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THE 

STEEL LINK 


-.'•? No. 27,738 


Tuesday December 12 1978 **$$ 



OTWT1HENTAL SEELING **16* AlBTWA^^fo KtfflUH Fr YSf DENMARK Kr S.S: FRANCE Fr S.Ot CERHANT PM 3.11; ITALT L SDfl: NETHERLANDS r| 2-Os NORWAY Kr J.Ss PORTUGAL be Mr SPAIN PM 40 t SWEDEN Hr 3.JS1 SWITZERLAND Fr 7.0: EIRE 15p 


ind 


NEWS SUMMARY 


GENERAL 


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Leading European 
Pound accounting firms 

tin 1 7c* ® 

Golds put plan new link-ups 

QJ| ^ ^ BY MICHAEL LAFFERTY 


Ministers WestUlghoU 

Brake bid 
boc deal by Hawker 


By Nick Garnett, Labour Staff gy ANDREW TAYLOR 


Q|| -Jjy £ BY MICHAEL LAFFERTY 

• sterling', rose i.7c fo A major shake-up is taking place in the connections which exist between 

the ^rs^t European accounting firms. The moves involve the largest 
There was widespread violence ~~ ^ professional groopings in Germany and the UK and also include the top 

uJ^£JSwLX!S& W&- Sterling. accounting firms in Holland and Switzerland. 

a second day. A number «f Mljh . J 9 Karoli Wlrtschaflsprufung Senior partners of huih firms Treuhand. says il.m ]ir would not 

people were killed. tSSji~ . ) I "J an d Trruband-Vrreliiiguiig — a refused to comment last nisht mind having a inn Swiss account- 
'll! 'Isfahan, where a number or J member firm of the Coopers and on the possibility or Thomson me firm in Lho European proup- 

tmarinTic umrir eAuorai nonnio 'Hlih fl . r? ~ . F L^~B Lyhrand Inleroalional group — McLintock's Joining with ing he is smoking to form, 

riiprf in a dash with security j/t r — r~ ' f ■ said yesterday that they ar? Deutsche Treuhand and Klyn- .\raong the p.-e5liae audit 

nnlico »K demonstrators attacked EH— A4-— £ A5WST- ■ ] . B merging. Together, they Hill veld Kraayenbof. clients which Karoli will bring 

the itygi SAVAK /gpgrer police V DpiLUf- [ ■ form the third largest accounling A fourth move could concern to Coopers and Lybrand are 

buildinc 1 firn » ,n Germany with gross fees Peat Marwick Mitchell nr the names like Bk'-vr. Krupp. RWK 

Other buildings were set -on HEBUmhHmKSPb®> 4| year ° r DM 60111 CJClCni i. UK and Trcuarhcit, the largest and Nixdorf This merger is the 

fire and statues of the Shah were SiR -■ g ® Dcutscffe Trenhaud. the accounting firm in Germany and largest in tbe ‘.iC-nunn profession 

nulled down in several cities: Hsfil j r r - 3 second largest German firm, also controlled by the federal and since 19”-. 

In Tehrajo, however, another BBil — r* Aii~ lu jJ HI cnTlfini,1 ed yesterday that it is stale governments. Treuarbeit . It leaves the .accounting pro- 

huge march of a. million people -8 l ee . k . in ” a linkup with a leading already has a represenmion fession there lording very similar 

nassed oflf oeacelully, with troops I British accounting firm. To- agreement with Peat Marwick to that of the L K with an increas 

keenin'* well in the background. WT ^ hlo riS^!j2*L "I ^ elher wiU* Kljmveld Kranyen- Tor the U.S. and Canada. «ngy concemrated number or 

Backed Pake 4 uacKgruuna. ,5 1 hof . , he , arpest Dulch ancount . rrer^irfp . an i nf m ^ 0T 5nu,! 'J'J'»<natine the 

Back and rake 4. .. • . ing firm. Deutsche Treuhand had D3 hoo r nf £ m *ior company audit*. 

Court nlea. bv been connected with Tnrcjuands F !F e Last week, it was announced 

LrOUrC P* ea _py highest since October 80. The Barton Mayhcw. one nf the too r , =; “ d „/ ’!£ j* 1 r J 2 , J lh ® that Turquandi Barton Mayhcw 

i horp6 lawyer • dollar’s depreeiatioa wldejied to 10 British firms, in a joint firm fkp e nK°u r " and WWnn ". v Murray, another of 

ifr.Ww**, for Jam «S (M). ; ■N ■ "JM Turquands, Ha. ^ En.^firms, were 

5? ? !rniStto?S? faSed^to • EQUITIES began Ihe three- © Thomson MeUntock, another Treuarbeit’s existing UK asso- Altogether. ;he spate of 
raak/ on which anv week AcM»unt firmly, bnt lack of major British accounting firm, ciate is Josolyne Layton BenneiL merger announcements and talks 

-pWnahh* tore could convicL Sir huvers unsettled *' l dV 1 .ani*rt. and ‘<s U.S. associate Main But in the last few years Joso- are further e vidence that the 

33S idd H<2? “SSSBl con-lyne has devoted more of its pace of compel i: ion is hotting u P| 

5*12 °* Vs? - 1 rSi : Sn»« np(,,ed with Kamli. are now international amhitinns to a to enMt the lar go si undeveloped 

^ C tJ!n S J’® down at • seeking a new German associate, grouping called Fox, Josolyne accounting market in the world. 

Ilrnc«m^Fnn g,V ^J UnI h^ 1 t iw* 0 ^J benefited from *° MeUntock has asked Deutsche Fides— comprising Elmer Fox of Ai stake are th P audiis of the, 

•wuahSnU 01 iNiillon price and.':"®*® Treuhand to service any of its the U.S. and FIdes, one of the mass of Continental European! 

cneque-oooK jour ausm. Min is index pnt on 5JE to 139.7. former clients in the Karoli firm top Swiss accountinc firms. companies which will soon hei 

which do not wish t0 E" 11,10 To round off the realignment, subject to i .ueher accounting 
made for GeoigeDeaWA. anodier.^ GILTS responded the rise Coopers and Lybrand organi- Mr. Reinhard Goerdeler, a senior and audinne standards as a 

f Jf e 1 ,ur In Central Gov ernineiit Borrow- sa uon. board member of Deutsche result of EEC rules, 

pin tttng to murder i* orman bcou. . D „ onriv 

r IVarwav w$nk on F,lVfS 


There was widespread violence 
in Zran as massive demonstra- 
tions against the Shah went into 
a second _ day. -.A. . number of 
people were killed. 

In Isfahan, where a number or 
.Americans wort, several, people 
died in a. clash wttli security 
police as demonstrators attacked 
the local SAVAK (secret police) 
building. 

Other, buildings were set -on 
fire aiid statues 'of the Shah were 
pulled down in several cities: 

In Tehran,, however, another 
huge march of a. raUlirm people 
passed off peacefully, with troops 
keeping well in the background. 
Back- and Pake 4 


7r«k wKi^iTad *&• lf« 

H»iiluu».» rHnl Hu . 
igmn 711 Mtw uriaepr. 


major compel 


rrum . — . — _ , _ w.-- , _■ ■ qv.nmK a new uii i«au q'lULM 1 T. uuicu . u*, nuouijur miumnuj,. Minin'. ) 1 u «wiiu. 

' n benefited from Bl^Ylse tn McLintock has asked Deutsche Fldes — comprising Elmer Fox of Ai stake are thp audiis of the 

iminisHmi" ° bullion price andrVtbe Gol” Treuhand to service any nf its the U.S. and Fldes, one of the mass of Continental European 

1 me s»T<tn Mines index pnt on 5Jf to. 189.7. former clients in the Karoli finn top Swiss accounting firms. companies which will soon he 

5. nMbiri a wh5ch d ° not wish to E" into To round off the realignment, subject to l iucher accountiug 


Norway waits on EB 
and opts out of ‘snai 


BY FAY G JESTER 


fs 


:r; : ii*. 


HAS derided not to against EMS participation, v/hile lntal ljC-oer cent in successive 
the new Evropcsn. the n*her lv.n merhtry inriud- : ‘ “mce October 1976. 


nd 

ies 


^ Tef Aviv rai<J • gold W ssi io Wi w 

Armed men seized the Yfeirt ^ i ° ndon * ■ + ’If: ^ 1 J a dP ^ 1* ^ 

German cuUnral centre in Tel # TIN prices fell wIQt^anilam CIOTtfi AllfC tfYo ®CH(I vT gb J 

" dlllll lipio UUl 111 Mldlic 

by Andrrif lColc3mdd, iwhi>.'lobk — ’V®v' • 

part : tit a raid bn ; the West' ^ yiKEE T was'4J4 up BY FAY G JESTER 

Gcrami .:eal»»^/.'ia:'.'31?I''idrriv* gigjM just 'before'lhe^os^ < 

Nat year.;.;- *n>-. - -l .•. , * IJ NORWAY HAS decided not to against EMS participation, while lntal IjLper cent in succe 

' CENTRAL VlCOTEyjjgWr^Tgjl ... , m the new E*. roper-o the n‘her Ivm merV.". Inriud- • * “tnee October 

Rhocfesta atfeaGlC,'>/.bortov«i^ ; ' regtarainettt r rose r-yliuietixy 1 'System at least' for tiie ing air. Knot Uetz Wnid. the 1 Th* i.wsc.wative Party’s Tar 
ji ’ -I . graft-ply-’ last month after thb Jitm* being and from today will bank's governor, were in favour, li.unenr.ny leader. Mr. Kare 
S3 u*SS'«SSt*S2f?rS2' flrop. ‘ iu ^Oc tober. So withdraw from the European i n view of this, and that so VAiliosn. said his party supported 
im far inthbcnnfWit.fllihncial l^ar Currency “ snake ’’ many aspects of the EMS were •l^*-' European ^operation to 

ithas.been runmng at more than Instead, effective today, the still unclear, the government had Imii ••unen-T llur vuations. and 
J*S d ' ^dotible the fevel last year. Back Norwegian krone will be linked decided it was best to wait. Mr h-d, 'hereforc. been msimt 

to a trade-weighted basket of North said. It was possible n*w.-rd« the idea nf EMS. But 
Sg. ■ - ' miV aim-ir ' - ■ nnnnKpd to forei ® B currencies. Norway might join later. Tbi«: v.;th iht* decision of Britain. 

?hi ? ' £ 9* '3&$2£*£ of The decision, taken at a Nor- would depend on how the system Sweden, Italy and Ireland io stay 

™ attacks. W * Imtan g- gte - gpeeme °P f . wegian Cabinet meeting y ester* developed and which other coun- oulsidv. the new system had not 

RAnnrt cnair : ' Ser- day, was applauded last night by tric< joined. The value of the turned out the way it -houid. 

nffpOil Sfldg twrtin the Uvii Opposition leaders and spokes- krone would, in any case, be held He. nvrvfore. agreed w. n the 

The HousngCorpdration has bad ^ri^^k^lTO pr oposea i° ar men for industry and shipping, stable. governmenls derision io wan 

tn postpone the publication^ ^of its Goranatffl& Eipenmture v. a g rw ^ Norwegian exports In deciding to leave the and 

accounts, ..due out yesterday, t^veport. could suffer if the krone “snake." which links the cur* A spokesman for the S0cf.-Ji.st5 

because of .-a possible error in- ^-‘itr^ATr. <; aT.v.g in November remained tied to the D-mark, reneies of West Germany, Den- wc-bumcd the followed ino.e. 

voicing -**'a lew million poundtf." i SSaL ei i t h e health v level of while important trading partners mark and the Benelux countries, which he said represented a 
The corporation said the • prob^x£?£“ f mnnt hs makin** it *ucb as Sweden and Britain Norway has followed Sweden's •• convlvtc reversal of pulicy." 
lem was a technical one. PaSfr*-.Svthat snendinc this year wll stayed outside the EMS. example. It left in August last © I n Bruss.els., EEC ofiicials ,ai;i 

.. SSKSactttor higher than last , Mr. Odvar Nordli, the Prime year and since then has had con- Norvvaj 3 decision was not un- 

Chapfm case ;•..•■• e Minister, who has already indf* siderable success in reducing in- expected 

* cated that he favoured Norwegian flation and creating an economic on ibe London fireiao 

VAmWtlS » •• BREWERS have won the membership of the EMS, said recovery. exchange market, the krone 

HTdSlnnthf Sproval^ -Of Government Minis- last night that the Government Norway, not being an EEC dosed yesterday at 5.1025 to the 

rLrH» tens for an exchange of about bad received "conflicting country . enjoyed associate mem- dollar, higher than The weekend 

WE ChaStf feffiw- 1 S public houses in the next advice" on the subject from its bership of the “snake." rate ( .f 5.1330, although rt lost 

ho™.« k. wS five vears to prevent the neai^ experts. Three of the five mem- The krone has been odc of the ground from 5.0980' reached 

roeguse oe monopoly of any one brewing bers pf the Bank of Norway's weakest currencies in the earlier in the day before news 

another SSSm'-.W lqclity. goyerilns Board bad ad.iaed - snake." being devalued by a of the vabioefe decision, 

tion and desecrating. Chaplin's \ \ ' 

Law , a muddle , ‘ • # BBrns nr waterways capai Eastern joins U.S. airline battle 

The Criminal Bar Association supervisors, who are taking 

'says . -the law on -wh&oh police Industrial! action which threaten® BY STEWART FLEMING 
base their investigating power to 'close/UK canals to freight 


to a trade-weighted basket of Nordl: said. 


ijpie were _Li'i_-* . •' . + „ foreign currencies. Norwav might j 

** 5 The decision, taken at a Nor- would deport on 

tJmt wegiau Cabinet meeting y ester* developed and wt 


I MR. ERIC VARLEY, the Indus- ■ 
trv Secretary, and Mr. Albert 
Booth, Employment Secretary, I 
jointly demanded further details, 
nf British Oxygen's guideline- 
breaching pay deal when they I 
met senior management yestcr- , 
day. ■ 

The company was represented 
hy Mr. John Williams, maoaeinsj 
director nf BOC. which covers 
thp company's UK and European ' 
operations. ■ 

The Government so far has 1 
adopted the same position witb I 
BOC as with Ford, which bad | 
sanctions imposed on it for giv- 
ing its 57.900 manual workers a 
17 per cent pay rise. 

FOC's gases division has 
settled with its 3.oon drivers at \ 
lahout 9; per cent. Other groups | 
j within Ihe company’s UK labour ; 
1 Force nf 21.500 are negotiating' 
1 deals which are likely to be 0? 
similar sire. 

During yesterday's meeting, at 
1 the Department of Industry. Min- 
isters are thought to have d/s- j 
cussed with the company details 
of the White Paper on incomes 1 
policy and Lhc Government's \ 

attitude to the 5 per cent pay 
guidelire and companies that 
scnle above it. 

The Treasury has studied the 
gases deal and believes it to be j 
firmly outside toe guidelines. 

The company has maintained 
that the deal is worth 9.5 pet 
cent an earnings, linked to a | 
broad non-specific agreement : 
from the unions to improve 
productivity. The unions, bow- 
ever, believe that, excluding 
productivity paymonts but in- 
cluding extra fringe benefits, the 1 
settlement is above 10 per cent. 

If the Government decides to 
proceed with sanctions it might 
do so against the whole of the 
company rather than the gases I 
division alone. j 

The cases division dominates, 
its market aod is less vulnerable 
10 sanctions than British 
Oxygen's other divisions, which \ 
manufacture a wide range of 
materials including computers. . 
chemicals and medical equip- ! 
men*. 

The company has applications : 
for temporary employment sub- 
sidies :sml development grants 
fm next jear which n»w could 
he in jeopardy. j 

Elinor Goodman writes: MPs; 
v, ill be asked to support the I 
Man-Jest of motions at the end ' 
*.f the crucial Commons debate : 
on pa;, policy tomorrow. The. 
motion, put down by the Gov j 
crnoieni yk--tei'da>. has been; 

Continued on Back Page 


I m New York 


3po: si.y.vt/tfM , si.*i>.ara- i 

1 month >* dii O ■s7-O.<0 dis J 

- 5 monln* l.li-l.sW* d>s l.r. I.Ii flls : 

l A months - 1' di« dls j 


HAWKER SfDDELEV yesterday 
launched its largest takevoer bid 
with a £40.5m agreed cash offer 
for Wostinghouse Brake and 
Signal. The deal will create a 
railway equipment business with 
a combined annual turnover 
approaching £100m. 

Hawker said the acquisition 
would create a comprehensive 
railway equipment business 
more able to compete for major 
international contracts, particu- 
larly turnkey projects. 

The group is offering 95p cash 
for every Westing house share — 
with an alternative offer of 3S 
Hawker shares for every 100 
Wcsttnghouse shares. 

The deal marks the latest 
phase in Hawker's spending 
programme to sireagthen its 

engineering interests. This 
follows the nation,-) lisa Lion of il£ 
aerospace operations last year, 
for which ihe group has received 
£60m compensation. 

The group has spent £46ro in 
the last IS months — including 
£23m for » 51 per cent stake in 
Carlton Industrie the batteries, 
whisky and housebuilding group. 

Hawker stressed the acquisi- 
tion woul dextend its railway 
product range, which include* 
engines for the British Rail 
High Speed Train and for the 
London Underground. 

Westinghouse railway opera- 
tions centre on signal, braking, 
fare collection and train control 
systems. Hawker has been more 
involved on the heavy engineer- 
ing side of railway equipment. 
Westinghouse already supplies 
braking systems for Hawker rail- 
way carriages manufactured by 
its Canadian subsidiary. In the 
year to September 30, 197S, 
Westingbouse's railway business 
generated around 63 per cent of 
group sales of £69na. 

By comparison Hawker's rail- 
way operations may generate 


Post Office 
oe U.S. can 


sales of between £45m and £S0m 
nut of projected group sales Of 
around £lbn in the current year. 

Hawker said if the merger suc- 
ceeded Westinghouse would con- 
tinue to operate as a separate 
company within the Hawker 
Siddeley group. However, thorp 
would " be much co-operation 
hetween ihe companies which 
Hawker says would make the 
combined railway operation-, 
more competitive internationally. 

At stake are some large rati 
way contracts such as those 
which have recently been out in 
lender in Hong Kong. Mexico and 
Brazil. 

A further area for co-operation 
is in mining equipment where 
both groups have interests. For 
Westinghouse mining equipment, 
however, generate only around 
5 per cent of pre-tax profits, 
which in the year to September 
30. 197S. rose from £5.5m In 
£6.2m. 

Or this total, the group's 50 
per cent stake in Wesunabnus? 
Bendix — manufacturers of brake 
equipment for heavy > ehiclcs — 
contributed £l.Sm. 

The future oF lht* joint ven- 
ture with the Rcnthx Corpora!: nr. 
must now come into q 11 e- lion 
Under an asreemcnr hetvec't she 
two con cm?. IVeslinchoii-o muti 
offer its interest m th? hu sines* 
in Bendix if it is li-ken n-,er. 

Meanwhile the Westinghouse 
directors cnnin.llmg a 4.;'5 per 
cent stake sav jhey support ihe 
Hawker offer. Th« hoard has 
heen advised !>v -T. Henry 

Schroder Wacg while Hawker’s 
advjrf?er« are S G. Warhurc. 

News of the offer sent \Vr>ting. 
house's *h?.re price up 30p in 92n 
while Hawker's price remained 
unchanged at 23Sp. 

Hawker's swing to engineering 
Page 5 

Lex Bark Page 


BY JOHN EVANS 

THE Post Office is likely to he 
the next Government agency Jo 
tap the U.S. .•onmmr- ial paner 
market as part of official plans 
10 increase Slate sector borrow- 
ing in the New York capital 
markets. 

British Gas yesterday paved 
ihe way for its fim issues of 
commercial p3per when ti signed 
a S250iu Eurodollar back-up 
facility with major banks in 
London. Such back-up hank M/ie.s 
are normal procedure in raising 
-.‘ommerri&l paper in ihe U.S. 

The British Gas signing marks 
the dehut of a UK Si ale sector 
agency, with Government guaran- 
tee. in the SKjbn commercial 


paper market. Such miporate 
nam*« as British Petroleum and 
Imperial Chemical Industries 
have already ni-df issue'. 

British Gas plans to start its 
own issues before Christmas, and 
already has received prime, rat- 
ing from ihe main U.S. rating 
agencies for iLs paper. 

Po-r OfHt e issues arc expected 
sonnet ini* in the New Year on 
about ihe same scale as the 
British Gas open-nun. 

Bui ii was being emphasised 
yesterday that no final decisions 
cm the Post Office's plans had 
yet been taken, and the British 
Gas commercial paper pro- 
gramme in New York would he 
completed firm. 


it tork m X Phurita 1.900 public houses in the next advice" ou the subject from its bership of the snake. raJe ( .f 5.1330, although rt losi 

h-raue* hn n«.rrirf five vea'rs to prevent the neaz^ experts. Three of the five mem- The krone has been cme of the ground from 5.0980 reached 

monopoly of any one brewing bers -pf the Bank of Norway's weakest currencies in the earlier in the day before news 
SrKmStS Visiven ' loc^ity. governing Board bad adrised -snake." being devalued by a of the vabioefe decision. 

tion and desecrating, Chaplin's ***** \ *. ' 

LaW ‘a muddle’ .* • # BRITISH waterways canal Eastern joins U.S. airline battle 


BY STEWART FLEMING 


Are you wide awake to 
he investment openings 
you dream about? 


SSSSi fe AIRLINES nf .the of rebuilding Eastern after the Texas International also holds 

prehensivc s4atutott7 code is special /case treaunen A r\j c veslerdav boldly stepoed hea\-v losses it incurred in 1973 ahnm 24 ner cent r,f Natinnai's 


ess 


Duse 

odyeat 


pi^ensi^ «am«ry code is spenai /rase 1 cauu yesterday boldly stepped heavy losses it incurred in 1973 about 24 per cent of National's 

needed. The cwtwsms came in .wage ri^im rejected by Ministers. ^ tfafi takcover battJe for C0D . and 1975- equity in a voting trust, 

evidence to the Royal Coimms- rage * trot, of National Airlines with a The initial reaction from some aii ,w 0 nronnspri oflprs rpnuirp 

si on tm criminal procedure. SHELL refinery workers' $£?5m counter offer to bids which National directors was , that the approval by the Civil Aero- 

raHH „ leadels have rejected a pay have already been made by Pan board would be receptive to the Dautlf , Board, where bearings 

Cranny Scots 0 flp er which they say includes American and Texas Inter- proposal, which offers share* have been going on and arc due 

The imaee of Scots as being almost 8 per cent new money 1 national Airlines. \ ch=rl u,v.7^h e p S ,fr* °a m tcl ( *^ ,n t iud e at t-he end of the 

tKrtWiv is- - corTectr— and. that's and increased shift pa y me ntx., ..- Eastern s move has taken the 54 1 a share which Pan Am wpck A board decision was 

official. A report front Strath- Page 5. : airline industry by surprise and ha ^ a R 1 a j ' d n ' r , w ^3 d expecied in March. 

h*?5SS2 , -jfT , m 2J • KIraC8Y Manufacturing an* ^“"“‘t' 5 *«?*£ -iSS'SluX pTI'S Eaatcru tautad «.t Us pn. 

Scottish Eiagineering co-operative worker*; strengthen its position as the partly because it did not want P^ al Wlth ^ 

tion g 3V e a hostile reception to Mr. airliDe industry enters what is to be acquired by Texas inter- ^er offers Mid ruled upon al 

i AJan WiHdams, Industry Min- expected to be a period of intense national, a smaller regional air- tb? same •time. A furrher com- 

lo England and Wales. Page / ister, when-' he addressed them competition, stemming from the line seeking to expand aggres- pticatikin bQiwver. is the attitude 

.. _ on the plight of their loss-making de-regulation process, - which is sively. ,°,ws„w C ' J ^ c L£f part ^f-i U 

Briefly . ■ ■ business. The co-operative has now we jj UD der way. It is the It is clear, however, that there which is watching closely 

Tory motion criticisins Govern- had E5.7ro government aid fourth largest airline in the U.S. are formidable banners in the competitive and 

mem North aS?3fpoll5 wax already and workers’ leadera axe -Eastern said it had proposed way of a successful Eastern hid, *?>*“*“ « 

rejected by 38 votes da the to ask for £3m more tc >keep the . te the d i rec tors of National not tbe least pf them vancu> deals. 

Commons enterprise alive. Page 6 Airlines the acquisition „f large shareholdings which both Eastern s entry into the battle 

National bv Eastern on terms p an Am and Texas International will almost certainly complicate 

Mashed gunmen stole S5m from COMPANIES - which would amount io about have already built up in any decisions, particularly the 

a cargo terminal at Kennedy > ^ a caB b The announce- National. Justice Department's attitude, 

airport. New York. 0 BOVIS Southeast Asia' ment wgs ma j e ' by Mr. Frank Pan Am has about 22 per cent because Eastern and National 

Consumer Council wants ati Berbad, the Malay si arbased sub- 3 oanaili Eastern’s chairman and or National stock in a voting have strong and partially over- 
restrictions on Sunday trading sidiary of P & O. has asked ror eb i e f executive. The former trust awaiting regulatory lapping route structures in the 
abolished; its shares to be suspenck*d on the astronaut has been given the job approvals to i-ts proposed bid. Eastern U.S. 

Polish Price Commission chi *“J* ”2. ' — 








rousn rTTce st0 ck exchanges pending an 

?5 n per 0f ceofto enco^gtwomeX gfttan of funds. Page 21 and c0N 

to buy them rather than mend 

old ones. • MARTIN the Newsagent /European news 2 

More than 3,000 members of the reports pre-tax profit for the year . American news 3 

Philippines armed forces have to October 1 £0^4m ahead at Overseas news 4 



C0NTENT5 OF TODAY’S ISSUE 


been sacked in four years for £3.I6m on sales up from £S4.0Sm . World trade news 


offences ranging up to murder, to £7652m. Page 20 

CHIEF PRICE CHANGES YESTERDAY 

(Prices in pence unless otherwise Indicated) 



A: 




RISES 

Alginate 255 +• 23 

Armour Trust 14i + .-»i 

Ribby «*) f If 

British EnkaJon 

City Hotels 128 j+- 7$ 

Common Bros 176 + J 

E-RJ. 142 T 5 

Edwards- (L.C.) ••***. 221+3* 
El ectrocoraponents 330 + 10 
Farneli EleeL ......^.408 + 10 

vTulnness (A.) .......160 + 5 

Highland -Elect 45 + 6 

K Shoes . - - “'M + ?- 

McCorq undale..' 272 .+ -1» 
Mlxeoncrefe .is:.:... • .flo + 6 


Peerage of Binnlxam -67 + 13/ BP 


Peotos 110 + 6 

Saatchi A Saatchi ... 14G + B 

Savoy A 2? 7 t 

S,E£.T, ?! f J- , 

White Child &. Beney 108 + j 

Dnomfontein 2ol + -l ■ 

Durban Deep • 298 + I 3 

Grontvlri flB t 5 

Marievale 06 + 8 

Newmctal Bv+ - /. 

U.C, Invests. 200 + JO 

Western Deep 755 + ol- 

Wejrtem Mining 133 + » 

FALLS 

Preedy (A.I ; - *}„ 


Home news— general 6.7 

—labour 8 

—Parliament ... 8 


-Jolts, ahead for Carter’s 
anti-inflation policy 18 

Shotton fights to keep its 
‘ ’ ..steel making 19 

. Vietnam veterans in an 

uncaring, society 2 

. Ecuador: austerity afrer the 
- oil boom 3 


Technical page 11 

Management pag$ 10 

Arts page 17 

Leader page 18 

UK companies 20412 

Mining 22 

FEATURES 

Holy month: Islam In Iran: 
a test for the Shah 4 

Kannda tested by the 
recession and Rhodesia 4 

Images of Industry on slide 

and. tape 12 

Foreign banks hi Mexico: 
more flexibility needed ... 23 


77-6 

030 - *0- 


AnMlntments 
Appointments Uvts, 
Business Optra. 

Crossword 

Entertainment Gtritta 
fT-Acuarh* Indices 
Jttm Cnlnmn 


l.eHers 

L» 

Lombard .. . 
Hen and Hntws 
Racing 

Saleroom 


Sfcan Inform ntlon 
Today't Events . 
TV and Radi* . ... 
Unit Trusts 

Weather 

World Value pf C 


Inti, companies 2.1-25 

Euromarkets 23,24 

money and exchanges 26 

World markets 30 

Farming, raw materials ... 11 

UK stock market 32 


Japan cool over yon 

denomination 25 

Rolls-Royce aero engine 

strategy 28 

Commodity agreements: 

rubber compromise hope 31 

FT SURVEY 

Swedish industry 13-16 


INTERIM STATEMENTS 
Carcln Engineering 22 

Errtlno Mouse Inv. 21 

May and Hassell . 22 

ANNUAL STATEMENTS 
LvMi Industries .. 21 

UliL City Merchants 29 





K 




When you ’re nodding off 
tliat'sjust the time 
NewZeala nd is buzzing 
nithacthih; 


SoisNBNZ. 

The N T a tiono] Bank of iVeiv Zealand. 
We have an enviable pioneering record 
in New Zealand and tiie South Pacific 
uilh I he adinntagri off icing part of the 
Llotds Bank Group- juM Ihe sort of 
compain-vtiLi want to keep when vou 
arc seeking net v int esunent oppor- 
tunities or developing export markets. 

lit' have brxmche.s l inv and 
(lmiug! »out New Zealand, where 
wean* the onl\ u he ill \ -owned 
r.rili.sh I3ani%. Anil ivnu-.inherwhen 
She time comes New Zealand is the 
ideiil sle.ppii|g^tim«' imiiiuiy 
Ricific markets. 

.Asxournext slep call Fred Adams 
on CR-606 S311. II may pane to be a step 
in the right direction. 




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EUROPEAN NEWS 


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Communists 
in Italy 
pledge less 
Lenin, more 
democracy 


fif Paul Betts 


German sea mining law proposed 


BY ADRIAN DICKS IN BONN 


Resignation 
may topple 
Andreotti 


By Paul Betts 


ON THE EVE of the key Parlia- 
mentary debate on whether Italy 
should join the new European 
Monetary System on January 1, 
the Italian Communist Party, 

Italy's second largest political 
force and the largest Comunist 
Party In the West, has released 
a 200-page document containing 
the platform for its crucial 
national congress next March. 

The document is particularly 
significant because it sets out in 
detail the longer term policies 
the Party intends to adopt at a 
time when it is facing increasing 
internal difficulties as a result 
of the uncomfortable and indeed 
unnatural alliance with the 
Christian Democrats during the 
past two years- 

This allia nce' was essentially 
the fruit of the inconclusive 
general election of June 1976. 

Although it has enabled the Com- 
munists to become a direct party 
of Government and significantly 
enhanced their influence at ail 
levels in the country, it has none- 
theless bad negative electoral 
repercussions for the Party, 
which has not only seen its share 
of the vote decline in recent 
local elections but also led to a 
drop of some 20,000 signed-up 
members last year. In particular, 
there has been a marked dis- 
affection among students towards 
the Communist Party, which has 
seen new Left-wing groupings 
erode some support from the 
Lett. 

The policy document which 
embraces issues as varied as the 
Party's ideological roots to its 
internal structure, was approved 
after a three-day meeting of the 
Communist Party Central Com- 
mittee last week characterised as 
usual by a total news black-out 
ot the proceedings. However, it 
is understood to have caused 
considerable and at times bitter 
debate within the Central Com- 
mittee reflecting the general 
state of unease inside the Party 
and increasing criticism of the 
recent leadership of its secretary 
general Sig. Enrico Berlinguer. 

In a sense, the main thesis 
put forward by the Party could 
he summed up by the slogan “ a 
little less Leninism and a little 
more democracy.” Indeed, the 
■Communists have recently come 
under heavy attack from the 
smaller Socialist Party, which 
has attempted to consolidate its • p^an” Council in 
relative electoral recovery this time to consider 
year by increasingly criticising 
the ambiguous position of the 
Italian Communsts torn between 


WEST GERMANY Is taking a once an Interational treaty came elude technical expertise aBd informal consultations between 
first step this week towards set- into force. financial backing bur also protect German and American expert?, 

ting up a unilateral legal frame- The move does not have official shipping, fishing and the marine It is expected here that the 
work that would allow German backing, since the Government environment Bundestag will delay final enact- 

companies to go ahead with long- is firmly committed to pressing . ment . of the Bill until its 

term deep-sea mining ventures, on with the UN conference’s ln adainoii. operators will American counterpart has been 
pending international agreement efforts to reach a compromise on have to pay an annual mining reintroduced Into, the new Can- 
on the matter by the United deep-sea mining acceptable to fee of 0.75 per cent of the aver- gress which convenes next 
Nations conference on the Law developing and industrialised age market price in the same month. 

of the Sea. . countries alike. Nonetheless, the Y ea * °f toe refined metals ex- Officials in Bonn are well 

A group of backbenchers Bill is thought unlikely to be J^eied from the sea-bed nodules, aware that despite the Bill's lack 
drawn from all parties in the opposed bv Bonn. T~ e of this fee would of formal Government backing, 

Bundestag has tabled a BUI, to The Bill“ makes clear that its b ® P*‘ d , ‘P 10 a special fund that it is likely to provoke strong 
be Dublisbed this week, that authors do not claim jurisdiction wouiti J ater he -nsed e«ther to criticism from developing 
would require German com- over the deapoea bed or its co * er V 1 ® ^ o£ west German countries. Many of these nations 
panics to obtain exploration mineral resources. The aim is en H? , 0 the type of i Q tcr- already regard West Germany as 
licences and operating permits to establish an interim frame- nat, onai scheme envisaged by hostile to their interests because 
from Bonn. In return, it wouJd work, based on international delegates at the last of Qf its scepticism towards other 

In effect place the huge invest- legal principles, that will control ^. erenC r®* or r e se ii° aspirations such as the UNCTAD 

ments anticipated for deep-sea prospecting and extraction of P™.?® 1 .®-- transfer of marine Common Fund. 


mining operations under German manganese nodules 


until a tecb nology to • developing 


to addition to synchronising 

Government protection. broader UN treaty comes into c u cries ’- - - its deep-sea mining measures 

While the exact form of protec- force- The West German Bill is very with the U.S_ therefore. Bonn 

lion is nnt yet clear, well-placed The draft text stresses that the similar in its broad outline? to may well sock the support of 
sources bore believe it would German Government will impose that passed by the U.S. House of other Western countries such as 
amount to a “grandfather strict conditions for “ orderly Representatives during the last France before any final step is 
clause ” for established ventures mining ” that will not only in- Congress, and follows extensive taken. 


Bankers 
scrutinise 
small print 
of EMS 


By David Whim 


THE NUTS and holts of the 
Europea n Moneta ry System 
launched at last week's Brussels 
summit came under the critical 
scrutiny oF central bankers from 
the major industrialised 
countries here yesterday. 

Apart from technical imple- 
mentation of the scheme, a num- 
ber of fundamental questions^ 
remain undecided — ■ the final 
decision of Italy and Ireland os 
tbe scheme and the means by 


which other countries sqch as 


IN A MOVE that could precipi- 
tate a government crisis in Italy, 
the small but influential Repub: 
lican Party has decided to drop 
out of the present, parliamentary 
majority because of the minority 
Christian Democrat Govern- 
ment's hesitation about taking 
Italy immediately into the new 
European Monetary System 
(EMS). 

The decision, announced in a 
front-page editorial of the party’s 
newspaper. Voce Repubblicana, 
comes as Sig Giulio Andreotti. 
the Prime Minister, is scheduled 
to open a key parliamentary 
debate on tbe EMS. 

Sig. Ugo la Maifa. the veteran 
leader of the Republican Parti’, 
had warned earlier that his partv 

J , r ' 


would witbdraw its support for 
the Government if tbe country' 
did not join the EMS on 
January 1. 


Austria growth 6 likely to improve’ 


BY ROBERT MAUTHNER IN PARIS 


ECONOMIC GROWTH in Austria average level of the 1960s, while real GNP this year may not 
is expected to pick up moderately at the same time unemployment exeeed 15 per cent but will prob- 
in 1979 but the faster expansion has. been kept . even below the ably rise again by about 2.7 per 

of domestic demand is bound to rate of the previous decade. cent in 1979. 

lead to a further deterioration in The malntainance of virtually Tbe more restrictive economic 
the balance of payments, accord- full employment was achieved policies, coupled with sizeable 
ing to the latest survey of the by the adoption of policies to export market g ains have, on the 
Austrian economy, to be pnb- stimulate domestic demand to other hand, resulted in a sharp 
llshed by the OECD secretariat compensate for slack foreign improvement In tbe current 
On tbe other hand, the inflation demand. At the same time ‘the balance, which has exceeded all 
outlook remains favourable as Austrian schilling was pegged to expectations. The 1977 record 
recent wage settlements have the appreciating Deutsche Mark current deficit of §3bn was 
been lower than a year earlier which greatly contributed to halved this year, but is expected 
and productivity should recover, slowing down the wage-price to rise again to some S2.25hn 
The report particularly under- spiral. in 1979 as the recovery of dome«- 

liues the excellent performance But the re-orientation ef tic demand pulls in more 
of the Austrian economy over the economic policy in the autumn import? 

past few years. The most remark- of 1977, aimed at wiping out the Domestic inflation as measured 
able feature has been the simul- large public and external sector by the increase in the consumer 
taneous achievement of reduced deficits, led to a slowdown of price index has been reduced to 
inflation and continued growth growth in 1978, without however, about 3.6 per cent in 1978 cora- 

of employment. producing a corresponding rise pared with 5.5 per cent in 1977 

By 1978, inflation had been in unemployment The report and should improve farther next 
reduced to the relatively low estimates that the increase in year. 


MPs search for budget formula 


BY GILES MERRITT 
COMPROMISE formule 


to than 80 per cent nest year to year threatened to become an 
break the" potentially damaging £8 ?2m. outright conflict 


Moscow and Eurocommunism. 

The Communists, in this latest 
document, renew their criticism 
of the mistakes made by the 
Soviet Union and East European 
countries, they reiterate the 
concept of Eurocommunism and 
the independent nature of 
Italian Communism, and they 
propose scrubbing the cele- 
brated Article five of the Italian 
Communist Party statute on 
“ Marxist- Leninist outlook of all 
Party members.” However, the 
document predictably falls 6hort 
of that total break with Moscow 
which Italy’s other main politi- 
cal parties have long called for. 

However, where the current 
difficulties of the Party emerge 
more clearly are in the sections 
ef the document devoted to the 
present leadership's 
strategy in Italy and to the 
controversial issue of the 
Party's organisational structure. 
Since 1973, Slg. Berlinguer’s 
strategy has been to promote 
the concept of a ** compromesso 
storico." or grand alliance of 
ail democratic forces in Italy, 
which would gradually bring tbe 
Communists directly into power. 

ft has worked up to a point 
The Communists are now a party 
of government and for the first 
time in some 30 years they are 
in the same parliamentary 
majority as the long ruling 
Christian Democrats. But in view 
of firm opposition by the Chris- 
tian Democrats, It is unlikely that 
the * compromesso storico ’ as 
such, wbich would see Com- 
munist Cabinet ministers in a 
coalition government, will come 
to be at this stage. 

Indeed, the current accumula- 
tion of tensions between Che main 
parties over a whole series of 
Issues, including now on Italian 
membership of the new “ snake." 
basically reflects the distaste and 
unease of the political forces 
towards the present coalition 
formula and. in a sense, it 
increasingly appears to prelude 
another government crisis. In 
this respect, many political 
leaders, in private at least, feel 
that only a direct electoral con- 
frontation could break the vicious 
circle in which the main parties 
now find themselves. 

As regards the internal 
organisation of the Party itself, 
the document reaffirms the 
principle of “ democratic cen- 
tralism." However, the structure 
of the Party has increasingly 
come under fire from the Party- 
base. disgruntled and confused 
by tbe present coalition with the 
Christian Democrats. It is likely 
to become one of the more 
controversial aspects of the 
bulld-up to next year’s congress. 

Nonetheless, certain things are 
changing. Although last week's 
Party Central Committee meeting 
was shrouded with all tbe tradi- 
tional secrecy of such occasions, 
for the first time discussion is 
understood to have been com- 
pletely free. Even the document 
approved at the end of the meet- 
ing is no longer regarded as “the 
Communist congress bible of all 
Party members ” wbich cannot 
be criticised for fear of ex com- 
munication. This reflects a 
profound evolution of the Party. 
It also reflects apprehension on 
the key electoral confrontation 
which will come sooner or later. 


The Republican Party’s move 
political^, is likely to 'seriously undermine 
Sig. Andreotti’s attempts to 
reach a compromise with the 
main parties supporting his 
govenment on the EMS issue. 


FRUKCUL Times, pnbllslied daSlr except 
Sundays and tortWays. O S. subscription 
R93.M (air freight' S365 00 lair aialli 
-per uoum. Second dass postage paid ai 
xw York, n.y. 


However, the Republicans had j iZZZTX* With the Finance ministers of If ' unresolved, the EEC’s 

been expected to postpone this; deadlock between the European ^ ^ (ne ^ ^ ^ Lrnreih. budget for next year may not be 
move until after the parliamen- parliament and the Finance bov _ today size of toe agreed in time. On January 1 

tary debase, when Sig. Andreotti council over the 1979 EEC community’s 1979 budget has the Community would then be 

is to announce the Government’s | budget was being sought here developed into a dear-cat issue reduced to a safety-net system 

decisions on Italian entry into Hast night by the Parliaments between national governments In which one-twelFth of 1978! 
“I?, snake. But in todays j budget comnwttee. and the Euro MPs. Traditional spending is allocated monthly 

miMrt'Tr SUVSt The impasse revolves chiefly bargaining, in wMch the Euro- until a 1979 budget can be 
Andreom^ reqnert at the _Euro-. aroimd Parliament's pean Parliament attempts agreed. 

time to ron-uder the Sue i demands for the EEC regional unsuccessfully to make major The future of the 1979 budget 

incompatible with the Republ?!^ * be leases in the budget, has this 

can Party s policies. ••' j • ’ Finance Council because of a 

The Republicans have re- avv%A« 4 fiaLbr technical hitch that is enabling 

EEL-Japan exportta^s ^ssmissi as 

BY -GUY DE JONQU1ERES 


Austria, Switzerland, and 
Sweden might he linked to it 

The continuing- weakness, of. 
the dollar in foreign exchange 
markets and the U.S. Adminis- 
tration's November package for 
its support provided an 'equally 
pressing subject fqr discussion 
by the bank governors. European 
and Japanese governors had. 
their first opportunity . for,' six 
months jointly to confront Mr'; 
William Miller, the U.S. Federal-' 
Reserve Board, on the issue. 

Tiiis is the only time, apart 
from the annual meeting of the' 
Bank for International Settle- 1 
ments in June, that Mr. Miller 
has attended one of the EffCs 
ritual closed-door gatherings. 

The main question on the 
EMS seemed to be how much & 
was to be an EEC arrangements 
rather than an inter-govern- 
mental one like the old “ snake/ 
and bow strong the role of the 
European currency unit (ECU) 
was to be. 

EEC central bankers, including 
representatives from tbe three 
members which did not join the 
sebeme immediately in Brussels,; 
meet in a separate conclave 
today. The five ** insiders ” were 
believed to favour fixing the 
value that the four “outsider” 
currencies will have in the ECU. 
a floating, weighted amalgani of 
EEC currencies. 

Tbe bankers will also have to 
face the question of ; the 
exchange risk involved in the 
process of swapping national 
gold and foreign currency 
reserves against ECUs every 
three months. 

Also to be decided before -Die 
scheme sons into operation is 
the question of interest rates on 
the reserves — 20 per cent.- tif 
each country’s total — which are 
changed Into ECUs. 


have re- 
peatedly- said’ they viewed 
immediate Italian entry as an 
essential discipline to guarantee- 
the success of the country’s 
attempts to introduce a medium- 
term economic recovery pro- 
gramme and an Incomes policy. 

Sig. Andreotti, on the eve of 
the Parliamentary debate, has 
held intensive consultations with 
party leaders, the Governor of 
the Bank of Italy, and is re- 
ported to have had a long 
telephone conversation over the 
weekend with President Giscard 
d’-Estaing of France. The Prime 
Minister also met in Rome 
yesterday Mr. Francois-Xavier 
Ortoli, the vice-president of the 
European Commission. 


<*. 


\ v • ; « ing. 'notably through tthe regional 
-fund, Whieh would be boosted 
THE EEC Commission has tacitly compensating for the gradual from £365m this year to £B92m 
accepted that Japan is doing as slowdown in the U.S. economic in 1979. 

much . as can reasonably be growth rate over the co m ing The Council’s failure when it 
expected to curtail export growth months. met in Brussels on November 20 

and to stimulate its domestic It is acknowledged in Brussels, to reject by a qualified majority 
economy, though it is still press- however, that there is little Parliament’s £625m amendments 
ing Tokyo to remove barriers to chance of Japan achieving the now gives Parliament the right 
Eurooean exports. ■ 7 per cent real growth rate this te insist that the entire £8,737 m 

Thic amerced after bi-lateral year to ^ rhich Takeo Fnkuda, package be accepted. It is a 
rnnSir^n?hPr P bltween Co^- toe i orm * r Minister, legalistic point and the Parlia- 

?eoriStett^MdS P led » e<J hbnsclf at tb ® Bonn m « nt ' 5 **** * 

The Com economic summit last July. known to be wary of .provoking 

llv re The Japanese delegation is an open row with the Council 
FET FnreSn MinistenTat tiieir uDderstood to have forecast that for fear of political repercussions. 

f? iSSSf* the volume of global exports There is also concern that the 

December meeting. would fall by 6 per cent and that Finance Council could retaliate 

A Commission spokesman said imports would rise by 9 per cent with the argument that the 1979 
that both sides expressed relative during this fiscal year. A fall in budget represented more than a 
satisfaction at tbe effects of the the value of its trade surplus in reasonable increase over this 
macro-economic policy measures dollar terms, expected to reach year’s level of £8, 002m in corn- 
taken by Japan to boost demand, record levels during the current mitments. At best, sucb a move 
They agreed that policies in fiscal year, was forecast fot fiscal would entail a lengthy end 
Japan and the EEC must aim at 1979.' ! embarrassing wrangle. 


£24m damage 
in Basle 
bank fire 


.By John Wicks . c.^, 

THE headquarters of SwlssBank 
Corporation in . Basle was 
seriously damaged by fire at 
tbe week-end. The cost of the 
fire and water damage could be 
higher than £24m, the building's 
insurance value alone being 
£18m. 

The fire, which took 13J boors 
to put out is reported to have 
broken out in the third storey 
of the hank in central Basle. 
Swiss Bank Corporation said 
yesterday: ” On tbe basis of find- 
ings so far, there is no reason 
to suspect arson.” 

The bank confirmed that no 
clients’ deposits or other assets 
were destroyed by the fire and, 
apart from the premises, no 
assets of the bank Itself. Strong- 
rooms and safe deposits were 
unaffected. There were no 
casualties. 


W. Germany SPD prepares for Euro poll 


BY JONJ.KTAN CARR IN BONN 


to favour of direct that the existence of these 
support for poorer demands in on SPD programme 
does not mean that they will 
party programme automatically 'become Govem- 


WEST GERMANY’S ruling In a speech to tbe 400 and for prohibition of the “lock- changed 
Social Democrat Party (SPD> has. delegates. Herr Vetter made it out” (although one effort by Left- income 
taken a big step forward in its abundantly clear why he and wing delegates to posh through a farmers, 
preparations for direct. elections rpther trade unionists were aim- motion calling on SPD Bundestag The 

to the European Parliament, now • tag for a seat through direct deputies to push immediately pointedly notes -that the fears ment policy (though a serious 
less than six months away. elections. The European Parti a- for West German legislation to must be removed of those start does seem likely -to be 

At an extraordinary enn cress ment could become an important this effect was relected! by a poorer members of tbe Com- made on the “ solidarity fund ’’ 

in Cologne at the weekend tbe PsYtner for labour in the Com- large majority). I muoity who believe that moves idea). 

SPD agreed both on its list of only if the field British voters— not ; only towards monetary union may But the fact is -that no-one is 

candidates and its election plat- ™ not simply left open there supporters of the Labour Party— sunpiy increase their present ready to bet how these (and 

form. It thus becomes tbe first iSf ^roployers and academics, will probably be most interested economic difficulties. It there- other national party) moves w-ill 

partv in this countrv to decide on 1 “® farliament would not be in ^ sPD’s demands for a fore proposes an increase and go. once direct elections have 
both— and has promptly been ?? le t0 /®! ve - maglc 311 t P r0 ~ reform of the Common Agricul- restructuring of the Com- occurred and Herr Brandt and 
criticised by other political biep 3 ? °f European co-operauoiL ture Policy and for measures to inanity's social and regional his men have taken up tiiejr 
groupings (including its coali- hut Jt wouia De reaay and able strengthen the economies of the funds— and c»Hs for a Strasbourg seats. How great will 

tion partner in Bonn? the liberal J® f or new A ?7 e less .prosperous European “solidarity fund” to be set up. the tensions be between the 

Free Democrats) .for trying to countrigs.,. The Party re com- through whSch the richer directly-elected parliament and 

move too_far Left at the Euro- pa^ajoeniarians “* at u,e / mends that- the portion bf the Northern European .states would tbe Government in Bonn— and 

pean level. The signs are that Qeed U5 ’ ±lerr veEter aecuarea. Commnnity budget spent oh firm help the economies of their elsewhere? 

the European electoral battle is Not surprisingly, the SPD plat- price sujjport be reduced aid tbe southern neighbours. The fund The questions of the future 
at last' starting to warmup. form contains elements strongly part going to help structural would be financed through powers of tbe European Parila- 

ThfWP suoeestine that the SPD reflecting current. Important change in agriculture be inr direct national contributions and ment is the. most obvious point 

in Zwnt to mith thrnush at West German trade union con ' ceased- via the capital market along the of controversy between West 

EuScomminitv level Left cerns ' Tbey inc]ude demands A price policy alone could not lines of the post-war European Germans and many of their 
wfMmnclM it emiM not hrine for 3 33 - bour week (though the solve the problem or surplus Recovery (Marshall Aid) Pro- French and British neighbours, 
iritrf heino* at h«S nnfot e,ectoral P latfonn speaks of an production, the SPD says. The gramme. The SPD— and this goes for the 

t™»He uninn renrewntal to be achieve d step by step) policy must therefore be It aimost goes without saying other main German parties too— 

takes ir as a matter of course 
that the Portia Intent will be 



Back home after the 1973 ‘cease-fire-:— to a —fiatidn where ! 
- veterans feel themselves symbols of ' a . despised war- 


Vietnam veterans— 




an uncaring 



BY NANCY DUNNE IN WASHINGTON 


ABOUT A dozen ragged vagrants veto, constitute nine per cent erf ' 
share- a whisky bottle in a small the patients- in - veterans' hospi- 
Washington Park. They- are "tals, they committed 20 per cent 
Vietnam war veterans— part of a of the smmdes-. there. -Their rate 
large brigade of returnees of. divorce and mental break? 
unable to secure a place ' in downs is also unusually high. ... 
American Society outside of bars. The review also revealed that 
flophouses, parks and prisons. Vietnam vets .up to the age of 
They see the future without hope 39 had a median income of 
and are bitter about the past 312,650 in 1977 compared with 
Tbere are an estimated 40- $9,820 for hoh-vete in the same 
50,000 homeless veterans and as age group. Some 26 per rent 
many as 500.000 have found their earn less than $7,000 a year, 
way into the criminal justice The poverty -line is - now at 
system— into Jails, prisons or on $6,200 for a famil y of four- The . 
parole. For most Americans, they employment " picture for White 
are vivid reminders of a. war veterans : has improved con- 
they would like to forget siderably'with only 4.7 per cent 

. Vietnam was a “ different” war unemployed. But unemploy- 
for Americans. Not. only was it ment among Black veterans was 
lost, undeclared and so unpopu- 1L2 per cent and among the 
lar that it ripped the country more' than -500,000 disabled, it 
apart, but it was the longest war was 30-35 per cent 
the U.S. has fought When The war was ^ooght fay a d is- 
American schoolchildren stpdF ft . proportionate number of Blacks, 
— if they do — they will Save no andV it .is the returning Black 
j to memorise- - veterans who have had a die* 

' The different war has pto- proportionate' ■ amotmf -of d£f- 
du.ee d different veterans, Acuity. . Aiihp ri g h fh g y. mn cH tirt 
Earlier wars had broad pubfic w per cent of the - armed forces, 
support and were fought largely JHacto heJd 5tt per: cent of the 
bv the .middle and worfciiig combat . role&^the wan* for 
classes. Vietnam .was fought with preparation for civilian: life 7 : 
Jhe^oujotn*. .8PW* WPnet-?nd. . Uatratoed for .. civilian . jobv 
Rpare soldiers. Until 1989, when many Blacks cun only find 
'must-, of the fighting and dying menial positions add few can 
vps done and the draft lottery take advantage of the veterans* 
was initiated, its dntitees were , educational - henefits. Black 
drawn Irom the lower, middle veterans have.- ah incarceration 
class and the poor, who could not rate double that- of non-veteran 
get cdflege or other deferments Blacks of the same , age, and 
from military service. . . have Been jailed at a rate seven 

la its early days, Vietnam was times that of White veterans, 
conceived of as a conflict, which 

needed no declaration of war by Jobs programme 
Congress. The country was not _ ; “ 6 

mobilised for the effort. Instead Any veterans who entered the 
of. cutting .back domestic spend-- armed forces^ in expectation of 
ing to pay for it. President Government rewards feel 
Lyndon Johnson embarked upon shabbily treated in comparison 
the Great Society. With soldiers who fought before 

The conflict was even made them.. Second .'World War - 
part of Johnson’s -“war on veterans who wanted -to go on to 
poverty.” When : Mr. Robert college received, in most cases, 
McNamara, then Secretary of tuition-paid educations and living 
Defence, launched -^Project- allowances while they were 
100,000. a plan he said would attending schooL Vietnam 
salvage tens of thousands *’ of veterans , get a fixed allowance, 


the poor by recruiting them for a comparatively meagre $311 a 
Armed Forces. Tc 


the 

this 


strong trade union represents 
tion on the SPD's federal list of 
candidates for direct elections. 
The SPD does not deny this — is, 
indeed, rather proud of it. 

Of the top eight places on .tbe. 
list, three ore taken by promi- 
nent trade unionists (who are 
therefore bound to gain seats). 
At number two is Herr Heinz 
Oskar Vetter, leader of tbe DGB 
(the umbrella organisation of 
West German trade unions, 
similar to Britain's TUG). Herr 
Eugen Loderer. head of 
IG-Metall, much the biggest 
single trade union in the country, 
takes place number -six. And 
Herr Karl Hauenschild. leader of 
IG Chemie, is at place number 
eight 

The first 40 places on the list 
include other, less prominent 
labour leaders, eight women 
(including a former Minister and 
a recent leader of the young 

social ists), a a sprinkling of 
elder statesmen. .At the top of 
the list is Herr Willy .Brandt, 
the party chairman and former 
Chancellor. He is ill at present 
but in a message to the gather- 
ing. said he expected to be back 
at his past early next year. 


Gaullists block election funds 


BY DAVID CURRY 


THE GAULUST RPR party 
carried its campaign against 
direct elections to die Euro- 
pean- Parliament a stage 
further yesterday when it 
Joined the Communists in 
voting to prevent the financing 
of the European election cam- 
paign with EEC funds and the 
use of EEC money in pub- 
licity to encourage people to 
vote. 

"With the Socialists largely 
abstaining. President Giscard 
d'Estalng's UDF was the only 
party to vote against the 
Ganllist proposals, which were 
carried by 246 votes to 124. . . 

Rotations between the 
Gaullists and President Giscard 
are deteriorating rapidly. In 
an obvfons reference to the 
Gaullists at the weekend, the 
President urged a congress of 
young party workers not to let 


France become ** the old' maid 
of Europe " and not to be 
afraid of Europe. 

Last week jff. Jacques 
Chirac, the GaullLst leader, 
condemned the President's 
refusal to seek a guarantee 
from EEC heads of Govern- 
ment that the powers of the 
European Parliament would, 
not be extended. In a whole- 
sale condemnation of the 
President’s foreign policy, he 
said that M. Giscard cFEstaing 
had become the sponsor of 
foreign interest against tbe 
real Interests of French inde- 
pendence. 

The GauUist leader- Is. det« r ' 
mined to create a distinct Plat- 
form for his party in the- Euro- 
pean elections. He is seeking 
to paint the President's party as 
being basically unsound d" 
independence, mesmerised by 
the West Germany’s economic 


of 

by 


performance but ignorant 
the threat represented 
German power, and fatally 
attracted by the sirens of the 
German- American Atlantic 

alliance. 

M- Chirac's object Is to 
prevent die GaulUsts from 
polling a lower vote than the 
Clscardlans in the European 
elections and henee being 
edged towards tbe periphery 
of the French political scene. 

The Gaullists hate gone so 
far In their verba! opposition 
to the President that sooner 
or later M. Chirac will haTe to 
stage a real revolt In the vot- 
ing chamber or lose his 
credibility. Although he has 
renewed the six months* 
“truce" with the Government, 
some observers believe that in 
the sprisg he will attempt to 
topple the Government and 
precipitate a general election. 


strengthened, and that the direct 
elections are a first, important 
step in that direction. The SPD 
platform calls for the clear par- 
liamentary Right not only to 
refuse tbe whole Community 
budget but to change every 
individual position within It for 
the right to control the policy of 
the European Commission and 
for a strengthening of tbe par- 
liamentary position vis A vis the 
Council of Ministers. “ Europe 
is still far too much the business 
of Governments and bureau- 
crats,” tiie SPD comments 
bluntly. 

In fact there is something in. 
the SPD platform to upset almost 
everyone— including several of 
the 10 other Social Democratic 
or Labour parties of. the 
“ Federation of Social Democratic 
Parties of the European Com- 
munity'’ with which the SPD is 
associated. 

But. as one senior SPD mem- 
ber remarked, that is a very 
satisfactory, way of starting a 
campaign whose main danger \e 
that it could be treated by the 
European electorate as simply 
boring. . 


o achieve month, which may or may not 
amtntiop. mental aptitude cover tuition costs, depending bn 
standards, already lowered since whether or not they live near 
Korea, were dropped and 354.000 inexpensive schools. 

uSSS^ y ° nUjS Were all President Carter’s 

inauctea. .rhetoric (“We. owe them- a 

tPjL.,/ .-nTiJuI - special debt . . . They have been 

ronrayea as Killers criticised and rebuffed - because 

Of the 11 million men of drift answered the caJJofduly;^, 
age who' served in the military Iu * Administration has proved 
during the Vietnam era, two and a disappointment to the Vietnam 
half million were sent to Viet- ve t erans * . ' . _ . ' 

nam. There, 400,000 were A much touted jobs pro- 
wounded and 52,000 died. fframme, hastily assembled last 
Their, return was also “dif- ?*.* n 
ferent ” from that bf veterans of P* ^® 150.000 Jobs the 

past wars. They were greeted Foment promised ■: veteran j 
not with parades and honour but tojder the concentrated employ* 
with indifference and hostility ™! n ^ n ® nd 
either, for having gone to Viet- received 98,000. Of the 

nam at all or for not having f^ 000 vets t0 h® under a 

won the war when they did go. TO*™"® «■“** Hire. 

They came back to a society completed training. -The 

torn ' by dissent and into- an £ Ib ®r am ^ ne TT . ba5 ‘ been reepnsti- 
economy unable to absorb them, toted as Hire IL and early 
And they came back to find ta( pcate it will produce 

themselves portrayed in the °®i?^ rKitits. : _ 
media and . in the public mind T r e Administration s promised 

not as, heroes but as disturbed r £ v *ew. badr paper dis- 

drug. addicts or killers. - uwses turned , into another 
Mr- 'Tibberr Muiiw w,* disaster... The. discharges to be 
♦V ZriZSSKt tr^r JL f - renewed were administrative. 

Siwen for single offences 

iSS 8£ 

2ZEZS 

jfi.fi ifsKf - 

nrr<ptiv ^5 ? 0BS as possession of one .mari^ •- 

555?* to Juana cigarette, alcoholism^ "fis-: 

lt 1:41 irresponsibHIty,"- something , 
?jSu5;'».£friS e ® lth cr vaguely labeUed “homosexual 

consloerea you a sucker or some tendencies, " and -bed- -wetting 

^ yC u- l i5 atb ".. wbe . killed - -(418 were . ffiven _ betwgep_l9^ 1 
’ ' . 1975). .Sucb dtechar^s- hurt a 

Psychological teauma created. v<fteYarr's ein ployinent” chances 
vn nothing pew. . But; and- can . reduce'- or .' void his 

Viet nam vererans feel they carry benefits. • '■ .'"V".-.. • ’. .. 
the extra burden of symbolising - ;It would be misleading to say 
a e 1 1 ^ST'.- unofficial Congrtes has ;. hot- . spent" any. 
survey by the veterans Admlnis- .money on the -yietnun veterans, 
tration found that one out -of-’ Nearly-- $26bn have- • been • spent 
five new vets suffered “ serious for educational benefits. Millions- 
and • prolonged readjustment have-.beefa' spent upgrading' tiie 
problems. .... quality- of health care; in-VA 

Under pressure from Vietnam hospitals^ But because Ihe pro- 
veteran y groups, the Carter grammes lack cohesion and com- 
AdmituatratJon produced a much- prehenslveness, thev seem less- 
delayed review of the status of than they-are." 

Vietnam soldiers. It showed' titat jThere. are those who argue •• 
although veterans as a whole with, some .force that ex-6pldiers’ 
cannot be a>id to be doing badly benefits are ton high." There bas 
— tbetr median meome is almost he6n particular criticism against 
25 per cent above that of nop- the-praotice rf-“ double-dipping ** 
vets— a large minority is doing^under J wblcirr career = military- 
very badly Indeed. At Jeast. 20/ pefooitoell retire^, get generous . 
per cent continue to face re- pensions' aud : -are. ^ accorded 
adjustment problem*. They have “ prelerence^ in -crvil ^semce 
a 23 per cent higher .suicide rate Jobs, from.-. ' 


than non-veterans of the same salaries and.penaion^it the aame- ... 
age. and- 31 per cent -more -of time: But .-few ; Vte team veTerahs^ -*r 
alcoholics : and prob- serv^untiCrettrejnent.' and fow -. • • 








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AMERICAN NEWS 



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ti .Sr economists predict 





•-W.’ \ 


BY STEWART FU&HM&^N NEW YORK 


^ * a IN 

M 


THE GROWTH «*f . ihe IMS. 
economy wdl slow. drama flratfr 
next yeay but inflation. w® con* 
tlnufe' unabaied» according; to . a 
group' . trf «conoizQSt9 .who pro- 
duce a bnslncd?' outlook twice a 
year jpr^tKe Conference Board* 
an y /-ffi ripeiKfeflt '. business 
resesvh- group. ' ' v. •;. -■ -■ 

The- group sees * recession, ja 
I97S os ■_"* a strong Twssibittty" 
and p»re than, half the jll mexb' 
hers vl the. teani 

assume that mandatory, l^age, and 
price conirnK wUtJfe-i'ntyddw^d. 
because of . lack . ot ^WOgteas in 
containing.'-' 4p&ftona#^~*jxre3-' 
surc&r,. h'S --.-:?, j o 

OnSWJ^nce : WbI sees A- 

Flowin®-Jof; 

2 ta 2A, j*r cent next year (weft 
betaw-' 3 Sf. j; per /. . cent 

anticip»ted fdr 1878 and the 4.8 
per cent recorded dn 1977). 

Consumer prices . -are pre- 
dicted to rise at 7.7 per cent, • a 
similar rate . to ;this year, arid 
producer prices at 7.4 per cent. 

Although .the : ^Conference 


Board predictions are gloomier 
than most of those -from Carter 
Administration " : officials. . " the 
^ Administration -itejilF ;h2s .‘been 
steadily. reining; to ' its ‘ predic- 
tions for 1979 since 'tSei’President 
aimonneed .■'tbe .i dbBM’-.' support 
package . and a risp.^in’' the 
discount- rate to '95 • per -cent on 
November £ : ; ; 

.. At that- timirtte Atbnihlstra- 
*n» wjs Jtill seeing 3* per: cent 
CNF growth next year bui since 
then-officials have scaled -down 

- thejftgu re. 'Lart week Mr.Sfirhae] 
Blumenthal, the Treasury Secre- 
tary,^ conceded that real growth 
next year .could be as low -as 2 

-per cent, although he'-cootinueri 

- to- stick to thfe-o®E»al Administra- 
tion : target of; 3 per cent and 

-•forcefully- discounted forecasts 
of a possible recession. -. 

The Conference Board’s infla- 
tion forecast is the most -disturb- 
ing clement in its presentation 
however, for there are many 
economists who would welcome 


a significant slowing of growth 
if tf also implied a reduction in 
Inflationary pressures. 

“ We do not expeel a clear-cul 
victory over inflation, although 
w? do ihinfc the rate will be 
falling as the new year pro* 
presses," the group says. 

Other economists are drawing 
attention to rising capacity 
utilisation in industry, the con- 
tinued strength of the non*farm 
business sector. And increases in 
wholesale prices for basic 
materials as factors standing in 
(he way of a significant slowing 
of inflation. 

The Conference Board outlook 
is thus one which will have a 
wide following in the private 
sector and there will be some 
anxiety about the implied 
increase in unemployment to fi.5 
per cent from the November 
level of 5.S per cent when a 
record proportion of the poten- 
tial working population was 
employed. 

Jolts ahead for Carter Page 18 


Subsonic Concorde on tour 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


BRANLFF INTERNATIONAL, 
the U.S. airline, hopes to be able 
to start its subsonic Concorde 
flights between Washington and 
Dallas/Fort .(Worth; Texas, in 
January. 

The airline plans to, take over 
Concorde from British Airways 
(BA) at Washington three times 
a week, after toe ’ aircraft - has 
completed its supersonic trans- 
atlantic -flight from London, and 
fly it to Texas -stxbsomcaiiy. 


Bran HT win then 'fly it back to 
Washington, where- BA will take 
over again and iffy K super- 
sonically to London. * 

This interchange deal is ex- 
pected to provide Caster links 
between Texas and London. 
Hitherto, passengers have been 
obliged to change , aircraft at 
Washington, often With lengthy 
delays. 

As part of the plan, the two 
airlines, with British- Aerospace, 


Concorde’s manufacturer, arc 
now taking Concorde lo a large 
number of cities in the southern 
U.S.. on a familiarisation tour. 

Yesterday, the aircraft visited 
Tin-son, Phoenix. Las Vegas and 
■Denver. Today, il will go to 
Amorillo. Oklahoma. Tulsa, and 
Kansas City, and tomorrow in 
Houston. New Orleans and 
Memphis before returning to 
Washington for the flight back 
to London. 


Canadians 
‘want new 
Liberal leader’ 

By Victor Madde 

CANADA’S Liberal Party -would 
surge ahead in popularity with 
the voters— even in Quebec — if 
Mr. John Turner, the former 
Finance Minister, replaced Mr. 
Pierre Trudeau as . .leader, 
according to a poll . . 

The private jpoli, conducted by 
toe Toronto Datfr Star, Canada's 
largest newspaper, showed that, 
under Mr. Turner's ^(leadership, 
toe Liberals. would hold a 5 per 
cent lead over. Mr. Joe Clarice's 
Progressive Conservative Tarty; 

The same poll showed that, 
frith Mr. Trudeau, as leader, toe 
liberals, would frail tbe-. Cqft- 
oepraiivee toy 8 per cent ‘ ; ‘ 


Energy official seeks to 
calm petrol crisis fears 


BY DAVID IASC.FU.fS 

A SENIOR DEPARTMENT nf 
Energy official sought-y ester day 
to allay growing fears of- a petrol 
shortage here. ~7 

Mr. John O'Leary. toiT Depart- 
ment's Deputy Secretary. told the 
Senate Energy Committee, that 
“supplies of motor --gasoline 
appear to be adequate , to. meet 
national needs." though, there 
were difficulties with one .in; two 
categories, like . unleaded gaso- 
line, used by vehicles meeting 
new environmental standards. 

“ Barring a major aha. unex- 
pected interruption ofrxupply 
such as an embargo, 1 ’ he “ no 
possibility .Qf a generalised: gasp- 


line shortage and long gasoline 
lines between now and next 
summer." 

However, he did concede that 
demand was exceptionally high 
due to the warm autumn this 
year. Consumption of petrol in 
mid-November reached an aver- 
age of 7 .5m barrels a day, 5 per 
cent more than in the same 
period last year. 

But echoing the oil companies’ 
warnings, he predicted difficul- 
ties in the longer term, because 
or the tight schedule for introduc- 
tion of environmentally accept- 
able fuels. 


Chile and 
Argentina 
in Beagle 
negotiations 

By Robert LIndley 

THE CHILEAN Foreign 
Minister. Sr. Hernan Cubtilos, 
has arrived here for talks 
today with the Argentine 
Foreign Minister. Sr. Carlos 
Washington Pastor lo iry jo 
agree on which third country 
should mediate in the 
increasingly serious dispute 
over the Beagle Channel 
boundary. 

After *ix months of direct 
Argenlinc-Chllean negotia- 
tions. to resoh'e the dispute 
over Islands and waters, at the 
southern lip of South 
America, ended in failure on 
November 2, Chile proposed 
choosing "by common agree- 
ment, a Government lo art 
as mediator." Argentina 
agreed to discuss mediation 
but specified that il woold 
accept it only under "certain 
conditions." 

It is (his issue which the 
Foreign Ministers will iry to 
sort ont here today in the 
Foreign Ministry. Sr. Cuhillos 
will return to Santiago 
tomorrow morning, hut there 
is a possibility that the two 
will meel again In the Chi Iran 
capital. If Ibc attempt to agree 
on a mediator fails, the thrral 
of war between Argentina and 
Chile would inerea.se con- 
siderably. 

Chile’s war preparations 
have been considerably ham- 
pered by the decision of the 
Inter-American Regional 

Organisation or Workers 
fORIT). meeting last week in 
Lima. Peru. Jo boycott the 
Governments nf Chile. Cuba 
and Nicaragua “Tor their 
flagrant violations of human 
and labonr union rights." 

Already as a result or ORJT's 
boycott call, the shares of 
about 50 Chilean companies 
which operate In imports anil 
exports have dropped 
appreciably in value on 
.Santiago’s stock market. 

The Pinochet regime’s 
human rights reputation 
received another mnlor blow 
Iasi week with the announce- 
ment of the discovery of 
several bodies in a lime kiln 
near Talagante, 30 miles south- 
west of Santiago. The Chilean 
Supreme Court has ordered an 
investigation into the dis- 
covery. 

VS. COMPANY NEWS 

Fourth quarter lifts earnings 
at Carrier; General Telephone 
In agreed takeover oF Telenet: 
Litton optimistic for second 
quarter — Page 23. 


SALT talks to resume this month 


BY DAVID BUCHAN IN WASHINGTON 


MR. CYRUS VANCE the U.S. 
Secretory of State and the Soviet 
Foreign Minister, Mr. Andrei 
Gromyko, are to hold another 
round of strategic arms negotia- 
tions before the end of this year 
and probably before Christmas. 
Officials confirmed yesterday. 

This follows several meetings 
a si week between Mr. Vance 
and the Soviei Ambassador to 
the U.S., Mr. Any toy Dobrynin, 
and has prompted speculation 
that President Carter and 
President Leonid Brezhnev may- 
now meet in mid-January to 
sign a SALT 2 irealv. After he 
last saw Mr. Gromyko in Moscow 
at the end of October. Mr. Vance 
said he would not meet the 
Soviet Foreign Minister on 
SALT until all ihe negotiating 
details had been worked out and 
a Presidential summit could be 
set up. 


For months the Admit istratiod 
has said a SALT 2 agreement Is 
95 per cent complete. Lower 
level Administration officias say 
that information about negotia- 
tions on the remaining issue is 
now being very lightly controlled 
h>- Mr. Vance. But the last few 
issues at dispute— which the 
Vance-Dobrynin meetings may 
have gone far towards resolving 
—include the hardy perennial 
differences about how toe U.S. 
Cruise missiles and the Russian 
Backfire bombers should be 
treated. 

The Russians have wanted to 
write in limits on the number of 
Cruise missiles that the U.S. 
could put on its B-52 bombers. 
This demand predates, but may 
have been accentuated by. a 
Pentagon study released last 
month to the effect that tests hy 
the U.S. this year show present 


Russian air defences against 
them lo be relatively ineffective. 
The U.S.. for its part, has 
insisted that if the Backfire 
bomber is not counted under the 
SALT 2 ceilings for strategic 
weapons, the Soviet Union must 
not deploy or use it as such- 
The U.S. has also been push- 
ing to limit to 10 the number of 
individual warheads that the 
Russians can put on each of their 
large land- based missiles. This is 
one of toe most controversial 
demands tabled in the SALT 
talks because ii is hard to see 
how the U.S. could check that the 

Russians were sticking to such a 
commitment, the Soviet Union, 
for its part, has proved sticky 
about agreeing to a timetable 
to reduce their present total of 
more than 2.400 missiles and 
strategic bombers to the pro- 
posed SALT 2 ceiling of 2.250. 


Mr. Carter and bis Admiiiis- “ 
(ration are impatient to get g, 
SALT 2 agreement with tire-'- 
Russians and to embark on tbei£: 
second task: that of selling it trr 
Congress. Precisely because tbeyi, 
face a hard job here, the 
Administration is keen to give, 
itself plenty of time in the next* 
legislative session to win Coiw' 
gressional approval. 

The President would, 
apparently like a SALT-signing 

summit with Mr. Brezhnev. . 

probably inthe U.S.. to coincide;' 
with the reconvening of Congress . 
in mid-January. By that time be 
will have had the occasion of the- 
planned Gnadaloupe summit'; 
with the British. West- German -. 
and French leaders to sound out.: 
allied reaction to an agreement 

with Moscow. 


ECUADOR’S MAJOR CITIES 


Austerity after the oil boom 


BY 5ARFTA KENDALL IN QUITO 


NOT MANY city administrations 
can boast a healthy balance 
! sheet. But when the newly elec- 
I led mayors of Ecuador’s two 
| largest urban areas took office, 
j their anguished reports of fiscal 
disaster spelled a long period of 
austerity. Guayaquil is littered 
with unfinished construction pro- 
jects, while the capital is run- 
ning a debt nr nearly S150m and 
will have to borrow further to 
complete the ctirreni road pro- 
gramme. With the first flush of 
Jhc oil Itonanzj fading fast. 
Guayaquil’s mayor Sr. Antonio 
Hanna Musse called for a meet- 
ing of all local government 
authorities to try and find new 
ways of boost in? income. 

Despite increasing urban 
. migration and an average popu- 
j lation growih rate of 4.5 per 
| cent in the cities, more than half 
of Ecuador’s population still lives 
! in rural areas and there were 
j only eight cities with over 50.000 
inhabitants, according to the 1974 
rensus. Even Quito and Guaya- 
quil. with populations of about 
750.000 and 1m respectively are 
small enough to avoid serious 
urban congestion — though the 
frenzied hooting of lightly 
packed ears in the rush hour 
might suggest otherwise. 

Fires destroyed much of the 
older area of Guayaquil, and now 
ever taller concrete structures 
jockey for position in the rentre 
— preferahly along Ihe Guavas 
waterfront Unlike the tropical 
port city, and i a spite of several 
earthquakes, highland Quito still 
has many beautiful colonial 
building* and balconies look out 


across narrow streets jammed 
with fuming buses. 

Soon after Ecuador’s first 
Amazon oil exports were shipped 
out in 1972, land speculators and 
construction companies joined 
forces in a boom which is only 
now beginning to flag. Shops and 
offices have moved northwards 
along broad avenues, away from 
the capital’s crowded colonial 
streets. Housing estates and 
modern chalets with gardens 


around rndependence Square will 
soon be restricted to pedestrian 
use. 

Quito is still relatively free of 
the overcrowded, under-sen' iced 
“barrios” which surround so 
many Latin American cities. Low 
income migrant families are 
increasingly concentrated in the 
labyrinthine old houses of the 
centre. Rents arc frozen at low 
rales, and owners claim ihey are 
unable to repair crumbling adobe 


Soon after Ecuador’s first Amazon oil exports 
»*ere shipped out in 1972, land speculators and 
construction companies joined forces in a boom 
which is only now beginning to flag. 



have crept up the ridges, beyond 
the legal maximum height for 
building, making service pro- 
vision very cosily for an im- 
poverished local authority. 

Foreign loans are financing 
north-south highways which will 
syphon traffic away from the 
constricted central area — but 
newly-opened by-pass tunnels, 
running nearly a mile long, have 
been packed with Quitenos enjoy- 
ing an afternoon drive. Soaring 
car imports have outstripped tbe 
transport plans of the early TOs, 
and a high proportion of the 
budget is going on widening, 
paving and constructing roads in 
both Quito and Guayaquil. Tbe 
first multistorey car parks are 
being built at the edge of Quito’s 
centre to help protect it from 
further ravages, and II blocks 


walls or instai much-needed bath- 
rooms. 

Guayaquil, with more than half 
the population living in peri- 
pheral squatter settlements, is 
worst for the basic services. A 
massive programme to fill in the 
tidal flats where so many 
immigrants have buiLt their 
flimsy cane huts on stitlts. has 
made electricity and water more 
accessible, and foreign funds will 
finance projects to extend urban 
services to more “barrios." 

However, housing provision 
lags far behind needs, and only 
12.500 units have been built hy 
the State Housing Bank in Quito 
and Guayaquil during the past six 
years. The deficit in Guayaquil 
alone runs at 10,000 houses a 
year. The bank's projects cater 
for families with incomes as low 


as S200 a month, hut even this - 
is well above toe minimum wage. 
Other housing organisations, 
such as building societies, require' 
much higher salary levels for- 
loans. 

Of Ecuador's industrial jobs 
SO per cent arc concentrated in' 
the rwn biggest cities, and a. 
tremendous growth in construe-: 
tion and service jobs since 1972; 
has helped generate employment 
for urban immigrants. 

Guayaquil, the more hetero- 
geneous city, is growing at 
nearly 7 per cent a year and has 
a higher percentage of under-, 
employed. But even in Quito, the- 
mayor estimates there are 10.000 
people living from informal 
street sales. Residents of high- 
land villages within easy reach, 
of Quito are increasingly depen. 
darn on the capital, and many, 
study and work here during the. 
week, reluming to their com-: 
munities at weekends. 

Curiously enough, when asked 
in an interview about the most 
pressing problems of Quito and 
Guayaquil, neither city's mayor 
mentioned public transport-^ 
although the bus services are' 
overcrowded, inadequate and a. 
source nf constant frustration to 
users. But no one who owns a 
car would ever travel by bus in 
Ecuador. Sr. Hanna Musse did, 
however, mention another prob-' 
lem close to the hearts pf 
Guayaquilenos — ruhbish collec- 
tion. “ If T don’t get the permis-- 
sion to import some rubbish 
trucks soon, I swear I'll become 
a smuggler and do it myself,” 
he said. 


JoK ;?rc-znr 


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4 


Financial Times. .Tus^y Itecei^r 


COMPANY NOTICES 


RAND MINES, LIMITED 

(i hear parotid in the Republic cf Scet* Africa] 

' A Member of Che farlow Rind Group 



DIVIDEND DECLARATIONS 

NOTICE IS HEREBY GIVEN that dividend! have been declared payable tn 
members registered in U*r bosks of the undermentioned companies at the close 
ol business on 29th December. 1978 and to Persons presenting the appropriate 
coupons detached from bearer warrants. The duldends on share warrants to 
bearer will be paid In ter ms ol a notice M be published on or about sth January. 
1979. The register of members of each company wHI be closed from 
so-Ji December. 1 978 to 7Ui January. 1979 inclusive, and dividend warrants 
will be Dotted on or about lit February, 1979. 

The dividends are declared In South African currency and the rate of 
mchange at winch the dividends will be converted into United Kingdom 
currency lor payment ol dividends from the office ol the London Secretaries 
will be the telegraphic transfer rate of exchange between Johannesburg and 
London ruhng on the first business day after 30rti December, 1978 on which 
foreign currency dealings are transacted. 

Where applicable South African non-resident shareholders' tax of I5**i 
will be deducted lrom the dividend!. , 

The full conditions of air men t of these dividends m*y be Inspected at or 
obtained from the Johannesburg or the London offices o> the Companies. 


Marne of Cainpanv l 

lEacti Incorporated In the 

Republic at Sooth Africa) I 

B 1 woo ru latent Gala Mining Coin- ' 

pany Limited { 

Durban Roadeooort Deep Limited j 
East Rind Proprietary Mines. 1 
Limited . . • 

Dividend 

Number 

flnterlml 66 
t Final) 110 

fFInal) 114 

Coupon . i 
Number 

lTt» j 

115 i 

South A'nun 
Currency — 
cents per share 

40 

50 

. 10 



Bv -order 




D 

F. L. WATTS 


Muger 

and Secretary. 


Registered OQce: 

15th Freer. 

63 For Street 
Johan •■•sbi'ro 7DD1. 

IP O Bax £2370. 

Marshalltown. 2107 ■ 

Unlie-f Kingdom Registrar* and Transfer Agents! 
Charter Con toll dated Limited, 
p.o. 102. 

Charter House. 

Part: Street. 

Ashford. Kent. 

TN24 SEQ. 


Office el the Companies m the United Kingdom: 

Charter Consolidated Limited. 

40 Hotbarn Viaduct. 
London EC IP 1AJ- 


tlth December. 1978. 


UNION DE BANQUE5 ARABCS 
£7 FRANCA I5U 
U.8-A.F. 


Loan US 525.000.000 1977 19E2 

PAYA3LE ON THE 7th OF JUNE 
AND 7th OF DECEMBER OF 
EACH YEAR 

Bondholder! al above lean are hereby 
intorneS that the rale of Interest 
applicable lor the si, months period 
eod.og 6t|j June 1379 has been h.-M 
at 12'i'-. 

Couoon no. 3 will be Payable as 
from tbi jun* 1979 at the one* of 
US *61.299 equivalent to ■ l2ii s A 
'uteres: vrorkod cut on a basis of 
182 .tEOHi csveriog the period sort- 
ing -y.i December 1978 to 6th June 
1979 Inclusive. 

The FAc.il Agent 
CREDIT LYONNAIS — 
LUXEMBOURG 


CLUBS 


EVE. 1 59. Regent Street. 734 9532. A la 
Cart# or All-In Menu. Three Spectacular 
Floor Show! 1 0.45. 12-45 a.nd 1.45 and 
music ef jennny Hawkes worth A Friends. 


GARGOYLE. F 1 *. Bean Street. London. W.1 
NEW STRIPTEASE FIOORSHOW 
'• AS YOU LIKE IT ” 

T t-5 ,<o am Show at Midnight and t am. 
Mon.-Fri. Closed Saturdays. 01-437 6455 


LEGAL NOTICES 


OLD COURT DOLLAR COMMODITY 
TRUST 
fCDRs) 

The undersigned announces Mat the 
rwonrt tar Me si' month! ended 23rd 
October. 197E. of Old Court Dollar 
Commodity Trait wifi be available in 
Amsterdam at: 

Pierson. ring A PierSOn N V- 
Algemenc Bank Nederland N.V.. 
Amster-fan-Potterdam Bank N.V.. 

Bant. Mees A Hope N.V.. 
Kas-Assotiafie M.V. 

AMSTERDAM DEPOSITARY 
COMPANY N Y. 

Amsterdam. 

December 5Hi. 19TB. 


GUTEHOFFNUAIGSHU7TE 
OVERSEAS N.V 
7'«% GUARANTEED BONDS 
19BH19BB 

5. G. WARBURG A CO.. LTD., 
announce that the third annual Instal- 
ment bf Bondi to a ■ cmin»i value of 
U.S.51 .250.000 have betn purchased 
for redemption on 1st February 1979. 

UJS.S21 .250.000 rnmioal amount of 

f ond! Mill remain outstanding after 
st February 1979. 

J O Gresham Street, 
on Jon EC2P 2EB. 

12th December 1970 


BRA GLOWS STORES LIMITED 


NOTICE IS HEREBY GIVEN that the 
igilawi-Tj dividends have been declared lor 
the hai'-vea- ending 'he 31st December 


SO. nh37M nf 1978 
I FV THE HfGH COURT op .H'STTCE. 
j Chaniy-rr Dltls.r.n Cor'p.inJes Csnrt. in 
I ‘it* mater or NUMBER Ifl CLUB 
i LIMITED arul m Me matrer of THE 
; C0\TP VUES ACT IMS. 

NOTICE IS HEFEBT GIVEN that 
PeMitnn fnr the winding-op of Ut* abovc- 
I named CorntMiir br .Tie Fteh Conn of 
1 Justice was nr in" M!h dar of Nor^mher 
1 1979 pr*»enret1 *.i the eadd Cfor: br 
i GUARANTEE I.OND»>N TRUST COM- 
PANY LTHITEO ef 3'J Bedford Row. 
Lor. Jon WC1H 4BU. And that Hi- skd 
1 Pe:Won :• directed IQ be herd 'h 'for* 
1 ’he Court sl::if>a ar the Raya) Cvuns of 
1 .Iiisile*. Strand London WC2. no Monday 
; 'he Uth dap nf January, inn. and joy 
j Creditor nr Confribitorr of the said 
f.onrpanr drsir.iui to support or ooaose 
■ "be inaMn* vf eh Order on the said 
Petition mar jpp*ar at the |;me of 
liearlhj in Derscr. or bv his Counsel for 
| 'bat Dtirpos* ar l a cow or the Petition 
I «1!l be furn'*fi«; hr the urdereumed to 
• any Credilar or Cnntribeurr of rji« sold 
i Com Mur reoulrr.i! such royy on pax- 
meoi of the revalued charar forth* same. 

Wnxhr A Webb Syren A Sana. 

of Id Sn'nd S quare . 

London WlV SEE. 

Axeni! for: 

HALLUTELL LANDAU & CO.. 

Barnett House. 53 Fountain Street 

Manchester M2 4AJC. 

S ol left ora for the PetitlOMr. 

NOTE.— Any person who intends to 
appear on the hearino of the said Petition 
rausi serve on or send b;- post io the 
aboTn-nanted notice In rrrfin* of tLs 
intouUon so io do. Tib* ncilee itmsi stma 
tnc natn? and address of the per ton or. 
tf a firm, th- rum-’ and addr-'it. of the 
firm and must be tinned * by the 


the bat'-vea- ending *re 3isf December nrm ana aiuit nt sisnjd'by the.' person 
tg7S ninth’; on or about the »*: January ( or firm, -ir his solicitor <lf gpy, and tnuM 
9 ' DIVIDEND No S4 ON THE 6“« I ** ^rvda or. U posl-d. iiiusi. be sent by 
ciLMui-ATivE preference shares \ sn sa/ficient time to rei-.b rbe abm-e- 


DIVIDEND NO. 6S ON THE 6", A 
CUMULATIVE FREFEP.EMCE SHARES 
For ourocs' o! Mvi np the above 
ffi- .Otfid the tnnsier reglsicm pt the S-^ 
amt the S". "A" Cumulative Preference 
shares will be ciosen fmm Saturtlav. i Sth 
Decemhor 1975 to Sunday 31st December 
1978. bath <Jar* inclusive. 

GWENT ENTERPRISES LTD. 

lU.K. Registrars) 

P.O. Bo* 17. 

J 4 2B Newport Road, 
ardlff. 


narori no> iaitr than 4 o'clock in the 
afivmoon of :h- I2:h January. 1979. 


ART GALLERIES 


AGNEW GALLERY, 43. Ohf Bond St.. 
W.1 . 01-629 61 76. DRAWINGS FOR 

CHRISTMAS PRESENTS. Until 27. Dec. 
Mon.-Fn. 9.30-5.30. Thun, until 7.00. 


AGA-EIY GALLERY. 43. Old Bond SL, 
W.1. 01-629 BITS. FRAGONARD 

DRAWINGS for .Artanoo _Furti«g. _UnTII 


15 December. Mon-Fri. 9.30-5 
until Y.oo. 


Thurs. 


BROWSE A DARBY, 19. Co.k St.. W.I. 
JOHN SALWAY — Clrcui Pictures. 
NORMAN ADAMS — Flower Pictures. 


No. 00.1992 Of 15<5 

In the. HIGH COURT OF JUSTICE 
Chancery Division Companies Own. Tn 
Ihe Mallar of MARQt'fS THEATRE 
PRODUCTIONS UM1TED and ra tfie 
Matter of the Companies Act. 1949. 

NOTICE IS HEREBY GIVEN that a 
PrtiUoB fPr the windimr-up nf ibe above 
named Company by Hjo High ’a urt of 
JoaUw was. on the Efth day of November 
197S. prewnied w the Bald Coon by the 
Commissioners of Custom! and Excise of 
King 1 ! Beam House. UMI Mark Lane. 
London. EC3R THE. and that the sold 
PeUtfor is directed io be heard before 
the Court Wtlrui at ih» Roral Courts erf 
Janice. Stracd, London. WC2A ill on the 
13th day nf Janunr' 197P. and ary 
creditor or roturtbinory or ihe said 
Company desirous to suoiiori or oppose 
the matqnK uf an iirdcr on the said 
PeUfion may appear at tfir rime pf 
hearmy In person or by hi' Counsel fnr 
thai purpose: nnd 2 copy nf th" Prlltlor 
wfl! be furniahed br ihr undrrslsnerl tu 


COLNAGHI. 14. Old Bono Street. London 

THE GRAND TOUr! ^ ,lw 


Mon.-Fri. tooa-rf.oa. Sits. 10.00-1.00. 


CRANE KALMAN. 178. Brampton lid.. 
S.W S. 01-564 7566. MILLS AND INNS. 
RIVERS AND STREETS OF ENGLAND. 
— Painting* 1830-1978. Untfl 27 
January- Mon.-Fri. 10-B. Sots. 10.4. 


DAVID CARR ITT LIMITED, is. Duke 
Street. St. James'*. S.w.i. SEURAT 
Paintings and Drawing*. Until 15 Dec. 
Mon.-Fri. 10.0D-5.00. 


FIELOBOURNE GALLERIES. 73. Queen - 1 
Grgse. N.W.9. 536 3600. Painting* bv 

RODNEY BURN. FREDERICK GORE. 
LORD METHUEN. LEONARD ROSCMAN. 
RUSK IN 5PEAR. JOHN WARD. CAREL 
WEIGHT. Sculpture by KARINE JONZEN. 


LEICESTER GALLERIES at the Alpine Club 
Gallery. 74. South Aurtlev Street W.1. 
ANNUAL PRINT EXHIBITION 10-5. Sat. 
10-1. 'Till iGih. 


MALL GALLERIES. Th* Mall. S.W.I. NEW 
ENGLISH ART CLUB. 78 Ann. Erhbn. 
Mon.-Fri. 10.00-5.00 Sa!S. 10-00-1.00. 
Until 15th Dec. Adn. 20o. 


MALL GALLERIES. The Mall S.W.I. Raval 
Miniature Society 80th Annual Exhibition. 
Mon.-Fri. 19.00-5.00. Sate, 10.00-1.00. 
Until 1.00 pm 9 Ok. Adm. ZQn- 

M ALL GALLERIES. The Mali. S.W.I. 
Portrait. Sculpture* and Male Prints '78. 

Ann. Evhbn. Mon.-Fri. 10-3. Sits. 10-1. 
Until 15 Dec. Adm. 20*. 


PM ELL GALLERIES. 40. Albemarle. Street. 
Piccadilly W.1. ANNUAL END-OF-YEAP 
CLEARANCE OFFER of FINE PAINTING5 
AND WATERCOLOURS. MANY AT 
GPEATLY REDUCED PRICES lrom £50. 


RICHARD GREEN GALLERY, 38. Dover 
Street London. W.I. 01.491 3277. 

CHRISTMAS EXHIBITION OF PAINT- 
INGS UNDER 53.000. Dally 10-00-6.00. 
Saa. 10 00-12. 30. Until December 22nd. 
RICHARD GREEN GALLERY. 4 New Bond 
St reet London. W.1. A a 5Z'_TKF 

vfCTtmiAN SCENE. Dally 10.00-6 00. 
Sals. 10.00-12.30. Until December 22nd. 


ST, PAUL'S GALLERY. Avc Marfa Lane. 
E-C.4 >of( Ludoate Hill). 01-243 5339. 
Pit and Wafcrtblnur Paintings. Sinister* 
Framed and Unlr»med Finn Art Repro- 
durtjea! including Slrrn*'! Limited Edition 
“rinis. Doe" 9.09-5.00 Mon.-Fri. 


Comaanr repairing sur h i.-opr on parmotu 
of the rcoulated for rh« sume. 

r,. F. GT/JAK. 

Kuiu’s Beam Knnsc. 
ss-ci Mart I-an*- 
London. F.CTR THE. 

Solicitor to lb* Potuionrrfl. 

NOTE.— Any porcon >rho intend * io 
appear on tbit hearine nf in* said Petition 
miisi sprw an. nr *rnd hr post to. ihe 
abatr- named mulo' In wrltlnq of bln 
fmonnon so to do Tlio nmlco must state 
the name and address nf the prison, or. 
if a firm, the name and address of the 
firm, amt must be <unTed by the person 
or firm, nr hh or their SotioHnr iff anyl: 
and must he. anreed. nr.' Ji poatedL. murf 
be sent by ptrit in suffieient time to reach 
the ahore-iuuiKd nm later lhan 4 o'clock 
In ;be afrrmoon of the 12ib dar nf 
January 1979., 


SMALL PAINTINGS WALL POTS. In. 
etudes work by S'r Hugh Canon. Andre 
Pfcar. Dona'tf Hamilton Frrter. John . 
P|-er. Patrick Procktor DvvIH Rtm-rn. I 
Leg.njm qo*tmtan and Ronald S“erle 
«— in 7-30 D-remher Go ‘■■in G?II<w. 
*Mtion riori* Henley. Qvon. Heole* 62Z8. 
THr PAOKER GALLPRV. 7 Albema-te 

pire— >niy. w 1. E«N6IHon Of r*fd 

m.-rlm. mi'ivrv and jwsr»|nq and rnno- 
0y>n'-i e i| prina and paintings and Chip* 

mn-ir 1 ! 

vwi URhHertiri. Painting*, etr^ing! 

'ri-mjriWB b» SEPGIO TEli.ES. Until 
"■* D-r*-. he- Wrir«v»r 

ItNrian 10-12.30. 147. N 

Street. W.1. 


New Bond 


EDUCATIONAL 


FRENCH INSTITUTE 
10-wpgk Inrertsive Day Course 
In Oral French commencing 
8:h January. Interviews lltfi to 
15th December. 

Details: 

14 Cromwell Place. SWT 1JB f s.a.g.) 

Trl. office hour* -1 1.30-12.30 or 
3 JO-4. 10 01-589 6211 fext. 45). 


In the. RICH COURT OF JUSTICE 
CJiaJKenr DJueJoji Companies Coon. Jo 
Uie Matters nf:— 

h'O. 003861 of 1975 
GRANGER \Y LIMITED 
NO. U0W6S nf inrs 
MARK HIISFELL 1.731 ITED 
No. WIS7S of 197? 

QVEETv'SBRIDGE ASPHALT LIMITED 
No. 003S90 Of 1975 

Jff. B. BHARWAhTl it CO. (LONDON) 
LIMITED 

and in the Matter of Die Companies Act. 
1M8. 

NOTICE IS HERESY GIVEN that 
Petitions lor the lrtadliut-np of ibe above- 
named Companies by die ITtzft Coorf Of 
Justice were, on The 4Ui day of December 
1975. presented w the said Coon by itae 
Conmuslaners cf Customs and Exitisc of 
Kina's Beam Hons-:. SS ■41 Mark Lone. 
London. EQR THE. and that the said 
Petition! arc dirctfi-d io br beard before 
the Court stiilns at 'bo Royal Conrls of 
Justice.'. Strand. London. WCSA ILL mi 
ihe 22nd day of Jauuar}' 19>9- and any 
creditor or ennfrfhuwrjr of any of the said 
companies d,wraiK '» support or appose 
the oiakiPj of an -infer on any or ibe 
saKI Pennons mil 1 appear at the time of 
hearing iii pBrsun or hy bis Counsel for 
that rturpov: amt a copy of the PetiBOT 
mil he fnnualicd by the undersigned n> 
ads- creditor or contributory of any of the 
said Companies rouoirmB such copy on 
payment ol the regulated charge for the 
same. 

r, F CLOAK. _ 

Klee’s Beam House. 

39»4l Mark Lao-. 

London. EC3R THE. 

SoUcftor to Die Petitioners. 

NOTE- — Any person -iho intend* io 
appear on the hearing of anr of the Hid 
Petitions must serve nn. or send by post 
in. the aboro-namrd notice m writll lg of 
his lntonnons so to do. TOe notice most 
stale the name and address of the person, 
or. If a firm, the name and address of 
the firm, and must be sicnrd by the 
person or firm, or lus or ihefr Solicitor iff 
ann. and roust be 'm-ced. cr. if oos red. 
musi he «eni by post in sufficient nine 
! to roach the Bb n * ,, ’-nnm'.il nol lal-T Ulan 
1 4 o'clock m ih 1 ' aliernoun nf ihr !7th day 
I of January 1379. 


MEMORIAL 

SERVICE 


PUBLIC NOTICES j 

aBaMMaHaiav(IB(m _ nv i — — "■- 

• BEVan — J ohn Henry A wr.rv n » rbantf- 
eurrOLK COUNTY COUNCIL I fli.lng *3< Jrlinnr will br nelr *; 
E2lm Fill* 'IWd ;pra. eii» 1 5.3.7* •*? i 12-30 e m se Trur>.''4y 1 llh Dirrmber 

1 1 1 i-. Total anoliCJtiCn! L70 :m ■ Bill! i 5: Mlcharl < Chlirjh. CheJtei Scpur ' 
oiiUrianding L8ra. " Landau,' l.\V t 


OVERSEAS NEWS 


Guerrilla bases in 
Mozambique Mt 
in Rhodesian raid 


BT TONT HAWKINS fN SALISBURY 


Zambia poll ,SLAM ,N ,RAN 
will test 
Kaunda’s 
popularity 


Holy month is test of 
strength for the 


. ZAMBIA'S THIRD general el«- iT v , TTinv( . 

RHODESIA yesterday a c know- resulting in the destruction nf ! tion since independence in 1964 1 

ledged that its forces had these dumps." the cDmmuniaueUakes place, today against , *“° aa r 

a tracked guerrilla bases inside said. |>a inauspicious background. Oid-^ J afii 

Mozambique to destroy dumps of Last month. Genera! Peter ' tinued shortages of basic coitimo- . J^iran and across the ' «ounbV v ■. 


BY ANTHONY McDERMOTT 


- . , . . .. bined Operations, said Rhodesian 

Sadia Maputo claimed that J5 secur ity forces were operating 
people had been killed and 93 across the border in Mozambique 
wounded in the attacks. Tbe on a basis. Political 

brief communique issued by observers here noted that tbe 
Rhodesia s Combined Operations traos'border attacks were taking 
headquarters gave no details of plaee while Mr ciedwyn Hushes 
casualties, but contradicted pe ^4 Mr> Stephen Low. the British 
Maputo claim that two Rhodesian aIK j u_s envoj-s, were visiting 
aircraft had been shot down in .coutbern Africa in. an attempt to 
the - attack. The communique establish a basis for all-party 
said all aircraft dad returned ta n« on the future of Rhodesia. 

Sa Th^ Sf £S!if" “"La that Reuter adds from Salisbury: 

rtf- • tArrnri«f anil flllllOllQCCO JjIDCC October. A DCI1 

m«l.rtal- within Mozamhihue. “■«<!«*“ v 

This information, they said, was * 3 ^!a Wd f nrf i 1 Into 

confirmed by captured euerrillas Mozambique and north int 

and the precise locations of ^■ aral3i a- 

storage siles of large quantities .The latest attack. was seen here 
oF terrorist weapons and esplo- 35 an attempt 'TO . pre-fcmpt any 
Sives was established. planned guerrilla offensive 

"Self-defence operations were during the* summer rainy season, 
mounted against these targets which has just begun. 


further Rhodesian raids on 'Protest. 

guerrilla camps, and the uncover- , The immediate spur was . 
ing of an alleged plot to assassi-i Asboura, the blackest day in.r. 
nate senior politicians have) the calendar of Shi'ite Moslems 
contributed to a crisis atmos- . in the mourning month of; 
phere exacerbated by an electioD Moharrem. It has been tradition- 
run-up of “'slogan chanting and j ally marked by public demoo.- 
witch-hunting,” as one local com- strations of grief by chain- 
menator puts it. {wielding self-flagellators. The 

The campaign of the ruling j anniversary itself is steeped in ' >-& 
United National Independence I history. It represents the death 
Party (UNIP) to ensure that! of the third Shi'ite Imam- 
President Kenneth Kaunda wins Hussein at the battle of KcrbaJa; 
at least 51 per cent of the votes ‘in Iraq against Yazid, the son. 
cast has been based on the theme; of the evil (in Shi'ite views), 
of uncontrollable “outside j Caliph Mu'aiviya in 6S0 AD, 
forces." Zambia has been the: But in Iran these days the; 
victim of the continued slump in I mourning is not just Tor the : 
the price of Its vital copper 1 followers of All. the soa-in-Iaw. ’ 
exports, the disruption of trade and cousin of the Prophet 
routes and political -instability in Mohammed and effective Founder, 1 
tbe region. Were it not for Dr. ! of Shi’ism hut also for - the 
Kaunda' s shrewd leadership, the! hundreds who have been killed 



The Ayatollah Khomeini 


“ntifead" fiaterp«Ution).: At 
this level teliotous people are 
".reckoned to- be a>le to; pass 
judgment not. just on reHgipd* 
affairs but ds 0 oa‘ day-to-day 
events. The holder' ef such a 
' certificate is called ; / a ' 
“mujlahed". (interpreter) and 
holds the title of Hojjat-ol-IsUm. 

- Mnjtahedg inevitsdily lead a 
Ufa open to the public and their 
• foHowera who can judge the 
levels of their rebgiouS Know- 
ledge and their true .humility 
and piety. Those, who reach real' 
pre-eminence acquire a . large . 
popular following ' . and - sa*n 
acceptance to the. extent that ; 
thislr followers regard, them as 
' being 'qualified to lead them. in' 
prayer. They then become laid wn , 
as ayatollahs. ' — - - - - -‘ 

Finally, there emerges "as first . 
■ among equals .' by ! consensus of 
other ayatollahs aa ayatollah: 
ozma — the grand ayatollah. .Hits 
title came into use' in the 1920s. 
The most famous in recent years 
was Mohammed , Bo mjer di- 


campaign claims, tbinss would be I in past months of anti-SBah : an interpreter of eoiitem- Tabataba’i. who died in 1956. He 

very much worse. ‘ ; rioting. • \ ! ‘'-poniry secular events) should had no immediate successor, of 

■While this may be true, it isi Shi'ism is the unorthodox'. j£ ve been atrt Caliph the “same stature bqt iii "the 

slight comfort to shoppers in .'branch of Islam as opposed 'to- because of his close relationship early 1960s 'it was -accepted that 

'.It derives the Prophet, because of. bis Mohseh Hakim Tabatabal was 


search of salt, cooking oil. wash- 1 mainstream Sunnism 
inq powder 
scarce 

produce the "massive” turnout : - snrat ail toe ra cuon 01 " r s j am 

the party has called for. Shi'ism has had its role of . 


wder, toilet soap and other tits name from the Arabic “shra" reUajnus record, and because ef 1 the grand ayatolli 
goods. Nor ie it likely to - t meaning faction, in this .case, his contribution to the spread of in Iraq in 1970.. 
« the “massive” turnout .-“shi'ot" AIL tbe faction of AiL'..'-- r s r am — . Khomeinf ‘ end. le 


Most UNTP officials privately i opposition to the Shah often and leS^JL^n nf“isUm liw“in tile ferred to a s grand ayatollahk 
anticipate a low poll— around 25 seriously misrepresented. The 1,^45 of Mi's descendants and ^B ut not occurred: ' oTtea 

per cent of the two million ; Shah himseff is guiify of m»- JSS,", inevitSilv there las ^ e^r case to sUggref 

registered voters. If the predlc- understanding the mouves of his -fa,- '^vision and dissent over^ ..overall-acceptance;- '' ; - 

tion is accurate, it will, in part ] «jn, . Shi of thSf descen- Today there are a total of si X 

be due to apathy stemming from . ***** ot the li^tian populatmiu darrts> bul the largest -Shi'ite who might qualify for this -title."; 
the absence of choice, ; l IiSSS- Brittfh is that of rhe rthne 'Asrhari i_Abol-Qassim Kho'i. aged 85, 

Dr. Kaunda is the sole candl ' 1 demnl^Slti^ns which had hted ^ the twelvers— the official reU- living in Najaf.' 2— Moham- : 

date for President a ter constitu-, Jemnnsti^tions which had b Jg ^ q{ ^ med Reza Gblpayegani, aged 

ttona amendments last Sep tern- j f°£mn°ere caused by“rS The Shi'ite role of opposition in Qom. ^-Shahalnsd-Din 

her lef his main challengers— : Qf mullalis P i n i ng f or the Io the mainstream of orthodox semi Marashi-Najafi, 81. in (joto. 

Mr. Simon Kapwepwe, the f^tTner i conlur , « Little could he Sunni Islam thus appeared early 4— RuhoTlah Moussavl 'Khomeini, 

Vice-President, and Mr Harry from the tntth “v but it w as ^^ established 80, currently in exile in Paris 

Ntaimbulah. e j’*?® er All too frequentlv defenders political standing when it was but previously since 1963" in 

d ?SiJffi an to aU crate*i n *7he or Shah Po^>' tbe state- adopted as the State religion by Nqjaf. 5— Mohammed Hussein' 
fiririiinitg ?nr irvtp-^nients of the leading Shi’lfe the Safavid dynasty in Iran in Khoasarl. 80. -in--T«bnui.vand' 
oSnaHnn And candidates ^ a }^ {a ^ . < religious leader) the 16th century. It was used regarded as being: close To the 
SSSirin- ri> *£? mlrnimM R»l»nll«h Khomeini nenv exile* then as a defence against the Government. jfc-Kazem Shmat- 
bera mfiS 5) ln Paris 6S heinK backward- largely Sunni Ottoman empire. Madari. T6r m Qom, and perhaps, 
a vStfnc DroSr^Hbirh ' and absurdly consent- But underlying this is a fun da- fte most influential within the 

excluded 28 contenders inchi d- 1 rjve - The - V claim that he. calls ; mental difference between Shi'ite country... To these shoal d per- 
fnc Mr Arthu? Wina a former not ior th ” overthrow of and Sunni analyses of . events-. be: added' tfae ayatoUahs 

Finance MiSster Shnh - which he docs — This is thai the adherents of the Shires On Ma^had) and Tale- 

r, ‘ , " „ v , .„!h nt a»«i irtr a stricfJv- Ida mid former faction have always had -'Cm Tehran),- both of 

ihPf*£ SteltrSptilS c5u d nt%°i repi,Wlr in - which women opportunity to respond to who® are perhaps the -most out- 

^ r . elirinK . an,i -iS* developments in a strictly spo^n ^mst the Shah within 


ayatollah. . He died 
Today both 
less frequently ; 
maintain that the Shariat-Madari have^been. re, _ 


Begin optimistic about 
Middle East peace treaty 

OSLO— -The Israeli Prime life to efforts to achieve a break- 
Minister Mr. Menahem Begin trough ... _ , 

said yesterday that he believed 

an Israel i-Egypt peace agreement airport by Mr. Moshe 

would be signed, even tE the Dec. Dayan, the Foreign Minister, 

17 deadline set at Camp David and is expected to report to the 
pass es. Israeli politician on his talk with 

“In my heart T believe this t * e . Egyptians. . The serious 
peace treaty will be signed.” Mr. efforts to persuade Israel to 
Begin told a news conferenn? compromise m the . peace talks 
before departing for Israel with *t!1 3et under way on Wednes- 
his share of the 1978 Nobel day when the Secretary of State 
Feacc Prize. Mr. Begin said that travels to Jerusalem, 
as far as his Government was Officials in the Foreign 
concerned, a peace agreement Ministry today Insisted ‘ that 
could be signed before the dead- Israel has no new ideas to offer 
line but he made clear that for to resolve- the deadlock in the 
thi* 10 happen Egypt would have talks but are waiting ro hear 
to accept the current draft which what suggestions Mr. Vance will 
it now rejects. bring. Israel has not been 

Asked whether Israel’s mora. aoproaehed about friending the 
torium on new settlements in lhree-nmnth deadline for the 
occunied territory would be talks which expires on Dccem- 
ext ended past Dec. 17. Mr. Begin her 17. the officials said, adding 
replied. “The Cabinet will take that "there is nothing sacred 

decisions on thft Issue. " Mr. about that date." The officials j W'- m neany monDunaai religiously based laws. By eon- jargonT^ for" Shl'i’tesThe’uSe “aql" ■ One point of controversy which 


Begin said he would discuss the said they knew nothing about a ! grass roots Just over half the 
situation with the I'.S. Secretary possible new summit between 1 Posts at village ana section level 
Of State. Mr. Cyrus Vance In the leaders of Egypt, Israel and 'were unfilled at elections earlier 
Israel today or tomorrow after the U.S. 1 th is year 


%"js Use SS3& VSA. 

* q/ “- 15 3 “™ T mt >nbuna at ine * religiously based laws. By eon- jargon, for shl'ites the use “aql" • One point 

+rast the Shih is presented as (wisdom) precedes that of his com« up again in the debate 

Vusino Hof prminurl tn turn ' Tmfi u-..i - . ■ j i " am. -thi.. SliaV'i. lls, tl.-x 


the funeral of the ex-Premier ThotBands 0! Israelis yester- 
Mrs. Golda Meir. day filed past the bier of Mrs. 

AP Meir as it lay in elate outside 

Meanwhile in Cairo, Mr. Vanca the Knesset in Jerusalem, 
talked with top Egyptian officials Among the foreign- dignitaries 
on the Middle East deadlock- arriving for the funeral are Mrs. 
Rumours also circulated la Jerti- Lillian Carter, representing her. 
salera thai President Anwar son. President Carter, 1 -®^ Harold 
Sadat would disptach a special Wilson on behalf of thF "British 
emlssarv to the funeral nf Mrs. Government, and the ’ Toriner 
Meir. It is believed that such a U.S. Secretary .of State, Dr. 
symbolic gesture might give new Henry Kissinger. 


There has. in fact been a 


being determined to turn" Irgft “naql " (tradition and preCe-’ over the-^ ShaJr's “IIbe^alisation ,, 

into' a modern industrialised dence)— opening the way- to programme has been the 1908 

state. Western ihut without- losing -greater pragmatism in interpret- constitution.- r When, it was 

Kteadv decline nt the noils nverl? 0 Jr e b * f,c TraTliaT, character 1 ing cur rent events— and this la originally .promulgated it caused 
the vears lhdeo«»n(iencp elections' . . . . '.the major role of the contempt a. deep schism- In the Shi'ite 

in iS saTrShe S Sr i ™* has assumed rary shi'ite clergy. " clergy . -between those— who: 

! rent ^urn-out The figure fell to I iSt***?* aSS Ic has a parent hierarchy but supported . a _ constitutional 

• 82 per cent in 198S and plum-i tELtli ‘v-- 3 “jLnwii tiS „\rt : OIle wUck develops as * result monarchy ^ and- those who. 
melted to 40 per cent in l&S in ! SjT* fLJff of <he ««« the holders' of favoured :lheocrecy. The- emer-' 

the first elections sfter rhe intro-! £* te shah^ ii, h " The ^S- Tartous From-bdttom-'ta formerjgroup was 

Auction of the one-party Stale ] Cnme iV uUlmate h -te top. -peopUi' acquire static and a ^*cal developmeiit mjoodera 

About a sixth then voted asainst -.f'S titles .through re putatioir and Islamr indicating ^at StaW is 

the President. ! NevJShele.!? achievement and not by election capable of entertemlog and 

This time, say members of sn , ►v,' remte- ’ th^t Tclam is or ‘appointment - - adapting to new copcepts. 


Peng reputation revives 


taforma! Opoositlnn grounin?. 
there Is a rhance that Dr: Kaunda 
wtll not iet a majority. a*>d an 


th« oniv : n^ii"tlnn ro have For Shiites, an Islamic educa- The later group— the theocrats 
,.. ar , m n i on Oregon in* tion is acquired at seminaries of —was offended by the idea of a 
*tc. ibn s-«rof' poling, end which the most important are at parliament authorised to pass 


PEKING— Peking Radio yester- citizens, including members of 
day referred to Peng Teb-hoad, a hostile classes, are entitled to 
former Defence Minister, an equal application of the latf.” ■ 
indication that be is being It sold: “ China must eliminate 
posthumously rehabilitated after feudal ideas of prerogative and 
his dismissal in 1959 for appos- rank" and extend justice Oven 
ing Chairman Mao Tse-tung. to capitalists, rich landlords and 
Peng, who commanded the rich peasants. ' 

Chinese " people's volunteers *’ The newspaper, under i the 
during the Korean War, was one influence of the party's moderate 
of the Communist Chinese army's mainstream group, beaded' by 
greatest leaders. He was dis- Teng, has been the vehicle 
missed as Defence Minister recently for a series of human 
apparently because he opposed rights demands seldom raised in 

Mao over economic policies that tbe past 10 years. { _ 

ted to the disastrous 1959 “ great • Malaysia yesterday proposed j rennened in October, 
leap forward." Peng ds believed setting aside an island in south- 1 Rm ihr* Onno^tron'*: hteregt 
to Iravt died in 1974. east Asia as a temporary (home 

Posters put up during the for Indo-china's growing numbers 
present public political debate in of refugees. Tan Sri Gpazali 
Peking have called for Pengs Shafle. the Interior Minister, told 
rehabilitation. Vice • Premier a meeting In Geneva oi . the 
Teng Hsiao-ping has said the problem that if an international 
former Defence Minister was 60 processing centre were festab- 
per ceut right and 40 per cent Hshed, his country would be 
wrong — the same percentage more ready to act as a staging 
Teng applies to himself. post for the refugees. 

Peng’s name was mentioned Agencies 

without further comment on the 

radio in connection with a book 


illegal “Vote Nn" campaign has L tif n n „ ^twi 0 f the media and Q um * Mashhad, and Tehran in laws and in fact to lead the 

a *'”"*'* * u “ political na-ttes iraJQ - “‘d at Najaf in Iraq, political, economic' and cultural 

If has hp»n through ite weefctv Attending, these eereraonies are life of the community— hitherto 

- j .1 1 * ' : u tateho n Ictllriante) arid en- 3 S Taroalir ‘ tha ' npbcnrtm" nf - tha 


been under way, esoec tally in the 
copperbelf stronehnld of • Mr. 
Kaowemve. Shoitid the President 
lose, the party's general con- 
ference must reconvene to 
nominate a new candidate. Most 
observers, though, believe defeat 
unlikely. 

The Ohoosition advocates a 
mixed econom* Ip contrast to 
Dr. Kaunda'g Socialist commit- 
ment, a review of state owner- 
shro. and a more flexible 
approach tn the white South. One 
of lta main noticy ntanks w>s 

TPrmvpd whan tiip snittepro rati- 

wav route tfmmch Rhodesia was 


Friday Catherines Hi mpsaues. " talebe ” (students) and so as largely' the ' presefye" of the 


011 X*? an t aFe in NZ bank strike j 

northern China where the Com- 

munists established their head- 5Vew Zealand bank officials are 
quarters after the “long march” threatening to strike foij two 
of the mid-WMs. The book had weeks from December 21; Dai 
been hanned during the Cultural Hayward reports from Welliog- 
Hevolution. apparently because ton. In the first of "0 planned 
it refereed approvingly to such meetings to discuss action' on a 
peaolc as Peng. wage claim, bank officials voted 

Meanwhile, the Peking People's two to one in favour of dosing j 
Daily, organ of the Communist the banks- during the Chrfttmas reform was lost 
Party, has asserted that “ all holiday. I For the Oppositnn. their 

dilemma today Is that they can- 
not see how to pull the plug on 
the bathwater without losing the 
baby. 

Few L«sues been thoroughly 
aired in the campaign. Unem- 
ployment has not been discussed 
— although paid employment-has 
fa Pen from 393,000 in December 
1975 to .373.000 in mid TS— nor 
the Government's inability to 
effectively implement its nft- 
prornised “ back tn the land " 
programme- 

other issues are touched cn 
cautiously, if at all. despite a 
powerful undercurrent of private 
debate. There » a continuin'? 
ideological battle between the 
mixed economy supporters and 
so-called “ doctrinaire Socialists.” 
A further struggle is taking place 
between parliamentarians -who 
want in maintain the inde- 
pendence nf a frequently critical 
House, and the Central Com- 
mittee which wants to assert its 
supremacy. 

The major foreign policy con- 
cern is. nf course, Rhodesia. 
Some in Government — and most 
of those in the Opposition — fear 
that the S-IO.OOO guerrillas of Mr. 
-Inshua Nknmo's Zimbabwe 
African People's Union fZAPUl 
based in Zamir! a carry the seeds 
nf ” another Lebanon." Others., 
led bv the President, pledge un- 
wavering support for the guer- 
rilla movement despite the crow- 
ing burden it places on Zambia- 

Whether, a* thr- war intensifies. 
the army will continue to accept 
civilim leadership. n r at least 
demand a greater say m decision- 
making, wiii-hp .1 ke\ question in 
the month' 1 ahead. 


almost *he sole outlet for nnoosl- t0 contemporary problems The debate has been revived 
tion and nn*» far more difficult studies cover a wide range 0: again and is of course central 
to content than, s*v. »he writings subjects outside theology mclua- to popular attitudes towards the 
of intellectual*. Mum has also ' n S example even physics Stab's position. Ayatollah 
played the important role of atm advanced, matiis. Kbotneipl is clearly the leader 

representing the bastion of Above the students come the today of the theocratic school 
trarfitinnpl values anainst the "'mullahs (preachers) whose which 'would like the Shah and 
roc'al ravages caused bv over- qualifications are that they are the monarchy removed. But' the 
reoid economie Hpveinnment versed. In the Koran, the point must be made that Kbo- 
afio** ihe rf «p in oil price? ‘n “badiths" (traditions of the memi-.has no more intention 
1070.7a. followed hv the dis- ITophet which provide vital than any other ayatollah of want- 
niriting slump io the last v*»ar precedents for Moslem ing to become the ruler of Iran, 
or *wo, behaviour) and M flqh (law). By contrast .the leading ayatol- 

The crorinl nnint nbnur There arc some 1SO.OOO mullahs lahs in Qom. Tehran and Najaf 
■sHS’igTTi ; 6 that it has bp**n a whose chief task is to preadi in are calling fbr a fuil return 10 
Forep for npin«titinn for pimrigT mosques and to perform the. the 1006 constitution which 
j problem is absence^ of an'’ ( ^ , rnr R . ^ j fni pV i e ^ basic religious functions related would pcjrrait tbe clergj' to have 

Dr. j Y»:-.|«s»,nc gmniiri 7*n-=iPTn5 s*in-.fi to marriage, death and the like, a greater say in leglation. 

’'te^n'ii as itonn the roll Those who carry their studies This need not be" such a back- 
Voramp o^hMcbed around further : to the extent 'of being ward development as is Some- 
Mooki gnd te fbe Arabtan able to . memorise the whole times suggested by : the Shah's 

n^nte -eiita in. the f, arly oart of Koran (of which there are at supporters. This is because 
th® century AT). least 100,000) qain the title of firstly, Sbi’ile Islam has pro- 

Afte*- the death of the ■'bafez” (the memoriser). • duced modernists whom the 
pfnnbet Mohammed taaitatehin Above .them are those .called Shah and successive Severn-' 
of Is'am passed in succession to hojjat (vicar) in their own ways meats have : alienated and,’ - 
a nronhpr of his closest eol- 9uper mullahs required to recall' secondly, because as the huge 
teaenps of whom Alt became rhe fnr reference up to 300.000 and peaceful crowdsr ir the 
fourth r.alinh. Manv nf hta fnl- haditb®- . streets showed— whether the 

lowers mpintain that All— an But it is from their ranks that Shah stays Or not— the clergy 

imam (leader in Shi’ite nartencp arc recruited those people who lead popular forces which can- 
not just in religious affairs hut qualify for the certificate of not be neglected. - 


obvious alternative to 
Knunda. Even his critics accept 
that the teetotal, non-smoking 
President with his high principles 
and unostentatious life style is 
the the only politician with a 
national following which 
straddles Zambia’s 73 tribes. 

Criticism is mainly directed 
against the country's supreme 
body, the Central Committee of 
UNIP. The argument is that 
certain of its 25 members — and 
others in the party hierarcbv— 
dispense bad advice which has 
left the President our of touch 
with the ranod of the country. 
But the hulk of the committee 
were re-appointcd by Dr. Kaunda 
at the September conferenre of 
UNTP. and some observers 
believe that an opportunity for 


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^mmmnniR«EAui«a. 


LAjK^R AWWAYS.LGAT>^^y>ORT!r 



>7'54u,i 






[.Y'JVK 




Financial Times Tuesday December 12 1978 ' 


WORLD TRADE NEWS 


S t Of 

Shah 

T- >- - . 

*, . 

■■ ' 1 ^ S 

■ ■. ,.”|i).' ■ j “ . 

V 

-v. ,■ ~ *■•■-. „ . n ' J *v . 

LV- T‘ *9 


UK factories to meet full 
contract for Iran Rapiers 


- “■ £.*!v 

■ :r 

.i l it’-, . 

;; : .” r 


•<« l 


BY MICHAEL- DONNEr AEROSPACE CORRESPONDENT 

A BRITISH Aerospace contract fact, it means that virtually aU 

signed some time ago- fop the. the work will now uadei JfJ^“ 

iely ” T™*ed®W An* m *e IJKjrttJi n 

aircraft missiles for Iran will now financial 

be met entirely' from the com- and consequent 

pany's UK factories, instead of playment at British Aerospace s 

being panlY ium «^er licence 
,D TWs decision is not due. to the mU 

current political troubles in Iran, the joint ecanpaw -mg-W* vy 
“ S ukffl in October, »;» Britts 
result of increasing' financial Inataa 

problems Inside Iran as a «^: tt ®SS2Sfflto«S2Sfr 
of lower oil 

This in turn has aPPg^w r^.y, w - ^ two countries, 
led the Iranian G0 2k e ^SSw t ? Personnel of the British Aero- 

a? Jr& ssssssjsa 

* vehicles. under after the . . antroductaon of 

licencfTfrom British Aerospace. ; Ttacked^apter 

The de^on do^g r^nce gg« and other 

the value oT the British Aeror __ p . , ^jxtpact 

SSft-sSo 

Agreement reached on 
Canadian oil for U.S. 


BY OUR OWN CORRESPONDENT 


OTTAWA — The Canadian Gov- 
ernment has agreed to continue 
stopping 55,000 barrels of 
Alberta -light crude oil daily to 
the US. instead of cutting the 

shipments by half. on January 1. 

The Governments of the two 
countries have also derided to 
set up a special committee to 
study the possibility of. using 
partly idle refineries in Eastern 
provinces to produce gasqMne 
and other products for north- 
eastern states. 

The agreement was reached 
during a weekend closed-door 
meeting' — between the U.S. 
Energy Secretary, Mr. James 
Sebleslnger and fbe Federal 
Energy Minister. Mr.- AJassair 
Gillespie. - 

The two Ministers also said 
they would continue efforts, t-o 
ensure a ?13bn natural gas pipe- 
line from Alaska if it c orid he . 
financed without Government 
aid, and to have the U.S. Energy 
Department consider three sites 


on the Canadian east coast for 
strategic oil storage. 

Senior Canadian officials esti- 
mate the surplus capatn t.y 
eastern refineries at about zoO.OOO 
barrels a dav and they note that 
the New England States .cannot 
produce enough refined products 
to meet local demand, AF-DJ 
reports. .... 

They said the discussions 
raised the possibility of shipping 
Alaskan oil in bond : td eastern 
Canadian refineries, for pro- 
cessing and re-export lo New 
England, or making Canadian 
refineries eligible -for oil 
import entitlements. 

On tbe continuation, of stop- 
raents to northern refineries. 
Canadian officials said the 
approvals could continue on a 
month-to-month basis in .the short 
term. The northern tier refineries 
are expected to remain depen- 
dent on Canadian oil liotil about 
1SS2 when a pipeline is completed 
linking them with Alaskan crude 
oiL - •• 


makes little secret as to its long- 
term concern over the current 
political situation in Iran, not 
only because uf Hie direct effect 
any further upheavals in tiral 
couiUry might have on current 
contracts, but also because of 
the effect throughout the Middle 
Easrt genemMy., 

But the Dynamics Group 
makes it dear that Iiujl.i 
deals represent only a part of 
its overall business, and that it 
is in a strong position in other 
world missile and space markets. 

Total orders a* the end of 
197S amount to more than £Ji>n. 
and the Dynamics Group is fore- 
casting sales of more than 
£260un far the past year, with 
profits of about £ 22 m. 

For the longer term, the 
Dynamics Group believes that 
its business in other ureas will 
continue to expand, so that by 
1982. its world-wide missile, 
satellite and other sales will 
exceed £433m. of which close to 
£2Q0m will be in export sales. 

So far there have been no 
reports of other UK military 
contracts with Iran beinq 
affected by the country's internal 
financial problems. 

The other big outstanding UK 
defence order is for more than 
1.000 Chieftain tanks, of the 
Shir Iran version, which are 
being built in this country for 
shipment lo Iran. So fur. ibis 
is proceeding normally, and 
there have been no indications 
of any problems with the deal. 


American 
imports of 
steel may 
decline 

By David Buchan 

A 20 PER CENT drop In 
imports next year will lead lo 
increased sales anil profitability 
for the domestic U.S. slH 
Indn-siry, the Commerce De- 
partment has predicted in its 
latest annual steel forecasL 

Steel exports io tbe U.S., 
particularly strong In recent 
months from European Com- 
munity countries, will fall 
from the record level of 20m 
tonnes this year to about 16ra 
tonnes for 1979. the depart- 
ment report says — biineinq 
the Import share of the U.S. 
market down from 17.5 per 
cent to 13.9 per cent over the 
same period. 

Imports this year, the report 
says, have been swollen by 
purchases in anticipation or 
increases in trigger prices, 
which having risen some 10 
per cent in 1978 are due to 
go up another 7 per cent on 
January 1. 

The trigger prices, intro- 
duced this year, are effectively 
a minimum price for steel 
imports. Sales below the 
trigger prices can lead to a 
Treasury anti-dumping in- 
vestigation with the possible 
imposition of dumping duties. 

Despite this year's influx of 
imports, the department says 
profits for 1978 should 
“approximate” the SI *J»n 
which the Industry recorded 
in 1976. compared to the 823m 
profit made in 1977. 


Japanese competition cuts 
Philips VCR market share 


BY CHARLE5 BATCHELOR IN AMSTERDAM 


IMPORTED JAPANESE video 
recording systems have cut into 
the Philips Electronics group's 
near monopoly of the Dutch 
market and reduced its share to 
about a half. Philips expects to 
sell around 20,000-22.000 video 
cassette recorders (VCRs) this 
vear, the same number as in 
1977. while the home market has 
doubled to around 40,000-45,000. 

A Philips spokesman declined 
to give figures for VCR sales but 
said a report in the Dutch news- 
paper Financieele Dagblad and 
quoting importers was “ on the 
whole correct." 

Video recording systems pro- 
duced by Matsushita and 
Betamax and sold under a 
variety of different brand names 
are now thought to account for 
around half or the Dutch market 
The size of the market is 
expected to double again to 


around 90,000 next year, accord- 
ing to importers. 

The rapid rise of the Japanese 
companies' share of the market 
has been partly due to Philips' 
inability to meet the strong 
demand. 

M We have problems in making 
deliveries." a company spokes- 
man said. “ Demand at the 
moment is still heavy." 

In October, Philips announced 
plans to double VCR production 
capacity which is concentrated 
in Vienna. It will spend nearly 
£140m on a new factory, which 
will group a number of different 
activities at present scattered 
throughout the city. 

Tbe company forecasts VCR 
sales of Sch 4bn by 19S0 when 
the new plant will come on 
stream. No increase in the work- 
force of 3.000 will be necessary 
because of the improvement in 
efficiency expected from the 


Chicken accord for China 


BY JOHN HOFFMANN 

AN AUSTRALIAN company has 
signed a $5m aareement to raise 
chickens in China. Great Sincere 
( Australia 1 finalised the deal 
{with tie Chinese Government in 
Canton last week. 

I Tbe Australian company will 
I supply a complete automated 
[poultry farm and the tcchnolosy 
j to run it. Breeding stock. 
1 fertile eggs and basic feed 
ingredients will also come from 


Australia as part of the agree- 
ment. 

The deal is the first "compen- 
sation agreement" to be con- 
cluded between an Australian 
company and the Chinese Gov- 
ernment. Repayment uf fhe 
Australian investment, which 
has been financed by an Austra- 
lian bank, will be made largely 
by the products of ibe farm over 
the nest three years. 


rationalisation of production. 

Philips said it now expects to 
launch its latest marketing 
innovation, the video LP, on the 
U.S. market on Friday. Decem- 
ber 15. 

The video L.P is sold with an 
already recorded film — For 
amusement or educational 
purposes — which can be played 
back on a television screen 
whereas the VCR is a system for 
recording television programmes. 

Philips plans first to test 
market the video LP around 
Atlanta, Georgia, but hopes it 
will be available throughout the 
U.S. by 1980. 

Video LPs will be introduced 
in Europe at a later date. 

Although no decision has been 
taken on where they will first 
go on sale. Britain would be a 
logical choice since no trans- 
lation of the recordings would be 
necessary, Philips sold. 

Finnish TV 

deal for Pye 

PYE TVT, the broadcast com- 
pany of Philips, has been 
awarded a contract valued at 
£900,000 for the supply of equip- 
ment for an extensive news pro 
J duction studio at Pasila. Finland, 
j The new Fasih broadcasting 
■complex of YUS < Yiciscadiol. the 
(■Finnish broadcasting company, is 
located in Helsinki. 


Singapore 
cable sale 
for Pirelli 

PIRELLI GENERAL Cable 
Works, of Southampton, has 
been awarded a £7ni supertension - 
cable contract by the Public 
Utilities Board of Singapore. 

The contract is for the com- 
plete supply and installation of 
230.000 volt underground trans- 
mission circuits between Senoko 
power station and the new 
development areas of Tampines 
and Kalians Basin. In all, some 
140 km of oil filled cable will be 
required, together with associ- 
ated equipment. 

This is the highest value 
export order ever won by the 
company and is also the first 
major contract in south-east Asia. 

Initial surveys Mill start 
early in 1979 with installation 
commencing at mid-year. The 
commissioning of the Tampines 
circuits is planned for October 
1980. with the Kallang Basin 
circuit following m January 19SI. 
The major part of the installation 
work will be undertaken by 
local labour, hut the nrnject man- 
agement teams and skilled crafts- 
men will be supplied by Pirelli 
in the UK. 


£lra ships order to 
James W. Cook 

THE OCEAN group’s shipbuild- 
inc subsidiary. James W. Cook 
fWIvenhoe). has been awarded 
a Elm order by the Grown 
Agents. The order is to build 
two inter-island cargo/pr».seoger 
. craft for the Government of the 
I Solomon Islands. 


IFC finance for Turkey 

FINANCIAL TIMES REPORTER 


TURKEY’S MOTOR crimponeris 
industry is being expanded yat to 
the estahMshcnen* of Istanbul 
Segman Sanayv, a S34-8m -ven- 
ture to manufacture piston rings 
and cylinder tin ere Amt domestic 
use, . according to rixe- Interna- 
tional Jj&sopee CorponOri on. •' • < ■ » " 
'•The :company- ’WiH.;.. build ; a 
plant near Adapazari, a develop- 
ing area about 86 jodles east of 
Istanbul with an summS capa- 
city of 12m piston rings of 
approximately -300 types and 
sizes and .800.000 cylinder liners 
of 30 types and sizes. 

The components will help 
meet increasing demand from the 
growing Turkish motor vehicle 
add tractor industry and result 
in estimated net. foreign ex- 
change savings of $13m a year. 

Financing -is bring provided by 
Turkish and foreign investors 
and by the International Finance 
Corporation, an affiliate of the 
World Bank. Tbe primaoy 


sponsor te-Ercan Holding, an 
Istanbul industrial group with 
operations principally' in the 
automotive field. 

Equity is being provided by 
Eroan Holding. Oomponyi Istan- 
bul jftairie Piston ' and • Teres®* 
Yatirim Holding (5.6m); Turicrye 
Is Bankasi <S21m); Turkiye 
Sinai KalUtinma. Bankasi and 
IFC, $L.4an ..each; and private 
Turkish investors ($3 .3 m, includ- 
ing $2Am by .publhc^'offering). 

IFC is fending 881m for the pro- 
ject; TSKB is providing a 55m 
foreign currency -ioan aDd the 
Arab-Tusk ®ank, S2m. Suppliers’ 
credits and tocaUbanfc loans com- 
plete tins financial plan. 

■Istanbul Segman will produce 
the ' piston rings and cylinder 
liners under -licence from, and 
with’ the technical assistance of, 
Nippon Piston Ring Company of 
Japan. Nippon Piston Rang is 
one of the world’s largest manu- 
facturers pf these components. 


.M il, H. L : ln-.t, Vm- mi. .'»! nusST. bv.l..m r i. Tr.tJing. London. 


skill 

into 

tinn. 


“Chase is much quicker on matters of 


foreign exd 

on the spot? (financial Director, major UKcompany) 


N. Zealand expertise 
selling well abroad 

BY DAI HAYWARD IN WELLINGTON ‘ 

FOR MORE than 100 years New world class expertise in 
Zealand’s' vital export earnings geotherma, thermal, oil fired and 
have come mostly from its agri- hydro electric power, 
cultural products, butter, cheese. With the swing away from tne 
lamb and wool, but now great use of oO for power generation, 
efforts are being made to pro- New Zealand is paying more 
mote a new type of export — attention to small and micro 
expertise. hydro developments. ENEX 

An organisation called ENEX. engineers briieve this will open 
formed exactly 10 years ago, has new opportunities for win ring 
put millions of dollars onto New new contracts in the South 
Zealand’s overseas earrings by Pacific _lt bu 
pooling the country's resources of involved in providing energy in 
- - and Technical knowledge half a dozen different countries. 

a unique talent oreanisa- One of the biggest, of these was 
l(1 a power station to bring elec- 

ssi 

lions and would be well beyond a si^to transmission syste . 
the resources of one individual Thai tend, Malaysia . . 

company. Indonesia- have similar 

- . opnpraphif- • features to New 

Electricity planning projects, moaa tains and 

fi<h storage operations hydro This has 

ass aapjsft Ss^Hss-TTBq 

Sj'n.lli.. be m pl^n e d ■* SnSo.. 1 ”**. 

T? So- , T .,11 Ctoff pon: N* w Zealand has a nine man 

It has a full-tinie staff con- working with Indonesian 

hnuously _ travellme ttrouen GovermneDt highway officials to 
Asia seekrng out opporttm t es 10t000 }4 0 f new road, 

where New Zealand can g™— ^f cent iy the Thai Government 
its talenL Membership of isrtEX awa _j_j jwex a contract to 
includes consultants, who taves- £“.{”“^92 km of 
''Vte. j* ajg^'SM- centr,! 

vuse a Thailand. In addition to opening 

can Provide techriral advic^ mai2e production 

contractors who ran build iL^and P highway will improve 

LI w SSSfefn 

ssssa^-wssfews 

in energy projects ” New Zealand operation 

Sss'iSSSS S s a.ii-a."J3* 

in electricity generation, it has . equipment. 


Recendy, an independent research company 
talked to 200 financial directors of major European 
companies; but in order that the respondents could feel 
free to talk openly their identities were not disclosed The 
purpose of the survey was to discover Chase’s strengths. 

One particular virtue of Chase was clearly our 
foreign exchange expertise. v 

The advantage our dealers have is Chases 
pre-eminent position in the dealing markers. 

The advantage our customers have is that they 
are able to enjoy direct contact with die dealers. So needs 
arebetterunderstood and the service is faster.- 

A constant key to Chases leadership emerging 

from die research is simply this: 

Chase not only employ extremely good people, 


but also give them a system in which they can operate 
as effectively as possible tor customers. 

The result is a highly personalised, very efficient 
sendee, praised by the respondent quoted above. 

He added, ‘Tm influenced by the people I deal with, 
in the banks- and personally I prefer the Chase Bank. 

They give excellent service and are always ready to 
give first-class advice. My first choice always” ^ ^ — 

He went on to sum up Chase s 
advantage in one word, “people 1 ! 

AlanUlrick who manages 
foreign exchange trading in London 
agrees “Better bankers 
make Chase 
a better bank” 












6 






UK NEWS 


Financial Times ^esd^ ^ . 


Minister 
heckled 
by Kirkby 
workers 


Metal Box to sack 
400 can workers 


BY ROBIN R£EYE5, WELSH CORRESPONDENT 


___ METAL BOX, Europe's largest Houghton, near Bolton, through for canned soft drinks and beer 

■ WlllKPr^ can producer, is to make about the closure of another two has not come anywhere near the 

” v V#-*. -IX VJl 40 Q employees redundant in a 3-piece lines. But Metal Box said level achieved during the long 

series of moves to strengthen Its yesterday that these redundan- heatwave of 1976. 

■ Rf Our Indwtrial Editor competitive position. cies would be avoided if. the But Metal Box is now facing 

A mall in overall demand for P laT5t unions accepted changes in much suffer competition from 

WORKERS at the Kirkby Manu- cawied food and beverages is shift arrangements. • : naaliSS 

factoring and Engineering co- mamly to blame for the layoffs. Indeed, agreement on a new "J® *f a l s ’ • 
operative on MerseySde heckled J ut a gr -°Yi^ R *i lar ^ et stuIt in , sfaift P attern coM lead to more Section intoeUKL 1 * P 

mT Alan Williams; Minister of J® ‘"Sf 1 *? jobs at Bolton. P NmSm m»w h« , nlant at 

State fortodustry. when he ^!eS3^p&Si-SSdMi Poor summers and mild mK TS yST iff cJdSitS 
addressed them yesterday on the eomD JljH OI1 f r0£n other can- wijQters over the last two years Can Is in the process of starting 
jjjjg 11 of their loss-making busi- impwtant^contribu- has Produced a drop in canned manufacturing at Wrexham. 

ness - * orv f ac tors food and beverage consumption North Wales. 



Move toward engineering 
from aerospace goes on 


HAZEL DUFFY esphdvs theJiadtgroOTd 


R 1 . 4 UU 1 UUU UA WY COLLUg- _ " _ • ■m • -m wry ^ ■ ’ 1 

house Brake and Signal marks +q Hawker SlddeteyS bid IOT WeStmgnOUSe 


S 2 TJS& llXS**' -SKS£? 2 L 2 f S'-SKST ■**!“* *“ 


xwsisrs , SK:aS K ggfftjsrii: *£&*** ***, ™ 

engineering ETOUP. ^ modemleaSon. 


“ cribes the takeover as a; bid for of Bnmsn ixau s moaermaauun. 

Hawker Siddeley set out on. * . eomolementary producer prog r a mm e, however, means that 

the trail 21 years ago wbentt^tw than a competitor-andiiforprogramme, hqweyer.mean that 
made its first entry into engineer- this reason alone, it would seem an exercise where British Rail is 
ing with the acquisition of the. tmlfkelv that the bid Jwlil TOO; itself helping companies through: 
Brush gronp. Right from the j^o any yopWitiou on monopoly its consultancy group. _ . 
start the policy has been always . Similarly; in.--- muring equlp- 


SesT makers are important contribu- ““ p a QXOp In *• S’fK'lSr 1 ,™* ” wrexnam. 

ness - . torv factors. food and beverage consumption North Wales. 

;Mr. Williams emphasised the " in all sectors except petfood. In addition, two other U.S-- 

need for some oF the 720 work- The redundancy propamme, jj e t a i Box’s customers evidently owned competitors already well 


MBS. SHIRLEY WILLIAMS 


““ — - - — — _ . , - ■■■■nPnnH m. W * . ft , AlUA O %.UO LV/UICl O 6 VJUCUU/ HOlc AUfdUJ 

force tD be made redundant, which is confined to Metal Boxs ^ no s}gns of a recovery. established in the UK — Crown 

The co-operative’s leaders are to open-top group, 15 d ue to be com- Cork and American Can — have 

prepare a new plan for keeping pieted by next April. . recently expanded in the open 

the enterprise alive and are to It involves the phasing out of Mild w inter s top container field,' and particu- 

ask for a £3m Government loan, the three-piece can manufactur- jarly the growing market for the 

The co-operative, which is ing lines at the company's plants Mild winters mean an ade~ two-piece can. - • - 
losing about £20,000 a week, has at Acton. West London, and quate supply of competitively- -p he traditi-jnal three-piece can 
already had £5.7m in Govern- Glasgow, each with the loss of priced vegetables and other ^ ma( je from a piece of tinplate 

ment aid. more than lw jobs. ‘ foods, whereas a “ canners curv ed and soldered down the 

Mr. Williams’s visit followed A further 67 workers are to be winter " is one which triggers a s ja e with a , top and bottom 
the withdrawal last week of made redundant at the com- strong demand for hot soups, added, whereas the new two 

Worcester Engineering from a pany's factory in Neath, South baked beaos and other such pro- piece production is extruded 

takeover bid for the co-operative Wales, making can ends. ducts. from a single piece of Unplate 

that the Government was ex- More jobs may be lost at West On the beverage side, demand and require* only 'a top. 


pected to back with £4m aid. 

A mass meeting of the workers 
labelled him a "turncoat" and 
a “ Tory." They backed Mr. Jack 
Spriggs, one of their convenor- 
directors, who said that the enter- 
prise should remain a co-opera- 
tive and should not be returned 
to the private sector. 


Building trade revival ‘over’ 


Government 
increases 
science 
spending 
by £4 7 m 


start the policy has been always considerations: . Simalarly, in^minwig equa- 
te build on that engineering- . j nnmt nr ment. Hawker Siddeley in pair 

strength and carefully to choose' a ° . mdnrtrif i . po int^of jj a ble to offer expertise 

acquisitions which fit in wltb ™^ bid in longwaU . tiunhig - systems, 

that policy - tA Ses- The aim of the merger ls wtiero .tfae UK technology is. 

Its success ran he caused from to ««ato a strengthened unit in ahead 0£ the U.S. Toland and 
the fact^at ^B total “salhs S ^ expanding areas where the Germany are strong competitors. 
tSJ currentyear Su 3 ppSaeh a 5«*5 to-offer a total service *oy,evei! while , In. railway, 
£lbn anTtbat toe nationalESiw! key to clinching an systems the Amemca ns provide. 

Ipri 1 ? ° Hawker Siddeley already baa StStSL Hawker 

2Ka* fiS. Said “e a - turnkey operation ««h^j; Seeley's • bid for 


departure for which the company ih i>ower engineering and now products in these areas i*_ there- 

*. the WM in alMnr fore «dM .stad^tfonvart: 


By David Fhhlock, Science Editor 


was more than adequately pre- see Ks to do tne same m :«■ 

nared -and mining equipment. will . strengthen, its hand. -.in, 

P Hawker already weU placed as> : >' j ? tendering competitively forever; 

'rernS Tad ^"“hTalao^' dl 

swelled by another £115m with : ; Much of the expansion, to it Se&i. 

compensation from the Govern-: both areas Is overseas. For rail- which went into it fresh 

ment for the aerospace com- .Ways, the demand is coming in t i Wti iSn rtraneth en Hawker 
panies, plus repayment of a loan, particular from Hong Kong and 

Even after several recent aegui- -developing countries in Latin fnr mininVeouioment where 
sltions. those balances stand at America and Africa. Sometimes,.^ ‘ Lm ' for 

around £130m before the pro- tbe demand is for completely Samoir^to Snftire ordS froS 
posed purchase of Westinghouse hew railways and in other cases m 

Brake and BignaL . for modernisation, where, for a? the same time, it Is further 


BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


Concern 


THE short-lived revival la build- The Little Neddies predict a should be followed by a 2 per ^ by allocating imotoer £47m SSSSation acSis to? aSS5 ™ « “f , "" a • V ‘Prisenc* m thtf medium i range 
Ing output is over, according to disappointing outlook for the cent rise next year, followed by to the science budget over the apart from a common founder f° g ^ iee Jl ng , ^ ? SpgjjSgS 

the latest set of forecasts from housing sector. They suggest that a similar improvement in 1980. next four years. In 1977 it bad total sales ^ electncal engineer- 

toe National Economic Develop- public sector starts, estimated at ^ fro . m products. . 


Later Mr e th t ^ Ecoao ® ic Develop- The recovery In the private Research chiefs say the extra £62m. of which about 60 per cent SlwaylSd toe EtonglSngSs “lor W^iriumse whidtLitte 

^ tiTaf j«r an” to >1“ .« eqmpment_ and ^ntrol Wisi^railway. . HawkeTSiddeley totond^^ll op^ as. a 


SrtJWJSf 1 1 , Total output. this yew is ealeu- ^|^ same lcvrf next year and in last 5 e a r. has continued this mat* basic research effort in a systems for railways, and about can point to its experience in MwStr snhsidwjT- of Hawker 

Rf!?® Board takeover was not lated to have risen by 6 per cent, 19«). year with a 7 per cent rise in range of sciences from cancer another 10 per ceiit in mining, mppj vine diesel locomotives siddelev toe merger will ptovide 

Viable because of Gnvemmnnt TltVinn trV. rtf ♦>,*, imnrnM rnmnalinne nn fho nth or -1*1.^ v. I c1ii#l ac t-n . .. ul “ cl , J utuluu n Siaaeiey. toe merger Will yiUYiUB 


operate 


omMkition^bitt hS £ alth ° ugh haI / of 016 Improve- Completions, on the other output, although prospects for st ”£ ias advanced computing equipment thrmi^hmit the worid. as well as greaterfliSnclalbacMfag without 

SI&Mr mfiD - sten H fr0 “ an upturn, in from an wtimated next year and 1980 axe thought techniques. It will also allow its At the same time, these two traction motors for British Rail’s SvJngup its prove® -pri> 

ST, ^ Williams will do repairs and maintenance rather 135,000 this year to 130,000 in lo be less buoyanL A- growth re-entry into space by way of markets accounted for £75m of High Speed Train while its ducts - - ' ■ 

torouEh^ t0 gt ° r new cIaun °® w .^°. rk ' AfcJj of 1 per the next 12 mouths, and to rate of 3 per cent next year is theU.S. Space Shuttle. Hawker Siddeley’s much larger SUddan subsidiary is an impor- the -UK economy as i 

Mr esirf cent in total output is forecast 1-5,000 in 1980. expected to be followed by a The £47 m increase, for the turnover. It is to strengthen/ tant! manufacturer of carriages whole it may give -industry- ai 

tbe mass for both next year and 1980. fall of equal proportions in the Government s five research coun- toese activities that Hawker for underground systems: . " greater chance to compete -on 

^cSSrSSrZtA h« Outlook ss& SSfSSLJSX^ «*.**. Ta***® 


their future^ 0 " f/ 5 thev* 1 im? fo? J e u r * 5 ODstru f tion ou . tput _ . The strong upturn in private yesterday by Mrs. Shirley Westinghouse board's agreement are also supplying British Rail, so- often fall to competitors' in. 

ward a viable oroiSJ w? 2 m fal ] e ° m . ® acI LJ B F *i DCB 1974 Stans in ^ P Bvate ho “ sm 5 commercial oonstruetton output W ji 1 2 m ?^.?,1 creUry t0 take over Westinghouse. ...London Transport and the Tyne Japan,. Germany. France, Italy 


wiU and the industry has been rim- sector are “^e^cted^to Sm i^SSuSTS ^WUUa^ sato toaTsie 

J ^, poss/b,e ' ba . ck ning 25 per cent below the peak deteriorate from the more en- a b 0 ut 10 per cent this year) found work of her research 

venture* not "one wWch^ls^coit ™afhed ?n the egy WOe. Civil couraging MWKJ0 total likely ££ ItoelTi (SLAtS r '"”' 

Sally losing 0 money" engineering has been even more this year to 140,000 next year, ont fhe next two vans, altonuch 


. a “ s ® a ' d “at she Although the markets axe toe and Wear metro wlth.f axe eolleo- and the U.S, 


out the next two years, although . 


delivered 
morrow i 



im «,ith Slfvoit, 2-‘o* D ^ arawn civil engineering economic fall from 150,000 this year to ; n jggn 
up with toe help ° : FA Manage- development committees (Little 145.000 next year and to 140,000 c 
? ^“5? pre - Neddies), the value of new work in the following year. 


Repairs and maintenance out- 1 


SSL* ^ carried out n ert year will show “ ta to BBS Sector constnn, JJt ig. ^ cent 

it £ £5 3SE v a 2 per cent decline from this tion market (not including SLSP&\ 

^®^ eve ? *^ iat other out- year’s level, altooueh repair and housing work) the outlook is ^ per cent rise estimated this 


about sanctions 


. “ “ 0 '“ evea uai omer out- year -s level, although repair and housing work) the outlook is 10 ' ™ e 

althoueftoer?^ oo^nuSn^ maintenance work — including for a marginal improvement in Jjjg* No change is forecast for 
ShS 5 . h0 “ e improvements — will rise the next two years from the 1980 - 

a takeover h y by a further 3 per cent Little bottom of the trough thought to Construction forecasts 1979-2980. 
anotner concern. significant change is expected have been reached this year. NEDO, Miltbank, London SW1P 

Parliament Page 8 in 1980. This year’s 2 per cent decline 4QX. 


BY MAURICE SAMUELSON 


THE BRITISH Institute of fek their effect, they were not 
Management protested last night, understood by employees in time 
to Mr. Denis Healey, Chancellor,, to prevent stoppages. “ So. being 
against toe use of sanctions unfair, sanctions cannot be effec- 
against companies. :. live without employee under- 


Ugandan 
tea deal 
cannot 
be halted 


By A. H. HetVnaoq, 

: Legal Co rr espondent 


Plaques 

fetch 

£ 55,000 


Housing accounts delayed 


It said that toey were “ grossly ^^ing of toe THE HJGH COURT ruled yeSter- 


unfair- and “one-sided disdp- JnsO^ alM ^led fOr ^ that: the- Uganda Govern- 


BY MICHAEL CASSELL BUILDING CORRESPONDENT 


•W- 


Une\" because it w« toe annua! discussion to estih tthi ^t^oTbeSin 

which were responsible for. national tocome increment which by-ereditors of companies 

breaches of the 5 per cent pay. would influence bargaining, .and 'co’mpul soriTy acquired, and 

tout • - 1 53SSS?. t** *&**;$..**** 


THE HOUSING Corporation has question concerning their week, we should know if there 
been forced to postpone the pre- accuracy. The matter was tech- is anything which needs amend- 
sentation of its report and ni F al and did not involve the ment" 

„. nn „ n(c p __,. _ nT A hl misuse of funds. The corporation, which pro- 

ACCOUKltS to P arlicimoiit OfiCEU 5 C ^ irirlfha flnancp for housing aRSoria- 

of a Dossible error involving “a The accounts have been 7? d _5f **25S 


The protest was made during by unions on under Ugandaii le^slStioh. 

working dinner given by toe U aieceasuy, *5 cr *]v In :a judgment given in 


TWELVE rectangular Limoges auS ^^£=^”=5 

enamel plaques sold for £55.000, few milIlon Pounds. aunitea. out tnere was no ques ^ have f0 rMutjmi t its 


enamel plaques sold for £55.000, uwnou puuuu*. tion of toem b^H Dresented To wiI! have t0 "-submit its 

plus the 10 per cent buyer’s The accounts were due to be ° 11 8 ** 0 accounts for auditing after they 

premium, at a Christie's sale of published yesterday, but the ra niameni ir tnere was any b 3V e been checked. It seems 
sculpture and works of art corporation said that its financial question of incorrect information likely that toey will be published 
yesterday which brought in a services division had raised a being supplied. By the end of the some time next month, 
total of £242,818. 

The plaques, from the Scenes 
of toe Passion of Christ, attri- 
buted to the Master of the Large 
Foreheads who was active at the 
turn of the 16th century, were 
sent for sale by the Vestry of 
Wye Parish, Maryland, U.S. 

? f AFTER A STAY of just over a submitted bis resignation yes- entirely amicable.” f 

pfJSn year, Sir Derek Mitchell, a terday, and expects to have left tt- said lhat won i4 be 

dlator T Neuhaus 1 for £22000 former senior Treasury official, is within a month. He declined to ta yjg *j? aSrther appointaent 
while* 1 mSSS* 1 o( ^ ^ toe gity before P fongTb«t 


Director quits Guinness Mahojn 

BY JAMES BARTHOLOMEW I 


cave £12 000 fop a 17th opnhirv yauiv. ue wdb le-vmy uewuse ui u 

ffnrrt. S,r w .. The move is the latest in. a appointed hopes of promotion. 


North German amber and ivory i “ “V* « 1 k 3 

cabinet. u ime of comings and goings by 


wouir n or^wh«hvs^o^ 


^ _ spnlnr fleures at toe hank and its In October, Mr. Graham Star- Among oiner 

** “■ la^t^mV^vGui^PeS.!^ Hill, another Guinness figures who have been 


be staying in banking. 


wuisu, B an aucg wuou n , rpn} - rn mnanv OulnnPK Peat IurLU auuuurr ouiuuta>a ngures wno nave oeen 

and mask of Tlaloc. T p "« n * SS P ^r’ fZ 3 n«n Mahon director, was named as with Guinness Feat 


«„U ui /Miui.. j . nth - Edmund Del! uaanuu utrecior, was naaieu as wiin uuinness ±*eat ~ 




Among the books Weinreb paid p-5t 

£8,500 for a first edition of of J? ui ™?£ PeaL 
Divlna Proportione by Facioli, s * ,r . 


SALEROOM 


i>na auuuuuvw uoal vuaii mau . . ■ _ ■ — ■ — 1 

of Guinness Peat prominent lawyer in Singapore, who acts as a consultant i 

Sir Derek was Second Penn- ^.° c n ^ f ° f w ^ inspectors of the bank, and Sir Fred Ward 
anent Secretary (Overseas “ ai * s Haw Far. former ambassador to Jan 

Finance) at the Treasury before Sir Derek said: “ I am not Lord Kissin has been 
joining Guinness Mahon as a showing any great signs of dis- guiding light and chairing 
director in October last year. He appointment. My departure is the group. 1 


BY ANTONY THORN CROFT 


and Hammond £7,500 for Bucks' 
Antiquities of 1774. 

A miniature by Nicholas 


Friendly society funds rise 


a working dinner given by toe “ w£iZ. ‘ In a judgment given in open 

institute for Mr. Healey and should be - wr.. Justice ' Donaldson 

Treasury officials. The institute Tl0I ^ , 1 JS? ® - - refused an application by The 
team was headed by Mr. Leslie available to finance tofem. Uganda^ .‘Company -- (Holdings) 
Tolley, the chairman, and in- In , advance of firm xecom- that Jhe Government of Uganda 
eluded Sir Peter Parker. British mendations for oext _ years should not be allowed to dispose 
Rail chairman, and Sir Fred spring budget, toe Institute 0 f -tea -warehoused Can .London 
Catherwood, chairman of the renewed its- calls for. reduction W hi(* -The /Uganda Company 
British Overseas Trade Board. m persona] taxation and urged wanted- as security- against, its 
The institute repeated its call toe Government to accelerate its c i^ m 0 f • £240,185 - against the 
for the setting up /of a relativi- shift from direct ,to indirect Ugandan. Government^ 
ties board to deal with pay taxatiton. . ■. The Ugaada Gompany paid 

differentials, and said it would It regretted the. Eailure of the the money to guarantee a 
like to take part with the Trades Government and TUC to renew Ugandan borrower . whose busi- 
Unaon Congress and Confedera- their agreement on wages. How- ness was token over - by toe 
tion of British Industry, in ever, certain points ip the draft Ugandan Government un der 
annual discussions on pay and agreement should be. pursued— legislation. passed between .1972 
price levels. recognition of the link, between ^nd 1975, for . toe compulsory 

On sanctions, Mr. Tolley told settlements and prices, and of acquisitions ’of properties and 
the Chancellor that, although the link between settlements businesses, 
managers and other employees and productivity. . There, was also a Ugandan 

' _ = . co-guarantor who should " have 

paid half of toe borrowed 

World economy ‘changed srag&r^ 

fi -g ito claim on a Ugandan : decree 

QTlPr I v / 1 011 crisis ’ Of 2972. riu-ch pr^ed tbat-gn 

O.XLV4 XS / nrJ VfU Vl WLJ . obligations, and- liabilities of 

SY DAVID FREUD compulsorily aconired businestes 

a , a * T T , passed to the Government. But 

* e V PfllCIC THE WORLD economy moved industrial countries were no the Government disclaims 

a v wuawaV' j nt0 a new phase of develop- longer the providers of savings resnonsibillty, 

m ment with toe oil crisis of 1973, to the world — toey were net xiris decision appears- to be 

the IIUTIAItC according to Mr. T. M. Rybczyn- Importers of capital. contrary to the spirit of toe State 

of lij ski. economic adviser to Lazard Their place had been taken by immunity Aft, 1978, according to 

Brothers and Co. the OPEC nations, who lent, not which a foreign state can be sued 

innrDQCn Mr. Rybczynski writes In the S'???? JSSlfS? 1 y.WSiLSS? in Enslisb courts in respect of 

increase quarterly Three Banks Review: direct investment -but indnectly, interest in- movable 1 -or 

“The world economy is in a .property .ariring. -hy 

By Kenneth Goodine transitional phase resulting from of succession- Bnt, this. Art 

Mi,t»VhSL!L basic changes in the pace and leat them principally as short csune j nt0 force only last month 
Motor Industry Correspondent of 8 pr oductio5. the com- S^„® edl S , ; t ™, cfl ba, t P JggL and is not retroactive. 1 " 

_ TAT __ , . . position and direction of inter- * The ' .Company has 

THE VALUE of vehicles im- national trade and in toe size. more protectionist appealed against fhe judgment 

if ported into the UK will probably direction and character of caoi- rVl T?ff! -iJKmii-wSwnrtS and Dwyers will .now look for 

*nr exc ! ed , 521,11 , tbls y« r .- a 50 Per tal movements.” SffS 'm £ flE clearer guidance on international 

cent rise on last years total. Since 1973 manufacturing t^cs to .fundamental shifts that law,, which itself does not recog- 
- outpul and the relative impor- oise 3“^°^ precedent.’ They 

industry s contribution to toe UK 0 f manufacturing industry nnritta^l wiiI also hope for a clarification 

balance of payments will fall adranced ro^ies bad S° • stre - % or toe duties of * lower sourt . 

below last years level of £1.3bn. declined, in contrast to to* P °Thl^f judge when faced with conflict- 
s' ° u iS°^. of _5 ??“ developing countries. in 8 decisions of higher courts. . 


Vehicle 

imports 


BY DAVID FREUD 


increase 


By Kenneth Gooding, 

Motor Industry Correspondent 


policies maturing. ManRgBntGuZ #*onf rfsp on vpar*^ total 
expenses were £800.000 higher at **£ 


-JSr-l Iady iC made TOTAL FUNDS of UK friendly But toe number of members at lower at £33.8m, but 1976 slw an ^Sd Into toe UK will probabW Section aJd%hSrarter *0? caoi h^amental 

st*e« sparaa an t 1 *® j» s SBffisjsa j:£:i SHasSS® 

Welmgton fetched £8.200. The according to the annual report the year. expenses were £800,000 higher at “Jl ■ i £ motnr Sm( * l 97 l mamxfactunng had occdrred in the past They 

Earl of Ossory, by Crosse, published today by Mr. Keith These figures show that the £10.9m. ; inHijch-v’is nnnMhiirinif out PUl and the relauve impor- reflected “Chanees in toe relative 

fetched £5,800. Brading. Chief Registrar of bigger friendly societies are still Total ■ investment - xebched balance^ of owmeots *Un ^ Si ^“ ee S f ““'“turtnfi indiutw positions, SoSSde s^mtb! aJd 

.A Pamting of San Francisco in Friendly Socieues. trading actively. Contribution in- £1.02bn. The societies increased Slow last vear^evel oTfiLSbu 1 ? , ad 7 anc - ed c°™tries bad p 0 Ucie^ of the major, countries » 

1826 by seafaring artist Captain The friendly and collecting come last year rose by £500.000 their holdings in kilty to' £B12m, Th^ic* thf niftonma «r »' dedinod. in contrast to toe Thev required^ “difficult and 

Richard Brydges Beechey sold society movement, which can to £4I.9m, and investment almost a thild of to" total Xnds! in^hirh TS. f «.SS developing countries. pai55 : SiSSSnte S 

tor £15,000 to London dealer trace its origins back to EUza- income by over £2Jm to £27.6m. Holdings in land and buildings ^ar-recor/^eJ^ while Sroduc- Industrial countries’ share 0 f Son, tia^^ptoymeilt^aSd 

at a Philips s a Ie °f 19th bethan times, was designed to Benefit payments were £14m fell slightly last year to 3338m. tion bas been held back bv total world trade and their trade relative prices, and, hot least. In 

a?«i &furj ‘Chean uower’ nrohp c “- 

was painted by Beechey from National Insurance made these VUV “r F U TT “ F X SSfiSi^eWdL 

sketches he had made in 1826 objectives obsolete. BY COLLEEN TOOMEY Bv the end of last month car T7 1 Z m 1 . • ■ ' 

when he visited the coast in the The movement, however, is 7 _ F ri HOIflPPrinO' HrA/lllPriAH 

stoop Biossom. taking a long time to disappear THE ELECTRICITY Council’s aine. tVhich? It said that the for the fi^st il montS comofrod ^WglilCCllIIg priKlfilCliQfl 

A weekend aie oflead soldiers from toe scene. The report shows advertismg campaign for a new advertisement contained^ mis- S he sa meperiod7 P ?e a r e n • £• j 

at Phillips in New York, the first that toe overall number of economy tariff is being invest!- leading claims and false ’fuel- Wore penod a year 4-r)gfl t AfAAqrif . 

of its type there, totalled $32,875, societies continues to fall. There gated by toe Advertising Stan- saving comparisons. • X«UL1 Jti3 lUlvtttJl 

with every lot sold. A group of was a net decline of 32 to- 508 dards Authority because of a The Electricity Council said „ BY MAURICE samuelson 

Roman soldiers by the 19th in the number of societies by complaint by a consumer. that it had submitted the Buoyancy wnnwwri - 

S,*5 U S Herfe toe end of last year, and the Last week the Economy 7 advertisement to the authority Thp c^.. _ n . M MECHANICAL ENGINEERING macWnery However this otowH, 

to s private collector for number of branches fell by 129 tariff was severely criticised by before launching the Economy 7 1!.^ production to the UK is expected wus 

§600- to 44S3. the Consumers Association maga- campaign. . “ nd tT”™* to achieve a 9.2 per cent growth more than TJX I 


‘Cheap power 5 probe 


Engineering production 
fall is forecast 


Medical 
battle 
starts 


Tinandal Times 


Motor insurance goes into plain English 


BY ERIC SHORT 


THE General Accident gronp, 
the UK's largest motor insurer, 
has rewritten its private car 
insurance policy Keep Motor- 
ing in plain English. More 
than lm motorists insured with 
the company will receive the 

new-styie document when they 
renew their policies next year. 

An insurance policy, being a 
legal document, often uses lan- 
guage not easily nnder- 
stood by toe public. This has 
worried consumer organisa- 
tions because many people 


who complain about Insurance 
claim the documents are hard 
to understand. 

The company has spent 
about 3,090 man-hours on draft- 
ing the easy-to-read document 
which is still acceptable as a 
legal document. It has cost 
General . Accident about 
£100,000 and a market research 
organisation was used to assess 
public reaction to toe new 
document. 

The new policy is In two 
parts. The first is the official 


policy wording, which has been 
cut by 1,000 words and inter- 
woven, on different colour 
paper, is a commentary on each 
policy section. 

The new policy has five 
special features. Including a 
clearer indication of what the 
policy does not Insure. The 
document aims at a clearer 
system of indexing and pic- 
tures are used to Indicate toe 
contents of each section. 

General Accident has also 
simplified its insurance pro- 


posal form and a copy of the 
form will be enclosed wllh the 
policy document. 

This move bad been urged 
on the insurance industry for 
many years. The Office of 
Fair Trading and the Con- 
sumer Association both wel- 
comed the initiative token by 
General Accident They hoped 
that other companies would 
follow this lead and that 
simpler policy documents 
would he prepared for Other 
forms of insarance. 


Buoyancy by maur/ce samo&sou ... ^ MecUcal , 

The Society of Motor Vann MECHANICAL ENGINEERING machinery. However, this srtdwth -dts- 

fartuJera and ftadera e£j?£ production to the UK is expected was expStedtol iS & U 5? a *2Ls 
registrations d to reach ^bout 2 t J C hi e the*fiw m ™*than UK producers. . . Cc^. yesterday. 

1.6m for toe year as a whole. ” t ® fim quarter of next This would be most evident in 

not much below the peak of 2 P CeDt ! nd °*! riai engines, mechanical pt-™*? 

reached in 1973. J? following 18 months. handling, machine tools; pumps, JSfSStiA Brr ?i\. 

Sales of commercial vehicles „ Tb e to re oast is made today by valves • and ■ coropsessors, antf jtociaratSMi that 
have jumped by around 17 per Economic Models, toe London- textile machinery. .” ' insurance, 

cent over the 11-month period, based international forecasting The - prospects for . textile ^u— 

making the UK one of the few consultancy, which said it is machinery looked gloomy, Loth 
European markets with any subject to skilled labour avuil- at hom®: and abroad. “ With' both . w mr - , 0Der ^.^\ 
buoyancy. ability and that there are already home and export markets dosinc 

Yet production of cars in the signs of a shortage. to them; home producers' . out-. 

three months lo the end of Jast Out of nine sectors, for which Put * 8 set- to contfaiue- its down- 
month fell hy 22 per cent on the a forecast is given, export ward, trend after a steadying in' ac ^ jd ^5 c ®. 011 , 
previous three months, while growth was likely to be strongest 1978," the forecasters ssw. ** •“**■. • 3 **® icaI 

commercial vehicle output was for construction and earth- : — — r : 311 “ similar- 

down 19 per cent moving: industrial plant and ; - . “ 7 - :_ 

Vehicle imports are therefore constructional steelwork; and for f 1)9 1 TAP/irn “• “**, Medic 

expected to rise by 200.000 this agricultural machinery. vua*.icw/IU •“ was classed .as 


year lo more than 850,000. Home market growth was ex- THE 1J60 miners id Sfciiebroolf SSimli C «S3ft.u ’ 

. b Y the end. of last month, car pected to be stronger, in six Colliery, near Chesterfield have ‘if£L 


. °y the end of last month, car pected to be stronger, in six Colliery near Chesterfield, have j ' nr 

totalled 752,000 against sectors: construction and earth- broken their wetfta^-mrtnut e T 

2HH equipment, induswa] SbrtoaiffiAt SSSteSffiSS 


and commercial vehicle imports engines, machine tools, office weeks the National Coal TWrtf 
52.900 compared with machinery, pumps, valves and 2d ^estenjay ’ 

37.000 tor all of last year. compressors and agricultural had 



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Dfceesafcer .12 1978 




UK NEWS 



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r;.*:£ 


Ugan 


tea deal 

cannot 

he halted 


Workers reject call 



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to 



\jedi^ 


st; 


BY PAUL CHSSENGHT. 

THREATS . Awn Queensland 
Aboriginal . leaders ‘that ■ Austra- 
lian mineral exports handled 
by the Rio ' TintOrZlnc group 
would be ' blacked .is the UK 
evaporated yesterday. 

Shop stewards at .a lead and 
zinc smelter in Avomaouth said 
they wodid sot refuse to handle 
the feedstock. . . •'■•; 

The A vo mn oath smelter -is 
owned by Australian Mining M- 
Smelting ( Europe), pert 'of the 1 
Rio Tinto-Zincgroup, and handles 
more group raw- materials- from 
Australia.: than ; -any other: UK 

plant. • . .- 

An. aboriginal delegation, led 
by Mr. Mick Miller, and sup- 
ported by War on Want and 
Colonialism and . ‘ = Indigenous 
Minorities Research and Action, 
last, week had talks with Rio 
Tioto-Zinc executives in London. 

Afterwards the blacking threat 
was made, with the - allegation 
that a Commitment had. been 
received from Avonmonth shop 
stewards not to. handle group 
materials from Australia. 

Shop stewards, however, who 
saw toe aboriginal delegation at 


the end of November, yesterday 
denied that Wacking bad been 
mentioned,' although 'they had 
.agreed, to write to the aborigi- 
nals expressing moral support. 

Mr. MtRer ;and Ms. Colleagues 
have been soliciting support in 
Europe against what they claim 
is maltreatment of Aborginals 
-in Queensland’s ■ Welpa area. 
There, the Rio Tinto-Zinc group 
through -Con zinc Riotihto of 
Australia.. and i .Conudco is 
engaged in a bauxite mining 
venture with Kaiser Aluminium. 

. The Aboriginal blacking threat 
was made on the basis of talks 
with UK trades unionists and on 
a: commitment it claimed 
Australian unions had made not 
•to handle Rio Tinto-Zinc group 
mate rials. In' fact, the threat 
seems to have been made more 
on polemical than ..economic 
grounds. ’■ . 

‘ The ' Avonmouth . smelter is 
handling about 27,000 tonnes of 
lead and zinc concentrates from 
Australia this year, about one 
sixth of tbe total feedstock it 
requires. No Rio . Tinto -Zinc 
group bauxite from Australia is 
imported. 


Healey urged to end 
tax anomalies 


BY DAVID FREUD 

MR. DENIS HEALEY. ■ the 
Chancellor, is being urged by the 
Institute of Taxation to clear up 
several outstanding tax anoma- 
lies in the next Finance Bill. ' 
The institute’s submissions, re- 
leased yesterday, are more 
technical than, those of -the Con- 
federation of British Industry 
and the Consultative Committee 
of Accountancy Bodies, which 
have been delivered to the 
Chancellor over the last fort- 
night, - ■ •• 

However, it is confident that 
several of the Items, will receive 
a sympathetic hearing from the 
tax authorities. 

Its recommendations coincide 
with those of the accountants in 
two areas. The first concerns 
cases where interest covering an 
extended period is paid in one 
year. • 

Both bodies say that a method 
of spreading the tax liability 
should be introduced, similar to 
that used in taxing redundancy 
payments. . . . 

Tbe institute also pinpoints an 
anomaly in tbe averaging of 
fanning profits. -The last Finance 
Act allowed an extension or time 


T 


NEWS ANALYSIS * PUB SWAPS 


* I • . . V 

Attempt to avoid 
enforced changes 

... ' . . . : '• ■ v — ■ t 

BY DAVID CHURCHILL. CONSUMER AFFAIRS CORRESPONDENT 

TEE LATEST round of pub - Having agreed to exchanging 
swaps .announced yesterday . by .more than 1,000 pubs, the prob- 
the big brewers shows once lem now facing the brewers .is 
again the industry’s sensitivity implementing the move. The last 
to criticisms that the brewery big swap, of 437 pubs, took more 
business, especially the public than two years to negotiate and, 
house trade, -is concentrated - in - last night, the brewers were fore- 1 
the hands of a few iaree com- casting that the latest exchanges 

take 


panies. 


will 


five years. 


Ever since the 1969 Monopolies The problem is two-fold: Per^ 
Commission report first publicly suading brewers to take over 
voiced these criticisms, and in pubs in areas, such as Norfolk, 
particular, called for increased' where, most people believe there 
competition as ■ a ■ "remedy, for. are. already too. many pubs; and 
the defects . which • we ' -have persuading employees to accept 
found in the tied bouse system tbe exchanges. In addition, the 
in the UK,” the brewers have brewers still face concern that 
been fighting a rear-guard action tbe tied house system limits comr 
agaizwt Government enforced petition.' 
changes. .... The Price Commission said in a 

In the early 1970s there 'were report last year on beer priees. 
a number of small-scale ex- that the “ combined effect of high, 
changes, designed '.to reduce. concentration and vertical inte-; 
excessive concentration in any gration has enabled the brewers 
particular part of the country, to exert a high degree of price 
These small swaps were followed leadership.” 
a year ago by an exchange of 437 Another commission report; 
public houses. But . after ■ a on the proposed price rise sought 
critical Price Commission report by AlMed Breweries, published 
last year, the brewers were again this year, said that tbe tied house 
pressed by Mr. Roy Hattersley. svstem provided each brewer 
Priees Secretary, to agree on ‘‘with a ’ significant degree of 
further exchanges .-to Improve protection from the operation of 
competition in. areas -where one competitive market forces” 
brewer tended to dominate. The commission pointed out 

After six months of research, that new brewers trying to gain 
aided, by computer analysis of an entry into the market would 
the operating performance of all need not only substantial adver- 
se brewers’ public houses, the. tising investment but tbe pur- 
brewers have come up - with a chase of sufficient outlets from 
package of 1,000 possible pub ah existing stock of licensed 
swaps to be implemented over premises, mostly belonging to 
the next five years. But as only the established brewers, 
about 2 per cent- of the 51,000 "The alternative is to persuade 
brewery-owned pubs will be other brewers to sell a new pro- 
affected by the proposed deal. <juct j n their premises in eom- 
the amount of change in any one petition with their own brands, 
area will be limited. . . ' including national brands which 

The Brewers' Society said last, they themselves promote heavily, 
night that the- swaps will mean This is not a very attractive pro- 
tbat no national brewer will have position.” 

more than half of tbe public The Brewers’ Society, which 
houses -in any local government represents the big brewers, 
area with a population of 100,000 Te ftnes these criticisms of tbe 
or more.. No national brewer tied house system. It points out 
will be selling more than a third ^ ^ pul> ^ cretin* with 
of the beer in these areas as a a range o£ other outlets In 

• the supply of alcohol, particu- 
The brewers’ wilhngness to tariy - 2/ dubs and super- 
agree to the swaps arises partly 

ssct.mw sgWffSS 

the result of historical accident jj* 

When the industry, was going p® diminishing m r©la« 
through its rationalisation throes' Importance, 
in the 1960s, and the big . m 1907 there were about 
breweries were gobbling up the 75,000 public bouses in the UK 
smaller companies, some of the 0 f which 58,525, or 78 per cent, 
acquisitions' resulted in - some were owned by the brewers. In 
areas giving the brewers a yir- 1976, this proportion fell to | 
tual monopoly, for the supply of per cen t and tbe society believes 
beer through public houses. This j* will fall to 63 per cent by 198L ! 


did not fit in precisely with the 


brewm' strategic objecUve .of The b«we^ dnu * : of 
creating > national breweries, ireebs™ outwi ts aaw 

siuee they were unable to break aer ce®Mir 

into new areas Without having Cent in 1967 to 35^5 per n 
a chain of lied houses in that 137 ?*: a ^® 11 estimated 30.5 per- 


Plan to regenerate 
inner London areas 


BY PAUL TAYLOR 

THE REGENERATION of inner 
London and policies directed at 
the redevelopment of docklands 
forms the central feature of the 
Government’s strategic plan for 
the South East of England, pub- 
lished yesterday. 

The updated plan, which deals 
in detail with issues such as 
population growth, transport, 
housing, industrial development 
and employment, is a coherent 
re-statement of Government 
policy for the region, and will 
form a flexible framework for 
local authority planners and 
others. 

The original South East 
strategic plan was produced in 
1970 and approved in 1971. It 
was updated by a review in 1976 
by tbe Standing Conference on 
London and South East Regional 
Planning and the South East 
Economic Planning Council. 

The latest statement of 
Government policy draws to- 
gether elements from tbe pre- 
vious plans and incorporates new 
Government policies such as the 
Inner Urban Areas Act 1978. 

Tt places particular emphasis 
upon the drive for the regenera- 
tion of inner London and con- 
tains clear statements on issues 
sui-h as selective development 
restraint, new towns policy and 
transport priorities.' including tbe 
expansion of the region's two 
main airports and the need for 
completion of the M25 motor- 
way 


Introducing the plan, Mr. 
Peter Shore. Environment Secre- 
tary. said there had been big 
changes in Government policy 
since the 1976 review. He drew 
particular attention to three 
aspects of the new strategic plan. 

First, successive post-war 
Governments had bad a policy oF 
moving people and industry oat 
of London. Although this policy 
was right then, “ it can no longer 
be justified.” Mr. Shore said. 
Through a combination of 
policies the Government was 
firmly committed to special aid 
for Inner cities, including 
London. 

Secondly, changes in the pre- 
dicted increase in population in 
the region had made it necessary 
to change policy in relation to 
planning restraint and growth 
areas, although the Government 
remained committed to a green 
belt of between 12 and 15 miles 
wide. 

Lastly, transport policy must 
Temain in step with population 
changes and other movement 
within the region. 

Framework 

The South East Region, com- 
prising Greater London and 22 
county authorities, was the 
largest region In England with 
a diverse and resilient economy, 
said the plan. It said the prob- 
lems had traditionally been 
those of growth and. until 


recently, a substantially increas- 
ing population on the one hand 
and ^overheating” in tbe 
regional economy in “periodic 
boom conditions.” 

The strategic plan includes a 
guide to Government policies on: 

• Population growth and move- 
ment: Details of the special help 
to London are given but the nlan 
said there must be continuing 
scape for population growth in 
the region outside London and 
for the larger number of smaller 
households emerging. 

The growth areas in the 1970 
Strategic Plan have been 
retained but scaled down. There 
wiU be continuing support for 
certain area* of development 
restraint, in particular for the 
green belt, A green belt of 
between 12 and 15 miles "Is 
considered sufficient ” to stop 
the spread of London. 

• Transport: The Government 
will continue to give priority 10 
the . road-building programme. 
The M25 motorway will provide 
a link from Heathroxv to the Ml 
aod to Gatwick and a high-speed 
route around London. Other road 
improvements are to be pressed 
forward. 

Because of uncertainties over 
the rate of growth of air traffic 
the Government considers that 
demand in the 19S0’s should be 
met through the expansion and 
improvement of existing airports 
rather than the provision of a 
new airport. 



Mr. Peter Shore 
Policy no longer justified 

London rail commuter services 
do not meet full costs and the 
Government will continue to 
press tbe Railways Board to re- 
duce operating rosts. 

• Housing: In spite of emphasis 
on conversion and rehabilitation, 
there will he a continuing need 
for more housebuilding in 
London and the South East. 
Emphasis will be given to tbe 
importance of mobility in the 
housing market to complement 
industrial and employment 
policies. 

• Industry and Employment: 
The employment problems of 
inner London received special 
mention. Companies wishing to 
invest in the South East will be 
encouraged to consider dock- 
lands and other partnership 
areas. 

Strategic Plan for the South 
East, S.O.. £1.50. 


Fluctuating incomes 
put Scots ahead 
in savings league 

BY RAY PERMAN. SCOTTISH CORRESPONDENT 


THE POPULAR image of the 
Scots as thrifty savers was given 
statistical support yesterday by 
the Fraser of AUander Institute 
at Strathclyde University. 

A discussion paper on house- 
hold savings in Scotland by two 
of the lnstitue's Fellows. David 
Bell and Victor Bulmer-Thomas. 
shows that families north of the 
border save two to three times 
the proportion of their dispos- 
able incomes compared with 
those in England and Wales. 

In the 10 years to 1975, only 
twice did the amount saved by 
Scots families fail below 10 per 
cent of the total they had to 
speud and at its highest it was 
19 per cent. 


In the UK as a whole, only in 
in one year did the figure reach 
as high as 9 per cent and more 
often it was 4 per cent or less. 

Tbe authors conclude that the. 
high level of saving is partly a. 
result of vigorous euL-ourage^ 
ment by the savings banks move-' 
meat in Scotland and partly, 
because so many Scots work in' 
industries where their incomes^ 
fluctuate. J 

They tend to save more when 
wages are goad but react to uni 
expected price increases by cut- 
ting back un consumption 

Discussion Paper No. 12. Fraser 
of Allander Institute, 100 
Montrose Street. Glasgow. 


EEC coal vital-Ezra 

FINANCIAL TIMES REPORTER 

A CALL for the European Com- 
munity to utilise fully its own 
energy resources and not depend 
on imported oil, was made yes- 
terday by Sir Derek Ezra, chair- 
man of the National Coal Board. 

He told the European Atlantic 
Group, meeting in London, that 
the “surest fail-safe insurance" 
for Europe was a “healthy, 
dynamic coal mining industry." 

Tbe stagnation of world energy 
demand over the past two years 
would be short-lived, but the 


temporary glut to which it bad. 
given rise "obscured the longer-, 
term prospect of world scarcity, 
and increasing costs. 

“Although the EEC Council of 
Ministers has adopted a policy, 
of reducing excessive depend- 
ence on imported energy which 
would progressively reduce the' 
proportion from the 1P73 high 
of 63 per cent to 50, and 
desirably to 40 per cent, action 
to implement that policy has 
still to be taken.” 


where a cteim for averaging i$| 
made, but did not al!pw an ex 
tension over making or revokin 
elections, the most important in 
this context being the wife's I 
earning election - 
Two other, recommendations 
which the institute. believes will 
be well received concern a clari 
fi cation of the position of com 
pany loans to employees and 
relief on termination payments 
for companies ceasing, to trade. 

- The institute says that it is not 
clear whether cash given to meet 
business expenses is held by the 
employee as an agent rather than 
as a loan. . • ■ 

“ It should be clarified that it 
is not intended -to -Surge em 
ployees in this position tax on the 
notional interest on reasonable 
funds to defray -business 
expenses.” 

Finally, the institute points out 
that companies ceasing to trade 
can claim relief for termination 
and redundancy payments only 
up to the statutory 'Emit, which 
stands at £10.000 an ’ individual. 
Payments above this limit are 
common and the excess- should 
be allowed, it says. ■ 


Now it’s extremely 

see just how good our 











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Financial Times; 


UK NEWS-POLITICS 


LABOUR 


Pressure Tories attack North Council 
for more Sea oil tax policy boycotts 

iCirkhv BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT . eased 


Canal supervisors take 
claim to arbitration 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


cash 


By Our Parliamentary Staff 

The Government came under 
(pressure from Left-wing 
Labour MBs in flhe Commons 
yesterday to give fimtfber 
financial old to KME, the 
Kirby workers co-operative. 

The demand for more aid for 
the cooperative was led by 
Mr. Bob Cryer (Lab, Keighley), 
who resigned as a junior in- 
dustry minister because of the 
Government’s decision to back 
moves by a private engineer- 
ing company -to take over the 
co-opera tive. 

He urged she Government to 
reconvene a working party on 
the future of the co-operative. 
The proposed takeover by 
Worcester Engineering was 
simply a means by private 
enterprise “ to grab Hhe 10 per 
cent of the radiator market 
■held by KME." 

“The Government should keep 
the co-opeartive going as a 
means of securing jobs in an 
area of high unemployment and 
as an important symbol to the 
trade union movement,” said 
Mr. Cryer. 

Mr. Leslie Huckfield, Industry 
Under-Secretary, said ministers 
recognised Mr. Cryeris strong 
feeli ngs on Kirk by, “ but to 
date KME has received 
£5.672m." 

He said the Government's 
understanding from yesterday's 
mass meeting was that further 
proposals on the co-operative 
may be put forward tomorrow. 

Mr. Eric Heffer (Lab., Liverpool, 
Walton) reminded Mr. Huck- 
field, a fellow member of 
Labour's national executive, of 
an executive resolution urging 
continuation of the co-operative 
and further Government sup- 
port to put it on a new basis. 

Mr. Huckfield said he was unable 
to give a specific answer on 
the question of further Govern- 
ment aid. “But anything 
which does emerge in the way 
of an application will get the 
fullest possible consideration." 

From the Conservative front 
bench. Mr. Kenneth Clarke 
called for an assurance that no 
more taxpayers' money would 
be spent on top of tbe £5m 
already lost. 

He urged that, following the 
collapse of the Worcester 
Engineering takeover, tbe 
Government should call In a 
receiver so that assets could 
be sold 


THE Government is taxing the 
commercial oil companies out of 
existence in the North Sea, Mr. 
Peter Viggers (C, Gosport), 
claimed in the Commons last 
night 

He was moving a resolution 
calling on the Government to 
end the uncertainty which, he 
claimed, had . been caused by 
Mr. Anthony Wedgwood Be on. 
Energy Secretary. 

Mr. Viggers said the uncer- 
tainty had resulted from Mr. 
Berm's endorsement of the 
Labour ParLv conference resolu- 
tion calling for further nationali- 
sation of North Sea oiL 

Clarification 

Mr. Viggers also called on 
the Government to clarify Mr. 
Bonn's remarks about British 
Petroleum. Mr. Bean had told 
tbe annual conference that the 
relationship between the Govern- 
ment and BP — hi which it has 
a 51 per cent stake — was not a 
very satisfactory one. 

He had described a resolution 
calling for BP to be brought 
under full public control as “ an 
Important addition to Labour's 
armoury of policies." 

Mr. Viggers’s motion declared 
that full nationalisation of North 
Sea oil would be counter- 
productive. He called on the 
Government to provide an econo- 
mic climate In which private 
enterprise could continue to 
contribute to oilfield develop- 
ment. 




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oil industry alarm 


Development 


At the start of his speech, 
Mr. Viggers was challenged by 
Labour left-winger Mr. Bob 
Cryer (L. Keighley) to declare 
his own personal business 
interest in oiL 

Mr. Viggers agreed that he was 
involved In the financing of 
North Sea oil development hut 
argued that this background 
enabled him to bring particular 
expertise to tbe debate. 

(The 1978 Who’s Who lists Mr. 
Viggers as a director of Energy. 
■Finance and General Trust and 
Premier Consolidated Oilfields.) 

He protested that Mr. Berm 
was not present in the Chamber 
to answer the charges made in 
the debate. The Government's 
reply was to be given by Mr. 
Benn's deputy. Dr. Dickson 
Mahon, the Minister of State 
for Energy. 

Vast sums of money were 
involved in Britain's offshore oil 
industry, said Mr. Viggers. Tbe 
vaflue of oil landed in 1977 was 


£2bn while gas accounted for a 
similar sum. By the mid-1980s 
the tax yield alone on North Sea 
oil would he £4bn a year. 

A State-controlled agency such 
as British National Oil Corpora- 
tion was uniquely unsuited to 
deal with the major commercial 
problems of North Sea oil 
developments, he continued. 

BNOC was privileged and 
pampered while Its relationship 
with the Department of Energy 
was unclear. It operated as an oil 
company but also had many 
other roles linking it with the 
Government. 

“BNOC has been given too 
many roles," he said. “It is 
referee as well as player. No one 
in the oil industry now believes 
that BNOC is impartial." 

Mr. Viggers thought that the 
economic climate in the North 
Sea had been getting steadily 
worse. Costs were increasing fast 
and it now cost as much as £10m 
to sink a well. 

The number of new wells had 
declined over the years. In 1976, 
58 were sunk, in 1977 there were 
67 but this year it was estimated 
that there would only be 39. 


It seemed that the current 
sixth round of oil licence appli- 
cations was not going at all wall. 
Many major oil companies had 
put in only nominal applications. 

“ There is alarm at tbe drop in 
the work on new wells,'' he said. 

“The increase in petroleum 
revenue tax and costs is threaten- 
ing the development of marginal 
oilfields. 

“ I foresee that when the 
private oil companies drop away 
the Government will then allege 
an investment strike." 

Mr. John Hannan* (CL, Exeter) 
told the House that there was 
grave disquiet over the effects 
of Mr. Benn's “unconcealed 
political machinations " In the 
energy sector. 

“What he is really doing is 
creating a gulf within the Energy 
Department and causing a 
serious loss of confidence in the 
future stability of North Sea oil 
industries." 


By Our Parliamentary Staff 

MR. PETER SHORE, the 
Environment Secretary, con- 
finned- in a Commons answer 
last night that local authorities 
are no longer bound to enforce 
Government pay guidelines by 
obtaining an undertaking that 
companies tendering for con- 
tracts would conform to pay 
policy. 

He was asked by Mr. Norman 
Tebhitt (CL, GhUzgford) 
whether advice to local 
authorities in two Department 
of Environment, circulars in 
1975 and 1976 remained valid. 

These circulars said that 
local authorities should enforce 
tbe Government’s pay guide- 
lines by boycotting black-listed 
companies and accepting ten- 
ders only from companies 
certifying compliance with 
those guidelines. 

Hr. Shore said in a written 
reply: “ No names of com- 
panies barred from Govern- 
ment contracts were circulated 
to local authorities. The under- 
taking, clause and certificate 
which the circulars asked local 
authorities to use related to 
section one of the Remunera- 
tion, Charges and Grants Act 
1975, which lapsed on July 31, 
1978. The arrangements are 
therefore valid only in respect 
of the period when section one 
of the Act was operative." 

Mr. Denztl Davies, Treasury 
Minister, rejected a call by Sir 
Anthony Rnvle (CL, Richmond) 
that the Government should 
consider ways In which com- 
pany taxation could be 
adirsted to reduce the ln*s of 
profits Incurred as a result of 
resisting demands for wage 
increases in excess of the 
guidelines. 

Mr. Davies said that comnany 
profits which were reduced for 
whatever reason would be 
reflected In a lower tax bilL 


Pay complaint 

ON INFORMATION now avail- 
able to the Department of 
Employment, a pay settlement 
by the Trades Union Congress 
for its staff “ does' not appear 
to be consistent with the 
pay policy guidelines,* 1 Mr. 
Harold Walker, Employment 
Minister, told the Commons In 
a written answer last night. 


BRITISH WATERWAYS ' canal 
supervisors, whose special case 
plea has been rejected, are 
takin g industrial action which 
threatens to close the inland, 
waterways system to freight 
traffic. Already it is having as 
effect on industrial water sup- 
plies. ■ ; - 

The 600 canal supervisors, who 
claim their traditional pay links, 
with other groups were affected 
by tbe cut-off date for pay 
settlements, decided yesterday" 
to go to arbitration. 

The Government's refusal to 
allow their claim adds weight to 
beliefs that Ministers are deter- 
mined to restrict special case . 
status to only a few groups. BBC 
monthly paid staff and agricul- 
tural workers have already had 
their applications turned down. 
Only plumbers and pipe fitters 
have managed to achieve a deal. 

Mr. Geoffrey Drain, general 


secretary of the National and 
Local Government Officers Asso- 
ciation, was told the claim baa 
been refused at a private meet- 
ing with Mr. Peter Shore, En- 
vironment Secretary, and Mr. 
Albert Booth. Employment 
Secretary. - . . ' 

The basis of the supervisors’ 
risMTn ^ pay anomalies which 
have arisen since the introduc- 
tion of pay restraint in 1975 
leave them seriously out of line 
with British Waterways manual 
Workers, and with comparable 
workers in the water services 
industry. 

• Tbe supervisors say that the 
gap between them and water ser- 
.vice workers is now about 20 per 
cent, excluding lower overtime 
rates and shorter holidays. 

. Ministers rejected the claim, 
though, on tbe grounds that the 
interrupted relativities allowed 
for under the special case guid- 


ance notes to the White Paper, 
Winning the Battle Against Infla- 
tion, must be extern ah 
The staff side of the National 
Joint Council, for the supervisors, 
representing members . of 
NALGO, the Transport Salaried 
Staffs*- ■ Association and /the 
Transport and General Workers* 
Union, decided yesterday -to 
make a Schedule -II -claim in an 
atttempt to bring wage levels up 
tto comparable levels. - - -- 

The supervisors’ action, which 
centres on banning ^supervision 
of the water control system which 
helps to prevent flooding, is hav- 
ing serious effects on the inland 
waterways system. 

. Water levels In canals at. key 
points throughout the -.country 
have', been: -lowered, and some 
smaller industries which take 
water from the .canals and have 
no other. water sources are being 
hit by - the restricted levels. 


UNION negotiators for 4,000 
Shell refinery workers have 
rejected a pay offer they, say 
i aciudes almost S per cent new 
money as well as increased 
consolidation and higher shift 
payments. 

Officials of the Transport and 
General Workers’ Union have 
told the company that unless it 
Improves the offer, mass. -meet- 
ings of refinery staff will be held' 
at tbe end of tbe month to discuss 
the possibility of industrial 
action. 

The union submitted a cUdm 
for increases of 15 per cent on 
salaries, consolidation - of all 
outstanding supplements and- 
snbstantial increases on shift pay 
including an immediate £150 
addition to shift allowances.-. 

It has also been seeking a 
commitment on a 35-hour week, 
and had been prepared to lower, 
its money claim if the company, 
proposes firm moves towards 
shorter working hours. : 


The company's offer covers 
manual workers at four of the 
company's principal , refineries 
and its chemicals company at' 
Carrington, Manchester. 

Mr. John Miller, the union’s 
national chemical industry secre- 
tary. said the offer included con- 
solidation of Phase One and 
■phase Two pay policy- sappier 
meats. 

• It also involved 7J6 ;per cent 
new money on existing salaries- 
for both day and shift workers. 
Shift workers would also be 
entitled to an increase on shift 
allowances from £S91-to- £980- 

The union said the. .overall 
effect of the offer would be an 
increase on earnings of over 5 
per cent. There was no produc- 
tivity element, although; the com- 
pany was seeking continued ..co- 
operation from the workforce on 
Shell’s development. 

The company is studying a: 
union request for- a further 
meeting on pay next week. 


Government squirms 
on pay principles 


Benn asked to intervene 
over Shell job cuts 

BY KEVIN DONE, ENERGY CORRESPONDENT 


Electronics 
Industry 
Surveys 1979 

The Financial Times is planning to publish a number of Surveys 
in 1979 on the Electronics Industry. The titles and proposed pub- 
lication dates of those planned are listed below. Other titles may 
be added during the course of the year. 


January 31 
February 14 
March 29 
May 9 
June 14 
September 14 
November 14 


MEDICAL EQUIPMENT 

MOBILE COMMUNICATIONS 

MICROELECTRONICS 

VIEWDATA SYSTEMS 

ELECTRONIC INSTRUMENTS 

TELECOMMUNICATIONS 

ELECTRONIC COMPONENTS INDUSTRY 


BY IVOR OWEN 

THE Commons had a taste yes- 
terday of the Government's 
difficulties over whether to 
authorise substantial salary in- 
creases for MFs and civil ser- 
vants or to insist on observance 
of the pay guidelines. 

Mr. John Btffen, from the 
Conservative front bench, 
accused Mr. Chares Morris, 
Minister of State for the .Civil 
Service, of “ pure equivocation ” 
in the face of repeated challenges 
to say whether adherence tto the 
5 per cent guideline would take 
precedence over the principle 
that civil service pay should be 
maintained at comparable levels 
to that in tbe private sector. 

Mr. William Price, Parliamen- 
tary Secretary to the Privy 
Council Office, reaffirmed that 
the Government could give no 
blind commitment to implement 
all the recommendations: in the 
review being conducted by the 
Boyle Committee. 

He said that tbe Pay Research 
Unit's report, giving comparisons 
of individual jobs inside and. out 
side the civil service, was being 
made available to tbe negotiating 
parties. Its findings would pro- 
vide the basis for the negotia- 
tions leading to a settlement 
from April 1, 1979, subject to 
“national pay policy." ; 

Mr. Dennis Skinner ] (Lab. 
Bolsover) urged the Minister to 
tell the leaders of the civil ser- 
vice unions that the 5 pfir cent 


policy would not be carried out 
by tbe Government 

Mr. Morris replied that civil 
service pay was based on fair 
comparison but Mr. Dennis 
Canavan (Lab. Sterlingshire W) 
contended that an increase of 
at least 50 per cent would be 
required to bring public service 
pay up to the standard of com- 
parable workers in the private 
sector. 

Mr. Peter Bottomley (C., Wool- 
wich W0 asked: “ Will the nego- 
tiations he about comparability! 
or the five per cent pay policy ? " 
Mr. Morris said the Govern- 
ment's guidelines would 
obviously be a major factor. He 
insisted that he had not stated 
that, on tbe basis of the Pay 
Research Unit’s report, the 
Government intended to agree j 
to increases outside tbe guide- 
line. 

Dealing with questions on 
MP's pay, Mr. Price indicated that 
the Boyle Committee was 
expected to produce its recem- 1 
mendations in time for the next 
annual review of Parliamentary 
Salaries and Allowances in June. 
There would have to be “clear 
and compelling " reasons for the 
recommendations not to be 
ImDlemented. 

Mr. Hal Miller (C., Broms- 
grove and Redditchl suggested 
that the Boyle Committee should 
place greater emphasis on MPs' 
pay than on expenses, which were 
always open to “misrepresenta- 
tion if not abuse." 


Manifesto delays 


BY RICHARD EVANS, LOBBY EDITOR 


Surveys are a powerful advertising medium offering advertisers 
the means to reach the Financial Times’ influential readership in a 
relevant context 


For farther information abont advertising in the above 
Electronics Industry Surveys please contact 

Peter Minett, Advertisement Group Head, 
Financial Times, Bracken House, 10 Cannon Street, 
London EC4P 4BY. 

Tel: 248 8000 Ext 7076. 

FINANCIALTIMES 

EUROPESBUSNESSttWSFAPER 

The content, size and publication dates of Surveys in the Financial Times 
are subject to change at the discretion of the Editor. 


THE Prime Minister has told 
Labour's National Executive 
Committee that no decisions will 
be reached on the party's next 
manifesto when tbe NEC meets 
Cabinet members tomorrow 
week. . ;• 

Tbe meeting is seen, as a 
first attempt to mark out com- 
mon ground between the views 
of Mr.- CaLlaghan and leading 
Left-wing Executive members. 

In an. attempt to keep tbe 
political temperature low, Mr. 
Callaghan will not attend the 
meeting. He has named Mr. 
Michael Foot as the minister 
to lead tbe seven-man* Cabinet 
team. 

Other ministers who will 


attend are Mr. Denis Healey, 
Mr. Peter Shore, Mrs. Shirley 
Williams. Mr. Roy Mason. Mr. 
Eric Varley and Mr. Bruce 
Millan. 

Mr. Anthony Wedgwood Benn 
is not included in the Cabinet 
team but will be one of 11 NEC 
representatives. He is the 
minister most anxious to lift 
the Inhibiting weight of Cabinet 
responsibility from NEC mem- 
bers who are also in Govern- 
ment. 

Mr. Benn will chair a meeting 
tonight of Labour's Home Policy 
Committee to consider the 62- 
page draft that Leftwingers in- 
tend to press far inclusion is 
Labour's next manifesto. 


Shell refinery men Post union 

reject 8% offer ^"pay 

BY NICK! GARNETT, tABOUR STAFF • - ..: J . 

NION negotiators for 4,000 The company's offer covers increase 

sell refinery workers have manual workers at four of the „ 

ejected a pay offer they, say company's principal. -refineries By Our Labour staff 
dudes almost S per cent new- and its chemicals company at' THE UNION of Post - Office 
oney as well as increased Carrington, Manchester. w „ b ' w hi.h 

msoLidation and higher shift Mr. John Miller, the union’s Worker ®> 
lyments. national chemical industry seer e- P« cen \ W claim, is to study 

Officials of the Transport anfl t»ry, said the offer included .con- the Ford supplemental -payment 
eneral Workers' Union have- solidation of Phase One and aiid the British Rail productivity 
Id the company that unless it Phase Two pay policy- suppler Scheme in drawing up its own 
ip roves the offer, mass, meet- ments. nroductivitv nronosals 

gs of refinery staff will be held' It also Involved 7B ;per cent p ™" c1 ±™2 
tbe end of the month to discuss new money on existing Salaries- scheme, which was 

e possibility of industrial for both day and shift workers, instrumental m raising the offer 
tion. . - Shift workers would also be to its 57.000 manual workers to 

The union submitted a claim entitled to an increase on shift 17 P«c cent was worth about five 
r increases of 15 per cent on allowances from £S91-to- £980- P* r cent and the ran workers' 
laries, consolidation - of all The union said the. .overall scheme 2 5 per cent, 
itstanding supplements and effect of tbe offer would be an . Feelings on .productivity ran 
ibstantial increases on shift pay increase on earnings of over 5 high at the union's special con 
eluding an immediate £150 per cent. There was no produo- ference on pay which closed 
[dttlon to shift allowances.-. tivity element although the com- yesterday at . Bournemouth. 
It has also been seeking a pany was seeking continued co- Delegates were angry that many 
mmitment on a 35-hour week- operation from the workforce on industrial - .productivity deals 
id had been prepared to lower . Shell’s development. . . were “ bogus.” - . 

; money claim if the company. The company is studying a: Mr. - Jim Stevens. Cardiff 
-□poses firm moves towards union request for .a . further Uniform Branch, . referred in a 
lorter working hours. : meeting on pay next week. speech- to. the conference to a 

television programme in which 
Mr. ' John ' Miller, national 

Benn asked to intervene M 

__ ' • -- • Union. “ gleefully told of how he 

over Shell job cuts - memhere without one ounce of 

* extra productivity.* - 

BY KEVIN DONE, ENERGY CORRESPONDENT .. Mr. Tom Jackson, general 

RADE UNIONISTS have called request to _ alow time^ for con- -^rt^G^roSieit^poii^'. 
i Mr. Anthony Wedgwood su(|atj° n with the trade onions told the conference that ma5r 
enn. Energy Secretary, to take .«*».' ^industrial: ^productivity schemes 

rtion over Shell UK Oils plans ^ ere fiction " He said 

. cuts its Shell Haven refinery 1 many deWs would not get Gov- 

orkforce by nearly 30 per cent “ 811 eminent approval if their details 

ler tbe next five years. w! tImmw tW ch„Tp« were |° own i :• 

Shell announced two weeks in rom0 atihle : with ' But Vlrnn he was urged that 

lo that it was planning to close etpps belne taken bvMr Bean to aD Y forthcoming union 

Id and obsolete plant at i* Ssure ^Stetiou ^ ^productivity s^erne should be 
■finely on the Thames Estuary fndustrv on Investment and man-^ u ^ m e? Q ^ejr8lufr baLk)t, 

id invest £23m m a moderaisa- power planning • he said:. you j>ress us too 

on programme. .Bart of the Mr Benn is pressing for the closely,: it- may not be possible 
heme involves . reducing the forn ,ation of a tripartite com-. JO Bet as «opd a deal as. we might 
orkforce from 1,850 to 1,300. jnittee involving Government, k® able to otherwise, 
bell Haven is one of the most industry and trad^e unions to Postmen are currently paid 
baur-intensive refineries in the consider problems arising in' the about 40 per cent of proven man- 
K* oil sector. power savings mainly from the 

Mr. Roger Lyons, national “Tbe immediate problems at Mails Operating Service Scheme, 
Beer for the Association of Shell Haven could be considered This . year it gave postmen a 
beatific Technical and Man- calmly in this framework instead lump Sum payment of £35.50. 
•erial Staffs, said yesterday that of setting back industrial rela- Delegates supported a motion, 
cal union officials were given Hons hr Shell with repercussions against their, executive's advice, 
ily two to three hours' notice ithroughout the whole .oil re- that any productivity scheme 
f the intended job cuts. A fining industry." said Mr. Lyons, should give them 100 percent 
__ m _ . of savings achieved. 

Bilston closure opposed '. jasstfSJrtsas'K A 

BY OUR LABOUR EDITOR 

rORKERS AT the British Steel internal newsletter. This was in and that under a separate pro* 
nrnnratinn’s Bilston Diant in breach of a national agreement ductivity scheme, Post Office 
2S21* on the plant's loading, he said; senior- staff hayejeceived up to 

taffordshire have voted over- steel's plans to run £600 based on wbat union mem- 

helmingly " against plans to dowmBilston provoked the threat bers see as their extra work. 
ose the plant, a union official 0 f a national strike by the ISTC Union members will get .only 
ud yesterday. earlier -this year. The union £100 from the scheme. 

Mr. Dennis Turner of the Iron argued, for, and believes it has : vl - — - — 

id Steel Trades Confederation secured, a six-month moratorium. - -i_" if - g. 

lid a “ devious" plan by the Mr. Turner said: '“We are stiil . JjaKCrY DailOX 

irporation to offer severance in negotiation. If the corporation ' v 

tyments to Bilston workers, Tike thinks we will sell our souls for rPCTllf 

lose taken by workers at other chicken-feed, they have another IvOUll «.tt AilCU . 

ante, had been circulated in an think coming." THERE ; WAS -.’ increasing 

evidence of bakery " strikers 

Council workers will turn down 5% 3SS33?. Z 

Bakers, pood -and Allied 'Workers. 
NION NEGOTIATORS for eluding a one-day stoppage on Union baUot on a new 14.4 per 
ore than lm local authority Jaxtuary 22 involving members of .pay offer. "has not yet been 

anual workers will today reject Transport and General Wor- an fJ° unc ® tf - • “. 

Dav offer within the 5 ner rent fters Union, and probably other The ballot.- ^ result expected 
pay offer within the 5 per cent pubiiwjector manual Workers' yesterday, is now likely, to- be' 

„ . . , . . , unions. declared today. Workers in 

This is almost certain to be Unions have already rejected vFedera tion of Bakers’ bakeries 
,° y . 1 ° dcs ^ ri . aI -tea ion an offer within guidelines made went on strike five weeki ago • 
liowed by industrial action, in- to health service ancillary staff, demanding 26 per cent increases: 

Right expects gains in CPSA 


TRADE UNIONISTS have called 
on Mr. Anthony Wedgwood 
Benn, Energy Secretary, to take 
action aver Shell UK Oils plans 
to cuts its Shell Haven refinery 
workforce by nearly 30 per cent 
over the next five years. 

Shell announced two weeks 
ago that it was planning to close 
old and obsolete plant at its 
refinery on the Thames Estuary 
and invest £23m in a modernisa- 
tion programme. -Part of the 
scheme involves /reducing the 
workforce from . 1,850 to 1,300. 
Shell Haven Is one of the most 
labour-intensive refineries in the 
UK 

Mr. Roger Lyons, national 
officer for the Association of 
Scientific Technical and Man- 
agerial Staffs, said yesterday that 
local union officials were given 
only two to three hours’ notice 
of the intended job cuts. A 


request to alow time for con- 
sulfation with tbe trade onions 
had been rejected. 

'He has told Mr. Benn that fhe'- 
decistim was made in secret an<T 
issued to the workers as “afl 
18-page diktat" 

Mr. Lyon said that Shell’s 
action was incompatible with 
steps being taken by Mr. Bean to 
ensure consultation in the .oil 
industry oil investment and man- 
power planning.. 

Mr. Benn is pressing for the 
formation of a tripartite com-: 
mittee. involving Government 
industry and trade unions, to 
consider problems arising in the 
oil sector. 

“The immediate problems at 
Shell Haven could be considered 
calmly in this framework instead 
of setting back industrial rela- 
tions in Shell with repercussions 
ithroughout the whole - oil re- 
fining industry.” said Mr. Lyons. 


Bilston closure opposed 


BY OUR LABOUR EDITOR 

WORKERS AT the British Steel 
Corporation’s Bilston plant in 
Staffordshire have voted “over- 
whelmingly " against plans to 
close tbe plant, a union official 
said yesterday. 

Mr. Dennis Turner of the Iron 
and Steel Trades Confederation 
said a “ devious " plan by the 
corporation to offer severance 
payments to Bilston workers, Tike 
those taken by workers at other 
plants, had been circulated in an 


Internal newsletter. This was in 
breach. of a national agreement 
on the plant's loading, he said; ^ 
British Steel's plans to run 
down. Bilston provoked the threat 
of a national strike by the ISTC 
earlier - this year. The union 
argued, for, and believes it has 
secured, a six-mouth moratorium. 
Mr. Turner said: “We are stiil 
in negotiation. If the corporation 
thinks we will sell our souls for 
chicken-feed, they have another 
think coming." 


Council workers will turn down 5% 


UNION NEGOTIATORS for 
1 more than lm local authority 
manual workers will today reject 
a pay offer within the 5 per cent 
limit 

This Is almost certain to be 
followed by industrial .tea Ion 
I followed by industrial action, in- 


cluding a one-day stoppage on. 
January 22 involving members of 
the Transport and General Wor- 
kers* Union, and probably other 
public-sector manual workers’ 
unions. ’ 

Unions have already rejected 
an offer within guidelines made 
to health service ancillary staff. 


Sanctions inquiry plans 


BY OUR LOBBY STAFF 

THE Prime Minister Is expected 
to announce details on Thursday 
of the Parliamentary inquiry 
into the breaking of Rhodesian 
sanctions disclosed by _ the 
Bingham Report. 

Ministers and Opposition 

leaders have agreed on the form 
the inquiry should take and tbe 
range of evidence to be heard. 

Membership is expected to 
consist or senior peers and MPs 
and most sittings will be m 
private because of the need to 
study Cabinet documents. 


The inquiry will judge the 
degree of collusion, if any, 
between Ministers and senior 
civil servants, and British 
Petroleum and Shell. 

Before the committee starts 
work. Parliament must endorse 
the proposals, hut the Christmas 
recess means that neither House 
will hold debates until mid- 
January. 

There is likely to he a special 
provision to ensure that tin* 
inoulry can ccv-'t'nue. if 
necessary, after a general 
election. 


BY OUR LABOUR STAFF 

RIGHT-WING members of 
Britain's largest civil service 
union, the Civil and Public Ser- 
vices Association, expect to bave 
made large gains in the union's 
executive when ballot results 
are announced this week. 

The predominantly Left-wing 
executive was removed from 
office in October after elections 
for it at the union's annual con- 
ference in May were declared 
void. Some branches were found 
to have switched votes from 
candidates they had nominated 
in the vice-presidential election. 
Since then the union has been 
run without an executive. 

Both the Left and Right wings 
of tbe 235,000-strong union, whicb 
has long been politically split, 
have fiercely contested the re- 
run election at branch and 
national level. The old eaecu-. 
tive was weighted 20-8 towards 
the Left. 

Branch meetings . have 
indicated there has been a forge 
turnout for the elections. Right- 
wingers have always maintained 
that siaeable turnouts -favour the 
moderate cause, and are expect- 
ing the ballot results to show a 


swing in their favour. 

The Right believes it has held, 
its six seats, and -made gains to 
bring i4 closer to 10 or 12 seats,, 
which would hold 'or swing, .this 
balance on tihe executive. 

Some of the larger branches^ 
such as Newcastle and Glasgow, . 
Which were looked upon as test, 
oases by the moderates, - are : 


believed .id' hsrve-. been’; held by 
the Left. -i-'. j 
Voting -.-in itfreV:'bMb icbes : ' was>\ ■ 
ba^ed ott -individuai y vib4a#: : JiUJ.v v " 
mask -tobc&hgs: - Sff-. :r ." •/. 

nomfoMSSon; vOEtean^hes •• jeouM;- ? •-! . 
change their - - 

those: foe the^ last -"eJectecsakiAi^ V 
May, hut to pxewnt Sed*^®^ 1 ": 
Swindling any" /gauges : 

notffed ;lrirwris£pgHi^^ 

■ . . r . . v v'.'. "7 ^ 't 


Grocery staff settle 

within pay 

- . . ^ • a p "..I* .•***■*}'- •** *i S-' ‘ j' * 

MORE THAN . 100,000 'grocer^ ;.r§acitasl flaring 
workers have .accepted wages ne gotiaJ5gi^jj&i raofetS 7 - 


and Allied Workers aMottoced-wa^ regard^ ^’^ang^wkS 
yesterday.. &er ; Govraj^Mt3j^gu^ll^ 

The. - settlement follow* '*•;! 4t Jt-applteat/te'^he^^^-^anaS 
national ballot of .USD AW. 
befi employed in retail multiple -d«ding.'-Tft£tco;. 


food shops' througbout 1 the' ^ 

The wages' • proposals \were : SuppIieis^. ; ~ ‘ 

















Financial Times Tuesday. December ,12. 197S 


THE MANAGEMENT PAGE 


EDITED by CHRISTOPHER LORENZ 


The Australian who gave up £lm 


and put his reputation on the line 


How entrepreneurs fare 
; in the Third World 


NICHOLAS LESLIE REPORTS FROM NEW DELHI 


By Michael Dixon 


" CAN IT be true," I asked 46- 
year-old Bill Wyllie, " that your 
take home pay as a manager 
here this year, excluding 3ny 
dividends or other work, will 
approach £400.000 ? " 

He frowned, drew out his cal- 
culator. and punched some 
buttons. Then he looked up. not 
quite deadpan. and said: 
“ Closer to £500,000, actually.” 

So in after-tax terms, the 
Australian- bom chief executive 
of the Hutchison Whampoa con- 
glomerate in Hong Kong roust 
be one of the world's best paid 
professional managers. That 
achievement is helped, of course, 
by Hong Kong's singularly free- 
market society and 16.5 per cent 
maximum personal tax. But 
nothing can surely deny . »he 
spry Mr. Wyllie his claim to be 
one of history's top practitioners 
of the nerve-racking craft -if 
turning round failing companies. 


China resistance fighter. Colonel 
Sir Douglas Clague. No one hid 
earned Hong Kong’s title of 
“ taipan." or big boss, mure tlnn 
Sir Douglas. Under his postwar 
leadership. HIL achieved a 900- 
fnid increase in paid-up capitaL 
But now the £45m Hutchison 
group was urgently seeking 
£I6ni cash front the Hong Kong 
and Shanghai Bank. 

"Sensing a carve-up. the vul- 
tures gathered at the bank,” 


Engineers was to take effect at 
the end of 1975. He had gold- 
plated the option by his own 
efforts. But if. as the bank in- 
sisted. he joined the " hong " 
before the year end. he would 
forfeit the share gain which was 
worth more than £lm. 

Moreover, there would be no 
chance of a similar option under 
the bank's arrangements with 
Hutchison, where Sir Douglas 
was to remain for a somewhat 


panics. A tape-recording pre- 
serves their buzz of polite con- 
versation. interrupted by an 
Australian voice crackling: 
'•’Scuse me.’’ 

Wyllie did not mince words. 
The growth of the “loose, in- 
adequately managed. incon- 
tinent" group had outstripped 
the management’s ability to con- 
trol iL . The 1974-75 report ?d 
loss was near £14m. But even 
when £16m profit had been 


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Expand 


His start as a rescuer came 
in 1964 with the Ford -dealership 
of Robert Harper, then in dire 
straits even before the 
economic troubles which cul- 
minated in Hong Kong's poli- 
tical riots of 3967. Nevertheless. 
Bill Wyllie brought Harpe-’s 
out of the gloom. He added 
dealerships for BMW. Mitsubishi 
and Alfa Romeo, extended car- 
servicing. created an insurance 
branch, and made a ground-fle-jr 
entry into the Hong Kong pro- 
perty market which was soon to 
expand in all directions. 

As the decade turned, the new 
Harper International was 
merged. with considerably 
richer Wyllie in charge, into 
Sirae Darby’s partly owned sub- 
sidiary, China Engineers. “ But 
important people there didn't 
know Hong Kong,” recalled the 
man some folk now call Dollar 
Bill, “and they ran us into 
losses of something like £Sm a 
year. I didn't want to be pa r t 
of that collapsing show, thank 
vou. But before I could leave at 
the end of 1974. .lames Bywaler 
had become Sime Darby chair- 
man. and he asked would I go 
in and see to China Engineers. 
I went in.” 

One consequence was that 700 
other people went out, along 
■with sundry losing ventures. 
Another was that by mid-1975 
China Engineers was " running 
sweetly clean towards £3m 
profit.” and keen for expansion. 

So the Wyllie ears were recep- 
tive to sudden whispers of 
trouble in the bewilderingly 
diversified trading corpora linn, 
or ** hong,” of Hutchison Inter- 
national. headed by former 


m 


' r -“ • . 


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Bill Wyllie: unashamedly bullish about the Hong Kong market 


UIiiii '■L , n:n 


said Bill Wyllie. “And I, on 
behalf of China Engineers, was 
one of til cm. When the. bank 
asked me tu lunch some weeks 
later, I thought some choice 
pickings of HI L must be on the 
menu. But the bank bad a dif- 
ferent idea." 

The hank, having the right to 
appoint a new chief executive, 
wanted Mr. Wyllie to move to 
Hutchison and sort nut its 
troubles, which were consider- 
able. “ For a start, there was a 
negative cash flow forecast of 
nearly £27in. As for liabilities, 
nobody really knew their exte-it, 
heeause of bw actions for un- 
disclosed sums over wide-open 
guarantees for the supply of 
heavy plant to a subsidiary 
called Alltrak. The plant was 
fur the Indonesian logging in- 
dustry. which had gone dead, 
and the tractors and things p») rt d 
up in Alltrak'.' stockyards had 
become a major tourist attrac- 
tion." 

There was another problem, 
loo. The sliarr-option granted 
to Bill Wyllie by Chna 


fraught period as non-executive 
chairman. 

" Although money isn't my 
motive." Mr. Wyllie explained, 
" it’s certainly my yardstick, 
and at the end of the day one 
has to look after the family. 
True, I'd been offered 2.5 per 
cent of consolidated net profits, 
hut nobody could be sure 
whether any were possible. 
Weigh that against £lm already 
in the hag. I had to decide what 
was the responsible thing to do.” 

So he sacrificed the £lm and 
in November moved into the 
plush penthouse suite 22 storeys 
:*n HIL's new central building. 
“ It was like a colonial turf 
club, and when I walked in. I 
thought: ' If this is top manage- 
ment, r like it.’ But when I saw 
what the penthouse suite was 
costing, it had In go.” 

It stayed Ions enough, how- 
ever. for the new chief to do his 
initial review before holding a 
cocktail party there for 
managers of the group's 360 
wholly and partly owned corn- 


recorded two years previously, 
93 per cent of it was from saVs 
of investments. Different sub- 
sidiaries had even been buying 
and selling the same stock at 
the same time. Although I IlD 
had tremendous potential, it 
must now break down its 
“casino image." .-. 

Trading in shares of group 
companies was forbidden. Each 
subsidiary must henceforth 
submit detailed monthly reports 
of its operations, to reach head- 
quarters by the 15th of the next 
month. From an association of 
wheeler-dealers. HID was to he 
instantly converted into a 
tightly managed concern 
without any “unpleasant sur- 
prises” — apart from some 
immediately looming. For there 
was no longer room for 
mediocre managers, amt any "C 
the party-goers w bo felt their; 
cars burning would do. them- 
selves a favour ir they left 
before they were sacked. 

Either way. many departed, 
including more than 30 at 


senior rank. This reinforced 
the Wyllie image as a hatchet 
mao — which may explain 

frequent photographs in the 
Hong Kong Press of long- 
serving employees in various 
subsidiary corners, being 

decorated by their grateful 
group chief executive. 

More than 40 per cent of the 
.360 subsidiaries have gone, too, 
especially the minority holdings. 
Of the remaining 200, others 
will also disappear once they 
lose value as tax losses, which 
in Hong Kong can be carried 
forward indefinitely. Faced with 
the alternative of an all-or- 
nothing lawyers’ bonanza. 
AHtrak's suppliers have settled 
their claims fairly reasonably. 

New companies have been 
added. The most prominent is 
the Whampoa Dock concern', 
which has strengthened the new 
Hutchison Whampoa’s group's 
container interests, and boosted 
its property . development by 
contributing large land-holdings. 

Emphasis has been placed on 
expansion abroad, not least 
through the First Finsbury 
Trust, now wholly owned by 
HIL UK. in London. But Bill 
Wyllie accepts that with 95 per 
cent of group earnings and 
assets in Hong Kong, the bulk, 
of its business will stay there. 

While suspecting that local' 
labour shortages and the rising 
cost of imported building 
materials will drive up inflation 
to 7j per cent next year, he is 
“ unashamedly bullish " about 
prospects in his home market. 
Communist China no longer 
strikes him as a threat, now that 
it is investing in i is doorstep 
bastion of capitalism at rates 
which entitle its present leaders 
to recognition as the biggest 
taipans of all. However, by the 
time the lease — never reco^ 
nised by Red China, any wav- 
on much of the New Territories 
north of Hong Kong Island ends 
in 1997* Hutchison will have 
written off even its land invest 
ments in the affected region. 


DEVELOPED AND developing and now president of the to every problem, he suggested, 
countries may share the fashion- French management . assoda- In other words, the developing 
able credo that " entrepreneur- tion. The somewhat ambivalent countries ^imagine that all they 
ship ” is a prime generator of attitude of French business to have to do is ^to umtate the 
economic growth, hut their the entrepreneur was illustrated nch nations and they will be- 
atitudes towards it can be by M. Appel’s own remark that, 

radically different. spite of the problem of }Ml g*™* appear a IlttIe 


lUILBilv UU1UCIU. ' ±11 Via.. I _ - V _ - _J «i • 

Nowhere has this contrast excessive regulations, be did not far-ERtchea. 


own ere nas mis conrrasc world Ond of the most fundamental 

been more evident than in New- feel that the outsiae wo a was that most develrm. 


o-en more eviaem man in i>ew : problems was that most develop. 

Delhi during the past week, -should adjust its attitudes «ir j mi in trios were characterised 
where 1.000 managers and entrepreneurs in particular. 

officials from all over the globe -M Appel also had a * a mg patterns of life Stated, ^Klth 


irom ».1 “ rf, period two patterns of life existed, with 

have been attending the 18th for. Dr. Ki - al^ we d »o the poorest member of One conj- 

Congress on world management when you had been altowed to an ^come . • several 

organised by CIOs (the Inter- run. companies in the Korean Isree as the hardest- 

national Council for Scientific: manner • t) b 1 ^“ working member of the other. . 

Managameat). - -to feel it wsc> too easy to mane ° 

Take two relatively extreme' monev - 11 was ^ en that Bharat Kam dia -J* 

examnfcs cited at thec?r£ Nations began to creep in. He lieve large projects necessarily 
SEE? South Korea warned of the situation - all made much of a dent in the 

France ‘ South Korea has“an too common in Europe — where poverty of developing countries. 
SSSSrilr SS approaJh “ Wopte *** for gnintedthat - A m0 re diffused entrepm- 
fo private enterprise ? to the tbe type of person who wants neU rial and managerial effort 
extent that the Government ’has to be ** entrepreneur will be might be the answer. -This 
been pacing an increasing nun* so under any conditions. - That would require the identification 
ber of State-owned enterprises “•«* so. and training of a new land of 

in private hands. In France, on * Dr. Kim himself admitted manager. -- • 

the other hand, the Government ..that for a variety of cultural. One particular angle oh the 
controls about 40 per cent of political and other reasons, ro j e 0 f the entrepreneur was 
national production, and— in Korea’s experience could not be taken up by another speaker 
spite of the current fashion for. emulated -in so die other deve- an d this was the exploitation of 
small business — entrepreneurs loping countries, such as India, technology. Dr. Raymond Apple- 
are hemmed in by all sorts of; ' <phe danger of importing one yard, Director-general of Sciep- 
regulatinns. country’s management ideas to lifie and Technical information 

Dr. Duk-Choon? Kim. Fnesi- anot h cr with insufficient adap- at the . EEC. said that property 
dent of tiie Daewoo Industrial tetion to the indigenous cuL- used, technology could liberate 
Company and of Korea Capital tura] _ political — and physical people. \ 

Corporation, presented a picture — background was repeatedly But such conversion of tech- 
of a country where ^ntre- stressed by delegates to the nology came only through ia- 
preneurship. encouraged to congress. novation, where the entrepre- 

flourish., couid achieve dramatic - neur played a crucial role, 

result^ His own -company- had „ fa+nhaA ' Entrepreneurs needed all : the 
been started m 19j? hy seven ; flP-tetCnea support that the. public could 

peoole with a combined capital - . ■ • «!,.» u„ u 

of £18.000. First-year sales wert On the particularly sensitive Srve them. A 

£580 CJ0 1 issue of the import of western specialised service which pro- 

A bare 11 years later, the methods to developing coun- vided them with information. 
1978 sales figure was expected tries, the point was succincity adwpe and ^fis— should - be 
to exceed £2bn. or which -put by Dr. Bharat Ram, presi-- ava,Ia 5 le t0 ^em. Adequate 
exnorts would represent about dent of CIOS and chairman and reward was also essential, 
a half. ' managing director -of Delhi Dr. Appleyard said that 

In France, by contrast, the Cloth and General . Mills, a sufficient entrepreneurs -would 
wide range nf regulations- major Indian company. only he found if a society was 

“ leaves u? in the middle of a . It had somehow been assumed confident in itself find incul- 
cacruf.” according to - Paul in the developing countries that catert a sense of adventure ih 
Appel, a former industrialist, the rich nations had an answer -the young: 


Perils of technology transfer 


Rolls-Royce 


Howl 



The latest interim group- 
attributable profit, at about 
£l4.4m. showed a 60 per cent 
rise over that of the first half of 
3977. and the chief executive’s 
shares of tbe consolidated net 
gain is mainly responsible for 
his near-£500.000 take-home pay. 
But if Mr. Wyllie is run. down 
by a tram — “ Make it a Rolls 
Royce. please.” he protested— 
his replacement is there 
possibly in Mr. .lolin 
Richardson, the 35-year-old 
corporate planning director. 

So. with his third company 
rescue effectively completed, 
what comes next for the chief 
executive? Will he go and try a 
fourth turn-around job some 
where, perhaps, where the 


fop secrefary< 



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■ms.iSML.tx i 



It's as simple as recognising a top typewriter 
— Ihey both have much in common. 

‘Efficient’, 'hardworking', 'reliable' and 
*gocd appearance’ are words that spring .to 
mind. 

Look at the SE1 000 and you'll see 
exactly what we mean. 

The buffered keyboard is set at a less, 
steep angle so that typing is less tiring os 
the h.ands. . 

Concentration is helped by the fact that 
the SE1 000 is remarkably quiet arid almost 
vibration free. ’ : 

All this makes for faster and better- work, 
as does the inclusion of features such asa 
half;space facility and correction key. 1 

Changing a ribbon is fast and clean, i 
thanks to the ribbon cassette svsrem, and 
changing a typeface is just as simple with 
the wide" range of elements that are 
available. " i . 

Reliability is one of Adler's biggest " : - 
benefits, and since the SET OOO is mads 
with fewer moving parts than other so- 
called prestige machines, there's obvious!/ 
less to go wrong., 

; — ■ . 


hatchet cannot be wielded so 
freely? 

' Ncrer again." be snapped. 
■'There - * too much cost in family 
and personal term 1 ;." 

Instead, be plane to slay at 
Hutchison Whampoa and show 
that h*» can build a company a*' 
well, altering h:s management 
style From ihe authoritarian tn 
thp deTnocratic so as to lot his 
turn-around team also Jeaven 
their controlling with a bit of 
creation. 

To be honest liis planned 
change of roles would not be 
riven much prospect of succes.- 
by professional students nf 
managerial psychology. The 
metamorphosis has been 
attempted, and bungled, many 
times before. And since he is 
now beginning to feel that bis 
wife and four children arc 
already "fairly well set up for 
the future.'* the psychologists 
might also suspect a weakening 
of motivation. After all, he has 
lately decided not to let his 14- 
to 1 5-hour days run on into the 
weekends any more. 


AN INSUFFICIENT apprecia- 
tion of cultural differences is 
often the prime cause of pro- 
blems on “ technology transfer-”' 
projects in the Third World,, 
according to several speakers at 
a conference in London. 

Managers from the developed 
countries often imagined that 
the structure and practices of 
their companies could be iden- 
tically transposed to the com- 
pany which was receiving the 
technology, delegates were told 
by Michel Duhois. Director of 
Eurenuip, international consul- 
tancy. 

In fact, he warned, it was 
necessary to adapt both equip- 
ment and methods to the indus- 
trial culture of the receiving 
company, to design a new orga- 
nisation and v'stablish new job 
definitions, and to implement a 
sound training programme that 
was both long and rigorous. 

The role of trainer lo he 
played by expatriate technicians 
was often badly understood, and 


nothing was done properly to 
prepare them for their task. M 
Dubois claimed. As a result, 
they arrived on site feeling that 
they had a cultural superiority 
to the client, and their attitude 
was often one of deep disdain 
towards the local personnel. In 
addition, they were poorly moti- 
vated to develop Hie trainees to 
their full 7 potentiaL 

Speaking at the same con- 
ference,. organised by. AMR 
International. Mr. Dodi Pryam- 
bodoV who is responsible for 
human .resources development 
for Total Indonesia— a sub- 
sidiary of the French oil group 
— suggested three basic ".ideas 
for action" nn the part of the 
company which was supplying, 
technology: 

First, look at your present 
technology transfer operations 
and ask whether you analysed 
the human and managerial 
issues with the same profes- 
sional, detailed attention as you 
did for technology and finance. 

Second, question whether you 


have the professional skills and 
experience within your organisa- 
tion to manage human tech- 
nology transfer. If not. ask how 
you will fili the gap. 


Third, on your present pro- 
jects are you working in 300 
per cent co-operation and team- 
work with the receiving cora- 
pany ? ; . .. 'V. -: v 

^Rathci- :4fcin : just the sale of 
a plant or process, ending 
when the hardware and soft- 
ware- . was sold.! technology 
transfer was immensely com- 
plex, M, Dubois explained., its 
three main factors were: the 
right, to do (paten is and 
licences): the- means to; do 
(equipment and machines); and 
the ability to do .(behaviour, 
knowledge and skills' of the 
people operating the- invest- 
ment). 

AMR International, 6-10, 
Frederick Close. Stanhope Place, 
London W2 2HD. Tel: 01-262 
2762. Telex 299180 AMPRINT. 






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But that's' something your secretary wrff 
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On the other hand, Ihe mana- 
gerial theorists probably would 
not have given him any chance 
of success in the first place. He 
has none of the professional 
manager’s prescribed back- 
ground of high-level education 
followed by business school. He 
took a year off lessons when he 
was 12 to work as a logger. 
True, before, he trained as an 
engineer in Australia he entre- 
preneurially doubled his income 
by addins newspaper deliveries 
to his paid duties as a telegram 
bny. But from 1951. when he 
emigrated to Singapore, until 
his arrival at Harper’s 13 years 
later, be did nothing tn dis- 
tinguish himself as a manager, 
although he won about 300 
motor races. j 

Nor. in assessing his motlva-' 
tion, would it be wise to over- 
look a possibly positive point. 
Various of his critics, including 
Sir Douglas Clague, have said 
that given Hong Kong's rapid 
economic recovery — with esti- 
mated growth of 16 per cent in 
each of the past two. years — 
Hutchison’s revival would have 
[happened without Bill Wyllie-. 
His answer, that lacking his 
drastic surgery tlie group would 
have been luo gross in take 
j proper advantage <,f |he up-turn, 
w delivered gently. But it may 
he i hat. under the calm, he /pels 
I that his critics have given him 
something more- to prove-; 



work as a fault detection system for 

paper making in Japan, as a target 

marker for the British Army as an 
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across Europe. 


is a 


success 


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closely held 


■* » ,_.i r 

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rpV 

.v * 


.V: 


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.U 1 


* 

lit. 1 *' 

COt; 


WORLD demand for greater 

precision in metal strip rolling, 

so that the end-product is free ; 
from-' stresses and wastage- has 
led' Daystrom f Schtombergerltti 
develop one of its X-ray thiek- 
ness goWs.to the point, where 
it . can meet this demand. ■■ 
This profile gauge, applicable, 
during hot-rotting. wJU . give an 
instantaneous ..reading.;, ef - hot 
metal- strip thickness variations 
across the width oT the strip irr 
process.' Hitherto* cot venikinaf 
equipment- has generally, given 
thickness .variations along tiie 
centre -line only; and the Day- 
strom instrument Is thought to 
he -the first of. its fcmd to provide 
transferee readings. 

Xt is- a * non-cnntact system 
relying on the fact that a given 
metal absorbs X-rays according 
to its thickness. - 
Bnt to achieve the results it 
provides, the new Instrument has 
an X-ray source, providing .two . 
beams which are positioned over 
the hot strip to give a narrow 
curtain of X-rays running across 
the entire width of the strip. 


Under this, an artsy of detectors 

measures the beam attentuaHon 

and, as the two Deems are- pro- 
duced in antiphase, it is pos- 
sible to - discriminate -where- the 

detectors overlap:. ■'"!■ . . 

-Electronic logic-compares the 
signals from each channel with 
values stored timing .calibration 
of the equipment and .from this 
comparison: exercise. .3 centre- 
refei^nced figure for the devia- 
tion of .metal, thickness at a 
defect point is derived: 

This information » stored and 

used .in its analogue beam to 
produce a . bar histogram on a 
display. . \ . . 

. Measurements can be taken at 
.intervals between SO -■ milli- 
seconds and. one second, accord- 
ing, to the type of controls used 
on the rolling mills,' 

As well as this display, output 
of strip profile, a hard-copy ver- 
sion is. available and the whole 
unit can be linked into the total 
mill control system of. into a 
spray controller. ; .. _ 

■Daystrom is at Shephern Road, 
Gloucester GL2 6HF. 0452 415151 


LIKE MOST information systems 
which make use of a computer, 
disc sTore and visual display 
unit, the latest telephonr ex- 
change monitoring and analysis 
machine. Telesystem 2. is much 
easier to use than. earlier designs 
and is more powerful. 

it is ■ an on-line -system in 
which a scanner connected in 
the PABX rapidly inspects all 
the lines in use and logs the. 
time on the call and its lype. 
storing and manipulating the 
data so that it can be thrown 
up an the screen in a number 
of ways. 

By means of simple plain 
English. “ menus ’* displayed on 
the VDU the user can request 
the production of various traffic 
analysis and costing rcpnrls to 
he run under the multi-task 
operating system. The reports 
will he printed while the equip- 
ment continues to collect data 
from the PABX. A micro- 


HANDLING 


romputer with 64 kilobytes of 
memory is used in conjunction 
with a 10 megabyte cartridge 
disc. Up to 16.000 PARX can 
bp accommodated. 

Among the repnm that ih*> 
computer will compile are 
departmental cost allocation, 
extension use summaries, desig- 
nated number, frequently called 
number, and designated exchange 
called. 

A dozen or so reports ran also 
be called for which deal with 
the way the exchange is being 
used and its performance (and 
the performance of the operators. 

InterScan claims that its pre- 
vious call logging equipment has 
achieved cost savings in excess 
of 30 per cent and says ihat 
Telesystem 2 will do the same, 
hut with the added advantage 
of Total control over data pro- 
cessing. 

More from >39. Montrose 
Avenue, Slough. Berkshire (0753 
70821). 


Pallets wrapped in film 


Hardening steel parts 


SAID: TO be a^new development 
in the industrial heat treatment, 
field -is si -furnace- ■ now being 
marketed by Ipse o Industries for 
hardening- large quantities of 
small and medium-size steel 
products. 

Loaded work trays fitted on 
cast alloy grids Are- pushed In 
controlled sequence through the 
furnace along the two outer rows 
of the hearth. Ar the rear they 
are moved' crosswise into the 
middle row position' and tem- 
porarily pulled out . into the 
quench, chamber, where the load 
dump-quenched in the oil, 
water or' salt by ' inverting the 


hot grid and tray,; .. .. 

1 Subsequently the empty grids 
with trays are pnshaHn reverse 
at double speed along -the middle 
row. At the charging position at 
the front they are automatically 
re-loaded, via a sealed, quick- 
opening dumper/door 
ban ism, with measured • quanti- 
ties of parts. L6aded;grids with 
trays then move crosswise again 
into one of the outer row posi- 
tions for another eyrie, through 
the furnace. The furnace may 
be gas dr electricity heated. 

Ipsen Industrie* . at 1_. . 
Brighton 'Road, Surbiton, Surrey 
KTG 5PH (01-390 2021). 


OF PARTICULAR Interest to 
brewers. bottlers. canners, 
chemical and fertiliser manufac- 
turers is a fully automatic 
stretched film wrapping machine 
which can wrap pallet loads of. 
say. cans, in about two minutes. 

Offered by Timperlcy Engineer- 
ing. the machine allows the pallet 
with its stack of cans to remain 
stationary; the wrapping head 
with its spool of film is token 
round the pallet on a circular 
overhead track, the spool moving 
up and down on a vertical 
column. 

The machine thus applies a 


spiral, cross bias wrap with the 
20 inch wide plastics cling film. 
It can wrap pallets up to 1.S3 
metres high with an overlap 
which can he varied Trom 20 to 
100 per cent. 

Film is automaticaily posi- 
tioned on the pallet at the start 
of each wrapping cycle and on 
completion is cut and the 61m tail 
smoothed on to the wrapped load. 
An electromagnetic brake en- 
sures constant tension throughout 
each wrap and automatic shut 
down occurs if the 61m breaks. 

Park Road. Timperlcy, 
Attrincfiam. Cheshire (061473 
422X1. 


• MATERIALS 

Surfaces 
are made 
waterproof 

SPECIALLY for application To 
damp or dry surfaces, and with- 
stanjiin? strong solar radiation 
in tropical climates, are two 

brush-applied bitumen emulsion 
waterproofed which have been 
introduced in the Middle East by 
Unibond, Tuscam Way. Industrial 
Estate. Camberley, Surrey. GUlo 
3DD (0276 63135i 

Formulated for masonry sur- 
faces, asphalt, concrete, corru- 
gated iron, ashestos cement, 
jcacL zinc and roofing felt, is bitu- 
men waterpronfer 50. This is 
said to seal hairhne cracks and 
other minor imperfections, and 
dries to form a black, flexible 
coating- 

The waterproofing of internal 
surfaces of pools and potable 
water tanks should he under- 
taken with l hr? hi tu men waler- 
proofer 400, says the company, 
which is a heavy-duty asbestos 
and mineral-filled compound, 
developed to withstand long term 
immersion in water. 

Tough coat 
takes hard 
punishment 

GALVAGUATLD IS a one-coat 
paint for application to gal- 
vanised metal straight from the 
galvanising hath. Available in 
aluminium, red oxide, yellow, 
grey and blue, it deposits a dry 
film thickness of 50 microns. 

The coating withstands a con- 
tinuous mist of synthetic sea- 
water for 1.500 hours, as well as 
a condensatory environment at 


48 degrees C for 3.000 hours. Sur- 
face bloom forms but protection 
is not affected. 

The cnaling also withstands 
simulated weathering conditions 
Tor 1.000 hours. 

All weather Evode Paints. 36, 
Great Queen Street. London, 
WC2B 5AP 01-405 2169. 

• INSTRUMENTS 

Film holds 


a mass 
of detail 

SUITABLE FOR the storage of 
immense amounts of information 
in a compact form where speed 
of retrieval is not all-important, 
or where the stored information 
has to be processed further 
before it can be used is a laser 
to film (35 mmj recorder now 
undergoing extensive field trials 
for the Plessey company. 

It captures the information by 
converting electrical input 
Mgnals into intensity modulations 
of a laser beam focused down to 
a fine point This is scanned at 
high speed across the moving 
film which is of high resolution 
and records fine detail. Five 
parallel beams scan simul- 
taneously io provide information 
from the same number of 
channels. 

Exposed film is developed and 
fixed automatically and the 
recorded information can be 
played back by scanning data 
tracks with an unmodulated laser 
beam. 

Focused on a photo-detector, 
the beam will feed back the 
recorded details in the form of an 
electrical signal which is 
digitised and fed to a computer 
for analysis. 

Each channel records data at 7 
Megahertz and a 1.000 ft reel of 
film provides a continuous 
recording equivalent to a total of 
about one-third of a million 


Megabits. 

Allen Clark Research Centre. 
Caswell. Towcester. Northants, 
XN12 SEQ. 0327 50581. 

Gauges at 
production 
line speed 

TUBE WALL or flat materia! 
thickness can he measured up to 
40 mm while the product is pass- 
ing at line speeds, using an 
ultrasonic gauge introduced by 
Wells-Krautkramer. 

It can be set for contact or 
immersion scanning; in the latter 
case the material under test is 
immersed in a fluid wbcb forms 
an effective and continuous ultra- 
sonic coupling between work- 
piece and probe — the gap 
between the two can vary by up 
to 10 mm without affecting read- 
ings. With no contact. There is 
no probe wear. 

The instrument. HSC105 has 
two measuring ranges; 0.25 to 
4.00 mm and 0.25 tn 40 00 mm; 
accuracies are pins or minus 
0.003 and 0.0) mm respectively. 

Using thumbwheel switches 
the user can set thick ness/a I arm 
limits so that if rhe measured 
value falls outside them the 
process can be slopped or other 
action taken. Gross excursion 
limits can also he set so that, for 
example, gaps in the line do not 
sound alarms. 

The instrument has a 
frequency range of 1 MHz to 
15 MHz to suit a variety of cable- 
connected transducers, and uses 
a pulse repetition rate of two to 
five kilohertz. Analogue (10 
volts), binary coded decimal, and 
relay contact outputs are pro- 
vided. 

The unit will fit international 
19 inch racking and is 117 mm 
high by 43S mm deep; weight Is 
15 kg. 

Blackhorse Road, Letchworth. 
Hertfordshire SGfi 1HF (04626 
2644). 


LAI NG 

for tomorrow's 
BUILDING, CIVIL 
& INDUSTRIAL 
ENGINEERING 


0 AUTOMATION 

Collecting 
many facts 

THE ACQUISITION of data from 
resistance thermometers, thermo- 
couples. voltage and current 
transmitter sources is a straight- 
forward proposition with the. 
2200B data logger from Fluke 
International, mainly due to the 
simplicity of programming. 

A single row of thurabswitrhes 
is used in enter all the require-, 
nients i-onceming scan intervals.- 
function. limits, channel 
numbers and time of day. 

Basic device is equipped for 
ten channels of low level scan-' 
ning. Expansion up to 60. 
channels merely requires more 
scanner cards: a chassis extender 
allows up to 100 channels to be 
accommodated. 

The first ten channels can he 
individually programmed, sub- 
sequent ones in blocks of ten up 
to 60 or 100. 

The unit has alarm and trip 
facilities, a 24-hour clock, built- 
in printer and a high resolution 
analogue lo digital converter. 
Resolutions are one microvolt 
and one degree C. 

Colonial Way. Watford. Hert- 
fordshire WD2 4TT (Watford 
405111 


BLACKHORSEHNANCE SERIES 


New surface grinder? 

THREE two-column : surfa/e motor and a. 10 hp motor drives 
grinders have been added to the the largest madita*. ,. 

LGB range of grinders following . Common, features ^ 
the debwt of the original Model machines a toe range include 
LGB R120Q ■ • . • "■ ■ . solid State controls' and. the con- 

They combine large component trol system can be^tatt 
handling. -capability with, high of the columns. •Jr-jjMJfjJjEJ 
accuracy across the full . table rather than into a freeganddng 
width and the range now com- console. Options /■s ack ** 
prises four machines with a automatic, cycle can h^ sippued 

grinding capacity of 16. ins .to as a single plug-in cxrcwt boanL 
351 ins wide, and 25 ins to 60 ins Machine To6l . Agencies, 
long. “ •_ Wedgnock Industrial ..JEstatf. 

On the smallest machine, the Rothwell - Road. Warwick 092 
spindle is- powered -hy * 3-hp 648B61,' ■ 




DATA PROCESSING 


ITT increases competition 


with user needs. 

Meanwhile . ITT /Business 
Systems (UK) reports/that total 
value, of orders received during 
1978 are expected to' reach £57rn 
over 40 per .cent umbn last year’s 
sales of £39.7m. r I 

Mr. James Foord, chief execu- 
tive, has disclosed that sales 
targets had be£n exceeded in 
several major product areas and 
that', . further expansion was 
planned for 1679. 

-- - Data terminal business dur- 
ing -the year. was well over fore- 
cast, and orders for the 3280 IBM 
plug-compatible visual display 
system exceeded £5.6m. With 
3000 such dnits now installed -in 
the UK, and the current numbers 
of TIT 3805 front-end processors 
’in use, ITT claims to be tbe alteri 
native to IBM in the UK market 
for data communications net- 
works. 

' ITT Business Systems on 0273 
507111: 


LOW-COST • basic model offered 
in ITT’s network control system 
makes the .power .of the 380X 
range accessible, to'' organisations 
that could -not previously justify 
the use of such, equipment. . 

• ITT Business Systems .has 
designed the 3S05A for use as a 
front-end processor for IBM com- 
puters, with a-64K store. It sup- 
ports from- four to Iff lines, each 
tip to 9.600 bps. It is .able to 
communicate with ' a variety ■ of 
teleprocessing devices, using 
synchronous Jirie^ontrol disci: 
plines, and supports several, 
terminals on leased lines and/or 
Post. Office 7G-type modems. 

The console uni t ins talled with 
the 3805 A is the.. ITT 3830. Data-: 
printer with ‘ keyboard, and th$ 

SDA2 -emi4ator. ena.bIes thfe iiser 
to select. from, many tprbunal- 
types. Site-initiated line ^witch- 
v ing te, ^standard feature.,^:.. . 

When ’ .teleprocessing ' Opera- 
tions. expand,' the ITT IJUQEiA can 
grow -, with them— keeping ^pace 

Survey of services 

THE COMPUTING-, -services Tbe report is an overview of 

markets i* analysed in companies; details such as turtir 

annual survey, just published by-^ Ter pe r employee, average con-, 
the Edrope^n_<^ptftmg Services values and .• personnel 

Association! / . A. : ; ‘ changes are published. There is 

It tth'ows. that -there are bow also commentary -on the impact! 
3,500 'SiippliH^^prbaUcing' over, of .changes. ‘in technology andl 
S4bo.-6f revenues anmiaHy- Such now the availability of low-curt;' 
services" noWrr exceed". the': fotali, hardware- is t helping to expand 1 
value "of -tetmipar /shipments, fn file services industry, ; 

Europe by' a; factor t>f- four-' and . More - from -.the Computuig 
are also equal T: to the value of .Services Association, Slh Irioo^ 
general purpose- cbmpaldrship- Hanover House, 73 High Hoi bony 
mentsin Europe; ^ : r ~ : - Tiondon :WC1 6LE. (01-405 2171: j 

• RESEARCH ; 

Crystal bus indicator 

AVAILABLE to bus fleet opera- electrical code for each destina-1 
tors Is on-hoard route number - tion; the. driver .sets the swuenes^ 
indication using- uine4bch high according to his numbered 

liqnid crystal -numerals, working- destination list. ■ 

in conjunction with a destination : Along one margin the ounq 
describer .. using remotely-set, carries optical codes that identify 
conventionally-lit blinds. each destination sbnwn. TDe 

. .. . , endes are- sensed by infrared 

Introduced by Everehert OTd tbe signals compared. 

Vignoles and designed in ^ selected code. Thej 

junction -with Northern county Mdifferencp ^.. data iB U5ed m 
Vehicle Bunders, tbe ^ the blmd tn the corrert 

first user isto be’City of Notting- faction -until .’ the required 
ham Transport Department. . destination is sensed. 

The numerical route display -a displacement., between, code 
uses three seveD -segment LCD. markings and . actual description . 
characters which ■ are. back:, an the blind- allows It to be 
illuminated, to provide maximum brought to’ a. bait precisely. . If 
contrast. They are set from the ■ shock or vibration shift it beyond 
driver's cab ; using three thumb* readability .limits,- the motor 
wheel switches. - V, . drive is energised to correct it. 

Destination is set' hy "Similar. Evefshed and Vignoles, Acton, 
switches which provide, a specific! Lane,. Chiswick {01-994 3670), 


GROWTH 

_ 

Six ways we can help you 



• ','tt - 

ft 


l* 




£ 


1 Overdrafts When you need more space, 
machinery, people or cash for stock, you 
may ask for a bigger overdraft. 

We are eager to help where verwe can and . 
will give you a quick decision. 

2 Term loans Abigger overdraft often 
is not as good a way to finance new 
equipment or premises as a loan over a 
longer period related to the life of what 
you T re buying. "We may be able to spread a 
loan so that what you’ve bought can look 
after the paying back. 

i 

3 Leasing Borrowing money to buy 

equipment outright is not always the answer: 
You may be better off leasing. Well help 
you understand why. 

A Factoring As you expand, you’ll find 
■ money going out faster than it’s coming in, 
often because customers aren’t paying on time. 
By factoring debts through our associated 
companies you could turn them into 
immediate cash (with 100% bad-debt cover). 


5 Selling overseas You can’t be 
everywhere at once but ive can- 
through our ^ worldwide group network. 

We can provide information on overseas 
territories and help find reliable agents 
and buyers. 

6 Business advice Our Business 
Advisory Service can show you how to 
turn infonnaidon in your audited accounts 
into a control system. This will help remove 
the uncertainty' of day-to-day financial 
control and assist you to get on with 
building up your business. 


r To: Marketing Department, ^ 

Lloyds Bank Limited, 25 Monument Street, 
London E.C3R 8BQ. 



ftNOMOBIUM 

OBOES 


Mom 


iHOHUOHDH 
. LEMGTH 



MANCHESTER061-872*9tS 


■nUNSfrt CALL XMARGff GLAOlT.ACCfiMp 
• Z4- HR. EMERGENCY: NUMBER .01-437 3567 Ext. 40t 





l 






Financial Times- Tuesday Deafer 42 ; 1978- 


LOMBARD 


Now back to the 
real world 




Images of industry on 


an 


BY SAMUEL BRITTAN 

IT IS TIME to leave the escapism 
of currency arguments and 
return to the real world of 
labour markets. For it is here 
that the origins of many of our 
economic problems are to . be 
found. 

A most interesting paper by 
Stephen Nickel! of the London 
School of Economics, sheds 
light on two matters; the effect 
1 of “ employment protection " 
measures and of temporary wage 
subsidies. “ Employment protec- 
tion ” refers to a variety of 
measures which make it more 
difficult and expensive for em- 
ployers to dismiss workers. 


Firing 


The ■theoretical effect of such 
measures -is clear. Because of 
increased firing costs employers 
will be more reluctant to dis- 
miss workers and will respond 
to trade fluctuations by changes 
: in the hours and intensity of 
. work. This after all was part of 
the intention of the legislation. 
But another .and less welcome 
effect is that it makes employers 
more choosey when hiring and 
reduces the percentage of 
successful applications in res- 
ponse to any given number of 
■vacancies. 

The data bears out all these 
expectations. Despke the heavy 
■increase in total unemployment, 
: the actual “ inflow " into the 
unemployment register has 
'hardly increased at all over the 
whole decade, remaining at an 
average of just under 230,000 a 
month. On the other hand the 
chances of being offered and 
accepting a job in response to 
an advertised vacancy have 
fallen continuously. But the 
bulk of this deterioration 
occurred before 1973. while the 
big rise in total unemployment 
v.ns mostly afterwards. This 
-suggests that employers were 
not becoming more -choosey 
simply because they expected a 
oueue of applicants, and that 
firing costs were indeed 
important. Indeed Mr. Nickell 
estimates that the level of 
unemployment corresponding to 
any number of vacancies has 
■ risen by between 14 and 28 per 
cent between 1970 and 1976. and 
that firing costs have had an 
important effect on this rase. 

. By contrast be finds -that the 
Temporary Employment Subsidy 
' really lias increased employ- 
ment. This was Introduced In 
August 1975. Originally £10 a 
week was paid for sis months 
for any worker who would 
otherwise have been made 



f Indicates programme in 
in black and white 

BBC 1 

12.43 pm Midday News. 1.00 
Fehblc Mill. 1.45 How Do You 
Do? 2.10 Rugby Union: OTth 
Varsity Match for ihe Bo wring 
Bowl; Oxford v. Cambridge. 3.53 
Regional News for England t ex- 
cept London). 3.55 Play SchocL 
4.20 Deputy Dawg. 4215 Jackanory. 
4.40 Screen Test. 5.05 John 
Craven’s News round. 5.10 The 
.Record Breakers. 

5.40 News. 

5.55 Nationwide (London and 
South-East). 

620 Nationwide. 

6.50 The Osmonds (London and 


redundant. In April 1976, the 
payment was Increased to £20 
and the period increased to one 
year. By the end of 1976 the 
number of workers covered by 
the subsidy had risen to 180,000. 
around which: figure the total 
has more or l£ss stabilised. 

One question is how many of 
the threatened redundancies 
were genuine; and not just re- 
ported to gain the subsidy. No 
one knows; .but applications are 
carefully vetted -and 20 per cent 
have been refused. Another, 
more manageable question is 
whether the gain in jobs bas 
been at the expense of workers 
in other firms. It is more man- 
ageable because the subsidy was 
mostly taken up by firms operat- 
ing in highly competitve inter- 
national markets; and the jobs 
lost elsewhere are- likely to be 
abroad. In fact more than 50 
per cent of all the workers 
covered by the TES are in just 
two industries, textiles and 
clothing, which are subject to 
fierce Internationa! competition 
as well as being low wage. 

Mr. Nickell estimates that 
about half the 220,000 workers 
covered represent a true increase 
in employment This represents 
a cost of about £2,000 per annum 
per job, which is relatively cheap 
compared with general reflation. 

In fact, neither the balance of 
payments nor the budgetary cost 
argument for the TES goes very 
deep. The balance of payments 
balances automatically under a 
floating rate. In any case this 
particular approach is a beggar- 
my-neigbbour one; and the TES 
has already had to be modified 
because the EEC regards it as 
a major export subsidy. 

The main argument in favour 
of the TES. mentioned by Mr. 
Nickell. is that it is a selective 
wage subsidy which can be con- 
centrated on workers in excess 
supply and is likely to have less 
inflationary impact than deficit 
spending generally. As a fiat rate 
subsidy', TES is tAased in favour 
of low-paid workers, who are 
heav-ily represented among the 
. unemployed. 

The real worry is that it is a 
distortion to remedy a distortion. 
Labour costs are increased in the 
short term by the employers’ 
National Insurance Levy and the 
TES is a selective offset. Un- 
skilled labour is priced uut of 
jobs by government and union 
policies to “favour” the lower 
paid and is then priced back in 
again by subsidy. There must be 
better ways of running a rail- 
road. Unemployment and the 
Structure of Labour Costs, LSE 
mimeo. 


South-East only). 

720 James Burke's Connections. 

8.10 Dallas. . . 

9.00 News. - 

925 Play for Today. 

10.30 ToniphL 

11.30 The Sky at Night 

1120 Weather/Recional News. 

All Regions as BBC1 except at 
the following times; — 

Wales — 525-620 pm Wales 
Today. 620 Heddiw. 7.10 Pobol 
Y Cym. 7.40-8.10 It Ain’t Half Hot 
Mum. 1120 News and Weather 
for Wales. 

Scotland — 5.55-620 pm Report- 
ing Scotland. 620-720 Songs of 
Scotland. . .1020-11.10 Tuesday 
Night. 1120 News and Weather 
for Scotland. 

Northern Ireland — 3.53-325 pm 
Northern Ireland News. 525-620 
Scene Around Six. 6.50-720 As I 
Roved Out. 1120 News and 
Weather for Northern Ireland. 


ONE OF the great growth 
areas of audio-visual media id 
recent years has been that of 
the tape/slide — that is. the pro- 
gramme which comprises “ a 
series of colour slides electronic- 
ally linked to an audio-tape re- 
cording which provides com- 
mentary. music and sound 
effects. By using a pair of slide 
projectors, fast changes of slides 
can lie programmed as well as 
dissolves or superim positions. 
Such programmes. are relatively 
cheap and quick, to produce, 
allow simple up-dating of indi- 
vidual shots and are generally 
best where, sustained study of 
visual information may he 
necessary. 

The tape/slide industry in 
Britain recently reached a new 
landmark in its development 
when a consortium of 14 pro- 
duction companies in the busi- 
ness — .brought together, by 
Eleetrosonic, which is a world 
leader in control equipment 
— launched a promotional pro- 
ject under the name “Images 
of Ind.ustry.’* Some. 15 separate 
programmes of approximately 
three minutes each have been 
produced by the 14 companies as 
examples oE the medium in dif- 
ferent commercial and indus- 
trial roles — namely public rela- 
tions. exhibitions, training. Mies 
promotion and visitor centres, 
respectively for manufacturing, 


consumer Industries and busi- 
ness services. 

As the person invited to chair 
the launching of this series, my 
reactions .to the various pro- 
grammes may be less than 
wholly dispassionate. Nonethe- 
less, coming in a busy fortnight 
interlaced with film previews, it 
was inevitable that I found my- 
self comparing the two media — 
that is tape/slide and motion 
picture film. 

Some of the tape/slide pro- 
grammes in “Images of Indus- 
try” are excellent examples of 
the power of ..pictures (and 
sound ) in conveying "a business 
message. Thus in the manufac- 
turing module, "tbe example of 
an exhibition programme — 
made by the Clark Design 
Group— shows a fork truck 
going through its gymnastic 
exercises. This huge chunk of 
mechanical handling equipment 
.cajV evidently, turn on a 5®p 
piece, move i& l&ting gear side- 
ways as well as up and down, 
and do various other tricks. 

This is a simple communica- 
tions job, clear and concise. 
Anything mare elaborate on an 
exhibition stand — such as film — 
would be not only unnecessary 
but a handicap. Aided by a sen- 
sible yet interesting com- 
mentary;- it makes its point 
about both the truck and the 
medium in a few deft strokes. 

The same applies to the 


programme made by QAV Pre- 
sentations, again in the manu- 
facturing module, showing tape/ 
slide in sales promotion. Here 
cartoons are used . to show a 
slightly lunatic product launch 
in an. auditorium where most of 
tbe audience can neither see the 
product nor follow the speaker 
very well. Of course, tape/slide 
comes to the rescue. 


to unfold in an informative 
sequence. One never actually 
sees proof that a joint Is made 
more secure. And the medium 
of tape/sUde, while represented 
with pictures of excellent 
quality, fails to show its real 
power with the clever use of 
dissolves or superimpositions. 
Consequently, I will never 
understand one shot of a globule 


FILM AND VIDEO 

BY JOHN CHITTOCK 


Both- programmes use their 
medium effectively — that is, 
employing the static picture to 
shorn significant information, 
using the facility of changing, 
dissolving or superimposing to 
stress tlie differences in 
successive situations, and pro- 
viding a sound track to enhance 
the total effect. 

Less effective, and at moments 
even frustrating, is the con- 
sumer industries* programme 
for exhibition use — about Lac- 
tit e, made by Optigrapbic Visual 
Programmes. One gathers that 
Loctite is a solution that can be 
used to make mechan i ca l joints 
more secure. Yet this informa- 
tion never really comes across 
because the various pictures fail 


of Loctite hanging from the 
nozzle of a' tube— which surely 
everyone in the audience was 
expecting to drop, through the 
use of a dissolved slide, but 
which just remains there 
suspended. 

Static pictures are not enough. 
Even less so when the informa- 
tion they contain is very oblique 
to the purpose of the pro- 
gramme — such as the public 
relations one in the manufac- 
turing module. Made by Sound 
and Vision Communications, its 
stated purpose- is to convince 
government advisers (especially 
in developing countries) that 
British Standards in electrical 
wiring assure safety and reli- 
ability— and within this context 


that MK products are.there&re 
a good choice. - 
- Unfortunately, one : never 
really finds out what can., go 
wrong if you don’t use British 
Standards (or MK products) and 
the benefits remain .obscured 
behind what seems- like a 
catalogue of shots from a bro- 
chure. 

- In fairness, most of these pro-, 
grammes have been adapted 
from longer ones, but that may 
be no excuse. SB Modules 
showed, in, ' their training 
example, an excerpt from an 
"energy-saving programme 

.Where wasted electricity — 
emanating from a house with 
lights on, windows open, 

apparatus whining— leaves a 
world without power. It is suc- 
cinct, to the point, and con; 
vincing. 

Where the aim is simple and 
amenable to bold strokes, tape/ 
slide is fine. But it would prob- 
ably fail when faced with a 
complex subject like The Pro* 
tice of Supervision — the title of 
a series of three films guided by 
Dr. Saul GeLlerman, the Ameri- 
can management mogul. 
Released in Britain by Finax, 
these films use dramatised situ- 
ations to demonstrate all manner 
of problems in supervisory work 
— with a verisimitttade that I 
doubt any other medium could 
convey. Yet they underplay the 




real strength of film . by plod- 
ding along without much- spark 
of interest. And do workers’ 
really respond so reasonably, as 
they dp in the films, when Che 
error of their ways is pointed 
out to them? 

The better example of film 
comes in tbe latest, from Mill- 
bank Films, The Last Shock. 
This is a training . film about 
electrical, safety .in the factory. 
Again it uses actors and working 
situations, but here with a real 
sense of pa<*t and narratiVer-. 
even, with goodies and baddies 
(the latter an untidy character 
who “is more often reading a 
well-known- tabloid newspaper 
rather than working, ultimately 
o gnsinjg the death of a fellow- 
worker). Throughout this film 
the. safety message of good 'and 
had practice slip In. "naturally— ' 
part of the story, never, a diver-, 
sion. It’s plainly good cinema, 
which means that people wiH 
be absorbed by it. . *' 

Film carr uplift; the viewer, 
emotionally, intellectually, even 
spiritually. Tape/slide is a nipre 
precise ! and simple instrument— 
implanting messages or - -ideas 
without the metamorphosis. The 
two .-.media axe very different 
and, when^sensibly used, com- 
plement each" other. 'But too 
often,- one .is .used in .place, of 
the other, either to save, money 
or indulge in auctiOhVisuaL: over- 
kill. . 


; ::!# C 

olio' 

W 

: ;# 


Gaselee’s Well Oiled looks set 
for Cazelet Memorial triumph 


ENTERTAINMENT GUIDE 


F.T. CROSSWORD PUZZLE No. 3,846 



ACROSS 

1 Bill or bed with four in front 
( 6 ) 

-4 Sailors plot and steal (3) 

9 Mixed 5 and 10 and shy about 
: it (6) 

10 Drink that Is a hit of a 
problem on a debauchery (Si 

12 French and German arrieles 
to fasten and support from 
below (S) 

13 Spirit of Holland's or could 
it be Swiss? (.6) 

15 Observe eastern agent (4) 

16 Appear animated and make 

- haste! (4, 6) 

19 Stop and record an adherent 

- (6, 4) 

30 Resolute company (4) 

33 Nelson has one but the FT 
■ bas more than one (6) 

25 Dwindle away when about to 
supply staff to burglar IS) 

27 Inspector, formerly a collier 
(S) 

28 Being mad, book meal outside 
; 16) 

29 Aniraai from the plane? (Rj 

30 Leader of clan in tartan cloth 
Is calm (6) 

• DOWN 

3 Carriage way between two 
rivers *7) 

‘2 Get on one’s feet to meet man-. 
fuHy (5.2,2) 

3 Finish on river and brook (6) 
5 Porter is unimportant if small 
(4) 


6 Variety of thin pole used in 
boats (5-3) 

7 A step at speed (5) 

3 They accept blame in medical 
treatment (7) 

11 Repartee used when fencing 
(71 

14 Captain taking fish from the 
south (7) 

17 Puzzling like Elgar's varia- 
tions (9) 

18 Fish and be quiet but rascally 
(8) 

19 Hide esoteric Oriental (7) 

21 Frenchman flsbed and 
bungled (7) 

22 Expose soldiers taking meat 
( 6 ) 

24 Go away on holiday (5) 

26 Be a Pole and support one (4'i 
Solution to Puzzle No. 3245 


HaagaasE aasraraa 

H ? : H" ”S--' ■ *3 ?I1 S 23 G 
0EE3Q E2 ' 'H053D535HSS 
H Q n -J3 -*ELy.El Cl - & 
aganoHHSH-HasHs 
Q a □ '--H ’-M H . Ei 
aanHaH" 'Esraasras 
m m ra - et- b r 

a 0 e ee a s 
Einnss HEBamgans 
s ra h a 0.0 a a 
nHE0EE05JE nan mu 
H B'S S B 3 B S 
sesshd ssssancE 


THAT GREAT trainer Peter 
Cazalet is remembered again at 
Plumpton today with another 
running of the two miles, three 
furlongs Memorial Challenge 
Trophy which carries his name. 

Several useful performers have 
accepted including top weight 
Persian Camp, who took the 
prize a year ago under list 51b. 
This time Richard Head's charge, 
a winner here four times already, 
will be trying to defy 12 st 71b. 


RACING 

BY DOMINIC WIGAN 


Persian Camp, should again 
give a good account of himself, 
but his task Is extremely tough 
and under such a burden. I 
believe it will pay backers to 
. overlook him. 

A better prospect appears to 
be Well Oiled from the in-form 
Lam bourn stable of Nick 
: Gaselee. This tough 11-year-old 


England— 5.55-620 pm Look 
East '(Norwich); Look North 
(Leeds, Manchester, Newcastle); 
Midlands Today (Birmingham); 
Points West (Bristol); South 
Today (Southampton); Spotlight 
South West - (Plymouth). 620- 
720 East (Norwich) Spot On! 
Midlands (Birmingham) Bus Stop 
23: North (Leeds) Lifelines; North 
East (Newcastle) Tuesday North; 
North West (Manchester) Bern! 
and Slu — That's Flint and 
Francis; South (Southampton) 
Gulden on Location; South West 
(Plymouth) Peninsula; West 
(Bristol) The Bristol Packet 

BBC 2 

J020 Working for Safety. 

1L00 Play School (as BBC 1 
3.55 pm). 

220 pm The Engineers. 

3.00 Propaganda with Facts. 

320 The Living City. 

525 Open University.. 

7.15 Mid-Evening News. 

720 Barry BJanilow. 

5.10 The Voyage of Charles 
Darwin. 

9.10 Wodehouse Playhouse. 

9.40 Man Alive. 

1020 Floodlit Rugby League for 
the BBC 2 Trophy. 

11.15 Late News. 

1120 Tbe Old Grey Whistle Test 

LONDON 

920 am Some Australian Mar- 
supials. 9 AS Spiderman. 10.10 
Wild Canada. 11.05 The Macken- 
zie Affair. 12.00 Chorlton and The 
Wheelies^ 12.10 pm Rainbow. 1220 
A Ripe Old Age. 1.00 News, plus 
FT Index. 120 Thames News. 
120 Crown Court 220 After 
Noon. 225 Raffles. 320 Heart to 
Heart. 320 The Sullivans. 429 
Get It Together. 4.45 Magpie. 
5J.5 Emmerdaie Farms. 

5.45 News. 

6.00 Thames at 6. 

625 Help! 

625 Crossroads. 

7.09 Botanic Man. 

720 World Disco Dancing 
Championships. 

820 The Variety Club Tribute 
Dinner to Mare cam be and. 
Wise. 

9.00 Fallen Hero. 

10.00 News. 

1020 Sports Writers’ 30th Annual 
Awards Night 


who was off the course last 
season, ran an encouraging race 
when the outsider of four over 
two miles at Ascot recently. He 
finished third behind Snowshill 
Sailor and Dornie. 

Well Oiled looks ideally 
suited by today’s additional 
three furlongs and better ground, 
looks to be the one they afl have 
to beat off his lenient handicap 
mark of 10 st 13 1b. 

A second likely winner for 
Gaselee, formerly, a leading 
amateur rider, is his own Silver 
Prince, among tbe 10 runners for 
the Keymer Novices’ Chase. A 
month ago at Cheltenham, this 
chesnut gelding stayed well in 
an amateur riders' chase won bv 
Lakeside. 

Although he was beaten a long 
way in that event, the combina- 
tion of superior fitness and 
weaker opposition here could see 
him coming good at attractive 
odds. 

Supporting novice chasers is 
without doubt one of the 
quickest roads to bankruptcy, but 
Mrs. Jenny Pitman’s Benghazi 


1120 Lou Grant. ’ 

1225 am Close:. A. -painting by 
Monet with-- music by 
Dubussy. ■' 

Ail IBA Regions as London 
except at the following times: — 
h {9q ? B St2Y 

ANGLIA 

•■30 an Canada — Five Portrait*. 1025 
Wafting Westward. 1050 Dave's Slng- 
alonjj. 11.15 Perrv Thrower's Gardens of 
the South. 1140 Oscar. 1135 The Sven 
Sonar Doughnut. US pm Anglia News. 
2.00 House party. 5J5 Emmerdaie Farm. 
640 About Anglia. 7. DO The Rolf Harris 
Show. 1139 Wesutidc Medical. 12J5 am 
So You’re Lonely. 

ATV 

1040 am Friends of Man. 10 -2D Some- 
Thinz Special. U .lfl World Leaders: 
Slants— Man of Steel. L20 pm ATV News- 
desk. 3.55 The Electric Theatre Show. 
5 AS Mr. and Mrs. too ATV Today. 740 
Emmerdaie Farm. 11-30 Oscar Peterson 
Presents . . . Dizzy Gillespie. Zool Sims 
and A1 Grey. 1240 Somethin: Different 

BORDER 

•JO am The Undersea Adventures of 
Captain Nemo. 935 The Lmi Islands. 
10-00 Sir Edmund Hillary's World of 
Adventure. 10.25 Walking Westward. M30 
Dave’s Slngalonx. 1135 Percy Thrower's 
Gardens of the South. HAD Oscar. UH 
The Sweet Sugar DoughnuL tU9 pm 
Border News. 2JB Houseparty. . 535 
Jo nay Quest. M0 Loofca round Tuesday. 
730 Emmerdaie Farm, mo SkMng with 
Gina. UP Bolder News Summary. 

CHANNEL 

US pin Channel Lunchtime News and 
Whai's On Where. 535 Mr. and Mra. 
M0 Report at Six. 7.00 Treasure Sunt 
HUB Channel Late News. 11. 0 Friends 
of Man. 1245 Cora menial res et ' Pre- 
visions MereoroktgxnKS. 3 

GRAMPIAN 

MS am First Thing. 9 JO Tandarra. 
UUS Walking Westward. 1030 The Rod 
Ranis Show. 1135 Percy Thrower’s 
Gardens of the Sooth. HAS Oscar. jU-55 
The Sweet Sugar Doughnut. 13R pm 
Grampian News Headlines. 535 Mr, and 
lCrs. too Grampian Today. 530 Lavernc 
and Shirley. 1139 Power Without Glory. 
ELS am Reflections. 1230 Grampian 
Late Night Headlines. 

GRANADA 

•JB am Tbe Man From G.N.CJ-4S. 
tun Flashback. 1130 The FUntstores. 
1145 A Handful of Songs, ua pm This 
Is Toot Right. 530 What’s New. 535 
Crossroads. MB Granada Reports. 6J0 
Emmerdaie Farm. 7 no University 
duffle age. 1130 Dan August. 

HTV 

-•*45: am Survival, uug The Rolf 
Harris Show. ifiJS Walking westward. 
HL5* Dave’s Shtgalottg. Perrv 

Thrower’s Cardens of the Sooth. 1L48 
Oscar. 1135 The Sweet Sugar Doughnut. 
LB pm Report West Headlines. - US 


Express could be the exception in 
the two-mile Cuckmere Novices' 
Chase after his fine second place 
run behind Foreign Legion at 

Market Rasen. 

Benghazi Express, beaten only 
three lengths by the 94 favourite 
there, after being hampered 
three fences from home, should 
have few problems this afternoon, 
given normal luck. 

At Teesside, Geraldo, a highly 
impressive conqueror of Inca 
Warrior at Haydock last time out, 
need only stand up to take divi- 
sion I of the Wynyard Novices 
Hurdle. 


PLUMPTON 
1220— Silver Prince* 

LOO — Scots Gamble 
120 — Well Oiled 

2.00— Benghazi Express*** 
220 — Gay Twenties 

3.00— Bowshot 
TEESSIDE 

12.45— Geraldo** 

L45— Gay Spartan' 

2.15 — Gala Lad 

3.15 — Bads worth Boy 


Report Wales Headlines. ZJ» Homeparty. 
530 Crossroads- 6.00 Report Wear. 6.15 
Report Wales. 630 Botanic Man. 740 
Three Uui? Words. 1130 Code R. 

HTV Cymru /Wales— As HTV General 
Service except: 1-20-135 pm Peoawdau 
Newrddlon y Dydd. 420-445 Goglis. 
6JD435 Y Dydd. 1038 Bywyd. 1035 
World ID Action. lL<S32JO am Sports 
Writers' JKh Annual Awards Night. 

HTV West— As HTV General Service 
exci-pi; 1JUJ1 pm R»oort West Head- 
lines. 635430 Report WeaL 

SCOTTISH 

•JO am Diary or Civilisation. 10.25 
Walking Westward. 1030 Dave's Slog- 
along. 1135 Percy Thrower's Gardens of. 
the South. 11.40 Oscar. 11 55 The Sweet 1 
Sugar Doochnui. 1.25 pm News and road ; 
and weather. 535 Cartoon. 520 Cross- 
roads. 6.00 Scotland Today. 630 What’s 
Your Problem? 7J9 Emmerdaie Farm. 
UJO Late Call. 1135 Pro-Cdebriry 
Snooker. 

SOUTHERN 

S 30 am Cash and Company. 10.25 Waft- 
ing Westward. 1IL50 Dare's SJngaJoog. 
1135 Percy Thrower's Gardens of Ihe 
Sourb. 11.43 Oscar. 1135 The Sweet 
Sugar Doughnut Uo pm South era News. 
2JM He use party. 535 The Undersea 
Adventures or Captain Nemo. 530 Cross- 
roads. M0 Day b- Day including 
SoutbsporL 7.00 Emmerdaie Farm. 11- 0 
Southern News Extra. 11.40 Pro- 
Celebrity Snooker. 

TYNE TEES 

•35 am The Good Word followed by 
North East News Headlines. 930 Canada 
Heritage. 10J5 Walking Westward. 1030 
Dave's Slngnlong. U35 Percy Hi rower's 
Gardens of the South. 11.40 Oscar. X135 
The Sweet Sugar Doughnut. 130 pm 
North East News and Looka round. 535 
The Brody Bunch. M0 Northern Life. 
7.00 Emmerdaie Farm. 1130 Emergency. 
1230 am Epilogue. 

ULSTER 

UJ5 am Tbe Herbs. 1035 Walking 
Westward. 1039 Dave's Slogalong. 1135 
Great Gardens of the -South. 1L4Q Oscar. 
1135 The Sweet Sugar Do robust. UO pm 
Lunchtime. 4J0 Ulster News Headlines 
535 Cartoon. 530 Crossroads. 630 
Reports. 6JS Tbe Mary Tyler Moore 
Show. 7 DO Emmerdaie Farm. 1139 Bed- 
time. 

WESTWARD 

439 am Space 1999. 1935 Walking West- 
ward. 2939 Dave's Slnerahmg. 1135 
Percy Thrower's Gardens of the South. 
1140 Oscar. U35 The Sweet Sugar Dough- 
nor. 1337 pm Gtu Hcmeyhun's Birthdays. 
130 Westward News Headlines. 535 Mr. 
and Mrs. MO westward Diary. 7.00 
Treasure Hum. 1939 Westward Lale 
News. 1139 Friends at Man. 1239 Faith 
for Life. 

YORKSHIRE 

930 am Friends of Man. 18-09 The 
Herbs. 1935 Tarxan. 1130 In A Balloon 
Over The Alps. 1135 Tell Me Why. 
13S pm Calendar News. 130 Calendar 
Tuesday. 535 You're Only Young Twice. 
6.08 Calendar lEmley Moor and Belmont 
editions*. 730 Emmerdaie Farm. 11301 
Emergency. I 


CC. These Theatres accopt' certain credit 
I cards hr telephone or at the Box Office. 

OPERA & BALLET 

COLISEUM. Credit Cards 01-240 5259. 
Reservations 01-836 jIGt 
ENGLISH NATIONAL OPERA 

Winners 197B SWET award 

Outstanding Achievements in Opera 
Tomorrow 7.00 The Thievlno Masple. 
" Every scene grips the attention. Tms. 
Ttaurs. and Sat. 7.00 Jonathan Miller's 
prod. The Marriage or Ftnino. 
-Immensely successful and eniorable.’ 
Gdn. Fit. 7.00 Dcr RosenkavaQer. 104 
balcony seats avail, lor all peris, from 

70.00 on day ot pert. ~ 

COVENT GARDEN. CC. 240 1DGB. 
^ncharee Oedlt L 

as mjjL'a.xnat 7.sr?a 

SteWlna fetOYAL OPERA 

Tornor. 8.00 II barhiere d Styla Ha • 
Frl. and Mon. 7.00 pie F edermjus. 65 
Amphl' seats avail, for all perfa. from 
10 a.m. on day of pert. . _ 

CHILDREN'S OPERA AT THE 
JEAN NETT A COCHRANE THEATRE 
THE TWO FIDDLERS 
DCC. 27-Jan. 6 

SADLER'S WELLS THEATRE. RoubWY 
Am E.C1. 837 1 672. Last week 

LONTON CONTEMPORARY DANCE 
Evps. 7.30. Tonloht * Tomorrow ^ Dream* 
with Silences, solo Ride. Ire. Thors, to 
Sat.: Dreams with Sllewes. Then YouCin 
nly Sing. Eos. D'Oyiy Carte Hi Gilbert & 
SuMWan Dec. IB to 24. 


THEATRES 


I THEATRES 

HER MAJESTY'S. CC ■ 01-930 6506. 
Evgi 7 JO. Marts. WrtfJ. and . Sat. 3.00. 
THE NEW MUSICAL 
BAKMIT5VAH BOY 

“TM» stunning PrwkJ««w JS 

lovable.** F. Tiroes. “ The funni est M mSo* 
aroun d bar none,** S. M Error. 
fiAVMARKET. 01-930 M32.' Charity Prmr. 
Toot. fl.OO. Red. Price Prey. Tornor. at 
B.CO. Ooens Thar. 7.0ft sdtK. S.00. Wed- 
2.30. Sat- 4.30 eod B.OO. 
PENELOPE KEITH 
NIGEL CHARLES 

- HAWTHORNE JtAY 

ANGRARAlD REES 
and IAN OG14.VY id 
• • THE MILLIONAIRESS 

py BBRNARP SHAW . 

KING'S ROAD THEATML Ot«*W 74C*k 
.Pram Dec. 18. Daily 10-33. 2-M A 4.00. 
THE ROCKY HORROR SHOW 
. DON'T DREAM IT. SEE IT, 

LYRIC THEATRE. CC. _ 01-437 36M. 
Ere. ft-OO. Thurs. 3.CO. Sat. 5.00. 0.30. 
JOAN FRANK 

?' PLOWRIGHT ... FINLAY* 

FI LU MENA 

fay Eduardo de FHhwa 
Directed by FRANCO ZEFFIRELLI 

- Society of West End Theatre Awards 

; ACTRESS OF THE YEAR 

COMEDY OF THE YEAR : 
“TOTAL TRIUMPH." E*. News. . "AN 
EVENT TO TREASURE. " tX. Mir. “ MAY 
IT FILL THE LYIWC FOR A HONORED 
YEARS." Sunday Times. 

MAY FAIR. 403 2031. CGreen Pk. Tube:) 
-from Dec. 18 D#v. 10.30. 2.00 & 4.00. 
SOOTY'S CHRISTMAS SHOW 

MAY FAIR. 493 =031. (Green . Pk. Tube. I 
Ere. B.ao. Sat.. 5.30. a. 30. Wed. Mat. 3.0 
.(from Dec. U8 Frl- Sat. _6.1S._ &A5X 
WELSH NATIONAL THEATWE CO. In 
UNDER MILK WOOD . ' 

Dylan Thorras's . com it masterpiece 
-Children £1.50 any, seat - with JOuU. - 


THEATRES 


s s8rigg ,i &« sasra- 

JAME ASKER. NIGEL PATRICK In 
■^/WTER PAN 

DaHy S and 8.46. Prices £S. *4. *3. £2. 
Reduced prices on Dec. 2 a. 21. 22. Jan. 
■ 8. -9. to. 11. 12. - . . 

STRAND. 01-838 '2880. Eretdnss S-CtT 
Mat TMiro.- 3 jOO. - Sats. S. 30 - and &30. 
- NO SEX PLEASE — 

Wnii BRITISH 
LONDON'S LONGEST LAUGH 
OVER 3000 PERFORMANCES 

5T. MARTIN'S. CC 838 1443. Eyst 8. 
Mat. Tub. S.46. Sato, and Dec. 27; S.- B. 
AGATHA' -CHRISTIE'S 
THE MOUSETRAP 
. WORLD'S LONGEST -EVER RUM 

. ...27th . YEAR 

TALK OF THE TOWN. CC 01-734 .5061. 
AlF4Mftdtttaoed; - From fljoa Dknog 
DMKtoB. 9JHJ SUPER REVUE - ■ 

. . .RAZZLE .DAZZLf 
R 11 FRANKIE VAUGHAN 
VAUDEVILLE. - CC. 01-S3ff BUSS. 
Ere. 8. wed. mat. L*S. 'Sat. s and 8. 
PATRICK GARLANDS- Ada Ptatton at 
- THOMAS HARDY’S 
• - UNDER THE - 

. GREENWOOD TREE 
A novel and refreshing evening.” D. 
Tefr “.NOT SINCE WILD -OATS HAS 
A PRODUCTION BRIMMED WITH SO 
MUGH-GAiETY AMD-GOOD HUMOUR.'?. 
Sun. Tma.- “ A richly Mlnyamie.ewiiliifl-" 
Gdn. n DELIGHTFULLY RICH AND 
REWARDING." Dly. Mir. '• AJfecttanate 
' and fimny.' ! Gdm- . 

VICTORIA PALACE. CC. 01-828 4733-d. 

m 0T-B34 1317. 

. EwC 7.30, Mats. Wed. and Sat. £4S. 
STRATFORD JOHNS 
‘ SHEILA .HANCOCK"' 

f*. 'ANNIE. 

‘ . .“.BLOCKGUSTl NG— - 

smash, hit, musical;:': d.:- Man. 

WAREHOUSE.-- - -Oomnir TheitnL Covent 
. Garden. .Sox- Otter VSS- 0808. -Royal 
Shakesbeare Co. Toirt; Sat;. &00 flFri. 
7.001 premiere prod. Howard Barker's 
THS: HANG .OF THE GAOL. A* Jr. bkBS. 
Aldwych. Now: • Booking for KiOS 
. - CHRISTMAS SHOW- 


BBC Radio New Wavelengths. 

BBC Radio Land an: 

1459kHz. 206m & 944*W 

I U89kHz/2T5m J & W-T2Jvhr stem 

693kHz/4S3m ^ 209fcHz/1590m _ 

9B9kHZ/339lR O &924SvM d 

& sa-HrW stereo “ ~ 

Capital Radio: 1 

1541kHz. 194m & SSJMhT 

London Broadcasting: 
1151kHz. 261m & 9T3eW 


RADIO 1 

(51 St c rcpphaalc broadout 
TMcdlum wave 

5J» am As Radio i. TM Dave Lee 
Travis. UO Simon Bales. 11-SL Paul 
Bnroutt. IN pm Tooy BLackbttro. 431 
KM Jensen. 7JMJB As Radio .2. 9.02- 
1039 As VHF. UJM John Peel iSr. 
lLao-ShO am As Radio 2. 

RADIO 2 

5X9 am Hews Summary. 5.03 David 
Allan <St Including 9.15 Pause lor 
ThonshL 1BJB Jimmy Young iSi. 1235 pm 
Waggoponr Walk. 1230 Harry kwefl's 
Open Boose iR> melnding 1*5 Sports 
Desk. 230 David Hamilton (Si ladad- 
Jnc 2.*j and 3.45 Spans Desk, incfedltig 
Hugby— Oxford v Cambridge. A 9 

iVagsaaen’ Walk. 4-45 Sports Desk. MJ 
! John Dunn i5> including 5.*5 Sports Desk, 
to Sports Desk. 7.02 On The Third Beat 
; i5>. 738 Falk 78 presenu Martin Carthy 
ISV US Tuesday KUht Is Gala Night 
with Connie Francis and gaests >S). 932 
: Among Your Souvenirs fS). 9JS Sports 
Desk. 1942 Variety dub. 1L92 Brian 
Maitbew iutroducre Round Mldn lg h i. In- 
cluding 15 j 00 News. XOO .an KWI 
Somaunr- 

RADIO 3 

US am Weather. 749 News. T45 
Ovrrtnre (5). 840 News. *» 

Concert (S). 440 News. 945 This Week's 


Composer: Sibelius 'Si. m m Holiday 
Spetdal tS». 1930 Plano Redial (S>. U3D 
Ralnsonc and the Rise of European 
Music ‘S'. 1 7 . 15 pm Midday Prom part 
1: Hoddinott. Schumann tSi. UH Neva. 
US The Aria Worldwide. 130 Midday 
Prom pan 2: Rimsky- Korsakov «). 230 
Music at Si George’s. Ensiol fSL 300 
Wolfgang Fanner conn.-n iS". 3JS 
CantiB University Recital pan 1: 
Beethoven, Bramhs iSi. 4.15 Interval 
ReatUns. 439 Recital, part 2: Bril leu. 
Webern, Debussy. 5-15 Jas Today. SJIS 
Homeward Bound iSL 430 News. LJS 
At Home: Schnabel plan Beethoven on 
record. 730 EHlon Carter (Si. UO Live 
from Tbe Royal Festival HaiL part t: 
Berlioz; Brahms fS», «J5 Brand and 
Peer Gym— a converse lion iSi. 90S Live 
from tbe RFH. pari 2: Stravinsky iSi- 
ULM The Prelode. 1930 Czech Piano 
Music LSI- 1135-1135 Tonight's Stfluhwn 
Songs on record, locludloa 11.45 Hews. 

RADIO 4 

U9 aw News Briefing. U9 Farming 
Today, 63S Shipping forecast. 638 Today. 
Magazine, Indodlng C.45 Prayer for the 
Day. 7.00 and S.00 Today's News, 734 and 
SJO Hews Headlines. 743 Ttwngbt tat 
tbe Day. . 9J5 Yesterday ip fetMM- 

•49 Hews, 94S Tuesday CaD. 1®40 
News. W4S Local Time. UL3S Dally 
Service- U.O Mormng Glory. v l 1 -® 


Thlrtr-Mlntuc Theatre (Si. 1139 Farm 
Chat. 1U5 Listen With Mother. 1240 
News. 12.02 pm You and Your*. 1239 
■ Down Island Disc*. 1255 Weather; pro- 
gramme news. 141 The World at One. 
LOO The Archers. US snipping forecast 
240 News. 242 Woman's Hour. 140 
News. 1J0 Questions lo ihe Prime 
Minister. L3S Afteruonn Thratre (Si. 
439 Announcement. 435 Story Time. 5.90 
PM: News magazine. 530 Shipping lore- 
cast. 535 Weather; programme news. 
640 News. 0.30 The 27-Year Itch. 740 
News. 745 The Archers. 730 File on 4. 
949 The People's Temple; The Recent 
Tragedy in Guyana. 845 Science Now. 

939 Kaleidoscope. 939 Weather. 19.00 
The World Tonight. 1030 You've Cm To 
Be Joking tsi. mra a Book at Bedtime. 
11.15 The Financial World Tonight. 1130 
Today in Parliament. 1240 Neva. 

BBC Radio London 

549 am As Radio 2. 6J0 Rash Hour. 

940 London Live. 1243 pm Cal] In. 245 

209 Showcase. 441 Home Ron. 630 
Look. Slop. Listen. 739 Black Londoners. 
139 All That Jazz. 1038 Late Night 
London. 1240 am As Radio 2. 1245 

Question Time from the House of 
Commons. From 1-OS— As Radio 2. . 

London Broadcasting 

540 am Morning Music. 640 A.M.— 
news. Information, travel, sport. 19-09 
Brian Hayes Shaw. 148 pm LBC Reports. 
340 George Gale. 440 LBC Reports 
• continues!. 940 Alter Eight. 940 Night- 
line. 140 am Night Extra. 

Capital Radio 

649 am Graham Dens's Breakfast 
Siow (Si. 940 Michael Aapel <Si. 1240 
Dave Cash «l. 340 pm Roger Scott fS). 
740 London Today (S>. uo Open Line 
'5 1 - .V* Yonr Mother wouldn't Like It 
tS>. U49 Late Stow (51. 240 am Right 
Flight i.5 1 . 




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COURTENAY KENDAL 

CLOUDS 

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D. Tet. 

FORTUNE. 836 2238. Ere. B. TMirs. 3. 
Sai- 5.00 rod 8.00. Dec. 26 and 27. 
S and 8. 

Muriel Pavfow as MISS MARPLS 
MURDER AT THE VICARAGE 

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DENIS QUILL EY In IRA LEVIN'S 
New Thriller 
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E* 0 S. 8.1 S. Wed. 3-00. Sal. 6.00. 8 JO. 
PAUL EDDINGTON. JULIA McKENZIE 
BENJAMIN WKITROW 
ALAN AYCK BOURN'S New Comedy 
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GREENWICH THEATRE.. 0t-45B 7753. 
Ere- 9-00, Mare. sate. 2.30. SCE how 
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fpiavcwiy}. GeoRrer Marts (Geoff o' 
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I iiiiancial- iimest Tuesday December : ;12 197 8 


u^’o-L^ ft 


FINANCIAL TIMES SURVEY 


Tuesday December 12 1978 


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By William DnHforce 

Nordic Correspondent 

” SWEDEN ffAS long-term eco- 
nomic problems. These problems 
are not caused by the business 
cycle, nor by high currency, nor 
labour cost levels. ■ The root of 
these problems: is that portions 


- It is generally accepted that a major restructuring of Swedish engineering needs 
to be undertaken but there is much debate on the form it should take. The industry 
is opposed to greater Government intervention and wants more freedom to manoeuvre. 


tive efforts of government, 
management and unions," the 
Boston Consulting Croup said 
in a conclusion which did not 
at all please the majority of its 
Swedish sponsors. 

Mr. Ira Magaziner. the leader 
of the Boston Consulting Group, 
has defended his team's corn 
elusion by pointing out that the 
Swedish Government has <played 
a smaller role than many gov- 
ernments in its major trading 
partners in deciding the pattern 
of industrial investment. 

If it is to be “ a positive 
force for structural change." the 
main goals of industry! policy 
had to be agreed by company 
managements, union leaders and 
government. This had already 
been appreciated in other coun- 
tries with a mixed economy. 

Moreover. Sweden's Industrial 
policy should be more selective 
and based on a deeper insight 
into international business con- 
ditions and the competitive 


of the industries on which gation " set up'by the former well above those uf competitors Part of the problem at lea*t before they will start investing, growth in export orders is sus- products among the declining needs n f different branches of 

z) HHUBi'iw vn j .i.. : i c .1 r. i. - i r «)..» ..... ..it. ihmnnh 107Q unrf Wnmac. Su-oriith hranehnc in which in- , 


into Sweden's technological com- employment and bridge the Enginering Employers' Associa- possibility that inflation may government and parliament are 


»my of expert to' try. to chart August. 1977, a far more has been compiling ihe could spari . off the wa«e pre ' la,t earnings at the mne- 

^e future SwrttoBiif their in- moderate wage development and statistics. The average pre-tax (inf,, which ihe engineering monlh slase and , 1S sclUng prt ^ 

dustrlai effort. a reduction in the annual rate profit was only 3J per cent nf “mplovers hav,mana"edtoeon- duct,on l ?^ els Mm and 

are being sought to of inflation to 7-8 per cent turnover compared with the 9 lai £ t * h | S year, and exacerbate l™** f wn ’ ch are h,gher *»*“ 

tL -S? the SrffWiUS wo fUDdamentaT questions : On Incoming orders from the P e r cent recorded in 1973-74 and xhe 7 per cent rise tn nominal e ' er befure - 
rr;‘ " Which industries and products export markets have heen rising the 7 per cent average H.r 196S- waces and t 6 per cent increase , 

not be so easy. ■ *hiU Sweden concentrate in the since the third quarter of 19.7. 1972. in sociaI t . har:;cs> t0 which ^ StrateffV 

This sobering assessment of'ftjture? And which strategy Engineering exports are The reium nn equilv, which companies are already com- 
the context in which Swedish shou ld the government adopt tn expected to grow by 8-9 per cent averaged 9.8 per cent in 1968-72 mitted in jr,Vn ‘ Bui Volvo also illustrates the 

engineering is now operating p romo te the growth of industry in vnlume this year, although and 13.4 per cent in 1973-75. _ Mii .. , . .. t _ nlher face , of the Swedish in- 

comes ftom the Boston Consult- £ nd its ab UityT compete on <!°™slic dcmsnd u still very tell to 5.1 per eonl Iasi year. . 0?e can add tn the list of JiStrial Use loni-VerS, 

ing Group, which was commis- international inarhets? lour as a result of the poor in- or the 272 companies covered “V 1 ”™ ™ wr - S!l ^fter seven £ 

sioned by a group of engineering Nor are the Swedes being vestment climate and the by the association's survey, nn ,,llrt > a ' ; ' ,n international cur- M S,ie* nMotiitlom It was 

: i ^ ri..i; n e in ^e,ost„ nnncunvniino i __ _ . . i , . . rencv n e velnnm pn t«:. the m- 01 rampiex ne^uuauonh. 11 was 


porte in tte past' im? no tonfler FUUldin. ro recommend ways of subsidised policy of producing survey of its members profit contributing to the mood of lie demand also responds to tne vestment snouui ne concern raiea Mr Gosia Bohman. the 

competitive in world mar- “ renewing ” indnstry, .and one for slock in niHlcr to mainlain performance by the Swedish caution. Among These are the stimulation the minority Liberal on finding “ defensible segments ecom , mv minister in the last 

hets. . . . into Sweden's technological com- employment and bridge the Enginering Employers' Associa- possibility that inflation may government and parliament are around which lo consolidate for cabinet, puts the opposing view 

• PThL'-Mui t Hn petence by the Royal Academy recession. lion. take off again next year, about to agree on. the future. ' to this call for a more selective, 

-only sou » « ° of Engineering. 1 ' The situation has changed for Engineering companies profit- boosted by a budget deficit of Already Volvo, the country's selected 2S companies in slate industrial policy: “Where 

r ft'lwIniS Tne Swedes areperturbed and the better this year arter the ability in 1977 was the lowest in around SKr 40bn. biggest concern, has reported a t), e engineering, dierairal and are the supermen who shall 

nnri * are marsballing ah Impressive devaluation of the krona in the 15 years that the association This in turn ir is feared 64 per ccnt im P r0Te J“ en t tii pharmaceutical fields as the decide which products and 

array of experts to' try. to chart August. 1977, a far more has been compiling ihe cou [ d spark off the wa«e P re - lax earnings at the nine- growth points on which offensive which techniques will guaran- 

the future directidB 'Of their in- moderate wage development and statistics. The average pre-tax rij-jf. W hi*>h ihe engineering monlh stage and is setting pro- investment should be concen- lee our future welfare? 

5E5lr" cPdSSuSL dustrial effort. a reduction in the annual rate profit was only 3 2 per cent nf employers have managed to con’ duct , lon targets for its cars and trateS. These companies account "It would be better for the 

Answers are being sought to of inflation to 7-8 per cent. turnover compared with the 9 lain t j,i S V ear and exacerbate Trucks wnich ar ^ higher than for over 75 per cent of Swedish planners and politicians to keep 

two fundamental questions : On Incoming orders from the P e r cent recorded in 1973-74 and the 7 per ‘cem rise in nominal ever before. exports in their branches and their hands as far away as pos- 

IOC pan. in tne jumre t ms wiu which j ndus tries and products export markets have heen rising the 7 per cent average fur 196S- wap es and l 6 per cent increase over 55 per cent of employment, siblc from the extra-ordinarily 

not oe so easy. shall Sweden concentrate in the since the third quarter of 1977. iB72. in socia | char-cs t0 which the StratpaV nor countin » t he,r subcon- complicated game on which Ihe 

This sobering assessment of 'future? And whirii strategy Engineering exports are The return on equity, which companies are already com- kJliaiv oJ tractors. More than half the international market economy 

the context in which Swedish should the government adopt tn expected to grow by 8-9 per cent averaged 9.8 per cent m 1968-72 m itted in 1979 But Volvo also illustrates the companies are engaged in is based." 

engineering is now operating promo te tiie growth of industry in volume this year, although and 13.4 per cent in 1973-75. '' nlher face . of the Swedish in- engineering. But Mr. NiIsLundkvist.man- 

coraes from the Boston Consult- and its abi]ity to compete on ilomeslic demand is stilt very fell to 5.1 per coni Iasi year. . ' c ^ n add tn tpe ,lst ° r duslri al puzr.le the longterm But. as the Boston Consulting a?mg director of the Mechanical 

ing Group, which was commis- international markets? lf,w as! * re suIt of lhe P nor in ' Of the 272 companies covered hmiiduhu i acton the uncer- t F A f te ' r seven ^ onths Group pointed nut. Sweden has Engineering Employers' Assnci- 

sloned byagroup of engmeering Nor are the Swedes being vestment climate and the by the association's survey, no ,aint > a "' iui international cur- complex’ negotiations, it was no * gained market shares in ation. believes that Ihe State 
companies, banks and the Minis: de nected from tftdse “questions decline in private consumption less than 11 1 made a pre-tax loss reuc> ae^eiopments. the m- aoree(J Qn December *8 that these branches in over seven can play a role by seeing that 

try of Industry to examine by the marked improvement m in 19"? and 1978. in 1977. The distribution of the creasing protectionism on reav w m _ av g^j. 95 g m years. Moreover, in the stagnant the education system is better 

Swedish industry with a. busi- industrial exporti,- whirft has M loss-makers among the size foreign markets and the doubts x 10m) instead of the investment situation prevailing adapted to the needs of industry 

ness consultant's eye. helped to move thettade balance T Tnf*prt'f|in ca I egories is interesting. surrounding national energy orreinaJlv agreed overthelastdecade.anincreas-andbvplacingordersforpro- 

Its initial report, published !n from a deficit of SKr 4.6bn No less than 51 per cent of the P°‘ ''hich have not been ’ for a 4 q pe r cent share of Volvo. in S proportion of total invest- ducts with a “high techno- 

Dctober, has become a mudi- f $1. 05bn) last year hito an anti- Nevertheless, morale is not companies employing 151 lo 500 ^ ar rf d ^ rbe c0 “ aps ? . ,n p^e supplementary Skr 200m mBnt actually been going logical content." 

debated and controversial docu- cipated surplus of oyer;SKr5bn. too high among the engineer- employees operated “in the October nf the non-socialist w ju be pa j d t0 1b e new Swedish t0 ^ declining sectors, a This is a throw-back to 

ment, not least because it. advb- Within the engineering in- ing company executives. When red ” compared with only 13.8 coalition government because of bo j dinw companv. free of tax development underlined by the Swedish industrial history 
caled the .formation of -a"dustry, the background to the the Stockholm business weekly, per cent of those with more than ti 1 ® °y e . r nuclear power. gs - c0 ‘^ npensal j o , ' n ‘" f or the - Te I massive state support for because several of the existing 

national indukrial policy “de- national debate is a fill in over- Veckans AffSrer. last month 500 employees: 38 per cent of A further political fatcor is the nr;;an i sat j nn 0 f t } ltf company shipyards. major companies developed 

veloped ' and implemented all output for three years run- asked managers why they were the companies in- the 75-150 likelihood that ihe Social Demo- and Volvo's planned investment Sweden’s investment pattern their technology to meet the 

through the co-operated efforts ning, a decrease in productivity not recruiting labour and invest- employee bracket turned in crats wl)1 r «tiirn in office after j n Norway. has been defensive, reacting to demands of State organisations, 

of government, management averaging almost 1 per cent a mg to meet the expansion losses. the general election next Sep- At { j ie ' nat i ona j j eve j there is crises rather than planning for The most obvious examples 

and unions.'' year. during the 1975-78 period, heralded by the upswing in Expressed in another form, tember. general agreement that the the long term. are ASEA. the heavy electrical 

Perhaps because It offered a a decline in profits ^ince 1973 orders, it discovered a very un- more than IS percent of the Although their leader, Mr. plight of *the shipyards, the At the national level, manage- equipment group. which 

foreigner’s viewpoint, the Bos- and a -collapse 4 n -animal invest- certain attitude. employees in the engineering Olof Palme, has postponed a contraction of the steel indus- ment of the business cycle was created its high-tension trans- 
ton Group ■ report has aroused ment to 60 per cent of Ae 1975 “We have had our fingers industry worked for companies decision on the collectively- try, the fierce competition from no longer sufficient to ensure missions and nuclear power 

most emotion— hut it has .been level.- ■ <: . burnt too often ... we are not which ran at a loss last year. organised profit-sharing funds new foreign manufacturers to the growth of living standards techniques in co-operation with 

only one event tilis year in a This poor perfbrinanre has going to buy a costume which. With their factories still desired by the trade unions — the special steel companies and M d an industrial policy bad to the State Power Board. L. M. 

long series of nation-wide semi- been due to the international will be too big for the next operating below capacity, which would eventually obtain to series production in engineer- he developed to promote “the Ericsson, the telecomraunica- 

nars, debates,- lectures and pam- recession, which reduced, export recession," were typical especially those in the a majority of the larger com- ing generally demand some re- structural evolution of the tions group, and Saab-Scania^s 
phlets, which have, focused- <m demand; to the 42 per Jeifnt -jn- comments. mechanical engineering branch, parties’ share capital — the funds directing of ’Sweden's industrial manufacturing sector." aircraft production, which is 

Sweden’s industrial situation, -crease in industry's payroll costs “.Is Sweden missing the up- it is fairly obvious that many still loom large on Swedish effort. Such a policy should be imple- now threatened by the Govern- 

More studies are in the pipe- in 1&7S and 3976, wWcb left swing?" asked Veckans managers want to see profits businessmen's horizons. The Boston Consulting Group merited through "the co-opera- ment’s hesitation to order a new 

line, including one ; by. a “ delft' Swedish manufacturing;; cosfii AffSrer. - improving for a year or two The -mood can change, if the provocatively included forest CONTINUED ON NEXT PAGE 




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* •*. 


Financial Times Tuesday. December 12 1978 


SWEDISH 









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THE SWEDISH shipbuilding 
industry, still reeling from the 
world recession, is trying to find 
a formula for survival. The 
approach is typically resourceful 
but painful,’ too: cut back 
capacity at the yards while 
making full use of Swedish 
engineering skills to diversify 
production. 

The Swedes find it difficult to 
forget that they recently ranked 
second only to Japan in ship- 
building's first division, and the 
diversification strategy has come 
only after agonising seif- 
appraisal. 

There was, by all accounts, 
little choice. The yards found 
it impossible to fill their books 
with orders for standard vessels 
and world shipping develop- 
ments hardly inspired confid- 
ence in the fature. 

The tanker market continues 
to be weak and the dry cargo 
market is still feeling the effects 
of the recession in the steel 
industry and the decline in iron 
ore and coal transportation. 

The Government, which has 
had to make regular injections 
of capital into the industry, is 
clearly reluctant to continue 
doing this indefinitely. In a 
wide-ranging set of legislative 
proposals presented last month, 
the Government suggested that 
capacity should be cut back by 
an average of 20 per cent by the 
end of 19S0. 


* Order Book .Values . _ . . 

•■Electrical MtofbgWrt 

13 ■ ■ . - ■ 




A'/ 








1974 


1976 


1977 


1978 


Redundancies 


Forsu IJnggaum 19-21. S -41327 Goieboig. Sweden. Tel 031 12 4600. Tefc« 2530 


Subsidiaries m Bas«i. Bombay. Copenhagen Draromen. OusMMorf. Hetsnki. London, 
Madrid. Mian Montreal. New York. No* waft. Para Sao Paulo. Sydney. Tehran and Tokyo. 


Some 4.000 jobs will go. 
mainly through voluntary 
redundancies and early retire- 
ment The Government has also 
pledged to retrain the workers 
involved. 

The Government has con- 
firmed the shutting down in 
1979 of the Eriksberg yard in 
Gotbenburg which bad a turn- 
over of SKr 3_2bn and it 
announced that the privately- 
owned Kockums yard had 
agreed to cut back capacity. The 
Government has now completed 
the final stages of its take-over 
negotiations with Kockums. 

State involvement in the 


yards has grown relentlessly~that. the LNG carriers could be 
and will certainly not be re- in important step towards re- 
duced even after the deeply- coveiy. 

biting retrenchment programme But one of mai n effects of 
comes fully into effect. •' .gjg recession on- the yards, has 

The future of other sectorsrof been to stretch Sweden'? engirt- 
Swedish industry hinges on fee eering ingenuity — especially in 
well-being of the yards — steel using existing yard, facilities to 
consumption by shipbuilders- Carry out non-shipping- pro jects. 
has fallen by over 70 per cent A Svenska Varv_ : subsidiary, 
—and this alone will guarantee Swedish Development Corpora- 
heavy State commitments. tion, has reached the pre- 
_. _ • • • . ■■ : contract stage wife. the Pa ki s t a n 

The Government has, grvm A j man Fertiliser Corporation 
Bnjncal support to the stock JJ, Wc ronstroction of eu 
production of vessels as a way Ammom3 . Urea plant be sited 
of maintaining employment Be iu<.hiltan province In 
levels at some yards and has pljHstan • 

given encouragement to national raKls “ n - - 1 

shipping companies which want The deal, backed by the 
to renew their ferry fleets. United Arab Emirates among 

" others, will be worth some 
This move to boost ferry pro- ^ t the Swedish yards, 
duetton has at least kept some £ his should weate i , 50 0 jobs 
°£.,, tiie , . basic _ shi^engmeenng nver years, and seems to 
ltatl 5 nwnprf «< the *01* fOt Other MD- 

■.SSZtoS? tfte^construcUon of tSft.plng'eonstTuetion projects. 


building a floating dock for the 
Soviet import agency, Sudoim- 
port which is due to be de- 
livered in '1979 and will 
probably be used in the Mur- 
mansk area. 


Neither the Hotels .nor the 
dock call • for extremely ad- 
vanced 'engineering skills and 
slapping executives fear that it 
is this area of non-shipping con- 
struction which is most vulner- 
able to foreign competition. 


However; the re-organisation 
of the. State-operated. Swedish 
yards in. 1977" appears to have 
given Svenska' Varv a useful 
organisational base, for exploit- 
ing to the foil a pro g ramme of 
non-sbippmg woik. • ■ 


new ferries for the Swedish It employs a relatively new 
mainland-Gotland route and so- technique — evolved by the 
oalled “jumbo” ferries to renew Swedish 'Development' Corpora- 
the fleet which plies the Sweden- tion and -fee-.Danife engineering. 
Denmark route. . / company, Haldor Topsoe— of 

The ferry market is seen by prefabricating units in Sweden 
Srenska Varv executives as a and towing them on baffles to 
potentially expanding sector the plant site mid. beachwg.them 
but even in the two deals under there, 
discussion, considerable finan- 


- Color Celsius, one of 'the four 
main non-shipping industrial 
subsidiaries of- Svenska Varv 
carries out considerable . piping 
and Industrial electrical instal- 
lation' work as : well. as for insti- 
tutional - buildings: and . the 
private bousing sector. ... 


The "subsidiary also installs 
processing -facilities ’ for the 
petrochemical Industiy and ul- 
timately gives Svenska Varv the 
flexibility it needs to -initiate 
the profitable pre-fabricated 
plant construction projects. 


ctal incentives were necessary 

to stav comoetitive with fnreicn IvAvUlCU 


Electrolux has the key 


TO TURN-KEY PROJECTS 


Its a long, long road between the drawing board and 
the starting-up of the completed installation. A lot can 
happen before all the components are in place and 
working. And the more suppliers involved, the greater 
the risk of complications and delays. 


installation and commissioning of complete equipment 
contracts. Furthermore. Electrolux can help in design 


— and we are ready to undertake projects, both large 
and small, virtually anvwhere in the world. Service alter- 


THE ANSWER: TURN-KEY" 

Manvof the problems can be avoided by giving one 
supplier overall responsibility for the entire contract. 
However, ir takes plenty of know-how and experience, 
as well as a broad range of products, to successfully 
undertake complete installations. Electrolux possess all 


and small, virtually anvwhere in the world. Service atre 
wards? The well-established international Electrolux 
service organization takes care ot that. 


ELECTROLUX ROUS’D THE WORLD 

The Electrolux Group has more than 7 5 000 employees, 
all over the world. There are manv sales and manu- 
facturing units on each of the continents, and the well- 
developed network of agents provides close 





to stay competitive wth foreign lvl.vvM.tu 
yards, especially those in The some process has been 
Poland. mooted for natural gas liquefac- 

Part of the problem, of course, tion- plants and general petro- 
is the high unit labour costs chemical complexes in the 
which snared between 1974 and Middle East 
1976. The 10 per cent krona ~ -hitamiriv 
devaluation in 1977 still left 

Swedish production costs well m,- iTrtio Effi 

above their competitors. attractive to MiddJeEastflleofii 

because it solves the problem 
Other ship diversification pro- 0 f poor processing or refining 
5 rain me.s are underway in the facilities in remote prospecting 
yards. , The Landskrona, Karis- areas where the infrastructure 
krona and Arendal yards, for simply does not exist, 
example, are dealing with orders ... . , . 

for six roll-on. roll-off carriers lac £ *** infrastructure has 

but there are signs that a surl l f rt t0 substantial delays while 
plus of these vessels is accumu- the_ pettochemical complex is 
fating on the world market and 0J1 ^ an ^- Prefabncabon in 
this option may soon dry up. a developed .country like 
The Karlskrona yard has just Sweden, ajxordmg to Svenska 
completed four patrol boats for Varv ’ ^ p oss ^ b le -o 

Malaysia and an order from the V significantly aeuveiy 

West Indies has been received t ^ nies ’ since the plant site can 
for similar vessels be prepared while the plant. 

J itseK is constructed in the 

L r be li g m e efficient surroundings of a ship- 
by Svenska Varv into the possi- vart i 

bill ty of having a special, facility y „ ... . 

for Arctic shipping construe- Swedish shipbuilders are also 
tion. This appears to be in- hoping to profit from develop- 
spired, to some extent by th* ments ih the offshore industry- 
success of Kockums in develop- “ flotels ” — floating hotels 

ing liquefied natural gas (LNG1 built on a self-propelled struc- 
tankers, two of which (the lure— are on order at the 
Polar Alaska and the Arctic Arendal yard for Consafe Off- 
Tokyo) are working the Alaska- shore or Gothenburg. 

Japan route. The '.flotels (worth about 

These LNG vessels have a SKr 1501,1 each t0 Svenska 
capacity of 71.000 cubic metres Varv > am designed ..to house • 
and Kockums has developed the workers for the North Sea oil . 
original design to double and fields. A third Hotel has already 
even treble this carrying been delivered to Consaife by 
capacity. Both Kockums and another Gothenburg yard. 
Svenska Varv clearly believe The Arendal yard- is now 


Another industrial subsidiary, 
Goetaverken Angteknik is also 
a valuable asset, supplying 
cellulose recovery plants to 
Brazil and to the domestic mar- 
ket 


Of the two other industrial 
off-»hoots, G oetaverken Motor 
is one of -the largest marine 
diesel manufacturers ’ in the 
world and Goetaverken Alu- 
minium is an important sup- 
plier of metal-facing com- 
ponents to the Swedish building 
industry. 


Kockums, too, has diversified 
considerably in the engineering 
field. Its subsidiaries now 
embrace, the computer and 
energy .fields while , tw.o of Sts 
research 7 and’ development ebra- 
panies have ' interests in ;hio- 
chemicals and. agriculture. . 


Yet_ while the' organisational 
apparatus is- all there — -“ready 
for take-off,”, commented one 
unusually optimistic shipping 
executive— the lustre seems in 
be in the promise— rather .than 
in the performance: • . 


r Kockums LNG -carriers... bold 
out distinctly happy possibilities 
and Svenska: -Verv-s prefabri- 
cated plants could have, great 
poten tial , too. .- 


-. But in the- shori-teno, the 
grim reality for Swedish yards 
is one pf . cut-backs ^ ahd 
retrenchment, ': unemployment 
and a contuming draizi on.' State 
resources. 


Policy 


CONTINUED FROM PREVIOUS PAGE 


HERE IS THEKEYTO OUR HOSPITALLLNE 


aircraft for the air force. 

Mr. Lurnlkvist’s suggestion 
i underlines the importance of 
the home market for product 
development, but the Boston 
Consulting Group stressed the 
powerful new pressures put on 
Swedish engineering by the 
fierceness of the competition 
on world markets, where the 
growth in demand has slowed 
down. 


Consulting Group highlighted 
the increase .in the pace and: 
level ‘of- spending oh tech- 
nology ‘needed, the develop- 
ment of systems sales called for 
by -many foreign markets, which 
lit: torn require more govem- 
ment-togoverarnent . setting, 
more . whole-plant projects and 
better firecBt finance. ■ : 


Electrolux can equip a modern hospital with all that’s required in kitchens, laundries, 
wash-up rooms and sterilisation centres. This broad scope means that we can also 
participate right at the design stage in.order to ensure that the results will be satisfactory. 


a 


Electrolux-Wascator 


Electrolux-Wascator AB, P.O. Box 102, S-441 01 AlmgsSs, Sweden, Phone +46 322 74000, Tx 2407 elcater S 


Already, balf of Sweden's 
output of engineering products 
goes to export but in the 
knowledge ” branches, to 
which expansion must be con- 
centrated, the import content of 
production will be higher, 
which in turn means that even 
greater gross exports will be 
required. 

For this reason the Boston 


Co-operation 

This-' message was by no 
means, new to, Swedish industry 
.wbjcb'has been moving towards 
closer co-operation among com- 
panies and ' .emphasising', -its. 
abiUft.to pui tt^etber teanK td 
cope Wth turn-key": projects.. 
The Boston Group's. Jidint was 
that . dot enough had been. done , 
in feiatiirtetion. - 7 " _ .. . v 

The engideettng industry’s 


position -on-; the res true taring 
which itt is agreed - must be 
undertaken is that it needs not 
greater Government interven- 
tion through ^selective action 
but ' an easing of fee squeeze 
oh Sts *■ profits -ahd - feislsess 
manoeuvrability. • ;/ 

'. : The_: . indnstry wants ! relief 
tn>na ' beayy social . security 
charges and:, the new wnpip^ 
znent laws, .hdti^ V.arer how 
restricting . the: kfebur -mobility 
whichon^^^ indus- 

try 'fee flesSbih^F 'to adapt a/id - 
cope wife cjc#^ 2 . ' Ttoese are 
.p€Altical' ^ meters. - WindhAlfl.' fee 
final analy^s^ depend ort^fee 
attifede. of -fee trade:ur?i<Kis.' -Ir? 
feis,.:.;”-.at ‘^east7 / Swhdmfs 
.en^neeriagf compares .dp hot 
differ .’ inao j _^eir- V ’British- 


'at 


luri 


Si 










II 






J 

•• 7 


' *3 • 
s t s< 




December 12 1978 

WSmmM. ENGINEERING III 




1 l^v£) 


Id 


tll{ Car Mate diverge 





SWEDEN'S CAR manufacturers oa the support' of the Scania the subsidiary Volvo Petroleum, " thriving " industries. The 
have distinctly separate per- truck sales, is also improving which is to be given the right approach reflected concern that 
socialities which. fall intp almost its position. L ' to participate in prospecting for too much cash was flowing to 

Freudian categories. Saab- \ None the less,- the differences °’l on the Norwegian Con- ailing industries like ship- 
Scania gives the impresrion.of'b^^n the two companies’ tinental shelf. The deal is building. The concern however, 

being essentially Introvert, strategies Ijave never been more ,l nked to a political agreement was a generalised one rather 

determined to j»ut Its .car. dlyi-: apparent, Saab has concen- between the two countries than a specific hid for slate 

sion on - a profitable basis i^cd,- jzther defensively, on under which' Norway is tn investment in Volvo, 

through so|id ; engineering sue- specialised models derived from Sweden while The Norway deal, which will 

product,- runs : the ^ gjjjgfc, basic -moel, allowing Swedish^ timber is to be allow Volvo to borrow money 

Saab philosophyv sells flself ^ range to cover several delivered to Norway. on the international capital 

market- segments. " The market Several problems have market, was reached in ihe 
sprawling marketing organise- segment" said Mr. Wennlo, dogged both the national agree- wake of the breakdown of the 
v i Kv ■ " will embrace customer cate- ment and the Volvo deal. Saab-Volvo talks, although both 

r, Tories that value other product Sweden for instance has been companies agree that a future 

J ” ni dimensions than those sought pressing Norway for larger oil merger need not be ruled out 

SSS-o ^ t*“ “ standard •». consumer deliveries and it is also anxious by '*• Clearly a little ill-feelin.^ 

* J and for this reason are less sen- that the shipments be primarily persists— especially in the Saab 

ritive to changes in the general of crude so that it can be cam P — about the abortive 

SSJES^L' * 55^- iff, JJJ2 economy” *- refined in Sweden’s underused merger attempt. To Volvo, a 

^ 1 smKe The Saab Turbo-described refineries. The decision to merger seemed merely a logical 

w ^ the company as the first supply timber to Norwegian business development. Saab 
“family” turbo— and fee Saab pulp plants has also brought ^ losing money and Volvo 
IE ?,? %*S? M ?2r’*>0. with its adviced chassis criticism from Swedish mills needed to broaden its domestic 

US* r ,777 w : .t ,, fff design, are the main standard which complains that there is base. Together, it was argued. 

h I? t ^g* r 2? hSSs of this policy. Saab has already too litUe timber in the they could create a “rational 
ijfcoSL JK, invested substantially In the new country. animal” which could credibly 

examination. How can small ^ the^Trollbattan challenge the motor giants, 

car manufacturers hope to sur^ * Wronrvln Saab baulked, however, claiming 

rive in an increasingly competi- Ab?ut £ 25 m l^ homSo new? ” Tangle that the merger would mean an 

while a The most recent hurdle to ■£"“* . cer f^ n ,ass of ^entity 

oand the* capital base Saah’s new automated front-end assem- the finalisation of the car deal for Saab with only murky pros- 

* H« -»*. «*»,*»». has bean a taxation vsrantfo 

co-operate with other companies An automated body costing between the two countries There wprp 


There were technical compli- 


»• «»." attaches' the floor: Norway has claimed that it is cations too: the Saab, /or.ln- 

feasiblc: Mr. sien S hSd »«*. «** end and doora to tbe entitled to 40 per cent of g™ ■ *22SS? S5' 

of the Saab cars division, has cowl structure. : Computers Volvo s taxes while Sweden we Volvo a rear-wheel drive, 

no ^ouL thfTeven^dSi fln developed by the subsidiary maintains that it is entitled to ^?_ b * asal ?° fl® 1 *®* a ?“? 


no doubt that- even with 
annual production 


of some Datascaab play an. important the whole of Volvo's taxes as 


100 000 ears his eomuanv can part in assembling the front it will still be a Sweden-based niques. blending group assembly 
1DU.UW cars, bis company can ^ ^ kte* Swedish weld- company. After a summit meet- normal line production. 

Ihg robots are also used. ing last month, the Norwegians Thls l } belives would be 

Volvo, though peuhaps not ax f? pe * r , t0 b, ,, ve „* iv * B up lhf , ir a P “™ e r g!f?.j ec * me part ot 
technically innovative; is very tax claim and there appears to 

v ‘ be no substantial obstacles to Volvo does not go along with 

the deal going ahead as this. The technical engineering 

problems could easily have been 

The taxation dispute, how- *2™*' ? a ““jW “ ai « aina { 


still remain competitive. 

Foresight 


“Our competitive strength much on the market. offensive, 
rests on technical foresight a Following the evaluation. It cut V* B ° e 
high degree of innovation, its -prices within Sweden to p _ nnea ' 
rational production, and flexible shore up . flagging domestic sales 


raaonai proaucaun ana nexioie 3un« ujj iws&ms uvunwu*- urithin n r«>viepH nro^ni^tinml 

organisation. The key to sue- and increased its share-substan- ever, did highlight the difficulty !£?“ a th^ 

cexs for a mi* car maaufa* tiaUy in overxoas in^ta But ^ »g"* *• . “ Sn o! awmpL^ £ 
turer is to develop cars for a ft is the Norway deal wiu<± financing their side of the car brink nf a npw far-rearhing nrn- 
partinriar- export- niche,** Mr. best illustrates tire strategies d jal V(flvo has Insisted that half . appears to have few 
Wennlo said in a recent speech, being worked out at Volvo head- the Norwegian share should & ^ senior Volvo 
In an interview with the Finan- anarters. ' ’ : -Vc . n private hands but Oslo has Jg*®*: D 7f °?* 

rial Times he did- stress, how- The deal, which bus still to had Problems raising the haye b £, fl a ratber ^-aditional 
ever, that Saab realised, the be approved by the Norwegian money. Now the three leading an(J defensive restructuring of 
need to co-operate with other Parliament and the Volvo share- Norwegian banks have agreed a branch of industry on the 
manufacturers on home markets . holders, clearly ranks: as one of arrange this part of the rri,„ 

in order to offer a wider range the xmfst daring ventures of re- financing. 


Roger Boyes 


national level. The Norway 
agreement is aggressive in its 
through the -domestic safes set- cent years In the Scandinavian There has been some sug- aj ms 
up.. . V - . \ . car industry. Under -the; agree- gesition that the Volvo-Norway 

Business- has improved for ment- Volvo is to .receive deal was arranged because the 
the two -companies and this Skr 760m of investment, from company was short of money to 
-seems Ttr have convinced them Norway in .return a 40 per cent develop a new model series 
that their respective approaches interest in a joint SwedisbrNorl, Volvo according to press 
to. the problems involved are wegian Volvo group into which ‘reports. approached the 
largely justified. Volvo's per- the present Volvo. grqcp will be ‘{Swedish Government to ask for 
formance this year : is running structured. Volvo is fo establish a SKr lbn injection to launch 
10,6 per bent atove. 1977 figures industrial operati^us in Nor- the series. Volvo executives 
and October- sales were particu-' way— tho emphasis being on vehemently deny this and point 
Jariy good. This reflects the high technology ^and technical out that while Mr. Pehr 
permeating effects of last year’s research and / development Gyllenhaimnar. the managing 
krona devaluation but it also though ho majot plant is fore- director, did indeed have talks 
represents an . increase in . the seen.. ? with the Swedish Government, 

volume "of sales. Saab too. The. Swedish holding com- they were aimed at securing 
though still depending heavily pany will haye sole control of capital investment for all 


HELPING MANAGERS BE RESOURCE-FULL IS OUR BUSINESS 


Flakt 

The Name to Know in AirTechnoIogy. 


Energy. Heat Clean aic Fiber: Metals. 

They are vital resources. We need them to 
assure orderly industrial growth, healthy work 
environments and attractive standards of 
living. 

Flakt's advanced air handling systems and 
products can do much to preserve them, to 
keep business resource-fufl. 

How? 

By supplying efficient dust collection systems 
to keep exterior air clean. Sophisticated venti- 
lation and air conditioning and heatrecoveiy 
systems for the pulp, paper and woodworking 
industries, among others. 

Not to mention turnkey silo installations for 
grain storage. Dry-method systems for re- 
covering valuable materials from solid waste. 
And service and maintenance systems that 
keep mechanical equipment running 
smoothly and economically 
And much more. 


Want to stay resource-full? 

Flakt can show you how. 
At reasonable cost 
Anywhere in the world. 


4 Flakt 


AB Svenska Flaktfabriken 

Group Head office: 

Fack, S- 10460 Stockholm. Sweden 
Tele* 10430 Flaks S 

In the tilt Flakt Lid.. 

Staines House. 158 rtgh Street 
Staines. Middx. TW184AR 
Tefc 572 21. Tele* 261554 



SERVING INDUSTRY. BUSINESS AND INSTITUTIONS* 
THROUGH 42 COMPANIES IN 26 COUNTRIES 


T urnkey projects 




THE TURNKEY project with . ASEA, by contrast, prefers, of certain markets, when they 
its complex interweaving of .con- to supply, for example, the compete with firms from France 
struction, finance , and training, transformers for a particular or Japan, for example, 
is be coming an ..increasingly plant but will (like Alfa-Laval) The Government-operated Ex- 
attractive proposition . . for also train staff to run the port Council is designed to help 
Swedish engineering, companies, machinery. ■ make Swedish companies more 

The. supply of complete en- This emphasis on training is competitive by streamlining ser- 
gineering ” systems” — whether an essential, component of turn- rices and by creating combina- 
telephone exchanges, meat pro- keys. Responsibility for turns of firms which could 
cessors or hydro-electric pro- management and performance, function as a turnkey operation, 
jects— appeals to .the inter- commented Mr. .Olle Bolag ef There have been some sugges- 
nationalist approach of many the Ministry of Industry, is what turns, given the high unemploy- 
Swedlsh companies and holds turnkey projects are all about, rient in Sweden, that the Ex- 
out the prospect' of broadening The Swedes, with their highly port Council (or some other 
and consolidating - export developed educational system. Government institution) should 
markets especially in • the are clearly good at this. . take a more active role in 

Middle ’East and the" Third Trainee managers from Saudi ensuring that Swedish turnkey 
World.. • Arabia, Iran or Cuba, for initiators seek subcontractors 

“it snowballs,” commented a .example, are brought to Sweden from within the country. 
Swedish Export Councir official and given a comprehensive.: In some senses, it could be 
recently.. "One Swedish, sue- course... Or, as in the case- of. claimed that "turnkeys export 
cess" becomes a reference point' East': European turnkeys. -jobs.!* But most Swedish busi- 
when other tenders are con- Swedish personnel visit the nessmen seem to reject this 

sidered,” •' countries concerned. . ; suggestion. 

Mr. Lars Hallden; executive:. . “Ifs fine for ailing industries 

vice-president of Alfa Laval, .w" . such as shipbuilding,” explains 

puts it more succinctly: “When C^OUlDGlGIlt ; ‘Mr. Engkvist, “but for the rest 

the customers buy turnkey r it. is extremely important that 

schemes, they are buying confi- **xt’s good business, of we simply stay competitive.” 
deuce.” course,” commented Mr. Hans . One Swedish company for 

There is something of an Engkvist, managing director of example recently won an order 
identity problem about turnkey Electro-lnvest, an ASEA sub- for a processing plant in Saudi 
project s. When is a turnkey not gidiarf and a strong turnkey Arabia. It approached Skanske 
. a turnkey?' L. M: Ericsson sells company. “ But that way we Cement for a quotation on the 

large-scale systems — ACE tele- also -contributing to the fairly elementary construction 

phone exchanges, for instance, country’s economy— not just work involved but found that by 
and more recently a telemetring * taking away Hungarian equipment and 
and .communications network in . what ' makes Swedish com- South Korean labour, it could 
■Qatar for a . gas pipeline — but jjapies -peculiarly competent cot- costs by a third. It would 
tends not to describe them as j 0 o^ny out turnkeys is their need considerable Government 
turnkey projects- And while export-orientation and large incentives to forgo that sort of 
.both Alfa-Laval, the food Pro - overseas representation. This: cost saving, 
cessors, and ASEA (ihe Swedish establishes the first condition of ' Skanska Cement, moreover, 
electrical .corporation) bo* a successful tornke v— a respon- through Its overseas turnkey 
talk -about, turnkey projects S ive “market-watch ." . work, has generated a sub- 

they have completely different ideally, the large engineer-; stantial amount of engineering 
approaches. ing companies can gauge a. work within Sweden. The La 

Alfa-Laval wD! undertake to country’s needs soon after they Estrella-Los Valles hydro- 
convert a piece of land into an. ^g can asser t their electric power project in 

active dairy concern (as re - presence at the early planning Panama is often pointed to as 

cently did in Havana), sub- st2gei fact remains, how- ^n , example of a successful turn- 
contracting for the construction : g Ver; fort Swedish companies key scheme, 
of the buildings and approach a re often hampered by their . Preliminary contracts were 
roads as well as guaranteeing ^ or their ignorance sighed between Panama and 

■ , - CQNT!NUH> ON NEXT J*AGi 



ASEA electronics offer new, fascinating opportunities 


ASEA has always been well 
to the fore in the matter of 
electronic and other related 
equipment for increased 
automation of factory 
production, and large num- 
bers of ASEA NC systems, 
robots and master computer 
systems are already on duty 
in industrial plants through- 
out the world. 


There are clear indications 
that the demand for automa- 
tion will in no way diminish. 
Factors such as the lack of 
skilled workers, constant 
wage increases, environ- 
mental improvement costs, 
keener competition, the 
need for greater profitability 
— all these show decisively 
that automatic equipment 
and automative measures 
are essentials on the modern 
shop floor. 


Start planning to update 
your factory layout now. 

We have long experience of 
intimate co-operation with 
customers to arrive fit the r 
most satisfactory solution. 
Others have benefited from 
ourexpertise and our 
equipment — why not you? 

Get competitive - get in 
touch with ASEA. We're in 
over 90 countries. 


Headquarters 

ASEA 

Electronics Division 
S-721 83. VASTERAS, 
SWEDEN 

In the United Kingdom 
ASEA Limited 
Villiers House, 41 Strand 
LONDON WC2N 5JX 
TeL 01-930 5411 
Telex 261243 .. ... 




A 



▲ 


k 









Financial Tints' '..JM&tej ; .• 


16 


SWEDISH ENGINEERING 



Pioneers in industrial robots 


FOB AN advanced Industrial 
nation. Sweden has been rather 
dilatory in keeping up with 
advances in computer techno* 
logy. 

Its electronics industry is 
relatively small — but in one 
field of special significance to 
the engineering industry, that 
of industrial robots, the Swedes 
are among the world pioneers. 

In 1977, there were about 600 
industrial robots at work in 
Sweden and by now the number 
must have grown to around <00. 
The Assnciatum of Electro- 
mechanical Engineering Indus- 
tries estimates there will he 
about 5.000 by 1985. 

1 The Japanese claim to have 
'70,000 robots but they include 
machines which are regarded in 
Sweden as simple mechanical 
arms and are not counted as 
rohnts. Taking the Swedish 
definition of an industrial robot 
as a machine which can be pro- 
grammed to perform different 
.types of work, the U.S. has close 
.To 3.000: West Germany has 
.about 500: and the UK 200 or 
Ipss. Sweden is thus third only 
tn the U.S. and Japan in the 
number of industrial robots it 
employees, and it leads the field 
in the density of robots to 
population. 

This development has taken 
place almost entirely in this 
decade and has so far been con- 
centrated within the mechanical 
engineering field. 

. It has been largely inspired 
by two trends which have 
characterised Swedish industry 
over the past 10 years — the high 
pay-roll costs, which have com- 
pelled manufacturers to seek 
labour-saving methods, and the 
pressure from the trade unions 
to improve the working environ- 
ment. This has induced the 
engineers to concentrate on the 
aulomatiun of those jobs which 
generate most pollutiun, noise 
and health hazards. 

As in most other industria- 
lised countries, the car-makers 
(Volvo and Saab-Scania in 
Sweden i have been introducing 


robots fast. Volvo has more 
than 30 American-made rohnts 
doing spot welding, while thanks 
to the use of robots and other 
automated equipment the Scania 
truck factory at Sodertalje has 
been able to trim its labour 
force by 10 per cent a year over 
the past three years at the same 
lime as it has increased output 
But the leaders in indigenous 
robot technology have been two 
other cnmpae.ies with inter- 
national reputations, ASEA. the 
heavy electrical and nuclear 
power company, and Electrolux, 
the manufacturer of household 
electrical appliances. Both 
started to develop robots for 
their own use and now provide 
between half and three-quarters 
of all the robots at work in 
Sweden. These companies have 
considerable exports as well. 


Complex 


The two companies' robots are 

complementary rather than 
competitive, fitting into differ- 
ent categories and price 
brackets. Electrolux's robots 
are pneumatically operated and 
cheaper: ASEA's are driven 
electrically and programmed by 
microcomputers. But fairly 
complex production systems can 
be achieved with Electrolux 
robots. At its Molala plant, the 
company has 20 robots bending 
and shaping the wire, used to 
make the baskets for its 
refrigerators. 

The workshop at Sodertalje 
making gears for Scania trucks 
uses a robot from each of the 
firms. The Electrolux robot 
drills holes into the gear-shift 
sleeve, positions the pieces, 
drills the holes, clears them and 
then puts them onto a conveyor 
belt. The ASEA robot, with one 
arm and two grips, cuts, grinds, 
washes, shaves and punches the 
gears and finally places them 
neatly into racks. 

Electrolux robots are made 
under licence in Japan, sold to 
West Germany and are avail- 
able in the U.S. 


ASEA also sells to West 
Germany, has licensed produc- 
tion in Poland and has set up a 
company in the U.S. 

The Swedes have found great 
interest in their robot tech- 
nology in the Soviet Union and 
East Bloc generally, where 
there is obviously a big export 
potential. According to Swedish 
reports, the Soviet Union has 
less than 400 robots in action 
today but plans to have a pro- 
duction capacity of 7,000 a year 
by the end of 1985. 

It took ASEA five years 
before it. started to earn. money 
from its robots and turnover 
last year was still only a modest 
SKr* 30m ($6.Sra). But the 

growth in production volume 
has been 30-50 per cent a year 
and some 60 per cent now goes 
to export. 

Sweden has three other 
robot makers. Kaufeldt. a 
bicycle maker, was in fact first 
in the field in 196S and pro- 
duces a pneumatic robot which 
operates as a handling device. 

Another small manufacturer, 
Ekomat. makes pick-and-place 
robots. Re tab, which is basically 
an electronics company, has 
developed together with Hiab- 
Foco {the hydraulic crane 
manufacturer) a paint-spraying 
robot, known as the coat-a- 
matic. 

The Swedish robot-makers 
believe they are now pressing 
against the limits of their 
present technology. Both ASEA 
and Electrolux have developed 
robots for series production. 

Now the problem is not so 
much to make the robots, but 
to fit them into existing produc- 
tion lines. It takes on average 
six man/months of work to 
adapt a production line for the 
installation of an ASEA robot. 
In many cases, it would be 
easier to set up an entirely new 
production line. 

But this in turn calls for more 
advanced and versatile robots 
with, the capacity not only to 
shape, drill holes in or machine 
components but also to assemble 


tnemseiv es. decide the chances of It is dearly insufficient .to 

•The first stage in this develop- . . . ^ o£ individual support a full-scale develop- 
ment is illustrated by the move . and en tire indus- ment without the. opportunity^, 

from spot to arc welding. ASEA to export-and Sweden bss 

has produced, together with m h- it inn a 1 Industrial access to the enormous poten- 

ESAB 1 1 he welding equipment The J SJSS ^1 market of the East- Biot 

company). an arc welding robot Board js i.on<lucun? The problem is that :in one-.- 

of which 50 have recently been study into the link between y 

sold to West Germany. research and development and 

Further progress requires the C °^ 1 PU _ the need to threatened with a U.S. veto 4 1963 

fitting of miniature television * » bpcause ^ have included .V - 

cameras or lasers to the robots, formulate a general ppucy 1 


cameras or lasers to the robots, n d electronic American components, 

the provision of greater micrc. has a 




development. Sweden has a 
specific problem con- 


William DuIIforce; 


402 — 


Estimates of Incoming Orders _ 



402 : 

50 


1 - □Domestic Market 1 

M 1 M I I I M l Ml 


V SwrallSfiwI Ecwwnfc 


1976 


1977 




investment in Engineering 



sttfrtiwT sWaflrt EntWfrtf Ww* 


|W * ““ . The above graph indicates percentage ebarigefun theSwedf^,:- 

Estimates of incoming orders fmm export and doroMtic. • ; ^ eenn | industry’s investments -in machinery, equipment 
markets, expressed as the percentages of companies showing ^ engineering «no ^ slnce 

an- increase or decrease between quarters . . • ' v 


There are lots of 
Commodity Brokers 
but there’s only 
one Merrill Lynch 

L 



The Benelux & Scandinavian 
Regional Commodity Office of 

Merrill lynch N.V. 

30 Korte Hoogstraat, 3011 GL Rotterdanii 
Tel. 010-144344, tx. 26466 MLRD NL 

Located in the heart of the 
biggest harbour of the world. 


computer power and more soft 
ware. Robot technology at this more 
point becomes part of the rapid 
advances being made in " know- 
ledge " electronics with the 
development of integrated cir- 
cuits and microprocessing tech- 
niques. 

Revolution 

The " chip " revolution is a 
field in which with two excep- 
tions the Swedes have not kept 
abreast of the advances made 
in the U.S. 

The two exceptions are L- M. 

Ericsson's subsidiary, RIFA. 
which is attuned almost entirely 
to meeting the internal needs of 
the telecommunications group, 
and — once again — ASEA. This 
group has a small subsidiary- 
making semi-conductors. ASEA- 
HAFO. which has 1 turnover of 
only some SKr 35m but which 
is well on the way to becoming 
the “ in-house manufacturer " of 
complicated circuits for the 
Nordic electronics market. 

It has made Breakthroughs m 
electro-optics, has been making 
MOS-LSI (metal oxide semi- 
conductor-large scale integra- 
tion) circuits since 1974 and is 
now into SOS. (silicon on 
sapphire) techniques. 

However, when in July this 
year it instructed the national 
industrial board to investigate 
the state of Swedish electronics. 

^ coimTR¥ -S business export m.rket. Cr.wi’on... '.dopted 

allowed a great company 10 “sJaJJS - ^ ■ " Sft^ly^^^jthrqugli the 

grow: the man who thought up T ^3 jj* U oluti^mised. _ The Small -Companies. -Ac?.. %*£*** Jfrtite 

-present-day* multinatiomd bsTw 

the creat,on • 

jam r*fl=r 

K\B3V -«£=■ ■== ~ fi Benefits . 

the Swedish industry came to a terra “small ™i- seen the end of the epoch, m In principle, ffie funds .can among^ ^workers 

head. Swedes the term srnrni ousi e ^ ^ compani es ex- add a further 10 per cent m in 

A Parliamentary commission, J 1 ®®* ** **. . . ■ , of panded into Alfa-Lavals.y Joans to the. 80 per cent otcom-. a mod « S 

assisted by .a team of experts. ** ftLSK »n Radical social changes are pan y col lateral which the banks ■ more -fayotnjbk, amtudeat 

was set up to investigate the h n * ‘™°' at ° r 15 ,nn ™ b ' 7 “ JKf II people with iSitietive van lend. The funds were also 
effects of computensatton and '™‘“ ■ 5urpri!ing . there- are to find room in,' Sweden's geared to offer more consul- 

electronics on industry, while - non . contemporarv over - organised tancy services. At a.recent s^mipa^r or 

the labour ministry appointed a .j_ t lhat nnverninen t (which society, he believes. The second change concerned company owners. 

committee to look into the over°in 1976) began to The Government had other taxation. New rules Were in- the Engineering • : EihP ye 

effects of computerisation on l0DK over in 191 Qt 








components manufacturers. 

The annual import costs for 
semiconductor components in 
1975 and 1978 were over SKr 
35ra, the Ministry pointed out. 

This compares with ASEA- 
HAFO’s total sales of SKr 35m. 

The board was told to formu- 
late guidelines for the pro- 
motion of semiconductor tech- 
niques in Sweden “wnh all 
due speed." 

The directive to the National 
Industrial Board was only one Per __ nv 
of three steps the Government 



!r:£2tTQ 


; Jean 


effects of computerisation on ’|o the '’problems ^ motives, partly practical, partly troduced for assessing wealth ,^ e n ^f d 7^7 

employment and the working it s eeraed idedogical, for easing condl- and Inheritance taxes, . which -ttw ^ p^int ™ 

environment . ri? n ard them primarily as a tions fur small companies. For had previously been assessed None ot. thosc present _w 

Altogether, there are novrJO potcn t ial SPed -bed from which instance, if each manufacturing on the company's assets. . «■»« r m J" 

to 12 commissions, committees plants could °row tu replace company with less than 50 The company can now, reduce and many talk^- enviously of 

and study groups at work qn wi | ting shipbuilding, steel employees took on one more this to 30 per-cent, which re- the ad\gntages enj ® yed „ b ^J be 

Swedish electronics and indus- • .- ; ndll f tries . ^as this worker, 24,000 new jobs would moves a disadvantage for small employed-manager lncompari- 

triai robots. reahst'c under oresent Swedish be created. Within engineering companies, in comparison with son with the entrepreneur 

Priority in the Parliamentary JJ«“*** L ^itiJns ’ alone, close to 9.000 more people those listed on the Stock, Ex- operating at his own risk. More 

commission is being given to ^ glJU exarap i es 0 f would be employed. change, whose taxes were evidently needs to be done, 

computerised manufacturing ,-oraiMnies making gnnd In the event that the action assessed on market value. The Wfl 

and the commission hopes t0 and cxpan ding fast into the taken was little different from new regulation brought relief rrJJ. 


commission hopes 
have its analysis ready by the 
middle of next year before it 
moves on to study processing 
controls in the steel, paper and 
pulp mills, the power grid and 
water supply networks and then 
in office automation. 

The urgency which the 
Government attaches to the 
com miss ions’ work was 


Turnkey 


CONTINUED FROM PREVIOU5 PAGE 


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Skanska in early 1975 after a 
feasibility study had been com- 
pleted. The Skandinaviske 
Enskilda Bank stepped in and 
offered acceptable credit terms 
and an interim agreement was 
signed. A project budget was 
compiled, embodying quotations 
and specifications for electrical 
and mechanical equipment 
obtained from ASEA (which is 
now supplying generators and 
transformers for the project) 
and Bofors-Nohab (which is 
supplying transformers). 

The contract negotiations 
were finalised quickly and by 
the end of the year, the agree- 
ment — a so-called “ target" con- 
tract — was signed. Target con- 
tracts mean that the actual costs 
during the project are compared 
with the original budget and are 
constantly adjusted for changes 
in specifications. 

The Panama project appears 
to be on schedule and should 
be completed next year, 
although there have been some 
local engineering difficulties, 
stemming from the high altitude 
work. 

The speed with which the 
feasibility study, preparation 
and financing stages were 
handled, has encouraged the 
Export Council which has been 
closely involved with the 
scheme. 

The main point about this 
turnkey, however, is that it has 
given heart to smaller Swedish 
companies who were afraid of 
becoming enmeshed in the com- 
plexities of such deals. 

“The profits of turnkeys are 
proportional to the risks taken," 
commented one official at the 
Federation of Industry — not per- 
haps a mathematically exact 
formula, but the phrase does 
highlight the fears oF diffident 
engineering companies. 

Certainly some Swedish com- 
panies appear to be shy of 
launching a project which means 


heavy dependence on local civil 
contractors. It is very difficult 
for a company with little 
experience in the Middle East, 
for example, to know whether 
the contractor con complete the 
job iu time. 

With exacting penalty clauses 
inevitably built into the con- 
tract, such uncertainty can 
prove expensive. Some local 
contractors also refuse to accept 
specification changes unless the 
price is correspondingly 
changed. 

Local work and construction 
material often has to be paid 
for on a monthly basis which, 
given the tortuous workings of 
bureaucracies in many client 
states, is liable to slow down the 
entire project. 

Consultants sometimes seri- 
ously miscalculate the economic 
and educational level of the 
country and costs can escalate 
dramatically. The troubles of a 
Swedish bamboo - into - paper 
.plant in. Vietnam has empha- 
sised the risks of introducing 
high tech nologj - .into a technic- 
ally undeveloped country. 

All these factors. Mr. 
Kngkvist points out, means that 
the risk margin has to be 
injected into the.’. overall costs 
price of . a turnkey tender.- 

The linchpin of a turnkey 
deal is financing and Swedish 
executives seem to be relatively 
satisfied with their country’s 
arrangements. Much Swedish 
turnkey work has, it is true, 
been done in Middle East OPEC 
countries who have generally 
paid cash and eliminated the 
need for complex financing 
terms. 

Usually. Swedish companies 
turn to Svenska Exportkredit. 
which underpins turnkey 
schemes- with- fairly • generous 
7-tn-10 year credits. 

SEK, half-owned by the 
Government and the commercial 


banks, works closely with the- 
Exportr Credit Board which 
assesses the political, technical 
and commercial risks involved, 
aud guarantees the loans. 

Officials at the Export Credit 
Board ; emphasised how much 
turnkey projects have trans- 
formed . the Swedish export 
financing situation — “ we have 
tremendously increased our com- 
mitments ■ over the • past five; - 
years," said an official: 

The Nordic Investment Bank, 
which began operations in 1978, 
is also’ beginning to play an im-. 
portent role in turnkey finance 
in .Scandinavia. - The NlB, 
according to' its charter, pro- 
vides export finance "in cases 
involving]' companies - from, ’.at 
least . two Nordic companies^ 
which -want . to start a project' 
in a third ■country.”' • i - 

The bank's export financing 
usually requires . close 
uperation between the NIB and' 


the national credit insritu tions 
and banks’ participating in 'the 
project- This ■ co-operation • can 
take . the form, of JJTB’s re- 
financing 'of* ' export; credits ■ 
guaran teed by other credit -in- 
stitutions. . : • J 

Clearly, - joint Nordic _ projects 
in the paper industry and othdr 
engineering ' branches could 
benefit from this new source of 
finance. Two Nordic -projects in 
East Africa and Latin. -America, 
will be part-financed by the 
NIB, .. 

Swedish executives sometimes 
claim that the country’s finan- 
cial* institutions -are not -'as 
responsive to large turnkey 
plans : as ; the Japanese banks, are 
towards their businessmen. But 
there nevertheless seems to be a 
general /confidence- that*, where 
Swedish 'business goes, -..the 
banks wiB . fallow. ; -. • 

R.B, 


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Foreign licences granted, for^ branch of industry, or 
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■ NVtllaySgen 15,. fejO j Sfiei .S^etjefl *:> 








W’ 


(1 



* 1 










*’• 


^sine* 




Itv^ M?' 


for 


Salle Favart, Paris 


malgre lui 


National Portrait Gallery 


by RONALD CRICHTON 


The abundance of Lely 


— *** *P®ea$e$u& that theatre. Sganarelle’s determined assault In the two tenor solos for the excerpts from the lesser-known 

cess w Faust was a. two-edged The opera dates; from 1S58. one on the breasts of Ibc wel-nurse languishing lover Li'*ar 
weapon. Even daring bis life- year ahead erf - Foust, already Jacqueline (discreetly rendered LuJlian serenade with 
time, by drawing attention -from conceived but not ySt wntten. it by ib 0 Victorian translator strings. and a fabliau in s 
other things equally rewarding was a success at the ™stre- Kenney as “ I'll feel her pulse rhythm, worthy of Bizet. 


general public! ou 
least, showed -1: 
about his other 
stage. In.France a 
perhaps for the 1 


excerpts from the lesser-known | hv FlAVin PIPFR 

Holfere plays with Lully music. W L,AV1L ' rircR 

devised jointly by the producer 

(Jean-louis Marti n-Barbaz), j After t he Restoration of youth j evaporated from his here for a while, for the total 
designer (Pierre-Yve* Leprince) . ^ r i es u, fl es h was very much broadly handled paint: for young effect offsets that most generally 
and conductor (Sy] vain Cambrel- j in X ever a year but that it was Pepys, the cixil servant, Lely available, as given by The 
ing). Worth sitting through for beins worD by female and male was simply too expensive. Restoration galleries in the 

^ wc ?_ _ snatr ^ alike with pleasure and the on- Nor were his sitter? preserved National Portrait Gallery where 

Lully^inciudins, Dormez. beaux j hashed panache of ostentatious in their everyday garb, but either the important element is the 


but is beginning, to. came- bach. .f erred by Mo litre ‘a most often 
One -admirable ' Work. Tn’ k ££5™* * no 
lighter view ia the comic opera, gr * at ® :t5 t fi}.-- 22LT2? 
Le M&iecbt maigrt Ute, ■’* dose- entirely , to Gounod's advantage. 


ul word ballerina) form the on-stage j relinquished ii only with bis own often: Neil Gwyn arcadian with ably for years to come be the 

between audience and chorus for the death in 16B0. To have been OC not an orange but a lamb: the standard monograph on Lely. 

while opera. An estreme example on British painting for a third of formidable Lady Castlemaine as Drawings are not neglected— 

(eagerly the literary approach* — why so a century' must be allowed to be Magdalen. Sl Barbara, Minerva the stunning frieze of large 


me uwuc ujkii, - ana darger operas, striving for J,,u — v - 1 onuui p«uuuug iur a. M»iu «u lonniuaoie i-.au y L-asuemaiue ns uiawmga me 

Le MAfccin maigri Ute,' a dose- Srandeur tempted by religiosity throwing crumbs (eagerly the literary approach —why so a centur5 - mus{ be allowed to be Ma gdalen. St. Barbara. Minerva the stunning frieze of large 

to-tbe-originaf adaptation- by ? ,*7 e *“ 5 t at least, ^ n Ua ]itv of Le M£ detin can snapped up in due course) in much about Moli*re, about whom a distinction. Lely however has Q r (as here) also as shepherdess, figure studies for a never-painted 

a*, m-iu™-, Parisian ODeragoers were less a “ . can Parisian audiences are not ' a nmnpdnn 


Barbier ajufcarrfioF Mollfere's opeiigoe* were less 

farce of the same name. .This tmfOnt and broad-minded^ than 
crops up from time ta time, kept P la ysoers. In ^ 
alive one Imagines less by public Gounod, James Harding tells 


The recent production for 11 per- although the play was in the 0lher so ios— in Ssanarellc’* , , u / c 

formances at the Salle Favart repertory of the Gomddie-Fran- ■■ giug-glug ” drinking 8 sonc in poor suitor Leandre. 

(as the Opdra-Comique is CaJse. the wet-nurse's free and easv Thc ncw si agin; 

officially called) enabled Le Presumably scenes which *• D’un bout du monde.” The Gounod’s first act v 

Midecin to score, a century in would get by there, like composer's gentler side is sbown prologue. a misl 


ransian auoiences are u°J|y e t to be promoted from the You can see. certainly, the cele- pageant picture of a procession 
ignorant, ana sn little about , reserves to the first rank in the brated painting of Nell Gywnn of the Knights of the Garter 
Gounod, wnorn^ they have practic-j pr j mar j- international galleries of naked, but typically there is a more than suggest that, given 
ally forgotten. i the National Gallerj - : even so. still unresolved query as to opportunity, he could have pro- 

Sganarelle was Jean-Philippe i it is curious tha* only now has whether it Is Nell Gwynn rather duced spectacular large-scale 
Lafont, a young buffo baritone • be been accorded a major one- than Castlemaine. even though decora live srhemes. But the 
of great talent, fantastically i man retrospective, at the National the admirably painted head has surprise for most people, includ- 
quick of limbi and tongue, with . Portrait Gallerj’ extension at 15. in fact more individual charac- ing specialists, will l think be 
a surly charm. Ho only forced • Carlton House Terrace until ter than most the fresh delicacy of the early 

his voice once, when Ihe pro- -March IS. British neglect of our *j| t jjis. indicating limitations work. Despite soine odd aberra- 



the wet-nurse's free and easy Thc new sla Sin2 preceded ducer made him sing “Vive la own painters is notorious, though 0 f Lely’s taleni, should not how- tions of drawing, the dow of 
*• D’un bout du monde." The Gounod’s first act with a long medecinc. ' the culminating ( should you find his work some- eV er obscure the very real the dawn really is on some of 
composer's gentler side is sbown prologue. a mish-mash of swipe at ,thc profession, not alone ■ times distressingly vulgar, you impressiveness of his achieve- this in contrast to the heat of 

to Leandre but surrounded by a ! can blame it on his Dutch birth me nt — not only in marvellous high noon in later work — not 
busy crowd Like most of bis • (though he was naturalised Eng- r j C h orchestration of colour and least in the delightfully sexy 
colleagues. Mr. Lafont did the ! lish in 1662). movement but on occasions in ones. Lelv's later portrayals of 

spoken scenes most competently: ] Like most major portrait fusing these into formidable evo- the Restoration mistresses are 
the dialogues arelong and need j Dainters in Britain from Van cations of certain types of per- clearly meant to be sexy, but 
expert handling. The best female, Dyck onwards (who first estab- sonality: the image of Lauder- lend to display rather a blatancy 
role is the nurse Jacqueline— j | ished a well-organised studio dale, with that plump, beautifully of advertisement (it seems not 
perfect for ibe robust contralto . factory production organisation) drawn, ringed band, splayed with surprising that one of the finest 
of Jocelyne Tail ion. Martino ■ he Droduced too much, and loo such eloquent assurance on his bare-breasted -of them, the 
Dupuy as Sganarelle s ohstre-j much in which bis own hand belly, with ihe half closed, piti- Countess of Oxford, is now 
perous wife took her single : played little, if any, part less, eyes — the image can stand corporately owned, lent bj' 
chance with tremendous spirit. Further, his response to what the comparison triumphantly with BSR). But the early, genre 
Thoi^b his tone never quite taste of the time wanted was the finest of portraits in the high or near-genre, pieces have 
clarified, the tenor Christian obviously so accurate, and his baroque mode anywhere. irresi-tible erotic passages, un- 

Jean gave a sympathetic account expression 0 f jf s0 authoritative, jt is good to have the mature eq Ulrica I ton but delicately so, 

of Leanare s’ ravishing solos, that his style became the main- Lely at his best concentrated speaking of promise not of glut. 

Sound character studies from stream, and the work of many 

Fernand Dumont and Robert indifferent imitators becomes 

Dum« as the servants Valfere and at trihuted to him. Still, the best 

Lucas. The usually stvlisb Elaine 0 f bis maturity has been rigbtW 

Lublin was unremarkable as the acclaimed for its virtues off 

“dumb" Lucinde, Jean-Louis resonant ("sonorous” is an 

Soumagnas made nothing of her adjective often used) colour, of 

father, Gdronie. opulent, vital movement. 

Sylvain Lambreling, one of ^ though the visual delicacy 
France s up-and-coming conduc- of so ma f v Dyck's 
tors, went all out for rhythmic characterisation? had rinpned 
vitality. The vigorous approach tba? is o P n the 

s 5 S m a us r c a rEhTL^ 

^“choice 0 orchestral S 

but it was .refreshing to find a °^p C d. As wSemporariS 

I ^ ™ noticed? all his sitters look «timost 

lDcestuously like one another. 

SSjgJ ei ^ : in and the archetypal likeness of 

Maitere, in this opera, in an ... 

arrangement for the Cmnedle !*J?5 B 2? d) Tw! 

Frangaise of Lully's music for Le S 3 0Wn n ^!^f “°“ y ‘ JS* 

Bourgeois Gentilhomme. and in nf 

the unfinished Georges Dan din, SSSSESfi 
In which he tried his hand at 

setting to music the prose of one “““selves in e^eiy face. Plimp- 

of (he%lacker comedies. Moli^re 3Jf ph |5L earl 

was the perfect foil to the benign uLhl ^ f Sfv 

ch.,i n ; n ci. ail seemed inexplicable folly. Even 


jean-Philipee Lafont (centre) 


strain in Gounod. Shall we ever £ c f “ c e “ Lely^ hevday Herrick 


pleteiR. 


ICA Theatre 


Covent Garden 


Frederica von Stade 


by DAVID MURRAY 


by MAX LOPPERT 


“ Double-chin n’d. and forehead 
high: Lips she has all Rubie red; 
Cheeks like Creame Enel ari ted 
...” A more vivid epithet for 
luscious succulence than 
“ Creame Enclarited " is hard to 
contain on the tongue, but some 
of Lely's females match it 
; Nor were the males otherwise. 
I Double chins were swagged con- 
fidently by both sexes. 
I pmphasised by Lely’s habit of 
] lighting his sitters verv strongly 



The Duchess of Portsmouth and Aubigny 


Mus ICA. a series of 10 con- This -time Josephine Nendlck, lighting n:s otters verv strongly 

certs aranged by Adrian Jack who has long been associated ^ ^ Frederica von Schubert, all this did not seem the special demands of the r *- ■ u ■■ 

and devoted to recent music, wtih the work, sang it with «. JJr®, n „ ” Z „ Vh A c,7nd?v quite enough. French language. She uses it dance (in truth, falhble) of ones Festival Hall 

began at the ICA on Sunday subtle authority In the close Shades on show in the Sunday " ® . .. .v.. DP - h hnilds it intd the own hair was found not enough, 

night. Most of the music is to be. quarters of the ICA Theatre the evening recital, her first in Lon- Part of w J at was foundation of the vocal linejOne and men . settled Into the topiary T\ j-% } \T* j1 

British, but there are evenings of instrumental part, conducted by don. One wap the enchantress to ^fS^nuar^ce ^Miss vnn 0 Sta'de could perhaps reproach ber\nd ^ w 1 ? for the next 150 years. KPPf H HVPU Q M 1T1 1" H 

Hands Eisler and GUdnto. James Judd, sounded formidably whom, in opera, as Cberubino her pianist Martii Katz, a piinc Opulent rhythms of hair, flesh UtLUlU V Vll O 1 ^1 U1L11 

Scelsi, and this opening .concert bnsy. though the sensuous refine- andRostna we have already lost SJiJf 8 «2Ii«SS tilious hut often insufficiently and voluminous^ draperies are 

SCOre WCre * iVen - on? hearts^ singer adoreble. Mastered ?he wor£ of Se independent-minded partner, fdr SoSf SfSSSnf- ttore In Wi stimulating, Jnfuriat. certain woolliness of attack could 

”Se e 5SiefWork was the long. *tt* and immacudate in style. Blessed Virgin^ Expostulation ^ Ei|h tarSE 1 ’ Sffi considered but often be attributed to Sanderting's 

died five years ago— «adly early, daunting Piano Sonata of 1952, a who delivered groups of Debussy before singing them, for there » L’Ombres des ^bres" strength is shown in an 0 /r!UJn IS* mlllfi, B Si U ?MTi?l2i IC hi 4 th k 

He’ completed only some aevm work of fragmented- violence miladies and Canteloube- was insufficient emotional The rest wafi treQt unexpected W 2 y in the exhibi- ?|L a _ pij J *£1 5?X, r J d 

works, three of which were ta which seethes with jagged ideas, arranged folk songs, and (as colouring in her sounding of its sradp’v untit^iv half- tion: mo!Tt are framed in con- Amencan aupior orchestra, the string sections 

havegou? tiitoaSguitic^cS 2nd “tils? “oughs awly intc^a encorls) couplets by Offenbach anxious interrogatives. In htecuoTi! plrichSeS temporary frames, especially Maynard Solomon sees the Ninth were poorly co-erdinated in the 

inspired by Hermann BroS? black silence. Roger Woodward and the page’s cavatina from German, her words at present are ?, /JJ 1 , already that type known as Sunderland, Symphony as a retrospective Adagio where the wind achieved 

metaphysical novel UtrDeafk'of (whose recording of the piece is Meyerbeer's Le s Hupuenots, all altogether too soft and yielding SzL 5 it L. fflPnwl _ W(1 afi ,kS a scalloped design that modulates work among the products of the niiracles of precise l if not always 

Virml. about to reappear )expounded it in vividly communicative French, -if good German has the th e heavy swell of the painting composer's last years. “For in perf^tly-tunedi ensemble 

■Both SmdM-s pieces sta.d flawless eoneentration .ad nd who bed the audience hgg- effect of a inn, Itann. oJJhPin SSrt. “AJSV !" ”£ 


his stimulating, Infuriat- certain woolliness of attack could 
deeply considered but often be attributed to Sanderting's 


acauired some notorietv through out warning, and so posing a sang Purcell and Schubert in an eloquent soft singing in the of the songs m French, or else where later, slighter, frames extraordinary that an apparently music, to make it sing expres- 
bemg rapturously described In risky challenge to his audience, undemonstrative, slightly aoad- Schubert “ Weingenlied,” and a B 5S5! Uo U hav « been used - ttiey can seem superseded style still retained interpretation was 

Sine* KJ. a SUnarioiS But Sarcely anyone slipped emic manner. v J winning touch of delicacy la o&er language^- Two com- i nadeq uate to contain the paint- such vitality, and such technical «boiiy admirable The result, 

partisan study ay Anard-Hodeir! away: again Woodward let not a There was much the two had - Geheimes” and the second JJ amts - ^ “J * lngs. and expressive possibilities.” At though, was less than satisfying; 

who concluded that Barraqud stitch drop, and those who had in common, of coarse: a high “ SuJeika ’’ song, these sounded two hours (m eluding four Lely’s ciientile. alter I860, was least with regard to Ibe S.\m- J“ e Philharmonic Chorus 

had made most other postwar first suspected that his nervous mezzo-soprano voice well- like additive, rather than intrin- encores) .gave distinctly short above aU Charles II and his phony’s choral finale. the slammed vigorously through the 

composition unnecessary. The electricity bad supplied the ;schooIed, vibrant and caressing sic qualities in the exposition of measure, and of Mr. Katz, an court< 50 that his scope as a analysis is a perceptive one. *£ore. and could uot sustain 

cantata sequence on texts from power for an arid score probably all .through its wide compass; a the song. A tendency to rest on unfamiliar figure on the London reflection of the total society of On Sunday night wilb the , hanaerimg 

.Nietzche wsis begun in. 1950 but found the cogency of the Sooata method of vocal detivery in the flat side of a note for **ex- concert platform, -there was no |jj s 3 g et j is limited. His portraits Phiibarmonia. Kurt Sanderling Qcraanaea in me slower pages, 

thoroughly revised, in 1955. con- increasingly impressive. Sraaj] which almost every element of pressive’’ ends was on the verge biography nn the programme of soldiers or sailors have an air expounded the purely musical oass-neavyweignt of the 

temporary witii Boulez's rather differences of mood and attack artifice is eradicated, which becoming a troubling man- * there was none for Kan te 0 f opera raber than of battle, virtues of the first three move- orenestra, wnicn nad oeen so 
similar Le marteau saris maitre. in the reprise served to place cares as much for Ihe way a nerism. Kanawas pianist last week w -biJe the subtleties of the human ments with a most mpressive directive earner on. mrned 

It is less overtly* sectional than Baixaqufe's sprung steel structiire phrase ends as the way it begins; With Debussy came a change either). Is the spirit of Patti and f aC e as index of the mind (this sturdiness and strength. Articu- a .S ains t tne music, ine amrrria- 

Le marteau. and therefore more in high relief. If anyone had to. and a presence at once fresh, in the temperature. Miss von Melba still alive in this august was also the age of the founding lation was clear, and the opening llon s surgea boldly, but 

taxing to follow, but the soprano niiss a train, there was powerful unforced, and seductive. But in Stade’s imagination, it is clear, house, roundly squashing the of the Royal Society, of Newton, movement’s argument was sus- remained eartb-hound. 


part is full of lyrical invention, excuse for it. 


JiDowland and Purcell and in is stimulated and extended by pretensions of pianists? 


Wren. Boyle, in their brilliant taianed with logical power. A 


NICHOLAS KENYON 











IS 




FINANCI AL TIMES 


BRACKEN BOUSE, CANNON STREET, LONDON EC4P fflT 
Tdfignms: FixuntUno, London PSi Telex 886341/2, 883837 
Telephone: 01-248 S000 


■ F inanri nl Times Tuesday December ..S3. 197?- . ^ 


Tuesdav December 12 1978 


Looking ahead 
to SALT 3 


PROSPECTS FOR the con- 
clusion of new strategic arms 
limitation agreement between 
Washington and Moscow 
i SALT 2 1 once again appear to 
be brightening. It is an 
encouraging sign that Mr. 
Cyrus Vance, the U.S. State 
Secretary, is to meet his 
Soviet opposite number, Mr. 
Andrei Gromyko, for further 
talks before the end uf the 
year. The announcement from 
Cairo, where Mr. Vance is con- 
ducting Middle East peace 
negotiations, coincides with 
unconfirmed reports in the U S. 
that the two sides are now very 
near agreement. If that is so. 
the purpose of the Vance- 
Gromyko talks could be to pre- 
pare the long-awaited summit 
meeting between President 
Carter and President Brezhnev 
at which a SALT 2 agreement 
would be signed. 

In the light nf past experi- 
ence, such developments must 
be treated with some caution. 
On several occasions over the 
past year and more. U.S. offi- 
cials have suggested that agree- 
ment was near, only for the 
hoped-for breakthrough not to 
materialise. It is now 14 months 
since President Carter opti- 
mistically predicted that the 
talks’ conclusion was only a 
matter of weeks away. Issues 
such as the American Cruise 
missile, the Soviet Backfire 
bomber, the timetable for Soviet 
reductions in strategic nuclear 
forces and limitations on Soviet 
nuclear warheads have proved 
particularly intractable. While 
Moscow appears to he keen to 
conclude a new agreement. 
Washington's negotiators have 
made it clear they are not 
working to a deadline. They 
will not strike the final deal 
until they are reasonably con- 
fident they can persuade the 
Senate to ratify it. 

Unlike SALT 2. which only 
concerns intercontinental wea- 
pons, SALT 3 is intended to 
include weapons based in the 
European theatre. The Euro- 
peans will soon have to decide 
both what their approach is to 
be and how their interests are 


to be represented, whether by 
consultation or some form of 
indirect participation, in the 
actual negotiations. The essen- 
tial questions arc whether 
nuclear forces stationed in 
Western Europe should be 
strengthened id match the grow 
ing power of Soviet intermedi- 
ate-range nuclear systems ii/.e 
the SS-20 missile and the Back- 
fire, or whether the West should 
try to negotiate limitations on 
these Soviet systems in 
exchange for restraint on its 
own part. 

Gn one point, both Europeans 
and Americans appear to be 
fully agreed. That is that if new 
nuclear weapons are to be 
introduced into Western 
Europe the decision will have 
to be much m?re carefully pre- 
pared than the unfortunate 
episode of the neutron bomb. 
At last week's Brussels meet- 
ing. the Netherlands. a 
country in which nuclear issues 
are particularly sensitive, asked 
for special consultations to 
assess the effects on. public 
opinion of any new plan to 
“ modern if e " the Alliance's 
nuclear forces in the European 
theatre. There is dearly a 
temptation in some circles to 
try to sneak in new weapons 
under the umbrella concept of 
11 modernisation ” of existing 
forces. 


]\cw generations 
It would be dangerous, and 
almost certainly counter 
productive, to try to hoodwink 
the public in this way. The 
outcry over the neutron bomb 
revealed serious inadequacies 
in Western Government's 
public relations on defence and 
strategic issues. With new 
generations of weapons on the 
way. the matter must be given 
urgent attention if Moscow is 
not to gain an unacceptable 
influence over the West’s 
defensive strategy and thus its 
negotiating position. Now that 
SALT 3 is looming over the 
horizon, the need for setting 
out the issues and educating 
the public is greater than ever. 




the Press 


THE Committee of Lloyd’s 
has handled the report on the 
inquiry into the ” Savon ita " 
affair in an unfortunate manner. 
This case, which generated wide 
pubhc interest in Parliament 
and the Press, involved a 
number of issues which are 
central to the way Lloyd's 
conducts its business. These 
include the role of the chairman 
and the committee in handling 
disputes among members, as 
well as the general conduct of 
broking firms and reinsuring 
underwriters. 

The report, which was pro- 
duced Iasi week, falls short of 
the standards which would he 
expected from, for instance, 
Department of Trade Inspectors. 
Among its shortcomings are 
bald statements of fact un- 
supported by evidence, and 
references to behaviour — 
’* robust beyond the normally 
acceptable standards uf brokinc 
conduct " — which are utterly 
meaningless to outsiders. 


Indemnity 


•Lloyd's argues that this was a 
private report, intended fur 
members of its own community. 
Yet this did not prevent it from 
the extraordinary' step of 
releasing it to the Press — on 
condition that any publisher 
accepting the document signed 
an indemnity releasing Lloyd's 
from nay legal liability follow- 
ing republiealion in whole or 
in part. 

This indemnity required pub- 
lishers to recognise that 
“having regard to the 
privileged nature of rhe report 
neither the Board of inquiry 
nor the Committee of Lloyd's 
will accept responsibility for 
the accuracy or otherwise of 
the report.” Publishers also 
had -to agree -that no authority 
Id reproduce the report was 
“ expressly or impliedly” given 
by virtue of its release and that 
if, after aM -that, the report was 
published then the publisher 
would lindenify the Board and 
the Committee of Lloyd's in 
respect of all legal liabilities 
and other costs which might 
arise as a result of such 

publication. 

There is some question about 
the legal validity of these con- 
ditions: the probability is that 
the indemnity could be made to 
stand up. The important 
question, however, is why such 
unacceptable clauses were 
thought necessary. Lloyd’s 
explains that it had originally 


intended to publish only the 
conclusions of its inquiry, but 
that it then bowed to intense 
pressure in the Press to publish 
the report in full. The indemnity 
was concluded only because the 
Committee's legal advisers 
warned that it would be 
dangerously exposed without 
such protection. 

Vet self regulation can not 
he conducted in private. In 
somewhat similar circumstances, 
the Smck Exchange has acted 
in a much less restrictive 
fashion. Two years ago. the 
affairs nf Scottish and Universal 
Investments and its then chair- 
man. Sir Hugh Fraser, became 
a matter of wide public interest 
and comment. The Stock 
Exchange, like Lloyd's is a self 
regulated community with 
limited membership. It took 
ihe view that the inquiry was a 
matter of legitimate public 
concern. 

If the “ Savoniia ’’ affair was 
a matter nf genuine public 
interest — and the decision to 
publish rhe report in full 
implies that it was — then the 
Committee of Lloyd's should 
have taken the responsibility 
for promulgating its findings as 
widely as possible in order to 
protect the good name of its 
community. It should have 
been prepared to accept such 
legal risks ns existed for a 
similar reason, rather than 
attempt to pass them on to 
other organisations which were 
much less well placed to assess 
the quality of the evidence. 

The fact that the risks were 
deemed to be unacceptable only 
underlines the weaknesses in 
the report and in the nature 
of the inquiry itseif. It would 
he ridiculous to suggest that 
Lloyd’s was trying in any way 
to gag the Press. What this 
affair does suggest, however, is 
that Lloyd's is still trying to 
run its affairs as though it were 
a private club whereas in reality 
it is a rapidly growing institu- 
tion of major importance to the 
City of London, the country and 
the international insurance 
market. 

Lloyd's will best serve the 
interests nf its members if it 
accepts the public responsibili- 
ties which its importance 
involves. The worst outcome 
possible from the “ Savonita " 
case would be for the Com- 
mittee of Lloyd’s to withdraw 
into its shell and tu resolve that 
next time only the bare con- 
clusions nf any inquiry- will be 
published. 



By STEWART FLEMING and JOHN WYLE5 In New Yocjc 


T HE U.S. received a notable 
but as yet uncelebrated 
import from Britain at the 
end of October. Too invisible 
to show up on the balance of 
trade figures, it was an idea 
whirl} has since embroiled Mr. 
Callaghan's Government in 
much political controversy in 
Britain. But the row over 
sanctions against Ford of 
Britain lias not caused second 
thoughts in Washington where 
the Carter Administration was 
so impressed by the notion of 
punishing incomes policy 
offenders that it drew directly 
on the British example and 
made it a central plank of the 
pay and prices guidelines un- 
veiled by the President on 
October 24. 

The threat of sanctions has 
caused some debate as to pre- 
cisely how voluntary the. U.S. 
policy really is. The early days 
of President Carter's initiative 
against an inflation rate close 
to 10 per cent were scarcely 
auspicious. Even before the 
President spoke, advance leaks 
of the guidelines had led 
sceptical business leaders to 
brand them as political cos- 
metics. During the following 
week the markets gave their 
opinion by driving down the 
value of American equities and 
the Lf.S. dollar in near panic 
selling. The Administration 
had to come to the rescue with 
a blunderbuss of support 
policies. 


THE CARTER GUIDELINES AGAINST INFLATION 


OBJECTIVE: To slow rate of inflation to 6-6.5 
per cent over 12 months from October 1978. 


PAY: Wage and fringe benefit payments not 
to rise more than 7 per cent a year. Low-paid 
workers earning less than S4 an hour are 
exempt, and there is scope for increases above 
7 per cent in return for productivity gains. 


PRICES: Companies are asked to bring rises 
to 0.5 percentage points below the average 
increases of 1976 and 1977. Companies may 
pass on unavoidable cost increases provided 


they do not raise pre-tax profit margins on 
sales above the average of the best two of the 
three fiscal years prior to October 1. 

SANCTIONS: U.S. Government boys SSOhn- 
$90hn worth of goods and services a year. 
Offenders against guidelines conid face loss of 
Government business. Administration also 
ready to use regulatory powers against recalci- 
trants where available so that they might lose 
protection from import competition, and be 
prevented from passing on wage settlements. im 
higher chafes. 


While lacking credibility in 
Ihe markets, the guidelines havr 
been launched with polite good 
wishes for their success from 
some of the largest US. cor- 
porations and with outright con- 
demnation from the American 
Federation of Labor Con- 
gress of Industrial Organisa- 
tions. Labour's hostility is not 
the mortal blow which it could 
well be in Britain, for less than 
25 per cent of the non-agrl cul- 
tural work force in the U.S. is 
unionised and union opposition 
could be outflanked if the policy 
wins general public support. 
But herein lies the uncertainty, 
because public backing for 
voluntary incomes policies tends 
to depend on certain conditions, 
including the conviction that 
the voluntary standards are 
equitable and simple to under- 
stand and apply. The Govern- 
ment must be seen to be willing 
to take some battering in 
defence of its policy from 
groups of workers prepared to 
strike in pursuit of pay rises 
above the limits set by the 
policy. 



Air. Ray Marshall (right). Labour Secretary, got things moving. Air. Frank Fitzsimmons, 
President of the teamsters' anion, may set the alarms ringing. 


the policy which become strikes 
against the government. 


The problem for the Carter 
Administration is that although 
there appears to be a clear and 
manifest desire that something 
should he done about inflation, 
there is less public conviction 
that the guidelines fit the need 
and much public confusion as 
to how they should be applied, 
particularly on the prices side. 
Moreover, there are as yet few 
officials within the Department 
of Labour and the Council on 
Wage and Price Stability who 
have thought out any approach 
fur dealing with strikes against 


Instead there has been some- 
thing of an undignified scramble 
t» modify the original guide- 
lines, and an announcement of 
the revisions, hilled as largely 
technical, is promised soon. The 
policy was framed, but not 
loudly proclaimed, with the aim 
of curbing the inflationary 
excesses which could well have 
resulted from the major pay- 
deals to be negotiated next year. 
Yet within days of publication 
of rhe guidelines, it suddenly- 
dawned on officials that i here 
was virtually no chance of the 
programme clearing its first 
ni3jor hurdle— the teamsters* 
negotiations for a new contract 
from April 1 — unless one of the 
key clauses of the policy was 
changed. 


Until the modifications are 
announced the policy limits 
increases of wages and benefits 
to 7 per cent. Although no one 
can be precise about how- much 
is needed merely to maintain 
existing pension, health and 
welfare benefits for the 400,000 
truck driven belonging to the 
teamsters, everyone, including 
the administration, agrees that 
it might take an inordinate 
slice of the 7 per cent. Since 
no one expects the teamsters 
to put their name to a deal with 


negligible pay rises, the White 
House is drafting changes which 
may only serve to give the 
impression that within two 
months the administration has 
lost faith. In Its original policy. 

For this and other reasons 
the President may be reluctant 
to endorse his staff's proposal. 
But the risk of the policy col- 
lapsing may prove to be even 
more intimidating. Its goals 
after all are modest enough — 
a reduction by l£ percentage 
points of the current 9 per 
cent inflation rate. Success could 
make Mr. Jimmy Carter's re- 
election in 19S0 very much more 
predictable, while the cost of 
failure could well be a manda- 
tory prices and incomes policy 
nr, less likely, a recession as a 
last ditch hid tu halt rising 
prices. The president has pub- 
licly acknowledged that his 
guidelines represent a high poli- 
tical ri«fc. but be obviously finds 
them much more attractive than 
the alternatives. 

Recognising that the adminis- 
tration’s existing policy of en- 
couraging companies and 
unions to decelerate their rate 
of price and pay increases 
lacked both teeth and momen- 
tum. the Labour Secretary. Mr. 
Ray Marshall, set rhe adminis- 
tration rolling toward the new 
package in July. By then he 


and his aides had had time to 
analyse the implications of the 
coal miners’ settlement in April 
which, after the President's perv 
sonal intervention, had yielded 
37 per cent pay and benefits" 
increases over three years. 


Mr. Frank Fitzsimmons, the 
teamsters' President, had set k 
few alarm bells ringing by de.- 
daring that he would be look- 
ing for at least as much as the 
miners bad won by the end of: 
their four-month strike. If . tbe( 
miners* settlement were to be 
truly established as the pace 
setter for 1979, then the impact 
on consumer prices, from 
motor cars to food, could be 
very damaging. Within the 
Administration. Mr. Marshall 
found a sympathetic ally in Mr. 
Michael Btumenthal, the Trea- 
sury Secretary, while on the 
outside, the chairman of the 
Federal Reserve Board. Air. G. 
William Aliiler. was publicly 
and privately urging the White 
House to switch from curbing 
unemployment to curbing in- 
flation. 

The guidelines which finally 
emerged from much discussion 
and planning within the 
administration are of a length 
and detajl which some might 
argue axe more appropriate in 
a statutory rather than a volun- 
tary policy. But with the Gov- 


'.'ermnent threatening to. use its 
■purchasing and regulatory 
-powers against a company 
wiieft breaches the gaidelines. 
virtually all trade unions and 
some - employers argue that 
thp're is not much about it that 
is. voluntary. A court challenge 
had, •‘-.already been filed by a 
small West Coast paper workers’ 
union which argues that the 
President has no authority to 
introduce what are, in effect, 
mandatory controls. The Goy- 
emtnent’s power to apply/ sanc- 
.ZtipELs. will almost certainly also 
be Ideally tested at some time or 
other. The employers, who are 
already feeling, the heat are the 
: trueking companies whose nego- 
tiators will be exchanging their 
Jirst-set of proposals with the 
•teamsters’ union on December 
-’ 15 . • 

- -''firrice the New Deal of- the 
‘. 19395 . trucking has been one of 
.tt&,most heavily regulated. and 
protected industries in the U.S. 

• But now. the Interstate Com- 
‘ffierce Commission. Tinder 
government prompting, has 
’S&rted issuing proposals- in- 
tended to open up the industry 
’to much sharper competition in 
services and pricing. The pros- 
Vpect is alarming to "both 
IrUckers' and teamsters alike. 
•v$But the pressure on_. the 
teamsters’ leadership to secure 
substantial increases through. a 
new Master Freight Agreement 
/(ME A) should not be- under- 
estimated. Highly critical 
ffi&tflent groups are gaining 
support within the union, which' 
ii. to some extent a prisoner of 
its! own past successes. They 
have created the expectation of 
steadily rising standards. - 
.- ..With the conclusion of -'the - 
1976 agreement, hourly .rates 
:ha8 risen 148 per cent in TO 
’years against an increase. of the’ 
cost of living by SO per -cent. On. 
top of this the union has master- 
- minded the creation of a patch- 
work of regional pension and 
health and welfare funds pro- 
viding benefits which-, rank 
among the best in American 
industry. . . . 

Mr. J. Curtis Counts,, a 
former director of the Federal 
Mediation and Conciliation 
.Service who is leading the em- 
ployers’ negotiating team, told 
the Financial Times three weeks 
ago that he was still trying to 
establish how much of the 
overall 7. per cent allowed by 
the current version of the 
guidelines would be absorbed by 
the nded to maintain the value 
«>f existing benefits. He clearly 
thought that it would be a sub- 
stantial proportion, and no em- 
ployer could . have sounded less 
optimistic than Mr. Counts 
about his chances of securing a 
peaceful settlement. “ Accep- 
tance of the standards is going 
to require employee . under- 
standing and a tremendous 
amount of leadership on the 
part of labour and 'manage- 
ment,'’ he said. 

There seem -to be precious 
few good reasons for believing 
that the guidelines will triumph 
over the teamsters as some 
people in the administration 


mil privately ' concede; Ufore- 
-bver. the . union learned the 
potential effectiveness of -strike ; 
action in -i976 when, -only .24 
hours after it called its first 
national strike ; ever, the ■ 
employers split. . The breakaway 
.group sued for/ peime- on terms 
which eventually - yielded a 
national contract worth 34.5 per 
cent in pay • and benefits 
increases. If there is a strike 
next year- and -the ..employers 
throw their hands up rather. 

• than in- and. declare a dispute... 
between the teamsters’ union, 
and the Government, no. one in', 
the 1 administration ' seems -to - . 
have any idea yet of what will -■ 
be done 'nor of who will be the . 
public problem solver and. 
■campaigner for the '.'policy.. 

But the guidelines may. run 
into difficulties even- earlier 
because the union representing ' 
60,1000 -workers employed by the . 
major olF-and- gas companies is--- 
not showing any disposition- to ' 
agree to a new two-year-contract - 

• from January within the guide- 

■ lines.;- : . " : • • -' . - ;- : - 

-.'. At-' the mqtrtep I Mr... Carter 
appears" stuck oh the heims Of 
'the proverbial dilemma- . 'If hef- 
makes bis "pay- guidelines more: 
'■flexible'' he'- may .be ' buying 
success at the^expease of a.more- 
effective attack/ on inflation: On. 
the other -hand.-if he'stands firin, . 


A CALENDAR OF PAY 


CLAIMS 


1979 


Jan-: 40,000 oil workers 
March: 

April* 


400.000 teamsters 

387.000 construction' 
workers 

47.000 rubber workers 


Jun* 


Aug.:. 

Sept: 


55.000 California food, 
processors 

140.000 electrical 
equipment workers 

74.000 meat packers 

684JK10 auto workers 
V2JXKJ agnail rural - 
• machinery workers . 


he risks prdvqknig * confronta- 
tion between the- Government 
and powerful industrial unions 
which his and. 'most- other 
admbugtiattahs -would Be. ill 
equipped to handle. 

’ He is fervently hoping that 
Congress, will •• come -To -his 
rescue, by endorsing legislation 
embodying the real wage insur- 
ance plan offering tax Tebates 
to. workers who.- have-. observed 
the guidelines if price inflation 
should exceed .7 per cent next 
year. •'-■•• 

At this* stage' it is impossible 
to predict what Congress will 
do,* particularly since the plan 
appears to rim' counter to the 
President’s much lauded deter- 
mination to slash the - federal 
deficit It is not inconceivable 
that Congress will decide that 
something more powerful is 
needed to put the brakes on the 
teamsters, and that the Presi- 
dent will be handed statutory 
powers which he says he does 
not want. The toughest days of 
Jimmy Carter's presidency seem 
to lie ahead. 


MEN AND MAHERS 


Counting the cost 


of Utopia 


“ Having been abroad so much, 
home in Kent is very nice." 
Lord Cromer said in April 1974. 
on his return from four years 
in Washington and a holiday in 
his villa on the Riviera. Now 
Ihe former governor of the 
Bank of England is putting a 
different maxim into practice. 
Earlier this year, apart from 
attacking exchange control as a 
■ most sinister 'infringement of 
personal freedom," he also 
called for ihe reduction of 
■’ enterprise-inhibiting taxa- 
tion.” 

Lord Cromer's decision to 
move to Jersey is in keeping 
with such an appeal. It also co- 
incides with a report by Colin 
Powell, the -island's economic 
adviser, which states that the 
tax exile business is booming. 
Jersey gives an average of 15 
resident licences per year to 
would-be settlers, and all the 
past four years’ quota have been 
fully taken up. 

There are now an estimated 
3 HO tax exiles in Jersey. Each 
of the 60 newcomers have had 
to buy homes usually costing 
over £100.000. Two recent 
arrivals have paid more titan 
£ 200 , 01.10 and should anyone 
have £lm to spare an attrac- 
tive residence is on the market 
for that price — a Jersey record. 

The island is one of the 
Scheduled Territories, which 
causes Powell to argue that it 
is far better for Britain that 
tax exiles settle there than in, 
say, Spain. In the past he has 
estimated that exiles brought 
Jersey an annual £30m in 
assets. Now Powell eschews 
such calculations, while main- 
taining that the island makes a 
valuable contribution " not 
just to the UK but also to the 
EEC. 

He estimates that the island 
annually adds over £30m te the 
UK's invisible earnings. 

The amount Jersey costs the 



Inland Revenue in lost tax 
seems anybody's guess. The 
£lhn estimate once aired is 
described locally as a •• baefc-of- 
an-envelope calculation" and is 
obviously excessive. The Inland 
Revenue tells me thai it has -nn 
idea nf the anmunis involved 
in that or in any avoidance or 
evasion scheme. ” We cannot 
compare lax statements of 
people before and after they 
move to Utopia or Rijrifania.” 

When I asked if it was con- 
sidering closing this loophole it 
reminded me of how two Labour 
MPs on a fact-finding mission 
earlier this year had been 
drummed out and virtually 
thrown into the sea. The idea 
is a non-starter." 


audience. No sluggards to take 
advantage of such an atmo- 
sphere, the trio, Ray Cooney, 
Laurie Marsh and Brian 
Cox — who have been buying 
up London theatres in 
recent years — have just 
acquired a half-share in 
the famous Billy Rose Theatre, 
siluaied jus! off Times Square. 

Cooney tells me almost £!m 
is to he pumped into the 1 . 200 - 
seat theatre, that it will bp re- 
named the Trafalgar, and that 
when it rc-opens next March 
it will he the “ New York 
showcase" for London theatrical 
successes. 

The first production is Whose 
Life Is It Anyway ? winner of 
the London theatre owners' 
award for the best new play 
nf J978. If American Equity 
can be squared, Tom Conti will 
keep the starring role. And 
after that? Cooney says that 
apart from commercial hits he 
wants to present the National 
Theatre and the Royal Shake- 
speare Company at the Tra- 
falgar. 

As a quid pro quo. the trio's 
partners in the deal, the 
American producer and theatre 
owner James Nederlandcr, is 
looking for a London theatre: 
with the hope being that two- 
way traffic could keep the 
Equities happy on both sides of 
the Atlantic. 


prime record." Lawyers suffer- 
ing withdrawal symptoms are 
unconvinced. "They were a 
good mixture of legal interest 
and news which has not been 
replaced," says one of my legal 
friends. Nor does he swallow 
the Law Reports' claim that 
“we are the principle source 
for lawyers." 


Surveyors to fit) 
Industrial ^ 



In the event Law Reports has| 
com petition from the All- 
England Law Reports and three 
or four other publications. H 
is. curiously, a charity, with aj 
council made up of judges and 1 
QCs. Its weekly Law Reports | 
have been published since 1953. 
and its more detailed monthly I 
Law Repons date back to 1865. 


But The Times reports were 
nf " topical rather than legal 
interest." according to the 
organisation. It has to admit 
it now lags behind both The 
Times and thp times. The 
lengthy rigmarole of clearing 
judgments and counsel's argu- 
menis with all parties con- 
cerned means that the monthly 
reports lend to be published 
up to six months after the 
eveni. 


Valuations and Rating 
Rent Review Negotiations \ 
Investment and Management 
Sales and Lettings 
Development 


Unsettled repast 


Cynical outsiders might sug- 
gest that the drtay hardly 
matters, since the law, like 
other asses, moves only slowly.' 
But my learned friend assures 
me asses can run too: ” In libel, 
commercial and Inland Revenue 
law it is vital to have day-to- 
day information.” 


In on the act 


After years in the doldrums, 
Broadway is booming. -The 
New York authorities are at 
last cleaning up the area around 
Times Square, and heavy adver- 
tising campaigns are 'drawing 
In a new and enthusiastic 


Wjih new nostalgic admirers 
springing up in hordes every’ 
day, one could imagine that The 
Times was more popular than 
The Sun. But one group who 
must feel genuinely deprived 
are lawyers, for whom corn- 
flakes cannot lasto the same 
without a law report or two. 

It turns out that those suc- 
cinct summaries of yesterday 
in court were provided, quite 
independently, by an organisa- 
tion called Law Reports, which 
says loftily: “The Times 
reports were rather a marginal 
activity. They were not a 


Shamembert 


Cheddar from Eire has long 
been one of the u Irishisms " on 
British supermarket shelves. 
Now the Irish Dairy Board is 
diversifying into other areas. 
So far its -Brie, Camembert and 
Gouda have not penetrated the 
markets of their' theoretical 
places or origin. But the 
Italians are apparently becom- 
ing used to the Emerald isle's 
Rigato and Fontina. 


Observer 







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: Financial Times Tuesday December 12 197S 

WORKERS AND MANAGEMENT FIGHT TO KEEP STEEL MAKING 


'o- 0 


19 


BY ROY HODSON 




Shots in Shotton’s locker 


- . ' «l' s v . 




The British Steer Corporation lias been mere 
successful than it had dared hope during this 
past twelve months with Us programme tor 
dosing, ageing works, v 

The list of the so-called “Beswirk" plants 
has never been far from' the desk of Sir Charles 
Timers, the chairman, since he took office in 
September, 1976. The list was drawn up for. 
the Government by Lord Beswicfc, while an 
Industry . Department minister, before the 
gravity, of the si cel trade crisis was properly 
recognised. It gave security from do&ure until 
the end of the 1970s to a number of obsolete 
and high-cost steelworks. It also proved an 
intolerable burden for British Steel: plunging 
the corporation into losses of well over £lm a 
day. 

Bat by tackling, the problem through 
individual works negotiations British Steel nas 
achieved nearly all the. Keswick closures years 
ahead of time. . They luive been brought about 
by means of -generous redundancy and compen- 
sation payments (op id £17,000 a man at one 
works) and the provision of alternative work .. 
in some cases. Within the past year a dozen 
loss-making iron and steel .plants have been 
closed with a reduction of 17,000 Jobs. 

The solving of the Beswick works issue 


Y* 


is. however. .forcing British Steel to race some 
'intractable problems, more big steelworks 
closures hove to he brought about if the corp- 
o ration is to become truly competitive Inter- 
nationally. 

One of the first of the new closures is 
the Biiston works, in the Midlands. The. 
-work-toree there is resisting proposals to end 
lion and stcr!raaktm>. But two of the Tour 
open hearth steel furnaces are to be damped 
down at Christmas. And the working life of 
. the other two must now be reckoned to be 

short. for commercial reasons. 

So far British Steel has declined to 
produce a formal plan for further closures. 
But the unions know that (he 3m tonnes of 
new steel making capacity coming ’‘on-stream" 
in the next three years will somehow haie to 
be balanced by closures. There is no point 
in the-, corporation making more steel: the 
markets are not there. 

Speculation about further major ciu&urcs 
.1$ settling most frequently now upon iron and 
st ei] making at three big works: Conselt. in the 
North East; Corby in the South Midlands: and 
Shotton. in the North West. Between 10.000 
jobs and 13.000 jobs would be at stake. The 
fight by the Shotton management and men to 
stay in steelmaking is described here: — 


. .. ■■••t’w.i’.i 




S HOTTON Steelworks on the 
river Dee estuary, North 
I Vales, was working full 
blast - one daiy '.m- September 
when Mr. John Powell, theman- 
aging director, took a telephone 
call. The British Steel Cor- 
poration had a crisis on its 
hands : could Shottun help? 

Plant failures at oiher. 
bigger, sheet steel producing 
works in the corporation were 
disrupting production. In con- 
sequence the new tinplate works 
at Ebbw Vale. South Wales — an 
investment, to maintain British 
Steel's position as "dominant 
supplier to the canning industry 
— was running short of steel. 

It is no use asking, a can- 
maker to wait for tinplate. Fruit 
and vegetable harvests rot if the 
needs of the canners arc not 
supplied promptly. 

Mr. PowcU put. on a works 
overall and a hard hat and went 
down to the furnace shop. 
During a five-minute meeting 


with the manager and foremen 
a plan was agreed (n melt the 
extra steel that afternoon. He 
then walhed over to the roll mg 
mill in discuss -revised 
schedules and to plan over-time 
working. The stpei was sent to 
Ebbw Vale a few days later. 

Shotton. a lm-tonnes a year 
works, has always been ran that, 
way. The employees claim they 
have a sensitivity to customers' 
needs; and an ability to react 
quickly to meet those needs, 
which - mher works in the I7m 
tonnes a year British Steel Cor- 
poration find hard to match. 

The Summers family which 
founded Shotton and ran it until 
the nationalisation of the .steel 
industry in 196" forged close 
links will) their.' industrial 
customers while slaying. closely 
involved with the work on lh“ 
shop-floor. That tradition ha-; 
survived 10 years cf 
nationalisation. 

But the British Steel Corpora- 


tion is determined in close ihc 
I--fmnace steelmaking shop e» 
the works. The full Trades 
tin inn Congress Steel Industry 
Committee (TUCS1C) visited 
Shntton recently to try to find 
mil why. 

The committee was led by the 
iwn tup union leadrrs m the 
st i*i>l industry. Mr. Bill Sirs, the 
TL’CSIC chairman, and general 
secretary of the Iron and Steel 
Trades Confederation, and Mr. 
Hector Smith, general secretary 
of the National Union of 
Blast fumacemon. 

Tiie TUC leaders are receiv- 
in? all The co-operation they 
could wish for as they compile 
their assessment. The manage- 
ment and the 10.RU0 work-furce 
at Shotton are unanimous that 
ihe works can only survive in 
its present role as a major sup- 
plier of sheet metal if it is pro- 
vided with its own new steel- 
making facilities to feed its own 
rolling mills. The local authori- 


ties in the immediate areas of 
Jicrseynde and North Wales 
agree and are supporting a 
vigorous campaign to save 
steelmaking at .Shotton. 

The works action comniineo 
put the following puinls lo the 
TUC delegates: 

• "There is a need to maintain 
Shntton as a fully inlegrated 
plant- Sieelmaking at Port 
Talbot and Llanwern (both in 
South Wales) which supposedly 
would be the major suppliers of 
hoi rolled coil for Shot ton's 
finishing mills if sieetmaking 
ended, is geared to meeting the 
particular requirements of ihe 
tinplate and car industries. 
Shuiicm. on the other hand, 
makes many different grades nf 
steel in enable ii to meet the 
requirements of a wide range 
of customers" 

0 “Because of plant failures 
the South Wales works and 
Ravensuraig. Scotland (British 
Steel's other big sheet steel 
works) would have been unahie 
lo supply sufficient hot rolled 
coil for Sho; ion's finishing mills 
and coating lines at times this 
year.” 

0 “There is a strong customer 
preference for Shottnn pro- 
ducts.” 

0 '•Such products as Zinrec. 
Stelvctite. and Colorrnai 1 vari- 
ous forms - of coated sheet steel i 
are produced solely or mainly 
at Shotton. The second source 
of supply is imports." 

0 '‘For a modest investment of 
£i!6m on three new tandem steel 
furnaces the steel output per 
furnace per hour at the work# 
could be improved by a factor 
of rhree and bring Shotton'.* 
costs down a* low as its inter- 
national competitors." 

Whether tandem Furnaces 
could provide an adequate re- 
placement for Jhv present line 
of aging npen-hearth steel fur- 
nace- at Shotton is a very open 
question among steelmakers. 
They have not been installed 
anyubere in Britain. The tech- 
nology is Czechoslovakian and 


haf not been widely used in 
oilier parts of the world. 

Nevertheless, the Shoitnn 
management and work force are 
convinced that three of these 
furnaces at a capita! cusl of 
about £26m including fume 
cleaning - equipment would en- 
able oteelmaking to continue at 
the works. They say :r would he 
a bargain basement invcsimenT 
by current standards o£ steel- 
works costs. 

In the open-hearth shop at 
Shoilun— the «»f its 

kind stiff working m Europe — 
they have actually marked out 
the sites where they would like 
Lhc new furnaces insi ailed. 

A report in ihe BSC Board 
from Shotinn i« understood to 
include an <>sttin;ii>- that the 
inndem furnaces would provide 
the works with more than 
rtU.OOO tonne-s of si eel a week. 
That would enough to keep 
Shotton jn Juki:-, i-as a-, an inte- 
grated works. The new sleol- 
m a kin 2 capacity would balancp 
the rolling mills and coaling 
lines which have been 
modernised m a cost of more 
than £70m in ih*.* lust few years. 



. iflL. ,•£ * -sSSff 81 r 

. . , • .. ‘ '* • ' 1 i 

r*-- . ... „ • * * i_L~. ’• 1 C l 

- * -s if', [ff*.. i -1^*7 ~y . ' * •* 


Since the Summers family founded Shotton on the Dee Estuary, it has been sensitive to 

customers’ needs. 


Reduce costs 


The TUC heard that ihe in- 
stallation of laiulem s tod making 
would reduce tiie cost uf 
Shotton steel !>y mure :hnn £»» 
a tonne. The local manas*-inent 
estimates iha; the works cmld 
run with a reduced labour force 
of S.OOfl. 

If tandem furnaces are con- 
sidered to he mo far ouKide 
the mainstream nf \ieH making 
technology in be acceptable, the 
Shotinn workforce has an alter- 
native prop'i.-tal. 

If proposes ilia | step] making 
could he kepi nn a secure and 
profitable b:iM-« ai the works for 
at least the i:e?:t ten years by 
modernising '-••veu of the 12 
open-hearih furnace.s to ihe 
highest worl l .standards. That 
scheme would also provide 


30.000 tonnes of .steel a week 
and would cost an estimated 
£32m including the consider- 
able outlay needed on fume 
cleaning equipment. Although 
open-heanh steelmaking is now 
unfashionable in Europe and 
Japan no longer has any units 
uf this kind uperating. a 
number of plants are running 
successfully in the U.S. One 
bie open-hearih shop at Armco 
Steel, Middletown. Ohio, is con- 
sidered to have at least another 
10 years of profitable life ahead 
of it. 

In an idea! world the replace- 
ment for existing steclmaking 
precedes at Shorten would be 
new electric furnaces or a basic 
oxygen plant. But neither in- 
vestment would leave much 
change out of £!00m. That is 
why the Shotton management 
and rhe action committee are 
concentrating upon ways of 
keeping their works together by 
cui-price schemes. 

The case is well documented 
that Shotton steelworks is a 
paragon nf what a steelworks 
should be — flexible and atten- 
tive to customers’ needs, and 
run by a loyal workforce. Pro- 
duction ihere has not been 
slopped by a .-.trike since 1911. 

But those qualities may not 
he enough to save Shotton's 
sieelmaking. The British Sleet 
Corporation is now losing 
money a; a rale of between 
£:)CK)Jii and £350m a year. I( does 
nm expect to break pven before 
J9RI). 


In that bleak financial climate 
the corporation has an am- 
bivalent altitude to Shotton. On 
strictly financial criteria the 
corporation has no case for con- 
tinuing sleclmaking there. The 
uld furnaces ought to be dosed 
in the early 1980s: before then 
if the government can be per- 
suaded to agree. Up to 5,000 
jobs would be lust. Then Shotton 
would he supplied with senu. 
finished steel made at the big 
South Wales sheet works: Port 
Talbut. and Llanwern. 

And if Shotton faded In de- 
liver sufficient finished sheet 
.steel under that arrangement 
British Steel would probably 
consider expanding output at the 
Gartcosh mills, Scotland, 
which are supplied by the 
modern Ravenscraig stcelmakmg 
plant. 

Already committed to a £400m 
to £500m a year capital spend- 
ing programme, the _ British 
Steel Board wrould find ir hard 
to justify an additional steel- 
making mvesimem programme 
for Shotton. Newer and bigger 
wnrks can make steel so much 
more cheaply. 

Fortunately for Shotton, how- 
ever. the British steel industry 
has to take account of other 
considerations besides finance. 
An important one is the need 
to keen customers loyal to the 
British Steel Corporation hy 
satisfying their requirements 
fur quality and delivery. In re- 
cent years. British Sreel has 
failed to secure from ils three 
biggest integrated sheet steel 


works the sustained output it 
needs. Labour disputes, poor 
productivity, and mechanical 
difficulties with plant have all 
contributed lo the corporation's 
problems. 

Foreign steel producers have 
found Britain such a soft market 
for sheet siecl sales that im- 
ports are now equivalent to the 
annual production of two works 
the size of Shotton. 

Mr. John Powell's visit to 
his furnace shop to squeeze out 
extra steel to help another 
works was hy no means an 
isolated incident at Shotton. 
Time and again the works has 
been called upon to help out 
when production deficiencies at 
Llanwern. Port Talbot, and 
Raven sera ig have embarrassed 
British Ste^l. 


Sir Charles Villers. chairman 
of British Steel has said on at 
least three occa.-ions in the past 
18 months: *T need Shotvn 
steel." Currently the works is 
earning its keep a* a balancing 
factor in the overall pattern 
of BSC sheet steel production 
even though the si eel costs 
mure to make than at the newer 
works. 

The Shotton men say they 
could not mn their rolling mills 
succesfully on steel supplied 
by other works. They could 
never he sure of deliveries of 
the right steel at the right time. 
By closing steel making at 
Shotton. British Steel cuuld be 
throwing out the baby with the 
bathwater. 


Letters to the Editor 


New processor 
components 


is, quoted by you as saying that which have been allowed - for ts adopted in place of the cur- 

there would "be “some crueial such things as wrong numbers rent sysietn. searching will be- 

job losses in a number ef-indas- and crossed lines. When this is come far less reliable with ad- 

tries." • introduced, customers will have verse consequences lo industry. 


From the Chairman, 
Computer Analu^s and 
Programmers (UK) 


• Where a microprocessor based a reliable means of cnxuring that While the classification scheme 

irSSESS SMS “ havc ,a facl 

.the kind of task done w the , im4 . P , s , voluntary Duhlic ser- 


past by a larger computer, then H - Y. nun jf- 
Sir— It is entirely laudable is probably no reason to Hotcland direct, IV I. 


you should seek a- calmer -view P,,nnincr iUn 

Running the 



clear' that the' romputer^on-tf- 


by micro-prdcesors. 
When micro-processors 


chip is any more dram.® Ihan WWn l»mmi M ^SiSnfv5tS2d < «Swm'iV U rs,n l iv"r,;Sed7¥ii. 
ttc 


Office as a voluntary public ser 
vice, its utility has been proved 
and it is amazing that such a 
valuable and long-standing ser- 
vice can be dismantled purely 
bj internal administrative 
action by the Patent Office and 
without any public or even pro- 
fessional consultation. 

Early action to prevent further 
deterioration of the classification 


is also to be misleading. 



lutionary 
improves pn 

components .... 

function to be variable by pro/ cases.- it is tb? labour which . which causes many of us to look ...... . 

gram. Thus a standard circuit -formerly assembled the control closely at the two tier German ff,- !’ Basil’ Bant ,ctl V1U1 aala * 

can be mass-produced very .-“ystero which is made redundant, system or bnaTds. where one , ur - ^ 
cheaply and be made to operate And it U either grossly naive or board consists or shareholders fl'. ivp.j 

as a watch, a calculator or td'dishonest to pretend that the in- representatives and union repre- umemni mi, ivw. 


GENERAL 

Mr. Gordon Richardson. 
Governor nf tne Bank of EnslamJ. 
cMiki ai Society of Mnior 
Manufacturers' and Trader*' 
dinner, Grosvennr House. London. 

Mr. John Smith, new Trade 
Secretary, speaks on UK iradir^ 
prospects at London Chamber of 
Commerce lunch. Fishmongers’ 
Hall. 

U.S. Secreiary of Slate, Mr. 
Cyru* Vance arrives in Jerusalem 
for further pence irdks. and Mrs. 
Meir's funeral — l. K represented 
by Sir Harold Wilson. 

Prince- Charles address 
Inrludrial Society conference. 
I^ndon, ;on Industry Matters— 
OK?" 


Today’s Events 


U S Treasurv'F sale in Germany 
nf Deutsche Mark nominated 
notes worth between DM 2.5bn 
ami DM3bn 

OFFICIAL STATISTICS 
Building Societies’ receipts and 
loans for November. 
PARLIAMENTARY BUSINESS 
House of Commons: Proceed- 
in'-; s on the Consolidated Fund 
Bill. 

House or Lords: Agricutura! 
Statistics Bill lcon=olidaiinn 
measure) Electricity (Scotland! 
Bill (consolidation measure!. 
Motions m approve Euro- 


pean Assembly Constituencies 
( England 1 Order 1978, European 
Constituencies (Wales) Order 
197S and European Constituencies 
f Scotland i Order 107S. Arbitration 
Bill, second reading. Debate on 
the nation's failure to convince 
more young people that creative 
work in industry offers a voca- 
tional challenge. 


COMPANY MEETINGS 
Final dividends: TIinma; 

Borthwick and Sons. Dobson Park 
Industries. Ransome Hoffmanr 
Pollard. Trafalgar House. Interim 
dividends: James Latham 

Montasue L. Meyer. 

Investment Company. 

Chartered Eank. 

Industries. 


Moorgati 

Standarc 

Sterlin; 


Select Committee — Nationalised 
Industries. sub-committee A. 
Subject: Follow-up of 4th report 
Session 1977-7R. Witnesses: British 
Waterways Board. 4pm. Room 8 


COMPANY MEETINGS 
Cedar Investment Trust, 
Winchester House. 77 London 
Wall, EC. 12. Dhamal. 17 Alelvillc 
Street. Edinburgh. 12. Gomme 
Spring Gardens. High Wycombe, 
Bucks, 11. Lidslone, 61 West 
Smithfield. EC. 12. Safeeuard 
Industrial Investments, 87 Eaton 
Place, SW. 12. 


provide "'intelligence' 1 in a TV troduction of micro-electronics is- sentatives and the other concerns- 

set depending on the software tikely to create new jobs In the itself with the every day rtmitiflg a r pf r naraflp 
provided ’ Immediate future for thp type of of the company am! ;o which, in j cllUgl dUt: 

labour involved in light assembly theory at. least, appointment is 


... . . • . v. labour involved in light assembly tbeorj' 

We are not yet accustomed to W ork unless it is to produce, en-. by >neri;. 
tiie idea of a component. cost-y reJy nw products. The first G. S. D. Wolf, 
tng £50 or less, being program- w ju be for more systems m. Harley Street. Wl. 
raable. Hence , much of the con- designers-and nrogia nimers. 


step 


components in .industry' "re- 


7 he ' threats = from abroad are 


«*• greatest. Many industrial pro- 
quircs the purchase: of totally arc alre3 dy being made 


Indexing 
patents 


From Mr B. Reid 
Sir.— If Mr. R. M. C- Arnot 
(December 6) be correct con 
ce.rning the inferiority of ihe 
new patent indexing scheme 
recently introduced by the 
Patent Office nn the ground of 
cnst-fffectivenrss. then indeed 
has a retrograde step been taken 
It is a chancy thing at the besl 
nf times to advise as lo ihe 
validity of a patent. Any move 
like that of rendering more 


new plant plus ihe replacement roor ^ versatile and competitive From the Chairman. 
or existing staff by a new breed bv the use of micro-processors. NPM Group. 

ongin ? ers and » rt> - The recent Science Policy ' Arnot (December 6) 

grammers. • _ Research Vnit report wyes some pBPforms a valuable service in 

in fact, h mare realistic re- examples.; If our . foreign com-^ ^ aJcrting readers In nigniftcani 
quirement in many rompanics is'petitors - mlrotluce , m 'L r ^and damaging changes to nur 

to improve the instrument a lion processors and we do not. inen p a ten* office practice and hence 1 ' l,, ' ll " 1 l m«- uiiraiim.icm m uk 
on existing plant and to provide the resuilant structural unem- t ^ comueiive strength of place of the relevant prior 

-i-- ■ — • ~i— — »«* •»•*«' I'*.™ miirn — - - r * art patents, which renders that 

task even chancier is hardly 
British patent j^piy j. 0 benefit the puhlic vpry 
published this cen- mUL -h. Advanlagc will enure 
«r li». The in- pri marily to the inhabitants of 


ml m mpuy believes that urgent, formation which they contain is , hc Temp i e; an increase in un- 

cramminc in'tfi nev^rS-eESr ac ' ,ion ls needed by indUi!try l0 ? f - ” al importance to Indus- certainl y normally spawns an 
component* urotessor we are nm. once Inalists because they relate jn jncrpase in mi ga uon. 


A. d'Agapeyeff. 

CAP House. 

14-15. Great James Street. WC1 p. B. Stegharf. 

Parfc House. 


again, left behind. And it is why new products with sufficient pros- Brjan c Reid 


frank discussion of the problems pect -of commercial success to ^ Pump Court, Temple, EC4. 


arising is vital. 


Egliam. Surrey. 


Where labour is 
made redundant Telephone 

credits 


From the Senior Consultant. 
The P-E Consulting Group. 


warrant the expense of securing 
patent protection, and a surpris- 
ingly high percentage of which 
relate to currently manufactured 
products. It is also of legal im- 
portance because no manufac- 
turer can afford to have the life _ 

'- of a promising new product From lhc Nntumal Oflicer, 

? abruptly terminated by reason of Aasonalion of Scientific, 
^infringement of his competitor's Technical ana Managerial staffs 
patents. ’Hie cost, however, of . Sir, In your article concern 
searching through all ihe pub- J n £ consumer organisations 


Consumers and 
the EEC 


riehtiy Y dS«S2 P the ^ more P^^wSSwTPMt Office - /dsbed "uiv ‘patent' specifications ^“^ecembe?' 4^ S^ure 
exaggerated claims about, micro- ,Slr.-I am sure your or^abr.dKements jv.thout some VG ^r Jeadcrs will take 

processors and their effect on would .like . to know the 1 £°*| :: f h uidc ^SjimlSon cwtiSS the riew that consumer organ is a- 
manufacturine industry and on Office e policy on the giving oi .inai me mtonnauon comai nea . rn r P « thn«s«» hrxiif>« 

empioymenL It j_s true thaL ' credits when a customer is con- in patent specifications should ^ ions refers to those hodie 

from an inreiicctiial and applica-nctted lo a wrong number (Mr. Mible to the i public (he mam- "Jicb represoni toe general 
tinns point- of view, the micro- P. P. Dm^iey. December 7) .len a nee of an adequate indexing puhit or me purchaser 

processor chip is a development In our expenence ^ usl ^‘ iet ! s - y ^ Briti^h PafenrOffitT' has BrusseLs between international 

ike many others .and. pot ■ th* - realise ^ ® bt *? e l d , in I nj, i„ no? mairlaLed Ih most textile workers and the Co mm is- 

he true also that in the longer w hich for calls in ihe.lJ.Wj. J.V n?r o/nf iS/idustro "iewere 

s - ks rjzm s mvm-cJss 

Staff 16 right g . seconds to U m _ - I ,L. 9 du«nnM »•, iMhnnlnnv *n nnn» organisations in r.nmmi>;sinn 





C lhMe■ a wh«e U th^calW ^ ^as > ^^ ot, ^ laJ p® , ■ e °^ anc, asslflcation the eventual decimation of the 
ir^ g , ?n1 Sa7titi S ^u !?tura ^ d j°aUed? “ ^ >hich bas ? reStricted number 0f muiti agreeTOeDl aDd 


. . -. . „ , - subject-matter headings of an end of large sections of the 

bring fresh emp j . We. recognise, however, that in' over-general nature and which testile industry in the UK. 


a _ Vinwpver emolnv- . we. recogmse, duwb»«, — urer-generai nature ana wnicn itriuie umusuy w uje win. 

mpm pffprhf H*re notorio’uslv diffi- certain-, circumstances, such as leads to - inconsistencies in use so I would suggest that these 
nt?«n nmiict % does tlie^auss overseas calls made by Inter- that relevant documents may be - large retail organisations are not 
of ciim nhiective discussion ^no nationa] direct dialling (TDD), m- misdasslfled and/or cot cross- interested in the British textile 
ILS" 2' rfuiniS roars about im- creased credit, may be necessary, referenced and hence can easily industry or employment, but 
p ^nl otwent 'hy 5 compart onswi tii and our 1 operating staff have.be overlooked. It will thus only desire the cheapest possible 
t tr oducti on of compmetTin (Tiscretion to allow this , become far more difficult for imports in order to pass on lo 


the civil service. - This . analogy . We are pr^sentiy introducing, a patent agents to be confident the houseuHe a minute propor- 


is larselv iirSevaot to the very new format for telephone biHs.,,tbat they have discharged Iheir lion of that saving, with Ihe 
rpafaihrft 1 betievfe short Term, -showing, the- customer's meier professional obligations to their overwhelming saving going lo 
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Financial Times Tuesday Oecera&ei? ifi i&TS;, 


Companies and Markets 


UK COMPANY NEWS 


Martin the News; 

static second half 


MAM better 
than expected 


on 


sees 


rise 


Marginally lower taxable earn- 
ings of £I-27m, against f l-3Zm in 
the second half left Martin the 
Newsagent showing a £0.24m 
advance in profit to £3.16m for 
the year to October 1, 1978. Sales 
were up from £64 -96m to £76.5 2m. 

At halfway, when the surplus 
was ahead from £ 1 . 6 lm to £L-88m, 
the directors pointed out that the 
results included the benefits of 
Easter trading, a larger part of 
which had fallen in the second 
six months of the previous year. 
They expected a satisfactory out- 
come at full time. 

In the first nine weeks of the 
current year to December 3 sales 
improved by 16 per cent over the 
same period last time. Assuming 
industrial action affecting supplies 
is no worse than in 1977-78 the 
board forecasts a material increase 
in profits for 1978-79. 

After higher tax of £864,000 
(£504,000) earnings per 25p share 
were down &3p at 42.1p. Treasury 
consent has been received for the 
dividend payment which is raised 
from 6.6p to 7.37p net by a final 
of 4.532P. 


HIGHLIGHTS 


Hawker Siddeley has made a £40m agreed takeover for West- 
In ghonse Brake, in cash with a share option, as part of the 
programme to invest its surplus cash. The property companies 
continue to fight the accounting rule on depreciation and have 
won another year’s reprieve. Lex also takes a look at the 
problems of a Malaysian subsidiary of P&O. Elsewhere, 
Martin the Newsagent has had a poor second half with profits 
3 per cent lower on a 17 per cent increase in sales. In contrast 
MAMTs has turned in a better than expected second half 
thanks to the fruit machines and juke box activities and a 
strong showing on hotels. Whiter roft has performed in line 
with the forecast made at the time of the bid for Eandalls. 


being used on fitting out some 12 
new sites and redeveloping six 
existing branches. 


comment 


Sales 

Investment income .. 

Inrrnrot 

Pre-tax profit 

Tax 

Net profit 

Preference dividend 
Attributable ... .. . .. 
Ordinary dividends .. 
Retained 


1977-78 1976-77 

moo mo 

70.316 64.937 


The company Is expected to 
spend at least £2m on expansion 
during the current 12 months, 
mostly on the purchase of estab- 
lished stores with the balance 


Martin's profits look decidedly 
sluggish in the closing six months 
of its year. After the interim 
advance of 17 per cent on sales 
19 per cent higher the second half 
has come up with a 3 per cent 
setback on a sales increase of 17 
per cent. The latest six months 
looks even more uninspiring 
against NSS which managed 
profits growth of 15 per cent on 
sales 19 per cent up. One of 
Martin’s problems is a throw back 
to the early seventies when it 
decided to expand some of its 
traditional newsagents ioto 
general stores. There are only 11 
of them but they made a £100.000 
loss — not surprisingly 6 are up for 


sale. Otherwise Martin’s problems 
are common to the sector. Volume 
js fiat and price inflation has been 
insufficient to cover increased 
costs. Lost newspaper production 
cost the company £90.000 and 
tobacco sales have probably been 
below average. Two years ago 
tobacco accounted for 44 per cent 
of sales and last year the figure 
was down to 36 per cent. Martin 
sounds confident of repairing its 
margins this year helped by price 
increases and physical expansion, 
so 1978-79 could produce £3.6m 
pre-tax. At 212p Martin's shares 
stand on a p/e of 5.8 and yield 
5.3 per cent, while NSS rates a 
p/e of 6.5 and yield of 3.5 per 
cent. NSS can justify the differ- 
ence on past performance with 
profits picking up at Martin and 
a better yield, it is that stock 
which might attract more interest. 


GROWTH OF £0.4m to £224m In 
second half taxable earmnes at 
Management Agency and Music 
took full-year profit to July 31, 
1978. to a record £2. 79m. com- 
pared with £2.33m previously. 
Turnover by the group, whose 
interests include the management 
of pop star Tom Jones was 
£2.65 higher at £16.62m. 

The directors said at midway, 
that the surplus, up from £0.48m 
to £0.54zn, was as anticipated and 
they forecast a similar outcome 
for the year to the 1976/77 result 

Tax. with the deferred element 
restate din line with SSAP 15, 
was lower at £l-04m l£1.12m) 
leaving earnings per lOp share 
7.3p up at 2S.6p.- A net BnaJ 
dividend of 4-2S5p lifts the total 
to 6jZ6Jp f5-61p). 

Extraordinary items, compris- 
ing goodwill written off, again 
took £ 0 . 22 m. 


were extended for three years 
at Die cost of a lower proportion 
of their records and earnings. 
The shares moved up 3p to a 
high for the year of 112 p 
yesterday giving a yield of S.7 
per cent and a p/e of 4.6. 


Rowlinson 
dives to 


£108,000 


Turnover 
Share at Assocs. 
Pro-tax profit 
Tax 

I'M profit 
Minorities 
Extraorri. debit 


l t 

1977.79 1876.77 

16.S23.063 13.976 S3T 


2.785^00 i.mjua 
1 039.773 1,1 IS j67 


1.743.493 M10.SU 


comment 


RIT over £2.5m at halfway 


The strong second half per- 
formance by MAM topped most 
expectations. At the halfway 
mark directors said the full year 
figure would he In line with last 
year’s £2.3m pre-tax. But a 60 
per cent jump in profit contribu- 
tion from the fruit machines and 
juke box activities plus the 
doubling of hotel profits from 
last year’s relatively low base 
pushed the final figure almost 20 
per cent ahead of 1976-77. The 
growth is more impressive than 
the bald comparison suggests 
because it occurred in a year in 
which contracts with singers Tom 
Jones and Englebert Humperdinck 
were renegotiated. The contracts 


A slump in halftime taxable 
profit at Rowlinson Constructions 
Group has followed the directors’ 
warning in July of a considerable 
fall in performance for 1978-79. 

Reporting profit down from 
£603.900 to £108.200 for the six 
months to September 30, 1978. Mr. 
P. J. Rowlinson, the chairman, 
now states that second half per- 
formance should be similar to the 
first This would leave the out- 
come some £0.7Sm down on last 
year’s surplus of £lm. 

The main Increase in share- 
holders funds in the current year 
win come tram property revalua- 
tions the chairman says. 

The net interim dividend Js 
effectively maintained at 0.1S125P 
per lOp on capital Increased by 
the three- for-one scrip issue. Total 
payment In 1977-78 was 0.6Q6Z5p. 

last year the group building 
contracting division ran into keen 
competition and already narrow 
margins were depressed even fur- 
ther by wet weather in the second 
six months. The directors forecast 
the shortfall nest time because 
they were building up an invest- 
ment portfolio of industrial and 
commercial properties and were 
reluctant to dispose of some newly 
created leases. 


FOR the halF year ended Sept- 
ember 30. 1978, profits beforeta*- 
of Whitecroft. at £2.46m, have 
matched the forecast given; last 
month at the time of the offer 
for Randalls Group. • ? “■ 

And the directors confirm the 
expectation that second half 

profits may not attain the same, 
rate of increase as shown for the: 
first sis months but will show .a 
material increase over the £42%n, 
pre-tax for last year. 

Half rear. 

197S 1877. • 

OKU £066 ' 

T u roOTrr 33-ftfS 23,143 

Profit before tax 2 . 49 V UB 

Tax W ■ » 

Net unfit - 1.W2 1.0W- 

Mitrortrles 4* 

Extraordinary credit - 12 . 

ArtTibutable - MS 4 1 .B 62 

Dividends 528 . '438 

Retained - MM Uffl . 

The interim dividend is the-, 
expected 2.5p net per 25p share, 
against 2.2p. and the directors are-; 
to pay the forecast final -of 4J8p 
making a total of 7.48p against: 
fi.Tp previously. First ha/f earn- 
ings per share are shown at 8.4p 
(SJpl. 


•me textile division has experi- 
enced a notable recovery *n all 
sectors, particularly in com- 
panies concerned with consumer 
products, which have benefited 
from improved demand at retafi 
level, the directors say. 

The building and engineering 
supplies division . shows contann; 
ing growth in builders^ merchants 
profits, but contribution from the 
engineering supplies company is 
lower mainly due to the initial 
.costs of opening new branches; 

' The timber business in Northern 
Ireland continues to experience 
poor demand, especially from the 
public sector, resulting m a profit 
of some £ 100.000 less than in the 
equivalent period , last year,, 
although the situation la now 
improving. 

: AH subsidiaries in engineering 
and construction enjoyed im- 
proved sales and profit. 


comment 


Stripping out Mobrlite, the new 
acquisition, Wbltecroft’s first half 


Vickers <Ja Costa chairman 
hits out at transfer tax 


Mr. Ralph Vickers, chairman of 
the stockbroking company Vickers 
da Costa has attacked the 2 per 
cent transfer tax on securities. 
The size of it puts Britain “yqt 
again in breach of EEC regula- 
tions,” he says. ' 


AFTER deducting expenses of 
£249,000 against £210.000 and 
interest of £451,000 (£358, Q00> 

revenue before tax of Rothschild 
Investment Trust rose from £2.07m 
to £2.54m in the half year ended 
September 30, 1978. 

Franked income increased from 
£l.QSm to £L25m — unfranked 
amounted to £598,000 against 
£696.000, 


Last year's -total payment was 
7p and pre-tax revenue, £3.S7m. 


Half year 
1978 1977 


moo rono 

Franked tavestmeat income 1-2.74 1.075 

Unfranfced 50S 606 

Interest 283 HI 

Underwritliis. etc 378 <38 

Property income Joss 40 123 

Leaslnc Income 583 379 

Revenue 3.2.18 2S36 


N. Brown 
maintains 
£300,000 


Exucnscs 

Interest 

Pre-tax revenue 

Tax 

Net revenue 

Prof-: rente dividends .... 
Attributable (o Ordinary 


153* 1068 

1.113 930 


1.423 1.13* 


Basic earnings per share are 
shown at 5.4 p (4.9p) and 5.4p 
against 4.5p fulfy diluted. .Vet 
asset values and the interim 
dividend of 2p CL5p) have already 
been announced. 


REPORTING similar first-half tax- 
able profit Mr. D. Alliance, chair- 
man of N. Brown Investment, mall 
order group, says that the con- 
tinuing customer recruitment 
campaign will hold profits in 
check for the whole year. 

However the final outcome will, 
as always, depend on the peak 
weeks before Christmas. To date 
these are encouraging in most 
group companies. Added to this 
will be the impact made by the 
new spring/summer catalogues to 
be published in February. 

On maintained sales of £7.61 m 
(17 .62ml. including credit charges 
on customer accounts but net of 


VAT, profit for the 27 weeks to 
September 2. 1978. was £301,000 
compared with £310,000 for first 
26 weeks of 1977-78. 

Full year surplus last time was 
marginally ahead to lOfilm 
(£ 0.8 n) ) but still well down on the 
record £12 4m seen in 1073-74. 

Earnings per 20p share for the 
half-year are slated 0.04p higher 
at 2.S6p from which a net interim 
dividend held at Q.825p is to be 
paid. Waivers amount to £44,173. 
The final for 1976-77 was 1.683p. 

There was an extraordinary gain 
this time of £30,000 against a 
£6.000 loss. 

For the longer term the direc- 
tors are convinced that their 
policy of eliminating the less 
profitable customers from their 
mailing lists and concentrating on 
serving better the needs of then- 
more loyal and regular customers, 
together with their new customer 
recruitment plans, will ensure 
a sound profit base for the 1980s. 

Evidence of this success is 
already beginning to show and 
they are confident tor the future, 
air. .Alliance says. 


Singlo and Empire 
postpone increases 


BY JAMES BARTHOLOMEW 


Singlo Holdings and Empire 
Plantations have postponed pay- 
ment of the increased dividends 
which they forecast in fighting 
off take-over bids from Caparo 
Investments test year. 

In both cases Indian riation has 
delayed remittances from India 
said Mr. G. A. Whitaker, secretory 
to both companies yesterday. The 
dividends are not expected to he 
paid until January or February at 
the earliest, he said. 

Fending off the Caparo bids, 
Singlo last year forecast doubled 
dividends amounting to 1.716p 
per share and Empire forecast 
trebled dividends of l-98p per 
share. Both companies paid in- 
terim dividends in 1977 but 



neither company has so far paid 
the promised, larger, final. 

Neither company has paid any 
dividend at aB this year and Mr. 
Whitaker said yesterday that 
there was no chance that they 
would do so. The dividends would 
have to wait until the Indianisa. 
tion question was complete. The 
annua] reports and accounts, as 
weH as remittances, 3ro waiting 
on Indianisation, he said. 

The Board of Empire said it 
saw “no reason why in future 
profits should not be remitted 
regularly from India,” in a docu- 
ment advising rejection of 
Caparo’s bid last year. It ex- 
pected to hear from the Reserve 
Bank of India before the end of 
1977. 

Few shareholders have 
enquired or complained about the 
delayed dividends, said Mr. 
WhitakeT yesterday. 

Both companies will hold annual 
meetings this year ton December 
29> as they are legally bound to 
do. But the Boards intend to 
adjourn the meetings immediately 
in the absence of reports acd 
accounts. 


The criticism appears in .his 
chairman’s statement in the re- 
port and accounts of Vickers da 
Costa issued yesterday. Operating 
profits of the public but unquoted 
company are up from £236,597 to 
£600,049 but net attributable 
profits are down. 

“ There is realty nothing to be 
said in favour of this (transfer) 
tax,” writes Mr. Vickers. “Not 
only does it dog the machinery 
for transferring securities by Its 
antiquated method of collection, 
and put Britain yet again 'in 
breach of EEC recommendations 
by its amount, but it must be 
doubtful whether on a proper 
analysis it raises any revenue at 
all.” 

Mr. Vickers adds that the trans- 
fer stamp has been one oS many 


factors driving the private, in- 
vestor away from the * stock 
market. This has imp-aired the 
market, making it “ excessively 
institutionalised ” . and “ in- 

creasing volatile and one way.” A 
substantial reduction in the 
overall level o£ direct, taxation 
would be the best way of 
encouraging private investment, 
he says. 

On the young traded " options 
market in London, Mr. Vickers 
hopes that representations by the 
Stock Exchange to the Inland 
Revenue will bring a " favourable 
result” .Activity in this market 
was picking up well until pub- 
licity to a ruling on the Inland 
Revenue reduced it again. “It 
would be tragic if a new and 
promising market were to be 
stranded at birth by prejudice or 
indifference.” be says. 

The operating profit of the com- 
pany more than doubled in 1977- 
78 due to improvements in each 
of the three main areas: broker- 
age. principal trading and finan- 
cial services. The brokerage busi- 


ness enjoyed high activity In 
London at the beginning of the 
financial year (September 1978) 
and in Hong. Kong at Jthc god. 
Market-making. . in foreign cur: 
rency denominated " ' Japanese' 
bonds became increasingly well 
established. 

But despite the trading im- 
provement, attributable profits 
after tax were down. Exchange 
profits of the previous, year were 
changed, into losses of £170,000. 
And “differences in the pattern 
of where group profits were 
earned ” .and the exhaustion. ' of 
various offsets meant a tax bill 
£197,000 higher. The net attribut- 
able profit was £231.413 (£402,427). 

No dividend will be payable 
despite the hopes voiced by 4fr. 
Vickers in . his statement last 


year. Apologising, he writes, *" It 
Is in the shareholders interest, to 


Is in the shareholders interest to 
maintain the strongest possible 
balance sheet,” The balance sheet 
ehows .net assets at £4_2m f£4.0m) 
and . bank loans and overdrafts of 
£ 2 ,5m (H.0m). A loan of, £202,747 
has been made as capital to the 
new Tokyo branch. 


PHIT tops £l.lm in half year 


REVENUE before tax of Property 
Holding and Investment Trust 
increased from £1.04m to £L17m 
in the six months to September 
30, 1978, and net revenue was 
£570,000, against £498,000. 

Earnings per 25p share are 


shown at 4.71p (4Jlp). The 

interim dividend is lifted from 
2.5p to 3p and a total of 7.3p is 
expected for the year compared 
with 6.59SP previously. 

For the half year there were 
also realised capital surpluses of 
£375.000 (£223.000) aftertax, trans- 
ferred to capital reserve. 

Referring to the proposed 
expenditure on modernisation and 
exceptional repairs at Artillery 
House, SWl, and Hagley House, 
Birmingham, the directors say it 
now appears that most of ihe 
cost will fall in the year to March 
31. 1980. so that the cover for 
this year’s forecast ordinary divi- 
dend will be similar to that at 
last year. 

The board has again reviewed 
prospects and remains confident 
of increasing ordinary dividends 
in the immediate future by 10 
per cent per annum. 

Since April 1, 197S, the group 
has agreed ro purchase two small 
properties in the West End at a 
total cost of just under £500 000 . 
both of which complement exist- 
ing properties. 


Stag Line 
sees loss 


for year 


Prospects next year for Slag 
Line are grim says Mr. N. J. 
Robinson in his annual reoort. 
and with present freight rates 
barely covering operating cost.?, 
the group will show a loss after 
loan interest and depreciation. 

Any dividend payment will only 
be considered when results for the 
year to October 31. 1979 are 
known, he says. 

As mentioned in the half-year 
report, the directors have made 
application through Ship Mortgage 
Finance Co. to the Govern meat 
for a three-year moratorium on 
“ Begonia " capital repayments of 
the shipbuilding loan made under 
Section 10 of the Industry Act, 
1972 and they are still in negotia- 
tion. 


would do *5 well, or slightly 
better, than Ihe average of the 
industries concerned. 

Several divistaas were 
embarresed by -the load of orders 
and every effort was being made 
to increase productivity, members 
were to4d. • - . • 

• For the year ended My 1, 
1978, pre-tax profits were a 
record £502,000, <m sales of 
£1 2.46m- • 


Tea companies 

accounts 

delayed 


Unaudited draft . accounts of 
Assam-Dooars Holdings and 
Western Dooars Tea Holdings for 
1977 indicate that the final results 
will be reasonably comparable to 
those of the previous year, the 
directors report. 

They explain that as a result of 
the termination of agency arrange- 
ments it has not been possible to 
obtain detailed figures from India 
so as to complete accounts of sub* 
sid Lanes in time to submit a. report 
and accounts this year. 

However these are now well in 
hand and it is confidently, expected 


that the final UK accounts fo'r 
1977 will be available early next 
year. The Board considers it is 
preferable to accept this delay 

No -approval of remittance pf 
profits- or other shareholders' 
funds has been received from the 
Government of India* *ince :th'e 
last circular to shareholders. 

This restriction is now entirely 
due -to the refusal of the Income 
Tax authorities to give a no objec- 
tion certificate while there are 
outstanding claims for: tax which 
the sterling tea . companies are 
alleged to • have failed to deduct 
l ram amounts paid to their UK 
Secretaries over the past 18 years. 
The Board . Is making strenuous 
efforts to solve this dispute with 
the Indian tax authorities, in 
which the tea industry as a whole 
is involved and assistance has 
been received at official level 


■ The complete cessation of the 
flow of funds to the UK may 
create financial problems later 
next year. Therefore the directors 
propose that at' this time only 
the Preference dividend should be 
paid and that declaration of diri: 
dend for ordinary holders should 
await the publication of the 1977 
accounts, by which time informa- 
tion may be available from India 
regarding the remittance of bast 
profits. . . . . 


Confidence 
at Lawtex 


COMPANY MEETING 


At tihe annual me e-ting of 
Lawtex, maker of clothing and 
umbrellas, Mr. G. M. Schaefer, 
chairman, said he was confident 
that during 1978-79 the group 



Barclays Merchant Bank 
expands to £10.3m 




FOR the year to September r,o. 
1978 Barclays Merchant Bank 
reports pre-tax profits ahead from 
£9.7m to £10.3m. 

Mr. Deryk Vander Weycr, chair- 
man. says corporate advisory 
activity has continued at a high 
level with some well publicised 
take-over situations. In addition 
the company* has successfully 
completed a number of syndicated 
sterling loans. Additional execu- 
tives are being recruited so that 
the company can maintain the 
impetus of its expanding business. 

Demand from industry for 
finance has remained law, and 
desptie the reintroduction of the 
“ Corset," competition for avail- 
able business is intense. Neverthe- 
less, the company's sterling 
medium term lending has 
increased by a net £22 raiMion. 

Acceptance Credit facilities 
increased substantially during the 


year and once again the company 
has improved its market share. 


GOOD 


Keystone 
steady at 
£645,700 


Points from the Statement by 
the Chairman, ERIC SOSNO.W 


PRE-TAX REVENUE of Keystone 
Investment Company was steady 
at £645.712 against £653,134 in the 
year to October 31, 1978. on 
income ahead from £704,233 to 
£786,920. 

The final dividend of 4.75p net 
(425p) lifts the total from fip to 
6.5p. Net assets value per ordinary 
share is up. from 183p to J91p. 

Tax is down from £247,436 to 
£227,535. 


DIVIDENDS ANNOUNCED 


Ref: K.R. Easter F.R.I.C.S. 
33 King Street 
London EC2V SEE 
Tel: 01-606 4060 


lidNESiANG 



TIMBER 

Improved results expected 

LEATHER 

UK market improving slightly— India Very active 

AUTOMOTIVE 

order book overflowing V: 

BARTER TRADING 

expanding • • . 

ANIMAL BY-PROilUCTS i' : V ’T 

high level. of activity ■ *' * ■ , 1 f 

BANKING ^ 

a most useful armofUCM international trade - 

DIVIDEND 


Chartered Surveyors 


Barker and Dobson ...Int. 02 April Nil — Nil • 

N. Brown Investments int 0.83 Feb. 16 0.83 — 2.51 

Carrlo Engineering ...int. 1.69 Feb. 1 1.52 — 3.02 

StAAf 420 Feb. 21 3.66 6 27 5.61 

Macatalc (London) ...int. 0.31 Jan. 22 0.31 — 1 J8|| 

Martin the Newsagent ... 4 .53 Keb. 15 4.41 737 6.6 

May and Hassell int. 1.05 Feb. 5 0.94 — 3.06 

Whitecroft Int. 2.5 Feb. 2 2.2 — $ 6.7 

PHIT int 3 Jan. 22 2.5 — fl 6.6 

Alfred PreCdy inti 0.7tt Feb. 19 0-58 — 2.85 

Rowlinson Cbnstrtns inL 0.18 -— QJS* — 0.61 

Dividends shown pence per share net except where otherwise stated.' 

■* Equivalent after allowing for scrip issue, ton capital 
Increased by rights and/or acquisition issues, f To reduce disparity. 
§ Total of ?.4Sp forecast confirmed. % Total of 7.3p forecast \\ Plus 
additional O.D25p now declared. 


0.3S9p per ordinary sharej following interim of 
0.45p. covered 5 times- . 


SPECIAL DIVIDEND FUND t 

£1 75.000 earmarked from.genere) reserves 
• towards payment of enhanced dividend .when' "7 
' Government restrictions removed - - . . *• 

/BONUS ISSUE 

free bonus Issue of1 for 8 ordinary shares ' 


" , United City Merchants lti 

i Merchants, Agents and Banker 

UGfU.ftaus«.3/5 Swallow Place, Princes Stradt UmdoaV/tAISB? 



. ft’* 


i;V ^ 


; It* 1 ' 

‘ (h 

■ ,.m- 


1 1 * 

n 


profits show, a 16 percent rise, 
thanks mainly to the • sharp 
recovery in the textile companies' 
which are responding, to the ‘up- 
iurn to consumer spending. In 
addi tion, engineering , and con- 
struction activities are haring. a 
much better year now that los* 
making' George Longden has been 
closed, down. -The only problem, 
area' at present .seems to be the. 
Belfast timber company Which, 
because of low building activity 
in Northern Ireland, suffered g 
£ 0.1 m downturn- in the first six 
months. Here, the reported im- 
provement will do little . to bring 
this company much above break- 
even - for the year. How ever , in 
spite of this and a -big- jump ■ In 
interest charges — reflecting .'in- 
creased borrowings for the Moor- 
lite anti RandaHs . acquisitions— 
Whitecroft should make a full 
recovery this year to at - , least 
£3. 4m. At this level the shares, 
at 109p, are on a prospective p/e 
of 5.8 (low tax charge) while the 
yield is 10.5 per cent 


-Uvh 










Sseea* 




Financial Times Tuesdav December 12 1978 




Companies and Markets 


UK COMPANY NEWS 






C-- 

’-tu'-M..-; 




May & 
Hassell 
forecasts 
profit rise 


Fiir&er cash injection 
for P & O subsidiary 


WITH ITS store- of .associate 
losses bains cut from £368.000 lo 


BY WONG SULONG AWD MARTIN TAYLOR 


Alfred 
Preedy 
looks to 
second half 


New export orders top 
£100m for Lucas Inds. 


incri-.ned 


NEW EXPORT business worth 
well over iluilm has he.cn won 
hy Lucas Industries in recent 


BOARD MEETINGS 


BotI* Southeast AsJa.Bwhad- The P and O spokesman said cent on sale; SO.Sm heifer at I2flfi5)m. a«a*tn<.t S2s.i7m. profits Mr t^^The^^annual 


HftQMK) nre-fflf BRifin nf' Wav aouuiean- ***** r ana v sporasman soia cvni 

Bt 5LCr imSLm? Ih « MalaysiaJjased enjsneeniur. Bovi& Southeasl Asia bad reached £4.Tm. 


tofore tax of A I f red Pre'edv and 


ill, the Tin? fpL’nu-inff crtnipanlr* hate 
annual date* of Board meeting* to tbr Stock 


• mo inaiaysia-ijasvB ctwiito i«a. .muiDrafa asm mm rcdcm-n a.im. net ore tax *»»rru rreeay ana FuManei* Sut-h mwiin.! , r „ .. ..,,ik - 

fi^rofS^ ma^aily^^from instruction and-prepe*^- ^ th* point where it had no net Although some nt the -roup * Snm were flM.747 in the 26 j f^ as Ja rticufi riv encmianm: Wd tor th/ »rpwc of SmidertnfSS 
rw*nM 1ft S ll J riT Sidlai^ Of P. and 0, h« asked for tangible a«seti left, nrd this had companies are *l>orl n{ order* weeks to September 23. 1978. com- d, ' ,,ds '>«cial indiconon* m iwt avail- 




“h^tak a whoUy ratisJactory in of. Site iMp n„Z“"e ToEEEkoi nr <nn- "Wmbor SO rmaunc 3.5 per made in 

tS£r£ M?jX”vSk XnT^min fSSt funds ' ,he i " c ' ud « 

margins are improving daily! and « tjw and 15)75. The directors of Bnvie d ! r i! n / l p ? n L i(ri <u V i#u I »ti i* *5 

Trading in the second h»U -ha* °± “»«“ Ioss ? W *- B ^ ed ^utheasl Asia said they were " M , SShTn mSS* Jm 


in the second half, which 
?s the Christmas trade. 


over a longer period. 


nrufOAR. Br-DHitfpc. Chaoawn ■ Bothams, 
Doarntameia Gold. G-nor Tin Mmra. 


share of 1 6.41 p il'J.fiSp). A net 
final nf Bp lifts the total dividend 
to 12p tll.55p>. 


Celestion 

on target 
for record 


.. . =: I 


irman 


f yea 


.;harr. consn.ircd 
March 31. 197R. 


begun well. and : A’_. farther.' *° a in saiisfied with the protrreFS made ^edircctoi 

satisfaetdrv advance i* espeotetf.-.,,^ u- ,n riale nvrr the wlnen r lf?Sn , 

Bj^ na r- .SiS’Si&is'riS. -STst? ii'Sx; ■■"* ™» i » , ° ro ». .i 

pro-las profit waf £S2l,MW. ] - new WtM to take . the -Houed '"lliSlviar 

IMl'am aSd i\sovn sta A «*!»? rinSiTri 

nSSiut ti 1978 ® ovis -^theast Asia_ said It ta V^2rC10 lip {Jg v 

are wen ahead of figures for (he.xliH trad mg at a tow because ? r 

previous year a It hough the Tutor demand fertile from ns hill 1T1 SferOTTI 1 ^ 5 

volume of bosmem has not. yet Indonesian, subsidiary, T. T. UUl Illul n, , 

been suIRcicnt to prevent a Karimum. high interest charges J .uaren ji. 1 

further redundancy proeramme. and losses on- the sale of non- |/\ 117 At* 

This is now almost- complete and income-producing assets. IU W Cl. 

will result iit further losses in A P and O ppokestnan said it Tur.niTr- 

the second ltalf. ' It will however, had not yet been decided .what Amiri intense competition Carcln £ r * -1 ** pf 0 * 11 
leave the company well planed to fund-rai c ing proposals would be Engineering sustained taxable - 4 “ p . n1 , 
at leflst break even in J9TO. fiur to the minority shareholders, profit for the first ■'ix nionth 4 : fo r--. 

While consumption reniBins J L K ' rtidel - v however. Sememhor 3U. 1!»7R. at 1438 non. r-x.rp.,Mm«r. 

lnv- tha A\?e+iars~tr* smiled 11x31 a 5 ' n «'6 there cotijd be compared with M25.00U pre- ■'•*£* dli 

that I he arouo 5 oblaiSSg^its * '"*»»* on,y vl,, "p ,v - However mar? in. w. re r, r ',i in ^v do.'d 

share nf the market. However, P and 0 wouW subscribe. - cui from 10 1 per cent to 0.3 per it. ra.n-d 
fluctuating exchange rales remain 

Premier Oilfields holds i 

Snuth Africa further reorgantsa- 
tirn is needed before losses are 

eliminated.. . . AFTER D^DI'CTIXG exoenser nl *i - nm m PV u in h p ml ri The arm 


rectors report. t 0 reduce di<p.irit\. sn interim *H r ‘ pointed out that the rtnperial ConUDcntat riaa. Kloof Gold. WITH pre-tax profits up from 

The net interim dividend Is dividend of 0 7.i P ' to.r.r.lp) is Prolonged strike at Ford and 1414.000 to £435.000 in the six 

iied to lW34n (1.5Wp> and declared' on cao i:2 i increased by « etre™nnS ^ months to September 30 1978. 

e directors expect to pay a final the* ri-lits i**uc ^.nri the ncn'usi- industry naa naa an eneci and v.-nterspow Gold. Warn and Goidsrone. the directors of Celestion 

five Lucas factories. cmpin>in„ Wear Driuranti-m now. wnw Brothers. Industries sav thev see no reason 

more than 4.0011 workers, were Finals— Archimedes iniesmieni Trtwt. tn amend their ernerlarinn ihar 


— umcdsi - «a.u Kir, jspd . 1 K0 jin ft 518Snl and riarlnrori fin Cani*'i| ineroacari hv diner disputes in tne motor im^rniPni .Minum 

tn 1 dale over the 'cSST vSuch ,he direcrors lo pay a final the* ri-lits i->'UC nni* the non nisi- {-"J'^iSea^^facfories enmfovin- n "> d warn "nd SSSme! 

,ro hlrlmVlihUraMAM C «f l.fi*2«p Taking the total un to |j 0 n nf Midland Eri.icatinnol Com- fi ' c Lu . M,i OlhOlOMOS Wcw Drloronriin Gold, iruwi Broihrrc. 

before arbitration. J ™|»u« permitted SJNKp ^ny £st ye*r * to, at dividend ^n^ n nn 4 sStYi°m r e erS ' ”” 

l^ir-Jear net surplus emerged £*£% aiim*'* ^ financial year had 

/-a , at ra4UMX) (£234.0(10 1 after tax nf The first half results dn not slarIed 10 . t . er v d Fnalneerlrui. Xonhchan Investment. 

m n|*A|A fan £107.000 (£101.0001. leaving earn- include Midland Educational fit’^hhlStances tne business was w. j. p>u^. Ransome Hoffman Pollard. 

V^ul L-lvl U. Le ings per 2T»n "-harr at ...tip <5.7ui which reports rir>*.’ax profits of " fundamentally sound Bn “ RrfiMnj Natinnal ‘’'us Trafalear 

^ basic nr Up (5p, fully diluted ££% for the Vr. there were - a lot or good things ™T- 

Shareholders funds siuod a« Wp Scpte>iibcr 30. 


siv months to 
■•nmpared wi'h 


ennSii motion remnins ll •* widely expectedL however. September 3U. W78. at £438 000. r.i.re.nlm.r. *i hi«H - 

SSed tiial a S in 13 ™ ^ere WtiJcL be compared with «25.«(Ml pre- dre id«d < 

arouo is obtainfns^its „ "fl' —t!f h on,y ■ | m , >ly. However margin- were d.i.* nt' . W 

he market. However p and 0 would subscribe. - cui from 101 per cent to 0.3 per ituam-.d tar 

: exchange rales remain 

i?HS Premier Oilfields holds £0.3m 


ai 170.700 meludine ner interest 
received, nil i£Rhrt>. Group sales 
were £3.67m t£3 imi. 

14. . Hi u'e'kc 

!%- 

J.IS- £ f 

Tnninri-r :s rm r-w z> in 1« 

Tradina ornfir Ifi* 1st J32 IW 

-*I rTop»n7 wrpim i*i:r» «:• 

- lii<-rr<i wceiartf* 3.V;n» ? i'-? 

iii-.*r-H MSabl» .-.fJR in.-.TS 

, " Profit before rax IW.7T7 2f4.5M 

m I-CW -C 4.1 

*; nrofir a her tat ui 3ir«t 
M.nnriUrs -• 1TJ Z ill 

Alirilintable T..5*. 3V. JJ? HH 

■ Anri ■nvesttnvr* iG-:*>rr:- 

F- •Hawing the re I ail dev clop- 


ahead." *•' 

The year ahead offered much BrN,vrtw 
opportunity hut success would 


__ FI — 'yr- R m^deR fny^sune"! Triwt. tn amend their expectation that 

BjOSi-ridRe Brl-b Th.ini** Bonhu-i'-h. rp < lf i,- r nr , h _ full vear will hn 

n.*l»a. Dobson Park Industries. Easi IOr tne full year Will tJC 

PiiainniPin Gold Hahn Precision encouraging and better than last 
Fnelnci'rlnu. Xonhchan Investmenm. year's record £].lSm. 

W. J. P>-ke. Ransome Hoffman PoUard. . .. ~ ... 

Ri-dfrarn Nauniul TraTstcar l>ie hnlf-.voar figures, which 

TtnnLW. Untied Snnns And srrel. Vlak- show turnover ahc3d from £G’am 
tnni.-ln «nid. WohrrmanipMn and Dudley to £H.Um, include trading results 


Group Hales ^ I’wi -*u"f^nen? U h2 Interim* — FUTlJRE °* TES 

be r.lated to the dchieiement by Dl Yorkshire 

the group and ns L-h customers p r aham xtillar 
of maintaining consistent Grown non** 
product ion. Mr. Scott said. Pi"** tnrewnrnr Tni-: 


Hampton Trust 
in profit 
at midwav 


Dinar tnre*nnrnr Tne: 

Halils Rrtlhrri and Fr. \ 
London and Ijrerpoal Trum 
Nova *Jpr*rj> ... . .. 

S'ihe Gorman 
Tex Abrasive* 

Final! — 

Prrl«l«nl iS and W > 

Fan Pasco/nnie.'n Miner 
B-itman l|e«nan lntemaiional 
Wmimch'ittw Brake amt Signal 


F- 4 lowing the retail develop- For 1 he mx months ta September 
mem programme staled in the 30. 107S. Hampton Trust reports a . rh . 

1 i*77-7S accoun*». 12 new branches profii of £8.530 rom pared with a . ; y lD 1 
h^ve been opened by Alfred !•>■« of £10.243. Turnmer for the to 

Preedy between March and period increased from illS.OOT to 


of Wood Ruslow Holdings from 
November 25. 1977. v hen the offer 
, to acquire that company was 
•J** 1 declared unconditional. In 
Drr. is addition during the first half the 
Dec. it company sold *0(1.000 shares out 
Jan. * of its investment of 1.25m shares 
ner j n Raca I Electronics at a profit, 
n" w af| Pr fax. of £568.800. 

Der » Higher lax of 185. non (£20.000) 
ian is leav *s the net profii Tor the 
.lan' is half-year down from £385.000 to 
nrr. i4 £370.000 and earnings per 5p 
Der ta share are shown to have fallen 
moti from l.S9p to J 57p. 


received 

Hampton 


Is not 

T rust's Turnover 


Half Year 
1B7F 1?77 


”!5? ,na * »• ' ' • .. AFTER DTDI'CTTN'G expenses nl ai 2 pm. They win be loM how The arm tin ts for 1ft7ri. whirh 

The net inierim di v den d is Prwnco Petroleum, its. wholly- the winduig-up of the company had been delayed because of this. 
ifR. from 0.9382p to owned L : 5. subsidiary. Premier lias be-n conducted and what j«ro- j-hnw profit up from £13,377 to 


The armtinlK for 1ft 70. wh.rh September of ih=s year ProOis £270.671. 


1.04Sn year’s total payment Consolidated Oilfields .produced pony has been sold. 


was 3.063S4p. 


Group mrnov*r .. .. 
Traces profit . ■ 
Siiarc ot assoc. Masn 

Profit Mon tu 

Tax . : ... 

Profit after rax . 
Exraonlliiarr creiUL ... 

Minority Ins 

,\va liable .r 

Ti'.ridrnds ' 

Rruinrd ■ • — 


taxable profit for the half -yw-r to 
tarV r September 30, 197S, of ©71243— 
xoijq slightly down on the £30L344 seen 

ct.mt zb.Ait last time. . 

«m Mr. Ro.'and .Shaw, the chairman. 
™ warns, however, that the. full year 

■ w performance may not be compar- 

rss able as Premeo will incur costs for 
— Ut its new drilling prospects. For 
aJo- J3 1977-78 the surplus jumped from 
77 7i £0.I6m to a best ever'fl)-53m. 


Radio Forth 

earnings 

expansion 


ry*-i-i*» before tax nf f 40 «10 opeuins- u*nr.i*»rs sey. 

(£15 0(101 The 0 55n rlmdenri The Publicised riiflicullies 

, . , c nre on margins in the t.'ibacco 

. hDPlPO’ber Ififi the group %cc i| on of the group, underline 
bought —(.» per cent of Juluiion t b c necessity of developing new 
and Bariirv, a Nnuinqham knit- aspects of Lite retail Trade, 
wear manufncluror Thi« holding 
was raided tn 57 .Of, ppr cem fol- 


jre not expected from these until Trading profit for ihe half year 
IS months to iv.i;. vears after would have been higher but for Turnover 
opening, the direviors sav. continued lo.s>es (at a much re- 


Rr-mnl Incom* 
Interest received 


Half rear 1 

1K3 1977 J"* 1 * '‘■b 

i £ . 1 

270 s;i tif'mw profit 
Bfi.-S-i 27?73 
fi.1141 6.D40 

25 KBS 4.0 S2 ian 

17.3113 It g23 

ISX *10.241 . 

-sum - fiir 

15,102 *10 >43 lUI 


nueraunc orofii 
Div frnm Quoi'd lav. 

Fraflt faatan ax 
Tax 


lowing the January 1978 rights 

fo\«m to a ev*«^^m ir0m OP«raiine P rnfi f for Radio ISh was* undcro rific-n by’firond 
® r -T* 3 j m Fonh, the commercial station Central at a cost of £2Mi.!lO». of 

It om broadcasting in Edinburgh, was which £140.00(1 was provided by 

J®*®” ° f £12n * 1S5 f °i the year ended a temporary bank advance, 

profit for the half-year was ahead September 30. 1078. The net rwnmher it i*i7n -.re.,n 

from £109.352 to £185,060 wrjh »he E J un rose r ro ra £10.812 to £97.054. bi ^ k balaSres ivcrc un it I23G30? 

tav ehofern raHiioari Tn. 0*7 TRS r, n -i. _ : UrfllK U.1 IdllLLJ, IU TC UP .11 


(£191.9921 by an exceptional tax says that advertising revenue in- 
crediL this time. Ip TYuntod of creased by 25 per cent and costs 
£96:202. Turnover for the_- period have been contained. There is 
rose from £385.455 tn £1.42m: again no dividend, but the 


Mr. Max Harper Gou. chairman, ( £iSG.f>G5> leaving working capital 
ys that advertising revenue in- £47350 higher. 


m ,, .11 1 1 - : profit for the half-year was nun September 30. 1078. The net nepnmher 11 i-iTfi 

Toothill back * r,>m i 108 * 352 !2, ■ £1 ®- 0w u - ure from£tn.SI2 tnIBT.im. bil 'nt balanres tvere un it C36%7 

XUU1.UIU .. tax charge reduced. ft> £87.383 Mr. Max Harper Go u. chairman. *1186 SflTeavin"i vorkinc cauiia! 

in nrnfif*'- - “ • f£t ! ® 82 ' by . nn a ” feg 1 J . ta ^ says that advertising revenue in- mt «« htehir " ^ P 

111 prOIK- - - . credit- Pme. Ip Tnntfad of creased by 25 per cent and costs Auditor Robson Rhodes sav 

r -m a . j ' j . - .. £90:302. Turnover for the.- penod have been contained. There is .uft i--? use of !he smte take 
eppe dividend rose from £385.455 to £!.42m: again no dividend, but Ihe ™ l r * ofiJlSs thivu ere iinabfe 

5>CCa UIVIUCIAIA Taking Into account omortiM- accumulated deficit has been ^ TssMs ihc valu/ nf ihr ^reiir.' 

. Hcportins , turirbund Iron. . "1“"? "J" BnM ! L fnmtSSfl In Grind cSmSETtld 

loss of £15,799 to a pre-tax profit, A r L^ ,her . improvement in or lhe VK tax consequences or 

nf £24,174 in . the six months to **** *JJ*““* profi lability is expected in the lhD transfer rf the estates in that 

September 30. 1978. the directors w avaflabie for the .com- current year and the £283.000 of company Nor are thev able to 


The well publicised riiflicullies duced level) by the house build- on mv S g le ' _ 

m the newspaper irade and pres- ins subsidiary. PorLminfter Trariiae orofii . 25 * 11.3 4 .DS 2 

'lire on margins in the fibacco Prnpertie; — £2.654 for the oeriod imrrcsr anvabtc i;.au uss 

-«iion or the group, underline =^''n«t £13.352 for whole of the KSorttare"'c r rt« ' ir^ 

the necessity of developing new prenpu* year. Onb nine units jmSSiu . . ' n« hjo 

aspects of lhe retail irade. remain to be completed and yola. -Loss r Arises from ihe nurihase hy 

After allowing Tor any >erminal ihe comtutir of mod "iM 4 ner rent secured 
Ios-ps in complpilng this sire. i nifl stoclc iDi 7 -* 5 a« ■ discount 

■y y— v • 1 profits in >«ei-ond half year are 

Levers UDtlCfti opevted to Improve. Profit for • 1 

v/inn-ui the last full year totalled £10.327. ^/|QfgiriQ| ricp 
The Board is actively consider- 1T1UI S* 111 ® 1 XiJt 

reduces IOSS ^ way* or expanding the com- L v KHIinahftll 

panv and a number of acquis)- U.T AVI 111 11 ^11 A 11 

bv £43,500 ifcr' and ” btin!: con (Rubber) 

, „ , . ^ The directors say thal the com- V M 

LOSSES of Levers Optical Cn., p anv j s shortly to sism an agree- Including a slightly lower tin 


Ian Yates 
turns in 
£392,865 


^ , . . . _. Auditors Robson Rhodes say ,hp ntakers of optical goods. m Cn t with Hampton Gold Mining tribute ». - 

l Uric- f> I-- /?’etjS' B f en0a ^ V0 been CO u t ?J nC j' Z h . ere ,J s that, because of the state take- " ere c ut from £137.544 to £93.970 Areas under which that uomnany £202.872 previously KilHnghall ward is raised from £803,458 to 
Taking fitn 'S^rtjsffl mimiihtM d h« Ul hiJn ovpr of es,a ^ s they were unable »" th« jwr to December 3 1 1977 vfil undertake mineral explora- fRnbber) Development Syndicate £1 097.005. 

ln '^5 css the value of the group's on turnover down from £l.I2m to ti on on location 50. one of Hamp- finished the year to June 30. 1978. Fixed assets at April 30 are 

nJ m iLS5El2 JO ? m £ a ?*L££ red * UCC ? f ™ m a : , ' W0 ,0 “ 7S - 0Gn - invcstmnn tn Grand Central Ltd £I-Wm. ton Trust's two properties in showing taxable profit of £19,313 shown at £667.527 and current 

\ furl her improvement in or l j, e lk tax consequences or The losses were arrived al Western Australia- better at £312,717. Turnover was assets improved from £762.982 to 

J." h , in5, P r *>fi lability is expected in the ^ transfer rf the estates in that »Ncr tax of £452 (£13.132 credit I Not included in the profits for maintained at £135.674. compared £1.145.167. With liabilities of 

f 2Li!lL«r 1 ’ f urrent y e3 J an , d Ihe £2S3.pnO of company. Nor arc they able to and after chareinc extraordinary the period are the proceeds of with £134,557 last time. £759 j337 ££616.630 i net current 

nys development programme. Joan stock due for redemption on f orm any opinion on the subsi- items of £30.158 which include .-omc gold which vas stolen from Tax took £183.467 t£I93^8S) assets rose from £146.352 tn 

The directors believe the com- December „1. 1D30 should be met diary company's nine-month the closure costs or a subsidiary's location 50 and subsequently rp- leaving a net balance of £129^50 £385.330 and net assets from 

:ny’s policy- of ploughing . back * rom cash resources. results. London factory. covered by the Australian police. i'£99.5t6j for earnings per lOp to £1J0 1.755. 


. m For the nine months to April 

IVT $11*0' 111 SI I riCP 30. 197S. Inn Yates, the indepen- 

still AI II3C dent confectionery ca<h and carry 

a 1 if group, reports pre-tax profits nf 

DY ivminsnau OOUR. compared with £327,578 

■ ® in the previous 12 months. 

(Rubber) After a higher tax charge of 

£99.319 (£1,612). net profits for 
Including a slightly lower tin the period were £293.547 against 


of £195.749, against £325.766. The amount carried for- 
previously Kill high all ward is raised from £803,458 to 


September 30. 1978. the directors «™vb is avanaoie lor we com 
of R. W. Toothill, furniture ^nanu: party s development programme. 


aiiu UK Uftwiv ui company. Nor ari 
to*«n nock due for redemption on form any opinion 


facturers, say that, both volume The directors believe the com- pocember 31. 1D30 should be met diary company's 


and margins, although improving, pany’s policy of ploughing , back lrom resources, 
are still inadequate to produce a' earnings into new projects, .is- The 

satisfactory profit leved in the -correct role for an independent ^ ^ 1 

short terra. • . . . ofi company at tbi* stage of cor- IjTHIlU L-PIltral 

. However, they believe that the powrte development Mr. . Shaw ^ 1 “ uu ai 

company, wiH maintain '-steady cpimneirts. - Qti/oSfc rarrsfife* 

progress towards that objective. . In the US n as known. Pretncn <1>V aJt2> pi UIIlj 
The recent rapid increase in has .made a major acquisition of ' jf O * T I 

Interest .rates, the present un- oil and. gas leasehold interests in ; TrOHl Nf! LflUKrl 

pp.tticd national' conditaons. re- the . Rocky Mountain overthrust - - 

lating to pay -daims aiid ihe fact belt covering 50 per cent of ■•Profits from Sri Lanka for 

that the company will not be re- working interests in 358,000 acres Grand Central investments Hold- 
eeiring aitf further temporary in the foothills of the Rockies, ings Tor 1977 are likely to be 
employment subsidy will not help This Is currently an. important significant. For this reason it 
the immediate future. \ new area of exploration .activity wonid be misleading to produce 

Nevertheless the directors do the chairman explains. . accounts with Sri Lanka results 

expect to have a profitable second Three of four wells drilled at excluded and, therefore, il is ini- 
half year. For the last full year the Hoover Ranch gas prospect in possible tn say when they will be 
a- loss of £119.000 was incurred. Crockett County. Texas, were available for the year, the direc- 
"The position Is constantly iro- successful, and two .more wells tors state. 

proving and . the directors feel are scheduled for April and May, Including the £24,133 surplus on 
confident- that the year’s results 1979. the purchase and sale of invest - 

will justify a dividend. However. With Amco Energy Corporation merits, earnings of the group's 
they have decided 1 to defer con- the company has participated in UK operations in 1977 were 
sidcrationdf this until the. figures successful operations m Star £17.800 before tax of £7.200. A 
for the full year- are available- County, Texas and central net interim dividend of fl.Kp 
The last dividend payment was Oklahoma, details of which await ro.55p). in lieu of final, will be 
one of 4.129p net for 1976. testing results. . MMvvay-Sunsei paid on j anuBry i m. The ultimate 

- Sales for the firsi half amounted production in California .holding company. Kuril Planta- 
to £IJ37m ( £1.42 m Land there was continues at a high level and is fj ons Sdn. Berhad has waived this 
a- temporary employment credit creating substantial cash flow, dividend on its holding of 10.98m 
of £23,990 <£S4,480). Profit was Meanwhile the search for new shares. 

5'fruck after . operating costs and exploration opportunities world- Negotiations for Ihe sale nf 
expenses,, including depreciation, wide is being maintained. estates to the Government in Sri 

of £37,506. - ■ T«e company hopes lo drill at Lan^-g are proceeding and and 

' There, was no tax compared 1®***' . on \i?L 1 * w ^J r ?? p S5i s «2 e fx aunouncement will be made when 
with a credit of- £9^52 and earn- Sea blocks 29. lo atf asrreemeni is sl g ned board 

inss per 25p share are stated at and 29/8b. ibtplains. 

3.45p (0.93p. -loss),. =■ r i rmrwrn fias been agreed that the 

uncuiiwc Dirtrrc -LAI IIJWllK company is entitled tn profits oF 

nUjjUnd KiV* 1 *3 •• .. » YMRIIV c *^ e estalts U P 10 lh e end of 1977. 

' The rights issue by Hoskins "UDinavn Becau.se the estates nre under 

and Horton has been taken up A general meeting of the management of stafe , r .T. s- 
as to 9S_2 per cent. The. balance creditors of Latthner Robinson Profit -for Uio nine months to tne 
has been sold in the market, at is to be held at 3, Wimpole SlreeL end of 1976 was ascertained only 
a premium. London. -WC on January 4. lflTU last months. 


£]£] 


By people, 
for people, 
through 
business 
success 


an agreemeni is signed the board 
explains. 

It has been agreed that the 
company is entitled tn profits of 
the estates up to the end of 1977. 
Because the estates are under 


ERSKINE HOUSE INVESTMENTS 
LIMITED 


/ . Bureaux de change and operation of security services 



Sales 

Profit before tax 

Profit attributable 
to shareholders 

Shareholders’ funds 


Last year for the first time I separated my 
Review from the formal Annual Report and 
Accounts. This enabled us to make our 
Review much broader and to send it both 
to shareholders and employees at the 
same time. The encouraging response has 
led me to further develop this theme. 

The basic philosophy remains the same; 
we continue to strive towards identifying 
and fostering the areas of common interest 
of shareholders, employees, customers, 
suppliers, consumers and all those wide 
audiences who have an eye to our affairs. 

BERNARD SCOTT 
Chairman 

If you would like a copy of the Review 
entitled "Lucas 1978" with or without the 
formal Report and Accounts, would you 
please contact our Public Relations 
Department. 

Lucas Industries Limited 

Great King Street, Birmingham B19 2XF. 

1978; • 

£ million 


971.2 

73.1 

56.2 

420.2 




’ Unaudited Results 

half/Vears ended 

30 September 


Turnover - 
Profit before taxation 

Bureaux de Change. . 
Security Services * 
Other Revenue 

Theatrical 


Dividends per share 
Earnings per share 
After conversion of 
£34,191 (1977- 
£308,894 loan stock) 

Before conversion • 


1978 

£i • .- 

7,466,578 

145,582 

(47,728) 

17,437 

115^291 


'1977 

£ 

9,241,799 

171.223 

(73.765) 

97,453 

75,131 


115,291 . 172,589 


0.737p 


0.66p 


Audited Results 
YEAR ENDED- 
31 March 
1978 
£ 

15,957,797 

... 207,078 
20,179 

227.257 

23,592 

j 250,849 


1.91 072p 


5.92p 


Pence per 
ordinary share 


Net assets 

Earnings 

Dividends: 

Interim 

Final 


2.3340 

6.8449 


1977 

£ million 


886.1 

76.8 


369.8 


Pence per 
ordinary share 


408 - 


2.122 

6.038 



Commenting on the results for.the half-year the Chairman, Graham ^ Dawson, said: 

"The resultsforthe half-year reflect the sale of Michael White 
Limited and the acquisition of P.P.R. Security Services Limited, both 

of which took effect from the first day of this financial year. _ 

P.P.R. Security Services Limited has been financial|yre-organised and 
new equipment fncluding additional armoured vehicles brought into 
service; as aresuit we believethe Company now to be on a sound 
commercial base and anticipate that the second half of ouryear will 
show some improvement. . 

Despite the fall in the number of tourists as „ 


Half UE Output Exported 

Direct Lucas exports from the UK were 
£155 million. In addition, much of the 
equipment suppliedto our customers is 
exported by them on cars, commercial 
vehicle's, tractors and aircraft and their 
engines shipped separately - these 
indirect Lucas exports are estimated to 
be £190 million. The total exports of £345 
million represents half of the output of 
our UK factories and is a major contri- 
bution to the Country’s balance of 
payments. 


Lucas 




22 


-- NOTICE OF REDEMPTION 

To the Holders of 

Honda Motor Co., Ltd. 

7%% Guaranteed Sinking Fund Debentures Due 1981 


NOTICE IS HEREBY GIVEN, ibat 

S ^^S s SSStS^^S&S^ ES 

numbers, have been drawn for rederapuoa tor as^u^ 

on January 15, 1979 at the pnncipal amount theteol aaa accruea uusrest w 

that date. 


DEBENTURES IN DENOMINATION OF $1,000. EACH 


9734 10622 12459 
9745 10626 12492 

9747 10632 12514 

9761 10664 12563 

9755 10671 12833 

9762 10700 13013 
9764 10836 13069 
9787 10854 13097 

9772 10861 13140 

9773 10962 13162 

9777 11017 13188 
9783 13041 13200 
9787 11050 13205 
■9792 HOST 13218 
9799 11131 13232 
9814 11171 13252 
9818 11221 13281 
9825 11244. 13355 
9827 11274 13378 

9855 .11342 13470 
9861 11353 13521 

9870 11363 13531 


13 1050 2236 3215 4648 5341 6808 793* **** 

23 1070 2243 3231 4656 5349 6812 7943 8861 

33 1081 2355 3237 4661 5360 6817 7950 8863 

37 1087 2258 3247 4667 5380 6890 7956 8868 
41 1096 2273 3276 4673 5418 8924 7962 8878 

49 1104 2232 8282 4884 5424 >6930 7971 8886 

62 1111 2293 3288 4702 5490 6941 7980 8891 

68 1130 2294 3296 4707 5513 6945 7985 8897 

63 1160 2302 3307 4721 5518 6973 7991 8903 

65 lira 2319 3317 4727 5533 6981 7995 89« 

73 1197 2326 3322 4729 5661 6998 7999 8914 

77 1219 2341 3345 4737 5568 7019 8002 8922 

83 1267 2344 3392 4742 5576 7029 8011 8927 

85 1270 2352 3400 4752 5602 7039 8017 896 8 

39 1275 2365 3414 4766 5613 7044 80Z7 8973 

01 1284 2371 3427 4774 5681 7049 8133 8977; 

94 1289 2376 3458 4779 5698 7056 8138 8980 

98 1303 2394 3476 4795 . 5717 7070 8740 898* 

108 1309 2398 3487 4803 5733 7074 8l4«. fnn< 

111 1311 2401 3565 4807 5761 7083 8150 9004 

114 1313 2426 3625 4827 S784 7088 8155 |0t1 

121 1328 2441 IS! 4852 5804 7252 Il65 9019 . 9872 11380 13615 

*31 1332 2450 3681 4861 MOT 7263 8173 9034 : 9B78 11434 13668 

Jai 1337 2482 3686 4870 6819 7267 8300 9025 9883 11440 *13697 

137 1351 2470 383? 4831 5859 7273 8511 9028 - 9900 11521 13721 

139 ills 2480 3349 4392 5871 7283 8516 9035 9902 11531 13748 

141 1372 2484 3355 4397 5395 7292 8521 9040 9905 11537 13773 

143 ilrfi 2509 3889 4902 5918 7305 8524 9044'. 9910 11541 1M02 

145 1411 2532 3910 4905 5928 7315 8527 9057- 9916 11565 13832 

154 1424 2535 3923 4910 5938 7320 8531 9063 9921 11570 13849 

157 1437 2540 3941 4917 6372 7350 8540 9066 9928 11578 13945 

165 1452 2646 3949 4921 60OT 7367 8548 9077 9940 11582 14018 

133 1472 2557 3962 4927 6016 7389 8550 9080 9948 11590 14193 

ill 1505 2563 3971 4935 6025 7415 8554 9086 .9953 11596 IflS! 

107 1533 ?S7> 3981 4942 6034 7419 8585 9092 9959 11600 14220 

200 1538 2580 3988 4946 6037 7431 8591 9105 10002 11608 14252 

202 1555 2584 3997 4948 6052 7498 8593 9125 10006 11688 14272 

205 1666 2591 4002 4950 6067 7512 8598 9139. 10017 11698 14311 

20S 1531 2594 4048 4955 60 80 7518 8810 9142 10021 11710 14325 

210 1609 2600 4058 4960 6086 7526 8K2 9158 

226 1618 2604 4065 4964 6119 7531 8625 9168 10080 11723 14423 

233 1633 2616 4072 4967 6122 7564 8628 9202 10038 11757 14452 

237 1641 2623 4078 4973 6130 7560 8634 9232 10046 11761 14458 

243 1663 2631 4083 4977 6144 7571 8640 9241 1 0051 11778 14470 

252 1681 2642 4088 4984 6169 7578 8846 9258 10062 11785 14492 

262 1697 2646 4103 4988 6175 7583 8647 9265 1 0072 11810 14512 

Z72 1704 2650 4113 4992 6189 7590 8650 9271 -10081 11817 145S3 

309 1707 2657 4123 5002 6228 7600 8655 9275 10090 11832 14677 

3J2 1716 2673 4140 5011 6245 7607 8662 9285 10095 11837 14593 

361 1725 2690 4157 5015 6277 7611 8866 9300 10118 11845 14625 

417 1739 2705 4185 5019 6293 7622 8668 9308 10183 11850 1 4653 

49fi 1743 2706 4251 5 031 6 301 7642 8673 9314 10138 11800 14702 

503 1753 2715 4266 5049 6312 7653 8675 9323 10147 11861 14707 

610 1765 2730 4289 5063 6840 7657 8685 9331 10153 11871 14730 

£30 1777 2739 4295 5065 6373 7666 8888 9344 10181 11887 14741 

540 1781 2760 4318 5084 6379 7672 8690 9355 10167 11890 14781 

=59 1737 2778 4336 5089 6400 7679 8693 9368 10172 11898 14796 

566 1811 2328 4341 5092 6421 7693 8695 9376 10177 11911 14812 

534 1333 ^843 4348 5097 6423 7707 8898 9443 10191 11915 14862 

602 1638 2349 4355 5116 6429 7714 8700 9454 10197 11918 14863 

636 1846 2873 4413 5126 6438 7721 8703 9464 10204 11935 14913 

639 1357 2383 4419 5134 6443 7731 8706 9472 10210 11962 14930 

641 1664 2396 4425 5138 6446 7746 8711 9505 10215 11992 14982 

645 1867 2901 4444 5141 6450 77S7 8714 9558 10223 12020 14987 

651 1872 2905 4450 5149 6464 7761 8716 9573 10228 12044 15011 

665 1883 2907 4460 5154 6472 7767 8720 S587 10236 12052 15016 

.680 1887 2910 4467 5160 6571 7778 8728 9595 . 10243 12094 15222 

684 1896 2914 4475 5184 6596 7782 8732 9600 10256 12101 15250 

715 1904 2930 4482 5183 6603 7817 8734 9608 10263 12133 15291 

733 1914 2945 4495 5200 6628 7828 8741 9611 10272 12141 15447 

7-iZ 1923 2959 4498 5203 6632 783S 8751 9810- -10281 12189 15471 

747 1927 2968 4504 5230 6644 7842 8754 9620 10287 121S5 45482 

753 1943 2972 4510 6240 665t 7300, 8783 9629 10294- 12221 15513 

769 1955 2993 4517 5247 6655 7872 8794 9651 10300 12228-15543 

774 1963 ~3000 4522 5250 “666Z 7878 8800 9663 10323 12238 15552 

790 2010 - 3011 4527 5256 6669 7885 8804 9671 10884 12244 15573 

812 2024 3025 4533 5264 6690 7892 8805 9677 10403 122S4 15598 

863 2042 3052 4538 6282 6697 7897 8812 9680 10«08 12260 15623 

878 2061 3064 4543 5286 6703 7899 8815 9685 10413 12266 15646 

855 2056 3097 4551 6309 6713 7902 8820 9690 10418 12Z74 15666 

923 2107 3118 4556 5313 6721 7905 8822 9694 10428 12287 15718 

936 2176 31Z7 4577 5316 6741 7907 8840 9702 10437 12307 

S45 2182 3132 4585 5321 6750 7912 8844 9708 10468 12334 

960 2185 3150 4591 5323 6760 7917 8847 9712 10476 12358 

963 2192 3183 4621 5327 6774 7926 8848 9715 10580 12394 

974 2214 3197 4625 5332 6781 7929 8850 9723 10599 12415 

995 2228 3200 4640 5337 679Z 7933 8855 9728 10620 12432 


Holders of the above debentures should present and surrender them for 
redemption on or after Januaty 15, 1979 with the July 15. 1979 and subse- 


quent coupons attached at The Bank of Tokyo Trust Company, TOO Broad- 

( Bank of . Tokyo. Ltd. 


‘way. New York, N. Y. 10005. ox at the. offices of The 

in London,- Brussels and Paris, or the main offices of Mces & Hope in 
-Amsterdam, Morgan Guaranty Trust Company of New York in Frankfort, 
Banca VormJIJer & C-S.p-A. in Milan or Basque Gcnerale do Luxem- 
bourg in Luxembourg. Coupons payable January 15, 1979 should be de- 
tached and collected in the usual manner. 


Interest on the debentures so called for redemption wiD cease to accrue 
from and after the redemption date, w wit, January 15, 1979. 


THE BANK OF TOKYO TRUST COMPANY 
as Trustee. 


December 12, 1978 


NOTICE 


The following 

coupon Bonds previously called for redemption have not 

as yet been presented for payment. 







56 

1627 

2385 

3224 

4620 

5455 

5996 

6991 

7620 

9722 

11707 

12506 

149 

1731 

2400 

3347 

4686 

5657 

6039 

7000 

7840 

9797 

11716 

15740 

267 

1735 

2402 

3418 

4672 

5744 

6049 

7064 

7650 

9811 

12398 

15919 

Ml 

1740 

2427 

3694 

4714 

5759 

6056 

7065 

7681 

9812 

12413 

17409 

696 

2017 

2447 

3702 

4735 

5764 

6090 

7251 

7716 

9926 

12414 

17417 

700 

2104 

2454 

3867 

4794 

5765 

6129 

7290 

7725 

9927 

12421 

17506 

709 

2247 

2481 

3888 

4839 

5799 

6732 

7329 

7786 

10069 

12422 

18396 

726 

2253 

2485 

3895 

4842 

5803 

6211 

7368 

7835 

10160 

12424 

18400 

748 

2260 

2578 

3899 

4B47 

5806 

6263 

7394 

8834 

10162 

12427 

13418 

1290 

2274 

2613 

3909 

4989 

5808 

6275 

7406 

9012 

10293 

12430 

18446 

1300 

2278 

2630 

3938 

5024 

5812 

•6300 

7418 

9014 

10427 

12431 


1302 

2295 

2634 

3982 

5047 

5868 

6328 

7422 

9021 

10429 

12433 


1367 

2297 

2639 

3983 

6083 

5878 

6337 

7502 

9045 

10623 

12436- 


1371 

2298 

2643 

3992 

5090 

5902 

6428 

7605 

9068 

11018 

12440 


1373 

2357 

2696 

3993 

5234 

6931 

6430 

7607 

9324 

11020 

12458 

._{ ' 

1378 

2358 

2710 

4004 

5236 

5950 

6439 

7615 

9432 

11026 

12463 


1438 

2374 

2712 

4129 

5248 

5970 

6456 

7521 

9467 

11237 

12484 

1 

1613 

2378 

2714 

4130 

5436 

5987 

6461 

7532 

9559 

11338 

12491 


1B25 

2381 

2749 

4421 

5452 

5994 

6765 

7608 

9660 

11427 

12498 



May & Hassell Limited 

(Timber importers) 

Interim Statement 
by the Chairman 

MrJHBAtley 

Half-Year Ended 
30th September, 1973 



THE PRE-TAX PROFIT of £543,000, after absorbing 
Josses in the Associated Company {Hallatn Group of 
Nottingham Ltd.), £189,000, is reassuring after the 
poor result for the year ended 31st March, 1978. 


DIVIDENDS Proposed interim 1.048p payable 5th 
February, 1979, 10% up. 


TRADING CONDmONS AND OUTLOOK The Sheet 

Material and Belgian subsidiaries are now in profit. 
Consumption remains low but the group is obtaining 
its share of the market. Shippers’ prices are firming and 
mar gins improving. The second half year has begun 
well and full year figures should show a satisfactory 
advance. 


FINANCIAL STATISTICS 


Half-Year to Year to 


Turnover 


Group Profit before Tax 
Associated Company Lo ss 


Profit before Tax 


30/9/78 

£000 

24*964 

30/9/77 

£000 

25,641 

31/3/78 

£000 

49,710 

.732 

904 

1,048 

(189) 

(368) 

(727) 

543 

536 

321 


Copies of she 1978 lot trim Report are obtainable from rtf •few <fV. 
May & HdsstU Lid., jjS Sedctyffe Parade West, BRISTOL. BS99 7PH. 


f 

May & Hassell Limited 


BIDS and DEALS 


Financial Times Tuesday Beceoibk j3. 1978 

MINING ‘NEWS ; 




-M: 


Hill Samuel’s insurance 
offshoot sold to Jardine 


HUI Samuel’s wholly owned 
-Elizal 


insurance subsidiary— Elizabethan 
Marine and General Insurance 
Company — is to be sold to Jardine, 
Matheson. Jardine is 'malting the 
purchase through -its subsidiary, 
Lombard Insurance Company 
(UK). 

No consideration has been 
announced since so far only an 
agreement in principle has been 
reached between HQ1 Samuel and 
Jardine. 

Elizabethan, with a gross annual 
premium of £10m. underwrites a 
predominantly . fire and motor 
account in the London and UK 
domestic markets. It was formed 
by Hill Samuel in 1970. 

Jardine said yesterday that the 
acquisition of Elizabethan -will 
enable Lombard Insurance, which 
is incorporated in Hong Kong, to 
consolidate and strengthen the 
management of its European 
interests and will improve the 
balance of Lombard’s portfolio in 
the UK. It is intended that the 
Elizabethan name will be retained 
and that it will be the main focus 
for development of Lombard's 
domestic UK non-marine account. 

Lombard, established in 1836. 
has been a wholly-owned sub- 
sidiary of Jardine since 1976. It 
operates internationally and its 
UK and European business has 
been mainly in the marine 
market 

In January of this year. Its 
wholly-owned subsidiary Lombard 
I nsurance Company (UK) was 
restructured to write all the Lom- 
bard group's UK and European 
business 'after receiving authority 
to transact all non-life classes in 
the UK. 


Brengreen, and with the loan 
stock this is brought up to nearly 
70 per cent. Empress is to change 
its name to Brengreen (Holdings) 
and a listing wifi be sought on 
the stock exchange. 

The chairman of the new 
company, Sir. David Evans, said 
yesterday, “I estimate it will take 
a year to achieve a turn round 
for Empress and two years to see 
the full benefit of integration. 
Thereafter, I am very optimistic 
about achieving considerably 
faster growth, both organic and 
through acquisitions.’’ 

The new group claims to be the 
third largest company in the 
contract cleaning Industry- 


primarily in Wales, the West Mid- 
lands and the south-west through 
the garage outlets and a regional 
sales organisation. 

Ladbroke has plans to enter 
similar joint ventures with garage 
chains in the south-east, the east 
midlands and the north. 


BRENGREEN SEES 
£0.24 Mf PROFIT 

Empress Services (Holdings) 
yesterday received shareholders’ 
approval at an EGM for its reverse 
takeover of Brengreen. Empress 
has also acquired Exclusive 
Cleaning (Holdings) which owns 
70 per cent of Brengreen 
(Holdings). 

The consideration for Exclusive 
and Brengreen is 4.8m Empress 
new ordinary shares, £800.000 
nominal new 10 per cent 
convertible unsecured redeemable 
loan stock and a ca&h payment of 
£368. 

A profit of not less than 
£280,000 is forecast for the 
enlarged group for the period 
end ing March 31. 1979, and a 
dividend totalling at least 0.2p 
net (1978. Q.lp) will be paid. 


milbury paying 
£752,000* FOR 
HOUSE BUILDER 

For the second time this year 
Milbury. the Manchester based 
housebuilding subaidaiy of Saint 
Piran, is making a rights issue. 

This time MS bury is issuing 
706,914 ordinary shares on the 
basis of one-for-seven at Sap each 
in order to help finance the 
acquisition of another house- 
builder, Rydeacre Developments. 
In the market JElbury's shares 
eased 2p to 68-p. . 

Saint Piran. which owns 79.93 
per cent of Milbury, has uncon- 
ditionally agreed to take up its 
entitlement of 565,040 shares and 
has underwritten the balance. 

The consid erati on for Rydeacre 
amounts to £752,500. Part of the 
amount has been met from 
Milbury’g own resources and tbe 
rest has been provided by Saint 
Piran by way of a temporary loan, 
which will be cajstafised in pay- 
ment for its part of tbe rights 
issue. 

The directors of Milbury have 
already declared an interim 
dividend of l-S-Jp per share which 
the new stores vrttl not be 
entitled to. Agreement has been 
reached wdtb the Treasury to pay 
a final of 1.675p lifting the total 
to 3.015p from 2.4p. ■ 


YORKS. GENERAL 
SELLS AUSTRALIAN 
LIFE BUSINESS 

Yorkshire-General Lire Assur- 
ance Company, the life company 
within the General Accident 
Group, has agreed tn sell its 
Australian life business to the 
Dutch insurance group National e- 
Nederlanden, subject to the 
agreement of all the necessary 
authorities. No price has been 
disclosed for the sale. 

Yorkshire-General has been 
transacting life business 
Australia for over 20. years. The 
life fund is in excess of A$40m 
(£23m) with an annual premium 
income of A$8m (£4.6m). It 
transacts both ordinary life and 
pensions business, but it is still 
relatively small in size compared 
with the leaders. 

The life assurance industry in 
Australia has in recent years been 
affected by an increasing tax 
burden being imposed by the 
authorities. Yorkshire - General 
now consider this burden to have 
become too oppressive. There has 
been a dramatic rise in the 
number of surrenders as a result 
of the less favourable investment 
conditions. 

Nationale - Nederl anden tnten d 
to merge this business with Its 
existing life business in Australia 
to form a new subsidiary company. 
The existing staff of Yorkshire- 
General, numbering 95, are to be 
offered employment with the new 
company on the same terms and 
conditions as they now enjoy. 




South 

second half improvement 



. ,%r>* 


The new contract cleaning 
will 


group formed by the merger 
be 48 per cent controlled by 


LADBROKE MOVES 
INTO LEASING 

Ladbroke Group has established 
two companies ' as leasing 
specialists. 

Mercury Leasing, a wholly 
owned subsidiary, will lease office. 
Industrial and transport equip- 
ment with values in excess of 
£50,000. 

Ladbroke Leasing (South West) 
which is 75 per cent owned by 
Ladbroke and 25 per cent by 
Warners Motors, will lease cars 


DIAMOND SHAMROCK 

Diamond Shamrock Europe has 
merged it's two ion exchange resin 
and water treatment businesses in 
France and the UK 

The two companies. Dla-Prorim 
SA. of Vitry-sur-Seine. near Paris, 
and Diamond Shamrock (Poly- 
mers) of Isleworth, Middlesex, 
mil] now trade under the single 
name of Dia-Prosim. 

"The purpose of tbe merger.' 
says Mr. Roger Kingsley, a deputy 
chairman oF Diamond Shamrock 
Europe, and managing director of 
Dia-Prosim, “ is to create a unified 
business in Europe, which com 
bines an established range and 
technical services with flexibility 
of supply and sophisticated pro 
duct development” 


Brent Chemicals U.S. expansion 


' Brent Chemicals International 
has bought Schwarz Services 
International in a deal worth 
8885.000 (£456,000). 

Schwarz, a subsidiary of John 
Labatt the North American food 
and beverage company, manufac- 
ture and market speciality brew- 
ing aids such as chHl-proofing 
enzymes used in beer produc- 
tion. 

Brent Chemicals, a UK manu- 
facturer of industrial chemicals, 
said yesterday that it saw the deal 
as an important move in con- 
solidating its position as a supplier 
to the brewing industry through 
its Savilles subsidiary. 

The latest audited accounts of 
Schwarz show net assets of $I.Q3m 
(£532.000) at April 30. 1978. Tax- 
able profits declared by the group 
were $391,000 (£210.500) on turn- 
over of 83.33m (£L72m). 

The figures are stated after 
making a provision of 5200.000 
(£103.000) to reduce inventory 
from cost to market value. Some 
.78 per ‘cent of the turnover for 
that year came from sales outside 
the U.S. and Canada. 

Tbe directors of Brent Chemi- 
cals add that part of the taxable 
profit of $391,000 (£201.500) for 
the last financial year resulted 
from abnormal trading con- 
ditions, and in the medium term 
“maintainable operating profits 
are likely to be significantly 
lower." 


LOSSES AT GOUGH 

Gough Brothers, the wine mer- 
chants. has announced a change of 
year-end and some property dis- 
posals. The new accounting date 
for the group is to be September 
30. which tbe group considers 
advantageous for commercial and 
administrative reasons. 

A preliminary announcement of 
the results for the eight-month 
period to September 30, 1978, will 
be made at the end of February 
1979. Thereafter shareholders will 


receive a full report and accounts 
for theperiod to September 1978. 

Because of the change Gough is 
not proposing to prepare an 
interim statement for the six 
months to July 31, 

On the- trading front- Gough 
reports that the trading loss of 
the recent Ellis acquisition for the 
year to March 3L 1978, together 
with the Ellis merger expenses 
amounted to £81.000 which has 
been written , off the reserves of 
Ellis. 

But until the closure of the 
Ellis premises at Sheerwater at 
the end of September Ellis con- 
tinued to trade at a loss. 

Because of this, and the change 
in year end which produces a 
trading period without a Christ- 
mas season, the group results to 
September will show an overall 
loss. 

But the group is now trading 
profitably and the full benefit of 
the actions taken by the company 
in centralising the administration 
and distribution will be seen 
during the accounting year begin- 
ning October L 1978. 

For the six months ending July 
31 sales at Gough outlets ran at 
17.4 5m compared with £6-2Bm. 
Sales from Ellis shops for tbe four 
month period to July 3L 1978 
were £2.55m compared with £2.79m 
in 1977 (a fall of about 9 per cent). 

Tbe drop in sales at Ellis shops 
is accounted for largely by the 
change in trading policy which 
the Board introduced to bring 
about a better sales mix. 

After tbe property disposals net 
tangible assets of the group stand 
at £1.60ra. 

The group received £603.000 for 
the property disposals, the pro- 
ceeds of which was used to reduce 
indebtedness In Ellis. 

E. C. HOLDINGS 

At meetings the scheme oF 
arrangement whereby The Thom- 


son Organisation is proposing to 
acquire the ordinary shares ol 
E. c. Holdings which It does not 
already own was duly approved 
by the requisite majorities. 

As announced in the circular 
dated November 17 it is expected 
that the scheme will become 
effective on or about January 25. 
1979, subject to approval by tbe 
High Court 


BRITISH UTD. 
TURKEYS 

The offers on behalf of Merck 
Sharp and Dobme (Holdings) for 
the capital of British United 
Turkeys have been declared un- 
conditional and will remain open 
until further notice. Acceptances 
have been received In respect of 
99.75 per cent of each class of 
capita] of BUT. MSD intends to 
compulsorily acquire those 
ordinary and preference shares of 
BUT not yet assented to the 
offers. 


ASSOCIATES DEAL 

On December 8 S. G. Warburg 
and Co. bought on behalf of asso- 
ciates 25,000 GEC ordinary shares 
at 331p and 75,000 ordinary at 
338p. 


SHARE STAKES 

Cappei^NeQI— Prudential Assur- 
ance bas increased interest of 5 JO 
per cent to 6.07 per cent (2,752,500 
ordinary shares). 

Stothert and Pitt — Mr. H. P. Jost 
a director, has renounced rights 
to 7,427 new ordinary shares. Mr. 
S. Lane, a director, bas taken up 
rights for 71 new ordinary shares. 

John La Log— Sir Maurice Laing, 
a director, has disposed oE 50,000 
ordinary sbares held non-benefi 
cially. 

A. F. Bulgln and Co.— Mr. R. E. 
Bifigin, a director, has sold 55,000 
“ A ” non-voting ordinary shares 
and purchased 5,000 ordinary 
shares 


Upturn for Barker and Dobson 


Tumround from loss to profit 
in retailing and a sharp jump iu 
performance by the confectioner}’ 
divisions enabled Barker and 
Dobson to improve 'taxable 
earnings from its continuing 
operations from £22.000 to 
£374.000 for the 28 weeks to 
October 14. 1978. Tbe group is 
also returning to tbe dividend 
list after four years absence with 
a net Interim of 0J2p. 

The recovery reflects the 
company's decision announced In 
August, to withdraw from retail 
grocery business carried on by 
Oakeshotts and tbe related wine 
Importing business carried on by 
Roger Grayson. Once this 
withdrawal is complete, tbe 
company will consist of the 
confectionery activity and the 
Lewis Meeson chain of shops 
selling confectionery, tobacco 
and newspaper, says Mr. R. W. 
Aitken, the chairman. 

He believes that although the 
estimate of results shown for the 
discontinued business will reflect 
final cost to the group of the 
withdrawal, it must be' borne in 
mind that withdrawal may not be 
finally completed . until March, 
1979. 

Disposal of Oakeshotts and 
Roger Grayson will reduce group's 
borrowings and to eliminate two 
businesses which were incurring 
heavy losses. The group is. 
therefore, now in a position to 
expand its continuing activities 
by development or. where 
appropriate by acquisition, he 
says. 

Sales for the half-year were 
USTm higher at £17.65m com- 
pared with the first 28 weeks of 
last year. For the discontinued 
businesses turnover amounted to 


£3 .07m but. though there was a 
£1.0Sm surplus on the sale of 
properties involved, trading -losses 
and closure costs of £1.23m left a 
deficit of £156,000 on these 
activities. 

This cut overall group 
attributable profit from £289,000 
to £113.000 (loss £234,000). 

On current year he says 
reformulation and dedesigning of 
packaging for the company’s 
range of products has now been 
substantially completed and recep- 
tion both for existing and new 
lines been most encouraging. 

As a result of closure of Oake- 
shotts, the administration of 
Lewis Meeson being reorganised. 
Also tbe process of rationalising 
the shops is continuing and 
margins are beginning to Improve. 

Considerable expenditure is 
being made in tbe current year 
in advertising and promotion the 
company’s range of confectionery, 
which had received scant support 
in the past. 

For 1977/78 the group recovered 
to a pre-tax profit of £27S,000 
having been in loss since the end 
of 19*3/74. 


towards the end of the 12 months 
it became apparent that the 
industrial sweeper subsidiary had 
sustained unreported losses. 

The problems have now all been 
tackled and they forecast a 
return to profit in the current 
year. 

The loss for the year to May 
31, 1978, was £106,800, including 
an extraordinary debit of £17,400, 
on sales of £2.99m. For the pre- 
vious IS months the deficit 
amounted to £106,600 after an 
extraordinary credit of £10,100, 
on soles of 15.33m. 

There was again no tax charge 
and loss per 25p share came out 
at 10.77p (14.0Gp). Again no 

dividend is to be paid — the lasr 
payment was a second Interim of 
1.25625p net from record £70,700 
profits for 1972-73 since when the 
group has been in loss at full 
time. 


Mr. R. E. Clarke, who. with his 
family, controls 45.3 per cent of 
the equity, has been elected 
chairman. 


Last minute 
setback for 
H. Young 


Nottingham plan 
approved 


Though early hopes for -farther 
recovery in 1977-78 were followed 
by a first-half surplus of £23.800, 
H. Young Holdings, motor distri- 
butors and cleaning appliance 
maker, finished the year -lack In 
deficit The directors explain that 


Mr. Reg Freeson, Minister for 
Housing and Construction, has 
approved the inner area pro- 
gramme for next year submitted 
by Nottingham City Council, in 
collaboration with the Notting- 
hamshire County Council and 
the Area Health Authority. 

He has approved a similar 
programme submitted by the 
Leicester County Council. 


BY KENNETH MARSTON. MINING EDITOR 

HIGHER costs have offset the. representing SSiOOO.sharKwfflbe 
benefits of increased production offered to the Thai i^blkvTbjti 
and firmer tin prices for Corn- financial institutions ana. Antem 
wall’s South Crafty tin mine m Thai directors at a 
the first half of its year to March C640p) per jjEtfSr ,55 

3L But better things are expected be made for the listing 01 ti*e new 
in the second half and the ATL company sharM-on^tte 
interim dividend is being raised -Securities Exchange of- Thalland- 
to 1.675p net from l.65p a yeair. 

ag Net profits for the six months Durban Deep 

to September 30 amount to - 
£506,000 compared with £547,000 mnlrpc ft 
in the same period of a year ago lUOJVtO «. 
and the total for the year to L nA lr 

March 31 of £L23m. The latest COl 

m GOOD NEWS comes _for holders 

Tehidy Minerals, which has be- . nurlian Deep, the marginal 
come a subsidiary of South rrade cold producer- in the 

Khifr, rente Sr SS'SurSE 

A UH BP5S-* the pressure 


costs. 


profits for the year. • rhknks to the advance in the 


in addition the tin producers ^ De has 

emiungs shoidd be given a lift by lhe addend list with 

^ str ? D Sth of the tin price m ch better than expected pay- 

Sof 50 cents (295p). The 


Auction next June. at the main. B 
zone o4 its'Val d'Or property in 
Quebec: Work Is continuing on 
an inclined and the plan is 

to -produce TOO tons of -ore. a. day 
farxtistom. maing. : • 

Based on? openitmg costs of 
Cftfr-SO a .tpiy avgrade of -.0206 
ounces- a ton... and an: average . 
price 4f C$224 an ouhee, B el m oral - - 
expects a yeorty pretax profit of 
CS3Bm.'‘ V *. 

■ Gamffo Mines holds 21-2a. per 
cent - of Iberian Exploration 
Syndicate which has Been making; 
geochemical and geological . sur- . .-* 
veys. in the Sierra Mo rena-'-a rea . : 
of southern Spain. The Syndicate 
thinks the chances for new .ore 
discoveries in this . traditional. 
aimin g area are: “excellent-” Other 
shareholders are Mattagamf Lake .. 
Mines. Rayrock- Mines, United 
Siscoe Mines and Dr. S. W ^ 
Hnimwi ami associates. 


has advanced from £6.815 to just vvmen t Was of 20 cents 

over £8,00 per tonne at one time p” 1975. 


f >ef0 i re «/ a ^lM ba n k *~Tbe~ mine has been receiving 

$ SSh'tSiinSf rear fi £e South African State assistance 
toif of South Croftys year the stnce tte ^ quarter" of 1973 

tu L prn P e j ve f 3 g e d £6^0°- until the September quarter, of 

IS! this yea* when costs were, con- 
yesterday. Tim t ain ed and the high gold price 

cent owned by the controversial -on-it-d in - a- modest working 
Pinm mining and construe- ^ted^ 

imn rnvtiLn ■ . « ■ ■ » 


Teck accepts 
Noranda deal 


tzon group. 


TRIAL MILLING 
STARTS AT 
ELANDSRAND 


reserves of low -grade gojd ore. 
Durban Deep shares rose £fip to 
298p yesterday. .. ■- 

A similarly-placed mine in the 
group. East Rand Proprietary 
also makes a return to the divi- 
- dend list with a payment of - 10 
cents, the first since 1976. Just 
Preliminary mining and trial about- m line with expectations 
m illin g has started at ElandBrand, the interim of 40 cents declared 
the new gold mine being by Blyvoornffzfcbfe , for the year 
developed by Anglo American, to last June the mine paid ah 
Corporation in the Far West Hand interim of 30 cents followed by 
of South Africa. Development is a final of 33 cents. : ' 
running 81 months ahead of the 
schedule given to shareholders 
just over three years ago. 

The speed of the development 
work led Anglo to state yesterday/ 
that capital expenditure for the 

pre-production period will . . 

“ probably be less than the THE HIGHER .PRICE of gold 
original estimate.” Last March compared with a . year continues 
the cost of bringing Elandsrand tor to push up earnings of the 
oroduction was put at just under Canadian producers. At Diefcen- 
R200m (£ll8ra). The prospectus son Hines, net profits In the first 
estimate in 1975 was R127m_ - nine -months of this year were 

At the mine ledging operations 76 per cent higher than in the 
have started to establish stopes. first three quarters of 1977: 
These have produced the ore Income was C$1. 8m (£789,300). 
which has allowed the trial milt or 51 cents a share, against just 
ing. The first bar of gold will be over C$1.0m, or 29 cents a share, 
poured before tbe end of the year. Production remained .steady but 
Yesterday Elandsrand shares, the average price received for 
joining the general rise through each ounce of gold was C$218 
the sector, advanced 6p to 2l5p. compared with C$154 In the first 


Income boost 
at Dickenson 


CANADA’S Teck Corporation has ■ 
agreed to the Noranda, Mines’ - 
proposal “to' -exchange - shares * of - • 
Mattaganfl Lake Mines and -will > 
receive 300.000 Noramia shares^ ; 
valued- at C«2m. Tbe toSii is .one, ; 
Noranda. for : . each', two and a - i_ 
quarter -MattagamW: reports- i/our '. 
Toronto correspondent.- ; _ . . : 

In another development,- Teck 
announces ’ the- completion: of a , 1 

financing arrangement--^ -Vrith- ; 1 
Metangesellschaf t of .Gentian?..;. . 
Metailgesellschaft win pu rch ase 
C$3m worth- of 9.5 per cent -.10- 
vear debentures .of Tecfc- con- 
vertible for 5 years into- class *B’ 
common shares of Teck at C$15 a . 

shar e. • 

Mr. D. L- ‘ Hiebert, vice-" 
president,- finance of Teck, Mid 
this arrangement would: provide 
Teck with additional funds at an 
attractive ' rate, and would; help 
-to -cover. the. cost of a significant, 
property, aiwiisltion, negotiations 
on which should be concluded 
shortly. - Metallgesefischaf Js 
already a shareholder of Tecif, . 
having purchased 675,080 sbares 
a year ago. ■ : 


RECONSTRUCTION 
OF AOKAM TIN _ 


nine months of 1877., 

Tbe price differential was much 
the same at Camflo Mines, where 
operating profits ' were C$5. to 
(£2 ,36m) or C$1.54 cents a share, 


Details are now announced of In the first nine months of this 
the proposal whereby Aokam Tin year, against C$4. lm. or C$1 39 a 
is to sell its tin mining assets In share, in the same period of 1977. 
Thailand for B305m (£7.S2m) to Although costs increased, the 
a new company registered in that higher price for gold made it 
country which will subsequently profitable for CamBo to. mine 
offer some of the shares to the? lower grade ore and mfli materlal 
Thai public. which -previously would have been 

Major holders of Aokam are: discarded as waste. Rut . gold 
Malayan Tin Dredging 22.98 per production in- the first three, 
cent. Thonoh Mines 26.45 per cent, quarters was 4,609 ounces down 
tbe Thai Government 14.14 per on the same period of 1977 at 
cent, and Southern Malayan Tin 63.748 ounces. 

Dredging 15.21 per cent Camflo’s interest in the former 

Tbe new Thai company, to be Ontario, producer, Cochenonr 
known as ATL will have a capital WRJans Gold Mines, has mean- 
of Bl30m in 1.3m shares of B100 while been brought up to 23 per 
each. It wiD he subscribed at par cent .following Its purchase of 
by* Aokam 40 per cent (at a cost l-27m shares not subscribed when 
.if B52m). Thailand's Crown Cocbenour held a one-for-three 
Property Bureau 15 per cent, rights issues. Other shareholders 
Siam Commercial Bank 10 per took up just 447,454 shares, 
rent. Thailand’s Ministry or The higher price has provided 
Finance 5 per cent and employees a backdrop for expansion In Nip 
of Aokam Thai 2.69 per cent. Indus Bry and Belmonti Mines has 
The remaining 27.31 per cent, stated it., expects to start pro- 


SHAFT ACCIDENT 
KILLS - 6 AflNERS 

Six mehhave diedandT9_ others 
remain ^ in hospital following an 
accident in the No. 4 - shaft of 
the Anglo-American . Corporation 
group's President Brand gold 
min e in South Africa. ./' 

* The ^accident occurred at 46 
-level, . some O<400 . metres below 
surface, when a descending mine 
cage- hit an obstruction :in the 
shaft . 

' -The cage was of the three- 
decker ~iype and was : carrying 
about 120 miners at the time. An 
inquiry is now to. be carried out 

Meanwhile, 1 the Johannesburg 
Consolidated ; group’s Western 
Areas gold mine reports the out- 
break :of -air underground -.fire on 
Sunday. No injuries are reported 
and the fire has "beep contained 
while efforts are being, continued 
to extinguish it The extent of the 
likely production loss has not yet 
been established. ' 


MINING fiRIEFS 

PAHAHC ; CONSOLIDATED— November 
ootpot of.;]ode tin concentrates sokt 137 
tonnes. 

GOLD AND UASST METAL MINES OP 
MIG QUA— Output concentrates {73 per. 

cent sratio) far October: -Tin 26 tonnes, 
colamblte aO. Ten manta to October 31: . - 
Tin 249 tonnes, commute 3 tonnes. 

Same Period’ but year: Tin 219- tonnes, 
cobnobitc b louxm. . 

RAHMAN HYDRAULIC TIN-Ocrtanf Of 
concentrates ter November M tonnes 
(October. 56 tonnes): 


OIL and GAS NEWS 


Cities Services confirms find 


A CONSORTIUM led by Cities 
Services Philippines has found oil 
off the far western island of 
Palawan in the Philippines. 
Philippines President Marcos, 
addressing a business conference 
in Manila, said that preliminary 
oil flow from the new offshore 
find at Matinloc is at least 7,075 
barrels daily. 

President Marcos added “ We 
now have reason to expect that 
indigenously produced oil can be 
tapped for a more substantial con- 
tribution to the total energy re- 
quirement to support the 
country’s economic development 
goals." 

President Marcos sard he has 
asked Energy Minister Geroniino 
Velasco to make a new assessment 
of the country’s oil and energy 
situation in Light of the new dis- 
covery by the cities Services 
Philippines consortium. 

He said Velasco had reported to 
him the nearby offshore Nido 
complex, due tt> come into pro- 
duction early next year, will pro- 
duce about 40.000 barrels daily, or 
some 13 per cent of present 
consumption. 

Other members erf the consor- 
tium include Laadoil Resources, 
Basic Petroleum. PhilodrUL, Orien- 
tal Petroleum, Husky OH, and the 
Philippine National Oil Company. 
★ it ★ 

Amoco Production, a mtu 
of Standard 00 (Indiana), says 
that “ significant reserves" of 
natural gas and condensate have 
been confirmed by two whotfy- 
owned development wells daiiled 
in its Pott Hudson field discovery 
north of Baton Rouge, Louts ana. 

One well, drilled to - a depth 
of 18,400 ft, encountered about 
307 gross It of potentially gas- 
productive sands and zested 7.9m 
cubic feet of gas doily, while the 
other encountered about 571 gross 
feet of sand and will be tested 
at 18,600 fL Amoco announced 
a !M per cent owned’ discovery 
well in the Geld *ate fast year. 

Amoco plans to have four rigs 
drilling in early 1379 in the field, 
where it holds leases on about 
8,600 acres: 

*■ * 4e . 

Exxon U-S.A-, a unit of Exxon 
Corporation has plugged and 
abandoned its first well In the 
Baltimore -Canyon. The well, 
which is in Block 684 about S3 
miles east of Atlantic City, 
reached a depth of 17.620 feet 

Several zones tested below 
12.000 feet yielded formation 
water wilh no significant indi- 
cations of hydrocarbons. . 


However, Paul H. Dudley Jr., 
manager of the company’s. Gulf 
and Atlantic exploration division, 
said that no general conclusions, 
about- the Baltimore Canyon can 
be drawn from the. results of this 
wen, - ..-. 

The company’s second-, well' 'in 
Block 684 wiD be drilled about 
9,300 feet south of the first - well. 
Drilling -is permitted to 19.000 
feet and the well is expected !to 
be spudded in by mid-December. 
Exxon’s .well in Block 902. is 
drilling below 10,300 feet towards 
the ^permitted 18.000 feet. 

*. * * 

KRAf Petroleum says- that tests 


have indicated a new oH field dip-, 
covery. in Comanche' Count; iu 
southwestern Kansas. The com- 
pany says that its G.C; Lemon 
No. 1 well is' drilling ' ahead 
towards- -s 6>500 ft objective after 
an ‘^encoaraging^ drlH-stem- test 
'The drill-stem test at 4,792 ft 
produced'-gas at the Tate of 
100,000 cubic ft a day. The appar- 
ent -new field discovery *:is 3.5. 
miles . south ' of the . “established 
Swope formation bU production 
In - the Coflier Flats .field. . KRM: 
owns a 25 per . cent, Interest, -in 
the - Indicated discovery and the' 
surrounding. . 4970 ■ acre • Comet 
prospect.' 


Carclo 


Interim Statement 


-Year ended 

SlstMarch 

*1978.’ 


9.00 7 
-977 


- . . . A. . Six months tp_ 

30th September (unaudited) 
1978 1977 

Turnover fooo . 

■Profit before tax £000 
Earnings per Ordtoauy ahairV 


4^96 

4SS~ 


4,192 

425 


of 25p 
13J2p. ..Actual 
l2.3p .Fully taxed 


3. Op 
4A 


Dividend per Ordinary share of 
25p (neft) 


?5>jp 

5L3p 


?5.7p 

5.0p 


Dividend cover (times). 


I70j» 


LS2p 

: si? 


$8P: 


: Ordinary shareholders’' funds 
per share of 25p - . ! i . 


94p - > ‘ 


• Aa adjusted Sqr_ _estimatcd tnx . , : C? t i- J 


Coptes qf the Inter,™ SfatemenC and o£the im Rcparv 
Atxoantxmaybe obtamedfram the Secretary^ Cardo Engineers* 

Gra^UrmterL HtghtownRoad; 

BD19 5JU. Tdephahe: ^774 87$70Q. W \ 





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^ftw? INTERNATIONAL COMPANIES and FINANCE . . 




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NORTH AMERICAN NEWS 


FOREIGN BANKS IN MEXICO 


eh quarter improves 
earnings at Carrier 


...... :." 




,,AKr 4CCIDB| 
U tS 6 ®a 

: .. ‘V^*: 


iMVJ 3RIIB : 

h, ::%•:. :*-?:- - ; 

-. . H ~ r .-; ‘T' i 


\s find 



me nt 


. OT CTEWAftT flBBWE : 
carmer' eoOTdk.Vnqx; : the 

leading 'Cheating ‘ ■ and 

ventflatioe equipment producer 

which/is desperately struggling 
to ;. avoid s -sail -takeover by 
United Technologies, . yesterday 
filopday): reported a strong gain 
in earnings • for its ■ current 
financial . year. . • 

.- ' Tiie . company also - :di^5sed 
that. the U.S. justice Department 
is planning so appeal against a- 
Federal -: Court ■- . decision : . an 
November 30 'denying - Carrier 
and the Departmenr . a pre- 
liminary, injunction against the 
United. Technologies bid, -aimed 
at blocking the. transaction. 

Since _ .tbar : Court decision. 
Carrier . shareholders . have 
tendered some 19m shares to 
United Technologies. . well over 
the 17m it. was seeking in* its. 
tender offer for 49 per cent . of. 
the equity.. United Technologies 
is barred from paying for the 
shares. at 528 a share and so com- 
pleting.. tbe initial phase o£ its 
takeover bid by a Court interim 


injunction issued' * "jo allow 
Carrier ( and J now the-' Justice 
Department) time V to . ."appea 1 
against the - November 30 
judgement' '.7 ■ 

Carrier’s results for the year 
show an increase in net. income 
to October 31 from ¥5Tm or S2.2G 
a share to $S5.4m ot S3S8 q 
share, a rise well in advance of 
forecasts betng : made -T>y some 
Wall Street share analysts. 

The big increase is. partly the 
result , of a. particulariy strong 
fourth quarter, which saw net 
income Increase from 533.9m to 
S2SJLm. The company also dis- 
closed that it is experiencing a 
big increase in orders, with 
orders booked fur. fiscal year 
1878 totalling- S2-2bn compared 
-with fil.Sbn in 1977. and fourth 
quarter orders -up from 5371m 
to 8625m. 

This buoyant picture of 
Carrier's current trading; which 
puts the shares on an exit price 
earnings mul tiple - .of only 8.25, 
seems likely further to irritate 
Carrier shareholders, who fell 


Ibe company ha.«: not conducted a ; 

particularly impressive defence 
against the bid. 

United Technologies is on the 
brink of acquiring Carrier with 
t!ie first and only offer — the 
82S a share — which it has made. 
Some traders in Carrier’s shares 
have complained that the com- 
pany is putting too mucb 
reliance on the legal anti-trust 
defence it has built against the 
deal, when it* shareholders 
could have been better served | 
by an attempt to secure a higher : 
offer, or alternatively another 
bid from a rival company. 

That criticism will look less 
valid if the courts do support 
the Carrier and Justice Depart- 
ment appeals against the 
original ruling later this month, 
but it is widely recognised that 
the Justice Department had had 
difficulty in trying to enforce 
anti-trust laws against large con- 1 
Elomcratc bids, which is what 
ihe United Technologies offer 
for Carrier essentially is. 


Litton shows some optimism 






RESULT IN SECOND QUARTER 
vbgk cmfw vbgk .cvmf vbg cmf 
IDS ANGELES— Litton Indus- 
tries’ net operating income' for 
the ..fiscal second quarter to 
January 31. will be as good as 
or better than -the .59 cents a 
share reported a year, ago, 23 r. 
Fred W. O’ Green, the president, 
said after the annual meeting. 

- Mr. O'Green said the second 
quarter was “.Tunning fine” and 
the company expected “no sur- 
prises.” " 

In last yearis second quarter. 
Litton bad a loss equal to 17 
cents, a share, from currency 
adjustments. Mr. O'Green could 
not predict the effect of currency 


adjustments for - the second 
quarter of this year. 

However. Mr, Charles 6. 
Thornton, the chairman; told the 
meeting that the U-S. dollar has 
recovered since the end of the 
first quarter and that so far in 
the second quarter. Uttpn would 
show a gain from- currency 
adjustments. 

In the first quarter; Litton 
earned. 75 cents a -share from 
operations, up from-SQ cents last 
year. However, currency adjust- 
ments reduced earnings by 54 
cents a share this year and 12 
cents the year beforei . 

For fiscal 1979. operating earn- 
ings would be higher than the 


§2.42 a share in fiscal 197S. which 
was before a loss of 33 cents s i 
share from currency adjustments j 
and a loss of 84.75 a share from 
Ihe settlement of a U.S. naw 
contract. 

Sales for fiscal 1079 would be 
“ up ” from the S3. 65b n in fiscal 
1978. 

Lirton’s shipbuilding unit j 
would show about a $3Q0m drop j 
in 1979 sales due to completion < 
of several building programmes, j 
However, this sales decline 
would be more than offset bv 
gains in other divisions. 

The shipbuilding division i 
would be a contributor to fiscs] 
1979 earnings. 


Brascan earnings fall by a fifth 


8Y OUR FINANCIAL STAFF 

BRASCAN, THE' Canadian/ in- 
vestment 'management company 
with Interests in- utilities and 
mining, experienced a 20 per 
cent drop in its net income in 
4iie third quarter. . 

Earnings for the period 
totalled $28fiim against $$52m, 
equivalent to 4L06 per ^hare 
compared wdlh $1^3: ■ 


The company said that net in- 
come .from. Us electric. light 
utility in Brazil was_ down from 
S28.7m to $27.6m Ufc the third 
quarter, though its total -energy 
sales were 9.8bc kilowatt-feours. 
a rise of more than 10 p» cent. 

Income from: the group’s 
Canadian investments was also 
lower at $L6m against ,$1.9m a 
year ago. , ■ -J . 

During the first nine mpaths 


of the year. Brascan’s eamirgs 
slid by a more gentle 9B per 
cent to S94.3m from S104.5m: at 
the earnings per share level. 
S3 .55 compared with 83.94. Total 
revenues — none was givpn for j 
the third quarter— moved up 
from Sl.lObn to ?1.22bn. 

Included in the comparative 
profit figure for the 1977 period 
is extraordinary gains of S3.6m, 
or 14 cents a share. 


FT INTERNATIONAL BOND SERVICE 

The list shows the 200 latest international bond issues for whichTan adequate secondary market 
exists. For further details of these nr other bonds see (he complete list rrf Eurobond prices published 


on the second Monday of each month. 


u& oolur - 

STRAIGHTS 


Cftaam oa 

tuacd ' Bid Offer «U» week YIeM 


A« Afa. « »- — » 

Australia S.® W US 

Australia fli 93 75 

Beatrice Foods 31» UO 

CECA 8} S7 V.*. - S* 

CSCA 9 93 - 25 

CBCA M TS 

cwt s n • s 

Canada 8 88 258 

Canada 8J3D 83 - - . ZSD 

Canada 8t 98 258 

Canada 9 M «W 

Canada M 93 ...... SSt 

Caoadair 8* S3 ... 7B 

Dominion Bridge Co. 9 88 25 

ETB 94 99 ...... - 125 

Etaponnnans 9 86 - - Si 

Finland 81 33 180 

Finland 9 SS 109 

KdwdlaJ O/S 9 S3 . ; 25 - 

lif-1 Flnam-e W *5 25 

liet Fmanco W 98 . 28 

J. C. Penney S3 — 108. 
llac Blocdd ’Si 9T,5..^. .. 50 

yZ 13f.v. Fin. 31 !W 20. 

Ni D^v. Fin.- 81 63 ! 23 

y«L Wrtl. 9 88 75 ■ 


Finland *1 83 100 • *7| WI 0 0 0.70 

Finland S SS .V...... 109 ..9tt 9K ; -01 O'. 0.78 

Hbndral b/s 9 S3 . : 25 - TH-- TO -01 +M 5J6 

liri Flnanve W S5 25 TO W, +K 10.0 

ltel Finance W 90 . 28 9SL- TO -W - +M 10-93 

J. C. Penney 84 S3 109 .TO V TO -rHi- +0» 906 

llac BlocddSi 9T.h.a. .. 50 .TO.’ ‘S* T 0 *- T- 0 * : ,JS 
yz Bi-.v. Fin. 81 ST! 20. W TO. 4«. -04 • HM 

Ni D-v. Fin.- 81 63 ; 23 TO 9U 8 +11 MO 

^BLWrtt. 9 88 75- TO TO' “« +« 9.29 

MpwfoundtimrSFM 50 ^«... TO. -« -84 Mr 

Nnril UlT. B4 l- SI 66 • ...— ' 2S . TO- -97 . . -01 -04 127 

Korjwa Koznm. 94 98-.. — 35 . TO TO .-01 +S4-- 9X5 

Norway 7J 88 250 TO Mi -M -01 9J3 


TO 10 —01 —01 . -MO 

92 91} -Bi -84. 9A2 

TO TO- .-« +01 MO 

TO: -TO -M -« 902 

TO 9S3 -fl4-+Oi M2 
TO TO -Oi -« 9 JO 

TO -TO -tl'. 0. 9 JO 

Hi Hi —01 -ti 9jM 

VS 953 f -04. 9-58 

15 TO 0 +64 930 

904 TO -« -Of 9A7 

TO TO 0 -n; 1.07 

TO 2004 - o -oe IM 

9U . TO 70 +01 MS 

TO -941 -02 —01 UUB 

TO -TO -01 -04 Ml 

TO ■■ .fTS — Bi -04 M8 

TO 97* 0 0 1.70 

TO IK ; -01 0 -.9.78 

TO- 972 -01 +M 9J6 
TO TO -IB +W 10.02 
TO: 90J -w . +82 10.93 
-9U.V TO . tM- +04 .906 

TO. TO t 0 ': -N : 1-53 
OH "TO. 40|. -04 ■ 9 AS 
TO Ml 0 +01 9-50 


YEM STRAIGHTS . 
Aslan Dev. Bit. 5S 88 
PFTE fi.4 90 ... 

Eoroaraa a.3 90 

Vnnvay 5.7 S3 

SNTP 8 8 90 - 

Sweden 60 M 


Norway 81 *3 lffl 

OccWentai K ;83 ....y;..-.-- Hr 

-Dot. Hydro 84 83 125 

Quebec Hydro N 03 58. 

Sweden « JT 1» 

Uk. 6 i 86 -T... 2 B0 

UK S 83 .- ISO 


TO 'TO -81 -01 M3 
TO. 981-04 —04 9J1 


a»: 

TO 

-U 

+1 

1036 

TO 

952 

-84 

-« 

9.44 

'TO 

991 

“06 

-Oi 

137 

TO. 

m 

-Oi 

0 

934 

TO 

TO 

—84 

+04 

9,« 

TO 

97t 

“Oi 

0 

9.42 


DEUTSCHE MARK . . CtRHipe ^ 

STRAIGHTS, .. lasaed BW' Offer day week Yield 

AnreoUna 84 88 150 TO, TO -rU +M 707 

An an . Develop.. Bk. 54 66 MO 93 TO -Oi -01 Me 

AndfrolW OW SO MU MU ■ 0 "S-n 

ei on- ■ . . - icn •• aai . <k n -t-n' i n 


Austria 51 SO- 950 -.9«4 95 0 +01 «J9 ■ 

Bankatnerlca S: M . ISO TO ' 9H +02 +01 5.82 

Rtn*. Ew. AlR«1o-71 S MO . 961 fT +os +02 : TXJ ' 

CECA 8 S3 150 ’ TO 97J +04 +0S 6.36 

Canada 41 TO 600 984 181 0 ‘ +« . SOI 

Cbasc AlanHaiun 0 s 8 sn. M3 . lmj. Ud _o +02 5J* 
nnnznerdunk Inr. vffra i 188 - 104 -lTO -M -01 2.K. 

- S +^ ^ 

Cbwatawni cqy * se;.^ TO TO . ’ B- +8» ,.-6.48 - 

CsnncU of.:E«ootie !»• 994-2801 .+81- .+U 605 .., 

Cwncil of Ennw 6j . S3" 9 -.984 +01 ,+B 
ESB-'fl, M*. ' 300 -162 'TO -02 +81 - fcOT. '. 

Etf.XxtHiadne Sl 88 1»- 53} 14 -04 +V* 604 .. 

FKdand t & 150 98} «■ 0 -0 4J7 

Hitachi SrtB.'6T 83 V. :.....- 50 100} lM +31 5-60 

TBJ .. r i‘ 188 TO 3B04 -Vi +0} 5.06 

mdonefia 7»:..... -.>..-~.'^0« 972 MS +04 +0. 7.40 

Kote.Utty ^ 3S-80.^V-- . WO? .'IK* ' »->« 502 •. 

UtfM SCTvibw de‘ Stet- ,..: '15a‘. J TO' ‘.TO -+«' +02 7*26 

291 •.«»:. .-..in?. -m ';4-o*.-, cor- \ 

smt*tsM Pttrc. 53 6S .ii - BO -M -+» £70 

Nippon Steel 5! S3 .... UO , To 1004 -02 8 5.17 

Knrse* Koxnm. 6 98 109 TO 964 -21 +02 606 

Norway. +1 83 .258 . . 964 TO — 01. +81 .506 

Norweirian Idd: Bk. 6 «... -125 . . » TO . W| r —« — 82 ; . 605 
Petroled Brazil 7 S8 „... TS& : 99| Jf| 0 +D4-.TJ9 

PK Banken H « .. ... .. , 1W WTO' +02 +« uo 

Quebec. Province of t M ISO 95* ; *64 +01 +« 6J2 

JtortanmJrW Oy 6J 88 « . TO: 902 . .0‘ +1 6J7 

BiMbSt -W — 38 TO lOTt +0|- -Htt 5J1 

Spain 6 63 ..: 280 TO 95J -84 6AT 

StAlOlI G 98 - .. — 158 Wi 994 0 +02 605 

TrotidlwteJ, city or 5S .... 35 8. 0 ’ 6.4ft- 

UDS Group 3J S3 65 978 TO —81 +01 (A 

Vencmela 8» 90 150 TO TO: +82 +0 705 

World Bank 04 66 900 110} 111 - - 7JT 


SWISS FRANC 
STRAIGHTS 

Ac«a' 3} SO • ■ 

American' Em. Tnt, K M 


OTHER STRAIGHTS Ism 
Rank O/S Hold. U* AS ... 12 

Amo Cote Baca. 7 03 EUA 16 
Copenbapcn 7 03 EUA . . 30 

Finland Iwl. Bit. 7 93 EUA 15 
Konun. Inst. 71 83 'BOA... 15 

Panama S! 93 EUA ..... - 28 

SDR France T 83 EtJA ... 22 

Alneim-nc Bk. 6i 83 .FI ... 75 
BfMfl 7* &7 FI 7S 

CFE Mexico 7J.S1.FI ...... ■ 7S 

Em 7} 63 FI 75 

Nrdcr. Mlddenb. C? S3 FI 7S 
N-.-.r Zealand «! M FI ... 75 

Nnnenr tf U FI 100 

OKR B‘ Vi FI 75 

Ere d; st FFr : 200 

Unllcrcr 10 f3 FFr . . . no 
BAT 9 » LuaFr ..: 250 


Finland 1. Fd. 


Solvnv Fia. 3 86 LuxFr 


WWthread Ml 90 f 15 

FLOATING RATS' ; 

NOTES Spread Bid Offer C-dat* Cxpn C.ytd 

■American EvprTO'M 81 19 *9t 20/4 IBi 10.71 

Arab 1ml. Bank M0J_83... 0£ 155 96} 31/1 95 9-77 

Banco El Salvador MS 83 14 TO 974 12/4 UJ1 11.65 

Banco Mac. ATiCent MS ’SS 91 965 97} 21/1 9J 9.66 

Bank JlenlkW.MS SB 14 97 97J 25/11 17.94 13J0 

Hank of Tokyo 14». 83 .. 01 HE TO B/C lfl> 19.84 

Baooue WnrniB MS! 15 „ 81 984 98J 15/12 9 9A4 

Bo. Err. d’Ala. JIBJKT H B TO TO 9/2 « «.« 

Bout. Exi. d’Ala. 247 3 83 03 955 9JJ 2/5 12} 13.26 

Bane. Incl" el SO« MS* 04 TO TO 25/1 « 9.55 

B«l. IW. Air. Ocr. MGJ 83 01 965 TO 12.1 9} 4A1 

rrrE bk 01 96} TO 3/z 1A9 9.48 

nCF SIV SS -. r . ... 01 194 BJ 3.S 124 12J1 

Ciase Man. i».*5_ MSi 93 04 974 TO 271 9J1 9.« 

rredu ?IatlonaI MSI 8S .... H 973 TO 11.1 1 J9 9J8 

CoiahanJccn MO - OJ 974 975 15/5 12.31 12.61 

intf. Bank Japan 34S». «5}. til tdl « 1/i MJ5 12.47 


Closing prices on December 8 

CJwnse air 

issued Bid Offur day week Yield 

IS TO 97J +01 -Oi 6J2 

— 30 95 • 158 -B* -01 7.11 

, ... U TO TO +<U — Oi 6.79 

..... 25 1034 181} +■} 0 5-51 

..... a to to -01 -oi T.ei 

i„.. 48 954 951 -31 -0} 6.99 

Cbauseon 

band BM Offer day week Yield 
I.... 12 944 96 -04 +01 12.93 

UA 1* » 17 0 -01 7.39 

. , 30 164 174 0 - 01 7.37 

UA 15 TO TO 0 0 7J8 


GTE in 
agreed 
takeover 
of Telenet 

STAMFORD — General Tele- 
phone -and fcllevtronlcs Corpora- 
tion and Telenet Corporation 
have agreed In principle 10 
merer telenet into GTE in an 
extfaance or stoek valued ai 
about $59tn based on curreul 
, prices. 

GTE lias also a weed with 
holders of 53 per cent of 
Telenet's stock to acquire those 
shorts in an exchange of 0.7652 
\ shares or GTE for each Telenet 
: share. 

Tile a weenie ot also provides 
for the remaining holders or 
Teleuct stock lo receive 0.7G52 
GTE shares for each Telenet 
share tendered. 

Telenet, traded ovcr-lbe- 
counler. has 2.6m common 
shares outstanding. 

The company provides public 
packet switched data cou- 
\ miuiications services that 
allow a wide variety of com- 
puters anti data terminals to 
communicate efficiently. 

II expects 1978 sales of about 
$9tn. 

Bolt Bcranek and Newman. 

, In a separate statement, said 
it holds about 24 per cent of 
I Telenet's shares. 

Under the proposed trans- 
' action. Bolt Beranek said it will 
receive 503,729 GTE shares Tor 
its 658,298 Telenet shares. 

Based on the closin'* price 
of fiTETs stock on December 8. 
which was .<S8.fi. Bolt Rerauek 
said its train from the trans- 
action will be about §lOm or 
$7.38 a share. 

The proposed exchange of 
shares Is expected to be made 
on a las-free basis. 

Reuter 

Occidental 
bid for 
Mead halted 

By David Las cedes 
OCCfDE.VTAL Petroleum was 
temporarily halted this week- 
end in Its Slbn takeoTed hid for 
Mead Corporation, the forestry 
products company. 

Tbc judge in the Dayton, 
Ohio, district court wbo is 
hearing (he combined objec- 
tions of Mead and the Justice 
Department lo Occidental's hid 
has granted a temporary re- 
straining order, barring Occi- 
dental from seeking its share- 
holders' approval for the pro- 
posed exchange offer for 
Mead's stoek. This order, which 
can be extended to the end of 
the year, effectively freezes the 
bid for the time being. 

Judge Carl Rubin stressed, 
however; that ** this order is 
not intended to be an expres- 
sion upon the merits of this 
maiter.*’ But he added that It 
had been granted to preserve 
the status quo while the court 
investigated the anti-tmst 
charges brought against Occi- 
dental bv Mead and the Justice . 
Department. 


A time for more flexibility 


BY WILLIAM CHISLETT IN MEXICO CITY 


TO TO 
95 97 


-04 7JA 
+04 tJft 


97S TO -84 -a l 7.22 

TO TO 0 -Bi 8.62 

932 W! +04 +04 9.14 

97 TO +84 +04 8.4* 

934 «8 +C1 +01 8.54 

925 TO -Oi -02 1JS 

92 TO +01 +0! 8-51 

92 923 +08 +01 Att 


75 

935 

TO 

0 

-Oi 

835 

200 

. TO 

TO 

0 

e 

9.91 

TO 

TO 

loss 

-04 

-01 

1.94 

2S> 

954 

964 

0 

0 

a.‘i 

250 

954 

96i 

0 

+ 0j 

8.77 

258 

941 

is; 

0 

0 

8.41 

250 

95! 

168 

0 

0 

8.60 

250 

96S 

176 

■ 

0 

8.5Z 

506 

TO 

TO 

0 

+« 

834 

500 

994 

iob; 

0 

8 

7.12 

500 

91 

100 

• 

-01 

*37 

u 

»s 

TO 

+ 01 

-01 

13.40 

25 

SSi 

TO 

—04 

+ 0 : 

22.94 


Wfc/.fll? .“04 ';+0A' , 6 JBI- 
Kj BW4 -« -+» -£70 

TO 1004 -W 0 5.77 

971 .904 -21. +01 

964 TO — M +81 .5.16 

S _ -11: AS 

J9I ' 0 +DJ- i 7JI9 

TO TO +08 +0{ AM 

TO 1 164 ' +04 +04 6 SI 

TO; 902 ..*■ +1 6ST 

TO ITO +04 -H» 5J1 

TO 951 -1J ’ -» U T 

TO TO 8 +« 6J5 


JsJiPtswoliaia 1 ia» .8? ^.... 

■ L1nWRrp'<s' M7.75 JB- 
■I.TCB Jinan MSI S3 ...... 

Midland Inti. M3* Q3 
K«l. W««l. M54, 98 
n»^a 3131 Si ... ... 

riffshore Mining 88 

SFTE JIB W - 

StandarO Chari. '545.5 30_. 
BnndsvailslwBVeq MS tG 
Uld. Overseas Bk. MO 83 


Q74 914 27/0 111 U.08 

964 96 1 191 mi UA2 

WJ 99 9/5 12416 12J2 

973 TO 201 9jM 9.f* 

914 982 2112 1SI 9A5 
991 180 18/4 1836 1139 

TO 118 19 1 9.00 939 

984 988 5/4 10-69 1A» 

TO 974 lft.1 B.94 9w» 

961 974 .4/0 10416 1937 

TO 99 4/5 1231 12.17 


eOHVERTJBLff ’ Car. Ciw. ChB. 

BONDS > - • dste price BU Offer day Prom 

ASICS 5 : 83 -i 1/7* 623 102* 1334 +M 1236 

R-iker Tut. Fin. S) 85: ... 1/79 34 1M 736 -OJ 1111 

Ports fl’ K» . . . ... 2/79 226 93 934 +01 -337 

r*ni.rcl9 BMtlTO: 6* 4/71 9 nt 91 +81 1032 

l-o.Y«6r.ilO 3! 03 6/78 1473 211 1314 +0J -8.60 


7'n-Yol-^dO 3! 08 6/78 1473 

-tfnvo jntHsiri ” W 4/J9 259 

T«i^ Im A>r. 7*. 91 4/71 143 


tSi -01 24.57 


■nmrn lnt. F!n. .7 80 .... Jl/ 7* 3A7 1034 «»J +1! -231 


Btaril 4} “8 TO • -TO 

Chase oijntiauan, 4 83 ... 78 ^ HB 

CYRD«M ® ,23 -,2S 

Council of Eurooe 45 $5 ItW l*ri 

Banfcamerica 31 93 

BNDE 5 SS - 75 1BBS UO] 

Denmark *h 9ft 101 1031 1TO 

Denmark-teortgase Bk. ... W ZTO 1TO 
E1B 4± S3 ~ 160 IO89 1000 


35 

TO 

«s 

0 

0 

‘6.4ft- 

65 

978 

171 

-81 

+81 

631 

153 

TO 

954- 

+8S 

+n 

735 

4B0 

1904 

911 



757 




Cnanoe on 


Itsocd 

Bid 

Offer 

day 

week 

Yield. 

43 

uni 

109ft 

+04 

+« 

432 

4ft 

TO 

TO 

+04 

+1! 

534 

40 

TO 

' 181 

+AJ 

.+06. 

433- 

100 

TO 

m 

-0- 

+u 

436 

UO 

TO 

954 

+04 

+1 

338 

208' 

TO 

161 

+01. 

-34 

4.63 

70 

132] 

1 A2S 

a 

+M 

3.76 

50 

451 

.953 

+04 

+0S 

5JZ 

65 

IOOJ 

101 * 

+84 

’+U 

‘438 


Tr«-n im. I'm.. SJ OS 9/71 H tin IM . I Ais 

TV.,, rn. F.n 7 ** 5/71 61.5 7*1 74? +0> 127 93 

»'>o , l«-yl ”» D-M. ... 1218 TO 90S »1‘ +31 A8S 

rasyn Corns -1 « CM ...ll/lft 80 10V» ICflt +02 6.75 

iTlimiv.' « DM 10,18 999 TO m -It 336 

JiiSi-n 3* PM im 1370 955 963 -0* ".98 

KanKtoroyii 3J 53 DM ... 1/79 M2 TO 16J +04 6J3 

iinnHa. Fnod S+4»M ... 2/79 1073 Hi PI +34 0J1 

Muroia Mnn. 3» »DW :..ll/J8 854 TO 99- -OI w 

Nironn Air. 3.5 « D« ..J2/78 5W "2 H 0 32S 

N-.pmm Shlnpan ItBM ..Iffl 7*1 UH ini 8 UO 1 

N*f%in Yu6i-n Si SS DM_. 1/79 251 954 TO +M 0.91 

lfifimn Dl.-s-l 33'S8DM . 2m 477 90 TO +93 12J0 

Olympus Opdral SJ SJDjff 2/M' 703 TO TO +0i 3JS 

Rlenh3"«uDM. ,_Jft/78 .617 1034 lBti +01 1484 

sarkro ncnrlc 31 Dll .. 8/72 869 2HJ 1H3 -U 7.W 

Sanyo Elecrrlc «;DM ...Ju/78 W « « 0 ^7 

Seim Stores 5> »TJH ... I/T* 1271 U3] 11’2 +01 -7-12 

ffnid.-v EVrtrir 36 DM .JIIS 623 « TO -Oi 8.«n 

Trio-Ki'JiwooJ 3! 86 DM .U/78 7U 135 11! -01 9-« 

- No Infonnaiicn avail ah! 1 : — previous day’s price, 
t Only one market maker onpplicd a Prift-. 

Sira 1 mu Bonds: The yield Is the yield 10 redemption of Ul» 
mifi-orfee: tl* vnoant is in rmtlton* of nn+pper 

an *' 9 eserpl ISr Yen honds where it W >p tnnions: Chance 
on vi+fc=C!i9P« over price a week Mrlli r. 

Floating Ram MBieff Df-nomlnaiml In dollars mi!r« oihrr. 1 
u-L9p imllca'ed- M = Minlininn coupon. C.date-Da'^ nm ; 
coupon hi'i-nmoa effective. Spread = Marvin above sis- month J 
Offeri-d r?u- hr U.S. dollara. C-cpn-Thc (.nrrcnt cannon. ■ 
• r.y|d-The cuirom yield. ; 

Convertible bonds: Deuamlnatod m dollars inH.?ci mh>-rinv* j 
IfHKcjred. r&c.- Cas -Chance on day. Crrv. dale = First dale . 
■for -opwtb'Qii Inia shares. Cnv. nrJcp-\otninal amouni or . 
bond per share expressed tn currency or share ai i-nnr. r. ! 
6 kid raie Hwd-M Sfsne' PrnnrPnrrai'a.ie w-mlum nr .tv j 
mrrenr cffctttve price nf acipitrlax sham sia Jbe bond 
_ -pier /bn nioel tsai price ot tb; sham. 

C The Financial, TbRtt Ud...W7S. -Reproduction in whole i 


EanUHB AS S3 — 

F. L. Smldth 4i W 

Finland 41 93 — — 

Ftm fhircso 3? 93 - 

nZB 44 93 

Btlrt-LtedienEtrin ii „ 

1CI Fin. NV 4* 93 

Malaysia 42 M 

ManPoba 4 W . — •• 

hr*** * 93 

Xorsc* Kntnffl. 4 iM - 

OKB * » ■ 

Or NOW* 5 W 
Safe 41 93 

Sandvik 4 9ft 


« . 1SW vn_ 0 + 1 ; 3.72 

TS 16&1 UOJ +01 +U 4.95 

101 io3{ lnoi t +21 te 

B7 1034 3823 -02 +K *31 

100 100 a 100ft +02 +84 US 

S3 TO TO -04 +12 4J2 


201ft 

104* 

+ 0 : 

6.76 

TO 

19t 

-it 

336 

TO 

963 

-M 

■AS 

95} 

TO 

->-04 

632 

491 

9«il 

+01 

931 

US 

«: 

— OI 

n* 

<*2 

93 

D 

338 

1U4 

1271 

9 

LH 

954 

TO 

+M 

o.n 

991 

TO 

+91 

1230 

TO 

994 

+U 

33S 

U3j 

UU 

+ot 

1484 

21’i 

1U3 

-ti 

7,« 

92 

9J 

P 

6.47 

U3] 

ITS 

+01 

-232 

« 

TO 

-Oi 

S.4D 

«5 

«: 

-04 

9.92 


S3 TO TO -02 +12 4JZ 
25 101 1S1J +02 +BX 035 
80 U32' IS! -01. +2 - 4.29 


78 tlMl 1012 — — 336 

ISO 10l» 1914 +S1 + 0 ; 4JS 

25 IM: — 0} -« ' 331 

103 Wt 1042 0 +» - 3*7 

88 TO TO 0 +02 4.86 


88 TO TO 0 +02 A 86 

in ion mu . -oi '+« 3L87 . 

,.. . 78 981 99 +01 +11 lift 

...100 2911 1034 +04 +1 4J3 

. . . 80 . 99J 10BI +04 +01 4.M 

... 20 131‘ 192 +M -BJ' 430 

.: » im ini -01 0 * a»- 

85 182 Ittl +0| +1 3.76 

It M71 J.fl» 4.JI- 13 


SpTg ^ j* .. . 15 J. 102} KBi +04. +H n03 . . -pier »bc maet Picem price of tb; sham . 1 

33 ^ ^ im + ? +«' 3 M - a The Firanctal T^UMi Ud.. . 6re< |iif tior. in wb«le • 

*3 — _ or J0 p3n jn any form not permitted without written consent, j 

S S TO lE » +0i AH *7 fnwr.B^ Services. 


Dar? a well ahead 

Dans Corporation, the motor 
component manufacturer, bas 
increased its quarterly dlvid- 
denrt by 2 cents to 35 cents a 
share, reports Reuter from 
Toledo. Net earnings for the 
first quarter have risen from 
$32.1 m to $41m or from SI. 05 
to S< 1.28 a share. Sales moved 
np from $346m to $676m. 

LTV dividend 

The directors of LTV Corpora- 
tion have declared a quarterly 
dividend of 05 cents a share on 
the new S2.60 Series B cumu- 
lative convertible preferred 
slock issuer! In connection with 
Its merger with Lykes Corpora- 
tion, Reuter reports from 
Dallas. 

Wheelabrator-Frye 

Wheelabrator-Frye has In- 
1 creased Its quarterly dividend 
| lo 30 cents from 25 cents a 
I share on its common stock, 
Reuter reports from Hampton. 

| The company has also 
, approved a regular quarterly 
dividend of 50 cents on its 
series B cumulative preferred 
-slock. •• • 

Heinz dollar plans 

H. J. Heinz is “acting pru- 
dently” to protect itself against 
wide fluctuations in the value 
of the dollar, the chief execu- 
tive officer Mr. R. Burt Gpokin 
told analysts, reports Reuter 
from New York. In the first 
half of this year. Heinz earn- 
ings of $49.5m included cur- 
rency translation losses 
totalling $3.6 m. 

City Investing, Uarco 

Uarco and City Investing 
jointly announced today the 
execution of a definitive 
merger agreement providing 
for the merger of Uarco with 
a subsidiary of City Investing, 
reports AP-DJ from New York. 
In the merger each share- 
holder of Uarco will receive 
$52 per share cash. 

Brown Group up 

Net earnings for the Brown 
Group, the shoe manufacturer 
and retailer were up to $53.5m 
or $4.58 per share from $27.1m 
or $3.71 per share for the 
fiscal year ended October 3S, 
AP-DJ reports from New York. 
Sales improved lo 5984m from 
$S91m. The fourth quarter 
earnings increased to $ll^m 
from S9.8m, whereas sales for 
the period were higher at 
8282.4m compared with 
S249.6m. 

MerrilLAmic merged 

Merrill Lynch and Amic 
Corporation Jointly annonneed 
thal in connection . with the 
pending merger of Amic with 
a subsidiary of Merrill Lynch. 
Merrill is beginning the pur- 
chase of up to 15 per cent of 
the outstanding shares of Amic 
common stock, reports AP-DJ 
from New York. 


THE IDEA of creating an inter- 
national financial centre in 
Mexico has been aired, with Par- 
liament studying a draft law. But 
it is most unlikely that the 
measures decided upon will in 
any way pul Mexico on a rival 
footing with its nearest offshora 
Centre in Panama. 

Nevertheless, the first tenta- 
tive step*! are beina taken to 
permit foreign banks, whose 
function at ihe moment is con- 
fined to establishing representa- 
tive offices, to operate with a 
little less restriction. 

The hanking system in Mexico, 
3 developing country with a 
population of some 66m, is not 
yet ready to be opened up com- 
pletely. and so remains highly 
protected. But the Bank »f 
Mexico does feel now that with 
the worst of the economic crisis 
over, following the 1976 devalua- 
tion of the peso, the time has 
conic lo be more flexible. 

There are US foreign banks in 
Mexico with representative offices 
including many major banks, 
and while they are taking a 
keen intere*! in the law. they are 
showing little cnlhusiam for the 
details which have so far become 
known. 

Under the proposed law. 
foreign bank-, would be allowed 
to tiim their representative 
offices into offshore branches and 
deal only in eJtira-terrilorial 
artirities. This uould me?n that 
they could ?ei denn*its only from 
non-residents in Mexico (ie non- 
'Texicanst ?id people living out- 
side the uourlry and make loans 
in the same categories. But any- 
thing which would smack of 
romnetitlor* for the Mexican 
system, like '.oars to Mexican 
companies, is nnr contemplated 
in the Jaw — or if it is. then it is 
being kept a closely guarded 
secret. 

When detail^ firs; began to be 
reported in the Mexican Press 
giving the misleading impression 


that foreign banks might be able 
to enter into competition with- 
national bank*, the shares of 
several leading private banks 
fell in apprehension. With 
affirmations to the contrary the 
banks have regained their 
confidence. 

The general impression among 
foreign banker* seems to be that 


gauge., the reaction of foreign 
bankers and then possibly modify 
the draft law accordingly- But 
this is unlikely, given the highly 
nationalistic image of Mexican 
governments not bowing to 
foreign pressures. 

There is also a suspicion that 
the government could be draft- 
ing a law to permit greater flexi- 


Under a proposed new law, foreign banks in 
Mexico would be able to tom their representative 
offices Into offshore branches and deal only in 
extra-territorial activities. This would mean that 
they could get deposits only from non-residents 
in Mexico and people living outside the country 
and make loans to the same categories 


unless The lew offers Thera more 
incentive than at present then 
there is little point in the law. 

For example, Ihe draft law 
docs not even contemplate allow- 
ing offshore branches to make 
loans to foreign subsidiaries in 
Mexico or to Mexican com- 
panies involved in export pro- 
grammes. These exemptions 
could bare been granted without 
posing mucb competition for the 
Mexican system. 

Clearly, the status granted in 
Panama to offshore branches 
could not happen in Mexico 
without howls of protest from 
Mexican banks; and foreign 
bankers understand this. The 
government of Panama grants 
offshore branches income-tax 
exemptions for offshore business 
— no taxes levied on interest 
from domestic or offshore 
aeccounts and no limits on 
interest rates — none of which is 
mentioned in the draft law. 

tin the other hand there is a 
feeling that the government 
could be floating the idea lo 


bility with the hope that impor- 
tant export countries like Japan 
will reciprocate and let Mexi- 
can branches in. 

The Mexican Government 
would like to see more branches 
of its banks established abroad. 
But as Mexico is not prepared 
to allow foreign hanks to do very- 
much it is unlikely that coun- 
tries will offer very much more 
to Mexico without a quid pro- 
quo. • 

Whatever happens some U.S. 
banks have indicated that they 
will go along with the law if only 
to show their willingness and 
win ihe favour of the govern- 
ment for further concessions. At 
the moment the only foreign 
bank which is exempt from the 
present law is Cititbank, which 
can deal with the general public 
but not offer time deposits. Citi- 
bank got in before the law was 
passed and was to some extent 
rewarded for not withdrawing 
from Mexico when other banks 
did earlier this century. 

The Mexican banking system 


has made a good recovery is the 
past two years. The President, 
Sr. .Tose Lopez Portillo, reported 
in September that the 241 per 
cent rise in deposits in the first 
half of the year was “ without 
historic precedent." In 
September peso deposits stood at 
Sl.Sbn pesos ($3.5bnj and dollar 

deposits at 630Sra. 

The process of “ dollarisation " 
which greatly accelerated after 
tlte devaluation when an 
estimated S4bn of capital left the 
country and many people put 
their money into dollars and not 
pesos bas considerably slowed 
down. The Bank of Mexico 
reported in November that 92 per 
cent of the deposits in September 
were in pesos and only 8 per cent 
in dollars. 

Primary international monetary 
reserves reached $2,719m on 
August 31. an increase of -S64Tm 
over the previous level in March. 
This is the highest level of 
primary reserves yet attained. 
Mexico also bad Sl.S’iSm in 
secondary reserves. 

Some of the inflow of Pesos 
must be attributed to the return 
of probably a.? much as half of 
the capita] which left Mexico 
in 1976. The other half, though, 
is unlikely to return. The newly 
restructured interest rates of tin 
to IS per cent a year have had 
the desired effect of attracting 
many Mexicans to out their 
money into peso deposits. 

At the beginning of Novemher 
the Bank of Mexico announced 
that interest rates on dollars 
could no longer exceed the rates 
obtainable on the Eurodollar 
market. Hitherto, rates on dollar 
deposits in Mexico had been 
higher than those abroad. 

The bank at the same time 
narrowed the gap between short 
and long term deposit rates. The 
central bank feared that with the 
recent sharp increase in Libor 
rates this could affect the 
dollarisation process again. 


Fisher Foods plans to 
change trading method 


EUROBONDS 

$100m floater for BfG 


BY TERRY BYLAND 

EARNINGS IN some of the food 
supermarkets operated by Fisher 
Foods are coining under pres- 
sure from competitive fond ware- 
houses in tbc final quarter, 
■admitted Mr. Carl Fazio, the 
chairman of Fisher, in London 
yesterday. But he remains con- 
fident that the group's earnings 
for the full year will fall com- 
fortably within the 81.35 to Sl-80 
.predicted by analysts in recent 
months: 

In 1377. Fisher turned in net 
earnings of 84.4m or $51.68 a 
rhare on sales of ?l.5bn. At the 
third quarter mark in the 
current year, the group had 
! earned 81.23 a share, eoram exiled 
Mr. Fario. 

Mr. Fazio claimed that it was 
competition front rood ware- 
houses which bad pushed about 
eight of the group's leading 
store? into Joss in the final 
quarter of this year. The group's 


response is to enter warehouse 
trading itself, with 11 of its 159 
supermarkets already planned 
for conversion into warehouse 
stores. 

Food warehousing, a growing 
trend in U.S- retailing, aims to 
cut prices by leaving the 
customer to select, mark and 
pack his or her own goods. 

Fisher, whose stores are in 
the Cleveland. Ohio and Chicago 
areas, where customers are 
traditionally price conscious and 
also at present face the threat 
nf unemployment in the steel 
Industry, will convert about half 
of its stores to warehousing over 
the next two years if present 
trends continue. 

Mr. Fazio expects substantial 
cost savings from the warehouse 
stares, where both labour and 
packing costs can be sharply i 
reduced. Overall, savings of 8: 
per cent are hoped for. 


BY FRANCIS GHtLfiS 

THE Bank fuer Gemeinwirt- 
sebaft will float a $l00m. floating 
rate Note with a- minimum 
coupon of 5} per cent through 
European Banking Corporation. 
The maturity of this bullet issue 
will be ten years, extendable at 
the investor's option to 14 years. 

The borrower will pay interest 
rate of i per cent above the 
London interbank rate. 

The internattioual bond 
markets were fairly featureless 
yesterday, prices did fall by 
about one-half to five-eighths of 
a point on dollar denominated 
bonds, but some dealers said 
that the weakness of the U.S. 
currency was not necessarily a 
major factor. “It is the begin- 
ning of the silly season.” noted 
one dealer, who described the 
trading as very professional and 
said that the price movements 
of certain bonds was very diffi- 
cult to explain. Others com- 
mented that the conflicting 
trends in the U.S. and Eurodollar 


bond markets, which bad been a 
feature of last week's trading, 
was finally catching up with the 
Eurobond sector. 

Trading in the Deutsche-Mark 
sector was very thin with prices 
unchanged. The success of the 
Republic of Brazil issue being 
arranged by Deutsche Bank was 
underlined when tbe issue was 
Increased from an Indicated 
DMlOOm to DM150ra. 

Initial reaction to the 33 per 
cent coupon on the latest 
Japanese convertible, for Omron 
Tateisi. was cautions. 

Many German bankers were 
arguing that a rise from the 
recent norm of 3i per cent to 4 
per cent was necessary to inject 
some vigour into the Japanese 
convertible sector. Terms for 
Deutsche-Mark tranche the Carter 
bonds are expected to be 
announced today. This operation 
is expected to come in two 
tranches, one with a three year 
maturity 


This announcement appears as a matter of record only. 


********* 




Republic of Panama 

Kuwaiti Dinars 6,000,000 

8 V 2 per cent. Notes due 1990 

{ redeemable at the option of the holders in 1985) 


Kuwait International Investment Merrill Lynch International 

Co. s.a.k. & Co. 

Algemene Bank Nederland N. V. 

(Bahrain Branch) 

Banque de Paris et des Pays-Bas 

(Bahrain Offshore Brandi) 

Banque Nationaie de Paris 
Citicorp International Bank Limited 
Credit Lyonnais 
Libra Bank Limited 
Norse Securities A/S 

(A Division of Sparebankca Oslo Akershus) 

Union de Banques Arabes et Francaises-U.B.A.P 


Abu Dhabi Investment Company 
Kuwait International Finance Co. (KIFCO) 


Arab Bank ltd (OBU Bahrain) 
Kuwait Real Estate Bank K.S.C. 


Akroyd & Smithers Limited 

Arab Finance Corporation S.A.L. The Arab and Morgan Grenfell Finance Company Limited 

Bankers T rtist International Limited Bayerische Vereinsbank International Societe Anonyme 

By bios Arab Finance Bank (Belgium) S.A. Bybios Bank S.A.L. Den Norske Creditbank 

European Arab Bank Gulf Riyad Bank Kuhn Loeb Lehman Brothers International 
Kuwait Financial Centre S.A.K. Manufacturers Hanover Limited National Bank of Abu Dhabi 
Nederlandse Creditbank N.V. Riyad Bank Limited 
J. Henry Schroder & Co. S.A.L. Societe Arabe Internationale de Banque (S.A.I.B.! 

Union de Banques Arabes et Eoropeennes— U.B.A.E. Societe Anonyme Wood Gundy Limited 









24 



Rembrandt‘Seifportrait“ {163 liRjjksmusaan, Amsterdam. 


Rembrandt country is Rabobank country. 


R< 


L embrandt found his inspiration in Holland, 

yet created art with a worldwide appeal. The Centrale 
Rabobank also finds its inspiration in Holland... 
yet increasingly provides services in the world at large. 

With a strong agricultural background, 
the Centrale Rabobank heads a cooperative 
banking organisation with over 3100 offices and a 
combined balance sheet total exceeding 61 billion 
Dutch guilders (in excess of US S 26 bilkon) in 1977. 

This makes the Rabobank not just one of 
the largest banks in Holland and one of the 35 largest 
hanks in the world, but also a bank with deep roots 
in almost ail sectors of Dutch ix-omwnic life. 


other major European cooperative banks. This, together 
with the support of London and Continental Bankers Ltd, 
has strengthened our operations by giving inte rnational 
clients unparalleled on-the-spot service. 


X he Centrale Rabobank is now expanding 
worldwide with a full range of banking services. 

To accelerate this expansion, we recently co-tounded 
the "Unico Banking Group*’, linking us with five 


Guwth of bafance sheet total 
and international activities. 


International. * 



^Organization. 


12 73 74 75 76 77 


jLn addition, we are active 
in the Euro-currency and Euro- 
bond markets. Our international 
transactions in foreign currencies, 
Euro-credit loans and 
participation in new issues, are 
showing a remarkable growth. 


Centrale Rabobank , International Division. 

Catha nines in g el 20 . P-Q. Box 809S , Utrecht, 

The Netherlands Telephone 030-3626U- Telefr: 40200. 


Rabobank S 

Dutch Masters in Banking. 


CORRECTED NOTICE 

THIS ANNOUNCEMENT APPEARS AS A MATTER OF RECORD ONLY 


4tlV 

ENDESA 

w 


EMPRESA NACIONAL DE ELECTRICIDAD S.A 


U.S. $ 25,000,000 


TEN YEAR FLOATING RATE LOAN 


BANQUE BRUXELLES LAMBERT S-A. 

BANK OF AMERICA NT & SA 
BANQUE LOUIS-DREYFUS 


Managed by 
Provided by 


BANQUE LOUIS-DREYFUS 
BANQUE BRUXELLES LAMBERT S.A. 


BANQUE DE LA SOCIETfi FINANClfeRE EUROPtENNE 
SFE GROUP 


BARCLAYS BANK INTERNATIONAL LIMITED THE ROYAL BANK OF CANADA (FRANCE) S.A. 

THE SUMITOMO BANK LIMITED 


-Agent 

BANQUE LOU1S-DREYFUS 


SEPTEMBER 1978 


This announcement appears as a matter of record only. 


December 7, 1978 


$131,774,000 

American Airlines, Inc. 


$41,000,000 Equipment Trust Certificates due June 1,1989 
$90,774*000 Equipment Trust Certificates due June 1 , 1994 


The Equipment Trust Certificates are being issued to finance a portion of 
the purchase price of two McDonnell Douglas Model DC-10 aircraft and 
nine Boeing Model 727-223 aircraft to he leased by a trust to the Company. 


The undersigned acted as financial advisor to 
the Company in connection ■with this finan c ing . 


Bankers Trust Company 




:,;A . . Financial Tim.es Tuesday Decei^bW 

UNIX. COMPANIES and liiSi06 : iai*idc |, “ 

rw:r,.i«eo 


U.S. COMMERCIAL PAPER 

British Gas debut in 


BY JOHN' EVANS 


vlfl 

is# 




BRITISH GAS yesterday com- 
pleted arrangements to dear the 
way for issues of its own com- 
mercial paper in New York. It 
Is the first UK state enterprise 
to . offer, with . Government 
guarantee, these short-term 
money market instruments In 
the U.S. 

The state agency signed in 
London yesterday the 8250m 
Eurodollar standby facility, 
which will back-up its commer- 
cial paper activities. Such sup- 
porting back-up bank lines are 
normal procedure in raising 
commercial paper finance. 

British G as has received a 
provisional prime rating for its 
planned commercial paper 
issues. Moody's .has awarded it 
an A-I rating and standard and 
Poors its P-1 rating, both equi- 
valent to a triple-AAA bond 
assessment 

Officials of British Gas indi- 


cate that the agency proposes 
to start its commercial paper 
programme very shortly, and the 
first issues .wfll begin before' 
Christmas. . ■ 

This will match the corpora- 
tion’s own peak period for Short- 
term cash borrowing needs;' 
which occurs in December .to: 
March period, officials said. 

British Gas buys in North Sea’ 
gas early in the' winter to meefV 
seasonally heavy consumer' re-" 
quiremehts, but generally does, 
not receive consumer payments 
until later in the new year. .. .. 

However, it was stressed that, ; 
as the first large UK public 
sector borrower to tap commer- 
cial paper, British Gas will bnfld! 
up its borrowing programme 
carefully to the full S250m 
figure. 

In fact, there is some optimism 
that British Gas can offer its 
commercial paper on relatively'' 


more favourable terms than 
Efectricite de France, the FTeach 
state agency which has been the 
maip foreign borrower- of com- 
mercial paper so fax. • 

®DF has some SlBbu of com- 
mercial paper outstanding. Jt iS 
felt that, with British -Gass 
relatively small offering pro- 
gramme. it can obtain relatively 
finer terms. 

Prime-rated US. corporate 
paper of 30 days maturity is cur- 
rently selling in the region of. 10 
ppr cent on a discounted basis. 
In British Gas's case, it is. hoped 
to .offer its paper as close as pos- 
fjlle to that level. 

", EDF is currently selling its 
own paper, in the same ipaturity 
range, at around 10.375 per cent.- 
• 3n a statement yesterday, 
British Gas said that commercial 
paper would represent a. cheaper 
source of short-term, dollar 
finance than -the Eurodollar 
market, and it would thus obtain 


a lower dollar Interest rate than 
with normal Eurodollar borrow- 
ings. . • • . 

The 8250m standby facility has 
been arranged by Barelas* feank 
International . and _ National 
Westminster,' wlth support from 
Bank: filer Gemeinwirtsdiaft. 
Sumitomo Bankahd Uni oh Bank 
of -Switzerland. V 
The T?;S. dealers -for- the com- 
mercial paper -"will. be .Goldman 
Sacha.'-and the Xsriuhg agent.. 
Bankers- Trust Company. . . 

’■ Other ‘ British ' issues'. In • com- 
mercial paper to date -have- been 
made by BP, .iGI and- Cbn&li- 
dated Gold Fields Group, y - 
As the -cost of Eurodollar 
fiigmce has soared in the^ wake of 
recent U.S. measures to , tighten 
credit, it fs thought that En«b 
pean' dotporationsv.-wtiT display 
more . Interest-, in future ..- in 
launching. commercial paper as'-a 
relatively cheap method of secizril 
ing ; doirarfiDaiice-_. -j’.. 


Warning on 
profits by 
Berliner Bank 


BERLINER BANK reports that 
profits during’ the first 20 months 
of 197S rose almost 10 per cent 
to DM 70.7m ($37rn) compared 
with the same period in 1977. 
However, it warns in an interim 
report that the continued narrow- 
ing of interest rate spreads may 
not necessarily mean that the 
same trend is maintained for the 
final two months of this year. 

The bank, which is owned by 
the West Berlin city government 
achieved increased earnings on 
all major areas of its business. 
Despite the narrowing of 
spreads, profit' from credit busi- 
ness rose by DM 13.5m, thank*; 
to further steady expansion of 
the volume of lending. 

There was an S.4 per cent In- 
crease in the volume of business 
from DM 5.8bn to DM 6.3bn. 
with both private customers and 
commercial borrowers contribut- 
ing. 

The bank reports that in the 
commercial sector, demand was 
strongest for short-term loans, 
while private customers were 
taking on both lines of credit and 
mortgages. 


Volker-HVA merger 


BY CHARLES BATCHELOR 


DUTCH DREDGING group* .tendered jointly fop projects in 

Adriaan Volker and HVA have Nigeria and Kenya. . ■ 
broken off talks aimed at a ; : Volker is still interested in ihe 
merger of their agro- industrial agro-industrial sector* and may 
activities because of a disagree?, look around for other partners, 
ment over the price to be pati£ although at the moment rib talks. 

Volker and IPfA. which hss ^VoUcer* ^ currently in.the pro- 
consultancy, trading, plantati on pggg ^ merging with the Dutch 
and agro-radustnal intends; contraction group Stevin. The 
first announced in June that they new holding company. Volker 
22. stevin, expects to be operational 

October VoUcer said it hod Ob HVA 

Stthnnih tall; nil wo " oId have 8™** Volker a link 

although talks on a partial link?, Ae Agribusiness- -Group, 
up were still continuing. -v. ™£h «*„ i^gT^ale focS 

“ The reason for the . break- industry contracts from develop? 
down of the talks was financial.” tag countries. Agribusiness 
a Volker spokesman said. “ We- Group was set up earlier this 
both had a sum in mind for year with HVA as one of its five 
Volker’s investment in HVA, but members. 

there was a large difference •. A possible link up >nth this 
between the- two.” Both con- ..group was one. of. the aspects 
cerns will continue to co-operate /considered by Volker,- but- not o 
on an ad hoc basis and they have -major one. the Volker spokesman 


said. HVA recently reported .a 
FI 4xb ($ 2 m) loss for the 'first six 
months of this year following. the 
profit of FI 8OO.D0a achieved for 
the whole of 1977, It expects" So. 
improved ’^peirformance' .in 
current six ‘months, butTf still 
anticipates a loss. . ' ; 

A link with V<3ker would have 
been welcome to HVA which is 
still adjusting to the nationalisa- 
tion of-' fts extensive .’ Sugar 
tateresta id -Ethiopia three years 
ago. Two-thirds of ! its. assets; Ire 
still- frozen In. that country, . ‘1 
Renter adds from Amsterdam 
that "tire European Options 
Exchange will introduce -'a - 
Boeing August series with a 
striking /price of. $80,- from 
December 14. It has also decided 
to .change the- St-Gobain-Poht-a- 
Mouason - series .striking prices 
from the ^autte. day, the .first day 
of trading. Expiry- ‘ months 
; remain April and July. 




Hungary to raise $300m 


BY OUR EUROMARKETS STAFF 


New Swedish 


state bond 


By Our Foreign Staff 
LIKE ITS immediate pre- 
decessor. the latest public bond 
from the Swedish Government 
will be issued in two tranches 
spread ove* ten years. The issue 
will be the ninth by the State 
this year. 

The new bond wi’i carry a 
coupon of 975 oer cent and he 
priced at par. One tranche will 
carry 1 a fixed interest rate and 
the other an adjustable coupon. 
Subscription* are open until 
Friday. 

Under regulations introduced 
late last year. Swedish bonds can 
now carry coupons adjustable 
after every five years if the then 
valid long-term rates have 
changed by at least one point 
either way. October’s two-tier 
State Joan pulled in SKr 6.2bn 
<S1.4bn) in fixed rate paper and 
SKr i.7bn in variable rate bonds. 

Total Swedish State long-term 
funding this year has raised 
SKr 20bn ($4.5bn) in the public 
market 


Shareholders to probe 
Volvo’s Norwegian link 


The Federation of Swedish 
Shareholders (SARF) has 
appointed a committee to 
analyse the implications of the 
final deal between AB Volvo and 
Norway, signed in Oslo last 
week. Reuter reports from Stock- 
holm. SARF. whose members 
hold around 30 per cent of the 
voting nights in Volvo, will 
announce its' view in time For 
the Volvo extraordinary meeting 
called for January 
In evaluating the deal share- 
holders must put great weight 
on Volvo's future business pros- 
pects and capital needs. The 
decisive factor is long-term 
development, SARF emphasises. 


IN EASTERN Europe’s latest 
call on the medium-term Euro- 
currency markets, the National 
Bank of Hungary is arranging 
a S30Cm syndicated loan facility 
among major banks. Lead mana- 
ger is Morgan Grenfell and Co. 
wh ich bas vi rtually assembled 
a banking management group for 
the credit. ' 

The loan will be split into two 
tranches, dominated by a $20Qm 
seven-year slice at a spread 
; per cent over Interbank fates: 
A longer 10-year tranche, 
accounting for the remaining 
SI 00m, will carry spreads of 5 
per cent for the first five years 
and 1 per cent for the remain- 
ing five years. 

Hungary's last excursion into 
the Euromarkets was via Conti- 
nental Illinois Ltd., which 
arranged a S300m seven-year 
facility in the mid-summer at 
split-margins of 3 and 1 per cent 

Hungary, like most Euro- 
market borrowers, has percep- 
tibly improved on its borrowing 
terms in the intervening period 


by obtaining a longer maturity 
for its credit, bankers .com- 
mented. . ;.. r 

In fact. the. National Bank 
appears to be returning to. the 
international markets relatively 
quickly for its next major credit,' 
evidently in order to take advan- 
tage of the relatively favourable 
borrowing terms now obtainable. 

This latest $300m should take' 
care of a major portion of 
.Hungary's external commercial, 
; financing requirement ToT 1379. 

Tbe Hungarian credir repre- 
sents entirely “new" finance. 
But 'many ' borrowers ‘ countries 
and private, corporations con- 
tinue to refinance past borrow- 
ings in order; to make the most 
of favourable borrowing terms, 
being extended , by the banks. . ; 

The. -Philippines' is trying to 
refinance a 5525m package 
standby loan facilities originally 
re- arranged and reduced from. 
S1.15bn a year ago. ... 

Tbe package comprises, seven 
loans, ,$325m-' of which' are .due 
to mature in 1981 and the rest 


in 1983.- \ v -.V 

.. The Phllippines want to .extend 
tbe maturity of the 2981 loans 
by' four years and lower the 
spread - on the overall $525iir 
package to . 1 . per' cent A redue-. 
tion in the commitment fee to 
I, per cent Crain!' i per cent is. 
also being negotiated. .1 ./ 

A further illustration of the 
pressure on. banks, to concede 
better terms -is provided by the 
Borneo del .Estedo de Chile. !£, 
hah- informed banks that4t wants ■ 
t & refinance the $60m loan signed - 
last May. 

The borrower is. asktag for a' 
spread .of per cent compared 
with, the original margin of li; 
percent' . ' ’■ 

In Latin Araerica^the Republic- 
of Ecuador is raising a $500m ten-- 
year lean whieb is partally aimed 
at- refinancing past state credits. 

. Lead managers are Bank of 
America. . aind Citicorp : ■ Inter 1 ' 
national Group, Spreads on the 
facility are i .per cent -for- the 
first 31 years, and 1 per cent;, 
thereafter. ' * 


Isorel shareholders to 


vote on restructure plan 


BY TERRY DODSWORTH 


RE-ORGANISATION plan aimed 
at setting Isorel. the troubled 
subsidiary of the French Nobel- 
Bozel group, on a sounder finan- 
cial footing bas been accepted by 
tbe Commercial Court of Paris 
and will be put to a shareholders 
meeting in tbe middle of next 
month. 

In essence, the plan will in- 
volve Nobel-Bozel. a metallurgy, 
chipboard and patot concern, 
selling off about a third of its 
other interests in support of 
Isorel. which is also divesting 
itself of some activities. 

M. Claude-AJain Sarre, brought 


in as managing director of Nobel- 
Bozel about a year ago, said that 
these developments should bring 
the crisis at Isorel to an end;. 
About FFrs 20m (S4.5mj have 
already been raised for the sale 
of 45 per cent of Alphacoustic 
the Nobel-Bozel subsidiary. The 
Intended sale of two other sub- 
sidiaries. Duco and Valentine, is 
expected to raise a further 
FFr 68.7m. 

Despite these changes, Isorel. 
which bas closed two 1 of its 
plants/is expected to make losses 
of between. FFr 45m and FFr 50m 
(SlLSm) in 1978. 


Swiss caterer 
in U.S. deal 


By John' Wicks 


SWISS catering group- Moeven- 
piefc ' Holding •- bis 1 Jdgjied’ a 
management and bperetfons con- 
tract to setiip titie first restaurant 
In the International Moevenplck . 
cbalnMit the -U-JS./;'-* ‘-V 
■ The contract will be carrietf oui' 
by the . oewly-forined; sub- 1 
sfdiary Move! and foresees f-tbei 
opening of a five-part restaurant 
complex .in. ' connection- . with .a, 
140-bed hotel and . a sports -an4>.: 
leisure centre . located’ -near 
Hanover. New Jersey. -. 

The new UBi subsidiary, which ” 
has no inVeatment in the Hanover 
project, will also -be responsible ! 
for planning and implementing ; 
further expansion 


VOESLAUER KAMMGARNFABRIK 


Losing the fight for survival 


BY PAIR. LENOYAJ 04. VIENNA 


THE OPENING of formal bank- 
ruptcy proceedings against the 
Voesl auer Kammgarnfabrik, one 
of Austria’s oldest textile com- 
panies. marks a turning point 
in post-war Austrian industrial 
history. The fact that the 
country’s number one bank, the 
Creditanstalt Bankverein. des- 
pite a 69 per cent, bolding in 
Voeslauer took the lead in 
revealing the hopeless situation 
of the cmmpaay. is an even of 
great importance in the small 
world of Austrian business 
where the iron law of competi- 
tiveness counts le« than family 
and club ties. 


Y,°“‘ _staggering : iotal ^ of In November. 1917; 8^^: 


lauer shows .how difficult it is Scb.filHhn^ New capital was. prbr executive,' Herr -Georg ' Aneerer 
for both a socialist government vided ' mWm - ’ -■ ^ y - - 


. . .. — .hy Federal State took over - the company’s reins, 

and a family concern to face up through various state controlled However, both time and money 
to the unpalatable fact, namely funds and. -development, banks were- running -out It has-been 
tbat it is sometimes cheaper to and by the creditanstalt. In tiirn caJcuIaled that output per head 
liquidate a losing company than the state-controlled Creditanstalt In the fertile plants of western 
to pump money into a hopeless acquired a majority balding In Austria are about. W 
venture. mld-1978. while the holding of -higher -than the iwoduetlvfty 'of 

The soeialtst government was the Scboeller Bank and the the Voeslauer crimp -r , . .. 
wilting to help the Voeslauer in Schoeller family members has It Is now expected thaf some 
the early seventies when it been correspondingly reduced. 800. of the. 1^00 eiipibyees r wilt 
became evident that after heavy Meantime, the operations to lose ttieir jobsr.lt 'is also evident! 
losses tne company on its own save the ailing textile grntip, “that an earlier dasura-^if fhe 
was unable to survive. As a first whose production staff bas been plant, in. a. period of upswing, 

./would, have been '• better ,’tpx 


As Dr. Heinrich Trelchl. the 
director general and chairman 
o£ the Creditanstalt board put it, 
there are no longer any “ un- 
suitable ships.” 

Creditanstalt took a control- 
ling interest in the summer of 
1978. but its involvement began 
in 1976 when tbe government 
and the then majority owenrs, 
the Schoeller Bank, launched a 
large-scale operation to save the 
old-established producer of 
worsted yarn and fabrics. 

These efforts are estimated to 
have cost the hanks and the 
Austrian taxpayer some Sch lbn 
fS75m). It was announced a 
Tew days ago that if the com- 
pany continued io operate, 
further losses to the tune of 
Scb SflOm would have accumu- 
lated by 1980. 

In a very real sense, tbe 


The tortuous history of Voeslauer -shows how difficult It 
can be for a family-run company to face up to reality. 
Private and public attempts to save tire company have been' 
costly but the end is now la sight 


everyone concerned tiiat the - 
- ambitious saving schemes which. 
in the. final analysis only prih 
longed- the, agpriy ’-'of-.- what "is - 
now TegardetT ax an industrial • 
monument of a bygone age.” ; 

. f .For many' yeaW Voeslauer was 
" run. by the grand; old 'man of-. 
Austrian business,. ^the late- Dr. 


step. Voeslauer was merged with halved to -.MOO became entangled FrSnzJoser^^GpDthof! wS 
two other companies. Michcloe- in Austrian politics. 

dnrfer and Piering. Through Thermit Austrian textHe ip, dent^hftadSa?ffi?ESSl- 


taese transactions Creditanstalt dustrlaHste. primarily thOst in ' sffair 

first became a minority share- tbe Tyrol , and Vorariberg Were^plfehr^ 

holder with an interest of 23 up in:: arms- acainsf -“covert regarded a# r a chanbi 


. tip in ; ariufi against - “covert regarded as 'a special casaL 

P 4 19 ' 6 ' ^ .. federal help for a competitor fir . Yet tb c 7 facte^ofJi^Sroved 

By 1978 however the situation the east. ; The fact that, the stronger , than'the- ch^isbdd 

had worsened, uptimistic fore- ch ainn an of the Voeslauer super- traditions of creat namM and 

rnctc hv Sniiw and Sworiich vl P « m Rn-,rH >i 4I»< *1 V .najues anu 


casts by Swiss and SwedUh vUoiy. Board, at. that time and. famtis bdmte. . in' lhiB «nse. 4hc^v 

management consuitanls ♦*— * *• — r -— ' — J - - - - - - 


insults n Is that . m embers of the SthOeUer Family; 'end to the sacred - theory, -of 
the new concern would be in the Dr. JHans . Igter wjs ' also the urisihkable shins'^ -may .--vet:' 
black by 197S were not borne president of. the Federation of emerge -- in- ;relra«pect : rM . a - 
out by subsequent developments. Austrian Industrialists provided salutary Edincfc which' Is boiffld . 


I _ * . 


. ,1 ' . • ■ 


. 9 'l- 


iitWes 


k” - “ "7 - 





fnd 







company 

reached 






■.t/ ■?-**«§? 














. .^aad4 Tuesday December 12 1978 ;: . • ; . •'•*. 

INTERNATIONAL' COMPANIES and FINANCE 




25 


Dividend 

increased 




Australia 

ICT AUSTRALIA; the 
chemicals, plasties - and 
synthetic fibres . grwp, has' 
raised Us dhidcnd aftei a 42.? 
per cent boost' In group net 
profit, from A$33L99m to 
. A$4&53m (U-S-$55.1m) 5» the 
year to September 30. The re- 
sult was achieved on a sales 
Increase of only ft per cent, 
- from . A$758m . to. A$Sf9m 
(U.SJga30m). 

The ordinary dividend Is in- 
creased from 14 cents a share 
to 16 cents, and Is covered by 
earnings a share of 348 cents 
on capital increased-' last year 
by a two for five rights issue. 

' The trading profit rose only. 
9.5 per eent from A370.9m to 
AS77.6m fU.S.$8S_2m). : The 

• major factor In the profit in- 
. crease was a dip In the tax pro- 
vision despite 1 higher earrings, 
from A$250ra to AS23.45m. 
This reflected increased Invest- 
ment allowances on capital 
spending. 

The . directors said that 
business activity was generally 
subdued but that trading 
profits of many sections im- 
proved as a. result of continu- 
ing effort to raise efficiency. 
Sales of heavy chemicals, com- 
mercial explosives and -plastics 
increased, and with the advent 
of good seasonal rains, sales of 
agricultural products showed 
an upward trend towards the 
.end of the year. Improved pro- 
duction efficiency enabled the 
listed-substdlary, Australian 
.Fertilisers to raise earnings by 
10 per cent 

The synthetic fibres business 
returned to profitable opera- 
tion as a result of product 
rationalisation, improved pro- 
duction efficiency and a more 
stable environment following 
the Federal Government's 
decision to Omit textile 
Imports. 




BY OUR FINANCIAL STAFF 


STELUX HA!WFACmJKrNG. ri xmonths to September 30 of in the LfiTT-TS 
the Uong Kong-based' watch com- just under HKS 7.9ra. No coni' while earaicut ii 
pany, sunk deeper. Mo the red iparison 


NatWest to lend SIA $100i 


makes heavier loss investment 

earnings 
improve at 
Mehadrin 

31E1LADRLY — which controls 1 
per cent or Israel's citrus 
sector — reports an Ufl-4 per 
cent rise in its net protit for 
the fiscal year 1977-TS, coded 
March 31, to IC30m (Sl.ilm). 
Pretax profits ai J£9.6m were 
up 49.S per cent. Proportion- 
ately the sharpest rise in 
income was from the com- 
pany's Investments in securi- 
ties, which scared 133.9 per 
cent to !£2m hero re tax. The 
company is responsible for 
cultivation, and picking of its 
own groves, has its own pack- 
ing facilities and also supplies 
cultivation and parkins 
services for tiii-uls. in addi- 
tion. It h- as ils own citrus pro- 
cessing facilities. 

The board has men ni mended 
payment or a final gross cash 
dividend or in per cent 

Supreme 
Corporation 
profits plunge 

PROFITS AT Supreme Cor- 
poration. the Malaysian planta- 
tion. housing and mining 
group, took a plunge from Sin 
ringgits In 1.1m ringgits 
(U-S.S255.OOOj for the year 
ended June 197S. 

The group attributed the 
Tali in profits to (he closure 
of Its mires al Sungc! Way, 
outside Kuala Lumpur in 
August last year, after the 
exhaustion or tin reserves. 

Most of the profits for the 
last financial year came from 
housing, and' i:s oil palm 
plantation in Johorv State 
made a small loss. However, 
the plantation is iTpccted to 
contribute to profits when 
trees mature in 1980. 


YEN REDENOMINATION 


A political adjustment 

BY CHARLES SMITH, FAR EAST EDITOR, IN TOKYO 


financial ycat. 

_ .. in lliTS'73 %ho:;!i! • 

, ..... is available for Iasi increase sbarplv. espCLulh in . 

last year, producing a SnwP net year's first half. It Js still not property development, 
loss after extraordinary items of resuming ihe payment of on ... , . . , i 

HKS61.4m fUSS123m) compared interim dividend. *' a !*' ® * ! l,d - n ' h at u hroke [ 

io mSsL - m BaS€d 00 In with overseas interes^Sdtng ; 

ViOUSyear tOMarcftSl. currency rates. wJhc* the com- Bulova which had been making! 

Of B^sf JSJffgSiS ^ : 

J? e ,ts J w * lcb P™ duc ' losses for the second half of the 10 I> h VT pany wcn L ” l J h ! lc in , 

-ttar activities made heavy losses ve ar could be cut by more than 19,2 dl,rln R a P° r,od of heeiicj 

as a- result pf the slide in the KKS watch orders were aL ' tivit - v on the Colon yS markets; 

dollar earlier this year. showing ‘ encouragins growth a ? d lhpn embarked nn a period ; 

While relying to a large extent $ig ns L r nnred of steady cxpansi«m which funk i 

on Imports from both Switzer- * * * . _ it into the U.S.. Switzerland, and 

land and. Japan, Stelux Invoices The company said that the ^e EEC countries, 
its products in -dollars. It K J'vtraordmary items which L , lh , nmillIIJ „ H ' 

payins no dividend ior 1B77-7S *»«rt«ied bst years results com- aQreemcnl ,*'\h sJi S : 
aft^r a 10 cents payout the write- ^SSH Ele!iTrnnS?.i" on l 

previous year. subsidiary join* venture to produce )ir,uid 

Slelux did say, however. 1b.ii Last March, the company sdirl crystal display iiiodulcs in lion?' 
It -made a profit in the latent that it expected to make a profit Kong. 


Jack Chia purchases stake 
in local property company 

BY H. F. LEE IN SINGAPORE 

JACK CHIA-MPH has acquired Jack Chia’s acquisition or had a 50 per cent interest 
an 8 per cent stake In the local Malayan Credit shares which The group's share of Ins* in! 
property group, Malayan .Credit, took the market by surprise the limber business amounted to! 

The purchase of the 5-23m cante on the back of the group's SS44G.5Q5 against a pre-tax profit i 
shares in Malayan Credit at a disclosure of a sharp decline in of SSI. 03m for the s>anie period I 
total cost of SS7.SSm. or SSI. 494 interim profits. last year. j 

per share, was financed largely Pre-tax profit fell by 32 per However, its two fairly recent! 
from the sale of $.lm shares in cent to S$1.8m white post' tax acquisitions, Tung Yuan Enter-! 
Jack Chia Enterprises .(Malay- profit declined at an even higher prises which operate an enter- 
sia) Berhad under the rate of 45 per cent to SS0.95m. tainment and recreation com o lex 
Malaysian isation scheme.. . Turnover, however, went down in Singapore, and hotel Tai-Pan. 

The sale of these shares by only five per cent to SP20.53m. contributed to the group profit,, 
brought in SS7.7m including an Jack Chia puts the blame ior Tung Yuan reported a pre-tax 1 
exceptional gain of S$1.4m after its disappointing performance on profit of SS347.930 fnr the six- 1 
deducting expenses. its timber division in which it month period while Hold Tai- ! 

; ■ Pan contributed SS237 611 for the [ 

three months from July 1 this 


. REDENOMINATION of the yen 
or "danor.’.i" a-, i: ha? become 
known locallj— ha« been un- 
! expectedly downgraded in 
!• Japan's order of priorities as a 
i resul: of the election of Mr. 
[Masayoshi ubira as the new 
.Japanese Prime Minister. Mr. 
Ohira. who is cool to the idea of 

• denomi t apparently because of 
r it-- ii'Vh expected co?ti replaces 
: Mr. Takeo Fukuda who was en- 
; iliutfostic about the idea because 

»if the stimulus that redennraina- 
iiun would have provided io some 

sectors of the economy. 

The Ministry of Finance, from 
; which both Mr. Ohira and Mr. 
| Fukuda originally graduated 

• !n-n nolitics. also be'nngs in the 
1 sinti-rtenoini school of thought, so 
: for the time being action of the 

Lssu.? seems unlikely. 

The »wo main arguments 
;wh J cn ha’>e been advanced in 
j favour of early redenomination 
! of the yen are: — 

' 1 — That Japan has a currency 
: wilh a low unit value by world 

• standards (the lowest in fact of 
: any major currency apart from 
: the Itaiian lirei. 

! 2 — Thai, if redenomination is to 
i happen at ail. the task should 
\ preferably be tackled sooner 
: rather than later (because the 
costs of ihc changeover will esca- 
late with increasing computeris- 
ation''. 

In addition to these basic argu- 
ments it has been calculated that 
the conversion exercise, extend- 
1 ing over a two-year period miebt 
‘ generate a: least Y700hn 
. ($3.53hm worth of additional 
| domestic demand because of the 
j stimulus lha: would be given la 
I industries such as printing, nno- 
I ferrous metals (for the minting 
i of eoinsi. vending machines, 
j computers and other sectors. 

The irifiation-procucln.g im- 
pact of re-denomination (result- 


ing from the incentive to round 
up prices) naturally causes 
worries, hui Japan’s wholesale 
price index is running below the 
level of one year ago while the 
rate of increase In consumer 
prices has been tending tn 
decline. 

Mr. Fakuda '5 support for 
denomi combined with the 
obvious vested interest of big 
business in the subject was 
reflected in the formation of a 


A changeover of 
Japanese Prime 
Ministers has resulted 
in waning enthusiasm 
for the idea of 
redenominating the 
yen into a two or 
three- tier system. 


study group in ihe spring of 
1977 under the auspices of the 
Japan Economic Research 
Council. 

The group, in its report last 
week, recommended a ihree-d:sn 
i-c-dcntuni nation "f the yen to 
lake eRcct after a two-year 
transition programme. 

In opting for three-digit rather 
than two-digit rc-denoiuinatiton 
(a system under which 1 new yen 
would equal 1.000 of todays yen) 
tthe group points out that this 
would give Japan the world's 
most highly valued currency unit 
(overtaking the Kuwaiti dinar 
which is valued at present at 
about YtifiOi. 


Other reasons for three digit 
rather than two-digit rede- 
nomination cited by the group 
include that fact that Italy will 
probably select a three-digit 
format when it redenominates 
the lire. The operation also has 
to produce a system which will 
endure and a three-digit rede- 
nomination would would restore 
the yen's value roughly to what 
it was in 1936 when Japan last 
had a three-lier currency 
system. 

Apart from its potential im- 
pact on Japan's economy a? a 
whole, denoini would be certain 
to affect the fortunes land stock 
prices! nf printing companies 
:ind of manufacturers uf the 
whole wide range of office and 
vending machinery where Ihe 
value oT the basic unit of cur- 
rency is a factor in design. 

The high hopes fnr the re- 
election of ?.Ir. Fukuda which 
were cherished in ihe business 
world land on the stock market i 
up to early November produced 
equally high quotations for Ihe 
sbare prices of some companies 
in these categories. 

From late November onwards, 
however, when it began to appear 
that Mr. Ohtra would be the new 
Prime Minister some " dunomi 
stocks " have taken a beating. 

Toppun Printing rone of whose 
directors wa« a member or the 
Japan Economic Research Coun- 
cil Group! wen I from Y570 per 
share on November 13. to Y516 
at the end of the month. 

Toppan and other companies 
whtkie stock price.* had riden the 
Denomi bandwagon staged a 
small recovery lust Friday after 
the council published its report. 
That does not mean, apparently, 
that Mr. Ohira is likely lo be 
shifted from his determination 
to keep things us they are. 


year. 


BY OUR CORRESPONDENT IN SINGAPORE 


NATIONAL Westminster Sank 
is expected to sign a SlODm loan 
agreement with Singapore * Air- 
lines (SIA) soon. 

The two parties are believed 
to be on the verge of concluding 
the loan agreement, which, will 
he the third ~blg loan agreement 
SlA has concluded over the past 
month to finance its massive 
development and fleet modernisa- 
tion and expansion programme. 

The programme, calls .for an 
expenditure of more than S$3bn 
(U.S-SMbn) over the next few 
years. 

The bulk of .the expenditure— 
about SS2.5bn (U-S.51.14bn) will 
b.e for the purchase of new air= 
craft while the remainder will be 
for the development of facilities 
at the new Singapore Inter- 
zfatlona! Airport . ' currently 
being built at the former British 
Royal Air Force base at Changi. 

SIA has committed itself to 
purchase 28 new aircraft— seven 
DClOs, 13 Boeing 747s and six 
Boeing 727s: 

The airline has been holding 
discussions with several local and 


Provide free 

alternation^ 

Bnksforyourdtents 

from major cities in' 

EuropeiScandfriavia, 

WSdcfieEastUSAUK 

and Ireland 








■ - - • ftrJUIfter dfcEArtbfafonB: - 
- loaonOf TsraecsfauMxUBaiHanwivfzstaa WH 


foreign banks and only last 
month signed loan agreements 
with the Singapore Post Office 
Savings Bank and a syndicate of 
nine Japanese leasing companies 
led by Orient Leasing Company. 

The Post Office Saving* Bank 
loan amounting to S$200m 
(U.S.$91m) has been made on 
“very special terms." Half the 
amount is for seven years carry- 
ing a. fixed rate, believed to be 
S per cent, while the remaining 
baEf Is at a floating rate' of in- 
terest. .".r 

The U.S.$260m package; with 
the Japanese companies : :s a 
leasing arrangement . jmdeij 
which SIA will lease., font. Me*. 
Donnell Douglas DC-10-30 
passenger jets for ten years from 
the syndicate with SIA baing 
given the option to buy' back the 
aircraft any time after two years 
without incurring any penalty. 

Funds for the scheme are pro- 
vided hy the Export Import Bank 
of Japan Which ha? specified that 
the airline be charged S.25 per 
cent interert. The' nine Japanese, 
companies will receive the funds 


from the Exira bank at a con- 
cessionary rate 

The leasing project is part of 
an emergency • mport package 
adopted by the Japanese Govern- 
ment last April to trim Its iiuve 
trade surplus with the rest of the 
world. 

La«t month SIA also received 
a loan offer of U.S.$9Ira from 
the Export-Import Bank of the 
U.S. for a ten-year term at 8.375 
per cent interest to help finance 
the purchase of its McDonnell 
Douglas and Boeing s-ircra f f. 

However, the amount offered 
is far short of what SLA has 
hoped to secure from the U.S. 
\ Eslmbank. SIA is believed to b? 
asking for U.S.S 400m. roughly 
40 per cent of the total cost of 
the aircraft, and is currently re- 
negotiating the amount with the 
bank. 

Part of the obstacle to the s'ze 
of the loan is that the Erimb'^U 
feels that lie Boeing 747 has no 
competitor outside the United 
States on long range routes and 
. hence does not warrant competi- 
tive financing for buyers. 


RHP extends offer date 


MELBOURNE — The Broken 
Hill Proprietary Company 
(BHF) w;ll extend the closing 
date for its debenture offer by 
two weeks from December S 
after receiving subscription? in 
excess of the basic ASSOm 
(US591m) sought. 

The closing date was extended 
so. that further oversubscriptions^ 
up to the AJ520m provided for in 
the offer, may be received. 

The offer, open to all BHP 
share and debenture holders, 
opened on November 16 but 
uptake has been much slower 
than is noomaj for a BHP offer 
because rates were too finely 
pitched, share market sources 
said. 


The offer was the first major 
debenture issue with rates below. 
Id per cent for more than five ; 
years, and the 1.1 per cent' 
margin between the long term 
government bond rate of 8.S per! 
cent and BHP's 15-year offering 
of 9.9 per cent may have been 
too fine for institutional in-' 
vestors. the sources said. 

As well, a number oF other 
corporate issues plus semi- 
government offerings were on 
the market at the same time, they 
added 

BHP also offered six year 
.debentures at 9.7 per cent 2 nd 
ten year debentures at 9.8 per 
cent. 

Reuter 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Avc., London EC3V SLU. Tel.: 01-283 1101- 
Index Guide as at November 30, 1978 

Clive Fixed Interest Capital 129.67 

Clive Fhced .Interest Income 114.28 


ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
45 .Cornhill, London EC3V 3PB. Tel.: 01-623 6314. 
Index Guide as ai December 7, 1978 

Capital Fixed Interest Portfolio 100.20 

Income Fixed Interest Portfolio. 100.55 


BRAZILIAN 
INVESTMENTS S.A. 

Net Asset Value 
. as of 3»tb Novemli'-r. 1978 
Per Depositary Share: 

U&B1SL3F 

Per Depository Share 
(Second Series): 
U.S4>91.22 

Used Tht LothIoh S:tn.+ ET-hsnce 


77ws advertisement appears asa matter of record only 

Agenda 



IndustriaI"Finame 

US $20p00p00 . 

Medium Term Loan To fund die Finame programme to finance 
sales of capital goods manufactured in Brazil by subsidiaries 
" of foreign companies. .. . 

• piovidedby 

Lloyds Bank International Limited 

' LONDON 
arranged by 

Bank of London & South America Limited 

■. .. /. BRAZIL 

. * Members of the Lloyds Bank Group 




In olden times, the pyramid stood for a 
kind of knowledge that’ few possessed. 

In today’s world of foreign exchange, the 
Bankers Trust Pyramid stands, lor very 
much the same thing. 

For half a century, the knowledge and 
experience of our traders has been one of 
the cornerstones of our reputation in the 
field. 

This experience is extremely valuable in 
dealing with the complexities of day-to- 
day trading. and becomes crucial in times 
ofpoliticaT volatility or in other circum- 
stances which affect the markets. . 

While our traders operate our of offices 
in the seven principal foreign exchange 


centers of the world (among others), our 
capacities are global. We are effectively 
making markets around the world 24 
hours a day. 

The quality of our execution is another 
hallmark of our reputation. Because we are 
constantly buying and selling, as well as 
handling large trades, we can often main- 
tain -even during periods of currency and 
monetary crises— an access to markets that 
not ever}' bank can claim. 

To back up our traders in key locations, 
we have market trend advisors with an 
additional sort of expertise. Thev keep our 
customers informed and current on devel- 
oping trends in the market, focusing on the 


nature and scope of their risks. 

But our expertise isn't limited to foreign 
exchange, wherever you see the Bankers 
Trust Pyramid, you're dealing with a full 
service bank in "the fullest . 
sense of the word, with the 
capacity to raise.. lend and 
manage money worldwide. 

Whatever your needs, a 
visit to the Pyramid can be 
a rewarding experience. 




2<*l Park .Venue. New York. N.Y. 1001 7 


International Banking Subsidiaries in the United States: Chicago, Houston. Los Angeles and Miami. Overseas Branches: LONDON'. BIRMIN'GH AM. MILAN. PARIS, TOKYO. 
MGAPORE, NASSAU, PANAMA CITY and BAHRAIN. An International Banking Network of branches, subsidiaries, affiliates and represenuuve offices in over 30 countries on 6 comments. 


Member hedem Imi.ninvJ Corpurjuun v Hankers Tru-.' ti-uuun-.- 





26 




• - .-Financial 


World Value of the Pound 


Currency, Money and Gold Markets 

v 7 ■ • «- _ — •. 


The table below gives the 
latest available rates of exchange 
for tbe pound against various 
currencies on December 4, 1978, 
in some cases rates are nominal. 
Market rates are tbe average of 
buying and selling rates except 
where they are shown to be 
otherwise. In some cases market 
rates have been calculated from 


those of foreign currencies to 
which they are tied. 

Exchange in the UK and most 
of the countries listed is officially 
controlled and the rates shown 
should not be taken as being 
applicable to any particular 
transaction without reference, to 
an authorised dealer. 


Abbreviations: (Si member of 


the sterling area other than 
Scheduled Territories: ifel 

Scheduled Territory; (oi official 
rate; (F) free rate; (T) tourist 
rate; (n.c.) non-commercial rate; 
(n.a.1 not available: (A) approxi- 
mate rate no direct quotation 
available: (sg) selling rate; (bg) 
buying rate; (uom.) nominal; 
(exC) exchange certificate rate; 


(P) based on U.5. dollar parities 
and going sterling dollar rate; 
(Bk) bankers' rate; (Bas) basic 
rate; (cm) commercial rate: 
fern convertible rale: ifn> 
financial rate. 

Sharp fluctuations have been 
seen lately . In . the foreign, 
exchange market. Rate* in the 
table below, are not tn all cases 
closing rates on the dates shown, j 


Pound i 
as dollar 






- 


Place and Local Unit 

£ Sterling 

Place and Local Unix 

£ Sterling 


Af fThMirtnfi Afghani 
Al hnniip. ., Tfifc 

Algeria ..... D inar 

. _ , „ I French Franc 

Andort - - 1 Spanish FewtH 

Anpiliu. Krui 

Antigua (S) B. Canibean S 

Argentina Ar. Peso Free E* 

AuatrallalS) Australian 8 

A using Si-httliti? { 

Azores Poring. Escudo ! 


75JJO 

10.22427 

7JB7186 


a.Bffiffi 

140.75 

BJ. 

5.3442 

1.914 


T.754D 

87.526 

92.40 


Bahamas (S'. Bn. Dollar 
fhnftlarfe’bfOi Th fra 
Bahrain 15)..- Dinar 
Bn'rarb' l»le«. 

BarhednsrSi... Bnrftarlri- Stt 

Belgium B. Franc 

Belize h 9 

Benin C.T.A. Km nr 

HcrniuriaKi, ..151a 5 

Bh 1 1 rati inriian Rupee 

Bnltvia Bolivian Few 

Botimji dmim.. Fnin 

Brazil Cnizeiro 

BrVinclnleteii t/.ti. S 

Brunei iSi Brunei 3 

Bulgaria lies 

Burma-. - Kyat 

Burundi. Burundi Praoc 


1.9775 
aO.J9i.-) 
9.754 
140.75 

S.956 

* n-m 69.45 
i >rn BO. ID 
3.955 
451 in 

7.9775 
KJfcno 

59.55 

1.65798 

40.28 

1.9775 
4.3015 
1.9975 
15.5928 
175.33 


,Si r “ ■ 

Faro Is... Danish JKrene 

Fiji is. — 0 

Finland Markka 

France French Franc 

Fr.C’tvlnAl* C.FA. Franc 

Fr Guiana local Franc 

Fr. Pac. Is.— CJJ. Frano 


1J> 

10.4526 

1.8480 

7.866 

8.6326 

4315a 

6.3396 

156.95 


Gabon--.-- — 
Gambia (Si 
Germany 

Ext!) 


C.F.A. Franc 
Dalasi 


Oatmark 


Germany 

Weil 


Deutsche JZar* 


Camero'n Hp C.F.A. Franc 

Canada Canadian s 

Canary 1 6.. . Spanish Peseta 
Cape Verdi 1. Cape V. Escudo 
C-ayrmn Is (Si Cay. la. S 
Cent. Af. Rp. C.F.A. Fmnc 

Chad C.F.A. Frano 

Chile Keen 

l. In on itamnintn Yuan 

Gil'imba C. Pe-o 

('‘■•morn I, I.F.A. Franc 

i '.uupi fW ‘iei. C.F.A. Franc 
i.V*M Kira . . i.Vi.i m 

Cuba Cutnn Peso 

C\ pru, tai .... Cyprus jc 


Czechoslovak Koruna 


4615s 
2.3295 
148.75 
72.416 
1.94792 
4315s 
4315 r 
l Hk 86 JI 
3.1927 
(Fi 7B.80 
4515s 
4315a 
17.0055 
I.4B31 
0.7160 

I (emu 10.60 

' n.c21.20 

1 iT) 18.55 


Denmark Danish Kroner 
Djibouti Fr. 

Dominica (5) E. Caribbean S 
Do nun. Hep.. Dominican Peso 


10.4325 

325.0 

5.3442 

1.9775 


Ecuador >uera 


Egypt Egyptian £ 


Ethiopia Ethiopian Birr 

Eq't’l Guinea Piniih 


■ (0)49.97 
( IFJB2.48 
((010.7600 
im 1.3600 
(Pi4.0SS7t 
140.75 


Ghana «>i. . 

(tihniiiar iK>- 
fiilhen Is 
Oiwi ... 
Unvnianil- ■ 
(irenaitn 

tiwUli>iil« ■ 

fjiimtu 

(iusthmiilH.... 
Guinea hep ■■ 

Guinea. Bi'sau 

Guyana iSi.... 


tedi 

Gibraltar: £ 
Anal. Dollar 

Dmuhma 
I'sniTb Kroner 
h. L*rnhe»n $ 
b'cai Franc 
i 

Onetzal 

Miy 


451 


4J4S627 

5.765 


s.7a 


Guyanese 9 


5.55; prj ' 

I -Du 

1.7540 

72.161 

10.452* 

5.3442 

8.6325 

1.977o 

1.9775 

58.7857 

99.297 

5-042838 


Haiti GunnJe 

Honduras Rep Lempira 
BongKntigiS) H.K. 9 


Hungry Forint 


9.8876 
5.9E9 
848-25 

Keren i 72.99 
(ThocIBE-W 


Iceland (S)- 

lndla i: i) 

Indonesia... 

Iran...- 

Iraq 

'Irish hep ikt 

Israel 

Italy 

lenry Coast 


. 1 Krona 
Inrt. Ha pee 
RopSab 
Kla 

. Iraq Dinar 
Irlah£ 

. Israel £ 

Lira 

■ C.FA. Frank 


627.15 
16.D8I-R1 
1235.9575 
147 AO 

0. 5756 

1. u- 

51.0697 

1.683.5 

4315a 


Jamaica (Si- Jamaica Dollar 

Japan Yen 

Jordan >m Jordan Dinar 


3.3222 

300 

O.BEJ^k) 


Kampuchea ■ Riel 

Kenya it! t Kenya Shilling 

Korea (iVthi— Won 
Korea uftbj... Won 
Kuwait (SsCbj. Kuwait Dina 


2373.0 
14.8923 
1.(4 9) 
950.54 
EU40 


Laos ...... Kip Pot Po 

Lebanon Mai»N £ 

Lesotho- b. African Rand 

Liberia Liberian 8 

Libya Libyan Dina 

rjecht’a-zn - ...SsrtasJ Franc 
Luaembuurz Lux Franc 


791.0 

9.06675 

1.710902 

1.8778 

Q.5B&425 

3.475 

59.45 




Place and Local Quit 

S. SrenipR 



Madeira — Fdrtuc’seEwtnie 
Mntajjiny Bp. MO fraoc 

82.40 

«3Ma 

Malawi (S) Kwaoha 

1.6168 

Mala\-ri» (ti).. Ringgit 

4.S198S 

MaldrveIa.(S) Mai iiupca 

777 

Mali Rp. Mall Franc 

865.26 

Malta (a) Maltese £ 

0.7580 

Martinique .. I*<cai Franc 

8 8526 

Mauritania .wOugulve J 

86.36 

Msuritia- (Sl Si, Rupee 

11 STM 



Miquelon. _... C.FA. Franc 

451*3 

UnDj^im ... .. lutfrih 

lOi’ b//4!|) 

Mon-errai h. Carrinean 8 

6 5442 

Morocco. Dirham 

TASwo 

Muzamtnque. Moz. U».-u>io 

Sn.UtiB 

Nauru Is AiuL Dollar 

1 7MD 

Nepa Nepaln*«* Rupee 

25.75 

Nei her anrta.. limnler 

4.1-726 

Neih. Ant'iea. .Antnuan GulM. 

5.653726 

New Het-rtiles j^Doltor 

158.516 

1.7340 

N.2Uwian>1lSi N .Z. D-illar 

1.8785 

N iroraKua vJortot* 

15.8680 

Mxer lip CFA. Franc 

45is« 

X qrerta (Si .... Naira 

1^6752i sq) 

Xurnpj Nrwg. Krone 

18.8876 

Oman Sultan- > Bta . - 
ale at (Si— 1 Bte1 Chn * ni 

. 8.876 

Pakistan ..... Pkst. Rnpeo 

18.4276feg) 

Panama Balboa 

1J77B 

PauuaN.G.(S| Kina 

1.5760 

PiraniM Guarani 

Fp)’- D. Rp 

246.25 

■ri Yemen tdi S. Temen Dinar 

(AI0.67S5 




14.6722 

nteran.la.Wi ^5EuS£.«» 

1 8766 

Poland %K4C 

l (i. miea.Si 
> tTVUM 

Portugal Pgse. Eecodo 

Port Timor. .. liroor EauxlS 

62.48 

az 40 

Principe leie. Pgec. Eacudo 

52.40 

Puerto Uto<,. OA 5 

1J776 

Qatar (S) ^(Qatar Eyal 

7TO 

Kean Ion 



8.6526 

Uboriada Khoilezlitn 9 

1.8714 
cm 8.07 

Romania ...... Leu 1 

aje 24.96 

H wars la Rwanda Franc 

162.76 


Place a ad Local Unit 


; Value of 
{ £ Sterling 


St- Chrisro- 

pher iSi.^ — B_ Caribbean $ 
S*. Helena — St. Helena £ 

St. Lucia B. Caribbean S 

sfc.JMerre. — C. F. A. Franc 
at. Vincent (St B. Caribbean 5 
Salvador El.- Coker 
SemoBiAmi— D.a. g 
San Man no... Italian Ura 

■» Tome. Pgae. Breudo 

Saudi Arabia . Rya> 

aeneaal G.F.A. Franc 

■Sea diene-—. Rupee 
Sierra Le'ne W Leone 
■riiigsimr* (St. aims, [ora 9 
Swhikhi le.tm -n-iaiMMi J.. g 
"kwia i Mem... stun aUHtnc 
•Hi. AincatSi Hand 
* i . IV. Atrican 
Terri torle- iSiri. A Kauri 

Spam PfWI» 

S|«n. pjrte In 

Tforth Africa. Pe»el*- • ■“ . 

Sri [aoH Ib.t--. L Rupee 
sir dan Rp-.- >«d an £ 

Surinam S. Guilder 

-Tvazihsiri (St LLtamreiiU' ' 

Sweden a. Krona 

Switzerland.- mrihe Knuic 
Syria s.vria £ . 


The doRaT showed a fairly 
sharp decline in yesterday’s 
foreign exchange market ahead 
of this weekend's OPEC meeting, 
at which the price of oil is likely 
to be increased; There was also 
concern over the present unrest 
in Iran, and trading seemed to be 
somewhat revived after last 
week’s inactivity. The U.S. unit 
received support from various 
centra! banks after selling 
became widespread. Against the 
D-mark it finished at DM 1.9020 
compared with DM 1.912Q .on 
Friday, and a day's low of 
DM 1.S9S0. Similarly the Swiss 




Ms?" 




TO 


Senna iWwif ftaramr 


Taiwan 

'I'Bozaala (15.1. 
Thailand.... ... 




Toiipa 

Trinidad (S.V. 

Tunisia ... - 

Turkey 

Turk* & C»._ 
Tuvalu 


Hew Taiwan 
Tan. Shilling 
Habt ; 
G.FA. Franc 

Pa'anga 

Trtn. .4 Tobago 
l'tiiiwga Dinar 

TurhlflK Lh» 

D.h. fi. 

Australian 9 


Ueanda (6.1. Gg. 

L Stud States UJi. ~ " 


Dollar 

ITtuguav Uruguay Fraf 

L'tri^t'hKnu-. f-'.A.ltD)rtiam 

L'.jaK UouMe 

Lppet Volu... Franc 


Vatican-—. Italian Sire 
Venezuela Bolivia 


Vietnam ....... Dong. 

Virginlv.UjJ.DJS. Dollar 


1.9776 


Western 
Samoa (3>» 


. Samoan Tala 


1.43399 


Yemen kjai . s.90 

Yugoslavia Ken y Dinar 36.9675 


Zaire Bp Zaire 

Zambia... Kwacha - 


1.635594 
1.85 


• That part of (he French commoartr to 
Africa formerly pan of French West 
Africa or French Equatorial Africa, 
t Rupees per pound. 


General rales of oU and ireu exports “ Ra«e * Transfer market (coo- 
— trolled 1 . 

83 9 * J - TT Rate Is now baaed on 1 Barbados £ to 

Based on cross rates against Russian the dollar. 

rouble. Now one official rate. 


Foreign exchange. 
Competitively, - 

lest us. 


delive 



Midland Banklnternational : 


Mid kind Rank Limited. Inicmsi tonal Divhion. "'SMS*' 

60 GtacaJuttth Street London EC3P3BK Tel:tiI406 9944. 



Dec. 11 




Japaneae Ten 

FrancP Franc 

e'wiaa Frano 

f.'mmw.wivm 

[Viiii-TrLaiT 




Pound Sterling 

U.S. Dollar 

1. 

0.506 


d.765 - 
1.904. 

390.0- 
197 2. • 

■ 8.633 

4^65 

5.348 

L6B3 

.'low,. 

• 2.08ft' 1 .* 

'1670' 

" 844 JB 

■ 2.328 . 
1:177' 

69.45 

3006 

Deatacbe mark 
Japaneae Ten WOO 

0.266 

2.S64 

0.625 

6071 

1. 

9.654 

103.6 v 
1000.' 

. 2^93 
: 28.13 

0.888 

8.583 

.. 1.082 -■ 
10.44 . ' 

-. 443 >4 

' '.4281.. -- 

: 0J18 ' ■■ 

5371- 

. - 16.78 
162.4. 

French Franc W 

Swiex Franc 

iAss 

0.299 

2.292 

OJ591 

4.361 

1.125 

46L8 - 
116.5 - 

10. 

. 8.679 


4.71B : . 
L217 

1884 

498.T"- 

t6«7 
0.696 • 

s 6a»7 
: „ 17.76 

Dutch Guilder 

Imlian L<nr 1.000 

0.246 

0.509 

0.486 

2.184 

0.924 

2.265 

95 76 -, 
253.6 

2.120 

5.171 

(L822 

2.U0B 

• X. r ". 

-2.43ft 

4088 . ' ’ 

-.1000." 

*•-• 0L572 

“.1.888; ' -. 

14-60 
"! 35.51 

Canadian Dollar 1 0.420 

Belgian Franc IQCi ! 1.682 

0.849 

3.326 

L.617 

6.333 

167 5 - 
’ bJB.O 

5.707 

14.58 

1.438 

6.631 

v 1.748 
6.850 

717.0 '- 

2808 T; * 

' T r-& '-r ■ 

. ' 3.B17 - 

- 25.53 ■ 

-■■■ 100. 

_ 


GET INTO 


// 


THE 


// 


TELLY GUIDE 



On Saturday 23 December, the 
Financial Times will be publishing an 
8 page pull out Christmas 
supplement covering the 4 days of 
television and radio programmes. 


With programme comments by 
Arthur Sandies and Chris Dunkley, 
it will be read by Britain's leading 
businessmen and their families 
in their homes. 


It will be an ideal place for 
advertising anything from leather 
goods to perfumes , burglar alarms to 
New Year Sides. 


For details of rates and space availability, ring 
Chris Manson on 01-248 8000 extension 7063- 


FINANCIAL TIMES 

EUROPES BUSINESS NEWSPAPER 




^ LIRA 


u 


Trade -fflpgiitHl average 
|_ertl change m LIRA fiwn 
l“ 3 *oi — SaaHtSQniaa central rates 
agmt15mheri 


I l I 1 I I 1 I 1-1 L 


fmamjjasomd 
1978 


franc was stronger at SivFr 1.8920 
against SwFr 1.6995 previously, 
and a best level of SwFri.6SSS. 
The Japanese yen was quoted at 
Y 197.0 from Y197.90. 

Using Morgan Guaranty figures 
at noon in New York, the dollar’s 
trade- weigh ted average deprecia- 
tion widened to 8J> per cent from 
S.2 per cent On Bank of England 
figures, its index fell from 84.9 
to 84.5. 

Sterling unproved on generally 
good demand, and after opening 
at S19655. it rose to 51-9SOO in 
early afternoon trading. The 
pound closed at S1-9770-L9780, a 
rise of 1.7c from Friday’s close. 
Against the D-mark it rase to 
DM 3.76V from 3.7S. while the 
Swiss franc was also easier at 
SwFr 3.3475 against SwFr 3.3325. 
Using Bank of England figures, 
the pound's trade-weighted Index 
rose to 63-2 from 62.S. having 
stood at 63.1 at noon and 63.0 in 
the morning. 

News of Norway’s intention not 
to become part of the &MS 
seemed to have little effect on the 
krone, which finished at 


NKr 5J025 from NKr £2330 
against the dollar, and also 
snowed a firmer trend agains t the 
D-mark to finish at -DM 2L5Z93 
against DM 2.6833. 

FBANKFUBT—The dollar's .fix- 
ing of DMJJXM6 was sharply down 
from Friday's level of Ml 1.9050,. 
and the Bundesbank bought 
S20.75m at the fixing. Yesterdays 
figure was the lowest for a nearly 
a month and reflected concern. 
over the present unrest in Iran , 
and uncertainty ahead of nOaaq 
week’s OPEC meeting. In later, 
trading the dollar fell below. 
DM 1.90 to DM 1.899a although 
there appeared to be some debate 
as to how the dollar’s decline 
may have been arrested had there 
been more central bank interven- 
tion. '--i 

PATHS — Trading was described 
as thin but 'nervous as the dollar 
fell acainst tbe French, franc, -m 
the absence of any official Itfter- 
vention. The impending .OPEC 
meeting was cited as the! main 
cause of the decline, , and towards 
the close of trading, the US'. 
unit was quoted at FFr. *L360fr 
compared with FFr 4.43875 earlier 
on and FFr 4.3987| on Friady- 
Against other currencies the icanb- 
dbowed a steady improvement, 
with the D-mark at FFr 2 .2938 
against FFr 2.2860 and the Swxkt 
franc easing to SwFr 2.5733 from' 
SwFr 2J5800 previously. 

NEW YORK— Early trading saw. 
the dollar lose ground against 
most currencies with sterling at 
SI .0763 against S1.9630 on Friday 
and the Swiss franc tai proving. Ta 
SwFr 7.6885 from SwFr L69W. 
The D-mark was also stronger- at 
DM 1.9000 compared: with 
DM 1.0120. 

AMSTERDAM— *At yesterday’s 
flying , the dollar feD to Fl 2.0635 
from FI 2.0800 on Friday. Later, 
in the day, trading saw the 
unit ease further to Fl 2 .0685.' 

MILAN— Tbe dollar was fried 
sharply lower at L844J15 yester- 
day, compared with Friday’s 

fixing of LS49.80. 

TOKYO — The dollar fell hi 
fairly light trading to Y197.03 
against the yen, compared with 
Yl 98.65 on Friday. It opened at 
Y19750 and touched Y19&20 at 
one point before selling de- 
veloped during the afternoon. 
This was on fears that oQ prices 
may increase after next week- 
end's meeting of OPEC. Trading 
in the spot market totalled 
8434m. forward trading fll&m 
and swap trading 8503m. 


XT-S. 8 

CiradiMS 

fl intfc r 

mV 

AK 

IMUrk 
-Port. E*C. 

GpU-tM. 

Ura 

Krrrgn. K. 
FrejttJi Pr. 
JSwBdlabKr. 

AMttlmSchJ 
IhrUc Ft. 



Cwrad'n 8* 
I-Gulhler 
(jBcIgian rr 
Danish Kr 
D44art 
Port. Esc 
Sms. Pis 
Lira 

Hrwgn. Kr 
LitonctiFr 
SwsRsbKr 
.Yen 

SasSrla Scb 
Swiss Fr 

U^. 


THE POUND SPQt 


— 


. . - • : 

Dec. U , 

' - 1 

| rats 

( * ! 

Day** • 
dpreod 

■CkM. 




57*1 

5 
8 
3 
18 

6 

1018 

7 

9*8 

BVj 

5*« 

41* 

1 


t star 


10.40-10.44* 

3.748.78 

si.aLS2.ro 


43EM.07J 

.Bnwasv 

|10.’423-1B.4H 

3.7BJ.77 

8t.21P82.60 


14IL2»-14IL65]1«.70-T«JO 
1,864.1.671 [ I^M:iv670. 


1,964-1.671 
HUM- 10.19 
SBl.BJS 
8.70-8 JS 


27.40-27.08 

3.53-5J8 


. MMJken.. 

TBJJ64- 10.081 
o.eu-8481 
~£75*.r< 

■ 538-591 

27^27^5 

fi.54i-5.354 


FORWARD ACKlNST eri* 


Oae'JDonth 


% p^-lrhre* nvwtbJ XpJt 


■0.46 JLW 
S.7CML60a.pmi 
)5a-3a C-pnJ ' 
2&-16 C.fun . 
fi.RiOM.di* 


ifi-za pf pm 
n-105c.db 


60-T— . 

30-109 d-dls 
fi^fi llredls 
Bfi-lfi ore pm 
5- 2 c.pni 

4-2 ore uni 
4JB4.06y pxnj 
17-7gn»p«n ! 
4>i4i* e.pQ 


•a.4S[Lfl&4Uftc.pml 
3JJ5 11.75- LSSe-janj 
2.56pI(M» -‘ 

4.04- HWBc^nn. -- 
• 1.7S Bfir4i oredis 
'9.16 tea* pi pro • 

-10.711140^10 cudial- 

-5-5^MW*d»k-?.59 

lire dim 1—1.66 1 

2.68 pWi'cre pot 


3.48 i8.Tn. pBJ 

rlw 



2.oa 
2.86 
’3. 46 

-1.34 

9.16 

-8.74 


N. • 


4.J2Tl«F8ftire 

18.34T1.48-U.1S_ 

5 38 ®t42gro jHn.| 6^3 
12.9«»4-1ftc.pm 12.70 


1~69 

3.48 

4.4« 


Betotu nue Is lor convartSW* tcwme.1 Ste-gH^ OiJywarddoBAr UUSSc urn, 
-Financial inwc 66J68MS. - - L »«**'»?«** ' •' 


S8.1684.9I M.7M 4Ja _ 
2LBS88-2JMHQ 2^88538595 
30J&38J* 

Sjzto-Sjoas 53W6^. a ig. 
2.90U-L909S . . L9020-LW39 
45.454585 ' . 85IS45JS- - 

7L8UO - H12M1JI ’ 
94440-885-98 W . W8 WW 
5495040078 . 5.WS5-5JW7B 

83523438911 435154.385 

4.4158-44278' 4 .4 1 504 41 60 

i«jo-iw.ao auwiig 

13.717S-X3.9800 13A075-3X9275 
1.690044572 UMOUffiS 
cents per 'CaimUan 1 


forward Against $ 


34 


JIM nfont£~ ■' • pJ.~t>ree mMag' M. 


045-0. ffTc pm os 
aJUHUTcmn " 047 
41 -3c pm- u* 

LSMJIOwmBs . -SAB 
UMadprpm C7X 
4383C dis — 12JWr 
ZT-jMdb -JA9 
2JB.3JSnrmKs —,*08. 
JOonuIto-ASpm-4.71 
BAOOJOc pm urr 
e.9b4J0mn ran 2J7 
LlSUSrpm . 9J» 
SjeOBgrawm 3-90 
uujncpm mss 


JLMJLrrcpm- ft.1* 
8J08.74cpm LM 
1513c wn .■"IS 
OS*85oredta -Mr 
-3L5Z3w87prpm : xas . 

W-lMcrfto -ULS* 
ISMSScffir 9^4 
TJ04UBan4to-3.ro' 
JOurnd H J fl PM-rUl 

LW-UMcpn -La 

2J5-Z65mpm; -249 
4J S4 . ffi i» pm '-- ML 
rrS-lUsre pm' 
ofiHficmr ms 


CURRENCY RATES | CURRENCY MOVEMENTS 



Special' '.European 

December 2 

Drawing tlultef 
' Rights Account 


XS£. dollar 

Canadian doDar ■ 
Austrian scbtDinv 
.Belgian franc . 
Uardito Krone .—- 
Deutsche Hark 

Guilder - 

French franc 

Lira - - 

Yen 

Norwegian krone 
Peseta ... 
.Swedtsta krona ... 
rSWim Crane 


' UZ3H U330Z- 


xmua. u am 


-243195 
ms - 

SJ04U 


252.KL 

6S5ZET 


12386 
39 JIM 
*9MM 
’ 7, yi<Jl 
2.79062 
.5.18188 
ii/a . 
268.TU- 
4.73619 

/«M1B 

5J1729 


DeombtrU 


jraafe.«f Munno' 
Easteud enureorts 
Index 


5322 

wum -*J. 
70.6 . -XLS ’ 
mao -mm 
X13JO '■ +1*5 
117 At. + 5S r - 
148J4- +40.9 

19*22- -.+*3*.'. 

+2M 

French franc - — .. 98-22 

fjra a S*J5 -HH' 

Yen 1 88- 7 2 -.4453 , 

Based on trade vretehted' Aflte frota 
WssErtngrou agreement December, wn ; 
(B*mX of Eugfirnd lud Cr=M&.L‘ . , I 


Sterling 

OS. de ffar j 

Canadian doDar .. — 
Austrian y*nnr»p _. 

Belgian frai* 

Danish taffDO 
Denapfte Mailt 

Swiss franc . 

rainnw . T23J8 


OTHER MARKETS 1 


Bee. 11 


Argentina Pena.— 
'Australis Dollar... 
.Finland Markka.^ 
[Brazil Cmretro — 
Greek Dradbnu — 
Bong Kong Dollar 

Iran Rial 

Kuwait Dinar (SD) 
Luxembourg r ranc 
Malavria Dollar...- 
Kew Zealand Dollar 
Saudi Arabia Riyal. 
Lsinpipore Dollar... 
South African Rand 


U912-1-916 , 
3,7315.1.73691 
7.9800-7.6600} 
, 39.7640.78 
71.029-724773 
I 9.47.9.491a 
144.34- 14CL24 
0.686-O.S45 
BB.40TOk.60 . 
445130-4. 326S 
1.6730-1-8600 
6-57^.87 
4.29504^080 
1.6978-1-723S 




4.043 OA. 0450P^ma^: 
20.12-30.68 
86.004640 
4.800041805 Oil 
.74-76 "P 
O.274e0J3.274OTlN 
30^04-30.00 
2.19BO-2.I9 
0-S5084L96 

3.36803:37 

2-1826-2. 10454 


France ... 

Ocr.iwayv.: 

Italy, 

TapML 

N^bertsnds — 
Norway:..... — . 

i bo Porturei™. — 
174 ff{Jatn. 

IS Si 


Jwi tzar land 

m ftbzfre- _ 

OTO588 -0-87 17(Y URoelaria 


-~s". ' 

SoteBriw : 


• 27.26."- 

BBig-61 
1Q-3S-10.R5 
. 8.B66L66- 
3.7045TO3 
1630-1700 
586396 
V 4J00-4. 10 . 
9^5-10.10 


.::sr 


Freni 


; 3^03.40 

13700-1^850 
- 41-43 


Rate glvBn for Argonttaa is free rate. 

■■■,- ‘ • -7-.. . 


EXCHANGE CROSS RATES 


• . \ '*•" 


*-M If 



EURO-CURRENCY INTEREST RATES 


" 1 - .. i \ 1 •. . 


V.. 1 i 


Dec. II 

Sterling 

U.S. Dollar 

Canadian 

Dollar 

Dutch Guilder 

Swtw Franc 

Weal German 
vuh 

French' Franc' 

Itaiten litre 

, 'Asiin ft '_ 

Japanese' Vei> ' 

ttiboit tenn.^... 
1 -lay#' notice 

Mnnth 

Three montha— 
Six monttaa... - 
One year 

n.a. 

n*. 

13JB-13B8 
137 b -I41b 
14 1 8 - 1438 
13tJ-14|% 

9531-978 

95*10 

104-103* 

UA-Ufi 

7ia-8l« 

7lsTOa 

94-913 

lUJs-103* 

lOij-lOTg 

105*-lltg 

934-10 

95*10 

9iftl01« 

93* -30 

M3b-77» 

8*8-878 

parels 

U ■ 

Hb-15* 

-37 b -4 
'- • ' a7,:4 ' 
5«-4dr ' 

. <D*4t* 

• 7.7J* 
..71(8 
, 9 79-10 lfl 
10-104 
10-101*- 
10 If -103* 

. 95*-13l*- : 
lllf-13to:. 
14U-25J*. 

16 18 : 
16Jf-l6l«.- : 

•ltofrM*'.: 

UBft-lllf 
^ . 

-M. : 


The foUovrtog nominal rales « rare Quoted for London dollar certificates of deposit: me nwniffl ; 10.S5-lfl.75 per cent; . fcrw months H46-1U0 ner^enC: elx lawahg 

10.40-10.30 per cent: one rear 11.13-11. S3 per cent- „ • _ ' ■ ' * . 

Long-rerm Eurodollar deposits: Two years lOl-KHr pw cent: three years ltDis-lO*^ per cent; four years lOfi-lOi per cent: Bre fan HBbTOm 7 *. ninainra 

closing rates. Short-term rates are call for sterling. U.S. dollars and Canadian dollars. Ornday rail for guilders and Swtea fradcs. Asan ratos STB closing Tales tfi 
Singapore. • ’ ‘ 


INTERNATIONAL MONEY MARKET 

Paris rates steady 


Short-term interest rates were 
steady in the Paris money market 
yesterday, while the interest paid 
on French guaranteed bonds was 
reduced. The latest money supply 
figures showed a monthly rise of 
3.8 per cent in M-l in September, 
and 1.3 per cent for Ihe broadly 
defined M-2. The M-l figure was 
13.1 per ceni above that of Sep- 
tember Jast year, and M-2 showed 
an annual increase of 13.3 per 
cent. Tbe ceiling set for money 
supply growth by the French 
authorities this year is 12 per cent 


Day-to-day money was un- 
changed at 6J per cent: one-mnnth 
at 63-6? per cent; three-month at 
6J-6J per cent; six-month at B*-7 
per cent; and 12 -month at TJ-Tf 
per cent. The interest paid rn 
drafts with the Treasury {guaran- 
teed bonds) has been cut to 9.30 
per cent from 3.40 per cent. 


NEW YORK — Federal funds 
were steady at 91S-9IS rer cent, 
while Treasury bill rates fell in 
quiet trading. 13-week bills eased 
to S.92 per cent from 8.95 per 


cent late Friday; 26-week biHs to 
9.24 per cent from 9.26 per cent; 
and one-year bilte to 2-26 per cent 
from 9.30 per cent 

AMSTERDAM — Call- money rose 
lo 10 - 10 J per cent from BJ-10 per 
cent in the Interbank market 
yesterday. One- month and three- 
month funds finned to 103-lQg 
per cent from 10(-10i Per cent; 
and six-mouth to 9j)-9S per cent 
from OJi-93 per cent 

MILAN — Money market rales 
were mixed, with call unchanged 
at 104-10? per cent. One-month 
rose to 11-11 i per cent from 
105-11 per cent, while two-month 

was quoted at 11-11} per cenL 
compared with llrlll per cent 
on Friday. Three-month was 
114-llJ per cent, compared with 
lll-nj per cent previously. 

FRANKFURT — Call money was 
unchanged at 3.30-3.60 per cent; 
as was one-month at 4.10-420 per 
cent. Longer-term rates wore 
easier however, with three-month 
falling to 3.95-4.05 per cent from 
4.10-420 per cent; six-mouth to 


3.954.05 per cent from 416420 
per cent; and 12-month .to . 3.95- 

4.05 per cent from 420-440 per 

cent • ‘ 

BRUSSELS — Deposit rates for 
the Belgian franc were unchanged 
at 9J-&J per cent for one-month: 
9}-9J per cent for three-month: 
S3-9 per cent for six-month anfll 
12-month. 

HONG KONG — Conditions ■ in 
the money market were a tittle 
easier, with can money at 9} per 
cent, and overnight at! 8} per 
cent . • • 

SINGAPORE — Several * hanks 
announced changes In prime 
rates. Increased ranged from t per 
cent . to 8} per cent in Lhe case .oF 
Moscow Nsrodnv. to i per cent to 
8 per cent. for Bank of Montreal. 
Most, rises were by } per cent to 
7} per cent, but Industrial and 
Commercial increased its rate' by 
i per cent to 7} per cent. • Two 
banks have cut their prime .rates. 
Lloyds . . Bank International - by 
} per cent to-7f- per- cent, -and 
Marine Midland by i per cent to', 
8i per cent. 


UK MONEY MARKET 


Moderate assistance 


GOLD 



rise 



1 Gold - continued: to Improve to 
the London brill too market yestjir-. 
day . and elated $5 f an - -dunce 
higher at *2074208 H After .open- 
ing at 52021-2031,’ the metal was 
fixed at -$205.40- .to" the morning 
after considerable buying inter- 
est. The afterhoibD jfixing showed 


. ■>' 'i*: 


Gold Bniliun (n flnojJ 

‘ runnel . 

Clow 

Op witri^ 

Momtnif 


lomtng fixing .... 


:Deo, U 


AJv«rnooil rising ,._JK07 JR- 


iiw.rasi 

Gold Coins. ... r...r • 

■domratWafly^..-..! ; 

JCrqgnrand ,_J 51174-218* 

tmiiainj. 

Wair SorarelgiuL 


n07*«8i 5TO2-2W ■ 
8202*TO3fi ;M0Di-5SU 
9206.40 lS2M.fi. 

«£ 104. IBS) (£TM.BBB) 

‘ ISSM-flO ■ 

kkiUMBi 



Old fioveralgin^.. . 


862-64 

St f* 

(£2S*-5lfi) 


Goifi Coins. 

Intoraarionalty j 
Krugerrand....; 821S-213 


S215+-2161 
(JB 199-119} 

smm. 

1E613Q - 
SM! ‘ - 
<£W*-fi1i) - 


62»*rost 


Sew Sovereigns .....L8&4-S8 

|(£27*-2Sfi) 


t£M7J-1B8J)lWHJ8-Wn 


Old Sowelgin....^ 


«»toghe- 

810 8m; 
fitEsg h 


>3284-285- . 

JS 165458 

...'SUSHI 


886-65 
(£27-28) 
568-81 .- 
(£10*411) 

wun 

'6W-JSL 

If 186- lift 


Bank of England Nlnlntmn 
Lending Rate 12} per erol 
(sinee November 9, 1078) 


Day-to-day credit was in short 
supply in the London money 
market yesterday. and the 
authorities gave a moderate 
amount nf assistance by buying 
moderate number of Treasury 


bills from the discount bouses, 
and a small amount of local 
authority bills. 

Banks brought forward run- 
down balances, there was a small 
net take-up of Treasury hills to 
finance, and the major factor 
against the market was the pre- 
Christmas rise in the note 
circulation. There were no 


- I a further ■■ Improvement ■.tcftfiOTJMI. 
significant factors to the market's \ and in' New. York gold ^touched 
favour. . i {208} before easing backlog *207}. 

Discount houses paid llf-U per j ... 

cent for secured call loans ib the 


morning, and closing balances 
were found at 11 - 11 } per cent 
In^ the Interbank market over- 


night loans opened at I2-I2f per 
cent/and eased to 11- Uf per cSit,' 
before closing at 11)41 1 per tehL^ 


LONDON MONEY RATES 


D«. 11 
1978 

Stcrluu; 
Cert! Beale 
on depwrtt 

Intis bank 

Lncal 

Antbnnty 

deposits 

Local Anth. 

negorlaMe 

booda 

Finance 

House 

Deposits 

Company 

Depoiita 

Dbctmit 

niknut 

depcatt 

Treasury 

BlDafi 

BUgWe 

Bank 

BOIa« 

FlneTraae 

Bills# 


— 

11-121* 

— 

• 



12B) 

11-12: 

- , 

■ . 



— 

— 

121* 







i . • 

r diivi or„ 

— 

— 






. 



- ‘"s - 

7 days nralce.. 

— 

lls«-12U 

12-12)* 

w. 

12U 




. - 

** 

One month .... 

18l*.I2ifl 

12,4-13* 

13-121* 

12 >*-12 la 

121* 

12a* 





Ten ninntba... 

Three month*. 

12^.121* 

12,‘* 12,* 

la^-iate. 

12i*.12te 121«-121* 

UUs-lBia 

117). 121* 

12a* 

IBS* 

124* 

ll»a . 


I2.ifl.l2ft 

izi). f: 

*»ia month* . 

12,1-1 1|J 

12^-124 

115*- 12 

llte-115* 

13U 







Nine mnnib*.. 

11W-1L* 

11*3-12* 

— U 

llte-UTg 

12J* 



• # . 




One year 

Hfi'-llS* 

llTg.tfi 

lllg-113* 

11 7) 

12t* 

— 

■■ z ‘ , 

■ - - 

- ■ 


Two yean 

- 

— 

12-121* 


— 

— 

-“ .- 

- -j •- 

— : • 



to Paris ihe 134 kflo bar -wav 
ftxed-at Fr 28^70; per iulp 
per - . ounce) . Compared .with 
Fr 29^90 L fS30755> . ra th& -morn-, 
ittg- aad .Fr 2S.809- ftttOOMir on . 
Friday fatemoon. . 

-.Tn -Frankfort the. 124 kiio har^ 
-wafr-fixed at? DM ; 12.615/ per ; kilo 
-ft208JJ3 . per .- ounce L .compered 
with. DWE. 12^75; ($290.95) previ- 
oosly. ■ / ■ v.V - ■ - • - 


ROMEYRATES 


NeWTORK 


•• Vi 


FeV Funds- w-jS- 


Trraanir. BtBa as^vnau 

"Ererawr BQIb 


TU/ 

.W, 

938 


SiftcwaU' Rale 
ony ipofirn 

ffiS*SS±feii2£ 


5 - 
3J5 
w 

•«v 

Afl -V 


Jj>m1 authority aos finance botun reven wflee, <Khori wren dajnK* axed. 'Lowwr<8rnt ianl antfinzitr mortxuee 

rates muni nally three sears 153-121 per cenli (our rears HI - 121 ner eeni: Rre years 121433 DW cent. -« Buk bifi rates m- 
hmog rates for prune paper. Buying rates for roar- man tn bank bins m-uMffl ywr om; -owivMtMHi trade WHsias 

,,, ''PPrtJximale wains rates for mMoaoth IWr bUto J|9« per earn; ana two-atandi- lltiss ■ see- -cent: (farce- rano* 
“l-imjj per ceni. Approximate *rQlns rate for one -mo nth bank bills 13tis-ui oer oenh : brtHWfcotit U-XntK: per.confc- 
™ tnree^nonut 11 15 ] s-usi 52 per cent; <mecnaHb trade bills 12 -per cent: twtMnanlh m per ease tad- aton/Ome-mnnUt 
13* per cent. .... 


FRANCE 

Dhconot Bate 

Overnight. iA.-r^- 

One-musttr : 

. Thred.-ttomfix-;. 
six mourns % , _■ 




Finrace Horae Bare Rates rpnUisfaetf by the Finance Bouses AssodbtiMtl 11} per rapt from December . 1/19%. Ocarina 
Bank Bap raft Rates for. small sums at oven days' notice 10 vet cent. .Quartos Sank Kara filter rtVtendiOf *13 Vtw. ceat ' 
Traasofy sine: Averase tender nues of dtoconnt U.66SA per cent. v - 


jawwi V“-. ; 

DteceteB -Bate 



i-: 





















































Sharp 


. mT£; 


TENDER 

l International Hydrodyaainics Company ••'- 

•; ; North 'Vancouver, BC b:-'l j • 

Sealed tenders 7 mil- ii& received by Dmrwoody Ltd. 
for the ' undermentioned ' Receiver-Manager . until 
4 o'clock in the afternook on Friday 19th : day of 
January .1979,- for the following assets by parcel: V 
PARCEL 1- — M S HUDSON HANDLER • . 
PARCEL S/ * — • - SUBMERSIBLE AQUARIUS- : 
PARCEL 3 SUBMERSIBLE PISCES’S . . V~ 

PARCEL* ~ SUBMERSIBLE PISCES 6 '•* 
PARCEL 5 " — " SUBMERSIBLE TAURUS " v ;^ 
•PARCEL 6 • PLANT MACHINERY ' •: - ^ > 

PARCEL 7 -- 
PARCELS. 

PARCEL.;^'; 

PARCEL 10 ■■ 


— OFFICE EQUIPMENT - : 

- PAKIS AND ACCESSORIES 
WORK IN PROGRESS ; 

-• INVESTMENTS.IN- . 
r : ; -SUBSIDIARIES' ---V. 

-■ 'accounts RECEIVABLE • 


PARCEL il — ACCOUNTS RECEIVABLE .- 

The vendor of the assets is- Harold & Sitfardsoa, Receiver 
and Manager tif; the property. assets and undertaking of 
international Hydrodynamics Company Ltd., appointed as 
such by order of the. Supreme Court of British Columbia. 
Tnade- on the 17th day of October 19TS -in- Action- No.C786202 
f Vancouver Registry). .. ■ 

Renders will he accepted on the basis that the purchaser has 
received from the. Receiver-Manaser and complied with the. 
conditions of tender AU offers must include a statement that 
the offeror "has received and complied with the conditions ' of ' 
tender. 

Preference wiii .be given fo tenders for aH assets, cn. bloc. 
Further information, conditions of tender, and copies of the 
inventory may be obtained from the undersigned or. "William 
J. Little, C.A. Sealed tenders must be - forwarded to the 

Receiver-Managers office. - 

:Dated at Vancouver this 4th day of December. 1978. " 

Harold S. Sigurdson, C A: 

Receiver-Manager, 

Dunwoody Ltd. - 

660-505 Burrard Street, 

Vancouver BC r*- r: ; 

V7X 1C5 

CANADA. 

Telephone: <604) 68&542L - - . - ^ 

Telex: 04-55488. ‘ ' ^ 


Your French Connection ; 

Want to- step-up your business in France? V. 

Eiulith bmmesmun, French' Motional, qmlifu^l engineer, with higb'eD -rehmicer 
ioij- wide connection*. 20 t years'. pr .ctiul roo-Irval e*p*rrcnt« Mle*/N*iffc#tifU/ 
manage Went/ *4 min. with French mdutc/ic: and.. government. Member Btitilh 
Chamber <4 Commerce in Paris.. ... " * 1 ‘ 

Offers highly personal and individual servka co British firms. Indefttiweiu, 
unbiased. confidential. • . . _ 

Can obtain Information, supervise, problem-salve, fix contracts. - etc,'. Action 
not word* I Further- drta.tr available - upon- -request. . . . _ .- vi- .... 

Mkfiad Kafton. B. Eng, M. Eng, M. Bus. Adm: - ' 

T8 : Avenue -des. Champs Elysccs, 75008 Paris. France .-A* - 
- Trfi (010-331) 721 7020 - Telex:- 44M92F — - , . 


Langley Metal Products Limited 

One of the foremast ^beetmetal companies fn the UK is able- 
to offer capacity, (up to lO.S.W-GL/3 mm) in one of its-mass. 
production shops. Fiill finishing capacity is available amfc.tije 
shop is approved to MOD DBF 05/29. Capacity available from 
March 1979. Contact: : ... . : 

Bfr.D.G. HeS,Langleyl>Xetal Products Limited •.* 

' ITnil^a, L^n )h1dnsffl^Kst^e, Hhrtfiprifig Lane ' ^ 
Watford WD2 8JU . Tel: Watford 4S327 - Telex: 8812915 


OPPORTUNITIES 


Finance 


Companies 

If you area shareholder in an established and 
growing company and you. or your company, 
require between .£'50,000 and -£'!,OOO,iiO0 for any 
purpose, ring David Wills, Charterhouse Development. 

. Investing in medium size companies as 
minority shareholders has been our exclusive 
business 'for over forty years. We arc prepared to 
invesc in both quoted and unquoted companies 

t currently making over ,£"50.000 per annum 
pre tax profits. 

CHARTERHOUSE 

Charterhouse Development. 1 Paternoster Row. St. P.iuls, 
London F.CfM 7DH. Telephone t >1-2 iH 


Peter Whitfield and Bob Tanner 

Minimum profits £100,000 per annum (formerly of 
Clubman's Club and Orme Developments), 
have £2,000,000 to invest in: 

• Managing directors wishing to buy their own 
companies 

® Companies wishing to expand 

• Companies wishing to merge with a view to 
early flotation 

Write Box G2SI2. Finonetn! Times 
10 Cannon Street. EC4P 4BY 


USA 

MACHINERY MANLTACTURING 
CAPABILITIES AVAILABLE 

Experienced, reputable U.S. manufacturer of special and 
diversified machinery (Wire Cable and Stranding Equipment. 
Abrasive Belt Machines. Braiders. Plastic Moulding Machines, 
«‘te.» offers European manufacturers an opportunity to produce 
their products in U.S. for little or no investment. We ran 
provide complete capabilities: turning, boring, drilling, milling, 
casting, welding, beat treatment, assembly, etc. 

Write to: 

Mr. R. Martin, Vice President Machinery Division 
Wanskuck Company, 3U4 Pearl St., Providence. R.1. 02907 
Telephone: 401/831-1200 - Telex: 92 7517 


VARIABLE RETAIL BUSINESS 

etunprisfag warehouse »nd snren fins 
lode-up . .*hop» »n proraintM ti-jtfing 
pond dm In. Hoffli. Counde*. “UP, 
Marini 1 L. trade or. pnnsual . household. 
Roods irresistible, co. . the. moderfl- 
housewife. Pro*en Hljh profits on 
tnenover appeotchins £500,000. Superb 
easy run system securely built and 
tnnwr fdr immwtiata enpwuion. — 

Fqr farther -deMlit: - 
"* • ? HAMNETT RAFFETT, 

_ .HigJi Wycombe fW?4> 21234. 
CommwrtMl Department.. 1 


LIMITED COMPANIES 

FORMED Btr! EXPERTS 
'. FOR £ffilNCLU5IVE : .- 
READY MADE £B3 ‘ 
COMPANY . SEARCHES 

EXPRESS CO. REGISTRATIONS LTD. 
30. Gw Road. ECT: - 
0»-d2« 5434/5, 734t, 9934.'.- 


ITALY 

Senior ^hglish lawyer, perma- 
nently resident in Rofne but now 
visiting London, will be pleased 
to meet individuals or companies 
who require commercial repre- 
sentation' iri ; Italy. Write Box 
G303I-, Hnarichi Times. 

■ ID, Cannon Street. EC4P 4BY. 


ISA orscunve TVWWBITEB.- CMC 

SJSBO. bard I v. used. X28D- Also IBM 
Mopnctic Tam Word procassor. C7B0. 
Thone oT^zmr 7022.' . - 


FINANCE BROKER 

OF PROVEN ABILITY 

would wtktMnt enquiTiu with i »lrw 
(a ' tetrinf up a small Finance Com- 
paoy operating in the secured lending 
field. Initial monthly requirements m 
the region or £15.000 to £20,000. 
Write &or G.3040, Fipopclai Tima. 
■ „ 10, Con pan .Street, .£ C4P 4BY. 


VENTURE CAPITAL REPORT. 2. Thr Mali. 
Bristol; The newsletter that chann-h' 
capital la small husin-sses. ln»«slors or 
entreereiMnirv Hna D272 57222.. 

ET A WEEK FOR £C2 address or phtme 
ComPJned rates + tewx 
, . under C3 ' a week. Presime opces near 
. Stock Exchange. Message Minders Inter- 
national 0I-62B OBBB. Telex 8BJ1725. 




OFFSHORE COMPANY 
FORMATIONS 

wish a difference. Expert taxation 
adnce with Company tailored to jive 
best advantage; followed by NOMINEE 
Service and Registnred Office facilities 
(i s. complete anonymity). 

(i) Experienced service by a former 
Bank General Manager. 

_t"> JJanfc introductions., 

. fiii) immediata svaiixbiliir >" Isle of 
\ Man. Gioraltar and CariShtan. 
Writ* or le'mhone f-r furrP-r details; 
“i STRAND MANAGERS 
i. SERVICES LIMIT® 

2 -GoWi- Terrace. Upper Qeirch St. 

' - Dougtac. Isle of Man 

' ' Tel: Dcwtfas fM24) 2245S - 
Telvn 421241 

After hours A weekend* 0424 2S11S 


ATTRACTIVE US. 
LAND OFFERED 

I4J acres, of which 140 presently 
in service as golf course, lor sale. 
Located within 10 miles of expand- 
ing Connecticut city and 20 mrles 
,,n ' ! » r centre in Westchester. 
N - ' • Additional 23 acres adjacent 
to caurj e available on 60-year lease. 


=ath. Principal* only, please. 

Write Bo* F.1072. Financial Times. 
10. Cannon Street, IC4P 4BT. 


FOR PROFESSIONALS ONLY 

Mahogany desk, shaped front, period 
style. Sft. red leather tap by Maples, 
ilke ocw, £550. A similar desk 5ft. 
green leather top. £500. Mahogany 
cibow. chairs in tod*. £90. Swivel 
chairs In hide. £115. Many other 
bargains in quairry office lumiture. 
Ring “ Commcrcral " 01-B37 9663, 
J29.. Gray's Inn Roid^ London. WC1. 


COLLATERAL 

MANAGEMENT 

-r-firwnce of stoefcs and debtors. 

Send for detailed booklet. 
'Lawrence Collateral Services Limited 
. 1-11 Kay Hid. Beriefey Square. 
-London WIX 7LF. Tel: 01-629 9«07. 


IBM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guaranteed 
by IBM. Buy. save up co 40 per cent. 
Lease 3 years from £3.70 weekly. 
Rent from £29 per month. 

Phone 07-441 2345 


MODERN JOINERY WORKS 
TO LET 

fully equipped to manufacture all types 
ol joinery products. Area approxi- 
mately 7,000 sq. It. Alio additional 
adjoining space up to 40.000 sq. ft. 
available if required. Reasonable rent 
can be negotiated. 

Apply Co; Messrs. Stanmore Industrial 
Estates Ltd.. Bridgnorth- Salop. 
Tel: Bridgnorth 5221. 


BUSINESS MANAGEMENT COURSES 


DATA PROCESSING : 

MANAGEMENT 

APPRECIATION 


A new training course from- Inf otech for 
senior management and executives who 
rieed to know 


■ common-use computer jargon 

■ the scope and limits Ufa computer 
based- information system / 

how to define their requirements of the 
DP department 

'Bbdk nowforthe first presentation 24-26 
January, Clarendon Court JHbtel, London 



; Igfotech International .Limited, 
Nicholson House, Maidenhead, 

: ; Berkshire, SL61LP 
: tslephdn> 0628 35031 Telex 847319 


EXPORT OPPORTUNITY 
LEISURE AND SPORTS GOODS 
Intcj.iaucuial Tradiiig Company, with 
oversea! offices and representative!, h 
interested in discussing w+Lh menufic- 
Hirers of leisure and sports goods 
opportunities for introducing their 
products in export marten. To 
arrange an initial meeting, pleue 
write in confidence cat 

Box G.3033. Financial TJmi, 

10. Cannon Street, EC4P 4SY. 


OFFSHORE PROPERTY 
INVESTMENT CO. 
has funds available for invest- 
ment in suitable development 
projects. TMease v/ritc to: 
Box G3041. Financiil Times 
10 Cannon Street, EC4P 4BY 




GmhWoudwf 




This cash voucher 
entitles your company 
to 3h immediate 

735! CASH 
AGAINST 
INVOICES 


Cash flow prolilemsPThesi cash this! 

Need Cash Now? You've got it right there on your 
hooks! Confidential Invoice Discounting Ltd gives you 
75% cash aga irtst invoices — money you can put to work 
today. Our invoice discounting system is entirely 
confidential. Your clients remain totally unaware of its 
existence. For the full facts post this voucher now or 
phone us direct 

Confidential Invoice Discounting Ltd. 

Circus Hmw. N»:vc Engldr,<i Pix-d. Unrihior.. Sussi-x 3Ni 4GX 
T-lr.phc-n,-: Srighlor. |f*2?.1| A067IIV. Tnlcx 
Also fli.-.-n . n.j hem ' Cardin. InvK Lonavn. .'Icr.c/iuslcr. 

A Mih-niidr-. DHaitmjUuunJ Facri-rs Liauted. 



Our business is 
merging your business. 
Successfully. 

36 CHESHAM PLACE. LONDON SWI. 01-235 4551 


. • 

INVESTMENT CAPITAL NEEDED TO ESTABLISH 
A MAJOR CHEMICAL TRADING COMPANY 

Became of iijni:T:inc cliangei in 4h> -:he<nic*l trading industry in the past 
yeirs. n: Fee i chc-e .s i dffinne void to be filled. Our proposal outlines 
th* rataolishm^m of primary offiics in the U.S. A.. Europe and the Far 
£a»l with thr approp-iace port^inel U> oreaslish :he nucleus o' th* 
corporation. Our gtoup is multilingual. prGg:esii»e mthou: bc.nj impetuou:. 
and more mps-tmi. have handled in tgt»! .no-r ;han S30.BBQ.OQu ol 
annual volume tutccsifully. Our martet knowledge .a as divcrarfird u 
can be found. 

The principal W. srel should be either a major commodity trading firin 
or a corporitia-i «nc d in the inowlcdg-' r -l *uth *t:.einc« and should ** 
oriented entu-h to s.:« the value of the establishment ol th- co-po.'atioo 
in certain p---rn-y market) and opportunitt.: enough ro p-ofir from me 
constant long/-hori cy.lrs in other produ:ta. Fit: year evpciTet should 
be between S-l/500.000 and first ytar volume between S3S/30 million. 
The intention-, are ro establish a ?»conil Eu-opean office, a South Amer-ean 
birr and an effise in the Middle East witbm chs first three yean. 

Those inttreitfd m seeing pr discussing our plan should reply to: 

8er iS.jOfi. Financial Times. 10. Cannon Street. EC4P 4BV. 


GILTSPUR PACKAGING UMITED 

intends to exrand ik activities m the London area by the acquumon of a 
successful ccmp'ny The mam s-eaa of interest would M case/carton snanuiat- 
eurert or cue/:»-tpn oackcrs or a combination of both. Preference would be 
given for s company wirt a turnover in exeeff of £1 million which has good 

E remites »h?rs ferthsr expansion cars take place. Sma'ior companies would also 
c cemidered The mamgemenc and staff v-ould be reumed arid merged with 
th* existing ttams at present operating m the araa. 

For further d-taifs: 

. Th- Finsncisl Director. GILTSPUR »»CV*GI>fG UNITED. 

I- Salitbury Rotd, Totton. Southamoton S04 3ZY. 


TURN YOUR SURPLUS 
STOCKS INTO CASH! 

D Rn Ltd., a lr-je argjnisaHOn 
dj.iling m a I- typts ol domestic esn- 
sinrr r-rducts. i.e. ^i-dwar*. Toys. 
Cosmeri.TC, Textiles, Eirccritai gcod-.. 
et:.. offers rnimwli)"* cash for 

quantities of surplus ustU of this 
nature 

for e oniric decision contact: 

Dmii* Rubin. 

D RUBIN LTD.. 

39 Macdonald St., Birmingham B5 6TN 
Tel: 021-422 1222. 


ANGLO-SWISS CITIZEN 
formerly partner in Cit>' firm 
liDterested Id undertaking 
alignments in Switzerland. 
.Write Box F1071 
Financial Times 
10 Crmtum Street, EC 4P 4BY 


PRINT FACTORY 
PROPRIETORS 
DO YOU HAVE PROBLEMS? 

Cnnstuum* undartilte ‘onb-oET as^Um- 
wUcb mar caver production, 
sales, finance, ere. Whole' factories par 
(Offcthcr. home pr abroad. 

McCOWAN-KEHP LTD. 

Top St.. Elston, Newark. Nous. 
Tel: B63685Z1T. Telex: 377396 


If you Own or are Purchasing 
any type of modem 
OCEAN-GOING VESSEL 

then ship managrmsnc subsidiary of 
currently Britain's most tucceisful 
ship-owning group will manage your 
vessels with the same care and con, 
si deration as eheir own under either 
British or foreign flag. Write hot 
G.3050, Financial Timet, 10, Cannon 
Street. EC4P 4BV. 


IS YOUR COMPANY IN 
TROUBLE ? 

or Juts marking tWni: in need of funds 
or flnuicial/inariceehig management 
expertne* 

JOHN BENTLEY (Associates) 

can prtwid* profettioAxl N«n-ExKutivi 
Oinsun lor 'independent advice. 
Write In confidence to: 

Z Curaon Place, London W.l. 








RESIDENTIAL MORTGAGES 
Up to £100,000 available for 
transaction. 

No Endowment Assurance. 
Commercial Funds also available, 
needed. 

Writ- Bor C.2if?. Financial Times. 
10. Cannon 5lrert. EC4P 4BY. 


PRODUCTS SOUGHT 

by w*ll established manufacturer of 
electro-mechinlcal equipmonc. Would 
consider outright purchase , manufac- 
ture under Hcence or manufacturing 
on behalf of owner. Usual light 
engineering f a ci liti e s . 

Write Bo' G3036. Financial Times, 
ffl. Cannon Street, £C4P 4BT. 


INVENTION 

Inventor requires estLsunce to produce 
and market a new range of electrical 
products chat are of benefit to a 
large number of people f adults and 
children). _ Letters - Patent granted. 
Consideration given to Loan. Liceru.ng 
{payment plus Hoy* I ties) or outright 
purchase. 

Write Sea G .3*142. Financial Times. 
10. Coneon Street, EC4P 4BT. 


For further information contact: 

K.Dean, 

ARBUTHNOT FACTORS LTD., 
Breeds Place, Hastings, 

E. Sussex. 

Tel : 0424-43C824 


AUSTRALIA 

EXPORT OPPORTUNITY 

Managing Director of well-established . 
Australian imps': agents is visiting UK 
m Jsnuary. Manjfacturert ol coo- 
sum rr gcads wirhmg to scM their 
products m Australia and Mew i£taiand 
are invited to write to: 

Bee G .2032. Financial Times, 

JO. Cannon Street, EC4P 4BT. 


UMITED COMPANIES 

From €49 

Formation U.K. and Worldwide 

Including: Isle of Man, Liberie. 
Panama and Anguilla 
Cpntact: CCM Ltd.. 3, Prospect HIM, 
Douglas, l.o.M. - Tel: Douglas (0624) 
23733 - Telex: 627900 BaKon G. 


WANTED 

Established London company 
offering Engineering/Draughting 
Services requires introductions 
to General Industrial Projects. 
Lucrative commission available. 
Write Box G.5044, Financial Timet, 
10. Cannon Street. EC4P 4BV. 


PLANT AND MACHINERY 



'Special Offer' Prices. 


• Be independent of power cuM thii winter 

• Ensure continuity of production and services 

• Keep your customers delivery dairs 

■ 3 r Prepared - Install an MIG push burton start or Automatic Mams 
Failure unit 

• Very competitive 'Special Drier” prices. 

• £■ siock/eariy deliveries of most models: 

- Rofli Rovt*/ Stamford 100-126, 156-187-312-600-625 kVA 

- Cummins/Stamfotd 150 KVA 

- Lister/Stamford B-rfi-25-35-50-65 hVA 

- Perkins/ Stamford 50 KVA 

MiG - design and produce only top quality engineered sets with 
wide range of options and multi-set combinations. 

Contact us for immediata quotation, detailed specification and brochure. 


5 S 


AUG. Group Lfd ™ 

,Vtr re erd 


Church Wharf Comey Road London W4 2RA Tel-01 994 708^2862 
Telev 935072 MIG London Cables Elearogen London W4 


generators 

Over WB Sets in stock 
IkYA-700kVA 

Buy vri’tlf from the manufacturers 
with full afRrmltt service. 

CLARKE GROUP 
01-936 8231 
Teles: 897781 


BUSINESSES FOR SALE 


To be Sold by Private Treaty ; 

MAYFLOWER MARINA, RICHMOND WALK, PLYMOUTH 

*. :.v» v.s«-itT Knniis 

* t-KEmiOLD QL.sv unli- Cofiiral Tau-rr. Mamie Shop, Si;mco BlocK. 
Flit-! InsuUjtLftii, C.ir r.srfs 

* wf. 1.1, AFPOir.Tr.rt kl.>t 

* r.RfiUSD BENTS u-uli (m.tmic approarblnq JS.naii p->r annum. 

* UEVELDP.MEN’T PnTENTI-U. 

Buil: in 197; ‘T3 and now full: - iuxt j: mnal. 

I riR SALE AS A COIKH ftt.NCr.BX 
With Com- hr or r»<si.uv. cantraeii ami wattliu. Li»r for 1978 Berhs 



P.D. Box 1. 

30, HLqh Si reel. 

High Wycombe. Bucks. Tel. (MM) 21234 


24. Great Poheney Street, 
Louden. W1P. JDB. 

Tel. 01-437 Ottb. 


I PLASTIC INJECTION 
j MOULDING FOR SALE 
| IN LONDON 

Freehold premises, approx. 

12.000 sq fl. Housing fully 
equipped injection moulding 
shop of 10 machines. 3 oz to 
20 oz. All wir n d and plumbed 

1 in and in working order. All 
areas sprinklured except 

2.000 sq fl of « dices. 

Principals onh/. Write 
Box G3039. Finannnf Times 
in Cannon St r cut. FC-iP 4BY 


PROFITABLE AGENCIES 
FOR SALE 

A imell group of lu-ir employment 
igrnam in the p-oriq:e t mth a tum- 
over of £137,000 and net profit! of 
£19,000 1 * on offer. Nrt aucti 

£70.000. Premium trading areal. 

Principal: only to to: G.3046. 

Financial Timrt. 

10. Cannon Street. EC<P 4BT. 


BUSINESS FOR SALE 

Company seeking to diversify 
into ocher acrivicies wishes to 
dispose of landscaping interests 
with sound management in Lon- 
don and Glasgow. Capable of 
earning £100.000 p.a. 

Write Bov G.3G38. Financial Times. 
10. Cannon S:reer. £C4P 4BT. 


SUCCESSFUL 

COMPANY 

specialising in the hire of large Dump- 
trucks;. vmh to open negotiations ro 
ditcuos the pasiib’c tale of part or 
wholr ot chit company. Reason for 
sale family problems. 

For further detail: write Bor G.3035. 
Financial Times. 10. Cannon itreei. 
EC4P 4B7. 


FOR SALE 

FORD MAIN 
DEALERSHIP 

Principals oulu please apply 
Box (13043 
Financial Tin.es 
10 Catrairm .Street, liU4P 4HY 


EXCITING & EXPANDING 
CLUB CARD BUSINESS 

I.ODBs of costing Members are 
alr-tadv enjoying reduced admission 
rates and associate membeship of 
more than 100 i:p Cubs and Disco- 
theques. by hold.ng our exclusive Card. 
The business to ec sold as a going 
concern due to break-up of partner- 
ship. £30.000 lor quick sale on 
include a‘i equipment and tto:lc. 
Plccue wnre ro Bor G.3034. Fi nonrial 
Times. 10. Cannon Street. £C<P 4BV. 


FOR SALE 
OR MERGER 

Sheet Metal Fabrication Company based 
in South London. Curren; annual 
T/O £650.000 From 11.500 iq. ft., 
with current labour force of 35. Ti* 
lasses available of approx. £200,000. 
Principals only should contact- 
R. J. RIDGE & CO. 
01-947 2447 



DIRECTOR Of small Comoanv lvalue 
floorer. tZOO.OOOi wishes to sell 10 2-4 
lev employees. Employees nera finance, 
lacas welcomed. Write Ear G.5057. 
Financial Times. 10. Cannon Slrae!. 
EC4P 4 BY. 


BUSINESSES WANTED 


FURNITURE MANUFACTURING 
COMPANY REQUIRED 

Principals, with manufacturing interest in old estab- 
lished wood furniture group seek to expand by 
acquisition of a furniture manufacturer with a well 
established product range; a minimum annual turn- 
over of £350,000 and a good order book. Controlling 
interest sought- but requirements of present directors 
and major shareholders will be constructively 
approached. 

Please write in Hie first instance to P-nr fiStHU 
Financial Times . 10 Canrum Street. EC4P 4 BY 


FONADEK 

INTERNATIONAL 

are continuing their expansion pro- 
gramme by acquisition and are par. 
ticularly mierrsteil m furihaiing Office 
equipment Manufacturers and/or Dis- 
tributors and Allied Trades. If you 
arc interested in sellms yaur company 
pfciie conwec: j P. Chaoman, M.D . 
Fan.-dek International Ltd . Albany 
Pna-f. Mar-borne. Birmingham 17. 


Client wishes to acquire 

DORMANT COMPANY 

which has previously conducted a alg- 
nificanc trading activity or owned 
property of a value of at least 
fl 00.000 ( preferably greater). Present 
aure value should be amxll or 
negligible. Write to: 

THORMTOM BAKER. 
Chartered Accountants. 

Eldon Lodge. Eldon Place. 
Bradford. BDI 3AP. 


BUSINESS MANAGEMENT 
COURSES 


6 CURRENCY BRIEFINGS 


5 -7 pm on the 2nd Monday of each month 
Hyde Park Hotel, London. 


We have invited 12 practical economists who work 
daily with the international business community to 
give their professional advice on currency develop- 
ments. They will analyse the recent currency move- 
ments and give their projections for the future 
developments of the major currencies. 

Alan Budd from London Business School will co- 
ordinate the six seminars — and also give his expert 
opinion. 

This is an excellent opportunity for you to leave 
the office behind and concentrate your attention on 
a vital and ever changing aspect of your business. 
The currencies and areas which the experts will 
examine has been left open so that they can focus 
their attention on the area of greatest interest- at the 
time of the seminar. 



Programme 

Dr Alan Budd will speak at all Briefings 


Jan. 8 ’Kruse-Kempen 

Bank of America N.T. & S.A. 
Professor Geoffrey Maynard 
The Chase Manhattan Bank N.A. 
Feb. 12 John Atkin 

Citibank N.A. 

F. Nobum itsu Kagami 
Nomura Research Institute 

Mar, 12. Stephen Lewis 
Phillips & Drew 
David Kern .... 

‘ National Westminster Bank Ltd. 
Apr. 9. Kevin Pakenham 
.Amex Bank Ltd. 

David F.V. Ashby 
Bankers Trust Company 
May 14. Michael 1 Beenslock 

London Business School 
. Michel Develle 
Parisbas 
Paris 

June Z 2. Phillip Gray 

G. T. (Management) Ltd. 

James Dempsey 
Consultant Economist. 




































23 fr***---** 





Rolls 




Financial Times Tuesday December 13. 197S 


engine 




BY MJCHAEL DONNE, Aerospace Correspondent 


INVESTMENT ‘IF close to 
£500ni hy Rollf-Royee ‘in new 
civil acrn-pncine programmes 
tor the 19SU- is understood fo 
he on** of l he key elements in 
thr recent five-year plan which 
The ronipany ha: now submit led 
m the Government through the 
National Enterprise Board. 

Overall, the company's b*ng- 
wm strategy, which in fact sues 
v.i'il beyond th* present live- 
year plan in the end m" the 
rentur;*. i* based upon u win- 
ning and holding sizeable share- 
«f "the proj-pectivc hnoniini: 
market- fur both civil and 
military engines. 

In i he civil field, nui-i 
analyses agree lhat tne growth 
nf world air i ravel over the 
nett few year- is likely to he 
about 7 per cent a year, creating 
a demand lor more than 4 .SOU 
airliner* of all kinds by 1090. 
wi,rth about £40hn. and for 
s»-\eral time* that number of 
civil engines, worth a boo* £15hn. 

In the military field, 'he 
potential market is oven greater. 
p<»irnaied lit amount rn about 
i’Piibn by ififlii. of which w bui 1 1 
nne-ihird could he l»»r cn antes, 
worth about £30bn. 

Rnll>-R*»y»-r rim 1 * ic't pretend 
thai it '-an win the iiuii's -hare 
of either fidd. bin it is aiming 
a i increasing us portion “i 
vorlri civil market* >hn«ugh ihc 
lfisn- tn about •met bird of iiu* 
inial. or sumo £5Kn. vlule it 
would al-o Isko tii 1.5 pi hit about 
17 m l*u per • on; of Hie •.■.■••rM's 


military *nsw® market, worth 
about £*»bii. a total of more than 
£ 1 U -1 1 bn nf business. 

It is basing its strategy upon 
eight major engine programme', 
tmir civil and lour military, 
which %% 1 1 1 b*- underpinned by 
the continued production and 
development of a wide range of 
existing engine*. These prn- 
grammes. whether financed 
from internal resources nr with 
Govern men r aid. or both, are 
considered essential m enable 
the company to remain in the 
forefront m the world civil and 
military' engine markeis of th*' 
IftSMs and beyond, in the face of 
hitter and intensifying i-umpeti- 
liiin triiin ihg “iber iwn giants 
in i he Held. General Electric 
and Pm 1 1 and Whitney, both 
of tl:<? r S. 


Programmes 

In th-’ i.:vsl field, the four 
mam »’n ::n * nrogrammes are: 

• Continued development of the 
KB-211 engine, in both it* big- 
thru*! < 3tj.ni in |hi ver-mn. tin* 
Da<h 524. wtijL-h is already used 
:o the Boeing 747 .hint ho jet and 
the Li'Crheed Series 5”0 TriStar. 
and ih:' Dash 22 version nf 
40 .mii i ih ihru«t and above, a'-" 
ii-rod lit the TriSlar. The RB-21 1 

ha- already won e:;p..,r, nrd-'r- 
ivnrih over iTfitim. and tlii' 
figure t- expected m c» veil 
Iwymid »!>• i I bn level by the 
ea’rlv I?*"-. 


• Development*, nf the recent ly- 

launehed smaller version of the 
TCB.21I. the Dash 5.15 of 
30.0(111 |h Thrust and upwards, 
for such aircraft a* the new 
narrow -bodied Boeing 7.57. for 
which British Airway# and 
Eastern Airline* nr ihP V.S. 
have placed orders, worth over 
£300 in for the engine: 

• Development nf a new 16.000- 
18.000 lb thrust engine, the RB- 
432, intended as an eventual 
replacement f*>r the existing 
Spey engine from the early t" 
mid-1980s: and 

• Development of a new lb 
thrust engine, the RB-ihi. for 
huv.m'ss jet aircraft, to replace 
tiic ageing Viper. 

In addition, there will be con- 
tinued production of the Gent 
helicopter engine, with a new 
helicopter engine, the EB-321. 
coming forward by Urn mid- 
1980*. Supporting lh«?sr pro- 
gram mes will be continued nrn- 
uuction nf c ivil Spey. Dart. 
Viper. Proteus and other engines 
j.;r .i wide range of tasks, v.-itli 
cr.ntii'ued further development 
rf sums of them, such as 
Proteus, fur industrial and 
marine uses outside aerospace. 

This civil engine programme 
ad unitedly leaves a big gap in 
the thrust-^ peel rum. between 
the 18. ni«» Ih of the new RB-432 
and the IIU.OUii lb of the 335 
version of the RB-211. which 
Rolls-Royce ha.* a.- vet im plan* 
i.. fill. This zap i currently 
■wnpicri by a Franco- AniTiran 



Rolls-Royce plans to continue development. of the RB-211 engine used In this Lockheed TriStar 


engine, th" CF1I-56. R-tls- 
Royce if well aware th.n ; his 
could mean giving away a p«iri 
of the booming civil market’s “f 
the future, but ir is obliged t»i 
accept the fact that, with i ll ihc 
programmes mentioned, n will 
have it* hands Tull liuao i a 1 1 y 
and ie*.l'.no5ogicaliy ihroirir th" 
19SUS Thus, if is prepar'd o let 
this part "f the market go. »r*'- 
Mded it can win a sizeable ?.5wre 
nf the other parts. 

As it is, lit" 533 a I* >nK 1“ 
exported to «-osl about i':?5;im. 
while the RB-432 and RK-4M 
O'Zcthcr will probably ■’"’t 
about ih" snmn amount. 1* :h" 
i-r-ntinse’d d"ve‘npment •'■f 


the 524 and Dash 22 versions of 
the RB-211 are included, the 
company's civil investment nrn* 
gramme cannot amount to less 
than £5U0 ir. and may he even 
more. 

Us four mam engines in the 
military field will b p : 

• Continued development of 
the RB-IH9 for the Tornado 
multi-role combat aircraft, per- 
haps also being adapted for u*e 
:n any new Harrier/Jasuar 
replacement such as the 
AST-403: 

0 The Atiuur engine, already 
u -ed in ih" Jaguar jet strike- 
trainer and »*hcr aircraft. 

0 Th® peg a. -u= \erriral lakp-nff 


engine, now used in the Harrier 
jump-jet fighter and for which 
a ion? development programme 
is foreseen; •• 

9 The Spey in its military ver- 
sion. which has already won a 
contract from China for licence 
manufacture, said to be worth 
about £100iii. with the prospect 
of another hig order lnomina in 
a new Italian light strike 
fighter. 

.V* with civil engines, these 
will be underpinned by con- 
tinued development and produc- 
ti«»n of existing power-plants, 
such as I he TF-41. used in the 
f s. Corsair fishier, and the 
iilvtnpii* iwhif'n is finding an 


HI .KINGTON 


** • •J'/* /’ v -4 


•'r. ' % t\ 






They're in demand all over today’s world. 
High-technology safety windscreens 
for cars and aircraft. Bullet and bandit resistant glass for 

vehicles and buildings. 

They’re the best. One of these windscreens 
recently achieved a record 18,000 hours 

service in a Boeing 747. 

And they’re developed and manufactured 
by Triplex — a member of the Pilkingtori Group 
and an important contributor to the £10 0m 
Pilkington earned for Britain Last year. 



Howfe that for enterprise! 


. nara i mi pean Airbus Industrie- cansor- j 

increa«w? rol£ -n 8 J lim has been discussing, the ; 

sta »?- f ! r *h?- "broad 251 of possibility of develop ms a. new- ■ 
With tlo* broad *P s European Transport, or 

civil and its sales, JET. venture, that could fill this 

Rulls-Royrc financial year gap. at least in one version 

which in the past fi footer smaller variants of this . 

amounied . ak nf aircraft have also heen moated 1. 

£3bn a vear in the mid-1980s, but so far nothing nas- been 

bl in H £ ci5 iSThh P«k ■ Se ?iih gap could he filled to 
Ji- with the peak rale some extent, however, at the 
n? deUveriet nf the orders Tor top end by the Boeing or 
• f - d !i\ul aircraft now being at the bottom end by an - «n- 
Jlf W T'i nnanlitv through the proved version of the .smaller 
S ‘ hut. already highly, successful 

' The^afier talcs are expected Boeing 727 Uiree-engmed short? 
,- T c l l ; r a a steady several to-medium range jet with an up- 
iu« loul a raar ™. ; d ang^e auch ^ha Prat, . 
in the late lflSQs. reflecting a and Whitney m » 

s?eadv in flow of business from possible that this is what^wdl. 
U,e world's airlines and air happen if no new airframe 
forces, until a new re-equipment comes forward to fill the «,ap. . 
.tide begins lo flow some time in 

• the early to mid-1990s for air- . ‘p- rtT |-jjcjricr 
craft for the early part of the . X rOIllaMlijfc, 

.next centurj'- , , , But it is in the sue nf air- 

Thus Rolls-Royce s long-term Cfaft be j ow this, the 100-130 
strategy i* already broadly seat€r that the aircraft manu- 
: defined, and the tas , facturers and Rolls-Royce can - 

how is to win both NEB ana ^ a proin isinjg new market : 
Government support for it. pmer „j n g. This is the Trident/, 
-especially in the all-important pne-El even/ Cara velle' replace- 
civil field, where the company t marke L and could yield 
-sees the bulk of us future bust- ?a j Cs 0 j as many as 800 to r.000 - 
ness, lying. aircraft over the next decade. 

- Most analyses of the future This is traditionary the kind of 
world civil aircraft markets see mar ket that Rolls-Royce has spe- 
i! falling into several well c i a iised in for many years, with 
defined categories of aircraft. ils s pey engine, ancl for which 
■measured by *i?.e and'range cap- j t now expressly develcrpine 
abilitv. Rolls-Royce is no ex- ^ new rb- 432 or about 16,000 • 
ceptior to this, and is tailoring ln ig;oon lb. thrust. So far. few 
its main civil engine concept* to new airframe proposals- have' 
to this broad pattern or develop- been mooted tn fill this require- 
ment. ment. but a smaller version of 

For example, in the medium- the European JET could well 
to-long-range field, of say 4.0U0 emerge, perhaps supplemented 
miles and upwards, the Boeing by a British Aerospace One- 
747 Jumbo trt, the McDonnell Eleven Series 700. while fokker 
Douglas DC-10 and the Lock- 0 f Holland has ideas to get into 
heed Tri-Star are dominant. No- the market with its F-29 twin- 
one else i> cut likely' To be able pngined airliner, using the 
to afford to develop an Airliner rb-432. 

to compel c with any of these, B(It lhp competition could be 
and the battle for future long- f orni id a ble. for the 100-130 
range markets will be fought sca ^ er is really part, of the 
between the \arious derivatives ttvat- is -already being 

of these three types of aircraft. exp i 0 ited by the existing Boeing 
All nf them currently use 7g7 s h Or Mo- medium range jet 
engine.* in the biggest category air .[jner,' now the second be*t- 
of 4D.0UU tu 50.000 lbs thrust. sc j|j n o j e t in' the world after the 
and RulN-Rovce has already won B 0( ,i n jj 707. Boeing is . not likely 
places for it* RB-211 in different j |} slan fl by and watch the 100- 
versions of both the Boeing 747 ^ j^afpr market ih the" mid to 
and the TriStar. although it has Iate i9go s o 0 tn other builder.*, 
yet tn win a place for the RB-211 and j t j s bound 10 improve the 
in the DC- 10. 737 steadily through the 1980s 

For ail three long-range air- to try to beat off any new air- 
liner type*, plans exist to. ex- frame rnnipeliibrs that may 
lend the range/payload perform- emerge-- At the same time, 
ante, requiring engines of more. Rolls-Royce appears to be alone 
than Su.non lbs thrust. This is in this field with its RB-432, but 
why Roll.vRfiyce needs to. con- there can' 'be little doubt that 
tillin' .-pending on developing both GE and Pratt and Whitney 
the 521 version nf the RB-211 will also try to ensure. that they 
!•» 55.000 lb and even ahuv<\ n e) SO me share nf the bosines*, 
Eve niu ally. Boeing foresees a . with new jpower-plants. »I their 
w»9-scatcr 747, Miat may need own.: . . 

an enaine of GO.UOO lbs thrust. Below the -100-1 2U - water lies 
bui »hi* is still some way off. a wide range of aircraft nppnr- 
Kvcn *o, -RoIls-Royce has to be t unities, but perhaps The bigges! 
preparetl -to think In'-terms of is in ' the ■ growing business 
eirluT developing the 524 *it that aircraft field, where there are 
ilirust level, or developing a likely, to he sales or several 
n»w power plant that will go hundred. executive jets through 
bpyond it. The company’s long- the 1980s— ^ ■sufficient tn encour- 
tern, strategic plan, through to age Rolls-Royce t" think ro 
rii<» end of this century, L-ort^ terms .of. developing its new 
*;ders this. Hut no decision^ on l RB-401 jet engine .. of ahnut 
-•irh a development have ver 5.500 lbs thrust as a potential 
taken. Overall, the com- replacement- for the highly>.sne- 
pany «ees a potential world res sf ul but now. ageing Viper, 
market oF about 1.200 aireraft Rnlls-Roycc. while aiming at 
m the long-range field in the most nf thesp areas with its new 
next decade or <0. • engines, is also pinnin? = its faith 

But it is in the Hiriad short- on the U.S." manufacturers, it i* 
-o medium range categoiy that richi to do so. For it is gener- 
• he h- ; ggrsr. market* lip-for Utr- ally acceptrd that the linrf* 
rutiire- Here, there are several share of the future world ernf 
types of aircraft. again airliner sales will hp taken' Hy 

*pa rated by sire. the U.S. companies, hpaded by 

Boeing. Estimates of future 
^ , .. world jetliner deliveries she*’: 

expectations *h pm steadily rising to .» peak 

r of about RU0-700 aircraft a year 

In the 2fk%25fl sea ter caregorj r . hv niid-I9R0s, -of which about 
Tor example, it is expected that ^ W1 „ be rnmlnar -from thg 
a hout 1.000 aircraft will be sold u. s , and asain mostly .from 
in the years ahead. These will Bovin*! - 

include such type? as the Euro- whfie.it is hoped' that Airbus' 
pean A-300 Airbus, and in the Industrie will capture an in-’ 
200-seal category, the recently creasing share of the short ttw 
l-uinchcd Boeing «67 twin-jet medium range markets with" 
and .its rival, the European i w th its A-300 and A-310\ ah^- 
A -31 0. for this tyoe of aircraft.-' perhaps also any JET ventures 
engines tn the 40,000 lbs thrust it' undertakes^ tliere is.ho"'hope 
‘■aiegory and above are needed, 0 f it overtaking the already 
^nd Rolls-Royc**. has available its dominant position held by the 
RR-211 in the Dash 22 B and D t : ,s. manufacturers collectively,, 
versions. The company has not a p(j that held by Boeing in par- 
yer won orders for engines in ticular. For example, the riewly- 
any of the three aircraft .men- launched A-310 Airbus- is com- 
tioned. although the Dasli 22 is pptine directly with the Boeing 
in sen'ice with some versions of 7157, hut already this year "alone 
the TriStar. th e 767 has collected firm orders 

In the smaller T 60-1 80 seaL {or 80 aircraft and 79 options, 
category of aircraft, the com- worth over S3bn. from the three 
pany. is much more strongly biggest airlines in the U.S. — 
placed. Here sales could amount United, American and Delia— 
world-wide to over 1,000 aircraft closely matching total. Airbus 
hy 1990. So far. the market is Industrie-- sales over the past 
dominated by Boeing with its 'eight years. Total new jet orders 
new tat twin-jot airliner, in of all kind.* world-wide -so f* r 
" hich Rolls-Royce is currently this year now exceed ”00 air- 
ihe market leader with the 535 craft, and together with options 
\orsjoo.tif So- f.ir, no the figure is close, to 1.000, of 

Mher airframe builder is in W bich well over two-tliird.s have 
ihis field, although McDonnell been, logged, by . the tBree. U.S.- 
Douglas has plans to develop manufacturers.-asain" headed by 
it> Advanced TechnoTgy Medium Boeing, -which, "has itself-' col- 
Rangc '(ATMR) transport which lected .well over half the.totaJ. 
could also use the 535 engine. . . mg for this reason that Rolls- 

But Rolls-Royce is well aware Boyce • sees its future firmly 
lhat it cannot^ expect tu retain hitched to the UJS. manufar- 
llie Boeing <5< market all m it- turers' .products. This does not 
*ejf, and expects some sales to' mean that it is ignoring -the 
be won. by both General Electric European niarket. On the .con-, 
with- its CF6-32 engine, and hy.trary. if aii airline, customer' 
Pratt and Whitney with its. want* a Rolls-Royce .engine on 

.IT-10D, both of which are the A-3t>0 and A-310 Airbuses, 
broadly in The same thrust or on any other type of air- 
bracket as ihe 535. Miier. Rolls-Royce will try tn see 

Further down the sue scale, that ..this demand is met.; But 
a big ! market seems likely to . the sheer magnitude of ; the 
emerge for perhaps as many as market already emerging for tbs', 
snn airliners, seating between U.S: aircraft indicates that any 
130 and 160 passengers, and us- engine manufacturer anxious tn 
w£ an' engine of between 22.0fin remain a . major force m world 
and 24.000 lbs thrust It is vir- civil 'avjation affairs thrmighoiit 
iiially.an empty market- at pre- the ISROs.'must be-dedicated tn- 
f.enU with . mi new airframe d»>- getting its powrrpUnt? nn»P 
«isn* firmly nn nffer. and _nn]y .anything and v.y.eryfhlTiy that- 
«n<» :. enairte available. ' Ih* enmes frfim-. the UlS". : marmfa'e^ 
Franrn-T’.S CFM-56. The F.mn- hirers. 













T2 4978 


OMMONWEAtlH SEOtETABIAT THE JOBS COLUMN 


NIF JIMS r mil MM ^ '■"■ - 




- invftesappbcati ons fc*: the post of • 

CHIEF PROJECT OFFICER 

Office of tte Trade Adviser^Geneva ■ 

. The. Chief -Project Officcr will be required in', mtiart the Tr*d* 
Adriser in p r o vid ing ; technical assistance and advice^ ta -Com- 
in on wealth -dCTeioplng countries on MTN, GATT, UNCTAB and 
other 'matters, ^ and In^fris role in relation to' ConcmSnwealth 
Secretariat participafion In. the wotk^>£ economic organisations 
in G^neyi TThis wfli' Involve "the preparation- of note*, studies 
*n.d papers on the- problems of Commonwealth developing 
countriea acquiring assistance with -participation in muW- 
1 at eral trade negotiations, and on the remits of- such negotia- 
tions either in respect of individual developing awntrifiS or of 
groups of countries. The appointment , will be for one year 3n 
tile first instances with ppssible extension. . v • . 

Applicants' sbbuld-.be honours graduates in economies, ' with 
spedailsatUm in'inteniational trade, and experience in pjrepay- 
ing etii dies, and research papers on subjects relating to com- 
modities,' tariffs, market access. " economic co-operation -and 
international- trade problems generally. .Knowledge the work- 
ing of the General Agreement on Tariffs and Trade, trade 
negotiations; and of- -UN Economic Organisations such as 
UNCTAD will be ah advantage,'. • ■ 


Basic salary,' ’Inducement- -aHcrwrance and service gratuity 
negotiable and free' erf tax In Switzerland. A housing allowance, 
education allowances and ’allowances for shipment of personal 
effects are also provided; - - 

Application farms f u*fc&. should bccompleted and returned 
" bjr&t December, ifafanditirther details flint: 

' Commonwealth Secretariat. (CJTC) 

* Marlborough House, Pall Mall. London SW1Y 5HX . 

'■ - ‘ (Tel: ,01-839 34lI'Ex£ 82) ' * V ; 


GENERAL MANAGER REQUIRED 

COMMERCIAL BANK GULF AREA 
previous experience in senior hanking' position in the Middle East 
an advantage. Good prospects. Salary and- other benefits -Com- 
mensurate with, experience. -Please write Box F.tOTO, Financial Times, 
tO. Cannon .Street, EG4P.4BT. . - 


What every head-hunter would like to know 


BY. MICHAEL DIXON 

HERE 'WE go again. As was 
pointed out last Thursday, 
thanks to the. readership of the 
Jobs Column, we. have found 
out a deal more about the head- 
hunting trade than we knew 
before. 

That information came 
mainly from numerous readers 
employed in executive- recruit- 
ing consultancies and agencies 
who, of course, know their own 
business.' And several' of them 
pointed out, in modest phrases 
of one sort or. another, that 
they also know about mana- 
gerial and specialist jobs and 
the sort of people best equipped 
to do them. 

But it turns out that there 
is something' else which various 
of these intermediary concerns 
do not know, and would like 
to discover. Consequently, 
since the consultancies and 
agencies have done their 
whack by providing data about 
themselves , it has been sug- 
gested that the rest of the 
readership might reciprocate by 
supplying the desired informa- 
tion to the head-hunting frater- 
nity. 

Their basic question is: What 
do the other sectors of the 
recruitment market think of 
them? 

Obviously, if not naturally, 
their main interest is in the 
views of the employing organi- 
sations who largely furnish 
the intermediaries’ fee income. 
But since the Jobs Column is 


intended primarily for “con- 
sumers of employment" — 
namely. Individual people who 
are candidates for and doers 
of . managerial and specialist 
jobs — I think it only right that 
readers on the candidates’ side 
of the market as well as 
employing concerns should have 
the opportunity to express their 
opinions. 

We shall start, however, 
with the employers’ side. And 
here I had better make plain 
that although I would like to 
use readers' answers as the 
basis of a future column, I shall 
not reveal the name or -the 
organisation of anyone who 
sends a reply to me, unless he 
or she specifically tells me that 
I may do so. 


Question 


The basic question, addressed 
to people responsible for re- 
cruitment in employing organi- 
sations, is broken down into 
four main sections, as follows: 

1 — Why and in what circum- 
stances do you use intermediary 
concerns in selecting managers 
or specialists, instead of doing 
the whole darned thing your- 
selves? 

2 — Have you any preference, 
and if so why, for head-hunters 
who (a) use only conventional, 
job-advertising methods of 
recruitment: fb) use only the 
"search" method founded on an 
individual approach to potential 


recruits who are probably not 
actively thinking of changing 
their job; (c) are equipped to 
use either or both of these 
methods? 

3 — Apart from undertaking 
the chorea of recruitment up to 
the point where you are pro- 
vided with a short list of can- 
didates to interview, what other 
services do you c a > expect an 
intermediary concern to pro- 
vide. and (b) think that they 
could offer in the cause of mak- 
ing themselves more attractive 
to your organisation? 

4— -What is the fee, expressed 
in terms of a percentage of the 
salary for the job in question, 
that you would be willing to 
pay for a head-hunter's services; 
and given that you think extra 
services might be provided as 
in 3(b) above, what increase in 
fee would be justified, if any? 
Besides the fee, what is the 
maximum level of expenses — 
also expressed as a percentage 
of the job-salary — you would 
expect the intermediary to 
incur on your behalf? 

As a supplementary to this 
last section, and to the second 
one of the four. I have been 
asked by a certain consultant 
to inquire whether or not 
employing organisations in 
general believe that the 
"search” technique of recruit- 
ment must inevitably be much 
more expensive than conven- 
tional methods. In particular, is 
there some notional minimum 
salary-level for a job — say. 


£10,000 a year— below which 
employers think it not worth* 
while -to engage a search 
specialist to fill the vacancy ? 
There is an impression abroad 
in the consultancy business, says 
this questioner, “ that one 
needs to be seen to be expensive 
to be acceptable to ctients.” 

He, on the other hand, thinks 
that there -ts no good economic 
reason why search methods 
should not be employed to find 
candidates for the great range 
of jobs carrying salaries 
between £6.000 and £9.999. If 
he happened to be right, there- 
fore, would readers among the 
employing fraternity be inclined 
to make more use of search 
specialists than (they do ext 
present? 

Recruits’ view 

There endeth the employing 
organisations’ section. So here 
beginneth the job-candidates' 
opportunity to air their views. 
But two points are important 

First here I will also 
promise not to disclose the 
name of anyone replying, 
unless requested to do so. 

Second, since the main pur- 
pose is to provide headrhunters 
with " consumer information " 
about how they collectively 
might improve their services to 
the applicants’ side of the 
employment market. 1 would 
prefer readers to confine their 
comments to constructive sug- 
gestions to the same end. In 


general,, it would also seem 
sensible to restrict comments 
to matters not already covered 
by the Code of Recroitinent 
Practice now being promoted 
by the Institute of Personnel 
Management. It covers the needs 
for a statement In job 
advertisements how . applicants 
should go about replying; for 
prompt acknowledgement of 
each application and timely 
advice on how it is proceeding; 
for information on tiie 
recruiter’s policy for reimburs- 
ing candidates’ expenses; for 
the recruiter to refrain from 
calling for irrelevant personal 
information and from taking up 
references without specific per* 
mission; and for applications to 
be treated as confidential. 

Even so, should there be 
experienced job-applicants with 
demonstrable 1 reasons for 
thinking that any head-hunter 
still needs reminding about 
those points, I would like to 
hear of it. If there were more 
than the odd complaint in any 
particular case, I would then 
pass on the sad tidings privately 
to tbe firm concerned. 

By contrast, constructive 
suggestions as to other ways in 
which executive - recruiting 
intermediaries could improve 
their services to the candidates’ 
side of the market will be 
discussed — provided there are 
some, of course — in the Jobs 
Column after Christmas. 


Banker 


A SENIOR general manager 
from the banking sector, with, 
first-hand knowledge of the 
Middle East, is wanted by 
consultant John Anderson as 
London representative for a 
growing commercial bank 
incorporated in Abu Dbabi. He 
may not name bis client, but 
guarantees to honour any 
applicant's request not to be 
identified to the employer 
without specific permission. 

Responsible to a British 
general manager based in Abu 
Dbabi. the newcomer will repre- 
sent the bank's public relations 

and business interests in 
London and. occasionally, else- 
where in Europe and in the 
U.S. 

Mr. Anderson says there is 
no fixed idea about age and 
that, since the employer is flex-' 
ible about working, arrange- 
ments. the job might well suit 
a retired general manager with 
recent experience of banking in 
the Middle East. Given tills' 
flexibility, he is unwilling to 
specify a salary. But to my 
mind, it would need to be at 
least £10.000 and probably a 
good deal more. Perks include 
a car. 

Inquiries, with brief details of 
career, to John Anderson at- 
Norfolk House, Smallbrook 
Queensway. Birmingham B5 
4U — telephone 021-632 5758. 


Hong Kong 

■ • 2S% gratuity on ralary 
WLowtaxarea 
• Free medical treatment 
St Free passage* 

XppttcatKjQ* sre" ' invited for appointment n 
Senior Agricultural Officer (Marketing) in the 
Agncultnre and Fisheries Department, HongKong. 
The successful candidate wifl be respcosihlc for : — ' 
.'.(a) initial listing between foe Agriculture and. 
Fisheries Department and consultants engaged to 
' advise on foe deiogn and construction of two new 
wholesale markets which wxU be foe distributions' 
centres foe vegetables, fryit, fish, eggs and poultry: • 
and liaigme msQtrith wade associations to ensure 
. that provision is made Sor foe requirements of the 
vlifftroit- tradM, amdr tritk- ahfooecta and other., 
-government departments so. that , loll utility 
servfoesare made available; . 

(b) working closely with the .Public Works 
■Department during foe tendering and construe-, 
lion Stage OB foe preparation of termer documents, 
the; selection, installations and commissioning of 
storage knnHrmg «pii p , ru n t-mrirh»jWrtah1icli- 

mentof a market ad m iiuCTn rtinn; and . 

•(c) planning and." ! snpervisibg foe transfer of 
business front minting temporary markets to foe 


Up to £12,760 p.a. 

• Generous terminal leave 
•'Subsidised accommodation 
'•Education allowances 
' • Holiday visits for children. 

, new premises and subsequently managing foe 
'sazfcctc. 

Applicants should preferably be under 4 5 years of 
•grand mud have a first or second class honours 
/ degree in Agriculture, Economics. Business 
• Aopiiniatration or an appropriate subject from a 
British University or equivalent plus proven 
' administrative ability and extensive experience in 
; .foe design and management of large srale 

- marketing operations. 

.Tbit, appointment is for an initial period of zi 
yean. The salary scale is from HKSn.j.w to 

- HKSio,ioo^p.m. (approximately £ 1 1,790 to 

^drTyrtljer information and an application form, 
write to the Hong Kong Government Office, 6 
Grafton Street. London, WiX 3 LB. quoting 
reference AFD.'SAOfM) at the top of vour letter. 
Closing date for return of application forms; 
a January 1970 . 

m Basrd trff exchange rate HKS 9.50 = £ 1 . 00 . 

Thix rale is subject to fluctuation. 

Hong Kong Government 



The Specialists in Executive and Management Selection 


Managing Director 

to £15,000 + car . 

■ Our prfrire requirement id for someone with a proven combination of manufacturing 
expertise, marketing skins, and sound financial aptitude which has been applied 
successfuHy in a profit responsible general management role. Experience should 
..have been gajriedln at least two different organisations, but the type, of industry is 
less 'Important than tfie ability to motivate and manage .people at all levels. 
Preference will be 0roh to candidates between 35 and 50. The client company is 
a manufacturing subsidiary [350 employees) . of a diverse and Independent group 
and offers alt the rewards and conditions of service appropriate 10 such a position. 

-Telephone 02 *-64 3 7226 f24hr. service) quoting Ref. 1T73/FT. Reed Executive 
Selection Limited, 6th floor. The Rotunda, Birmingham B2 4PB . 

. The above vacancy Is open to both male and femdte candidates. 


London Birmingham Manchester . Leeds 


5 cmr 


COMPUTES* BUREAU SALES 

£10,500^15,000 + 


. Tymshtra UK is a leading 05 Bureau, apcdallamg . In On solution of 
' complex w«»nrtai , problem*. •_ Tbe Company marie ot a range of powerful 
1 software products, staled tt siring, senior management direct access to 
accurate uwto-Uie-mlnne information making tbe vlui -decision process 
a quicker and . sorer one. . . 

TJrmshare- have 'been 'operating ' In tbe UK for a .Uttie over four years 
and bade- already achieved -an enviable track record having the fastest 
.growth, of -anv T Vrruhar p subsidiary. To continue this pattern several 
■ senior . marketing personnel are required "to augment a bow team 
operating, in, Central Loudon.-: > 

Applicants should hava s. minimum of -S ' rears sales experience, sai ned 
. (deafly with either a hardware .anaaifactnrer or bureau organisation. 
Due to the unique nature of. foe systems involved exten sive training in 
the Company's product in- envisaged, together with foe opportunity to move 
Into foe . marketing of applications - systems. Successful candidates will 
receive' an excellent base salary, with potential . In achieve earttings weu 
to excess of 110,300 per year, car assistance and . excellent conditions 

of employment- 

To (Haems the Company and . va c and e a tit . greater detail contact 
Tymsh are's consultants: 

. • MYRIAD MANAGEMENT, SERVICES 

30 FLEET STREET, LONDON, EC4. 01-353 0981 


SENIOR APPOINTMENTS 

The competition for career' opportunities, both In the U.K. 
and overseas, demahds Increasing Involvement and, expertise In 
eareer planning and the job -search. 

INTEREXEC provides the. most comprehensive, professional and 
confidential service to assist the Senior -Executive seeking a 
new appointment. ' • * . . . ; 

. . Why waste, time ? — consult: 

- - The fftterewc Register Uririterf • 

The World Trade . Centre, London £1 9AA 
" 101-481 9977 


TAXATION 

£7,000 Neg. 

JnearaarioiMi construction group 
nffar excellent opening to a 
" taxation export to nwi with 
World wide protects. Your back- 
ground Id corporate tax and UK 
computation work opens the door. 

' Contact Roger Bajrfejr on 828-6055. 

Gt828 8055/7361 

Churchill Personnel Couulteiilt 
Ahford Bowse, 15 Wilton Road, 
London SWlV 1LT. 


INVESTMENT 

ANALYST 

Du* to company growth, a leading 
Qty Stcekbraking flrai requires an 
mMstnum Analyst to join their 
Research Department. The successful 
candidate will be a graduate with 
approximately 2 yean' experience of 
ilmtiar work with either i profettionil 
■firm or IredttP'on. Salary £5,000 p;a. 
plus genaroui bomb and excellent pro- 
motion prospect!. 

Crone Coikill 

01-62B 4835 

(Recru i t m e nt Consultants) 


FOREIGN EXCHANGE 
ACCOUNTS 

For International Bank in the 
City; age 20-30 years; salary 
• to £5,000 p.a. 

THE PERSONNEL PEOPLE 
01-638 2158 




e. £8.000 + car 
I £ Contracting Organisation' 


Our client, an expanding nwbaniral services com- 
pany located in West London, is part of a major 


Tbe Chief Accountant reports to tbe Managing 
Director, and has a broad firwmrlnl management role, 
calling for so and accountancy and contracting experi- 
ence coupled with executive skills. The successful 
applicant (male or female) vrill be a fully -qualified 
accountant and may expect excellent career prospects 
within the Group. 

The importance of this position, is reflected in a high 
negotiable salary and generous company benefits. 
Please write in confidence, with career and personal 
details, to Position Number ASC 7104 , Austin Knight 
limited, London VTrA rDS. 

Applications are forwarded to the cHenr concerned, 
therefore companies in which you arc not interested 
should be listed in a covering letter to the Position. 
Number Supervisor. 



AK ! ADVERTISING / 


DIRECTOR AND GENERAL MANAGER 
FRANCE 

INTERNATIONAL MACHINE TOOL COMPANY 
requires a Director and General Manager to 
administer and develop the sales, service, spares, 
engineering and accounting activities of its company 
based at Cluses near Geneva. 

The principal activities of the company are sales of 
Group manufactured machine tool; the sales of 
machine tools and equipment of non-Group manu- 
facture; and the reconditioning of Group manufac- 
tured machine tools from within the territory. 
Additionally the candidate will be responsible for 
developing the company's capability for handling 
entirely the engineering, tooling and spares facilities 
associated with the machine tool products handled by 
the company. The position will report to the President 
and Board of the company. Applicants should have 
bilingual capacity in French and English. The success- 
ful applicant will be chosen on evidence of his past 
success in management and administration. The 
candidate would be permanently resident in France 
and he should expect the rewards and remuneration 
commensurate with such a demanding -position. 

Write Box A6569, Financial Times 
10 Cannon Street , EC4P 4BY 


STOCKBROKERS 

We are a medium sized firm of London stock- 
brokers with a broadly based business. It is our 
opinion that over the next two or three years there 
will be a contraction in the number of London 
broking firms. We have a determination to 
survive and succeed and we are therefore taking 
action now to broaden further the extent of our 
business. 

We would like to hear from small firms, groups 
and individuals with an established clientele with 
a view to exploring the possibility of their joining 
us in what we consider to be an exciting future 
for those determined to make it so. 

Please reply to Box A6566, Financial Times, 10, 
Cannon Street, EC4P 4BY. 


Managing Director 

FAR EAST 

This -will be an unusually demanding and rewarding 
appointment. 


multi-national group especially well known throughout 
South. East Asia. 

• leading a highly competent executive team, the role is to 
achieve optimum utilisation o£ resources and to direct the 
further profitable development of franchise operations. 

• AN ESTABLISHED Managing Director is required experi- 
encedin the negotiation ofmaj orfinancebackedintemational 
trading operations in capital equipment 

• £45,000 will be tbe minimum salary in discussing terms. 
Fringe benefits are very attractive; 

• those to whom this appointment would be of interest are 
invited to write in complete confidence to KiLC. Slater as 
adviser to the group. 

TYZACK & PARTNERS LTD 


MANAGEMENT CONSULTANTS 


SO HAIXAM STREET - LONDON WIN 6 DJ 
12 CHARLOTTE SQUARE *5® EDINBURGH EH 2 4 DN 



Mann Judd Management Consultants is an established expanding.consultancy associated 
witn a major Chartered Accountancy practice. 

The Recruitment Personnel and Training Division has an impressive record in assisting 
clients to locate and place senior financial executives. Search and recruitment activities 
have in recent months been undertaken in most major European countries and North 
America for top executives for international companies. In addition we provide a full range 
of personnel and general management consultancy advice to clients. 

A further consultant is required to assist in the recruitment activities. Opportunities in 
genera] consultancy will also arise in this challenging position for a man or woman able to 
continue to develop. 

Applicants should be qualified accountants, aged in their early 30‘s. The ideal candidate 
will have previous recruitment experience, a background which includes a period in the 
accountancy profession, and currently be earning in excess of £8,000. 

In return we offer the chance to work wflh some major companies, undertake a broad 
range of financial and management services and the career development potential of a 
substantial firm. 

The remuneration package can include a car. BUPA and pension. 

Send concise details of career to date, qualifications, age ana salary to I. J. E. Barrow 


w Mann Judd 

' > Management Consultants 


55 New Oxford Street, 
London WCIA 1BX 


Accountant for 
Executive Selection 

Salary Negotiable London 


INTERNATIONAL 
TRADE FINANCE 
EXECUTIVE 
(AUSTRALIA) 

Expanding 1 Australian trade finance 
organisation welcomes applications 
from experienced executives for an 
unponaoL position located In our 
Australian bead office. 

THIS appointment would reir a keen 
person with short and medium term 
international finance background and 
foe ability to maintain and increase 
business by client com act al top level. 

Appropriate salary and benefits 
vreuld satisfy reliable applicants. 

Interviews will be Held in London 
In Um near future and detailed appli- 
cations in confidence should be 
directed to Box A.S5TC. Financial 
Times. 19, Cannon Si reel. SC4P -EBY, 


EXPANDING INTERNATIONAL 
BANK IN PARIS 

Orientated towards the Arab world, has the following 
vacancies for young ambitious and hard-working 
bankers: 

1 Chief Dealer for its Forex Department, able to 
head a team of five dealers. Experience In Arab 
currencies desirable. 

2 Forex Dealer, thorough experience in forward 
transactions required. 

Please send curriculum vitae and salary 
requirements to Box F1073 , Financial Times 
10 Cannon Street, EC4P 4B Y 










30 


Financial Times 


Conpaaies and Markets 


WORLD STOCK MARKETS 


Wall St. narrowly mixed at mid-session 


investment dollar 
PREMIUM 

$2.60 to £1—83% (84*%) 
Effective SI. 9775 39}% (28%) 
AFTER STARTING on an easier 
note. Wail Street picked up 
slightly to record small mixed 
movements at mid-session after 
another light early trade. 

The Dow Jones Industrial 
Average managed a net improve- 
ment of 3.12 at 814.97 at 1 p.m.. 
while the NYSE All Common 
Index was 9 cents firmer at $54.1?. 


Closing prices and market 
reports were not available 
for this edition. 


but losses at mid-session held a 
seven-to-six ratio lead over gains. 
Turnover came to 13.33m shares, 
against last Friday’s 1 pm. level 
of 12.74m. 

Analysts said three weekly 
reports In a row showing a drop 
in the basic money supply had 
raised hopes that the Federal 
Reserve would not tighten credit 
further in the near-term. But they 
added that there is still no clear 
concensus on Interest rates. First 
National Bank of Chicago held its 
Prime Rate unchanged at Hi per 
cent yesterday. 

Investors also remain con- 
cerned about inflation and atten- 
tion will be focused on __ the 
approaching OPEC oil pricing 
meeting. 

Amor? Glamours and Blue 
Chips, IBM gained 2| to $2761. 
n u Pont i to S124{, Halliburton I 


to $63J and Burlington Northern 

$ to SS9:. 

Among the actives. General 
Motors rose 2 to $56, Sears Roe- 
buck £ to $21i and Boeing lj to 
$721- 

Bendiar. however. . eased J to 
$36}. It has received a contract 
from Boeing for wheels and 
brakes on Boeing’s new 767 jets. 

Gaminx shares were weak. Bally 
Manufacturing lost 1J to $42i. 
Caesar's World 1J to $22?. playboy 
I to S14t and Del E. Webb i to 
SI 5. A top New Jersey gaming 
official has denied reports that he 
has decided to recommend against 
granting casino licences to Bally 
and Caesar’s World. 

General Telephone and 
Electronics, unchanged at $28 5. 
has agreed to buy Telenet for 
about S59ra in stock. The deal 
includes purchases of Telenet 
shares held by Bolt Beranek and 
Newman and by Bowne and Co. 
Telenet gained 3 to $19 bid in 
over-the-counter trading. Bolt 
Beranek rose 3 to $12] and Bowne 
I to 519£ on the American SJ3. 
THE AMERICAN S.E. Market 
Value Index picked up 023 to 
151.39 at 1 pm. Volume 1.91m 
shares ( 1.66m). 

Resorts International " A 
topped the Araex actives list, but 
fell 15 to S22. Among other 
actives. Syntex gained ! to $26], 
Amdahl i to $51 and American 
International Pictures } to $7£. 


after moderate activity. The 
Toronto Composite Index recorded 
a decline Of 1-6 at 1,293.4 at noon, 
while Banks receded 225 to 
30723 and Utilities 023 to 198.18. 
but Golds improved 6.4 to 1,409.0 
and Oils and Gas 2.0 to 1,792.4. 

Canadian Pacific cose 1 to 
C$251 in active trading following 
news of a dividend increase. 

Raps Transport, which said il* 
Alaskan units have filed for bank- 
ruptcy. lost 3 cents to C$1.14. 

Asbestos were up 2] to C$52] 
after being as high as CS54. The 
Quebec Government plans to make 
a statement this week on the 
status of take-over negotiations. 

Canadian Imperial .Bank, the 
most active Industrial, shed } to 
C$301 on 43,290 shares in 
Toronto. 


Tokyo 


Canada 


Markets displayed an easier 
inclination at mid-day yesterday 


Most of a fresh early market 
advance was subsequently lost by 
profit-taking and stocks were 
mixed on balance following a less 
active trading session. 

The Nlkke+Bow Jones Average, 
after briefly touching a new 
record of 6,10125 in the morning, 
came back to close only 4.15 
firmer on the day at 6,097.00. 
Trading volume amounted to 
370m shares, far below last 
Friday's extremely heavy 850m 
and compared with Saturday’s 
half-day session figure of 360m. 

Steels and Heavy Electric 
Machine issues, which led the 
market ahead last week, finished 
lower on growing market concern 
about recent high price levels. 


Mitsubishi Electric shed Y* to 
\T94. Kawasaki Steel Y2 to Y130 
and Misshrn Steel Y3 to Y183. 

Shippings firmed in early trad- 
ing on news that tanker freight 
charges are rising, but turned 
easier towards the dose on 
speculation that shipping com- 
panies may suffer tosses in tanker 
operations as a result of possible 
oil price increases being agreed 
at the approaching OPEC meet- 
ing in Abu Dhabi. 

Textiles and some other low 
and medium-priced issues were 
lower after a firm start, hut Foods. 
Public Works shares and some 
Blue Chips ended higher. 

Fuji Photo Film gained Yl3 to 
YfilS. Matsushita Electric Y17 to 
Y74S, Pioneer Electronic Y30 to 
Y 1.630, Tanabe Sciyaku YS0 to 
Y402, Green Cross Y70 to Y2.480, 
Daiiebi Chao Risen Kaisha Y60 
to Y1.070. Shows Electric Wire and 
Cable Y38 to Y505 and Yoshttoml 
Pharmaceutical Y35 to Y705. 

On the other hand* JGC lost Y30 
to Y1.620, Sumitomo Special 
Metals Y27 to Y373. Riken VInf! 
Y21 to Y645. Nihon Hodo Y20 to 
Y1280. Taihei Detagyo Kaisha Y20 
to Y1.23Q . and Nippon Television 
Network Y20 to Y&J860. 


wagen gained SO pfennigs, while 
in Banks. Deutsche eased 50 
pfennigs but Dresdner improved 
40 pfennigs. Engineering had GHH 
DM 12Q firmer and Linde up 
DM 1.50, but Tbyssen, in Steels, 
shed 50 pfennigs. 

Trading on the Domestic Bond 
market was cautious ahead of 
final details of the Carter Bonds, 
due today, and Public Authority 
issues recorded declines ranging 
to 30 pfennigs after thin tradfhg- 
The Regulating Authorities 
bought a nominal DM 3.1m of 
paper, compared with sales of 
DM 3.7m last Friday. Mark 
Foreign Loans, however, were 
steady. 


14 cents to A$3-3o, Peko-WaBsend 
a cents ~ to AS5.50 and Kathleen 
Investments 4 cents to AS2JB3. 

Firmer gold prices lifted-! 
Central Norseman Gold 20 cents, 
to AS11.G0. while elsewhere in 
Minings. North Broken Holdings 
put on 5 cents to ASL35 and 
Western Mining 4 Mats to A$L6S. 

Banks mainly improved, with 
ANZ adding 5 cents at AS4.0Q. 
B.VS Wales, after the halving of 
its par value, were traded at 
A2325. 

AGC. the BNS Wales* finance 
offshoot, moved ahead 7 cents fo 
A8L70 ahead of its annual 
meeting. 


Paris 


Hong Kong 


Germany 


After further softening at the 
outset, shares showed soma 
recovery to dose with irregular 
movements following light trad- 
ing. The Commerzbank index was 
a net 0.7 up at 830.1. 

Among Motors, DaimJer-Benz 
were DM 1.90 weaker but Volks- 


Bourse prices were mixed with 
an easier bias after a quiet busi- 
ness: 

Brokers said the. fall of the 
dollar, continuing troubles in 
Iran, and expectations of massive 
lay-offs in the French steel indus- 
try had made investors nervous. 

Banks and Motors mainly moved 
higher against the general trend, 
but Foods, Constructions. 
Rubbers, Stores and Oils mostly 
drifted lower. 

Among gaining issues were 
Paribas, Credit da Nord, Price!, 
Bouygaes. Arjomart, Bail Investis- 
sement, LablnaL Marine Wendei. 
BeDon and Applications des Gax. 

Marked lower were Credit 
National, CJe du Nord, BSN, 
Generate D’Entreprises, CTT- 
Aleatel, BoreL Miebelin. Prenatal, 
Nobd-Boxel and IxnetaL 


Stocks were inclined to lose a 
little ground in thin trading, the 
Hang Seng index slipping 3.78TO 
515-94- 

A firmer opening was later 
reversed by news of yesterday’s! 
Crown Land auction result, prices 
paid at the auction being lower, 
than expected. 

Among the leaders, Hong Kong 
tamt, jardine Matheson and 
Swire Pacific shed 10 ce nts e ach 
to HKS8.10, HKS12.00 and HKJ7B6 
respectively. HutchisoH Whampoa, 
lost 72 cents to HKS4275 and 
Wheel ock Harden 5 cents" to 
HKS2L575. although Hong Kong 
Bank were unchanged . at 
HK$17.7Q. 


Johannesburg 


NEW YORK 


-In'll 


Uec. 

8 


.Viimi L*hs ■ 

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A liter. Cmi 

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Aiurr. Jltol. Tel..' 
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Auier. Ex|.re«-. .... 
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Atiter. Nutis 1 

Amer. Tm. A lei.; 

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AUK 

AMR ! 

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Anchor Hoctcin-.' 

AabeuKr Bu*cb . 

Anna) 

A.6.A < 

Aamen Oil 

Autrco ] 

Ashland Oil I 

Atl. Richfield I 

Auto Date POJ...J 

in* 


A VC 

Arc* I 

Avon PrtiUilctv..! 
Unit. tia» Sleet...! 
Bangor Punta_...! 

Bank America 

Banker) Tr. N.Y.I 

Bariier Oil ! 

Baxter Tmroool..i 

Heairt'-w Fowl 

Rewon Dickinson' 

Beil A Hnwell 1 

Rendu: j 

UeoKuei Coos •fi‘. 
Bethlehem steel. 
Bmck 4 Docker.- 

hoeing 1 

Boise Cascade i 

Bonlen 

Hons Warner 

Braniit Ini ; 

braocau -A’ ; 

Bristol Uyera | 

IU'm A Dm «... 
Brock way Gloss. 

Bruibwiuk 

Bucjtus Ene 

iJiilnvn Watch.... 
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burro ugh.... 

Carupl-'i 1 Soup... 
i.'anailia n Paciric 
Kamii Randolph..! 

'tar-nut mu 

itan-wr A (teaemij 
tkrw Raw ley .... 
itaterpi < larTrae I--. 


lhuhjj Wtpo 

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calotn ( 

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lumbia Uas..... 
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■ii'Hnlion Eq... 
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nun. SHlurliie. 
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357s 
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181, 

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211, 
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171, 

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281, 
241, 
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337b 
1512 
271a 
25*b 
197, 
24 
157, 
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63*, 
264a 
217, 
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271, 
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241. 
3414 
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37 
37, 
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71*4 

27 t a 

27 

29*4 

137, 

14*4 

335, 


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iwj* F%p>.|- ! 

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lomier IV wen 
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itineiilo. Un_; 

1 1 men La 

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□•tiis 


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sail I 
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27 

385s . 
1178 . 
3514 ■ 
15!, . 
34 j 
224 
36*4 
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$758 ! 
154 ' 
34s, : 
497, ; 


184 

261 , 

144 

16*4 

61* 

395a 

7368 

331, 

214 

10 

264 

11*8 

1613 

57*8 

544 

414 

1538 

184 

204 

21 

30*8 

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2353 

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504 

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254 
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271, 
431, 
17J, 
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264 

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167, 

347, 

11 

265, 

385s 

12*e 

354 

154 

23*i 

22 

37 

23 

274 

274 

154 

354 

495b 


<tr» k 


Dec. I Dee. 

e ! 7 


f'nmmg 'Ttost....' 664 I 57*8 

(.Tt: lnl'm , rln'i*i, 50 ■, ( 497, 

Lrane I 24i.i 244 

Lmrkar Kill 247, | 25 

Cnwn Zelleriaehl 304 I 304 

i.Simmin* Knoine' 354 334 

Unrti— W right.... 137, i 144 


Dunn _l 

Dart (ndintrlp- ■! 

Deere 

De' Motile 

Deitnna 

Deal, pi v Ini 

Detroit Billson _ 
Diamoaii Bhsmrk 

Utctaphone ' 

Dizitel Eq n tpi j 

Dl tiey I Wo Iti .... 

Ihnver Cnrp’n 1 

iViw Chemical —j 

Dravo 

Uniater I 

Dnpooi - ...I 

Bogle Pitetar. 

8b ef Airlinen | 

Ka-tiuan Kn 1 ak..j 
Baton 


28** 

404 

354 

413, 

9si 

164 

154 

204 

17;, 

504 

394 

424 

264 

314 

38 

124 

201 , 

104 

604 

354 


28 

40 

334 

41*8 

91, 

17 

164 

194 

174 

60*e 

394 

424 

264 

30 

39 

1244 

201 , 

10*8 

604 

357, 


K. G.AG t 

til Pn-o Ms*. Goal 

Kltm 

Knier-on Elect rut) 

BmeryAir Fr'ight 

Em tan ' 

g.M.I— ...... 

Ra^elhant 

twmark 

»ky— 

B»(in 

Fainrliitrt Camemj 
Fe«t. Dept. Slaraaj 
Firestone Tire.... 
F-t. Kat. UoalonJ 

Flesi Van 

Flrnlkcte 

f ion. to Pb«er.. ..i 
Fluor. 


$91, ! 
164 • 
274 ■ 
367, , 
20 | 
36 • 
3 

203, 

255, 

22 

493* 

314 

31** 

125* 

28* 

164 

304 

314 

311* 


286b 

16 

274 

36 

20 

36*8 

24 

284 

254 

217, 

50 

311, 

524 

13 

274 

164 

304 

314 

29** 




Fnrd Motor 

F firemen Mek....! 

F<.»Jwro. n ! 

Franklin Mint 
Free pan Minera. 

Frau taut 

Fuqoa 1ml* 


234 

411, 

194 

314 

54 

314 

274 

94 


234 

41J, 

19 

314 

54 

32 

274 

9*8 


GA.K. — .1 

Gannett. 

UeiuAmer.Inv. „ 

(iAU -i 

Gen. Cable. 4 

Gen. Dynomicf..- 

Geo. ; 

Gen. Foals. 

General Mill* 

General Voices.. 
Gen. Put.. Uni... 

Gen. digital 

Uen.TeL Elect. J 

Gen. Tire.- 

(renew?) .J 

Georgia Pacific...: 

Geosourec - ..J 

Getty Oil J 


UTb 

434 

10*8 

25 

164 

764 

484 

3159 

297 8 

551, 

184 

264 

284 

255, 

4 

264 

284 

374 


1W» 

444 

104 

25l« 

164 

774 

485s 

324 

293* 

554 

18 

263 4 

284 

254 

274 

376b 


Gillette -| 

Umalnch B. F . ...[ 
(midyear Tire.—; 

Gialht 

Grace W.K 

Grt-Vlian FucTcnl 
Grt. AuRli lain.. 

G rvyhamii-i 

Gull A Western..' 

hull iJli - 

Uaiiliurtun _ 

Rsniut Minina .... 
bUrowchleger — ( 

Ham- Uivpn 1 

Hem/ H. J : 

Reubetn. ; 


26J, [ 
I6t b 
164 ! 
27*8 I 
267, 
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115, | 
137, . 
254 I 
631, ; 
304 1 
15 

314 ■ 
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294 I 


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17 

134 

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264 

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114 

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30 

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314 
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duif lav liiufe 

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Ui'iiMoii ^at.Gar 

Hunt il’h-MCbm 

Hutton ih.F.j I 

I.L. luiiu-irica ...[ 
I N A ! 

Illgt-TKIII KdOil. ., 

luiou.t nteri..— ; 

—I 


864 

19 

317, 

67 

114 

294 

244 

134 

165a 

257, 

404 

454 

354 

1X4 


864 

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68 1 g 

in# 

29*, 

$4*a 

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26 

404 

4568 

354 

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IBM 

Uni. Fiat mi r ..... 
lull. durvir^U-r..., 
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lull. Pnpei 

I at . Heci Met. 

lull. le.. A Te-...' 

Inua Beei 

il." InmwbiMi.' 
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274.25 
i 23*8 
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19 
154 
394 
114 
274 
504 
10 
285s 


275.75 

344 

35 

364 

19 

IS 

40 1 3 
107, 
274 
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10 
277, 


Stock 


Dee. 

e 


Dee. 

7 


John- Mansi >le.. -j 
Johawtu Johnson) 
■Inhn-ua LVmirnl.l 
Ji'vMennu imV 

K-MarCorp. .1 

KetserAliimini'niJ 
Kaioev Inrtu-Jrlw! 
Kaiser si tool i 

Kar -I 

Kennecon..— 

Kerr McGee. 

KkUte Walter. — | 
Kimberly Clark. 

Hopper 

Knut 

Kroger Co.— 

taoraray Trans.. J 

Leri Straus. 

Li hbv Off. P«ml. 


224 
754 
234 
SO I 

ft. I 

194 ! 

124 . 
22*8 «' 
46*8 i 
£.97, 
44 
20 

464 I 
397a I 
344 { 
344 
24*b ' 


23 
76 

24 
30 
234 
184 

2 

1958 

12 

28 4 

471, 

297, 

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194 

48 

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344 

34*4 

244 


tegRett Group.... 

Lilly (Eli) 

Litton Industrie 
Lnckheei Airor'lt 
Uwte star ln>>u-i 
Lorn.- IslHu.i LJil.l 
Uiuiawmi Laa<t... 

Lu'-noo 

tacky Store* 

Lykee Carpn 

MscllKtan 

Huey R. H , 

Mite. Qarmver. 

Mapoo ... ... 

MnratbooOII 

ManneMklfainil.. 
Marshall Fiem. 


364 ' 

451, . 

104 ! 
214 . 
22 

174 i 
205s • 
441, I 
147, I 
8*8 ; 
94 

3641 ! 
344 ; 
297b I 
544 | 
151, 
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364 

454 

20*8 

207 8 

22*8 

171, 

21 

45 

15 

B*s 

94 

364 

337 B 

294 

5478 

151, 

166e 


Mav Dept. Straefl 

MCA 

Mt-Dcnnoex 

McDoaneii Dotw 
Mc(i raw Hill...... 

Mcmorez 

Merck — 

M«mii Lynch— 
Me** Petroleum 

MGM 

Minn Ming AMlg) 

Mol lit Corp- J 

Monsanto 

Morgan J. P. 

Motoims..— 

Murphy Oil 

Matifaoa 

M**o> Uliemi al» 

National Can..... 


234 

434 

224 

324 

24 

297a 

66*e 

163, 

324 

374 

604 

694 

50 

47 

424 

457a 

26*8 

27 

171, 


234 

434 

224 

334 

244 

304 

64*s 

17*8 

3258 

384 

61*8 

694 

50*8 

474 

434 

464 

255, 

267, 

174 


lit. UisLmen-— .i 
Nat. Service Lwi. 
Malum* Steei.... 1 

.VaP'Ris* 

KCK 

Neptune imp j 

New Kngmihl H.J 
Nee Enginnirieti 
Nuiaara M**hswk! 
NidKnra >hate— 
N. L. Iihliistnev .) 
Nurl oik A Western 
Ni.rLh N*1 . Gas—- 
Nthn. .States P» r* 
N thwrrt Airiineti 
Nthwfel Bancorp! 
Norton binjon — [ 
lAsuneotei Pet roll 
l»-*iivy Mather ..u 

• >Uip& lisoo 1 

Oun _.! 


IS • 
i«*5b : 
295e 1 
4i7, ; 
61*8 ! 
23 

22a, ; 
34 4 
144 ! 
104 i 
205s 
234 ; 
544 I 
24*a i 

xai. ; 

2968 ' 

17 

164 

2U 

J6 

184 


194 

L45« 

29*8 

434 

614 

234 

224 

337a 

14*8 

10*8 

204 

234 

344 

2458 

384 

244 

174 

16S, 

20 

16 

177, 


uw ea- -tup —| 
u»un I'nm inp -| 
<i**en« [iilnui-..— 

I’nific 11* , 

Pool tic Lien Unit. -| 
Hau l’«i . A. Ltp.J 
Pan Am Worn* Alii 
Parker Hmnnllin.| 

taHV ’ 

Pen Pw Jt L. '■ 

Pei in v J. L ■ 

J 

Feup'“s Dru* j 

Peoples Gas 

Venice 1 


3i36B 

284 

19*8 

224 

214 

204 

74 

244 

234 

204 

307, 

29 

114 

*54 

26 


234 

285a 

1S*B 

234 

214 

20*8 

74 

2458 

235, 

204 

31 

294 

114 

354 

364 


Perkin Ulmer.—' 

Pliaer i 

Plieips tXhlKn-— 
Phihutel|>bto Kle 

Philip. Mums 

Phillips Petro'm . 

Pillsiairy 

I'liney-hoaes 

PrtMon 

Plewey Ldi AD 11 


27*a . 
544 ! 
224 l 
154 1 
724 • 
do 4 . 
57*e . 
247 B ■ 
184 
214 


2858 

345« 

214 

16*8 

724 

504 

367, 

244 

18 

21 


Poiaroui : 

PiSoinee Klee..... 
PPG liwlu i no-. , 
Pmder Unuinie.. 
Puli. bieut... 

Piilniii* ‘ 

i’uivv 

•V'UU.0 <41 

lisfiM AinerU-an..' 

Kuthmni 

IIC.1 

Uejiui'iie -lev.... 
Kesortf Inti— J 


5078 l 
1379 . 
245, ; 
664 ' 
224 
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16 | 
244 
16 I 
47 ! 

27 i 
241, J 
2368 i 


514 
133, 
247b 
b 7 
22 
3558 
16 
244 
16*a 
48 
27*8 
244 
264 


stock 


loti 

Reynold- Mem-. 
Reynold. K.J.... 
Rich’ on Mftiti' 
tbvkwei' lnter^. 
Rohm A Hu- i 


Dec. 

8 


Roy* Duu-b 

RTB | 

Rox Tops 

Ryder Sytetn— . 
Safeway Store ... 
Si. Jne Miners 
St. Rejtl- Paper .. 
santn Fe Inde .. 
-an (nve-< ... .. 

-a ton Iml- 

Sab ‘Us drcwtne 
Sch umi«np*r .. 

“CM | 

.coil Hu«r 

•envi. Mrs ! 

Seuditer Dim.Cet 


as 

344 

684 

234 

344 

324 

584 

11 

111 

24 

401, 

234 

2968 

304 

6*8 

6*8 

94 

894 

184 

145, 

18 

768 


Dre. 

7 


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36 

584 

234 

354 

38*5 

584 

107, 

104 

24 

40*8 

234 

294 

304 

64 

54 

94 

894 

184 

143, 

184 

74 


See Cuniamcr ... < 

Saltern ; 

Sacr.e tCi.D l 

tears Hi*«.|ii-fc ...! 
SKIj iii ] 

9hei< 1 rsn-[«'n .1 

Sfenai — J 

m-jiu-ie Uorp 
nimpiiclti Pm... 

sin^ti J 

smith inter 

smith Kiine ..... 

so- 1 iron — 

dnnlmJuwn 

douttiern Ca'-.Kl 

Snumern Co 

dtbn. Nhu Her- — 
doutbem Pk fine. 
suutbeniUai 




tTw'i buL-nare- 
S perry Hutch— 
dperry Roan... 
squihti.....— . — _ 
stan-iani Bran ', 
sbi.CuCaniurnia 
dbl. On Italian* 
Sbl. Oil Olun. ... 
sauff Cbenucai. 
sler.ine Dru .... 
jiu-ietaber. ...... 

sun U-._ 

sundatnnd. 

Syntex | 

Tcenuieo-ui... 

I'ektlMfUX.. 

teieoyhe - | 


IV-ea , 

Temea 


214 
k 8 
12 
214 
30 
334 
454 
407, 
d!4 
«4 

1ST, 

466a 

V24 

34 

321, 

2b7 9 

144 

50t b 

26*4 

474 

27 

25 

157 g 

434 

2958 

i51, 

47*e 

53*b 

394 

387b 

164 

604 

404 

221, 

354 

114 

467 B 

9658 

3*8 

30*« 


22 

284 

124 

SI* 

314 

334 

454 

414 

314 

94 

137, 

464 

941, 

34 

384 

257, 

144 

304 

264 

474 


274 

25 

154 

454 

294 

254 

471, 

641* 

384 

394 

16 

604 

40*, 

225i 

356e 

114 

47*b 

97*4 

54 

307 S 


i r-xirti i"rUi-eiinil 
u-auu 1 

I — ' 

I«xh>. towem .. I 

1'CXmi. Iithl’m ! 

tes-isUl t hb .) 

lists (It* lit ter ...i 

linns, la-s 

rimes Mirror j 

I I in ken j 

Irani.— — I 

I rail nienui k 

I ; 

Itan j 

l nm -mi Intro, j 

Iran Wor-ii Ail . j 

iraveerr 

Iri-Cunnnenia 


77 8 : 
2458 | 
194 
o6*a 
81 
31 
19S, 
414 
*9 
50*« 
37 
16 
204 
30 

a 17 S 

204 

s5i a 

184 


74 

2458 

194 

374 

816a 

314 

194 

41*8 

284 

606, 

367 a 

161| 

1978 

304 

22 

204 

s56s 

185e 


tr.t.m Oi A Gm* | 

ilfW : 

BAU century bos. 

U>A.L. : 

UAKCU ' 

L'Ul 

ttn. -ever... 

NV < 

I'Uion UateX-T.....! 
Union Gann ie....; 
Union Lommerctj 
Union Ou Caul...: 
Union Pacific... . ! 


54 i 
364 ; 
334 
32Ss | 
*8 ! 
174 | 
44 
584 
281, I 
3»4 . 
84 ! 
54*4 I 
65 i 


54 

374 

344 

334 

974 

174 

44 

58 

29 

355, 

84 

55 

65 


Umroya- 

United bramiff.... 

Us Bancorp- 

US G.vprum ..j 

U'a Slioc— 

US Steen— 

Util Techia>loRtw 
IV liatiiffinv.— 
Vitvinia Elect— , 

A’lqieil ; 

W'allace-Murray 

k'wiWI-tMIUIIII.J 

Warn « - Uon vrt .■ 
Wa.tvMan'nienr 

U Hi— beryi 1 

We- lent Bautortl 
W'eai t-m N i . A iaei . 
Weatern I'mou... 
We tiueii' r bint 


5to ' 
84 
2 <4 
25*4 
224 ' 
225? ; 

387s 

19 

14 • 
254 : 
20*8 : 
985, • 
25 . 
264 ' 
274 
231 a . 
23 

164 1 
1758 : 


»*B 

8i, 

2 Vis 
264 
224 
22*e 
39*8 
185s 
131, 
231, 
204 
484 
254 
264 
27 U 
24 
22 4 
15*8 
18 


Srock 


W'ooiwortn— ... 

Wv>* J 

XttTW 

Zaiete 

Zenith Radio.. 

U.S-Troi ,4*I9W 
U.->Tre* 

U.s. S0ut*y hi !■*. 


Dec. i Dec. 
fi 7 


194 

4 

534 

11 

134 

194 


194 

4 

554 

114 

13*e 

194 


nas, ! 1784 

•8.93J | 8 89* 


CANADA 


\ uim r*|«i ... 
Aunici' 8 *->'v ....4 
A. can A umlnl'm 
A' coma Stce 

AtfmtM 

tank "I Montren. 
tank ArrytSaort* 
deal'- Rekonrcer.. 


Be. 1 Telephone—! 

- 1 .] 


Unw Va -ev In>i. 


19 
64 
40 
a74 
63 
26*1 
P3 4 
3 .90 
654 

22 *fl 


I 

I ’’*4 
1 3970 
I 264 
I 47 
- 254 
j 23 
. 4.00 
• 644 
224 


HP Ueitada— .. 

Un-uui — 

Bnncu.— 

u.ijnn Pcrarer.J 
i-rmflo Ml net, — ] 
Caiaute Ltuneni 
NW tan. 
Can Imp lik con 
oeniuki luditsi ...j 
Can. Picitii' ... 
Can. Pwlte In*. 
i*an. Hi —I 

knr.iiu: D'Eteie.j 
U.Hjiiar A-'KMm. 


ClneitaiQ 
Uomineo— .. 
Utt-. BotiJUr *,— 1 
UjoiumeGb.... 
Ur eka Re-.twx,^* 

CiMteiu — 

Db.iu Derei— . 
Dent-on Mine.— 
Dime Mine . 
Dome Petroleum 
Ui minuet Hn. ee 
Uomter— .... 
Dupoul — ..... 
baiMo’ce Alicket. 
P.m 1 Moira Can- 


804 

16 *, 

s ■ 

404 

134 

1,4 

9-e 

304 

1c2 

cS 

.244 

72 

445 

94 

26*, 

314 

137, 

194 

6.62 

lb*, 

134 

734 

88 

865, 

29 

231, 

154 

31% 

691, 


204 

*64 

;8.nu 
40 
13*a 
1*4 
f 97 B 
1 304 
22 

I 264 
’ 234 
J 724 
I 4.45 
I 94 
26J, 
314 
13*4 
194 
5.62 
104 
134 
724 
84 U 
86 Se 
29 
25 
15 
31*8 
T70 


Ceu?ur — .. — — | 
<.>laUI If a nolle] 
Uu-iUi CnfMiie.. 
diwkoi ->id.t>n.| 

UniuiKer. ~| 

Uome lit- ’A’ 1 


Hudson tav Mn^j 


du 1 nun B*'. ...... ■ 

Hiut-unt.fi \ (i- ! 

i A t -J 

Inuuoo. — ; 

impenai DU 

lnoo‘.V | 


34T, 1 354 
107, 10*4 

*51, I 35 
84 I *8 

394 39 

454 ! 454 
201, I 204 
21*8 21*, 
534 5378 

18 | 171s 

384 I 38 
24 I 237b 
177a 1 174 


1 16 1* 

I can- ' Net. be . 

I lit 'i*. v. Pipe Line 
Kibri UeMhin 1 - 
talin b in. I.*]-., 
(jJ.iaur tloni. -if 
Jien-i'o ll'ie-i... 
Me- r\ ber.-u- n 
il-.lnctrv 

Ui ■•»- Cciriiii 

Mttumaiu ■Hal- If. 

Xonii-ia lluur....j 

.linn hnkr)j. ...• 

Mn I'e ecurn 1 

Aumai- Oil & Gar| 
MufcU'aki Peiro 11 
r ic 1 Hi- Lee i-tr M ; 
Pacific Pei rt'-euaii 
Pan. Can . Pet r-«nl; 

Patino 

t'etyuea Ue>,. - — i 
PI* c Can. A Op.] 
Placet 1'eveiop mi j 
Power Corporat'ir 

Price— . — j 

Viietea Stunrecm.! 

ioui*er Oil .] 

Ree«* Stenhoute-. 

Um- 1 A'U"m 

Itovnl Bk .H Can.; 
iiovaiTmrt * 

secptrelhsi ourret ; 

ren^nttu , 

he> Latuiia 


13 

11 

:g 

4» 

u -24 

104 

24 
35*8 
3.25 
364 ! 
I8*e 1 
36 I 
k84 
4.40 I 

1.80 


13 

11 

16*8 

154 

94 

435 

224 

107 B 

244 

334 

5.25 

364 

171, 

564 

29 

4.30 

1.90 


\ sherriti G.Minvrj 


( sipenr f.li 


Weieriweu-er. ...‘ 

W hinpi» I 

While- Loo. Iu»- 

Wl.itani C".. : 

tVi«eon“in Elect . 


255, ’ 
2uig ■ 

171* - 
14*0 I 
27*8 i 


254 

20 

175g 

154 

27*g 


j j itmrun 

] uht' i, Canai i*...' 
1 steep li'Tk Iron | 
' -lirou.il Canaila ..J 
r t'uronto Dom.Bk.. 
. Lnlll<.CeuP||«ta. 
I Irani- Mmini opt. 

tr-aec. ! 

L'nniU (n-,.„ 

b ntd t wri: *1 me* 1 

Waiker Hi ram 
Went Coa«t Xian.-,' 
Western lieu ■ 


601, 

ob 

204 

67 B 

2.05 

'c 6 *b 

234 

:as 

1.33 

15*8 
7104 
33*a 
374, 
744 
74 | 
327, < 
15*8 
84 
38*8 1 
V7g j 
277, | 
5.60 I 
501, 
»24 
184 
8*s * 
16 ; 
10*8 
10*8 I 

394 
11 4 
23 U I 


6C4 

374 

2ul, 

7 

2.09 
»64 
234 
ca 
1.20 
15*8 
' 10*, 
t53 
37*8 
141, 
74 
33 
16*8 
84 
584 
73, 
274 
13.65 
50 
22*8 
18U 
8*9 
tlo 
1‘ *, 
104 
394 
114 
22*8 


TBld. A^ed. « Traded. 
1] New slock. 


EUROPEAN OPTIONS EXCHANGE 


Senna 


Jan. 

Vol. 1 Last 


Apr. i July 1 
Vol. ; Last . Vol. Lait . stock 


ABN 

F.57Q' 



1 

.18.80 

— 

- 1F.369.S0 

ABN 

F.390i 


— 

5 

; 8.30 

— 

n 

AKZ 

F.35; 

— 

— 

— 

, — 

1 

6.30 1F.28.40 

AKZ 

F.30 

10 

0.60 

— 

— 

29 

3.50 

AKZ 

F.32JW, 

1 

0.30 

9 

' 1.40 

10 

2.60 1 

AKZ 

F.35 

— 

— 

90 

; 0.80 

7 

1.50 

ARB 

F.7QI 

-- 

- — 

— 

• - 

8 

9.10 ,F- 76.80 

ARB 

F.7S, 

-- 

— 

— 

— 

5 

4.70 i 

EK 

S60 

— . 

— 

1 

5*8 

— 

— ; $60 

HO 

F-32.50' 

— 

— 

1 

. 4.40 

— 

— [p. 33.10 

HO 

F.35I 



_ 

4 

3.30 

5 

4.30 1 

HO 

F.40 

— 

_ 

30 

- 1.50 

10 

2.50 

IBM 

saaof 


6'- 

— 

' — 

- 

— *587478 

IBM 

6300' 

24 

1 

3 

7 

— 


KLM 

F .1201 

— 

— 

3 

■11.60 

— 

— IF. 125-20 

KLM 

F.150I 

11 

2.30 

4 

7.20 

2 

11 | .. 

KLM 

F.133.301 

3 

1.10 

— 

1 — 

— 


KLM 

F.140| 

— 



1 

4.20 

7 

7.50 ; - 

KLM 

F.150) 

■ — 

- 

1 

1 3 

7 

3 : 

KLM 

F. 160, 

— 


2 

1 1.60 

1 

4 1 

NN 

F.llOi 

— 

— 

31 

I 6.90 

— 

— jF.lOBBO 

NN 

F. 118.90 

10 

0.30 


- 

— 


NN 

F-120 


— 

123 

j 2.90 


1 

PHI 

F.25 

52 

0.60 


1 _ 

10 

2.10 If.24.10 

PHI 

F.27.50 

1 

0.20 

12 

0.30 

1 

1-80 ; 

PHi 

F.30I 

_ 


30 

j a 40 

— 

1 

PRD 

560; 

2 

811 

— 

i — 

— 

— !s50t8 

RD 

F.iao 1 

17 

3.30 

17 

1 7.80 

— 

_ T. 120-50 

RD 

F.130) 

— 

— 

— 

i — 


3.60 ; 

UNI 

F.UOj 

— 

— 

1 

1 13 


— ,F. 120. IO 

UNI 

F-1201 

2 

2.70 

“ 

i ~ 

— 

1 

" 1 ■* 



Fab. 

May 

August 

BA 

9160; 

_ 

— 

10 

1 - 

— 1 87Ha 

BA 

S70 

1 

61- 

6 

1 2 s * 

— 


BA 

seal 

2 

2i+ 

1 

i 5tg 

— 

j 


TOTAL VOLUME IN CONTRACTS 


640 


BASE LENDING RATES 


A.B.N. Bank 12 i% 

Allied Irish Banks Ltd. 12 
American Express Bk. 121% 

Amro Bank 12 

A P Bank Ltd 121% 

Henry Ansbacher 121% 

Associates Cap. Corp.... 12{% 

Banco de Bilbao 12i% 

Bank of Credit & Grace. 121% 

Bank of Cyprus 12£% 

Bank of N.S.W. .: 124% 

Banque Beige Ltd. ... 121% 
Basque du Rhone et de 

la Tamise S.A. 13 % 

Barclays Bank 12J% 

Barnett Christie Ltd.... 13 J% 
B remar Holdings Lid. 13{% 
Brit. Bank of Mid. East 12 f% 

l Brown Shipley 12-i% 

Canada Pcrm’t Trust... 121% 

Cavzer Ltd 121% 

Cedar Holdings 121% 

I Charterhouse Japhet... 124% 

Cboulartons 12 J% 

C. E. Coates 12?% 

Consolidated Credits— 121% 

Co-operative Bank c 12i% 

Corinthian Securities 121% 

Credit LyonnaLs 121% 

Duncan Lawric 121% 

The Cyprus Popular Bk.- 12{% 

Eagi! Trust 124% 

English Transcont. ... 12J% 
First NaL Fin. Carp. ... 14 % 
First Nat. Secs. Ltd. ... 14 % 

l Antony Gibbs 12 }% - 

Greyhound Guaranty... 121% 

Grindlays Bank 121% 

I Guinnere Mahon 12}% 


■ Hambros Bank 

I Hill Samuel 

C. Hoare & Co 

Julian S. Hodge ; 

Hongkong & Sbanehai 
industrial Bk. of Scot. 

Keyser Ullmann 

Knowsley & Co- Ltd— 

Lloyds Bank 

London Mercantile ... 
Edward Manson & Co. 

Midland Bank 

I Samuel Montagu 

I .Morgan Grenfell 

National ■Westminster 
Norwich General Trust 

P. S. Refson & Co 

Ross minster 

Royal Bk. CaTiada Trust 

Scbiesinger Limited 

E. S. Schwab 

Security Trust Co. Ltd. 

Sfaenley Trust 

Standard Chartered ... 

Trade Dev. Bank 

Trustee Savings Bank 
Twentieth Century Bk. 
United Bank of Kuwait 
Wbiteaway Laidlaw ... 
Williams * Glyn's ..i 
Yorkshire Bank 


121 % 
3121% 
fl2}% 
13}% 
121% 
12i% 
124% 
14}% 
121 % 
12}% 
13J% 
12i% 
321% 
12}% 
12}% 
121% 
12 !% 
12!% 
12}% 
12}% 
13!% 
13}% 
14 % 
12}% 
124% 
12 !% 
131% 
121% 
13 % 
12 l % 
12*% 


[Memhan of dw Acreptins: Houses 
Com mitt re. 

T-<l*y deposits 10’.. i month tlciwslis 

1ST*. 

7-day d^pijsils on «nnw of IU , - nnn 
ami iindrr in', no tn GS.09O JOi". 
and over C3.WKI 10 “;. 

Call deposits ov-r H.nos ipti. 
Demand devwlla lWi. 


Australia 


The stock exchange was yester- 
day completing its move to ngw 
premises, and there was, - as _ * 
result, again no market traflfngH 


Amsterdam 


Markets continued tn firm vein, 
with the main feature provided by 
BEDP, which advanced 24 cents to 
A3S.94 on renewed speculation 
regarding its oils exploration 
prospects. 

BHP currently has three oil 
wells, in progress, two onshore in 
South West Queensland and one 
in the Bass Strait. Fnrtbermore. 
the company, with Esso, is to 
drill the highly • prospective 
Exmouth Plateau in January. 

The speculative interest spread 
to other OU prospectors. Bridge 
Oil rising 8 cents to AS1.40 and 
Beach Petroleum 4 cents to 77 
cents. 

Uraniums were helped by news 
that the Northern Land Council 
has ratified the Nabariek agree- 
ment, Queensland Mines gaining 


A downward tendency prevailed, 
yesterday. 

Among Dutch Internationals, 
Unilever receded FI 0.70 and 
Royal Dutch FI 0.90. 

Elsewhere, HVA weakened FIS 
after news that the company, and 
Adriaan Volker have failed fo 
reach a co-operation agreement. 
Fokker were FI 3.10 lower on the 
Dutch Government’s decision tn 
buy Orions to replace the 
Neptune fleet 

Van Onrmeren lost FI 2B0, while 
shares with losses of between 
FI 1 and FI 2 included KIM, 
Belneken. Ahold and Hagemrijer. 

Ned Lloyd, however, : rose 
FI L90, while Btjenkorf added 
Fiim 

State Loans were narrowly 
mixed. 


NOTES: Ovrraeaj prices shown talow 
exdude 3 premium. BeUtan dividends 
are alter withholding ux. 

4 DM 50 <fen am unless otherwise stared, 
yields based on ' net dividends plus tax. 
V Put 500 deoozn. unless otherwise stated. 
4k DKr 100 deoom. unless otherwise stated. 
41 SWFr 500 denom. and Bearer shares 
unless otherwise staled. 1 YSO denani. 
unless otherwise stated. Z Price at time 
of suspension a Florins. 6 Schillings, 
c Cents, d Dividend alter pending rights 


and .'or scrip issue, e Per dare, f Franca, 
p Gross div. *4. h Assumed dividend after 
scrip and/or rights issue, k After local 
raxes, m % ux tree, n Francs; fori nrt tag 
UnUac dlv. v Notn. q Share spHt. s Dtv, 
and yield exclude special payment, ilndi-' 
cated div. u Unofficial trading, v BOodrits 
holders only, v Merger pending. * AAed. 
t Bid. $ Traded, t Seller, a Assumed, 
xr Ex rights, xd 8x dfrfdend. xcEX 
■crip issue. xaEx alL a Interim since 
increased. 


Indices 

NEW YORK-* 0 "* 0 ** 8 


Dec. Dec. 

8 T 


r 


Det 1 Dae. 

C - - R ’ 


•Industrials! 911-951 




. wr.ao; 820^1886.85 
BS.68j B8.«l 9Ul[ 88-28 
Mrt ..J 215.S5J 218 . 88 , 21 B 2 a] tUdO 

I •= [ 1 

'mm \ w-g«« aB^BB‘22,«of a.ffla 



- Basis of Index etoogni 4ng- 


• Day’s high 82BL« tow 812^8 « 


lad- div. yield % 


.Dec. 1- Jtov-S* f Wov: 17 • . f (Vem * ago •pprac' : 


5.97 


6^5 


6AO 


3.67 


5XAJTDASD AND POORS - 


Dec. 


1 86-53] 


Dec. 


Dec. 

6 


tladnstciaiftj 10?.8fij W7Blj m.«4j 185 J8j 
B7J»j 17.48} ."87Al| 


Deo. 

6 


Dee. Dec, 

4 1 


mao 

axis 


106.35 


8 ufl 


IFJB tSftiQB Compitsr'n- 


High 1 Low J ffigh 1 :I*jw ' 


118.71. 
ii 2 m 

1B&98- 

11219) 


9A52 


8&90 

(S/31 


1)54.64. 

■126.85 

*11/1/63) 


HwSv 


•: S- 

rt 



Deol-6 

Nov. 23 

Nov. 22 

Year ago Capbcox.) 

ted. div. yield % 

'5.05 

■ :*•**•. . 

5.18 - 

• «J6 

Ind. P/B Ratio 

8.77 

S.73 

‘ B. 99 ' ; 

8.92 

tev Oov. Bond yield 

.te74 

. 8.78 ' 

-. 8.67 

7.86 •• 


g J.8.E . A LL CQ wnrmg 


fitseeaatl Falls. 



Dec. | Dec. Dee. 
7 8 I 8 


1978 


High . 


MJtt 64^1] 64.44) 800m 48^7 

I - I J (LWJ WSJ 


Low 



[ Dec. $ 1 

Dec. T 

[.Dee. ft; 

Tnrasa Traded..— 

1,851 

1.881 

1816- 

Rbes .. — : . 

.522 j 

301 

r 865 

fWi«.. — 

' 863 j 

SIB 

- 5AS 

Uoritonged..,.— 

466] 

472 

-456 

. New Highs 

1 

— - 

24 " 

New teura— ... 

. • 

■ - ■_ — "ra 

r-'.--.-24r. 


KOSTKKAI. 

()’• . . - 

- ‘ Industrial 

1.- Comldne<1 

Dec. i 

• fi . ! 

Dec. ! 
1 1 

-Dee. 

8 

Dec. 1 

. 6 -" 

..IS 

173 - ’ •_ ■■ ■ 

• - .High ; . I 

; Uro 

2174ft 

224-34 

nfdt 

22425 

216.82 

222-62 

Z14J8 

22141 

,222-14 (11/ 10) | 
22SJH ,02/10) 

162J0 (16/2) 

- T70.fi2 (30/D 

TOSOHTO Coro poai to 

1 285.0 

12993 

1286^ 

T2B2.1 

I5ft2,7 C12 I0} 

989.3 (30»T>. 

JOHASSESBDR0 

Goto 

Industrial 

•— j 

'2294 

267./ 

■2M 

28M 

224.9 

sftM 

272JJ (&8) 
ZBIJil/lD . 

Itiojam. 

194.9/13/31 


11 


«W( i» 1 Hlgj) 


Anatraliart) 63A82 636.78 ! 666.79. 41 L13 
. | ••• .[ (83/9) j. (ljQ 

[ttel ginra J) I 97.64 1 BT£7 1 10LI6 ! 90.4& 

' 0/Q. 

98M6,. 
114/6)' ' 


368A4 31AM 


Denmarkl **1 91-29] 91.48 
Praace tttl' 78.0 | 7fiA 
Oermanyd;) 830.1 829.4 


I Holland (rili 79.0 ; m3 


l 681.94 : 622.72 
Italy 111) 70.06, (o) 

I 

Japan to) 461.63 45L20 
BHign pamii) 352^1 ! S&3-66 


85.0 

B63.3 
<19)10), IXUb) 

93.1 i 76 j0 

:i . 

383 



I L 1 


UEL7U 

a 


286^,523.7 
] 04/8)' 


27A8 

dW'-? 

326.74 

<L1> U. 

261J6 

<2b«) 




■ bank Det -1983. U Amsterdam Industrial V: 
1970. ft Hang Seng Bulk 81^7/ftt. HI Banc* 

' GonmtercUle Italtena Wfc - a Tokyo 
- New SB 4/1/88. b S trails Times i9fig. 
caused, a Madrid SE S8mn7. cS(od>t 
; hotan Indnstftal i/l/GK. /Swite Bank - 
CorporadcKi- u Unavailable.'- 




, (am 1 <imj - 

- 46LB3 364.04 

at/ 12 ) • <4/10) ■ 

414A0 2624) 


FRIDAYS ACTIVE STOCKS 


(8/9) J ffll) 


indices and base dates (ah ban values 
108 except .YYSE All Qnnmao— 50 
Standards and Poors— 10 and Toronto 
509—1.008. the last named based on Wrei. 
t Excluding bonds. 1 400 industrials 
6 400 industrials. 40 Utilities. 40 Ftaasce 
sod 2o Transport. ,5 Sydney Alt Ordinary. 
H Belgian SE 31/12/63. ~ Copenhagen SE 
l/i/73. tt Paris Bonne 1WL tt Cotomeoi- 


Seaxs Mnetadr. 
Texaco 

. Minn. Mlntiif * 

Satttbexn CaL Ed. 

MW-So. UtL 

Con.. Edisnti NT 
■jpont Motor — 
noon • ' 

Boeing 
Nabisco — 


Change 

Stocks Closing- on..,. 
•. traded price dayr , 
-- 201.308 216 +* 

... 196^50 241 

M- 167,469 '691 
..-.170,709 - 'VS 
‘ 169 1» 


•sioca 




— mow 24 

— 154.400 411 

... HUGO 
141.400 


Sli 1-. +1* ^ 

m -u . 


„;hi: 4M. 25# -i 


I'.C 


GERMANY ♦ 


1 Prire 

IjJ- or ! 

Div. 

ThI, 

Dec. 11 j Dm. 

— , 


ft 


A NU J 

A lllonzie V*r>iuh.J 

aMW J 

»A»F — — ..I 

Rayer—— — 
Uayer- b.\>i 


81.0 +0.1 l - 
997.5 +0.5 ! *14 
826.0- + 0.S |26.I2 
136.4 -0.6 1 18. /El 
140.0 -0.3 'lB./b 
317.0,-1 3 26.12 


Haver- Verolubk .1 327.5'-l.Q [3B. 12 

Uitalnt.Nei1.vrn»| 162 ! J — 

C.iratnertJjsns 227.8’— 0.4 ^6^6 

Coou Uuaitnt.. — , 67.0;.—.... — 

Uamner- belts 328.1;— 1.9 126.12 


Uegn--a . 
Uemofi. 


I 

I 


3.1 

6.8 

6^ 

6.7 

4.4 

4.3 


5.8 


Ueuii-Ue Hank — .) 

Urea in w tan, ; 

UvckeriiotT tanii.! 
Gui r.niffnung ...—! 
Uava-.- Lint it _....■ 
Uai-jener, 

ttw.V'i-1 - 

6k-<. I 

dnrreii 

Ksn him 1 

Kar-imli 

Kan) In-: 

■vU.kiier U 

KHD 

» !«!•!• 

UiiMe ; 


860.1.-0.9 ,26^6 
175.51 + O.S I7.10j 
3 1U.0' 0.5156.121 


46.121 

9.381 

lam 

14.0« 

lb.bSi 

lU./n[ 


847.5+0.4 
184 -+B 
241.741.8 
100 —1 • 

159.5 +5.5 
135.4—0.3 

49.8-0.8 
159.5+0.3 

143.5 +4.0 

388 -1 
251 

90.3-0.7 - 

200.2-0.8 18.76! 

100—2 - I 

894.5+ 1.5 ! 25 ■ 


».36.‘ 

14.04| 

43.44' 

ie.7si 


4.7 


Lowen'-ranLiMldC, 1,550 1 tin 

•JH'ian-x I 98 —2 | 9.38 

MAN l 233 +0.5ii»./b: 


lUmiir mnnii i 

^VLi.-ge 

Miuk-lit-ncr Ruck 
N^.-kei maun...... 

freu.-ou Um. ltC| 

Ilte-n W( t. ti er. 

suberuig 

Sir men 

Jum 4i icV>» 
till >en A.U.~....| 

\ nrte,...„ 

VKUA 

' eiein k We t l'k 
Vu k»waj{on.._ 


178.6 -a4fl/.ltj 

251 -1 'l-ff.u* 

638*1.- ...28.12! 
167.0,-0.5 ; - i 

141 •+ 1 > - 
181 i+ 1.5 I 2a ! 
260.5,-0.5 '2s- HI 

290.0— O.S | 4s 
250 :-2 •l/.rfcl 

118.0- 0.5 l/.P.i 

1B4.0 lo.lt I 

134.4 +0.4 ».3rl 

297 1 I« 12j 

243.540.8' 25 1 


4.2 
8.1 
4.8 
+.0 
4 8 
3 1 

2.2 


8.9 

5.4 

4.3 

3.6 
7.2 

4.6 

3.4 
4.6 
6.1 


AMSTERDAM 


Dre. IJ 


Price _ i + or I Dlv. pf d. 


- I *■ 


A2#l 

90.1 t-0.6 su 

73.2 -O 1 A234I 

90.3 * 1.3 ' as 

110.0 ' «HU 

Te.3 • so 

276 
140 


Anu.ii iF . aij i 110 —1.5 

Ahsu iF . 2 i 28.4 —0.2 

Aiponi HnktF'.'OO! 369.5 -*0.5 
All hV tf,. wi ' " - 

Amri'-4Uik 'F .201 
UUCP hurt I 

LkikHWiMirniF.8 >| 

Uulirin' leltcTi'iei 
Ki-eiter 

KiiruuN. V taarerj 
tfurtAmlaiiF . U)f 
GintatBrucfutoelFtl 
UetuCtaj .Ft. &i> 

HiMcuwemi 
Hunter D.tFi.lOti.l 
hJ^Nl. iFl.KX) ...: 

InuXlulier iFI^cr 
N«iJte.JJusiFi.iC; 

NedCrunUk iFi.l» 

AOi I Mi ay I, (F'J*.’} 1 . 

OcenP.JU i J 

OGKM tFi.lOi. | 

Van Ommereu-. 

Fnktejed f K1JSS0>..J 
ITi i ii Hi iKi.iO..... 
itjnHchVeriFi.lOLj 

KobecciFiaaJ) 

itoJiii.uiFi. tn i 


■16 


6.4 
5.6 
6.3 
5.8 
0.8 
J 7.2 
7.r- 2.0 
+0.5 ; A*7*i 5.4 


5.1 


Toicro t 


.40 

Hi 

tt 

30 

83 


17 


69.5 — 0.9 94ai; 5.0 
34.6 .+ O 4 i *u 5.8 
94.0—1.7 14 I 3.7 
33.11-0.61 
22 ' I.s* I 5.5 

126.2 J *3 

42.3— 0.6 i 19 
1U9.8 + 0.3 ; 
56.51-0.5 

208 

267 1—2.5 } 

48.5— U.l ’■ 
139.21—2.6 
42. B; — 0.2 

24.2ri 

56.0 

164.6' ! 25.tf 7.8 

. . 127*: 

Ifairenui '.Flash— ■' LH2.0 —0.5 I 19.o[ 

Jfai\>uJ JutvinF iJdfi 120.4—0.9 36.7b! 9.0 

slarraihnr* J 238.0 1 20 1 “ “ 

lukyo Fla .U'rts .1 / 127.5—8.0 \40.At 

uoiivvcr iKtjaOi...; 1>0.3 —0.7 ■ 42.* 

v unite Re*- 38.6 —0.4 !$■).. tj 1.2 

We-i.Ltr. HyuMil 41U.5I-1.5 1 53 \ 3.9 


7.0 


Dec. 11 

* Price* 
l>n 

+ •» 

B.V. 

ft 

YW. 

ft.. 


367 


14 

X9 

l+utui 

464. 

+6 

la 

1-3 

Uaslo 

885 

+2 

25 

L.4 

Ubinon 

377 

+ 2 

20 

2.7 

Dai Nippon Pnnl 
Foji Photo 

586 

-4 

18 

* 5 

618 

+ 15 

lo 

IS 


263 



12 

2.3 


490 

-7 

18 

18 

Huute Pi+irt.._ 

1.010 


35 

1.7 

f. — 

239 

— 1 

12 

2.3 

Itu Tokmla— 

1.790 


5 u 

08 


750 



13 

l 0.9 

J.A.L ; 

2.850 




Kama' Klett. fi*. 

1.200 

+ 10 

10 

0.4 



1 

18 

2.3 

KU«- -to 

297 

+ 5 

in 

2.5 

nyK»-c eremn-... 

3.540 


3a 

0.3 

Hatffusuna In ... 

748 

+ 17 

20 

1.3 


280 


10 


UllsuMtn; hpffil 

128 


12 

4.7 

MiImiIu.Lu trap.. 

43B 



13 

1.5 

Ilium A Ln. 

296 

-4 

14 

2.4 

Hitj+ikushi 

590 

+ 3 

40 

1.7 

\i|>(«iii lH;li»i.-. 

L.680 

—10 

15 

0.5 

N-.|ip-.<ii b|].n;an . 

820 


12 

0.1 

Nietan \lotnn 

668 

-1 

lb 

1.2 

t'Hjoe»?i 

1.630 

+30 

48 

1 5 

toin)v Ell'll «: 

264 

- 1 

la 

2.3 

■which Pi et.iti — ' 

981 

+ 3 

30 

1 6 

•ililtci 

L190 


*0 

o-b 

S.ny.: 

1.520 



40 

13 

Taiailn UiulIKT-... 

247 

+ 1 

U 

“•2 

i'akffin (. hvnl’eel. 

525 

+ 5 

la 

l 4 

i'UK 

1,930 




• vum 

148 

—2 

lu 

3.4 

I-Ikvu Sailll 

518 

—7 

11 

1-1 

■ ••aVob rel Kii«’i 

1.100 

+ 10 

a 

3.6 


338 

+6 

12 

1-8 

‘••ra» 

181 

-2 

1U 

2.8 

nri:i'« tun 

156 

— 1 

lu 

3.2 

l. + irU MullS 

900 



<ru 

1.1 

Source KiWco Secorities. Tokyo 

BRUSSELS/LUXEMBOURG 

! . Die. 


Dec. U 

Pn-e 

-ra 

Fr . 

Y,i 


Ft 


A« 


AjiiCU 

a .136 

-40 

_ 

__ 

Uerket •• B” 

2. BOO 

+ 15 

llri 

4.6 

kj.o.R. UmeiT'.. U.05J 

-20 

1JO 

95 

Cucatv- 

432 

—8 

— 


tBK? 

3,315 

-30 

177 

Tfi 

K.e troiei 

7.230 

+ 30 

43U 

5.9 

K+'iru+ue Nai 

3, USD 

.. .. r ._ 

llu 

5.6 


2.605 

+ 16 

lau 

6(1 

ueraert 

l.s40 

+ 20 

8a 

6.3 

5.6 

.1 uL(Brux Li 

L620 


9u 

dulioken 

inteivuiii 

1.630 

+ 10 . 

170 

142 

b.B 

7.8 


KivuieUMUb 1 6.900 

ta tfanaie tto'ite. .'5,950 

rim Ho. un " ..|4.7+U 

ret lull Da ,.;3.190 

■mu. icq. uanqm '3.250 


I- 50 \e» 
;-io 


^ue.Ueo. Bel Mr .. 

Stitt ho... .. 

3 i> va\ 

Lrautiun B-eci .... 
UUH 

L'uUui. it. bn.. ... 


[3.335 

8.379 


2.040 


2.700 

1.200 

728 


V iei tiellonugne.i 1,690 


-65 

+35 

—5 




+35 218 

Ja.. I l- 


ia 

2j» 

14. 


-45 
+ 10 
+4 
1-10 


17. 


4.2 

5.5 
2.8 

5.6 

6.3 
6.9 

6.4 
8.1 
6.3 


6.9 


SWITZERLAND * 


8.4 


7.1 


COPENHAGEN * 


Dei-. 11 


Fra-e i^ori 0i». iYhi. 


■ Kniin ' — 


I 4 


% 


\l1t1l-l-lMllkVll [ 

Daaxice tank- 

.-man tanKun i 

.-ryunPi u-r .. _... | 

r.H iSlin j 

Hainle-baiik 1 

G.N'tii'nU.tKrtK’!' 

Nur.( Kalie —.1 

.»o»«i loilu in t .- 
•j ieiahn> j 

I'nvntfaaiih I 

i'rov in, hank ] 

•ujifi-tifieii en....j 

nperlii : 


140*8 

185U I 

147U — U ; 

132 . J 

346 +1* ! 

1261+ 1 

266 < + !( I 
181 -1 

219*+' 

119 1 + , 

1301b 1 i 

1361+: , 

368 1 1 

1621”' — 11+ | 


11 ; 7.g 

12 I 9.6 

12 a .2 

13 1 9.8 

12 I 3.5 
- ■ 1.1 
12 6.7 

12 3.8 
12 | 6.9 

10 I 4.1 

12 j 9.2 

11 I 8.1 

18 I 3.2 

12 7.4 


VIENNA 


Dre„ II 


! ft’ 


I 


un. 

* 


Qflflll J 

Perlin..*«cr J 270 


ijelect* 

Srintwrit 
steyr Daimler.. ..1 
Veil AUgntalL—'.. 


Vi 


CrotJteasfak ^ 342 lu 

.....j B» 

577 td' * ae 

ai i ; - 

201 1 .. . .| £14.0 

24S >4.1 *0 ! 4.1 


2.9 

3.3 

e.4 



Price 

+ « 

Div. 

TIT. 

Dec. 11 

Fr*. 


ft 

ft 

A'umuuutn ... 

1.070 

— S 

o 

3 R 

{ libL - A'. 

1.655 

-s 

10 

29 

} Oitattcagt Fr.ICO 

1.075 

-b 

22 

8.0 

j Do. tart Cert... 

853 

—10 

M 

2.5 





I credit auieee 

8.180 

-10 


3.7 

| K-eutnnratr 

1.820 

-18 

lo 

28 

I mb. tier (Geutxci. 

560 

+ 6 

a 

4.5 

Njffmtn rt (-4prr *66.000 


IlJfe 

1.7 

1 * 1 . > ma ■ 

6,675 

—25 

U lu 

1.7 

lutenuud t> 

3.775 

+26 

31 

2.8 

Jeimw-i (Fr. LOO)... 

1,380 

-10 

21 

15 

Ne-iie (ta 1AJ|.... 

3.110 

-20 


2 R 

do. Ilea — 

8.230 

—IS 

e«»./ 

3 9 

1 ■ H-riteuu utKuSXh ,2.626 

-20 

lo 


I Flier il si F (F.IOO) 

274 


Is 

5.4 

•Mukn. .._ 

3.726 

—SO 

4b 

1.7 


442 

-9 

20 

2.9 


267 

— tt 

12 

4.4 


325 



|a»w«r iKrJoU). 796 

—3 

10 

4.4 


337 

— 1 

lu 

3.0 

P. ,T 1.T ■ 

— bo 

4u 

8 2 

LnLm uBiiK 

/.nr»cb In .; 

2,970 


2U 

3.4 





MILAN 


Price 

+ or 

Div. Y.- 

Dec. 11 

Lire 

— 

Lire 

ft 

AMC 

UnffUttl - 

30 

506 



- 

Fiat 

2.630 

~48 

ISO 

5.3 






140 

-2 

- 


itakmnetitl ........ 

23.490 

+40 

oth. 

2.6 

ItotaMw. -.... 

323 

-5.50 


iladiohanM 

36.595 

+895 

1400 

3.3 


159 

—6.79 


1.110 

+-30 

_ 


PlreMI ft Ct» 

1.8Z1 


1=0 

7.1 

Pirelli Spa 

909.50 

-1D.M 

8.8 

data Viacw*. —. 

870 

-W 


• 



AUSTRALIA 


Dec, 11 


+ or 
Aost,.* - 


euwer 

idUKtrte* — 

! Proprietary— j 


ACMIL /2b cento) ... 

Acrovr Australia-. ..... 

A MATH, $1 J 

Ampul Exploration — 

Ampul Petroleum 

Assoc ^Mineral*. 

ta*c.Ailp Paper (L.. r 
A teoc- Don. lndtutoiM.r..~ 
I 04 . Poundailim Invert 
A.K.I : 

An riimm-' 

Aurt. OU ±^a|.»...., J 

Bamboo Creek GfJd.—— — ! 

Blue Metal ted- - - :i 

Boogalnvlll© Copper....—.' 

Brambles Indantriee - r j 

Broken HlB 
BH South 
Carlton United Brewery 

CSK ($1) — - 

Cockbucn Cement — 

ikdee (DJ.) — — ; 

Coo*. GtAdfields Ant. .+>_ 

Container (#1) — - J 

Co ntin e Riotkrto- _| 

Curtain Anstnli* 

Dunlop Bobber (SO out) 

B3C0H. .1 

Klder-Stnith 

Endeavour Beoouxcee. 

H,7- Industries 

Gen. Property Trurt....~~ 
Hameroley-. — 

Hooker/—; — — 

ICI AartraUs. 

Inter Cooper- ~ 

JennlngB [nduotrlee 

Jones (David)— — ..-h 

Lean*rd OIL. 

Ue«als Kxploratica 
Metratnar Mineral* 

MIU Holding* 

Myers Smportam — 

Xews — ... 

Nicholas International 

-Ncrth Broken H'dings (50e)j 

OtdnUfe - 

Oil Search. 

Otter Hxnlnration i - 

Pioneer Concrete- — 

Rectal* ft Culmnn. 

H. G- Sldgh 

Southland Minin*) 

Spet^wExploraU+m J 

Waltons — 

Western Mining (SO tvnto), 
Wodtaortbs — - 


Mm 

fill} 


+8.81 


[+8JJ6 


t-fl-82 


l+O.tt 

+0.24 

1+8-05 

f-8-05 

+0-01 


+0.M 

-BJH 

MB 

-0JJ6 

t+0- « 


10.89 
tlJ« 

12.09 

n.aa I +045 

.10.76 
1L30 
!tl.77 
11-8& , 
MBS ■: 
tl-66 
tO.61 
ia7s 

10.17 
•1093 

1132 
11.60 
1&94 
tl.43 
11.68 
t3.36 

11- 36 

12.18 
t3.46 
12.60 
13.45 
11JI5 
10.88 
10.02 
t2_58 
10^3 
13-0 
fi-57 

12 - 20 
10.77 
12.20 
t0.30 
1090 
1H23 
10.88 
tOB5 

. tO. 16 
t2-45 
12.67 
12.40 
10.95 
•11.55 
tl.50 

(an 

tO-35 
1 1.54 
' JZ.30 
10A4 
10.28 
t0.30 
Tl.80 


OSLO 





“Price 

Kroner 

+ «* 

Div: 

:* 

tuL 

% 

Bergen Bank 

Boiregaard— — ■ 

105-26 
"67 to 

+a^ 

‘ 8 

.11 

80 

11 

7 

8.6 »- 

eTs .. 

6J5 ’• 
9.6 •• 
5.8 * 
7* ,T 



KroStfcm— an' — 
Nnrric.Hjdro KrB 
Skaatatadt. — — 

305 

114 

-183A 

92-60] 

Hio 
-0 JS 
+L5 


+ 0.01 


(+0.06 


10.71- 1+0.01 


11.66 

tl.50 


LSI 
ML01 
(+0.01 


JrOAl 
t+0 .02 


-OBZ 

1 +O.O 8 

+tun 


huh 


M1.05 

40J)1 


(+8.04 


f+O.M 


PARIS 


Dw. 11 


V4 


Keuie -«... 

Air nue O > 

A<i Uiqutde — ... 

Aqulstup. 

dlC — . 


uiftw 

Oorrotour . 

GAiJK. 


lll.C. A emtei— | 
Uie Boocaire— 

Ciuii Mediter 

Credit Coxn.Fr’ce 

Creusot Loire. 

Uumfeg— — 
Ft. taGroie- — 
Gen- OeGadcnta-ej 
rroetet.— 

Ja qvfr few- 

talons 

IjiJrenl 


UegnlM 

Maiitva . Pheon nc J 
Mi be-in *» .J 
Meet Henne sey- 

Mnu max-.— 

> Vuitta 
t*e D'Oey-^-. 
ranufft Uicar 1 


Peugeot Citroen j 

Puriom 


Roiiifa Techttiqite.' 

ttertbute. 

ttbone Kniiezr-.-.. 
su Goboin,--.- 


Price 
tv . 


70X.6f — 0.2 


403 

386 

535 

547 

795 

562 

2.254 


+6 
i— 4 
-3 


+ 12 
MIS 


090 

471 


.j-10 


515 -7 
131. Ml 

u cl ' n 1 


687 . |+2 


258 1 


784 

2,020 

626 

1,847 

674 

159 


+8 

pi 0 


3 17 A — OM 


433 . + 9 
674 —1 


dnetu 


raenrerouique-.. 
rbom+ro ttraraVi.. 
If-inoc I 


817 

250 


STOCKHOLM 


Doe. 8- 


,\g<Au.tsi~M>— 1- 199 
Aits Lavs iKr.tCi ' **’ 
A^HAtKrJO)_.J 
AtMB CopcntKrSCj 
dilisrufi 


tutor. 

hal o 


Pnce _ 

knmiff 


JrtlufaM 

Kiea’tox-B'tKroq 

nr» do 'b'itabtn 

na-t-ite "JJ".— 

■'■CCriW J 

(iratigea tfrerj — | 
UandHie-«nken 

tin Ueh Cotnoto. 

Mndvtk ‘ti'-Kt*. 

a K.F '(F (tn... 
Ibond HmJit ds- 
l'auisUh’b'.ififllCf 
0 ideho rn— . - 
Voivo jkrjg) j 


c oiv. frn 

. Pra. ^ 

+tg 

U.6 

24.76 

8.1 

is.a 

•*-3 

38 Jtb 

4.9 

14. * 

6 

42 

6.3 

4U.6 

t.2 

. /J 

3 

a 1.6 

7.9 

70 JL 

r.l 

It 

2.5 

7.6 

L5 

.1* 

y.2 

a.n 

4lB 

14.1 


8-25 

3-2 

tt.7 

10.3 

18J7 

6.8 

16.47 

ZD 

58.7b 

1.8 

56.9' 

7.8 

37J5 

3.0 

IZ* 

2.2 

A 

Sfcl 

3. 96 

4.7 

.It 


7.6 

ro 

172b 

3.5 

27 

6C* 

tfo 

s.» 


73 

59 

20 

266 


251 

Kfli 

16.1b 



-> 


+■1 
+ 1.8 



Kt. 


6 
6 
6 
e 
4 

0.55 

10 

6.83' 


;'2.6 

-3J5 

6.8 

If 

3.6 
3& 
413". 

+*-7 

6.1 

2.6 
4-2 


4^ 

-6.4 


2.1 

3.0 

4J 

Zfl 


BRAZIL 


Dee. Ill 


Bueodo Brazil — 
Banco Itan PW... 


fXdjaa 
Patrabras.PP. 
PirMlTOP^. 


ttna GrtM'OF.—i 
Unlp 1 

Valero Dow PR 




Cruz 


a?7 

L89. 

1.50 


OH - 0.9 1 
. O^J -3.02 




1.04 


HOJBI 

1^7 M). 06 |j.le 
2.05 
6.60 . 

+0X1 


lESf 

dit7 


+001^12 1U»! 

0.46^ 

, . ^50 ' -- 

r— O-flUJ.Ufc 8.79 ; 
J5SC 6.62- •' 
J.lc 6.98 a-* 1 


i.BS ,0.2t 
jjsa 


30ITY Mi 


■:!UN 

t-s- 


Tnrwjver Cr 73.0m. Voimne 45.im. 
- Source; BJo de Janeiro SB. 


KJ5*;l 
18.74 • *. 
(4.54-^ 

•rr ta ■ » . 

■A 
tv' 


-it 17^8; 


JOHANNESBURG 


y 

" r.'J 


\ - MINES 

December T : •• 

Anglo-American- Coma. 

Charier . Consolidated.. 

Ewt Drtetaotein 

Elebnig • 1 : 

Harmony . 

Kinross .... 

Kloof 

Rusteaimrg Plfttininn- ...... 

Bt. Helena _:_1 

South Fa aJ i.~.— 8.90 

Gold Fields SA - ..... -23.00 

Utttan Corporation 5.50 

Dtt Beors Deferred , .... 7.75 

[Blyveoruittlcht .tt.OS . 

East Rand p». 15.W 

Free State Geduld r.„ 157.00 - 

President Brand is. 40 

President - Stcyn ns.OO 

StiVOmeta 6J8 

WeDtom 4 J 5 

West Drietootein t42J» 

Western Holdings 151.00 



Western. Deep ns.08 +ftS0 


. INDUSTRIALS 

AZCt .-. t3J5 

Anglo-Annrr. Tnd nrtrla l. _. ILFS 

Bartow- Rand ■ 4.90 

Carrie Plzzanee tl-DO 

De Beers mdhstriil .'...1 IH.Tj 
E dgars Coiwclirtau-d lnv.... -+5JW 
Edgars Stores ....: moo 

Federate Volkabeicggings.- UO 

Greatcrmans Stores iS5 

Hnletts f-»<a 

irTA .:. ... 

McCarthy Rodway-.. 

NodBank 

OK Bazaar* 


+li.as 

+ 0 .B 6 


Our l a ff 
now e 


—OJS 


-no 




Premier Uffllng 

Protea Holdings 

Rand Mines Properties — 

Rembrandt 'Group 

Retoo" - 

Sage Beddings ' - -• - 

SAPPI ' ^ 

C. G. smith snggr 

SA Breweries — ..z. 

Tiger Oaa and Natl. Ml*. 

Gntoee .. .• n.l3‘ 

Secnrlfles Xtasd VJS40.6B 


tan 

HIjSO 
2.06 . 

730” -• ’ 

5 JO . 

1.50 -4.85 

UO • .+B.IG 
X89 +0.03 

. 0.30 - -M3 

- 

R»'“. v . . 
L28 +0.B3 : 

D-80. -. . 


Hi; 


(Dtecmat of 43^%) 


SPAIN 


December 7 
Astana 


. N Per^ant,'-. .... . . 

hr’. 

Banco- Bilbao . •** 7 " 

Banco Atiantico (1,080) 7fS>- . •* \ 

Banco Central • 31a — 

BancO Extdrfbr 7W . ; < 




Banco, C cm rat . am 

Banco Granada (l.OOOy '• 3/OTi'- —1 - 

Banco' Hisdano :,Z- ^Ok b . ’.v 

»«BC6 ind. Cat. 'ffi- • '*■— A . 

B- um MeOttezzaneo.- IS* 

Banco Madrid 215 

Bunco Popular + 2e»' - 5 

Banco Santander .t35» 33S "■ — 

Banco artaaJo a.oooi 3a . ‘ ..." 

Banco Vtzcaya . 20=; - 

Ba nc o Zaragotaap - 217 '• + 2~ . 

Batrinuntm ~ .a*L -v • - 

Bams Andalocto '- !** 



BahcOc-k Wncox_^ *91 ~~ " *• 

Drogtmnff~’"r“~ 7'"V~-~ 215 » . 

Tumnh^ff - J . ||f ■ - ~ : W ' 

5- L Ara goo e«aa " J •''>» ?»-. — I V ’ 

&QMZ)Cda ^Ztsu " **■ W . 1 ' 

gxia. too- ; s«r -r 235 "* 

!:«» »A 8SO y .423ft X»i' 

PWOBK flJBW) % -i-'T 

C«L fricttitor^; z.\ <tZ -3 n '. w ' 

Gjtoo - IK ; i 

Hldnda -..j — - . ' -■**'- .--+ 125 - :■%' 

Bwtoero.. L-ftMS'£WX25 -J. - 

otoira — ■ *2 -. -3,y t ♦ 

Papeleta* ^ v r--s..-- 








' - r TTX. 

PctrdltKM [IB... 

Oareto Esp+m. —Z .at ... 

Solace' gj > .--jr 

T«w Hostew* . • w 1 : .-A .‘V’ ■ 
TtitowSa. ’ ..!- ■■■ - g? A ;^ Ub.;- 




. h ■ 

\ 


' .-. 7 '". '' r' -.7-^ ■ '-••. 

•• •. '■ -t - •-"■- r - 















I 

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m 


TiiittrtwwasaasgB 





1%, • ••/. •; 

. Financial ^tms Tuesday - Becember 12 1^78 

COMMODITIES, RAW MATERIALS and AGRICULTURE 


31 


tsj* 


1 J^.v. 






>C.‘ 

i:-; 


Farmers to 
move into 
meat trade’ 

fiy Christopher Parke* <■ 

A. 'FARMERS? cooperative 
operating in: the Midlands and 
East Anglia is to build Its own 
abattoir and move :lnto meat 
wholesaling. - 

.An £800,000 factory. to be built 
at- Wyboston, near .Bedfords next 
year- wilt eventually handle 
about, half the co-op’s livestock 
buataes. worth about £4JSm a 
year. . . 

Mr. Peter Harper:' managing 
director of Hertfordshire Quality 
Livestock ■ Producers, said the' 
switch of 'so much livestock from 
other slaughterhouse .-..won Id. 
have little effect on the esfab^ 
lished meat trade. . Other meat 
companies in the region were 
tending to contract and abattoirs 
were closing. ;. ■■. a: -. t- t 
He said the' value of the 
group's ‘ livestock - output had 
grown rapidly. In 187ft it was 
worth £3.3m a' year. Last .year 
it topped £5. 5m. and this season 
it should reach £9m, he said. 

The co-op had been thinking 
of moving into the . meat busi- 
ness for the past four years. An 
assured and substantial through 
put of stock would be the new 
company’s greatest, asset. 

Lack of throughput had been 
a fundamental weakness in so 
many of the wholesale businesses 
that had gone to the walL 
The abattoir will provide up- to 
40 jobs. and is expected to be 
processing the equivalent of 
70.000 cattle a year by 1981. 

Building starts after Christmas 
and the plant should be finished 
by October. .. 

The 350 members of the pro- 
ducers' co-op are to provide a 
third of the capital, with the rest 
coming from banks and finance 
calculations and viability 
stble that the plant might qualify 
for Government or EEC aid, all 
calculations and viability 
studies excluded the . use of 
grants. 




prices tumble on 
Metal Exchange 


Copper stocks in LME ware- 
houses suffered another herty 
fall of 5.S50 tonnes cutting total 
holdings to 381,450 tonnes— the 
lowest level since August 1975. 

A decline had been anticipated, 
but there was some heavy *' bor- 
rowing " (buying cash and selling 
forward) which narrowed the 
premium of forward dates over 



.0 


E 


France may 
import 
more tapioca 

expected to -rmjwrt. : about lip 
tonnes of Thai tapioca products 
□ext year, valued at more SlOOm, 
a Commerce '. Ministry -source 

said.; 

During the first ten months ef 
the current year, 'France 
imported about 800,000 tonnes of 
tapioca products from T hailand 
worth about -70m. . This com- 
ared with 300,000 tonnes 
m ported during the whole of last 
year. . 

He was speaking to reporters 
after' a group, of JFrench amriml 
feed - manufacturers called'’ _• on 
Comiperpe Minister Ifarin^ 

PorihvatbtL 1 ■ 


' SY JOHN GDWAJtlX, COMMODITIES EDITOR 

TIN’ PRICES' tumbled on the Administration to obtain approval with 18.117 tons, according to the 
London Metal: Btduuigr yester- f °r sales of stockpile tin— if only Americao Bureau of Metal 
day. Standard grade cash tin to meet its commitment to con- Statistics, 
closed f£65_ down at £7,080. a tribute tin to the International 
tonne— some £1.000 below the all- Tin Council's buffer stock, 
time peak reached at the .begin- Once some trade ~ hedge " sell- 
ning of November!' - . iog came into the London mar- 

The decline.-. yesterday was. ket yesterday there was little 
triggered off by a sharp fall in buying resistance and the down- 
title Penang market, overnight, trend was accelerated by stop- 
firmcr sterling against the loss sales as prices dropped, 
dtiffitr, 'and a smkltor. than The market remains very 
expected decrease in warehouse volatile, with supplies „ 1EUUIU1I Ul lul 
stocks. 'It had been anticipated immediately available still fairly the cash price There remain* 
flWtXWB warehouse stoctepf tin scarce but general sentiment look- an acme shirtwe of coodn ualtv 
would fan by between 300 and ing for lower prices. Lead prices b^nd S 3 nd Jonrentrates 
^OOipnaes, but in the even they also lost yesterday despite a fall it was confirmed* that the 

SiShSTPilSMlm?” to warehouse stocks-down by Cuajone strikers in Peru had 
.total holdings to 1,960 tonnes. . -.125 tonnes reducing total hold- a{ jreed t0 gD back to work— but 
^Tbecash price premium over mgs to 17.725 tonnes, the lowest they will consider strike action 
the' , three months^ uotation has toial for more than four years. again later this week if their 
narrowed si gn i fi cantly tothe past However, the fall In stocks was demands are not met. said a 
three daw. The weakness In in line with expectations and had union spokesman 
Penang, which undermined sent!- already been discounted. With In Ottawa it was announced 
ment m I^udon tor the-resuit.of buying interest sluggish there *hat International Nickel and 
heavier ^offerings by th e smelters was little to support the market, union representatives will resume 
there. Supplies oftta offered at although it was noted that selling contract negotiations on Decem- 

ir or f est was sli, \ ht - Thcre h€r 17 10 tr * 10 * aA the strikc 
highest level for several weeks, are forecasts of another fall in began in early September. 

At the same time tin is out oE warehouse stocks this week. Zinc stocks fell by 2.775 to 

favour. In London with specula- Lead stocks held by U.S. re- 69,225 tonnes and LME sliver 
tors, who are. worried about new liners rose marginally in Novem- holdings declined by 540,000 to 
moves -next month by the U.S. ber to 18,667 short tons compared 22,790,000 ounces. 


End to Soviet whaling welcomed 


BY RICHARD MOONEY 


CONSERVATIONIST - -GROUPS minkc whales and a somewhat 
yesterday welcomed reports that smaller number of sperm whales 
the Soviet Union had decided, to this year. In the last few years 
halt all its commercial' whaling the Soviet whaling fleet has 
over the next five years.' . . . ' halved in size, he added. 

Friends of the Earth, said they * u j« ia I s , easU ? w0 S d ’ s 
were very glad to hear of the b, e«est whale catching nation. 
Russian decision, but not sur- accounting for around 40 per 
prised. A spokesman- for the cent of ^ total - ^ and when 
group said deeming sperm whale 
populations had been expected to 
force the Russians, who eoncen- 

rurjssij3ftSm& 

economic ground, btfute; very J 0 “X,i^g roem' 

*'■ bers of the Commission, who are 

A World Wildlife Fond spokes- already in the majority, the 


whaling. And Increased pressure 
could force a dramatic cut in 
Japan's whaling effort. 

Members of the anti-whaling 
lobby are treating the report with 
caution, however. Friends of the 
Earth pointed out yesterday that 
the Soviet Union announced two 
_ years ago that it planned to phase 

the Russians cease whale hunt- out commercial whaling “within 
ing the Japanese would be left in two years." 
the lead with nearly half the The scientific committee report 
world catch, assuming its own which will be presented to next 

week's Commission meeting notes 
a rapid decline in the pregnancy 
rate of North Pacific sperm 
whales and therefore recom- 

_ mends a nil quota for females 

man, while' noting that the re- Japanese would find themselves and a conservative quota of 
port had not yet been confirmed, effectively isolated as the only 5.495 for males. This year’s total 
welcomed the news but- wished major industrial nation still quota, agreed a year ago in 
it could have happened earlier, engaged in commercial scale Tokyo, was 6,444. 

Mr. Viaeheslav Zemsky, .the 
chief Soviet delegate to .the 
scientific committee of the Inter- 
national Whaling Commission 
said last week that hi* country 
planned to stop whaling first- in 
the North Pacific- and then-' in. 
the Antarctic . , y'vlj*.-. 

He was speaking In La Jolja, 

California, where the. fuR "Com- 
mission is scheduled tg meet 
later this month to. discuss 


Gold rise 
lifts 

platinum 

By Our Commodities Staff 

A SHARP rise in ihe price of 
gold lifted the Tree market 
platinum quotation on the Lon- 
don market yesterday, but silver 
moved slightly lower. 

The weakness of the dollar 
helped to push gold 55.50 higher 
at $207,875 a troy ounce on the 
London bullion market and this 

in turn encouraged free market 
platinum to rise £2.75 to £1745 
a troy ounce. 

Continuing firmness in the 
platinum market was forecast 
yesterday in a precious metals 
market report issued by Degussa 
of Frankfurt. The company 
noted that the Soviet Union was 
selling “hesitantly." possibly 
because of reduced production, 
while a farce majeure declara- 
tion may be forced by the lnco 
strike in Canada. 

The London silver bullion cash 
price was fixed I.Ip lower at 
299.1p a troy ounce, meanwhile, 
and the London Metal Exchange 
quotation ended the day 2.6p 
down at 297.Sp an ounce. 

In New Delhi the Indian State 
Trading Corporation said silver 
exports are likely to exceed their 
19n/7S level by the end of this 
month. 


Wheat pact decision soon 

ARTHUR DUNKEL, chairman In Geneva before the Christmas 
of the UN Wheat Conference, holiday period, 
said yesterday he will decide this The interim committee, made 
week whether to cal! a meeting up of leading exporting and 
of the 12-member interim com- importing countries, will decide 
mittee studying a new Inter- when It next meets whether to 
national Wheat Agreement resume a negotiating conference 
........ He told Reuter his decision on a replacement for the 1971 

NOrth Paclfic sperm whale hunt-- will depend on informal consults- International Wheat Agreement. 
ing,_a matter which was ljeld tions with Interested parties, The negotiating conference 
over from the ■ Commission's including developing countries, adjourned in November without 
annual- meeting in June. ' ? over the next, three days. agreement because of differences, 

Mr." Zemsky estimated that -Mr. Dunkel said that if the especially over prices and the 
Soviet whalers took about 3.000 committee does meet it will be size of reserve stocks. 


Better demand 
at tea sales 

By Our Commodities Staff 
TEA PRICES were generally 
firmer at the London auctions 
yesterday. Medium quality 
grades particularly were in bet- 
ter demand. 

Average price indications were 
quality teas up 2p at I36p a 
kilo; medium grade 4p higher at 
USp and plain 2p up at 79p a 
kilo. 

Meanwhile Reuter reported 
from New Delhi that the Indian 
Government has decided not to 
limit tea exports in the fiscal 
year to March 1979. 

Mr. K. K. Goyal, minister of 
state in the commerce ministry, 
said an “indicative target” of 
200m kilos had originally been 
fixed. 

Tea exports are lagging behind 
last year’s with April to Septem- 
ber. 1978 exports at 66m kgs 
against 101m in the same months 
of 1977. 

FOOT-AND-MOUTH 
HITS MALTA 

The discovery of a third case 
of foot-and-mouth disease has 
been officially confirmed by the 
Maltese Ministry for Agriculture. 

Th's new case was reported in 
a village some five miles away 
from where the first two cases 
were discovered a week ago. 

Teams are trying to vaccinate 
the island’s, herds in the least 
possible time in an effort to stop 
the disease from spreading. 


COMMODITY AGREEMENTS 



Still hope of rubber 
pact compromise 


HOPES THAT an international 
agreement for natural rubber 
would be the first of the com- 
modity price stabilisation pacts 
to be successfully negotiated 
under UNCTAD's Integrated Pro- 
gramme for Commodities 
received a setback in Geneva last 
week. 

Tbe best tbe full-scale 
negotiating conference could do 
was to adjourn at the end of its 
scheduled time and decide to 
reconvene before UNCTAD's 
general meeting in Manila. 

But the Rubber Agreement 
could still be tbe UNCTAD pro- 
gramme’s first success. Peter 
Lai. conference chairman, was 
confident tbat an agreement 
could be reached in the next 
session, expected in March. He 
said that no other international 
commodity agreement had been 
concluded after only one 
negotiating conference. 

However, the underlying 
differences, which caused much 
diplomatically suppressed anger 
and frustration during the past 
week or so. remain. As delegates 
prepared to go home, no one 
really knew where to expect com- 
promise. 

Much of tbe shape of the 
Agreement is already clear. 
There is relatively little disagree- 
ment over the major innovation 
bing introduced into the buffer 
stock mechanism — that of a price 
range which follows the overall 
trend of the world market. 

This was outlined in a set of 
proposals submitted by Malaysia 
on behalf of the producers and 
most of the consumers, which was 
accepted by the whole conference 
as a basis for further discussion. 
The top and bottom of the price 
range is to be 20 per cent, or 
40 SingaporeAlalaysia cents, 
whichever is the smaller, above 
and below an agreed central 
reference" level. 


BY GROG SM05ARSKJ 

That reference level, originally 

proposed to be 205 Malaysian 
cents per kilo, could be revised 
every 18 months, provided the 
average indicator price during 
that time had moved sufficiently 
close to the extremes of the price 
range in force. 

It is also suggested that the 
price range should respond to 
large movements in the buffer 
stock, i.e. changes of more than 
100,000 tonnes. Once the buffer 
stock bad been built up to a 
sufficiently high level, 200,000 
tonnes, the change would be 
made automatically, so that an 
increase in the stock to 300,000 
tonnes would warrant a lowering 
of the reference price, while, a 
drop to 100,000 tonnes would 
produce a price increase. 

This is largely accepted, 
although there were mutterings 
from producers that the formula 
in effect means that only a much 
smaller than total buffer stock is 
being used to defend a particular 
price level. The original idea had 
been to preserve resources by 
not defending unrealistic price 
levels. 

Buffer stock 

But the Malaysian proposal 
also contained a minimum 
“ indicative " price below which 
the floor price, even as calculated 
by the above formulae, would not 
be allowed to fall. This was put 
at 150 Malaysian cents. 

The U.S. objected to this on the 
grounds that it made nonsense 
of the attempt to have the price 
range follow the general market 
trend. 

The Malaysian proposal also 
included a maximum price, of 
260 cents, but the consumers 
were not particularly worried 
about this. Although a "ceiling” 
price is a logical quid pro quo 


for a “floor" price, most con- 
sumers seem to accept that 
absolu-te “ ceiling " prices are 
Impossible to hold. “How the 
bell can you defend it during a 
shortage? " said one consumer 
delegate. 

Another major area of dis- 
agreement is the size of the 
buffer stock. The Malaysian pro- 
posal suggests 400,000 tonnes, 
with the possibility of an 
auxiliary contingency buffer 
stock of 100.000 tonnes. 

The auxiliary stock is a con- 
cession towards the U.S. which 
started from the position that 
700.000 tonnes would be needed 
to put 'the Agreement m a 
position to stabilise tbe world 
market. It was understood that 
the U.S. was prepared to revise 
its position to 600.000 tonnes. 

The final sticking point 
appeared to be the timing of 
consultations under the Agree- 
ment concerning measures taken 
by producers which would affect 
supplies. The producers argued 
that to discuss national policies 
at tiie international forum would 
infringe rheir national 
sovereignty. 

The U.S. said that there was 
little point in having a dis- 
cussion once tiie national 
decisions had been made. 

At the back of the U.S.'s mind 
is the fear that producers could 
put up export taxes on rubber, 
thereby pushing up the market 
price, and then argue that the 
higher market prices warranted 
a revision of tbe prices to be 
defended by the Asreetmeat- 

Despite these differences there 
is a degree of overall agreement. 
Between now and March the 
differences could well be 
narrowed and Peter Lai's 
optimism could prove to be well 
founded. 


How farmers are boosting wheat yields 

BY JOHN CHERRINGTON, AGRICULTURE CORRESPONDENT 


GREATLY INCREASED wheat 
yields as a result of farmers 
using new techniques, mainly 
developed in Europe, are 
recorded in ICI’s latest cereal 
growing survey. 

As against a national wheat 
yield this year estimated by the 
Ministry of Agricu'lure at 5J22 
tonnes a hectare 1.100 crops 
covered by the survey had an 
average yield of 7 tonnes a 
hectare. Of these, 27 were above 


10 tonnes. The*e yields are 10 
per cent higher than last year 
when only five crops reached the 
10-tonne mark. 

This is a substantial increase 
by any standards. It is partly due 
t«t tbe favourable weather thte 
year. But it also demonstrates 
the increasing skills being 
applied to wheat production. 

In general these new tech- 
niques involve constant attention 
to tbe crop from planting the 
seed, and the application of ferti- 


lizers and fungicides, throughout 
the growing period. Traditionally 
wheat does well when following 
a non-cereal “break" crop. 

This was only partly true in 
the survey. Potatoes, peas and 
oil seed rape were followed by 
good yields But those following 
sugar beet and grass were not a< 
good as those after a run of 
cereals. 

Pointers to Profitable Wheat, 
published by ICL 


Zl 


COMMODITY MARKET REPORTS AND PRICES 

BASE METALS 


.Kerb: .Wfrebara three months £788 J. 88. 
Afternoon; Wtrebari aril f772, 3, three 


..'SSi'-w 


CI..SJ 
K-*C 





CDPjpEB-^Venr state a the London 
MetaL ~ Exchange helped hy the Mah er 
vitae of the* poujxL - Infl uen tia l buying:, 
and heavy homwbs of cash . mete], 
which ted to the appearance of a back- 
wardation, buoyed tbe market Forward 
metal started .at £783-1381 and dtafbefl 
to j C788J before dosing cm the Kerb at. 
£788 against tbe background of * steady 
Cornea market reflecting The weaknera 
of the dollar. . Ttq-pover 43450 tonne*. 

. Amalgamated Metal Trading , reported 
that in the morning cash, wire bars traded 
at 1788. 88. 7B, 70A 71. 7U, 33. lbrefl 
months £783. 84, 35, 85.3, KL MS. >7. 
87j.S8.8SJi Cathodes three months ms. 


COPF8B 

. n-m». 
Offlctal 

r-" 

pjn. 

Eoofflcinl 

ftr 

WtrobarJ * 

£ 

- £ 

£ 

Cufa J 771.5-2 -+4 

773-. 5 

-4.25 

2. months. 7BB-.5 

r+S-fi 

788.5-B 

I+5.2S 

Setti’mjit' 772 

+ 4 

— 



C&thodM 

Caab..— 

257-a 

+K6 

767-a5 

+ .75 

3 mobiha. 

776^5 

+4 

77B-7 

+ 2 


7sa 

+ 3J 

— 




...... 

*72 



Tin— Weak with the fall in the East 
over the weekend starting the fall In 
prices. Forward metal started at £7.090 
ahd MU to £6.980 after the decline in 
warehouse' stocks was less than expected, 
helped- by Influential hedge selling. 
Although abort covering caused a rally 
to 17,030 there was no fOUowthrough, and 
chartist and stem-loss scIHng poshed the 
price down to tsjtm. The dose on the 
Kerb was £8380 after an" active flay. 
Turnover 2,100 tonnes. 


TTX 


- Official 


|+ or l n P-. m 


nofMrlai 


r- 


-WUebora three 'months £788.3. 9, 
8-S, 2. 8.5. - 


Kerb; 
9.5. 9, 


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Frii 


Grade £ 
71BO-3 
3 nraotha.1 7010-23 
Settlem’xJ 7185 
Btandardf 
Cash™__; .7180-6 
3 month* ; 7005-10 
tiettiem'tJ 7186 

strait*. K. , JSieiO 
»» Tartr* 


_ I 


£ I £ 
~2S3 7070-90 
(—210 7000-16 
— 2S5 — 

J — 2 BO 7070-90 
— 212 6986-70M 

-46 i — 


I £ 

-M6 

—220 


-266 
— 220 


589.9c, up 4Jc; threemonfh 8081c. up HCCA calculations! Is expected to remain 
4.7c: six-month 815.6c, up 4Jc: ami 12- unchanged. 

month 839.3c. op 1.7c. The metat opened IMPORTED— Whstts CWRS No. 1 t’.l 
at 298-299P /5R5t-587ci and closed at per cent Dec. TCJO quoted. Tilbury UjS, 
29H-396ip ts»-599ic'. Part Nitm. Spring No. 2 H per cent Dec. 

LME— Tnrnnvnr 313 (7133 lots Of 10.000 00.50, Jan. 92.'3. Feb. 93.25 transhipment 
cus. Homing: Cash 299.5: three months non coast. U.S. Hard Winter 134 per cent 
307.8. 7.9. 8. 7.0, 7.B. 7.0, 7.7, 7.0, 7.7. TJL. Dec. N. Jon. SB-50. Feb. 69.75 iran&hlp- 
Rerb: Three months 307.8. 7.9, 8. After- tnent earn coast. EEC unquoted— Maize: 
noon; Three months 307J, 7.4. 7.3, 7J, U.S./Frracb unquoted Front* Dec. and 
SJ, «J. 8.2. Kerb: Three months 306. Jan. 106. M. S. African White Jan. 87.50. 
5.9, 5J. 5.8. 3J. S. African Yrilow Jan. 67.50. Barley: 

English reed rob 3: 85 to 88 Jan^ March 

rnrn a 8 ®- 39 ** 10 ‘J u3nl to'- 

LUtUA EEC IMPORT LEVIES— The (allowing 

In dull trading conditions cocoa levies and premiums are effective for 
remained weak to end the day marginally Dec. 12 In order o( current levy plus Jan., 
lower than Friday's dose, reported GUI Feb. and March premiums 'with previous 


and Dufftu. 


Morning: Standard cash £7JD0, 35. <0. 
20. Three months £7.030. 50. 40. 30. 10 
£7,005, I7JM, £8,9S0, 9fi. I7JHJ0. 10, 20. 
£7.M03, f7,MQ, IT .005. Kerb: Standard threw 
months £7,025, 30, 25. Afternoon: Standard 
three-months £7,010, 5, 11. 15. 5, £7,000, 
£8.995:' Kerb: Standard three months 
£0,980. 90, SC. N, 85 », SO. S5. 60, 
75, 5*. -75. 80. 

LEAD — A shads easier In quiet trading. 
Forward. metal eased to £407 on the pre- 
martfft but recovered to ICl hi the morn- 
ing rbtgs following the stocks decline. 
In tbet-. afternoon tbe price tended to ease 
afresh . to subdued trading to clnee a: 
C48B.R-.on Uu tale kerb. Turnover 4J50 
loupes. - 


COCOA 

Yestetriay’a 

Cloae 

+ or' 

BuBineii 

Dihib 

Dm 

..2018.8-13.0 

+ 1.0 

2020.0-10.0 

March 

..2065.0-87.0 

+ 3.b 

1070.0-53.0 

May 

..2131.0-82.0 1 

^-3.0 

2100 ■- -2083 


,.9068.9-88.0 ; 

-6.b 

1O3B.0-82.D 

S«yi 

.2075.0-78.0 . 

—6.5 

2081 0-70.0 

Dec 

.2046.0-50.0 1 

— 5.0 

,050.6-40.0 

March 

.2030.0-58.0 ■ 

+ 1.6 

2DBU.0 


LEAD- 


Cash--.. 

3 mantlu 
Sew ■mend 
UAamrtj 


a-m. 

Official 


[+or! 


p.m 

Unofficial 


re 


In brackets 1 all h> onus or account per 
tonne. Common Wheat, 7G.X4, rest Oil 
(76.59. rest nflj. Durum Wheat. 

118.44, rest nil (118.44, rest mlj. Byo, 
82.50, rest nd i82J0. rest nil'. Barley, 
inns rest ml <86.68, rest nili. Oats. 

78.73. rest ml (78.75 rest nri> Maize 
(other than hybrid for seeding ■ 77.27, rest 
oil iTT.27. rest nili. Buckwheat, nil. 
rest nil 'ml. rest ntl». Millet, 59.94. 
rest nil i59.*m, rest nll>. Grain sorghum. 
73.40. rrsi ml ("3.40. refit nils. Fleur 

levies: Wheat or mixed wheat and Rye 

Sales:!, 993 .3.785, Iota of 10 tonnes. «““L" SaS ,m ■ 9S, • ^ 

imarnatitMl Cocoa Organisation (U.S. 

cents per pound >: Doily prices for Dec. 8 MARK LAME — Quiet due to pre- 
179.35 OH .35 1 . Indicator prices Dec. 11. Christmas inactivity. Nominal values. 
15-day average 185.97 (185 J8i- 22-day Miffing wheat, delivered London area, 
average 164.07 <134JBj. Jan.-Feb.-M arch 05 JO. April- May- June 

£191.09. DcnamraWe quality wheat, 

delivered East Anglia: Jan. -Fob. -March 
OG.73. Apr 1-Mar -Juno £97.80. Feed 

ROBUST AS eased In vert light volume. £vtey. de'ivered East AngUa: Jam-Feb- 

Drcxol Burnham Lambert reported. Sup- March £88.00. AprO-May-Juno XSfl.BO 
pan baying and scattered roaster In teres: 
at the lam prevented any significant 
decline, however, and values at the dose 
were £20 lower on balance. 


Tate and Lyle tac-ie flne i y price for 
granulated basis white sugar was £204.85 
iiuniri a tonne for home trade and 
1173.00 i £173.53 1 ibr export. 

International Sugar Agreement (11.S. 
cents per pound i fob and stowed Carib- 
bean port. Prices for Dec 8 Daily 
8.W iT.Wi: J 5-day average 7.81 (7.79t- 
WHITE SUGAR— Close fin order buyer, 
seller, business, calm. Feb. 105.75. 
106.58, nil ml: ApL IK.la. 119.00. 
199.25-08.00, 57: July 11SJS. 130.00, 114 JS. 
IS: Sep. 119.50. 121.00, 121. 00-19 JD. 17: 
Nov. 125-50. 126.50. oil. nil: Feb. 129.00, 
131.00, nil. ntl; ApL 131.00. 135.00, nil, niL 
Sales 92. 

WOOL FUTURES 

LONDON— The market -was dull and 
featureless, reported Bache. 

(Pence per kilo) 


PRICE CHANGES 

Price in tonnes unless otherwise 
Slated. 


Doc. 11 

f or [ Month 

1978 

— j «gu 

£710 

£7 10 

fiUTQ/m 

SI.I88/2Q 


Ail-rmil.n I Y’Men at Bnatnew 
Grease VViwtij Chr** ' — i Dime 


Decerorier .. 

|217.<l-95.0' i 


March 

218.0-25.0'- 1.5' 

— 

Mkv 

+24.0-45.0 

— 

July 

1^31. 0--D.il 

— 

i.iclm+r 

^3a.C-«0.0' ! 

— 

Dtvemher .. 

^35.U-42.0 | 

— 

Marvii 

*5 6. 0-44.0. | 

— 

Mnv 

1^59.0-50.0 

— 

Sales: ml 

isamei. 


SYDNEY 

CREASY— Pose 

in order 


Metals 

Aluminium .. 

Preo market 

Cupper cash W Bari£773.25j+ A J5 £758.75 
3 months do. doJ£7B8.76 U-3J6 £760.76 

Cash Cathode £731.76 + 0.75 £725.5 

3 month* do. do.l£776.5 1 + 2.0 CT4B.5 

Gold Troy oz. '5207. ITS +5.9 ;S210.126 

Lwul ear-h 10458.8 r-a.5 XtoS 

3 months -....£410.25!— 0.5 ;0392.2fi 

Nickel .1 2 

Free Mart et(cif If fb) S 1.68 
1-80 


I 

...iS 1-72 

...| i.aa 


COFFEE 


RUBBER 


£ l £ £ 

433-5 -2.6 433-4 —8.9 
410-1 +2.6 410^5 !— .5 

435 -2 - ! 

*36.36 I — 

Moraine: Three months £409. 9J, 10. 1L 
Kerb: Cash £435. three months £410. 
Afternoon: Three months {410.5, 11, 10.5, 
19. Xert); Three months £410, 9.5, 9. 

ZINC— Slightly firmer in Idio trading. 
Forward metal traded within a narrow 
ran». opening at £3S9 and touching 1336 
before easing to dose on the late kerb 
at £S5£S -with the slocks decline In line 
with market expectations. Turnover 
9.858 tonnes. 


[Yecteniay'a 
COFFEE j rimw 


j £ per lonnel 


EA5IER opening on the London physical 
market. Little interest thronghoot tbe day, 
dosing on 3 weak note. Lewis and Peat 


— Dime 


i ! 1 

Job nary 1417- 14 19— 27.0 1434-1416 

March. 12B6-1B87 -21.0 1301-1288 

Mar I 1*26- 1*28.-20.5 1238-1227 


reported the Malaysian godowii 
242 (239i cents a kilo (buyer, : 

i price was 
December i. 

No. 1 j 
B.S.b. 

t ; 

Xcs wjufcv'aj Prwioua j 
On-*- j Clow | 

j Uusmrw' 
Done 


July 


1187- HOT -20.0 1197-1187 Jan 68.5D-5B.M 69.76-90 SO - 


ZLXC 


Csah.„ j 

3 months 

ti'meotvi.. 

Prunlwead 


a-m. + or 
OfioU I — 


I £ 
I+.5 


£ 

34S-.5 
356-6 
345.5 i+.5 


pioi- (t+or 

Diwiflli-bil] — 


£ : t 

345.6-.7S+.J75 
3 56-- 5 | + .75 

•I5J-4J ! 


Sobtemter..; 1160 1161 -15.B 11 <0-1156 Feb 59.25 58-50 M 93-61.26 - 

.N'nremlcr ...i 1128 1' 31 —18.0 1145-1156 J»n-M«r 69J5-B9.50 8086-1,1.25 B0.20-M.15 

JanuatT 11DO- 1116 —12.0 — Apr Joe 61.75-61.80 « 5 50 i5fl0 65.40-61.63 

Sales: 3.104 tl'.ssst lots of 5 tonnes. to'qs kr'm kj 2 Js on st'm'eB'm 

ICO indicator prices for Dec. 8 (U.S. *J*-*J®" m'm'm'so 79X705 ? bub 

cents ncr pound >: Colombian Mild +■-«■*■ 52'sn 8lW 

Arablcas 173.00 1 samel, unwashed Arabk Apr-Jne 70.M-70.44 r240->2 65 70.50 

case 143.00 isamei: other Mild Arab leas -Jy-depu 72.45-72. b7| 74.80-74 90 75.56-75.40 

132.67 'Kunei; Pah list as ICA 1978 IS 56 
ii35.Wi: Bobnstas ICA ISflfl tsa.M HS6J68). 

Dally average 234.08 (133.B4I. 


GRAINS 


Morning: Casta £345 three months OSS. 
SSJw'SE, 55.5. Afternoon: Cash {MU, 
5.75, ihrfB mooihs £358, 6J. 8. Kerb: 
Three months £333.5. 

ALUMINIUM— Last flrosnd reflecting the 
movements of sterling against the dollar, 
bm trading was more active than of late. 
Forward metal came- down from a high 
of logs' to finish at £818 os the late kerb. 
Turnover 2J75 tonnes. 


Crains opened I5p lower on aW crops, 
nnchansed on new crops. Wheat Initially 
traded »-25p lower bm good commercial 
sop port particularly for (he spot month 
was seen at these levels. In Ihe afternoon 
session vaJncs increased In thin volume 
dne to lack of sellers to close steady 
20-25p Weber on the day. Barley volume 
was also thin bm rood demand for 
January increased values to close 10-lSp 
higher. New crops saw very little trade 
and closed unchanged at J0p higher on 
September wheat, reported AdL 


l 

Sales: 295 'M 1 1 lots of 15 tonnes. 
Physical rinsing prices (buyers i were: 
Spot 58 . 25 p 159.73*: Jan. 69p 1 60.25 1; Feb. 
60p (81.15). 

SOYABEAN MEAL 

jYrtifnSyi + iw : Amw 


t'liWB — 


LVme 


December 


|£f«rtonne 
- liSS 0i-26.ff-ft- 


ff-O.3 - 


Alumin’m 


i TOCmtbi. 


Official 


£ 

621.6-2 


t+or 

p.m. 

Cuodlclai 

-a 

£ 

61B-J 


t4or 


Morning: ..Throe months ££34. 23, E, 
32 J, 21 Afternoon: litres months £829, 
19, 18, - U, 18 J, Kerb: Three month 
£618. 18J, 

•Ceats per oDood. 7 8M per pioti. 
* On. prev i ous unofficial close. 


SELVER 

SU'ver was fixed up an ounce lower 
for. smr delivery In the London bullion 
market yesterday at 289.lp. U.S. cent 
equivalents of the fixing levels were: spot 


WHEAT 


BARLEY 


YerteMay'f 

+ dr 

Xeaterriay'a 

+ n r 

M'nfh 

el.w 


etaw 

— 

Jan ... 

9135 

+ 0J6 

83.50 

+0.10 

Mar... 

93.95 

+ 0.25 

86.10 

+ 0.1D 

Mav.. 

96.40 

+0.20 

c.8.55 

+0.15 


tiU.10 

+0.10 

6d.30 


SOT-, 

91.90 



86.13 




Decpmher ....ll2i-03j 8 -0[ — 

“ Sales: 95. 

SUGAR 

LONDON DAILY PRICE! (raw sugin 
+0 16 1,01 isamei a roone df tor Nov.-Dee. ship- 
ment. While sugar dully price was fixed 
at 001.00 i £ 102 - 001 . 

Scattered irade sriting to p thin 
Business done— Wheat: Jan. 9L2&WJ0, tnarfac produc'd losses of O J5 from 
March 93.9043.40. May 96.4M3.Bfi, Sem. Friday** kerb closing levels, reported 
89.10-S9.Hl. Nov. nil. Sales: 9S. Barley; C. Czarnikow- By mld-aftenwn how- 
Jan. 83.00-83.25. March 85JM5.75. Mar ever, most los»» had been recovered 
8S.S&88.15. SepL 83. 30-83 J9. Nov. nil. following a weakening of the dollar mo- 
saics: 78, ration against European currencies which 

HCCA— Average ex-farm spot prices tor in turii produced higher than expected 
week ending December 7. Other mining quotations In New York with a corre- 
wbcot: 5E 91J8, SW 9030, East 99.80. aponding rise in London prices on an 


SlLVfiU | r Bullion + or LM.K. 

Iter ' flxinc i — I close 
troy oe. J, - .price f '. | 




SW 79.90. East 99 JO. E. Midlands' 80.09, 
W. Midlands 79.38, NE 79.70. NW 79.00. 
Scotland 90.30. OK 79.90. OK forward 
prices for deliver during February, 
M, Wheat (Bread) 95.90. M- Wheat 
(Other) 94 JO. Feed Wheat K 98.60, 
Katt tny Barley 90.99, Feed Earley 82.80; 


Sngw , 

Pref. |Xe»terd*y 

| Pnertoua 

Business 


1 Cloae 

Done 

Con, | i 




dpot._.. u , 299. Ip —1.1 8B7.8p -2.6 

5 months ,'307.4p —0:9 B06^Sp — 2-1 

6 nxratijr. Jl4.9jk j— 0.9 • • — 

12 months. 3Sa9p '-^0.9, - 


£ per Inane 

. March M nO.40-lO.« nO.45-10.WI1l.M-IIB.26 

March. M- Wheat (Bread) 97.88. M. Wheat May TI8.M-J5-40 Ul-40-15.S^H.75-12.M 

(Other) 04JB. Feed What K 91,79, Mult- Aui...M.n7.25-17.JOH7JB-17.5Il 1 1 ]7.76.1!Jfl 

In0 Barley 01.01, Feed Barley 83-70. i2D.BQ-20.W : 120.76-21. Itilso JO- 18.76 

HCCA— Location ex-farm spot prices. n«- 12S.2B-25.5" 125-75-2J.9B3B.M 

Feed wheat: Cambridge 87.00. Feed March". 127.50-28-00 12K20-28.56} — 

hariey: Cambridge 70.0O May...- 1M.BO- »1-«>'m-S04li g - 

The UK tpomrary coefficient for tbs J . ■ ■■■■ 

week beginning December IS (based on Bain: 1407 (3,903) )Ma at BO tiatara. 


buyer, EcDcr, business, sales i. Micron 
Contract: Dec. JE.u. J54.0. nil. March 
=5S.S. 3S6.S. 354.5-155J. 4: May 361.3. 331-8. 
3 S2 J-361.5, 21: July 363.7. 363 9 . 364.2- 

364.0. 19; Oci. 354.6. 383.0. 365.0-365.0. 4: 
Dec. 3ffS.il, 369.0. 369.0-363 0. 2: March 

360.0. 370.0, 370.0-370,0, 4; May 370.6. 3T4.5, 
ml, niL Sales: 52. 

NEW ZEALAND CROSSBREDS — dose 
tin order buyer, seller#. Dec. 178.0. 1S6.0: 
March 181.0. 1K5.9: Mar 1S4.0. 186.0; 

Jill-- 186.0. 191.0; Oct. 1SS.0. 1M.D: Dec. 
1A2.0. 193.0: March 188. B. 189.0: May 

183.0. 183.0. Sales niL 

BRADFORD — ScnUmem improved 
Klictuiy with Increased business nod 
inquiry. 

MEAT/VEGETABLES 

MEAT COMMISSION — Aeerasa Tatstock 
prices at reprcwentaiive markets on week 
emtlok December 7. CB cattle E8J5p 
per kclw i+0J4>. UK sheep LS!.Jp per 
KnrSldcH' « — 0 Si. CB piKS "54.4p per 
kglw ■ +0 41. England and Wales: Cattle 
numbers up 7J per cent, overaaa price 
C5.57p i + 1.05 1. Sheep numbers op ZZ 
per cent, average pnee i:rs ,2p i-l.Oi. Pig 
numbers up 12.6 per cent, average price 
64.4P I +0.4 1. Scotland: Caille numbers 
UP 2.2 per cent, average price 79.57P 
1 4-0.201, Sheep numbers up 2SZ -par 
cent, average price 123 Jp t+flJi. Pig 
numbers np 4.6 per rente average price 
64. Sp ' -0.il. 

MEAT COMMISSION— Average fatEtock 
prices at repmemative markets on 
December IL CB cattle 72.60p per kg. 
l.w. (+4.03). UK Sheep 133.3p per kg. 
efl. d.c.w. (—0.9). CB pigs 66 Jp per 
kg tw. i *2.Ji. England and Wales: 
Cattle numbers up 16J per ceol. average 
price 72 . 74 P 1+4.531. Sheep numbers up 
0.7 per cent, average price U3.7p (-1.2). 
Pig numbers up 11.4 per cent, average 
price 66.5p t+lli. Scotland: Cattle num- 
bers up 46.7 per cent, average price 72.09p 
(+1.6II. Sheep numbers up 6.5 per cent, 
average price 129 .4p (-0.9 1. Pig num- 
burs up 45 6 per cent, average price 
86. Jp mo chance). 

SMITHFIELD < pence per pound i — Beef: 
Scotch killed sides 55.0 w 56J: Eire hind- 
quarters H.O lo 88.0, forequarters 36.0 in 

30.0. 

Veal: Dutch hinds and ends 98.0 lo 

105.0. 

Lamb: English small to to 58.0, 
medium 48.0 to 54.0, heavy 44.8 in 50.0: 
Scotch medium 48.0 to 51.0, heavy 42 0 to 

50.0. imported Frozen : NZ YLs 45.0 to 

48.0. 

Perfc: English. Wider 100 H> 38.8 to 
48.6, 100-128 lb 38.0U 45.0, 120-160 lb S5.0 
10 42. D. 

Partridges: Young (each) 200.0 to £40.0. 
Pheasants: Bent (per brace; 300.0 to 

320.0. 

covENT CARDEN (prices In nerilng 
English Produce: Potato es -Per 25 kilos 
1.40-i.SO. Lettuce— Per 12 round 1.40. 
Mushrooms— Per pound 0.504.55. Apples 
—Per pound Brantley 9.05409. Lord 
Dnrby 0.04-0.05. Cox's Orange Pippin 
0.0541.14. Worcester Pcarmain e. DA-0.06, 
Bassets 0.05-9.0S, Spartan 0-66-0.08. Pears 
—Per pound Conference 0.DS4U3. Cornice 
(i. I2-0.lt Cahhases— Per crate OJO-l.OO. 
Celery— Per bead 0.12-8.U. Cauimowers 
—Per pound Kent 3-50-4.M. Beetroot— 
Per 28-lb 0-8B- Ca n ute Per 28-lb 0 JO-O.EO. 
Capsic um s — P er pound 0.80. Onions— Per 
bag L80-2.00. Swratas— Pvr 284b 0JMJ0. 


Platinum troy nr. 

Ft** Market 

Quick ail rw 

Silver true 
3 montJis ......... 

Tin caah 

■5 monthi 

Tungsten (zi 

Wnlfram 22.04 cif 

Zinc rash 

3 mtiDih! 

Produce nt 


1 I 

.£156 I £142 

..lfil75.4+B.7SJ! 161.1 

,!B143/48i 5133(60 

. 299. Ip -LI iBOT.Sp 
-i307.4p — 0.9 Z9B.85p 
.[£7.080 1-205.0 £7.6 LO 
. £6.997 J[-220.0 £7.505 

-0142.85 8143.71 

,.|gl37(48 S143(4B 

.uwe.sasUfl.sTs.^po.ZD 
.'i£356Jfi 1 + 0.7S £363 J5 
.,'0720 S720 


Oils I 

L-eonut I Phil) -|8875]t 

Gruumlnut 

Linseed Crude. .. 

Palm MaUjun.... 


'£343io 

05901 


0B65 


£346 

5608 


Seeds 

Copra Philip |85SOp +5.0 S570 

Scijubean [L'.SO |S284.25| S279 

Grains U j [ 

Barley J ! 

Horae Future..... '£86. 1 +0.1 £82.3 

Maize I 

Freucb X... 3 Amj£lD6.5 j £103 

Wheat 

An. 1 Kert Sprim;£96.5» ' £94.25 

Xi.^HanllV inter £89 1 £69.5 

Enj-litii Milium 1£95.5» [ £92 

Other Commodities 

IVniia bhipmeut. ..-£2,117“ -^9.5 £2.12 0 

Future .Mar. £2,0B ; + 3.5 £2.0 74 

C'liffeo Future ; 

Mar £1,286.5 — 8 1.0 £1.44 .5 

L'ntlDu “A” luilex...|79.7a«- j 79.05c 

KuM-cr kilu |59.25i> — 0.5 flip 

Sugar ttiaw) £101 j '£101 

Wool lope 64a (kiln). 274p | i X 

* Nominal. + New crop, t Unquoted, 
n Jan. -March, p Dec-Jau. c Feb- uJan. 
to Dec. x Per urn. t indicator prices. 


INDICES 


FINANCIAL TIMES 

Dm. 8 1 Dec. 7 Month ago ■ Year s'qo 


260.62 261.82 : 267-67 | Z43.95_ 
[Base: July 1. 1332=1001 

REUTERS 

Dev. 11 Deo. 8 Month ago | Year ago 


1613.7 16 16.6; 1518.1^ < 1441.9 
l Base: September 18. 1S31=100) 


DOW JONES 


Dow | Dee, 
Jones i S 


D«. | Month | Twr 
7 } ago 1 aRO 


Stop.... 388.98 390.99 394.31 350.21 
Futures 384.46 388.04 389.85 335.45 
[Average 1024-23.30=100) 

MOODY'S 

"I'M- - Dee. llnnrb fair 


Moody's 


B I 7 | a^o aqn 


Sple C«tiimyB83.3 984.5 979.6 870.6 
(December 31, 1831=100) 


GRIMSBY FISH— Sunirfy noer, demand 
good. Prices at ship's ride i unprocessed' 
per stone: Shelf cod £5.00-10 00. codhnxs 
£3.40 -£4.00; targe haddock E.OO-S.5D 
medium 14 SO- 14 JO. snail £3.4D-£4J0; large 
plaice £8.70. roed tom h.so. best small 
£5JO-£6.9o; sktoued dogfish medium 
28.09; lam lemon soles 00.50. medtinn 
29JK talthe I2JM3J0. 


U.S. Markets 


NEW YORK. Dec. IL 

Cocoa— Dec. 178.55 H74J01 March 
178.00 II74.TO1. May 178.55. Jtfiy 175.00. 
Sept. 173J5. Dec. 100.95, Man* lCB-ffl. 
Sales: 838. 

Copper— Dec. 87 JO (87.051, Jan. 88 AO 
(67.85 >, Feb. 80.15. March 60.00. May 

71.00, July 710S. Sept. 73.00. Dec. 74J0. 
Jan. 74.60, March 75.40. May 7VM. JBly 

77.00. Sept. 77.80. 

*GoW— Dec. 203.00 1 104- SOI, J«n. 204-50 . 

1205.80). Feb. 30CJ0, April 208 JO. June 
213.60. A UK. 217.30. OcL Z21.00, Dec. 234.70, 
Feb. 22S.40, April 23 2 -10, June 235.90, Aug. 
239.70. OcL 243.50. 

tLard — Chicago loose 23.50 fssme). NY 
prime Ream 25.00 nominal CZ5.00). 

JtMalre — Dec. 222* (ZS*j March *«*- 
?3ii 1237 1, May 242«424, Jifiy 24SJ. SepL 
240. Dec. 2521. 

SPIathtum — Jan. 338.0M42.00 (340.901, 
April 340 JO-345. 00 (343.50 1. July 348J.0- 
346 JO, Oct. 348.60-348,80, Jan. SSI. 00-351 JO. 
April 353.60-353 JO. July 35B.10J58J0. 

8 Silver— Dec. 589.40 iSSSJOi, Jan. 58230 
■ 591.80) Fob. 595.50, March 508.76. May 
006.10, July CT4.40. Sept. 622.90. Dec. 

636.50, Jan. 641.30. March 650.111, May 
660 July 568.80. Sept- 670.50. Bandy 
Barman spot jSS.OO i 588.50). 

Soyabeans— Jan. 073J-O74 i8321>, March 
887-fiS6i (CBai. May 8331-694. July 0981- 
699. Aug. 653-6931, SepL 671. Nov. B58- 
5571. Jan. 565. 

JlSoyahcan Meal— Dec. 190.50 (192.80), 
Jan. 190. 80-190.60 1 193.40 1. March 169.80- 
189.50 May ISS.M-lfW.M, July 188.80-167.50, 
Ana. 187.30-157.10. Sept- 1S7.00. On. 133.00- 

183.50. Dec. 183.80. Jan. J82.DO-JS3.80 
Soyabean OH— Dec. 25.1O-25.0S i24.G3>. 

Jan. 24.15-24.20 (24.4J'. March 34J0-24.15, 
May 24.15. July 24.05. AUK. 24.0044.05, 
Sept. 23.78. Oct. 23.ED, Dec. 23.40, Jan. 
23.35-23.40 

Sugar— No. II: Jan. 8.40 >8.48 ■. March 
S.91-8.91 (8.92). May 9.1--9.13, July 9.34, 
Sept. 9.58. OrL 9.n-9.72. Jan. 9J84.7D. 
March 1O.29-102J7. May unquoted. 

Dec. 3S9j (363). March 348*- 
34S iSES i. May 340^391, July 325i-*!5. 
Scm. 3?9 Dec. 3«. 

WINNIPEG. Dee. U. tWye— Dec .97.80 
bid >97 J0 hid i. May 103.50 1 103.50 1, July 
in 89 asked, on. loo.on. 

HOats— Dec. 85.50 bid (».D0i. March 
80.60 bid 1 81.20 asked ». May 7S.40 bid. 
July 77.90 hid. Cwr 78.00. 

ft Barley — Dec. 74.M hid (71.18 bkft. 
Marcn 78.30 bid (70.10). May 76.30 bid. 
Jttly 76.40 bw. n.-;. tk.CO bid. 

aFlaxseed — Dec. 267.50 I274J0 bldi. 
Slay 277.80-278.60 1282.90 askudi. July 

277.59 hid. Ilct. 276.90 bid. 

•■'Wheat — SCHUS 11.5 per cent protein 
content elf Si Lawrence 157.19 i18R19i. 

Ail ccdls per pound cx- warehouse 
unless otherwise dated. • Ss per trey 
ounce — tiki-ounce iois. + ChJraco loono 
ss per 1O0 lb*: — Dept, of Ag. prices 
previous day. Prime steam rob NY bulk - 
lank cars. z Cents per 50-lb bushel 
ps -warehouse. 5. MO- bushel lots. S Ss per 
troy ounce for sn-oz onus or 99.9 per 
cent purity delleverd NY. •; Cents per 
troy ounces ex-warehouse. || New B ” 
roorract in Ss a short ton for hulk tats 
of 100 short tons delivered fob cars 
Chicago. Toledo. St. Loras and Alton. 

** Coals per 59-Ib bushel In store, 
tt Cents per 24-lb bnsbcL 77 Corns per 
UMb bushel' ex-warehouse, i! Cents per . 
5<t-lb batitel ex-warehouse, l .009-bushel . 
lots. t< CS per tonne. 


Calm Canadian 
wheat market 
forecast 

OTTAWA — Canadian wheat 
prices are expected to remain • 
near current levels for the next 
four In five months, the Agrlcul- ’ 
ture Ministry said here yestcr- - 
day. 

This forecast depends on no 
further changes in the U.S. set 
aside and loan target pro- 
grammes, a realisation of 
current world export forecasts 
and the maintenance of current 
world values of the U.S. and 
Canadian dollars. 

Price changes may occur next 
spring when the first forecasts . 
of tbe 1979-80 world wheat crop 
are made, the Ministry said in a " 
report prepared for an agricul- I 
•iral outlook conference. 

Reuter 







32 


Coaipanies and Markets 


Equity firmness fades as business fails to improve 

Short Gilts marginally higher and Golds also move ahead 


Account Dealing Dates 
Option 

•First Declare* Last Account 
Dealings tions Dealings Day 
Nov. 27 Dee. 7 Dee. 8 Dec. 19 
Dec. 21 Dec. 28 Dec. 29 Jan. 9 
Jan. 2 Jan. 11 Jan. 12 Jan. 23 

* “ New time " daaUnss may take place 
Iran 9 JO am tin badness (fays earlier. 

Stock markets began the three- 
week trading Account, which 
spans the Christmas holiday and 
sees the old year out, in fine 
fashion as generally expected hut 
the trend failed to hold and the 
equity leaders slipped to close 
down on balance alter a 
disappointing trade. 

The apparent apathy od the 
part of potential buyers' unsettled 
the market, and attention was 
switched to secondary and situa- 
tion issues along with those 
recommended in the weekend 
Press. 

The Electronics sector, for 
example, responded to comment 
related to last week's Govern- 
ment decision to sponsor the 
microelectronics Industry to the 
tune of £400m over the next few 
years. Stores were another sec- 
tion to the fare initially hut 
when the anticipated demand 
here failed to materialise prices 
came away from the best and 
eased a little more after release 
of the November retail sales 
figures. 

Mirroring a day which opened 
full of promise with Hawker’s 
bid of 95p cash for each Westing- 
house Brake ordinary share, the 
FT 30-share index was IE higher 
at noon, only 0 A up two hours 
later and finally a net point lower 
on balance at 4922. Bargains 
marked totalled 4,819 or slightly 
less than the previous Monday’s 
4,642. 

Encouraged by sterling's per- 
formance in foreign exchange 
markets, Investment funds ap- 
peared for short-dated Gilt-edged 
securities. By mid-afternoon gains 
were extending to k, but disap- 
pointment with the latest Central 
Government Borrowing Require- 
ment pared the rises and after 
the official close of business many 
quotations were back at Friday’s 
list levels. Medium and longer 
maturities were quieter although 
further switching into the medium 
tap Exchequer 12 i per cent 1983 
was evident. 

The fresh upsurge in the price 
of bullion triggered renewed 
American support of South 
African Gold shares which 
recorded widespread advances, 
lifting the FT Gold Share index 
5.3 more to 139.7 for a rise of 15 
points over the last five trading 
days. 

Rates for investment currency 
fell as sterling moved higher and, 
in a moderate volume of business. 
The premium touched 82] per cent 
before settling a net 1} points 
lower at S3 per cent Yesterday’s 
SE conversion factor was 0.7168 
(0.7233). 

Business in the Traded Option 


market again centred chiefly ‘on 
GEC which recorded 88 of the 
total of 418 deals. 

Banks quietly firm 

The major clearing banks made 
modest progress in quiet trading 
with sentiment helped by pub- 
licity given to a broker’s view of 
current prospects. Lloyds were 
best supported with a gain of 5 
to 287 p. Elsewhere, Allen Harvey 
and Ross unproved a like amount 
to 345p and Hambros finned 
another 4 to 180p, but Schroders 
reacted 12 to 387p. 

In Insurances, lack of interest 
erased initial scattered improve- 
ments with Alexander Bowden 
and Mine* losing 5 apiece at 130p 
and I80p respectively. 

Arthur Guinness featured a 
quiet day’s trading in Breweries, 
putting on 5 to 160p ahead of 
next Friday’s annual results. 

Inclined firmer for most of the 
session, leading Buildings drifted 
lower in late trading and closed 
virtually unchanged. Buraetr and 
Hallam&hire, however, finned 7] 
to 21lp xd in continued response 
to the interim results and Tunnel 
B put on 10 to 308p on suggestions 
that T.W. Ward, 3 better at 81 p, 
may sell its 26.8 per cent stake in 
the company. Sharply lower half- 
yearly profits left Rowiiusou Con- 
struction 2 cheaper at 23p and the 
disappointing interim perform- 
ance clipped 3 from May and 
Hassell at 74p. Milbury eased 2 
to 68p; the late announcement of 
a one-for-seven nights issue and 
the acquisition of Rydeacre 
Developments had no apparent 
impact Mixconcrete added & to 
68p on small buying in a res- 
tricted market 

ICI touched 382p before shad- 
ing to close a penny down on 
balance at 379p and Flsons fell 
away in the late trade to finish 8 
dow n at 305p. On the other hand, 
revived demand in a thin market 
lifted Alginate 23 to 255p. 

Stores below best 

Following last week's good re- 
sults from Burton and GUS. the 
Stores market was disappointed 
by the low level of business and 
the leaders dosed slightly off the 
top. After touching 180p, Burton 
A closed 2 up at 179p, while 
Gussies A added a like amount to 
316 p. Among secondary issues. 
Alfred Pneedy dropped to 73 p on 
the sharply reduced interim pro- 
fits, but met support at tbis level 
to dose 6 down on balance at 
77p. Martin the Newsagent also 
disappointed with an 8 per cent 
increase in pre-tax profits and 
reacted 6 to 212p. Mail order con- 
cern N. Brawn edged forward a 
penny to 40p after the chairman’s 
confident interim statement. 
Further consideration of the ex- 
cellent annual figures coupled 
with an investment recommenda- 
tion left K Shoes 4 better at a 
1978 peak of 84p. 

Stimulated afresh by Press com- 
ment on the Government’s pro- 
posed £400m boost for the micro- 


electronics industry. Electronic 
shares enjoyed another firm day’s 
trading. Electroconi ponents moved 
up 10 to S3Qp and Famefl im- 
proved a similar amount 403p, 
while Ferranti, interim figures 
due on Thursday, improved 12 to 
394p. Racal rose 5 more to 360p 
and AB Electronic 3 further to 
leap, wide Highland stood out in 
smaiJer-prieed issues with a gain 
of 6 at 45p. 

Westingfaouse Brake featured 
at 92p. up 30p, on- news of the 
surprise agreed bid of 95p cash 
per share from Hawker Slddeley, 
unaltered at 238p. Among the 
leaders, a fairly brisk trade de- 
veloped in GEC, which touched 
M6p before reacting to close a 
penny harder on balance at 341p. 

A firmer trend in the Engineer- 
ing leaders faded and prices ckved 
a few pence easier on balance. 
Selective demand, however, was 
evident in secondary issues. 


250 


240 


Breweries 

F.T.- Actuaries Index 



210 


1978 


ill Aag Ssp Oct Rav Bsc 


S. IV. Farmer moved up 6 to 140p 
and rises of around 4 were marked 
against Stave ley Industries, 27Sp, 
Burgess Products, B3p, and Peg - 
ler Hattersley. 154p xd. Encour- 
aged by the half-yearly profits 
statement. W. Williams were note- 
worthy for a rise of S| to 34p xd. 

Leading Foods held steady to 
firm following a small trade, but 
selected secondary issues moved 
up on renewed interest J. Bibby 
stood out with a rise of 14 to 
296 p on a revival of vague bid 
rumours, and Press comment 
prompted a gain of 3 to 221? iff 
Louis C Edwards. Awaiting the 
interim results. Barker and Dob- 
son touched 13p before settling 
i up on balance at 12p, but 
second thoughts on the mid-term 
statement left Bishops Stores A 
4 cheaper at 92p. 

The recently agreed bid by lad- 
broke for Myddleton Hotels 
prompted revived buying of 
seelcted Hotels. Notable firm 
spots included Savoy A, 4 better 
at 79 p. De Vere. 54 up at 164*p. 
and City. 7} to the good at 126|p. 
In the leaders, recently firm 
Grand Metropolitan added 1} to 
116n and Trust Houses Forte 5 
to 262p. 

Inclined harder initially, the 
miscellaneous Industrial leaders 
eventually drifted back on lack 
of support Beech am, 633p, and 


Boots, i9Sp. both ended a few 
pence lower, while Glaxo finished 
without alteration at 530p, after 
533p. Metal Box were quoted ex 
rights at 312p, while the new 
shares opened .around 66p pre- 
mium and touched 70p premium, 
before reacting to dose at 62p pre- 
mium. . Following news of the 
agreed bid from Ferguson Indus- 
trial Holdings, dealings were 
resumed in Peerage of Birming- 
ham at 67p compared with the 
suspension- price of 54 p. Pentos 
were noteworthy for a rise of 

6 at H0p, after 112p in response 
to Press .mention. Occasional 
demand lifted Capias Profile 6 
to 130p and Diploma Investments 
4 to 198p. "Good interim results 
prompted a gain of 4 to 108p 
m White CaiOd and Beney, while 
the satisfactory half-yearly state- 
ment left Whltecroft a penny 
dearer at I09p. Week-end Press 
mention stimulated interest in 
Hanson Trust, which improved 
4 to 140p xd and Johnson Group, 
2 i dearer at 209p, while other 
bright spots included De La Rue, 

7 higher- at 390p and Avon 
Robber, a similar amount dearer 
at 188p xd. 

Management Agency and Music 
gained 3 to a high for the year 
of 112p in response to the annual 
results. 

Talks of a possible merger 
between ERF end Fodens re- 
surfaced and were good for gains 
of 5 to 142 d in ERF and a penny 
to 58p in Fodens. Elsewhere the 
markets traded quietly, although 
srcnaH buying prompted a rise of 
2 to I22p in Heron. 

Among Newspapers and Pub- 
lishers, W. N. Sluurpe closed 5 to 
the good at 150p, while rises of 
2 were seen in Associated, 182p. 
and Dally Mail A, '360p. Selected 
issues in Paper/printings met 
with speculative interest. Mc- 
Corquodale rallied 13 to 272p. 
while revived ‘ hopes of an 
American offer' left Mills and 
Allen 3 up at 23 5p. Snatch! and 
Saatchi hardened 6 to 146p in 
front of Wednesday’s final re- 
sults. 

Quietly firm conditions pre- 
vailed in the Property sector, but 
quotations dosed slightly below 
the best Ahea d of Thursday's 
annual resuits. MEPC improved 3 
to 151p, after lS2p. English finned 
14 . to 37p, but * Land Securities 
ended just a penny up on balance 
at 247p. after 248p. Property Hold- 
ing and Investment firmed 5 to 
320o in response to toe higher 
hvtf -yearly profits and Warnford 
Investments added a like amount 
to 350p ahead of tomorrow's in- 
terim results. Regional issues 
found fresh s unport, the ordinary 
gaining 4 to 79p and the A 2 to 
Top, while County and District 
put on 3 to I23p and Falrview 
Estates 4 to 140p. 

Oils easier 

Lack of support left leading 
Oils a few pence ear ter after a 


quiet trade: British Petroleum 
were also affected by a broker's 
adverse circular and slipped 10 
to 930p, with Shell shedding 6 to 
578p in sympathy. Secondary 
issues moved narrowly, but were 
featured by a rise of 4 to 82p 
in Bnrmab following weekend 
Press comment. 

Thomas Borthwick moved ahead 
a couple of pence to BSp in front 
of -today’s annual results. 

Investment Trusts were un- 
eventful - with small irregular 

S rice changes for the most part, 
ut Capital shares to improve in- 
cluded Dualvest, 215p, and New 
Throgmorton, 142p, up 3 and 2 
respectively. Armour Trust be- 
came prominent at l4Jp, up 3*p, 
with the help of favourable Press 
comment. 

Press comment also aided Lofs 
which hardened 1± to 39p. Else- 
where in Shippings, Common 
Brothers gained 7 more to I Tup 
on continued speculative support 
but Furness, a firm market re- 
cently, gave up 3 more at 249p. 

Scottish. English and European 
featured idle Textiles with a rise 
of 7 to Tip, albeit on scrappy buy- 
ing. S. Lyles reached a 1978 high 
of 68p on favourable comment 
before ending with a net rise of 
2 at 67p. British Enkalon attracted 
Interest and put on 2$ to 15$P- 
In South African industrials, 
the listing of Anglo Transvaal 
Industries was cancelled as from 
9.30 am; the shares, now dealt in 
under Special Rule, were quoted 
at llOp yesterday. 

Among Plantations, Sogomana 
Improved afresh after the good 
half-timer and added 4 for a two- 
day gain of 10 to ISSp. 

Golds strengthen' 

A further $5.50 rise in the 
bullion price to 8207875 per ounce 
enabled South African Gold 
shares to move ahead for the fifth 
consecutive trading day. 

The Gold Mines index added 


58 more to 139.7— its best level 
since the end of October— while 
the ex-premium index broke 
through 100 for the first time 
since mid-November to register a 
Z3 gain at 100.1. 

Persistent Continental and 
American buying coupled with 
London interest prompted by 
favourable week-end Press men- 
tion saw prices improve through- 
out and close around the day’s 
best 

Be tter-than -expected . dividend 

announcements from the Barlow 
Rand group also boosted senti- 
ment 

Among heavyweights, - ■ West 
Driefontein rose i to £21, while 
medium-priced issues showed 
im provements of around 39 
common to Western Deep. 785p 
and President Brand, 812p. 

Cheaper-priced stocks to move, 
ahead included Maxievale, 8 
higher at 96p, and Grootvlei, 6 
better at the same price, both on' 
consideration of the dividends 
announced fete on Friday. '.The 
marginal Durban Deep- rose 15 
to 298p reflecting the return to 
the dividend list 

South. . African Financials tonk- 
their cue from the gold share 
market Favourable Press com- 
ment helped TJC Investments put 
on 10 to 200p. Dealings in General 
Mining were suspended at £16$ 
owing to the share split; trading 
in the shares in their present B2 
form will be resumed today while 
dealings in the shares in the 
new 40 cents form will begin 
on Wednesday. 

Australians continued their 
recent recovery following another, 
good performance by overnight 
domestic markets. Western Min- 
ing added 5 to 135p and BH Sooth 
4 to 116p. Newmetal Mines 
advanced 2 to 6 ip following bul- 
lish week-end Press comment. 
iSlsewhere, South Crofty eased 2 
to 60p following the half-year 
results. 


FINANCIAL TIMESi STOCK INDICES 



Dee. 

H 

Deo. 

.8 

^ .»• °T - 1 

Gorenuuaat Sea.-;.- 

69:01 

68.97 

^B.99 68.83 

Fixed lawn*— - 

• TOJ28 

70.37 

70.3 If 7CL23^ 

LodUStOBl- - 

492 J 

493.3 

491.5; . 4S1.8( 

Gold. 3Uae» 

139.7 

134.4 

! -I31-0| 187Jt 

Gold Mine* (Bs-8 pm.) 

ibo.ii 

97 j 

95 . ch . ea.8j 

Orrf. Dir- VieM...--—*- 

5.87 

.• ■ sM 

9.86 r 5.85, 

BeraliigB. Y"ldJMfnll)... 

-1BA9 

15.45 

,rl5.S6; t,15.84i 

P/H Bitlo Inet) (*) : 

8.3^ 

8.40 

. tf.41! 8.42 

n«Hnp nvlml...-~ 

4.619 

.4.316 

•4jB4lj 4.376 

E^uiry ctzmurer £ot ... 


97.93 

87-661 86.90! 

Bqmey taegeina toteLj 


15,393 

>08551 16.il 6> 


.tec. i bee. ;.A yea 

• r-;.t 


SS.Sff. 68.72; *76.40 
7CLOBr TOXll':. 78. 86' 
4888i- -Ma.oj' WTs 1 

ias.tf • 18 . 44 ' Jsaa 

.10^4 

j-.-ojsaj 

•isJbs 
ani 

I-4.IHS, 
; 98/11 
15,56a 


94.6;, f' 94.9], 
5.90- - 6X»j 
iS.49> 15.45 f 

' S.341-'- - U'SSf 
4.588) 4.< 


t 


. . " r ,2 pm 4843.. 9- pm 483.7. .' • ' x 

' iaawJtatac aw» am.: 

■7d=S-13. - 

Basis 108 Govt Secs. IS/10/SB. Vised tat- X&. .*>*• 

Minx 12 / 8 / 53 . Ex-* pm. index _ started' J «sm )S72.- _&E- Actmfcr JuJy-Dec. ISO.- 
■ _ -tCtia-ecteA- i - 


HIGHS AND LOWS 


S.E. Aetiyrry ^ 


Govt. Seca— 

Fixed Ini... 

Ind. Ord~— 

Gold Mines . 

Gold Mine* 
(Ex-S pm.lH 


1978 


High J Low 


78.58 

Oft) 

81.27 

■ wu 

535.5 

114J9I 

*06.6- 

IM0> 

1 38-3 
1 14/8) ; 


| Since Cmnpa**ki: 
High I Low - 


67.92 

< 10 / 11 ) 

69.30 

dJ/in 
433.4 
C/3) : 
.124.1 
129/11) 

90S 

(18/4) 


127.4 

(9/1(38) 

, 150.4- 
[<28/ll/47}_ 

. 549* 

i<n«mi 

442.3 
1(22/5/76). 
337 J, 
(3/4/74) 


49.18 
(5/1/76) 
50.33 
t&JfJBi - 

AD I . 

(06^40) 

, ' 43.3 ■; 
!(2Biiom> 
, 544 ' 


Dee. 

11 


-Daily . . 
GiltjaSBcd...! 171.9 

Industrials..-} J , 

Spraatatire L..34.2! 
Ti'tmt* — " 105.1 

•1.-" 


143.T 

-c4ft7: 

■■ 


Jnduidnals , -WBJB. 
Specpisctve_| 28.5*. 2834 .-, 
•to Ub 9S.7T 




(4.-- 
■i * 


* 


S V,VA> j 


Hrttfafe Funds 

Ctrpni, Own. 
Ferelsn Bends ... 

IndlKtrlali .. 

Financial and Prop.- 


ACTIVE STOCKS 

Up'Dewn Same ’ Oils 

. X*~ * *■ . 5H- PtantaUsns ..-i.--- „ 
, .... 'Mloes 

18 s - 4* ' Recant tones 
. 445 1W «88 • 

. 130 . 6. 357 TsCeis - r .... 


76 : 

.7 


5 > 22 . 

‘ 


-ir;-: 


7B8 - OT . 

* •• ■ • • 


NEW HIGHS AND LOWS FOR 1978 


The following securities Quoted by the 
Stare Information Service yesterday 
attained new HWts and Lows tar 1978. 

NEW HIGHS (52) 

BANKS ID 
Allen Harvey & Ross 

BUILDINGS 131 

Prownlee Parker Timber 

Gal Ilford Brindley 

CHEMICALS ID 

Halstead U.) 

STORES (S) 

Dewhlrst MFI Furniture 

Ford «M.I Stanley iA. G.t 

KnaCt Mill Statui Discount 

ELECTRICALS 14) 

A.B. Electronic Sound Diffusion 

Electrocomponents Westing bo use 

ENGINEERING [Ji 
British Aluminium Elliott (B.) 

Burges* Products 

FOODS at 

A vans Group Bibbv (J.t 

HOTELS (21 

Mount Charlotte T-d«t Houses Forte 

INDUSTRIALS <«■ 

Bumdene Fother-ml A Harvey 

Capian Profile Hay (N.j 

Christies inti. Long & Hamblv 

Eleco Uniriea 

LEISURE (2) 

Man. Akv A Music Webb U.) 


MOTORS Cl) 

E ' R ' F> PAPER (3i 

Mills ft Allen Wvatt rW.) 

taa tt h, ft Saa^l op£RrY (8j ;■ 

Country & N. Town Slock. Conversion • 

County ft DHtna RenaHan ■ 

Lohd. ft Pro»l. Shop U.K. Property . 
Proa. Sec. Inv. Ll.D. Ftoal Property 

SHOES m 

K Sh0 “ TEXTILES (2) : . 

TRUSTS 5 (2) ' 

American Trust Armour Trust- . 

TEAS <11 

Lunu * a mines at ' 

M Inca ro Hampton. 


NEW LOW’S (7) ; 

LOANS C4I 

Agrlc Mt. 5 pc ICFC Hoc Ons- Ln. 

19S9-B9 1980 

ICEC 10 '-pc Uns. ICFC 11>jpc Uns. 

Ln. lUf Ln. 1990 

CANADIANS (II 
Can. PacMc 4oc Do. 

INDUSTRIALS (21 
Monument Turner Cuizon 


■ in - 


LONDON TRADED OPTIONS 




1 • 

• <fam 

ary 

'-Aj 

(aril - “ 

. July ' r- 

- — 




Closing 


Closing 

' . 

Option 

price 

offer 

yoi. 

offer" 

VoL 

offer 

VOL. 

BP 

900 

50 

’ 

‘ 80 


■ 93 

"a-: 

BP 

950 

16 

4' : 

• - 47- - 

— 

66 

B-. 

BP 

IOOO 

Si* 

•: 5- 

: IS 

. ; . 1 

SB 

. 


160 

Zlq 

— n 

- 1 6 

16 

12 - 



180 

61* 

45 - 

15- 

bi 

,19 

3 


200 

154 

’ — . 

. 6 

6 

10 

— V 


: 730 

OfH 

5 

. 13 ie 

. — . 

161* 

' 


130 

Sis 

34 

74 

* 

Ida 


GEC 

880 

87 

— 

98 

10 

•— 

m — 

GEC 

280 

’ -68 

— 

7? 

. 5 

" 

4 - 

GEC 

300- 

49 

■ «• 

57 

' 

68 


GEC 

330 

S3 

6 

’ 38 

3 

47 

. *r- « 

GEC 

360 

7 

63 

19 

7 

30 

■ — 

Grand Met, 100 

17 

6 

20 


. 25 _■ 


Grand Met 110 

8 

6 

111* 


16 

. • 


130 

■ 34 

— 

. 61* 

12 

IO 

. 9 

ICI 

330 

57 

5 - 

. 60 

; •> — ■ 

, * ■- ■' 


ICI 

360 

28 

S3 

- 35 . 

X . 

->46 

•r - — 

ICI 

390 

■ 81* 

18- 

161* 

— 

87 

— 


220 

30 

6 

38- 


42 


Land Secs 

260 

3 

.8 

11 1 

6. 

18 



Equlty_4 
! doia. 


iW'- 
178p . 

123 j) : 


343p- 

379jt.l' 


E r ' 


Marks ft Sp 1 
Marks ft 8JM 
Marks ft Sp, 
Shell 
Shall 

Totals I 


-70 I 
80 
90 
550 
600 


I81*t ' 3- 
10 is] - 10 
4)8 12 

35 { 6 

-7 30 

386 


21 | . 
-14 


- 71 «: 

54 

22 


11 . 

1 

■ 3 . 

86 


24 - 

161,-..,- 
, 1 04! - 

54 7 : — 
52 ‘ - 

f 23 


88 pi '. 
580p 


EMI 

HTZ 

Totals 


February 


160 

260 


Mar-V r 1 .- : A»iflu*t 


viki ■ i4isi 7.» p: is - i-iBap*'.; 


■ j.jrr- 


1 -- 


APP0INTMENT5 


Offshore safety experts 


The Secretary of State for 
Energy has appointed the mem- 
bers of the independent com- 
mittee which will review OFF- 
SHORE SAFETY regulations and 
procedures. He has also appointed 
a technical consultant to the com- 
mittee, which will be chaired by 
Dr. J. H. Burgoyne, a consultant 
on industrial safety. 

The members are: Mr. E. 
Everett, oil industry consultant; 
Mr. B. Hfldrew, managing director, 
Lloyds Register of Shipping: Mr. 
M. Uniting, oil industry consul- 
tant; Mr. R. Lyons, A.S.TJW.S.; 
Prof. MacNaugfaton, Robert 
Gordon's Institute of Technology, 
Aberdeen; Mr. J. Hiller. T.G.W.U.; 
and Mr. H. G. Riddiestone, associ- 
ate director. Electrical Research 
Association. The technical con- 
sultant is Dr. R. Week, visiting 
professor at the Department of 
Civil Engineering, Imperial Col- 
lege of Science and Technology, 
London. First meeting of the com- 
mittee is on January 11. 

★ 

UNILEVER announces that it 
Is proposed to nominate Sir. T. 
Thomas, chairman of Hindustan 
Lever, for election to the Boards 
of Unilever and Unilever NV at 
the annual meetings in May. Mr. 
Thomas, a citizen of India, has 
served Hindustan Lever for over 
20 years and been its chairman 
since 1073. He will join the over- 
seas committee of Unilever. In 
addition, he will continue for the 
time being as chairman of Hindu- 
stan Lever. 

★ 

Mr. K. S. Showering has been 
appointed a director of MIDLAND 
BANK as from January 1. Mr. 
Showering is chairman and chief 
executive of Allied Breweries. 

★ 

G5PK, Harrogate, the holding 
company for the GSPK Group of 
companies, has two new directors. 
Mr. Peter Hicks and Mr. Anthony 
J. Perry. Mr. Hicks joined the 
group in 1969 as a test engineer 
and was appointed managing, 
director of GSPK (Electronics) in 
1974. Mr. Perry joined GSPK 
(Circuits) in 1969 to establish a 
costings department and later was 
appointed financial manager. He 
became financial director of 
GSPK Circuits In 1975. 

★ 

Joining the Board of BOW- 
THORPE HOLDINGS the Crawley- 
based electrical and electronic 
components group, in a non- 
executive capacity, are Mr. H. 
Anthony Vice, a director of N. M. 
Rothschild and Sons, and Kir. E. B. 
Mervyn Grubb, chairman of GKN 
Distributors. N. M. Rothschild and 
Sons are financial advisers to the 
Bowthorpe group. 

★ 

Admiral Sir Terence Lcwln is 
to be made chief of the DEFENCE 
STAFF and chairman of the chiefs 
of staff committee on September 1 
in succession to Marshal of tbe 
Royal Air Force Sir Nell Cameron. 
This appointment carries with it 
membership of the Defence 
Council. 

Admiral Sir Henry Leach to 
be chief of the Nava) Staff and 
First Sea Lord in July 1979 in 
succession to Admiral Sir Terence 
Lewis. This appointment carries 
with it membership of the 
Defence Council and of the 


Admiralty Board of the Defence 
Council- 

Vice Admiral J. H. F. fiber le 
to be promoted Admiral on May 4 
and to be Commander-in-Cbief 
Fleet, Allied Comraander-in-Chief 
Channel, and Commander-in-Cbief 
Easters Atlantic Area, in succes- 
sion to Admiral Sir Henry Leach. 
* 

STAFFORDSHIRE POTTERIES 
(HOLDINGS), the Stoke-on-Trem- 
based manufacturers of Kilncraft 
Tableware, has announced that 
Mr. Edward Lenaghan. who 
joined the group in 1970 as 
company secretary, becomes 
commercial director of the main 
trading subsidiary company. Mr. 
G. Cashmore, the group chief 
accountant and a director of the 
main trading subsidiary, becomes 
the group company secretary. 

* 

Mr. P. W. Townsend, at present 
a non-executive director of 
MATTHEW BROWN AND CO., the 
Blackburn brewers, is to become 
managing director in February. 
* 

Mr. K. J. Fowling has been 
appointed financial director of 
NATHANIEL WILLIAMS AND 
CO. 

★ 

At U.K. head office of the 
ROYAL INSURANCE COMPANY. 
Mr. B. S. Saunt, manager, War- 
rington branch, is to be assistant 
secretary. 

★ 

Mr. John Asprey has been 
appointed secretary of the Heat- 
ing, Ventilating and Domestic 
Engineers' National Joint Indus- 
trial Council in succession to Mr. 
Andrew MacLachlan. 

★ 

Dr. Michael MulIerGtuler, 
senior manager oF Aachener und 
MOnchener Versicberung AS. has 
been appointed a member of the 
Board of Management of 
THURINGIA VERSfCHERUNGS 
AG, Munich, a member of the 
A and M Insurance Group. His 
duties as executive for the Group’s 
activities in the UK are to con- 
tinue. 

* 

Mr. C. D. W. Swire will join 
JOHN SWIRE AND SONS as a 
director on January. 1 and Mr. 
A- G. S. McCallum joins on Febru- 
ary 1. Mr. McCalhim has recently 
returned from Tokyo where he 
has been president of John Swire 
and Sons (Japan). He has been 
succeeded by Mr. W. R. Large. 

* 

Mr. E. Stanley Hale has been 
made vl ce-p resided t-in ter national- 
European affairs, of WORK WEAR 
CORPORATION. INC. (AMEX). 
Mr. Hale, formerly director of 
European operations, is respon- 
sible for the company’s activities 
in Europe which includes facili- 
ties in England. Belgium. Malta, 
France and Germany. He has been 
based at Work Wear's branch 
office in Becston, Nottingham, 
since joining the company in 1971. 
* 

Mr. Justin Emanuel, a member 
o£ Lloyd’s, is appointed to the 
Board of AGAR. CROSS AND CO, 
a subsidiary of Newman 
Industries. Mr.. Emanuel, a 
Nigerian, is chairman of . West 
African Engineering Company 
(Nigeria), a further subsidiary of 
Newman, and of Hogg Robinson 
(Nigeria) and Nigerian Life and 


Pensions Consultants. He is also 
a director of several other 
Nigerian-based companies and 
chairman and director of a 
number of Nigerian Government 
bodies. Agar Cross acts a world- 
wide marketing organisation, not 
only for certain Newman Group 
products, but for many other UK 
manufacturers. 

* 

Mr. J. A. Thompson has been 
apoointed a director of 
BESTWOOD COMPANY. He is a 
director of Cayze. the company’s 
merchant bank advisers. 

* 

Mr. J. Green. Mr. G. Spanner 
and Mr. K. Borneo have resigned 
from the Board of BANK AND 
COMMERCIAL HOLDINGS. Mr. 
Brian M. Troup and Mr. Anthony 
J. Gnmbiner have been appointed 
directors. 

*■ 

Mr. J. J. Boex resigned from the 
Board of BAMBERGERS and Mr. 
R. E. Groves. Mr. C. C Lorenzen. 
and Mr. R. A. Hart (directors of 
the International Timber 
Corporation) have been appointed 
to the Board. 

* 

air. P. R. Scott has been 
appointed as deputy managing 
director of BRITTAINS. Mr. G. 
H- NntlalL. managing director of 
the subsidiary company. Wolver- 
cote Mill, has been appointed to 
the Board of Brittains 
* 

Mr. D. G. Jones will be joining 
ALGINATE INDUSTRIES as 
financial director, from January 1. 
Mr. R. M. T. CarapbcR-PrestOn, 
retires from the Board on 
December 31. 

★ 

Mr. Christopher Strang has 
been elected chairman of AULT 
AND WIBORG GROUP following 
the death of Mr. John McLaren. 
Mr. Strang relinquishes his posi- 
tion as joint managing director, 
Mr. Peter Clarke is now sole 
managing director and continues 
to be responsible for all group 
and subsidiary company oper- 
ations. 

Mr. J. S. Byers, Mr. B. G. Ivory 
and Sir. J. A. Sherriss have been 
appointed directors of the HIGH- 
LAND DISTILLERIES COMPANY. 
★ 

WARNER - LAMBERT COM- 
PANY. Ui'. has announced three 
executive appointments within its 
senior management group, from 
January 1. Mr. Charles Y. C. Tse. 
at present corporate vice presi- 
dent and president Warner- 
Lambert Europe. has been 
appointed president of tbe 
Warner - Lambert International 
Group. He succeeds Mr. Joseph 
D. Williams, who last week was 
elected president of Warner- 
Lambert Company. Mr. Charles A. 
Faden. who has been international 
group senior vice president, 
business development. will 
become president Warner- 
Lambert Europe, succeeding Mr. 
Tse. Hr. Donald E. O’Neill cur- 
rently a corporate vice president 
and executive vice president 
pharmaceutical group, has been 
named president of the newly 
organised health care group, 
which will Include the pharma- 
ceutical. diagnostics, hospital pro- 
ducts. laclona, modudent and 
pharmaceutical research divisions. 


OPTIONS 

DEALING DATES Machine, J. E. Sanger, Selection 

First Last' Last For Trust, Kitchen Queen, Armour 

Deal- Deal- Declare- Settle- Trust Begalion Properties, 

ings ingH tion . ment Distillers, UDT. French Kler, 

Dec. 5 Dec. 18 Mar. 8 Mar. 20 FNFC, English Property, British 
Drc. 19 Jan. 8 Mar. 22 Apr. 3 Land P and 0 BSG, Harris 
Jan. 9 Jan. 22 Apr. 5 Apr. IS Queen sway and Ladbroke 
For rote indications see end of Warants. No puts were reported 
Share Information Service but double option f were 
Stocks favoured for the call arranged in Premier Oil Selee- 
lnduded Bnnnah (Ml, Electronic tion Trust, and English Property. 


ACTIVE STOCKS 

No. 


Denomina- 

Of 

Closing 

Change 

1978 

1978 

Stock 

tion marks price (p) 

on day 

high 

iow 

BP 

n 

11 

970 

-10 

954 

720 

Metal Box ’ New ’ 

Nil/pd. 

10 

62pm 

— 

70pm 

62pm 

Shell Transport... 

23p 

0 

578 

- 6 

602 

484 

BATs Defd 

25 p 

8 

257 

— 

304 

227 

B.L. 

50p 

7 

22 

— 

30 

20 

Burraah 

fl 

7 

S2 

+ 4 

89 

42 

GEC 

25p 

7 

341 

+ 1 

349 

233 

Glaxo 

50p 

7 

530 

— 

64S 

515 

GUS A 

23p 

7 

316 

+ 2 

340 

256 

Marks & Spencer 

25p 

7 

88 

- 1 

94 

674 

Armour TsL 

lOp 

6 

HI 

+ 31 

144 

5 

Grand MeL 

50p 

6 

116 

+ H 

121 

87 

ICI 

fl 

6 

379 

- l 

421 

328 

Midland Bank ... 

£1 

6 

371 

+ 1 

390 

330 

Debenbama 

25p 

5 

84 

+ l 

110 

81 


RECENT ISSUES 


EQUITIES 


fsrtjq 1 c = ci 

m 

1978 

■c2 

Stock fx v a + <*r 

i=‘ ! “ 

o-3 |S 

a 'l - l | 

High 

1 Low 

48lel ..-84/11; 

«? 


'arnclltfeBlibr J 44 I 

a.3SI 8.7 7.1 

Agfl.M r 1 , - ; 

7E 

►1 1 

Ut/iCon JUcingWe. J 78 J+2 

- : 

A81JS F.P. | — : 

l— 

1 ICO I 

FamiuiR ASI..I108 |+2 

- — — - 

166 j F.P. | - j 

176 

: m 

Herrls Qnceuswey 20p;173 ' 

17.8' 5.11 6.7! 7J 

89 ‘ t.l-. : 5.1 1 

: 1 

, w-| 

KiU'heii W'ircii lUu 1 50ty + lg 

• : 6.6 5.0 


FIXED INTEREST STOCKS 




— __ - _ J 1378 

If: j i-; * f5 

-s s- f a 1 H <gli ■ lx** 


I 




— . »91 4 i 93 U|AnRl*r-e> ' »rt«We ltted- 

£10 J26/1 ( Jgig; UietLjJlao YaJtcr War «- Hal P. Prf. J883 

. !■ ;i6/U> 117 I Ml k'tf»l/v Hjhiw* 10* Cunr. 'W-ati 

(100p' Nil I — : l4pm iVlmllsv 8£ Cnv. Cum Ued. i*rf_ 


UOOpi Ml : - i 
**.m ; . . . ;a8ii£ 

! • i las «t 


9I = ‘ 


1 ^ r 

! T| ■ _ 

995* 

141*. 

Upml—ii 

Bpml ...... 

98p 


Hawley, filial I Cnv. Uns. La. ’&>«... 

DvJh'owmHa liiix.-. lOJi, Alt. I*na , U u • 

if IkldinMuirwortl) 4: Csbridfte Wmer 7£'8b.. ! 9i* 

97p: F.P. i Sit . Wn 96p [■JtawuDe ICi* Prei f 9of 

£»*■ • ei- 2bt 1 mv 91* Went Kent Water T% Prtf. iVii : 9is! 


“ RIGHTS " OFFERS 


'■=.“[ latest 
j: i Heniiuc. 

Vrice; 1| f 


tfa(e 


j • . 187B i 

1 

Cl.«iQ^r+- or 

| High ] Low | 


p: j 


360 

17 

JAl 

o7 

iao 

ns 

45 

iu.< 

125 

250 

f*1 

185 

62 


l K.P. 
XII 

■ P.P. 

■ F.P. 
Nil 

' Nil 
! Nil 
1 P.P. 
Ml 
Ml 
F.P. 
.Ml 
: Xti 


' 8' 12; 12/1 ! 846 L 668 

115/12,26/1 3i*psn^i*pw|Bou1tan iWm.i 

J o.-laUl{12 : 414 I 338 JU/otra 

29'lli S#1 77 ! - 711s CAp«*T-.\eUI 

' ‘ 1 t:iin 


Il5fl2isa 
15M3 12/1 


8pnij. ^pm UIIH.irrt (Uba-.i 

14*|»ni; 10j>m;Dlmn 1 Di^ 

— — ; Sian: ZpOLFotter (Jofaai.. . 

BaZIF'l 1 U7 : 140 H.irhm. 

15/12 12/1 . 34 frit 1 .U. RpWwb> .. .. 

— • — ■ 7olm»; G2poi Metal Ho* 

22'12 6'12' 83 fl'j Nrniiimi luU- 

!l8.'12;i0fl ! 3b| nlhert & I'll!' 

18/12 15il b|mi|Tcni I .. .. 


643 -2 

3pm 

395 ,+2 
7B i*. l* 
6>*pai — I 
12prn.4 2 

2pm .. . 

148 : 

50pm. .. . 

62|iin 

85 . •*- 1 



12pm - 2 


Rcnuariatlnn dale u^iaHs la« 4»i' Tnr cieaojna tree o( stamp duty, b Figures 
based on ornspenus e,timaie. 0 Assumed diridend and rleld. k t'nrecasi dlvulcirt: 
ci'ver bawd on prcvinut- vear'a earaibui. Y Diridend and yield based on proffw-ctu.*: 
or other official e>«intaie* tar 1919- 4 Grii&i. t Flfnres assamed. j Cover aQows 

fur coovcraiun or >hares not now ranking hir dividend, or ranking only for restricted 
dividends. J PlacUii, price » public, pi Pence unless olhenrise India led. f Issued 
by tender. i| Offered to hoUen of urdlnary shares as a ■■ rlshts." •* laced 
by way of cam tall Fatlm. R Berttrodar?d v, issued in cnnoectloD with reorganisa- 
tion- merger or take-over tlS tatrnductlnn. n Tsaoed to former preference holders. 
_ AJlouneni leBtr* tor fully-paid 1. m PmrtMoDaJ or panly-patd allotment letters. 
it With warrant!. 


FT-ACTUARIES SHARE INDICES 

These iwfices are tbe joint cw ytiB on of the Financial Tunes, the testitete of Actnnes 

and the Facatty of Actuaries .- / l. 


EQUITY GROUPS 
GROUPS « SUB-SECTIONS 

Figures in parentheses show number of 
stocks per section 



CAPITAL GOODS (172) 

Building Materials (27) ..... 

Contracting, Construction (28).. 
Electricals (15) . 


Engineering Contractors (14) 

Mechanical Engineer) ng{72) 

Metals and Metal Forming(16) - 
CONSUMER GOODS 

(DURABLE)(53I 

LL Electronics, RacSo, TV (16) ... 

Household Goods (12) 

Motors and Distributors (25) — 
CONSUMER GOODS 

(HONOURABLE) (171) 

Breweries (14) 

Whies and Spirits (6) 

Entertainment, Catering (17) — 

Food Manufacturing (19) — 

Food Relating (15). 


Newspapers, Publishing (12) 

Packaging and Paper (15) 

Stores (40) 

Textiles (24) 

Tobaccos (3). 


Toys and Gaines (6) — 
OTHER GROUPS (99). 
Chemicals (19). 


PharmxMkai Products (7) 

Office Equipment (6) 

Shipping CIO) : 

Miscellaneous (5 7) — 


INDUSTRIAL GROUP (445).. 


Oils (5). 


500 SHARE INDEX 


FINANCIAL GROUPaOO). 
Banfc{6). 


Discount Houses. (10) 

Hire Purchase (5) 

Insurance (Life) (10) 

Insurance (Convosite) (7) ... 

Insurance Brokers CIO) 

Merchant Banks (14) 

Property (31) 

Miscellaneous C7).. 


Investment Trusts (50) 

Mining Finance (4) 

Orerseas Traders (19). 


ALL-SHAPE INOEX(673) ... 


Mon., Dec. 11, 1978 , 

S2? 

.Dec. ■. 


Wed, 

°r 

5. 

In** 

No.:. 

Mi- 

°r 

EsL 

Eamta 

YWd% 

(MJB.I 

Grass 

Dtr. 

at 33%) 

Jl- 

fis 

Mex 

No. 

■r 

■ < 

Index 

No. 

■ Index 
Nol 

24L91 

+0.4 

1653 

536 

839 

24133 

:Z39J3 

24037 

23956 

210.92 

+05 

17.76 

6.09 

7.75 

21146 

21835 

210.40- 

207J6 

384fi9 

+0A 

19.75 

431 

737 

382.76 

'363.94 

38139- 

37931 

570*7 

+L0 

1333 

331 

10.48 

564.90 

55556 

56331 

56553 

37232 

+0J 

1751 

539 

7.77 

37132. 

52254 

37217 

37L73 

187.79 



17.96 

5.97 

•7.43 

18737 

186.96 

16678 

185.95 

165 JB 

-02 

1656 

856 

839 

16531 

164.46 

.164.99 

16432 

215.70 

+1.0 

1633 

4.97 

8.17 

21357 

21265 

218.77 

209.47 

272.45 

+1S 

13.68 

3.77 

1035 

26834 

26K4T 

262.90 

26144 

Z7L90 

+0.4 

1757 

6.62 

731 

17121 

17100 

270-H 

27149 

124.92 

+0.2 

20.77 

6.74 

604 

12466 

124.64 

12432 

12243 

mo o 

+0.2 

15.67 

539 

859 

21355 

21332 

212.65 

21X49 

235J9 

+0J 

14.43 

607 

955 

1 /< 

234.44 

231M 

229.90 

289-52 

+05 

1531 

531 

955. 


28832 

289.96. 

28031 

276.77 

+L2 

13.40 

636 

1039 


27176 

269.73 

26752- 

208.73 

+0JL 

18.21 

537 

730 


21635 

26931 

20830 

23X29 

+L6 

13.47 

5 07 

1038 


23056 

228.86 

EE* 1 

3793 

+0.9 

717\ 

6.40 

655 

3S 

37739 

37556 


13431 


10.97 

734 

637 

t ttt 

itiif 

13443 

rn«a 

199 jQ8 

-0.1 

1U» 

4171 

22.19 


197.98 

19636 

19756 


+03 

17.41 

7.91 

7.44 

TTTT 

182_30' 

E2a 

HITS' 

23838 

242jQ3 

-03 

22.92 

7.76 

536 

24222 

FQ 

95X8 

-03 

2334 

6.78 

539 

9550 

96.76 


9532 

201.04 

+0-3 

1551 

G15 

837 

20953 

200.94 

20036 

19925 

285.46 

+03 

16.02 

6.62 

02 

26530 

28552 

284.65 

28338 

250-55 

-03 

11.08 

454 

10.94 

25B.73 

25L45 

2(837 

24546- 

233.45 

ETl 

2821 

5J1 

655 

835 

.1 341? 
*41855 

134 7B 

IJtrJ 

,134.99 

414.90 

41720 

-03 

1450 

739 

42136 

217 AZ 

+0.9 

17.44 

_ 650 

759 


21536 


215.40 

lEU. 

■m 

m3 


mint 



VTrms 




Eil 



■m 



IV 1 

K?K1! 


— 

■9 

fc-t j , | 

■SB 




e>/»rni 


+05 



Esi 

.20118 

200.18 



2ZI 

+B 7 

B 

wTTl 

Bfl 

21637 

21607 

216.07 

nwt 


+0 fb 

15.64 

531 

8.44 

15437 

153.88 

153.40 

149.07- 

ss 

-22 

— 

6.77 

- — : 

14130 

14638 

14237; 

14X10 

ss 



6.91 


XZ73D. 

12126 

12834- 

12752 


-1 m . 

1555 

537 

9.48 

328.93 



-32734 


— 

— 

630 



7934 

79.07 

7749 

7738 



356 

234 

4638 

266.45 

26539 

26539 

25X7+ 

1IL23 

-03 

22.74 

7.46 

559 

11136 

11155. 

.11635. 

■310.44; 

231.71 

-02 

— 


R9, 

EZEH9: 




103.04 

+03 

1834 



10237 

10313 

10X72 

■RB.7Z1 


. +03 

1638 

j 

RI'l 

30U9 

30949 . 

.29947- 

29872 1 


Ba 

WBk 

556] 


22732 

BBsSNi 

k£l 

laWi 


Year 
ago 

— r.- 


i': ^ » 


■rl 

- 


285.43-. 

W.HJ3 
32822 *•' 
WM 'js 

29Z*t? 

ISBjU V! 

19027? 

225.41,- 

D7.M,; 

20155- 7 

KSJB . 

ffUS, 

M163 .. 
3*#':- 
5201-; 
V&B; 

22L6*-' 

193.92 
IMJf - 
' «.<* : . 
V5X 
4Wl3^ 

-mate. ■ 


*s- 


HK»7- 

1K4T' 

vm.r 

.13425-: 

.MGK-f 

23 

ins. 


205 J5-. 

iTMr.l 

21822- 


V-. - 

-'-I. ■ 


^•-7, 




5 v;. 


FIXED INTEREST PRICE INDICES 


BritWi Gmemment 

Mon, 

Dec. 

U 


M 




10339 

+0.86 " 

■ MO 



5-15 years 

11X57 

+616 

' 05* 

10.45 

3 


11735 


019 

79 74 

4 


122.95 

+038. 


4 

1354 

5 

AS stocks 

11034 

+040 

. 035 

1041 




FIXED INTEREST 
YIELDS . 

Brl Gort. Ar. GnB5 fed. 


tow, - .... ,5'jaiJ^ 

Coupo^ :' .15 Tears;.-.,. 
1 ' 25 jears™... 


- Zyears.; 
c MWB. . 15 year*.. 

■ 25 years. 


•Wi 5 years.. 

Cnopms . 15 yews.. 
_■ 25 yeas.. 


Irredeemables. 


Mon., 

-Dec. 

13L.V 


9.48. 

1134. 

1212 


XUOr- 

12M. 

12A4 


1250 

3X29 

13a 


1UX 


Mi*: 

Otc..' 


tsr 

1133 

1250 


1284 
■■ 3254-: 


1252 : 

•2X29- 

1320, 


11.94 


Yew :» 

tmowwi* f_l j 


'T27 a 
-l OK? 


3SM. 

1056. 


.2059- 
• .1X507! 


•7*, » .. 

'i:; 

I- - - 

U !■ ' . 

• • 

-.v,: ^ ^ 
.\.*s . 


20X7. 4 


>’v .> 




Mark, Dec'. 1L 

Yiold 
% 


Index 

.Hal 


Frt. . J.Thura. 

Dec. j Dec.. 

7 ■ 


"V/od. •; Tuee. 
Dec.. . bee. 

6 .< 6 - 


MOn._ 

;oec:. 

4 


Fri. 

Ooo.: 


Tflur. 

"Mov.. 

...30. 


,v«N 

- -• , 

|(epp«up/ 


15 

20-yr. Red. Deb & Loans (15) 

-™ ■ . ■ , r •• 

8848 -113.4*1 55.02 S6.02 

.60.81 

-65.21.! os.lo; 55.16] sslie 

‘ fel48 

16 

Investment Trust Prefs. (15) 

- 61 . 13 j 13.67 j 0 1.13 [ 51.13 

5116 


■* : 56!s« 

17 

Coml. and Indl. Profs. (20) 

_71.55j l8.OS j- 7 1.48 .. 71.44 

-7X86 

Ti-86 j ’ 7X82 j TLB3 J'7)^ 

, 77, SO- 


* nm mm. rees CBnffHtBcet Bfvi 'mAUsIimS* hi S atanfrY 

toUda. ^ *** * ,W ** n ’ ** .SttMA 








. . 7 -, 

.'^•:Vv1ST^:S£sS/ ^ 

.... .. .. 




































• * TMtl 


F&ancfal : *TifB«s THSe&fey 1 BecemWr : 12’1978 *68® 




fr- '^s-S ^ AUTHORISED ?UNIT « TRUSTS 


Alter iwt TH-.iteart. a«. (»> 
J "" Write* W.;*fie*iiry; ' ' 


i.Tifiiwrvsrf.FCV 


«3- . 



in; " H9n£?M 'Aro#»«i - .'.INJ- _453’--”« 

,«| ».. SSfc- .;:L,:.|jgf. - wf :s 

. ssM-aA - *8 ™ 


n |Wt;Mj|t. Mimler Fund Managers Ltd. 


W""i« H>f annortl EC4. 0162+1»y) 
£<4 MinWrOrt |) _ U8 8 <0 3l • I il 5*1 

- E*?««p! Nw 30 . 10«il | 5Jfl 

MLA Unit Trail Mngmnt. Ltd. 


Ifi 

2,15 


Provincial Lift inv. Co. Ltd.? 

.’.V. B.-uep-ipi.- FC.' Pi 

i.*J-’ <£!:■:> 

1.7 -D 



33 


OFFSHORE 

OVERSEAS 


Save ft Prosptr continued 
Scotbftt Securttlci Ltd? 


■*. \ 

Uj i v 


Hunbra Group? (a)(g) - '• 


Friend*' Fraud!. Ontt Tr. M5rt.IF ; 

' PixtMTO End, Poduno 0306505'' 

‘iS-St 18 


DM Own S|mi, SW1A OJfi. 
MLA lind- |47 2 


<9t-l 


D1-9.<0 7J).‘ 
I J.63 


-a .««, 


-4. 


S.P 




nh«<M( 

Vft&t&z, 

!P§:rM 

how F*m h . 

H Mr Yield Fd 

Harlawmc. - 

■fUTEq I ik. — ; .... 
internet! em) Ponds 

WmatBf P--»* 

PKuni ruiw 

Sen. DfAnwnca.. .. 

U4A 

SonbOit Fwvfc . 

ssssm-- 

AS!KSfr^«j 



Oo.Accun 

G.T. tlrttt Managers ltd.? 
'ItFMbury Cwun.'CCZMTKI' 
6.T. Can, Ik...; . 

Ob. Act,. 


(Murray Johnstone U.T. Mgnt.V (a) 

16J N«* SnrH^CItlijo-s. G22UH 04| 


HkiIi ' 


MolHun ti.ir 
PriiMuilui 


lues 


LC1M2XH 
... .11110 


139 fi -0 5| 


IT 

Wrir. 

33'- 

: 

• i: 

h\ 


»! 5 


1 


%• u'JLir r . 

59.) 

.?)*c 

■* 5» 

J 

E» Ct" * 

Scei E< Via- 

7Sot> 
168 4 


1 ^ ■ 

_ :&r 


■Pr-tr- al (JO. - 

! 'led 

•> Hi ft. 



1 SUSb 1? 
km .r.-e: ««n>f Or 


I . •! -• 


- J H o*}-K!H2l Quitter Management Ca. Ltd,? 

MJEurnerift ... |81 1 _ 8M--J 3*4 IwSlt.Erti-ji-ir.ECIN !Hl\ 91 *30 517” 


1-C SovmS!n , ei.0O'k«i»|. 


L'VteSraa: 



_ • 6.1 lit Fd.Uft- i 

4.47 .C.T.U 
5J2- t-T. Japini Gwi. 
at! 4fepw.Ea.ri— 

'.'■ •• eJ.'InlTFiMl.. . . 

7 - w CT.FawVorfd 5a 

6-W'S. t A; Trait (aXffJ 
- S Eavtnoh lto*a. Brrnraood . . 

ft ft*..-.'.. j»6.;. KW-fl# 

Gartmore Fund Managers? UHb) 
"?S1. Mary Air SC3AB6P 


ivBu East Trod — . Js.3 

SSSK&zKL 

tS^Sn^F^-— 

. toJlroJ. To. (AecJ„_ 


48 J| 

hi 



-ft? iw 

MAmon Unit Trust ttanafars Lddr 

158. Fmcftmtn Sr, EC)« 6AA. -023 8!): 

AiMmcnu.T. [5i). 3 MJ4 t 5.10 &khs {Antony) Unit Tit. Mgs. Ltd. 

Aoibactier Unit MgmL .Co> Ltd. 

lvNoble St , EC2V7JA ' ‘ 01-6236576 Ui AC. JnttnwV. . .' 

lot. Monthly Food,. .fl» . . - W .;1 4 .J 72 . gJA-g-feJ® 

AebuttWBt,S«uritics Xtd. .(a)fr). : - DraUng' 

3 -. feoen SL. Londoa, EC4R I8Y 


0N'I<4 Dm FiMUy. 

OliSflUl M **tual Unit Trust ManagerilF («5 (b) 

15. Coouuii A«e EC2RIBU mjjihj 
Mu:uaiSrc, Pi.n . UJo 

Uuliu In, Tm 170 f. 

Mtitiuj Blue Ch« .. W4S 
Mutual High Ykf |S7 5 

National and Commercial 

31. Si Andr** Snuair. EAntairoii □ Jl-556 8151 
iwnmr Nn 23 . . . (157 8 1A1M | 5 91 

. . 'Acclmi UnNtl. laiejf 32? 4) 

‘0377‘ZZrtQO w 0302 Ds.S 

rt *02 4.62 ,A «iiin UuHy.-. . JlM 8 164e| 

National Provident | n v. Mngn. Ltd.V 

*& CracfLhu, t h Si. EC3P JHH 014.3J0200 
»« p 1 r M u, Un .Tu . . 147 0 50 0nU I 4 80 

^liti Unltrt- .. 54 4 fc? d . . . 4 HO 
MPl 0‘w*» Trwi. 124 Q 132 S .'40 

(Accum UnUK~ . JHJ IK l| | T40 

» Not ^0 Nrit rtraJlrPi Oft ?fl. 
“Pr.crs wi Ntrt 1. Nfif Mfmg Tito IS 

National Westminster? (a) 


Uud'n.w! Crn. F.1, 
Q-ianr am inuvie 


1106 4 
IlllB 


310P 

1B«! 


5 50 
350 

§3 

a 

2.00 

7 JO 


01-293 3531 


a 50 

7 55 
a 74 

8 76 


414 


Reliance Unit Mgn. Ltri.lF 

Orlunii- . TuntwiBge ArK*. Ki 0F9." 
0 uu>Rijw 1 iFi< IfaT fl 77 II j 
Sfflo«tei* 'Act i 461 49 > *0 u 

Srklorun T Inc. .. |442 47 Jj -0J| 

Ridgefield Management Ltd. 


4 

7 «6 


t; 'i 
»oi 
j 49 
549 


J8-40 kmiMi Si Mintim'.rer 
PxigrArld l.rt LT 191 

RitMrhr Pd intomf . . | T 


94CI 

9BM 


’Jfl Mu A ill 


A.r Eremci. - -l?t\ 

A"R r>rOB‘ , i. ... Ul * ■ * • 

Aa S*"Sllr r r «'■ • 

t <pmo: Hiqe lie. 

r.-mul tin LtfM. 

['■.iwt T«l ... 

Inctiinp Dr.r ... ■ 

Inc ;0*nWen»l. 

Inlrl tronOI 
lu l'. 1 Ural! 

Mj-keiLradn* — 

'Nil Ytpld' 

PiH ACiHTniC 


Hill Proorny SAJM'- 
; a: Specui 511 T« 


9.40 


u'7. Biin. Accum 
0 K firtn thll — 


?E 1 

76 0 

77 l 
301 
404 
Me. 
481 
25 7 
50 3 
28 4 
233 
20 ; 
32 ~ 
230 
148 


•G i :! 
is.’r!) ! 

:b 5< -:2[ 
hi 

.44 if - i ; 
... -■ 3 _. 
53 «•• -0 2 

* ‘ *«- .1 

'i 

,1 


3 55 
: v. 

G 47 
' M 
J26 


T..JM Tit. Mgn. (ScstlinS] (» (b) . 

;« "■»' ' EX ; . “raLS? 

SKn» ,tau Sl SSi&^r M 

5»»f* incsor Fd . W> iSlI-a:: 4 8a 1 

- . _ 'Alien Harvey 4 ROSS Inr. MgL IC.i.l 

Trades Union Unit Tit. Managers? j l cnarwoCnv Si ■*«*» Hr c 1 
100. V/eoa Sire# 1. EC- Dl+c'SBOl] | AMRCIM EnqFd ,|I10 19 10 2u) | 11.98 

7UUio*ci 6-il 1 5 34 j A Hiul h i»t Securities iC.l.i Limited 

Transatlantic end Gen Sees. Co.¥ ]P0 fer»I.Sl Hebi-r.Jrr-.rv 11534 72177 

[ 4.16 


Keyset Ulimann Ltd. 

M'hi Street, £C2V «U E. 01 6% 7070 

Fcnwlec 'frl.W 1 5451 -JM 

B.H«KkE. U-iiJW 17J6«J 1 

Cm Arc:-. Cap |n.W 


2«1 

iiii'A i!w u5-o.nl — 


King _&_$ha= son Mgrs. 


OJ 99 K.a Lanrtcn R3 
Ba-^icJh P *7eC 
it:on ljni,; ; 1 1 B o 


q ’ ; ILirt,.L«P* Hr. ?" j£i ? 
4 ?j e.ieinn. Or: 7 * 

• A-Ti. nl iJmL' , 101 1 


37 W| -D 
10S! 


75 '> -0 
: 0 1 ! -0^ 
j> ; * 0 !. 

74 ilii -CT* 
21 Jr;; -U 


; 54 

5G2 

4 S? 

12 24 

w 

5 79 

5 


:ir:' 

, ieO 3 


:5S 7 


Rethiehild Asset Management (g) 

72-90 Gmrho.|..r Da Aglnaur. C29t.5QCl 


J. Henry W*gg * Co. Ltd.? 

120 Ltirap- idr. E C J 


Coin’d Oft.E . 

Accum. umr 
CumS 1 D>-: b 
AOnnl U'MU 

Cim D« 5 . • Si l 

Auuin L'ni>' ;6c . 
UarinoraOr: S . SC £ 
lAccuni. L'ml'.E 'if 5 

Van Gutrli.Di'; 5 ,50 7 

A.tUT Li nil . ! ,h2 5 


k C Erju.lb r 111 .1 
N C £n<n. R*. 7 m 
N C intuw Fund 
M C. nut fa line. 
N C I nil Fa .Art 
NC Smllr toy’. Fd 


17.': 
207 1 
,1484 
55 3 
lab-« 
1340 


181 
113 , 
157 8d 


- 1 -1 .. - 1 

-0.1 2 74 

. _. •JS 7 39 

°o a 1 , - 0 ti 1 as ; 
ww-oa f 

69.3 - 1.4) 4 47 ’ 


3 rredetfck’1 PL. OH Jrmty. EC2- 



161.Chr«tridr EC2V6EU 

Capiui lAcuwi.l [67.0 

Enra inc IS7.4 

rinjinclai ... . lu 9 

Growth Inv SI 5 

Income 

PortlDUatto Fl. 

Unwrrsal Ffl.lfll 


a.-JRS 

1 .. ..|53 9 


7201 -0 1 
72 4 

37 5 -0 1 
06.1 -0.3 
300 -31 
74 74 -0.2 
57 W -0J 


4 35 
7 9* 

*:& 

1 12 

2 51 


Rothschild & Lowndes Mgmt. (a) 

Si Sntihirnl jw. Ion . fC4 Ol67b410o 

hew C l E tempi . 1022 9 17901 I 164 

Pr.cn on No- IS. Nrit drakitg Or:. IS. 

Rowan Unit Trust Mngt. Ltd.? (a) 


ClpiL’l D« 5.- 

I Aceiim > ... 

Inrumr Drc. 5 — ■ 
Atcum Until. .... 
C-ihtji Dec 6 - ■ ■ 

I Ac Cura IMUI. 

Euro or ttSK. SO . • 
Accum Uruti, ■■■• 

PnAC<aFaNe«Jl. 
SurtEt.Dft. 5 - 
'Recnrrv Oet. 5.-- 


102 Q 
174 u 

m 

El 0 
1095 
J] J 
Me 
16? E 
2bJ < 
M3 4 


105 oil, 
129 l! 

;m r-.:' 
»7 0[ 
5! 4i 

^3 


CrlfGdlr N:r.. Fur.buir Sa.. EL7. Ol bOelObb Incomr L'nit* 


3J2ir, 

37 0| 

1714. 

ns 

209 6. 

for U> titnvr ,«.n ml. 

Scottish Equitable Fnd. Mgrs. Ltd.? 

73 3j. Andrew? Sq. EUmbiujn 03'. -556 9101 


2 74 
7 74 

ill 

196 

19o 

321 

371 

4&4 

3P5 

4_49 


.'jd’HvOr: 5 
Vi.iu T'-V Dr: ta 
. A:cu-n Lnif. ' 
WicSr- Dr: 7 
Accum l n.T > 
W>aDn Dr: 8 . 
Do A:Cum 


'72 8 

45 4 
|47 4 
.63? 
'*> 4 
.'Ml 
,79 5 


■ -EtC 

1.2 'I 

*:jg! 

'%& 

6101 
56 1 

y 

49 I 

Bt? 

EJ3J 


61651 ! ^ 7 " J 11 * 0 120 M 

..mi Mnr cbr.n D«-. ia 

I ? fi Gw'l 5«' l*«0 !C5 

i ?Eb N?«t 'hJh.vr rjp. urr*^.^ Ifl. 

EauAldtlTMtCI) N I03i 

I Nril dralHq date Decrmorr 26. 

j Australian Selection Fund NV 

U Ariel Opportimtir 


544 

5 44 
5 47 
547 

7 o$ 
768 
532 
537 

It 

3 74 
3.75 

8 Bs 

l£ 

a 44 
a on 
B.2S 

azz 


I 1200 
I 3 b« 


Tyndall Managers Ltd.? 

Id. Cantnqr RnC. Bn:io. 


D777 



^ T °C KS 


— High Yield- 

*htAcnwi. uwts). 

Erm Income Fd :..t_i 

inc. Fuad:. 

cum Untel.__. 
l% Wdnjl. Uk.) 

race Fund 

Jlnttii.. .x.. 

CaniulFimi-.i .. 

ConuMdiw Fimo 

i Accum. UnlUJ 

(1096 WTdnw.U.i 
FwAProa.Fd. .. 

6:ana Fuad 

c Accum. Unhsr- 

GrdwtnTuntf 

i Ac cum. 

SuBifrr 

EMOfRi . .... 

ih^WdnW.UtLl.. . 

Feiw^iFd — - 

K. Aowr. AJm.Fi .. 


v Units)-. !!'”] 
rCo's Fi _.. 
lAial.Fd 


NEL Trust Managers Ltd.? (aMg) 

- Mihon Couri, Dorking. Surrrr. S»ll 

• • 2 , 1 4Wr ; 64.61 -0 11 507 

03-589 5670 N ' l,, a' HiW" Inc . |446 52.d -Dfl SOI 

05 Norwich Union Insurance Group (b) 

05 P 0 bo. 4 Norwich. MR1 3NG. 0603 77700 
r-rous Ti,. Fn . . [368 J M7 7( ,| 5 1* 

fimveibn Management Co. Ltd- . . Pearl Trust Managers Ltd. (aHgXa) 

59 Gresham Slrres. EC2P 2D5 m-«Sb 4433 257. Hiqn Hpltorn. WC1V 7E B. 01-405 844 1 



J8?.J 

Rear orawq day Dec. 25. 


Amrruan Prc 

Srcunliri Dec 5 

HlqnYld DrcS 

i Accum Units' 
Mrrlin Dec 6 ■ 
i Accum Umii' 


66 0 

fcT 

179 7 
464 


<■401 
IBS DJ 
51 Jd 

aid 
303 H 


1 64 
4 13 

3 74 

s :c 

4 j] 

a U 


Incomr Ore . 

.Accum Units' 

CilfcUJDec.o . 

■Accum Unin- 
E ir -del Ore 6 
-Accinr- Units - 
liu. Ear Deo. 6. 

IJkrimr Umd 
Prel Ore b . 
-Aj^uoi Uniti. . 


90 3 

j;u? 

1172 8 
,1b? S 
114 6 
1 1650 
£517 
285 0 

105 4 
1133 7 


tesrfitf - -Bp 

ano-H Vd.Det.? . nig 3 

lAcnar Unm> . .. _||l»3 
EjkJfav. Dec 5. . . IS7J 

(Accum. UniSil 226 6 

Grradulr.Drch »/ 

r*stumUnrti i Jfc2 

LnJbBrsH. SrcA pD5 73 it . 

(Accum Uniti-— 77 3} ... 

Guardian Royal -Ex. Unit Mgrs. Ud. 



Prvi Ctajih Fd. . . [24 7 7b6l ‘D U 4 77 
Accu«<Ll.„b. .212 s:f 

Pearl Inc m.4 36.1 

Pearl UniM.. 06 0 38.8* 

■Accum. Umts) H7 4 5LI 

Pelican Units Admin. Lid. (g)(x) 

91. Fduuuin Si. Manchenrr 061-736 5665 
Pel-cun Unui . |88 0 94^-04| 4 75 

Perpetual Unit Trust Mngmt.? (a) 

48. Hart St.. Henley mi Thararb 04412 6468 


' I** a«; ' i ?.< 

i. 30 Nprl dralmg Dec. 15. 


Royal Ecebangr, EC3P JIM 
taQl GuardMIl Tu.,._|96.8 



options 


t? ira 




:: 

)L “• 

;< s -a 

.Sr'. 
.34 ie 


3j- 


Ti'. 


3;f 

SeJ- 'JS' 
r' 1 

5; 

3f] 

XK.& 1 
• TA> 








> i 


■2 ,.N . 

,.h $,■ 
> ! y. 


Archway Unit Tit. Mgs. Ltd.? (aKc) 

W E 1 / 1 7NL M4lffl 01 - a V Henderson Administration? {; 

■ Barclay* Unicom Lid.? (a)(cUg) U.K. Funis : -~ l 

l-mtnrn No 2S2, Rorrrfod Rd.. E7. 01-534 5544 CttO! Recwery..;. . ..[tti 

. Urksni America 1 

Oo.Aufl.ASC. .; 

De.Aujtlnc......— 

06. Evtn InstRfle 

Os, Financial — 

Ob. 500 — 

Bg. General _. 




014^8011 Gih. : M3 2 468| .. .| 347 

nl( wdi( - 4 23 Piccadilly Unit Trust (a)(b) 

Antraiy Gibbs UrtH Tritsl Manageri Ltd. 

3. Frederick's Place. OM Jewry. EC2B 8H D 


Royal TsL Can. Fd. Mflr*. Ltd. 

54. Je-myn Slreel. S VV I 
CanUal Fa 
Income Fd 

Pncr-. ji hn 

Save & Prosper Group 

4. Git-ai ti Helen-. Lmdeu EC?P 3EP 

68-73 Oueen 6t EdinOwgh EH? 4!kA 
D-»l«n 10. 01-554 sa“» or 031 226 7351 
Save & Prosper Securities Ltd.? 
IntentJliOnal F unds 
CepiUi ... 157 0 

ITU W5 3 

liiuv Giowih . [693 
Increasing Intent Fund 
164 3 


Hlgh-VInli 
High I 


_ .. Growth Acu- — -| 

Dc. IncKRf Tst 

Do. RfCMt; 

Do. TnateOi .. 

Do.vridwWeTsL — 

B'Dt-luFd.liie.— 

Ob. Aram. —— — . -i75i 
paring Brothers & Ca H Ltd.? (4K*J 
8B,LeadmhsllSL.EC3. 01-989 2830 

RnWaTt. 


4.06 


*0jf 5.35 
.^.T 12 04 


One. 29. 
rOS 5. SO 
■rdf 5JC 
2J1 

Ifl 


:U 441 


; Sb. .0? December 
Bishopsgate Progressive Mgnrt. Go,? 
9TBWK»w9ate r EC2. 


Cap Growth Inc 
Cap. Growth Acc. 

Income A Au#t» . 

HfaftlnoM? . . 

Cabot Evfra Inc. 

CiboiPmf &GIR 
Sector Fwak 

FlnaactalA ITU 126 3 

M&Nat. Rn ]27.6 

InterBational 

Uhi , r 

interaationnl 

Wdl.WeteDK.8 . |74 

sssazrf_ i*7s 

Calm Am. Sm — [*10 

Inopl Funds 

Japan Doc. ff 98.0 

H.Amer. Dee.8_ - . lU« 

Smaller Cm !4&D 

KJH Samuel Unit TsL Mgn.t (iO 


.249 

UK 


01-586 *111 
Emru income . . . 

Small Co's Fa 

Capditl Fund i4J.9 

Im. Emi.4A:i«i 45 4 
Pnvai* Fune . . .ijfc 7 
AcnunKr Fund . ..IB7 3 

tewp/rr. .1.? 

American Funa . _.|22 2 
Practical Invest Co. Ltd.? (yj(c) 

44 Bloomsbury 5fl.. WC1A ?RA 01 623 6693 
Practical Dee. 6 150.6 154 81 I 4 41 
Accum Uruiv Ji]7J 230 3) J 447 


124 7 
403 


3231 

447) -0^ 
4i. bS -ag 
jO *oj 

34.4) *0 1 
7.VM -Ui 
MM ♦ O.b 
384 -03 

24 V 


10 80 
520 
4 EO 
550 
430 
280 
5.M 
!.?0 
320 


.. lucerne Fundi 
Hfell Rrlirru 

Incomr 

U.K Foods 
UKEguity 
Overseas Fund pi) 


|n3 3 
410 


>45 9 


.10 yj, j 524 

Accum. linns [5^5 «.3 3l I 5 24 

Dralanh dat -.i>w«i, 

Sebag UnK TsL Manaqert Ltd.? (a) 

PO Br. 511. BcWbry H-e E C 4 01-236 5000 JAfeiBr Su Ufebweh 

Sr«,C^«IF| '-[«> S5I S?5 cSi 6 . ..'fop 

S:nea Income Fd^|31 » -3 L -0--I 8 36 lAltlinl u n „.,. j]t9.6 

Security Salectidn Ltd. unorai wsRErnw 

01629 BC5 1 55-14 LattVs I iiwFWra Ol^.lj d<«V- 9 Capital Growth . 

■Jnvl r.in Ttt Act 124 7 263' I 4 60 Do Aenm ... 

VirWCihTM lot- . 1210 ?2««; I 4 60 Ertfjlnc Growin 

Stewart Unit Tst. Managers Ltd. (a) “■> 

ii ClurtWirSo.Eifiwvih. 0317763271 

tsienrt American Func 
HinKluni Drati — IS* 4 63 2J--1> 1*8 

Achun L'niL- 688-92} 143 

Wnih*ruwa> Unit* ..!<• * 50 4i-0 2l — 

"Stiwurt arftWl C* rial Fund 
^■snflard - Jf ? 0 IP* - - 4 K 
Araum. Unit- [162 4 |7i 4l . | 4 05 

Oritng TTum 1 f.. -v.-a. 

Sun AJInnce Fund Mngt. Ltd. 

Sun Alliance H4e..Her\hrr- 0403 64 141 

Eip Eg T« IWv 8 . (£21*4 726 31 I 445 

YlVFamlivFd . -|49 0 10Sl!-0«! 3 84 

Target Tst. Mngn. Ltd.? fa) fg) 

31. Grevhim Si.. EC 2 Lrsiiny. D796 5941 


FmjncialPr'rr/ ■ 
Do. Accum . . . . 
High inc. Priority 

Mlp-rj'ionjl . . 
SPffiJ’SiL' 


_iS! 

!*;i 

-. [16 4 
... 20 5 
. W4 

T ° 
:34 b 


32341 
8 67 
S 67 
4 7* 

4 79 
800 
COO 

5 10 
550 

1241 
12 «> 
031 225 1163 
37541 . . 9 3> 

1* U . . J 5 nO 

1782| . 1 5n0 

021232241 

RS2J-0JI " 

9J i| -OJI 
42 ?i 

«! 


104 tel 
197 |c 
’J5.4 
192 0- 
120 C, 
173?, 
ME 
244?, 
:ll.a 
1412 


21 9i . 

29 Z - 0 2i 
37.0} .01.' 


634 

634 

9.ha 

500 
8 74 
?99 
519 


Eibsw SSI 

Japan ... 1044 

Sti-M . . bij 

US |7D1 

Sec ter Fwidi 

Csmmadily .. . |7b£ 

Energy. .. 69 5 

Financial Seti |10 4 

Higb-MIfllfliviB Funds 
fried imcmai. . |2514 
Seleci Income .. ._ |5*.0 


Neil 10b. day ’Dec. 12. "<Bk. : 19 
Bridge Fund Mariagers faHc) 

Rtgir Hu, Kfeg-WUlraai St, EC4. -. 01-423 MSI 
“ ‘ 25-2T 



Ol’SMMWI 4S Beccti Sl. EC2P 2LF 

lb) British Trust 

3H (gl lolTTrtrsi 

i24 (g> Dollar Truu 

tfi) capital Tmu .... 

IM Financial Trust. ...... 

(b) fecome Trust. (27 3 

ib) Secumy Trust 1533 

( High YWd Tjl — IS.O 



»K-r±:; 

I Si6^Sg *tu5.~t5Ss5r tTtwrs. Pricm Dec 

BrftuniR Trust Management («)(«) - mi EmA& &Geiv^ 

JJar^ u,v MS l ^7u l om gTSfiS- 


' CM High Yfeld Tjl — i 
I ntel*? (9)(f) 

35, Chrinophc' Street, E C.2. - 01-2*7 7243 

Infer. Inv, Fund . -,-[88.4 95.81 ..-.'J 7-30 

-Key Fund Managers Lid. (aXtf 
25. Milk SL. EC2V6JE. - 03-8057070 

Energy livFd. 




■ftyFisedlnLFd..--: 

Key Smell Co’s Fd — 

Klehnrort Benson Uiitt ManagmS^ ’ 

20, Fencburcta St, ELL3 034238008 


l(vB.Fit.ln.TsLAecZ2 

KBSmliCo'jFdltic 

:JC&5m.C<&£dJkc-.. 
WsSyw.® lnc„ 



•5.7 

1210 

•--‘i 

60JL 




■ 514 


•§| 

IZZ 


Status Ctonge 
Onhr Energy. 

The British Ufa Office Ltd? (a) 
ReKaneeMse, Tunbridge Wells, KL. 089222271 
BLBrfUdlUft. 


High YMrFd.AccZZmJ 

Lie Unit Trust Management Ud? 
The Stock Ewjtwge. EC2N 1HP . 03-388 2090 

LSC I^IlUbFdtrl^y I...-. 1 ! 

Lawson Sou. Ltd.? (*Hc> 

37, feemi'sSL, Ujmhm EC4R 10Y. . 


BL Dividend* r 

- *Prices Dec. (LJtext doting 
Brown BMpley Jt Co. Lid-V 
Mngn, Founder* Ct, EC2. 
MUeUsp«s^._-:~- 



01-236 5281 

6.1 

6.1 

is 

fS 

050 


tl 


Da. tea Dec. 
Ontafe Tnnto m 

E23! 



4.82 

439 


Canada. Life Unit Trst Mnflrs. Ltd.? ; 
2-6 High SL. Pbtteri Bar. Herts. * P. Bar 51122 

Cafl- BteKsL .1ABJ KS -tUj 434 

Do. GeA-Accum ™..»53 5211 +03 43} 


Capel fiamts) Mngt; Ltd? 
ino. 0W- Broad SL.EC2N1 BO 

capfUL — m.g 

income. — 


im. Ttyw. |Wk 

. Legal & . General Tyndall Fund? 

01400 8520 ■ 18. Canynge Road, Bristol. 0272 32243 

3813133- !KK-u l S5E=ffi JM .•=)!■ 

miAiA-ujf «s H«J sub. day December 13. 

Leonine Adiriitristration Ltd. 

Z Duke St, London W3M 6JP. 01-486 5991 

Leo Dm.-- 1754 

Leo Acci a n ISA 

Lloyds Bk. Unit TsL MfHJrs. Ltd.? (a) 

* 

Do.CAccumJ 

I rtcome — 

Do. (Accum.) — — — 

Extra Income ^ 

Do. (Accum.)- — [722 

Lloyd's Life Unit Tst. Mttgrs. Ud. 
01-588 6010 - 7Z ‘80- Aylesbury 02% 5941 



Burfty Accum. , 


-Q65.6 17431 | 466 


■TBWttfif dnri £&■’& a r 

CarfM Uirit F<L Mgrs. LhL? (aXc) 


m * s 


Three few. Tower 
Set 

American. 


01-6264588 


MRtam bwn, M mpM; 2U» 

SlSr . 70#d| — i iS- (Accum. Units).— | 

i lommaT 
Accum. 


See alto SiortEjfebang* DmBiwl 


) Growth... J 

n Growth,. -| 

gosiwrfVM Inc. 


Hen deeJIriS iaM December IX ‘ 
dnrincb Fowltt ■ , 

U. Voont^e. Luudon. ECZ . 01-638*121 ("Accum. tlota) 

laaaMhcBMS-. - i-m 

CharHfes Official. Invest- Fd#' - ... - 'fffiSm. uoiS5"Zr» 
77 Loodon lyall, EC2ri IDS. “ 01-5681815 

ssess^-^;- := 

General 


_ WMiin oSy awlSSe » Reg, - a -. 

Far CharterinuK JAphtt see imt> Flute? 

Chttftaln Trust Managers Ltd? (aXf) - 
11, New SL, EC2M 4TP. - ■ 01-283 2b32 


(Accum. Units] — 
High fecome ■ 


Amman 

F^r Cxstern TnSt. 
HigA Income 
interaaOoaal Tsi 
Basic RMcardw 



(Accum, Units)—- 

Msgiwm. 

(Accum. Units)——. 
Hlflflwtf— » ■ — 

(Accum. Uqksl 

Recnwry - 

(Acctatt. Unitsl- - 

Second Gen 


j“— HeS? 


Imp. GtmrtbTiL . — (243 
Confederation Funds MgL lid.? <a) .. .... 

M. Cheneen Lev. WC2AJHE. 91-2420282 

Growth Fuad---: ;|46J) ... 48? 4.J8 ^gJKcS^.! 

CBSaspsBtra Fund' Managers . - - LAcam. Units) 

So Pfe* Street Loodon SW1X9EJ. 01-235 85S. Spetiillsad Fund* 

CMmapotiuGriLFct ' PJL3 .' - 34.fl 5.80 Truaoe 

DolnoomoFd.- jSSfl- ilfi .. .J 1U9 JAAPwOhilBL..-.. 

Cralgmount Unit Tst. Mgrs. Ltd. EKSS-s!!— 

4/10 Foster Loae,'EC2V6HH . ' - 01-606 9262 (Accum. linHs)™..-' .. 

High Hkooic — — M73 SLS 1 10M Pen*..^*. Dec. 11- ..(14 

SiwlSter® m :d 900 ManuLKe Mawgament Ud. 

CreW Ite» Tst «W». Ltd. bXt> SW “ JJ 

4. MMriUe crei, EAgghs: ... ammjf MRragMient DO. Ltd. 




14-18, Gresbam.SL, EC2V7AU. 

- - 14 


Cres. Anwr. Fd— 

Cm. InteroAtl. 
fees. High. DHL 
Cm. R e serves - 
Cm. T«fo«)— 

OiscraNoMry Unit Fund Maaa«rs 
22. BtooSeid SC £C2U 7AU • . .Tn-638fMS 

Ou. Inc Dec. 8 R7|4.-.140te| .--I *■* 

E. F r Winchester Fund Mngt Ud. - - 1BLUK 

OW JeWrj, EC2. ■ ' 01-4062167 ^ ' 

SBSKsW . WM'jH* Esdtb&z 


HU 

8.41 nwuoeDec.5. 

General Dec. , 

iM . Intern. Not &-.... (435 

Mercury Fund Managers Ud. 

30, Gmluim Sl.*, EC2P ZEB. 

essa£it-d B “ 

Merc. IflL Dec. 6.—; 


.01-606 809* 
8.62 

'431 .. ...J 6.06 
45 fl ....I 300 


01-600 4555: 



too 


Emion 4 OBdky TsL MngmnL Ltd. 

20, Arlington 9t, S-WJ. - 03-499 7S51 

- - in Ab»f Unit Trait Mngn. 

Eqatty ft Lav Un. Tr. M? UKbXc) 
Awnhui RtL, High Wycombe. 

Eiprity & Lw« — , — (68.4 


Midland Bank Group 
Unit Trust Managers Ltd.? (a) 

^ftrsss: ^ »«79842i 


AG«i;.. 

De.Amn. 

Growth — — —- 
0W33T77 - Do. Amml . 

7201 +031 4 30 gfSwS-— ^ 


Janes Fliday Unit Trust MngL Ltd. . 
10-14, West trite Shut, Glasgow. 041-2041321 
J. Ftalay InUrnat'l — ®.3 
Accum. Unit* — K/4 

J. FMay Inebmr L 

' “ * i Eom.Hn. — C 


J.FMhgrl 

Accum. U l — 

J. FlblW Fd.HLrtL^-' 
Aoara.lJnlls,. ia — 


Prion Dec, 6. Kent dMhofl .Dw. U- 



tnoome- .. 

Do. Accum. . 

Inunutlonsl 

Do. Accum.-. 

, High Yieu 




CORAL INDEX: Close 489-494 


n 


INSURANCE BASE RATES 

tP«PdrtyGrowih~;.~.~.— ■— - — 

tVanbrijgh Guaranteed 


,:-10.75% 


TAddwit shown imfler lusuranc*- 4*1 ' Pnwrty- Bond T, able'. 



TSB Unit Trusts tyl 

21. Cn.’TBr , MU**. And oi-i. HjnK. 

DriOncs (a 3264 63*37-3 
OiTSB General . . |4 b.7 50 0 -0 

63 1 
ol 7 


i Do Accun 
•a* T5B inenme 
id Do Accum . 
TSB Scounn . . 
ioit»o Atom . 




Jtbl 
.'a* b 
. |4| 4 


79.41 

m ...:. 


0264 6S US 


3 97 
347 
7 AS 
7 45 

IS 


Tjran ComnroWy. 

Tjrgei Financial-. 
large: Eoulnr— . 

T.-.rgci E» Dec 6 - 
9>Da Aec. UrtB 

i a ran Gin Fund 

Taraei Growin. . . 

Taraei Pa:. 6c Fd - 
C»: Remv. Units — 

tarqrt Inv 

Tqr. Pr. D-C.6 
T^t inc 

Tc- P,rl 

Tgt Sprcial Snr /20 o 



Ulster Bank? (a) 
War.ng Sire-:. B-l-a-.-. 
(mulct" Growth.. . I3S 6 

Unit Trait Account & 

King William El EC-R 9H 

FrarvHye Fund J3 e 


Wiel-rGrtH Fm 
Do. Accum 


•jao 
136 3 


0232 35231 
41.il -0J| 5.61 

Mgmt. Lid. 

01-bT3 <951 

-J 


mn-i: 

7 3.3; -l ! 


<67 
4 b7 


Wleler Growth Fund 

King William Sl EC4R-1A2 

Incarv Unit". |39 4 

Accum Units , 3o 8 


01-623 4451 
Tt' -l?l 4 67 
38JI-1.5J 4 67 


INSURANCE AND PROPERTY BONDS 


Abbey Life Assurance Co. Ud. 

1-3 Si Paul' 

Equity Ftmfl 

EouHy Acc 

Propcrtv Ffl. 

Property Acc .. . 

Sriectlve Fund ... 

Convertible Fund _ 

tA'-OnerFunfl 

JJPrup F«. Ser 4... . 

VrAan. Fd. Ser 4 . 

•Equitv Fd. Ser 4 . . 

VCoov Fil Ser A 

?Mcme\ Fd Ser. A... . 

Prices al Nor Z8. VaUdUnn ooroully Tun. 



Crown Life Assurance Co. Ltd. 1 


klang'dFuvl Acc 
Matiq'd Fd Incm. 
Maiin'SFU inn . 

Equity FO Act . . 

Equity Fit. I run ... 

Equity Fd InlL. . . . 
Property Fd Acc. 

Properly Fd locm. .. 
Properly Fd. Imt 
Inv Ts: Fd. Acc . 

I*w T-a. Td Inrjn 

Inv. Tm Fd ln<l . . . 1102.3 
Flied ini. Fd. Acc. . .[lOO 6 
F*d lnt.Fd.lncm 


Albany Life Assurance Co. Ltd. 

31. Old Burlington SL.W.L 01-437 5%2 

r 5 


&S&US - 


UGul.MotHwFdJiC ... 11 

Vfntl.Man.Fd.Acm.... 10 

f Pmo.Fd.Acc. 135.4 

TpJ? lev. Acc 170.9 

c “-cFtLAec....' — 


G'id. Mohjpm Jkic— j 

lntl.Mn.PnFdAcc 

PrOD.Pen.Acc. [ 

NTpie Im.pBiJUx fcau 



w 


Irier'l Fd. Aa . 
Inler'l Fd. lucm . 
Money Fd. Acc 
Money Fd. I nor . 
D>»L Fd. Incm ... 
Crown BrL Inv. "A' . 



Uoyds Life Assorance 


VU1L GL Nov 30.... 
Op 5'A'Pr Doc 7 ... 
0p.5‘A‘EflL Dec 7 .. 
Cp5 - A"Hjr. Dec 7 „ 
Opil-A'lltin 


1 MC08 

nt m 
Hf l m 


Oet-1 

^A'Od*.. Dee 7 . 

London Indemnity & Gnl. Ins. Co. 
18-20. Tier Fortuor. Re-Mmi 

r» ainisac-i^i 

— Flvedinteresi JJ- 3 

The London ft Mane 
Windsor Park, Exeter 
Cap. Growth Fund ..* 
djlex. Exempl Fd. — . 

iFsnA a 

FlevlMe Fund— — .... 
inv. TraaFi 
Proper? 


Royal Insurance Group 
New Hall Plccr. Liverpool 
Royal Shield Fd. . . 1146 7 
Save ft Prosper Group? 

4 . Gl Sl Helen s. Lndn.. EC3P 3E P 


051-227 442? 
155.2! • - I - 


1 wS* ~ — 


Crusader insurance Co. Ltd. 

Vincula Moure. Tower °i. EC3. 

GUv Proo. Dec. 5 . . |74 4 8*J| . .,[ 

Easier Star fttsur/Mldiand Asiurl AmwiewFUBd.* 

1, Threatiieedfe SL, EC2. C1-5B8 1212 Com. Deposit* 

Eagle/Mid. Units |S5.l 5721 .| 5.98 

Equity A Law Life Ass. Soc. Ltd.? fJ *^®*^ 


uH ~ 

hester Ass. Gp.? 

0392-52155. 

237 1 
140.5 


Bal in Fd 
Property 
Gill Fd.- . 
583511. DepnsaFdt 

Coirp.Perj Fd t 


!132.< 


Ltd 


Fdt [1263 

eej Fd t . J£10 

*rri rl ..Q9] 
iit*.Fd • .1236 

is. Fa (S.< 

■ens.Fit .. . 002 


01-554 8899 
1-0 31 - 


-02 


965 

m 

% 

LB 


CBl 

Equity Pern rl ..rl9] ? 

Prop Pem. r d * .12362 

GM: Pens. Fo 

DesoL Pem. _ . 

-Pneer en December 5. 
nveeih dNlho*. 

Schroder Life Group? 

Emerorhe Home. Portiirouih. 

230.4 


Eqi'lly 1 .. .. 
EquiiyC _ 
Fl»eo Int. 4. 
Maimiea* 
Money 4... 


-Ob) _ 


0705 77733 


Three Quays. Tower Hid, EC3R6BQ. 01-626*588. g«^ry * 

Pnapeit/ _ 

K 6 S GbvL 'jtc.. A .. 


AMEV Uft Assurance Ltd.? 

Ahm Hie.. Alma Rd. Reigale. Reigau 40101 

AMEV Managed 

AMEVMgi'S'__.i 
AMEV Maqor Fd. .... 

A»rev^^Fd_.. 

AM|VPrep.Fd.ZI! 

AMEV Miff pe«.Frt 
AMEV S4gd.PCn.‘B 

FlexgSan 

AMEViframfegtan 

American — . .. 

income .. 

IM. Grtnvtb 



Am-TNiwm Rout High 


EwHyFd... 

Ksaa-?- 

GUtD^att Fd . 



Family 7^80-* — 
049*33377 Family flTJb**-- 

- fiSSTfe 

iFdBd.-. .J 


[235 4 

538.6 
'U5.9 

iio.o 

'sr, 3 

164.7 

123.3 

BJS Pen Can. 8 124.9 

B.S. Pen. Acc. B r~ ' 

Mngd. Pen. Cap. B .... 



Mn^d Pen. Acc. B 


. Per Arrow. Uft Aiwrwn jee 
ProvMnKs CapRti Ufa Anmanc* 


Barclays Ufi Assnr. Co. Ltd. 
2S2 Romford R0.E7. 


81-53*5844 



•Curfew wds value Dec- 12. 


BeeHn Life Assnr. Co. Ltd.? 
71. LombanfSt.. EC3. 

81k. Horse Bee. 1 — I 132.33 



_ Ulrtd 

- General PortfoHo Lift Ins. C. Ltd.? 

_ oO Bartltokuwv Ct. Wart ham Cnsi WX31971' 

= fS. Frtfe? WU itil . J E 

Gresbam Life Ass. Soc. Ltd- 
2Prtncro(Waie'.#d. Bmmati. 070J7676S5 

6.L Cash Fund . ...1991 104.31. .: - 

G.L Equity Fund. ^ 10B.4 1J<1 . - 

G.L Gilt Fund... .... 112.8 1187 ... — 

G.L I Ml. Fund 1U8.2 113.9 — 

G.L PfXy. Fund _p27 1011 ... - - . 

Growth ft Sue. Life As*. Soc. Ltd.? 
Weir Bank. Bray-on-Tbanus. Berk*. 063-3*284 
Flexible Finance ._. ’ 

Lanrflsank Secs. 


Recovery Fd, Bd~.!Zl6f *1 
Rnces m "Dec 6 -Dec 7. — uc 

Merchant tnvesMts Assurance? 


.. Pen. c» 

F tm. Pen. Act.. 
Money Pen. Cap B 
Money Pen. Acc. B., 
Prop. Pen. Cap B ., 
Prop Pen Act B... 


spy 

R47 


- a ln-ji kuunq l (luihwafie, £urinvfef Lui. 

Gygrpsey tm 
| «. Do Accian 

KGFfi uil Fd 
KEInll Fjnd 


ICKrtmCio'.'. Si H-iiet 2rr^,. in-.xa] 

Valiev £i O-ir- Pm G-w. jiurljlts.ls 

1 Thonac Street. Dcuotr I o V (0624) <856 
Gil! Fund iJer-.-y) . 4 31 "K [W 

CiP.Tnrltlal.Tj !0i8 1?5 5] . 12.25 

COt Fr4 Guernwv!9 15 9 I9rtj | ;i3 

Inti. Gotrt Secs. Tit. 

FlrU Slert.rj . (-;! fi .P7 \f !hl 1 „ 

Fnl Inti ISW 12 193761 . J _ 

Klemwort Benson Limited 
20, Fenehurcn 5t £C3. 


127. Kem S:. 

U5S! Snares I SUS1 <F I 
Nrt mrft i.lue Nmem-wr ’4. 

Bank of America International SJL 


36 Boulnunf RoyM, Lutemhourg CD. 

WUSe-mi Income .JJUSUil* 11567* .[ 7 55 

Pncr* «IX.' Ne.i 'a* it. bex. 15. 
Banque Bruxelles Lambert 
2 Rue De U Regmcr B 1000 Brus>el> 

Renta FuiWLF .. 11.903 lottf -1| 7.92 

Barclays llnicum Int '.Ch. 1 s_ i Lid 
1. Curing Cross. Sl. Holier, j-.y. 053 s 73741 

Oversea-, income Ht? 44 
UiWfUlUr Trust ... ..BUS11 1? 115 
UiUbonq Trim I&KU2J0 103 II 

Barclays Unicom Int. (I^.Mon) 

I. Thomas St.. Douglas, la M. 


KB Japan Fund 

K.8JUS Gwth Fd. 
Siynw fiprau* . 
Inrerntl Bd Fd 


SCSI? 7> 
5U511 7? 
yjsjr>& 
5US1214 
SLi<M96 
SU510C.18 


o:.622S83?0 


-1 


-0 12 


i n 

j 35 

< 35 

OM 
0 7B 
1B1 


Uoyds Bk. -C.l.i U/T Mgn. 

P O. Box 195. St. Helper. Jersey 
IloyflSTst. Q'seas (52.P _ 556] 


053*27561 
1 1*3 


| 1200 


Ne>: waUng due D-cnrbe- 15 
Uoyds Trust Gilt.. 1 -11000 | 

Initial Ode- Clairs 13ih December 

Uoyds Bank International Geneva 
P O Bo, am. 1211 Geneve 11 (Swluortani] 

es&fis imsss.- 1 is 

Management Internationa) Ltd. 


Unicom Ausl. Ext . 
Do Aust. Min 

Da Grr Pacific . 
Do Inti In 
Do 

Do Manx Mutual . 


ml Income pu 7 

of Man Tst.. ._W5 1 


V, 

m 


- , Bank of Bemurda Sinhbng Benraida 

■ ..] ifiS Canterbury Dec. 1. . ISUS3 10 I | - 


24.4 


a 70 
9 10 
130 


Bkhopsgate Commodity Ser. Ltd. 

PO Bo. <2. Dojqla*. I o U 
ARMAC 'fJtn b .IHT3128 332 
ANRHO”* Dec 4 . BUMS 11M1 I - 

OUNT-'Nortx - |£2627 2 756] 1 1 88 

Ongmallr ...<uyl 41 *510 anj --£1.00. 

Bridge Management Lid. 

P D Bor 508, Grand Cayman. Casmin Is 
H'bashi Dec 1 .1 V17.856 | .. I — 

G P 0 Bo* 590 Hong Kona 

N.ppan Fd Dec b 1! 053131 21 2<f | 0.78 

Britannia TsL Mngmt., (Ci> Ltd. 


M & G Group 

Three Quays Tower Hill £C?RoR0 01-526 4583 
AlUintic Dec 5 *113212 )P9l 

Aun E- Dec b [SUS? '.o 2-W 

Gld E< Acc Dec t> JuiSJ? ? 95i 
132.2 1*23 

..ii90 4 S 


0024-73911 [stand 

i (Ac; uri UnlisJ 


-01 


SR 


Samuel Montagu Ldn. Agents 
114. Old Broad St. EC 2 
ApolloFd Dec 6 [SFJv'20 7FW 

JariMl Mm. 30 Ih«-J29 14 30 

iff Group Nov 29 HjSiu2< 1113 
117jer»eyNo» 29 E5 09 
117 JsyO'sNcw 22 ]£I0 07 10 591 


■.■5a? I JeA 
I i oo 
nss 

I l Vt 



Murray. Johnstone Inv. Adviser 1 
163 Horn* Sl . Glasgow C2 0*1-221 5521 

■Hope Sl Fit. 1 SUS39M | . i _ 

-Murray Fund . ,| SUSlllUJ I.. _ 

NAV Noiwtber 30 


Negit S.A. 

10a E>oulevyd Renal Lu'prahourg 
NAVNoi 2* . | 5US12 14 i 


Negit Ltd. 

B?nf . 


30. BathSL. Si Helier. Jen*. 053* 73514 

Sterling Denominated Fdt. 

Growth I nvrtl . . [37 3 

Intnl Fd. . HL7 

Jenay Energy To. .. 1119 5 
Umvsl S Tsl Stg . . .1(2.11 
High Irn S!tq T*4 . HD 93 

U S. DolUr Dtna mi nxlrd Fdt. 

UkI STa fSUS52n 

InLHign lid Tc .. ._ ISUS095 
Value Dec. 8 Sen drain* Dec 
Browu Shipley TsL Co. tJerse?> Ltd. 

P.O 8o« 583. SL Helier. Jerte. 0534 74T77 PO Bo» 77 & Pf-.er Firt 

Sting Bnd.FdfhJ K10 05 lnO81*0LCq 11 W '■nw-Dollar Fund. . .15236 

Butterfield Management Co. Ltd. 

P 0 Eoi 195. H ami It on, Benmrt} 

Buttrecy Enuny . . 1SUS2.U- 
Buttress income 

Prior a Nov 6 Next wh 
For Candirex SA see under Keyser Utlnun 
Ltd. 


I - 


■ I - 


I - 


Soft* roll I 787 
6 Nett vuh u, )jo, 11 


t .)7he Silver T nm 
iihmond Ca Bd 
Do PlKiman Bd. . 
Do. Duunbrid St 


Capital International S.A. 

37 rue No! it- D ime Luxembourg 
CanUal Int Fund ...f SUS17 77 !-‘014f - 
For Central Assets Mngt. Ltd see under Do Em iraomeBd 
Keyser Oilman Ltd. Ca-rumnC Gi Bd 

Charterhouse Jap he t 
1 PatemoMer Row. EC4 


cV BermuM But>- HiuTiinjn 3- rrtJ. 

WAV Dec. 1 |t5 45 - |. 

Phoerfix International 

turmw 
7iN 

Guest Fund Mngmnt. i Jersey 1 Ltd. 
POEo. 194 s: Heher Jersey. 0534 27441 
Cues: Situ F\tt i rt. ;B8 7 
OukJ InlJ Stf, . . 504] 0< 

OuwimiBd.. liLSOW 095iil 

P-ire at Dec. 6 Ke>i drauns 

Richmond Lite Ass. Ltd. 

us. HM Jen-:. Oeunia;.. 1 0 Ul (Vk2- 2?41* 
i;5J|-0.6J _ 


0534 27«i 

D^li ! *?!B 

ft 4501 I 9.00 

'«? he: 13. 


-F11Z S 
1108.7 
1162 < 
93 I 
. leM) 

■ H«0 


114 -2 3| — 

170.4 -4 4] 
10-.2 
174 f 
lOflO 


11 65 


Rothschild Asset Management (C.I.* 
01-2*8 394° p 0 &*>■ 35 5l Ji l'.m' Ct . Guernsey 0481 2»o?l 


Atiropa ... ._ . 
Adnertu 

Foretak ... 

Forafis. 

Emperor Fund... 
Hripano 



4.94 

518 

2*76 


DC Eq.Fr.No. 30. 
0 C inc Fd Dec. 1 . 

0 C.lmJ Fd T 

OCSmCoHot 30 
D C Commatty* 
OC Dlr.CoriHty.t 
■Price on tat 
'Price* on De: 


Price 


Leon H*e, 233 High SL, Croyfon. 
Propert' .. - 
rapertyPem. ... 


LsmJbanfc Sc- Ac c 
G. fsTSli 


Wld: 

net ..[116.7 mi . .. — 
d — | C7.971 1 - 


l S. Super Fd 
Guardian Royal Exchange 
Royal £*cfimg«, E.C3. 


iqultyPeny. . 

Money Market 
Money MR Pern. . .- 

DeposU ........ 

Deposit Pens. 

(Aanaped - 

Manned Pern 

IS a?.:;:::-.::-, 

JnU. Managed - -I 

Do.Pem. I 

NEL Pensions Ltd. 
Milton Court, Doridng, Surrey. 

S*te Eg. Cap r "~ 

Actum. 


Scottish Widows' Group 
P^^TO^inbfe’jh EM165BU. 

01-6869171. Im pi».SrvlDec8 .0O?.8 
. — Inv. Ph. Senes 2. - 

liMKi.Cash Dec. 8.... 100.J 
|aU*. Acc Dec. 6 ,. 1<29 
E» Ut Int Dec 6- 1353 

Mag. Pm. Dec. 6. - P761 

Solar Life Assurance Limited 
10/12, Ely Place. London. EC1N6TT. 01-2*22905 


IMS +26 _ 
me *-2_5 _ 
105.7 +02 — 
1*9.0 +2C _ 

1*1 1 +1.4 - 
+5 2 — 


276 1. 


il 


5911 


Praocrty Bonds- [197.0 205721 . — I — 

tUmbro Lite Assurance Limited? 

01-4990031 


01-2837107 KSSfcrSi " 


Cahrti-tjfc Assurance Co. 

26 H? a. Potter- Bar, Hen i 
EqtySlhFdDet l._.. 

RctfflL Fed. Dec &. ., 




CamUHi Assoranke Ltd.? 
L Obnvic Wy, WertUey HA9 ONtL 

“ ‘ Aecom..,— 

Accum. 




7 Old Park Lane. London. Wl 
Fired Int. Deo 

Property . ._ 

Managed C^> ..-. 
uanaoed Acc. — . — 

Overseas--— 

GHtEdqesT-. — 

...mm American Acc. . 

01-623 1288 Pen.F.r.DepCao 

I I - PetiF I.Oee.Acc — 

Pen. Pres. Cw _ ... 

Pen. Prop. Acc 

Pen. Mar Cap 

, p lfe-5U2Z pen. Man. Ace , 

I:.: I - .•fcfffiBdBM 

Pen. B.S. Cat 

Pen. B.S. Acc-.. — , 

Pen. D.A.F. Cap — 

01-9028876 Pen DA.F. Acc 

-+UM[ — 




Nriei Mdh. 

Me lex Gth Inc Can - 

Neto Glh Inc Acc — 

Mid. Fd, Cap. _„Wj6 

Nel Mid. Fd. Act pl3 

Men Sob. day December 25. 
NPI Pensions Management LhL 


Solar Managed S ... 

Solar Property S 

Sar#..r:“» 

ScLer Managed P 128.8 

fes?;-::: I 

Solar Cash P W3 

Solar inti. P |9L2 


[+0.1 


aaa 




-0.71 - 


Sm AManca Fund BAangmL Ltd. 

Sun Alliance Hou:e, Mmfiam. 04036*141 

Exp.FdLlnLNqv2...-.[£l492 159.61 . .. I - 
InL Bn. Dec 5 I 01.90 ” | - 

Sun Afllance Linked Life tm. Ltd. 


48 Gracectncch SL. EC3P 3HH. 01+623 4200 Sun Alliance House, Horsham. 


Managed Fund .-PS7j6 164JI -. I - 

Prices Dec 1. Men doling Jan. ?. 

New Zealand Ins. Co. (UK) Ltd.? 

MaHand House. Southend SSI 2J£ 070262955 rwr.^lS.' “ ~ 

P 1 " Key Im. Ptw --[148,5 152-41 ....„[ — (Sowed Fund." Z 

Soull Co s Fd.. 


w— .../ Fund — .. 

FlxerfinterestFd. , 

Property Fund 

international Fd. — . 


- sseK 1 

Extra inc. Disc Fd — 

_ American Fd 

_ Far East Fd.— 

_ Girt Edged Fd. 

_ Con. Deposit Fd.. 

— Norwich Union Insaran sup? 


PO Box -4, Norwich MR1 3NC. 


Hearts of Oak Benefit Society u _ . . 

15-17, TavtSUJCk Place, WC1H 9SM 01-387 5020 eSS??££i , 

Hearts of Oak 137 J J9.fi | _ PSpertyFiA^ ’3 

Hid Samuel Life Amur. Ltd.? EgWlfiP 1 * 

NLA Twt^ ArtSsccmbe Rd., Cray. 01-686 4355 NcOiUt. Dec ll.~- 


iXSSsiz! 

Pum/Aec l 

b/SI 

Current uatof December 

Capital Life Atnmrice? 
Cowsttra Home, Chapel ASh Wton, 

Chartarhouse Magna Gp.? 
fkeptmw Hit, Brunei Cense. Bleu 

wS^uSSwi"" 

Magna. Managed 


— P Property Units 

— Property Series A .... 

— Managed Units. , 

— Maiuned Series A. — 

— Managed Series C — i 

— Money Units 

— Money Series A 

Fixed Int- Ser. A 

sssaaV" 

Pro. Manned Au — 

Pn«. G'lem Cap 

Pro. G'leed. te. 1 

Pros. Equity Cap_.„. 


Peri-,. Frnp Cap £6.8 

Pens. Prop. Acc [9B8 

0902 285 U imperisJ Lite Am. Ca. of Canada 
... .1 — Imperial House. GuHdhnd. 

I — Gn. Fd. Dec. 8 (76 4 

Pens. Fd. Dec. B |70< 

IWt Untod 
I Fund .W5.8 



[1312 

lOa.l 

1164 

%.9 

«.D 

liio 


0*0364141 
l+l.fi - 


+0.51 


+0.4| 


Managed Fund 

Sun Life of Canada (UK) Ltd. 

Z, 3. *. Cocto-pur Sl. SV/1V 58H 01-930 5*!)0 

Maple LI. Gfth [ 2J9J | ...I - 

f ab< I »ilj — 

133.6 +LM - 

209.8 I . . .1 _ 


060322200 

1**3 = 

il6 


3 



-0.4J — 


Peori Assurance (Unit .Funds) Ltd. 

2£L High Hdbam. WC1V 7U. (11-405*4*1 


Managed Fund D 

Equity Fur 


Maple LJ. Mangd. 

BatW-'-i 

Tergct Life Assurance Co. Ltd. 

£& s * d *“ ‘WA'Sa.wi 

i&afcrEi ,W 

Prop. Fd. Inc— filB.7 .124. 

Prop. Fd. Acc. - -Li 153.0 

Prop. Fd. Inv „....fU7.Q 

FhedlrLFtt Inc {3013 

Den-Fd. lie- B7.4 

ReEPtan Ac. Pen 7*9 

RH.PlanCap.Pen.. 162,6, 

Man. Pen. FuArc *129.6 

asefiSrfe 


MtS 

i(T 

h 

II 


j Fund 

Property DIC. ... 

Property Aceuro. .. 

Phoenh Assurance Co. Ltd. b-i, fifAe! — 1B«7 

4-5 King WMIani 5t . EG4P 4HR 01-626 9876 Pn&ProJiLCmi: ..._ S2 7 

Wealth Ass IU4.9 12101 *0-3 _ Guar.Pw.Fd.Ao: Mo 

Qi'r. Ph. Ass— — L/, 7B6 J ...71 — Guar.Pen-Fd.Cap. K.6 

EbV.Ph.Eq.E- |7U 80 21 . ... | - OJLPeroFd^cc _.N7.« 

Prop. Equity ft Life Ass. Co.? DA.Pen.Fd.c».. -Pib 

119 Crawford sueei . W1H2AS. 01-486 0857 Tramhrtem&tionil Life Ins. Co. Ltd. 


{gru 

1025 
102 71 


*0-3, 

+011 


Manened Fund 

Fixed lid. Fd 


&S S-3 


p:? ip 

rain 




— Irish Life Assurance Co. Ltd. 


of Westminster Assur. Co. Ltd. 

„ ad Hnmr, 6 IMitrhune Road, 

CrOydOo CftOTJA 


11, Finsbury Square, EC2. 
Blue Chip Dec B — ..[76 7 

a .Sr.MDeca {r3.B 

uaged Fund.. ,„....gJ7 9 
Maim FHi Ser. II .. . Wfi 0 


80.71 


Wert Prop. Fund; [i 

BS5fcs=d 

Money Fund. f 

Gift Find L- 

PDLA Fund Thb7 4 

-Cta 1 




SS£. 

asasEr- 

_ _ rand c 


rVxn.Md. 0«. 1.-... >i; ,vw 

01-684 9664 Prop. Mod. Gth pifl.4 

ProMdGiihSer.il [102.7 


143 3 

IH * oj| - 

133.0 

.65 7 - 
170 7 .. 

127.2 ... 

Htt : 


_ . cum-rOy (fiwd tu.njw Inrerbnet* 
Perform Uohs.—— -| 2215 J ' 


_ R. SUk Proo. Bd .-..I U6.9 

= Sl !:■:.! 

Property Growth Assur. Co. Ltd.? 
-v, Leoa House, Croydon CR9 1LU. 

“SMteffur" 1 m 

Fund (A)— 

HM. Fund ... 

- -_.-Fd.TA).. 

Equity Fund. 

Egjtty Fund (A) 

MmtqrFund'iA)-!. ■' 

Actieu+ai Fund. .- . 

tfiaastte”. 


01-628 B2S3 
500 




King & Shaxson Ltd. 
52, CornMIl. EC 3. 

BondFtf. Exempt-- (1030* 

' anno date 


01-623 5433 
10*3^ | - 


Next dealing date Dec 
Lang ham Lift Assurance Co. Lid. 

Injiium Hte . Helmbrook Dr'.. MW* OIJO 

UuKRtam "A - plan IU 4 69fi .. I 

Wrap. Bond _.G47.1 15* 8| . . J 

Wito (SP) .Man Fd )76 .6 BO.Sj J 

Legal A General (Unit Assur.) Ltd. 



2 Bream eidgs.. EC* INV 
OTufip Invest. Fd 146.1 

SBtJSflfcgl 

016800606 jftSE&gtrgH 


fMngd In*. Fa tut. 
■OVngd. ' 


15? 

mi 

1033 

10*3 


01-4056*97 


i Inv. Fd A*c.|99J 
Trident Uft Assurance Co. Ltd.? 


_ RensUde Hpute, Gkracestrr. 

— Managed. ..-'*“** 

— Gtd MW. 

Property 

Eiairty/Amerlcan 

Fund 


0*52 36541 


_ HfebVTertf- 
_ Gift Edged . 


All W'thr-r Ac. UU. 

?«l Weather Cap. .. 

& 9hw. Fa UU. 

Pcnston Fd. Jls - 
. Pens. Fd ... .... 

Pro. Cap Ut 
Man. Pens. Fa. 

Man. Pens. Cap. Ul 
. Prop. Pens. Fd... - 
Prep.PeiK.6m Ua 
Bdgg. SbC. ren Ul 
Bl3aSoc.Cao.UL. . 

Pfevidwcc Capitol Life Ass. Co. Ltd. 


13b 6 


City «f. Westminster Assur. Soc. Ltd. 
Tetentane 01684 966* 

BSStej^ir H = 


U. 


House, KinQMeod, Taowrl! 


Cadi Initial. 
Da At 


Cotwnercu Unim Group 

Sl Hflfn't. L Uoderihaft, EC3. 

KKX'&'di as 


Confederation Life Insurance Co. 


i Lang, WC2A 1HE 


i-v. Accum - 

EguBy IrillaJ 

Do. Accum. 

Fbied lidMIai 

Do. Aeaml 

(ltd. Imtlal 

oi-aora* ftJaw- 

DfrAtfun... 

Property inrual 

Do Accum. ..... I 

Leg? A Bern? HJott’ PtstidOsl UC 
EmratCasbiniL — “ 


.rtlL Surrey 
BwghHealh 53456 

‘81 4j +0.11 - 
04.fi +o J - 


1 : J. = 


01-2420282 


,062.1' 



dpiprund^...:.: 

PsnaLPeiLMtad 

fjSKp&r 

P*riHrt.Pen„„„„ 
E?dtyP«lon 

Pn?mjrPensiofl-....i 


CornhHI Imurance Co. Ltd. 

32, CornhULE-CJ. ' 01-6265410 

- FN.Noy, 15.-..R22 • - I [ - 


iwnpt Eqty. Inrt.... 

Do Accum. — 

Exempt Fixed InrtJ 

Oo-AesM. 

Exrmpt UnW. InHJ 
Da Accum. — 

Exempt Prop. Wl .— u_ _ 
Da Accum. flOL7 



30 Uxbrttlge Roaa W12BPG. 
lei; Mtt FA is.' 


01-7*99111 


Money 

international. 

F licet 

Growth Cap „ . . 

Growth Aec..-. 

Pens. Mngd Cap - 
Pens. Knod. Acc. 

Pero.Gtauep.Cao. .... 

Pens.Gtd.Ota.Acc.. .. 

Pens Poty. Cap 

Pens. Pty. Ace.. — 

TrdL Bond.— -.... 

•Trdt.GJ.Baul . . 

■toll value tor L10D premluni 

TymbtR Assurant e/Pensions? 

U. Canimae Road. BmlcH 

3-Way Dec. 7 

EquKy Dk 7 . — 

BtadDec.7 



Lnannel CapiL>li; ...R<70 


.... UlMia) 

Clive Investments Umey' Ltd. 

P 0 Box 320. St. Helier. Jerje, 053* .T7161 
CfiwGittFd(C.l 1 [9 60 9bl' I 11 45 

Clive Gilt Fd (Jiy) (9.57 h.sfl . | 11.48 

CornhHI Ins. (Guernsey) Ltd. 

PO. Box 157. Sl Peter Port. Guerroev 
mini. Man. Fi. 11633 17801 .... I - 

DWS Deutsche Ges- F. Wcrtpeptersp 
Gn.neburgweg 113, 6000 FranMurt 

i nve da [DU >760 39.60 U+O.lfl — 

Delta Group 

? 0. Bar 301?. Nassau, Bahamas 

Delia Inv. Dec 6 [SUSL6R 1 76| | — 

Dentscher Investment-Trust 
Poatocn 2685 Slebergas^e 6-10 6000 Frankfort 

Concentra mv2D70 2200] . | — 

Int. Kentenfondi fCMbl) 70 60| | — 

Dreyfus IntercentinBittal Inv. FiL 
P.0 Bo> M3712. tassau. Bahamas 
NAVDec.5. _ .. .JSUKSW 16631 ... [ - 
Emson ft Dudley Tst. MgL Jay. Ud. 

P 0. Bm 73, St. Heller, Jer«v. 053* 20591 

E.D.I.CT ri2(? 132 31 I 300 

The Engftsh Association 
4 Fore Street, EC2 

1. An. Sterling*... IE50.97 50 “>j J _ 
frigate Cm Fd"|a0.93 1138] I - 

Neil dealing Be:. 13 ■*Me»t dealing Dec 29. 

Eurobond Holdings N.V. 

Hanrie (tirade 24, Willermua. Curacaa 
Lonrian Aqenti: Intel, 15 Christopher 51- EC2. 'Far East 
fTel. 01 247 7243. Telex: BB144M. 

NAV per tiuev Dec. B SUS2065 
|F. ft C. Mgnrt. Ltd. inv. Advisers 
ll-2 Laurence* Puumney HIR, EC4R0BA 
fil-623 4680 

tori. Fi Dec. 6 J SUS551 J+D^l 

Fidelity Mgnrt. ft Res. (BdaJ Ud. 

P.O. Box 670, Hamlltorv Bermuda 
FWelliy Aar. A». SUES 69 

Floehtj Int. Fund I ills 

FuteCrty Pac. Fd j SU5 

Fidelity W rid Fa I SUS1 

FWetlty Mgmt Research (Jersey) Ltd., , I 

{Waterloo Kse , Don Sl. SL Heller. Jersev. 0534 TraftJo ar Dst. Si "” ' 
[275ta Aslan Fd. " 


1^1 


60.1 
IfalSW 
^ ^ 1-373 

1)<(T8 M9.J 
,142 J 15: 1 

[S27.69 ?9J5| 

< tan dram; Ni» 30. 
’ Nert Iwiing Dec. 2] 


?.J2 
7.38 
129 
3 33 
<27 
068 


Rothschild Asset Mgt. (Bermuda’ 

PO 6c ■ bt«J 61 iV BenrixM BW Brn-iri+ 
Rewrve Aiwl 


Fd|SU59 7b 9 721 I — 
Dec. J. Ne>i dealing Dei 12. 


Neit decliro 


r* vr.wc'wi 


Royal Trust (C.U Fd. MgL Ltd. 
p 0 Be- 194. Peril Hs* . Mnr, i>5>* 274*1 
PT. Iffll.Fd.. . BUS917 
RT.Int'l (Jsv JFd. .jfl 0 
Prices at Dec 5. I 

Save ft Prosper (rite irrational 
Dealing ic 

37. Broad St.. St. Heiie-, Jersey. 

U SL Dallar-dtisandpated Fundi 
Dir Fid. Int — * ...1690 9 4jrf 

imcroa*.. Gr *' .... 7*6 a rift 
Far Exsteni*t. . ... *6.47 
Ncrth American** . .. 3 76 
SeoroL-. . -- . -Il*.7a 
Stetfiug-deavnriiiated Fends 


0534 20591 
•51 


Channel Idaivbft . 
Cxmmnri- "i 
Sl!*; 


(134.* 

te 

Prices on Dec,. 4 “Oec 5 ■* i Drc 
iWeekty Dealings jtDaily Deai-n-y 




01-5887081 ScMesinger International Mngt Ltd, 


-001 



41. La Motte St . Si. Helier. Jersey. 

S A.) L ... . . ... [75 

ft &[■; 2 ?** 

Int+. Fd Jersey 96 IM 

inliV.FaLrmbfg. . .11.02 UAfl 

East Fend. . . |lH0 l«l 

•Neit sab. My Detefrtrtr b. 

Schroder Life Group 
Enterprise House PonsmcuUi. 

International Funds , 

(Equity 1302.6 

SEquity-. — 1327 

t Fi xw Interest 138.* 

Sfixed interest - 107 * 

Ef.lanaged 120.9 

SKanaqed - 120.0 

J. Henry Schroder Wagg & Co. Ltd. 
120.ChenpviJf.EC2. 03-588 *000 


0705 27733 



S1L39 


Series A (Int nO K3 

Series BjPadftl . -[£? 

Series D (Am. Ass. 1- 
{First Viking Commodity Trusts 

JO- 12. Sl Garagr's SI, Domtav IjlU 
Fst.l/lk.Cm.TK..._.!35 * 37.3! 

FsLVk.OU.Op.TSI .. .[57 0 60.M . 

Fleming Japan Fund SJL 

37 rue Nra re-tame, Luxembourg 

Fleming Dec. 5- I SU 56226 | ] - 

Free World Fund Ltd. 

Bt'turileM Bldg.. HarnDton, BertiMa. 

NAV Kov 30 i SUSIB938 \ . | - 

G.T. Management Ltd. 

fro , !5s. i tia*Ki c iiaoS”*" EM 

London Agents for 

Anchor 'BTJntts. BUSLOO 

Anchor Glh Edge !5jb__ 



2 81 


2-62 

5-Vl 


10 'A 




Anchor IiiL Fd 

Anchor In Jy. Tsl 

Berry P»c Fd. 

G^A^fcZL 

i.T. Bond Fund 

.T. Dollar Fa 

G.T. Dir. (Strig.) Fdl 
GXPaciflcFri.. * . “ 

G.T. Philippine Fa .„ 


395 & 



Equity Fd. Cap 

eSv Fd. Acc — _ 

Fxd.Yrt.Cap. - -- ■■■ 0 

F*d. im. Art WL 

littrt.Crti.- 

iK«^c*p- -tt-5 

Managed Fd Acr... .. JgJ 

Property FiCap *7-7 

Property FtL Act- -*7.7 
Prdvfadal Lite Assurance Co. Ltd. 
222 Bldwgate. EC2 
Prov. MarowdFi' 

Peov.CaibFi - 

Gift Fund 

Pmperfi'Fund - 
Ewy Fimri.._ . 

Fxa im. Fund 



m 

167 R 
.1 21 

AI 

irrjs 

277.6 
179 8 
«4 


0272 727*1 



Braid 1 — . 

Pn»ertii Dec 7. . 

DeptaKuec 7...... •- 

3-Way Pn Hov. 17 . 

O'seas Inv. Dec. 7 ... 

Mn.Pn 3-WDet 1 .. 

Do. EiaiitiOet.l 

De Bond Dee. 1 

Da Proa Dec. 1 — 

Vanbrugh Life Assurance 
41-43 Maddox 5(., ldn. W1R 9LA. 

* 

fetid. Fund 99.9 105J 

Fixed I rami Fd....«. 167.0 17SJ 

E3a Fi S 

01-2476533 Vanbrugh Pensions Limited 
..[ — . <I-(3 Madclro St, Ubi. W1R9LA 

rr::Jr 


PI -*49 4923 

:M i 

+0'.l - 
+6.0 — 
*0.3 - 

01-*99«923 


+051 - 


Managed 
Flw?inier«- . 

Property .... 11007 106 Ol 

Guaranteed see 'Inj. Hae Rate' UWe. 


Legal ft General Prop. Fd. Mgrs. LttL 
11. Queen Victoria St, EC4N4TP. 01-2*69678 Emit Fd7 Nw IS. 
LACProiFa Dfe.b„..[997 ltMJJ . „ j - F»d Irt. Mm. 15. - 
Next Ob. day January 1. Proa Fa Nov 13 . 

• Reliance Mutual 


Prudential' Pensions Limited? r. 

HuOmth Bars, Ed N 2NH. 01-405 92*2 J 1 *!™! 6 * C ** LW,¥ 


Credit ft Commerce Inlurance 


CS^Mngd. Fa.'-LlU3.0 ' 133 Of L...-I — Exempt 


AegetHSt.tBoaanWlRSFE. 01^397081 71. Lornird Sl. EC3. 


Lite Assur. Cq. of Pennsylvania 

39-42. Ifey Bond SL, W17 0RQ. ■ 01-4938395 i 

lACOP.Untts 197.8 J.827I 

Uoyds Bk. Unit.TsL Hngn. Ltd. 


”teTf5!fiC -i 


-RBJ 


01-625 1W8 NJiBreo 
103.41 ...'J 7AI 


2219 I . .1 - 

Rothschild Asset Management 

St. Swith*ro La«. Lra-daoEM. 01-626*356 


WinsJade Part. Eieter 0392-521H 

Money m aker Fd... ....[104.6 *091 I — 

Fur other (unis, plea-e refer to Tee London i 
UJitthfjter SroBv- 

D892 22271 Windsor Life Assur. Co. Ltd. 


I»»* 12SR ...J _ 

Hoi Euv. «*y OeteirbeT iS. 


Royal Albert H«„ Sheri Sl.. WmdMir 691*4 

Irfylnv. Plans... [69.9 

FutureAwd GchiaJ .. 

FuturrAswt&ihOi)- • 

Ret * l sd. Pen* ...... , 

Flex. Im Growth . 


lOl^j 


SUL. .. , 

C092 930] 

pi<5Ut<2 — 

(filS9.77 10 38j 

Bartmon Invest. Ltd. Ldn. Agis. 

2. SL Mary Ave. Lpndon, EC3 ni-’R’ 3531 
Gartnwrr Fond MhL (C.l.i Lid. (aHh> 

41. Broad St, St HeBer. Jwney 05-74-777*1 
GiK Fund(Jertey)--. (95.00 10001 I 1125 

fixrtnwe Fend MmL jFar East) Lid. laHhl 
1503 Hutch fcon ]0 Harenuit Rd H.Ki 

HK*Pi«.U.T«.._..|iHia.73 JT" 

JapLn Fil— — BU51 £j« 18 

N. American To. _EjatL _ 

lull. Bond Fund ®sL n Jl 1L.„ 

G utmn levt a wtat UngL Ltd. Ul 
P.C.Bo.£.tai5Us,lo« 

Gaiunore Inti. Inc I2L2 

Gartmore mil. lirthjbl-2 
Kambro Pacific Fond Mgnrt. Ltd. 

2110, Cdraiaughl Centre. Hong Kong 

M-J = 

Hambros Bank (Suentsey) UdJ 
Hamhros Fd. Mgrs. (C.l.) Ltd. 

P.0. Box 86, Guernsey 

J. Fund 

Imtil, 

IflL 

Ira Sms. ‘8* SUSJL14 .11 
Pncas to Dec. b dKlfeg 

Henderson Baring Fond Mgrs. LW. 

60S, Gammgn House Hong Xsng 
japan Frl. Dr, 13 ... .rSU^Z.36 23321 . \ 

Pacific Frt.» Dec. 13. .|^jSs8 872 1 
Bonded tea... JUS10-561 | 

■Exrtutive at any crellm. durgr- 
HULSamaxi ft Co. (Guernse;) Ud. 

H LeFeberc 5L, St Peter pan. Gup-imt, 
GuermcvTst. - -.[154 5 1653xl|*0.5i 
HI* Samuel In vet. Mgmt. Intnl. 


Sentry Assurance International Ltd. 

P6;<:»15 FO. Bo« 326. hanvlan 5. Bermwfe 

I s 00 Manag»d Food (SIIS2 7S5 2JJE| | — 

— Singer A FrieAander Ldn. Agents. 

2D. Cannon Si , EC4. 01-2*8 96*6 

p*uaf»iet. iDuajr rraq .16” 

TMyo Ta. Not. 21 -..} 5US40 00 \ ,.| 1J5 

Stronghold Management Limited 
P.0 Bot 315. Sl Helier. .kJrtey. 0534-71460 

CommoaHyTrua ..._.|W.55 89.M( .. .. | — 

Surinvest i Jersey 3 Ltd. fx) 

Queens Hu.. Don Ra. Sl Heller. Jsy. 0534 273*9 
American (ndTsl [C7J25 7.411^3 ja _ 

i[*od2i y js ja?Ti*TTa:.."_.;.|tlcrS if 1^*2^ z 

LOS TSB Unit Trust Managers iCJ.) Ltd. 
Bagatelle Rd„ Sl to-raur. Jovcy 053* 73*0* 

,S Jersey Fund . (4S.S 51 <J . I <67 

i-J Guernsey Fund .|Wd SL*| j 4 67 

_ 1 Prices do tW. h. Meri mb day W. 13. 

*oai| 5.46 TSB GtH Fund Managers IC.I.I Ltd. 

BsgateilelW.51 S«*wr Jeney. 053*73*0* 

GUI Fund 1250 JOLffl.. ! liM 

Gilt Fund { Jcy. ). . .WO fOZOI I 1200 

Prices on Dec b Nett tub day Dec. 13. 

Tokyo Pacific Holdings N.V. 

Irtluds Management Co. N.V., Curacao. 

MAtf per -Aar* Dec. * SU563 >5. 

Tokyo Pacific Kidgs. ( Seaboard i H.V. 
Iralrrus Mr-apement Co. N.V.. Craacan 

NAV per share Dec. 4 SUS46.16. 
Tyndall Group 

P.o. Box 1256 Hamilton 5. Benrinta. 2-2760 


rH. Braid ‘ SUSjJM.i* \j2J? 

. Iws. "B* susp.14 



O'seas Dec. 6 BU51.16 

Accna Units), _.HU5L83 

-Was- Ife. Nov. 16 ~ |VJ52M 
2 Hr- St.. SL Killer. Jersey. 

TOFSLDee.7 IC7 3S 

(Aeeum Shracs) lUlBO 

Amcncari Ok. t ... ^ B1 j 

(Accl-hi shares) p2 □ 

Far East Dk. 7 Ki 

(Aocum. shares) [8u 5 

Jersey Fa Dk. 6 -.-.Ufc 6 
Hra-J Act Uts.1. ..(303.0 
Fund Dec 6. Ilf 


600 

200 
loo 
T» 

11.39 


PO Sov63. Jersey 

MS Channel is. F |122.B 1JU . J 528 

Sm 2K2. Peril S*iwrisfld. TeK 
H 3. Overseas ...pUFUJ* — 

" isSsi-oja - 

Intcriuttonal Pacific Iny, Mgmt. Ltd. 
P.D floe R237, 56, Pht St. Sydney, Absl 
J ayedii Equity Tsl ....[5A234 2.4ft. J - 

J.E.T. Managers (Jersey) Ltd. 


flUK Fund Dec~ 6.'..’ I1D3.4 
(Accum. Shares) — (1414 

Untlth Assurance (Overseas) Ltd. 

P.O 5o> 13S8. Hamilton 5-31. Bermuda 

im-riti. Mnqd. Fd ISUS0.96 - i...|- 

UmoR-investmeni-Gesedschafl mhH 
PMfeth 16767. P 6000 FranHurt 16. 

111.45 Lf.101 

HW 

L'td. Intnl. Mngmnt (C.l.) Lid. 

1* Muterter 5tr-ri, St. Hriier, Jerey 
03-M2733! UI.BFnnd .- .. .|HO»E 105 531 I 7 80 


I _ Allan: Lt+onrfc . .. 11.45 

Eiiropai'ontts 2530 

Un-rouds . . .17 90 

- Unrrenla . 36.30 

, C '. UnVaKlal 1 60 80 



United States Tst. Inti, Adv. Co. 

14. Rue AMrwjer, Luttiubouro 
U3. Tsl Im. Fral . — 1510 67 - (1.94 

Net cm Ofcember 6 

S. G. Warburg ft Co. Ltd. 

39. Grasham Slre«, EC2. 

Cm. Bd. Dec. 8 

Eng. lnl. Dec.8.- 

Gr CLSFlNov.X).. 


„ ° 5 ^ 73673 i&iitBidSsL irffia 7 18:» 


Jersey Enrol. Tst. . .|153L0 lo8.fi. j 
As at Mm. 30. Nm sab. day Dk 31. 

psrtfne Fleming ft Co. Lid. 

1 46th Floor. Connaught Cer-tre. Hong Kong 


ijanflne E«n*. Tst — 

. ■ 

partine FiemlnL . . . 

intl.pK.Seo.flnc.).. 

Do. (Accum.) . 

NAV N» 30. 


4.41 

J 

a; 1 ii 2 

'fguBalert SUS83.32. 


2J0 


Nfrt Mih. Drc. 15 


DJ-60C4555 
-0( 

-01 

I 

..1692 
0 031 - 

Warburg Invest Mngt. Jrsy. Ltd. 

1. Channg Cror, Sl. Heflw. Jsy.Cl 053* 73741 

CMF LUL NOv 30__.lBJ515.fi 13.9W 
CKT ltd. No*. 30 .-.EDM lCJlzj 
Metals Tsl Noe 16 . Kr:.73 13 04^ 

TMT NOv.9__., . _ISU59.96 10J3 
TCTT Ud Nov 9. .. [L9J7 16 13 

World Wide Growth Management? , 

10a, Boule*aro Royal, Luxemboura 
WorkVid* Glh FdT 5US14.87 1-DOB - 


NOTES 


Prices d» n« include 3 promtim, estepi where mdkateil +, ar-1 are in nence unless atheewije mdiufed 
VieW’ % (' heron w fesi tohrmn allow far u» irjymp expenses, a ftfined wire Include all evpenw'- 
b Tarim's ertres c Yield Iwverf on n'V price i EsumatH • Twtay’s <rp*nlpg pr'te. k fitsinbution free 
q) UK la«rs p Penadic premium Insurance dan: s Sins** premium insuranc- x Werwl ortM in-i-dri 
ill nsCdee* *W*u( agenri CwnmlS4vm. y O'Yerfd troee Incluers .til npemr-. i! snunhl ihmugh rna-ua*-^ 
i Provmis dart pnre. V N« of :a* .'ti wviliori ceral* guns irnfasi mdicaiefl hy *. * Guernsey jr-»;s. 

# Su5cemierf. + YwM Wr.r? Jerrn fe« » Ei-uMivisioe. S On'r <i*(nlabrt la cnartiahle oratirs 


_*T 


'■•••-,■ V 





EXPORTERS- 

0 DEBTS 


contact- B. D. Kay 

INTERNATIONAL FACTORS LTD 

Circus Haase. Now England Road. 

Brighten BN 1 4 GX Tel: { 0273 } 606700 

Birmingham. Cardiff, Lmd*. 

London. Manchastmz 


BRITISH FUNDS 

1978 | I W» 

ttgh Urn j Stock j £ | - | M. | ** 

“Shorts” (Lives up to Five Years) 


FT SHARE INFORMATION SERVICE 


n a n f* ia T .Ti TO a s 'Pn es dHv pec ember, via 1878 -r 

,nr |«.M-S|ftr)a! 


exclude inv. 5 


1051* 99'4 [Treasury nbpc79**.. 
97 Wi Treasury 3pc 79#... 
97\ 95% Electric 4%pc '74-79 
104?, 98 Treasury 10'jpr. 79#.. 
961. W* Electric 3';pc ‘76-79 
103% 96% Treasury <5 pc 1980** 

’ 102',! 96b Treitsury 9>jpc "80# i 
‘ 951, 92J, Treasury 3bpe T7-8D J 
:96b 93% Fiming 5%pc 7B-B0# 


f 315 I 9.641 Hi* Low 


2 § l # + “ xi 2 B 21 % 1 13 ij ASA 

" 364 7 91 m \ 59 AMF 5 -OCOW.- 87 . 

Si IV $26 1L« 383, 22 AmaxSl 

El* Zt? TrSf 5H 101 , AmeHran 


AMERICANS 

Stack I 6 | + -"|&!s|fti 


HS:i c IS IB HPKSSSES: 

1 1“ Jffl E » bsHJScrs 


87iJ 851* Exch. 3pc 1981 

' 97,-. 953, rreas. Variable Bi«.. 
Ill 100 Etrii. 12%pc 1931# 
'993, 89* Treas.Bbpc -80-82# 
B5% 82^ Treasury 3pc '83**... 
1 15 -a 103,1 Treasury 14pc '821*. 
W, 94 Treat. Variable 


““ 3 58 8 97 Mh m Chase Mhbi. 51 Z 5 . 

104 * " ' LI 39 12.24 2 T 135 a ChesebrooghSl... 

&“::S.S5S » Chry^K^-— 


1141. 975# [Treasury ltoc 1903**.. 98?, +% 

1001,1 87H Treasury 9‘,pc •83 -1 881, | . .. 

Five to Fifteen Years 


WlU UM 1234 323, 193, Colt In*. SI 25 W - , K-10 — 4. 

ogl' * 1041 1249 26 15b Co*. Illinois $10. 1?, +% SL44 — 3. 

884,|. ..|UMl|i£W 255, 16^ Co*. 011 $5 1*2-% ~ 

Years 29 ?, 201 , crown zeii.ss.... 21 bd +% n* -- 4 . 

BUdUi, 111051 12.62 47% 20b Cirtler-HanunerS?. 40% -1, ♦SIAD — 1 


17 «d ...... 51.00 — 

59 5 % — 

32 b -% * 2.20 - 
22 t -% SL 60 — 

'“ +% 60 c 

« -S 40 c — 2 
.... 44 c — L 

51.0 — 3 . 

ata 5236 — 5 . 

14 % -% IL 00 - 3 . 
883 p -9 50 c — 2 . 

989 -11 70 c - 

51 % -% SL 60 — 
38 bai +% 5260 - 
3 fi% +i; S 2 . 7 Q — 3 . 
40 * -i 5210 — 2 

« -% $220 — 5 . 
-% 94 c — 2 . 

+B 40 c - 3 . 
-% SU 6 — 3 . 
wzo -IB 51.00 — 5 . 

16 % S 2 ~ b. 

lK -% SL00 — 4. 
25 laid -% S210 — 4. 
19% +% 51.44 — 3. 
191; -% 5L50 — 3. 


' Tb's 83 % T reauuy S'S’C ' 84 - 36 # . 
87 % 75 % Funding b%pc ” 85 - 87 ** 
8 ?% 79 % Treasury TWlB-BBt;. 
68 % 60 % Trantriort 3 pc 78-88 
75 % 633 . Treasury 5 pc - 8 (^ 89 . . 
315 *. W% Treasury lie 1990 **- 
S Q % 7 b Treasury 8 b 87 90 ** 


84* 3 d 10 01 31.56 « W% 

76 % 855 10 54 12 % 670 p Firestone Tire II- 


25 -% S 225 - 4 . 
163 a - 1 % * 1.84 _ 1 ’ 
35 % ~U 53.40 - 
901 p -11 SLID - 


81 % 991 U .69 I*** 13 % First Chicago ....... 13 %d -% 51.10 — 

62 %d 452 8 % 32 b 203 , Ruor Coro. S%— “ +1 fj-fS — 

fil% " 7 77 10 61 41 % 261 ; Fort Motor S 2 — 29 -% 53.60 — 

99 %d “ ‘ 12 R 9 1227 25 % 16 % GATX l^d -% * 1.80 — 

77 % ni "7 1065 U 90 44 % 31 Gw. Etea.S 2 %... 34 % -% 5260 — 

92 x 0 ‘ ' ] 2 M 1293 24 b 15 % GiReUeSl — _18 -% SloO — 


7 b Treasury 8 % 87 90 ** 77 %nl ....10 65 U 90 44 % Ji _ 

i 06 b 91 b Treasury ll’jrr. 1991 - 92 x 0 . .12 64 12.93 24 b CiBrtteSl.-..^. ^ “% - 

- 5 % 63 % Furring Vac wm Uh .... 90 S 1130 56 % 28 Hweyswll S 1.50 . 47 %d -% 52 .M - 

■ 112 % 981 ; Treasury 12 %bC 92 S- 102 % 13.03 13 07 18 iMp WWtt-- .. ... $ 0 M - 

46 % 84 Treasury 10 pc 1992 .. 85 b.. 12.14 12.77 32 W }?? T? S§? “ 

IS, % SS^SaSss: ^ : M BB § 1 T~® - 

12Z &| » 1171 !«. «» 

Over Fifteen Years 4 i% 26% y^apj uscj 

1 M% 1 102 % Treasury iy<n 1 <W 3 C*I IDJ 7 ,) 1353 1325 17 b 10 ^ltetc«iSiinB 8 liic.SU 

130 % Treasury Uboc 211^1 13.45 1528 18 ^ Vfl 2 Owfls-lll. $ 3,125 

114 % 77 V E-cb.lJiypc 1994 .... 99 l; +% 13 07 13 14 23 -% 14 %touaker 0 atsUSS 5 - 
WV 75 < Treasury 6 ^- 94 **-. 77 .. U 73 12.44 28 % 15 b Reliance $ 0 . 25 .... 


S r- t 75 % Treasury 9 oc- 94 t*_. 

litei 9i Treasury 12pc ^ 

83 43 % Gaslpt'Sa'W 

°5 82% E«eh. 10%pc 1995 — 

114% 97 Treasur/1234«-95t*_ 


95 %idl 12 95 13.06 958 p 665 p 1 . 0 . lniernational]|. 7 ffTp +1 95 c — 

41 % I [ 9 95 I 11 71 14 % 900 p Kaiser Al.Stj. 12 %-% SIM — 

V *' 1 1 ?? 20 Mari Han.USS 750 24 % +% S 2 .D 8 - 

Years 41 % 26 % r 4 or 9 an{JP)US 52 j 33 % -% SZM - 

103 % 1353 1325 17 b 10 % Horton Sunos lee. SU 12 -% 76 c — 

12 % 13.45 1328 18 % l?l; Owms-fM. $ 3,225 13 % „.... SL 16 — 

W; +% 13 07 13 14 21 % 14 % Quaker Oats US 55 - 17 % -% 5 L 20 — 

77 11 73 12.44 28 % 15 % Reliance $ 0 . 25 .... 25 %a -% 15 c — 

97 % .... 12.95 13.09 31 % 16 % Rep. N.Y. Con>-$ 5 . 24 % ...... $ 1 .M - 

445 , 677 9 97 17 % 10 % Re*nbrtS 5 ll%a! +% 8 Sc — 


42 % Redemption 3 oc 1986 -% 44 

115 % 100 % Treasury 13 %pc ‘WU- 105 % 

■AR 1 , B 4 b ErchequerlOtMK 1997 86 % 

33 % 73 '. Treasury 8 %pc 1997 ** . 75 

72 % 591 , Treasury (Ape - 95 - 783 . «% 

135 % 115 % Treat. 15 %pc ■%**.. 1171 , 

300 % 91 % E*Ch. lZpc 1998 93 % 

90 % 7 bi; Treasury 9 bpc 76 bri 

9 b% 81 % Treasury ldQe 1999 .. 831 ; 

46 % 93 % Etch, lie ‘ 9 WI 2 .... 95 % 

42 % 54 % Funding 3 »?pc - 99-04 35 %»d 

44 % 45 Trw l.'jc £ 45 s* 45 % 

80 % h 5 % Treat jryBoc ‘ 02 - 014 *.. 66 % 

58 ‘t 46 % Treaairy 51 .« UO-izH 47 t, 


8514 12 47 1286 23 % 14 % Ricbdsi^Mrril. 51 % 16 bxd +% $ 1.06 — 

98 % 13.04 1307 581 o 255 p Saul (E. F.) $ 1 .... 450 q -f - — 

77 % 1199 1256 28 ?, 18 i; ShellOilSl 23 % $ 1.80 — 

113 % ...1362 13 45 19 % 8 S 2 p Singer (S 10 > ....... 980 pd 80 c — 

102 % 13.15 1324 38 22 % Sperry ftma M SO. 39 % ~h SL 32 — 

44 6 91 976 3 P; 18 % TRW Inc. Sl% 253 --% SL 80 — 

105 % 1323 1320 27 % 18 % Tenneco 21 %d $220 — 

86 % 12.65 1293 161 130 Da. UP.U 9 k. 91 - 93 - 134 d 10 % - 

75 1206 1259 975 p 495 p TewoPLUSSO l#i- 556 o — — 

60 % 1135 1227 22 14 % Texaco $ 6 . 25 ...... 17 % $200 - 

1171 , 1350 1344 40 22 % Time Inc. 29 bd -% SL 50 — 

1299 13.08 14 % 865 p Trareamerica $ 1 . 11 % SLM — 

1228 1263 41 % 23 % UtA Tech. SUSS . ZTbaJ -% SLM - 

1268 24 l z 15 % U.S. Steel S l£ +% 5160 — 

13.09 1314 17 ill, WoobrorthsS 3 i 2 . 13 J 2 -% SL «0 - 

981 11.15 49 % 28 * Xerox Carp. 51 .... 38 -1 $200 - 

13.14 13.16 975 p 385 p Xonlcs lac. 10 c 6 § 5 «f 7 i< — 

1231 12 53 141 ; 741 p [Zapata Corp. Sc . 777 p -18 s 3 & — 


5 •> Treaawy iijoc 47 t, ... 12 .M 1225 S-E. List Premhim 39 %% 1 based on USS 1.9763 per £) 

i TrewireTbpc ’ 12-153 65 % — IS 2 RH Conyenion factor 0.7168 ( 0 . 7233 ) 

98 % 90 % Each. I 2 pc 13 - 17 ... 9 Z%bl 1299 13.00 


Undated 

T 7 l< 30 % Cw«b 4 pc 

37 !- War Loan 3 'jic** 

3 ®% 33 Coin. 3 l ^>c "bl Alt .. 

23 Treasury 3 pc 6 n An.. 

24 % 19 % Contob 2 %pc 2 

24 19 % Treasury 2 ';pc 


INTERNATIONAL BANK 


CANADIANS 

W :: II = * & s«a?r atu as = i 

If- + % 10^0 - 3 oiJ Bell Canada $ 25 - 39 % *% S 4 56 - 5 . 

nflTi ijjn _ 15 * W»p Sow Valleyll 13 b* . . me. - 0 . 

14 b ‘ 1 J 40 W 8 Z 5 p Srascaail!: 986 . . SI 0 _ 1 

IV'E ...12 90 - .J,, i4 Can I mp. Bk. 52 ... 18 -, l » 5148 - 3 

i DAW/ ib% 955 p CM.P.K'UtSb. 14 *,! .. 97 ; - 3 


13 b* . . »it _ 0 

986 . . 51.0 - 1 

18 $148 - 3 


37 % 30 % 1 Do 4 pc Deb. L 100 30 %« -% 


97 ; - 3 
A' J - 13 


101 | 7 ».I^WM | 82 i*. I Ml 1 11 M gj> s?* *y? - 

CORPORATION LOANS Bi ffl IBK£- - 

SS ffilBaSftSSP.- Ei W \l& | § § 4 ±i«= i 

iu k c i. c ,^ K i4i:.: RzMMSSs’w: « - l 

97 % 55 % &l^wow«*%pr - 80-82 .. 001 ,.. . 10 23 1256 ^ K l " 5 e> f e . rB . 1 _3? ~ T> 

?4 90 % Herti. 5 %oc- 78 -& 3 ... 92 % 5 69 11.14 K r Pe Vi S1 “ "9 511 “ 1! 

MPl 55% Liverpool 9%pc 'BO-64 . 89% 10.93 1253 V«° 5 ?S ZffiESF 1 ^ I? “ T 

29 % 25 !, Do. 5 bot Irred 27 d +b 13.03 - 2 i S 1 " Aloom.. -% 51.50 - 2 


°F7, 911; Birrn-hani 9%pc 79-81. 92b .... 1000 1261 

«% oTt, Britiol 7%pc "79.S1 .. SSi, 878 l?<£ 

107 93 G.l C 12%Pt 82. .. . 99% 1256 1297 

112 97% Da.12Ux.1983 ... 98»; 1269 12.91 

97% 58% Gl^yqow <?%pr -80-82 .. 981,.. 10 23 1256 

?4 90% Herty 5%tx "78-80 . 92% 5.69 11.14 

1-12% S9% LirerpoolOJ^c RF64 . 89% 10.93 1253 

29% 25b Do. Stirred 27ul +% 13.03 - 

88 Si Lon.Cp.6bpc"80-82 .. 82b .. 10.74 12 30 

c»% 56% Do 9%pc -84-8S .... S7i- -% 1Q.77 li36 

42% 64b L.C.C 5*3PC -77-81... E6% 6 33 1140 

871; 761; Do 5%pc '32-84 79 +% 716 II 14 

71% 65% Do 5iaic -85-87... _ 67% n! . .8.14 1158 
78 63% Do 6%pc (38-90 635x0+% 1043 12.63 

26% 22b Do. 3pc ‘20 AfL 23xd .... 13.271 - 

93% 91 Midd«. 5%pc 1980 . 92% 5.69 1191 

9«i ; ?3»; Newc*rJle9%pc 73-80 95 .. 974 1245 


8Zb 2 ip'74 12 39 1 34 R I Royal Bk.Can S2. 221 -ft SI 80 - 3 

S7'- 1077 ll^ M i LVfkeagramCo.CSl 19^3 51.12 - 2 

Ik fc w 11 40 14 I "55pt[or Dom.3k.51. &, -% 96c - j 

79 +% 716 II 14 Cup. P ipe.. 10% 193: _ 4 

67i;«d . . 8.14 11 58 S.E. List Premium 39b% (based on 82J308 per £> 
63isil +i, 1043 12.63 
23M ... 13.27 - 

« 4 :-: W 38 BANKS AND HIRE PURCHASE 

100% . . . 12.47 12.29 1W 1+ or! 0.1 jYTd, 

FPirAW ! fiAAK "Jh Uw) Stack ) Price ) - | Met IC-rriGfs) P.x 


Wf 93 % Newcattle 4 %pc 7 M 0 95 ' . 9 74 12 45 bAIMI\b AlMU MIKt rUKuTlAbt 
206 -M 99 jwMO. 12 <j% 19 B 0 | 100 % | ... 1 12.47 1 ! 2 ^» ^ j+ oH Bw I j Via 1 

COMMONWEALTH & AFRICAN LOANS ** ^ ** 1 1 “ 1 “ 

&Bn. s !faSP“”l KHHIIBSS Si ffiKasa | +s . 


57 % 7 b!« Do. 7 tjpc ' 83-86 77 % 

“ 5 b B 9 i'h. Aina 9 »*C 7981 - 89 i 

70 50 S*Ji Rhod.TSc ' 65-70 S 3 
96 75 Do. 6 pc 7 £ 81 .. 88 


LOANS 

Public Board and Ind. 


W>j 58 lAarlc. ML 5pc '59-89 
90% I 80 Alcan lOiroc -89-94- 
33% I 26% MeL Wlr. 3pc *B" 


I a'S I7M 345 269 Alter Haney £1.. 345 +5 mI9.«— 8. 

low 14M 39 150 Allied Irish .2... 190 +1 H80 - 6 

10.721 1428 1?4 140 Artmthnot L. £1 143 .... 10.23 - 10. 

J — 465 315 Bk. IreUmdll.. 393 t(EL98 - 5 j 

* "" 12 02 £137 Do. 10ec Com... £175 Q10% - I5J 

17% 11 Bk.Leund 1£1. 11 Qlfi^ — 4. 

170 150 BV.Leun (0K)£1. 160 .. .. 7.47 13 r_ 

. 351 390 Bk. N.S.W. SA1.. 530 +5 016c 2.6 

nd. 315 255 Bank Scotland £1 285 *1L05 3.6 3 j 

_1, i acA 1 12.J7 £32% £21% Bankers N.Y^IO £23% -% (Js3 M - 6- , 

2 rm lt«!372 2% Barclays £1 371 +1 03.28 5.7 5.3 


■15« [107 lU.S.M.C. 9pc 1982 ... 
95 1 ; | 87 |0o. wlUrout Warrants 


58rf _u 836 l2.87 , tf2 ! «Sl*B**«r*N.Y:$10 -% 053 0C - 63 

SOiri ‘ 1313 1399 [372 2% Barclays£l_.. 371 +1 tl?28 5.7 5.3 5. 

27% nj2 Sm 2M 200 Brown ShWeyTL 230 t941 - 6.1 - 

122x3 7J7 _ 285 232 Cater Ryder tl. 265 ..... Hi».17 - 97 - 

A£c\ ...... }„ ,, 'Tliye Dis'nt 20n 78 


Financial 

107 1 , 99 1 , FFI 13pc 1981 - 1« 

110 101% Da. 14pc ’79 101 

114% 100 Do. 14pc *83 103 

35 79b iCFC5lic Deb. 80-82 81 

81% 72 Do. t»%pcDii. -81-84 _ 731, 

99 88 Do. l£U^c Unj.bi. 86. « 

?9% 8S Do. llpc Uns.Ln. -88 81 

10H; 90 Do.ll%0cUm.Ui 90. « 


«oxd I io.23i 


1*255 171 ICom'l Aus. ($A1) 190 
*£19 £12%Kom-zttDMiq». £16% 
£20 U.35 C-hgn.Hbk Krlflb £161; 


... 12.90 1233 ’£20 £15 Chgn.Hbfc KrlOO £16» 2 Q12*b _ 7.0 — 

14.09 13 70 , 32 IB Corinthian 10p . 32 .... t0.71 7.3 3.3 

1365 13.27. £24 £13% Cred. France F75 £21% ... — 3 U - 

6.9b 1235 4o 7 Dawes fG. R.)... 15 - — — j - 

,+b 856 12-70 | , £121’» £89 DwwietodrOK50_ £116% +1% 012“o — id _ 

-tf, 1199 12.95 ! 83i; 58 F. C. Finance— 72 tZ03 Zb 4.213.8 


Kill.17 - 97 - 
t«.85 - 9.3 - 
016c 2.9 5.2 61 
WRfi — 4.0 — 
012*% — 7.0 — 
♦0.71 7.3 3.3 5J 
— 31 - 


?9% 86 Do. lljx l)ns.Ln. *88 83xd -lb 1Z50 13.20 • B% 1% First Nat. 10p~ 6% *% — — 

10H; 90 Do. ll%pc Uns.Ln. -90 . 90nl -H; 13.05 13.45 ! 2 Jz Do Wrrts. 7SS3 2 - - 

71b 61 Do. 7%pcADrt -89.92 . 61b«d +% 1178 1340 • 13 9b Fraser Are. lOp 13 +% - — 

71»; 61 Do 7%pcA 06.-91-94.. 62% .. . 1L95 1330 ; 196 15? Gerrard Natnl... 192 +2 g9.12 — 

84'; 72 Do. 9 k-A- - 91-94..— 73 +b 12.74 1355 59 37 Gibbs (A.) H 223 — 


84'; 72 Do. 9pc-A- -91-94..— 73 +b 12.74 U 
81% | 68 |DoR7*icl-n.-92.97...| 71 |+i; 1 13.12 1 12 

FOREIGN BONDS & RAILS 


24 17 Antofagasta Rly... 23 

41 33 Do.&pcPrel 39 

98 98 Chilean Mlr«j.._. 98 

-415 350 Genran Yog. 4t^c. 4U 

54 46 Greek 7pc Ass. — 50 

51 46 to (pc a Stab. Ah.. 49 

44 40 Do4pc Mliea Ass._| 40 


71 +fi 13.12 1335 255 195 Gillttt Bros. £1. 227 15.41 — 10.1 — 

' 1 29 19 Goode DtMryJp 19*; 033 — LO — 

& DAII C 142 % Grlndlays.- 129 2.79 7.1 32 4.6 

nMJLO m 93 Gtarmess Peat - 129 h5J5 - 63 — 

Price | + or Dte. \ Red. 217 155 Hamhros WO +4 *9.76 - 81 - 

L. (ns rw 1M 81 HIM Samuel — 88 +1 t4.97 — 8.4 — 

600 187 Do. Warrants.. ZOO - ----- 

; — — 360 203 Hang Shng 3230 262 hQ5?c — 2.6 — 

8 - — _ 69 52 Jesset Toynbee. 64 +2 o3.65 — S5 — 

- O.W 215 150 Joseph {Leo} £1.. 155 .... 874 — 8.4 — 

41; 56 37 Keyser Utlmamt 46 -1 0.67 — 22 — 

3h <J20 74 56 Klng&Sha*20p. 67 *2 3.44 - 73 - 

6 1624 U4 88 Kleinwort B.L ~ 94 *438 — 6.o — 

4 f533 297 242 Lloyds £1 287. +5 |923 4.8M.B 63 


231' .... 
39* .... 

98 


4*; — 

3b <720 


2.79 7.1 3.21 4.6 

6525 - 63 — 

+4 t9.76 - 81 — 

+1 *4.97 - 8.4 - 


HQ59c - 2.i 
g3.65 — SJ 
874 - 8. 


FINANCIAL TIMES 

BRACKEN HOUSE 10. CANNON STREET, LONDON EC4P 4BT 
Telex: Editorial 886341/2, 883897. Adverfisements: 885033. Telegrams: Finentinio, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London,. Birmingham, 

Liverpool and Manchester, Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsterdam: P.0. Bo* 12%. Amsterdam-C. 

Tele* 12171 Tel: 240 555 
Birminqnam- George House. George Road. 

Tcie. 338*50 Tel: 021-454 0922 
Sain Pr * ssHaiis 11.104 Heussallee 2-10- 
Teie* 886^542 Tel: 210039 
Brussels: 39 Rue Dueale. 

Teie. 23233 Tel: 512-9037 
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Tel: 938510 

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Tele- 5414 Tel- 785321 
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Tel 441 6772 


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-••* & . *;Ss 


£ -J 


'7:^ *■ liV,? 




Fmanclal Tlines Tuesday December 12.1978. 




t5 


IMOU^RIALSc^Contlnued 


INSURANCE — Continued 


'PROP E RTY— Continued 


• 19» . 1. .{-' m » ( ' r»i , w» * 

Ogfc U»| . . Sidr •: J ftte | - j M \dr W* Lb* 




M7P | 

vm v*> ( 


Net J C tr j 


INVESTMENT TRUSTS— Cent. 

*** 1 i |- art Bt I ! YTil 

! >Mcr I - j Nrt !ir.r!&i[P* 


f! 

fc5 


3 BO 

4 92 

i553 1 1.0 

*3 60 i Z.l 

?! I 10 

t8«i 



• ■■■«; -■••; 
i 3b i l> 

| 77 J 36 
! 1 >0 103 
' 8 P ?? 
‘73 * I -1 

i 


'Lwk- Wiet. 70r*r . 16 

Lon £»+o ti'P- 32 
LOn Merchant 71 
M i G HUgt 5p 129 
Vifilif Inks. 3 Op 73 
Kyv>(R 9)S» 59 
sssntfn AR'liy 935. 

:.laolpya(£l) .. 54 

\ V c ;r.« 121s 17: 

"■srwFiS^ l£. 400 


5jra^£i’,] ! 8 

:3i' E9 
6.1 235 1 ci? Um 


■j l' C ;r.« 121s 171* 

bwkiFiSR. l£. 400 . 
P.yramoe !Cp 11*? 
P®k PI7C? lift. 41 
!p?ar-o- (s)fc Son 214 
Si George lOp 12 
Cca 6 Ve*t. ‘A 94 


% :.; i 

K. -s? 

v?. h 


?: r 7-"? 

* 

■ - r i*_ 


SiP.1^2 £33 Ij.E. t4>4ix Aw. . 
*5 * 69 51 SnwhBrw. . 

rj ' I ^ £27>4 j£ue: Fir. HFIM 
we h^j. re ts t- 
9 * Y» 2 n 23 w»n Select 2fla 
- I - 58N Jfe JttM ri England.. 

tJjTi, "16* 8 1 ? lYcrkjwenlOp. 

6 9iil3 ^ * lYuieCsaolOp. 


-. - ' .-!.• -*k.S 

-W . ■■.!> 
‘ - ■: • "■ '■> 


— — 125 £0 tfAraaEnrgyfl 

57^255 46 66 AsiM* 20p._... 

51(285 lb3 133 BnL Borneo Iflo. 
fl.tfSOO 453 720 Bnt.PemH'm.El 

'sS7i 7^2 65 Do.B9*Pf.n 

1)213 39 42 5<irtu6£l 

4 340 £4 2 1 * £51 Da.ff 2 Lr„91l96 


■'-S ft;,. 


4 34 3 £iP«£51 Db« 2 Lr.91I% £61 

0123 £131: 750 ttKP tali Sea Q. £U> 2 
_ — I 30 50 rtCardecu Res: . 38 

5 4 252 65 49 CenlurvlOp.. . 62 . 

9 5 ISC 30 21 Chv.erhail 5p . 23 

_ - l26^j l! 2?» Cie Fr PeWef B £22 
£6 23 7 353 ?25 ttClirff Oil £1 . 388 i 

5 5 23 4 413 383 Bo. Cm "A” . 460 

5 6 23 7 1*4 86 nD.ae PeiroiH 98 

i s 39 2 48 S3 Hunting Peirol 88 

5.5(258 3S 23 KCA._.. . _ 34 

1 C 14.6 190 126 LASMO. 134 

_ - uipi«£97 LASupi^gri-s. aw 

61 * 415 Z34 LA5A!0"5?5')Op.. 395 

14 75.8 33 i; Wrme'Mdiili’O!: 28 

a a 312 27H 173 OilE.oUOp.... 230 

7 2 21.1 1 Q 12**1 i’fenief Cons. 5p 16 
3 0(423 ilSjl 713 Ranger Oil 905 

6 BlSB 9 RmriXd? Div 1c . 1> 2 

6 0Z77 £39 LJjSj Ry(. Duidi Fl_20 . C41>«. 

5 0 302 620 330 Sceptre Res 435 

004.7 602 4£4 SWI Trarv Rej.. 578 

6 4)218 69 57 Do. 7-bPf £3. bli 2| 

811 i 44^ 226 ttS-*wJL'X]£L 280 

5 3 H.Z £52 Te^cJVSCm. £54 ! 

5 0146 5 190 150 Tricentrol 160 

6 9 245 283 182 Ultramar 224 

3 6131.4 Ini 120 Da TpcCnv. £1 136 

3 5145.7 1?5 86 Weewtel Ifcu.. 163 

7.6'lu.l 195 So Do. PM. Ori 10c 163 
i?)13.0 32 51 WiDodade A50c.„ 56 


.310 '224 (African Lakes. > 270 

1410 345 lAstamTMe. 3£1 345ai .... 

112? 60 {Aifil. Airic.50c 107 .... 

lira 95 |£.fni‘o.-fi.S.AW.;_ 161 .... 

I 73 35 iz.-.’st.v ~Hn 1 fjj 68 *2 

65 25'j Bouueao • 10p> 55 +2 

1 150 8?i 2 Finlav ' James 1 . 94 -rl 

(!66 95 Gill & Oufhjt 151 .... 

■170 £49 G: NU». £10- £63 -1 

p75 525 ifris'.Ts.Crcj.fl. 500 .... 

I 97 1 66 Hoffnunq < S.J-. 69 -1 


295 Indrap^ £!..._ J 305 Jl#^3 


21 packs 22 

[ 9 (Jamaica Sugar. 11 

55 UTrnrta 64 

! 39 (Mitchell Cotts— 39 

1 203 ll.iger^n Elfc.il 210 


9 (Jamaica Sugar . 
55 }L:rrf.c — 


j t3 Gc?3n Wire. 20p 76i 

165 Pai'JKr. Zrch. lOp 175 
160 Do.-A’N.VlOp 170 
27 iirstr : J.L> lOp 3fli 
1 4i 2 Sena Sugar 50p Si 
44 iSIme Darby lOp 96 
175 Steel Z"K 190 

40 To.~*rKems.20p. 51 
[£37 Em.apcCnv.'Bl £91 

41 U. Cirv Me>c. ifo 50 
j 31 Dc.ltycLn.lEp 49 


RUBBERS AND SISALS 

Ln>| Stock | Price | + -*1 Net |l 



FINANCE, LAND— Continued 

Ai ^ |p*MSW^j, E 

. I'ij 'L-wWBi.JOw. 16 . 0 3 0 9) 22717441 

i is L«| £-.to G'P. 32 w.51 4 7 2.4 Ui 

I J6 Lon Mercian: 71 +3 »084 41 18 18 3 

103 MiG Hite 5p 129 fl 531 3.7 4.1 9J 

?? Kart»lnrt.30pl 73 .- 9075 26 1.6 36 8 

..Ie45 I klr» 9Mfil -15 Q5L16 - 63 5 - 

I 73 ■I 1 ?*C?rVuis 17«; 1 43 16 12 2 76 


•ac*i - teszr- - 


11? 41 

681 3.1 

0 49 ll 
3.37 U 
rClh - 
ri4.97 1J 


4 4 4 1 7 0 
36 4 £ ■: 
10 61232 

12 5.3 242 

- 8.2 - 

13 132 85 

- 6.1 - 


1.2 11 Sill 
43 4.3 5 6 
— ?.6p2.2 

3Jl 3.6) 77 


The Nomura Securities Co., Ud- 

NOMURA EUROPE N.V. LONDON PrFfCc: 
EarSer Suripfir : Hji: Vr.-i #.,■[ Sa^jcr nnjon ftari. j 
Londcm £C.‘>; 5L fnnn, :DT‘ £>36 5311,6253 J 


MINES — Continued 
AUSTRALIAN 

Stuck I Pitet I*-"! te 


OILS 


9 Acme)t25c 

64 £©jgaim.ni«50T(je2 


684 -3 
82 +4 

£61 -1 


■rl 092*6 


lAJj— 75 45 • ULKataNtiaSl. 

— — 63 38 Hacma GeM N.L.. 

eD£ — J58 81 Harartn Arens 5p. 

— - 40 10 Welflls Er. 5«Jc . 

. _ — — 223 125 K.I.M. Hta. 50c . 

I t2J7 3Jl 6 4 5.0 22 10 Minefields £*pl... 

L, , I — J — , — 40 10 IAeu.it Lvcll 25c . 

|3!41(r| L?j 8.1 96 7 (Ij Neurmetal 10c. ... 

— - 143 70 Ncrih E. HiilSOc 

— — I0I3 8>; Nlh. Kalqurli . ... 

1-7 6 6^ 1* Nth West Rliiing 
7.9.62 173 115 CmkMiiSw SA1 ... 
04 1 i.s 42 10 tiOilmin N L. . 

— — 70 30 Pacific Copper 

— U5v 725 Panconi '1 25c . . 


ID .... 
124 f-l 
116 -*-4 
430 +5 

280 -2 
19 +11 
54 + 2 
35 +1 
158 +1 
281; +!■; 
198 +1 

15 . . 

33 +1 

61 , +2 

108 +4 

ll 1 ; • 
28 . 


+1 WSc 

4-4 — 

-2 $ 01 te 

& = 
+1 - 
+1 +Oi5 


- 40 1? 

T, 570 310 

2 3 30i 'i 5C 

- 1W 84 

- IOO 35 


Paring; WSEr 5p 
Peko-WalT-^mi?Oc. 
Southern Pacific. 
We*tn Mi.img 50c . 


35 JWmm Creek 20; .1 


.T.. - * , “ 420 240 


-6 tl594 «.] 
.. 4 9% UK 
+2 — — 
.. . . 046% - 
-2 tl33 5.1 
—2 — — 
... 7% 24! 

•*•3 Qlijac - 
+2 — — 


TINS 

Ainal. Nioeria ...I 2 

Ayer Hitam SMI . I 31 


,~r. t>0 45 Berate Tin .. 
*7-5 305 l 1 *) BeriuntaiSMl 


OVERSEAS TRADERS 


TJ- 350 220 
49 ~ 320 DO 
- 1 - 93 73 

11 7 

34 63 

friO 450 

201 2 7 470 230 
3J3 17 78 40 


... 63 57 1901 20 27 470 

7.5 30 6 3 2 1 7 78 

03 Jc U 2.0 45.5 78 

th4J9 4.6 3.9l bl 27jj 

*2 6JT9 1.114J.91I 87 

+2 1J2 3.1 4J S.I 70 

-rl u5.0 3.0 0.2 4 9 245 


111 Geerar 

8<; GoM6EJsel2i ; p. 

220 GorengCons 

DO Hongkong 

73 idr<! lOp 

7 Janur I2i’p 

63 (^rnuntina EMU 50 

450 Kllllnohali 

230 Mal^ DredaicgSr.!) 

40 i Pahang 

50 PeiroValei lOp . 
165 ?« aline SMI .... 

49 Sam: Piran 

47 5pk.*i Cmlty lfta . 
140 SojW Kiiu sy03t' 


K4.86 2.8 10.7 ; j 340 230 Sthn Mafevan SMI. 
1 Qxa^o 2.4 1 9121 7 240 (134 Sunge»B«l5Ml. 

1W103 22 7 2 9 7 85 55 Supreme Zen SMI . 

432 16 93 66 100 §4 Tanang 15p 

15^3 2J? 74 76 ICO 74 lOrjkafirfrtjr. SMI 

63 _ 3J 270 148 U 


23 -1 2 81 
310 Q300c 

55 14.0 

210 QllOc 

165 -5 504 

20 .. . - 
300 . ... *1536 

312a) 12.5 

73 J12.0 

63iti " tQlIt- 

62 & . 012836 

370 . .. 0175c 

44 .. 00.62c 

60 ... . 5.60 
21W 0120c 

82 -1 2.03 
60 -2 t4J9 
180 .. . sC145c 


..0190c 1J 14.6 


(yikab Hrtjr. SMI j 

renoh 5M1 ! 


206M -17 mQc5c 53 
65 .... . ZQlOc - 
100 bM 0.8 

85 .... H753K 0.7 

zoo »aac 1.6 


l-3d 346 


76d -1 2.92 


5.7 6 3 UM (54 |Me»lna R050 .. . 
68 33 


COPPER 

-50... ! 55 |*1 | - [-1 - 


3.1245 68 

5.2 6.4 17 

9.2 i4.B) 300 


MISCELLANEOUS 

35 |Barymin_ | 53 1-1 ( 

9 (Burma Minn 17l 2 p 12 | 1 - 

.75 [Cons. Mure h. 10c. 175 ! iQ3 


Q10%|30.6[ f3.Sj - 


M 263 [164 


90 30 

£12 6S7 
185 DO 


R.T.Z 

(Sabina irjfc. CS1 . 
fTaraEkpln. SI 
| Yukon Cons. CS1 . 


GOLDS EX-$ PREMIUM 


92 279 

102 +1 355 

17 - 

57 +L7 

23Sxd -3 3J5 


Net | Crr ] fir's London gjataliore Tor telecied South African gold minAng :»am In U.S 
_ ovrency excluding the investment dollar premium. Tine prices an 

■79 4.71 4j available only to ran- UK residents. 

_ 1 il 7 ! ^ Si5>*|S104*lBuffelsR3- -.j SUU-Mi 0170c | Lg 17.4 

L73 in it S114«| 830c (East Drie Rl ] 890c +25 tQ78c 18U1 

« * 71 SKi: 330c EasiPandPruRl.. 380c (+10 —1 — J — 

J y I 9 I 4_L rm. tiu. = c r^dniH wi I cnti. Ij.?. nktCrl a I 101 


UM+lj dO.b 


rT 52S»ii 316*2 F.S. Geduld 50c 
f-2(S15*t «75c Pres. Brand 50c _ 
Z-JtjXJt,, YOOc St. Helena Rl. 
751465c 313c SttHo-iteln 50c _.. 


1523 1 L6| 7.0 *17% 516*4 Vaal Reefs SO=.." 


SlB^i +7j Q315c 
Slllj +% 0150c 
5103, +1, Q190e 
415c +15 tQSZc 

S22 +7, Q415c 

$11% +4t 0825c 


185rf +2 

8 ± 

65 

H ::::: 


TEAS 


EASTERN RAND 

Bracken 90c 


d4.0 13 6.1 557 S25 IWes* Drie Rl _.... S2P* +1% ®85c l.m4.9 

Q25c 12 5.0 331*4lsi9 (West Hldgs. 50c .. S22 +% Q415c * 21.8 

-2 Q12bc L5 4.0 SlZ*a [895= 1 Western Deep R2 Sll*s +4t 0823c T«\ 0.6 
+1 OILS 53 5.4 

+2 M6.0 Ll 4.a 7- 

± u 5 EI!! 

W 2 - 21 2 0 51 Unttns othwwtsf indicated, prices and net tfiridoiiH are « p««ce 

„ . ... .~Z — tad daiomlnetlsns are 2Sp. Estimated pricefearnktss ratios and 

...... tnu.Tc i . / coftrs ore based op latest annnai reports and accounts and, vrtiere 

poisiMe. are cpieled on hatt-yeeriy figures. P/E* are ealatatafim 
the bads of net duiHbuiinn; faracketr d figures indicate 10 per 
cent, or ewre dltfereace if taieniMed on "nfl"i3sHbution.C«*ert 
arc b as ed on “maximum" distribution. Yields are based Oo middle 
prices, are gross, adjusted to ACT of 33 per cent and aim* for 
value ot declared dibitnOitm and rights. S ecuri ties vrith 
dcnoCTi ratio ns etiwr than ttertmg are quoted Inclusive of the 
investment doBar premium. 

A Sterling denominated securities which Include investment dollar 
prenaiim. 

» ■■Tap” Stock. 

- Higte and Lows marked thin have been adkstedv allow far rights 
issues far„casii. 

T Interim since increased or resumed. 
t Interim since reduced, passed or deferred. 
tt Tax-free IP non -resident on appdcauon. 
ti Figures or report awaHed. 
tr L'niiaed security, 
p Price at tune of suspension. 

T fmflcaied dividend alter pending senp and'or right* Issue: cover 
relates lo precious dividend! or forecast;. 

6 Merger bid or reorganisation In progress. 

4 Net enmparaaie. 

+ Same interim: reduced final ardor reduced earnings Mated. 
i Forecast dividend; cover on earnings updated by latest Interim 
statement. 

J Cover allows lor conversion of shares «* now ranking for tSMdend* 
or raiding wily for restricted dividend. 

A Cover does not allow for shares which may also rank for dMdend at 
a future date. No P:E ratio usually provided. 

* E.dutflng a final dividend declaration. 

+ Regional price. 

II No par value. 

a Tii free. b Figures based on prospect i n nr ofhrr efllcial 
l . I >. estimate c Cents, d Divrjera rate paid or payable on part dr 

UV u capila/: cover based on dividend on full capita*, e Rnfcr^rynci yield. 

v 1 nxx 1 v m«n . * n “* 5 Assumed dividend and yield, b Assumes dividend and 

+1 I 044c | 1. 4) 40.1 yield after scrip issue j Payment from capital sources. It Kenya. 

m literim higher than previous total, n Rights Issue perefinq. 
g Earnings b&ed on preliminary figures s Dividend and yield exdude 
a special payment 1 Indicmeif dividend: cover relates to previous 
dvidond. P'E ratio’ based on latest annual earnings, o Forecan 
SvWend: corer based on previous year's earnings. * Tax free up to 
30 b in the C. w Yield allows lor fAitrency clause j Dividend and yield 
based on merger I enns a Dtvidegd 2nd yield Include a speciaJ payment: 
Coser (trc n=[ rpsiy to tpecUl paymem. A Net dividend and yield. ■ 
Preference dividend passed or deferred. C Canadian. E Issue pnee. F 
Dividend and yield h.r*d hi prospectus or other official estimates tor 
1479-80. S Assumed Addend and yield after pending wto and/or 
rights issue, H Dividend and ylelil based on proqiectiri or other official 
erilmar?} ‘Or 1R7E-79. K Figure? based en prospectus or other 
lag olfictil etcurotel for 19*8. M Dividend and yleffl based on prospectus 
ijfv; or ot'ier official estinules for 1978 N Drshtendand yield based nn 
orr-fte.-tus w oir*r oliKial e*J mutes lor 1979. P Figures based (in 
oresnetrus pr etnv elTtfnl est mutes lar 1978- 79. C Grass. T Figures 
assumed Z D-kld?nd teWi to date. 44 Yield tuned on xssungSinn 
TrMvuy B'll Rate ftays uncJiangeri until maiurily 0 < ilod>. 


+21 050c 
+ 16 fq7£c 
+6 


10.0 Abtrevix u* <■ * tfividervi , tc ev jtnp issue . * e* rights: *a e> all; * 

12.9 ex capital rii;incjtic«i 


“ Hsccnt Issues " and •• Rights" Page 32 


?blf fprviee n available to every Company dealt in on Stock 
Exchanges lirraughoiri tlx United Kingdom for a fee of £400 
per annum for each security 


REGIONAL MARKETS 

The fp/kwinj is x selection w Lpodon uuateiions of srarr pre'lni'ly 
lisle 1 on** m regional markets Pnce: of Irish Issues, most a whlvh ere 
nm atnctell* Med in London, are a* OuOled on uie irkh exchange. 

Ahum Inv 2 Dp J 26 I .1 Sheffield Bnck. ... I 55 ).... I 


Albany lire 2llp - 
A’Ji ipinmrg . . 

Renare . . - 
Edgw:' E-uffli! 
Clever Crotl 
Craig C Rose Ll 
Drwu B A ) A _ 
Eiinfc McHA- 

E.-wi-t . . . 

Flrf Feme 

FlnLw'rg f? • 
GraigSlud ti ■ 
ilisvis pre* •• 
Hn!tt>or.j2M! 

1.0 M Stei U .. 
Ifthn C-PllWUti' 

Peareetr. hi 

Peel whit 


26 

67 

15 

323 

23 

615=i +2 
35 


Shell Peirshmi 
SindalMWm.).. . 


'lonv o*. 80 E2. 
Alliance Gas . 

4r rati. . 

Carroll {P ^.5 

CLonUlkin 

Corr-etc Prods .. . 

Heiicn fHWgs.J 

In« Carp. . . 

Irl'S . 

JacoCi 

TM.G 

Unutare 


OPTiONS 

3-month Call Rates 


lutfustriali 

A Brew 

A.P Cement . . 

E.5R , 

Bafctocv 

Barclays Bar* 

Beecharn I 

Bools . . _ 

Bowfc-v 

BAT 

British On gen . .. 
Brown (J.J. . 

BlrfOn'A" j 
CaAurys . . 
CourauW* 
DeSenianr. 
Wtiillers 

Dunlop 

Eagle Sta r 

£ M.l 

Cen. Airide*il 
Gen. Electric • - 
Giant. .. . - 
Grand Met... - • 
G.U.5.-A' 

Guardian 

G.KJH, ... 

Hawker 5 kH 
Houre of Fras« . 


* C I 

6i 2 Imps" 

Iff I C L 

9 InvsresS. 

11 hCA. 

25 Ladbrele . . .. 
35 Legal 6 Gen. . . 

15 Le« Service ... 

16 Lloyds Bink. - . 

24 "W 

6 Lendcn Enct._... 
20 LonrMO ... ... 

12 Lucas lie*. 

5 Lynns (J.J .. . 

10 ■'Mams" 

S Mris. i Spw . 

15 Midland Sank . 

7 N.E.I 

11 Nx WesL Esuik . 
14 Do. Warrants. , 

17 0 L 0 Did . . 

18 W«se, 

40 R H.M . . . 

9 PatiVOrg.'A' 

20 Reed Mnl. 

16 Spillerx ... 

22 Tesco 

20 Thorn 

12 Trust H DtfSr»s . . 


2D Tube Inrest ...... 

6 UnHever 

20 Utd Drapery... 1 

E Vickers.. . 

3 Wool worths j 

17 

14 Property 

L. Brit Land 

if Cau. Counties .J 

: Inimrepean 

: c Land Secs 1 

“ ME PC 

1° Peachey !| 

Samuel Props ...j 


a Caa. CiMnties ... 

: Inimrepean 

r_ Land Secs 

“ MEK 

1° Peachey 

Samuel Props .... 
g Town 6 City 

§ 

20 B.-it Petroleum. 

3 Bur mail OH 

a ChsieriMH i 

5 Shell I 

18 Ultramar ...... | 

¥ 

4 f.tw.rr Cone \ 

22 Ore Go M ... . 
15 RioT Tine | 


A lele's.nn of 0 pimrs leaded is grm on urn 
LoreiM Sjsci Exchange Report pay: 




























































































































BANK LEUMI CU.KJ LTD. 

I Ini f flA • * ■ for bus * ness 

with ISRAEL 

Head office and West End Branch 


Tuesday December 12 197S 


Head office and West End Branch 
4-7 Woodstock Street, London 
W1A2AF Tel 01-629 1205 




More deaths 
as anti-Shah 


Brewers | Borrowing jumps 



to swap 

1,000 


protests grow pubs 


to £1.57bn 
in November 


BY MICHAEL BLANDEN 


BY SIMON HENDERSON AND ANDREW WHITLEY IN TEHRAN 


VIOLENCE erupted in Iran yes- 
terday when, for the second day 
running, there were huge demon- 
strations against the Shah 
throughout the country. 

Widespread clashes with the 
security forces were reported. In 
the city - of Isfahan, where many 
Americans work, several people 
are said to have been killed after 
shooting broke out when demon- 
strators attacked the local head- 
quarters of Savak. the security 
police, setting it on fire. 

Many other buildings are said 
to have been set alight. The 
opposition claimed that ihe 
whole town seemed to be in 
revolt, with shooting continuing 
for several hours. 

Other clashes were reported 
from Gorgan in the north-east 
and in Zanjan. west of Tehran. 
Many statues of the Shah were 
pulled to the ground. 

In Tehran another march of 
lm people passed off peacefully. 
No soldiers or police were visible 
near the march, although tanks 
and troops continued to mount 
roadblocks around the airport 
which remained closed, and 
across the northern section of 
the city, where the Shah lives 
in his heavily-guarded palace. 

Large sections around the 
centre of the city effectively 
belonged to the demonstrators, 
who shouted “ death to the 
Shah” and called for an Islamic 
government. The most unifying 
call was of support for the 
exiled religious leader. Ayatollah 
Khomeini. As one religious man 
addressed his section of the 
crowd, any reference to the 
Ayatollah, now in Paris, was 
greeted by a roar of “ Khomeini 
is nur leader." 

The predominance of cries for 
the overthrow of the Shah made 
the latest demonstration a more 


militant affair than Sunday's 
march. The crowd seemed more 
boisterous and confident Al- 
though a major religious day of 
mourning, the political protest 
entirely dominated events. 

Last night Tehran Radio 
broadcast an official announce- 
ment that martial law would 
once again be strictly enforced. 

The possible next political 
moves by the army, the Shah, 
or the opposition political 
leaders are not immediately 
clear. The significance of events 
has been the mass demonstra- 
tion of opposition to the Shah 
and the tremendous self-disci- 
pline shown in Tehran. The 
population largely regulated 
their own affairs and obeyed the 
instructions not to be violent 
and not to antagonise the army. 

Some observers here feel the 
army has handled the crisis 
well, allowing an expression of 
opinion which it could not stop. 
But what has not appeared to 
happen is for the individual 
standing of political leaders, 
other than the Ayatollah, to have 
risen. 

Reuter reports from Paris — 
The Ayatollah told the U.S. and 
other countries that unless they 
withdrew support for the Shah 
their supply of Iranian oil 
would be cut if his regime fell. 

The top aide quoted him as 
saying: “The American people 
must call on President Carter to 
withdraw his support for the 
Shah's regime. 

“Foreign governments which 
support the Shah must know 
that once established, an 
Islamic government will stop 
supplies of petrol as long as a 
government which, supported the 
Shah remains in power.” 

Islam in Iran Page 4 
Iran defence rats Page 5 


By David Churchill, 

Consumer Affaire Correspondent 


THE LARGEST exchange of 
public houses owned by the big 
brewen; was announced yester- 
day in a move aimed at ending 
local monopolies of brewery- 
owned public houses. 

About 1.000 public houses 
will be exchanged over the next 
Are years after detailed talks 
between the big brewers on 
which outlets should be 
swapped. The deal, which was 
agreed with Government 
ministers yesterday, follows 
criticism from the Monopolies 
Commission and Price Com- 
mission of the dominance of 
individual brewers' public 
bouses In partirnJar areas. 

The swaps will involve only 
five of the six major brewers 
since Courage, the Imperial 
Group subsidiary, has already 
exchanged a number of its 
public houses. Between them 
the big brewers own about 
51,000 public houses. Although 
the swaps still have to he 
worked out in detail the 
Brewers' Society said last night 
that they would involve public 
bouses in nine counties. These 
were Bedfordshire, Bucking- 
hamshire, Gloucestershire, 
Hampshire, Hertfordshire, 
Norfolk, Northmptonshire. 
Tvne And Wear, and the West 
Midlands. 

Tbe Society refused to give 


The Society refused to give 
further details- of where 


THE CENTRAL Government's 
borrowing requirement rose 
sharply last month after a 
seasonal drop in 'October, and so 
far in the current financial year 
has been running at more than 
double the level of 19<i-78. 

In November, the central 
Government borrowed an esti- 
mated £1.5 7b n compared with a 
total of £l.J4bn in the same 
month last year and a repayment 
of £156m of debt in October. 

For the first eight months of 
1978-79 the borrowing require- 
ment is provisionally put at 
£6.3 bn compared with £3.1bn in 
the same period of the previous 
year. 

The increase so far is well 
ahead of the Budget forecast of 
a rise of 79 per cent for the year 
as a whole. 

The excess is due partly to the 
different timing ■ of tax cuts 
between the two years, with most 
of the reductions announced this 
year already having made their 
main impact — compared with 
last year when much of the effect 
was delayed until the second 
half. 

This has led to a relatively 
slow growth in Inland Revenue 
receipts during’ the ‘year so far. 
In spite of this, however, the in- 
crease in the total revenue of 
the consolidated fund, through 
which the Government passes Its 
receipts and expenditure, is now 
running in line with the Budget 
predictions. 

Consolidated fund revenue in 
November was £3.7bn. up by 
£6fiSro compared with the same 


month of last year. Within the 
total Inland Revenue receipts 


increased by £241 m and Customs 
and EXcise receipts by £111 m. 

In- the first eight months oE 
the financial year total con- 
solidated fund revenue of £27.1bn 
was up by £2j)bn over the pre- 
vious year. The rise of about 
10 per cent was in line with the 
growth expected in the Budget 
f.or the full year. 

Inland Revenue receipts in 
the eight months increased by 
£l.lbn, against' a forecast rise of 
£2;9bn for the year. But the 
apparent shortfall should be 
made up later; receipts in this 
period last year were high since 
they had not reflected the sub- 
stantial income-tax refunds 
which followed the increases in 
personal allowances announced 
In October, 1977. 

On the other side of the 
account, consolidated fund ex- 
penditure is still running ahead 
of forecast, with the expected 
large increase in the cost of ser- 
vicing the national debt one of 
the main contributing factors. 

Expenditure in November was 
£4.7bn. up by £740m over the 
same month last year. In the 
year so far, the total of £33.1bn 
is £5.4bn, or 20 per cent higher 
than last year, compared with a 
Budget forecast of a 17 per cent 
rise In the full year. 

The amount met from the con- 
solidated fund for tbe service of 
the national debt rose to £2.1bn 
over the first eight months, com- 
pared with £1.4bn last year. 


Express refused 
injunction against 
its journalists 


BY CHRISTIAN TYLER, LABOUR EDITOR 


A HIGH COURT judge refused 
yesterday to grant immediately 
an ex parte injunction to 
Express Newspapers against 
journalists who are refusing to 
handle copy put out by the Press 
Association, the national news 
agency. 

The National Union of JouraJ- 
ists, which was not represented 
at yesterday's hearing, said it 
would file affidavits for a further 
hearing on Thursday. 

About 100 NUJ members at 
the Press Association are 
striking following a union in- 
struction not to work while its 
members on aver 1,000 provin- 
cial newspapers are on strike in 
pursuit of a £20 a week pay rise. 

Most of tbe remainder of the 
PA staff have ignored the in- 
struction, but members of the 
National Graphical Association 
are refusing to handle copy 
unless it emanates from the PA's 
editor. 

The NUJ has also instructed 
all its newspaper members to 
*■ black " stories from the Press 
Association. 


Expansion threat 


As the provincial journalists' 
first national strike entered its 
second week, the NUJ said that 
disruption of production would 
spread beyond the 100 or more 
titles affected so far. 

Express Newspapers. pub- 
lishers of the Daily Express, the 
London Evening Standard and 


the ne wDaily Star, had applied 
to Mr. Justice Lawson in cham- 
bers to stop NUJ members 
41 blacking ” the news agency's 
materiaL 

Express Newspapers claimed 
that the blacking was affecting 
the quality oF its newspapers, 
causing extra expense, and that 
delays in the production of its 
Manchester editions had caused 
the loss of up to 10,000 copies 
there a day. 

The court's decision at the 
resumed hearing will be of con- 
siderable interest, since it 
involves the question of what 
sympathetic industrial action is 
legitimate and what Is not 

The NUJ chapel (office 
branch) at the FA. wbich is 
already in dispute about a pay 
award, will itself be meeting on 
Thursday. 

On the same day, journalists 
of The Times newspaper, which 
like its sister titles was suspen- 
ded at the end of last month, 
will met to consider tbe out- 
come of negotiations on an 
Interim -agreement that Times 
Newspapers is anxious to secure 
with them. 

The journalists are being 
asked among other things to 
agree in principle to operate new 
technology provided that the 
NGA, the union most affected by 
the introduction of computer 
typesetting, consents to it. But 
the NGA had so far maintained 1 
its refusal to give up work which 
it says belongs 1o its members. 


Individ ual brewers' concentra- 
tion of public houses was 
greatest because employees had 
not yet been told. Although no 
direct redundancies will result 
from the exchanges, the unions 
have been suspicious of such 
swaps in the past and have 
taken strike action in protest. 

If the exchanges go ahead as 
planned the Society said that 
no national brewer would own 
more than 50 per cent of public 
houses in any local Govern- 
ment area with a population of 
100,000 or more. In addition, 
no national brewer would sell 
more than a third of beer sold 
In such an area. 

Small brewers will not be 
involved in Ihe exchanges be- 
cause of their need to have 
outlets close at hand to remain 
economically viable. 

The latest round of swaps 
between the big brewers 
follows several other similar 
deals since the 1969 Monopolies 
Commission criticised brewers’ 
local monopolies of public 
houses. The largest swap so 
far of some 437 public bouses 
— which was implemented 
earlier this year — took more 
than two years to negotiate. 
Altogether about 800 public 
houses have been exchanged 
since 1970. 

The brewers also agreed In 
yesterday’s talks with Ministers 
to consider making rival 
brewer’s beers available in 
their public houses when there 
was sufficient consumer 
demand. 

News Analysis Page 7 


Retail 

sales 

stay 

ahead 


By David Freud 


SPENDING in the shops in 
November remained at tbe 
healthy level at the last two 
months, making it virtually 
certain that retail sales this year 
overall will be 5 per cent or 
more higher than last year. 

Provisional estimates from the 
Department of Trade yesterday 
put the retail sales volume 
index at 109.5 in November 
11971 = 100, seasonally adjusted). 
This compares with 109.6 In 
October and 109.5 in September. 

The level is below the near- 
peafc figures recorded in the 
late summer, but well above 
those of the first half of the year. 

The total for the first 11 
months of the year was 5.1 per 
cent above the same period last 
year. 

Retailers expect some increase 
, in the December figures, which 
should mean that their prediction 
of a 5 per cent year-on-year gain 
for the year will be comfortably 
exceeded. 

Mr. Richard Weir of the Retail 
Consortium said that if the 
Christmas pattern of the past 
few years held steady, he ex- 


RETAIL SALES 

Value— per- 
centage change 
Volume compared with 
1971 = 100 a-ear earlier 
Witmilfr foe* UMMal^ 
ad tinted adjusted) 

1977 lit 

103 J 

+ 14 

2nd 

W2-5 

+ 13 

3rd 

104 3 

+ 1S 

4th 

104.4 

+ 13 

1978 1st 

10&3 

+13 

2nd 

108.0 

+ 1S 

3rd 

110J 

+ 14 

1978 May 

108.4 

+ 15 

June 

108.7 

+ 14 

July 

11M 

+ 15 

Aug. 

111B 

+ 1S 

Sept. 

1Q9S 

+ 13 

Oct. 

109j6 

+ 14 • 

Nov. 

109.5* 

+13* 

* provisional estimate 


Smrce: Dejwrrmefit of Trod* 


After Gardner and Carlton"- 
Hawker Siddeley’s acquisitlona! 
journey through the electrical ; 
and engineering sectors has 
now taken it to Wratinghouse- 
Brake and Signal,' which is: fee, 
subject of a £40. 5m agreed' cast- 
bid of 9Sp a share against 62p 
last Friday night. If Hawser, 
had enjoyed entirely its 
way. this would have repre- 
sented a substantial fstejfi. 
towards the reinvestment of its' 
cash accumulation — which- at 
present stands at around £l4G0k ; 
But Westingbou se has insisted; 
that its shareholders are offered 
a share alternative, which on a 
38 for 100 basis (with Bawjrer 
at 238p> works out at 9Q.4p; 
Moreover there is a complica- 
tion in that £1.8m of W estkig- 
housl’s estimated £6 An pre-tax 
profits for tbe year ended -.in. 
September derive from its haff- 
5 hare in Bendix W estinghouse, 
which under a previous agree- 
ment Bendix Corporation wtp 
have the right to buy because 
Westingbouse is changing 
hands. 

Bendix has not yet been 
approached, but Hawker bad 
had to allow for the possabiii^y 
that it would bare to dispose 
of the BW stake for, say; 
between £6m and £9m, which, 
would cut the net size, of tfie - 
investment but raise the fuH? 
taxed p/e ratio being paid- >£o 
around 15. As for the share 
alternative, it has been made 
a little less attractive than tbe 
cash offer, but swings in ;the 
stock market could change -ail 
that— as with the Gardner offer 
last year when Hawker’s price 
was strong and more than half 
the acceptances were for shares. 

Westinghouse shareholders 
will be pleased enough with an 
offer nearly 50 per cent above 
the 1978 high. But they may 
be a little disappointed that 
the company’s profits turn out 
to be rather lower than' ex- 
pected in the City, after prob- 
lems in the foundry side, : and 
this must have affected the 
board’s negotiating position. 
Moreover the Monopolies Com- 
mission hurdle has stHl to.be 
cleared. 


as nOW, ' directly; related -to thc 
V * ~ i A value tlis assets happed to: have 

. Index fell l.u to “^rf.-in the . balance ^eet ; - 


- 1878 - 9 ' 


Lh ii. 


j w j j 4 s u:a s j r a 


•• •• _• '-i-- p & O' V; 

CENTBAL 60TC^®Effl2_ Companies'; Seem \tQ- have 

; £hn BflHBDWIMG REQUIREMENT plenty. of \ scope-" fim 'gtosstng 

HF rimiKhi+fv* tirfni ' "T! -over embarras^ng fbrei&n sub- 

r&T** J ; : sid«rles in their:^epbr^;qtdy 
; two weeks ; - ago Incbcape 
6- i • “ > belatedly a*hitted.^*at its;1977- - 

1978-9'*^ / . = i-' li^S accounte had ptprvjded-for 

- £6.5m of coraa mariiet JoSses by 
4- #1 ft its Dutch company., bfaKP S-0 

/ f . ■ looks .to be on / the, ’point of 

- VI- 1 .1** Vi ' 'pouring- mo re money in to. Boris - 
S\\ I JJs 1‘ » - ‘ Scrutfi TSast"AsSs^ a Iwalding. com: 

? ” j r > 977-3 - pany which, shareholders -.vrith- 

-f\ j I I • | ^ out' access,' to • JFat: 

* 1 r ■ ■ L ‘ adyiras^inay be atipmked..-to- 

P 1 j j 5 an* f a I:- learn- is losing axqnnd -£2nx^' 
Vi-i.u i i ■ ■ ■■-* ' v * , | l | r?* f 'r ' year; Yesterday tins ^8; peri 

-j, cent owned subsidiaiy^a^ktHiijjr;/ 
Tanging from historic cost its shares to. be - suspended in . 
market value several yearo ago, Kua^ -U^ur^ d SmgajmftV ■ 

are few rules apart from what . E «Q : spokesmen . admitted 
each board of directors thinks 

most appropriate.’ in': its own sizeable minority shareholdings . 

-circumstances. . ; in Singapore -and’ MaJays& jt; 

The usefulness of property. oould-.lM.ye made^a;.loan. td Jh^.. 
investment company accounts i^ subridiaiy. Jn 'tiiat case, JJUbfip .. 
further reduced by the cohtor- ; attention inigm, of -couns^.pot. 
tions most conrp anie&h a ye to go bave been.' drawn tojifae ; faftt;; 
through in presentirig financiai ti£at /this r .compa»jr ; , h^:- nci 
statements so that tax retief-ou equity left. Shareholders nafighi 
development interest is not jeo- then have ' been : toW, .As • tjbey'; 
pardised. So it is hardly sup^ amraal.repori . 

ing that the irtdostiy was npan ho more .thah ffiat .^activities 
arms at the accounting stai^ in - the! area : <South-Ea5t_ 'A^y 
dard, SSAP 12, wbich>et out to were affected ^£<fifficuil 4 txad r ' . 
require all companies to depre- ing conations , ; • 
ciate fixed assets, including The ri 1 ^reholderi! m^ wonder 
buildings, in their profit and why F i t) is appai^ntly pre^- 
loss accounts. After winning an. pared to go. -oa snpporfciQg^ a-.. 
initial deferment of a year- in Subsidiary . with 1 ; accumulated v 
application of the standard to losses of itSin witicb- i& 
the industry the property com- or less written ott” ia P i O's 
parties will be- farther relieved own bo ofcs - an d. in- : respect* of 
by yesterday’s statement from which. £ : /&.-0;:$ays;it has no 
the Accounting. Standards Conj- yrm tfogp rcfr . itaK ffificR . - ThAry is . 
mittee that the exemption will ohesutetantial off -balance-sheet - 
be extended a further year. asset in the form- of .'Boris's 
Unfortunately ... for^ the. fgjm ei^a- against tito: 
accountants, if is now becoming pore Government- ' ‘ f 
clear that the property coto- , ‘ ^ 


jecisi 


• i ■ • ' 

t; . - 


vc 

^ SC CVS 


¥: . 






>r" " 
i J k-r • - 
. •: 

- i. - 


pected trade to be 6 to 6.5 per 
cent up this December on the 
same month last year. 

This would bring the index to 
about 113. exceeding for the first 
time the record sales levels of 
1973 and 1974. 

Two factors contributing to the 
increase are the tax rebates and 
increased social security benefits 
paid towards the end of last 
month and which should be 
reflected in sales for the first 
time in December. 

The outlook for next year is 
less optimistic, however, even 
though retailers expect a good 
January and further increases in 
the early part of the year after a 
lull in February. 


Depreciation 

Company accounting in 
Britain lacks an agreed conven- 
tion. In the main, industrial 
companies follow the historic 
cost system, but there are 
frequent departures when they 
revalue fixed assets. Such 
variations become most pro- 
nounced in the property invest- 
ment industry, where it is 
common for accounts to reflect 
assets at a variety of values 


clear that the property coto; 

panies' revolt against ^ the OSKR^. •- ■ ' V v 

standard may only be the 'tip' ' • _ 

oif a rather hafity.iiw^ieigr/To.. Tbe latg* ' the Novem- 

start with, it seema increaringly : her CeatraZ Goveraineht . borro w- 
jikely that tfie brewing ram- ing.: requirement, n.57bn, 
panies will refuse to depredate- caused a few -xippfes- in- the gilt- 
pubs in 1978 year-end finaiidal edged; market -yesterday after- 
statements. They may be joined .nwHL -for aty ^estimates ■: had 
by some - store groups. . TeSco, chartered- . around . the £lbn 


ri73Z*S t 


for example, is known to^b* maik.7 The December s figure, 
hostile ‘ f -to r -the idea that it : Moreover, win bd affected by 


r 

j ■- 
j- 

jV.5 *CtS 


sbmiid have to depreciate rfe l^ latest ro.uihF of income, tax 
stores: ..TbeT;. lesion . » for the seeips .to ^>e hap- 

acconhtaaits islthat tbe time has. p.enipg- is. that f.-risiiig govem- 
come to deride what accounting: ment spending, ^especial^sr on 
conventioh it is that' is being debt>; interest /arid upgraded 
standardised. • ' • social . security and . ; dbiid 

If .the intention is to have benefits^ ir ■ Coming' ‘tiirough 
accounts comparable on the faster than ..the ingber .iaxea 
historic cost system it hardly generated by ' an expanding 
makes , sepse that the property econocay and rapidly 1 , rising 
depredation charge shoitid be. wages: 1 , _ 


:i . 
' ' ‘ 

-■> 



Morgan -Grampian bid ‘part of 
pro-South Africa media plan’ 


BY QUENTIN PEEL 


Continued from Page 1 

BOC deal 


pbrased in a way that makes it 
very difficult for even the most 
hardline Labour Left-winger to 
object to it. 

It is now -up to the Tories to 
put down an amendment which 
will challenge those Labour 
MPs opposed to the use of pay 
sanctions to break ranks in tbe 
vote. which could he 
embarrassingly close for the 
Government. 

The signs yesterday, however, 
were that the Tories’ task was 
becoming increasingly difficult 
as Left-wingers resorted to other 
tactics as a means of showing 
their displeasure both with 
Government policy and that of 
the Opposition. 

As expected, the Govern- 
ment's motion makes no men- 
tion of specific aspects of the 
counter-inflation policy such as 
tbe- sensitive question ~trf sanc- 
tions. 

Instead, it asks tbe House to 
'* welcome ” the Government's 
record in reducing inflation, and 
ralLs on MPs to support a range 
nf objectives such a« reducing 
unemployment and inflation. 

The Conservatives will put 
down their amendment, which 
will be taken first, today. Tt is 
expected to concentrate on sanc- 
tions rather than embracing the 


5 per cent limit on pay settle- 
ments as well. 

Yesterday, some senior Con- 
servatives were m favour of try- 
ing to exploit the divisions in the 
Labour movement by pointing 
out in the amendment that the 
Government's policy is at odds 
with that of the unions. 

In this way they hope to make 
it difficult Tor Labour Left- 
wingers to oppose it. . 

Rather than be associated with 
the Tory amendment. Labour's 
Tribune group put down their 
own amendment yesterday whieh, 
though it will not be taken by 
the Speaker, gives them an 
opportunity io vent the I r 
hostility to the 5 per cent pay 
guidelines. 

The amendment begins by 
accusing tbe Conservative Party 
oF adopting a “ hypocritical "i 
attitude to. pay: p olicy , hut goes \ 
on to &ay that the real need's of | 
the country are not being served | 
by either the “ highly selective 1 

and cHscrimirvatory sanctions,*’ 
or by the 5 per cent pay guide- 
lines. 

By querying the Tories' 
motives for condemning the pay 
policy, the LeftAvingeri seem to 1 
be signaHiin? to the Opposition I 
that they do not expect even 
toadt support from them. 


DR. ESCHEL RHOODIE. the 
former head of the South 
African Information Depart- 
ment, who is accused of large- 
scale misappropriation of 
Government funds, planned an 
international network of pro- 
South Africa media to sell his 
country’s policies to the world. 

This has emerged from official 
and unofficial investigations into 
the secret activities of Dr. 
Rhoodie’s former department, 
although only a fraction of the 
projects he launched have been 
identified. Hhis secret funds 
totalled R64m (£37.6m) over the 
last five years. 

Confirmation of one major arm 
of the strategy — tn control an 
international publishing group 
based on Morgan-Grarapian in 
Britain— came at the weekend 
from two South African business- 
men. They admitted beine 

backed by the Information 
Department in tbeir inter- 

national deals. 

Mr. David Abramson and Mr. 
Stuart Pegg said that inter- 
national loans which they used, 
among other things, to acquire 
20 per cent of tbe share capital 
of Morgan-Grampian, were 

guaranteed bv the Department. 


Irregularities 


The bid for South African con- 
trol of Morgan-Grampian, was to 
have been reinforced by Inject- 
ing the South African printing 
and publishing group. Horrors, 
according to the statement by 
Mr-.PegE and Mr. Abramson. But 
it never came to fruition. The 
partners sold out to Trafalgar 
House, owners of the Daily- 
Express, at a substantial profit. 

According tothe report of the 
Erasmus Cora mission. ( appointed 
hy Mr. P. W. Botha, the Sourh 
African Prime Minister, the 
Department eventually held 
shares in some 49 foreign and 
South African companies. Those 
companies are not identified. 


According to a separate report 
by the Pretorus Commission — not 
concerned with irregularities 
but simply with an eiraiaatior? of 
the secret projects — 57 of the 125 
projects considered are to be dis- 
continued, and 88 proceeded 
witb. A handful will now be 
conducted openly, but the 
majority will remain secret. 

Mr. Abramson and Mr. Pegs 
were involved in a' number of 
apparently abortive attempts to 
gam control of other- publica- 
tions. They made a- bid in 1977, 
again with loans guaranteed by 
the Information Department, for 
the Investors Chronicle, Mr. Pegg 
said this weekend. 

In a newspaper interview pub- 
lished here, he said the aim 
was to make the magazine pro- 
gold and pro-South African, but 
not necessarily p r o-G over n men L 

When that failed, the two busi- 
nessmen bought a 50 per cent 
share of the smaller Investors 
Review, but were still unable to 
gain editorial control, and sold 
the stake this >ear. 

Another unsuccessful exercise 
identified in the South African 
Press was an attempt to gain 
control of the Washington Star 
newspaper in the UJS. - 

According 10 the Johannesburg 
Rand Daily Mail, some RlOtn was 
earmarked for the purchase and 
transferred to the U.S. But the 
bid failed. The - newspaper 
claimed that some of the money 
was .subsequently used, to buy a 
mansion in Miami. 

Mr. Pegs also identified 
several- publications, which he 
Haimed were controlled by the 

Department. They included the 

renulable Wesi Africa magazine, 
although he says the stake was 
sold earlier this year. He also 
mentioned Southern African 
Development, a quarterly puh* 
lisbed in Britain, and France 
Eurafrique published Id Paris. 

Mr. Pegs, a former rally driver 
and business associate of Mr. 
Jim Slater, the financier said 


that he and Mr. Abramson were 
asked by the Information De- 
partment to re-organise the 
management of West Africa 
magazine. 

Although the Erasmus Com- 
mission js to continue its in- 
quiries until May next year, the 
aim is not to expose successful 
clandestine operations, but to 
identify any cases where Govern- 
ment money has been misused. 
There is thus no guarantee that 
many of Dr. Rhoodie's schemes 
will be uncovered. 

The statement by Mr. Abram- 
son and Mr. Pegg provides the 
first clear indication of the 
methods used by the former 
Information Department in its 
clandestine operations. 

It says that in return for the 
loan guarantees. " the Depart- 
ment initially had a 20 per cent 
participation in any profits made 
tbroagh these activities, but did 
not own any shares in our com- 
panies overseas. Tbe Department 
later increased this to a 50 per 
cent profit participation." The 
Department also provided an 
interest-free loan of more than 
Rim. 

Outstanding 

The statement says that Hortors 
was acquired simply as a vehicle 
to be injected into an American- 
based holding company in order 
to consolidate South African con- 
trol of the envisaged interna- 
tional publishing group. Mr. 
Abramson and Mr. Pegg bought 
59 per cent in April. 1977, and 
tbe remainder in August, in a 
deal valued at some- R8m 
l£4.6m). 

“Foreign loans guaranteed by 
the Department and totalling 
approximately R3m are outstand- 
ing against our purchase of 
Hortorg shares.” they say. 

The two husinefwmen still have 
international publishing intcrets. 
including travel and Insure 
magazines In Britain and France, 
through their company, Business 
Press international. 


UK TODAY 

MILD with rain and bright spells 
in some parts. 

London, E. Anglia, EL, N.E. Eng- 
land, N. Midlands, S. Scotland 
Mainly dry with sunny periods. 
Some rain later. Max. 12C (54F). 

Wales, S. England, Channel 
Islands, S„ W. Midlands 
Showers with sunny intervals. 
Rain spreading from West. Max. 
J4C (57F). 

N.W. England, Lakes, Isle or 
Man, Scotland, N. Ireland, 
Scottish Islands 
Showers or longer periods of 
rain, heavy at times. Max. 10C- 
J3C f50F-55Fj. 

Outlook: Unsettled with 

showers or heavier fain. Cooler. 


DOES YOUR PORTFOLIO 
CONTAIN 


.3*. 

y*»a raic? 


■ r m ’ . :■ ^ *./- 


free 





HATJNUM 


-.'-.-'I A 


The 14 conamodities listed, herte . 
add up to what is probably ihe; 
fa^estoiovin&mvestm^trnar^t 
in the worid today., . - y'f r; 




From the London Weather 
Centre 


Price movementsinthewarltfs: 7% 
comroodityhwketsoffer ^ 
investorscontinumg.op’pofttirjihes. 
for capital growth. : 7 : Z r £'-S^ 


°^i 


BUSINESS CENTRES 


More and more-investors are' - - 1 ;f .; 


Y-day . 

. midday I 
"C m F\ 

AiMtrfrii. c Id Gi Luzern 

F II AS ■ Madrid 

Athens S 15 

Bahrain s SB 

Barcelona O 13 

BcJrm c 17 

Re l! *51 r 11 

Belcrade s S 

Berlin R 4 

Brtnnhm. F 1 ’ 

Bristol C 13 

Brussels F 14 

Rudepesi pn l 

rw S 59 

R Stt 
m C IS 

C B 
S 11 

2 JCD 


Y'day 
mlridap 
■C ‘F 
S in H 
R 9 « 
C IB 33 
C 26 7B 

r a b 

R 0 32 
c-s IS 
F— 13 9 

S 10 30 
C 11 32 
S -2 M 
Sn -7 19 
F M 37 
S SI 70 
K 6 « 
S SO SI 
C IB 61 
F S» S3 



wool commodity market: . . . r i 

- ■ Tlie best waytqtakeadvaiitfeecff: 

- - these appor Lutiities is to draw.dH* -t 

? .th^slriHsaniit^ t 

^®*gou 3 expert ccnTTmddityhrokerv.-:^ :-C 

• " : M, L. Doxford & Go.-has^Qth th6 * - 


HOUDAY RESORTS 


Alacclo 

Algiers 

Rlarrire 

Blackpool 

.Bard earn. 

Boulogne 

Caxablnca. 

Ca^i- Town 

Cortu 

Tr ob raynlX 

Faro 

Florence 

Funchal 

Gibraltar 
Giwnwcj 
Innsbruck 
Inverness 
I. nf Man 
latanbiil 


midday I 
•C "F 
S It Ml 
S 28 T9 

v 29 as 

C 13 35 i 
C_i2.34 
C J? M‘ 
r 22 725 
S 24 78; 
S 16 61 
S IS 38 
F 19 68 
C II M 
F 22 72 
C 19 tt 
-C 12 54 
S 4 .19 

F 13 36 
B 11 52 
F ? 4fl 


Jersey 

Las. PI ms. 

Locarno 

Luxor 

Majorca.. . 

Malaga 

Nairobi 

Naples 

Nice 

Nicosia 

Oporto 

RbtxlTS 

Salzburg. 

Tangier 

Tenerife 

Tunis 

Valencia 

Venice 


Ydar 
midday 
"C. *F 

c is as 

F - 22 72 

c s er 

F 21 B 
. P 17 83 
H 18 61 
c in gst 
F 15 SB 
F 12' 55 

c m si. 

C » SO 
F H AT; 
S 11 K 
C IF «. 
s n m 

F 19 M 
Q U FT 
C 2 36 


E — 5aim7. 


G— Cloudy. R— Bain. 
Fs— F or. Sn— Snow.