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FINANCIAL TIMES 


•SERVING 
SHIPS, PORTS, 
INDUSTRY 


V; No. 27,737 


Monday December 11 1978 




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Thwate 

"Engineering Co Ltd,— r . 7. “ 
LeaminttonSpa, ' g£* » gg 

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COWntiWTW. SBJUrtG PRICES: AUSTRIA >** Wj BD.5IUM Fr 15; DENMARK Kr 3.5; FRANCE Fr 3.0; GERMANY DM2.0} ITALY L S»l NETHERLANDS FI 2.0; NORWAY Kr 2.5: PORTUGAL fee 20; SPAIN P& 40; SWEDEN Kr 3.25; SWITZERLAND Fr 2.0; EIRE* iSp 


NEWS SUMMARY 


GENERAL 


BUSINESS 


%itdUl. 


’• 8 I 

iSkTr* 1 1 


Million join in Little 

f , , , progress 

peaceful protest on sex 

march in Tehran ’ . >i an . .. 


.S 


in $ 800 m 
China des 


IjfTS 


YK Stfs 


. :-i,. .. •MANPOIVER. -Services Com- 

. ., . . . mission. js tolaunCti;nh experi- 

_ >.*-■ :■ mental scheme, to* try -iCA-stcm the 

17jp- NqheflFeac ^ Tjize was pre- growing shortages skilled wnr- 
sented to Prime -IHInLitcr. Begin ker8 Jn £ ^ e key jodusmeS— dtim- 
of Israel and “Fneslcicntr Sadat of estic electrical appliances, con- 
Kgypt,- represented' bs an aide, struction equipment, pumps and 
In. IdUr.eentury Oslo castle vai ves, diesel ongmes-and hiud 
ringed’ by police iparfamML. and drink ihacb^jen^c.j 
Ten ' pro-PailesiLne: detnoBstra- ‘ ^e. scheme. - wnu^ T»as full 
tors, .epatteredJ with red paint Covernjiieot baria pg.W QulQ add 
representing" blood,. .. chained ? ^500 lump sum -payment to ex- 
themselves* 'to; . railing outside ' st * n S employment transfer-aid to 
but were arrerted. just “before certain categaries.pf'Skilled wor- 
Kr. Begin ayrivedT by helicopter. kers. Back-Tage. • 

• arrests ^ter^la^ietf^with 1 poSl • INSTITUTE -orFiscat Studies 


BY SIMON HENDERSON AND ANDREW WHITLEY IN TEHRAN 

Almost a million people marched through the centre of Tehran 
yesterday in the biggest protest so far against the Shah, while the regime 
shut the airport and guarded with tanks the north of the city where the 
Shah lives. 


-to show. 




S.S fi™? WaB ta^n xu deot commfft ee ^dgelRry re- 

hospital, rage z . .. - form, which wOl- consider what 

• _ ^ changes would be'oeecLe&to allow 

Journalists seek Stale expenditurerand. revenue 

' tiri ntens’ heln . ' ■ to be considered .jdrthe same 
PMMWfp ■- time, rather than* &.Hie present 

.leaders :6l -.fljllOO .provincial fragmentary. manner; Ba«k Page 
journalists,, strike: for more 

pay, i. are' ..to - ask print union §?lONEY .fiCFHjtlttt niopth 
general "secretaries, to instruct -steady or -inacl^^y^h'Sher. 
their members not to cross picket official statistic s ttH tepnWishecf 

■lines •.:• '- ■ • / this week are ekp«ted -to show. 

- The NhijanaL- “Union' of Pa « B 4 
Jotmialists claims •' increasing & p\Y PACT TUr 

, numbers of. provincial manage- which was rejecteffuhy the TUC 
menis are prepared to go beyond General Council; Irwould have 
the 9 per ; cent ..-onered -.mf. the done nothing to hiMpimaintain 
Newspaper Society. Page 6 ^ -or restore differentials, the 

- • ■ ’ . "" ..; : general secrefa^y0 , o( the 

Britain trounced .-'Engineers, and Mtfnaggr? Asso- 
„ .u..- -A,' .elation has said. 

Bntams *rat- appearance- in the 

Dayfa CuR; tennis, final - for 41 # PRICES SECRET AS3f is ex- 
yearrendfelitt defeat vrtien John peefed to decide whether 

McEnroe 1 aoii Brian' Go ttfreLJ to grant exempliorf Ertm the Re- 
-beat -Bustey Hotttaxn' and John strictive Practices 'skclpbr up to 
UoYd -in the -closing singles two years for somef CK com- 


matches to give *the U5. a 4-1 panie? producing ,':fcaiforcin % 
win. Page 12 - - . .steel bars, inclndiii^' fp-British 

. 7 . .. Steel ^ Corporation U , : a|d ‘ GKN. 

Kennedy waffling t*** * 

■ Senator Edward, .••Kennedy.’. has- -4} -WHONS are. To, task the 
wju^^;BT‘«dentlCarter_ t {hat.if. -GoverBinent . lor- iiw^^pTr-t : :* 
ecoaopu^.rpfogripipijs; bite 'too . aid to save 500 o^ the 'SEWO jot-3 
deeply: into ' Social 'prograpimes aubatened al SingOr/Wv’s raauv- 
tbep^ Democratic ..^iiyUmppo'rY'iiicfizring plant ^p/^lydebaoki 
could not be taken for s^Sted-TTli^. U5T jareqt v ««ipany has 
Kennedy^ speech; wasAon^ngly "agreed; ta retain 5W> jobs and 
received 1 aLthe'pagty’STtmd-teym Increase ftst ii^stment from £Sm 
convention in'MempHfc Fage 2- -TO between {9m ahd f 10m. Bank 

■ _ -. i- «■ • - ; ’• -i ■•«■■■•:. ,l .-ppge, • :^y / ' 

\ '■BREWERIES’ near- 

. The.. result ^ oF- bakers' unioiL ^nMoiy f :ip 7 -'certain areas of 
branefa ballots over an improved Briianr wijt be examined today 
offer ^noentahg to just over - 14 -g& T 'brewers'' leaders and the 
percent should bo- known- today.: ^ Price* :*S*cretary discuss pro- 
The strike beffia- wben a,26^ -per: posalsc*. to break up local 
cent chad was answered with _ moaepolies of public houses in 
ac offer, of ' 11- per cent. Page 5' sofna^parts of the country. Back 
. . ‘ « - ‘ figgje • 

Melr f uneral . v T% FRANCE’S steel industry is 
' Goidk^hu^hier israefi-Prtn^^xiiected to ■ lose more than the 
Minister who.died on Friday, wilt; 20,000 jobs forecast at the time 
be .' buried tomorrow at , -fibfe of the State taking effective con-;, 
mountainside cemetery reseryed.-trol in September. Page 2 
for the nation's leaders, ..-.v' .;- la Germany, the Social Demo- 
•l. l V : /;:V 3 cratic Party has backed the steeF 

Rocket raicf • TA-T-’; -workers in the Ruhr striking for 
. _ : ' ■ • a 35-hour week. No progress has 

Rhodesia * defent* he^dgyarters been m8£ j e in the two-week-old 

m< L tha ,L gl ? ei ^^K^ a ^w * strike which has left 80.000 wor- 
sports cltrt) insi.de:.tbp ^aUsbury kers idJ& pa ge ■> 
city limits using rockets - and - 
..small arms. The cinb r ,iiia subui- thchdAUPC 
ban . township, is used by. blacks. InaOItUlluC. 

-» PHOENIX Assurance and 
Thorpe hear me: Eagle Star Insurance are to 

" _ " ^ • - increase their rates for house- 

The Jffl-emy Thorpe -case com- hoJtf contents policies in the 

he arts g resumes at/Min^ new year to meet rapidly rising 
head today when defence lawyers CQSt , J A t h ird company. Legal 
•wfll make 'Theii 4 ^ibmis^ons. The an(J General has warned • of- 
magistrates .will -dedid^ later increases ^ no t yet decided 
today or tomorrow Whether ail on the ^. ope Pa?c 

or any of. the ‘four- defend amts 

should be seat lor trial, charged ^ car INSURANCE premiums 
with . conspiracy to ^ m erder jj ave risen an average -t.7 .per 

Norman ScotL ' . • cent over Che past three months; 

^ n „j, w u . . ' according. . to an insurance. 

uOITIg UHtCrl - ; - . .industry report The increase 

The price of some farmland ra equivalent to an annual increase 
East Anglia has risen- by 50 per of . lS-8_ per cent, is more «mjr 
cent because it is being bought twlcb the< ^“esponding irwrease 
irp by Dutch - people . taking in the .retail price index- Page.4. 
advantage -.'of' favourable- ex- _••• 

change rates. ; ■ -OIL. • • 

0 K s_fhf - ' r ■ ■ • CONSERVATIVE energy 

Dn^TIjr - - ■ spokesman, Mr. Tom King, has 

Twenty skiers escaped, .when an called for a government inquiry 
avalanche swept them -away in- into allegations that BNOC has 
the- Bernese Qberiand. seriously abused its “uniquely 

Compulsory military service is powerful 
«” tatrodu^d to Siudi T 

Arat>lil m airi ng oil companies increas- 

Soviet disaideiyts- jnarked Human ’ jagjy reluctant to invest in the. 
Raghte’ day with a-sHent demon-- North Sea, and risking some 
Stratton in Moscow, . ;£i5hu in lost revenue. Page 4. 

Government will announce its _ gqmpagNIlE FRANC AJS des 
long-term strawy -for eou ff 1 ''" Petroles. the. French State-owned 
east Englautt itoday. . • petroleum .group is to boost its 

Premium Rbnd £ £5Q,000 winner exploration budget next year by 
lives in . ; *: ©itfordshire.; No: more than 40 per cent to FFr 
15VL 5174^5. r •< 1.05hn.. Page 25 


CONTENTS OF TODAYS ISSUE 


The march, and similar demon- 
slralions in many other Iraoiao 
ciues called Tor ibe establish- 
nient of an Islamic Government, 
and voiced overwhelming support 
for the exiled religious leader, 
Ayatollah Khomeini, now in 
Paris. 

But in western Iran the gov- 
ernor general of Ramadan pro- 
vince. Dr. Qodratoilalt 
Khodayari. was shot and 
seriously wounded during a 
demonstration in the city of 
Ramadan. He was rushed to 
Tehran where he bad an 
emergency operation for the 
removal of six bullets. 

The Opposition claims he 
was shot by a soldier, but there 
were no independent reports on 
the incident. 

In Tehran, the march was well 
organised and peaceful, with no 
police or soldiers visible along 
the main routes. Such pro- 
cessions would normally be 
banned under the martial law of 
General Azhari. the Prime 
Minister and military leader but 
permission was given two days 
;r;a when it became clear that 
the protest would go ahead under 
any circumstances. 

A 17-point resolution presented 
by the leaders of the march, 
declared Ayatollah Khomeini to 
be ibe leader of the Iranian 
people and called for the over- 
throw of the Shah, saying the 
struggle would be continued 
until victory. 

The scale of the protest, and 


its unity, bringing in a/1 social 
classes, clearly illustrates the 
growing dilemma for General 
Azhari of how to work for a 
political solution while remain- 
ing loyal to the Shah as head of 
Slate. Many public sector wor- 
kers remain on strike and little 
work is being dune in The 
private sector because or tho 
general disruption. 

At one time, yesterday's 
march, which h3d started from 
at least eight points of the city, 
ran for more than six miles 
along the main road across town. 
The crowd overflowed the six 
lanes of the highway throughout. 

Curfew eased 

It concluded early in the after- 
noon at the Shahyad Tower, a 
multi-storey edifice of sculptured 
concrete built in 1971 to com- 
memorate 2.500 years of iho Per- 
sian monarchy. The crowd, 
more than three-quarters of 
which consisted of young men. 
hut which also included black- 
veiled-and-robed women, dis- 
persed peacefully and without 
tension. There arc expected to 
be similar political inarches 
today. 

Like yesterday, today is a 
Shia Moslem festival, the high 
point, of a monuth of mourning. 
Processions from mosques will 
take place and again the military’ 
is not expected to intervene. 
Curfew, which normally starts 


at 9 pm. has been relaxed unlil 
11 pm over the three days of 
the holiday. 

Yesterdays march bad been 
organised by the political and 
religious opposition to tbe Shah. 
Some of Lhe political leaders 
have had contacts with the Shah 
over the possible setting up of 
a civilian government and 
unofficial contacts are believed to 
have taken place to ensure that 
no trouble occurred on the 
march. The large number of 
stewards appointed also con- 
trolled traffic around the city. 

The only direct military 
presence was helicopters which 
flew constantly overhead. But, 
in the north of the capital where 
soldiers protected many suburbs 
around tbe Shah's palace, many 
cars were turned away at road- 
blocks. 

As an extra security pre- 
caution. the interactional airport 
has been closed for 4S hours 
until tomorrow morning. 

Yesterday, the airport road 
which leads from the Shahyad 
Tower, was blocked by tanks. 

Although several thousand 
foreign workers and their fami- 
lies have left, mostly Americans, 
the majority remain, and have 
been told to stay at home for 
the next few days by their 
embassies. 

. The other big marches were 
reported (rom Mashad, Tabriz 
and the religious centre of Qom, 
where the opposition estimated 
there bad been 200,000 pro- 
testers. 


Healey commits UK to 
talks on developing EMS 


BY FETER RIDDELL, ECONOMICS CORRESPONDENT 


| BRITAIN was conraritted over the 
weekend to playing a full role 
in. further discussions on the 
development of the European 
Monetary System. ; 

.Mr. Denis Healey, the Cban- 
1 ceil or, also oommitied the UK 
to efforts <to ensure that the 
performances of European cur- 
rencies become more harmonised. 

He argued that “ most of the 
pnfoiems relating to «n EMS 
have yet to be seriously dis- 
cussed" Britain, he said, would 
play a ** -leading role ” m talks 
about turning the new European 
Currency Unit into a reserve 
asset wluch would lighten the 
iload on the dollar, about tbe 
pooling of reserves in Europe, 
about the setting up of a Euro- 
pean Monetary JMnd and about 
relationships with other cur- 
rencies -like the dollar and the 
1 yen. 

; Mr. Healey made this commit- 
ment during an interview on 
Saturday on the BBC 2 television 
programme On the Record on the 
results of last week’s EEC heads 
of government summit in 
Brussels. 

Throughout the interview he 


stressed that, while Britain was 
not joining the exchange rate 
mechanism because it was too 
like the snake ( the current Euro- 
pean currency bloc), tbe Govern- 
ment had not turned its back on 
the system and remained keenly 
interested in wider aspects of its 
development. 

In particular. Britain will 
press over the next few months 
for concerted action for higher 
growth and lower inflation along 
the lines agreed last July at 
Bremen and Bonn, and for the 
successful conclusion of studies 
aimed at helping tbe less 
prosperous members of the EEC 
— the UK. Italy and Ireland. 

The Brussels summit requested 
the EEC Commission to study 
tbe relationship between greater 
convergence in economic per- 
formance and the use of Com- 
munity instruments, notably the 
parts of the budget aimed at 
reducing structural imbalances. 
All this is seen by Britain as 
crucial to tbe success of any 
durable exchange rate mech- 
anism. 

British officials are. . also 
interested -in the possibility of 


broadening the discussion on 
concerted action on economic 
management to include inflation 
rates and incomes policies. 

One idea might be to create 
some more permanent form of 
EEC machinery to discuss the 
subject below the. level of 
Finaace Ministers. There' is 
unlikely to be any great public 
pressure for tbe changes, since 
the UK will not want to move 
unless it sees a distinct possi- 
bility of success and a positive 
response from other members. 

During the interview, Mr. 
Healey referred to the remarks 
made last Tuesday by Chancellor 
Helmut Schmidt of West Ger- 
many that the UK had volun- 
tarily offered to keep sterling 
within a 2i per cent band as in 
the formal currency mechanism. 

Mr. Healey said this was a 
.“slip" on the German's part. 
The British Government, he said, 
had indicated that dt would try to 
keep the pound stable in relation 
to Hie currencies of other coun- 

Con tinned on Back Page 
News Analysis Page 4 


By Alan Pike . 

Labour Correspondent 

PROGRESS towards genuine sex 
equality in industry has been 
largely disappointing, according 
to an Equal Opportunities Com- 
mission study of 575 leading 
employers. 

The report concludes that most 
employers in large companies 
have developed policies for 
avoiding unlawful discrimina- 
tion. but understanding of the 
i wider issues is low. Only 2 per 
cent of companies analysed had 
taken any. positive action to 
extend equal opportunities. 

" It is clear that the vast 
majority of employers need to 
take detailed stock of tbe posi- 
tion to identify the extent to 
which discrimination — perhaps 
unwittingly— may be being per- 
petuated." the survey says. 

The Commission started by 
obtaining information from em- 
ploye rs in th e country's m ost 
prominent companies. A total of 
u per cent of those approached 
supplied information, and some 
companies we re visited. 

Economic conditions in which 
the survey was conducted, 
strongly affected the reception it 
was given by employers. 

“Many of the positive actions 
suggested by the Commission 
were seen as low priority com- 
pared with other business pres- 
sures. Traditional and altitudinal 
barriers have been part and 
parcel of a view that positive 
action is unnecessary and 
costly." 

In general, the wider Issues 
of equal opportunities had 
hardly been examined, and 
“indeed they may not even have 
been acknowledged as issues.” . 

Only a quarter of companies 
surveyed had written equal 
opportunities policies. While 39 
per cent had analysed their work- 
force according to sex. only 4 
per cent had used the analysis 
to monitor progress on equality*. 

The report congratulates J. 
Sainsbury. Cadbury Schweppes, 
Wilkinson Match. Lloyds Bank. 
H. J. Heinz and Rolls-Royce for 
aspects of their employment 
policies. 

It says, however, that shop 
floor and local trade union resis- 
tance is regarded by many 
employers as a substantial bar- 
rier to breaking down segrega- 
tion. particularly in printing, 
chemical process and packaging 
work and pharmaceutical produc- 
tion. 

There was also strong union 
opposition to providing com- 
pensatory training in the printing 
industry. 

Job segregation was still com- 
mon throughout industry with 
little evidence of a desire to 
change attitudes. Only seven 
employers interviewed mentioned 
that they had used the provisions 
of the Sex Discrimination Act 
to apply positive discrimination 
in favour of women. 

Equality Between the Sexes in 
Industry. Free Irom the Equal 
Opportunities Commission. 


| BY STEWART FLEMING IN NEW YORK 

j FLUOR, a leading U.S. engineer- Accord 
jng group has signed an SSOOm number 


contract with China to develop 
a major new coppermine. 

The coDlracl :s for the design 
and management of a copper 
mine and concentrator capable of 
processing 190.300 tons of ore a 
day. It is scheduled for com- 
pletion in 19ti3. Fluor will lit? 
reimbursed of ibe basis of its 
costs and expenses, plus a profit. 

This announcement comes in 
lhe same week that United Slates 
j Steel, the larges! American steel 
producer, disclosed that it is 
seeking a Slim plus contract to 
develop ao iron ore facility, and 
Tollows a .'■‘la lenient from 
Bethlehem Steel, the industry's 
second leader, that it has signed 
a SlOOm contract to develop an 
iron ore. mine. 

Over the weekend. Texaco, the 
large oil company, also joined lhe 
ranks of corporations signing new 
contracts with China. The com- 
pany said ibat the Texaco 
synthesis gas generation process 
has been licensed for use in the 
manufacture of ammonia in the 
People's Republic. 

The new contracts underline 
the burgeoning trading links 
between China and the U.S. and 
tbe growing opportunities for 
business which U.S. companies 
sec in an area of the world lor 
so many years virtually closed to 
them. 

Even a Wail Street stock- 
broker, Mr Don Regan, chairman 
and chief executive of Merrill 
Lynch, recently made a visit 
there. 


According io recent reports the 
number uf U.S. businessmen 
looking for trade deals in China 
has doubled to 200 in recent 
weeks, and a broadening spec- 
trum of U.S. industry is repre« 
sen ted. 

Thus. Aluminum Company of 
America disclosed on Friday that 
company representatives, includ- 
ing its president, visited China 
last month for I ethnical discus- 
sions on the development of 
China's aluminium industry, and 
during the week a team was 
despatched from the U.S. to visit 
possible sites for such facilities 
in southern China. 

Earlier this monlh it was dis- 
closed that the Chinese were 
negotiating with Boeing to buy 
five 747 ’Jumbo jets and in 
November a Pan American World 
Airways unit. IntercootiDental 
Hotels, disclosed that it had 
agreed iu build and operate a 
chain of hotels m China at a 
pros peel; ve cost of SaOOm. 

Oil equipment -and mining are 
two areas in which U.S. com- 
panies are showing particular 
mteresl. But several corpora- 
tions in the agricultural indus- 
try are also active. Pullman 
apparently is hoping to expand 
:ia links with lhe development 
or China'?- fertiliser business 
while executives or the farm 
equipment company. Deere, are 
discussing licensing - •arrange- 
ments which i.-riuld involve 
huiiding plants in China to pro- 
duct- Dec re-designed farm traci 
tors and implements. 


BY ARTHUR SMITH. MIDLANDS CORRESPONDENT 


MERIDEN motor cycle co-opera- 
tive is expected to sock more 
help from tbe Government to 
overcome iu fiua-cial problems. 
An application i‘, likely to lie 
made to the D:iuru»t?ni t>r 
Industry to waive interest on 
State loans due to be paid nc::t 
June. 

The co-operative v. til probably 
argue that it is fighting back to 
viability, but canant expect to 
earn sufficient profit to meet 
accumulated interest charges of 
more than £lm. 

This will posr a sensitive 
political • problem mr the 
Government, which is about to 
receive a further demand for aid 
totalling some £3ro from the loss- 
making Kirkby Manufacturing 
and Engineering workers' 
co-operative on Merseyside. 

The Meriden- move follows top- 
level management changes under 
which Mr. Geoffrey Robinson, the 
Labour MP for Coventry NW 
and former managing director of 


Regard* 



CBI detects drift above 5% 


.'■ BY JOHN ELLIOTT 

A GRADUAL increase in the 
-number of wage settlements be- 
ing agreed above the Govern- 
ment's official 5 per cent limit 
was indicated at the weekend 
; by 'the Confederation of British 
Industry's pay data bank. 

-Although the number of w # oi> 
kers who have settled Phase Four 
deals stands at only 840,000, 
which is extremely low for the 
time; .of year, there has been a 
gradual shift in the past fort- 
night to deals above the 5 per 
cent limit. 

- Ford. Motor's 17 per cent deal 
is included in the figures, but 
it is clear that Ibe confederation 
is also receiving reports from 
other companies of limit-break- 
ing settlements. Rises agreed at 
VauxhaJl Motors and British 


Oxygen have not yet been in- 
cluded. 

So far 333 deals covering 
840,000 workers, have been 
reported. This compares with 197 
covering 300,000 a fortnight ago 
and shows a slight quickening in 
tbe pace of negotiations, even 
though the confederation says 
there is still a marked reluctance 
to settle- 

The 333 deals include 14 
private sector national agree- 
ments', among which are four 
awards by wages councils. Rises 
above the 5 per cent limit have 
been agreed in 13 of the settle- 
ments in line with the pay White 
Paper's exceptions for low-paid 
workers. 

But apart from these settle- 
ments, only ?7 per cent of the 
workers in the offer deals have 


accepted rises within the 5 per 
cent liraiL A fortnight ago this 
figure Stood at about 85 per cent 

Tbe confederation has also 
beeo told of more than 100 self- 
financing productivity schemes 
covering a total of 150,000 
workers since the beginning of 
Aucust. 

The future of the Govern- 
ment's pay policy will be 
discussed today at a meeting 
between Mr. Denis Healey. Chan- 
cellor of the Exchequer, and 
leaders of the British Institute of 
Management 

A meeting is also planned 
between th e confederation and 
the Prime Minister. Both organi- 
sations are protesting against the 
imposition of sanctions on 
companies, such as Ford, which 
exceed the limit. 




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^SlKfe'. 

fSllliti" 


rail . v ' 


Kbortoum 


its ►v v 


Overseas- news 

UK news— general' . 

—labour 
Technical page 


2' 

■ Arts page — 

13 



14 

iff 

UK companies 

International companies ... 

24 

25 

26 

u 

Mining Notebook 

26 


Dutch decide on U.S. aircraft 


BY CHARLES BATCHELOR IN AMSTERDAM 


FEATURES 

Gfranai a country- that has Eurobond quotations ao** 

lost its way ^elds M 

Labour shortage in i* 1 ® ■ ./ _ SURVEY 

North West - 23- Sierra ^bne *~* 

Week iu the courts 12 ' Eurobond quotations 


Appo tatm eats 
BuIMfnOr UM&fi 
BiahKsiRuikV Oltinf- 
eminent . 
.EettitaliimwGaWiBr 
Financial DinrV 

- Iriamce- _ 

Letter* - — 

Lex. — i — - 

. Lombard - 


at s 28 ; MW. wd Matisns .... 

lota* ....- •' O -Parltmmrttt Otary . . 

toV OUir?.- 2* - Shore: falormatioir ... 

. ^ '■ ta-^Sport '.-— '• 

■wCtidi •’ 2*‘ Tidart-Eveat* ... - 

Mart 38 . Ty.antl Radi* .... 

...... & uoA iftota- 

,~; 1T r,„~ • a* Weather- 

; .< 3&. ‘World Econ. kid. 

ax .awt Lot»&« Rates 
For-toest Shnre Twiez: 'phone 


u INTERIM STATEMENTS 
28 Jonas Wood head ... 2* 

54.35 pumas Lamp* -- -.-27 

. 12 . ANNUAL STATEMENTS 
25 

12 Burgess Products .. * 2* 

• 3S Highland D Util lories K 

» K Shoes . £ 

25 rcF ■ Holdings' M 

- 25 WMK CMM O B«e» 28 

01-246 S026 . 


HOLLAND HAS opted for the 
Lockheed Onion to replace the 
Dutch Navy’s ageing fleet of 
Lockheed Nephioes for marine 
reconnaissance work. 

Thu'S decision comes as a blow 
to ' the French manufacturer 
Dassault; which hoped its 
Breguet Atlanlique would be 
chosen, and to the Dutch group 
Fokker. which hoped for size- 
able compensation -orders from 
France. 

. Tbe Dutch Cabinet has 
decided in favour of the Orioa 
because the 13 sixeraft will cost 
only FlflOOm (£19lm), FI -300m 
.(SfiSJm)) less than tbe 


Atlantique. The Navy also pro-, 
fers the Orion, which can be 
delivered from 1981 compared 
with 1984 for the French air-? 
craft, 

Earlier this year the Atlan- 
tique emerged as a clear favour' 
ite and the choice of this 
aircraft would have heralded a 
far-reaching aerospace deal be- 
tween France and Holland. 

The French were willing to 
buy 18 F-27 turbo-props and were 
also ready to place compensation 
orders worth half of the total 
value of the Allan tlque contract. 

At a late stage in the decision- 
making, though, it became clear 


that the French were unwilling 
to join in the development of 
Fokker's F-29 jet 

Lockheed offered to assemble 
tbe 13 Orions in Holland and 
guarenteed compensation orders 
worth at least 860m but FOkker 
remained in favour of French co- 
operation. 

Fokker said Lhe Cabinet's de- 
cision was “a great disappoint- 
ment." 

The Dutch company wants 
urgent talks with the Economics 
Ministry about its future. Fokker 
has said 'Cooperation with the 
French is essential for the com- 
pany’s future as a self-supporting 
aircraft manufacturer. 


Look east. To the world's fasresr-growing markers. To the oil producers of rhe 
Middle East. • 

Air France gives you up io 61 flights a week ro 14 imoorranr desrinoriom Abu Dhabi, 
Ammon, Baghdad, Beirut; Cairo, Damascus, Dhohran. Dc-ho, Dubai, Jeddah, Khanoum, 
Kuwait Shorjoh and Tehran. 

You fly from Aorssy/Chories de Gaulle- the worlds mosr up to dote airport. . 

There are excellent connections from London and Manchester. 

Fly Air France and you fly m siyle and comfort. On mosr of ihese routes, we give you 
the peace and quiet of wide-bodied aircraft. And if vou're rravelling to Baghdad. Beirur, 
Cairo, Damascus or Jeddah, you'll have The pleasure of the incomparable Airbus. ' 

Next time you look easr. look no further ihan Air France. Our flights and timetables 
are tailored ro your business needs. 

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Air France far further derails. MSBu 

The best of France to all lhe world. 


Meriden i my ask for 
interest to he waived 


Jaguar Caro, has taken over an 
important management role. Mr. 
John Nelson, the managing 
director, has stepped down IQ 
become spares and service 
manager. 

To lift both morale and output 
at the factory, a two-lier bonus 
scheme is being introduced. It 
will give production workers a 
£9 increase iu Iheir £64.68 
weekly pay. 

Unofficial soundings by lhe 
co-operative at GEC and Guest 
Keen and Nell lef olds, both of 
which have given financial or 
management assistance in the 
past. <o far appears to have met 
with little success. 

Mr. Robinson, who played a 
leading role in the setting up of 
the co-operative in 1974, is likely 
t» lake upon himself much of 
the task of trying to recruit new 
management. 

Since its formation with a 
£4.2m state loan in 1974, there 
Continued on Back Page 


158 New Bond Street. London. W.l. Reservations 01-499 951 1. 

Ticket Office and Passenger Sales Department JM9? 861 1. UK Head Office and Administration 01-568 441 1» 

Manchester Reservations C6I-232 7331. 







OVERSEAS NEWS 


Financial Times Monday; ItaBnSfer. 

*.• Aftf. 




ifT ?? 


U.S. gives 
a show of 
support for 
Ceausescu 


Job losses in French steel j * 4^ 

. tight at 

likely to top estimate sm Nobei 


ME- 

V'i-iiv. . 


- v’MJ 
vf,i‘ 

i ^ !t 


BY DAVID WHITE IN PARIS 


Nobel 

ceremony 


shake 


1 ' T.-lt 

.? 

* ■. i* 

! ■* rrj 

' :;(l r ‘ 


JOB LOSSES in France's re- France. The company employs about By William puBfaror to Oslo 

organised steel industry are ex- The new schedule of job re- half Lorraine’s steelworkers. The WITH Mr. Cyrus Vance, U.S. 
By Paul Lendvai in Vienna peeted to exceed, the 10 - 20,000 ductions will come into force p j an due to b e carried out by Secretary of State, visiting Cairo 

figure foreseen in September, next spring, after completion ot lbe enc j 0 f i980. means its work- in an attempt to. rescue the Camp 

, ».r , , when the State took effective con- a previous plan cutting 16,200 David agreement 

THE ROHANIAIV leadership trol of tbe principal companies, jobs, agreed in 1977 between f ° rce J? . r ° re between Eevnt and IsraeL" the 

received demonstrative LLb. Details of cutbacks are due to employers and the moderate than50 per cent since 1970, from 1975 ^bel 6 Peac^Triz^awards 

0 IrtS r* rt* flu lAP lK • 1. .1 Z _ R1L* imiftn C* APflA 1*1 r 1 UV i Am Sh 1 iKl tit 9h .... . ■■ 


By Paul Lendvai in Vienna 


received demonstrative 


hacking on Saturday for its J b<? presen ted this week. The union. Force Ouvnero. 55JLOO to 26^00. • . were presented yesterday in a 

independent-minded policies, j Lorraine^based producer Sacilor- Unions are .planning meetings The management said that na 


maepenacm-ininaca Lorraine^based producer Sacuor- Unions are .planning meetings luanaocmeiiu aaiu xaai low-key .ceremony. 

and Mr. Michael Blumenthal. j Sotlac. h 3 S already disclosed jn Lorrains from tomorrow to action taken so far to make fee jjj. Menabem Begin, 


Treasury Secretary, cun- p j ans {r , s hed S.50Q jobs next year consider possible strike action company more competitive bad Israeli Prime Minister, received 

veyed a personal message from and in iggo Many of these will against the plan. The Left-wing brought considerable results, but bis gQld ffleda j aDd cheque in 

President Jimmy Carter to be ou tright redundancies, and CFDT described the announce- not enough. person. President Anwar Sadat’s 


j-rcamcuL iuuin) ne ouirigni reuunaancies. ana tiui aescriDea cue announce- , . __ , person. President Anwar Saaat s 

President Nicoiac Ceausescu. ^r. group is already seeking meat of the Sacilor-Sollac plan Taking into i account the Uslnor- balf o£ ^ * nkt750,G00 (£75.000> 

Mr. Blumenthal. who earlier authorisation to axe 2,500 jobs, as a stab in the back, and pro- pi ers^hati lion plan and prize was accepted on his behalf 


. Mr. Blumenthal. who earlier authorisation 10 axe jqos. as a sxao in me oacw, axm wu- JETT . prize was accepted on bis Denau 

had Visited Moscow and Bonn, The fiqure from Usinor and posed a joint front wife the other backs to jailer steel companies, j/ ^ special advisor, Mr. Seyed 

• was sent to Bucharest to under- Chiers-Chatillon. which were steel unions. the French steel industry s work- r 

line publielv “the importance merged last month, is expected Sacilor-Sollac. where the taw » ** about For security reasons, the cere- 

• President Carter attache* to to be about 12.500. This would Government has put in a senior 118,000 at tee end of 1380 com- money was moved from its tradi- 

i Bomaina’s iudependendeco and bring the total reduction to technocrat. M. Jacques Mayoux, pared with 138,000 in 1974. U onal venUe in fe e large hall of 

U.S.-Roman /an frienship.” He 21,000 out of a French steel work- as chairman, said it would show In the period from January to 0s!o University to the small 

' also pointed! v praised Roman- force of 140,000. The main plants a further loss this year before October this year, France pro- Christian IV Room of the 

ia’s constructive role in inter- expected to suffer are at Longwy financial charges and deprecia- duced M-2m tonnes of steel. I mei jieval Akerhus Castle, over- 

; national affairs. in Lorraine and in the Vaien- tioo. Last year its Josses trebled oer cent up on the equivalent i 00 fcf ng the harbour. . Armed 

• lt is understood that if was ciennes region of Northern to about £270m. level last year. soldiers and police controlled all 


the Romanians, engaged In a 
test of strength with the Soviet 
Union over increased defence 
expenditures and military inte- 
gration, which pressed Tor 
urgent and visible UJ S. support. 

The Romanians hone that 


SPD backs German strikers 


3V ADRIAN DICKS IN BONN 


soldiers and police controlled all 
vantage points and approaches to 
the castle, while an army heli- 
copter circled overhead through- 
out tbe ceremony. 

Neither Mr. Begin in his speech 
of thanks nor President • Sadat, 
in the message read for him by 
Mr. Marei. dealt with the prob- 


two-way trade with the U.S. will qj^aNCELLOR Helmut Schmidt's an end to the dispute, and he formally endorsed a campaign I lems stalling the Pf ace ^ a ^f|" 
Tls ^-J°K Slbn h> , 198 ?* ®! p ?" Social Democratic Party made a has not arranged further talks, programme for next year s men L Mr. Sadat reiterated that 
malic observers do not exclude , . . , .... tKa Th«» SPn ennferoTiee resolution Eurnnean elections in which a the aim was to bring security 


the possibility 
Romanians — afh 
attempt >n 19' 
put oul feelers 


BY JUREK MARTIN IN MB4PHIS 

SENATOR EDWARD KENNEDY and measured approach in his 
from Massachusetts this weekend appearance here was sts-fe. But 
served warning .on President' it. may be unwise- to read too- 
Carter sot to take the allegiance much into it in looking ahead to 
of the Democratic Party for the 1980 Presidential election;, 
granted -if the Administration’s ior„ as this conference wound 
austere economic policies bite down into its closing hours. -it 
too deeply into social pro- also appeared that Mr. Carter 
grammes. remained solidly in control of tte 

In a vivid, impassioned speech Democratic party and that the 
feat had the previously passive liberal teeth were in the process 
delegates to the party's mid-term of .being drawn, 
convention here out of their seats ‘ -This was demonstrated during, 
and -roaring approval. Senator' the 'afternoon when the confer- 
Kennedy took up the case for. ence. voted down, a proposal that 
introducing a national . health would have demanded . of the 
insurance scheme forthwith in President that social spending be 
terms that touched a raw nerve -kept at current levels, .Further 
among the party’s discomfited evidence was . provided by a poll 
liberals. of half the voting delegates here 

The Senator said be supported taken by a TV network -.which 
the fight against inflation if the showed Mr. Carter favoured by 58 
burdens were equally shared, per-cent to 34 per cent tor sen 
But, he went on. his voice rising Kennedy. ... ' ■ . . 

in the manner of his late Mr. Carter gave no public hmt 
brothers, arms punching fee air, here of his intentions for 
“we cannot accept a policy that But he is understood to pave 
cuts spending to the -bone in conferred privately wife leading 
areas like jobs and health, but supporters in New Hampshire, 
allows billions of dollars in waste- which holds the first presidential 
ful spending for tax subsidies to primary IS months from, now, 
continue and adds "even greater 'and intimated _ that - be would, 
fat and waste through inflationary "have no. objection if they-wCre 
spending for defence.” to start organising- quietly tfn. 

The contrast between Mr. his bebalf. . __v -. . •' 

Kennedy's eloquent fire and Apart from Senator Kennedy, 
brimstone and Mr. Carter's calm most of the rresWenrs mam 


critics and potentiai pohtacal 
opponents: ^d not. bofesr.to come 
to Meiapbas, This Jpade 1 feat 
xrazoh ieaslor the WhSte- - Souse’s 
task of controlling the. confer- 
ence In' such a way as to give 
fee senzbiance of eaxIahilMted 
debate oh 'the .party's platform 
in 2980 without running the risk 
of tying the President’s hMtds. _ s . 

The President ^aid. I6e had no 
apologies te 'make .for maiutain- - 
ing a strong defence posture, but 
be held out the hope that .once -a 
strategic arms limitation agree- 
ment with. the Soviet Union had-, 
been signed shortly Jze- "would • 
put r SALT 3 talks “high on. the .. 
agenda” and that these should-; 
result' hrmuch. more -drastic cute 
in missile strength. ... 

He repeatedly stressed that. as- 
Presidenti he had -.to balance-- - 
many competing interests' within . 
fee confines of the need to cure - 
inflation. But both- be, and -fee : 
bevy of Administration officials 
also' present maintained that Ibe; 
burdens would be- fairly shared. 
And if. his keynote speech . "on ; 
Friday night was . rather flat be. 
showed again in .. talking - ii>- 
workshops on defence and: the * 
economy .oh Saturday xnqrnipg, . 
that in a" more informal settihg- 
be can he formidably articulate. , 
and impressive. ; 


* - •— .- - r . , 0 ; parti' «?ep as an unfair weighting unlikely that the coalition Herr Hans Koscholck. the - - — - — - - 

for th r„JL u , rchas< " ?: *J n,s I Of political and public opinion Cabinet’s firm decision last Mayor of Bremen and deputy Mr. Begin J*J e »**d 
on a lon^-tcrra credit basis. | a o a inst the unions in recent spring to take no action on tbe SPD chairman, denied that either viction that^ the Camp David 
On Saturday, the Romanian ; vears matter will be overturned as a resolution breached the tradition agreement can serve, u ana 

a* ■!. c _ _ . ■ _ _ p l* . - - . .. . « . __ . 1 .. 1 ? * t e • ^ e % iiiViqti ci on on uTin TantriMi. a 


Italians debate EMS tomorrow 


party daily. Sdnleia. praised * A special party conference in result of the resolution. Herr of non-interference by politics} when sigDed and ratified, as a 

Trance for standing up for the Cologne expressed solidarity Herbert Wehner. the party parties an industrial dispute*. Rood treaty of PJ ace ; . 

natinual control of ils armed Iwjih the striking Ruhr steel- leader in fee Bundestag, warned but declared feat “no ooe can Begin and Mr. Marei snoo« 

forces at the recent NATO I workers, in the shape of resolu- that in present circumstances, stop us from saying which side hands several times ana cnaraa 

meeting. The newspaper also ! uons condemning the lock-out any effort by fee SPD to intro- our hearts are beating for in during the ceremony out no 

hailed president de Gaulle's land approving as a "long-term duce a Bill banning lockouts this dispute.” talks on agree " 

decision 12 years ago 10 with- ^gcal" the 35-hour working week would not find a majority — a The conference also adopted tnent nave been neia nere. 

draw France from military 1 claim that is at the centre of fee blunt reminder that the party an impressive list of candidates 

integration in NATO. I steel dispute could not hope to convince its for the European elections. Vonoo in tdllfC 


BY PAUL BETTS IN ROME 


indirect 


l steel dispute. could not hope to convince its for the European elections, 

j Meanwhile there has been no Free Democratic coalition part- headed by Herr Willy Brandt. 


equivocal- answer to a recem Progress towards solution of the ners to join such ar -initiative. the former Chancellor, and 


statement hv Mr. Leonid iwo-week old steel dispute itself. Support for fee 35-hour work- including 
Brezhnev the Sot let President , >*> which the combination of a ing week came in a somewhat politicians 
the newspaper referred to the strike and an employers’ lock- less direct form, when the SPD leaders. 

latest NATO session as a proof I nu t ha? made a total of 80,000 . - 

feat there was no justification I workers out of some 200,000 idle 

for strengthening llie blocs and I the North Rhine — Westphalia, 1 1 

«“• expert.. 1 and Breme ” Bangladesh pour 

. . 1 Herr Fnemlhelm Facthmann, 


distinguished 
and trade 


Vance in talks 
with Sadat 


for strengthening ilic hlnc und I tne worm nnine — wesipnaua, ^ 111 1*^_* • 

~ca.au,* miuiarr, Bangladesh politicians 

, . | Herr Fnemlhelm Facthmann, _ 

Mtti'sws plan election boycott - 

the activity of the milllary • called in ro mediate, held further wyj.vy^v. 


ine atimiy oj toe inluiarv ; ca Ued in to mediate, held further 
alliances should he curbed . meetings on Saturday and yester- 
ratlier than slrenglhened. ; day with both sides, but reported 
Genuine security, it argued, | fejt none of the proposals put 


BY OUR OWN CORRESPONDENT - 


By Roger Matthews in Cairo 
MR. CYRUS VANCE, fee U.S. 
Secretary of State held talks 
here last nigbt wife President 
Anwar Sadat in an effort to 
break the virtual suspension of 
the peace treaty negotiations 
between Egypt and Israel. 

Mr. Vance confirmed before 
leaving London on his way to 
Cairo feat he would consider 
shuttling between Cairo and 
Jerusalem if his talks with Mr. 


did not depend 011 ulor ties J tr» him in separate talks sug- SOME 14 political parties have nounced an election .date on Sadat and la-ter wife Mr. 

anu ever-greater defence ex- ' nested that there was yet suffi- have decided not to participate in November 30 in\a nation-wide Menahem Begin. Israel's Prime 

penditure but 011 concrete jeient common ground to justify the Bangladesh general elections radio aud television broadcast. Minister, proved fruitful. The 
measures to promote dNarnia- further bargaining between to the National Assembly due to The new Parliament will have the Egyptian newspaper AJ Ah ram 

5,1,11 n,, htary disengage- j them. He said last night he was be held on January 27. They power to form or amend laws, claimed yesterday that Mr. 

ment - I sceptical about the chances of claim that without certain, pre- amend the constitution,.- approve. Vance would propose that fee 

requisites the elections will, be a or disapproyer the ^budget, and.} December 17 deadline for 

— — farce and a wasle of public and even ‘impeach, or »rem6& *\tiie 1 initialling a peace treaty agreed 

ISSWCCT Jffl C?S DCTTCD TOUADDAUie I I private funds. Their pre- President / • at the Camp David Summit in 


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private funds. Their pre- President / ■ . | at the Camp David Summit in 

requisites include withdrawal of Most of the political parties September should be extended 
martial law and the restoration have been agitating over the last by one month, 
of fee fundamental- rights of the few months for fee restoration However, there is no indica- 
people through fee repeal of all of Parliamentary democracy. 12 tic*n yei that President Carter 
repressive laws. of the parties planning to boycott would agree to such a 

They also seek restoration of th e polls • jointly C participated postponement 
parliamentary democracy; un- in the PresidentiaWelections that Mr. Vance, who is carrying 
conditional release of all political took place on June 3. Their can- virltb him messages from Presi- 
prisoners and freedom fighters; didale lost to President Ziaur dent Carter, will fly to Israel 
tbe right 0 / appeal to the highest Rahman. President Rahman, in tonight to attend tomorrow’s 
courts of law against conviction his November 30 speech said he funeral of Mrs. Golda Meir, fee 

under martial law: retirement would lUte to ’have in the; new former Israeli Prime Minister. 

from fee armv nf Maj. Gen. Ziaur National Assembly a viable and 

Rahman if he wishes to partici- constructive opposition . 

pate in -politics and restoration Out of fee 21 political parties. • t 1 ! VolvrorJnr 

of fee freedom of tbe Press. seven appear ready to participate A-'* Otxl vauui 

President • Ziaur Rahman an- in fee elections on January 27. fCSSiOll Cfaj flP 


SIG. GUILIO ANDKEOTTI, fee 
Italian Prime Minister, will open 
a crucial parliamentary debate 
tomorrow on fee controversial 
issue of Italian membership in 
fee European Monetary System 
(EMS) now threatening the 
survival of his minority Christian 
Democrat administration. 

To avert the threat of a Govern- 
ment crisis on this issue, Sig.. 
Andreotti is expected to propose 
to fee parties supporting bis 
administration a compromise 
which will reassert Italy’s Ann 
commitment to join the EMS as 
soon as possible but not imme- 
diately. 

After a series of meetings with 
the leaders of the main political 
parties and the monetary authori- 
ties, Sig Andreotti is to bold talks, 
today with Mr. Francois Xavier 
OrtoIT, the vice-president of fee. 
European Economic Community, 
and his own ruling party before 
announcing bis Government’s: 
decision on the EMS to Parlia? 
ment. 

While most of the political 
parties, including fee Com- 
munists, the Socialists and fee 
Christian Democrats, are gene- 
rally opposed to Italy’s entry into 
fee EMS under the current teuns. 


the small hot influential Repubti- Treasury Minister .and one of 
can party has warned the Italy’s: negotiators at Brussels. 
Government that It wea&Lwith- has repeatedly indicated fee 
dnaw its support from Sig, mafe feawhs for" The Govem- 
Andreotti If fee country did "hot meat's hesitation over the EMS, 
join - on January 11". ’ 1 which include inadequate trans- 

The. Republicans fear that fer of resources- and reservations 
should Italy not immediately join - on certain aspects of the teoh- 
the more rigid discipline of fee weal mechanisms of fee new 
snake, the Government’s attempts .snake- . 

tp introduce a medium-term a ‘ compromise involving 
recovery programme and. a n -Jtily^ j:onnihitment to monetary 
incomes policy would be" eroded, union buftbe need' for farther 
Although fee withdrawal of negptJatidn wife EEC .govern- 
fee ‘ Republicans from, the .- pre- mentis to enable the country to 
sent parliamentary^ -majority j b j n fe e snake- as soon as- 
would not necessarily open a p^^je - f* Exported to be 
government enss, it -acceptable -to fee" ' left-wing 

seriously undermine the fragile parti e S ^ a -whole and to -the 
governing coaijaon- and open majority fee Christian 

wide differences -witbur fee Democrats. 

-fe-ling. party. . • .. . "• However,. ‘ the __ Increasingly 

Monetary union has effectively hitter -controversies among ■ the 
split the Christian Democrats twain parties ■■ are' interpreted 
with a vociferous faction of .-fee here as a ' Mgn of growing 
party suspecting that Sig. political disaffection - to 'the 
Andreotti s motivations' for not present coalition- formula and 
taking Italy immediately into fe e prelude of another Govewt- 
the new snake are dictated .by mea t crisis. This climate of 
fee opposition of the powerful pah local uncratainty is a further 
Community party to the present reason why many 1 -political 
EM 5 - , : leaders and -economic ‘ experts : 

'07er *fee past few days, Sig. here are reluctant to see Italy 
Filippo Mkriff Pandott, . the -join fee EMS at this, s.ragei 


HEPC 


i-i?) 1 


Swiss foreign 
reserves peak 


By John Wicks in Zurich 


WORLDWIDE 
MEDICAL ASSISTANCE ,, 

Essential to a IX Companies transacting 
. business abroad * • ■;-i V • 


NOTICE OF REDEMPTION 


ADELA INVESTMENT COMPANY S. A. 


US Dollars 15,000,000 Floating Rate Notes Due 1983 


Notice is hereby given Pursuant ro the Terms and Conditions of the above-mentioned Notes. The principal amount* 
oF US Dollars 1.500,000.00 has been Drawn for Redemption on January 11. 1979 for Sinking Fund purposes at 100 per cent 
of the Principal amount thereof. The following is a List of the Notes to be redeemed therewith: 


US Dollars 1,000 Notes to be redeemed 


si 

5 

93 

1* 

95 

5. 

97 


95 

7 

01 

■»' 

OJ 

7 . 

06 

1. 

OF 

7 

12 

1 



5 1 
09 
21*7 
1-2473 
2703 
2SB7 
3236 
3 S 01 
3741 
3987 
4209 
4473 
4721 
5983 
6091 
16584 
16613 
6643 16859 

7090 17099 

7343 17351 

7626 1 7644 

7910 17926 

8176 iai8S 
6453 1*470 

B743 
699ft 
9258 
9466 
9699 
9930 






It, 1979. and the coudom atl*eh«l ftiarwo rnnuring 

oiler Januarv 11, 

Oeee«"Ber 1978 

1979, shall be »cHd. 



Bank of America New York 
(Principal Paving Agent? 


1 Opposition . political parties in 
El Salvador are not allowed to 
win elections, and there is 
systematic torture and ill- 
treatment of prisoners in the 
hands of security forces. This 
was claimed by Mr. Peter 
Bottomley Conservative MP for 
W. Woolwich on his return at fee 
weekend from El Salvador where 
he was a member of the 
Parliamentary Human Rights 
Group mission led by 
Lord Chitnis, writes Hugh 
O'Shaughnessy. 

The mission had received 
co-operation from members of fee 
Government of El Salvador, be 
said, adding that the country had 
a more open society than many 
in eastern Europe. Mr. Bottomley 
called on the British Government 
to give more consideration to its 
defence and aid relationship with 
El Salvador 


SWITZERLAND'S foreign-cur- 
rency reserves reached a new 
record in the week ended Decem- 
ber 7. according to the weekly 
report of tbe National Bank-. 
Dollar purchases, mainly from 
national bank interventions on 
the foreign-exchange market and 
from fee liquidation of swap 
transactions, exceeded dollar 
sales to fee banking system in 
respect of the conversion out of 
Swiss francs of the proceeds of 
foreign borrowings by SwFr 
597.6m (£179®). This brought 
overall foreign-currency holdings 
up to SwFr 28.32bn (£8fibn). 
Gold reserves remained un- 
changed at SwFr H.9bn (£3.6bn>. 
In comparison wife these very 
substantial reserves, banknote 
circulation was of SwFr 20.9bn 
(£6.3bn) for fee week in question. 
• The Swiss cost-of-living index 
rose by OA per cent in November 
and was feus 0.6 per cent higher 
than fee level for a year before. 


. uusiucaa aur you. > • • 

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wide basis. . • • 

★ Prompt despatch of air ambulances and medical teams to 
any country. 

★ Availability of doctors and 'nurses- to travel anywhere any 
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China poster incident 

A new poster -urqins America's 
President Jimmy Carter to cham- 
pion human rights in China was 
quickly torn down from Peking’s 
•' democracy wall ” yesterday by 
a man who said Hs author was a 
Soviet provocateur, witnesses toJd 
Reuter. 



Soviet whale pledge 

The Soviet Union plans to end Its ' 
commercial wha&ne: operation 
within five years, Mr. Viacheslavj 
Zemsky, chief Soviet delegate to ! 
an International Whaling commis- 1 
sion meeting in California, was 
quoted as saying m an interview 
wife fee Los Angeles Times, 
reported on Saturday. 


ARAB BANK LIMITED 


THE BANK TOUCAN TRUST 


IN MftUONJD 


1975 I 1976 I 1977 


Vietnam troops gather 

Thailand's supreme miBtary com- 
mander was quoted yesterday as 
saying that Inteltigeoce reports 
indicated feat Vietnam has moved 
most of its 40.000 soldiers in Laos 
to fee Cambodian border. Reuter 
reports from Bangkok. Thai 
armed forces have been put on 
alert as a precautionary measure. 


CAPITAL A RESERVES 

nrynsrrc 

TOTAL ASSETS 


20 

472 

a53.5 


-38.25 

ms 

1522 


1 JD= USS 3.17 (APPROXj 


Lebanon row 

The Saudi Ambassador to 
Lebanon Mr. AK at Sheer, -is 
recuperating in a Beirut hospital 
after he was shot when the hoii- 
copter in which he was travelling 
came under fire from Christian 
Militia ground, forces' on Friday. 
The shooting touched off a poR- 
tinaJ uproar because of its pos- 
sible repercussions on the. Arab 
role in the Lebanese crisis, writes 
Insan Hijazi from Beirut.' The 
incident has led to tbe postpone- 
ment of a meeting of -fee Saudi, 
Kuwaiti, and Syrian cammftrtee 
which was formed in October to 
help President EMas Sarkis con- 
soiKbale the ceasefire in Lebanon. 


ESTABLISHED 1930 IN JERUSALEM . ' 

GENERAL MANAGEMENT: AMMAN. JO RD AN 


BRANCHES IN: f - .■ 

aw dham. ajman; Bahrain, dubai.egyft, qa^a. jordai^ ■ ’ 

SAUIH ARABIA, SHAWAH, UJW ALQAIWA^, fujaira^ - 

LEBANON, OMAN, QATAR, RAS AtKBMMA^ h .?,[ ?.r_ 

YEMEN ARAB REPURUC^^BRtrABV ^ \ 


SsterlakitelSoiis: . . 

AHAB BANK (OVERSEAS) LIMTTED UNION DE BANQUES ASABES 


ZUMCILCEnEVa 


Ftvascul Tnas. published daily except 
ES?*** *“* hrtida W' BA avbseriwifin 
s=os.« tair freight) S 3 K.OO fair main 
prr annurn. Serand elaa Doslww paid at 
iV'tf York. N,Y. 


ARAB BANK MAROC 

CAMBLUKfcXUtr 


£T£UROFEENN£S(UJBjU^ ~ 

i4ixDooovc,reAitxiuar — 

: ARAB BANK (MGE^)I*DWIEED 

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. . ss Monday - Deceniber -111973 




WORLD TRADE NEWS 





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Britainhow 
in 

on ... . ... 

with France 

* . PARIS— 'French: 'trad^. ' with 

Britain swrog starply *tQ. siir- 
; phis in “the^^st.attte morrtns of 

• this fetU’S.:-vm"-&Qneb'ie^rts 
exceeding-imports liy FFr3.235bn 
(£3S8m) 'against , a. -deficit of 
FFr15 .'taL'lflF.. tte same . period 
last y&tf, latest" official figures 
show.' 1 i i '• .*•' 

For thci whole of 1977 Franco- 
Briiisljirade showed a. surplus of, 
FFr2.Xbiiin Britain 's ’fiwriir. - •- 
Overall French exports: to^-B^i- 
, tain .totalled! FFrl8-lbp- 
first nine months of thi b yeay.' hp 
from FFr jr$ar iearheiu 
French - importsL ^t\bmited >|o* 
FFrI45bh la'.thfi perfodi up firom 
FFrl3:3bn, .Tn .the L*amt JL977 
period: ■-■■'•■ ‘/.■'.'r. -: 

Britain^ -which" 'is . France's 
fourih-bJggest cUeht; accounted 
for 65 per eeht'-of French ex r 
ports world-wide Vh 1977. France 
— Britain’s" .. fhtrd-higgest cus- 
tomer ■ after the .United States 
ami West , dermany~^«icoiinted 
for 6.8 per jcentjof British ex- 
ports. ’ - •••.• ■ 

. . France increased. Its purchases 
of British petroleum produds by 
15 per cent to' FFrlflhii up to 
end end .of September from 
FFr955 .2m a year;‘Carlier. - 
Trade in -raw- materials .-.was 
' FFr 5Pt9tn in 'France’s, favour 
compared - . with a • deficit of 
FFrlSSm in the first nine 
months of 1877.. French exports 
exceeded imports 1 , ip.* the semi- 
finished ' products /sector by 
FFrSlSBm ugainsl a deficit- of 
FFr224.4m a year , before. .: 

The traditHmal French trade 
deficit -:in cap.ilnl equipment 
narrowed. *5haiply ' in --the; fffisft 
nine months , of .tins - year.. to 
FFr. 1665m £rom "FFr. 15bu in 
the same perwd?o/ ISKT. JFm all 
of 1977 Frcnch.i' im^rts of 
capital . equipment . ' exceeded 
. exports by .-FFt: l.fibtt. - - 
British -imports of-' French con- 
sumer goods were FFr ' 2.04bn 
hisher . than cximrte rduripg ■ the 
first, nine, -mbtihs, ..lip/ frbin . a 
trade deficit' of . FFr' tibd a 
year before. - - ^ - v,. .. .. 

Figures -for.: 1977. show.; that 
British inrostnieDf in France 
amounted v to . FFr- 546 m, or 
almost three tin® ibe 2876 total 
of FFr. 186m. -• ” . 

In contrast French invest- 
ment in Britain .dropped by 2S,7 
per cent in the same period, “tp 
FFr 8S3ibr. - , Of '-the total, 
FFr 883m Cor 93 per cent>. were 
accounted Cor by investments -by 
French-dll comparaes in North- 
Sea oil exploration.' . ‘ - 

ap^w ..*l ■■it/ii:;..: 


Ilritaln still leads 
W. (Germany in 
world tractor sales 


FINANCIAL TOUESHpORTER 

ALTHOUGH THE UK’s 7 share of 
-world tractor .‘.exports - has 
dropped shar ply in reipent years, 
it is. .one" of the - few -sectors in 
which Britain’s -••• share . ; still 
exceeds that of- West Germany. 
- - Otter sectors in,- which the 
UK’s slmre ^ elpse., : t^that of 
6 c n p?"!f '.* include .'.statistical 
. machines-,. coflstnictibn' -and min- 

«rg. cica chine ry, "insulated tylres 
and - tables, - batteries and 
accumulators- - 
T: These .are among .the. findings 
of Jx statistical comparison of 
engineering in Britain; ’France 
abd "Germany,., published, today 
by the'Sussex EuropeahVResearch 
Centre. : 

-. The study points out . that 
Germany’s - high average per- 
fprin&nce in. engineering, with 
2.4 times the. British market 
share, is .hot due "to" exceptional 
performance in - some sectors 
offsetting -relatively weak 
performance in others. “Germany 
appears to win nearly all the 


prizes.”. 

The British appear to be 
exporting a more “ down market 
range of engineering products 
than the French or Germans. 
This is shown hy the lower aver- 
age export value per tonne, 
implying a lower content of value 
added. (Average fnb export 
values per tonne: Britain $5,700, 
France 57.400. Germany $8,200.) 
These differences, the study sug- 
gests, are due less to lower 
British . prices than to lower 
quality or less sophisticated 
types of machine.- 

In all three countries, the 
brunches of engineering most 
dependent on exports are also 
those in which imports have 
penetrated the home market 
most deeply. 

Engineering in Britain, West 
Germany and France: some 
statistical comparisons, by 
Christopher Saunders, Sussex 
European Paper No. 3. Price £2. 

Editorial comment. Page 14 


Italians seek British 
technical co-operation 

BY HAZEL DLffiFY> INDUSTRIAL CORRESPONDENT 


GEPI, the- Italian Government* 
controlled industrial boldine 
company, wants-' ■ toj-buy ■ British 
technology and give British 
companies the bpporimiity to 
take interests in. Italian, manu- 
facturing industry.*!." •-. 

The Italian organisation has 
150 companies, op. , |t£ " list for 
which it wants io' boy in new 
technology on the- i&asis of 
lideoslag. The rmig&af products 
made by the companies . include 
textiles and cldUunff^' agricultu- 
ral equipment, electrical goods. 


and 


electronic components 
aeronautical products. 

As well as offering to buy the 
licence, GEPI is also offering 
the British industrialist the 
opportunity to buy a part or 
all of the company in Italy into 
which the licence is sold. There 
is no lime limit on this aspect of 
the proposed deals, so it means 
that the adoption aod applica- 
tion of the licence hy the Italian 
company will be funded by the 
Italian Government until such 
point as tbe British manufac- 
turer desires to take a stake. 


Kenya-Tanzania talks 

BY OUR OWN OWBESPONDENT 
NEGOTIATIONS HAVExesumed Tanzania has refused to reopen 
between Kenya awF Tanzania on xhe border— with the aim of cut- 

5*3 oftS !■”* trad, with 

border between, the -'tvro coun- Tanzania, and its important 
tries, closed by Tanzada. early in trade with Zambia and Malawi-— 
1977* after Tanzahfi^-accused until acceptable trade arrange- 
‘Kenya of world ng to-eim the East menla are agreed. 

‘African Community!: "&■ The latest discussions, held in 
The Community co&psed in Mombasa, covered proposals to 
July, last year, .wheifcifhe East establish an inter-government 
African Cominoii-.Jta&et " also committee to deal with trade 
ceiased-.to -exist . matters 


SHIPPING REPQRT 



Iranian unrest hits racket 


. . . . r T 

BY LYNTON McLAW ’ V -'I . ... / 

THE SEASONAL, infusion In >cale -66jUo' S^e^sb charterers, 
nil tanker markets as owners and The: ship was- loaned by the end 
characters statch- for- favourable of' the .week. wffen rates for a 
contracts, prior “to . the holidays 272.000 deadweight ton vessel, 
was made’ worse iasq. week by tbe -loadiag at ' same rime, had 
renewal of- antfcgovernment poll- : fallen to" Worldscale 55. 
lical activity in- &ah:- Tankeri.’tonnage was reported 

. ; The tanker chartering market to- be.! sflll queueing at Kharg 
in the Gulf fell sharply , over _the: JsIan^- Oil cargoes were being 
week, with the fall in freight suppled only .slowly and with 
ratesmGCh ; greater than bad. been n raw: tonnage arriving in the 
expected. • ' v: Gulf . daily, charterers will be 

'A very large erdde^eS^ioc^wafi ^ile to select tonnage at wHL' 
fixed by GaJbrairii: Wrightsbn at,^The result will be a further fall 
the start of .the week at Worlds m freight rates. 


WorSti Economic Indicators 


.UNtHPLOYMENT 

r" Nov. 78 Oct-7B Sept.'?® Nov . If 

VJt; : - -.{WOs r -I J3SS 1J60A 1J7S.1 1.432.? 

% E6 5.7 5A 6.1 

Holland OMh • 20?J 210^ 211.6 2M.4 

‘ T. - •- 5J 5.3 53 

W. Germany 000s ' = , 927-0 90U . 8643 7.0MJ 

• ”7 • r : 4-1 , 3* . . 3.8 4.4 

US. . 0»s "- 5.M0A - 5.900A 6fiOO.Q 6A00JI 

~ % ■■'■■■S3 5Jf 6.0 A? 

Sept. 78 Aug.*78 Oct. 77 

France "- <H»* 1J44.1 1^84.0 1,157.0 1.100J 

% 5.7 5S 5.0 5-2 

Belgium 000s- " 279^ 268.6 27DS 272A 

"7J> . 6.7 6S ?OS 

Sept. 78 Aug. 78 July 78 Sept. 77 
Japan " ’- 000s ’ 1O50J) " .1^10-0. WSOA l,050h 

- % ^ ^ T - 9 

July 78 April 78 . - Jan. 78 JulyTT 

Italy - 0005 1A58A .. 1,450-0 1J2M 

/ . % 73 - :7a.'!. 8.0- 7.T\ 


The markets in the Mediter- 
ranean and African areas also 
fell last week. The freight rates 
for vessels over 100,000 dwt were 
at least 15 points lower than the 
previous week. \ 

The tanker tonnage lying idte 
totalled 23(91X1 dwt at the end of 
last month, with 197 vessels 
Iaid-up. But the torinage of oil 
.tankers engaged in ! , the grain 
trade fell last month compared 
with October. Twelve ships, 
totalling 561,944 dwt were trad- 
ing in grain last month, a fall of 
four vessels totalling over 
175,000 dwt compared with 
October. 

- There was considerable acti- 
vity on the sale and purchase 
market last week, particularly in 
West . Germany, where Hansa 
Lines have put four 12.900 dwt 
-ships, the Hohenfels. Falkenfels, 
Crostafels and Kyhfcls on the 
market. The ship? were built 11 
years* ago and are for sale at 
around £1.5ra each. 

Tbe West German Shipping 
Association said last week that 
this year bad been ibe worst of 
the past decade. The association 
said there were no signs that the 
market prospects would improve 
The German shipping sector 
had suffered particularly from 
this rising value of the D-Mark, 
but- there Were signs that the 
underlying depression in ship- 
ping had worsened during the 
year, the association said in its 
annual report. 





StiHonly £59 single to New York. 
Andcjnty£&4smgletoLos Angeles. 

When prices are going up all tha 
time, it's nice to know that Freddie Laker 
keeps hisdowa 

Skytraih to New York is still only £58 
single, the fare we originally proposed 
in 1975. ., .. 

And at.on!y £84 single, Skytrain is 
still the cheapest way to fly to Los 
Angeles and sunny California. 

So why pay more? 

You fly on a comfortable wide-bocfy 
DCiO jet, with excellent meals, drinks, 
in-flight entertainment and duty-free 
goods to buy if you want. . 

For up to-toe hour information on 
seats the dayyouwanttofly, ring 01-828 
7766. 

For father infonrialion on Skytrain 
scheduled service to New York ring 
01 -828 &19"Uor Los Angeles 01-8284300. 


INfew'feik^ k>s Angeles iM 

LAKER AIRWAYS • GATWICK AIRPORT ‘SURREY 


UK aero 
engine 
orders 
increase 

Financial Times Reporter 

THE UK aerospace industry 
earned a payments surplus of 
over £302m in tbe first ten 
months of tills year, with exports 
of oearly £945m more than 
offsetting imports of over £M4ro. 

A feature of the latest figures 
from the Society of British Aero- 
space Companies is the high 
value of engine exports, amount- 
ing to nearly £403m for the first 
ten montbs. 

Of this, nearly £l3lm was 
accounted for by exports of new 
engines, including Rolls-Royce 
RB-211S for the U.S. Boeing 747 
and Lockheed TriStar pro- 
grammes. But sales of spares 
and refurbished eǤines were 
also high at £162^m and £110xn 
respectively. 

Another strong feature bas 
been ibe expansion in exports of 
equipment this year, with exports 
of instruments running at close 
to £49m for the first ten months. 
# Boeing said in Seatle that it 
had sold three 727-200 _ Jets to 
Mexicans airlines. Boeing said 
deliveries will be in April. May 
and August I960. Mexicans has 
already ordered five 727's. for 
delivery in 1979. Boeing said 
the advanced aircraft will be 
powered by Pratt and Whitney 
engines. 

Reuter 

£15m grant 
for Sudanese 

By Our Foreign Staff 
BRITAIN HAS granted Sudan 
f 15m in programme aid io relieve 
its economic problems. The 
grant is to be used to buy British 
goods and services including 
urgently needed spare parts for 
British equipment. 

The sectors in which the grant 
will be used include the rail- 
ways, power generation, cement 
production, cotton ginneries and 
equipment for road maintenance 
and agriculture in the Southern 
region. 

Balance of payments problems 
and congestion have hindered 
the purchase of >spare parts in 
many sectors of the economy 


f 178m foreign boost for Blue Circle 


BY PAUL TAYLOR 

BLUE CIRCLE Industries, the 
British cement group, bus com- 
pleted financing arrangements 
for three major overseas exp^n- 
sion projects together valued at 
£l78m. The projects are in 
Mexico, Malaysia and Nigeria. 

The International Finance 
Corporation, with the participa- 
tion ' of a. group of British. 
Canadian and U.S. financial 

institutions headed by the 
LibraBank, London, is to lend 
SlOOm for the Mexican project, 
the largest financing operation 
ever undertaken by the corpora- 
tion in Mexico. 

Details of the financing 
arrangements were finalised 
yesterday and will allow Blue 
Circle's Mexican associate com- 
pany, . Empresas Toleca do 
Mexico to proceed with "the 
largest expansion of Mexico's 
cement industry for five years. 

Work is expected to begin 
shortly on the project which will 
increase the company’s produc- 
tion capacity by 2.2m tonnes a 


year from its present level of 
3.4m tonnes a year. 

The project includes the con- 
struction of a new lm tonne a 
year cement plant at Hermosillo 
in North West Mexico, the ex- 
pansion and modernisation of 
Tolteca's eight other existing 
cement works and the improve- 
ment of its ready-mix concrete 
facilities. 

Bine Circle Industries has a 49 
per cent interest in Empresas 

Tolteca. and through its con- 
sultancy division will he provid- 
ing technical, engineering and 
other specialist services to assist 
in construction and plant opera- 
tions. 

Details of the Mexican project 
follow closely on tile announce- 
ment by the group's Malaysian 
associate. Associated Pan- 
Malaysian Cement, of plans to 
expand production capacity of its 
Rawang works near Kuala 
Lumpur. Blue Circle has a 50 per 
cent interest in the company. 

The new plant is to be built on 
tbe 25-y ear-old Rawang factory 


site and will provide 1 . 2 m tonnes 
of new capacity. It is expected 
to come on stream in late isso 
making Rawang the most up-to- 
date and biggest cement plant in 
South East Asia. 

A large part or ihe financial 
backing for the project is being 
provided by a consortium of 
banks led by tbe Hong Kong and 
Shanghai Banking Corporation 
which is providing £2 2m ip the 
form of guarantee and term 
loans. 

In Nigeria the Group's 
associate company, the West 
African Portland Cement com- 
pany, in which the group bas a 
40 per cent interest has recently 
completed funding arrangements 
for the building of a third kiln 
at its Shagamu works which will 
increase capacity by 350,000 
tonnes a year- 

Work on the third kiln has 
already started and it is due to 
be completed in late 19S1 bring- 
ing the works up to its planned 
capacity of lm tonnes a year. 

The project is being designed 


and engineered by Blue Circle's 
consultancy division which super- 
vised construction of the earlier 
phases io Lbe project The group 
is also a partner with Federal 
and State governments in the 
800.000 tonne a year dr> -pro cess 
plant at Asbaka in Baunchi State 
which is duo for completion m 
the second half of next year. 

Elsewhere, the group’s current 
overseas expansion programme 
includes a new £4^m dry-process 
works at Eerrima in New South 
Wales, Australia. The plant, run 
by Blue Circle Southern Cement, 
in which it has a 42.25 per cent 
interest, is due for commission 
shortly. 

Blue Circle Industries reported 
group profits before tax of £47.9m 
last year. 53 per cent of which 
was ’ contributed by the com- 
pany's overseas interests. The 
group's half-year pre-tax profits 
until June. 197S, "announced In 
August, were £21.3m compared 
to £22.3m in the same period last 
year. Turnover amounted to 
£I9Sm compared to £177..3m. 


Export business helps French mac 
manufacturers weather domestic 



BY TERRY DOD5WORTH 

IF SUCCESS in the machine- 
tool sector were only a matter 
of exports, the French industry 
would have 'a case for undiluted 
rejoicing this year. 

Its policy of export-led growth, 
prompted by a Government plan 
unveiled in 1976. has led to a 
healthy improvement in its 
sales overseas. Export revenue 
is expected to be up by about 
25 per cent this year ’to FFr 
l.Tbn" (£19Snu. representing a 
21 per cent increase in volume 
to 45.000 tonnes. As a result. 
France should emerge w*ith a 
bala&ce-of -payments surplus in 
machine tools in 1978 worth 
about FFr 353m. 

This is the first time in years 
that the country- has been able 
to rid itself of deep-scaled 
deficits in this sector. But far 
from leading to recovery in the 
industiy, this improvement over- 
seas has come at a time when 


overall production is dropping. 
This is because the French 
market itself has collapsed. It 
has now sunk to the level of the 
early 1960s. and is showing no 
signs of recovery. Output is 
expected to be about 72,000 
tonnes this year, some 16 per 
cent less than in 1977. 

Faced with these stagnant 
market conditions. -the industry 
has resisted the strong Govern- 
ment pressure for rationalisation 
into larger groups. Earlier this 
year, for example, the Renault 
machine tool division, which vies 
with -Ernauit-Somua. the sub- 
sidiary of tbe Em pa in-Schneider 
group', for the number one posi- 
tion in the French league table, 
abruptly and conclusively turned 
down the suggestion that it 
should absorb the troubled 
Ratier-Forest GSP concern. Since 
then, the Government has 
stepped in to put together a 


FFr 75m package of public and 
private aid for Ratier-Forest. 

Tbe machine tool manufac- 
turers would like to see the 
Government intervening to stimu- 
late the market at home and 
provide tbe base for a continuing 
push overseas. But. whatever 
the Government does on this 
front — there has been vague talk 
about measures to reduce taxes 
on industry and on the cost of 
credit — it is difficult to escape 
the conclusion that manufactur- 
ing Industry in general roust first 
overcome its caution over new 
investment in tooling. 

At the root of this problem 
lies an industrial structure in 
which between 60 and 70 per 
cent of ail machine tools are 
reckoned to be more than ten 
years old. Much of this is evi- 
dently ripe for renewal. But 
although the machine-tool manu- 
facturers themselves claim to 


have developed many of the 
advanced new tools necessary 
for these replacement pro* 
grammes, the orders have not 
been forthcoming. 

Overcoming this psychological 
block is something which the 
machine-tool producers cannot 
hope to do themselves. It relates 
to the general reluctance to 
invest in more capital intensive 
methods at a time when these 
can only L.dd to the present high 
unemployment levels, 

in die meaintime. the indus- 
try is becoming increasingly 
anxious over the prospects for 
expons next year. Despite an 
increase in demand in West 
Germany and the U.S. export 
orders for French manufacturers 
have apparently been slowing 
down in recent months. 

This is another reason why 
manufacturers would like to see 
some Improvement at home. 


-r: 



The Cubrtt tradition for fine civic buildings in and around London and 
other major cities in the United Kingdom includes very many 
•prestigeous headquarters for leading companies. Early examples 
are the Cunard Building in Liverpool, the Prudential Assurance 
Company's offices in High HoJbom and Unilever House on Die 
Thames Embankment More recently, New Zealand House in the 
Strand, Berkeley House tcwering/16 storeys on the Birmingham 
skyline, and the Pilkington Headquarters at SI Helen's reflect the 
continuing demand for this, kind of Cubitt expertise. 

Today, as part of the international Tarmac Group, Cubitts are able to 
offer not'only their historic experience but also an even wider 
’ranging availability; with back-up resources capable of matching 
even the most exacting time schedules. Clients who are planning for ! 
major capital investment in business premises will be the first to : 

realise tie huge potential for costsaving that this represents. ' .. 

HOLLAND, HANNEN & CUBITTS LIMITED \ : .*v: 

Thomey Lane, Iver, Bucks SLQ 9HG. Telephone: Wer 652444* 


CUBITTS ARE MEMBERS OF THE TARMAC GfiOUR 


(liiiiLii: 




"..V r./f 






Cunard Building, Liverpool 



v;- 

g?.S; 



i i ' 4 ■ 

• I- 


Financial ‘ Tunes p 5®??' 


UK NEWS 



Decision expected on ! Tory claims bnoc Car insurance premiums 
steel proteetion plan “ h SS u ?j!' 7% ta won " ,S 


BY ROY HODSON 


BY SUE CAMERON 


X DECISION is expected soon penalties in the form of fines, to bodies have told the Govern- inquiry ii 
Prices 'SecreUrv whether he which ove^protfuce” cuFprfcS* to*?*** sale® *of home-praAmd Sm'^sci 


A CALL for a full Government panies: 


! MOTOR INSURANCE premiums have .been applying- their i^wnt. Hw fir l»jer index 
Jbave risen on average by . 4.7 rate increases uniformly across ^But S tn^ e Da^u^l20YFLN has 


y ruin ini. r%*4> nauiriair?. ^ 

.. Prices- Secretary, on whether he which over-produce or cut prices. ^ boost sales 


iota the Govern- inquiry into allegations that the about the real impartiality of the per cent over ihe past three tbe_ country. ' f V ; ^r^wr*%TnBM _ QrenMum rate 

scheme has helped' British National Oil Corporation advice that it gives to Ministers. 1 months, according io the latest The analysis by types o! ^ of 59 ? 0 er cent while 

of home-produced has seriously abused its - Serious allegations have been j report from Quotel Insurance however; Indicates . tha 2;-]*«® MhtilOOO has only 

^-titute home ••unitiuelv powerful position.** made about the way BNOC s Service. r . have been higher increases- 711 Uie -Ausnn mmi 


from the Restrictive Practices ^ave powers to inspect the books products for imports 


Uie uouie I "uniquely powerful position " made about the way BNOC's \ Sendee. . - «**<? uv«u ‘**s-** haH V *?35 ner -cent rise.' 

has been made by Mr. Tom King, uniquely powerful position bas: Tbe N ovember value of the -premiums for tbe smaller cars bad . a . 335 pe -cem 

nt of the the Conservative energy spokes* been used- 1 C3ll on Ibe Govern- ; company s motor insurance index • __ , * ' 

sponsoring man. nient to initiate a full inquiry stood at 144.6, compared with:' -j. -* • 1 n .-.'"-T ~ 

anstruction Mr. King said in Oxford that into these allegations. I pledge i 138.1 in August This is equiva- \/| pH |pQ | I lATAfipA - ■ •rf||OF| 

a number Government policy was making that a Conservative Government, lent to an annual increase of iYI t UI vtil v* v ; »*vv . X .*** 

from the oil companies -increasingly will thorooghly investigate these 18.8 per cent — more than twice - ; - ;- •*. 


Act for up tn two years to a of member companies, 
number of British companies in 
the reinforcing bars trade. Svmnathv 

The companies range from J 

British Steel Corporation and The first version of the 
GKN • down to small family- won sympathy amom 
owned businesses. officials in Brussels be 

They believe that the future was a way of protecting 


But the Department of the the ( 
Environment, the sponsoring man- 
ministry for tbe construction Mr 
industry, has heard a number Gove 


The first version of the scheme ?* representations 


f- * ue , ‘!.m,«thv V “ industry against tbe scheme. reluctant to invest further in the matters as part of its top-to-j-the corresponding rise in the 

Officials SSauJ It Buyers in tbe construction North Sea. He said that a fall bottom review of the corpora- retail price index., 
future was a way of protecting “ down- industry are generally hostile to in 011 industry investment would lion. • _ I Motor insurance 

t? in ,•« nrires nf ct*.Ai at a »» Th. inctimt*. r. r Piir.-hasine cost Bntain £15bn in lost Mr. King said the decision by -have thus risen -on 


They believe that the future was a way of protecting '‘down- industry are generally hostile to in 1 rTeE™®"! . . lt . . . . f . a20J0 f insurance premiums 

nf the industry in Britain — a stream' 1 prices of steel at a it. The Institute of Purchasing cost Bntain £15bn in lost Mr. King said the decision by: have thus risen -on average by 

1 100m. business even after being time when Viscount Davignon, and Supply has spoken out revenue. the world s largest oil company 15:3 per cent per annum since 

savaged by three years of the EEC Industrial Commis- against it. The National Federa- ^ere were already signs that — Exxon—not 0 apply for any [the mdex started in May. 1976. 
recession — will depend upon the sioner. was perfecting his own non of Building Trades Em- 0, 1 F 0Ta ?f, m 5? ™ blocks offered -In the' Quotel operates ’an indepen- 
Government allowing them to plan for the EEC steel industry. pJoyers and ’ the Federation of Jo pull out of tim North 5e sixth round of licensing. dent computerised motor insur- 

continue to take collective action But the Office of Fair Trading in Civil Engineering Contractors because of their distrust of Seated that the oil, industry .had ance rate serv ice for UK insur-. 


in court test case 


• continue to take collective action But the Office of Fair Trading in Civil Engineering Contractors because ot tneir tustrust 01 seated tnax tne 01 1. industry bad 

to minimise their losses. London was doubtful whether tbe are also opposed to it- the Government. Mr. KJtj* already begun to pull out of 

? At jfHue is a scheme intro- scheme could be said to match in order to exempt the scheme emphasised that there could be the- UK. 

‘ fiuL-ed last year bv the British EEC policy exactly and deferred Mr . Hattersley must h e satisfied °° impro^meqt in relations He sa id that, this year, there 

■ Reinforcement Manufacturers' judgment for some months. that it is actively promoting ^ ]}'«* OI 4 y tile nuJ 71 be r of 

Association, representing about The reinforcing bar manu- increased efficiency in the JPSjKSP »nin^ S3 1 °, r "** 0,1 “ al th ®^ e 


cost Britain £15bo in lost Mr. King said the decision by 'have thus risen on average by the MEDICAL Defence Union Department of iraae. mu migni ; 
reveoqe. the world's largest oil company 1 15.3 per cent per annum since start a test case m the affect future devetoptnems m 

There were already signs that — Exxon— not to apply for any [the index started in May. 1976. High Court today tofind whether thfis direction. - - . . - 

the oil companies were starring D [ t he 46 blocks offered. in the? Quotel operates an indenen- it should be treated as an. in-. With '85,000 TPembers. -it nas : 

to "pull out” of the North Sea Sljc th round of licensing. fiiig-U e nt computerised motor insur- surance company or if it can resei^e ; -funds .-of ™ ors ^J 1 ***.- 

because of their distrust of gested that the oil industry had| a n ce rate P servicc for UK insur- continue, to run- its. mutual in- £4,4m, ^but at least £3m of this, 

the Government. Mr. lung already begun to "puli out” ofiJK! EX fund in the .way. has '.has Xtf.be ..set off. agarnst^at- . 


to “pull out” *,55 Tta-S53rf5idi» ^ ^ 

premium ratei of over 40 motor done for many', years. . -. A ": standing claims. M 

. this year, there [insurance companies and Lloyd’s : Professional bodies, who axe Jore h.ave toraue: memb^jufr- 
number of rigs j syndicates. . getting increasingly involved ,ln &FEi£%S3± 


75 per cent of the British market facturers. through tbe assoc ia- industry. 


in reinforcing bars- Opponents tion. arc now asking Mr. Hat- The members of the manufac- 


call the scheme a cartel. 

In an attempt to restore 


tersley to use his powers to 
exempt the Mark Two version of 


industry “while allegations about drilling for new oil that there ! -rtc index series shows the Indemnity problems for " nial- will .b’e:£T0 ajjtear, if;the Dofws- 

BNOC’s conduct remain umn- ha d been last year The number I cb IIf E es in avSe pmnium p^StiTe by their membei^ wfli*. men t- of. Tnde fajto 

iwen e f „?. ff ?- b .°- r 5_ w : e Jl? i rates in five different areas of be watching the outcome of the 


In an attempt to restore a exempi me eiars two version or tneir business siasneo irorn a. - eets pr T, ne acreage to itself 
degree of order to a cut-throat their scheme from reference to turnover of 1m tonnes a year to; hi £ ^ ' . on offe 7’ to olhor s. 
market during the worst of the the Restrictive Practices Court 0.5m tonnes a year since 1975 i t held up quite unreasonable. 


me memoers or me manuiac- .. »r.. BNtir has been ^ i j r rates in nve maerenr areas 01 « ' , rt r»lv -- under -- current 

turers' associarmn have seen ae Srecs, nas ucen peak season had fallen from 22 jn; - nf i f nr fi v<k tvues of case. mighf . ; apply matter current, 

their MM dMM trorn . ; i KnS la f. ye “ *? only Mr,. The;.- repreeettt the rath --.The rising Mot 


steel and construction recession, for up to two years— by which But production 


over 30 agreements vital to the 


fhe scheme exerts control over time they hope the worst of the between 5 per cent and 20 per uJuairv.’siiccMi 
deliveries and fixes minimum construction industry crisis will cent per employee. - wnVrh Sm> lieer 


■ tears. 1 Dpv represeni inr iuie f > ? 

Mr. King accused Mr. Anthony I charged for comprehensive claims bas made :codymorej*l ’ 

Wedgwood Be no. the Energy cover for a 35-vear-old driver insurers- raise their Jiremiums by Mr.. Robert AlexanaerJ^Lyn 
Secretary of turning Britain into I elieihle for full ’no claims difi-. for this type of cover, stud -.the. a two^ay - neaiT^- 
an area ‘‘of. political instability” count. idea of self insurance is,attract- Justice. _MegartY^ - *tp~r _ — ,The , 

as far as investors were con- 1 --m.. : 1 nu» r ine attention in many, quarters. Ghancery.-Dirasio.n.-'.trae.jJ^8rt' . 


cost prices for reinforcing bars. 
Members of the association are 


be ever. 


to company said: “If we are Action in which companies hid * process of bad faith. there was no significant differ- margins which _a mutUAT W 


not allowed to import more than Independent 


UI n Itiuivivuicj j IUI UvU 1IIVVJ o ^iwngijuii k |_- _ _ ■ 

British Steel and the British bare company' said: “If we are auction in which companies hid Z ® ieaa i* P roce ss 


me eriusn oare company saia: it we are auction in whicn companies mo 7 , " — j •*/ '**.“*• tnere was no signiniant it' dowr not have 

Producers’ not allowed to operate our joint) against each other to subsidise broken pledges and arm twist- J enee in premium im ,r eases_be- 3die; t^h^reeardetT-Jis -wu ;T insuraheec' 

! as steel scheme to manage crires jndi thic hiahiv nriviipppd state ? Q 8- with the ami of giving Mr. twe*n the five reaions. This Medzcai Defence Union has to -to r EW, .P. .. 


"v- ai l niMi s. kuau niuc^uut'UL uicci riuuuvaa nui. dinjncu 1 u uui juiui 1 g&a IQSl eatfl uuiri lu ouudiunc f ^ * T - . — . . __ cute 

. 10- per cent of their steel from Association, speaking as steel scheme to manage prices and | this highly privileged State ^g. with the aim oE giving Mr. tween the five regions.; 
non-EEC countries. The scheme manufacturers, favour the re- supplies we will all be plunged corporation* Parliamentary con- B ® nn more power. _ indicates that motor i 


provision for inforcing 


scheme. Both into catastrophic losses. 


Type system can set Christmas 
Chinese alphabet 


trol over its borrowing bas been . Mr. King referred to increases 
made a farce because it can hor- in the petroleum revenue tax pro- 
row abroad freely by mortgaging posed in August. These had 
the country's oil to American become “a question of Mr. Benn's 
banks. ' political prestige.’* Mr. Benn was 

” There is increasing concern engaged in a power struggle with 
about the security of the vast Mr. Catlaghan, aod this meant 1 
amount of highly confidential that Ministers who might want [ 
commercial information that to scrap the tax proposals would 
BNOC requires from the com- be unable to do so. 


insurers carry is under scrutiny, by the company;. -.- ' TV'i/r: 


Drop in number Industry 
of deaths V , 

on railways WOrker-C 


BY JOHN LLOYD 


Financial Times Reporter 


MONOTYPE CORPORATION, the Douglas, of the London School j SUPPLIERS ARE finding it 
typesetting company in which of Economics, and the adaptation bard to meet this year’s in- 
the National Enterprise Board of the lasercomp typesetter to 1 crease in demand * for real 
n nil Barclays Bank share u con- allow it to cope with ideograms i Christ ma s trees 
'trolling interest, has developed was. made under ihe direction of | Growers sav one of (he main 
a phototypesetier and keyboard Professor Brian Gaines, deputy r caW s f^ r th?s is Uwt Tbe? 
system which cun set the Chinese chief executive and technical S p [anting Siring Ihe eariy TJ 
and Japanese alphabets. director of Monotype. . iifj ‘UHfJ tincL 3 ! bj 

The company will market the The result is a system which M?® 55 jjj 1 ' m 

;photot;.-pesetting system for ca n operate with 240 kevs, con- JJJJJ,* 1 th 

•about £100.000. and the keyboard sidcrably more than the 50 or so hc 

system far about £10,000. It be- on a Western typewriter using thT > n 

He ves ;l has a potentially the Roman alphabet, bur far less If p * e p J^T oc ^ C< 

‘enormous market for these than the 2,000 Ws required on Ihlng ■S au, » supplies are lower ^ 
systMus. especially j n China, Japanese systems. than they have been for some 

where the 3.000 book and news- years. 

paper publishing houses still set Orders Growers and the green- ji 

type bv hand. v/ruerh grocery trade— the chief retail sh 

Japanese publishers have a Invesnnent by Monotype in the outlet for the spreee trees — : u 
keyboard system, but i* is said modified 'typesetter is reckoned believe tbe return of real m 
to be considerably more com- by Professor Gain as 4e he com- Christmas treets to public r 0 
pHcated than the Monotype one. paratively small. at about favour is a matter of economics. t,s 
The new system as vet tin- £200.000. It is expected that about 3m g, 

named — is a merger of two tech- , Professoc Gaines thought it spruce Christmas trees will be 

nofogies. The first Is Monotype's. likely that it would attract large sold this year, at prices vary- ta 

Lasercomp typesetter, developed orders in Cbjifa and in Japan. iog from 70p to £1.20 a foot. 

by the • engineering department Marketing in Japan would prnh- 

of Cambridge UmvAsitv. ably be done in partnership with 

3 Japanese company. rtL • f „«Ue I 

Tdonoramc The ideogram typesetter was I U-nnbimab cailb 

I » launched at the weekend during! . 

• The second is a' keyboard the 11th Chinese Language service begins 

which enables ideograms to be Printing Assembly in Hong Kong cor „„ e fnt . rhrict 

built up bv a sequence of key- Dr. Peter White, chairman or A BOOKING service for Christ- 

; strokes in the same order as they Monotype, said he was particu- u,as international phone calls that | 

• are written. The keyboard is larly pleased to announce trie; cannot be cllaUecl by customers 

the outcome nf five years of re- breakthrough at a time when | begins 1 today. I 

’search by Professor S. C. Loh, agreements on science and tech- Bookings for opera tor-conncc- j a 


Attack is planned 
on NEB borrowini 


woi^er-d^ctQr^latt| g 

8Y OUR INDUSTRIAL EDITOR t , ;• ’ ^ ■$' -iVV*-'’.*;* .*? , ' 

kE INSTITUTE of Direcfors locaJ ievi^^ersiand'Ml'S..; 


Growers -say one of the main 
reasons for this is that they 
cut planting during the early 
1970s when the boom In tinsel 
trees was at its height. The 
growing of irces was also bit 
by the 1976 drought. But now 
that people prefer the real 
thing again, supplies are lower 
than they have been for some 
years. 

Growers and the green- 
grocery trade — the chief retail 
outlet for the spreee trees — 
believe tbe return of real 
Christmas treets to public 
favour is a matter of economics. 

It is expected that about 3m 
spruce Christmas trees will be 
sold this year, at prices vary- 
ing from 70p to £1-20 a foot. 


BY OUR INDUSTRIAL EDITOR 


iTHE NUMBER of tram acci- 8Y OUR INDUSTRIAL EDITOR ;■ ^ V J V . r ' 

[ dents and railway deaths dropped • - , j- - . ' - . v V . ‘ 

last vear. according io the report T&E INSTITUTE of Direrfots loc^aetWapersiaud MFS..: •: 

of the Chief Inspecting Officer of .has ' today launched; a fresh- -Ho- -saW tbai - the proposals. : - . 
Railways published today. 4'assauh. on tbe Goveriimenf .s-lwere ti (hreat Jo 'the iwpspent^.'i 
The report says the number plan to produce an .Industrial; oft. whold • .datiOHi - Thejt": 
of deaths was down to 84— 13 Democracy Bill next' year,- 

fewer than in 1976. The number tanning statutory rights oh' em- thtf (^y^rBmehi-oft lbe /’ iiatiire 
of train accidents fell from 1,122 -pioyee participation and worker.-' af business. andT of ^ the role pf . 
in 1976 lo 1,056 last year. • ;. ^directors. ; - I -.i V‘ y ^the-BoaitL^'' . . '••i '-' ‘ 

Jan Hildreth; dibertor' institute: can v never sup*.' 

rhP nf lhe institute. ' .has^ -:port j.rtrai3lJtja«*6l^- legislation- - 

the number of freight,, .tram iho* ■<kr:^c »**h,ci** -rtahtc-in ib- 



OgSVA'iSfi.- 


„ ‘ ^written to his members asking that giy e^ exchi si verightsinlhe 

rose i rum m in . u . .. - 


the National Enterprise Board's The Government should not he u^n m 

borrowing limit to £«bn was allowed to “smuggle in funds I commons— -one mote man. m, 

indicated last night byone of the for the board under the gube | Althoagh the total of 455 

Conservative Party’s front bench of helping British Leyland and i acci(Ients caused by circuni-' 
industrial spokesmen. ' Rolls-Royce.” ' i staDces outside the - railways^ 

Mr Norman Lament. ConseAM- Mr. Lamnnt was also «'n- „ n ,„. rpmainpH at ahnut thtt 1 

live MP for Kihgston-upuo- cerned about the high level of|Sm e lwT as in Se 

Thames, said that the board the limit, which is an increase. 1 ^f ber of acc id^nts tausedl 
should produce a prospectus “ to on an existing top figure of m aiiciouslv went up from - 156 toi 
justify its request ■ for more £lbn. j * j ' J 

money and to indicate the uses “Little attempt seems to have, oo ra n wav staff were 

for which it wiil be put." This been made by the board i C i “ l®i 

had been done recently by the realise funds by selling jo ftei and armu a] -average fataUtyj 
British Steel Corporation- private sector some of its profit- was lg hjo.QOO at risk' 

! “ We are completely opposed to able companies like Ferranti, and j f0f rhe a wholes- j 

taxDavers' money being -given to Fairey. he said ! ‘io innnnn 


1976 to 155 Sere were aS,'Sl them t0 help ctunp^n uga&sl bqBr^twm.-.-to pne grouR of Me* 
JSlHstonSoe Sore^ uSSS® SI the proposals by wriring.fr.^r 


- .rr*^ ■ 












^D^criptfan-^. . 


to prove 


BY DAVID FREUD 


STEADY 


: compared with 3.9 per 100,000 
| for manufacturing industry and 
; with 17.9 for tbe construction 
i industry. 

The figure for permanent way 
and signal maintenance staff., 
whose duties take them onto 
rufiQing lines more frequently 
than nther employees, is 48 per. 
100.000. 

* Rail icau .-Iccidenls: Report to 
the Secretory of State for 


marginally November, which showed that | Transport on the Saletu Record 


i uui k ii£u i'mii, • i . * f— . ..Tff*. : ■ 1 -vr- -• 

10in x I6in wide fixed speed Two High.MilL- - '-'ij J'-'V'i 

IQin x )2ia wide fixed speed Two -H igh-Hi H>' _' 1- ■*;. L }■-''£ - 
I7in x 30iii wide fixed speed. Two High' Milt. ' 1 D?0T 42541/2/ 3* 
24in x 36tn wide x 300 HP. Two Hijh J4HI . V >Triex 3364l4 ; 
1973 THOMPSON & MUNROE STR1P. f. / ];i.) ■' 0902 42541/2/3 
STRAIGHTENING A Cuc-co-Lerigcfi jfiicfilng- -- - T«!« 3364|4" 7 
1970 CUT-toiENGTH -'max Cipidt/. '• V;.. 1 ' •• " -' 

l.OOO.irim 2 mm x'7 ^ tonnes coil ftrfhec 0901:42541/2/3" x 

overfiaufetf and in excel leht' condition: - -' .'Telex-33fi414 ■*". 


Universi » in Biss, 01 ™ sasg|| 


Lasercomp selects, sizes and Governments. - v j tlo 'rj,„rc. 

assembles ideograms line by line. “We believe there is a large jhe Post Office on each week- official statistics due on Thttrs- 


Boxing Day will be accepted by * s *** » . *» m fell by 0.5 per cent 


they are then exposed on film market for such a system. We 


! or sensitized paper. 


are ready to produce it. and in 


day between S.30 am and 5.30 pm day. 
until December 21. and from 


The two technologies were itiai deliveries should be made . am t0 1 P m , < ? n December 


lirial statistics due on Thurs- These, the main deposit funds 
& of banks, are an 'important con- 

7.' .stituent of the money stock and 

Such an outcome would be provide a strong pointer fo the 


during the Year 19 77; HMSO; 
75. ' 


married 


Professor 


S. next year.” 


•j2 — but not at the weekend ' consistent with ihe recent bank- outcome of the November money 


December 16-17. 


Changes in BL 
management 


The many unanswered questions 


ing figures for the month to mid- supply.' 8TI 5) 11 $9 OP TUP Tit 

' ' Other official statistics due this © 

week include retail sales, indus- BL points out that the manage- 
trial production jnd retail prices, ment changes announced on 

a • The Bank of England Quarterly Friday did not affect the position 

Bulletin, released on Thursday, of Mr. David Andrews, who re- 
B HIB ' should provide an insight into- mains executive vice-chairman 

the official view of how the responsible for finance and 
ecunom> is developing. I central services. 


SEVERAL MAJOR questions before the scheme starts on part 
about how tbe new European January 1. arra 

Monetary System will work in The questions are of direct A 


part of the revolving swap of the ECU as a reserve asset 
arrangements. as well as a means of settlement. 

A related uncertainty is what The original Bremen plan in- 


practice were left unresolved by importance to all nine EEC form any remuneration of the volved (he creation of ECU? 
the EEC heads of Government countries, even those, such as ECU should take. It is fairly though this was noi mentioned 


at their recent summit. These the UK. which are not joining clear that the unit will have lo in tbe Brussels statement. 
points will have lo be sorted out the exchange rate mechanism offer some sort of interest rate The ECU is composed of 3ll 


in the next few days at a series from the outset. Indeed the — as does the Special Drawing nine EEC. currencies with the 
of meetings of senior -officials, possibility that Italy and Ireland Right unit of the International weight of each dclermined by 


bankers and finance Ministers will also. not participate Monetary Fund. It is not, how- the distribution of trade within 

initially in the currency regime ever, certain how this should be the Community. At present. 


Tesco store to sell 

% 

hum Poly holidays 


The Duke 
ofWellington 
invites you to 
charge 
hourglasses. 


has complicated discussions of calculated, and what should hap- sterling has a 13.2 per cent 

the details. pen to income from short-term share*, and the Dculschemark a Tr<f . n 1K „„„„„ . .. 

The unresolved issues turn on dollar holdings, such as U.S. 33.0 per cent stake. ' T Eb CO ■ l b c ^upi r mar k c l ^rn up. expand Ihe holiday service to its 

ihe composition and role of the Treasury Bills, deposited in re- The ECU also acts as an ^ nkocl “ 1Ih c L ?{? n smaller stores, 

new European Currency Unit turn for the ECU. indicator in the exchange rate hohdui arm of the Thomson As first, the financial arrange- 

f ECUj, which is central both to The valuation of gold presents scheme or whether a cumuicy is f S hu ?, d' a through Test's Polv- 

the exchange rate links and the especially thorny problems. It is getting out of line. But if three- il,p!S|ii h " h T renlal Cha rce fnr^sDace ^ the 

credit facilities. likely that some formula related currencies accountin' 1 for 24.1 J v se , d su f \!*l uTe ' , .in u . L, al c ., dCRe tne 

The . most immediate problem to the open market price will be per cent of the unit are outside ^ „ p w S2S!.™ T ISA 


BY TERRY GARRETT 


— for tbe UK as well as for the used— possibly at a discount be- Ihe currenev re-Tm* “-.'od'treely T Thurs ^' ' , - i ™ nn r T\ ,fI S.^ ,up *- . a fc J° r 

participants— is about the opera- low th?s level-even .though at floating, ^t^ win’' become Sucb ^ ^ JSSLTS h5mS£ U «S °" ^ 


will be opened Pitsea store. 
Lunn Poly in develops, a 


If the scheme 
commission for 


A choice of three superb 
Bockgabotded sherries, Fino, 

Amontillado & 


Cream . Available 


atHamxIsand 
vi ther leading 
''X'uoe Merchants. 



tion of the very short-term present countries value on 

central bank swap fadlities. 

which are supposed to underpin - 

any intervention needed to keep 

the currencies close together. uruic auju vcic 
The EEC leaders decided that WIlwVSl AMALTaiSl 
the means of settlement nf this 
facility- should be the issue of 4) 

ECU against tbe deposit of 20 

per cent of the gold and dollar DOUBTS ABOUT 
reserves , currently held by 

central banks. HOW CMS 

Countries not participating in " ww * 

the currency scheme can join WII I UfnPU 

this operation if they wish. The wwll^L tifUntt 

attraction for the UK would he 

to obtain access to EEC ny pprPR RinnEl I 

currencies would could assist in Br h'fcTfcrt HJUUtL.L 


DOUBTS ABOUT 
HOW EMS 
WILL WORK 


noaune. u wm oecome piucn m £ ascXm which cost E4ni to number of holidays sold. I 

more ainicuit to devise a work- ^ eV Qi 0 p ; ,nd started trading last Tesco already has four outside 

ab ’S.. inT . e, T en,,Dn Pobey. July. retail groups operating sites 

3 ms is because IT these three Mr. Ian MacLanrin. Tesco’s within its Pitsea store. These 
currencies float downwards, managing director, said yesterday are W. H. Smith. Dixons Pbolo- 
puiling down the ECU. there will t jj at jje would he able to tell graphic. Lilley and Skinner the 
ri- j , lns “ n . ,ijc pureencies i,ow successful Ihe trial scheme footwear retailer and Butte Knit, 
linked w each other within what had been aftc-r the peak holiday which sells ladies fashioowear. 
is called the parity grid part of pnoking reasnn next month and In all four cases Te&en offers tbe 
tiic system. j n February. Then a decision will space on a rental charge withoui 

The problem might have been h<* taken whether to extend the a commission on turnover, 

soluble in practice if only travel agency (u other Tesco Mr. MarLaurin said that 


slerling bad been outside, since Ui.nre*. 


the UK imends in keep the 1/ lb*' trial proves successful, sports and leisure areas for some 

pouQd close to ihe currencies in Lunn Poly bureaus could he time, and there were plans to 

the system. The possible absence onened in 50 or 60 of the large sell more sports goods in the 
of Italy is a complicating factor. Tesco stores — rhosc with an area future, perhaps on a concession 
ll has not yet been decided bow r} f :tO.OOO srj ft. though there is basis with an established re- 

lo solve this problem. One widely no intention at the moment to taller. 


Tesco had been looking at the 


BY PETER RIDDELL 


the goal of a stable sterling favoured solution would he to 

exchange rate. — ' freeze in the ECU at their present 

It is dear that the central parities the exchange rates of 

banks retain ownership over widely differing basis. West Ger- currencies outside the system- 
Lheir gold and dollars, so that man y-' for example, still values It is Intended la review the 
ia no sense is there a pooling j ts go id at t y, e historic price of weightings of each currency with- 
of reserves, but thereafter nhe 542.22 an ounce. In the ECLT after six months, and 

operation -is more uncertain. This in turn has raised worries thereafter every five years or. 

It seems that a country will — especially in the U.S. Govern- on request if the weight of any 


by A.R.M. Max. capadey.750imn‘X 3 mm.. ’ 
FARMER NORTON 18in WIDE CUt-tO- \ : r 
LENGTH UNE. Max. opacity 1 5fn X'fO-j-w*.'- 
RWF TWO-STAND WIRE FLATTENING AND 
STRIP ROLLING LINE, JOin x Bin rolfex -> : 7 
75 hp.per roll stand. Complete with edging 
rolls, turk’n head, flaking and fixed recofftr, 
air ganging, etc. Variable line speed. 

0/750 ft/min arid- D/.IJ00 ft/mrn. ' . - 

SLITTING LINES (2) 300 mm and SOO mm " z ‘ 
capacity. • . ' ’• • ' ' • ' 

8 BLOCK (400 mrrt) IN LINE, 'NON-SLIP WIRE ; 

DRAWING machine. in excellent condition. 
0/2.000-ft/min variable speed. JO h.p. per . . . 

block 11969). 

24in DIAMETER HORIZONTAL BULL BLOCK 
.by Farmer Norton 1 1972).'- " 

PACEMAKER S1X.BLOCK (22iri x 25 h.p.) 
variable speed Wire Drawing Machine by 
Marshall Richards. . 

2 15 DIE MS4 WIRE DRAWING MACHINES, 

5.000 ft/ min with spoolers by Marshall 
Richards. 

9 DIE 1.750 ft/min SUP TYPE ROD DRAWING 

MACHINE equipped with 3 speed 200 h,p. . 
driVp20in. Horizon ut Draw Blocks. 22in . 
Vertical Collecting Block and JJ300 Jb _ 

Spooler. (Max. inlec9 mm finishing down 

to 1.6 mm copper and aluminium.) - 
7 and 9 ROLL FLATTENING & LEVELLING 
MACHINES. 2Din. 36in. & 72in wide. 

100 TON CAPACITY COINING PRES5 by 
Taylor & Challen — Virtually unused— fully 
automatic 160 s.p.m.x 24 mm stroke. - 
HYDRAULIC SCRAP BALING PRESS 
by Raiding and Platt. 85 ton main'rani 
pressure. 

TYPE 1 0004 R CINCINNATI PLATE SHEAR, 
max. capacity 1.003 mm x 25 mm H^. Plate, 
complete with full range of spares. 

No.-l F1CEP SHEAR, max. capacity 50 mm 1 . 
rounds. 75 mm x J5-min bar. 400 mni x lO mm - 
flats (spare shear blades). 

CAYMAN ALLIGATOR SHEAR,, max. capacity r 
90rnm. rounds. 300 mm-x 40 mm-bpr abd . . 

600 mm'x 16 nun flats (spare shear blades). 
CINCINNATI GUILLOTINE 2,500 mni x 3 mm . 
capacity complete with magnetic sheet 
supports and motorised back stops. ' 

1974 FULLY AUTOMATED COLD SAW- ! 
by Noble S Lund with batch, con trol... . 

3 CWT MASSEY FORGING HAMMER—., 

pneumatic single blow. ' T . 

COLE MOBILE YARD CRANE, 6-con capacity 
lattice jib. 7 - 


, . Telex J364M' 
.0902 42541/2/3- 
.-' felexr-336414- 1 


0902 *541 fi/3 
•> Telex 336414: 
0902 42541/2/3 
Telex 3364 H 


; 0902 42541/2/3 
. ..“Telex 336414. 
::.V9Q2 42541/2/3. 
. Telex J364J 4: 


0902 42541/2/3 
.. Telex 336414 


0902-42541/2/3 
Telex 336414 


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


0902 42541/2/3- 
Telex 336414 


0902 42541/2/3 
Telex 336414 


- 0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 


.0902 42541/2/3 
-Telex 336414 


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

Telex 336414 
0902 42541/2/3 
- Telex 336414 
0902 4254 I /2/J 
■- Telex 336414 


Government to reveal 
plans for South East 


W ALDRICH COBURG HYDRAULIC PLANER " - 
capacity I60in x SOin x 50in. Almost new 
condition. * . 

4000 TON HYDRAULIC PRESS. Upstroke - 
between columns 92i n x 52in. daylight Slin. v " 
ANKERWERK 400 TON INJECTION MOULDER- 


BY PAUL TAYLOR 


receive a -ticket —the ECU— for me nt and tixe International currency has changed by a the GOVERNMENT will today the impact of the Inner Urban 


Community 


currencies in Monetary Fuad — about a revival quarter. 


'exchange for gold and dollars, in 


monetary 


announce its long-term planning Areas Act on the longer term 


A further unresolved problem j strategy for the South East of strategy for the South East. 


The proposals are a response since the initial strategic plan 
In ihe Strategy For the South was prepared in 1971 have made 


Sole Agents: 

MICHAEL 17RLi ITT WINES LTD. 
5 M.Jitmes s >rrcct, LonJcm SW'IA ILE 
Telephone U1-93U 3576'ul-SAi 5^3- 


But this is ooly for use in direct contrast t 0 the public com- is whether a country whose England. Changes in Government poliev | 

settling intervention debts, and mitment of all the countries, currency diverges from the rest The proposals are a resnonsc since the initial strategic plan 
not as some form of new There is -also a related worry would be able lo demand settle- t n ihe Strategy for the South was nrepared in 1971 have made 
security Offered for the purpose that the expansion of the EEC ment of intervention debts due East Review, nrepared jnintiv by it necussarv for both the review 
of reserve diversification. credit facilities will undermine lo .it from another country. whose th-- Government. Ihe Standing and the re-statement of priorities. 

This raises tbe problem of the position of the IMF. exchange rale was not out or Conference on South East Plan- The statement Is expeeteri to 

who takes the exchange risk. These issues have to be sorted line, but whose currency had nins and the South East Regional deal id detail with such matte's 

since the ECU may change in out before the EEC can move been used in the process of inter. Planning Council, published in as transport policy, housing, new 
value against Ihe gold and on to develop a fully-fledged vention. This question of inno- October 1D76. town developments and employ- 

dollars. The latter are still European Monetary Fund in two cent or involuntary debt is — at Thq statement, lo be made by ment. However, in line with Mr. 


UPSET FORGING MACHINE 
4in dia. 750 ions upset pressure. 

2.000 TON PRESS. Double action, are* I32n x • . 

84io. - ■ . r - 

W1CKMAN 2 Jin 6SP AUTOMATICS- 1961 and 1963 
EXCELLENT CONDITION. S 

WICKMAN I4in AUTOMATICS, 6 fr 1. Excellent- ' 


WlCKMAN.lJin AUTO»^C5,tf sp^Exceilerit-.- 


CINCINNATl CENTRELESS GRINDER. 
Excdtenc. 


:tnher 1D76. town developments and employ- 

Thn statement, lo be made by ment. However, in line with Mr. 


legally owned by ihe participant years' lime, as envisaged in the Italian insistence — due to be I Mr. Prior Shore, the Environment Shored emphasis on flexibility. 


cuuntnes- 


merely original Bremen proposals in studied in a review of the scheme J Secretary, is likely 10 cor.ccnlrale it is likely to lay down guide- 


deposited them temporarily as July. This would involve the use after six months. 


dcvi-ionmenti,. such as lines rather than firm policies. 


LINDNER JIG BORER, vfrjr accurate.' 
SLOTTING MACHINE, (4in. stroke, excellent/ . 


01-928 3131 
-Teiex 261771 
.01-928 3131 
-Telex 261771 
7 01-928 3131 

. Telex 26177/ 
01-928 3131 
Telex 261771 
ffl-928 313! 1 
Telex 261771 
01-928 3131 
--Telex 261771 
01-928 3132 
Telex 261771 
> 01-928 3131 
-Telex 26I77J 
01-9283131 
• Telex 26(771 
_ 01-928 3131 
Telex 261771 
'01r928 3131 
- ..-Telex 26 1 771 : 


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£*;>- ‘ •! 
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problems, sort out forward exchange contracts, k ||gt ■ j 
arrange any international factoring you may j 

require, and advise you on local %Jl l 


’re left speechless at the prospect of 
to unfamiliar places, go and see your 


ici: 









Wi 

CO 



Id on 









As Europe’s largest photographic and audio retailers, and 
users of computers for many years, Dixons Photographic UK 
Limited have typically looked at the future rather than the past. 

in particular, they have looked for a computing capability 
that could efficiently handle the Company's growth until well 
into the 1 980s and beyond. 

Terry Pelham, Director of Administration and Finance, says 
“As leading retailers of precision equipment, we at Dixons are 


combination to develop the business systems that will support the 
Company’s future growth. 1 1 






think computers -think 1CL 




\\C 



NUJ to seek extra 


help from printers 


BY ALAN PIKE. LABOUR CORRESPONDENT 


NATIONAL UNION of Journa- proposed by the Newspaper creases worth about 9 per cent, 
lists leaders will this week Society, the national organisation.' but only if the Government 
appeal to print union general representing the provincial pub-^- 'agrees to make provincial jour- 
secretaries to give more support lishers. ualists a special case under pay 

to the strike by editorial staffs Mr. Ken Ashton. NUJ general- policy. - 

on provincial newspapers, now in secretary, said yesterday that ' A written submission on the 
its second week. journalists in the London office special ease argument is 


pay vote 
expected 
today 


SET * THE RESULTS of branch 

A written submission on the ballots on whether to call off the 
*>eial ease argument is five-week bread strike are 


its second wee k. journalists in me j.oduud uuive own ai «*&**—*»«-* > A v_ lmnum t-ndav 

The print unions will be asked of the Birmingham Post and ejected to be made by the expected to be 

to join the Transport and Mail bad signed an agreement society to Mr Albert Booth, Member* of^e Balwre Food 

General Workers’ Union in which would give most of them; Employment Secretary, this and Athed. workere union are 


ueuerai worsers union m wnicn. wuuiu must ui mem ouipiu.»uicut ^tr a - unrth i,,-* 

instructing their members not to increases of £20 per week— the- week. _ 

cross journalists’ picket lines. In amount the union is seeking for The NUJ said that the strike ° ve F l ? talk* wfth 

some areas, van drivers, mem- all its 9,000 provincial members, stopped publication of sports during three o«yj J£r 

bers of the Society of Graphical c- • i " editions of provincial evening employers at the AdnMry,Lon- 

and Allied Trades, are refusing to Special Case . newspapers in 25 towns on tuhation and Arbitration Service 

cross picket lines and the M We have evidence from all' Saturday. “This is the most * a ~* wnttinE' 

National Graphical Association parts of tbe country of com- crippling blow wc have yet 

has told it smembers to handle panies ready to offer more than inflicted during the strike, said the offer without any rectmmcn 
only material processed by the Newspaper Society’s pro- Mr. Ashton. Saturday sports dation ^d there are^^Uora 
editors. posed £6 a week increase. But papers were, in many cases, the of split voting around the 

As the NUJ announced its they must persuade the News, best selling editions of evening country. 


efforts to gain increased print paper' Society to come back and papers in the provinces. In Liverpool, tor Instance; ttra 

union support, it claimed that negotiate realisically. We are not Tbe union is not paying official of the 

there were growing signs of going in for local se dements.” strike pay to the provincial Involved in the action— -Scotty 
newspaper managements getting said Mr. Ashton. strikers, but willtoday be making and Mother s Ertde— led to 

ready to offer their staff more The Newspaper Society has payments of Jp "* ed y fl tWiJh?the Imion^ 

than the cooditional 9 per cent said it is prepared to pay in- cases from a hardship fund. ^f 1 ?*** 1 


BY OUR LABOUR CORRESPONDENT 


directed otherwise by the union. 
But tbe third, Cousins, decided 

— to return for: last night's, shift, 

_ _ ■ , -8 rnT t / 1 e The strike began after the 

Pay pact with TUG ‘would 

_ - • The workers 'wanted a 26 per 

not maintain differentials 9 K£s 

ness towards union members 

BY OUR LABOUR CORRESPONDENT wSSt. ““Sd 

maintain a substantial proper-' 

THE PROPOSED pay potiev dealt with together. The TUC “There is absolutely no ques- of bread supplies in spite 
agreement between the Govern- annual Congress at Brighton in tion. therefore, that TUC pay 0 f tie strike, 
mem and TUC which was re- September had passed a res oliir policy is one-sided. 

jeered by the TUC General tion which specifically recognised “ The interests of millions of _ . - 

Council would have done nothing the need for the restoration members of the TUC who F ||PinP6rS TfZlV • 

to help ' maintain or restore where appropriate of eroded entered industry and .belong to ^ 

differentials, Mr. John Lyons, differentials. unions on the basis that they cofi'loYWi>Yli'C 

general secretarv of the This was not the first time the. -would be reasonably -rewarded dClUCUICUL? 

Engineers and Managers Associa- General Council had ignored the for training or knowledge, or • t _ fffrt/ >• 

tion. said yesterday. question ’* notwithstanding Con- the acceptance of higher respon- 2VCr«26 /O 

“Once again it concentrated gress resolutions to the contrary:; ability, or the exercise of skills, . ^ r oms *aond«rt 

on the subject oF low pay to the In recent years the TUC had arc not being adequately repre- R Y ° ur Labour correspondent 

exclusion of differentials, a dis- consistently refused to do or say seated. " PAY SETTLEMENTS for white 

tortion which continually and anything meaningful about It was "simply not acceptable collar engineering workers were - 


Engineers’ pay 
settlements 
‘average 15%’ 




trical Power Engineers Associa- advantage of the country's 
tion. economic difficulties to try to 

It was necessary for the low bring about a reduction in 
pay and differentials issues to be differentials. 


Boilermakers 9 leaders 
continue link talks 


Pitmen become 
safety guards 


ABOUT 200 pitmen in north 
Notts have been enlisted as 


gam a ted Union of Engineering 
Workers, claimed yesterday. 

Mr. Gal], general secretary of 
TASS, -the union’s wtafite collar 
staff section, said oh the London 
Weekend Television programme. 
Weekend World, that some 
settlements had “gone up 




E 


safety watchdogs in the area's 15 1 20 per 


collieries 1 would be surprised 4f many 

. • The National Coal Board said general secretaries would be 
yesterday that, under the new v ery pleased wtth -themselves n{ 
health and safety regulation, they could report that Ote -5 per 
they have become part-time cent limit was being observed, 
special inspectors wkh the job saSd Mr. GilL a Gmrmuinist and 
of making regular probes into staunch opponent of tbe pay 
oar th»ir pits to pinpoint any restraint pokey. 




BY ALAN PIKE. LABOUR CORRESPONDENT 


THE BOILERMAKERS Society therefore, “continue in 


leadership is continuing with dis- inquiries with the . , w „_ r „ 

cussions on a possible amaiga- simultaneously with approaches- ments. An "official said: “N 
mation with ihhe General and wfcioh had been made .by the there wili be more pairs of e: 
Municipal Workers’ Union — in Amalgamated Union of Engi- keeping a Took out for sof 
spite of the idea being rejected neering Workers, 
by delegates to their conference The engineering 
earlier this year. would very much like 


fiirr 

t-tf $ j 


by delegates to their conference The engineering workers can never have too. many. 

earlier this year. would very much [ike a y- - -r: : — 

In a progress report on events with the boilermakers, one of the 
since the Tenby conference. Mr. premier craft unions, and l aabb- Aim 

John Chalmers, the general approaches have been made bv LOCAL AUT1 

secretary, says the municipal both -its engineering and con- ” • 

workers' proposals for a new structiona! sections 
union rnigiit not he “bettered by Ther* i« nn Anuht 

any other propositions that may boilermakers were more „ . , Aathorfty , , 

coir alon ~ „ attracted to a merger with the (telephone number i 


GMWU ", hazards and suggest improve- Adherence to -the -5 v per cent 
ments. An official said: “Now limit wottid suggest tint- -the 
there will be more pairs of eyes union was. not property serving 
keeping a look out for safety its members. “I think that, as a 
and it is one subject where you round average,, we're knocking 


about 14 or 15 per cent” 


LOCAL AUTHORITY BOND TABLE 


union nugm not ne oeuerea oy Ther is B0 doubt ^at thp 
any other propositions that may boilermakers were more 
come along. attracted to a merger with the 

He says the union would, ORIWU. in which they would 

have formed ibe basis of a skilled 

f'riWTDAf'TC workers organisation, than with 

LUffiRAbia th c AUEW. Their delegates, 

TWO COMPLITERS believed to be however, were reluctant to merge 
worth more than fwn, have been tbe craft identity of tbe orgaoi- 
ordcred from INTERNATIONAL sation with a general union. 
COMPUTERS for the Department Mr. Chalmers says in his re- 
of Health and .Social Security in port that a meeting of district 
Nev.-tastle upon-Tyne. delegates last month also sug- 

Model 2980 machines, they will sest e d t h at t he boilermakers 
be used to process national iosu r- JSlder .DoroShS S 

ance contribution records for 45ra approaciie? tn 

people, and will provide an infer- w^ rto Tl. an , S ^, 0 Jl ri l ' e , oera ] 
mation service to local offices for w ^ r ^*y s Uhion. the Electrical 
the pavment or benefits. rlumhing Irades Union 2 nd 

the Society of Metal Mechanics. 


Annual 


Aatiiorlty 

gross 

Interest Minimum Life of 

( telephone number in ' ir 

iterest 

payable 

sum 

bopd 


% 


. £ 

Year 

Barnsley Metro. C022S 2G32S2J 

12 

5-year 

250 

3-7 

Barking (01-392 45001 

111 

5 -year 

1,000 

4-0 

Barking (01-392 4500) 

12* 

* -year 

5.000 

4-6 

East lindsey (0307 5801) 

12* 

i-year 

2.000 

3 

Knowsley (051 548 6355) 

125 - 

5-year - 

1,000 

■ 6-10 

Manchester (061 236 3377) 

12 

*-year 

300 

: 5' • ' 

Poole (02013 5151) 

Iii 

- 4 - 1 ’ear 

500 

2-3 

Poole (02013 5151) 

12* 

1-year 

300 ' 

6-7 

Poole (02013 5151) 

12* 

4-year 

' 500 

5 

Redbridge (01-478 3020) 

12 

i-year 

200 

4-5 

Sefton (051 92 2 4040) 

12 . 

i -year 

2,000 

2-3 

W re kin (0052 505051) 

12* 

yearly 

1,000 

5-10 


PD POLLUTION CONTROL, part 
of the Powell Duffryn Group, have 
3 lots) of more than £300,000- 
wnrih of contracts which feature 
ligluwei’riU materials in sewage 
ireatment equipment. Both 
Wessex and Anglian Water 
Authorities and Hallam Fields 
Wain- Reclamation Works have 
specified equipment of this type. 


To thr Holders or 
NATIONAL EAILROAO 
COMPANY OF MEXICO 

Trior LJcn 4<a9 Cold Bonds 
dated March 15, 1903 

Notice Is hereby clren ihafc on 
end aiirr December IS. 3313, thc 
Underr-lsncd. as Trustee under thc 
Prior Lien Mortnun of National 
Kallrosd Company or Meclco 
dated March la. 190". -grill dis- 
tribute an axsotmt equal to lri. 
of the principal amonne of said 
Bonds, on account or thc lament 
accrued and unpaid on said Bonds 
as oU December 15, ]TJ8, from 
funds received on umJerlilnc col- 
lateral securities. 

In respect of Bonrte -which have 
been stamped to in d lea le assent to 
tbe Offer of the United States ol 
Mexico made purrunutto Mexico's 
Acreement with thc International 
Commlcrce of Bankers on Mexico 
dated February JM«. the 
r mount of meb distribution -win 
be paid to The Chase Manhattan 
Sanfc, Successor Fiscal Anent of 
Mexico, fn accordance- with the 
AssiininJcnta provided for in 
Article TX of Sold Acremncnt: and 
dhlrlbaUon will not br made to 
<be tiqldrrn of such asscnLlnr 
Bond*. 

Haiders of nna-a-nenllnsr Hands 
Wav rr-rrlvr tucb dUirlballon by 
prcsentlpe tnelr Bonds for nota- 
ilon of such DB-mient thereon at 
the Corporate Trust office of the 
undersigned. Four Sea’ York 
Plana. New York, N Y. I0PI5. ac- 
co mnnnled by n. leltcr of tcan-.- 
lBIital in form available upon 
request Ml such office and, lu the 
ca-e of lorelpn holders, accom- 
panied hy appropriate owpersliln 
certilicati-v <p.s. Treasury Dc- 
Mi-PBcnt Form HK»||. 

Unclaimed funds are also avail- 
. . ^ Trom *he followine prior 
dl'rrlbuUons: 

3 J Payment December 14. 3942 
J> payment September 17, 1945 
1 •tuintat December as. 1351 

3!?3 Payment April 28. IBM 

repayment ...Jtprfl 30, 1BST 

■? .- naxmene April Ifi. 7WJS 

Payment April l. l*H3 

W*' Payment Mar 15. 1973 

3'.^ ■ Payment April 1. 197T 

Bonds not ^taancii IntUcatinc 
receipt ot Ihi'.ip PfL'V’loiiw pa' 1 - 
ments on account of Inirrrst 
should b- p rerented dth ap- 
propriate Iranuiniitel letters, 
available linon r-ouert »t tho 
nbovoijjeniJpnfd oiiu-e of \f*nu- 
fwitWs Hanoyee Tru^t Com- 
pany. 

JUNTF.ICTRFBS nANOVKK 
TKVST rOMPAVT. 

«“ TniHJeic ... „ i„r, •ni.l 

/•' 'i.- T, r. I'm i>«: 

I'iVc Preside ai 

Datcfi! tieeember U, 1973 
Naw York, n.y. 






Chairman Edward Bmks reports: 

S Group turnover £1 05 m. 

© 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. 


-Ml 

_*i ■ >. 

Mm 

m0m 


Summary of Results 


Half year to Year to. 
30(h September 31st March 
1978 1977 1978 


£’000 


£’000 £’000 


Turnover 


105,202 102,043 223,805 


Profit before taxation 
Profit after taxation 


3,543 2,909 . 7,757 

1,657 1,359 . : 3,658 

6.64p - 5.66p 15.19p 


Earnings per ordinary share 


2,909 . 7,757 
1,359 . . 3^56 : 


Interim dividend perordinary share 1 . 086 p 0573 p- 3.811 p 


l-SEllvIS' 







Southlands, 





* - 


.... 

SbfppiQgvP^tckaQmgv C'omputs’r Sep;;ce& 










- wc. -,v. * . jjw. ar. 


lVP-^'o-oLx-^S 


FmaBcM^Tiiiie^ MondayDeeember .11- 1978 




;$ 

OFMfLLHJLL 

The Complete BMW Dealer 


LEASE YOTKEKW THE MELCARSWAY 
“> ~ ASELECnd^ OF USED BMWs 

. C 1ST* 728 AUTOMATIC 

Herd siebiZUelJitaff ;*i$c -Woo doth wtertur. noted sttxx, central- Vk*io*. 

• -- . _ t^ecirtc wiBdsws alloy wheels * * 

, - VFroiB £7W6 per week ' 

; •.•' .-»7» 728 AUTOMATIC . 

Rewda awaUlr Sreea -vrifb ftemu doth tiner»ar. listed stes*. ccnual locking. 
--*• •= • gtaeujq-'wmdow. eipcuie saa= r<>of ./T.idfijv'caxser.c •*. . 

Fma, £73J2 per weefc 
•v . - . . 19&JB33 issi automatic. 

-Fiord metallic . &u» vuh bluft Jade- itacdor. air conttmoams. rafflo/cassette 

: Kinir £I0U4 pec yeek 
.1878 lW©l>Et.-73SI AUTOMATIC . .. 

. Reseda HMtatlxr mte*. with' /freco-jCTafir iutbrier, ' nuywal suarwt -CBfed glass. 

'. clcoOTCTrtnlW-^cewi^-Jectaw Jiad tbU»t wneel* . J i 

- ^ ... -ii 

;'■. p. 1978C«r<H)Et 5281-MANUAL c-r 

l'5r Hi™cd‘in f«ri ert-eu wiifa RreeD cloih mltffior '*.. *• 

- FtBO>^6&89 per-wek - . - • ' -V. ' 

. '. . ' A> 1977 320 AUTOMATIC ; - 

Marls metallic sflvrir with -Th p cto th interior, tinted - mass, radio.- casSeii* 

. .-From £fc26 per week - 
. ,:. C - •; : ; M76 -3.8 SI ‘ * 

Finished la yeroojmj with JftiuA. doth Jnmrnr, tmlrd mss, anamul sunroof 

• - '.. Fronr;£«£kS8 per week 

THE ABOVE. FIGUHE$-iARE GROSS. AND SUBJET TO ALL 
TAX CONCESSIONS. AKU> THE ABOVE GARS CAN ALSO 
■ C ’■ BE PURCHASED' FOR CASH. 

-cM Wtt Hale Laite, Mill HUL London, NW7 . 

.■ #V-\ Tel : 01-959 6961 . 1 


& 

& 
S, 


FARNBOROUGH «■>£« 


,;TOP CAfi AUCTfON AT 2 p.m. 

■' Among lOd gentries the following included:— : 

75 ROUS-ROYCc Silver '69 ROLLS -ROYCE SHyer 

SteiioW. Mewliic SH^r. Grey *',**?"■ ' fonvwdW*-^ 

- - Walnut. Black Trim. EUack-rf.- 

mm. Service . htft. 1 fceg. 7-owners. Warn'd. rolge.B 

owner: -44JW0 mis. - 77 ROLLS - ROYCE SIWer 

Shadow H. Honey. Dk. Brown 
7{ ROIdJS f SOrCS Silver tr7m FjJ ,| hist . 20.000 ml?. 

SIwlow. Lwb.jGarnet.. Tan 77 MERCEDES 450"' SEL. 
trim. El." Biyl- Black' wdws. to Metallic Brown. 2 owners. 
reaK. Black tverflex rf • Late re ^ 00 m,s - 

9D - 000 ^■^. EL v“cc".:S 

nils. .fcS j.pi: . certificate. One of.theSriest 
" :■ 'available. ' 

■'< '*■ •; • Enquiries to: John Snonr--..' . 

TOf* car W ■ • 

AUCTION TeH Camberley 27161 '•V.'..' 


fj ^^e,: ^Carnberley 27 WlV 



BRITISH CAR 
AUCTIONS 


EXECUTIVE GAR CENTRE 

SILVER SHADOW ft: \9J3L specification. Deliver mileage onlyl^ \ 
Onyx with Tdn^lide bjjbplReiy. Front* rear head restraints. .. ' ; 
SILVER SHADOW 1975. 32300 miles. In Maroon with -Tan trim, .' 
Door niirror, 'Rear head rtfStrantts. Cassette Player; 1 owne^' 

SILVER'SHADiOW, 1 976 34,960. miles: Slver nrfnk on Seychelles Bliie^ 
Blue Hide npholneiy. Lambs wool rugs. White wall tyres* 

Rear head reStiaints: > - .• : J 

A BOYE IS A SatCTlON OF OUR CURRENT sfocK OF 

- ,.>2 USED. SHADOWS. .. : -Ji ' 



Mercedes-Benz 



it has to he 


LANCA.S ' ER GROUP. 
Ca..CHE$T£R- 10 L 43141 


'7W7. H.4W SIC. I4SW lyonr 

- : qs.«s 

-.IVCT 'S.qSO -if '3 

^FnW^KWcsi frttB B%3SQ 

'Ivrr s 350 'se. rzihr ivory ' 

: osjm 

X977 S 23fl c." XOma. brown - 

Oi«50 

1974 T 280. SE.-Z.leht ivory - 
E8.995 

1978 T 92a. Choice 4* man-/ 
aolo. Price on bdhUcbuod 
. 1978 S Turbo U.“ VhUe. Price 
on appltcaabn . . . 

19TT/8 Turbo rtt, Choice of S. 
Fun specs., from ...... sztms 

1977 S 924. Copper ES.2S0 
Hew 512 Boxer- Red/black , 
LIST 

New 308 GTE. Choice «f, 2 • 

. : r ■ List 

1977 s 388 gT®. Bcd/bbdr 
03.230 

1977 S 300 GT4. Bttie 1 nwrf 

- 04250 

M7T T Panther J72 - Auto. 


021-532 2003. - TetaU! 338793 
New Gardner E reined - Guv Tartar 
Units. Low Initial ■ «M. Low, tuel 
conawmption. Low spares .price. Proven 
reliability.. Maker*, full Warranty. 
Limited quantity Available. 

- none now fcr-«»r *itfWW.,t*ei 


ISt BSm «03S 

Silver jirbofL- With' Havaa..b«»w» 
Ulterior. ;_Air .cbn.dinonifrE plus- 
allEyjaul iTefineinontj. [1.^ owner- 
taw... mileage. - 


Tels^fSiirMlayl. 01-352 OMI 


ATTWOOD 

FOR THE 

COMPLETE RANGE 

*. of 

BEDFORD 
TRUCKS 
& VANS 

Leasing Available * 

V Fleet Enquiries ■ 

Welcomed 

V ' ' 

• Contact: 

- STANMORE ;• 
(0902)27897 
Raglaa Street 
Wolverhampton 




. LEASING EXPERTS 
LOWST DEPOSITS 
1-4 YEARS TERMS 
1979 MODELS 

imm%di»e or Early Delivery 
' • ' ; FULL SERVICE 
. MAINTENANCE 
SPARE PARTS FACILITIES 
KENSINGTON CAR CENTRE 
181 WARWICK ROAD 
LONDON W14 
01-370 3152/3/4 


THIS SPACE 
FOR SALE 

TWICE 

ONE ON 
SATURDAY’S 
MOTORING PAGE 
AGAIN IN 
MONDAY’S PAPER 
' BOTH FOR JUST 




- • 7" V.1. -i.-?- 

. - i __ - v. ? *■ ; . "■ Uv- - 



-OF MAYFAIR 


1 '-- V 

■'f J 

"i : v »>• 







For d-Dtails offt^-UG-U^'U'. 
Porsche: ranee 

• .call i n al;our ^ ^ -I 

Mayfai r Showipont^. 




LENDRUM & HARTMAN PRESENTS A SUPERB 
RANGE OF RIGHT HAND DRIVE NORTH 
AMERICAN CARS AND LIGHT TRUCKS. 

Test Drives now available on Cadillac Seville Chevrolet 
Caprice Sedan and Estate and the exciting Chevrolet Blazer 
4x4. Please be advised that only 1979 models supplied 
through ourselves the Acredited United Kingdom 
Concessionaires, are able to meet the new National Type 
ApprovaiiConst ruction & Use Regulations which are 
compulsory for vehicles to be registered in the U.K. 


. LENipR§^%"H A'RT m’ AT* (M OTP. R ST.RVltES) UTD. /’ 

M2!\ 2%Rig'g^^;f^?riiRersrnith',*. toc-don- WGrTelr-Oi -?4B 0321 


RYLANDiVETJCGLES. LTD'.. 
Brc^d.^r^ : ?iBirjTVtrigh’am. Tell 0Z1-&43 . 350.0, 

s lakesK®£o ‘ • < - 

eiaofcJriar^RDadr^Wnctie^er- Tet! <361 ■S3*S2pe. 

- . -'.Tit '• r-V- - /•-. <.-■ «-V , T ; - • •«••. ' ^ ■ 

U— - UVr Vi 

Rcseylfi d": te e d s :. ■ LS o SGT'Tel 053^4 i S dIT--' 
. . • VZi¥W4ifd&:7'- -i;--';,.-' ^.V- 4;.Vv '. ; /• 


GUYSALMOS 


Portsmcnith fioE.d. 
ThamMDittan 

01 - 39 & 4222 


77 MERCEDES BENZ 450 SX.I. Mel. Brown/B«i e « V«lour. Air 

Conditioning. Eleccnc Sun Roof, Alloy Wheels. Cruise control. 
Radio/Casete. 12.00 miles: Leitinq Rental £456.13 or £18,950 

78 RANGE ROVER. Tuscan RhWSeise. Option Pack P.A.5., 7.000 
miles. One Owner. Plus choice of two others. 

Lrasinc Renral £240.58 or £9.995 
78 (T1 JEEP CHEROKEE *5* V8. 4-Dtior Automatic P.A.5.. R.H.D. 

Superb specification. 7.000 miles: Leasing Rental £215,43 or £8.950 

Other Jreps from £5.850 

77 JAGUAR 3.4. Yellow Gold/ Black Velour. T /Glass. Radio/ 

Cassette. 18,000 miles: Leas in/ Rental 167.29 or £6.950 

78 RELIANT SCIMITAR AUTOMATIC. Light Beige /Blue v.lour. 

T/ Glass. Alloy Wheels. 9,000 miles: Leasing Rental £144.30 or £5.995 

78 (NOV.) ROVER 2300 AUTOMATIC P.A.5.. Persian Aqua/ 

Caviar. Radio. Under 1,000 miles: Leasing Penul £143.22 or £5.950 

78 (T) TRIUMPH TR7 AUTOMATIC. Inca Vellow/Green Tartan. 

5un Roof. 300 miles only: Leasing Rental £96.16 or £3.995 

NEW LEASING BROCHURE ON REQUEST Teles 929126 


AUTOSEARCH LTD 


7978 T Reg. Porsche 928 Auto. Guards red, black Interior with black and 
white check, cloth centres. Del. mileage. £25,95. 

3978 T Reg. Mercedes Benz 450 SEL. Metallic silver blue with blue velour. 
Air conditioning, electric sunroof, alloy wheels, cruise control. )im slip 
d'ff. Radio/cassette player. NS door mirror, Del. mileage. £24,500. 

3978 T Reg- Mercedes Benr 350 SE. Metallic silver blue with blue velour. 
Electric sunroof. Waih/wipe NS door mirror. Dtl. mileage. £18.750. 

1976 Mercedes Benz 450 SL. Whire with black Interior. Alloy wheel*, 
tinted glass, electric windows. 23,000 miles from new, with full service 
history. £14,750. 

1976 Porsche Carrera 3.0 Sport. Tellow with black interior. Electric sun- 
roof. Radio/ cassette. 25,000 miles with lull service history. £13.995. 


> THE HIGH STREET, RIPLEY.SURREY ^ 
TEL: (048643)~2485 ' 


The Chequered Flag 

v London’s leading Lancia specialists 

. FULL GAMMA & BETA RANGE FROM OVER 100 CARS 
FOR SALE OR LEASE 
Chiswick High Road. London, W.4. 
Tel.: 01-WS 0022. Telex; 8811126. 


'^HB5 teg? 


frr-i 



X Any make of car or light van, available in U.K., 
supplied - many for immediate delivery. 

* Choice of Leasing Agreement options. 

For further information about our Leasing Services 
TELEPHONE 44122 (STD Code 0783) 

COWiE LEASE LIMITED, MILLFIELD HOUSE. HYLTON ROAD, 
SUNDERLAND. SR47BA. TELEPHONE 44122. TELEX 537065. 





awJ 

.t V V -j tL y-; 

P JflRRIflGE;, 





l^l^e I e p IVon^OT.- 928 1 922 ' .Telex 91 7033 



ym 

TP 






rnPpPVVBIIHHrpr 


li: 

•a. 

• r J r-, 


Experience our experience. 

A.F.N. Limited Showroom, Service and Parts 400, London Road, Islewonh, 
Middlesex. Telephone: 01-560 101 1 Telex: 261 135 _ Also showroom at: 

12-16, Madrid Road. Guidford, Surrey! Telephone: Guildford 10433) 33448/9. 


VOLVO 


For earliest delivery on new 
1979 models : — 

343DL MAN - SILVER 
245DL AUTO — RED OR 

YELLOW 

265GL OR GLE 

244DL AUTO — RED/BROWN 

264GL AUTO — GOLD 

METALLIC 

4— other specifications 
EXPORT - PART EXCHANGE 
LEASING - FINANCE - 

' Contact Dennis Scott ot: — 

■ LEX BROOKLANDS 

LeX 47,Streatham Hill SW2 

01-674 4403/4 


ASTON MARTIN 

H-WMotors Ltd offer: 

1978 Alton Martin VI Auto. Old 
English Pewter, I owner 10.000 
miles £19,250 

1978 Series Aston Martin YB Auto, in 
Madagasca Brown. 1 owner 10.000 
miles £19,250 

7977 Aston Martin V8 Auto in 
Cambridge Blue. I owner 13.000 
miles £17,450 

October 7977 Aston Martin V8 Auro. 
1977 Aston Martin VB Auto. Tankard 
Grey. 1 owner. 28.000 miles. 

£17.458 

J974 Aston Martin Vf Man. Aicoe 
Silver Grey. Low mileage. £9,450 
1970 Aston Martin DB6 Mark II 
Volante. Met. Blue. Automatic 
Power Steering. Superb condman 
£14.950 

TEL: (98) 20404 


JACK ALPE 

1976 Model Silver Shadow. Cardinal 
Red with Beige Hide. 33,000 miles. 
I owner £23,500 

1974 Silver Shadow. Caribbean Blue 
with Dark Blue Hide. 1 owner. 
55.00 miles £17,450 

7972 Silver Shadow. Caribbean Blue 
Superb condition £15.950 

wish Dark Blue Hide. 43,000 miles. 
1969 (November) Silver Shadow. 
Seychelles Blue over Shell Grey with 
Dark Blue Hide. Only 49.000 miles. 
Fitted stereo £13.450 

50 MARYLEBONE HIGH ST. 
London. W.1 Tel: 01.935 7142 


BVY OR LEASE 
Y&I53 $3EW LANCIA 

ALL AVAILABLE MODELS 
IN STOCK 

Jf you aren't in a position to lease 
wc can anange low interest H.P. 

01 370 4114 
67/69 Drayton Gdns. 
Chelsea SW10 9QZ 


ALL CARS WANTED. Private. Fleet. Com- 
pany. Prestige cars. Aae, mileage, con- 
dition Immaterial. Unlimted cash. 
Travel anywhere. Tel. 01-578 2617. 


1977 FERRARI 308 GT8. Green met.. 
a,r eond , leather upholstery, wide 
wheels, stereo. 1 owner. 4,000 miles. 
L 14.500. Tel. f.9Bi 20404. 



I 


1 1 K 
111 


EE 

ROLLS ROYCE 
SHADOW fl’s 

AU T* reptstranon tlBTSi lalejt 
. models with latest spo-nficailon. 
Many factory filled options. lo 
-Silver Chakcr ' Rod Jlidc. Willow 
Gold •‘Beute Hid,'. Waluur ' over 
lffinow tvnh Bron-n Hide Imenor. 
Attractive cars, all as new EM 
miles. 57: miles and on miles 
respectively. Fart exebanue and 
leamns icrou. 

Fu)j details from Mr. R. Ellis. 

; Marrayfieid Motor Company Ltd-, 

. Tel: 0J1-JJ7 32B2 




InncM’sJIEXs" name inZondon. 

Richard Knight Cars 

i 5 A- J 7 Tu i ri a ?. H d . , Smss Cottage, 

London NWo 

OU32S7727I7979 




A ROMANS 


QUALITY CARS OF DISTINCTION 

PIRBRIGHT, SURREY 
ROLLS-ROYCE 

1978 T* Rolls-Royce Shadow H, Seychelles blue, stct hide interior, dollverr 
miieafe only. 08,950 , t , 

1977 - Rolls-Royce Shadow II. finished !n Ivory, rhocolate brovu Interior, 
2.0» miles only. em.9» „ . „ _ 

1977 Rofl*-Royc« Shadow II firushed In Scots r:i)?, bnse Pant ales latenOr, 

5.000 miles only. E3S.95B 

MERCEDES 

1978 «8 SLC. M-tailic red with parchment velour S non miler. rml- r2r,?>0 
1978 3SB SL. finished to stiver «reea. bamboo cloth upholsirry. I'.oun mites 
only. Q8.950 

1977 358 SE. mpai drown, bamboo doth upholMcrj'. 12.»|i0 mliet onle. 05.650 

1977 'S* 558 5L, tutished W biwn mill parchment mienor_ 7,(Nio miles 
finlr. 05,450 

1978 *T 238 Saloon, finished lb Topaz brotm with parchment cloin. delivery 
mileaee only. £9.750 

1978 230 Coupe, hiu shed in White irllb Bamboo rio:h uphoi Firry. 5.000 miles 
only. ELL 458 

1978 (Model) 358 SL. metallic Anthracite with parchment leather Upholstery. 

3.000 ni.lefi only. 0.7,980 

1977 *5' 458 SEL. metallic Usht bln* wi;h blue velour interior. It. DUO nnlri 
only. £19.450 

1978 *r «D SEL. finished IB mmUic Imbl bln- w«h blue velour, delivery 
nulcazc only. £22.950 

1974 450 SL. meiill.c light blue, 1 owner, lo.v nuk-ase. £11.958 

BftlW 

1977 633 CSI, Polarts silver wilh leather, blue vinyl reef. 17.000 uuj»y nr.lv. 

ri^agn 

1978 633 CSI. auto., fiord blue van roor. 12.000 mil-*. Ell, 950 

2978 730 Auto.. Polaris silver with blue velour. J.tWO miles onlv. £12,650 
1918 323 I, coral r-. d 4.000 m.Ics. £7.750 

2978 323 I. fiord bln,' null blue rloih, fi.TOO mtlr* only. £5,395 
1978 320 Mutual, Sierra betse, 7 000 miles. £6.350 

2978 320 Manual, finished ih TunnaJine green tilth beige cloth. S.Ont) miles 
onlv. E6J5D 

1977 320 1, mini ^reen tilth beige cloth. 15.0-70 miles oalr. £5,950 


1978 ’7” Porsche °?3, meiaille silver with hlaik hid* lore miles only. £76,950 
1978 Porsche Turbo, metallic Silver with black hi-1*. 11. AID miles only C26.950 
2978 T 1 Porsche 428 auto— cua mj red, black hide. 1 r-on miles. £26,450 

1977 'S' Porsche 9U. Jnx lama, silver, black velour. 10.000 mile*. £14,450 

1978 Porsche 924. lux, silver, s.ono miles. E8.950 

1978 Porsche 911 SC, targa. sponainaiic. air can.. :.000 miles. £16.650 

EXPECTIONAL CARS OF OTHER MAKES 

1978 T Ferrari 389 CTS. Ferrari reel tn[b Mari' hid*. 1.609 mili-s nnir. m.^SO 
1918 Jaguar XJS, finished ycllcnv roi«J with Mae*- hide, d.nuu railis mile. £13.658 
1978 T MGB GT finished In ioca yellow trilb irey Uoih upholstery. 1 ,60*> nuks 
only EL195 

1978 T TVR 3000m. yellow, 19.000 miles. £6J9S 

New Volvo 264 T6 ImtousiE'’. black, wnrks mil-.ncc. £17.117 

2978 Jaguar XJS. white with black hide, 7.on> 'mi lei. £13,650 

1978 Daimler U, reaenev red. inn hide. 5 Olio tnili-s. £9,995 

1973 Lancia 600 HPE blue. 4.000 miles. £4.645 

1978 MGB GT. BriHsh racing preen, o.ono miU-« £3.995 

1977 'S' Volvo 244 DL. nun., yellow, radio. 11.000 milo-'. £4.645 

1977 (Model) Volvo 245 GLE, auio.. im-rjllic blue, radio. £4.450 

1976 '«' Triumph 2500 S Estate, auio.. blue, lB.m miles. £3,950 

Please telephone Brookwood (04S67.) 4567 


HASLEMERE SURREY 

1975 (1976 model) Rolls-Royce Silver Shadow, finish, -d pcamck Mu* wuh heicc 
leather upbolstery. usual full speLiGcaiion. full serviLC hinorj'. 23.0IIU miles. 
£25,658 nt £ 669 monthly. 

1978 'T' Ferrari 308 GTS Spider, finished in light mcinllic crccn with un 
leaiher upholstery, telde wheels, tinted glass, radio, stereo. 1 owner. 1P.C0U miles. 
£17,958 or £468 monthly. 

1978 Mercedes 350 SE. finished In Milan brown with tan v.-lenr imhoKury. 
air. con., sun rooL tinic-d glass, radio. stereo, 1 owner. 4. ODD mil.-*. £18,450 or 
£481 monthly. 

1978 Jaguar XJS. finished in carrlacc brown with lan leather upholfbry. full 
specffiraiion including air con. and radio, 1 owner u.WO miles. 03.750 or 
£358 monthly. 

1877 Porsche 911 Lux Tarpa Shortraailc. finished 'n lithi mei.ilhc void vriih 
larian cluih opbelsler*. radio, 1A.Q04 miles. 03.650 or £356 monthly. 

1978 T Volkswagen Scirocce GLS. finished In meiallie blue with borne cloth 
upbolsicry. limed glass. 1 owner. 2, PUD miles. £4.495 or £177 niociUI*'. 

1978 Morgan Ploo Eight, finished In yellow wilfi black Upholsiors Licimveicht 
body, alloy wheels. 1 owner. .1.000 miles. £8.650 or CZSS mur.ihly 
1978 Volvo 244 DL Aun., finished in red wlUt red clotb upholsiery. radio. 
1 owner. £4495 nr £127 mon'bly. 

1977 ‘S' Audi IDS CL5E Auto., finished In diamond silver with blue veloiur 
upholsiery. limed glass. 1 owner. 9 . boo mile*. £5495 or £153 monthly. 

1977 Triumph Slag automatic, finished in Java eiven wuh Mack upholstery, 
hard. 'soft top. tuned glass radio 'stereo, 1 owner. 17,000 miles. E5£95 or 
£153 monthly. 

1978 BMW 633 CSI, finished in metallic anihraclir with red leather uphoUicry. 
air con., shn roof, and many other extras, l owner. S.000 mdes. £14,950 or 
£398 month ly. 

1977 ‘S' BMW 328 I. finished In while with tan cloth upholsiery. air eon . alloy 
wheels, sun roof. 1 owner. 17.000 mdes only, £6.995 or £182 monthly. 

Please telephone Haslemere (0428) 3216 

Open daily including Sundays until 8 p.m. 

Please telephone for all your leasing requirement. 


COMPANY NOTICES 


MARITA ELECTRIC 
WORKS, LTD. 
(CDRs) 

The undersigned announces 
that the. Semi-annual Report 
ended August 20. 1978 of 
Maklta Electric Works, Ltd. 
will be available in 
Amsterdam at Pierson, 
Heldring & Pierson N.V., 
Algemene Bank Nederland 
N.V., Amsterdam-Rotterdam 
Bank N.V., Bank Mees & Hope 
NV, Kas-Associatie N.V., 
AMSTERDAM DEPOSITARY 
. COMPANY N.V. 
Amsterdam, December 5th, 
197S 


RICHARDSONS 

FOR TRUCKS 

OLDBURY BIRMINGHAM 




BANQUt Ot PARIS ET 
ET DE5 PAYS BAS 

FLOATING RATE NOTES 19B0 
U5S25.OOO.P0O 

Toe Interest rate aophcjtle fc> rfle 
tbore loan In resoect o' si* months' 
period ol 182 days commencing 11 
December 1978 has been <i>ed at 
12I490 

10 that accordingly the Interest payable 
in respect ert such Period 'calculated 
on the basis ot a tear ol 360 n.vrs 
for the actual number ol days elapsed) 
will be made on 11 June 1979 at 
US561 .93055 Per coupon 

The fiscal Agent 
BANOUE DE PARIS ET 
DES PAYS BAS 
peur le Grand Duche 

de Luxembourg 


UNIFONDS 

Mutual Fond tar investment in 
German Securities 


For the financial year ended 30th Sep- 
tember 1978 a dividend ol DM 1.40 Is 
payable from the 15Ui November 1D7B 
against presentation of Coupon No. 23. 

The dividend /* made up as follows: — 
(ai Dividend and Interest Dm 0.55 | 

lb' Realised Capital Gains 0.54 I 

(c> Proceeds tram Sale of Rights 0.30 


NICH11 COMPANY LIMITED 


NOTICE TO EDR HOLDERS 
Further to npticc ot October 24. 1978 
the Interim Dividend ot Yen 8.50 oer 
share has been converted to U.S 
Dollars and amounts to USS42.91 
gross per EDR. EDR Holders should 
now present coupon number 4. In 
order to claim the above dividend it 
either ihe oiftce ot the Depositst-v: 

The Chase Manhattan Bank N.A.. 

Wsorgare House. 

Coleman Street. 

London EC2P ZHD. 
or at tne offices ol the Depositary's 
Agent- 

Chase Manhattan Bank 

Luxembourg S.A . 

47 Boulevard Rorale. 

Luxembourg. 

In respect ol presentations at both 
the above offices Japanese Withholding 
Tax at the rale ol M*. wll by 
deducted lr?m the gross amount ol 
the dividend unless a lorn of alhdavil. 
satisfactory to the Deposit ari. is 
received evidencing residence in a 
country with which Japan has con- 
cluded a (»> treaty sr agreement 
providing for a lower rale rl ta». In 
such cases lower rale ol ta* would 
then be applied. 

In resprti ol presentations a: the 
o’hee ot rhe Depositary I he r should 
be accompanied by the usual affidavit 
ol non-residence in :hc United Kingdom 
to enable distributions 10 be made 
free ol United Km.-oom T»j. 

THE CHASE MANHATTAN 
BANK N A 
London, as Depositary. 
December. 197d. 


BANK HANDLOWY 
W. WARSZAW1E S.A. 
$us :jn,no«i.o<Hi 

Fionliog raU* not*2s 1376/81 
The rale of interest applicahie 
for lhe six months peru.id 
beginning nn llilh December. 
197S and set hy the reference 
agent is 13!% annualiy. 


LEGAL NOTICES 


Skip tarry specialists. 01-552 2 803. 
TX 336193. Immediate delivery on 
Bedford end Leylutd chauii. 
Self-drive hire- 

keen rates far short* or Ions- term 


nans 


NEW FIAT 

132 MAN./AUTO. 

for immediate delivery 
. .. CHOICE OF COLOURS 

BUY AT 5% H.P. 
DURING DECEMBER 

~Qr phone for leasing terms 

. 01-322 0042 <SWB1 

01-5S4 6441 (SW3) 


W/A/Tj 



LEASING SPECIALISTS 

Elite Whiu/cfaainpagne hide LIST 

Eclat SiWer/blaek valour UST 

Ed4t Red/bhek veleur UST 

Esprit SI GoW/MaeJc hide UST 

fHc AfcOVE AVAILABLE FOR 
IMMEDIATE DELIVERY 
PREVIOUSLY USB) CARS 
1977 Eclat Sprint White/Uack 

velour. radio/tt»at[« £7950 

1976 Eclat SZ0 Wfutc/oatmeaf. 

a Her wheels, radio £6750 

1976 Bite 501 Bed /oatmeal, 
radio, I owner ...£6550 

01-170 4114 

67/69 DRAYTON GARDENS 
CHELSEA SW10 902 


I 


Conference? Seminar? 
Company Meeting? Reception? 
Film Preview? 
Advertising Presentation? 


,v>f 


I 

I 

I 

I 

V 

• - 1 

I 


tr. 


There's no need to hunt around the West 
End for a suitable venue or viewing theatre. 

The FT Cinema, here in the City, offers seating 
in comfortfor 50f people. Full 16mm film 
projection facilities. National Panasonic W colour 
video tape and Philips 1501M video cassette 
viewing. Electrosonic 3601 slide presentation 
system. And luxurious private dining rooms with 
extensive catering facilities. 


% 


m 




FINANCIAL TIMES CINEMA 

All enquiries to: E. J. Dorrer, Cinema Manager, 

TTie Financial Times, Bracken House, 10 Cannon Street 
London EC4P 4BY. Tel; D1-24S 8000 (ext 670}. 


BrtwMh ISth November 197B and 
31st January 1979. shareholder* have 
the potion of reinvesting the proceeds 
of the dividend into tliares ot the Fund 
ar a discount ol 3 per cent on rhe issue 
price. (Authorised Detaosltarics acting on 
behalf of U.K. residents are reminded ol 
current EvCAango Control reculations con- 
cerning the exercise ol dividend options'. 

Coupons may be presented at the 
offices ol Klelnwon. Benson Limited. 20 
Fenchurch Street. London EC3P 3DB lh» 
Fund's domiciled bank in Ihe United 
Kingdom. Copies ol the Annual Report 
mar also be obtained from the above 
address. 


PUBLIC NOTICES 


THE ROYAL BOROUGH OP 
KENSINGTON AND CHELSEA 
VARIABLE RATE REDEEMABLE 
STOCK 1982 


The Council ol The Rora! Borough of 
Kensington and Chelsea announce that the 
half-yearly payment ol interest duo on 
9th June. 1979. On the above Stock will 
DC at the rate of £6 jC 37S (less Income 
taxi per a.100 ol Stock, 

Slh December. 917B. 


CLUBS 



EVE. 159. Regent Street. 734 95B2. A la 
Carre or AU-ln Menu. Three Spectacular 
Floor Shows ID. 45. 12.45 and 1.45 and 
music ol johnny Hawkeshorth 3 Friends. 


GARGOYLE. 69. Dean street. London. W.1. 
NEW STRIPTEASE FLOO«SHOW 
• AS YOU LIKE IT '• 

11-3.30 am. Show at Midnight .m<J 1 am 
Mon.-Ffi) Closed Saturdays. 01-437 6455 


NO. 0DCS35 Of 1575 

In Ihe HIGH COURT OF JUSTICE 
Chancery Division Companii-; conn In 
1 he «jl»e/ „t ARIES PRODUCTS < CLOTH - 
!Nri. limited and in the Manor of 
The Companies Avi 1W V . 

NOTICE IS HEREBY RIVEN, that a 
peiiniwi for ihe v.'lndn- up of uir nhnve- 
rumed Company by ih>- H i^n Cnun of 
.fusu« iv as o:i ihv -Si Ji d.iv nf Dtv nib( r 
1978. dp sinii-d m ih'- j.:,id Ilnur: l,v 
MAYT.MR FASHIONS LIMITED whose 
r:?i»ier'-rt oflitv is •fltiui,- m Cnn 9a. 
Sicrliui: Industrial KMafi*. Rainham Road 
South. Daivnham. KsSr«:. anihinu Manu- 
facTiirers. a Crod mr of ihe .ibnvi'-nanied 
Company, and ihai th,- sanl P'.-minn is 
directed 10 ho hoard before :h* ennn 
nllmK 31 ihe Royal Conns nr .Uis'iee. 
Strand. London WCdA SLL, on ih<- 2Jnd 
day of January l^TS and any i.rodnor or 
ctimribuiory of lb,- said Company dvsirous 
lo suppnn or oppose Ihe mak.lns of an 
Order on ihe paid Petition may opptar 
at the time of hearing, in person or 
by his counsel, for that purpose; and a 
row of the Pei it ion ml! b>.f furnished 
by ihe unden'uned to any creditor or 
oomnbuiorr cl ihe said Company requir- 
ing such copy on payment ol me regulated 
cfcarse for the same. 

ASHLEY KALM5 TJUYELL L CO.. 

56 London Road. 

Southend on Sea 

Esses. S51 101). 

Ref: OTiYRD 19979. T-! n;02 334433. 

Solicitors for the Pciinonr: r . 

NOTE —Any p'-rsun who inie'id'i rt> 
appear on ihe hcann--. of ,h-. said Prt!i:nn 
must ser.e on. nr pend by post io ih,- 
aiiorc-naun-d nonce in nrnine nf his 
.mention so in dn Tlic noin.,- itinsi vijic 
ihe name and ad dress ni ;Ji< m-r<nn. nr. 
•I a firm ihe name and ,iddn-«s •:! -he 
firm and ihum hi- slEn-*i 1 hv me r*-rsin 
•■r firni. or his nr ih-.ir jniu-i'ur 'if arry, 
a.id musr h- M-n d. >t ,r yuM.-d mur 
b- v m by Du si in cuITiii. m limr in 
r-:arh :h- .'hvi --n:- 7icd not !ai<-r tfnr 
Tour ■•'■•luet; m i|,. -ifi-ruoun of ; n.% 
IKh day uf JsiiUury H'T9. 





















8 


financial Times Monday December 11 1978 


Httng mil Ghll Enpeering 


Wimpey’s £7m at home 


In farther 


worth . over £2m.' is 


£17m contracts awarded to French Kier 


has been awarded by the Esses conditions anticipated in AD2030. comprising approximately 10,000 Kingdom, is EJF.GJfcL, which is 
River Division of the Anglian Contract specifications consist tonnes of piles and 7,500 cubic jointly owned by the Trafalgar 

Water Authority and is for of the construction of that part metres of concrete, is specified. House Group and the London 

flood walls. of the defences which lies along The second contract, worth Mercantile 

These will take two years to 

complete and form part of the _ ~ FF — 

Thames tidal defences being eluding the Mobil Oil Refinery for servicemen s bouses m East niete. 

provided by the Anglian Water frontage. Anglia- The work . comprises the 

Authority and the Thames Water Other tasks involved include a construction of 425 houses for 

* ■_ »■ IlfA Ku CDlWfAmOll HdCOfl flt TriO — _ -j-- — 

Department of the 



CONSTRUCTION GROUP 


P.O. Box Park HpP, . 
Salford Priori, Evastvan, • 
Worcestershire ’ . - _ 
Tel. Bidford-on-Avonr- . 

- 3721 (20 lines) . 

STD{Q789S8)372t_ ; " 



Espley- 

awards 


protect the structural steelwork 
in -the new £250m aluminium TU i?u_ 


IN A series' of contracts for office steel frame structure built In the Tnduded 

^dtag, and system! ** fc if *U» for fhe 

has recently won work north -Welsh Development Agency, construction of a steel framed 
over £7m. has awarded a contract worth high hay warehouse at Kmfc- 

Largest of the group Is the £l.2m for the construction of 12. fisher Drive, Covingham, Swin- 

£2.7ra. job to contract a new four- advance factories at Splntv don for Roussel Laboratories, 

storey office block for Kent Cardiff. • - * Two further contracts, ewn 

County. Council, tie this block to Manchester office of the com- , worth about £im, are for the 
an existing warehouse and con- pany is to build for Salford- Yorkshire Water Authority.- and 
vert that into offices. Corporation a total of 114 council the Mlchetin Tyre Company near 

THREE contracts adding up to Flood walls under this contract fill. A steel sheet pile floodwaU The developer for this The block will be a four-storey dwellings at a cost of £ 1.3m. . . ^Aberdeen, 

a massive £17 **iu have been won are designed to prevent flooding clad with reinforced concrete, contract, the largest housing 

by French Kier Construction. and resist a I -1,000 years return about 4,000 metres length, driven contract ever, awarded by the l\/IVsxrmrr n7lfK- fl«A fi'mAT 

The first for just under £10m surge in Uie^ Thames underjhe to Jepthsup_4o 21^ metres ^ and American Forces inthe United 1 fOlCCllOE 1V1 QV In g \l|f||Q' XHC illUviJ 

HIGGS AND HILL has started ^increased costs, the failure of 

- - - , — — - - _ _ js. a campaign to step up its volume contractors and suppliers to meet 

The second contract, worth Mercantile Group, Work siaris . ... nr manaaamont /•nntraetin^ wort „Miostinns. lateness in . , . 

THE LARGEST . of f. contracts 
totalling E2J3m recently won by 
lack of time. Espley-Tyas Group terhe i2Jra- 

Final of the contracts has been “ i£fer Thc , co “P “ST. whi <* b*?_ ™ or «: . Substantial savings it says, can new Magistrates Courthouse and 

xfi«.iuuc « «**. -x — ■ --- twanini hv tha Piminta «Mvice« sraeirer complex at present uuuer «>, an jqq years of traditional be .achieved by pre-planning, co- nrobatioii suite for me Metro- ■ 

Authority for the protection reinforced concrete floodwall use by Aaency Department^ of the CO T^ uet c^nnon 5lii> nnt,tTa«.f- tft tendering experience, believes. aa^xdination of the activities to.be ^ 0 utan Borough of SollAoll^;^.. 

against flooding of the northern about i.,000 metres length !■ n i te d Sta t esAi rForceb^esat g*> ronment^Valued at £258.962 *300'°P° «nS n ^«n*m,iw extension of its management fee carried out on site and froni the Two contracts, awarded, by 

hank of th* River Thames founded uoon the existing Lakenbeath and nuldenhall. The JMiyxronmeDi. va iuea supply the paint and supervise , prv ipp OD eratpd at home - JnririntT rn tin* closest TiAnartment of the Environment, . 

between Bw*ln“ Creek and embankment. comprising houses will be at Newmarket and it » for the construction of 4 a „ sub<ontract painting by UK veaSs mw «id con- f^aSoS" for“ esseotiri 

Sh^n-Sea Shiiilar work is approximately 8.000 cubic metres Soham, and will utilise the igloos, a concrete building amd and Continental steel fabricators f0r maoy year!MS SSEU™* tte * S.rov^ente at M centSS 

proceeding on the opposite river of concrete, together with about frameform system of construe- gjoeiKUid at RAF has been won by the recently. ^ Brian H UL managing Sf^HU! commented: W A Sops. HESSE, COP. ponningtqa; 

bank 130,000 cubic metres of landward tiou. Lakenbeath. West Suffolk. formed Protective Coatings director of the noom a year^^ wSdihg project is invariably a and £455,000 f or eight twwftari* 

Division of International Paint, smic tion group, says the launch- - substantial investment for the residential, blocks at RAF Boas ~' (i 

London. ing of the new initiative is timely dJhnt and will be fundamental Norton, Oxfordshire, , \i: 

Painting has already begun at ^ that clients and the construe-' to hia future profitability. It is - Alterations and extensions; to 
the VJK works of Lender 

Southern and Red pa th Dorman realising 
CONTRACTS worth more than contracts is worth £350,000, for Long, where eventually 7.000 methods 

“The^ew^oSrart^nuires the £2 - 5ra have been won b >' E - tbe Sou ? Hams District Coun- tons of steel for the construction necessa rily appropriate 

rJlamatlon of 25.000 square Thomas and ^Pany of Truro cjl, at Lower Weston., Totnes. of the pot rooms and over 2,000 nomic in £ ost . 

metres of land from the sea and « n d L/iS'SS u r° ’ ° “* 

fbe construction of two new piers Movkleul gr° u P- 
io addition to the portal dolphins Largest worth £lm. Is for a 
with associated approach ramps new 40.000 square feet Tesco 
and bridges. store at Camborne, Cornwall. 

The store is to be built on the . 

former site of the Camborne bridge District Council provides also been instructed 

School OF Mines and will have for the construction of 14 one- International Paint, 

selling area on the ground floor, bedroom flats for the elderly. 

Grangestone bulk storage and preparation at together with drainage, parking .[ f\TrviiTS%tr5 iOtf 
ground-floor level and spaces and other external works, flSj.'L'S- 

. ... eu-i.^ 1 , >1 #4 ■ r. .r contract worth nearly £lJm. staff areas and plant rooms on At Ashburton. South Devon. 

na>e goo- to Shepherd Buudin 0 ^- s pi^ manufacture the first floor. "Work will start £312.000 is being spent by the 

Services. chocolate crumb, vital ingredient in January 1979 and will last 12 South West Water Authority to 

Biggest is a £1,560.000 project for the production of milk months. divert flood water from the river cOMPAIR is launching two 

at Chelmsford, where the com- chocolate. Architects are Znskip and Ash burn under title town to avoid improved BroornWade RA • 

paoy is putting up a new depot Contractors are aiming to Wilczynski. flooding in. Ashburton town pac kaged compressors. Bath WITH THE. development of- a: mechanical 

for Rountree Mackintosh on the finish the advance work in time a £340.000 contract from centre. new - models, the RAG0 and new dry ridge system to partner. 7 conditions. munoinu siauuu ua -iue- • 

The works comprise approxi- ra? 5 air cooled units, are its existing dry verge, RediaxuT Dry ridge comes tir Wt form river The works will- 

" }t Tiles, of Reigate. Sunn romprising a ndge -tde. black. ; Waml ^er. The 


Busy in West Country 


tion industry itself are fast therefore vital to him that he shop premises for Boots -the-' 


TWO NEW roll on/roll off berths completed by the company, 
are to be built in Dover's eastern 
docks by Mears Construction 
under an award valued at £6m. 

Thc site is that of the old 
hoverport built by Mears ip 1969 
and noiv superseded by the new 
international hoverport recently 

Shepherd gets three jobs 

THREE DESIGN and build con- car park nn the Grange 
tracts together worth nearly £3m Industrial Estate near Girvan, a lower 


that the traditional shoiud~ know the extent of .his Chemist in Crickl ade _ Street ; 
of operating are not commitment both in terms of Cirencester, make up a £330,000: 
or eco- time and cost. contract. . .. 

, , uuuuv iu uihc v» ,w. ‘‘‘We elve much attention to 

This comprises e^it three-bed- ions of steelwork for the cast Higgs and Hill, which points Staining high productivity, on n ‘ 

? to the recently completed £45ip >jte and we can measure this in. l#l£pi 


room and 10 two-bedroom houses, house will be coaled with 
together with two- two-bedroom special combination of epoxy and National* 


Westminster 


- ■L.ia.W.fiU n V u. bnnofllmiTS — ,'j-v ~T{\ WCaUimuiCl Bank economic terms; but too little 

aDd six one-bedroom bungalows. ep0Ky ester-based paints. All management services centre in- attention is paid to finding ways 
At Chudleigh, South Devon, a other steelwork fabricators London ^ a good example ot of improving productivity off 
£125,60C |_coptract_ from .the Teign- involved with Uie project have t h e management contract site during the period -from 

t0 ' use approach, says the early develops -when the client gives ^e 8°* the 
ment of a contractors' manage ahead to the time toe. first eatca- 


in 


meat skills can go a long 
in overcoming the problems 


vator moves on site. 

MICHAEL CASSELL 


■£k m . 


NATIONAL AgriatituraC " 
Food: Corporation.;, of 


No mortar on the roof 


firing in certain 


(uiu . a’vvu, 

Tanzania has a ppo inted Rorei^ 
Kennard and Lap worth, consult;.: ’ 
ing engineers- of Sutton, Surroy*-.-' 
to xevtew the designs, preparo.-. 
tender documents ^and supervisee: 
the construction of aii. inagi^f 
rice project in Tanzania^' 

The irrigable area of ' abmrt;- 7: 
2,700 hectares win be supplied t/ 
from a pumping station .oa fthej 


rs. occupying some 2S claims to have finally evolved NuraJite f formed^ 
less ficor sr-acc. yet the completely dry— mortarless asbestos bitumen sheeting! filter 
I performance remains —pitched, tiled roof. units to fill the __ troughs in the 


site of ihe old rail goods section, to allow plant installation to be Devon County Council will pro- The works comprise approxi- RA75 air cooled units, are its 

The development covers more started by May, next year. vide a new single carriageway mately 656 feet of G feet physically smaller than their Roof 

th:in 7.300 square rrfetres on a Under the third scheme bridge with footpaths on a busy diameter tunnel, part to be predecessors, occupying some 25 claims 
3.S acre site and includes a ware- Shepherd will extend a building part of the Barnstaple-IUracorabe driven in compressed air. per cent less floor sp 

houso with rail bay, a plantroom originally designed and con- road. The contract involves the together with approximately 32S output and performance rum sms — H»u.-ueu, mea »««i. -uuiu w uic 1 *“ ““ . -oof,* Kennard and Laoworth 

cumpie:: for sub-station aic con- structed bv it last year at the demolition of the old. horizontal feet of 6 ft-diameter pipeline in a t the same level — 109 and 130 The company says its dry ridge '.top. courses of tiles and to pro- ■ „ *». ' 

d'lioning and sprinkler pump Firth Road, Lincoln, premises of swing bridge and the construe- an open trench with reinforced litres/sec (230 and 275 cfm) at is the first of its kind to be sold’ vide a seating for the ridge tile; ron 

house, two- storey offices and p.usion Gas Turbines, part of the tion. on the same site, of a new concrete inlet and outfall 7 bar (100 psigi respectively, in the UK and claims that It is a cross-sectional seal to water- il"? p 

works amenities and a vehicle gEC group. The £186,000 con- lwo-spaa 82 feet by 39.4 feet structures. Lnw and high pressure variants up to 40 per cent quicker to' lay proof the butt joints between 

maintenance depot. Completion tract involves the provision of bridge of pre-cast concrete Other work Includes factories of both these units are than a conventional mortared, ridges; and metal straps to a0D is pmnneu w ban p. f* f **;.: 

is for next August. a further six testing and develop- beams on reinforced concrete at Hayle and an extension to the available. ridge. secure a false ridge '-tree to 

Also for Rowntree Mackintosh, ment bays of two-storey construe- piers. Completion is due in May local hospital as well as Compair Industrial. BOB7, The ridge is the most exposed : trussed rafters. Each ridge tile 

Shepherd will design 3nd enn- tion and is due for completion 1979. modernisation of a hangar at Broomwade_ .Works. _ High area of the roof and requires' is hailed to the false' ridge tree. 


- 1 


struct a new factory, offices and in March. 


Wycombe, Bucks. 0494 21181. 



frequent maintenance checks:; The filler units also ensure' a 
Dry ridge requires no xnaih^ ^uniform appearance to all ridges 
tenance and the roof is mote on a site, 
able to flex with thermal and : : Initially dry ridge is produced 
building movements. Mortarfor use with Stone wo Id'.. 'and 
tends to crack and shrink and Regent roof tile profiles. ■ A 
j this year's new British Standard:.blocked end ridge tile is avail-' 
. BS 5534 in any case calls fur able to finish the .gable end. . " 


sww 
flooring > 
approach 


Locating uranium sources 


THIS. MONTH’. ’tite: last of -T? 
bungalows, 32 two-storey houses . 
and a two. storey block of com- , 
m unity rooms will . he'- handed- 
over to Chester-te-5tr«et District . 
Council. The -.structures-., are 
unique ■ in Britain in . haying>re- 

EUROPEAN office of Essex specialists to . 'assist Essex stre^d,;jireca[rt-^ncr^.l6oi^. 
Minerals Company fa subsidiary geologists evaluate data from 44 the first occasion .pa which. this 
of U.S. Steel Corporation). 363-' countries. form of fioor construction has 

Avenue Louise, Brussels, and. A four-man team from Hunting used. 

Hunting Geology and Geophysics^ took thre'e, months to compile the houses^ They_ 

have collaborated to prepare; a vast amount of data acctimulated by Bi^n Eoncrete.yxoiTOernl. 
uranium potential study . of over a period of. three or four_ ' ^ the hungakw^^^^ring ■ 
North, Central and West Africa years by Essex Minerals. ymits P er , 

and the Middle East Six favourable uranium bear- 1200pim-.jibde fe- PJ®' 

Hunting provided, under con- ing zones ‘.were discovered and stressed, , jracay- tyrrerete- are 
sultancy contract, uranium one of these is now . being" us ^“,. in the -WMwlw.fl0B»8a 


exploration experts and other explored by .Essex.- 


A pick-and-carry crane 


A SIMPLE cantilever jib which 
can he extended with a further 
section to give a maximum jib 
length of 12j2 metres is incor- 
porated in a mobile, diesel- 
mechaoicai yard crane called the 
Jones 195. introduced by Janes 


and .the. Communal block,' tier e~ - 
are - ..six - flooring units','?' each. 
200mm .- thick by 1200mm wide. - 
All units are- six metres Tong. 

A self-levelling screed 4mm thick - 
forms the- top surface .'of the 
floors. 

-■ The units .weir , extruded and 
prestressed in • Bison’s Leeds/ 
factory and delivered as cora- 


It can perform pick-and-cany 

duties with loads up to 11 tonne ___ 

slung from a 9.1 metre jib. a t\ pj e te structural unJU to the, eon- 
three-metre radius. (UK ratings). $truction site. A mobile ' crane - 
The crane is powered by a lifted the units from the delivery ;. 
Perkins water-cooled diesel lorries and placed them' directly, 
engine developing 62 bph, at inKvfheir final positions, whore 
Cranes of Letchworth fa mem- 1,800 rpm, which provides more they-yvere fixed and grouted- up, - 
ber company of the 600 Group, than adequate performance for the screed surface then' bring' 
Wood Lane, London, W12. 01-743 normal yard operations, says the added..' \"'^T 

-OfO)- company. The importance' of the contract 

far outstrips its value of fiMMWO, 
since it' drouid sqen-' as a 
pioneering project spurred -by/ 
the current higt cost of -a. fradi-- 
tional alternative. . •: .,' 


to crane safety 


LOAD WATCHER, the latest select different load curves at 

design of safe load indicator for different boom lengths, regard-, 
„ Wylie, gives the less of ; whether the duty is 


cranes from 
operator's clear and continuous 
picture of his margin of safety 
and also indicates ibe load on 
the hook and other important 
data such as permitted Joad. 
radius and boom angle. 

Two measurements are made 
by the equipment. A cam box 
associated wilb the motions of 
the crane provides maximum 
load data as the jib or jibs are 


angle related, radius related or 
radius/extension related. 

The displays have been made 
particularly easy to read and 
understand; they might include 
analogue meter readings of 


V. 

<-'ii ■■ 


Will clear 
the pipes 

A HIGH pressure water' jettipg 
trailer is beltig marketed' % 

with illuminated pictorial warn- - n "*“• 
ings of excessive load (either 


It is designed to -clear pipes 

J _ aic ,. h up to 250 mm in diameter. Con- 

exiended, regardless of the c v f ane stabiltiy or j tant -volume jetting, 

number of falls on the hoist *‘“ e - ,-!, en f 5 JI n ' without misting, is achieved by 

line. At the same time a lQ . “J specially designed nozzle jets 

dynamometer in the line yields Acc . 0 “° t and a piston pump instead^ of 

? .reading Of fte aclMl laid ffnbefaken of operation of the 5?. Q 5 


(0424 


the more conventionally 
diaphragm type pump. 


being lifted. The two are crane oa ground. 

electrically compared in the , The equipment has been The numb is 'a three nistoh 

contnol/dispiay box in the designed to comply with all the Tripltx type and tfsSTtoeiw 

driver's cab. European safety standards, out puffin to a neSirible 

The equipment wiU follow Particularly the. Dutch and - to a negngime 

any load/radius curve, switched French, 
in automatically, or manually by More from Wylie Safe Load 
a switch on the display panel. Indicators* Memies Road, Hast- 

In Telescopic cranes for ings, . Sussex TN34 1XD 

example. Loadwatcher will 421235). 


degree and give a high flow, but 
at a lower pressure than other 
machines, . thus' offering more 
''cleaning power. 

Rior BV of Coirle In the 
Netherlands makes the HD 50. 


IN BRIEF 

°have C gone 0 ^ 1 Tarmac Con“ for re ? ewal * ronze '6mm .dear float 

struc2on ? s LcedslbaJed Shissani double glazed units. _ 


ti™ CU Thl bte=S a teVlre “in' 2nm«i?v n ^ Ct th- r nS e r C0l0Ur ^' i,V * Sheltered homes for the 
the Leeds area and involve two the seepnd contract wmpS $S& volt £ ^SSSupS^m 
factory telemetry system which will pro- to be built by. the south east 

factory units.. vide full remote operation and Midlands region .of John Laisg 

9 The construction of a plane- £r - ? ransin * r - ““der two contracts together 
tarium for thc University of than £8«W)00 

Garjunis Bea^aai has Jast STSKSS ^ S&’^SSTgjagS 

network. — 


office blocks 
advance 


begun. G. H. Buckle and 
Partners, consulting engineers, is 
responsible for the electrical and 
mechanical services in the first 
phases of the university building 
programme, and w as retained 


Materials of Manchester are -for 

Robert Watson and Co. (Steel- foo^B sheets for building works 
...... »eueej 1Q Tanzania and the Sudan. 


work) of Bristol has received an 
order valued at £300,000 for the 
construction and erection of a 






fore the Mootgolfiershad liftoff 
Mope and ColSs were launched. 


for the heating, cooling and Marks and Spencer distribution 
ventilation as well as for the warehouse, at White City, 
electrics and other normal build- London. 

iog services. • An export order worth more 

a The London Boroughs of th 31 ! ^M.OOB, has been awarded 
Camden and Wandsworth have I? William Lee Malleable of 
placed orders worth more than pronfield, near Sheffield, by the 
£110,000 with Market Harborough Swedish railway authorities for. 
Joinery Co., for Skansen high malleable -iron shoulder 




^©^BSiEJefs 
^g^: 2€ JO^ears 


performance timber windows, 

O The last of six BK90 pavers 
ordered under a £im contract by 
ihe General Company of Roads 
Construction, Syria, has left Blaw 
Knox’s works at Rochester, and 
is on route to Lattakia, says the 
company. 


castings for the 
fixing system. 


Pandrol rail 



• James Clark, and Eaton has 
won a contract worth £224,000 
for the design, supply and instal- 
lation of glass' units at- the 
University, of Petroleum, and 
Minerals* In ' Dhshran, . Saudi- 
Arabia. The order is for glazing 

® Pye TVT has received two con- about- 200 tons- of glass; includ* 
'tracts from the Sultanate of ing ,12mm. Toughened., anti-sun 

• ■' " ' ' A 

’> '• - ' '* • A • . » 


I Ajrything youwantbqilt, 
anywhere in Scodand 
contact 
GilbextAsH 
...fbgaas.HouK, 

West George StreetGtasgow 
Q4t24825Il 














vatds ' 

7T;.:V^-4,V 

Zz'&rM 

... -•> 24 - 

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C an .2atiij 

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s. - . - — . 

. - ' c •'ith.J 

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.. • r.-V V“' «5 

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ison's net 
ooring 


ill clear 
e pip es r! 


The new BMW 6 Series range. 


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For those who wish to enjoy the most civilised and powerful motoring 
BMW offer a new Coupe, the 635CSi. Together with the established 
633 CSi, these BMW Coupes offer the driver two brilliant and dynamic 
alternatives Which one you choose is a question of taste. 

^ The automatic choice is thefiMW 633CSi with its ZF 3-speed 

automatic transmission. Power is from a 3.3 litre six cylinder, fuel injected 
engine. Maximum speed is in excess of 130mph, but this, forobvious 

reasons, is largely unimportant What is so pleasing abput the 633CSi 
/-n Uati'mpc whp.n vnu Hrivp it. the feelinfi of pleasure it 


SouiS^hSSSd itefeeli^g of refined purpose the 633CSi is one of 
the.mratcivffise^Cougsyou ^ ^ay^ extra ^ sheer performance 

terms iSe is larger, 3.5 litres. It produos 218bhp and has a topspeed 
of 140mph. ObOmph feie is 7.3 seconds and the suspension is uprated. I ne 

eraDhite" henna aiid polaris models come with front and rear aerodynamic 
’ „n A ii n . varintinnc pnmfi with standard extenor trim. 


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

the same as the 633. , . , • i 

So the choice between the two BMW Coupes is not simply 
automatic. May we suggest you try them both so you can determine 
precisely what balance of civilised performance pleases you most 

Specification Resume. 

BMW 633CSi Coupe (Automatic). 

Engine: 3210cc, six cylinder, fuel injected producing200bhp. Automatic transmission. 

Performance: Maximum speed 134mph. 0-60 in 10.1 secs. 

Price: £15^79 

Endne^3453cc, sbccylinder, fuel injected producing 218bhp. 5-speed gearbox. 
Performance: Maximum speed 140mph. 0-60 in 7.3 secs. 

Price: £16,499 . _„ v 

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

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



For the joy of motoring. 

Rii/rw Concessionaires (GB) Ltd, 991 Great West Road, Brentford, Middlesex. 01 -568 9155. Export, NATO & Diplomatic: 56 Park Lane, London WL 01-629 9277. 




- • A. 








EDITED BY ARTHUR BENNETT AND TED SCHOETERS 


O PROCESSING 

Sheet heats uniformly 


DESIGN engineers in man? in- 
dustries are being given new 
scope ta apply controlled area 
beat for many applications with 
a new composite beating 
material introduced by Raychem 
of Swindon, known for its work 
in applied technology related to 
radiation cross-linked polymer 
chemistry. 

This sheet beating system Is 
called " CelloThenn,” has a 
polymer/graphitic heating ele- 
ment which employs a parallel 
busbar circuit and is formulated 
to a preselected level o£ resis- 
tivity. The element is sand- 
wiched in white asbestos (not 
carcinogenic) and is produced 
in continuous rolls to a uniform 


due to its busbar construction, 
localised damage will not result 
in a malfunction. 

The sheet, which is thin 
(OJZOins average), can be 
supplied In widths from 1 in to 
24 ins and in lengths from 4 in 
to 600 ft It can be used flat or 
bent to shape and can be die-cut 
to fit a surface area, slotted or 
perforated. It can 4m used with 
any insulation and attached to 
metals, glass, plastics, paper, 
ceramics, wood and many other 
materials. 

Heaters based on Cellotherm. 
embedded * n a variety of 
plastics, including glass rein- 
forced epoxy resins and phenol- 
formaldehyde, can be supplied 


.• /.* . . ASBESTOS _ COVERING 


IWRE_LE/yD - r - 


specification and quality, the 
thermal and electrical charac- 
teristics being completely con- 
trolled by the manufacturing 
technique. 

Unlike many other sheet 
heaters which are based on a 
graphite/carbon element. Cello- 
therm produces a constant heat 
output over a whole range of 

temperatures at which it is 
intended to operate. 

Heating instantly, without 
heat spots, it gives from 0.1 to 
20.0 watts per square inch and 
works up to temperatures of 
250 degrees C. It can be used 
with 6 to 350 volts AC or DC 
on dual voltages if required, and 
will resist thermal shock and 
vibration. It will not short when 
subjected to high pressure, and 


^P^ayMBt/GRAPHrricJ 

''"HEWING ELEMENT-] 
UR RENT 


a rj 


in sizes up to 2 ft x 3 ft. Such 
heaters can be as thin as 0.125 
Inches and still show remarkable 
physical strength. 

Applications suggested for the 
product include heaters for 
manufacturing processes such as 
heat transfer printing, as in the 
manufacture of wood laminate, 
and for the heating of electro- 
plating tanks. 

Low temperature radiant heat- 
ing panels in housing, animal 
rearing units, grain storage and 
mass transit systems can also 
be made in the material which 
Is useful, too. for Consumer pro- 
ducts such as heating trays, baby 
food heaters and yoghurt 
makers. 

Raychem, Faraday Road, 
Dorcan, Swindon, SNA 5HH 
(0793) 28171. 


CURRENT reversing thyristor- 
controlled power supply has been 
developed by Electroloid. of 
Aylesbury, for tbe metal finish- 
ing and refining industries. 

The unit is used in the clean- 
ing cycle of plating and metal 
refining plants, periodically 
reversing the polarity of the 
current supplied to the elec- 
trodes and preventing pofarisa- 
tion which would reduce the 
cleaning current. 


One of the attractions of the 
Electroloid unit is that it com- 
bines in a single entity pieces 
of equipment that until now have 
been available only as separate 
items. 

Also incorporated are digital 
setting controls to supply con- 
stant voltage or constant current, 
in either forward or reverse 
models independently. 

Electroloid, Chamberlain Road, 
Aylesbury. Bucks HP19 3BZ 
(0296 82261). .. 


Advanced 

techniques 

FORESHADOWED several 
months ago, the largest NCR 
Corporation machines have now 
been unveiled in the United 
States. 

The new V-S650 and 8670 both 
use 64K-bit memory chip tech- 
nology — first announcement for 
a large-scale system — as well as 
ultra-fast emitter coupled logic 
(ECL 100K) circuitry. 

Tbe new family continues 
NCR's "migration path" 
engineering concept so' that cus- 
tomer applications, compilers 
and other software can be trans- 
ported from the smallest to the 
largest machines. 

The V-S800 family employs 
many state-of-the-art techno- 
logical and design features to 
provide the performance and 
reliability required by the very 
large system user. 

Both systems operate with 
NCR’s Virtual Resource Execu- 
tive (VKX) which provides 
powerful batch-processing, tele- 
communications, transaction- 
processing, data base and 
interactive development capa- 
bilities. VRX is a proven operat- 
ing system and Is already in use 
at a large number of V-8500 
customer sites. Tbe new pro- 
cessors and software also 
conform to NCR's distributed 
network architecture. 

Prices run from typically 
$2 .4m to §5.2m. The machines 
will begin to move out to 
customers to the fourth quarter 
of 1980. 


Useful data 

capture 

unit 


ADLER TA21 data capture unit 
will be of benefit to many com- 
puter users. Its application 
ranges from the computer 
bureau which can instal it with 
clients, to the mainframe com- 
puter user whose data is 
generated at a number of 
locations. 

At the heart of tbe system is 
a microprocessor capable of 
supporting additional peripherals. 
The method of connection, coro- 
m imitation procedures and trans- 
mission speeds are dependent 
upon the requirements of the 
central processing facility. 

The major advantage of the 
system is that it provides 
facilities for output to magnetic 
tape cassette, for off-line data 
capture on OCR units through a 
20 CPS single element printer, 
and on-line batch communication. 

Adler Business Systems, 
Jordan House, 47, Branswick 
Place, London N.i. Telephone 
01-251 2710. 






Big German-built injection moulder 


KRUFP HAS added a big 
injection moulding machine 
(ICR 1000) to its range which 
now covers twelve sizes with 
clamping forces fram~S43 to 9804 
kN, satisfying 90 per cent of all 
injection moulding applications. 

KR 1000 has a mould opening 
travel of 1400 mm, a mould 


height of 600 to 1150 mm and 
injection capacities of 4518, 
5930, ' and 7840 cubic centi- 
metres. Injection pressures- are 
1873, 1450 and 1080 bar. 

The machine operates with a 
mechanical/hydraulic mould 
closing device, resulting in a 
large mould opening travel and 


high closing and opening speeds 
at low power consumption -and 
little wear. Closing and clamping 
are separate operations. 

The injection unit pivots 
mounted on the machine bed,' 
has a direct hydraulic drive with 
two torques and two speed: 
ranges. . *■ 


. Pressures and speeds can be 
digitally, adjusted from the con- 
Itrol board in up to 30 steps., 
-losses are reduced to a 

• ntihijiinm, resulting in high 
^energy savings. 

Fried Krupp, 43 Esseti. Post- 

• fach 10, German Federal 
Republic, 


Waste converted to a useful product 


WITH A patented - process. 
Plastic Recycling o£ Worcester 
is utilising plastic waste that is 
otherwise unsuitable for re- 
cycling by normal methods, 

Its final product is Stokbord. 
in which iow-grade plastic scrap 
is converted into 8 ft x 4 ft x 
4 inch boards. The price is com- 
petitive with exterior grade ply- 
wood. but the material has 
certain superior physical proper- 
ties. 


@ IN THE OFFICE 

Two-speed 

transcriber 

EMPHASISING the trend towards 
increased acceptance of the 
microcassette format, Telc- 
tronics has introduced a new 
trans cri be r/recorder. 

Model RN-195 (by National 
Panasonic) is reckoned to be tbe 
first two-speed microcassette 
transcription machine available 
to British businesses — and it must 
be one of the smallest at only 
9 inches wide by 7 inches deep 
by 2] inches high. It weighs just 
3* lbs, and gives the choice 
of 60 or 120 minutes recording 
on a standard micro cassette. 

Variable speed control that 
slows playback speed up to 70 
per cent to allow its operator 
time to transcribe a long 
passage easily and accurately 
without frequent stops and 
starts. Alternatively, the control 
can accelerate tape speed, for 
rapid checking- 

other transcription facilities 


Because of the properties of 
tbe baric raw materials, Stok- 
bord itself is virtually imper- 
vious to moisture, will not rot, 
is easily worked by conventional 
hand or power tools and. par- 
ticularly important for farming 
use, it is easily cleaned or dis- 
infected. It will not harbour 
bacteria or germs, so is useful 
for greenhouses and plant bio- 
logy. and >s widely used for 
penning, divisions, gating and 
cladding in pig and dairy units. 


include volume and tone controls, 
fast forward and reverse (both 
rewind and fast erase take only 
100 seconds for a 60-minute 
tape), pause control,' tape 
counter, earphone socket, and an 
input for foot-operated pause 
control 

Teletronics. 9, Connaught 
Street, London W2 2AY. . Tele- 
phone 01-262 3131, 

® INSTRUMENTS 

Analytical 
kit made 
to measure 

LC-XP Series, high performance 
liquid chromatography instru- 
ments, columns and accessories, 
by Pye Unicam, of Cambridge, 
can be put together "off the 
shelf" to suit specific require- 
ments. from quality control to 
complex research studies. If 
needs change, systems can be 
updated at low cost. 

Among the new, or consider- 
ably improved instruments is the 


To present a uniform appear- put into local authority tins, or 
ance, Stokbord is faced with: IncLaerated, in which casa_ it can 
black film and is produced in /produce/ noxious gases and 
standard sheets 2.44 x 122. smoke. If buried, it can .cause 
metres anj 6mm, 9mm. and;' instability of the top ■ of ; the : 
12mm thicknesses. Boards are tip qf, because it will not jot, 
available in most colours pro- 'eventually the plastic, comes' up 
riding minimnm quantities are ' to -the surface. • .*••• 

ordered. :>Plastic Recycling was recently 

Plastic- scrap used for the acquired by BraJthwaite ancf-Cp. 
process is too contaminated to /Engineers, as part of that com- 
be recovered and re-cycled • s .; piny’s long-term diversification 
economically for other purposes, programme, and is at Bookhazzz 
Currently, such material may be- l (0372) 58951. 


LC-XP gradient programmer;. 1 Known' as Tbermathrifi : 2. the 
which is able to store up to 10 device will minimise periods of 
complete programs in non- heating operation and is claimed 
volatile memory. These cart be' by. the company to be -able to 
simply entered by keyboard^ reduce fuel bills by up to 25 per 
stored and later retrieved and cent: 

edited, as desired. , -Basically, a motor dri ven c am 

Completely new is a fluori* determines the user’s programme 
metric detector, the LC-FL, which' and this is modified according 
makes possible the high sens!- to conditions. Latest start up 
tlvity relective detection, -of - time for pre-heat is determined' 


fluorescing compounds. 

Pye Unicam, York St 
Cambridge. 0223-58866. 

• HEATING 

Optimises 
heat supply 


DEVELOPED 


.Jby-i hydraulic thermal expansion 
Street -Syrteto which advances or. re- 
tards the starting point, of . the 
-- prehiat period according to the. 
. night-time conditions. 

: In- addition, if before pre-heat 
•. start is reached there is risk of 
: itost damage, a low .temperature 
- .-switch will operate. Adjustment 
U provided to take care -of _the 
Y thermal conductivity . of. the 

/ building fabric, 

ington From the time of o.ccupancy 


Teddrngton 


Industrial Equipment is a tem- onwards the device operates as 
perature monitoring and control^ a room thermostat with a differ-; 
device which will ensure that -eiitiaj of two degrees C.; . 
frost damage wiU not occur dur- -Designed for easy integration 
ing tbe night, switch the heating .into. - new or existing heating 
system on at the right moment systems, the unit can control any 
before factory/office starting heat source and has switch 
time to ensure an appropriate ratings of five amps, 
temperature is reachtd. and their -M be company Is at ’ Windmill ' 
keep the working temperature Road. ' Sunbury on Thames*- 
constant during the -day. Middlesex- (Suobury=4K>50G>. ...” 


ELECTRONICS 


Boarijkljuit 
to double 
its area 7 

FAR FROM suffering from the 
growth to application" of in- 
tegrated^ circuits,- especialiy- 
znicro processors, the UK. printed 
circuit board (RGB) industry is 
expanding.-' That is the view of 
Peter Breen, . director - and. 
general manager of Exacta. Cir- 
cuits. "which, claims to be the 
largest UK manufacturer of 
PCB's rised- by. other organisa- 
tions. .- >■ - . , / ■ 

. Total: size of this non-captive 
market is currently estimated at 
■ over 50m boards perLatmum In 
the UK, with the top five.volume 
manufacturers supplying about.. 
60 per cent by value.- Turpovet 
tif JSxacta in 1978 is expected .to- 
be ;£6J3m-:agatostx 01977 .„ £3.7ujt, . 
representing a growth of 59 .per 
cent in real terms. 

' To: meet expanding -demand 
-Exacta fs : planning to add: during 
WTO 38,000 sq ft to its 34,000 
' sq ft plant purpose-built in -1071: 
at Selkirk,- Scotland,: which with 
its associated factory at Gala' 
ahlels will give the. company a 
total, production area of almost 
100,000. sq ft- Cost of the ex- : 
panskra— expected to be finally 
approved bjr Exacta's parent STC 
by "the end of the motitfr-^wlll be 
£L8m... This covers buildings.' 
hew production equipment; and 
an JSM-system M coraputer f or 
on-line,, production control. A 
total expenditure-' of some £5m" 
is likely; over the next- five yea re- 
production ’ is : of quality ' clr- . 
cults for .- telecommunications. . 
(less than 6ne-thitd -of. output is.; 
for! STC: equipment;.' mainly 
TXB4! -telephone ■ exchanges), " 
computers, office, eatopmgnt. like 
copiers. . : and . military. ' and . 
avionics equipment •' The bulk 
of the. production isr. to customer 
design*. :V .. 

For these applications printed - 
circuits are becoming more com- 
plex, with a greater number of- 
pins on component packages and 
a higher density of interconnect 
tions. Europe is seen by Exacta, 
as a major growth" area. Next 
year exports, should account for 
some 25 per cent bf turnover. 
Its first PCB subsidiary abroad 
has recently been established in 
Paris, where 1979 turnover is 
forecast at over f lm. 

Exacts Circuits, \ . Shawbnm 
factory, SelkIrki-TD7..fiEJ:.Tel x 
Selkirk 21. 60L . ' - • \ 


CONTRACTS AND TENDERS 



Prequalification of contractors for the construction 
of the Guekedou - Macenta - Nzerekore - Thuo Road 


The Minister of Public Works announces his intention to 
construct a bituminous highway between Guekedou, Macenta, 
Nzerekore, Lola and Thuo on the Liberian border. The work will 
be divided into the two contracts described below. 

Contractors with suitable experience ere invited to apply for 
prequaliiicaiion documents for one or both of the complete 
contracts. Each contract will comprise the construction of 
Earthworks. Drainage, Flexible Pavements, Reinforced Concrete 
Culverts and Bridges to provide a six metre wide single carriage- 
way bituminous road. 

CONTRACT ONE 

130 Kilometres of highway between Guekedou and Seredou 
including, among others. 15 major bridges with spans of 
between ten metres and sixty metres. 

CONTRACT TWO 

1 70 Kilometres of highway between Seredou and Thuo including 
among others 8 major bridges with spans of between ten and 
sixty metres. The highway will also cross the Diani River on a 
bridge spanning 80 mBtres. 



As a builder of ^ood quality houses, you can 

1 ) build the first houses 

2) set the scene for others 

3) sell quickly 

4) ensure your own land supply 

How ? By applying to buy 12 acres of prime housing land. 

When ? Now — closing dace 31st December I 

Where 1 Luton — where the demand for good quality 
houses already exists from local residents. 

What ? Land will be offered by design competition 
to a small selected number of builders. 

The price of the land will be Fixed. 

Will 1 be selected 1 Only if you write now with 

company particulars including most recent 
report and accounts, and previous developments 
which can be inspected without notice. 

Who J All enquiries to Borough Valuer (Quoting TNW/F) 
7 Gordon Street, Luton, Beds, LU1 2QP. Ail 
information to the same address. 

Teh Luton (QS82) 31291. 


Financial assistance far these projects will be obtained from the 
Saudi Fund for Arab Economic Development. 

The Government of the Republic of Guinea has appointed Brian 
Colquhoun and Partners, of London, as Consulting Engineers for 
the design of these projects and aff interested contractors should 
apply to the following addresses for prequaiification question- 
naires, stating the contracts for which *,hey wish to be considered. 
Ministere des Travaux Publics de L'urbanisme et Habitat 
CONAKRY 

Republique de Guinea, Afriquel'Ouest 
"Guinea Road Projects", Brian Colquhoun and Partners, 
22 Upper Grosvenor Street. London W1 X 0AP. England 
Telex No : 21 1 79. Answer Code : 21 1 79 BCP LbN. 
Prequalification questionnaires must be completed in full and 
returned to the above addresses by 9 February 1979. 

All correspondence shall be bilingual in English and French. The 
Minister of Public Works reserves the right, on behalf of the 
Government of the Republic of Guinea, to refuse any prequalifi- 
catia n offer without prejudice. 


COMPANY NOTICES 


■E P0BTU6M, 

INVITATION FOB BE61STBAH0N OF VENDORS 



Canada 


Is pleased to announce the 
establishment of transfer facilities for 
the Company's common shares in 
the cily of London, England, effective 
December 18, 197E. 

The Royal Trust Company, at Royal 
Trust House, 54 Jermyn Street, 
London. SWIY 6NQ, will act as the 
Branch Transfer Agent and Williams 
& Glyn's Registrars Limited as 
Registrar. 

J. STUART SPALDING, 
Treasurer. 

Montreal, Canada. 

December U.197B. 


BOND DRAWING 


CONTRACTS 

AND 

TENDERS 

For further details 
contact : 

FRANCIS PHILLIPS 
on 01-248 8000 
Ext. 456 



VARIABLE RATE 
REDEEMABLE STOCK 1963 

For the six months from 
S;h December 1578 to 
9ch ]unc 1?79, the 
interest rate on the 
above stock will be 
12J750% per annum 

BANK OF SCOTLAND 
30 BISKOP5GATE. 
LONDON EC2P 2EH 


8% 1-B72J1 987 SUS 2 Q .000.000 

Bondi far tlM amount of 
5 US 700,000 hne boon draws on 
Nomnber 27. 1978 In tin prucaa 
of a Notary public tar rod amp Mon on 
February ». 1B79- 

n>a loIlowM Bondi Wfl be rdnt- 
burud couacn din February 1. 1 9S0 
and I ol lowing attached: 

7981 to BOZO Incl. B024 to SIM Incl. 


0140 toB190 incl. SZ72 to S285 incl. 
8X14 to S22Z Incl. 8329 to B33S Incl. 
8339 to BS3B Incl. 8439 to 8719 Ind. 
8736 to 8874 md. 

Amount purchased on the markati 
SUS 950.000. 

Amount unamorUzed: 

SUS 13.400.000- 
OiitsttiuHitfl drawn Beads: 

46QZ 

•.*3603 and T0610 
10871 to 1DB7B Incl. 

12086 to 12039 livJ. 

, 112136 to 12142 IncL 

> 5591 to S5S8 mcl. 

1 0825 » 10B28 Incl. 

17045 to 12049 Ind. 

12092 to 13102 incl. 
j 12145 to 12150 Incl. _____ 

THE TRUSTEE 
1 FINIMTRU5T S.A. 

Luxembourg. 

Dacctnbar 11. 1078. 


UNILEVER N.V. 

7?i AND B a .a PREFERENCE 
SUS- SHARES ISSUED BY N.V. 

NEDEHLAND5CH ADMINISTRATlE-' 
EN TRUSTKAMTOOR 
Second half v car tv dividend* for 
197B Of 33"» IFf. 0.421 Serial No. 95 
and 3 ‘q (FI 0-33) Serial No. 76 
respectively will bo paid on and alter 
2nd January. 1979. To obtain tbcw 
dividends certificates mutt be luted 
on listln? lorim obtainable Irom one 
of the lollowing banks. The listing 
form Includes an undertaking to 
mark the certificate* which need not 
be tactaad with the form. 

Midland Bank Limited. New issue 
Deoartmont. Mariner House. Pens 
Street. London EC3M 4 DA. 

Northern Bank Limited. 2 Waring 
Street. Belfast BT1 2 EE. 

Allied Irish Banks Limited. Securities 
Department. 5f4. Foster Rlpcp. 
Dublin 2. 

Clydesdale _ Bank Limited. 30. St 
Vincent Place. Glasgow, 
from which bank* fuller details of 
the dividend* may be obtained on and 
alter 29th December. 1978. 

EXCHANGES of Nedamtrust Certifi- 
cates or Original Shares where 
applicable for Certificates of sub-sha*** 
and vice versa will bo SUSPENDED 
from istb December. 1978, to zstb 
December. 1978. „bptn. dates tneftrsPn- 
Ctrtlhate will only be accepted 
tar exchange after 2Bth December pro- 
vided chat all dividends declared prior 
to that date have been claimed. 

N.V. NEDERLAN CJSCH 
ADMINISTRATE- EN 
nusnCANTOOR 
London Transfer Office, 

Unilever House. 

Black friars. 

London EC4P 40Q- 

7®i PREFERENCE DUTCH 
CERTIFICATES OF F|_J 000 
AND FL.10D 

The dividend will b>* paid on. or 
after 2nd January, 1979, against 
surrender of Coupon No. 95. CouPOM 
may be encashed through Midland 

Bank Limited at the above addraes 
or tfiroi'Sh one of the P.ivino ngenb 
In the Netherlands. Couuons encashed 
through Midland Sank Limited ftaOW 
which taller details of the dividend 
may he obtained! must be listed 
a special form obtainable from the 
Bank •ifiltfi contains a declaration that 
the certificates lb which the coupons 
relate do no: Helena to a resident 
or the Nether lands - 
8tn December, 1S7S. 


1.0— QUnnGAL quimica de Portugal, ej- a recently 
established state owned chemical and fertiliser company 
resulting from the merger of three Government owned 
companies: COMPANHIA UNIAO F ABRIL SARI* 
(C.UJ’.), AMQNIACO PORTUGUES SAR.L. (AMP OR) 
and NITRATOS DE PORTUGAL S.ARL. (N.P.), is 
planning to build on a site located at LAVRADIO, on 
the southern bank of River Tagus and s ome 15 kilo- 
metres from Lisbon, Portugal, a new 900 MTPD Partial 
Oxidation Ammonia Plant. Revamping of the existing 
Urea Plant and all other necessary offices and facilities 
integrated tin the existing ones. 

Construction of all these items will be co-ordinated by 
QUIMIGAL's Project Team. 

2.0 — QUIM3GAL has applied for a loan from the Inter- 
national Bank for Reconstruction and Development 
(I.B.R.D.) and European Investment Bank (E.I.B.), in 
various currencies, to meet part of the foreign exchange 
needs of the whole of the project and intends to apply 
tbe proceeds of these loans to eligible payments under 
tbe contracts for which this notice is issued. Bidding 
and procurement for equipment and materials for this 
project will be under World Bank and European Invest- 
ment Bank guidelines. Payment by LBJtJ). and EiB. 
will be made only at tbe request of QUIMIGAL in 
accordance with terms and conditions of the loan 
agreements. 

Purchases will be made from the member countries of 
IJBJi.D., E.IJ3. and Switzerland. 

3.0 — Interested vendors should submit in English, a list of 
categories of items/sub-items they can supply plus 
technical catalogues and other supporting information 
giving: 

—General performance details 
— Anticipated delivery times 

—Schedules for furnishing technical data and 
certified drawings after receipt of orders 
— List of customers using and operating the equip- 
ment for the past 2-3 years 
— Number of weeks required to prepare a proposal 
— List of items usually sub-contracted 
— Availability of after-sales service and spares in 
Portugal 

— Description of capacity and range of manufacturing 
facilities 

— Work load as percentage of total capacity for 1979 
to 1981 on a quarterly basis 
— Latest annual financial reports 
— Warranties. 

4.0 — Vendors interested in bidding should AIR MAIL 
applications for ** Registration ” in quadruplicate within 
three weeks after tbe publication of this advertisement 
giving the information listed in paragraph 3.9 to: 

QUIMI GAL— QUIMICA DE PORTUGAL, EJ». 
Direcgao de Novas Instalagoes 
PROJECTO AZOTADOS — AMMONIA PLANT 
Servigo de Compras 
R. das Amoreiras. 80-1° 

LISBOA L PORTUGAL 
Telex: 12525 AMPORT-P 

QUIMIGAL intends to supply one copy of tbe applica- • 
tion to the Engineering Contractors for the Ammonia 
Plant and Urea Plant revamping to be designated by 
QUIMIGAL, and other copies for review by tts own 
project team. 

5.0— -QUIMIGAL reserves the right (a) to verify all state- 
ments, (b) inspect vendors facilities to confirm the 
vendor’s capability to perform tbe work, (c) to reject 
any prospective vendor/vendors without assigning any 
reasons therefor. 

When invitations to Wd are sent to registered bidders, 
QUIMIGAL may state limitations under which some or 
all bidders, can present their bids or ask for additional 
information related to the required specific types of 
equipment. No further correspondence nhall be 
entertained for non-selection of a vendor. 

6.0 — Principal factors that will be considered in evaluating 
bids from registered vendors will include price, quality, 
operation, maintenance and installation cost, freight, 
delivery time, performance guarantees, inspection and 
expediting expenses, supervision during erection and - 
assistance during operation, payment terms, vendor 
specific experience, etc., as specified when requesting 
for bids. 

7.0 — Vendors who have not supplied equipment of similar 
magnitude and duty for ammonia or similar plants 
need not apply. 

8 .0— Vendors are requested to indicate the items, sub-iteni(s) . 
from the following categories for which they would 
like to receive an Invitation to Bid: 


1.: -Ammonia' converter. . . , 

Z Pressure vessels, columns and .scrubbers in carbon/ 

. stainless/alloy /clad steel for low, medium and high 
. pressures, and terapeiatures. '• * 

3_ , Column internals in carbon and alloy steeL 

4. Tanks' and separators for medium- and high pressure. 

, in carbon and stainless steel. and special design. 

5. Heat exchangers including waste beat - boilers, 
economisers, - etc., for- "operating -at -different 
pressures-^shell and tube, ^u-tube, wound tube; fin 
tube, plate type in CJS, S^, low aUoy, clad steel _ 
and aluminium. 

6. Turbbcomp'ressor for air (8 kg/cm*), r turbo- 
compressor . for nitrogen (50 v or 8fr kg/cm 3 ). 
centri fugal or redprocattog oxygen compressor 
(65 or 95 Rg/cm 3 ), ammonia refrigeration coin- 
pressor, . synthesis - gas -turbo-compressor. {240 • 
kg/cm 3 ) ; and reciprocating (XL compressor 

• (205 kg/cm*). : 

7. Steam turbines, including gears (condensing and/or 
hack pressure type) for an output up.to lft HW_ 

8. Fans and blowers: Induced/forced draught fans 
for, heavy fuel oil-fired faro aces, exhaust fans: air 

; .blowere. ~ 

9. .Centrifugal pumps (CK, ClL, S.O, alloy steel) 7 
for cooling water 0.0,000 m K /h), demineralised 
water, boiler feed water, condensate,- chemicals* 
process and non-process use. 

). High pressure reciprocating pumps for heavy fuel 
oil and carbamate. 

1. Special pumps for cryogenic Services. ' 

2. Speoal equipment for oxygen and liquid nitrogen 

wash plants. - ; 

L De-aerators. 

L Heavy fuel oil and fuel gas fired steam superheater 
tor 110 ala. steam up to 130 t/h.^ . . 

5. Heavy fuel fired steam generators for produtine 
110 ata. steam up to 50 t/h. - 
*■ fittin gs, valves and accessories for low, 

medium and high pressure and temperatures in 
carbon and alloy steel. Expansion joints. 

T. Refractories, lining and castable materials for 
vessels, furnaces and flue ducts. 

5. Thermal -insulation atfd lining materials for high 
and low temperature duty. 

Structural steel materials. 

). General filters, air filter®, demisters, strainers, 
se parato rs and silencers. . 

.. Instrumentation and control!'. ... ... 

Electronic and. pneumatic -in strum eats including 
controllers, transmitter relays, panel instruments, 
display systems, automatic analysers, pilot -solenoid 
valves, etc. Pneumatic and motor operated control 
valves, safety valves and relief valves. 

- Non-liibncated compressors for plant and ' 
instruments air. 1 ■ \ 

L ‘"JrtPnHpt- SO KV/IO KV/3 KV/SSO V. 

2SS5!2f*^. «««? including rectifiers^ 

sa / ety “**' explosion proof 
design, HT cables of various si 2 es, Jichtine 

materials and fittings, etc. . 

' Ponnal type and explosion. 

I^to ™>*n* including three from 

' SjCVA d ^ 0Sel 8enerator ^ 'rating up to 

^ Including demineralised 

; vrattt and waste water treatment 
Couaug cowers up to 10^)00 m*/h- - “ ' 

'• absorbers and other equipment tor 

absorption refrigeration system. . ' 

i.SSta S” 13 storage ^ISJOO MT) with 

' l°“oe»tisere, peletiser and other 

t^J^SL^i, 081 * 011 system- 

' discontinuous 

J^^ng and other equipment for. saBd .sulphur " 

. Catalysts. ' !• ' T'. 

. Flare system. " 

■' Equipment material and instrunients for laboratory. 1 ' 
, Loading arms for petrochemical products, ... 

. Special devices for safety and fire fighting purposes. ; 

• Constanction and maizrteDance eiaipm^it induShiK ' 
Mobile-type cranes. . - 

■ : °toer «iuipment: mec* ahical;«^isi gl an6 
drive conpUngs, instrument ? ^r ; dri er'. 

.protections •fOK'.xtodergmnti.iiSpcv'iStc. 


















! rd & 

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;ft * -^Rbq&' Bfcday December 11 1978 


THE EXECUTIVE’S and OFFICE WORLD 



EDITED BY CHRISTOPHER LORENZ 


H Owen examines IBH, the fast-growing construction 
ft ft: ; equipment group built up by a ‘company doctor’ 


German earthmover digs its 
^ foundations in Europe if 


- ownet>jn&naget P ~< wl» 6 ft ft Geoffrey Owen exam 

his company: only three years .: -. v ftftft-ftft- 

ago f hoH hhs^wn iiLan industry: . ft, 0TO1] 

dominated ■by:iarg6;Am«xicaii ; : V4 vu E UAW i | ' & iUU 

conxyration^f-^1/ saspar^fttoj ■ .- ■ - • -.V ‘ . * ■ 

. spend miB&nscf dollars to: ex- ■ -;-" v . 

paint their maricet shared" • m A yiYI W%- /\ 4 

Horst-Pieier Esd^- president - " VTFt lilfl 1 I • %Jd 

of IBH, a.iast-growing group of ■■ ™ 

construction 1 ■ : equipment ' com- ;; - ?•’ ; ■ 

ponies, thinks . be «an- He be- - - '■ ? ft >ftf. ft; if* ■»' . 

lleves it wiii : be % disaster 'for . ft ft. r, ^ w 

Europe if American. domination I 9 || | ■ 

in' this sectorises any further. - ‘ % 

Wot only will European govern- - - - - - ft ■>- :?.■.*■* W f r : 

meets Ipsecontrol over the shP-.qf the North’- American con- Jgwwr juag 
jriy of pnbita yroiks equipment* ^njpment business iiirtifflP * 

but the Americans, Esch , swg- -before leturning to Gennany.) jrareaa&g^-:-- ■ ' 
gestv ’usually make a jness <f£ -/ j n ^^-1075 he left Blackwood ; 

the European companies Artdcfc Hodge and started IBH Holding 
they do take over/- ; . : A{ ~: ± capital rf i>M2m. it ' 

Although hfe-wdurd; not put it ^ prtvateJy held aod Esch is 
quite so, grandly; his company, the majority shareholder; iis — Bp f: jk 
offers a European' solutioato headquarters is in Mainz. He ffiMBKlflilm 
the pro blems of'Europeatn con* -then negotiated with a banking 
strut lion Equipment makers - group and the state government 
Other European entrepren- of Hheinland-Rfalz to take over 
eiirs have 1 built-up sizeable busi- Zeftelmcyer, an old-established 
nessesin this field, like Joseph family company which was a 
Bamford in- Britain, Hans Lieb- fading producer of small front- 
herr ih‘ Germany and: Pierre end loaders: it ahso made com- 
BataiUe of. Pociain in France. pact j oa equipment jtwas losing l> \ 

But these three companies (the m0 ney. but was strong in pro- K.*- V- 
last of which has moved into ^ technical terms'; it bad i : v; 

the American, orbit 'being effec- recently introduced a range of 
lively controlled by rTenneco- hydrostatic wheel -loaders 

Case):- started: fay designing and which Esch thought had “ tre- j- .V= :Mv 

manufacturing their own mach- mendous potentiaL” i 

iiiesj- then they extended the - .. ■ ' ^ m nT ith- J ¥t i IM 

range mainly by internal de- Ia . ^ ^ 

velopment : . acquired two more ^rman 

Eroh has followed the' qdite ^ompanjes. ,Ose ^ was Hamm, 
different. policy pf. buying ^om: crucUI dec 


-'37*ajr'-- 




ms&zzi 

■ tvt-y, s» 







wmM 


■£&'& ' ■ r. ■ 


customer, “ you’ve got to use EXECUTIVE HEALTH 
the resources which exist there 

and show that you're snaking a _ _ ...... 

c«itribiitlon to the ‘ocal econ- JJQW DOt tO Cat a 

3 — Don’t try to run every- 

thing from the centre. In France • ■■ -u 

ft. business lunch 

as in Germany, will have a man- '■ ^ ■- 

agement services staff of 10-20, ’!’**'• BY DR- DAVID CARRICK 

while the operating companies 

remain responsible for design- RECENTLY I was taken to The giant meal had not been 
ins. nreVino and selling IJreir lunch at a restaurant which is conducted in silence. Various 
- — ,!««« w J!!Lii,Ak becoming increasingly popular noises were emitted including 

8 products ' 1101 precIucie partly because it is attracting conversation. Not a word- was 

■ rationalisation between fao- ^j e famous and infamous and “spoken on politics but each 

one _ of the Zett-dmeyer par tjy because of the generosity glutton expatiated ( between 
: loaders is being made by Der- Qf por tions of food. I gulps) on his bodily functions. 

« ruppe, thus freemg capacity in }j e ]jeve the fare is also excellent. One explained how careful he 
Germany. j have little recollection had to be with his diet: “ Dicky 

4 — Don't take on the giants at because I was engrossed in the heart, you see.” he grunted, 

their own game. Each would behaviour of a couple who sat “Doc says I’ve got to take 
not contemplate, for instance, nearby. things easily. Touch of the old 

competing against Caterpillar, My journalist companion had diabetes too, but these modern 
Komatsu and Fiat-ARis in warned me, with delicious zeal, pills are marvellous. Should 
crawler tractors, and be has that they represented “ copy ” take more exercise but I’ve done 
tended to look for specialised because one was a “captain of ray back in — old war injury — 

■ sectors of the business. As he industry ” while the other was a and 1'ra getting a bit short of 
• gets bigger, the extent of over- prominent trades union man. breath.” 

• - lap with the giants is bound to They were, so I was led to T'/vrlJlA L nn i r 
increase. But before plunging believe, fierce opponents in A Ouuit udCK 
pvj into, say, conventional hydraulic public and my companion looked The other, munebing away 


giants is bound to They were, so I was led to T/\rUlA L„«I, 
it before plunging believe, fierce opponents in A Outfit: DdCh 

iventional hydraulic public and my companion looked The other, munching away 
he would want to forward to a pyrotechnical dis- ste adily. nodded until his com- 


Horst-Dieter Esch and one of his new machines, the ZD 3000 dozer 


acquire a European company play of opposite views. 

SLSv' SBBSJS ff^ ^y- witb a 5tr ong product and mar- in this he was disappointed launched forth about his own 

ket P° sltl0n - and became quite grumpy. My m-health. “Troubles me chest. 

*• '**&*.&& j§^aa The obvious risk is that Esch interests were different, silicosis I dare say. All right 

ft mm . " will be tempted to take on some- Opponents the wo might be. but ,f j use t hj s inhaler! But cough! 

machines, the ZD 3000 dozer thing too big or that one of the there was one striking similarity r am always at it! 3fy back's 

acquired companies will go sour, between them: both had a bad too: ‘from the mines, I 
construction ment business: Massey-Ferguson He himself claims not to be marked degree of rolling fat. should not wonder: sometimes 
is in a deep has tried unsuccessfully to sell going too fast It is quite Having finished their pre- I get quite stuck. And my poor 

i expects to its subsidiaries in this field. But f ^ asible » be thinks, to get the prandial whiskies, they laid into old hips! Dear oh dear! Terrible 


panion's mouth was full, then 


A crucial decision, though it 


French 


UUUM.CJUI. UJL. UUJM»o waur nnnmjntift.. fumlnmcht. aniin a A :ul iifum muauui.uuu lusm nc miuaru uui iv yv ucsircui mums snould not wonder: sorpeumes 

panies (most of them in finan- its field and ° d not a ®f ear ao at t* e tJ me - equipment industry is in a deep has tried unsuccessfully to sell going too fast It is quite Having finished their pre- I get quite stuck. And mv poor 

cial difficulty! with, ah estab- r Zelt was to allow Zettelmeyer to reC ession, but Esch expects to its subsidiaries in this field. But feasible, he thinks, to get the prandial whiskies, they laid into old hips! Dear oh dear! Terrible 

lished: product He has already t “T h ^p I)nomat “® pete f ? r a new German . . romnanies into Esch intends to be selective- he three p rench companies into plates of thick mushroom soup they have been lately. Missed 

■irssijsrisvass: sssJm sstEr&i • %£ SUM? ssrsr c sjnss he p,us » ^ »» •***-, «***»* <»« > ■<« 

m Germany and France— <he t .miiRre mmt-'nlates widelv spee °. , y"® el , aozer - Ttus /. . inof , . . , reouire enormous exuenditure W1 ‘* be ready for more. came massive portions of steak for it bv refusing chips with 

.latest .was announced last week f building and repair S 0 3000 l was J? akin ® P 5 ofi !* . n f 98 ® - when ^facilities and modeTdevelop- Lika Heinz Nixdorf. the and kidney pudding, rich in my fish;' I just have two fish 

—and be has his. eyes .on /the wor - mir in ' financial de ^ lgned f rom * round up - demand should be picking up. ment ^ (The new {actory he P s German computer maker who gravy, and accompanied by instead: quite a sacrifice.” 

UK Next year IBH ^pects^to trouble but ^be ; owner had li„ pe ? ps because other The products of the acquired about to start at Zettelmeyer is recently had abortive merger several vegetables. But no They commiserated sadly with 
do a turnover of DSf 400m fni]p n jn and wished to sell c “i?| I H es . were offering companies, together with the being financed entirely from the ta,ks Volkswagen, he is potatoes: oh dear no* Apparently eaC h other before parting, the 

WOtoO-wmSJOO. employees. S* a German-made machines, repre- ^eofsurplus IanT)A n ydeals determined ,o keep personal con- both diners were slimming, and one to toddle back to his Health 

• in a i ng do “ rs * won valuable con- nackaee which shuuld he may make in the UK are trol of his company ; he does not they smiled smugly at each Farm and the other to a cora- 

Roafaflla tra ? ts _ fro ? both . ^ Gennaa nniikelv in Henart from hi« think this will impose any finan- other in their virtuous refusal fortable convalescent home. 


nr^Srimnent in a * 8 * °f 3 ”* T°Vu v “ uab i r e con * sent a nackage which Shuuld he may make in the UK are tro1 of his ^moany ; he does not they smiled smugly at each Farm and the other to a cora- 
i! B 5.p tra 5 t, -?f 0D f both ^ Germaa t . P „ h ® rt . alpr _ . .. unlikely to depart from his think this will impose any finan- other in their virtuous refusal fortable convalescent home. 

*^1™**™* T w r ,y "hei°stS £r0m Cial ronst^nts on growth..^ If «f ft»ch starchy food.” Each having me to wonder at the 


strategy are: arrange for a bank to subscribe down with a bottle of heavy- red Between their combined 40 

1— Go for companies which additionai e< l uit y capital, while wine. odd st0 ne. they had consumed 

are technically adored and retaining the option to buy back Pudding ? Both said they r0 ughly 6,000 calories during 
sisirt have a lar-e orrfenS^doi^S ^ shares at a later date - Shouldn’t really, but . . . One their - slimming " session. Small 
K in int chr,™ nf ft ft,VfcX+ the Esch argues that construction had stewed figs and cream and wonder, therefore, that they 

ievit- niMiimc in u/hir-h thaw onmneta equipment is a very personal the other had a small load of suffered * rom m an y of the dis- 

ss to business. Customers like to gateaux and cream. Cheese was orde rs associated with or exace r- 

ffers 5L2r^SE2S^ 4 2!?S know Who the owner is; that is partaken of with gust. »d the bated by obesity'. Five or 6 


. broad line of equipment m a tracts from both the German senr a P^age wnicn snuum ™ ™ ^ 

A$c£ll«DAv sector of the market winch had and French armies attract capable dealers wholly unlikely to depart from hts 

Five years a E c Esdi was run- now has ordar, o, largely committed «u IBH. ““ w “ h ‘ d 

ning the ebotSaratal operations imSJn enirin^ff ud fi Wor 5 DM 200m ior this The main elements in this 

ofBlackwood Hodge, the UK- “f mac hiiie. giving additional r , , strategy are: 

based distributor^ of , earth- ^^Preiects were ^extre ely stability to the business, tt also Fragmented i_g 0 fnr companies which 

moving equipment. The German SC ™' , provides a useful demonstration ® are teehnicailv adSSced and 

industry was ih the throes of ' • B “ t the complies were of Zettelmeyer's technical Esch had intended to start S e a lar^e prefer^ doirtn- 

tbe worst depressiim since the posing money ^;^we didn t competence. looking seriously at the UK in ^ s ! a “°of 3,e £^ Tthe 

war. ^Companies which foryears ISn/to nS- Si * . 19 ftl ** G : e ft about a year’s time, but merit- piquets in which they Compete. 


tabushed strategy. c,ai vuusuajius on giuwui. ju m auvn Bwrcijy iuuu. j2jch.ii leaving me to wonaer ai me 

necessary IBH could possibly then had a second roll with absurdity of their hypocrisy and 
The main elements in this follow NLvdorfs example and butter. This lot was washed self-deception. 


arrange for a bank to subscribe down with a bottle of heavy- red 


M =i-=pa5. =-jfa 


. they could make suddenly «S«ies on the m* He i laid money and Esch was ready fer “ o* 

found their weaknesses exposed, off over 200 people:^, tile three further expansion, especially 

Most of them, Ksch says,.? 4 had companies, bnngitfg^the num- outside Germany. Duomat and The British-owned construe- 


.j K#l | f Miun wuu tut utriici id, iual v ’*- Udica u\ uucsiy . live m w 

the P marke t r smdi°toid«s an advanta § e wbich owner- meal ended with large brandies stone 0 ff each would have 


Most of them, Ksch says,.? 4 had^ companies, bringi^rthe num- outside Germany. Duomat and The British-owned construe- H!® ™ ;L.„ .IrSkSTiIS manager, with his personal com- and coffee. . removed or alleviated most of 

gone two product sizes too far; h® 1,8 down ^nsrotm 800. He to a lesser extent Zettelmeyer tion equipment industry is as . * ftj mitment to the industry has over At this point I nearly dis- these complaints. But they 

they had built successful small stopped manufacture- of co mpac - were exporting to France, but a fragmented as in France and 1 the faceless American cor- graced myself by laughing be- enjoyed their food and I only 

and . medium-sized machines, tion equipment at /Zett etmeyer | 0ca j manufacturing base was Germany. It Includes some y ear - poration which may derive only cause, as the cream-laden coffee wish they had not protested 

then decided that Caterpillar. ^ replaced Jpost qr^he semor needed if IBH was to make a subsidiaries of much larger 2— Don’t try to supply the a small part of its total revenue was set before them, each of what they would not practise, 
was beataHe.* 1 . ' - " . management 1 He Reorganised major impact on the market. engineering groups (like Ave- whole of Europe from one manu- from construction equipment these stout opponents moved in For the rest of you who are 

But the- recession was. hot ^ be dea * er network aM discern- During 1978 he has made ling Barford in BL and Hymac facturin? source. It is essential With 30 years to go before astonishing unison to produce really trying to lose weight 


really Strong product Ime and wood Hodge was a ^dlp,’’ he small loaders and compaction Bamford. 

inject inahagement: and finan-’. s^s- “You either, hav^ to. be- equipment Then came Maco Quite apart from potential 

cial resources into them, he exclusively a dealer , hr exduXMeudoh, a manufacturer of air se u ers j n the UK and on the 

shoohn>e able 'to create a viable sively a. .manufaetttfer” . He Compressors, and within the last Continent it is always possible 

group of his own. "(He had built up^ a regional weeks Manubat-Pingon. 

studied international manage- dealers in .Germny; most of miking specialised hydraulic 11,41 one of or T 

ment : at the Uruver^ty : of them now get a^least half their exravators for mining and tun- companies will get disenchanted 


tages , of clceenoss 


the scene. 


into the fluid. 


only for the holiday. 


California and had experience business from 


nj&BH 


companies, netirog applications. 


with the construction equip- 


CMiookls big performance 
earns the biggest commercial 
helicopter order in history! 


Quarar Boded Sept 30 


I'line Months Ended Sqj£ 30 
1978 1977 


— » 


{Infiri n ! g|1 ^exo^p^&^aiKwmts) . • . . • • 1978 1977 1978 1977 

SefanKS^.,,, $331,479 $301,035 $938,021 SM7^55 

Operffli^ iaconiebHtKe hrcotne taxes and minority interests.... $ 37,585 $ 28,935 $99^07 $71^37 

ProriskmforinaOTetaxes^- (9,405) (11,908) (28,590) (26^255) 

JVlinQiSyinteiESts ^ ~ (2,606) (2351) (7^55) (7341) 

Opoating income,.....-.. 3^574 14,476 64,762 38^41 

NetzeaE^^ampninsi83mc«m 117 933 2^223 3,742 

Ibcome before extraordinary income (loss) 25,691 15,409 66,985 42,083 

Kxhn nfcfinaTy ipgiaffi bss) r — — rr- ~ (328) 7,720 2^48 ^3,164 

$ 25-363 S 23.129 3 69^33 S 65.347 

Per-Share Information: 

Op£E3tio§iDcotDc.ii>i.,»->-H>«MM.».».MtMitMMMiHMi $A85 $1.65 $5^9 $4oI 

Net realized, gain on insrirancc invesunenB .01 .12 -22 A9 

Income befoj^e extraordinary income (loss) >>.' _ 1.86 1.77 6.11 4.80 

Exhmicdimry income Qoss) ............ L... (-02) 

J fetinco oie $1^4 $2.77 $6-39 S7.S > 

ItflBy dfihHEdiet inccanef 7 • $1.73 $1.64 S5.06 S4.58 

Averaae nnmber of aramcraandcwnmoii equivalent shares • ^ 

cutstanding (in thousands) .12,909 7,696 10,112 7,639 

♦Fully dflmed ne t income per share is based on the assumption that the common shares issuable upon the exercise of all stock jnrebase 
■warrants and stock options and the conversion of all convertib le sec oriries were outsianding since July 1 for each of the quarters and since 
January I for each of ibe nine-month periods and remained outstanding for the entire periods. 

, Thr hrigb nf A 7 milling commcKi shares, including 3,7 mdlion purchased in October; I97S, Reliance Group has reduced the 

y nttnlw rf ftwrm n and pimmnn i*qpf ralenr shar es ontstandu^ fam-DJ million on Tunc 30. 1978 to appruxanately 9 million at present. 


British Airways The new Chinooks will 

Helicopters has placed the carry passengers and cargo to 

first order for Boeing oil fields in the North Sea. 

Chinooks. It’s worth $33 Building on the experience of 


.. ^574 

14,476 

64,762 

38341 

» . 117 

933 

2223 

3,742 

25,691 

15,409 

66,985 

42,083 

(328) 

7,720 

2348 

23l,164 

$ 25^63 

5 23,129 

$ 69,833 

$ 65247 

ft $L85 

$1.65 

$539 

$L3I 

. .01 

.12 

•22 

.49 

1J86 

1.77 

6.11 

4.80 

- jm 

LOO 

J28 

3-03 

. : $1R4 

$2.77 

$639 

S7.83 

.'7 $1.73 

$1.64 

S5.06 

54.58 


— 



. 12,909 

7,696 

10,112 

7,639 


Chinooks. It’s worth $33 
million, and it’s the largest 
commercial order ever for 
helicopters. 

m 




15 million military flight 
hours, the Commercial 
Chinook incorporates the 
latest technology for advanced 
performance, comfort and 
reliability. 

With twice the range 
and three times the payload of 
the largest helicopter currently 
used in offshore oil operations, 
the Chinook moves 44 passen- 




gers or 14 tons of cargo swiftly 
and surely. Its 600-mile range 
and 140-knot cruising speed 
bring even the most distant 
North Sea platforms within 
easy reach at a substantial 
saving in the cost of offshore 
transportation. . 

The Chinook’s 
outstanding versatility and 
capability can also be put to 
work on demandingoperations 
like logging, construction 
and remote resource develop- 
ment When there’s a big job 
to do, the big advantages 
are with the Chinook. 


INSURANCE . .. 
Revenues: - 

XHvisional Pretax 
Operating Income: 


$794*261*000 

$85^18,000 


LEASING 

Revenues: • . 

Diriaonal Pretax- - 
Opecaios Income 


$108s923,000 
$ 27,051,000 


managementshrvices 
Revenues: . ft $ 28,405,000 

Brvisksial Pretax 

Operaixoglnctxne: $ 1,624,000 


X t r operty and Casualty Operations, IXS. 

Reliance Insurance Company; Phi&delphia 
General Casualty Company of Wisconsin, Madisott. 

Uinfied. Pacific Insurance Company; Tkx>ma 
Property and Casualty Operations, International 
P2ot Insurance Company Toronto 

life and Health Operations, U^L 

Reliance Standard Life Insurance Company Philadelphia 

United Pacific Life Insurance Company Tacoma 

Tide Operations, U.S. 

Commonwealth Land Tide Insurance Company Philadelphia 

Contame r Leasing Operations, Woridtride 
C^--Coniaiiier 'Irazi^^IinerM Inc, New Yodc ■ 

Omipater Leasing Operations, U5. 

Capital Equipment Corporation, Newlhric 

Compu te r Leasiig Operations, International 
LeascoEuropa Ltd, New York 

Consulting Operations, 

Werner Asodates, Inc* New Yoifc 
Yanbtiovid], Skeliy and White, Inc., Newl&ik 

Gfmsu&zng gnd Software Operations^ International 

Inbocon Limited, London 

'Rid. & En ergy Consulonis Limiied, London 

Leasco Software Limiied, Maidenhead 

Moody Inrematkmal, Inc, London 

Werner rrrrpTnannq ^i 3 Bmjsds 






m 









m 




vm 

.m 



i 



Financial Times Monday December 111978 


LOMBARD 


THE WEEK IN THE COURTS 


TENNIS BY JOHN BARRETT 


Governments can «A civilised 


learn, too 


BY JUSTltttAN 


The great 


BY COLIN JONES 


IT MAY SEEM curmudgeonly 
to raise doubts about the pro- 
gramme the Prime Minister 
launched last week to push 
Britain towards the micro-elec- 
tronics age. For there is much 
that can he commended in what 
has so far been decided. 

The study produced by the 
Central. Policy Staff should help 
to remove much of the hysteria 
with which the subject has been 
discussed. The arrival of micro- 
electronics is likely to be intrin- 
sically no different from any 
other technological change 
which society has experienced, 
since the beginnings of tbe indus- 
trial revolution. The oature of 
the changes will differ in form 
and possibly also in scope hut. 
provided we show ourselves to 
he as adaptable as in the past, 
they should be no more difficult 
to absorb. 

At the same time, the Govern- 
ment showed last week that it 
recognises that there are areas 
in which it needs to act because 
they are the areas where gov- 
ernment itself has the primary 
responsibility. It is all very 
well having a continuing pro- 
gramme of publicity to en- 
courage people on both sides of 
industry — in sectors which may 
he potential users as well as is 
those that are potential sup* 
pliers — to think more actively 
about tbe implications. 


i Uncommon 


The message is likely to go 
'down much more readily if toe 
Government is able to demon- 
strate that it is itself preparing 
for the challenge in its role as 
a potential purchaser — and a 
purchaser on a substantial 
scale at that— that it is ensur- 
ing that more resources are 
going into meeting the already 
acute shortages of trained com- 
puter programmers, skilled elec- 
tronics engineers, and a host of 
other specialist skills, and that 
the implications have been 
understood and appropriate re- 
sponses are being prepared 
further back still in the schools 
and universities and teacher 
training colleges. 

These initiatives have yet to 
he carried through, of course: 
and it would have been nice if the 
Government had said something 
more specifically about the need 
to accept rather than resist, 
change in industry. 

The doubts arise when one 
comes to those parts of the pro- 
gramme which involve the chan- 
nelling Otf public funds to private 
companies. The present Govern- 
ment has shown itself uncom- 
monly ready to give taxpayers* 
money to industry. It may be 


that the £100m It is committing 
initially and up to perhaps £400m 
eventually, plus the further 
substantial sums it has been 
committing to the National Enter- 
prise Board’s micro-electronics 
ventures, are going to a more 
worthy cause than the sums , 
which have been poured into] 
job preservation .measures — ! 
where their effect has often been 1 
to delay the inevitable and 
sometimes to make the impact; 
of change, when - it eventually | 
comes, even more unpalatable 
and thus something which it is 
even more necessary to resist. 

It may be that there is a proper 
role for -public funds as a cata- 
lyst to seed new research and 
tbe development of new products 
or even perhaps as venture capi- 
tal for high-risk technology pro- 
jects undertaken by smaller 
firms. There may he something 
to be said. too. for using public 
funds to attract foot-loose multi- 
national investment — in the 
absence nf any international 
agreement to limit thfc 
competition. 

But all the evidence shows 
there is no shortage of funds to 
finance large-scale or high risk 
projects when the potential mar- 
ket is sufficiently promising to 
justify tbe costs and the risks 
There has been do lack of finance 
for North Sea projects or For 
new chemical or pharmaceutical 
processes. If was not the offer 
of public funds that motivated 
GEC’s move back into micro- 
electronics, having maintained 
over the years an in-house 
research capability so as to be 
able to keep abreast of external 
developments until there 
appeared to he an opportunity 
for more active involvement. 


TRIAL BY newspaper— the prac- 
tice of mass media, communica- 
tors raking over the details of a 
forthcoming criminal trial and 
containing long, interviews with 
many of the prospective wit- 
nesses-— has been an evil from 


which this country has largely 
been spared. Surveying the 
acres of newspaper columns of 
even a truncated press reporting 
the proceedings emanating from 
Minehead Magistrates' Court 
these last three’ weeks, one is 
tempted, however, to wonder 
whether we are in the process of 
acquiring a thoroughly had trans- 
atlantic and Continental habit. - 

The truth of the matter is quite 
the reverse; indeed, what is 
happening in that small Somerset 
town is only likely to prompt our 
legislators to fill a gap in our 
civilised approach to the conduct 
of. and the publicity given to 
criminal cases before they come 
to trial. 

Our law of contempt has long 
sought to' provide a safeguard to 
protect persons an trial against 
undue prejudice from tbe press 
or other media. While there has 
been some doubt about precisely 
when the curtain on reporting 
about criminal cases falls, restric- 
tions apply thoughout tbe period 
that cri min al proceedings are in 
progress. 


Uncertain 


Soft option 


The danger is that public 
fun<fs will attract second-best 
projects or will be used as a 
soft option (one can hardly 
blame businessmen for arranging 
their bids so as to take advantage 
of cheap money when it is 
offered) or that the use of 
Ministerial discretion will 
discriminate unfairly-— albeit un- 
wittingly — between rival firms. 

This Government is not the 
first to put public funds into 
industry, though it is doing it on 
a greatly expanded scale. One 
would have much more confi- 
dence if these moneys were 
being sensibly used if as much 
effort were being put into the 
systematic study of past 
experience as there is into find-! 
ing new projects to back. One 
can always ieam from the mis- 
takes one has made in the past 
Governments, like everyone else., 
presumably have a .learning 
curve. . - • 


1 . For this pnrpose. when do 
criminal proceedings start? Tbe 
law about this has been un- 
certain. but the Phillimore 
Committee in 1974 recommended 
that they should be deemed to 
start when the suspect is charged. 
There is a strong body of opinion 
that contends, however, that we 
should not be frightened by the 
howls of press freedom, of draw- 
ing back to the time of arrest as 
the beginning of proceedings, 
after which only what is said 
publicly in the courtroom may 
be published freely. And there 
lie« the rub. 

Until 1967 newspapers were 
■entirely free to report anything 
that was said in open court (with 
some rare exceptions relating to 
official secrets) which included 
the evidence given by witnesses 
before magistrates in committal 
proceedings. In pre-1967 days 
justices’ clerks laboriously took 
down in long band (some banged 
out the witnesses’ testimony on 
a noisily intrusive typewriter) 
all the evidence, which was 
merely a repetition of what the 
witness had sadd in a written 
statement to the police weeks 
before. Partly because of the 
; enormous waste of court-time 
this system produced, there bad 
| been a move to dispense with 
■such long-winded committal pro- 
ceedings. 

The matter came to a head 
with tbe famous case in 1957 of 
I Dr. Bodkin Adams. He was 
originally charged with the 
murder of a number of his 


patients in Eastbourne. . The 
newspapers had a field, day in. 
reporting the testimony , before 

the local justices, that blackened 
the name of the doctor. "When 
tbe matter came to trial !at the 
Old Bailey, the Crown proceeded 
on an indictment charging him 
with only two murders. But no 
juror who sat in the jury bos 
could have been unaware of the 
earlier allegations. Yet, in spite 
of tiie conclusion that the jurors 
must have had their minds 
effectively poisoned. Dr. Adams 
was acquitted. His case, how- 
ever. prompted the setting up of 
a committee to investigate the 
reporting of committal proceed- 
ings and the.. Criminal Justice 
Act 1967 made the first big in- 
road oh Press reporting of court 
proceedings. It received a hostile 
reception from Fleet Street and 
ever after has been - heartily 
disliked by journalists. 

Tbe 1967 Act did two things. 
It inirodueved “paper" com- 
mittals, the method by which a 
defendant, if be is legally repre- 
sented; may choose to accept the 
written statements of tile prose- 
cution witnesses as sufficient to 
warrant his committal for trial; 
whereupon the magistrates, with- 
out having to test the evidence, 
send the case for trial. That pro- 
cedure has resulted in a signifi- 
cant saving of time in a large 
number of cases; whether it has 
brought an improvement in the 
quality of the administration of 
justice is debateable. 

The second innovation was the 
ban on the reporting of com- 
mittal proceedings other -than a 
few formal facts. No written 
report or broadcast of the pro- 
ceedings is allowed, save in one 
situation. If a defendant wants 
the reporting restrictions lifted, 
the magistrates are bound to 
make the order whereby tbe pro- 
ceedings, as of old, could appear 
in the newspapers. . 

It had been confidently pre- 
dicted that the lawyers, acting for 
Mr. Jeremy Thorpe at Minehead 
were going to press home their 
attack upon the prosecution's 
witnesses and urge that there 
was no case to go for trial, but 
without all the deleterious effect 
of the publicity attendant upon 
the magistrates' court proceed- 
ings. They perhaps overlooked 
the fact that tbe 1967 Act -pro- 
vided that. If one defendant 
asked for the ban to be lifted, 
that was effective for all of the 
committal proceedings. Parlia- 


Given that unexpected situation, 
it might have been wise for Mr. 
Thorpe’s legal .advisers to have 

switched to a “ paper " committal, 
and reserve all their ammunition 
for cross-examination until tbe 
trial. Butit looks as. if Sir David 
Naplev. Mr. Thorpe's solicitor, 
had committed himself to the 
rare privilege of a solicitor, to 
conduct a cause c el&bre in the 
full glare of the public search- 
light. ’- 

One product of the Thorpe 
case will be to tighten up the 
law on restrictions on reporting 
so as to give co-defendants at 
least & say In whether ,«n appli- 
cation by another defendant for 
the lifting on reporting restric- 
tions should be' acceded to. But 
what- about committal proceed- 
ings generally? 

Committal proceedings are 
intended to provide an oppor- 
tunity for Independent review of 
the evidence to see whether the 
case is ope that ought to proceed 
to trial. There is a real doubt 
whether, even before “paper” 
committals came along in 1967, 
-committal proceedings Sn fact 
served this purpose. If the 
defence made a submission of no 
case to answer, no doubt the case 
was reviewed properly. But in 
tiie absence of any submission, 
is was rare indeed for magis- 
trates to do other than commit 
the defendant for trial. 


suffers a severe 


THE GREAT British dream ._ of . arid . fast— a fact which Smith 
capturing the Davis Cup for the proceeded, to demonstra te .as ne 
10th tune. after a gap of 42 years, .'Upleaahed some, thunderous 
received , a severe jolt in just 74 seteasrto win the opening game, 
minutes on Saturday when .. ^Cpx -replied' by bolding to 15, 
Stan Smith and Bob Lutz : won Lutz got all but one first serve, 
the doubles match for America. . ' iir ax he held to loy© and then. 
They completely destroyed T-^yd, despite serving bis only 

vScmWSSSljSSSoSSi ggte'Sutt ?***' 

5-2. 6—3. at the Mission Hills sagy through to 30. • - 

County Club, Palm Springs, A £n>m wo S riid? 

under tiie Californian sunshine.- Amencans really began to elide 
“ . c . . , They were crossing fast and 

This overwhelming win gave eariv Yo cut off British service 
the United States, a 2 — 1 lead returns and combining beantL- 
following the dramatic events of ftjw. thev cweDt tiirengh 10 


Scottish system 


meat expressly did not permit 
what one magistrate in 1968 tried 
to do, namely to lift tiie restric- 
tion only in relation to that one 
defendant The law is that if 
one defendant elects for full 
publicity, he effectively provides 
publicity for his codefendants. 


When Mr. Garth Williams QC. 
on behalf of Mr. Deakin, exer- 
cised the right to have the 
proceedings reported, he at a 
stroke spoiled the strategy in tbe 
Thorpe camp. Why he did. it ii 
not clear. 


If there is any convincing 
argument for a real (as apposed 
to a formal) preliminary review 1 
of every serious criminal case 
by someone performing a 
judicial role, committal proceed- 
ings can hardly be relied on to 
provide it. Ail this argues 
strongly in favour of adopting 
something like the Scottish 
system, where a lawyer, the 
procurator-fiscal, from the outset 
prepares the prosecution case for 
trial and at the same time' 
exercises a legal judgment on 
the testimony of the witnesses. 
He 3s independent of the police 
and works only under the direc- 
tion of the Lord-Advocate. 

But before we sweep away our 
established procedure, <we should 
remember that another function I 
of committal proceedings is toi 
notify the defence of the case 
it has to mieet a feature that is 1 
astonishingly absent from Che 
Scottish procedure. There is 
great value in the defence know- 
ing well in advance what it has 
to meet, even If tbe opportunity 
to challenge it is deferred to 
trial. That does not satisfy the 
overriding need for early judicial 
review. In this respect we can 
learn from the countries of 
Western Earope, while in the 
matter of trial by newspaper 
we have made an exemplary 
contribution to civilisation,, the 
maintenance of personal liberty 
and standards of public life. 


following the dramatic events of f^ny™ they swept enough 10, 
Friday when, after 19-year-old l2 games to build a 

John McEnroe had decisively ^ ^ ^ se ts to love, 
beaten the British No. 2 John hwo sets to rove. 

Lloyd 6—1. 6—2. 6—2. Buster 
Mottram came back from bring itiajesuc 
match point down at 6—7- in the. -. jt ^j a majestic progress and 
long third set to level the tinsmith - in particular was playing 
by beating Brian Gottfried 4-r-6, : with tremendous confidence. He 
2 — 6. 10 — 8, 6—4. 6 — 3. '-'was everywhere — dashing across 

With the dynamic McEnroe due talent off volleys, raring behind 
to play the opening match on the’ ids •partner to anticipate British 
final day against Mottram. both drives down the line and barmy 
teams knew that the doubles jrussng a return, 
match would * probably prove -- Poor Cox. who bad looked 
decisive. - ■ - understandably nervous at the 

The British captain Paul start; was never allowed - . , .to 
Hutchins was hoping that Cox relax: So quick were tbe 
and Lloyd, who had played to- Americans to appear in un- 
gether only once in a minor expected places that at .times, he 
tournament before this year’s* must .have thought there were 
Davis Cup campaign, would main- .four :merj on the other side- of 
tain the inspired form that had the'net. 

brought them victories over Jan Lloyd, too, • had started 
Kodes ond Thomas Smid of- .nervously, but by the end of the 
Czechoslovakia at Eastbourne in 'opening set he was begi nn i n g to 
the European zone final and the &faow flash es of that inspirational 
1977 Wimbledon champions Ross brilliance which makes him, at 
Case and Geoff Masters of- his best, such an exciting and 
Australia in the inter-cone final talented doubles player. " 

, at Crystal Palace. • ‘ ... .Unfortunately for. British 

Tony.Trabert the experienced- .hopes he could not lift Cox with 
American captain, was looking him. ' At two games all . in the 
for a third successive victory .third set, the last hope was- .to 
from Lutz and Smith. TJB. Open snatch 'an unexpected service 
Champions, who had never lost a-break. arid upset the Americans’ 
Davis cup doubles rubber since .uchytom; ‘ Bnt Smith held his 
thev first represented America in. -sixth service game of the match 
1968. . ;.to 15 (he had dropped a total* of 

When the match began at. - only six points before that) and 
midday the conditions were was smiling at- the. prospect of 
perfect — a bright sun shining- scoring ’ his 17th Dava$ . Cup 
out of a clear blue sky. a tern-- . doubles win— his 39tb match in 
perature of about 70 degrees and .all 'for America, of which he has 
virtually no wind. The cement lost. only seven, five an singles 
court, typical of those in . Call-, and two in doubles, 
foroia on which both Americans'. «. By contrast Cox. was sfiUJook-. 
had learnt their games, was true ling tense and when, at 15— 40 in 


tiie next game, he-tamely. netted., 
a backhand volley the prospects 
of a: British recovery vartmilJy.. 
disappeared. .' £ • . 

It was appropriate that toelast . 
point -of the last gamer-* crash- 
ing forehand volley— should 

briong_tS» Smith, For, in spit® 
of serving .his first -double fault: 
of the matrix- and faring a. break 
point for tiie first time, the tall 
American had played thoughout 
wish ifigh skill, and dominating 
purpose and. a? . always.- with 
impeccable manners.. H e has , 
contributed greatly to tbe.djgmly . 
of the game an a tong and' dis- - 
languished career. . . 

Let us admit at once that -the - 
-British 'pair were outclassed but’i 
I would -have liked to see, them - 
serving with greater power. ' 

Both Cox and Lloyd seemed in* 
tent on -‘ruffing the bill in deep 
- as they moved in fasttoa volley- . 
ing position. Urns the Americans,, 
were allowed to fall into a. regu- 
lar . rhythm on their returns, 
instead- of being kept . guessing 
as“to the pace and- direction. .of- 
the British deliveries. 

*- '. Late in' the mateb-^-too' late— 
.both- Britons began to open their 
shoulders bnt by then s thett 
opponents .were seeing the ball . 
too well to be rattled; . . 

-Although there were only , five 
clean American aces .the British. - 
returns, were so predictable that, 
the American creasing tactics,: 
which the? had planned tq adopt, 
from (he start, had the desired 
effect of blotting the British pair: 
out of the game. .. u,. 

Although Mottram played With . 
magnificent skin, and -courage to 
-beat Gottfried in' th* slower con-'* 
dltlons, produced by anear.fcero 
temperature under the floodlights 
•on Friday, McEnroe is a player-, 
of a d iffere nt calibre.';' . -;r: 

The 19-year-old American l’eftv 
hander -has proved conclusively 
.that -he. is now among the three 
best, players in the worHL He 
has proved, : too, .timt he* has * 
temperament to: match Bjorn 
Borg’s. V" . ’ ’ 

The. fact tiiaf he .was jlaying ' 
his first singles far his country, 
against Lloyd arid in the final at 
that, left him unaffected. . 


RUGBY UNION ’ BY PETER ROBBINS 


Still a Grand Slam— even 


if not the grandest 





f Indicates programme la 
la black and while 


BBC 1 


? 12.45 pm News. 1.00 Pebble 

' Mill. 1.45 The Flumps. 3.15 Songs 
of Praise. 3.33 Regional News for 
England (except London). 3.55 
Play School las BBC 2 11.00 am). 
■ 4210 Maxidog. 425 Jackanory. 
* 4.40 Tarzan, Lord of the Jungle. 
| 5.00 John Craven's Newsround. 
| 5.05 Blue Peter. 5.35 Ludwig, 
h. 5.40 News. 

Vl C ES Wot in niL'it^a /T nrvHnn enrl 


'i 5.55 Nationwide (London and 
£ South-East only). 

* 620 Nationwide, 
y 6.50 It Ain’t Half Hot Mum. 

? 720 Tycoon. 
ji 8.10 Panorama. 

9.00 News. 

925 The Monday Film: '* Steel- 


yard Blues,” starring Jane 
Fonda. 

10.53 Tonight. . 

1125 Weather/Regional News. 

All Regions as BBC 1 except at 
the following times: — 

Wales— 1.45-2.00 pm Pill Pala. 
4.40-5 JM Duwiau Ac Arwyr. 5.55- 
620 Wales Today. 6.50-720 
Heddiu. 1125 News and Weather 
for Wales. 

Scotland— 525-620 pm Report- 
ing Scotland. 1125 News and 
Weather for Wales. 

Scot&nd— 525-620 pm Report- 
ing Scotland. 11.35 News and 
Weather for Scotland. 

Northern Ireland — 323-3.55 pm 
Northern Ireland News. 525 
Scene Around Six. 620-620 Land 
’n’ Larder. 11.35 News and 
Weather for Northern Ireland. 

England — 5.55-620 pm Look 
East (Norwich).: Look North 
1 Leeds, Manchester, Newcastle); 
Midlands Today (Birmingham); 
Points West (Bristol i: South 


Today (Southampton); Spotlight 
South West (Plymouth). 


BBC 2 


Gaslight.” starring Phyllis Calvert and 
James Mason. US in Search ol . . . 
Shark Worshippers. M0 ATV Today. 
ID JO Left. Right and Cenliv. 11.00 The 
Near Avengers. 


am The Role of the Nurse. 
Educate, Agitate, Organise! 
Play SchooL 
pm Roads to Conflict 
Knitting Fashion. 

Making Toys. 

Parents and School. 

News on 2 Headlines with 
sub-titles. 

And Now the Good News . . . 
Mid-Evening News. 
Chronicle. 

An Evening with Andy 
Williams and Benny Green. 
Monty Python’s Flying 
Circus. 

The Body in Question. 
Word for Word. 

Exploring Photograph. 

Late News. 

Closedown. 


BORDER 


930 am The Undersea Adventures at 
Captain Nemo. 925 Tfte Losi Islands. 
10-00 Portrait of a Village. 10-25 some- 
thing Special. 11.15 The Grapes of Rotb- 
vnll. 21X0 Oscar. II -55 The Old Sweet 
Sugar Douiiliniif. .1230 pm Wildlife 
Cinema. 12J0 Border News. 200 House- 
party. t2Z MaUmw: " To Be or Not 
lo Be.” starring Jack Benny and Carole 
Lombard. 535 University Challenge, in 
Look around Monday. 020 Cannon Time. 
7.00 Mr. and Mrs. 920 Family. 10 JO 
Pro-Cc Jrtrtty Snooker. 1125 Baruaby 
Jones. 12.30 am Border News Summary. 


1125 The Grapes of RoihweQ. LLOO 
Oscar. 1130 The Sweet Sugar Dmugmnr. 
32J0 pm Farmhouse Kitchen. 125 News 
and Road and Weather. 225 Regions 
Report. 22S Monday Matinee: "Mrs. 
Sundance,” starring Elizabeth Mont- 
gomery. 525 Cartoon. 520 .Crossroads. 
fc.00 Scotland Today. 025 Crimedesk. 0-30 
Wait Till Your Filher Gets. Home. 920 
Rafferty. UJ0 Sermon on tbe Mount. 
1130 Laie Call. 1125 The ' Detectives: 
Colombo. 


SOUTHERN 


LONDON 


CHANNEL 

120 pm Channel LunchUme New* and 
Whai'S On Where. 225 The Monday 
Matin ve: •• Wlndom's Wit." 525 Univer- 
sity Challenge. 6J9 Channel News. 420 
The Beachcombers. 7JJ0 Botanic Man. 
9.08 Fictue Brackcbnan. Z02B Channel 
Late News. 1022 The Borror FBm: 
" Dracula Has Risen from the Crave.” 
12U am Channel Gazette followed by 
News and Weather In French. 


9 JO am Adventures In Rainbow Country. 
ULUS Portrait of a Village. UJ0 Some- 
thing Special. 1125 The Grapes or Holb- 
woll. 11-90 Oscar. 1L» The -Sweet Sugar 
Doughnut. 1230 pm Ma>r Ji Count. 320 
Southern News. 200 House party. 225! 
Monday Matinee: " Above Us The Waves.” 
525 The Undersea Adventures of Captain 
Nemo. 520 Crossroads. L00 Day by Day. 
10J0 Southern News Extra. 10JS Face to 
Face. 13-05 The New Avengers. 3200 
Farm Progress. 


TYNE TEES 


i F.T. CROSSWORD PUZZLE No, 3,845 



920 am A Reason for Living. 
10.00 McMillan and Wife. 11.35 
Survival. 12.00 Paperplay. 12.10 pm 
Rainbow. 12.30 England. Their 
England. 1.00 News, plus FT 
Index. 1.20 Thames News. 120 
About Britain, 2.00 After Noon. 
12.25 Monday Matinee: Jack 
Palance in “ Attack.” 420 
Clapperboard. 4.45 The Paper 
Lads. 5.15 Mr. and Mrs. 

5.45 News. 

6.00 Thames at 6. 

625 Help! 

6.35 Crossroads. 

7.00 Bernie. 

720 Coronation Street. 

8.00 Robin’s Nest. 

9.00 The Streets of San Fran- 
cisco. 

10.00 News. 

1020 Monday Night Film: “Rider 
in the Rain.” 

1225 am Close; A painting by 
Monet with music by Debussy. 

Ail FBA Regions as London 
except at the following times: — 


GRAMPIAN 


925 am First Thing. 920 Canada at 
War. 10-00 Ponrull q( a Village 3A2S 
Something Special. 1125 The Crapes of 
RolhwTll. 11.40 Oscar. U-55 The Sweet 
Sugar DnnehnuL 1220 pm Make Ii Count- 
120 Grampian News Headlines. 225 The 
Regions Report. +255 Monday Mailoee: 

Background." starring Valerie Hobson. 
515 Uolrersiiy Challenge. 5X0 Grampian 
Today. 4.05 The Eleruic Theatre Show. 
1020 The Manilas’ Film: " The Beguiled." 
starring dint Eastwood. 1220 am Reflec- 
tions. Z22S Grampian Late Night Head- 
lines. 


9.25 am >Th« Good Word followed hyi 
North East News Headlines. 9J0 A Big 
Conmry. 10.05 Portrait or a Village. UJ0 1 
Something Soedal. 1125 The Grapes of 
RoihweO. HAD Oscar. 1125 The Sweet 1 
Sugar Doughnut. 1220 pm Wildlife | 
Cinema. 120 North Bast News and 
Look a round . 225 Family, 320 Generation i 
Scene. 325 Car loo a Time. 32# Lassie. 
525 University Challenge. fcJO Northern 
Life. 620 Police CalL 920 Twist In the 
Tale. tlUO The Monday Fflm: " Inadmis- 
sible Evidence." starring Nicol Williamson . 
and Eleanor Fazan. 1225 am Epilogue-! 


ULSTER 


ANGLIA 


925 am child Life bt Other Lands. 
10.05 Portrait of a Village. 1020 Sotne- 
! fling Special. 3125 Where tbe Hell Arc 
We? 11 A# Oscar. 1 1 25 The Sweet Sugar 
Doughnut. 1ZJ9 pot Cot of Town. 125 
Anglia News. 200 Boose parly. 225 
Mystery Movie: McMillan and Wife. 5.15 
University Challenge. 6.00 About Anglia. 
9J» Twist in the Talc. 1020 Feature 
Film: " The Bravados." starring Gresary 
Peck. 1215 am HefleeiJon. 


ACROSS the strings sounding like an 

: 1 ££E£L » Mi liberty available to 

4) workman (4, 4) I 

5 Cause inflation to go off with DOWN 

a bang (4, 2) I Cab determines whether to 

10 Notice fellow who is solely turn over stretch of land (6) 

concerned w-icb promotion (5i 2 Clap— I’m not otherwise 

11 assr. .’Lr.USP,.? “ => l‘'p d i" S ee« commission lor 


940 am Something Dlfferenr. 925 The 
Golden Age of the Cinema- “The Grapes 
of Wrath.” starring Henry Fonda. 1220 pm 
Geoiw Hamilton XV. 12D ATV Newsdesk. 
1225 Movies to Rember: Fanny by 


GRANADA 

920 am Sesame Street. 1025 Survival. 
1020 Valley of the Dinosaurs. 1120 Look 
at Lire. 1120 Untamed World. 1125 A 
Handful of Sengs. 1230 pm Farmbowo 
Kitchen. UB Dodo. 225 Monday Matmoe: 
■■ C roots and Coronets.” 520 What's 
New. 5.15 Crossroads. 620 Granada 
Reports. 620 Botanic Man. 9.00 R a Kerry. 
10.30 Reports Politics. 1120 Mystery 
Mom Premiere: LanUaD’i Rabbi. 

HTV 

925 am Sport for All. 10.05 portrait 
of a Village. 1020 Something Special. 
1125 The Crapes of RoibwelL UL40 Oscar. 
1120 The Sweet Sugar Doughnut. 1230 pm 
Maks It Count- 128 Report West Read- 
lines. Z2S Resort Wales Headlines. . 200 
Houseparty. US The Regions Report. 
255 The Monday Matinee: Colombo. 525 
Tho Undersea Adventures of Captain 
Nemo. 5.20 Crossroads. 6.00 Report West 
tr Report Wales. 19J5 The Monday 
FUm: Deadfall.” starring Michael 

Caine and Nanette Newman. 

HTV Cymru/Wales— As HTV Ceoeral 
Service except: 12PJ 25 pm Pepawdaa 
Newyddion Y Dydd. 2U0-225 Hamdden. 
6.00-622 V Dydd. 820-920 Yr Wytlmns. 

HTV West— As RTV General Service 
Service except: 120-120 pm Report West 
Headlines. 6.22-7.98 Report WeiL 


10.05 am Portrait ot a Village. 1020 
Something SnoriaL U-15 The Gropes of 
Rothu-cIL 11. SO Oscar. 1120 The Sweet 
Siumr DounftnuL 1220 pm Make ft Count. 
120 Lunchtime. 228 Sec You Monday. 
225 Region* Report. 225 Monday Mati- 
nee: •■Mrs. Sundance.’' *12 Ulster News 
Headlines. 525 Cartoon. 520 Crossroads. 
6.00 Reports. 62S Laverne and Shirley. 
1020 Monday Night. 2040 Review. 1220 
In Search of . . . Big Fool 1125 Bedtime. 


BY BEATING Scotland. W-9; 
the eighth All Blacks have 
achieved what their illustrious 
predecessors failed to do^—the 
Grand Slam. So Graham Mourie, 
their popular captain, pow 
occupies a unique place In the 
history of New Zealand rugby, 
denied even to such legendary 
figures as Kirkpatrick, Loch ore, 
Whineray and Stuart • • 

How grand, though, is this 
slam— or is it just a small one? 
Probably somewhere halfway 
between the two in rugby terms, 
for by New Zealand standards 
this is not the best individually 
equipped team to leave that 
country. Whfjre were the Meads, 
Loch ores, Tremains, . Goings, 
Battys and the others who have 
become household names? Des- 
pite tbe absence of such estab- 
lished players, this tour has been 
a great success, and clearly New 
Zealand will be back with tbe 
same players with that much 
more experience in years to 
come. 

Looking back, it was perhaps 
the infrequency of previous 
tours that gave an aura of 
invincibility and specialness to 
those teams which was 
heightened by the sheer distance. 
Now. with the exclusion of 
South Africa from the inter- 
national circuit, the All Blacks 
have become more regular 
visitors; and perhaps their teams 
have seemed, therefore, to be 
much frailer. 

Why has this tour been so 


Vv- Ms- . - :.I -Vf . ..t 

successful, I have always.'tfiath^have all indicated a' unite tha t f 
tained that iiy eluhiraB to baye has been the hallmark . of , their 
its administration: right before Play on. the field.. There have 
the playing s ridfc.~ : can: 'poastiffy Been. - the occa si o n al lapses- of - 
function efficiently. There' have discipline, hilt never anything^ 
been some Classic examples. . of-too serious. ; ;■ *‘j\ 

the truth of tMs^ tbrQt^hout -^ They iave feeen helped.' of 
English . rugbyL/ann Tins, iJYew. -course^ by. recesslpja in. 
Zealand side has certainly heen. British rugby, although only., 
managed aj^c coached quite-. England- failed to give them.*., 
brilliantly. J - ■ ■ , ' .’ really hard game in the interna-. 

Like good.-, half-backs, . Euss^nional series. Wales: aioaeu. caiL 
Thomas and- Jack Gleeson- have -cl aim to. have had any degree of -.- 
mastered their Individual roles ~gupremacy. 'in the tight, and' this * • 
without .’ losing . sight I o.f .. the was an area where .logically we. 
demands; of weir, .partnership, might have, expected the" British 
Thomas has-been frank ..and -teams to be better equipped .and 
sincere 1 Jn ’his speeches, and organised. - 

Now : the end of the tbnr to • 
to s^ and wMle tbe biggest 
preparation of thfe team. stasrical ' hurdaes ‘ are' behind 

-n -| «i». . . them, (the game, against the 

Responsibility rBaxtaii&DS'Jioit Saturday jpetib- 

Setting aside. for .the.'mnment. greatest cfaal- 
the playing: record (of which fenge.to gleeson peiaonaiiy and 
more next week) the AIL Blacks Bl acks- c pQtecffively/: 

have been veiy much a team pn " Many interesting qjuestions are 
and off the field, which is more -posed; such as how mndj liberty, 
than could he ^j'd fof 'tiieir ' ^B toe cttik* altow ? How rowh - 
1973-73 team. Off the fieia they' '*> toe players. aetuaHy. wartt to 
have gone buf of their way to take, and is St dn this .te3*n 4n . 
make friends' and to do the things, express itself in (my jcther way 
expected of tourists, hot. which Siam we have seen?." 
nevertheless are still a chore. The 1973 game be&ween ^Ssese'. 
For example, at Swansea on the- two stdes proved a real <Ajfe«fc, 
Monday befpre their game_but those tpams.- were; dripping 
against West Wales, two ' bf the ‘Vwth'infiiifitefly more talent than 
party were- detailed to go to the .their successors. IhM is.' mot , 
club dinner- .Three other to say that the game will be., 
players-volunteered to go as - well: ■ any tiie 3 ess exciting, but I . 

This sort of -gesture and sense shouM he surprised §£. it dsd 
of responsibility, and the willing, not .end . to a aJaranctag victory 
visits to - schools - and hospitals, for our popriar vfisitans. • - 1 ' 


WESTWARD 


925 am Georce INohIiod IV. 1020 
Portrait of a vuiacc. 102S Somethin* 
Special. 1325 The Grapes o( ROUtvcII. 
UAQ Oscar. 1125 The Sweet Sugar Donah- 
naT. 3227 pm Gus Honey turn’s Birthdays. 
3220 Farmhouse Kitchen. 120 Westward 
News Headlines 225 The Monday MaU- 
noc: ■’Wlndom's Way." starring Peter 
Finch. 525 UnlsersitT ChaHonce. 6.00 
Westward Diary and SporU DesR. 720 
Botanic Man. 9.00 Rlchlc Brock Hinton. 
103 Westward Late Neva 10J0 The 
Horror Flint: “Dracula Has Risen From 
the Grove." rtarrinc Christopher Lee. 
2210 am Faith for Life- 


RACING 8Y DOMINIC WIGAN 


YORKSHIRE 


SCOTTISH 


DOWN 

1 Cab determines whether to 
turn over stretch of land (6) 

2 Clap — I'm not otherwise 


920 am Loch Lomond. 1025 Portrait 
ot a village. 1020 Search iur the Soper. 


9 30 am f riends of Man. W-8Q The 
Herbs. 1025 The Naur* of Tblnas. 1120 
auc Clair. 1225 Tell Me Why. 2230 ptn 
Farmiwx OmiooK. 120 Calendar News. 
225 Family. 320 Heart to Heart. 350 
Andy. 525 University Challenge. 400 
Calendar fEmiey Moor and Balmont 
Editions). 9 JO Twist in the Tain. 1020 
PTD-Oelebrltv Snocfccr. 1125 Bamahy 
Jones. 1210 Oscar Pcrcroan Presents. 


Trainer Dingwall can 
long-distance double 


. \ v - ,^ - 


RADIO 1 


church at end of war (9) girl enclosed (5 « 3> 5) 

12 Contest in which competitors 4 insistent on man of few 


take some stick from each 
other (5, 4) 


words joining social worker 
(7) 


(S) SUTMObwilc broadcast 

t Med tom Wan 

(B) Binaural broadcast 
5.00 am as Radio 2. tad Bate Lee 
Travis. 9.00 Stman Bates. U21 Paul 
Burncii. 200 pm Tony Blackburn. 021 
Kid Jensen. fc30 Slaym? AUve. 729-10 JM 
As Radio 2. ULOO John Peel 1S1. 1200- 
520 am AS Radio 2. 


23 If you don’t mind sound 6 Twelfth Night on a fortnight’s 


arguments (5) 


run (4, 11) 


14 Secure girl found inside bird 7 Complain of aspirated drink 


15 Enduring amendment w bad g Urge soldiers to become 


rule (7) 


reporters (8) 


18 Went with striker to paper 9 Threaten one member with 


head (7) 


object (6) 


20 Hard -to animate way round 16 Shielded female in helmet as 
cover (6* national symbol iB) 

22 Quick to take flat opposite 17 Wonderful part of tennis (8) 


19 Port worker taking a short 

24 Note paper best put down cut (6) 

(5, 4> 20 Get very hot on southern 

25 Bex enters full of cheek and boxer (7) 

■rash (9) 21 Another diet Neddy prepared 

26 Composition without a catch for publication (6) 

C5j 23 Current the French find; 

27 Wanting * lot from one of sufficient (5) 

The solution of last Saturday's prize puzzle will be published 
with names of winners next Saturday. 


RADIO 2 

5.00 am News Summary. 523 David 
Allan i St indodiiu: 625 Pause for Tho ache. 
722 Terry Wagon tS< ladinUiir *.27 
Ractny Bulletin .and 8-0 Pause for 
Thought 722 Terry Wos«a «S.» including 
9.77 Raring Bulletin and S.45 Pause tor 
Beethoven. Brahms (Si. U25 Interval 
Waggoner*' Walk. 12J0 Harry Rowell’s 
Open House *si Including tC Sports 
Desk. 220 Davtd Hamilton >S> including 
2A5 and 3.45 Sports Desk. 9J9 Waggoners’ 
Walk, a .45 Sports Desk. MI John Dunn 
is; Irtvlodkis 5uW Sports Drak. 6.® Sports 
Desk. 7 D2 BBC Northern Radio Orchestra 
iS>. 720 Alan Dell: 728 The Dance Band 
Days. 0.02 The Bir Band Sound iS». 9 J? 
Humphrey LsiteKoo wi£i the Best of Jazz 
on records <Si. 925 Sports Desk. MJH 
The Law Game. 1020 Star Sound. 11.02 
Brian Matthew Introduces Round Mid- 
nlphi iDcIudlne 12M News. 2JM am News 
Summary. 


Composer- Sibelius <s>. 10.00 Holiday 
Special <S>. 1020 Talking About Music 

iS >. 1025 BBC Symphony Orchestra con- 
cert. part I: Shofitafcavfc-h rSi. n « la 
Short i talk i. 12.05 pm BBC SO. part 2: 
Shostakovich (S). 2JB News. 1A5 BBC 
LouchiUnn Concert <S>. 2J» Music' tor 
Organ fS». i® Maunee Musicoic (Si. 
320 Elliott Carter iSi. 925 New Records 
of music hy Vivaldi. Bach iS). - 525 
Bandstand tSt. MS Homeward Bound (Si. 
620 News. 625 At Home: The Voids of 
Frederica von Scad* on record (S). 720 
Messiaen, concert, part 1 <Si. 125 Albert 
Camus: Aron or Moralist? italki. 6" 
Messiaen, part 2 (Si. 9.95 Bee [haven's 
* Ghost ’ Trio iSi. 10-15 tTJi<_-a Wales was 
a VlHajte iS and Bt lflustraied latfc X3-15 
Jazz In Britain <S*. HAS News. It VV 11 ” 
TMilBht's Schubert sons f S ■. 


east. 525 Weather: programme news, 
k.m News. 620 Dr Finlay'S Cascbonk. 
7 JO News. 7.05 The Archers 720 From 
Our Own Corerapondcar. 7JS The Man- 
day Play: ■■ The KIMUui of Sister Geargc,'’ 1 
hr Frank Marcos. 8.95 Torment and 
Rcjoirina: Commcmoratloa of William 
Hailltt 920 Kaleidoscope. 9J9 Weather. 
UJO The World Tonight. 1B20 The 
Sacred Grove iS<. UJO a Book at Bed- 
time. 1125 The Financial Work! Tonight,! 
1120 Today la Parliament. UJO News. 1 


BBC Radio London 


RADIO 3 


625 am Weather. 7.00 Xevtf. 7.05 Over- 
ture i S', 8.00 Neva. 9.05 Mnrnlnc Con- 
cert 1 5 1 , 9.00 Mi-ws. 9 J 5 This Week’s 


RADIO 4 

6.00 am News Briefing. 620 Farming 
Week. S26 Shipping forecast. 620 Today 
— magazine, including 6.95 Prayer for 1h« 
Day. 7.00 and 8J9 Today's News. 720 
and 820 News Headlines. 7.95 Thought fur 
the Day. 825 The Week on 4. U John 
Ebdon and Ihc BBC Sound Arrtiiev**- 
9 JO Nows. 9.05 start Ihe Weclc wlfO 
Richard Baker: 10JO News. 10J5 wiidlUe. 
1020 Daily Service. ISA Morning stum 
11.60 The Bor and the Shadow .13-® 
Listen with Mather. UJO Neurt. 12JB P m 
Vaa and Yours. 1127 Top of the 
Weather; programme news. 

Tbr world at One. 3-90 The Arche 
t gj shipping focrcasL 2JQ News. 2 - 0Z 
Woman's Hoar. 3J0 Ne«-s. 3.05 Afler- 
noon Theatre (Si. 9J5 Story Time. 5JB 
PM: News MagaaHbi. 520 Shipping »re- 


5J0 am As Radio Z. 620 Hush Hour.' 
9 JO London Live. 12J3 pm Call In. 2J3 
3M Showcase. 4J3 Borne Run. 6201 
Look. Stop. Listen. 720 Black Londoners. 
020 Break through. 10JS Late. Night Lon- 1 
don. UJO As Radio 2. 12.05 OBcsthm i 

Tune from the House ot Commons. From 
1J5: As Radio 2. 


London Broadcasting 


520 am Mamina Music. 6.00 A.M.. 
nan-si6n news, infonnation. Ira veL 10.00 
Brian Hayes show. LOO pm LBC Reports. 
3.00 George Gale. 4.00 LBC Reports iron- 
llnucsi. 8 JO Alter Eight, 9.90 NlghOlno. 
LOO am Night Extra. 


Capital Radio 


6J0 am Graham Dene's Breakfast! 


Show ' S •. 9.00 Michael AS pel fSi. 1X00 
Dare Cash fSi. 3.00 Xwer Scon iSi. 7J9, 
London Today tSi 7jo Bryan Wolfe's! 
Open Lion ist. 9J0 Nicky Home's Your! 
Mother Wouldn't Like It ISi. UJO Mike' 
Aflt-n's Late Show IS i. 2JB am refer: 
Young's Night I-light tSi. 


ALTHOUGH be finished only 
third, beaten one length and 1* 
lengths by The Snip and 
Zongalero, Bachelors Hall looked 
an unfortunate .loser of Satur- 
day’s Massey-Ferguson Gold Cup. 

Always travelling well in the 
big Cheltenham handicap. Peter 
Cundell's high-class eight-year- 
old seemed sure to defy top 
weight of 12 sione as he rapidly 
picked up ground on the two 
leaders after sailing over the 
final fence. 

However. Mick OTTalloran then 
switched Bachelors Hall to the 
far rails and in a matter of 
strides it became clear- that the 
gamble would fail. Stephen 
Smith-Eecies. who bad led the 
field on Zongalero hy six lengths 
turning into the home straight, 
naturally took advantage of the 
sitaution .He «ased bis mount 
on to toe rails, allowing no sort 
of a passage for toe top weight. 
The Snipe, one of the two bottom 
weights, was by that time away 
with the £7.300 first prize and 
£400 gold cup. 

Some 20 -minutes after Tbe 
Snipe had given the Webber 
family their most important 
success at the home of National 
Hunt racing. Rodntau. appeared 
to confirm Fred Winter’s "view^ 
that ho is not a Champion 
Hurdler in the making when 


Hurdler in the making when 
finishing only third at- LmgffeTd, 
behind Freight Forwarder and 
Rushmere. - 

ft could be argued that Rod- 
man needed toe outing— his first 
of the season — but a future 
Champion Hurdler would have 
overcome that handicap in' such 
company. Bookmakers are tak- 
ing no chances, however, and 
Rodman remains a 20-1 chance 
for toe Waterford. Crystal prize,, 
an objective which 1 believe 
Winter wfH 'consider beyond his 

Relko gelding. 

Turning to today’s racing. 
Jonjo O'Neill seems to he the 
man to follow. He has a.number - 
of likely looking mounts at 
Teesside. where I am particularly 
hopeful that he can -land toe 
opening and closing events-— 


divisions of the ■ Gnis borough 
Novices Huidle~fhriwsh toe 
stablemate£ Supreme- Love - am* 
Royal Audition.-- , v ,?' : - - — i 

These fo.ur-jearyjld; hurdlers, 
sent on, toe. 60frtaxle -round trip ■ 
by Charles Dingwall -of East 
Ilsley. both fan well on their 


on ly previous, outings -this term. 

Supreme Love, who might have^ 
run out &.33-1 ,wi nner o f a similar' 
event at -Worcester three weeks 
ago' bjit for lacfcV.bf jpehk .fitness, 
close. -home; has little 'to beat 
to Divfriorr _1 and is suggested 
with confidence. 


TEESSIDE ■ ; 

. 12-45— Sufttetoe Love?*? 
LJS—cieo’s Asp- ; ' . 

' 2-t5— KcrenParkr 
2 .45— NoWe Hart 
30S^-RoyaJ Atu&thai** ; 


Dutch buy East Anglia farms 


DUTCH' FA MI LIES are buying this is pushing up “toe price of- 
an increasing -amount of firm toe smaller onei. aywe!L : -%r. . 
land in East Anglia, a Norwich Farmland in Ehgland. particn- 
agent Mid yesterday. 

Reporting a 50 per- eept jddedthat .witoNozwich Airpore 
Increase, in. toe. price of ...best providing daily ffiriwetn. Arn^tor. - 
Norfolk farmland. Bfe.' Derek 

Turnbull A^di The putek,are ^settling iriiite Eastero<ioantiek 
buying up toe bigger farms -and -and commuto^-to-HcfifaniL;;'^ 


r 0 


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13 







: • '» ■■ ; '-A.v. 

- - jpEQ^jic^ 1978 


(JpjCCiJ ’/j_o Li^o 


a 

^ack 


THE ARTS 


IRCAM, Paris 


: *r. /«=*£» 

’viSs 

*- — a*-j : st 


by: DOMINTC GILL 


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Any .nrodiicBoa of “serittos? . also , finds ft anws&MP his 
or ^'taasaeat mnsfc-theatre - description of^Dwssojjer a sad, 
finds: itself instanQr tangled: ta:setious jolte for -a^^io^of wooden 
a weh of prafesskmal demand percussion ingtrinMhfcTflrst per- 
tion lines. - In the popular trail- formed In KeU last yearvKngel 
tion, the- hyphen-' Is- -common- noted that, ^"correspondences 
place: an - jin, or • pop, T in tie "between t&e multi at music and 
mu&iC&tik i.ia \revu« and, tiwt of .tte drcas^?wal\tiiem- 
musteals, Tfee" actowhnsiclan and", selves- quite:' often.-; Serious 
the indskdan-aetor -are"' vital : and music Vabave "allrwflflx its; avoid- 
often f indistinguishable roles, aace,' jinemeu t atbrtste,; of all 
But in ti>e Academies which pre-.-expresmons" of -amnsemejit, is a 
pare performers for the “serfbtis"' good-example of/. the perman- 
professions, the- disciplines -are ent-anft . reciprocal - dressage 
still taught, and-reoeSved,; in training — of '-composers, 
comparative isolations ■ ..V- . organisers, interpreters and. not 
The classics# siiOpfloor- con- least, fhe- public Itself." 
fironitathra is- as v fradHar- to - Detached .amusement, "earthy 
music-theatre- producers as it. js- dma-humour, and fine dramatic 
to dMttHstewards:, “ Jt Is not any timing are . the . keys -to aH of 
job - It Is oot. in Jbe rtfiee: I Kagel’s works. They- also go 
cannot do two - tiring at noce.” some way to, explain the pallid. 
Ask the average tostramexrtalist unfocused and. often .confusing 
to panBona a 'Staple theatrical impression left, by some.Kagel 
sequence . aoA ' . she 'restate- is perform anpes given : by" profes- 
ustBatly -SeS-samsdotiS, sheepish sional musicians:, the message 
ham. JVsfc an atai' to identify, has bacfc^red, the dredge has 
to fnaa bis part, «rtth « musical come home to roost: in his latest 
score and be-nriD reply: “But theatre-piece, imposition, first 
-wfriat am T supposed to be? I cea- performed in Oslo last. Septem- 
nol feel she role." . (M one point "her, and then proentedin the 
^faring the -rehearsals for Bom .opening ; sen» T ot lRCAM’s 
Daunt at NatUwuA .Ttaea&e underground ; Esiwce de pro^ec- 
two years aeo, wtdeb dld emitu- this month, Kag^s wonder- 
aJty wiMw a r^ts a resnaricably foily apt and sucetaful (if 
sroces^land' irmlful coSi^ora- temporary) solution Ip the peren- 
musicians -and mml problem wi» to-, nseneiiher 
actors, iS^etawtar. arrived one act °ts nor t musicians,- nor even 
mornfaig to actors Stand- -professional dancers, - on stage, 

:j S t ^5SS 

,-Who [fes covered they could play 
*nd sing “ difficolt”.atbnal scores 
no one had: yet told them 
couldn’t) With pleasure, 
act, who_baare. real saagesense, ^ Kagel's 

Symaasts took to their musical- 
durers vdio can think- effectively dramatic task with' ■ marvel] ous 
in 14ieatri«ial tasQ?. -■ .' precision .-and panache. The 

The;" -^bfiifteiated' hyphen musical co-ordinaCkKi was faut- 
between music and theatre has less; nor was there .any trace 'of 
preoccupied:, the,.- Argentinian- stiffness in the movement Happy 
born German Composer Mauricio inspiration! — and fpr all'of us in 
Kageldbr most of his career. No. the audience, ready- to witness 
category fits Kagelneatly — in his the usual uncomfortable com pro- 
youth a student of Ginastera, mise. happy release.' : ', ' 
later a ■ researcher of electro- . Exposition is ’ a-' composite 
acoustic techniques at 'Cologne, work, dedicated ft> “the impos- 
theorist, - humorist elaborate silfie marriage of serions and 
dadaist he is best known today popular mnsic,*’ combining two 
for ins . experiments in. the quite independent . scores: 
ambiguous field that lies - some-. Rhvthmmachines ' for: gymnasts 
where between “ pure theatre ” (or dancers), two percussionists, 
and “ pure, music.” He sees .the- and a selection--. :oC-::thythni- 
gulf that divides the two as a generators such as^those found 
sad and unnecessary-accident He on dance-band electric., organs; 


and Chorbuch, a sequence of 
arrangements and transforma- 
tions of 53 Bach Chorales (43 
In this performance) for ampli- 
fied mixed choir and piano. It 

is an exuberant and gripping 90 

minutes, sometimes wildly 
funny, sometimes gravely beauti- 
ful — bnt never pallid, never vul- 
gar, never predictable. Rhythm- 
machines and Chorbuch are 
independent pieces: yet they 
seem made for each other — I 
doubt if either could make such 
forceful impact alone. The 
counterpoints and harmonies of 
the Bach Chorales are modified 
and re-composed according to a 
system of “non-linear transposi- 
tion” — quicksilver baroque 
dream-fragments. by turns 
quietly intoned, urgently shouted 
(loudhailers are sometimes 
used), whistled in chorus, dis- 
solved into lyrical sweetness, re- 
assembled in a pointillist scatter 
-of pitches and timbres. 

In Rhythm-machines, the 
gymnasts themselves choose the 
repertoire- of rhythms to be 
produced by the mechanical 
generators and both they and the 
percussionists match their per- 
formance to the sequence — a 
bossa-nova -maybe for conga and 
cowbells; a tango for claves and 
cymbals; a bongo for jazz-shuffle 
and maraoas, a habanera for bass 
drum. The gymnasts use the 
music as a rhythmic springboard 
for tbetr twin preoccupations — 
with cloth, tissue, material and 
with sporting gesture. The cloth 
is always an obstacle to the 
gesture: the gymnastics of a 
heavy bandage; tbe boxing of a 
pair of shorts which have lost 
their elastic; the kneeling of a 
huge scarf; the bicycle-trip of a 
cape caught in a bicycle-chain. 
There is niucb ironic and 
humorous potential which the 
Cologne athletes were never slow 
to exploit: as Kagel notes — 
“there is only the lightest dis- 
placement of accent between the 
activities of the civilian sports- 
man and the soldier in -training.” 
Tug-of-war Unto Morris-dance 
into rug by-scrum: the visual, 
transformations, too, have their 
musical movement. A magical 
piece, light and delicious, full of 
quick and delicate resonance, 
not intended for (or -even 
susceptible to) weighty analysis, 
best seen and enjoyed, like a 
fine circus act, just once. 



New End 


Flashpoint 

by B. A. YOUNG 


David Dixon (left) and Patrick Hanna way 


Leonard Burt 


Hippodrome, Birmingham 

The Midsummer Marriage 

by MAX LOPPERT 


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^ ^ fe y B - A - yocng ■ 

Those ’Who prefer not to see : 
the ' unbearable represented on, 
the stage' can write 'off Alan 
Brown’s Wieelcftntr Wrilte at 
once, and need read no further, ; 

Mum — given a performance by 
Frances de la Tour-that I shall 
never fdrget-— has two children, 

WiJlie and Sue. • Wdllie is para- 
lysed from the neck down; 
though he is - goodnatured and 
in tel li gent he has no control over 
his sphincter muscles and his 
pants are generally filthy.' By the 
end of Act One be haa had his 
tongue torn otd, probably by the 
television fitter Teddington. Ted, 
and beqn abandoned on. the. 
motorway. 

.Sue, a schoolgirl when we first 
see her.^looka after Willie with 
devotion. -.-When we last see Bar, 
five years on? she has had three 
bastard-.chiktien by Ted — Kcjak, 
four,, whose head his ifiathfer 
kicks in'; ColiiiSbo oner who is 
incinerated "with a blowlamp by 
his grahdmotijer when, he -won't: 
stop crying; an® a third nameless, 
baby who has survived a .nffs- 
carriagfi.in .the lavatory pan:- 

Besides betog Sue's common- 
jaw husband, Ted is.n ; repressed;-, 
homosexual - wta. \i& reported 
bavang sex with 4 yosmig .West 
Indian boy -on the hauSUtg and 
makes hte- iteSt entry . /in drag, 
though- wearing the steel-capped 
homes -he has killed Kojak with. - 
Mom land Janet, (Sate’o -BdKxfl- 
f-riend who: after-icamng WHfie 
the joys bf «ac, makes a fortune 
on the game) would , have emas- 
culated hfan : with a flhdtta^fe If 
Sue had not begun' her mis- 
oanAage at She Same moment. 

There is also Aberdeen Angus, 
a fly-by-night lorry driver wbo is 
a former love of Mum’s but now 

prefers riiop-vrindow dummies. . . Leonard Bm 

As aH - these' horrors are at . - - Tony Rohr and Carrie Lee-Baker 

their cfenax, yifflAe, wbo has dis- : - 

appeared between the aefis, life of the earthman. He shows remedies. Perhaps, like Terence 
descends from Heaven-- m ria no more disgust than, I suppose;: and tbe News of the World, he 
golden ^ wbpeksair and , Cakes Dr. Harker of Cambridge showed ; ju$t thinks nothing human to be 
po ss es s ion of the new baby wbHe when she cut off the legs of a allien to him. 
the flat is consumed ’by fire: cockroach ■ and grafted it to ..v. The production by Max 

Now tfhe odd t iring is that, another' cockroach to watch fts StafTord-Clark is outstandingly 
gdtastty as afi liiese mnteetns are, daily rhythms. ■ Nothing Mr. good. Hiss do la Toot’s iron- 
and presented in appropriate^ Brown records is beyond belief, voiced Mum battles against 
revolting language, I found tise except the concentration of so visdble hunger and fatigue to 
ploy compasstnonate nod ^even much horror in so small a com- maintain at home; Tony Rohr, 
poetic, though Mr. Brown’s Jack munity. .Why he should choose reciting Finnegans Wake in his 
of economy in ta& second act. to deal- with such things, not sleep, and Carrie Lee-Baker play 
where too much- outrage is piled only here hut -an his other -her two children; Alfred Molina 
together, blurs what should be an writings, is dpotber matter. He and Robert Walker are tbe two 
impressive c ulmhaati CB, . . will give no one any pleasure; men. Willie’s jet-driven heavenly 

Mr, Brown (tispta^s. these the titters of laughter I heard wheelchair brings tbe only touch 
things as unemotionally as. an on Saturday sounded seif- of glamour to Peter Hartwell's 
alien ■ scientist' examining the. defensive to me. He offers no distressful sets, 

Purcell Room 


son. Two pairs of contrasting 
early , and later pieces for solo 
pSano — a late-romantic Satz and 
Sonotensoiz of ISOS, and two tiny 
miniatures barely a minute long 
from ,lhe Middle 1920's— were 
correctly, rather drily given by 
. Bruno Canine, as was also later, 
with similar exactitude, the well- 
known Variations op. 27. 

Tbe string-quarter and other 
-solo performances — including 
those of the Lonpsamer Satz, the 
Six Bagatelles op. 9 rearranged 
(as a Webern manuscript 
recently discovered to include an 
additional piece suggests) into a 
-four-movement Second . String 
Quartet and Three Pieces, and a 
little • student sketch o! a 
Scherzo and Trio— all had a cer- 
tain genial, homespun air. 

DOMINIC GILL 


Mounting the third production 
of The Midsummer Marriage is 
one of the best things the Welsh 
National Opera has done in its 
short but already distinction- 
crowded history. In a time of 
alienation and uncertainty. 
Tippett’s first opera Tenrains 
unique, and uniquely valuable — 
a celebration of life. It' is an 
opera in a special category, one 
of those war„ks capable of en- 
riching and enlarging the vision 
of its audience. (Certainly, 
picking' a path through the 
nightmarish city centre of Birm- 
Ingbam after Saturday's per- 
formance. one was sustained 
with unusual fortitude). After 
two years of touring the country 
with tbe opera, and prior to 
taking it to Lisbon in February, 
the company radiates an air of 
ewtfiusiiastlc commitment to tbe 
work, and and an exhilarating 
confidence in their ability to do 
Lt justice, that justify any 
amount of pride. 

It is above ail in its serenely 
easy execution of the music that 
tbe performance achieves its 
triumph. The Midsummer 
Marriage is not a difficult opera 
for the listener: but joy in its 
inexhaustible generosity of in- 
vention and spirit may make one 
forget how many difficulties lie 
in wait for the player and tbe 
choral and solo singer— the 
bustling, bubbling quantities of 
Dotes in all parts that require a 
clean, clear integration into the 
ensemble, the pulsating additive 
rhythms with their dancing syn- 
copations that must be absorbed 
into the performer's bloodstream, 
the fact that every element must 
be lyrical at every moment. 

Sadler’s Wells . | 

Then You 
Can Only 


Richard Armstrong conducts his 
forces, and they respond, as 
though these were never prob- 
lems. The advantage, but also 
the achievement, of having given 
the work so often was recognised 
in every aspect of Saturday's per- 
formance: a rare glow on the 
instrumental lone, a rare buoy- 
ancy and fullness (even by Welsh 
standards) in the choral 
utterances. 

Ian Watt Smith’s production, 
in Koltai sets and. Stubbs 
costumes, has been much 
admired, and deserves every 
ounce of praise for the ingenuity 
of the producer’s solutions to a 
subject bristling with pitfalls, 
and for the b armo a i us patterns 
into which the stage events are 
allowed to fall. In one respect, 
though, it was for me (who had 
not seen the show before) a 
slight disappointment; for no 
more than the previous Covent 
Garden production does it come 
fully to grips with the panoply 
of scenic requirements in 
Tipetfs libretto. I hope that 
when the opera Is next produced 
in this country its team of pro- 
ducer and designer will have the 
courage to set the opera natura- 
listically. Tippett’s play of 
symbols is not easily understood: 
but a set made of formalised 
shapes and patterns rather than 
of the recognizable locations — 
temple, wood and hill— around 
which the symbols play seems to 
me to add a further layer of 
comlexity to what in the music 

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Wed. 7.00 Thj» Thlevlop Magpie- »“ A 
visit to thp Coliseum is eueatial. s □. 
Tel. Thur. and Sat. 7.00 Jonathan 
Miller's prod. The Marriage of Figaro. 
■’ Sung extnmelr well by a strong cast," 
Ev. Sid. Fri. 7.00 Dc Rosenkavallcr. 104 
balcony seats avail, for all oerfs. from 
10.00 on day of pert. 


at least, is profoundly clear and 
comprehensible, lt also seemed 
to me a pity that the trans- 
figuration of Mark and Jenifer 
was not given to a more concrete 
stage realisation. A side-effect 
of this was that their offstage 
voices, in “Sirius rising as the 
sun's wheel," failed to climb to 
the top of the chorus and 
orchestra. 

On Saturday, there was one, 
somewhat unexpected newcomer 
to the roster — Mark Hamilton, 
who at short notice stepped in 
for the indisposed Arthur Davies, 
and who played Jack for the first 
time, with attractive shy boyish- 
ness and in sweet true tones; so 
doubt the voice will ring out 
more with longer practice in the 
role. Otherwise, it was a 
splendidly experienced cast, in 
whom freshness and ease were 
equally matched: Felicity Lott 
golden and fearless in Jenifer’s 
difficult music. John Treleaven a 
boldly sonorous Mark. Mary 
Davies delightfully direct and 
un-soubrettish as Bella. Over 
tbe Delphic public address 
system — a slightly disconcerting 
effect, this— Anne Collins sang 
Sosostris* aria with magisterial 
breadth and steadiness. The 
dancers outlined Terry Gilbert’s 
intelligently conceived dances 
with a gleam. It was. in sum. a 
company performance of great 
security and conviction, and in 
opera that, as I was remarking 
the other day, is the highest 
kind. i 

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B3 S l 1 ?, 1 - 8 - Frt - Sat- s5s 

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MOST HILARIOUS PLAY FOR YEARS 


The vagaries of the Northern 
Line deprived me of nearly half 
an hour of Gerrard Thomas's 
first act So I was not told why 
“next year” the British Army 
had gone back to shooting its 
deserters, a practice abandoned 
even in the second world war, 
or why the firing parly, detailed 
without any kind of .selection- 
slept in their boots. “Next 
year,’’ the quality of the Army 
will have diminished sadly, for 
one young soldier, his mind 
turned by the prospect of having 
to execute one of his comrades, 
is able to hold up five of his 
comrades, including a lance- 
corporal, with his rifle, though 
opportunities to disarm him 
occur every five minutes. The 
lance-jack is even asked by the 
neurotic Pte. Santo to move all 
the small arms across the room, 
which he does by stinging them 
over his arm. 

The obscurties are cleared as 
soon as you realise that this play 
is only propaganda to the effect 
that Army service in Ireland is 
demoralising, and that the Army 
should be somewhere else, if 
anywhere at all. So we are given 
a set of toy soldiers from ^ny 
popular tale you like, with a 
barrack-room comic (Tony 
Selby) who of course "turns out 
to be the hero, a fighting Scot 
(Patrick Hannaway) who gets 

ICA Theatre 


Shot for his belief that a firing 
squad is just part of his duties, 
a thoughtful lance-corporal 
(Philip Marchant), and, offstage, 
a sergeant who is a bully and 
an officer who is an ass. 

The sergeant make a live 

appearance at the ead and ex- 
plains that although he has told 
Santo (David Dixon) that tbe 
execution is cancelled and tbe 
disturbance can stop, the truth 
is that there never was any 
execution, the whole thing was 
only an exercise by Psycho- 
logical Warfare. His reward for 
this service (somewhat delayed, 
as the Scot has been lying 
wounded on the floor all even- 
ing and it's been touch and go 
whether he is joined there by 
the rest) is to be beaten up by 
the comic. 

Theu there is a surprise end- 
ing; but since the whole thing 
is such an unbelievable load of 
rubbish 1 would not have been 
surprised if Mr. Callaghan bad 
entered through the roof in a 
helicopter. Service in Northern 
Ireland is about as nasty as 
service can be. I should have 
thought that bolding the forces 
up to obloquy like this was not 
The way to make it better. In 
any case, Mr. Thomas should 
know better than to invest an 
unreal situation and then attack 
it; and this is unreal in detaii 
after detail. 


The Free Fall 

by MICHAEL COVENEY 


The touring group, Foco Novo, 
are back at the ICA with a play 
that both disappoints and pro- 
mises much. Tbe promise is 
shown by a new playwright, 
Colin Mortimer, who combines a 
common sense view of the world 
with a sharp ear for the 
Ayckbournian nuances of middle- 
class speech patterns that dis- 
guise emotional pain and embar- 
rassment. The disappointment 
lies in the ultimately inadequate 
treatment of a fascinating sub- 
ject: the spiritual and physical 
hi-jacking of an ordinary girl, on 
the threshold of drama school, 
by a bunch of Bible-punching 
freaks in the name of Jesus. 

Too much about tbese people 
is left unexplained. We learn 
that the sect is run by a shady 
offstage millionaire ex-1 o r r y 
driver, an American called Abe. 
Roland Rees's fluid production 
never suggests that any of the 
chosen are sincere in their mis- 
sion. the company of eight main- 
taining a sceptical distance from 
their characters that the script 
seems to demand. Nor do we 
learn very much about the actual 
brain-washing techniques that re- 

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duce young Nina (Sharman 
Macdonald ) to a figure of quiver- 
ing indecision between two 
worlds. 

Recent events in Guyana lend 
a neat topicality to the theme, 
but we are spared any scenes of 
mass suicide at the end. Nina>. 
grown strong in her spurious 
conviction, has a child by a 
fellow lunatic and is off to spread 
the word and cheat money in the 
name of charity and the Church 
in Santiago. Simultaneously, we 
are left with tbe sad image of 
her mother weeping among the 
nursery rhyme books. Nina's 
parents, in fact, are the most 
interesting people on stage — 
Dad is a would-be Labour coun- 
cillor working in research into 
cereal crops, while Mum's union 
activities as a teacher go by the 
board in the domestic chaos. 
Mr. Mortimer writes touchingly 
for the oldsters, but his criticism 
of the sect is repetitive and 
oddly uniformative. 

An adept, pleasant company 
boasts good work from Peter 
Wight as a comically rigid 
Svengali figure and Beth Ellis as 
the rejected grandmother. 

THEATRES 


Sing 




Leonard Ban 


At the second .of. its seven 
concerts on Friday evening, the 
London Sinfonietta's * Schubert/ 
Webern series,” which is actually 
the most comprehensive, festival 
of Webern’S music ever devised, 
seasoned with a. sprinkling of 
Schubert, offered another selec- 
tion of unknown, .little-known or 
plain neglected Webern works. 

The special, joys '_ of the peer 
grammes so far 1 have all iff them 
been the Bttle-known . early 
works: at the first concert, -ttie 
Three Orchestra Studies on ff. 
Ground of 1907- (studies for the 
Fassacagifa op. I) and the lovely 
Ini Somrnervjind of 1904; andi.on 
Friday; the very, beautiful' Lang- 
samer Satz of 1905 for string 
quartet— a single ■ movement of 
luxuriant' early Schoenbergian 
... a mi . two very., early 


groups -of songs for mezzo and 
piano composed between 1899 
(when Webern was only 15) and- 
1904. ‘ The later group of eight, 
especially, - showed Webern's 
instinctive grasp of the new 
extended ■ . " tonaSty — ■ echoes 
abound*, of Wagner dearly, in. 
a marvellous “Hesmgang in der 
JPrfihe,” ' and' of Wolf in a 
splendidly : insitent Goethe 
” Blum engross” (though not of 
Wolfs own setting); but they are 
echoes merely, not pastiche. The 
technique is. Schoenberg s, but, 
the voice of the young pupil ts 
already distinct . . 

Performances were of variable 7 
quality. The mezzo soloist in 
warm and easy voice, was Sarah 
Walker— and not as our pro- 
gramme indicated (no change 
was. announced), . AHreda - Hodg- 


To have the aghast wind taker 
out of of one’s sails by the 
object of one’s dismay is dis- 
concerting. The trick was turned 
on Friday night when 1 saw 
Siobban Davies' latest work 
which is set to words and occm- 
paniment by Judyth K nigh t 
Miss Knight, who appears on 
stage with the cast of five girls, 
intoned the following lines iQ 
the flattened sprechgesang which 
is her chosen medium: This is 
decidedly ineird/T his is not what 
I came to see /This is like some- 
thing Tve always feared. My 
sentiments exactly. 

1 have admired Siobh'an Davies’ 
dance pieces from the stunning 
Pitot which first told of her 
splendid gifts. And now she has 
produced an exercise which looks 
like dance-tfaerapy-time in a pro- 
gressive women's prison. Davies 
and her four companions are 
depressing]? outfitted in what I 
can only assume is gaol garb: 
they sit on chairs, and are then 
impelled singly and severally 
into dances while a rhymed text, 
by turns sentimental and arch, 
is dogged at every turn by a 
piano and cello. 

I find myself totally bemused 
by the* event. It is hot, I think, 
satiric; it is then serious, and I 
cannot take one moment of it 
seriously- Limping verse, un- 
adventurous and expressionistic 
dances which even in the best 
number — Davies’ own solo, 
evocative of Jane Dudley's 
splendid Blues — lack that 
originality and poetry that is in 
every other Davies work, these 
seem to me the components of an 
earnest creation 1 cannot, with 
the best will in the world, un- 
derstand or appreciate. Every 
good choreographer produces 
ballets that misfire — they are a 
necessary part of artistic pro- 
gress; I woui dsuggest that this 
new piece is Siobban Davies' 
statutory false step. 

GLEMENT CRISP 

Emily Anderson Prize 

me Royal Philharmonic 
Society has announced that tbe 
fifth competition for the Emily 
Anderson Prize for Violin Play- 
ing win be held in -London at the 
YWgmore Hall from June 27-29, 
1979. There will be four awards, 
of £1.000. £500, £250, and £100. 

The competition is open to 
violinists of any nationality be- 
tween the ages of IS and 30 on 
April 11. 1979. ' - 

Application forms and details 
may be obtained from: The 
Administrative Secretary. The 
Royal Philharmonic Society, 124 
Wigmore Street, London W1H 




ODEON. Leicester S mi are. i930 sin.) 

FORCE 10 FROM NAVARONE (Al. Sen. 
press. BIy„ doors Open 1 .30. A 50 , 7.45. 


ODEON, Marble Arch. W.2. i723 2011 (2.) 
FORCE 10 FROM NAVARONE <AJ. $ep. 
orogt. Diy.. doors open 1.50. 4.50. 7.45. 


UNDER THE 

GREENWOOD TREE „ _ 
"A nowl and refreshing evening," D. 
Tel. “NOT SINCE W"D OATS HAS 
A PRODUCTION BRIMMED WITH SO 
MUCH GAIETY AND GOOD HUMOUR. 
Sun. Tms. “A rlehlv enjoyable evening.' 
Gdn. “ DELIGHTFULLY RICH AND 
REWARDING. 1 ' D. Mir. " Affectionate 
and funny." Gdn. 

















14 


Financial Times Monday December 


FI NA NCI A L TIMES 

BRACKEN BOUSE, CANNON STREET, LONDON EC4P 4BT 
Telegrams: Finantimo, London PSA Telex: S 86311/2, 883897 
Telephone: 01-248 8000 

Monday December 11 197S 


Mr. Vance’s 



RELATIONS BETWEEN the 
U.S. and western Europe are 
changing. They probably 
reached their low point in 1973 
with the Middle East War and 
the oil embargo. Ever since 
then, however, there has been 
a steady improvement to the 
point where today relations arc 
35 good as ever. Yet there has 
also been a shift in the balance 
of power within the Atlantic 
Community. Western Europe 
today is more assertive in inter- 
national diplomacy, and the 
U.S.-more reticent than would 
have -seemed likely only a few 
years ago. 

The change has come about 
without any great Trans- 
Atlantic bickerings or rivalries. 
At the same time, there has 
been no sign that the rise of 
Western Europe and the rela- 
tive decline of the U.S. have had 
any destabilising effect on rela- 
tions -between East and West It 
is almost as if the aim, much 
canvassed during the Kennedy 
administration, of building the 
twin towers of the Western 
Alliance has been achieved 
nearly twenty years after it was 
first Repressed. 

It v,'3s> broadly to this theme 
that Mr. Cyrus Vance, the U.S. 
Secretary of State, addressed 
himself when ho spoke to the 
Royal Institute of International 
Affairs in London at the week- 
end. His speech was of note 
because it was the first time 
that ' a senior member of the 
Carter Administration had 
attempted to make a major 
policy statement on the specific 
question of European-American 
relations. Yet although Mr. 
Vance, was . perceptive enough 
in his analysis' if the develop 
meats .of the past few years, he 
left a number of question marks 
about the future which suggest 
that today's opportunities will 
not necessarily he fully 
exploited. 

The Secretary' of State’s lan- 
guage about Europe was impec- 
cably diplomatic. "A strong 
JionSpe”- he- said, "is good for 
a&trimg America.” There were 
also : references to Europe’s 
assumption of growing respon- 
sibilities, as well as a carefully- 
phrased. welcome for the begin- 
nings of the European Monetary 
System. There was nothing to 
fault either in Mr. Vance's 
emphasis on what he called 
*- the broadened international 
agenda." The items here in- 
clude the changing patterns of 
international trade, future 


energy requirements, nuclear 
proliferation, conventional arms 
control, and - environmental 
protection. 

Yet it is one thing to list 
the items and another to do 
something about them. Most of 
those subjects have dominated 
foreign policy seminars, especi- 
ally in the U.S., for more than 
a decade. As problems for tiie 
future, they were foreseeable 
and foreseen. It is, of course, 
welcome that they should now 
be recognised by heads of Gov- 
ernment, and it is no less 
welcome that there is now a 
wider official recognition of the 
interconnection between events 
in the economic and political 
fields. The weakness of the 
dollar, for example, could not 
go on indefinitely without having 
a corresponding effect on 
American power, though it took 
some years for that fact to be 
generally accepted. 

At the same time, however, it 
is hard altogether to avoid 
suspicion that the Americans 
have come to feel virtuous 
merely because they have 
acknowledged the problems, 
and that the Europeans have 
come to feel mature merely 
because the Americans bav 
become less confident. That is 
a quite different matter from 
reaching solutions. Indeed, it 
makes the present relative 
harmony in the Atlantic Com- 
munity seem almost fortuitous 

Opportunities 

The fact is that this coinci 
dence of events has brought 
about quite remarkable oppor- 
tunities. It is indicative of the 
improvement in .US-European 
relations that the Carter Admin- 
istration has been able to 
involve itself so deeply in the 
Middle East without running 
into European sniping. But 
there is also a chance — not yet 
taken — to reform the inter- 
national monetary system in a 
way that would take some of the 
burden off the dollar. There is 
a chance, too, to complete the 
North-South, dialogue on trade 
with developing countries. In 
much of the rest of the world 
today, the situation is fluid. In 
the Atlantic Community, it is 
ripe for co-operation. But to 
achieve it will require more 
than rhetoric and more than 
good intentions. Mr. Vance's 
speech was strong on the latter. 
It has yet to be seen whether 
either Europe or America is 
ready to put them into practice. 


Criteria for 
intervention 


MINISTERS AND civil servants 
have often been tempted by the 
idea of picking out certain in- 
dustries as likely ** winners ’’ in 
international trade. The 
notion is tbat in, say, diesel 
engines or construction equip- 
ment or office machinery British 
companies have achieved, or 
car. be encouraged to achieve 
with appropriate support from 
public funds, a position of inter- 
national leadership; the Govern- 
ment should do everything it 
can to build on these strong 
points, whether through inter- 
vention by the National Enter- 
prise Board, preferential pur- 
chasing by state-owned corpora- 
tions - or straight financial 
assistance. This selective 
approach has been tried in other 
countries, notably France; a 
firm of international manage- 
ment consultants has recent!'- 
suggested that Sweden should 
follow a similar course. 

Similarities _ . 

The problem is that the 
criteria on which the selection 
should be based are extremely 
difficult to define. The difficul- 
ties are usefully illustrated in a 
report published today by the 
Sussex European Research 
Centre, which compares the 
structure and competitiveness of 
-the engineering industries in 
Britain,- France and Germany. 
The dominance of Germany in 
this field, is well-known; in 1975 
Germany accounted for 22 per 
cent of all OECD exports of 
engineering products, compared 
with 9.2 per cent for the U.K. 
and 8.3 per cent for France. But 
what is interesting is that 
Germany’s superiority extends 
over virtually £11 engineering 
products and branches. 

The industries of the three 
countries are similar to each 
other in composition, make-up 
of costs and pattern of factor 
inputs. The report concludes 
that the German industry can- 
not be said to have been suc- 
cessful by specialising in par- 
ticularly favourable branches or 
product groups. The “struc- 
ture ’’ of the industry is no more 
conducive tu competitiveness 
than that of Britain or France. 

Branch by branch compari- 
sons carried out by the authors 
have not unearthed any secret 
weapons for achieving success. 


Indeed, they cast doubt on 
some of the often advocated 
ways of improving performance. 
While there appears to be a 
positive association in both 
Britain and Germany between 
high pay and trade performance 
(indicating the importance of 
human capital in competitive- 
ness), there is no such rela- 
tionship between investment 
and export success: by one test 
it is the less . capital-intensive 
sectors in Britain which show 
a better trade performance. It 
is not the amount of Investment, 
but the way in which the in- 
vestment is used, which deter- 
mines whether particular sec- 
tors and companies are success- 
ful in world markets. 

In all three countries there 
is a positive correlation be- 
tween the proportion of output 
exported and the extent of im- 
port penetration of the home 
market for the same general 
categories of products. This 
suggests a strong element of 
specialisation and intra-branch 
trade within the various 
branches of engineering which 
can be vital to their efficiency. 
The idea that "an industry 
should be protected from im- 
port competition while it re- 
builds its international competi- 
tiveness has always seemed 
dubious and this evidence rein- 
forces the doubts. Import bar- 
riers, by reducing the spur of 
competition, may make it less 
likely that the hoped-for recon- 
quest of the home market will 
be achieved. 

Middle ground 

Most selective industrial 
policies take the form of 
stimulating the high-technology 
sectors and preserving the ones 
in decline. Since these two 
extremes are much the same in 
all the advanced countries, the 
efforts of each government are 
likely ‘ to be matched by its 
competitors and so in the end 
to ‘ be self-defeating. In 
engineering, as the Sussex 
study points out, most branches 
lie in the middle ground where 
it is much more difficult to 
formulate criteria for inter- 
vention. 

If governments try to identify 
which particular engineering, 
products have the best export 
prospects, they are almost 
certain to get it wrong. 



By MARTIN DICKSON, Africa Correspondent 


I NCONGROUS IN the muggy 
heat of the Ghanaian 
December, a tinny recording 
of Oh Come All Ye Faithful 
sounds out across an Accra 
department store and its pathe- 
tically empty shelves. 

With inflation running in 
triple figures and with an acute 
shortage of all types of con- 
sumer goods, many Ghanaians 
have come to have as little faith 
in their military rulers of the 
past seven years as the Bank 
of Ghana has foreign exchange. 

It is difficult to convince them 
that since last July the Gov- 
ernment had embarked on a 
sensible course of corrective 
measures which, if they are fol- 
lowed through properly, might 
restore Ghana to economic 
health during the next 30 
months to three years. People 
cannot wait that long. 

The country’s deep-seated 
economic discontent has been 
demonstrated most clearly in 
a wave of SQ strikes and lock- 
outs since last May, involving 
more than 70,000 workers. 
These culminated last month 
in a series of stoppages by civil 
servants and workers in esse a? 
tial services (Accra was with- 
out power for 36 hours ) which 
forced the government to 
declare a state of emergency. 

Soldiers and 
politicians 

It is against this inauspicious 
background that the military 
Government of Lt-Gen. Fred 
Akuffo is preparing to hand 
over power to a civilian admin- 
istration next July. 

It is hard to be sanguine 
about this operation. For one 
thing, it has been preceded by 
a running battle between the 
soldiers and Ghana's politicians 
and large professional . elite 
about . whether political parties 
should be allowed, under the 
new system. 

Right up until the week be- 
fore last, the military was in- 
sisting that there must be no 
political parties. Instead, Gen. 
Akuffo proposed a " no party ” 
interim National Government 
for at least the next four years, 
to see Ghana out of its econ- 
omic mess. The politicians 
argued that this- would simply 
not work, and they won the day: 
Gen. Akuffo then announced 
that the Government's ban on 
party politics — imposed when 
his predecessor, Gen. Ignatius 
Acheampong. overthrew the 
elected Busia Government in 
1972— would be lifted from 
January 1. 

But even within a party poli- 
tical framework, it is not easy 
to see a leader emerging in the 
next six months of the stature 
which may be demanded if this 
demoralised, drifting nation is 
to find its feet again. 

Certainly, Ghanaians are well 
aware that a return to civilian 
rule, however welcome in itself, 
is no automatic panacea for the 


country’s economic and political 
iHs. If anything, it will be 
harder for a. civilian government 
to continue the hush economic 
measures so necessary to restore 
balance. 

Under the Akuffo Govern- 
ment there has been a very sub- 
stantial improvement in Ghana's 
political and economic climate 
compared to last 'July, when 
Gen. Acheampong was forced to 
step down by his fellow officers. 

Gen. Acheampong had 
brought political tension to an 
intolerable pitch by his pursuit 
of the unpopular idea of “Union 
Government ” — an alliance of 
the military, police and 
civilians. At the same time, his 
administration’s increasingly 
unstable economic policies had 
contributed to a severe drop in 
living standards. 

Admittedly, the 1973-74 oil 
price rise and two years of 
serious drought made the 
Acheampong Governments task 
very difficult, and in part 
explains why real GDP fell by 
5 per cent a year in both 1975 
and 1976 and has virtually 
stagnated since then. But the 
regime's policies aggravated 
its problems. 

Gen. Acheampong refused to 
devalue Ghana’s greatly over- 
valued currency, the cedi, 
which on the black market 
fetched less than a tenth of 
its official value by the 
time he fell. (His refusal to 
devalue was largely political, 
for in 1972 he had given a 44 
per cent devaluation by the 
Busia Government as one of his 
main reasons for staging a 
coup.) 

At the same time, deficit 
financing reached extraordinary 
proportions: in the 1977-78 
financial year the budget deficit 
was more than cedis 2 bn — 
roughly equal to expenditure 
for the previous year. The re- 
sultant recourse to the printing 
presses was a major factor in 
pushing the annual inflation 
rate towards 150 per cent. 

Realistic 

policy 

Ghana's habitual balance of 
payments difficulties,, stemming 
from a high import propensity, 
grew worse and worse; By the 
end of April, the country had 
accumulated short-term debt 
obligations estimated at 
Cedis 403m. The /pipeline for 
delayed payment* for imports 
still stretches vyiell back into 
1977. / 

It was in June, just before 
Gen. Aeheampong's fall, -that 
the Government began to move 
hesitantly towards a more real- 
istic economic policy, beginning 
a gradual downward adjustment 
of the Cedi. 

But it was only after Gen. 
Akuffo took over that a more 
thorough-going change was in- 
stituted: by August the Govern- 
ment had devalued by 58 per 
cent, compared to June and in 
September it brought in a neces- 



General Akuffo votes in the local elections last month. Restoring democracy at national level 

wiH be more difficult. • " 


sarily harsh budget designed to 
slash the budget deficit back to 
Cedi 800m for 1978-79. 

Last . month Gen. Akuffo 
sternly held firm against the 
public sector strikes which, if 
they had achieved the workers’ 
demands, would have substan- 
tially Increased the deficit In- 
stead, the civil servants' strike 
collapsed in the face of a 
Government ultimatum. 

The Government is now nego- 
tiating with the IMF for draw- 
ings on ,its first and second 
standby credit tranches which 
are for a little over $5 0m. 
Although the IMF is understood 
to feel the Cedi is still over- 
valued, the Government hopes 
to reach an agreement with the 
Fund by the end of the month 
which will act as a catalyst in 
re-establishing /-Ghana’s inter- 
national cr edit -worthiness. 

The Government has also 
begun investigating some of the 
maladministration and high 
level corruption which marked 
the Acheampong years, although 
cynics say that many of the big 
fish will escape. 

An inquiry has been launched 
into the affairs of the Cocoa 
Marketing Board but it is far 
from dear whether this will 
shed any tight on one of 
Ghana’s biggest mysteries of 
what happened to its cocoa 
money. Why should it be that 
at a time of record world prices 
in 197& and 1977, the country 
should have still been suffering 
such severe foreign exchange 
problems? 

This can . be partially ex- 
plained by the serious decline 
in Ghana's production of 
cocoa, which lies at the heart 
of the country’s economic diffi- 
culties. Ghana produced a mere 


263,000 tonnes last year— its 
lowest figure since the late 
1950s. Poor prices for the. 
fanners were only one of several- 
reasons for the decline of the 
crop. 

But in part the cocoa mystery 
can also be explained by smug: 
gling of the crop across the 
borders to the Ivory Coast and 
Togo in search of convertible 
currency. 

Yet substantial stuns of money 
— running into tens of mil] ions 
of Cedis-^still seems to be un- 
accounted. for. Could they haVe 
been spent on equipment for 
the army or salted away in 
Swiss bank accounts? ■ 

Politically, the Akuffo Gov- 
ernment’s record is more open-, 
to controversy, but It has 
brought in a series of measures, 
which have undoubtedly helped: 
to create a- more conciliatory 
climate. . « 

It has released all the 30ff or 
more political detainees held 
by the Acheampong Govern- 
ment. a . large proportion of 
whom were arrested after a con- 
troversial referendum off 
“ Union Government ” last 
March. It has also 'given the 
Ghanaian Press a very large 
measure of freedom. 

In fits and starts, the Govern- 
ment has also moved away 
from the " Union Government " 
concept Instead. General Akuffo 
first proposed hfs “no party" 
interim National Government 
which would hold power for at 
least four years pending a final 
decision on the system of gov- 
ernment best suited for Ghana. 

But the week before last he 
was forced to back down on 
this, partly because of persistent 
civilian demands for a party 
political system and partly 


-because of the embarrassingly 
|ow poll recorded last month in 
local council elections . held 
under the “ no party politics ” 
ruling. 

In what appeared- to . -be; a 
face-saving exercise, General 
Akuffo still insisted that the 
political parties should . come 
together next July, in a Gov- 
ernment of National Unity. But 
only a few people take ms atti- 
tude very seriously. Thffbelief is 
that if one party emerges-- next 
July with a clear' majority. 4hen 
it will form the. government and 
.there is nothing the army can 
do to stop this. 

. • The local council ^elections, 
during which covert party 
activity took place, have already 
shown that from January 1 poll-, 
tics in Ghana is likely to be. 
organised very much along the 
same tines as before - the mili- 
tary stepped in. On the; one 
hand there is the Progress Party 
.of the late Dr.- Busia r do the 
other is the Convention People’s' 
Party of the-' late-' Kwame* 
Nkrumate - ' •' ; ; * 

If the \ocal council "elections 
are anything, to go by — . and 
given the low turnout they must 
be of dubious value— the Pro- 
gress J’arty- would at . present 
appear best- placed to. win., an 
election. However, both, it . and 
the CPP could 1 -well-, suffer 
leadership problems.' ...Neither 
party currently seems, to have- 
a leader acceptable tb - all fac- 
tions. ' ; 

Nor Is It yet clear whether the 
next leader of Ghaha vriil be a - 
prime minister, as under the 
suspended" 1969 constituBonT or" 
an executive president on the 
American model, as suggested 
by a Constitutional Drafting 
Committee which has just 


reported to the- Government 
This - '-will - depend on the 
deliberations of a Constituent 
Assembly', due to start work' this 
week, which is expected- to prof-, 
duce some strong demands fgr 
a return to the"' 1969 system. - ^ 

It is indicative of the high 
degree of muddle, conflict and 
ambiguity which has character- 
ised Ghana’s entire programme 
for a return to dvttfcm rule, 
tbat it was less than two weefe 
before Che Constituent AsspoO^y 
- was. " dine to ’ ‘meet that- \ the 
Government finally announced 
how its members were to be 
-selected. 

Cynics, of whom Ghana has 
-more than its- fair "share nowa- 
days, .would argue that the mill-, 
tary’s prune purpose throughout" 
this exercise has been tn safe- 
guard those people most dosely 
associated with the Acheampong 
regime. . •./.•' _ 

There seems little doubt that 
last July's coup and 4hff reforms 
which have taken place since 
were prompted at- least in part 
by enlightened ’self-interest as 
weU.as national interest 

The former. Head of State re- 
mains In detention, apparently 
weH. treated. It remains un- 
clear what his fate wiH be but 
the military seems unlikely to. 
want to take, any punitive action 
which might set a precedent 

Disillusioned 
and cynical 

Whatever history^ final ver- 
dict bn the Acheampong years, 
there can be little doubt that the 
military is returning to barracks 
leaving a country .which ■ has 
grown weary; demoralised, dis- 
illusioned and cynicaL 

Ghanaians; are stared " of the 
economic chaos, of the past few 
years which has produced per- 
sistent shortages , of the most 
basic commodities — beer, cigar- 
ettes, soap, toothpaste, toilet 
"paper. 

-Because of shortage bf foreign 
exchange factories cannot get 
raw materials and spare parts 
and are thus operating at less 
than 30 per cent -of .capacity. 
The peopkh.are -tired of an in- 
flation rate whiofa means that 
one yam (enough for one meal 
.for six) costs Cedis 5 to- 7, while 
the ' dafly . - minimum j wage is 
Cedis 4- . 

Ghanaians are' immensely dis- 
illusioned with the. military yet 
at the same time they are drift- 
ing with no clear political goal. 
After experimenting with Nkru- 
mahism, twp_ military regimes 
and the short-Hyed Bushi ad- 
ministration, the country which, 
when it was granted independ- 
ence 31 years ago, was regarded 
as an inspiration to Africa has 
Tffgr-ns-way: ’ 

A daunting task , awaits the 
government which will take 
office next July and the leader 
brave enough to head It 



Stopover for a 
Pan-European 

For once the norm ally-air- 
borne Lord Kennet stayed 
long enough in one place for 
me to track him down. He was 
to be precise dissecting a 
herring, at home in the elegant 
Bayswater Road house where 
James Barrie wrote Peter Pan 
a century ago. 

Peter Pan had the enviable 
talent of being able to fly. some- 
thing Keane t dearly wished for 
himself, as we talked of his 
appalling timetable as a 
Euro-MP. His days seem to be 
spent mostly either un an 
aeroplane waiting for an 
aeroplane, or being somewhere 
he would not be if there was an 
aeroplane to take him away. 

“It’s quite simple," he said 
amiably. *’ If you’re on top you 
want to stay there." The Council 
of Ministers was not interested 
in a “workable" Parliament 
and therefore consigned its 
MPs. staff, and tons of 
documents to a life of “ beating 
up and down the motorways of 
Europe.” 

Apart from the inconvenience 
and cost of moving endlessly 
between Brussels, Strasbourg 
and Luxembourg, the last two 
were, he said, “ hopelessly 
served ” by aeroplanes. If it 
were based in Brussels, the 
Parliament would be at least 
twice as effective, precisely what 
the Council of Ministers did not 
want. 

Perhaps not only the Council 
of Ministers, Kennet recalled 
with nostalgia the halcyon days 
of the “ champagne special ” 
charter service between 
Strasbourg and Heathrow, 
grounded by the Civil Aviation 
Authority. 

‘There was a long battle 
about whether we were VIPs or 
not. The CAA said we weren’t 
so we weren't allowed the 
charter." Then followed a brief 
Indian summer when the leader 
of the Labour delegation, John 
Prescott, was allowed to be a 



Tf you invent dynamite things 
are going to blow up 
occasionally." 


VIP and could confer VEP-dom 
on the remaining 70 British and 
Irish MPs and officials who used 
the service. That too ended. 
And now it is up to John Smith, 
the new Trade Secretary, to 
tackle the politically thorny 
question of whether Euro- 
persons do or do not belong in 
the VIP lounge. An appeal has 
also gone directly to the Prime 
Minister. 

And was it all worth it? 

“At the end of each week X 
come back and ask what I have 
done for the good of mankind,” 
said Kennet as he rushed off to 
secure an East End nomination 
for next year's Euro-elections, 
“ I become very doubtful." 


Eating out 


Coping with unemployment is 
not an exclusively British head- 
ache. Australia too has seen its 
jobless figures rise from one 
per cent to over seven in a few 
years, a total of nearly 500,000 
people. Despite ibe severity of 
the problem, the country was 
somewhat taken aback last week 
by the suggestions of Vera 


Routley. head of economic 
studies with the Department of 
Employment. 

His job is keeping a govern- 
mental eye on the jobs situa- 
tion, which task has led him to 
a robust belief that unemploy- 
ment is going to be a way of 
life for many and that they — 
school leavers and older people 
— should be “ trained to a sub- 
sistence life-style." 

He did not specify -whether 
this means eating kangaroos or 
selling beads. But whichever it 
is. it is going on in New South 
Wales, he says, where a steady 
inflow of young dropouts 
mingle with people near retire- 
ment age who have no intention 
of working again. 

Some, opined Routiey, in a 
fascinating synthesis of right 
and left wing thought, tended 
to be critical because - of a 

Puritan work ethic." Actually 
the trend towards going bush 
could be seen as “ quite 
desirable.” 


Pretty lies 

It is as if we wanted to be 
reassured that things are not 
what they seem ; like fake 
jewellery, forgery is the latest 
fashion. And last week was a 
particularly good one for 
forgers, with dealers bidding 
avidly for their work in the 
smarter London salerooms. 
Most in demand was the 
mysterious Spanish Forger, two 
of whose completely bogus 
medieval miniatures sold for 
£320 each at Sotheby’s. Care- 
fully painted on a 15th-century 
choirbook with the gold delibe- 
rately cracked, they were pro- 
duced around 1900, but con- 
vinced at least their owner that 
they were worth selling. When 
she was told the bad news that 
they were no more medieval 
than she was, she left them un- 
collected at the saleroom. 

Since then the Forger has 
become so well regarded that the 
Pierpont Morgan Library- earlier 


this year mounted an exhibition 
entirely devoted to him. And 
the miniatures were eventually 
rescued from Sotheby’s dead 
letter department, their owner 
contacted, and the world invited 
to name a price. 

The Spanish Forger is as 
much admired for his commer- 
cial as for his artistic talents. 
Over 150 of his works, both 
miniatures and larger panels, 
have recently come to light, and 
although every effort has been 
made to discover his identity. 
all that is known is that he 
pawed off his productions 
through the French antiques 
market. 

Even the British Masenm has 
since discovered it has been 
taken in by bis painstaking 
attention to detail. He was 
always careful to use original 
vellum, and select subjects such 
as damsels In: distress and Walt 
Disney-like castles which 
appealed to the growing popular 
taste for the. medieval. 

Over at Bonhams that scourge 
of Vermeer specialists Hans 
van Meegeren had a timely 
revenge. He suffered in his 
time for forging the Dutch Old 
Masters, but on Thursday an 
original signed portrait of his 
spouse was deemed good 
enough in its own right to fetch 
£420. I doubt whether the be- 
wildered art world looks for- 
ward as much as X do to a first 
spate of newly-respectable fake 
fakers. 


Disturbing thought 

From a - Birmingham staff 
magazine; "Trading figures, 
show a disappointingly., small 
increase, and I hope all mem- 
bers will see- in them an -incen- 
tive to strive harder. Two years 
ago we had no rival. Today we 
are confronted by one who is 
literally breathing down our 
necks.” 


Observer 



harassed parent a break 
on Saturdays. 

I find it gives me 


99 


- Ron Emm is fin admin isfara trve officer 
with Barnardo’s. But, as often as he rlqn, 
he gives up his spare time to heip at'otie of 
.our Saturday Clubs for mentally-.- - . - 

handicapped children, temporarily 
rdieving a parentof what canbe a 
crushing burden. This is one tiny, but 


min need. 

- Volunteers like Ron are essential to -' 
Barnardo’s. Also, essential are the funds to 
enable us to continue. Caring for children ! 
demands a : gteat deal of money. Willyou ' 


Send. your cheq ugPQ , made payable in Dr. Baraardn’s.' 

to: Bernardo s. FTE ._ ; -j. 

Freepost, Ilford, Essex IG6 1BR, - . •• . . - 






r . 










-- 

•" »«.i ;-... *< 


v- :•’ 


Disillusion : ' 

and cynical '! 

' i 

\ - - . — ; ! 

■ • i 

'“r:^ i 


The Association of International ’ 
Bond Dealers (AIBD) compiles. ; 
currentmarket quotations and yields 
for Eurobond issues. These •■•; v ; 
quotations and yields are published 
monthly by the Financial Times: . 

The Association’s prices and yields - ; 
are compiled from quotations obtained 
from market-makers on the last 7 V7 
working; day of each month : there- : 
is no. single stock exchange for ; 
Eurobonds in the usually recognised ; 
sense-secondary market trading; 
business is done on the telephone 
between dealers scattered across the 
world’s major financial centres. 

Membership of the AIBD (which w^s 
established in 1969) comprises over ,. 
450 institutions from about 27 ’ . 
countries. . 

A key to the table is published ; 
opposite. • V r .. 


Eurobonds in November 


BY FRANCIS GHILES 

Fortunes were very mixed in the Eurobond 
markets last month: the dollar sector was look- 
ing for a new level, trying in assess the effects 
the Carter package raighi have on the dollar 
and interest rales while DeulscheMark 
sector suffered a redewed bout of indigestion, 
this time on the Japanese convertible front. 
Rising domestic interest rates in Germany made 
the indicated yield cm some new issues un- 
attractive and led, early in December, to the 
cancellation of two issues, the borrowers not 
willing to accept that a higher coupon was a 
prerequisite to good placement. 

The dollar sector spent much of its time last 
month running ahead of itself: this is not the 
first time this phenomenon has been in 
evidence. Prices moved up. often over a period 
of days, but then a technical reaction occurred 
as it became clear the market was overbought. 

This does not mean to say there was no 
buying: during the third week in November, 
institutional investors were heavily io the 
market, in sharp contrast to their behaviour 
immediately in the wake of the Carter package. 
It was a case however of too much money 
chasing too few bonds in a situation where 
dealers* inventories had been cut to the bone 


because of the ever spiralling cost or money. 
Alfbough the rather better demand than 
expected for the Norsk Hydrn bond, ;he first 
straight dollar issue to be floated io more than 
two months suggested that some institutions 
were starting to invest long again, most 
evidence suggests institutional investors are 
largely sitting on the fence. 

Some market participants feet that bonds 
are being bid up to grossly over-valued levels, 
essentially a reflection of hectic short term 
covering activity. These same participants are 
just keeping their fingers crossed in the hope 
that the better than expected performance of 
the Norsk Hydro bond, which was quoted in 
early trading at 971-98* wuuld encourage other 
houses to test the water. This would have the 
benefit of mopping up some of the excess 
liquidity and at the same lime help the market 
find a new yield level. 

When the calendar in the DeulscheMark 
sector for the six weeks up to the Christmas 
was announced at the beginning of the second 
week of November, many bankers were In- 
credulous: DM 1.6bn is a large figure, even for 
the German market and there had been some 
symptoms of indigestion in Cctoher. 


The calendar was opened by a DM 400m 
offering for the World Bank which had been 
delayed for two weeks because of adverse 
market conditions and the. uncertainty resulting 
from the possible issue of up to SlOhn worth 
of U.S. Government foreign currency bonds. 
Even though prices moved up on certain days, 
the impression of softness was unmistakable: 
at the end of the month, the DM 150m con- 
vertible for Sharp ran into rough weather. 
Demand was very weak, as had been the case 
with the Nippon Yu sen issue which real Im- 
proved to be a dud in the secondary market. 
It was being traded, in early after market 
business at 94-85. Clearly some of the specula- 
tive charm of these Japanese convertibles has 
been removed in recent weeks: the Japanese 
stock market has been going much less fast in 
the past two months and more recently the 
Yen has weakened against the DeulscheMurk. 

AH this suggests that the standard 3£ per 
cent yield may have to be firmed up in the very 
near future. The list of Japanese convertibles 
in the first three months of next year to be 
floated in this market is quite formidable and 
includes a DM 200m issue, tbe biggest con- 
vertible ever in this sector for the public 
utility. Kanzai Electric Power. 

Matters did not improve at the beginning of 
this month: Westdeutsche Landesbank was 
forced to increase tbe coupon on Occidental 
issue it was about In price by 1 of a point to 
6$ per cent after Deutsche Bank announced 


two new bonds, one for the Republic of Brazil, 
the other for Oesterreichiscbe Kontroltbank. 
with coupons higher than bad been anticipated. 
Clearly Deutsche Bank felt that with the rise 
in domestic interest rates, German investors 
had to be offered more attractive yields if 
they were to continue buying foreign DM bonds; 
demand lor the Republic of Brazil issue is 
reported to be very good while the 
Ocstcrreichische Kontrollbaok was priced above 
par. 

Last week, two issues were cancelled: the 
borrowers were apparently unwilling to accept 
a higher coupon than the one which the banks 
bad suggested to them a few weeks before. 
These rather unhappy few weeks suggest that 
some recent issues have not been placed in 
firm hands. Were the dollar sector to reopen 
seriously in the new year, the effects on the 
Deutsche Mark sector could be bard felt, 
especially, if heavy calendars of new issues 
continue to be the order of the day. 

The first SDR issue in three years was floated 
last month, just as the dollar denominated 
sector was reaching its madir: the issue was 
small, SDR 25m (S32.5m) but received better 
than expected. Demand seems ■ to have come 
from central banks more than private investors. 

Tbe French Franc sector witnessed has had 
a smooth run: a bond for Eif Aquitaine was 
launched, to be followed by another private 
French name. Whether it is announced before 
Christmas or not is as yet unclear. 











m mmmm .m 

M ****** is 1 *#' j 'l| 


7: > 




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CONTENTS 

GROUP HEADINGS PAGE GROUP HEADINGS; RAGE GROUP HEADINGS PAGE 


US Dollars — Algeria. 
—Australia 
— Austria : 

— Belgium '. 

—Bo Una 
—Brazil 

US n ^H» r ^ . fanaifa 
— Colombia - 
—Denmark ' 

; . — Finland ... . • 

US Dollars— France 1 ' 
—Gabon.. 

— Germany • ‘ 

. —Greece 

USDollars-r-Houg JConar 
—Hungary . - 
, —Iceland , 

US Dollars— Ireland 
— Israel;. ; . 

■_ —Italy- . • 

. ‘ —Jamaica 
US Dollars— Japan ' 

•• J - * —Korea. ■ - 
■ —Luxembourg , 
riffeadco 


—Netherlands ■' L;- . 17 

US Dollars — New Zealand 17 

—Norway v. 17 

— Panama ' 17 

*--• —Papua’ . .'T-. v 1 " 

— Philippines V- ’ 17 

—Portugal /:■ .17 

US Dollars— Singapore/ 17 
— South Africa- .17 
—Spain ■ v. : 7 . 17 

•j~ —Sweden -. 1 IMS 

US Dollars — Switzerland ’ 18 
— ‘ Venezuela * 18 

—United Kingdom 18 
— United States 18 

US Dollars — Mulfi national. 

• • -mSapraiiafibnai 18 

US Dollars— Floating Rate 18 
_■ Australian Dollars 18 

Bahraini Dfpars 18 

AostriauSchlllings 18 

. Canadian Dollars 18-19 

.. Buroguilders ' 19 

■ Euro Composite Units 19 
Eurocurrency Units 19 

, Euro Units of Account 19 


French Francs 19 

Hong Kong Dollars 19 

Japanese Yen 19 

Kuwait Dinars 19 

Kroner (Denmark) 19-20 
Kroner (Norway) 20 

Luxembourg Francs 20 

Saudi RiyaJs ■ 20 

Stcriing/DM 20 

Australian Dollar/D M 20 
External Sterll ng Issues 20 
■ A Special Drawing Eights ' 20 
\ConvertibIcs — France 20 
4 . —Hong Kong 20 

*1 —Japan 20 

\ — Luxembourg 20 

\ — Netherlands 20 

Convertibles — Singapore 20 
— S. Africa 20 

—Sweden 20 

— Switzerland 20 

— UJEL . 20 

Convertibles— U.S. 20 

- The table of quotations and 
.yields gives the latest rates 


available on 30th November, 
197S. This information is from 
reports from official and other 
sources which tbe Association 
of International Bond Dealers 
considers to be reliable, hut 
adequate means of checking 
its accuracy are not available 
and tbe Association does not 
guarantee that the Informa- 
tion it contains is accurate pr 
complete. 

All rates quoted are for 
indication purposes only and 
are not based on, nor are 
they intended to be used as 
a basis for. particular trans- 
actions. In quoting tbe rates 
the Association does not 
undertake that its members 
will trade in all the listed 
Eurobonds and the Associa- 
tion, its members and the 
Financial Times Limited do 
not accept any responsibility 
for errors in the table. 


COMPILED FOR THE ASSOCIATION OF INTERNATIONAL BOND 
DEALERS BY INTERBOND SERVICES LTD. * sr 5 


be story behind Market- . ; 
I ‘ . maker6il is the storyof ' 
i . Rabobank: A^more 

than 80 years of steady growth, . 
Ra bcfoank occupies one of the 
; mdst prominent positions 
amorigk the leading bank 
\ organisations of Holland. ._V.V 

■Withastrong 
agrkxdtural background, 
dentrale Rabobank heads a 
cooperative banking ' . . ; 
organisation with over 3100 ■ 
offices ahete combined 
balance sheet total exceeding, 
61 bilHonDutch guilders 
(in excess of OS $ 26 billion) in .* 
1977. ■ * 

- Rabobank continuous^ . ; 
extends its activities also 


internationally; and is now 
operating as Marketmaker 
611. in Dutch Domestic Bonds 
and Euroguildernotes. 

Considering the 
number of issues, in which 
Marketmaker 61 1 is quoted in 
the AIBD Quotations and 
Yields; it might be very worth- 
while to get i n touch with the 
T)utch Masters in Banking’' 

Rabobank is also 
contributor to the Reuter 
Monitor System under page i 
axle RABA-B. 

Centrale Rabobank, Holland, . 
St Jacobsstraat 30, Utrecht, 
TradingTel: (030) 362410, , 
Telex:10161 


Rabobank S 

Dutch Masters in Banking 


MEMBER Of UNtCO BANKING GROUP. " 


Already the established leader in the synd icated Douglas McM illan has for the past iiveyears 

loan marke t. the Chase Merchant Banking Group is been Mana^i ns Director of a Japanese international 

„ nowiapidlv broadening it> >cope. merchant hank, (el lowing a career with a major US 

After ies* than three years in the bun bond. investmen t h». *t i>c. 

business, \vc ha\e j« uneJ the w n ks of lead, managers- An J Wi 1 1 iam Steen, was the Managi njj Director 

Three issues have a J read v been arranged in 3978. .is well of a prnminen t A merican i nvesrmen r banks London 

as a num her of s Leable placements in. varicots cunencies .urot ip.The nppi >inmu:nr i >f these seasoned i nvestment 

and markets. bankers is clear i indication of the commitment to 

Mcrch an t banking coday iequi res size, professionalism wirhin the ChaseGroup. 

fleadbilin; and globa l resrurces— all ot which the Chase By expanding i rs ser\ices and recru iting the best 

Group have in «tcat measure. peoplea\ r ailable I the Chase Merchant Banking Group is 

Three new' Executive Directors have joined the ableto provide an increasingly comprehensiv e servie e 

Group prec iselv because rhev believeChase has the thacal lows its cn* comers romasrmise the =s i±. 

T^nirccsand expertise to gainan increasing share of bicnetits derived tfom each transaction, j — 

this business by ottering abetter service to its customers. This is just one further iflusrration. It II 

Michael Hohnnnn was previously a Director of a ofhowChasejshilllllinfl its philosophy 11 l| 

major German private bank and amemberoi its that “better bankers m^ke Chase ," _ 

management committee, adding to the experience he a better bank? 

had already gained during six years with, a leading US C §CJ 

investment banli 

rniif v» , <Han f _'iL r- ntr:. FtK*' - :* 4‘5A"N'>winprn:ir.»iixi>i‘": 3 rLS ^sx-nr*! .hhp.'-v m ■ 

OW^EXOmyCt»C&l!I^E£W^MnSXAlUK.9ie:&£UIIS;BWdSSIC.CO«Cl u <«'i.'&L'B>.' I 4.W&i^M»rKi.K.rjrT-;i, ? -.H: c.uj.,: rj. re ..r-, iny'i ui^ip.rJiLfj V'j-i 

WJC r uykit'^ r.LI [1AUW. Jtlh. J. jT'j]! JJT. : W I JL ' ' 


Cu:i .' Wv'iJilimiMii rtett I tkiui.iiiM,Mill.<ii, A lnh jrl tHUuni Steen. 

Committed to professionalism 
in international finance. 










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VS D0LLAF5-4LGBRU 


1977 MB HE B'JIiZilS 
100.00 9.00 ISt 0/1989 


93 3/8 3.71 10.54 9.** » 1JO 

uun uninno 


OS TMUAHS-iHSISALIA 


Z5M 


M.ro 

23.00 
ilUM 

40.00 

10.00 


30.00 


30.00 
2d. *0 

82.00 


1977 

100.50 

MH 

100.00 

1977 

100.00 

1877 

100.50 

1975 
99.50 

i«;s 

100.00 

1976 
99.50 


aulsk tamnik , 

9.50 15/ 4/1989 

inmxLia cm am cmr 
10.25 1/12/19U' 

ADSTRJC.UH KW 6 SHHTC 
9.ZS IS l b/I99Z 
issmiUB Ufookcts 
8.25 1/12/1982 

AS5XULUS RESOURCES 
9.75 1/ 6/1980 

iXBZPALTAS lESOLKc CS 
9.50 If J/19SJ 
AWTPAIIAX SKIP COW 7 
8.25 If 9/1983 


91 3/4 10-37 


99 


3/8 3.00 
1.0 
1/4 13.54 
. 10.03 
3/8 4.QO 


97 
93 

9B5/B 1.67 
59 


I 1/8 ».25 
3.79 
i 3/8 4.75 


iwi^nwo 

9.61 9.51 18.11 
1.63 308.00. 

10.J3 9.UJ8.M 
10.12 9>38 

100.08 

9.74 9.58 

i.ra ioom 

4.4B 8.65 

101.50 


49 .79 

1985 sun 

30 6J5 

U7B 1970 
30 un 

2993 091380 
30 

in. 

30 

1979 

30 1.20 

1971 93197$ 
90C 

1980 


30.00 


1977 smefs TO2. POOPS 
>9.50 8* CO 1/ 4/1985 


92 


7/8 6.33 9.78 8.71 90S 

DU. 50 1982 


30.00 

30.00 


1"7T BtUMT im. PPUP9 
99.00 8.25 1/ -,'1989 


, 7/6 10.31 9.51 *-S« 10 M TOC 7.50 
8.83 9.B5 101.50 1986 1986 


20.00 

27.53 


1*7% 

loa.ro 

1«75 

is.so 


99 


100 


1*70 
90- S0 


99 


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2.05 

23.00 
2.71 

21.00 
1.18 


100.00 

itu 

97.50 

1M* 

•7.50 

1940 

98.00 

193* 

tr.oo 


90 


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9.50 1/ 5/1981 

vwrrs ant f»<ivs 

10.00 1/ 5/1990 
CflULCn 137 BJKOpr 

9.50 1/11/1985 

OHALC3 IS 

in. 00 1/ 8/1987 

COHHOtsUUB - AUSTRALIA. 94 

5.00 1/ 4/1593 S 

CSHOHBE4E3H - AUSTRALIA 96 

5.25 15/ 4/1*80 S 

CMBB 9TO 1TK - AUSTRALIA 96 
5.15 KLO/lfSO 5 

CCHM39VUI.Ta - AUSTRALIA 97 

3.50 15/ 9/1979 8 


2.42 9.33 


i/e H.42 
7.16 


9.31 
3.8! 

4.31 
2.34 


2.84 

1.09 

.19 

.54 


9.96 

9.94 
0.70 
9.81 

w.:i 

10.29 

5.69 

7.94 
8.14 
*,70 
7.45 
8.88 


cocnmuixK - Australia. 96 
I 5.50 If 7/1981. 3 


30. mi 
5.70 


25.00 

5.51 

25.0* 

9.71 

25.0* 

9.73 

25.00 

10. u 

300.00 


3*62 

98.15 

196: 

97.50 
1962 
9*-00 
1965 

96.50 
1965 
99.75 
1967 

97.50 
1977 

ion. oo 


3.11 

l.dl 

3.58 

1.1*. 

3.84 

2.09 


350.00 

125.00 


75.00 


1961 
97. 0Q 

COaONULTR - AUSTRALIA 94 
5J0 15/ 1/1*82 3 
CUMiaULTB - AUSTRALIA 94 
5.50 1/ 7/1981 S 

cokuhealtr - Australia 95 
5.50 1/10/1*82 S 

GOfDtO'LALTU - AUSTRALIA. 93 

5.50 If 5/1985 S 

CUBKOTULTH - A0S1ML1A 94 

5.75 1/11/1985 S 

COMWSRALTH - AUSTRALIA. 97 
6*50 15/ 6/1981 

cramun — Australia si 

7.50 1/ 9/1984 
axstwuax - mrum 96 

B.QO If 4/1982 
CDISRATALTU - ADSTPALTA. 95 
8.125 15/11/1985 S 

1976 CneanUETH - AUSTRALIA 97 1/8 2.50 9.80 8.67 
100.00 8.25 1/ 6/1981 S 


ws» 

100.00 


3/4 

1/8 
1/2 
1/2 
3/e 
1/4 
7/8 
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1/8 
3/8 
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1/4 2.33 9.33 


6.92 

3.93 
3.54 
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5.75 


6.99 

8.30 

7*32 

8.65 
71 *4 
9.16 
7.09 
8.25 

6.66 
7-98 
6.90 
7.56 
7.43 
7.71 
9.41 


9.60 

9.99 

9.60 

10.13 

5.38 

5-51 

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5-73 

5.80 

5.88 

5.92 

5.87 

3.9! 

i.19 

6.69 

8.17 

6.31 


100.50 

10.00 

100.375 


10.20 

100.25 


10.49 

100.25 


100*50 
100. 00 
100.00 
100.00 

100.00 

101.00 
100.75 
101.25' 
102.00 
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101.00 
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30 -82 

1983 DP1976 
38 1.00 

1980 OPl 9 71 
30 1.50 

1«82 SPZ976 
30 .85 

2978 3LMS 


30 

1978 

30 

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30 

1*78 

30 

1978 

30 

1978 

30 

147B 

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1978 

30 

1978 

» 

1978 

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1978 

MC 

1911 


.67 

1962 

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1862 

.67 

.68 

1965 

.81 

1*44 

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1965 

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1965 

1.39 

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1.39 

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1-56 

1970 


1976 

99.88 


3/4 4.96 9.42 8.67 9.66 30 

100.00 1182 


120.00 

123.00 


1976 CO&nSUULTE - AUSTRALIA 98 5/8 4*84 9.13 8.54 

100-00 8.25 1/10/19*3 

1977 COKHOtfWEALTH - AUSTRALIA 93 3/4 6*00 9.48 8.80 

100.00 8.25 1/12/1984 S 


9.59 » ' 
100.00 1985 


330.00 

130.00 
50.00 


173.00 


1*77 COMWHUL78 - AVST1AL1A 92 

100.00 8.23 it 9/1992 

1975 OMHOWtAUIB - AUSTRALIA 98 
100.00 8.43 15/ 6/1900 S 

1778* amnttAXSB - AUSTRALIA. 97 1/8 4.30 9,48 8-69 
200.M 8.45 1/ 6/L9R3 & 


13.TS 9.30 9.97 9.64 90C 
9*70 9.54 101.50 1930 
1.54 10.12 8.8L 


7.50 

1983 


120.00 

30.00 

20.00 


7.84 9.28 8. SB 


60.00 

60.00 

100.00 

100.0a 


1976 CUtSSBULXB - AUSTRALIA 95 3/4 
100.00 8.30 1/10/1986 

1975 ammALTu - austmlia. n 1/4 

100.00 4.75 15/ 6/1983 S 

1976 camMAsn - Australia 97 5/8 7. so 9.41 9.16 9.53 

100.00 

11.84 9.15 9-02 


A.34 9.44 9.10 9.56 

100.00 


99-65 8.75 1/ 4/1986 

197* UB B UJW Mm - AUSTRALIA 97 


99.50 8.73 1/10/1991 


8.79 9.26 


1977 OOUnBUin - A0S1ULU 98 I/Z 19.00 9.40 9.41 _ 9.74 


98.88 8.975 1/12/1997 S 


12.02 9.58 


102.28 


1976 COKOffEALTO - AUSTRALIA SB 
99.50 9.00 15/11/1996 8 


37.96 9.56 9.19 9.51 

10.96 9.51 101.00 


75.00 

75.00 


1978* COHnUEALEH - AUSTRALIA 99 
89.63 9.115 1/ 6/1993 8 


14.30 

10.54 


9.47 9.43 
9.49 


73.00 

75.00 


1*74 CCttCWSALTE - AUSTRALIA 58 7/8 17.50 9.47 9.44 
98.50 9.175 1/ 6/1996 6 10.70 9.51 


9.34 


25.00 


1*75 

100.00 


25.00 

22.00 
40.00 
38.20 
40.00 

40.00 

23.00 
10. 30 

20.00 
14.50 
20.00 

13.00 

35.00 
29.AO 
22.30 
20.98 


1975 

99.00 


9.50 IS/ 7/1980 
COTt OP PATOA RIB GUT8XA 
9.50 15/ 3/1185 


1976 

100.00 

1976 

100.00 

1912 

100.00 

1971 

99.50 

1970 

97.00 

1475 

100.00 

1072 

99.73 


Humstn H4UUNCS 

8.50 If 1/1484 
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9.50 1/ 171992 

BASBR5LEI IB 09 FIS 

8. On 15/11/1167 
BAKERSLrr IEOH PIT* 

9.00 1/ 5/1986 

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9.50 1/ 9/1985 

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10.00 It 6/19*2 
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7.73 15/ 9/L9B* 


M 1/2 1.62 10.47 
99 1/2 
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4.29 
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6.75 
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3:55 


9.62 

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.9.91 

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9.59 

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9.84 

100.50 

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100.50 
9.64 9.93 

100.75 

8.59 

100.25 

9.29 

100.25 
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10.03 

100.50 

8.37 


■AJ 

1979 

4 SC 2.30 
1919 DM976 
30 1.80 

1981 DPMI* 
30 1.00 

1965 BPI979 
30 1.25 

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30 1.00 

1979 DPI 972 
10 1.00 
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30 1.40 

1979 BPL976 
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100.0Q 

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1976 «13awr W DEXXARX 
99.00 8.50 1/10/198* 

1170 KUSDW OF UERIARK 
100-00 9.00 1/ 3/1482 


20.00 

14-00 


1*70 KINGDUN OF DE-DUM 
99.13 9.75 I/I2/I99S 


■8.00 

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30-00 


20.00 

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196* HXBm AFT ELECTRICITT 
99.00 5.75 30/ 6/IF79 

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100.00 P.00 15/ A/1914 

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100-00 9.50 1/7/1988 S 

1*77 5PAUXASSE3 SOS 
100.00 8.15 15/ J/ltK 

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99.30 1.73 15/11/1486 5 


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99.00 9.73 it 5/1982 


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100.50 8.00 15/17/1987 


25.0" 

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24.00 


1477 FlFtAKO - INDUS! resn 
100.00 8.75 18/ 9/1*67 

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100.00 9.00 16/ 9/1984 


12.00 
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99.88- 7.25 15' 4/1*79 5 

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20.00 

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1976 FIT! LATH IWtTKACE BANK 
700.00 *.25 1/ 4/1983 


1973 TTBLABCi nOUTCME BAR 
J4.TO 9.75 15/10/1981 


1473 TnQilSH E3P08T CREDIT 
98.50 9.25 15/ 311981 


1476 r IKK IS 8 EXPORT CUXIT 
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25.00 

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90.00 8.73 II :/1989 


1*72 utmnracni 
98.00 7. 30 


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1 *64 
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6.50 1 5/1 1/1960 

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7.P75 I5/I2/I9KI 
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8.75 15/ n/1963 


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100.00 8.87% 1/ 5/1988 

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99.30 9- SO 18/ 2 '1982 


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9*. 50 6.71 25/ 3/1982 

14T. 8.F.C.E- 
39.25 8. 375 13/ 3/1981 

1976 S.T.C.E^ 

100.00 8. 73 15/ 2/1983 


50.00 


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100.00 
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7-613 15/ 7/1982 


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I^ancial Times'. 



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1976 KXAXHADSBBT1 _ 

99.30 9.00 1/10/198* 

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108.00 6.75 15/12/199$ 

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109.00 9-00 It 7/1*83 . 

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96.30 6.615 U 7/1986 S 

1967 8B81SXK1 S2CTR1CTTT 

96. M 6.73 X/TII/XMZ C 

1977 UBOMEim. RP5T80U3EB: 
IDO. 29 7.00 1/10/1900 


93 3/8 6.56 
3.76 

96 3/8 7.58 

4.08 

97 3/8 3*84 

M3 
93 1/4 1*84 


6.99 6.14 HOC 

7.76 loo-ao 1*79 

7-38 6.99 SU 

7.82 101.00 1979 

7 M. 7*03 30 

a.03 HU-25 1978 

9-93 7-35 


.82 

1971 

*90 

2369 

1.39 

1970 


30.00 1977 0SXS5HETCHE HWBMK 

100.50 7. SO 1/10/1982 


18.00 

7.20 


22.50 

7.70 


50.00 '976 OSTSBREICHE NDHIIUK 

200.00 8.00 1/10/19BL S 

1964 XEP08UC OP APUTEIA 
99.00 6.00 31/ 1/1984 3 

1967 H83UC OF AUSTRIA 
90.50 6.73 15/ 3/1982 S 

1977 Blue 08 AUSTRIA 

100.00 7.80 15/ 7/1984 X 

1977 ranuc UP AUSTRIA 

100.80 8.625 13/ 7/1992 B 

1976 UOTUC OT AUSTRIA 

2Q0:00 8.75 13/8/1990 

1973 RBEUBLTC OF AUSTRIA 
1UU00 9-00 13/ 7/1982 S 

1977 ZABUMURIAABK . 

100.50 9.25 15/ 3/1987 

US R0FTf as RrifTTW 


93 7 fa 3 .84 
965/0 2.84 


9-46 7.99 


9*5» 8.45 


97 7/8 5*17 
2.67 
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93 3/8 3.62 


1,20 

19^3 

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50.00 

20.00 


95 3/8 13.62 
9.12 
93 3/8 11.71 
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99 2/8 3.62 


*•** 6.B 90C 

7.00 180.00 1979 

7.67 7.DZ TOC 

8.24 1B1JS0 1979 

9.55 8-33 *.» - 30 

100-00 190 

9.40 9.22 906' 30 ... 

9.56 101.99 1987 BPI983 

9.41 9-0 10-28 30C 3.00 

9.S2 101.50 1983 SFJ.977 

9-50 9.29 


5.00 


30.00 

30.00 


S3 3/4 8.29 
6.79 


9.39 8.80 €0 3.09 

9.54 101.00 1991 0F1PS2 


73.00 

73.00 

73.00 

73.00 

40.00 


1973 Hirm P-7. 
100.00 4-50 


1/ 7/1988 


n 73 1/8 9.58 R*a 5.99 


1973 HCtKA J.T. B 

190.00 A. 50 1/ 7/1588 


40.00 
00.00 

50.00 


1977 nmn b.t. 

99.30 7.875 15/ 9/1984 

1*77 BATINA. 8.7. 

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100.50 8.25 13/10/1581 

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71 5/8 9.S8 9.05 6.28 - 50 

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9* 3/8 5.79 9.44 8.53 

201.00 1582 

92 8.75 9.37 8.70 . 

6.73 9.65 101.90 1981 

96 1/2 2-67 9.R9 8.55 


15.00 

1966 


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100.00 10.2} 13/ ./1966 5 


97 1/8 7.37 11.11 10.83 11.61 60 1.50 

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99.00 9.23 1/ 7/1984 


33 3/4 5.38 10.77 9.E7 90S 

10U0 1181 


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100.00 9.00 1/10/1982 


3.84 10.38 9.57 


35.00 
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75.00 

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1*77 XBSBLIC 07 SPAITL 
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1976 1IP0BUC 01 8UKIL 
99.00 9.2S 1/ 1/1984 

1976 REPUBLIC OT BRAZIL 
100.00 10.00 15 f 5/1986 

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90 5/8 9.00 10.0* 9^1 11.94 30 1.12 

4.52 11.13 102.00 1982 1973 

95 1/2 3.61 10.78 9.65 


56 S. 09 10.29 9.64 80C 

10U5O 1981 

99 . 7.45 18.45 10.36 


2.50 

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30 b-6S 


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26.50 

200.00 8-23 1/10/1987 

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1908 BP19A3 

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75.00 

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100.00 7.75 15/ 5/1983 


ICO 7/8 9.37 *.» 9.42 9.55 20- 1.67 

6.66 9.31 101.U 1982 881978 


98 1/9 4.79 9.71 
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90 1/2 8.42 9*42 
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92 1/4 8.84 9.39 
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250.00 


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8/625 1/ 4/1998 S 


1*78* 

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330.00 

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8.50 15/ 6/1983 


85.00 


1976 

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47 3/t 3.42 LB. 66 
92 3/8 6.65 9*36 
58 3/1 4.37 9.87 
95 7/8 4.33 9.38 
94 7/8 6.84 9.44 

94 S/6 19.33 9.44 
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95 7/8 4.54 9.64 
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9.43 19.02 
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1977 

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19d5 Olir79E8<U 
99. IS fa.no 1/11/1900 

i«»; Diirssr»cs 
■9.74 o . 75 15/ 3/1902 

1977 

99. JC 


ASIA 

B.pS 15/ 6/I8W 5 
ALLA 

s.so u 3/1986 
A2LAJ cnpCO 

9.70 1 1 0/1 90S 

■LIE or GD7EE7--0IB4 
*.75 15/12/1907 

errr cr stockbolk 

0-875 15/ 2/1952 S 


ufci rt 

f-SO 15/2/19*1 


82 3f« 

96 1/2 

91 l/B 

90 5/8 
57 7/8 
98 3/6 

97 7/3 
80 1/6 
81 3/8 
97 

92 1/2 

93 1/i 
09 3/6 

91 3/A 
93 4/8 

95 3/4 
93 J.-r 

96 3/i 
96 S’B 
96 

ps i/i 

95 3/A 

96 
93 


1945 
9«.ro 

l«r 
l'SD.04 
|BTk CCTA-EPrOt 
30('.s(i s.on 15/ 1/1922 

1"'7 HKUWl] 
w.ig 

is: 
ps.ro 

]S-S 
14ft. (0 
14*7 
97.70 

ja/r CLA.-d.t5 

100.00 A. SO IS/ 2/1939 

««’? OU1KC5 

luo.OP 9. IS 15/12/1930 


COXA'-’LttEH 

-..00 i/i:/i9io 

&7IATTTKTII 

T.6IS 15/ 9/1982 


c.l.’S 17/9/1987 

cfTAPT^y r 

0.25 1/10/1953 

OOlA'.EJtrlB 

#..-i 15/ 1/1985 

C0A1.4C.* 

".75 16/10/1437 S 


m:s cmvccs 

95.00 9.75 


3/ 5/198 5 


1*77 ETOTCW 0* SOCDC.f 
■4.00 7.50 15/ 6/1932 

!*7T X1SCHM OF SUCPEV 
99. 75 0.25 15/ 6/1967 

(■IT ESCWM OF 5VCTM 

94.25 8.50 15/1 1/19*7 

!®7» UNDK-K or svnex 
99.75 9.00 15/11/1997 

1910ft nvcM or SUOTJT 
99-00 9.25 1/ b/1998 


1465 

M.25 

1976 

100.40 

1«»6 

97.25 

I97fc 

inn. oo 
1*77 
100.50 
1*70 
9*; 50 
1*76 
100.00 


sccn/MS 

0.40 3/ 9/1989 

WCCXT 

0.00 15/11/(903 

L.M. niCSSOH 

6. 50 15/ 3/1*06 
l.!l. DICBSOK 

6.50 15/ 9/19*3 
L.K. aiCSSOH 

8.50 15/ 4/X9B9 

t-M. SHICSBM 

9.23 1/12/14R5 

L.S. nrcssw; 

9.25 15/ 9/1991 


96 

96 1/8 


98 3/4 


A-71 

9.U 9.39 


3ft 



101.00 

19B0 : 

3.* !5 

9.01 9.60 


3ft 

2-fta 

JO.nS- 

lutoo 

1979 

4.94 

9.4K 8.83 



J-JJ 

9.81 



3.T] 

£.67 8.S9 


11* 

2.18 

9.01 

101.50 

1973 

p.:s 

10.7A 9.08 


90 

3.6l 

11.08 

102.50 

1979 

3.30 

7. * ft 6. 74 


ft PC 

:.oo 

£.4/ 

100.50 

1979 

8. OP 

in.17 9.33 


lmc 

fa. IS 

11.31 

KC.OO 

1879 

10.25 

in. 79 10.21 

\l-"5 

lfl 

r. 17 

11.41 

101.30 

I9g4 : 

J.W 

11.47 10.22 



A.87 

10.40 10.42 

10.91 

;n 

3.37 

10.0ft • 

100.90 

1961 

1.7p 

11.53 10.22 



ft.tli 

11.75 9,66 


no 

6.79 

12.20 

202.00 

I960 

0.17 

11.44 9- S3 


20 

«M 

13,-8 

132.00 

I960 

2.21 

11.31 10-OS 



F.1R 

6.24 7.57 


fft 

*-3» 

?.C<3 

103.00 

1979 

F.fi 

9. Ift 8. IB 


3D 

;.;j 

9.70 

101.50 

1*80 

*.ln 

*.4* 5-64 


ftPT 

5- 3" 

10.3ft 

101.30 

1902 

0.ftft 

*.il 8.97 


lose 

4-8: 

9.«i 

192.00 

<930 

s. no 

9-ftL 9.75 

Isfcoo 

Vj 

19BD ' 

ft. ft. 

->.->4 9.ftft 


3" 

ft. 10 

:o. u 

101.50 

1901 

1.-- 

ft.!P 4.39 


■nr 

1.PJ 

1P.*0 

100.30 

19:9 

7.15 

9.12 6.79 


-3C 

«. 50 

9., I 

101.00 

1970 

fa. fa? 

•-4T 9.63 

19.31 

]« 

1.2ft 

ft.ftl 

100.25 

I960 

9.04 

9. 00 8.93 

9.2* 

3<*l 



100 . ri 

]■>&. 

13-21 

ft. 52 9.3B 

«.*5 

)P 

8.- 1 

9.o) 

102.05 

1957 ' 

1.42 

8.48 6.27 


30 

1.-2 

9.2<> 

190.00 

1978 

]■?« 

S. 14 7.03 


in 

1-7* 

ft. ?» 

IDO. SO 

197B 

5.21 

10.28 9.1* 


-5 

3.51 

11.02 

101.50 

19SL 

J.ftft 

6.29 


3" 

1.00 

10.7ft 

100.00 

1978 

3.79 

9.27 8.04 



3.13 

9-38 8.50 



0.79 

9.41 0-04 


29 

fa.?* 

9.82 

102.00 

1962 

4. e- 

9.58 8-68 


3ft 



101.30 

I960 

fa. 71 

9.78 8.70 

10.51 

ftp 

fa. 13 

9.01 

101.00 

1002 

f.M 

l.’O 6.21 


JOT 

4,06 

11. *2 

102.00 

1979 

IP. 21 

9.60 9.26 


JK 

5.21 

10. «! 

106.00 

1*61 

2.0* 

10.46 9.E7 


•r. 



101.00 

1979 

6.4= 

9.97 9-86 


23C 

1.80 

10,04 

102.00 

I960 

3.54 

0.41 7.95 



6.54 

9.40 £.64 

10.40 

49 

7.04 

9.57 

101.30 

39B3 

0.96 

9.53 9.14 

*."0 

3ft 



100.00 

1906 

10«*6 

9.62 1.5A 

9.93 

3 n 

11.92 

9-72 

103.22 

2989 ' 

Ift.Bft 

9 . 1 . 4 ' 9.61 

9.A5 

30 

12.-5 

9.40 

103.04 

1990 

1.75 

£.32 8.25 


10 

1.25 

9.5* 

100,00 

3970 

4.1b 

9. on 8.32 


-5 

:.«» 

9.56 

101.50 

1900 

7.21 

7.4ft 6.92 


90T 

J-:9 

0.05 

101.75 

19J9 

4.79 

9.70 8.90 


*SC 


101.00 

I960 

in.1T 

9.36 9.01 


23C 

7.31 

9.5« 

101.50 ' 

■1982, 

7.P0 

9.50 9-3? 

10.09 

esc 

4.177 

9.»* 

100.25 

19*0 

17.79 

9-31 9.30 

?.5< 

4JC 

10.94 

9.31 

101.30 

1984 


1.00 

71977 

3.00 

1979 

1.50 

1976 

1.20 

1976 


1.50 

1427 

5.:n 

1973 

1.50 

147* 

.50 


3.00 

1973 

1.40 

1975 

3.00 

PI1977 


1.09 

1P7J 

l.r.a 


-eft 

1972 

..40 


1.99 

19fa9 


5.00 

SF1903 

1.50 

1971 

I. 33 
0FI9fa? 

J. ftft 

mo 

1.50 

1971 


2.40 

1776 


6. no 
1961 
.*0 
1979 
1.00 
1973 


1.40 

»78 


101.00 1901 771076 


b« zEutttar cf reaaedaaJy. 


Hgr uibw K, 1376 


C N A N 



Kuwaiti Dinars 10,000,000 

81% Guaranteed Bonds due 1986-1990 

unconditionally andinrevocably guaranteed by 

Bazique Exterieure d’Algerie 


& InvestmexitCo. (SJLK.) 


Development Co. S JLL. 
Banque Intercontinentale Arabe 


(Bahrain Offshore Branch) 


National Bank of Abu Dhabi 
Orion Bank Limited 


BAJJ. (Middle East) Inc. 

Arab Petroleum Investments 
Corporation 

Banque Nationale de Paris 

Blyth Eastman Dillon & Co. 
International Limited 

Libyan Arab Foreign Bank 

The National Bank of Kuwait SJLK, 

J. Henry Schroder & Co, S JLL. 


nwMi Bank, of Kuwait (K,S.G.) ; 1 ' Albank JUsaudi Alhollandi • iUgemene Bank Nederland N.V, 

' . (Bahrain Branch) 

JU Saudi Banque • Arab African Intemationai’ Bank— Cairo Arab Bank Limited (O.B.U.)— -Bahiain 

Arab Knance CoiporadpiL . .. • Arab investment for Asia (Kuwait) K.S.C. 

Arab-Malaysian Development Bank Berhad Bayerische Vereinsbank Intematioiial SJL 

Burgan Baxik S JIX Byblos Arab Pinanc» Bank (B^gitim) SJi. Euroseas Banking Company (Qatar) Ltd. 
Financial. Group o£ Kuwait 3LS.C. The industrial Bank of Kuwait K.S.C. 

Kuwait Financial Centre S.AX. Kuwait international Finance Co. SAX “jaPCO” 

Manufacturers Hanover Limited ' Kte National Commercial Bank (Saudi Arabia) 

Nederlandse bxedietbank N.V. ' Salomon Brothers International 

Union de.Banques Arabes et Europeennes SJL (113 JLE.) Wood Gundy Limited 


Austrian Quotes 

Quotations and Yields of Austrian Eurobonds 


ISSUE 




SINKING 

FUND 

(STARTING) 

PRICE 


COUPON 

DATES 

REPAYMENT 

BID 

ASKED 

CURRENT 

YIELD 



D-MARK BONDS 

Brenner Autobahn 1968 (Gl 
6X Donaukraftwerke 1939 lG » .. 

6i“S Donaukraftwerke 1973 i Gl .. 

7% Girozentrale Wien 1976 

71% Girozenlrale Wien 1976 

81% JAKW 1975 (Gl 

6J% KeJas 1973 (S) 

8J% Oester. Draukraftwerke 1975 
7% (Jester. Eiektrizatesvirt 1967 

7% Rep. Oesterreich 1968 

Rep. Oesterreich 1969 

9% Rep. Oesterreich 1975 

SI *5 Oesterreich 1975 

7}% Rep. Oesterreich 1976 

65% Rep. Oesterreich 1977 

fii/5 Taucrnkraftwerke I96S « G 1 
7% Tauemkraftwerke 1968 (G) ... 
91% Tauemautobahn 1974 iGt ... 

Voest 1973 

8J% Voest 1973 

65 % Voest 1977 

7% Wien J968 

Si% Wien 1973 

VJSJ8 BONDS 

6%’ Rep. Austria 1964 

flj% Rep. Austria 1967 

8i% Rep. Austria 1976 

61% Aust. Electricily 1966 (Gl ... 
65% Aust. Electricity 1967 (G) ... 

5J% Alpine Montan 1965 (Gl 

$i% Tauerautobahn 1977 « G i 

65% Transalpine Fin. Hids. 1966 

6J% Transalpine Fin. Hide. 1966 

65% Transalpine Fin. Hldjr. 1967 

flj% Transalpine Fin. Hldg. 1967 

?}% Trans- Austria Gasline 1973 ... 

AUSTRIA SCHILLING BONDS 
9i% Kontroilbank 1974 (G) 


(G) 

(G) 


1 . 2 - 1.8 

1.2- 15 
1J1 
1.11 
l.U 
1.5 
1.5 

1.3 

1^-15 

1.4-1.10 

1.4-1.10 

1.2 

1.5 

2.5 

1.4 

1.3- 1.9 
1 . 2 - 1.8 

1.7 

1.10 

1.6 
16 

1 . 6 * 1.12 

1.8 


31.1-31.7 
15.3-15.9 
15.8 
1 . 1 - 1. 7 
1.4-1.10 

15.6 

15.3 
31.10 

31.7 

31.1 

30.4 

15.1 


14B 


13-2 

3.7 

1.4 

22.10 

11.6 

25.7 
28.10 

27.12 

12.12 
2042 

2.6 

13.9 

20.12 

3.6 

29.10 

29.4 

10.5 
10.5 

20.10 
17.12 
19.11 
21.10 

26.7 


1.8.74- 83 
■ 1.2.65-84 

1.3.73- 87 
1.11.81 
1.11.83 
1.3.80*85 

1.5.79- 88 
1.3.51 -S3 

1.2.73- 87 

1 .4.73- 82 

1.4.75- 83 

tie 

1 .5.78417 
2.5.S3-S6 

1.4.83- 85 

1.9. 74- 83 

135.74*83 

1.7.81 
1.10.79*88 
1.6.81 -So 

1.6.84- 89 
1 6.74*83 

1.8.79- 84 


31.1.71- 84 

13.3.72- 82 
15.8.78-90 

1.7.70-86 
1.10.71-82 
] 5 6.72-85 
15. 3. 83-87 
31.10.70-85 
31.7.70-85 

31.1.73- 82 

30.4.74- 83 
15.1.77418 


14.8.79 


DOMESTIC ISSUES 

5% Investitionsanleihe 19733 

8% Investitionsanleihe 1 973/11 /B 

8% Investitionsanleihe 1974/B 

SJ% Investitionsanleihe 1974/II/B 

81% Investitionsanleihe 1973/ 11. 'B 

&i% Investitionsanleihe 1975/S/ JI 

8}% Investitionsanleihe 1975/UI'B 

8}% Investitionsanleihe 1975/S/III/IV 

Sj% Investitionsanleihe 1975/ V/B 

8t% Invest! lionsanieihe 1976/S 

8% Investitionsanleihe 1977/S/TO/B 

S% Jni'estilionsanieJhe 1977/U/B 

8% Invest itionsani.-ihe 1977/1 II B 

8% Wasserwirtschaflsrondsanl 1977/111 

81% t3ner'»ieanJoihe 19T5/IIB UJJ 

Si% Wiener Stadlanleihe I975/B 

8% Wiener Stadtanleihe 1977/A 

8% Wiener Stadtanleihe 1977/B 

8% Europ. Lnvestitionsbank Anl. 1976 

8% Inter-Arn. Entwicklunssbk. Anl. I97B ... 

S% Tag Finco Anleihe 1976 

S% Sparkassenanleihe 1975/II/B 

S% Sparkassenanleihe 1977/S/B 

(R) Purchase for redemption purposes by issuer possible. The bonds so purchased may be used for repayment according 
to plan. (...) Repayment at a premium. (G) Government Guarantee. (S) Local Government Guarantee. Yield calcula- 
tions are based on the middle price. 

On international capital markets Austria ranks as TViple A. For knowledgeable investors, 

Austrian securities are particularly safe and attract™* in vestments. 

Austrian issuing houses may be considered models where gnn ^ irac K as a depository bank for investment funds.lcadinc 
market support is concerned One more reason for many g M 1 ar JI w «Hnanaeing almost ail domestic issues and having 
investor to buy Austrian bonds. Girozenlrale V icnna ls ■ P~|r ifl underwritten more than 220 issues on the Euro-CapitaL 
f ^ CSI ha " t lssume “ J** 5 il \ own i- T Market in 1077 alone. Girozentralc \ ienna is one of the 

secuntet Rlooksaficrforeign companies on the Vienna Borse leading Austnan insiihitions h.tndling sccuntics. 

GirozentraleVienna 

Market Maker in Austrian Eurobonds 

jvwwift B Vf ??*i Teftl Wr *5 ■ 1 ‘ r P B ^ Eutnhoml Owler MnUriod LILLTel : VtoV?. 
lekft. 1-3195 Euro kind DsUer. lleibert STEIN DOR HER .Tel .. <« h S. Tele fa I -3 19ft Aumtuh SfahillnifEhnniK rVjJfi Hcrtif n PlERINGER.Tel.: 72 M JU 
- • lelcx: 1-jlVft ■ Motidfcr Nc* Iwuc S>diLOlinn. ftici NOWAK. Tel 7JH|,.U.Ielri |.-0|j “* 


15^.77-81 (101) 
3.7.76-81 (102) 

1 4.76-82 (104.50) 
22.1075-82 
11.0.76-84 11031 
25.7.76-S5 1103) 
2810.76-84 (103) 

27.12.79- 85 1 103.50) 

12.12.79- 85 (103.501 
20-2.81-86 (104) 

2.6.82-87 

20. 12.82 -8B 
3 6.82-86 

29.10.79- 85 (10350) 
29.4.76-83- 
10.5.78-92 
10.5.78-92 

20.10.80-86 

17.12.81- 88 , . 

19.11.81- 86 
21.10.77-83 (101) 

26.7^0-83 


1.S.73 

102 J 

102} 

6.59% 


1004 

1D0I 

5.97% 

1.12.77 

10L 

101} 

6.67% 


104 

104 i 

6.71% 

— 

105J 

106 

b.S6% 

— - 

105 j 

loot 

645 % 

1.2.78 

102 

JU3* 

6.60% 


1073 

1084 

8.10% 



1044 

U».>* 

6.67% 

1.4.72 

1031 

104J 

6.74% 

1.1 74 

100 

100; 

b.4S% 


106 J 

107 

8.43% 

1-2.77 

mi 

1074 

7.94% 

1.2 .£2 

1074 

lOSi 

7.18% 

2.1 .£2 

1(12 j - 

103J 

6.55% 

l.a .73 

1014 

102 

6.40% 

— 

1021 

103 

6.82% 

— 

10SI 

100 \ 

8.72% 

1.6.78 

JOrtf 

107 

7.96% 



107 

1074 

7.*M% 



tool 

1014 

7.67% 

J .6.7.1 

2034 

104i 

6.72% 


104 

104} 

7.91% 

3.1 70 

97| 

984 

6.12% 

15.1.71 

97J 

983 

6.89% 

15.S.77 

35 

95 i 

9.19% 

1.7.60 

9fiJ 

97 J 

6.82% 

1.10.70 

»7i 

973 

H.92% 

15.6.71 

92J 

93 i 

6.18% 

15.1.82 

33] 

94 

8.80% 

31.10.fiM 

34 i 

95 

6.87% 

13.7.63 

35] 

96 

7.06% 

31.1.72 

373 

98 1 

6.S8% 

3(1.4.71 

J)7j 

98* 

6.91% 

15.1.76 

86 

Si 

8.67% 

— 

1001 

1014 

9.43% 


101 

101} 

7.90% 

„ 

2011 

1024 

7.85% 

R 

1 04 i 

1041 

7.66% 



101 

1011 

S.36% 



1024 

103 

8JJ8% 

— 

103 

1033 

8.22% 

— 

102] 

103 i 

SJ26% 

— 

104 

104! 

S.14% 

_ 

104 

- 104* 

SH% 

■ • 

1033 

104 i 

8.16% 



1U0 

innj 

7.97% 



100 

]0l>f 

7.97% 



HlO 

100* 

7.97% 



100 

UK)} 

7.97%, 



104 

104J 

$.14% 

- 

10U 

102 

S.36% 


](H) 

1033 

7.97% 



100 

1033 

7.97% 



90* 

1002 

7.98% 



09i 

1003 

7.98% 


99 ; 

1001 

7.99% 


1021 

102* 

859% 

— 

100i 

101 

7.94% 


6^2% 

5.99% 

6.55% 

5.41% 

5.89% 

7.50% 
6.43% 
7.14% 
6.36% 
5.96% 
6.51% 
7.10% 
/.37% 
6.38% 
6.1 1 % 
6 . 20 % 
B.44% 
5.70% 
7.51 % 
7.119% 
6.73% 
6.13% 
7.32% 


6 . 52 % 

7 . 46 % 

7 . 36 % 

722% 

7.61% 

7.11% 

9 . 33 % 

7.51% 

7.60% 

7.42% 

7.39% 

8 . 03 % 


8.35% 


7.63% 

7.67% 

7-62% 

7.80% 

7.93% 

7.95-7, 

8 . 00 % 

7 . 03 % 

7.94% 

7.92% 

7.1I3-.7, 

7 . 91 % 

7.92*7, 

7.92% 

7.92% 

7.62% 

7.91% 

7.91% 

7.93% 

7.95% 

7.90% 

7.79% 

7.75% 





















IS 




Wna-nrial Timns Moaday S 


=J _ 

13 


35.00 

=5.00 


11.00 

i:.no 

30-PO 
2.'. 00 
30.00 
2 .'. no 
30.00 

rr.M 


TO. Oft 
30. QO 
•t.M 


2*.n0 

14.50 

I3.nn 

13.50 

15.00 
U. on 
i3.no 
15.no 

30.00 
25.. 0 

21.00 

23.00 

25.00 
23. *0 

35.00 


33.00 
17.30 

75.00 

35.00 
31.50 


i--.ro 

:.roj 

lofi.oo 

100.00 

100.00 

sn.o" 

r.n.nn 


TO.flD 
30.00 
20. cm 
jc.on 
on. ro 
Ml .00 
2il. 00 
11-20 

30.00 
IT. 00 
; n.DO 

50.00 

35.00 
25.00. 

30.00 

100.00 

l.OD 

45.00 
31.50 

50.00 

30.00 

30.00 

60.00 
I6.no 

14.40 

23.00 
5.M 

63.00 
63.00 


p 



l j 



IB nOLU ES -5HEHER (OT-TIMjED) 

T976 


8( 3/8 

100.40 

9.00 11/10/1906 


1916 

K> GCH TESSJO 

fl Ul 

100.00 

TO JO jy 2/1983 


1977 

SMB-5 QAM (A 

90 7/8 

ii.: 

1 

B.m 151 3/1989 


m:i 


9AS0V1R 

S7 1/4 

K.SQ 

9.00 1/ 8/1986 S 


1976 

Eisonc 

97 3/B 

104.50 

9.50 33/ 4/19(6 


1(7= 


SCARF AFP 

87 I/A 

ioa.= 

5 

1.50 15/ 11/1990 


19J) 


SCA.9RAFF 

95 3/B 

99.75 

6 .625 15/10/148* 


1976 

SCJUOWAVJSEA EBStllilA 

97 




107 7 



90 7/ft 

100.50 

R.OO 13/ 1/1987 



5O0WA SKWSAKAJL-iA 

17 1/2 

?».J0 

«.J0 15/17/1986 


197( 


SFARM-'-TXMS (AWE 

96" 5/8 

97.10 

8.71 1/ 9i'19(3 


19.V 

• 


95 7ft 

ina.on 

8.74 111 1/1988 


m;? 


SIATironriAC 

95 3/8 

100. 50 

7.15 1/ 7/198= 


197' 


STATS FOFETAr. 

94 7/6 

99.00 

9-=5 11/ 9/1400 


UTh 


SFcRSEA HASDLLSBA.TFF9 

98 5/8 

99.M 

9..’ i 1. 1/I9R6 


1>I« 


S^EDLIR tzrOFT CFiPIT P 

9* 7ft 

lOO.OO 

7-R75 15/1 0/1 ?S) S 


1975 


SVTOfSH tEPOST CBSPIT 

IM 3/4 

99.00 

-/.DO 15/ (/1 482 


U7J 


SVETI5H HTE5TMEKT BAK 

90 1/4 

laa.ao 

7.50 15/ L/I988 




Swedish c-TESTiprr bask 

90 

99.00 

7.71 1/1WL987 


1976 


STWMFT 

91 J/6 

100.00 

®. 35 IV 9/ 1996 


m;« 


UMIEVALIAVABTrT F 

« 3/4 

100.00 

7.71 1712/19(3 S 


m;; 


BDDI9ALUVABTFT P 

51 3/B 

1MO.OO 

1.71 11/ 9/198L 





*0 1/4 

200.50 

8.00 1/ 9/19*7 





90 1/A 

101). Off 

9.00 1/ 3/1987 

l«7S 


WLvn 

SB 1/4 

99.50 

9. SO 1/ 3/1985 

m romts-K'iTZLRLAMn 


mn 


ALDSU15SE 1ST XU 

96 5/8 

ioa.ro 

7.Q0 1/ 7/1981 


iot; 


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13 3/4 

ioo.no 

(.no 1/S/I9B2 




anss Aicjrnm aost ltd 

97 3/8 

98.50 

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49.00 

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91 1/L 

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1477 


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92 37 ( 

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M 1/2 


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1«7? 


(EF01LIC Of TMLZUEIA 

■i 5/A 

94.50 

(.75 11/10/199= S 


1»7? 


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95 l.'l 

100.00 

R.75 15/12/191) 3 

08 >JLlAAS-ffTO FHM0OH 


•■•71 


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95 3/1 

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8. 75 1/10/198* 


1*11 


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96 7/8 

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197- 


AOTAJ7D OIL ICO 

5J 7/8 

100.50 

7.50 1/ 5/1982 


19 72 


i.j.c.c. ns 

n i /2 

99.50 

7.75 1/ i/l98T 


1971 


BAKUTS SAFE TFT 

96 3/B 

ioo.ro 

(.71 l/li/1986 


1976 


PA8CLATS BASE IKT 9 

96 3/4 

100.00 

9.125 1/ 1/19(5 


1976 

1A1CLAYS 8 AST IKT 

96 3/B 

100.00 

9.171 15/4/1913 


1975 

BABCUTS BASE TXT 

99 3/8 

100.00 

9.15 1/ 7/19*2 


i«t: 


(AXCLAtS O' SEAS meet 

94 111 

iro.no 

8.50 15/ 9/1992 


1167 

1ZECHAM HIT 

90 1/4 

100.00 

6.25 31 l 7/1*81 S 





53 7/8 

loo.oa 

8.25 If 2/198G 

1*77 


3HZTEX CHRP 

93 

mo. oo 

9.25 15/ 5/1992 


1476 

BOftATEI C08P 

99 111 

100.0(1 

9.75 15/ 7/19(6 

U76 

nmss GAB 

99 

100. OQ 

■ 9.00 If 2/19(1 


197? 


SBZHS8 mu 

8* 1/2 

99. M 

8.00 1/11/1917 


14*6 

imnn PETMmw 

98 7/8 

99.73 

(.73 21/1=71978 


1477 

biitisr smrmiujEFs 

89 1/2 

1C0.00 

9.00 1/11/1991 


Is 

Jl 

I 

auawoanr 

S 



3.26 10.13 
! 2.04 9. 10 
7.80 9.91 
9.8» 9.3* 
7.47 9-S2 

13.00 9-41 
2.09 9.53 


60 1.73 

101.30 1902 PU91K 

M \.n 

101-50 I960 PF14J6 


B.39 

4.58 


6.43 

8.70 


1Q1.00 197ft 
JO. H 30C 
100.30 1981 
TO 

102.00 1901 


5-»J 

1976 


3. JO 
1979 


1.37 

1.00 

3.J4 

3.21 

5.87 


11.37 

11.26 

10.09 


6.:« 30 -JO 

100.375 1978 D!19tb 


8.(1 30 

101.00 JMl 


10.07 30 

100.00 HU 


13.67 

9.(2 9.36 

ID. 21 

Jft 

5.00 

9.37 

10.01 

101.41 

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071983 

i.m 

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«.l* 

in 

■ !5 

5.B1 

8.14 

iai.ro 

1480 : 

DP1973 

9.91 

9.44 9-17 


60 

3.710 

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9.91 

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1900 

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9.18 9.2* 


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202.00 

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3.4= 

8.4? 7.82 


30 

11-00 

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1979 

8.17 

9.46 8.56 


roc 

1. 33 

4.11 

ia.«n 

101.00 

1982 ; 

001975 

(.no 

8.(6 8.54 



3.00 

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9.29 

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9.21 8.99 

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4.00 


101.25 

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20 




701.50 

1978 


7.17 

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1514 

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mi. 50 

1485 

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7.(2 

9.8) 9.60 

10.21 

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1.71 



181.50 

HU 

PF1977 

2.17 

9.50 9.09 




: 8.02 

18.T0 9. 47 


9n 

i.«o 

4.92 

12.38 - 

103.00 

1140 

1918 

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27.(4 6.83 



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in.CA 10.06 


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ln.fi) 

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198/ 


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MlM 


siiiillsil 


08 B0E42S-U8U1O STITTS (UIRLIMIBI) 


20.00 

6-80 

50.00 

40.00 

73.00 

BM 

11.6* 

30.00 

30.00 

30.00 
24.60 

20.00 
6.00 

20.00 

15.00 

25.00 
21.45 

20.00 

100.00 

05.00 
01.70 

15.00 
17. hO 

25.00 

6.25 

25.00 
10-00 

160. 00 
118.01] 
25.W 

23.00 

25.00 


2569 CGdOnUO/SCif 
56410 9-25 1/10/ 1979 

MWB Bnwim w ns 

99.00 B^O 15/ 1/1983 

1977 acaemnomsns 

100-00 9-75 1 / 2/1987 

incmmuiiiR ns 
99*00 »-«75 1/ 6/1965 

1970 occcnnraa. o/s cap 

100.09 9.23 15/ 3/1992 

1976 o pen* utti. o/s ra 
100.00 9-73 1/ 2/1911, 

1976 occx um rttc/5 rzTt 

100.00 9.73 1/ 7/1983 

H75 acamaao/sum 

98.00 1 0-00 U 7/im 

1970 sms BOTHER TS! CAP 

98- 50 ft.; 5 1/ 5/1M5 

2971 wnrs-crannsc tubcus 

200-00 9.00 If 8/1966 

J9J3 pacific tjctiim a/s m 

98.50 8.00 13/ 4/1988 

1974 VUSFIC UCBTUK 0/5 ITS 

99- 50 9-25 15/ 6/1481 

147B« J.C. JEOBT 0/9 FW 

99.50 8.50 1/ 8/1183 

1972 TOW ALT 0/S FIR 

97.50 8.00 1/ 5/1987 


5S .0410.80 M3. 30 6.00 

100.00 1978 981972 
93 1/3 4.13 10^3 9.13 ■ 


91 

92 3/4 
97 III 

97 7/8 
90 

99 

98 3/4 

99 5/8 
94 5/8 


0.27 10.49 

TO50 10.44 

3.29 10.15 
2.15 20JS 
2-17 10.86 

4.5ft 20-29 

2*58 10.41 
2.36 10.47 
8.4S 9.00 
3.79 9-15 
7.67 9.05 
M! 9-09 
9-37 S-BS 
6.23 9.16 


9.62 

itn-oo 
9.57 10-97 
100.00 
M9 11.35 
100.00 

MS. 

ictoso 
9.99 10.G 
100.00 
10.10 10.63 
100.00 

8.86 

' 101. 00 
9.03 

102.00 

8.45 . 

200.375 


30 3.00 

19U TF1979 
30 3.00 

1983 31980 
30 2.2* 

3980 2B1973 
30 

1980 

3D .sa 

1981 m?74 

30 1.80 

1980 9P1976 

oA i.m 

J9J9 DP 197 3 
30 1.00 

2959 MISTS 
30 .19 

1980 DPI 9 76 


1971 

98- 50 

1966 

98.00 

1967 

99- 00 
1977 

100.00 

1972 

98.00 

19}6 

99.00 
14. W 1978* 

14.4 9 200.00 

3.91 IX78* 

3.11 100.00 

to-po j97o 

13.50 90.75 

20.00 l»?5 
99.00 

30.00 197b 

2*. 60 100.50 

2".00 t«Jl 

14.40 98.50 

30. QO 1977 

100.00 

39.00 1973 31490ABH OIL OP tKOIAll 

32-30 100.00 8.375 1/12/1988 

30-90 1973 STUnnKO OIL Of DratAtt 

27-00 97.30 8.50 15/ 8/1988 

29.00 1977 SOHIWTBAiro FIS DCT 

23-30 90. SO 9.73 If 8/1987 

20. TO 1976 BC8BMH A5D FT* TOT 

10.00 90.00 9.7i 1 57 2/1913 

35.00 1972 STB BOS 0/S CAP 

12-40 98.00 8.00 1/ 3/1987 

37.50 1968 TILED IKK On XV 

37. 50 ino.no 6.50 1/10/1983 

20.00 i «/2 hwkh orr 

100.00 7-50 1/11/1979 


TOLIF MJRI9 187 PAP 

8.50 1/ 6/1986 
HXXLirS ErnOUOK 1ST 

6.00 "15/ 1/ 1981 S 

HOCTOR 4 gamble imt 

6.50 15/ 9/1981 
fcJ.RETTOUW O0EBSUS 

7.50 18/11/1982 
BALE7TJS TODIA O/S FIX 

7.50 15/ 2/1987 

BEAU ESC 6 BATES 

9.50 15/ 3/1981 


imunct T6 a.i5cos-.kesi 

7.25 15/ 2/1*65 

BICBa roscrowaouaj, 

8.75 15/12/1985 
sftKu re nsrnu 

9.75 1/I0/I9M 
SA5TA FE HfT FIF 

0-50 15/ 7/1986 

SCOTT PAPCft O/S 

8.75 1/ T/|4« 
SIWEB m SEC-' 

6- 75 1/4/1992 


97 3/4 2.54 10-25 9.46 . 30 

100.50 1379 

971/8 4.67 9.26 8.75 30 

lal.oo lisa 

94 1/2 8. *3 8.94 8.47 30 1.20 

3-OS 9.40 100.25 1979 SP1976 

96 3/8 7.50 8.79 8.64 30 .60 

4.67 B.9J 101.00 1979 TPM J5 

96 3/8 2.13 8.04 6.32 30 1.23 

1.13 9.08 100.50 1 978MI97L 

95 3/8 3.79 7.97 6. SO 30 2.50 

2.29 8.69 100*25 IS 78 DP l 9 73 

96 7/S 3.97 8.46 7.74 32.00 

2.47 8.99 1178 

94 1/4 8.21 8.49 7.96 30 2.00 

4.75 9.04 200.25 19SBDeil77 


97 3/4 2.29 10.61 


69 


9.2t ’.1.18 
8.26 II- *o 
6.21 12.26 
*.*1 2J.92 
7.04 8.94 
3.94 0.07 
99 3/4 3. 84 10.18 


79 


99 


99 1/4 7.62 9.62 
7.00 9.64 
99 1/4 7.58 8.87 
4.6ft 8.41 

91 3/B 3.33 11.10 


20.00 

17.00 

40.00 
18-00 
30-00 

17.00 
*0-00 
35.70 
30-00 

20.00 

30.00 
24.60 
20-00 
U.OO 

21.00 
10.75 
20.00 
16.00 


20.00 

30.00 

27.00 

15.00 
7.« 

20.00 

20.00 

IS. 20 

20.00 

5.00 

50,00 


•U.OO 7.75 1/11/1987 

I4i7 tbwfco urn. 

SB. 50 7.75 15/ 5/1987 

1472 Torsos' THE 
100.25 7.75 IfiatlW 

14>l SRAPSAHEBTEA 0/5 111 
IDO. 00 9.50 1/12/1986 

1968 3B4PWEAS OTLP OIL 

98.50 7.00 1/11/1980 

I960 TttRSOCRAS COLS OIL 

91.00 7.00 1/ 3/1981 

1971 TMBSOCOW COLT OIL 

100.00 7.50 1/ 1/1987 

1969 XB4830CEA8 CULT OIL 

90.00 8.00 I/I 2/1904 

1471 TBAESOCRtt GULP OIL 

97.50 8.00 1/ 3/1986 

1970 XMBSOCEAff C8LT ML 

100.00 9.00 15/10/1985 

3488 xnr 0/5 CAP 

94.00 7.25 1/11/1983 

I9FI a wo/s nr 

99.00 0.73 15/10/1986 

3967 O.S.FCaaa WJISOTAL 

99.50 6.25 1/ 4/19*2 

1972 ms* OIL SI* 

109.00 7.00 1/ 2/1979 

7472 nmi on rm . - 

100.00 7-50 It 2/1987 

1970 VTD mCBASTE O/S 
99.00 9.00 1/ 3/1982 

1473 BIAS DTE EM 

100.50 7.50 15/ 3/1979 

i«n CM ist ym 1 

300.50 8.00 3 51 3/3987 


1465 9.L CUOC O/S 
97.75 5-75 15/11/1980 S 


96 5/S 

97 1/4 
95 3/8 
99 1/2 

94 i;b 
85 

97 J/« 
■ 91 5/8 

90 3/4 
SI 7/8 

93 1/2 
W Z/S 

95 7/8 

94 5/8 

98 1/8 

98 1/4 

99 7/8 

95 3/4 
9*3/8 

96 3/8 
9S7/B 
94 

B9 1/8 
99 

94 5/8 
SB 


9-72* 

300.50 

9.06 

102.00 

9.18 

Joi.m 

8.84 4.10 

100.00 

9-82 

100.50 
9.57 10.30 

102.00 

8.82 

100.25 
9.37 U.*0 
100.00 

8.67 


1983 


30 
1480 

.49 
1481 
.47 

3982 3980 

31 1.50 
1080 DP19/1 

30 

1979 

30 .60 

14BZ WHIP 
30 1.30 

19T9JP19W 
30 
1982 


10.00 8.90 8.67 30 -SO 

7.36 9.03 100.375 1980 DP197S 

9.71 8.02 8.74 )0 I. TO 

7.21 9.03 100. J 75 1980 DP197S 

8.50 9.55 9.17 11.12 30 .82 

-.13 10.16 101.00 2982 DP 1970 

4.21 9.88 9-80 in. 14 38 2.00 

2.40 9.96 100.50 1981 1977 

8.15 8.48 8.48 30 .60 

5.46 9-JS 101.00 1980 DEWS 

4.94 10.61 7.65 30 7.50 

2-8413.15 102.50 1978 &P19T9 

.92 10.15 7.67 JO 

100.00 1971 

6.46 30 I.M 

101*90 19«J OTIS 17 
8.56 ‘ M 

101.00 1982 

8-64 30 1.30 

loi.so ltra tnsrt 

.70 9-D9 30 I. 00 

102.00 1978 UP1973 

7-2* M A.TO 

100.00 1978 DF1969 

7.30 30 2.00 

100.00 1978 DPI 970 

7.98 80 2.10 

100.25 2960 DPI 976 

6- LS 30 2.00 

200.25 2979 OPlf 71 

*.14 30 2.40 

100.25 1979 SP1976 

5.01 9. 18 30 I.» 

100.25 1980 DPI? 71 

Z* 57 30 2.00 

100.30 1978DP1969 
8*®* ... » 1-00 

101.00 1979 SP1975 

6.391 JO 

101.113 1978 
7.0* 30 

100.00 197* 

7- M . 30 

100.25 198* DE1B77 

W*W __ 30 1.13 

100.00 I960 UP 1973 

7.5H 30 

100.00 1910 

8.45 30 .IQ 

101.00 2979 8P2S77 

6.97 5.55 80 


8.92 9.16 
e.3B 9.57 

5.45 9-37 

l.H 9.15 
6.21 9.54 

8.00 9.70 

4.09 10-26 

7.92 9.19 
1.70 9.59 

2- 25 9.0* 
1.76 9.67 

8.09 8.A* 

5.84 0.71 

6.00 S-*l 
J-67 8.44 

7.25 8.32 
4.27 8.44 
6.87 9.02 

4.45 9-04 
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3.06 8.89 
7.9T 9.04 

3.09 9.16 

3- 33 7.6J 

1- 85 0.59 
•17 13.75 

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4- 88 9.08 

3.25 13.29 

2- 11 15.3ft 

.28 10.8? 

0.29 8.93 

5- jo g.n 

1*96 


.95 

19» 


r.oo 


1-30 7.67 " 300.50 197ft ufl 

1977 QLtnt TO8JS n'SEBS TH 9* 6. $8 9.76 *•« 10 


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1476 

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131.50 1981 PF197F 

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9R.0Q 

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29.00 

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101.50 1983 PF197S 

25.00 

98.50 

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50.00 

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50. DO 

4«.50 

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102.110 1981 1977 

30 1.00 

I0TO37S 1980 BP1S75 

30 1.00 

J 00.373 1979 &9U75 

15.00 

25-00 

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mo.ro 

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mo-ro 

1074 

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98-75 

8.871 1/ 2/1981 


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1*73 

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2i.on 

mc.ro 

4.25 11/10/1983 

202-00 1982 1977 

21.00 

>411 

CITY QF EDWlCRCa 


99 Ut >0.13 S.30 ft* 2.5(7 

6.28 9-69 Ktt.00 1I8LSP1979 

88 11.87 9-47 8.BL H l.OD 

8-01 9-9* 16.00 IMd DP IS 7 8 

91 3A 9-« 10J6 Ml ■ .60 2.30 

5.42 U.U 16. DO- 1981 W19T9 

92 1/1 9-04 10.8* VbS SO 1.00 

6.23 11.23 16.00 lJK 291S 

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47 2.42 10.33 8.31 

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16.50 i960 


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19*1 

3981 

40.00 

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99. IS 

2.85 

10.15 101.00 

1981 

1974 

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4,44 9,13 10.22 

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2.50 

50.00 

99 -:o 

4.75 

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1983 

1979 

15.00 

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20.M 

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join 

7-25 

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4.58 mi. 00 

1981 

i«77 

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4.87 

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19(0 

1977 

30-00 

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3.37 

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99.50 

1.91 

£.14 100.50 

1979 

UK 

ii.no 

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5.41 

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1971 

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14.90 

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lo.ii mi -no 

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1980 

15.00 

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1.70 

14.50 

100. DO 

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19 SB 0(1977 

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101.00 19U 


27.00 

25.00 

23.50 
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30.00 
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25.00 

22.50 
2*. DO 


100.00 

1172 

98.90 

1°70 

100.00 

7977 

98.18 

1972 

100.50 

n;n 


9.00 1/11/1981 
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8.25 1 5/ 3/1980 

cut or limrooi, 

9.875 Jl/ 811979 S 
cm or HAMCaESTEF 

8.25 15/ 5/19RL 
OBCffiECIAL OTKW 

7-875 15/17/1078 
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0.50 H/J 7/1986 
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1.00 1/ 2/1902 S 
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9.75 1/10/1985 
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8.75 15/ 3/1981 

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6.75 19*11/1912 

EH P13ASCT »V 

9.25 15/ 4/1989 
TTSOSS 

8.21 1/ 7/1987 

T 15 1*5 WT IIS . 

8.75 1/ 8/1992 

G.D.5. TBTEUATIOIIAL 

8.50 17 3/1986 
6.0.8. TKIUKATIOML 

9.50 5 / A/1989 

COLO FIELDS (BEWfDDO 

10 15/ 7/1185 

sin wAbopolttai bcttl 

7.50 73/12/1907 
OUMD BETSOPOLITAS BULL 

9.25 1/ I/199B 

CQASS1A9 307 AL TXCBUFA 

8.00 1/ 7/1987 

BAKB805 

7.75 1/10/1987 
HAHB80S 


4.87 9.77 9.44 
2.97 10.05 
97 3/4 2.92 9.91 9-21 

97 1/8 1.45 lD.40 0.49 

90 7/8 .75 2J.81 10.2* 

97 3/4 2.45 9.27 8.44 
l.»» 9.84 

99 5/8 .04 36.99 7.90 

95 1/8 8.n* 9.34 8.94 
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94 7/8 3.96 8.12 
2.46 9.19 
94 Xft 11.37 IP. 16 
8.97 10.27 

91 V* 8-58 9.79 9.M 

5.37 10.45 

92 13.67 6-83 9-31 


4.TO 

1973 


lA.nft 

1379 


102.M I*T* 0PI976 

9.42 60 

2. IS 

100.00 1979 


f.it 70.62 60 


100. 00 1(80 

8.65 

197L 

7.11 TO 

1.50 

100.10 1478 

197) 

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A- Oft 

101.50 1485 VP148) 


60C 1. 10 
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10.57 45' 1.00 
101.00 1985 DP1982 


17.10 

100.00 

9.50 15/1 2/1 96S 

=0.00 

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98.10 

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100.00 

8.50 15/11/1986 

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8.25 If 1/1*87 

21.00 

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75.00 

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75.00 

99.00 

8.75 1/12/I9M 

75.M 

1977 

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75.00 

100.10 

8. 75 1/ 9/1992 

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1970 

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1972 

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21.20 

100.10 

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lOO.ro 

49.00 

8.00 1/ 4/19(7 

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47.10 

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1972 MIIIITM IS BUDS 
100-00 8.00 31/12/1990 

2967 tEIEKMUAffll ALOIDa TW 
100-00 6.50 1/ 6/1982 

1972 QBKEMUBD AUHMA RE 
98.00 8.23 1/ 4/1987 

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98.15 8.50 If 3/1986 

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100.00 9-00 1/ 4/1982 

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98-50 8.00 15/ 0/1985 

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96.50 6-3* 16/11/1979 

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100.50 7.50 13/ 1/1987 

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100.00 7.75 15/ 3/1967 

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200.00 8.00 1/Ujim 

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99.00 6.25 1/ 2/1990 

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100.50 ' 5.50 U 3/1982 S 

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108.00 6.50 21/10/1585 

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98.75 6. IS 50/ 4/190 

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98.50 6.75 31/ 7/19(5 

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100.00 

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90-00 

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99- 30 
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ALIAS BCVELOrxBC? BASED 
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99.00 - 5.25 IS/ 4/1*62 

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99.00 5.25 15/11/1904 

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97.00 5.375 15/10/19W 

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99 JO 6.50 15/ 6/1986 

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98- 50 6.30 If 12/ IS B& 

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90.50 6.50 If 3/1907 

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98.50 6.825 1/10/1167 

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99.50 7.00 13/ 1/198* 

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99 JO 7.25 15/ 2/1982 

1977 BBOFEAB COM. 6 STEEL 

99.00 7.625 13/ S/19TO 

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90*50 7.75 1/ 9/1986 

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108.00 7.75 U 2/1989 

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99- 30 7.873 15/10/1981 

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89.50 8.00 1/L2S19S3 

75.00 1476 BSOPEBI COAL 8 STEBL 

99.36 ft. 123 13/11/1984 

20.00 1174 EtaOFEAl COAL 6 STEEL 

99.00 S.S5 13/ 3/1979 

W.Off 7977 EES wns COAL * 877 Cl 

100.00 A.23 13/2/1787 

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50.00 100.50 8.25 1/10/1989 


23.00 
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15.00 
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20.00 
11.90 
33.00 
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30.00 

29.00 

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50.00 

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7.67 9.53 9.16 

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14.08 9.57 J.33 
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9.21 8.8* 8.20 

5.16 9.66 302.00 

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we* nim m w o o* 96 1/2 6.12 9.(3 

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1970- UtflYEH DSSPMt 97 1/4 1A.42 9.(3 

99-00 8,875 1/ 5/1993 ft 10.41 9.51 

mu miare mnuiATiax 
99.00 8-2S 1/ *■/ 1*17 


7-67 90 r.75 

102.00 1979 . 1971 
9-90 U.7B *5 2.10 

1K.00 1964 DPI 988 

0.03 30C 1.29 

102-00 1901 BF1358 


9-47 

8-54 


1QOJ0 


TOC 

1981 


»J0 M 1-50 

183.00 1981 SPI979 
‘6.79 '9 9Q • 2.TO 

102.50 1979 -.1*73 

*.34 90 . 2-TO 

IflC-Sft 1979 1*2* 

9.47 10.41 (5 I.M 

101-54 1944 DPltftt 
9. ?B 49 ’ L.OO 

102.00 191* DP 1975 

9 .TO 9.99 30 

ion.no KB* 

9.33 9.(7 » lti-TO 

101.82 l*n BP19BS 


94 


1972 ntlUSSS 4 OLTS BASS 
100.50 ■ 8.25 It 6/IM7 

IS DOELAIS-CKXTED STATES 


n s/s *.50 9.5* 
S.57 10.02 


8.78 *»o ;.na 

102.00 1980 1978 

8.91 30 J • 73 ’ 

102.00 2»>0 19<7 


1‘.01 

L.OO 

1fl.no 

>*.:« 

1«.0Q 

1.00 

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7.50 
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13.50 
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41.00 

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47.00 

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7.00 

25.ro 

9.91 

in. DO 

17.00 

20.00 
70.10 
I0.AQ 

11.00 

10.00 
-.00 

15.00 

13-08 


3967 

99.00 
1471 

98.00 

1171 

97.00 
1977 

99.ro 

1972 

91-00 

me* 

91.50 
1474 

97.00 
1963 

99.50 
1968 

98.00 
1971 
99.15 
1478* 

100.00 

1998 

2TO.M 

19(9 

97.40 

147(« 

100.00 

1470 

100.00 

1199 

91.00 

1172 
TO. 00 

1 *(* 
9.-. 75 
i*f; 
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AKAZ WT CAP (SER A-> 
0.75 1/ 4/1986 


AMBADA HESS WT CAP I 

6- 75 U 7/1997 
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6.75 1/ 7/1107 
ittniom 88A8US o/s 

B.QO 15/11/1981 
ai£E 1 Cae xorms amp 

9.00 15/ 1/19*9 

(285CO OIL BLOCS 

5-15 1/10/1985 

AWED UR TIB 

7.25 It 4/1909 
tonuli oil Ftft 

0.00 15/ 6/1987 

ASCO O/S CAP 

9.25 If 3/1985 
AVBU mopocn Eft 

7- 75 1/12/1980 

A9DF 0/3 CAP 

(.15 1/ 2/IMl 

BEATRICE FOODS' O/S 

7.75 U 5/1983 
8EAKICB mo? o/s 

9.00 15/ 3/1965 

BEKBIX I FT FR 

8. DO 1/ 7/19T9 

(LOP BULL 1ST r;j 

7.25 15/10/ 1 907 
(OftC-KAlEER 0/3 CAP. 

(-P0 1/ 9/1979 

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7.IS 1/ (/1107 


96 

97 
97 

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97 89 

97 
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98 
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98 

96 

93 

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95 

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98 

90 

98 

52 


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1.36 
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1.73 
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8.54 

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8.31 
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8.26 

8.42 

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2.00 18.35 
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2.17 7.7" 

1.17 8.93 
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6.49 

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0.24 

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10.73 

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9J9 20.27 
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6.12 

100,00 

6.53 

100.00 

0.13 

101.00 

8.94 

. 101.110 
8.15 

100.00 

8.34 

102.50 

8.15 

190.00 

8.-0 

109.23 


30 

1978 


7.70 
1972 
. 10 1-36 

1474 D9147C 
3* .02 

1979 BPI9T4 

50 ‘ 3.TO- 

1900 SPIFFS - 
30 I.M 
1988 S71975 
3V 2-00 
lmw'n 
90C .50 

1481 DPI 974 
30 1--7 

3978 1969 

30 2-00 

1976 DP297L 
30 2-30 

1980 1978 

30 7-50 

1983 IF2 930 
JO -75 
1976 SC197Z 
W U50 

1978 0(1972 
30 

1K0 

10 1.00 
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1ft 4.0B 
1976 DV1970 
30 .80 

1979 DPI 9 16 
JP ».1f> 

1*76 0PI«7D 
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1970 CABOT TST CAP 

97.00 9.50 1 3/ 9/1960 

1922 CAUlOt 1*7 

99. TO 8.00 15/ 6/1987 


98 1/2 1.7* 10.(9 »-M __ '1 '•« 

S J.65 10.78 lOO.DO 1978 1971 

(A 1/8 8.54 9.00 6.50 3C .73 

6.33 9.25 101.SO 1978 DPWB 


H*F 

98.00 
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98.50 
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97.00 
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100.00 
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99-75 
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99.25 
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99.50 

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98.00 

1970 

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100.00 

1970 
99.75 

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100.00 

196* 

104-00 

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99. no 


ceiamse arr rw 

6.75 1/ 7/1 962 

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7.00 If 2/1990 
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7.00 13/ 2/1984 

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6.75 13/10/1980 

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1.00 13/10/1MI 

cm msstuK ra 
8.73 1/ 3/1484 

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4.50 \f 1/1981 

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e.OO 19/ 2/1986 
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7.50 15/ 1/1991 

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7.00 1/ 2/1910 
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9.50 If 7/1981 
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8.25 15/ 2/1986 

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9.00 1/ 2/1962 

oarcte xc 

8.50 15/ 3/198C 
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100. 25 

8.56 

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30 3-aa 

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99.30 8.373 15/2/190 S 

1978* STOOfM COIL 8 8THL 

99.0 8.379 13/ 2/1993 

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99.M 8.90 U 3/1990 

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99 JO 8.125 1/ -5/1964 8 

197* 

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99.00 
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100.00 


96V2 A.a 9.SX **J *»9 30 

100.00 1983 

93 3/4 6.2L 8.93 


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0.73 1A2/1979 

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0.75 13/ 1/1981 

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B.T5 1/ 7/1982 
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8-75 15/ 6A987 

Ttama coal s steel 

B.7 5 1/ 10/1997 

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0-873 13/ U/ 1500 
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8.875 13/11/1196 
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9.00 13/ 1/1983 


94 3/ft 7.67 *•*> 8.97 
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54 

98 3/4 1*0 IMS 9M TO 

10O.M 1979 

99 2. IS S.XT LN 
96 

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2.38 

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9.40 8.99 
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9.69 9J3 


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10-96 
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100.ro 1980 
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102-32 5988091902 
9.08 4 DC 

208.30 1981 


19709 UBOPEAS COAL ft STEEL 
100.00 9.00 If 4/1993 

1577 BBBOPEA3 COIL ft EXCEL 
100.00 9.00 15/ 6A99S 

2976 30ROFEAK COAL ft STEEL 
95.00 9.00 1/5/1996 S 


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75.00 aOD.OO ' 9.U 1/ A/1997 ft 


30.00 m;s ecmkeab coal 4 ttcl 

100.00 4.25 1/11/19(0 

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33-00 200. M 9.23 15/ l/IMb 

35.00 )17(* ESRSPEAC COAL ft SIEZL 

25.00 99.50 9.25 11 4/19M 

300.00 197* EBMPEAV CUPP BC T 

99.30 7.50 1/12/1979 

200.00 m ;7 itoxeah crawsrar 

99.00 7.50 1 / 6/1912 

100.00 1977 BBDPEABT COWTOITT 

100.M -,.*13 II J/19BI ft 

100.00 ii?* smarm m a wu r TO 1/8 Z.Sft 9.33 8.22 

100.00 7.73 1/10/1981 S 

300.00 3 *77 SBDPEA3 

99.00 7-73 
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91.00 8.ZS 

194* ED877PBAK 
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99.30 6.00 

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98.00 6.30 

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98.00 6.30 

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59.59 (.30 

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94.75 6.30 

1468 BDBSPCAM 
98.00 6.75 

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305 3.75 

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300 1.00 

1979 2972 

30 1.67 

1978 1IP1971 
28C 81 SO 

7479 BPJ37L 


9.04 9.34 
7.29 9.75 


1*72 

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98.50 
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97.30 
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99.75 
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99.30 
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99.30 

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99-75 
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99.75 
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99..50 
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100.00 

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90.50 
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7.25 15/ 2/1980 


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87 


7-50 1/11/1984 S 


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7.75 13 A 1/1*81 
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7.75 1/10/1984 B 



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102.00 19BZ17I1973 
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0.00 1/ 4/1? *4 


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8-23 13/10/1987 

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8.23 1/ A/1987 

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6.179 wio/inz s 
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8*30 Uf 3/1986 

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8.50 1/ 9/1988 

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9.71 9.64 102- SO 1965 197ft 

97 17.42 9-57 9.4* 9.M 10 6-6? 

10.42 9-48 10 ZJ5 1988 021992 


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1103 9-63 102.48 1989 0*1983 


99 5/8 L.9X 9.45 J.28 

59 1/4 7.13 *.39 9.3Z 70.19 600 3.50 

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99 13.91 9.3S 9.34 10.00 600 -85 

11.25 9.39 103.5* 1984 1979 

97 1/8 1.00 10.88 7.87 

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20.00 

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200.00 9.75 1/10/1990 

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16.60 100.00 0-50 19/ 4/1914 

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20.00 1970 S0SA3T0 ISC 

7.40 ».50 8.75 13/ MM3 

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6-50. 90.10 b- 50 1/10/1912 . 

30.90 1977 JB4ZCK4T 2XT COP 

30.00 99-50 S.0Q 1/10/1984 

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.."■j 

■ I. 

' *•••" .. /! 

• - i 


60-00 

30.0ft 


1977 AXES • 
99. SO 7.00 


1/10/198*- 


100.00 

23.00 . 


75.00 

37.59 


297ft ASH? 

99.50 .20.00 2/20/1982 

1*7* ALCaMEBX JtAXC . 
100.00 (.00 1/10/1979 

1*73 MUsaamnaK; 

1MJB . ..0.22 !/■ 5/2980 

1978* lawnBWE, 

99.50 ft- 25 23/ 5/1963 


75.00 

37.50 

•0.00 

75.00 

75.00 

75-00 

75.80 


(O.DO 

30.00 


70.00 

35.00 


1(73 

100-00 


3U0E 

7 JS U 2/1980 


53 5/8 
104 1/* 

97 VI 

9*7 n 

52 5/8 4.45 8.26 «-7S 
B'J/4 


5.84 6.84 6-01 

5.84 8.24 9.59 . 
•-« 9.20' 6.15 


X-4Z ” 7.BS C.39 
.92 6.7ft 


30 

1981 

30 1.5ft 

2982 BPI976 


25.00 

1976 


18.75 

1317 


75.00 

toaioo 

40.00 

217.00 

-30.00 
. 7.S0 

C0.OD 

*0.00 

50.0ft. 

IWft 

30.00 
2Z.50 

50.00 
12.58 

50.00 

66-00 

50,00 ' 
. *0.00 

15-08 

'10.00 

73 JO 

75-00 

50.00 


1976 ern 07 OSLO 
100.80 6.ZS 1/ 1/198* 


197ft OUBWBALTB - AUETBALIA 
100.00 (.00 1/ B/190J 


2973 OOKOLZnftXB TODDS 
100.00 ft JO V 5/1580 


1972 COOKIL OV EUIUVE 
.100-00 (.SO 15/ ft/1979 


3973 DUTCH STATE .MI3F0 
99.50 9.20 It 4/1982 


1976 man non cmjvt 
99.00 8-30 15/ 4/1983 


1972 BCOK , , 

100.00 *.50 1/ 4/1979 

197: mom* 

90.75 5.75 1/ 9/1979 

1972 TO0JTH1 

100.00 7.00 V S/H79 

1973 mmonnA. 

- 99.75 8.50 1/ 3/1982 

1976. SDtOreAN COAL 4 STEEL 

99.75 8.00 15/ 2/1983 

1975 BDBWEA8 3WESJ7U9TT UK 

100.00 ft.OOr 15/ 9/1981 

1978* mUPE*B XmSTBEWI BASK 
99.50 7.25 1/10/1981 

1976 inner cjj( nromm bask 

99.75 8.00 15/ 4/1983 

1977 HI* WEAR IBVESTXEfT IUC 

100.00 8.00 1 5/ VJ9B4 

1975 BraOPEAft" IWESWCT7 lAJtS 
100.00 9.00 1/ 3/1982 

197* EUROPEAN urVtTJMrW UUT. 
99. M 9.50 1/ b/l97( 


99 1/4 

99 l/fc 
»7 7/8 

96 1/2 
JBX 3/8 

99 3/8 

98 5/6 

97 5/8 

99 7/6 
100 

96 7/8 
93 3/S 
93 1/8 

98 V4 
98 1/8 

101 1/4 

100 


1974 ALSagBB BARE. 

99. $0 9.50 10/ 5/1979 ■ 


1975 ALOWZKS Bime - - 

99.50 9.S0 ■ 1/ 2/1980 


197ft ALeofflSE BANK 
100.00 10. W 1/13/1979 . 


-1W4 JiraHSWl BABE : ■ • ■ 
99.30 . 10.50 . 1/J0/19T9-, . 


1976 jutraxsEE an,. -- __ 
99.75 SJ5 , 15/ 3/1983 


1873 6M0 BASK 

99.W -7- -ft-M: . 


1973 AMO BASK 
100.00 7 -15 


15/ 5/1980 
: V.2/1980. 


100 3/4 
ZM 1/2: 
100 3/8' 

100 7/0 

101 1/4 
97 5/8 
98 : 3/4 


1.17 6.40 7.34 
.63 9.*» 

-43 8.(9 Ml 
.1-17 8.98' 9JS 
1.00 9.59 8.86 
.84 ».!B 10.41 
4.29 7.88 *.15 


1-2* 8.23 4.(0 
—75' 9.70. 

1.1? 8.39 '7.34 
-67 9-3D 




60.00 

1974 

99.50 

AMRO RANK 

. 94S0-. 

. it 6/1919 

IDO . . .50 9.M. 

9.50 


, 

•0.00 

1*74 ” 
100.00 

AWO BAKE 
9. 73 

15/12/1979;, 

'ioo V*. 1.04 9.47 

■ 9.13 



5D.D0 

1974 

100-00 

iMO BMC 
10.73 

.1/11/197® 

101 1/8 .92 9.37 io.U 



75.DO 

197) 

99.50 

ABBO BANK 

8J3. 

15/ 9A981 

101' 1/4 2.79 7-71 

*■15 


i 

75.00 

197ft 

99.50 

A1HPUA0C 

9.23- 

1/11/1981 

1DZ 2/*'"z-92 8.74 , 

9.14 



70.00 

1970* AM80 BARK 
loo-oo . 7-oa 

1/ 3/1903 

M l/4 4J5 *:06 

7.27 


, ',!**' 1 


60.00 1973 jaMDtTOSCE • 

30-00 . 09-25 4-25 V 4/1960 

15-00 M76 ASIAN DWHaa«W,»« 

.00.75 • 4J5 1/ 3/1963; 

50.00 1975 

99-15 8,75 15/ 5/190 

- 48-00 1972 I8Z WES S Hfl 

10.S 99.lo l.T5 1/ 10/1979 

40.00 1*75 HiSK :iffi 6 

20.00 09-50 ft.W U 5/IM9 

7J.O0 is?#* i*ae wet l 'wrt ■ . 

100.00 7.00 1/ 4/19*3 

75.00 1*77 WKtIBIl 

106.01 7.75 15/ 5/1982 

60.00 1975 tW® 1 !®,,,- 

99.75 0.23 15/12/1901 

40.00 1(74 UK WEB 4 *WPj 

-100.00 10.00 . U 6/1970 - 

40.00 1(74 U» SgS 6 ' 

loojD ■' : lo-oo- :n i/m? 

60-00 1972 J|lxraH_lSlWraH' 

25.00 100.00 6-00 V Slim 

75.00 


97 2/S 1-33 8,5= 6-44.. 

-83 lo-az . . •_ • 


■j#. . . 

• 1011/8 
9J. V« 
07 3/8 
?4 3/8 
9.61/8 
99 1/4 
1001/4 
100 3/8 
. 9T I/.2 
. 97 3/8 
,«S li 


4-SJ 8.-S2 '*.33 ... 

3.458.35 S.E5 

" -84 9 Jl' 3.91 . 

1.42 7-19 6.16 ' * 
.92 9.11 ' - ; 

-4.33 8.59 7.42 - 
3.45 ' 8.37 7.90 . . 

• 3.04 8.54 .8-31 
-67 9-44 J-M 
1.00. ,9.50 9.38 ' 
.75 9.S2 6.15 ' 1 
4.67 >*43 7-5fi , 
MS *.33 B.22 




1973 

GOVRHWZKT nr HA 1 -AY KVA. 

9ft 3.’* 

28.75 

. 23.00 

100.00 

6.75 15/ 6/1880 






m;j 

• '•' r 'm.ihj 

1972 

CPVTTT IP.C.l 

98 1/8 


' •'-f-50 

700.00 

6.00 1/11/1)79 



' ‘ " ' 60.00 

1(73 

GOVT. Of KE*. ETALA-ir 

98 1/2 


■ :.”' {|0 

100-00 

ft.25 1S/../1179 



75.00 

197** COPT- OP HEW SEILA.’ID 

92 5/8 


200.00 

6.75 1/ 7/1984 



79*00 

1977 

GOTI. or NEW SCALAST 

99 1/4 


' 99-75 

8.00 1/ 3/1(63 



v : 73- M 

1(75 

COR. or BEE ZEALAND 

» S/8 



100.00 

(.25 15/11/1(81 



, .75-00 

T975 

GSR. OP KE* ZCAL45D 

101 1/4 

15.00 


* 99.no 

9.00 1/ 3/1)82 


1977 

. • *o 

1(72 

XAHSSa.PT KOK TTS 

99 

J7.SD 

n.oo 

. 99-00 

6.70 1/ 3/1979 


1977 

80. TO 

1(72 

lOLIMT tbks , , 

98 0/B 


- 15.00 

100.00 

6. -Hi 1/ 5/1979 



30-ljp 

1*72 

TOLLAND AMERICA LINES 

98 1/4 



100,00 

6.25 '15/ 8/1*79 



. so -do 

1972 

ISOM 

97 1/2 


. : lt.M 

100.00 

b-SD 13/10/1979 



•~50.H0 ■ 

1(73 

I5HrejH4UBUrflAWU 

300 J/4 


, + , • - ' 

99.75 

9.25 1/ 5/1980 



J5.0O 

1972 

R.L.H- ... ..... 

97 7/8 


.... 3»j75. 

99-15 

b.00 15/ 8/1)7) 



. • 100.00 

1978* men* at bouut 

92 3/4 



99-23 

ft-30 V 4/1503 



- - 100.00 

1)77 

XXSCnOK WTOMAT 

94 

15-00 

99.50 

(.75 1/10/1)82 


197/ 

.i4jo.no 

1977 

8SMKH ® WJRVAT 

98 1/2 



99.00 

7-7S V 4/1982 



_■ ' 100.00 

1975 

rXHEDQK or NORVAT 

99 3/8 



99.y 

6.00 15/11/1980 



'n.oo 

-1974 

mom of smut 

99 1/2 

io.no 


,99 JO 

8,30 13/ 7/1911 


1976 

- , -IB. TO 

1972 

KGHELtK 

99 

10.00 

-.U-00- 

- 49-50 

b.00 is/ an979 

. 

1877 

',7S*W 

117** jnmn nmaE7ua>SRffiC 

94 1/8 


• 99-50 

6.50 U 6/1963 



M.tfO 

1*74 

XDEI KHJSE35TAOTS5AEC 

99 7/8 


99.00 

9.00 1/ 7.’i(79 




397S 

5DTEUAXD3E CBXDmBABC 

100 1/4 


M-M 

. 9.50 U/ 3/1960 



30*00 

1«« 

MHOLMaftc tusuine 

100 



99-W 

9.70 U 7/1979 



' " -73.00' 

i»w 

BOBXS WHWAllASE 

9B 1/4 



W-24 

- 7.75 U 4/1981 



;7S *°® 

197B* OaxnatlCHB ntnOJUDX 

98 

IS. DO 


6.50 35/ 3/1955 


19/8 

-73.00 

"1977 

QCRXKSICBC 1WTMUMSK 

97 



99.50 

7.23 1/ 8/1981 



•30.00 

-1173 

QgrwixTveHE TON1B0UMBX 100 3/4 



100.00 

9-75 1/ 2/lSM 



ioo.no 

1972 

2CC.IP5 UHPS 

98 


23.00 

«J0 

- 4.M V a/197». 



5.D9 

3.43 

8.31 


4.S0 

B.18 

8.09 


1.4= 

.92 

*.10 

9.01 

6.64 

10.00 

1977 

.54 

9.32 

6.60 

7.50 

1976 

3-33 

8.64 

9.1D 


4. IT 
2.(7 

S.94 

S.16 

8.64 

ir.M 

1)10 

.33 10.64 

6.29 

13.50 

197b 

.75 

9.09 

5- (9 

12.50 
. 19?b 

.17 

7.55 

7.01 

u.no 

1916 

3.42 

8.47 

$.50 


4 .21 

8.31 

8.09 


3-7) 

:.29 

7.13 

8.30 

(.29 

10.00 

191* 

6.84 

I.6L 

7.79 


4.37 

8.47 

1.14 


5.21 

8.45 

8.15 


3.25 

8.52 

8.89 


-50 

9-=* 

9.30 


1. r .4 

1.04 

1.05 

10.05 

6.9B 

12.50 

1977 

.92 

8.69 

6.(2 

7.50 



. >76 

.37 

10.32 

(.35 

' 13. DO 
19/6 

5.5B 

(.44 

7-3 


4.25 

fi.=o 

8.0ti 


2-96 

8.39 

8.2* 


3.25 

8.52 

6.89 


.25 10.69 

6-92 

D.00 

1(76 

.42 

9.82 

(.59 

.15. DO 
19 .'6 

.71 

8.92 

(.3$ 

7.00 

1976 

-B7 

9.57 

6.67 

12.50 

197b 

3-42 

B.9N 

9.23 


*71 

9.15 

6.13 

18.73 

1976 

4.33 

8-55 

7.01 


3.84 

8.64 

7.19 


3*33 

a.M 

7.87 


1.96 

(.30 

a. os 


2.62 

8.68 

8.34 


•S 

9.91 

(.31 

• 15.00 
1776 

4*50 

9.09 

(-91 


M 

9.54 

9-31 


1*11 

9.11 

9.48 


.38 

9.55 

9.75 


2.33 

8.57 

7-89 


6.U 

8J5 

7,16 


3/67 

-6.21 

7-47 . 


1.17 

1.99 

9*68 


.67 

9.12 

6.1* 

25.00 

197ft 


:5.w 

75.00 

75.00 

50. 00 

60.00 

*0.00 

50.09 

60.00 

20.00 

:.io 

75.00 

7o.eo 

75.00 

75.00 

50.00 
75. CD 

60.00 


1*74 PHILIPS LAWS, , 
100.00 7.71 15/ 5/19(1 


1(?S PHILIPS UHPS 
100.00 8.20 1/10/1981 


1*7* PHILIPS LAWS 
100.00 9.50 1/ 1/19(0 


197* PHILIPS LAWS 
99.50 10.75 15/10/197* 


101 2.43 7.M 7.67 

\U1 1/4 2J4 7.73 8.15 
>0 1/4 1.09 9.11 9-48 
joi. .87 9.44 10.64 


1»77 EIIXSOT BBaiK ItBSIS 96 I/O 3.30 SJI 7.53 
99.73 l.iS If 6/1982 

107ft ITEBSOH HHJKIHB PtBRHHa 103 1/8 2.81 8-() 9.70 
99.^ 1O.Q0 1/10/1981 


1(7* BAHOUn; 

99.00 10.70 15/11/1979 


1975 BASK XESQE BOLDTPCS 
99.25 9.25 15/ 3/1981 


1*72 BBBIONM. SR »TOB 
99.50 6.;S 1/ 9/1979 


1*77 REPUBLIC OP AUSTRIA 
99.75 7.Z5 15/11/1904 


1975 1EP0BLIC 07 ATSTBIA 
lOO.OD 8.i5 15/ 7/1 MZ 


1*7* KEFOBLIC nr AUSTRIA 
100.00 9.25 1/ 3/1982 


1978* REPDILIC OT B8AETL 
99-10 7.00 1/ 7/1911 


1*7* urtmLii: or ublato 
99.00. 10.20 15/12/1979 


101 


•96 9*59 10.64 


1*76 EJI.e.r. 
2 no. do 7.75 


1975 5J.C.P. 
lL-0.00 9.00 


15/ 6/I9IL 
15/ 4/1981 


M.rr 1973 scaBanum os re 
30.00 100.00 ft.}0 15/ 7/1980 


00.00 1(77 SCHBJTYAAir OKIE 

inO.OO 8.20 1/ (/UK 


ftO.tlO 1975 SCBED-VaAKT TO1I 

110.00 t.7S It 6/1911 


40.00 1(75 SIT 

59.50 9-50 


V 3/19B0 


40.110 197: SLATER HALTER 
1-..00 1CJ.C0 B.2S 15/ 7/1979 

50.00 ICJ S0DTB OIROPEAS PIPELIHB 

25.00 99.50 7.25 15/ Z/19H 


60.00 T®72 

15.00 100.00 


ft.SO V 4/1979 


50.00 1(77 STANDARD BRAIDS 

12. iO 300.00 6.50 1/71/7978 


1<<;« ESOX3K EXPORT CREDIT 
PJ.75 8.25 J/A/J9B1 


K75 , 

100.00 


9.20 1/ 4/1992 


100 1/2 

2.29 

1.N 

9.20 

9* 1/2 

.75 

*J2 

6.25 

96 1/2 

5.96 

8.01 

7.51 

100 1/2 

3.62 

8.06 

9.2Z 

101 5/9 

3.23 

8.63 

9.10 

93 7/9 

4.59 

9.17 

7.99 

100 3/4 

1.04 

904 

10.17 

97 1/2 

2.54 

1.85 

7.9S 

100 3/4 

2.37 

8.60 

8.93 

97 

1.(2 

8.7S 

6.(6 


1.12 

9.70 


96 1/4 

3.53 

9.59 

a. 07 

98 1/2 

2.50 

9-40 

I.U 

1M i/a 

1.35 

9.32 

9.49 

98 7/8 

.62 

1.07 

ti.32 

9* 

1.31 

9.02 

7.40 


.71 10.93 


>9 It 8 

•33 

9-04 

C.56 

98 

.92 

a.w 

6.63 

99 1/9 

4.33 

8.(1 

8.32 

101 1/9 

3.33 

3.M 

9.15 


7.50 

197ft 


(0 .W 1(7= TLLRUIIE 

L5.D0 99-73 0.25 1/ 1/1)79 

30.00 1»77 TDSWJ* ATLASnr 

7.50 100.00 6.70 15/11/1579 


98 1/8 
98 3/4 


.67 9.12 6.37 
.96 8.15 6.84 


60.00 

100.00 

75.00 


1*75 TBXS5BT ZEVESTKEffT 
!>N.5a 8.50 15/ S/1981 


i*?* mwa 

99.50 10.00 


15/ 9/1979 


1*77 DKITIB MEXICAN STATES 
99.00 8.25 15/ 7/1581 


30.00 

7-50 


]»72 -tav _ 
loo-oo . (.2s 


1/30/1979 


30.00 1(7* TAS aoms 

99.30 10.75 1/ 9/1979 

ZOO- DO 1976 COILS line 

100.00 a. 00 1/ 2/1983 

HBO COTokie SETTS 


101 3/8 3-45 8.00 8.38 
100 l/l .71 9.59 10.45 
97 1/4 3.(2 9-15 8-48 
97 1/8 .64 9.45 (.41 
ZOO l/l ,75 9J9 10.70 
99 3/9 4.17 6.17 8.03 


15.00 

2977 


25.00 

1974 

32.50 

1977 


12.50 

1976 


15.00 

197ft 

7.00 

197ft 


7-SO 

1976 


60.00 
30.00 
2D .00 


60.60 

*3.00 

10-00 

5.00 

20.00 

7-00 

30.00 

30.00 
29.50 

20.00 

ZO.M 


197* naopEAx mreFnmre Biff 116 1/4 XB.13 
loo. 00 8.00 18/ 1/1989 

<111 BBOPtAN IWEa-KESI BA9CC UB 1/4 M2 

99.00 8.37S 27/ 9/1ISS 

1V3 HC ESTATES ft PROP 96 9.94 

33.00 8.75 10/11/1)68 

SMOUBCT raize 


543 (Jt <0 (or 2.00 

102.00 1980 171975 
5,17 T.M <4 ftffr I -TO 

102.00 2919 PF1974 
9.71 9.31 90 .75 

102.50 1910 771974 


1C! zsa. 101 V* 7.42 7.04 

9*.50 7,25 V 3/1986 3.88 6.91 

1*71 COBOPIIUl 100 3/4 1.13 7.34 

100.00 1.15 J3 / 1/1981 1.53 7.21 

l«7l UtniUH 102 1/2 7.28 7-0* 

W-00 7.50 12/ 3/1986 *-Al ft.12 

1??5 XSC06 104 1/8 2-00 6-97 

9».M 9.25 1/12/1980 

J972 HBOBLJC Or BRAZIL 102 3/8 3.S5 7.*2 

.(9.M 8-00 1/ 3/1 Mi 3-94 7.08 

157* UMBLJC DP S0TT8 ATVfa 100 3/4 J.31 7.85 

ZW.OO A- 00 j/ 4/196* 4.33 7.17 

"Uma tBqia or ucaMxr 


i 

7.17 30 

101.73 >76 
7.69 

7.33 7.09 30 

107.00 1911 
|.8| 5.99 3W 

101.00 1)19 

7.81 


7.94 >.U 
102.00 


60 

1981 


5.50 

197ft 

1-00 

1974 

.00 

1)74 


3-00 

1975 

=.110 

1975 


»■# 


m*wwbi* 


e 

!§H 

1 

sif 

BBlnWKADCflr 



?»| 

N s 

i 

ill 


t e 
* 
Sr* 

, s S? 


25. DO 

20.00 

20.00 

50.00 

40.00 
<0.00 


CANADIAN DOLLARS (COVTIKltD) 

t K79 niST CANADIAN UBEST 98 3/8 
100.00 19.00 1/ 1/19IL 

1977 TflED »TC* cmiT-CANASA 91 5/8 
10D.OO 9-50 15/ 0/19** 

1477 PQXr MOTOR CUDIT-CAlUDA. 91 1/4 
99-50 8.75 15/ 0/19*7 

K7ft TUBS MOTOR CWOH-CAJiAfiA 95 1/2 
9».M j/ :/i*i3 

1H6 Tflto KOTOR CWHTT-CANAftA 97 1/1 
100.00 9.00 10/ 7/19(2 

1475 TORS motor. tuhit-CaNACA 98 3/4 
100-00 9-75 1/11/19(0 


1H 

9.05 

7.25 

?.?; 

OK 

15-nQ 

5.00 


2.15 

7.(7 

:o3.do 

1979 

>9't 


IN 1/4 

1.V* 

7.(5 



3R-S4 

10.00 


5.J( 

7.(0 

ror.00 

K(1 

l((l 


IN 

f.li 

(.00 

s.ee (.is 

IS 

50.00 

S3. 00 


5.05 

8.DI 

100.04 

1381 

1981 


: 200 3(8 

.70 

8.80 

9.46 



30.00 







50.00 

97 1/2 

8.(7 

9.17 

8.97 

ROC 

2.00 



6.17 

9.29 

100.50 

1979 

ISK 

40.00 

97 1/4 

3. .5 

9.69 

9.90 




98 

8-(( 

?.0( 

8.(1 

(DC 

3. no 

5D.CO 


ft. (a 

9-15 

Ifll.OQ 

19R0 

19*3 


94 

5.2) 

ID. 32 

9.57 

AO 

T.BQ 

50.00 


1JI 11.26 

101.00 

191L 

198ft 

50.00 







- 30.00 

92 3/1 

5.87 10.95 

1.47 11.57 

10 


30.00 


25.00 

15.00 
35. M 

20.00 

25.00 

25.00 
2A.D0 

30.00 

25.0 0 

25.00 
23.75, 

00.00 

20.00 
=0.00 
10.00 
25.30 
20.00 

14.00 

30.00 

10.00 
10.DD 
10-00 

19.00 

30.00 

30.00 

10.00 

5.00 

50.00 

15.00 
15.00 

15.00 

10.00 
20.00 

40.00 

30.00 

40.00 

40.00 

35.00 

30.00 

20.00 
20.00 
30.00 


1976 GEMSLGM 
100.00 9.00 15711/1981 

IM5 CSXLCAK 

100.00 9.00 1/13/1982 

1*77 CE3DUU. TOOK LIB 
100.00 8.00 1/ 5/1984 

197ft 0E5 MIT OPS ACCEPTANCE 
100.00 9.00 10/10/19(1 

197ft GO! jmrjES ACCEPT A*CI 
100.00 9. DO 1/ 2/1982 

197ft CEB MOTORS ACCEPTANCE 

100.00 9-20 1/ 6/19(3 

1975 BE* WTOB5 ACCEPTANCE 

160.00 9-.ro 15/10/1981 

1976 GU MOTORS ACCEPT AS CE 

100.00 9.00 1/ Z/lfftft 

!97( CEE MOTOHS ACCKPTANCE 
100.00 9.75 15/10/1968 

1977 UAL TCP t.REULCI /CAM) 

IDO. DO 9.50 15/ 7/UU 


197ft 

W.00 

1975 
100.50 

1(76 

100.00 

;*/? 

loo.ao 

1976 
99-00 
1*75 

100.00 
197ft 
IDO. 00 

1976 

100.00 

I9K 

97.00 
1*77 

100.04 
1*7 7 
100.50 
1(75 
99.50 
1976 
100.00 
?97( 

99.00 
1(7* 
99.2! 
K74 

100.00 


Salts* s.iuzia lean 
9-70 15/ 6/19SL 

Hnnsoie-s bat 

jo.:s li/1 1/1981 
ZAC LtKlTtD 

9.00 151 S/19B1 

ZBT HAt7SirE* CMS37T-CAN 
(-70 1 / 2/1(83 

IBT HAAtTSTEB CUSIT'CAH 
9.70 10/ k/19(6 

on BAiscsres cnedit-cu 

16.20 1/ 9/1911 

Z5G CACAO LAN POUNCE 

9.0b 1/ 8/ 1982 

KE CA5ADIAX BOUNCE 
10.00 1/ 8/19S6 

KTSBOOS MOST. CD1F 
9.25 15/ ft/1 M2 

UuBomiA nr cm? 

9.50 30/ 6/1982 

Kan rax leas ok Canada 

8.20 15/ 0/1982 

NORANDA MIKtS 

9.75 1/11/1 W 

XCSASDA tm£B 

9.75 15/ 7/19IZ 

BDSCDC 

■ 9.75 15/ 4/1983 

KOTA SCOTIA POSTS L 
9.50 1/ 7/1994 

PANCAUDTAS PETROL 
9.10 10/11/1983 


1975 
100.00 
1970 
100.25 
197ft 
loo. cm 
1(76 
100. DO 
1970 

91.50 
1*75 
99.00 

1*77 

100.00 

197? 

99.00 

1*76 

98.50 
1(74 

100.00 

1(77 

100.00 


PEOT1NCL OP nuPDDNDLABD 
9-50 15/ 0/1981 

PBOttBCC 08 NEUTOODDLAB 
10.25 10/12/198.5 

pi on pct w nwta scorn 
9.00 J 5/12/1963 
PMVTSCIAL BASE-CARADft 
9.00 15/ 2/1 MZ 

PtUm -AH- TREMBLES 
9.75 18/ 7/1 9« 

ODES EC romuHlIC 
9.00 15/10/I9SL 

QUEBEC TUAN CtMHUNITf 
1.50 U 2/1902 
QUEBEC 0U4N UNUDDITT 
9.00 10/ 9/1984 

QUEBEC runt CMMWITT 
9.75 26/ 5/1981 

QUEBEC URBAN CORCNWTTT 
10-70 10/11/197* 

BANK OrniftEAS HOLDIKCS 
9.:m 10/ K/198Z 


1977 IDEAL BANK DT CANADA 
100.(70 6.00 10/ Z/X9M 

197ft MEAL SAKE Or CANADA 
100.00 8.70 1/ A/19B2 


1*77 

100.00 

1*76 

{ 00.00 

1976 

100.00 

1(76 

100.00 

1(70 

100.00 


TOTAL RAKE OF CANADA 
9.00 19/ 2/1992 

TOTAL BANE OF CANADA 
9.54 1/ A/1918 

TOTAL TRUST CO MOKlCAfiC 
9-90 15/ 2/1981 

TOTAL TRUST CO HDBUCAfiX 
9.70 1/ 9/1982 

BOT'lAPniT XEASIRG 
9.50 10/10/1980 


H 

93 

92 7/« 

97 

» 7/1 
95 7/8 

98 1/8 
9ft 1/4 
97 3/8 

94 5/8 

97 7/8 

98 7/8 
98 

92 1/8 

95 1/2 
97 5/8 

9 7 3/8 

98 1/8 

96 1/2 

95 3/8 
94 1/* 

97 7/8 

97 

96 0/8 

98 1/2 

96 5/8 

97 5/8 
9( 3/4 

100 

94 5/1 
96 3/8 

92 1/4 
9t 1/8 

95 1/4 

94 1/4 

95 1/4 

99 l/= 

93 3/2 

90 7/8 
95 7/8 
90 3/8 
« 5/8 

98 

98 1/8 
98 3/4 


2.09 

X0.73 

10.14 



5.45 

10.64 

9.30 

1!.H 

» 




100.00 

1962 

8.45 

I0.J3 

9-59 

10.91 

10 




100.00 

1964 

4.17 

10.(2 

9.(9 

TQ.)8 

10 




100.00 

1981 

1.62 

10.46 

9.76 

10.76 

in 




lOO.N 

UIJ 

1.92 

10.48 

9.87 



3-9& 

11.94 

9.6X 



4. DO 

11.79 

10.22 



5.42 

10.23 

9.15 

11.08 

Ml 




IDO.OO 

1982 

2.87 

10.24 

1.26 



347 

10.18 

9.29 

10.(5 

30 


100.00 

19)1 

4.50 

10-41 

9.65 

11.17 

ID 




IN. DO 

19 « 

2.(7 

10.24 

I.tl 

10.(2 

30 




100. DO 

1)18 

7.17 

10.25 

9.87 


3D 

3.00 

10.43 


1D1.5D 

1981 

9-87 

10.1* 

10.01 


30 

7-77 

10.25 


102 JO 

1981 

3.(2 

10.10 

10.04 

11.35 

30 




100. DO 

1982 

=.34 

10.(9 

9.95 



2-96 

10.71 

10.37 

10.91 

10 




IDO.OO 

1980 

2.45 

10.41 

9.69 



4.17 

11.2* 

9.00 

11.35 

30 




100.00 

li«7 

7.3? 

10.(4 

10.21 


30 

S.0R 

ID. IS 


IDG. 30 

19(1 

2.75 

11.26 

10.50 

11.90 

30 




100.25 

19(0 

3.67 

ZO.M 

9.7 • 

10-fJ 

M 




100-00 

19)1 

7.(7 

10.3R 

10.19 

10.92 

30 

(.19 

10.42 


100.379 

1(BL 

3.04 

10.44 

*.» 

10. Bi 

30 




IDO.OO 

DM 




1.00 

197? 


1.25 

1978 


3.58 11.09 9.9G 
3.40 10.27 (.73 
1.92 11.0Z 9.94 

3.62 10.75 10.03 

4.37 10.72 10.09 

15.58 9-ftS 9.64 *-98 

101.00 

4.96 10.6ft 10.09 11.14 
100-00 

«.*! (.74 9.48 

4.11 9.9L 1Q2.DQ 

4.45 10.41 9.83 
A. 16 10-4( 101.00 

7.04 10.25 10.25 10.70 

101.00 

5.04 10-41 9.51 

3- 21 10.87 9.86 11-38 

100. 00 

3.63 12.4* 10.37 

101.00 

2. 87 10.26 9.68 
3.18 11.33 9.91 
5.79 10.87 10.08 

4- 48 11.11 10.24 
.96 21-30 10.(0 

3.04 11.90 10.1ft 

5.2110.34 »*»0 

100.60 

3.33 10.Z4 9.13 10.79 

100.00 

•3.21 10.36 9.96 11.22 
11-15 10.49 >00.00 

9.33 10.41 JO.04 >0.85 

(.93 10-61 100.00 

2.21 10.51 9/69 

3-75 10.35 9.94 

1.87 10.14 9-B2 


90 

1M4 

30 

1981 

"0 3.00 

14(0 1981 

30 .00 

1979 rrl*76 
30 I .20 

1980 FU976 


» 
1*41 
6 DC 
1910 


30 

1*82 

30 

1981 

30 

1985 

3» 

1984 


1.50 

1912 

1.00 

1981 



EDXO OBITS or ACCOUVT fcgsrausn 


13.00 

1(74 

ACBICULTURAL CREDIT CORF IN 7/8 

•81 

1.74 

9-91 





94.50 

10.00 20/ 9/1979 








26.00 

I??** AUTO MOTES COTE BASQUE 

» 7/* 

14.61 

7.JS 

7.23 

7.1) 

(0 

1.31 

in. 00 

99.23 

7.D0 10.’ 7/1993 


11.04 

7.A2 


102.00 

19(5 

1985 

30.00 

J97J 

JUS! CUENI8GT0K 

97 J/8 J2-U 

7.29 

7.17 


40 

1.03 

= 0.44 

94-50 

7.00 1/ 3/19)1 


1.(0 

7.34 


102.25 

1979 SP1974 

1S.00 

1974 

RAISA- AUTO- ESTRADAS 

99 i/8 10.19 

(.8* 

S.*3 


30 

2.00 

13.00 

93-00 

8.73 1/ 2/194*- 


5.72 

6.95 


102.00 

1980 

197) 

=0.00 

19bft 

C.P.E. - MOT CO 

1(4 3/4 

7.35 

7.41 

(.91 



1.20 

11.90 

97.50 

4.30 It */19»6 

8 

4.15 

7.90 


IN. SO 

197* 

1970 

10.00 

K(9 

c.p.e. - tom co 

J47 

•*5 J2.47 

8.94 

72.47 

3 or 

1.00 

I. DO 

98.00 

4.50 8.-10/1*79 

S 




IDO.OO 

1979 

1970 

i.CQ 

IBP) 

C.P.E. f pat tvj Cali 

145 3/8 

1-55 

9.12 

7.29 


1 TOC 

.55 

1-1* 

94-00 

7.00 17/ 4/1940 


1-Oft 

11.03 


100.23 

1979 

19k* 

3a. oo 

I)/)* cm or copnaACEi 

96 5/8 14.42 

7.34 

7.24 

7.91 

75 

?.2S 


100. 23 

7.00 2/ 5/19)3 





102.00 

1983 PFI941 

2D. DO 

re 7n 

CI7T 5F COPT.fHACIB 

J03 3/4 

7.54 

S.95 

8.4J 

7.95 

73 

1.00 


99. TO 

*.75 10/ 6/19*6 





1D2.0O 

19(1 PE1977 

25.00 

1175 

C1XT OP COFEMUGEK 

104 1/2 

6-82 

8.35 

8.85 

7.60 

75 

1.06 


99.50 

9.25 25/ 9'I91S 





in: -so 

1980 271979 

1>00 

1(74 

city op copnaALEH 

101 1/8 

•M 

8.70 

9.89 





9) .25 

- 10.00 14/11/1979 








28.00 

I?70 

CITY OP KELSr-Ctt 

105 3/4 

4-17 

(.30 

9.46 



MO 


100. DO 

ID. 00 31/ 1/1943 






PT197* 

10.00 

1(71 

CITY DP NANCY 

141 5/8 

7.79 

8.56 

8.26 


9 DC 

■45 

5.A5 

(1.00 

S.N 10/ 9/1996 


A- 45 

8.86 


102.00 

1979 

1972 

I2.TO 

197* 

CITY OP "0.0 

IN 

13.31 

4.46 

6.87 

(.51 

90 

.40 

10. *0 

93.50 

8.870 1/ t/1312 


7.7D 

8.(7 


102.30 

1962 

1975 

15.00 

1(74 

cm or Oslo 

104 1/4 

3.01 

8.1) 

9.59 



3.75 

i5.no 

100.00 

10. N 3/12/1991 


1-51 

7.00 




1978 

20.00 

1975 

air OP OSLO 

103 

4.87 

N.44 

8.98 

8.71 

75 

-75 

22.75 

99.38 

9.25 13/10/1985 


a.ab 

8. A3 


102.50 

19(0 

1974 

17.00 

1(74 

con* DOTE 

102 

10.38 

8.(9 

S.82 


73 

.34 

15.6ft 

»(.?0 

9-00 12/ 3/19*9 


7-01 

4. ftO 


104.00 

1(79 DP19I3 


10.00 

11.40 

12.00 

8.39 

Jn-00 

2.»D 

15.00 
8.23 

12.00 
8 -2D 

20.00 


7.47 8.56 8.26 


K71 ananuuiES n raises 
9P.J5 8.00 13/ 7/19(6 

19b» CSTONBACEB CnUFTI AI7TK 
98.15 6.870 2*/ 0.'I9*D 

1*69 taoreawcEE comrrr adtk 

98.00 7.00 9! 0/1984 

1*71 CDPENHATHR COPNTT ATTN 

100.00 B-00 16/ 2/1986 

K70 COPENHAGEN COONTT A DTE 
**.00 9.20 23/10/1910 

3*75 COPENHAGEN TELEFBMZ 

99.00 9.00 28/ 5/1985 

1971 CUD IT NATIONAL 
99.20 8.00 30/ 7/l«M 

15.00 -1971 ELECTRICITY EUPPLT-l-E. 
8.00 100.00 8.25 7/ 5/19BS 

1976 rasMtnnr 
100.00 9.25 lot 2/19(4 

1*71 ELCOH 

99-75 8.25 11/ A/19K 

1970 rsaw 

100.00 (.2$ 3ft/ t/IW 


20.00 


10.00 

8.00 


20.00 


12.00 1)75 AJ-.E-U 

12.00 100.00 5 JO OV 2/1583 


103 0/8 6.25 8>76 9*13 5.17 00 1.30 

3-4B 8.34 102.50 U7I 1579 


2D.DO 
10.69 
12.00 
3- AD 
20.00 
10.90 
10.00 
10.00 

30.00 

20.00 
12.00 
10.00 

5. DO 

25.00 

20.00 

10. DO 
10.00 
20.00 

17.00 

15.00 

10.00 
12.00 
12.00 
12.00 

4.72 


20.00 

18.00 

20.00 

5.75 

12.00 

7.20 

30.00 
2S.7D 

8.50 

1.40 

12.00 

5.00 

12.00 

10.50 

15.00 

10.00 

12.00 

12.00 

23.00 
21.98 

20.00 

Ift.OO 

lo.no 

20.60 


19*6 EUROPEAN COM 4 STEEL 
99.18 J.75 1/2/19(4 

K75 ZXHLAND - TDD WTGE BANK 
99-00 9.50 7/11/1983 

1974 EITHER TELEPHONE CO 
99.00 9. DO 15/ 1/1984 

3975 C.I.S. 

99.75 9.75 10/ A/19SS 

1964 CREATES COPENHAGEN 
•98.00 0.62J U/ 4/19(4 

1977 IIUTMN (DIMA 
30 0.25 8.00 SO/ 6/1907 

1973 TUTUS VO DU 

99.70 9.75 10/ 3/1985 

l-*?8* HDDS TRIAL BASB-FIVLAKD 
100.00 7.00 5/ 4/1991 

1971- EUCUB4 OP DEStAU 
99*50 8. 00 25/ 6/1*84 

1978* DGOH1JUIEOISTTTVTFT 

99.00 7.00 12/70/1**3 

1)78* IMWNLAMmtSTnflTCT 

100.00 7.75 25, ■ 1/1993 

1*63 BURGES treWKALRANS 
99.D0 5.50 15/ 1/1)43 

1(71 BOBCBS BHMMALBANE 
9B.7S 7.75 lit 3/1986 

1974 EECStNET UClLTi SUU/TAJOi 

>8. DO 8.75 I V 2/ 1 989 

19*9 n azure or wj/itoba 

97.00 7.00 17/ 6/K89 

1)70 ZR07IKC Of MANITOBA 

100.00 (.00 1ft/ 3/1912 

147J rsiiTiiCB or masttoj/. 

100.00 . 9.25 8/12/1)85 

1*66 BEDOORS SETimtUlT 
98.M 6.00 25/ 2/1980 S 

1968 BOD MPEX CROUP 

58-00 6.70 10/10/14)3 

1(71 USU1L1C Of ICELAND 
lOD-Off (.00 ZA/I0/I9SS 

197ft REPUBLIC W ICELAND 
100.00 9.13 30/ i/1963 

ldft MTTOLle OP ICELAND 
100.00 9-20 16/ 7/1 98ft 

j?/* ursBLie or res uxo £ 

99.00 10.00 SO/1 2.' 1994 

1*70 REPUBLIC OP 1IULAKD 

«i.J0 9.35 7/ 7/K82 

1974 BEHBUC OP IRELAND 

99.30 9.75 12/ ft/JW* 

1978* REPUBLIC Or PUAHA 

95.30 8.23 2/ 10/1)93 


ft. (9 

A. BO 


102.50 

1979 

1973 

146 3/S 7.(2 

A. 09 

8.27 


9 DC 

.79 

’ 4.12 

4.90 


102.00 

1979 

1972 

74) 7/8 • 1.44 

9.09 

7.11 

40C 

1-00 

.98 10.97 


100. 25 

1979 

1989 

144 1/8 5.AA 

7.79 

7.25 

45C 

1.25 

3.67 

N.J1 


101.25 

1*7* 

1970 

14( 3/8 7.20 

8.59 

8.26 


I TOC 

.M 

4.6} 

8.94 


101.50 

29BD 

1972 

104 1/4 (.90 

9.41 

*.87 

4. DO 

AS 

1-25 




102.00 

1980 PFL979 

104 3/4 (.49 

8.50 

9.07 

7-ftO 

30 

1-75 




102.00 

1940 FF1979 

144 3/* 7-kft 

(.59 

8.27 


90C 

I. 00 

4.1* 

9.98 


102.00 

J979 

1972 

1(4 3/4 7.41 

8.41 

8.51 


40C 

l.TO 

3.91 

9.20 


101.50 

1980 

1972 

104 1/2 5-20 

S.16 

*■83 



.95 




102.00 

1978 P71977 

14) 5/8 7.51 

8.93 

8.57 


*0C 

1.13 

*■00 

9. AD 


101.30 

19(0 

1(72 

147 1.57 

11.26 

9.02 


1 TOC 

1.20 

1.07 

12.22 


100.50 

1979 

1971 

144 1/2 7. IT 

A. 38 

8.02 


2 AC 

l.JO 

3.83 

7.14 


101.00 

1979 

1972 

102 1/2 4.(4 

8.15 

9.27 



1.50 

3.04 

4.67 




1979 

102 3/4 5.79 

8.37 

8.76 

8.33 

75 

.00 




1D1.3D 

1991 »1S77 

301 1/S 4.36 

9.J9 

9.(4 


(0 

l.SD 

3.0* 

9.» 


10*. DO 

l*7( 

1976 

14S 1/2 3.37 

6.49 

5.8) 


180C 

-72 

3.03 

7.06 


IDO.OO 

ISM 

2970 

103 8.55 

7.99 

8.23 



1.25 





JT1P40 

1M 3/4 6-32 

8-72 

9. 31 



1.00 





PP197B 

96 1/2 >4.35 

7.40 

7.25 

7.97 

30 

1.00 

9.15 

7-51 


107.00 

1945 

1914 

146 3/4 7. ST 

B-55 

8*25 


9 DC 

2.00 

4-24 

*.84 


101.75 

197* 

1975 

98 7/6 14-97 

7.(3 

7.59 

8.22 

)0 

.43 

9-2* 

7.67 


102-00 

19(3 

197* 

99 1/2 1*.13 

7.81 

7-7J 

8.41 

30 

.80 

7.1S 

7.8* 


102.50 

19(1 

197 9 

146 5/B 4-13 

4.3* 

5-68 


180C 

.85 

2.71 

7.06 


100. BO 

1910 

1967 

1(4 7.79 

8. At 

9.1) 


HOC 

1.10 

3.99 

4.83 

101.50 

19(0 

1974 

loa 7/6 10.23 

8.(1 

8*67 


(0 

• 70 

6.89 

8.57 


104-00 

1)79 

1975 

J4J 3/4 10. J J 

7.51 

7.27 


«0 

.75 

5.93 

7.B0 


102.25 

1980 

1979 

146 1/2 3.39 10.16 

9.30 


)0C 

-40 

2.42 10.54 


100.75 

1979 

1911 

Z« 3/4 7-02 

8.14 

8.75 

7.28 

10 

l.BO 

4.8* 

7.60 


10?. 50 

3980 Ff 1976 

145 5/8 1.S4 

9-51 

1-33 

(.51 

1 1ST 

-71 

■73 11.83 


I 00. DO 

1980 

19(9 

146 4.(7 

7.(4 

7.00 


9 DC 

1.00 

2.87 

8.17 


102.00 

197* 

1969 

100 9.90 

8.M 

8-30 


75 

■ 30 

7.(2 

1.50 


XOZ-M 

1979 

1974 

ioi 4.:: 

8.94 

9.16 

8.86 

30 

>(Z 

3-23 

8-86 


IDl.TO 

1979 

1979 

103 1/2 7- *2 

8.39 

8.96 

7.58 

75 

.73 




101.20 

1)80 FF1977 

199 7/8 16.03 

8.82 

9. 10 

8.13 

JO 





102.00 

19U 


101 3.60 

8.88 

9.16 

9.81 

IOC 

3.13 

3.74 

8.10 


101.00 

1979 

1978 

1W 1/4 S.S3 

8.94 

9*44 

8.77 

I20C 

1.00 

4.03 

8.12 


101.50 

19(1 

1975 


9ft l/l 14.81 8.72 8.38 9.44 


12*84 8.78 


101.23 


M 

1)84 


1.00 

29*4 




ti" 


: * 

'S : “ 


i 





Financial Times Monday pecemHer '■ lX ti97$ ^ 


,?#ri 


*5 

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moor 

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bUIsI i 
i| j|I| -! 

S 1 3“l s 

ill 

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BRnUHHimT 

E 

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3(4 

li 



aUflWHT 



5 

Lg 

El 

K 

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H* 

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[no DUB QT ACOQOBT (COBUIIB)) 


nnninia ccosniBEB) 



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n iuiiBt QuMUQ 



20-00 

lA.OO 

::.m 

£2.00 

12.00 

6.40 

22.001 

22.00 

25.00 

23.00 
15-00 

10.70 

8.00 

5.55 

40.00 
35-18 

20.00 


1570* 

59.50 
1)71 

100.00 

1975 

100.00 

1975 

39.50 


C.OQ 

4.8Q 

12.00 

6.00 


1969 

98.00 
1*73 

100 -uo 
1975 

99.00 
1975 

100.00 

1969 

90.00 


upoblic or soon Africa. 

8.75 3071271982 
S.».». - IB4SCE , 

7.00 5/ 7/1991 
s dt.t. - nucc 

8.00 6/ 7/1986 

s.B.i. - prance 

9.25 15712/1989 

S.D.R. - FIANCE 

9.50 3/ S/1987 

s.y. c.r. 

7.75 25/ 3/1986 
SCOTLAND HIH0/8LEC7UC 

8.00 10/12/1989 

STANDARD OIL OF INDIANA 

8.00 15/10/1986 

mrsraiEw: 

9.25 29/litmS 
'mix DE SAIST-ITIErtE 7 

9.50 8/ 771982 

BATUrz toss' 7 FT n* 

3 .ou IV 6/I9M 
nixi runes 


146 s/6 
98 1/8 

147 1/8 
103 

103 1/2 
247 U 2 
1*6 

100 3/4 
105 

101 1/4 
249 1/4 


4.08 0.88 
2.33 10.30 
16.59 7.21 


9.02 


10.09 7.26 


101.23 
7.13 7.78 

18200 


1211 2.00 
1979 1971 

3.20 


200.00 


1984 


135.00 


7.60 8.50 

4.10 8.84 


7.04 8.66 
S.W 8.30 


8.43 8.98 
5.19 S.b? 


7.32 8-31 
6.31 8.*6 


6.03 

4.04 
9.87 
7.65 


8.74 

9.08 

7.98 

7.87 


8.Z3 

102.00 
8.91 8.52 

102.00 
9.18 5.61 

102.00 

7.95 

101.75 

8.29 

101.23 

7.94 

102.00 


60 


19H 

.80 

1972 

2.00 

1980 

2.00 


1?78* WtU lH E7 WEST 
100.00 10.00 17/ll/USS 

1976 Psocewt . 

123.00 loo. 00 10-00 10/ 2/1983 ' 

1972 cram i ask 

99.73 7.25 IS/ 6/1*87 

SOBGKOK DOLLARS 


150.00 

■133.09 


100 1/1 (.» 9.91 i-95 10603 45 

■100 JO 1383 

100 7 ft UP 9.71 9*91 9.93 30 37-50 

3.30 9.66 . 101.90 I960- 1981 

7-50 
1977 


izs.oo 

178.13 


1972 cm or oiroMffl 
99 JO 0.23 1/ 9/1987 

KBBHERS (BStf) 


99 3/4 8.79 
4.96 


6.28 

6JI 


6J7 


102.00 


83 7/6 8.54 50-15 8.64 80 

-5.1? 11.41 10M29 1979 


220.00 1973 MnsraadUUflK 

198.00 100-00 a. 75 1/ J/1967 

i nTTK ime TU8CS 


8.25 7-89 Ml S.Tt 98 tt 22 -BO 
4.46 7.39 IOWJO .1980 1978 


3979 1178 
220 .90 
1979 1972 
90C 


1979 


.40 
1970 
30 .80 

1979 BP1974 


300.00 1*77 hmodhc uo nm. 

100-00 7.23 it 6/ 1985 

200.00 1977 JABBUR 3UXUES0H BZBffnA 

100. 00 7.23. 15/ a/1985 

130.00 1*77 fioyibcs or Kumm 

100.00 6.8/5 157 6/1982 

JAPANESE TIS 


95 


6.90 10.29 8.43 
8.34 9.80 Mt 
UJ 7.24 


- 30 

102.00 19«: 


90 

102.00 im 


800.00 
600 JO 
800.00 


3.34 


100.00 

100.00 


100.00 
ao.ao 
50. WJ 
38.oa 
100.00 
86.00 
150.00 


80.00 


100.00 

35-00 

115.00 

106.25 

80.00 


1975 AEROSPATIALE 
)*.2S 10.00 6 / 5/1985 

1972 B-A-T- 1ST FIR 
«.;o 7.5o u/ir/issr 

1972 3457 77AB5ATLAKTTCA 
100.00 7.50 1/ 5/1*87 

It 71 BA 3S CSARSDOTM 
100.00 7.50 1/ 8/1*87 

1972 UmsB IttTLiKD KOTOR 
100.00 7.50 iOl 9/1*87 

1975 CEU10IC-ASBS DE FIANCE 
10.00 5/11/1980 

CHAUDNKACES DE P8A1KB 
10.25 15/ 4/1982 

CHATTER OOUOLTDATED 0/S 
7.50 1/1 0/1947 

mms L4I-4SCE 

7.50 1/ 7/1*87 

cm or asio 

;-25 1/ 3/1*57 

amir roKinf. dc rtMXZ 
ID. 25 27/ 5/1*82 


r ioo 3/4 


8.28 8.81 

1.23 

7T1V9 

U.W 

9.05 9.30 9.62 

90 

1.20 

10.00 

0.82 101 JO 

1919 

1)78 


7.91 7.D 

?oe 

1.00 

20.00 

8.5* 102.50 

197) 

1970 


9.81 9.93 


15.00 

2.00 

9.69 


1979 

2.00 


97 5/S 9.73 6.08 5.89 


1*78* ASIA* OEVEiananT wt 
100.00 >. 75 . 17 *77988 

1977 ZD 808848 IHVESWERT US 106 3/8 5 .*2 5.13 6.12 

7.25 17 5/1964 

SOLD US ' 104 s/8 5.71 3.28 5.97 

6.25 19/ 8/1984 
snvini dwaxs 


100.00 

1977 

100.00 


5.29 

100.30 


aao.Dtf 

360-00 

.500.00 

*50.00 

Soo.oa 

400.00 

600.00 
650.00 


100-75 

1475 

100-00 

1972 

98.00 

1977 

100.00 

1472 

99.50 


100.00 


80 

3/4 

8. *6 

10.48 9.29 

30 

4.00 

ft. 7J 

11.30 

102.25 3970 ST 1*73 

85 

1/8 

8.42 

10.20 8.81 

30 

4.00 

6.02 

10.97 

101.30 1979 

1974 

78 

1/2 

0.67 

11.56 9.55 

6D 

2.00 

6.44 

12.54 

102-25 1479 DP1973 

78 

1/2 

8.83 

11.49 9-55 

. 60 

6.00 

5.53 

13.22 

102.25 1979BP1977 

101 

3/8 

2.01 

9.08 9-64 



102 

1/4 

3.37 

9.40 10.02 

1.72 30 

4.80 



200.50 JftfPI-rOM 

77 


8. 84 

11.82 9.74 

*0 

2.00 


7.16 

12.59 

101.50 3979 

1973 

82 

3/6 

0.50 

11.65 9.00 

75 

5-00 



3.88 

II. It 

102.25 1979 

1973 

83 

1/2 

8.25 

10.31 8.(8 

■0 

2.50 

6.00 

11.16 

101.75 1980 

• 1973 

102 

1/4 

3.49 

9.42 10.02 

7.30 4) 

8.75 



2.43 

9.22 

101. 00 1979 

1976 


3.00 


6-00 

3.00 

5.00 
10.00 

7-00 

6.00 

3.00 

4.00 


1977 

100.00 

1977 

ICC- 00 

1975 
99.50 
1973 
99.25 
1977 

100-00 

1978* 

100.00 

1978* 

200.00 

1976 
99-75 
297* 
99.75 
14J7 
99.00 


A/D! CAN URVEi-OIMSHT BASK 

6.75 15/ 5/1987 
Aral cad development bank 

8.50 15/ 5/1987 

ADTWI5TAS L 

8.50 15/ 4/19(5 

ABIOPISTAS - ATLANTtCO l 
8.73 1/ 7/1985 

AimrlSTA VASOJ-AVaSA L 

8.75 16/11/1*47 
BAiica .44 c am iuut l 

8.25 15/ 6/1990 

8ARCO 8ACI08AL HE 08B1 L 
8.25 13/ */l990 

BASED HA Cl OPAL DT <WBAS 
8.50 15/ 4/14*6 

BARE SaITBCXVT » 1 MS 
B.75 13/ 2/1486 

BAKE BA4SUMT U UA8S 
9.00 1/ 4/1987 


101 


8.4S 
7.70 
98 1/2 8.43 


102 6.37 

102 1/8 6.58 
101 5/8 8.96 
99 11.54 

99 11.37 

100 3/4 7.37 

100 1/2 7.21 

101 8.33 


8.74 

8.07 

8.30 

8.48 

8.38 

8.38 

8.34 

8.64 

8.81 


■9r 


100.00 

90-00 

50.00 

35-00 

150-00 

135.00 

150.00 
147.50 
125-DO 

115.00 
.175.00 
157. JO 

200.00 
165-00 


75.00 

43.00 
100.00 

82.00 
200.00 

87,30 

60.00 

*1.00 


125.00 

110.00 
130.00 


50.00 


100.00 
1973 EKSO-COTZm 

96.50 8.00 16/ 7/1988 

1973 EUB0P2AN COAL 4 STEEL 

100.00 7.00 1/ 7/1480 

1972 KDB0PEAK COAL 6 STEEL 

99.00 7.25 1/ 4/1437 

1973 EUROPEAN COAL 6 STEEL 

99.50 7.50 1/ 7/1*91 

1975 EDBOPEAS COAL 5 STEEL 

] 00.5>1 10.00 15/ 6/1*82 

1972 EUROPEAN INTOSTMKKT BISK 
59.75 7.25 1/ 8/1487 

1*73 201 OP SAN INVESTMENT BANK 

99.25 7.25 11/ 5/19B8 

1471 fUBDfXAN WVTSTMMT BANK 

100.00 7.75 10/12/1951 

1478- EUROPEAN INVESTMENT UHt 
99.50 9.75 1/10, ‘1438 

1*68 TPASCMSE DCS T/TWtES 

97.00 7.00 1/ 3/1480 

1472 COVT. «jF 11EB ZEALAND 

90.00 7.25 1/ 8/198/- 

1972 EX9KDW Or OEMtAEr 

99.50 7.50 1/ 9/1987 

1973 ZUCDiM OT DEW APR 

100.00 7.75 15/ 4/1988 

1971 L'AIK LIOOTDE 

93.50 8.15 15/10/1491 

1972 WNTEEAL CATB0LIC SCHOOL 

98.25 7.31 17 3/1987 

1975 KlTlOfULE DKS A0TO9ilUTE3 

10D.00 V.75 1/ 7/1987 

1972 SAXtOSALE DES TOXUJHH 
100.50 7.50 1/ 3/1984 

1975 PASTS AS 

10.25 15/ 7/1902 

fbtlips laws r 

10.25 1/ 9/1980 


100 7/8 
85 3/8 
96 3/4 
84 3/4 
81 1/4 

101 1/8 


1.88 9-65 10.16 


83 5/S 


82 1/2 
95 7/8 
98 3/4 
57 3/8 


9.62 30.47 
6.5t 11.27 
3.58 9.24 
1.15 10.11 

8.33 10.02 

4.33 11-91 
12.58 10.20 

9.85 10.65 
3.54 9.57 
3-28 9.57 
8.67 10.17 
3.50 11.40 
9.43 10.21 
7.18 10.88 
3.03 9.17 
2.72 9.85 
9.84 9.94 


9.37 

101.30 

7.24 

100.50 

8.55 

101.375 

9.23 

101.375 

9.89 9.44 

191.00 

8.67 

101.125 

8.79 

101.29 


60 4.00 
1981 SFD74 
90C /J.00 
1979 1978 
60C 15.00 
1979 1918 
90C 2.50 
1979 1*78 
60C 5.00 
1*79 1977 


7.00 

7.00 

8.00 


7-00 

1474 


10.00 

30.00 

3.00 


1»»B* 

99.50 

1976 

10a-QQ 

1978* 

100.00 

1475 

100.00 

1978' 

100.00 

1976 

100.00 

19784 

99.38 


BOUZ 0CTT KBS TTWIS1S 
6.00 15/12/1483 


BQQE DEPT COOK TON1S1S 9 
8.50 15/ 7/1981 


sqm «r y 4lcexze 
8.25 15/ 4/1990 


101 1/4 2.7 t 
1.7L 

98 1/8 7.04 
4.47 

IDO- 1/2 £.62 
97 1/4 21.54 


8.43 

8. 14 

8.3a 

0.39 

8.25 

8.2A 

8.62 


8.66 8.6A 

101.00 
8.63 8.90 

200.00 
8.33 8.21 

102.00 
8.57 7.83 

101.00 
8.61 8.30 

101.00 

8.33 

las. oo 

8.33 

103.00 

8.44 

103.00 
8.71 5.10 

101.50 
6.91 9.01 

101.50 

8.89 


BODE MI CALORIC 

8.50 1/ 7/1983 


8.08 


201.00 
9.87 10.17 
101.00 


60 4.00 

1979 OPI972 


30 15.00 

1982 TTL979 


7.00 

20.00 


MAT ALCU1E NATt CATION 

4.50 15/11/1490 

NAT ALCFEIE NAVI CAT 108 
8.75 15/ 5/1986 

CREDIT HUILin 

8.375 17 8/1988 

1476 CREDIT TMM81L1CR 
99.50 8.50 1/ 7/1986 

1978* SETT BANK PHILIPPINES 
99.75 8.50 1/10/1940 

1978* arreoBEAs - ebazil 
100.25 8.15 15/10/1990 


99 5/8 A. 51 
2.58 
98 1/8 1 1.96 


8.76 


99 7/8 7.45 
*.95 

97 S/8 9.67 
8.07 

I 00 1/4 7.58 


8.76 

8.77 
8.74 
8.79 
6.44 


97 3/4 11.84 
99 1/8 11.87 


8.81 


8.36 


83 3/8 


84 7/8 

84 7/8 
97 3/4 


1.25 4.26 
.77 10.77 
8.50 10.76 
5.66 11.37 
8.75 10.18 
5-95 11.10 
907 10.31 
7.04 70.91 


03 


101 


f.2S 10.6 4 
6.00 H.3* 
8.58 9.79 


I'M. DO 
32.50 
100.09 

83.00 

113-oa 
116.00 
ao.na 
61.60 
200.00 
182.00 
ion. oo 
85. DO 

80.00 


60.00 

13-00 

100.00 


loa.iH 

1*7.8 

104.00 
1472 

100.00 
1972 
94.23 

1*7/ 

locr.oo 

14? 2 

99.00 

1472 

99.50 
1972 

100.50 

1475 

mo.oa 

14*7 

98.50 


PROVINCE OF NOVA SCOTIA 
7.50 13/ 7/14*7 


PROVINCE Of QUEBEC 
7.50 157 6/1487 


E8A0T HIXEB COKkCTK 
7.73 25/10/1487 


30.00 


RENAULT 

7.25 15/ 3/ 1497 

uuKE-roout?: 

7-50 15/ 4/1987 

RBONE-PaULSX 

10.25 30/ 4/1980 

IOCS SIX- OCLAP 

7-00 15/11/1979 

1975 SAINT GQBAIK 
99.50 10.00 10/U/19BO 

1975 B.O.P.A.B. 

100.00 9.7$ 31/ 7/1980 


100.00 

9».0O 

VUM> 


1473 STAR EUROPEAN PIN 
99.50 *.00 15/ 6/1988 


1473 mouret veurr whulwi 
100.00 10.00 5/ 1/1962 


9! 3/8 
101 7/8 
100 7/8 
82 1/2 
84 1/2 
83 3/8 
77 1/2 
82 1/2 
82 5/8 
100 3/8 
97 5/8 
100 5/8 
P 100 3/8 
77 1/4 
200 J/0 


5-29 9.39 
3.48 10.20 
3.82 9.58 


7-19 

8.70 

8.86 

9.13 

8.46 

9.04 

9.65 

8.12 


100 JO 
101.50 
102.00 
202.00 
101.00 
101.30 
103.75 


101.75 
10.06 8.30 

101.00 

10.16 


30 30.94 

1978 1969 

7.00 

1*78* raartss txntr credit 
100.00 7.29 15/ 5/1983 

99 3/4 

20 

4.00 

8.00 

1974 HD05TH4L KAKK'KUHAIT 

10a 

1979 

1973. 


100.00 6.15 25/ 3/1981 

3 

79 

6.M 

10.0(3 

1*78* UDQ5TFTAL BASK-* OVA IT 

102 1/4 

1979 

1976 


100.00 7.50 9/ 3/1981 

8 

75 

2.50 

10.00 

1978* UDU5 TRIAL BASF-KDKAtt 

100 1/2 

19/9 

1176 

10.00 

100.00 7.51 IS/ 6/29B8 


90 

3.50 

s. 00 

1977* JUC08ANEA 

100 1/4 

1179 

1972’ 

3.00 

99.75 8.75 1/12/1983 


30C J.7S 

1979 BP1975 

7 .00 

1976 ton* am BAA r 

99-75 8.79 1/1I/I979 

B JOI 1/4 

45 

6.30 

S.OO 

1*76 UDBLJA4SM BAKU 

301 

1*80 FP1976 

3.73 

99.75 «-0a IS/ 3/ 1*81 


*0 

5.00 

6.00 

1976 XAaiMHL PISaNTIERa 

r IOO 3/4 

1979 BF1*7( 

b. on 

100.00 8.75 1/10/1983 


45 10.00 

1919 m)7b 

7.0a 

1975 FE8EMA OT 

100.00 8.15 13/ 3/1*80 

101 3/8 


7.30 

6.86 

7.00 


8.15 8.64 

101 . 00 . 
8.46 9.12 

101.00 

8.48 

101.50 

8.53 

101.50 
8.66 9.41 

101.50 

8.76 

100.30 

8.S8 

102.00 

8.40 

101.50 
8.70 9.75 

101.00 
8.32 9.:i 

102.00 

7.27 


60C .5*1 

1984 1965 

60 .10 
19*3 201978 
30 

1978 
60 

19 BO 

60C .10 

I960 PI1978 
10 .30 

mo PF157) 
30 .W 

1980 PM979 
60 -W 

1979 PF1477 
60 .20 

1911 171477 
60 .20 
1982 SP14I8 
1.2* 
1928 
9QC 1-00 
2901 29*3 

40C -B8 

197* 1979 

A3 -25 
1979 PF1980 
60 2-00 
1979 2929 

60C 
1962 

JOC 3-17 
197* 29*1 

SP 1.60 

1981 1954 

40 .15 

1979 PP 1977 
to .in 
1981 1T19:> 
30 -in 
1901 751379 


*00.00 

*00.00 

500-00 

500.00 
*00.00 

400.00 

800.00 

700.00 
BOD. 00 

800.00 
500.00 
*90.00 
300-00 
£16.00 
500.00 

500.00 

500.00 

500.00 
.300-00 
22). DO 

400.00 
400.00 

400.00 

320.00 

Boo.oa 

000.00 

800.00 
800.00 
500.00 
500.00 

500.00 

462.00 

400.00 

100.00 
600.00 

540.00 
RDQ.nO 

720.00 

400.00 


7.42 
7. AO 
8.69 
0.63 
7.27 


2.29 

1.29 


8.66 

8.09 


6.86 

7.<7 

7.46 

8.73 

8.64 

8.91 


101.73 1981 


r.oo 

13 86 
1.00 
I960 


401.00 

400.00 

800.00 
720.00 
SOv.OO 

720.00 

500.00 


mo. no 

720.00 


1-25 

1928 


500.00 

450.00 


7-33 


8.68 9-30 

102.00 

1.61 


tnv 

1900 


2.00 

1961 


1972 AUSD PT8WX 

100.00 6.50 U/ 6/1987 

1973 AnDTUun, „ ^ 

98.00 6.75 15/ -9/2580 

1975 ARSED FINANCE » 

99.50 8.25 20/10/1988 

1972 ASIAN UCTEL01TOT RANK 

100.00 6.75 25/ 4/1987 

1172 unu OIL 

300.00 7-00 30/ 6/1987 

1973 CUT OP IXSSE8 

99.25 7.50 10/ 4/1991 

1972 cm or OSLO 

99.25 6.75 £9/ 9/198? 

1472 arose. V JBSCi'E - 

99 .75 7.00 15/ 9/1387 

1974 council or mops: 

99.75 10.00 20/12/1981 

1973 B2BKA8X - HORICWE RANK 

99.00 7.30, 6/11/1968 

1973 KSBOrZHA.' 

99.00 6.75 30/ j/1988 

1979 sesarnu. S 

100.00. 9.75 24/ 1/1983 

1972 EUROPEAN COAL 6 STEEL 

99-00 6.75 15/12/1987 

1173 EUROPEAN COAL i STEO. 

99.00 7.00 15/ 3/199S 

1973 EUROPEAN COAL & STEEL 

98- 25 7.00 1/ 7/1996 

1971 EUROPEAN COAL 6 STEEL 

98.50 7.25 30/12/1968 

1*71 EUROPEAN COAL 6 STEEL 

100.00 7.75 18/ 8/1983 

1*7* BEBOP CAN COAL A STEEL U 
99.25 4. DO 12/ 3/1985 

1978 EUROPEAN COAL 4 STEEL 8 

100. 00 9.50 .5/11/1984 

147* BEROPSAN COAL 6 STEEL 

59.50 10-00 30/10/1981 

1972 8880FSJM UHI6AM8N T BANK 

99.00 6. 75 ' 13/12/1987 

1971 EUROPEAN INVESTMENT BANK 

*8.00 7.00 15/10/1986 

1173 EUROPEAN UI P ESlim n’ BASK 

91.50 7.00 1/ 2/1968 

1973 EUROPEAN INVESTMENT BANK 

9B.Z5 7.00 1/ 6/19BS 

1973 EUROPEAN INVESTMENT BASK 

99- 50 7.00 1/ 0/1960 

1*75 EUROPEAN SCPlStKENT UK B 

100.00 6.75 23/ 3/1965 

1974 EUROPEAN INP BS T MNf SANK 

100. TO 10.00 15/11/1961 

1972 FIMLAW - LUMET FUND 

48.50 7.00 1 5/18/1967 .. 

1972 GRAND METROPOLITAN MOTEL 
99-25 6.75 1/ 9/1987 

1916 TKtERtNMELXX FTXANC8 

100.00 8.50 10/ 3/1981 

' 19T5 TVTnmnvn.IJ PUABCE 
JO 0.00 9.00 15/ A/1I8S 

1972 TNT STANDARD ELECTRIC 
99.00 6.50 1/ 1/1*17 

1972 KIKD(H or BSMAK 

100.00 A- 75 14/ 6/1507 

1975 PHILIPS mr TIN S 

100.00 8.75 15/ 5/1905 

1972 REED INTERNATIONAL 
99.00 6.75 10/ 9/1987 

1972 SLATER HALIER UTT PIN 
99.00 7.25 15/10/1987 

SAUDI MTALS 


88 1/8 
97 3/8 
99 1/4 
U 

87 5/8 

n I/S 

87 7/8 
91 

203 3/8 
97 

n i/2 

102 1/4 
93 5/8 
93 

91 
95 
99 ’ 

102 1/8 

103 

103 3/4 

92 3/4 
St 1/4 
89 5/8 
89 5/8 
92 3/4 

10L-5/B 
203 5/0 
91 1/4 
86 3/4 
101 1/2 
101 1/2 
95 
91 

281 1/4 
85 3/4 
75 3/4 


8.54 

5.65 

1.79 


SJO 

9.25 

US 


8.40 

4.40 
8.58 
4.58; 

12.36 

7.39 

8.81 

6.AO 

8.79 

*.79 

's.as 

2.05 

9.93 

5-41 

9.50 

3.00 

4.15 

3.10 


8.27 

9.31 

9.13 

10.52 

B.35 

8.72 

8.77 

9.35 


£.69 

8.17 

7.95 


7 J8 

102-00 

6.53 

100- 30 

8-n 

101- 00 

7-42 

102-Q0 

7.99 

102.00 
B-aZ 9-34 
101.75 

7.68 

101.75 

7.G9 

102.00 

9.67 


9.04 
A. 54 


6.29 

3.29 

7.50 
5.08 

10-05 

7.22 
4.72 
2.71 
6.28 
3.88. 

5.91 

5.23 

2.92 

1.92 
'9.04 

4-54 
7.87 
4.37 
9.17 
A. 67 

9.50 
5.4S 
9-67 
5.77 
6. AS 
6.14 
2.96 
l.K 


7.69 

8.66 

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4.44 

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3.32 <1 
7.80 104.01 


y- -i.3) 


1580 


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30/ 8/1*73 
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l>; I/197S 
TER 497.8 
1/ 7/1*74 
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1/ 4/1976 


30.00 1*77 2EECKAM PIS 

30.00 100-00 b.75 15/ 9/1992 

30.00 1*18- BOOTS 

30.01 100-00 6. 73 1/ 0/1*93 

70.00 1*68 BURRA K CIL 

38.24 100.00 5.50 1, ' 10/1*86 


101 1/3 
601 
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8.50 1*68 DICTMlWe INT 
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SB.W 1*68 DlLLimiAM INT 
I7.A7 110.00 5-50 15/ ’5/1961 

70. UO l«bS EASTMAN CO DAN 1ST 
66.02 IPO. 00 A. 50 15/ 5/1988 


25.00 1*72 EATON IKT PIN 

25.00 100.no 5.00 ’ 1/ 5/1987 


75.00 1973 BURTON 6.V. 77 

32.32 100-00 5. 75 1/10/1992 

I'J.QO 1977 CCMPAII lUd 

6.00 110.00 0.50 1/ */1487 

100.00 inn ici i« rw 

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11.50 100.00 5.50 1 3/ 12/1 wr 

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20.10 100.00 5.73 1/I2/I941 


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75.00 1973 

75.00 iaa.ua 


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5B 1/0 
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6.5(7 103.0(7 


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ji.no i*.’2 nooais cat 

30.00 100. 10 6.00 1/ 5/1992 

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59.02 100.00 5.00 1/ 3/1980 


93 1/2 

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5.93 7.57 

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102.04 1978 

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101.75 1*78 

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2.60 7-00 

704.50 1979 

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15/12/1)72 

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tf 

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11 1/6 8.18 11 .00 101.50 1978 


'TEN .154 
31/ 3/1976 


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1*7* 

31 
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1/ 6/1977 
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1/ 7/1973 
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SI 7 S/1976 . 
TEN 346.7 
17/ «/197S 


20.00 1*12 sura uAuxr ixr n* 

6.00 101.00 s.:> 15/ 5/1957 

24.00 1*78* THORN 1ST FIN 

25.00 100.00 7.10 16/ 7/1988 3 

C0KV2BTI6LC4-C.S. 


71 5. 'A 
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10.63 

102.25 

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60.01 1**8 FWJt ltd CAT 

58.80 100.00 5.M 1/ 3/1983 8 


07 17 2 5.80 0.«i2 31 

*1 1/8 H- 73 3.00 111.875 1978 


DPI979 31/13/1969 R 
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30 

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6.44 SO. 56.71 
31/ A/1974 


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4.75 

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13.00 1*61 ADDM55CORAPH-<«aT 1ST 

11.65 100.00 A- 72- 1/ 5/140* 

12.00 1 B »2 ALASKA INTtlSTATE ’JT 

11.27 100.00 b.no 1/ 8/19P7 

30.01 1468 AXCRICAN CAZ 1ST 

30.00 100.00 ..75 lit 5/1 908 

AO.OO 1*72 AHEElcv: rmr;; o/s 

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71 1/4 
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74 3/4 
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6.47 B.Afl 31 133.3S 

1.24 1.28 112.50 UTS 19P) 


6.47 9.41 

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7.61 B.na 101.25 i«?a 

5.65 8.46 


5.10 8.00 102.50 14' A 


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3D. 00 100.00 A. 00 15/ S/1986 


8» 1/8 
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6. 73 
8.75 


0.02 

3.00 107.77 


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9.40 fU 51.48 
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VJ.no 1472 CENTRAL tLECTRIC D/5 
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5.52 

3.5J 


S.07 

4.0.1 112.50 


30 32.29 

1478 


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30.00 1447 CEPERAL FOG US O/S 

50.00 100. 110 -.645 1/10/1982 


09 7/0 
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3. El 
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7.87 

8.00 Id ,00 


30 

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25,82 -Sff 


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15.(10 14*0 CFXEXOI (AJRLD A00A/CL 
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160 1/2 
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3.36 
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104.00 

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SKID DEPT STORE 

6.00 31/ 7/1992 


545 1/4 
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139 1/2 
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102.80 
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104.00 


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30 -7.60 

19547 1981 

SO -.24 
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SO -3,*S 
1480 1952 

30 -.63 

1978 1983 

3n —2,66 
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45 -3.7) 

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1/12/1974 
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3/ 2/1970 
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1/1 0/1977 
TEH 1*4 
1/11/1*78 
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1/10/1977 


10-40 

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9? J/» 
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2.67 

7.41 


8.16 

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103.50 

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1415 WI9H 


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15.00 1*41.10 -.Tf 31/I2.T98: 3 


61 Jit 8.68 17.3) 

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55 10.73 21.16 

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8* 5/8 5.44 4.54 

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1*78 DEI478 
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7974 1976 


30 128.69 


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9(1, 


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30.00 

30.00 
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41.00 


196* 

100.00 
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100.00 
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10.00 
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20-00 


£5o ■“’“‘s.S 1 **!/ 3/DI7. 
1970* CKUORF o/s ra 
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963/8 
tt 3/1 


8.42:8.57 

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14.2) 11.9S 11.54. 

0.09- 12.73' 102.00 


» .30 

1980 2W974 
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Me uo.cn 

UHL 3301 


20.00 

20.00 


1977* C r np T * nT - lt * DU PT* - 
9B.0O 9.»; U/12/1IB9 


20.00 

20.00 


1977 BESOPEAN COAL 8 HTML 
100.00 9-625 1/12/ 15 B9 


3978* 11I80FKAK UlUttUI RANK 
IM.TO 75 13/ 2/1988 


1977* SJR0P2AK WESTMEMT BAS 
59.75 ^9.75 15/12/19)2 


35.00 

15.00 


1978* mn WAX B*ORABJEB«K 
$9. SO 10-25 13/ 3/1996 


20.09 

.20.00 


r«77* URANUS BOH TSKGTTT 

59.50 9.7S 15/12/1)87 


13.00 
12 . 00 


1978* Z1HABCB TOE UUN15IHJ 
100.00 10.00 15/ 3/1989 


79 3/0 
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11.0* 134*5 12-26 ~ 

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8,37 13-04 101.30 


28C -65 

1982 971970 


9.21 12.47 U.» ' ' 

7il7 12-96 . 101.00 


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15.04 12.38 11-76 13.10 
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11.2*12-6011-97 
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1402 071901 


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10.00 

M.OO 


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100.00 10.25 15/12/1987 

1*78* BESTUMFR 8012*180 IF ' - 
100 M 11.00 15/ S/19M 

19781 2RA DHL HOLDOdS 

100.00 10.00 1/ 3/1988 


S3 3/1 

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83 3/8. 


9.04 13.54 12-29 . : 

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¥.65: U.S7 Z2J7 
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9.25 U09 U-9SL 

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■45 . 

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60 .» 
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1)82 - 


18.00 

18.00 

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100.25 10-25 . 13/ 2/19K 

1)701 SEARS HIT JIM 
100.00 10.25 13/ 2/1188 


9.21 13. IS 12JU 
7-31 13.63 . 


15.00 

15.00 


1)77 TOTAL OIL BURIH! 

100-00 9-125 1/ 12/1956. 

1978* WmREAD 

100.cn SO. 50 15/ */l)90 
SPECIAL drama; MOOf 


04 7 ft 
86 1 12 $-21 UbZ* 22.23 
as art <U00 13.32 10.94 
83 ill 


45 ^0 

1*83 DF1980 

45 ’ 

29B3 


101.30 


11.37 I2.4B 12.28 
tt.B7-13.37 r — .101,30 


30 1.50 
2901 172378 
. 43 . .75 
1902 HP 1981 


30.00 

30.00 


.40-00 

40.00 

-23.00 


1975 

100.00 

1975 

100-00 

1)75 

100.00 


1978* 

IOO.OO 


AUJBHISSB TNT 

9.00 15/ 6/1980 

8LBC1E1CTXB Dt FBANCE 
9.00 17/ 7/19)3 

SMDISN I7CT2FME8Z BASK 
9.00 1/ 7/1 .9 81 

SSBDIBB IBM Hi THANT B48K 

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to in 1.54 

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2.08. 9.927 . V 102 J# 1979 .2977 
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- Un,50L:Un.PV19M 


100- 


7.00 


DILLON, : ; 

OVERSEAS eORPOMilON 


10 Chesterfield Street, London W1X 7HF. 
Tel. 01-493 1239 or^>l4914?74 
, Telex 3^1105$ «. * i . * 


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5.72 
1.63 
H.*l 
9. *2 
3^S 
4.55 
9. 38 


7. *5 

4.m 102.0a 
23.19 • 

iaz.no. 

14.21 

102.50 

8. M • 

£.00 101.50 


JO .31-35 
1)70 19*0 

. 30-' 

1)78. 1)79 


-V» 

W78 


*.i) • 

9-00 102.00 


71 7/8 6.72 


71 1,1 
10 3/4 

6) in 

49 1/1 


*.)* 
8.37 
5. (W 
6.46 


7.85 . 

9-00 102.30 
10.70 . ’’ 

10. on 103.50 
..13 «jl . 

3.0H 1(72.00 
17.8* 

j o.on -102. 50 

8.23 

102.15 

10. 1? 

6.00 102.50. 
b.Sl 

6.0D 100.00 


28.39 


197) 
30 104.37 
1*7 8 0PI978 
30 8L.J5 

1)7* 

m! 

1*78 

y 

1978 

30 

197* 

JO 

1S78 

30.. 

1978 DPI) 7* 
so 

1)70 

30 S5.M 
1970 1)76 


.94-43 

2.31 


51.00 1*^ J.P. MCTCAN O/S CAP 
50. on 100.00 6.25 15/ 6/1*07 


; 5/8 4.31 4.44 • 3D 12.03 «U 52 1/4 

4.7* S.OO 102.50 1978 . 15/ 6/1)73 


jn.'Ml 4)68 MOTOPOttt INT 
A. 91 10D.W *.S0 1,'. 7/19*3 

3C.'»7 1*68 - MB {SCO INT Pnt 
38.01 100-00 5.25 1/ 3/1988 


95 5/« 8.71 ,5.60 30 -4.04 tf 39.683 

39 7/* -2.51 10.00 10L.0Q 197* . .1/2113V1 

.99. ' 3.W 5.3V ■ JO t.ib tW'U T/4 

24 1/2 6.12 '8.00 102.23 19/0 DPI 97) 15/ 9/1)6* 


7. (Ml 1967 3CAHJN.M. CAN «*/* 

1.5 t ioo.oo s.Jf) i/i:/i ter 

26. nq 1968 NmnilCU o/s 
6.9S ioo. 00. 4.75 13/12/1983 


(.06 


yu 18.7 

1/ 6/1969 


z'.'io 1*72 ovna-iuncois me 
lh.OQlM.W -- 4,50 1/ 7/I9B7 


8*170 6.17 7.15 WC 

l,”_f/4 3.71 10-00 103.23 L9T9 

.8). -1/8* 5.h6 8.61 JO . 30-46 ,CT 4* 

W 1/8 4.25 10.00 101. 25' 1578 15/12/1)69 

US 4.J7 A. 08 tQ -X ’ .0) Ji T 27.39 

2* 1/0 4.27 .7.00 m-» 1978 If 2/1973 


jn. nn 1**8 PAN AMERICAN 0/fl 

jo. oo ioo.no it t/itst 

2'.on ism j-c. pawl n<tnrp. 
12.00 100.00 6.*1 1/12/1*89 

.t i*7j j.c. ptrarr int pin 
ll.UQ 100.09 4.50 1/ 0/1987 


77 . 

6 7/8 


84. 3/0 
J1 l/S 
71 3/4 
31 1/8 


6.82' *.»; / '.SO 78.8* SO 15. *7 

3.00- 102.6Z5 1970 DK978 It 5/196) 
7.11 S.21 -.30 47J6 tt 54 1/2 

5.65 7.00 103.00 1)20- - .’.J/. 7/1970 

6.10 8.98 30 09.84 «f-84 

5.65 7.00 102-50 .1978 1/ 0/1973 


11.10 1*6* PLANNING RUB KARIN W 
9.23 IOO.OO 4.50 U/ 12/084 
8.00 196* PLTWTO-CHANriOS IMP 

8. 00 100.00 - 5.25 15/ 2/1983 

lO.KO 1977 liHini CAP 

7.00 IOO.OO 6.25 15/11/1986 

vt.no 1*68 BCL Brr. 

50.00 180.00 5. DO - 1/ 2/1*88 


81 7/1-. 
* 3/tt 


7.)* 


M 7/4 

* 1/4 

M Vl 

23 7/0 


5. *3 
6L10 
7.37 
l.SQ 
6.21 
3-4L 


10. 73 
9.W 
8.16 
6.00 
9.32 
26.00 


30- 

103.25 1*7* UP 1977 
30 " 20.37 
1M.W14T0 197) 

JO 60.fi 
101.23 1»!8 DPI 980 

• . " bo pi. u 

1(S.S0 1376 Hr 1)79 


to 50 
15/ 7/19T0 
SO 26 3/4 
1/ 4/1969 
tf 15.57 
15/ 771971 
tf ’ 55 * 
U 5/1969 


;6.on j *68 hevuw mt rm 

21.16 100.00 4.73 15/6/1)83 


14*. 

5i l/a 


-3.26 
Z.'i* 1 


<0 

101.50 


30 

1970 


-1.57 , 


tf , 34 . . 

2/ 1/1909 


V1.10 1972. KBUK 
38.00 100.0(5 4.75 


X» 

51.17* 


'3.63 ’" 3 ? 

2.54 16.00 103.50 1970 


tf 39 3/4 
2/ 1/1973 


5* -JO L®b* REZNOLW IETaLS CAP 
51. On lOO.cn 3.10 - It 6/C9FS 


87 5/N 
.33 1/2 


3.7) 6.90 30. ' 17.0* 

8*37 .•.00,101.30 . 2978 SF1979 


SO 44.75 
31/ 3/1)69 


i:.*n 1*72 B4X0N WWmiEP 

12-50 lOfl.OO . 5.75 11111/1)87 6 

IS.W 1*6* Ml OVERSEAS CAP. TOP. 

1*.*). 100.01 5.25 1/ 3/1989 

15. 'JO 1*68 SEA RLE INI 

is.no ion. 00- *-.’S 15/ 5/19M 

SO. 00 . .1*75 SOUTHLAiin 

M.DO 1.00.00 5.00 ’ 15/ 7/1*87 

60.00 1*71 5PCRAZ PASO 

tf.00 100-00 4-25 13/ 2/19)8 


71 1/0- 
A 7(8 

77 r/4 
17 1/2 


91 


11 1/2 
85 7/H 
17 T/8 


8.35 ii.18 •: "'tf.- litis 

7.01 105.125 1970 1911 

6.» 8.6* _ - - 30 105.48- 

«-29- 6.00 U2. 25 1978 UPl)79- 
5.2? 6.01 - 
*.51 . 102.50 


U S/A 
41 3/0 


45.07 
• 1)7*. 150 

5.R2 7-35 . 30 1 13.72 

2-ht TO.bfl t«.w; mo- ■ 
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JilJ: 7-M «».(«• I PH. . . - 


W/ » ' 

30/ 4/3973 
tf; 46.53 
i/-i/I)7a 
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. If 1/196? 

■ tf 36 It*. 
■- 1/2/1973 
tf,?« I/Z 
.IV 3/1974. 


131- IL tf 


_ 52 1/4 
1/ 6/1973 


5.50 13/ 6/1993 


30 1/2 1.4* 11.00 104.50 1*7 5 


10.22 80 34 

15/ II I *7) 


isro 

JO. 13 

M.nn 1468 CULP 4 HESTBRI 1ST 
*5.98 100.00 5.00 It L/19BS 


7* 7/8 6.36 8.97 
76 1/4 7.26 6.00 100.50. 
8* 1/2 5.78. 7.04 . 

12 7/8 5.46 6.00 102.50 


30 74.42 

1*7H J9/4 

30 30.74 

197* 0P1979 


50. 57.12 
1/ 0/1*67 


50-10 1*72.' TOO 188 191 FTB 
50.00 100.00 4-25 1 5/ 6/1*87 


77 S/B 
29 J/8 


3:31- *,05. 

3,60 111 DO 102^00 


tf 19.46 

1/ 8/1968 


75-00 |WS TEXACO OPSUmiNS-FtKaPE 
75.00 100.00 «.tf 1/ 7/19TO 3 


71 1/4 
23 7/B 


6.15 ;*M -■ - 

8.30 H-Oa 101^50. 


146 1/2 

30/ 9/1*92 S 149 


50.00 I*7T TOSHIBA 

30.00 100.00 6.25 

30.00 1973 TOSHIBA 

13,42 '100. DO 6.7S 30/ 9/1*90 

CSKVEItTULCI— (.tJXKMBOUSS 


2.32 <0 
104.00 


A. 31 

5.36 

3.*4 :*2 <n 

3.36 103.50 


JO -.38 TEN IM 
1)80 10/11/ 1)77 

JO >1.33 TEN 1 26 
D81 1/20/1975 


15.00 1*68 XAKOR PUNT 4 TNT 

15.00 100-00 1.23 It 7M*88 

:a-oo mb marts ire - (loti 

12.40 100.00 5.M 1/ 67 DES 

25.00 1*72 BTITRICE POMS o/S 

25.00 100.00 4.50 It 9/1)92 


6.1 


92 

23 1/8 


2-98 
6.70 
8.*2 
A. 89 
4.6/ 


8.16 

4.00 101.75 
8.46 

5.00 101.00 
5.3X 

9.00 102.00 


V> 10*. *5 
1978 DPI*:* 
J1 4v.l0 
1*»B DPI 9 76 

30 11.3) 
:?78 1982 


SB 54-1' 
15/ 1/J*6» 


15.10 1*72 HARRIS 1ST n» 

12.44 100.00 S.CO 1/10/1)92 

15. m l*7Q Holidat aore P/S 

10.00 lOb-IQ 8. DO 11,10/1*35 

SO-m 1*71 RCSETWEIL CAP 

30.00 100.00 6. DO 13/11/ 1)86 


«!• 5/K 
29 5/8 
1*0 
18 1/2 


90 21 

1 / 4/1973 


1. <6 -V 

2. ns 14.00 10S. so 
8.16 8.16 

S.03 9.00 103.00 
?.ll 8.11 
3.34 8.00 103. W 


W -3-92 

D 78 omaj 


si u.r/ 
29/12/1972 


3fl. 49.60- tf 57 
,2?28 . , 15/ 3/1973 

X 37.62 SIT AS 1/4 
.1918 .... 15/4/1969 


SO 33.70 


1978 


85 15 
1/ 5/1971 
tf 120 

1/ 7/197J 


2C.no 1*78* 10*9 TOT AIPLIBFC 
25-W 100,00 7.-W 15/ 8/1993 


89- - 

’Vltt’ 


9.04 9.71 • , 
1.60 5-00 I0S.5# 


25.00 1973 BEAZ1ICE TOMS l/S 

22-03 1 00. TO 4-8*5 18/ 8/1993 
25.00 I*7|- BEATRICE TOCOS O/S 

2—95 100.00 6.25 1/ 8/1991 


*0 1/2 
23 l/B 
JOZ J/2 
23 l/B 


4.95 

4.67 

3.81 

4.67 


5.02 

9.00 102.00 

3.41 *D 
9.00 1D4.0Q 


tf 22 3/4 

1/ 4/1974 


30.00 

16.01 
25.00 
2S.DD 


1*66 BOFZTVFLL O/S FIN 
100. 00 5.00 IS/ 2,1*93 


63 7/8 

55 


25.00 1*72 GENERAL SHOPPING 

23.00 iOO.W 5.25 1/ */l«)7 

cc kie r.n maums 


11* 1/4 4.40 2.‘74 <0 30 

3*4 103.S0 1978 


. tf 161 5/S 
If 7/1973 


20-00 1970 BEATRICE FOODS Of 5 
9.2* 100-00 7.25 I/IL'1990 

30.00 1972 BOBOES O/S CAP . 
30.00 IOO.OO 5.00 1/ 9/1)92 


124 r/B 
23 l/B 


4.51 tn 
9-00 103.50 
6.02 

6.00 102.50 


tf 17 1/2 
ll 7/1P7I 


fO. 31 1.2 
1/ 7/1973 


I*’l lUra-CORT HOTELS U.’S 
1*0.00 ;.n? 15/ b, L98t> 

1 9*9 urr STAtniABTi PLPcntic 
1M.UO S.OO 15/ 2/19*8 


5.93 6.95 
3.34 8. DO 101.50 
9.71 13.92 

ioz.no 

*.*! 

5.01 111.50 
*.•* 

3. TO 1*3.73 

:.n 

7.0Q 102.00 


l.M 

6.P2 

8.14 


Vt 36.36 
1978 
>0 

1978 1)7) 

AS 16-60 

197* 


5.91 

7.75 


SO 71.75 
19’B DPI 981 
10 *3,29 
1978 PF1978 


SII 103 1/4 
13/ 8/1968 
tf 33 1/2 
It 6/19*9 
ta 48 1/2 
1/ 8/1918 
tf 13.73 
mt 3/19/2 
SU - 54 J '4 
IS/ 8/1968 


38. 


THDWO TUClPUK TSP 
. /.DO H 7/138* 

m mr . 

-5.no . 1/ 2/1983 

TJW IJET FU 

S.-M I/3/19M S 

T7CO TNT TIS, - ?NT» TOTOE 
■5.W 1/ J/19M S 

,00 I)/** TYCO TOT FW 
, W1 1 W. DO A-tf . 15/ 6/19*0. 

TO' I9*r US I ON 4*8 rut ikt 
U jon.00. - *.» 1/.7/U82-S 


2B.68' SB* lfct/2 
197^ • ,'13/ 4/197) 


23 5/8 


•TO 1969. 
21 100.W 
,15 J9784 
,15 75.50 


J4 7/8. 
73 2tB- 
16 1/2 
32 5/* 
16 1/2 


. 88 t/|T 
35 1(A : 


r.J* U;»- 

. . 304.20 

5-*5 7.47 . 

6.6B 7.00 102.25 
ft.9jiz.Il. . 
4.85 3.10 ItU-OQ 

S--W12.5* • - 

4285 .3.00 302.00 
a-Ho ninj 
4.85 3.CO 1K.00 
5.46- tt.84'". • 
7*)4.. H. Oft 100.00- 


.01 45.23-' 
13/ 1/1970 


TO—”. 19.59 
1918 J978- 
-JL 17Z.A9C 
1978 ' - 
-JOJl 70.89 
1VM 


tf , 61 1/S 
-1/11/1*69 
tf ’ AL 1/2. 
3/ S/1978 


Ml- 21 
13/ 9/1978 
'tf; 

1/ 5/1968 


51.00 19A9 AMD 

50-00 100.00 * .75 


U 1/1989 


7S 5/8 
28.1 


IM 

102.50 397) 


98.60 n [77.1 
1980 1/ 9/1969 


30.00 1911 8041 nr 0/5 CAT. 

30.00 100. 00 6.73 15/ 7/19)1 


99 1/fl 

27 


6.8! 6.B3 38 

6.37 6.00 103. N 1578 


SB 7* 7/4 
IS/ 4/1*?: 


16.00 [4t.ll l If* 5TA«*» ELECTRIC 
lb. TO tM.UO .5.25 1/12, 1*88 


23. DO 1969 uao SAKS 
2S.au IOO.OO 5.30 
25.00 1477 EHNTA 
25-00 100.08 


7.25 


U t/tm 

15/ 6/1992 


2T2 5/8 
TJ.l 


<0 

102.23 


30 

2970 


13.00 l)ft) CIBT-SMCififiS 

15.00 100.00 5-75 ll 1/198) 


40. id 1460 HOOCOTO5S 
3&.SO 100.00 S-!5 


!/ 0/1980 


ill 

3/8 

5.92 

4.94 

*0 

60 

>2.37 

LM 

1/2 

3.75 


1«, 80 

1910 

1994 

78 

1/8 

7.3* 

9.10 

103. SO 

30 

22.8* 

34. 

3 

5.83 


1)78 

1*80 

■ 61 

1/2 

0.29 

7.73 


60 

40,14 

34 




100.00 

l)/f 

IS7) 


1.06 PL AB 
I9M .1/ 1/197(7 
PL 1J1 


15.00 1965 BRISTOL-HrLES OT 

25.00 100.00 4.30 JI/17/J90O 


W 28 3/4 

30/ b.'l*66 


S'— M 1*69 SET 31*11 CARL EIKCTVIC 
2A.98 100.00 6.25 1/11/1389 


*0 J/8 
SS 3/8 


6.42 

7.35 


35.00 1972 IBOADUbT-EALE 3 TOMS 

29,09 100.00 4.75 15/ 6/1987 


73 7/8 
16 7/8 


6.43 *.3t 
5-93 7.00 102 .00 


» 81.60 
1178 


SU 41 1/2 
15/ 6/1973 


12.10 1964 at UTILITIES o/r 
2.83 97-50 3.25 ll 6/1956 


*1 1/2 

10 l/B 


6.2? 

9.30 


n )j 

1/ 1/1970 


20.00 1981 BHXTO *■ SHARPE , 

9.M 100.00 5.50 ll 3/1988 


Id ]/« 6.81 
IS 5.33 


U 1/19(9 


15.00 J97? CAKKATTD 

25.00 1W.Q0 4.C9 14/ 1/1955 


8.59 3? 57.40 Sff tf 1/4 

f-OD 103.00 1*~1 sn*-9 10/ 9/19*8 
71 1/4 5.54 0-*J VT 36.69 tf Sl.n.'b 

27 Hi 6.36 9.00 101. 3D 3)2) U 0/1973 


JJ-10 J*M 1ST J1SUQ KUJIUKS 

15.00 lM.ua 4.50 1/ J/1W6 

;n.mi 1*71 i.t.t 

50. 00 100.00 4.73 1/10/1987 


09 

28 S.'B 


J.12 

7.75 

b-.(f 

7.15 


30 99.66 5P ht 3/4 

7.00 102.00 1*176 1 1 6/198) 

3.57 JO *1.10 » 60 

7.10 103.23. 1)78 Of 1)7) 15/5/1)70 

8.00 *0 35.11 tf 16 

3.M IOI.DO 1979 BP1977 ' 

6.52 J» 2B-A1 

7.00 101.00 1970UPI977 

*."* jn 41. 61 

7.00 102.00 19:9 


1/ P/1967 


50.00 1464 HALTER ETOOE FIN 

30.00 100.00 5.00 1/ 2/1989 - 

15.00 19ft* fflHD FWOff o/S 

15.» 100-00 . 5.75 1/11/1988 

15.0H 1466 HAWHt-LABBCB 

1.20 100-00 4.25 1/ 3/1)81 0 

3».na 1973 UBan-uaiasx ' 

30.00 100.00 4.25 If 4/tfBS 


7* .3/9 
2 7 5/8 


5-07 


ltf.1/4 

?4 ■ " 


*.nA 

5.PQ 17S-50 
8. 81 11.90,'-. 

* * lr.DQL103.2s 
ijit A a? 1,24 
5.00 -9.00.100. Mr 
5.83 B.58 ” 

3.W '9.BB 1S3.SD 


7 Tt [«’.« 'WT 4J-14 - 

.1978 WU8B -- U. 9/194) 

■ 3ft . 

' 1S70BPU79 


tf . 4 ?.« 

1/- W196) 


:-m; -j.*i. w ss' 

.1079 l U*/l967 

-io' r UMi 4Sj;ftt l/Z 
lf». r.-if 4/1)76 


K 4] 

1/ 1/1967 

*D 5« IfA 

15/ 4/1973 


*0.no j*7s- amwAnoT - 
40-00 100*00 - 4.50 1/ 4/I9B7 


Z1.no 19(0 HARBER-IAXHTT • 

.’.51 M0.TO - 0-» 1/ -50.155 S 

73.TO 197? WlVhWMnnii 

75.0a ua.oo 3.00 . l/iuins'. 


« 1/2 f.« *.» s . — lsba. js.w-' m . *• • . 

’ 3-Ott 9.mi 3BZJ» ^19TC- — -' . l/ ft/190 

pn ; . 5.16 5,96 ' -• • r *-7S fer S* '-.-. 

tf ano.tf.ai '1/.' 5/1961 

73 1 1:~ h-b2 * B.it : - 1JF is,. ILO-IJ- *u hr ' 

. M 1/0 3. ffc . SifflJ- «&» . i .1/ 3/1)73 


\ : 


w » 

1 / 2/ivn 


•tff *4-7» 
15/12/1968 
tf '54.62 
U 0/1969 


tf 61 
U )/19B) 


tf 14.85 . 

1/ 3/1*49 


tf 34.4 
• U 2/1969 


tf 6ft 

is/iyiM 


to 24.41 
15/ 5/IP74 
SU 3Z 1/4 
1/ 1/1973 

ru j: i/* 
15/ 3/1473 
tf 16 3/4 
ll 5/1973 
in 8j 
1/ 1/1)70 
tf 62 
2/ 1/1)89 


5U 4R 1/2 
15/ 3/1973 


'SC w- 
1/ 5/1946 




’ * 


vir .- 







im - ."- v^r 


























ft IpT n ? : 


ai'4978 




Vi. v- T/a^ddo^^msrmcem&jis were published in the Financial Times during November 

: '^SSSSi&iE v bonds 


1/1I/7& 


head 

i? ORATsov 

•‘iilijr,;. V ly .. 

1 j *rir. 

*5 1 -4 *4 ; 


L^iT \p\ M r ^_ 

f'-urii 

H‘ a/ ~ ••' -.. 


Vvi. ■’ 


Tombstone . .•• Fqbticstioa, V 

■••' datfe . r ' - - -' - " ' date ..••..r'. 

3l/lQm EURQPffiiii COAL 7 AND : : imr# : i - 
. - 7 . sTE^.cojtfMyjiiTY. .... 

•.-USSaOOOflOO - v'i 

. . .. Srfysrte Placement ‘ 

' ; Tfttes da&lftSO . 

. . Nonrqra Europfr.N.V. ■ •« 

, 1 Oet 7g BANQOE ksiEWECJRB 1/1I/TC 
.=■ D’ALGEREE 

’■ V DMTOO.GEKUHM ' • 

1 /?*% Bearer Notes 198&B5 . .. 

DG Ifank and others 

2/U/7 & MXRVBAl FOOD CO: LTD. 2/11/78 
.... .;&M5W»<M>oo v 

.. 3J% DM Cduv'ertiWe. Bonds 1.987 . .- 

“ Deatsghe Bank Aktiftngflftf . 

and. others ; -.vj 1 

-3/11/78 BANKAMERICA OVERSEAS 2/11/78 
FINANCE-CORPORATION n.v. 

: -.DM 150^,000 T- : : - 
. . - ^ Si% DU bonds of lSSO - , . 

I^tsAe:BanfeAlt2i«iiEesellschaft 
••.. .^ng^tihers _. v . . 

3/11/78 ’EDBOPEAN COAL AND 2/11/78 

• -- -' = 'STEEL COMMUNITY * 

DM 150.000/KM - . 

.;. ‘ 6% DM bonds of 1988 . ' 

Deutsche Bank Aktiengeseilschaft . - 

• ' and others -- •-•».• ■' 

"2/11/78. BANQUE EXTERIEURE 3/11/78- 

D'ALGERIE ' 

US$40 ,000,000 

- Floating Rate Notes due 1985 - ' " 

- National Bank of Abu Dhabi and _ , 

• /' - others 

6/ll/7R.U;VILEVER USF 6/ll/t8 

INVESTMENTS LTD. " 

' ■ French' Francs 100,000, 000- 

- 10% Guaranteed Notes 1085 

• ' Banque de 1’Union Europeenne "- 

.and others 

1/11/78 CANADA r . " . . - 6,11/78- 

t7S360O,‘O0Q l 00O "i ' ... . - 

9% Bonds due 1983 
'. ^55350,000,000 . 

9i% Bonds due isss. 

Morgan Stanley & Co. Inc. and 
others • • *.• 

8/1I/7S CITY OF COPENHAGEN 8/11/78 - 
DM75,000,000 

. 6% DM. bonds o£ 1978/1990 

Deutsche Bank 

• . • . Aktiqngesellscbaft and others 
OeL 78 NOVO INDDSTRI A/S 9/11/78 : 
US$2Qv000/KM) . . 

- .7% Convertible. Bands 1980 V 

■ Morgan Grenfell 4c Cd. Ltd. and . . i 

. others * 


Tombstone Publication 

l.' . date d ate 

6A0/78 EUROPEAN INVESTMENT 10/11/78 
=■ BANK 

200.000. 000 French Francs 
9J % Bonds due 198S 

Credit Commercial de France and 
: others 

: • Nor. 78 THE LONG-TERM CREDIT 10/11/78 

r bank of japan finance n.v. 

US$75,000,000 

1. Guaranteed Floating Bate Notes 

due 1985 

:• Credit Suisse First Boston Ltd. 

v.- . and others 

Nov. 78 THE COUNCI L OF 13/11/78 

- - 'v EUROPE RESETTLEMENT FUND 

■ DM130,000.000 

6J% Bearer Bonds of 1978 (8834) 

" Nov. 78 THE COUNCIL OF 13/11/7S 

EUROPE RESETTLEMENT FUND 
DM 130.000,000 
6}% Bearer Bonds of the 
: loan of 1978 (84-88) 11 

r ' ' Berliner Handefs-und 

Frankfurter Bank and others 

• 22/9/78 BANCO CENTRAL DE ' 13/11/78 
RESERVA DE EL SALVADOR 
USS25.000.000 
Guaranteed Floating Rate 
Notes due 1983 

v. Banque Nationale de Paris and 

: '• others 

12/10/78 KOMMUNLANEENST1TUTET 

AKTIEBOLAG 14/11/78 

15.000. 000 European Units of 
Account • 

7J% 1978-1993 Bonds 
Sveoska Handelsbanken and 
others 

-16 Nov. 78 REPUBLIC OF PANAAt A 16/11/78 
Kuwait Dinars 6,000,000 
81% Notes due 1990 
Kuwaii Int Inr. Co. SA.k. 
and others 

■17/11/78 OLYMPUS OPTICAL CO 17/11/78 
LTD. 

DM 80,000.000 

3{% Deutsche Mark Convertible 
Bonds of 1978/1985 
Deutsche Bank and others 

. 16/11/78 PAPA CHRISTIDIS 17/11/78 

SHIPPING Ltd. 

. US$36,238,759 

Secured Notes due 1990 and 1991 
Lehman Bros. Kuhn Loeb 


16/11/78 


Tombstone Publication 

date date 

Not. 78 THE COUNCIL OF 20/11/78 
EUROPERESETTLEMENT FUND 
DM 20.000.000 

61% Bearer Bonds of 1978 (S4-SS) 

111 

Berliner Handels-and Frankfurter 
Bank 

3/11/78 BALJf, 20/11/78 

USS1S.OOO.OOO 
six year floating rate note 
Union de Banquea Arabes et 
Francaises U.BJLF. and others 
15/11/78 THE HOKKAIDO 20/11/78 

TAKUSHOKU BANK LTD. 
US$20,000,000 

Three Year Negotiable Floating 
Rate 

Hill Samuel & Co. Ltd. 

Banque Arabe et Int. d'lnv. 

LEUMI INTERNATIONAL 17/11/7 S 
INVESTMENTS N.V. 

USS60.000.000 
Guaranteed Floating Rate 
Notes due 1985 
Bank Leumi Le-Israel B.M. 

23/11/78 NIPPON YUSEN 23/11/78 

KABOSHIK1 KAISHA 
DM 50,000,000 

3|% Co nverti bln Bonds due 1985 
Westdeutscbe Landesbank 
Girozentrale and others 
Nov. 78 UNILEVER USF 27/1J/7S 

INVESTMENTS LIMITED 
French Francs 100,000.000 
10% Guaranteed Notes 1978-1985 
Banque de l'Union Europeenne 
and others ■ 

28/11 AS REPUBLIC OF FINLAND 2SU1/7S 
DM 150.000,000 
6% Bearer Bonds 1978/1983 
Dresdner Bank Aktiengesellschaft 
and others 

Nor. 78 ARAB-MALAYSIAN 29/11/78 

DEVELOPMENT BANK 
DM 20.000.000 
Credit Facility Doe 19S3 
Bayerische Landesbank Int. S.A. 
USS20.000.000 

Floating Rate Notes due 1983 
Abu Dbahi Investment Co. and 
others 

30/11AS INTERNATIONAL BANK 30/11/78 
FOR RECONSTRUCTION AND 
DEVELOPMENT 
DM 400.000.000 
61% DM Bonds due 1988 
Deutsche Bank 
Aktiengesellschaft and others 


> Zi 

H S ', ;i 1 


LOANS 


Tombstone ' Publication • 

date date-'- ■ 

Oct 78 DESARROLLO PARA LA 1/U/7S J.l 

VTVXENDA CLA. ‘DEVICA’ 

U.S. Dollar equivalent of 
. BoUvares 90,000,000 . 

3 year loan facility 
■ . Orion Bank Ltd and The Royal . 

- -Bank of Canada 

Oct 78 BANCA SOMEXSJL - . 1/11/78. . ■ - 

US$225,000,000'.. . 

Medium Term Facility ; " 

Bank America Int Group and others- - - 

■ WESTERN UNION ■: 1/11/7 8 !- 

. CORPORATION 1 . . 

.US$55/KX),000 7 . ” 

V . ; 7 ^ar fawDty - " . - •' 

- • Singer A JYiedlander Ltd 

■ - THE REPUBLIC OF - . - 1/11/78 . 

. • VENEZUELA . . 

USS200, 000,000 . - . 

Medium Term Loan 

. Lloy ds Ba nk lat Ltd, and others -,i : 1 

14/9/78 The FEDMART •. -I 1/11/78/ 

• CORPORATION / 

, - mmooa ' ■ . .. ■ y / 

• Domestic Financing -4"~ 

■ • - Security Pacific Nat, Bsink and. y . - 

others - ■" .. - >: 

515.000,000 . , - y. 

Euro Financing • ' Y~ 

Union Bank of Bavaria and" others 
’ SARPSBORC -MEK. _ .i:' l/U/78 

. - .. VERKSTED A/S K/S 
NOK 75,000,000 

. • • Floating Bate Constractian Credit 

Facility 

-• • Union Bank of Norway Ltd. 

SAMSUNG HEAVY 2/11/78 

INDUSTRIES UO. LTD. . 

- , US312.000.000-:' .. 

■ Medium Term'Loan Facility 

- : J. Henry Schroder Wagg & Co. Ltd. 

- Oct 78 COMPANHIA ESTADUAL 2/11/78 

DE ENERGIA ELECTRICA 
' US$130J)00,000 
. . Project Loin. 

- . ■ Credit Commercial de France and 

- others :• .- 

Sept 78 INDUSTRIE ZANUSSI 2/11/78 
-. SPA 

- Lire 13^06,000,000 ■ 

. Floating rate 1 medium term loan 

CompagniaPrrvata. di Finanza e 
... Investimentf S.p-A. and others 
Sept 78 I/S ELSAM ' * 3/11/78 

^ ' US$25,000,000 •-••••' 

9£% loim due 1990 
. The Mitsui Bank Lt d, and others 
Sept 78 JUGOBANKA UNITED • .3/11/78 

.BANK 

• us$2o j)oo,ooo : . . 

. , Medium Teem Loan Facility. . 

The Mitsui Bank Ltd. 

12/10/78 NATIONAL PETROLEUM 3/11/78 r 
CONSTRUCTION CO. (NJ>.C.C.) 
US$20,000, tWO . . . 

Mediam Term Loan Facility 
'• National Bank of Abu Dhabi . . - 

STENA GROUP OF .. 3/11/78 

. COMPANIES . 

- £29,735,000 . 

• Medium Term Finance 
‘ Nordic Bank Ltd 

Oct 78 HEUTUB, COMPAN1A 3/11/78 

-ANONIMA 
: US$13,782,277, . 

-• ...Total of 7 year loans 

Samuel Montagu* Co. Ltd. 

24/10/78 NOSRK HYDRO 7/U/78 

- PRODUKSJON A JS. 8/11/78 

USS120.000.000. 

Eurodollar Loan . 

Citt ib'ack N.A. and others 
2/9/78 SOCIETE NATIONALS DE 7/11/78 . 
FABRICATION ET DE 8/11/78 . 

MONTAGU DU MATRIEL 
ELECTRIGUE ET ELECTRONIQUE 

- . . .- USS45.000.000 ' - . 

. . Medium Term Loan 

Citicorp Internati onal G roup' 

Oct 7S PROVINCE DE QUEBEC 8/11/78 

■.ussioo,ooa,ooo 

Term. Loan 

. The Miteabiahi Bank Ltd. 

Oct 78 SHV HOLDINGS NV F/11/7S 

US$75,000,000 - . 

: S year Multicurrency Loan* ; 

. " Fa^Sty •' 

AlffiO Bank l 


./Tombstone Publication 

•'-'r-- date date 

Sept 78 STATE OF MINAS GERAIS 10/11/78 
■ > US$60,000,000 

■ i,'. . Term Loan 

-=.' • Bank of Montreal and others 

•J “• Oct 78 TORRAS HOSTENCH SA. 10/11/78 
US$11,000,000 

•. ■■ • • Floating Rate Term Loan 

Banca Mas Sarada S_A and 
y-.v.t AMRO Bank 

I' - .Nov. 78 LIGHT-SERVICOS DE 13/11/78 
. .vj. ELECTRIdDADE SA. 

US$150,000,000 

'4“ -. Medium Term Loan 

i.u - Westdeutsche Landesbank 


Tombstone Publication 

date date 

Oct. 78 REPUBLIC OF THE 21/11/78 

IVORY COAST 
US$18,000,000 
Project Facility 

• Soditic S.A. and others 

Sept. 78 BANCO CREFISUL DE 23/11/78 
INVESTMENTS SA. 

US$20,000,000 

Medium Term Loan 

Societe Generate de Banque SA. 

Nov. 78 UDRUZENA 23/11/78 

BEOGRADSKA BANKA BEOGRAD 
1NVESTICONA BANKA 
TITOGRAD UDRUZENA BANKA 
US$10,300,000 
Medium Term Loan 
Japan Int. Bank Ltd. and 
The Hokkaido Taknshoku Bank Ltd- 
Sept 78 SAUDI RESEARCH & 23/11/78 

DEVELOPMENT 
CORPORATION LTD. 
CONSTRUCTION & 

DEVELOPMENT CORPORATION 
OF THE PHILIPPINES 
Saudi Riyals 192.196,165 
Syndicated Guarantee Facility , 
The National Commercial Bank 
Oct 78 HOUSEHOLD FINANCE 1/11/78 

$150,000,000 

9% debs, series 5F due 1985 
Goldman, Sachs & Co. and others 
30/10/78 SOUTHERN CALIFORNIA 2/11/78 
EDISON CO. 

6.000,000 Shares 
Common Stock 
Dean iWtter Reynolds Inc. 
and others 

28/9/78 SOCIETE DES MAISONS 14A1/78 
PBENTJC 
473,200 Shares 
Common Stock 

American Express Int. Banking Corp. 
and others 

’ * : INSTITUTO PER LA 24/11/78 
/ RICOSTUZIONE 1NDUSTRIALE 
. • US$500,000,000 

Medium Term Loan 
Algemene Bank Nederland N.V. 
and others 

Oct 78 STATE OF ESPIRITO ' 24/1 1/7S 

SANTO 
US$30,000,000 
Medium Term Loan 
Badische Komnmnale Landesbank 
International S.A. and others 
Sept 78 EMPRESA NACIONAL 27/11/78 
DE ELECTRIC LOAD SA. 
US$26,000,000 
10 year Floating Rate Loan 
Banque Bruxelles Lambert SA. 
and Banque Louis-Dreyfus 
Oct 78 LONDON BOROUGH OF 28/11/78 
HOUNSLOW 
£9,000.000 

Medium Term Loan 
Kleinwort Benson Ltd. 

Oct 78 UDRUZENA 28/11/78 

BEOGRADSKA BANKA ' 
US$12,000,000 
Medium Term Loan 
The Sanwa Bank Lid. 

Sept 78 EMPRESA NACIONAL 28/11/78 

DE ELECTRICIDAD SA. MADRID 
US$15,000,000 

. . Medium Term Trade Financing 
Facility 

The Yasuda Trust and 
Banking Co. Ltd. Tokyo 
Nov. 78 CA. ZA ELECTRICIDAD 28/11/78 
DE CARACAS 
$50,000,000 

Medium Term Eum-Dollar Loan 
Morgan Guaranty Trust Company 
of New York 

Nov. 78 TR1CENTROL THISTLE - 29/11/7S 
DEVELOPMENT LTD. 

£60,000,000 
Project Refinancing 
NJU. Rothschild & Sons Ltd. and 
Barclays Merchant Bank Ltd. 


21/11/78 


23/11/78 


14/11/78 


tr'i- ... Girozentrale and others 
- ' Oct 78 SOCIETE NATIONALE 13/11/78 

. . DES MATER1AUX DE 

; \ CONSTRUCTION 

■ • UiSS25.000.000 
Loan facility 

Al-UBAF Group and others 
BANK HANDLOWY W 14/11/78 

WABSZAWIE SA. 

US$220,000,000 
Medium Term Loan 
USS70.000.000 

Medium Term Eurodollar Loan 
• - .Barclays Bank Int Ltd. 
and o t hers 

9/11/78 THE REPUBLIC OF 14/11/78 

"v LIBERIA 
. US$60,000,000 • 

medium Term Loan 
Chase Merchant Banking Group 
9/11/78 HIDROELECTRICA 14/11/78 

DE CATALUNA SA. 

US$50,000,000 

. Medium Term Credit Facility 
Chase Merchant Banking Group 
2/11/78 TELECOMUNICACOES 14/11/78 

BRASILEIRAS SA. 

- TELEBRAS 
USS225.000.000 
Medium Term Credit Facility 
Chase Merchant Banking Group 
and others 

20/10/78 DEVELOPMENT AND 14/11/78 

INVESTMENT BANK 
OF IRAN 
: US$80,000,000 

■ -Medium Term Credit Facility 
J Chase Merchant Banking Group 

• . . and others 

. DALGETY LIMITED 14/11/78 

. US$125,000,000 
' 10 year loan facility 
'- ■ Lazard Brothers & Co. Ltd. 
and others 

OCEANIC 15/11/78 

- . USS12.500.000 
. J 64 year term secured loan 

Marine Midland Bank and others 


14/11/78 


14/11/78 


15/11/78 


Nov; 78 HUNTER DOUGLAS 15/11/78 

- .-INT. N.V. 

V US$10,000,000 . . 

: Ten Year Credit Facility 
’ Orion Bank Limited 
. : PROPERTY SECURITY 15/11/78 
. INV. TST. LTD. 

' :” £4/K)0.000 
. Five Year Loan Facility 
Brown. Shipley & Co. Ltd. 

. \ - AUKRA BRUK A/S 16/11/78 

■ i US$12,000,000 

Ship Construction Finance 
L : - Ole Schroder & Co. A/S 
Oct. 78 CITY OF GOTHENBURG 16/11/78 
Flux 250,000,000 
, J- Term Loan 

- Banque Nordeurope S.A. and others 
NOV. 78 BANCO NACIONALDE 17/11/78 
CREDITO CO-OPERAT3VO SA. 
-US$50,000,000 
TermLoan 

,Jm .. " Centrale-Rabobank and others 


3/11/78 


7/11/78 

.8/11/78 


16/11/78 


16/11/78 


17/11/78 


21/11/78 


S/ll/78 


Tombstone Publication 

date - ’ - • . - 

‘ Oct. 78 HOUSEHOLD FINANCE' ' ' 1/11/78 
CORPORATION 

• .. . .$150,000,000 ■ 

.. . 9% debs, series 5F doe 1985 

Goldman, Sachs & Co. >nd others 


r FAELLESBANKEN ] 

‘ DM16,000,000 

Medium Term Loan 
•- Westdeutsche Landesbank 
. . .-Girozentrale and others 
Sept 78 UUBLJANSKA BANKA 5 
. — SDREZENA BANKA, 

/ iUUBLTANA 
. VOJVODJANSKA BANKA 
.—UDRUZENA BANKA, 

; ■ NOVI SAD 
-.US$70,000,000 
■ Medium Term Loan 
Kuwait Foreign Trading 
Contracting & Investment C0-- 
,• (SAIL) and others 


OTHERS 


Tombstone Publication 

date • date 

30/10/78 SOUTHERN CALIFORNIA 2/11/78 
EDISON CO. 

. ! 6, 000/J00 Shares 
. .. . Common Stock 

Dean Witter Reynolds Inc. and 
.' others . 


28/11/78 


28/11/78 


28/11/78 


Sept 78 ARDAL OG SUNN DAL 
VERK A.S. 

Dfls. 25.000.000 
10 year fixed rate loan 
Bank Mees & Hope N.V.. 
AHLI PROTOCHEMICAL 
ESTABLISHMENT DUBAI 
US$&500,000 
Medium Term Loan 
Bankers Trust Co. and others 


29/11/78 


29/11/78 


Tombstone . Publication 

date date 

28/9/78 SOCIETE DES MAISONS 14/11/78 

PHENIX 
473/200 shares 
Common Stock * 

American Express Int Banking 
Gorp. and others 


EXPLANATORY NOTES AND 
ABBREVIATIONS 

SPECIAL REFERENCES 

1. GENERAL— ATTACHED TO NAME OF BORROWER 
D = Domestic Management group 

L = Bondholders option to redeem loan prior to maturity 

P Private or semi-private placement 

1IC = Principal /Interest payable in more than two currencies 

\\ r = Withholding tax twilit percentage rate 

W = With warrants 

X\V — Ex warrants. 

2. £/DM ISSUES 

The 5 guies shown arc the fixed f/DM parities which prevail over 
the lives of the issues. 

3. FLOATING RATE ISSUES 

The figures given are the m i nim u m coupon rate: 

% margin above LIBOR. 

4. ATTACHED TO MATURITY DESCRIPTION 
S — Semi-annual payments 

5. ATTACHED TO NEXT S/F AMOUNT 

PF — Purchase fund — the amount shown is the annual total 
for total to the next coupon date), which may be applied. 
The year associated with the amount shown relates to 
the year end of the purchase period. . 

DP = Non-cumulative option to double sinking fund payments. 

6 . ATTACHED TO CALL NOTICE (DAYS) 

C = Callable only on coupon dates. 

Y = Callable only at annual intervals. 

Otherwise callable at any time. 

7. YIELD TO NEXT CALL 
n = Yield is negative. 

8 . ATTACHED TO YIELD TO NEXT CALL 
(CONVERTIBLE ISSUES ONLY) 

R = Call is subject to a restriction governed by a fixed relation- 
ship between the share price and the conversion price. 

9. CONVERTIBLE ISSUES 

The share price is always denominated in the same currency as the 
conversion price. Please note that where the premium exceeds 
200 % no figure is shown in the premium /discount column. 

The following convertible bonds are subject to convertibility 
into i ho indicated stocks. 


NAME OF BOND 
.American Tobacco Int. 
Asia Navigation Int. 
Rankers Int. (Lux.) 
Broadway — Hale Stores 
Burmab OH 
Chevron Oil O/S 
Dart Industries 

Inter-Continental Hotels 
7nL Standard Elec. 


TSA Finance Holdings 
Kinney 

Leasco World Trade 
Leasco Int. 

Levin-Townsend Int. Fin. 
Norwich OS 
Owens-Illinois 
Plywood Champion Int 


CONVERTIBLE INTO 
American Brands Inc. 

East Asia Navigation Co. 
Bankers Trust New York 
Carter Hawley Hale 
Shell Transport & Trading 
Standard Oil oT California 
Minnesota Mining & 
Manufacturing 
Pan-Am World .Airway 
International Tei & Tel 


Warner Communications 
Reliance Group Die. 

Rockwoori Computer 
Morton-Nonvich Products 
Owens Coming Fibreglass 
Champion Int. 


The following international convertible issues have fixed rates of 
currency conversion: 


COUNTRY 

FRANCE 

HONG KONG 

ISRAEL 

JAPAN 


COUNTRY 


ISSUE/COUPON/SLATUR1TY EXCHANGE RATE 


Michelin Int. Dev. 
Suez et l’Union Paris 
Asia Navigation Int. 
Leumi Int. Inv. 
Asabi Chemical 
A*ahi Optical 
Dai Nippon Printing 
Daiei Inc. 

Daiwa House Ind. 
Hitachi Ltd. 


6 1985 F.Fr 5.554 

7 1985 F.Fr 5.554 

6 } 1989 SHK 5.07 
7 1984 I£ 10.1026 

61 1900 Yen 303.0 
6 1992 Yen 282.0 

6 } 19S6 Yen 360.0 
6 1991 Yen 300.0 

71 1991 Yen 301.0 
61 1979 Yen 360.0 


ISSUE/COUPON/MATURITY EXCHANGE RATE 


NETHERLANDS 

SINGAPORE 

S. AFRICA 

SWEDEN 

UK. 


Hitachi Ltd. 
Hokushin Electric 
Ito-Yokado 
Jusco 
Kao Soap 
Komatsu Manf. 
Komatsu Ltd. 

Kubota 

Marui 

Matsu chita EJec. 
Mitsubishi Elec. 
Mitsubishi Elec. 
Mitsubishi Gas Chem 
Mitsubishi Hvy. In. 
Mitsubishi Corp. 
Alitsubisbi Corp. 
Mitsubishi Corp. 
Mitsui & Co. 

Mitsui & CO. 

Mitsui Real Estate 
Nitto Elec. Ind. 
Pioneer Electric 
Ricoh 

Sanyo Electric 
Sanyo Electric 
Settsu Paperboard 
Sumitomo Elec. 
Sumitomo Metal 
Takeda Chemical 
Tokyu Dept. Store 
Toshiba 
Toshiba 
Ennia 

Ail other Issues 


Sandvjk 

Babcock Nederland • 
Beecham Fin. 
Burmah Oil 
Burton B.V. 

CompAir (UJv.) 

IC1 Int. Fin. 

Inchcape (Bermuda) 
Rank Organisation 
Slater Walker 


6 } 1984 Yen 360.0 
q 1992 Yen 24S.0 
H 1992 Yen 272.0 
fi 1992 Yen 277.4 

6 1992 Yen 266.0 

61 1984 Yen 360.0 

7.J 1990 Yen 294.2 
r>l 1991 Yen 303.0 
U! 1991 Yen 299.0 
6} 1.990 Yen 303.0 

7 1985 Yen 360.0 

7J 1981 Yen 305.5 
fi 1992 Yen 272.0 
fii 1991 Yen 305.55 
6 1992 Yen 207.0 

74 1990 Yen 294.0 
6 } 1991 Yen 301.0 
7! 1990 Yen 298.0 

8 } 1989 Yen 299.0 
fi 1902 Yen 267 £ 
6 1992 Yen 264.13 

fii 1989 Yen 280.0 
6 } 1991 Yen 295.0 
64 1991 Yen 293.55 
TV 1990 Yen 302.17 
fi; 1992 Yen 243.0 
6 1992 Yen 267.0 

6 1992 Yen 287.5 

fi 1984 Yen 360.0 
6 1992 Yen 266.0 

fi) 1992 Yen 254.0 

62 1990 Yen 295.S 
1992 D.F1 2.4565 


7i 

1991 

SS 2.44 

-si 


1988 

SS 2.32 

=51 

«) 

1988 

SS2.32 

= S1 

fit 

1986 

RD 0.7143 

= 51 

6J- 

1988 

SwKr 4.7825 

= 51 

1 

1992 

£0.574 

= $1 

fil 

1992 

£0.574 

=S1 

5* 

1988- 

£0.417 

= 51 


1992 

F.Fr 11.8825 

= 51 

8} 

1987 

£0.582 

= Sl 

6J 

1997 

£ 

= 51 

(H 

1902 

£0.582 

=51 

4} 

1993 

£0.425 

= 51 

5} 

1987 

£0355 

= 51 


Union Bank of Switzerland (Lux.) 5% 1981 differs from other 
convertibles in that the bonds are denominated US$1350 and each 
bond is convertible into 1 Bearer share of SFrs. 500 nominal value 
of UBS. 

Credit Suisse (Bahamas) 4\% 1991 differs from other con- 
vertibles in that the bond is denominated US$1000 and each bond 
is convertible into 1 Bearer Share of S.Fr. 500 nominal value of 
Credit Suisse. 

The following convertible issues have conversion rights which 
expire prior to maturity: 


NAME OF BOND 


Asahi Chemical 
Dai Nippon Ptg. 
Hitachi 
Mitsubishi El 
Rand Selection 
Takeda Chem. 
Toshiba 


MATURITY 


30/9 -'1990 
31/5/J9S6 
30/9/1984 
31/3/1985 
I/S/19R6 
31’3,'1984 
30/9/1990 


CONVERSION 

RIGHTS 

EXPIRE 

15/9/1990 

30/4/1986 

31/8/1984 

28/2/1985 

31/1/1986 

28/2/1984 

15/9/1990 


10. DENOMINATION OF NON DOLLAR BONDS 

Euro-guilders— all denominated Fi. 20,000 

French Francs — all denominated Ffr. 5,000 

with the exception of 

Aerospatiale Ffr. 10,000 

European Coal & Steel 7% 1980 FTr. 10,000 

European Coal & Steel 71% 1991 Ffr. 20,000 

Francaise de Petroles— BP Ffr. 30,000 

Philips Lamps 10J% 1980 Ffr. 50,000 

Roussel— Udaf Ffr. 10,000 

SO PAD Ffr. 30.000 

STERLING-DEUTSCHE MARKS 
Enso Gutzeit 6i% 1980 flOO - £500 

ICI 8*!?! 198R 1500 

Ireland 7% 1981 £100: £500 

Ireland 7% 19S8 £500 

Met Estates 19B7 £500 

New Zealand G}% 1982 £90: 1450 

New Zealand 1978 £100: £500 

Rothmans Ini. BIT, 1992 £500 

Sira Kvina 7|% 1983 £100: £500 

Slater Walker 7i% 1987 £500 

Swedish Laraco 5i% 1980 £100: £500 

Turin 6J% 1984 £100: £500 

US Rubber 6 % 2989 £100: £500 

11. YIELD CALCULATIONS 

All Yields are calculated on annual rates e.g. a 10% bond standing 
at par paying interest once p.a. will have a current and maturity 
yield of 10%. A 10% bond paying semi-annually would yield 1025%. 
Market practice demands that the current yield on $ floating rate 
bonds is calculated as coupon/price. 

12. OTHER NOTES 

The amounts shown as remaining outstanding are estimated by 
applying the scheduled sinking fund instalments. These are further 
adjusted where a non-cumulative option to double sinking fund 
payments has been exercised. 

Yields are calculated in accordance with Rule 803 of Statutes 
By-Laws, Rules and Recommendations of the ATBD using compound 
interest throughout. Negative yields are not shown. 

The maturity, average life and first call yields are adjusted to a 
360 day annual rate. 

Yields to next call are shown on the basis that the borrower gives 
notice that he wishes to call the bond as soon as possible after the 
date of publication of this list. 

Yields on Unit of Account bonds are computed by adjusting the 
investment proceeds for the changes in relative parities of the 
currencies comprising the new and old unit of account formulae. 


V 





International Bonds Service. 

Up-dated every week. 

How up to date is the 
service you use? 


Financial Times Hon^ Decetabei' IT 





ASSOCIATION OF INTERNATIONAL 
BOND DEALERS - MARKET MAKERS 


the International Bond 
Dealer’s best friend. 

'PfeorwSales Offices; 01-253 346 $- 
or Teles 26343 ? • . " 


vltANKKRS -ITU S'I INTERNATIONAL LIMITED 

4^ftjVIarket Makers in 
Floatiiiij Rate Note Issues 


The interest rates per annum applicable to the following 
USS Floating Rate Note issues were announced during 
.Vove inner. These rates are quoted for information purposes 
only, and should be confirmed prior to the execution of a 
specific transaction. The rates quoted apply to the six-month 
periods shown. 


I.B.J. fil°o Min • 19S2 1 Nov. 78 1 May 79 

Bqe. Ext. d'AUerie 1SS5 2 Nov. 78 1 May 79 

C.C.F. 53% Nil 1PS5 3 Nov. 78 3 May 79 

TJ.O.B. 1983 6 Nov. 78 7 May 79 

R nval Bk. Scotland 19S3 9 Nov. 78 9 May 79 

L.T.C.E. 1985 9 Nov. 78 9 May 79 

Vizcaya Int'l 19S1 liNoy.TS 14 May 79 

Bk. nf Tokyo (Curacao) 1984 15 Nov. 78 15 May 79 

Midland Bank J9S2 15 Nov. 78 15May7fl 

SocieJe <ji.*nerale 1 PS 1 15 Nov. 78 15 May 79 

Golabnnkcn 1988 15 Nov. 78 15 May 79 

O.K.B. 1982 37 Nnv. 7S 17 May 79 

Creditanstalt 19S4 20Nov.7S 21 May 79 

Midland lni'1 Fin. 1987 20N'nv.7S 21 May 79 

Bank of Tokvn Ltd. 19S0 22 Nov. 78 22 May 79 

C.C.SI.F. 1984 25 Nov. 78 25 May 79 

Bank HandJowy 1983/83 27 Nov. 78 27 May 79 

T.T.O.B. 1981 27 Nov. 78 27 May 79 

Enel 1980 30 Nov. 78 31 May 79 

Cabinet? 1982 30 Nov. 78 31 May 79 

Lfoyds Eurofinance I9S3 30 Nnv. 78 31May7S 

"Popular Espanol 1981 30 Nov. 78 31 May 79 

Standard Chartered 19S4 30 Nov. 78 31 May 79 


Interest rates applicable to the issues listed below will be 
announced during December: 


Indu'. Bank nf Japan Finance 
Bayerische Vereinsbank 

1985 

19S1 

1984 

V.BJV.F. 

19S1 

S.O.F.T.E. 

19S4 

li.B.Af. 7iK Min 

1982 

Parishes 

1980 

Bank Hanfllowy 

19S1 

Banque Worms 

1985 

CN.C.A. 

19S4 

Xi.G. Bank Finance 

19S2 

L.T.C.B. 

19S1 

I’redilanstalt Bankverein 

1981 

National Westminster 

1990 

Urquijo Internationai 

19S1 

C C.F. 

19S1 

Hydrocarbons Bank 

1982 

Credit Lyonnais 6A% Min 

i i 

1983 


REGION 1 -BELGIUM 


105 Bond trade 0 

110 Dewaay, Sebllle, Servals 
Tan Campenhout & Cie 
115 Kredietbank N.V. 


I REGION 2- FRANCE 


230 Banque Arahe et Intern a t io nale 
dTnveslissement (BULL!.) 

235 Banqne de I'Unlon Enropenne 

225 Banqne Louis-Dreyfus 

205 Banqne Nationale de Paris 

210 Credit Commercial de France Paris 

215 Credit Lyonnais 

218 E. F. Hutton Services S. A . R .L. 

220 Intern nion-Banque 
270 Smith Barney Harris, tipham & Co; 
Inc. 


| REG?0N3-GERMANY/AUSTR)A 


300 Commerzbank AG 

305 Deutsche Bank AG 

306 Dresdner Bank AG 

307 YVestdeutscbe La odes bank Glrozentale 

309 Creditanstalt Bankvereln 

310 Gironzcntrale und Bank 

der tistcrreichischen Spark as sen AG 


S ANKERS TRUST INTERNATIONAL LIMITED 

56-60 New Broad Street. London. EC2. 

Dealers’ Telephone: 5&> 6JJi-5.TeJer S&3CM2. 


I 'REGrON.4-l.TALY, 


405 Banca Commerciale Italiana Milan 
407 Banco Ambroslano S.p.A. 

409 Banco di Roma 

415 Credito Italiano 

420 Istituto Bancario Italiano 

425 Istituto Bancario San Paolo dl Torino 

430 Monte del Pascbi di Siena 


I REGIONS- LUXEMBOURG 


505 Basque Generate dn Luxembourg SJL 
510 Banque Internationale a Luxembourg 
S.A. 

540 Bayerisehe Landes bank International 
SJL 

515 Dewaay Luxembourg S.A. 

520 Kredietbank S.A. Luxembourgeoise 
530 Swiss Bank Corporation 
(Luxembourg) 


REGION 6- NETHERLANDS 


600 H. Albert de Bary & Co. N.V. 

601 Aigemene Bank Nederland N.V. 

602 Amsterdam-Rotterdam Bank N.V. 

603 Bank Mees & Hope N.V. 

604 Barclays Kol & Co. N.V. 

611 Centrale Rabobank Utrecht 

612 Van der Hoop. Offers & Zoon N.V. 

605 Bank Morgan La bou there N.V. 
610 F. van Lanscbot 

606 Nederlandsche Middens tands bank 
N.V. 

607 Nederland.se Credietbank N.V. 
60S Pierson. Heldring & Pierson 

609 Slavenburg, Oyens & Van Eeghen 
N.V. 


REGION 7-SCANDlNAVfA 


705 Bank of Helsinki Ltd. 

(Helsingfors Aktiebank) 

740 Den norske Credi thank 

750 Den Denske Bank ol 1871 Aktieselskab 

710 R. Hearlqnes Jr. Bank- Akties elskab 

715 KansaUis-Osak e-Pankid 

720 Kjbgenhavns Handels bank 

745 Posdpankki 

730 Privatbanken Aktieselskab 

735 Skandlnaviska Enskilda Banken 

725 Union Bank of Finland 

(Nordiska FSrenings banken AB) 


REGION 8 - SWITZERLAND 


800 Bond partners SjV. 

805 Credit Suisse /Swiss Credit Bank' 
860 Swiss Bank Corporation 
870 Union Bank of Switzerland 


REGIONS - UNITED KINGDOM . 


901 Akroyd & Smithers Limited 

903 Bank Julius Baer International 

905 Bankers Trust International Limited 

910 Banque Francalse de Credit 
International Ltd. 

909 Chase Manhattan Ltd. 

911 Citicorp International Bank Limited 

912 Continental Illinois Limited 

914 Credit Suisse First Boston Ltd. 

913 Daiwa Europe N.V. 

915 Deltec Trading Company Limited 
920 Dillon, Read Overseas Corporation 
822 Dominion Securities Limited 

925 European Banking Company Ltd. 

930 First Chicago Limited 

931 Goldman Sachs International Corp. 

932 Hambros Bank Limited 

933 1BJ International Limited 

934 Hill Samuel & Co. Ltd. 

935 Kidder Peabody Securities Limited. 

938 Loeb, Rhoades, 

939 Kuhn Loeb Lehman Brothers Inc. 

936 Manufacturers Hanover Limited 

937 McLeod, Young, 'Weir International 
Limited 

940 Merrill Lynch, Pierce, Fenner & 
Smith (Brokers & Dealers) Ltd. 

941 Morgan Stanley International 

945 Nesblt. Thomson Limited 

. 942 The Nikko Securities Co. (Europe) 
Ltd. 

943 Nomura Europe N.V. 

946 Orion Bank Limited 

947 Salomon Brothers International Ltd. 
950 Samuel Montagu & Co. Ltd. 

955 Scandinavian Bank Limited 
960 Strauss. Turnbull & Co. 

962 Sumitomo Finance International 

964 Vickers, da Costa & Co. Lid. 

965 S. W. Warburg & Co. Ltd. 

967 Wedd Dnrlacber Word aunt Ltd. 

970 Westdenische Landesbank 
Girozentrale 

975 "White Weld Securities 
977 HL S. Weln & Co. Inc. 

980 Wood Gundy Ltd. 

990 Yamaicbi International (Europe) Ltd. 




10 Arnhold and S. Bleichroeder, Inc. 
60 Salomon Brothers 
80 Atlantic Capital Corporation 
005 The Arab Co. for Trading Securities 
S.AJv. 


Vojvodjanska Banka-Udruzena Banka 

$ 21 , 000,000 

Nine Year Loan k; 

' . V Managed by; : ; 

Ldeb Rhoades, Hornblbwer 
International Limited 

Bank of Montreal The Bank trf Yokohama, Ltd* 

foifaitzerang und Knanz A.G. Girazd Bank 

. Irving Trust Company 

The Ifasuda Trust & Banking Company limited ' . 

Provided by. 

Bank of Montreal r The Bank of Yokohama, ltd. 


Forfaitierung and Finanz A.G* . Girard Bank 

V Irving Trnst Company 
The YasudaTrust & Banking Company Limited 

Agent 

v : -Bank of Montreal 


December 1978 


f- -mvi n 


The West LBOSuro Deutschmark Bond Quotations 
and Yields will be published in the financial Times 
on Friday ; Itecember 1978.. 


, . - . : . t j; .;r • ? 

. .. . ' •. 


All of these Securities have been sold. This announcement appears as a matter of record only . 


$250,000,000 


Creditanstalt-your partner in Austria 


issuers 


General Motors Acceptance Corporation 

* 

9% Notes Due June 1 , 1984 


Interest payable June 1 andDeecmber 1 


MORGAN STANLEY & CO. 

Incorporate* 


DILLON READ & CO. INC. 
GOLDMAN , SACHS & CO. 


THE FIRST BOSTON CORPORATION \ 


GOLDMAN , SACHS &CO. LEHMAN BROTHERS KUHN LOEB 

Incorporated 

MERRILL LYNCH WHITE WELD CAPITAL MARKETS GROUP SALOMON BROTHERS 

Her rill £jfn cA. Plorce. Fenner & Smith incorporated 

BACBE HALSEY STUART SHIELDS BLYTH EASTMAN DILLON & CO. 

/ncorporstaf . /neorporafai 

DREXEL BURNHAM LAMBERT E. F. HUTTON & COMPANY INC., 

Incorporated 

KIDDER , PEABODY & CO. LAZARD FRERES & CO. 

Incorporated 

LOEB RHOADES, HORNBLOWER & CO. PAINE .WEBBER, JACKSON & CURTIS 

Irusorpamted. 

SMITH BARNET, HARRIS UPHAM & CO. WARBURG PARIBAS BECKER 

Incorporated. Incorporated 

WERTHEIM & CO., INC. DEAN WITTER REYNOLDS INC. REAR,STEARNS & CO. 

December 6, 1Q7S 


E. F. HUTTON & COMPANY INC., 
LAZARD FRERES & CO. 


Selected Austrian Schillirig Bora 

is 

Middle 

Average 

Yield to 

Current Redemption ' 

of Austrian issuers 
mati/f/ty up to 5 years 


price 

life 

. average life 

yield 

(mandatory drawings by Tot) . . 

8 % Osterreich1973/B/81 


101,- 

170 

7,88 

7,92 

15. 2.77-81 atl0i;o 

8 % &terreich1973/!U/B/82 


102,— 

1,96 

7,99 

7,84" 

20.11.74-82 atl 02,0 tol 02^ 

81/2% Osterreich 1 975/S/83 


102,— 

2,25 

7,87 

8,33 

-5. 3.76-83 atl 00,0 toidi,0 

8 1 :2 % Innsbruck 1 974/B/82 


* 10175 

1.96 

7,87 

835 

19.1175-82 atlOO^ 

81/2% Stevr-Daimler-Puch197 

4/B/81 

101,50 

1,90 - 

7JS5 

8.37 

29,10.75-81 atl 00,5 - • 

73/4% VOEST-Alpine 1973/B/8 

T 

102,25 

2, OS 

•7,89 

7,58 

4. 777-82 a±102,atol03,a 


maturity over 5 years 

3 1/2% Os terreich 1 975, r S/ll 1/85 
S % Osterreich 1 976/1 l/B/86 

8 % Osterreich 1977/S/ 6/87 

8 % Arlberg Strafientunnel 1977/B/85 

81;2°b Wien 1974/ B, 1 84 
8 % CA- 6 V 1 97b, ; 1 1/ A, "91 

8 1/2?a Energie 1 975/11/ B -1- S/85 
8 % Energie1978/B/87 

8 % Semperit1973/88 


Selected 1JS-$ Bonds of Austrian issuers 

6 % Rep. of Austria 64/84 

5 3/4% Alpine Montan 65/85 6 3/4% Rep. of Austria 67/82 

6 5 8°6 Austrian Electricity b6/86 83/4% Rep, of Austria 76/90. - 

6 J'4% Austrian Electricity 67/32 8 T/4% Tauern autobahn" 77/87 

91/2% Osterreichische Kontrollbank 74/79 in Austrian Schilling (traded in.US-$ only) 


10430 

3,98 

7,89 

. 8.13 

10075 

6,38 

7,94 

7,98' 

100,25; 

5,70 

7,94 “V 

7.98 

100,50 

4.15 

7^3 

7.% 

101,50. 

3.08 

7,88 

877 

100,50 

6,84 

7,89 

7,98 

104^0 - 

3.90 

7,90 

8,13 

100,10 

6,24 

7,97 

7,99 

10275 

’4,82 

7,95 

7,82 


27.11 .79-85 at103,G to 103,5 
21.10.83-86 at100,0 
15. 2.82-87 atl 004) 

29. 7/80-85 at100,0 
2. 7.75-84 at100,0 ■ 
7.10.77-91 at100,() 
29.1079-85 a£103^ 

1.. 3.83-87 atlOO.0 : .. 
30* 3.74-88^103,0 . 



Flirsf Chicago Limited 

Bond Dealers 
telephone number change 

First Chicago Limited announces 
that its Bond Dealers telephone 
number will be changed on 
11th December, 1978 to:- 

01-283 7031/4 


INVESTMENT FUNDS 

The following funds Include Eurobond issues within their portfolios 

Quotations & Yields as at 30th Nov,, 1978 

SOCIETE GENERALE De BANQUE 
BANQUE GENERALE Du LUXEMBOURG 


Fund 

Ren tin vest 


Firsr Issue 
Price 


Rentinvest LuxFr 824 UuxFr IMO 

Capital Rentinvest LuxFr 1376 LuxFr 10QQ 


Yield Div- 

_% Date 

S. 18 20 Nov. 

(F67) 

(Capitalisation) 


1977/78 1975/78 

High Low Hi£h Low 

Rentinvest LuxFr 918 LuxFr 814 LuxFr 918 LuxFr 814 

Capital Rentinvest LuxFr 1423 LuxFr 1286 LuxFr 1423 LuxFr 1061 1 


(> 


Interest is payable without deduction for or on account of AustriaalaSeSi^-i^: 

For current prices and further information please contact^ L -- /.- * v >« 

For Austrian Schilling Bonds: Rci>ertjeki, RobertWasinger 

(Telephone: 6622/1701 or 1707, Telex: 74261-63) / 1 i <f%' : < 

For International Bprids:.Wattef Vogl (Telephone: 6622/2222, Te1&c76948): 

Code for Reuter Monitor Securities^Frogram; CA DA, CADR/- ^ - / - 





-*■ -* 4*ij • ■ -L 

Creditanstalt- Bankverein,. Scfc^'ft^^6,A^D10yierii^ 












r ^ TO l**— ^w-- J. ., fc, r . _• . 




f : . ■ •-Tirriks^ Monday- Peefirater-TX ,1978 

THE SHOOTAfiE OF SKILLEB, LABOUR 






THE PARADOX of ' a Tabohr; 
ftniniwA amidst plentyis nowhere 
better fflflstrriwl to the J-fri&te; 
eConomy at present than in the 
shortages of skilled ..workers re- 
cently reported in the Worth 
West Altogether some 200,000 
people, are available, for iwork 
in the region inehjcUng : XOO,000 
on the unemployment xegBrters 
of Merseyside alone. Yet in spite 
of . this, nearly . half the .. com :: 
panies covered in a. survey' "by 
the regional CBf claimed output' 
was being hindered -by shortages 
of : thfl! right perso»ineI; ; 4 •;•■- “ 1 
A sample of 2S4eorapaities 
turned up now fewer than 3,000 
job vacancies: some, in keyman-' 
agement and'i en^neering .areas, 
but : including some , for clerks; 
secretaries - Sid^tefephohiists, 
With the sample covering - only' 
a' yTwaij proportion of Industry 
in the North West the implica- 
tion must be thair. many 
thousands more jobs are avail- 
able in the area— and ho doubt 
throughout Britain— if peoplfe 
with the right skills for them 
could be found; Furthermore 
every skilled, job that is filled 
is. likely to .produce a spin-off 
in less skilled ancillary work. 

The problem is not confined 
to.any particular type, or size, 
of company in any special part 
part of the North West. The 
nationalised British Aerospace 
Corporation, which has! a long 
order book for defence equip- 
ment at its Preston and Warton 
factories in North Lancashire, 
needs 90 electricians and the 
same number of. fitters, plus 150 
engineering craftsmen of vari- 
ous types. At Crewe in. Cheshire, 
Rolls-Royce Motors needs 100 
men. It has a major expansion 
of its facilities, under way to 
meet world wide demand for its 
cars and precision engineering 
components; ' Its main shortages 
are in the-coacbhnHding and 
coach trim ' trades. Cooper 
■(Merseyside) is not atypical of 
many of the smaller firms in the 
area. - It employs under 100 




23 

BY RHYS DAVID, Northern Correspondent 



people, making ’part# * or **** 
aviation- indusdjii- It could 
absorb a fttrtfcerSMQ men, par- 
tictrlariy nrachfiihRir it ft could 
find them., • ^ . 

On a • much JArger -scale, 
British Nuclear ffueis needs 350 
electrical, <3ectttinic . and 

chemical fwgtng wn to support 
the major expansion . -of its 
!nudear reprocessing^ activities 
now under way at .Windsctle. 
Ferranti “has a number of plants 
spread- throughout"; the region 
and ' it needs «S computer.. pro- 
grammers iuid -:'4£2^ electronic 
engineers. - - ' . " ' 

Id demand 

At Burmah-Castrof. which 
runs a specialist oil refinery at 
Ellesmere ; Port - : ln Cheshire, 
there have been, shortage* this 
year in draughtsmen one of the 
skills most in demand. 

; Union estimates put the 
shortage of draughtsmen In the 
area at several thousand and at 
British Aerospace special three- 
month . courses ha ve _ be en 
organised to upgrade craftsmen 
engineers to draughtsmen. 

The problem clearly has many 
strands, but nffich ref the dif- 
ficulty, according to. these com- 
panies, can be tricedl hack to 
the wage rate . for,, the job. 
Successive attempts^ to control 
pay by Governments of both 
parties over thepast 20-30 years 
have led .to. a : serious com- 
pression of differentials. In 
spite of their, training and 
evident value to industry, many 
craftsmen are easing perhaps 
only £5 a week mOre 'on basic 
rates- than general • workers. 
What makes the tub. even worse 
for them is that afterpayments 
for shift work have been added, 
the general worker 'may well be 
fairi ng home mote -than crafts- 
men, many of whom do not 
have to work shifts. 

As a result craftsmen have 
become much niot£ willing to 
move from job to- job,- usually 
within the Locality, to boost 


of famine amid _ 

their Incomes - Skilled men are recession. Industry has In- play a part in helping Doth to The Problem Is ^ n “" beIS 

no longer prepared u stay with evitably been searching for pos- equip lnfcyiduals with increased enough to suite but totog a further nert rear 

tha comnanv with which thev sible cuts in expenditure and skills and to provide industry solution is much more difficult Tne speed with which appreu 

in many'cases these have^aflen with a new resource. In the The Manpower Services Com- tee « bj ™rea^d 

down the road for a matter of on training. According to the older crafts, however, unions mission in a review published is luuMJ 
only £2 a week' more,” one Engineering Industry Training are often reluctant to accept last month pointed to the need number of c^aU»nen ‘ "*J**£J* ™ 
employer in the region points Board (EITB), some 19.000 new dilutees— men with a shortened to improve labour market mtel- w i 

out^Siemore, wrkeremay craftsmen and a smaller number period nf training rather than a ligence and to promote a more men inverted I into > . 

sometimes rejoin their former of technicians are needed' in full apprenticeship— alongside integrated approach between Its cease to 

employer if they see as oppor- engineering alone each year to their own members. Thus, te- * r ^JJ?LJ, nd _?? se , S most needed \rT the short 

tunity to Increase their wages replace the losses caused by stead of being able to use the t ^ ini " e boards and furth M ' T MrTrirkard ner- 

further at a later stage. retirement, promotion, and centres to fill key engineering educatian, 2 m dirertor S uotete 

Rolls-Royce Motors is a case movement out of the industry, vacancies, employers in some Major changes in the Training ^nnei a^rtor ot Bwr poi 
in point The company has the but over recent years, the parts of the country frequently Opportunities Scheme (TOPS) empiojers now a p 

two major lorry manufacturers, industry’s intake of apprentices find they can only use the facili- „„ by MSC were announced *« cater 

taiy Bid Wo. s, near has fluctuated with tha ties as 1 means of equipping ],* month. They .re designed to 2f s iSi“d men to 

neighbours in North Cheshire, economy. easting skilled employees with . its efforts are more smaller emnlovers who 

both of which struck new wage The Board has sought to make further skills or of acquiring lilted to the mreds of hlv^periaras sto^ed ttaining 

deals with their employees last up deficiencies in industry’s in- workers with some of the less indivicteSs and " * training, 

spring. The result was some take by itself sponsoring appren- crucial skills. SiKtoiS! t aWll SortaSS. 

drifting of skilled coabhbuilders tices, and has frequently warned “it is a fact of industrial life mu. traimug for skills pro- 

away from Rolls-Royce to the employers of possible shortages j n the UK that the only way to launched by the MSC 

lorry maker*, which have a when an upturn in activity get a craftsman is to train 16- f: intended to prevent ... ^ ^ . 

need for similar skills. The com- occurred. The Board's activities year-old boys. We would love npr4I ist(»nt shorteEes of skills tbeir owp to Justify the cost _ of 

pauy claim* it is only now able are limited, however, by the fin- t0 ta ke people in the 30s and 40s ? rom building uoand to replace . training facilities 

to hold its own again following ance available to it Moreover, an d have them trained, but it is the stno-^o attitude adopted by have also >, ” r ,n a 

a recent wage settlement which since 1973 it has been easier for j us t not on. For the unions the some Employers towards numbeT _°* 
gives its employees a 19 per companies to escape from the apprenticeship system is sacro- twining 

cent increase— a 5 per cent levy collected by the Board, and sanct,” claimed one major era- ^ * 

basic rise plus 14 per cent in this has reduced the funds it has ipioyer of craftsmen in 
productivity payments. to support training. North West. 

The difficulty which em- [§rJ|0Ol“]6RY6rS Thus in 


the 


The MSC has also identified 


Group schemes 

Small companies unable on 


come together in a 
instances to start 
group schemes. 

The East Manchester Group 


ployers often face In rewarding 
their skilled employees has 


Engineering Training Associa- 
micro processing as a major area tioo . {orme( j j n Apr ji tju S year. 

Thus in the search for ^ hei J e J^* 11 ” e * d *?„ brin es together three former 

skilled workers employers are / nvolved - Manj J°. bs be i0 .?f joint training bodies in the 

Apprentice recruitment is not fishing in the same limited and but at towns Ashton. Hyde and 


UiCil bAUICU cui|/iujc» uaa x* yj\u trill it c i cut uiunv.ni mul II Mi UI£ XU uic a«xiuc imtiicu duu , - j ^omonrl f nr ' — ■ — ^ 

another effect too, as Mr. Beg helped either by the poor sometimes diminishing pond. be 1 ^ CTe ^f® a {rtct9 j Openshaw. and covers some 80 

Mercado, managing director of estimation in which industry is in some cases where the local P®®P |e *“■ companies with emplosTuent 

Cooper (Merseyside) points out. now often held by school- pool of labour has been ex- and mam tarn the sy ■ ranging from six people to 1,200. 
Himself a former toolmaker, he leavers. Engineering companies hausted, companies have had although Government The _ association is curreriLly 

say* skilled men, particularly in particular feel they are to offer generous re-settlement agencies are now taking an training about 300_ apprentices 
in industries such as aerospace, associated in schoolboys’ minds allowances in a bid to attract active role in trying to balance as well as providing other 
can so me times be handling com- with unpleasant working condi- skilled men from further the labour market, many mcnvi- courses for the 10,000 people 
ponents made of exotic tions and regular redundancies, afield. ICI. for example has dual employers in the worth employed in member companies, 
material* and worth perhaps Many abler young people also advertised in South Wales for West have themselves decided Finance is provided by the 
£20,000 or more. In such cases tend either to stay on at school instrument artificers to work at that an increase in their own EITB. 

one mistake in machining can or are anxious on leaving to go its Teesside complex, parts of training effort is required to There has also been recogm- 
be very costly yet the respon- straight to a job immediately which have had to be shut down meet needs. tion by major computer users 

ability is not recognised by pay offering good wages rather than this year because of labour Rolls-Royce Motors, which that further in-house training 

differentials. Men consequently spend perhaps four years shortages. British Aerospace has runs one of the most priaed will be needed to deal with the 

often prefer to take work which acquiring a trade on low wage been seeking to recruit en- apprenticeships, has increased chronic shortages in program- 

has less responsibilty attached, rates. gineers in the North East for its intake to SO this year and ming, and in repair and mamte- 

and yet is perhaps more highly It is a problem which could jts Cheshire factories in the will be expanding the number nance engineers, 
paid, be overcome in - part by in- hope that the decline in the further to 120 in 1979 following The National Computing 

But differentials, which most creased training of older people shipbuilding industry may have completion of a major new Centre itself runs a scheme for 
companies now believe will have after they have gained some ex- released a new source of skilled apprentice training centre. In the MSC which trains 
to be widened represent only perience at work, but here the workers. The net effect of these 1980 the number will rise to 150. unemployed school leavers, 
one side of the problem. Faced nettle is the attitude of the moves, however, is merely to British Nuclear Fuels currently some of them lacking formal 
with the problems of inflation unions. The Government's skill transfer skilled labour from one has some 740 apprentices_ com- qualifications, in computer pro- 
and an ' international trade centres throughout the country area to another pared with 420 in 1974-75 and gramming. Altogether 1,000 


young people have beep trained 
or are on courses at present 

Thus a number of moves are 
being made to deal with a 
problem— the shortage of skills 
—which is now widely 
recognised. 

Skill shortages have a number 
of consequents for industry 
both in the short and the longer 
term. In the first place apart 
from keeping unemployment at 
a higher level than it need be, 
there is the impact on the exist- 
ing labour force. In order to 
cope many companies are 
obliged to ask their skilled 
workers to put in long hours of 
overtime. This in itself only 
serves to make skilled work less 
attractive, and it also adds to 
unit costs, reducing the com- 
petitiveness of goods produced. 

A more serious long-term 
consequence is to slow down ttie 
expansion of faster-growing 
industries and thus to delay 
the process of industrial 
adaptation. This is a problem 
for the UK as a whole but 
particularly for poorer regions 
such as th& North West At 
present the North West is near 
the mid-point in Britain's 
unemployment league table- 
better off than Northern Ire- 
land, Scotland, Wales and the 
North East but worse off than 
the South East, Midlands, the 
South West and Yorkshire. 

The region’s share of total 
UK unemployment, however, 
has increased over the past 10 
years and its ratio of vacancies 
to unemployed is actually the 
worst in Britain. Average 
household income in the region 
is also low and there are some 
areas including Greater Man- 
chester where there is a real 
problem of low wages. In part 
this reflects t'ne continued 
importance of certain declining 
industries such as textiles and 
clothing, which still provide 
almost 20 per cent of total 
manufacturing employment in 
the region. 


x‘7. 


Tomorrow’s 

t ‘ 

product 

From the. Technical Director ; 
Standard Telephones and Cables 

Sir,— The Prime Minister's . an- 
nouncement (December -7) -to the 
National Economic J Development 
Council of Government -support', 
for the application and develop- 
ment of microelectronics and 
the related report of the. Central 
PoHey^Review -Staff- were- as -wel- 
come for their open expression, 
of the Impact on employment 
patterns as for the aid itself. 
Open-minded bnf no tun Critical 
acceptance of the-’ need- for 
change of skills and training at 
ail levels is one. essentia] aspect 
of the approach 1»'apy ueW tech- 
nological development. 

What was disappointing, how- 
ever, hi. the pubUsbed articles 
was.the concentration on the im 
pact of microelectronics -on 
known and “useful” tasks. Part 
of the. change - of attitude 
required in embracing micro- 
electronic technology is a more 
imaginative approach to the 
identification • of applications 
which would currently be Judged 
to be ‘'.useless." The. pocket 
calculator is the classic example 
of a product which wouid' fiive 
been classed as useless before' it 
appeared on the market .yet, , in 
1976, packet calculators con- 
sumed 1.000 times as many logic 
elements (in raiero-electromc 
fonm)as mainframe-computers. 
-. Tomorrow's equivalent.- 61. -.the 
pocket calculator- will .'replace 
many of the jobs lost in tradi- 
tional areas. Let, us hope that the 
administrators of the funds now 
set-aside will recognise the' pro? 
duet when it arrives. 

S. B. Marsh, 

STC House, ... . 

190. Strand, WCS. - 


Letteis to the Editor 

conducting what is; only leglti- at motor-coach densities, its 
mate business. It Is njjore than energy consumption would fall to 
frustrating as ovte jhd : past 10 0.09 megaj’oules per seat kilo- 
years we have prostoted a pro- metre while retaining the advan- 
duet which has made us the tage of city-centre to city-centre 
world .leader „ .and , it is journey times of 90-100 mph. 

beginning tq exp ianfi to-i large Mr# Dalgleish {December 7) 
vray, 1 and the presgat ;Bank of jt seems, have us save 

England, policy;- ■cw^'nw -only ^ by travelling both slowly 
mean bur losing this, position to an ^ ^ spartan conditions. Once 
-foreign traders who are; too keen again, numbers may help. British 
4n-take advantage of-regulattons R4il uses about goo, 000 tons of 
stopping us from trading; • After fuel 0 jj annually while read 
all. we could only earn profits transport consumes about 23m 
from it but no doubt afcflriyato tons. An electrified British Rail 
Trader*- uahg' tfhr 6Wff finances, ^mij save directly about 700,000 
and not a nationalised concern tobs 0 f 0 I1— but how much more 
this does not fit ip with the coal’d then be saved by transfer 
“master plan.” ... . . of traffic from road to rail? 

~ Finally, i must fiiUy agree with : Roger F ord, ’ 

Hrl Cohn atitragjthe main bene- 8. RusseUcroft Road, 
ficiaries are- the -banks obtaining Wefcrpn Garden City, Herts. 

turns qn internet rates, etc,, on 

the xnerchaipibg accounts. 

I have -this week written, to 1 1 Vnncttnrf 111 
our bankipointlng out the rntoler- A 1 4119 DUA l 111 

r sifuation that if one does *_ 


. abl$~ S»U4IM UU _ '* “““ . . — w 

. hbt.'haye . the currency m any I Xinflftfl 
merch anting account to finance a uvuuuu 

transaction. under ihe Chairman, North 

methods . used by them of switch- L(mdon Line committee. 

ing monies from current to sioe gir,— While London's Dock- 

-acccounts J?£?ra?eol haye a strategic plan in 

borrowings, the effertrre rate « vhich transport and land-use 
interest bec0 P eE M ^ ?®J or c ^ investment proposals have been 
Can anyone . b ® considered jointly, the same co- 

setting up or the amalgamation prdination appears sadly lacking 

with a company P pera i 1 =°® n ^l^ a -^ Jn the inner city partnership 

where, the earning of money is 

encouraged not made so difficult. For ’ example Dateton is a .pre- 
rn ferred office location in the 

L,0 ‘* Greater London development 

Htllberfe House, plan, and by north London line 

Roundwell, train is only five minutes from 

.-Beamed. th e City. The intervening 

-WaMStone, Kent. district of Shoreditch and 

Haggerston is part of the 


has come about through the 
actions of the very people who 
should have been looking after 
the workers’ interests: unfortu- 
nately they seem never to have 
taken a long-term view. 

One thing that is absolutely 
certain is that if unemployment 
is to be reduced it wilt not come 
about througb conferring ever 
greater freedoms on the work- 
force. The only way that it will, 
will be by management receiving 
some long overdue encourage- 
ment to improve productivity— 
the exact opposite of unions’ 
teaching. 

Businessmen who travel to the 
Eastern Bice countries and see 
the' way in which management is- 
rewarded and helped by govern- 
ment departments and unions 
working for them, not against 
them, may be forgiven if they 
return, home thinking “roll on 
the revolution.” 

A. L. Beard. 

Woodjlefd. Sparken Hill, 
Worksop. Notts. 


* ■ . Hackney /Islington partnership 

OhcPrVimT T)3V area, and Hackney Council states 
L/UdCi r“«' ■ that this district urgently needs 

policy 


Trying to 
trade 

From Mr. L. Clark 
Siri— I thoroughly agree with 
Mr. R. Cohn’ (November 30) on 
exchange control restrictions, as 
my. company, has similar, prob- 
lems. The concession to EC88 
which resulted in ability to retain 
profits up to 12 months, was 
made because I could' hot accept 
the “logics --of -EC68. para 7 dated- 
November 19, 1976. - With the 
help of our bank, I telephoned 
the responsible officials at the 
Bank of England to discuss the 
situation, as a result of which 
the concession . was- agreed In 
writing on November 9, 1977, for 
my company, and all others tp 
which it applied. 

The latest problem, however, to 
which I still have not found' an 
answer relates . to goods pur- 
chased in Chinese Renminbi 

Yuan (RMB Y) for sale outside 
UK. On November- 7, 1978,. I. 
again telephoned the -Bank of 
England, who agreed. . that 
Chinese R35B Y is a controlled 
currency, and that when we are 
invoiced in RMB Y for goods 
being sold abroad we could not 
conform to EC6S regulations and 
re-invoice in the same currency. 
It is not possible to operate a 
RMB Y merchanting account, the 
invoice from China to us has to 
be settled in sterling at curient 
rate of exchange. I asked if we 
could invoice our buyers in sterl- 
ing using the same rate ef 
exchange, only to be informed we 
could invoice In any currency 
except sterling and RMB Y. 
Being a simple trader I asked 
how it suggested I quote prices, 
and how I would obtain the 
exchange rates necessary to con- 
form to die requirements, need- 
less' to oay there- was no informa- 
tion, on- this point - • 

From the above It can. be seen 
wo are' effectively barred from 


that this district urgently needs 
investment The railway could 
offer much improved access if 

Ideal stations were reopened. 

From Mr. D. Mow ■ ■ Yet British Rail has proposed 

Sir. — The chart (gmb«6> dosure of this direct route 
showing the gross basic salaries &etw “” n Ralston and the City, 

of M f s fhe?5oective without regard to these land-use 

-refle^ state the respective BR>g alternative route, 

cOuntri^ economies. bu ii t (and this is not certain). 

SS, implications of BR's 

from off p?oi: tickets'. 
„o doubr\?pT dSretfoS ^ aaample. has more than 


uv -rrv *T . 

sanctions by firing - themi 
D. W. Moss. 

B eochwood. Box Lane, 
Bovingdon, Berts. 


Buses versus 
rail 


doubled since 1975. BR, which 
in 1976 required GLC grant-aid 
for the regular 20 minute service, 
xays that the line no longer 
'needs this supplementary 
-finance: There is scope for 
better marketing to attract 
'further passenger traffic and 
' revenue. And there is every 
. reason to suppose that the line's 
extension via docklands to Wool- 
wich trill be just as successful. 
From Ihe Contributing Editor, Jonathan Roberts. 

Modem RoUwoys North London Une Committee, 

Sir,— It might be x help If -tto. n. Rent Avenue, W13. 
debate -on bases' versus rail was 
conducted on- a. factual hase. . ' 

According, to the : Department « . n . , 

Energy's. Advisory Council on Ua|[ nn thg 
Energy ■ Conservation, an ^ter- “ uu uu 
city, exprtes'. passenger trji!i 
uses almost exactly twice the . rCYOlUtlOII 

energy per seat kilometre or an ■ 

express . coach--' - Ror suburoni From Mr. A. Beard 
services the train, to bos ratio is Sir,— It is not only the militants 
between L5 and- 2. while a who are to blame for high un- 
double-deeker bus and an .Under- employment; even respectable, 
oronn'd' train are about compar- agreement-observing trade 

ab ip- - unionists have fallen Into ihe 

One lesson to be. drawn from error: of encouraging their 
these figures is that as the fae% members to seek ever higher re- 
ties provided by road ^ wards for ever lower output until 
traome closer, so does the energy .labour has effectively priced itself 
SSSSSpt^ih St t» put ot ft. m^eL Fifly ye^ 

this oropositioD. take the case of ago we had a heavy engine enng 
a ^i^h-soeed Strain which uses- industry equal to the best in the 
034 megaioules of energy per world. Joday it simply does not 
seat kilometre and an inter-city, exist The same can be said of 
mSrSS which use* O^.other labour intensive industries 
meeaioules. If one strips otrt the in our country. 

resteSran? sSd buffet faciUtiM It U Tcry inrprlsfag that high 
tSis toilets nnd firat-class Seat toemploymeiit through labour 
teg and fills the trite with sefrtspriring itself out of the market 


The velocity 
of money 

Firm Mr. T. Arthur 
Sir.— Mr. Golding (Dec. 5) 
argues that it is possible for all 
employers to increase their 
prices" and maintain sales volume 
without an increase in the stock 
of money. "All that is required 
is that the existing money- stock 
. . . circulates somewhat Faster. 
Mr. Golding is probably correct 
in saying that most monetarists 
accept this, relying on an 
assumption of stable velocity to 
support their quantity theory. 

But is it correct or just 
another myth? Why should a 
faster velocity of money mean 
an increase in the price of 
goods? At each point of sale 
goods, as well as money, change 
bands and therefore one may as 
well argue that a faster velocity 
of goods causes a rise in the 
value of money (that is 
deflation)! 

To the extent that goods, like 
money, are durable there seems 
no reason to suppose that the 
price of goods relative to money 
should change. Non-durable 
goods may be different, but in 
any event a faster velocity of 
money would require more pro 
duct ion to keep pace — in which 
case prices would fall to com- 
pensate. 

Whichever way one looks at 
it. J find the argument uncon- 
vincing. Economists never talk 
about the value relationship 
between two sets of goods chang- 
ing as a result of “faster 
velocity" — what is so special 
about money? 

Surely the real point which 
invalidates the quantity theory 
of money is that its value viz-a 
viz goods is determined by 
demand as well as supply (of 
both goods and money). If the 
demand to hold money reduces 
then its value will fall. 

If the number of bargains 
made in the stock market in- 
creases as a result of buying 

P ressure, stock price* will rise, 
ut if the underlying pressure 
is to sell, the reverse will 
happen. The same goes for 
money and goods — if increased 
velocity is due to a higher 
demand for money then the 
price of goods will fall, not rise. 
They will rise only if the higher 
velocity is due to a lower 
demand for money. This is what 
happened during several of the 
great inflations; expanding the 
money supply increased price 
inflation disproportionately, 
because the very expansion 
caused people to distrust money 
and hence attempt to sell it for 
goods. 

T, G. Arthur, 

3. YtUeiey Road, 

Edgtruston, BivwinQham 


GENERAL 

Mr. Peter Shore, Secretary for 
the Environment, presents the 
Government response to "Strategy 
for the South East Review." 

European Parliament meets in 
Luxembourg (until December 15). 

Central Bankers meet in Basle. 

Appeal Court hearing on union 
recognition for white-collar 
workers in engineering Industry- 

Peak mourning period of 
Moharram— religious processions 
banned in Iran. 

King Hussein of Jordan starts 
four-day official visit to France, 
dines with President Giscard 
dTEstaing at the Trianon. 

Puhlic employees in Italy plan 


Today’s Events 


walk -out as part of campaign for 
wage increases. 

U.S. diplomat Mr. Donald 
McHenry arrives in Angola. 

Last day of Union of Post 
Office Workers’ conference in 
Bournemouth. 

Sir Kenneth Cork,-Lord Mayor 
of London, attends Guild of 
Freemen dinner. Guildhall. 

Price of a standard loaf rises by 
lp. ' 

OFFICIAL STATISTICS 

Central Government financial 
transactions— including borrowing 
requirement for November 


published by the Treasury. 
Department of Trade releases 
provisional November figures for 
retail sales. 

PARLIAMENTARY BUSINESS 
House of Commons: Private 
Members’ motions. Northern 

Ireland orders on appropriation 
and shops. 

Select Committees: Expenditure 
— Education, Arts and Home Office 
SuMIommittee. Subject: Women 
and the penal system. Witnesses: 
Boards of Visitors of certain 
women’s prisons/borstals. 4.15 pm, 
Room 15. 


Public Accounts Committee. 
Subject: Cash Limits. 5 pm, Room 
16. 

COMPANY RESULTS 
Final dividends: . Management 
Agency and Music. Martin The 
Newsagent. Interim dividends: 
Barker and Dobson Group. N. 
Brown Investments. Carclo Engin- 
eering Group. May and Hassell. 
Alfred Preedy and Sons. Pronerty 
Holding and Investment Trust. 
Rowlinson Constructions Group. 
St. Georges Laundry (Worcester). 
South Crofty. R- W. Toothifi. 
Whiteeroft. Interim figures: 
Associated British Engineering. 
Celest.ion Industries. 

COMPANY MEETINGS 
See Financial Di3ry on page 28. 



Oakfiom the Americas. 



Sherry was the first 
wine to cross the Atlantic from 
£urope.Indeed it probably 
travelled with Columbus/or 
the town of Sanlucar de 
Barrameda, near Jerez, was 
Columbus’ Home port. 

■By way of a compliment 
returned, American oak 
is exported tp Spain to make 
the casks in -which sherry 
matures.' American oak 
helps impart to sherry its 



which centuries of experience 
have proved but no amount 



of science can explain. 

Thus the Americas play 
an important part in the 
development of classic finos 
andamontillados. 

The classic fino is pale in 
colour and dry to taste with 
a delicate bouquet. Luncheon 
Dry isjustsuch afino.Serveic 
chilled to appreciate fully its 
true character. 

The classic amonrillado is 
allowed to mature for longer 
in oak, acquiring aricher colour 
and a subtle nutty flavour 
Such is the character oi Club 
Amontillado. 


LuncheonDry & Club Amonulkdo. 

. . i r i' r tt c d * 







24 


UK COMPANY NEWS 


Jefferson Smurfit’s £7m 
U.S. packaging stake 


DUBLIN BASED packaging; and 
paper group. Jefferson Smurfit, 
has agreed to buy a 27 per cent 
slake in Alton Box Board of the 
U.S. from The Williams Com- 
panies of Oklahoma, at a total 
cost of 923.4m (£8.9m). 

The stake in Alton is expected 
to change hands in the first 
quarter of 19751, but before it goes 
through Alton has the right to 
purchase the shares from 
Williams or ta introduce another 
purchaser acceptable to Williams. 

Alton is a publicly quoted com- 
pany active in the paper and 
packaging industry in the U.S. 
employing over 4,400 people at 48 
plants throughout the U.S. 

Sales have grown from £83m in 
1973 to £l22m in 1977 but over 
the same period profits have 
fallen from £3m to £l.5m., having 


reached £4. 5m In 1974. 

Air. Howard Kilroy, Sraur fit’s 
finance director, said yesterday 
that the company is ambitious to 
expand its activities overseas and 
Alton fits in natu ratty with its 
own activities in the U.S. 

Smurfit first entered the U.S. 
when it purchased Time Indus- 
tries for £9m in 1974. Currently 
SmurfU's sales in the UJ5. are 
running at S50m a year. 

Mr. KHroy added that Smurfit 
has offered to purchase new 
shares in Alton to take its stake 
up to 51 per cent, but as yet no 
decision has been made by the 
Alton board. Ideally Smurfit 
would like to have majority con- 
trol but believes that there could 
be an advantage in retaining 
.Alton's status as a quoted U.S. 
company. 


According to Smurfit. the rea- 
son for Alton's poor profits per- 
formance is because of . the 
substantial investment which has 
been made in pollution control 
equipment. This has recently cost 
the group some $30m. 

Alton is currently spending 
915m on improving the machinery 
at its large kraft paper mSl which 
will make it more competitive and 
turn that mill round from a loss 
Into the black. 

Smurfit will pay cash for its 
stake In Alton with its existing 
external currency holdings which 
at present amount to $35m. Mr. 
Kttroy agreed that the price for 
the stake in Alton looked expen- 
sive in earnings terms but the 
group is backed by 33 38m of 
assets and there is significant 
potential for a profits recovery. 


Freddie Mans/tetf 

Mr. Derek Palmar, chairman of Bass Gharriagton, with the Burton Union System- This 
process ferments all the 19 traditional Bass draught ales and provides* a unique way of. 
culturing and collecting yeast. The Bass yeast has remained u n c han ged for . one and a half 
centuries. Bass is the world’s largest brewer of traditional draught beers. The group Is 
due to announce its preliminary results oo Thursday-; 


Safeway lifts profits by 23% 


ON SALES up 13.2 per cent to 
£2 08.97m. profits before tax of 
Safeway Food Stores advanced 23 
per cent to £7.3lra in the year 
ended September 30, 197S. 

Mr. T. E. Spratt, the chairman, 
says that because of the highly 
competitive nature of the 
Industry, great emphasis has been 
placed on containing costs and 
expenses and profits will be fully 
utilised in the group's future 
expansion programme. 

No new stores were opened 
during 1977-7S, but several major 
remodels and extensions were 
com pleted. 

However, since the end of the 
financial year, three new super- 
stores have been opened at 
Hammersmith. Clydebank and 
Herne Bay. Results from these 
have been outstanding and give 
every confidence for the future, 
the chairman says 

The group has plans to open a 
total of about 45 superstores aver 
the next five years. 


£156.899. against £125.428. 

The interim is raised from L3p 
net to 2 p and stated earnings per 
share arc also up, from 4J27p to 
5.97 p. For the whole of last year 
the holding company, which has 
rubber, nil palm and cocoa 
estates, p3id 6p from pre-tax 
profits of £515.760. 


Bardon 

Hill 


that, assuming the results at fuif- 
time are satisfactory, they would 
take advantage of the company’s 
freedom from dividend restraint 
in recommending the final. 

Tax the half-year took £339,000 
(£264,000) leaving a net balance 
of £296,000 (£232,000). Last year 
there were extraordinary items of 
£7.000. 


50% payout to Chester Barrie 
unsecured creditors on the way 


BY RHYS DAVID 


up 28 % 


Sogomana 
goes ahead 


PRE-TAX PROFIT of Sogomana 
Group rose from £258,379 to 
£343, 032 in the six months to 
June 30, 1978, on turnover ahead 
Trnm £647,477 to IG84.323. 

The profit figure is struck 
after investment income of 
£140,362 (£74,727). Tax takes 


Taking advantage of its recent 
integration Bardon Hill Group 
lifted taxable profit by 23 per cent 
From £496,000 to £635.000 lor the 
six months to .September 30, 1973. 
Sales were £L46m better at 
£7.65m. 

Given reasonable trading condi- 
tions growth should continue but 
the results for the full year will 
largely depend upon the severity 
of tbe weather and any change 
in government policy during The 
winter, the directors comment. 
For 1977/7$ profit was £ 1 . 2 m. 

Earnings per £l share for the 
six months improved by 2.1p to 
9.7p and the net interim dividend 
is raised to 3.75p (3Jp) to be paid 
on January 11 . Last time the final 
was 4.62p. Now the directors say 


The company's shares are 
traded in a market created by M. 
J. H_ Nightingale and Company. 

The traditional quarrying and 
allied activities of the group 
expanded during the six months, 
and its crane and plant hire ser- 
vices. including its two new sub- 
sidiaries, contributed increased 
profits in the face of strong com- 
petition. 


FT Share 

Information 

Service 


The following securities hare 
been added to the Share Infor- 
mation Service appearing in the 
Financial Times. 

Assam Trading B (Section: 
Overseas Traders.) Haddock 
(Section: Industrials.) Provin- 
cial Laundries 12 per cent Cnv.- 
Unsc-Ln. 1986-88 (Section: 
Industrials.) 


S& 

m*. 

• A: 


RCF HOLDINGS LTD 


(Hand too! manufacturers and distributors) 




■■J*** 


%ir 

rV- 

•vr.-,. 


31st July 

1978 

1977 

Group Turnover 

£15,770,039 

£13,287,679 

Profit before Taxation 

£ 638,563 

£ 556,643 

Profit after Taxation 

£ 502,096 

£ 457.844 

Sales Exports 

£ 4,489,860 

£ 3.948,446 

Total Dividend 

2.7225p 

2.7225 p 

Earnings per Share 

6.47p 

6.9 Ip 


TARGETS SET TO ACHIEVE FURTHER 

GROWTH 


Mr. John Godfrey’s Statement 


FINANCIAL 

As I staced in our Interim Report, results for the 
full year would be dependent upon trading condi- 
tions in the latter part of the year, and whilst an 
improvement in home trade has been evident, 
export order input has been- and continues to be 
a cause for concern. 

An increase in profit of 1 4.7*0 and in total turn- 
over of 18.7*j has been achieved, trading profit 
beFore taxation for the year ended 31st July. 1978 
amounting to £638363 compared with £556.643 for 
the year ended 31st July. 1977. 

In accordance with current accounting practice, 
provision has only been made for thac deferred 
Taxation payable in the Foreseeable Future and this 
has also resulted in a restatement oF the tax charge 
and deferred taxation in the 1977 comparative 
figures. 

DIVIDENDS 

Your Directors recommend that a final Dividend 
of 1.8475p per share be paid on the total issued 
ordinary share capital as increased by the Rights 
Issue made in December. 1977, which with the 
Interim Dividend of 0.875p per share paid in July, 
1978, makes a total of 2.7225p per share (1977 
same). 

SALES 


and his management team and our workforce at 
Rosslyn. 

In accordance with the E.E.C. Code of Conduct for 
Companies with Interests in South Africa, the 
Department of Trade has been provided with a 
detailed progress report in conformity with the 
requirements of Her Majesty's Government. A 
copy of this report is available upon request. 


DISTRIBUTION 


Our Wholesaling Division has again produced good 
results, bearing In mind that costs attendant upon 
the formation and establishment of RCF Tools 
(SW) Led., our new Distribution Company in the 
Bristol area, have been carried by the Division since 
trading commenced at the turn of the year. 

RCF Tools (5W) Ltd- is now operating fully in line 
with the financial projections made prior to the 
establishment of this Company. 

The morale within the Division is very good and 
various new marketing concepts are already pro- 
ducing a valuable contribution to the results being 
achieved within this Division. 


The improvement in home trade referred to above 
has been perpetuated into the opening months of 
the present financial year, and adequate stocks of 
the majority of our manufactured products is 
enabling us to take advantage of this upturn. 
Export order input presents a somewhat gloomy 
picture, but with a few encouraging signs in 
selected markers particularly where specialised 
products are demanded. 

Australasia, for many years our principal overseas 
market, has been experiencing economic difficulties 
in recent times, as a result of which our total 
export turnover has suffered. 

Our export executives continue to make overseas 
visits at regular intervals in the endeavour to retain 
and increase our market share of the available 
business in these difficult times. 


MANUFACTURING 


The closure of the Crawley Plant and the transfer 
of these manufacturing operations to Sheffield _H as 
been completed during the year under review. The 
premises in Crawley are now on the market. 

The efforts of all employees in the Manufacturing 
Division have contributed to an improved result 
and the Division is presently engaged in introducing 
up-to-date plant for the purpose of reducing costs 
of manufacture of the existing range and to add 
new products within a relatively short time. 

The installation of improved Data Processing equip- 
ment has been completed during the year and this 
will be operational in March. 1979. It is anticipated 
■that the Division will benefit from better tech- 
niques involved in costing, sales forecasting, pro- 
duction and stock control. We anticipate thac 
increasing activity in the Construction industry 
will absorb surplus Capacity that is available in 
some Departments. 


OVERSEAS MANUFACTURING 

I am pleased to report that our South African 
Subsidiary Company has produced the best results 
in the course of its ten years trading, despite 
conditions having only recently shown improvement 
in chat country. We express our appreciation of 
the valuable contribution made by Mr. H. R, Reed 


BOARD OF DIRECTORS 

In order to ensure adequate continuity in future 
years for the Board of rtie Holding Company. Mr. 
T. Harris has been appointed Chief Executive of 
the Group from January 1st, 1979. 

Mr, Norman Styles and myself, having served for 
many years, relinquish our Joint Managing Director- 
ship as from that date but will remain as Directors 
of the Company, 

In view oF the importance attached to the adminis- 
tration of the Group’s financial affairs and the 
ever increasing complexity of present day financial 
management. Mr. M. D. Moore has relinquished his 
position as Managing Director of Rabone Chenerman 
Ltd., our Manufacturing Division from 1st 
December. 1976, in order to be able to devote his 
whole attention to the. Group financial responsi- 
bilities in his capacity as Financial Director, 
fn che furtherance erf our policy aimed at ensuring 
continuity at all levels, the Boards of the principal 
subsidiary companies, controlling respectively the 
Manufacturing and Wholesaling Divisions, have been 
and continue to be strengthened by the addition of 
younger members selected for their knowledge and 
experience. 

GENERAL 

It is gratifying to have been able to report that 
progress has been made by the Group over the 
course of a year not notable for any general 
expansion in trade at home or overseas. 

Some signs are now evident of a slight improve- 
ment in Building and Construction and consumer 
demand in the U.K. market has been stimulated 
to a degree by reductions in personal taxation. 
Without the confidence that world trade is entering 
upon an appreciably more buoyant phase, projec- 
tions as to the results for the current year must be 
of a cautious nature, but our targets have been 
sec to achieve further growth which we are con- 
fident will materialise from a gradual improvement 
in trade and an increase in the market share for 
our products. 

We are fortunate in having a loyal and dedicated 
management team supported with a workforce who 
have given of their best despite Government 
restrictions which affected us at all levels. 

I tender my thanks to all, whose contribution has 
enabled us to report a further improvement in 
our results for last year. 

I 


A PAYMENT ol 50 per cent « 
being made immediately to all 
unsecured creditors in Chester 
Barrie, the menswear company 
which went into receivership in 
February this year. Also there is 
now a good chance that all or 
most of the company's outstand- 
ing debts will be paid. 

Mr. Cyril Nield, speaking on 
behalf of the receiver, Mr. Philip 
Livesey, said no decision had vet 
been made on whether the com- 
pany would be liquidated. This 
would be left to the shareholders 
to decide. In Us letter to un- 
secured creditors the company- 
says that it may be in a position 
to make a further payment next 
February. 

The current payment reflects 
the successful realisation of the 


company’s assets by the receivers, 
Coopers and Lybrand. 

The company’s main factory in 
Crewe, Cheshire, was acquired in 
May by Austin Reed, which is 
using it for tbe manufacture of 
high-qaattty men’s suits. Another 
factory in Wrexham, Ctwyd, which 
proved much more difficult to dis- 
pose of, was token over last 
month by Jaeger, part of the 
Coats Paton Group. 

Liabilities at Chester Barrie, 
which was unsuccessful in its 
attempts to move Into a new area 
of the suit market, were more 
than but the Austin Reed 
deal brought in a total of £750.000 
for the freehold site, plant and 
some stock. 

The figure for the Wrexham 
operation, which was on a lease- 


hold site, has not been disclosed, 
but was substantially less. , 
The Receivers have also had 
stock to sett, and have also been 
able to recover money from 
debtors. Assets still held by tbe 
company, which has been trading 
in receivership as CB Realisations, 
includes some further property 
in Crewe, as well as some remain-, 
ins stock from the Wrexham 
factory. 


This advertisement is issued in compliance with the requirements of 
the Council of The Stock Exchange. It does not constitute an Invitation 
to any person to subscribe lor or purchase any Preference Shares. 


Allied London 
4fiaS# Properties 
mm Limited 


(Incorporated under the Companies (Consolidation) Act. 1808) 
(Registered No. 104394) 


Capitalisation issue of 1,061,750 10 per cent 
Cumulative Preference Shares of £1 each 


The Council of The Stock Exchange has admitted the above- 
mentioned .Preferenc.e.Shares to the Official List. Particulars 
of the rights attaching to these shares are available fn the 
Extel Statistical Service and copies may be obtained during 
usual business bburs on any weekday (Saturdays excepted) 
for the next fourteen days from: 

/ Phillips & Drew 
Lee House, London Wall, London EC2Y 5AP 



VEHICLE SUSPENSION SPECIALISTS 

INTERIM STATEMENT 

Six months to 
30.9.78 30.9.77 

£000 £000 


Year to 
31.3.78 
£000 


Group turnover (excluding 
inter-company sales) ... 

Trading profit 

Share of profit (loss) of 
associated company ... 

Profit before taxation ... 
Taxation (estimated) 

Profit after taxation 
Extraordinary items 

Profit attributable to the 
members of tbe holding 
company 

Dividends: 

Preference 

Ordinary 


30.200 


2,480 



56.800 



2,488 

1,141 


2,316 

1,062 


4.952 

2.271 


1,347 

(27) 


1—54 

(161) 


2.681 

(344) 


1,320 


1,093 


2.337 


6 

204 


6 

178 


13 

558 


210 


184 


571 


Profit retained 


.1410 


909 


1.766 


Earnings per ordinary 
share .' 


9.3p 


8.8p 


lS.5p 


Notes: 

1. The results for the six months ended 3Qth September, 
1977 have been restated to reflect the changes in account- 
ing policy for deferred taxation. 

The earnings per share for the six months ended 30 1 h 
September, 19T7 have been adjusted to reflect the one- 
for-one capitalisation issue in January. 1978. 


2 . 


Trading Results 

Tbe unaudited results for the six months to 30th Septem- 
ber, 1978 show an increase in turnover of 20.8% and an 
increase in trading profit of 6.9% over the corresponding 
period last year. 

In the Springs and Suspensions Division the general level 
of improvement in demand for our products has been better 
than expected. The downturn in the agricultural and diesel 
engine markets has affected tbe performance of certain 
operating Units in oar General Engineering Division and tbe 
results from our Automotive Parts Division, although 
improved, are still disappointing. 

Capital Expenditure and Liquidity 

Our policy of expansion has continued with a planned 
capital expenditure programme at a higher level than in ihe 
previous year. The Group's financial resources are sufficient 
for its present requirements. 

Prospects 

We were budgeting for a profit for the year to 31st March, 
1979 in excess of last year's £4.95 m but strikes and stoppages 
at vehicle assembly plants during October and November have 
reduced oar original budgets. The continuing unrest on pay- 
policy, higher interest rates and increasing costs which can 
interfere with export sales, make it extremely difficult to 
forecast the outcome of the fall year’s trading. 

Ordinary Dividend 

The Directors have declared an increased Interim 
Dividend of 1.3707p per share absorbing £198.546 (1977 1.2275p 
£181.700). In addition in view of the retroactive reduction in 
the rate of advance corporation tax. a further dividend is 
declared in respect of The year ended 31st March, 1978 of 
0.04063p per share absorbing E5.8S5. This gives a total dividend 
of 1. 41133 p per share which will' be paid on 23rd February. 
1979 to all Ordinary Shareholders on the Register of Members 
at the close of business on 19th January, 1979. 




o» 


Norwich Union 
offers new 
pension plan V 


Financial Times Mopdajr December I1.J978 : . ; 

; mining; -news : 1 ^ ^ 



BY KENNETH MARSTON, MINING EDITOR. 


A5ETBACK in tin concentrate 
auction- for November is reported. 
by : Malaysia's ' leading producer, 
fierjxuitai Tin Dredging- A -major 
adverse factor was the closure of 
tbe No. 6 dredge for repairs from 
November 9 to » 

Ws total output for the first 
liCTdn " months, of the: current 
financial year amounts to 2.51U 
tonnes against 2,91 S tonnes in the 
same period of 1977. 

Of more" (Immediate concern, 
however, is the recent apparent 
Chang e m governmental attitudes 
to the company winch cotEki weU 
affect the whole industry. As 
reported here last month, the new 
development has been a rejection- 
by the Selangor State Government 
of Beriuntai's application tor the 
renewal of fbuir mining le as e s. ' , 

Instead, che leases have- bdeh 
awarded io the state-owned Kum- 
pnlang Perangsan . company. 
Berjunfcd waH continue to work', 
them; but wall have to- pay "the 
state company a crabufe of ID .per" 
cent for' doing so. Furthermore,' 
Kumpulang Peiaagsan , is seeking : 
an indirect pasties patina in Bear- 
Juntoi. but no detefc have yet. 
been announced: 


BOARD 


■' Tht following: cgmp mrtfw tava'nodSetf 
dates o£ Beard. mcetUucs, V> Stock 
Exchansp."' . ■ Sudi meeting* Or* 'ianaRr 
held for tbe serpo* o! eonislderfi*. AM. 
deads. Official lndlcaUoss are apt.areq. : 
able as tin, wb«l)er. dividends ere interim*' 
or- -finals, and the Mb-divWons gbOwtT 
below are based tiuinly on Jest sear's 
timetable. • . ,.V ■ _ 

• • — -TXH1AY- •— r-j.--*- 

Interims — Butter am Dobson, N. Brawn 
In v e stment s. Carcfo Belwdig. . 5t*y. 
and Hassell. Alfred Preeto, ’Pbwwer 
Consolidated Ollfieldd, ' Property- HoWlng - 
and hnesuamt Ttvst, Bmrtinsoa. Cat-: 1 
street! on. Sc. CWnAj- toandn- 
( Worcester!. Sob* Crafty,- 2L 
TootWD. WMtecroft. 

TOnali— BlyvoornKzlcW * Gold.: DBriwn. 
Roodepoarc Deep. Bam Rand, Prowtetay 
Mines, Management Agency .and iftate} 
Martin -the Newsagent, C. A. SpexatL 
FUTURE DATES - ;. 

Interim*—' v : • 

Associated Cmnjxnmf cations.- — : — Dec. 41 

BcO - and "SUne - — Dec.U 

.□drsha&utde " Rubber Estate* - _cDec,-2t 

PMC , — , 

Loafon 1 Merchant Securities' ' 

Scottish -Hemes investment - Dec, u . 
StorUng" Industries 


- T 




<f?r * l ' M 




Ftoafe— 

Lloyds Book 


DnRed Scientific 




'.Ai* 

ili- 


ik 


Of the ©fiber-- toffies- id. the 
Malaysia Mining Corporation 
group, elght-THKHilii output tatais 
have been reached ft ‘tbe eases of 
Kanrouttog ..276 toimes- (S27 
tonnes in same period of lest 
year). Southern Kinta 1,125 tonnes 
(L226 toimes) end Suxxgei Best 
1,477 tonnes (L277 tonnes). 

. Mines to reach tbe five-month 
stage include Ayer Bitam 84 7 
tonnes (665 . tonnes). Southern 
Malayan- 992 tonnes. (889 tonnes.) 
and Malayan 1.348 tonnes (1,960 
tonnes); the last-named also 
announces that its No. 4 (hedge 
was shot down in November" for 
repairs expected to last approxi- 
mately six weeks. 


Norwich Union . Insurance 
intends to offer an open market 
option in its personal pension 
plans as allowed by Section 26 of 
the Finance Act 1978. " 

This option allows investors at 
the time of retirement to use the 
cash value of . their pension to 
purchase an annuity - from, any 
life company. . . 

The company still offers only a 
deferred annuity contract on its 
personal pension policies where] 
the investor is buying a pennon 
directly with his contributions 
Most other life companies simply 
build up a cash fund and use-the 1 
money to boy an annuity... 

The NU will use the same basis 
for calculating the cash value of 
the pension as - it does tor 
calculating the commutation 
value, namely £9 cash for each £1| 
per annum of pension. 


TIN RESULTS 


Kramat Tin Dredging -reports a 
half-year net profit of 
M$6S0,000 (£158,500) . compared 

with M$568,000 a year ago and a 


total of MJl.089,000 foir the awBr! 
to March 31. Interim dividend 
20 cents, less fax, -payable JFaywj^ 
ary li. Application for mining,, 
approved- over two areas ‘ which' _ 
should provide a. minimam - of :, 
six years’ of operating -life. - 

-Reflecting lower tin concentrate: , 
production, Kuala Karaparre- 
ports a half-year net profit s; 
M $4 53 ,000 against M$775,000 and - 
the . I977-7S total .of M31^84jW0.f 
Interim. 30 cents less tax, payable:'. 
January* 1L There ' has - been - no . 
change in position xegarding: the. . 
application for renewal , or the..', 
company’s mining, lease wfclcbrj* 
will -expire' at the end of tEis, 
month, it is stated: . . 

Kampong Lanjufs half-yam. 
profit - amounts to - M8S43JKM) 
against MS327.Q0Q and the 1377-78. 
total of 1*3786.000. Interim 12.5. 
cents less tax, payable Janiz - 
ary lL Dredge - remains Shut J 
down. Company continues : ta' 
search tor new : land and ^ to' 
investigate other investment 
opportunities. • . . ■=; - 


:-n 

. v. ■> % 

T: 




... -i f 


\;W' 




Abbott 

Laboratories 


Dealings start In London today 
in the shares of US health care 
group Abbott Laboratories, 
quote has also been arranged on| 
the Swiss stock exchanges. 

Abbott began Its life towards! 
the end of the last century whera 
Dr. Wallace C. Abbott, a physi-f 
cian, began making drugs for his| 
own use then started supplying 
other doctors. 

In its first year of operation 
Abbot achieved sales of $2,000—1 
fast year sales amounted toJ 
S1.25bn and in 1978 they are) 
expected to reach $1.5bn. 

The company's products are} 
sold throughout 160 countries! 
with about a third of group salesf 
accounted for outride the U.S. 

In 1977 Abbott made net earn- 
ings of $66.7m an increase of 
nearly 12 per cent. In the first! 
nine months or the current year| 
sales were ahead by lfi-8 per cent 
to S1.04S.9m and earnings werel 
28 per cent up at $103.6m. 

Bankers to the introduction are| 
j. Henry Schroder Wagg and 
brokers are Cazenove. 


SIMC'O MONF.Y FL \DS 

Sjiuch ln‘Osinienl ‘ 

M tnauc-meut C <• 1 t<J. 

0M AWONSTRKI T f C4\6\L' 
T< (cplM.no; « 1-2 >6 Ul- 


Rates paid for W/E 10J2.78 



Cali 

7 day 


% P-A- 

% P-*. 

Mon. 

11597 

11-682 

Tues. 

11.645 

11.669 

Wed. 

11-621 

11.658 

Thurs. 

11529 

11.713 

Fri./Sun. 

11.823 

11.693 


BURGESS PRODUCTS 

Company (Holdings) 


( Light efectr/caf arid .acoustical engineers) /i-' 1 - : 


Strong: Recovery 
Continuing: 


ry - 4 . 


Group Turnover 

Profit before taxation 
Profit after taxation ........ 

Dividend per share 
Eamings!per. share ..- 


■ 197B . 1977 

Mioni* • 19,140,970 17i042,8l9 

-.83^269 562,127 

: .541^02 : V2Wt4.l6 
..... . SSp 2. 3275p 

.. ■ lAfip . -47p 


Extracts from Mr. W. RiddeiPs Statement: 


The Group continues- in the recovery situation commented .on-1n- : : 
the last two annual reports and the year 1977-1978^ ^has shown, satis- 
factory progress. We anticipate further steady improvement given - 
reasonable stability in industrial relations throughout the group and 
in tiiB.country as a whole. • - * • ' . 

The U.K. construction industry recession continued to have an effect : 
on Burgess Architectural Products and profit margins have remained - 
low. Export business however has doubled and Is" expected to grow 1 
for the entire product range. 


An improvement in trading and lower .bank charges at Burgess . 
Industrial Silencing have helped in the reduction -of this company^ £ 
loss-making rate. The jnanagement team has been strengthen^;, 
and we are optimistic thac the recovery will continue during the v , 
current year. • - • 


Turnover at Burgess Micro Switch was up by 12% but profit-showed 
a reduction due to industrial relations disruptions. -. 

Steady progress has been made at Burgess Power Tools with 
increased sales on the home market more than compensating to i'>tfte r 
unexpected recession overseas. 

Burgess Products had a. very satisfactory year* with sales and profit-, 
ability both exceeding expectations. -The current year has commenced" 
with a heavy demand for exhaust assemblies and the order book 
remains satisfactory. 







i -• 


3>S-r. 




This advertisement fs issued fay Baring Brothers & Co., limited 
on behalf of Astociated Dairies Group Limited. 


Associated Dairies Group Limited 

OfferfortheOr^naryShareC ; ’ 

AIliedRetailers Limited 


ELECTION PRICE 


As set out in the offer document dated 21st November, 1 978.coniafmng tbe Offers 
by Baring Brothers & Co., Limited an behalf of Associated Dairies Grbdp fiimftod " 
("ADG") to acquire the share capital, issued and to be issued, ofAJUed RefeiTers 
Limited ("Allied"), holders of- Allied Ordinary Shares who^ccept the Allied 
Ordinary Offer not later than 3 p.m. on 12th December, 19^8 wiilhave the 
right (subject to the condition that elections will only be effective tdiheextentthat 
there are matching contrary elections as set out in paragraph HaYfin ori-page ffof 
the offer document) to elect for '■ • 


Additional AD6 Ordinary Shares instead of .Cash : 


or 


Additional Cash instead of ADG Ordinary Shares'* ; • • • ■’ - ' ; 

For this purpose the value dfah ADG Ordinary Sharewni be taken as f 95 . 8 h 1.1 
(The "ELECTION PRICE") which is the average of the middle market qiiotatipns ^ 
for a new Associated Dairies Limited Ordinary Share'based on The Stock Exchange' 

Daily Official List for the five. days "ended 8th December/:) 978 as certified 
by J.& A. Scrimgeour Limited. ; i :/ ; . . - - T : . \ r £ . ■ ~ • 


Baring Brothers & Co„ Limited : s. 

88 Leaden hall Street 

London EC3A 3DT : ■ ; 


. s . V. J- & A: S«rn rhgaoqf 

> - TheStock Exchanje //'^ . ^^ 

•; .vlx 5 nd 6 n.EC 2 N"i:kcr -vf 


-'K 


I- 



S-A: 




■> d- 


,'if. C 


■'Vi * 





ttai \CJ^raises budget for 
exploration by 40% 




PARIS — C[e - Fnmcalse des wuld take an' exploration bud 

Petroles, the French state-owned get or at least FFr .1.3 bn.. 

- p&Uoleiim ^ap;-pWtb'3>ost'- He ^id toiai'expionitlon pro- 
le-.:. ’i*5fc *% to eaptora^ -^t^aon would • -berallotted 

; . : cent next year .■^. FFr l.OoDn jrfo. gSOta of Ihe FFr 1.05 bn 

($239ok)v iff: lean Dnpoey-iCaiiMt- budget for 1979. The group will 
the dh^ctor of^x^fofttSan, said earmark FFr 100m for Total 
ir: V^V"? 'li»Hfociwa»£&'.JFEr 300m Petroleum North America _and 
r: woold.lie a&ied. .comofrom the FFrSOm for its Middle. East 

5^7^* ..—.—a. . Aikwlfnl^ - -i “■■■ ewn aifti • rt? aiif>wftlA4 - c . " ~ r " “ • 




'4» 


recent ■ '• capitaT- 1 increase bi activities.. 

' FFr 580auTh£dfid£jiiR wastakeo Africap-pperations will absorb 
i& order to-.bffset tfce .decline in 40 ^ ^nt . of CFP’s 1979 
such spending in. constant franc Mminntinn hud pet natal 
terms suite 1975. •• _y._. .... r--- T 

g **£ «g 

co- 
oil 


franc exploration . budget, notably in 
... Algeria and Tunisia. He saldtnat 
- „ JL/upouj-L«i« t jio«ied. but; the- .-group ^would start driving 

-• - ' r -?ssj . however, - that '■ the increase was-, operations forjae first ubb ra 
v. - y v^:v ■> insufficient .■ if wa* is* find Caanwoou. next Mardt aa co 
... : - - P .j* : sufficient reserve* eaCh:year‘. to operation with- the Jg «« 

■•-• V:.? s maintain to" animal ; production group, with CFP as op^ tor - 

'“Tmg - of 20m mnSi .. tD* achieve "this - He also revealed that the 


group had signed an accord last 
week with the Argentine govern- 
ment for a 3,000-square-toilo- 
metre offshore' exploration per- 
mit south of Buenos Aires. Seis- 
mic studies will begin in a few 
weeks. 

About 15 per cent of the ex- 
ploration budget will be devoted 
to the Far Fast, notably Indo- 
nesia and the Philippines, while 
exploration in Europe will ac- 
count for 20 per cent- of the 
budget. Six wells are to be 
drilled In the North Sea in 1979, 
the CFP official said, remarking 
that any strike would have to 
be of “gigantic” proportions if 
it were to. be commercially suc- 
cessful. 

AP-DJ 




"• *• 


•< c* 
r=>- 


-}^h UOB biiys 
•;•- " stake in ■; w 

local bsuifc'iSJ^ 

V J By H. F. J L*« W Singapore - — 

V ' * ii - . one OF Singapore’s four major 

• " t ; local banks. The United Over- 
■ . *>%: seas Bank (UOB)^Is acquiring a 
••• 13 per cent stake in . Asia Com- 

.-.i E ' 3 ae-^7 merdal . Banking . Corporation 
; (ACBC),. u - * . 

UOB : has reached agreement 
* bJl i eS: aGBC— one of the smaller 

‘ Singapore banks— to subscribe 
■ • in cash for 7.5m new sharer to 
be issued by AGBC at S§L70 per 
share- . - 

The new shares, " which will 
... cast UOB S$12,75m (U.S.S5.Sm), 
represents some 13, per cent of 
- ' Jt “ s ? ACBC*s enlarged issued capital 

“• of S?5fJ5m. 

S-aa'ut* - v The' agreement is, however, 
K subject to approval by the 
i:c^5 Monetary Authority of Singapore 
l"i-~ and sharehoW«!S. bf 'ACBC. 
f-, UOB . said .&at its "equity 

T; r- 2 . participation "would .hot only 
enlarge the capital base of 
■ ^ aCBC, but also enable- thfr two 

banks to co-operate and work 
closely together. .' , : 

ACBC, which has assets -total- 
ling over S$614xh, nleo ha& a 
finan ce company .• subsidiary. 
! known as Asia - CoapmeKdar 
Finance, : . ..-■ ' 

This latest' iitiove' uifdeKcores 
the acquisitive appetite of the 
UOiB group, whhjh already has 
two banks under -its wings and 
an interest , in- several companies, 
including Haw Par Brothers In- 
tentional. 



Jar dine, Matheson 
sees HK upturn 

HONG KONG— Jardine Blathe- materially from his Interim fore- 
son's chairman. ' Mr. _ 15avid cast. In that statement he fore- 
Newbigging, expects an overall cast growth at about the same 
improvement in earnings from level as In the first half when 
the group’s Hong Kong interests group net profit rose 7.1 per cent 
next year, after the' decline in to HKS120m (U.S.$25m). Anal- 
the first half of the current year ysts’ forecast for the current 
to Mper cent of' total, profits year are m the HK$335ra to 
from 57 ner cent a year earlier. HK.?340m range 10 line with the 
v to company’s implied forecast of 

This would be partiy we io HKS337m 
etimination of dosses -at- 3ardane . . 

Induatries but would aiso>anse Biti-. Newbigging said he was 
from improved performance in confident losses within the 
pmrineerme mariceting and Jardine Industries Group could 

be eliminated in the current year, 
bow- but even if they look like spill- 

asarss« 

year df in terest ratos ramam The :{ uation at Jardine Dairies 

at cuxTent levels, dup. tp higher ^ lha Phili p pixies has now 

debt servicing costs, stabilised, but no major growth 

Earnings from i n earnings can be expected, 

would have been substantially barrinE a significant rise in the 
higher next year ' hw. • price of sugar, he said, 
interest ratps not been .xaisea T b e company’s Hawaiian sub- 
sharply in recent- weeks. J . . ' ' sidiarj' Theo H. Davies would 
But the overall effiKtViof the c i ear i y benefit from a 15 cents 
Increases on group ' ^int eregt a p QUI1( i u.S. support price for 
charges will not be .jwrtifcuiariy cr0 p SU g ar< Mr. Newbigging 
-great s4ace dhe bulk of lonSTtenra said, but he declined to quantify 
’debt* is at fixed interest. rates. possible gains arising from such 
-.-■Proceeds from. ithe.srfe otlhe a support level, 
company’s 75 per cerit stake in Recovery - is continuing at 
Gammon - House fin.-HohE^^KonS Rennies Consolidated Holdings in 
to - Hongkong Land Opmpany South Africa, with profits for this 
Ltd. will enable a substantial year expected to show a rise of 
reduction hi debt, . Me, - Now- at least 20 per cent, he said, 
hissing said. ' * ; Mr. Newbagging declined to 

■ Growth in the second half of forecast growth in earmngs 
this year had not ^verged Reuter 


Landis 
& Gyr 
boosts 
profit 


The dates when some of the more important company dividend 
statements may be expected in the next few weeks are given in the 
foil owing table. Dates shown are .those of last year's announcements, 
except where the forthcoming board meetings (indicated thus*) 
have been officially published. It should be emphasised that the 
dividends to be declared will not necessarily be at the amounts or 
rates per cent shown in the column headed '* Announcement last 
year.” Preliminary profit figures usually accompany final dividend 

announcements. 


By John Wicks in Zurich 

GROUP EARNINGS for the 
Swiss-based electrical engineer- 
ing concern Landis aud Gyr 
rose in the financial year 
ended September 30 to some 
SwFr. 46m <§27m) according 
to provisional results. 

This te, the . highest profit 
figure for the group since 
fiscal 1973 and compares with 
earnings of SwFr 41.2m for 
1976/77. 

Despite this favourable 
result, the board of parent 
company Landis and Gyr AG, 
Zug, points out that a sub- 
stantial part of turnover 
resulted from foreign plants. 
Also, the appreciation of the 
Swiss franc would take effect 
only after a time-lag; protec- 
tive measures against 
currency losses having taken 
place at the start of the busi- 
ness year at much higher 
exchange rates. 

Group turnover fell by 7 per 
cent for 1977/78 to SwFr 986m 
after a sharp rise of 20.5 per 
cent to SwFr l.OSbn in the 
previous year, following the 
take-over of the U8. meter 
manufacturer, Duncan Elec- 
tric. Production declined by 
only 3.7 per rent, to a value 
of SwFr 1.03bn, more having 
been manufactured for stock- 
ing. There was a marked fall 
of 13 per cent, to SwFr 980m, 
in the level of new orders. 

AUA traffic 
shows rise 

By Paul Lendvai in Vienna 
AUSTRIAN AIRLINES (AUA) 
reports a rise of 8 per cent In 
passenger traffic during the first 
nine months of this year com- 
pared to the same period of last 
year. The number of passengers 
reached 943.000 due to the pur- 
chase of two additional DC-9 
airliners. 

The increase mainly took 
place tn the longer flights, 
which also meant a rise of 14 
per cent in passenger kilo- 
metres. The greatest rises were 
reported on the Vienna-Tel 
Aviv and Vienna -Cairo via 
Athens flights. 


■Aanooncp- 
Daie mom last 
.- Tear 

•Associated 

Conwraalctm— Dec. 14 Int. 2.772 
Associated 

gngmeediic- .Dee. 15 Flea] 3.42 
AM Pdatfd 

"^DairiM...u«. 14 

HOC TOWl.' Dec. Cl 

•Bartow Band 

Qronp-Dec. 11 Finds duo 

•Bass 

Cim&i8E$m,,,»!se. 14 Final 3JTU 
Beriatonl 

tS. andW.) .Jan. 5 
Berry WSShB -Act 8 
■Bonlnricfc 

(Tbos.) -Dec. 12 Final 3.8 
ButterfleM . 

Harvey. .Jan. io 

UtsffllOT — Dec. J* 

■Dobson Par* _ 

UaJ^—Dec. 1? 

'Elliot fB.l Dec. 29 

English cnbu 

CUrs- Jan. 12 
■Guinness fAJ ...Dec. 13 

■Guthrie Coma Dee. :c 

Hickson and 

Welch.. Jan. 13 
HOB* Robinson ..Jan. 9 

■IC Cas ... Dec. 12 

I CL Dec. MFuul 4£25 

J ohnson-R] chords 

ns. and B.V. Dec. 19 int. 3J72 
Kenning Motor ..Jan. it Final 2 jGS 
Linttmmea Dec. -i lot. 3.0 


covery 

ling 


Currency vVloricY and Gold Markets 




to the 


a* 


i};jo 


BY COUN M1LLHAM 



GOLD 


Sisic 


' Chase Manhattan. Bank ebair- 
i, wyri, Mr: Datdd Rockefeller, called 
. ■ in at London last Tuesday on his 
-* -way to trade talks in Moscow- He 

— used part of- his time bare to 
“ speak to the Press, and seemed 

. fairly happy with th&jnost recent 
U.S. measures to .bolster the 

— dollar. Mr: Rockefeller indicated 
that the present central bank 
support package way wall thought 
through, anti should be followed 
by a gradual4mprovemeni in -the 
balance of- payments position- He 

* putihe phahees of a recession in 
:r 1979 at about 50/50, T wtth only a 
10 per cent chanCe of anything 

CURRENCY RATES 


bocBalMr.S 


Special 

DrwfUa 

Rights 


UDM Of-; 


SteTllny 

U.S.; dollar 

CanuUin ddhr 

Austrian eriillflne ... 

Belgian' franc 

Danish -ferane 
Deutacfia Mark — 

GnOder -* — 

French franc • — 

Lira ....: 

Ven 

Norwegian krone -- 

Fefldo 

SvrwUah krona 
Swiss franc — : 


aS 52892 

L2Z» 

UNGU 

3siw» - 

2ASn5 

2 jmn 
MKU 

252L9U 

A652X7 


BjSTSiaS- 
131582 
150MS- 
Z8J8S3 , 
BUUfc'. 


2JSU9 


1 

2.73862 

5.78Z04 

nfa. 

2te.7U 

6.73615- 

WJI*2 

5.81729 

ZZSUS. 


THE POUND SPOT 


very serious developing- The 
tightening of credit by the Federal 
Reserve has been Sharper than 
expected; !eading>to higher prime 
lending rates, hgt Mr. Rockefeller 
did hot carejto comment upon 
how , high rites would go next 
year; y 

Commenting on the setting up 

of the European monetary system, 
he Welcomed the creation of a 
stable currency block, but this was 
said before it became known that 
Italy and Ireland were unlikely to 
join.,' 

'’-“The foreign exchange market 
- took’ the outcome of the EMS 
talks remarkably Calmly last week. 
Looking at' various currency rates 
it was hard to see what all the 

fis8s was about. Speculation about 
the future: of the EMS is bound 
to centre around the French 
franc, if Britain, Ireland and Italy 
-remain outside. French inflation 
; is. only slightly under double 
figures, compared with just over 
2 per cent in Germany. Belgium s 
annual inflation level is 3.S1 per 
cent on October's figures, and the 
■ Belgian franc has had more than 
its share of pressure in the 
present snake in the latter part o£ 

FORWARD AGAINST £ 


this year. 

France obviously has some way 
to go before there can be any con- 
fidence about .the franc's perform- 
ance in the new “first division.” 
but there was no sign of this in 
the spot rate last week. In Paris 
on Friday the D-mark was fixed 
at FFr • 22979, compared with 
FFr 2.2998 at the end of the 
previous week. The only hint of 
alarm was .to- the forward market, 
where Ihe French currency looked 
a little vulnerable, leading to a 
rise to Euro-franc interest rates. 
Short-term rates touched 12 per 
cent pn "Wednesday, while the 
franefe . premium against the 
dollar felL 

THE DOLLAR SPOT 


Deccntim-B 


Day’s 

■greed 


Canad’n 8 
Guilder 
Beid&D Fr 
Danish Kr 
D-Mark 
Port. Bsc 
Span. Pta. 
Lira. ... 
Ntwro, Kr 

French- pr . 

Swedish. Kr 
Yen _ 
Austria -fich 
Swiss Ft- 


8SJT7-85-2S 

2J73S2B785 

3026-3US 

5-3205-53300 

1.9UIU.9U7 

46.7B4A8S 

TUarUM 

MJB4S9M 

53215-54330 

(13925-43955 

4XZ8B-AJt335 

198J9-1WJ50 

13.98-14- 0& 

1.70100.7055 


Pasc 

3307-8500 

2JI7»-2JI7S5 

30J5-33O8 

53Z7S-53305 

1.9130-1.9140 

06.73-4038 

71^0-71.05 

80530-848 

5J300-U3U 

4392SJL3K0 

44315-4 JUS 

HS40-19a40 

1400-1403 

L70UM-7IES 


1 Dec. 8 | 

Dec. 7 

Gold BolUufl (a fine)] 



S 202-202} 81901-139 

Opening - 

Homing fixing 

Afternoon rising ... 

Gold CniM. 

dumetllcnHy. 

KrugemiuJ 

Kew Sovereigns 

S200 i-2011 
S200.S6 
(£162.888) 
8202.00 
(£103.248) 

S213*-215* 
l£ 103-1 19) 
5603-B23 
i (£61-52) 

'SB 9-81 

5197*-I88 

5188.10 

(£101532) 

$199.50 

(£161.63(0 

92101-212) 
(£1073-1 ua 
880-62 
l£30j-51i) 
55B)-a)l 


(£Hi-3U) 

(£50-31) 

Internationally... 

Krugerrand J207J-!Mi 

(£108-107) 

Jiew Sovereigns JSSS# 

01d SoverelHOE 

820 Baelm SZ81-288 

510 Eagla S 167-182 

51 Ea^ec 510B-1T0 

52B54-2K4 

(CUMHflN) 

5625-545 

(£27-2B> 

5584-80) 

(£50-3P 

92B2-287 

8155-158 

6101-106 

FORWARD 

AGAIINST $ 

One month P-a. Three months y-a. 

".■o • 


6 .83-0. 18c pro 
D 32-037 c pm 
5- 3c pm 

JJD- 2 . 00 P radio 

I_22-137pf pm 
4V53C dks 
37-55c dls 
2JD-3llra dls 
O.DMA5orodl« 
B.60-0J0C pm 
130-Q.98ore pm 
1450.757 pm 


132 BJB-O.TSc pm 1ST 
2.04 13-lBc pm L74 

-332 OJMBSoralls -346 
735 352-S-1W pm 730 
-1230 90-UOcdto -U.68 
-7^8 XM-187C dls -1M 
-3.98 730-a30Uredlo -iM 
—037 035-0.658 redis -035 
139 2J»-130c pm 1.77 
239 34fl-2-90ore pm 232 
1034 485-475y pm Ml 


3.62.137c pm 10.91 434339c pm 103S 



Pee. 8 

Bank 

rale 

J 

U.S. 5 . 

aiS 

Canadians 

105a 

Guilder 

Glfil 

Belgian F 

8 

Danish K_ 

. A- 

D-Marir 

B- 

Port. Sac." 

W 


BpaB- Fee. 
Idra : 
Nrirpn. K. 
French Fr. 
GmdfihKr, 
Ton 
A 

Swiss 


8 

TO Jo 
7 

eio 

o»e 

41s 

1 


Dnv’B 

Spread. 


r.wmt 


1.95 18- T. , 

2.2925-2.3040 
4.041c -4 JKI 
RO. 00-59-35 
3038- TO. 44a 
S.7S-&76 
91.10-31.90 
159.35-14830 
1.857-T.W2 
TO. DO. 1037 
837-9.82 
8.6433.70 
386-592 
27.59-2730 
3.S233& 


Ckoe ■■ Ow monlb i |r Urea moo ibej SP A 


OTHER MARKETS 


r ..960fl-1.9STO 
12.5020-23830 
43fii -4.07 i 
6830-5930 ' 
10-431 -.10 -4 44 

5-741-5.754 

9130-91.90 

1139.90-14030 

LOI-1.882 

10.flfii-lB.9W 

&68*-a31* 

asw-e-BW 

3974-3994 

27.4S-Z7.4S 

S.52J-3323 


037-03 7 t-.piuj 
D.703.E9c-poi' 
Ua-3fl c.pia 
'25-15 c.pm.' 
24 ore da 
Ba3srip» 

fiO-lBSi-.dis 
50-100 c.dla 
2-4 lire dls 
Zi-IAnreptn 
24 - pm 
0-2 we pro 
4.304-OOy pm 
T7-7 K n pm . 
414-314 c-pm 


1.9b (1.17-1.07c.pni 
33B )T.aS-T.75c-pn« 
2.5B 3JB«-.ptn 
4.05 66-60 c.pin 
1-3,45 44-S4t.rc.ua 
I 9.30 84-04 PV P™ 

L 10. Soil 40410 c. dls 
L5.57 ai0.510fi-.dii.' 
1-2.17 K-7 lire .In. 
l_7fl (8444 nre inn 
2.79 p-7 c- pm 
4.14 Il12-9j..repm . 
1238nT.70-ll.40>-pin 
5. 24 £2.42 gru pm J 
13.50;iU-18ic.pm 


2.29 
3.13 
3.56 
3.88 
-2.11 
9.60 
-9.81 
-7.43 
-1.32 
2.09 , 
3.48 
4.95 

11.89 
6.85 

12.90 


: P«- 8 

£ 

S 


£ 

Ne4a Natea 

Argentina Penu 

AvBtralla Dollar — 
Finland Markka — 

Brazil Cruzeiro 

Greek Drachma-... 
Hone Kong Dollar. 
Iran Blal- 

Kuwait Dinar (KB) 
Tmifmtinurg Prann 
HibnblMItt— ■ 
New Zealand Hollar 
Sandi Arabia Itiyal ■ 
Singapore Dollar... 
Booth AJxieaa Band 

1.S9B-1.B99 

1.7180-1.7230 

7.91SO-7J350 

38.60-39.60 

71.199-72.941 

9.3650-9.3760 

144.34-148.24 

0.531-0.541 

69J.O-59.20 

4-2825-4.3025 

18630-1.8700 

6.52-6.62" 

4.27-4.29 

1.6849-1.7108 

966.6a968.60l 
03BO 5-0.88141 
4.05104.0530 

19.7020.20 

56.3037.20 
4.7900-4.7B50 

. 74-76 

0.27500-0.27515 

30.21-30^4 

2.2000-2^040 

0.9542-09674 

3.37003.3760 

2.1900-2.1920 

0.8634-0^7671 

Annina- 

Belgium...— 

Denmark — — 

Franire 

Q erman j"-— — 

Japan - — 

Netherlands- 

Norway 

Portugal 

Switzerland—— 
United Ststaa— 

Xugoalavta 

27-28 

6062i« 

1036-10.56 

8.85-8.65 

S. 7 0-3 .80 
16301700 
. 3B5-395 

4.004.10 
9A6-10.10 
88-96 

139la-143U 

3.503.40 

1.94501^650 

4-1-43 


ted 


Belgian rale is forcotrrcniblB£rancs. 'J^-moaih 'to™*** 11 * ~ 17<LOrc pnL ' gaodi ArabL^Riy^OT DwSir^shiH^luive been 047-837 (O. 

Financial mac 00.454835. ’ \ .lUnoMh 4J04.0(k. pm. 


j; U" 


EXCHANGE CROSS RATES 


'• Deo. 8 

Pound Sterling 

'U.S. Dollar 

DeutiCheinarU Japanese Yen 

Krsich Franc 

Swiss riane 

J — 

Pound Sterling 

U-S: Dollar 

1. 

0.510 

1A61 - 
• . 1. 

. . .3.750 
1.913 

388.5 

196 2 

asi3 

4.393 

3.333 

1.700 

DeuLeohe mark 

0.867 

2.574 

0.523 

.3,046 

1. 

9.653 

*2 

wo 

oo 

H H 

2-297 

22,17 

0.889 

8.578 

French Franc 10 

1.16i 
-0.300 - 

2.276 

. O.OBB - 

' 4.354 
-- 1.125 

451.1 

116.6 

io. . 

2.584 

3.869 
l - • 

Dutch GnlWer ' 
Italian bra L000- ' ' 

0J46 
0.608 .. 

0.4B2 

1.180 

0.921 

2^67 ; 

• 

95.15 

233.8 

3.116 

6.184 

; 

0.819 

Z.u06 

Canadian DoU»f ■ -1 - ' | alloB 1 b.329 

Brlrrfan Franc IDO i I-&88 l **OB \ 

168.7 1 »- 7 ;0 
66J.7 ; 14.54 

1.447 

5.624 


— 

Duioh Guilder 

Italian lira 

Umulii Uoimr 

ueiutau rranc 

4.070 

2.076 

1662 

847.5 

2.305 

1.174 

69.25 

30J22 

1.085 

10.48 

443.1 

4277 

0.614 

6.927 

16.80 

162.5 

4.7S6 

1.221 

1929 

498.6 

2.673 

O.efll 

- cB.80 

17.78 

1. 

2.450 

4082 

1JUU. 

O.fifO 

1.386 

14.56 

35.66 

1.768 

6.869 

721.6 

2801 

l 

3.886 

25.73 

iUU. 



MOHEY RATES 

NEViT YORK 

Prime Bala 
Fed Funds 

Tn-asiry Bm» 

Treasury rifl*we«W 

GERMANY 

Discount Rate - 

Ovenuaht — 

One monUi ■ — 

Three months' ' 

Six months • — 


FRANCE 

Discount Bate 

Uvernlsht 

one month 

Three months 
SIX months 


D«. 8 

UJ - 1078 ; 

Sterlinc 
Certificate 
ou deposit 

Interbank 

Local 

Anthonty 

de£onu 

Local A nth. 
negotiable 
bonds 

Finance 

Boose 

Deposita 

Company 
Depod c* 

Discount 

market 

deposit 

Treaanry 

Bills* 

Hlgwa 

Tbmb 

Bills* 

PineTrada 

Bills* 

4.75 . — 

MS .Overflight .... . 

M2 . 2 day* notice.. 

7 days of—..- 
7 day* notice.. 
One nwath >— 
it* Two Bwatha... 

f 1 ® Three months. 

.• eta (DonUiB ... 

Jif Kinsmunthe.. 

*** Otmyrar 

Two yean...— 

12T4 

,ia*4-ia^ 

. 12* 12, 'i 
12i-10A 
11U. . 

4-12*4 

12-124 

taiB-124 

lBivriaf* 

124-13« 

12.124 

114-12 

1178-12 

UTs-Wia 

12-124 

12-124 

iaie-124 

114-12 

iHi-114 
. 12*124. 

124-124 

181*124 

IUb-124 

1198-114 

116(1-1178 

- 114 

184 

124 

124 

124 

124 

124 

124 

S'3«W» 1 1 1 l J 

104-124 

114-12 

12 

12 

12 

11tV114 

114 

llfie-U& 

121^12* 

li* 

1 

HHMH 

1 1 1 *-»«» III) 


JAPAN 

DiscoUBL Rme. 
Call (U 
win* D 


Mail 

Bate 


43 

6335 

63875 

aror 

3.675 


XS 

BJOS 

8325- 


-Local >»a ce^»BSS bill nwtt 

gjg BSnfSJtolb^Sb^bbbt bill, un.4li cat BbHUbml Mb brn, m 

«iw «■ . wjgy a 

‘jSSaSJi lg?». o«,: rw. — 12i o« cost: sbb itso UinoM 

™ fe-fffom-rn Base Rates fpoblbhed t>7 the rinanre Homes MMllU < SL £ Maf 

? smns at seven «nr notice 10 per com. Clearfoa Bank Has* Baits lor leodifis Ui per can. 

t*m**mm U3S& per cenu 


Zm. 0.45 

Final L795 


Final 4.75 
Final nil 


IM. 1.125 
int. 2.635 

Final >489 
ZnL 2.458 

FinaJ LS8S8 
Final 4.6S7 
Int. S 

Final 9.7468 
Ini. 3.63 
Im. 4 


Da:e 

Unfood Dec. SO 

■Lloyds and 

Scottish... Dec. M 

■MCTC Dec. 14 

MeCoruuodale ..Jsa. U 
•Meyer 

■ Milt. L->-J7ec. tu 

•MorCTOS >5 

-Northern roods... Pec. 79 

•RHP J)ee. 12 

Kaybeck Jaa. ic 

SCB -Jaa. 19 

•Sew. and Se»-=- 

Breweries... Dee. 20 
•Smk - — Dec. 13 

Smi th Into _\OT. 6 

Slade* Inds. ...Nov. 9 
•Sid- Chartered 

Hanfc .-Dec. 12 

Thorn 

Electrical Ian. 13 

-Trafalgar 

House. . Dec. 12 

Tamer 

Manufacturing Jan. 13 

•UnUmte Jl-Dec. 21 

Ward iT. W.l ..Jan. 4 
Westland 

Aircraft. Jan- 5 
•Wdkinson 

Match ....Dec. 14 


Anno once* 
men: last 
year 
In. 3.5 

Final 24065 
Final L7 
Final 9.74 

IK, 17 
Int. 13 
Final 2.1 
Final 2.4022 
Int. 1.D12S 
Final 2.754 

InL L35 
Fmal 394 
Final 42808 
lot. nil 

InL 7.75 

mt. 2.45 

Final 2.92 

Final 2293 
InL 5.3 
Final 2965 

Fmal 1.0726 

lot. 3.792 



1973 



Price =— (5i:- 


v: p= r= 

Bifti) I Irw 

4241 f.v. 1 24(11 

« i « 

AgO^C K.P. j - 

76 61 

A81 JS F-P- 1 — 

1W 1TO 

165 |FJ*. — 

175 171 

29 | F-P. | Sri 

31 ! 29 


• Board meetings Intimated, t Rights 
tssoK since made. - Tax tree. E Scrip 
Issue since made from reserves. 


BASE 

A.BN. Bank 121 % 

Allied Irish Banks Ltd. 12} % 


LENDING RATES 

Hamhros Bank 

Hill Samuel §121% 


American Egress Bk. 124% 

Amro Bank 124 % 

A P Bank Ltd 121% 

Henry Ansbacher 124% 

Associates Cap. Corp.... 125% 

Banco de Bilbao 124% 

Bank of Credit & Cmce. !2’ % 

Bank of Cyprus 124% 

Bank of N.S.W 124% 

Banque B"lae Ltd. ... 12*% 
Banque du Rhone et de 


C. Hoare & Co f!2J% 

Julian S. Hodge 134% 

Hongkong & Shanghai 12*% 
Industrial Bk. of Scot 124% 

Keyser Ullrnann 124% 

Knowsley & Co. Ltd.... 141% 

Lloyds Bank 12-% 

London Mercantile ... 121% 
Edward Manson & Co. 134% 

Midland Bank 124% 

Samuel Montagu 12*% 


la Tamise S.A 13 %■ Morgan Grenfell 121% 


Barclays Bank 121% 

Barnett Christie Ltd.... 134% 
Bremar Holdings Ltd. 134% 
Brit Bank of Mid. East 12‘% 

I Brown Shipley 124% 

Canada Perm't Trust... 124% 

Cayzer Ltd 12?% 

Cedar Holdings 124% 

I Charterhouse Japhet... 124% 

Cboulartoos 124% 

C. E. Coates 124% 

Consolidated Credits... 12}% 

Co-operative Bank *12}% 

Corinthian Securities 124% 

Credit Lyonnais 124% 

Duncan Lawrie 125% 

The Cyprus Popular Bk. 121% 
Eagii Trust 12*% 


National Westminster 124% 
Norwich General Trust 12*% 

P. S. Refson & Co 12*% 

Rossminster 12}% 

Royal Bk. Canada Trust 12}% 
Schlesinger Limited ... 124% 

E. S. Schwab 134% 

Security Trust Co. Ltd. 134% 

Shenley Trust 14 % 

Standard Chartered ... 124% 

Trade Dev. Bank 124% 

Trustee Savings Bank 124% 
Twentieth Century Bk. 134% 

United Bank of Kuwait 124% 
Whiteaway Laidlaw ... 13 % 
Williams & Glyn’s ... 124% 
Yorkshire Bank 12f% 


English Transcont. ... 121 % • SS,” B °°” 
First NaL Fin. Corp. ... 14 % • deposns hf;. i - month deposits 
First Nat. Secs. Ltd. ... 14 % 

Antony Gibbs 124% t 7-dav d-pwtr? on bums of r.B.nnfi 

n-S3»«d int? and under 18*; up id S25.BM 105% 

Greyhound Guaranty... 1-4% Md over n^sciia ib!'.. 

Grindlays Bank 124% ; call deposits over 11.009 10%. 

Guinness Mahon 124% § Demand deposits 


EQUITIES 


6 (net 




1 «-S 1 T 


a+ on 


;w 


T 1 6 ( j-i' 


1 ' 1.2.55! 

'-■a - ; 


1 ::::: 


:7.8. 

M.a4 


2A 8.7 

3.1 &.7 
d.4, 6.7. 


7.3 

5.0 


FIXED INTEREST STOCKS 


S-S 


S=> 

n 


fell 

5 s a 


1973 


High I Low 


Stock 


I > !+ 


sSra^il r-l*. 

^ I CIO 
i'i.nri l.r. 
IlOOpj Nil 
gZOOiil SU 
iXl ! t.r. 
£d!H[ CIO 
97p F.r. 
£3 Mi £lu 


[26(1 
16; 11 


zsne 

l25fl 
, 5(1 
126(1 


Wi, 

12i; 

117 

I'cym , 

6pm 

33|.l 

Ms! 

B8 n 


flflia-Angleoej - Vanelile I3E3... ' 89 * 4 ! ..... 

114* lIMne Valley Water t\ lin< P. Prf. litfo 121; - .... 

I 101 troeby H.iu»e ltij Cwiv. 117 ^-1 

i;pm (FlailUy 82 Lav. Cum i:e<!. J'rf I lji-in 

SfeniiHawley-GofuLiU 12J, Car. I.'nj. Ln. '£--aB...! 5(>rn .... 

^p'Xenrman lad*-. l£»i^ Aw. Frei I S8p > .... 

9 iHickmtnj'n’nrth i Ixbn,)^ U'ult-r ' 9ln — 

98 p iriewope^lO^ Prcf. i 98 p . 


04 1 West . 

I 


liner 7\ Prw. 19<Si ( 01;. 


« RIGHTS ” OFFERS 


IdEoe 

Price 

p: 

1| 
< d 

Latest 

Ken unc. 
Ibtr 

• i « 

1973 j 

1 1 

t I<wlnj5 or 
! Prce i — 

I P- 1 

1 High 

1^1 

560 

F.P. 

8 ri 2 :i 2 rt ; 

[ 645 

56B [Beecha as » 

1 645 -S 

17 

-Nil 

16/12126(1 


£54pin'Boulton |M in., 


350 

F.P. 

6/1M.21/12 

. 414 

389 'Brown 

| 594 [-4 

67 

F.P. 

29'11[ S.’l. 

1 77 

71 1 * Capper- Net II 

! 744- . ... 

105 

Nil 

15(12.12(1 1 

1 Ifpin 

kpm.CImor'i iCha-.i 

1 7i;pr.t -y t; 

93 

Nit 

15/12 12/1 

14pm 

10pm Disno (Dt 

lOptn, 

130 

F J*. 

8(12 12,1 

Li* 7 

140 [Hcvlrtos i. Son..u 

145 1—5 

125 

Ml 

15/12 12/1 , 

38 pm 

54pmi.U.L.BoMrDC* - 

• 30tra —8 


K_P. 

22.121 6, IS 

1 92 

Tlir^ewman lo-i 

; 82 .+ u» 

185 1 

Nil 

18/12jl0.‘l 

: i&wn 

ftpaj'Sl-.Uiert 4 Flu 


62 

Nil . 

18/12115(1 

| I4i*inj 5pmTe/p . . . . 

1 14prt| 


B cnnncil tinn dale nsuaQy last da; for dealing free of stamp duty. t> Figures 
based on prospectus esUmaie. ff Assumed dividend and yield, a Forecast dividend: 
cover based on previous year's earnings, v Dividend and yield b&sctl on prospectus 
or other official estimates for 1979. tt Grass, t Figures x.»umc-d. ; Cover alieWs 
for conversion of slurer not now ranJdog for dividend or ranking only for retn-uned 
dividends, s Platans price to public, ri Pence nnlcu otheru ise Indicated. 1 1ssued 
by lender. U Offared id Holders of ordinary shares as a righis.” •• issued 
by way of capitalisation. S5 Rcintrodaccd. V. Issued in connection with rcurgarusa- 
don. merger or take-over. J|[| fnlrodoetion. Qlrraed to former preference holder.*. 
■ Allotment letters for folly-paid). • Provisional or partls'-paid allotment letters. 
if With warrants. 


CLIVE INVESTMENTS LIMITED 
I Royal Exchange Ave M London EC3V 3LU. Tel.; 01-2S3 1101. 
Index Guide as at November 30, 197S 

Clive Fixed Interest Capital 120.67 

Clive Fixed Interest Income 11428 


ALLEN HAR VEY & ROSS INVESTMENT MANAGEMENT LTD. 
45 Cornhill, London EC3V 3PB. Tel.: 01-623 6314. 
Index Guide as at December 7, 1978 

Capital Fixed Interest Portfolio 100.20 

Income Fixed Interest Portfolio 100.55 


LG- Index Limited 01-351 3466. 1 month Gold 203.25-204.65 

29 Lam on t Road, London SW10 OHS. 

1. Tax-free trading on commodity futures. 

2. The commodity futures market fur the smaller investor. 


I This advtKtsemml is isitxd to compliance vith the requlrcmnai of the Council of 
' The StackJ-xchaiiqr. It does not caiuiltvtc an fntitauoa to the public to subscribe 
for orpureh.ne any shares. 



ABBOTT LABORATORIES 

. OLaccrporaicd under the laws of the State of lUinoifi , 

United Stares of America) 

SHARES OR COMMON STOCK 

Issued and reserved for issne 
Authorised at 24th November, 1975 

80,000,000 Shares of Common Stock 64,476,980* 

of no par value 

♦including 4,420.450 shares reserved 
for issue 

All the issued and reserved shares or Common Stock bare 
been admitted to the Official List by the Council of The Stock 
Exchange. Particulars of ibe Company have been circulated by 
Extel Statistical Services Limited and conics may be obtained 
during usual business hours on any weekday I Saturdays 
er^epted) up to and including 22nd December, 1978 from: 

£ank erx :o the Introduction 

J. Hairy Schroder Wag” & O. Limited 
J2Q, Chcapsidc, London, EC2Y foDS 

BroI:ers :o the Introduction 

Cazcoove & Co- 

12, Tokenbouse Yard, London, EC2R 7AN 


finance fob industry term deposits 

Deposits of £LOOO-£2 5,000 accepted for fixed terms of 3-10 
years. Interest paid gross, half-yearly. Rates for deposits 
received not Later than 15J2.7S. 

Terms (years) 3 4 5 & 7 S 9 10 

Interest % 12 12* 12i 12^ 12* 12* 12J 12J 

Rates for larger amounts on request Deposits to and further 
information from The Chief Cashier, Finance for Industry 
Limited. 91 Waterloo Road, London SE1 8XP (01-82S 7322, 
Ext 177). Cheques payable to “Bank of England, a/c FFL' 
FFI is the holding company for 1CFC and FCI. 





SONAXRACH 

l.T ^-Wrmrinnr,l^riininirir;rliMrtrai dc» li*li « «inhtilT» 

U5. $50,000,000 Guaranteed Floating 
Rate Notes due 1986 to 1S92 

For the six months 
December 7th 1978 to June 7th 1979 
the Notes will cany an 
interest rate of 12' VhP/o per annum. 

Hard ce ilg Lmcmbaag SfockiHighanga 
H y j h at m Tan Gnmjnqy Lmuten 
A^otBank 


AMERICAN LIFE INSURANCE 

COMPANY 
Announces that 

David R. Batcher 

has been appointed U.K. Marketing Manager for 
American Life’s Specialty Division. 

American Life is a member company of American 
International Group Incorporated. 

He will also serve as Marketing Manager for the 
International Employee Benefits Division of the 
life Companies within the American International 
Group of Companies. 


/VET. OF THESE CERTIFICATES HAVING BEEN SOU), THIS ANNOUNCEMENT APPEARS 
AS A MATTER OF RECORD ONLY. 



Bankof BarocL 


(LONDON BRANCH) 


$20,000,000 


FLOATING RATE CERTIFICATES OF 
DEPOSIT DUE 1981. 


MANAGED BY 

CITICORP INTERNATIONAL GROUP 

ALGEMENE BANK NEDERLAND N.V. 
BANQ.UE NATIONALS DE PARIS 
COUNTY BANK LIMITED 
DRESDNER (SOUTH EAST ASIA) LTD. 




NOVEMBER 1978 


v 




26 


Financial Times Monday tiecembei: IT J97$ 


MINING 


TTVTCTTD A 'IVTr^'C 


wnnm 



Uranium battle 


BY LODESTAR 


tyKERE DO Australia’s potential 
uranium miners stand now? Only 
a short while ago it looked as 
though the final hurdles had been 
surmounted. The partnership of 
the Government. Peko-W allsen d 
and EZ Industries is due to take 
its Ranger deposit to production 
by 1982. Queensland Mines’ 
Narbarlek should soon be 
heading for the same target date. 

EZ and Peko have indicated that 
their share of finance for the 
ASSOOra (£174m) Ranger project 
of just over A$40m apiece should 
be forthcoming without calling 
on shareholders. The Government 
is committed to providing 721 per 
cent of the cast. So why is there 
a distinct lack of euphoria in the 
share market? 

There are three reasons. Firstly, 
doubts are growing about the 
medium-term prospects for 
uranium demand. Sir Edward 
Cohen, EZ chairman, has admitted 
that because of existing supply 
contracts markets in the U.S., 
Japan and Western Europe offered 
only limited prospects for 
Australian exports in the early 
19S0s. 

Secondly, hopes that Australia's 
Labor Party opposition to 
uranium mining would die away 
have been dashed by its leader, 
Mr. BUI Hayden, who recently re- 
iterated this policy with a warn- 
ing to the companies, their 
financiers and potential customers 
that Labor in power would “ not 
be constrained by this Govern- 
ment’s permissive uranium 
policy * ’adding >that the uranium 
market did not look promising so 
there was no "urgency to develop 
Australia's resources." 

This was taken by the stock 
market as an indication that 
investment in uranium shares was 
a speculation on the present 
administration remaining in 
power during the early part of 
the next decade it being recog- 
nised that Labor would find it 
much more difficult to restrain 
an established industry than it 
would to hait development 
thereof during the construction 
period. 

Thirdly, there is the prospect 
of strong competition in world 
markets from the biff uranium 
finds in Canada's Saskatchewan 
province. This has been empha- 
sised by Mr. Tony Grey, chairman 
of the frustrated Pancominental 
company. He warns that “ if a 
more vigorous aproach to develop- 
ment does not occur soon. 


uranium from the large high- 
grade Saskatchewan deposits will 
be sold directly into Australia’s 
markets." 

Finally, aboriginal opposition 
to development of the Pancon- 
tinental-Getty Oil Jabiluka 
deposit, the largest in Australia, 
grows fiercer. The latest demand 
is that no go-ahead be given until 
experience has been gamed from 
actual production at Ranger and 
Nabarlek. This would make 
investment in Pancontinental very 
much a long-range affair. 

In Saskatchewan, as instanced 
by last week's news from As am era 
Oil. the uranium potential con- 
tinues to build up. True, only 
two mines are so far operating, 
those of Eldorado Nuclear at 
Beaverlodge and Gulf Minerals- 
Uranerz at Rabbit Lake. But four 
more are on their way. Cenex’s 
small Cinch mine is due to start 
up early next year. 

The other three, with much 
greater production potential, are 
those of Amok at Cluff Lake by 
late-lflSO. Uranerz-Eldorado-Sas- 
katchewan Mining Development 
Corporation at Key Lake with a 
target date of I9S3 and Imperial 
Oil-Mumac-Baw Valley at Midwest 
Lake, which may be the biggest 
of all with anything up to 300m 
lbs of uranium oxide, possibly 
also coming on stream by 1083. 

Canada’s annual production 
potential from Saskatchewan 
alone is put at over O.Sm short 
tons of uranium oxide fay the 
mid-1980s. Australia’s Ranger 
aims initially at 0.3m tonnes and 
Nabarlek at 0.1m tonnes. 

South Africa is another 
competitor which seems to be 
adent at picking up supply 
contracts with the accompanying 
facility of customer finance for 
capital costs, although this useful 
adjunct is now' becoming harder 
to find. In the first nine months 
of 1078 production of uranium 
oxide totalled 3,330 tonnes, nearly 
20 per cent up on the 2.784 tonnes 
for the same period of last year. 

All in all, it seems probable that 
as the present decade draws to a 
close less and less stock market 
enthusiasm is likely to be 
generated for the share of 
exploration companies that 
discover new uranium deposits 
with initial price boosts 
consequently being reduced both 
in size and duration. Investors 
who participate will thus need to 
be ever more nimble if they are 
to profit therefrom. 


Public Works Loan Board rates 


Effective from December 2 


Qaoi 

ElPt 

a loans 

At 

repaW 

at 

matnrttrS 

Hon-qinX 

by ElPt 

3 loans 

At 

P repaid 
at 

maturity S 

12* 

12J 

13 

131 

13J 

13J 

13 

13i 

131 

131 

135 

13! 

n\ 

131 

135 

131 

135 

13i 

132 

135 

131 

13 ; 

13j 

14 

13{ 

131 

131 

13 ; 

34 

14 


Yean 

Up to 5 

Over 5. up to 10 
Over 10, up to 15 
Over -la, up to 25 

Over 25 _ 

* Non-quota loans B are 1 per cent higher in each case than non 
quota loans A, t Equal instalments of principal, i Repayment by hair- 
yearly annuity (fixed equal half-yearly payments to include principal 
and Interest*. § With half-yearly payments of interest only. 


Lloyd’s to provide 
dental costs cover 


BY OUR INSURANCE CORRESPONDENT 


A SIGNIFICANT gap In medical 
expenses cover, whether provided 
by the non-profit making provi- 
dent institutions or by the insur- 
ance companies or Lloyd’s 
underwriters, has been lie lack 
of provision of the cost of dental 
treatment. 

As far as I know, the only 
dental insurance commonly avail- 
able bas been under the medical 
expenses section of the average 
holiday travel policy, and even 
there, insurers limit their pay- 
ments to urgent treatment. 
Perhaps because most people 
have a dread . of going to the 
dentist, insurers reckon the cost 
of dental treatment forms an 
insignificant part of their holiday 
travel claims payout. 

In the years since the war, the 
vast majority of Britons has 
used the dental service provided 
by the NHS. But with the cost 
of NHS treatment now hitting 
the patient’s pocket, while many 
items now fall outside the 
scheme, and with some dentists 
leaving the State service, there 
is an opportunity for private 
insurance to step in. to meet the 
demand and to stimulate it 
further. 


than 

treat- 


Initial stages 


The problem for any insurer, 
provident or otherwise, in the 
absence of market experience 
and with a virtual dearth of 
statistics, is to set the premium 
at sufficient level to contain 
claims costs and pay administra- 
tion expenses — and, in the case 
of the proprietary company or 
Lloyd's underwriters, to make a 
profit Seemingly, in the initial 
stages of any private enterprise 
denial expenses scheme, there 
must be the risk, if not the 
actuality, of considerable selec- 
tion against insurers. 

But now, dental expenses cover 
is to be provided by Lloyds, 
through the agency of AMA 
Dental Insurance Services, u 
newly formed division of Allied 
Medical Insurance Services, 
which has for some years been 
marketing Lloyds-backed group 
health insurance. 

The maximum amount payable 
under this scheme in any year 
of insurance is £500. Within this 
overall sum, underwriters nave 
set a range of maximum benefits 
for the particular items of treat- 
ment: for example, £20 a tooth 
for root treatment. £60 a crown 
for gold crowning. £95 a denture 
fer partial metal base dentures. 
Much of the more expensive 
work is subject to a 25 per cent 
contribution by the patient 
unless the treatment is required 
as the result of what the 
prospectus calls “ trauma "—an 


accidental blow rather 
deterioration. Certain 
meat, but not all, must be 
approved in advance by AMA 
Dental Insurance Services. 

Anyone between 18 and 60, 
normally resident in this 
country, is eligible. Coupled 
with the brief proposal form is 
a detailed dental report which 
must be provided by the pro- 
poser’s dentist siring details 
that the dentist will have on his 
record card. Thus, for example, 
missing, replaced and filled 
teeth must be listed, and the 
proposer’s periodontal condition 
described. This report must be 
supported by a certificate stat- 
ing that, at the time of the 
application, the proposer needs 
no dental treatment. With the 
backing of this certificate, in 
practice, underwriters must have 
an average of six months’ wait- 
ing period a policy, perhaps 
longer, before the claims can 
begin to roil in. 

Of course the dentist charges 
for the report and certificate, but 
once the policy is issued, in- 
surers will reimburse the charge. 
The policy provides, payment for 
two consultations each year, and 
the enabling consultation is taken 
as one of the two allowable in 
the first year. It is a condition 
of the insurance that the policy- 
holder has at least one consulta- 
tion a year, to ensure that any 
deterioration in dental health is 
discovered and remedied before 
It becomes too expensive. 

Annual premium is £50 but it 
can be paid in half yearly instal- 
ments of £28.25. 


Indices 

NEW YORK^ofjobes 


Jf.YJ 

US. J 

XL 0< 

nnrage 

or - 

Deo. 

8 

Deo. 

7 

Deo-j 

1 6 ! 

Dee. 

6 ' 

[ • - 1978 ■ 

High •’ 

Low 

: M.OS 

MSB 

64.B1 

H 

flSAS 

ttlA 

48. 37. . 

(S3). . 


«Hd g*U» 



lSi .8 

Deo. 7 

Dw .8 

laaaea’Ttadffi— 

±851 
- 032 

MB! 

591 

±816 

•865 

FaU*—-r. - 

ffnebangad ■■■■■»• 

863 

.468 

81B 

472 

• BBS 
." 468 
24 

New Iowa — — 

— • 

. • !— 

24 



Dec. 

8 


♦Inctajtrixlrj sll.Sfi 
H’maB'nds* 

| Transport. ».| 
n wfth. 


88-47 
2 TB. <2 
101.08 


r^vou! 


18.880 


Dm. 

7 


S1B.0S 811.90; 




itmaj 

K1.MM 


55.48] 80.51) 8SJ8 


210.801 218.20 
WT-M( 


28,BWj 


52QJT20B.SS 


mre toajDi 


Dec. 

1 


811.501 007-74 

(B/81 


218 .BB. 215 . 5 S! 216 . 80 ] 107 -M 

«I9> 


85.97} 


25,690. 22, B2B- 28,828 


1978 [Sioca CcMpUaf n 


High 


B8^d SB-fiS 
(*’« 


Ttt-88 

<3il) 


Lav 


742.12 

I 

Bfi-12 

0*111 

159.31 

0(1) 

88-38 

(MOh 


High 


1851-70 


(ll/UTM (2/1/5% 


278X8 

<1*881 

185-35 

vonm 




41.22 


12X3 


J0.58 

(28(4/42) 


Industrial 

Combined 

\°f\ 

Deo.. 

, . 7 . 

! Deo. 

1 6 • 

Decs. ; 
6 

1 " 

ra • 

I 

Low 


tW- 


PffT 


g l l im 

TORONTO Com pool te 


1223 

Emm 



98 SJ 2 - (MIT) - 


B 

E 

M 



WiAMW 1 - 

I 6 U. 033 $ 


vtama 


- Bula al Lodes c han ge d from Aog. 24 


* Day's high 828.49 low HM * 


! 634.84 



■ Dee. 1 

Nov. 24 

Nov. 17 

nggsm 

Jnd- div. yield % 

527 

5.83 • 

3.90 

: 5^7 


Dmawriri-; 


STANDARD AND POORS 


+ 


t Industrial*! 

$ Composite 


Dec. 

1 


107. 

96. 


107.81 


Deo. 

B 


10B.W 


&7.B« 67.49 


Dee. 

& 


Dee. 

4 


Dec. 

1 


19TB Jfaiaca CwnpUatfa 


97.78 

0L34 

78.8 

833.10 

79.4 


High 1 low t High . 


ID'B.SO 106.BO 106.961 118.71 I 95-52 [ W.B4 
I (12* | (BIS) kU(U73» 
87.44 98.1a 9SJ* 105.8a I 88-38 128.85 

| | (12(9) [ (6(3) kU/W3) 


Low 


High Sxm 


566.79 

(22(9) 

TOLLS 

a 

[«( 


(19/lQ) 


411-19 

8 V 

g§ 

(30/10) 

47.6 

(3/2) 

768.4 

(17/6) 


Spain \ W| w ; 

fiwaden' wjsriST 

Switzer like >| 8KZ 


Tloa» 


0L3O 

Stua 


110-78 

A 

A, 

<14* 


B7j8& 

& 

am 


f ■- 

{ 


Fr&nea (til 70S 
Germany* I :) 829.40 
Holland (til! 7BA 

832.72 : 62L» 

(in. - fe) : 70.78 . . 

!HS 1 » ««"■ SIOCKS . 


n. Italy 


93-1 l 76.0 

fiS JB 

i-<26/9) (10/1) 


bank Dec. 1888- ff* iiwhrtan Mwa 

1970.- n Haag Sen* Bank S1/7/MT 81 gam 

Commerciale -Itallana : 1972. o Totaro 
jSJTsh: 4/3/88- b Straits States TOO. 
C OBKL d Madrid SB 30/12/77. eStoefc- 
helm manstrial l/UK. /-Swiss Bant 
Corpora tlMfc -aUnavaDaMa. 


5.63 : _ 

Jap “ — "I *ia ; (4/1 

dSfi Sngaporel* 353* ; 363^8 ,414^| 


TEL AVIV 


Prices chance 


Company 

Dec.Ui, 

IB7R 

Banking. Insurance aad 

Finance 

Bank Lcunti ic Israel — 

M(]3 

IDB BankhoUinn — 

43S 

Bank Hapaaiim Br. 

431 

Union Bonk of Israel Br. 

4IU 

United MUrafa Bank 

21S 

Hassneh Insurance Br. .. 

578 

Ccn. Mortaase Bank Br. 

SID 

"TeTabot" Israel Ifrtase 

408 

Land DcvelepmcM 

Africa Israel Invest. ... 

209 

Israel Land Develop. Br. 

249 

Property and Boudins... 

389.5 

Public Utility 

Israel Electric Corp. ... 

324 

Investment Companies 

Bank Letnnl Invest. ... 

347 

“Clal” Israel Invest ... 

460 


week 


+ 40 

- g a 

- 7.0 

- 12.0 

-r 0.3 

13.0 
-r S.Q 
- 2.0 


+ 44.0 
- 3.0 
+ 3.0 


+ S.0 


+ 7.0 


etmfnerrfaf and (refartrfsf 


AUianre Tyre and Rbr. 

1.333 

Elco Br 

- 217.5 

Arpaman Tertiie Br. ... 

2« 

•■Ala 1 ' TeTrtOe “B" 

180 

Amer. Israel Paper Mills 

433 

A^sls 

2S0 

Elite 

331 

Tcva Res- 

770 



Delek 

Vs 


S5.0 

+ 2.8 

- 9.0 
J- 4.0 

- S.O 
+ 9.0 


+ 4.0 


4 - 8.8 


Aviv. 


lad. dir. yield % 

Deo. S 

Nor. 29 | 

Nor. 22 i 


5.05 

6±3 j 

S.I2 

4-96 

lad. F/B Ratio 

8.77 

8.73 

8.90 

8R2 


8.74 

8.75 1 8.67 i 

7R6 


Stocks -doting oil 
traded . .pries ..day 
Sears Roebuck — 201^00 •/*«• ■+* 


Indices and base dates /all base eataes Texaco 

1W except WY&B Ml Common-W Minn. Min ing A U. 3g.«0. 
Standards and Poors— 10 and. Toronto southern CaL Ed. ... IW.TW 
300-1.000. the lair named based on 18751. intfaW- 
t Ezctodlng brads. 1490 Industrials con. Edison NY — 

&4M TnHHWiim 40 Utnitias. '40 Finance Ford Motor 

and 2o Transport 1 Sydney AH OTtUnat7. Flaw 

-B Bolgian SE nnusa. — Copenhaeen SB Bcwtog 

1/1/73. tr Paris Bourse -198L «Cotnroeir- Nabteco wmw 


sit, i 

60} __ -4 - 

aa. - : 

ISkL +1' 
2+ Ft-.' 

41* . ' . 

31} +lf 
7R 7-0 
5S»’ ’ ■ -=» . 


EUROPE 


.-i 


AMSTERDAM 


Dec. 8 


Price | -4- nr 

Div. 

Fin. 1 — 

* 


Aboiit (8k. afi > 

Aka. cPi. 2-t 

A i gem MpkiFi.iOP 

AUKViFI. 10) ._.i 
.\jnnuaak iF -20i| 
Sijenkorf 

WeM m i K Ju>l 

Unhrm' Tette*nite| 

&l*treicr (YIM) — | 

hnumN.V. Bearer' 

SiirCoci'i'et l K.. Oij 
(iiauiBmcN>ie«(Fl! 
Heluetten iFi. 2bii 
Hi*jfipveus tl'l.'dOl 

Uunier U.iFl.lKT/ 

K.U. tFl.TOGj... 

iQi.Mulier (FlAj) 

Aal-Nedloa (FI. 10 

\edCredBx (Fl.20 

.Ne-iUidU.MFl.00) 

Oce(FliOi» 

OUBM iH.IOi.-.. 

tan Gmuieren.... 

FakbcnJ (Fl^Ol... 

11111110 - (FI. 10 

li'jascliV-n Fi.KQ 
KolieeoiFl.Ol(l... J .. 

(.'» j 

lheeuio iPt.W)....! 

Kfijt-a: Uulnbi Fi J!Ci 

■'litreuburj * 

rokjui'i' .Uidi.>| 

•.-iinever •r'l-iw-.-i 

I’Ulns Iten 

tVn.-t.Llr. iiyn* 


111.6 + 1.5 I iia 

28.6 1 - 

369 .—2 i A24* 
09.5+2.6 50 

75.1—0.3 1 A7Si' 
88.7 +0.2! no 
118.0+0 8 'sSO 

72.3 +1.8, 26 , 

279 —3 37.5 

139.5. ' AS7*f 

70.4 ! 9+.i 

34.2 +0.2 I 20 

95.7—0.8! 14 
33.71+0 3 


6.0 



K-l 
• 1.0 
28.6^-0.1 1 23 
142 +B ' — 
42.7—0 1 1 — 
24.6 I 17 

36.q-2.lj - 

164.5 25.1 

121m, i - 

122J -U.l ■ 19.S 
12LS-OJ '5a. 75 
2 58. oj— 0.5 I 20 

129.51 SQ.JC 

121 I '42.1 

39 ;SC..C 

412.0^-2^' 33 


6.4 

5.6 

6.3 

5.9 

fa. 8 

7.2 

2.0 

5.4 

4.9 

5.9 

3.7 


6.6 

a.4 

as 

4.4 

7.4 

5.3 

4.3 

8.1 


6.9 


7.8 


3.9 

9.0 
8.4 
0.5 

7.0 
1.2 
3.9 


VIENNA 


Dec. 7 

ri 

«* 

T 


Div. 

i 

y 

l •C.l|l«l»-t4ll 

342 


10 

rri 

iViiin^o ei 

270 


9a 

3.3 

f '^4 

577ai 

+ i 

fac 

e.4 

etnpeii<._ 

81 



— 

— 

Meet D* inner 

201 

+ 1 

a. 

LJJ 


241 

+ 1 

10 

m 


WALL STREET 


NEW YORK 


1978 

High ; Law 


Stock 


39 

32 

45Sj 

3139 

36 i* 

52 >4 

20ia 

203a 

443j 

27 

581a 

51 

53i s 


194 
52 7 8 
624 
454 
324 

36 
244 
405a 
324 
314 

7 

464 
55 4 
374 
641* 
374 
254 
394 
194 
315g 
274 
254 
304 

194 
204 
504 
574 
364 
174 
345a 
615a 
274 
314 
294 
397 b 
294 
494 
284 
404 
234 
43 
54 
264 
21 
74 
33 
314 
344 
184 
15ia 
394 
184 
354 
1B4 
214 
9 4 
454 

867 B 

38 

214 

iaij 

324 

13 

207b 

644 

64 

464 

17 

244 

244 

£64 

37 4 

445a 

27 Is 

354 

59 
133« 
374 
£94 

80Jfl 

184 
314 
467b 
324 
131b 
29*4 
26 
204 
434 
204 
284 
49 
167b 
507; 
25Sa 
254 
267g 
444 
S4i a 
337 g 
314 
165% 

444 

60 


25 

I37 8 

304 

£24 

22 

3di 4 

144 

lQ5a 

29 

18=4 

224 

314 

227 6 

94 

394 

34s, 

344 

234 

23 

207a 

5Q(e 

265b 

16*b 

35a 

384 

323« 

284 

571b 

27Jb 

1S7 B 

244 

10 

254 

174 

174 

194 

64 


AMmti Lafa? 

JJkil.IrcK+vrraph ... 
[Aetna Lile A Ca> 

'Aiqiradiict 1 

Ali-eii.Uuininlitni 

■Hera 

Lvilct*. Ludlnm..,. 
|.VIle«lienr Power 
Mllieil Chemical. 

i.\llle<l Stuivs 

JaIII- C halmers.... 

Umax 

I Amerada Uesa.... 


Dec- 

* 


Anier. Airlines.. -I 
|Amer. Bnunla. ...j 
Anier. Bn.wlcast. 

Inter. Can 1 

Amer. C-yanamid' 
.Voter. Diet. Tel..; 
Amer. Fleet- Fon t 
Amer. Uxpnaa..' 
.Vmcr -Houie Prod 
Amer. Me<lkal J 

Amer. .Viuton 

Amer. Nat. lias..' 
Amer. .Standard. 1 

Amer. fatorw 

Amer. Tel. A Tel., 

Ainetek 

AMP 

V.UP ..... 

Am pea ' 

Viuihi.ir Hivkirut. 
Anlreoser Puacb .1 

Arm 0 .> * 

■V.S.A ; 

Aaarncra Oil i 


343 t 

233j 

407b 

243a 

33t b 

48 

164 

174 

30 

234 

314 

46 

283a 

13 

503a 

384 

355a 

264 

224 

22(a 

324 

284 

245s 

54 

413, 

43 

324 

61 

304 

164 

33>s 

15* 

27 

259(1 

20 

24 

16 


IS Se (Asatvo 

27(a 

Ashland DU 

43 i a 

At<. Hich iii'lri.... 

2358 

Ante Data Pro... 



16* 

Awn 

441* 

Ai-on PiTilucts.. 

24 

Balt. Ubj. BUx-l.. 

16 

UaitffOr Puma.... 

201, 

Bank AmerUw... 

33!* 

Banker-- Tr. N.Y 

211* 

Biiri>er till 

3a 

BaxtarTravunul. 

22 

Ueairl.-c tiMi.... 


304 

14 
33 

24 
194 
144 
254 
22)a 
26 
as 4 

9 

127g 

284 

13 r« 
254 
124 
16 

5 

364 

5814 

314 

147b 

« 9 ' 8 

244 

107 8 

15 7 4 
454 
43 sa 
36 

14 4 
174 
145a 
164 
275 b 
364 
a..-j8 
254 
42 

9 

184 

194 

454 

114 

234 

364 
174 
87a 
254 
13*4 
14 “s 
314 
® 7 8 
2 43 1 
2914 
84 
314 
134 
217a 
214 
e37 B 

2Ha 

264 

354 

1458 

25* 

404 


iReciim llirfcinwip 

!d<Ml 4 Bowed 

Uemllx 

[UeuKuiA Cun-s 'U'i 
’Uet-ttlei «™ rfcel.j 
iUlB.-Jt k Pecker.. 

, Bocl ok - ! 

iBuibC Lriscaile.— | 

lUnnlun ; 

ilt.r^ Whitot ; 

I UlH.nl U lilt | 


jUmxan "A , 

;Un«t<n Myers. 

B.tVt A Drttn... 
lUrockwaj Glass J 
lilruoswtck ....... 

Uuuyrua Erie. 

Union Tsleh . 
Bm-llnfiton N'thn. 

Unr+qnull. 

CanipiMrli atHip... 
Canadian Pacific 
Canal Kanrtolph 

Carnation 

Carrier A General 
Carter Hawiey... 
Cater,)! ilarl'racrt 

CH> j 

I'ciauc.-e k'l.riiu 

CetiLial £ S.VV ] 

Certaintf.+.d i 

Airentt... 
V Ifantphet Inter..; 
|Lluue MaiUiattam 
Cite in ical Bk.N\. 
CUe^et.nrb J+iD-i.. 

Cbe-»l© System.. 
Chicago iJri.lce... 

ChrVfcler 

Cine. Milocruu.„. 

uiuotiV — 

Lille.' Service 

Cu.v Inieanuj;.... 
ClevL-laml Cliif... 

-.'■waC.rla 

LVilR-ile Pnim 

.--olilrLi Aiknun... 
i.V>lumt>ut Ui-.„. 
O III! ml I1R Pu t.... 
Cnm.ln-C-o-olAru 
I'.imlui-tlvli Kni; j 
VomtHixtiuB Ur;... 
iC'm'trUi Kalis, in. 
Cumin, .'iuterl I te. 
'L>'ru|iutL-r acieuv. 

k+inn Lite Ini 

jColinti- 

L7iu-hdi.iiii .\i... 

ijm rvil l-.-.d-, I 

Il’i.ium. 1 ) \*t Gar ,.| 
|oiu»uiJi»+' P-n+eri 

Con (menial GrpJ 
ConMnetital in ,.. 1 
ICimllncOtal Tele 
jConrnd Data..,,.. 

(Cooper Indus. 


134 

49 

554 

314 

87 S 

24 
524 
254 
214 
25Jb 
337, 
274 
4£); 
237, 
334 
154 

367s 
3l„ 
201* 
167, 
7044 
274 
27 
29 4 
137a 
144 
334 
184 
254 
14 
164 
64s 
39 
7358 
33 
211 , 
104 
£S7 8 
1148 
164 

565, 
541; 
414 
lb 7s 
1759 
204 
204 
504 
59 
234 
264 
504 
94 
354 

25 
544 
13Sb 
284 
43 
167a 

94 

26 
22 4 
167a 
54 7 B 

107s 

27 

385a 

117 S 

3514 

184 

24 

224 

364 

2 2i S 

274 

2758 

154 

346b 

4S7„ 


lul 

High 

b 

Jftiwk 

Dec. 

8 

641- 

45is 

Uirulni: blare.... 
CIV Ini'ni'iiii’xi 

563* 

541- 

42** 

50*8 

361- 

251s 

Crane 

i a 

377 B 

29 ia 

Crow □ Xe 'or* n«Hi 

30 (5 

42i« 

29*2 

.'ni'iinin- Kimiuc 

331* 

Slip 

13 

Curtl .» U'ngiil... 

13*8 

315* 

193* 

Uant 

283* 

491, 

34 

Hart In.lnrtnei .. 

405* 

365a 

44 

23 


335a 

225, 

Ue- Manic 

413* 

14l a 

a *8 


93, 

24i, 

14J, 

Dent |ih I 11 I 

1612 

16i* 

l4ia 

L'elpiit B'hwn ... 

16*4 

29 

19*4 

□ i 8 mi.it]. 1 fahnmrk 

2012 

195* 

lisa 

DlcT3)ihoni- - 

177a 

541g 

38&a 

Dls^tni Koim| ...... 

60ig 

46«b 

31fie 

Ubnev 

391* 

511* 

38 

Dover Corp'n 

421s 

305* 

220 s 

Dow Cbeniieal ... 

26<a 

33 

25 

Draro 

3Ha 

46T 8 

361r 

Drawer 

38 

138 

975, 

Duiaint 

124 

2 h«* 

16*s 

Bagio Pitcher.—. 

201 , 

16 is 

6 

iiasl Airlines 

103, 

674* 

4K* 

Kastman Kodak.. 

60 It 

41 1 B 

325* 

33 


353, 

165, 

E. «. i G 

291g 

1HI* 

142« 

Ei Fa-i .1 Nat. lit, 

16'* 

334* 

Kb j hi tin 

27sg 

39 Va 

ilSSfl itmor.i.n Lieciric 
185a !Kinu-v Air Fright 

357, 

2 bi a 

20 

445* 

31- 

275a 1 
21 9 


36 

E.Al.i 

3 

cBjg 

2 Its 

Engelhard 

283* 

disk 

235s 

E*marn 

263e 



22 

52r a 

4alj 

Kr.xon 

493* 

39Tb 

Za 

Aomin hi Camera 

3K* 

40 5b 

313a 

Fed. Dept, faro ret 

315* 

16 

12V* 

lire-Wnc Tire.... 

123* 

325, 

24 

Fi>t. Nat. Boston. 

285a 

25 



16-3 

39is 

16*e 


Z 01 B 

33 

28 7 B 

Flon-i, Puircr.... 

311* 

431* 

2Sl, 

295* 


3m 

201% 

F.M.C. 

VV 111 I Xlnu.r 

2314 

falls 

39 

411, 

231* 

39t b 

111 , 

17 

Pinent,><t lick.... 

191* 


Franklin Mini .. 

55* 

327a 

18ia 

Frevp'wi Muu.-ra 

311a 

*33, 


27>n 

13a* 

636 

Fuqua 

95* 





491* 

343* 

Gnnneit...^ 

433* 

Use 

U /0 

l«en Atnei.lnv. 103a 

I3.A-T.X J 25 

20*2 

Ilk 

Gen. Cable 

161* 

92 

a7Ja 

ben. Dynamics. 

761* 

67 

44 lj 

Geiu tlenrier.- 

481* 

347a 

26 &a 

Gen. Fuuds 

315a 

334* 

6 bte 

261* 

64U 



General Motors. 

55ig 

2QT 8 

16*g 

(Sou. Pot*. Util.. 

181* 

331, 

24 

Leo. Signal 

261s 

317a 

26 

Gen. TeL Blect— 

283* 

31i* 

225a 

Den. Tire. — 

255g 

BIr 

37 8 

Geneecn — 

4 

32JSa 

233* 

beor^m Pacific.. 

2613 

3l7g 

20 

Ueosnarce 

28i B 

44U 

fadia 

Getty OU - 

37U 

321* 

23i« 

Gillette 1 25>» 

227a 

167g 

(jrvitincfa H. F 

167g 

lfalj 

lfak 

'••■"■lyiar fire—. 

162* 

34 L* 

X4Va 

Ci- ill Id 

276, 

32 1 * 

237* r‘.i raw WJt 

267 8 

W'a 

5 

b ri. Atum Paolo* 

Si* 

3W 

22 

brt. North iron. 

23 

144, 

11*8 


115a 

161* 

11 -i.iiill A AVurtem. 

137i 

635a 

22 *9 

^luli Uu 

251* 

77ig 

647 b 

Halibut-inn,.,.— 

63( b 

41 

30 


301* 

S 2 z b 

141* 

Ha rn lacb lug or .. _ 

15 

44 

falls 

as 

34 ‘ 
24 

61?a 

Heinz H. J 

40 " 

Hewiu t'ackanl- 

29 lg 

863* 





29Sb 



7e-: 

+al* 

HwievweJI 

67 

i3/ a 

541* 

lOlj 


111 , 

2913 

17 

Hir-r-C-jr^. A m« 

274, 

20 

diiuj-tuu Nat. bn' 

24*8 

165* 

10 k 

Hum (Fh-l)Cbui 

131* 

24 

1U»* 

Hutton 

lbsa 

fa <2 3b 

205* 

l.t. Iniln-lric „ 

LISTg 

47 

341* 

l.NA 

403* 

635* 

4B*a 

ingerwjli Uun-J .. 

463* 

413b 

fafafis 

i/iumi fa(ael.«... 

355* 


llh 


liSle 

•274.25 

303.37 

2351* I1B51 


20 

.[toi. t'lnvoiirs 

i 233a 

44 

261 o 

linn. Uarve^Cor.. 

1 347 b 

4j ia 

04 

Jluti. Mlu. 1 ; Cheml *6 

25 

17 

lull MiiiLiroodb.. 

19 

193a 

15*z 

’inev 

; 154 

431, 

3b6li 

‘IntL Paper........ 

1 39 ij 


fae* 

1 lull. Modifier...? 

1 H B 

331* 

Bis, 

Moth Te'. & Teh. 

27 1 3 

B3*a 

271, 

lima Beer. 

1 503* 

1273 

97, 

!lU Internatinnai 

10 

a4(j 

263e 

alter. 

| 285a 


Sick 


344 

884 

334 

561, 

294 

40 


[John. Manvnlc... 
jjnbn**] Jolinwni 
iJtihn'uii Com ml. 
iJovManiiia-tnr'a 

'S. Mar Curt 

iKiherA'um-.ni'ni 


ifeiaiser I ml 11 -I rles 

'Kaiii-r "flevl 


llTl-3 

t 

Doc. 

High 

Law 

fa lock 

8 

68 lj 

38 


55 

■39 A* 

251* 


34i S 

64 

521* 


583* 

3058 

20 


23 ia 

373, 

ser B 


343* 

401* 

28 1« 

liohm * H*r« — 

323* 


ihhV 

iheoneecii 

,lieiT lileGe*- 

'Kiilile Vi 'niter j 

iiimhcily UarK.. 

Knpier- 

'Krntt 


[Krotfer Cu~ ! 

Lcetway Trans...; 


Levi scram. J 

]Lihby Gw. Ford. 4 


Liggett Group... 

Lilli (Eli) 

Litton Industrie! 
U«febeoi Airer'ft 
U'Ot- s>tar Iminst 
jUiiiu (aland Ltd. 
Louisiana Land... 

[Lui-nzur 

jLnetry fat-wes.-.-i 

iLykes Corpn ! 

MacMillan _.| 

[Macs It H ! 

-Alapco .! 

lAUtaihontlll [ 

• Marine 31 id land.. 1 
'Marshall FieMl_-l 


;Mav l)ert. fatorca- 
!MCA—d 


j McL'crmott. 

Mcl/unneii Dow} 

I.Mdltaw Hid | 

IMernorez". I 

' Merck ; 

‘Uenill Lynch—. 
i)Kiw Petroleum. 

!mgu ^...1 

IMlnuMmaAMld 

l.Mien Corp. J 

111 OO SM tO._ 

jM'nyan J. P 

iMoturo>a-.f> I 

JMurpb.r Oil- .1 

-NaniwsC' j 

| .Naici ■ L'hemi «!*.! 
|Natic«al Caa | 


jiVat. Dlfttl' cre....| 
Nat Service lud. 


.Vai H-ruv fatcei....! 
jAatumss.. 1 


•NCR. 1 

Neptune Imp 1 

New Knftiand E.J 
New Muglanil lei 
Niagara Mohawkl 
.NLacara share—. J 
X. tl lnduatrtea .1 
N'orfolibtWestern 
North Net. Gas— 
Nthn. States Pwri 
Nibnnt Airline. 
N'thwost Bancorp 
Norton Simon — 
Occidental rctrvHl 
Op Ivy Mather...! 

((Jiiio fitiBon. { 

jOlin 1 


Uitres* sb|p. _.| 
Owen: Corning.. 
Owen* in lout— ,| 

Pacific Ga:- 

Pacitle Ltpiitlnc-J 
Pan Pwr.e Lt^.J 
HanAji) World Altj 

Purker Uannlbo. 

Peai<w.lv Inti 

FroPwA I — 

Pennv J. c 

Pennzuii_ 

Peoples Imis — .. 

People* G«<- 

Peptiuo 


Move* Dut h I 

KTU .4 

Ho" Toss 

Byder Sy stem 
safe wav Store! —J 
Joe Mineral* 
si. Hejr- Paper ^ 
santa Fe I nds. .. 
-aui Invtr-v — — 
sazon Inds,. 
SofalltR Brew-inn 
schlumberoer. .. 

'CM. 

xttt Paper. 

5 covil ilrg 1 

Scudder Doo.Cafi 

| Sea Container 

I dean ram — ( 

,Searle (G.D.)._ J 

■star* Boet'ock 

[SHIXJM 

.Shell (Ml- 1 

1 Shell Transport .4 

jsiimal 

.Siynole Corp 

|Silup(k-lLv Pat— f 

[Smith ,nter — 

Smith Kline—. 
|Solltn>n. 

■Soul ddowo 

| Southern Cal. lid. 
(Soutiiern Co—.— 
Sthn. Km. Jtei — 
Southern Pacific. 
SoutbernUallway 
Soatblani 

S'w'l ban-- bare* . 

Sperry Hutch— 
Speny Kaort... — 
Squibb. _J 

Stsoiaol b nut 

Stit .0 1 1 Ca 1 itoraia 

Seri. Uu Lana 

St<L till Ohio. — 

Staud Chemical^} 

SteriiHi Dnic 

>tu.'elake» 

Sun Cits — 

Snnilatrand.. — 

Symes 

Teciimoiior..... — 

rekuuoi* 

relet.t □«. — 

Tele* - 

reaeco 

1 1'esoro Pet roieomf 
fence —l 

Ecxaapuil^ I 

rexaa Kaetem 

Testa loht'rn 

Texas Oil A Gotu, 
Tesaa Gtliitiea_^ 

rimes Ins. — 

Times Mirror..— 

Timken — 

rmne. 

Tranatnenvau.— 

rmnsco — -) 

fran Union 

rran-way Intm-. 
1'nut lVorld Air- 
r rareers 

f n-CdUlneoiai . 

livitun Oil a UaaJ 

, I'KW 

Ati Century Fa* 

U.A.L. - 

O.Vbto 

k'Ui 

(Juiievur. — 

Un. lever NV— . 
Union Jtancurp— j 
Union Cartn.ie— ] 
Union Cotumercel 
Unujo Oil CallL. 
Uutun Pacific.^. 


584 

11 

10 

£4 

404 

234 

2B5s 

303* 

6* 

54 

94 

894 

184 

14S| 

18 

7* 


2158 

28 

12 

21S* 

SO 

831* 

454 

40/8 

S14 

94 

137, 

455$ 

924 

34 

324 

257, 

144 

307« 

86*4 

474 

27 

25 

157 S 

434 

2938 

254 

473, 

634 
394 
387, 
161, 
60 1 3 

404 

824 

353* 

124 

467 S 

964 

069 

304 

77 B 

844 

191* 

364 

S2 

31 

IBS, 

414 

29 
605, 
37 
16 
204 

30 
217, 
204 
357, 

184 


Hi-.di 


924 

74 

634 

194 

187, 

>-•25, 

8.9B> 


Liw 


174 

4 « 

111 , 
114 
93* 
1786, 
6.0 /t| 


Stock 


Wool wort h— .. 

wviv : 

Xena 

Zapata ..! 

'Senith Kadfu 

U.S.TiTW-.«Sl9fcd 
LSTree-JJ*j7S/vfa 
U.S. iAtdav hills., 


Dec. 

& 


191, 

4 

535, 

11 

134 

194 

+784 

8.93* 


CANADA 


19 

I 04 

45 

263* 

487, 

255, 

25 

74 

644 

24 


104 

4.50 

244 

144 

344 

171, 

184 

3.70 

52 

104 


AMtfbi Paper 

AcDico Beale. — 
Alcan Alumlni'm. 
AJjrtuna Steel — .J 

Aobwtqa 1 

Bank ol Mon tree-1 
Bank Nova Scoria 1 
Basic Kesmiroes.. 1 
Bell Teiopbone—I 
Bow Valiev lnd..| 


19 

61, 

40 

274 

53 

25»* 

234 

3.90 

654 

224 


214 

ItK, 

19.00 

40 

174 

124, 

1*4 

305 8 

>84 

254 

.=.*» 

724 

L.ltf 

115, 


134 

144 

2. U6 

34 

114 

85a 

64 

224 

18 

154 

154 

hi 

3. Jb 
84 


BP Canada | 

brssoan 

Urlnco.— .... 
Calvary Power.. 
Ounflo Mint* ... 
Canada Cement. 
Canada NW Lan.i 
Can.ImpHk Com| 
Canada IntluM ... 

l(4n. Pacific I 

Can. Pacific Inv. ! 
Can. JUper Oil— 
ICanlncO’Keele-. 
Ccxslar A»l>e>tus.j 


204 

165* 

18.50 

404 

13l 8 

124 

9T, 

304- 

1*2 

25 

244 

72 

4.45 

64 


294 

544 

14 

IfcS* 

&4 
1*4 
144 
824 
111 
ldh 4 
29 

*37 B 

174 

ab 

824 


174 

234 

7 

I 04 
4.95 
74 
67, 
62 
704 
S3 4 
214 
144 
12 
le4 
P94 


CfaieJtain 

Com taco — 
Coo*. Bathurst^. 
Consumer Gas— 
|Ca«ka Kewrarcw! 
Cos tain. ....... — —| 

Deuu Devet 

UnlMn Mines.. 
Doom Sitae: ...... 

Dome Petroleum 
Uominion Braize] 

Oombur— 

Onpuni 

Faicon'ce Ntokel 
Ftira Motor Can. 


263, 

31U 

137, 

194 

5.62 

105, 

134 

88 

864 

29 
23 1 8 
13 >B 
314 
694 


Parkin Elmer. 

(•freer 

Pbe'.f* Dw+itfa—- 

Philo U-lphia E4. 

PiilltpMcrrtf 

Phillips Pci rt-’m . 

Pli Injury 

Pivney-lSi'Wc* j 

Pltsuxi - 

Pleaeey Ltd AliB[ 


694 I 
154 ; 
31*8 i 
9 24 : 
2554 : 
] 

2 Jig ' 

274 i 
I 64 
5bi, I 
33 &b • 
271, 

484 I 


Polaroid 

Putnciev Blec 

PPG linlu-uie-.. 
Cnxl'.T Gamhic.. 
IPub. faer. Elect... 

I’ldninit ..... 

-Pure* 

yuakerOwfa — 
Kajud Amerkam. 

Kavtlieaoa 

KCA- — 

He public Strain. 
Bexjrtelntl...— . 


,Uoliv-»-al...~..,.— 
Lmtwl Bhuidt.. 
Ufa £anwr|.— — 
Ufa (j 1 . 

I S faliw.... 

L'S fateei — 

,IW Teiilnu* „ 

l 1 ' ln,:u*.frn*<— | 

.Virginia hiert. 

- 


ilVallavc-JJ array . 
jWarner-Couiuiil-I 


| Waruer-Lemnert. 

■ Wa.te. Man'menll 


Welli-raixo — 

iWwtcrn baoenrt 
Western K.Amo 
I'feitern Union— 
jWesLmjib’ic Elec 


314 I 

243. 

247a 

234 

31 


iWcyerfeaeujw. _1 

Whirlpool- 

VFhHe Con. Ind4 
(Will tan 1 Co. ... 


J'VI-cocvin bled - 


364 

Ib-« 

354 

fas, 

48 

474 

bat* 

24 

644 

21 

au 

241* 

224 


254 

o 9la 

2 a 

6 

29 

57 

154 

lol fl 

40l B 

17 

274* 

I 84 

154 


Ueuttar 

Giant I'ei.wkulie 
(iun UiiCdnailR.. 
Hanker .sU.Csn. 
Hollinuec— - 

Home OH "A 1 

Hudson Bap Hn£ 
Bud son Bay.— .. 
Uudsoo OlliGs* 
I^..C 


Lm portal OU 1 

linoo'A' — - 


347 8 
IQt, 
35i 8 
&4 
39i a 
45t s 
20 1 9 
214 
534 
18 
384 
24 
1?7* 


I 64 

12 

191, 

164 

94* 

4.8 o 
251* 

I 64 

30 

5tfl B 

4 

384* 

194 

4U3* 

291i 

u4 

2.30 


84 

94 

134 

13 

6 t b 

3.25 

164 

97 t 

204 

284* 

1.90 

21 

144* 

154 

224 

O.faj 

1.00 


Inna.. 


607s 

-ui a 

207a 

7 

2.50 

284 

234 

t234 

2.4W 

195, 

141* 

387 g 

37iS 

5 


334 

314 

54 

S.Bu 

u.S'J 

194 

97a 

1U4 

1-05 

124 

8 

24J, 

294 

27g 


lu 4 

544 
174 
84 
364 
7/, 
2 U 
4.00 
50 
5B5 8 
184 
104 
IS/, 

11 * 
09&1 
124 
224 
1 Bid. 


« S78 

2 a», 

154 

4.5 J 

22 S, 

4.PJ 

224 

2.5u 

54 

166s 

134 

84 

10 

10 

7 

884 

104 

134 


t Attnd. 


I aland Nat. Ga».l 
Int‘p.v.Plpe Ltaej 
Salaer Btoourre- 
Loan Fin. CorpJ 
Luhtew Com. 'B' 
Kermd'n Bioed.., 
Sfru*«y Ferj^isoo 
Uolntyrcb- ....... . 

UnorB Cnmn 1 

Mountain State K| 
Noramla Mine— 
Norcen Knerjf) 

Nth. Teieeom — 
Numac OU A Oarl 
{Gakwixm P«ro'nf 
I Pacific Capper M 

Kacrfle Petmleonv 
P«n.UMi.PeUoim| 

Patino .... 

Peoples IVpx. S... 
Ptaue Can. A Op- 
Placet Deroliipn’n 
Power C-orriotet'n] 
Price——.. 
Quebec Sturgeon 

ICanKor Oil 

Heed 6 ten bonne ~ 
ltk> Aleem... — .. 
Koyal Uk. n( Can 
Boj-alTniaC. 

|Sett itreKeM Kireee} 

a C Hftnunr.. 

sllei. (.aaada- 

Sherrttt G .Miner 
SibhemO.G— _ 
(fannptoo »— 
iteei ut Canada.. 
Steep Book Iron 
l'e.taco Camuia.. 
^romnto Uom.Uk 
Tans CanPlpclitl 
frans Mount Oja 

1 'rucc. 

|UaioaGaa_ 

Untdaixxe.ilJnes) 
Walker Hiram ... 
Weet Cunnt Tract 
Western Geo I 

S Traded, s New 


13 

11 

164 

154 

97, 

4.30 

23i 2 

104 

24 

334 

3.20 

36U 

184 

36 

285* 

4.40 

1.80 


604 
58 
204 
6 Tb 
2. OS 
2 B 4 

234 

125 

1.33 

184 

1104 

534 

374 

144 


74 

327 B 

164 

84 

384 

277b 

5.60 

504 

)»U 

184 

84 

18 

104 

105* 

394 

114 

&54 

Stock. 


BRUSSELS/LUXEMBOURG- 

I ' » '"Tlir 

Dec. 8 1 Prl>r ! + -t 1 Fi>. 

r r*. — i ■'lei 


Ai»eC — . 

lierket ■■IP’...— 
C.ti.U. («men-'.... 

livliHIlU 

LB hr 

6.8 l»’ii -e 1 - ........ 

r'dwnjuc A.'.t. 

U.H lari" dm;...., 

Uevaeri. ........ — 

GBL(Bnu Li— > 

UoloEen. - 

lulerctun...— 

Erediettanb 

La Bnvu.e dace.. 

Pan Holilinz-— 

VhiuKna. 

fauc.‘ir(i. raaqut 
fauc.Gen. Belze... 

faofina. 

90'VIV — 

1'eu.Uoii K tvi .... 

LCB 

LiiMtri. - 1 10' 

Vleiiiu.Muuta^re. 


2.175 
•2.485 
1.07J 
1 440 
2,345 
7,200 
3.050 
■2 . 490 
1.320 
,1.620 
2,500 

-i.aso 

(8.930 

15.960 

12.740 

(3^45 

3,215 
2,045 
13,300 
2.575 
,3,745 
1.19J 
724 
L, <00 


-20 
+25 
—20 
—11 
I — 10 
;+80 
—10 


lib 4.6 
IldO 9.4 


TW. 

i 


:i77 1 7.5 
430 6.0 
1 170 6.6 
1 W , 6.0 
83 6.4 


J-30 
>-3 
+ 20 
-10 


90 

1170 

142 


1+ 5 
(-20 
i—5 
+ 15 

tl- 

|+4 

lt-80 


>3ta 

Ilf 

du4 

:Z15 

'A/.1E 

17u 


50 


6.6 
6.8 
7 D 
<K2 

5.4 
2 ^ 
5.6 

6.4 

6.8 

6.5 
8.1 
6 ^ 


6 M 


COPENHAGEN * 


Dec. 3 


Price. I'+'or I Uir.jY'il 
!hrmur 1 — ! * “ 


Andei-Lanfcen.— | 
IteMK'' b"Dk..— . 
hart A lain: Go.... I 
r ms nt>» nsen — j 

BryRfCMer _.i 

Fur rtyir ! 

Hsorte.-Gaut 

U.N'thuU.lKrtL+.-l 

,V ni hebci 

Nun. iniiu’tn U. 

U icii'jrle 

i*rivni Lnnh........ 

Prt,vin-Ie!iik ....... 

fatipn. Uervii cu... 
ruperfu- 


1404i 

1251*1+4 
1474 +4 
132 +4 , 

3444+241 
82 (.... 
12641-2 


28541 + 1 
182 -4 i 


2193* -4 

110 i*i..... .. 

1304 

1364 

368 1 

1633*— 4 . 


7 JB 
9.6 
8.2 


3.5 

3z3 

6.6 
4A 


L 9-2 
8.1 


7-3 


GERMANY ♦ 


Dec. 8 


Price +r>r Diijfii 
Dm. - 1, | % 


AJSG , OOJS — 2JI 

Allianztr VeraicL.. 497 1+2.0 

BMW ' 225.50, — 0.5 

BASF ; 135.9,-0.1 

Kayrr 1 

Bat tr-Hlpu 

Uayer-Ven-iiMit .- 
Ciwlnl.NeU.wri i, 

Commend wnl 

Ood (iunimi 

Daiinier-Benc. ; 

Ucuuva I 

Ueszue 

Deut-chu Bank— : 

L> retainer Bank..,. 

Dyckerbotf /.£7nt.| 

Uutthpffniinz j 

Hapne Unyrt / 

Hardener 

Hundnt —| 

H'lescfa — 

Hurt cn I 

Kali undSalz 1 

Eai-'ladt 

Kaufitof — ... 

Uu-kner DM100.1 

KHD. 

hrup)i DM BX>. — J 

Lindih — I 

Loweni*»nDMKWl,350 ! 

LutUtan-s 1 100-0 - 

lUnnertnann I 

Melange 

MuDebencr.Kuelc 

Neckermaon, 

Proui-at: Dm. 10CI 
ItbvnWa t. Eiec.1 

fadienn^ 

diemm* 

fatal Sucker—. 

X fay ’Sell A.G. 

V«rta_ 

VhBA 

Vminrt We-i Hk 
Vuikwwaeen 


140.31— 1-2 

318.5- 1.5 

328.5. -3.5 

162. 

228.2—16 

67.0— 1.0 

330 —2.5 

261 1 + 0.7 
175 -1 
310.5 -2,5 

247.1— 0.9 
179.0—2.5 

240.6— 3.8 

101 +1.5 

154.0 | 

J 36.7-1. 3 

50 ] — 0.2 

159.2 — 0.3 

139.5, — 1.5 
329 U2.5 
251 1-2 

91.0- 0.8 


3i.a 
38.12| 
18.rt 
18.751 
3d. I2| 
So.ld 


26.58 


128.12 

26.56 

17.4 

•Jtl «•> 


5.8 


201 j — 3-6 


10 ®... 

293.0—1 


233.5:— 2.5 
178.90.— 0.3 

252.0— 2.0 

670 1+5 
J67.5L 

140.0— 1.5 
179.61—2.3 

261.0 — 3.0 
290.2-2.1 
252.0! +2.0 
118.5-0.8 
1&4.0 + 1 

134.0— 0.7 

297 , 

242.51—0.3 


28.12' 
2 b. I'/! 
9.3&I 
lB^cl 
1+.C6; 
15.65; 

ia.?si 


5.1 


9.36! 

14.D4; 

25.44 

18.7i( 


18.761 4.6 


25 
2 n 
9 .38 
18.76! 
17.4 
15.63 
28. IS 


4.2 

I 8.1 

4.7 


23 

28.1! 

25 
t/^aj 
11 M 6 | 
116.4, 
3-381 
•28.12] 
I 25 


4.8 

3.1 

2.2 


7.0 

5.4 
4.3 

5.1 

7.5 

4.6 
3.5 
4.8 

6.2 


MILAN 



PrtCL- 

+ or 

Dir. 

X«.. 

Dec. 7 

Lire 

— 

Lire 


AN 1C. 

30 


- 


Flat 

(Vj. Knv 

2,878 

2,220 

+48 
+ 18 

130 

ISO 

5.3 

6.8 


142 

+6 




luicemrni- 

23.450 

+ 75C 

OU*. 

2.6 

ibu.-iuei 

328.50 

+4.W 

— 


lletli/ania...... 

36.000 

+1.0W 

1 . 20 c 

5.3 

ilimieiKi'n 

171.75 

-1.2S 

— 

— 

Ouveti ■ l"rn 

1.080 

-30 

— 

— 


1,621 

+3 

lfaO 

7.1 

(*inf«»i far* 

920 

80 

8.7 

tnia \ unra,.,.,. 

890 

+ 10 

— 

_ 


SPAIN V 


— 

ran- 


December 7 

Per cent 


trlnrul .... 


121 

+ 2 

Banco Bilbao 


284 

— 

Banco Atlandco (1,000) 

as 



Banco Central ... 

... • 

310 


Banco Exterior 


260 



VO 

— 

Banco Granada (1,000) 

MS 


Banco Hispano - 


220 

■f 6 

Banco lnd. Cat. (1,000) 

ca 


B. lnd Mcditerraneo.- 

28S 

— 

Banco Madrid .. 


— 

Banco Popular ... 


209 • 



(250) 335 

- — 

Banco Oruuijo (1,000) 

761 

” 


Banco Zaras cuano 

2X7 

+ 2 

Bankunlon 

...■rere. 

Ml 

— 

Bams AndaJucia 



IBS 

— 

Babcock Wilcox 



29 


CIC 


BS 

— - 

Ora* ados — 

ZH 

"" 


TwnWiantf 

• 

63 

— 


E- L Arasonesas 


39 

— 


EspanoLa Zinc .. 


220 


Bad- Rio Tinto 


SX2S 

- 2.15 

Fecsa (1.000) 



LSD. 

Fenosa 0.000) .. 



59 

- 

<JaL Preclad os . 


07 



Grnpo Vciazonet 

(400) . 

U5 

- I 

Bidnla - 



M 


, 

Iberduero 



HJS 

-U35 

Olarra 


*2 

— 

5 

1 Pape! eras Reixnldas ... 

05 ■ 

+ 2 

PetroMbcr 


112 .- 

- 

Potroleos 


175 

— 

3 1 

Sarrio Pa patera 


39 



Sitlace 


47 


Sopefisa 


2Z7 - 

’ — ” 

Telefonica 


76 

+ 3J5 

Torras Ho stench 

...... 

75 

• — 

Tubacex 


82 

. — 

LSB 

Union Elec 


. “ 

3. 

STOCKHOLM 





. 

Price 

4 - or 

Div.iyiil.1 

Dee. 8 

krome 


Kr. 

% 


199 


6 

9.5 


142 


5 

3.5 


77.5- 

-ini 

b 

6.5 

Asa* Iteyocu Kite 

116 


-• 6 

5^ 

UUieruri __4 

40^ 

+2.0 

4 

9.9 


112 




'Jiinlu ...... 

179 . 

+ 1 • 

ia 


234 

+ 1 

IO 

4.8 

fanfct'ux’B'lKrt* 

112 

+ 1 

b.2b 

4.7 


• 1Z5 


5 

mi 

hs.e.te 

' 284 

h 2 

6 

2.8 


97 

-1 

4 

4.1 

brinoe* (Free).... 

46-5 

- 1.0 


•- . . 

diuui'eeiwnken - 

381 


16 

4JJ 


125 



6.4 

iuu Uvh Lh annul.. 

64 

+2 



:<tn,1Vix •ll’ Kr*. 

271 

+ 2. 

5.70 

2.1 


56 

+ 1 

4.3 

8.0 





4.9 

(an imu-B’-KrtC 

©8 

+2 


7.4 

i>:>lriv«ni.— — . 

54.0 

-0.5 

F— 

— 

V.iviwKe.:iJ)...... 

86 

- 

6 

7.0 

SWITZERLAND * 



Price 

+ nr 

Div 

YM. 

Dee.2 

F n 


* 

% 


1.075 

-6 

8 

3.7 

BBC * A ' 

1,660 


10 

3.0 

Clfrn Geigy Pr.lD 

1,080 

-lb 

22 

2.0 

Do. Part Cert- 

865 

-10 

552 

2.5 


630 


22 

3.6 

Credit Suisse 

2,160 

-5 

16 

3.7 

Kfexrowsri 

2,835, 

+5 

10 

2.7 

Fib. - her (George) 

545 

-5 

b 

4.6 

Hodman Pt Cert 

66.000 

— 750, 

noe 

1.7 

Du. (email) 

6.600 

1 — 10 c 

110 

1.6 


3,750 

mmmmm-mmm 

21 

2.8 

Jemioii tKr.UXJ)... 

1.390 

—45 

21 

1.8 

Nertie (Pr.iOO).... 

5,130 

-20 

ndd-o 

2.8 

Do. Bex.: 

2.246 


*36.7 

3.8 

Usntkra B(K-kS>0)j2,646 



la 

1.4 

PlreiltfalP<t’-ii«) 

£74 

-3 

13 

6.4 


3.775 


2b 

1.7 

Do. Part Cert.. 

451 


2d 

2.9 

Schta.iierC«FlOO 

272 

+5 

12 

4.4 

faumetCtlFT.UXJ) 

315 

+2 

14 

4 A 

Swlwair (Pr-5h0). 

798 

+ 2 

10 

4.4 

fawua bok(Pr.l00l 

338 

+ 1 

IO 

5.0 

fawi*- (BeKPr^AI .4.610 

+ 10 

40 

2.2 

LiruoQ n ana 

2.970 

+ 5 

20 

3.4 

Clinch In, 

II.BOO j— 50 

44 

B.0 

AUSTRALIA 




1 

+ OfJ 

Doc-0 


Auat. 8 | 

"I 


dv ; 


OSLO 

Price I + or 
Dec. 8 I limner — 


Beigen Bank 

BnrrrRiini 

C rail thank 

huemcm. 

Ktoiitkauen 

Nap>k Hjr.lm Krc 

fa Ui rebrand 


105.25] 

66 

118 

315 

114.51 

181 

92.: 


— DA, 

+ 0.5 


ta 

.5 

1.2B, 


SO\- 


TFiv: 

TST 

% 

9 

8.5 

11 

8.5 

20 

6.4 

11 

9-b 

12 

5.3 

7 

7.6 


PARtS 


466 

520 

132 


Kerne •» A 

Atnqoe 0 1 Li't'e) 

Air L>qu>dB_ 

An u 1 tame — 

JIC — 

d«iyRU*»- — ..I 

U-fa.N. Cervai 

Camtour 2^64 

C.G.K 397 

L’.l.L'. A j. 11 01 : 1,000 

tie Bancatro^ I 

Club Med Iter. 

Credit (.‘oni-Fr'ctj 

Creusot Ixfir*. 

Du Inez 

Fr. Pclmlee. 

Gen. OivldentaJej 

Lmetal 

jHi-quc* H otel 

La/arge 

L'Oreal .... 

learanil — 

Uaiauin. Ptieoiux. 

MU-lteiln “B” 

Sdrl Hennessey., 
Moulinex 

panoa< 

Pe’hinry 

Perniat KiaM 

PettfieM Ci 1 n>tn . 

Pcelam 

lUilbi Teclitiiqne. 

keiouts 

Khone Poulenc.... 

at. Onbaln. 

fa Sir EoteUf no! 

dues. 

Tclemecanlq un 

Tbontson Brandt.. 

Lsicor 


+ orfDIv. /m. 

— \e n .\% 


259 

778 

2.030 

52B 

1.260 

572 

139 


U.bJ 9.7 


39 

2 SJ? 

25^ 

16.16 


ACMILrZs centt) 

Ai+nw Aa-lniia... — 

AMATIL01 — 

Ampw Bxplnaltra 

Am|«u Petroleum — 

A--OC. Mineral'-.... 

A». oc. Palp Paper SI 

A wine. Con. Induidriee 

A art. PoundaDra Invert...' 
AJI.I 

A mfini^wv— „ , t ^ a 

Aurt. Oil k Gar .... 

Bamboo Creek Gold.... — 

Bine Metal I ml— 

Bougainville Cupper.- 

Brambles LridusSries— 

Broken Hlii Projwieeaty — 
UH South 


Carlton (failed Brewery 

CBS * 31 ; , 

Caoktaun Cement 

Dole* (GJJ.h — 

Cons. Goldfields Aost_, 
Conhdnartfl)..— ...— 

L'oaztnjc TOoUato., 1 

Cow uun Anttili*...— , 
Dunlop- Bubher (60 cent) ... 

BSUOR. 

Bkler-anritfa.. 

Bndewvaar Besamcert- | 

tCZ. Industries- ...., 

Gen^Ptqpa^y Trow 

Hameis ley — : 

Hoofcer~.i_ 


ICI Australia. 

1 n ter- Copper— — J 

Jeontnga mdnstrier 

Jones (David)— 

Leg m a n ! GuL — .. .i.- J 

Metals Bipl oration. 

MeUxnirXlBenl*-, 

UlUTHoIdtafcs 

Myrtre Kfnp nrinm - 

News 


Ntvbola* Inlemntiooai — 
North Broken H'disga (bOcjj 

Uakfiridw ... 

•JU Search — 

Otter BapkimtloQ 

Pioneer Compete. 

UecAca. 3t Caiman — ] 

H. O. Stashl. 

.'octhtand Sllfiinp, _•._ J[ 

>pargoa^SxptoraM€in — ... 

Wu(tn^..^.j....:. 

Western, Minim; (tOcentu 

W 00 1 worth" 


10.70 
tl .00 
12.08 
tl.SO 
10.75 
11.30 
11.78 

11.87 
tl_0B 
11.65 
10.61 
10.74 
10-19 
10.93 
tL52 
tL68 

18.70 
11 AO 
11.68 
13.35 
1US5 

12.14 

13.50 
12.56 
13.60 
S1.25 

10.88 
10.98 
12.38 
10^2 
13.0 ■ 
11.67 
12J80 
10.77 

12.15 

iccao 

10- 91 

11- 24 
10^7 
$as7 
TO. 16 
12.48 
11-&S 
12.40 
10.97 
tl^O 
1L59 
10.11 
*0-37 j 
11.544 
T2.75 
10^9 
ta*7 
K130 
tl-76 
10-70 
TL62 

11.50 


|+ 8 - 0 J 

rfl’.iffi 

+ 0 .K 


+ 0.01 

■rf.OI 

-Ml 


1 +O.K 

hMl 

WJI 


L+oja 


1-031 


t+ 0.01 

i+aaft 

H-0.81 

k®- 8 T 


l+o.os 


- 0 .B 2 

- 0-01 

40.06 

4J1 

~us 


WIA 2 


1 + 0.01 

+ 0 . 0 + 


+0.08 


H»-oi 


4iBi 


J+ 8.01 


TOKYO ? 


Deo. 8 


Ajrtbi Olau 

( 1*11011 ...n— — 

Cano — 

Chinan — — 

Dai Nippon frtnr[ 
•Pujl Pnuto— ....— 

p~n y+ll ; 

Honda Mcfioca — | 

Hoove Food 

C. I toh_ — 

I to Xofcado— — - 
Jacfr..— 


Ksnsai Blect Pw 

Kimwlm 

Ksbola—— — f - 1 


•Prices 


Ten 


367 

458 

883 

375 

592 

603 

263 

497 

1,010 

240 

1.790 

750 

2,850 

1,190 

38S 

292 


4-2 

+3 

+11 


fi 

U 10 . 

4-8 


KyMethaadE ^-3.540 


Hafvuobfia Jnd_J 

Mitsnhtsfal Bank. 

MtteuMahi Heavy) 

Mltenhishl Corp. 
Mitsui 8 Co.—— ! 

Mitsnkoshi : — 

Nippon Denso 


Nippon fab In pan J 820 


731 

280 

128 

438 

300 

687 

1,690 


669 

1,600 

265 

958 

1,190 


NlsaanMotora^ 

Pkmeev ... 

aonyoJUatrin j.. 

fa ek tail 1 Prefab— 

ahiseMo— . 

Sony — — .111,620 

Tawbo Marine . — . 248 
Xakeda CbemicaU- 520 

TDK ;.Jl,930 

iHdn_ 

loryoMar&w—, 

1 'oky o Bled Pow*r| 

Tokyo faanyp 

1 omy„ ...... 

Trahiiia Corp~.~ 

Toyota Motor— 


ISO 

525- 

1.090 

332 

183 

157 

200 


+ «■ 


+ 10 
+2 


-1 

1-1. 

+3 

-I 


,^ 8 

tao 

+3 


+ IO 

+20 


+ 3 

+50 

+T 

*e 


tl 


fc-i 


DivJXW. 




&£ 

1.6 

1.4 
2.1 . 
J.5 
-1A. ,: 
U 
LB 
i!7 
X7 ; 
0.8 
OD 
I A . 
-43 • 

2.5 

2.6 
0 . 7 -- 

1.4 

_ 

4.7- 

1.6 

23- 

1.7 

a6 

a.7 

us 

US 
2.6 
1.6 
0J3 
1.6 
2.2 
1.4 
0.8 : 

2.7 
UD 
4.6 
U9 
2.3 

3.2 

1.3 




Source Nlkko SecariOe*, Totan 


BRAZIL 


Dec. 8 


Acmu — 1 , 

Ban Baht Bmrti ^.i 
banoo Itau PN 
BeijdO Minolta OP) 
fcojas Atnar. O.P 
Petrobnu PP^.^| 
Pireui OP. ..... 
faoufitOriu OP-—I 
Dnt^PB 


V«oBk» DouePP) 



\ i - .* 


0.76 

UK 

USO 

092 

3.06 

1A5 

L30. 

2.10 

6A0 

'.1.03 


Turnover Cr TV An. vanme 4B3m. 
Sooree; Wo da Janeiro SB, f • 


HONG KONG 


Hons Knnc'S 


Atna'ea mated Uifitirer^— 

Cbennz Knoj; 

L+nna Nujht y JV>wer 

Loncopolitan Projjernm- 

Crom Hartwar Tunnel 

K. AM* Navieation—^.... 

Banff Sene Book. 


Hnnr: toi|l Airoart j 

Hon? hoftE H^ctTK-. i 

HahsKanffKnw«onWhan 

Hohff Konp land | 

Huns iumg Sbenetui Bank 
HimnKrmirtf hanshai Hati 
Hoaff Kona Telephone. _ 
liut huam Wbarapoau-.^. 
Jar. 1 me Matheeno.. 

Jar une aa.% , 

New World Devempmentl 

KuUher lnist_... 

.ime ibn>i.:... h . w „. l 

Wire. PlHM- A ; ;J 

Wheein>-J> Mirteo A. ...... 

WbeO'O-.-a Maritime A 

Winwit Irs' ualri* ._! 


Dee. 8 


12.85 

8.96 

24D0 

XIDZ 

18.70 
4:70 

180.00 

73.00 

6D5 

28.80 

&30 

17.70 
{17.70 
28JB0 

435 
12 . 10 - 
. 5.95- 
-2.X3 
4.15 


7.90 

2.63 

13.23 

.3.00 


H«res»'- 


;«A5 

S2M 

1.30 

6^0' 

166.00 
6BD0 
6 P 6S 
25J00 ; 
7.85 

z&^o ■ 

IB^Q 

Efi.50; 

4.05 

iun: 

6 JO. 
U4 
15J0 


6 JB& 
8^0 
13.25. 
2.55' 


xd EnUrideod. t Surer- t Seller. 
- Snap. Sosveiuled. . 


lOMANNESBURG 

- MINES 

December 7 . 

Anfiio American .Corpn. ■_ 
Charter CanaDUdated- ... 
East Driefonteln 

EUbnrK 

Harmony ^ 


KlnrosB — . — r. 

Kloof ... ... 

Baaenhnrg Plafimnn. 

SI. Helena 

SotUhvaal 


Cold FRUfi SA 

Union Corpora Hon 


Band, 
ftri- - 
1479.- 
13J5S - 
Leo 

5.90 

.two 

SSO 

-5t«. 

tlSJO .' 
-8J0. ; 
25100 
£50 , 


:+«- 

•+*» 


+0.09. 
+W 6 . 


+1.45 


-UK 


Blyvooruttricht 

H ast Rand Per. ... 

Free state Gadoid 
President Brand ....... 


PresWrat Stesn ..... 


Welkcan 


West Drfaf«rtsln 


Western Seen. 


,7.72 

+ 0 . 0 S . 

— ' * 9M 

1W» 

' " .+138 ' ■ 
*0M. . 

127 M 

. “+0.56 . ; 

— ■ 16.40 


— 113.00 

" ■' ■ - --V ' 

.— 

. +8JD : : 

.~. 4X3 




: taufi 


-0.11550 

339?." ■ 


ABd ..... 


INDUSTRIALS 

15 Jl5 


Angio-Amer. . Industrial 3LS»' 

Barlow - Band. . J.; / 4.0a ' 

Carle FInancs .,_u..^.L..;ilM0 ^ 
Da Beers Indddtrlal 111.73 


ffliOS" 


Edsaxs .Consolidated. Inv._:' -TSJB 

Bdnn Stares ' — L_i»«b 

Federate. Vidksbeiendntis.- - • Lair 

Greaiennans Stoss - 2 SS : 

Buletts ZJ~.r '1232'' 

LTA TLOh-. 

MCCardbs Kodwnr 

WedBinde- ) •■•--- 7 ''- U9 

OK Bazaars ----- - -y'*n 

Premier KHUsg , c SSO : 

Deo tan .HrOdlnar ist 

Band Minea Properties - Li 128. 
Rembrandt Group . &H ' 


; r-3J5 


4'M a- 

L— bj» 

."j — rt’i 


.1 


Retch- ^ - - 


.y- 


SAPPr 

C. C., Smith Sqt 5 ar'_. 
SA Breweries 


-- • B-» 

lAa 
ids 


■ j— MS-, 
y-Mjl ; 

•- rzUBi: 

y.T'-'s 


■ ■ ‘ I •• 

..." •■ow 


- ±38 
-ELS' 


Tlser Oats and Had. MTy 
tJnlseo HJS -' .l,-” 

Securities Band TJ5^0.6S 


vr. 


BI<aBafi * BMotk .Brigjitn dMdenda ew jitei' 

«a«tdT W Pui. m draom.^ mdeb afa^raW-'. 
“*5™. * r? m a otherwise- auted. 1 . 4TPr* 9B0 j WBT miwB' , 

o thetiriw gt<Uc ^ 11 . 3,y cn wUessotheririae stated, 

tu ”” na ^ ft -„ L o^ria^ 6 sghjiangd. c Ce ots.- dPIvkfegar: attar 
tt&f S' i*5?**l J Cross (Dr.; 

aner scftP. OPOrvt rispaa wfe n After. .Ineu.'uxra. mJl : frrr trot- imtbs. 

Payment, radicated d».. « UnoBteial tndtas. v Kinnrf^hrf^s-n^ ■ 




»• . ••-«» ”» ; » 'nmes. IBeuert -ej^asamki*^- Tr<V -^nMfc -.p| Wr- - - .1 

Bd. xc Ex aerfp tefiXL ;«aEx ^ 



* ■■ .. 

=7. v. 




Y'inx$Ti% 




































































;DefeMil»r:.U 1978 

Gaapasfe* arfl!2rke£* ; •-> 


INTERNATIONAL CAPITAL MARKETS 



27 , 


*»~ .. -V. 



INTERNATIONAL BONDS 


BY FRANCIS CHILES AND JOHN EVANS 


CURRENT INTERNATIONAL BOND ISSUES 



•-•‘i 

*5 


: 


v^||apelis bring mixed reaction 

* ■ • if- ■ r . . ■ j.^***-’ - - . , .■»■ 

DT ' A - GM iiiiiffl Etf 7ferlygt'|. la r Tfaere will te_ iro. redemption plus the conversion clement, the Some selective chasing of reason, hut seems to have been 
primacy market . three: option ' for Ac lenders; and- the value of each bond is around high-coupon intermediate quality successful in convincing the 

new ^joHawRacmtoatefl-; bond bo nds y ill yitid ■933 per cent to Sl.ooo. The bonds cany tho bonds notwithstanding, many borrower. Union Bank of 
issues were announced at fhe Tedenijrtian. Conmiissum fees guarantee of the parent company, bonds were bid up to what some Finland, that better terms for 
weekend. A further offering, in are 23 per cent and the' sealing This offering should prove analysis described as grossly the investor were a prerequisite 

- *-• issue. Meanwhile 

s cancelled a 

” 77 ~~~ - , , , • , • - ~ ui liui£ lu KCQU1NUUU HE OW1S5 wv—, •*. “ ’■ v ' **■*-- »» *-• J-^SUe which WjS 

wutie tiKX&' w Wiue$pread .re* .vere caarQom hut by m> means shares. number of participants to sugqen expected today fur another 

lief that the' new : straight-debt wholly negative. If, as a number Th e purchase by forei"ners of that a string of new dollar issues Scandinavian borrower. The 
dollar seclorfiS io: action-. again,: of banks believe, ttere are fluids Swiss franc-denominated equities soon wtultl help mop up the issues for New Zealand 
afterberog-reopepeff^ recently by prepared to be eomtaitied tong- js still restricted and similar cxce « liquidity which has built announced by Commerzbank, 
The Norsk Hydro issue, the high term eud which can-be- offered Swiss convertible issues are U P since September and assist and for Nordic Investment Bank 
yields on flxte week-end's offer- attractive yields fer tile shorter becoming an established method thr markcL in adjusting to more through Deutsche Bank, both 
ings were leading to mixed riiais Tejm, then- ibis issue. canid prove for foreign investors to move realistic yield levels. Tho carry tortus in line with the 

tions- among ^rrMdysts over tlie attractive. question ss: will into Swiss equities strength of demand for the new higher yield levels. 

JS*** «^®«orrf3ry the .certaveage yield ubs (Securities) has also com- J C JL C aDswer The Japanese convertible 

market pa ces. ^ jg EC&G boad prove pietcd a $25m private Placement ^ _ nuestions. se ctor has also been facing 

‘ We^- . tp. aUxac&ve. for -the European Investment The Deutsche Mark sector also r0UC h P r weather. The Sharp 

Eumdtitw ^Jd-market- had Another rare animal, a. dpUar- Bank. A purchase fund will witnessed some readjusting _.f cnnvex . ri ble cannot be called a 

refuse^ to mmne^hrtro ^in line denominated bond convertible operate during the first seven y»M lewis, and the week proved success mam- bankers will 

mth tiie weakeufa? VS. hand into S\£ss equity was announced years, which reduces the average somewhat accident prone, at least b reIieV ed tn hear that the 

mark*, there was someepneern by /DBS <5e«uities) for BBC life of th e bonds to nine and a fnr S0 ,™ e banks ' Thc ^tter than coupon on the convertible for 

that <J», HOW mnes at the Brown Boveri Finance (Curacao), half years. With a coupon of expected coupons offered by „ Xateisi Electronics is 31 

least prompt some; owafcMng <mt; a subsidiary of tho Swiss 9i per cent and a price of 991. JS“ I «2X ?? n £ oa per cent, a quarter of a point 

of existing dollar bonds;; ; industrial ■ group. • Eighty the yield to maturity of 9.41 per Oesterreiehischp Kontrollbank ^ bove toe rcCenl nfirni . 

The. (most farteresfeag issue., thousand bonds with an Indicated cent for retail investors which > s ^ cs - , announced the week .. „ 

which carries a spht coupon flnd coupon. of 4* per cent and a con- rises to 9.61 per cent if the sell- l ,efore ,asr > P rovp . d attractive to Tn n?i ’ 

.. — *- i ns group discount is taken into invcslors; demand for the first ibe issue for the City of Oslo 



a split maturity, as i&at. of SSGm version, premim not exceeding 10 
for the European Coal and Steel per cent will be convertible, from 
Comrnuiatjr'* being arranged by July 1, 1979 until maturity Into 
S. G. Warhueg. TheWupflnrior Brown Boveri bearer parti- 
toe &rst£veyears of The band's cl pat ion certificates. The initial 
life, during wfclefa no sinking rate of conversion is five parti- 
fund will operate, is indicated cipation certificates ior each 
at ftf .per cent. .It vvdai then bond. .. 

fall to 9. per cent for the final Based on the -current piice of 
15 years' during .which a adiiteavg the certificates on the . Zurich 
fund wiH operate. Stock Exchange of SwFr 319 each. 


aermint onmnarpe favmi«hi« o ne ** believed to be very pond, was more thon three times over 
^ tho \j n „i. while Lhe second issue was priced subscribed and the success of this 


Hydro^dtiie 1 "JJhSC al ^ and a hair - 3 level first-ever triple. A borrower 

Th* ‘ ssu ® s ' which it remained in early should help dispel the suspicion 

Zr e secondary nurkeL. for its jj- a dmq. that only borrowers with less 

prjecs These higher coupons led 1o than perfect credentials find it 
® ov c e . d "P t i nt1 ^ Thursday, when tbe canco u a ti 071 n f an i 5Sue f or accessary to tap this sector. It 
a sharp technical correction an 


Borrower* Amount 

m. 

Maturity 

Av. life 
years 

Coupon 

Price 

Lead manager 

Offer 

yield 

cy 

s'O 

US. DOLLARS 

tfMizrahi Int. 

10 

1983 

— 

&1II 

100 

Mizrahi Bank 

6J>6li 

tNarsk Hydro 

50 

1994 

11 


99 

Hambros Bank 

9JS 

tPrivrediw Santa Zagreb 

50 

1986 

5.75 

ai! 

100 

Credit Lyonnais 

8.i t;i 

fNippon Credit Bank 
Finance NV 

30 

1985 

7 

sill 

100 

Morgan Stanley 

5.5811 

|Banque National* 
d'Algcric 

25 

1985 

7 

7411 

100 

Nomura 

7.6411 

J«EIB 

25 

1991 

95 

9{ 

991 

UB5 Securities 

9.415 

§BBC Brown Boveri 
Finance 

* 

1993 


4 i 

- 

UBS Securities 

* 

ECS C 

50 

1985/99 

— 

9J/9 

* 

S. G. Warburg 


D-MARKS 

}§Tokyo electric 

40 

1986 

— 

34 

100 

Commerzbank 

3JJ4 

iOestcrreicbisdw 

Kontrollbank 

100 

1988 


64 

1004 

Deutsche Bank 

6.433 


100 

1986 

8 

7J 

100 

Deutsche Bank 

7.25 

Nordic Investment Bank 

60 

1985 

— 

61 

64 

99 

Deutsche Bank 

6.43 

Now Zealand 

200 

1986 

8 

100 

Commerzbank 

605 

§Omron Tate 'mi 
Electronics 

SO 

1986 

_ 

31 

100 

BHF-Bank 

• 

Union Bank of Finland 

50 

1988 

8 

64 

m 

West LB 

* 

YEN 

t Philippines 

15bn 

1988 

9 

7 

99.40 

Daiwa 

7233 

KUWAITI DINARS 
|City of Oslo 

10 

1990 

8.1 

7J 

100 

KIIC 

7.625 

Ind. Bank of Finland 
(g‘tced Finland) 

5 

1989 



74 

- 

KIC 

* 

SWISS FRANCS 

^Council of Europe 

100 

1990 

na, 

<4 

100 

Banca del Gotta rdn 

4.5 

' Not pet priced. 1 Final term. 

*• Placement. t Floating rate now. 

11 Minimum. J Convertible 


occurred. Institutional 


Asian borrower which 
£ s^by and large, sitti^ £*£ l ° 


U.S. BONDS 


i/s J‘ 7 
■j] ; ■ 



appar- 
ently the borrower refused to 

T-! — * accept a coupon higher than that 

DV CTCUrAnv r-i fuuia indicated by the lead manager a 

■ 5 T ol EWART FLEMING few weeks before. Westdeutsche 

Landeshank put off an issue last 
Monday, apparently ior the same 


trends 


was priced at pur after the 
coupon had been reduced by » 
per cent 4o 7'j per cent. 

The City of 0«lo issue was 
being quoted at the end of last 
week at 994-100. The -nest bond 
in this sector is a KD5m ten-year 
issue for the Industrial Bank of 
Finland. 


tf Rr(ixt*rad with U.S. Secnrtdn mi fix dang* GommtaiMi. 

Notes Yietlb art calculated on AIBD Naif. 


% Purchase fund. 


EURO-MARK LOANS 


BY MARY CAMPBELL 


•ONDTRADE INDEX 




-Vi 

-ii 


CONFLICTING TRENDS in the 
Eurodollar bond market and the 
U.S. domestic bond -market have 
beep puzzling traders in both 
markets during tho past week. 


that 

may 


among the factors, which the firmer Eurobond market, he H»dium term 


Long term 


Dflpembcr 2 
46.51 SAD 
VLM 9.09 


Decrmlicrl 
96-22 S.47 


90.75 9 -2D 


AND YIELO 

1478 

Hlnh Low 

W.Sl (19/4) 44.72 (3800) 


Eurnckar 
Odoi ... 


EUROBOND TURNOVER 
(nominal value In Sm) 
U.S. dollar hofld« 
last week previous week 
... UK3.1 1474.4 

... 3644 393.7 


help to accotmf tor the claimed, 
divergent trends are the extent Because of the shorter 

to. which different investors maturity range in Europe, the 
participate in each market and market may also be drawing 
While Eurobond prices in the the varying weights- these differ- more encouragement from the 
dollar sector have generally ent participants give ..to similar signs that the Federal Reserve 
firmed, the trend' in New ark factors influencing' their seems to have stabilised its 

has been - towards declining decisions. ”, monetary policy for the moment. 

prices In both the treasury and Thus one dealer pointed out. . The Fed bas & ven several 

corporate .sectors through most f or example, that wfcil^W one- signals through its open market INTERNATIONAL SECURITIES 

of the week with prices ending ?erm tarcstors. who are mUUnc operations that the current 1 i» 

at best mixed after some firming i on g.term dollar liabilities are weekly average federal funds 
late on Friday. - - „ ' leading participants in the New tar *«* » around 9* per cent. 

The underlying tone in New York market, their investment Outside the treasury bill 

York has not been optimistic objectives may cause them to pay sector, there has also been some 
either. A number of. new. issues .less ■ attention to cbmncy eas ‘ n S bf short-term money 


94.07 ll9‘*> *9.03 (30/20) 


Other hand! 

Ustwcek prevloas week 
522-1 263.0 

3734 510.1 


in the corporate and Government' trends than Eurobond . market rnarkel: interest rates in the U.S. 
agency sector Save received a participants i 0VBr the Past four weeks 

lukewarm response. A subsidiary point, he sogges- In New York, however, there 

This . contrast.- .with. Europe ted. wax that dollar bond prices is considerable scepticism about 
caused ; Kidder ; Peabody . to -performed more erratically' tha» the suggestion that any 
remark in its weekly letter that New York bond prices at the end significant easing dn short term 
the - Eurobond market is. simply -of October and early. November, rales is on the horizon. Some 
making the' wrong move.. .This... at the time of Presidents Carter’s money market economists are 
may or may not prove to be a announcement' of a. support not reassured' by the most 
correct forecast,, But. dealers package for the dollar. There is recent batch of economic 
who know both markets argue thus an element of recovery in indicators. 


Seffin 
to U. 



Eurobonds 

investors 


BY NICHOLAS COLCHESTER 


Multi-currency lending 

LAST "WEEK'S decision to go question is the extent to which flicting. Fnr example one big 

ahead with the European Alone- D-Mark syndicated loans, and German bank said last week that 

tar)’ Ssystem (EMS> inevitably particularly D-Mark floating rale sophisticated borrowers like cor- 
raises the question of tbe extent syndicated loans, have been porate treasurers and some 

in which lhe importance of th® growing and are likely to grow. Government borrowers have 

Deutsche Alark will grow relative This year has seen a big increase been prompted to switch by the 
In that of the dollar in private in this business but from a small wide differential between Euro- 
sector Euromarket business, base. At least two big floating dollar and Euro-mark or Eurn- 
Alreadv the D-Mark has cstali- rale loans (DA1400m for -Den- Swiss franc interest rates 
lished a primacy in the fixed-rale mark and DM500 m for Mexico 1 (differentials which at the threc- 
intcmational ’ bond market liavo been arranged and month maturity' arc currently 7} 
(figures for international dollar Deutsche Bank is understood to percentage points in tbe case of 
bonds have boon held up by a be working on a third of similar the Deutsche Alark and 11 per- 
large volume of floating rate dimensions. centage points in the case of the 

note issues). Although fixed- However, the business is still Swjss f ran , c) ’ Suc !* bon-owcrs 
rate dollar bond business will t00 sma n f or j t to j, e c j ear were clearly assuming that the 

doubtless recover when dollar whether these loans are isolated interest rat ? differential more 
interest rates have fallen back, examples or the beginning of a than outweighed the currency 

trend. nsk - . 

Perhaps the best index of Another tnp German bank, 
whether borrowers would like to however, said that it had not 
increase their D-Mark floating perceived any such switch, 
rate borrowing is the extent to m \ final element in the silua- 




FT INTERNATIONAL BOND SERVICE 




YTtild 


HONG KONG 


Tbe list , shows Uw- 30 Utept IMeralUfluaL bonds tor. -which »n adeowMi'seconflarY marUi eslsis. The prices over the past 
week were- supplied by: Bond (rate; KredicUnnk XV; credtt Commercial France: Credit 'Lyonnais: E. F. anuon Services 
SARL; €omx&eTZ&ai)ft ^C; Dema&iti BjlqIc AE; We&tttetffscfee l^nd^&hfnk Giroztutrale: Basque Internationale Luxembourg: 
RredletBank .LTttgmboora: Alsanune Bank Nederland NV: Plmon. BeUWw and Pierson: Credit Suisse /Swiss Credit Lank: union 
nank or Switzerland/ Akrosd and Smlihers: Bankers Trast Internal] on»: Banque Frascalae de Credit ImernaUoaalc: Cmcorp 
ItucmaUonal-Bink: -Datwa ^rupe NV; DeHec Tradlnx CompKdy; ppioo. Read Overseas Corporation: EBC: First Chtcaeo; 
OoMman Sacbs InlOTlal tonal Owporaaon; Hambroe Bank; lBJ.Inrernrrttinal; HJH Samuel end Co.; Kidder Peabody IntcrnauonaJ; 
Merrtn Lrncb: Morgan Stanley - Irternatloiralr Nesbitt Tbomson: .Salomon Bn*. International; Samuel Mtmtapu and Co.; 
ScandUATiait Bank; Suanss TnraCull and Co.; snmhomd Finance Imonuuonal; S. G. Warburg and Co.: Wood Gundy. 

r i •' r • .•*’■' .. Clo«n* prices on December 8 

US. DOLLAR - Chans* on - 

STRAIGHTS . Issued Bid Offer, dav .week Yield ; 

A*a AkL « » 25. K «. | +01 MS 

Atarralli S.(5 S3 Its 97i 97J -W +M .535 

Australia 9* 93 ... : 7S .- nt W « +« -9J8 

Bt.ilrire Foods 7i «3 ...... 1 M k# 451 -Oi +01^' OV7 

CECASIS7... SB- *B. 95i -+tW +« 9A0 

nSCA v 93 ^ 25 -9U - N£ -01 4*1 ' 9.23 

CEC.V HM.. 251 '991 ' ISO -n • ;.+« 4 M 

CNT 9 B3 7S :*! 97 -Ot;.. 0 9 M 

Canadaj ffl 2SB .- 951 951 -fl* -01 9 J8 

Canada &3 ©' , 95 9» -91 0 9J6 

Canada ¥| 98 230 941 « '+« • • 9A2 

Canada S S3 OS 9&I 99» T -0i -9 i 9Jn 

I 1- 0 -01 
75 


Canada *188, 

Canadalr 84. S3 . 

Dn min ion Bridge Co. 9 88 

EIB 01 88 225 

Eksportfinans 9 St 50 

Finland 81 S3 IBS 

Flnbmd S SS ; 100 

Hospital O/S 9 83 .i:.;.__ . 25 

Itel Finance M SB, i.. . 25 

3tel Finance Bl 28 

J. C.- Penney 84 BJ 200 

Mac Btoedet 94,82 50 

N8, Dev. KIb.,84 83 20 

NZ Dev: Fin; SI 83 28 

Nat. West. 9 SO-*. ...: • 75 

Newfoundland Si 80 , 50 

Nurd 2nv. J)k. S| 88 25 

NoracsdCtmutCSi OS 

Norway 74 M 

Norway.. 81 $3 ...:. 

neddesta] W 85 

Ont. Hydro 8J 83 

Ouebeo Hydro 84 M.; 

Sweden St 8S .. 

UK 84 S3 ... 


99C umi 
9M 97i'JH« 
941- 95. -91 
971 981 0 

Si 

974 tTl'.-K 
•** 97 -04 
974. '98 . 0 , 

9*4 961 -84 

94i 943 -8* 
97* -971. -04 
9W .984 .-Oi 
94i. 95 -&1 

944 ,'941.. -04 
904 99 -91 

984 9a-BJ- 
9S1 971 -01 


U 

+BI 

+« 

+04 

+84 

+84 

+04 

+04 

+-W 


9.45 
9JS 
1M1 
9J8 
9 A3 
9.70 
9M 
959 
3856 


+14 1045 
+01 .953 
-Bl 950 
+04 959 

+fli 950 
+M 922 
+04 944 

+0* 3J2 


TS 

* 

Wi 

. 8 

+81 

968 

2S9 

98 

+» 

-8« 

—84 

9J1 

150 . 

9G 


+85 

+«l 

9jJT 

TS- 

94 

-98} 

-H 

+1> 

3809 

12S 

. 95i 

966 

-01 

0 

906 

59 

Wi 

W 

-ot 

+84 

MS 

125 

.«■ 

w 

8 

+84 

IMS 

anr 

■961 

• m 

a 

+M 

936 

158 

'974 

98. 

8 

+84 

936 




M .. 


DEUTSCHE MARK" CbaoseM 

STRAIGHTS limed Bid Offer day week Yield 

Argentina ft ISO 951 951.' -<U +M 7J5 

Aziaa Develop. Bk. 54 88 IBB «3i 935 —81 -81 SM 

AnBtraHa 6 88 i. 250 lUl 2Q3J 0 +04 551 

Austria S|. 08 ^ 158 94i 95 -01 +0* 659 

Bantam erica 51 80 . 258 199 99» -84 +01 5JM 

Bme. Ext. Algeria 71 83 108 964 96Z \.-0i +92 T.98 

CECA 8 88 — ISO 97 574 '-r0* +0B 658 

Canada (F S3 « 981 98* -81 +04 55,9 

Chase Manhattan O S 5 82 180 1021. 282* 8 +8* 5.78 

Commersbank IitL WW 34 . 288 2843 2854 +8} -04 259 

Commerzbank tsL XW 35 280 as +84 8. 557 

Copenbaaen City 0 SO-.— .75 951 .964- 8 , +M. . 6 Jtt 

Council of Europe 64 H» 99 - 993 +64 +12 651 

Connell of Europe. 64 -.-.. -ISO 972 984 fl +li 453 

3 IB 6 90 -308 974 974 +« +6* 650 

EJf Amltaine Si 88 - • 100 «g 941 +M +04 652 

Finland R S3 1.... 158 983 99 +84 8 *57 

Hitaefif snip, si at -so m moe +« +i s s.n 

— 180 99* 1084 +04 + 01' 550 

500 971 981 +01 +« 753 

U0 103* 1811 0 ' -0* 552 

150 90. .973' -81 0 7.28 

200 9H 97* 0 +0* 656 

100 2004 1803 +04 +8] 553 

180 99* 3084 +04 +81 5.70 

180 992 1H1 +2 +24 6.80 

Ml 97J 971 +04 +0t 4.99 

125 971 981 -04 .+81 *53 

180 994 ’ 991 -84 +W 759 

200 934 94 8 +fi ‘ 646 

150 951 961 '+« +81 653 

50 94 941 +il +62 657 

38 . 99:. 1B80 —84 +6* S54 

ao 951 9SX.-0A -84 655 

250 . 9BJ 994 +01 +8* 655 

35 94| -95S * +84 SM 

974 904 +0S +1 654 

941 943 +04 -MS 7^0 


IB.I i H . 

Indonesia 7W — 

Kobe, City of 51 S6 1 

Llytu Setvk -00 dn Het. ... 

Mexico 8 85 — 

Mltstibishl Petra. 64' S3 ... 

Nippon Jlleel 53 S3 

Ncrge l = Kotmn. 8 90 ......... 

Naroray *4 13 — 

Norwegian 7nd. Bk. 6 90_ 

Petrolen Brazil 7 88 

FK Ettflhen 31 88 

Quebec, Province of a 80 
KafflanrokH Oy 5* 88 ._ 
Rlcol» 3i 83 

Spams 88 

Suiell C 86. . 

Trondheim, City of 

ung Group 5 ; S3 *s 

Venezuela 64 w - 230 



SWISS FRANC . ^ ^ p* 3153 * 01 I 

STRAIGHTS fe»e4 Wd Otfef Iw week YleW 

Aceoa S4 SS , 40 203 1B1 . +B| +W . 453 . 

American Exp. lnt--3J S3 ® S* 21 t2f tii 

Arib8rs TmmeU 9S « » «* tS 

- i» S iS tS 25- 

■ Brazil '44 100 96 964 +61 “4* *-]5 

' CbBM Manhattan 4 f* — ™ i2f IS cn 

Councfl of Europe 44 £ HL tJ, 55 

Bankame rica 3t 93 *0 TB04 1081 +3 ■+** 3-72 

SSmIM;*" 75 2001 3m +8i -MS 4.96 

Denmilc ^ % m 108 284 Zm +1 +3 <L65 

MM Bk. .. » w +n +n. 4 ^ 

, EEB .di 33 2» IBS 2004 +M +« 424 

Enratom 4*93 - 5 * +21 U8 

F. L-.Simd* 41-89 —..... £ +2 «6 

Finland 4 * 93 — ■ 99 1 B 24 M2} +01 . +21 A28 

GZB« SO --■» MU 1W +«. +i 7 

H.llJ-UechenaWn AS g S5J - + 2f ti- IK 

■Id Fin. »V 44 93 ** *£» «« rg t2f ' 

Malaysia*}®....; 88 ^ +01 +0f 446. 

Hamate 4 M..U - 2 TO Ml -lEl +84 +«4- 3J5 

NrHne.it At 79 984 9S3 +81 +1 415 

Safe 41 33 - ... » «U ^1 +M +« 4« 

SUndvik 4 90 ... 85 192 1024 +8S +1 333 

leas'S® . - 2S tim 20 +04 +0S «7 

Voesf-AJpWe 4* B3. . * 388 20 19U «3» 

Voralberg Kraft « 93 ~ ^ • 3« JW J. 

worhf Sank *} 2 Al 8 ; ’+ot ,+a^ A3i 


YEN STRAIGHTS Umd Rid Offer day 

Aslan Dev. Bk. Of S8 “ 

BFCE 6.4 BO 

Ettroflma 63 M 

Finland 6.7 8S — — 

Norway 5.7 83 25 

Oslo. City ol 6.8 88 . — „. 

SNCF 6.8 90 — . 20 

Sweden 6.2 SB 


35 

964 

964 

-OJ 

-Bi 

624 

30 

95i 

96 

+0* 


T.08 

u 

964 

974 

-0i 


632 

25 

91 

TO 

8 

-01 

722 

25 

3804 

3014 

8 

-84 

5-S4 

IS 

95Z 

968 

-01 

-01 

721 

28 

964 

971 

8 

8 

726 

48 

954 

96 

+01 

-81 

6.98 


Change on 

toned Bid Offer day week Ylnfd 
22 94* 96 +84 -0} 1Z» 

96 97 —81 

965 975 -05 

9*4 971 0 

904 994 -04 

96 97 +04 

976 981 +34 
914 91J +0J 
93| 90S 8 

961 978 -•» 

922 931 +84 

93 933 + 04 

9U 922 +0} 


16 
SO 
35 
-15 
20 
22 
•75 
7S 
7 S 
75 
75 
IS. 


-« 

-84 

0 

-Ol 
+ 04 
-01 
- 0 ! 

-04 

+01 

-86 


7J9 

7-37 

7J8 

7J4 

0.67 

7.21 

8A2 

9.14 

8^7 

EM 

«J1 

LM 


OTHER STRAIGHTS 
Rank O/S Hold. Ill AS 
Ado Cole Bam. 7 03 BUA 
Copenhagen 7 S3 EOA ... 

Finland Ind. Bk. 7 93 EGA 
Ktmcn. Inst. 71 S3 EDA... 

Panama 84 93 EUA 

SDR France 7 43 EUA „. 

Alsemcne Bk. 84 83 FI .. 

Brazil 71 83 n — — 

CFE Mexico 7| S3 FI 

'EIB 71 S3 FI 

Ncder. Middonb. 64 63 FI 

New Zealand 61 84 FI I 

Norway 64 83 FI ......... 

OKB si asm : ..... 

EIB 8} SS FFr 

Unilever 10 ss FFr . — ... 

BAT 8 88 LnxKr - 

Boyer Lux. 8 86 LbxFc -- 

EIB 73 S8 lomFr 

Finland I. Frt. S 88 LnxFr 
Norway 7| 83 LuxFr. — 

Renault 7i 88 DoxFr 
Solvay Fin. S U3 LaxFr .. 

Swedish L Bk. 9 88. LnxFr 
Gesteuer HM- BV 21-83 £ 

Whitbread lOi 90 £ ... 

FLOATING RATE 

NOTES - Spread DM Offer Cdato Cxpn C.yW 

American Express SS 01 W IK 20/4 282 10.72 


-AUB 

35 

• via 
902 

Vi 

912 

-res 

+02 

— ■■ 

-81 

225 

280 

981 

984 

-81 

-01 

9.99 

388 

100 

U03 

8 

+01 

9.92 

250 

95 ; 

96i 

0 

8 

LM 

2S0 

954 

964 

D 

+01 

8,77 

258 

94J 

955 

0 

-01 

2.06 

258 

954 

962 

0 

0 

8 M 

•m 

961 

912 

0 

0 

851 

500 

961 

97i 

0 

+04 

824 

560 

991 

1081 

0 

+61 

7.12 

508 

99 

3S9 

—01 

-04 

2.87 

in 

861 

871 

-u 

-01 

1351 

35 

» 

57 

8 

+3 

32.79 


Arab lntl. Bank USA R3„ 08 955 

Banco Ei Salvador M8 83 XI 974 

Banco Nac. Argent M8 88 04 961 

Bank Fandlowy KB 88 11 97 972 

Bank Of Tokyo M54 03 .. Oi 962 974 

Banqne Worms MSI 85 — 04 984 981 

Bo. Ext. d’AlR- HSA7S M 05 962 974 

Bone. Ext. d’Aig. M7S 85 M 95* 9*2 

Bqne. Indn et Suez MSf ... 04 975 981 

Bo. im. Air. rice. USA 83 05 %2 972 

CCCE MS3& 98 04 965 975 

CCF MSj 85 61 992 991 

Chase Man. O/S MS 03... 04 974 971 

Credtr National MSI 88 _ 84 974 98 

Getabankeo ATS 88 ..... 04 97 974 

Ind. Bank Japan US» SS... 04 981 994 

Isblkawajlma 815* S™ U 973 985 

.UubllBnska M7.75 SS ...... 1 96 965 

LTCB Japan M5i 15 .i... 04 984 99 

Midland tail. M54 03 ....- 04 97J 97! 

NaL West. MSi 88 N W «! 

OtCB MSI S3 — 04 . 991 100 

01 974 984 

01 934 982 

01 961 97 

84 961 974 

U 984 99 


964 yin 94 9.77 

974 12/4 1L3X XL62 
974 21/1 94 946 

25/11 12.98 1333 
IB/4 184 1044 

15/12 9 935 

9/2 94 9.92 

2/5 121 1336 

25/1 9i 935 
12/1 92 9 AS 

3/2 939 9 AT 
3/5 121 1238 

27A 131 956 
11/1 9.19 9.40 

15/S 1231 12.66 
1/6 1235 12A9 
27/4 115 11.46 

19/1 101 10.64 

9/5 1256 12.22 
28/1 9.48 957 
21/12 9.31 9A7 
18/4 1056 1059 
»A 9A4 952 
5/4 1IL69 10.85 
38/2 8.94 938 

4/4 30A6 1037 
4/5 1231 12.47 
Ol*. 

BM Offer day Prcrn 
1904 111! +84 12JC 


145 
W 7 
21 
*L5 
588 
84t 
W 


738 

251 

877 

705 

617 

869 

295. 


185 

922 

896 

1304 

9U 

as 

1SU 


3064 

931 

90S 

1314 

924 

87 

1024 


Offshore Mining a 
SFTE MS S3 ......... — -.. 

.Standard Chart. U55 89... 

Sundsvallabanken Iff 85 .. 

U(d. Overseas BlL'MS S3 
CQHVERTIBLB ‘ ■ Cm*. Cnv. 

BONDS . date price 

AJllcS 51 98 9/18 628 

Baker tat. Fin. 5* 83 i rn 34 

Bpoie Si SO ... 2/79 2.16 

Coca-Cola Bottling 61 4/79 9 

Ho-Yokado 55 M ., .. 6/78 3*73 

Novo Indostri 7 N 4/79 259 

Texas InL Air. 7i 03 Iin , 4/79 

Thom mt. Fin. 7 ss U/7* 

Tyco Int. Fla. 84 88 — 9/7* 

. Tyco Int Fin. 5 86 5/78 

Asahi Optical 34 DM 32/7* 

Casio Comp. 34 SS nc „ 31/78 
lzmniya 36 88 DM ..^^.38/78 
Jusco 3b 66 D5I ............... 1/79 3279 

Konistitrufcu 36 OS DM _ 1/79 612 

Waml *1 Food 34 DM „. 2/79 1®3 
Manila Man. 34 86 SM Jl/n 858 
Nippon AirJ 3.5 88 SM —J2/7S 
Nippon Shin nan 21 SM 8/78 
Nippon Town 34 SS DM1_ 1/79 
Nissan Diesel 24 S3 SM ._ 2/79 
Olympus Optical 34 25 DU 2/19 

HI rah 3* SB DM -.18/78 

Sankyo Heclrlc 31 DM ._ 1/78 
Sanyo Electric 34 SM —H/13 
getyn Stores 31 26 DM 9/78 1275 
Stanley Electric 34 DM -11 /78 CSS 
Trte-Kenwood 34 SS DM- 11/78 711 

•No Inform ation avmilafilr — previoas day's price, 
t only «m market maker supplied a price. 

Straight Bonds: Tbe Field is tin yield to redemption of the 
mid-price; tbe amount taned is in millions of currency 
units except for Yen bonds where it la ip Hintons. Change 
on week = Change over price a week earlier. 

Floating Rate Notes:, Denominated in dollar* unless other- 
wise indicated. M=HiUsuim coupon. C-date^Dan? next 
coupon become* effective, Spread=M«rcin a bo re six-month 
offered rate for US. dollars. C.cpn=The current coupon. 
C.yW = The current yield. • 

CaoverUble hands: Denominated In dollars unless oiberwLp* 
Indicated. CHS- day=Chanye on day. Cnv. dair=Kiret da 1 *' 
Rir conversion into shares. r_nw., price -Nominal amoun; of 
hand per share expressed In cnrrency of share- at conver- 
sion nte fixed at issue. .Prem=Perccnuxe prrmunn of lhe 
current effective price .of aeqoirUuc shares via ihe bond 
over the most recent -price .of the shares. 


1821 183S 
73 73 

901 9X4 

183 184 

934 W1 
954 964 
951 961 

984 994 
922 ?3i 
92 93 

33U U75 
954 911 

954 464 

971 935 
1321 1BH 

i m us 

92 W 
1124 LU4 
95 96 

902 HI 


-04 13.49 
-84 —136 
-01 2247 
+84 8.DS 
0 842 

-81 27.98 
-81 -143 
+01 1236 
8 136.42 
-11 342 

-85 6.71 

-a: 4.8i 

-82 13.61 
0 748 

—l 949 
“04 149 

8 342 

8 UZ 
-9| 840 

—61 11.98 
-85 181 
-8| 1543 
-Oj 9.77 
-8J 6.78 

-OJ -242 
-01 786 

-11 M47 


the D-Mark is unttkety to recede 
to the levels of the early 1970s. 

What j* ns yet by no means 
clear is how important it will 
become 

The growing importance of lhe which the multicurrency clauses tinn has been the easv availa- 
WHEN. under U.S. securities io a maximum of 35 investors. D-Mark in international lending which feature in a large number ^iliiy of fixed rate 'D-Marks 
law. can a U-S. investor be that those investors should be has been a perceptible feature of dollar medium-term syndi- recently. These borrowers who 
sold uimrislcred international “sophisticated" and that they of the last couple of years. But eated loan agreements have been wan ied to shift in low interest 
securities? Two developments have access to the same financial to a considerable degree this activated. In this context, multi- D-Marks might well argue that it 
ha vp given this question an information about ihe issuer as may well reflect a change in the currency clauses are the clauses j s better lo have sought to lock- 
added relevance in recent would a public subscriber lo a way the German banks finance which allow borrowers to change in low rates hv going for fixed- 
months First the dwindling registered bond issue. In prac- German exports: from suppliers' the currency in which the loan is ra i e mr.ney either in the form 
status of 'the dollar has tie'e, issuers of high standing credits to buyers’ credits. From denominated at any rollover dale. 0 r bonds or fixed-rate loans. If 
encouraged US. investors to put can get awav with unregistered the point of view of the German Substantial activation of these ihe present pick-up in economic 
a little of their money into issues to. 100 or more sub- and international hanking clauses by borrowers would siig- activity in Germany continues, 
securities denominated in seribers. Tbcv should get coun- system, suppliers’ credits are gest an increasing demand. Tor ^en fixed-rate funds maybe ex- 
currencies other than the dollar sol's opinion for this, and inves- internal German loans while floating rate D-marks. peeled to become less easily 

Second, a number of major tors will need similar legal guid- buyers' credits arc external Tbe trouble is that reports available to German banks and 

once to resell such securities lo German bank loans. from German and other banks on indirectly 

another “sophisticated" investor. For non-German banks a key this question are completely con- customers. 


© Financial Tlno LM., m>. Rwotfoctimt In vrtwla 
or la pan to any Iona not portameff without wnitea consent. 
V. Data. Mpplfed hr later-BoDC Services. 


American banks have recently 
decided in slep up their 
activities in both the primary 
and secondary areas of the inter- 
national bond market. 

It is firmly established that 
new issues of securities not 
registered with tbe Securities 
and Exchange Commission may 
not be sold “directly or 
indirecliy in the U.S. or lo 
nationals, citizens or residents 
thereof, or to persons normally 
resident therein," as most 
prospectuses point out. The only 
exception is by private place- 
ment. It is, however, permissible 
tu sell U.S. investors 
unregistered securities whose 
primary distribution is complete 
— that is. in the secondary 
market. The problem lies in 
defining when this moment has 
arrived in a market wbose 
professionals are all too often 
stocked with the remnants of 
past- underwriting. 

Experts on security law cite 
various rules as to the amount of 
time that must pass before an 
unregistered security can be 
resold to a U.S. investor without 
a visit from the SEC. The first 
rule is the “ lock-up period ’* of 
90 days. This is a rule established 
in “ no action tetters " from the 
SEC to the securities industry. It 
implies that U.S. debt instru- 
ments issued in the Eurobond 
market by U.S. issuers, their 
subsidiaries, or by Canadian 
issuers may not be made avail- 
able to U.S. investors until 90 
days after the completion of 
primary distribution. This 
moment should be certified by 
the lead manager — something of 
a responsibility — and be should 
declare it only after he has 
received telexes from syndicate 
members confirming that their 
allotments have been sold. 

Beyond this, a " nine-month 
rule" has also become estab- 
lished practice which offers more 
general protection in the case 
of incomplete primary distribu- 
tion and for a wider variety of 
issuers. The gist of. this is that 
U.S. investors may he offered 
unregistered bonds in the secon- 
dary market (note that the onus 
is always on the seller rather 
than the purchaser) nine months 
after an issue has closed. 

There is another tricky cafeb 
on the extent to which the Euro- 
bond secondary market can lie 
extended to U.S. investors. Under 
the 1934 Securities Act, any 
security which acquires more 
than 500 holders in the U.S. must 
be registered with lhe SEC. 
Failure to do this mates not only 
the selling agent liable to- pursuit 
by the SEC but also the issuing 
company. This constraint re- 
ceives little publicity because 
500 holders is quite a large num- 
ber in the international bond 
market and because bearer bonds 
are hard to trace. But it presum- 
ably could deter a brokerage 
bouse from starting a large-scale 
campaign to interest U.S. inves- 
tors in the attractions of the 
international bond market. 

The other way in which inter- 
national, unregistered bonds can 
reach .U.S. citizens is through 
private placement — a route 
which' is of particular value to 
U.S. banks increasing their pre- 
sence in the international bond 
market. The rule here, enshrined 
in a so-caited SEC "safoharhour 
clause,” is that unregistered 
securities may be privately sold 


to their foreign 



N.V. GEMEENSCHAPPEUJK 
EEZIT VAN AANDEELEN 
PHILIPS’ GLOEILAMPENFABRi 


= 3=1 


(Philips Lamps Holding) 

Eindhoven, The Netherlands 

The Board of Governors of N.V. Gemeenschappelijk 
Bezitvan Aandeelen Philips’ Gloeilampenfabrieken 
(Philips Lamps Holding) has declared an interim 
dividend for the financial year 1978 amounting to 
Hfl. 0.60 per Ordinary Share of Hfl. 10, — nominal value. 
The interim dividend will become payable on 21st 
December 1978. Payment of the net amount of this 
dividend on UK-CF certificates will be made by the 
company’s paying agent, Hill Samuel & Co. Limited, 

45 Beech Street, London EC2P 2LX to the UK-CF 
depositaries in accordance with their positions in 
the books of CF- Amsterdam on 8th December 
1978 at the ciose of business. 

Holders of UK-CF certificates are reminded that such 
payment is subject to deduction of 25% Netherlands 
Withholding Tax. This 25% may, however, be reduced 
to 15%, when payment is made to residents of the 
United Kingdom or to residents of Australia, Austria, 
Belgium, Canada, Denmark, Finland, France, Western 
Germany, Ireland , Japan, Luxembourg, Netherland 
Antilles, Norway, South Africa, Spain, Sweden and the 
United States of America, who deliver through the 
UK-CF depositary, the appropriate Tax Affidavits 
to the company's agent Hill Samuel & Co. Limited. 

The Netherlands Withholding Tax may be reduced 
to 20% when the payment is made to residents 
of Indonesia who deliver the appropriate Tax 
Affidavit in the above mentioned way. 

Payment of the net guilder amount of dividend will 
be made by Hill Samuel & Co. Limited, in sterling 
at the rate of exchange ruling on the 22nd December 
1978, unless payment in guilders on an account 
with a bank in the Netherlands is. with due regard 
to UK-Foreign Currency Regulations, requested before 
21st December 1978. 

Eindhoven, 11th December 1978 
The Board of Governors 


PHILIPS 


This odveriiremctiT is issued in comoHjnc? with ine requirements .if 
The Council oj the Stock Exchange in London. 

British Shipbuilders 

(Established under the Aircraft and Shipbuilding Industries Act 1977 J 

US 565,000,000 9 per cent Bonds 1992 

The 65,000 Bonds of SI ,000 each constituting the above issue 
have been admitted to tbe Official List of the Stock Exchange 
in London. Particulars of tbe Corporation and the Bonds are 
available in the statistical services of Extcl Statistical Services 
Limited and copies may be obtained during usual business 
hours up to and including 29th December 1978 from the 
brokers to tbe issue:— 

ROWE & PITMAN HURST-BROWN, 

1st Floor, 

City-Gate House, 

39-45 Finsbury Square, 

Loudon EC2A J JA. 

Jlth December 397S. 


^Slices Limited 


Summary of Group Profits 
and Dividends 


Year ended 30th September 

1978 

1977 

Group Turnover 

JEOOO’s 

53,018 

£000’3 

43,147 

Group Profit after all charges 
but before taxation 

3,945 

2,086 

Taxation. 

1,266 

382 

Group Profit after Taxation 

2,679 

1,704 

Ordinary dividends 

% 

% 

Interim -paid 

3.96 

3.08 

Final -proposed 

8.04 

6.00 

TOTAL 

12.00 

9.08 

Amounts absorbed by dividends 

FOOD’S 

iOOO’s 

Preference -paid 

11 

11 

Ordinary-paid and proposed 

450 

341 

TOTAL 

461 

352 


Earnings per Ordinary Share 


17.78p 11.27p 


DIVIDENDS 

The Directors propose, subject to Treasury approval, 
a final Ordinary Dividend of 2.01 pence per share (1977 — 
1.5 pence) so that the total for the year is 3.0 pence per 
share (1977 -2.27 pence). 

PROPERTY REVALUATION 
_ A Property Revaluation Surplus of £1,501,458 has 
arisen from a professional valuation of the Freehold and. 
Long Leasehold Shop Properties. 

BONUS ISSUE 

The Directors will recommend a bonus issue of one 
fully paid Ordinary Share for every two Ordinary Shares 
now in issue. 

ANNUAL GENERAL MEETING 

The Annual General Meeting will "be held in Kendal 
on Thursday, I5th February, 1979. The final Ordinary 
Dividend will be paid on 5th March, 1979, to shareholders 
qn the Register at 15th January, 1979J 

The Chairman, Mr. S. Crookenden , comTnents:— 

Pre-tax profits for the year at £3,945,000 showed an 
increase to 7.4% of turnover, compared to 4£% last year. 

Helped by a buoyant demand in shoe retailing, 
generally which continued throughout our financial 
year, K Shoe Shops achieved another record year. 

The same strong retail demand gave us a fall work 
load for our factories in the last nine months of the year, 
and helped K Shoemakers to return to profitable 
operationfor the first time since 1975. Creditableihough 
this tnmround was, some parts of this business are still 
not fully profitable. Cheap imports remain a significant 
threat, and we have some way to go before K Shoemakers 
can he regarded as providing a satisfactory return, 
either on turnover or capital invested. 

^ Shoes Limited, Kendal, Cumbria 




* r t^ji. » "; “’r-'-T •-"'t-T' - ~y>* 


2S 


Financial Times Monday December 11 1978 


APPOINTMENTS 


Associated Engineerin; 


ASSOCIATED ENGINEERING 
GROUP has made the following 
rhannes in member companies — 
TVIr. P. J. Ailday become" 
menacing director of Brico 
Engineer) nc. He wa" previously 
managing director of AE Auto 
Parts' Following liiis appoint - 
me nt. ^lr. IV. J. Hep worth will 
relinquish ihe managing director- 
ship of Brico Engineering, but 
will remain as chairman. 

Mr. 31. M. Jack«nn is made 
managing director nT AE Amo 
Parts.' He joins from the Lucas 
Urn up where he was world 
marketing manager of the Lucas 
Electrical Company. Mr. R- 
Riofcardson becomes fiuanci.il 
director. He has been secretary 
of AE Auto Part's since 1972. 

Mr. H. Walibtrom is appointed 
a director of Edmunds Walker 
and Co., the management com- 
pany which controls the AE 
Group's European distribution 
operation®. Mr. Wall 1st rom is aUo 
appointed executive directnr 
responsible for the distribution 
companies jn Austria. Portugal 
and Sweden. He continues to be 
managing director of the Swedish 
company Auto-Products AB. 

At Cannon and Stokes Mr. B. 
Zfarr.vcn becomes financial direc- 
tor and secretary. 

+ 

KEYSER VLLMANN SECURI- 
TIES announces that Mr. JL Bull 
has been appointed a director. 

+ 

Mr. G. P. N. CiClIatly ha® been 
appointed to i he Board of TELE- 


PHONE RENTALS as financial 
directnr. 

* 

Mr. Peter Hurdi ha" 
been .apnointed |n the Board 
of i hr Lnndnn-hn«ed .INMFS 
McNAUCHTON PAPER GRuirp. 
which i-- c’anned to be Rri Inin’s 
f:iste«t--j rowing firm of paper 
m'-rchunt". He is curremly 
managing director or its Bristol- 
ba-cd 'Uhsldiary McNaugltlon 
Paper Western. 

+ 

31 r. 31 ark Abbott hsr left Fill 
aftpr cigld years to ioin LES.VF.Y 
INTERNATIONAL. tnv m&ru- 
facturcr* ^nd distributors. ?Jr. 
Abbott- " bo was irentr.iJ manager 
of the EMI Record* fl'Ki inier- 
nationrl division before moving 
on io run EMI music companies 
in Belgium and France, join" 
Lesncy as a director of the com- 
pany. and chief esreulive of its 
European subsidiaries. 

■*■ 

3!r. I~ Key Cnmphpd has born 
made vice president 'operations. 
Athens branch, and Mr. Dee 
Williams, ‘'ice presidrnl/onc ra- 
tion.*.. Amsterdam hr. inch, of the 
B A N K OF AMERICA IT r. 
3 iob:imiucd Rengali has been pm- 
inofcd )o as-istant * ice president. 
Manama branch. Mr. L. Thomas 
Holmgren in assistant vice presi* 
deni. .Scandinavian representative 
nffi"c. and Mr. John l^iv.'s lo 
nssi<lan; vice president, Man- 
chester branch. 

•k 

The FI.EiminXH: E. v '! INHER- 


ING ASSOCIATION has appointed 
Mr. Paul HI. Webster as deputy 
directnr contracts and secretary 
nr the association. He succeed" 
31 r. A. S. Marshal! who is retiring 
after an years’ service. 

Vi«cnunt Slim has beer 
appointed chairman of THK 
RRITAIN-AVSTR VLI \ SOCIETY 
in succession to l-ord CarrinRinn. 
* 

Mr. George ill. Grace, a "'ice 
president in international bank- 
ing. is to he transferred lo the 
l : 1 1 ASF. M A N H ATT A N BA NICS 
office in Moscow. His most recent 
assignment na; in London as 
institutional hanking representa- 
tive for Ihc UK. Channel Islands 
and Republic of frcland. His pre- 
vious ropon.sibililies included 
rredit and marketing for Western 
Europe, the south-eastern district 
or ihc United States and the New 
York City district. 

*■ 

Mr. David Jolly. Itlr. Terence 
Yoycc. and 3Tr. Gerald Whilchnusc. 
have heen appointed directors of 
RtlFORS (GREAT BRITAIN) COM- 
PANY. Mr. Whitehouse continues 
as company secretary. 

* 

The SWISS REINSURANCE 
COMPANY has apnoi tiled Mr. 
Derek Frasrr as group consultant 
in London fmnt January 1. He will 
he responsible for technical co- 
ordination and studies on major 
iiiiernaimnal projects. 


WEEK’S FINANCIAL DIARY 

The following is a record of the principal business and financial 
engagements during the week. The Board meetings are mainly 
For tho purpose of considering dividends and official indications are 
not alwavs available whether dividends concerned are interims or 
final*. The sub-divisions shown below are based mainly on last 


year's timetable. 

TODAY 

COMPANY MEET I NGS 

GIAKO- Part tan* Hst'.l. W 


lOMOKMW 

COMPANY MEETINGS — .. _ 

Crdar In. Tst. Winchester Mote*. 

G/«™iB.. Prw;;'*iSM HOIfft Ur,7hton. „*£*« Edlnhtirqh. 12 

jCE.'c . Pint wood Hotel. Htrdlorth G 2T.11?- S .°f ,nB G * r ‘ ,eM " H,gh W*w»mbe. 

Wi1n-'.‘ow Cheshire. 

Lin.r 


VV.ln--.iow Cheshire. 3 " 12 * w „., •_ I|M| M *r 1 7 

,n.r *6 TS. H arbor na RotO B.rm.n B naP, * 1 , nrf WC ^" 11 87 £.<< 5 . ' PUce 

UCM Ind*.. Birmingham Melrroole Hotel. 


Lucas Ind-... Birmingham Melrcoole 
N.E.C . Blritungnani. H. 

Stimo vin-Perkins. U.C.M. Ho-jv*. 

Swallow Pitta. W. J 1 
Turner Curran. Claverdal Hotel- Gmlfllord 


35 


H.llon 


BOARD MEETINGS 
Finals : 

Arenimedci In*. Trust 
BaggeNdoe Brick 
Borthwlck (Thomas] 

Hotel. Daison 

Dobson Park Ind*. 

E. Drlstonteln Gold 

Habit Prenslon Eng. 

P»ke (W.J .1 , , 

Ransomo Hoftmanr Pollaro 
R«dt* 4 rn Nat. Glass 




United C'tT Merchants. 

Park lane. w.. 12. 

BOARD MEETINGS — 

Finals : 

Blvvooruitzicht 
□urban Deep 

East F-and Proprietary Mine* 

Management Agency and Music 
Martin the Newsagent 
5 per*C( (C.A.l 
interims : 

Barker and Dobson 
Brown (N i invests. 

Carrto End. 

May and Hassell 
Freed* (Allred) 

Premier Cons. Oilfields' 

Prop. Hldg. and Inv, Trust 
Rowlinson Cons. 

St. George's Laundry fWorcest*r 1 
South Cmitv 
Toothlll (R.W .1 

Whiie-.ro tt 

DIVIDEND * INTEREST PAYMENTS — Sterllno Ind*. 

I,r in rt«. Va Hu PBI L GpW 

c«a » ttw s ” * 

Cm and Intnl. Tst- 3. Ip. 

City of Oxford Invst. Tst. I.ZjB. 

Cole fR. M.V i.aso. 

Provincial Bank. 0.5 cts. 

Henderson ip. C.l Ord. A 1 .TO 
Hill i Philip) In*. Tit.. 2 . 75 P- 


*’e 


.Bring and Steel 
Vlablontein Gold 

WdlverbaiTKiton Dudler Breweries 
Interims : 

Audiotronic 
B ee d twood Cons. 

Chapman iBallam) . . 

Doornfonteln 
Geovor Tin Mines 
Imperial Continental Gas 
Kloof Gold 
Latham (James) 

Libanon Gold 
Merer (Montague L.) 

Moorgate Ip*. 

Standard Charterod Bank 




Irt’r-Cllv In*-. 0 . 6 p. 
Unread. t.So. 

Lo-vlvnd Draoery. 0 . 937 p. 
M.I.M.. 6 CIS. 

Mobil Oil Con.. 115 CtS. 
Newman-Tcnlu. 3 -IS 35 D. 

S:cl tisu Ontario In*.. 0.73 
Secs. Tst ol Scotland. 3 n 
Vn'ihb Cnn. 27 cts. 


W. Drlrlonteln Gold 

Wl D?VIDEND & INTEREST PAYMENTS — 
Foster Bros. Clothing. 1.49S7SRV (IK. 

snog, tflst- of O.OZToOoJ 
Hew den- Stewart Plant. 0 . 45 e 
House of Le-ose. i.B 3 p 
L I d-tone. I.OSo. 6 oc Ptg. Pi refd. S 6 bc^ 
Prichard Service* 0 . 66 CB 4 P (Inc. supo. 
dnt. of 0 . 01 375 p) 

Tsnnecn Inc.. SS cts. 

WEDNESDAY DECEMBER 15 
COMPANY MEETINGS— 
caskets CS.) Midland Hotel. Manchester. 
12.30 


2 KKS sunn. d.st. of ^ d % n « nd E f S r ^ sh H e ?^eJI4. Snufh 

Usher -Walker 1 2 S 2 7 P 
V/alker and Holmer. 0.450 


Ycrkareen In*.. 0.3350 


TODAY 

COMMONS — Physic Member's 
motion on Government nil 
policies. Motmns on ih*’ 
Appropriation (No- 
(Northern Ireland) Order -ind 
on the Shops (Northern Ire- 
land) Order. 

SELECT COMMITTF.ES — V .*■ 
penrfifurp. Education. An* and 
Home Office sub-commiiler. 
Subject: Women and the Fcoal 
System. Witnesses: Boards nr 
Visitors of certain women's 
prieons/borslal". <4.15 pm. 
Room 15.) Public Accounts 
Committee. Subject: Cash 
Li mils. <5 o.m. Room 16.) 

TOMORROW 

COMMONS — Proceedings on the 
Consolidated Fund Bill. 
LORDS — Agricultural Statis- 
tics Bill (consolidation 
measure i . Electricity (Scot- 
land) Bill rconsofidation 
measure i. Motions to approve 
European Assembly Constitii- 
rndos (England) Order 197S. 
European Assembly Consti- 


tuencies i Wales » Order 107? 
and Eumnean Assembly Consti- 
tuencies (Scotland) Order HITS. 
Arbitral inn Bill, second read- 
ing Debate on the nation's 
failure to convince mure 
young people that creative 
work m industry offers a voca- 
tional challenge. 

SELECT COMMITTEE — Nal ion- 
si Used Industries, sob commit- 
tee V -Subject Follnw-lip 
of 4rh report Session 1977-7?. 
v.'imossps: British 'Walenvdys 
Eoard. i4 pm Room S.) 

WE ONES DAY 

COMMONS — Dehaip on Hie Gov- 
ernment's fight against inflation. 
Motion nn 'EEC documents on 
the European Monetary System 
and on its inip/icarfons for (he 
Comnion Agricultural Policy. 
LORDS — Dchalu nn (he need for 
a National Council on gambling. 
Debate on (he collapse of ex- 


ploratory drilling on the UK 
Omiinciital Shelf. Represents- 
! mn of ihc Prop'p i Armed 
Forces) Bill, second reading. 
Di-er Bill, second rend Ins. 

(ijie on Anglo-American Cham- 
her® of Cnmmoree. 

SELECT COMMITTEES — Nat- 
ionalised Industrie"- Sub-commit- 
lee B. Suhjpct British Steel 
Corporation report and accounts. 
Witnesses: BSC. 1 10.45 am. Room 
Si . Science ami Technology. 
Genetic Engineering Sub-coin mil - 
Ice. Subject: Public policy issues 
rahed by recontbinanl DNA 
work Witnesses: Generic Mani- 
pulalmn Adviso-y Groun. (1*1.30 
am. Room TS I. Overseas Develop- 
ment. Subject: UK aid to India. 

vritjjMSP*: Ministry of Overseas 
Development. i4.::n pm. room 6). 
THURSDAY 

C03I3IONS — Mnnrm" on the Rate 
Sunnori Grant Order", on the 


Social Security I Coni rihut ionsl 
(3Iariners) Amendment Regula- 
tions and on the St. Lucia Ter- 
mination of Association Order. 
LORDS — i at 11 am) Consoli- 
dated Fund Bill, all stages. Con- 
servation of Wild Crealures and 
Wild Plants (Amendment) Bill, 
second reading. Suspected Per- 
son." f Abolition > Bill, second 
reading. Motions lo approve SL 
Lucia Termination of Associa- 
tion Order, Shops (Northern 
Ireland) Order 1978, Appropria- 
tion (No. 4) (Northern Ireland ) 
(Emergency Provisions) Act 1978 
(Continuance (No. 2) Order 1978. 
and Social Security (Contribu- 
tions') (Mariners) Amendment 
Regulations. 197S. Public Health 
Service Laboratory Service Bill, 
committee. House adjourns for 
Christinas recess. 

FRIDAY' 

COMMONS — Short debate" on 
various topics before House 
adjourns for the Christmas* 
recess. 


-• 


St.* W-. 3 - 

Law rwin.i. Baird A *e.. Dry burgh Ind. 

E»t . Dundee. U. .. .. .. 

Mated it Ins.. Plantation House. 10 - 15 . 

Mincing Lane. E.C . 12 . 30 . 

Norm Atlantic 5 «C*. Cpfl. Bufkleiburv 
House. 5 - Queen Victoria St.. EC.. 2 - 45 . 
Smiths indi.. Reg. Odice. Crlctdewood. 
N.W.. 12 . 

Town Centre Sees.. Town Centre H-e. 

Merrion Centre. Leeds. 12 - 
Wood Hall Til. winchester Hr.. 100 
Old Broad St- E.C.. 11 . 30 . 

BOARD MEETINGS — 

Final* : 

Caravans Inti. 

Comoair 
Duhllier 
Lee ( Arthur) 

Saatthl and Saatchl 
Serck 

Trans-Ocean ic Trust 
Whetsoe 
Interims > 

Bralthwaite 
Bulmer iH P.) 

Dcrltend Stamping 

Guthrie 

L.R.C Inif. 

London Merchant Sees. 

Russell Bros. (Padd-ngton) 

Warnford ln»s. 

WmcUiam Era* 

DIVIDEND 4 INTEREST PAYMENTS— 
Angus E'iBC Bds. Red. IJ 1 J. 7 B. £ 4 ..SD 6 
Bedfordshire SUnc Bdl. Red. 13 1278 . 
t-iJGDfc 

B'him. 8 uoc Bds. Red. 13 ; 12 ' 78 , £ 4.2606 
Casket 16.1 I. 35 P 

Cedar Invst. Tsl.. 1 . 750 . 

Con. ol London BUpc Bds- Red. 131273 . 
£4 2606 

Crewe and Naniwich BUoc bos. Red- 
13 1278 £4 2606 
Flight Refuelling. I. 4 p 
Harborough S'jPc Bds. Red. 13 1 * 78 . 
£ 4.2606 

Hoveringham Ord. and Reit-V Ord.. 
□ -&« 7 So 

Lambeth Bi.oe Bd*. Red. 13 12 ‘ 7 E. 
£ 4.2606 

Lancashire B'vpe Bds. Red. 13-12 . 3 . 
E4.2B0S 

Londor. Sum Bds. Red 13 12 73 . £ 4.2606 


M*ntfleld BuDC Bdl. Rrd. 13.12,73. 
64.2SD6 

Motherwell 8 '»ne Bds. Red. 13 il 2 7 B. 
£ 4.2606 

Oldbam B'aoc Bds. Red. '5 12'78, £4-2606 
Shiloh SBinners. . 0.750 

S. Bedford shire 8 '<pc Bds. Red ■ 13i1l,7B. 
£4.2605 

Swansea Stone Bds Red. 1S'117(. 
£ 4^506 

W. Nartolk IUK Bds- Red. 1 31 1 2.7B. 
£ 4.2606 

THURSDAY DECEMBER 14 
COMPANY MEETINGS — 

A mala. Stores. 42. Penman Sguare. w.. 

Anglo Sconish Invst. T*S.. 2. St. Mary 
A*e. E.C.. 11.15. 

Ari-nstm ra.i, Lincoln Hu . Coinrv st.. 

St. Alban*. Herts.. IZ.30 
Aud'O Eldt'itv Quern* Hotel. CitY So.. 
Leeds. 10. 

Br.decwaier Invst. Tst. Cadcoan Hotel. 

75. Sleanc St.. 5.W. J.30. 

Choc Allman Irlnl. R.A.C.. Pall Mall. S-W- 
It. 

Customagic Manl.. Customaglc Hse.. Whir- 
worth 51. Ooenshaw. Manchester. 2.30. 
EMI. Tower Hotel S:. Katharine’s w*v. 

E.C-. H.30. ! . 

L.W.T.. S- Bank Television Centre. Kent 
House. S.1Y_ 12.30. 

London Shoo Prep. Tst.. Connaught Rooms. 
Great Queen St.. W.l. 12. 

Manganese Bronze. 1. Lc*e Lane. EC. 12 
McKeehnie Bros. Midland Hotel. B'ham., 
12 . 

Thorne «F. W I 75. Harbomc Road, Bfr- 

mlnghair. 3.1 5. 

BOARD MEETINGS — 

Finals : 

Associated Eng. 

Bass Charr l noton 
Rurco Dean 
Burton Group 
Hawkins and Ttpson 
I.C.L. 

Llovds and Scottish 
Marler 

Mitchell Somers ’• • 

Nottingham Br*tk . r 

S ten he use 
Vaux Breweries 
Interims t 

Aj! 0 :wtwi Comma meat Ions . 

Distillers 

Dcm Hldg*. 

Heywood William . 

Phoeni* Timber . -. s 

Saint Pima 

Scottish Homes Inr. • 

Trafforg Carpets 
Utd. Gas lids. 

Wilkinson Match 
Wood (5.W) 

DIVIDEND A INTEREST PAYMENTS — 
Agricultural 10'rPc Ob. 92->S SUpc 
Bann and Buchan 12pc Bds. Red. 9.682. 

&OC 

Barnsley 9'.rc Bds Red. 20 6 75. 4*oc 
Brjcoosnelii g 1 , nc Bd«. Red 20'6’79. 4'iot 
Brmsn Car Auction. 1.85260 
Castle Point 1 0-*»oc Bds. Red. 9.12:91. 

Cherwcll 9'toe Bds. Red. 20 6 79. 4'soc 
Continental Oil. 37’-cla. 

Cvngor Dosaarh Dwylor 9‘iK Bd*. Red- 
25 6 79. 4’.p: 

Cvnsn Valle* 9 .pc Bds. Red. 20.6.79. 
a ’:r 

Dhamai, 4pc 

Dudley 9 '-or Bds. Red. 2D 679. 4~apc 


Dundee 9 J 

Giassovr 9 -r»e Bd*. p„j-npcr Transport 

Ko TG2£ i£Jg *2SL 

Kensington and Chelsea v 

«;S >aw Bds. RPU. S' 1 2 81 ■ 

5 -n *4 n _4 20 'D 79 . 4 ‘sOC 

Leeds 9 ’ JJ d |d! Red 2 D *.79 
Liverpool 5 -rtK »*•* t ? » 279 . *'ipe 

U.tf Valle* ^W n B£»- f 148 » 

Londcn Shod b Ss/ £^- 45 P 0 

Ln - EB 

n“a?I%K ^i rt . Crfl ri^ , Vo ° 6 .79 4 V*C 
KSSSmU^IB-K’ Bdl.- Red. .0 1730 

Read-cut JA*' D *ri^ R 7 R «1 4 <-tn 

Km£r V.l^v 10 'vpr. Eds. Red. 104 rao 

R^Tew Rubber f*i. Brrl.ad. 5 m. 

^r.D^D A i In’tI^ST PAYMENTS^ 

r M! 'kJTkf *£■ 8 
var. Rale Bds. Red. B 12 . 62 . 

T»rVi e n° ° 1 0 'i oc Bdl. 7 g C 

Twer Hamlets 3 - rt* Bd*. Red. 3 D b 

V Harwirk 9 'iPC Bds. Fed- 20’6 79 . 4 '.pp 
SwWw n 5 ( Bds. F.ed. 8 12 - 62 . 

Westminster var. Rate Bds. Red- 8 . 12 .S 2 . 

^ S HV^i Y Ve Q Amber is 

B. St. Br.de 

Brjcer'^C. 'h.'). 2 . Midland Bridge Road. 
Coninion ‘ R rrt *- Barrburnh Hsn.. Market 

too 

Hay* * 5 ? 5 »fol^ww' C 5 (- Margaret s Work*. 
Heoworjn ij 1 - Querns Hotel. Lc.ds. 

Lowland In* . U- Austin Friars. E.C. 2 JP 0 
■p? 4 «Tc CC H.l. Parkland* Stoke Gifford. 

T«W*r charing Cross Hotel. Strand. W.C.. 

W*’bu>bnn*- Eheabeth Suite. Barrington 

House. Gre.Oam St- E.C.. 12 

WoHriey Hu"hcs vine* Lane. Droilwlch 
Worcs.. 12 30 
BOARD MEETINGS — 

Final* i 

Carr 'a Milling _ _ 

First Union Gen"ral Inv. Trust 
Guinness « Ar’.hurl 
WarVn and Hansons 

Huns let 

Utd. Scientific 

Interim* •• 

Bell and Slme 
Caltyns 
Greene Khfl 
Initial Sec* 

Kennedy Smale 
Norcros 

N °dTvIdEND < A INTEREST PAYMENTS— 

ACC l S'.c: PI 7 T Sp 

Allied Irish Bank*. 3 .aP 

Amorcst Inv. T*l.. ..-a 


SSJlSBSi 74 ASP tfne. aog. 

BOC" IMn*'^|y 4 '* *** <® 0 > pc 

Biskhl Tin. 0 . 291 85 P_- 

^"^ 1 Srd^oS PlW * > 

irltfih-Bonwo Pet."* SmU. 2 .S 76 p (the. cup. 
dist. ot 

Brown Buvc^Kcrrt. IP 
Cedar In*. TStr.Dbj. ZiJP* 

Colanise Cnn.. *S CIA. 
Chwcborousti-^ng*- 
CocJfsrdge. O.MISb • • 

Coni mental Groun- » dm. 

Cummin* Eng . 45 cts. 

□ana Con-, 34 III. 

DSSri." 2 .b 7 ii 5 P one. »upp. «*f. of 
0 . 040 . »o) commission (Ports and 
Telecom*! 5 ‘iPC 1977-83 2 k 
Ehnbridgc I 2 '«i»c Bds. Red. It.B.BO. 6 'mk 
emhan Con 35 cts- 
Gdl and Quffu* Ond.. 2 JP 
Gillingham 1 1 '*nc Bd*. Red. 13 . 679 , 

^cdoraibls Store* Old A, 15 cts. 
&„il 5 « 1 690 (P.raeu*tari«si>; Rlv. 7 . 

2 '-pc Do. 519 - Fdg. Bd*. 1 SW. Z 1 ?pc 
GiiTdlan in*. Tst.. 0 . 9 n. . Do. Db.. 

Guardian Roval Exchange AMrnc. In., 

-Do. 12 UBC. Bds. Red- 'Lft®; S V« 

WS..*S6..‘TSJ SfBfrSf’rSt 

ilvij* A Ord. N.V.. 5 . 727 p 
LangOainvh IClkPC Bds. Reda IlfSMML 

M 6 '*«d G. Midland and Gwwral T»w Pd.. 

x££r;i' 7 aa.'SS’cSffa.w™, 

Bazaar* 0 * 9297 . 19 Cts. 

Owens - 1 lli< noli inc^- -p 9 cts. ■ ■ 

Ranks Hovls McDougall Ln„ 3 * 1 * eta. 
Reliance Grp. 40 tta. 

Rio de Janeiro »ffc 5 tg. Ln. 1927 (Plan 
A 2 <*Pti. 3 >:pc 

Safeguard Ind. invsf-. 3 pc 
jt. Lawrence and Ottawa . Railway 4 pc 
Stg. l*t. Bds~ 2 dc 
sand well 13 oe Rad. 1982 . 8 upc. 
Scottish European In*.. Ofp 
Scottish Heritable Tit. 0 . 476 b 
S eagram 20 dS' 

SE& S '.cr R-rf. 79 - 80 . 4 !»c 
S underland 12 U* Red. 1984 . 6 l»pe 
T 77 W Inc.. 45 CU. 

Tavlor. Palhstor. 1 . 5 P 
Thorpe (P. W.l. 0 .S 7 O 

Time Inc. 37 . S eta. ,, 

Troasur* Ln. BUoc S 7 . 90 . 4 i« pc 
Treasury S'ipc 77 - 80 . 1 'rft 
United Biscuits Deb*. 3 k. 4 pc . 
Westoooi in*. Tat., tjd 
WM tHnaton Eng.. 1 . 679 P 
Wit»n Inv. Deb.. 2 b PC 
Y«v* Mon- isle of Anglewv 1 1 U*c Bd*. 
Red. 13 ,’S 79 . S’ipc . 

SATURDAY DECEMBER 16 
DIVIDEND S. INTEREST PAYMENTS — 
Leicester Floating Rale 1982 . £ 5.5625 
Oceana 6 bc Pro*.. 2-1 pc - - • • 

United Biscuit* Ln.. 2 k pc 

SUNDAY DECEMBER T 7 
DIVIDEND & INTEREST PAYMENTS— 
Holt Lloyd Intnl.. 5 . 5 D 





■ •- '. " ir*r •V'mJ.'S 



BUSINESSMAN'S DIARY 

UK TRADE FAIRS AND EXHIBITIONS . 

Date. Title Venue ^ 

Current Performance Car Show i(U 6S67tSl> (until Dec. 17) Alexandra Palace, N22 

Dec 12—14 Exhibition an<i Display System Fair — MODULEX West Centre Hotel, SW5 

fEgbam 6255 ) , , 

Dec. 27— Jan. 7 Boys' and Girls' Exhibition (021-643 92S1I Bingley Hall. Birmingham . 

Jan. 3 — 14 London International Boat Show Earls Court 

(Weybridge S4511) ' 

jan. 4—13 Model Engineer Exbn. (I Icm el Hempstead 63841) Wembley Conference Centre 

j an. 5 BCS 79 — Living with Computing (01-637 0471) Bloomsbury Centre HoteL 

WC1 

Jan. 6 — 14 Racing and Sporlina Motorcycle Show (01-226 7901) .Horticultural Halls, SW1 

Jan. 7—10 BFM Furniture Show (01-724 0851) National Exhibition Centre. 

Birmingham 

Jan. 7—il New Year Gifts. Jewellery and Leathergoods Trade Belle Vue, Manchester 

Fair (061-969 310-3) 

Jan. 13—17 International Toy Fair (01-226 6653) Exhibition Centre. Harrogate 

Jan. 14 — 17 Stationery Indusirv Exhibition — STATINDEX Grosveoor House, W1 

(01-589 0256)* 

-fan. 16 — IS Micro- Electronics for (he TV Industry— TV-MEX National Exhibition Centre. 

(01-486 1951) Birmingham 

Jan. 16—13 International Domestic F.leciric Appliances Exbn. National Exhibition Centre. 

— D)EA (01-486 1 95 1 1 Birmingham 

Jan. 23 — 25 Amusement Trade" F.\hihitinn (01-228 4107) Alexandra Palace, N22 

Jan. 28— Feb. 1... Liehlshow 79 (024S FS 336) Ofyinpia 

Jan. 30 — Feb. I... Fahey Goods and Gift Trade Fair (041 334 9249) Cumberland Hotel, W1 

OVERSEAS TRADE FAIRS AND EXHIBITIONS 

Dec. 12— 15 Amusement, Leisure and Fairground Equip. Exbn. Paris 

FORAINEXPO/ A !U tISEXPO (01*486 1951) 

Jan 8 — II Hole! and Restaurant Industry Fair — HORECAVA Amsterdam 

1 01-228 2SS0) 

Jan. 10—14 Home Furnishing Textile Fair (01-734 0543) Frankfurt 

J«n. 18—21 Inti. Trade Fair. Motor Workshop and Gasoline Salzburg 

Station Equipment — AUTO-ZUM 

Jan. 20 — 2S International Boat Show— BOOT (01409 0956) Dusseldorf 

Jan. 22— 27 International Audiovisual & Communicati ons Show Paris 

Jan. 22 — 25 Tourrim and Recreation Fair— VAKANTIE . Utrecht - - 

(01-4S6 1951) 

Jan. 26— Feb. 4... International Green Week < 01-540 1101 1 Berlin 

Jan. 30 — Feb. 4... Holiday aod Leisure Fair (Dublin 7633S5) Dublin 

BUSINESS AND MANAGEMENT CONFERENCES 

Dec. 12 AGB: Gradual* Selection Techniques (01-353 3651) Education Institute. 

Bedford Way, WC1 

Dec. 12 ABACUS: Ri"k Reduction — Understanding Bnsi- 

nes" Contracts (Bourne 4471) Kensington Palace Hotel, W 8 

Dec. 12 — 14 IFM: Employment Law — for Management Advisers' 

(01-337 2S44) Oive Hotel, NW3 

Dec. 13 ESC: Company Law and the City (Uppingham 

_ _ . 27U) Kensington Palace Hotel, W 8 

Dec. 13 — 14 Instil uin of Marine Engineers: Safety at Sea — 

Inlprnational Symposium (Redhill 6861 1) Mark Lane. EC3 

Dec. 13 — 16 International Association of Political Consultants 

Annual Conference (01-584 4356) Hyde Park Hotel. SW1 

Dec. 14 CAL US: \ Current Review of the Taxation of 

. Property (Reading SfillOl) Mount Royal Hotel, Wl 

Dec. 14 OYEZ-IBC: Seminar — Restraining Commercial 

. Piracy (01-242 2481) Euro pa Hotel. Wl 

Dec. 14 — 15 FT Conference: Inflation Accounting — the Planned 

Standard (01-236 43S2) London Hilton, Wl 

Dec. 15 Economic Models: Medium-term International Fnre- 

casts iOJ-839 2651) 30 Old Queen Street, SW1 

Dec. lo Legal s Indies and Services/Oyez 1BC: Medicine 

_ an( * Dip Law (01-242 2481) Carllon Tower Hotel. SW1 

Dec. 18 — 19 BIOSS. What is Organisation Development? 

f Uxbridge 564611 Drunol University, Uxbridge 

uec. 19 — -d LAMSAC: Projrct Co-ordination (Basic) Seminar London Graduate School Of 

. - _. *° 1-83? 2333 1 Business Studies, NWl 

jan. i — a Reading University: Science Teachers’ Conference 

85123) Reading University' 

Jan. -i — a r.ALUS: Shopping Centre Management (Reading 

^ S 61 1 ft i ) I'jp-A* Colics^ oxford 

■J 311 - ,*■“ ]; RACIE: Producing Training Packages (01-636 5351) S billing rord Bridge Hotel, 

Jan. io — li IPM: Thr Secretary iD Personnel Management Oxon. 

(01-387 L-T'iA) whites Hole! W2 

^ an " AGB: Detection 2 *** vices 101-353 3651) London venue disclosed when. 

• Tan - Leeds University: Transport and the Inner City 

_ . ( Leeds .*5036) Leeds University* 

Jan. 14 — 19 RRG: Risk Management in Practice — Sludv Course 

(01-236 2175) Towpr Ftntpl TTT 

Jan. 14 — 19 IPM: Advnnrrd Iniervicwiug and Assessment 

tan 14 — io □ ;?.i ' 0 1 " T<i7 , v* HigJigate House, Creaton, 

-ian. it— .u Branford University: Group and Personal Effective- Northampton 

fan 1 5-1 fi RM,, A wllh , P , copl ? 1 Bradford 42299) Management Centre, Bradford 

Jan. jo — 16 Philip Tbnrn Associates: Lcsai and Bnnking En- 

virnmiM'ni for Foreign Banks in U.S. (Guild- 
ford ilHSfi) Cafe Roval Wl 

Jan. li — IS ASM: Nrl'-vork Analysis Techniques for Planning ' '' 

and CnntroMipg Projects (01-385 1992) Piccadilly Hotel. Wl 



Pre-tax Profit over £2m. 
Dividend up 25 percent. 


Preliminary results 1976 from R W. O. Beney, Chairman 

• Profits a record... up 41 percent... 

• Over £3 million invested in productive assets 

• Dividend up and one-for-ten capitalisation 


Unaudited trading results for the year to: 


Sales 


Trading Profit 

Bank and olherinterest 

Profit before tax 
Tax 

Profit after tax 

Dividend per share 
Cost 


1 st October 
1978 
£'000s 

79,325 

2,394 

242 

E 

2,152 


' 2 nd October _ 
197 7 
£' 000 s ; 

16^77 

1,760 
. 237 

1,523 

252 - 


2,152 


5 . 50 p 

£ 408,172 


1.271 


4 . 40 p 

£ 320 , 672 ' 


Dividend ■ . 

Vlfenanls for the final dividend of 3 . 5 p per share, if approved, will be posted on ^lth March 1979 
to those shareholders who were registered at the close of business on 2 nd March, 1 S 7 & ’ 

Capitalisation issue ....... 

Subject to shareholders' and Slock Exchange approval, one new aha re for each ten held on 
2 nd March. 1979 will be issued, and will rank for dividend commencing with the 1979 interim ^ 
distribution. L ' & 

White Child & Beney Limited, Oldham Street. Denton. Manchester M34 3SR* “. ’ * 









• /_ .; IjL 1978 




SURVEY 


29' *^j 

"I" 


«* 

wy* 

a 


Monday December 11 1978 


.■■a 

‘if' 

'»'■ 



•_i vV-"" »■ >w^ r S i-fM .-» •;•**' . ^ ■ ’: 

•i - ,5: ,:.- ■■*«:*£ •-' ■’■■::. >' 


j.- .■ r 



a 



Sierra Leone 


'>V- 


■isL?’ >: : x ' v 
:v,:7 • .•'■■: 

.*«• •»#.■■. -r ■ £. •..-. 
, ■- ' ' .-* 


tit uifd.am^ _-: | 


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■ft a 



AC 




Sierra Leone is at an important turning point, politically and economically. The past year 
has seen both the introduction of a one-party system of Government and a sharp deterioration 
in the country’s financial position. Martin Dickson, Africa Correspondent, reports. , . 


SASIC STATISTICS : . 

Area 27.925 sq miles- 

Population 

3.47m’ 

GNP (1976) 

Le 603.5m^ 

Per capita 

Le 194.051447 

Trade (1977): 


Imports 

Le 206.20m 

Exports 

Lc 128.14 m;, 

Imports from UK 

£19. 730m 

Exports to UK 

£40. 058m/ 

Currency Leones: £1 = Le 2* 




■Cs < 
\ \ 


■>- i 

vT 

'X- 


IT IS the end of an extra- 
ordinary year, “politically and 
economically^ in the usually 
quiet life of, Sierra Leone;, a 
year, which has seen the intro-' 
duction of a one-party system of 
goyerturierit^andia rapid worsen-/, 
ing of the ajuntryV balance of 
payments. - . . 

Freetown; .the steamy, sleepy . './ . 

1980 Organisation of African was bitterly denounced by Mr. by the Government ever since constitution 
JaagSX ha. °f Unity conference to be held in Kalla Jusn Sheriff, the then the election. multi-party 


-'•it:-. 


• •A-i - . -v t . 


the . rainy 'season and lush 
tropical vegetation . . sprouts 


Freetown.- 

Hosting the :OAU. : summit is 


states that the new constitution or merely President by students at 
system has con- acquiesced in its introduction. Fourah Bay College, and spread 


leader of the SLPP opposition. i n i arRP measure, the Ga\ cm- tinued to breed “disharmony. Those people argue that for to schoolchildren in Freetow« 
But it was only in the wake ment’s tactics succeeded. There tribal animri s i;i t ._. and military a j[ its defects the multi-party and as far away as Kenema in 

was little public opposition, takeovers.” system was better and at the the south-east of the eotmtrv. 

lions that the Government either from the SLPP or from Tbero j,- umlnuhfedlv truth in very least a check on the abuse 
But if expenditure is not beeaQ t0 ^ lk with “Agency the wider Sierra Leone com- th is. The politics of Sierra of office, 

neatlv j, bo h««v' in the nevt about toe introduction of a munily in May this year when Leone have divided very much 


iuxs - ... ' ■ _ -i DUL H **<o> o«n> in me wane 

everywhere— in gardens, of the May 1977 General Elec- 


satets w tte s ““ 

f^espfdecaymibmldwgs. S '”' ra ,*“1^“^,, not 


In ' the moraines. 


businessmen swap. .■ - diamond and this, in turn/ "would have 
dealing gossip in the Paramount major political implications. 
HoteL At night, there- are Student demonstrations at the 
cosmopolitan' parties reflecting- start of 1977 showed just how 


The demonstrators also high- 
lighted two grievances which 
judge _^ normally lie beneath the sur- 

be^ntoe face: a,le S ali °ns of high-level 

interest Much c ° rr uption and resentment 

The Government brushed strongest in the south and wiu"depend"on precisely how it against . the Lebanese upding 

aside Mr. Sheriff's argument associated particularly with the wiU be worked . community. whose economic 

that the 1971 constitution could Monde wno make up about 30 muscle is probably greater than 

Certainly, neither the 3973 only be scrapped bv a tw-o-thirds P* r c '- nl ,,f the population. For example the constitution in other west coast countries. 



ment after four years without 
representation in the 100-seat 
House. 


called exercises in peaceful, a General Election in beiween. identified more with the in each constituency, from introduction of a one-part;, 

multi-party democracy— there Instead, the Government tested northern tribes, especially the which the two people who poll State does seem t0 haye brou gh' t 

was considerable violence dur- opinion by calling a snap Terane whu make up 30 per the most votes will go forward som respite from political in- 

ins the last campaign by referendum in June whi*-h the cent of th, -‘ population. as candidates in the election gghjjng president Stevens. 


Sierra Leoaefr long- tradition of suddenly grievances can spring oor 1977 Sections could be majority in two parliaments with Similarlj. the APC has been provides for primary elections For the moment however the 

intellectual sophistication. . to the surface. ‘ ' ' — 1 ‘ 1 ““ *•— — L r — 

- The country’s 3m population. - ■ 
who must be among the most TrAnip 
charming in : West Africa, retain ** Wlllv. 


Iheir easy -going >ays.. This is It is ironic thart-fhe country's supporters of both the APC and SLPP claimed was ringed. It was during the 1967 P r °P er - lf worked fairly, this “ b “7ra remarkaliYy^kilfurpiili- 

Pii»-t inn th-.t tv,- could allow representatives of ,v,„ 


-still a relatively happy country economic ailments- should SLPP. As in 1973 numerous Certainly official returns would General Elc-ninn that the death 

and; in an : Africair context,; become so seribtte ^iortly after opposition candidates reported suggest that the population of knell for multi-party democracy S' 

1 relatively Stable: • the introduction., of- a one-p3rty that they had been prevented Sierra Leone had grown some- in Sierra Leone was probablv e 

" Yet behind the surface calm system of gov ernme nt which— physically from putting in their what overnight. 

Sierra liepne fa in the throes whatever one’s views of the nomination papers. (47 APC . 

. of what. are probably. its gravest move— d<ies seemv to hare members were returned un- „ un J^ s ; mander. apparent/v at (he be- 

-financfal . difficulties since j the reduced the level.--of political opposed). Mr. Sheriff, stood out ^ninst the hest tl f sir Albert Margai, inter- 

nation gained independence conflict, at least for the t _ tow c 5 lU uatjl.tbecame law m mid- 

from Britain in 1M1. - moment. President Stevens declared June and then, bowing to the 

h^niof Ihf Ln jU in Jtem IJ ^ torn ‘f^T/APC^theMhan losing «« htaself arrested by middle 

SSelt- ST U r ZZ& fnZ t**™ ** »«* «» " n Se W t f0rm ' d 3 


tician, has released all the 
country's remaining political de- 
tainees and has brought several 


genuine grass roots opinion to 
__ emerge. But the constitution 

first sounded: the SLPP was als ? provides for the APC Cen- f ormer SLPP members into his 
defeated hut the army com- lra J :^ 0mrT1 - 1 f t y5 _}®_. Government It is believed that 

Mr. Sheriff himself could have 


had a seat in the cabinet if he 
had wanted to take one. but for 


can didates if it considers their 
nomination “ inimical to the 
interests of the state.” This 

declared Shortlv afier the commander C0U L d the Government to tbe morae nt he prefers to stay 

declared M.oni% aner. the commander Dat . k p arliampnt w «th ves-men. QUt out Qf ?he jf melight 

President Stevens is now offi- 
cially said to be 73 years old 
and although in good health. 


a year PrOteStS 

brought 


QI4 OL v AUl-C AjvUUCa XL ndj pi vjfVOvM iu |ji«# _ _ _ . . ■ , . 

the Goviernmeiit devalued its mid-1960s by the then ruling J" d *1® £ et ' Die manner of its introduc- 

"fcer'S.W fjS, by^sr jSSS *h™5h a anbiZtJToi Stab Sierras hack pawer. The l,«er could be a daa 5 er- there is Inerttah!/ speculation 

article in this survey details the was bitterly opposed Vby the The seats of several SLPP argues with some justice that a JJ ’* fraeefull^vfa’the ted in the hands of a small tpndpr^’^Mr s f Knrnma Thl" 

reasons for the economic diffi- opposition All Peopl,e-s Congress MPs including Mr. Charies multi-party system was thrust?^ p & e - cushioned elite • tender is Mr S.I. Koroma, the 

cutties, whit* ultimately stem <APC>. led by SiS; Stevens. Margai. the son of Sir Albert, on the country by the depart- ^Mot bo... cushioned elite. SUTSf nnor iS 

from the Government’s- inability Since then, the roles have were declared vacant because ing British who had themselves Despite arguments in favour The student demonstrations >°° r *na 

to cut its suit accordiug to its- been reversed: in 1975 it was the incumbents had been absent ruled the territory autocratic- of a one-party system, there is last year showed how popular js also rnougni to naxe made 

cloth. Expenditure has been Sja&a Stevens, by now. the from the house for. more than ally and had not prepared the still a substantial body of grievances can be fanned into some sixunc pouncai enemies, 

leaping ’ahead of revenue, and President, -who saw- merit' in a">30 days. They had been absent people for a Westmiuster model, opinion in the south of the flames. Th e demonstrations be- At present, however. Presi- 

much of that expenditure is for single-party svstem.;j -while this because they had been detained The preamble to the new country which opposes the gao with a protest against the dent Stevens remains firmly in 








LEONE 


MARKETING 



The Sierra Leone Produce Marketing Board operates a 
promotion branch in London, which is responsible for 
disseminating information about the Board and its 
current activities and for all other enquiries. 


PRODUCE EXPORTED 
PALM KERNELS 


COCOA 

GINGER 

BENNISEED 


■:b 


headquarters 

* “The Sierra Leone Produce 
Marketing Board, 

P.O. Box 508, 

Queen EIizabeth n Quay, ... 
■Cline' Town, Freetown, 

-Sierri Leone, : ■ 

Telephone: Freetown 50431. 

Telex: Freetown 3211 

Telegrams: * “ SILPROBOD ” Freetown. 


LONDON BRANCH OFFICE 
The Sierra Leone Produce 
Marketing Board, 

7th. Floor Plantation House, 
4/15 Mincing Lane^ 

- London EC3M 3DX. 

•Telephone: 01-623 2141. 

Telex: 884514. 

Cables: “ S1LPRODCO ” London. 


I j e 11 b f- H t*r. 


DICOKV\AF promotes $gtici 
development in Sierra Leone by 
donating shields, medalliom, 
^ricultural tools and certiiicateB 





President Siaka Stevens (second from left) presenting one of Dicorwaf 5 
shields to a Paramount chief for commendable farming achievements, 
watched by Dicoraafs resident director oa the Rresidents left. 


A selection of rough diamonds 


The Diamond CorporadonWfest Afncalimited 

25-27 Siaka Stevens Street, Freetown, Sierra Leone 


V T 


J ‘ I 


control and the country^ 
stability is due in no small 
measure to his careful balanc- 
ing of political forces. Moire 
than any other politician, he can 
speak for the nation. 

Ever since an abortive mili- 
tary L-oun in 1971. the President 
has been careful to keep the 
small 3.»n(i-srr.>ng army happjf, 
well provided with cquipmeiff. 
subsidised fond and smavt 
barracks. At the same time, hi 
has set up a counterweight to 
the army — ihe para-military 
Inu-rna) Security Unit. Membera 
of this force have been trained 
in Cuba and by a small number 
of Cubans in Sierra Learie, -s 

For continued political 
stability, it i* clearly importaztt 
that the Government overcomes 
the current economic crisis. S£ 
far. however, the signs have not 
been particularly encouraging..: 

In return for urgently needed 
credit tranches, the IMF ha? 
demanded that the Government 
keep public sector salaries 
frozen while devaluing the 
leone, ami that it keep a close 
check on its runaway budget 
deficit and stop piling up short- 
term debts through contractor 
finance and suppliers' credit. But 
while devaluing recently, the 
Government went completely 
against the IMF demands in 
announcing civil service wage 
increases of beiween 10-25 per 
cent — presumably in an attempt 
to keep domestic political sup- 
port in wake of devaluation. 
Th^e pay increases will only 
add 10 the budget deficit which 
was 2Wi per cent above target 
in the first quarter of the finan- 
cial year alone. Meanwhile, the 
Government keeps on borrow- 
ing at home and abroad building 
up a bubble which, despite the 
deceptive calm of Freetown, 
seems certain to burst if sharp 
corrective action is not taken 
in the very near future. 


1 , 


4 . 






Financial Times Monday ^ 


SIERRA LEONE H 


Nation facing fi 


6 0 1 8 E 1 


siim- 


crisis 


'jj. 

Iirltirt fWTHM 


SIERRA LEONE is in the 
throes of what is probably its 
worst financial crisis since 
independence. 

Nothing illustrates this mure 
clearly than the discussions the 
Government has been having 
with the International Monetary 
Fund over the past five months 
on Sierra Leone's request to 
draw on its second, third and 
fourth tranches of IMF standby 
aid. 

The Government needs the 
money to ameliorate severe 
balance of payments difficulties 
which are. however, due m 
large measure to Lhe administra- 
tion's inability to curb its 
extra-budgetary expenditure. 

Sierre Leone's unblui-ked 
foreign exchange reserves were 
down to Leones 3.6m by early 
last month — less than one week's 
coverage for imports — and a 
pipeline of arrears for import 
payments of more than Leones 
10m had built up. 


V 



Urgent 


The IMF aid is urgently 
needed, yet Sierra Leone seems 
to be adopting a rather 
cavalier approach to IMF 
requests for tighter financial 
controls. Last month, for 
example, the Government 
agreed to an IMF demand for a 
devaluation of the Leone but 
then, going against the Fund's 
advice, it announced civil ser- 
vice pay rises of between JO and 
25 per cent — at a time when 
existing commitments are 
severely straining its burrowing 
capacity. 

Yet the one over-riding ques 
tion facing Sierra Leone now is 
whether the Government can 
stick, to a strict financial regi- 
men and drastically curb 
expenditure. It will be far from 
easy, not least because Sierra 
Leone is committed to hosting 
the 1980 Organisation of African 
Unity summit conference, which 
is already proving a substantial 
drain on funds. 

The next six to 12 months are 
likely to prove crucial to the 
health of the economy for many 
years to come. If Sierra Leone 
can discipline itself, then what 
has traditionally been a slug- 
gish yet well-balanced economy 
by African standards can remain 
on an even keel. 


Rice, the staple food of Sierra Leone, being ^prepared at a village near Freetown. 
Rice is by far the most important crop, accounting for 62 per cent of land under 

cultivation 


II the country does not 
discipline itself, the conse- 
quences could be extremely 
serious with a combination of 
delicit financing and devaluation 
fuelling inflation. ^ 


The backdrop to the current 
crisis has been the rapid erusiun 
uf lhe cuunlry's export base — 
minerals — during file 1970s. 
Production of diamonds, for 
long a mainstay of the 
ecu n umy. has dropped sharply 
from around 2m carats in 1970 
tu around 700.000 last year. 
The reason is simple: after more 
than 40 years of production. 
Sierra Leone's easiest and most 
profitable depusits have been 
mined uut. 


However, the country has 
been given a breathing space 
since majur increases in the 
price of diamonds have to a 
considerable extent uffset the 
effects uf falling production. 

Three years ago the Sierra 
Leone development company. 
DELC O. the country's sole iron 
ore producer, closed down 
because its mine was no longer 
profitable, thus depriving the 
country of 10 per cent of its 
foreign exchange earnings. 


Unfortunately. Sierra Leone 
had not put sufficient stress on 
its agricultural sector sufficiently 
early to counter the effects, of 
declining mineral production, 
which could have been foreseen 
for some time. 

The result was slow growth 
I Sierra Leone’s real growth 
rale during the 1970s has prob- 
ably been less than the popula- 
tion growth rate of 2.6 per cent 
a year) -and a deteriorating 
balance of payments. 

On top of all this came a 
factor totally outside the 
Government's control — the 1973- 
1974 oil price rises which hit 
Sierra Leone particularly hard 
because it is dependent on oil 
for virtually its entire energy 
needs. With cumulative deteri- 
oration in the terms of inter- 
national trade of the order .of 
40 per cent between 1973 and 
1975. and with a much more 
rapid decline in mineral pro- 
duction between 1974-75 and 
1976-77, lhe country began to 
suffer severe budgetary and 
balance nf payments problems. 

During the past two years 
dramatic increases in the price 
of diamonds and the ’ 1976-77 
boom in coffee and cocoa have 


helped save the country from 
even' more serious difficulties. 

Even so, there was an overall 
balance of payments deficit of 
Le 30m in 1976 and this was 
only reduced to Le 7m the 
following year thanks to an 
inflow of IMF assistance and 
Paris Club debt relief. 

It was in June, 1977, that the 
IMF stepped in with 
SDRs 9.02m Sierra Leone’s 
first credit tranche, and later 
in the year the Government 
obt&iued relief of Le -23.3m un 
interest and principal due to he 
repaid to the Paris Club nations 
l. that is its European creditors! 
between mid-1976 and mid-1978. 

However, as the government’s 
latest draft annual plan acknow- 
ledges additional resources 
were used principally for in- 
creasing current consumption 
tli rough larger imports of con- 
sumer goods and an increase in 
Government’s recurrent expen- 
diture. 

“Thus,” the plan observes, 
“because of ineffective financial 
management, especially as re- 
gards public spending, the bene- 
fits which the economy would 
have received, in terms of re- 
duced budgetary deficits or- an 


impetus to public investment in 
development projects, did not 
materialise.’’ 

It was against this back- 
ground that an IMF mission 
visited Sierra Leone last June, 
at the end of the financial year, 
for preliminary discussions on 
the country’s new borrowing re- 
quest 

The position it found was not 
encouraging, especially since 
the Government had promised, 
under the first credit tranche, 
to restrain expenditure and to 
keep a close rein on short-term 
contractor finance and sup- 
pliers’ credits. 

As. of the end of June, the 
Government’s total external 
debt was estimated at Le217.9m 
of this Le97.6m (4o per cent.) 
was represented by suppliers 
credits and contractor finance 
— a rise of 47 per cent on a year 
earlier. The debt Servicing 
ratio was estimated to be in the 
region of 26 per cent — un- 
healthily high. 

The Government had also 
been borrowing heavily intern- 
ally. According to Central Bank 
figures, outstanding internal 
debt amounted to Lel69m — a 67 
per cent rise on a year earlier. 

In April the country's foreign 
exchange reserves had been at a 
record level Le6l.54m, yet by 
the end of June this had been 
reduced to Le43.5Sm, of which 
Le22.06m were blocked to pro- 
vide cover for suppliers credits 
backed by irrevocable letters of 
credit. 


Eiitiii ftnim 


-iHlkm ftnlttt 


lutes u 


Deficit 


And' for the financial year 
ending in June the budget defi- 
cit had risen to Le76.7m — an 
increase of 193 per cent over 
the previous year's figure and 
33 per cent of total' expenditure. 

So serious was Sierra Lebne’s 
position considered to be that 
President Stevens himself went 
to Washington in October for 
talks with the IMF, where 
officials insisted that he devalue 
the leone as a pre-condition for 
any further standby assistance. 

As a result. Sierra .Leone 


de-linked the leone from . pIpel'^V — — j • \\ ' Jt f 

sterling at the start of last... v ^ V/l . S -\j, 

month and pegged it to the SDR' 

at a new rate which represented. S Eutira 
a 5 per cent devaluation ip - . : y V ; 1 

disguise. However, the. IMF is.:, r if j '/ ‘ 1 .'i-fr ' • 

understood to believe that the > • '. ..I~" . , 

leone ' is still over-valued by V ^ ~ y ^jr ■ 

about 15 per cent and a gradual ' bes^ ^ TrWg \<C J? . . - j 

depreciation by this amount is- a ^ unihul J * - 

widely expected before the end ‘ ■.-Ep’’ • 

of the year, even though the :| ® LISTS M i 

Bank of Sierra Leone is trying p gj gjjjj Jr ' } 

to quash speculation to this-.- B Kb SS " j 

Devaluation is now a hijjhly - HgSaa ,»§| ^ ° 

controversial issue in Freetown;. ' '[ 

it is the last thing the country 

needs at this time; it will fuel baSr - announced the. civil J- 

inflation (already at about 20 servants’ pay rises of between international creQrt-woribwss - . 

per cent) and, in the short term, 10 and 20 per cent, which will depends -on • J 

will not affect exports greatly add. to the financing difficulties negotiations, ■ . • ~ I 

since Sierra Leone’s diamond' an<L send an inflationary Tipple .But £ven assuhunffi-the^S^ 
prices are fixed in dollars, any-.of : pay demands coursing aid does -come tbxongh. aa wl; ; y 
£ ay , through the wage sector of the be. ho. automatic;, rolattoaiija- : f 

Against this, the IMF . is economy. V Sierra 

believed to argue that devalua- . Sierra Leone can, therefore ever tie outcome,. Ihe^CoutUjy: > r , 
tion is necessary for a long-term : expect some very tough nego- wilt ..face - a tough ,y I 

adjustment of the economy tiations with the IMF,. who wfll- coming, year.. ; l 

towards the agricultural sector .be’ ^particularly keen to know Ofl the positiveside, dg npoffl l — 
and for a short-term curb to precisely the Government’s prices "remain.' -f; 
imports. - - financial commitments- untfl cocoa and- coffee,: 

Certainly, both of these arel98G, the year of. the OAU moderated, .Sierra^'; 
essential ingredients in- any conference. expectii^ a re^nable ci^;^; ;- 

move to put the ekonomv to , _ ■ - each t^.ye^ 'thunis- to^otsd., 

rights. To its credit;- the KAnnrf^ - -A". weath.e’i^-^; 

Government does at least seem ^ • Moreover,' \mfler- W; r : 

to be giving agriculture some- - There are reports of, a signi- agreement ali lMF xe^eBtsnta-'- - 
thing approaching the attention ^ficaxit rise in suppliers* credits tive seems oertain-to: 
it deserves but this will take a and contractor finance since Tin the -Bank of Sjei* »■ 
considerable time to ' bear June, much of it connected with -monitqr- perfonnance 
results. tfce QAU conference. Me'anwhile 1 .xould - help ' iih, ' restEanang.^-; 

As regards trade, the Govern- the Government overdraft with expenditure; 
ment is now insisting on both the-Central Bank has risen to a 'On ..the negative - side, .tiie/‘I 
Ceatral Bank and Cabinet record Le 30m. -OAU conference may^stiH r c^ J;J 

clearance for import licences This is hardly likely to please - a lot tO; St3ge,t. eveh; ^oa^^r- 
but it remains to be seen. lhe fund. Yet Sierra Leone Government bffrtdals ihaintaih']A J 




& 


whether this will have any .urgently needs the -$30m which that the ^planned,- expenditure. 
aDoreciable impact on the .is the maximum it hopes to' gain . has been, dashed' from- EftOTm n ; 


appreciable impact on the .is the maximum it hopes to' gain. . has been slashed' from. EeiMDm : i 
country's habitual visible trade from -the IMF. Not . only will .-to: less than' ije50im : i i;,-;:'. [; 
deficit, which in the last fiscal tins plug the immediate foreign The -fate: 5 Of. '-ihe....«^pbmy’ ; ; . 
year amounted to Le41m. . 'exchange gap. it Will also dear therefore ‘seems r . delicately r 
However, there is as yet no the way for fresh debt relief poised. - President "Stevens js '■ 
evidence that the Government talks with the Paris - Club said ta. have ‘ retnm e d.- from 
is coming to grips with -its (invdSvlng the reacbeduiing of Washington determined 1 .to : 
extra-budgetary expenditure.' perhaps Le 25m j and' J-shopld' ’his economic house; in order. 

The budget deficit for the first allow the World- Bank .to -Certainly^ the ’ ’ fiitrire <r£ tlie . 
quarter of the current financial unfreeze $19m in project' aid acozidmy. wfll jultunaitely depend -• 
year amoimted to some Le 31m ($5m for the National ^ Develop- on the degree, af polrticaTrvto 
instead of the targeted Le 10m. ihent Bank and ?14m for a road power and muscle— or .lack of 
And since then, the Government building programme). .. Mot© it— displayed from iihai, top* . 

" • • -• - l-;.- :Z . ■&. 


.V »' 


;*^v 




Prosperity 


W 




V.-;M fi 



f.-. •• ; -• 

. -V“- : ' ' . 


•?!? t T 


NATIONAL INSURANCE COMPANY LIMITED 

We transact the following classes of Insurance: 

FIRE, MARINE, MOTOR, PERSONAL AND GROUP PERSONAL ACCIDENT. 
BURGLARY, ALL RISK , EMPLOYER’S LIABILITY, ENGINEERING, AVIATION, 
FIDELITY GUARANTEE, CASH-IN-SAFE, CASH-IN-TRANSIT, PUBLIC LIABILITY 

Our Life Department is at your service for all : 

LIFE INSURANCE NEEDS INCLUDING GROUP LIFE, PROVIDENT SCHEMES, 
ENDOWMENT, WHOLE-OF-LIFE , AND TEMPORARY COVER 
THE NATIONAL INSURANCE COMPANY ALSO PARTICIPATES IN THE SHARE 
CAPITAL OF THE MEDICAL AND GENERAL INSURANCE COMPANY OF SIERRA LEONE 


Support the 

NATIONAL INSURANCE COMPANY LIMITED 

For it is your own Company. We guarantee efficient and prompt service 

For all your Insurance requirements, please write, call or telephone us at: 

Head Office: 18/20 Walpole Street, Freetown, Sierra Leone - Telephone: 24328/24334 

Branches at: 

8 Bojoa Street, Bo, Sierra Leone 5 Hangha Road, Kenema, Sierra Leone 

Tel: 032-586 Tel: 042-252 


THE FUTURE prosperity nf this sector was given a mere and feeder roads. .The idea is to establish two 

Sierra Leone win binge on the 11.4 per cent of the total. This Two major integrated schemes estates initially,, possibly coven- 
country’s agriculture sector year it will receive 23 per cent are already in operation, both jug an area of 6.000 acres and 
which, after years of relative (although two thirds of it will of them sponsored by the World producing an extra 4JJ00 tons 
neglect, is now receiving more come from foreign aid donors). Bank. One in the east involves of coffee a year, 
of the attention it deserves. However, a question mark the production of cocoa, rice However, the most immediate 
But there is still a very long still hangs over the Govern- ^ rOG1 otland swamps and oil task in .the coming year is to 
way to go. As Mr. Sam Bangura, menfs. ability to transform palm, with outgrowers around a prune ;thfr_ bad3y overgrown 
the Governor of the Bank of verbal support for agricultural nucleus ostete. .(The Produce bushes of Sierra Lepne r s fflnaH- 
Sierra Leone, commented in a development into hard cash. Marketing Board experimented holders who produce the 
speech last month: “ Sierra particularly in the present palm plantations in the country’s entire output at 

Leone’s agricultural structure atmosphere of financial 1960s bar this operation went present, 
has not changed much. The stringency. The Ministry 0 { seriouslywrongand fteconntiy Favourable weaker conch" 

process of agricultural traos- Agriculture acknowledges that I s sUll not self-sufficient in palm tions mean that the country, is 

formation is still not eneourag- at times it finds it difficult to °^*) -expecting relatively good bar-., 

lug. Growth in the agricultural provide its share of funds for Another World Bank scheme, ves *s this year for coffee (more 
seclor is still relatively low.” joint venture projects with aid in the north, concentrates on th^ 10.000 tons) and far -cocoa 
The statistics support this donors. It must be hoped that upland and swamp rice — and IS^O tons), but the Maritetmg 
view. Production of the tbe Government will not stint groundnuts — and is also experi- "° artJ estimates thit cocoa- pro-, 
country’s two most important oa agriculture over the next meeting with cattle ranching. J^ctien alone could toe increased 
export crops, cocoa and coffee, few years, for these could prove third integrated scheme, n L 

has been virtually static for Sierra Leone is to show funded by the EEC, is about to P ■^ s j _ 

years a sustained improvement m its jr e t under wav in the nnrth-pa«u , ir 13 l«"?ning a campaign ;in 

In '1977/78, the agricultural farming performance. of the counti^ in the Koinadugu t0 dtUm 

sector is officially estimated to _ area. A major element of this }? th - 

have grown, in real terms, by Estimate will be the provision of a good {uJJjf t^onrtmip 

just 1.1 per cent (4.5 per cent • road to the south, along which L ost y of the 

in 1976/77), while this financial The importance of agriculture the wide range of fruit and f • coimtr ^ s coeoa 

year a growth rate of 1.5 per for Sierra Leone can be gauged vegetables which the area seems 

cent is forecast. from the fact that an estimated suited for could be brought to A Ln« t | Br !i u ^ fnca ' 

, Nevertheless, a greater com- 75 per cent of its population market 8 - ov “; *5 

mitment to agriculture has been fives on the land, fanning plots n js & the Koinadugu area . 


; BOLD 

JKg : 

■10 ITS 


SIERRA LEONE NATIONAL 
SHIPPING COMPANY 
LIMITED 


just 1.1 per cent (4.5 per cent • road to the south, along which L ost y of the 

in 1976/77), while this financial The importance of agriculture the wide range of fruit and E ■ country’s cocoa 

year a growth rate of 1.5 per for Sierra Leone can be gauged vegetables which the area seems ^ P c ' i- ^ 

cent is forecast. from the fact that an estimated suited for could be brought to A L!!f? eW T r !i u ^ fnca ' 

Nevertheless, a greater com- 75 per cent of its population market 8 11 

mitment to agriculture has been fives on the land, fanning plots i t js & the Koinadugu area . 

evident in the Government in with an average size of 4.4 that a h5e propmSonTsiSS .“5^5® 

recent years, prompted in part acres, mostly by traditional shift- Leone’s nomadic cattle herds- m.j!THu-nPt C _ ldtltrai « 81?e !55' 
by the rapid decline in the to cultivation. Because of men are f o^d!%e EEC scS SSSiiSSL? 7 
country’s diamond mining the country's relatively small w ju include some cattle ranches f J^se-scale - . 

iniugy snd. in part, b y the population this mean* tot wcU on Sd d^monSSS 

receot high world prices for under 10 per cent of Sierra basis. - - ta ' 

cocoa and coffee. Leone's total agricultural land u js still too early to judge ' 

area is being utilised. the of th* * Opimon^n Siert^Leone^eems 

Message AVtiAIA ESSSS 

have e als?bee?ftrSg to^ ^eTndLTu^ex^SaLn. 


■e and this message does seem before the drift of workers to nf r \bf^ U ^i h W nf 
have sunk home. the towns and mines. But it farmera ver?W &\o 

rv,. — ,.v : r. ic enrv * w • v “ r J' “W (One lO enra Of tbfr : nAnttul tiff 


;.;'aualysl^--_hf 


1 , COLLEGE ROAD, P.O. BOX 935, FREETOWN, SIERRA LEONE 


The Government's shift of had to import 16,600 tonnes in 2,000 according to official estf 
emphasis can be seen in the the year to June last and will mates). - ci ai esn- .Leon® at 


CABLES; LEONESH/P . 


TELEX: 3212 & 3273 ELSHIP 


major new plans being drawn have to bring rice in again this 
up by the Sierra Leone Produce year because of untimely early 
Marketing Board (SLPMB) for rains. 


nee in again this Moreover as J thin v;^tortncIng^ vrkridivSaibr : - -- 
or untimely 

j 5X13 more- into recurrent budset. inii V 


an extension of export crop cul- Some would argue that the costs an fl f t aZ1£i 

tivatlon on both estate and rice position is symptomatic of whether 1? *?'■ “5V* PVCf er3ble.;itO .atoir ai< . : -' 
smallholder basis. It is keen to Sierra Leone's agricultural riiffi- th( , ^ rt!- 1 be and'istern^»3»te- 

attract foreign investment, por- cultiee. They wula maintain ranoi^o ^imSa eS “ t 

ticularly to coffee farming. The that with its immense potential ; i t’; 

new attitude is also evident in the country could easily be Development ^ 

the somewhat better producer self-suffiaent m rice again— and Produce "i riceSShlfaflni ^1' ..^Og - ’ 


LINER AGENTS TEL: 50209 

SHIPOWNERS TEL: 50824 

CLEARING & FORWARDING AGENTS TEL: 50221 
STEVEDORES TEL: 50862 

PACKERS TEL.' 50655 

SHIPCHANDLERS TEL: 50728 

CREW & LABOUR TEL: 50863 



the somewhat better producer self-sufficient in rice again— and prod uce ■ mv, J 5: jr^rT— : ; <?WBer,; . gpg : ’ - 

pricing policy adopted in recent indeed an exporter— provided ^ launch? mfir ■. 

years. A greater proportion of the Government paid more .programme to boost -.-i» 
export receipts are finding their attention to producer prices and of mcoT( 7%}0 tons^wer?SS ^ 

way back to the farmers, the internal distrllmtioa. net- -mtSs) 'SfaTS '-So 

although observers believe work and less to imports, tons) and ah«5c-S*wS^ W *-fi®^'SS^S2S'^ l ^- i E2a^S : ' 

(here is still room for sub- Efforts to boost rice pro- It ^ W atote '* 

stontial improvement here so duction are a major constitueat duction of chillies 
that farmgate prices more of the development programme, groundnuts to the .export list 
accurately reflect international Sierra Leone, in common with- The plans for coffee are tosoimf 
n „ , many states, is adopting the inie- partic^ariy ambitious. "• The: 

The Governments greater grated approach to rural board wants- to^ ■ wt ub a series "inff* -' 
emphasis on farming is also development Emphasis is not of estates which would have a ^dlT suara^^v^^S^Z' ' 

evident, ro the larger share of merely on crops but on a wide substantial foreign -shareholding stoned - 

th ®. d t evelo ? m f, nt budget alto- range of complementaiy and would.be xun by expatriatl 

caled to agriculture, in 19(3/74 facilities, including rural credit management. . ‘ '‘T ’• • 





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1 1978 




ADVERTISEMENT 


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LEONE 


LAND OF PROMISE AND POTENTIAL 



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AN INSPIRED LEADER 




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Dr. : ^xj^e^epens, Presidmi of; the . Republic ofSieiTXt^Lcone. . 


Vexy few statesmen hava been 'Dr. Stevens’ ten years of 
so dedicates to their country's -leadership, during which he has 
aspirations- dor ..unity .and displayed unparalleled qualities 
development ’ as s r ■ President of political maturity, integrity 
Stevens. 1 ' ■ and sagacity culminating in the 


fulfilment of his dreams for the 
nation, when on Juoc 14, 1976, 
Sierra Leone achieved One-Pa rty 
Republican Status. 

Taking up the reins nf leader- 
ship at a time when the nation 
was almost shattered by strong 
tribal feelings, when politics had 
divided the country and families 
into rival camps, President 
Stevens, in the space of ten years, 
has achieved what seemed im- 
possible by bringing ail Sierra 
Leoneans, regardless of political 
differences, under one umbrella. 

Political pessimist s had specu- 
lated that the introduction of a 
One Party System in Sierra 
Leone would be characterised by 
disturbances and bloodshed. 
They were, however, amazed by 
the spontaneous nation-wide 
support the One Parly Referen- 
dum received from the populace 
including former SLPP opposi- 
tion members both at home and 
abroad. 

In his annual Presidential 
Address at the Official Opening 
of the One Party Parliament last 
June, President Stevens referred 
to the smooth transition to the 
One Party System and Eaid that 
since independence Sierra Leone 
had experimented with various 
kinds of governments — multi- 
party; quasi two party Parlia- 
mentary between APC and SLPP; 
Military government-^ coalition; 
and near single party under both 
the SLPP and APC. None of 
these bad worked and the nation 
had been on the verge of civil 
war on several occasions, in- 
duced by Inter-tribal fear and 
mistrust 

President Stevens said it was 
..unfortunate that some people 
had come to identfy democracy 
as the existence of several 
political parties. 

“This is a delusion no doubt 
bred by misunderstanding and 
incomplete knowledge since 


eveo in its original form, demo- 
cracy was never conceived to be 
this; and down to recent times, 
the meaning of democracy has 
generally been conceived to be 
government by participation and 
representation. 

*• One of the most acceptable 
definitions is that provided by tbe 
American President. Abraham 
Lincoln, who defined it as 
* Government by the people, of 
tbe people and for the people.* 
There is nothing said here about 
parties.'* President Stevens 
maintained. 

Tbe President urged all to 
respect the rights and privileges 
of Sierra Leoneans in particular 
and Africans in general to 
decide on the kind of democracy 
or political system tbey cboose 
to adopt and practise. 

The tremendous support for 
the One Party System not only 
showed itself in the Referendum 
results but also in tbe hundreds 
of delegations from ail over tbe 
country which thronged State 
House to express unequivocal 
support for the new system. 

This massive support is a re- 
flection of the sterling qualities 
of President Stevens, whose 
inspired leadership has endeared 
him to his people. His achieve- 
ments are testimonies of his 
dedication to duty, simplicity, 
humility, magnanimity, resource- 
fulness and respect for the 
opinions of others. His life is a 
chronicle of heroic deeds, im- 
bued with honesty, fearlessness, 
truth, tolerance and humani- 
tarianism. By his ingenuity. 
Sierra Leone is today enjoying 
unprecedented peace, tran- 
quility. and political and 
economic stability. 

In international circles. Presi- 
dent Stevens has equally won the 
respect and admiration of several 
world leaders and is looked upon 
as an eider statesman on the 
Continent. 


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Tobacco Plantation in the Northern Province of Sierra Leone. 


THE NATIONAL ECONOMY 


BOLD STEP TO 
BRING STABILITY 
TO ITS ECONOMY 


FACTS AND 
FIGURES 


Area: 

Population; 

GDP: 


27,925 sq. mis. 
3,470,009 
Le496.S2m (1977/78) 


. .Within- the past few, years, the 
-economic development in Sierra 
•' Leone - has "had its ' own share 
of inflation and shortage of 
foreign, exchange. Consequently, 
significant ; development projects 
hive been hindered, "while tbe 
. country has been labouring 
under :! a somewhat sluggish 
domestic economy, which -was 
subjected to the performance of 
the pound sterling to which its 
currency was tied. . 

Over at- third- of the country’s 
Imports were: from UK sources. 
Therefore any inflationary move 
. in Britain -was reflected locally. 
Domestic inflation ini the UK 
reflected directly on the value 
of the Leone, with a consequent 
fall In the country’s export earn- 
ings and a rise in import bills' 
and public debt repayments. 
Moreover the pound was now 


strengthened, by Britain’s oil 
production and may, therefore, . 
prove . too strong for Sierra 
Leone’s weaker economy. 

These factors, over which the 
Sierra Leone Government had 
very little control, coupled with 
other factors including the 
fluctuation of world prices and 
soaring oil prices, had a very 
adverse effect on the economy; 

■With a view to bringing stabil- 
ity to the economy, Government 
recently announced the fleck- 
ing of the Leone from the British 
pound sterling as the first pOSir. 
five step towards this goal 

The Leone is now pegged to 
•the IMF's Special Drawing Rights 
(Lei = SDR 73611) giving *t a; 
weighted averaged cross rate . 
which is more stable in a world 
of floating exchange rates. 




AGRICULTURAL PRODUCTION (1977) 
P alm Kernels: 31,350 tons 

Coffee: 10,541 tons 

Cocoa: 4,663 tons 

Ginger: 5,447 tons 

Rice: 577,500 tons 

. MINERAL PRODUCTION (1977) 
Diamonds: 771,000 carats 

Bauxite: 725,000 metric tons 

FOREIGN TRADE (1977) 

Total imports Le206,207,000 

Total exports: Le 128, 147,000 

Re-exports: Le3,741,000 


EDUCATION (1977) 

Primary schools 1.100 

Primary school pupils: i*a 

Secondary schools: 

Secondary school pupils: 50,455 

Technical & Vocational schools: 4 

Technical & Vocational school pupils: 1,690 
Teacher Training Colleges: * ® 

Teacher Training College students: l,b5b 

University (with 2 constituent colleges): l 
University students: 1,690 


Like many developing coun- 
tries, Sierra Leone has a dual 
economy. The non-monetised 
sector consists largely of 
subsistence agriculture whh-h 
accounts for over 70 per cent 
of the labour force. The mone- 
tised sector is dominated by the 
mining industry, diamonds and 
bauxite being the predominant 
minerals. 

Real GDP in 1976/77 was 
Le480.75 million rising to 
Le496.82 million in 1977/78 indi- 
cating a growth rate of 2.4 per 
cent per annum during this 
period. 

The economic activities of the 
country over the last ten years 
have shown that Sierra Leone has 
an open developing economy. Its 
economic growth rate has been 
largely determined by the 
fluctuating external demand for 
her primary products. 

The close relationship between 
the GDP and exports in Sierra 
Leone is explained by the fact 
that • Government receipts, 
domestic incomes and the avail- 
ability of foreign exchange to 
import capital goods are all 
highly dependent on export 
earnings. 

FOREIGN TRADE: 

Foreign Trade plays an import- 
ant part in the Sierra Leone 
economy. The country’s exports 
are mainly raw materials 
dominated by the mining sector 
■with a share of about 784 per 
cent of the total value of exports, 
diamonds alone accounting for 
61 £ per cent of this total. The 
share of agriculture iu the total 
Talue of exports is about 21.6 per 
cent. 

Froni 1971-1975, exports con- 
sisted of only six commodities: 
diamonds, iron ore. bauxite, palm 
kernels, cocoa and coffee. Iron 
Ore is no longer exported since 
the Delco Mines closed down in 
1976. 

The Sierra Leone Produce 
Marketing Board (SLPMB) is the 
statutory Agency with sole mono- 
poly for the marketing of export 
crops and fixing producer prices. 
It buys produce from farmers at 
fixed prices each buying season 
and then sells in overseas 
markets at the best price obtain- 
ing at the time. 

In years of buoyant prices, the 
Board tends to accumulate sur- 
pluses. which in turn are used 
to support prices paid to 
fanners in years when prices are 
depressed- on the world market. 

This high concentration of 
exports makes the economy 
very dependent on the prices 
dictated by the foreign buyer 
■which is determined by supply 
and demand existing at >the time 
for those commodities. 

Sierra Leone is a large Im- 
porter of not only intermediate 
goods (raw materials used in the 
production of final output) and 
capital goods but also consumer 
goods. In 1977 imports consisted 
of food beverages and tobacco, 


crude materials, mineral fuels, 
lubricants and related materials, 
animal and vegetable oils and 
fats, chemicals, manufactured 
goods and machinery and trans- 
port equipment. 

AGRICULTURE: 

Sierra Leone's agriculture is 
the most important sector of the 
economy. It provides a liveli- 
hood for over 75 per cent of the 
population. and contributes 
about 30 per cent of GDP. 

Tbe major crops grown are 
rice, cocoa, groundnuts, cassava, 
ginger, maize, some varieties of 
vegetables, and benniseed. Millet 
is an important minor crop in 
some areas of the country. Rice 
the staple food, is the most 
important single crop, and is 
being cultivated on 808.000 acres 
by about 81 per cent of farmers 
in all parts of the country. 

Rice, cassava, ground nuts, 
maize and other crops are grown 
exclusively for home consump- 
tion. but with tbe increased 
production of rice over the past 
two years, it is estimated that 
the country will start exporting 
rice shortly. 

The majority of fanners have 
smallholdings in a system of 
“shifting cultivation." 

Large-scale type farming is a 
fairly recent development, and 
the few that are established are 
Government or quasi-Govemment 
owned, and are confined to 
crops which require expensive 
machinery and lengthy process- 
ing. e.g. oil palm, rubber and 
sugar cane. 

The Government is giving 
every encouragement towards 
the establishment of large-scale 
farming aimed at increasing the 
supply of export crops as well 
as providing raw materials for 
agro-based industries. 

Conscious of the complicated 
nature of the problems of 
farmers, the Government attaches 
great importance to tbe inte- 
grated approach to agricultural 
development. This approach 
offers “ package deals r to the 
farmer, including extension and 
trading, credit, infrastructure 
and marketing facilit-ies. 

Livestock, pig and poultry pro- 
duction are also important agri- 
cultural activities. The country’s 
livestock consists of cattle, goats 
and sheep, concentrated in Lbe 
savannah area in the North-East 
Production, however, is insuffi- 
cient to meet the entire needs 
of the population, and substan- 
tial quantities are imported from 
overseas producing countries. 

Other areas with great poten- 
tial are fishing and forestry. The 
five-year National Development 
Plan f 1974/75-197B/79 ) provides 
for full exploitation and rational 
use of forest resources. 
MINING: 

Sierra Leone is potentially 
very rich in mineral resources, 
and the exploitation of known 
deposits of diamonds, iron ore 
and bauxite over the years pro- 
vides the bedrock for the present 
economic structure of the 
country. 


Only two-thirds of the country 
has been geographically mapped, 
and the geology of the remainder 
is only roughly known. 

The mam importance of mining 
in the economy is brought out 
clearly by its contribution to 
export earnings and to public 
revenue. Export of minerals 
have contributed about SO per 
cent of the total value of 
domestic exports during the last 
fifteen years, with, exports of 
diamonds accounting for about 
60 per cent The iron ore mining 
company, DELCO. ceased opera- 
tions in October, 1975. resulting 
in a substantial decrease in 
revenue from the mining sector. 

DIM1NCO, the diamond mining 
company, has experienced sub- 
stantial decline in its level of 
production over the past few 
years. Production declined by 
28.8 per cent from 1,083,000 
carats in 1976 to 771,000 carats 
■in 1977. There are a few reasons 
for -the fall in production. Despite 
combined efforts by the Govern- 
ment and the company, illicit 
mining continues on a large 
scale. Again, the high cost of 
spare pans has tended to reduce 
profitability. Falling production 
bas. however, been offset by the 
rising unit value of diamonds. 

However, it is expected that 
production would increase when 
DiMINCO embarked on Kimber- 
lite mining in its lease area. 

The Sierra Leone Ore and 
Metal Company (SIEROMCO) 
bos been mining bauxite at 
Mokanji Hills, Southern Province 
since 1963. The company is 
wholly owned by Alusuisse of 
Switzerland. Sleromco has con- 
tinued its expansion programme 
with a view to increased produc- 
tion. Bauxite production rose 
by 11.4 per cent from 650,600 
metric tons in 1976 to 725,000 
metric tons in 1977. 

The Government is presently 
engaged in negotiations with the 
Swiss Aluminium Company, 
Alusuisse, for the exploitation of 
the- Port Loko bauxite deposit, 
and it is expected that negotia- 
tions will be concluded soon. 
The Government is expected to 
participate in the equity of tbe 
new company. 

Rutile is mined by Sierra 
Rutile Company, a company 
jointly owned by the giant multi- 
national Bethlehem Steel Cor- 
poration and Nord Resources. 
Tbe company has completed the 
evaluation of Rutile deposits in 
lbe Moyamba and Bonthe 
Districts and production export- 
ing ore is expected to commence 
next month (January, 1979). 

MANUFACTURING: 

Industry and manufacturing In 
Sierra Leone are of recent origin. 
Centred mainly in Freetown, (the 
country's largest market, indus- 
tries ore engaged in the local 
assembly or part manufacture 
of goods which were hitherto 
imported. In most cases, the 
raw materials used in the manu- 
facturing are imported from 


overseas. Nevertheless, the 
sector as a whole enables foreign 
exchange to he made and. more 
important, provides employment 
and training in a wide range 
of skills. 

The establishment of manu- 
facturing industries has been 
guided by the Development of 
Industries Act I960 which pro- 
vides for granting of Develop- 
ment Certificates to Industries 
whose development would be 
“conducive to the development 
of the indigenous resources, the 
utilisation of man-power 
resources and the generation of 
economic activity in the country." 
The Act placed no restriction 
on the repatriation of either 
profits or capital. Under this 
policy, a number of manufactur- 
ing industries have been estab- 
lished. 

Tbe Govern men t is now giving 
every encouragement to the 
establishment of agro-based in- 
dustries. which will enable the 
future utilisation of the country's 
raw materials. Some initial 
development has taken place 
such as the establishment of the- 
Mabole Fruit Canning Complex 
in Bombali District. 

A sugar processing factory is 
4o he established in Tonkolili; 
shortly. - 

COMMERCIAL SECTOR: ; 

The commercial sector isi 
largely dominated by expatriate 
concerns. The great trading- 
companies (United Africa Com-! 
pany. Paiterson Zocbonis and Com-* 
pagnie Fronfaise de l'Afriqua 
Occidental) which in their hey-, 
day first linked West Africa and 
Europe in regular commercial: 
exchange, are gradually being- 
eclipsed by Indian and Lebanese; 
businessmen. 

Wholesale and retail trade in 
both Freetown and tbe provinces: 
Is dominated by Indians and; 
Lebanese. However, in recent 
years, an increasing number of 
Sierra Leoneans have been par- 
ticipating -in the retail business.; 
A handful of supermarkets are: 
now owned by Sierra Leoneans.- 
bu-t these account for only a 
small percentage. 

MONET AND BANKING: 

Financial institutions included 
a Central Bank (the Bank of 
Sierra Leone), three commercial 
banks, one of which, the Sierra 
Leone Commercial Bank, is 
wbolly Sierra Leonean, the 
National Development Bank, The' 
National Co-operative Develop-, 
ment Bank, the Post Office 
Savings Bank, a finance com- 
pany, a rural banking scheme 
and a few insurance companies, 
including the National Insurance: 
Company. 

Oo the whole, 4he economy 
bas gone through severe 
pressures over the recent past, 
and to help cushion their effects, 
on national development, the 
IMF in 1976 approved of a staDd r ' 
by agreement ithrougb which the 
country was able to secure relief 
on certain debt obligations 
through the Paris Club. 


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SOME INVESTMENT 
INCENTIVES 

* Exemption from import duty on raw materials np 
to 90% of the dutiable value of such imports: total 
exemption from import duties on machinery and con- mm 
stjuetion materials 

* Exemption from income tax for a period which will 
depend on the size, scope and nature of the investment 

* Special incentives for profit reinvestment: special 
incentives for export* tariff protection and restriction on 
competing imports. Deferment of depreciation allowance 
until the end of the tax holiday period 

For further information, please write to: 

The Ministry of Information & Broadcasting 
. Wallace Johnson Street, Freetown, Sierra Leone 





The Sieim Leone Bremen, is 6ne‘ of the oldest mdatsiries Ben ter is being bottled in the plant 
■ ... - ■ ■ fit .Wellington, afexo miles from Freetown. 


Part of the famous Sierra Leone National Vance Troupe in action. The Troupe has had 
successful tours m Britain, United. States, and parts of Europe. 


-A 







A Brittcn-Nornian Trislandcr of Sierra Leone Airways flics low over the Bvntumani Hotel at Cape Palmas 
The hotel, part of the soon-to-be-completed conference centre complex, is managed by chm Hotels 


SIERRA LEONE 
COMMERCIAL 
BANK LTD. 


___ • -g mgs in the financial year to last 

I T C! m Tsecond major Wow to the 

I I I I I I I III II LXlJ country’s mining sector during 
X V/ v^-i- y je past few years has been the 

ending of iron ore production in 
1975. The Sierra Leone Develop- 
v meat Company (DELCO) 

• i decided that its iron ore mine 

-f /"\ O O J ^ 70 was no . longer financially 

I | | | I 1 I & , | »/ ^ j viable and it went into liquid a- 

XXXX L/X ^m/ tioo, depriving the country of -y 

X Srejjn exchange earnings. *** . Mining on the Yengema diamond field. Sierra Leone. Diamonds stiU dorrdndte , 
- Against this gloomy back- : :'.thecountry r sU&ofexportS\ . . 

j j * 1 ground two more positive v-'^Li'^vY 

gra /v /“V 1 • developments are taking place . 'i. ‘ 

■ ^■1 ■ B fi M 9 1 B I I ’ in the mining sector. First, 

I / VJ L W I 1 LlCvl Sierra Leone is on the verge of m 1977-78 it produced 350019 , : However, a major question tiie investment began and there; 

resuming production of rutile, carats compared to 435,491“ rin -mark does hang over the large--, is. cbncern.-'thAt. the _ad{4tipn of 
which is used in the manufac- 1976-77. scale operations of DIMINCO Sierra. Leone s ;produce onte a 

lure of paints. Th _ « n v, a ii. sca i e mininff con- f° r there must come a point at market of just 400,000 tornies . 

Secondly, feasibility studies istq t hundreds of individual ’Which the cost of its operations could have a depressing .effect 

ONCE YOU iie down on the limited, food restaurants are m being mounted into the “Jf® 1 to dteon outweigh the financial returns. on the price lust when this 

exotical ly-named “Man of War few and so are the nightspots. possi bility of opening up new piJSSdttSie Govern- For some years now- that 

Beach” or any of the other But it is sail a fascinating city, bauxite reserves in the north of J£^7 S H au^sU Diamond moment has been •though ■*** 


Nevertheless, strong world 
demand has given the country 
an invaluable breathing space: 
Sierra Leone's falling produc- 
tion has been largely offset up 
to now by some dramatic 
increases, in the price of 
diamonds. As a result they still 
dominate the country’s list of, 
exports, accounting for 56.6 per 
cent of foreign exchange earn- 


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The only fully Sierra Leonean 
owned Commercial Bank 


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potential 


Mining on the Yengema diamond field, Sierra Leone. Diamonds stiU domiSd^ . 

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DMUI ui — *■ ** " 7 r . . — .. — — menrs Aiiuviai uianrana moment nas m«cu . fnr * maior exnansioa of 

expanses of dazzling white sands full of atmosphere, be it in the the country. Mining scheme, which was imminent only to be p. T „ n J; .bauxite orodtus- 


* that stretch south from Free- street markets . or the City Neither of these develop- j ntr0{ j DCe a in 

town it is very hard to get up Hotel, (the setting for the open- teraJ'ior DIMINC ?- } he 

again! Everything in the area ing chapter of Graham Greene’s ^ q£ production, “ a K, a 

• conspires to induce a lazy, self- -'The Heart of the Matter.”) b^ they will provide some 

•indulgent idleness. Tbe f ee ling of back-water consolation. 

The bank that aids the development of Sierra Leone by The heat makes any move- decay that Greene captured 

financing the country's export crops and providing me nt an effort In front of you so well is still evident f)ppll1|A 
** ; " . . j the Atlantic breaks gently on although rotting colonial build- X-JcLJUIt? 

banking services for ail aspects of business and industry. W h a t is one of the finest ings. smeared with tropical The decline in diamond pro- 
stretches of beach in West grime, now sit side by side with duction has been rapid in 


XNeitner ot tnese aeveiop- introdoced ^ i 956 . Like indefinitely postponed by the ^^b^beganfTl^'SSS 
ments wtil anywhere neai com. DIM1NC o. the Alluvial scheme constantly rising price - of 2S 


Take advantage of the full range of banking services Africa. Overlooking the sands, anonymous modern blocks. The rBCe nt years, with falls 
«_ i _ V . - . , _ . palm trees rustle against a North Koreans have built Free- between 20 and 30 per cei 

available at the Sierra Leone Commercial Bank. backdrop of gently undulating town a new’ City Hall, while the year recorded since 197: 

mountains, draped with rain Chinese have built a stadium. Diamond exports, which 

This is the ONLY bank which retains ail profits within forests. totalled just over 2m carats in headaches: the illicit diamond ^tainiiS "the^diamonds** ha*s to [f* 

Sierra Leone for future reinvestment in your Nation’s VfeW ^’teDDaNOOk^S^ be blasted^ crushed and mDM. 

eC0n0my - - fX"V°i“a Zinr the be« view ef the J^orat^seme^riS Sfjffi flight cautious 

. . . pampr But these are ritj’ can be had from the top of >, ri increases D iamo nd The illicit miners often work approach, to the likelihood of m the sontii) ■ and;;into the 

When you do business at the Sierra Leone Commercial 2Tl£g « ne 2 priced ?os?l5 p^“rt £ March in gan^ ^!ne inefficientiy. going ahead, the^Sie^a Leone establishment ^ ^ » 


™ DIMINCO. the Alluvial scneme constanuy rising pnw ^ . q; p _L, T - on V ore and Metal 
tnsate in financ.al terms for MW a substantiai drop in oolput diamonds. ‘ t ‘ - > 

S Xey iSl 10 proride U BoS “ 19 JI" 78 * d0Wn I2 369 ’ 300 DIMINCO Is now considering a ^hoS^med - subsidiary - of 

mcniatinn P 471,400 carats. This was attr^ yrignifleant new departure which Alusuisse— set upropefa&ins.^ ^at 

but able to both diamond' wou ]d again prolong tbe life -of M okanj i, "in Tthe sputh of the 
v smuggling and a lack • of the company. It is conducting country. Production there has 

Je Cline adequate machines to strip away feasibility studies into the posr to abont 700,000 tonnes a 

the deep overburden covering ^ ble exploitation of two kim : ye ar worih Le 7iu iastyear. 

The decline in diamond pro- the diamonds. . . "berlite pipes within the con- 

■ction has been rapid iu Besides these licensed cession ^ 


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»s.srt ^-sssKTSShris: SSSUTSd^rp^tl &s a io^«“» & jBgraajr.Twt;.^ 

hackdrop of geuBj lUdalatmg ^.wCI ? »Aj«.tta year recorded .rince. .M73-74. Sierra _ Leone -and constitutes cnr^nt miniUE of 


been found in the north, of the 


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- s’ * 

*. ■ 


Sr«oirSS^TwhiS’ h,d one of the tadwtry's'biggMt , in ^ 

♦nta 1 10H ii.ct nwr 2m rar»ts in hoortonhuc- th« illicit diamond aJiumai graveis, snce me tiie Government, r under which 


View 


When you do bus, ness at the h.erra Leone cmmeroa. “““»=s' "Sd tore h. tai °/ X>! '%!££££■£ P^ces u ^ M *** ahead, the Sierra -M esttNitoem Id^ly of h» 

Bank, whether in a big way, or small, you are demon- w y ^ t0 e ^ significant one °f^^h stonds Fmmtt Bay 1977 ^ l7 reilt foUow . leaving poC kets ef gems behind Government seems certainto be alurainh -HoweVCT, tiie 

. .1 r . c c: 1 ^ : y ."v% A_ roaiiet,! more College, the oldest mshtute of . n P pen>her while this vear in the earth— but. at the same keen on kimberlite production project is stfli far from assured: 

strating an active interest in the future of Sierra Leone, tonnsm pot n higher education on the West {JJ* .„ n . nri ' of timp thp v rh..m un the eround since both jobs and foreign ex- - Even if the feasibflity studies 


•• . r# , 


HEAD OFRCE 
30 Wilpdo Stmt, 

Private Mali Bag. 

Freetown. 

Telephone 25264. Tele* 275 
BRANCH OFFICE 
30 Walpole Street, 

Private Mail bag, 

Freetown. 

Telephone 25264 


Poet Office Road, 

Koida Town. 

Kmm District. 

Telephone 053 457 
Daraa Read, Kenema, 
Rencma OinHct. 
Telephone M2 27* 
Niate-Univenitjr Cam put. 
NjaU. 

Kallahon Town, Kaihhon. 


fully. 

Just 15.600 tourists visited 
Sierra Leone in 1975-76. while 


higher education on the West has seeD a pri ’ ce ^ of 30 pe r time tbej up the ground both jobs and foreign ex- Eveaiflhe feasibflity studies 
^ oast - cent in August in the wake of an d make it unsuitable for change earnings . will be are positive, Alusumie Vpl 

Another good view can be temporary increases, referred to large-scale operations by the involved.. ._ hav& to find • international 


:*»- .is 


9 n nnn Hiri ,. n the following year f ound from the ferry which as surcharges, which were company. Much of the illicit . 

nrn in thP vear to last brings you to Freetown across imposed by the Central Selling miners’ production will be lost I jAVPIOniTlGTlt 
the estuary of the Sierra Lmne t^Satiun on sale, to Us to the eonntty-en ophreeinWe l^CVCiOpiUCUl 


June, in 1977-78 these tourists the eshtoty of the Sierra tone Organ, saSon on sales 


have to find - international 
backers "for ithe altBiiina plant, 
which will cost, several hundred 
million dollars to set up. • 

• Whether -or not bauxite 


in _’ t nver Tp aq, j n River from Lungi International clients and which at one time amount being smuggled across Whatever the fate of the kim- Whether or . not bauxite 
urougni j i Airport — you can make out the reached 40 per cent. the border into Liberia. berlite pipes. Sierra Leone is operations start around Part 


foreign ex g . shape of the mountains which As a result, although Sierra It is a measure of the extent firmly expected to begin prodito- Loko (and, at the earliest, this 

Hotel accommodation is .still ^ Portuguese explorer, who Leone’s diamond exports fell of illicit mining and of tion of rutile again in 1979 would not be until 1983). there 

limited (457 rooms) but it is ^ rst sa jj ed i n ( 0 these waters, 26.4 per cent in 1977*78 over the smuggling of gems from the after a gap of eight years. Tire seems tittle hope, of iron ore 

growing. Earlier this year, tne thought resembled a crouching previous year, the value of Licensed Alluvial Scheme, that country has the. world’s biggest mining resuming ift^this area id- 

150-room hotel Binrumaiu [j on an d thus gave Sierra Leone exports went up by 64.7 per a Government move last proven deposits of this, sub- the foreseeable future. , . ‘ 


Airport— you can make out the 
shape of the mountains which 


*j 0 ©©©©©®s®esac©©3ao©ss©GS©©o©e©©©©©sss©«©©s©<5 (situated outside Freetown on its narae 


150-room 




INSURE 


The New India Assurance Co. (SL) Ltd. 


o (situated outside Freetown on name. cent February, to reduce the lure of stance (which is 96 per. .cent Delco’s clnsure of its mine at 

o a hill overlooking the cele- airnnrt hnwevpr l<r one The major reason for tbe pro- smuggling brought dramatic titanium oxide). Marampa. to the east of Pbrt 

© brated Lum ley Beach), officially »he drawbacks to inurism in duction decline is simply that results and gave some indica- Attemnts to mine rutile began was a severe . shock to. 

o opened its doors for the first Leone Its 1 oration— after 40 years of operations, the tion of tbe amount of diamonds m i96? P but the company ?n- Si ® rra Leon®, even though xb- 

S r e . tS 2 S B S^o Ml aross the esmary from majority of Sierra Leone* lost to the country over the iV^subridi^ SfPtS ^8; Production costs and f^ing 

§ being completed next to the ^ the ^easiest and most profitable years. burgh Plate Glass-went iota ore grades had for years been 

o hotel complex. holiday-maker from Europe deposits have been mined out. When the Government receivership in 197! after four cutting mtotte profits .of tius 


t • 

>’ * 


« time. 

® Heine 


o For Absolute Security o while a site is oemg ciearea lur . means muen nigner capuai unaer toe /uiuviai ocnerae irum have stemmed from a failure to oeciueu it was just nut 

* § a third beachside hotel, due to iner ^ are Plans to ouiia i a expend iture on mining equip- 7* per cent to 2J per cenL the valise that the Sierra Leone worthwhile spending money, on . 

o 7, Walpole Street, P.O. Box 340, Freetown. o open in time for tbe 1980 OAU mieroanonai aupore near ment( while the deeper ground number of diamonds offered ruthe, • deposits required a ; capital equipment 

S r rr% r anhn „ 0 . ooaqa ofiirift o Conference. nor naally contains smaller shot up immediately. different extraction technology required to mine the lower 

0 Telephone. —494 and -6146. § Sierra Leone's attractions for P Jt off because of the current than those found in By September, purchases t0 that used in Australia, the grade , of ore at a time .of a 

&©0 ©©©©©s©s©q©©©©© 9 ©©©©©©©o©®o 9 ©s©©qo©©©© 99©S the tourist are essentially the ""J™ 1 * 1 >• tosiean, ijuh d i sha ilow deposits. under the Alluvial Scheme dur- worth's principal producer up world glut. • 

- - — z = f. ?hd. some dazzling unspoilt is to ue unprovea. The depletion affects each of ing the year totalled 370,608 till now. Since then,’ three or , four;, 

1 . j beaches, an exotic atmosphere. Before attracting Tourists in the two branches into which the carats, compared to 253.266 for A new company. Sierra Rutile, foreign interests, including - 


7, Walpole Street, P.O. Box 340, Freetown. 
Telephone: 23494 and 26146. 


o UC...6 —I"'- ~ — town — mean<; that the tired easiest ana most proniauie years. burgh Plate Glass— went into *«««» «wr 

o hotel complex. holiday-maker from^ Europe deposits have been mined out. When the Government receivership in 1971 after four cutting into the profits .of this 

o Nearby, the Cape Sierra faces a ^ of more than leaving more inaccessible and reduced the export duty pay- years of desultory production, . subsidiary of the British eom- 

§ Hotel has been refurbished hours to his hotel. deeper ones to be worked. This able on diamonds purchased its difficulties seem in part to P«ny, William Baird. In. the wo. 

o while a site is being cleared for • means much higher capital under the Alluvial Scheme from have stemmed from a failure to D * lc0 decided it was Just. not 

2 a third beachside hotel, due to mere are plans to ovum a expen djture on mining equip- 7* per cent to 2$ per cent, the «*»!,*«» that the Sierra Lennp wortitwhile spending money . on . 


...' a, - J . 

•75^ 


BENTWORTH FINANCE 
(Sierra Leone) Limited 


beaches, an exotic atmosphere. 


4.V- : r‘** 


and the gracious nature of its greater numbers. Sierra Leone sierra Leone diamond mining the same period of 1977 — a (85 per cent owned by Bethle- Bethlehem Steel, have taken, a 


26 WALPOLE STREET, (3rd FLOOR) 
P. O. BOX 439, FREETOWN 


Telegraphic Address: Bcntworth Freetown 
Telephone: Freetown 26597 


(people. would also do well to provide industry is divided: large-scale staggering rise of 44 per cent, hem Steel, and 15 per cent look at the Marampa deposits-: 

| The country could not hope — some water sports facilities — corporate operations and small And they were worth Le 64m owned by Nord Resources), was at. the much larger -{bbt 

and, for social reasons, would particularly water skiing, fishing scale diggers. The large scale compared to Le 17.4m. set up in 1972. Five years and more remote) reserves in. 7 The v 

not hope — to attract a mass and sailing. consists of DIMINCO (which Despite this increase, produc- more -than 840m of investment Tdnkolili district- to the; ;ea£L. r : : 

tourist-market. For one reason The west coast of Africa can- was known as Sierra Leone tion is steadily declining but later it is due to begin produc- The - Government, believes 
the flight from Europe is ex- not compete with the big game Selection Trust until the Sierra Leone is not about to run tion early next year. Marampa" could be revived dn a‘. 

pensive and long. For another, attractions of East Africa. But, Government took a 51 per cent out of diamonds. The small The aim. is to mine 60,000 marginal profit liasisJ -winch 

Sierra Leone would not appeal as the Gambia has shows, it can stake in 1970). individual miner will long con- tonriesrof riitile in 1979, rising would provide jobs and foreign! 

to the holiday-maker who insists st iH attract tourist in substan- DIMINCO has exclusive tinue to dig in the large sweep to about 100,000 tonnes there- exchange = but . there are -no 

on every comfort “laid on." tia.1 numbers. It is still signifi- mining rights in two concession of pock-marked countryside in after. • .... takers— and there ..seem: jin- 

Freetown, for example, would cantly cheaper than East Africa areas — one large and one small the south-east of the country At the moment, however, the likely tD be any as long as the 

hot be everyone’s idea of para- or the Caribbean and still rela- — and produces just under half where diamonds are to be world-, market price of nitile world market depression- per-” 

dise. Shopping facilities are tively unspoilt of Sierra Leone's official output found, is much lower than it was when sists. ' ,:V 


.-iSSrStf ■* 


-V- 1 .r 

-V ‘ -V 




csoq©©©©©©©©®©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©®©®©©©©^ 


SIERRA LEONE PORTS AUTHORITY 
MANAGING AGENTS: (WAPORTMAN INTERNAHONAl LIMITED) 

PORT OF FREETOWN 


Experiment in co-operation 


. j - 

V- 

’,* : r V. 

■kf 


-■ - XT- . *■ * 




•' M. 


A total quay length of 3,609 feet providing six berths maximum 
draught 32* 6" 

Ample storage space and transhipment facilities including container 
area 

Bunkers and freshwater available at all berths and anchorages 
Twenty-four-hour pilotage service for bunkering vessels 
Handling equipment includes: 11-ton Freightlifters 

30-ton Mobile Crane and a 
26-ton Container Handler 

There are limited facilities for discharging grain and loading vegetable 
oil in bulk. 

Two 2^200 horse power harbour/salvage tugs 
Slipping facilities for craft up to a maximum of 600 tons 
Freetown is a popular port of call for cruise vessels 


« THE MANO River Union be- moved during the past Jive of the union will only lead to a Iation of 1.5m, are in themselves towa 'anff Monrovia Vhich^wJli 
o tween Sierra Leone and Liberia years towards greater economic marginal Increase In trade too- small “to provide sufficient -form , part of- the. TreassAifica 
® — one of West Africa’s most integration in three main areas between the two. Yet the pro- economies of scale for manufac^ Highway.^ - - 

o interesting experiments in inter- — the harmonisation of trade visions do give the necessary turing. concerns. By combining. However by far "the most 
g state economic co-operation — agreements, the establishment background for what may turn they-'ereate those economies.. : . amtnthnis -of the nr<^ • 

o has just celebrated its fifth of joint industries and plans to out to be one of the union’s A particularly good example jects is tbat for a biaior hVdrw 






I birthday. 


of joint industries and plans to out to be one of the union’s A particularly good example jects ; is"tbat for a biaibr hVdro- 
construct a major hydro-elec- main achievements— the estab- of this.Is the union's jflan for electric -and itrigatioa Edheme- ! 
tricity project in the basin of lishment of industrial enter- a glass, container plant At the -in the llano TftfvS VySi» • • ; ~ - 


The experiment came into TJ L m a ai me in roe Matio Rivet . 


• j-y-KL 
-iv . 

’ *" • • 

:-X , «4 . 


zirnmucui uj. 

0! Leone, and President Tolbert ®» Tes - 


© of Liberia, signed a declaration In the field of trade, agree- 


Tribute 


Liberia import their bottles. 'A; beeh:^ awarded a-, contract - : to 
modern -botue factory needs an carry out.: a fearibility^study. 
output of about 25m bottles a fftmded bV the F.py. j A, study 


_ -’i. 


0 to work towards economic inte- ments has been reached on a it is a tribute to the Mano is _^ 101 S ^ . retimateff *i?e^cost j)f 

o gration between their countries, common external tariff cover- River Union that after years of ^ Project at $890m t but it is 

© s -7, . thn Jnv «4H«««if. 9 ii . either Country — but less roan likriv ro - 


with a customs union as the ing 


Enquiries: 


Cable: 

Telex: 


General Manager 

SrERKA LEONE PORTS AUTHORITY 

PMB Cline Town 

Freetown 

PovUnan SL 
3262 


, initial goal. 

I It was a far-sighted act; the 


Si Mano River Union is, in many u « uoi a miaitree iraue ^ iue opcuius ui a inm ana tions, between them are bemg unite in operktionJiy''thA r eirf. 

© respects, a precursor of The ma. since only a selected vegetable processing plant up g^ded. Theflrst qfi983 P end 

o much larger Economic Com- number of locally produced Behind this, and other 1976 when. In an act symbolic In the "early veare the 

® ro unity of West African States commodities can be traded sc hemes Identified by the union of the union, a new bridge was Liberian iron ore - mfiies would - 

§ (ECOWAS) which, in rudonents bet^eo jie two without pay- secre tarlat. lies the central opened aver the Mano River. . tace jfl>out fia'per cent of the 

© at least, came into being jn meDi; 01 ouues. economic tenet of union— that Now preparations are being energy generated with 20 per 

© 1975. Economists reckon that, by Sierra Leone, with a population made for the construction of an cent going to' southern Sierra 

The union has gradually themselves, the trade provisions of 3m, and Liberia, with a popu, all-weather road between^Fre©-' Leone; " -J- •" ' 


virtually all products as Sdu^iaTlta^tSn iiT sferS SgT^SgSt** **' ^ 
well as the harmonisation of 79 Leone— wiro no new industries bo ^ C0 5 lbu ^ e f' ^ ^es according to plait 

per cent of excise rates. BhSZd 

But it is hot a total free trade see^ie opening of a fruit and 




©| respects, a precursor of The area, since 


selected vegetable processing plant 


« much larger Economic Com- number of locally produced Behind this, and other ^ 

© TTTun itv nf west African States commodities can be traded C r-h omps MpnHfiwI hv fhp'iininn nf tha nnlMi o naw hvtitaa . V 1 U.J si - _ - * ' • .. 


Cses9eweoso44®s48®e«99M«®®«®6««9«fiW9e«eeoeM«oofteoee«««8eB9«®i 


****** 
^ '•v 




Economists reckon that, by Sierra Leone, with a population made for the construction of an cent going to southern Sierra 
lemselves, tbe trade provisions of 3m, and Liberia, with a popu, all-weather road betweenTTree-' Leone. v.' . ” ' ‘ 

i- ■■i.v; r • ^ * 

































































international 

FIN ANCIAL BULLETIN 

. A quarterly yiuicc (if fiscal, Ritam'ial 

U BKvh and rcuiw.iuiic infumtaiiun wuh caper* 

T r and in-dcpfh review niarenai • • - 

r , T' 

Subscription: 

L'.KTEunipc £50 jxt svar. hlsc* here £52 per yar 
I Airmail t ts f*.-r year/ 

InliTiHimiul ituihiinu; in-ri.iv 
Carrington I Iiiuk. ISO Hs-pi-nt hwl W IK oBJ. 

Itl Nu (11-117 MSI Tiles No JtSsa 

IHinilii'nn Si.-i-urilii.-s (Imut* l.ld 


,GR0G ERI.ES— Cont. 



Citicorp 54- 

City Imt. $125.. 
Do. Cm Pri.SS 
Coigaif-P. SI... 

Colt In*. SI 

Cont. Illinois $10 
Cont. ChlS5.L.^. 
Croon Zell. 55 .. 
Cutler-Hammer S5 
Eaton Cm. SO JO 



Over Fifteen Years 


IjPC 'Si Aft .. 
■y 3pc 66 AH .. 

2‘apc- 

sr2'aPt_ 



pi. Mar 
A.~Jy 0 


May Dec. 
Feb. Aua 


INTERNATIONAL BANK 

13A|5f>e Stock '77-82. | 311* | 7.7) 1 13 | 

CORPORATION LOANS 


IP. 1A jBIrtn'hani 9!«pc "79-61. 

lMv IN Bristol 7*«pc 7ta81 . 

£SM 25N G.LC ITljpc a..... 

:of lOAug Do. 12l*x 1983 . ... 
ISMy 1!N Glasgow 9*ipc '80-82.. 

27M 22H Herts 5*4pc 7M0. . 

15M 15N Liverpool <H,pc ' 80-84 . 

iJAJD, Do. 3» 2 pc irred.._ 

3W ISJLon-Cofeljpc-aWe.. 
1A. 10. Oo.Tupc-8«5.._ 

J5M 355 L C.C 5*a* '77-81-. 

3SJ 15J Do 5’-«>c '82-84 

11J 11D Do.5ljpc '85-87 

10J 10J Do (>I«pc '88-S0 

1M J.5 D Do 3pc70Afl. ...... 

35M 155 5*<pc 1980 

lOMr. 10S Newcastle Itpe ’78-80 

15M 15N Warwick 1*;% 1980. 


42*; 4 71 10.00 

8G>, 1310 873 
94»; 2310 12.56 
48*; 10 7 12 64 
401; 1*10 1023 
921. 2310 5.64 
841, lb 10 10.43 
26*,M 112 1329 
Sb* 156 10.74 
■ 871, U 788 
8M, 151 638 
783, 156 718 
6 7b a 13 U 014 
6? 126 10.50 

2W 1111327 
9Z>4 15« 564 
45 101 4.K 

100U 1810 12.47 


COMMONWEALTH & AFRICAN L0, 


— 33 jan_ 

— 5.5 Nov. 

— 0 2 Jan. 

— 12 June 

— 3 8 May 

— 3.1 May 

— 131 Nov. 

— 26 Sept 

— 4 0 May 

— 4 2 Oct. 

— 3 4 May 

— 2 4 Apr. 

— 3.3 April 

— L7 No*. 

— 6.0 Dec. 

— - Dec. 

— 15 Jan. 

— — Jan. 

— 26 Nov. 

— 3.7 

— 29 

— 32 0c 

— 4.5 Jan. 
Jit Pit *d urn 33V6 {tawed on *22940 per £) 

July 

KS AND HIRE PURCHASE™ 

I I I Last I Dhr I I TO I Feb.' 

| Stock | Price d | Net | Cn | GTi PTE Jan. 


F.MyAuN. 
July Jan 


ApJyOJa. 
F M/AuN. 


Ini. Nat. Gas SI 

Massey Fergjl 

Pacific Pel SI .... 

Place CaSl 

M Je.S.D. [Royal Bk.Caa$2 
SeDeMrJv [SeaqramCo.CSl 
Ik. SI. 

Pipe... 

Jit Ptrndum 3SV6 (tawed on *22940 per £) 


U Auk. 5*** 77 80 .... 
10 Do 5'jpe ■81-82. —. 

28A N.Z 6pc '76-S0 _ 

15D Do. 7*;pc 83JB6 

JUS(/iAfneaViac7«-Bl. 
10 Sth fane sijpc '65-70 
15J Do. 6pc 78-81 


94d 30.111 582 
82U 311 677 
45 297 643 

TV* 1511 9 68 12 15 
*97, 27.9 10.72 14 28 
53 JH - 
88 1265 - 


LOANS 

Public Board and Ind. 


1J Agrlc. Ml. 5pc ‘59-84 
31 D Alcan lOljpc '84-94 . 

13 Met Wtr. Jpc ‘8'. — 
3 ID U S.M.C. 4pc 1482 ... 
3 ID) Do. without Warrants 


5 3b id L12] 849 
aftrf 1311 13.13 
2A 18U12 
122«l U11 737 
88M 13. Ill 1023 


Tv ANZ $Al 315 lit/ Q20c * 

July Alexanders D. El 250 107 14.55 - 

Aug Aigemeoe FI.100 £124^ 20 4 2. 

ir Allen Harvey U . 340 4« Mill - 

w Allied Imp 147 1311 H80 - 

T* Artuthnqt L Cl 143a 27U 1023 - 
n. Bk. Ireland Cl.. 393 1311 1QZ198 - 

it Do 10pc Cone .. U75 21 8 Q10% - 
* Bk. Lev no l£I . 11 85 016% - 

b 8k Leuni (Unci. 160 78 747 1 

tv Bk. N S.W. SA2 - 530 126 Q32c f 

V Bank Scotland £1 285 210 til. 05 3 

la Bankers N.Y.S10 £24 210QS3.00 - 

Barclays £1 370 7.1 tl32B 5. 

ty Brown SMpleyU 23(N 2711 t9.41 — 
ly Cater Ryder £1. 265 1111 I617J7 — 


I TO I Frb. 
CV | Gri | P/E Jan. 

1 e?( * ^ 

25 4.7 8.8 ivc. 

- 86 - Jan. 

— 6.1 — jjo, 

- M.7 - Mar. 

— 5.6 — Apt. 

- B.B - nov. 

— *.3 — Apr. 

15 7.0 14J j*,. 

♦ . ?5 ♦ 


Feb. Aug 
Mar. Sept 


Financial 

NFFI 13PC19S1 l ion I Xlll2.nl 


15M 15NDo. 14pc79 

JOJ 20D Do. 14pc '83 

Mr 30 S ICFC 5»rfC Drt. '80-83 
31My 30N Oo. b*4pcDt}. '81-84 . 
222 7IJDo.]OI^kU(hUt.-86. 

11 J 11 J Do. Hoc Uns Ln. '88 
llJ 111 Do. H J ,pc Urr. Ln '90. 

30 > 31 D Do 7i 4 pcADeb , B4-42. 
31Mr 30S DO 7l*pcA 0b '91-94. 
32Mr30S Do.«^c'A"91-94.._ 

2SF 31A Do 8 7 (PcLn. '92-97. . 


102 21C 14.04 

102a 2011 13.65 
6Db 7 8 6 96 
73d 1610 856 
43 II 7 22.83 
93 II 7 1248 
95J; u 7 1295 
61 27 U 1184 

62b 71 1295 

72i; 7 1 12.83 
701; ion 13.13 


V. Chve DK'rt 20p 78 

L Com'l Aus. (5A1) 190 
Ctmi'rtkOMlOS. £16 
C'hgn.HbtKrlOO £16 
t. CnHnttuan lOp . 32 


16 ID] t4.85 
16 in Q16c 


061,1 577 


r. Dawes (G. R.) _ 15 

Dned*6cdi0H50- Ol 
F.C. rinance... 72 
First Nat. 10p_. 6 

Do Writs. 7583 7 

Fraser Arts. lOp 12 
: Gerrard NairU... 190 
v Grtjbs l A. 1 51 


?F75l £21 b I 5 771 Q9.87<V] _ 


15 181 
015 - 
72 161 

6 97 

7 - 

12S 87 


- C1B% 
ltlOl t203 


FOREIGN BONDS &. RAIL2 


I. GIUetrBros £1. 227 7.8 154 

Goooe D't Mryip 141; 174(013 


7.H 15.41 


Usl j ftv % I 
« Grwt | 


Antolagasu Rly... 

1J Do 5pc Pref 

U Chilean Mixed 

ID German Vug. 4bpc 
IN Greek 7pc Ass ... 
lADdtac28Suo.Au.. 
10 Do 4pc Mixed Au._ 


tl Gnndlars 129 

L Guinness Pe« .. 114 

ly Handtros 176 

y Hill Samuel .... 87 

Do. Warrants.. 200 
r HongShnq.S2 50 262 
. Je«sel Toynbee. 62 
e Joseph (Leo) £1. 155l 
I Keyser Ullmann 47 
King & Stm 20p . 65 

1 ICermvort B.L .. 94 


218279 
189 h5.15 
!7Ujt976 


62 .9110 th3.32 
155M 2711 8.74 
47 305 0.67 

65 ' 155 3.44 
94 21C t4 38 


5.4 5.7 Feb. Aug. 

61 - July 

ll - May. Nov. 

P - Dec. July 

52 6 7 Nov. 

— J». 

1 x'S r c May Nov. 
33 55 Ant Dec. 

3J — Aw. Sept 

~ — Nov. June 

20 — jjb. 

4.2 13. B Ap,. 

— - 5dr 

~~ — AOr. 

r, — j». 

i? — Nw - 

63 — 0«, 

101 - Augl 

H 7c Mar. 

3.2 4.6 Feb. 

6-5 - Mar. 

!i ~ * Un - 

6 5 — Feb. 

r. - fc*. 

I* — Apr. 

8.0 - 0CL 

!•{ — »*nr. 

2-J - Jan. 


r.lUoydsCl 1282 | 24. 7| t923 | 4 8j 4.' 


FINANCIAL TIMES 

BRACKEN HOUSE, 10, CANNON STREET. LONDON EC4P 4BT 
Telex: Editorial 886341/2, 883897. Advertisements: 885033. Telegrams: Finantfmo. London PS4. 

Telephone: 01-248 8000. 

For Stare Index and Business Hens Summary la Lend art, Birmingham, 

Liverpool and Manchester. Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


y. ■ >-. 


EDITORIAL OFFICES 

Amsterdam: P 0. Bov 1296. Amsterdam- C. 

Tele. 12171 Tel: 240 555 
Birmingham- George House. George Road. 1' „ 
Tele. 338650 Tel: 021-454 0922 
Bonn: Presslu ut 11/104 Hemsaliee 2-10. 

Tele* 8869542 Tel: 210039 '. . 

Brussels: 39 Rue Ducale. .*■ 

Telea 23283 Tet: 512-9037 : .J-£. --- 

Cairo. PO. Box 2040. •- 

Tel: 938510 r".'" V- 

Dublin: 8 Fitnvilriam Square. *7 ■ .*7 ■•£*'' ■ 

Tele* 5414 Tet: 785321 r y . i,: 

Edinhurgn- 37 George Street- ". 

Telev: 72484 Tel: 031-226 4120 -> ..'-It. 

Frankfurt: Im SachsenUger 13. :-”7 

Telev: 416263 Tei: 55573 O T* : . -■ 

Johannesburg: P.O. Bo* Z128 -.A' ■■■ 

Tele. S-6257 Tel: 838-7545 
Lisbon: Praca de Alegna 58- ID. Lisbon 2. ‘ ' 

Tele* 12S33 Tel: 362 SOB • - ' 

Madrid Espronceda 32, Madrid 3. 

Tel: 441 b772 

ADVERTISEMENT OFFICES 

Birmingham- George House, George Road. 

Telev 338650 Tel: 021-454 0922 
Edinburgh. 37 George Street, 

Tele* 72484 Tel: 031-226 4139 . . 

Frankfurt 1m Sachsenlaqer 13. ■ ■ 

Tele. 16263 Tel: 554667 
Leeds: Permanent House, The HeMb-Ow. 

Tel. 0532 454969 


Manchester: Queen's House. Queen Street. 

Telex 666813 Tel: 061-834 9381 
Moscow: Sadovo-Samofectaara 12-24, Apt 15. 

Tele* 7900 Tel: 200 2748 
New York: 75 Rockefeller Plan. N.Y. 10019. 

Tele* 66390 Tel: <2121 541 4625 
Paris. 36 Rue du Sentier. 75002. 

Tele* 220044 Tel: 23b.57.43 
Rio de Janeiro: Averrkla Pres. Vargas 418-10. 

Tel: 253 48*8 

Rome' Via della Mercede 55. 

Telex 610032 Tel: 678 3314 
Stockholm: Co Svemka Dagbladet, RaaJambsvaoen 7. 

Tele* 17603 Tel. 50 60 88 
Tehran P.O Bo* 11-1879. 

Tele* 213930 Tel: b82698 ■ 

Tokyo: 8th Floor. Nihon Keizal SMmbun ':j- 
Building, 1-9-5 OtemacM, Chiyoca-ku. »" v' ' ’• 
Telex J 27104 Tel: 241 2920 . . 

Washington- 2nd Floor. 1325 E. Street, 

N.W. Washington D C. 20004 
Telex 4403*0 Tel: (2021 347 8676 


Manchester: Queen** House. Queen Street. 

Telex 066813 Tel: 061-834 9381 
New Yori-- 75 Rockeleiier Plaza. N.Y. 10019 
Tele* 238409 Tel: 121 2> 489 8300- 
Pans- 36 Rue du Sentier. 75002. 

Telex 220044 Tel. 236 8601 
Tokyo- Kasanara Building. J -630 UcMkanda, 
CJilyoda-ku. Tele. J 27104 Tel: 295 4050 


Overseas advertisement representatives in 
Central and South America. Africa, the Middle East. Asia and the Far Fast, 
For further details, please contact: 

Overseas Advertisement Department, 

Financial Timet. Bracken House. 10. Cannon Street. London EC*JP 4BV 


SUBSCRIPTIONS 


Copies Obtainable from newsagents and bookstall; wprMwidr or on regular subscription from 
Subscription Department. Financial Times. London 




153 1M T5.46 3.4 53 *3 ^ 

96 412 129* 35 4.6 (751 ^ ~7 

57 1111 3 9 21102 6.8 

51 H 10 3 33 3.4 9.7 3 5 

24 266 41.47 25 42 6.6 Frt V * epf - mix 

62 . 30St4.37 1.7105 AT St* ItS; 

35 13.11 2.5 2J1Q.7 5.6 ^ 

68d 27.11 5J4 ' 23 Uf 63 ^ ^ S .yp6on20p. SfelLH 

18h) 2711 0 88 10 7.3 64 “2. **»■■ gnthh Vita — U5. I » 


35 mi 25 23 10.7 56 ' 

68*4 27.11 534 ' 23 Uf 63 
18a) 2711 0 88 10 7.3 6.4 

17\* 27.11 088 3.0 7.4 6.8 

1173a) 27.11 16 75 11 9.8 64 
158^ at H6.0 ■ 3J 5.7 10.4 *"■ 
70 D.1I 210 7J 45 32 

212412711 6.03 10 42H.4S*f' 


bnl.itf«UXSI„ 

Brit Syphon 20p. 5»; LU 
British Vita — 115. 1 » 

BrttlainL, : » 1 11 

BrH.Prpp.SA2 645 
Brook St. Br. lOp 52* 
Brooks WL2DP. 34. 


27116Q3 1 3W <LZH 4 ^ tc ‘ ' July Brown Bov. Kent 50' 
Ull 533 i'S afl to 0CL. : .Mar. BrantonSWussL -lS* 
22*i 2i 8 -10 41 Uj 2J\ 103 ^ e * 1 * - R*v. Burch Dean™:.. -.*70 

44 210 -Mil-05 53f 351 80 ~ 271, 

42 305 tdl.Oll 73 3.3 5J ■ .5“ 

13 7J L25 ( 5.3 1315.4 ^ 

1' IE dai!S,'£ge& 1 


44 210ttil-O5[ 53J 35 80 jJP: 

42 305 tdl.Oll 73 16 53 

113 7J L25 5.« U 15.4 

51- 24.7 tL59 ] 6.n 4i 3.8 
37 14 0.42 l3 L7 T* “*■ 

135 211 T736 L4J 8J) 18.8 ^ 

64 1311 t434 lSin.2 <7.41 ^ r ' 
34*; 7i 322 l3l22 U3 “?* 

85 1611 M6.48L 1*114 4.8 
69 3011 605 f'll 8.1 45 
1261; Ilf tfcJW 33 7 2 53 ** 
31 -247:1608 73 3.1104 
158 261 #858 2.9 81 62 »«:. 

89 Ull t5J5 3.a.9.0 4 6 £*- 
69 W *4.88 lJmi 1631 “f- 
32 . an 3JJ1 La 14.0 6.4 *2* 
771, 211 +536 £3 10.5 154) ^ 
£82*3 2711 OUW -JOJ7 - * 

35M 2711 272 1 LfllL6 65 
23 30 0.87 LtflftC I4^K?'. 
63*2 305 3.40 IS 92 83 


,y£ Feb. June Capbn Prof. lOp. 124 
‘*5 Mar. Sept. Cirixins lm.20p . 74 
May Oct. Carttoo InriS. iL. 237 

71 Frb. AuB. Cawbods 146 


-7, p September CrfesJon.ind.5pi 251 a 
.Sibm. ' July Cental Mfg.lOpJ 60 1 


x. July CenLSbrenvd-Sp. 34*; 
f F» CtntywS gpv 280* 
ic. . - Jury CutatberHlP GA, • • 45- , 
n. Aug. ChM*lM-nLl0p 46lz 
■r. Nov. OongeWbreslOp ‘IS I. 
Much DaCwArlPURl. U*; 


JT monies Sim. Ill 163 210 8.67 21 7.1 51^ 

RatdIHe tads ... 86 49 5 27 ♦ 93 * “*" 

RatdHfs (G.B.J. I 81 at +143 87 3i 4.6 ^7. - 

72 24J 15M2 23 10.4 7.1 

58 a« tL84 51 4.7 4.0 
120 b) 2711 +958 Li 1L9 C71) ** 

82 1610 13.87 4.4. 7U 4.9 ^ L 
46 Ull 4.60 1714.1 81 

67 18.1 13.43 3.4 76 5.4 

56' Ml fdhUl 72 3 2 55 

62ia 16U 4.45 17 lOi 75 

34 a9dl,63 21 72103 

24* a 3010 1119 21 72 75 
77*, 385 46 63 L7 12J 75 ’ Ju - 
27*; Mi i« 25 10.6 5.6 
27*2 15.6 258 1.614 5 65 ' 

72 1311 +431 17 8.9 9.7 fc- ! 


73 April Sept. 

Apr. Sepi|Jenmnga SAG SO 
5 7 Feb. Aug. 


L 84| Is 4-1 4.0 it 

158 15J11.9] (71) ** « 

1 87 I 43 7m 4 9 SMR. M 
» lril4 91 ii ■Mn.- Ji 
59 “V Be 

miSjft* 5«£. £ 

iTl ip| 75 *5 £ 

.63 2-M 73103 **• 

.19 72\ 75 Nw u J" 


72 1311 f431 17 8.9 9.7 
271 Mil +7.89 4.6 43 73 
l*a 11* +414 2-9 72 72 
13*2 211 d0.28 03 32 2539 
134 3018 d952 10 10.6 (Ufr 
33 303 U2.43 17 1LD 80 


Oct Ci-iaJerTJOp- _07*aJ 

, May ChftsUrslot ltfc »3 

Aug. Chubb 20p.._. 150 
Jam Clarte (CJerueot) '91 
Dec Cofc OLH.) i — 111 
Dec Cngdo WtabZOp. 74 J 
J>. Conti firs. H4%] 
JufyCdgLSbbon^iai. 36 
Feb. Copr AHnanSp 68*2 
May CopydexlOp — ‘36 

Jtdy Cosalt 56 111 

Dec Coartny Poet 20p • 70 »J 
Oct Cowatdb£R.10p 67. 2L' 
Jan. OeanOJ 50o-, 205 11 

H*». Crest NMWIOp. 76 
Jufy Crosby House n , 128 
Crosby SpHglOp. 28 
JtdyltaviesAN’wnnt. 152 
Aug. l>La Rue_„_. 383 
Aug. Denbyware ,™. 308 i 


+7.89 4.6 43 73 ?*» No*. Dwqiij %cCt 4MI £75 
+414 19 72 72 

d0.28 03 32 2539 J**- Jme DWde Heel 5p . '16 


34 3018 d952 10 10.6 (Utr Sept Dfpfam a 194 
33 303 02.43 17 1LC BJJ 5e M- Mir - °M»son Pari, lflp. 107 

17 13U 06 45 53 4.6 ®* 

60 3AM IM 51 2.8 42 122 “*^ S *g e OwerCttrp.ySSLl £245 


120 2,11 3.89 62 4.8 4 8 Jan - Ma,r Dffwol S <irgl 10b 46 

174 Mil HID 05 45 55 56 ISi I 

104 2M 13.66 4.1 SO 41 ^ Apr : tody C milIOp 40 

X23rt ail H12BS t Bit Juw . f *>- Dundpjd* i20p . 53 ] 

72 IM AO 3.7 83 62 . ■ 2 W 

25 78 127 3 9 7 6 42 Au °- ** ^ , 

88 3010 455 3 4 7.7 5 7 r u — Groop lOp , 12*j 


-.4 Rt23. 27] 16] 81] 5.4 


TyacHw.A.i lOp 25 301C 142 

Utd Eng'glOp.l 79 3010 t2.25 2.6 «J135 ^ July E/ect Ind. Sec_ 58 

27 126 11.47 3 3 82 5.6 J*" C««t P’bTo. lOp. 20 h! 

71 455 524. 4 115 9 *0- Ame Ehon OtfiittliB. 78 

147 ail 9.96 2.7 7.6 J . 2 *"■ Awe Etaw* H^er 5p. 16^a) 

120 Ml M.69 5 8 21 95 " ar - EmhartCon».n, £25V 

135 266 +7.0 3.0 7.4 55 ^ Sept Bnp^» Serrlflp. 12U* 

132 210.15.95 3.7 6.7 .5-0 , ~ . &i«y5p BR, 

155 1WHBA 2,4 8.4 60 tOver>S lflp.-. 27. 

124- 211 Hi. 6 4,1 7.1 52 ^ Am£ Eng. CWa Clays 821? 

78 266 14.14 21 7.1 42 Mar, Nov. Etpemza 12^ , 124 

64 MU +12.68 K2f 62 6.6 ^ Jw* E an Fortieth 427 - 

41 24J P*10 5.C 3.6 U St*. Evode HtdgK20p « 

26 16M 3132 47 7.6 38 ^ Aug. Ewer George 10p '** 

02 1311 1528 3.7 7,7 4 4 *«- Ad. E*tel_ 

44 247 243 21 8.2 64 June Fairtaim Laran '' 

25 aUthdO-99 4J 5.9 5:1 *"•’ June Feedex lOp .36 

35 161*3.18 1.0 i Of® Aug. An. Fenner (J. H;J» 170 

83 30.5 +4.67 3.1 85 4.7 *•» FeiawonliM— 123*' 

23 M6 hO.B9 3J 5.9 6 9 Sept Fertfeman ZOp. 23 

15ff 153 233 6i 31 7.9 ^ Nov. Findlay {A3t>. 36t 

26 155 41.15 4 5 6.7 45 ^ Oct FlrtasflWgs.SOp ,90 ^ 

00 2U +249 4 1 3.7 83 **"« _ Castle lOp ,38 

83- 10< 6129 .7.6 23 16 ***- .. Dec. Rtzvnlion 44 I 

MM 27.U 7.48 4.3 U 62 Mr Jan. FJereOo Cc *-W.> 56 J 

tn mn 114 a s ei it KtOv. June raoartw (F 1 IM >' 


25 7.1 1.27 31 76 42 , 

88 3011 455 3 4 7.7 5 .7 10p . 12*j 

138 UL7 t5.56 53 6.1 73 **■ ' ft! BJ^J+L-rr- ^ 

53 24.7 3.03 3.1 85 .42 ? r - 2? P , 

170 174 011% 10 33 30.0 ^-' OcL Oo.‘A' 63 | 

22, 71 0.97 3.4 66 66 ' £■ ' E-C-CaeslOp. 10.' 

86*d 2711 +4.70 4.1 .82 42 '-•>«. EMrrn Prod. 5fc. 78. 

5« Mf. Nov. EJbarlndS.SOp. 245 

J 7 April .No*. Efcieflflp IS;- 

50 May Jan. Eiecg lOp 54 

35 Jan. Ady Elect Ind. Sec. 58 

5.6 *4y Jan OIIor P*bV». lOp. 20a) 

a Jan. June Ehon ASidiUns. 78 


4Etan«H!per5pJl6bxd 
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124- 2 
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++2681X21 62 6.6} 


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26 16H .t 132 1 4g 7.3 20 Feh. 

02 Mil 1528 3.7j 7,R 44 


1528 3.7 7.7 44 
44 247 2 43 21 82 6 4 

25 UllthdO.91 4J 5.9 5:1 
35 161 *3.18 1.0 * Qf 0 

83 30.5 +4.67 3.1 83 4.7 

Vftw Mp. 23 M6 hO.B9 18 5.1 6 9 

Rehouse S0p_ 115ff 153 233 61 31 7.9 

Williams (WH-. 26 M5 dl.15 4J 6 7 43 

Wlms& James 100 ilfl +249 4 1 3.7 83 

Wolf Elea. Tools S3- 111 h!29 7.6 23 66 

Wtalsl y Hughes 2tKM 27.11 7.48 4.3 66 62 

, .Sfhr'i^-iOp 38 1610 134 4.4 53 63 

'S.W. 20U 50 74.7 4435 03 13.0 35 J 

Apr.lvrb'iemxnlSisi 30 211 236 8.9 H7 '15J) 


CHEMICALS, 

Jjtl MayiAK20. 9*7 

Juty Dec Alginate Inos.... 232 

Jan. June Alula Pack lOp. 143 

Apr. Sept Ali'd CoUou) 10p . 70 
July Nov' Anchor Cherr . 72 

Jut, Nor. Barer AG DM 50 152 
Oct Apr Blagdn Noabrs . 244 
Nor. July Brent Chenr, lOo. 18* 
Mar. SepL Brit BennPlOp., 35 
Feb. Aug. Bnt. Tar Pm 10p . 54 

Jan. July Burrell 5p UR, 

Jan. July Cartels Capri lQg 29 

Jan. MayCaiabn 43 

Dec. June CiBjG't, P,% Ln. 193*; 
Mar. Sept- DoB%Cnr8) « 189 

Mar. Sept DtSLNCm ®95 189'; 

Coalite Chetn... 67 

Jan. Jul* Coaies Bros 74 

Jan. July Do 'A* NV_ 70 
Sept ' June Corvt Horace) So 17 
Jan. June Croda Int lOp 54 
— C root InL Deld. 32 
May CrysUlale Sp . . 3S 
Feb. Oct. Elfb* E-erjrd. 99 

Jan. Aug Ena k*i Plastics. 65p 
Jan. July Farm Feed.—.- 69 

Jin. Julr FJjons £ 1 313 

May Nb« Halstead ' J 1 lOp 27 

Aug. Feb. Kksrt. WeicnSOp.l 143 


83 - UN b!29 .7.6 23 66 W. .. Dec. Frtzvrtbon 44 .1 

DOM 27.1D 7.48 4.3 S3 62 Jan. FJereOo t A-W._ 56 J 

38 lfc IM L34 4.4 5JL65 5°*- June Fogarty (El 174 

50 74.ri 0435 03 UJK3VJ Jub FostaoMhWep: 159 

30 21S 236 8.9 0.7)053) *"■-', «« FottetgUltarvey. 113 , 

M*AlSeJ)e. FranfcHn Mmtfli 405 -. 
F«.- Nox.FrePCh-Thtw.10p « 

FOOD, GROCERIES, ETC. K StSTSSS?- $L 

Julyl Alpine SelLO 10p| 147 264]td6 70 2^6*10.0^'- aySl ‘l 

June! Ass. Biscuit 20p I 74*;B) ?7 11 t3.24 3.6 65 i4.«i «S' J 

]AS5. Brit F ds 5pl 70 266 1236 ■ 4.8 5.1 6.9 ZL' ”nf? L 

~ H s? 6 » “ti fi ■ 5 teSSt: . S ■ 

70 ljn Ml- 64 2 310 8 , CMsslIletaHOp' 83-. 

78 »S 040 11 -7.7 aI lafl 0aobe?f 5 S>- 

M716218 Tl 43^5 ^CtfileiwJJeiOP 25_ ,= ‘ 

i7tf 2711 067 01 11 J 134 i 1 *- ^ 9°^ H **~- « 

L6 # M7 1582 U7AK&& 4S -. 

B - 117 >3,66 26 64 63 ■ _ ^ ; 

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0 17.1 194 4 6 53 5.6 ^ ^ 

5- M7 4J9 13 43 334 rw 

9 167 439 10 5.0 329 ££ 

1C 12 44 L. la V M (IE uw UBC - 


1 °M U ± « « ,11 £ 


A* Hanson Trust _ MO 
Sept Do.ftseCmSfrB JM 
Ms Hargreaves 20p - 62. 
Aug Harris tPhJXJp. 36 

HwirtstSpi---- : r" 
June Hay W*tn»ri£0B .'/ 

Ml Ha/jWbarfCL rim. 


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9 301 065 ;14 10.7 M j5r ' S 1 -! 

4 247 1125 ji *71 4 ] |£- .Apr! ^SMtfwn20p ' 

5 -^af 1:1 69 86: .sSSSa 1 - 

7*d irn fill 47 go In ^ •“? i»> 

7M 2714.12- « 57] *■#.» Apr. SwUHoow^aS 1Sr.\ i 






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.F^faaneial tiroes Monday December 11 1A78 




fo " fNBUSTR lAU^r-Cohtf hued ' 


t NSU RANG E— Continued 


P RO P E RTY— C cntinued INVESTMENT TRUSTS— Cont. I FINANCE, LAND— Continued 


m£tM 

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Aug. 
Dtt. June 
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ltaawfi.4 JJ5* -jar. 3M 60.97 
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K*. &5 T753 

Sept imp. Cm. 6 k Cl 371 7- 7.1 *9.% 
Mw.lnwlllratt.JDt> 29 Ml? 187 
Aug, IrtMSeretcM,, Wj 7J t5.0A 

June InteH^y 2Qp« ltfa 3U0 1061 

Dec. lams (John! 49^ 216 4276 
Jao. J»;aJHK2aj- 13>4ja 2Z.ZJ 4102 
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June Dec. Sun Life 5p 10^ 

-April Taju»M«r.EtU! 5*7 
ilB*.. May Trafle Indenbvtf., 173 
IbJd.SeDe, Tra«le« S2.S0 £251- 
Deb JarejWHhiFafie/,,.. 230 


mi t»46 
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Jiii.lL^'id Sf". 50 d. 2460 | lit 5 40 


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“No*. .' April KrrOovUUSa- W* 
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■ ?«.:*« ladntaBSinhiv. 130 
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J«. Aa» Lfi«ureCar.:?p 11A •' 
Mar. Oct LepfrouplOp. 245-j 
Jan. My inwrtnrcfe. - 84 . 

Fefc, 5*p{. Lrtcate* 10p — -137 
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May. dor. iMmZytots 59 

On.- .ftp: iMoines 138 

jmf-rTc6.LatAIWn.61p. 38. 
Jan.. -Jo« taacHmWy.lOp. 53d 

'.Apr. ' Qet LooptOoTrjm.. '70 
■Am. Mr. Lamdmethilml. - 80 . 
-Dec. . AmLnf&BowSep 168- 
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K. Lenwr 5p 76 24 7 

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'lint M b. 109 13.11 20 92 2 

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■ J Mar- 1 API Gww Croup 1 Op. 
29 Mar'.' Oct MTVNon/Vig... 
60 fefc.jmyMbWwfca.10p. 

7.8 447 OttHBrLwnSp. 

52 .• July. • . HVnIWy-fl: 

56 Ait- 'Oel LWTA._ 

15) Ana Jan. Magna. 4 .«.: 

4.9 Nattonwule 


19 7 2 13 2 Mar 
a b 4 8 6 5 11 ■ 
92 2 ? 41^;. 
2B 8.7 6fcff„ 
•2 7 B.3 6.7 C* 
25 6 S 43 

11110 «S 

17 9 G 4.1 1^- 


o.> o.r *„ 

’JmT; 

11110 7.6 Ed 

17 9 8 4.1 
3 4 7.3 11.9 jJU" 
38 3.4 7.B 
* 10 0 * ^ 
2.8] 7.7 7.0 


Sen! ? jKCa. 3 s il39 
S»M 6* bliVoir/ei 1 15S 
S- s> y. \ S:L*.. ■*, L159 
tic. l_!«L.'“fl20p 44 

Mar L«ri L*.- 1 r SOc 207 
Ju.i" Lmi Prp, 5t- jop 139 

Cr^ Lit StopPrSD 75 
Seal. I ■ "ion mu Ttio 130 
Jorr f/EPC. . 143 

— Ucrloci-tiign fig 23 

— M.inrr E'l.'ir; . "4 

— Mclii»inr« 10o 30 

On WojiJ :. Tjo 250 
Me. Mfon-Kt wi. :0t 4S 
Au4 Mountvn; j* 5p .. 50 

July Mu'J i?«y .A.lJ.i 125 

OC!. «ol!*i 45 

Mo* Pirachr r SW 

Juir Prtp.Hlibj. & In. 315 
Aim Prop. Pprt'rlnp IOO 

July P--7p. 6 Rf 318 
ClU. 5«c. in*- SSi 123 

— SwijnPrcp. ip. 

— Pi.")rtluj" 24 


IE 5 5.54 l.7| 3.4 65.4 felt. Aug. 0rt.lntf.fi Gen 301 

m: 067 3 2 4.0 . 9JI Dec. JuneBnLInMK 165 

29 7 315 7 3 2.0 25i Oct. Apr. BroaftyjMijOpj 145 

!! V, KfiaJc 1 3 3 8 20 4 £)«. June Brunn-- Inir. 96 

>: ]i 2 70 IB Ofi 96.? June Dei C.L R.P.In*.. _ 66 

1‘oJtPI - 04 — Ort. Aie). Ca'edonia iim_ 347 

2t e l 62 H 5 3 25.7 Feb. 0t'_ Caleden. an 7 j: . 7tt 

- *2-5 22 3 320.0 — Do.-3". _ 75 

:9’ J f:3 1.1 J.bT7.J JjBt. Cec ^TOnarra^G— . 92| 

•IIS40 15 3 3 28-5 Way Ca-wj i%; -jp 3« 

18« 63 »»2 — Ore. June Can. 4 Fcr* iqn . loj 

:« » ue^'.i oJ 14 0 — Apr. Nd* Capital £ Mat 125 

15 «l Old* J 63 led _ — Do B" 119 

:• :t ; o: I o it 3 j ict; sept. Mar c.ir>.rui orc..._ 109 

’JJ 'j25‘ , 4 1 9t 3 81 8 8 Aug. Af. Cartio: Inv, J13 

.'.:i 0S2 3 9jO«J14jjiw Oti keaarlnv 67 

v ! f r }03 IcUnp May ICnaR'il* ;rc *1 ua 

’f 2 5 ! 2 5j 2A206 — Do Cap. . „.. 620 


1 1! S t'24 C A-T-i! JUnwHiss !'w . 
lOj J5i33i Jai. Ma. Lem. Euro. Grp. 


lb? j 1 1 5 3(25.7 
I *2 -a | 22 3 3120.0 
e:n 1.1 J.SI37.J 


75 - - 

92d Vll 3.87 

103 26.3 2.03 

.03 30.15 t3.e5 

25 210 4.6 


2ei| 0 3 
riCitOJl 
ISMffl.W 
lib 3 si 


os :.s; ;.-i 
4.7 2 4 1!J 
41 IE 17 5 


;01 HI? 3.80 11] 5 6:24c A-?-!: LnytMBi Vkk. 16 2e4| 0 3 0 9 .“3 SI 

.65 1312 a 92 LW J 5(33 ‘ Ja-. Ma. Lan. Euro. Grp. 32 2 1C «-51 4.7 2 4 1»_5 

.45 2LE T5JJ3 1 0 5.4 28 f Ji N:.. Lon. Merchant .68 IS 9 MJ.94 41 1 E 17 5 

96 2t b T3.60 1 1 5 7 24 i -ci? Jw. V & C. Wags. .w 228 lib 3 51. 3.7 «J ej 

66 13.11 ?1 1 0 48 30.C N:.f.-:S?r Ma.-Kie Imrf. IDs 70 2J"i 40 7j 3t 1 B 36.8 

47 26b 16 56 13 53 21 ! 0K.iWasi-. iR.P/5? 59 ?!0 4 5 « !U 6 

7®, 3J tl.B6 10 35 433 Mr JnJ.D. Mai; Mm & a> 950m "31 QSLlu - b] - 
75 — — „ I _ _ — iMeoisya tel*. 53 — — — — — 

92d 2732 3.97 * j 63 6 ftlrin ' ’■ » l ir. . !?:» 17> 2 N 7 1 43 1 * i: 2 7 6 

03 26.3 i03 4W'-.0 30i - S-g-ljc 400 , r - — - — 

03 30.10 t3.eS 12 53 24*.. iPmm** IW 11 .t.* - 
25 no 4.6 1 5.5 27.7 it*- Pr: Part Plate liw. 41 ift.uliC 44] a: 70 


53 - 

17i 3 :ar 143 

400 - — 


-T- - 


:■ :c ; 0 : 

'JI '525' 

70 !5 3 03 
’f 2 5 


1 7.8 ?3.96 1 0 5 4 27C .u -:5« CeorgrlOp 12 

:.»3 9t 11 52 262 J*- * Ce: »:?: fcJ.ier:. i 94i 

1311 2 75 1® 6 1 23 5 "J' 5E L*i|j:4n“ . S52 

15: 015 0 14 9 5 A Mi.;i Oc: jt.iih S rn. ... 5b 

}6* — _ _ 1 _ June M r ’.00 £47 

2b 6 13.18 11 5 4|2J6 Asm ■■■at V-: 7 1!? .( £M 


Nc . 215 


30 jJ tl ■ 3 1 9 1 7 46 2 dug. Mar. Charter Tmu ... 
- mO 33 50 2 2 95 Mar. Sept Ci'TiCcir Inc.. 
f T 4( 9- - _ 42 8 — Dc.Cag. ■£]» . 

15717203 20 9j 53 — Citv & f cr. m» . 


.u'.;J5i Cror^r ’ Op 
Cr: iicr: A MK. A 
"•fa»|jE L- ; 4PC An* . 


le'.S 112 
:i e 13 B! 
■'01^0 44 


94d r a 3 37 


is J 'Lis. _ : 

21 B S4 9f I 13 

itei; i.6i 

12 


£t ■ .... ... ' i lly fto. UP. a KlWlA-Jp. 

« • •••:. JM - ■■ -Jwl^Ha«y.MP. 

ti'' : •■'■■• “ "Apr.' !>: (jongtooTram.. .' 

'i : 1 .. 'Am. .- Apr. LemdmeUnWnJ. - 
.' ■ .'• - -Qk. aw tHAfanrlAa 1 






•r .• ' 4 A 


. -&TC. . AW LM&BvarSOp 168 

Jw Bee, M.Y.Oert-lOp. . U 
J Mi - July Bnaale UnTiSp. 23 

“w Smn. avnurW.aop. 110 
’ MwMacMrtweGA. 88 

. P-W -Ha. MeCtatryUA.., 14 

J^7 Neu.MKlriini9.6lvJ 23 

.7^- .-Ana. Mar Macsnmen CD.J. 75 
■ 77 mWdgek — 23 

• ■ £*>*■ M*pn0fi*Gnitp 124 

Ocu Apr Wan.Sft* Call 278 

? f ‘“35r Fxit - IW9WJ8. 40 

y,;&2 Dec. ■_ Joe. UaofcaUUxy?*' 44 

j-m Jw. jut, UenhUTs Unlu 160 

\ Ok- May MartbvBleck.^ 46 

• — M*Ue«»i7tu»c. £95 

Maynards 2Sp.. 130 
Ore M«nwwfr 10p- 36 






ren. nminwresg.™ x»>2 
Janr Metal Bo* £1 ... 32 ad 
June Metal Closures. 96 

June M«toy_- 70 

. Oct H’unto 5pc 82-t £1011- 

— Monument lOp. . 5> 3 
July Morgan CjudMe 115 
Apr. MorrallCAndJ- 44 
JmMo»(M)tllOp - 38 

— MovftnVto 13 


59 3831 13.05 3.1 

138 'JJ 934 22 

38 . 2731 tZJD 3J 
53d 2711 1*0 « 

70 1L‘ d3M 32 

88 2U 94.70 32 
148- IbietllOS 2J 
61 DU 2.43 3J 
23 XU 2JU U 
tZ0 ■ 7J 4.40 4 J 

ae 4 i 13.90 u 
14- UK tO 25 - 
23 7J0 1J2 0.2 

75 24.7 t2 68 3.2 

23 --- 0J9 3L — . . 

124 181 td? 74 65 JJ U - • Loto Car 10 p .. 

278- 211 15.80 13 8.713.0 — iRetam Mlr.Sp. 

40 24.7 941.04 42 31 90 Japt-'- Mfl-jTWb-Royee Mir; 

44- 2J*«253 47 B.i 2.9 May- . ]Vol»BKr50 

" £j« «SI ” Commer 

IS iii !S* ii T! u 

S., S8 3i ?J SS 

sad 27 ii giB 09 31 i* if® £ rSTrSiw ito 
96 -18.1 1427 2.1 6 6 80 ** : «a YortcirwierlOp 

70 3tM t2.15 52 4.6 4.9 ; , T .'. COfl 

10H 2 lftJ 05% 198 f5J — 1 : ... _ . 

5«i 1T71 — 6-6 Mar. - Sept Abbey Panels ... 
115 1311 4536 2.8 7.0 f. 7 Feb. . :JN9 Airflow Stream 
44 1812.46 3 4 8.3 47 M*V flhtAmiH ngEa.IOp 

38 107 t2.07 21 M 6.9 Jdy '. •!«»■ *««■ E"9 9 

13 at 034 2.7 3.1 143 Setfenlw Automnnw ._. 

54>a 181 biLK 09 2* ®3> ApB."- M* 1 . Bluffnel Bros. .. 
70 71 5-2S 15 22.2 77 Oct-, -J«w Brown i Bros .2 Op 

57. 30J0 t3J5 31 8.8 5.6 UNwrJfAL. Dana CorpSl ... 


4.4 Apr. . M 
5.B Dec : » 
53 00. ' * 
.4 Jw A 
C4 dpr»~ Si 
5J Dec Ju 
40 Nouentber 
6.7 
Ml) 


Sept Horton A WrLjOo 135 
Jane Pfaotax lton.)„. jg 
Apr4 Pleasuraraa 5o . 81 

JAyUMlf 7VPrft.il 71 
NM. Saga HoJuuys .. 172 
Mp r Scott TV 'A* 10b 69 
Apr Tritfm TV'A 1 lOp, 552 
July UtsUr TV*A'.„. 71 
Sept Webb (Jos. >5p. 17 

June Westward TVIO d. 28) 
cr ZeUenSp 531 


Hll Mi2.12 3 a 2.4 16 5 ipJj 
30.18 !I2 7b 1 9 11 1 7.1 
2LB 2.05 5.1 3.8 7 B J ^ r 

117 5.95 27 4 12.5 - fl £ c 
16.16 g6.75 25 5.9 103 u»r 

U1II I? i UN Cl 8 fl Mflr. 


69 WJD r2.4 6. 

S » 2 24.7 t?07 2: 
71 13 U 4.3 « 

17 272 MO 45 4. 

28m 7711 LB4 4 

531] 111 1.3 5. 


V? T? ? April Oct. F'KOionjI Prop. 75 21 HI 11 

ri'i 7 f|AM« Oci Do. ‘A 1 73 Zisjl.ll 

I-rLdn. June Rush i. TcmsSms 106 13 11 d?. 9! 

7 H l D*cereber jjmu*l Free-, . 93ij I’ll o2.3 
to in Jdn. EuL Mrlroti 20p 117 !ft 1C 1.97 

..] Mar. G« SrcorC Cry i5p. 41 i5 4h!.?S 

f f 7 ?|0ct. May ilPugh Ew. 120 <9(f230 


JI 1 59 53 0 8 312 

«:i *— — — _ 

lie tl J4 6 9 2.2 f.l 
13.il 2.4B 2 3 3019." 

::U?C3 25 67.7.0 

27 11 2 0 1.9 3 4 22. 1 

10’ 6 14 1.: 31 39.1 

mi h: 5 s.b 3.7 21: 

2ft.4 5 24 I* 2J 3l< 
2!i tlJ9 OJ 1.7 - 

j ja _ _ _ _ 

I '] _ _ _ _ 

21*111 29 22 22.1 

Z15 1.11 2 9 23 221 

1311 d2.9! 2 7 4.1 Uj 


X* r- 4 E; - De.Cap. i£l» . 102 — ~ 

2 0 9j 5? — Citvafcr. In*. 72i> - — 

53 0 8 313 Uay Dec Clry a rntrm’i-l 100 3OJ0 4 7 

— — — HO*. June Citrot Oiferp-. 7Z1 2 301C t33 

6 9 2.2 1.7 Mar. Sept da.erftur Sfe. 83 111 3.86 

23 3019.3 - Chiton InvilOp ill _ 

25 6 7 '7.01 Jan. May Clydesdale ln.„ 77d 27.11 tl.9 

1.9 3 4 22.9 — Do ■■B” 74 - — 

12 3 1 39.9 dug. May Cc'jma: Se-j Df fl . 238 72 8 22 

2.8 3.7 213 Feb. Aug. ConUnent'l & ina 192 ID 7 rfc 5 

1.6 2i 38.4 Dec. June Contmenri Union 116 3010 3.55 

0.1 1.7 - — Crejntj«*,50p. 184 117 - 

— — — Mar. Aug. Cray: Iron 79 21 E 3.72 

— — — Jaatani Cumulus Inv 2&d 27 U 0 62 

2.9 22 22.6 Feb. Aug. Oanae lint i-Mdi 42i 2 24 7 3.15 

29 23220 — Do. (Cap.) lOp 5b, - — 

2 7 4.1 UJ Allg. Mar. Debenture Cwp-- 67> 2 24.7 tt)2.4 


55 ibi 73.18 115 9123 6 Asm ■‘■et T l!? . 
2®* 18.4 11.85 10 4.6il5 3 d^- Ajg|w.:n Sw: 20: 

02 „ „ — — j - Or. jsvnti r* Er^unj 

72b — — — — | — — RCrijrypnlOp. 

00 3010 4 7 ID 7 0 2C 8 Apr- Aj; jYule CauolC'P . 


13 '.;? 8 5 
— e 1 — 

1.6' i 4 

12i:3? 9“ 


00 3010 47 ID 70 2CB 

7Z1 2 30 1C 1335 1.0 6 9 21.3 

83 18.9 3.86 10 6.9 217 

Jl* 611 _ _ _ _ 

77m 27.11 tl.90 4 3.7 4 
74 - — — — — 

38 TS 8 22 32 5 2 255 


JE9HH > 4 5 Jj 66 
i? I! HO JJ - 3 i!\2t 2 
a? l.« ! 3 8 ?:] 7.7 


Serving the world 
with 

financial expertise. 

SANWA 

BANK 

Tokyo, Japan 


MINES— Continued 
AUSTRALIAN 


OILS 


1071 rb 50 1.0 51 23 5 


« MOTORS, AIRCRAFT TRADES f'-— Ei?tt5S: % 


June Dec Do iOSConv '9C £167 1311 C10% 13- 
Apr. dug SlccL Convnrsn. 23B 7 0 2 03 5. 

Afril. On. 5untey :8 2 in< 260 71* 4 38 0 

— 5*ire Preenroes 47 — QlSljC 6 

Ontember Town Ccnjrt- 741 -id J7' 2 4 

Apr. Otr. rown w C<iy IC'D lJij 24 7 001 — 

Apr. No* Trjlmrd pjrv. .. 122 21C 4 09 1' 


Motors and Cycles 

s-LSOp 1 22 1 _ r _ 


J1L7 MrJeAD. Gen.Mb.Umu 195 


Lotus Car 10p.. 43 g j 
Reliant Mir. sp. 101. ri 
IjWb-SoweMtrs 95 i\ 
VotvoKr50 [jj,, ft 


E.RT.tHWgs.J. 137 
fode«ts(50pi._ 57 
Peak Invests. 1 Op 71 

Ptaxtous — I T9 




*• * 

?b. 


Jao. June Mysax Gw. IQp . 54>j 1 
Mar. Sept H»sa (j"F )S««. 70 

Dec. June MnJsmJB. &L7 57 30 
Mir. Apg. Nat.C'ifc'mglOl) : 49 1 

Hay Noy. N.CJL 4% 93/98 £86 1C 
October HrgnHiAZMftj- .83 2 

Apr . Aog. NeASSirocerlOp 136 2 
. OcL Apr. Rr»&p*pJ0!J*. 22 2 

Jan. . Aug. Vortns 971* 1 

May Oct Nome Secs- Mp. 17 

Oct. April tb^wifth'.- 30 . 

May Nov. Oce Finance Cv. £98 16 

Jan. Jwe Office & Beet- 122 16. 

OCL May 0lnr<20p 308 U 

JM. Jtfw hNOW 12l|e- 16 U 

— < AilAfNe&Sngi) 64 3tL 

AprU Set ParterttopB-r. 91 2 

fetk. Aug PauB AWMtes. 324m 27. 
Ok. July Peerage lOo .544 U 
June Nov Pendant lOp.-. 25 U 

Oct Jut, Pent®, 10pll_ 304 11 

Jan. June Petrocoo l7>». 40 lb. 

— PtiWUH Patroo - 22 U' 
May Dec ttwo-Me SOp.. 348 * 16 
Frt. Aug. PMIcMariBrll. 318 2> 


.95 13.11 Q27SC 1.7 7.1 6.7 1 
48 675 ~ - 102. 

lip* r?5 — ~ - 18 r 

95 21DM5.24 24 fii 92, 

13d 2b 5 01 2b* 2 b SJ 7J 1 


Nov. April (ltd Ri-.,IPrap. 
Mar. s».*l Waini.T EiUl* . 
Apr. Oct AUiU-C lr*. ?jp 
— tV'lmin & C I* P 
— Vr'imn-.if* P 20p 
July Or: Wirwon Eili.. . 


L22 :iC4 09 
24i, 4 « n 33 

IIS 3010 5 62 
[49 5SJ t2 70 
>45 21 3 7.0b 
27 iC 10 10 
21'; i 7; — 
401; IS* 1.29 


1 3 3.7 773 Aug. Fee. Deray Tsl. Ire. £1 214 

U 23 44.6 - Do.Cap.5Cc_ 156 

2 8 64 6J Dec. July Dominion 6 Gen.. 191 

15 29 29 0 Apr- Da. Drayton Corn'd. 125 

134 (60 - May Dec Do.Coas 139 

53 1 0 26.8 Apr. Aog Do. Far Eastern. 391 

0 6 23 994 Apr. Aug. Do. Premier 185 

• 5.2 4 Noe. Am-, fcuivesi In*, sjg 61 

♦ 13 6 — Do. Capital £1 212 

— — — Jas. July Dundee A Lon.. 65 

17 5 0 16 3 April Evnbjrjr tn_ 7t _ 116 

3 1 2 0 18 4 June Det Edm. inv. Dt. tl_ 221 

3.1 2 6 51.2 Jan. Jsl> Electra m*.Tst... 115 

1 b 2 7 M 1 Feb. Aug Elect A Gen .... 771 

13 3 1 40 5 Nov. Ju't Erg.6 in-.emai). 84 

16 55 111 1 to. Anni Eng & N > . Trust 74 

— — — SrpL Mar Erg.t S;Dt. !n«. 74 

1-5 4 S2L8 jar. Sep! Eoj'Iv C ots't £1 102 


23 44.6 
64 6J Dec. 
2.9 29.0 Apr- 
(60 - May 
1 0 26.8 Apr. 
23 994 Apr. 
5 2 « Nee. 
23 ft 


6?£ ?i7hfi24J 3.1 
14 247 113 .63 1 0« 


* - H:-- Evmy-I 60 

*c j- Ja/eurv Allot* 20? - — 86d 

5|i May Dec. BriL SomeD 10fl. 160 
5* 2 Nov. Me, Bril Peirci'rn £1 9W 

Jap. Ji-'J Do.e%Pf.£l 71 

fll - Bur men tl 73 

* Ted. Aug Do3> 2 Lr 9L9b £60 

- n:CPL-A Sr°£l- £U< 2 

— TfCanSKta Res. 38 

hi DiL Juar Century lOp 62d 

to* — Cnarterhali 5p.. 22 


li:i ♦- - - 
HI! 16 84 15 b-'l 
1B4T?2 43 3.0 3 b! 

2o b 5o%«Hil.a| 

10-74 - - - 

ZUQBVft - •:!9 


16J0 H85 
7B4J7 
311 52 

73 0.91 
7.E 6.E0 
0JD 74.64 


uq £.6 23 7 
Uh 53 23 4 
1.3 5!6l237 

II 3 9392 

III Si 25.B 
LfHll.4 14 6 


Century lOo ..... 62m 27 U t2A7 
Cnanerhali 5p.. 22 3W - 

CrsFr PevoiesB. 02 7 77 QlUh. 

ttClu((Oil£l_ 388 - — 

Do. Cnv. "A".. 4 00 — — 

TtCiyflr Petrel £1. 90 - 1J>2 


17 50163 A 
3 1 2 0 18 4 June 
1.1 2 6 51.2 Jan. 

1 6 2 7 36 1 Feb. 
12 3 1 40 5 Nov. 

1 6 5 5 Dr Da. 


Commercial Vehicles 


1246 (1311 27(2.9 


Sept. Do. Del'd 50p. 132 

SHIPBUILDERS, REPAIRERS & gAfSSi'fig* ^ 
T 5il2SSi.ff.liS l : iTd«o iTlvnlx 5? 


‘21 16JM 16.85 
.15 12b|N5 5 

771; 2a ftj 1£7 
84 mJ|3 86 
74 7 9 13.0 

74 4H249 

02 i*-6 87 

32 24 7 5 69 


— TtCiyflr Petrel £1. 

— Hunting Petrbl . 

Dezerber MCA 


B8M 2712 64.65 3 0 


4 6.1 » 
id 1.4 75 8 , 

I S 4.6 31 2 1 

II 7.3 20.9 

I 2 3 0 423 

II b^»)6 ... 
10 60 277 
IN 5 0 30 2 ^ 
1 0110 01 14 7 ?w- 

III B.4J21.B reD ' 


LAS MO 134 - — 

Aug. lASMgijmiswj a 00 1C.7 Q141* — riCJ — 
LASMJ-OtriCa. 395 - — — - — 

. Msgn»iVfui;13c_ 27 — — — — — 

y O.lExbl 10p.... 230 17.4 214 3 8 7.4 321 

Premier itm. ip 15t 2 — — — — ■*- 

Ranger Oil 925 — — — — — 

Brmo'dsDiv 2:.. li 2 — — — — — 


Apr. R : i DjichF/20- £41 U 18.9 05115'. 24 of 6.9 

— Stepne Re: . _ 430 — — — — — 

Ma* Shell Tran. Reg. 584 II' t!5 94 41 4 1 6.0 

Aug. Do. 79aP(.£l. 61'2 2bb 4.9% 1102 II.' - 

— lias fK’fl 278 - - — - — 


_ — — Acme* 25c 

— Nov. Apr. BcvguntiiieSOTm 

64 153 — BH SduUiSOc — 

3 b 11.7 — Central Pacific -. 

.1.8 OcL May Cdmik ffiMnro 50c. 

_ — Endeavour 20c .... 

Ill _ — G.M. Kaigwrbe Jl. 

_ _ — HawnaCoWN L.. 

— — Smember. Hampm Areas 5p. 

b 4 6.0 — Metals E*. 50c ... 

— _ Dec. Apr. M i.M Mldgt. 50c_ 

81 g,6 — Minefields Efpi-i- 

__ — Mount Lye/I 25c .. 

— _ — NewmeullOc 

17 86 June Nos North B. H.nSOc.. 
7 c 62 — Nlh. Kalgurl! 

Il53| 0.4 1SJ — Nth West Mimng 

— _ June No*. Oakbndge SA1 .... 

14 5 _ — ttOilimnN L.._ . 

— — — Pat i<ic Copper 

_ — — Panconi 1 25c — 

3.4 326 — Pannga MIE,3 p .. 

— a- Apr. OcL Peso- wa i 'send 50c. 

_ _ — Southern Pacific- 

— — OcL Ma* We-tn. Mining 50c.. 

of 6.9 — Whim Creek 20c.. 


343 LfQlOc 


10 7 *055 2.sj 3.4 


1311 QSc 


1311 11 J9 * 8.11 « 
3010 1X1 85 11 34 390 


17 24.7 335 6.1 

7tjl 577 - - 

2 305 th3.96 3J 


Dr: divitbernL SOp 70 l»7f — 
Jikw S*iJn Hunter £1. 153 J.'tV30 

De: Vcper 146 7* i50 

Mdy Yarrow 50p 323d 77 Jl 515 


OatYoric Trailer lOp.l 51 [ Zl^Tdil?! 55| 6.' 

Components 

irptJAbbey Panels ... 46 I 4 4 d2.6fl I 3 8j 8. 

JsMMrflow Stream 38 131U*2.46 43 9: 

KaijAnoB ngEu.lOp 66 Jltlfl d2 26 | 377 5.! 

c. Eng g 119 

motive 72 


SHIPPING 


U 

3 1] 2.4J1B2 yw. 

May 


4«d2.68 31 
1311 *2.46 41 
1610 0226 31 
30J 1534 31 


71 £2S 
30JC 1335 
107 135 


26613.7) 

1310108 


hl_38 8.5 2 
3.7) ZM 8 


— 4.1 — Apr. 
1L9 (4.7 - J4fc . 
13 6.6 131 Dec. 

6.7 26 &0 J».. 

2.7 6.B 85 J* 
28 64 6.7 May 


tlS9 13 7 
09% - I9J 
1 414 3.7 5- 
763.07 3.9 4J 

SSt Hi: 

6241 5.7 41 


84 May 

95 v: 

14 - 


OwiySOp 279 ZU 4 50 4. 

014*^500 67 DU 5.38 1 

FUgW Refuelling 165 13.11 t 289 16 

Hm>.SmthlOu 11 ]4U — — 

KirtJillUdn 2Cp 52'i 13U1hO M 3. 

Lvca5lnds.fi.. 310 U JJ 918 4. 

Supra Group JOo 54 25 (J 60 4 
Wilntot Breeden.. 771- 30LIO 3.13 3. 

WMOhead f J.] . 97 26b 73 86 4 

ZraHJi'A'5Gp... 80 174 4.47 2. 


CIS 1 * | 24 M 0126c 


Dee. 

8 7) 4 6 ^ 

9 8 3 0 

5 -l 78 Jan" 
6 6 bB u ": 
29 61 3/ 

It Kj»-’ 

62 4 7 . „ 
32 93 Jl “* 
2415 4 
ZO 63 Mw 1 
2610 4 7"* 


;JZeoWi'A'5Cp...| 80 | 174(447 (2 

• 'Garages and Distributors 


fUl 466 
ill tfl.M 
W. 10.63 
161 74J5 
IS 438 
ITS .B— 
611 603 


H SeOL.-JArtljMamGWwn.. 70 
66 Alexanders 5p .. 17 

W N** : Mpy ApplevanIGrp.. 90 
H Feb. VJtag Arlngttm Motor _ 113 
J-? Jtafc “ 34 BSCInt 10p.... 3» 
H Aug. ; Mar. Braid Group 5p 3b 
J63 ■— BramalUC.D . 1 . 82 

23.7 May . .Mw.BriL Car Aud.lOp 53 
IS Mar. ;'JU4 C-G^.B. 10 p.... 22 

69 Ik. J* Caffv-rs 50 d 102 


1.64 5 M 4.! 
1.67 1« 41 
■35 -3.3 6: 
58 L4|17: 


1M 


■ .r.aSiL 

. ■ ■ fs& 

iT^-f 


&:• 
••.fe : 

■ U 


Ptadc Const. tOp. 34 
Pdymartc 10p.„ 56 

Partkh'J-. V . 214 

Pte*eBDirff.50p. 185x4 
PressfWnt) 5p . 29‘ 
PrurigeGmu. 177 
Pritcfaan<5«r&. 39 
Pm. Lauds. 5p. ~. 102 
Do.12Vw.-B6®. 354 . 
(LF.D .' Group lOp 64 
RTD Group 2Qp' ..14. 
Saduot MtL lZljp 35.. 
RxiHtaUs.—-. 109 


Jofy JFn 
Jan. Jii 
Jan. - At 
Do. Ju 

• -Mum 

. F*6 O 

Mar. Set 




24J 116-ffi 5.7 


7276 2J 
t3J) 3.1 
«0J5 R3J 
7035 «( 
3-66 iJ 

a 




« 3 CS1V1 

33 24 13.9 
46 44 53 Tr 
40 4.5158 Jan ' 
3.3 6.0t59> 

4 9 6.9 S.l 
2.41 8J 7.4 

July 

» Seal. 

3 0{ 9.41 52 AFn< 
-] -I2O.B Del- 


Dee. Aug 3r.t ACcr" £'3 p 295c 27 Jl 19 40 

May Per 169 1) 11 eft 52, 

ftf. Ma, F.slwr 1 J- 167 IS " tl 55 | 7 7( 

Der. Mj» Furness Wiihy £1 252 DU Tb 29 

Jan. July Kjiticg GiKfl £1 105 lb 10 7517 
May <kl. I '-M? «0»; 4 9 0(38 

July Lon 0 Snit F nrt 37'; -i X! — 

Jan. JuU Lyle Shippnw . 137ia i?Il ta*? 

June Oct Man. Liners ZOc.. 220 1111 5.13 

— Mh-'.cy Pi UmiJ 35I-* — — 

July Milled DocLs LI. 338 10 5 2 68 

Nov. May Ocean Transport . 1)0 IS* 8 37 
Jan. JU* P 40 Ew:d U.. 35 13.116 64 

Apr. Or. 1 Re.imcn Sm 50a B2 2 lh 0 1 

Apr. Oc:. Do. 'A' 50 b . .. 34 2 10 0 1 

Jan. July ftimcinvjn IVV.I 61d 21.11 M3.75 


«L Ae- Firs- Scot. Am.. 92 

IV. Apr Foreign 4 Cpl .. lbb 

n. JuHFL'G. r.BQ^j 43 

ay Nor Fimoinrost Inc.. 351 

- Po. Cap 60 

1. Mar. G.T. Japan ... . 185 
iv. Apr. On & Camm'cl. . 142 

tg. Ad' Gen Conscldid. 85 

pL Mar General Funds,, 174 

— Do. Cony. lOp. 144 
t. Apr G W . Inve-Jors.. 103 


295c ii 31 19 40 3 4 < 3) 9 J Noy . Apr. G,n A Cor<m'el. . 

169 15 11 3b >2 — 5.8 $ s ug. Ad* Gen Conscldid 

167 ’84 11 55 77 IZIIO^l Mar General Fwds 

252 1)11 TE 29 4 0 4.9 63 _ Do.ConvTlta: 

105 1ft 10 1517 — t — XL Apr Gen. Imre -jors 
«I; 44 disa 7.7 6 9 a«Kt June Gen. Scottish: 

..7i; nn — — — — Ltan. Sepi Grn.5vsjr.lj1*. 

SJ7a *7 11 74 47 0 5 5 4 60 7 Mar. Aug Glasgow £t'N;-j. 

220 1311 5.13 23 3.5 161 Apr. No*. Glenflwon Inv. . 

35N - — - 1.6 _ Do. "B" _ 

118 305 2 58 — 3 4 — June Feb. Gleruruirray in*. . 

1)0 3! 4 fl 37 26114'39» — Do.'B'&d.... 

55 15.11 b W 0.9 11.7 : 11 i uyJan. Globe Inv 

53 *}? 2? — 02 — Jsiy Goveit Europe .. 

pA -lp 01 — ..04 — Mir. Sem. Grange Trust __ 


49 210 10 1 II 

97 18 4] 14 5 10; 

92 21U2SU 10 

164 21.Ht3.83 Iff 

43 2ttUa5' 4 c 1 2j 

35-V 3311)2.69 LQ 
60 — — - 

.85 2:«202 Iff 

42 21«5 91 11 

B5 24 7 13.81 11 


1 1 3 0(46 5 

2 6 4:24 5 “ 

10 4 7 31 1 

10 34 439 “ 

12 7 6,101 “ 

L011.3130 “ 

Fo If 903 

11 6 2)23.1 

11 fa 7:20.6 Vj/ 

10 4.1 36 6 Jar^ey 


Oc! ?e>au -1 >*bCjn . £54 

jLhr Trtcentrol._. 262 

Ultramar 226 

.’uivCo.7pcCrrv.fi 134 
MFfbsNai. lOcv. 160 
D-. pre OrifDc 160 
WscciideASOc.- 54 


- Q15(,: - 


14.1 _ Nov. 
i:i47 Apr. 
— 63 Arr. 

7 4 — Jan. 


OVERSEAS TRADERS 


24 7 4.77 1 0 4.1 36 6 Jarts 

2 TO +406 12 S.VZLO A^! 


~ — — Mn. Sepi Gm.svsar, IJi*. 115 
0 5 54 60 7 Mar. Aug Glasgow SfWi-j. %]- 
23 3.5161 Ape. Nov. Giendevontnv.. 97 

— - 16 - Do. "B” 93 

— 3 4 — June Feb. Glerunurrav in.. . 76 

26 31 4 Tl) — Do. 'B' Ord 74 


J 11 340 
7 E 23 
7i 1244 
13J1 1.85 
15.11 — 
17* 1.95 


10 5.^253 Jan. 
4 30 4 Jan. 
L2 3 8 327 f«v. 
iW 2 8 53.7 July 


African Lakes.. 270 1). 

AuamTrad.Bil 3*75al 501' 
A list. Agnc. 50c 107 17 

OcLBenfsmtS&Wl. 161 2L 
Jjrv tav»>ui Da-lfCp 64 3. 

July Bouuead (10?) 53 131 

June Finlay (James). 93 IF 


Dec Gill i DuNus __ 151 [33.16 K4 86 2 0 4.3 9.6 


U9T- call* Cl Lffiliut AJA Ai.bv n’ii.v AU -.u 

June Gt.Riiui.no.. £64 305 012% 24 19 221 

Dec MK'ih.CmEl. 5ffGnl 27.vJ«*Wfll 2! 7 2 9 7 


Globe Inv U9 26UHS.5 

Goveit Europe.. 63lj I 30 3 1.8 


61d!3;.UjM3.75( 2.11 9.2 3.6 


SHOES AND LEATHER 


Feb (Allebone lOp^ . 

Feb. Booth lint n'U... 

30! 94l 52 Apnl Dec. Footwear Inv: . 66 2:3ld4.;9 

— — 208 0cl - June'iarnvScwMpir 99 7 Ml 14 57 

25 10 5 7 3 December HeJCUm 41 1’JJJhJ 7 

23 10 6 44 Nov. May Hiltons 20p 107 16 IN f 4.97 

3 4 8 2 3 9 June Dec. fl Shoes SQ 30 « 3 0 

4 8 5 8 54 A or. Oct Lambert Htn. 20p 53 21*13 22 

31 82 4 f Apr. Oct Nentj3ieGftor.ii. 55 18fl1t84 
23 71 «». April Oliver tG 1 'A*.._ 50 1S.« tl 4 

22 9 B f 9 Jan. May PilLirJ Grp 49 1)1! (2 81 

22 IJ f 9 Feb. Aug. Steady Sim 'A' 3c 13 7|?lb 

1 1 11 2 till Mar. Not. Sircnq 6 Fliher 70 lb 10] 4 73 
46 5 B 40 July Slvto Sloes . — 7? 21*1.75 

51 54 3 4 Apr Turner Wit lOp 41 4ljihllB 

2 8 9 6 6 4 Sept. Mjv Ward White 9G ?1?|M4.02 

34 9J (3 3! February Wcana lCp 27 24 7) 7133 

ii 11 ”2 SOUTH AFRICANS 


39>« 30.1* 12.16 3.' 
36 10 7+140 4: 


RNd.[ofL£l_ 
IMyiMPBW5- 
Rmowb I6C.Y5Q. 
RemvlckGroop. 


w3£iu: 


ItGroop. 47 1 

Sm zz 

— — 320' -2 
. JJ30P- - 37m 27. 

pro 330 1L 

Hides-- .'44nl 71, 


Aim. Do. 'A' 43>jdd 

'Juft Rotaprint 20t>_ -34 
Ndr. I vah&fiDden 311; 
May Royal Worcc.— 245. 
Sept RuweiHAJ HJp - 95 

r"'l CBh 

Jane SMe T1hey^__i Id. 


JyOJaA 

Feb. Ju 


LB*. .45 
P— • *!•.• 
9>..— 109 
rrSl. £43% 


2MH7.0 
?7jm 2J6 
UJtt .1534 

noi +216 

27U 7216 
247 299 
211 -fL34 
•LI T649 
24.7 7227 
174 . .. - 

6n mm 
18.1 h52 
133 159; 


1 11 e « 

92 jjn, June 

An. -d* 

2 5 iSSai 

M May 1 
- Ian. JM 


10.6 _ 

5? = ■ 

*.{ Dec. Jin 
“J Mar - Oct 
I®-® May 
f ■ An Nov. 
fiOec. J* 

M ' 


CarAud.lOp 53 UU 251 2. 

.S.B. lOp.... 22 10 7 1144 2 

yns50p — 102 26i Lm 2. 

non ins... 33 24.7 d2.41 1. 

(e(T.)Sp-.. 44lj 126 tdl 73 4, 
» Godfrey- 91i 2 J 2711 352 5 

•da 79 a.l i55 2, 

to Forth* w 44<2 11.11 t2.85 3. 
*CF.G.)...» 501; 10 7 LS5 6.1 
field Lawr. 33 30.1157 l 1 


I 'orsha* 46i; 13.1 
-G.l...- 50», 10 

t Lawr. 33 30 

IM. lOp. 507; 17 
ifT.C.i. 109 131 

b 110 1)1 

Dp_ 124t; 26 

lr. Grp- 120 21 

KCmr.. £195 17 

hades) 87 2 

IDp — 40 UJ 
Mir..... 73 7 . 

ice Grp.- a0) 2 Zl.Bj 045 

61 7J +250 

76 12«609 

gantt-StoJOL 301; - oZ14 
MtoiDwld5p 31, m 
Pennine Utr. 10p IM4 — 

“ 12® m: 

43 * 

.76 3 

"ffl 55; 


33 30.1 1.27 1' 

501; 174 d0.47 17' 

109 13 11 7K4J8 3.1 

110 1)11 16.80 5 
IMi; 266 18.71 31 


210 A45 31 8.2 4.6 *> r 
13 U 251 23 7 1 9.0 

107 1144 U II 69 
25J i50 23 95 6.9 f* 6 

24.7 d2.41 1.1 11 2 J13 Ma 
126 tdl 73 4.6 5.B 40 . 


1551 gl 15 20( 6. 
>1 !Q( c 46 3 4 12 

2701 04.39 21 4 

: inf 14 57 41 6 

1?.11)h1 7 79 5., 

16 ]« 14.97 2.3 6: 
3P« 3 0 * 5. 

21 * 13 22 2 5 9, 
18fli2 84 30 7 
33.« 1! 4 2 7j 

Dill 12 B1 42 8 
137 22b 17 B. 

It ((J 4 73 1.4 10. 

21* 1.75 3.2 3 

4‘flihl IB 3.8 4. 


3 0 7 9 6.3 
2 7 5 7 9.9 
42 8b 42 
17 85 UJ 
1.4 10.1 118 
3.2 3 3 14 6 
3.8 43 93 
81 61 SOI 


27? M4.0Z 81] 6 l| 5®f 
24 7 11331 2.Q 7.S 7.9 


25j d6.05 
UJ1I1.9B 
7it4.a 


PriVlHJMtrs.- 
Ut«rtN *-J.»0|F.] 
Tateof Leecfs— | 
jVadham Str.lOp 
Western Mtr 


174 1.4 55 

3.8 5.7 6.9 Apr, Sepi Abercom R030 92 

57 92 34 Srot. Mar AnjlpAm in Rl 520 

32 10.4 5.6 Feb. Aug. Anq.Tr'i md 50^ 123 

3 7 45 73 September Gold Fid-.. P 2i-e 47 
35.0 (5.1 — July Dec Gr'tmn: ’A" 50c 125 

3010.7 4.7 Feb. Aug Hideu'S Cpn. Rl . 102 

4-4 7.4 31 Dec. May GKBaaartSCc 340 

2 6 8 6 6.7 March Sept. Primrose lOtss. 50 

3.7 63 4.3 — 9ei TruffrrTi'A'SG: 145 

55 6 2 3.1 C«. July SJLBrvur, 2Gc_ 56J; 


21*10161 14(11.0 


29jl2.0| 3.9 May 

II -l“.l 


Niv. Tiger OittRl- 510 I 4 ?|tOS2c 
N ov. Unisec 50 | 16l|Q10»2C 


4.3 10.1 23 bug. 
6 6.4 * 

4.2 9 fa 23 Jai 
1.6 17.0 3.6 Jec. 
1 9 10.2 52 Oc 
4 0.6 4 tor. 
2.6 124 3.1 hm 
2.9 11.6 2 8 reb. 
3 9 6J 42 fapr. 
li)li5) 6.9 Mar. 


JpJy Goveit Europe .. 63>; 3 

Bar. Sem. Grange Tru',t-_ 76 2 

iepL Mar. Gt h'pyjh'n Inv. 101 2 

March Grernfnarfnv.. 911; 3 
to. June G.-eiham Inv _... 5B>; ?i 

Car. Sepi Group Investor: 61 2! 

lec. July Guarcianlm.Tst 78 13. 

pry Dk Hamoros 98 13. 

uly Dec. Hill iPtiihpl 180 30. 

ipr. Oct Hume HI*. "A". 76 Z. 

— Do -B- 74 - 

. June fcofund-S) SVa - 

June Do. i£> 630 - 

lec. June indu::r<al & Gen . 52>; 30. 
epL Mar. fmemat'l Inv— 75 2 

apt. Apr Inv. m Success- 158 

uhr Mar. Investors' Cap. . 79 li 

May Jardine Japan... 165 

far. Sepi- Jartme Sec. HKS5 89 16 

— Jersey En.Pf.lp 166 4 

low. June Jersey Gen. Q . 220 16 

toy Ocl Jos Holdings-.- 47 ‘ 

lay Nov. Jove inv. Inc. IO p 47 16. 

— Do. Caa.2p 6>« - 

uly Feb. Keystone Inv. 50p 140 31 

fov. Jun Lake View Inv.. 92 13 

March Lane & Lon. Inv . 43 2! 

pr. Ocl Lao Debenture. 99 Z 

— Luars Srtg. Pis lp. £21> 4 - 

ug. Feb. Leca Inv. Inc.ZOp 39> 2 
— Do Cap. Sp.... 25 

January Le Va'lonei lm. 32 i 
ec. July Lon Atlantic... 66M 27. 
October Lon. & Cart. 50p 75 ‘ 

Ipr. July Lndn & Hdyrood 114 l 


6 3.9 4 Aug. Dec H'riv n*. Cros £1. 50G; 

— — — Apr. Sep! Hoilnimg (S.)._ 70 

1.2 7.0 202 Sen. Apr Inchcapsil— . 305 

_ _ 1 4 42 25 5 January JacftsWrr 22 

78 24 7 +2.13 U 41331 — JamarjSuear. 11 

01 266T3 9J 13 5 aiJ 7 0f_ Apr. Lorrho 64 

911; 301 1 47 12 2.4 51.2 May Jar. Mitchell Colts .. 42: 

581; 216 203 2.0 5 214 6 Apr. No- Elec £1 210 

61 21 2 1.9 11 4.6129 4 Dec. • J-jf» Ocean Wvs.20p 78 

1331 1274 U 5 2]Z7 6 Apr. Dei Pm'sa.-.:Kh.ICa 180 

1331 381 IB 5 B 255 Apr. Dec Co 'A'MVlOo 170 


17 s Q4.'«*« — Id.l — Nov. Apr Anal Nigeria I 

^111354 5 8 1: 24 7 Apr. Oc: Aver Hium SMI. 

11 bf — — — 63 Arr. Ocl Be 1 alt Tin 

1C 7 71v 24 5 7 4 — Jap. July Berjunui SMI— 

— — — — — Feb. Ocl Geevor 

— Q15L: - 5.0 — — Gou&Bavl2iji- 

— — — — — June Dec. GopengCon: 

— Hongiong 

'JADER^ «** Nm.ldnilOp 

_ Jantar JCIvp .. 
7*^1 hi 57 19fli 2 7 — nanummgSMOiO 

M 7 5 10 6 l%12 J"- July Killinghall ... . 

171Q.4 1.1 20 45.5 ^SS^ 911 

yallUlb Ah At iFaltang 

3^629 11 145 '9 11 Uar - SfBl P*"9^l tnlOp ... 

i'^T5i 31 SvV< June. Jan PetalingSMl..— 

IRH'iKO Vn s 1 ' A 8 Saint Piran 

Olfil iS Fo 2 0 4 5 96 ' FeOwirv SouinCrofcylC-p 

36 5 012-i IS 19 221 Ju! » ^ uttl K,BJ nK 50 

■* I’L.vrii v i -i 07 June Jan. Sl*pi Malayan SMI I 

“ifiJU U (7 - SungeiBesiSMl. 

iSVv li 7 a 7 - Supreme £om SV1.' 

4$zlo^ 6: - 35 J!?!iJJ1!!122252.Vu," 


T NS 

24 

11. 310 

55 


h3.57 19 0' 2 0 27 
7.5 30 6 3 2 31 Z 


3^6J9 
73 331 1 5? 
18flu59 


3OJ0] ta OZ 1 0] b.6)22 8 tiar. Sep . tor (JE JlOb. 


ZLB 4 6 12 9014.1 

j — — — — — May 

1 - 020e — 1.0 - Jan. 

- Q9.49 - 15 - Jan. 

3010 tl.7B 11 5.0 27.9 Apr. 
21 8 1266 11 5J 25 8 Dec. 
71 2 94 11 28 5C5 Mar. 

155 12.67 1.1 3 J 43 6 
3.4 086 17 0.3 1WJ 

16101047c LI 62153 
474 _ _ — — 

16101Q13.0 11)5.914.3 Pm 
4.1 2J9 1.0 7.6 196 P 

1610 355 1.1 11.3 12.3 


Sena Sugar 50n 5: 

Na. iS'ine Carby IOp 96 
July Steel Bros.—.... 190 
JuiuHTcrer Kerns. 2t». 51 
Ott Do 8ac Cnv. '81 £91 
Av U. City Merc. IOp 48 
Sept. Do.lGpeln.16p 48 


70 4 44J2 

•05 7H15J3 

22 49J3L0 

11 7TtJ - 

64 IP *6.65 . 

42!v 37 ii 3 4b I 

!1D 2JH 13.40 
78 26^272 . 

.80 53.1M 8.Q ! 
.70 30. 1W 8 0 

33 

St 674 E — 


23 15 5 132) A F r - 

f l)I A 

8 95 pg 
29 s.7 6 9 
69 7.0 31 
6.5 b 8 32 June 
— 03 - 


16 ID zQ3 0 24 31 24.5 
5010 *6 5 44 5.2 64 

1311 1315 2 7 9 3(48) 

189 Q39.MC t9.G - 
13.11 0 W 7.1 :.6 8.0 Aug. 
Z7.Z Q10 °e 30.6 (3 9 — Nm 


— ISupfimeCftro SMI. 
May NovJTaniong 15a _ . . 
SfbL MarJTwignh Hr^.SMl 
Apr. OalTronpd SMI 


24 1L1I2B1 1.317 4 

310 ;;0 QJDOc 0.5 20.8 

55 1.9 ilD (4UI 

210 24 7 OllDe 10123 

270 7 1 5JM 5.B 4.4 

10 1074 _ _ 

300 70.1D 1153b 0 9 7.6 

320 lit? 125 « 5 8 

73 re 7 *120 16 4 

9»j <67 _ _ _ 

64 41 mi: 5c 21 4 3 

620 10 ; 01T8 36 6 23.7 

370m J7.il Q175c 0.7 102 

44 4 7SQ0.b2c » 03 

60 H 10 6 60 13 lb 4 

220 lit Q120c » 124 
83 4 4 2.03 6 5 3 6 

62 30.7 4 1 9 20 10.1 

180 4 9 ‘0145c 0.6173 

280af ril 0190c 10 14 6 
235 2ft 6 m065c 5.3 6.6 

65 T7< ZQlOc _ 3 3 

100 24 7 6 60 0.B 9.8 

85 1212 DISCS 07 94 

200 220 iQBSt 1.6 t 


5 1 674 
96 1610 


COPPER 

Dec.] Messina R0.50 ....| 54 11212] -|-| — 

MISCELLANEOUS 

[Barvnun I 54 I — I —I — J — 


RUBBERS AND SISALS 


— Barvmin 

— Burma Mined 7'jp 
Aug. Feb Coru. Murch. 10c. 

November Northgaie CS1 

Jin. June R.T.Z — 

— Sabina Indj.CSl . 

— Tara Evnin. 51 

October Yukon Con:. CS1 . 


3 y tQ30c 
309 - 
3fl lOl 45 


JuIv Lndn & Holyrood 114 210 13.65 

Jan lion. & Lennon- 52vm 27U tfO-70 
OclIloo. 4 Liv. IOp 27 26b 0.60 


!mi0ffi2.73 73 
4? t! 67 o.C 
14 OM 273 
!U)0 12.23 26 
2711 1246 M 


TEXTILES 


mr- ms 


NEWSPAPERS, PUBLISHERS |fe 

O.V AugJAsuc. News — | 

Hi" NUyjAu.BmkP.20pJ 


Dec. ;JiM Scot. Heritable. 44 

Mar.. OU.ScoL4Un.liwi. 128 
Dec-Jofy SeanNidgB — 37 
A09. M*r. Sect* hay Cp.-. 118 

Aug. Mar. Do.’A*f*-V 116 

Aug. Mat. Secwini Sendees 226 


Aug. Mar. Do. 'A' H-V^ 123 
• fi-S ■ Apr. Oct ShamaWaro20p 123 
■ - Apr. ' Sept Slebe Gorman - 196 

June Silentnigf* IOp. 96 


• : : £f. 




I 

■p 

- EVA- 

• I# 




si-. 


Ore. June 
Jaa. .June 
Jan. jury 
Jtoy Jm 
S ec. JuJj 
Oct Maj 
June Dec, 
Ota. May 
Aug. Feb. 
5<«. Feb 
May Nov. 
-too. Aug. 
May. Dec 
Jiw Dec 
**• ^ 
tin.. Apr. 


Sirbe Gorman .. 196 
5ileriNghtl0p. 96 
Sa»uette*A-2D?. 46 
SffvTthomf 10p_ 22 
Sranon(SJ‘A'_ 302 
SfascMey—-. 129 m 
S mitMNepfUOp m-. 
Smiths tods. 50p 223p 
Sohc.Law20p. 34' 


2ifltWJ7j; 


2X 182.44 17 
Z1 £67 '. 4.0 
16 JD 16271 51 
1331 332 U 
155 tiL22 26 
111) 426 f 
2711 4649 29 
m W2.47 21 
2711 *09 3.4 

2U 73.92 1.0 


May Dec. BPM Hkfgs.'A' 
-yi Wr. Sept Benn Brothers- 

iJ Wy Ocl Black (A. &C.). 

' as Feb. Sept. Bi+«dI Post— 

ri, rn. May Coffins WllHam. 

i ■ OcL May Do. “A" - 

Feb. Aug. Daily Mall 'A' 5ft>. 

** Jan. Jury E. MhL Allied 'A' 

Apr. Ocl Gordon & Gotch 

Ocl May Home Counties. 

Oct. Feb. IndcpendcnttM. 

— Int. ThomsonB- 

— do. Conv 

Oct. Apr L'pod D. PbSt50p 

Nov. July Manhall CavJOp 

Nov. June News Int — — 

Nov. July Pearson Lemon. 

Feb. My Ponwi'th 4 Sund. 

Jan. July Pyramid IOp — 

Mar. Sew. Rout ledge &KP_ 

May * Ocl SmwW.ium)i. 

Nov. June Utd. Newnapen. 

Ocl Mar Wehsters Pub. 5p 

April Sept-] Wilton Bros. Wg, 


Aug. Aikint Bros 

July Seales (J.) 20p. 
Nov. Beckman l. IOp. 
1 D«. afackwoM Mori.. 

Sept. 0omJ5l. r ih.2P?. 
July Bright (John 1 .- 
— Brigrav Grp 5a . 

May BnL Enhaim.... 


Zl«+tJ6 59 3. 
126 +3.73 2 
13 111 1292 6. 
2^4.98 J. 
4 -m 0.63 - 


3-3 S'® Apt. Sepi. 3m. Mohair .Z 
ft2] 35 Feh. Ain 5 terror L'.rJi 2So 1 


‘eb. Auq. SdmerL'rJ) Xo 
an. July Cairo ( Dundee 1. 

-1* w *■» •■**• May Carpets Int.50d.. — — — — .. — 

H H Ii MV Nw. Carrigm Vi./ella 35> 2 13.? 1213 23 9.0 (5.71 

2 9 51 7.6 (Jctctwr Cawdaw Infl. 14 24 7 24fa L910J 72 

?■? 5 ?,Z| Dec June Coats ratoie .... 69 1311 +3.31 3.1 72 53 

VJI-^S-ZOCL Mcy Corah 37 J] « 1L83 3.9 7.6 4 6 

\\ ll | 2 Mar. 5epl. Courjuids 12-’al 27U +7.57 13 9.2 UL3' 

II if i 5 M*r. SepL Do 7 % Deb KV; £7;'.* 7 5 Q7% 202 elSJ - 

J! 5-?,SS July CrowtherU.)... -A 115 dO.66 — 2.9- 

“ 5. “4 Frt . SepL Dawson Istl ... . 96 H.7 hP7.0 25112 5 3 

Hi'Z 87 Feb. Seat. Do. -A’ 95 24 » hP?0 25112 5 3 

« (70 - Fep. Oct. Dlron (David'... 102 21 1 H5.33 4.7 8.0 4 4 

JJ 9£ 70 N0( . JulyEarfndiM lft 31 1610 2.01 22 9.7 74 

1-6136 71 JM . July Fester Uchr... 4wd 2711125 28 B.l 67 

if 5 ? Nov, HcggnsfJ.) IOp 1« It! *0.76 24 J O.b 10.5 

ft? 9.4 7.9 ^ Nov.HlcMngP'ii.Mp. 113 4.9 T7.24 Z.B 9.B («.2t 
ft? 69 j uIy HieldBrot.E-p.. 9l a 305 0.7b 2611.9 5.0 


23 4-77 0 63 - 

29 126 264 3i 

331; 1311 245 11 

felj 8-74 - ~ 

13 3-76 - - 

52'; 189 +276 3 7 
4&a 2?Ji +3.16 3.9 
21 b'75 - - 

61 1615 *167 2.4 


May 

6.71 64 J»* 
s| 3 4 

ii m . .. 


24112 55 
66 55 34 
1.7 9.9 9.8 
- 4J - 
3513.6 32 
1810.9 6.1 


H HR 


liq+233 

24 24 7 246 


1311+3.31 3.1 
:i« 11.83 3.1 


73 


fb. Ocl Lon. & Liv. IOp 2? 
pr. Oct Lon. & Lomond. 73J 
Hr. Nov. Loo. & Homme . 185 
bv. June Lon. & Prov — 112 
ec. July Lon. Prudential 77i 
ey Dec Lan.ASWvde- 43 
me Dee Lai.Tst-DW— 106 
me Dec Lowland inu._.. 56 
ipt Mar. NAG Dual he IOp. 204 
— Do. Cap. IOp - 112 

Jy Jaa. Di2d.Di«llcWp- 77 

— Do. Cap.4p 23J 

m. June Mh .6 Mrtrw. lm. 66 
ar. Sep- Meldrum Inv. _. 46 

w. Sep Mercantile 1nv_ 4ff 
ipu May Merchants Tst.. 71 
lb. July Monies Invest— 4V 
Mav Mom. Boston IOp 54 

- Do. Writs. Cl 291 

m. Sep. Moorgate inv 49 


27 26b 0.60 

73l 2 no 1244 
28S 30 JO 5.9 
112 210 +345 

77rf 27 Jl 12.89 
43 16J0 1.6 


12il H5.75 1 


_ _i i_ August Angip-lndones'n.. 

30 ti >, 5 a 7 2 a SepL Bertan Com. IOp 

1311 t2 44 1J 40 33 7 , — B'rd 1 Afrecal 

27.2 183 1.1 6.3 226 u BradmaiHfc ...... 

21 J 14 57 1.1 6.9 20.7 £3'- Nor. Castcf.f Id 10p_ 

_ j 74 — — — Nov. .Ame Chersonese IOp ... 

7Bt2Bl 10 10 6138 Miy Dec Cons. Plams 10p.. 
_ ■ _ _ l Z _ Jan. Aug Grand Centra! IOp.. 

32 I 25 dl52 5.2 7’ A Apr July Guthrie £1 

66td 27J1 K35 10 7S2lS 4 P rl1 Hamsoisllly.EtLlOp 

75 44 s051 2 7 10 543 «*>“- May Highlands MMc 

210 13.65 10 4.8 318 ^ r - No'. 

23U +h!70 1 B 4 8 317 j4 -i July ItKulim M50c.— 

U 33352 a^lPber Ldn. Sumatra IOp 

11 4 9 291 June Malakoff MSI — 

10 4 8 30 4 November bluer River IOp _. 
10 4 6 329 Ma + Noy.PmUucnHlif9s.10p_ 
10 5 6 269 - 9l9htw.se IOp .... 

12 5 6 233 MattJi Sungei Knan IOp. 


2*7 2.79 4.7 4.5 Lend 

IBS 3.5S 1 7 5.2 curn 

7'6< — — — avail 

25 41.73 10 45 
1511 3 35 6 2i;£ 

210 4hl4 12 4.4 ££ 
210 CM U 7 7 jm 

1212 d0.6 03 7.8 w 


325 12d 15.23 1 

101 18.«04.0 1 

108 5 4j 025c II 
69 21 *012>jC 1J 
46 13l9flll.Sc 01 
185 26NM60 1 

62s! 27 JH M115c 3.' 
60 21 1 40.48 3.' 

65 21ffl«221 21 


‘ GOLDS EX-$ PREMIUM 

4.7 4.5 Lenden guBUiliont fer letectedSouin AlncangoidrmnuigtlMrK mU 5. 

I 7 5.2 currency rvclLding !Hr investment ddlar premium. Thne prices are 

— — available only to non-UK residents. 

1® 5-5 Frb. Aug BuHelsRl SI1 aiJQlllk 1M179 

ft 73 Aug. Frft East Due Rl ... . S65c 26 o 1Q78t 1.7 10 4 

f-f 25 Aug. Feb. East Rand Prp.pj 370c JBt : 

* * * 1 June Dei. F S. Geduld 50c .. S17 7 , 30.1D Q315c « 20 4 

03 7.8 June Oet Free. Brand 50c .. S10U 3010 QlSOt 4 16 1 

1.6 7 0 Mav Nov. St. Helena R I SHMg 210 QiUOc « 21 6 

13 6.1 Aug. Feb StffiontelnSOc-.. 400c 2b ft ttJZZc 23 63 

12 50 Aug. Fet>. Vaal Reefs 50c ... S17t; 710115c 33 76 

15 3.4 Feb. Aug. West Dne Rl S23S 266 0385c 1 7 15.5 

08 S3 Jmw De: West Hldps. 50c .. S21l, 2 5 0415c * 227 

II 4 9 Feb. Aug. Western Deep R2 S10>a 7 a|QB2Sc 2.4) 92 

3.9 55 

3.9 1.2 
20 5.1 


SU 76 Ql'Oc 1 8)17 9 
S65c 26 b 1373c 1.7 10 4 

370c rat : 

S17 , | 30.10 0315c * 20 4 
S10 <« 3010 0150c 4 161 
SI 0*a 210 Qi<nc • 21 6 
400c 266 t02Zc 23 63 
S17U 710115c 33 76 
S29S 266 0335c 1 7 15.5 


NOTES 


TEAS 

India and Bangladesh 


2.7 a.? rcb ; 

Feb. 

9.0 7.0 
136 71 

5.0 6 5 *£; 

M Z-2 aS. 


■A 114 tJ0.66 - 2.4 - •* 

96 2*.7 HP7.0 25 113 5 3 

46 :*» HP70 25112 5 3 >“« 

102 21 E H5.33 4.7 8.0 4 4 >*■ 

31 1610 2.01 22 9.7 74 an - 

4wd 2711125 28 B.l 67i ur< 

143 It! 40.76 243 O.b 10.5 ! or ' 
113 *.! t7.21 2.1 9.B (4.21 ^ 


^ Sptiv*yP,B.— yt7. -. 7J 6837 
SsmiG-KH* 94. 16JI 1218 
Spear'CJ.WJ — 370M 2711 +190 
Staffs. Potts— ,£M- .18.5 6336 
Dd.«V%Qw4jC, OK 155 . 3.0 
StagFuntfture- 145. 16J0 +4.87 

Steetley 1 176- 1U +6.61 

Stetu iugf. KK51 33 97S Q54c 

Stertdgta*^ 29 264 129 

Stocktake.-—. 68d 27J1 287 
Stonehill Ritte- 1)5 126 W> 

Sumner tf.) IOp .33. 2JI hO.72 
SufigMStn-lOp 3Sj 210 +116 
Sutcliffe Speak. 56 266 t2.66 

SwAst MaotiKSO. OOU .105 010% 
Swire Pacific 60-' 21b 95 tQ36c 

Syltone— 348 -211*15.7 


PAPER, PRINTING 
ADVERTISING 


Mar. Sept Syltone — 

January Tatoe*5p— 
-- Tebbrtt 10p..__ 
M». Auc Ttrernst Synd— 
JML Juft Th. Times Vis. 5p. 

June • Jan. Thfrd Mile Inv. . 


ciflcfcOc 116 95i036c 1* 

— — -348 ZLS d5.7 3.7 

p. 141; 13.11 055 33 

Dp..— - 7i; 574 — — 

Synd— 100 107 *67 23 

!Vb.5p. 9vd 27 U td0.42 3i 


No*. Ma 
Jwt Aug 

June 

June Feb 
MiJilSJD. . 
Now, Ma: 


Feb. 'July 
July Jan. 
Feb. Sepi. 
Feb_ Aug. 
Dec. May 
Feb. Aug: 
Dec. May 
Dec. May 
Jan. June 
Jan. SepL 
JaUrd) 

Jan. July 
Jaa... .Jldr 
July Jaa. 
Ml Aug. 
Jofy Dec: 
Jut. May 
'Nov. May 
May Notr. 

Apr. Oct.: 
Feb. Aug. 
July Dec. 
Mar. . SepL 


TOUogT.20p_. 129 
Tooth! II R.W 43 

Toyr - 70 

Tratalgar H . 20p . 123 
TraoLUn. USS1- iZU 
Transport Dev. . 697; 


155 100 
16JC 1439 
Dk — 
155 UL28 
Wi 15.24 


5.0 87 9m. 

93 &■ 
13J 6u7 

66 W-7 to- 
63 44 *»* 
9LC 88 

83 66 S; 
45 82 ««r. 
73 66 to. 
5.8 128 _ 
33 243 
5.7 66 *2- 

67 62 

HH* 


'July Tramranf Gp. 5p 9 
Jan. Tinner 4 Nen.U. 176 
Sepi. Turner Cur. 5p 8 

Aug. UKO Inti. - 152 

May Uaicorn IMhtSCL. IOO 
Aug Uniflex IOp 73 


69+1 184 +3-24 
«U 176 — 
176 161041167 
8 3 J 4031 

152 126 9693 

IOO 17.4 1536 


July Assoc. Riper — ' 5V» 
July DO.VfKCm.. £202 
Jane Aults MM?.. 49 

May Bemrnse 75 

Jan. Bril. Printing- 
. July Brunmna Grp— 63a 
July Do.Restrlc.Vtg 53 
June Bunri Pufp — i. 89. 
JuiwC»pseafs5p_i- 38 

— Cannon (Sir JJ 26 
Aug Chapman 8ti-50p. V B5 

. Uay Clay ( Richard}- 9] 
74o». Culteit D'soolOp. 74 

— Cutter Guard — . 21 

— . Delyn 20p— — 20 

July DBG — 119 

Apr. East Lanes. Ppr u 
N«. EucaMKis-^. 56a 

. Not, Ferry Pk*10p. 96 
June Groa Gross IOp. 45 
May Harrisoa A Stas- 60 
Sepi. loveresk Grp: 50p fill, 
June L.6P. PoilerSto 205 
. Feb. McCortwodWea 257 


M5 1293 4.4 B 
126 ogyt 243 19. 
2Lt tlta 24 7. 
210 13.B9 2.0 7. 
210 13.5 3.0 U. 

271] d3.86 3.3 9. 
126 03.86 33 11. 
1610 14.95 3.8 8. 
1610 193 3.1 7. 

1271 10 4 6 

124 3.98 15 7. 

4! tti 257 35 4 
1610 1332 44 6. 
2b6 102 33 7. 


ftl £3 69 ' Jul y Hieid Bros. Sp .. 9i 2 305 0.76 

2a anino Jan - Aug Hisharm 55 1T.6 t3.D6 

c'i a c^S'2 Mar - 0tl floltasGn»5p.- 67 7 8 45b 21 

51 H Z'5 4jg. Feb. Hcmfrav 41 305 d3.17 8' 

33 6.4 6 6 Qrt. M , r iiitoHDr-ji M 20f 31 21 B 11.50 5J 

li H 2? M' r - Do. 'A' 20p... 30 21 8 tl50 5.1 

3.9| 53 6.7 j aBi Aug. Ingram in. 1 10b- 35 31 mljl 3.1 

1. No*. May Jerome (ffldgsJ - 50 161GM282 3.1 

- Jan. July Leeds Dve-s 65 305 dl.69 « 

2 NMember Leigh Mills 22 2 30 tfl 29 21 

" — Leve» 5p IV* 1"74 - - 

Apr. Dec. Lister 43 I?l?dlO 7.1 

Jan. Arty Lyles f S.l 20p - 65a 27.llJ4.99 li 

4.4f 8.5 5.6 May Drc. Mcdsay Hugh— 46 2)0 C3J5 

14 Jj 19.7 — Ppr. Oct Maccmwa Srotf .47+; 30.2 167 

241 7.4 S.7 jai, July Martin f A.) 20p S4 15 5 t3.76 

2.0) 7.7 9 9 Nov. June Miller (F.) IDp 45 1610 HI 62 

3.olll.2 13.9i SepL Apr. Montlort 73 164 1354 


2J 9.7 74 ar - 
28) B.l 6 7 i une 


30 5 0.76 ZMll.a 5.0 
12.M +3.06 3.W 84 5.9 


10L2 65 Ef 
1U 337r^f; r ' 
7.4 3.0 


pr. Sep Mercantile Inv- 48U 21.6 127 

spl May Merchants Tst.. 71 )A! l2 9 

tb. July Monks Invest— 48>« 126 162 

Mav Moot. Boston IOp 54 3.4 0.89 

- Do. Writs. Cl 29J; - — 

, „ r J". Sep. Moorgate inv -. 99 24.7 3.88 
75 1 Aug Mar. MwrSide Trust. 97l 2 71 J K82 

‘■larch Neglt£A.SUSl. 885 375 011c 

pr.JivOa. New Throg. Inc 20i> 21 J 156 

- Do. Cap. El— 141 - — 

— Do. New Wrrts, . 28«; — — 

lug. Dec. 1928 Invest — 711; 13)1 Ut2.96 
ar Dec. Nth. Atlantic Sec. 90 UD 3)17 

me Dec. Ntin. American 97 »»j i 27)1 (13. 05 
«. July Northern Secs- 119 13)1350 
in. Aug Oil A Assoc, lm- 551; 24 7 +213 

me NOT Outwich Inv 57 30.10 tl.SS 

or. Aug Pentfand Inv— 127 226 4.11 

k. Aug Preg So bw.SOp MM 21)1 +2.84 

ar. Sept. Pnwtodai Cities- 28 7i 150 

ug. frb. Raeburn 119 266 +3 76 

rt. SepL Reahrook fnv— 36 2)0 124 

pr. Ocl Rights & 1st. Cap. 29 3.4 0.12 


— — December Assam DobarcEl. 253 

~ Mam Assam Frontier £1.. 260 

5 i "•? September Assam Imis. £1 . 92 

Mar. SepL Empire Plaints IOp - 241, 

Si 55 S — La*TM Plants £1. 335 

5 J2J-3 November McLeod Russel £1.. 220 

25 49.7 May Nw. Mnrantl 330 

— ~ Jan. June SingioHIdgs. IOp 26 

***■ July Warren Plants 136 

Ob mi St f ltmbeT WillmimorEl— 154 

iL 4 117 Sri Lanka 


1 49.65 f 5.9) 


1610 1G35 
ia^7.ix 


2. • unlesi otherwise indicated, prices and net dividends are In peiKt 
and denonanatiam art 25*. Estimated onra/earoino* ratios and 
cover* are based an latest amuar repart* and accounts and. vrfiare 
passible, are updated an haM-yeariy figures. P/El are calculated on 
the basis of net distribution: bracketed figures indicate 10 per 
cent, pr more difference if calculated on -nil" distribution. Covers 
c - are based on “maximum'' distribution. Yields are baud on iriddla 
c'i aricts. are pru*>> adjusted te ACT of 33 per cent, and allow for 
.? Y value of declared distributlam and rlghls. Securities wita 
^ denaminztians other than iterftng are Runted inclusive of she 


»»a WJM ♦J.01 l.dl2.2 ETdbr OT^i.' 


4/ b!5 

|.2.f2 ;?■§ 2-6 °Z i Sterling dmuminaietf securilles which include inveslmeul doftar 

11610 15.Q 12 6.8 premium 

28)1 +F175 33 10 e a “Tau" Siocir. 

26 6 H7.44 4 9 96 • High* am) Lows marked thus have bren adjusted to altaw for rights 
269|l25 42jl21 huei for cash. 

r incerim since increased pr resumed. 
t Interim since rrouced. passed Or deferred. 


_ Aug. Dec. 

S3 May Dei 

53 !T* % 

44 Dec. Jui 


ic bee. w ljjj. >JUf 
'nan 97tM ZU1 H3.05 
5«S_ 111 13)1350 
c. Inv 551; 24.7 +213 


57 30)0 tl.55 
127 226 4.12 

.6Dd 27)1 +2.84 
28 7J 150 
119 26b 13 76 


MarjRh*r& Mere...! 172 


yi no SepL Mar. River Plate Def. _ . . 

Li fl tor. No*. RobecofBrJFKO. £55\ 16)0 Q255K 

84 eg ¥■ Not. Do. S ub5h's FIS. 555 16)0 025.0% 

? - RoBncaNVFISO. £43t^ UT75 s- 

8 7(6*6) - Do. Sett Sb's R5 428rc 1075 s- 

Mir. Romney Trust— 87 24 7 2^9 

Not. Rosedimopd Inc 56*2 2.10 1424 
- Do. Cap 76 - - 


6 2 24.0 
5.1 27.9 
4.7 315 May 

4 4 28.6 Fen. 

5 8 23 8 
4 1 31 5 
52 275 
7)1395 
8.0 6 
4.7 2B j 
52 217 

— — Aug. 
72194 Aug 

6.6 215 Aug. 
5.7170 

5.7 16.9 


SepLlIffitoan 1 225 | 13J|5.5B J 2J| 3.7 » f^ots^SSIm." mmn ' 

AFrira tr umisten -.ecimiy. 

mf'lto 1 * p... .1 I.m. .1 ainvniiflv 


No».|5fanfyre £1 J 

On Rua Estates 


MINES 

CENTRAL RAND 


— Duriwn Deep RI .. 
FA. East Rand Prp. Rl. 
Feb. Sandfonfn Est. 82 . 
Fen. Wea Rato Rl 


283 6751 — 

262 29 fa — 

£277, 26 i 0450c 
951; 266Q1712C 


EASTERN RAND 


3.0 112 13.9) SepL Apr NWort 73 184 1354 12 

3.3 9) 51 July Pet Notts. Man(g.„ 138 1610 1329 5) 

35112 4 2 Mar. SepL tiova Jvre> 20p.. 58 218 1.5 0.6 

3.8 83 4.8 Jan. June Parktoncf ‘A*. -. 75 12 e 1tf3.23 7.1 

3.1 7.6 63 Jan. Ju.-y Pickles ■ W.' 6 Cb. 17 lb 10 M.7 21 

* 60 ♦ Aug. Dec. Do. A'NI'IOp. 9 1(00 +0.7 22 


2661 t2.6 

27.U|a74 


^ Unilever B4d 271} 112 b9 2.5 

UnVN.V.IT.12. £241, 185 Q«22% 24 
Utd. Camera IOp 93 1331 +2)7 55 
United Gas lntfi„ 65- 71 3.68 2 2 

U. Guarantee 5o- OT, 13)0)8 133 
Jufy UmctrQPie J21? 25J do A3 3.4 
55i 27)1 1237 41 

jaa. VineralOp 241; MU ±0-96 02 

tog VMbnGfp.20p 147 24.7 tfclLM 9.4 

SS-WWlbwlOp, 4Jef 27)1 335 0-8 

May Wade Potts. IOp. . 34M 27)3 112 • 


■i Jan. June seen bran ji*. 45 » 

52 to. May HarriPM ft Sons- 60 30 

fl" Apr. Sept. Iwerert Grp: 50p fill, 2 

IBS to. June LAP. Poster 5Qi i 5 16 

* July . Feb. McContuodWea 257 l 
f 4 SepL Melody Mills-. 98 2 

4q May Nw. MiluAAUefl50p 232 
rim- My Dec. More O'Ferr: Up 82 30. 

FJ.SJJ. Dgllvy AM.«. OS3* 13 

Lj Sept, Apr. Olives Paper 20p, j 

si Jan. June OxJey Prirt Grp' fi5t%d 27 
13 Apr. SeoL SaatcM 10p__ 140 2> 

Sf Mar. July Smitn I DvM) 20p. 80 11 

7, Jan. July Snuirfi! (Jetfsi.) , 188 16 
117 Jan.. July Transparent PpTu ,-6® 2 
jL Feb. Aug Tritlaiil GrottoJ- JOO 2 

Z| tan. Juty Usher Water W«. 43 13. 

ft* “ ‘■■‘-'Waee Group 20p. 63 * 

NaodingionUJ- .200 


119 ZM 17)1 
68 TB 1335 
.56* 27.11 14.25 
96 210 2Bb 

45 SIJO K3.05 
60 30)0 4.26 
611; 24.7 14.93 


3.8 83 4.B Jan. 
3.1 7.6 63 Jan. 
♦ 60 6 Aug. 

IS 7 0 13.8 Apr. 
35 4 2104 Mar. 
44 6.7 52 May 
33 72 63 Aug. 
— - 73 7 Mar. 
38 EL* 94 juiy 


JumRadiev Fashions J 53nl [2711)4 31 


6)0 1985 2.1 
126H4.46 2.( 
211 3.24 4.1 
4.( 5.0 62 


| dh 3.071 3.0 5., 


'42104 Mar. . Oct Reliance dim 20p 

6.7 52 May Nw. Richa-tlL 10a 

72 63 Aug. Dot. Rivington Reed. 
- 73 7 Mar. 0« S.E.E.7. 20t)-.. 
84 94 juiy Dec Scott Robertson 
7 4 7 2 SepL Jan. Setters lm IOp. 

1 S3 Feb. AugSwCirpealOp. 

4.4 9.4 j U ne Dec Shiloh Spinners 

30.3 73 Mar. Sect. Sidlaw lnds.50p_ 

10.6(58* jan. Wav Sirdar 

120 (4.41 j u iy Dec. Small tTidmas 

1 72 77 Apr. Aug Sn.V«asaLlOT 
1 8.4 53 Apr- Aug Da. Priv. Li 200. 

4.9 7J Feb. Ocl Spencer t Geo.). 

3.2 63 Apr. Nov. Stoddard 'A' — 
5.6 9£ Jan. July Stroud Riley Dr'd 

2210.9 — Sunbeam Wolsey. 


53J; 218 H355 
22 15.5 1.15 

£5 116 W4.49 

64 218 1.64 

44d 2731 12.78 
34=1 27.11 tl53 
71 10.7 255 

33 1311 1.66 

34 126 6.12 

74a 1610 hdZl 


216 1228 28 83 U.D Jan. Mav Tern^omulJte. 

27 U 1252 6.7 5.7 28 Mar. Sepi TesL'rdJrsy.lOp. 

24 7 1h3.14 41 3.4 1U Frbruarv Tomkinsons--.. 

IB 7 P4.75 4 4 8.4 6.8 FeO. JafyTcda! 

1610 17.45 26 5.B 9 8 — TorayYSO 

26.6 t5.il 15113 9.1 April Oct Traffenl CarpetA . 

266] 4334 Ll| 5JW288 Lan. Jirty Tncwille 10p- 


> Potts. IOp. 34 
tr Hmr.5u- lif 
lrtord5p_ SS 
ham's. . 3XZ 
n RXKW. 109 


. sBoardlOp. 

Nn. gnock.6llH.K5l 39 
Oct VAatmanR Angel. 260 
Apr . WMteCblM&B.. 104 

Aug WtHtecroft X08- 

Jufy Wbdeiey B3.4W1 30 

May Wi Ikes UJ 

June WHbioi MHdieil- 42 
Oft Wrtk'sn M'tcb51 179 
Oec 1 • Oo..IOpc Cnv.. £87i 
Feb. WKliams tJ.)— . . 52 
N«. Wills (George) . 57 

Dec. Wrisdrt KWfflt Mto - 43 
June Winn Inds. 2Qo- 4p 
Oct. Wiser iTfwmju', 50 
N«. Wood &Scos50- ' « 


Dial 27. 

70 2 

39 V, 


V 21 L12 4 

(7)1 d0,9 - 

[6) 1 101.75 Z] 

213 4.03 4.4 

24Jtd2® 35 

[7) 1 H.80 35 
24.7 43.76 23 
17)sQ145c 21 
21DM452 83 

26.6 d4.47 29 

10.7 H7.4B 20 

6*77 - •; - 

12! 13JI L! 

31 m055 - 


. MayjWatmouahs I 
— |wyatti«r*m.)5pl 


24 7tti3 .14 4.1 
ID 7 P4.75 4.4 
1610 t7.<5 26 
266 1551 15 
266 4334 12 
13.11 1332 33 
2.11 161.58 51 
10.7 1)31 li 
21D 3.91 3.4 
220 IU - 


8.9 6.8 FeO. JahTTc-otal 

5.B 9 8 — TorayYSO 

133 9.1 April Oct Traffenl Carpets. 
5 j 0 288 jan. July Tricoville IOp— 

7.9 5 9 Mar. Sept Vlta-Tmt 20p.... 
3.7 7.6 Mar. Oct Ycru FinjW.2fti- 

8.6 115 Ocu MtryjYoughcl 

5.7 7.9 

®J — TAD 


45 4 tZ.03 3.6 

741 a 177 — - 

n vi — - 

35 18 « 125 18 
30 49 dL33 2J 

30 10.7 152 5) 

<2 - 03.75 27 

75*- 13)1 M3.6 5.0 
38 7.G LOl 42 

65 121) 4.19 4 

<5 17)1 12 76 2J 
62i; 20)2 Q10% LO 
26 215 1.69 ft® 

7S«d 2711 235 55 

57 215 3.S5 22 

<0 26) GLB5 02 

32 19.9) 12D8 — 


*107 is 5 ftp- to. RottachMlASfci. 209a( 27.11 f7)l 
3 S J 6 2 tec. June Safeguard I to > 74», 13)1 4.0 

' )£L April Sl Andrew Tat. U6 2U (4.57 

S S ■ ■ bify Mar. Scm.ApUih.50p 85>2 26) t2.64 

7 2 2 2 Mar. Dec. Scot Cities 'A' . 164x2 27.11 874 

s i 7 0 tor. Oct Seal EasL lnv_ 137 M.7 1457 

45 S Tec. July Scot. European. 40 JO 30 152 

* £ , 7 hilr Jan. ScottMi Inv 1 B»j 12 6 3D 

11L7 hme Oc. Scot. MnrL & Til 112 3010 1335 
i A 2 Iune Dec. Scot. National _ 1431,13.11 3 9 

31 * «4V Dec Scol N orthern. 103»a 18*341 

ii Ii lulu Dec Scot. Ontario-. 67 1311 H2.17 

» ? 4 »4. Mar. Scot. UU. Inv... 77l z 2L8thL62 

t i Jj toe Aug. Scot. Western .. 94 126 t223 

- ScoLWestn-'B'^ 91l 2 - — 

04,4m bar. Dd Sec. Alliance Tit. 283 4 ( 630 

1, VilM. S(pl Sec. Great Nthn. . 831, 1111 2.01 

S'ZJi - DO.-B" 801, 189 - 

fiftS Jec. June Securities T. Sc 181 30.10 H6 85 
0, June Select tat I w. JUS5 - 420 226 Q2Sc 

oZjtor. SepL Shires inv. 50p. 133 21( 859 

A 7 MR November Slzewetl IOp __ 82 210 1.8 

z Ua 3ft. June Sphere lm, 112 111] +335 

Z — Dec. Jute SPLIT Inc. IOp 149 1311 +9J3 

r, _ SPLIT Cap 70p- 551 J - - 

K Rfl Ian. Aug. Stanhope Gen... 115 247 311 

76 §R Aug Ap'. Sterling Tst 17D 266 1538 

R( ,, June Jan. Stockholders Iny. Wj 3115 235 

7 3 AR September Technology 99 24.7 2 64 

4 a pa Mar. Oct Temple Bar 97U 181 It4.82 


+711 L3 51231 yV) 
4.0 1.8 ad 18.8 

(4.57 1.0 5.9)27 4 )± 
12.64 LO 4.6)33 0 ^ . 

■/« * fl?. Aim. 


Feb.[Gro«vlei3Dc 


10.7 1457 1) 5.0 32) 
JO 30 152 Ll 5.7 235 
126 3D * 45 « 

38)0 t3J5 LO 45 34.6 
13.11 3 4 11 4 1 33.1 

189 3 41 10 5.0 30 J 

13)1 H2.17 20 4.8 313 
2L8 thL62 10| 31 483 
126 t223 0. 


Us, Leslie 65c 

Feb Marievalc R0.25 
S. African Ld. 35c. 
Feb. YiaHontfin90c_ 
Nw Wmkelhaalc Rl„ 
WiL Nigel 25c 


FAR WEST RAND 


98 43 3.8 . 

25 9.4(4 9) *“• 
22 6.7 85 
13 5.4 a. 4 
13 7516.0 ^ 
1510.! 96 ■ 

53 42 6.7 *“. r ; 


801, 389 - 

81 30.10 H6 85 

20 226 025c 

33 218 859 

82 210 1.8 


31 483 FeS - 

3 i«*reb. 

5 1 32.8 ^3- 
3.6 412 c „ h ' 


l.W 99(14.9 
1 1 33)42.0 


11 U +335 1.W 4d31.«|^- 
1311 +9J3 ( lM10.ljl7.6 Sw- 


10.7 7.1 

65 8D 


V lApnl Nw.rTivDg Growth- 

l»LL-._LEat£- 


18 573 “!"- f 

9.7 1271 ^ 

a t 5 a Mar. I 

88 7.4 - 

7.7 — Feb - r 


Aug Throqpwrton 

Nov. Do.fc,%Lc=« 
Oct Tor. Invest. Inc. 1 

tr Do. Cap. 

May Trans. Oceanic- 
Tribune invest- 

Apr. TiptevesLIncJOp 


tp.n._| S8 
orton . ... | 78 2 

X Loan J 018 16 


15 247 3 11 1.5 4.0 25.0 

L70 26i 1538 LO 4.7 305 

W, 305 235 6 3.E 0 

99 24.7 264 10 4 0 575 

971; 111 rri.82 1J 7.4 191 

26 2)0 2D 1)115120 


tb. Aug Blyvoor 25 

tb. Aug. Birffe); 

— Deelk ratal R0-20- 

tb. Aug. Doorafpntein Rl . 

ug. Fen. East Dne Rl 

— Elandtrand Gld. 20c 

rb. Aug Eiuurg Rl 

■b. Aug HartebeeM Rl 

Aug Kloof GoW Rl 

tb. Aug Litunon Rl 

February Scuttwaat 50c 

tc. Feb. Stilfuritein 50c -.. 

W. Feb. Vaal Reefs 50c.... 

■S. Aug VerteriFOSt Rl.... 

>D. Aug W. Drie Rl 

tb. Aug Western Areas Rl _ 

id. Aug. Weuero Deep R2 

is. Aug. Z antipan Rl 


i Price at time of suspension. 

)74|£50.76| A I J 9 tnaicaied divtieto aher pending scrip and or rrghts Usur: coyer 

210( 113.2 ( 2.^ t relates to previous dividenot or forecasts. 

♦ Merger bid or recrganlsaiiMi in progreu. 
r N01 comparable. 

4> Same mtenm. reduced final and 'or reduced earning; indicated, 
i Forecast dividend; cover on earnings undated by latest imerim 
MQ statement. 

J LOvrr allots lor ron version of shares nol now rankirvg (or divide to* 

4751 1 qr ranking only for restricted dividend 

jjJ I Z — ft C ov e r does not atlov tor snares wriicnmjY also rank tor diwfend at 

Pi 3 MWr I a in: a future dale. No P;C raim rsua'iy pronoed. 

7k Mm 71^- X i f ■ V Excluding a liiul dividend declaration. 
cuiUl/syci V lln + KeJIK14 | priCf _ 

II No par value. 

jn a Tar free, b Figures based on prospectus or nher rffidal 

estimate, e Cents, d Dividend rate paid or tuvabJf on Din ol 
IE.* 044c L^)40.8 cuical: cover based on draMeod on full capital, e Redemption yield. 
7£)+Q20c L2 49.B f Flat yield, e Assumed dividend and yield, h Assumed dnrwtend and 
— r 050c — 102 neld after strip issue. J Payment from capital sources, k Kenya. 

266) 038c 6 28 0 m interim higher than previous total, a Rights issue pending. 

28L9) Q55c 15 23.2 d Eamings based on prvinwnary figure* ft Dividend and yield eeclude 
IS 9) £}22c 22 tfl 5 a ywciai pa/nenl. 1 indicated dividend, cover relates ip previous 

26 h 070c <ft 57 3 dividend. P E ratio based on latest annual eamings. u Forecast 

ft'iH — aividen# cover based on BrevHuis year's eamings. * Tar free up to 

3)J 025c 0.4 55 6 30o m the £. w Yield a llowt for cunwiiy clause, r DivaJend and view 

13 1) Q129c L3 13 2 l uiFJ 0,1 merger terms. : Dividend and yield include a spruai payment r 

874) _ _ -1 Cover does odt apply ta special uymvnl. A Nei dividend and yield. B 

^ Pie'erence dividenc passed or deferred C Canadum E Issue price. F 

, . , 0 iiidnnc and yield based on prospectus or other official eslimaies for 

\|\||J Wd- BO. G Assumed dividend ton vield after oendlng scrip and, or - 

njfiansue. H Dfndenjandnewpaiedonprotpeciuf orotherafficial 
*«•) (ibrC | a.Mld.b i-nmulrs lor 147S.70 K Figurrs based On prospectus Or other 


MI; 

229 

044c 

24 

76 

1020c 

294 

— 

rOSDc 

90 

266 

038c 

252 

1&9 

05 5c 

44 

IS 

Q21c 

88 

266 

070c 

54 

ft-76 

— 

44JJ 

3) 

025c 

584 

19! 

Q129c 

301; 

8T4 

— 


272 2661 Q63C 1.6(14.6 .. 

778 266 Q2 90c 4 32.6 o'hnaf estimates for 1978. M Dividend and yield based cm prospectus 

B7 114 — — — gr 01 he 1 official eslimaies far 197 0 H Dividend and yield based on 

233 Zfa6 Q50c 23 13.6 prospectus or outer official estimates for 147g p Figures based on 

612 26.6 1Q7BC L7J BJ prospectus or other Btlitui estimates for 14?B-7g ft Gross. T Figures 

209 _ — _ assumed Z Dividend total ro dare f+ Yield used on assumption 

7b 26 6 01 3c LIH1C& Treasury Bill Rate siays unchanged until maturity ol stock. 

ill*, »6 Q250c 16131 

460 2b b QCOc 2.6 54 ABbieviatmir id r» dfviornd. w e« scrip issue; ir e> nghis; Hex all; d! 

414 263 0100c 2 0 15 1 r» upuai tfiUneution. 

414 3) 021c 10 JO 

eOj. “i E& J IS *• Recent Issues “ anti “ Rights " Page 25 

142 26 6 025c 2 7110 

l20>« 2ft 6 Q365: 17 2 2 0 Th(« 5 en(« is avaitabfe to every Company dealt in on Stock 

7M *78 II 9 ' Exchanges throughout the Uniteif Kingdom tor a fee of £400 

205 2iStftLfc ♦ iii per annum for each security 


O.r.S. 


16)0 057 - 0.1 

133 5.08 U 41 
24.7 hl32 13 2' 
16)1 +4.46 LQ19. 1 


TOBACCOS 


— [Do. Capital £1 1 142 -I — , | — | - 


PROPERTY 


£8?d 27 It Q1(W 
52 155 275 

57 iilfl lL57 
43 2)C 323 

47»a 21MT2 84 
50 7t 3-19 
43 - 30 1C Ml. 67 
37 »4 091 

.88 13)1 5.40 


■o r JyUirty Dec. AlTd London lfci. . 63M 27)1] 206 
f«T7nP«> SepL AHnatt London. 228 DLL U437 

2! 671 " toaiganiatedSiom ■ 11 - — 

A? vaUor. Oct Ape*. PriH*. Wp. 84 3JU0 (il31 

igj aj Kir. Ocl Aftub. Secs. 5p. 21*2 21J 0.69 
9*P* Ayentie CIV 20g 78 266 1.65 

7r sa^SfpL Mar. BeaumortPro»j • 92 7.S M3 87 

« ”U». Aar Bearer iC.HJWp S7rf 2711 « 5 

[SJ JniOet. June Beltway Hklgs.. TOjj 27)1 2.91 2 1 

! rf}i „ Juiy Dec. Berkeley Kactteo lAki 27)1 0X7 1.; 

41 X ; Mo*. July Bitten (Percy!- 176 2M 16 27 L- 

Si gaDec. .-Ats-BrArtortProp,- 263- IJl] +6.91 4i 
112 5) ■ British Land 4JU 374 - - 

ii 2) Apr. OttObI&£" 2002. U65 W 012^ - 

2 5 j? • Jufy No* Britt um Estate- U8 21B T134 1' 

,'2'i 7 iya*. July Cap. & Courakrt 65d 27.11 H2.ll 1 ! 

sy e!' 1 *"- Sepi. Carrtigw* W 4( d228 U 

mIim. - E !!' 1 

*» - - - 


A, P“-1 -8- hiys l r £ ? j' - 

— Chaddestay 49 - - 

. • ■ _ 'An. . 'JM. Chesterfield 358d 2711 006 

INSURANCE Dec. June ChurchbryEa- .315 126 14.66 

IIWUFW+rtUU -Apr. Sefi. City Offices 70 7J tL92 

um junalBowring (C. T.) | ‘314 | llfl 12.99 \ 531 3.9T 73 Jaa. July Clariie Nichajl^. 68 17.4 0.99 
Sr uCd BtLltoi 42 IOtI 4130 34f 4.3 9.7 August Cdntroi Secs. IOp M ti U 21 O W 


1.4 23 453 
IX 4.9 26) 

IX 3 2 410 
13 -63 203 
♦ 110 9 

2 B 5 5134 
1.2 33 S4.4 
L4 53 19.7 to- 
4 8 33 7.9 jJJ; 

"1 (T« - SJ 

17 24 JLf 
12 4.B3L7 f£- 
IX 35 363 l wc ' 


SepL BAT Inds. 295 7 1 113.21 133 

Oo.Defd 257 7J — — , 

June DteMriAJ 10p- 38M 27.U 9.85 5.7 

Mar. Imperial 86 181 5.75 1.8 

Sept Rotbnum 12<rf - 60>; 71 12 07 9.4 

July StetnstenHiLiOp 52 3DiO( 1X83 2.9| 


TRUSTS, FINANCE, LAND 
Investment Trusts 


30.M T345 

Aug. Trustees Coro— 139 24.7 4.05 

Ocl Tyneskle In* 2®9 7.1 3.91 

dug. Uof. BriL Secs- 127 24.7 446_ 

Nov. Did. Capitate 19 276 t0.95 

Aug.USOeb.CiM_ 90 266+357 

July U5. & General fa_ 179 27.71 +603 


June Aberdeen ln«s. . 57 

June Aberdeen Trust 136 

Sept. Ansa fnv 113 

July Alliance Inv...... 107 

May Alliance Trust ... 214 
July Aftifuto Inc. 50p . 118 
July Do Capital SOp 193 
Juiy Ambrow Iny. Inc. 591 
Do. Cap.-.-.. 79 
May American Trust 42! 

• American Tjr.'B" 41 
Mar. Anglo Am. Secs . 99 


73)1 12 39 
!3 11 555 
31 8 4 86 


NW. Jot 
Feb. Ju 

"fcfi 

Not. Mi 


July Brentnall Bd-lOp « M.7 +U0 

Vst BritawneSp 164 211 932 

3*K«dS.si -.y jft 

May Comm. U mm.- 151 2.M +7.77 

JoJ< Eagle Star.! 14U 27.11 1622 

Ed* 6Cftt.l»)0p M - - 

Dec EnnaUK9+C£m_ £121 13)1 Q9% 

jaa 

juiy Gen. Accident-. 219 1311 +822 

M» G.ftE — _ 232 1111 11032 

D«. HRinbro Ufp. _ 482- 1610 1MJ 


Apr. Com EtiJaagf IOp- 243 
OeLC'rtryNewUOp. 35 


May American Trust 42?e 
■ Amencart Tst.'B' 41 
Mar. Anglo Am. Secs . 99 
Apr. Anglo- int Div— 42 
Do. Asset Sfts. 153 
Dec Anglo- Scot. lm._ 44 
Feb. Archimedes Inc... 79 
Do.Cap.50p.. 36 


07 4 9 +3.05 1 8 4.3 34.4 

!14 49 7 21 1.0 5.0291 

38 HID 18.43 10107 13.7 
;93 IfaJO 10.4 J — 03 — 
591; 13 ii 14.S7 12 llj 1L1 

«n\ 7.9 1L37 u Taafi 


81165 June USTrestFimdSl 730 126 010c 

jufy Wring Resources. 84 155 L12 

D March W CsLlToailfci 73 172 0.76 

June DecWemysilnv.il 2834 2712 125_ 

Aug, Mar. tAfinterbottonr— 207 10,7 +4.67 

.Feb. July Wion Inv 90» 2 395 +233 

. - D0.-B" 86 305 007 

62123.6 Apr. Sept Yeoman inv. 179 7 B 7 7Q 10 

4 July Dec. Yorks. & Lancs. 30l,n] 2711 155 2.0 

64 226 Dec. June YoungCo'sliwJJ. 86 13)1 1371 1.0 


4.45 | LO 8.7 17 J Seot. Feb Free Stale De». 50e 
Q8>2« 20.8 f7.3 — Jun- Dec. F.S.Geduld 50c ... 
L2 102 120 — F.S. Saaipiaas Rl 

— O.B — May Oil Harmony 50c 

1.1 45 322 — Loraine Rl — 

1 3 29 38 7 fun. Dec Pres. Brand 50c _ 

Ll 10.7 14) Jun. Dec. Pres. Steyn 50c .- 

— — - May Nov. St. Helena Rl 

1) 4.9 29J — Unisel 

Ll 52 264 Inn. Drc WeU-om50c 

1) 5.4 25 8 Jun. Dec W.HgidmssSOc-. 
LO 52 28b 

LO 75 21.0 FIN/ 

LO 6 0 24 7 rinsA 

Ll S0 26.7 Aei’. SepL Ang Am. Coal 5Dc.. 
-07 - Jan. June Anglo timer 10c 
32 20 631 Va-. Aug. Ang. Am Gold Rl 

15 1 6 66 6 Fkt,. Aug Ang- Vaal 50c 

ft. 6.6 ♦ Jjn Juiy Charier Cws. . 

10 3 4 43 9 Ma, Dec Cons Gold Fietdi 


85 21 012c 

£22% 30)0 0325c 
61 9 75 - 

280 2)0 tQ55c 

591; 9'75 - 
761 30 10 Q150e 

628 38)0 080c 

717 230 Q190c 

188 - - 
230 3010 565c 
05 JO IO Q415c 


012c 20 84 REGIONAL MARKETS 

032 Se 4 14 9 railowf nq n a selection o( London oudUtiom of shares previeutiy 
*n7t. Vn -iTv l|,|ed ,n regional markets. Prices of Irish issues, most of which are 
TfibX Z.B lL, not offaciatty listed in London, are as quoted on the Irish exchange. 


FINANCE 


90» 2 39^+233 1 0 3 91 37 4 


Sept Ang Am. Coal 50c.. 
Jure Anglo Amer 10c 
Aug. Ang. Am Gold Rl 

Aug Ang- Vaal 50c 

Juiy Charter Cons. . 

Dec Cons Gold Fields 
May East Rand Con. IOp 
May Gen timing R2 ... 


Finance, Land, etc. 


1 "iii.^vj 

1 7 tt) ftPL ' *** AfiOOim to_ 

Si nl “ Do. Asset Sfts. 

i'i fof fJn» to. Anglo- Scot. In*.. 

,, a, jAuC. Feb. Archimedes Inc... 
USV - Do.Cap.50p.. 

rr ® "'Dee. June Argo Inv. tiAl'l 130 


UU LB 

26d523 


— _ Feb. July AfcftqtiSmitiiers. 2B2*1 ril 16.75 9 12 4 

13 4.8 28 5 — Armour TR.]ft).. U 177* — — - 

— — _ Jan. Aw tottCnlylnv.20o. 55 1T75 — — - 

1-1 4 6 3WJ — Bntanaia Arrow. 151; 4)5 — — — 

LO uj 127 Oct Mar. Challenge CrjLSL 119 M.?0-U«c 2 2 54 

— _ Mar. Aug ChartOThfluseGB. 66 26-6 *341 14 7.7 


6 « 22 8 Mar. Sep, Gold F*ip., SA J5c . 
? 5(192 Fea. Oct. Jo'burg Cons. R2 . 
6 4)24 3 Aug. Feb Middle Wit 25c ... 

— Mincorp 12*^1 .. 

Mar. Oct. Minorca 5BD1.40 

Mar. Sept Np»Wii5Gc 

— Pat mo MV FIs 3... 

17 4 6 November Rand Lonoon 15c. 
tj Jan. July Selection Trust ,.. 

7 0 6uc- Feb. Senirusi 10c 

__ _ May Ocl. Sihrermrnes 2i;p.. 
1. .iDfi- July Tanks Con. 5Qp.... 
7 712i Jan. July Do Pref.fiOp .. . . 


550 220) QUc 34)65 

304 2fc* I0362r 2ft 7.2 
£14), 26 ft tdlbSc 11 6 8 
725 107 0115c 3 3 9 5 

13 ldl 2711 34 i 34 4.6 
177 1ft 10 9.19 2 8 7 8 

16) ? 25 1.07 13 96 

H6l 2 16 9 tfl225c 21 81 
£111; 4 4Q135C 1! 7.0 

£13 >4 16*Q170c 36 7 7 
145 26 b 025c 15103 

67 - 15 8.4 34 

147«d 27 51 Ql2c 1.5 4 1 
92 21 6 016c 13112 

£12), 12 75 OC50e * 24 

38 1610 tide 3.015 7 
438n) 2711 18 95 1 9 6.5 
173 ?6fa tQ3(k 15 107 
35 lb 10 $2 54 L7 1 
168 1ft 10 Q10.0 .12 6.0 
92 12 ft 09*. 163 7.S 


UOe * 11 8 Ahumy tnp. 20p._.. 26 

80C i 7'fa ®sr Scmung . - _ 67a 

190c 14 14 0 Bertarr. - 15 

_ 15 * Boq'wir. Est. 50 d.. 323 

ACr a van CIovot C roft.. .. 28 

St, 2 se e Craig & Rose £1._ 615 

ft 165 pvsnn (R. A ) A .. . 35 

£ffit £ Me HOT . . 64 

Euered 23 

Fite Forge . .. 52 

60c 341 6 4 Finlay PI'S 5p 21 

362c ll f : 6ntgSito£l If 

llbfc 11 6 8 252 H 

lit, ii at MCll I JOIJ ».7P . . 2M 

« ii i! 1 0.M Stm £1 192 

Jj ;■! men GoWtrnHh 70ri 

19 28 71 Ptarcr fC HJ. 198 

Or 13 96 Peel Mills .. 21 

22Sc 21 81 


Sheffield Bnrt 55 

SheH. RHrshmt 67al -.... 

SitoaU (Wtn) 1)7 


64 

23 -2 

52 ... 

21 

140 

74al ... 
252 

192 *5 
TOrt . ., 
198 +8 

21 


Com. 9S '8882- £90 

Alliance Gas 96 

AmotL . .. 352 

Can>lf(Pj.>. . 97 

CfondaMn 98 

Concrete Ptwh.__ 130 
Meiton tHldgs.]-.. 41 

Ins Corp 160 

Irish Ropes 105 

Jacoo 52 

T.M G 195 

Umdare 80 


96 -5 

352 

97 *2 

98 


41 -l 
160 


OPTIONS 

3-month Call Rates 


1.8 l.e filUfl SwiemW' Common MkUp. £13i; 2S.7 <H15 1.0 32 * Cuc Sffl ! 

- "fefclTv 


- 7.7 - Fefirtary C'ntr&KfUOD. 1 20 W 0.88 

- 66 - Mar. ' ScpLOKjMtHIdp). 106. 217 3.04 

— SepL Feb. Owes Estates to- M>; 16 1 lOJ 


Mli G.ftE 232 nntus - 6 

D«. Hambro Life. — 402- 163® tW3 — 1. 

55 H«ta<C.€.l 20 o MM M 14.90. -5.4 3. 

Mar HeoAoMaoti. 322 24.1 6818 5) 5. 

135 M.j«l Z1 l 

Jowlagai-AGm.^J. 151 2)( 15^ — S.; 

May Lon. A Man. 5p 336 163J tfiJW — 7-\ 

Apr. in •' i! f-3 

Matthew Wr. 200 1W UO t9|3 21 h 

Jorl Ulnet HWot. 20p. 185 3fllt +3.38 43 *~ 
Aug, Hwo iCts+J it.® *59' 389j 13.62 1.4* l- 


- — SepL Feb. Dares Estates IOp. W 2 18! 10J1 

7.5 - June Dec. DenHigton IQp. 63 30X1 13)4 

5.4 - Jan. May Eng. Prop. SO*. Xfr 13 M 231 

55 — May Sept DotepcCmr- £75 18! WA 

6.6 — April Oct J3o.l2pcCw.. .£« 28! QlH 

75 — Jufy Ests.&Agenfcf. 60 M.7 0.46 

3.0 85 Not. Jw* Ests. 4Cen.20p. ,20' 16)0 HD2 

5.1 95 Apr. Nw. Ens. Prop, if**- 1)0 J6X 2.36 

7.! 7.4 Jaa. Aug. Evans Leeds.-.. «M 27.11 42.32 

5.5 — Apr. • Dec. F»ritt>»l$tt.lOp 136 . 3-4 631 

7.2 - Ju»y Flame lUtf-Mp- 20 Si Ll 

32 10.7 - Gitotelfc™. __7* U'73j 

7.6 85 Feb. SeptGL?0rtl»«l50p. 

27 U.4 Jaa. Apr, Green (R.) IDp. 

931L2 _ GreeoeeatSp.- 


?■? ~ A 'Aug. Mar. Ashdown 1 1» 124 

i-i+f?. January Atlama-Bati. IDp 54 
r,^, U| November Atlantic Assets . 104 
■ Dec. June Allas Elect 62ij 

1L3- a-*.. h.Ai k. Im iVhi Bit. 


„ J - Dec- Jure Atlas Elect 

Oaoher Ausi.6lm.t50pJ 
Nov. July Bankers' Inv..— 

Decemper Berry Trust 

JT- — Bisfcopsgarp Prep 


fa l w - 1 DiHWpf 

H.4inNov. June BtihopwaieTa 178 1551d634 

( “liH May De:.fl5r»r£3n«> IDp. 61 13)2 170 
sn?uS BuMFtMCra. 510*4 67iQ».9J 

ii ms. -tan. Jub Brani Inv. CrSl 5122 15)2 055.21 

^ Vfc - Bremar Ts: 25rt 27 II 1L5I 

B0 Jan. Aoj. Bridgewater.—. 71; 41 — 

Tn n 7 *(“■• Sepi. Brit. Am - . L Gen 41 21 8 11.67 

f2 An Jy 0 Jan British Assets — " 73 !3)1 2 4 

-193.“^ Nfl^br,LEnp.&c.5p. 1)I 2 30)^ 0.7 


24 107 14.10 12 

54 2811 0 75 Lfi 

04 2131 041 12 

62l 2 1610 L93 U 

9Sl 2 18.4 3.0 Ll 

57 7610 255 L6 

73 13)1 1.06 U 

Si 2 51 M - - 


3 10 0129i> 11 5.7179 - ttWlWeBU. 21 

107 14.10 12 4.9 263 Augufl “JV '"fi- UJ? ■ 

tU 0 75 Lfi 2143.7 finobw S4 

7)10.41 12 0.6 aii to. Jufy EraWne Hftise- 38 

1) 4J 30 4 Ocl July E* UtoSWo- 14 

Ll 48 28) October E*pi(» , WJtilCo.5e 24 


Jan. Traai Cons ULR1- Uffijri 21 11 QllOe 3.3 
iept. L/C. invest «... 190 78 H330c 1.2 
Nn. Union Corm.bZSe. 246 189 t038e 1.6 
MiqVogels 2T»c 58 2]jjtQ7(^ IJ 


611 - - 
rn dlOO 6.1 
4.! 11.92 21 
21 E 1 2 3i 


DIAMOND AND PLATINUM 


industrials 

te 4 Brew 

i a P Cenvm . 
10 ‘ BSR 
. J Bahto-ik 
6 0 Barclay- Sant 
7-E Bercr^m . 

63 Boots - 

9.4 Bmalera 

92 BAT. 

7,7 6nii*h0mn. . 

Brown UJ 


« C I 

6-; “Inos" 

Jrf I C L . 

9 Invereti-.. .. 
11 KCfl 
25 Ladbrwie 
35 Legal & Gen. 


15 La* Service 7 

16 (JoytttGanV. .... 22 

24 "Lois". .... 4 
6 London Bncft 5 


20 Tube Invest 30 

6 Unilever 35 

20 Utd Drapery — 7 i 2 

* VfcVen.. 15 

3 ? Woohmnhs 5 

134 Propert, 


BnL Lanl Jl 4 

Can Counties 4< 2 

E P - 5 

intmirouean 4 


9218 (to. JulyFasMniiAGe^Sgl J20iti Z7.1U1501 


iGitaatelQp — 7# U'73 - - - - 

BLPprttafKlSOp. 226 10.71*2.95 

Green (R. HOP- 37 162S <rL49 
GreeocHt 5p— SI; 1275) — 


7 W169 J™' 
3.324.4 “V 
2318 9 j,." 
7)Ja a, 
m sb 


25s) £7 II 1L51 
7); 41 
41 218 11.67 

73 13)1 2 « 
UI 2 30JU 0.7 


21 0 11.67 1) 6) 234 
13)1( 2 4 12 4. 9^27 J 


2.2 509 — Titacoy invest— 

„ Feb. Aug. ManfiroTrust.- 
5 4 277 — HamptpiiTM.5o.. 

42 354 June HawPar.S.SL 

9J i Oct. Mar. Ii*. finr. TsUfts £2 

43 fl i - Invest mem Co. . 

^SSSSb: 

4.9 27J - 

9)143 Septembfi 1 Kwabu 10g—„ 


24i - - 

4.! 04 .0 2 

- dL06 2' 
2UsQlO0c 2- 
-tO 5 - 

- (05 - 

18.! 152 19.1 

18.9 184 * 


11.9 34 Xov- May Antf>Afn.lnv.50c.. 
3.L 7 7 Wzy Nav. De Seers Dt.Sc.. 
6.2191 JW- Aufl- Do.40pcP(.R5. 
_ — — iropata Plat. 20 c- 

10.1 p Nw- May Lyflenta*g 12IJC- 
_ _ not. May Rus. PUL 10c 


l\ J:J a H CENTRAL 

23 52 70 NOT May Faton Rb.50c ..... 

— 2 6161 May Rhttt’nCorp. lfiitp 

— 16161 - Roan Cons K4 

9.0 2 7 3.9 Nw. May Wankie Col. RM 
♦ 33.1 ♦ — Zam.Cpr.SBD024_ 


CENTRAL AFRICAN 


£36U 18! Q600c 1.1 9.9 m, 

362 169ltffi25c 33 8.7 D-Mjlters 

950 26ft 0200c 1936 12.6 Duot» . . . 
182sf 27)1 018.4c 3.2 fi.O EM* Star .. . 
66 1610 Q6.8c 0 63 E M i . 

96 16)0 08c 27 5.0 to 

Ge^ Elrctni.. . 

AFRICAN | 

M3 I 1891 060c [ A (254 G^.ar ' 

13 17 (j 057 7.1 65 Gr N | 
72 !iT4 — ( _ I — I 


BriOThlJI OU Lams 3 I ^ivi <teri. 1* 

Burton 'A - 12 Lucar. (nth 2S 62 

Cadurys 5 LromW) 10 ESTL,' ¥ 

Courutltfr — 10 "Mam;." 7 r« nurtPiwT*"" O i 

DrlwrK-ms -. B Mris iS<Wr - 1ft 7. 

n.iitiiur tg Mii0.3f.rtB.ml M lown&uijf— . Jf«l 


M3 1891 060c 
13 174 557 

72 H78 - 
29 1610 Q9c 
11J 2 1174 - 


33 8.7 Distillers 15 MittowJBank.-.. 25 1**. 

>936 126 Dut*» ■ ■ 7 N E.I.. 12 oa* 

3.2 fi.O EaoiiSta/ .. . 11 Nat. West Ba* .22 “ * 
a fij £H!l. ... - 14 Do Warranfs. , 10 Bnl Petroleum.. 45 

27 5 0 G*r*i Ac ;idf m 1” P 6 0 Dfd. . . . „. 8 Buroub 0*1 - 5 

Ge" Elrctn;.. . 18 Pinter 8 Chanerhail . 3 

Giro j 40 R H M . .5 Shell 28 

Grand Me! 9 fLeJi ftg £• ii tHframar 20 I 

GuS-4. _ 2C Rees ininl .. 12 ... 

« 254 GiLrt.iu- 18. roller. . 3 Ww * 

7.1 6.5 j f n 22 T evtJ 4 Charter Cons. 12 

_ _ H.iek-r ?uW 20 Tfioro 22 Ctr- 5 Gold lfl 

1.9 226 HouteofFraigr.. « Trust Houses 15 RmT. Zmc 16 






PROPERTY 

MANAGEMENT 





BERNARD THORPE 


-nr-.-n 1 


1 


Monday December ]11 1978 


LONDON. SWJ TEL : 0 1 -334 6330 


ISt 


K- 


Premier set to quell 
challenge from Left 


Singer unions 
seek £2m aid 


BY PHILIP RAWSTORNE 


MR. JAMES CALLAGHAN is 
confidently preparing this week 
to quell a three-pronged chal- 
lenge to his authority from 
Labour’s left-wing. 

The Government’s pay sanctions 
.policy will be the first ‘target 
threatened by Tribune Group 
rebels in the Commons debate 
on Wednesday. 

In the next nine days, the 
Prime Minister also faces a 
determined bid by Left-wing 
leaders to shape the Labour 
Parly’s next General Election 
manifesto. 

This move, led by Mr. Anthony 
Wedgwood Berm, Energy Secre- 
tary. will he backed by efforts 
to free Mm — and any other 
Ministers on the .party’s National 
Executive — from tbe restraints 
imposed by the Cabinet's collec- 
tive responsibility. 

With tbe Conservatives now 
making political capital out of 
the Left’s disruptive activity. Mr. 
Callaghan is expected vigorously 
to reassert his control. 

His position has been rein- 
forced by tbe enthusiastic party 
support for his line at the Brus- 
sels summit; and be is said to be 
ready for a head-on clash with 
Mr. Benn, if necessary. 

Under wraps 

Anticipating the outcome, Lord 
Thorneycroft, Conservative Party 
chairman, said yesterday: “Mr. 
Callaghan will win. not because 
the kind of state proposed by 
Mr. Benn is contrary to his wisbes 
or remote from his intentions, 
but because he judges he will 
get more votes by keeping these 
matters mainly under wraps 
until be bra had the chance cf 
winning tbe election.” 

Mr. Francis Pym, Tory spokes- 
man on foreign affairs, conceded 
yesterday that the Prime Minister 
was also likely to win tbe Com- 
mons vote on pay sanctions. 


to save i 


Mr. Callaghan has left no 
doubt that the issue is to be 
treated as one of confidence in 
the Government 

Ministers intend, however, to 
tabic a general motion of support 
for the Government’s anti- 
inSation policy — and though the 
Tory amendment opposing sanc- 
tions may still attract Liheral 
and Nationalist votes, it is un- 
likely to lure any Labour rebels 
into the same anti-Government 
lobby. 

Tbe Left’s energies are now 
expected to be concentrated 
behind Mr. Benn's attempts to 
press the National Executive’s 
draft manifesto on the Prime 
Minister, and the Cabinet. 

Labour's home policy commit- 
tee. of which Mr. Benn is chair- 
man, resumes its discussion of 
the bulky document tomorrow. 

The 62-page draft contains 
almost every policy decision 
made by tbe NEC and tbe party 
conference over the past few 
years and so far ignored by tbe 
Cabinet 

It includes a huge extension of 
public ownership with Govern- 
ment stakes in major industries 
such as construction and phar- 
maceuticals in addition to a State 
Bank and a reformed Bank of 
England. 

The document calls for powers 
to secure planning agreements 
with tbe country’s 100 largest 
companies; to freeze prices; and 
to direct investment into indus- 
try from pension and other 
funds. 

It urges strict controls over 
imports threatening areas of 
manufacturing industry. re- 
straints on multi-national com- 
panies. and in the long-term tbe 
public acquisition of agricultural 
land. 

Tbe draft calls for tbe creation 
of 15m new jobs; and increased 


expenditure on pensions, unem- 
ployment benefits and tbe Health 
Service. 

A wealth tax is proposed on all 
personal capital of more than 
£150.000 and a cl amp down on ex- 
pense allowances and “tax 
dodges for the rich.” 

Tbe document also adopts a 
hostile attitude towards Britain's 
continued membership of the 
EEC. 



BY RAY PERM AN, SCOTTISH CORRESPONDENT 






Diluted 


A full meeting of the National 
Executive will consider the final 
draft on December 20— otriy an 
hour or two before putting the 
document before a joint meeting 
with the Cabinet. 

Mr. Callaghan and iris senior 
Min isters intend to mount 
immediate resistance to the bulk 
of the proposals. They will insist 
that many are diluted end 
others left out completely. 

Mr. Dennis Skinner, one of the 
Left-wing members of the NEC, 
admitted yesterday that the 
Prime Mamster’s will would pre- 
vail. “I have fought in every 
electron of the past 20 years, 
either as a candidate or an aide, 
on a watered-down document,” 
he said. f ‘I do not* expect that 
the next one will be absolutely 
to my liking. 

The Left had to fight for its 
measures if it wanted any 
included in the manifesto, be 
said. 

Mr. Callaghan, however, in- 
tends to crack down firmly on 
Mr. Benn’s attempts to continue 
that fight from within the NEC 
while remaining a member of 
tbe CabineL 

The Energy Secretary is 
expected to he sharply reminded 
again next week that if he is not 
prepared to accept Cabinet policy 
decisions, he will have to resign. 


UNIONS are to approach the 
Government early this week to 
ask for about £2m:to save 500 
of the 2.S00 jobs threatened at 
i Singer UK’s manufacturing plant 
at Clydebank. 

At talks over the weekend the 
company agreed to go beyond its 
previous offer to retain the jobs 
of 335 people making industrial 
sewing machines by adding a 
further 165 jobs to this figure. 

Senior American executives of 
Singer also said they would 
increase the company’s invest- 
ment at Clydebank from £8m to 
between £9m and £10m, provided 
improvement® in productivity 
were guaranteed by the work- 
force and the Government sup- 
plied che remaining capital 
needed. 

Mr. Gavin Laird, Scottish 
executive member of the Amal- 
gamated Union of Engineering 
Workers, said yesterday that be 
would be asking the Scottish 
Economic Planning Department 
to meet the company as soon as 
possible to consider an applica- 
tion tor assistance under the 1972 
Industry Act 

Singer estimated that between 
£2m and £4m could be needed 
from the Government to help 
pay for new buildings and equip- 
ment. and subsidise machines 
made at Clydebank for a tem- 
porary period so that they eould 
match the price of competing 
models, particularly from Taiwan. 

But Mr. Laird said unions had 
estimated that the amount needed 


could be lower, perhaps £L75m. 
“ That . is a relatively small 
amount of money for this num- 
ber of .jobs. 

“We have changed the com- 
pany’s plan to discontinue the 
manufacture of industrial kew- 
ing machines at Clydebank by a, 
businesslike approach. Not only 
have we saved 500 jobs, but we 
have provided a springboard, 
from which future expansion can! 
take place." 1 

Mr. Laird added that the com- 
pany had accepted the basic 
premise of the £50,000 report 
prepared by PA Management 
Consultants — which shop stew- 
ards commissioned — that there 
was still a market for industrial 
machines made at Clydebank. 

“ We had consultants negotiat- 
ing alongside us and challenging 
the management’s figures and 
they did this without extra 
charge. This was for me a unique 
experience and a pleasant one.” 

A document outlining the 
agreement’ and tbe necessity for 
improvements in productivity, 
more labour flexibility and a 
new wages structure, is now 
being prepared by anions for 
distribution to the workforce. It 
will be discussed at factory 
meetings. . 

Mr. Ken Baker, national officer 
of the General and Municipal 
Workers’ Union, said: “ Provided 
the labour force accepts the con- 
ditions specified by the manage- 
ment, we can look forward to a 
viable factory with a viable 
product’’ 


Lord Armstrong to head 


Household insurance 
rates to go up 


The pension funds have their 
beads in the -sand. They have 
developed in recent years into 
a major economic force, and are 
currently growing at over £3bn 
a year. Yet many of them 
persist in behaving <as though 
their affairs were of interest to 
no-one but themselves — a 
fallacy exposed last week when 
the TUC- repeated its demand’ 
for the partial direction of their 
funds. 

Their disclosure obligations 
are tnirrimai, and ore all 
directed at the beneficiary 
rather than the general public. 
Members of occupational pen- 
sion schemes have legal rights 
to information about their pen- 
sion benefits. But most — and 
sometimes all — of what they 
get is supplied on a once-for-all 
basis when they join the 
scheme. It is rare for members 
to be given toe kind of detailed 
and regular information about a 
fund’s investment which would- 
make it possible to monitor' toe 
behaviour of fond managers. ’ 

Even where performance can 
be measured — and is found 
wanting — there is not mnch 
anyone can do about it. The' 
only formal redress for finan- 
cial maladministration js 
through the Chancery Division 
of the High Court; which is ex-i 
pensive, time-consuming — and 
seldom used. 


that- all the -ijmds set ind_* evidence ^ Tn ^ 

peadently and in. competition mtfefc suggesteq-^th^^co^.-- 

with each other, and that a flood sidetatum niight be - 

of new information about toe-iffea-of a node of best i-fana?. - : 

investment • m portfoHos 

something like 85,000 ’occupa. 

S&ftSrjSS 

sensation-*eelcing jouroalfcB, , 

Information tap ■- ‘ ; " -;was; a tbuc5 of ircmy^ahiwt i ] 

■ ® -of- self-regulation pn£. . 

But there are serious . gjatnjQiy controls- - '■ 

comings in. ^the/ present^ post- S0inei)0fi else. " All the same,. ft . 
tion. Apart from anything eise.;^. hate fe; . fault . Stock:; ' 

no one can be: sure^ what the-, argument: - -thaCr V 

numbers actually -add - up to so Af ^iKclasnre Mx. 


degree*-! of -disclosure rtfi. 


Private — keep out 


BY ERIC SHORT 


Budget reform committee 


BY DAVID FREUD 


TWO MORE leading insurance 
companies are to increase their 
rates for household contents 
policies da the New Year to meet 
rapidly rising costs and a third 
has warned that it intends to do 


AN INFLUENTIAL independent Financial Statement mid Budget next two years is seen by several 
»•’ committee on budgetary reform Report, should be presented members of the Expenditure and 
r is launched today by the instead in a single document Public Acconnts committees as 
L Institute of Fiscal Studies. covering both the short and the the first step to a wider reform. 
<; It will consider wbat changes medium term. In their book, Mr. Ward and 

;;*? are required to permit state Members of the committee Yrof. Neild argue that toe 
rj expenditure and revenue to be include the two authors, as well Si 

considered at the same time, as Mr. Samuel Brittan, *1!: 

i rather than on the present piece- economics editor of toe Finan- thf 

£ meal basis. Ha* ’ita K Mr Ntopi T. aW s«n Netherlands and toe U.S.. should 


meal basis. rial Times. Mr. Nigel Lawson £ a n ^ 

The committee Is chaired by and Mr. John Pardoe. economic {^Ucy in any ^foSL 8 

Lord Armstrong, chairman of spokesman for toe Conservative F m.,, Rav th _. iT1 * v Mr c 


L«ora Armstrong, caainuan oi spuAcsiujui uie v,uuacvvdu>c - rp. th . = recent V ear«L 

the Midland Bank and former and Liberal parties respectively, Slance in toe budget S 
head of toe Civil Service. and Mr. John Garrett, a Labour Sme back into u<£ as a itode to 

The inquiry is toe institute’s member of toe general subjoin- JjSj-y but the^actual 

response to a book published mittee of the Commons Expendi- bu(teet balance defined as toe 
today, which rails for “a com- tore Committee nSbufaJdto torSSSfiSuK 

plete and impartial review of The launching of toe mratn^Sedfo?^^ DurmSe 
toe whole budgetary system, committee comes as pressure is vesto ce i t i^oflueK 

including toe economic frame- increasing in Parliament for b v S25L 1 “eronoitoi artivi^ 
system reform and amplification of 

and panbamentory procedure.” ***gW™™ and expenditure schedules. 

The book, “ The Measurement tbaMbe nrient A constant employment frame- 

and Reform of Budgetary Jg ^d SprSe^ible to aU work would enable expenditure 
Policy,” is written by Mr. Terry TlmSl mSirito of and taxation estimates to be 
Ward, an economist at Cam- Bpe ciaJists ; and Treasury ^oght together ’and planned 
bridge Umversity. and Profes- employees. The complication over a medium-term horizon. 

5or Robert Neild. Professor of makes monitoring of public The Measurement and Reform 
Economics at Cambridge. expenditure by backbenchers an of Budgetary Policy by Mr. Terry 

They argue that budgetary uphill task, and discourages Ward and Professor Robert 
policy, now issued in successive public debate. Neild, Heinemann Educational 

fragments in tbe Public The amalgamation of the cash for die Institute of Fiscal 
Expenditure White Paper, toe limits system with the tradi- Studies, 118 pages, paperback, 
Supply Estimates and the ttonal spring Estimates over the £4j50. 


Phoenix Assurance is putting 
up dts rate for standard 
indemnity cover. . which . has 
remained unchanged for 50 
years, tin a step which follows 
the trend set earlier this year by 
other major composite insurers 
such as Guardian Royal 
Exchange, Sun Alliance, and 
General Accident Eagle Star 
Insurance is to make it com- 
pulsory for ail policyholders 
having contents insurance to 
index-link their contracts. 
Both changes will operate from 
January 1. 

The third company. Legal and 
General, has stated that rates are 
to go up in the New Year but it 
has not decided on toe size of 
the increase. 

Phoenix's standard rate for in- 
demnity cover is being raised 
from 25 p per cent to 30p per 
cent, while its new-for-oid poti- 
iries rise from 30p per cent to 
35p per cent Under indemnity 
cover only, the value, with an 
; allowance for depreciation, is 
paid, but under new-for-old the 
full replacement cost of an item 
is paid. 


Suffering 


Skill shortages plan 
to be launched 


Breweries 


BY JOHN ELLIOTT. INDUSTRIAL EDITOR 


may swap 
more pubs 


In Central London, the highest 
rated area in the country, Phoe- 
nix will be charging 75p per cent 
for indemnity cover and SOp per 
cent for full replacement cover. 
Unlike some small insurers, 
which have ceased to write new 
business in these areas, Phoenix 


is to continue to accept busi- 
ness in Central London, even 
though it is making severe losses 
there. 

Like all other insurers, the 
company is suffering from sub- 
stantial losses on its British 
householder account because of 
three main factors— rising theft 
rates, under-insurance and 
policyholders becoming more 
claim-conscions. 

To combat underinsurance 
Phoenix undertook a campaign 
two years ago to get policy- 
holders to insure for the correct 
value of toe items covered. It 
persuaded 90 per cent of its 
policyholders to increase sums 
insured and to link the cover to 
various indices so that uprating 
was automatic. 

Starting next month Phoenix 
intends to impose an “average” 
clause on any contents policy 
which is not index-linked. This 
means that if, when a claim 
occurs, the policyholder is 
grossly under-insured, then tbe 
amount paid on that claim will 
be scaled down pro-rata to the 
actual amount of insurance 
cover. 

This will affect nearly 200,000 
policyholders and is expected to 
end Josses on the householder 
account lor all areas outside 
Loudon, hut further premium 
rate increases could occur for 
householders in toe London area. 

Eagle Star will not only make 
it compulsory for contents in- 
surance to be index-linked but 
policyholders will also have their 
cover increased to bring it into 
ljne with present costs. 

This move is aimed at making 
the sums insured more realistic. 
But there is no intention to in- 
crease basic premium rates. 


Meanwhile the general public 
is not seen to have any i nt er est 
in the performance of toe fnndty. 
either by toe National Associa- 
tion of Pension Funds or by the 
Government Its White .Paper 
on occupational pension 
schemes, deemed to be too con- 
tentious for the present session 
of Parliament, restricted itself 
to the role of members in the 
schemes. \ 

Tbe funds argue that it is not 
compulsory to set up a scheme 
in the first place, and that the 
arrangement is a private affair 
between employer and em- 
ployee. So it would be illogical 
to impose external controls on 
public disclosure. They ‘ say 


long as there is no jeenia^ especially " neqtasaxy ■*’ -wh«£V 
register of, ^-atoi^rea have-tib choice 
schemes- The Cen^Sto^hcal- „ ffl in m their funds - are '. 
Office has said toattMs is*ece^ ..Aid-it %>uid5ih^:;: 

sa^to improve toe- qxmW^of ££? for ^ sfriibnal Assbd^ 
information required - for the:!? of tension Funds to. give -:, 
national accounts. : Qi coarse ^ & && grin. • T,.” 
toe pension funds are indepen- : _ *. . * . v .If.. ■’ 

dent; but their investment deci- Appropriate . impn iifflni. • 
sions in aggregate are of crucial ivould -Jnclndc 
imp or tance and public • interest the portfolio -into equities, .pro*' 
n* • v ■ ■ ■ perty; gats, overseas: .ftofast;. 

A more fundamental «ur :xtfhew;, Vr- 

for- to^^kdisclosjre • 

- is..the discipline that.* wouM 

impose on individual funds: statemept 'shewmg where n«w j 
simply, people are tag money came from ^and where ift; 
inclined to cut corners if they was hivest^; andrtnH details iff, 
know toat each Year .^W;^-.tr«teaidi 0 h.lnvoW^ 
going to be “ isM lartieir.' ®s- Is 

independent, publt^y, ayailahle.^ , sinalLfractioii ot what ^is dr&fo ; 
import ... - required under; toe TSniptoytse ;. 

. TJe fitpds answer *^o this 'Retirement ^ Tncome .-.fiecmily 
: tends to be that their business In- r rs : ^ ■ 

has so far been remarkably free • . j : . 
from scandals. But then they ri^ 
have been operating in Z TUC ambltums ,f 

especially favourable environ- However bo «uch initiatiye is 

meat, and the fact that they planned hy-toe NAPF»- whito ; 
have generally been able to is happy wito the guiddiims 
-meet their obligations in the' pnbli^iedJiythe dBI orr.disCw- 
past does not mean that this .will ihre: These' are concerned otrfy 
always be the case. The rapid with the henefidaries. "To their 
expansion of schemes and credit-: a riuntoSr of 'its hneizB- 
benefits in recent years has bars are ' already-.' dtnng.- a Jfet 
provided a burgeoning cash flow -better fi^: thiR-TSome> of -the ■ 
to cover the’ most abject Invest- more' shining examples come- 
ment bowlers. As schemes get * from-the natibhalisetf 'ind'Mtiar . 
dose to maturity,; this will sector, who "nmy be rBorfc awa£6 
change. Pension funds; nt tin- than mast : tif jhe 'probability 
easily under toe umbrella ; ot thatJT th&.penstoa fto5ds=do;not ; 
trust law — whidi was ’not make', thfein&fres -hmre ac«S)lnit 
designed -with them in aiind-rr.ahle on their ow ti vplition, ^jpnie- 
and there is no. reason to a®mne ane el^j ’is goiiig to' do rt fob' 
that their "managers are wiser iheia. ^e-.TOC;. 
or more vfituous than , anyone that accountability: 4 tiattbP 
else in toe financial community, of having ti tnrion fiand'on' thje 

The Stock Exchange, in" its rfetoiTy' toe tiings. 1 ;■ ■ 


I 


AN EXPERIMENTAL scheme 
aimed at trying to stem the grow- 
ing shortages of skilled workers 
in five key areas of industry is 
to be launched soon by tbe Man- 
power Services Commission wito 
the full backing of the Govern- 
ment 

It comes as toe Department of 
Employment is prepared to 
admit for the first time daring 
the present economic cycle that 
the problem of shortages of 
skilled workers is worsening. 

Called toe “ skilled workers’ 
mobility experiment,” the new 
scheme will complement the 
existing but complicated employ- 
ment transfer scheme’s array of 
financial aid for workers earn- 
ing less -than about £5,000 a 
year who- move home to Had 
new jobs. 

• The experimental arrange- 
ments will provide an extra 


lump sum payment of £500 and 
will apply to certain categories 
of skilled workers, whatever the 
size of -their wage packets. 

This, it is hoped, win he 
especially useful where highly- 
paid skilled workers are in short 
supply. 

The five areas of industry 
chosen for toe experiment are 
domestic electric appliances, 
construction equipment, pumps 
and valves, diesel engines, end 
food and drink machinery. The 
first four of these are among 
the hhndful of priority areas 
chosen for various sorts of 
special help under toe Govern- 
ment’s industrial strategy. - ■ 

But there is some concern 
both in the Commission -and -the 
Government that such incentives 
for labour mobility provide only 
a partial answer. 


By David Churchill, 

Consumer Affairs Correspondent 


Continued from Page 1 


PROPOSALS to break up local 
monopolies of public houses 
owned by the big breweries in 
certain parts of the country will 
be discussed today at a meeting 
between brewers' leaders and Mr. 
Roy Hattersley, Prices Secretary. 

The proposals are believed to 
include an exchange of up to 
1,000 ot the 51,000 public houses 
currently owned by toe big 
brewers. 

The plan is for brewers which 


Healey and EMS 


have a near-monopoly in particu- 
lar areas to exchange some of 
their public bouses with those 
of brewers in areas where their 
influence is less. 

The existence of local monopo- 
lies of public bouses was due to 
the rapid mergers and takeovers) 
in the industry in the 1960s, 
which left the big breweries with \ 
a high concentration of public 
bouses in certain areas. Glouces- 
tershire. Northamptonshire and 
Norfolk, in particular, are areas 
with extensive local monopolies. 

Details of the public houses to 
be exchanged have been worked 
out by the Brewers’ Society at 
tbe request of Mr. Hattersley. The 
Department of Prices is con- 
cerned toat local monopolies may 
restrict the choice of beers and 
affect standards of competition 
between public houses. 

While the brewers reject this 
argument, they have agreed to 
co-operate with the Department 

If the exchanges are agreed in 
principle at today’s meeting, 
they are likely t° take some 
years to implement. A swap of 
about 500 public houses which 
was agreed last year took more 
than two years to negotiate, and 
has caused considerable unrest 
among pub managers and trade 
unions. 


tries, not just in. Europe but 
elsewhere. 

“ We’ve done that very success- 
fully for toe last 20 months with 
a margin of fluctuation which, 
except for two months, was under 
2 per cent, which is small&r than 
the margin in the system:” 

Mr. Healey said that the 
central problem of getting 
stability in Europe is tbe “dis- 
proportionate effect of changes in 


the value of the dollar on toe 
value of 'toe Deutsche Mark and 
there is no chance ot greater 
stability among European curren- 
cies unless this problem is faced 
head on.” The Chancellor said 
he boped very much that this 
would be one of the issues which 


heads of government. Including 
Mr. James Callaghan, would 
tackle at their meeting at Guade- 
loupe in early January. 


Continued from Page 1 

Meriden interest 


has been a series of management 
changes, with both GEC and GKN 
seconding temporary teams of 
executives. 


a professionally managed and 
potentially [profitable operation. 
John Elliott writes : The 


Interest on the original £4. 2m 
was deferred under a second 
Government rescue, negotiated in 
February* last year, but the 
accumulated charges become 
payable from June 30 next -year. 


Klrkby co-operative's request for 
further State aid will be made 


Meriden’s worker - directors 
have still to approve details o f 
any application for tbe waiving 
of interest payments. But toe 
changes now under way seem 
designed to convince Ministers 
that the co-operative .mil heroine 


further State aid will be made 
today after a mass meeting has 
heard a report on what the 
Government has done so far to 
help from Mr. Alan Williams, 
Minister of State for Industry. 

- - The co-operative is facing an 
immediate cash crisis, with 
creditors such as the British 
Steel Corporation demanding 
payment of debts. By lodging a 
fresh claim lor State aid, how- 
ever, the co-operative may be 
able to buy mare time. 



UK TODAY ■ 

CLOUD and rain, clearing later. 
London, SJEL, E. Anglia, Cent. S., 
E. England Midlands, Highlands, 
S., E. Scotland. - 
Cloudy, rain at times,, becom- 


BU SI NESS CENTRES 


Vday 
JDliKLay 
*C ’F 

Amsterdm C 20 SO Madrid 


"day . Y’day 

I [May jnMday 

C ’F -C -F 

to SO Madrid .F .15 50 
O 18 Mandiotr'C 14 57 


mg clearer. Max. 13C (55F). 

S. W. England, Channel Islands, 
Wales, Isle of Man, N. Ireland, 
Lakes, Argyll, Cent Scotland, 
Scottish Islands. 

Rain at first, becoming clearer 
with some sunny intervals. Max. 
11-14C (52-57F). 

Outlook: Unsettled and windy. 
Mostly mild. 


Barcelona P IT a ATciOourne S 9 77 


HOUDAY RESORTS 


Belfast 

Belgrade 

Berlin 


C 13 55 Mexico C. C 17 63 
R 3 37 Milan F* -3 57 , 
C 10 50 Moscow So -3 18 


invflVUW •»« “ 40 

Blrmnaton C 14 57 Mom real S -« 21 


B. Aires S 23 73 Oslo 
Cairo S fi K Pari' 


Bristol C 14 57 Munich C 8 46 

Brussels R 12 54 Newcastle K ^ » 

Budapest F ? 4i -Vew Yorfc F —1 30 
B. Aires S 28 73 Oslo S -* IB 

Cairo SKi: Part* C 13 53 

Cardiff R 14 57 Prague P « w 

Cologne ft 8 4? Reykjavik 'R 5 41 

Copcnbasn ft l 5t Rio dc J’s ft 38 td 

Dublin C 13 5a’ Rome S l 2 35 

Sdlntnns& C 11 52 ScacfciHlv C —7 19 

Frankfort ft 7 45 Sirasbur? C 8 46 

Genera F S 48 Sydney C » « 

Glasgow C 14 a. Tehran C -4 38 


YMajr 
midday 
•C -F 

S 17 83 Istanbul 
S 21 70 Jersey 


F 20 88 Las Pims S 22 72 


Cardiff ft 
Cologne ft 
Copcnbagn ft 


Blackpool C 13 53 Locarno 
Bordeaux C 17 c Majorca 
Bouloane P IS 58 Malaga 

Casablnca S 24 73 Malta 

Cape Tn. J M n Nairobi 

Corfu S 17 ici Nice 


Dubrovnik. S 14 5T Nicosia 


Frankfort ft 
Genera F 
Glasgow C 
HeistnJd Sn 


C 19 66 
C -4 38 


Faro . V 23 73 Oporto K IS 61 

Florence K S 48 Rhodes R il 52 

Punch* I F 20 68 Sslrturg C 7 45 

Gibraltar S is M Tangier S 22 72 

Guernsey C 13 55 Tern-rife 5 IB 66 

Innsbruck C 2 38 Tunis S *o 68 

Inrerncss C 9 4S Valencia 5 » 68 

is. of Mao C M S5 Venice Fg -j 27 
S— Sunny, C— Cloudy. F— Fair. Fg.— F ob. 

Sn— Snow. Retain. 


Sn -3 27 [tc 1 Avltf 7 IS « 


H. Kong S 23 77; Toronto 
JoDur? S 24 75 1 Vienna 


S - 21 

. C 8 46 


C 17 63 Warsaw So -3 27 


C 14 57 Zurich 


Lakembrs C 7 41 


S M3 
C 15 S3 
P 18 W 
S 19 66 

K 21 © 
S 15 SB 
F 17 S3 
ft IS 61 
R il 52 
C 7 45 
S 22 73 

S IS 66 
S 20 68 
S 29 68 



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The Chairman, Mr. J. A. R. Macphail reported: 

^Turnover up 41306 ^42,617,00fe 


^ One for one bonus issue 


PROSPECTS 


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the continuing of parallel exports. and by th&persisbenfc 
discrimination by various Governments, Mr. Magobml ' 
said that he considered that prospects ferthe Company, v 
subject to Government interference^ remained gocki 
with the Famous Grouse branldshowine: every sisaibf! ' 
continued growth. ■ 


QUALTTYIN AN AGE OFCHANGE 



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