 

28D 

153 

£16 

657 

652 

614 


289 

£29% 

241 

970 

268 


76 

231 

35 

52 

57 

31 

517 

2ft 


Bracken 93c 

EastDaggsRl ... 
E.R.G.O. R0L5O — 

Grootvlel 30c 

Kinross Rl 

Leslie 65c 

Marie vale R0.25 . 

|S. African Ld.35c._| 
Viattfomein 90c... 
Winke/haak Rl- 
[Wit Nigel 25c— 


65% 

24 

293 

89% 

247 

43% 

86% 

53 

43% 

571 

30% 


ii 

| 

a 

+16 

T% 


044b 

1020c 

F050c 

trnic 

Q55c 

Q23c 

1046c 

025c 

Q129C 


FAR WEST RAND 


250 

701 

Blyvoor 25 

Buffets 

271 

740 

+B 

-21 

063c 

Q190C 

Y 

66 


84% 

:i 

— 


707 


219 

Q50c 

23 

578 

East Drie Rl 

599 

-lb 

tO/Bc 

1.7 

163 


204 

+4 


— 

67 

EKnurg Rl 

73% 

-1% 

tQS 45c 

1.0 

B90 

HareebeettRl — . 

£11% 

+ % 

0250c 

li 

408 

Kloof Gold Rl 

455 

+9 

040c 

2i 

390 

Libanon Rl 

409 

+5 

QJOOc 

2.0 

390 

SeutiiKiai 30c 

405 

+6 

Q21c 

1.(1 

206 

Stilfonttin 50c — 

275 

+15 

06 be 

* 

ru 

Vaal Reefs 50c— 

£12 7 a 


KUlbe 

33 

123 

Venterspost Rl 

137 

+4 

Q25c 

2.7 

£16% 

W. Drie Rl., ._ 

£19% 

+£ 

Q385c 

1.7 

116 

r, t.v- 

325 

+2 

1013c 

2.7 

589 

Western Deep R2 _ 

714 

+39 

im* 

2.4 

163 

Zandpan Rl.— .. 

204 

+14 

Q4L5q 

* 


42322 


L5[ 3.7 


*' l 


I diii 


14 414 
12 49.8 
-10Z 
1813.6 
1.8 135 
12 28.8 
10 40.7 

MW 
11 135 


19 


6.9 

13.4 
55 

155 

35 

155 

, 5 -® 

11.4 
125 

62 

6.9 

122 


41 


| Steck 

Pace 

!-■ 

81 * 

Hd 

Cm 

YTi 

IGt'i 

P.T 

1978 

High Lb* 

Slcclc 

PrM 

-I 

Diy 

Net 

Cw 

FH 

Cm 

PH 

Brit I'd- 4. Gen 

tal 

-l 

im 

11 

46 

24 0 


r»:. 


16 


03 

0.4 

23 

7H 

Brit. Invest 

1641., 


4 92 

1 ( 

45 

334 

■*h 

1 ? 


32 


+0.51 

47 

24 

115 

Braaasttne ' 2 tte 

146 

-4 

T5 23 

L( 

5 1 

78 7 


36 


68 

-1 

nOM 

41 

! f 

17 9 

B runner Inv 

94 

rl 

r 3 .M 

U 

5.7 

48 

24 6 

300 

250 


r.i i.6.Hidi‘..5o 

12 S 


Til 


J.i 

93 

C.L.R.P inv . .. 

bb 


2.1 

if 

m:\m 

35 


69 


40.73 

2 b 

Lo 

36.2 

Caledonia Invs 

245 

-1 

tfl 56 

12 

5; 

kjfc 

74 


r.lamn 1 P.P. 1 5p 
Mats Mr. iR'Ity 

54 


4.6 

♦ 

1J.4 

* 

Caledonian T>t 

781n 


ti.eb 

l.( 

35 


£12% 

mm 

995 

t30 

QS1.16 


59 


Do.'-B“ 

74% 




— 

_w 



42 


53 


— 

— 


-- 

Cansnan ara Gen 

92a! 


3 87 

♦ 

6: 

w 

srm 



17*7 


L43 

lb 

: 

7.6 


303 


203 

4> 

U 

306 

450 



400 

-20 

— 






Can. & Foreign. 

103 


T3 65 

1 

5 1 

74 6 

14 

rr„ 


11 




— 





Capital & Nat. .. 

125 

rl 

46 

11 

55 

27.7 

62 

if;. 


41 


112 

4.4 

<1 

7 D 

Do. "B" 

119 

t2 

__ 

— 




24 7 

167“ 


216 

-i 

b.81 

3 b| 

4 : 

8 E 

Cardinal Did. ... 

109 


tl 96 


KX , 

27.0 

14% 

in 


12 


0.49 

It 

6.1 

24.2 

Carllol Inv 

114 


391 


tjl 

264 

D1 

89 

5cK.iMei:.'A' 

94 ul 

-1 

337 

12 

5-( 

242 

Cedar Inv 

67 

. 

2.75 


JJ] 

235 

£52 

£48 

5 E £4t,acAm_ 

£52 


A!% 

— 

8.2 

— 

Cianllj. Iik.lI 

158 


015.0 



♦ 

69 

51 


56 


d4.97 

13 

133 

85 

Do. Cap, 

620 



- 





Suez Fm. NF100. 

£46% 

T 

Ifflttf-i 

— 

bl 

— 

Charter Trust... 

55 

+% 

12.1B 

11 

tv 

23.6 

£12 

9(10 


£1U 


M4582 

Lt 

i 

♦ 

Ply & Com. Inc._ 


tl-85 

t£ 

,K£ 

15.4 

78 

73 

wst p. Select. 2Qp 

25 


213 

L2 

127 

10J 

Do. Gao. (£1* . 

105 

+1 

— 

— 

re- 

— 

5ft 

3ft 

wits: nf England.. 

53 

T'Z 

134 

4.5 

4 3 

b.5 

C Ry4 For. Ijw.. 

.£% 



— 


— 

'lb-d 

ft 


14 

H0.33 

- 

?6 

282 

City & Intero't'l 

100 


4.7 

k 

IjL 

20.8 

87 



67 


L41 

3.E 

3-6 

7.7 

City of Oxford ... 
Clneitnoe Stto. 
Clifton Invs lOp 
€[ydesda)e imr.. 
Do.-B"__ 

83 

/}*. 

Tin 

+% 

+1 

+% 

13 35 
3.86 

TL90 

Lfl 

10 

"* 

6.9 

6.9 

3.7 

213 

217 

6 

125 

60 

c 

[♦t Aren Energy £L 

)1LS 

60 






gonial Sfcr.Wj. 

246 

82? 

12 

1*1 


96 



m 




— 

— 

Continert'i & Ind. 

190 


+650 

L( 

5 2 

282 

168 


Brit. Borneo IDs. 

16? 


+6M 

IJ 

63 

15 5 

CoMinetrt 1 Union 

116 

+1 

335 

JJ 

4.6 

30.4 

954 



946 

-8 

t22.43 

3.C 

33 

UJ 

Cres'nt Japan 50p. 

184 

+1 





W77 

7ft 

65 

Do. 8% Pf. £3 

71 


5.6% 

(Cl 

LLH 



Ceossfrian 

80 


3.77 

l> 

LT 

215 

89 

42 


75 

-1 

— 

— 

— 

— 

Cuiulus Inv _... 

28*4 

-1 

0.82 

* 

4.4 

if 3 

f6?% 

£51 

Do ft Lr_91 r 96 

£60 



— 

el5.fi 

— 



+% 

3-15 

li 

m 

£13% 


tt£CPNm.ss«a. 

£11% 


— 

— 

— 

— 

ES23IE1 

®2 




- 

_ 



ru 

ll 


38 


— 

>— 

— 

— 

(Debenture Carp - 

68 


thZ44 


5; 

255 


Iti 


63 al 


t267 

31 

63 

bl 

[Derby TsLlnc.£] 

214 

+13.63 

LI 

95 

18.4 

30 

71 

Bharterhallbp.. 

23l a 



- 

— 

— 

| Do.Cap.5Qp.. 

155 




— 



f?W, 

£121. 

CieFr.PetrplesB. 

122 


gi«X‘r 

1.1 

Bl 

9.6 

[Dcminkai A Cm.. 

190 

+1 

H85 

LC 

6.7 

ns 

450 


r+CluffOilEl _ 

388 



- 



— 

1 i La: 

12b 


457 

12 

B-tT 

23.4 

413 

fTI 

Do. Cnv. "A" .. 

400 




— 

— 

Oo. Cons 

139 


52 

U 



144 

86 


90 


1.0? 

8.6 

17 

86 

Do. Far Eastern. 

39% 


0.91 

1.3 

ll 

kl:W 

98 

I:gS 


8Bxd 


M.6S 

3i 

7.1 

b? 

Do. Premier.. 

185 


680 

IJ 

tv 

25.8 

3R 


KCA 

341- 


0.1 

133 

04 

14.7 

Duahresl lnc.50o 

61 


+4.64 

Lt 

1L< 

►m 

190 


LASMO 

137 






— 

— 

Da. Capital £1 

213 

rl 

— 

— 

— 

— 

:T09V 


LASHD!4M I *]«.. 

£100 


Q14% 

— 

(74 ‘ 

— 

Dundee & Lon. . 

65 

*U 2 

2.60 

♦ 

61 

♦ 

415 

* ' ■ 

LASMO 'tbs' JOB- 

380 

-S 



- 

— 



iMngnAsi Ta._ 

116% 

a 

112 

14 

L« 

761 

45 

Ltfl 


27 

-rl 


- 





Elfin. Inv. Of. £1. 

22P 

+6.85 

lt 

4.6 

3L2 

306 

7 / 1 

Dil Expf-lOp..- 

230 

-2 

224 

3.« 

1.4 

32.6 

EJedra Inv. Tst.. 

115 

+1 

H5.5 


7.3 

20.9 

wra 


Premier Cons. 5p 

15% 

-% 

- 

- 

— 


Elect. & Gen... _ 

77% 

+1 

157 

12 

it 

42J 

PtS 

715 

Ranger 0)1. 

925 





— 

— 

Eng.& Intemjtl.. 

84 


3.86 

IJ 

6 * 

206 


1% 

Reynolds Dlv.l;. 

1% 


— 

— 

— 

— 

Eng. A N.Y. Trust 

74 

+% 

130 

I' 

6 C 

27 7 

£49 

(IV, 

RW-Ourch FI.20- 

£41% 

-% 

Q5U51 

2.1 

6.5 

6.9 

1 iTiTW- • mWTuTB 

74 


2.49 

E 

5 1 

30.2 

670 

3?n 


391 


— 

— 

— 



1B2 

. 

6.87 

It 

IOC 

14 7 

602 

484 


587 

-8 

+15 94 

4.3 

47 

60 

1 1 1 Ti 

132 


5.69 

11 

61 

21.8 

69 

57 

D0.7bbPf.£l. 

61% 


4.9- a 

UK 

U.« 


Equity Irvc. 50p. 

209 

-i 

1139 

♦ 

fli 

6 

444 

776 

itSwtem U.K ?fl 

274 




- 

— 



Estate Duties.., 

80 

+1 

tnias 

LJ 

3.1 

39.0 

F64 

£52 

Texaco 4%%Cny.. 

f.W 


Q4%% 


19.1 

— 

F. 8tC. Eurptrust. 

49 


10 

1.3 

50 

46b 

19ft 

flTil 


164 


1134 

5.1! 

12 

14 4 

Family Inv. TsL 
First Scot. Am.. 

97 

+1 

t45 

Lt 

6.1 

74b 

284 

187 


228 

-2 



— 

b.4 

92% 

+% 

289 

Lt 

47 

313 

161 

170 


136 

*1 

7% 

245 

7.4 


Foreign* Col... 

166 

+3.83 

U 

31 

43 4 

195 

86 

Weeks NjLlOcts. 

160 

-riD 



— 

— 


F.U.G.I.TJH025) 

43 


♦Oftc 

1? 

7.6 

101 

195 

86 

Do.Pfd.Ord.10c 

160 

+18 

Q15%; 

— 

5.0 


FtoVinvesl loc~ 

35% 

— 

269 


2L3| 

Z3.0 

82 

51 

WoodsioeA5flc_ 

52 



— 

— 

— 



MINES — Continued 
AUSTRALIAN 


1978 


Lew 


Sleek 


Price 


M5 


15 

140 

131 

820 

336 

27 

75 

68 

156 

40 

223 

22 

40 

7 

143 

1ft 

50 

178 

42 

70 

115% 

40 

570 

300 

164 

100 


30 

420 

tO 

305 

185 

U 

350 

320 

93 

11 

84 
640 
470 

7B 

78 

270 

87 

70 

245 

340 

240 

85 
100 
IOO 
270 


9 


10 


_ 

1— . 

64 

Bougainville 50 Toea 

123 

+1 

t 06 c 

L4 

65 

BH South 50c 

110 

+2 

— 


150 

Central Pacific.. . 

425 

-5 

«l(k 

-v- 

148 

uonzuKRiotimo50c. 

27S 

+2 

2.2 

9t» 


17 

+ 1 

— 


45 

S.M. Kaigoorlle 51. 

52 

*4 

— 

— - 

1R 

Haorna GoW N.L.. 

34 

+1 

— 


an 

Hamptn Areas 5p. 

156 

+2 

4t3.55 

2J» 

w ■ 

Metals Ex. 50c. ._ 

27 


— 

— 

125 

M.IJ4. Hldgs. 50c _ 

194 

+1 

09c 

1.7 

20 

Minefields Expf. - 

IS 


— | 

— 

10 

Mount L yell 25c.. 

32 

+2 

— 

— 

i% 

MewmetaJ 10c__. 

4% 


— 

— 

79 

North B. HIIISOc.. 

103 

+i 

OBc 

1.3 


Nth. Kalgirli __ .. 

11 


— 

— 

17. 

Nth. West Mining 

28 

+2 

— 

• 

115 

Dak bridge SA1 .... 

124 


Q12c 

1.9 

10 

ttOilminN.I 

24 

... . 

— 

— 

30 

Pacific Cooper .. 

60 

*5 



— 

725 

PancontT25c. 

800 

+25 

— 

— 

12 

Paring* M&ExJo.. 

18% 


— 

—V. 

310 

PeVo-Waihend 30c. 

428 

+ 6 

01 5e 

♦ . 

50 

Southern Pacific.. 

165 





84 

Wesm. Mining 50c. 

127 

+ 5 

07c 

0.7 

35 

Whim Creek 20c > 

75 

+5 

— 

— 


Vld 
C'vr Cry 


41 
t 

34 

25 

42 

112 

2.2 

15 


23 

[240 

190 

111 

£s 

130 

75 

7 

64 

450 

280 

40 

50 

165 

49 

47 

140 

Z30 

134 

55 

34 

74 

•148 


T 

Amal. Nigeria 

Ayer Hitam SMI 

BeralcTin -... 

BerjuntaiSMJ.... 

Geevor - — 

[GoWS Base 12%p 

Gopeng Cons 

Hongkong 

Jdris lOp 

pantar 12 %p 

KamuntlngSM0.5C 

Killing hall 

Malay Dredging SMI 

APahang 

Pengtalen lOp _ 

Petal I ng SMI 

Saint Pi ran 

'South Crafty lOp 
South l&ita SM050 
,Sihn Malayan SMI. 
[Sungei Besi SMI 
Sopreme Coro. SMI 

TanjonglSp 

Tongkan Hrbr. SMI 
TronohSMl 


NS 

24 

315 

55 

214 

165 

10 

300 

320 

75 

ft 

64 
620 
375d 

44 

bO 

225 

82 

63 

185 

295*1 

240 

65 
IDO 

85 

205 


-10 

-3 

-i" 

-20 

-Y” 

-5 

-i” 

-1 

+ 5 " 

+10 

-7 

*2 

+3 


2 Bl 
Q3O0C 
14.0 
Oil Oc 
504 

11536 

125 

J12.0 

KOiac 


012836 

Q175c 

Q0.62c 

6.60 

0120c 

203 

419 

|*Q145c 

0190c 

mQ65c 

ZQlOc 

6.60 

0358ZS] 

WBBc 


131 

05 
44 
1.0 
5 a 

Ti 

16 

II 


6-5] 

o.a 

Li 


17.4 

20.5 

II . 4 

III. 0 
4.6 

T6 

5.3 

t 


43 

A (23.7 
0.7)10.0 
A 03 
13116.4 
*121 
3.7 
9.9 
16 8 
13.8 
6.4 

. ?- 3 
0 -d 9.8 

oS 94 


COPPER 

104 ] 54 (Messina R030-. I 54 |. 


68 

17 

300 

465 

263 

90 

£12 

185 


35 

g 

180 

[245 

164 

30 

687 

120 


MISCEL 

Barymin. 

Burma Mines 17%p 
[Cons. Murch. 10c. 
NonhgateCSl — 

R.T.2 

Sabina Inds.CSl . 
Tara EgMn. SI.... 
Yukon Cons. CS1 . 


LANEOLJ 


52 

12 

180 

445 

237 

45 

£6% 

140 


1030c 

95 

07c 


26 $ 
28 6.0 

29 24* 


GOLDS EX-$ PREMIUM 

London quotations (or selected South African gold mining shares In U.S. 
currency excluding the investment dollar premium. These prices are 
available only w non-UK residents. 


oft 

kn% 

585c 

S28% 

515% 

bi 

w\ 

1 331% I 
[512% 


S1D% 
1 830c | 
330c 


[Buffets Rl 

East Drie Rl — . 

East Rand Pro. Rl- 1 
|F-S,GeduM50c-. 
Pres. Brand 50c _ 
900c {St. Helena Rl — 


313c 


525 

519 

895c 


SUHortfeln 50c . 


S16%]Vaal Reefs 50c 


West Drie Rl 

Wea Hldgs.50c- 
Western Deep R2 


Sift 

850c 

370c 

*17% 

Sift 

510 

390c 

*16% 

S28 

520% 

* 10 % 


+ k 

+20 

+%' 

+% 

+% 

+20 

s 

s 


dl70c 

1Q7Bl 

Q315c 

Q15Dc 

0190c 

1022 c 

QU5c 


0385c 

lQ415e 

QBZ5c 


18.7 

10.6 

207 

163 

220 

63 

7.d, 


17115.9 
233 
2M 9.4 


NOTES 


O.F.S. 


no , 
£ 20 % 
121 
456 
154 


£ 10 % 

249 

374 

£24% 


75 

£ 11 % 

5ft 

256 

i 

616 

144 

{190 

£13% 


F3.Geduld 50c - 
F.S. Saaipjau Rl 

Harmony 50c 

Loraine Rl..„ 

Pres. Brand 50c. 
Pres. Steyn 50c_ 

St. Helena Rl 

U nisei 

WelfcomSOc 

W.Holtfings 50c_. 


85 

£12% +% 

022c 

Q315c 

2J 

<6 

60 +1 



271 +4 

1055c 

Lt 

56% —2% 
749 +21 

QJ50c 

* 

608 +11 

QROc 

♦ 

705 +21 

0190c 

L4 

185 +3 




222 +4 

065c 

6 

£14% +% 

0415c 

* 


FINANCE 


755 

378 

£20% 

950 

172 

204 

25 

£ 20 % 

nft 

UP 

235 

65 

207 

158 

£ 12 % 

48 

518 

237 

59 

189 

93 

£15 

278 

340 

73 


424 

Ang. Am. Coal 50c.. 

550 


QbOr 

34 

746 

Anglo Amer, 10c . 

300 

+4 


?fl 

fl3% 

Ang. Am. Gofti Rl 

£34% 


1QJ65c 

11 

671 


725 


0115c 

33 

119 


231a) 

-1 

843 

2.4 

163 


178 

-2 

9.19 

2.8 

16% 


16% 

-U 

1.07 

L3 

E14 

■ 1 "p. riTT?jWI 

£16 


10225c 

2.J 

A(i^ 


£ 11 % 

+% 

0135c 

11 

*ffU 


£13 


EBa 

3.6 

ikj: j 

Middle Wit 25c — 

145 

LSI 

15 


Mincorp 12130 . 
Minorca 5BDL40 

65 


15 

01 

\ 

I47ti 

+1 

017c 

15 

wiU 

New Wit 50c 

91% 

+% 

Q16c 

L3 

rT/i ■ 

l,T-i;uaT--W 

£12 

-% 

OCbOc 

6 

fci ■ 

Rand London 15c. 

38 


tlk 

3.0 

trim 

Selection Tresis 



18.95 

11 


SemntalOc. 

169 

+1 

1030c 

15 


Sltverrirm2l^>.. 

35 

-1 


27 


Tanks Con. 50p._. 

170 


12 

78 

Do. Pref . 80p 



09% 

26J 


rvaal.Cons.Ld.Rl.. 


+% 


33 

182 

U.C- Invest Rl._.. 

+2 

i[lX.T^| 

12 

238 

Union Corgn. 6.25c. 

248 


tO 38c 

U 

Li 

Vogels 2 > 2 C 

SB 


TQ732C 

LO 


[157 


xzn 

7.9 

161 

17J 

17.0 


35 

41 

113 

Z4 

15.7 

hS 

no 

i 

63 

93 

92 

7.7 


£49 

488 

£ 11 % 

230 

83 

117 


210 

24 

60 

*1 

17% 


DIAMOND AND PLATINUM 

+*: 


£30 

2B5 

925 

128 

54 

70 


Angie- Am.lnv 50c . 
De BeenDf.Sc- 
Dd.40pcPf.R5. 
impala Plat. 20c_ 
Lydentairg l?rc.. 
Rus. PlaLKk 


£35% 

352 

950 

182a! 

66 

96 


0600c 
10525= 
Q 200 c 
018.4c 
06 &c 
08c 


CENTRAL AFRICAN 


145 

Falcon Rh£0c..^ 

145 


060c 1 « 

14 

Rhurfn Cerji. 16^jp . 

14 


r^T* fr 

52 

Roan Cons. K4_... 

72 




29 

WanWe Col. Rh.l 

s 29 


Q9c L9 

U 


I 12 




ii 10 1 
33 8.9 
3»i 12.6 
3.2 60 
A 6.2 
2.7 5.0 


25.1 

6.1 


22.6 


Unless otherwise indicated, prices and net dividends are In piece 
lend denominations are 25p. Estimated price/ earnings ratios and 
coven are based on Most annual reports and accents and, where 
possible, are updated on half-yearly figures. P/Es are catenated on 
the basis nf net distribution: br ac ket e d Agrees tedlsat* 10 per 
cent, er more diffe rence it cateutafed on “nCT distribution. Caver* 
are based an "matinnun" distribution, yields art based ea middle 
prices, are gross, adjusted (0 ACT of 33 per cent and allow for 
value of declared distributions and rights. Securities with 
denominations ether than sterling art quoted Inchnfn bf tire 
Investment dollar premium. 

A Sterling denominated securities which fnc/nde Investmen t deNw 
premium. 

• -7iw" Stock. 

• H <ghs and Lows naried Uw have been nflusted to allow for rights 
issues lor cash. 

t Interim since increased or resumed. 
t Imerim since reduced, paaed or deferred. 
lt$ Tax-free (0 mm-readents on appCaUPn. ^• v^w.w 
A Figures or report awaited. 

[tt Unlisted security. 

Price at time of suspension. 

f Indicated dividend alter pending scrip and.'or rights Issue: cover 
reUies to previous dividends or forecasts. 

• Merger bid or reorganisation in progress. 

4 Not comparable. 

+ Sane interim: reduced final and/or reduced earnings Indfcatad 

5 Forecast iflvidend; cover on earnings updated by latest Interim 
staieoenL 

l Cover allows lor conversim of shares not now ranking for riteldemli 
or ranking only for restricted dividend. 
jt Cover does not allow lor shares which may also rank lor Addend at 
a future dale. No P/E ratio usually pniridedL 
9 E. eluding a final dividend declaration. 

{• Regional price, 
n No par value. 

a Tax free, b Figures based on prospectus or other official . 
estimate, c Cents, d Dividend rate paid or payable on part of 
|capnal| cover based on dividend on lull capital, e Rede mol Ion yield, 
f Fiat yield, g Assumed dividend and nett, li Assumed dividend and 
yield after scrip issue, j Payment from capital sources, k Kenya, 
m Interim higher than previous total, n Fights issue pending, 
q Earning; based on prefimmary figures, s Dividend and yield exclude 
a special payment, t Indicated dividend: cover relates to previous 
dividend, P E raUn based on latest annual earnings, u Forecast 
dividend: cover based on previous year's earnings, v Tax free up 10 
30 pmUie£.w YteldallowslorainencycUuse. y Dividend and yield 
based on merger terms, z Dividend and yield include a special payment: 
Cover do« not apply to special payment. A Net dividend and yield. 8 
Preference dividend passed or deterred. C Canadian. E Issue price. F 
Dividend and yield based on orospecius or other olfioal estimates (or 
1974-80. G Assumed dividend and yield after penring scrip and w 
ighv. issue. H Dividend and yield based on proseecuif or other plfiual 
esumaies lor 1473-74. K Figures based on prospectus or other 
official estimates for 1978. M Dividend and yield based on prospectus * 
or oihs-r official e si (males lor 1978. N Dividend and yield based on 
prosper (us or other official estimates lor 1979. P Figures based on 
pntpretus or other affinal estimate* for 1973- 79. B Grass. T Figures 
assumed. Z Dividend total to date, it Yield based on assumption 
Treasury Bill Rai# stays unttanged until maiuniy ol stock. ■ 

Abbtevui ions, tt e> dividend; k ex scrip issue; r ex rights; a ex all; tt 
ex capital distribution. 


Recent Issues ” and “ (fights ” Page 36 


Tins service is available to every Company dead in on Stock 
.Exchanges throughout the United Kingdom for a fee of £400 
per annum for each security 


REGIONAL MARKETS . 

The following is a selection of London quotations of shares previously 
listed only In regional markets. Prices of Irish issues, most of which are 
not officially feted in London, are as quoted on the Irish exOsmge. 

Sheffield Bride—.] 55 | ] 

Shelf. Rebshret | 67* ._..] 

Smtfall (WmJ 117 


[Albany Inv. 20p — | 

Ash Spinning 

Bertam 

Bdg-vrtr.Est.50o. 

Clmer Craft 

Craig a Rose £1— . 
Dyson fR. A i A — 

[EllisiMcHdy 

Evered — — 

File Forgr — 

FmUr Pka .Sp — 

Giaig Ship.il 

Higsons Brew 

1 Holt 'Jos) 25p 

.0 M.5im 11 — 
Ninn. GotdMnnh 
Pearce -C.H.1 .... 
Peel Mills 


26 


67tt 


IS 


323 

28 


615 


35 


64 


25 


52 


21 


140 


74tt 


252 


1B7 


7Dtt 


190 

21 



IRISH 

Conn. 9®. "ao; 82- 
AUiance Gas._ 

Arnolt 

Carroll 1 P.J.) 

Cion Pa Ik in 

Concrete Prod'.. 
Heiion fHIdgs.l 

Ins Carp 

Irish Roues 

Jacoo 

T.M G.— 

UniCarr — . 


£90 

+% 

103 


352 


95 

+i 

98 


130 


42 


160 


10S 


52 


195 

80 

+5 


OPTIONS 

3-month Call Rates 


§■ 


tndiMtrialt 

A. Brew- — 

A.P. Cemetd — 

E.S R. — 1 

Babcock- . 

Barclays Bank — j 
Beecfeam— . 
Boots 1 

Sew ate rs — 

BAT , 

British Oxygen— 

Brown 1 J .1 — 

Bun on A’ 

Cadbury: , 

Counaidds.— -. . 
Debentums... — 

Distillers - 

Dunlop -[ 

Eagle Star 

E.M.l - 

Gen. Acctten’...., 
Gen Electric.. .. 

Gla-J 

Grand Met 

G.US.’A 

Guardian - . - 

G.K.N 

Hawker Snld ... 
House cl Fraser., 


.t.C.I — 
"Imps.".. 


I.C.I 1 

Inveresk 

KCA... 


LtdOroke 

Legal & Gen 

L« Service 

Lloyds Bank— J 

"Loft" m-,7 

London Brick—J 
Laniho 


Lucas Inds.—.—, 

Lyore fJ.i 

■■Moms”. 

Mrks. & Spncr .. _| 
Midland Bank..- 

N.E.I 

Nat-Wesr. Bank. 
Do Warrants.... 

P60Wd 

Plesssy 

RH.M.. 

RanxGrg A . 

Heofl licnl ! 

Suiters 

TestO— 

Tnorn 

Trust Houses — , J 


A selecien of Oo’ictis traded Is given on dia 
’-tntScn Slock Exchange Report page 


















































































Carter adamant on 
Mid-East deadline 


• BY DAVID BUCHAN 

PRESIDENT CARTER today 
bluntly emphasised the impor- 
tance of his Secretary of State's 
forthcoming trip to the Middle 
East by warning Egypt and 
Israel that tbeir failure to reach 
a peace agreement by December 
17 would be very serious. 

The President made clear that 
the U.S. invests the December 
17 deadline, set at Camp David 
for the conclusion of a peace 
treaty, with Tar more importance 
than President Sadat or Prime 
Minister Begin evidently dn. 

Failure to agree on the basic 
obstacle. . . link between tbe 
proposed bilateral treaty and a 
timetable for Palestinian 
autonomy on the West Bank and 
in the Caia Strip — within tbe 
next 10 days would set a pre- 
cedent "that wnuid have far 
reaching adverse effects," the 
President said. 

Mr. Cyrus Vance. Secretary of 
Slate, will see President Anwar 
Sadat in Cairo on Sunday and 
probably go on to Israel to pre- 
pare for the trip. Mr. Vance' 


took the unusual step of can- 
celling his appearance at the 
NATO Foreign Ministers' meet- 
ing in Brussels and sending' a 
deputy. 

Mr. Carter, at a breakfast 
meeting with reporters, also 
repeated his flat disagreement 
with Mr. Begin on new Jewish 
settlements on the West Bank 
of the Jordan river. The Israeli 
view is that once tbe three- 
month period agreed at Camp 
David for the negotiation of a 

Israel withdraws equipment 
from .Sinai, Page 6 

Editorial Comment. Page 22 

treaty with Egypt is passed, they 
are free to establish new settle 
merits there. 

Mv interpretation of the Camp 
David agreement ... is that there 
is a moratorium on the establish- 
ment of new settlements until 
agreements have been reached 
on bow to establish the autono- 
mous government on the West 


WASHINGTON, Dec. 7. 

Bank and Gaza Strip," the Presi- 
dent said. 

In a reference to the violent 
opposition to the Shah of Iran. 
President Carter expressed 
doubts for the first time about 
whether the U.S.'s ally could, 
survive the current turmoil,' 
which is expected to increase 
during this month’s religious 
observations in Iran. 

Asked about the survival of 
the present regime in Tehran, 
Mr. Carter said: “ I don’t know — 
I hope so." At tbe same time he 
emphasised that the U.S. had no 
intention of intervening to help 
tbe Shah. 

It is presumed here that Mr. 
Carter's remarks were based On 
a clearer reading of the situation 
in Iran than was the case when 
the troubles first broke out in 
August 

Tbe deputy beads of the 
Central Intelligence Agency and 
Its counterpart in the Pentagon, 
tbe Defence Intelligence Agncy, 
have just returned from Iran. 
Their briefing has presumably 
reached the President. 


Main yards safe 
from British 
Shipbuilders cuts 

BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


Silkin fails to find way 
out of fisheries deadlock 


BRITISH SHIPBUILDERS is to 
produce a series of plans to 
identify which of its yards 
should be closed in the next two 
years, but has ruled out the 
complete closure of any of its 
main companies. 

At tbe same time, tbe 
corporation's profitable warship 
building yards have been told 
that Government restrictions on 
British Shipbuilders’ overdraft 
and yearly losses will mean 
holding back a. £I71m five-year 
capital spending programme. 

These are two of the main 
points to emerge in the latest 
draft of British- Shipbuilders' 
corporate plan, the final version 
of which ds to be presented to 
the Government and the 
European Commission by the 
end of this month. 

The draft hints strongly that 
a number of less-productive 
merchant shipyards with out-of- 
date machinery will be dosed, 
by 1981, but does not give details. 

On tbe ship repair side, how- 
ever. there are strong sugges- 
tions of a complete withdrawal 
from repair work at Falmouth 
Shiprepairers, wbich employs 
about 1.000 men, and of dropping 
more than half of the workforce 
at River Thames Shiprepairers. 


Objective 


- BY MARGARET VAN HATTEM 

LAST M INCITE talks have failed 
tos-aivage EEC negotiations for 
a common fisheries policy in time 
for a settlement before the end 
of the year. 

Mr. John Silkin, the Minister 
of Agriculture and Fisheries, 
emerged from almost three hours 
of talks here today with Mr. 
Finn Olav Gundalacb. the EEC 
Fisheries Commissioner, saying 
he still hoped talks could resume 
at Ministerial level early in the 
New Year. 

But he conceded that efforts to 
bridge the gap between Britain 
and its EEC partners would have 
to be made on the basis of Com- 
mission proposals rather than on 
the list of British demands pre- 
sented at the last fisheries 
council meeting two weeks ago. 

Thc-ose talks broke off because 
Britain's partners rejected the 
British paper, saying it violated 
the basic non-discrimination 
principle of'Jhe Treaiuy of Rome 
and took no account of the 
progress made in intensive bi- 
lateral talks during the past few 
months. 

Both Mr. Silkin and Mr. Gun- 
delach appear to believe that 
many of Britain’s demands for 
preferential fishing rights in its 
coastal waters can be met if not 
overtly, without violating tbe 
Treaty. But they evidently con- 
sider tbe remaining difficulties 
too large to be overeme before 
the end of the year. 

Part of the problem may he 
one of credibility'. Mr. Silkin 
made it clear at hte last council 
meeting that his demands repre- 
sented. a starting point and that 
he was prepared to modify them. 


But he failed to convince the 
other eight that this time he 
meant business. 

Failure to settle the problem 
during the West German presi- 
dency of the EEC. which expires 
at the end of this month, must 
come as a blow to Mi. James 
Callaghan, fbe Prime Minister, 
and Herr Helmut Schmidt, the 
West German Chancellor. During 
the Anglo-German summit in 
Bonn last October, both publicly 
committed themselves to finding 
a solution before the end of the 
year. 

The fact that negotiations will 
now continue under a French 
presidency may rule out the 
possibility of a settlement before 
next year's general election in 
Britain. 


Contention 


The French have a strong 
interest in protecting their 
historic right* to fish in British 
inshore water, while Britain is 
currently insisting that most of 
these should expire after 1BS2. 
This major point of contention 
could delay progress while the 
French are in the chair and Mr. 
Silkin can be expected to become 
increasingly tough as tbe 
elections approach. 

. Christopher Partes writes: 
The Ministry of Agriculture has 
pledged a £1.2m grant to help 
offset the crisis facing fishing 
boat owners in Fleetwood, 
Grimsby and Hull. 

The money. is to cover half this 
year's dock and landing charges, 
which have become an intolerable 
drain on the fleet's finances. 

Tbe cost uf running ports. 


Rules on takeovers 
tightened 
by City Panel 


BRUSSELS, Dec. 7. 

developed for large-scale fishing 
business, is falling on a rapidly 
shrinking number of skippers. 

In Fleetwood the number of 
fishing boats using the port has 
fallen from 39 at tbe start of the 
year to 19. However, the num- 
ber of dockers employed bas 
remained stable at US. Total 
labour servicing the fishing fleet 
is 1S3. 

Members of the Fleetwood 
Fishing Vessel Owners' Associa- 
tion visited the Ministry of 
Agriculture on Tuesday to plead 
their case for aid< 

They had announced in 
November that, without funds the 
association would be bankrupted 
this winter and Fleetwood would 
go out of business as a fishing 
port. 

Tbe association manages all 
the vital labour, oiling, towage 
icing and security services of the 
port. It had asked the Govern- 
ment for a direct payment to 
cover its losses, estimated at 
£150.000. 

There was some disappointment 
at the £I.2m award to be shared 
between three ports and paid 
out to individual boat owners 
or companies chartering fishing 
vessels. 

But tbe Ministry of Agricul- 
ture said that since tbe men 
getting tbe grants were members 
of the associations in trouble, 
they should be able to arrange 
their finances 

The EEC Commission, which 
normally takes a dim view of 
national aids fo industry, has 
been told of the grants, which 
now have to be approved by Par- 
liament 


Continued from Page I 


Another option raised in the 
plan is the complete closure, 
with the loss of 1,000 jobs, of 
Doxford Engines. Sunderland, 
which is tbe only manufacturer 
of British-designed slow-speed 
marine engines. 

Tbe general objective on mer- 
chant shipbuilding, as disclosed 
to a trade union conference last 
month, is to reduce capacity by 
35 per cent, to 430m compen- 


sated gross registered tons a 
year in' 19SQ-S1, with a 35 per 
cent reduction In employment 
with the loss of 12,300 /jobs. 

But tbe latest draft makes it 
dear that this would hot neces- 
sarily mean 12,300 redundacies. 
There is scope, the plan says, 
to * redeploy 6,000 men into war- 
ship work and into British 
Shipbuilders’ growing offshore 
oil sector. 

Between 1951 and 1983— the 
end of the planning period — the 
plan envisages merchant ship: 
building output increasing to 
480m egrt with no increase, in tbe i 
labour force. 

Trade union leaders, who were 
given copies of the draft earlier 
this week, will meet Mr. Eric 
VarJey, the Industry Secretary, 
on Wednesday. They will re- 
iterate their case that financial 
incentives for voluntary reduzh 
dancy are inadequate, and that 
only men approaching retirement 
should be expected to leave the 
industry. 

The series of action plans for 
each group of companies or profit 
centres, will take in research on 1 
productivity and yard facilities,; 
hut tbe plan says that British, 
Shipbuilders will try to meet 
the wishes of local management 
in selecting yards for closure. 

The plan acknowledges the 
need for heavy investment in 
the warship yards, but says that 
a recently imposed overdraft 
limit, and a £45m ceiling on. 
losses this year, -mean that only 1 
items needed to keep existing 1 
business,, will be sanctioned in 
the next one to two years. 

British Shipbuilders recently 
reported losses of £ 100 m for its 
first nine months trading to last 
April. 

Details, Page 9 I 




lum ps favours site 
in Bristol 


BY JOHN LLOYD. 

INMOS. the £50m company set 
up by the National Enterprise 
Board to mass-produce micro- 
circuits. has already proclaimed 
its independence. Before receiv- 
ing authorisation from, the 
Government and the NEB, it has 
n effect announced research is 
to be concentrated at Bristol. 

A quarter page advertisement 
in north-eastern editions of The 
Guardian, yesterday . invited 
applications from computer 
engineers, software designers, 
and scientists with experience in 
metal oxide silicone (MOSJ tech- 
nology. 


Lobbying 


Summit 


BY JAMES. BARTHOLOMEW 

THE CITY PANEL on Takeovers 
and Mergers has eliminated one 
way in which company control 
can change without a full take- 
over bid. The tightening-up forms 
P3rr of a series of amendments 
to the Takeover Code issued by 
tbe panel yesterday along with 
its 1977/7S annual report. 

The amendments also include 
an instruction to directors to say 
more to their shareholders and 
to be more guarded with tbe 
Press. And guidance is given on 
bow companies should approach 
the difficult area of profit fore- 
casts in tbe context of a bid. 

The panel has eliminated 
several ways in which a company 
can build up a stake of more 
Than 30 per cent without trigger- 
ing a general offer to share- 
holders/ A company had been 
able to buy just under 30 per 
cent of iLs target and then 
receive new shares in exchange 
for assets, taking it beyond 30 
per cent. „ 

The Panel has normally 
allowed such a transaction to be 
•■whitewashed" by an jndepen- 
dent, vote at a shareholders 
meeting. Now the Panel will 
insist nn a full bid unless it is 
satisfied there were no nego- 
tiations or understandings be- 
tween the two companies before 
the purchase of shares. 

The new rule appears to be 
a direct result of the issue of 
Wilkinson Match shares earuer 
this year to Allegheny Ludlum. 

This issue took Allegheny’s 
stake over 30 per cent without 
trigeenns a hid soon after 
Allegheny bought a major stake 
in Wilkinson Match. The deal 
received much criticism at the 
time despite, the fact that .share- 
holders approved the transaction 
in a general meeting. 

The Panel was divided on 
whether the rules _ should he 
changed on this point. In the 
end, those in favour of a change, 
headed by Lord Sbawcross, the 
chairman, prevailed. 

. Among the other points, direc- 


tors and officials are warned that 
they must “take care when talk- 
ing to the media that they do not 
inadvertently let slip informa- 
tion, for example, concerning the 
content of profit forecasts or 
asset revaluations." And ad- 
visers are told that they should, 
warn clients about this when a 
bid arises. 

Directors are encouraged to 
give more information to share- 
holders. Bidders will now have 
to give information about them- 
selves and the companies they 
are taking over in more cases 
than previously. 

In its annual report the panel 
refers to the recent flurry of 
missed profit forecasts by com- 
panies and says it docs not try 
to conduct a "witch hunt” in 
these cases. 

It does not want to discourage 
the making of forecasts, and if 
they are missed. “ the Panel will 
be endeavouring to put itself in 
the position in which the direc- 
tors were when the forecast was 
made.” 

The Panel would not neces- 
sarily criticise optimism "if the 
area of particular uncertainty or 
sensitivity was adequately high- 
lighted in tbe form of an appro- 
priately framed assumption.'' 

Tbe panel is pleased with tbe 
effect of encouragement of early 
bid announcements and share 
suspensions given in April 1977. 
There were only 11 cases during 
1977/78 when preliminary an- 
nouncements did not subse- 
quently lead to a firm bid it 
says. 

Examination of those cases 
has led it Tn believe that in few. 
if any. of them could the 
announcement be* considered 
misleading. 

As many as 70 announce- 
ments were accompanied hy a 
temporary' halt Id dealings. That 
showed that companies "are 
now feeling greater confidence 
in using this mechanism,” says; 
the panel, i 


they are normally excluded. 

The third is that important 
development in Europe, such as 
the creation of the European 
Monetary System, require full 
consultations with the U.S. on 
the relationship of the dollar to 
tbe system. 

One of the big drawbacks of 
organising such a restricted sum- 
mit, however, is that it causes 
irritation in countries which 
have been left out and which 
fear that a hegemony of tbe big 
powers is being established. 

Although it was believed that 
Japan, while not invited, had 
been niformed of The decision to 
hold tbe summit, it was not clear 
to what extent other nations bad 
ben either consulted or advised 
that it was taking place. 

Richard Evans writes: It was 
emphasised in Whitehall that the 
meeting had - been in prospect 
for some time, and was not a 
, direct result of the Brussels 
summit. 

I Mr. Callaghan will be accom- 
1 panied by Sir John Hunt, Secre- 
tary to tbe CabineL 
The Prime Minister, announcing 
details of the invitation to MPs. 
said the meeting was to discuss 
matters of common political 
concern. 

“Discussions will he on an 
intimate basis that win enable 
us to exchange views with each 
other."’ 

Continued from Page 1 


The advertisement said the 
technology research centre, in 
which the successful applicants 
would work, would be in Bristol. 
Applications were to be 
addressed to Professor Iann 
Barron, the managing director of 
the company's UK operations in 
Bristol. 

The advertisement bas caused 
consternation at Tyne and. Wear 
County Council. Last month it 
launched a campaign to attract 
Inmos to Newcastle, where a new 
project to train micro-electronic 
engineers is being set up. 

The council has alerted the 
nortb-eastern group of MPs to 
ask Mr. Eric Varley, the Industry 


Secretary, to clarify the position 
on the siting of the technology 
centre. 

The NEB. surprised by the 
advertisement, is understood to 
have made sure ho further 
advertisements appear, until an 
official announcement is made. 

The board issued a statement 
last night designed to ease 
fears of county councils lobby- 
ing to attract the company’s 
production plants. 

It said PA Management Con- 
sultants bad been retained to 
study the best location for pro- 
duction sites, “with the firm 
intention of locating them in an 
assisted area. It will also study 
where the official headquarters 
of Inmos should be located.” 

Regional authorities would be 
asked to complete a question- 
naire, and an announcement of 
the location of the first of the 
four production sites would be 
made in the spring. 

It stressed the technology 
centre would employ only around 
50 people, and would have a 
capital expenditure of less than 
5 per cent of the total UK 
expea dilure on the project, about 
£2.5m. % 

“The Inmos board has recom- 
mended that its centre should 
be located in Bristol, but no 
final decision has yet been 
taken." 


I The Takeover Panel is . i.0 
years old — and is showing just 
-the first hint . o£ mid dle aged. 
Spread. .The fact that its annual 
report, published yesterday, is 
two-fifths longer than last year’s 
version may only be a superficial 
! sign of incipient- bureaucracy. 
But there are other rather more-, 
worrying suggestions that the 
Panel is beginning to introduce 
[rules for the 'sake of neatness, 
[rather than because they are. 
needed — and that lit is also 
developing what might ■ be 
described as a nanny complex^ 

For instance, there is a highly 
complicated new guideline 
designed to attack what seems 
to be a largely theoretical abuse 
relating to so-called “shut off 
notices.” The greatest strength . 
of the Takeover Code is that it 
depends on the observation of 
the spirit rather than the 
precise wording of the rules.- 
The first line of tbe first 
principle in the Code says that 
it is impossible to' devise regu- 
lations to cover all eventualities. 

The biggest complaint, how- 
ever, is about the Panel’s re- 
action to the Wilkinson Match 
affair. From now on it will no 
longer give automatic dispensa- 
tion to someone who establishes ' 
a shareholding in a company 
and then takes it above the key 
30 per cent mark by filing the.' 
company something in retain 
for its shares — even if sue* a 
deal is approved by independent - 
shareholders at a general meet- 
ing. This is dangerous ground. 
The Panel seems to be saying 
that there are circumstances .in 
which it knows better than 
shareholders what is good .for 
them. 

Of course it is easy to -exag- 
gerate all this. However -the. 
Panel certainly is facing new 
pressures. Institutions are in- 
creasingly urging the. Panel ;to. 
act as a referee in areas where 
it really has no part ta play. 
And its rules are now framed* 
by tiie Coundl for the. Securi- 
ties Industry, a much jigger; 
more political organisation than 
anything it has had to cbpe with 
in the past Maybe 4 is time 
just to pause and take stock. 

GUS 

Great Universal Stores’ profit 
growth has accelerated smartly 
in the first half of its financial 
year. Whereas over , the past 
three and a-half years GUS's 
profits have been rising by be- 
tween 10 and 15 per -cent, in the 
latest half-year pre-tax profits 
are up -by 25 per cent to £66.5m, 
and for the full year they should 
top £150m, against £128m last 
year. 


Index fell . 03 to 4915 


1976“ 1977: / r ~ i978- _ 

«MM u»wwa. 
EJEHUOWBTC OFaUMSntT.’t - 


The upsurge , i n /profits - is a 
combination .- of improved mar- 
gins and sales gro&ih^ojf'-SD per 
cent GUS continues to benefit 
from Its heavy, bias towards the 
mail order business -Croughly 
half -of -sales) which is growing 
roughly half as. fast again; as. 
the; retail trade generally. Mean- 
while, the investment in the 
giant Maitland : distribution 
centre should start boosting pro: 
fits from next year.- - 

GUS’s traditional retailing 
businesses (both the;, household 
:and multiple stores) have also 
bhen enjoying the benefit -6£ tbe 
current consumer boom -with: 
the furniture^: and . ladies 
fashions operations doing parti- 
cularly welL • Finally, ‘GUS’s 
overseas operations; ; which, 
account for 18 per cent of pro- 
fits and marked time last yea^ 
-also seem to iiqve been making 
a bigger contribution. - Unlike 
many other UK retaflers, GUS’s 
overseas operations have been 
remarkably successful,-. and this' 
provides a' welcome cushion 
during periods when the UK 
economy 'is in the doldrums. ’At 
314p the "A** shafes^yield just 
over 4 per cent „ S • - : 

GEC '"-Jvftfi: 

The underlying " growth rhte. 
In operating profits, at * GEC; 
slowed to about 15 per centih 
the first six months, which 
apparently the company regards 
as being pretty satisfactory in 
view of the. way growth in. 
1977-78 was bunched In the first 
hail investment income, how- . 
ever, has gone into reverse, and 
gilt-edged writedowns may help 
explain why GEC was only, earn- 
ing an annualised rate of return 
of some 8 per cent on what must 
have. , been an average of 
around 1 £600m of net liquid 


■W • 


balances.- So a . disappointing 
overall pre-tax gam of just 22J- 
per cent to ■ £lB2.9m. left, the. - 
shares tumbling*; from..S®p : to. 
332p by ■ toe clpse. davm , 8p _ pn 
/the day, taking ' the FT 80-Stare 
[ index with' them. •' ; Z 

■\ -{ Several araais of-'GECs' bperi- K 
tio ns have-foiuad the going.qnite : 
bard': . iifo 1 tigarfc* : jend of . the 

switchgear '-and. transformer 
business, ■ for . example, while 
: prices for ; diesels Save , come - 
under presure. iEt - Idoju 'as 
though; ' the 'engineering > jmd 
induslriaX^divisions, j contribut- 
fog . sozne.^35 -.per. cept ;6f group 
profits between them, iwcvemade 
nti progress, aver tite pastryear. . 
However, ihe eiectrimics and 
"telecommunications, side' .ha s. 
accelerated, pushing up sales by • 

28 per cent and more than main- . 
taining ; its margins. :. .'And the • . . 
consumer. -products -division- lias 
at least seen a recovery* with. - 
furniture and j cookers. : doing - ; .. 
well, while losses in' colour TV 
were, reduced • in '.the first half 
and r this operation .has been 
turned round into profits, since 
September. . Overseas^ earnings^ 
■'-mean time, have' been -on - the 
weak side. . 

Iike -PJesscy and other elec- 
trical groups. GEC- reports .a' 
big rise fo-erders, especially for . 
expects. 'But. even .if- operating 
profits grow at no 'rnore than a 
maintained -15 -per cent iii the . 
second, half; the .effect of higher 
investment income should be 
enough tiPswett tbefull year’s 
profits to around £390m [pre-tax, 
up^a -fifth. 1 ' -[ So - the prospective 
full;* taxed p/e could be a.. little 
[tinder 10, and tfiet;e are enough 
dev.riopments'Ihthe; pipeline- 
like acquisitions, or the impact 
of compensation money — to 
keep, interest- up. S' .7? - . — - 

* . '• ■' _ 

Company liquidity 

[‘ Yesterday 'a. Department of In- 
dustry ^figures sSbow ah uoex* 
pesiediy \ shatp[; IhirdV -quarter 
fail in . company . liquid fry; the 
SqincHfyratio. of [ilbe '228 firms 
in the. isarveyifeU .to .123 per 
chirt from 141 per cent. Capital 
a^ufiiug^anil stodttenldihg con-, 
tinned, at: a; modemeiy high 
level during the : tiwee nunilhs 
bntvwere .not buoyant enough, 
on thefaee of it, to explain 4fris - 
abruptdecto explanation 
’could bea sqiieeze on profits* or 
; perhaps: [tise banking corset in- 
dated a'sfuft in company work- . 
fog capifl. patteriis. lit. any 
isvtat a ra-ti^ of 123 per cent is 
Still above , -the- peak levy, 
reached m 1973- and represents 
a pretty .comfortable ’ balance 
sheet; position. .*1. 


P 

Jeif 

je$ 


- .;i -£ TriO'» - 


■ 








Lloyd’s issues report 
on Savonita dispute 


NEB 


“lame ducks" such as BL, for- 
merly British Lejland. and 
Alfred Herbert would have easy 
access to large sums of money. 

There is likely to be a big 
Parliamentary row aver the in- 
creases and the Bill will be 
fought through its stages by 
the Conservative Opposition. 
Aitbough the Conservatives' 
policy for the future of tbe board 
is far from clear cut, it would 

not want it to continue all 
its current entrepreneurial 
activities. 

However, inclusion of the 
Sco tits h and Welsh Agencies, and 
the provisions due today for 
Northern Ireland, seem to 
guarantee that the Bill will 
obtain sufficient support from 
other minority parties for its to 
become law early next year. 


BY JOHN MOORE 

LLOYD'S of London yesterday 
issued a 22-pagc report on the 
controversial Savonita claims 
dispute to the Press. 

But -before issuing the report 
Lloyd's took the unusual step of 
insisting that any publisher 
accepting a copy from UicydV bad 
to sign an indemnity which 
released Lloyd's from any legal 
liability following re-publication 
of the report in part or in whole. 

The report discusses the roles 
of two Lloyd’s insurance brokers. 
Willis Faber and Dumas, and 
Pearson Webb and Springbett in 
the settlement of reinsurance 
claims on damage to 301 Fiat 
cars on board tbe cargo ship 
Savonita. 

The inquiry has been in pro- 
gress since Mr. Jonathan Aitken. 
Conservative MP for Thanet E, 
brought tbe matter to' the atten- 
tion of the Commons in March. 

Mr. AHken bad been severely 
critical of the Committee of 
Lloyd's for not intervening in 
the matter. He said the claims 
could have been fraudulent. 

The claims arose from Are and 
damage to Fiat cars on board the 
Savonita. These- cars were in' 
sured by SLAT, then the Fiat- 
controlled marine insurance 
company, and reinsured on the 
London insurance market. 

But Pearson Webb Springbett, 
the insurance hrokers handling 
tbe SIAT claim against the 
British Insurance market. 


decided not to press the claim 
after an investigation by the 
loss-adjusting Arm Graham 
Miller. 

Tbe Pearson group was dis- 
missed hy SIAT and replaced by 
a larger firm of Lloyd's brokers, 
Willis Faber and Dumas. The 
underwriters eventually made a 
payment representing 96 per 
cent of the claim. 

In making the report available 
to the Press the Committee 
of LUyd's required any publisher 
accepting a copy from Lloyd's to 
agree that: 

1. “Having regard to the privi- 
leged nature of the report 
neither the Board of Inquiry nor 
the Committee of Lloyd's in 
responsibility for the accuracy or 
otherwise of the report. 

2. No authority to reproduce the 
report in whole or in part is 
expressly or impliedly given by 
reason of the release of a' copy 
of the report to us. 

3. In the event that the report 
is republished in whole or in 
part by us or at our request we 
will indemnify the Board and 
the Committee of Lloyds In 
respect of . all legal liabilities, 
claims, interest and costs which 
shall be incurred or become due 
as a result as of such republlca- 
tion.'’ 

Because of this condition the 
Financial Times has decided not 
tn publish details of the report. 


UK TODAY 

SHOWERS and some sunny 
intervals. 

London, S.E., Cent S n and N.W. 
England. Channel Islands, Mid- 
lands, Lakes, Cent. Scotland. 
Argyll 

Rain and hill fog, becoming 
showery later. Max. 9C (48F). 
E. and N-E. England. E. Anglia, 
S. Scotland 

Occasional rain and hill fog. 
Max. 7C <45F). 

S.W. England, Wales, Isle of Man, 
N. Ireland 

Showers and some bright inter- 
vals. Max. 9C (4SF). 

E. Scotland, Highlands, Scottish 
Isles. 

Bright at first, with rain later. 
Max. 6C (43F). 

Outlook: Mild and dry in the 
East, with rain in the West 
From the London Weather 
Centre. 


Interim Statement 

Fcx1hesixmontteto3OltiSepternb0;T97S 




mmm 


;^C!ub 


• : r ■ v . 


Profits up by £T29,00Q on same period fest^ 
year, and substantial irtcreasefn turnover 


BUSINESS CENTRES 


•• eV vt!_ 


Amsnfcu, s 
Athens C 
Bahrain S 
Barcelona V 
Beirut R 
Belfast R 
Belgrade C 
Berlin S 
Rrratdun. C 


Madrid 

Manctwtr. 
Metboome 
Merten C. 
Milan 
Montreal 


vda r 
midday 
°C *F 
R M SO 
F .7 37 
C 13 39 
S 22 72 
S -1 30 
C 5 41 
Sn —6 21 
c -e 
r. r. 42 


performance 


Hajfyear Half year *._' , Vfear • ..: 
ended 1 ' ended ■ \ ended / 
309.78 . . 305177. :3t^7S - 

(unaudited) (unaudited) .'. (audited)' 
cooo ■•froQo/; ./-c-qoq/- 


Lakes tourism income up £15m . 


INCOME ■ FROM tourism in 
Cumbria increased by £l5m last 
year, 

.The amount spent by British 
tourists to Cumbria in Iff*? rose 
from £60m to £70m and that 


spent by. tourists from overseas 

from £ldm to £l5m. 

The number of visitors' re- 
mained constant: British visitors 
stayed 12m nights and overseas 
visitors lm nights. 






midday 

mkldar 



*c 

•r 


•c 

■F 

AJarchi 

F 

13 

64 lertpy 

e 

9 

48 

auuTiiz 

K 

IS 

50 Las Pirns. 

F 

22 

77 

Blackpool 

r. 

3 

37 Locarno 

C 

~i 

30 

Bordeaux 

F 

11 

S2 Majorca 

c 

13 

M 


F 

3 

37 Malaca 

c 

13 

59 


u 

w 

06 Malta 

F 

J* 

SI 


S 

24 

<3 Nairobi 

ft 

23 

rt 

:or(u 

F 

U 

CS Naples 

-a 

9 

4ft 

Qubronilk 

R 

-:t 

ZT Nice 

s 

10 

SO 


C 

18 

64 Nicosia 

R 

ltt 

61 

Florence . 

s 

G 

-C Oporto 

K 

16 

« 

Pond] a! 

« 

19 

« Rhodes 

V. 

14 

57 

GBmitar 

c 

IS 

64 Salzbnrgr 

-s 


1ft 


i: 

9 

4* Tamrtoe 

c 

19 

66 


s 

-i 

23 Tonis 

r 

14 

37 


c 


43 Valencia 

R 

15 

38 

[ale Of Man C 

4 

38 Venice 

a 

-l 

U 


R 

s 

41 




S— Sunny, 

F— Fair. C-GJOUftn R-Rsfet 



.Sasaow. 





RtcttUOsd at ttfr Post- <Mk». Print etf ljy.St ’ CJotRPOfi pt*9S'‘ior 
by tbe Pi gapcm l Tim 6t .LbL, Hbfffe, . Caao«t-Spslg P - 

1 . - . ©SBO.mdjaaLSS