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- - • No. 27,739 

Wednesday December 13 1978 






down 6.9 



EQUITIES Ml'in slow 

business and fee F.% Ordinary 



(50 Of- 



Magistrates bearing the Jeremy 
Thorpe ease at Ittfaehead are 
likely to announce today 
whether all or any of. the four 
defendants, charged with con- 
spiracy . to ro ardor Norman 
Scott, should, go for trial. The ' 
court adjourned at lunchtime 
yesterday- after hearing final 
submissions from the defence 
and prosecution.. . 

Mr. Peter Taylor, for the 
prosecution, claimed that Mr. 

Mr. -Thorpe had iripd to interfere 
with ibe course of justice on 
several. occasions, ^including a 
44 muffled, Threat'’ against Mr. 

Nadir Dins haw.' 

Sanctions Vote 

could be cfose index dosed al fbe, day’s lowest 
: 7 , . With a. fall of &»> 485.4. 

Tongim’s Commons vole on 

Government' sanctions against • GILTS eased walhfaUs of up 
companies that defy the 5 pee to 1. Thf? -^Governraeni 

S^.JSt^SM£ “ J3 *> 

vrrites. . TSus foBawg the tabling ' 

last night of :V ; Conservative » STERLING fell.45 points to 

SSS™ w&i «- 9M0 

minority parties. .hides: remained nnfeanged at 


I440 1 

. lOnfiiBii 
\m[ Index] 

Sep r 0&:Jri Dec 

GL2, The donarVdapredatfon 
narrowed to 8.5 per5tent.<8.6). 

• GOLD fen $5i in 

London. . - : 


Sadat ‘ready 
for new talks*; 

President Sada£ of Egypt Is 1 ^. TT 
understood to. . he prepared td •- WA1 *" °* 
conclude "peace .negotiations- down at S15-6G Jnjst i^aore the 
with Israel without further der close. ^ . 

lay. President Carter - said in ^v.'V. •! 

Washington. This follows “Big- • LLOYD’S of London, is; form- 
nificarit progress” made -by U.S. ing a working partif^craniine 
Secretary of State Cyrus -Vance its own- setf-r«gplal§rx' powers 
in talks with the Egyptian Rack Page 
President, . ■ 

Page- 4- i >?•> — ■ &-SWV: insfiti 

Times, talks - ... 

and. union .-testers meet This to ibectc^ 

afternoon foar'ihe first time -since and- b»e wwit com- 

the ebmpafly suspeDded pubhea- ?“** Wj? 

Sc aI S£ ^o. weeks ago, # BALFOUR REATfY, part of 
. thV-BICC group .-has won a 
1 n csfi-f- irfo-vn fa ’ £I00ni -contract ;f«r an electrical 

1 nati lh vu W; - transmission system in Hong 

The Institute of -Directors BackiPagfe 

council voted-3T tOsQil with three ./ .. . . 

abstentions, to endorse the deci- ^ rais , e lls bas ’£ 

sion of its policy -and executive P^hemieol priMs by as much 
committee in reorganising the 35 ^; ®er ceo/ to try t0 CQ 9^^T; 
institute’s -.administration. Mr,: ac L* k ^ ef ^ irt 01 TisiDB leedsU)ck 
Jan Hildreth, i direetbr-general, co$t&ion, profits. Back Page 

has opposed, diminution Of his. V TkSTO 5 ' is takimr over the 

if the county vote. weirt^againsC^: q^,,- disc0UI i t grocery 

him, he would resign-. Page 6 ./^ores belonging to Mr. Albert 

PhftHftpio woiri . -Giibay,- controversial founder ol 

• niluucaia.laiu ' ' - -}"tbe 'Kwiksave discount grocery 

Rhodesia' lost V an estimated group. Back Page 

S9m-worth of fuel when bLaclr _ oWFirP win shnur a 

nationalist raiders attacked : -a- *. POST OFnCB will show a 

Salisbury oil' storage depot^ 6 ?? 111 . f 10 ® 1 
Eleven tanks were believed the financi; ai year, in line with 
destroyed. Both wines of fee ‘Government targets, following a 
P?tSticVoKtiSSf Cffijfid M-year profit of £170 2 m on an 
responsibility. Page 3 . l / 7 .. Income of £2Jbn. Page 6 

um*£*f* CCS; T«.C,CCX' loss-making Belfast hi-fi company 

Kenya. President DardeT 1 Arap- csta Wished by the Government 
Moi has orderod all- those .held pe Tears ago is to close with .a 
in political detention" tmder .the loss of 180: jobs as the Govern- 
late President Jomo Sehyatta. to roetrt -has said it can no longer 
be released. , j ; • fond .the Operation. Page 6 

Mpir k hiiriPfi • 3HCBDELCV withdrawn its 

. pay offer, iworlih ahantt 9 per cent 

Mrs. Golda Meir was buried on to S,0«) . workers foltowins their 
Mt Herzi; just outsiije-' Jerusalem, uSom ■; ^refusal to accept changes 
among Israel's most' honoured in -working practices. Page 10 

Icadeis. . • • - ‘ ; - \ + EMPLOYERS and trade unions 

nri fnr Jnrrian - * now believe that difficult indus^ 
oana rordoraan trial, relations problems, inelud- 
La crew, of -Iiongten;- Stoke-on-- ing .union ; reeoeiition casesi 
Trent, has won a contract to could not be solved by the courts; 
supply sand to., the Middle Easti AGAS has told an,' Appeal Court. 
The order, for, a Jordanian soft- page 10 
drink company's filtration plant , 

is part of a. £250,000 contjnct - #. VOSPEB, the pnvately-owned 

. "'.' shlptnnlding company left out of 
Briefly • qa-taonidlsatlon plans last year, is 

_ _ ^ ' . td form' a . subsidiary, Vosper 

• Gees- Boycott has been. passed.. mational , 40 help developing 
over as captain Tor the England countries budid warships. Page S 
touring side s oue-day -match-, 
against Western Australian ■ 

Country, set fortoday; COMPANIES 

Earthquake shook a wide area of 0 TRAFALGAR HOUSE, whose 
Mindanao, Southern -Philippines, interests . include Cunard strips 
Komama’s eastern' Vrancea pingandihe Daily Express news-^ 
region was bit by its second earth paper r expanded pre-tax profit 
treraour in 24 hours. . . . _b? £14^2 m to a record £B0.63m 

Poster condemning China’s Gu3- 'g 1 >!? 1 ^ y a e ^ ^ September 30. 
-rural RevoUrtion has appeared ^ Lex 
on Peking’s “democracy waH,” -• REDFEARN National Glass 
Pa*® 3 . reports a sharp drop in the 

Mediation team' headed by San second half, -taking pretax pro- 
Salvador Archbishop Oscar -p for the year lo October 1 
Arnulfo Romero has . opened dowp ^ rom £4 - 59m £3 - 9m - 

lalks with guerriJlas holding four 3 r- 

foreign businessmen. * STANDARD CHARTERED 

Communist Party officials from Bank reports an 8 per cent rise 
73 countries met -in -Sofia,, for— Hi pre-tax ' profits tp £67 An for 
talks on ideology and foreign the half year to.. September 30. 
policyi Page -32 and 

Italy joins EM 

on January 1 
despite opposition 


Sig. Giulio Andreotti, the Italian Prime Minister, said yesterday that 
Italy would become a full member of the European Monetary System (EMS) 
on January 1 . He thus sets his minority Christian Democrat administration 
on a collision course with the powerful Communist Party upon whose support 
it depends for survival. 

Opening a key parliamentary able improvement in the balance After a iop-Jeve] party meei- 
tlcliule on EMS after a Cabinet of pay men Is. ing,' the r -'i>jniiiunists. clearly 

meciing. Sig. Andreotti said In spiLe of the reluctance of surprised by Si?. Andreoiti's 
that earlier in the day he had the Italian monetary auihorilh.s speech, condemned the dcc : iion. 
been given a promise of “foil to take ibe country jnmieduii.c'y However. 1 ; -is still unclear 
.solidarity " by Herr Helmut into the EMS and the firm whether l:i..y -.vill vote aqamst 
SL-nnndt. Uie West German opposition nr the Communists, the Govern men; or abstain like 
Chancellor. But to the aneor of Sig. Andreolti's decision rellerts the SociaiiMs. 
the 1 Communists, who form an the strong pressures of bis own romn.» n a c ■ r- » 

mtesral part . of the present relies paiiy fer immediate emry. Su nHSS? n ‘»'S 

Italian governing majority, he These pressures •■rr* i? vour Ine T'Oliu^ai principle of 

' l * l ™}*. 0 L any spedfic exacerhated by the small huL in- 

confessions from Bonn. 
Sig. Andreotti claimed 

flueotiai Republican Pan-/ an- ^ouods 

“ to imoietliaic Itanaa nicmber- 

, , andreotti claimed that nouncing that it was withdrawing .k 4 _ 

Italy had obtained most or the j|. s support to the Government 
terms it sought for EMS member- because of Italy's hesitation over in the 
ship at the European Council in joinjI *j thc EMS- j 

BrusseJs when he had asked for The Christian Democrats, ibe round 
a week to make up his mind. - rouuu 

!:ia: few days, Sig. 
held an -intensive 

lie said that Italy would lie ]‘ eiJubllc j' ns ' M and . th<? 1 s>0 ^ ljl party leaders and the monetary 
able to nciwtiale JerSn ^ con- ? e, ? 0Cr « ” 3,1 , wc,coni ^ s jy- authorities in an attempt to win 
rroveraial Srts or moneSnr ^ ndreotl15 statement. But the the fienerai consensus nf the 
union, mainly* greater transfer S^^Ii Sl h rt « nd Su ” a,,, *f‘ parties over the issue and avert 
or resources and an increase in C in<fuii C mt?v th* 01 1 Government 

the European regional fund, over S e ^ P ? es Jed deer and CnsiS ' 

the next slx months. menacing nti^ivings Howevnr. the opposition of the 

Immediate Italian membership 13 ™. 7 s . Communists and Socialists to 

represented “an act of faith.” The Socialists have called a immediate cetrv and the hard 
and was “coherent with Italy's meeting of all parties support- jj ne 0 f the RopubHcians and a 
current attempts to reduce ing the minority administration, vociferous fjition o[ the Chri»- 
milation and lay the basis for which is to be held this morn- tian D^mnc- ts in favour of 
stable growth in coming years.” ing and indicated that they ins tant ' membership posed a 
He also recalled ltaiy s success would probably abstain in the . 

in slabiliring the lira during the vote at the end or the pari i a- Continued on Back Page 

past two years and the remark- mentary debate later today. Editorial Comment, Page 14 

Guadeloupe summit idea 


(Prices is pence unless otherwise indicated) 


Alginate 305 4- 50 

Barker and Dobson... 15 + 3 
Beech wood Construct 32 + ? ■ 
Barth wick <T.) ...... .• 73 4- 5 

Chapman (BalhamK.. .93 + S 
Latham (J.) 125. + 5 . 

Piax ton’s .... 118 + S'- 

Sharpe fW, Nj 1S7 .+• 7 . ' 
Stanley . (A G.) ,%.^ XSS +• 5. . 
Charter Cans. j..j 141 -4* 7'- 

Minorco 18ft. +• B 

Selection Trust i-*~. 474 + 34 
Yukon Cons. ' ..III*..- 1B5 ‘-&--2S 


Excheq. 12pc ’9942.. JIMf — f 

Beech am 624 — U 

GKN 253 — 7 

• Imperial Group .....j S4 — 2 
Laurence Scolt v-— 93 - U 
.Lucas Inds. ..... a .j' 302 — 8 
MK Electric 217 — G 

P and G Dfd. ,81 - 3 

PykelW.J.) 65-5 

Racal Elect. . .j 353 — 7 
Tube Invs. . j 382 — S 

..De- Beers- DfdL, 354 - JO 
Westfield Minerals ... 3B5 — 10 


XHE DECISION lo call next in the light of bilateral strategic theatre nuclear forces, 
month's four-power Guadeloupe arsm liLmtation negotiations President Giicard dTstaiD-^ is 
suhirait was inspired by Pre- between Washington and Mos- anxious to participate in pre- 
sident Jimmy Carter, and not, as cow. paratory discussions on SALT 3. 

has hitherto been supposed, by The conclusion of a SALT 2 in spite of France's traditionally 
President Valery Giscard agreement is likely in the near independent posture on defence 

d*Estaing of France, who issued future, and Washington, there- —particularly nuclear defence 

the formal invitations. fore, wants Wesr European policies. 

U.S. officials In Washington governments to start giving The problem has been to draw 

yesterday confirmed that the serious thought to the next round France into the discussions with- 
meeting between the leaders of negotiations. SALT 3. out provoking a major outcry 

the U.S, West Germany, France The imminence of a SALT 2 from tbe Gaullists and other 
and the UK was set up by Mr. agreement- was confirmed yester- traditionalists in Paris. 
Zbigniew Brzeziaski. President day in a joint U.S.-Soviet The issue is particularly sensi- 

Carter’s national security announcement that Mr. Cyrus tive as Moscow wants both 
adviser, daring a Uttle-puLlidsed Vance, the U.S. State Secretary, French and British nuclear 
trip to Europe in early October, and Mr. Andrie Gromyko, the deterrents included in SALT 3 



the Labour Party Conference in table. Moscow has made it clear 

BiackpooL . SALT 2 concerns only Inter- that it will still count them as 

President Carter’s main aim in continental weapons based in the factors in the overall European 
covening the private talks on U.S. 3i>d the Soviet Union, but nuclear equation that will be 
-January 4 and 5 is to discuss the SALT 3 is intended to include under consideration in SALT 3 
highly sensitive issue of Western for the first time European Continued on Back Page 

Public sector protest planned 

Iran to 
buy oil 

By Simon Henderson and 
Andrew Whitley 

TEHRAN* — Iran has entered the 
oil market to buy petrol and 
kerosene because anti-Shah 
strikes in the country's oilfields 
have reduced stocks to a level 
where serious shortages look 

All Iran's major oilfields are 
affected by strikes and most 
of the country's refineries, ex- 
cept the biggest at Abadan, are 

Crude oil -production is again 
down lo 1.3m barrels a day, 
barely a fifth of the normal out- 
put at this time oF year. For the 
past two days exports were only 
6QQ.0WJ barrels — about half a 
normal supertanker load. 

A strike at the important 
Gachsaran field started on Satur- 
day and by Sunday had stopped 
production. The refineries at 
Tabriz and Shiran are now shut. 
Each normally produces 80,000 
barrels a day. The Tehran 
refinery is only producing half 
its 220,000 barrels a day capacity. 

Iran normally has stocks of 
about 25 days' refined fuel but 
these ran down during previous 
disruptions and the need to buy 
supplies on the international 
market is now critical. One oil 
expert claims it may be too late 
to prevent shortages. 

This latest blow to the Shah's 
efforts to restore stability 
coincides with outbreaks of 
violence in several provincial 
towns, including the country’s 
second biggest Isfahan, which 
has a large foreign population. 

Yesterday s trouble was centred 
on Isfahan, the town which had 
been most severely disrupted by 
countrywide anti-Shah marches 
on Sunday and Monday. The army 
moved in on Monday night to 
disperse rioters who rampaged 
through the city burning 17 
banks, seven cinemas and several 
municipal offices. 

The crowd had been broken up 
by army trucks charging down 
the street resulting in nine 
deaths, said officials. Yesterday 
soldiers were breaking ibe wind- 
screens of cars which carried 
photographs of the exited reli- 
gious leader, Ayatullah Khomeini 
as well as smashing car head- 
lights if switched on in a common 
anti-Shah protesL Shops which 
remained closed as part of the 
strike were shot at by troops. 

Unlike the previous day's 
trouble, there are believed to 
have been no deaths 
• The Prime Minister told the 
Commons yesterday that he 
would not advise the Queen to go 
ahead with her visit 10 Iran next 
February if conditions there 
were as had as they are at 

A Buckingham Palace spokes- 
man commented: “The Queen is 
advised by her ministers on these 
occasions. Until such advice is 
received the visit goes ahead.” 

Parliament, Page 10 
The plight of Western 

companies in Iran— Page 4 



IN A major speech about indus- 
trial policies Mr. Gordon Richard- 
son, Governor of the Bank of 
England, called last night for 
the Government to give priority 
lo providing toe right environ- 
ment for recovery of manufac- 
turing industry. 

He said that this would often 
require politic;:! courage. For 
example, "commitment w indus- 
trial revival would include 
readiness to trim the demands of 
the public sector if -these seem 
likely to crowd out business 

“ It would also include readi- 
ness lo adjust Ihe balance r.i 
taxation to increase personal 
incentives, and thus promote a 
climate more favourable to 
initiative and enterprise and to 
The willingness 10 work for a 
better living.” he said at Ihe 
annual dinner of the Society 01 
Motor Manufacturers 'and 


Mr. Richardson insisted lhat 
it was unrealistic to hope that 
the service industries could bo 
expanded to take the place of 

“ We cannot assume that 
services will generate output and 
jobs on a scale sufficient to offset 
fully the decline in manufac- 
turing. rhe effects oF which are 
now only heing masked by the 
bonus of North Sea oil. 

"What we plainly must do is 
use the breathing space that this 
bonus affords us lo arrest and 
reverse our industrial decline." 

The chief contribution that 
Government could make towards 
reversing “the dc-iodustrialis:.- 
tion of Britain' would involve 
"providing as far as possible” a 
stable economic environment. 

“This means that the aim must 
be that inflatil-./' ^ 'controlled 
and progressively reduced. With- 
out a firm grip kv.-c no other 
worthwhile objective* are likely 
to be attainable." 

Taking a determinedly optimis- 
tic viewpoint, Mr. Richardson 
said there were many areas 
where UK industry v perform- 
ing well and in which British 
companies were world leaders. 

But the biggest single obstacle 
to “the release of the industrial 
energy from resource.-; that are 
already in place" was “the adver- 
sary spirit, rather than a sense 
nf common purpose and involve- 
ment. which seems ti> emerge in 
tbe conduct of so much of our 
industrial relations. 

“This, with its harmful con- 
sefiuenres for productivity, 
surely lies somewhere close lo 
the heart of our industrial prob- 

The task of management and 
trade unionists alike must be to 
recognise and acknou ledge that 

they bad a common purpose in 
promoting the success of the 
enterprise which employs them. 

” Their energies should not he 
dispersed in struggles between 
them selves in a war without an 
enemy but combined in the 
common purpose or winning the 
competitive struggle against our 

“The :«d vert ary oirit where it 
c::isu will only dissolve if this 
Lomi'Kin purpose ran take its 

Sir Barrie Heath, president of 
the society, also concentrated 
much of his speech on industrial 
relations. He said the motor 
industry was bedevilled by a 
" strike-Srsl-and-li! Ik-later ” atti- 

There had been over 900 
stoppages in vehicle-manufactur- 
ing companies in 197S leading to 
an estimated loss of production 
of nearly £lbn. Almost all 
si up pages, he said, were unofficial 
nr unconstitutional, often against 
•he advice of ihe unions or 
ignoring muiuailv-agreed dis- 
puies procedures. 

But he made it clear that he 
did not want to create the 
impression that every company 
in the industry' suffered from 

“ 1 believe that pay settlements 
are falling into a pattern that 
can benefit the recipients only if 
stoppage^ end in 197P. Then 
money v.ould mean something, 
and nu: industry could lead the 
war against inllation.” 

Sir Earrie denied suggestions 
that the decline of the motor 
industry was inevitable. 


Tbe individual ingredients for 
a successful industry were all 
there. There was good manage- 
moni. inventiveness, no shortage 
oi in vest mem funds, and 
employees capable of performing 
any objective required of them. 

"The rewards for industrial 
peace and improved productivity 
are enormous. There would be 
security of employment for those 
at present in jobs, and new job 
opportunities for people out of 

“And v.e would be able to 
create new wealth. Increased 
penetration of our home market 
ant! exoort markets would gen- 
erate for thin country higher 
export earnings and a lower 
Lex Back Page 

I tit New York 

— ] Doc. 11 



LEADERS OF 15m public sector 
workers ranging from dustmen 
to ambulance drivers will today 
finalise plans for a national one- 
day strike over Government pay 
poSicy 00 January 22. 

The four unions involved yes- 
terday promised “the biggest 
public-eector trade union demon- 
stration since the war." after 
roundly rejecting a 5 per cent 
pay offer to 1.1m local authority 
manual workers. 

Local authority employers had 
offered an £S6ra package provid- 
ing basic rate increases of be- 
tween" 1.6 per cent to 7.5 per 
cent with a minimum earnings 
guarantee of £47.70 at the lowest 
level to £56.85 at the highest for 
a 40-bour week. 

.The strike plan, formally 
announced yesterday, will mark 
the start of the first joint 
-national campaign of selective 
industrial action to he organised 
by public sector unions. 

’■ Gome 250,000 hospital porters 

and other health workers - are 
included in. the plans, as are 
waterworks' staff. Britain’s 
420,000 nurses and midwives are 
also prepared to join in. so the 
Government could be faced by 
the combined weight of some 2m 
workers against the 5 per cent 
pay guideline. 

Unions representing the 
hospital workers rejected an 
offer within the guidelines last 
week, and the nurses' unions in 
a telegram to the Prime Minister 
yesterday, expressed increasing 
frustration over lack of progress 
on their claim to be treated as 
a special case. 

The determination of the 
unions -to use low pay in the 
public sector as their main 
reason for outright battle with 
the Government has been 
marked by the early involve- 
ment of their general secre- 

Mr. David Basnett, of the 
General and Municipal Workers 

Union. Mr. Alan Fisher, of tbe 
National Union of Public 
Employees, Mr. Moss Evans, of 
Tbe Transport and General 
Workers Union and Mr. Albert 
Spanswick, of the Confederation 
of Health Service Employees 
are all expected to take part 
personally today in drawing up 
plans for the one-day strike. 

The da; of demonstrations 
will give the nnions some gauge 
to measure the strength of feel 
ing among their members. It 
could also give the Government 
and the public some taste of 
thj action likely to follow. 

The unions plan to keep 
ambulance, hospital and other 
" life and death " services going 
on the day of protest, but wide- 
spread inconvenience could be 
felt- School meals services may 
be seriously disrupted as well as 
refuse collection and other local 
authority services. 

Close sanctions vote likely 
Back Page 


World trade news 

—Parliament =... 1ft 


Technical page 


Inti. Companies 




.... 36 


Arts page 


- Money and Exchanges .. 

.... 39 


World markets 

... 40 


UK Companies 

.. 32-34-3? 

Farming, raw materials 

... 41 



- 35 

UK stock market 

.... 42 

The plight of Western 

companies In Iran 14 

UK prospects for 1979 for 

’ house building 31 

Banish confusion from 

added value equations ... II 


Gardens today: Alpine 

heights In winter 13 

Tind emails campaigns to 
come In fro mthe cold ... 2 
Israeli army reorganise the 

Sinai* a buffer stone 3 

Dutch aerospace: Orion deal 
a bio wto Fokkor 4 

Occidental-Head Cpn.: Much 

mud to be slung 37 

UK fish farming still room 
for growth — 41 




AffulMimntat — 4! 

Base Rates 40 

Crwjwwd . 12 

Entertain moat Guide 12 

Contracts ...... — * 

Earatefr opts - 40 

.FT-Actw-i«s Indices 42 

CardMMs — 12 

Letter* - XI 

Lax ..... « 

Lombard 12 

Hen and Matter? _ 14 

Ratios ' 32 

Saleroom 0 

Shore tifunpgilMM 44-C 

Today's Events SI 

TV nod Radio 

Unit Trusts 


Brownlee and Co. ... 51 

imperial Com. Gas 34 

Montague L. Mncr a* 

Port Office 32 

Standard Chart. Bfc. 37 

sterling Uduti. ... 38 

Thames Borthwlck 34 

Rcdfcorn Hatl. Glass 34 

Trafalgar House X 

For latest Share Index ’phone 01-246 8026 

Spot I r - 1.98 10-98304 1.9630-9640 
1 month ' 0.42 0.36 dis 0.58-0.30 dis 
5 months . 1.04-0.98 dis >1.17-1.09 dis 
12 months 5.92-3.75 dis i4.1D-3.P0 dis 

. = \ ,v; 

V; if 

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£■ \ 

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there’s an additional non-stop 


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route network 

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Where no-one’s a stranger 

■ ’. V .' ,, Fftriicuil'. roniHaytiur rjQj. ^-.-^1 

: —x.sjf - SuusO Aricim .2 *1 05** Ri-geni Sui j. 1 ..ndroi’fTlR i.VI ►I'llOIK rl'I-T’^J l, S-l ;i 
r3iet7^.Mt^uPirnr.ti^ni;it2i-h'i3'N^> ; Jk<|'ySirc^''t^W.v .>’-tlO:! 2'l17 Kr« rCk i. :.tu» 1 chc>K-r^fil-fl"44-l 3fc ' 



Austria’s ] EEC Council rejects budget boost 



THE AUSTRIAN Socialist Party} 
has escaped by the skin of its i 
teeth a crisis "that would have) 
split the leadership and paved i 
the vrav for the almost certain 
defeat of Dr. Bruno Kreisky’s 
government in the general 
election next October. 

But the last-minute compromise 
reached in the dispute about 
the business affairs of Dr. 
Hannes ADdrosch. the Deputy I 
Chancellor and Minister of 
Finance, does not alter the 
fact that the battle fur the suc- 
cession to Dr. Kreisky has 
caused tensions within the 
■party that <may yet vost its , 
majority in Parliament. i 

Dr. Kreisky will be R8 next j 
month: he is unlikely to want 
to fight another election after 
that of 1979. I 

L'nder the arrangements agreed.! 
Dr. And rose h offered In trans-j 
fer his 51 per cent Induing in | 
a chartered accountancy firm,; 
called Consultant, to a trusiec [ 
to be nominated not by him i 
but by the Chamber of Char- 
tered Accountants and Solici- 
tors. in exchange, he retained 
bis position as the deputy of 
Chancellor Ki risky, conform- 
ing with l!ic exiiling rules; 
governing the compatibility of 
public function -and private 

Yet the affair is bound to re- 
main an unresolved issue a.s 
far as the oppusiiiun is con- i 
cerned. Dr. .Juni-f Taus. leader | 
of the People's Parlj and a ; 
former banker, expressed a [ 
widely held view when lie 
said: '* What is at issue is the 
tact that someone. who in- 
herits a small oilier; and then 
becomes Finance id mister a 
few years later, ha? eon nr the 
largest chartered accountancy 
firms in Austria." 

The Socialists claim Hut the 
time has come t«. lighten the 
regulations concerning MFs in 
general and also members of 

pean Parliament and the EEC 
Finance Council -dashed here 
yesterday over the size of the 
Community's 1979 budget It Is 
now' almost certain that a safety 
net scheme 1o assure budgetary 
commitments will be brought 
into force next year. Until the 
budget wrangle is resolved. 
Community spending will be 
pegged to around 1978 levels 
under the “ ooetweilfto ” system 
of monthly averaging. 

The disagreement centres 
around the Parliament's 
demand? that the regional fried 
should be boosted in 1979 by 

more than SO per cent over this 
year’s level of £365m. The 
Council has made it plain tfi at if 
will not agree to raise the 
regional fund’s commitments to 
£G92m, although iit had intimated 
that it might consider an 
increase in the Parliament’s 
“ margin of manoeuvre." which 
would add about £120m to the 
1978 figure. 

Other ways of making minor 
increases were examined by the 
Council meeting last night, but 
i it has become dear -that the 
Council will make a formal 
declaration to Parliament today 
that it cannot accept any size- 

able increase in. the budget. 

The European Parliament, in 

a mood of unaccustomed 

defiance, is. backing its budge* 
committee's stance on eo larging 
liie regional fund. Using a legal 
technicality— that the Finance 
Council did not reject the Parlia- 
mentary amendments by a quali- 
fied majority when it had the 
chance at its November 20 
meeting In Brussels— -'Ll! e Parlia- 
ment is insisting that the full 
£S.737tn budget must stand. 

The conflict over the 1979 
budget chiefly reflects the differ- 
ent views on Community financ- 
ing held by member governments 

Attitudes harden as W. German 
steel strike enters third week 

seeks EMS 



BONN — The strike in the 
West German steel industry 
entered its third week yesterday 
with no accord in sight On the 
contrary, the tone adopted by 
both sides in the dispute, which 
centres on demands for gradual 
introduction of a 35-hour week, 
lias become harsher. 

Herr Eugen Loderer, head of 
the trade union lG-Metall, des- 
cribed as “ a first setass scandal." 
a statement by employers that 
metalworkers taking part in 
widespread demonstrations yes- 
terday against use of the lock- 
out were liable to instant dis- 
missal. Herr Loderer said 
employers should realise that 
workers were not their slaves. 

The combination of strike and 
lock-out has made about 80.000 
out of ‘200.000 steelworkers idle 
in the North Rhin e-Westphalia, 
Bremen and Osnabrueck areas. 
It is the first official strike in 
the industry for half a century 
and is estimated to have cost the 
steel employers DM 150m (about 
£40m) through last production 

and lG-Metail about DM 30m 
(about £Smj in strike pay, so 

Tbe union Insists that the de- 
mand for a 35-hnur -week is 
justified by the need to preserve 
jobs, by spreading available 
work instead of forcing m any- 
more men to take unemploy- 
ment benefit at the expense of 
tbe state. It says its aim is 
shared by other western Euro- 
oean trade unions and was hear- 
tened by a congress of the ruling 
Social Democrat Party (SPD> at 
the weekend which supported 
step-by-step introduction of tbe 
35-hour week. 

The employers Insist that such 
a move would mean fewer jobs. 
Their costs would rise at a time 
when they are dragging them- 
selves out of the worst reces- 
sion of the past-war period in 
the steel industry. The upshot 
would be unavoidable pressure 
for further rationalisation. They 
have offered the union a pay in- 
crease of 3 per cent next year 
and six weeks holiday, but are 

not prepared to discus* a cut 
in working hours at present. 

Herr Friedhelm Farlbmann r 
Labour Minister of. North Rhine- 
Westphaiia. has been trying to 
find a basis to Jbring the twn 
sides to the negotiating table. 
But after further separate talks 
with management and union, he 
said today that a joint meeting 
was still highly unlikely. 

Herr Farthmarm has been suc- 
cessful in such efforts before, 
but there are clear sions of 
disquiet in the Federal Govern- 
ment that a politician should be 
drawn into such a dispute at all. 

In one of his rare public 
statements on the strike. Chan- 
coilor Helmut Schmidt pressed 
(he importance of preserving fire 
autonomy of the Decollating 
partners. The fear is that poli- 
ticians might come to play an 
increasing role in trying to 
settle labour disputes. Such a 
development is considered to be 
anything but helpful to the de- 
velopment of West German 

By Stewart DaJby 

Anger in France over jobs loss 

provincial governments who 
have accountancy firms or 


have accountancy firms or 
huilding companies. 

Attacks on businessmen and 
well-to-do doctors or entre-l 
preneurs in the mam opposi-f 
tion party are ■•learly intended! 
to divert attention from ihe 
Androsch affair and to stave 
off further criticism. The 
So'iaJist Parly will soon pre- 
sent a Bill intended to lighten 
regulations concerning the 
double in comes of politiu-ians 
and possible conflict of interest 
between their public duties 
and private business holdings. 

It was the monthly publication 
of the Peoples Party which 
last summer accused the 
Finance Minister of indirectly 
profiting from his position as 
Minister and majority owner 
Of a thriving ^bartered 
accountancy firm. 

Barely 40 years old. Dr. Androscb 
has already been Finance 
Minister far longer than any- 
one this century in A us in a. 
Able, good looking and a long- 
time favourite of Dr. Kreisky. 
he was well placed tu become 
the next Socialist leader. 

Yet somehow success appears 
to have been loo much for the 
young man who was promoted 
by Dr. Kreisky to Vice- 
Chancellor over the heads of 
more senior figures, and lu a 
deputy chairmanship of the 
Socialist Party I 

Two years ago. Ur. Androschi 
made a bid fo become presi- 1 
dent of the central bank. Thai 
led 'to a barely concealed alien- 
ation between the Chancellor 
and his favourite who owed 
everything to his protection. 

Most Austrian commentators 
point out that the reasons for 
this latest and potentially most 
serious crisis in the Austrian 
Socialist Party since 1965 must 
be found in the sphere of per- 

When the opposition launched its 
attacks oa Dr. Androsch. the 
Chancellor remained silent and 
later hinted ihat he had not 
known tbe dimensions- of the 
business success of the Minis- 
ter's firm. 

No ooe suggested that the 
Minister himself was guilty of 
anything improper. Time and 
again, he countered that every- 
body. including the Chancellor, 
knew about his profession and 
hi-s firm. Commentators 
repeatedly pointed out that the 
issue was ihe moral dilemma 
of being both the supreme lax 
collector and retaining what 
by Austrian standards is a 
large firm of tax advisers. 

Austrian newspapers have com- 
mented that Dr. Androsch 
emerged the real victor 
because he remains in tbe 
Government due to the sup- 
port of Herr Anton Beyna, the 
powerful president of the 
Trade Lin ion Federation, and 
some provincial party organi- 
sations. But this view may be 

The way in which the clique 
around the Minister manipu- 
lated parL of the Press report- 
ing against the Chancellor and 
that the real attacks of the 
non-Socialist Press. and parti- 
cularly of the opposition, were 
directed against the Chancellor 
are unlikely to be forgotten 
by many Socialists. 

The Soukrfist Party js neverthe- 
less in serious trouble. .After 
its disappointing performance 
in Vienna in the municipal 
elections. ■the defeat in 
the nuclear referendum, 
and the public row between 
Dr. Kreisky and his deputy, 
tbe chances are slim indeed 
that it may secure another 
absolute majority. Some 

Socialists secretly fear that 
they may even cease to be the 
largest party in Parliament 
next October. 

PARIS — The decision by 
Chiers Neuves-Maisons Usinor. 
the new giant of the French 
steel industry, to concentrate its 
steeimafcing in Lorraine at 
Neuves-Maisons in the south of 
the region rather than at Longwy 
has aroused bitter controversy. 

Construction of the Neuves- 
Maisons plant was baited in July 
bv the Chiers management when 
the merger with Usinor became 
a probability. Usinor itself was 
planning to invest about 
FFr 400m (£40:3in) on a new thill 
at Longwy in order to complete 
the creation of a large inte- 
grated steel complex with a 
capacity of 1.5m-l.?m tonnes a 

The new Government- backed 
management, under NT. Claude 
Etchegaray. has decided to re- 
duce activity at Longwy to a 
minimum: finishing steel shipped 
from Neuves-Maisons. The direct 
consequence will be the loss of 

about 6,000 jobs at Long ivy with 
as many again in industries 
dependent on steel, amounting 
all told to a third of the area's 
active population. 

It is argued that the group's 
plan is doomed to failure because 
Longwy will be unable to pro- 
duce products competitively once 
the cost of shipment has been 
taken into account IF Longwy 
is forced to close, at the cost of 
a further 2.700 jobs, Neuves- 
Maisons itself will be thrust 
back into crisis through the loss 
of one of its main clients. 

The decision is attributed by 
the unions and steelmakers at 

Longwy to successful lobbying 
by Giscardian MPs from 
southern Lorraine. However, the 
decision can he defeneded on 
economic grounds., since the 
Moselle river has recently been 
canalised at the. cost of more 
than FFr 500m precisely to serve 
the new Neuves-Maisons steel- 

works. The Government may 
have felt it waB better to shut 
Longwy, despite the extensive 
investments made in it. than lo 
he left with two ultra-modern 
white elephants. 

In the north of France ihe 
group is concentrating produc- 
tion at the modem coastal plant 
a l Dunkirk with itfi 10,500 labour 
force. But this will mean tbe 
Joss of up to 6.0Q4 Jgf ! ' 't other 
plants, including .’cienncs 
and Denain. 

The other big group, Sacilor- 
Sollac has already announced 
S.503 cuts in jobs, two-thirds of 
them in Lorraifie. Altogether, 
the two big groups upon which 
the Governopfcnt imposed a 
restructuring _ programme in 
September, will shed about 
20.000 jobs 'over the next two 
years to add to the 16,000 they 
are in the process of shedding 
as part- of ■ tbe last “rescue" 

Oslo intent on 

krone stability 

Suspect chrome seized Ay Dutch 


AMSTERDAM — The Dutch 
Customs ’ Department has seized 
a shipment of 6.000 tonnes of 
chrome ore which almost 
certainly came from Rhodesia. 
An investigation is being carried 
out to see whether any charges 
should be brought, the Economics 
Ministry says. 

This is the first time a ship- 
ment of this kind bas been 
impounded since Holland began 
to apply sanctions against 
Rhodesia in 1966. Acting on a tip. 
Customs officials swooped on a 
vessel called Hollands Diep, fly- 
ing the Rag of the Netherlands 
Antilles, which was unloading its 
cargo into barges in Rotterdam 

The operation look place last 
Thursday night but has only now 
been disclosed after laboratory 
tests to establish the origin of 
the ore. According to the ship’s 
papers -the shipment was prob- 
ably destined for a company in 
Austria hut it is not known 
whether that was the final 

The value of the shipment may 
be as high as F140m (£10m) but 

this would depend oa the quality 
of the ore, a spokesman for the 
Economics Ministry said yester- 
day. The investigation is being 
handled by the Economic Control 
Service acting on instructions 
from the Rotterdam public prose- 

The Ministry declined to say 
who had made the shipment or 
to name the company in Austria. 
The captain and the Austrian 
customer may have been acting 
in good faith believing the 

chrome came from elsewhere, the 
spokesman said. 

Holland tightened its controls 
on trade with Rhodesia this 
summer when it extended, its ban 
to cover goods arriving from 
other destinations whose original 
source vas Rhodesia. Up to then 
shipments which had been 
shipped to South Africa or to 
other countries and which listed 
them as the origin for the ship- 
ment were not covered by the 

Karamanlis plea to EEC nations; 


ATHENS — Mr. Constantine 
Karamanlis, the Greek premier, 
has asked the leaders of the 
nine EEC member countries. to 
help • overcome the latest 
obstacles in tbe negotiations for 
full membership for Greece.- 
Negotiations have stalled follow. 
Log proposals by the Community 
which the Greeks consider 

Greece's views nrr. the pro- 
posals — concerning agrifcultuijal 
products, ihe free movement Inf 
labour, and the transitional 
period to follow full member- 
ship — have been conveyed ii* a 
letter given to the ambassadors 
oi the Nine yseierd,iy. ‘ 

A statement said Mr. Karanrnn- 
lis was seeking the .acceptance 
by the Nine of the Greek vi$ws. 

By Kevin Done 

NORWAY is intent on main- 
taining the stability of the 
krone, despite tbe derision to 
withdraw from the European 
currency “ snake ” and to 
remain 'outside the European 
Monetary System. 

Mr. Per Kleppe, the Nor- 
wegian Finance Minister, said 
in London last night that the 
16-month prices and incomes 
freeze in "his country made 
currency stability absolutely 

He is meeting Mr. Denis 
Healey, Chancellor of the 
Exchequer, today to test 
Britain's attitude to the farther 
development of the EMS. 
Britain is one oT Norway's big- 
gest trading partners, and its 
refusal to join the EMS had 
had fehig “negative effect” on 
Norway’s decision, Mr. Kleppe 
said. No final stand bad been 

taken, however. 

Mr- Kleppe said tbe trade- 
weighted basket of currencies 
lo which' die krone would how 
l>c linked would be based on 
about 16 currencies. The most 
important would he the U.S. 
dollar because it was the 
curreucy In which much of 
Norway's shipping and off 
business was transacted. The 
basket would include all the 
Nordic currencies, the pound, 
the yen and (he Deutsche Mark. 

ftlr. Kleppe said Norway was 
aiming to bring Its domestic 
rate of iufiatlon down to about 
4 per cent next year. 

Financial Times W edaesday. f j 



and European MPs. But yester- 
day the disagreement, an annual 
fevent since 1975, took on a new 
dimension with the news- 9 f the 
Italian Government’s decision *to 
join the European Monetary 
System (EMS). 

Much of tbe transfer of 
resources from the richer EEC 
countries to the weaker ones 
which were reluctant to join the 
EMS was originally to go through 
the regional fund, and the 
current disagreement over the 
size of the fund has coincided 
uncomfortably with Italy’s move. 
Indications are, however, that 
the Finance Council wishes to 
keep the two issues separate. 


Union movt 
deadlock in 


# v 

on growth wage 

for J 

By Anthony Robinson 


DUBLIN— Ireland has not 
abandoned hopes of joining the 
European Monetary System 
(EMS l on Janaary 1, whether 
Britain participates or not, and 
the Cabinet met for most of. 
yesterday in search of a for- 
mula which would allow it to 
join the scheme. 

Despite the Italian Govern- 
ment’s decision to join, how- 
ever, which leaves just Britain 
and Ireland outside the EMS, 
it still seems extremely un- 
likely that Mr. Jack Lynch's 
Government will recommend 
Ireland's joining unless tbe 
terms of tbe offer from the 
EEC are Improved. 

Ireland had asked for £65 Om 
in grants over a five-year period 
In addition to what it receives 
from the Common Agricultural 
Policy (CAP) and the regional 
and social funds as its price for 
joining the system. 

In the event, Mr. Lynch was 
offered a package of loans and* 
grants which contained only 
£225m as tbe grant elemenL 
This was jnst one-third in 
permanent transfers of what 
Ireland had sought and it is 
understood that there has been 
no Intimation of a better offer 
from either Paris or Bonn. 

A Government White Paper 
on the EMS published yester- 
day made clear that the 
Cabinet considers that £65 0m is 
the minimum price that Ireland 
coaid accept in return for 

The White Paper describes 
the advantages of Ireland join- 
ing tbe EMS as bringing about 
a reduction in inflation and 
better trade opportunities. This 
would lead. It says, to more 
Investment and eventually a 
reduction in unemployment, 
which is the country's main 
economic problem. 

HUNGARY, which has just come 
on the market for its second 
$300m syndicated loan this year/ 
is pl annin g lower overall growth, 
tight control on new investment 
and top priority for hard cur-i 
rency exports next year, accord-r- 
ing to tbe draft outline of the 
1979 plan approved by the 
Central Committee of . . the 
Hungarian Socialist Workers 
(Communist) Party. - L 

National income, the 
equivalent to Gross National; 
Product, is scheduled to rise, 
between 3 and 4 per cent "next 
year. Growth this year. as now 
estimated at 4.5 per cent; below 
the -original 5 per cent. "target 
In spite of tbe slowdown* 
domestic consumption rose by 
more than 6 per cent , this year,- 
against tbe 2 per cent planned;' 
while- investment, which was 
planned to decline/rose by 4:per 
cent . 

This is partially reflected in a 
deteriorating foreign trade 
position. Exports to the con-' 
vertible currency area feH by 
3.2 per cent over tbe first half of 
this year against the planned rise 
, of 13.3 per cent while imports 
rose 22 per cent instead of tire. 
7 per cent planned. ■ • 7“ 

In an effort to keep the overall 
growth of investment within a 
range of 1 to 2 per cent next 
year, the authorities intend to 
ban major new investment 
projects by the state. Priority 
will be given to completmg-those 
projects already under way, par- 
ticularly those linked to future 

The plan also aims at keeping 
the rise in per capita reaL Wr 
come to around 2_per cent next 
year. Consumer prices tire ex? 
peered to rise by between 47 
and 4.9 per cent, in line with 
this year’s inflation rate 'of -L6 
per cent, which is higher' than 
the 4 per cent planned. 

COPENHAGEN — The Danish 
Trade Union Congress ■ (TUC) 
and the Employers’ Federation 
achieved an important break- 
. through in negotiations for a new. 
collective -wage agreement on 
Monday when the TUC agreed to 
drop its demand for wage-earner 

> The negotiations had been 
stalled by this demand, which 
the employers refused to con 
slder on the grounds that they 
could not negotiate about mem- 
bers’ rights of ownership. The 
TUC move enables tbe talks to 

gO a head. 

The unions and employers were 
-further apart than, ever at the 
‘start of the negotiations. . The 
employers have called for * 
reduction in wages for the urst 
time sftree 1932 and anend to 
wage indexation- Ihe TUC. has 
hot spelled out its demands in 
cash terms, but the major 
affiliated unions have made 
demands equivalent to 20 to 30 

per cent on hourly wage, costs, 
partly in the form of. snorter 
hours, longer holidays and 
higher wages. - ' ' 

The TUE's position is compli- 
cated by a deep split between 
itself and-- the Social Democratic 
Party <SDP) over the formation 
in August of a- Social Democratic- 
Liberal Government. -At a week- 
end SDP congress, Mr; .Thomas 
Nielsen,: the TUG-, c ha i r man, 
called for the resignation of Mr. 

Anker Joergensen, party .chair- 
man and Prime Minister, - and 
said he hoped the Government 
would- fall- The roBgxtoV.ltow. 

ever, was overwhelmingly behind 
Mr. Joergensen. . 

The- unions fear that- if- the 
collective ~ wage.:- negotiations 
break down this apring/the 
partnership with the Liberals will 
prevent the - Social'-.-. Democrats 
from taking a political, ttatiajfve 
to solve the deadlock,- as- earlier 
Social Democratic governments 
have- done' on several. occasions. 

Swedish economy ‘fading | 


Debts force 

in Poland 

By Christopher BobinskK . - 

WARSAW— Faced with*" heavy 
external debt and the nfled for 
further foreign borrowing, 
Poland is planning a shsg> cut 
in growth and investment Vhich 
will put economic growth at its 
lowest level since 1970. V 
A two-day . meeting ofi Athe 
Central Committee of the P.M&b 
Communist ' Party over next 
year's plan starts today to discus 
a 2.8 per cent target for /rational I 
income growth, compared with! 
5.4 per cent this year, .industrial 
output is scheduled ,to rise 4.8 
per cent and agriculture by 3.9 
per cent. 

STOCKHOLM — Sweden is 
moving out of a mixed economy- 
following market forces into * 
“ negotiating economy •* in which 
decentralised adaptation to 
market changes is being replaced 
by centralised negotiations over- 
taxes and subsidies. , As a result, 
the country's principal problem 
is a steadily weakening capacity 
to adjust to changes and disrup- 
tions in the rest of the world. , 
This warning is contained in 
“The Mixed Economy.ln Crisis?” 
a report from five independent 
economists commissioned by the 
Economic and Social Studies 
Association (SNS). Hie associa- 
tion is financed by. both private 
and State companies and by 
scientific foundations. 

The SNS team .forecasts a fast 
recovery of the Swedish economy 
in 1979 with a Srper cent growth 
in gross national product but 
with the danger of a new -infla- 
tionary explosion in wages and - 
prices! It concentrates, however, 
on tbe obstacles to growth -and 
to the achievement of economic, 
balance in the 1980s.. • 

The five:' economists call for 
cuts in ’he. . marginal . rate of 
taxation to a maximum of 5&per 
dent incomes : ;and .a 

feorganipjaeoh bf-lhe 'Swedish', 
tax system' to - alio* social 
services' such as: health - CMe. to- 
be financed partly through fees 

and private insurance. . 
Other conditions 

Other conditions fbr_ -an 
increase in investments •: £od - 
future industrial growth ore a 
better distributors of risk capital, 
on an - expanded capital togtket 
and revision of the current 
Selective State financial support 
to companies, in the . SNS: team's 
viewl.. ' 

n proposes a goal of a 3 per . 
cent annual rise in prices with 
International inflationary pres- 
sures being contained by -aHpw- 
ing a gradual appreciatioa of the 
-krona: v . - . 

' Somewhat fDogically, the 
economists also plead, ' for a 
three-year “ social . .contract " 
involving . the State, the 
employers and the trade' unions, 
to guarantee both some ' in- 
crease in real incomes and a 
low rate .of inflation. .- 
• AP - writes from Stockholm: 
Thousands of Lucia Light Queens 
will Illuminate Swedish homes 
and offices this morning, a tradi- 
tion which marks the start of the 
Swedish yuletlde and which 
brings production to a temporary 

. The Central Bureau of Statis’ 
tics, in an -urvestigatiah timed 
for. the:-, annual . celebration, 
estimated that unsWiedtiled bne- 
honr morning coffee -breaks at 
workplaces -thrimghottf’' '-the 
country^.- or* Lnda.:'J3ay cost 
SKr 168 m (Sttii&n).,;. . ^ 


otl D 

One of the m or ^difficult tasks 
for next year is/ to cut invest- j 
nients by 10 percent to Z1 590bn 
(£9.42bn) nex^ 'year. The cuts 
are accompanied by a shift from 
heavy capital goods production 
to consumer orientated indus- 
tries. Attempts o cut global 
investment have been made in 
the past, but have never been 

The' growth slow down and 
the -• low rise in real wages 
planned for next year of 1.5 to 
2 per cent are being eyed 
anxiously by the authorities, 
aware that consumers continue 
to be unhappy about shortages 
in the shops. 

Arguments for faster growth 
in tbe pre-plan debates noted 
that the slowdown is reminiscent 
of steps taken in 1969 and 1970, 
just before the December 1970 
workers’ riots over food price 

But with a foreign" debt 
estimated at more than USS15bn, 
this year’s USSl.lbn hard cur- 
rency trade deficit to cut. and 
conscious of the inflationary 
effects' of a high rate of invest- 
ment the authorities have 
decided that they have no other 

Swiss GNP expected to 

grow fey 1% next year 

BY JOHN WICK^ .. . ! ... 

ZURICH • — : ' S^fiss gross export, orders in recent .months, 
national product should grow by the Union Bank thinks th at no 
about 1 per cent next ytar in retd real impulses - will arise from 
terms, according to an economic foreign demand, 
forecast prepared by Unfcn Bank Sluggish exports and the stag- 
of Switzerland. The bank'-expects nation in .domestic . ’demand Is 
a slight decline in -economic seen as leading to a weakening 
activity in the first half of, 1979. of the position of Swiss industry 
followed by a recovery uv the in early 1979, with structural 
second half. \ reorganisation 1 continuing in 

The bank study believes that such sectors as. textiles- and 
growth will be made possible 'by watch-making. Imports are, like 

: T ' • ' ' 

domestic demand for consumer exports, expected to Tire . only 
goods and services and a rathenvery slightly -in real terms next 

Italian jobless down 

The number of unemployed and 
people seeking work in Italy was 
estimated at l£5m in the first 
week oE October, the Statistics 
Institute said. Reuter reports 
from Rome. The October level 
was marginally higher than a 
year ago. 

goods and services and a rathen very slightly -in real terms next 
higher deVel of investment ^ear. -- ' • 

Private consumption is forecast VWith regard to 'prices, .the 
to remain at 1978 level for' the sturdy foresees that the coSboF- 
first few. months of next year, due living ’ will rise much;, tnore 
to a slight deterioration in the slowZy than' in other industri- 
employment situation and un- aliseft countries due both .tu the 
certainty about the ’ further small wage increases aLtbelsfart 
development ' of the economy., of next year audeontmued tough 
Consumption"- is -- subsequently .competition --’among -fitWiss re- 
expected to rise as the economic iaHeiS; - >-• 

climate improves and the .Swiss ; Q n the’- .mahey> .'add ."capital 
franc -rate stabilises- * . . market,, liquidity- -should stay 
Despite continued caution . to . higfc^ says the - bank, with 
publ« -spending, tthe tovesfiraiLt interest;: levels- 7 ; ft*-, tbe first 
volume is expected tb .show, months of the flew year eontinu- 
further growth. This applies to Jhgv at about -tire same level qs 
housing and - Industrial building 'f or a he . curr^FfiiraF'quMter : of 
activity,; as- well as. expenditure .1978. . " . •- 

on 'equipment necessitated by Sttispi wh<tfesa& prices.- in 
by rationalisation requirements, .Tfoyfeaibei^rorefc^aie-flfst time 
Exports, however, will prob- in six- months: ' Ag a jrp .cn 1 1 
ably show only a “ rainimar”' increase \in ' import "prices, : the 
real-terms increase in 1979. wholesale price .index in creased 
Given . the marked fan .im new 1 per cent overUctober:^ t’.- .- 

Tindemans campaigns to come in from the cold 


Financial Timw, published uailr except 
Sundays and taofiAttft. subscription 
S2&5.DO fair freurtt' S-iss.W >air marii 
per annum. Seeond class poeiaae paid at 
New York, N-V. 

A BELGIAN general election is 
an unwanted event, recurring all 
too frequently and deciding 
nothing. Next Sunday’s Decem- 
ber 17 poll will produce no 
clear-cut result, but through 
imperceptibly changing the 
balance between the myriad 
political factions will lead to the 
formation of a new coalition 
Government in the New Year, 
perhaps even by Christmas. 

Like its predecessor, tbe care- 
taker Government now presided 
over by M_ Paul Vanden 
Boeynants. it will represent an 
unwieldy SO per cent or more 
of the deadlocked Parliament 
and will thus contain tbe quick- 
flowering seeds of its own 
destruction. Election campaign- 
ing io Belgium naturally reflects 
such futility. 

It is a raw. grey Flemish 
morning, and io tbe port of 
Antwerp a cold wind off tbe 
North Sea is keeping people 
from the streets. It is also 
Tindemans territory and. 
undeterred, Belgium’s former 
Prime Minister is out on the 
stump. He has scarcely moved 
from bis stronghold in the 
Antwerp region during the 
three-week run-up, for he is 
making ' a determined bid to 
improve on his record personal 
vote to gain a mandate that 

could retnrn him lo power. 

Getting out the very last nf 
the grass-roots votes is vital to 
bis chances of coming in from 
tbe political cold in tbe otKl- 
election jostling- In Antwerp’s 
working-class district, of Borqer- 
hout, Mr. Tindemans' modest 
campaign team appears un- 
announced at the Friday morn- 
ing street market. Muffled in 
a conservative bine overcoat and 
flanked by youthful party volun- 
teers. the ex-Premier who trig- 
gered this election with his mid- 
October resignation works his 
way methodically up and down 
tbe lanes of stalls. 

There is no exuberant press- 
ing of the flesh, just discreet 
handshakes and tbe personal 
touch. Shoppers are greeted as 
he stops at knots of housewives 
straight off a Breughel canvas, 
and as be warms up. Mr. Tinde- 
mans lapses into Antwerp's own 

Quips and comments on the 
excesses of tbe Socen (Socialists 
enliven the proceedings, but 
there Is a distinct lack of 
excite meat. It is not merely that 
it is bitterly cold or that Bel- 
gians avoid American-style hoop- 
la- It is that tbe present political 
crisis is the 34th in 39 years 
and political disenchantment is 

giving way to indifference.} 

If it were not that’ Belgians 
nrp obliged to vole by Jawi tbe 
opinion f<oJls suggest tha) 46 
per cent of the electorate itiuld 
stay home on Sunday. Simla rly, 
66 per cent of Belgians appar- 
ently feel ihat the prcsenll elec- 
tion is uncalled for.. j 

The Gulf between the' ejectors 
and- the elected has widened fast 
in recent years and xnaiw Bel- 
gians cnmpla«n that .:th« r are 
locked . into a proportion^ rep- 
resentation system that! stifles 
their political choice wife pre- 
venting genuine politicll and 
governmental progress... I- 

Based noT only on th« usual 
Left-Right spectrum but Jlso on 
the division between Jjlemish 
and Francophone WallooB loyal- 
ties- Belgium's complex politics 
make three-dimensionalf chess 
look simple. The extent ti which, 
in a country where the economic 
outlook is increasingly grim, this 
question of the two 'com quo I ties 
is a valid political issue is open 
to debate. Many Belgians claim 
that it is a phoney crisii of the 
politicians' own making-fit way 
well be that there is J funda- 
mental misunderstandix£. with 
the voters and the elected both 
reacting to the other’s presumed 
bigotry. I 

As Mr: Leo Tindemans con- 
tinued on his Borgerhout walk- 
about he unwittingly underlined 
the problem. He smiled de- 
lightedly when an elderly man 
creeted him as the only one 
capable of uniting tbe country, 
yet minutes later be confided 
his crowing unease at being 

ship he polled a massive 80,000 
first preference vatei lo top the 
20-seat constituency, and last 
year he boosted that to a record 

The snag is that be must be 
close to his own electoral satura- 
tion point, while any slacken ing 
of support wiH be interpreted as 

Among those campaigning in what many Belgian 
voters consider to be an unnecessary general 
election is Mr. Leo Tindemans, the former Prime 
Minister whose recent resignation created the 
country’s 34th political crisis in 39 years. In 
order to press his elaim Mr. Tindemans needs a 
resounding electoral success, which, he must 
achieve in the face of growing political apathy. 

trailed around the market by a 
TV camera crew from Belgium's 
Francophone RTB station. 
“People here," he says, glancing 
around the Marktplein, *’ are 
unbelievably sensitive. • It could 
be bad for me.” 

It is hard to credit that any- 
thing could be bad for air. 
Tindemans inside his Antwerp 
fiefdoin. In tbe 1973 general 
election that led to bis Premier- 

the voters' displeasure and would 
prevent him from re-establishing 
his dominance of the CVP, the 
Flemisb Social Christian Party. 

It was a revolt inside the CVP 
against bis Egmont pact for 
defusing the language war by 
devolving central power to three 
separate regions . — Flanders. 
WaHonia and Brussels — that 
forced his resignation- Flemish 
hardliners object that the 

Egmont formula, gives the 
minority Walloon . population 
control -nf two of the three 
regions, and to slap them -down 
Mr. -Tindemans badly needs- a 
solid:. -election - success. - 

Has '.next stop, therefore, after 
Borgerhout ts.e " politico] cafe ” 
hutch in the -Flanders bfoter- 
lanti 4ip by tbe' Dutch border: 
Local <Vgnd«aries end . the CVP 
faithful are. assembled to the - 
cavernous -toaick room of * bar 
in ‘the.' farming town of West 
Malle, and Mr. Tindemans as in 
Ids elemenL 

'Afterwards he will hit- the- 
c am pa j g n trail again with a fleet : 
of.-taudspeaker tons, but : over 
kmcii ’Iris ahn is to mend -fences ' 
sad -smooth feathers inside, dhp 
party.-- He gives a detailed 
account of the events that led 
to ton. resignation and before 

long- has created a- warmly 
approvtog atmosphere. , . 

Mtv Tindemans. however, 
stopped short of outlining his 
game _ .plan for • regaining . the. 

Premiership-' It is a deliberate 
omission for clearly he believes. 
tbat toe timing will be crucial in' 
the post-election. period v. But in, 
an interview- be explained- that 
he plans to put forward a revised 
Egmont-style proposal in which 
the linguistic element is played 

down considerably in relation to 
fresh -constitutio nal hhd -ettonontic 
measure?, ’-j- . 7. 

He -intends tip . rifinairo on toe 
sidelines; While'- .Rb5g i^B&udouin 
appotots :.3B'^ 4 totoRd*tAfcr n to 
investigate ,- &e 'formation of a 
9ew;co^t^,n.-i(to.:1randaj Boey- 
nsats^ who 

J*SGi r tfte aPrancophone 
wtogrdjP ■^e^MBhertotive* Social 
ehtmtim^is,iini$af^' hoping- Ao_ 
reconstitute 'toe six-paxty coali- 
tion lie took: otor- ’ from _ Mr. 

.Ttodemansr./^;’.-: 'vHv: ’ 

; ■ Sffc, TifidemiiK/ r toeanWhHe, is 
toleulatihg thar Vr. Boeynants 
wiH i£ail ...rand ^planning - to 
presenty -Wrasfe ^- ‘ax ’'tirr- only 


tnal becomes -apparent . /-.*■- 
. Tt could.- well; be a long and • 
exhausting process to toe leaders 
of .the Flemish ; and. Walloon 
Social Christians Xnd the Flemish 
and- WkBeoh-; : -v Socialists" 

manoeuvre to fotio a hew Belgian : 

Government that tod hr ' will be-, 
much -thie same ia«t 

But. . ;as. T i_.BelgiauV banker 
explained recesSy.- the Govern- - 
mental. . hiatus? scracely matters’ 
io e~ country ; that govern^ itself. . 
"That ."Js why,**, added . another, - 
. .well-educated -people lit- Bei- ■- 
gium become baulks Gt-indU* . . 
trialists rathet^m-pbliticbm 9 .' ,: . 

. A 

t . * 

TIME Magazine has a unique aptitude for getting to the its ability to shed light on distant news that may have local 
heart of the matter. Althoughits origin is America, its put- impact, or to detect national events that may have inter- 
look- is global- TIME is written, and edited by an inter- national implications. Knowing the news that needs know- 
national staff for readers with international interests. Each ing has made TIME the world's leading news magazine, 
week, 26 million people in 191 countries value TIME for TIME: the news magazine for the internationally minded. 



. ' by; CHA aics.sHroi ; . .. ; v; - 

TOKYO — _ Japan's gross currant account surplus in Oscal 
natiboiT 'product , .grow : by. 1979 folkwing'- -a... surplus or 
S3 pendent during the currant SI 6. 9 bn doringthe currant fiscal 
fiscal year 'tending next March) vear. It" expects' little change in 
and by -only 45per cent in 1979, the . batoneef at. trade between 
the' Japan ’Economic Research Japan aad uujortxading partners 
-Centre'. predicts in ji- medium- such. as the Ui frSii d the EEC. 

- term economic forecast released This means. . JERC officials 

ye sterd ay. : privatety admif, .that trade ten- 

•JERC’s" forecast - for . tho sioos between Jajiatfsnd the U.S. 
* remainder of ;thel97S fiscal year (anetperhaps to a lesser extent 
coutrasrswlibar revised Gbvern- wJth'Earope) cah be expected to 
meat prediction of R per cent eon t roue- daring 1S7&. - 
G^fP growth, V Tt* (S^i^imeht --., JBRC believes that Japan’s 
has- not yet published, any growth, consumer price index- will grow 
target ieri979 Trat-liS. generally by less than 4 percent during 
expected’ Ho-: -set .a. figure flf 'the -current' year aid by a frac- 
between-^nnd 6 : per -cent. tiori over countries in die deve- 

.- ; Japaxrt> r ; economic.' jgr-oyrth loped world during the. next IS 

- expectations' are thus being down- months. Jt -is conceded however 

graded substantially ■ from this the facade- of price - stability 
time last year When the Govern- masks a possible inflationary 
meat, under pressure from the threat In’ the slightly more 
.thS^ agreed to a growth distant future.'. This arises from 
target 7 P* 1, for; fiscal the fact that liquidity , has been 
year 1978.'. - ■ - growing add that-- traditional 

The mam reason /why growth methods of. . controlling money 
has fatten': short “of earlier circulation (throush the Lmposi- 
expectations and witt continue tin n of direct limits on the- 
re be veiy moderate m 1979 is volume of fending by major 

that Japan's exports have begun banks) have begun to lose their 
to decline m volume terms; This . effectiveness X*, - 
phenomenoa has been eroding JERCs growth' forecasts are 
the effects of domestic demand based on the assumption that the 
recovery si nce la st summer. The y en will float ajp -to S1 = Y185 
process is -expected to; -continue during the Stzst'fhree months of 
throughout. 1979 although, in next veer andi‘to i -'St=Y180 in 
dollar terms, the value of Japan's the second quarter* The Centre’ 
exports will. continue growing, economists believe that, looking 
JBRC puts exports' in 1979 ^tightly further iabead, an a ppre- 
(fiscaD atSlOSbn. 10. per cent up cjation of the yep : against the 
oh the 'figure of SQSbn projected dollar by rougher ID per cent per 
"for; currant fiscal,, year, year is a “bpafeja^ feature of 
Imports are projected to grow by ^tbe present inferaiationa] econ- 
12 per cent, from S72.Gbn to omic situation, Tbl* •will make it 
$SL7bn. difficult, they ^ghe, for Japan 

Allowing for. a - .continuing and the U-S. arctic oat any 
deficit on invisibles. JERC says fixed system f os ^stabilising cur- 
that' Japan wfllnm a S14.7hn rency fluctuation#^- ; 

"... • ..a*-*-’*" ’ 

Salisbury depot bla$|v 
set off by guerrillas p; 


RESPONSIBILITY EOR a inge Informed miiitih^. and police 
blaze; that .engulfed a -fuel sources said it ‘-IMS ' believed 
storage depot in Salisbury on Suerrilias bad pui? 

L'rocket or 

,, . . .. . _ tracer fi re into astwage- tank — 

Monday mght ^was^ yesterday which ^ ignited^ series of 
claimed - by:, both Mr. ; Joshua blasts in other Jan}®” hearty. 
Nkomo's ZAPp -wing of the The storage ^n^ilex, which 
Patriotic Frontguerrilla alliance went up- in fl arses.' tras cun by 
and also by Mr. Robert^Mugabe's- Shell, British Pi 
ZANU orgknisatioo. and Caltex..-.. Th- 

in Lusaka, ME Nkomp . said his turns came under 
fighters had destroyed the depot trol after the" cou 
by setting off ah explosion,, that against British: nil 
killed "a. considerable number. ' It was not hum 
of people.” But another state- what impact the- 
ment issued- ip Maputo' and would have. VTha 
signed by . Mr.,,' Mugabe also ^Commerce. ana .Jhi® 
claimed v'ra^ibnsfbilitr- for /the!: A statement. assuring 
.action.;:-;-;., .; V . ..that their: supple*; of,-’ strictly:, 

In Salisbury, n.' military : com- rationed, fuel' woal^n’ot be euti 
xn unique aaid:- “Evidem^ of ;But the attack was generally'! 
terrorist involvement in. the fire seen in Salisbury /as a serious 
at the heavy industrial .■ site in' development in tint -war, showing 
Salisbury has .been found.elwly. iheway/heavily armed 
Security forces' art engaged -in guerrillas ,eah Penetrate very 
extensive foEow-ty operations.” -near the oily ffitre 


Turning the Sinai into a buffer zone 


ISRAEL IS preparing to draw the roads which are io he built, 
army back into the tightly coiled Water pipelines, electric cables 
spring which, when released in and sewage pipes have to be 
1967, defeated three Arab armies installed, 
in six days. No exact figure has been given 

By agreeing to hand over the for the cost of this project, but 
Sinai Peninsula tn Egypt when a figures in the raage or $4 bn are 
peace treaty is signed, the Gov- being mentioned. 

eminent has given the army a The Sinai is lie perfect buffer 
formidable task of reorganisation, zone, and this is what the pro- 

Simultaneously, Israel's forces post-d peace agreement intends 
will have tD bo withdrawn from to make it. Though it is being 
an area of some 60.000 sq km, relumed to Egyptian sovereignty, 
and redeployed in the Negev the bulk of the peninsula will be 
Desert, one sixth the size of demilitarised, tn become a true 
Sinai. buffer zone controlled by neither 

When, the Israeli army the Egyptian nor the Israeli 
punched its way across Sinai in army. 

1967, it had a little over 600 Egypt will be permitted tD 
tanks. To liny is has over 3,000 maintain limited forces — one 
according to foreign sources, division of 32,000 oien. 230 tanks, 
Other areas have been similarly 100 artillery pieces and portable 
expanded: the air force is now anti-aircraft missiles only— in a 

went on in an area where the gives the Army a far greater 
movement of troops was less chance of defeating any force 
obvious. which tries to climb out of the 

Because the bulk of Israel's Jordan valley to launch an attack- 
army is comprised of reserves, ° n population centres on The 
who must be mobilised, in case coast. ' 

of war, the warning; time gained Bringing the forces of the 
by the Egyptians having to cross Southern command closer to the 
Sinai before launching any attack centre of the country will pr$- 
is invaluable suraably also lead to a remtegra- 

Some of the immediate benefits ° f „, £?! 

tn the military are obvious: a 

effectively been divided into two 

shorter border to defend, a XSjJJE* T f i j* j£ DUl *L br ju® 
smaller area for the air force to “SSjSJjJf ° n *** 

defend, shorter supply lines, or f? 1 V Jf fff of 
quicker movement of troops and ^ r Jl a ° d ’ 

Afniinmpnf frftni nn a frnni Tii Sinai also jn?iuis the JO^s ui 

SS&n TJ JffLS 

: r ,°Se“ m EaS ‘ M ^ Se 

Under IheCampDavid aMords. £ ’SLJT!! 

Israel is bein„ ^ked ulurnately .available space on a time basis 
> u , p ,! s rather, tlian each having its ovra 

flying planes twice as fast as str *P 50 miles east of the Suez . luulti lIlull u ,, iU6 

those used over a decade ago. c ^* 1 - „ , , , international border. Israel will con J ro1 . of . Ihe , ft ^. esl T ® a ? k * also training ground. But this and 

Even though the treaty has not 1<0 km between the edge n0 longer be abe to afford the ca P tu 5- d ,n 1™'- « 1S com- other disadvantages of with- 

yet been signed, the Army has J^at zone an d the Israeli luxury of hesitating before Rf 28 , j a or moun tains, drau'aJ are offset by another vital 

begun working on the border will be demilitarised, j aUnC hinR an uffensive It did Judean hills south of Jeru- intangible, 
unenviable Job of squeezing this “P®« f 1,01 " a small number of ■ ^ ig 7 3- ser , ous con se- ^ Samar,ai1 111115 10 There has been growing con- 

military machine Into the lightly armed border police q U enees. When the withdrawal “* e ^ arl11 - cern within the Army command 

narrow confins of the Negev and un JJ~- . . . i S complete. Israel will reinstate If tfae Arab forces on the about a lack of motivation among 

of redefining its defensive These arrangements have satis- oW doctrine nf the ore- easlern front— Jordan. Syria and the soldiers, especially the 
concept The withdrawal lias to 6cd the Israeli High Command ^p^ve strike as the only way P™babJy Iraq— were to launch an reservists. 

be completed three years after “"d *be Government. Bui they lha " ^ battlp is to 3ttack 10 recapture this area. Tbe 1973 war led many Israelis 

an agreement is reached. do not appear to have quelled waged, it will be wa^ed on the - v would face a tough climb to reassess their attitude towards 

The logistics are daunting: the fears of some who suspect “nemy terriiorv ° to gain the mountain ridge. But the Arabs and to question 

ill roe new air bases will have Israel is giving up a tangible ' ' vrvi . • once on top they would have a whether the nation had done 

to he built to replace those being asset for an Egyptian promissory l” e 0 ”* . re ' choice of 2S roads and inmimer- enough to achieve peace. If a 

evacuated in Sinai; over ISO note to live m peace. qoira an effective early warning able wadis down which they war were to break ntit after Israel 

bases and camps will have to be The strategic depth which syst^ and pooti mteUigence. COU ] d p i U nge on to the coastal had given up the occupied ter- 

disinaniled; and over 130.000 control of Sinai gave Israel, In 196* . Sinai itself provided plain. ritories in exchange for peace 

tons of equipment will have to pushing its southern defence Israel with an effective warning It is because of this that Israel treaties there would be little 

be moved buck into Israel, line nearly 300 km away from system. When Egyptian troops insist that it will never permit problem about morale Tbe 

including 4,000 pre-r rubricated the population centres, also gave began pouring into the peninsula, an Arab army to return to the soldiers would fight as' never 

buildings. it the military option or not Israel had little doubt about West Bank. before and the Israeli armv's 

In the Negev. 90m square striking the first blow in the President Nasser’s intentions. In If all these safeguards fail, bav- greatest weapon— the will of iis 

metres of ground will have to be event of hostilities. 1973 Israel was taken by surprise ing the southern command in soldiers— would be at its most 

levelled for the new bases and But with the withdrawal to the because the Egyptian build-up the Negev instead of in Sinia powerful. 

utaiai, Mobil 
■. ; local opera- 
jodesian con- 
. rebellion 

Australia establishes committee 
to investigate wage increases 


SYDNEY — The Australian The Government maintains on expenditures, including a 
Government has set up a com- that the outlook for the economy critical examination of staff 
mittee to examine ways to gain depends heavily on the future employed, 
more direct control over wage course of award wages and that He also indicated that the 
increases. This step was taken excessive wage increases in 1973 Government would introduce a 
in reaction to a decision by the and 1974 was behind the in- tight monetary policy rather 
Arbitration Commission to grant creasing levels of unemployment. t h:in allow evi-eslve wae* ri<u>c 
a 4 per-cent national wage rise. The 1978-79 federal budget bench of the Arbitration 

the maximum increase under strategy was based on a con- 
tbe wage indexation guidelines, tinuation t)f wage increases of 
The Government has strongly about 75 per cent of the indexa- i^fn+^and £ 1 ° Ve t , i?" 

opposed 'a full rise in hearings tion formula. But this was also ^ “I®*, ?. n thc 

before tiie commission, claiming predicted on continuation of ”f,. a L u , U Y 3 *® 

that ft would threaten the quarterly hearings. Treasury S? c b ° Ut 

Government's overall economic estimates predicted an increase . “ 10 wa ? e . D1U * I _“ e 
strategy. - in wages for 197S-79 of about 6 Sir 

The Government had stated per cent, and a 7.5 per cent in- Moore said that the thing 
that it would prefer no increase crease in average weekly earn- on wrnch mere was substantial 
but only called on the Commis- ings compared with a rise of 9.8 agreement was that the economy 
sion- to exercise ‘'maximum res- per cent in 1977-78. was - nnv out of the depression, 

vtraint ” on wages. The commis- The CPI was expected to rise Tbe “o® 1 could be said was 
skm..gave prominence to indus- B per cent, resulting in an infla- “iat tiie immediate economic 
trial relations factors in deciding tion rate of around 5 per cent by outlook remained uncertain, 
on the- wage increase and sug- mid-1979. The latest statistics However, he said, while tbe Com- 
gested the - system would have show that average weekly earn- mission felt that the withholding 
broken down if no increase had ings rose 7.8 per cent in the 12 of a pay rise would result in 
been awarded. months to September. greater restraint in costs and 

TCie Commission however. The Treasurer, Mr. John prices, “it is by no means clear 
warned the trade unions- that it Howard, warned when delivering that a reduction in the purchas- 
was 'concerned about the trend the budget in August that if ing power of wage earners at 
of industrial disputes, and the wages rose faster than budgeted this time would have a beneficial 
pressure for wage increases out- for by the Government, it would effect on output and' employ- 
side the guidelines; It said that respond by further economising ment." 

if it continued, it would endanger 

the continuation of tbe indexa- 

Vt ™ .h= first Cultural revolution condemned 

granted by the Commission since . , , . . . 

it- switched from quarterly PEKING— A poster condemning wanted the victims of that 
national wage case hearings to the cultural revolution has tumultuous era to be rehabili- 
six-monthly intervals. Tbe indexa- appeared on Peking's “demo- tated - 

tion formula is based on cracy waJ U ° breaking a lull in ,s tl]ie first ma j° r political 
increases in the Consumer Price h lt . «mt» dPbate°on national P 05161, t0 appear since an open 
■Index, which rose by 2.1 per. ,he ^ s opea fleDate on naD0,ul letter to President Carter was 
cent in the June quarter and only .Questions. p Ul U p latg week calling on 

per cent in tbe September Another advised poster writers him to examine the state of 
quarter. to stay at home out of the cold human rights in China. That 

Tt is only the third time in the or to go to Peking's current box- poster was quickly ripped down, 
past 10 national wage decisions office hit, a Japanese film. . replaced and torn down again, 
that the union claim has been Tbe first poster said tbe cul- The second poster did not 
granted in full. The Commission tural revolution had conftised impress its readers who added 
took Into account the fact that tne country, harmed education sarcastic, graffiti. “ Whoever 
there . would be no further and reduced living standards, wrote this must have, got some- 
increase hefore Auril next year. The people wanted a reversal of thing good from the gang of 
and that any increase then would the verdict that the cultural four.” was one comment. 

Magazine denies S, Affica link 

BY MARK WEBSTER . • * * ; /' / 

THE LONDON-BASED weekly over.: Mr. ,£egg said the South 

magazine West Africa: strongly: African (hivernments stake had 

been owned on. managed The paper has not 

agents the South. African been owned or managed by any- 
GOVeramenfs infonnatimi' De- 'one .other than the present, 
jjartmeat . . V r •' ovmeirs and management since it 

. The magazine . was , answering wa ^-acquired in February 1975. 
reports' that it. had been- taken from IPC ’ by Count Giorgio 
over as Vpart-- pf.:_the -South Ghislieri in order. to ensure its 
African^ GOTernmentfs . "bliT^ ^ to. continuing political indepea- 
form an mteraational network donee. 

of . pro-SoytK - ’African- iriedia " “ Pegg and Abramson , 
through thei r. agents Mr. - David: attempted to obtain control of 
Abramson- .and Mf.^ BtdaitPegg. West Africa in 1976 through 
. Official- and ■ unofficial invests their London-based publishing 
gatidns-into tbe activities of: tbe house. The present management] 

Information . Department, :imdef, of. . .West- Africa successfotty 
Dri- EBchei ' Kboodte .had .-alleged opposed their attempt and Pegg 
that \ among otheff^publi cations, '. and Abramson -failed to obtain 

West 1 -Africi- -had - bfeen - taken any interest in West Africa.^- :> have little Impact in 1B7S-79. revolution was good and they Reuter 

Arab oil chiefs discuss 
joint measures on refining 

AEU DHABI — Arab oil-exporters refineries and marketing. ” Mr. 
must agree on joint measures Attiga said. OAPEC leaders 
to expand their role in the have previously expressed con- 

refining and marketing of petro- ce ™ lh “ , their , countries d ,° 
. . 6 not control a large enough 

leum products during a two- share of refining, shipping, and 
day conference here, according other “downstream” operations 
to Mr. Ali Ahmed Attiga, within the petroleum industry. 
Secretary-General of the Organi- OAPEC countries account for 
sation of Arab Petroleum- more than 30 per cent of global 
Exporting Countries { OAPEC). crude oil output, but only hold 
The Libyan official was speak- about 3 per cent of world re- 
ing at opening ceremonies of fining capacity, 
the semi-annual OAPEC minis- Among other tasks for the 
teriai session. The talks pre- conference. Mr. Attiga cited an 
cede a crucial price-setting accord on types of oil data to 
meeting on Saturday of the be exchanged among OAPEC 
Organisation of Petroleum- members, and 'plans to open an 
Exporting Countries (OPEC), oil technology- training institute 
Arab producers have to ‘Teach in Baghdad on January 1, 1979. 
a common Arab formula for Agencies 

Price increase predicted 


THE PERIOD of declining real tries start seriously to question 
prices for oil is now coming to their rapid industrialisation pro- 
an end. and may within the not *»»““• since few of them have 
f sufficient reserves to make a 
too distant future be followed nation to a post-oil 

by an accelerating real increase economy. The capital and operat- 
as the prospect of a physical ing costs of major industrial pro- 
sbortage of oii haunts the world, jects are much 'higher than in 
It is therefore essential that the the industrialised countries, and 
industrialised countries should will be unlikely to provide 
develop alternative and depend- foreign exchange earnings corn- 
able energy sources, probably parable to current earniogs from 
through nuclear power, and that oil. 

they should help the oil produe- In addition, all the oil produc- 
ing countries to develop ing countries will have to cope 
economically viable non-oil indus- with the political and social 
tries. problems posed by the vast inflow 

These are the main conclusions of money. “The present turmoil 
of an article by Waiter J. Levy, in Iran is indicative of what may 
the international consultant in lie ahead.” he says, 
tbe latest issue of the American Mr. Levy argues, therefore, 
periodical Foreign Affairs. that many oil producers will 

Next year. Mr. Levy expects inevitably consider slowing down 
the oil price to rise by 8 to 10 their development programmes, 
per cent; thereafter it may and stretching their oil reserves 
accelerate, not merely to compen- by slowing down the rate of 
sate for the decline- in the real production. “The present un- 
price of oii through inflation in stated policy of providing 
the period since 1974, but also adequate production for the 
to offset thc current account world's needs at manageable 
deficits or many OPEC countries, prices would then he replaced 
Moreover, he expects that .by one of lower production at 
many of tbe oil producing coun- higher prices.” 

Syria may 
look West 
for arms 

By Ishan Hijazi 

BEIRUT— Syria is reported by 
informed Arab diplomatic 
sources to be working on plans 
to purchase weapons from tbe 
West, especially France, if 
Moscow continues to shun its 
request for sophisticated arms. 

According to the sources, tho 
Syrian government has urged 
oil-rich Arab states to speed up 
payment of subsidies’ promised 
at the .Arab summit conference 
in Baghdad last month to pay for 
the western weapons. 

Syrian Foreign Minister .Abdel 
Halim Khaddatn flew to Riyadh 
yesterday and delivered a 
message from President Hafez 
Assad to King KhaJed -Contents 
of the letter were not disclosed. 

Tn Baghdad. Syria was 
promised about S2bn annually (or 
the next ten years to help her 
meet the burdens of continued 
confrontation with Israel. Jordan 
was promised about Slim and 
the Palestine Liberation Organi- 
sation $300m annually. 

Arab diplomats said that much 
will depend on the current talks 
in Moscow by Mr. Saddam 
Husein, the Iraqi Vice President. 
Aside from discussing Iraqi- 
Soviet relations and Baghdad's 
own military demands, the Iraqi 
strongman, the diplomats re- 
ported. wiii try io persuade 
Soviet leaders tn meet Syrian 
demands for sophisticated fighter 
planes arid other military hard- 

A crisis developed, in Syrian- 
Soviet relations last month when 
Syrian Chief of Staff. Major 
General Hikmat Chebahi cut a 
visit to Moscow short after 
Soviet officials were cool towards 
the -military shopping list he 
brought with him. 

The situation worsened after 
President Hafez Assad decided 
to put off a visit which ho was 
planning to undertake to Moscow 
this month. There was specula- 
tion tbat he and Mr. Hussein 
were planning to gu there 

The Iraqi leader reportedly 
will try tn impress on Soviet 
officials the importance of help- 
ing Iraq and Syria under their 
new alliance to establish a 
strategic balance with Israel In 
view of Egypt's exit from the 

At Yne strictly Iraqi-Soviet 
plane. Mr. Hussein is expected 
to try -to end the recent strain 
between bis country and Moscow 
over execution of Iraqi commun- 
is is. 

Last May. Baghdad disclosed 
that 21 members of the Soviet- 
oriented Communist Party were 
executed on the charge of estab- 
lishing secret ceils inside the 
Iraqi army. 

Cairo softens on 

By David Lennon 

TEL AVIV — There has been a 
softening of the Egyptian posi- 
tion on the deadlocked issues' in 
the Middle East peace talks, 
according to officials accompany- 
ing Mr. Cycus Vance, the U.S. 
Secretary of State. Mr. Vance 
reported this progress on Mon- 
day night when he met Mr. 
Mosbe Dayan, the Israeli Foreign 

The Secretary of State 
attended the funeral yesterday of 
Mrs. Gold Meir, Israel's fourth. 
Prime Minister, who was buried 
in Jerusalem at a state funeral 
attended by hundreds of mour- 
ners from Israel and abroad. 

Mr. Vance flew back to Cairo 
in the afternoon and is due to 
return to Israel today to try to 
persuade the Government to com- 
promise on outstanding issues. 
The U.S. is still hoping that it 
will be possible for Israel and 
Egypt to sign the draft peace 
treaty by Sunday, when the 
three-month negotiating period 
set at Camp David expires. 



Financial Times Wednesday December *3 1978 


Carter hints at re-election hopes s j n 

r new effort 


WASHINGTON — President 
Carter yesterday came extremely 
close to declaring publicly that 
he would seek to regain the 
presidency in 1980. He told a 
Press conference that he had 
made up his mind on the sub- 
jeel. but. grinning broadly, 
added that be would share that 
decision with the U.S. public 
'* later.” 

There is a s rowing assumption 
here that the President will 
seek the Democratic Party’s 
aominaUtfr and that, unless he 
is hopelessly laid low by a 
failure to control inflation, he 
would be a heavy favourite to 
win rt. 

At hi* Press conference, he 
attempted lo leave the impres- 
sion that he was lire centrist 
Democrat behind whom party 
members, or whatever political 
persuasion, •■nnld rally. This 
was particularly noticeable in 
■ lie complimentary remarks he 
made about the dear standard- 
bearer of the liberal wing. 
Seaaor Edward Kennedy. 

Air. Carter said tirat lie recog- 
nised and understood "'the 
special aura of appreciation " 
i ha; many Democrats feel for 
Senator Kennedy, both for lus 
own achievements and tn 
memory of his two jaio brothers. 

He emphasised that he 
"communicated well" with the 
Senator and /hat they both 
possessed liie same goals. Such 

differences as existed, which Mr. 
Carter said were "minor.” 
centred on the way to achieve 
desired goals. 

But tlie President was reticent 
in telling the Press conference 
that, as chief executive, he had a 
“ broader perspective ” to bring 
to bear than did Senator Ken- 
nedy. While he denied that there 
was a growing gap on social 
issues between himself and the 
liberal wing of th e Democratic 
Party, a odc-r the Senator s leader- 
ship, Mr. Carter gave no hint that 
lie was prepared to tailor his 
stringent economic policies so as 
to accommodate his critic. 

This debate was given a full 
airing at the party’s mid-term 
conference over the weekend in 
Memphis. Senator Kennedy made 
the most brilliant speech of the 
conference — urging the speedy 
introduction of a national health 
insurance scheme — but the con- 
ference also suv the handy defeat 
of proposals designed to spare 
social programmes from Mr. 
Carter's budgetary axe. 

The President was not slow lo 
point this out. maintaining that 
the Memphis meeting hud pro- 
duced i general endorsement of 
hi* Administration's policies in 
spite nf spirited liberal opposi- 
tion. He also denied That the 
conference resolution calling for 
introduction of a national health 
scheme inside the next two years 
constituted any repudiation of 
his on a more gradual approach. 

or thaf this approach was in way 
incompatible with the goals of 
tlie Democratic Party. 

In party terms, the key for the 
President is the extent to which 
the influential liberal wing is 
completely disaffected by his 
austere economic policies. The 
tentative lesson of Memphis, at 
which the White House displayed 
considerable political muscle in 
keeping things under control, is 
that the President can still 
muster quite a lot of support, 
and even some muted enthu- 
siasm. from the left. P.clations 
may be strained occasionally but 
they have yet to reach the stage 
of divorce proceedings. 

David Buchan adds: President 
Con Icn yesterday voiced his 
hopes Vhat the Shah will -ride out 
the storm in Iran and deplored 
statements by foreign govern- 
govexnmcnts which 'he euaimed 
were exacerbating the violence 
in Iran. 

He appeared to he referring to 
a recent Soviet statement, and 
warned that while the U.S. had 
nn intention of .intervening in 
Iran's internal affairs, it would 
not let other countries do so 

Set against the low railing last 
week -he appeared to .give the 
Shah's chances of political sur- 
vival. Mr. Carter seemed more 
confident at yesterday's Press 
conference that the Shell would 
now pull through. WhHe deplor- 
ing .recent instances of bloodshed. 

the President expected .the situa- 
tion, to calm down -4a Iran “as 
the Holy Season them passes.’ 

The Pxeseident also sought to 
give the deadlocked Egyptiao- 
israeli peace talks a fresh spur 
by reiterating the importance he 
attached to the December 1“ 
deadline, agreed by Egypt and 
Israel at their Camp David sum- 
nut for conclusion of a peace 

It was not a case of “now or 
never ” for a peace treaty. Mr. 
Garter said. But he again 
queried bow, if the two countries 
ignored the target date of next 
Sunday for concluding the treaty, 
it would be possible for them to 
stick to afi the provisions and 
timetables in implementing such 
a treaty. 

The President said that in 
Cairo .the Egyptian President 
had reaffirmed to Mr. Vance, the 
U.S. Secretary of State, his in- 
tention to speed ,the negotiations. 
Mr. Carter hoped that the Israelis 
would stow the same attitude. 

Officials say that Iran's pre- 
occupation wth ts internal prob- 
lems. and its decision to stay on 
the sidelines in the pricesetiing 
conference of the Organisation of 
Petroleum Exporting Countries 
which starts in Abu Dhab on 
Saturday, may well moderate 
any rise in world oil prices. 
Iran has hitherto been one of the 
OPEC member countries that 
has pushed hardest for oil price 

to curb 

Danish shipowners 
reverse position 




Court to 

Truck move may hurt wage plan 


hear race 

law case 

By Jurek Martin 

WASHINGTON — The United 
Stales Supreme Court has agreed 
to hear a case covering '* reverse 
discriminatino ” in industry, 
-a- hi eh may he even mnre impor- 
tant than the celebrated Bakke 
ruling ou education earlier this 

Thv case concerns a suit 
brought by z white employee of 
a Kaiser Aluminum plant in 
Louisiana. Mr. Brian Weber. He 
alleges that a special Kaiser pro- 
gramme designed principally to 
enhance the skills of black 
’.-.-orfcers unfairly discriminated 
against him and other white 
members uf the Kaiser work 

The nub of his arguments is 
that the 1964 Civil Rights Act 
specifically prohibits employ- 
men.. discrimination on the basis 
of race. Many companies, how- 
ever. have pul into effect so- 
called '* affirmative action" pro- 
grammes to upgrade the quality 
of their minority employees. 

The Supreme Court has never 
ruled on an industrial inter- 
pretation of the 1964 Act. In the 
Bakke case, it determined, in 
essence, that racial quotas could 
not be employed by universities, 
bu't that other furms of affirma- 
tive action might be appropriate, 
especially where there was 
strong evidence of past discri- 
mination on a racial basis. 

If the court were lo uphold 
Mr. Weber's case — and lower 
courts have so far ruled in his 
favour — then the status or 
countless “ affirmative action “ 
programmes would be in doubt. 

Coincidentally. the Equal 
Employment Opportunity Com- 
mission. the federal agency, has 
also issued -new guidelines 
basically endorsing the " affirma- 
tive action ” concept, and 
encouraging companies -to per- 
severe with them in the Face of 
reverse discri rains lion lawsuits. 

The final Supreme Court rul- 
ing will probably not conic until 
next spring. The U.S. Govern- 
ment would have preferred the 
court Tot to take up the Weber 
case, arguing, in a written brief, 
that the matter should be re- 
ferred back tci tbc lower courts, 
in the light of the Bakke ruling. 

There is a possibility that the 
court's verdict will not be defi- 
nitive — as was arguably so with 
the Solomonic Bakke judgment. 
This likelihood has been en- 
hanced because Justice John 
Paul Stevens, who wrote the 
principal opinions in the Bakke 
case, has disqualified himself 
from Mr. Weber's sun for un- 
announced reasons. 

The court could, therefore, 
split four lo four. 

NEW YORK — Moves by a key 
Congressional committee to slow- 
down the deregulation of the 
trucking industry by the Inter- 
slate Commerce Commission 
flCCl. the agency supervising 
j trucking in the U.S.. could have 
{serious implications for the 
enforcement of Abe Carter 
Administration's voluntary wage* 
and-price control programme- 

The chairman of the House. 
Public Works Committee. Mr. 
Harold Johnson, has written to 
the ICC urging it not to press 
ahead with rules which would 
encourage private fleet owners 
(like supermarket chains) to 
compete direct ly with the com- 
mercial trucking industry by 
I starting Lo carry freight for 

other companies. Under existing 
regulations the private carriers 
cannot carry freight for other 

The Committee's objections in 
the ICC deregulation proposals 
are largely procedural. It be- 
lieves that the deregulation of so 
vital an industry as trucking 
should he tackled through legis- 
lation in Congress rather than 
through the ICC’s administrative 
procedures. It points out for 
example that moves to spur com- 
petition in the trucking industry 
will have an impact on freight 
rates in waterborne transport 
and railroads. 

The While House is following 
the debate about the trucking 
industry closely and is planning 

to Offer its own deregulation 
Bill. While its views arc in 
part based on an underlying 
philosophy that deregulation and 
increased competition will help 
to lower charges in the Industry 
it is also conscious of the im- 
portance of the industry to its 
wage and price programme. 

Perhaps the biggest test of its 
7 per cent wage guideline in 
Phase Two is likely to conn- at 
the beginning of -next year with 
the negotiation nf the master 
Freight agreement in. the trucking 
industry between regulated 
truckers and the’ Teamster's 
Union. Pressure towards deregu- 
lation could eat into the profits 
of the regulated truckers making 
it more difficult for -them In pay 
a big increase to the teamsters. 

By Bernard Simon 
effort to curb Imports ol crude 
oil. the South African Govern- 
ment has announced that the 
same fuel conservation mea- 
sures currently applicable to 
petrol-driven vehicles will in 
future also be imposed on 
diesel-driven cars and light 
commercial vehicles. 

Announcing this decision, 
the Minister or Economic 
Affairs Mr. Chris Heunls. said 
that sales of diesel-driven pas- 
senger vehicles have more than 
trebled this year. During the 
first 10 months of 1978, over 
7,200 diesel cars were sold, 
compared with 2,117 units dur- 
ing the same period fast year. 

Mr. Heunis said that between 
1975 and 1977 petrol consump- 
tion declined by about 3.5 per 
cent, while demand for diesel 
rose by about 7 per cent. 

The increase In diesel con- 
sumption has meant that im- 
ports of crude oil have bad to 
be raised, despite the reeent 
installation of secondary^ pro- 
cessing plants by three refinery 
operators which has enabled 
them to extract additional 
quantities of diesel from each 
bar ref of crude. 

According lo Mr. "Heunis, 
South Africa's, oil imports are 
now running at around Kl.Jbn 
a vear. compared to only- 
R19bm in 1972. 

He said that while fuel con- 
servatiop measures were origi- 
nally introduced to counteract 
a shortage of crude oil. the 
Government's main concern 
now is the cost of oil imports- 


oil imports on Government aid v SS3S31S 

to discuss, among other, matters. 
BY HILARY BARNES . .. . a common stand in .-the negotia- 

COPENHAGEX — Danish ship- should be a private enterprise '{*«» rights?* * * 

owners are seeking temporary industry. - fa £ s have e£- 

financial relief from their Government aid was now neces- w»- 

l Government in a reversal of. their sary .because falling freight rates pressed. AjiSraAiaai dvia- 

long-standing opposition to sub- Were creating a cash ensis for _- severe 

sidjsation of the industry. many companies, especially those turn policy tourism but 

Tbe Danish Shipping Associa- which have built ships at Danish *^ owr s 

lion has Dresented a four-point yariis at prices well above the they axe 
programme to the. Minister of world level, he said. on how to tackle the issue. 

I Commerce, Mr Arne Christiansen ' The Danish merchant fleet at ASEAN countnes acknowledge 
| calling for a two-year mora- the end of October consisted of they would garn more. Australian 
jtonum on repayments of mart- i;04tf vesels totalling 5.07m g.r.t. tourists -by the j-ntroducoon ,..oi 
[gage loans from the Ship Credit : So Jar this year the fleet has cheaper air fares,; out oeyieve 
[Institute. opportunities for declined by 20 vessels and 5,000 they would end up "V}" 31 

[shipping companies to obtain more by tiie proposals dteatinw 

| loans abroad, and revised financ- , our shipping correspondent disembarkation jh ASEAN jcapi*. 
ins arrangements for orders adds: -Denmark has been, a lead- tals for passengers on - me aus- 
placed with Danish yards. .iug campaigner within the EEC traiian-European routes. -Last. 

[ It has also appealed to the and in other international discus- 1 year, about 250,000 Australians 
I Government to prevent any jsions against tlie proliferation, of visited ASEAN., countries, ana 
general wage increases, which the subsidies for both shipping and most of tibem were stopping over 
! association says would make ft- shipbuilding. . .'. for . a few days. on. their way to 

indefensible to continue to if is one of the few significant Europe. - . . . 

! operate vessels under the Danish shipbuilding countries which has-[- - Singapore which stands to lbse 
[flag. naf directly subsidised Its ship- j m0SL because it receives most 'of 

KSIHIC WUU5L uic 9iUpjJUllfllTl£ CUlulUiW ■* ' nwp - ^|nE3-PUlc WIHLU aifwu w 

a g. . ' nof directly subsidised Its ship- j m0SL because it receives most of 

The owners want a three- to yards, although one year ago aj lhe Australian traffic, and has : 

me iiwuirrs »«uh «* uiree- -yarns. aitJiougii rare “ the Australian tratnc, anu aw. 

five-year grace period which is temporary interest subsidy wasj mcst flights into Australia. - '4s 
free from repayment and interest introduced to encourage Danish hard for -the ASEAN, 

on loans from the Ship Credit owners to order in Danish or ^on^mic ministers to adopt a 
i Institute for orders placed at* other EEC yards. In practice. tOQH h stand on the issue. , witli 
I Danish yards. The institute cur-^this. has meant orders gorog to tjje ■p6ssibiMtY of taking retalii* 
rentiy finances up to 80 per cent Danish yards. torv metres against Australia, 

| of new orders at 8 per cent over . The request for a moratorium but * other ASEAN members' feel 
20 years. - : foftqws similar moves in. a strong about .the Issue. 

that his members wanted, tem* where- a limited scheme- for j tn 'thrash" 

porary assistance only and' the ti-amp ship owners has.sp far not 1 

association was still firmly com-been taken up by a single ouTjheir- differences. ., 
milled io its belief that shipping 'company. The three-day meetra-. ttwi 

s also review ASEAN" trade .reik- 

— r rt • - .. . •*. tk»s with . various 'economic 

-*■ , j-. ]| ■ groups. such as the EEC. Jfparx* 

Japan-India ittdustry talks ^ 

Ushiba to staj r 
in trade role 

Chicago: the Democrats’ 

powerhouse under fire 

TOKYO—' The Japanese Gov- 
ernment has appointed Mr. 
N'obuhiko Ushiba. farmer 
External Economic Affairs 
Minister, as the Government 
representative to the Tokyo 
Bound of Multinational Trade 
Negotiations. the Foreign 
Ministry' said. 

Mr. Ushiba has represented 
Japan in (he current series of 
the negotiations between 
Japan, the U.S. and European 
Community. He stepped down 
as the new Prime Minister. Mr. 
Masayoshi Ohira. abolished the 
post in his cabinet. Foreign 
Ministry officials said the 
Government reappointed Mr. 
Ushiba lo streamline the trade 

BY K. K. SHARMA ' ...VV. 

NEW DELHI — Japanese - and. ; Jjapan Business Co-operation Cora- 
Indian, businessmen have agreed mittee which ended : here today, 
•to examine a proposal for estab- After further discussions,- .a 
I iisbraent of labour-intensive special meeting wti! be held -in 
; manufacturing - uniLs in this Tokyo next April and May to take 
‘country by Japan on. the basis up the proposal. - ' 

that they buy back the filial -Ollier proposals to be examined 
[products." . ibdude iTansfer of Japanese 

Third Work! 
potential seen 
for Britain 

By Lome Barling 

The proposal was made hy 7 ah illSitSESIfTifi 9 ' il 1HE . WORLD'S , -dewInping 

. me proposal > mane «*>.«« jjj. ,, l _ inx,. 

[Indian delegation on the grounds «istimf ? SdnrtSs n ; ,,wrUries * 6utd sden; by 

llhai rising wage cosia and the and CKISj tmg HKl??tnes- iff British industry as inlportimt 
-appreciation of ihe yen made ■ . OTam iiu.d • atP markets for Ihe Jirturt.'Tflthe* 

[such investments in India t hT u scan re interest* ^an threatening competitors.- 

I Tbc proposal was discussed at pules In investments Th .joint ^ 

the two-day meeting of the ladia- ^ventures in India. . SmiUL said yest y. : - •. 

^ :• . '4‘. . / -. In his . -first major, speech in 


office.- -Kx* Smith .predicted., that 
O ... TTrion j: .1 ■; the 1080s Wfiuid be a highly- edm- 

Speculation oo USSR arms sales <«uuve but ^ 

** . T. -.t .there was a ne^ sense of aetcr- 

* : **— ■' 1 ' ■’ " mination ■ in' .. Britaiii';' t.6 .he? 

« making a big new effort ko to Chile which the. Bolivians we ran^- we^in 
extend its arms sales in SoA have heen nuftteff-Uicreasiiirijr SosSSoarl^SalhrSlf 3? 
America has been strengthen ^energetic attempts to recover by heid 

! ttii.s week with the return t*-, diplomatic means. . ' . t acturet^-nave neia_ tneir^sfi^e 

I Bolivia Of a 27-man team «jfV Given th«* scarcity of •BoHrinV ' 

• senior Bolivian officers 

i military experts after a thrte* General Davhl Tidilla Is-" mort, In. .-.jenrS’ 

week visit to the Soviet T'pigh. likeiv tu d^fiknd very generoia' 

The Soviets are already jnajor Credit ten, is Tor any new? arms: .-J’-Pri : S l ^£ I ll,S2^iI2» l - i 'a*SL' 
suppliers to neighbouring Peru, purchases. The USSR granted developing ^opittrtet, ha^^one 
T p ..« such terms, in. the early 1970s much to maintain jgrowtb ip 
_ . n0Il - n ? the visit, In^rPre>s . d tthxlixtch the sale of world Trade in recent years,- and- 

TrZn* Tbp 5 lanks and -combfit aircraft to provided. market -opRortuniiles. as 
Axern. the Bolivian #rn' com- p which, ateo’has a 'latent much a*- marketing threats... 

f acturera have held tHeir* share 


ABOUT OSS week after Illinois with City Hall are loo old. ton the Democrats . which automatic- 
residents re-elected Republicans tight and too mutually beneficial ally puts the party 375.000 votes 
to most of the state s highest to be influenced by State politics, ahead of any political rivals, 
offices in November, a series of A former aide to the ex- Besides the Democrats, there is 

UK companies 
on blacklist 

By Jamie Buchan 

minor scandals erupted in Governor Mr. Dan Walker, a no other significant political force 
Chicago's City Hall, the focus of Democrat who lost his party's in Chicago or Cook County. 

Chicago's City Hall, the focus of Democrat who lost his party's in Chicago or Cook County. 
Democratic party power in the renomination for a second term This little matter of employ- 
state. in 1976. said people in Chicago ment is the primary reason why 

In one day. four supervisors wef e convinced that the city Chicago's leading Democratic 
from the city's Building Depart- works. “When they compare it lights did not mount a major 
ment were convicted by a Federal t° New York. Detroit and Cieve- effort on behalf of Mr. - Alex 
court jury of conspiracy, bribery land, he claimed, they are will- Seilb in his race against the 
and tax fraud and word leaked '"2 t° overtook the scandals Rcpublif-aa Senator Mr. Charles 
out that 27 of the city's electrical because they believe the city is Percy. A U.S. Senator has pre- 
inspectors had been indicted by a moving along." rious few’jobs to spread amongst 

federal grand jury for accepting _ Although Mr. Daley held i oya | supporters, 
bribes and overlooking building simultancou. e ly rhe posts of Wheji the Democrats noraJ- 
eode violations. The jury also mayor and ebairman Df the Cook nated/ Mr. Seilb, most of 
charged that more than one-tbird County Democratic Parry, Mayor Chicago’s inner political circle 

of the city’s 70 electrical inspec- 
tors have taken bribes over tbe 

Several days lalcr. the Chicago 
i Tribune, the city's leading daily 
newspaper, reported iliat Alder- 
man Edward Vrdolyak had 
approved a change in the zoning 
code on property he had recently 
sold at a substantial profit to a 
local savings institution while 
serving as chairman of tbc City 
Council’s Building and Zoning 
Committee. Mr. Vrdolyak has 
been a member of the Council 
since 1971 and is considered one 
of the most powerful men in 
Cook County's Democratic 

These turns of events have not 
however loosened the hold of 
Mayor Michael Bilandic and the 
Democratic Machine over the 

By most accounts, the machine, 
which has maintained almost 
oiigarrhic control of Chicago's 
City Hall , for 50 years, is in no 
danger of losing its pre- 11 
eminence. Mayor Bilandic. who the 

picked up the torch after Mr. 

Mr. Richard J. Daley. 

considered the choice a reward 
for his performance as a good 
party man. Equally important, 
Mr. Seith could afford lo fund a 
large share of the campaign 
from his own pocket at a time 
when money was scarce and few 
Democrats were willing to chal- 
lenge Senator Percy, who was 
thought to be a shoo-in -for a 
third term. 

In retrospect, if party stal- 
warts had recognised Mr. Percy’s 
tenuous hold over tbe electorate, 
they might either have given 
Mr. Seilb more support or they 
might have scrambled for the 
nomination. But the fact that 
Mr. Seith lost the race Li now 
of little concern. 

So too was Democrat Michael 
Bakalls' loss to the incumbent 
Mr. James Thompson for the 
Governor's job. During his first 
4i two years in office, Mr. Thompson 
?j seems to have worked out a 
detente with Cook County Demo- 
crats. • 

JEDDAH — Over SO com- 
panies, including five British, 
hive been blacklisted by Saudi 
Arabia under the Arab boycott 
of Israel, the Saadi Ministry of 
Commerce announced this 

A statement in Ibe Official 
Gazelle named (he British 
companies as Gestetner Hold- 
ings. Geslelncr (Eastern). 
Woodvtile Rubber and Garlock 
(Great Britain) which are sub- 
sidiaries of tbe boycotted 
Garlock Incorporated of 
Rochester NY and Microwave 
Associates an affiliate of Ibe 
blacklisted Sulilron Devices 

No\| year is tjfe centcnarv nf hidding .’for arms 
the War of the/Pacific in which Bolivia. . 

ntracls in SoutS East Asia -were matkets 
V of great" potential. v. 

Union boycott likely to hit Chile hard 


I CHILE'S international trade is which is based in Brussels has street demonstrations against the - 
jfiKelv to be hard hit bv the boy- been supporting protest action to moves, j 

I eott of Chilean goods by various workers.. in Australia and New- - Sr. Pedro Baraona, -the Chilean 

international trade union erouus Zea,a !Hl against the policies o\- Economy Minister, commented 
international trade union groups lhp chlteanjiinfa. \1ast week: " The worst -of -the- . 

due to start on January l. Action: by . U.S. and Latin damage has already been 'done. : - 

Tiie boycott was decreed last American unions is likely to be vOio now Is going .'to .order', 
month in Lima by the GRIT, the followed, by unions in Western Chilean goods in preference tar 
i Inier-American Regional Workers Europe. ‘^PUgli some European- the v. same Soods from ' otter ' 
-! rt „ „ hri r, Socialist, unions have expressed countries when they may fihd.tit- 

i Organisation, whose most power- t , n happiness with the drafting. of a few, months'/ tirae thit -ttey ;: 

Mexico to sell 

oil to France 

PARIS — France will import 
lUO.OQO barrels or crude oil 
daily- from Mexico starting: at 
the beginning of 1980, informed 
Government sources said. The 
French Industry Minister. M. 
'Andre Giraod. is returning to 
.Paris this afternoon having 
‘signed the 10- year accord with 
the Mexican Government, the 
sources said. 


Organisation, whose most power- „ n happiness with the drafting. of a feX months^ tira« : that 
ful member is the U.b. AFL/CTO. jhe ORlT resolution. This calls cannof*.tabe delivery t.V,*. 

U.S. dockers are now committed for parallel action against Sr. Pedro Corona, ^ senidi 1 : 
i to halt all Chilean goods and this Sica ramies and Cuban goods in official v of Codelca. ttie-’^LRle’-. 

to halt all Chilean goods and this Niea radian and Cuban goods in official “of -Codelca. ttie-'xlfde 
could paralyse sales in Chile's protest, against the situation of capper mining:.-- CopiMh^? 
bie-^pst market trado uh5on rishts in those two . announced in Banti Mp- 'JuK' 

r*r>.-T^ i - •: countries... yiany Socialist trade copper was no ^shJt^diddt>tar 

The GRIT move is in line with unions .. oppose action against spares hot: shipped _in> thels' wss 
t'ne tong expressed call by tire Cuba. a -possibility that Ghiiqufb 

International Confederation of The ^tatiean Junta is taking the' -gi&rtt crpea , edit' nOae^-^He ' 
Free Trade Unions (1CFTU), the the threat- very seriously ant Atacama De50x^\W6nld^e iti)s4iI : 2. 
[principal non-Communist trade Cenerai^vAqgusto Pinochet.“the -Other snin^scduldbe 'affec^lte- 
1 union grouping. Tbe 1CFTU ChiJeah Tresident, has called for said. ’fi 


-j' -’••‘I: ’ n f 1 . - : 

V 7. 7 f ' . i; -7-.C. r- xi 

! MAPGO’S | 

W It’s axiomotic thaf 
■ people moke a 
* company and people 
fl couse a company to 
_ grow. MAPCO people 
I work harder rhon 

I crveroge ar this... each 
one producing an 

I annual average of 
Si 94, 000 in soles and 
■ revenues. This compares 
* to 1 965. when each 
3 MAPCO employee 
produced an average of 
£ S*i7.000 in annual sales 
. and revenues. 


I Investigate- Write 
for our current report. 

l^magco i 

Dr*’ P taws BoniMOTt A m. 
IiJW Okunomd 74 US 
SvvBQl • NfSE 

mwse - pse 


danger of losing tts pre- During th L s ii n , e> Mr. 

eminence. Mayor Bilandic. who the late Mayor of Chicago Thompson convinced the 
picked up the torch after Mr. Democrat-controlled State legis- 

Ricbard Daley's death in Decern- Bilandic lost ibe second half of la lure not to overappropriatei 
ber 1976. was initially considered the mantle to Mr. Geurge Dunne, state funds, which netted th^ 
a caretaker mayor but has since a senior Democratic politician state a working capital balance 
established a strong and secure who is also president of the of $S6m on June 30, 1978 com* 
following of his own. Cook County Board tanalagous pared to $52m a year earlier. In 

Mayor Daley was a legendary to Chicago's City Council but exchange, the Governor pref 
figure in American politics. It much less powerful). Yet few mised Chicago politicians tha 
was not merely that for over 20 citizens or politicians doubt the the city would receive money fcp 
years he was a kingmaker in the real power still resides in City a highway they have been lobbj- 
national Democratic Party, but Hall, albeit somewhat diminished ta g ,* or - as wel1 a s funds for the 
even more that he made Chicago in the office and person of city's art museum and paifc 
work like, few other major cities, mayor. district. The strategy has worked 

There had been widespread On election day, for instance, because Mayor Daley, the majjr 
speculation on hi$ death that the in wards that are heavily popu- source of friction between 
end of his extremely personal lated by imigrants with strong Chicago-area Democrats ai d 
reign would harm Chicago, if for ethnic tics, each Democratic Republicans, who predomia; te 
no other reason that he was the voter received a dozen eggs from elsewhere, has passed from t c 
only man who Fully understood the. neighbourhood arm of the scene. So Governor Thomps in 
how his machine worked. Machine. sailed into a second term in 

But ft seems the scandals have The patronage system is still November and continues to n ir- 
not and will not hurt tbe party entrenched in the city and in the ture his presidential aspiratlc£s- 

or the mayor, who will face county. Early this fall, the fire- Although political strategists 

voters next April for his firs I man’s association began pressing look favourably upon Jthe 
full, four-year term. The reason the city for a contract and the Governor as a 'possible pfcsl- 
stems from .Americans' boredom right to collective bargaining, dentia! candidate, noting his 
with scandals oF all types after Both the local political and popularity with the voters, his 
the ©vei>saturaiion of the past labour establishments balked at middle-of-the-road positions and 
few years. It derives too from the suggestion, publicly stating his youth, they concede tha he 

Chicagoan's peculiar brand of that residents would not tolerate is not a strong administrator and 

city loyalty and resigned accept- and should not be threatened by that he has not proposed any 
ance of bribery, kick-backs, and a potential firemen's strike. noteworthy programmes or 
shakedowns as part of tbe city's Tbe parly Machine, It seems, legislation. 

way of life. did not wan! to lose control over They also suggest his pas t as 

Tbe election of a Republican certain personnel practices Governor may be a hindi nee 
governor (who is said to be within tbe department, such as to building a national con ritu- 
eyeing his party’s presidential duty and shift assignments, enev. Even though Pres dent 
nomination l . a Republican The Mayor and bis ironies won Carter's former job as Gov mr»r 

Senator, attorney general and the battle after some not-so- of Georgia helped launch him 

comptroller, and even Republican subtle persuasion from City Hall, on the national scene. poJ tical 
majorities in the Illinois House Apart from the fire and police insiders doubt that a govei tier's 
and in the Illinois delegation to departments, some 30.000 city job could be parlayed into 
tbc U.S. House of Repre- employees owe tberr jobs to the another presidential springboard, 
sentatives, all these are largely Democratic organisation as do "After Carter, people are tu - nin? 
irrelevant to Chicago's Demo- 7.500 workers at Cook County away From the belief that ieing 
eratic Machine. Ties between the offices. A Chicago rule of thumb an outsider is an advan age.” 

business and financial community states that each job holder is said n long - time po ideal 

and local labour organisation's worth a minimum of 10 votes for strategist. 

Orion deal a blow to Fokker 


* • : . * ‘j <ty-2Ttr~ 

marine reconnaissance work puts of the F-29, a 110-130 scat jet this dad .not prejirtIce im agT<^' ' T^ 

tiie Dutch aircraft group Fokker which Fokker hopes will carry ment, the Economics' 1 ^ Ministry assembled ' 1 : ^at vi -"-‘Verefri 

uques—u tor noiiann ana 4a tor costs or the r-^a wtuch is ex- 10 co-operate and -further talks "and.; the ^okke^VKK&dStiH^ i 
France — and almost certainly period to fly In J9S4/S5. would. not have Ironed out- the- « nbw. bejtg 

cost a an order for IS F27s for When all the other issues had differences.- .. - • ■ - . -deefftfedib cormrumf 

use by the French navy. been agreed the F-29 remained Fokker bas been seektae other S*®**- of talks:-.wlQi ,th&- r ^^|iL' ; - 

It may also have cos', the coni- the subject of proposals and international partners, for. the Government/' 'V- '- 

hinv r, i.i7Aahlii murlrul fnr i tc COUfrtPr DTOQOSals UD ID thp last f ‘70 - - ' ■ i. - ■ . • jMcseat'cnKi-n Mf 

customers in the past and with project in which Fokker would ducers. the spokesman saill It tiegotiati ons -Were';, 
Air France and Air Inter when have retained control and which has held discuss tons wi i h ~.T ^ -pa&ixj'he teg 

Air France and An- inter when nave retained control ana which has held discussions with- JUnkar -cas^-ro-be ted: 
their ageing Caravelles are re- might have produced a compel!- Sweden, West Germany and 
placed. tor for aircraft produced under the U.S.. whlch up to ' 

Mr. Frans Swarttouw. tbe Al *J*" consoriiums Joint ment^of Mr, Swdrtttew in • 

recently appointed chairman of European Transport UEIT) pro- was as a coropbtilbrfop rlSrt^* 1 ® 

Fokker. carried out an intensive gramme. . 4 the European aircraft hndu ?r< 1 ■ - 

lobbying campaign this autumn, Fokker a anted the French to Fokker remains confident of t - • ■ - • 

threatening that the company's a quaner share In the the prospects for the F-2B. 

future was in doubt unless development casts yet the Dutch forecast a. potential market of. up. 

Holland opted for the Atlantiquc, F ha ![ e . reta *” ed tn 1,200 'and realistically lM!lieyea_5^^^ 7 

and llius fur a far-reaching «««' °J d l C8,cn ^ r ® rk - markcN U Can -hope to Sell 350-MQ.v ■ 

Frcnch-Duich aerospace deal. to * SttHl .. seps the -proposed British 

The comoanv us now more We were ready to bn mj the space 146. as more or "«oin- 

, ' ° we would have been downgraded for the future. The turboprop cnstW 

\Mtile the Government de-i- to a simple manufacturer of F-27 has.. sold- BlWk better ^ 1 ted 

sion in favour of the Orion parts. the company ever expected' -wtth - ttev... ; 

finally put paid ir. Fokker's “Bui aircraft construction is about SW having hfeeri mad«L m < Trad??fSfnr,^ ™ ^ 

nnany put paid lr. Fokker's “Bui aircraft construction is about 680 having bfeeri madeL m i T^d^lJmdnra^^t 

hopes of a deal wiu France, the an area or advanced technology the past 20 years. It tg 

l* rencli themselves had already which we arc not prepared lo expected to a» on 

shown tnc rase Ives unwilling to give up. That is not our idea of into the 1380s but its life-- is emotoymcnL- 7 

Bui aircraft construction 

r-'r'-'-: . 



iW*** 4 ^ iii? ‘ 1' ° *' • & 

f6r?^;c; J .hdri 

♦ > i. s v* > ?5 v ^v. 

financial’ ‘Kuies! Wednesday December 13 1978 

If you run a company, you will know Provided there’s a sound business 
that your needs aren’t always purpose, your Midland manager 

obvious or straightforward. In fact, may well be prepared to help, 

business necessities can seem Your Midland manager also 

unusual to outsiders. F or instance, has at his disposal a highly skilled 
you could need a company plane. team of specialists who can, 

Or a Rolls-Royce. between them, offer answers to 

You probably wouldn’t expect almost any business need. Start 

even your bank manager to be thinking of him and his team as th 

. • - very sympathetic people who deal with your busines 

if you asked for problems, however unusual. 

■ finance for some- Because, thanks to teamwork, you 

y ' thing as uncommon can expectus to do t hing s you’d 

syl as that. never expect. 

Spy'' But, if he’s a Midland 

Wf Bank manager, you should 

begin to expect the unexpected. 





. \ gBarida irimes ^Tednesda^ 

Dundee State-backed audio 
2J“ factory to close 

By Ray Perman and 
Coolecn Toomey 

Commerce left the Association 


STRATH EARN AUDIO, the immediately and the work force which carter this year were 
loss-making hi-fi company estao- made redundant. brought Into discussions about a' 

hshed by the Government in Last December, at the request joint venture. 

Bplfast fre years aso. is to close of management and unions, the • , .. 

5ttb » ■.«> .f lloVto" The Government committed Itself to ^ 

Government fays it can no further aid to give the company 

Hitachi and 
GEC plan 

-By Robin Reeves, Welsh 

£170m. Post Office 

in line with target? ‘will hit 


THE Post Office should again The extra interest payment 

show a substantial profit at -the' was; in turn, due to the. arrange-. Financial Times Reporter - 
end of the financial year, broadly raent for repayment -o f the pen- MAIL will tawto 

. m line with the Govemment sion fund deficiency, whereby the electronic MAiij^wii oegin 

Dundee and Tayside Chamber of the factory, 
nf Commerce, which has 1.200 4 btralbearn. 

the facto rv aid has been pumped into the 

Stratbearn.' which was set up factory. Mr Concannon said con * pany ®> 111 

announced in London today. 29, show that a new mechanism that the deficiency is funded out Consultants. t . • - 

The joint venture, which has adopted to pav off the deficiency of interest, thus being taken out The re port, a £500,00q. study of 
been expected for some months. in it5 pension fund means that or the Post Office’s tariff struc- many, of 

is understood to involve Hitachi telecommunications business tore and having no short-term authorities, predicts that some 
effectively taking over response is cross-subsidising the postal effect on prices, it also means 1m pieces of ejecmmic mad * 

•hility for production of television business, a situation the corpora- that the reserves, almost all of day^wiU lie sentAy 19S2 nsrng 

sets at GEC’s manufacturing tion -wants to avoid which are built up from the tele- to about 3m by 19S7. This would 

plant at HirWaun. in addition, the final profit- ^communications surplus, are be about 5 per cent 

Tt nrfivldes a haoDV endme to ~c i _■ * riafipmnra nf tn-hiHnness Dost in 191K, ana 

and Si 

c lr Tnhn M^thwn tha Ot Mate responsiOie tor lUOUStry IVOTVieru tnriauu uKvciuvutoun. urea, lae ULred-orave RUmauie, cuiei me KJV. *uuu«- outcome Of the Pay talks With the ■ ‘ While the nail-year»y pruai . snutx CO.UIB-V --- -- 

nr.^nLni in Ulster, told managment and Agency, the company lost £3.1m specifically designed for nroduc- factoring industry. Last year. Union of Post office workers in the postal business suggests take away. .margmaL business 

oC workers yesterday that the De- to the year ending <m March 31. tkm at the factory, rmreseo red a the Japanese company felt s nd an the nroductiritv scbeme^ a Tear-end surplus of around -where the postal serwre could 

phimhAf u*i11 ht^va Hiront < _ t — u .* If# c n «io4 1 a«a 1 nX - _i In ohuni^rm Wluns Ia Pfitah. . ^ “ . . _ _ n knnMil tn molra >1 CtimllK. ftlP PtifiPl DTI 

ITextile imports freeze urged 

tween the CSI and the chamber “ ‘ manufacturers and unions. rostra. Telecommunications' Settlement of 5 per cent— Germany, . expected to adopt 

hare gone on since January, . ... The rebuff caused a great deal or ofit was £14L?m on an income thought to be uniifceiy— would electronic post techniques faster 

when a joint working party was Hlrm a *1 • a fi* _ _ *■ of consternatiou in Japanese F1 - Kr , __ cT _ a nrn «v- lower the surplus by around than other European countries, 

established. M | PYlllP 111111071^ tfPP7P lirOPfl business circles and. for a time, % ^Von ^ to ab^fSK - : ‘ ' will have about 40,000 electronic 

Members of the chamber felt ill -®L 1111 |i Ul tO 11 CC£iV UlSlCU damaged efforts to attract other , Girobank showed i- -The cost of the Overlay scheme mail terminals by 1982. com-, 

t hat though ihe AlsocTation of ■» * “ Japanese investment to. Britain. ™ „ sSSSf i£’*S.: estimated to be about £15m. pared with 30, the UK. 

British Chambers of Commerce BY MAURICE SAMUELSON ' .. - But despite IfitachTs tem- of £L3m 011 ^ mcome « To mee£ the Government target .The overall market fqr equip- 

Df-rforrned well in reoresentine , . ■ porary withdrawal, the UK tele- *™- 5ln - . - ;.-‘of- a 2 per cent profit on turn- ment vriU .be worth. £700ra to Ihe 

fheir ^t^rp^ ^ I f i w ihi M0RE THAN ^obs have pames which say they are at an said earlier that the EEC Com- vision manufacturing industry Interest ' over posts must show -a profit U.S. and E550m in Western 

Tiat nn-. ..mtniutfnn HiH nnt nrrf bepn lost in tie ,extile industry unfair disadvantage compared mission would not allow such a has continued to be plagued by rncmne for each business of about £30m by the end of the Europe by 29S7. The UK domestic 
U I^“ Si 2 P ,C ^is year, according to textile with EEC competitors. subsidy. over-capacity, causing :particu- the mmSis on S” is forecast at about. 

l^JLT t vith manufacturers and unions, who Mr. Tom Hibbert, chairman of Mr. Hibbert, writing bn behalf lar anxiety at Hirwaun. which Is «!.» same D-nod last year bttt • The Mail Users’ Association £70m by then. 

GovnrmiiPni' ' drtlcularl > wlfa are calling for a freeze on fur- the Wool Textile Delegation, has of a working party representing situated at the heads of tbe.vai- telecommunlcati ons 7 b ua!inesK said last night that the half- -The study suggests that Enrfr. 

Rp-rrai rhimhpre airaidv ther im P rjrts mt0 the EEC area written to Mr. Varley renewing the wool textile 7 industry and leys in an area of- high unem- showed a lower Drofit of £144.7in‘ yearly figures were welcome, but pean- postal authorities will 

members chambers^ are already frool Third Wo rW countries. a request for an interim subsidy the Yorkshire Water Authority. ployraenL Srt |S Styear™“ St the “ continual uncertainty Want .to narket terminal- equip- 

Westminster which has 3 000 The figures are contained in £750,000 a year for part of which supports the subsidy, says The joint venture with Hitachi t prbfit was a resu i t about postal tariffs in m is nest, biit may- not beeWeto 

member-firms and Plymouth a letter to Mr. Eric Varley, tbe lbe scouring industry to help that substantial financial assis- comes hard on the heels of a f m h ioter est charges disappointing. Certainly, . on develop the market sufficiently 

which joined last week brimtinc Industry Secretary, from the offset high-water and trade lance is j available to todnsiry on similar tie-up between Toshiba (£22 s.9m to the first six months. IKE’S performance, no more and that this would he be«t 

in 600 companies 0 8 Knitting Industries Federation effluent charges anti-pollution grounds in other and Rank for the manufacture of mis year against £187.7m in than a half penny on the letter achieved by close eollabo rattan 

in 600 cnmnaniP- Knitting Industries Federation emuenr coarges. ann-pouuuon grounus in outer ana itanit tor me manutacture 

None before Dundee had been and the National Union of The Industry Department had EEC States. • I of television sets in Plymouth, 

a member of the association. Hosiery and Knitwear Workers. — -1 ...... ...... % 

^ Directors’ body backs shake-up MP takes jigRall tr^fic switch 

the more active chambers of the asreed Jevels. Hong Kong. “■ ^ ' . , ' 

commerce and iD the past 10 South Korea and other countries Ry ,.c nN rBKP -‘ fnn inn I V/. j "■ . •••■■*' 

> pars has organised a number of will want to increase their export v-Riar IUJT JUU 'i:VTA nilT " IlAlCt 4 '' 

uade missions. , r mllc . THE Institute of Directors coun- Mr. Hildreth has vigorously ship loss, Mr. Hildreth brought '- . j l i jr , jy.llJ vUl M. Uull . 

Mr. Tony Newsome, du-ector- „ Malta and Cyprus must not c j| voted 37-to-nil. with three opposed diminution . of his the institute back into surplus. - QT M*rt|l nlPfl •••:'•' - 

general of the association, remain outside the net at abstentions, yesterday to endorse responsibilities and has said that He also supervised the insti- 1-1. vr ll.fiAl.ViJ; 9 j .. j. • . ¥ I 4 

described Dundee and Tayside’s coun tries whose exports to the the deC isi on 0 f ^ policy and if the council vote went against tute's move from Beigrave ' tu • i ID nAT •liiT'QPTIPCilllA ' 

decision as ’unnecessary and ill- lEC are limited. executive committee in re- him he would resign. Square, London, to Pall MalL ^^1 PTlflPT) l ^S jfl vy B, ' ifl 

conceived. The letter opposes concessions organising the institute’s admini- . The policy and executive com- Although Mr. Hildreth’s five- I^XVllfilVll - . ; ..'Mr ... 

tvl lU ^ an> f [ oGree ^f- Spain and Portugal stration. mittee is headed by? Mr. Denys year contract has 12 months to T "‘•'•"BY PAUL TAYLOR • 

chamber the association was not before they join the EEC, and The re-organisation, which Randolph, tbe institute’s chair- run the institute is advertising ■ Bjr Arthur Smrth * ' • 

a rfvaJ w Ihe LBI. Mr. Newsome says that when they are admitted affects 200 staff, took place two mart W ho is also Chairman of for his successor in this month's!- Midlands Correspondent : .i ihe TRANSFER of road freight to rail hre remote “because of 

V s “P ar ti c ujar]y sad there should be an extended tran- weeks ago. It handed responsi- Wilkinson Match. This year Mr. issue of’ its magazine. The wnvwrn m „ vrTnl? c .. -to. rail would reduce environmen- economic and practicai reasons. 

that they have done tills extra- si tional period to stop the “south- bility for administration, finance Randolph called in the manage- Director - w°BKER DlRELiUKb at 0 i 8e but the. large scale - The council is conemed, about 

ordinary thing ward drift” of the textiles and development and education ment consultancy firm John Th a t«corfin» to a statement C S needed to make a slgni*: tbe size and -the woreening of ' 

A meeting of the Association industry. to Mr. Stuart Watson, executive Broadbent Jones to look at the fr/m S a ?S appo i" ted . J* r ’ ficint impact is ttof practical, the noise problem™ caused by 

of Scottish Chambers of Coni- The Government has been director, leaving responsibility institute's future. . I v S Bo bins on, the says a report on the growing roadlraffic, particularly by heavy 

merce voted unanimous yester- asked by the wool industry to as the institute’s prindpal n . tafitc “? Coventl T NW formerman- problem of road traffic noise lorries. . 

day to expel Dundee and Tayside reconsider a request for financial spokesman to Mr. Jan Hildreth, The 1 ant * make available his aging director of Jaguar- -Cars,, published yesterday. ‘ -- However,, it did -not find suffi- 

Chambers of Commerce. help to some Yorkshire com- director-general. tIiat ?k“?^ head ki re P^ ce “ eni ; » managing director. It was prepared by a working dent evidence toat it would be 

administration should be Mr. Randolph, said yesterday The co-operative said yester- n f ih<. Nnii Advisory- a «riwmi*. martpr ta alh.viare the 

— appointed, leaving Mr. Hildreth that Mr. Hildreth was consider- day that Mr. Robinson was taking un In lOTO niKre SuMdbv bewvlorrtes 

<sv NOTICE OF REDEMPTION ins ti,e cc> “ nc,rs dedsion ■ ** position sub , jecC t0 M * 'SSS^n poiicfe?^ i&SdS brswitatoHu freS to Sil 

. . , ' lhc V01ce of the inrtkuic. When Mr. Hildreth joined the mentary and consmue^hr environmenfal noise. As xir altwnative. the council’s 

to the holders of Debentures payable in United Stales Currency When Mr. Hildretif joined the Institute there was friction as respoasibtlities. He will receive j findiaes will come as a Working group ' on noise from 

of the issue designated organisation it was nuking : sub- he attempted to change it from no salary or expenses. : \ further Wow to. the environ- -surface transport suggests tint 

•n. <i “Qpr cinlmir p„ n j TiolionHiPflc stantial losses. In 1974 the deficit a. comfortable club- into x poll- His first task is likely to be to : pressure groups and, hi enviromnental noise, should he 

:-iy , 9% Sinking Fund Debentures, was nearly £130,008 and in 1975 Heal force. Until then, it was try to convince the Government parDCU ]j r / *(, . the anti-heavy minimised by technical dereJop- 

/• . * due February 1, 1985 almost £250.000. By drastic cost- best known, for its annual con- that it should waive accumulated lorry | 0 bby ■* ' ’ v menu such is the Government's 

V. •- (herein called “Debentures”) of .cutting, increasing Subscription ferences at the Albert Hall, with interest charges of more - than , repnrt concluded that quiet heavy goods vehicle 

•“^l y CANADA ; TUE rvr\r nr iiAlimr a l fees from 114 t0 £30, witlr a 5 > (W0 directors, eating picnic £Im due to be paid next Jude- although rail transport had ad- project and the use. of electric 

of television sets in Plymouth, same period of last year), f totes is justified. 

of private and pubtic sectors. 

Directors’ body backs shake-up MP takes 


IE Institute of Directors coun- Mr. Hildreth has vigorously ship loss, Mr. Hildreth brought • . . 1 1 j-. 

1 voted 37-to-nil. with three opposed diminution, of his the institute back into surplus. - Of f| I Off. 

stentions, yesterday to endorse responsibilities and has said that He also supervised the insti- UvUUlVU 

e decision of its policy and if the council vote ment against tute's move from Beigrave -* m- • -m 
ecutive committee in re- him he would resign. Square, London, to Pall MalL V I P1*l fl P*?! 

aanising the institute’s admini- Tbo nniw ami nprniic» aih»a» d w Mr LV 1L/I lUvil 


that they have done this extra- sitional period to stop the “south- bility for administration, finance Randolph called in the manage^ Director 
ordinary thing. ward drift” of the textiles and development and education m«»nf rnncultanrv ' firm John m...* 1 


Chambers of Commerce. 



to the holders of Debentures payable in United States Currency 
. ; ' mm the issue designated 

’Jj r “9% Sinking Fund Debentures, 

y : - * due February 1, 1985” 

(herein called “Debentures”) of 



FUBL'C NOTICE IS HEREBY GIVEN that Ville de Montreal intends to and will redeem for 
SINKING FUND PURPOSES on February 1, 1979, pursuant io the provisions of the Debentures, the 
following Debentures of the above-mentioned issue, at 100% of principal amount plus accrued interest 
to ihe redemption date, namely : 

Numbers of the Coupon Debentures of $1,000 each, bearing the prefix E, redeemable on February 1, 

6431J5 E44203 645327 64S8S7 647543 643879 B50228 £51519 85243! 653730 554301 855*57 ©7018 

543147 64423S 645331 646382 647649 C4M80 650234 ©1520 ©244! 653823 664904 ©5892 ©7104 

643154 644236 645340 646883 647650 64B8S2 ©02© ©1543 ©2446 ©3831 6649© ©5898 ©7136 

643157 644237 645345 646885 647854 648940 ©0273 ©1546 ©2449 .-©3836 654925 655915 ©7143 
643161 644239 ©5380 646891 6475S1 6489© 650281 ©1554 ©2488 . 653854 864963 ©©16 ©7154 

643162 644246 645381 ©6894 647582 648970 650301 ©15© ©2489 653874 654979 ©©23 ©7190 

©31© 644258 645410 ©8897 ©7702 648987 650323 ©1582 ©24© ©38© ©4994 ©5934 ©7156 

643176 644273 ©©55 ©©18 ©7753 648995 ©0339 ©1583 ©2494 ©3895 ©5005 ©©46 ©7217 

©31© 644277 ©5466. 646928 ©7756 64900? 650358 ©1585 ©2530 653900. ©5018 ©5952 ©7218 

©3229 644299 ©548 ) 646953 ©77© 649058 ©0384 ©1598 © 2542 ©3915 ©5078 ©5991 ©7219 

©32© 644301 -©5499 ©6972 64778B 649067 650387 ©1605 ©2553 ©©20 ©5093 ©©97 ©7220 

©3241 644314 ©5517’ 646975 ©7792 ©9068 ©0399 ©1638 ©2555 ©3926 655087 ©6048 ©7233 

©3245 644322 ©5557 ©7007 ©7796 649096 65M03 ©1653 ©25© ©3951 ©51© 658058 ©7254 

©3298 644345 ©5559 ©7009 ©7799 OT136 650412 ©1657 ©2578 653955 ©5122 ©©76 ©7280 

■ ©3300 644354 ©5604 ©7017 ©7804 649161 660417 ©16© ©2563 ©©82 ©5126 656065 ©7283 

©33© 644357 ©5609 ©7025 ©7812 645176 6504)9 ©)67S ©2586 ©3987 ©5132 ©6106 ©7290 

©3332 6443© ©5610 ©7044 ©7814 ©9187 ©044Q ©1681 ©2635 654002 ©5150 ©61© ©7291 

©3339 644372 ©5908 ©7066 ©7821 ©9Z20 650459 651636 ©2672 ©4029 ©51© ©61© ©7306 

©3341 644386 ©5911. ©7079 ©7829 6492© ©0494 ©1701 652695 ©4042 ©51© ©6173 ©73)6 

©3348 644435 ©5913 ©7098 ©7835 ©8263 650504 ©1716 ©2699 ©4047 ©5176 ©6185 ©7334 

©3386 644445 ©©IS ©7101 ©1839 649271 ©0571 ©1740 ©2747 ©4076 655199 • ©62© ©7343 

©3393 644465 ©5927 ©7103- ©7854 648276 650580 ©1752 ©2807 ©4078 855224 856205 ©7344 

©3407 644477 -©5941 ©7106 ©7902 649314 650602 ©1763 ©2814 ©4110 ©5236 ©62© ©7381 

©©33 644487 64M43 ©71 IB ©7905 ©9332 ©0609 651756 ©2826 654148 6552© ©62© ©7418 

M3437 644492 ©5946 ©7130 ©7937 ©93© ©0617 ©17© ©2828 ©4152 655278 65628D ©7448 

©3451 644498 ©59© ©71© ©7939 649342 ©0527 ©1783 ©2834 6541© ©5285 ©6286 ©7462 

©3452 644502 ©5993 ©7157 6479SB 648373 650652 ©1792 ©2875 654178 ©5295 656296 ©7485 

©3455 644510 646000 ©7174 ©7967 649360 ©0557 ©1B38 ©2898 ©4198 ©5301 656314 ©74© 

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Debentures to be so redeemed will become due and payable and will be paid in such coin or currency 
of the United States of America as at the time oi payment is legal tender for public and private debts 
in said United States of America, at the office of Bank of Montreal Trust Company in the Borough of 
Manhattan, City and State of New York, United States of America, for at the office of. other Paying 
Agents, Bank of Montreal, Montreal ; Bank of Montreal. London ; S.G. Warburg & Co. Limited, 
London ; Amsterdam-Rotterdam Bank N.V., Amsterdam ; Kredietbank N.V.. Brussels ; Berliner 
Nandcfs-und. Frankfurt ; Kredietbank S.A, Luxembourgeolse, Luxembourg : Banque de Paris el de s 
Pays-Sas. Paris ; Crdd't Commercial de France, Pans, appointed by the City according to section 5, 
paragraph C of the Paying Agency Agreement with Bank of Montreal Trust Company, dated as of 
February 1, 19701 upon presentation and surrender of Debentures bearing the above-mentioned 
numbers with all coupons maturing after February 1, 1979 attached. 

PUBLIC NOTICE JS ALSO HEREBY GIVEN that all interest on the principal amount of the 
Debentures presently galled for payment, will cease to accrue from and after February 1,1979. 

SLI?!S.S ? eins ins ^ couacirs dedrion. the position subject to tus pari£ iffirterToiT poiiclM 'related to bf switching all “freight' tcT'riiL 

the voice of the institute. When Mr. Hildreth joined the mentary . and constituentor environmental noise. As -an- alternative, the council's 

When Mr. Hildreth 1 joined the Institute there was friction as responsibilities. He will recehte r findiags will come as a Working group on noise from 
organisation it was making sub- he attempted to_ change it from no salary or expenses. : l f 11I . rt , Pr v, !o w to th* Pnvir..n- -surface transport simcests tint 

i subsequent substantial member- lunches. 

Medical union defends 

rf • - . 

its status in court 


Cmkorroscinn * vantages over road transport In traction, or through administra- 

E,[UD<uxa&Miig / noise terms “ trite possibilities of five measures such os . traffic 

The appeal will be ^frticularly large scale transfers from road management schemes.. 
embarrassing for Mr. Eric Varley. / — — 7 7^= ~ — 

the Industry Secretary, at a time — ^ V • -V« . 

sriste Regional chief tells 

Merseyside is also seeking £3m O _ ,, 

of fruitless nlan 

arguing that delay would lead AAMAliAVkJLJ 

LEGAL ARGUMENTS for inchid- judgment for either party. arguing that delay would lead - . JC ■ 

ing the Medical Refence Union in He accepted that the 1974 Act only to uncertainty and damaging . ‘ '* ■ ’ . . • - ' 

the list of insurance companies listed various classes of insur- Press speculation. BY JOHN BRENNAN, PROPERTY CORRESPONDENT' ■ 

were, put in the High Court a ace business but gave no effec- Mr. Robinson, one of the lead- \ 

yesterday. tive definition of what this meant ing figures in the establishment MR. NEVILLE CONRAD, obatr- for .94,000- Sq ft of offices was 

The Deoartment of Trade “ Jaw - of lhe c °*ope ra tive in 1974. has man end chief executive; of submitted. . 

claims that the Medical Defence' t Mr - John Chadwick, counsel for been devoting much time to toe Regional Properties, toid -ihe The case; which « . expected .to 
Union, which provides indemnity t * ,e Department of Trade, organisation In recent weeks. High Court yesterday of last several months, covers part 
cover against doctors' errors. th *t tbe major part of Measures to improve efficiency events leading to- the groupis 0 f tiie ground to be considered 

should come under its super- S 1,e . unwn '* indemnity assistance and cut costs are being £10m losses on the abortive Si i n Regional’s civil action 1 against 
visory powers, but the union is fo I ,L<5 members came within the implemented. Stephen’s Precinct development the Royal Borough Borough of- ' 

asking the court to declare that it Grt e S°ry of being benefits of an One reform which has proved by the West London. Air Kensington arid Chelsea, -Mr., 
need not be classed as an insur- insurance nature. popular with the work force was Terminal in Kensington. .... fcdward Pineies; vendor of the 

ance company under the Insur- fh ^ r ' ^°^ ert h ‘^Jf :ianc !f r ; h ^' Mr. Conrad appeared as ’a St, Stephens site, Mr. Hudson, 
ance Companies Act, 1974. f h t a ui ense H tius witness ' in she Crown’s case the former planning chief, 

said many of the matters raised returned to ihQtr jobs and moot- m>- rhsriK KaSsAh Michael Lsurfe and Partners* tbcr 

Mr. Justice Megarry, who is by the legal arguments had wide- tags now take place after hours. fSmf ^btof' planning officer of surveyors arid Mr.EUrot^Ber- 

trying the case, agreed that he ranging importance in other Keosohgtozr and Chelsea, who is nanL a Michael Laurie partner. 

would have to determine the directions as well. * a ] charged -with corruptly receiving. Regional is suing for the £10m 

pn| /tip Huh arLl. -r. TlIUS 1 Of 5 PS fnPDrrPlf - Ml fhp XltP. 

would have to determine the directions as well. 

meaning of tbe words “ a contract The hearing was adjourned 

of insurance " in order to give until today. 

Liotard makes £60,000 
after 204 years 

men attack 
pub swaps 

days before Regional paid £9.5m j 
for tite'St. Stephen's Precinct' 
site, ’V • • - j 

. . , HeWid that tSie chief planner 

ttlLVl JV-ftiO THE LATEST round of pub left fim with the clear ianpres- 1 

- v ; swaps announced by the big S jon that Regionai could 

LONDON ROOMS were excep-.. Other good prices were £4.500 brewers was described last night certakfly develop SO 000 sq ft 

tionally busy yesterday. At; for a rare coloured initial letter as “ a shoddy attempt to hood- of hfficea and that it could- 

Christie’s a chalk drawing by? portrait of James I: £4,400 for wink the drinking public,” by nrobaWy 4mald 100000 so fit on 

Jean Liotard of his son at break/ the Royal Letters Patent granted the Campaign for Real Ale. U, e 3^- ’ . . 0 

fast was bought by Colnaghi Jof by Heory m, with a good impres- The pressure group said that a .. • r . 

£60,000, plus the Hi per coni sior of the Great Seal: £4,200 for the swap, announced on Monday *°. e planning 

buyer's premium, at a sale of Old 61 letter? from Queen Victoria and involving 1.000 public houses London 

Master drawings which toraJJe! to Lady Lyttelton; and £1,900 for over the next five years, would + i °? Iy 

£115.955. . la single letter by Victoria to not alter the big brewers’ tenderf0 . r 

The price was more thah Lad y Lyttelton, written only a domination of the industry. n J. "“5J* r fr ^“ 

double toe estimate. Tht draf ^onth after the death of (he Instead, ft called on .the big welc^ ^-dDDroSheit ^ ^ 
ing. obviously from life, wis Pnnce Consort brewera to increase public choice deySoSr who did ifrit n J 

exhibited in Paris in 1771. It A]so at Sotheby’s, toe Lind- JjflJ 'tc tn fi Tl* ° f ^ E2T . d * ^ 
last appeared at Christie’s to tie berg collection of early Chinese bre YJf re Mr. Conrad was asked about a 

artiss sale of 1< (4, when it failyd ceramics made £560,380. Hirano by offering beers from other com- circular* to sharehnirfAn 
to find . buyer. ’ Anot^r paid iiSJWOftorTSSSd Pottery P anl “ m their tied houses. £ I 5S^M«25ft l . SSSS- 

p ra n £.„ L, SS ? f a J^ U r tripod dish of the Tang Dynasty. : tion ^eSiflcaie^ tgrtiSSSi 

Enphshman tn .-II t a-. « ~ JoneS-Lhllg WOOttOm The 

cate said that, on the basis, ot 
information made available to 
JLW, the £9 -5m price; of the site 
was reasonable. 

The; court was told that the 
appraisal, for which Mr. Conrad 
accepted ultimate responsibility, 
was abased on a 270,000 sq ft 

cash arid other benefits as an. .pJu s losses Incurred on the site, 
inducement' to show favour co -Which was. soldi piecemeal, after 
planning applications. • tit* group abandoned develop- 

Mr. Conrad toM the court of . .«■»»> .Ptom l«e in W75. 
meeting, with Mr. Hudson, eight | r— - r . '1 


Alitnitodedificrit. ~\ 
instalments has V 
beCT; produced by 
th^TaylarPen-^ J 

Ideal for the . 
inves&pfint- = 
rninded executive. . 

Englishman, failed to sell. while Gamon Art of Hong Kong 
Another London deal r, acquired a Honan ribbed jar, 
■ ■— i. — ' — Sung, for £42,000. Bluett, the 

London dealer, paid £23.000 for 

SALEROOM Li'l?d'». H4D SI ' y p ”"' ri ' S, * nd - 

BY ANTONY THORNCROF7 There was a very good auction 

of Victorian paintings at 
. ■ *— Sotheby's Belgravia which total- 

Rise of 12.3% 
in furniture 1 

Financial Times Reporter 

iwWte. T:’ 
available gt 

Shdp^ : ^:; : 

Baskett and Day.' paid £10,00 
a drawing in red chalk of a 

r far led £369.907. with just 3j per SV B «i T F RB . DE V^y E ? LES 3,1 sch«me, which was half fhr offices 
cent bought in. All told there for August-October rose and half residential . . 

13U «» a .. . . hv T» a nap ran! mmnam.1 u.ivu it- r- ■ , . _ .4 .4 . 

in V mcora hat bv Wau au were 28 auction records for per cent compared with Mr. Conrad explained that the 

while a Ttenolo nf , artists. the same period a year ago, 135,000 eq fr of offices consisted 

Orientit fetched ^3^00.’ * ’ , Th« highest price wu S12.000 

DATED AT MONTREAL, this fourteenth day of November. 1978. 

Director of Finance 

sale of the day was at Sotheby’s. «««. wmw 'a record was toe 

which disposed of the papers of £S,000 for The Lumber Cart * de u ver ies for October is £85m 

SS.Hto'Sa.'SHSi ^S|1S tate “X am tor v ot 


Eirmiagbam and Worcestetoiire. leek JB, 000 end 15.500 for a i|„re fir the previoua UUtavrtth MrHlSthWhi ahmSSli'liS 

The top price waa the £*.000 Dav.a James waa SSaiSr SrtoTMlistiT 

for,.** T let j e f f towAs ked by another artists record. Tbe index of orders-on-hand, that Regional was 

WiLham Lyttelton when hf was At Chriatie’s South Kensing- on a seas onalfy-ad justed basis, shocked to receive a letter from So^DCpt^FTi -- 
Governor of South Carolina ton, in an auction of cigarette yields a provisional figure of S3 tbe 'council in MaV 1974 which 22 &aUon GdiL, 

between li57 and 1760- jAian cards and orher collector’s items for October. The average for the quashed hopes fora major office * rraTO 

3 London dealer* paid which totalled £18,021. a collec- three months August-October is redevelopment. He said: “ Once f£***®^' - i|M 

^. 00 9 ^ or T a r«e lett 7 ...^ t,c 5 of Kasrter prints took £620. 80, which is a rise nf 14 per cent we established that we had- come ^ 0L4G5 6SU 

Elizabeth I. The same sum and an album of 171 cigarette from tbe revised figure for the against a brick wall with .'the 

secured a charier of King John cards £110. Two autograph previous three months and 21 per planners, and had -obviously ' ’ 

confirming the rnundatic i ot alhums sold by toe widow of Sir cent higher than the same period been tinided.” Regional attempted ' Ndnna»iv 
Halesowen Abbey. Geor S e Robey made £95. a year ago. to. change its plans. - ’A scheme; ' 

BHew-ScaitlSfreal ■; • • • 
ifioiiclnn^ft * " j 


^.W^e^i^ ; beceinber 13 197S 

" ""” \ * u 

.' "O . 

• . ; i1 . 


l W 

[♦t fifc? 
*t- m 


e i* 

S’ *7 t 

ai.i i 

rtv >■ O ?? 

jjiitf . 1 


r " . j 

|: r^v)! 

Mi •£!"* 1 

};*_■ ' • .. 

i$& • 

m m 
4 iso 

[*) - *®3 
4 *SK 

^=r £ t 

•.yr. r .- r -. . 

__ _ ;-■+- .".. • _• . ; 


m ®&g 

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2*$ tfsgfl 
-I H|£ 


■ \ -•■■ *V * 

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. , • .,»•• ..\ ■, 

rjy - 

’• v S 

■ * ■* 


C«4 j& m tii; [*£ (^2 

4 nK 4 4#] 4 tan 

We don v t haVairi mind the traditional festive 
-: syrabok popularised by Prince Albert, but 
the tree-shaped capping devices — oil men 
call them -Christmas trees' — that sit 
astride ppmpteted wells. 

Safar we've planted 15 Christmas trees 
on the deck of our Beryl A production 
platform m the North Sea. We've placed 
three pthers on the seabed, one of them to 
-produce oil five miles away from the 
platform — the most distant yet attempted 
in the; North Sea. 

: *iy. -Through technology, huge Infusions of* 
capital.and the careful development of 
people, we’re taking risks to ensure that 
there'll be' ‘presents' beneath our Christmas 
trees: the Oil the nation expects; In 1977, 
the Beryl field’s first full year of operation, 
production amounted to 22 million barrels. 
The important' thing — and a potential 
problem of North Sea oil — is to resist the 
temptation: to jettison the formula which 
has lpd to success: Some countries have - 
made that mistake, once oil is {discovered. 
Happy with the early bounty, they choke off 
the process under which more oil might be 
.found and developed. 

9 $ te L®d) tfs&i c©4 (c§s 

4 fes . 4 m 4 ta 

Wri Aft" 
4 m 

North Sea oil development demands 
continuous massive investment of capital 
and technology. The oil industry will need 
to spend some £7,000 million in the next 
decade — as much again as the companies 
have spent so far — just to produce the oil 
that's already been discovered. 

We depend on reasonable Government 
policies which will encourage future private 
investment in the North Sea and ensure that 
the taxpayer does not have to dip into his 
pocket to meet capital needs. But 
increasingly stringent licensing terms and 
proposed tax changes, together with separate 
treatment for the state energy corporations, 
are beginning to cause us concern. 

The taxpayer has rightful expectations. 
But so has the provider of capital, 
technology and jobs. The many banks, 
insurance companies and pension funds 
which have taken a stake in the North Sea 
have invested the money of their 
customers, and they too must see a proper 
return. So must our individual shareholders. 

The biggest and most profitable North 
Sea fields have almost certainly now been 
found. The next phase of exploration will 
take us to less promising areas, often in 
deeper waters. This will be more costly and 
will require highly sophisticated new 

We believe we can provide this 
technology. And we are confident that the 
growing expertise of our workforce will be 
up to the job. 

But oil investment is like the pine 
seedling. It must be nurtured by a suitable 
environment. Given a healthy investment 
and operating climate, we will continue to 
take risks, deploy our skills and supply the 
needed capital. 

So there can be more Christmas trees. 

- : y 


Last In a series on the challenges of North Sea Oil. 
For a complete set of these advertisements writ© to; 
Manager, Public Affairs'. Mobil North Sea Limited, 

Mobil Court, 3 Clements Inn, London VVC2A 2EB 

o.. 7.t 


Financial Times Wednesday 


Vosper sets up new 
company to seek ^ 
warship contracts § 

White House looks 
at British viewdata 


1 r.. 


failing to stem 

prices, say builders 


BRITISH VIEWDATA systems the Prestel system, now about to believed to be capable of a com- 


are being considered by the be marketed by the UK Post mercial launch before the 1980s. ... 

AUK-BASED company has been one reason tor establishing the ^u te House for the President's Office. _ Prestel has already been sold Government intervention to; guidelines on lending have been 

formed to help developing coun- new company in Britain was to 0 g, ce and those of his advisers. British viewdata technology. to Germany and Holland, and it restrict mortgage lending Had: raised .to £700m a month, there .^;emenr^Boa^, 

tries build their own warships, retain the British identity and viewdata w y] be one com- which includes the Ceefax and is thought likely that Spain win failed to dampen down even more senous problem quality ^ltrol tody _tnat 

Vesper international is the aecess to boancial support which < of a -presidential office Oracle broadcast teletext systems also buy it Negotiations over a prices. Mr Cohn MMUtaPw the building 1 I^^SdSSvSiterinL 

■£ latest veoiure of Vosper. the ml «ht ne off bred to the warehip h future -• in which the developed by the BBC and JTV further sale to Hong Kong are president of the House-Builders consequently, the builders them- 
? privateJv-owned warship cum- V^ds of BntishShtpbuiJdert p reside nt will have at his finger- companies, is generally con- now almost complete. F^eratmm smd yesterday. y &?&.': SEtd Tntish 

i natty left alone when most of Such support was becoming ^ most advantHSd O om- sidered to be the most advanced ™ _?* ?“ * e “““S :■ -It seemed unlikely - that 

,1 ir« o :« w --KW5 ^sfcsiwTf sag re zsL m *** i -sur r isssr&re ^szrs .«ss sass 

Federation, said yesterday. - selves.’* ’ ducts. -and tefAniques^ 

r It ‘ seemed „ unlikely -..that SH** wStuttaS® aelSS 

M^Peter Shepherd, the for- « other European coun- ^K^^uUancy group, Sm’giv^ coIS^ave^^Snf S Screws the 

14 S{reetor al *of ft EKZSS “S*-* V-PJ, MmM to W ^’*S3SSSl- SUlSSi SSFiiMSKJffl “ lmSI »« JVSTS 

.» i. . i.r. I'nmnpti' vinDrouslv with British 

il Vosper Thornycroft. has .eft The seminar takes place 

* British Shipbuilder* ro become ,., T . nnrt K ,.th c,J lime when the main 

* Bmrsn bhipbu men a owome = r * t both he said . lime when the main l 

* managing direclor of the venture. Th * q l uestl £{, of a hig expan- communications companies 

He ~said Ufa. initially .here a „d W^i SSA SST&Sft ‘"SS'Sl^S^ senna^y -"SS ^'np'^^on 

would he a J 5-strong team of remains unresolved pending the Telephone and Te^ErePh—afe _ J *P a " s C ® p ]^ n c * fT c ,y,trk^ fnr viTwd^ and affected house purchasers and Government’s concern to improve - ing industry ani to h# -to 

annptmcea. Department to examine Uw = 

- Mr Shepherd also called for board’s usefulness, says that feel** 
urgent action to improve the ing has been growing that if ass 
stipdlv of suitable building. land* not fully achieved its purpose: ;; 

consultants at the Fareham-based settlement of compensation terms 
[_k company. Most arc being or have f or the nationalisation of Vosper 
■Jf already been recruited from Thornycroft. 

{£ British Shipbuilders. Mr. Ken Ford, Vosper’s finance 

® Vosper International would director, said that point would 
■g have two main roles: to provide ^qh be reached when either a 
a complete range of consultancy seltJenient would emerge or Ibe 
services on the building, opera- company would opt for arbitra- 
lion and maintenance of war- t ion. 

!? ships, and to assist in markering tt -ide gap is still thought to 
If the services of Vosper's ship- rema i n befwecn the Government 
yard in Singapore, which builds Vosper— with an offer nf 

& corvettes and pairol boats. about £4m against, a claim in 

IT Mr. Shepherd said that many excess of £25m. 
i? countries wanted to build their Mr. Ford said, however, that 

remains unrescivea penning me v j . LT ► - P : ' ,i.u t T c >_» viewdata and affected house purenasers ana. liovernmenrs concern u . „ . _ . , - ... 

settlement of compensation terms showing a strong interest w ‘ “f ^ S h .^5 h* P^n^tnd«t that It Iriil^e buUders. The building industry the ‘planning system, bat unless maintain standards for: tradi- 

for the naiionaiisation of Vosper developing a viewdata capability, are also well developed has comluded that it will be tfag neKt 12 inQnths with -sign&cant quantities of new land tianal products. ^ 

Thornycroft. This would possibly be based on None of these, however, is very lar B e. considerable uncertainty over ^^private development were The repnrt says that the fedl-. 

Mr. Ken Ford. Vosper’s finance ; prospects for sales. forthcoming, the housing .pro- Ing has arise it mainly because of 

director, said that point would — ^ , “ While we welcome the recent gramme- would now start to be doubts about the practical -value 

soon be reached when either a # 1 ^ wm-mq -m |-rm>| IsillYfeAtlAfl T/\ ni|T announcement that Government Ml : of Agr^ment certificates. Some: 

^ampdign launcneu 10 lui — — 

5 *^®™' commuters’ fares burden 

of Ag lament certificates. Some : 
enforcement auihorities . have ' 
proved reluctant to accept them; 
as evidence that a" produrt: would 
satisfy building regulations. . : 


jS countries wanted to build their Mr Ford said, however, that _ .... . , ... . .. 

!?. own warships and ir was hoped no firm offer had been made and A CAMPAIGN to win tax con- doo. . Up to a third of ihetr should not be restricted to rati 

that in some eases the Singapore would not comment in detail on cessions for London commuters salaries after tax went on travel season ticket holders, 

i vard would provide a lead vessel, the neantiations. was launched by hie City of costs. J? 1 * 

'1 with the production run being Vosper has been examining a Westminster Chamber of Com- Tax relief on commuting costs by British Kail and Looaon 
i f built in the buying country under number of takeover possibilities merce yesterday. was the simplest solution. The Transport °* °®‘P e “'/ ar ® s .'® r 

‘ the supervision of Vosper Inter- in recent months, including a Many commuters spent so alternative was for ^ employers io commuters who travelled before 

I*, national. bid for a pan of Fairey. it also much } tinie worrying about the Pay higher salaries but this S.M I am This could be ^luiked 

!• T t considered, hut turned down, of gening to and from c . 0 “ ld f° r « companies to con- wUh the flexible worlonghoure 

\\ Identify investment in the Tbeminsky- that their work suffered, Slde . r moving out of the capital. ^ nta^y London 

Sir John R»x- chairman of ships air ship venture, which Mr. Robert Stevens, a past chair- ^ Brame, Conferva- companies r 

Scottish bank improves 
its foreign services 


CLYDESDALE BANK has Clydesdale said yesterday that 
y‘ reorganised its overseas services over the years it had provided a 
&' to deal with the substantial wide range of international ser- 
.vi recent growth of foreign bank- vices to its customers. ; and had 
ing activities in Scotland. built up an extensive network 

' J The Scottish banking scene has of banking correspondent rela- 

work that their* work suffered, Slde . r moving .out . of .the capital, worked by many London 
j* Vosper J and formerl^'JSman Etlr^petn Fe h rr P ies V h^'d^cidcd 1 tS man^fhe Camber toid^a g^o^p ^ vShM* London^areeJs officer ^a^d^that 

i; ““ “J,^„ s un^ l L h o n ro s,i “ encie5 “ SSUW SSfiSS?v 

and arouna qq (he .. young people. . 

The rising costsc or commuting ..... . . Mr. Stevens said that it would I 

were forcing people and com- inere was very little lorat bg a was i c 0 f f 0r the, 

panies to leave the capital. “The employment in many commuter c hnmber working party to con-i 
problem is now one of Irving to ar ?. a ^ , but the P r °P°sal for tax s j der a n yi e possible anomalies 
keep ibe commercial centre of * or commuterswould get iIT tj erent - m a s C heme that would ' 

London operating as a going " t ‘‘ e support from MPs outside g j ve re ii e f on jj,- t0 season ticket 
concern." commuter areas. holders. - 

ft was a particularly acute Mr. Ernest Perry, Labour MP The working party proposals i 
problem for young people start- for Wandsworth, .Battersea, will be sent to 3tPs in three or I 
ing their careers in central Lon- South, said the call for .tax relief four months. i 

Braniff seeks Boston route 

'u been given new impetus in tionships. As a member of the 
! recent vears by tbe incursion of Midland Bank group, it had been 
I* leading' U.S. and other foreign able to “plug in " to the group's i 

Finance ■ < 

The dbvnrmnent's cancan -was 
that the board . had also continued;, 
increasingly * to need- puJjUc- 
money -instead, of becoming -self:..; 
sufficient, as expected, .three -to 
five years after it was set up, in- 
1966. . 

;‘A metier of tbe Bbajdfwith 
another organisation, preferably- 
the British Standards Institute- 
was “desirable.” That Would pro- 
vide ' certificates - with an 
enhanced, status, attract high- 
quality staff. and offer the chance., 
of establldiizig a .much - more . 
effective', operation. / " 

Under any • such merger; the 
Agrtment function should not be. . 
allowed to become a drain on. 
the finance of the new^ ; organisa- 
tion V other .activities. 

- The- > study 1 group ; . suggests 
several steps that might enhance 
the status and eccepUbvlity of 
Agrfiment wtificatea^ . 

1 Hr. Reg- Freeson, Minister: for 
Housing and Construction, .'said 
that he : Was;,.' discussing • the 
report's : findings with Ministers 
and would ahnounce-his -conclu*. 
sions as soon as .possible. 

; -*rl 

■ .vnNv 1, 

.1 - -i. ‘ 

l ’ 


(». leading U.S. and other foreign able to “plug in to the ; 
banks, attracted by the growth international connections. 

BRANIFF International, the U.S. from each country. At present, thought that if too many more 1 

fa' Of North Sea oil. as well" as bv initially, the headquarters of airline which flies between Gat- they are New York and Los scheduled and charter airlines 
i fthe moves of London clearing Clydesdale Bank International wick AtrporL London, and Dallas/. Angeles V. 1 ^ were to congregate there, it could 

Engineers need status 
says Prince Charles 

new designer 

1 i .* ’ ■ • . recruited .a -..senior naval ' archi-' 

|) £$ fiPW ted to head its lovg?tenri design 

liui ff-UJ team. Mr. Marshall Meek wfll' 

join the corporation next 'inonth 
Dipta Mehta, of Lord Mayor after 25 years v?f£h Ocean Trans- 
sterday with • the Industrial.' port and Trading of Liverpool, 
i staged by sixth fortn students The c«rt»VatiUB said that the ’ 

44 «w " TVm TtiCva ch-iKful u/ 3 fk 

banks to set up operations there, will be in the bank’s formeT chief Fort Worth. Texas, wants to fly Tbe U.S. is anxious to sec become congested. . . iHL „ «« ‘ ■ ' recruited .a senior naval archi- 

Clydesdale one of the three overseas branch in Buchanan between Gatwjck a D d Boston as Boston included as a ‘dual At. present. Gatwiek bandies DQ1TD Hfl JlfA I . h/JN^ tect to head Its long-term design 

bic Scottish banks and a sub- Street. Glasgow, but they will well. designation - point and Pres, dent a hout im passengers a year, hut & X IIIILV V uail V« . team./ Mr. MarshaU Meek . wfll 

sidiarv of the Midland Bank move into the new head office The airline has asked for this Carter WTptc to Prime Minister has capacity for l6m. Further V .1. join the corporation next'inohth 

group is setting up a new divi- complex in the city centre next route, and is awaiting the dect- James Callaghan earher this year expansion plans at tbe airport THE Prince of Wales presenting Dipta Mehta, of Lord Mayor after 25 years W&h Ucean Trans- 

sion Clydesdale Bank Inter- year. sions of the UK Civil Aviation about this, but so. hlt, no doci- envisages a second terminal to Treloar School, Hampshire^Vyesterday with ■ the Industrial port and Trading of Liverpool, 

national which will become Mr. - .1. Clifford. present Authority and the U.S. Civil sions have been taken. raise its capacity to 25m Society’s award for the best sk^ch singed by sixth fortn students. The corpoVatita said that tie 

operative at tbe beginning of manager of the bank’s chief over- Aeronautics Board. Mr. Russell Thayer, president passengers a year. . , on the theme “why industry mittens." The prize, shared with, appointment was akey movcin 

next year. seas branch, will head the new But there are some political of Braniff. said in London yester- The airline is hoping also for Eton College, was presented during a coatereuee marking the its ^development of. ship designs 

•hie division will co-ordinale division as chief international problems. Under the current day he was hoping for a a early quick approval by the U.S. society’s diamond jnWlee,. -at which more than 500 students for the 19$Qs. Mr.Mbekholds 

the existing overseas services of manager. Mr. John Cook, for- Anglo-U.S. Bermuda Two air decision. Federal Aviation Administration debated working in industry. Five of the Original 50 entries, office in several professional 

the bank into one unit These merly superintendent of agreement, only two U.S. cities Mr. Thayer said: the airline of Concorde, so that Braniff can sponsored by well-known' companies, were “.staged. Prince' associations and with- the Gen- 

services include export finance branches, will be assistant chief can have “dual designation”— was happy . at Gatwick, which start its planned interchange Charles said that Britan would not survive Unless engineers eral Codnciiaf British Shipping, 

and currency lending. manager. that is, be served by two airlines was at present .ideal. But he agreement with British Airways, received the respect ahd status that they enjoyed in Europe* He is also a visitiug professor at 

-- — — j - in January. Japan and the U.S. / 1 - \ ■ ' Strathclyde University. -. . ; -■ 

rhayer, president passengers a year. on the theme “why industry matters." The prize, shared with, appointment was a. key: move- in 

in London y ester- The airline is hoping also for Eton College, was presented daring a conference marking the its ^develojimeht of. ship; designs 
?ing for an early quick approval by the U.S. society’s diamond jubilee, .‘at which" more than '500 students for .the 1990s. ’Mr/ Meek, hold!*.. 

T 7 -J I A AJ j_» _a a.l-^ - « - • rs..- -I* CA 


Steswuto or( ^ er f° r Bridon Wire 

"I w BRIDON WIRE, the Doncaster- a $956,000 (£487.100) contract to Nelson. The extension will double 

, based Wire manufacturing supply equipment for a microwave the factory area and is expected 

>■ company of the Bridon Group, network which wifi provide high- to create another 60 jobs. 

has won an order worth more quality communications to ★ 

than £lm from John Mowlem and western Surinam for the first MARCONI AVIONICS, a GEC- 

Japan and the U.S. 

1 Strathclyde Ujdwersrty. -. 



your glasses. 

ICI looks for a golden chance 

A dioice ot'tbrcesuperb 
Bodega bottkxi sherries, frno, 

< l~3b AmoutDbdo&: 

than £lm from John Mowlem and western Surinam for the first MARCONI AVIONICS, a GEC- . BY SUE CAMERON. CHEMICALS CORRESPONDENT \ . 

Co. The order comprises about time. The 125-mile system will Marconi Electronics company, has . \ ' 

3.000 tonnes of prestressing connect Nleuw Nickerie with been selected by British Aero- Id. is billing its plan to increase tremely weak. The main reason place. .. Mr.' Harvey-Jones ^aid • The shortage of ligbt cruder 
strand for the piling contract Apoera and Avanavero. space to supply fuel flowmeter peirocb cm icaj prices as a bold for this has been overcapacity that ICff’k competitors were botjud from which naphtha is produced 

being undertaken for the Central * systems for export versions of the move designed to turn a costs and repeated attempts to in- to increase their petrochemical in the greatest quantities. This 

being undertaken rnr the Central * systems for export versions of the move designed to turn a costs and repeated attempts to in- to increase their petrochemiSal Jn the greatest quantities. This 

Electricity .uencra ting Board at a £lm contract for design and Hawk jet trainer .aircraft. Orders, crisis into a golden chance. -crease polymer prices have met prices simply because of risifu; has beencaused by the dwindling' 

OrkX “B Power Station. SelOV. incrallatinn nf m»rhanirol anil airnrth ,hm,» n^lUinn k,ua on fnr- m - - j .t-. ...... , - T ... T j , L s_- j J Lr 

Cream. Available 
at AociteSimon 
[' Vfines and 

P™. ' ^ r station - Selb,y ' installation of mechanical and worth about £150,000 haveso far The group admits that in- with Jrttfe success. In some areas naphtha costs. \ demand for the heavier end of 

+ » inrt oH Se m^ e v, a t or bee ? ^ or •p'“ stel 2 . s ' vhj ch will creases in the cost of naphtha — plastics producers axe still fail- Yot be admitted that soma ICfi the barref and tbe neeff of ofl 

conditioned new headquarters Of equip Hawks for Finland and 3 hr,cir fppdQlnrk fnr thp netTO- ino In hn>slr mwn pnmnptitnrK warp “splllne fnr- l v»nnrmnftr*'tn Walnneo' rhoh* imuni- 

The group admits that in- with Jtttie success. In some areas naphtha costs. 

demand for the heavier end of 

» conditioned new headquarters ot equip Ha 

Steel castings valued at more than Whitbread London in Luton has Indonesia: 
£750,000 are to bo supplied to a been secured by HADEN YOUNG, 

a basic feedstock for the petro- ing to break even. 

chemical industry — have reached ICI itself, is not breaking .even 

competitors were “ selling for-Vompanie^to balance' their opera- 
ward at . fixed prices.” He des- ttonfi towards heavy fuel .ofl.. 

lAuguxtus fti mett Middle East aluminium smelter a Haden Carrier Group subsidiary! PRICE HOTEL SERVICES, tbe r nanhtha wot Zihilm? 1 /? J ,oly * •’ High demand for gasolinq 

under , eomrac. nv.«ded .» * hotel dM. of Anhur of wblSfi, ntoo mnde from 

UIIUCI aivuMw »V ^ UUIV1 ujvniuu Ul muiUL rjlLC Ul * . . «_ " .iioa _ . . . a I. : . * • „ .■ . i— IS iU3U iUdUtf TIUIU lldUUUliL 

Engineers, BALFOUR BEATTY CONSTRUC- England, has won a $250,000 con- f n ^s stood at about $130 a to do so by next March. U has power tocausea major distor- v fn 

X). H. STEEL FOUNDERS AND TlON. a member of the Balfour tract with the Meridian Hotel in tonne. Last month, they came already announced a first stage tion fia the market place. . fMUffl Araoia's doasaott 

ENGINEERS, Sheffield, one of the Beatty Group of BICC, has been Abu Dhabi, in the United Arab close to hitting $200 a tonne. LDPE price increase, which will As well' as worrying about its testioct production. . Qf ■ hgnr 

five foundries of the Glasgow- awarded a 10 . 8 2m contract by Emirates. The equipment is ICI says that naphtha prices come into effect next month. petrochemical competitors, ICI crudea^r. . . - ' " • > ' -• 

based Weir Group. The contract Winthrop Laboratories for the de- spread over many needs for this seem to be settling at about $180 Yet the group's planned is also- ‘'.deeply concerned "about • "Increased buying of ’naphtha 

was placed- by George Wimpey sign and construction of offices, hotel that will be opening in the a tonne and it reckons that next increases jn basic petrochemicals the attitude of its plastics 'and by theU.S. and Ja pan' which ha£ 

M. E. and Co a a production and workshop space spring. year tbe price will be nearly — ir wants to put ethylene, propy- fibre customers towards naphtha mopped up any Caribbean-surplus- 

j’ll' - 

•■JCjir -• 

$170 a tonne. 

water complex being built by - 

The Arab Organisation for Indus- But this has to be compared per cent and it is proposing rises them dp not fully appreciate the Eastern supplies, 
tnamatioii WOfl ijw reached with the group's forecast, last of nearer 50 per cent for reasons, for the cost increases This kaa ‘ nit 

ICI is hoping that its case will 

CTS k (yli 

British Smelter Constructions at The- Wales and Marches Telecom- agreement - withCrn'BB for the WU1 P % T,.T 01 . u Pe l L , t0 J mereases This has' meant Western 

the Gulf port of Jebel All Tor the munlcations board has awarded supply of advanced security and ^eh'nnlv^OI^ tonne narSvlene 5 ^ raus^lfave » they mufit Europe has-been unable to '.find 

Dubai Aluminium Company. a £900,000 contract to WRIGHT fire systems at two of their ioint- reach only $160 a tonne paraxylene must have an have <m end prices. _ - - alternative naphtha supplies - r 

When complete, the complex will AIR CONDITIONING f BRISTOL) venture factory sites out-sSe &iro aDd eve ° would not happen enormous impact on the down- It is,- -titerefere, doing Its best ici is houinc fhat ii« 'rtiiwwUl 
be able to produce 135.000 tons for tbe design, construction and -AratvBritlsh D?naml« ^nd 1979 ^°- stream plastics market. The to prepare the plastics and fibre S 

of aluminium a year, 499 MW oF installation of a special air con- Arab-British Helicopters - The company estimates the question is whether ICf will markets . by detailing some of .12? 5 conv ^ c ? 

electricit>' and Mm gallons of dftfoning system *• ' ris>- in raw material prices will manage to make the rises stick, the major factors which, have led .customers . ana 

fresh water a day. * ,.\ si.6m contract to expand the' cost it about £70ra next year. It clearly believes It has a totha' - rapid rise in . naphtha - 

The Construction management capabilities of an imra-nationaj Mr. John Harvey Jones, a deputy sporting chance or it would not prices.: ;It says that tbe main 
FfLftI COOLING TOWERS (192S) division of HIGH-POINT SER- communications satellite- eartis chairman of ICI, said yesterday have made the move in the first causes are: . “ 

hnv received an order worth over VICES GROUP has been awarded station notwork in Algeria hui this was sufficient to make a . * ' ™ tuC. PrtCe Commission 

1300.000 for two splashpack cool- a contract worth about £350.000 been won by GENERAL TEL& mncuimh* -font in nrnRt*” ' for increases in aromatics, olefins 

mu towers to supply water for a for a 38-bedroom extension with phone AND ELECTRONICS PRICE INCREASES NEEDED . 1 1 111 and ethylene oxide and its 

1300.000 for two splashpack cool- a contract worth about £350.000 been won by GENERAL TEL& considertibe “dent In profits” „ 
mu towers to supply water for a for a 38-bedroom extension with PHONE AND ELECTRONICS un]ess action was taken. 

«WO«ATION.yA j. Y.t the problem for ICI is not ■> 

Sole Agents: 

JffCHAn. DRL 1 ITT W i iVES lux be supervising erection 

in Europoort. Holland. The towers Hotel, near Kidderminster, Worcs. 
were ordered by main contractors. ★ 

Lummas Company, and FCT will a contract worth over £100,000 has 

5 SlJ ames’s Strecc, London SNX'LV lEE 
Telephone: 01 - 930 3 ? 7 t/Ol-K 3 ‘l 3 H 05 . 

be supervising erection. been awarded to RADCLIFFE by Che De fence Ministry to su 

* CONSTRUCTION, of Bolton, for ply 26 MK 23 gyrocompai 

GENERAL TELEPHONE AND work on an extension to Deco- systems for the Navy. The' ccrntraj 

ELECTRONICS has been awarded part’s 10,000 sq ft factory at Is worth about £500.000. r / - j 

SPERRY GYROSCOPE. UK div$- g -Sue 1 up like ^ rocket "tifis ye^r 2) 
sion has been awarded z cbnlra« r0 ^?,n w'f y w V 

To recover increases in naphtha costs juty. 1978 (£69/toonc) to 1st 
quarter 797V (£90/tonne). • > -• 

r but that the group has had 
£ enormous difficulty in passing 
: t on the increases. 

During the last two years 
—i plastics prices — the plastics 
I industry is a major customer for 
( petrochemicals— have heen cx- 

To give required CCA return at 1st quarter 1979 naphtha price. 


Control your Company 
fuel costs by giving 
your drivers the 

lias acquired a majority sharekoltfiDg in 


July 78 



A. To Cover 
naphtha costs 

C/t % rise 

•B. To give 
required -• 
CCA return 
- £/t %rise 

Ethylene . 

/ 1W 

225 ; » 



Ethylene glycol 


247j-.^ 15 


40 ; 

Benzene . . 


•T88-”; 34 


51 " 



18D T 22 


• 5T 

Pure terephthalic acid 


281 'J 10 





272 " r - W 


38 - 


The undersigned assisted BANCO BE SANTANDER 
'in this transaction 


The Canffor 



Calf us Jura brochure or 
moiJihp coupon to; - - 

P.O. Box 59. London N195NB 
Tefephono: 01 ?2727.7« 


tions to' the Wiee Commission. ' 
for increases in aromatics, olefins" 
and ethylene oxide and its 
derivatives. v. . 

At a- tiraft whenHvage rises^-artf^- 
. supposedly being held to 5 per/, 
cent, requests-, for price' rises of : 
up- to SO per to 

•be given, the - most rigorous 
scrutiny:’ - - - . . , -/ 

ICI said -yesterday, that jhi; a\ 
situation in which naptha -prices 1 
• had risen 30 per cent dtirmg. the ' 
year* .while" jchemical- "prtees-had' 
only gone .up . by 5 ■pef^rceift'; 

. ** obviously. . cannot etodena '- 
Increased costa iriH h?re :i .tb he- ; 
passed off to the customer-” ^ ■/' 
The logic .seems impeccable 
and if tiie new pricetrgq through - 
andistlrit, Die- move wilLbfe jsome- 
/thtog of a-tritunph for ICL; f 

v ■ 


The Xanti "Rover and. Range Rover 

RepIi^Mnent Farts Specialists ' 



MMNDY ROAfli, : ; 


TELEPHONE: 0222 41313-45. '..TELEX: 497580;^ 

17.gyl-.Uj!- .>■ .- £;L* «“.*.« -r^ -ZA-.jvJ.. . »-f-V - : • 

: . - I. 

*» 3 nce 





5 .^ . .V -j - r " ■; y “ ’ ~ • 

■’ • i ; it -L; r'V : .■ "‘ -.' 

I*. ' ■ """V “jS . ‘ .,' ■p* . V ; " •_ * • 

~ '. ^JfcrsdajS^ lieceii'ii>er ■ IS 1078 


Makes most of laser power 


Fact-finding lines busy 




PATENTS' "HAVE : 4reen -applied 
for <jq sfir^reiardaHt l-om posi- 
tion wltich, m a , thk-knesa <A 
ou\ y 1 centimetre, \viU.ttith stand 
the= direct flame af a .^mtane- 
torcbfor one Injur, after vhsch. 
the reverse of - Ihe sheet ^arvbe 
touched wrth- the .tiafcadf&iad ?J4; 
safety.. - . 1 : -' -'.‘li- 

The anaiereal ' dWalei' tuhfer 
these cootSriphs- at. a rate ypC 
about 2n?m -per ifiour. -, - . 

Presented tiff .. ■^je XornL. oC- a 
putty-1 Dec ~ sheet '. tire ghbaolto 
. copolymer, which is ibe basic. 
consUH-uenL -is compounded wall 
several additives, retires . Is .to 
20 minutes to cast aqd about a 
day to. “ maraje." .Thaf.process 
requires no heat- and .'rain Dual - 
pressure. PHoi sheet materia i if 
being made in. one metre 
squares and .thicknesses from 
6mm to 1cm 

The raw flexible shoe! .can 
be fohnied, shaped or draped to 
practically, any Sliafx*' manually 
and bonded. steel and other 
surfaces using conventional 
adhesives. The nc^t step ivouid 
be to harden it in situ by the 
application of heat between 130 
and 150 degrees- C for five to ten 
minutes. After that,' the coating 
is permanently thennoset and 
will, not soften : again. 

An . excellent . '.thermal 
insulator, if <tbe .sheet is. sabr 
jected to forced combustion, it- 
will hot -flame or pfndii'-c dark, 
choking smoke, nor. are the off- 

gases toxic..;; 

- Most currMive nrateiTdJs and 
..the •common solvents have little 
or' no effect -aiiui .no asbestos j a 

inriuded ui -the foDHOJattoo- 
-•■ Suggested applications, include 
fire protection of steelwork in 
big^bni Winns, firewaltefor auto- 
motive and certain aerospace 
applications, .funnel bnittgs and 
linings -far crucible,- safes, high 
lemperatinrc batteries, etc. 

. Derived from. tin? haaterial is 
a foamed or: expanded ^frsion 
for use in insulation, work, it 
can be produced -In the form of 
ceiling tiles, fire-doors and parti- 
tioning and ean be given specific 
gravities between -0.2 and 0.7 
whereas the solid umterial rates 
about .1.4: ' Higher density 

materials are -load-bearing and, 
the developers asseif, superior 
to rigid polyurethane while 
haw ns uon .'flaiaifoum-ratin g 
fire certificates.: - -^-v: . 

Yet ; a- ihird ^pfmtiatfon is « 
phenolic-based, g fes? .fibre rein- 
forced . substitute Vfjfrp'r various 
types of asbostte ’sheet. This 
material could ^compete with 
asbestos-cement jp^a. : number of 
important applications, -such as 
interior buildto£- r . paqels. No 
known heaUlu hazard has been 
discovered when ^Ms^aterial is 
cut or joplied aad^iftofi-is the 
subject nr a p alehfcl\P ppll e a ti n n 
■ Desai Pokoner.E-SeyeJopment 1 
Condnvcr Indus! rTal‘ : 0da te, Con 
driver, Sh r ew-sbulfr^SYS - 7NH. 
Dorrington t074373fcfi07/S. 

SEMICONDUCTOR laser equip- 
ment Is finding Increasing appli- 
cation in optical telecommuni- 
cations end vidcn long-play disc- 
systems. Ono of the problems, 
however, is ibal the beam 
emitted by this laser tends, by 
nature, to diverge sharply, while 
the above applications demand 
a narrow beam. 

The laser has therefore In be 
equipped with a minuscule lens 
sn that the desired narrow beam 
can he obtained. Because they 
arc so small, however, such 
lciii>c:> are difficult to make using 
cunvemiuDal mcLhods. 

Scientists at the Philips 
Laboratories of North American 
Philips Corporation (NAPCi in 
the United Slates of America 
(co-operating with international 
Philips research) have developed 
a new technique whereby the 


laser rrealcs a suitable b-n< Jnr 
itself with applied lu 
the laser. 

Lasers such as those used in 
an optica! telecommunication 
system have a layered structure, 
the active layer usually being 
made of gallium arsenide and 
extremely thin. It-cmiL a liqht 
beam, the divergence nr which 
is usually greater than -It) 

If such lasers alu mu pled In 
optical glasq fibre then a con- 
siderable loss of light will occur 
due to dispersion. Bel ween laser 
and glass fibre it is necessary to 

mount a lens which ariaim. the 
beam of light In the acceptance 
angle of the glass fibre. 

the Philips method has the 
laser make the desired tens for 
itself. A layer of photoresist 
that hardens on being exposed to 

light <a fa*- ni lorn ni ihickl is 
applied in Dim <urface of Ihe 
laser from which the heam will 
he emitted. This layer is then 
irradiated with ultraviolet light 
and hardens. A second layer of 
photoresist is ar-plied and ihe 
laser is started up. 

After a few hours exposure lo 
The laser thN second layer is 
developed in ihc usual way. Thu 
parts not irradialed liy the laser 
light are removed and a small 
lens remains at ihe spot where 
the light is 1 -niiHcd ‘from the 
la«er. The divergence of ihe 

beam is reduced by approxi- 
mately one-hjir. 

The resuli. ilcieribcil refer 
only to laboratory crpenments; 
ihcy do not nece«sarilv imply a 
fnllow-up in production " or 
marketing. Philips 

Further from i»np‘ 5 ^»-j ( Eind- 
hoven, The N'eiherlands. 

Cuts heat loss in the dyehouse 

A VAST consumer of energy 
and particularly heat, the indus- 
try is making a number of 
studies to seek ways of cconomis- 
ing in energy consumption — 
clearly in dyeing and finishing, 
where fibres and fabrics arc 
repeatedly welled and dried, 
(here is a great deal that can be 

In drying machines, such as 
slenters. moisture is evaporated 
from fabrics and blown out of 
■ lie shed. as exhaust, lint unless 
the maximum innislure loading 
it ihc air is maintained then 
Dirrc wil be an unnecessary loss 
‘•f heat. A new system has been 
dove loped in. Germany by Mahln 
Gnihll and Co., KG CBritish 
agrni : Thomas Borges and 

Partners. Park House. 5 Acres 
Lane. Stnly bridge SK15 "JLY. 
Tel. 061 303 S3S11. This con- 
stantly monitors the moisture 
content of air in the exhaust 
systems of drying machines. 
Called the type AML the instru- 
ments lion operates on the basis 
of measuring the speed of sound 
in (be water-loaded atmosphere 
and. depending upon the amount 
of moisture presenl. so the upeed 
will be affected. The instrument 
effectively compares lit velocity 
of sound in air with that in 

A fluidic-oscillator j* positioned 
in the exhaust flow and (his ein.ts 
a tone. The frequency as 
delected will vary according to 
the ratio of steam to air and viih 

this measurement u i« possible 
to compensate ihe exhaust flow 

With AML it i - now j,o«sihle 
tn measure Mi»- moist ure content 
of the air at higher leinneralurcs 
and with a greater accuracy than 

The AilL will v.uh>iand lem- 
peranircs up to i*5i» dearct-i? C 
f-fSO degrees Fi and the slandard 
range cover.; fror-i 0 lu nil per 
cent moistur,-. alihnueh there i« 
a modified version that offers a 
range from n to ltiO j>er cem. 

Through an electronic* control 
that operales scar motors the 
dampers and i-:hausi fans will 
be controlled to inainlain ihe 
most efficient operating condi- 

TUT*’ LSE made of Dining. 
LnrkbPM's rninpuler-based 

refermee and ah>tract service 
has more sn:«n doubled in the 
last ;.ear and inere arc nnv; 90 
databases available lor access 
containing iome 25m items. 

Among the databases added to 
the snri ii-e ifur.-Rg ibis year front 
ihe UK ainne was that nf the 
Priniing Indji'-irtes Research 
AsMKiation iPiSA); early next 
year the reference of BHRA 
(hydrom echini cm and rubber 
and plastics s.RAPRA) will be 
added In the giant datubssc run 
by Lockheed a: Palo Alio. 

Access is made to the com* 
nuie-s by mein; of a small key- 
board similar tn thst used in 
banks, and subscribing com- 
panies .-re run nee led via a 
national PIT node to lines to the 
D S. 

To ?ope with the nddilionnl 
P.fiOO mecH-hylcs of ttorace that 
became necessary during *ihe year 
l the total is now ?4bn hytejsi 
end *.i improve ac» ess through 
the Telenet and Timeshare nct- 


works ihnt the u.-r-r employe, a 
new IBM SftCi has been added 
tu the cumnlrmenr of rompulers. 

An interesting aspect of the 
Dialog service is that although 
the database since and computers 
are in the l : .S. considerable 
demand is made from that 
country for the information con- 
tained on the many databases 
that oriyinale in the UK : in 
rernis of the two-way flow of 
money involved, ifjc balance is 
in favour of the VK in the ratio 
4:3. Lockheed averts. 

About 120 or ihe 1.500 users 
of The system in Europe met 
earlier (his week i tJ listen in case 
histories and tn talk lo the 
executive staff of Dialog. 

Dr. Roger Summit. Lockheed 
director re&punsiMp „ r nr Dialog, 
asked what effort Kuronet — due 
to heeomo nporalmnal next year 
— would have on ihe tervive. said 
that u would depend on the 
quality oT the network and to 
what extent non- European based 
computers would be "allowed in." 

Further dcLnils Trcm 1 Falecm- 
berg Court, London W1V 5FG. 


ti'H 4 i 


. For Industry 

fnstont JH|R Increased 

:Conturt,.jr^^ Efficiency 

Cass Electronics Limited 
toast tor Mortriatioif 

Senses machine movement 

TOUGH industrial and mining 
conditions have been Dome in 
niiml in the design nf a sealed umi that wilt delect the 
movement of ineiallii.- or non- 
iiie.allic materials or mai'hinery 
up in on>- mt'lre away from its 
sensing diapiirugiu 

By registering the difference 
between radar returns from a 
fixed field and one with a moving 
nhject within ii. the unit 
generates a signal To close a pair 
of i-un tacts and initiate an alarm. 
The cenia-.-ls will remain dosed 
over a pre-set time period 

variable between two and 60 

A sensitivity control can be 
set to cover a 'vide range of 
movement and the unit, known 
a-; tlie WMSW. :•> housed in a 
welded steel cast which is both 
dust and damp proof. A 11'- 15 
volt DC supply is required: the 
relav contacts can carry 75 amps 
at 45 volts. Operating tempera- 
lure range is 0 m r.0 deg. C. and 
the unit is intrinsically safe. 

William McGench and Co. 
(Birmingham). VJ4. Electric 
Avenue. Wit Ion. Birmingham B6 
7DZ 1021-3-JS 00-Jo i . 


the echo 

A RADAR transponder developed 
by Microwave Associates is 
claimed to be free from the 
spurious echo clutter and other 
problems often associated with 
marine radar responder- beacons 
irncuns) lhai employ frequency 
swvpt reply transmitter oscilla- 

Thi? new device works in an 
■' rm-frcquency " mode: it 

responds u, interrogation pulses 
from standard marine radar; 
with power-enhanced echo 
pulses, each exactly on the fre- 
quency of ihe interrogating 

The company n-isprJs that wilh 
ihij. device Ihe likelihood of any 
ship rerciving false echoes 
stimulated by another ship's 
radar can he regarded “as negli- 
gible " even in heavy traffic 

Apart from a small fixed 
range* correction to alluw for Die 
delay in the transponder. D+e 
enhanced echo appearing on ihc 
radar screen always gives a Iruc 
indication of the r a con's relative 

Wondsidc Estate, Dunslahle. 
Bedfordshire LU5 4SX (05S2 



• r:.» 

UK product success 


SHADOW it; Ihe, 'teleprocessing 
monitor for 1 the latspr IBM 
machines . . developed , ; and. 
marketed by the British software 
house, Aitergn. has received the 
highest possible eommendatinn 
within the iiiternationai date pro- 
cessing community. '■ 

The product has been voted by 
its users in the United States nhd 
Canada, iota the Datapru. Honour 
Roll. This makes Shadow 11 the 
first Brituh-dcvefoped -software 
product ' to hayc achieved - this 
distinction — and ' only 30 out of 
2,000' products - were Qius 

It is tne second award to have 
lieen received by Altergo fnr-this 
product this year. Shadow If was 
elected to the ICP '■ Five Million 
Dollar Club Award" -'rax 4he 
United States ^artier; tfiiisi Jiear 
for ‘'haring Cl early evidenced' its 
loadershiti as a -proprietary: soft- 
ware prodhet." ‘ 

Datapro reports arc compiled 
annually • from independent . in* 



dustrjv . surveys udriflhV request 
u^rs to rale softtv^f&fld overall 
satisfaction. ..throqitffiUL and 
•efficiency, ease of U 3 £ documen- 
tation. technical' Swpfibrt ’‘"- 1 
training. Shadow n;*4ePpfed 
ratings among", lelt^ocessin 
monitors . ’ r - 

Over B0 per cent sales 

are expoits and the preduct has 
now established a strong foothold 
internationally. IirJe^' ; tban two 
years of operations?: ot Worth 
America. AHergo has Installed 
over one hundred systems. 

Users • of.. Itel -Atndahl 

niaehines are . nfovin^ i-to [the 
product and. duringlg.979. the 
company expects recottj growth 
as well as' penetratiorolnto the 
Japanese markets kna-f^atin 
Aiperiea; " - Three 5 *- OTrbpeaH-. 
. developed products - ; a & ndW 
being marketed. ;f f f 
•• Altereo Software./ Imperial 
Hdnse. T 5/19 KiiTe.^wify ' London. 
WC2B SUN. 01-240 4S9G 


Gets the data out 


QUANTITIES SUCH, as torque; -During.eac^ample period for 
strain, temperature, pressure and th^ Channels ./there can be up to 

disptacemeat can be tranamitled fid”* S,™ 

* . ^ - 1 -hmaTy conversion ana irans- 

from a roiattne *h?ft or . p< ? rt, ‘ mission in serial form, 
ponent usvng' ca wcftlve^ craplmc v €fJl?p , JT - tn the rccciv i n3 unit 
m a system developed by Asteoh.jg from alength of insulated wire 
Llectromcs. ■ ^ -wrapped around the shaft; the 

No radio frequencies are used air. gap^can be up to 10(1 mm. The 
transmission is by -a simple pyise' received signal is subsequently 
train in. whictia . variable mark- -Transmitted by cable to tho 
space ratio technique is usied lb. remotely located display unit 
define bina.D!. ztsroes, ...ones ,atrd wliere it -can be converted back 
word svnchrenisatibn bits. Ftdse lii analogue form for further pro- 
rate is. adjustable sn that/ v the cessing. 

typc.of read^ontordisplay in use ;..'*Ashtech -at 73 Castle Street 
can he matched. " : V :T '.,^Farnbam. Surrey (02513 25585): 


Hyglene on the farm 

from 1.000 lo 2.500 psi (70 to 
J5S kg/cm*),- and can easily be 
operated by. one person. 

They have been .on show at. 
the Royal Smithfield Show with, 
the company's centralised clean- 
ing system. Centerclean. sug-j 
gested for operation in abattoirs] 
and dairy buildings. 

Particularly for cleaning in 
confined spaces, farmers are also^ 
offered a /cold- water washer 
which is said.'to be ideal for walk- 
ways. between battery cages, pig. 
pens. and similar restricted areas. 

Five ways we 

PIGGERIES, poultry /houses' and 
stock peiis can : .b^-.-virruaJiy 
disease free if cleanliness- is 
maintained by the. use' of its 
Diap'ower pressure power washers 
sayr Warwick Puinp hnd: Engin- 
eering, '.Oxf or ft Rn ad; . Berinjfiel d; 
Oxford, . 0X8 8LZ. . 

The TVdshers remove-., dlrti 
grease, oil. and fat, at high speed, 
using cold., or. hot . water, .-or 
saturated steam. - 

The "machines are. fully.'. port- 
able land:: available in pressures 


Will cut complex profiles 

AIMED..' .'AT -tbV; . development 
department producing Jis. own 
experlinental . and . .prototype 
printed circuit - hoards, is . a, 
henth lop profiL^ and pin’router 
from Gircuitape, 33 New .Streep. 
Aylesbury- Bucks (0296 S4511). 

Removable .guide _piD, - ; 3djust- 

-the wortcTs nmr.u:*-iy:Kr 

. . .of Indusmal&jiijp C3eiyw . 

Ed rhundi.’S'jfl ot*i O/irt '■3:531 

able fence and end/d epth stop 
are fitted as standard, and 
allow a wide- range of work to 
be carried out with the one 
machine, says the company. 

-Complicated profiles can be- 
cut from, a master using the 
-guide pin; cut-outs for connee- ; . 
tor . keys, relays and other com- 
ponents can be cut using the 
fence- and .. end stop: and 
. unwanted ; tracks . removed by 
using.- the - cutler . height adjust: 

Boards can also be chamfered 
,10 remove rough edges by fitting 
- the angle .cutter with the fence 
in the side position. 

largest range 
of Electric 

Technical Manual from 


-Cdlwidc Nottingham NG4-2AK 
"•TefBubone B8JZ-24T321 
. Telex 3731 

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Financial ’Ernes; 



wanted on company structures 


THE Government plans to ask 
City institutions whether major 
British companies should be 
required by law to appoint non- 
executive directors and U.S.- 
sly le audit committees. Mr. 
Robert Madennan, Under-Secre- 
tary for Prices and Consumer 
Protection, said yesterday. 

Depending on the outcome of 
the talks and other discussions, 
these two proposals, currently 
tabled as amendments to the 
Companies Bill, may be incor- 
porated in the Bill when it 
reaches the report stage. 

Mr. Maclennan (left* told a 
standing committee yesterday 
that the Government was pre- 
pared to listen sympathetically 
to the amendments — tabled by 
Sir Brandon Rhys Williams (C 

Kensington 1 — but first wanted a 
wider debate on the subject. 

Mr. Maclennaa hoped that a 
number of City institutions and 
other interested bodies would 
take part in “wide-ranging con- 
sultations " with the Department 
of Trade on these issues in the 
next few weeks. 

Sir Brandon Rhys Williams 
said that in view of the Govern- 
ment's position, he would with- 
draw the particular amendments 
at this point and present them 
again in revised form at the 
report stage. 

Sir Brandon is proposing that 
all companies with net assets of 
more than £10Om and employing 
more than 10,000. workers would 
have to appoint audit committees 
containing at least three non- 
executive directors. 

He has estimated that this 
mighf apply to 250 British com- 
panies but says that he might 
revise these qualifications by the 
report stage so that they would 
apply to fewer companies. 

Yesterday however . the 
standing committee was mainly 
debating Sir Brandon's further 
amendment, which would require 
all large companies to appoint 
at least three non-executive 
directors. This proposal was 
attacked by both Labour and 
Conservative MPs. 

Mr. George Robertson (Lab., 
Hamilton) said that he was con- 
cerned. that the amendment 
would cut across proposals cur- 
rently being considered under 
industrial democracy legislation. 

Mr. John Wake ham (C., 

Maid on ) questioned the ava li- 

ability of worthwhile qualified 

non-executive directors to fill the 
posts needed under such legisla- 
tion — particularly as he thought 
several none-execurive directors 
would resign as.-.a result of 
clauses in the Bill dealing with 
insider dealing and disclosure of 

Mr. Haclenn&n, however, said 
that the 'Government was favour- 
ably disposed to the development 
of. the non-executive . directors' 
role.. . 

Meanwhile, the . City Company 
Law Committee has welcomed 
the aims of clauses in tbe Com- 
panies Bill dealing with Insider 
dealing but has reservations that 
legislation would expose indivi- 
duals who were " neither dis- 
honest nor abusing a position of 
trust ” to- criminal prosecution. 

Queen’s MPs demand better 

q e i 

to Iran 

pay and conditions 

in doubt 


Commons yesterday that he 
would not advise the Queen to 
ahead with her visit to 
Iran next February >f condi- 
tions there were as bad as 
they are at Dresent. 

Last night. a Buckingham 
Palace spokesman commented: 
“Tne Queen is advised by her 
ministers on these occasions. 
Until such advice is received, 
the visit goes ahead.* 1 
The Queen is due to visit Iran 
from February 28 to March I 
as part of her Middle East 
lour. She will travel on the 
royal yacht Britannia and will 
lie accompanied by the Duke 
of Edinburgh. 

Mr. Callaghan was answering a 
question from Mr. .Ir»hn 
V.'arkinson (Lab Gloucester- 
shire Wi. who asked whether 
lie would he discussing the 
Iranian visit in his audience 
with tbe Queen last night. 

Mr. Waikinson thought that the 
visit would be entirely inappro- 
priate in the present turmoil 
in Iran. He was also worried 
that it might he interpreted as 
buttressing the Shah's regime. 
The Prime Minister, however, did 
not agree with this. Such visits, 
. he said, were a matter of inter- 
state relationships and did not 
signify the official backing of 
particular regimes. 

Mr. David Stoddart (Lai*.. Swin- 
don i suggested that the 
Government should change 
completely its policy towards 
the Shah and his Government 
Clearly, the present regime in 
Tehran did not have thr 
support of the people of the 
country, he declared. 

But Mr. Callaghan refused to 
make further comment on the 
grounds that any opinions 
expressed from the Despatch 
Box would not help the present 
situation in Iran. 

MPS’ long-simmering dissatisfac- 
tion with their pay is beginning 
to manifest itself again on two 

The Labour, party's Parlia- 
mentary affairs group has asked 
for a special meeting today with 
Mr. Michael Foot, the Leader of 
the House, to discuss what is 
recognised to be a very sensitive 
question for the Government, 
given its commitment to the 5 
per cent wages policy. 

At the same time, well over 
100 MPs. mainly Labour, have 
signed a letter to Lord Boyle's 
Top Salary Review Board calling 
for action on both pay and terms 
of employment. 

In the letter, sent in response 
to a questionnaire from the Re- 
Review Board, however, the MPs 
ported the idea of linking their 
salaries to those of senior civil 
servants. They have also argued 
the case fnr better redundancy 
terms and a more flexible pen- 
sion scheme. Acceptance of the 
package would certainly mean a 
pay increase of more than 5 per 

In July, when MPs were given 
a 10 per cent pay increase, the 
Government announced that it 
was asking Lord Boyle's commit- 
tee to undertake a further 
review of Parliamentary pay and 
related issues. 

This followed the almost un- 

precedented support attracted by 
a backbench motion calling for 
the early implementation of the 
committee's last recommenda- 

The motion was never form- 
ally debated in the House but 
the 300-plus signatories to it 
showed a widespread concern 
about the way Members' salaries 
bad fallen behincf those of other 
professions over the years. 

Announcing the inquiry, the 
Government said that the com- 
mittee would pay particular 
attention to the question of link- 
ing MP’s pay to that of senior 
civil servants. 

The idea of linking MP.s* wages 
to those of some other profession 
as a means of avoiding the 
embarrassment of being seen to 
award themselves a pay increase 
has been around for some time 
and received the support of the 
House in 1975. 

But it js opposed by the civil 
service unions un tbe grounds 
that they do not want their wages 
dragged any further into the 
political arena. 

In the letter sent to the 
Review Board, however, t he MPs 
have come down flnnly behind 
the proposal to link their pay to 
that of assistant secretaries. 
This would mean a considerable 
increase on tbeir present rate of 
£6,897. . 

TUG sanctions toot Canals 

in national interest’ 




MPs CALLED on the Govern- 
ment in the Commons last 
night to ensure that a minis- 
terial statement is made about 
the disputes in the newspaper 
industry before Parliament 
adjourns for the Christmas 
recess on Friday. 

Mr. Max Madden < Lab., Sowerhy) 
praised the initiative taken 
by Mr. Albert Booth, the 
Employment Secretary, in 
inviting the parties to the dis- 
pute which has stopped publi- 
cation of The Times and its 
associated newspapers to a 
meeting under his chairman- 

But he stressed the importance 
of MPs being given an oppor- 
tunity to question Mr. Booth 
about tbe outcome of the 
meeting and the prospects for 
achieving a settlement. 

Mr. Madden described tbe strike 
by the provincial members of 
the National Union of Jour- 
nalists as “ very serious.” 

Mr. Madden said an early state- 
ment by Mr. Booth on the 
dispute should cover the 
Government's attitude to the 
proposal by the employers — 
the Newspaper Society — that 
they should be permitted to 
grant pay increases in excess 
of tbe 5 per cent guideline. 

for not applying sanctions against 
The TUCfor breaching the 5 per 
cent pay. guidelines with a pay 
deal for its own staff were 
explained in (he Commons last- 
night by Mr. Joel Barnett, Chief 
Secretary to tbe Treasury. 

He was - asked by Mr. Norman 
Tcbbit (C. Chingford) why the 
Government considered it would 
not be in the national interest to 
withdraw Government financial 
aid to the TUC as a sanction fol- 
lowing its breach of the pay 

Mr. Barnett replied: * The only 
payments made to the TUC which 
the Government could legally 
withhold arq small amounts of 
money which the TUC receives 
to run courses for overseas trade 
unionists as part of the capital 
aid programme, and to communi- 
cate the industrial strategy. 

“The main effect of withhold- 
ing these payments would be to 
affect adversely tbe aid pro- 
gramme and tbe industrial 
strategy and I do not think it 

would be in the national interest 
to do either.” 

Replying to a further question 
from Mr. Tebbit about a pay 
agreement by the Transport and 
General Workers* Union with its 
employees which appeared -to 
breach the pay guidelines. Mr, 
Barnett said that Mr. Booth, the 
Employment Secretary, was seek- 
ing details of this settlement 
from the union. 

Questioned about the likely 
cost of sanctions on the Ford 
motor company, Mr. Barnett 
gave an assurance there was no 
question of withdrawing Gov- 
ernment orders already placed 
with the company. 

No tenders from tbe Ford 
motor company for running con- 
tracts had been received since 
the application of discretionary 

" It js not possible to estimate 
accurately how many Ford 
vehicles would have been bought 
over the next year if discre- 
tionary action were not being 





Voting adjustments 


AN ALLOWANCE of at least 
5 per cent on the turn nut figure 
fnr the devolution referendum 
on March 1. must be made to 
ensure a fair result, the Scottish 
National Party said yesterday. 

An amendment to the Scotland 
Act, by MPs hostile to devolu- 
tion, means that not only will 
there have to he -a majority in 
favour before a Scottish 
Assembly can be established, but 
that tbe .majority will have to be 
at least 40 per ceot of the total 

This means that people on the 
electoral register who do not 
vote will effectively have voted 

The Government has already 
said it will make an allowance 
of 2.5 per cent in assessing the 
size of the total electorate. This 
will cover those who have died 
since the register was compiled, 
young people who have not 
reached 18 by the time the 

referendum Is held and people 
in prison. 

A further allowance is lo be 
made for students, who can 
register both in their home town 
and at college, but can vote only 

Mr. Stephen Maxwell, who will 
direct the SNFs referendum 
campaign in favour of a Yes vote, 
said that the Government’s pro- 
visions did not cover foreign 
people on tbe roll, holiday home 
owners wbo could be on tbe roll 
twice or whose first home could 
bo outside Scotland, and people 
who had moved or emigrated 
since the register was compiled. 

In this last category there 
could be as many as 100,000 

He said that the British elec- 
toral system was not designed 
to achieve precise mathematical 
results. Even tbe Government's 
statistical service bad indicated 
a 2.5 per cent allowance would 
be inadequate. 

THE British Waterways Board 
will be forced to close part of 
its canal system if union pay 
demands are not met. Sir Frank 
Price, ebairtnan of the Board, 
told/the Commons Select Com- 
mittee yesterday. 

Supervisors working for the 
Board claim that anomalies since 
pay restraint started three years 
ago have left them with less 
money than BWB manual stall. 

Action by the men has already 
lowered canal water levels. In 
the South West, the drop in 
levels has forced up freight rates 
for grain, as the 5,000 ton vessels 
used on the Gloucester Sharp- 
ness Canal have had to be 
replaced by 1,300-ton vessels. 

The pay code restriction pre- 
venting the Board meeting the 
employees' claim has also hit a 
£J0m programme of urgent 

Tbe money was allocated by 
the Government 13 months ago. 
Not a penny has been spent and 
Sir Frank told tbe Nationalised 
Industries Committee that Mr. 
Denis Howell. Environment 
Minister, bad told the Board- that 
unless work was started by March 
31 tbe BWB would lose the flr$t 
£5ra. ■ 

Mr. Russell Kerr (Lab Houns- 
low. Feltham and Hestpn), com- 
mittee chairman, said ttjfe 
Government reply to its Tepojt 
on the BWB, published in ’March, 
had been entirely unsatisfactoiy. 

Sir Frank said the Board 
would wait until January af$r 
a meeting requested-, by the 
unions had taken place at the 
Advisory. Conciliation 
Arbitration Service. 


But if Ibehre was no progress 
on meeting the supervises* 
claim for special treatment, the 
Board would take matters ifcto 
its own hands. Sir Frank said. 
This would probably mean the 
start of mass redundancies, j 




The signatories to the letter 
have also argued that the 
present redundancy terms for 
MPs should be improved. 

They want MPs who are cither 
defeated in elections or lose 
their seats through re-distribu- 
tion to get one month's salary 
for every year of “service instead 
of tbe present three months' 
maximum redundancy payment. 

The MPs,. who have been co- 
ordinated in their response by 
Mr. Michael McGuire, the Labour 
member for Ince, also suggested 
that the qualifying period for 
pensions should be reduced and 
that the scheme should be made 
non-contributory. • 

In the debate on MPs' salaries 
last July. Government Ministers 
indicated that they understood 
tbe concern about the way Mem- 
bers’ salaries bad fallen behind 
over the years. But they refused 
to give any definite commitment 
to Implementing the Review 
Board's findings. 

The debate also showed that, 
while most speakers regarded 
tbe present salary levels as 
unsatisfactory, there was by no 
means total agreement on how 
the situation should be remedied. 

The differences of opinion may 
well manifest, themselves again 
at today’s meeting of the Par- 
liamentary Affairs Group. 


By John Hunt. Parliamentary 

UNTIL A few years ago, Benn- 
b ashing was one of the 
favourite pastimes of the Tory 
Party. It did not require much 
skill. The rawest of Conser- 
vative backbenchers could pick 
it op in a matter of days. 

Every week, without fail, Mr. 
Authonv Wedgwood Benn, 
would obligingly provide Tory 
Central . Office with fresh 

From public platforms or 
from his position as Industry 
Secretary on the Labour front 
bench, be would come out with 
a string of radical new pro- 
posals to chill the spine of the 
average Tory party follower. 

Then things suddenly 
changed. Prime Minister 
Wilson decided that enough 
was enough and moved Sir. 
Benn to the Department of 
Energy where he could do less 

Mr. Benn also changed his 
tactics. He decided to lie low 
and the string or pronounce- 
ment, bringing joy lo the 
Tories and embarrassment to 
his own leadership, dried np. 

All of this made Benn-bash- 
ing far more difficult. In fact. 
It became almost extinct. 

This week, however, con- 
noisseurs of the sport bad 
noted encouraging signs of 
revival sparked off by the 
leakage of the sweeping Left- 
wing proposals in. Labour’s 
draft manifesto now being 
drawn up in Transport House, 

And, to the delight of the 
Tories, behind all these pro- 
posals lurkea the shadowy 
figure or Mr. Benn who, as 
chairman of the Home Policy 
Committee of the NEC, has 
been playing a leading part in 
the battle over the manifesto. 

In the Commons yesterday, 
Mrs. Margaret Thatcher, leader 
of the Opposition, decided that 
the opportunity was too good 
to pass up. 

She reminded the Prime 
Minister that Mr. Benn was 
now calling for substantial 
measures of farther nationali- 
sation. the catting of tax relief 
on mortgages, further state 
control of pension funds and 
the abolition of the House of 


As Mr. Callaghan, “in one 
of his rare Bashes of candour,” 
had said he was in favour of 
abolishing the Lords, she 
wanted to know which of tbe 
other proposals he supported. 

It soon became apparent, 
however, that candour was the 
last thing the House was go- 
ing to get on this occasion. 
Mr. Callaghan observed that 
the question was totally pre- 
dictable. He was continually 
getting advice from all 
quarters, even from Conserva- 
tive newspapers. 

“ Answer, answer,” . bayed 
the Conservatives. 

Well said Mr. Callaghan, if 
they really wanted to know, 
all they had to do was to write 
to Transport House and ask. 

“Totally predictable.** 
snorted Mrs. Thatcher. Tbe 
only difference between Mr. 
Benn and Mr. Callaghan was 

that the Energy Secretary 
openly discussed the true 
objectives of the Labour Party 
while the Prime Minister tried 
to conceal them. 



Campaign Self-help Atlantic 


A succession of Tory MPs 
attacked the Government for 
proposing that the Parliamen- 
tary Christmas recess should 
extend over a period of 31 days 
to January 15. 

Mr. Kenneth Baker ( C Sf. Maryle* 
bone) accused tbe Government 
of embarking un a policy of 
** survival through holidays.” 

He suggested that tbe strategy 
behind the proposal was to 
create a half-time Parliament 
for a half-time Government. 

Mr. Baker said: “The Govern- 
ment is cynically sending us 
back lo our constituencies 
because it knows it is the only 
way it can survive." 

By Richard Evans, Lobby Editor 

PARLIAMENT IS to have an 
additional weeks recess at the 
end of February to enable MPs 
to fight the devolution campaigns 
in Scotland and Wales. 

A motion on the Commons 
Order Paper yesterday proposed 
that MPs should return from tbe 
Christmas recess on Monday, 
January 15. a day earlier- than 
announced, and that there should 
be a further recess from Friday, 
February 23, -to Monday, March 

Committed supporters and 
opponents of the Government's 
devolution proposals have been 
pressing Ministers to arrange 
the recess 

bus guide video link 

THE- Department of Transport 
has published a guide to help 
rural communities where public 
transport is rudimentary or non- 
existent and where people want 
to take some initiative them- 
selves. Mr. John Horam, Under- 
secretary in the Department, 
said yesterday. 

In answer to a written' Par- 
liamentary question from Mr. 
John Watklnson (Lab, Glouces- 
tershire, Vest) tbe Minister 

The guide offers practical 
advice on how local groups 
should analyse their problems 
and describes possible solutions. 

By John Lloyd 

THE- FIRST transatlantic Yideo 
link to use optical fibres— hair- 
tbin glass fibre strands Thfjugh 
which telephone and video 
messages pass as pulses, ofjigbt 
— was made' yesterday between 
a studio in London and ope in 
Toronto, Canada. 

At this point, a Labour left- 
winger, Mr. jBryan Davies, sug- 
gested that the Prime Minister 
— who had fired the gun of 
attack on an army range the 
previous day— should sow 
“ torn the howitzer of the 
radical Labour Party mani- 
festo” on the Tory benches 

Politely, Mr. Callaghan de- 
clined this alarming suggestion 
hut assured Mr. Davies that 
all the manifesto proposals 
*' would appear in due course.*’ 

Throughout these exchanges, 
Mr. Benn was conspicuously 
absent from the Government 
front bench. Once more, the 
quarry had escaped the Tory 

The main iink was provided 
by an Intelsat satellite, which 
carried the signals acros3 the 

Tbe link marked tbe beginning 
of a two-year experiment by Bell 
Canada, tbe major Canadian 

telecommunications company, of 
an optical fibre system sertfnfi a 
number of residential cusicmers. 

Vith Parliament recessing 
for Christmas at the end of 
the week, the dosed season for 
the sport Is now at hand for 
Hr. Benn, But despite their 
lack of success yesterday ft is 
safe to predict that' Mrs. 
Thatcher and her followers will 
be hot on his scent again when 
the House re-a$sembles In 


EMPLOYERS AND trade unions similar areas, is considered 
do not believe that industrial crucial to the seasiuve '&rea of 
relations disagreements, includ-. white-collar union recognition, 
ing union recognition, can he ' particularly in engineering.- .- - 
resolved by the courts, the Court'... Mr. Brooke said -that bodies on 
of Anpeai was told yesterday..- \. ffipth.sides of industry, who ^were 

Some terms of labour law were ri ® Ve '* ved p 
creating difficulties f pr judge* n ° th .S? ™ 2f 

Mr. Henry Brooke, for the«nirts with this 
Advisory, Conciliation and Arbi- where several differen 

tration Service, said. 

were involved. . _ 

' ■: /It was a grave disadvantage 
He was opening an appeal by the courts could hear only 
A GAS before Lord De nn ing, aCAS and the. union - directly 
Master of the Rolls, against a., involved. Hearing only two par- 
finding by Mr. Justice May in the crea ted a dilemma for 

High Court that the service had hiffees 
“ misdirected Itself in law "- In ■ s 

failing to recommend recogni- 

tion, despite strong support, of t tirM i ui cu - v - ■ 

the non-TUC affiliated United. .Lord Justice Lawton, , one of 
Kingdom Association of Prafes’-.'three judges hearing the appeal, 
stional Engineers at APE-Alleh,~9ald ' that the- answer was to get 
a Bedford engineering company, the Act changed, not to complain 
An ACAS report, declared void: that the courts could not judge 
by Mr. Justice May. refused .ter the -cases. 

recommend recognition of the ;. Mv. Brooke said .that the 
association after it submitted a assumptions on watch -Mr,, 
claim under Section 11 of the. justice Mays judgment was 
Employment Protection Act. based were “ wrong; and., mis- 
Tbe report found that 79 per taken.” . 

cent Qf the staff the association "-'-“When he was. wqighing up 
wished to organise supported tbe whether ACAS should have done 
claim. v' wbat it did, it is my submission 

Tbe appeaL, which has effec-'tfaa t-, perhaps through • ho f atilt. 
lively froieh recognition w6i&,in:'hf his' own, perhaps, through-tbe 

fault of counsel; lie judgs did 
hot have- the' same knowledge 
of the subject matter that ACAS 
bad.” - - i : : .--- 

; Mr, Brooke, who. appeared for 
ACAS- bbfo re-Mr, Justice* May, 
said:- “Ifvras ’unfortunate that 
a judge with tittie experience of 
industrial relations matters was 
. ht»ing asked -to' . understand ' the 
ex traordinarily ’■!” .complicated 
issues which go to make up -col- 
lective bargaining in industry.” 

Lord . Justice Lawton, who 
pointed out'that Mr. Justice May 
had' many, years <yf experience 
at the Bar dealing with Indus* 
trial accidents and other matters, 
said: “ You ■ seem : to be suggest- 
ing ; tbat- Me. Justice May was 
not capable of dealing with, the 
case” . : . ■ -' . 

Mr. -Brooke replied: -■ “What I 
was : suggesting was that the 
courts;- hear; only two sides” 

Mr. . Brooke said . that jACAS 
would- claim - th at its function .was 
to * promote' ‘ improvements.; in 
industrial -relations: ‘Even if one 
.section of . ah industry wished . 
to be represented by a-, union 
. of its -choice*- AG AS. would 1 still . 
have. a duty, to dp that 

The bearing resumes today, 
and could last several . days^ 

1 V 

Miehelin withdraws 


‘conditions’ snub 


MICHELEM has withdrawn: its: changed holiday patterns and 
pay offer, worth a minimum ^different working around ; break 
per cent on earnings. foBo wing times. These changes;': the i corn- 
union refusal to accept changed -pany said, were, necessary, to 
working practices linked to the ijq prove performance and, tbere- 
proposais. . • - fore, justify the deal .both in 

The offer covered 8,000 manual: terms of tbe company's, ability 
workers, some of whom -had to pay and the Government's pay 
apparently been prepared to policy. 

accept the money but not the The changes the- company 
conditions attached to it ' But wants would Involve 1 increased 

officials of the Transport' and production, lower absenteeism, 
General Workers' Union, which .and. tighter adherence on the 

represents the labour force, have part of the workers to easting 
been pressing for improvements^disputes procedures. ... 
in the money package. . : r A new pay agreement-should 

Tbe proposals involved.-:tbe have been signed by December 
“reinstatement” of a '3 perdent 5, but the company is prepared 
supplement, which according^ to re-open negotiations, pfovad- 
the Employment Department ing the workers lift their ovec- 
should be offset against the v .time ban imposed in opposition 
per cent guideline, together with on the strings attached to the 
a further 6 per cent offer. w ^ * ...... 

On top of this overall per “ Any settlement at Miehelin is 
cent, the company had also likely- ;to ..*»fa8vev widespread 
offered an extra 2{ per cehf next implications in pay negotiations 
year if performance justified the for the rubber industry's total 
payment workforce of 45,000 in companies 

New working practices Jinked like Goodyear .\DunJoii and;Fire- 
to the proposals/ included stone. * 


- t -*•£ 



T -L 

By Oar Labour Staff . 

A PROPOSAL for the National 


Crane drivers to hear 
new port work plans 


CRANE DRIVERS at tbe Porth sortium to drop Southampton 
of Southampton will tomorrow from* its schedules in favour of 
hear a new set of proposals to an operation based on Rotfoer- 
bring their working conditions dam and Le Havre, using Fefix- 
in line with other port workers, stowe as a feeder port . \ 

The drivers are adhering to a Ace has since said that the 
single-shift system supplemented change Jifas. not directly' related 1 
by optional overtime while the tD Southampton’s persistent 
rest of the port works a three- industrial relations problems, 
shift, seven-day week. This has • United Slates Lines is irans- 
led io regular complaints from f erring its Scottish operation 
sfai oping lines using the port, from tibe Clyde.ito Grangemouth 
The drivers’ refusal to work on the^ForiK. The line said the 
overtime at the weekend was change would give it a better 
blamed for the sudden decision position to serve the entire Scot- 
of the Ace container line con- tnsb market 

Union of- .Bank - Employees to 
merge with Mr. CUve Jenkins’ 
Association . of - Scientific, Tech- 
nical and Managerial -Staffs has 
been made -by One of .AST MS’ 
senior . officials. ?- ■ r. 

Mr. Tony Westhead, secretary 
of tho ASTMS section- within 
Midland Bank, claims? that, .a 
single union for all staff in insur- 
ance and banking is a.nOcessity. 

Such a teeiger would be a. 
catalyst > for 1 JuriheF .‘ union 
ginwth; Mr. Westhead writes- in 
the- ASTMS; Journal -Finance 
News. . It .would also involve a 
merger of the non-TUC affiliated 
staff association^ with ASTMS. 

The.. ' proposal reflects - the 
union's - general-. "■ philosophy, 
[•although there is no- formal 
agreement on executive as 
to how a singe troion' /or bank- 
ing and insurance Would be 
brought' about . 

unions, which pfoi»<l5«7* r single 
im»h bedy : j for the - clearing 
banks lwMcff would be part of 
an umbfeBa body: affiliated \ to 
tee TUC. The ASTMS sections 
within Midland were not included 
within -tee proposals- 

. Mr. .Westhe^d * says the 
Johnston proposal* would be a 
reefpe for repeating, the i&fated 
Association of 1 Bank' and 
Financial Unions. 

Neither ASTMS nor NUBE can 
.trade . membership . with, each 
other, says Mr. Westhead, and 
the only solution that, .would 
meet the interests . of bank staff 
would 'be a merger of- the two 
unions. • 

•1. . 

'm- jV* - 1 • 



Alpine output resumes 

CHRYSLER ALPINE car produc- but they. lost three hours’ pay. 
tion will resume today after a When, tee management- refused 
week's stoppage with nearly to award the lost money, the 150 
2,000 men who had been laid off trim 'shop, men walked out. 
being recalled and a pay The* rest, of the hourly-paid 
grievance going to arbitration, work force bad to be sent home 
The wage dispute involved but yesterday afternoon the 
seven men in the trim shop. One strikers accepted a shop Stewards’ 
of them complained about new recommendation that . the lost, 
duties which he said meant pay -grievance should' go to the 
working much harder. Advisory; Conciliation and Arbi- 

Six col leagues argued his case tration- Service. ■ ' . 

say half their 
men are back 

By Our Labour Staff -- 
THE BIG BREAD manufac- 
turers claimed- : yesterday '.that 
half their- employees were: now . 
back .at. work e ven . though^ a ffve- 
week offici/1 pay strike- has not. 
yet been called off. . '. r ; ' .... 

. The Federation o"f Bakers said 
that ! 3,000 workers, m'embersrpf 
the Bakers, Food and' Allied 
Workers Urtion, -had gone -back, 
and that production— which ' has 
been affected much less “tiran- 
expected— was .virtually normal. 

Employers are -now expecting 
the result' n|- the . union's ballot 
on their improved 14.4 per. cent 
pay and -productively offer- to .be - 
announced, today after a meeting . 
of tbe onion's gationaJ executive 
committee, •■'. ’ ". •/' 

Scrutiny of the pro posed deal' 
by tee Department of. .Employ*, 
tnept. will r start "iJF -The .hadlot . 
shows the offer is. acceptable. 

Shift work risks ‘exaggerated’ 


SHIFT WORK is much less 
detrimental to health than is 
often portrayed, according to a 
study by the Health and Safety 
Executive, responsible for tbe 
health of people at work. 

Shift workers — one-fifth of the 
workforce in developed coun- 
tries — neither die younger nor 
have worse health records than 
day workers, although 'they may 
suffer from more stomach 

But about one in fire of those 
who start shift work are unable 
to continue, for a variety of 
reasons, many -of which are 
social rather than medical. The 
ideal prerequisites for happy 
(jshift work seem to be good 
housing, a small family and a 
happy marriage. 

These conclusions are reached 
in a critical review of world 
literature on shift work under- 
taken by Dr. J. M. Harrington of 
the TUC Centenary institute of 
Occupational Health in London. 

Dr. Harrington reviews 140 
studies of shiftwork, mostly in 
Europe and the-U-S.. and finds 
that many adverse effects have 
been alleged — but most have 
been challenged by other Jte 

Nor is shift work bo new— 

tending^ sheep, guarding a castle' 
or tollgate,. baking bread, as well 
as being scholar, are long- 
established examples. 

Dr. Barrington believes that 
there , lx. a need to try to identify 
those whir appear unable to cope 
with:- shift work, so that they 
might- tie- discouraged from ever 
attempting it. . 

. But repetitive work, he con- 
cludes, seems more likely to : 
cause-accidents, fatigue and_poor 
performance under shift work 
thambrainwork expressed with a' 
hlgh. degree of motivation. 

Women, moreover, do . not. 
appear to Fare worse than, men 
on. shift work — in fact they 
adapt -readily. 

Dr. Harrington says that, two.- 
main paints ar e -evident from fb# : 
body- p£.£.Utej9dure Jram- jrfifch 
he- draws ’Ms. conclusions. . One 

is that -'ruiieb' . of tee - research 1 ' 
■reviewed .has, been academ icaUy ' 
sloppy. ‘.The" '’other 'is'Jtiiat" too 
little - Is - known' : - about >the 
demands-- which shift schedules 
impose-^cm' the worker, and his 
capacity ;to. adapt 

About 20 per cant of workers- 
do - not - like shift work, the 
majority merely tolerate it, and 
only about- 10 per cent actually 

like- it: Shift -work clearly -dis- 
rupts no rrdal -social .and family 
me, gays the study,;, arid em- 
ployers must- therefore make, a 
positive.. stove towards* -improv- 
ing social conditions. ; 

Shift Work - ond . Health: 
Critical Review aj. Literd- 
turp. Health and. Safttttf Execu- 
«oe,.m\m-.;-: ; .y- ■■■ ■ 


°isas ****** 


Scdgture w KARlMg Jo Httti. . 
«gTEn. OALUstes AhWoS, 

Ootii is CwTSS JraopV 

ST. JWtuSi cauesk Due. 

SMwrev, sntEgr^ 

, AteXAMPE* 'JR MWw 




Jfm t’ '■> ■* *■ 

’^|| -Decianiber 13 1978 


; ’"liS®-IWj&tAl®EAlENT : PAGE 

: :r* 

■ " '<i« 

< a; =^*fc. 

. - • . -Sly V,. . 

.-•• :•;■_... ^v? 

u-/ * > 


::•;•/• V; % : Jl 

*•„-“• J«s---Jk* 

■ '■ ■ '-.JC' 

•- 1 -: 'J~-.. **!. 

r.. .; - J” ;=?> 

'• -;:.5v 
■_■■'- ’ r . : ' 

■- :r ZSI 

Ban ^ uiiios 



•’ ”■ V- - ' ’.** 
’ . . v -- 

C J: 

• t'T'.’s ■ . 

' 1 ■ • L. 

r* 1 - 

tread cok* 
,» v half dfl 
u :■ are toi 



- a" 





name can 


PIXTf. ^HE arinpony- witicii -is 
successful ihat- 4is - trade inayk 
becomes the generally accepted, 
name for. a particular type of 
producv.nri .matter, who made 

it! . (Celidphane^ aspirin add 
JinoletHD are - three examples,) 
Its- snccess is lively to isttr. the 
competition . authorities into 
poditive action. . . 

iETiis appears to he the impli- 
cation ' oT action taken in * the 
U.S. by the Federal Trade Com- 
mission, /which; is trying to get 
the 32-yeaT-oW Formica trade 
mark^ cancelled or. restricted, on 

6 the , “ management 

^fashions " : flf .1978- has been 
added iralne^-eiUier as a tool for 
management control, or as a 
basis for employee payments 
schemes.. C:'. . 

Is aft the tfsrossion about the 
use (or hiisose) to which com- 
panies 1 added value statements 
ran he put, the most basic ques- 
tion has generally- been ignored: 
how sjwold sueh statements be 
formulated, particularly on the 
highly sensitive dfetribation " 
side of the equation? 

This nddei ■analyses current 
practice, and .suggests how a 

David Fanning looks for a solution to the added value controversy 

Banishing confusion from 
added value equation 

this information only in the sira- 

- -..l. . IUI 9 JIUUlUlilllUU Will 1 U UW )UU< 

realistic consensus g t he p i{fi e( i supplementary reports 

WTOT tt* advocates of adrJed ^^ for 
value state menls in tompajiy re- , e statements come under a 

ports cannot agree oh how the variety^ of names (“value 
cake is being -divided, lip at pre- a dded, “wealth created," 
sent, it .is not surprising that “where the money goes." and 
there is so mtieb debate about 50 on) and use a number of pre- 
the - idea l four^wky-- division of seutatioDs (tables, graphs, pie 
added valne between a com- charts, pictures, etc.). Two re 

the grounds that it has becomej underlying Concepts and the 

the generic name for decorative 
plastic laminates. Needless to 
say, the manufacturer is hotly 
disputing the FTC's authority to 
make this particular challenge. . 
■Writing in "European Intel- 

pany*s employees, its share- 
holders; its reserves, and the 

More axwfmore companies are 
producing - added value state- 
meats. ‘ But’. their format and 

cent examples, fmra Chloride 
Group and Rothmans Inter- 
national, typify the widely dif- 
fering approaches of British 
companies (with marginal 
amendments they are shown in 

content vary widely, as do the * lc ^lustrations), 
accountancy profession's views 
on the validity . of some of the 

There is not much that causes 
dispute about the method of 
estimatinc the amount of wealth 
created. This is usually a fairly 

propriety of . certain specific 

practices— soch as including de- straightforward sum. with all 
predation as an application uf but a small minority of firms 
added Value. .;. calculating the value added by 

Though the 'concept has l«*en taking sales (excluding VAT), 
widely discussed for decades, it lew the full cost of purchased 
iectuarProperty Review," a new -is only in tiie last few years th;it 2 nnd s and services, and any 
monthly journal* Karen J.Jit has become familiar to most customs and excise duties paid. 

Schulman reviews the argu- 
ments of 'the two parties in the 
dispute, ;the FTC and Formica 
Corporation; a subsidiary of 
American Cyan amid- Corpora- 1 

She then advises the makers 
of other successful products how 
to avoid a similar, attack froth 
the official guardians of compe- 
tition law. 

company managements. 

This figure is increased hy any 
share of the profits of associ- 
ated companies and any finan- 
cial income (investment income. 

'Value Added Statement’- ROTHMANS INTI 

(Year ended March 31, 1978) 

1 Lvnnca n 1 WU 


Ci>M .Jr. m 
If'i Na.,r-c— and ale, uin 
cuUcvl foi i 


I JJ. — n 


1.0 (41 

1 ru »: l 

V l.liM 

7c eaifh-n: 

T" Pfoihkn i>r^c<ial 

MlurJ «** -l/fc w» 
bnerv i-i liwrrTifrV l>uta 
Ov.JrisI' >- 

.-u.ufi.iUn, rl i hr <nu^ny 

l.te i*i tnoka 

tat tirwlh «U -W 
Dnond uu-*< 

9n> 1 , 1 m iJv>>i>C <c- 
■wfiin *<v I .'wuw unjuaiei 








SDK lend 

In favour 

ra-| _ "i, -" ‘ for instance). The overall figure .ipfiniiinn in thn 1 

■ I i V imSU ^ *J e d “ cument gives the available added value pSal " of idded valuc by 
»rc I The Future- v of Company fioure for y. e o nDanv P 0s » aI of «*udea value toy 

^ Renorts" (CmndrJBSSS)- in July. °_ ur to»npjn.v. companies, around b, per 

f 7 How we spent our Income -CHLORIDE 

(Year ended March31,1978) 

'Where we made it.' 



U» & 



CM>uOn 0 30 40 60 80 «Q 140 190 CMUON O 2 4 6 8 *3 12 W W IQ 

tion as a valid application of 
added value. 

While it is true that deprecia- 
tion charges ore a cost in arriv- 
ing at an undertaking's profit, 
it can be argued that deprecia- 
tion is an amount retained in 
the business towards the re- 
placement of assets and as such 
is an application of added value 
rather than a reduction in the 
amount of added value. On the 
other hand, depreciation repre- 
sents the using-up uf assets in 
the satisfaction of customers' 
needs and might properly be re- 
garded as au input cost. Capital 
expenditure is financed from 
applications uf added value, 
with the providers of capital 
being remunerated out of the 
current year's added value. 

What the depreciation ques- 
tion highlights is the confusion 
created in the mind of the 
'* layman '' and others by the 
ambiguity and inconsistency 
found in published statements 
of added value and by the vary- 
ing degrees of departure from 
the .ASC's albeit sketchy pro 
forma Maiemt-nl. 

Clear need 


. Apart ' from- obvious points, 
such as protecting one's trade 
mark against infringement, the 
author -has several suggestions 
about bow to- discourage- its 
gradual, development into -a 
generic tenn :\ . 

« Always separate the trade 
mark from the product’s namp , 
and use. it in conjunction with 
the actual generic name. •' 

• Both . the trade mark and 

the product' name should ; be 
printed together on all labels 
and advertisements. .. ._ 

• A continuing effort should 
be made to prevent the appear- 
ance of the trade mark! iaa in-' 
correct grammatical- form pr in 
lower case type. It should always, 
be' used as an: adjectiye- and hot 
as a noun. or; adverb; - '-O'. 

• - Care should be taken to 
ensure that a trade mark’s dis- 
tinctiveness is -maintained. One 
way .of -achieving this is to -use 
th'e same mark for. diverse pro- 
ducts, so' it- develops - into a 
" house ” mark, father than the 
common name of one particular 
product.' ."The author cites the 
present marketing scheme for 
Vaseline products as .. one 
example of this approach;- 

One of the aims of the new 
journal is to emphasise the 
commercial importance of in- 
tellectual property. It is claimed, 
to be tiie first UK journal to 
be devoted ‘. entirely . to - an 
aspects of the. subject Tt sees 
intellectual property law as 
embracing riot only the statutory 
“■monopoly^ rights- of patrats; 
copyright/ and trade marks, but 
also the protection of trade 
secrets and “ unfair . competi- 
tion.;",: ’ ‘ : ;V :‘ •' . 

. The first two issues .(Novem- 
ber’s- has just been published) 
have '.a; strong legal; emphasis, 
but' future. issues are intended 
to “ bridge ; the gap between 
practice and. law *T byvincluding 
articles on such subjects as »ech- 
noiogy- transfer/ and the finan- 
cing -of inventions; . 

* Publwifed ot £85 per annum 
by: ESC Publishina Ltd., 14, 
SuffQlk House, _ ?P5. Banbury 
Road, Qxford-OX 2 7H! V.- 

‘ dis- employee are pan of his per- the argument that the "to pay holders as dividends on pre- 

UK sonal money exchanges with the government " part of sd added ference and ordinary stocks. 

Reports" (ChukC^flSSSi- in July. “ oM4 " - companies, arouna or per cent government, rather than the value statement is nut intended The fourth category relates to 

1977 the government came out is * n tite classification of goes to employees in the form firm’s. With considerable justi- to be an account of a firm's added value retained in the 
strong! v in fav our of audited lhe distribution or retention or of pay. pension and social fication. some firms include money exchanges with central business although the phrase r,d,n ? n ? ed expressed by the 

added ’value statements being ,hat added valuc lhat tht * dis ‘ security contributions. A fur- under the “to pay employees" government and local authori- - jo provide for the main- ““ "~ J ' e 

published by lft fil companies a « r Mjnent arises, and it is the thcr 9 per cent is paid to the heading the full cost of ties. As well as income taxes and tenance and ^rowlh of lhe 

What is needed if the added 
vzdue ftiatement is tu fulfil its 
declared aim uf assisting 
interested parties to understand 
more fully ihc financial allairs 
of a business? The over- 

Proposals for-ari-^dded value a PP^ cation ° r added value that government in taxes on profits, employee-related benefits (can- 

statement had been endorsed hy Produces the most confusion with 9 per cent going to the pro- teen costs, sports subsidies, tions. such an account would 

the Accounting^SjUmdards C«»m- and P aves . the way for >"»■■ vldere of capital as interest and educational assistance, etc-), cover such items as rates, im- 

mittee (ASC) ifc-fts/ July, 1975, understanding of a company’s dividend payments. Some 14 The statement ought clearly to port duties and VAT. As in the 

discussion. paper -Sfhfr Corporate P crforn,ance and future per cent is retained in the busi- distinguish such payments, case of Marks and Spencer, for 

Report” -and a jnritforma layout vial> ility- ness, as depreciation provisions however. example, the company’s finan- 

was recommended. -The govern- MoSt statements of added and reserves. cial relationship with central 

ment recognised that the de- va ^ ue application contain four However, a number of com- T QViltinn 
tailed requirementB'for such a categories (although some com- panies show employees’ income 1 ^AiUIUll 

statement would .need to be in- panics describe them differently (ax aQ( j SOC j a j secur i[ V ' deduc- The second category, “to pay 

s J. „r „„ or more nnmprniis v) as follows: ^ . « ... * * J 

preparers and users uf financial 
accounts is fur a clear and 

national insurance contribu- business” or some appropriate ^ eed > ^solution of the matter 

variation may be thought more 

Under this umbrella stand 
four applications: the amount 
set aside for deferred taxation. 

by the ASC. The ASC has in- 
dicated that it will produce an 
exposure draft fur discussion 
and follow this with a full 
accounting standard, and it has 
also commissioned research into 

preciation. the amount retained 
as reserves attributable to 


and local government may be 
outlined in a separate supple- 
mentary' statement 

traduced in the-'riprm of an or more numerously) as follows: tions in the figure given as pay- government." frequently in- Deferred taxation provisions and the amount retained as re- 
accounting s ta nd ar d, but t0 P a >’ employees: to pay ments to governments, and show eludes only the tax payable tn ar e usually included in the serves attributable to- minority 

announced its ^intention to re- government ; to pay providers on j y net pay un( ier payments to the government on the profits of fourth category, since it is shareholders, 

quire companies -tpTprepare the of capital; to provide for the employees. This produces a the year. It is recommended by argued that those amounts can There are soeeifir area* of 
statement as ; Part ; of their maintenance and growth of the very different breakdown in the ASC. and many accountancy be used in the business for some conce rn relating to this final 

audited accounts,--'. 1 ;. '• business. some cases: around 40 per cent firms, that taxes such as excise time and may in fact never be category, including the treat- 

, An esaininatloa'rifilhe annual Within each broad category. 0 f added value going to govern- duty or (confusingly enough) paid over to the Government. Tnen f 0 * f ’ the profits retained in will be made available for corn- 

accounts of 15O0eading com- there is considerable room for menr, and about 37 per cent to value-added tax should not be Under the heading "To pav associated companies of ex- panv legislation and it is prob- 
panies showed. th^^hoUt a third manoeuvre and there are differ- employees. included under this heading, providers of capital." there change differences. ' and of able that any further progress 

publishes art add$d.-yaJue state- ences^ in opinion as to which One reason for disagreement but netted out against sales customarily appear two separate extraordinary and exceptional in this area will come from the 

ltems should be about this latter practice is that before the added value total is items: the amount paid as items, but the one which has accountancy bodies and the 

the amount set aside for de- a( ided value statements. Mean- 
while the Stock Exchange has 
. intimated that it may well re- 

parent company shareholders. q U j r e listed companies to 

include an added value state- 
ment with their audited 


The government’s legislative 
programme being what it is, 
very little parliamentary time 

ment in a full an? 

in opinion as to which 
re-or-less constituent 

standard ^forraaL P^the; remain- included. it could fairly be argued that 

Ing two-thirds, apiutfjfec provide 'Applying the most commonly the payments on behalf of an 

calculated. interest on loans and overdrafts, aroused most disquiet is that Stock Exchange rather 

This recommendation rests on and the amount paid to share- of the treatment of deprecia- from the government. 




Foreigners and 


land with cat the Irish company If the decision, of 


the firm, there would be no cost of June 2, 1976 (as amended 

to. the firm but the cost to me hy the protocol of October 28. 

would be considerably less. Do 1976). a resident of the Repub- 

you see any difficulties from lie would normally be exempt 

such an arrangement on the from UK tax on any interest on 

UK government securities, or 

_ your em- ' ndeed on company loan 

being . registered in England 7 ployers to provide a Christmas ^ oc * cs etc - Except for registered 

likewise; can an Irish national lunch for the staff were linked 3 - cent J Va ^ t V 530 , 5 nd 

have - title to freehold land in. with a waiver of part of vour secu rrties on the National Sav- 

Engiand? salary, it is likely that there in?s Register (including British 

The: 'abolition of the mortmain would be a schedule E assess- Savings Bonds), exemption must 

statutes enables foreign com- ment on the amount forgone, be applied for: forms are obtain- 
panies to hold land in England, jj you y e implying that you 
although It is often thought coD-; C{ratrol ^ company which em- 

BiS subsidiary. Sto>uily“ flOJBjau. the position is more 
person domiciled and resident in complex and you should consult 
country - outside the juris die- the company s accountants, 
tion (such as the Republic of 
Ireland) n.ay own land in 
England. ' 


A Christmas 

Irish resident 
and gilt edge 

able from the Inland Revenue. 

Stock relief 

I understand that In valuing 
stock for relief purposes under 
the Finance Act 1975, payments 
received on account (Le. depo- 
sits with order) must be de- 
Coold you please let me know, ducted, but I *m not dear 
on behalf of a client, the income whetber the reverse also applies, 
tax position in regard to an For example, at the end of our 

HUT Pr,«U« i. M Jta r««. .,n« M-p »J 
my staff each Christmas to. a ftntish Government Gilt Ed„e order which was accompanied by 
luncheon.- Because of my high Stocks. Are the Divwtena. p m a (j e p 0S j L To execute this order 
tax rate -fbe eost of this in gross without deduction o* Bnusn wp ^ subcontract soi 

salary ternts Is substantial. . If Income Tax on any of the WO rk which entailed us payi_„ 
I were to forgo drawing alary British Government GUt Edge a deposit to our subcontractors, 
equal to the cost of 'the Stocks? . w „. <*■ this deposit be offset 

linct,™ in Peccmber r,r e«h Under article ol the Eire- agalnM our enawmert deport 

year and char ge the luncheon In UK double taxation convention for_ has 

been slightly modified over- the 
years since stock relief was 
introduced, but the practical 
effect is the same in most cases: 

Finance Act 1975, section 
18(9) “... in determining the 
value of a company’s trading 
stock at any time for the 
purples of this section, to the 
extent that, at or before that 
time, any payments on account 
have been received by the 

company in respect of any 
trading stork, the value of that 
stock shall be reduced 

Finance (No. 2) Act 1975. 
schedule 10, paragraph 16(4) 
“ For the purposes of this 

Schedule the value of a person’s 
trading stock at any time shall 
be reduced to the extent to 
which payments on account 
have been received by that 

person at or before that time In 
respect of that stock." 

Finance Act 1976, Schedule 5. 
paragraph 29(4) “For the 
purposes pf this Schedule the 
value of a person’s trading stock 
at any time shall be reduced 
to the extent to which payments 
on account have been made at 
or before that time in respect 
of that stock." 

The company’s accountants 
will be best placed to advise 
hut, since the deposit paid to 
the subcontractor presumably 
forms part of the company's 
“trading stock" figure, the offset 
should be automatic. If. the 
deposit received exceeds the 
relevant portion of the "trading 
stock,” the excess is ignored. 


No legal responsibility can be 
accepted by the Financial Times 
for the answers given in these 
columns. All inquiries will be 
answered by post as soon as 

Still only £59 single loNewYork. 
And only£84 angle to Los Angeles. 

When prices are going up all the 
time, it’s nice to know that Freddie laker 
keeps his down. 

Skytrain to New York is still only £59 
single, the tare we originally proposed 
in 1975. 

And at onfy £84 single. Skytrain is 
still the cheapest way to fly to Los 
Angeles andjsunny California. 

So why, pay more? ■ 

You flyon.a comfortable wide-body 
DC 10 jet, with excellent meals, drinks, 
in-flight entertainment and duty-free 
goods to buy if you want 

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

For further information on Skytrain 
scheduled service to New York ring 
01-828 819T, for Los Angeles 01-8284300. 

juw wiafmwn amvice 

Newark £59 Los Angeles £84 




The foil owl n-j dividend} hive been declared hi South Alncan currency, payable to member! registered In the 
books ert the comotnles concerned at the close of Ousincu on 29 December 197#: 

Name ot Company 

CAU companies arc Incorporated In the Republic of South Alrlcai 




Oe r share 

Interim Dividends. 

□ rornfcn:-ln Gold Mining tomaan* Limned .... 

Klooi Gold Mining Comnanv Limited 



Libanon Gold Mining Company Limited .... .......... 



VenteriDost Gold Mining Company Limited 



West Drielontein Gold Munng Company Limited .... 



East Drielontein Gold Mining Company Limited 



Vlakfonteln Gold Mining Company Llmrted 



VLAKFOWTEIM GOLD MINING COMPANY LIMITED. The estimated profit tor the y*r ending 31 December 
19JB is higher than had been previously anticipated, and it has therefore been decided lo declare a dividend in 
addition to the repayment ol capital ot 10 cents per share made to members on 8 August 1978. It -t tnc 
present intention to consider a further repayment of caoltal when the audited accounts lor the year become a.altablc- 
Dividend warrants will be posted on or about S February 1979. 

Standard conditions relating to the payment of dividends are obtainable at the share transfer offices and the 
t-oncon office of the companies. 

Reouests tor payment ol the dir. deride in South African currency by members on the United Kingdom registers 
o* received by the companies concerned on cr before 29 December 1978 in accordance with the abo.c- 
meiKioncd conditions. 

inclusive 5 rt9,i,eri ®* «< th « above companies will be closed from 30 December T9 78. to S .tanuar. 1979 


49 . Moorgatc 
L ondon EC 2 R 6 BO. 

United Kiogdom Registrar: 
£ Registrars Limited. 
803 Nigh Road, 
t-erton. London E 10 7AA. 
December. 197*. 

By Order of the Boards. 

. C. E. WENNER, London Secretary. 



... i .£ 2 !S£ 2 URG * co - LTD - announce 
that the second annual instalment of Bonds 
to a nominal value of U.S.S3 .250,000 have 
ISwmS? ^ '■edemmlon on Tst 
U.S. W 3-500.000 nominal amount of 
Bonds wilt j tomalii outstanding after 1 st 


JO Gr« 

London. EC 2 P 2EB. 

„ 1979. " 

30 Greshfm_ Street, 


FOR SALE. Rolls Rovcc Silver Shadow. 
First registered 1 st August. 1972. 
Chassis No. SRH 1368D. Engine No. 
1 3S80. Automate. Mileage 6S.000. 
Excel tent condition. Shell grey with 
blue upholstery. Personalised number 
BGT 1 . One owner. Otters 01-606 4040. 
Reference 2767. 


In lhe HIGH Cu'.TtT Ol f JUSTICE 
Chanu-r> Division Com panics Cc-un. Ia 
the Matters of:— 

No. WJTO ol lVW 
No. 1KH79 1 or 197 s 
and in Lbc Manor of tbe ConipanJus Act. 

doos for Lbc vinding-up c>f lhe above- 
named GoniPanicK by the High Conn of 
J twice werv. on the 271b day of Novemlrrr 
I97S. presunticl (0 lb>- said Court by Die 
Commissioners ot Cttslilnis and Excise or 
Ring's E-arn Hmis-. S*i- 4 l Hark Lane. 
London. EL'-iR THE. ami that lhe said 
f'l-tl'.inns an' directed to Iw heard before 
'hi- Cmiri siiung al lhe itoyaf Courts nf 
■IukiIlv. Siraiid. Londun YVC 2 A 2 LL on 
ih.- loth day of .fanuary I 97 B. and any 
•rrvdilar or MiMribuiory v>( any of the 
said Cnmpank'S rtoKlrnufi in siipnorf or 
Oppose the making of an Order on any 
of the said Hniuons may appear al the 
time ol bearine In pr-rani or by his 
Counsel /or that purpose: and a copy 
of lhe Petition uJI t>e furnished by tho 
nodersiCTed to any eredimr ur ■Mntrlbu- 
tcr» of any nf fhe soul Companies 
tiqutrliiK such copy or piiyment of the 
resolaied rhartfc fur the sadle. 


KJiir's Ccdm House, 

W4I Mark f^in-. 

London. BdR THE. 

Solicitor lu ihc Pi.uiL oners. 

NOTE. — Any p.rxm who Intends to 
app-ar on the hear me uf anj* of lhe said 
Petitions musi serve on. or send by post 
to. ibi- abovc-namrd noilix 1 In »rllin{r of 
his 1111 -iHlon'l so 1 o 1 I 0 . Thv not lev must, 
state lhe name and address of ihc person, 
or. if a firm, ihu name and address of die 
firm, and must he slaned hy lhi 1 person or 
firm, or bis or their Solicitor ttf ann. and 
must be served, or if posn.-d. must be 
out by post lit ntffi'h-iii ubic 10 reach 
the abort— named no! later than 4 o'clock 
the aiieruuoa uf ihc 12 Lb day of 
Jan nan 1579. 




The Secretary of State for Scotland proposes to invite tenders from 
experienced contractors for the construction of the above section of 
Trunk Road in _ the Highland Region on the Black Isle from 
Charlestown some 4km north-west of Inverness to Tore some 9km 
north-west of Inverness. 

The construction is of some 6.0km of 7.3m wide dual carriageways 
with 3 Jm verges and a 4.5m wide central reservation, in either 
flexible or rigid pavement rising from an elevation of 30 metres to 
over 80 metres above sea level. The scheme includes the excavation 
of some 465,000 cubic metres of soft material and rock, of which 
some 250.000 cubic metres is to be used to form embankments 
together with 60X100 cubic metres of imported fill. Also included is 
the construction of a reinforced concrete box section underpass 38m 
long by 5m wide together with retaining walls, side roads, drainage 
and ancillary works. Approximate cost of the works is £3.7 million. 
It is hoped to issue contract documents about January 1979 and the 
contract period will be approximately 24 months. 

Contractors wishing to be considered for inclusion in the list of 
firms to be invited to tender for this contract should apply to the 
Secretary, Scottish Development Department. NCR Building. 2 
, Roseburn^ Gardens, Edinburgh. EH 12 5NJ not later than 4 January 
1979 quoting reference R UP/30/5/ 1 . Thereafter invitations to tender 
will be extended to selected contractors and the necessary tender 
documents and drawings will be issued by Messrs Crouch and Hout». 
Consulting Engineers, 18 Woodside Crescent, Glasgow, G3 7UU. 
St3ting when tenders are to be returned. 

The intention is that tendering should be restricted to firms of 
proven capacity and experience who at the time will be in a position 
to submit genuinely competitive tenders. Contractors who because 
of other commitments or for any other reason do not apply to be 
considered for these works will not in any way prejudice their 
eligibility for consideration for future similar contracts. 

This s ch en >e « also being advertised through the medium of the 
Official Journal of fhe European Communities. 



Up to 8 beds, with at least 50 acres 
in the Gloucestershire/Somerset/ Wiltshire district 

Ownert or Agents are invited to send detaili of their properties to: — 
STRUTT & PARKER, (Ref PUT}. B Imperial Square. Chelt en ham, 
GtoucntcnUn, GL50 1Q&. who seeh no eommiiiion from Vendors. 

London OMice 13 Hill Stree: am mu. T«i Oi-625» 7 2S-f 


For the purchase of the lone-leasehold 
residential interest of PhiMimore 
Court, with tht benefit ot 8 tcaantci 
flats holding over, and a proposal for 
the addition of 3 penthouses. Appli> 
cana must bt prepared to complete 
by 1 2 noon 21 it December 1 978, 
Time of the euenee. Apply: WhitmiH 
Prescott 01-247 7356 36 Elder Street. 

London El. 

W.2. Beaulllul Flat lor 2 neoule. 2 
rooms. k-.Uhen anrt barn. Attractive 
modern furniture. Near transport and 
shoos. To Lcr lor 6 months or longer. 
£350 month. Ready Now. 01-580 8081. 



Really charm mg period house away 
From traffic, south of Kensington High 
St.. Ideal for family and entertaining. 
Beautiful 35lt dble. reeept. with 
butler's pantry, dining rm.. Lit./ 
breakfast rm.. 4 beds., bed. 5/iiud». 
3 bathi. (I en suite). Pretty paved 
garden. Hard standing tor 2 cars. 
Freehold £130.000. 

MAfiS'j «. BOSONS 


£600.000 Silts issued on 13th Decern her 
157 S at 1 f. 65625 1 *. to mature on I 4 ih 
March 1979 Total applications £6.000.000. 
TKal outstanding £600.000. 


Tnc loss has been remitted la us of 
! the Icilowlng London Meui Exchange 
[ Warrant, and W C have been requested to 
iss-ie a duplicate Warrant: 

Warrant Ha. 2294 1'2— 10 Bara Silver — 
BRAND R del M 999 +. Weight: 
10.47R.70 7*o* Ounces. 

Anronc claiming to be entitled lo 
these goods is invited ia enter protest bv 
means ot Summons against lhe delivery of 
'he goods or the Issue ol a duplicate 
I Warrant. 

i „ C. Stemweg. N.V.. 

I P.P. 8o* 10GB- 
; 'Y.llem:.' *de 20. 

Rotterdam 2 . H e'.her lands. 

•*l V' . 

. if 

ffinandsjl- limes 

Alpine heights in 


THE FIRST U.S. sales of foreign 
currency bonds Ibis week — 
rather more than Slbn worth — 
are hardly going to change the 
whole pattern of international 
finance: but as -with the earlier 
o.S. gold sales, observers have 
c.a.'nsed to detect a great 
symbolic significance in them. It 
is partly a moral matter. The 
U.S. is said to be facing its 

ligations, shouldering part of 
it? .jwd debt, or making a public 
rpudiation of benign neglect. 
11 this were all that was at stake, 
one could simply dismiss it as 
high-flown language; the U.S. is 
simply taking a small exchange- 
rate risk. 

However, more substantial 
effects are claimed for this 
change of approach. Morgan 
Guaranty, for example, claim 
that, whereas dollar support 
through intervention in the ex- 
change markets is inflationary 
In the countries which have to 
do the intervening, sales of U.S. 
bonds in foreign capital markets 
arc actually deflationary. If so, 
Mr. Bluinenthal has discovered 
a philosophers stone; For if he 
can turn U.S. inflation into Ger- 
man deflation, be is doing some- 
thing very novel indeed. 


He may at the same time be 
solving an obstinate problem. 
Many of the world's reserve 
holders want to switch out of 
dollars into harder currencies; 
but the issuers of bard cur- 
rencies. notably the Bundesbank, 
put obstacles in their way. As a 
result, they get their D-mark 
assets through the Euromarkets 
(also supposedly an inflationary 
process). Now they can buy 
their D-mark reserves from 
Unde Sam. All we need is much 
bigger issues. 

When you consider what has 
actually changed, there is some- 
thing very suspicious about these 
ambitious claims. After all, when 
the Bundesbank intervenes in 
the currency markets, it could if 
it wished raise the D-marks 
required for intervention by 
issuing bonds similar to those 
now offered by the U.5. 

It is no surprise to find that a 
simple device like direct issue of 
foreign currency bonds has little 
potential to solve real problems; 
hut the fact remains that in 
statistical terms, the claims made 
for the U.S. issues do look solid. 
Intervention by central banks, 
issuing their own currencies in 
return for expanded foreign cur- 
rency reserves, is an inflation of 
the monetary base. If the U.S. 
borrows D-Marks and sells them 
to the Bundesbank in return for 
some of its dollar holdings, the 
central bank base is reduced. 

How is it possible for two 
apparently contradictory results 
to have the same real -effect? 

The answer is one which is 
fairly familiar to our own 
monetary authorities: what the 
Americans are doing is to create 
a parallel market. They are 
getting credit while by-passing 
bank intermediation; In this case, 
the intermediation of a foreign 
central bank. 

This process is one which 
creates nightmares in Thread- 
needle Street, because the 
authorities suppose that it under- 
mines monetary control. Suppose, 
far example, that a bank lends a 
lot of money to Company A, 
which u?es the funds to settle 
its bills. This is the classic way 
in which bank lending creates 
money. The lending adds to the 
deposits of A's creditors. 

Now suppose that’.Company A 
■borrows from Company B. which 
is rich in cash, instead of from 
the bank. The same amount of 
lending now creates no rise in 
deposits, since the money to pay 
A’s bills is found by running 
down B's deposits. Finally, 
suppose that A wants the money 
to repay an overdraft. In this 
case its borrowing from B 
actually reduces the money 
supply: the -reduction in B's de- 
posit is not replaced by other 
deposits, but is balanced by a fall 
in bank assets. In short, when 
parallel markets are active, the 
money supply figures don’t mean 

WET WINTERS are even more 
dangerous in the garden than 
cold ones. If we have snow as 
well as frost, the snow, forms a 
blanket beneath which your 
plants are kept reasonably 
warm. If we have a long frost 
by itself. I assume that you will 
have covered your vulnerable 
plants anyway and that they 
will mostly have proved them- 
selves in the past. A spring 
frost is more lethal, in my ex- 
perience. It catches plants when 
they are exposed again and 
beginning to bud or grow. In 
winter. everybody except 
British Railmen expect had 
weather and are well prepared 
Eor it. 

Drained soil 

Wet. however, is more intract- 
able. Three groups of plants, 
especially, hate it. the silver- 
leaved plants, the’ more 
recherches al pines, and the tap- 
roofed border plants, often with 
softer and less woody crowns. 
Anchusa, Acanthus and summer 
poppy may not last long on 
badly-drained soil. Plant them, 
you may answer, only in well- 
drained soil. then. True, but 
alpines are less easily sorted 
out. They hate winter wet on 

their heads. Unless you. can put 
up with those old-fashioned 
plates of glass os clips and 
holders above their cushions, 
there is not much you can do to 
shelter them. Why bother with 
these things, you may .wonder? 
Because they are often particu- 
larly beautiful. They are also 
Well suited to that rising star of 
our times, the greenhouse, con- 
servatory or cold-frame which 
remains unheated by courtesy 
of OPEC. 

This Is a good time of year to 
be thinking over the merits of 
a small cold house for alpines. 
County families have taken once 
more to their thermal under- 
wear; huskies are poor compen- 
sation for the urban,- envied 
gas-line. The gardening classes 
are freezing in their own cold 
houses, so why not extend an in- 
vitation to alpine plants to come 
and do likewise? Alpines can oe 
brought indoors into under- 
heated homes where they will 
cheer you up. They make good 
use of a greenhouse which you 
would otherwise abandon to the 
jtosL There is no particular 
secret to them as loiig as you 
watch’ out for two important 

If you are going to grow 
alpines ia a cold house, watch 

out for your pattern of water- 
ing. The best grower whom I 
know thinks that it is really 
quite simple. Never water 
alpines ta pans on a dull dank 
day In the growing season. The 
water hangs around, then, on 

hairy Androsace and a green- 
house Primula simply do not 
enjoy the same conditions. If 
you want. a. good alpine house, 
do the •: watering yourself. 
Always water too little, if tn 
doubt. It is far, far less 



cushions which dislike it. 
Choose a bright early morning 
or late afternoon and water 
when the plant and the air wiU 
cope with the damp quite 
quickly. In winter, water 
seldom. Do not water your 
plants overhead. 

This might seem an obvious 
moment to mention the auto- 
matic watering-systems, the 
capillary branches and so forth. 
For the busy gardener who 
grows house plants these are 
excellent of course. But alpine 
connoisseurs are still wary of 
them. In winter, certainly, they 
may keep the pans too wet 
unless you are vigilant They 
also keep the air too humid in 
summer and bring water to 
hand on dull summer days. A 

dangerous and kills a plant 
more slowly. 

The second problem is the 
s unshin e. Indoors in the 
s wmm er, alpines in pans must 
be very fully ventilated. The 
sun can be a curse in summer. 
Better then, to obscure the 
greenhouse’s glass or to rig up 
slats or blinds across it so that 
the li ght - is broken up: cushion 
plants will scorch as quickly as 
they will rot. Leave the lights 
and doors open, placing a net 
across the doorway in order to 
keep out the cats. Remember 
that the temperature will soon 
hit 90*F if you leave the place 
closed on a busy mid-week 
summer’s day. 

Let in the air, then, and 

; moderate the damp. There is 
no need for any heat whatso- 
ever.’ Instead, you can cover 
the .. staging with Alpines ; in 
pots dr Wide shallow pans, sur- 
faced -with to gravel in this 
way./! If your home is. undfir- 
hcated, you can bring the 
flowers indoors whew these are 
as interesting as any bowl ^of 
hyacinths. Small crocuses, wild. 
Small narcissi, squills, small iris 
and fri Hilaries: these bulbs, ifor 
s start,- are all best seen, .at- 
■ close, .quarters where they, are 
safe-; from mud and . rain. ■ Six 
bulbs. in -one 4-inch pot will go 
a. tang Way cheaply. 

Among cushion plants, - the 
expert will go straight for the 

challenging Drabas and . yellow- 

flewfefed-Dionysia from Iran, the 
tight h hnR of woolly Androsace. 
and: the lovely pale pink clouds 
of - tiruinpet- shaped flower on the 
wHdrGreek Woodruff. Asperula 
Subgrosa, a superb plant In- 
doors -where no water falls on 
its -'woolly grey-green leaves: 
Personally, I go for all saxi- 
frages, 1 especially the tough 
Kshschia varieties, so glorious 
When safe from mud in early 
spring--- • Saxifrage Burseriana 
varieties, Cranborne, Jenkiasi, 
■Valerie-/ Finnis and a host of 
otirtiy &ro marvellous pot-plants.. 

The best list and sto^c Xs issnsal : 
from the Waterpeiiy Hoiti- 
1 cultural ’ Schodl, . ■ Wataiperiy. 
Gxod. I would, also go for all 
small campanulas^ so.dovely iyt_ 
the pummeii hqt jdsf 

best seen at close, yaage, tnrt 
the rarer Piperi (funnel-shaped 
;in flower) , Bajneri and. the ink- 
purple Covadohga. These" ate ■ 
all lovely plants; so easily/ 
missed' in a bigger- garden. But 
.in an -unbeated house,. you- c%a_,. 
- examine them .closely !.aad con? : 
venieuSy away, from - . slugs. 
Cyclamen are another easy and/ 
charming choice - for- a -pan*' - 
while .’the ‘ yellow small 
Verbascums, especially 'the fine 
HyBrid Letitiai, : are at their; 
brilliant. best where tM rain in - 
winter cannot tot them. 

Red spider 

No heat, no special troubles, * 
.as long as you watch out for 
red spider in summer: the times 
are in favour of alpine flowers : 
in -former heated bouses. As 
our hohses ill drop to the level . 
of the old cold greenhouse, yttti t 
may wonder how. anything, could • 
like to live that way. But Jite- 
ii, I assume these smiU:. 
flowers db. - ' v V’-'. : 

Mauritius should be best bet 
in Worcester Novices 9 Chase 





THEATRES ... . - --, 'T** EA * ReS ’ ' . . 

(STY'S. CC. 01-930 6606 - VIOORIA tiAy^ CC- ■ Ol-ttB 473 S- 6 -/ 

m bir nowe - S - M - SMASH HU^MUSICAL." P. -M<P. - \ 


Or don’t they? The Bank of 1 
England’s view goes back to the i 
habits of thinking of the Rad-: 
cliff e Committee, in which credit 
was really what had to be con-! 
trolled; the growth of money can 
be regarded simply as a proxy 
for credit. But according to 
monetarist theory, it is liquidity 
rather than credit which Is sig- 
nificant. and the difference 
shown in the figures is in this 
respect a real one. When the 
Treasurer of B lends money to 
A be knows very well that it is 
not available for alternative pur- 
poses; it is not just a substitute 
for a bank deposit, although to 
A it is a perfectly good substitute 
for a bank loan. 

British experience suggests 
that while credit may be the 
important number so far as 
domestic activity is concerned, it 
is only hank credit which matters 
in the exchange markets. The 
corset, as everyone knows, does 
not of itself greatly squeeze ! 
would-be borrowers, but it does! 
work wonders for the exchange 
rate. So perhaps there’s some 1 
point in cooking the books after 

IT IS UNUSUAL to find a the first division, is, in contrast, Vulabaloo . in a match for the 
novice chase having to be split, a light framed gelding. How- three-mile Jim Holden Chase at 
but this is the case at Worcester ever he. too. has the ability to Huntingdon when be broke a 
this afternoon. make the graduation to fences, hiood vessel. 

I Th* tm miles Ynunz Novices’ and 111610 seems little Teason Provided that there is no 

c2S rwsars * sslk »hl “s 

Outstanding AeMeroroent m Opera To-, .f 
night. 7.00 7 b* TWering Magpie Every. J 
scene grips the attention . 1 Tms. Tom or. A 
sat. 7.00 Jonathan Miller's prod. Ibe- • 
Marriage of Figaro -immensely success -. 
tul and unlovable. - * Gdn. Pri; ft TO**- ; 

next 7.00 Bar KesenkerelJer. 104 bal- 
cony teats available for a.'l peris • (roar :: 
10.00 on gay cf performance. - .’ 

'• TLflSSuGWT 

*" - -PRANK .. 



EdnarflO d® RfK*pO , 


■ Preuuni jK* T 2?Sab - - - -. 

UM which at the start of ~ q ; ***** ** weak * r * ^*LJ*"* 

the season have not won a u,ir LWU - . seems sure to take all the beat-] 

chase, has been split The first One of the must interesting mg. However, my narrow pre- 
division comes at 12.30, and the features of the afternoon at fe ”P“ 

second an hour later. 



Worcester will be tihe reappear- 
ance of that high-class chaser. 
Shifting Gold in the Long Haul 

John Francome's mount was in 

of the joint bottom weights on 
the 10-stone mark. 

Last time out, this stablemate 
to yesterday's Plumpton 
runner-up, Benghazi Express, did 

{Garde ocha roe Credit Cards E 36 6903 ).' v EVENT TO TREASURE D. MTr. "MAY 

-Tilt 8.00 II barblem dt Slviglla. Fn. ft. ■ ?- T - ^VearS.’- s^iday 'rfmos-^T - 
Mon. 7.00 Die Fledermeu*. V - ~ — 

THE ROYAL BALLET _ icAV-VAIR. 493 3031 . 'Green Pie. Tube], 
Sat. 7.00 The Sleeping Beauty. Tina- Tproiir Sit 1 a Dir 10 . 30 . 2.00 ft 4 . 00 . 
7.30 Les SylphTdes. Birthday Offering . SOOTY’S CHRISTMAS SHOW ... 

Juz Calendar. 6 S Ampin* mat* aval! .Si — . _ 

tor aH oerfi. trom 10 am cn day of perf.-; MaV.FAIIL 493 2031 . (Green Fk.TbMl, 

rgrtstmaa Show WWrt of te-'-oiw 
at. I T am and 


Set. mo am *nd 2 - 1 S om- 
"... WIZARD Of _ v 

■■ |pt TomW^ a ^ond°' 1 « ltd- Mrt - 

TWO FIDDLERS Oet. 27 -Jatl. 6 . TkJa. 
£ 1.50 trom R.O.H. * 

*^t Si H S ’ I F 0 |i.. a, ?« W MS/*8^. WINDMILL THEATRE. 

k^Sational THeATOE «;1* . - .TWtt NlghHv.a^OT, WW-IO^IO;-.- 

^■.”1 .• PAULfe«\^ 

ay £1.50 any seat w!th rtum tAoTf , of T*E - . ' 

W L Coi>m?^wgI?Von-t. S 7J0:TS< rafcei to 

. woman ^ P 5ftnr ’ 

rijON •proscenium R»d . Tpn’t .' bhyi: 836 M iw 5 -Sm . 

PUINMR ny Ben Tra^ TOmor- ; . 

.BAItnrtdoiii Ton'L ■ D<-C 26. _ 4.4 S_ . and h-OO ■ t 

BT UOMINIt. WfEj Art ^ ihyjbwnw ihibi ^ r ?non d to Carroll Street, from SW 7 . Tel.: 01 -SE 3 6211 . & 40 . Tcmgftt ; Lyqreo »r.w 

n * p - aj - o! s<! — -- :SoS he WfSSU* ooiy 1 lb, ijrts&s, fes-p-ffTifns 

particularly mipressen. with him . . h Johnnv flav Memorial Phiitdor. saatv £s.oo. £ 2.00 for mem-- ••S'Sfy Pan? ESi* 1 

The best bet from the two a t Sandown, where he completed ^L.12 ow three miles she ?§" * arom * " *”? -iNfc’lhjiSw ^el» 

divisions should be Mauritius, a hat-trick of wins, and made fur , on: , g on ^ ^^<1 at sA^m ~~ wEui " theatre, 1 .prosceni 

who goes for the second division, virtually all lus own running to /- h „ n _, ow avj^ecu an jvg-jgst • - ^^pliinder by b< 

Fred Winter’s strong Carnival beat Evander by 10 lengths in Cbepst0W ’. E iS?°?!?o i 


Phiitdor. Saats. £ 3 . 00 . £ 2.00 for mem-’ 
ben etude no ft grows ot more mad 

Night gelding, a novice hurd-les the Anthony Mtidmay, Peter 
winner at Cheltenham and Cazalet Memorial Chase. 
Towcestir last season, b» j t ^ave hesn extremely 

always struck me as a chaser m . n?ercst j ng t0 see where he would 
the making. . have finished in the Gran- 

Furthermore, his hurdling National, for which he was the 
form, which included a 2J long-time ante-post favourite, had 
lengths victory over My Hussar, he not fallen at the IOth when 
was frequently more than going well within himself, 
useful. A successful transition to On his only previous start this 
the bigger obstacles should see term. Shifting Gold, a .course 
horn more than paying his way. winner over two miles here, v --s 
Hunter's Joy, my selection for travelling well alongside 


EV 9 J. 7 . 30 . Tonrsnf On-ami vdth COrTESLOC Umall , 
SifewM. Solo Ride. Ice. Tcrnorro** . -t® . 4 -Tonnm'ow 8 HEhOD 


12 .30 — -Hunter's Joy 

LOG— Celtic Ride ■ 

1^0— Mauritius*** 
?.JP . — Harry Barrom 
2J0— Monty Python** 
3.00 — Baddy Burke 

3.30— Florence Mary 

Sat: DWI wlfti ’sir-nr«. Then Ifttu ~P>lll, ~M 1 IH. fm«lc ^by HyTjaW Bin- ■ 
5 *' a ’s5u,'nSlN VV Oe; to : M/nr «»orl^t efrew ; 

2 * f . .gif jg; a-n.Ts«yijg‘»jg. ’ - 

OLD -VIC . 920 " 7616 . \ 

;V TUNNY." ‘ NJJ 2 L - 

Mri ' ; >■ 

■SuDreme hJEJ 11 ** ■ f—I * rt0 “ , r - 



r" .. 40 SS; credfi Cerd 928 . 30 S 7 -- ' . " - WITH ; - 

rA old .vie “ 928 ' 7616 . ■ • ■ ' LAUGHTE R." .ga>rBW» . - ■ 1 2 - 

-!;■ PRCSPECT AT THE Dtp Vic. UfM WEM BL«V "AFBU 4 Ai; . Owen*. 21. 

W'iSji; Today. Sit. _ 7 . 30 . Pec. 19 . * 0 .' , WEMW ’" iw^pAV -ON KE - ^ tir 

. SCj?* An »horiYQ , jayf» as *v’ The tue Chrt»«naa'ShowW M UjrtamUe 

for the- 21 « Sw J»n.S 

Mat,. Th-SSrSoV. toWdar 44 ) 0 . Mg?-* Snan^c.r Mr OU4y "'‘ 

An Enchanting New Musical 

’ The Times. 


Evening Nnn. 



Daily Telegraph 

spotlight. 11.25 yews and Monet with music by emmerdale Fam. 21 ^ Hib NeK Credit Card hookings 01-836 7611 ^ 

Weather for Northern Ireland. . Debussy • btv c en ,™i ! 

ENGLAND — 3 55 - 6-20 Dm Look ‘ r.Cglons a? London g^e, ^cc-p;: 1 . 25 -L 3 Pm Penawdan Wed. and Fri. 7.45 pm Thor. ana/Sat. 

East f Nnrwichl : Look North l ' !c following times:- mnwi > Dydd ■■ Rydw '• i A thousaV d Q T?M d Es 8 w EL cor^' is 

(Leeds. Manchester, Newcastle!; ANGLIA htv West — as htv Genera] Scrrice •■MIRArULOUS N MU^lCAL." Firf*’ Time*. 

Midlands Today ( Birmingham i; 9.39 roahire Film: • - Wj-irlo 5 ” a-r?pt: L 20 -IJ 0 pm Report West Held- ol'ver , ^ .J 

Points West (Bristol); South To- aarrinc RM Mb 'jr^er lines. Al«Je Report W«l ciluan burn" market burton 

day (Southampton): Spotlight Plununir. U.« Oscar. H-ri 1 •• « e. CrriTTKTI Extra Christum Mia. Dec. . 42 . 27 . 28 . 

wS /pt. Saaar Uoug^nui. XJS pm Artf •> ,%-w. 5 LU i ILM 1 29 . Jan. 2 . 3 . 4 . 9 « 4 JO. 

bOUtb West (t-iymoumj. 2 .U Houseparu. 3 J 0 The Geo-:. s!..m Iton 9 JO am Inner Space. 1 D.U 0 Morn ins xt nwm fljg efO-i mm Mft jjj ? 

!V Snow. 5 J 5 Mr. and Mrs. e.G 3 »b*i! Mystery Movie— McMillan nnd Wife. 1 L 30 royal Shakespeare -■company in 

DDr Aoslla. 1 LQ The Clonic Wunun. 12 JS Raindrop U.aO Oscar. 1 U 5 The Sweet repertoire. Tontgnt to Dec. 27 . 7 .SO. Red. 

* JUV Ar am The Bis UuesUon. Sncar Doughnm. 1 J 5 pm News and road price p.™*'*** B r Q ”^2 

ant r'hnrhnr A-wtxr and weather. 2M Women Only. 3 J 5 The vVAArHa [ «r R ^*? tfrd-r^Wi * 40 ' ™ E 

f™ Gharbar. ATV Etecinc Tbeaire Show. 505 Cartoon, .warehouse a** wi. 

10y4S ™ art>s i.’ ^ , 4.46 am Facts of a Festival. 1 #J 0 5 .» Crossroads. LBS Scotland Today. fcJO ^RBE thEatre. 9 -i| Rupen 

11.00 Play School. Morning . Cinema: "Woman's Woild" Report. 1935 Late CaD. 1 M 9 Fe atm e cup raNNeTH over bv Robert 

5^5 pm Neivs on 2 Headlines. --larrme CLfwo Wehh, L 23 am ATV Fuah—"tfomro's Back In Town 1 starring p <t rick (Kenr^jr’r Children), directed nr 

6 cn Michael StTOHOff NewsdesK. }J 3 The Practice. 533 You’re Telly Sav» las. 12.00 Love American Style. Anthony M atwes oa wim Gloria Gilford 

lS.ljtojjiA.R-a . aj»ja-L“Sdfiia SOUTHERN ■"BJS& 'SVgr: ./ 

7X, Th* Story of IndHi Fon,,. B _. , i,VSS-,‘ JSPS 

8.15 Tile Money Programme. KUKUtK Canierville Chosl ' * 4 Pi? 8 — a supera ^»eTformanee. ,, F.T. 

D P nnr*f ran the* m0e>tin<r rtf 9 J 3 im Tbr* I'OdfMea AdveOtU^S Of LlUSQlDfl HAD OMIT. 11.55 TDe SWti GERALD FLOOD 

52 h Oh mSlisten^ C.”a MfST 935 ^^ Ts^ds! SwarDoushnw. L» pm Sonihero Hew. 

... ^ le IBM Momma Film: ,- First Men in ihe 233 House narty. La UiUe Honse on the agatha" Christie . . .«• 

9.00 M A S*H. Moon” starring Edward Judd and Lionel Prairie. 535 The Undersea Adventures ■ — pp — , i__ — =— — = 7 ^- 

S/SSSSt A m "ttS3«wLflS!V!SfcS.i8S: 

BBC 1 

t Indicates programme in 
black and white 

124a am News. LOO Pebble 
Mill. 1.45 Over the Moon. 3 AO 
Delia Smith’s Cookery Course. 
3.33 Regional News for England 
(except London). 355 Play 
School (as BBC-2 11.00 am). 450 
Wally Gator. 455 Jackanory. 4.40 
Animal Magic. 5.05 John Craven’s 
Newsround. 5.10 The Mood 
Stallion. 555 Ludwig. 

5 A 0 News. 

5J>5 Nationwide (London end 
South-East only). 

0.20 Nationwide. 

6.45 Are You Being Served? 

7. IS The Rockford Flies. 

8.05 The Secret Army. 

9.00 News. 

9.25 Sports Review of 1978. 

10.55 Tonight 

11.35 Weather/Regional News. 

All Regions as BBC-I except at 
the following times:— 

WALES— 2-35 pm Delia Smith’s 
Cookery Course. 3.00 Rugby 
Union, Bridgend v All Blacks. 
4.15-4.40 Play School (as BBC-1 
3.5o pm). 5.10-5 AO Billdowcar. 
5.55-6^0 Wales Today. 6.45 
Heddiw. 7.10 FC A FK 7.40- 
8.05 Tomorrow’s World. 11.35 
News and Weather for Wales. 

SCOTLAND — £55-6.20 pm Re- 
porting Scotland. 11-35 News and 
Weather for Scotland. 

Northern Ireland — 3.52-3.55 pm 
Northern Ireland News. 5.55-6.20 
Scene Around Six, Weather. 1045 

by Emmerdale Fam. 11 AB Hib New 

HTV Cymi-u/WalBS— As HTV General 


. .. wm^SuDD 

South West (Plymouth). 

BBC 2 

wli; Today. Sal. 7 . 30 . . Doc. W. TO. -— HOLIDAY -OH- -KB. - _ - ir — 

22 ,^ 2 * Anthorri Qum^L ” ' v* . Tho BM ChrUlmu' Stow W aH Ojf^amll* 

• KING LfAn f xn than nor. *?7 fQ JllL 5 

V Nobody *»IU> any Respect for. SSfc XaiM 6 . Set. D« 30 »»W sSwommt 

TbSS^wouin wane to-.Wiiss Mr Ouaylei -.gjj FROM JANL 7 - SDNS. 

Artr.r Vtaancial Timj^ s. V ^ 1745 . MB. Wjd. 

Last 3 perfs. Thur», >rl 7 .XO, Sat. 2.30 ■ y; CMldmi Jtod Stegcr - 

iMArsant court-nay^nimmy twayle In price most peril- 10 * 902 : 

Tnt rtfVALS ■ / feiAi - r - , 

Ww".’ GiS=*-f."cSil^^e«.* WESTMlNSTUH THCftTHll-^ftM 

.afar :& MH js » ■ 

ftnthqnv — a wonderful performance." The Row--. 

Times. .. • - ■_ yoUNG- '-VIC. - -MB «»f ** ’ 

OLD Vie ce 01 ^ 9280 - 618 . Batk asela 
■for > soocial Oirtatmaa ecaaon. 
December l*vj«m>ary 7.3 MATS ONLY. 
Diy. at 2 . 00 . Extra perts. tlec. 19 .- 20 . 


and Jan. 12 " at - - 10 .J 0 am. Also Dec- 
26 . 29 . 30 and Jan. %- 6 . W-at.SJW- 
A titumph . . . worth trareHIno mUes 
to see.'- 88 C Rad to- 

| LET SW. 3 . 30 : Fro*, wm*.- met? 


Frtm rhrlctma* Mata B-»r. 32. 27 . 28 . 0 rl!! BTOOitJ 

am The Bis Question. 

10M am Gharbar. ATV 

E? r 0 S c, w , 4.46 2 m Facts of a 

11,00 Play School. t ?.lornJm; . CjQcnw: “*1 

5.35 pm News on 2 Headlines. <amnc cLftw Wehh. 
6^0 Michael Strogoff. ‘ Pra 

7 AS Mid-evening NeW_S. _ . (VS uTSS?BrorkSLan 

ernmen Extre Christmas Mata. Dec. . 72 . 27 . 28 . 

hlUHlMl 29 . Jan. 2 . 3 . 4 . 9 « 4 J 0 . “?. p “ 

9 JO am Inner Space. 10 .UQ Morn ins aldwych sis seat — met piT m ? - 

ynery Mov.c-McMiDan »ad Wfc. UJD rSTal sh 15 <espeare^ 'IxoWSany^m p £t^ c: fi 

a Indrop U.W Oscar. 1 W 5 The Sweet repertoire. Tonisnt to Dec. 27 . 7 . 30 . Red- nk»"-t 
mar Doughnut. 1^5 pm Nevs and road price»lm*s N?« Broductlon Brornton J 

id wealDcr. 2 J 0 Women Only. 335 The "S. at THE 

Uri.i, Th.,irv thM CIS Tarlnnn WAREHOUSE <S*c flW Wl. PHOtNII 

YOUNG WWDt}.-®* 

■perfa. Ton b ToMor. 8 9010 , N«d WrtK 
Young Vie .Cbrfstmes Fwt*»« «F«me 
Office for. c MBUl; : 

Sims. at 8 . i. 

ALACE. CE. - 01-437 8894 - 

Mon.-Thuri. «. Fri. ft Sat. 6.00 ft 8 - 40 . 

bv Tim Rice .and. Andrew LlovtFWebber. 



m AdveDtnreK in 

Street. London. Vft . Tel. 01 -A 8 S 6224 . 
Patrick IKenneijf '1 Children), directed by i 
Anthony with Gloria Gilford I 

and Errca Stevens. Until December 16 . 
Mon.^at. at 1.15 pm. 

Kainhow I AMBASSADORS. _CC. _ Of -Ml 1171 . | 

PHOENIX THEATRE. CC. . 01 - 638 - 229 *. 
E>B»- 8 . 00 . Wed. 3 . 00 . Sat. 5.00 ft 8.30 

Dl rooted by PETER WOOD 

ABC 1 * 1 jRArnshlRY "AVE/ HC 
* 8861 /' ^o. Purts.; all SCATS' flKftbt. 
.1 DEATH OH THE ■ NILE I At. TH.: ft 

Sun. 2 . 20 . S- 20 . . 8 j 20 that Mi, 

sun.- , 2 . 00 r i-OO. 8 . 00 . 

CAMDEN . FEAEA-.fOpp. .Camden 
Tub*' 48 S 2443 THE BOB DYLAN FILM 
Dylan And Joan .Bate In 4 Track- Stereo 
Prog*, 2 . 5 a and 7 JO .Uh TftBl WEEK. 

Country. 10.00 Cannon Time. 10 J 0 "The 
Cuierrilhf Ghost - ' starring Chark*s 

Evs. 6 . 00 . Tues. 2 . 45 . Sat. 5 . 00 . 8 . 00 . 
'■ A *UPert> perform a nee/ F.T. 

PALLADIUM. CC. - - 01-437 . 7375 

Opanlnfl Dec. 20 for a naton. r 
. DANNY LA RUE . ■> 

a* “Merry" wruoe Twankey tn 

Previews December 19 at 7 . 30 , 

■y CLASSIC If £ X. - 4 . Oxford Sitrtfet <oPp. . 

4 Tottenham CdUrt Roau Tubtd. 6X6 03(0. 

T U and A props. Children f^H-prtoe. • 

K 11 Richard Adlm’* WATERS HIP DOWN./ 

PICCADILLY. .437 8303 . 

I V<LT 1 - Now with stereophonic aoond. Prop*.' - ' 
1 - 4 S. 4 . 00 . 6 .TS. BJS. .. - , 

2 i PIRANHA »X>. 2 . 10 , *A0. 9 . 10 , • - 


My Father, from the book Su»ar Doughnut, tun pm Border Nwi. P”[A_ Dl M uln^^Geor^ PAUL DANEMAN ' lana morris 

h , loan Rennir 2.06 HouseDarty. 120 Sun on lew. 5 JS Soniflern News Extra. George DENIS RAMSDEN 

“V. . n . Benue. 6 A 3 Look around Wednesday. Hama ton iv. Carmel mcshaftry 

112Q My Kind of Movie: Eteine ILO Power Without Glory. am TA'TVF TFF 5 5 think°of England 

pa) 2 e 00 btngin in the Border News Summary. 11 [>C. 1 1 .. 2tvJ wJckedlYi FUNNY year, very 

Rain. rmiiTMrr m Good word nuavn or very funny great ^ntcrummefii." NoW. 

11 9 ? 1eS)tP JVrivc vil'\INlNLL "Nonli Eisi News BewUiow. A _B IB aptc ~ tu catoc 'ni-fllfi ? i 

._ p, __J_ U ' f-Tt. Via pm Channel Lunchtime News and Country. 1 10.00 "The poUcnge. UJ 5 tom Stoppard’s 

11.40 Closedown, taltr. UU;i p uii Where. 5 Jj EmmL-rdal. Farm. The Amazing Chan and the Chan Clan. DIRTY LINEN 

b 00 rtiannel News. bJO Arthur 10-28 U.*» Oscar. 11 X 5 The Sweet Sugar "HNarlOPS ... see If Sunday. Times. 


MO '* Miracle On 34th b. Nmv, and weather In FmndL JSS& 

Itreet. starring Sebastian Cabot. in J airport convenuon u> Concert. 8-00 pm - Frl 6 00 d 8 ' 45 ' 

very fanny great entertainment." NoW. 
iRTS THEATRE. bl- 836 ~ 2132 . 

Credit nnl-beeUnes -036-1071.. 
Richird Gooldtn. Tan Talbot In- 

Richard. Goddtn. Tan TalbN 
Mmas iqatkiee. Dec. 1 8 , Jan. 1 3 . | 

PRINCE EDWARD. CC. 01-437 6077. , 

OARRIE (X). 3.90. 7J15. K .• r 
3 i Gnnavteie- BotolsL Michael Dowlas, ' 
COMA (AA3. Progs. 1.05. 3^25, S.SO.V 
8 . 10 . 

ft: HITLER, A CAREER <M- Frail. 146 . .* 
4 . 45 . ;_ 7 . 45 . . - 

Eveidiigs 8 . 00 . Matt. .Thur», Sat: 3 . 00.1 CUR 20 N. Cuoon Street. W.l. 499 37 37 / 

■ . EVTTA 

by Tim ftlee.and An Ura w Uoyd-Webber. 
Directed by Harold Prince. 




"HHarloos ... see It." Sunday Times. 
Monday to Thursday B. 3 t. Friday and 
Saturdays 7.00 and 9 . IS. 

PRINCE OF. WALES. 01-930 8681 . Credit 

card booklmre~ 9 SO 0846 . Mon. to Thors. 

8 . 00 . Frr. and Sat. 6.00 and BAs. LEICESTER SQUARE- THKATWE. _ C 9 iQ, , 

BEDROOM FARCE progs. Vrtc, 1 . 30 . 500 . 8 . 10 . Smv^aXO, 

"If you do nut laugh., sue me:" D. Ekp- 7 «S. -SkMe' B.TD-prog. and -WeeWndv 

* OS EON. Haymarl cet. I 930 ~ 273 B- 27 TH.- ■ 

IUEEN-S. credit Cards- 01-734 1168 MIDNIGHT EXPRESS CXJ- Sto.', pros 5 . . 
Evas. a.oo. wed- S 4 >o. Sat. 5 .oo. o.SO. --DIV..- 2 . 30 . 830 Bln. ■ All, jerta - / 

(English sBb-tltlrs. 1 . Pflm at 2 . 00 . ftmt 
Sun.), 4 , 09 , 6 . 20 rA-«O. Laat 8 diva. ' 

Street.” starring Sebastian Cabnt. fVR/4/lfPf AtV 

11.05 Ttie Mackenwe Affair. 12.00 „ s am F1/S1 i^, inc . '<130 cor.ada at 
The Artventures of Rupert Bear. Wa r. u .99 soroval -special. u.» spy 
12.10 pm Rainbow. 12.30 Sounds Extraordinary. 1UD Tb., Herbs. UJ»0 

8.00 pm. Fri. and Sat. 6.00 and 8 . 45 . 


1005 am Ttie Serbs. 1425 Wednesday 

Group bookings. 01-437 3856 , 

Britain. 1.00 News, plus FT *««r.J jhe swet suiwr Doum. ^ rnI ^n l “°J rte: u l Tbe I cambrid«. 

Evg}. 0.01 

_ Credit Cards. 01-734 1168 
Evgj. 8 . 00 . Wed- 3 - 00 . Sat. 5 . 00 . o.SO. 

fit nneiin. I.W n««!. 1>IW * ■ :-n— — - — — • Nsnie- 11 an 11 pc i umimuuc, lc 01-836 6066. 

In ,„ t ran Thsimec Npwc 1^0 J - 23 p!n Grampiiq News Headlines. 3^0 n r3L, ■nTr J ,nrh I Prs^evrs Evcnlngi at 8.0. Mats. Thur. 

lndo^. 1—0 1 ihpjnes news . ^ Rolf Harr1 , Shnw 5 J 5 Emmerdate s , Vfe 4i ougftrtu t. pm Uincli- ( exc% Dce _ 14 , and Sats. 3 . 00 . Open* tub*. 

& N ^ A Kut UERS gg ‘ Souaro. (930 SWlT . 

Crown Court. 2.00 After Noon. c« 5 S- 3 &. TSFSf 

2^:5 Disappearing World. 3^0 Red Hair Is Back, rno Baroaby Jones. U1 ^' er News Headlines. SJSCanoon. 
You’re Only Young Twice. 3.50 li 25 am ReAeetlons. 12 J 0 Gr ampian ”4 Cr, broads. . Repora. 

Toll Me Another. 4 J 0 The Sooty Ls«« JWi Headlines. s H.roes. ujw Bedtmw. 

Show. 445 Fanfare for Young GRANADA WESTWARD 

Tell Me Another. 4J0 The Sooty 
Show. 445 Fanfare for Young 
Musicians. 5.15 Batman. 

5.45 News. 

6.00 Thames at Six. 

6-25 Help. 

6.35 Crossroads. 

7.00 This Is Your Life. 

7.30 Coronation Street. 

8.00 Wednesday at Eight. 

9.00 Edward and Airs. Simpson. 

10.00 News. 

D*r. 15 at 7 OO. 
A new musical starring 


01-836 6056 . 

•JO an Sesame Street m.ic Taraau. OJO am “ Reach For The Shy.” 11 .GI Jan . 1 -i 

UJ 9 WlUUTv Cun-DM. LJL 35 Can 00 tulmo. F^S 1- ’ T 5 nrwrihnn , s ,, Blrl 5 a^ atl l!a C ° MEDY - 

11.15 A Handful of Sonsa. L 2 D pm TWs J^ZT pm Oc ms to 

U Your RI«hL 120 Stars on Ice. 500 ******* ] TSur- 3-C 
Wtai-S New. 5.15 CrossroJds. 

Granada Mr and Hr* ^ 

1.30 am Hosarih. 1JS5 "Hish SorieW ■ YORKSHIRE C 8 ss E ro >7 

s’orriog Bin? Croshy. Grace Kell? and riJO am • Lady HamiUon Etarrii^ afld 8 _ 3D 

Franfc Sinatra. 11.40 Oscar. UJ5 - The Laurence Olivier and V/rien L4H*. most H 

Sweet Sugar Doushnul. L20 pm Report Wood Worth Keeping. 1JD pm Calendar Financial 
West Headlines. L2S Repon WaL-s Head- Pfew*. 323 Stars on Ice. 5A5 Mr. and 

lines. 2.00 Help Yourself. 320 The Elec- Mrs. OJH Calendar fErnley Moor and .. c , 

trie Theatre Shove. 5.23 Crossroads. fcfiO Kltaont editions!. UL48 Electric Theatre of chutzp 

International stars In great family show. 

Jan. 1 - 6 . 3.00 and 7 . 30 . Book Now 

■DAZZLING.*- E. SW: "MOST SCENIC- JS 2 " B 5 S 7 Taoft ii ijB 

ALLY SPECTACULAR SHOW IN TOWN," : T 3 t y_g 9 ? r « op ftn ri-? 0 - ^- 30 ‘ 7 -* 5 

Punch. ’ THEATRE AT ITS MOST OOEON. Marble ATeiv YYZ. (723 . 2017 - 21 . 
MAGICAL-" Times LR. Sw. ■■ FORCE -10 PROM HAVA RONE (Al. Sap. 

RAYMOND RCVUE 8 AR. CC. Ot -734 1593 P«>^ Oly.jOOTO PP M UP., 4 . 50 . 7 . 49 . 

At 7 . 00 . 9 - 00 . 11.00 pm. Open Sun. PRINCE CHARLES. Lcto So. 437 8481 .-'- 
PAUL RAYMOND Present! Walerlan .Borowcayf* THE BEAST - 

THt FESTIVAL OF EROTICA Lawton X. $W. peri it DtV.’ One. Sttn .1 

Fully air-conditioned - 3 . 10 . 5 J 3 . SJ 5 . Late Show Fri and 

~ e< 7 oilsw SS=TT Sot 11 . 15 . Seats bkhle^Uc'n Bar. 

Sat 11 . 15 . Seats ttbte/I 

01-930 2578 . 

Mon.-Sat. B.oo. Mats. Fri.. Sat. 5 X 0 , STUDIO 1 and ft.- Dsdenf CirotfS. A 37 -3300 
-LITTLE WILLI JR*S 1 . JIU dayburgh. Alan Bates Tn Paul 

Of ms tonight at 7.00. Subs. Ew. a. 00 . 
Thur. 3.00 and B.Q Sat. S. 1 S and 8 . 30 . 

3.00 and B .0 Sat. S. 1 S and 8 . 30 . 
in an exciting new comedy 


Tho First Soul G 3 SOH Musical 

royal ALBERT HALL. O 1 -S 09 82111 . 
Tuesday 19 : Jlec, 7 . 30 . 1 CARL BOHM 

1 . JIU Clayburgh. Alan Bates Tn Paul 
y—UraW, AN Ua««AR«lM PQMSH 
(X) Progs. i.OS. 3 . 30 . 6 . 00 . 8 J 6 , Late. 
Shew Sat. • 1 C. SO. 4 C. Agatha Christie's. 
DEATH ON- THE WILE <A 1 Ira parts. 
Dfy. 2 . 15 . S.- 15 ., B.I 5 . Lata Show. Sat 
11 . 15 . 5 oa ts Bookabt*-,- - 

10.30 ^Id-week Sports Special. vSrXTiZ'fZ » Sro UT^SSUT 

11.40 Late Night Theatre. trie Theatre Show. 5 2S Crossroads. WO Belmont edlUons*. UL40 Etectr 

12 J 5 am- Close: A painting by Report w**. aos Rcron Wiles. 6-38 show, liio am Police Surgeon, 


1 Eat about four or six. It’s 
exc-e"ent (6) 

4 Morbidly eager always to fish 
nutyide (Si 

9 Bird or wine of the Islands 

( 6 ) 

10 Source of heat hut without 
liquid fnr thirsty side from 
the south (3-5) 

12 Find record finished (S) 

13 Cone with chap before time 

15 Born and died in want (4) 

16 Feat female follows down? (7) 

20 To agree completely (7) 

21 Money making accountant 
quiet (4) 

25 Trifling insult (8) 

2S Mixed when categorised (8) 

28 A quick look on Oriental in 
cover (4-4) 

29 Mow round every plant (6) 

30 Food for heart-broken crank? 
(5-3 » 

31 Rely on some French to be 
undecided <fij 

7 Diamonds on hat seen on 
mountain top (3-3) 

-8 Obstruct with a large basket 

11 Well-known army officer (7) 

14 The most tasteless beer in 
two ways (7) 

17 Make light of two rings set 
up (4-4) 

18 T’U tiirash around for a 
sweet (8) 

19 Displayed notice inside that 
could be followed (8) 

22 Wood .md material for smelt- 
ing on land (6) 

23 Collier getting caught inside 
shredding machine (6) 

24 Comfort the sun expert (6) 

27 Li*t of dishes included in 

some nutriments (4) 

1 BBG Radio New Wavelengths 

SBC Radib London: 
1458kHz. 200m ft <W.WW 

•4 U53kHztt8Sm 

1 1215k Hz. r 247m 

Capital Radio: 

15MHz, IKm ft «Jvhf 

1 108fUfK/ZZ5ra 
nsk hi/ori 

O ft SO-TLSvhf stereo 

9 OTkfte/330m 

“ ft SgJfivM dene 

_ 2DCfcHrO5C0m 

4 ft ra-*svhf 

London Broadcast ! mj 
HS lkHz, 2Um ft 07JvM 

«J 8 News. 4.05 The Living World. 9JS 
Pa real Power. 10 . BO News. 10.95 
Gardeners* Question Time. 1030 Dally 
Service. MAS Morn ln« story. 11.00 

CRITERION. 930 3216 . Credit card bkas. SZwgTi 
836 1071 . Eves, B. Fri. and Sal. 5 . 4 S. CWOnv No ~ 5 ~ * 
""ij and 8 . 30 . Dec. 26 . 4.45 end 8 . 0 . -THE ROYAL COURT. 

odar Financial Times. WHEE 

and GLOO JOOO br- 
and Bv Michael Hastings ■ 

■■am. " Con.ic delirium as stroke alter stroke W .° Y ALT Y.-. - . .€ 
eatre of chutzpa demolishes British officialdom. Monday -TlWTda 
Blissfully fanny." lr»fwg Wardle. Times. S,M 

ORURY LANE. CC. 01-836 BIOS. Mon.- Bm! I 

to Sat. 8 . 00 . Mats. Wed. and Sat. 3 . 00 . Book by TeCtl 
f 3 S A CHORUS LINE narking . 

10.05 A rare, devastating Joyous, astonishing HSi ■ ... — 

Dally stunner." S. Times, 3 rd GREAT YEAR. FICCABIUli. . 

11.00 DUCHESS, 836 0243 . Mon. to Thurs. SSS'.tV?' SuS 
With Evenings 8 ,cc. Fri.. Sat. 6 .T 5 and 9 . 00 . ** 7, j. j 


.. ^ 9 lh SematWfial Yaar. -_ a 

The nudity Is stunning.-' Dally Mall. 

conducts LSO.. Profl. Me.! Sdwbdb Sym- 
phony No- 5 : PacttWHieiir Symphony No 7 . 

LL COURT. 730 1746 . 

Evenings Moo. to Sat. at 8 . 00 . 
by Alan Brown 


IOYALTY.-. - .. CC. 01 -409 8004 - 

Monday .Thursday evedkigi B. 00 : Friday 
9.30 and 0 - 45 . S aturda y 3-00 ana 8 . 00 . 

_ Best MW*cal 0(1977 

Book by Tel. tor the entire family. Easy 
uurklng. - • ! 

rime for Aaron. 22 . 4 $ Usietl With Evenings 8 ,oo. Fri.. Sat. 6.(5 and 9 . 00 . 

Mother. 12 J» News. 1302 gm You and „ . ^ C utt A I 

Yours. 12.27 Dr. Finlay’s Casebook. 1235 nu^ W Ma«. 

WonW C aC n^S fra £S e Tho C 1 Arelim«* L 5 S D ? K1 „ OF YORK’S. CC. oi- 63 ft Si 2 2 . 

TS Evs - ® I™- Frl. and Sat. 5.30 and B.So. 

I 1151 k Ha, 2 Um a P 7 JvM 1 Sbloplna forecast. 208 News. 202 tom 

1 I Womao's Hour. 3 JM Nows. 3 A 5 After- COURTENAY 

noon Tbeaire. 3 H) Choral Evcouns <St. „ 

gjs story Time. S. 0 B PM. News mask- ■■uiruitL i 

?rinc. SJO Shipping forecast. SJS l 

RADIO ^ Weailwr; hnwramme news. 6.00 News. E=s;=p ^ 

ttAL/IU J A/ ft Mr Word! iSj. 7 M News. 7 JS The tJt^B m « 

L55 am Weather. 7.00 TftS Yonr 'Archers. 7 JB Checkpoint, ruts Britons 

Midweek Choice, pan 1 «S>. 8.00 News. Mb the Bosh. 245 Analysis: Alii [odes Muriel Pa 




-IS BLISS.- Ob server. 

RADIO 1 RADIO 3 '2aV^r : Wo^'iS rn 7J» e Ne'w8 k,, 7JB l Tta FORTUNE- a 36 2258 . Eve*. 8 . Thurs. 3 . 

<S> S S£n«m l wJjr ltl,t Weather. 7 J» News. 7 JJ 5 Yonr Archers. IJa Checkpoint. 7JS Britons “ 5 ’°° and s 8 'aSd 26 " n- 77 ' 

BM ~ a JwTawT ra n». T „ Midweek Choice, pan 1 «Si, 8.00 News, Mn the Bush. 8 j 5 S Analysis: Altitudes Muriel Pay low as Miss MARPU 

8 05 your “Wweek Choice, pan 2 iB>. towards the poor and unemployed. LA v l t ^^ AGe 

IraviM. ’J 1 ® Simon Bales. UJtt Paul Oia News. 8 J 5 This Wee*’* C-,mp«er: _ Kaleidoscope. 139 Weather. Z 8 JB The gHEEIL-g? 5 *I-Jg** 

BmwtL . 283 P« Tow Wftff buro. sibeUns iSi. IOA 0 Holiday SpcciaL IB JO : World Tonight. 18.38 An Actor in fats GARRICK. CC. 01-838 46 nl. Eros. 8 . 00 . 

KW Jensen. WO Radio 1 Mallbas. 7 ^ Mtulc for organ ,S>. 10.58 Banofc and Time. 12.00 A Book at Bedtime. 1305 l * h Wii l 7 , %-, 1 ?^ 9 v 

~ yyjwJyLy Schoenberg Plano reotal iSi. lu® Mid-. The Kina octal World Tonight. 1 UD Today OE S Ql {Jii EY -n„iiJ? A . *- EVIN ^ 

day Concen. wn i : D a v„ s F ,aa *>. la Parliament. 12 m News. „ deathtrap 

_r"r J. .cSTtL. ," D 12XS pm In Short italki. 1205 MtdiiT. n ,. _ . "THREE CHEERS FOR TWO HOURS OF 

Radio 2 . 8 A 0 Listen id the Band isi icon- concert, part 2: Stravinsky »s>. LBO BBC KadlO London marvellous entertainment." S. 

tinned from ■ Rftdto 2 c *JS Semprlnl L 85 Conoun flSl 2 * 5 J» am iTTad^- .UBBBtt Hour. T *‘ v' E RY B> E icpT E .N' C Q ^ S R^?i^^* NY - 

ICC AD ILLY. Prom 8 Ml. 437 4506 , 
Crpdn earn 1 bkjrs.' Baa 1071 .. Opens To- 
niuht 8,5 

and a harnttot of cobbers 
Starring, the tncroastoraly : popular 

: . R-0RENGE 

Leirn ttafian .qUJckiy and "welt as' tit* 
British Institute. - touryn J ami ary 9 - 
H arch 3 D. January 30 -Febnnry - 23 .’ 
M anh f 3 . Apt# 17 -July 6. 

Also. 4 raragk Intensive Gouroas ID 
hours’ tuMon pet wra»k January 9 , 
January 30 . . Marth 6 . AptH . , 17 . 
Accaw h u M Be* etrmnged .w Hit HxtUo 
faralHes. Apply British WtscktsH. 

Lunjaroo GulcHardW 9 , 50125 

Horimc*. Tel: 284 . 031 . 

SAVOY TH BATHS. ' .- ’ 01 -C 36 8388 

Credit Cards 01 -734 4772 - . 


Wror^.Thuadw, Awards m . , 

by Brian. Clark. "A momentous play. I 

tor^heo-lrornot MAWRI 2 XI. Intons Ur* 
tour*** — daring tb* MUday period ana. ■ 
Pinnae raoaaat proapectuxf wnimim- 

BfiMn-Strasa« 12|14 tVABOp HE IDE 

urge you to lee R ” Gdn. Evening 8 . 00 . 
Mats. wed. - 3 . 00 . Sets.. SA 5 and a. 49 . 
Reduced Price Mat. Today 3.00 -. 

larol. Wed.' 3 . 00 . Sat. 5.30 and b! 3 o! 

SHAFTESBU RY. CC. B 36 6596 - 7 . ! 
836 4 ZS 3 ^--Ooens Of ZO l«etff Jrra.- 13 . | 

CLUBS ; j, „ 

itw; Sfaows Id AS, »AS and. lifts and. 

Solution to Puzzle No. 3,846 


1 Backward although having 
ten years with book (8) 

2 Vehicle I discarded dis- 
appeared (8) 

.1 Ran up on line tbat’s thin (6) 

5 Deserve receiver connected to 
pole (4) 

6 Trapped in type of drum in 
tile eod (8) 


a £3 n 's m s s 
saan^H asnana 33 
nasgtiGiaci sfiagtso 
E 32 9 Q B H □ 
saen HEranaansan 
oh s a a n 
sesaS'aQQQs easn 

m O B :Q ; E S U 
HHaaaEm E»3QBara!3a 
mm g m m n n 0 
saarannsE ragaaaa 
h e 0 < 0 n m 


lUdlo e.. MO IJftWB W.the Baud «_Si 'to n- conreri. pan 2 : Sirovlnsky <si.2M BBC Radio London 
ilnacd from Radio *Js Semprlnl Noivs. US Coaecn Hall is>. 208 5 ft 0 am As Radio 2. 638 Rush Hour 
Serenade 'S'. UB The lcnpresarloe. ERloU Carter «S.. 2^5 Wiihoui Violins IftO London Live. 1203 pm Call lo. 2 JB 

wSh Rjd! lm !i‘- i 3 - 45 J te R S Mte *"£ ! Df B«hsh 2fH Showcase. 4.83 Home Rod. 430 Look. 

R ^ to - Chamber Music iSi. 5.08 Building * Slop. Listen. 7 Jo -Rack Londoners. SJb 

RADIO 2 Library of rrcords <Si. £45 Homeward In Concert. UJD Lase Night London. 

SJH am News Summary.' 5.05 David A, » 2 l r£;- “ h R ^ a 2 - li»S am UuesUon Time 

Allan fSi taeisdlng 6 JS pause for ^ ^ Hou 5 o of Comma aa. From 

ujd Sw- Youia is .1215 p m SSS* 15 * 1 ??* 1 ^ L ? Tldon Broadcasting 

Waggoners’ Walk. 12 J 0 Harry Rowell's J? S-M am Morning Music. LOO A.M.: 

Open House ISI Including 1 . 4 S Sports Jw ' ovtr nim ■>£ i - "Z* 1 - “ormallon. travel, short. 16 A 8 

Deak. 230 David Ham I linn <Si Includlnj Ctinsan M«ir SlS frign Hayes Show, ^jwi LRC Reports. 

2.48 and 3.45 Spons Desk. 930 Waggoners' E SS^ lr iSs n eajajB Gc * r 5 0 Gtle - ** Reports (con- 

WaDt. Sports Desk. 4 jS 7 John Dunn IgggJ gSBL Jt£ .‘Vy- ?»«'- «-W After ElghL 4 J 0 NlghUloe. 

IS) Including 3.43 Sports Detit. SM T “dight ■ Schohen Sont. isi. lftO am Nigm Kara. 

Sports Deck. 7 JJ 2 Robin Richmond iSi. _ ^ . (/pnital Radi a 

7 JO Listen to the Band iB». M 2 Soccer RADIO 4 • * ^ 

SpedftL 1 J 0 The Impresarios iloins _ . „ " BreaWast Show tS>.. 130 

VHK>. 1 JS Sports Desk. 18 JB The News LOB am News Briefing. 6 . 1 a Fannmg MlOiaiH Aspul ISI. 1200 Dave Cash (Si. 
BufldUnes with Roy Rudd. 28 J 0 Sydney Today. US Shipping forecast UO Today. LOO pm Roger Scon (C). mo London 
Union Mia Be Mr Guest. 1 U 2 Brian Magazine. Including e .41 Prayer tor OB Today isi, 730 Open Line »S». 9M 
Matthew introdncca Round Mldnisht In- Day. 7.00 and S 00 Today's Ne«- W 8 NKfa- Horae's Ycrar Mother WoiUdn i Like 
rind hie u.W News. 280 am News and 8.20 News Headlines. 7.45 ThoreM »r n 'SI. 1 LW Lain Show (S>. 200 am 

Summary lie Day. 8-35 Yesterday la ParllamsiiL NKbl FUgtn 1 S 1 . 

New Thriller 


Eyt/tta. ytfetL.-fXA'Gpsaz: a « 
of AiL to. Mtov.- Three Spectacular 
Root Stows 10 AS, 12 AS and 1 «ftS end 
«r>toto Qt- JQhonv Hmvk to vrorH t ATrlends. 

Of AS. PricesLs, £ 4 . cs,-£ 2 . CAa{ ?PT.H t ,S 69 , P<d ii Street. Lowtiun. W.l. 
T%Tl«"f l"ia” » 22 . Jan. . "BW : 

MARVELLOUS ENTf RTAINMBNT." S. 1 11 - 5.79 «s< Shower MMntoOtraad 1 »m. 

T “ vERY B> Eicm^ , G Q - S >^ R nm^* NV- J ^ 5 S"SR 8 JO. } Mon^ri. Stoep B»S«L 

fl ^ de ,s «- ^rnS^JL small Carter is.. 2 J 5 Wiihwii'vtoUns mo London Lire. 120 J pm cSTTu. 2M ^ f ltu nm “- 

wSto - Hld * B * a ° lm , 3 -® R« 4 l»saa« of English 206 Showcase. 4.83 Rome Ran. 620 Look, 3 no SaTsoa lm! 

«JB mn With Radio Sh,?™' '’S* L 22 L Lopdooers. 8 J 0 pSjL 8 ED 6 lN^bri jUL?A MCXENHE 

I Din 2 Library of records 'S'. SAS Hnmewara. In Concert. 18 JS 3 Lale Nlsbf London BENJAMIN WHIthow 


"This must be the happiest laughter, 
maker In London.- □. TM. "An irrtolst. 
IBly enjoyable evening." Sundav Times. 


•. wfik British 



ST MARTIN- 4 . CC. 836 
Met. t«l Sto,™ 


01-038 775 S 


tn. 8 . 00 - Mats. Sau. 2 . 30 . SEE HOW TA^K OF_BU rtWII. CC 01 -734 50 S 1 : 
THEY RUN. A farce by Philip King. Alr-conclltlQiied. - From JJfl -pbW 
"An evening o* unadulterated ’ laughter.-- DanOng< v- 3 Q SU PER REVUE. . 


REVUt - . IrtltH. 7 . 00 - 

'P1 eyeway}. Geoffrey Hares 'Geoff of ■* ii tiwwi »« uwian ■ 

Rainbow) In CHRISTMAS PLA V I IME. VauhcviLLF “CC nl mrli • 

?To 0 2 V n J r2 1S^^ flnd *- 30 ’ «■«■» Wwri. 

11.00 and Z. 1 S. PATRICK .GASLAN D -S_A^pta boo df 

HAYMARKET. 01-930 3632 . Red. Orito 
grey. Tnt. a _00 Opens Tpmor, 7 .oo. 
Sub. 8 . 00 . WH. MB, 5 ut 4.30 end 8 . 00 . 


end IAN OGILVY to 

SCUTMore. Open dali| 

SdSdays_ .2jyto -.gffi 1 


"A nover: and Mroshinp eventog."- D. 

Tel. -NOT Since WILD OAT? HAS 


Ifae Day. 8-35 Yesterday la PartlamsnL Night FUslil 1 S 1 . 

end IAN OGILVY to 


The Pegpl*. “Amstitoiwte. and Itnrny.- Gdn M«n..W.- .Ta^o^ ^<2 

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Minorities in the maj ority Blachcr s Requ,em 




Vernon Handley and the wide-ransia^ cbronialit scales I 
Guildford Philharmonic have a rising or falling (in the Smcfiul 

• - occasional derisive imitation of you know. . It/ derided in call And voir will have noticed or reaching that pluralist hoi en. ytrtl temporarily forgotten. They 

the^Coo, ain’t ‘e posh: " variety, itsett- Empire flood and tl*al course. 'that another often rbarin- lt duos soo,n rather a puy if the (chose a rare tuti fur Saturday 

reflected mainly^ 'dnlhe exclusively with 4»lacks.. ins BBC 2 series. Counirti Game. on, . v ’ A ’ a >' ,s 10 so fr-mi the evening's concert— the Requiem 

jeerer. _•••-• . j ■*;/_■' ' Ir got: itself- talked; about on a which used to he presented by ridiculous to the ridiculous. jop 58 by Boris Blather, eoni- 

NowadW?. however, - a Clear- ' - 5BC l programme eniipH Julian Pettifer. i.s now hems pre- There must surely be a middle missioned h> inc Vienna Konzer- 
speaking WEM (Warte Engusb fersiaht In Town loo. This ficnleri fa y La Rippon (who. inci- course between a system which a , J? c ;\ s, . ven there in 

male) aSKWE^Xai^ advice oh the an- AD series, 1 natural tv dentally, in her other role as discriminates against nil except 1958 under So. ti. with the chorus 

best wof. 1rr*ng . :.»? has a female presenter — u,- «**w* reader, has taken to pro- WEMs ami one which diseruiiin- 01 u n?akadc,n!c * 

a job in TV news reading, talks, Valerie Singlet r>n _ nouiwltm “ Ruerriilas '* to rhyme wtes solely against them. Under Bl3Cber - who died five years 

an.d.M ^,^ou3d receive * very and sh g tfiscilsSBd Empire Roud wilh “ penlnus " presumably in the new set of unspoken rules. a§o. wa* a Berlin composer of 

simple , fflsyer^ from any • stlPC blaelr aiT-int writer Mi. h.if .1 order to avoid any chance of any southern WEM applying for Baltic origin. Though musically 
«*-W ’ gj&li **»**>m AbfnS S^USHmS^M “ *•"«'“ > job u wauling fe« dn.V.r there •*»£* »* «« lua own way 

^me dP v?ho b fon?'ttia nexus or M ^ e Phiilips. Tliey touched on And on the subject of prnnun- ,s “ n >* w^'an. non-whin.', or , [*«_' friend 

martyrs ^ir - mvs ~ tbe fact, that . Empire Road has eiat ion. the presenter «f the quiz weaker with .in impenetrable ^ P P H n m„T,^i 

: !SSSlSi^S5£euS ^ ^tu^Uy no white; People in ,i. anilon of Bruce * Biy Night is northern . accent against him Jn I ?espco^i d / 3 ^ach?r He 

sociologists, and totalitarian ^ nd n Alwr ^f^ >n Ut t * lt ‘ as ll |hmi«h°ii R we thv >onc 1 *. *! runr?in °" [kept his head and his indepen- 

school teach ers/whose views so !fhi5v y in "StiV Z<\ P ! -In - “k „ 0f vM T K ,l - M , ‘T lr ,hat I deuce through the period of what 

' often ‘pass - for ^progressive other programmes. Nobody uas ^ * n pale and wan. Wan women who conslimte half the somebody rocemly described as 

T 'u... The Guildford Philharmonic! 
r.luiir had clearly worked hard. 

not present the sheer difficulty! 
of placing ihc notes that daunts 
singers of much of the music of I 

northern accent against him in 
the running. 

in life, respected a < a teacher He and ,here bl il lhe 5 P ir,t was soc,n : 
kept his head and his mdepen- r « n * v; ® d - .. Hw m»ny amateur , 
ue that | dencc through the period of -what cho,ri! ,n ^rmany or Austria. 1 . 
half the somebody reeemly described as v «nder. would tackle this work; 

excreting reactionary ideas. consider those, who have turned increasing incidence of female- ^ t>nI jobs. Sue MacGregor, for i (he city's humour. His orchestral If**** there may be more lyricism 
But this, loose alliance is up this .winter:; centred fiction scries from CNa 1 l!| P ,t ‘* “ nuue outstanding! t oncerianie music and Paganini in lhe score than appears at first 

careful to nndcr-estim ate its own BBC 2's Word ft*? Word Cburftc*.i .Aiipel.t and Bunin- :| nd will, no doubt, go on in much ! Variation-: wnn a certain ponu- hearing. The orchestra has a 

influence. - The fact, as any brought us ViAy. Payne, a lady to The Fuundatum and " rt,;j| cr things (assuming she [ larity in the 50s and so*, as did comnaram-eSy easy time Their 

viewer's' own observations will who appears Wi' he- at i mi ng her T actum v ia Butterflies and l.tllie. wanl<t ,r,t- 'lhe satirical opera Prcuxsixches sood Mua'il) had been shown in 

prove, is that the mexus- and the name every : time. sho . cranks up Furthermore, when you do get It is also true, however, ihai ’ Afiirchi’n tho preceding work. Mahler's 

other, lobby, groups which are her smile. . ••/>...'• a male-centred series it is lifcely a tut of wiiat is hapjo-ning is’ The Reuuicni. which lasts Lieder eines luhrenden Gesellcn. 

steadily usurping ; the TOje of - \r'/.r ... | about 45 minute*, is written for whose melodic wealth made 

— mm— — * — J - | full chorus, normal orchestra Blacher"? austerity seem posi- 

" I with four percussion players, lively self-denying. In the songs. 

the preceding work. Mahler's 
last 1 * hteder eines iuhrenden Gesellcn. 

steadily usurping the rbje of 
politics., local government, and 
intelligent argument in our 
society, have also got the broad- 
casters. on- the ' run. 

Thanks to the devolution lobby 
regionalism - is “in'* and conse- 
quently the Welsh, the Irish and 
the Scotch (good enough /or Sir 
Walter and good enough for me) 
are in too- The English are out. 

Thanks to the Small Is Bcauti- 
furtnovetnent we ndw know that 
big organisations of .any sort and 
particularly big cities are bad 
whereas -small organisations and 
especially, small cities are good, 
so scrappy prtmn'cialUm is in. 
Smooth metropolitan centralisa- 
tion is' out: •"■.'* .■'*.■-■ '* 

The. south is wieked and effete 
and well paid and the north and 
Midlands are honest and . gritty 
and badly paid so the North and 
Midlands and Northerners and 
Midlanders -are. I in. " The South 
and Southerners are out 
Minorities. in. general are in, 
and black ones in. .particular.' 
Majorities are out. 

Above all, nf course, women 
are in and men are out. 

If you think this sounds like 
an absurd over-statement the' 
reason may. be .that a lot of pro-: 
grammes And appointments dat-_ 
ing from BC (before' the : camj-' 

Brian Cox and Many Cruickshank 

I. i'i "iilul Hint 


with four percussion players, lively self-denying. In the songs, 
soprano and baritone soloists. Gwyn Griffiths displayed a con- 
The language makes much use tralto voice fu lj nf promise. She ! 
of the interval of a semitone — must however learn tu keep still j 
not only for liavuiring tbe har- on the pial form and tu move both I 
mony t>u» for i hemes moving words and tone forward: feeling J 
stepwise in demilunes and fur by itself isn't enough. j 


Queen’s Hornchurch 

Babes in the Made Wood 


This may nut 

musical ensemble 


To my mind, Paul Mills's HHii. U Is scored for 

Herod is cot a play but a short lhrco saxophones — soprano s;«no- 
uratono or i.vntata for small phone*, omstlx. hut tlicy change 
on heslra. ihre ( . singers and six i»i baritones now ami ihen and 
sneakers. Seliaslian Graham- make a very ^ir.ingL' .mund with 
| Jones, the director, has tried in them — tw<« haiK-rii's of jiemts- 
( introduce ■'omc dramatic quality ston. twu sopranos .in<l ;■ euunlei- 
into it hy moving hrs aiinrs icnur. The ?ound. to me. is very 
lift ween differeol points on the cold and unfriendly, villi much 
stage (which retains the long, unison, many open fourths and 
narrow plan used for Hus fifths, seldom a nice cusy triad. 
" VV<u. hi nffiim'' Lena?), but there It has been composed by 

new children's play by David electric keyboard, percussion ■* Wn.-hinffiim " Lens'* ) but there It has been composed by 

Wood, but ii certainly kepi an and haro Is loud and nredlcteblc. is on |y one moment of real Harrison Birtwistle and Dominie 

audience of tuts on their toes, '''o'ch may have to do with the dramatic at turn, the symbolic Muldownev. Whichever of them 

Mr. Wood has taken on panto- !?. ss r ^ an * n ??' 1 r a, ”* na l "tusjf ond i;iiij n n l( f a i-hiM by two •■nldicrs d was that gave us the final 
mime elements and mixed them, „ r,cs P. rt,v ! d , .?■/ Jr". ; before its kneeling mother and fantasia on In dutci jubilo earns 
not alwais i„ 0 happily, with his {!”*" 2f * J Hrl * a frowning Herod. The rest of my thanks for bringing me back 

own special line in nursery book ^ "'f: 5,! 1 M,J d ?h„ a , ,1, the evening is reeitatiun or f»' n »' far space t“ In tho begm- 
fantasy. Tim babes are Simple fn/ nonkeJ eoe? down S mtwic. The a.-tors never artually "hig spa-e was an explosion 
Simon and Contrary Mary, their ,no L,onKe > BOes uo»n a treat. take paft j n lh(f mus j t . eX cepl in » re ,h o opening words of the 

not always mo happily, with his r . 
own special line in nursery book Jl 
fantasy. The babes are Simple 
Simon and Contrary Mary, their 
mother a not too abrasive panto 
dame. Widow CrocketL who pro- *T 
duces children's toys by special 1 

appointment to Father Christ- 

The robbers arc a couple of 

S rtSSKKS ‘ Un 63110 in maschera’ i,s “ r,s 1 

appoinn^n, lo Falhpr Christ- change of cast “pom It ”, twJr 

, . . . The Roval Occa Housp Coven't ma?i| V wilh Herod's reflerii 

The ro -hers arc a couple of r. jr d en ' ha^ann cTunceri tha as '■■onsiders the position 

P»^«d TrShS? 0 ;^? ,d '"*v>"wi«U is t"naSret? ac «pl I" 11 , 1 "-* «'«! 

Kick- ana .>uk, wnose unaerrea h -_ . ho f - rthWrtm !„ u the land, but his thoughts ra 

melodrama (using the word in P oer " 1 an(J returning me to 
its original sensei Earth and Christmas time. 

.. . . .. 1 ritn hardly praise ihe acting 

Mr. Mills has not Arittcn a for fhtirp jsn t anv But at any 
dramatic poem. It js concerned rHle Mark McManus as the Arch- 
mostly with Herod s reflections „ nM , und as Herod's Amiiaer. 

sade) ire still around. "Richard .' s- ty- • - . kick- ana .sick, wnose unaeriea LYf ' ”7'i " 

Baker*.; ^ijd r . .Kenneth/, Ttendall.; . T ?'.^ ,en . e Singleton, Moyra firemner and Sue MacGregor Donkey is appropriated by the his lontrdct Toi 

acquired their jofisrfiirYijns&Tica, . ; v; ' 1 • • •• • children.- The robbers exact rev- P. e rformance.s o 

in the 4a$r - when it- was stWT '. 4 „... . . en?e by dealing the Widow's ‘ erdl * 1 n bu 

acre^able to appoint well spoken a ?°,. ;,! n heset in the Midlands or tlie sheer tokenism of a counter supply of toys, and the ensuing because of a cl 

white - £ng]ish- males - as news -r naI ' v ^ commeice.have botn North, whether it be an adaoted productive sort: il does not help chase finds ;is in a magic wood — ™ents at the M 
readers. But iF you consider just iHuntingtou-cr in Si-ol- any minority or under-repre- white trees with tinkling boughs H ’^. se - New ' 

those programmes and appoint- 0 2-i t ^^ m ^, S5 ^ TLS ^ e land ),_cn original serial (Fallen sented group to have one or its — where the Fairy Godmother mcenzo Sai 

mpnfs which have been made AD ±Sremncr on Nero in rugby league land), or number appearing on screen reveals herself, in a sour Act One s ! nR , 

(after the -deluge) it does not “ 3 „ -MQBfy,yFropra»me. a rare collection of plays from simply hy virtue of coming from climax, to be a splendidly attired * ,nic ' v,!t " Tb f 

look like a wild exaggeration at .3*7 j igh i People London Weekend fSu- P!a;/s by that group, ir they are then Suoerwitch who devours sweet [ pr,Tian ve^taKe 

aD. . - We 3E? nc ‘ ‘‘hose an. Alan BenneM, the first set in going to prove lo eve r>' viewe r in little children after stewing them ^ r 1, “*• 

Take soap operas. For ■ J* J® ,, mS?' >. a Ha ii. fax) ' , .. . ... the land that one of those dreary in a steaming cauldron. and fa - 

we have hid three regulars: wh?se^TOta/is sha wl sayloi S* Vrl S ld sol ' til f r " , WEM * wou r ld h: ‘ ve The best moments are in the 

Coronation Street Cros.<frnaA~ ^ call itterly S/ nn iil b r;n !lf^ VI Jn do n? ^ job belter (or. if we are Widow's toyshop, where a trio »- 

and Bmanettiate FaTm. The first SSaSoi^rd? and one of the SSi tnfV? lkma ° ab0Ut pr ° P l e bul bf inanimate dol!s-a Raqdoll. a 

z ^ * - ,„ R a °jirA% w Ms B i rt J°s° n '? ssfsr & 

Comes in and that is set farther sinrie virtue of bei n« wi I line to Not * however, so. I arlually system in which nobody feels strobe lighting effects, bul is 
north again. - - Y askf ahiolutelv an ybodv - abs^ believe that in a nation os obliged to pick a WEM or a Ma,-k oilierwise appropriately sacche- 

When -BBC 2 came up with an lutelv anythin") * diverse as this the old broad- or an Irishman but can simply me. with colourful sets hy David 

early evening soap . opera - this Another new“ London Weekend ca5tin * service dominated by pick the best person for the job. Knapman. 

season did it. opt instead for. the series. Look Here, is presented 
routb* Cff T course not. ft opted by a Scot, Andrew Neil. Book reviews 

he position he anr i B r j an r; ftX as Herod, and 
‘rival king in briefly as Joseph, brings rcson- 
thoughts range aOW tr. what must b t a pretty 

i_I ments at the MeVropotitan Opera <hpJr do . cc f- lhr « p kings. j n n Hmc. space and fortune, is 
hs House. New York. Mary and Joseph. designed by Sue Jcnkinson. and 

ier Vincenzo Sardinero will now Tile music- is intrinsic to the sbe has built a beautiful plat- 

an anything composed since 





Music everywhere 





. 7% 

-. ' + 38% 

. _• 1958 -- 

+ 34% 

+ 54% 

.19® ..." 

+ .50%.. 

+ 112% 

'1980 . . 

- 11% 

“ 10% 

.1961 • 

- 1% 

+ 34% 

1962 • 

- 6% 



.+ 14% . 

+' 38% 

1964 - • 

. -12% . 

■; + 10% 


+ ’• 4% 

* +• 15% 

• r 1966 ■ „ 

- '11% 

+. 22% 

1967 - ' 

■ + 24% 

- + 42% 


+ -29% 

+ 58% 


- 20% 

- 4% 

1970 s 

- 16% 



+ .39% 

* 56% 

197Z- " 

'+ ;£% 

+ -74% 


- 32% 

- 16% 

: .. 1974 

- 52% 

- 27% 


■+ 131% 

+ 300% 

■ 1976 

. - 4% 

- 6% 


+ ■ 35% ' 

+ 73% 

1878* . 

+ 1% 

+ 7% 


- + 8.8% 


At the beginning of every year the !C News Letter selects a 
number of shares (genera Hy six) for capital gain over the I'd towing 
twelve months —.its Star Nap Selections. 

- - Tbe table above-shows. theicumulative 12-month performance of 
each year's Nap Selections over the last 22 years, including that of the 
1978 selections, tf you'had invested £1.000 ki the. 19&7 Nap 
Selections and reinvested the proceeds at the end of each year in the 
new annual selections-, your initial £1,000 wtxfld now be worth 
£220,297 (before gains tax and expanses) against a mere £2.226 if 
you had the FT index and £4,381 if you had managed to 
keep pace with inflation. 

In addition to its traditional Nap Selections, the tC News Letter 
gives regular, weekly recommendations. The overall record shows That 
its recommendations have beaten the index by a wide percentage 
margin averaging into double figures on an annual basis. The News 
Letter also has an impressive track record with Hs general market and 
selling advice oyer the years, eunpportsd by. the many appreciative 
letters received from subscribers, and it has extended this to other 
important investment areas: ' ~ " - 
. : The 1C News Letter, published every Wednesday, is available on 
postal subscription ohty. Use the coupon below to order' your 
Subscription now, starting with the 1979 Nap Selections. 

. . Many regular subscribers describe it as their best investment ever. 

• -musewNW f"y n«m U 2 subscriber wth'lhc 4 Janiucy 1979" Nap Sriscaon tsw*. 

I r«tow^ . - 

r~T C 3 SOOtoono»K(t 40 Wwii^«rt^UfQ{mdocle*flirgWodw) 

I m : rimiiiniWetfarEJSJe .' 

• "(Chttiuejid benwita'pijWife BUnpunan Piifaiiwa lid.) 

' The Complete Operas of 
Mozart, by CbarlPS Osborne 1G0I- 
lancz, £7.50, 349 pages) packs 
a great deal of infurmatiou into 
a- relatively short bonk. Each 
opera, from fhe Mchuldigkeit das 
ersten Gebois, written when 
Mozart was- II. to Die Zauber- 
. jlote gets a chapter to itself with 
full textual and musical analysis, 

: -While the composer's life is used 
as a thread on which to string 
r tb'e operatic pearls. Naturally. 
r tbe viewpoint is one-sided, as 
• ion-operatic works get only 
. cursory mention, but the method 
Is a valid one. Charles Osborne 
treats the earlier operas fairly, 
though once or twice he makes 
claims for a piece that is of 
particular ' interest mainly be- 
cause it comes from the pen 
of the' youthful Mozart. His 
chapter on I domeneo is a model, 
tbe best in the book, ami he 
covers three great Da Portle 
comedies adequately, though Don 
Ciortmni would benefit from 
further background material. La 
ctemenzu di Tito gets neither 
sufficient space nor. in my 
opinion. Sufficient credit, and it 
is scarcely possible to do justice 
to Die ZauberfU’tii in 23 pages. 
Nevertheless, the book will 
'surely prove as invahiabie as 
the author’s study of - Verdj 
operas has been. 

Benjamin Britten- Pictures 
from- a Life, compiled by Donald 
Mitchell and John Evans (Faber, 
£15, 440 Illustrations. 16 pages, 
tables and index), though fasci- 
nating and informative to 
admirers of Britten’s works who 
already know something about 
his life, will not yield much in 
the way of critical opinion on 
the composer’s music in those 

-outside the charmed circle of . 
Aldeburgh: Donald Mitchell’s 
authorised biography will no 
doubt provide that. Meanwhile. 
Britten's childhood and youth are 
illustrated in compelling detail, 
while the years that hie spent 
in America are well represented: 
two studies of the composer and 
W. . H. Auden during the re- 
hearsals of Paul Bun/ran vividly, 
evoke the period, while a photo- 
graph of Britten wilh Peter Pears 

seated at the piano dating from 
tho same year 0.941) contrasts 
poignantly with one of the same 
iwii men, again seated at the 
piano, taken jd Germany 30 years 

After an unfortunate introduc- 
tion — “I was in Venice. Tbe pre- 
vious day we had been eating 
fried squid near tbe Fenice . . ." 
— Mario Callus: A Tribute by 
Pierre-Jean Remy (Macdonald 
and James, £6.95. 192 pages) 
becomes one of the more percep- 
tive accounts of the great singer 
among the plethora published 
both befure and after her death 
in 1977. The author, too young to 
have heard Callas in person at 
the peak of her career in the 
early 1950s, nevertheless des- 
cribes those years most graphic- 
ally. in particular the legendary 
1954-55 season at La Scaia. when 
the soprano appeared in three 
new productions by Luchino Vis- 
conti. as tbe titular heroines of 
Spontini’s V estate, Bellini's Son- 
Rumbuia and Verdi's Tropiate. 
M. Remy also picks his way skil- 
fully through the scandals, 
rumours and gossip of the diva's 
later career. He is not so care- 
ful nor so accurate when it comes 
to operatic history of an earlier 
period, and some of his musical 
generalities would be better 
omitted, but the centra! portrait 
is recognisable and sympathetic. 

Among performing artists' it is 
not only singers who behave in a 
manner larger than life. An 
Autobiography, by James GaJway 
(Chappell/Elm Tree Books. 
£5.95, 181 pages) shows that 
instrumentalists also develop 
their fair share of temperament. 
Anyone surprised that James 
Galway should resign so soon 
from his post as principal 
flautist with the prestigious Ber- 
lin Philharmonic will, after read- 
ing his book, wonder how he 
tolerated for six months; let 
alone six years, a discipline so 
foreign, in every sense of the 
word, to his nature. Before going 
to Berlin. Galway had- exhausted 
the BBC SO, the LSO and- the 
RPO as well as Sadler's Wells 
and Coven l Garden orchestras. 
But the chapters on his child- 

hood in Belfast help to explain 
tlie prima-donna attitudes of his 
subsequent career. Young Jimmy 
might well have become a 
juvenile delinquent if he hadn't 
spent the major part of every- 
day playing his flute. 

Conductors are not exempt 
from temperamental unpredic- 
tability either, as Toscanini by 
Harvey Sachs (Weidenfeld and 
Nicolson. £10. 380 pages) amply 
demonstrates. A “ biography not 
3 work of musical criticism.” 
Mr. Sachs' book makes use of 
much unpublished and hitherto 
untapped source-material, and 
10 anybody interested in the 
musical history of the last 100 
years will be an inexhaustible 
work of reference. The years 
between . Toscanini’s un- 
scheduled debut as a conductor 
in Kin (1886) and his first 
engasement as musical director 
of La Scaia (1$9S) are especi- 
ally well documented. Again, 
the" author is ton young to have 
heard the subiect of his bio- 
eranbv in person although as 
in the case of Callas. a huse 
legacy of recordings is av.-iil- 
Ab’n 10 the wotdd-he critic. Mr. 
Sachs modestly keeps to contem- 
porary accounts and opinion 5, 
quoting liberally. . With Tos- 
canini. man and musician are 
inseparable. • however, and the 
author’s somewhat pedestrian 
style cannot conceal his hero- 
worship of the great parmigtano. 

*• A conductor is a good hate- 
symbol " one of the Philadeiohia 
Orchestra Players is quoted as 
saying in The Changing Fnce of 
Music be Hugo Cole (Gollancz. 
£7.n.i. 1 R 0 pages), a stimulating 
deecrintion oF the present 
organ Nation and dav-to-da« reali- 
ties of musica' life in Europe 
and North America. Mr. Cole’s 
i*h3PP*r a °fl section headings — 
Rewards -''nd penalties of orches- 
tral ii!* Com oncers in the throw- 
away ace. Death of silence an** 
The through the p-vt? o r 
The T’ rc " : < , dt— • °»ve come of 

rhe widc-ranpiijg • siihiect-mat'p’- 
in his bonk. His contusion: that 
we cut ourselves off from the 
popular roots of our musical 
culture at our peril. 

The Financial Times proposes to publish a Survey on Merseyside. 
The provisional editorial synopsis is set out below. 

INTRODUCTION Merseyside has suffered as much as any other part uf 
the UK as a result of the prolonged recession, but there are signs that 
some of the area’s traditional self-confidence is beginning to re-emerge. 
The area’s strengths and how it. hopes lo capitalise on them. The progress 
made in welding the new county, created with local government reform 
in 1974. together. 

ECONOMY Merseyside’s major problem remains unemployment, with 
more recently established groups joining traditional labour intensive 
industries, such as the docks, in' reducing their manpower. The efforts 
now being made by the county’s new industrial development body, 
MERCEDO, to stimulate industrial growth. 

INDUSTRY Despite a number of well -publicised closures. Merseyside 
remains one of the key UK manufacturing bases with a substantial share 
of the nation’s chemicals, foodstuffs, and "engineering capacity. 

SERVICE SECTOR The service sector on Merseyside has always been 
large because of the importance of the port. The growing realisation of 
the contribution service employment can make to the local economy. 

INNER AREAS The Government is closely involved with local 
authorities on Merseyside in efforts to regenerate rundown areas. The 
incentives available and the progress so far. 

THE DISTRICTS Merseyside is not just Liverpool but other towns as 
well, including St. Helens, Birkenhead, Wallasey. Southport and Bontle. 

THE PORT A marked improvement in industrial relations for some 
time. Traffic has been concentrated in fewer docks and in the new 
£50m Royal Seaforth container terminal. 

THE AIRPORT Liverpool’s airport is looking forward to a new 
period of prosperity following the arrival of a new scheduled service 
operator with plans to develop a number of new routes. 

RAIL The big improvement in recent years in road communications 
within the area has now been followed by substantial investment in 
underground rail links. 

INDUSTRIAL RELATIONS Merseyside’s labour force has a reputation 
for toughness. To what extent are industrial relations in the area a 
problem for companies? . 

SPORTS AND LEISURE Perhaps more than anything else, Liverpool 
remains synonymous with soccer. A look at lhe importance of the game 
to the area. What else Merseyside has to offer in recreation and leisure. 
For details of advertising rates for this Survey please contact; 

Peter Hutchinson, 

Financial Times, Queen’s House, Queen Street, Manchester M2 5HT. 

Tel: 061-834 9381. 



The eastern, size and publics uon dales or Survey* m ;hi Ks'wk'uI Tiui. >. ar« subject 10 cbuncc 
— ai lb..- discrciion uf iiu. £di|ur. 

■ -if :, vwr 

■r >i 


* '* ••..•!. » . .’*••• .* i-t' 

Wk gWBi K Finantimo, London PS4. Telex: $36341/2, $$3897 
Telephone: Oi-248 8000 


• Financial Times' Wedn^dasr D.^embe^ 

Wednesday December 13 1A7S 

IT IS IRONIC that pay sanctions been extended in order to buy 
should come under the probably their acquiescence in past 
hostile eye of Parliament just attempts to treat the symptoms 
- Prudent Carter iS prepar.n 3 ~ ~ C^nlttZ 
to follow the British example, poUcy v;hich a ii t hat now 
and deploy Federal purchasing survives uf them, were simply 
power in support of a “vulun- successive atiompis to evade the 
tary" incomes policy — a tact rpa i and very difficult- issues 
which the Government may welt which bedevil pay delermina- 
cite in its own support. In duin.q tj n n j n this enunfry. 

sets: e r a faujiy 

vinced from the British example s y slt ' sn can ,:, P piate raorc or 
that sanctions do work. Ministers less well. There have been some 
share this belief, and there is encouraging signs this year that 
some aneedoLai evidence in their the damaging futility of exces- 
suppnrt, including some ex- Slvt . money settlements is more 


HE IRANIAN crisis is the target of $59.2bn required heavy 
most important political borrowing at home and abroad, 
and economic event Since then, there- has been a 

in the Middle East since pay increase for 900,000 civil 
the 1973 Arab-Israeli war and servants costing some $2bn. 
the consequent rise of the price Some 61,000 oil workers have 
of oil. Every effort by the Shah received a rise of at least 
to stabilise his position by re- 22.5 per cent, though strikes in 
pression or conciliation has so the oilfields may well bring oil 
far failed. At the beginning of revenue down to $17bn this 
last month he installed a year. The Government may 
military Government tu restore well have to let foreign ex- 
order in the streets and end the change reserves fait below the 
crippling strikes in the oilfields $iobn mark, 
and elsewhere. In this it has ^ ^ e Iight o£ ^ shortfa n 
signally failed. Riots have con- ^ revenue, the Government 
tiuued, culminating in last Sun- inevitably cut back on the 
day’s huge but peaceful demon- more ambitious projects. But 
stration by much of Tehran s jjj e c jj aos j D Tehran, the rapid 
population of 4m. Strikers had Ganges among senior govern- 
by yesterday reduced oil pro- ment officials, strikes, in the 
duet ion to 1.3m barrels a day, b an ics and ministries, and the 

a tuples in our own industrial widely understood — not only in| a Quarter of normal. concentration on day-today sur- 

survey. Sonic pay settlements jfo c public opinion polls fwho-se i Along with the CIA, recently vival by the Shah and his 

may be some* hat reduced by support the Prime Minister trill 
tiie threat of sanctions. niJ doubt plead in aid) but in 

Purely pray malic arguments shop- floor rejection of extreme 
of this kind should always be. militancy. The Government 
treated with the deepest sus- can claim some credit For this 
picion. They can always be realism, which is reinforced 
advanced in favour or abjection- through ils own firm monetary 
able policies, from bribery to ami exchange rate policies. The 
torture: so indeed can the Gov- real sanctions of foreign com- 
ermnent's second line of petition and restricted credit 
defence, the so-called national are making sonic impression. In ! 

interest — known under more this context r/?c Government's 

criticised by President Carter Government mean that there is 
for its failure to foresee events little by way of lotig terra 
in Iran, Governments, hanks, economic planning going on. 
companies and most newspapers The planning and budget com- ■* 
had all clearly under-estimated mission is meeting to prepare a " 
the depth of the unpopularity new budget. It is rumoured in 
of the Shah's Government. For Tehran that it could appear soon 
many the business Eldorado of but it is unclear . on what 
three years ago is turning into economic assumptions If any, 
a nightmare. the commission is operating. 

Attempts by the Shah to bring Progress payments from Iran 

openly dictatorial forms of Guv- pretence that it is only 
eminent as '*rc3.sons of State.” Ministerial resolution which 


Parliament should nut be stands between us and an 
trapped into debating this issue avalanche »f huge settlements 
on the Government* chosen js actual lv slrengly counter- 
patch of low-lying ground. The productive! The 'system will 
issue is unc uf principle. work when it responds to re%li- 

Thc ISSUC tics. not tu vote-catching 

The issue is nevertheless at , .. . . _ 

first sight purely economic. The * n addition, the Government 
Guverntnent is waging quite an 
impressive campaign against in- 
flation; the task of reducing 
inflation is very much easier ... 
pay settlements are moderate. its rigidities and anomalies is 
Therefore. Ministers argue, any- tost inflationary as excessive 
tiling whatever that reduces pay P a >' claims would be. As the 
settlements can only be opposed Prime Minister likes to argue, 
by those who want to undermine the arithmetic issue is one ni 
the strategy against inflation. l,nlt costs: he fnrgets that the 

This reasoning is far ton e,:0 nomk - * ssu ^ ^ow 

narrow, and Tail* to distinguish P , urfl,ce . . a , functioning and 
between symptoms and causes. respot,slVe la>:0llr market. 

If the British system nf wage Finally, there is a constitn- 
hargaining has developed a tional issue at stake. The sanc- 
slrongly inflationary bias, it is tions policy r- not only arbi- 
Ihe system which needs exam- trary and damaging. but it has 
ining- The most cursory exam- no Parliamentary authority 1 of 
ination shows an excessive any kind: tonight it will he put 
concentration of power, some- to the test. Minister* may not 
limes mi both sides of the regard the sanctions issue as a 
bargaining table. Over-con ven- resigning matter, but at least 
traiion in industry has bean the policy itself must stand or 
encouraged in tile name uf f3ll by the vote. The shabby 
’* industrial logic more Ini- pragmatism which supports it 
purtant and more irunically, the offer*, no reason at all for defy- 
privileges of trade unions hare ing Parliament 

( - ... i puj 1UVUW MUIU jltui 

f the more moderate opposition. jj ave oiyays been subject to long », v . 

leader, into a coalition Gnvern- ^gjayg, go that it -will be soon: 
ment have collapsed in face of before it becomes clear 
the intransigence of Ayatollah ^ow seriously companies will be 
Khomeini, the main focus for hit BelI Helicopter Textron 
opposition. But the moment j or tb e moment stopped 
when the departure of the Shah WC)r k on its helicopter co- 
would have resolved the crisis production deal, costing a total 
may well have J n ''~~ 

attoek appears 
broadened into a general 




( 1 $ 

. ^ r . 

:. , f >b;?5 
•i ?,.v- 

Riots in Tehran: demonstrators make a bonfire a jeep and of furniture' dtoggdtt frAth a bank- 


liVelv to produce a stable Gov- Ahbas. is reported to be owed strikers’ demands. American 
eminent in Iran capable of some SI 80m. Bell International had some 

formulating long term economic 
pnlie’es. The numerically mas- 
sive Hut inchoate opposition is 
united primarily hy its dislike 
of the status quo. Western 
interests involved in Iran are 
.therefore faced with a crisis 

not only far bigger than they . . 

had foreseen as recently as six u,t ®® t on avoiding making too 
months ago. but one to which vociferous complaiota. They 
ihere is no e-nrf in sight. 

ican many. In the first half of U& dritered in the years since 1973, Peugeot hajsa - 

e of vear must of the DM 3. lira a cancellation is very much on: ment to produce Beugeot 305s .. 
Its staff providing training and {about £828m) West* German the -cards. - 

BankinP cvefpm management to the Telecom- exports to Iran consisted of, .:- Britain is less immediately rai^ priiyid 

DdUHlUg ojMCUJ niunicatioBS. Corporation of Iran machinery, machine tools, pto^ vulnerable than the U.S. to the--Jnortof^fr-partjL -r .. 

locked out by strikers last cess p i ant and vehicles. But last cancellation of mibtary projects, Tftc. Japanese ftave gpres^- __ . 
month. Some 250 of Bell's year Herr Hans-DLetrich Geit if . only because at least ,800 of wonry aboot ihe future 

i lUI. * . ,~Z (ll vj onn fV, .V, Tontc ham. TM&fiT WfflCfi 

The American arms contracts, arms to Iran by declaring thaMton of the Chieftains are being is looking ior backing from the 

— ^ ... , ,h<. cmintrv was nb iimser 'delivered without prnblems. The. .Japanese' XTovernment. The 

- -c - To are aware that the delays are on which many of the e xpatn- of j ension project by Britisb Aero- prospects for! the southern 

take a pessimistic view it could 3 f es . are workin S, could well fall werke . Deutsche Werft oF Kieijfcace to build tracked Rapier! refinery _on which ; ' 3,509 

«? «. SS 2S2.”^ SSS Sar ^^LSSL.’SS” 22S5: ««* . m 


two or inree yean* ■“ rrrrr subsea uentlv won a DM 1.2bn '^nti-airtraft missiles in Iran has Japanese are working looks dis- 

stable and aiithorita- _ Tl ^ c . e “ tr ^„?, ant ; Since President Nixon promised cnn ^ rt fo ^ six aiecttic changed.^ The missUea wiU/tinptiJy better; ^v . 

submarines, considered crucial , n *W be built. in. Britain. .! ' ’ .- All ^ 

in power. — ■* * J ' - - - ' " 

Together with Saudi Arabia 

rhnutrh ^ovemnp lnvf4ts that in 1QT*> Iranian nrdf»r« f nr SUOmarines. considered crqciai .,“*5 up.cirai«4uia wiuw 

- ff is no flfS JaulLiS for 'Hainlaining 1.500 jnhs 

lfcia ba^ closed^and' others S hare apciSSed ^ There are tho Kin] naval >' ard - A further, are reason.-to he worried. . Even:.- 
Iran has provided the largest canK,> c,osed ana 0Ul “ rs aefr have accumuiatea. mere are i.. hpaviiv committed to Iran. .. ^.,. nAMAalJjitlnnti' " VGvVvArlir 

1 14V. 4M'.I Iiaiei jaiu- « ; -a • 4- T ,**« -i#v • 

developing market in the Middle tr ^ d or imaged in the riots some S12bn. worth of arms in W* order for the supply .uf oUjef iout,^ceHatioiisV ntoody 

East. Oil and gas revenue contractors on the spo;t are also toe pipeline'. These include 160 
jumped from S4.6bn in 1973-74 V?1 v, J'V ms of short term cash F 

«. working as sub*iratractars^to 3oote ;forward ^ .-.jindnnged •• 

in about $20bn the next y eat. 


*nie. economic policy of- the 

The Shah spoke of his country What is equally/worrying for P lies »* * ™ , s j ened bv Iran 

becoming the fifth industrial such companies during the next may a so be in jeopardy. So » signen ny aran operations in Tran, IS- currently; 

power in toe world by the end few months is the growing hos- could the Boeing /0 7 Airborne Despite Iran beipg West thought to supenfciug-pro- , ^ \ 

of toe century. Bis civil and tility toward^ the 100,000 and Contro1 System Germany s f Jf r S®^L °! jects in iran worth £7to-£800m,i“^®5J*; u-'JSiStafKSHAir 

military projects, including such Americans, Europeans, and ( AWACb). t“5 Ph !L^ n It insists that its work is going 

items as 20 nuclear power Japanese in Iran. Tlie common with a military Government had a trade surplus of DM worn aheat j non nalIy: Most cfi. it in strike in -the oilfieids shows ins f; 

stations: were planned for an Iranian belief that the Shah's in power the planning and wun Iran to th© first naif of this any case jg outside the.-.maih Infl ifence among the Iranian .j 

t... i; i i„ vear. Kraftwerk Union has 3.000 ^s,t. wtuten. «e - has --already . 

economy lacking the necessary future is mdre closely linked to budget officials may feel con- year Kraftwert Union has 3£O0 C i^ es _ Butta the present crisis ^A^ ! 5 ^ _ 
infrastructure aud skilled man- the suppoft of America and strained to avoid cutting too expatiate spff bniiding two optithi^m couid: be short 3tt^cked .fhe ILS. .nnQta^r 

■ « _ ■. nnnlomr nrwarPT* cTatinTUi nnn nan i • j n AO _ nnn -n. •ix.L . *. on. homir wnmriViJ nfi 


THE ITALIAN Government's um.-hansad. and that the key to; 

decision to participate in the the decision . lies outside the 
new European Monetary System Christian Democrat govern- 
right from its starting date on rae:it. 

-January l has been warmly For toe past nine months the 
welcomed in Bonn, Paris, Bros- Christian Democrats have been 
sols and Luxembourg. On the supported in parliament by the 
assumption that the Italian Communists, the Socialists and 
parliament endorses the govern- the small Republican's. But toe 
moot's decision, the new Euro- left-wing parties have come j 
pean ‘currency scheme will be a under increasing pressure from | 
larger grouping than seemed their ranfc-and-file, because off 
likely at the conclusion of the growing dissatisfaction with the 

power. Britain 

The current crisis clearly te- that 

in than in fact it is means deeply into defence spending, nuclear po^r stations and had Hved Por <^ e \ 2 (jo British cotn- ! tra ^ witooiK benefit 

they face a rising tide- of The loyalty' of the array is h °P es of »> further order. ponies with' offices, in Iran tfie and at the beginning -of -ibis. 

quires a totally new list of xenophobia. Their high salaries clearly crucial to the Shah's sur- It was to have been for four outlook is inevitably Uncertain; month simply stated that “all;. -1 

economic priorities Even taking have long created ill-feeling. rival. This could put the onus such power stations, worth Neither France nor .Japani these contracts which ^cre 

into account underspending in The 45,000 U.S. expatriates of cuts oo the navy which was DM IZbn to DM 13bn. The have benefited very much from -against the national' interest 

some sectors, this years budget are the most vulnerable. Besides due fur a four-fold expansion, company’s chairman, while say- Iranian military expenditure. v»ili not be, acknowledged-’’-- V 



European summit a week ago. prolonged impact of the govern- ! Keeping in peak 
This fact alone may heighten mentS anti-tnflaticn plan on! 

the seuse of isolation of growth and emplovment. 
jv-hich has decided not to join T| p , 3 „ h „ s0 

for the tune boms, and of far , mR . h m0 „ SUOTSS r u] 
Ireland, which drew back at the 

last moment, and could increase 

in holding down growth aud in 

turning round the balance of 

down the inflation rate, which 
appears to have stabilised in 
the region of 12 per cent at 
an annual rate. The central 

the psychological pressure on 
one or both of them to change 
their minds. 


Yet it would be imprudent *o , _ . „ . . 

assume that the Italian decision ? h “* 

has heen made solely on the P 1 "" 1S “ 
merits of the European “ not a s, K" aily . i dr f on J” 
Houetar.- System as it misht f • , sl ."« ' he 

affect Italy. On the contrary-; it C-ovurnmen a on y a,m. 8 or 
looks as thmieh the sovernmem per nnt ,nflat, ‘ ,n yrar 


want to be over 30 for that" — 
but his climbing days are by 
no means over. “When there's 
a power cut I can still race toe 
With the snow off his boots for rest up tho 12 storeys of 
another year, Sir George Bishop Bucklersbury House, 
had bis feet encased in daintier - 

footwear — back under his desk 

has bee n mot i«a tod" partly bv and in 1980. and 8 per cent in City has been.” hi 
has been nmi.a .d part iggi, and its only weapon is bad for a couple of 

yesterday after another round Down to earth 

in his battle with Nature. . ,,,,1. 

An elegaot little office m 

Bishop, 65-year-old chairman London's theatreland might 
of Eooker McConnell, who takes sound an unlikely place to be 
his wife Una, 60. along nn his talking to the first man tu drive 
mountaineering jaunts, tells me a on t f, e moon. But David 
their latest victory was over Scottf ye toran of Gemini S. 
Mrra Peak j21.«00 feet), 30 Apujjo g, aD d commander of the 
miles south of Everest 'I think Apollo 15 innon landing, is 
that's higher than anyone in toe increasingly often in Britain. 

i ih' hoc lann ho cav'c “rVrtt « • < < . n . .. <- 

‘eem“ ly t°u exhorfutieu. But exhortative 

SS* clo*r imepration in .he wi " C^mum-^and 

European Community, but even =“ pp “ ,, . 0 , t . he c ommun s u a nd 

w^ s h°p^e? 

manocuver-ng Lffom, * “ " 2 !“',, 

of wage bargaining is 

he says. “Not w hieh he tells me is full of 

old aae pen- -forward-thinking companies^ 

sioners . . .And were back in generally more interested than 
tone for the Alpine Society ^ir U.S. counterparts' 7 in 
support of the Communists and {dinner. exploiting the scientific spin-offs 

Mera was first conquered by of space travel, 
a member of John Hunt’s Since leaving his job as a 

Like Bri'am. Daly ha c tony 
had misgivings that the EMS d r w 

scheme made t»tf» litfle prnviston 5 .... r .. 

for tho nrnieetion. let atone the they do not lend their full 
strengthening of the to toe governments 

economies in the Conimunilv. jn^mes policy there is even 
and that participation mtoht ,ess . cha " te of 2™ inflation rate 
expose the lira to unacceptable comma:, down. They have there- 
speculatfvc procures In the ^ °P the known reser- 

markel. During the negotiations ' a *J ons °f the Bank of Italy, 
which culminated in the summit an ^ taken their stand on the 
last week, the government that , J )ar bc , ipatu>n in 

secured a wider hand of ftorlua- EMS is desirable, but not 
tinn for the lira than that of the ' ef - 

other members, as well as access The most immediate con- 
ic subsidised credits, but it sequence of this parliamentary 
evidently did not feel then that H»Ht is likely to be the collapse 
these concessions went far of the inter-party pact. The 
cnnugh. Prime Minister may even 

If the Italian Prime Minister believe that his passionate 
has been able to secure a defence of Ttaiian membership 
further improvement in the to the new Community venture 
Terms governing Italy's partiei- will stand him in good stead if 
pation in the scheme, be has it becomes necessary to call 
not been able to reveal in Par- fresh elections, 

Jiament what tois improvement He may also believe that it 
is;* a senior German official has will be easier to negotiate im- 
denied that there has been any proveraents in the scheme as it 
pew concession. It must be gets - under way than it would 
assumed therefore that the be if Italy remained outside, 
reservations of the Bank of This is a point of view which 
jfaly and of certain economic toe British Government, too, 
ministers remain essentially might have taken into account 

“We've got the Italian — 
arc yon coming quietly?” 

grammes which the firm Softpct, 
based in a Newbury farmhouse, 
is putting up for sale. They 
cost a total of £17.50 and are toe 
lighter side of its more serious 
business of selling cheap busi- 
ness programmes for a cheap 

The enmputer. Commodore's 
Pei. is now being sold in 60 
retail outlets for under £700 
and over 4,000 have been sold 
here this year. Blit Julian 
Allason. director uf Softpet. 
puints out that like a gramo- 
phone a computer is useless un- 
less it has something to play. 
He says that programmes arc 
often twice as expensive as the 
computer in which they arc 
being used and has developed -a 
series of basic accounting and 
stock control programmes for 
under £20 each. 

Allason who is aged 30 claims 

Northampton is or\ the Ml, hptfwey between London end 
Birmingham and is dtreedy served from junctions IS end 16. 
Fifty per cent of the UK industrial output is within lOOmiles 
ntfius. It has the following outstanding selecbon of offices, 
factories and sites. • . 




Everest team back in 1953. and d i rector of N AS \ a vear a °o apply to. among other things. !]® v ° * he fi ^f t „. car 

when toe Nepalese opened it for *ij t had got rather" quiet" ' testing oil rigs. He is already 

climbing toe Bishops were Scott " has 7et up' his 'own' com- ^ving discussions with " one ^r^cordw^ 

among the first in the queue. pany> Scotr Prev „ Associates. >’° t ur sraa »^ 0,1 companies" a ® r u od e uc ™ ,J fhe r?7 
Mera has not yet been tainted and now also a British enter- abo “ l supplying constantly at wcll under the n^ce 
by Everest’s near-commer- prise Scott Preyss WraxaJl, to intonation about the w h believes that 

Bishop, who admits that the time He is negotiating with eight - the next seneraUon of rigs. on ey ave 

and money required to nsk his ur companies, he tells me, 

neck in this way is one of the among them Cam-Gears, whoso 

ciaiism: “For 23 days we never bring the expensive fruits 
saw a village or a house," says space travel hack to earth. 

, .. . . . .V amung uieui, whose- • _ 

advantages of his changing sides chairman Douglas Leese is NeW programme 
17 years ago, when he favourably disposed — he Is a x _ - 

succumbed to the blandishments nsrrepr to smtr« British TOf p€tS 

in the U-S. where school child- 
dren. he says, walk into shops 
to buy them. ” Here small 
businesses buy them for their 
VAT calculations, then they 
think of stock control and then 
they move on to chess. Now 
developing computer 

, „ . „ . , _ partner in Scott's 

of a for^’r colleague and left venture. 

the Min of Ag for the City. „ c ' „ . . ... 4 . • After one year l would Uave we * are acveiomne 

Apart from being such an able is n0 ° being used." s^ys* Scot, 0t °ri out h o£ , 0 ? ce ' tni " widows— but I have some pro- 

practitioner, Bishop has also 45 w j, 0 sees applications for * >eache , < * an . d , my h j 3 ^ st5aven ' a grammes for them too, a list 
diplomatising on behalf of - technology transfer” his h nlf yeS , terL of chicken recipes employing 

jssa pSr»,, h Tr kS ss criUM1 path prewdure -" 

i"ct 0c «°1h ri ,0 H drills b ?T"' pe °” s - ; 

tact with pro n n un s He is one of the few ski-ers east Asian state. Pora Singa. Nor 

president of the mythical south Healing WOrdS 

cen re arran e . prc he met. fogging aS ked me if I hated m, mother you"e got going around, ini 

Among other thine; lit would over. Now he is planning to W I replied by putting the same £i e ar up in time But if you 

,n a Hil P 1v^t fQ L Ul ?hf troe " T on . question to it: -I will ask toe want a second opinton. come 

to climb Everest by the true hj s optimism is umvernl. questions if you do not mind,” back tomurrow " 
blue northern route- but he permits himself a littfe came the answer. 

He himself is not planning extra when talking aboat -: a These games were only two 
to climb Everest — “you don’t sound sensor which he hopes $0 of the increasing range of pro- 

btiyce Buildings Immediately available Jh town 
cSritte "• 

Giwyfnars Housa 200 OOOsq ft of offices above the new bu«- 

station - 

Bafsrave House 73 000 sq ft forming part of Grosvefuw Centre 
Angina House 27 000 sq ft in prime. position . 
Othftfproparffes from 500 sq ft to 10 000 *q ft .... " 

Office 5ftes Immediately available in town centre, 

district centre and campus locations 

Tm*m wntre siteef as acres For Up to 300 QOCLsq ftfor can ’ 

be sub-divided to a miremum of 100 000 sq ft) ' ; , 

Towrt centre sites Two for 30 000 sq ft . ' ' ^ .r 

District centre sites For up to 100 000 sqft k Wustoh Farcll V 

Centre >. 

Campus sites 60 acres available « Moulton Park 

UnitFactories at peduhg^yXi 

mams services 

Remaining Units now available bn Phase 3 
5000 sq ft t2S0Qsq'ft L - 



combinations *"■ * 

i4units‘or.r : . 


5 Otjfl.Sct ft arid 2 unite of 12 500 sq ft, - 

Industrial Shes 

available on four employment areasr. • 

IWfurthsrinfwTnatfbn wrfteocpfund 
L BSc FR1CS, Chief 
N cTthwr y^ Devetopnwn^ -.-Ml 

Wtartet.Squato, .Northampton NMT2EN' 
Telapfttww (0604)34734 - . ' a 



■- <2 r»j. 





v V " 1 j- 1 ' "y - . V.L W ^ r . ; 7 ' 2?; 1®"“' j 


NSi iB»SaFSgg‘! , :raMi>i 


' .':; £ '-T^.scsr J 
*17 V 

fair.: 1 


£ < - i * 

13 1978 


Wednesday December 13 1978 

.-■*■ % '-. 4 -, . 

sThe : ’ cpTjstiiz^oiv ■ has been 

L ypiVo-* 


By RbM&abain 

V-.-" Eyi just: anders 8: per' cent, the 
• f.i' ^remaEudc^ blank 

■f - \ foim* ■ ■« • improperly fill ed 
••■ - : ; jjetorivs^-The tnnjjou* was dis- 
appamtiflgly low,- Vfth 32 per 
' cent of the; electorate either 
staying at home through, political 
^ indifference op as.: a means of 
,• protest.. Ixi the two key Basque 
provinces of 'Guipuzco a and 

• Vizcaya there was> 20 per cent 
average negative- vote and a 
further 56 per cent abstention. 

• higher than, anticipated. The 

just: 'nnder.8r.per cent, the rr,, , - _ - ... 

The a PProval by referendum of the new constitution is a big 
step in Spain’s road to democracy. Making this apparatus function 
’• • >.'r." ' ‘ j.7 indifference ^ ojj* .as 'a means " of efficiently will be a major task in the next few years. Another will 

• P&St ^ v x 5 t0 tac ^ e the considerable economic problems facmg Spam, 

B " further 56 per cent ^^^ention, especially in View, of the country’s aspirations to EEC membership. 

. | - • j "® • Basque country -apart, the 

amana V^K^pWOfilrt abstention rate ^obably owed apparatus has been introduced of radical change — which if GovermjK'nii law and order incidents in Malaga and Tenerife 

T WHISK much to Spawaras taking the while much of the oW has adopted would almost certainly effort. The srouble is that the a year ago were discussed behind 

dAArtT nf constitimim for granted. remained. A free Press, ao have aroused the old tensions security forces — the para- closed doors. News of the a bor- 

fiSrlV Approval *ndiMhe consUt u- elected Pahn omen t a ndthe res- that led up to the Civil War. The military Guardia Civil and the live coup in November was 

SmdSriin^^Shf. frf rf^ ,25 bonal ««»wed tored trades unions have grown delicate balance between reform Poficia Armada— were trained leaked to the Press. No Govera- 

ffefwvroAv- on, n ai,™*,! Franco's ' death.-’ :- ln_ • practical up beside the previous pillars and the old regime was well under Franco with no demo- ment statement was forthcoming 

flemrtfrDfflr fnu 0 annvmn'l Kw ^ ‘ •_ * up UCHUt LUC pitVJUU* piUUIS *»U“ UIC UIU IfSIJIIK W3 

™ b R term3 ^ ** ‘ the of the State — the Franco illustrated last month. 

^T^democSe^n^ion- Fu ° da ^ eDtal ^ffL «PI»i«4ed judiciaTy. the armed Military intelligence 

cratic corriraints on their mode until five days after the initial 
dis- of operations. Thus while the arrests and even then its 

which places sovereignty with ^^boritarian series of decrees forces, the Cfourch, the civil covered a scheme by disaffected security forces remain unable to anodyne quality left more 

the people and ^adopts a ^ Uws r . , ’w?rteh Franco service and big business Bieht-wing officers in the armed adapt, there is a risk that ter- questions unanswered than 

“ Mriiamffllarv mnnaivhv” hns employed to g^perii-7-no longer (largely the banks). forces and police to heize the rorism could become an resolved. 

.iraiuuuoiuij 1UVU1U UIJ ■ UUD l„ MMir h4i -.1) fnhinnf hnlrl it _nrnm ..iumuI fn .t c c 

become an resolved. 

if has to 
j for the 
. Several 


of the democratic apparatus f^hid edglness over terrorism. Several Despite commitments to 

by tha :Civil : War . which have- - without wholly alienating the {,* “..j * politica 1 killings have been greater public accountability 

cast such a. shadow over Spain ArifirnVfll- • • - still powerful interests of the °^ ceT:> either claimed by or blamed on there is very little of it to see. 

-for the past 40 years. This is r M , J nUY < I f y former regime. This has meant Lfifl ’ win - extremist group This conspiracy of silence is 

an achievement for which Spain The King, wBa.has since the that the armed forces have been r ^ , ' h , J j“ .h r n ' er ‘ Grapo (Firit «>f October Anti- compounded by the fear on the 

justly deserves praise. ' return of democracy; directly treated with great deference— f, nnt i!I . i n n i h?!! ' Jm* ^asc^t. Mo\ement). But the part of the Socialist and Com- 

- The®eUiboKrtioa -Qf the con* appointed the tvro-iBnme Minis- although changes have taken -nrrarf tnipnn ^ Vih 1 i f h ' authorities have made no con- munist Party leaderships of 

stitution has dominated the ters in office so ^without con- place within the senior com- !,ld « an imramKS vincing offon to explain what exacerbating feelings. They have 

political, some- this year; the suiting Pariianffi&^can only do maud, structure and Defence ; , “ t “ "™'" 1 Vvf oie Grapo is or what its motives Iain low while democracy is 

achievement of a consensus on so now with smriBamentarv Minister General Gutierrez p -y ra Pamu.s. are _ gy It3C . re ^ the begin- being established. One of the 

the articles of ;the.’ constitution ap pro vaL Aflthough^ius powers Mellado is much disliked for The real danger to the fabric nings of the same public con- outstanding features of the 
has Wn the drwnmnmf*£ L doins cn The ethne nf the nrmpd of the new-found democracy' is fusion over the complexion and three years since Franco's death 

has been the Government's are strictly HmrtaFbe is recog- doing so. The ethos of the armed 

overriding concern. The J69- ni Se d as the focus of- unity and forc ^s is being slowly steered now much more in the direction of political violence as has been the low profile stance 

article document . that ■' has t jj e goiter for *jie nation towaj, ds acceptance of democ- mounting wave of politically there was in Italy in the late of the Communists, 

emerged #om special - com-. Eecause he has pla y & such a rac y but n0 one has dar * d t0 ™ otiv3 i ed teporism. This year sixties and early seventies. Yet too much criticism at this 
mittees and eichausfiye. partial kev D t in the^transitional speed U P- for i°^a“ce. tbe re- there have been over SO poll- This tends to lessen credi- stage would be churlish and mis- 
mentary debate .is cumbrous i and h«s the writing of the military code of tw* 1 assassinations, mainly bility in Government insUtu- placed. Overall, the political 

and oscillates. betwMih vague- ^5-. of • ihe - major directed against the security tions— a credibility which is leaders of the main oarties have 

ness and precision. . It . ducks n^icai oartfes and the armed Again, in the case of the civil forces Responsibility for over being further eroded by a stuck together and' adopted a 

some issues— such as ^ dlvoice he will semce » ^ Government has iiaW has been claimed by the noticeable rise in irresponsible moderate posture out of a 
and abortion— which... in the , iiilS+fSii Ja™ heen obliged, to absorb the militant ^ Basque separatist journalism whereby stories genuine sense of national 

future could, provide divisive J™” 11 3 v [ lM . more entire Franquist administrative group. ETA which is de- which are only half-truths are interest. At the time of the June 

and blurs others like the role -”" e - .. . structure including those liberately provoking the printed as fact. 1977 elections the Socialism 

ofthechureh. The particularly .Having the fufl^paraxus of bodies whose function was para- Government by such attacks Government is still conducted privately hinted that neither 

Catholic, nature of Spain, is ownocroey ia one Igng. malong political, saddling itself with a and making demands which no in a very secretive way— a hang- they nor more particularly the 

specifically' recognised 'and it function is anpmeT. For multitude of underworked Spanish Government could pos- over, one suspects, from the old country was ready for a Socialist 

there is no clear-cut distinction some time to come Sas is going mediocre talent which it can sibly meet regime. For instance the reports Government. The Communists 

between Church and State. But to be .. difficult, -.c'nat; has HI afford to keep on its payroll. The security forces are by special parliamentary com- have been more than happy to 

on balance the constitution is a happened since ^ranj&s death Such a kid glove approach has deeply discontented at the missions examining the deaths be a party to consensus politics, 

happy compromise; leaning on is . that . the new;' ofe^pcratic been the only viable policy short seeming impotence of the of two persons in violent For them their signature to the 

there is no clear-cut distinction some .time to come mu 
between Church and state.' But to be difficult.'. ‘‘Ip! 
on balance the constitution is a happened since FraiK 
happy compromise; leaning on Is that., the," * 

— — » u' l . i, i . ifrlnt i ; i- i ' . tfn ii ' 1 i n — .... I.. .A. 

death Such a kid glove approach has deeply discontented at 
icratic been the only viable policy short seeming impotence , of 

Moncloa pacts in October 1977 — 
the package of economic 
measures and political reforms 
signed by the main political 
parties — was a form of “ historic 
compromise " on tbe part of the 

The passage of the constitu- 
tion introduces what promises 
to be a more complex political 
phase in which tbe consensus 
— essentially between Sr. 
Suarez' ruling Union de Centro 
Democratic <UCD) and the 
Socialist and Communist 
Parties — is going to be 
severely tested. 

The Sociu lists are now 
anxious for a taste of govern- 
ment and reluctant to see Sr. 
Suarez consolidate his own and 
UCD's position through to I960. 
Tbe Communists, who control 
the main trade union force in 
the country, would like to see 
Sr. Suarez continue in office. But 
for their support they want 
something in return. Sr. Suarez 
on the other hand is showing 
signs that he regards the Mon* 
clua pacts as a once-for-ali 
arrangement and does not 
want to be seen to be associat- 
ing so closely with the Com- 
munists. for mch a tactic is 
losing him votes on his vulner- 
able Right dank. 

Against this background Sr. 
Suarez, who clearly wants to 
shed the image of a man of the 
transition, has to decide on how 
to approach municipal elec- 

Municipal elections were 
originally expected early this 
year. They have, however, been 
consistently postponed, largely 
because the Government wanted 
to get the constitution out of 
the way first Sr. Suarez also 
knows ftiil well that the muni- 
cipalities — staffed with ap- 
pointees of the former regime, 
some of whom have changed 
to UCD colours — would swing 
towards the Left 

His main preoccupation there- 
fore has heen how to offset a 
potentially damaging electoral 
swing, albeit at the local level. 
Under annexes to the constitu- 
tion he is obliged within 30 days 
of official publication of the con- 
stitution text < around Christ- 

mas) to seek a vote of confidence 
in Parliament or opt for general 
elections. He could well opt for 
both and many now feel general 
elections will be held in the 
spring — in anticipation of 
municipal elections. 

Sr. Suarez plays his cards 
close to his chest and operates 
very much on a day-to-day basis, 
so he is unlikely to show his 
hand until the last minute. The 

lack of certainty surrounding 

the political timetable has been 
reflected in tripartite discus- 
sions between unions and 
employers on wage talks for 
1979. These have played second 
fiddle to Sr. Suarez 1 
man oeu frings tor three months 
now, with the net result that a 
formal wage pact might not 
materialise — only a temporary 
informal one until the political 
calendar is clarified. 

These uncertainties are also 
delaying any revival of invest- 
ment confidence. Although the 
Government would like to 
stimulate private investment as 
the prime motor for reactivating 
the economy, this is unlikely 
now to happen before the 
second quarter of 1979. 

The problem here is Sr. 
Suarez' increasing absorption 
with the politics of his own 
survival. For almost IS months 
now he has stressed the import- 
ance of dealing with structural 
reforms in the economy, yet bas 
shown no political interest in 
pursuing this. 

As a result key elements like 
adoption of a new 10-year 
energy* plan have dragged on 
far over nine months with no 
sign of daylight. This summer 
the decree for tbe restructuring 
of the steel and shipbuilding 
sectors sat in front of the 
Cabinet for two months before 
being approved. 

Thus 197S— once promised as 
the year in which economic 
problems would be tackled— has 
become the year of the constitu- 
tion. On present form next year 
threatens to bog the country 
down in elections and their 
aftermath, with the Government 
still nervously looking over its 
shoulder at the unresolved 
Basque problem. 







A Significant Market 
of Unmatched Growth 

A Suitable Socio 
Economic Infrastructure. 

A Good Export 

People million 

GDP billion 


a m 

Sweden WBm 


Switzerland H 


Denmark 8H 

Source: IMF 1977 

Ireland 1 9 

High Degree of Political Stability. 

$10 Billion Reserves 

Skilled and Qualified Labour Force 

Respectable Level of Per Capita Income, 
Combined with Unexploited Consumer 

Foreign Trade 25% of GDP 
Excellent Transportation Facilities 


fi South America 


Africa & Middle East 

The Spanish Government 
Encourages Foreign 

f^iriy Open Legislation 

Asa general niie: Complete freedomjfor 
investments of up to 50%: 

Very Flexible Treatment 

Capita! Gains. 

You Will Be Joining... 

Some of the most important companies 
in the worid who have profited by investing 

IN THE LAST 12 MONTHS 10 “Fortune-Size” 
corporations, between them IBM, Robert Bosch, 
Monsanto, Renault, Grundig, Nesfie, have 
invested $225 million in Spain. These are just 
a few examples. 

During the first 8 months 1978, the net inflow 
of foreign direct investments has reached 
the $360 million mark. 



Almagro 34. Madrid 4. Spain. 

Or any Spanish Commercial Office. 


Our Credentials 

Fifty years specializing in 
world trade, granting an 
exhaustive, integral aid to 
Spanish exporters in their 
commercial transactions with 
the whole world. 

Our world-wide 

Own Banks 

In America 

A leading Bank 
in Spain’s foreign 

50 % of our country’s total 
export credit transactions are 
channelled and handled by 
Banco Exterior de Espaha. To 
date, our Bank has already 
financed export transactions 
totalling Pesetas 160,000 

Our home network 

1S7 branches strategically 
cover Spam's territory and 
grant all the range of financial 
services of our country’s 
top-ranking, leading banks, 

Banco Exterior, S. A., 
Panama (with 9 branches). 

' Banco Exterior, S. A,, 
Paraguay (with 9 branches). 

Banco Exterior, S. A,, 

Our own Bank in 
the U.S.A. 

COMPANY, in New York 
City. A full-licensed chartered 
Bank, authorised to operate 
both with US residents and 

In Europe 

Banco Espanol eti 
Paris, S. A. (with 20 
branches in France). 

Banco Espanol en 
Londres, S. A. (with 5 
branches in the United 

Banco Espanol en 
Alemania, S. A. (with 3 
branches in the F. R- of 

Banco Espanol en 
Bruselas, S..A. (with '5 . 
branches in Belgium). 

Affiliate and related 

In Portugal: 

Financeira do Comerdo 
Exterior, LISBON. 

In the United States: 
Interchange Commercial 
Corporation, New York, N.Y. 

In Colombia: 
MOTORYSA, Bogota. 

In Ecuador: 

Fihandera Iberoamericana. 


Offices abroad 

In Mexico, United States, 
Portugal, Colombia, 
Argentina, Brazil, Venezuela 
and Guatemala (the latter 
covering Central America and 
the Caribbean Area). 


Carrera de San Jeronimo, 36. 
Madrid-14. SPAIN. 

The Border-Less Bank 


Bache Halsey Stuart Shields Incorporated 

Since 1879 

A Century of 
Investment Service 



Bache Halsey Stuart Espaha, S.A. 

Alcala 32 MADRID 14 Spain 

Telephone: (91) 231-6500 

Telex: 27692-42852-22247 


King Juan Carlos andQmen Sofia prepara^M^^tes ft 


" '/-’v 

| THE NEW 169-article Spanish 
, Constitution approved by Parlia- 
ment on October 31 is Spain’s 
seventh since 1812. It replaces 
the “ Fundamental Laws " by 
which Franco ruled. 

Spain is a Democratic State 
committed to the ideals of 
liberty, justice, equality and 
political pluralism. Sovereignty 
resides in the people and ema- 
nates from the people. The 
political structure of the State 
is a “ parliamentary monarchy." 
The unity of the Spanish nation 
is indissoluble but the right to 
autonomy of the “regions and 
nationalities" within Spain is 
recognised, and guaranteed. 

] (Articles 1 and 2). . 

The king is the symbol of the 
nation’s unity and commander 
of the armed forces. Juan 
Carlos I and the Bourbon line 
of succession are legitimised. 
Hereditary succession is 
accepted with precedence given 
to male successors. The king’s 
functions include the approval 
of laws, convening and dissolv- 
ing Parliament, calling referen- 
dums, naming a Prime Minister 
after consultation with Parlia- 
ment, and the right of pardon. 
In all cases Royal authority is 
subject to control by Parliament. 
((Articles 56-65.) 

The two houses of Parliament, 
Congress and the Senate, 
exercise the legislative powers 
of the State. Congress, the lower 
bouse, has a minimum of 
1 300 and a maximum of 400 

deputies elected by universal dxc^)t in time of war. (Article 

is based on territorial an d .fjfc vJJJgJ as . is - geographical boundaries. The, 

gional representation elected fpr CArtide S). M “y? c-anf-riis' state reserves therighttoTexert': 

findings are not hmdiq^ on ^^JJlplO yiDGUt .* 4rori; health, employni«fi; y and . 

courts. (Articles 66^). . r G bverihnent lacommllt^'cidtui^; ; -Jgfc". 

The Government is response a more feghal - distribution .gflsigfti gel : 
stble for the 'functioning "of tinr fifromeancF to work towardsthe certain 

State. After elections the ^ing concept of full ' employment ment, health, l^ourj.xelaUon? 





through consultation _ 
a new prime minister wh 
obtain an absolute majo rity in a 
confidence vote to govern. If ^cognised, 
two months after the/roposed guaranteed 
candidate or candidates fail to 

matteri r ._lThey_ 


answerable to 
(Articles 97-114.) 

The judidary is 

empl«^^ right tb. l<£k 0111 
independent (Articl^73^52.) 

,. f . endent (Article^«KW.l v- ; , 
responsible before the people The state - promfees. dr efe and. . ^ iiT _r : ^ 

! compulsory. ' education^ yith wifl 

and the law. The supreme court compulsory. \ education ZrfTte “zmbtfitored 

is the highest judicial authority, private and state institutions stitu ti on ,& tribmiai;n©Ximc 
All speciaL tribunals are abol- co-exisfiotg < Article 27). Yo^h king.'-- Eight -'meir05eqffl' 

ished. and henceforth forbid- comes of age at lS ( Artide 18). be propos^d by par^iaffiOH^ 1 
den. Legal aid is guaranteed. Freedbm/of worship is arficog^ whQ threesfidttr^of 

(Articles 117-27). nisei, special account is Their nbmj,i63a: 

of SpaibfriCatboIic. heritage so ; - ^ ^ ^reef <jbv«mfflent 

Human rights are guaranteed of SpamVCathoIic^erii^e so ^ wkfb^direct -Gbvmrhment 
and the Universal Dedaration thaf existing, links between .«wa * fnrHjw.fwo 

and the Universal Dedaration thaf • existing, links between ^pp p j nt ees -and ! a further two 
of Human Rights is endorsed. Church, and State will remabj. the. : .governing vleg^ 

ah f nnnq of tor- HnwOTi>r. : the Catholic Church i iuLinoi 

ights is endorsea. Church ,aaa aiate win renwiu- _ 

(Article 10). All forms of tor- However', the Catholic Church (Articfe 159-269). 

ture are declared illegal and is not specifically recognised as • . _ 

the death penalty is abolished the State religion < Article 16). 

Robot Graham 

Record economic 

THANKS TO a tight money 
policy the broad objectives- of 
this year's economic policy have 
been met Wages have been con- 
tained within the agreed ceiling 
pf the political parties' social 
contract; the unacceptably high 
levels, of inflation of 1977 have 
been cut; the large current 
account payments deficit has been 
turned into an unexpected 
surplus; export earnings have 
surged ahead and tourist receipts 
axe at a record, helping in turn 
to raise foreign reserves to over. 

The reverie side of the coin is 
somewhat less comforting. Be- 
cause the authorities have relied 
essentially on a credit squeeze 
to enforce their objectives, un- 
employment baa risen sharply to 
over lm, internal demand has 
remained slack and investment 
in the private sector has fallen, 
The rate of inflation, though sub- 
stantially reduced, is still double 
that of Spain's main trading 
partners and the norm for wages 
(increases is also higher. 

More serious, investment con- 
fidence has yet to be shaken out 
of what to an outsider seems an 
over-gloomy view of the coun- 
try's political and economic 
prospects. In addition, there has 
been no significant structural 
change in - the. economy, so that 
even a modest reflation which 
the authorities would now like- 
to see happen risks raising the 
old problem of a payments deficit 
and undermining the battle 
against Inflation. 

In an economy still lacking 
in sophisticated .instruments of 
control, the . authorities have 
been obliged to rely heavily on 
the monetary weapon. The ob* 
jecti've for this year was to hold 
down the increase in money 
supply to 17.5 per cent with a 
flexible margin of two points 
either side of this band. 

The latest projections suggest 
that money supply will have 
increased an average 19-20 per 
cent at year - end. This is 
slightly higher than anticipated 
and is affected by the seasonal 
demand for cash by employers 
paying end-of-year bonuses. 
Whether or not this is a distor- 
tion, as the authorities claim, is 
a matter of argument 
Basically the strategy has 
been to restrict the growth of 
private sector credit except 
where exports were concerned 
and boost public sector credit. 
As a result private sector credit 
has only grown 12.5 per cent 
and this has been the principal 
dampener on economic activity. 


Consumption in the private 
sector has grown "only 1.7 per 
cent (against 35 per cent for 
public consumption). Gross 
Investment is expected to have 
declined over 4 per cent while 
Gross Domestic Product (GDP) 
will have grown at between 2.6 
and 3 per cent GDP has been 
accidentally high, partly because 
this has been an exceptionally 
good year for agriculture, with 
growth at 8 per cent. Tourist 
receipts were 34 per cent up in 
the first 'nine months- and Could 
tpp $5.5bn for. the year. All this 
ha? offset a stagnant -year in the 
industrial sector where the main 
activity has been In stockbuilding 
and a switch to exports. For the 
year as a whole exports are 
expected to have increased .12 per 
cent in real terms, almost twice, 
the OECD average, and three 
time's higher than the growth of 
import, demand. 

A crucial element in the low 
level of import demand baa been 
lower than anticipated energy 
imports. This reflected both 

reduced-industrial activity aniTwage ceihxig has beeas* serve (L _ : - 
in creased' use of hydro- altfieu^ mortjagrebme 
electricity- ' from dams • ■ which- -up ~ t© : the'* dimit vand . a rfeW . 
had benefited from ’ g Ood ' managed.’ to squee^'TonBd^hy.- , - ' " 
rainfall;-'' = . alteriar.vthei ' 

LoW^rvihan anticipated energjr^emplbyees.. ; ^ • 

impocfe^plus' a-. record year for ! - JBaslcally.iiie wage ceii&Qg^i^ 
exports have transformed Ihe worked because- It? ; v^;a - 
currenL accoonts- paymen ts pic-'. geaCTWis - d ne, and - • 

ture. -Compared with a wages have kept afte atfe- 

deficit . year; Spain shooTi furtSori (retd dl^iosaWe TOWnfte? ' 
now end current . year with a nas increased ■ 3 

surplus -:of- r around $700 m. . . - year ; ’-against a r negafivfe' ; nai^fc'':\ • v 

ThiaC^ong external position meirtiasf year). "lit.MdllS&fi y 
h as . been-, reflected in the early companies made .it deaj^in ihe' 
repayment ol the famous Slbp- jini onK 

Kingdofn c of.- ■ Spain . loan of 1976- ; tions- could . not toierate^lB|jl$yf’ ; 
and ^ steady appreciation .of the demands.' The 
peseta - 'against- its ‘main traded^ company bankiuptedes.and^ifebtf - 
currency ^e' dollar. Indeed^ .ihe -jantatoria;- bfears - fWy ; - 

peseta 1 ''^*' ^uow ; virtually re- ’ de^ tHe whole ^emphasis’:<tf ^ - 
couped-its o ci^nal dollar parity, umoh ne gotiati ons- this -ye air di as- • • 

before the - 22 per ceik-Jnly -1977 focused ‘niore". v on jnb .’ securi^: ■ 
devaluation. ....... and impmying v^rk odnditioiis. - 

The rdative strength of the thart-wages. • ■ Vr'V •; . 

peseta has helped to -contain In retrospert it s&eins;that a 
infl atloh— -tnuc h more, one sus- lower wage ceiling could have' ; 
nooto vthAfi the authorities are. Tna'it<i> -in 


'I P. 

aamauifw ^ WAUig . Al»*r _ 

pects,i tirin, .the . authorities are. becnT" imposed— — and -made ? ini. 
willi ngto admit One-economist work. ■ Certainly the gerieroos ' 
recently - estimated - that the increase :- -. -- tnake^ the-: ' v 

apprepiaticBl . of the peseta had Gcwenimfinfs - 

knockaS jfoiir percentage pomto kjok -'lmrdQr: -to obtidB. 5 4t Is 

rO* ttdtintt'BiiAn Mi#.'. ' +n onfnir»V« [ t; '-ivir 

off tbe'inffiatinn rate^'- V-'- ■ - Jsee^jig- fo' .enfonaB^uVS^^per. . 

rrw.%^' 1 «*• -tfas nenr Irnrit-! .'-‘. r r '-.T '■ ■ ■ 

L uic mj i wn; .V“ ■■ 

Thm.-t&he last, year' it was cefit limit 
wmnTng -JA. almost 30 per cent. " - 

With: \sojine rnicemfortkble hie- tb^u^TtiSpaXti^ {ne^cdS$T - ; 

gob^s- - ht-- June. ". July ' and ■ flomt-vnft rh n - 
Awgu^-llyMW'lo^K as thot^ v; 

the , (there, iSvfor^©;tiie;aj&a ^ ^qnTiatj^sctv.I, 

cMtnitrMsm' over itlst' how xenre- arid- siraolV -Six. a. . -latS" fief 'cent 

of 17 per cent. - Even this ‘has : employers 1 to" . .- 

beetriathieviirl^ith - 

slel^t/nCrf^hmad since ,.qeverad';th.e 

import^^rt'PasM^m the ciret .S^feztded V 

of uriTirte^ ahA'. rihdlrstrial. .-faei : jo&i -: of i teiOwn. i r m 

oil f<sr &L6tahce^-whirii T ^ 1 Goyernioenfi^^fltm , 

elenowhtjhci. jp3^j»nCi v ; V 

flationary- picture, -has.bcen .thC'-incr ^^.1 thc.^ney.^ply; 1 • ;; 
least VdriPhle-' Th6 22 1 --P^r' cpnt 

• CWtWWP'.'OM;^ 






/ • * ' y\ ' H . ‘ -* ! 



; i : ! .f> J. ji -: yi f; *■ iS 5 : ;■ 

‘ ■■ ' ., .■ ; : . 

s*-’ 3 - U, , ■■■' ; ■;/ ;■■;■ 

' r..' ‘ t frv_\. 

' >v ‘ •': 



±£>ijKy ; v' v :.+-* ; : .'» > -.' -j-.r 

1 •<=•?. 

' S$p|? '- > ' > •’’•/. 

& •.*>, 



^ J.. .. ^.>^.7 .-- T • - - 

T>ecembex 13 1978 


f®|e openness in foreign policy 

already con^tfi^J^ti^de link^ farjn products. Both France major trade links with Algeria of autonomy- Spanish officials to remain open after the custo- happen in 19S1 when UJS. bases in practical terms is yet to be 

t «il lta,y re £“J tb l* have d™ys been threatened by for their part insist that an m ary humanitarian Christmas Ja Spain come up for renegotia- fully discussed. There are 

^^iJSSSSnti! ’ b c thrown unto their ^ declared disagreement autonomous status of sorts period. . tion. growing indications that the 

**”!?' j?:“5 P J L'.ff^!!f la1, °“ petltlon c . fr ? m u Spamsh far ‘ °* er lhc Western Sahara. could he spelt out for Gibraltar „ . . . Spanish Foreign Ministrv Socialists may not be convinced 

.;_ &«% «n«r 2 £ f™, s £ £253^“"“ ot *• *“*“ ^SfMSyS WZ ?Z&* STS $S^*lJr5« “„e th % 

««fi&Sa*4ifril»rt e ™n™ms^i!^OT°™,ecttd P fm J I “ sbre |\ h , ave „"" nl . ,y ,' >ccn Ag ? U,SI lhi5 '■**"■*. 1978 F“rci>n Mmhiiy offieialf ^ S"®’** SS's™ -Ts vifS be !! eTe - „f nfluent, ;? s a “ rtain 

■theifa was"' no 7 viart^cr W a.;*- iu ™ i nno i prorecrea ior hampered by the attitude of has been characterised hv a !r . P* r The powerful Spanish Socialist soft-pedalling on the issue has 

«Ws i «^-bo^democraiy Pp^guese Government and it* and n^w b™S*o SlK S^S time* tJTS* J£ .71®% ° n b t e ’ ha J f ^ QS ?n J5£ J®“ £□£ ^The 

u^^'Sfu of Eurupean com ' «faeS™ th r;L^f ^ ssr^; of 

inter Qeiheadedness has devolooed Spar>i * h « the two ness on the issue. Not only have ragmatism under NATO. It feels that Spain Government know only too well 

fcavfr S^wlSm^b^SDe S th^ eiw ? aves - Ceuta 3nd 31 elil] a. Spanish politician* increased Juaa Carl05 - could I well develop a policy of that the best way to keep the 

GovewvpiPTTfc . via7«- Qi^ T hw^ Wnrttf 'ffT?C^ ir has of Western Sahara. Ever since which ^ on Moroccan lerri ’ their contacts wiih Gibraltarian Claims by Foreign Minister " “jlitary neurraJiry,’' in charge military out of politics is to 

This year x ;Spain^ Spain wriSdrew^onT tho iroS Y iry ’ far 1 this year M oro t -c«> offidals, but also Anglo-Spanish Marcelino Oreja that the British of own defence and without give them arms and interna- 

since ^“^e^-of ®^«», thiere njwroach to the BBC- remains three vears aeo the SDanish ,aS shown itsc,f reluitant to working perties have been estab- militarj- base in Gibraltar is a W formal link* with mihtarj' tional commitment. In this con- 

ha s ^ Si^tivT?h a t SnS hS‘ tended T parUci ^ te in on >' negotiation* 1'shed to wody. among other threat to Spain’s security are power “ocj. They point out. text membership of NATO 

image /-of - Spanish ■ democracy the .^ni^Gbverninent has hesitant and ambUmfi^on the ° n t , he Western Sahara which things, the resumption of mart- baffling at a time when Spain a i- VeI ? Sp tI„S remaJns ^ most accessible 

abroad /and. by -sa do in?, to taken infore^tt 'policy. issue. Its officially proclaimed J " v ° ,ves ^ Pnlisano. Never- time cominunicauons .between is moving closer to the European ? u?oslavja wi ould guarantee lor making the 

etranfflfien^-aieJelicate^ ^Spanlsh A major^S^WKds ration- desire to avoid 1 hciJESISe of ? eless - thlR atniU4, ‘ f apP«rs to Spain _ and Gibraltar. In the Community. Equally mystifyirjs flm°st c^tamly be compeHed to Spanish armed forces more 

State*3£>iS? increased inter- ' a iiTiiS tiiS^^Sies ?E i h ‘ X he m md IS allow b f 8ll * My “ 4 resu,t -»«« immedimepraclicaJ sense, are present Spanish attitudes Join the Warsaw Pact safely professional, 

national fiei of fSenMip and-Sbaln-s anoiication^o? Join the the Saharimb! tn rieoirfo i hnir of . Pressure from the U.S. telephone link? between __Spain towards membership of NATO Exactly how a policy of „ 

and Gibraltar have been allowed and, specifically, what will neutrality would be translated 

support- /' . Commualty /" 'occurred in own future never translated (iyng Hassan of uiuxoxl^ :u ^ oecn anowea and, specmcaiiy, what will 

In jhis iMntcxt, ;the Spanish February when : the. Govern- itaelf into practical Iertnsii Mor °“° was in Washington last 
monarch^ haw had their crucial, ment created .-a. separate Irately, Spanish officials have n30n . in ^nd is believed to have i • «g 

role, as. SpaitfsJteading diplo- Mlnistiy that ; . would deal begun to admit, however, that ® warmng f ? a [ UI V®* |H C* fTT*/^\X/T rl 

mats confirmed. The last years directly with '.all .matters re- the dynamics o£ the situation JV* * uoIe< * attitude U.S. JIL/ Sil W W LI 1 continued tjom previous pacf 

of Firancojsm saw an ageing lated. to EEC jnemberehip. have changed and that there Ls aJd cou,d restf *L-ted v T fc-XX CONTINUED FROM PREVIOUS PAGE 

dictator. Increasingly enclosed Significantly the Htinistxy led a need /or a more pragmatic in the fulure ^- ; n ««i-ieinrT ip ^ ^ . _ . . ... _ ^ 

wiflMtt' himself., as .ctfid . to the by Sr. Leopoldo - Cah-o Sotelo and less theoretical approach. The Spanish C.overnmL-nr. :! J O T ? cr , cent ‘ “ 15 ?-o ? u l exp 1 c ' ndlture Xo Pta3 The P ro «cuon afforded by a and cast a cloud over the per- 

worldAS'tp' his own- people,. In has taken upon Itself the crucial however, cannot count in the , ru * ^ ^ naI ■ la! ' t J ’ ear V 0 * 1 -*3 2fan - which includes a relatively strong peseta this manence of any economic prtf- 

the 36. years of his Government task not only of negotiating Fapifirc sarae "international pressure” ; essor ^ nriqu ^ Fuentes Quin- special Ptas SObn investment year is unlikely to exist in 1979. gramme. This uncertainty has 

Frapco’s maia visits, abroad with Brussels but- also of ■*" dissuading the Moroccans m the lana ’ ^' ne, l ,Jr:ivvin i ^ U P Hie fund. This could be combined Tourists receipts will level off, deeply affected the private see- 

wertrtt see ' Sitter, - Mussolini.' generating debate -and discus- Infiuencing this shift in policy case of Melilla and Ceuia. The . for _the with some fiscal incentives to 

and "Salazar. In contrast, sion among the public at large, have been two basic factors — problem needs to be resolved srnP ii PP in^n-a--f- in thT pt i' k a . e sector investment, 

the young King and Queen have, on the question of EEC the coup in Mauritania which by tiie Spaniards ami the r f !? ro5Li« 1 ™i n ” Jl?r Thisextrapublicspendins— 
in less than two years, increas- membership. , installed a Government less Moroccans among themiclves. I Si. mamly devoLen to pubhc works 

Jimmy Burns 


however, cannot count in the 
same "international pressure” 
dissuading the Moroccans in the 

lana, wnen draw-in- 

were to see' Bitter,. Mussolini,' generating debate-'- arid discus- Infiuencing this shift in policy case of Melilla and Ceuta. The w ira me work for the with some fiscal incentives to exports will probably grow at tor, which by now might other- 

and -Salazar. In start contrast, sion among the public at large, have been two basic factors— problem needs to be resolved " anlI ,? i lpated a private sector investment. 7 per cent against a higher rate wise have been in a more 

the young King and Queen have, on the Question of EEC the coun in Mauritania which by the Soaniards and the r ,:_ in . mo " ey This extra public spending— for imports (8 per cent). bullish mood. 

The feeling is that the record i^e rea j 

to economic 

?H D a i e ^ Ut . including cover for restruc- export growth this year was the recovery lies with the private 

in less than two years, increas- membership. ' installed a Government less Moroccans among themselves. „ f ™ l 1 *!' men to puoue works i he feeling is that the record The real key t0 oconomic 

angly personified the openness In October it launched a inclined towards a military solu- The visit of King Juan Carlos I r.' , h ! , nf« ° ^ ut . including cover ter restruc- export growth this year was the recovery- lies with the private 

of dmnocratic Spain, during three-month campaign aimed at tion to the dispute and more to Morocco this month could a s fnr the miani.n tL' n,I 7 n S_specihc sectors like steel result of a fortunate combma- sec t ori mC ire so in Spain than 

travels which ha\re -taken them stirring the Spanish. media and disposed towards negotiation— play an important rule in £L2L£ e . ,T":f .“S' ?“ “ £ _ “I 1 “ B,e »“ s " r >" Enrope. for 

ail tee way from Washington to througn it the map m the street and the decreasing threat posed bringing about a greater under- vp aruurri* m m>r frn t Pfp duce ^ ® P-f. teQt » r owth. a once-and-for-all phenomenon. Spanish public sector accounts 

Peking. / _ from a rather restricted vision by the Algerian-backed move- standing between tee two Thou.-i. / , 1 1 hiri ? h _ *° wer t ^. an * ^ 1S Higher export growth can only f or on |y 25 per cent of GDP. 

-« r' - of exactly what membership of mem for the self determination countries. standard* nf otenr "puninMn '■ e— u anything— to curb be as a result of a downward Without private sector confi- 

fVlPtnnranle the Community vbnW ^ mean to and liberation of the Canary For the Moroccans, the Priin nmies would renrHsnnr 3 tiie increase in unemployrnent. adjustment of the peseta which deuce no real dent can be made 

_ ... ■ ■■ Spain. Here again one bas a Islands. future of Ceuta and Melilla is siihotantiai i-ht P As it is no more than loO.OOO would then have a negative in Spain’s serious unemploy- 

Perhaps the most memorable clear instance of .-the Spanish Consequently, the Spanish tied up with that of Gibraltar _ r _ new joos are I^ely to be created effect on inflation. ment, which in some parts of 

image reflecting this was the Government consciously pulling Government' has increasingly They argue that they have as ? e C®'™ 1 ®" 1 *. hopes to m 19.9 unless private invest- Mucfa ^ denends on the tiie country is over 16 per cent 

Perhaps the most memorable clear instance of .-the Spanish Consequently, the Spanish tied up with that of Gibraltar. ” - r t . new joos are IiNely to be created effect on inflation. ment. which in some parts of 

image reflecting this was the Government consciously pulling Government' has increasingly They argue that they have as T 16 ,ul erntn t nt - bop ^ s 1 . to m 19'? private invest- also denends on the the country is over 16 per cent 

King, and Qu^n a visit to China away from the vagneries of the shown a willingness to approach much right over the enclaves Jf 1 *, 5 l ' ut in -,i nflat!0n P 1 ^ up : . This is less than administration's ability to exer- of the working population, 

at the beginning _ofi the smnmer. past and instead attaching con- un equal terms all sides involved as the Spaniards have over the J*' fade ^^ odutln " a mild rtirau- the total number comm? on to cijie better budgetary discipline. In their present mood the 

This was ; the fiijst jaat to . a siderable importance, to the in the Western Saharan dispute, former British colony. jus to econunuc activity. Officials the labour market for the first The budget deficit has increased employers seem unlikely to 

Communist country by Spanish practical aspects ttf the matter with the hope of bringing about Morocco will almost certainly be “ e ^? that the worst of the time. >eaj . frQm 113bn to make any rea-l move to reinvest 

heads of State ip. modem his- in band. ’r'^; a lasting peaceful solution. The increase her claims in the r J c ? s 5? n . ls “ ver and .* " umt, P r r A11 . p ] an s pp " ta,n 111 el f me " t Pta 155bn. The most difficult until the early summer. In 

tory, and . in Shanghai, Spanish Sr. Calvo Sotelo works with a Spanish Government Part v has. comin* montht "ivnn t ar -t of indicators suggest that the of wish _ fulfilment, and the tft j, enandinrr Other Wnrib. 3TIV SerirtUK OPtl?- 

t and a staff for example, recognised the that tee Spaniards themselves e cj n o“yjs beg' jming to bottom Spanish Govermnent scheme for on securitJ . w hi c h iS *ti]i nosis 

ve jbeen re- legitimacy of the Polisario, the seem closer than ever to reach- l '°” sull,ptl0 “ I s J 9 * 9 15 n0 exception, there are ^3^ separatelv from the Spani 

distri- Saharaui Guerrilla Liberation ine- an ainipahie am-HPmpnt avw almost 10 per cent up on this 3 large number of variables k.'.* 

treated separately from the Spanish economy will have to 
ordinary budget but whose total wait until next June or July. 

tory, and in Shanghai, Spanish Sr. Calvo Sotelo works with a Spanish Government Party has, coming mouths given the fact o£ indlca ^ orb suggest that the of wish fulfilment, and tee e i ement t0 contro i j S spending other words any serious prog- 

journalists rightly marvelled at technical secretariat and a staff for example, recognised the that tee Spaniards themselves e “ no “Jl ” L :?‘ n,1,ns to 5 0tt0ra Government scheme for on ^ security, which is still nosis of tee real direction of the 

the sight of King Juan . Carina .of experts who bave^.been re- legitimacy of the Polisario, the seem closer than ever to reach- f^' u . 1 SU f 5ptl0 ? K ? s I 9, u f . IS « n ^ 1 ^5f? l0, V th ”^ m W ^ated separatelv from the Spanish economy will have to 

toasting.the health of the l^al marisably successful;^m distri- Saharaui Guerrilla Liberation ing an amicable agreement over ? mos iJ? cent u ? a . ! a /" ee of vanables ordinary budget but whose total wait until next June or July, 

revolutionary c omm ittee. The buting considerable dosages of Movement (although Spanish Gibraltar. It has at last become tun ® , last - vear a " d industrial which could change tee picture. outlav j* s virfuajj ythe S j ze Meanwhile tee 4.8 per cent 

Sp anish monardhy’s diplomatic well researched information on Foreign Ministry officials are apparent to the Spanish ca Pa cit y- 30 per TnflafiAn Hi the coming year tee growth projections looks on tee 

offensive has of course^ not been the EEC. Clearly, though the quick to point out teat the Government teat the tough under-utilised in tee first nine iDUBllOIl Government is pledged for in- emtimistir- side especiaBv as tee 

without its more practice con- Minister will have moi£ on his Polisario has always been able tactics adopted under Franco month s, is slowly being taken For a start tee 10 per cent stance to increase pensions by economies of the industrialised 

sequences. The visit to Latm imnds m the coming; month6 to maintain its representative over the Rock, far from winning up - inflation target must at this 12 per cent and increase overall countries seem set for another 

America for example Jias again than simply respwisibilriy for offices in Madrid in an ex- the Gibraltarians over to the The Government wants to stage be considered optimistic social security cover. Until now year of slucsish activity 

confirmed the Spanish Govern- information. The wit, of Presi- officio capacity). Spanish side, have simply encourage this pick-up because reducing from 27 per cent to 17 tee social security organisation snain dru>« haw one Win 

merit's desire to pull away from- dent Giseard d Estawg to Spain Like the British in the case rooted them in their resolve to over the next 10 years the per cent is a much easier task has proved corrupt, inefficient ment which it rm nlav write— 

ft^nganes ol tee past this summer confirined-that a of Rhodesia, the Spaniards are retain British sovereignty. economy will need to sustain teen reducing from 17 per cent and a constant drag on overall ,-■** ctrn n^ -th« 

The common language., and number of memb^. omhtries keen to recover lost ground Nevertheless, times have growth levels of around 5 per tn 10 per cent. Increases budgetary control. imhStiAc w wn oftrLlif, 

cultol links which domualed feel-distincUy uneasy^bout the over the Western Sahara, and changed and Gibraltarians, cent per annum to bring Spain expected in imported energy The real uncertainty in the S S 

a rather matemalistic attitude .implications of full mqjnbership regain- the confidence of its increasingly aware that colonial more on a par. with the Euro- costs plus higher domestic coming year stems from the jL* 

towards Latin America have for Spain. • ' • r- ~ African neighbours It particu- status for the Rock may be pean Community. The stimulus energy prices will add at least political calendar. The prospect 110 1150 1C 

been supplanted by a pragmatic The most touchy s^ct re- lariy wants to smooth its re la- unrealistic in a changing will come initially from a 20 two and perhaps three points to of a general election early in 1Tnas ™ aavel J ’ _ 

approach, aimed at soyaifying-majiu; ;,teat of .Mediterranean tionship with Algeria. Spain's Europe, now toy with the idea per cent increase in ordinary the inflation index in 1979. 1979 has delayed wage talks R.G. 



Jiioanbiai ^JzaiKS 

' : .y-j/r->'A',';^x4-.. : 


"SPAIN IS different, 
glossy tourist posters 

Article- 148 lists 22 powers have its - sails: considerably the tension .that existed in a are adaznant that the resnneo- gbenritfa organisation .rfiootiiig is 

me tension .that ennea m a are aaajwuu. tuat iwuuw - - ... f solved. For once 

region that was arguably the tion on specific privileges-for isway towards AoLaato * 

ibe rich developed regions— namely 
pro- Madrid, tbe Basque country, and that could be transferred to trimmed; 

claimed in tbe last years of the Catalonia — and poor and de- tbe autonomous region. These In 1932. the Spanish Republic most brutally treated during the Basque country would-make Nevertheless, it has jits own rfacted TocaLirepieseista- •. 

Before his eyes popuiared regions — namely range from tbe promotion of temporarily closed the doors of the Franco years. Nevertheless of the region in the long. iiu% reasons for feeling y ' jCvk 

Franco era. Before ms eyes popuiarea regions — namely range arom me promotion oi temporarily closed tbe doors oi ice x ranco years. iNeverxneiess oi lob m mu reasons jw ‘ -fhi— nni-TfiiriY -i 

the undecided holiday mater Andalucia and Extramadura. culture and tourism to tbe the Generalitat, the Catalan the violence that erupted to the an independent state. whhar w3th the rest of Spain.-.£axts<g 

saw an attractive collage' of figures for 1975, the year of supervision of ports and autonomous- Parliament, and Basque country early this sum- might have serious consequences r&SdaJucia. lake Cadiz, a.ttoteaf .Tv 

the country's varied geography. Franco’s death, show that in the hospitals . (tbe use- . of - the there are. clauses in the -new mer with dasheS-hetween police on. the rest of Spain. ■ \v ; “ ■:£ “ add- Seville have joblere i^poa- • . -rnmitfrfTm?- •- : -r~ • - 

' “ ‘ -• - demonstrators leaying vie- .Th» eonsiitqtrea specific^:aaMa^Ttetiios-- 8 »ng»yr^.^g^^|:gg ^ ft ^ ^^.: 

Iiootei* «tbead, ist. WW^no 1 . 


ost doume -ae B^or^ Kg^^ ^ 

sbostt; , k : 

ates endy .t hreerrgg oos. _. . 

NatTddaList ' Guerrilla Group mePt °* << an adequate JuJy fl, e Government ^a^^^iesei *«ieas^kra^ 

from the snowy mountain tips two Basque provinces' of Viz- regional language and file local Constitution which would allow and _ .... 

In the north, passing through caya and Gnipuzcoa and in flag, which were both pro- ‘the present Spanish Cortes to do tims on- ibe streets of PamplonasHates . that the -aufoi 

the barren plains of Castille Madrid and Barcelona the in- scribed under Franco are en- exactly the? .same 8>ing. if a and San Sebastian was a re-: statuses of the regi ong-t 

and the blue waters of the come per capita was double that -shrined in a separate Article), particular fegion was judged to minder that something was- still not “Marply, onamy account 
Mediterranean ending with of the national average, and Nevertheless the list falls short be overplaying its cards. Sign!- rotten in the region. no m i c and social privileges.*’^?,' 

equal colour in the sloopywhite- almost three times greater than of specifying how the local flcantly, the. text quite categori- Moreover. 1978 has been a *^ le Spanish State, moreover,;^ 
washed villages of the south, that of tbe five most depressed administration in these areas cally proscribes’ the setting up - -during which the PteflS® 8 itself to the establish-:) 

Ski-ing in the Basque country, provinces in Andalucia and Ex- will be organised. of * federal-state. NatfadaList - Guerrilla Group ment °* ‘‘ ^ adequate and Josh,? 

bullfighting in Madrid, tremadura. Significantly, a more Only one mixed committee, _ . -v ETA (Eusicadi ta Askatafflhra— S® 011 ®® 10 equibbnnm between special- grant of ^raarrWfgjT ; GtmetSWtinu, 

Flamenco in Andalucia gave an recent study on the regional dis- that formed by the Catalans, JjOCfll freedom for the Basque coon- 2bn to ease unemployment though- reStiazrawT 

image of Spain as a country of tribution of rent published baa so far come anywhere near , . . ,„ o1 try) has stepped op its activity, ^ ‘rr ecnv , “ V” 1 thmnehnnt the region by offer-- «sue bJBtoryjerflteJees 

appealing contrasts with the earlier this year fey the Bank of producing the autonomous Tta{ ^ 4s8ae ' «* loaU -2* detoerate4y sets o«t to 

country’s regions all contribute Bilbao, one of the country's lead- statute for its region. 

ing to a harmonious and attrac- ing industrial banks, concluded cul ties it has encountered _ 

tree whole. that while the rich provinces formulating indicates that the wr ^ 5®“^ shot dead two army officers in tiie distinct • y.regions,^^—-'. -^th 

It was an impressive concept were getting richer, the poor problem of regionalism fete It was the first poli- and- instead' --attempts y e aid 

which succeeded in diluting, provinces were getting poorer, been far from solved, with the f 1 ,J t or cea mg yaa narce- ^ ^assassination of military interpret regfonafiSn from' 

for the benefit of the tourirf, _ - passing of the Constitution. Peftonnel since the CrVil War. wider petspeefive. m^r- , w 

Sa timp ec<moimc Approved . , Observers have been watch- Madrid Gavem^i^original ... Clearly .the Basqne problem is .Vaatiohal-d^enH^ ? 

°h^ e hp-n a The new Soanish Constitu ^ Catalans carefully for intention was that the burden a great deal more complex than P 2§^* trike “ ^ Cadiz reKion .be- 

Spam has always been a new b^imh Constitu jjjgjj. statute could, once it is should be carried trv the local the expression of violence by aS4aed cssentiaHy not to * K% J &mse. of unemployment in the ^^5 .. 

country of contrasts, but there tion app 0^ d^y^arliment m finally published, he a .test case ^thoritjes^d ^edSed in- ETA When the Constitution ^ Ramxj’s conttp^a^ ^ calculated that *n : tion into • 

tnan ucioner ana vorea lavouraDiy fnj . a „ Iim h^r- nr wnmc . - — ^ *-•. of Snanish amftv ' -^rxVerage of Fta 5.6m would have extent ? “ 

almost 70 per cent feottb on the Sponiah 
K bmdg. out «if -aqdf. 

feSttuction materials rhlone. ‘Cjtnav^k. TbA present 

main trade unions, who tocnt--.ia <4»t4y cwlgtt A 

for a number of other regions, creases in local lares of up to was debated to the Spanish Spanish unity, 
politics, and economics, with J nation, toe ^oommon and mjttee (they are all Catalans Metical storm ermrted with the autonomy came.ftom toe Basque baps a little more awar< 

MMSs* ~ -s s Sl “ 3S3 b ^ ^ *“ * 

ScoTaSsJd IStoSS^ of natalities HfJjSS threatening to boycott public rather the Constitution^ t"^t, to^ toereisa tegkin^ proWe^^^uity tor loe^^npld^ 

unions civic organisations did -not agree with devolution^ only in toe traditional 4 , 

. . U 1.12. 1L. Mian )« • H 

ff >:be. spent by- the Gov«cn»ent 3^.;.^. Baeque amntiy. 

day on job creation :schemes-" 0i u ier : ^asd“ if "ft !^bb#aa£Mfli^-- 
: H§ne. - - -1 - - T V r -J: -rems 

Ibe Government for dts: part: alienating itoe : : SpsmHfc -.vjmfedv 
‘Id like to devolve’' toQj^TtonKS'fOT^^tKKn 

a rather unhealthy -compromise before final voting was taken on 
'was . reached ’with the Govern- the -Constitution .claiming that 
ment agreeing -to: • increasing the text, did not include a 
riinutarinnec " or Franrnism Yet creatine the w “ v ” ■“ fares hy. only 25 per cent while specific enough reference to the 

^ appointed SeS teLSSto tor where tte ■“?“* ^ uId ^ holding ground in its refusal to Basques’ “historical rights - 
• ^ — ■*- 1 — — ■ -- ■*— 1 — u date hack over six 

r-.- 7 -JcMciiiir V: 

r r 



or lesser extent depending on guarantees 

toe region. Franco anathemised autonomy »» «u uauvaanucs has on financial ^ 

all three by subverting and regions which form part of economic - measures which 

regionalism to the most sacred it . . . (Article 2). But does lh0l|ld accompany the transfer- 
or all his principles: the unity it solve the problem of eoce of po W ets^ Catalans 

of Spain. Any demands for regionalism? ag^ ^ at 

devolution during toe 36 years Arguably, toe fact that the administration of to urism 

of his Government were un- autonomous status of the bHc riansport is a lame duck 

hesitantly suppressed. Spanish regions is recognised at '^ess there is adequate fiflano- 

The fabric of unity., was all represents a major step for- in fQr ^ Th^ 13 1^ 

rigorously held together by a ward from toe. dark days o£ concensus ^ t0 how from 

system of “ d’ " “ — “ 

directly from Madrid. The autonomy is one thing, aecid- Constitution, again m take over the transport deficit which 

civil and miLitary governors ing on the form and extent that va ^ e and rather ambiguous The Catalans temporarily back- centuries, 

appointed for the regions were this autonomy should take is terms, includes a list of possible pedalled though they are con- In. their original form the 
Francoist to the hilt Indeed, quite another. . sources of financing for local tmuing . to insist that toe Govern- “FueroS Forales ” pledge alle- 

under Franco an appointment Throughout the year a administration. - These range ment should take over responsi- glance to the Crown In return 

to governorship was an import- number of “ mixed committees” from increasing local taxation to bility for toe .city's debt which for a cumber of political, col- 

ant if not essential major step involvin'* local officials, Mem- stepping up direct subsidies they . attribute unhesitantiy to tixral and financial privileges in- 

up toe political ladder. bets of Parliament and Govern- from ^ State. What is left the mismanagement and comip- eluding freedom from national 

Because Spain was viewed as ment representatives have been unspecified is whether the- tion of previous-. ad mi n i stration, service and from taxation, 

a unit, the Government’s econo- discussing which powers could- largest portion of the financial If the regional, problem in While the PNV maintains 

mic plans eschewed regionalism, be transferred from toe central burden should be carried by the Catalonia centers for tbe time there: Is a. limited provision for " ... . ... .. . 

Tbe financial centre of Spain Government to. the .regional local authorities or by toe being on financing, the barrel of devolution ki the Constitution. THE SPANISH business vi«w : o£ hented 12 per cent of . 

grouped naturally round the administration. The Constitu- national budget • a gun still sets toe pa ce in toe it nevertheless stops short of Spain’s economic prospeeffi ahdT%talisation. Mnn> y ia gTT<flra^t J a^th Hh^bB ^ grt ; „Itk Vj KB r' 

political centre and administra- tion states inbroad terms the To an important extent toe Basque country;: Three years of ETAs call to violence and is that of the international coop - foreign interests had -InhopeisfOi'-toU int®riirtioriWlth 

tive centre. limits of these powers. The committee members have their transition from dictatorship to politically worlds apart from mun ity at large are to ttSS-SoG of these co'^anitih-'^fifeh ‘FSE^fflT^o^beTdsS^&tT'iSteu-- '• 

The net result of all tois was State, for example, retains ultimate decision considerably democracy has not brought an the guerrilla organisation s ulti- contrast Three years 'ixf&t tvpreztriirii 42 p^cene of : toS ; frctnatK : tit.: TOhang T s etee ted 

toe increase throughout the exdpsive control over matters conditioned, for .toe Constitu- end to the violejaee. mate objective: the creation of Franco's death the Spanidfrhmifr ^ 3t pit a ii aa tinn »ria~nf -rh^-tajVBl 4 -cfcrav^n-;'- enl faHiimn ** 

Franco era of regional dikpari- of defence: foreign policy, tion mai n tai n s that toe regions The .success ~ ‘ ~ * “* 

ties which today form part 'and justice, and public security ore “subject to. the National and Socialist 

parcel of the social economic (though it leaves open the Economic Plan.” The statute year’s elections, tne amnesty ror reierenoum campaign tne i*jn V's political and social changeassnac • -■ -■ -m»nv- 

framework of Spain and present possibility of the creation of an will only be ratified once it has political prisaners,;and the set- abstention was as awkward for are t»fcW place. Nor do&f; 5- ± Taiuag “?■ chenunal sector, 
the democracy with pressing autonomous police force). What been finally approved by Parlia- ting upon a provirfflhal basis of the government as ETA’s “no.” geem wtiling to face up . V ~ ' u " 1 
problems not easily solved. toe local administration can-do ment and there is historical toe -semi-autonomous Basque Most of the nqn-Basque politi- structural changes tatang 

The socio-economic map of is referred to In less precise precedents to. suggest that an General - council b?ve all com- cal parties, ' including the within the economy* ' - 

Spain is an irregutartapestry of terms. -over-demanding region could bined to defuse to tame extent Socialists and the Communists, xii 1 11 irff . I t is' 

[ lacking, -a factor which 

•V'J&v ’ - 



to ter ha tiotial^cohbems 
[foenfer ^ajn-on^estric^ 

the book shbwed that . on- the hn - t - wr — -^57. 
basis of a 1974 census' 475; TOn3' 

JLpanies of. the l,2i4 to toe flfid 

had dirert foreign capitai par-, DamerS.; -FOTOs .for 

-• ■ _ .i - • • 3! HU-i, .M Jau i o i v . jojojua-uviuo 

ir exammed wax jbe^ iaartetia : . 
the. -book:, honr 

helping to prolong the economic 
recession.' Against 
national business is conQhg to 

look on Spain. with a fresh eye, ' Pr 01 " 

aware of toe changes wiich will c ? EIr ^' ?t noHr urin^ toe cari^ of 

come — wHly-niliy — a^a result of a. r prdSp«Cti^<TMto ia^rftoebt . 

EEC membership. /The more P w ~ UcG ffi i -\ a *r ^ J* 0 *-' *£ ' »' tW® : tMa,-Kgi^ffla%Sl^ed.. • 
adventurous see t hi weakness of r ^^ 1 ^_^^iT^., , Che'Mialstry of todu^frjc> has. . 

Spanish managerial which can \3r. - ^^^^T-aireddy prepflxed.a paper iWSim- 

be exploited. AJl ore excited by °* m wa^ toeadtog^toi^ toe ffeat/ * 
toe prospect A <ff gaining better Wito; equity- Piat ieal iiso xxnalii iXot -iOjfcur 

Management and industrial Elsewhere it showed to^t SA .^ Many .ftn^^^ 
management in partic ular , has por tent, of plastics' pro drf^ tion; i ligve 4hat. -S ch ^ Dg e-'in- 
had to digest within a short 70 percent of paints and^yes .tiVe-^ ^ ^gSslation is ,i|WB 
period a new relationship with 81,(1 *9 P®" «®*t of detergents question of. lato e. - _O hafe . . 
labour which recognises trades were controlled by- «mipatoes bas jolceditbe :E^ ;ton ; :teHie:_ . 
unio ns' rights. It has had to that ftareigii . pattaenhip^ ‘ laws Cammt^aH?ly fc flu * 

cope with an increase in over- TTm liSt in fact covexs the questic^t wh^he^y.Ste^soxes 
heads that are running at three whole gamut of Spanish indu% adopted. r i)erore '^ttzyVor' 

times the European average. It try and tome af the rervice set> tite transition period, 

has had to absorb highr social tort. - .Df coiirae, tols is npt a they maintai if ; Toting thgrggw 
security payments and face purely - Spanish - phenomenon. le^d atiqn- more ofl a • 

fiscal reform which for once What * peenllafr to Spain is the temwoiryv ^ 

means the tax. authorities can, way -to which the - Spabish . " Gf longer cpncerq ate toe &tg ft- 
and will, make tax collection Gov^ritoeht-ignores theimplidit levels” of .inflation andindi^Hal^. 
work. All this has had to be message — that ' the- Spanish ovethea4g.;: ’Ib. its_nialn ' i _ -L ~ 

digested alongside a deep busi- economy r is -.becoming less and trial ^c^Btees .Spain -m^-rateed - 
ness recession and a tough loss. aide to resist forelgn pene- to be -' a cheap .; <muntry. to 
credit squeeze. tratioai, 4 Spanish industry- is vut opdrate in. . Internafiaii^ivijoBh. - j 

SS m ^SficaiS of 

however Snankh investment ladc W*.-teOndng^ .ph^ S and J>; ; »OTrQ«ai^ . - blto ;*od : .fltevr 
abmMUl ta* foMtewed during dlls 

period, and in the first nine tive - ot State encouragement, little d&inayed at ttotes-l^the.; ^ 
months of this year totaled over ^ 

?550m. This .suggests that lads “ . 

of confidence at home remains nie^um-azea 
the key element perjasit)* 

During this period the main . .T^iympanies therefore jiave of vi& w.toflr e.-is ?an h rgS 

dynamic— especially this year — neithw. econtftnies OtJ scale not * or :? :-Cohip rehe PsiVfe aa wi^f. -of > 
has come from foreign capital, sufficient.' distribution outiets- ; f uT®to. --tov 6stmedt . ^ ^SO . . * 

Direct investment, combined both jit borne . and abroad to - poucyLi8erinpl isnB ^.in.: . 
with purchases of property, has susteto competitive prices. ' ® 

this year accounted for 20 per cheapness of .Spanish products tocceme^jmpr oaGb . jfa ^as. — 
cent of total investment accord- until, tire early.. 70s depended : - . " 

ing to the Ministry of Com- largdy.on cheap labour ^ ^midihev 

merce. abseflfc 6f~ strikes. ; .Moreover . - Uted 

The figures apeak for them- a protectionist economic ■’./ 

selves. Direct investment hahjgadeo to (mshitm : 

totalled 3404m. in the first nine mfent-from the: need fdrinodarn. -far ^technology. 

months, against $247m to 1977, methods: whetbeg to accounting: teephteaf- meaaari^^WCTe 1 
while property investment, or marketing' ! : toreducetoe^oUiflff^gnd. f ~ 

largely of Middle East origin, Alitiusmaltes it dlfficult 

On the 
tions total 

in Spain this- year could total recession. Thus-: when wm- ^ tt-- . a— w .- - 
31bn. ponies overHextend. themseives," ?®3 ne toKSton^aitey 

These figures underline a or -:'ba$e expansion, on growth > ^ 

trend towards increasing foreign proreeiionx ' which - do. vnotL ^^ft^" 

penetration of the .Spanish maherwliS^. they become . rih» l ' 

ecoaonty. The accompanying Fof'^tmeign pUriScaSe. -; : ;Vv • 

table shows the sectoral distrlbu- ' ‘feaniaaft «rHtni> th? ^'r4'~ fiJUltoVIMilitT' ~ : - 
tion of investment this year — a 
distribution which reflects the 
pattern of the past few . years. 

The greatest interest is to p 
mining and chemicals, engineer- 
ing, manufacturing 
These are 
is already 

earlier this, year called The . . 

Internationalisation, of Capital ‘ Anikhg » >: « ^imi *le : jk'fTifr : 
in Spain by tira Spanish of Sew, Sfcato^ iarMstr 
economists revealed just how' ! *- — •*** 

deep this penetration is." - 

‘ In a survey of the 500 top 

^concern,, ‘tea® V 
j -trf thix ,Femsa was th®T’ 

■mrnSE&- m - 

** - 





. aK ■ c . anft : w . a w * 

^ jjyefeesflay Draxaafer 13 1978 

uvs" ^s*r.*v 

;* *':^A** 


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,: --Lr^nJW 
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-'i" r*^i 

r --•=••.> 

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:*■■:- ' :■ 

T-- ,.*3S? 

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!- ...'; /-'-sV^i 


«. .. - -*■' j _• * 

y' .^. 

;.-v v •■ ■■• £- *?v 

- si : Si 

.-• . : . . *•■-. t,... i 

‘ ’ - - rC : \ 






Foreign Trade consti luted- throughout the Si:: tics one 
of the chief stumbling blocks ia : tbe Spanish ecu ninny. 
The imbalances which were appearing in the balance 
of .payments and especially'. in the trading balance 
repeatedly gave rise to the adoption of restrictive 
measures which interrupted, the continuity of the 
growth process in the Spanish economy. 

After some years, the early biles' of this decade, in 
which foreign trade seemed to have ceased i«> play 
this restrictive role, marked Imbalances were again 
created, due to the oil crisis, in the Spanish balance 
of payments which in the four fftU owing years led to 
a current account deficit of 13,500 million dollars. It 
was only in the middle of last year, when the political 
situation became clearer after. the legislative elec- 
tions, that it was possible to adopt the necessary 
measures to correct the serious' problems from which 
the Spanish economy was suffering and among which 
was that of the serious, prolonged and growing im- 
balance of the balance of payments. 

The anxieties of the prinripatpefitical forces which 
emerged after the elections and Jheir willingness to 
come to agreement and support;|he adoption of the 
. necessary steps to solve these problems enabled 
excellent results to be obtained irithe field of foreign 
trade: The deficit on current account was reduced in 
1977 to half that envisaged before the adoption of 
measures in 1978, and the balance on the current 
account showed the first surplus sfree 1973. Another 
factor which is proof of the.notable improvement in 
' the balance of payments is that in the last two half- 
years and in the one ending December 1978 the 
current account elosed with a surplus. 

Numerous factors- contributed to this spectacular 
improvement in the Spanish balance of payments. In 
the first place,' the restrictive measures contained in 
the Moncloa Pacts have led to scaoLtgrowth in home 
demand, which brought about a induction in imports 
at the same time as it led Spanidi firms to lonk for 
: an outlet for their products in fortggn markets. The 
absence throughout the year of . expeditions for rises 
: in. the price of raw materials, aloBg with the high 
: cost which a-'restrfctive monetary^policy imposed, on 
. the maintenance of stocks, has aJM contributed jn 
an important way. to the reductionrof imports. Favour- 
able weather conditions have aim enabled the deficit 
to farming and .food products to be reduced while, 

. at the same time,- important hydro-electric reserves 
at the beginning of the yeatn-educed the necessity 
of imported energy products/ 

As a. result of all these factors the trade deficit will 
have been reduced by the end of 3978 by 2,000 
million dollars compared’ with last year. But the 
improvements were not limited to the trade balance 
but. were .also significant in the invisible earnings 
balance, where an exceptional year for tourism 
provided net earnings for tourism higher than those 
of any previous year, while remittances from 
emigrants started girowing again after several years 
■ of stagnation. 

On the capital account, important receipts of long- 
term private capital have been observed to 1978 
.with unprecedented increase in foreign investments 
while the Public Sector endeavoured to reduce its 
foreign indebtedness, as a result of which currency 
reserves have increased in the remaining part of 
the year by . nearly 3,500 million dollars. . 

There is no doubt that many of the factors which 
haver contributed to the spectacular improvement, 
of the . Spanish balance of payments can rapidly 
disappear. The recovery of domestic demand, 
together with a less restrictive monetary, policy 
will-foster the recuperation of imports; will slow 
down the export growth and will reduce, the inflow 
of capital. An increase to oil prices, or weather 
CMchtiorm -less. favourable. than those of 1978.. may 
be additional causes for this gradual deterioration 
in the balance of payments. 

There is then a certain frailty about the Impressive 
success of our foreign trade. The favourable balance 
of 1978 can disappear in Ihe next few years, with 
a recurrence or the Balance of Payments problem, 
if a suitable medium-term policy is not adopted. 
This closely tics up. as wc shall see, the foreign 
trade policy wilh the "structural reforms," both 
of a general and specific nature, of our system of 
international trading relationships. 


The central problem of our foreign trade is that 
of low export capacity. The percentage of imports 
in relation to domestic production is similar to, 
or a little lower than, the European average: on 
the other hand, the proportion corresponding to 
exports is almost half the latter. As the margin 
of profitable substitution of imports is reduced, 
the adjustment of our medium-term Balance of 
Payments necessarily gives rise to an increase in 
the exporting sector of the Spanish economy. 
This effort requires many diverse measurer, some 
of a general character and others specific to foreign 
trade. The most important lines of action to be 
followed and which are necessary so that in the 
medium-term the Balance of Payments ceases to 
be the traditional obstacle to sustained growth in 
production and employment can be resumed as 

1 Reduction of the rate of inflation so as to 
bring it into line with our competitors. 

2 Increase in the average output of the productive 
system and of its capacity and flexibility for 
adaptation and re-allocation of resources. 

3 Specific reforms in the actual field of our 
economic relations with the rest of the world. 

The redaction in the rate of inflation is a necessary 
condition for maintaining the international competi- 
tiveness of oar goods and services in a manner 
compatible with reasonable stability of the rate 
of exchange. The experience of the past -months 
-has shown us bow the rate of exchange can follow 
a. trend contrary to the requirements of the main- 
tenance of competitiveness in export, due to the 
fact that the price of our currency is determined 
on foreign markets in which a large part of. the 
flow of supply and demand bears no relation to 
the evolution of the said competitiveness. The 
supposition that in the future Spain will enter 
and form part of the European Monetary System — 
which would make it obligatory to keep our rate 
of exchange stable in relation to the European 
. currencies— provides an additional argument that 
sustaining the competitiveness of our exports of 
goods and services should be fundamentally carried 
out on the basis of keeping the development -of 
our production costs at levels similar to those 
of our competitors. In this sense, the policy initiated 
by the Moncloa Pact, and with which the Govern- 
ment. intends to continue.- constitutes a decisive 
element for the improvement and strengthening 
of our foreign trade in the future. This poliey 
involves, in its combined aspects, holding down 
the cost of labour— through wages as well as 
National Assistance — and a policy ot monetary 
austerity, or of control of demand. The more rapid 
the increase in labour costs the more restrictive 
the policy will have to be, if it is desired to reduce 
gradually and simultaneously the level of unemploy- 

AU the structural reforms being undertaken are 
of decisive importance for the future of foreign 
trade, even though they relate to the Internal 
working ot the economy, for the simple reason 
that the growth of our exports, as well as the 
capacity of our firms to resist the increasing Inter- 
national competition, depends on the degree of 
output* efficiency and flexibility of our economic 

system. The Hiral, financial, agrarian, industrial 
etc. reforms have precisely as their final objective 
the improvement in I lie quality and working n£ 
the system and. therefore, its capacity to compete 
in international fields. Apart from this general 
effect — the importance of which for foreign trade 
should not be understated — some particular reforms 
have more direct and visible influence. Thus in 
respect of on r agriculture we can allow ourselves, 
within certain margins, some import substitution 
which should nut be done simply at Ihe cost nf 
higher prices maintained by artificial protectionism. 
The development of the energy plan may hold 
down the imports of oil. which already comprise 
a quarter of the country’s imports- Of special im- 
portance is ihe reform of Social Security: the 
quotas paid hy firms form a large part of the 
total costs of production, especially in the most 
work-intensive nne*> — among them the export firms: 
therefore, the maintenance of such costs at reason- 
able levels — remember that the quotas for Social 
Security cannot be reduced for exporters — forms 
an element nf the greatest importance in the 
determination of our level of competitiveness. 

Coming again to this subject of the relation 
between Lhe efficiency of the productive system 
and its capacity for export — which, in turn, relates 
all the structural reforms with the policy for 
foreign trade — it is convenient to mention the 
Important changes in the make-up of our export 
sector which will come into operation in the coming 
years. Throughout the recent stages of growth 
In the Spanish economy we have been losing com- 
parative advantage in a number of sectors but 
have gained advantage in others. The year 1965 
was an historic date in our foreign trade sector: 
export of food products involved, for the first 
time, half the total exports. In the next few 
years, we shall witness the loss of relative im- 
portance of many traditional sectors of Spanish 
exports; (he crisis in the ship-building sector, and 
the stagnation Jn export of footwear or of traditional 
textile products are other signs of this deep 
transformation, operating in our export sector. 
Economic laws finish up imposing their logic and 
the Spanish economy must accept the fact that 
it is increasingly difficult to compete with develop- 
ing countries of the Third World in work-intensive 
products and those using outdated technology. To 
compensate, ap-to-date sectors are appearing which 
are relatively more qualified labour intensive and 
more intermediate technology intensive (equipment 
goods, motor-cars, electronics, etc.i. the products 
of which are already competing favourably in the 
markets of the most advanced countries. These 
changes in international specialisation will oblige 
Spain, in torn, to undertake an important domestic 
re-allocation of productive resources, both material 
as well as human, if it does not wish to seriously 
endanger the increasing international presence of 
the Spanish economy. This change in orientation 
demands a high degree of flexibility in oar economy 
through the strengthening of a modern market 
economy based on the decentralisation of decisions 
which can be adpoted with smoothness and speed 
in accordance with rational criteria. In this sense, 
the revision of the existing system of labour rela- 
tions — to permit a more adequate movement between 
sectors and between firms, of the labour force; 
the introduction of greater degrees of competition 
in the financial system — so that capital comes to 
the most socially convenient lines of production: 
less bureaucracy in State intervention — providing 
more freedom of movement on the part of the 
firm: the abolition of official technical aid to 
sectors or firms of doubt/ul viability: the removal, 
to short, of all obstacles which reduce efficiency 
by reducing competition — these arc so many other 
"structural” measures on which the future of 
our foreign trade depends. 

In addition to the effect ^f general structural reforms 
nn foreign trade, a number of specific measures :n 
this field are indispensable, to be inspired al.-» by 
the logics of the market mechanism. AH these 
measures form part of a medium-term plan. Among 
the steps already taken, or about to be taken, the 
following are outstanding: 

1 Reinforcement of Ihe institutions ami 
instruments for fostering exports 

2 Policy or liberalisation and substitution of 

3 Simplification of administrative procedures 

4 Liberalisation of the Spanish investments 

5 Progressive State funding of the Social Security 

6 Reorientation of Tourism Policy Inwards higher 
quality, rather than higher quantity 


The efficiency of all these specific measures must 
be evaluated by taking a comprehensive view of 
them. No particular one of them is decisive in giving 
us future assurance nf problem-free Foreign Trade, 
but if they are considered simultaneously they 
become very important in as far as they reflect a 
qualitative change in the orientation of onr policy 
in this field. Two distinctive features with regard 
to periods in the past give us an idea of the nature 
of this change. First of all, the Foreign Trade policy 
is being formulated with a medium-term view which 
avoids improvisations and the disruptive effects of 
adverse circumstances. In addition. Spain's entry 
into the EEC is providing a clear horizon for the 
moment and some definitive guidelines. Secondly, 
the Foreign Trade policy is now being regarded less 
and less as something which is separate from 
domestic policy and express consideration is being 
given to the effects of domestic institutional and 
structural changes on our Balance of Payments and 
in turn the Foreign Trade policy is becoming more 
appreciated as a relevant instrument for the purposes 
of solving domestic problems. 

It is this conception of foreign economic policy from 
a medium-term, temporary view-point and closely 
linked to a world-wide economic policy which enables 
us to give due evaluation to the pending structural 
reforms. The essential thing about this new orienta- 
tion is that it is in keeping wilh what is logical 
and coherent in domestic policy and it is common 
both to the general reforms within the Spanish 
economy and the specific reforms in the Foreign 
Trade sector. This logical element is that o£ the 
market mechanism, acting as a guide for obtaining 
a greater degree of efficiency and as a basis for a 
democratic political system. The inspiring principle 
of this whole set of measures is the introduction of 
greater degrees of freedom and competition, the 
gradual reduction of unnecessary and distorting 
administrative interferences and. all in all, the 
provision for our economic system of a similar 
profile to that of the most advanced European 
countries of whose community we shall be forming 
a part in the near future. 

The Foreign Trade policy is an essential part of 
this new philosophy because it is an effective means 
of increasing the level of genuine competition 
between the different companies, progressively 
bringing them into contact with the bracing atmos- 
phere of foreign markets. This could be a decisive 
contribution from the Foreign Trade Sector to the 
efficiency of the Spanish economy and it is this 
gradual increase in efficiency — which requires 
reforms other than those to which we have referred 
— which is the greatest contribution the productive 
sector can make so that in future Spain can have 
more stable and less restrictive Foreign Trade. 

SPAIN— In Europe 
Reicfaratostrasse, 12, A-1016 Wien: 
Tel: 438274-75 Tlx: 76467 OFCOME 

.: . des Arts, 21/22 (bolfe.8), 

Brussels 1040. Tel: 51199 90, 

51134 13, 51284 34. Tlx: 21995 
Jecna, 7, Praha 2. Tel: 29 82 49, 

29 68 41. Tlx: 122673 
H.C. Orstedvej 7B 1879 . 
Copenhugiie, V. Tel: 3122 10 
. Telex: 27322 

97 Clara Zetkan, Str. 97-50, 

108 Berlin Postal address: 

Postfach 1360, 100 Berlin (West 
. Berlin). Tel: 229 21 34-229 80 95 
Telex: 112444 OFCOM DD 

- FRANCE PARIS -■ Avenue Georges 
V, Paris 75008. Tel: 359 44 30 
Telex: OFCOMES 650179 

GERMANY BONN - 53, Bonn-Bad 
Godesberg Koblezer SL 99 
Tel: 38 50 27/28, 351993 
Telex: 8S5712- 
MUNXCH - Residenz Str. 10. 

8 Munich 2. Tel: 229061-62 
Telex: 522051 

GREECE ATHENS - Stour Nara, 
32, Athens 103. Tel: 524 91 98 
Telex: 5880 Pris Gr \ 

Patijnlaam, 67. Tel: 64 31 68 . 
Telex: 33408 

ITALY ROME - Viale Bruno 

Buozzi, 47, Rozna 00197 

Tel: 80 5482, 8701 82. Tlx: 63435 

Swietokrzysk, 30 ap 10, Warsaw 

00- 950, D.P.80. Tel: 20 42 82 
Telex: 81 44 49 

Sidonio. Pais. 28, 3°D. Tel : 54 96 OS- 
54 9488. Tlx: 13579 OFCOME PT 


Dacia, 16. Tel: 1567 65- Tlx: 11766 

Torg 12-11-157. Tel: 24 66 10 
Telex: 10790 

Effingerstresse, 4. Tel: 25 21 71 
Telex: 33469 

3 Hans Crescent (Flat 8), London 
SW1 OUT. Tel: 01-589 4891. 01-589 
7941, 0MB* 3896: Telex: 23929 

USSR MOSCOW - Leninski 
Prospekt, 83, korpus 5, 11726. 

Tel: 1348411-133 57 10 
y 13397 58. Telex: 7690 

C. Njegosera, 54 - UIaz 2-N5, 

11000, Belgrade. Tel: 44 03 67-8 

SPAIN — In the Far East 

Macquarie Chambers; 183. 
Macquarie Street, NSW 2000 
Tel: 221 1506. 

Tranomon Denlti Bldg- 4th floor. 

1- 10, Toranozon, 3-Chome, Minato 
Ku, Tokyo 105, Shiba. P.O. Box 
77. Tel: 436 24 81-82-83 

Telex: EMBAJADA 440061 

Makati Avenue, The Chartered 

Bank Bldg.. Makati Rizai, P.O. 

Box 910. Tel: 87 55 44. Tlx: 7222280 

SPAIN — In Africa 
Hamani. 2“ etage 
Tel: 64 73 0863 69 56. Tlx: 52248 

MOROCCO RABAT - 30, rue de 
Tanja. Tel: 61707-60741 
Telex: OFCOMES 31782 M 

JOHANNESBURG - Suite 3607, 

36° floor, Carlton Centre. 

Tel: 21 10 86. Telex: 84111 
S.A. P.O. Box 5356 
PRETORIA - 240, Vermeulen St., 
P.O. Box 4318. Tel: 35S23 

1’ Arabic Seoudite, 8. Tel: 28 95 15 
Losonia,Bd. du 30 Juin, BP. 

9800. Tel: 25449 

SPAIN — - In the Middle East 
EGYPT CAIRO - 32. Mohamed 
Sabri Abou AJIam. Tel: 90 99 92 
Telex: 92265 OFCOM UN 
Abass Kutche Vararam, 14. Tel: 

62 44 666244 68. Tlx: 213895 

IRAQ BAGDAD - 229 Babylone 
Quarter (Masbah). District 29, 

St 4 n.° 39. Tel: 93722 

Inma Strand, 3eme.P.O. Box 5860 
Tel: 19 98 

Road, Kilo, 4. P.O. Box 6388 
Tel: 73 64 00. Tlx: 401313 EMSPA 

SYRIA DAMASCUS - 61, Sharia 
Jasenn. Amin. Tel: 33 00 15. 

P.O. Box 2738 

SPAI N — In Sonth America 
Avda. Corrientes. 3306°. 1378 
Buenos Aires. Tel: 31 49 44 
Telex: 121660 

Nacoe.s, Lote 44, Brazil D.F. 70000 
Tel: 42 93 94. Tlx: Embajada 

Botafogo. 149. P.O. Box 502. Tel: 
226 88 66. Tlx: Consulado 2121264 
CHILE SANTIAGO - Merced, 186, 
2". Aptdo. 21. Tel: 39 19 04 

n" 26-S5. P° 16. Tel: 2S2 84 53. 

282 S4 73. Tlx: 44779 
P.O. Box S644 

CUBA LA HABANA - Oficios y 
Acosta. 420, Tel: 61 35 33 
Telex: Embajada 51367 

Victoria, 100 y Avda. Patna. 

Tel: 52 97 10. Cables 


calle 669. zona 9, P.O. Box 669 
Tel: 31 « 25, 67193 
Tlx: 5431 OFCOME GU 

3a CaUe. 1M2, Avda. Contiguo 
al Cine Clamor 

Reform a. 133-207, Me.iico 4 
D.F. P.O. Box 61093. Tel: 592 32 11 
•Telex: 1777350 OFCOME 

PERU LIMA - P • de la Republica. 
3.195. Of.402. Tel: 41 17 88, Lima 27 

Condominio San AJberto. Of.521. 
Avda. Condado. 605, Santurce. 
Puerto Rico 00907. P.O. Box 9908 
Tel: 358 95 41. Tlx: 3859541 

Cagancha, 1.342, p° 2. Tel: S7477 
Telex: OFCOMES UY 407 

Principal El Bosque. Chacaito. 
Edificio Piuhincha, 1®, of- 11. 
Chacao. Caracas. Tel: 71 72 49, 

71 72 55. Telex: 23439 

SPAIN — In North America 
Bonaventure Bldg., Rue de la 
Gauchetiere, Montreal 3P.Q. 

P.O. Box 1137. Tel: S68 49 14 

OTTAWA - 151. Slated Street Suite 
201, Ottawa. Ontario KIP 5H3 
Tel: 613/236 04 09. Tlx: 4711 

N. Michigan Ave., Suite 1.029, 
Blinois 60601. Tel: 782 77 99 
Tlx: 25-3629 COMM SPAIN CGO 

DALLAS - World Trade Center, 
Texas 75258. Tel: 747 17 57/8 
P.O. Box 58454 

LOS ANGELES - 350 South 
Figueroa SL. Room 946, California 
90071. Tel: 682-14 06 

International Trade Mark, New 
Orleans La. 70130 
Tel: 581 36 SO & SI 

NEW YORK - 4ii5 Lexington Ave., 
Room 5410. N.Y. 10017 
Tel: 661 49 50. Telex: 421173 

SAN FRANCISCO - 870 Market SL 
Flood Buildinc. Room 850, San 
Francisco 2. California, 94102 
Tel: 397 18 53. 397 13 97 
Telex: 340-419 OFCOMES SFO 

Massachusetts Ave., N.W. 
Washington D.C. 2000S 
Tel: 265 86 00. Telex: 64226 

CEDIN' — (Centro de 
Documentacion e 
Informaeion del Comercio 


Almagro, 34 Madrid — 4 
Telephone; 419.44.21 
Telex: 441S5CDEX 

All these offices Mill provide 
you with information about 
Spanish products 



Member of Principal Stock 
and Commodity Exchanges. 

of its office in Madrid 

Avenida del Generalisimo, 65 


Tels: 270 18 05 270 28 99 270 41 22 
Telex: 45023 DREXe 45075 DREXe 

• '••• V 
• . .* ■ 


8 Affiliated Banks in • Argentina •' Costa Rica 
Chile © Dominican Republic • El Salvador 
Guatemala • Panama © Puerto Rico ® Uruguay 

Branches: London • Frankfurt • Miami 
New York • Paris 
and 666 in Spain 

Representative Offices: Bogota • Buenos Aires 
Caracas ® Guatemala © Lima © Mexico © San Juan 
Sao Paulo © Santiago de Chile • Santo Domingo 
Brussels © Geneva • Vienna 


Established 1857 

Bansander House: SO "Watling St London E.C. 4P 4JH - Tel, 248 69 61-Telex: 8812851 

• Financial 

SPANISH BANKERS are not in Consequently these banks , with a Pta 500m capital to fry dilatorui^s was pp^aWy tke - 
a buoyant mood. This has been have witnessed only minimal to prop up these two banks, major delaying factor.. , -■ 

a difficult year, dominated by growth in their overall invest- This is regarded, however, as a The decree, approved on June 
the problems of accommodating ments. Industrial bank credits oncS-and-for-all procedure. 10 last, reflects .a pautitiijs. s 

a tough credit squeeze, which increased 0.3 per cent in the __ . _ . - Q „ iri ,1_ approach and underlines thq . 

has pushed up interest rates to first nine months of this year ”-“ e »_ fact .that neither the Govgnbvi . 

unprecedented levels. This in against 18 per cent and .28 per JgJ:™ rn ® nt nor the. banks wtatghi ; 

turn has both reduced the cent in the two previbus years, difficulties with recoras oi a open-door policy straightaway.. .7 
amount of anticipated business At the end of November the management Indeed the limitations ane .sach ;• 

and put pressure on profits— Bank of Spain decided tq bought up b y n an °“ er UI1 5, ai J as to- deter, all except -toe majim;,^ 
though less, one suspects, than exempt bonds and share certifi- bank; °r _ go to jtn e .. • foreign banks from upgrading' >. 
the banks claim. cates from inclusion in the pro-' r 9PScial fund exists to protect esis ting representative offices,, 

In a more sophisticated bank- P or S on of JKS? ff?^ ors - '• ■/ -Built into the dec^aretw*- 

jng system the authorities' use banks were obliged to place wut ,'VWien they happened - these, important Inmtations. - Oh- j 
of tlie money supply as the lL , . Til “ — collapses sent a tremor through-, activity. Peseta business will tar A 

prime means to control inflation ,®* se . otit \flie banking system. But- ■ restricted tn-40 per cent. trf total 

might not have had such a sig- of industrial tanks are ^ inn/ 1 their collapse is treated assets held in Spain (essentially 
nificant impact However, the making substantial bond isB PJJ;.*ith'Jess concern. Indeed, the Government. seratUleSran^ iiat 
structure of the banking system lat rate , s ,, 12 and lo per ren t) criticism from outside Is proportion-, of 'deposits.. "that \ . 
in Spain has made it partial- successfully absorbing private. ^ banking eommtihity has banks are obliged" .to plac^wtib; '•-=■ 
larly vulnerable. For a start savings which in normal iteuSIed to turn in on itself a pd tile Bank -of Spain), This is. 

there is no fully developed " , °~ d bare used the sloe* ha^soiigbt to avoid havipg-difty designed to prevent -the foreign ' 

mooey market. exchanges. -..lineh washed in public.' So it banks from competing r Totf" : . 

This did not matter «=o much The banking community w^la bard to gauge whether the strongly for' deposits Howe^Sft ; . 
when interest rates were care- sufficiently concerned by the: lemons of these coUapaes have most of- the applicants are more 
fully controlled by the Govern- continued high level of interest been fully learnt. ' _■ interested in wholesale hajHk^Ig , ■■■• -- 

ment as the bulk of medium and rat ®5 t0 wr i ( te a letter to the - '. Th e other aspect of oonsolida - 77 ^? d * our V 
long-term funds could be ob- bank of Spain urging a change ? refgtl bMfa.oaly 

tained through the system of in policy. The bankers “B^ishuIueMmd medium-sis^ banks 1 - per <xat of tet?I deposjt ?* 

■•privileged circuits" — cheap that liberalisation of rates ^- by the large banks- Tbe mofet . . -Secondly, banks ; can opt 

funds made available through * tlflht credit policy had been significant mergers fiaVe been either to establish a eubsidiSfr "• : 

specific quotas of deposits ob- imposed without adequate baci^ - a . largest ' bank, dr a branch operation limited 

tained by tbe State from the up measures. They also main- Rkhesto which has taken over to three branches. In the take . 

commercial, industrial and sav- tained that profits were under ’ Caca and ae^red fl of a . subsidiary they will have 

ings banks. But It has been pressure. . controlling stake in Bkaco de to PUt doum PtkLSbn to cover 

acutely felt now that these ■ :.:Madrid^-and the merger of the t»pltal add reserves, while for 

quotas are being gradually cut. JrjlfpH • ' Ntj. 2 bank. Central, with Bahcb brioches --this,, ^um" will .5*. 

This yeaT medium-term domes- v •• - •• -* '-'ZKttjco. In both instances the halved. 

tic finance has more or less The authorities have showir' raergers were prompted by the ' ' . - . • A 1 

dried up. little sign of sympathy. They of family controlled ' 1 ' ’ 

The credit squeeze has been t0 * eir VP UO “ ... " ‘ 

a^'-ravated bv the h*witch in the long 'P rotected frtm - future ■ inside larger . organza-- M 

a ao ravaiea oy rne swucc inline C o nd ftions. have taken- an exceS*. «»#,« - \ Foreign .bankers do not uKe 

use of funds by the sav, °B® - S iveiv eloomv view ‘Moreover- H.' ' " . this high .entry fee* but .it -Will 

hanks, which account for some ^gy ; s ®, no W hy the .?W ie « as tbe not deter " -t*“ interested. ; 

30 per. -cent of total deposit, b^fsv^e Should not be -2 wger u wa ® Another' option . U •'that 'a ' 

Instead of applying funds to ,- oi w fntn a mnre reaTistic vfew and was the rtsult of foreign bank With an existifig 

mdustry the savings-banks have ^"SlIsS theBanesto/ partiffpationof over 25 per cent 
tended to concentrate an im* ofpaddii within- ™ in a Spihish biik can buy cOn- = 1 

oortant slice of their funds »-S e System whi5» w^^kood j x * a 

building and housing loans ”'*r completed its merger^ -la- uttee -evnfrt&d to do *hi<? - ; 

.This in turn has resulted' in SSf whUe Baneste-tobk v 

I more pressure of the banks to 'thtifiths to complete-r*ftnd not Sd-faF. 18 foreign banks have 

• provide funds for industry. ® d ^a^i^JhJ-'before it was obliged .16 draft' nine. Abtn - 

A third factor has been the St tS, o fit on °> th - r &i its own personnel to oversee jS* 6 banks who have 

W in HiA Ve creSit S ,ue«e ' m * a * ««***>*■ ; ;th. bnnfc ftllojridg; rewlatinns - ■gjE* . 

has been applied; The Govern-- The squeeze. on banks teSulb-;.^ » Ministry ;o ^FmJmce inspeq- ^ from ^BrRam. . 

inent’s macro-economic projec- ing from the tight money polfaqr Aon of Coca s books. : 

tions envisaged an overall 20 per and the recession has tended**; ‘ ^ inspection resulted : to' SSSS Stok. DrestoaS •-'• ■ 
cent increase in domestic credit accelerated the process of c^ N 0vember last in the imposition fiS Sf^SGS ' 
However, with the emphasis on solidahon of banking interest*,- „ Pta , 18bn fine-for alleged ftSi 1 
exports and the public sector The emphasis has been more om ia , cal jrreguliuities: The ^ bS- CiHbaMtnMdS^ 

The real growth has come from modernisation than on expan-ig&e highest ever in Spain* 
these areas, while commercial sion.. 

bank credit to the private sector new oBSces opened . is 2o Per.’ of appeal. ; But if ihe appell la: 

h« risen 12 per cent. . ■ c«t do™ oj Ihe piwiou, aSffaZ wignow - 

An additional e, e mO« ^ ^ Oav. n. t> e by fcmnsto. 

nr^s the 4 e a t ^ D v a I h,« 0 Sve ? h^ t larger banks. / This coasbli cation has furthw. to U : aMOWed in at Urn. same 

h m - n. . / .• reinforced the dominance of the tinae; - - 

b aS r T h ^c, rM «^ a bSo 


• surprising ir^ a-'country wnere of total 7 cbfiuherdtf- tank ^ 

there are 108- commercial and H PT , n «rftj; A similar cohcenfra* TaITtj ^eutuiouaiy 
- inri.iiarHDi ?' ’ nviirat* ' bank* ^P 05 * 15 - and it would not he surprising 

*u« ti°n has flow begun to. occur. ^ ^ome. applications are handed 

industrial / private 

esperiaily *he n some of «>•. ,0, on g the many 

■a.LUlf nisnr Is Aim ■ knAn a , . . . .1 


smaller .h#ve come badly un- S '*? - e T SC Sf 1 

- Taken together, these stuck on- the classic stumbling e sseil tially resionai or local in 

elements have put tremendous block of harrowing expensively P >,flra'Mt>r ' - The recommendations of the - - 

pressure on scarce resources in and then lending at high rates - . ' . . Cohsejo .^wul; go , back to . .. 

the private sector. This pressure io attract business. • tt a - Bank of- Spain, which wi?l.th6h _ 

has in turn been reflected fn the . I J TlKTI rtWTl -- P® 53 8 final report to - the- Gay- . 

extraordinarily high day^o-day Since January last there have uiwiwttu . - . ernment ■ : -> ^ ' 

interest rates which 0 n occa- coU F aps ^ s - Th e The main unknown Is how the ' it is hoped that the Govern-; 
sions have risen to over 46 per^J]fJ JKoSS/ESSSiLiIi? Presetrcfr" of foreign bimks will toent will approve the'flrst batflh 
cent. Again these figures- must ™at of Banco.dejtavarrai which afl ec t ,^ e system ' when hext'bf appUbations next Jannitty. 
be taken in context. Ther reflect ,P ■ year tile first ; of them start Officials suggest .there will .be Up . 

the fact that the small, and . 1 50 iae .^® 5l),: V He 5 e ’ operating. Thera are already moWF - toan 10 ' the fiisrt .fime - 

limited money market is easily - I ! J0 ^ B . F f a ^ 1D ^ a °p v 5‘ the ' four foreign banks operating in round. However, there afe teiase ’ 
distorted by the presence of one ds LJ 1D ^ ei ff t A 1 ? 6 . 85, Spain, 'jnelufling Bolsa, that owe who believe that such-o&yioits. ... 

large buyer. g“ co de Navarra^ex^nded too their .presence., to historical discrimination is invidjous abd 

The hardest hit in these j ^ factory- But it wag riot until ^ too^ who have appMWf 

circumstances have been the 24 “ construction Jun0 ^ ^ A decfee Was .whose interest m and pasLtite,. 

.--j. .... sector. passed :penmtting the establish- with Spam are . .WeR..lkn£jV0;. “ 

To ensure that confidence in merit 'of. flew foreign banks. should be admitted. The tSd^.'.;. 

industrial hanks, the nearest 

equivalent Spam has to a nier- . - - - ....-■ - • 

chant bank. They have been the banking systetn was not Despite frequent protolses-tfie S®?f ^.conipeption,^ - 

paying very high interest rates damaged-' tfie Bank of Spain Government took over '.six re*l.ib«»n^t. 


J ^ ^ : ^ . ^*’7,. , M VJUVCiuureui IVUA . UVW . - 3 LA. ^ ,1L fn r nt r, »- • V ■ 1 • ••• JrT T : 

many have needed to re- was obliged to step in- and months' Wore to approve the 13^, n 5 ™^ •***■?•£• 

e existing debts. More- "hospitalise" two banks— decree A.ihan was -originaUy’l essen^al if the.^am* . 
over, they have equity commit- Cantabrico and Meridional. The expectidi~In part the delay was-Tl^Tfr^hi^ 601 - 15 t0 tooaeniKe . 
ments throughout industry Book of Spain along with other caused 'the banking coin- “S® 1 * come to' terms 
which have caused difficulties in private banks formed a special immit£ff. insistence on certain a ^ar^ eepuomy. 
portfolio management. consortium on a 60/60 basis safeguards. Bnt Government : . ' r '. 




^ Intemational Division 

§ Madrid: Genova, 27. Telex: 22461 ; 2394jf‘4®fe> INBAN^E • 

I Barcelona: Avdfl* Gefleralisiino, 474^ Tfllex; 5l848 ; i j 

Alicante: fi^planadade Esparto, 1 ITfelex: 66285 INBA5S-&i- 1 
Affiliates o; 7 - ■ j • .- U y-^~ -V. j , • 

•Leasing:’ .... "" \ V ’ V-- 

CITILISA VCitilease Intematibni, S. A: Orense, 34 

MADRB5-20 . . ^ : , . . . - , 

(Jointly triwifld with Citicorp>. • .; 

• Corporate Finance -. 

AGECQ -‘AsfesOramfento y; • *• ! . v . . - *,A ’ 

Gestion Economica. S. A. '.iv^ ..... 

Miguel Angel, 23 ' V ’ " v 

MADRID: ' w?- •!' \V : - v O' 

Established in 1920 - Head Office: Genova, 27. MADRID-4. 
Telephone - 403 3 1 00-403 01 54-40341 54 (40 lines). 

35 offices in _ — 

; ; K3RANay 






■ v * »•> • ' 

c^THteies -We&iesday. December 13 1978 

“•*“**« m SPAIN' VII s«« 

- f - 

. ^ ■ h> p. r 

. . •ir.!.' t fc. 

■-;. :r '^',y 

’ • .*. v.. 4^, 


^■" ■ 


'5 THE BZG -flaestiuu mark whith lost At the same time, in ihe Sncijiljst Parly rmnumbts Thr unions 7i»\e found ihcir Moneloa Pirt and under this 

'i nuns aye? ; industrial '•. relations first six. month '.m this year, employed liy Hie naiinjiaUncw role icsuny. hut there are Year’s wa;c of ■'* ner 

£ -this year in. Spain was how well 3.17m wo&ers ;went oil sink... statistics nQicc, argued (hat stiff hurdles .still to dear. Two cent, while i he Government is 

labour, and employers would agwosi 3.1Sm 4urvng the same Spanish GDP would have in major is'-ims <nnim.v up .ire looking /or a ceilin ' or ju- 1- 

'£■ res, : the -social contract period -of . 197S-Spai n s record crow hy at least 5 per ••uni ever flexibility of employment and ner cent Tor 197fi." if the 

"** knerwnas the " Ufoiicloa Pact.*' year for sfnkca- •— - which ihe next two years — against Gov- the question of reiruaclivitv in Govern men is ieK these claims 

; - siBiicd-by the Government and involved .opprofipuloiy o.5m cmmeni estimates uf 4.S per wage claims. * through. iuurl> au nor cent of 

• opposition Socialist and* Com-, people. '•"••- . cent — just to Imld nnempluy- A prominent par/ nf die the workforce «i-ill be '•citin'* nn 

iV niunist parties in. October, hist " *' . ■ ’ 5 :»$&:- j. . nioni at its present level. This rgOE platform is the demand percent more next “ear. But 

1 \f 3'car. This was particularly OrifflTK he estimated at nearly 1.7m. or fur flexibility of employment. if it doesn't, i)ns could lead to 

i» case sraceneither tiie employers V,1J &*«<?. • . around 11 per cent of the work- They say that many firms are serious disputes, since amon- 

‘ f r,r Sanis»tip ,, s .nor. the;, trade -However, Ihere are major hip population. passing o' cr orders heca use. other areas affc-c led are ihe car 

j v unions look part. «i the nc*n- differences between this year and Sn as well ax being contested while they can mere »*■-«? their industry, hanks, railways and 
>i liations- whhrh led. to (he pact. igyg. The number of working h . v rival unions, the position uf workforce lo cover ihcm. they wmmumca lions." Ihe capital 

; - hut were nevertheless, .expected days lost has been Out by half Uip UGT and CCOO is being i-annol Jay nIT workers when yoods and electronics industries. 

if to. implement it. . between then and now. rertect- eroded from within. At Us mn*t demand subsequently falls. A r », ird nrrt ; llpm u . hii . h 

: The Moncloa Pact was -essen- i ns the more sophistics i*>d Prevalent this is expressed by a This is because Francois' labour pn „f| nU e u. In ,L" 

i*r ttaily a , Mop-sap measure tac lies of the larger unions. lalllns off in unmn membership legislation, whereby industrial JJIjJ™ * r JJ" 

: within the; framework or pariia- Second: a great number of the —although figures provided by peace was Traded for job a ni rrr hv .h- 

j mentary consensus, that has 1976 strikes, were political pro- 'he unions for ihe news agency security, is still in force. The ‘ rf J , 

; V rfnminafpriSnaoish noli tie* cincj* nr ,.r KFR last mnnih claimorl nnn-iv nniv npAmnt mnin.. „r mun i .. OLiausi parties. 

opposition Sodalist and' Com- people. •>* 

aiunist parties in. October, "fast / - . . ■. 

year. This was particularly the ArifrirK -■ ' 

case since neither, the employer* ^ v.M &*«»>. 
organisations .nor . the' trade However, there are major 
unions, took , the nc*gn- differences between this year and 

dominated Spanish politics since tests' againsr the'govemnienr or EFE last monlh claimed nearly only present means nf shedding ^Jl.rrivHv ' 1 pames ; 

the .June lB77.general elections. Sr. Carlos Arias Navarro — TO per cent unionisation .if the labour temporarily is hv apply. ' • ' . ine 

It laid down a 32 per cent wage Franco’s last and the. monarchy's wnrkftim*. jnq fnr a “ regulalu.n of em- tl> 

rolling in rMnrn' fnr rpfnrmc T» — : i- R,,» il V,, c ,K- n | nr | ... ,iaS n ■--commodate tllC 

n?iling in return; for reforms fi rs t Prime Minister. In . 

But il. has also led in Die ploymcni.' 


which included.- for example, parisnn. nearly all the present sniwth of radical currents inside means- putting the whole work ^5,°/ n ai r iV 1 u d a,ll >,l, ?1? ° r 

greater trade union freedom. conflicts have their origins m Ihe main unions. Thu; has been for.-c on short lime. But the ,V r Lv HpnL ^,^',5 -I, 

Neither labour nor employers dispuies over pay and c.mdi- revealed hy mass expulsions legal process can be lengiln- . fi Helen nn p r Ih., ! ! 

had any experience of pacts, tions. "vrr most of Ihe country in the and m the present climate the ? J P a 

since under the Franco regime T s.ieH riises" where Um ‘' asc uf ,he ljGT - and serious strain on ihe company's !!* 

the ouly permi tied indust rijl c CO o and UGT’s'conunitnicm dlv,s,on<: inside CCOt). par lieu- resources meanwhile can be „„„ 1o Ht-r-n.i -‘"r" 

organisation was the corporarist ( Q r«ir a ^f nlleed S in l lar, - v in CaUlonia. where the ILn -.Il " ' wv 

Siudicato Vertical. This grouped Barcelona chemical ami lnelal The retroaclivuv oueition ' tu s 1 ° b -» P arT - 

^uuticaio vertical, ims groupea i nv ,^j 0lls mjeftion were ihr “"Wiona chemical ami inelal the reiro.icltvny 
borh. to the marked advantage seve x!! . con nf C f ,i u . iederations for example, have arises because over 2 

or the latter, as well as serving AstiJleros y- -Construcciones a,n ' a(,y volcd uppo-sitjun lo the have sliil 10 settle I 
as a system of patronage for the (Ascnm s-hinvarri- aV Vian in Nocial contract. December expiry d.i 

" ,q '° - followers omnnw ' - s — — * 

me reiroacliviiy question stra t e «v. 
arises because over 2m v. orkers a ’ 

have stiff lo settle before ihe 
December expiry date of the ft-” 

regime s - followers among north . wcs| Sp ^ n and the SPV „ n 

la hour. , • vicek strike among Barcelona 

The Moncloa Pact h due to „,e„d»nts.' . 

fxpire at the end of the year T h. a k.o,„ 

David Gardner 

ft-T r t • •.’.mil Corrrsjioinlctti 

Banco de "Vizcaya 


CAPITAL 11271 043.000 PESETAS 
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Santiago de Chile 

expire at the en 
with agreement 

k* year 
to be. 

The Anton • dispute began 
when the shipyard changed 

:• reached on a package m replace hands and , he new ovvnePs 
; it- But the track record of both M ro reslIU(Au7e the ubour 
I * d « of mdustry during this dif- force in , ine with . ^ general 
j ficult and expenraental year worldwide decline in demand 
gives some indication 01 the ncw shipping tonnage. The 
problems they will face in 19 j9. 1. 850- strong workforce got wind 
j. ' of this, and .«ome iff them tried 

} QtrPfltji’h to promote a strike/ As a result. 

• ’ LJlivUglU. 46 workers were;- fired, and 

r The two trade. unions to con- immediately the^-.-zest of the 
i soiidate their strength' in this workforce came , out in sym- 
| year’s works' council elections "pa'-hy. Manageraent. replied in 
I were the. Communist-led February with .what ‘Vas tn he 
| Workers Commissions (CCOO) the longest luck-out ij^ee before 
j and the sodalist General Franco’s death. 

! Workers Union .((JGT). The The CCOO and UGT. although 
! results, axe Jrtill disputed, but it in a mioority on^ihe strike 
J seems that the CCOO won some- tommittcr, initially .snpportcd 
1 thing .over 40 per cent of the strike, but withdrew after 
council seats, while the UGT a compromise ..- • solution 
l' took around 30 per ceot The suggested by their ' national 
£, lead .of, the Commissions: was '^oership was rejected. The 
i; more - pronounced, however, in committee vfas then led 

t. the main industrial areas, par- by whuih came third 

J, ticularly Madrid and Barcelona. natJ onal works__council 

? Work « s Tin ion (US&suidhy 

• CCOO, .which, hadx- reorganised' J' wena^nioyi^S 

i Sto? ^ Vih^tLiTFrenco fr «» Xhe loal^fpuialion. 

V The seven Tiwhtlitonilict was 

f Sfif brought' to?an end bv 

1 :~:z yc[ 

1 minSt in ° ^ **&**&, the s#ike committee 

1 !" J- u. i 5 CE ,, j n l^and the 111110* involved in it 

^ the saUsfton of winning 
pact providing a degree 6ette> /ffer , h 

{ discipline., and organisation fiUggejfted aj f a startin int 

i which no other r union could CCOO *d UGT. 

| m ^ tc h- . • : The . Barcelona ' pump 

I , : i a {3L P^ 0r *l y jy^'.attendanfll strike was called and 

) lure °fr-*he wdu^tnai Peace. 1^ by _;the anarchosyndicalist 
j envisaged the pact CBpie in national^ confederation of labour 

i April from the employers* side. (N ct); and opposed from the 

\h e employers grouping,, outset by the CCOO and UGT, 
the CEOP or equivalent of «». which had previously signed a* 
; British CBI. was hurriedly put st ate-wide coUective agreement 
: together in September last year 
: to unify criteria around . the ■ 

Moncloa Fact. Though the OljflaWPfl 

• CEOE 'had grudgingly accepted 

the 22 per . cent wage.reUing — ' ; The CNT's basic demands 
j most, employers, federations, were for a Barcelona cost of liv- 
,• regarded it as too high they j n g weighting, a drop from a 48 
would . not countenance : s t fl 1 40-hour week to absorb 

■ government project for greafer unemployment and negotiations 
trade v union. -'freedom, which a provincial basis. The local 
envisaged- ^e Tight of works authorities outlawed the strike^ 
councils tp-ohtain regulariofor- declaring the- State-wide agree- 
mation oh company activities. meet binding, put police into 

By May, this attitude had led several service stations to serve 
j to token stoppages through out petrol and mobilised riot troops . 
! the' country, by the 1 unions, who against pickets. There were 
: regarded the-Bili-as part- of the almost daily -street disturbances . 
’ quid pro quo fox wage restraint throughout the strike, and 
In Barcelona, ’ a particularly hundreds of arrests were made. 

, radical current grew among By the end of the strike, two 
. employers, severely complicat- leading figures in the Catalan. : 
ing the anual wag&'negotiations CCOO apparatus publicly 
and . at one stage- bringing put expressed- their distaste and 

■ 800.000 workers on. strike in concern that the union appeared 

protest,'. ' to he backing -ihe police against 

Bdrthe union' laidership was the strikers. . . ^ ' - 

unwilling to press' the issue, and There is little Jioubt lliat the ; 
the Government was allowed >0 USO at Ascon and the CNT in ~ 
ease the Bill inlo cold storage. Barcelona were seeking to make 
. By. this time the political parties up ground against the larger ’’ 

■ had reached agreement on the unions. The CNT in particular 
degree of consensus needed to has its. only real strength in 

_ ensure the -new constitution a Catalonia, .and io addition coh- 
t rouble-free, passage through trolled around three-quarters of . 
parliament, ‘. and the Socialists Barcelona’s 2.600 pump 
ami Communists Were unwilliig attendants — an ideal oppor- 
tn promote industrial disruption- tunity to establish a clear line 

• which might affect this. . ■ .. between itself and the CCOO 

The -22 per cent wage celling and UGT, which it frequently 
has in general been observed, denounces as “ traitors.'' 
and the CCOO and UGT have Blit nevertheless, the CNT 
- tried to .avoid strike action , won important confessions in 
wherever possible.; Whed the strike.- * And the smaller 
grievances have ‘built’. tip, they unions are winning an important . 
have instead tried to organise following ' as they pick up 
orderly, but massive shows ' of banners discarded by the CCOO 
strengrh of limited duration, and UGT. 
such as the Barcelona strikes. The major effort of the two 
which were carefully iphased.’ big- unions has- centred on* 

But they have not succeeded employment; convincing their 
in preventing localised or members that moderate claims 
sectoral grievances from spill* and labour discipline were • 
ing over, in situations where tbe essential both for the protection 
opposition to strike action of of jobs and the consolidation of .' 
the - major unions has meant democracy. But while this a rgu- 
that smaller, rival unions — ment has begun to cut Jess and 
which at best came a poor third less ice. observance of the wage 
or fourth- in the works council ceiling seems to have had little 
elections . nationally — have effect in keeping down un- 
frequehfly made the running! employment, as might be 
This shows tip in -this year’s expected, 
strike figures. “ The Labour Indeed this was spelt out at 
Ministry, expects to report , a -a recent symposium on employ- 
drop of around 34 per cent in* ment organised by the Spanish 
jls ind$c pf:1abour conflicLs. for .and French governments, and . 
. 3978. But this is measured by. from within the union ranks. Sr. 
-the number - of- working days Joaquin Leguina, a leading 


Jjvpic: iltf Min l.rt-Oi.«in.«r, \ n.e Tresj i'. m . cn'dUV i: and ieru.n, Mddrii 

“Chase is definitely the most flexible bank... 
even in difficult cases one is given gpod advice 

• and given S&tVlC£»*(EuropeanFinancial Director) 

Wz recently commissioned a market research study which they can work to your best advantage, 
with an independent company and, so that the For each account we appoint a Relationship 

200 Financial Directors interviewed could speak freely, they Manager who understands your business and ensures you get 
r ' ;i-. were assured of anonymity The resultsvery clearly spell out the top quality- advice you need. In this way we have decent- 
the Chase advantages. Typical was this EuropeanFinancial ralised decision-making from committees to individuals 

- Director who went on to say: as close to your Relationship Manager as possible, so that he 

’ -J- - “The Chase Bank is extremely flexible and isabletogetresultsforyoufast J ==s= ^ 

can respond very effectively to our needs and requests - even Jacques deMandat-Grancey, shorn ■ 

though tliey are often out of the ordinary 7 : What we above, is responsible for our Representative I 

.f;;- are particularly aware of is their great personal corrmitment.” Office in. Spain and the team that serves you. • J 

;£■ We believe this and many other such comments That’s why he believes that better * 

followfromourpolicyofhiringthebestpeoplewecan, bankers make Chase 

■ developing their talents and giving.them an environment in a better bank. 


"v— . 


9 *> 




T o increase the volume of 
economic cooperation 
between Spain and the arab 
countries by financing 
foreign trade and other 

To participate in 
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operations and bond issues. 

T o operate in foreign 
exchange money markets. 

Identifying and evaluating 
investment opportunities for 
equity participation and 

To offer Spanish technical 
experience and know-how 
for the implementation of 
economic and industrial 
programmes in the arab 

To promote joint ventures. 

To strengthen relations and 
cooperation among arab and 
Spanish businessmen. 

Qjl— »?il f*— “ 


. l It. 

oLLfi. j - 

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J-kaJI CjULf- — • 

. LlLIl i_i _ r al\ 

- jV-s— 'VI ” 

4*)Lwt*V! “ 

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oL-w-jll £*->■ — - 
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Incrementar la cooperacion 
econdmica entre Espafta y los 
paises arabes, mediante la 
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exterior y la promocidn de 

Participaren operaciones 
sindicadas intemacionaies de 
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Operar en los mercados 
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La identif icacion y 
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de inversion. 

Of recer la experience y la 
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Reforzar las reiaciones y 
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A leading Spanish Bank 


International Ambitions 

The BANCO HISPANO AMERICANO with a network of 1,100 branches situated 
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Assets and liabilities as at 30* June 1978 

' (US Dollars millions) 



Cash 8c Banks 



v 1,198 

Loans & Discounts 


Other Assets 


Contra A/cs 



Other Liabilities 

Surplus Profits & Reserves 
Contra A cs 







International Developments 

BANCO HISPANO AMERICANO is fully aware of the commercial and financial climate 
that links Spain to the rest of worid and has made, during the last few years, a sustained 
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El Majuelo vineyard in the Machamudo area in Jerez is largely owned by Domecq 





UNTIL - A few decades ayo, 
Spain earned practically all its 
income from agricultural pro- 
ducts, with oranges, tomatoes 
and olives national symbols. 
Production in the sector still 
runs at around £3bn. and the 
country is the world’s largest 
exporter of farm produce. The 
importance of agriculture to 
Spain is not matched, however, 
by its contentment Nowhere 
in the world is it easy to 
find farmers who are happy. 

■ . ...(T ‘jS I, ■ 

buT the* dissatisfaction among 

SV.AUD rtf Qnain k Ttinrp DfllDllblO 

those of Spain is more palpable 
than almost anywhere else in 
Europe. . 

The year just ended paraded 
them well. In January there -fey 
was the “war of the rice,” 
with producers demonstrating .g| 
against surpluses and in- 
adequate incomes and culminat- 
ing in the Government's allow- 
ing four times as much of the 
grain to be exported as had 
been planned— to a world 
already itself in surplus. 

In February, 23,000 tractors 
blocked the roads to back up 
farmers' demands for more 
money, tax reforms and a reduc- 
tion in social security payments. 

In March, Valeocian farmers 
marched on Madrid when they 
found that the expropriation of 
fertile soil in their important 
agricultural region was to -be 
part of the next four-year 

part of the next tour-year / 

National Development Plan. In advent Qf the deprived peasant farmers who spend half to JmjttoVe tiiw.; y 

April, nature became the S*,* av 5 nutiate their time filEne the soil and their Lvelihoodfl, the farmers - 

^ became the ^ outlet *£**!&& the>» and their livelihood*, the fam«s 

aggressor, with freak frosts try the Com . the rest wprWog in a -nearby will - continue _I0 

mat destroved a variety of 5 f _ ri , har - announcements, such as that at 

crops worth £240m. , May market that had been worth, up The hungeir. for land • m a. last November, about filming • 

brought the “potato war.” pro- ^ that tiinx, £70m a year— country .that is- largely non- ref ormsa^repr es^^g 
ducers demanding the resigns- ^ g fourQi Jargest customer arable has. : fended to make 

tion of senior officials accused ^ us > p^ce ^d W est plantings too cramped, thte around tte Mmfortable corri 

of ignoring petitions about the Germany draining fertility and, more dors of Madrid. . . 

industry's-grievances. which, as Thg w - lt j, ^tich important in Tecent times, pre-^ Symptomatic of agricidturfe- 

with rice, included export SpanUh fanne rs and their eluding the use of machines on 'i^glect ' is : another recent : 

restrictions and low prices. workers have. demanded higher a scale found in couritnra aanouncement that Valencia I* 

prices and wages reflects the where mecha n isation started gf iong last __\to- hold ite 4rst . 

fact that the farm sector has earlier. 7. ' - .. , , v . agricultural fair. '"HOW 

Ificensen lacr mai me iarm act-tut- u«a earner. • • **“•, -• . *“rn . 

* f . sufEered more than any other .Yet the alternative to the ; absurd.” wrote a critic, "that.^- ; 

In June came the * from inflation, which has been machine has all but been priced regibp- ao agriculturally 

war,” one of the bitterest, B f about 30 per cent out of the,- market. Wages and cant as Valencia has ncfthftd bne ^ 

growers having been incensed ^ is ^ highest in Europe social security, payments have before,”' adding. , that. . the “ 

by the refusal of a guaranteed Portugal’s- burdened farmers with more absence of such an event and 

price, as had been granted for Jn 1975 and l976| farm prices ia if any cases they can the failure of the Ministty: ,to: .. . 
potatoes, on the grounds that i agged behind those of industry carry. At the same time, the bring fanners into dbse .Cfon-T 
onions were less essential. . 2Q and 30 per -Cent growth ol secondary industry in tact with the adminiBtxatlpirhad 

Nature attacked again m JMy res p ec tively, and the administra- Spain and' the desire, for. metro- deprived them of many sdiyitre&. . 

with hail storms that did £ 20 ra |iQn prooi j Se( j that the leeway politau amenities by people such as those of extension ahd '; 

worth of damage to cra ? 3 ' would be narrowed to less than inured tO-Ldecades. if not cen- research, that wereiheoreticaUy" • 
August produced the statistic g per ^ for 1977> but ^ mries of fhardship has drawn available to them. 'Here and 
that with 22 per cent of me eV j denee suggests that although thousands .Of farm workers from therein the farming scent ore ' 
national work force engaged in s0me ret juction was adiieved the countryside to towns and oases of sUcc«s and conteoi- 
asrlculture. Spain has tne objective was a mirage, and cities and.\taade the farm-hand ment such as. for example; ‘the 
highest such ratio in Europe, grievances persist. as scarce as be is expensive. -development ‘ of horticultttrai 

HaTvesfUng the old fashiaried way in' 'trirthern Sptun . : . 


and conversely one of the ° 

as scarce as be is expensive. -development ' of horticultural 

- . . The tractors that farmers i n citaiooia, whose' capital, enterprises in 'more southerly . 

lowest levels of mecn^tsauon- been usjng recent i y as Barcelona, -Is Spain's chief in- areas of the country than have. , . 

Another statisnc renecu l one of their weapons to achieve dustrial workshop, it has been traditionally been fanned-^-e 
e industry s oepen e what lhey see ^ econom i c esllmatei [ that some 600 town- step made possible by recant' * •; 
jpea red in September with e j ustjce are paradoxically, a s hi ps are due for extinction techniques — and which W.* 
.jnooncement by fURTA- symbol of their industry’s within the aext few years be- qu'alffy for the-bpnuses offW^..j . 
Government agenw' P * economic weakness. cause of the drift of people from to produce’ reaching . exptirt . 

for . _T?^L.^L ns i!!ikfi^oc hart Indeed, in common with the land-Ts Tbe-process can he maTkets eariier in the seaSoh .-. 
apportioning su - ■ many Qf gp^-g sources of explained-rsuperrdcially by the than that of rival :eacpoiters. ^ • 7:; 

pxnort^td and a wealth - far too much agricul- yearning idr more money in the Another advance iias been a v 
iriSOH («nn no direct to oro- tajral know-how is bought from pocket and.* steering wheel in r ] se in the country’s production 
y? o«£. stS of Uie abroad. Spokesmaa for ttt the han* talt It has been a l ceioab for ■*&**.'■***£' 

\ '■* 

7 no : c nrtohP r start of the wi mt- me nami; :wir ir xias oeen cereals for srpCK-xeea, -uen : ; 

LJmrtin«» season brought £annin 8 industry are con- realised to the more primary-. eiehcles 6f; them -in the part 

ctHkes bv frii it stanUy reproving it and the cause wai that the agricultural . having- retarded livestock p«h .4- . 

« iwt 0 F whom were administration that is supposed community allowed industry : to : ductibn. afid involved The couh- -':. 

£m?kprain« their word depriv- t0 co-operate with it for doing slea i its manpower .without try -in an anniial bUl of .sdmw-’r,: 

fna nmdticers of the bonuses to ° IitUe research and exten- much of a fight. Had farmers. £300m for imported foodBtttSSv ^ V 

available for nutting the first sion, and. at another level, for unions khd- Government colla- chiefly from the US 7r ...r.'-v/". 

supplies of the season on to neglecting to avordmate pr^ borated ott the quesU0Q wheh _ A-. recent - srientific ^ b ri afe .^ 

EuropeLi maSets. . ducDon to obviate surpluses and the drift Ivas -still .incipient, a j^gh -in the mtrific^tSOiKof ^ 3 

E In November a note of alarm ex P. loit ® alter ' art# ore ago. the labour the soil thidugb :taSsi:t!i 1 f " 

sounded among citrus growers naDve lines of production. problem ;; .-^ight have been opened op.pbssifcilittes for^eWK 1 ? 

who plagued by drought. While citrus, for instance, is in largely averted, mouriwexnaiid^} .ori>dtiCti(Hi -df^ 

•strikes, a seamen's stoppage in over-production around the - 

France baiting deUveries to Mediterranemi m the Valencia COIllOCteilCe 

Britain and the failure of a region, traditionally synony- - -fV' . ' „ ...... 

lot of fruit to mature properly, raous with the orange, the Whether . 2: even today the announced— fittingly,^ "it f- 
feared that 1978 could go down acreage of trees . « being Ministry -of- Agn culture possesses of the- Worst drougfal-TbrT'fla'^ : 

as one of their worst years ever, extended on tend which, all the competence that would hove Wars-^thSt tbe^ ^'. ; equivalentc5brL. : \ 

More chronic than chrono- readily cultivable areas haying been ntfeded. for such negotia-. more £70^ , feeix^-. >; 

logical are some of the prob- long since been brought into tion is -proMemericaJ if current allocated : ftrlnext yeajc'to. ifn^--- 
lems that have blotted the production, is ; wrested from its criticiirais, mean anything. The. pr^ . a,e. ebufitryfs.-: alre*dyr. •; 
Spanish fanning scene. While natural sterility at enormous Mmistry ha^Iafely been accused e teba r jite irrigatio&' systedM -^ 

rv _ - : *u- rind m tprms of hlifluOZinC. nf Wrf n rnnHinpro . . • ■. 

the soya bemi;- whiriL .woiflitmi-j ; : 
able imports ! td be.’Ctt t 
' ally .. and 1 ' it‘ wai _ ' - 

al sterility at enormous Ministry has lately-been accused eiabarnte irrisation' sS»temria > ^ 
Spain” stiif enjoys the benefits cost in terms of buUdozmg of over-staffing, with mediocre secaad;; oaly -' nE- puhtiC-7-'-- 

Ting, the lavishing on it of people ; more concerned with^s^j^g lo _ 

of climate and proximity - to terracing the lavismng on it ot people ; more concerned withi.^^g lo _. ^ Yorv-raad-: 
markets that have always given artificial fertilisers and the pro- power "than performance,- of building. V- ^ 

il, agriculturally, a flying start, vision of water. lacking ;.mdependence _ and Ateoheanenlhg is the 

former advantages, like the Spanish farming provides stature within- the administra- fhnt 'wbr } * - c :- 

virtual absence of effective many examples ^ ° f ^j^^-tuttl -preduci^ /to; Spain^refie---; 

competition and ready access between man and machine. The without acting.- Indeed, « less -thflii l2''per cei^l^'.year j 
to consuming countries, have history of land tenure is such meseap^ie that many Spanish to > £646m,v. exports 3 feavft-dhis&i -T. - 
diminished or vanished. that, for reasons of inheri tan ce, farm reftfroafl __ lack Iwith'-tf speCtecular744 ^ nbr'ee 5 ot.T 47 : 

In the past 30 years, aericul- rural holdings In many iwrts of because their.substance consists spurt - ^ £600n5-^a;- r ' juip- ?r^r 

tural rivalry to Spain has grown the country have been topped largely studies, surveys i J 

in such Mediterranean countries up generation by ^generation fact-flndlngs - that In PWffe. ba - reventfirt. iwhan .:« m r nfi i v ' b'"- 

as Israel, Cyprus, Algeria- and until they are 
Morocco, especially where citrus sistence level 
is concerned. At the same time, this is the 

'•‘A'-’i"; l' -■ 


• - Pouring molten metal at the Aviles steelworks in mother n Strain 



•- • * 4 ' 

' v : . 

- . . -L 

m a 

THE HEAL reflection of the The restructuring ''{flans for two sectors, 75 per cent of which that the runjor political reforms 
recession that is ending its the industry are still -going earmarked for steel. Con- are through. The difficulty is 
fourth year in Spain is in the ahead, and are presently 1 await- siderablc reductions in the that, with a .strong pwsibilm 
sony state of much of industry; tag the outcome of * ^netting labour force arc involved, of a general election next war 
The number of bpnkruptaos has between unions and ..employers, especially in shipbuilding, where the cllmau* win mu’ be 
multi plicthalanningiy, while the But while the plans remodel the employment levels are expected propitious for the unpopular 
plight o£ major sectors such as sector as a whole, eliihinatioR lo he cut by 40 per cent, over measure* for which Indus- 
steel and shipbuilding, badly hit a- lot of underproductive.- ond the coming four years. The state triaiists are clamouring, 
by the worldwide- iall -in archaic plant they . .do not will effectively nationalise the 

demand, has often worsened. improve the financial structure smalleat of the integrated steel David Gardner 

The virtual stagnation lia out* of individual companies,. v plants, Altos Homos del Medi- — — — 

put this year, b^s put smaller The Spanish textile industry is lerraneo. hut has first written 
companies in partiaiialr .under heavily concentrated gebgraphi- down its capital lo a nominal 
severe pressure. The fragility caiiy — m »u r three quarter of it peseta to cover some of its liabi- 
of these companies^ -cash-flow : is in Catalonin— but split into a lilies. 

position wap pistaittd jtraphi- large number of; small to A sector which the Govern- 
cally in _Ap/il, .when toe Seat medium size Arms., -'tfhajggbave ment is looking at with particu- 
car company-*-the country’s traditionally generatcd^B'ever- lar interest both because of its 
largest industrial employer^-. aae G f qq per cent; Of. ‘their high rate of unemployment and 
put "finance intcrpaHjv witiyiqsiy^the because its health provides a 

an effort to reduce stocks, Ine larger concerns holdih^i -estab- strong indication of the slate of 
ripples ; engulfed many ,, of r-lts Hsheci credit tinies, £)j!li./!;the industry as a whole, is the ton- 
small suppliers. . - banks. In the present : i(Qiniate struct ion industry — one of the 

Nor Jwe .- **»• larger com- ^ inflation and increasing worst-hit sectors in the reces- 
pames -beep immune. SanaOi . labour cost poor liquidity rand sion. 

thp rounny> Ingest paper-and bjcpfaniive credit thismetiwds The building industry em- 
pnip con^^, drfapited on; pay- clearly untenable. ; .>V‘C-. ploys' .1.2m "people, and accord- 

cost Of Testtu enffd3g;tex-- JnRVfn‘_\jfficial figures currenUy 
a Pta - infection to gi e capacity has l>een = bc*ne by has -pearly 20 per cent unem- 

the -Industry Itself. = This ^uares pioyment.. A key problem is 
that the haajcally . Government’^' stated the insolvency of public authori- 

Alcala, 16 - MADRID-14 - SPAIN 
Tel.: 232-86-07. Telex 23381 BB RFI 

Alcala, 16 - MADRID- 1 4 - SPAIN 
Tel.: 223-29-85 - Telex: 22002 BB SEX 
27535 BB SEX 27616 BB ARB 

36 New Broad Street 

Tel.: 01-638 B4B1 - Telex: 886451 BB LONDON 

29, avenue de i'Opera 
75.021 PARIS Cedex OI 
Tel.: 073-34-41 - Telex: 570444 BB PARIS 

767 Fifth Avenue - 6th Floor 
General Motors Building 
(212) 826-1320 - Telex: 235467 BBY-UR 

sound, and has a yearly turnover 

polity of no.ibailing oi$t “ lame ties, which owe the industry! 

• 'Tfci- . ■ (HIUUJ UA UVi.Uailuls acuiftw v ------ iumw^UJ 

in excess of Pta 13btu made .- a ■ reaction # to the nearly Pta 40bn. Last year's 

rescue by a consortium _ of 'p r z ac0 i st policy Jof only public housing programme was 

f™ 1 : °w b hi^ S i? nationalising loBs-ma^ing indus - onl y * quarter completed, but 

tries.. In April th Minister of although public, investment io 

obtainable by_thc pmjonty. of. IaaiJstrtt Sr: ? Agustin the sector wiii rise by 16.7 per 

companies .to the present m^gueS. Saharfun, warned cent next year — nearly double 

sr b P ^^d S 1 w S W^K 3 ^w thatthe Govenuwnt would only the average increase — it will 

intervene - in cases involving stUl not represent more than 
Jmfi? “generar stratafeic interests." or 2°-22 per cent of total new in- 

IiSectofr whSe demand hnd vestment 
failed Off , drastically. The It /; is the drop ' in private 

-Vi- «^?«J****\ TK . ^drop-in private 

r :t ; of its output— but wSi k>w P^to sinpe then has been the investment which is crucial to 
prices inSpain and Europe, and of #“ e l \ has , t hemdustn’'s prospects, particu- 

sluggish domesS' demand, the ^ 0V T m ^ t t0 c,ec,d f h °^ - arly ha}t in new in vestment 1 HH || I HHB 

company's cash-flow-. position ^ ecneral pnn * i? ■■ ■■■ flRH H 

came under increasing pressure: Cl, 2 es ^ ,,, „ Pws and most important, the 'VIHVQIBH 

[ • m adStioL doSSrTock. * c ^ 1 in pu i nt M l, Babc ?i« de,ay i n tte - approvai ? f ** 

• S tu mover ^ba dosed° Entry’s "leading'producer of bSckinT^^rge 11 for 

- i . ... buUdins nudear - ow " 

/ . larrio . « m t W in! th« gXn.r** . ^^“"decUne Ebullient IflVMmHI 

1'- years °ago make ^thiga hey in ' mv ^ raent racanl ncar ™s situation ate into tlie SB BB1B |H| P 

\ > - plans ^for the** TOProaebiaL collapSP [ OT x * e capital goods profits . of the more ebullient HB HSHH USB 

penod ot row growth iSt '»?' »«“• ant| he ™}> BmB HP8 

- • CU | ar neglected the nnssihle' P one0ieT1t of tht Government s increased the losses of the ~ ” 

-■ Sns«iS«^^offi^f llational ? mTg *r plan denies The industry calcu- HMt ' 

"" cost o£ domestic-credfi. ' safety valve. - energy- plan is approved the 

- ^ i 7 ^ 1 * ‘ But " the disappearance of rise in . its re.H cnsls will have MlHh 

i i s ^ Babcock— in which the British nsep markedly. These were BlO 

• \ s *°. pecen j Babcock and Wilcox had a 10 21 per cent in 1977 »nd an hHhKPS 

■ f m m h 1B S i f « per cent stake— would only have estimated 19 per cent this year. HH HBfeiJ 

/‘r during the firsrquarter, even bSS^he^n^r^in^ Hawever, taking pu bl ic invest- BB Bill 

- putting in a brief spurt: during * ,li J5fi u ^i lerm ' Sl “i e tiltre m ^ ni 35 t'-’raran^. ihe Bn^ 

' the flnaj^ ^ q.uarter, Biit the differ 'JLJ® structural reason for con- plahhed increase of 16.7 per WBgpf 

riV ences from sector to sector are 2j55jhi£lU“ P 'Il2 ceii . t ’9 ext year - against experinri 

marked. Sleet, for- example, has i Hf! cost mcreascs of 12 per cent. 

^ still to reach-, the highest, * h wlU . * e ™ a ' PaI / , » in inwst * 

o duct ion -levels of 1976-TT.while ■« only 3-4 per cent ' 

■ r /- cement prod uctiqn .has held -up, was that the company s Meanwhile, the iiidiistr- 

>'■ largely through exports capital would be written down financing .41 per cpnt or its H 

■ before a Pta. Z.obn capital production, on short-term loans H| 

-v : " injection and Government at -dtiiund 16 per cetil. ftp 

, r OUIUUUU - ..credits of up ro Pta 2bh. Every- This is dearly a pace which H 

r Exporting hai irien a solu- J°r y L 0S i s ° metl ! in S Jn the deal. only; . the bigger companies— HI 
tion for many firms seeking to ^ basic principle was that especial fy those which can com- 
compensete for "rfepjresSed S f ! s !?f rei l° ders b0 ^ pete : f, J foreien markets— can 

demand and thin orderbooks at °L ie 1(>SBes : aI ) d stahd-'for Jong. !Hie point is 1 / O Qr-v-aitVc ic?4v4-a1 Tnt mr+i 

home by a conc&Aeff drivifr fi 0 ® 8 - w # rth °? er companies ‘ n applicable .to industry in XlsJ OT 0133111 S IndliSlTlBl InVGStl 

; abroad, especially . /fol Wng oullay of the seneoil, until the Government -i (r r c> . 7 r 1 «-ir- 

last year’s devaluation bf the inj^rion.. feels jt can give some ground l/Q OT ODBin S IndUStTlBi tXDOr 

peseta. But those ■ industries • The .Government was faced inthedrive against inflation ' UAx/pCUll U lUUOLiiai I-AjAti 

such as textiles, steel and ship- Vith -the problems of a different and. implement a looser credit 1/10 

building which are affected by ma&nitude when-confronted by policy. XI ±\J Ol 003111 S i*JlOSS inOUSTTlSl . 

a worldwide fall in demand are and overcapacity of The predicted increase in -1 !r%r\ ro .7 t * , 1 t t 7 ir 

not in a position to soak up the integrated steel and ship- investipeut for next year is {}/.[) Ol J^DSITI S lA/Orkfl 

excess capacity bj-esnorting. building Industries. Tbe delay around. 8-5 per cent, of which ' W 1 0 UIUUOUIQI VVU11MI 

The ‘ textile industry, for ™ J™ Babcock . decision was some 6 per cent will be public 
■ ? example, has almost doubled P^tUUy caused by haggling or devoted ta the building up of 

the money, value -its. exports wlh' unions, particularly stocks to retain minimum _. 

since 1975, and became a net since the company is located in strategic levels, and only just TrjP INI OfOlin l<s DrOQPflt lH tYlO mrtet imnnr 

exporter during the 1 flm . six ' ^ Pohtieaily unstable Basque over per cent new private 1 AA>U y AUU F preScilL ill me ITIOSI liTipOr- 

. . months of this year. But Ibis country. .This was also a factor investment. tant QOrtnrc Qr>arvtch mrliie+v*i* 

could not compensate for an IV 11 } , to restructure Employers have it clear in *“^ AAL Ul Opdlllbil ilKJlibliy. IZdlCiyy 

per cent -drop in .-internal steel .plants and ship- their. : minds that, apart from n^riirol Hap 7 Tv-^li .t-n r*l j .\ 

demand last year, while- there ysrds, since these are either wage restraint and a more IlaLlirai OaS, UrSniUITl, v-»09i. tlSCtTlClty jl 

is a limit- on the volume of, concentrated in. the Basque iiberd credit policy, a revival of Cx.-i a 1 • • Ha i_ . a 

• Spain’s teiiile products' tbai the country or, in the case of some investment requires the aboli- oTCei 9110/1111111111111111; "CtrOChenilCalS: 
EEC^-the .* industry's main of the shipyards affected, in tion of .the two measures by . .« i» vir - • 

customer abroad— will take. . areas of -high unemployment which.the Franco regime sought rCfllilZ6TS! WOOGDlilP* MdnilmCturinO 

;« Furthermore, devaluation ^ tike Galicia and Cadiz, which 10 buy. industrial peace — extra- m L , , -li- a /• •x* ** 

proved a double«dged sword, *Jf? ad y s ?e n hitter ordinary wage payments at (oniDDUlidinG Aircraft 1 HiCkS Antomohi- 

since textile manufactiirerB piid^ ■ conflicts this year. Christmas and in the summer. * * nuiUIllUUl 

14 per cent more for their' UtiH But again, ohee the decision and L most important, job IpcV* FnoinooHnit ^nrl pAnfiielfinn* A: r 

inputs and saw their labour was' -taken, the .principle em- security instead of flexibility of dllGi wMIisitlLKIlaj, /Til 

■ costs rise. -to*-' a -The: ployed was. that of rorijirocal employment. Tr»n«nnrf- QKmninn* Fnni1ctiiff< T^a* 

<•- ' liabilities of failed companies obb’gation. The padcage in* The -.noveroment should in asoiiajJUl » * UUUslUU^ 1 Oil- 

last year represented 10 per volvdb £350m worth of cheap theory • able to lum its w-f^wn 

cent of total sales. abroad. . 'state credits and grants to tho attention to the economy now Al^IU. 


1/3 of Spain’s Industrial Investment 
1/6 of Spain’s Industrial Exports 
1/10 of Spain’s Gross Industrial Product 
1/20 of Spain’s Industrial Workforce 

tant sectors of Spanish industry: Energy 
(Oil, natural Gas, Uranium, Coal, Electricity): 

Steel and Aluminium; Petrochemicals; 
Fertilizers; Woodpulp; Manufacturing 

(Shipbuilding, Aircraft, Trucks, Automobi- 

Transport; Shipping; Foodstuff; Tou- 

Institute Naclonat de Industrie 

Address: Plaia Marques de Salamanca. 8. Madrid 6 -Spain. 
Telex: 22213 INI «?- Cable- 1N1NDUSTR1A 
Telephones. 401 4004-40231 35-401 4008 

L C‘ l 

CW.V.; > 

, 1 • . .- • -. ,■ <j> •••*,'• , • -»- •-. 

‘ • :rf ■' '» V ' •' 

.r ■* *...*• 

Vje: .... 


Financial Times Wednesday December lS TX978 | 

SPAIN X '■ ■' ; 











"f#^®^^^50ciatcd companies ovfersec^- 

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CaH Accounts 

^ • >** r 

• •"* ■ • '“ "'•' ! ' ' ••-.■ ;• -V.; Syndications . 

. '•■ ^ ?.>.• 

Rr . n xitunces - ; 

; coUections 

, ’•; J Loans . .' 

New \hrk 

Raising, (ending and managing money worldwide. 

Representative in Spain: Aimagro 34. Madrid 4 - lei 4101839.' Telex 2726 1 
Branches - Lcndon. Birntinvjham. Milan. Paris. Tokyo Singapore. Nassau. Panama City and Bahrain. 
European Banking affiliates in Switzerland (Zurich}. U.K. Germany, Belgium, 
as well as representatives and affiliates «n other parts of the world. 

Member F.D.i.0. 

REFORM OF the public sector 
has been a top Government 
priority and it was among the 
more important of the many 
undertakings agreed by the 
main political parties in the 
Moncloa pacts of October 1977. 
Yet the enormity of modernis- 
ing and revitalising the public 
sector has tended to inhibit any 
comprehensive approach. 

A year after the original com- 
mittment to reform very little 
has changed. The main reform 
has come in the management of 
INI. the State holding company. 
Elsewhere the much hoped for 
statute on public enterprises has 
failed to materialise and ihe 
Government has ducked giving 
any "uideliut*s on what should 
come within the scope of the 
public sector. 

In Spain the public sector 
still plays a much lesser role 
than in other European coun- 
tries. It contributes nn more 
than 25 per cent of GDP while 
the European norm varies any- 
where between 35 per cent and 
50 per cent. This relative small- 
ness of the public role has. how- 
ever. frequently been disguised 
because the Spanish State has 
been more interventionist than 
any other European eountry 
aoart from Italy. But this inter- 
ventionism has always been 
blended with a strong deference 
ui the private sector, motivaled 
largely by the Franco regime's 
desire not to alienate private 
capital. The net result is that 
iliv public sector presence 
throughout the economy follows 
nn coherent pattern or strategic 
interest. Rather it reflects the 
••.■iningnes* of the State to 
assume those functions which 
show little chance of a good 
economic return. 


That said, the Spanish public 
.vjetor comes closest to that of 
Italy. INI. created in 1941. was 
directly modelled on Italy s 
.IF!. The overriding concern of 
| INI was to promote industrial- 
i ration, nut necessarily State 
I control nf strategic industrial 
sectors. It was conceived, there- 
for'. much more as a catalyst 
land ihe Franco regime had no 
inhibitions in employing INC 
jtM co-operate with the private 
sector in joint share ownership 
of industrial ventures. .At the 
| same time because Franc 
.needed the support of privaie 
cannal. banking and insurance 
| was left in private hands i un- 
like in Italy and Fnm •-* 

So long as the economy was 
nil'll -veil »ppti and in need of in- 
dufirialisalion this approarh 
did iv -t really matter. But by the 
mid fius INI’s initial dynamism 
tailed off and begun m he weak- 
ened by a haphazard series of 
com pa ny acq nisi ti uns. Econo- 

n»i sis now have Iitue nt^ nation 
in raying that INI bought ‘ a 
Ini «if -.crap “ — ie companies that 
were making losses. More often 
I than rot these were bought up 
•n political orders and at highly 
. inflated prices. There was never 
| any guideline lor the minimum 
nr maximum ?take INI should 
i acquire. As a result INI in- 
creasingly ho came a sort nf dusl- 
| ion into which ihe private sec- 
tor could dump unprofitable 

The IN! empire now covers 
fi7 com panics that it controls 
directly and some 2tlu others 
which it controls indirectly. INI 
investment in these companies 
accounts lor over 25 por cent 
>! tola I industrial investment in 
|Snain and in lorn lhe- - e com- 
panies general e 15 per cent nl 
|ioiaI Spanish exports, and one 
•iiMh uf industrial production. 

Ihe INI presence is mu dis- 
tributed evenly throughout the 
economy. It controls 37 per cent 
of national refining capacity. 60 
per cunt of petrochemical pro- 
duction and 30 per rent nf 
chemical ouipul. In shipbuild- 
ing it controls 03 per cent uC 
total capacity while defence 
industries are over 70 per cent 
dominated by ihe INI .group. 
INI controls 38 per cent of car 
product inn and 3f) per cent of 
industrial vehicle production 
and furl her accounts for 35 per 
rent of the air transport 
I business. 

Although controlling 45 per 
cent «>f ini] production and in- 
vesting over 60 per cent or all 
investments in energy it pro- 
vides only 17 per cent of 
electricity generation. Mean- 
while. il cunlrols 45 per cenl nf 
integrated sleel capacily, and 
next year will control nearer 60 
per cent. 

and Telefonica’s capita! is 
equivalent to 70 per cent of 
total bourse capitalisation. They 
arc among the four most impor- 
tant companies in Spain. 

Meanwhile, there arc other 
state bodies which fall outside 
The INI fold. Fur instance the 
state run railways. RENTE, has 
its own independent status 
funded direct from The 
Treasury. The same applies to 
the state run radio and tele- 
vision networks. RTYE. 

Until the political parties 
started considering a statute for 
public enterprises no one 
seriously sought lo define a 
public company. For instance 
Campsa with its 51 per cent 
State holding, has majority 
State control. Yet the company 
tu all intents and purposes is- 
run as a privaie concern. It has 
been suggested that a public, 
enterprise should be a company, 
in which the state holds 51. per 
cent or more. But this -would 
nmit Telefonica which occupies 
a major strategic sector and is. 
the prime mover and contractor 
in one of the fastest expanding 
fields — telecom raunications 
and data transmission. 

Moreover, few bothered to 
consider a more rational 
approach to the control of the 
Stale holdings. One important 
proposal in the National Energy 
Plan, 1977-87. was for the, 
removal of Campsa from the 
dutches of the Ministry . of. 
Finance grouping it under the- 
INI umhfcila in a specialised 
energy sector. This move, how- 
ever. was opposed by both the 
Ministry or Finance and the 
private 'sector shareholders. The 
proposal has now been dropped. 

This now leaves INI with 
10 separate entities dealing 
with various aspects of energy 
but no direct influence on the 
marketing of petroleum and 
petroleum products that pro^ 
vide 66 per cent of Spain's 
energy needs — even though INI 
is the recognised vehicle , for 
Slate investment in energy. . : 

The Campsa episode does not 
auguer well for a more rational 
approach to the public s«*or. 
The main hope comes now from 
a thorough overhaul of INI 
itself. Since the arrival 
Sr. -fosc Manuel de la Rica at 
) XI this spring a fundamental 
change occurred. For the first 
time attention is being paid to 
the quality of management— 
and just as important io the 
nature nf INI's holdings. A set 
nf priority sudors has been 
established which either have 

potential for development or 
wdiose potential is being un_ 
utilised. For instance br de la 
Rica is anxious that INI pay 
much more, heed to the elec- 
tronics field and that it seeks to 
maximise its existing presence 
in the defence industries. He 
also wants to see INI as a cata- 
lyst in promoting regional 
development. _ 

Perhaps the most significant 
step taken so far has been the 
decision to remove INI, if pos- 
sible, from the automotive sec- 
tor. Seat, in which INI has a 
34 per cent stake, is the coun- 
try's largest saloon car producer 
vet is wholly dependent upon 
Fiat for technology and third 
country sales agreements. Such 
an arrangement is under in- 
■ creasing pressure. Scats sales 
have been cushioned by high 
tariff harriers over many years 
and its competitiveness m a 
more liberalised economy is in 
doubt Thus in July INI decided 
to discuss with Fiat the possi- 
bility of the Italian group's pur- 
chasing its share. Similar dis- 
cussions have begun with inter- 
national companies on the off- 
loading of INI s share in indus- 
trial vehicle producers, Enasa 
and Mervusa. 


These divestiture discussions 
represent a break with the past. 
INI wa«i present in Scat because 
the Franco regime felt it neces- 
sary to have an indigenously 
controlled car production 
capacity. The authorities 
clearly no lunger feel such a 
strategic need. Nor do they feel 
obliged t» pump in funds to 
keep the company afloat — with- 
out a complete restructuring of 
the existing ownership. The. 
move has caught the unions off 
balance because they want to 
see the State play a greater 
role and disapprove the prin- 
ciple »f State divestiture to 
private international companies. 
But they equally realise that 
this is die solid way of protect- 
ing jobs. ‘ 

The Seat decision has been 
taken because something had to 
he done about the company and 
not as. ‘a result of a global 
approach on which the slate 
should commit itself. Several 
Minister* are on record as re-, 
jecting the idea that the state 
should support “lame ducks." 
A te 5 t case here was the ill- 
fated capital goods company 
Babcock ’Wilcox Espanola, which 
earlier this year was forced to 

declare a moratorium on all out- 
standing debts. ••• •• 

Babcock rs Spain? leading 
company in this sector, but the 
government refused all over- 
tures to step in and buy it. up. 
Officials argued that manage- 
ment must b« held in some 
measure responsible • aitd^the 
solution for the company a sur-_ 
vival has seen this principle' 
accepted. Cheap public funds 
will be made available'-- to - 
Babcock, but the private shdre-- 
holders will have to bear the 
consequences of writing down 
its capital in return for ' a- 
streamlined andj hopefully,' 
viable concern. 

The same sort of principle 
has been established in the 
steel sector, although here the 
Government has agreed that 
IJVI should become more' ; iii- 
volved. In order to kcepvAKos ; 
Homos del Mediterraneo 
(AHM) alive— the smallest -of 
the three integrated steel dam-, 
panics — the Government agreed 
in June to an INT takeover of 
the company. The shareholders 
accepted on a capital write: 
down to a nominal Peseta,, 
followed by a new capital injw- 
tion of £S5m. - The existing 
shareholders, mainly banks, . 
take only 66 per cent of the new 
capital the remainder -sub- 
scribed by INI. Once this opetar . 
tion is complete, due to be com- 
pleted at the end of the year,: 
INI will proceed to purchase 
the .remaining 66 per. cent. By, 
/not taking 100 per cent control 
in June the State is making .the 
existing shareholders bear! part, 
of the losses for the rest of 
1978, expected to be £35m. 

Interestingly, When the AHM 
agreement w'as announced, none., 
of the participants, or the Press 
for that matter, used the word 
nationalisation. There seems to 
be a residual fear of this word. 
In Spanish business dyes 
nationalisation refers to State 
takeover of profitable enter- 
prises. For instance the National 
Energy Plan, in one of its 
several preliminary drafts, dis- 
cussed nationalisation of the 
high tension transmission lines 
and there was even talk of 
nationalisation of tb& utilities. 
But this was quickly dismissed 
even though the • country 
desperately needs ..a '.coherent 
energy policy. -In Spain-. ifr still 
seems that the private sector 
only accepts greater public 
sector control if it is in loss- 
making areas. 


Slow reaction to 
energy crisis 

I Controlling 

Although INI acts as ihe state 
huldmg company, it docs nm 
possess all the state holdings. 
INI lias nu part in the three 
main monopolies which arc 
*m-:cd private and stale ven- 
tures. The telephones mo no ply. 
run by Telefonica, has a 46 per 
cent .-Tali- holding which is held 
by The Ministry of Finance 134.6 
per eunU and Thu Bank nf 
Spain (J15 per cenrf. Campsa, 
l h>' petroleum and peiroleum 
I pindiicis marketing monopoly 
ha- a 51 per cenl stale holding 
held by the Ministry «»f Finance 
I Teli- fon ira and Campsa between 
t liens have a turnover uf £3.$hn 

THE ENERGY sector is in a 
stale nf near chans. Of all the 
Western industrialised coun- 
tries. Spain has been the 
slowest to realise the con- 
sequences of the oil price 
increases in 1973. Between 
1963 and 1973 energy demand 
increased 8.6 per cent a year, 
and since then it has continued 
to increase by 4 per cent per 
year. Spanish energy consump- 
tion, per unit of production is 
now among ihe highest of any 
OKCD country. 

At the same lime, its own 
energy development in recent 
years has been limited. Coal is 
the country's most significant 
domestic energy source. Yul 
while in 1963 hard coal 
accounted for over 40 per cent 
of the country’s primary energy 
needs, by 1976 this figure was 
down to 15 per cent. During 
the same period oil moved from 
meeting 35 per cent of total 
energy needs to 72 per cent. 

Spain's primary energy 
sources are underdeveloped 
compared lo the rest of Europe. 
Natural gas accounts for only 
2 per cenl of total energy con- 
sumption. well below the Euro- 
pean average of lfi.4 per cent. 
The need for a coherent 
approach to the whole problem 
uf energy use has become a 
major concern for the Govern- 
ment. which is committed to a 
sharp reduction in the country’s 
balance of payments. 

Energy Imports, in 19m were 
valued at Pta 317bn, The 
equivalent «f 25.3 pur cent of 
total imports, -and the figure is 
increasing. In the first 10 
months of This year oil imports 
totalled Pta 3(15bn. a 12.< per 
cent increase on the same 
period last year. 

After months of hesitation, 
the Spanish Government 
approved a 10 -year energy plan 
last May to run until 1987. with 
investments totalling Pta 630bn, 
and aimed principally at con- 
servation and diversification of 
energy supply. 

The basic assumption was that 
ihu domestic product would 
have increased 1.2 per cent this 
year and at an average of 4 per 

cent for the remainder of the 
period. On this assumption 
Spain's primary energy con- 
sumption will have increased 
from 99m coal equivalent tons 
to 144m- tons by 1987. The plan 
envisages meeting this demand 
by reducing oil imports and 
increasing the share of nuclear 
energy and of national primary 
energy sources. 

Contribution uf nuclear power 
wifi be increased from 2 per 
cent to 15 per cent by 1937, 
while dependence on oil will be 
cut from 66 per cent to 59 per 
cent. The plan also aims at 
introducing a more realistic 
price system for domestic and 
industrial fuels. Prices of fuels 
until '■ now have lagged well 
below the European average 
(at present they are 20 per cent 
below the lowesl prices else- 
where in Europe) and electri- 
city prices have lagged hehind 
other industrial overheads 


1 / the energy programme, in 
its broad intentions, is a step in 
the right direction, most ob- 
servers agree that it falls short 
of solving all the problems. In- 
deed. .the programme, although 
passed by the r.-ihinet, is still 
subject to Parliamentary ap- 
proval In October, the plan was 
thrown open to debate among 
the politicians for the first tin 1 ®, 
and it was clear then that deep 
division still exists on major 
energy issues. Indications are 
that the plan will need to be 
considerably modified if it is 
ever to become law. . 

A major shortcoming in the 
plan as it now stands is that it 
fails zo be spacific on struc- 
tural reform in the sector. As a 
Socialist deputy put it during 
the debate on the plan. “The 
programme doesn’t try to direct 
the future of the. sector but 
rather legitimises the past/'. 

It is significant that the plan 
makes only a vague reference to 
reversing the policy of “pare^l- 
Lsation" pursued tinder Franco, 
which favoured private busi- 

ness and fragmented the power 
of individual ministries. 

While recognising the need 
to rationalise the State's frag- 
mented energy holdings it 
effectively drops a previous 
plan to transfer the State's 51 
per cent stake iD the Campsa 
Company (which • • has. a 
monopoly on distribution of • 
petroleum and petroleum pro- 
ducts in Spain) from the ; 
Ministry of Finance to the 
State holding company INi.- 
This now leaves INI {which is 
under the Ministry for. 
Industry)-: with 10 ■ separate' - 
entities dealing with various 
aspects of energy, but rto direct : 
influence on the marketing i>f- 
petroleum. and; petroleum P rpi . 
ducts that, provide 66. per cent-- 
of Spain's energy needs— anti 
even though INI is the recog- ; 
nised vehicle for Slate invest- 
ment in energy. 

The present plan ' envisages- ■ 

a degree of restructuratisatinh 
in the short-term, but within 
present boundaries •'so;- -.that-.' 
energy is still parcelled "OUT 
between the Ministry of -Finance 
and Industry.' It-, daims that 
this will be the- first,- step 
towards the creation of a 'body- 
that will rationalise-''? the 
activities of public companies 
in the sector. The -nature rif- 
this body is, : however -left ' 
unclear. ... ' .. •" 

Restructuring the .bnergy-- sec-, 
tor raises the.- delicate, question . 
of nationalisation abd.' this in; 
itself comes, / up against the 
. country's most- powerful vested , 
interests, . ownership, of . -the. 
utilities by The _ priVate " banks.' 
These reacted strongly to; plans . 
by the former Minister, pf- To- , 
dustry. Sr; . Alberto - OliarT, - to 
have ■ Campsa l lii. which private' 
banks have an important equity): 
brought under the aegis - or an; 
energy steering- committee with- 
in INI; And for? the moment. it 
looks as Lf the present Govern? -' 

ment T reshuffled "in' Febrtfai7 
alter Sr. Adolfo Suarez had - 
dropped the Minister for In* 
dustTv) is not -prepared to'talte' 
the rick of losing ils sizeaWc 


-- »■ 

- V 



' :*i ■■ ■ 




•J • r : ■ • i * a ’ ’ 






?rt . vSL 
if?-' ~ 

f ■'< - ,‘**1': j*- • 


CERTAIN. .EVENTS affecting whole year 5touM -by that growing penetration in the sales dropped bv i?J per rent 

the Spanah motor induatiy; .this reckoning iacr$M& by. 3L5 P er heavy truck sector. In exports to 164,274 units. Company 

year mead that the counpy can cent.. In particular Chrysler has taken sources are now hinting at 

no longer expect the dynamic - It is more difficult .to make advantage of its extensive potential losses of Pta Sbn 

growth- of-tne past ;The InduSi.pretliBtiDns about the purchase international network. Into by the end of this vear 

try is undergoing-major ^ruc-^-Chrysler Europe.If'toeParis which they can fit Spain. In when last year on sales of 

tural changes -.which ,«i4. likely ;eqd' te.ldear about . deal. addition the company is still Pta 83bn the company declared 

10 alter the pmm^w produc- ia Madrid .there is at; best under contract with the Spanish no dividend and put Pta 4U6m 

tion dranatiaUIy. Jne surprise uncertainty and at - -.Worst Government for the refitting of aside for reserves 

purchase of Ghrytler Europe by suspicion. The - agreement army tanks. Seat’s original conception 

g led f? a i? k !* p oeparato identi- Less successful in the light when founded in 1949 was 
; '5®* fp f **" **? companies, but and heavy commercial vehicle to be a manufacturer using Fiat 

: h0W ^ , ° a ?. ‘tf*.**" «*'<» h as b«m Spain’s national technology to nominal* the 

; S f} - At ^ Chrysler producer, Enasa, which is 66 per highly protected home market. 

i' : £ff t J2S* p]ant,n . a suburb of Madrid the cent owned by INI. the State Yet in recent months Seat Ii 3 .s 

' f * LtS JSSiiSSf* T?J* nceTn ** **** -*-° be h,,ldin S company. In the first been bit by the fall in demand 

!*- -««2L2L2f Per^P^that^new mwagemtmt may nine months of this year sales resulting from the drying up of 

. UJJJ ' ftlean- undertake a major ■ xatunaiin- or its Pegaso lorries plummeted credit, it has also failed to face 

r«" SK®’ JJJ?* J* “ Lon . of achvity that would hy 25 per cent to 3.717 units, up successfully to the corn- 

's. 8700m investment in Spain in downgrade— if_ hot ebminat 
order to expand its Europe an car production and awi 
operations. Against this back- emphasis .to. -.-cammen 
- ground the Ministry of Indus- vehicles. 

■ '■ try is studying a plan for a 
■' liberalisation of this. Europe's Ui./ill/j/l 

most protected motor industry. X 1 UcllcU -• : V'V 

J97S will foe remembered Suspicions in the sunin 

Catalan Percentaga 

of Spanish total 













-Vs j.,’1 


t CHmmate— ■ h' has found it hard to petition from other ear nianu- 

and switch branch util from the home to facturers in Spain, 

-.-commercial the international market. Th.» „„i™ mp nf , ■ 

■■ allfiiiuiih in April of ,h.. war it by INI. wCh ha« exS«Mo 

" ,,n 3 deal with Cuba for the include Mevasa th.-* c,.-,,,: 
export of 500 Pegaso buses with commercial vcniHe m-.m!,. 
^ ? an estimated value of Pta l.obn. turer {2i per cent j.\i 4une j, 

the summer Since the second half of this are expected to have profound 

J ? ,s wil * *>e remembered Suspicions ia the ' summer Since the second half of this are expected to have profound 
sadly by most ear manufac- were particularly fnelled by the year INI has been holding dis- effects on the future of the 

tureis in Spun is a year in remarkably little itofbrmation cussions with international part- Spanish motor industry and on 

™ toeh consumer demand finally that came at the beginning from ners. namely Berliet-Saviem and the thousands of suppliers 
fell bode in line with the logic Peugebt-Citroen. The Spanish Iveco. and is believed to have which combine to make the 

of economic _ circumstances. Government was paly told offered them either the com- sector the largest single area of 

Recesmoa, wWch began to have formally about thfi deal, four pany's total Integration or the industrial employment in Spain 
an impact on the industry Ja hpurs before the Press release purchase of INr fi stake. Sigmfi- Less in need of a rescue 
the second half of last year, ha* of the agreement on August 10. cantly. after Chrysler dropped operation Is Motor Iberica the 
continued to Jute hard, demand There is also a nagging Ifeelmg out of the negotiations In bpaoish-com rolled Ldusirial 
has sladtened. and production in Madrid that thfe, French Augu.t after the Peugeot- vehicle manufacturer based Tn 
awl fi^es Imve been- adjusted Government is mtro dirtCtly in- Citroen deal had been an- Barcelona. The latter whiS 
accordingly. . . _ volved m the deal .than, either nounced. General Motors began has an association with Massev 

Id . the first nine months of Peugeot-Citroen or -. Chrysler to show interest. Ferguson, has mana-ed to 

this year JbW sales of saloon .®*L ^ Similar structural change maintain its aggressive salcs- 

cars dropped by 3J3 per cent , to ,s effectively part of appears t0 be in c ag ng at manship throughout the year. 









466,647 unite and the outcome Fre nch foreign policy- 

Seat, which builds Flats under beir >S particularly successful in 

------- — , -.7 7 .. umiua ruu unaer jj in 

forihe whole year is expected Significantly, licence and is 38 per cent Fiat- ^ export sector. So far this 

to be worse. Iff a similar nine Spanish Communist ,. .Party, owned. year Motor Iberica has involved 

month period last year car sales whose Workers' Commissions itseif in seven major overse ^ 

were well above the 1976 “ atl ^ union* jin the p^ Anr w C€l lc projects. Next year it is expect- 

growth rate of 8 per^ ^ceot and Spanish motor industry,, has il lng to invest Pta 200m in 

although demand after October ta ^ e n a limited stand over the became clear In simi,ar projects in Italy 

1977 Wan to slacken the vear P«PMed purchase of Chrysler Jr ™ " " * - J 

19^ began to stacken^ year ThSpIrty -iSSJ Au sust. though there have been 5° Uand . Canada, Morocco and 

ended some 4 per cent above / ne Fany um -wen hJn neeotiations hi*rufPPn *Mnce. 

the lw 5^^J^uctron .and ^rSt n and°h“ S n S)ay fM &at and Fiat ^^ughout the The great success stoiy of the 
vel ii cles ' f^I^averament 5 year - *‘iat is understood to have car indusiry. 

already depressed last- year, ideauate SiManteS ^6f * job undertaken to provide before however, continues to be Ford. 

havs. vJummetorf even further aaeQuate guarantees oi. 300 . . , . In the first nirt. mnnlhc nf ihl. 

the Government 

— r- — adpmintp cniaruntPAA -hf Inh u,,uei laK *?n ID proviae Derore , wu,,,,u “ ™ ruiu. 

have- Plummeted even further, S£J^kJS S5S the ** end of the year detailed pro- 1x1 the first nine months of this 
forcing the industry again to ^ P° sa,s ceot ™ «ther com- company increased its 

T a t^r rSon“tatio?ts“„vSthe“ Pfe» of S Mt into "y 35 per cent to 55,414 
projertionS downwards for ^ife. there must be accombahvinE F,al or fl suhstantial increase in unlts ' 

coming year In the first 2SJ~ t “ e JJSSErSj the existing equity via purchase m m . 

nine months pf -this year sales .gf™* t0 fienera %-“ ew of the 34.6 per cent held by INL MajOr 

to tn 1 far ' ^e low key approach of?tbe Closer integration with Fiat is S1 ^ - t . . . 

20.9 per cent to. 7^.4. unite. . Communist Party indicates 1 a believed to be timely hy all c | f ! Fj „^f ta 

^ certain element of realism, sides concerned, including the. years aeo ^ord^ha- 

EXBOrtS - CWiyAer Espana is 97 igr cent Minfetei- for Industry. Of all the ^o„ e y the J?°' F _ d 

“ . " Owned by the parent U^. com- car manufacturers in Spain, :« TnlT« Car ^ U ' 

Not all fas been gloomy, iuw- pany, while Citrodn’s/Spanish Seat has had a particularly bad JSSL th “ t J f h “ 

ever. Exports of cars «hd cbm- subsidiary U coptrolKd by a year. Since 1970 its home of “ e list w 

merdal - vehicles have con- direct stake, noW approaching market share has plummeted ei P° rL sector, 
tinued to improve. Clearly; with 80 pef cent by life French from 60 per cent to just over . The Spanish Government is 
demand slack emng at home, parent. 'company. As they are 30 per cent. Consequently, the believed to be so keen on the 

motor companies have been privately , registet&d Spanish company began 1978 with the ,atest . Ford investment project 

forced to look more towards companies the Government has prospect of having to piece 84 * s now seriously review- 

exports. Estimates for the last been able to do Relatively little per cent of Its 32.000 work- 1115 existin S restrictions on 

quarter of tills year project a to impede the l»eugeot-Citroen force on short-time because of Ford ’ s Valencia operation and 

17 per cent and 103 per' cent takeover. r mounting stocks of unsold cars. consl dering a more general dis- 

increase in Saloon car ‘and A ' major rationalisation will Seat’s performance has de* i^ e high tariffs on 

commercial " vehicle exports clearly ."be tempting for the new terioiateid throughout the year: motor sports, 

respectively- Exports In : the management’ given Chrysler's in the first nine months car J.B. 


support among the Centre and. National Energy Plan by $700m. the_ Carter Administration’s of total- energy needs. 

cemre-ngbL • The plan envisages the coming recent restrictions on the ex- The present plan aims to raise 

. Thus, the vagueness M . the un line, of seven nuclear plants pansien of world wide nuclear toe contribution of natural gas 
; plan. .On the other hand* the no W under construction, and the capacity. They are considering to 6.7 per cent ot energy needs 
energy sector has dearly put construction pf three of toe instead a “European solution,” by 1987, but this will depend on 
the Goverament.-in a dilemma, eight, for which outline mainly -with the West -Germans the results of offshore explora- 
lls failure 1 to show initiative in approval has already been though maybe also with the tions which are currently being 
regard to tbe present State given. French. West Germany's KWU conducted. Spain until ddw has 

holdings in oaaxgy. threatens to Beyond . this, however, the has letters of intent for parti ci- imported nearly all ot Its natural 

upset one of the main paints of Plan is vague on future nuclear patiofl in two of the eight gas, principally from Algeria, and 

agreement in the Moncloa Pact. '.policies. It Ignores the issue of nuclear plants for which outline to a lesser extent from Libya. 
Part of tbe Socialists and Com-- international' co-operation and approval has been given. _ 
munists price fur Accepting a the supply of technology, nor Nevertheless ereater diversi- 11111111 riant 

tight wage ceiling, was a greater does it state which three of the ihS^rf^nStionS^ <5. **“P«ridUl 

. public accountability . of key eight plants will be constructed, operation will not Itself solve ln JuIy Cam P Sa made what the 
sectors, particularly energy. The -Ministry of Industry officials say wh-*; eoiiM be one of toe more s P anls h Pre ®s enthusiastically 
fate Of the Government's ener® 1 that it is not “politically advis- serioud nrohlems rp<niTHncr frnm desc ribed a s “one of- the most 
plan will depend oh a Farlia- able” to be more emphatic at fljg - Government’s nresent lm P orl *nt . finds ever of hydro- 
mentary vote probably ' before this stage when thfe plan is nniffear ooliev The macro- carDon i in Spain " off the south 
the end of Febfuaiy after it has struggling for survival. Yet econbfdlC oroiections In toe Wast * Th e flQd Evolves a well 
been carefully screened, by a precisely these omissions have energy plan of 4 Der cent 10kra fr0ra a weU alreaiJ y tested 
number of Parliamentary con* stirred a political storm, growth over the next eieht years in June at a P otent ial rate of 
mittees. ■ - Although the ahti-xraclear lobby ^aJj- prove over ambitious betWBen 500111 and lbn Cu P er 

Sr. . Aguitin . &odr»u«- in ^ t0 gather leatfag . Spain w'th ovej ; The two wells have already 

Sanagun, loe Minister, for mp“entum. the Spanish left has capacity. ***? tested at a P otenti al annual 

Industry, has gone Qut of his not forgotten that Spain went i n ^ ideal world Spain would cu r ra ' “ £ na f u f u ai 

way to convince the opposition nuclear under Franco without take . the simplest option: phase ?“* Nev t rtheJ J eSs Cam p« a l the 
of the need for prompt ^ctp»n Prior debate and without 0U j jnicle ar programme and cautlone . d a §mnst making a 
by clearly ezuphasiring toe links rational pla nnin g. The present concha Irate Instead on Its other Judgment on the 

between the Jobs of. the ' future Government's persistence in natural energy sources such as exploration s^nce a final appraisal 
employment (Spain has over 1m ^*^8 -obscure on the issue coal, hydroelectricity, and Z,. 1 d ®^ endent ■ 0n furt h er 

unemployed and this figure is ^^ber exasperates a suspicion nataral gas. The plan certainly . . 

. increasing), economic growth that the present energy P r °- puts great emphasis on all three ___. an f * ve “ 

: and energy. Yet this was pmine- Is not concerned with but toe. Government cannot at 2i JSSSS? "L « eld H-° f 

.• rejected outright during change, tois stage afford to be too ^*2 

; energy debate by the socialists ^ " ■*. optimistic. Spanish mines can * eS *2oc+ he M p dlter : 

i who remain firmly committed PrU PITI fitlP • proV% 7? per cent of domestic ° h _ u l t the r . Bay ? f 

to J* quality growth-’*.. The X * a &¥**“^ coals needs at present Neverthe- f' 8 ro J ndS 

. Soclailrts and the Communists A more pragmatic view per- less fnany of Spain’s coal mines S J? . , L.f p “ tan Onshore 

also remain unconvinced by the haps is that the Government are archaic and badly mechanised j; 0 061:15 e even more limited, 

plan’s provisions on . nuclear' Wants for the moment to keep and . in desperate need of . 

l energy whi(A was described its options clear. The difference rationalteation and financial re- sewnere are look- 

during the debate as “regressive between the large number of structuring. . 

L f'UU 3 piuviaxuua vu . nuvcai ui«. uiwuitut iu Actj# ,.iu UCCU Cnbnior^ caurliarA l L 

r energy . whi(A was described its options clear. The difference rationalteation and financial re- ■ „ „ eisewn e re are look- 

during tbe debate as “regressive between the large number of structuring. » 

.and inacceptahle-" Arguably, plants with outline approval and Spain's hydroelectrldty is * JKSL .? e 

j toe most significant alteration toe three which will be con- highly dependent on climatic in n ? h Ur “°‘“ m J 0 / 3 " 0 ' 

f to toe -origan energy plan was structed underlines the changes conditions which In recent years J_ n . ,. e year De£ore 

| a decision to further slow down that have occurred since 1974 have been characterised by un- e 

the peace of nuclear plant con- when, projections were ex- predictable rainfall. Last year, 

structiOn, by reducing an cessively optimistic. More for example, there was abundant Jq-.. . t , nva( J^l a before 

anticipated 1,000 MW frbm specifically, the authorities rainfall resulting In an S7 per ”, n : 
overall nuclear generation ( though they will not admit to cent increase in the use of hydro- 5L iri k i y „ 19 ?T 

capacity and Imposing a lintit this publicly) appear to be electricity <14 per cent of total of uranium nS 

of 1QJ00. MW of installed .reviewing the extent to which energy rfeflds), Jflevertheless In 

capacity by 1987. • This will- Spain should rely upon U.S., because of near drought in * L u Z n ;^L nw Jr e CO try3 

reduce the bfigraal cost of tlie. companies— General.. Electric a number of Spanish regions, it uwuts * 

projected, investment for the arid Westinghonse, following accounted for only 7.9 per cent J.B. 





T MW* 





.%$&. i 


No Trine can call itself a 
sherrv unless it starts life on 
the gently sloping hills around 
Jerez de le Frontera in Spain. 

Here, throughout the 
long hot summers, the white 
Palomino grapes slowly ripen. 
Come September, they are 
gathered, by hand and taken 
in for pressing. 

The juice- called mosto - 
is allowed to ferment naturally 
in wineries at the vineyards. 

Some of these mostos will 
developjhf-a yeast on the 
surface of the young wine. 

r< , 


to some wines and not o 

remains a rnysten'.But it is the 
presence of flor that determines 
which wines will develop the 
characteristics of hnos and 

The classic hno is pale in 
colour and dry to taste with a 
delicate bouquet. Luncheon 
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chilled ro appreciate folly its 
true character. 

The classic araontillndo is 
allowed to mature for longer 
in the cask, taking on a richer 
colour and a subtle nutty 

Such is the charactef of 
Club Amontillado, 




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atthe Riverside^tudi^/Li^lon, last month. ; :• 

ONE OF the late General mathematics in life ? - NoLhtag^party. With atotelbiidget.of, Spaniards, have; , also -Sis- . 

Franco’s lesser known talents is On the 1 other hand, what jjreat! Pta 29.3bn the Ministry of Ciil-. covered in the.past ihxeeyeaistv ' -ry\ 
that he was a vmter. He even at lessons the rocks hold for;usl* tore has been obliged to absorb that they - iiave - some - fine filajit v ; 

one stage applied for member- Aad if “ great lessons ".jMnld’ and pay the salaries of 12,500 directors apart; from Buntwi; j 

ship of the National Society of be had from the rocks, then great former Movimienlo' .-personnel, whose work they may have wen . v.;. - 

Authors on the basis of having wealth could be had from flowers-^The" country's 7,000 libraries are on ' trips to Paris 1 or Xondn^t. - .‘ t \ z ■ 


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But the main opus in the be obtained from riverside 1 ' are being sent in to fill the gaps, best recent work in Europ e, and ■' 

Caudillo's literary output is the flowers. “All the engineers* abd-j&e MovLmiento was not :-best : have found more flexible rwsjfc 1 • 

script fnr the film “Raza" technicians that I have consulted-Joiown for the propagation of of dieali^ with the past,.' ■ _ 

(Race), a panegjTic on the Blue are against the project But" per- -culture. . - * Spanish theatre iias. Become 

Division of Spanish Falangist sonally I have more confidence:.! ^ is more than pn Aafrle that iest- known recently for- the- ’ 
volunteers who fought with the i n my chauffeur, who assures WjL^, literary research. never sanctions taken. against itsmeta- 
Wehrmacbt on the Russian front that on our last trip we main- .j^ him tQ reac j MarxBntifhe” bers, particularly following ,fbe : 

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son has just entered university: (jot e would no doubt be hilarious, ‘Church and its post-cohcili&l . Rimon. Sagaseta list month. The ' -- - ; . 

“1 had to resign myself to seeing jj ai j Franco not had the power .residue was certainly an import- (dangerously) .topical .beBt 1 af ’■■■.* I 
him enter the centre where, stamp this corrosive 1 toa : ant ideological' prop to his this' kind of theatre, wus^a 
according to his father, they are tionalism on a whole .cultural regime, but FrMico had greater nature! iBSCtfon^' itp;: - tp®. .■ ■ 

promoting the decadence of epoch. The second anil; -^brM faith in football. ’ [ 'ffellberarte^ vulgarising of drama -f 'V 

Spain.” “Too true, too terribly ^jdea age of Spanish jetteraitad 'V . ' b nder >rauco f ' when a regune- 

txue,’*' commiserates the admiral ^ came to flowetviibder ; bleaed equivafeht of Wbitehail - • • 

Further on another intellectual ig31n36 was -^ er X riUJIipuS L * tarce— -which : among otheT 

comes under fire “UnUke you, Franco supplanted by football. No effort was soared in bufid.^ ^ tfa ^? s ™ fiuiny-^as thd 
Lius, I have not given up reading monuments. “El CordobeV’-apd 2J1 JK staple fare. .This winched. 

the stones to read books. Little everywhere the numbing SJSSS«S£?t2liSJ2j ^anWtAUaata-fftto ftsdasalcal • 
do you know what you ha« loot ^Sho,'' of JfiSaa «iSS^ T. . 

What worth are a tnr more s. me f ft, W ,id„ffp -i - 

are still present in Spain tplay, j> a y ( -for-«xample, .one coffld sir^^ ootsidit Spain. , was , the 
■ — - . ■ ■■ rtree y® ar s after the dictaUrt J s ba ^ k at fcomfi ^ €n5oy ;^; to Barcel6iia-groupass(^iated ^th r. 

deatb ' Jy-’ : half-Ocdozeu of the best matches term and Nuria Espert. \ . 

The great cultural chhnge to of the year.’-; As a result ah eati- who b^thed hew Hfe into QiB 7 

B have taken place under Franco mated 22m people now follow works of, for example, Lorca. 

ghfc- Is that over half jithe rural the weekly fortunes of Sp anish - and coutLnue to seani out the 

population moved to' the cities, football =dubs. while it is inodern plays in -Spain., ; . / 

Spain is now an industrial power thought that not more than 12m Modi has been written ahont' - 
aud the standard of living of most attend mass; each Sunday. _■ . r . Spain’s, one authentic past- 
°f inhabitants bears no rda- The other great protagonist Franco growth . industry — pbr- . 
tea to that of their republican 0 f Francoist milture was nography— which will -on^r find 
forbears. obviously television. Spanish ite! real TeVel brice the acute . ■ - 

Republican Spain was capable television <HTVE) remains an hangover of “ sexual repression • ~ 
of throwing up a bnlliant poet in the hands of -’the State and is in Spain; begins to.- eUsapptear. . 

Niguel Hernandez, a shepherd, currently the subject of fierce But there has been relatively ■ 

and of producing initiatives like controversy between the Left, little comment art attempts, to. 

fc tbaJ °f perhaps it best-known which woUid Like to see itnnder enliven people’s daily lives * 

an d playwright — Federico greater public control, and the culturally. . . / .'. * . 

Ga «5 a L o^^o fried to Right which would prefer to see In' - several .cases : there 
f popularise theatre by taking the it sold off into private hands, initiatives have s^Sed ^m 

gV^'Oi'l" ttavelbng theatre group “La Ad though few people are sur- town haUg whose ‘mayors are 

Barraca around the countryside, prised that it continues to be Mj3uCv 4tid^tin?muSriS ' - 

But the material conditions manipulated, it is startEng; that S^onf - 

Prune Ifimster Adolfo Suarez’s which took; -over the -- city’s — l . 

closing speech to the inaugural Gothic quarter xme-- weekend- - - ' * 
UiailSGS congress of the governing UCD during the summer, to -the' de>- 

Si»'^ ° five complete runs in one week- light of its inhabitants. Madrid's " V‘ 

But ^ economic and social end. The tiniest whiff of contro- new mayor finally decided to * ' - ' - 

changes over which Franco pro- versyNis enou^i to get a pro- place a famous statue by tile 
sfded would certainly have taken gramme axed. One of the most Basque sculptor Edtiardd Oril- . • 

. ’ -9QP place in some form anyway. And popular programmes on tele- iida op the centnti bridge for 

iviti&wE'i ft is to think that vision fbr example was “ Escuda which it had l»een- designed: ' - 

*Wlw whereas Madrid and Barcelona de Sdnd” (School f or He alth), The two -^reviouK aifeuaistra- V" 

{fbj could support IS and 16 daily with ; I9m viewers. RTVE with- tions had fiercely opposed the- ‘ 

newspapers respectively beforedrew . it without explanation move.- ; But opinion polls have * ’ ‘ * 
ftc outbreak of the civil war, when it began to touch gingerly shown the. popularity of the two ’ V 1 

Spain’s two great cities can on problems like the unmarried mayors -hffs lumped 'fdllbwih* - • 

■ - *.<&*■ together now only maintain mother, and the psychological these initiatives: ••* ■ - 

exactly half that number of news- effects of unemployment (a pro- ‘ *«,?_ ■ ■■ D i 
6 - >r#c*Sr papers, with total sales roughly gramme which was never 

mtitSi a third of what they were during shown). . 

the latter years ef the republic. Spanish writers are fond of • •• > 

^ he Fra0CDis t Propaganda parodying tile neo-Fascist rSlly- rnns a -irarfpfl w- 

•J W/ pumped out over the last 40 ing cry “With Franco we lived a varied prograinihe which 

&S years has produced a profound - by cbSl^Ss it to Sjft ZJP&T ■ ^ ' 

mistrust .of the written word “Against Franwwe wrote^ : “^ * * 

which has not disappeared with better." ... - - ™onographic.eihibiti<Sl 

the dictatorship. i n the case of For 4dlhbimta they are emerx- '~ 
the Press the increasing hold of ing from toVfunglfof figurafrfe: : • 

the political parties or of subterfuge to which they. ve» 'nearly ramrirph S.U :' - x - ' * : 

wm m terests over the main confined by, censorship^ ^ ' 

iMdltal newspapers and magazines has writers have. stiR to come .to J (>1 ¥ acto ^ 

IfBmI HI re T?.T e 5- misgivings. The terms with losing Franco and -»V '. 

m publishing boom which followed Franco Ism as * mandatory paint KeCflVPIT - - . 

liberalisation was' misleading, of reference. avvu.tvij ■ .j 

because a minority bought more But a comparison with the Bilbao thisiyear.-nfferedc^h' - - 

while the majority bought hardly present generation of. .Latin outstanding exampJLh nf .partial . ,.V> : ... .' 

„ American writers reveals a para- rocoyery from FrMCi ^aedT*hfed- : 

On the other h^id Spain has doxical gap; Spain has yet to see earth cuIturaI>poHQr. ^or^^3T ,v •...; . 
become the fourth, largest pro- a igreat imaginative work- ■with' - 3|r ®^ 8 the' '- Bas^ef: ^icajutaTs 

books in the world, toe dead dictator and his p Ariij d annual. we^-lozb^ fiesfeL- ‘had ' - . r 
pubtisiuiig just over 23,000 as its: theme. Oddly enough, P ee ? .Untoa to Sparfi^v opecetta ■■ 
f laS iv year ‘ tbe^ nearest approach so f ar fc ; 

print for these was 145m copies, not a work of fiction but a care- ^ ot & of wiriciv wtafe ‘&pBarive 1 V ^ 

wnereas only 41. per cent of fut examination nf Fmnctfs &ati ^ natiyeV^i^tim . r^ori- ' -jt,; • 

n e bought a hook last thought, through a coUectioinnf.^niB'^®^ .- v ;- 

XT ne ^ hf.5;. writings and speeches, - v 

i° wfiL bougtlt - a Spanish titled .“Los - Demon! os Fami- latiim'simpIy 'left'toe-cityC ■ • . 

publishers survive by exporting iiares_ de Franco" (Franco’s 'Tbl- TrTr • ■ n'mrHr^r*' t V n-rrinfT : ' . 

—■Mexico alone took the equiva- FanTifiar Demons) by the Cata- -titidn wi the best broteS^me^ ’ i' 

two pages Robert. Graham, 
Burns profile ten leading 
walks of life: politics, business, 
v- £ ^e arme^fpi^esi Industry and the trades unions. 

> v> =•'' 

. ./ :, l>.. 

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■*■••" Ic- 5s: 1 !' 


it that only two people 'Wer e 
surprised, by. Adolfo Suarez* ■fc, J5 
appointment as Prime MlnislHr 
In July 1976*— the . King* who pL$£ 
chose him and Suarez himself, 

No one had expected the Kina ' ggjh 
to choose someone so young and . ^*7 
overlook v the more obvious ^f. 7 
political figures. Yet Suarez was zr<-' 
not an dbscurc figure. In retro- 
sped he fitted the identikit of p£*-j 
an ideal prospective Premier— r£v 
linked to the old regime, but §''• Z 
young enough not to have' been 
■ toadied by the Civil, a man! with ' 
proven administrative ability £j?-j? 
yad a‘ knowledge of how the 
Franco system worked. ■' ?,£*- 

Trsdned as. a lawyer.. Suarez 
rise, through.' 'the ranks of the' .|§5j| 
Franco administration as one rf « 
its ‘brighter stars. For four Sgl 
years until 1973 he .held the , 
post,' of. Director General of 
Spanish radio an dr television. Ho 
whs rewarded for this by being 


a-'c f '~‘i ' 


3&.Y£ V. 




ft: • t t~ , .-ft 

B- 3 \ 

QUHIU ».u . JT%-. 1.VWJ5- . . . 

i. In retro- *S5#2W -iV-, Ma 

den tiki t of : " 

Premier- . 

Bghne but ijy>; : •: 

have been - ' 

a man. with •. 

•• • •■>#•«! 


■Adoifo Suares Gonzalez 

impressed by the practical 
benefits to be had from legiti- 
mising selected offspring of 
these ideologies. 

In putting together what 
would be the Parly of Govern- 
ment — the union of the demo- 
cratic centre (UCD)-— Sr. Suarez 
obviously benefited from being 
in power, but also from the fact 
that none of the mini-parties 
that appeared after Franco's 
death could come up with a 
plausible alternative. Ue. there- 
fore. made the UCD to measure. 

Although he ha.s strengthened 
hi*, position within the L'CD 
after ns inaugural construr-s Iasi 
mouth, the Prime Minister 
governs the country with a 
handful of v.-leclcd colleague;, 
m particular the Interior 
Minister. Sr. Rodolfo Martin 
Villa. Deputy Premier and 
Minister of Defence, Lt.-Gen. 
Manuel Gutierrez Mel la do, and 
Minister for the Economy and 
second Deputy Premier Sr. Fer- 
nando Abril Martnre!!. 

Each of them is, like Sr. 
Suarez, a dispassionate and 
practical man. But from a 
political point of view, none of 
them is capable of developing 
an identity separate from the 
Premier, and each draws a lot 
of tile Hal; which would other- 
wise he aimed at him. 

Suarez benefit*! from a close 
understanding with and total 
hacking from the King. The 
extent to which Suarez has been 
simply an administrator for the 
King during the past two years 
remains one of the major un- 
answered questions about the 
transition period. Certainly 
Iheir relationship began like 
that. Even if it continued on 
this basis, the passing of the 
Constitution means that the 
Prime Minister now takes the 
decisions and the King becomes 
a Constitutional monarch. 

While Suarez will undoubtedly 
have, his place in Spanish history 
as the engineer of the transition 
to democracy from the Franco 
era. the prospect of an early 
election next year may reveal 
whether the Spanish electorate- 
regard; Hint as something more 
than a man of a particular 


oaimagcy ^amno 

SSL . SANTIAGO CARRILLO, Was Ihe' first. Reader to give his "Leninism" from the Party pro- 
Secretaiy General, of l the backing, to the Moncloa pacts, gramme, rejection of repub- 
Spanish Communist Party and invariably the PCE has licanism and support for the 
(PCE)* is , the most respectable sided with' the Government in monarchy that has won Sr. Car- 
Communist in Europe. More .Parliament, rillo his new-found respecta- 

than the inventdr, - he .is the • -But as controller of the bilily, and which recently led 
apostle of Eurocommunism who largest-'^ union— the Workers' Sr. Suarez, the Prime Minister, 
has been .severely- attacked in- Cemmtessione— ■ and the best .fp ■ describe the Communist 
the Soviet' Priss, and even, organised - political party in leader's behaviour throughout 
prevented ' from, speaking 'at Spain, its support during some the transition as "extremely 
last year’s,. 60th ; .. anniversary of . the more tense moments of .correct/' 
ceJebratlQns ih /Moscow .of the the transition "has been crucial He- recently told a gathering 
Russian' Revolution. He is also, The active restraint of the of the Party faithful in Madrid 
significantly, the only Western Communists during and after that they would have to "wait 

European .Communist leader to. the massacre of striking wor- with clenched teeth" for 

have been given an entry- visa kers ri Vitoria in March. 1976, between four and five years. Sr. 
to .. the. !tjJS. But . Sr. ’ Carrflid the' machine-gunning of five Carrillo’s tight hold on the 
continues to . excite strong pas- Communist lawyers in January, party has stifled - opposition 
sioas, esp eciall y as -the only iS'* - - and the Basque general until now — particularly while 

former- civil war leader -at pre- strike of May. 1977 — to take the . Party operated under Santiago Carrillo 

sent : in Y position of -authority Just three examples- was prob- ground. But discontent is 
■in Spain. " ’ ably decisive in pulling Spain- beginning to rise from the rank i. pnrt i nw * n ihr.6*. 

c ^ . ir -v ^ck from .the brink of major arid file/ and the PCE has SS" 55 » I 

■ ®° n a civil strife, and allowed reform serious internal problems in at ^ - ifi r nal»J | 

distinguished Somalisf leader t0 continue. least three major areas. Sr. significant and growmg Party 

Banque Nationale die Paris, France's leading 
commercial bank, has an international network 
extending over sixty-eight countries. 

his first major "ippointment reformism. As an insider, Sr. 
^ «“«>• 86. . -Zr Siurez was able to calculate 

pohtioal movement, the Movl- ^ ret ^t (anrfijire) inter- how far and how fast to proceed 
memo: - - . - - . View with the Madrid: daily El with the dismantling of the 

As . one Cabinet colleague Tais. Sr. Suarez was -asked to regime, and as an eminently 
conunentedLprivately, he was the describe his role in jthe transi- practical man himself, he has 
perfect zhan. for the . transition tion to democracy: "" When it been able to view dispassion- 
sinee tho King was asking him began, a large portion of the ately the pnactical consequences 
tff knock .down a system which traditional structures 1 of the of different ideologies. 
h6 kdew* intimately from 'the State had been ‘.-severely Fruit of this last gift were 
inside.' Soarez alSb posessed— weakened, although everybody two of the most imaginative 
and .stitf possesses-* two other retained the image of a strong moves made Sr. Suarez: the 
imporioht assets. He is hand- state. Naturally, lasted myself legalisation of the Communist 
some, knows', how to smile' and whether it was more -'.advisable Party in May, 1977, and the 
cmanily; looks younger than his to make the true situation plain, post-electoral recall of the 
46, years. '. .Further his back- or on the other;3aand, take ageing President-in-Ejdle of the 
ground-, (his., father was a pro- advantage of the impression of autonomous Catalan Generali- 
Vincial. Castilian ' lawyer) is a strong State so a^-id be able tat. Sr. Josep Tarradellas. Both 
i^typical - of new to carry out reform? from a measures excited controversy 
middle'' class Spain. His position of stable legality” from within the armed forces 

meteoric ripe came not through ' The two basic requirements and the Government itself. But 
ednneetions " biit diligent® and fnr a stable transitioh-'Wfire-that .Sr, Suqrez did not take fright at 
ambition^ -: J - 7 "■ 1 ^ '. ithe^ Govetntnenf cbhtrOITed -the '.t^pree .of ‘the great familiar 

itiddentaity he is saidTo have pace of reform. and fSst a Party demons of the Franco era— 
fij^’Can^t.^u^ .i^lo^ atieiv .^s found which -coulff claim to l^rxism. Republicanism, and 
tion when Governor of Segovia, represent a centre#- moderate Nationalism — and was only 


aisnnguisnea aomausr leacter to continue. least three major areas. Sr. “”. u J*™ 1 

Horn - the northern, mining ' u is this rather than, say, Carrillo and the PCE leader- la flve - vears hme 
region Astunas. Before the the controversial dropping ofvship may well have to find ways 
-outbreak of the civil war; and 
still only 21, he. became' the . 

m.'S&Etm: ■: Jaime Carvajal y Urquijo 

Socialist -ranks after .the Jab'or- - 

"live revolution . of - 19S4 in TAKE THE board of any major, 

Asturias to go on and become Spanish bank and one common 
the nucleus 'Of the PCE.^ - feature emerges. Most of the 
During the siege of Madrid Jni Members are In their 60s or 
1937 Sr.*' Cairrillo "was : respoh-'°^ er *' especially the senior 
sible fOr pubtic order. During executives. An outstanding 
his mandate- a convoy 0 f exception to this genarchy is 
Nationalist "prisoners _was mas- Jairo . e Carv’ajal y Urquijo. He 
sacred at Parariiellos. outside .^ as S ns * been appointed to the 
Madrid. As a result, .the Fran-. Presidency of Banco Urquijo, 
ooists and 'the Ri^it still ‘refer country's oldest and largest 
to him as the "Butcher of Parar merchant bank which also has 
cuellos ^tiipUfili 'Sr. Carrilio '. reputation— rather like 
has always insisted that the prfe- Britain's Coutts — of dealing 
cariotts military situatron theant with .a select wealthy clientele..^ 
no troops could be- spared. to .".At 59, Jaime Carvajal is the 
protect prisoners, from possible youngest . person in such a 
reprisals for. atrocities com- position .of authority. He is also 
mitted in Nationalist eld tern- something of a doyen within the 
toiy, . '■* conservative.: banking com- 

- ' But- many of Sr. Carrillo's “Wy , those who have a 
severest critics are on the Left: Pragmatic international outlook 

they insist that the PCE has for this sector's future. - • __ .. a ume wi 

y« « come to W^tb “ Alt'hourh bom into the f 0 n,ily Jmns Caruajal y Urqui ]0 “ f hl * e lt i ^ d ^™ r 1 « 
turbulent past. This includes that c&ntrofe the bank, which : ~ ch-.rahr.iHor 


have given his pragmatic opin- 
ions about banking added 

Behind the scenes he has 
played an important role, argu- 
ing in favour of the admission 
of foreign banks to Spain. Un- 
like some of his colleagues he 
welcomes the prospect of com- 
petition as the main means of 
modernising and liberalising 
the Spanish banking system. 

Within Banco Urquijo itself 
he is steering the company 
through a difficult period. 
Merchant banks — or industrial 
banks as they are called in 
Spain — have been hit hard by . 
the recession and the credit 
squeeze. Urqui jo's own lending 
this year has scarcely grown 
enough to prevent risky 
exposure at a time when several 
of the industrial concerns in 
which it is either a creditor or 

uuuuicut tioBu muuun luci v-Lititt v/ier uic uctun, wauu nh-irphnldpr arp pmnriomii „ 

the savage' Civil War purges in turn bears one of Spain’s top truly international-and is on cash flow problems ^ enencmg 

against toe anarchists and the aristocratic names, bis back- that count alone a relatively This sort o£ nreUnr- on ^ 
I^POUM. and the supply jrdundji}. not entirely typtcaL ^ phenomenon in Spain indu^iar ? ba^ prompSd 

of Trotsky’s -aasttsm — the Throughout the Franco era the because of the isolationism of rumours earlier this vear 

recently deceased Ramon- Her- bank sought to sustain a more u, e era . that E^co HiSano-Ameri^ 

■**“» aunuu, giantuo tees mm aDOUi once ever y eross-awnershin anri TtnnrH 

Wlth ymaS -Sr mon0,i “*■»■ that the renne^on. S?t 

^SSrSSSr! £?Si 3 ^ a a v -KhtS'does nor like to give the Jaiine CarvajaJ is determined to 

tion Played a key ^rcile First in Madrid and then at impression of having close presen - e ^ baiLk » s 

San Sebastiah he ^ P5?* 0r 0 p«- slowly increasing ll 

’25 ? S222?2Lfl|- d ^ ® F 716 class as . today ’ s °[ u cirde. Nevcr thd^s the ment in ^lect branch’ banking 

after Franco's death. . He then studied at King had sufficient confidence ]nn T. ir>e for new 0 _ ” 

"Tho .KIETs support for . both Madrid University— then unlike m him to appoint him a sena* tunities outside the Industrial 
the - first-' aod' 'second Suan^t mdst' of his colleagues went ‘on ..lor in the Upper . House of the scct0 r. 

Administrations ' has been open to Cambridge- As a result he Spanish ’. Parliament This and ' D r 

and unfeigned- . Sr.- Carrtilo speaks-' fluent English and is his . connection ' with the King 1 J£»u. 

!n Spain 


Caile Cedaceros no 10: 

B BANQUE NATIONALE DE PARIS Representative office 


□ CONSEJO ESPANA S. A. Subsidiary 

EdiftcEO Windsor, Avenlda Generallsimo Franco no 474 


& CONSEJO SPANA S.A. Subsidiary 
Calie Ledesma, 12 bis 

Wherever you do business we are there 1 
help and advise you. 

rp Banque Nationale de Paris 

M ~ J1 Head Office 

a;i:ar :a;a 16, Boulevard des Italians, Paris 75009. Tel: 244-45-46. Tlx: 280 60S. 

UK Subsidiary 

Banque Nationale de Paris Limited 

8-13 King William Street, London EC4P4HS. Tel: 01 -626 5678. Tlx: 883412 
, Total assets of BNP Group as at 31st December 1977 US$54,300,000,000 

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Tel: 4576462 - Madrid - 16. SPAIN 


•' BSnancial Times Wednesday Decent ] 




ONE OF the most crucial but 
least conspicuous dates in 
Spain's thre^year transition 
from d i ctatorship to liberal 
democracy was September 21, 
1976. On that day Lt-Gen. 
Fernando Santiago y Diaz de 
Mendivil — a figure representa- 
tive of the hard-core Fraricoists 
in the upper reaches of the mili- 
tary — was replaced as Deputy 
Premier and Minister of De- 
fence by Lt.-Gen. Manuel Gutier- 
rez Mellado. 

The movehad been carefully 
prepared in a meeting two 
weeks before. Spain's new and 
relatively unknown • Prime 
Minister, Sr. Adolfo Suarez, had 
painstakingly explained to top- 
ranking officers from all three 
branches of the armed forces 
where the process of democratic 
reform was leading. This dis- 

Manuel Gutierrez MeUado 

TAKE A good-looking politician, . 
with an equally good-looking, 
wife, who speaks in public with 
the naturalness of a. fireside 
chat, and you have the’ elements 
of success. Yet Felipe Gonzalez,- 
or Felipe as he is more xxftent 
referred to by friends and fbes 
alike, owes his meteoric rise in 
Spanish politics to more than 
just cool. .. . • •r'' 

Like Adolfo Suarez, his more : 
apparent rival, Felipe’s style is' 
matched by a proven political 
skill which has made him the 
undisputed leader of what could 
with justice be : called Spain’s 
strongest party. Although the 
PSOE (the Spanish ’Workers’ 
Socialist Party) came second to 
Suarez’s the Union oFthe Deinor 
cratic Centre (UCD) in the 1977 
elections, the Socialists won. 
comfortaWy in most. of. the 
crucial industrial areas, includ- 
ing two Basque provinces. 
Moreover, the Socialist UGT has- 
established itself as the second’ 
major trade union in the. 
country after the Communist 
workers’ commissions. 

That the PSOE has managed 

itself outside the hj Ao 
incorporate itself neatly toto the 
conse nsus which has been the 
dominant note of .Spanish 
politics for the past two years. 
Last year he swung his Pa rty 
and his union be hin d the 

Government-inspired Moncfoa 

pact On the political front he" 
has played a give and take 
game ; with the constitution, . 
compromising on major issues 
like the monarchy and . the 
Church which . historically were 
anathema to his party. 

Felipe Gonzalez 

creet “summit” was the green . , . . . _ 

iieht for LL-Gen Gutierrez Uvered a far-from-routine an- citement of the neo-Fascist On 

ftfoihrin to undertake what is nual report to staff officers, in the other he is trying to . 

fronab?v the m^ imwrLnt an attempt to brace them impress on the military that » a space of less than three 

X of the tran“iS n . against the present offensive of the Government will be uncom- years to progress from the hmfr 

Not ten days after the appoint- the Basque nationalist guerilla promising with indiscipline and over of 40 yeaJ * 9* 

organisation ETA. and the dau- nostalgic adventurism. clandestinity to an acceptable 

ment Gen Gutierrez's ore- organisation ETA, and the dau- nostalgic adventurism. . „ 

dece&scr and Gen Iniesta Cano S«?r s of the recent wave of neo- But it also reveals the delicacy alternative of power willing, 
rSTAT* Fascist, agitation aimed at the of his task. In the three as seems likely, to enter Govern-, 

s trong * paramiLla ry Civil ~Gu ard military. He then set off on a principles which guide him— ment by the end of next year, is 

the main- largely due to the pragmatism 

,.. prp nrematiirelv removed tour of armed, forces units loyalty to the Crown. ... 

from the active duty list. Gen. throughout the country, explain- tenance of the unity of the of the Party leadership. 

Iniesta was then a sympathiser mg 1116 benefits and importance armed forces and the indis- “ One has to know on 
with and is now an outspoken of the new constitution. Gen. soluble unity of Spain— he has occasions when ‘ to separate- 
activist of the extreme Right Gutierrez would then invite the the full support of the Socialist idealism from political reality, 1 
He had shown his hand assembly of officers of all ranks and Communist leaderships as Gonzalez once told an inter- 
fallowing the 1973 assassination t0 P ut their Questions and offer well as the Government. But as viewer. When his Party held 

reasoned opinions. a pillar of the Franco regime, its ** congress in legality in 

Carrero Blanco by a precipitate At Cartagena a naval captain Bath^uTsalv/ 19 T 6 c idealism h * d ?£”® d ^- e 

and threatening general mobili- took the opportunity to read out JL Sf*J a * 11^1% wddflr * “““S Party 

sation of the aril Guard. The a harangue which laid the ?° n ’ * ih*2tLSS tantS ’ C0nvlnCing them ^atihe. 

move was given short shrift by blame for terrorism at the door f time come for the left to 

the then Chief of General Staff, of democracy, and which nf b !j" rwSfmont 1 take a ^ hold of poweiv ~ 

shoulder of the Government. within months of Franco's death 
It is precisely in this shadowy ^h ere was serious talk of revolu- 
area of ambiguity and acca- ^ on 

, . , M n Gen. Juan Atares Pena. Civil sional loss of democratic nerve * . „ „ , 3 

g* ZZZ -IS U Guard commander for the south- that the neo-Fascists and ETA’s , Yetwhenthe Socialist Irader 

P l cfif- J J Mn 8 thar the armprt tnrrpt eastern region, after accusing military wing are currently rijstram and delivered 

indication that the armed torces the Governmeot ^ Defence most at home. It is also pre- the major policy speech, the 

Minister of treachery, de- cisely in this area that General militants heard quite the oppo- 
nounced the constitutiun as Gutierrez and his colleagues slte * Gonzalez spoke clamly 

to the history of the Party, 

tionist. Gen. Atares is reported shed more tight. toned down all reference to .elec- 

''-“If we fall into the trap of 
ealinig the Party after a 
hundred years democratic 
Marxist we’U give the Right the 
perfect excuse for dividing the 
country into Marxists and non- 
Marxists,” Gonzalez said. His 
moderation was aimed at con- 
vincing the Spanish electorate 
and, more important, the uneasy 
military that it was possible to 
be progressive without, being 
revolutionary — and to a large 
-extent he has succeeded. - 
---•His strategy has extended 

It has been 1 said that without 
Gonzalez, Adolfo Suarez could ^ 
not have brought about such a 
smooth “ transition from 
Franco ism to democracy. It is 
not a comment made only by 
his - defenders. Disenchanted 
militan ts (a number, of which 
have been expelled from the 
Party, in recent months) dann 
that Gonzalez has sold So ciali sm 
down the river. They remain 
unconvinced that the- PSOE 
leadership contains ah 
important Left-wing element 
which acts as a counterpoint to 
the Social Democrats. For the 
militan ts, both are sides of the 
same coin; Gonzalez, the 
leader, who is as opposed to 
didactic debate as Santiago 
Carrillo.’ It remains to be seen 
whether this disillusionment 
will work against the Party in 
the next elections, or whether 
there will still be room in Spain 
for Social Democracy a la 


the liberal Lt Gen. DiezAlegria. sparked the incident which fol- 
Tbe demise of Iniesta and the lowed. 
rise of Gutierrez Mellado — who 

would not resist the reforms 
that were about to begin. 

become the^Spln^n JhS Maixis^sep^tist. ^and^abor- wiU have to_ work hardest 

the delicate question of army 
loyalties hinges. If the tacit 

to have received hesitant claps 
from sections of the senior 

pact between the armed forces VT* 

-i T r> ranks. Gen. Gutierrez called the 

and King Juan C^los---Franco s a^^iy finnly to attention, had 

p tions. and barely mentioned a 
K.u. bid for total power. 

successor Md aiprane com- J Atar( / s faunediitcly 

.nauder of the .armed i fo««- ^“ested.^i^cd 

is the cornerstone of Sptuns sl]ared hjs ^ ew5 t0 Ieave , he 

r ^ L Z but instead 

Gutherrea who tas the rh ., assem | )I y 3a5e a,, n 

„ J ^ J Tht Minister a ringing round of 

providing the cement The aim i ausP 

most recent example of the ^ 

Defence Minister's calm 
firm manner of calling 
ranks to attention was in an On the one band he/is attempt- 

Carlos Ferrer Salat 

CARLOS FERRER SALAT, the management of industry! 
leader of the CEOE, the Spanish should be the exclusive respor- 

but The incident reveals the two ° f empl0y6K ' . r 

the axes of the Gutierrez strategy. Z ^ the antithesis of Sr. Sr. Ferrer declared himseK . to 

A former Spanish be go per cent in agreement 

incident at the Cartagena naval ing to open up a prtlcess of con- champion and married to with Sr Santiago Carrillo, thi 

base last month, which led to trolled dialogue arid discussion “ e daughter of a Belgian ans- fi erce jy moderate leadej/of the 
the arrest of a Civil Guard inside the armed forces in a toenti- Tins 4 1 -year-old Catalan Spanish Communist Pirty, fol- 

regional commander. bid to wean them from their industrialist, boasting three i ow jag a . recent expfiange of 

At the beginning of the Francoist past.hnd erect a firm degrees and command of four vj ews on a reneWd “social 

month Gen. Gutierrez bad de- barrier against the ghoulish in- languages, is the very picture contract” But any remotely 

ot uroamty and good breeding, serious plans for Socialist in- 
But the Catalan middle classes tervention in the economy are 

Bank of London & South America, a subsidiary of 
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LET, the Bank of London South America and their subsidiaries have offices iru Axgentina,Australia, Bahamas, Batalin, Belgium, 
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put a high premium on enter- rejected even more than the 
prise, and it is stressed in his Francoist • dirigisme and 
curriculum vitae that in 1953 — paternalism from which Spain is 
aside from playing for Spain’s beginning to emerge. 

Davis Lup team, getting mar- However, Sr. Ferrer and his 
ried and finishing his appren- colleagues appear to have an 
ticeship in his grandfather’s exaggerated reverende for 
laboratories he is reputed to aspects of the European and 
be among the three original u.S. economies such as — free- 
workers in what is now the dom in hi ring and firing — with- 
Ferrer International group of 16 a clear und erstanding of 
companies. Since 1973 he has what ^ normally ceded in 
also had a small bank to his return. If they press too quickly 
name — the Banco de Europa. towar ds the concept of a free 
The name of the bank sug- market economy, they could 
gests Sr. Ferrer's third salient begin to create problems more 
characteristic — his pronounced quickly than they can solve 
EuropeanJsm — for which he them. 

once saw (briefly) the inside of 
one of Franco's jails. 

Sr. Ferrer was also the found- 
ing president of the “ Circulo de 
Economia,” the Barcelona-based 
economics debating society. As 
well as favouring closer links 
with Europe, the Circulo began 
to encourage employers used to 
the idea of organising- on their 
own account The unions were 
already reorganising, but em- 
ployers bad no organisation 
beyond the corporatirist SindU 
catos v erticales in which the 
Franco regime grouped unions 
and employers to the marked 
advantage of the latter. 

The CEOE was the first in- 
dependent organisation group- 
ing employers nationally, and 
Sr. Ferrer was therefore not an 
improbable choice to lead it 
Although re-elected in Septem- 
ber for a three-year term, Sr. 
Ferrer spent a turbulent first 
year in office. In many respects 
a compromise candidate, he had 
to try and conciliate employers 
nervous about Government plans 
far fiscal reform- and greater 
trades union freedoms. Sr. 
Ferrer himself seemed to bow 
to radical pressure when in New 
York last April; he warned that 
the future of a free market 
economy in Spain was under 

However, as elections drew 
nearer he back-pedalled, which 
persuaded the Government to 
withdraw the several alterna- 
tive candidatures it was toying 
with. This in turn rallied the 
majority of employers around 
Sr. Ferrer and pushed the 
radicals into the sidelines. 

Sr. Ferrer represents 
dialogue rather than confronta- 
tion, so long as certain rules are 
observed. In his view the Gov- 
ernment should confine itself to 
establishing a stable framework 
of industrial relations and an 
adequate credit policy. The 
unions should stick to repre- 
senting their members, while 



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.0 Since 1975, it has followed an extensive plan to enlarge rts 
branch network. Today, Jr has 34 branches. located in Catalonia 
and the remaining 13 in other main Spanish dries. 

-• Today BANCA MAS SARDA. besides its traditional banking 
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its individual and corporate clients. In the domestic market the 
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8 BANCA MAS -SARDA entered the Euromarket, acting- many 
.times as lead manager, in 1976, and In that year intervened, in- Euro-, 
currency Financings for Spanish borrowers totalling l92 million dollars. 
In 1977 this, figure increased to 278 million, representing 15% of the 
total volume pf international loans granted to. Spanish Corporations. 
Throughout 1978 this activity has continued To expand, consolidating 
the positioh of the Bank in this field, ' ■/ 

9 Concerning foreign trade business, and due to Its larger branch 
network, the volume of transactions doubled from 1976 to 1977i 
and it has continued to increase this year, - : - ’ 

• The “11 Conference, on international Finance Systems" 
organised by BANCA MAS SARDA was held in Madrid last April, 
foilowing che first conference Jn 1977 . ; . ' 

9 Today, BANCA MAS SARDA offers its assistance to corporations 
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1977 yb>'.y.: 

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• '•• •1977 j/ V;5;.7 
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. • ri-'-vc- 
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7 . 1 - Head Office: \ : 'i' 

Pzineesa 23, Madrid - 8 , Spain. 

London Correspondent 

(XKeinsorance Servicing) Ltd, : 
LeadenhaU Buildings, 

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Pflt® Gbrreqiiinideqt - .* ■ 


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:=i- ^ 

■ '■ ir t -m *»i 

■= .■■• ; : , 


■: • 

; -• fci., *5% 


SR- XE8IUMD0. . AJwi^.-jfarto*' he has played since the June that the Government had car- between the employers, and tSie opponents also feel that this 
reH the &minence-gri&e of the. 1977. elections. ried out a major tactical switch, unions on what is to replace power represents a dangerous 

Suarez Atftmnistratioiv aa-im- Sr; AbrtJ first came to pro- The theorist gave way to the the Moncloa pacts, trend whereby Sr. Suarez deals 

age reinforced by the permaa- mixi&nce in October 1977. fol- fixer, and tiie economy took i> ut t i. e aonriiniment of Sr increasingly with a limited 

Jowing ** signing of t^e Mon- second plarc to the construction Suarez's right-hand man in the “Waben cabinet” of faithful 
fSSrJfJjXL doa &<**• emerged, ns the of the political consenus which political arena m overall charge cronies ‘ 

wears. Sr. Abnl is nflw the Gov- Minister's ri^Jt-hSid man the Government needed for the Df ^ PL . anornv . h3<! come um , Pr In Spain s constituent period 

emmems.- ua^^a .dumber ^ the tough political horse- trouble-free passage of the new flr? Sr Abril's critics in in- »*»* emphasis is on political 
**• and..itt-.«uoat gifted salesman, trading that culminated 'in a constitution through Parlia- dustry, for example, believe that reform at the expense of the 
H|s actual job is to' ran the form of social contract At that ment the Government and the economy, and the appointment 

Ministry of the Economy, an in- -time Sr. Abril, agwf <», -became It was again Sr. Abril" who Socialists— who control the of someone like Sr. Abril — a 

stitution rpther. Iflte George Deputy Prime Minister "with re- was charged with ensuring that second largest union, the UGT first-class operator who smooths 
Brown’s' Department of Econ- sponsibillt? for 1 "political when the Government moved in — are deliberately letting the the path for the Government's 
omic Affairs in .Britain in the affairs, and the economic stra- Parliament, it did so with the negotiations slide, with the political strategy— is only to be 
19605-^-and as in the case of the tegist behind the Mbhdoa pacts prior consent of the opposition, prospect of a general election expected, 
short-lived DBA. the value of was Professor Enrique Fuentes especially the Socialist Party, in the early spring. However, once this period is 

his Marastry*s role as economic Quintana. When Prof. -Puentes with whose Number 2— Sr. Al- Th « . p . > Ti • , , over it is more than likely that 

overlord is -disputed. Bat Sr; Quintana resigned -Jp.- March, fonso Guerra— Sr. Abril has nrn „ r „c*iJL ' ir.-umnintu.n ,.r tiie 3° b uf co-ordinating 

Abril’s'titie, Deputy Prime Min- and Sr. Abril was given the been in almost daily touch for w Wn ct -‘ anoraic P° lic >' vvi]I revert to 

ister in charge of Economic additional responsibility of tiie past six months. u nth incirfr* -»wi nm «.■?.» rhe Treasury - T *iis would not 

Affairs, belies the central role economic overlord, it .was dear He has therefore sow two of n nvP mmnnt nn ™ Auc * s ?\ Abr ! ,,s influence in 

' / - y 

Fomlailor.thc original Spanah bran Jj. 

Double Century, bJe ruled to conunemcuale 
our 20Utn arnut cony in 1930. 

Doraecq Domnin.) he I'M vine from cur 
\ inej jtiL in Nortlmn Sjuiiu 


' ‘ •• .. 

U.T '- 

_ _ J - 

• - • " ■ . , 

' - T ; mm n-A 

Marcelino Camacho 

-L v J-V'feJLX/ W’J ; l . L I . VyCilXlCiViJ-'-' to sell a third, the negotiations attention they require. His D.G.I 

BY XHE begiiming of the 1970s, Workers’ Uiuon)— iSpaitOs tradi- -|-v « - - - 

Sr. MarceHzro Camacho, secrc- tionad union before'^' civil % W OtYI AF> /V i 1 70 1*07 1/ Afl/inDmC 

taiy general d{ Spring largest war— rejected these opportnni- IvCllllUil M 1 VO.S L/. I\.CllU Uvl vu 

■ -.-■SL 

•• • 


■< : t itt\ 

-■ : . : -Si 

- ; V;:*: sti 


BY THE begianlhg of the 1970s,, Workers’ Union)— ^jtem’S tradi- -|-v « - - - 

Sr. ManceHno Carnal, seerc- tiond union before'^ 1 civil %f\QCX O tYl Atl A S T 7"0 1*07 W Afl/il'IDloC 

taiy general a£ ft)ain:s largest war— rejected these .opportuni- Jf UiJV XVulllUll /ll V ft! C JLi IVCllvl UvivO 
trade, imion, the Workers’ Coin- ties oh political groutu$&/but in 

misshms . (^00), Ava&^mffi- practi^l terms, morh-4>^use THE BANK of Spain has a He was a pupil of Professor! It is important to remember 

t “ ey did not . il ?. vtf tradition of ensuring that all Enrique Puentes Quinlant, the that until 1962 the Bank of 

regizhe andixefipectedrfay labour enough organbatiflii'r^tD.-.take „„ _ .„* . “ man whn has drme mom tn „ . , 

that his/^mpldyer' rAras Still advantage of them. ■ S^ernors sit for portraits, no ^ Spam^ ecoSom™ Ihink- ^pain was suil partly private, 

boastioBf of.havahg fired him When the UGT held’iis 'first raatter bow short their tenure. ) nR P than ai, vone else jn re ~ ent tb® Banks substantial share 
from metal opiea congress in Aprit.lStfl, it One of the first occasions cn y 4rs. and quickly became to a reflectlon of 

worker ; 4t -’ttwat ....Was.;, then could barely claim . 7/WO onem- which I met Jose Ramon Alvarez regarded as a brilliant J 

pCTkihs^ H j fi j pa nj a. . ^ te Uiiilh is bers- Sr. Camacho’s o r ga m sa- Rendueles he pointed to some economist. He attended Bilbao Rendueles would like to see 
that ^ - government had tion on the other hand.- though unfortunate governor of the University, and latterly Madrid l bc Bank playing a more active 

• tbreton^{-thE immpany- with still illegal, had already 1 ^ Won g an j £ w ^ 0 ^ before becoming a Government ro e 111 t b e banking 

masalva flaw gbt rid its right to sit at the nffiotiat- f , . . the nu^Os had econom , gt ^ s working jn ^ system. But at present it is 

' . of Axis .aMe drgabiser, and j„g table of most • emp&srs. iasted onJy a month. He joked deveIopment acd planning handicapped by inadequate legis- 

[. agitator^Cta^.'ffittidn rights, mainly because of iMr^rerord, that he already had outlasted institute. When only 34 he h 1 ** 00 - Tb® need for such 

iV Bardin. l&lB into the family the CCOO won by a comfortable this ill-fated person. He then became Secretary General of the J®eWLrttaa has been exposed by 

f- of a i^lwa3nuah.;Sr. ’Camadio margin over the -UGT-jta - this made the more serious point Treasury in the Finance Minis- P 3 ®, of .three small 

: joined .Ihd'Spaniah Commun^ factory council elections, that he hoped he would be able try. From this post he gained a 2 ank l u me ,f n ' 

Party (PCB>.in^OT5,.18 months Sr. Camacho remains -tfl^n- to stay long enough so that the thorough grasp of the S\&te bun® h ® JJJJ L. b, ^ s i e ? _ l B h ? 

hefOfe tiie'Outbfeak.of tiie, civit disputed figurehead ofJ'the.Vom- Bank ; could achieve an enhanced 6/13110131 “eehanism. He also ° c ,n ® p f^” f ? nd has tightened 

■war-1 ^ Sr - Sartorips^ fXnSl ^ obtained a worWn e Pledge up on inspectIon - 

to lawyer. by training, a jotriialist ^dJmore inaepenaent status. of the banking sector by sub- Rendueles is a strong propo- 

xnovemem^lnilis npllytf ; SOriar hy jj^feseion and an aristocrat In. the nine months that he sequently acting as director of uent of liberalisation of the 
; following 'tiie’ r^pifesslan dl' the In Origin — has emerge^’ as the has heen in office, Sr. Rendueles research for the Savings Bank banking system. He would also 

attempted 'insarirefeBte^^/'oif hidon'S strategist .The#are both has gone a long way to prove Federation. like to see greater openness on 

Ot^beiy l934, 'in Asturias and ; in their turn, along wjfh several this. It was not an easy job to When Professor Fuentes was ^ part of 166 banlfS a 130111 t h eir | 

other-members of fhe CXiOO assume. Though he had expert- appointed the economic overlord a , ctivitjes - Hls Persuasive but 

, Stood iwn ;o&deE. nationalleadershlp.ineinbers of e nce of the administration he after the June 1977 elections hrm manner has earned respect 

. Franco, and begant-ji career the PCE central committee, was a young man in a post tradi- he became his effective number W| thin the banking community. 

^ is where iSon policy is tioually occupied by seasoned ^ T^s. when he Took ™ver ” owever ' he has to bear the I 

years tor jaiL^ / . - ottginatod. pis tois meant that political figures intimately allied at the Bank of Spain in March hrun } of ^ bankeI ; s ' sP |een for 

Sri.. Cainatio ■ became the- CCOO hasjplayed an im- to the regime and big business, this year he could el aim to have 3 rigorou \. handling of the I 

B7A p ?C:rO'rn , 72 HER r-’aUST/QUzHri OEASETri U SUrrLlsHo Cr DOKECQ SKERRY LUE GCF.DCIl £ CC:!3 UD.LCSirOtL 1 



1979 will see an expansion of world interest in Spain. 
Below are listed the titles and provisional publication 
dates for Spanish surveys in the Financial Times. 

March 28 
July 4 
December 13 

Spanish Banking and Finance 

Spanish Exports 



■;' S W 

. . __ i 

banchel ia M “These were the Cwpacho a6d his colleagues. the youngest. through this apolitical stance tbe 1 

historic leaders the ^ workers’ With his inevitable polo-neck Be comes from a modest wants to assert as far as possible circu 
commissions, .among'- .them Sr. sweater, 'thick grey hair, and middle class, background to the independence of the Bank pay- 
Camacho and! ;- Sr. Nicolas twinkling- eyes, Sr. Camacho Gijon in northern Spain where of Spain. The decisions made 
Sartorius, now the union’s effect -dearly -en joys his still recent his father was a bank employee, and advice offered must be ■ 
tive number two. - ... •• celebrity status. But the image His passage through school and technical, the acts of responsible 

When - b* '-emerged from of the seasoned fighter, easily university was achieved by civil servants in the mould of 
prison In early 1976, . Sr. communicated by television, has scholarships. 2 other European central banks. 

Camacho took his place at the" 101/611 a battering at rank and 
head of a vigorous movement Because of hia loyalty 

the only union which had fought "W-fte- FGE. he has not felt the _ . 

soccesrfully against the^ ^ Franco ne€d assert the independence . 1 /™vrt^ i me B riril 

regime. qf the OCQO as a union fighting . . J IlSC I Al IN B I 

^ In *“• P eriod ■ A if « 1 A « A ^ 

the Government and economic | 
circumstance is forcing him to! 


For farther details of these Surveys 
Advertising Rates and Editorial Synopses 
please contact: 

Michael Prideaux 

Bracken House, 10 Cannon Street London EC4P 4BY 
Tel: 01-248 8000 
Ext. 424 



The content and publication dates of Surveys in the financial Times 
are subject to change at the discretion of tbe Editor 

X 25 s : ■ - maxuuixauw 

hit on gavmg the nrovement a hi 0 tted altoeether And while 

^ble organisational basis, aftd ^ commissions would be diffi- THE' RESTORATION of demo- At OECD he had a good 

of exploiting .the thuj margins ^ ^replace, their effective- ^cy Spain has produced opportunity to monitor the 

of , lagality offered hr. the ness . ^ ^ attractive Tinion sbine-Jidd twists of fate. Jose Spanish economy since Spain 

regime at a moment when the movement could be seriously re- Lini-Lea] Maldonado, Secretary along with Italy and Portugal 

Jose Luis Leal 

country was in the process of duce( j_ 
rapid tod ustrialisa tion. Tbe 
rival socialist UGT i General- - 


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Written enquiries to : 

of-State for Economic Planning were his direct responsibility, 
add. Co-ordination, now occu- He was thus able to study from 
pies ’the office of Sr. Lanreano the outside what he is now so 
Lopez' Rodo. whose economic deeply involved in on the inside, 
policies he used to attack from Sr. Leal moved to his present 
exile in Paris. job to March this year. At first 

'. Then, Sr. Lopez Rodo was de was reluctant to accept the 
Minister for Economic Develop- past, created by the reshuffle 
meat under the Carrero Blanco following the departure from 
government and Sr. Lea] was t^g Economics Ministry of 
working for OECD in Paris, Professor Enrique Fuentes 
writing part-time for the newly Quintana. He was uncertain 
founded Spanish weekly Cambio whether the . change to Fernando 
16. ;Now Sr. Leal bolds Cabinet Abril Martorell at the 
rank, la the Government’s lead- Economics Ministry represented 
ing .economist and responsible a s hi£t towards the Right Only 
for. producing the guidelines of when convinced that was not so 
ectmoBQie policy. He is also ^ he accept 
tipped 'by friends to be a future Although he has a quiet, self- 
EConomics Minister. Some even effacing manner, he has latterly 
say, the next been thrust into the firing line 

Sr. Leal, 89, is one of a t o back up Sr. Abril Martorell 
number of anti-Francq liberal in vage talks with the trades 
technocrats who have been U nioas and employers. The 
drafted into the senior ranks of macro-economic projections for 
the- administration within th'e 1979 which form the basis of the 
past .eighteen months. He only bargaining are the work of his 
returned to Spain In September department. He is taking a 
19ft aflar Mag offered the job relaxed attitude to these 

of Direqtor General of Economic ne go ti ations, insisting that if 

Policy.'. .It is said that King there is no agreement the 
Juan /Carlos played a part in Government can and will impose 
persuading him to return, the a ^ per cent ceiling on the 
two_l^ving known, each other pu biic sector which the private 
since schooldays. sector will probably be obliged 

Bom in Granada (his father t0 fol | ow 
was Id the navy), be had a dis- For ^ ]onger - term Sr _ ^ 

. academic cs^er. is ans j ouS t Q promote more 
first studying law m Madrid, strategic thinking about Spain's 
then, politics and economics at economic objectives — something 
Geneva mid finally sociology at which up t0 MW has been muc g 
the- Sorbonne. Rather than To this end he has 

return- to- Spain he opted for a been instrumental in setting up 
professorship at the controver- a tea& who wori . on ' 

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a m ** b V f State of Spain Vd 
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ALL TOURISM records have cc 
been broken in 1978. There a 
have been more tourists, spend- E* 
mg more per person than ever ti 
before. On current projections JM 
the Ministry of Commerce and w 
Tourism estimates that by the n 
end of this year Spain will have ci 
opened its doors to o^er 38m h 
tourists — a figure including jj 
foreigners and those Spaniards h 
living abroad who come back for P 
holidays. f 

Not since 1973 has there been * 
such dynamic growth in this key 
sector. The dynamism from s 
this sector has played an 1 
important part in raising r 
overall economic growth to 3 c 
per cent this year. Without it c 
the country's macro-economic c 
picture would have looked much t 
bleaker. 1 ' _ * 

Figures for the first 10 ® 
months show a net growt h of 16 
per cent in tourist arrivals com- i 
pared with the same period last t 
year. By October last year ( 
Spain ' had welcomed 30.6m i 
tourists, now the number has 1 
reached 35.56m. 4 

In terms of foreign exchange 1 
receipts the industry attracted i 
$4.14bn worth of foreign cur- i 
rency earnings in the first nine i 
months. This was 34 per cent i 
up on the $3.0Sbn earned in the 
same period in 1977. On a per i 
capita basis tourist earnings 
t his year are averaging ?126 per : 
person against $100 last year. 
For the year as a whole it wonld 
be surprising if tourist receipts 
do not reach $5.3bn— equivalent 
to roughly a quarter of total 
foreign exchange earnings. 

This surge in earnings has 
been reinforced by a net drop 
in the amount of tourist out- 
flows. Through to September 
tourist outflows totalled $4 11m 

a 12 per cent decline over the 
same period last year, even 
though many more Spaniards 
went abroad. This suggests that 
outflows have also covered 
capital flight which has les- 
sened. Thus the overall balance 
of tourism in the first nine 
months is some $lbn higher. 

This summer the Spanish 
tourist resorts have never been 
so crowded. Officials estimate 
that some 10m Spaniards holi- 
dayed during the peak monlhs 
of July and August— alongside 
the 15m foreigners. This sharp 
increase in domestic tourism 

combined with that of outside is b 
unlikely to be a permanent h 
phenomenon. ‘ At least this is sj 
the hope of officials in the T 
Ministry. Spain, they argue, ft 
with 38m tourists, has now ft 
readied the limits- of existing s 
capacity. To promote future g 
high, levels of growth without s 
first carrying out a major over- t 
haul of tourist facilities and in- z 
frastructure, they feel, could v 
seriously jeopardise the i 
industry. 1 

Sp anis h tourism has been so r 
successful in the past because 1 
it has had such an excellent c 
product to sell — sun and sea at c 
cheap prices within easy reach « 
of all the main European 1 
centres. However, to sustain i 
the attractiveness of this pack- * 
age the sea has to remain clean < 
and the prices competitive. 

The problem here, now folly * 
realised by the Ministry, is that J 
tourism has been developed too 1 
often in a speculative way with } 
inadequate planning controls 3 
that paid insufficient attention • 
either to the damage done to < 
the environment or to the ' 
; impact on tourism by locating ; 

■ developments in industrial 

i areas. To make Spanish tourism ! 

■ cheap too many comers were 
: cut, with poor materials, bad 
: access roads, non-existent in- 
; vestment in .anti-pollution 
: measures, and inadequate 
. attention to water supplies. 

I As the sheer volume of 
s visitors has increased the 
t problems inherent in such 
1 development become more 
evident Beni dorm for instance 
s this summer suffered a serious 
p water shortage and had to be 
l- supplied by the Spanish Navy, 
r Several beaches round Malaga 
a have been assessed by trade 
e union organisations to be unfit 
a for bathing. Industrial pollution 
& in the Barcelona area has 
it become a major hazard to 
d several heavily used beaches. 

Sr Meanwhile, up and down the 
:e coast vacant apartments or un- 
,e finished hotels are witness to 
the financial ' difficulties of 
h developers squeezed by the re- 
in cession or the fate of bankrupt 
te foreign travel agencies, 
li- The other cornerstone of 
is Spain’s cheap tourism, low cost 
le labour, has also been prn- 
-p foundly shaken, r For two 
m summers running', there have 





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What is Sodiga ? 

The Society for the Industrial Develop- 
ment of Galicia (SODIGA) was the first 
regional development company to be 
created in Spain: the area in which it 
operates is Galicia. 

Its share capital has been subscribed to 
by the National Institute of Industry 
(INI), the six Galician Savings Banks 
and two banks with a large operating 
capacity in the region (the Banco 
Pastor and the Banco de Bilbao). 

How Sodiga operates 

fl) SODIGA provides technical assistance and financial advice to those 
firms wishing to establish themselves in Galicia. 


EXPANSION* OF GALICIA (GATEG). This body, dependent on the 
Ministry of PubUc Works, offers the following benefits: 

* subsidies of up to 20% of the total investment 

* tax reductions 

* priority in obtaining public credit 

* expropriation rights 

,a) „ s r o r^ * se 

rapttaTliS fo? a' maximum ^ period of 10 y«rs, which may be 
extended in exceptional cases.” 

SODIGA grants medium and long-term loans to those firms in 
‘ which ft participates as well as providmg guarantee, and teefang 
in order for them to be secured from other financial institutions, . 

been strikes and lockouts in the 

hotel industry. With, the legall- ** ij m 1 

sation of trades unions in April ~T 

1977, those working in the hotel c^ UNNA*^^ OYIEDW. 
industry, bars and restaurants £/ t/ a,- • . . vl: 

have become. tnn di more con- 
scions of their poor pay and ■£ 

general work conditions. With V ‘ 

strikes legalised the old sane- V.Y 

tions— prison or loss of jobs- — ’ \ Vj 

no longer hold good. Thus \A ^jr l. 

wages have risen sharply and - ' 0 SflLAMANCAu^^' 
new demands have been made . -■ k 

to lessen working hours.. As a ,7 ’ J - • 

result prices are reckoned to y . 

have risen this year by 15 per -d V f 

cent This is still below the .ypORTDGn / • ■ yr-ir 

overall rate of inflation. But f jg, /T ■ 

officials believe that the full — ! ‘ ' 

impact will not be felt until V 

next year when prices are .” 

expected to rise on an average - BADAJOZvf 

of 36 per cent L . 'i i 

To some extent this might be -7 H ( rocDORA 

offset by steps taken by the A , • /L ’ CORPOM 

Minis try to liberalise hotel f ^^7 

prices. From January all hotel -J 

prices will now be fixed by i»er do ia 

individual hotel owners instead ~~ 

of by the Ministry. Officials 

argue that the old interven-. cAoiw • 

tionist policy of the Govern JfUitlfi * 
meat is no longer necessary and 

bad management deserves no Ocean' TANGIER* 
protection. The tour operators • . %• 

will have a greater margin of | *f 

manoeuvre to negotiate terms. 

Although Spain has therefore 
ceased to be a cheap 
country for the tourist, its 
essential market remains the 
package-tour client seeking a 
low-cost holiday. The industry 
has to become more efficient 
and provide better quality if it &X 
is to remain competitive and .s 
retain the allegiance of the 
tour operators. 

Not everyone is agreed -on 
s such an approach. Some now 
b maintain that Spain can afford- 
t to aim more at the middle and 
a upper range of the tourist 
s market so that even if the 
□ numbers remain constant or 
even drop higher individual 
e spending more * than, compen- 
.. sates. To support this view 
o some officials believe that Spain j£ 

,f has sold coastal resort tourism 
». at the expense of the country’s 
it other attractions. For instance, 
seaside holidays can be com- 
bined with tours of Granada 
^ and Seville. Equally, there are 
» little-known areas of Spain. 

, 0 especially the Atlantic coast 
re of Galicia, which can provide 
- good and varied holidays at 
prices cheaper than the Mediter- 
ranean coast 

The Ministry itself intends to 
promote the interior much 
more, also highlighting such 
things as shooting and fishing. 

Meanwhile, it intends to focus 
new resort development on the 
Southern Atlantic coast round 
Huelva where the climate is 
similar to that of Portugal’s 
highly popular Algarve. 

With 65 per cent of all 
tourists entering Spain by road, 
there is no reason why the — 

authorities cannot tempt people LLanx 

to spend at least some of their 

time away from the coast. The to have a larger S uce of this 
main difficulty in this is not the profitable market and could use 
lack of sites but the bad state ^ G a twjck issue to enforce 
of the roads. Spanish roads Either way if the 

are generally narrow and poorly matter j s unsettled the tour 
surfaced and the road building opera tors face an uncertain 
programme has been severely c hoice in committing themselves 
hit by the current recession. heavily to Spanish tourism next 
A major unknown for the wmmpr 
coming year is the effect the At it ^^5 ^j C tour operators 
dispute over the transfer of i as t summer throughout Nor- 
Iberian flights from Heathrow them Europe were hard hit by 
to Gatwick will have on sebed- gD slow of the French air 
ule and charter flights. At stake traffic controllers. Spanish 
are the issues here. Firstly, the tourism did not suffer since 
Spanish carrier Iberia is tourists affected were kept 
strongly contesting its forced “grounded" at their hotels un- 
projected moved to Gatwick, new groups arrived. But the 
originally scheduled for April, vulnerability of air charter 
1979. Because the negotiations tourism was underlined and 
have been handled undipkj- jj ere a g a in the tour operators 
matically by the British Air- are iy- e j y to be more cautious, 
ports Authority it is quite ^1 suggests that 1979 is 
possible that Iberia and the j- ia bi e to be a year in which 
Spanish authorities may take tourist growth will be either 
some form of retaliatory action C0QS tant or will drop. Provided 
to exert pressure. the industry can come to terms 

Secondly, and interrelated, w jth its higher costs, this need 
charter traffic from the UK is not ma tter. 
largely conducted by British H 

carriers. The Spanish would like «-\x. 

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Santiago de Compostela (Spain) 



u 3 

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; ; 2 Wednesday ]Jp§eirtbe^ 13. .1978 


Learning tollive in 













: : M 

"WITH THE ,oevrl«ntteOjaii 'no longer W-ittea^red in 
building programme s^t to go the rate of neve &uH<Eb£ ^io^- 
4own as ootf.rof .the wocSt ifl^ WMte a substantial volume of 
®^war years, ih^houstog ir^ ^ Ueveiopmenr wilf ^ re- 
tott y fe taytog ittrtl tor . m Jgljjred to wth.tte.toma- 
even toufiber pa^^w^ - ^ floa of iwa&hoHs;U33,«w 
A severe decline in output tor net over The next decade). the 
the pnMic sector^Bibiiffid wltii removal of overmwdlns and 
a fresh tioimtom. In. private the replacement /)? fliifit hou-s- 
house building meaasi that most '. ins. much . more- is \n bw being 

housing co n t rac to re iface the con> done by way of refcaWlitation. 
timimg ■ prqppe ct - ®f> below- convenfon »d i«0air. : V ' 
e^aoty oa&atiji an .Industry guttospite of thiswod. tlie 

,0r P^ete r^rfW.hcm^.hmld- 

another pafrbp «&$*<*«. ,-. .. v 4njr fa ^ ^ate ahflpub- 
A puzzling aspect of tibe latest lie scfclotejjnujt be ' epmddered 
situation Is that "failed less thah satisfactory by any 

totally to provokfe ;evtsi -; the stamdari^.- '- Tbo -- v situation 
mildest form, of Bontrhwetnir..pjr appears bleak when presented 
the beginnings of a political rm£;; jn nnmbcrs. ' , - '" - 

A house btriIthng~”perfC>nnance. : '■ • 
whifcb, "until" - .recently;' • would 
have thrown Ministers onto the 
defensive a&f would have been .. . 

bold up by political opponents In. 2978, the housebuilding in- 
as "a national scandal". has .dustry is likely ip have started 
raised hardly . a ■ passing 'work tin a .cmnhiiied total of 
comment - _ '• .'.“ ” . " .260,000 private and public "sec- 

Only the housebuiiden them- ^ 1 ^ s V aR ^-V^^ ad T 3 [ 
selves have been making warn- P°° r figure of 267, 00p. Ii 
ing noises a bout -what is to come. ,s Gn ^ trie, tnird time ,;yi JO 
But' their traditional readings .J ,cai * that the toirf-has iallen 
■to complain that all is -not well beIow 300.000 and it compares 
has again cushioned the impact \9 r ^ po'/rly w-ith *!}«: pffakper- 
of their latest dire forecasts.' ■ forma nee of nearZjr^4S0 t v00 in 

jggj- _ *_v • ' , 

Although the- silence on the . ‘ 

political front, may be at least At the same time. lfic. number 
partially attributable to the of private and public .sector 
Opposition’s prfe-bccupation with homes completed blithe, indus- 
other matters, it -is: more. -likely. tr X fhis year is..eKpected to 
[ that it reflects a growing-belief . reacl1 about 285,000 compared 
{ that changes In housing policy "dlh 302.000 in the previous 12 
mean the house building indus- months. Ten years ago. the 
try may not in future be industry was finishing well over 
required, to maintain' either the 400 a 008 ‘new homes every 12 
type or level of performance months. 

previously considered nationally - Prospects for 197ft Took? even 
necessary- V •- •- . • • worse, with Uuil d? r s ^xpect in 

In a country where there are to. begin work on no" more. than 
novr: ntorf honses jtljan house- 250,0(W homes. The 'jjjwnbpr 
bolt}ii-*fadti£fa hous- completed might fall In Sf5,ftOD. 

ing^prdbtehfc'istill abound— -the Bui if.- because af changing 

success of ^Otou^ng programme circumstances and priorities, 

the slate of the house building 
industry as It enters 1979 does 
nut represent quite the cata- 
strophe it would once have 
been, there arc several grounds 
lor serious concern about its 
nicdiiun-ienn prospects. 

Although Ministers may not 
be dwell ing on the fact in 
Public, the current and pro- 
jected rate of public sector 
housing construction is giving 
rise to -considerable alarm. As 
far hack, as October 1977, Mr. 

Bog Freeson. Minister for 
Housing and Construction, was 
warning the country that the 
Incal authority house building 
programme, already seriously 
depleted, was set lu deteriorate 
Mill further. 

Hr pointed nut that lhe 
Government had in 1977-78 
imdgoicd for about 100,000 local 
auihtinty approvals and that it 
would be lucky if the final 
figure reached 75,000. In the 
event, his forecast proved 
optimistic and the number of 
approvals barely reached 65,000 
auainst 110.000 in the previous 
12 months. 

The number of public seeinr — including thuse built 
by huMsing associations — actu- 
ally started in 1977 fell to 
132.0U0 from 171.000 in the year 
be f nre. This year the final 
figure is expected to drop 
further in 110,000. Completions, 
which last year reached 162.000. (.ailUOn 
seem likely to drop to 135,000 
in l<>78 and tu fall again in 1979. 

threatening to j-eek out Um.^* 
which attempted l*» make a 
mockery of the fJnverrmient's 
housing strategy ami in divert 
resources away from those 
authorities which were nut 
spending what they were given. 

But in announcing a lew da\s 
ago his housing expenditure 
plans for 1970-80, Mr. IVler 
Shure, Secretary fur the 
Environment, had to admit that 
The low level uf new house 
building schemes undertaken hv 
local authorities had continued 
into the current financial year. 
Approvals, he said, were likely 
to remain a tony, wav ?h«r; ef 
the number on which provision 
for expenditure had been bawd 
and he seemed less than 
confident about the chance- of 
achieving any significant 
revival in the near future. 

Even mure disfurhing were 
figures produced by hi- 
Department providing i- 
foretaste uf local authority 
plans for tender approvals into 
the 198Us. They showed ir:a:. 
under the new housing inve-t- 
meni programme appruai h. 
which gives local aut!mriii<>% 
greater freedom lu allu-aie 
resources according t«« Ima! 
needs, annual approvals v. < re 
planned in decline steadily i»v.*r 
lhe next four years to a point 
only a little over Sn.mui units. 

Jifr. Freeson has laid much 
nr ihe blame for this 
*' dangerous trend " on Conser- 
vative-controlled councils which 
an.- refusing lu take up already 
low budgets because of their 
reJuciance to pursue a public 
serin- house building 
programme. A year ago. he was 

The Department ri‘,litl> 
emphasised that such figsn-.-: 
should he treated. ’Mih 
caution because firm plan* ir:ni 
yet 1o he fnrmulated by !»■<■ 
authorities, but there i.s uu 
doubt that DOE official* will 
now, in discussion with 
authorities, he making a l>-g 
effort lu overcome the relui-- 

lance of many c-uincils Jij build 
new- home.'. 

In insiru-'iiiiij regional 

ufiicos of the IX»k ip ennsider 
will; individual councils 

wltetiier their nlar. A for tehahiii- 
latu.n. in pret-rent;- to new 
building work, du n-ir imply 

preservation it an unduly high 
«'nsi. Mr. Shun; ami his advisers 
must be vmndenn.: whether 
exhortations to renovate rather 
tiiau build, from scratch may 
h j-.v lieen taken ju.-t a little tuo 

The DOE h-’pc* lhat. ihe pre- 
sent fall U: pcblie sei.-Uir 
iumsing cimstr«i. tii.-> — and fur 
that matter the substantial 
• -pending can.Mrjeliun 

"cn*- rally rec-r.-i ■« by lucal 

cuthoriltes f'-r the past two 
year* — reproof I 1 - nu'hing mure 
Ilian a trough v.rul^. -,hey adapL 
in inn m'w* system »f financing 
be to re urgani.-n.^ an increase 
in rl.cir prograi:n.;r ». 

For tile tii:i<‘ hemy at least, 
tin- puJiey is uj*'.- ..i c-necurugmu 
mure activity — largely hy leav- 
ing iiie vofunii.- .-r fend*, fur all 
types of hmiMiiv work . ub.'ian- 
li..liy unchan ■! — rather than 

iiticmpting l»» upi-Ti ,t. 

Hut as thi* report mi 

cMiismierion p.n.-|i-cls from Un- 
building ami civil engineering 
Ivconnmic Di-. -.1 -’pi !'.*.■ nt Commit- 
Ii-l-s pointed nut. !•_ v.-i.-ms likely 
Shut the housing invusiruent pro- 
grammes have l-.-il in a re- 
appraisal «»i ■■pend mg pro- 

grammes -» n ■ I i.i^il.- housing 

authorities ti*- « »- n-liii'iant to 
cmlurk on n»-v. tuui-ehuiUiing. 

On the eti-'-ftu-M far. the 
eon mill tees he- f i •.-».• Thai, umli-r 
the new syss. :n r»* ullueating 
n.-aiiurces. the • eight of new 
housing .wur'- m relatiun iu 

other forms o: ‘•-••ii-.iisg i-xpcndi- 
■ u re ic likely t>i •!-.• *nialler from 
now oil. 

The comm::*. added n 

further gloomy twist to any 
assessment of prospects for the 
house builders by suggesting 
that housing association pro- 
grammes. now- a- significant 
factor, also looks less favourable. 
Tender approvals are falling 

The outlook is barely more 
encouraging in the private 
housebuilding sector, which for 
the past 12 months has struggled 
to re establish output at more 
acceptable levels. Not since 
1973 has the industry managed 
to exceed 200,900 private starts 
and this year the figure will 
reach barely 150.000 

But such a total will represent 
a welcome increase on the 1977 
figure of 135.000 although the 
industry believes that in 1979 
starts will once more fall back 
to around the 135,000 mark. 
Completions thi.- year are also 
expected in reach about 150.000 
after 140.000 in 1977. but a 
steady decline is expected in 
1979 and 1980. 


400 . -3 trii ' . .^ IjcryH hw y> ■ ■ ■ -■- 








1975 7379 

ts: to as 


The house builders, who have 
ai least been achieving higher 
profit margins after four years 
in which costs outstripped 
prices, are uneasy about the 
future strength of the market 
and iherefure reluctant to edge 
budding' programmes any 
further upwards. 

Mr. Colin Shepherd, president 
of ihe Huuse-Buiidcrs Federa- 
tion says thar since builders 
marked down their forecasts for 
next year, nearly all the factors 
affecting their confidence have 
deteriorated further. "With 
the single exception of house 
price*, the other key elements 
of mortgage and land avail- 
ability have steadily worsened.’’ 

The | act ihal — in spile of all 
the eniphai.'.s mr government 

limits on tending— the building 
societies have this year been 

lending record amounts to 
record numbers of home buyers 
has still not encouraged the 
builders to take an optimistic 
view of 1979. They were 
apparently shocked at the 
sudden and dramatic way in 
which the cut-back in lending 
introduced early in 197S stifled 
effective demand and, even after 
the latest slackening of lending 
guidelines, they have fears about 
the societies’ ability to meet the 
level of mortgage advances now 
being projected for 1979. 

Mr. Shepherd cutiimcnts: "The 
effect of ihe restrictions on 
building society tending was 
more serious and wide-ranging 
on individual house purchasers 
and builders than had been 
expected. For builders, the cut- 
back has led in many cases to 
disruption of sale* plans, cash 
flow problems and growing fears 
of a marked fall in ihe level of 
sales in the crucial early months 
of next year. 

"There are also growing 
doubts abuur the societies’ 
ability to attract suRicient funds 
to lend up in ihe newly agreed 
limits, at least in fnc early part 
of next year." 

In addition. the house 
builders claim that all their pre- 
dictions — about land shorlagc-s 
being exacerbated by outdated 
planning regulations and com- 
munity land legislation — are 
now being fulfilled. 

There is uu doubt that anxiety 
about land availability is now 
widespread and the builders say 
lhat what has been a potential 
threat fur tour years is now 
beginning to have a real impac; 
on their building programme* 
fur 1979 and hevond. The 
shortage of good building land, 
they claim, will constitute ,i 
restriction on the supply uf new 
houses from now on. 


At present, the builders and 
the Government arc engaged m 
a lengthy dialogue aimed a< 
proving whether nr not ihere is 
any land shortage. The Depart- 
ment uf the Environment 
remains as adamant in ii\ view 
that there is not. as ih«- hmi-r- 
builders art- determined in show 
lhat there i.s. 

Whoever is proved to he 

correct, housebuilding output 
during the next two years at 
least — both private and puhlic 
sector — i.s likely in continue at 
historically low levels. 

Because of the new emphusi* 
on preserving and improving 
the existing stock, it cannot yc< 
he determined whether the 
decline will have minimal 
impact or whether jt will give 
rise lu the type of supply and 
demand pressure* that have in 
the past created chans and 
which ihe builder* and iIk 
ibivernmenr arc anxious not t.* 
see repeated. 

liR ii t: Letter^ the Editor 

* • v ' ' ' foex.-'Pec. 11) I Mie production from j 



t — ' 


make: vnur position rleot. ; We allotments and sm allhold in es — 
encourage . the preparation'-' of cutting out many of the energy 
toll informative annual 3^ountsr costs of Ihe producer— and vir- 
fpii; the .lines recommended by lually all of those downstream 
Lex) and their free availability in the chain of collection, trans- 
to tbe members and Senefftlaries l rf, » processing and distribution. 
. ... Of pension funds whp have » We already have unproductive 

inVbiv.ed uv major jireef interest in them. We Think labour inherent in people’s spare 
thte -nnaeHra-'-te less nae->th'an time and 1.25m unemployed; and 
Lex implies - ' al ,eas t ° -5tn acres or waste 

'for ’v-:Vi£*V urban land fand more in rural 

WflevesTjotfieBS&b&ve validity. ' Since - format ■ accim^-. are areas , But -we have made no 
We 'to. admit often confusing tu the average tnnvr- tu use them. 

eonlrjbutnr We have ^aiso Wp shall need electricity to 
gues9w«de^tt^n8tt>tifi c*WJ n *. encouraged the preparatfw sobstiujte for many other fuels 
Toetri^iO^lvf^^ us to, make: • v ers»ans vnlivyca^c ’as shortages develop: yet we are 

fbat^eafWbrK -e^fedt. -and etc. Ja r enttmragc olanning generating capacity 

11,050 bn the levels or existing demand 

" “ ■— 1 - ‘ 




map2JrWir,i*^^U_. ... - 

eviden- able on f, ? e bars - 
/dependent David Green, 
ient perfor- Phyd.itr Harding ^ - 
m ins^iy trustees ('Jiatle Morris. 

importaare' iperea^sw^friilntdst obtaax from vonsuBing actuaries Nr- Haoerfordioeut. Pembs. 

• aiidXptbehig- ; $ - * 

:Wiat--^'- a n.^ubtXul uf is 
^ need “ ,0 sef U P a statulnry 

Sr®,! ^n?it 'r ,v {s 

WW.: toj&.or and n, 

the payments Surplus .generated JjSSSf w° n . s ^'v. hkh 

by oil revenues Implies a slower an d bene- 

sterling depreeiatjOn.' . m tbe ficLarie s are. entitled to cxpci.t. 
future. - For tho^ 'wbb ^n not . Ken 'Smith, 
accept the possibility: of a vicious. Prudential House, . ■ 
circle of decline we would point WetUesley Road, Croydon, 
at the experiehce.Ujf lbe^ British . ’ • .V : • 

motor-cycle industry. - — 1 

Mr. Prag apparently criticises 
our- short term outlook on the' 
basis that it" is more pessimistic- 
than the rosy picture painted by 
other forecasters. But we can 
only be judged by comparison 
with the outcome about which From . . Jfr. i). Green 

none of us has definitive- infor- 

mation. The. reasons -for o.ur. r „ i ,!/*" ‘C m , T“,' 
pessimism ' are that y»e bblieve fal j3 ciou!^-behef thjt 



a pensioneer 
a partner of one 

Planning for 


From Mr. AT. F reethy 
Sjr, — As 
.trustee" and 

of the firms of actuaries alluded 
to by Eric Short in his article 
" Haying your cake and eating 
it " (December 2) I agree with 
most of . the comments made by 
your correspondents on Decem- 
ber 8 but was surprised to learn 
that 1 failed Mr. Huggins’ " test ” 
of impartiality and lack of bias 
which - be implies cannot be 
passed when the actuary to tbe 
company is also a trustee of its 

Mir ic u .„h <se,f * administered ) pension 

8ir. There is a general *nd sc bemc. Jn more than one 

J/acious — belief that as oil iogtabet l act in both capacities, 

the earnings' increases gained " shortages develop, coal will come and : until now had always 
under Stage 3, which so far hate- tn our rescue. No doubt your believed that 1 was acting in tbe 
provided . the real..! . income leading article {December 6) :ind host. interests of all concerned, 
increases responsible far the can- report of the Anglo-U.S cun- It should be pointed out that 
sumer boom, will feed, through to [erence 0 „ aerosoace will em-our- the ^ '-Wand Revenue is highly 
prices and reduce domestic con- r \ i JI C selective in its choice of “ pen- 

sumption and expo-rts. Our ^c.that belief. Quaiitativcly it H ^ r truslees ~ an(3 wiI1 . t 

judgment that there will be no » true — as said at that con- uiKlefstand. only appoint people 
cut in tax rates next year slows fercnce — that it is possible to who deal with it regularly on 
down real income growth further; produce a suitable jet fuel from behalf bf clients. Since the 
Mr. Prag further confuses the coal. But the quantities involved Revenue's approval of private 
issue by comparmg our forecast severely limit what is possible, petition schemes is all important 
of a 20 per cent tall in vehicle . , ir - no practitioner in his senses 

output with expectations of a Approximately half a ton of W oiild^ jeopardise his relationship 

boom in sales. We cannot be dog- ywious oil fractions can be won v m, j t act j ns other than 
matte about the precise timing - ti" 010 a ton. uf coal. Assuming r< »aponsibly. Also it would b'c 
of the downturn in this, market, the conversion' capacity there- jjj.jvideed if a professional man 
particularly since the Fw^jtrike JJgJ- VNOuid require at least sucJi . as a ^n^ujop aC tuar\- 
wilt have pushed some 197S .pro- 200m tons of coal to replace the we re not to act impartially in a 
Auction into 1579. But it is not I«g"t *; onsu *J l cd I in s j tU ation where tbe interests of 

unreasonable to expect a cyclical coal production lhe Members aad the trustees, as 

dedine in dtiraWe sates once the. was only 126m ions in total, anil tbe em pj 0 yine company, 

period of rapid real; income as yon say production may not are . concerned If he is also a 
growth is rover- This -tbe, pattern be than . 170m tons by. the trustee the spotlight falls on him 

which was - 'nbstirveB^ 'during emf of the -century. to an even greater degree, 

previous expansions. _ - - UK offshore" oil production may Choice', of Trustee depends 

No doubt th® rattenal:-^b? w£H fey below current consurup- about-' air on the" individual- In 
jectrmty" which Brag tino levels by 19S5. when world my.-viedi the best pension scheme 

advocates as -a- substitute _ for oil demand is expected to" exceed trustees are those who undcr- 
ectmometncs can do something supply. ..From then on we shall stand most about the objectives 
to _ alleviate- the difficulties _ of , have choice. hut to reserve nf the particular scheme and the 
British industry^ Bui oy tryiOg ojj its^fteodnefa for priority complex area in which they 
to put reasonable -numencal uses for which there' is no sub- operate, and there is surely no 
— ' ’ - - ----- — *- - thejob 

iccttvists do find a magic wand wa y S powered by nuclear ur pimwr MaJdliixex 
lo cure our problems, it might be . other energies— If we had far • ' 

safer to simulate its effects in an greater electrification— but it is ' 

. f grearer eiecmncauon — qui u is 

econometric model before- apply- difficult to see bow. electricity I. hn " fAmnffpn 
real world. Where. or unconverted coal could be * M®. 1 Icll 

ing it to the 
real jobs are at stake. 

Hervey Gibson, . . . . . 

PO Box 114, r 

21. at. Andrew s Street* 


used to drive farm .tractors: with- | v-ji » 

- out oil conventional farming will 

collapse. _ .;> • 

Microprocessors ■■ can . achieve 70v h F 7 *** VJfi cyr .‘ . 
major energy savings in industry imaff.-umdioraT . / tssoc«itwn 
—if only by’ a radical reduction Sir— Your leader (December 

in the energj’ costs inherent in 41 refers: to the enforced subst. 
conveying people tn - and from dies from landlord to tenant and 
work and maintaining af1 accept- the .expensive . nature of the 
able biological environment f nr Government's latest 'proposals 
them when there: equally many f Qr financial' assistance for first- 
more people can work from their time- bouse buyers, 
home base, given adequate elec- Therein: Other proposals, one 
tronic and glass fibre forms of 0 f which’ -Is . designed to deal 
visual communication. But the with the sad state of much of 
.investment to produce theseis so roe housing stock. Predictably, 

Sir.— Since the attitude of the; fair non-existent: and the social fhis problem i* concentrated in 
National AsroViation of pension' problems^ re formidatite. the private rented sector. 

Funds to. disclosure of ■pensten " 'Wc could lnake a major contr*- The Government knows that 
fund accounts' has been, criticised- batten IP our food need? by on the root .cause- or the problem 

i* the grossly sitU-crnnomte-l"' .>) 
of rents,. But in workinc mil 
latest proposals to provide sr.inu 
for private tenanis there i* u<n 
one reference lo ihe le^ilimaiv 
interests of landlords. 

Indeed, the Government se--rns 
to be quite ready tu allow 
tenants to undertake ^rant-aided 
improvements without the con- 
sent nr the landlord once the 
complications can he overcome. 
Surely no Government should 
•contemplate allowing pin ate 
tenants lu carry out improve- 
ments unless and until the land- 
lord is in receipt of an economic 
rent and then had wilfully 
refused to carry out the improve- 
ments himself. 

But it is typical of this 
Government (and regrettably 
most governments) to support 
and promote the interests nf one 
party (the tenant) regardless uf 
the injustice to lhe other party 
(the landlord!. 

Cases v-omc to this Association 
almost daily of tenants not 
content wilh peppercorn rents 
seeking lo manucuvre and 
engineer the purchase of the 
properly as silling tenants at a 
fraction of its true value. The 
landlords in question are far 
from the general image nr the 
prosperous speculator type. They 
are good people (often poorer 
than iheir tenants) who find lhat 
not only the law but lhe advisory 
centres and the Citizens’ Advice 
Bureaux axe against them. 

Good landlords land there arc 
still plenty of them tcfti respect 
tenant interests and want to he 
able to let on fair and reasonable 

But can any impartial observer 
regard the present situation as 
reasonable? It is all based on the 
conception that on letting a 
property to a tenant (usually u 
complete stranger} it is per- 
fectly right and reasonable that 
the landlord shuiild surrender 
to Ibat tenant land his successors 
for two generations* virtually 
all rights of repossession: the 
right to sub-economic rents: and 
total control over lhe difference 
between the previously 
unoccupied value and the 
presently occupied value. 

Prejudice and misunderstand- 
ings extend to the Court of 
Appeal. Their Lordships have 
deprecated the use of licencr-s to 
circumvent the Rent Act but have 
acknowledged lhat it is legitimate 
for the landlord to seek to in- 
crease his profits. 

Who, in their right mind, would 
invest in a letting arrangement 
which — produces an immediate 
toss of two thirds of the capital 
value of tile properly; yields a 
sharply negative return because 
the 2 per cent net yield Tram 
"fair” rents is before amortisa- 
tion and the -landlord receives 
no tax allowance for amortisa- 
tion; bonds the landlord tn the 
tenant indefinitely regardless of 
their relationship and atm os? 
regardless of any, but The most 
serious breaches of the contract 
by the tenant. . . .. 

We- condemn the situation in 
Rhodesia and South Africa. The 
Rent Act is just as racialist in 
terms of the landiord/tcnant 

G. F, Cutting; 

c/o ? Bosedenc Avenue, 

Streutkam. SW16. 


Mr. Eric v -v> - . Iruiu-trj So«-rc- 
T.irr . distil'*-*-. •» ilh union. 
Brill, h Stephuii-l-u pUn to cut 
I2.::u0 jobs. 

TIT. Eemirtc.i- Committee 
■i:Ci.*Li at Goner. - Jfnuv. London. 

Air Transport i -r-rs Committee 
annual report uub-Mierl. 

Mr. Wm. fti:lli-t I'.S. Federal 
Rant; chairman, ti -.ikr; on ci-omj- 
j»itc and curs-M-j- que'Uiun*., 

Henley Ccns*-.- uir Forecast me 
seminar on rx«iijng<* rale mi»\e- 
menls io IDS.: C’.irtion Toner, 

Today’s Events 


Rnval Son i<- 
Dercnn." Stud.* 
Rrisi-b nudea;- 

In.-iimte for 
meeting on 
seterrem policy. 


Index of intlustrial production. 
October provisional figure*. 

House of Commons: Debate- on 
the Governments fight against 
inflation. Motion on EEC docu- 
ments on Ihe European Monetary 
System and on its implications 
(or the Common Agricultural 

House nf lairds: Debate on the 
need for a National Council on 
gambling Debate on ihe 
collapse uf exploratory drilling on 
the UK Continental Shelf. Repre- 
sentation of ihe People tArmed 
Furi-p*) Rill, second reading. Deer 

Bill, second reading. Debate on 
Anglo-American Chambers of 

Select Committees — Nationalised 
Industries. sub-committee ll. 
Subject: British Steel Corporation 
report and accounts. Witnesses: 
BSC. 1(1.45 am. Room 9. Science 
and Technology. Gcnclic Engineer- 
ing Sab-Commit tec. Subject: 
Public policy issue*, raised by re- 
combinant DNA work. Witnesses: 
Genetic Manipulation Advisory 
Croup. 10.30 am. Room 15. 
Overseas Development. Subject: 
UK aid to India. Witnesses: 
Ministry of Overseas DevelojimenL 
4JW pin. Room K. 


Final dividends: Caravans Inter- 
national. Co nip. Air. Dubilier. 
Arthur Lee and Sons. Snali-hi 
and Saatchi CnrHpan.v Tran--* 
Oceanic Trust. Whcssoe. Interim 
dividends: Bruillnvailc and Co. 
Engineers. Deri lend Stamping 
Companj . Guthrie Corpora lion, 
London Merchant Securities. LRC 
International. Russell Brothers 
i Paddington). Warnfiii-il Invert* 
mentis. Wyndham Engineering. 
Interim figures: Cawdav Indus- 
trial Holdings. Culler Guard 
Bridge Holdings. G. M. Firih 
Metals. Shaw Carpel*. 
See Company News on page -Vf 

ff banking is a service business, 
iften ft should be on service that 
you fudge a bank. 

Bank of Boston Hou^r, S C-<cc=:ide, LC2. 

Pension fund 

From the Chairman, • . * 
National ■ Assocnrfton. of 
Pension Funds 

Three times 
a winner 

From Mr. A. Slack. 

Sir,— A lady friend of mine 
has just received by the same 
post three £50 warrants, being 
her share of " the November draw 
by Ernie. 1 should imagine that 
this is a record and wonder- if 
any of your readers can itialcb 
up to il? 

Arthur R. Slack, 

45. Brockuxil Lane, 


We’ve spent 56 years in the City, building an organisation to 

■ cater for the toughest judge of all: the financial professional. 

That’s why The Bank of Bostons account officers prefer long 
instead of short-term'reiationships. Why they stay with theiraccounts 
longer than their counterparts at other banks. 

Why we have an exchange specialist based on the dealing 
floor devoted exclusively to keeping corporate customers abreast of 

Why our two hundred people in London aim at the highest 
standards (if you give the best service, you’ve got the best bank). 

. • And if works. 

Our dealers have put us among the top banks in making 
markets in all major trading currencies. 

: - And six out of the top ten companies in the 

prestigious ’ The Tim es One Thousand ’ are our customers. 

Do you put a premium on service too? 

We look forward to meeting you. 

iosfonJhe bank for 

nanckd professionals. 




Eonferf Boston Hcuk .5 Cheap* ide. London EC 2 P 2 DE (Tel: 01-236 2388 ). Also ai: 31 Lowndes Slrwt. Belgravia, tendon SWIX *HX ifeh 01-235 9541 ). 

^ :j-i FlMvjJJ Kti' i-T '-OW l.Dl JS; 

i ). ,.i.-u ,Ct *. r.-kf 1-j jPAtf J, |_! ii. U...A, L l r'-. I C-. I —I ; Vt- - 

* 1 * • 





Trafalgar House jumps w’hampton Standard 

£ 14 m to exceed £ 60 m Breweries hflpk hv t 

III T^| A/ iT| A SLA. MP in profit from £V7.6lVm 

jo ElVom from » hippms, aviation 
PRE-TAX profits nf t'nited and hotels at Trafalgar House hit 
S pring and Steel Group rose by offset by growth in other areas 
63 per cent, tn a record and recovery from a £23^.000 Joss 

against lTfi.i.OOH. for the year to a surplus from news- 

ended September 3t>. HITS. Turn- papers .md magazines in the year 
over ivas up 13 per cent from to September 30, I97S. 

£ to £22.0iim. The yTeup finished the 12 

up £ 1.35m 

iifnill IfUITA „ -PRE-TAX profits :of Standard.- The growth overseas -has - not, turned m pre-tax jprofits £26.000 - 

Hill HI IllHl\ RECORD • sales and- profits were Chartered Bank -rose “by. 8- ner however, been matched in the ahead . at.-fSOO.DOOL.for ' the' "sb£ 

“f IIIUllLIUII lu "J a °e . by AVoIvcrfiampton and cent' from £62.47m to 16724m.. for UR and Europe other than irr the months .to iSeptembiejC.Jp; .1978. ■ j 

■_ ' Dodley Breweries in- the year to the sis months- to September 30, 'areas- .of consumer credit and . fhe directors say' the second 

Trafalgar House has -produced good profit's growth overall ^5£, tei £, b f r 30 197 ^- P £5' U1X Pf^5 ts 1978. . -And the direcrors state that leasing, the directors state: -. half results sbould riot-he shmifiA 

but it has relied heavily on exceptional profits from property and ™ T7 i2fn on^alS^n i? Toe^St Earnings are shown at •■m? cabtiy different lrma til^Se of last 

RECORD -sales 3nd- profits were Chartered Bank -rose by 8 - ner however, been matched in the ahead . at.- £5(H>'.0«QL. for "the 'sbi 
made .by Wolverhampton and cent' from 162.47m to 167.24m.. for "UR and Europe other than irr the months .to ^pientbiejC.JO.i-lWS. ; 

.Ur D West -.rod. cha/rm-v a says month*- showing tasablc profit Profits growth in the first half at Standard and Chartered Bank But Mr. E J. Thompson? chair- a-ainst ofSSf ^ interim dirideret is increase* from ..tig: 

pr.,r,(s would have been h.cher y,4 -m, head to j- record £60£m. has been held back by currency movements-.' The' worst fears man and managing dlKtor, is of 3?e SSntriS •“ whic]?^:!,^, ^ to **» sd<«Rid*^r months:^ 

hut tnr mdupi rial drajjoies. e.-pc^r- sales advanced £23Sm to £82am a botrt BortUwick's (completing the Lex daunmY results were not ri3U1 fi costs, . particularly- high group operates. . i * from- Taxation t&kesJ24G,f}0(J.againsL 

mw; Sf« s&’s.'Bsr mment - from £<£ . Usi'ars .sssr^^sSS- T ggg 

lh u 5e h P ' h if . , . Performance in the firs! half, changed and the shares responded wiUt a 5p rise at 73p- Else- 'Cmfcraisiion Tor increases in heer higher interest rates^resulted in ‘. The group is changing - fis-sldlary'CrevvkWme Investments. 

At I ho h^lfv-a v ^. at- pre-tax when Tiir-.lus was up £S.4sm \o where. IC Gas has been held back by fosses at Calor Gas but the prices early in fhe New Year. a "ubsiantisd iro Movement in financial year end from March SI - • crewiernW ' net' atMjutabla- 
?- r -^fln" Kri ' UJ1 Ir0m ■ L - ,S - OUO 10 f2H.4am. honeQted from » flam company remains optimistic about the remainder of the year. - The final dividend is 4.5R45Up profit from that region. December 31 with, effect from fo f _*j, e ' balf vear wa& 

£h i,’: 00 ,. . , , . th(l U rh I arce 1, ™ p f rly sa, 5 s - The depressed state of the bearing industry is apparent in the DILAi 03623155 raakm " a total of. : Haifyvir.', -Becexnber 31. 1978. The interim which takeSThe groop s- 

««r »»•"»«««. u» ira.s'ffssfs'issss ^ : ■ at ffiv{8Sf.rsss , ,£ i a s’esu? 

majnn'.y the increase over la<i f or rhe ernup whose interests iu- the electrical division to offset the damage.. Redfcarn Glass has for the dividend increase ichich j*- Tnwiiw profit 56.944 a*ii* her--31 • = w* nmiw *««’'- 

jwr* pro His. and the spring c!mle Cuu;«rrt and Beaverbrook also had a difficult time with . profits 40 per cent lower m the slightly above 10 per cent. Stated &TZ mcr • itiS- • ’ See Lex *. ' 

- - - Newspaper* and during the period second half due to pressures from cheap imports. On a brighter earnings ner 25p . per share are ' Sift-' ' • ... is £Z29 0^*^ 

r., . . i 4 a i acquired Morgan Grampian. note Doited Spring has turned in profits a £tm better with all the ra ’-J ed ,f™»m 1 ?d to 2J.lp. Bank and sai». w.os: ippa y 1 . £ V - - A 

Dividend table «- 5 ? *sr «-«* «- *««• «*• - - JL22SF *4 ^.— ss =iSf ^Arlina : 

• Tj *2 4 -•?=■«■•* ■ s~> "no s*7.ono 1111 ■m-uii*— — and free Dade-Kjontmue to. con- E^^de'hTt “ ' ' ' UIV1 £42.588.- These ^ 'sece tn Repaid off' 

Dividend table 
is on P 34 

dn'isnm jz:u:t improved u* per- 
formance The licures include a 
contribution from the mo*t 
reccm acquisition. Ihe Gillsan 
Com party 

The final dividend is r.nisyl 
from rt.S#32p nei iier Hip share, to 

against t.-J.'2o. The dividend i-i 
covered 2.04 times 1 2.0 1 and 
stated earnings are unchanged at 





si:, uno 


ij|»-*j'iiis nrylil 





Invi -iri 

1, 011 


Ensin-— ii. hide. 


S*ii:i av.ii.-i £ huir Is 

? 954 


w<pnp. -s U mans 

.1 700 


In. r.'Sl ri | .| . . . 



Pre-tax profii ... ... 


44. nn 



11. C-15 

\V| ,i*i ,fi: 

S» 4V> 

■JO. 1*9 

‘■Iinoriti.-; ■ - ■ 



K"|rj(iM .1-hi;< . . 

1 1$ 

'.TfiT r«:h. ■= 




9 ;»» 




* l«, ' vnd iax equalisation. 

: Credit. 

j9Ts . jar?', .report -tneretore is ut respect o, 
UM £0W - thc-'nine month period to Decem 

56.944 4*«I* W:-3l 
19JSK. ;1KUB 

See Lex 

^iSSSterling- t i 

S : Tn/lilch’lPC 

4i‘*w engineering and housebuild-ing. 

s sets and -liabilities has been maintained and three new pubs . The subsidiary in South.-Africa, 
redited to reserves. were opened. m which the bank's interest hafiV-’-jjr 

At year end mvectnienu were HoteLs enjoyed a eoad trading fallen to SS per cent as a result T-. C 
5 71 rn ioim J ^nd^dnded deb? ^ ear and the free trade in tradi- of not taking up enrttlement ,iit 
lipbuild^ an?' oSer loans tional draught beers has ex- a rights issue benefited Mt.yk . Qftf 
ere up " from £139 7>m ?o Panded in a very competitive upswms m trad mg volume.- -if. To - 
171.45m. * market- ' . . -. . -- v-‘ 

_ . The group has continued .its -a . 


£iitm rnun 

Re-enue rtnni property during level forecast at midway. A one a s envisaged by the Finance Act vessels have been commissioned 

ihe -.ear climbed from 17.92m to for two scrip issue is proposed. 1978. for certain group employees. at Brewery and an additional 

£E.lS!m and irrvrstmenl activities A £2.6m (£6^m) surplus See Lex storage area has been built. -IN 

The - net. attributable profit front: 
Crewkern'e" for. the jiear. to March' 

. .7 u 1979; is mdiniated af £129,000. 

Aisoc- vomMoies 5. 135 X*9^~ j 1 • - - . , Arrears of t^efereuefr dividend; 

J* 1 profit— — “-6a *-' sw, -*. i . r ^k|'Pl't % llHO’'' at SejJtelhber L 30.. this year Tvcre ' 

JSSES'jss:;’?: t;..: - a Si?8.s-:P iCimi & - ' : 

AttxibiKataie 2&619 Sm* . ‘- -Tr 1 j • ' at the. rate of -£S^2» a year. 

n.?iat3Ki — .. ,3s.s3» a^n.-l n/illCVTlAC * '■ TBe- interim:- -dividend' js.'.ra&ed. ; 

t credit. “ 'XXI U U»3l/X JIV/jJ .... . frpm'-O.Sop’, per te^LSIsip, and 

The subsidiary in South .-Africa, "■ ' _ ‘ . •'.*. ffieite .js' an VACT" ! payment of . , 

in which the bank’s interest has '.'••• ^‘#4 rrAO Q hDQ H 0-0139p. for Tast year v ‘Earnings 
fallen to 58 per cent as a result . -: Cll bf £lil Cd.U -ppr 2?p sharew are: shown. up from' 

of not taking up entitlement . jitv.r-.:. ■ ~ - . r - .; 1.435p to 1.4%». ; ^Last-i.'S’eaf-: The 

a rights issue, beneffred in'-^ab - ON TLfRNOVER up from 12.3m company. ..paid a" -tofat -of 1 1283in; . 
upswing in trading vo!ume'-- -i"y\ T6 ' £2.5m Sterling.; Industries ifitdinlihg' the? ACT.- rpajaindiit ':.; 

Dobson Park well on target ^ 

'■*i.- - 

Frofi; hr (nr ;a\ 


Prolli alter lax 
F’'t'narr .mtis 

* Or. b/i 

iorthwick second half recovery 

A Sl'RSTANTTAL recovery in smaller extraordinary debit — For the whole of last year the 
A rnmmont second half profits is reported by £189.000 against £4] 3.000 — the group turned in pre-tax profits 

v t,viniiiciiL Thoniax Borthtrick and Sons, and nltnbutable profit emerged higher of £SO.OOO, compared with 

Cnilcd Spring's figures include a ihe group finished the September aV £4 5fim t£3.37m). £304.000 the previous year, 

smnll firs 1 time. con tnbu tinn from 20. \978. year just behind ai On increased capital, earnings After tax of £66,684 1 £29 .890) 
Gillsan :ind the fint Tull result £U.22m against £fi.4m previously, are shown ns 10.53n ill.39p> per and minorities £9.283 f£4.02S> re- 

frnm Riley. But n two thirds in- Turnover was well up at £>l2.2m 50;i share and the dividend for the lained profit comes out at storage area has been builL -IN LINE with forecast, \ : th>7dicectors say. - . - ertiase .its hoiciingrtV^? per. cchtT 

During 1979 the company eipects directors " of Dafason ' J^rk i Orders on are at satis- within two years.”, - v 
to install a bulk malt intake store tod rtrI ^ record pre-tex^ ^fBctdiy levels, they ; a dd_. ^ ; - ; 

and creel additional mash tuns. . . J ^ - , ■ „ A commpnt ■ - 

Capital spending continues at a 0 ro f 13 u on ^ or - -p* . ‘ « . , w '. ; ;. 

high rate and hank borrowings, • September 30. 1978 yw r, ^against. -i .... I4ini iof or pre-tax profits top 

therefore, have again increased. a . .Previous -11.13m. In May r ar'spninjt - (n&tt 4s!i3i‘. jl ts . £i355m ..forecast by 3 " 

the time of the one-for-etght Eastoecnnt s*.s?i comfortable 4 . per. ceftt: tha mafor - 

rights issue they said that profita-v Kango J.4» divisions all had s kood 

|T7»| TT1 would be not less than £l3J25bj' nJ^T y - 1ST }•=*?■ »2Urouffh there w^e'*Jos5e»fr' 

\\f llCAn Wrnc for the v«r interim rirofit* u r * n * n '* nci * «*• ... - *** a Vi . 

Gillsan and the fii-st Tull result £i!.22m a 
from Riley. But a two thirds in- Turnover 

profits was compared with £405. 4m 

year is maintained at 62p with I52J271. against £23,562. 

rnii'.-hlv in line with market hopes At the inierim stage profits had an unchanged final of 3.Sp net. 
following th*. 1 excellent firsl half, fallen from So.-lrri to £2.2m mainly The new Matthew's divisions 
Virtual!-.- nil the improvement from mdu^irial unrest in New have been fully integrated and 
rime trim the steel division Zealand meat, industry. the Flavours and Essences, Meat 
where United sov a sliihr upturn unsatisfactory stale of ihe liv Retailing in the UK and France 
in demand during the summer, domesrir meat trade, and the ksrre made above forecast profits. 
WiMi the si cel sector still in th? Integration of 'Matthews group. Midland Cattle _ Products had a 
doldrums however. United's The directors now say that in "® od • vear aTld the Jnssmbking 

however. United’s 

J. Latham 
well ahead 

Wilson Bros. 

AAA • Also, * as forecast, the dividend ^Hg ■ ^severaZ -hundred ; ^thousand 

11 A T. /n I II II I {ar ihe period is increased Hi tht' . ST . " aiw rf^Tgounda. This year tnay-not repeat! 

1 vl^v v/V context, of the rights issue, td 4p - -property . tirar* v*e 21 pw cent profit ■ increase . 

m ^ net per lOp share compared wt£b. --^wcrseiw sub. . s=n • 2M -or;- 1 977-78 but : the company Is- 

YY1mH70I7 2.l32p last .time, with a' ' ww i.t«: confident of ; more, growth hi. - 

If llu W dy payment of 2 ^p. ■ T„ ■ gfc'Xe's' ^TJI. iS " Ti “*"*« ^ Winery, Tmlped .hy 

PRE-TAX profits of Wilsni. Bro^, As .nBdp.tod. the PUn^' '$g a\«ISh 7 

the greeting cards and ancillary dmsion continued to make pro- jfet prefl* 19.73s companies’ sub-cohttacting for- 

products group, rose from £486.029 sress with excellent levels of pro-.-.Tn niinoniics v - v - ‘ M - — the mintnc order the' Chinese'' 

IP £562,276 in .the 26 weeks to Auction, nd WJid ihi yeir « gSgj" ' h ' 'Z: - io 7 ™ placed in Germany. %tS5 

September 30. 197S The group ffmmn/wvta S£' Xmtr * m «nunnxr . ijao ' '>■? hammer, is. sltll - % finding . new 

was helped by ihe turnround finued m the current year to due. proomeA Bnai . i.ars .- 772 markets, anti margins' "have risen - 

from a loss of £3,707 to a small Kango had a particularly good Rc!alaed Mil to tfl iier cent on -tftiv product. " 

profit ■ oS £509 on property dove- second half year directors state, - The group has adapted 1 "SSAP Demand for - alternators, may 
lopment . and exports are a record with l5: tax charge rcpresetits^UK and ^ flatrenfne.'aut .hui 1 ;^. Dobson. ' 

Turnover for the period was sales for the year showing a 21- overseas taxes actually "payable. Purkcan bring 1 concrete^back to.- 
ahead from £6.Ilm to £7 .15m. per cent increase. . ^ . on the profiL • 'V' -- bre'ik-eveh there wimbt^a further 

for the year; interim preStt .wflp-^SiESfcdi-Jderf iB.m 
ahead from £4.91m to £6.3am... ‘;*prt«f9- uas 

Vlcn -,c (nunut -tV.o ^ j.'. "Mfaimt I ^5^03 

PRE-TAX profits of Wilson Bros- 

«!ru. s.cfl Trent Concrette and the garden:' 

12.S2B - »j«2 tools 'division amounting ; . to ' 

several . .Jiundred • ^thousand . 

r^'-E 01 ®* 13 - This year may. not repeat* 
'.7". ■ i.inff 1 -21 per cent profit ■ increase 

sin 1 2R4 - of 1 ; t977-78 but : the company Is ■ . 
*1- " fc*: i.™>; confident . of' iqore growth fa' • 

im ' «• minln « machinery^ helped [by.' . 

~“Z'. -‘13.77S ttjvr f orders from - Cfrina ■ and ' 
:^... 3.052 .Australia and - its ■ ' Germaij :. 

V i* 

“■ .-i* 

in 1976.77 wv"V,d back by con? ' * * ° ^ oups 1 ThTdirertore -skv the fr^oSwo to OTpISt JSrflSS The previous industrial products ‘ After tax earning hre showa 

panics which supple -he motor Fresh meat wholesaling in the John RoOth ment fs be?n» malntained and ingf per^Op 1 share are shewn*up dirisioh has been merged, with as i«5p (I2.7p) per share. - broug^a^dJSAS 0 ^^^ bSi 

SS^ P 7or'\^m l n h »: 7!:: h P T in thp s r nt l DUUU[ - S l a reaSlcSTin pro^ from P 2.01 p^ to Wp. For . th?' The retained profit Jor the year.- mL 

x ,01 rili n' n/wt 1 in,!! 1 h.’ half of the year, but international j 4. pect— pre-tax profits for the "hole of last year the company together with the funds raised by -capital- expenditure - apdershot': ' 

h.'A tp n »^n WSUlSi JJU^'RXS.Sia.'.'SSJt leaps to d “»" Irom g , a m 1 - 403p on of S& 

Z ta lan ^l?;: r 'of 1 % s,.*h.Ty lo'ver £128,200 lopm,?* 1 "prSt'Sh.'SES? «wSwMS*ta** gSS T*Jf ' rpres0Bts *»■"* ^ 

*"=• l KJS in « U T"* 12 *5” 'K.rj ,pa ' in " f n ‘4 ?-’**> to WW« made by P«*Rt of £365.060 1-41.000). BCthe dS^erS ot direct?” The Petite typewriter fwd a '% * *«*«*■ * 

^xpnn'ion seems profit or ~4.19m compared with John Booth and Son* tRoltnn) The interim dividend is raised remunerations and expenses of splendid year’s trading. Else- V-S.S3b0.u00. ; the U.S: or Eurotwin this wav. 

a surod. At p. rhe historic n e £4ni. _ . *" the half year to September to 2.95p (2.65b) net per £1 £3-1.751 (£46.34.1 1 and interest of where in the division some tratSn? TTie company is £be style US. Af .III o the- shares trade on ’a f : 

John Booth 
leaps to 

assured At *J>p. rhe historic n e £4m. A , *" f he half year to September to 2.95 p (2.65p)' nei per fl iilT-lfr £4H.‘.T4.i 7znd~ i nre'wt of where in rhe division some tradln? The company is the style US . ' At. 1 li o' the^Ses 'trnde° on “a' 'i 

is -i4 but the 9 p ei cent jicld is And afi«r takmv £560.1100 from 30. 19. S. on turnover just ahead share and costs £74.540: last £144.156 i £147.987 ). Tax takes difficulties have been ‘experienced distributor of the Perite range of p/e of 6.4. or 10-4 fiiDy taxed and 1 ; 
Cierny the chief Jtinidmn minorities (£14.(101} ornlit), and a af £2 9Pm. against £2.96m. year’s final payment, was 4A«p. £300.000, against £255.000. but there are signs of recovery, products; Dobson plans to In- yield 5-5 per cent ■, 

uiitRiiHi « lie •oAo fiOfl . “ » ■ coiraiuci in* . cspdaanis inw 

id year’s trading. Else- U-S.S3bO.uDO. .the U.S: or Europe in this wav. 1 

in the division some trading The company is Che style US. At IIId the shares trade on a ? : 

A statement by the Chairman, Sir William Barlow 

Continued stable prices and a vigorous drive for increased business have enabled 
the Post Office to achieve results for the six months to 29 S eptember 197 8 which show that the 
Corporation is meeting the financial targets set by Government. 

f ' ■- 

The interim unaudited results are:- 

-1 *• ■:* 


i ' 


Half year 
to 29.9.78 

Half year 
to 30.9.77 

Full vear 
to 31. ‘3. 78 
. £ro 





Profit before interest 




Interest- net 




Profit before dividend 
and taxation 


, 159.7 



Hart year 

to 29.9.78 

Half year . 
to 30.9.77 

Full year 

to 31.3.78 


Profit before interest 

















Half year 
to 29.9.73 

Half year 
to 30.9.77 

Full year 
to 31.3.78 





Profit before interest 




interest- net 

_ 13.61 




, *= 4 - 2 , 

_ 4.8 



Half year 
to 29.9.78 

Half year 
to 30.9.77 

Full year 
to 31.3.78 

The financial results for the current halt vear. for each 
of the three main husinesMj*. are consistent with their full 
1 ear rnixvts m.T by G, nvmmenr wbie I \unr.~ 

Telec on imu mca nons - D v o retun i on nuuhnct assets 
at RTplacement costs 

Posts — 7d 0 profit on turnover 

Girobank —12' g-'o rtium on public 

dividend capital plus retained 

Tlic rcsnlrs include rhe ettecr • d new moves in dealing 
lvirh rJie major pan of the Pension Fund deficiency rvlaring 
to the pre-Corpouition perioJ. A Deed > >K Covenant has 
been nude with the Pension Fund yivu mnrin^ to £1250 ih 
on which inrcrc&c b pavahle. Pension co^ts incurred by the 
main businesses are reduced for rhe half vear by?* 

Telecommunications 1 29m. 

Ptwts i'28m 

There is ,i increase in the Interest paid 
bv Telecommunications, The rural arnjneement represents a 
-pcmumenr benefit to die taxilts of each business, and hence 
to Us customers. 

The half tear results reflect rhe increased use which is 
hcinK made ofTo-r Office >cr\ ices, p.irrlv .i* conscquciice 
ot our ctinrinueJ price freeze - releplione rentals and call 
charges have not increased for more than three s ears and 


Profit before interest 
Interest -net 
Profit before dividend 
* and taxation 





- 37.7 . 




NuUsiiii inierim nsiili>> 

1. ^ un' .lupus uii.iii ii.i'Kvu ili.T? ■! "U ih- ..inv l-.i-i- .is i» Uw .mn:wl 

■k. jiiHMitmiK i.i Hfc-* iijshjii.h-. 

2. !si« i.i-.jim.i i- \ -.p-.-.-'.-.l r-' .in'!, mill iIk- f MiyshHin A.l- ..met inporan. n l.i\ 
• k i ..r.i inriJufil Jn i.I.-ml. 

3. • .in. I lu-irmiuN <’ 'irr. > r p>lii t* -r Mi- lull • ,.r. i..l»i! ’9 ‘-i ”S rolkcts 

i 1 dv" i" •»iriimv_* puli« •. In’iii 1 4..S. jsh iii jin- ■! t.. rt.,,1 ibiUvivUu'^. 
llk'iJiij:K>n nf C iiroi-.inf > irarKtjWu in* c-Uii..-iii -.I f if. | n- i«xr f> Ji*^ - Iwd 
l-.;.-’ i .i| plisJ.Fr<?iit bciore u'uiriun lot die lull \ tar - .\-.-u!.l iu-.c Ken redihcd 
L-- tO.fpm. 

■p«3stal charges have been frnren for IS months - which will 
last at least until rhe end of rhe current financial year. 

Telephone traffic has continued to increase and the 
dem-anJ for new telephones has been buoyant. The 
standard of service given by the business was impaired 
during the period Apnl-Augusr because of a dispute over 
\ix>rkin*> hours uirh rhe Post Office Engineering Union, buc 
this dispute has been seeded aud nomiai woiking has been 

Determined ettorts are being made to improve the 
cjiwliry of die international telephone opera rbr service 
which has fallen short of rhe standard required. An 
increase of £133m in Telecommunications income reflects 
extra business of abour W&&, while rhe effects of inflation on 
ct»sfS n ere bv higher produerivirv. Prospects for rhe 
future are of a continuing strong rate of growth and further 
productivity gains. 

On the postal side we are handling more letters and, 
thanks ro intensive marketing, we have made further 
progress in getting extra parcels and special mails business. 
The quality of our letter delivery service was impaired in 
recent months, partly as a result of the engineers’ dispute, 
which affected machinery and vehicles, and parrly because 
of diffici lines in recruiting and reraining staff in some areas. 

Although costs increased, they were offset by revenue 
ffi>m add, rio nal business and a reduction in the pension 
deficiency charge following a change in rhe funding arrange- 
ments. Prospects for the rest of the year depend on business 
levels and rlie size of the wages settlements in January 1979, 
as well .is on the continued success of marketing campaigns. 

Lu'rohnnk income was up, reflecting increased 
revenue from invested funds and fees, ottsemng increased 
counter cost*,. It has introduced a number of new services, is 
continuing to expand its babe of operations and has now 

abolished current account charges for its personal customers 
provided their accounts remain jn credir. • - . c. 

Tite Corporation continued to plough back profits to 
improve and expand rheservicesTr ofters fhe customer. In' ' • 
the first six months of 1978-79., capital expenditure was V : 
about £467m, nearly all of which was spent inBri rain. . ' 

Our prospects for rhe second half year are good. 3 see ’■ - • 
continued buoyancy for both telephone and mail rraffic jjpd 
maintenance of current profitability levels inline with the \ : ' 
Corporation's financial targets for the full -year.. ' ; s . ■■ F ■ 
make no farm predictions ort fureire prices^ > * 

Tariffe 'will not be changed beforeApdl J97ftAlter^£. ; v -- ' : 
pricor depend on many factors* inctudiFigThe.s ucees&r^ ; 

Government efforts inTiolding dpwn-foe rariroFihfferitA G — - 
and rl\e ou tcome of the.forrficoniing pay. negotiations^ Tr ijy- 
which are particularly criticaLfor fhosefot our acn\'jties7-; !' T : 
which are labour intensive. Whatl cnri say wirh 'CertaintyTs' - .' 
•that the Post Office wiU conrinue its policy of Hpldmgprices 
steady for as long as it ^ssibiy c^recoiWisrerifwirh ourAims 
ot meering our financial-targets and maimaming good . ;' * .. 
standards- of service, whilscensuring fairandequitabletffiat- s .’\ 
menc tor.our staff'. 

••4, . " . 

r,; '. *i;. 

IS-. C: 
■ JV. 




===== J 





s our view 

Interest rate differentials, currency fluctuations, capital TM 
flows, central bank strategies. These are just a few of the 

interrelated elements— in dozens of countries— that 
affect the money-management decisions of a company 
or an investor. 

At The Morgan Bank we re organised to help our 5 
clients deal with those elements. We provide a global 
perspective on financial markets. All pur activity in 
money and capital markets anywhere in the world— 
from foreign exchange trading to municipal bond 
underwriting— is centralised in ouf Treasurers Division. 

Communication is constant, from desk to desk, from 
office to office, among all the financial centres where 
our specialists are located. 

If central bank buying of dollars shows up in Euro- 
pean exchange- markets, the likely effect on U.S. Treas- 
ury bill rates is quickly assessed. New trade figures 
translate into probable market repercussions. A subtle 
shift discerned in a country’s economic policy prompts 
careful analysis that may sharply alter our strategic 
recommendations on currency exposure management. IH 


This unified approach to financial markets pays off 
for us— in managing our own portfolio of government 
and municipal securities, in raising the funds we use for 
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• v; r - • • 

r » 

to look 




Financial Tim<es Wednest^ - 'jt\ 

— i. 




rders up 

over 50% 

AT THE AClAl or Gommc Holdings 
Mr. H. Sporborg. the chairman. 

ihsi y/dor-. Tor G Plan fur- 
niture in lhe firsl four months of 
\hc current year were more than 
■>n p.--r cunt up on the comparable 
period a year aa»i. Deliveries 
v ore increasing and the new 
factory at Wrexham had been in 
production for a month. 

Mr L. Gnmmc. the managing 
director, said: “The recent pre- 
sentation of our furniture 1o our 
customers had been most success- 
ful. He would enter 19711 with a 
large order book and the signs 
veu that if present trading con- 
ditions - continued even our 
increased output might be in- 

He felt that there was an 
increased demand now for well- 
made, well-designed modern 
furniture which would benefit 
('; Plan. Problems would no doubt 
3rise with the development of the 
new factory but he was optimistic 
about the year ahead. 

Redfearn Glass at £3.9m Bro ^ e „ 
after second-half set-back Halftime 

Upturn at 


taxable proiit of 1407,1125. against 
£42.34::. i? reported by Chapman 
smd t>. (P»alham> [nr the _27 
week'- to September 30. 1978, 

Eternal sales by ihc envelope 
m.i:n»f.icuirer reached £4.49m, 
compared with £3.34m for the 
previous 20 v eekjs. 

Present Judications are that lhe 
up 1 urn is rontinmng in the 
second half. This, lhe directors, 
>,i v . .Jiixfiiic- - l heir policy of avoid- 
ing larjij-scalv redundancies 
during the previously depressed 
period. instead shilled labour 
ha- been retained enabling them 
to meet the now hotter demand. 

The !!•■! interim dividend is 
step]'' >1 up to l.62(»p il.478p) per 
SO. i Imre — lasL year's final of 
^•.4-lrtii paid from a surplus of 

Trading profit for the half-year 
ujs I444.HS5 i £81.102) before 
interosi received of £25 (£543) 
and interest paid of £37.083 
. rgn.HMi After tax. up from 

7.ntm lr* EHW.13M, the net 
balance emerged at £208,4 u 
i £23.543 1 . 

REFLECTING A sharp second hall 
down turn pre-rajr profirs of 
Red f earn National Glass fell from 
14.39m to £3.Sm in the 52 weeks 
to October 3, 197ft 

In October Hr. John L. C. Pratt, 
the chairman, warned share- 
holders that profits for the year 
would be down on last year’s 
record figure. At the halfway 
stage the group pre-tax profits 
showed a rise from £L03m to 

Mr. Pratt, commenting on the 
year’s figures, says sales volume 
in the second half was adversely 
affected by several factors. 

The poor summer weather, 
combined with price competition 
from UK and continental 
suppliers to reduce sales below 

In addition, a furnace rebuild 
was postponed from 1977. 

He adds that capital investment 
for the year totalled £9-2ra. repre- 
senting a record for a single year 
in the' company’s history. The 
main items of spending were on 
the new batch plant at Barnsley 
and on two furnace rebuilds— one 
at the Barnsley factory and the 
other at the York factory. The 
opportunity was taken to install 
the latest type or automatic 
Inspection and handling equip- 
ment. The company is confident 
the benefits from the capital 
expenditure wHl appear in terms 

of higher, productivity and 
improved quality, say* Mr. Pratt 
Trading conditions remain 
extremely competitive but the 
directors bslieve the company is 
in s good position to meet com- 
petition successfully. .. The com- 
pany, says Mr. Pratt, is confident 
ahout the growth of wide mouth 
containers in the beverage 

market and it has had encourag- 
ing results from the launch of 
these bottles by one of our major 

S2 weeks 
1VTT-78 1976-77 
1000 £000 

Sales 4S.M5 «.1W 

Tradinz profit 4.420 4.SU7 

Interest parable xu. — 

Profit before U» AS99 4,585 

Tax •— iss 

Profit after lax 3.3" 4.450 

Extraordinary Item 78 

Dividends • *>49 

Regained pram -S3® 3.T21 

The decision in May of the 
Secretary of State on the possible 
merger of the company, after a 
seven-month investigation by the 
Monopolies Commission, was in 
favour of Redfearn National Glass 
remaining independent. 

As forecast the final dividend 
is 10.5Bp net per 25p share 
(B.291P) making a total of 15.84p 
against l0.5Gp. Stated earnings 
are down frnm 732p to 58.8p. 

• comment 

The 40 per cent second half profit 

slump 3i Redfearn is due to a 
drop in sales volume, 'pressure on 
margins from continental imports 
and a . big jump in interest 
charges. The drop in volume is 
attributable to furnace reconstruc- 
tion 3nd problems with the 
Barnsley batch plant plus the 
very poor summer which hit 
sales of soft drinks, a major 
tparket for Redfearn's bottles. 
The former are probably non- 
recurring factors but the latter, 
given the company's plans to 
concentrate on capturing more 
market share in the drinks 
sector, could . increase the depen- 
dence on the summer season. The 
biggest problem is imports. The 
plans to meet the challenge in- 
volve lifting volume at the ex- 
pense of margins so profit growth 
for the next two to three years 
will be restricted. The capital 
investment programme plus a 
large unplanned jump in stocks 
increased demand for working 
capital and borrowings jumped 
from around 12 per cent of share- 
holders' funds <n 1977 to 43 per 
cent jn the latest year. The shares 
closed at 281 p yesterday giving a 
yield of S.7 pea- cent and a p/e 
of 4.6. It would need a bumper 
summer next year or a major 
advance in other market prices 
to warrant investment at this 

THE DIRECTORS of Brownlee and 
Co., timber merchant group, 
report taxable profits of £403,000 
for the 27 weeks ended September 
30, 1978, compared with £318.000 
for the 26 weeks to September 
24. 1877. Turnover was up from 
£9 .59m to £l0B3m. 

They say that for the first eight 
weeks of the second half turnover 
has been greater than that tor 
the corresponding period, and 


The foltowins iwoipanius have notified 
•laics ol Board mccUUKS 10 tire Stock 
Exchange. Such mcviuiss are' usually 
boM lor Uk- purpose ot considering div>- 
dcods. Official indications arc not avail- 
able as iq whether dividends are interims 
or finals, and ibc sub- divisions snow a 
below are based mainly on last year's 

RHP finishes f 1.3m down 


brlcrims— Bralcbtrallc. B, P. Dttlmcr, 
Dentcnd Stamping, Guthrie. KCA Inter- 
national. LRC International. London Mer- 
chant Securities. Russell Brothers iPad, 
dtnstoni. Warniord Investments, Wynd- 
turn Engineering. 

Finals— Caravans Iniemaiiunal. Comp- 
air. Dnbllicr. Arthur Lee. Saatrhi and 
Saatchi. Scrck, Trans-Ocewtic Trust. 



Brown and Tavrse .... . Jan. S 

Uaslemcrv Estates Dec. 14 

Ecndi-rsun- Kenton Jan. IS 

Investment Company . . . ... .. \ Dec. IS 

Johnson- Richards ilL £ R-j Tiles Jan. 30 

Poitjou.- .. Doc. 20 

Hlysu U Dec 19 

Radiant Metal Ftiustuon Dec. 20 


Rluemrl Bros J. _ Dec. 2? 

Jackson ij. and H. B.' Dec. 19 

Plosions i Scarborough; Dec. 19 

ON TURNOVER ahead 11-5 per. 
cent from £}2im to Jd35m pretax; 
profits of -Montague U Meyer.' 
timber merchant, rose 6.Q per 
cent from £7. 47m to £7 J)6m in the 
half-year ended September 30. 
1978. • ' ' 

As forecast, the -steady upward 
trend is continuing in the current' 
half-year. For the whole of last 
year the group turned in pre-tax 
profits of £12 -9am on turnover of - 

The interim dividend is raised- . 
from L7p net per 25p share to Jr* 
Stated earnings are up from 6-Bp 
to S2p. Dividends -last year • 
totalled 4.673p. 

Half year - ■ 
i37x ibtt" 
moo- m o ' - 

Tnroow isa-ono , ja.aeo 

PniSr jU.419 lAac 

Depreciation 1.453 12#1 . 

Interest payable 2.496 . 2143 S ' 

Trading profit 7.465 ‘ MBS 

Share of associates . 485 - ;■> SSS 

P nBt before tax . ■■ 7,960 . TAM 

Taxation .... - 5290 3.CS 

Profit after lax 4,670 3342-- 

Minorlun ...._ : 110 U9 

Available. ,...'.4.560 3,tS8 - 




S. CaskoK Midland Hotel, Man- 
chester. 12.3«i. Elei'0. Gt. Eastern 
H £'l. 13- London and Pro- 
limTrf! Shop Gent res. 28 South 
Street. W. :j Wm. Low. Baird 
Aienur. Uryburgh Industrial 
Estate. Dundee. 12. Majedie Insur- 
ance, Plantation House. 10 
Mincing Lone. EG. 12.30. North 
Atl::nuc Secy. Clin . Bucklers bury 
House. 3 Queen Victoria Street. 
Ei.:. 2.4.".. Smith*. Industrie*. Reg. 
I'fitec. Cncklewood. .WV. 12. Town 
Centre Secs.. Town Centro House. 
Uerrion Centro. Leeds. 12. Wood 
H’iII Triw. Winchetter House. 
I On Old Broad Street. EC. 11.30, 

AFTER FALLING from £2.62m to 
It/im at the halfway Ransome 
Hoffman Pollard turned in pre-tax 
profits down from £5.l2m to 
£3.Sm in the J2 weeks to 
September 29. 1978. Sates were 
ahead from £84.92m to £SS.39m. 

Mr. John Eccles, chairman, says 
the group is still planning 
internal growth and is also 
looking for expansion through 
acquisition. This year group 
capital spending is likely to be up 
from just under £2.2m to possibly 
£2.5-£3m. The average in the two 
years before 19t t-78 was £5.orn. 

Last year the RHP Bearings' 
profits went down from £3.4m to 
£2.1 m. The market continued to 
be intensely competitive and the 
relatively poor performance of 
the UK economy did not help 
sales. The fall in home market 
demand approached 5 per cent, 
although market share was held. 
But export volume improved 
desoite the stronger pound. 

.Mr. Eccles commented that he 
thought the bearings side had 
reached the bottom of the cycle. 
He expected exports to continue 
to increase and he felt the 
long-term underlying state of the 
market offered considerable 

He hoped the price competition 
would lessen in a year or two. 
and they were looking for the 
possibility of getting a more satis- 
fan‘nr« return. 

MTE. however, increased its 
sales from £7.1 m to £8m and 
profits from £1.5m to £l.Bm. Mr. 
Eccles said he expected further 
growth from this division 
although he did not see it 
overtaking bearings as a profit 

Philidas cut its half-time loss of 

£183.000 to a loss of £145,000 
{profit £232,000) for the year, and 
is expected to continue in profit 
The final dividend is 2.S3p net 
per 25p share, making a total of 
4.29p. against 3.8422 b. Stated 
basic earnings per share are down 
from 3.3p to 6.op. basic or from 
i.4p to 6p fully diluted. 

Last year's results have been 

restated for depreciation on 

freehold buildings. This has 

reduced pre-tax profits and 
reserves for the period by 


1977 78 1974-77 

iooo rooo 

Turnover S8.3S8 msu 

Profit before inter eit . . 4.S-15 6.373 

Interest 1.033 1.2SS 

Profit before tax *5013 

Tax 14»3 2.S06 

Profit after tax ISOS 2.51‘J 

EnraonHoary cretin — 102 

Set profit 1.948 2.414 

Dividends 1.215 l OTD 

Retained .IBS 1.324 

• Restated (or depredation 1 b freeiiuld 

given the present world over- 
supply. The dismal picture has 
at least allowed RHP to reduce 

its stock volume and short-term 
borrowings are down to £3.$m 
from £5.lm. Any upturn could 
produce a sharp increase in bear- 
ings profits but the current year, 
beginning under the auspice's of 
the Sfird strike.- shows no special 
promise. At 65p the shares yield 
10.3 per cent (with the dividend 
increased by the full 10 per cent) 
on a diluted fully-taxed multiple 
of 10.4. 


margins are showing; some 
improvement. If -present 
conditions prevail, they expect to 
increase on the 1977-78 trading 
profit of £553,331}. Pre-tax profits 
for that year were £765,650. 

After first half tax of £201,000. 
against £160,000. earnings are 
shown as 2£Jp (22p) per 25p 
share. The interim dividend is 
increased from 0.5p to 0.6p net 
and an additional 0.026814p for 
1977-78 is also announced on the 
reduction in ACT— last year’s 
final was 1.769Slp. 

Half ycor 

• comment 

Montague Meyer’s first half 
profits rise of nearly 7 per cent 
follows a 17 per cent downturn 
in the previous six months. The. 
recovery, which is much in line 
with market expectations, re- 
flects the generally improving 
conditions in the timber industry, 
although there are still some 
problem areas. The contribution 
from associates was 12 per cent 
lower, mainly due to Hal lam, the 
prefabricated building company, 
while plywood sales are dis- 
tinctly fiat In the important 
wholesaling business, -selling 
v> rices were, in fact, slightly 
lower but sales volume more 
than matched industry statistics. 

- -.{ -r 

■$j rTPSTS'.?-.^: 

Mr John M. Meyer, chairman of Montague Lr M^er^ , 
leading UK Umber group. It has a! naUonWide networfc^ : 
timber a nd bnilders merchants and, -Diy outletii, .and - 
designs Umbeir-framed houses. The jsrorip 

upsvard profit trend Is . contlhning. ■ ' ; .v 

* -n 

which show a 75"-per -ceat in- 
crease in soft wood . deliveries 
over the period. :Prices are now 
starting to rise - and demand 
should continue to pick up on 
the strength of DIY activity and. 
increased house renovations. 
This has - helped the ' door and 
window subsidiary in particular. 
Meanwhile increased stocks and 
debtors have raised borrowings. 

so interest charges wffl be' conr 
siderably higher atith^yjitf Mg ' 
Much wall depend dn .-the weather 
during the . second ; - hair, ‘.-Wit 
around. .. flfim'- ;pr&*z£:?Jooks : , 
possible for the' ,'ftiH -H&ax. Af: 
86p the Shares' are m'-.a Bff d:- 
5J. tlow tax charge! wiifle . 
yield is 9.2 per cent as^uwang ai 
20 per cent.- increase jin - the 
dividend. ■- ' - <. 

Somportex accounting 

.. fi-: \ ' 


jumps in 
first half 

Sj le? 

T radios profit 



10 XX 

•»! i 









Not proDt 

... . 



~ CM. 000 was orovidc-d for possible 
siocK losses bui released br cod ol 



Just how grim the last year has 
been in bearings is shown by the 
fact that RHP’s successful electri- 
cal division accounted for around 
half of group profits on less than 
a tenth of sales. But there has 
been some improvement in the 
second half: pre-tax profits for the 
year as a whole were only 26 per 
cent down on 1976-77 after lagging 
by 39 per cent at the half-way 
stage. The company is still look- 
ing to the export markets — 
principally North America— for 
volume growth in bearings, 
although the diiision that supplies 
the UK aerospace division may 
have better times ahead of it. 
Margins however, are still very 
low- and are likely to remain -so 

ON TURNOVER up by over a 
third from £3.04m to £4.91m pre- 
tax profits of Beechwood Con- 
struction (Holdings) jumped from 
£134,522 to £324,537 for the half 
year ended September 3U. 1978. 
Profit for the previous year had 
fallen £88.000 to £312.153. 

An increased mterini dividend 
i« announced of 0-5G69p 1 0.5p ) 
net per lOp share, absorbing 
£34,843 l £30.7331. and an addi- 
tional 0.029p for 1977-7S on the 
reduction in ACT— Ia->| year's 
final was 1.3p. ; ' 

Profits for the first half were 
subject to an estimated corpora- 
tion lax charge of £77.000 
(£69.951) and minorities £181,000 

Ward & 




(A holding company in the European fuel and power industries) 

Consolidated Results (unaudited) for the half year ended 
30th September 1978. 


Tradinrj Profit 

Income from General Investments 
Interest (net): 

Group Results before Taxation 

Group Results after taxation 

Minority Interests 

Results attributable to I.C.G.A. 

Half year to 

Hall year to 



























Interim Dividend 

Tm<? Direiilfis hove declared an interim 
dividend for lhe year ending 31 si March. 1 971 
r>: bp £1 stock unit (1977/78: 4p per £1 
iiocl unit). 

The mended dividend reflects the Directors' 
continuing intention to augment shareholders' 
income at the earliest permissible opportunity. 
Consolidation of Accounts 
in vie '- \>f changes imposed by recent Belgian 
I coi si .Mi on relating io tho preparation of 
account,. ;ho Association has decided that 
the publisned consolidated accounts for the 
ycor ending 31s: Match. 1379 will be a 
consolidate >n of all the subsidiaries of the 
Group and will include the Group share of 
associated companies’ results. 

Results for the Half Year 

The results shown for the half year have been 

prepared on the basis of full consolidation 

but lhe Dnecio/s cannot emphasise too 

stii.-n-jlv' that the figures still provide no 

guidance concerning the outcome lor the 


Ap-nt from the usual seasonal factors this is 
riMirdy because the greater part of lhe public 
utility inteiesba of the Group is held through 
•live i a ted companies, t UN ERG and the 
Aniweip in ter communal gas undertaking), 
winch publish their results on an annual 
b-isiv. The consolidated figures for the sic 
months cannot therefore include the Group's 
share ol the results of these companies. 
Fuithennmo no dividend income is included 
in the lust half year Iroin Petrol in a and 
hiiert. or ii. 


Of lhe increase in turnover of £4,193.000 the 
taior Group accounted for £3.330.000 

(4-6.1 K) and the Belgian subsidiary com- 
panies’ non public utility direct trading 
activities accounted for £717.000 (-f 9.9S). 

Caior Group 

The trading profit of £4.904.000 was slightly 
lower than the 1977 figure, which however 
included a profit of £400.000 from the sale 
ol transport assets in Germany. Depreciation 
rose by £941,000 to £4.761.000 (..-34.6*) 
reflecting the level of capital expenditure 
necessary lo meet growth in demand which 
occurs mainly in the second half of each year. 
Despite the less favourable weathor compared 
with the same period last year, gas tonnage 
sold increased jn all four of the Group's 
markets but margins remained under pressure 
from inflationary cost increases and competi- 
tion. An increased loss was expected in the 
first six months due to the impact of a higher 
level of fixed costs in a capital intensive and 
seasonal business. For these reasons the 
directors re-emphasise that the six months 
figures give no indication of the full year's 
results which, given colder than average 
winter conditions and a reasonable outcome 
of pay negotiations m. rhe fuel and power 
industries, could still show an improvement 
on the previous year. 

Century Power and Light Ltd. 

The value of gas and liquids sold from the 
Hewetr field was slightly lower and trading 
profits at £536.000 were £40.000 down. 
Belgian Group 

The results of the direct trading activities of 
the Belgian Group were £202.000 down at 
£1.299.000. The 1977 figures included 
£1 66,000 of commissions received in respect 
of UNERG's capital increase. 


. ol Lie Interim Suiemenl can bi obtained bom: Hill Samuel Registrars, Ltd.. 
6 Greencaai Place. London SW1P fPL. 

(£32.000). Tf'e attributable 
balance came put v:i "" 

ell ahead at 

£247.356 against £64,539. 

Ei’cchwooti' is a civil and 
mechanical engineer. 

expands to 

Nnvitcx. plas'ic and specialised 
engineer. iiTted taxable profit 
from £60.000 to IDO. 000 for the 
six months to August 31. 1978, 
on sales £0.14ra higher at £I.43m. 
The directors say that the first' 
half improvement has been main- 
tained in the third quarter. Last 
year the surplus was £0.1m. 

Stated earnings per lOp share 
for the half year reached l.DMp 
(0.89‘ip) alter lax ol £45,000 
(£16.0001- and minorities nil 

PROGRESS WAS attained by 
Ward and Goldstone. makers of 
insulated wires and cables and 
electrical and plastics accessories, 
for the half year to the end of 
September with pre-tax profit 
moving ahead from £1.235,000 to 
£1,401.000. This followed the 
second half downturn last year 
which left fulltime surplus lower 
si £3.3m. against a record £4. 13m. 

Turnover for the first six 
months was slightly up at 
£30.5Sm (£29.2901) and to date it 
is still marginally higher, the 
directors say. There has also b*en 
a genera! improvement in 
productivity and there is a good 
general forward order book. 

The net interim dividend is 
raised to 8.9p (0.866p) per 25p 
share — last year a final of 3.6718p 
was paid. 

Net profit for the half-year 
advanced to £672.000 l£593,OOG> 
3fier tax took £729.000 (£M2,000). 

THE REVISED report .and 
accounts of Somportex. the.ioofl 
distributor, makes a clean breast 
of what went wrong in the 
accounting procedure which led 
to two significant errors in the 
September accounts and reduced 
pre tax profits from £237.000 to 
just over £163.000. 

A Board statement accompany- 
ing the new document includes 
the full, report from Robson 
Rhodes, the accountants called 
in to inves^gate why deferred 
tax provisions were under- 
estimated and a major creditors 
invoice omitted. 

Robson Rhodes reports. -.that 
the primary cause for the dznniis- 
sion of the £79,551 invpice' was 
“the fundamental- weakness of 
the .system of internal control {or 
the ordering and purchasing of 
goods.” However the firm did not 

unchanged at 11 1. per- cent. . The 
bonds have been issued at par and 
/are dated December 19, 1979. 

•. This week's placings -are:. West 
Norfolk District: Council (£lm). 
Oldham Metropolitan Borough 
Council (£lm), Ciiy of, Swansea 
(£jm). Corporation of London 
(£lm). Tweeddale District Council 
t£(m), Angus District.. Council 
(£( m ) . Motherwell District Coun- 
cil (£lm). Barbororugh District 
Council t£0.6m). South Hams' Dis- 

trict Council - (£Jm}r. — _ 
District - Council t£lrh>i : -Angist 
District Council (£ira^ScmthB«t- ' ; , 
fordshire District Councft 
B irmin gham. • • DfStflCt 1 ' CoUBcfl ' • 
(£lm;, . London Both ugh of' LanP . • ’ 
beth (£4mj . and . BedfoidsiUre 

10. 1980, are' issued , at par by_'. 
'Crewe and NantvvichVJBd rough 4':- . 
Council - (£im) ;and. The Three. 

Rivers District Council (£im). 

find any evidence of fraud, ;and 




Group pre-tax profits of Mid- 
land Educational rose from £40.000 
lo £70,1 0D jn lhe half year ended 
September 30, 1078. In yesterday's 
report the figures were trans- 
posed due to an agency error. 

merely adds recommenationp: on 
how the system can be approved. 
This includes the appointment 
of a Qualified accountant ftfport-. 
in? directly to the managing 

Not all the news in fie revised 
accounts is bad. however. Som 
port ex's auditors advised that in 
the new accounts/the company- 
should incdlude significant 
changes in the figures after the 
original balance sheet date. 

This has led to a revaluation 
of some slow moving confec- 
tionery stocks which had been 
written down to below cost at the 
earlier date. Some of that stock 
has now been sold producing a 
surplus of £15.332 over the pre- 
vious figure. 

The bulk of this gain has. on 
the other band, been wiped out 
by the £100,000 fee paid to Rob- 
son Rhodes. 

As a result of the report by 
Robson Rhodes, the company’s 
auditors. Rothenberg Noble, have 
decided to resign in the belief 
that It would be difficult in future 
for them to maintain an accept- 
able working relationship with 
the company. The Board now pro- 
poses Spicer and Pegler as audi- 

Singlo and Empire 

Singlo Holdings and Empire 
Plantations and investments wish 
to correct any misunderstandings 
that may have arisen from an 
article in yesterday's Financial 
Times regarding Singlo and 
Em lire. 

The directors of these com- 
panies state that neither Singlo 
nor Empire have at any time fore- 
cast when, in the case of Singlo. 
its final dividend for the year 
ended March 31. 1978. and in the 
case of Empire, it-s dividend lor 
that year, will be paid. It Is not 
correct to state that either com- 
pany “ have postponed payment 
of the increased dividends which 
they forecast in la* year." 

Thr.v also state rhal Mr. G A. 
v » h'taVer is the chairman of 
Empire ami a director of Sinelo. 
The secretary of Empire 
S ; -i2>n ^ Mr. R. R. Drummond. 

In its lust accounts Empire said 
that the final dividend for the 
year ended March 1977 would bo 
paid at some unspecified date 
after April 3, 1975. 

As stated in recent circulars 
sent out by both Singlo and 
Empire, the accounts of both 
companies for the year ended 
Marach 31. 197S, have been de- 
layed due, solely, to delays in 
completing the accounts of their 
Indian subsidiaries, due to the 
process of fndianisation which, 
as often stated by both com- 
panies, is to be effected from 
April I, 1977. 



The coupon on this week's local 
authority yearling issues is 


Preliminary Announcement 

for year emledSOthSe^ 

■ ■ ■ mi *hsmqo 

Group Turnover 

Profit before Tax 

;:;^-:^ i £6i222,ooo 

Profit attributable to Shareholders V. • ^4,559,000 - 

In New Zealand industrial unresf and national economic 
problems continued. However, the National Pai’ty vritth; Mr. : 
Muldoon as Prime Minister, -retimwd to pbwef; at General 
Election on 23th, November, promises strong government. A 
■wage settlement for 1979 negotiated and no stoppages at any 
of pur works during first two months of the new season. 

Although tJ.K. fresh meat, wholesaling' remained poor 
in line with the whole slaughtering industry , international 
meat trading in the second half of the year has heen good,: , 
especially for Australian and New Zealand eiipprts .'U.S. beef 
quota was increased 15%. by President. Carter in September. ': 
Worldwide beef prices anS U JL , prices for New Zealand lamb 
steadily firmed. ■ 


New Matthews divisions have been fully integrated 
and Flavours and Essences, Meat Retailing in the l/.K. and' 
France made above forecast profits. Midland Gqttle Products .': 
had a good year. The lossmaking Thamesmead Factoryis now* 
Sold. . -. -- •’ . --r> 

.Disposal of all Matthews' minority interests and 
unwanted activities is now complete.'^' ‘ - i. ' • 

A. total dividend for _ the year of 6^2p per share - on 
45,090,039 shares; amounting to , -£2,796,000 isrecommended ^ 
In 1977 a total dividend for the year of 6^2p per share " 
amounting to £2,555 .OODwaspaid. - . f ; . 

This difficult process is nearly 
comp/efe. and the directors of 
both companies state that they 
have received a certificate of no- 
objection from the Indian (ax 
authorities for the remittance of 
1976-77 profits. 

Sind* 1 and Empire state ihat 
the AG\Ps for tho year ended 
March 31, 1978, will be adjourned 
on December 29, 1978, and will 
be held as soon as it has been 
possible la complete the consoli- 
dation of the Indian accounts 
which were recently received in 
the LJK. 



Date Corre- 
of snonding 










AudiotTnnir int. 






Beechwood Cous int. 


Feb. 7 




T. Borthwfch 


•Tan. 30 




Brownlee int. 


Jan. 17 



Chapman and Co. 


Feb. 2 




City or Dublin Bank 


Jan. U 




Dclsnn and Co 





Dobson Park 


Feb. 28 




Imperial Cunt. Gas 




9 895 

J. Latham int. 

2 115 

Jan. 19 




Montague L. Never 


Jan. 31 



4. 67 

Ransome Hodman 


Feb. 2 




Redfearn Glass 


Feb. 15 




Standard Chartered 


Jan. 26 




Sterling Ind. int 


April 2 




Trafalgar House 


Feb. 7 




United Spring 


Feb. » 




Ward and Goldstone int. 






Wioo and Dud lev 


Jan. 27 




Wilson Bros, int 


April f. 




Dividends shown pence per 


net except where otherwise stated. 

"Equivalent after allowin'; for scrip issue. i On capital 
increased by riuhts and/or acquisition issues. $ includes additional 
O.lfiOp for 1977*73. 5 lnclift^ additional O.ORSp for 1977/78. 11 For 61 
weeks. :> Includes additional O.OISUp ACT payment. •* Includes addi- 
tional Q.02USI14J) for 1977/78. ti Gross figures. 


Year ended 1 0ctober J97S 




Trading Profit 
Interest payable (net) 1 
Profit before tax 
Retained Profit 

Dividend per share 
Earnings per ordinary share 







£'000 - 

. 4,80?: 
222 * 
■3,721 : 



9^291 p 

Mr. John L. C- Pratt, Chairman, reports z 

"Profits for the year amounted to £3.9rn. This'is 'a.reduAioii 'cbrapared.'With- 
the previous year’s profits, but is rhe second h ig h estprofitreco rdeppy tti^J^hfianY.^ 

In the first half of the financial year there yvas an ; increase in^ ^ sales 7 , volume v 
compared with the previous year the second half ■saies were adveffidty" jetted 
mamiyby the poor summer weather. ' ; -■■■ - r -f-: j- - -r" - j -.v-r 

■ u C * pita] investment for the year' totaUed £9.2rn and'fepresents ourxtmfidence , 
in the future of glass. The main items of expenditure were bn tiTe new batcfi plahf at 
Barnsley and on two furnace rebuilds. The oppcwtunity was takehl to in^teU^fhe . 
latest type of automatic inspection. and handling equipment ."We are confidentthat . 
the benefits from this capital expenditure will come ataouf-in terms "of h igb&PrOduAivity 
and improved quality. - ' "-TTy*!*: •: y.y-., 

Tra di ng cond itions remain extremely competitive cu rreridy/but' «s of ^ 

our very extensive modernisation programme vtie are Ccm^dent foat the 'Corapany 
is in a good position to meet the competition su(foessfully-ui7ftreftiairjeiZ-i v' - r : • r ^ 

The Directors have recommended that a final dividend of 1 056p pfershm® be ' 
paid for the year ended 1 October 1 978 making aTot^'o^l.S.SA^persbaF^foy-tiie- - 
year. This compares with the total dividend of l0.56p pflrshaFeifT respect of 4377'. 


" MU. 



The Annual Repan will be pasted to shareholders on Iddaril/ary 1379 and theAnnaal Oarrefal 
Meeting will be held at the Royal Station Hotel. York at 1 2 noorrmWedheSda y'14;Febnf&y , J979l'r' " : : 3 

REDFEARN N ATION A L'XM^^^TI5HE_RGAT^-yibRj^y^/4 A-bi: ! T : “iV >' 





Wednesday Becerober, 13 1978 





'' |®|i*M :• I- - , 

.’■ t?nrxTjT3i»r An :'j t. .L j— f- * ~ 

complex let 

■43jpi ta-.&fl 

a bid. 

ir. - 

" Lodbrnhe Croup has climinntod 

Its one los^-mnkin" oversea'; 

which not going to study Mr. Word's Km” of So 
[PM W Aigliuitft. . *•* 1 ;•■■■■ acquisition of a 24 per cent stake , sq f^t of its £30m Square ‘He 

i0, ®‘ .; J ■ " kCA, which was the price of a ktecus office complex in Brussel;;. 

1?* CHURCH.A CO ' 'f. scu , tf Package involving KCA's | n the largest commercial let- 

; a 'WereKUv. .. t mn/rticr oil rigs j n Algeria. tin p of a completed build ins ever 

: .iftSfW- ;• illd F yR Ufi qH ' . Earlier Mr. Ward had been achieved in Belgium, Ladbroke's 

cratttai.ST0W;.---7-f:- _ . C^inth. oqd^r.^Q^.tha going to make a full bid for KCA age.its. Jorns La n«r Wool ton. have 

It was lte-'secpstd'.d?y’ of' biuy “.ha* acquirpif- «puai oi but his rescue package was so leased the remaining space tn the 
trading ip 4he; dares. Op Yfcuday P* 1 ®* 3, : 'JkH!£ OUe-SF* S “f cetsful that company was Commission or the European Com- 

3head' : :_e& z - the -:bkfr ^approach Bro<L (Rhoij^n-^ea)^;.- f bl *® *® resist, the offer on the mnnines for nine years. The lease 

a fiOWCfltlHhnt' AJsfO&ih Stares 'raft ", 'tnufln p ^ a ™ is ***®* P^ ce now did not incorporates annual indexation ot 
23p CO-233P- T: ? ‘ g w . J Beopertfg) of reflect the company's stabdtty. rents pJus a Fuji tent review after 

approach for - 

B*r4?S®S?W bas _ mlde SA ,i„ which thr Nntinnnl Wc. 


Merck. -Wttfr'xplrelasr war Of £^, nary sharcs ?® a SSXOJtOO 111 day^a^il „ were suspended .-Jstir La dbrohc reports that the Euro- 

t J.S.fl i . 73hn.- y J iftTflnri ' *6 tk„ na ~,„ «.» «u» u:,.j . pcan Commission letting, along 

y Jhe m „ S of the bidder has not wilh lhc rent frnni fhe Be*,n 

taKriS "£SS^S&fS?S' »*** ** ** Rdmer wmpanies ^.Brigray he 

sue years. 

The development, held hy 

Ladbrokes subsidiary London 
and Leeds Investments (Bel^iuni) 

Wnc Ministry of Justice (which already 

has_reported Josses in occupies .iT^OOti sq feet of 

*■ ' iV T- 

'"ti ‘‘l* 

c- -.... wii.^ 

^ *****%Z g l* *%*? officcT Window cover 1 interest 

tions. ’ net profits fbef^e tax and ex- JJ <*rs and has only paid one dlvj- coslSi Despite the news Ladbroke's 

SS "rS.lK.’Sft. bid ‘ , ” WK, * ed l»JPJ««*n>W- 

^W?J^ t ?5iiff f ta A ?? The- shops are in Wrexham, comes only 48 hours after the _ r 

nf"s < D^«m 3 m»r I the' ^ Bangor, Rhyl. Northvftch. Colwyn cnmpanv announced net losses of TKM MOVES OUT 

^ar's^S Wlto USUmlTrelS *** *** Chester. C hurch and more than Ijm hi the year to OF HIRE PURCHASE 

years (KHm) pretax ^ will, as a result, 2 strengthen Apr. a /tfr Producing pre-tax Manufaciurere Hanover fin.up 

P By comparison Alginate's nre. Its retail nHerests . to. Chewier nrotits of £164,000 in the previous Js purchasing three companies 
tax 'profits last year fell from ant * exteD d those interests into 5 months. from Tojcr Kemslev and Mill- 

tax pro is list year i.eii irom arpajj wherp ^ not currently Turnover too was down to bourn in a deal worth flrn 

£1.0m from £2.4m. 

£2.9Sm to £2.7Sm despite, a turn- 
over, increase from £15.5m to re ET'i se, v_. 

£1 £. 7 tiie first: half Of .-fhe current *£*'3? AUTOMATED 

year -Alginate’s profits feir from f^T ^nH currmirv 

£J.76m to «.15m and the dlrec- °f Church «nd_Co- a “J SECURITY an miernaiioaii finance and 

tow warned that full year profits rho vinrt n«' i2i ; toSied the Atitomnled Security, llr rough '"vestment group, out of con- 
were likely to be substantially ^aS of A^Jones^nd ^ its subsidiaries Modern Automatic sumer lending and hire purchase 
lower than last year's £2.7Sm. - \V* J -r^Pfwrrh on Alarms. has purchased the at-tmties and. acrording to the 

The British group which made ■viiL«ihpJ l SS t, !J B w 2:£SaS h thai security alarm P business or K rou P-. releases funds for the 
its stock market debut in \97% aiTa^unf^f wUl ^ndon-based Combat Alarms, expansion of its other activities, 

blamed increased competition and he toScrreri from drferred tax The maximum purchase considcra- . T J e three Torer companies are 

costs pins the effect of an im- J? S25E “ * r ° m aeieOTa 1 tion net of pre-pald rentals is 10 be merged into Ocean Aieepi- 

proving pound value — exports “ reserves. • £lti5.00D to be paid in cash, ances f London), which i, the 

■atcoiint.rfor- almosf fifl per- cent turv pddrp TTWIVD subject to a reduction in respect E r r,llsb hire ‘purchase subsidiary 

of ttmjover— tor the shortfall. . ^ - ' of those rental agreements which “ F lhe Manufawurers Hanover 

Meanwhile fhe Alginate diree- KCA DEAL • .-■: t . do not meet certain agreed Gr ^ ri - 

tors arc saying no more than a KCA International • (formerly criteria. Tfic merged companies will 

. further- pta tement 'will he made Berry Wiggins) has' crossed the 1 OF the total purchase " a \' e 3 network of IS branches 

as soon as possible. An important last hurdle in its transactions consideration. £128,000 has been an<1 combined balances of some 

. factor gn liny. resulting -offer .from with Mr. Travis Ward. -the' -Texan paid and the balance will be paid 

the 1 U.S. . concern will be the oil millionaire. on determination of the final merged companies conduct 

position ot Moorgate Holdings The Monopolies CdnmiiSfilon is price. *" rc purchase and leading of 

motor vehicles. Ocean Accept- 
ances also provides finance for 
agricultural machinery and indus- 
trial equipment. 

Manufacturers Hanover, a major 
International hank, said yesierday 

lHELATto!S tABGEST industrial were £39.Pm and profits were expired. A total of 1,170.476 fj^rrfer iSlS.?" 0 " 

company, - ’ Cement-Roadstonc has £2.1m. Net tangible assets were shares or about 05.5 per cent of men , in ,u e British retail in<iat 
spent:i5*a J ,gcqairinff_a 40. per £8 Jim. the outstanding sharcs of Kisdon credit market ' 

cent stake In Thompson (Garvagh) Cement-Roads tone’s option to common stock had been tendered 
one- of the .major companies in buy the rest of Thompson is based under the offer, 
the constrhctiou , .ihduatry in on a formula related. to a multiple 

Nfa^therh-^relaiidr-' The deal- also of profits. A minimum' gqdl maxi- luri HITVfilRnnK- 
gives <^.Vah option to . buy fhe mum price— £6^5m and £10m— . nri i»,rnv crnmrr 
retnaii^nfer .60r per cent In J081. has also been set ,* ■ OhLlVIiRY SERVICt 

T3tmqwwj<7lviBi*: ‘fs ; privately - 4 «« v VniSiVfvxT Natfonol Carriers i<? purchasing and Plastics through its new sub- 

ownedr is fore(iasbng profits of METAL BOX/RISDON the Publishers Booksellers De- sidiary Alida Packaging Group, 

not left than’ £2J25m for the year ' MB America Inc. an' indirect liven- Service, the specialist The business is based in Man- 

to the end Offlfey, 1879. cement- wholly-owned U.S. subsMiaiy of delivery service for book pub- Chester and is similar to that of 
Roadstope wil'Pe paying Thomp- Metal Box of the UK announces lishers. Alida. 

son £L25m for the stake that its offer to purchase any and PROS Is owned by Pitman and Loneworth is to be purchased 

and tjw remaiiifiar wfili be by way all of the outstanding shares of commands about 70 per cent qf from Dolan Packaging lor a price 
of- S.7Sh-ineWi'^Wf8&. • - • - ' common . stock of -the Riidon the book delivery market in lhc of £4iin.f)00 in cash for completion 

List '• yeatr .'.TliOttipam’s sales Manufacturing ' Company v r has. UK. ' early in 1971). 

The four Palmer companies 
have been transferred to A- Jones 

Manufacturers is buying TKM 
Cor |»or;i lion. TKM Leasing and 
TKM Factors. The latest move 
effectively takes Torer Koni»ley, 
an i finance and 

■ il - ' r » OT.C- 


I : 'w'Mtm te? 

Cement-Roadstone expands 


Rockwarc Group is to acquire 
the capital of Lungwortb Paper 

- • *r rr-v'*'\_;-:- v r ■ 

• i*. 1 y—il. 


IC Gas off £L6m 
after Calor losses 

HIGHER CAPITAL spending and 
a £0.36m increase in net interest 
paid cut into first half taxable 
earnings at Imperial Continental 
Gas Association. The surplus for 
the sis months to September 30. 
1378, fell from £G.(K.H to IL47m 
o n turnover £4.l&m better at 
£67 34m, 

The directors, however, stress 
that, as the bulk of income is in 
the second half, the midterm 
figures provide no guidance as to 
the outcome for the year. Last 
time profit rose nearly £tm to a 
record £26.) 6m after a marginal 
fall at. midyear. 

The half-time accounts, prepared 
on a fully consolidated basis for 
the first time futloviing recent 
changes In Beigian legislation, 
show depreciation provision fO-SSm 
up at £5-49m. This arose because 
of the heavier capital expenditure 
which Was made in anticipation of 
second half growth, the directors 

The net interim dividend per £1 
share is stepped up to Kp (4pi and 

a supplementary o.QSSp is to be 

paid for I9n-7S following the 
change in basic income tax rate. 
This takes the total for last year 
to 9-S94P. 

The directors say the increased 
dividend refiec-s their continuing 
intention to augment shareholders’ 
income at the earliest permissible 
op irart unity. 

Of lhe advance in turnover for 
the half-year Calor Gas Holding 

Company, the group's main UK 
interest, contributed £3.34m. The 
remaining £717.000 came from the 
Belgian subsidiaries' non public 
utility direct trading activities. 

For Color Gas loss sharply in- 
creased from £133,000 tn £1.62 m 
after higher depreciation of 
£4 .76m (£3.£2 tti) and interest 

charges of £i.7tim (£1 5Sm). 

Trading profit of £4J9xn was 
slightly lower than last year's 
first half. which included 
£400.000 profit on the sale of trans- 
port assets in Germany. 

Depreciation rose by £0^4m to 
£4. 76 m. 

Despite the less favourable- 
weather, compared with the same 
period last year, gas tonnage sold 
increased in all lour of the Calor 
group's markets, but margins re- 
mained under pressure from in- 
flationary cost increases and 

-An increased loss was expected 
in the first six months due to the. 
impact of a higher level of fixed 
costs in a capital intensive and 
seasonal business. 

For the subsidiary of Century 
Power and Light lhe value of gas 
and liquids Mid from the Hewett 
Held was slightly down end trad- 
ing profits at £536,000 were £40.000 

Discussions with lhe Depart- 
ment of Energy on the develop- 
ment of the Maureen field, have 
reached an advanced stage. 

The results of lhc direct trading 

activities of the Belgian Group 
less administration charges were 
£202,000 down at £L3m. 

• comment 

Imperial Continental Gas is not 
saying whether it can make up its 
first half profits setback during the 
rest of the year, but the company 
seems quietly confident The 
group's Belgian utility interests 
have been suffering from a slow 
rate of economic growth in that 
country, and the generally mild 
autumn weather lias not got the 
second half off to a good start. On 

the other hand, the relative 
Strength or the Belgian franc has 
tended to ease the burden of oil 
and gas costs. In the first six 
months, in fact. Belgian profits 
were only slightly lower and the 
main explanation for the decline 
at group level hus been the 
increased loss hy Calor Gas. 
Calor's setback mostly reflects 
higher depreciation and interest 
charges. However, after recent 
capital spending and given 
favourable conditions the full 
year's profits could still be higher. 
So I. C. Gas’s sharcs remain a 
solid investment at 372p although 
the prospective yield (assuming a 
10 per cent dividend increase 
rattier than the so per cent the 
group would like to pay if 
allowed) is just 4.5 per cent. This 
year, incidentally, secs full con- 
solidation of the Belgian interests 
for the first time. 

Board row at Audiotronic 

line by Gold Fields 



Derek Smith, ho has been 
managing director of Audiotronic 
Holdings since us formation in 
11)72 by the merger of Lasky. and 
G. W, Smith, has resigned from 
the board. 

Yesterday Mr Smith said that 
the Board, which is headed by Mr. 
Geoffrey Rose, had asked him to 
resign lost October. However there 
appears to be some disagreement 
as to when Mr. Smith actually left 
the company. 

The Audiotronic Board says Mr. 
Smith ceased to be managing 
director on November 3. Mr. .Smith 
says he left the Board on 
December 7. 

Mr. Smith would not elaborate 
on why he had loft the company, 
but it is understood that a writ 
will be served on Audiotronic next 
Thursday for wrongful dismissal 

Last month ii was announced 
that Mx. Alasiair AlacGillivray. 
Audlotronic's finance director had 
resigned to be replaced by Mr. B. 

Mr. D. J. Sullivan has been 
appointed group managing director 
in place of Mr. Smith, and Mr. A. 
Hopkins, formerly sales manager 
of Curry’s, has been appointed 
managing director designate of 
Audioironic Retail. 

In the six months to September 
2. J»7S. setback overseas with a 
from a pre-tax profit of 
£1!)7.000 to a loss of £67,000 for 
\n.1 in ironic Holdings detracted 
from seme improvement in the 
V K * here the deficit was re- 
duce-.? from £216, vHtl to £114.000. 
As m rv-uit the first ha if ioss 
decpvti'Hl lo £l$2.0*i’i. cumnarcd 
with £1 :*.!•»«) for the s.milar period 
or Is. sr ;.var, on sales i'J.lm ahead 
at £1.7 

la .Tune this year Audiotronic 
revealed that its venture into the 
French hi-fi market had proved 
disastrous — losses finally amoun- 
ted to £1.7m. At that stage a 
rescue operation was mounted by 
Mr. Geoffrey Rose and associates. 

Cash was injected into the 
company by a preference share 
rights issue and Mr. Rose and his 
colleagues joined the Board. 
Similar rescue operations have 
been made by Mr. Rose for 
Change Wares and Crellon. 

Because of a change of year 
end the reported first half last 
time ended June 30, 1977, when 
there was a loss of £fl2.00u. Despite 
recovery elsewhere in the second 
six months an exceptional £1.7m 
loss at Laskys France pushed the 
deficit to £1.2Sm for the til weeks 
to March 4. 197S. 

Again there - is no interim 
dividend and the directors 
propose to consider payment of a 
final when the full year results 
are known. 

The first six months of the 
financial year has traditionally 
been a less active trading period. 
Some 40 per cent of group 
turnover 3nd the majority of its 
profit is derived from trading in 
the peak selling season, running 
from December until the end of 
February. Mr. Rose, the chairman, 
points out. 

While it is too early to give any 
exact indication of the success 
nf the Christmas and New Year 
sale trade, for the UK retail 
division, he is confident of a 
satisfactory outcome. Currently 

After examining The viability of 
certain rclai) trading sites it has 
h-vn decided to close high over- 
head shun-, at JRJ. Oxford Srrecl 

and Brent Crass Shopping Centre, 
by January with a profit realised 
on both closures. 

The funds released will enable 
the group to expand its branch 
network in smaller more profit- 
able units. 

Throughout the difficulties of 
the past aix months the wholesale 
division continued to trade profit- 
ably. Currently all these com- 
panies are trading well and Eagle 
International, the largest, is now 
trading at record levels. 

• comment 

Half time figures from Audio- 
tronic are hardly inspiring. In the 
UK losses arc almost halved but 
as the period covers the quiet 
time for audio sales it is difficult 
to ascertain a definite trends. 
What is of concern is the poor 
results from overseas. Outside 
the UK there has been a £264.000 
turnround into the red, excluding 
the disastrous involvement in 
France, which made a £l.7m lass 
last year. Evidently demand in 
Belgium and Holland has been 
particularly weak. At home 
Audiotronic is trying to slim 
down Us- retail division— cutting 
out some of the prestige stores 
such as Oxford Street and Brent 
Cross — but how effective and how 
quickly the retrenching will start 
to show through in the profit and 
loss account is another matter. 
With consumer spending moving 
ahead the Christmas selling 
season should be good news but 
Audiotronic do not appear to he 
out of the woods yet The sharcs 
eased !p to 18p yesterday where 
the market capitalisation of the 
ordinary shares is £2.1 m. 

Record for 
City of 
Dublin Bk. 

A 74 PER CENT increase in pre- 
tax profit from £426,402 to a 
record £742,452 far the year to 
September 30. 197S was announced 
by City of DnbKn Bank. 

Gross Income for the year in- 
creased 32 per cent to £3.62m, 
against £2.73m. 

Mr. Thomas Kenny, chairman, 
says the bank will continue its 
progress bur not at the rate of the 
last 12 months. 

The final dividend of 2^5p gross 
increased the total by almost 24 
per cent from 2.62op U» 3.25p. 
which is almost double the in- 
crease forecast at the time of the 
one-for-four rights issue in June. 
Stated earnings per share rose 
from 3.1 7p to 5.33p. 

The pre-tax profit was arrived 
at after deducting expenses of 
£ 1.24m fJTSD.OTl) and interest of 
£1.7m t£1.59m). and including 

share of the profit of associated 
companies up from £71,119, 
against £47^13. 

Retained profit is UP from 
£404,400 to £657,313. 

Earnings rise 
for African 

African Oxygen, the 60 per 
cent-owned South African sub- 
sidiary of BOC International, has 
reported higher earnings for lhe 
year to September 30, 1978. de- 
spite a first-time inflation 
accounting presentation of 

On turnover of R134.6tn 
tR132J3m). inflation adjusted 
attributable earnings rose to 
RIO.Om from R9.4m calculated on 
an historic cost basis in 1976-77. 

The underlying figures point to 
ever increasing provisions for 
depreciation 'and replacement of 
equipment as costs continue their 
upward trend. 

Historical attributable profit 
of Rll.Sm was struck after a 
R5.0m depreciation charge. On 
an inflation-accounted basis, the 
group has deducted a further 
Rl.llm in depreciation. 

Mr. Beau Sutherland, the chair- 
man. makes the point that 
adjusted for inflation the group's 
real rate of tax ran at 45.4 per 
cent, indicating that tax is being 
paid on profits not actually 
earned. The company's two 
main operating divisions. Indus- 
trial gases (Turnover R79.5m) 
and mining and railway equip- 
ment (turnover R53.1ra) are both 
capital intensive, and ever-rising 
equipment costs mean relatively 
high profit retentions. 

South Africa's stagnating econ- 
omy has led to little or no growth 
in demand for industrial gases, 
and the group expects this to 
persist during the current year. 
The same applies to mining and 
railway equipment but coal min- 
ing equipment continues to per- 
form weH and considerable invest- 
ment in local manufacturing 
capacity is expected to bear fruit 
in 197S-79. 

At 270 cents on a dividend yield 
of 6.5 per cent, the shares rank 
among the blue chips of South 
African industrial companies. The 
current year should see further 
earnings growth even on an infla- 
tion-accounted basis, with the 
possibility of major improvement 
in 1DS0. 


After reaching its highest 

British Columbia, writes John 
Soganich from Turn mo. 

Tbis arrangement follows an 
earlier dial In which Placer 
agreed with Equity Mining to 

than expected . final of 75 cents possibilities in Cornwall and plans 
Following a modestly to re-treat the material from old 
increased interim:- of 40 cents it mine dumps. Hie shares were 165p 
brings the high grade producer’s yesterday. 

1978 total to 115 cents against 78 

**The fb hranWg^ySoSehi Is INCOME DROPS 

foe two TB 3r fi jjj October Ducng's aLf,u ' rc ‘ a 7u ncr ce ™ interest in a 
dedarthgLa final dividend for 1978 a mat TT1V NoSber nroduction V has 2£ w com > ,an > IO lje formed for 

of Iff cants. There was no interim, A1 AMAJL* 11N . -JJ5? the management of the property, 

inSlS ' Net Income at Amalgamated Tiu toSSL ft£ SakM a total of hoW,na lbe nnimag 

r f^rirhS Mlces ® f Nigeria (Holdings) uf 3518$ tonnes- for the first two 30 - fcrt « nJ - 
1* London slipped to £131,000 in the months Df the current financial . is comluciing a feasl 

repayment when the audited ^ months to September from year compared with 2671 tonnes sl * J dJ r Sain Goosiy. This 

accounts for the year become jj^.OOO in the .same period of a year ago. JS duc r £ r completion early next 

ai rfci nti.» 1977. Earnings In the full year to Tanjong's ll-month total comes ^.«^ n n decision « ill be 

The other dividenfl? ]terch wei . e £371,000. out at 172f tonnes against 2 J7J P« de about pul line lhe property 

are wtciwos for the year to rig- The: company’s former operat- tonnes while that of Idris for the rllun ' 

June, and afi are well below tog., subsidiary 15 now BO per somfe period is 106 tonnes against reserves ai the 

' " - — " re 

exportations. DooEnfontfrtn s rent owned by Nigerian interests, 280} tonnes. Pengkalcn's pfotiuc- depart, occnrrling to j pn 

““P" ce ?S.-| M S primarily the' state-owned Nigerian tion for the first Tour months, of “™ ,n » r y Pluccr calculation ai 

particularly disappointing against Mining Corporation. The greater .Its current financial year amounts tons, grading i~j grammes c. 
napes of 45 cents. : part of the London company’s to; 508 tonnes against 625 tonnes * ,lver and l.l grammes of gold 

WTOrs payment of 30 cents income comes- from Its remaining In - the same period of last year. Per Jon, with 0.+4 per i-ent vopper. 
goes -against --estimates ranging shan> in the equity’ of this N'«. .m. ft-.ii Equity Mining had estimated the 

up to 48 eputs white West Drie- opera tins .company, now an " 

muntein’s 200 cents compares associate SSSf — 

with some estimates of 300 cents. : :Ame o. Tin’s share of the assn-, jofa* 

Libanohs 50 rents: « date’s^ profits in the most recent Pmftilmi 

cents, below-hopes AVhile Venters- j,a-lf was £234,000, or £34,000 less 
P«st « Paying 15. cents against an than in the same half of 1077. The ". MINING 

expected 20 rente • slippage Is probably explained- XiW-ihchaul Tin-Ourput of cobcpd. . 

. The moral- ofrtheatacy appears, by the lower leveiof production - tratw. for .November 4U tonnes (October construction and operation. 

SiiSfs 5 concentrate in this ^UuSnom mining corporation 

mines are, una ing ..jay .wore year’s first, half compared with Nontnber sroducUon: 
stress on-.ue- interim and final 1,003 tonnes In the snipe period 




Tied of Inst year. 


• •o. 



inaw:-. lonrn-; 









1.1 J 





grammes gold and u.,'Kt per cent 

Tn the event nf production at 
Sara Goosiy. Placer would have 
the rcs[«onsibility for finance. 

nature of their- dividends -whareafl j a sr year. CertainJv -prices would . _ 

— - --* — * - 1 — *-■' — - — - -* — 1 - - — nOUID 

market observers have tended to have been more favourable to the A55“ , ntm 

regard- them ntope as half-yearly operating company m the most Serintai 
payments .related to current earn- recent period. Kaxnnnrioa .. . . 

“68 ^ ev ®i 3 - • . „ , . , , - The London company has not 

^ T^ g^-Xlrjefopteta’s Interins declared an interim dividend, but SSj ' ' 

dividend in Jtme was looked upon stated that dividends declared by MatayoT™. ' 
as disappointing, j»ut the company tbe associate, before the end of sita; xtnta Con*, 
was saving the major increase for March . this year, but received in Sntuj*m Malayan 
the final payment now announced- London during October, amoun- tSU Hart^or 

In the cases of the other mines -ted to £190,757. Further, a sum Tnmob itlne* ... cos 211 jhi retains a rich) to t tier nnn« ~ 
their cautious attitude in regard of £225,532. representing htrif of „ anglo American corporation- , }l n r ,, c . B . n, l of 

to the latest interims has no doubt Ahe proceeds from the sale of ^>1 -division sales nmpm for N-iti-nibor profits irom tuiurc clv.elop. 
been prompted. by the uncertain-' 20 t»r rant nt thn pom'tv -in the Ja metric tonoes). Republic- merit. , 

ties oyerbanging the current W operating company! 9 has now P^V C S!u re 

marised in the following table. Yesterday AmaL Tin shares were S'^er^enl "mo^denumTnd 


















m , 



27 . 




. 27 









21 fi 













Teel; Corporation, the diversi 
fled Vaueouver group, is pur- 
chasing from Heck) Mining of 
tile U.S. a majority interest in 
the Seh.ift Creek copper 
molybdenum -gold property in the 
Siikine area of British Columbia 
for U.S.$.'Mm (£1 56m). Heel a 

Dec., Jane, Dee.,. Jane. 23 d. 
MTV -1P7B T87T 1977 r 





Doomfamcln * . 





East Drte. ... 





Kioof . 


25 . 



Llbanon ..„ 

. *50 




Vemersoon ... 





siakronuin — 





W. prtefqmoui 

•2 DU... 





f ho? * iomt 

3BLSP n v3ff- JSSm^KSK ** 

nntftanenJ CalUery) 31.119. AnthracUa- "f 010 --' a I ue ? - , . „ 

Balgrur st.190; Natal Anthracite Si .9in. while Teck feels that Schafl 
Rfiedesia: WRnkte i«nn 175.8(5. irnkei Creek is unlikely lo displace 
13.UB- -SiMananri- SwarUand Cfllllmc-:' ot h er projects it has in mind. 

Dr. Norman Kuevi], the group 




Saekatchewan, has derived CS1.4m ctmwniraus 145 tonnes (Sept. 1B3 tonne:.!, imporlani mine in the future " 
f£60L230) from - the placing of concenlrales U toanes iScpl. Ifecb has |>rPMjniably been 

- 5Wfi00§ shares, each of C$3.0, with saiht. piran— N ovember m-nrftji-iion forced to sell ns part of a scheme 
70Q investors: The company plans ot tu-amcengaie!): dk ibs tonDcs iTO tn unscramble ils tattered 

. to apply for. a listing on the Pgr -wot do metal), Malayxia is umnc.» finance 1 ' in the wake of the 

Com wail's Geewr Tin BKtan Alberta ' Stock Exchange in JPgJJ gTS f ‘'>! ,ure . ° r , ) r< Lakwhore copper 

reports a pretax profit for lhe Calgary- timoM.) mme 1,1 Anrnna. 

half-year to. September SO Of. ■ "k dr ■afr PBTAUMC -TIM— November onrout of Dr. Keevi! stated that Schaft 

£500,000 compared with £604,000 Information filed with the ^emceutrates fltu tonnes (Oct. toil Creek represented an important 
in the same period of last year. -Ontario Securities Commission riotihtq halaysia— 9 ri addition to Teck’s inventory of 

On the latest occasion, however, shoves that Denison Mines and -nmab uroduction -tor November U8^i resources. Teck already holds 

there is a reduced tax- charge Roman Corporation have eon- wwo* (October s is tonnes'. more than so per cent of Hlgh- 

whicb leaves' a net profit Of tfnued to arqujre shares in each . mont Mining which has copper- 

£480,000 against £369,000 ~a year.* other. Denison’s; . holding in TtVjTS'ljr'A TUT UinHTC molybdenum deposits in the 
5 ' .... , - Roman has been ' built up to ■dLeLHAM Highland Valley area of Britbd) 

Dedarinc an increased interim 12.7 per cent while Roman pur- The ..£82.5m rights issue by Columbia, 
of 2.68p- net which compares chases have led to it holding Beecbam has been taken up by One of thpec deposits has 
with the equivticmt'df.'S.lP'-n year 32 per_ceht of Denison. shareholders as to 8926 per cent- reserve* of 145m tons, averagins 

ago after afijosting far the three- “* * -k Those shares not taken up have 027 per cent copper and 0.047 

for-ene scrip issue, Geev<jr saya -Direetoja at- Orehaa- Mines are been sold, and proceeds, per cent molybdenum, while the 
that it expects to ' oat) a . total- recommending acceptance .of the amounting to 68.48p per share, will other has 48m tons averaging 
dividend for the iull-jear to nesrt proposed pmalgamation with be distributed to. entitled share- .0.27 per cent copper and 0.M per 
March of not less than t57338p. • Noranda ' Mines on the basis of holders,. cent molybdenum. 




Year ended 
(239 ) 




30.1 64 

5.1 6p 


Investment activities 

Shipping, aviation and hotels 
Newspapers and magazines 

Less : Interest on funded debt 
Profit before taxation 

Profit after taxation and extraordinary items 
Earnings per Ordinary Share 
Ordinary dividend 

£000 's 




24.1 Op 









‘ 3,997 







Fixed assets 

Cost of control, copyrights and magazine titles 


Current assets 

Current liabilities 

Long term provisions and creditors 
Funded debt, shipbuilding and other loans 
Minority interests 













1 61 ,208 Shareholders' funds and deferred taxation 





1 • The above figures are subject to final audit. 

2. It is proposed to recommend to Shareholders, at the AGM to be held oh 1 5th January 1 979 that a one for two Capitalisation 
Issue of Ordinary Shares should be made. 

The igyS Report and Accounts will be posted to Shareholders on sisi December iqj 8; 
copies may be obtained from the Secretary s 1 Berkeley Street } London 1 17 X 6XV. 

_ ^ 'T ■*■ ■ T ' *■? /*■ **^1 ^ . , 

Finanriai Times Wednesday Decetnl)»;-13 1978/.^/ ^ 


SW' 36 


Sanpanies and Markets 


Sweeteners added to 
Simpsons merger bid 

losses hit 


MONTREAL — Simpsons. the 
Toronto-based national depart- 
ment store chain, and ils 
associate. Simpson -Sears, owned 
jointly with Sears Roe buck of 
the U.S.. are fighting the hid 
by Hudson’s Bay Company for 
Simpsons wiih a better otter. 

In the autumn. Simpsons pro- 
posed a merger with Simpsons- 
Sears which would make n 
national chain n[ department 
stores and catalogue sales offices 
with annual sales of nearly 
C53bn. The basis was a share- 
for-sbare exchange, and Simp- 
sons-Sears would have been the 
continuing company. Sears Roe- 
buck of Chicago would own 
shout one third of Lite merged 

A few- weeks iaier. the Bay 
moved in with a counter pro- 
posal. bidding for all the stock 
of Simpsons. 3nd ottering if 
necessary to dispose of Simp- 
sons-Sears if Ihe bid succeeded. 
The value of the Bay bid was 

CSS.27 per share of Simpsons 
in cash and stock. 

Today Simpsons said that 
under its new plan, shareholders 
would gel one Simpsons-Sears 
share a s before, hut also one 8 
per cent preferred share r.f 
Smi!«aon.--Se«TS with nominal 
value of CM .23- The offer 
applies tn holders or both Simp- 
sons common and Simpsons A 

However, because a merger 
under the new terms would still 
include a major stock holding 
by Sears' Roebuck in the en- 
larged group, the deal would 
have to be approved by the 
Foreign Investment Review 
Agency in Ottawa. 

'Simpsons >:nd it is hopeful of 
FIR A approval. If approval is 
not given, it warned, the Bay 
offer" will almost certainly be 
accepted end Simpsons share- 
holders will be denied the hetler 
alternative available under the 
amended offer. 

Simpsons also proposed 
changes in the method under 
which its merger wilh Simpsons- 
Sears would be carried out, and 
meetings of shareholders of each 
company scheduled this Friday 
have been adjourned until some 
time ui January. 

Based on the going price for 
Simpsons-Sears shares in the 
market, the value of the new 
merger terms appears to be only 
slighlly better than the Bay bid. 

Simpsons and Simpsons-Sears 
claimed that acceptance of the 
Bay offer could result in a reduc- 
tion of the rates of expansion of 
both businesses and in the 
growth of their sales and earn- 

The board of Simpsons said 
that it unanimously recom- 
mends - the amended merger 
terms, and advises shareholders 
that they should not deposit 
their shares under the Bay offer 
if Foreign Investment Review 
Agency approval Is given. 


By Terry Byland 

Santa Fe Industries expansion 

11 CHICAGO — The chairman and 
chief executive of Santa Fe 
Industries. Mr. John S. Heed, dis- 
closed in an interview that fhe 
company has hudseied For a 
S477m capital expenditure pro- 
gramme in 197S. up 40 per cent 
from the S340m it expects io_ 
spend on corporate intproveoifnis' 
this year. About SStiiim will go 
lo rebuild lines and replace and 
refurbish equipment un lhe rail- 
road . 

The railroad will b<’gin in early 
1979 a new piggyh-dck service to 
haul produce from the West 
Coast to easicrn cities. Perish- 
able commodities will move in 
shipper-owned refrigerated con- 
tainers. The new service will 

bring additional revenues and 
reduce railroad costs by provid- 
ing needed return-trip freight 
for ils piggyback iratrts which 
transport goods west. 

The company also expects to 
begin construct m n next year on 
iLs Start Lake railroad. The 1W> 
mile branch line will haul coal 
tn utilities near Gallup, New 
Mexico The utilities have agreed 
to finance const ruction of the 
line. Building activities have 
been delayed For three years 
pending approval of an environ- 
mental "impact Matement. 

“We're exporting the red tape 
will clear next year 3nd we 
could have the first 34 mile 
portion of the line operating by 

the end of ISSfl." Reed said. 
Santa Fe's coal traffic has been 
increasing from 5m tons in 1977 
I*/ a projected JSm tons next 
year. When the Start Lake line 
is completed in (he iuid-19S0s, 

Santa Fe expects its petroleum 
division's earnings to pick up in 
19791 “This year represents the 
Inw point of a three-year sag." 
The petroleum division had 
peak pre-tax earnings of $82.3m 
in 1975. 

Federal and state pricing and 
environmental controls " seem 
in he relaxing a hit and we’re 
beginning to see a better 
return on petroleum prices." 

RESULTS for the first quarter 
from Seagram, the world's 
largest whisky distiller, suggest 
that foreign exchange losses 
and related iax effects have 
upset management forecasts. 

Total net for the quarter has 
risen by 3-2 per cent 10 
UB529m or S3 cents a share, 
against 80 cents a share last 
time. Sales jumped by 15.7 
per cent to S697m. 

But the company adds that 
the net figure Includes S5-2m 
of foreign exchange and tax 
related losses against similar 
losses of 51.6m last time. 

Adding back these figures 
would show a net figure with a 
15 per cent rise. This would 
add teeth to predictions by the 
president, Mr. Philip Beekm'aii 
to last month’s annual meeting, 
that first quarter net would 
rise by more than 10 per cent. 

Last year. Seagram, • whose 
headquarters are’ in Montreal, 
earned 590.6m or $2.58 a share, 
compared with 587.1m or $2.48 
last time. 

Currency losses have been a 
significant factor in Seagram's 
results and (he setback in ibe 
Uj 5. dollar has been particu- 
larly unfortunate since the 
company's international opera- 
tions are becoming increas- 
ingly important to the group's 

Seagram has the larges! 
wines and spirits business in 
the world, including control 
over nine distilleries in 
Scotland. Its current pricing 
policies, which is to raise 
prices by some 5 to 6 per cent 
over the past financial year, 
have been described by a lead- 
ing UK stockbroker as crucial 
to world prospects for Scotch 

Martin Marietta lifts spending 

Tax plea fails 

BETHESDA — Martin Marietta 
Corporation, while acknowledg- 
ing overall business cauliun 
about capital spending, has 
decided that 1979 is not the time 
to slow its growth. 

Operating from a strong cash 
position and projecting record 
sales and earnings for 197S. 
Martin Marietta has authorised a 
capital expenditure budget of 
S280m for 1979. the highest in its 
history. J. Donald Rauth. the 
chairman and chief executive, 
said in an interview. The 
previous high was $2 13m 
budgeted for this year. 

“We're oui of sync a little.'* 
Mr. Rauth said, notine a Com- 
merce Department survey last 

week which suggested business- 
men are adopting a cautious 
attitude regarding new plant and 
equipment spending for the new 
year. But he stressed that the 
nature of Martin Marietta's 
business requires ir to base in- 
vestment decisions more on long- 
range prospects. 

'* We don't tend to swing on 
what ihe outlook is for next 
year. We've got to bet on the 
total national economy over the 
long haul.” 

Martin Marietta's basic busi- 
nesses are aluminium, aerospace, 
specialty chemical? and cement. 
It expects 197S net income to 
total about 5130m to 5135m or 
about 55.30 or $5.40 a share, up 

about SI a share from 1977 when 
the company reported net of 
$102m or $4.29 a share computed 
on nearly 1 m fewer average 
shares. Sales this year should 
increase to more than $1.7bn 
from $1.44bn. Mr. Rauth said. 

Based on results for the first 
nine months of this year when 
Martin Marietta reported net of 
599.4m or $4.10 a share on sales 
or 51 2?5bn. Rauth 's projections 
indicate a fourth-quarter net of 
between 530.6m and 535.6m or 
$1.20 lo $1-30 a share, up from 
year-earlier fourth-quarter net of 
521.5m or 90 cents a share. 
Indicated fourth-quarter sales 
are expected to rise to more than 
3450m from S391.Sm. AP-DJ 

The U.S. Supreme Court has 
rejected a request by Pacific 
Telephone and Telegraph to 
review a 1977 California Public 
Utilities Commission order in- 
volving taxes. Agencies report 
from San Francisco. If the 
Commission’s order goes inio 
effect. Pacific Telephone could 
he in violation of federal lax 
laws and subject to a back lax 
bill of nearly $lbn. 

Holiday Inns pact 

Holiday Inns has agreed in 
principle lo acquire. • for 2m 
share of its stock a privately 
held restaurant chain *ifh 
headquarters in Minneapolis 
called Perkins' Cake Steak 
Incorporated. AP-DJ reports 
from Memphis. / 

TRW Has Record Third Quarter 



(CIS dollar arrcHjnts in millions except for per share data) 

1978 1977 I 




. . y 9^7.9 

S • 7 r < 7.3 

Pre -T,i' Profit 

- . 78. S 


Met E.irninoi 

^ *1 1 


Edrrunar. Pet ^-ha:e 1 

Fullv Dtluiod 

I 15 

i .on 


1 .1' ! 


Div’iucni.iv Fdi-1 Pei C-.-tiimon ‘ihaie 


. - .4«J 



2 7 54. 7 

2.?99.3 ( 

Pre -Tai. Frol it 


216.4 1 

f^i Earom.^s 


13 0.6 | 

Earnings Per Share ■ • ■ ' | 

Fultv Diluic-J 

. . 3 40 





Dividend*. Paid Per Common Share 

1 30 


OutsUndmj Commom Slock 

. 28.400.000 


Shares Used in Computing Per 

Share .Amount.*! 

Fully Diluted 

. . 3fi.7SG.000 



. . 28.32 7.000 


TRW Inc., a major international 
supplier of high-technology prod- 
ucts and services to worldwide 
markets, reported record third 
quarter and nine month results. 

Third quarter sales rose 16% to 
$927.9 million, compared with 
$797.3 million a year ago. Met earn- 
ings increased 16% to $42.2 million, 
versus $36.4 million in I977's third 
quarter. Fully diluted earning s per 
share totaled $1.15 versus $1.00 in 
1977 while primary earnings per 
share were $1.31 compared with $1.12. 

For the nine months TRW posted 
a sales increase of 15% to $2,754.7 
million, compared with $2,399.8 
million. Met earnings rose 13%. 
reaching $124.9 million versus $110.6 
million for the first nine months of 

1977. Fully diluted earnings per 
share totaled $3.40 versus $3.02 in 
the year-ago period while primary 
earnings per share were $3.89 
compared with $3.41, 

Each of TRWs three business 
segments -electronics and space 
systems, car and truck and industrial 
and energy — reported sales and 
operating profit gains for the third 
quarter and nine months. These 
gains resulted from continued 
growth in demand for TRW's diver- 
sified products and services, intro- 
duction of new products and services, 
and productivity improvements. 

TRW directors declared a quarterly 
dividend of $.45 per sljare on com- 
mon shares, payable December 15, 

1978. This will be the company's 
161st consecutive dividend declared 
on TRW common shares. 

For further information, please 
write for a copy of our latest 
quarterly report: 

TRW Europe Inc. 

25 St James's Street 
London SW1A 1HA 

TRW scientists are working wiih fiber optics for a variety of 
applications, including their application to distributed data 
processing for retail and financial markets and using them 
experimentally in telephone communications systems. 




dli .Qm\ 

international capital markets 

Terms of Garter 

r . 

cheer German bankers 

in plan to 



favourably when tbe terms of tbe 
first ever D-Mark denominated 
U.S. Treasury notes — the so 
called Carter bonds — were 
announced yesterday. The 
DM 2.5bn to DM 3bn CS1.3bn to 
$1.56bn) issue will be divided 
into two tranches, one of three 
years, the other of four years 
minus one day. The exact 
amount of the whole issue; and 
indeed of each tranche, will be 
determined by the Bundesbank 
tomorrow, when the subscriptions 
are reviewed. 

The yield on the shorter 
dated tranche, which is 5.95 per 
cent, is at tbe top end of yields 
offered on German domestic 
bonds of similar maturity 
(essentially for Landcsbanks and 
government agencies), which 
fluctuates between 5.85 and. 5.95 
per cent. The yield on the longer 
dated tranche is 6.20 per cent, 
which is in the middle of yields 
offered on German domestic 
bonds nf similar maturity, which 
fluctuate between 6.15 and 6.25 
per cent. 

The maturity of the longer 
tranche, four years minus one 
day. has been chosen in order 
ro avoid any foreigners buying 
the bonds; foreigners are pre- 
eluded from purchasing German 
domestic bonds whose maturity 
or remaining life is less than 
four years. 

The West German monetary 
authorities, however, have some- 
what mixed feelings about the 
“Carter bonds." 

Strong support for the 
principle according to which the. 
U.S. -is now acting to finance, 
its balance of payments deficit 
is -mingled with some concern 
lest the. West German capital 
market be overstrained. ' Both 
the Boon government and- the 
Bundesbank have long held the; 
view that the U.S. should act as 
other countries with balance of. 
payments problems have done, 
namely by raising foreign, 
currency loans. 

The inflationary danger of the 
method used hitherto, under 
which centra] banks were ready 
(some of them eager) -to take 
up even greater quantities of 
dollars was recognised only too 

Thus when Carter bonds- 
figured in the package to help 
stabilise the dollar announced 
at the start of November. West' 
German authorities could not but: 
express pleasure and relief. 

On the other hand, it was clear 
that a large slice of the total 
would, he raised on the German 
capital market — and therefore 
some competition between the 
U.S. and West German public 
sector borrowers could not be 
ruled out. ' r 

This year the German public 
sector has financed its deficit 
cautiously and flexibly, fully 
2 ware of’ tbe serious impact ris- 
ing interest rates would make on 
a far from assured economic up-. 
swing. ■ . .£/ 

As tbe year went on, Gennanys 

economic performance improved, 
tax revenue increased and tbe 
public Sector deficit — which "was 
sfiU estimated at mid-year, tn be 
-more than DM50bn for the whole 
is now likely to turn out 
to^ be less than P^bn For 
nett year, tbe deficit of DMoObn 
once expected is how likely to 
be mhch less— provided, and this 
is the. key. that no new factors 
emerge to undercut the economic 
upturn. •- 

' - One of those could be capital 
nmket ’ difficulties: caused both 
by the long recognised danger of 
a hulnietition for funds- between 
tiifr- public and the private sec- 
tor^ and by the strain imposed 
by- pew U.S. borrowing. ., • 

< vWhat'is now known of the first 
'tranche of the DM-denomtnated 
issue ' has helped calm some of 
these fears The helpfnl factors 
-Ji£lade the relatively modest 
.total’ of .not more than. DM 3bn, 
'the' mat urity of. not more than 
forifiyears — and the steps., taken 
rto -make sure non-West uerman 
'.-residents do not buy . (a step 
which would have weakened 
ihe- ; dollar, strengthened the 
•Deutsche-Mark and undercut the 
..basic purpose of the whole 
operation). ~ . 

1 Dat ..the question has been 
^raised of how long the German 
capital market must reckon with 
the new U.S. borrowing factor., 
Tbe answer Given is — until the 
Un balance of payments is tided 
pVer- its bad period, a time-span 
fear are willing to try to define. 

By-Aleksandr Lett! and Anthony 
Robinson • 

Loan to finance U.Sv Acquisition 


System A/S, a Danish service 
company, b as completed arrange- 
ments for raising an SISm multi- 
currency loan from a banking 
group managed by Privatbanken. 

The proceeds of the Euro- 
market financing will mainly be 
used for the company's acquisi- 
tion of a substantial part of the 
shares in Prudential Building 
Maintenance Corporation, ol 
New York. 

Maturity is seven years, with 
a spread of 1 per cent over inter- 
bank rates. 

In Spain. Aviacitm y Comcrcio 
SA (Aviaco) has raised $28-5m 
in the medium-term markets to 
help finance the purchase of 
four McDonneti-Pouglas DC-9 
aircraft. The U.S. Export-Import 

Bank is also providing funds to erfajit for Brazil s Banco Crefisul 
finance the purchases. -derTnvestimento SA at a spread 

The Euromarket credit; of Ti per cent. _ 
arranged by United International , -y.i Canadian American -Bank and 
Bank, has been arranged in two s^dinavian Bank also:, pro- 
parts. A six year facility v»Ul — . ~ 

have a split rate of 1 and 5 per n • 

cent for S19m. A.. Sl2.5m loan has. -beetr 

A seven-vear loan Is priced-arranged for Piraiki-Pitraiki 
at ? ner cent for S9.5m. / ^Cotton Manufacturing, fine of 

Banco de Vizcava, Madrid' is Greece's largest private-sector 
lead manager for* a 835ra two- coinpanies. by a group of banks 
year loan to Corporation Vene-.ied by Bankers Trust Inter? 
roiana dc Fomento. the: national and Manufacturers 
Venezuelan development fund. Hanover Ltd. ‘ 

Spread is 2 per cent.^wbile '- The seven-year facility, at- a 
other hanks participating m the- spread of 11 per. cent, will be 
facility are Banque Arabe et used for the company's ihvest- 
internationale d"lnvestlssemcrit,'Tncnt programme. ‘ " - 
Bayeriscbe Landes hank.:-, Among other completed 

Deutsche Bank ' Group and Bank: Credits, the Qatar Petrochemical 
of Montreal International. /company tQAPCO) has signed 
National Bank* of Abu DhabiVfhe loan agreement -far a $175m 
ha» arranged a SlOra fivc-yearVborrowing • 

YUGOSLAVIA is now consider- 
ing joining .tbe long_ list “cF.^ 
borrowers seeking to restructure- : 
pari of existing debt in order ^ 
take advantage oT lowennar^fB-*. 
and improve its repayment -pro- \ 
file, according to .Mr, Peter .• 
Kostic. the federal Secretary of 
Finance. , ■ * 

Tbe average maturity of exist- 
ing debt is correntiy five years 
and seven months, and part oF - 
this was contracted in 1975 and 
1976. when the economy was in’ .: 
trouble, and tbe terms payable ; 
reflected tblfc . 

Total foreign debt amounted to' ' 
SlO.Sbn atTnidfyear, with supplier J 
credits accounting for aPproxt-V 
mately 60 per cent of tbe total. • 
Debt servicing -amounts to 17 per 
cent of foreign, exchange e?m- . 
ings, or 23 per cent on the ^ltern- 
a Live calculation which .emits-' , 
workers* remittances- a®d". 
calculates servicing against hard 
currency' earnings only.- • 

Reserves are : currently - at a , 
record leyel of $3-2bn, .and the 
monetarv ' authorities imposed 
credit restrictions. in July in atf- 
attempt to reduce' inflation ffom ■ 
its current 15 per cent and slow: 
down both the rate of investment 
and the : imports which this- , 
attracts. ' 

President Titb recently spoke, 
out against higher foreign -bor- 
rowing ■which- could barin '- the ; 
.country’s credit worthiness^ but-’T. 
new borrowing is' continuing j 
within limits laid down to .the. v 
five year plan and monitored by. 
the National Bank. ^ 

Four Yugoslav banka raised 
S70m from two Kuwaiti-tosGth- . , 
tioos in September at 11 per cent- - 
over Libor for tbe first' three 
years and 1} per; cent for the last_. 
four years. But- a further' trtm-. - 
ming to 1 per cent is now-, ex- 
pected on a 5500m plus loan pack- _ 
age now being put, together for 
the INA-Dow Chemical jbint 
venture on the island of Krk- 

- *1 

' This is bem^put together by 

Manufacturers Hanover, who are 
the ' fldanciaL • . co-brdinators - of- . 
what now looks iike emerging ax 
a S25Qm to S300m lea-year Euro- 
dollar syndicated loan ,T_' • , 

•. Manufacturers Hanover report^ 
considerable interest.from banks,., 
and the . Eurodollar part “of itoe- 
package is now at an advanced-* 
•state of negotiation.; Completion 
.of the. deal,: however. : is. linked' 
to- the finalising of the export 
credit- arrangement^ and this is • 
not expected until fairly Nearly in 
the new year. \ r 

Bangor Punta 
sees quarterly 
profits drop 

Punta. tbe leisure, security and 
FarniiJic conglomerate, expects 
its earnings for the first quarter 
ending December 31 to be 
“down slightly" from the 
quarterly net figure of S7.4m. or 
51.55 a share on a primary basis, 
earned a year ago. 

After a meeting of the Phila- 
delphia Securities Association. 
Mr. David Wallace, the chairman 
and president, said the first 
quarter earnings decline was 
not. however, expected to 
change the company's previously 
announced projection of $26.3m. 
or 55.20 a share, for fiscal 1979. 

Mr. Wallace said that the prin- 
cipal reason for the expected 
decline in first quarter earnings 
was the poor cotton crop in 
California, which is adversely 
affecting earnings for Producers 
Cotton Oil, a subsidiary. 

He said th3l sales of Bangor 
Punta for the first quarter were 
expected to be “about on the 
same level " as the year-ago 
figure of Sl5$.3m. 

In fiscal 1978. the company 
earned 524m. or $4.89 a share, on 
sal*?* of 5656.1m. 

Mr. Wallace said that sales of 
the company's Piper Aircraft 
unit should be about 5400m This 
year, up from ,$336.7m in fiscal 


Good year 
for Fluor 

By Our Financial Staff 

NET EAF.N1NGS for the Fluor 
Corporation for the fiscal year 
ended October 31 edged forward 
tn 578.35m from S75.46m for the 
corresponding period. This rep- 
resented Improved earnings of 
per share compared with 


Revenue for the >car was 
S2.S7bn. a substantial improve- 
ment over last -year's $2bn 

wins ruling 

By Stewart Fleming 

NEW YORK — Tbe Board of 
Kcnnecott Copper will face 
re-eleet-ion at a special share- 
holders’ meeting on January 29 
following a decision -by (J.S. 
disiriot judge voiding the elec- 
tion of directors at the annual 
meeting on May 2 of this year. 

The decision represc-nts a 
victory for Curtiss-Wrighr. which 
is waging a proxy battle Tor 
control of Konnecott. It narrowly 
failed to secure a victory in <he 
battle at the annual meeting in 
May. Subsequently, however it 
has succeeded in the courts -in 
securing a re-run of the proxy 

The judge in making ■ his 
decision, has turned down a 
series of requests from Curtiss- 
\V right, including one that it be 
permitted tt» retain and voto in 
the new election the proxies it 
received during last springs 




The list shows the £?0 latest international bopd issues for which an ^eqiwte secondary market 
exists. For further details of these or other hqhds see the complete i-tist of-Eurpbontprices TJUnUsaeo 
on the second Monda^of each month. . . ■Cfoaing-priceson December. L- . 


AM Aki. SS 

Australia S 4S *3 .. 
Ao^rraju si n .. 
Br-airlco Fowis VI Q 
r.ECA s: sv . .L. . .. 

rECA » X 

CT.GA 3i 9S 

C N'T S « 

Canada S JCl . 

Canada <5.3* ss 

Canada Si 98 

Canada 9 S3 

Canada 9; 95 

Caiudajr St sr. 
Onminlan Bridge Cn. b 

F.IB Si 93 ' 

EKsporjflnans 9 SO ... 

Finl.ind SI S3 

Finland f SS 

Hospital O S 9 SI 

11*1 Flnantr 9i 5S . ... 
Itcl VuialKv 93 90 . .. , 
J. C. Pontic r St S3 ... . 
Mac Rlaodcl »i 93 . . . 
NX. Dev. Fin. Si S3 . .. 
Kg Dor. Fin. H S3 ... . 
Nat. West 9 . . . 

.V'-wfoiuidJand 9> 90 

Nord Inv. Bit 3i SS . . 
Norses Komm. 91 9S ... 

Sor.vay 7i SC. 

Norway S3 K1 . . ■ 

*i>xid'-ma( SI S3 - ■ . 

■Pil. Hydro Si ss 

Our bee Hydro Si 93 

Sn-cden 9} 98 

UK *1 S3 

UK Si r. 

Change an 

M i 



9 K 



























9 ja 





























































9 li 






















. 948 




0 - 

















































— di 








































— OJ 






















Change oil. 

. . ISO 
1 SS 100 

. . so 


1 85 1M 
. . 150 



Argentina <U 3S 
A*ian Develop. Kfc. 

Australia < *8 ■ 

Attain a 31 90 
Pa nh a roc rica 3; 9n 
Bque. Eat. Alswrip 

CECA d is 

Canada H K 
Chafi*: Manhattan O S SKI 
Fnmmcrrhanl! Jnt. WW 3* 
t'oatnicrrhanK ln(. Xll" 3i 
<:oprnhas-;n City fi 90 .. 
Counrtl of Europe Cl — 
Cnancil of Europe Cl .... 

KIB r. 90 

Elf \qultalnc 51 SS . .. 

V inland c 83 

fUiatbl Ship. K &T 

in-t 5 H 

Indonrsi* 7 Si 

Koh*:. Ciiy of 5? W 

I.iBht Servu-os de El.'t. .. 

Mesu-o n 83 

Mitsubishi Potro. a; « ... 
Xipnon -Sieel 5; 81 . .. 

Xorkcs Komm. c 90 

.Vorvay it S3 

Nonveslan Ind. Dh. C 90 .. 

Petrnleo Brazil 7 S3 ." 108 

PK Bankcn 31 SS 100 

Qoelu-c. Province of fi 38 
Raurarunkm fly jj Ss 

Kicob 51 ss 

5Mln il SS 

Si atoll 6 SS 

Trondheim. City of 51 ..... 

UDS Group S3 

v.-n»ra--la 5! 90 

World Bank t?i 35 










































































































day week 
0 +01 
-oi --a* 

+04 +ftl 
+0* -HH 
0 . 

-oi +61- 
-Oi ,+0i 
0 +81 
-01 +M 
0 +01. 

-01 +01 
—83 +U 
-W +U: 
0 -01 
+01 +88 
-01 0 
+0* +14- 
-OS -Bi 
-8i -f-Bi 
-0* -01- 
-o* +m 
+ 0* +8%. 
-0i +«- 

-w -os 
-«u -o* 
8. +AI 
0 — w 

0 +0J 

» +B 
0 -Hli- 

. 5.79 



. 609 

6 IS 


0 ..+« 

“W -401- 

+01 , +91 . 

8 +M. 
—81 ,+ta 

— Hi— 0* 











Acesa Si iw •. 

Ameriran Exp. lai. 3* 07 
ArJhers ruruicl * 93 . . .. 
A+a a; sa . . . ... 

AUMIia 31 03 *1 

Chas" Manhattan 4 93 ... 

CVBD 41 90 

Coundl of Europe 4* 

PankMnertra 3: 53 

RNDE j SO .. . . - 

Denmark *1 00 

Dcntnark-Moruiaee Bk. ... 

E1B 4* tn ....... 

Euratom S3 

F L. Smidth 4i B9 

Finland Ah 9.1 

F*r»l rurap 3i 03 

«2B 4L 53 

nilli-Li-.-cbenstrln 4i .. .. 

ICI Fin. KV 45 S3 

Malaysia « 90 

Mamtnba 4 93 

Si-nan J 33 

Nones Knmm. 41 -Hi 


tn xoki.i i 90 

Safa 41 K ; . ... ... 

Sandnic 4 9P . 

Seas i\ f» 

Vtml’ Motor 4 i» • 

Voralhers Kraft +33 - • 

Vienna *93 

World Sank -U 3= 

Issued Bid 
49 103* 
48 . 991 

40 Hi 
10O 932 

100 95* 

in 961 
7D 1021 
» 95 

65 10U 

75 100* 

100 1B31 

a 1024 

UB 1U1 
« 99* 

25 in; 
88 182* 
to tun} 
180 1811 
25 183* 

100 103* 

180 181 
» 98 1 

100 102 
80 100 
20 . 102* 
3# MU 
as isij 
15 112* 
288 WU 
-JM .1091 
108 3M} 
SO 161* 


Chans* on 
day wed* 














100 ] 


101 * 












101 * 







+01 . +U 
+0iV +1L 
+01 +M 
+01. +U 
-a* +83 
0 - +u 
+m +.K 

O- . +U 
-O* :+l* 
-Oi +U 
-Oi +04 
+01 +11 
9 +W 
+Oi +?• 

• 0 

. a : +U: 


-.04. +ia- 

+« +K 
-84 +0! 

* +a 

■+8i +ii 
+04 +« 

+81 +1 
+01 -+« 
+6i r+tti 
t +li 
+84 +8* 
+81 +tr 
-« +« 
+8* +0* 

178 ■ 

- ■US- - 
339 ■ 
4.70 • 






YEN STRAIGHTS . '• : f amt- OffBV day - 

Asftn TJev. »k. 32 I* .... 15 -■ 964 971 ■*- +g- 

BFCE 6.+ « 954 « +H -« 

'EuroflBa ...... 15. , 96| - 97j *r«|: 6.W 

Nnnrar a 7 sj ‘ ....... ; : » . mi *- r +01 5^ 

Sweden fij 90 O0--’954- -95^. ^ B. -M *-99" 

: . .'ChaBOe dn j' 

Bank O/S'Bold. lU .At - . . XT. 984'. H J'-liJS, 

Allto Coie Da«- 7 X. ELIA 16 9* .97. .. 8 -04 • .73+ 

30 961 914 —04 0i_ 738 

Jfi 952 . 96] +84 .-81 T41 

25 984 994- -+)A -Oi '75S 

» 1954 964..-94- ^84 

U .97* 981 7JB- 

7S «4 «4: +fli :+S *31 

7y 93S «t . +84 .+« -urn 

. Ml 








CopenhaKcn » m EUA 
Finland Ind. Bk; T 93 F.UA 
Tvnmtn. . Inst. 74 93 EUA . 

Panama Sl’M EUi . . 

smv France 7 Er ; E\iA 
Alftemeoe Rk. 6+ S3 FI .. 

Brazil 7* 33 H ..... - ..^,. 

CFE Mexico 7; fa Pi 

EIB 7i S3 Ft 

Ncdcr.. MiddcJih. Bi S3 FI 
Net* Sralaad 67 S* FI - .... 

Norvny 44 »3 FI 

OKB fi* 65 FI 

EIB 9* SS EFr 

Unilever Iff 85 FFT 

BAT 3 S8 LnaFi; 

Bayer Lnx. S 86 LtucFr ... 

EtB Ti 83 Lux Ft 

Finland I. Pd. 8 SS. LnxFr 

.Voriray 77 83 ImzPt 

Renault Sf 98 LnxFr 
Solvxy Fin.' f< 85 LnxFr 
Swedish I. Bfc. S 88 UirFr - 500 99 3M:. - rffr “84 AXT 

C lest enter HlcL BV..U 3S £ U 874 "882 +0* -84 038 

Whitbread 181 08 C ......... .15. 8 St .864 .+ 94 . -81 12.91. 


NOTES . . . ... Snraad RM Offer Cda^C-cpnCjM 

. American ^Bxta-cas « 04 . 9f- +9* 20/4 181. 1IIJL 

Arab Iml. Bank M8.S S3 .. 81 9S1 H4 9/t ft 9.7T 

75 974 971 

75 Wi Ml 

75 :.5Si .-932 

75 924 . .921 

108 921 “ 

75 90J 

3CO 904 

231 9SJ 

258 95£- 

258 90S 

230 .954 

250 - HI 
500. 962 

500 180 

8 LSI 
+U BJ» 
0 832 

+« B.« 
+H 833 
-84 - 9.98 
- o 

+84 U2, 

+04 -8.75 
r - 841 
.8. SlM 
-r.: *31- 
■+n .83* 
-+D1 - +tt : 7.90 

: 0 

- 8 . 

Banco El. Salvador MS R5 
Banco Hie. Atpeuf M3 S3 
Bank Hamnowy MS 8S ... 

Bank of Tokvo ' MS! SO - .-. 

B.-tnmic Worm* M3f M 
Bn. Ext..«fAiR: M8..173 *4 
Boue. Ext. 'd'Ala. MT5 93 
Four. Indn ct See* M3* . 

Bq. Int. Air; Occ. MS.3 S3 

CCCE M5^3 86 ;.. 

err ms? S3 '..-...i . 

Chm» Man. 0'S MSt M... 

Credit ivauonal M3J SS ... 

Gotahenkcn M6 sjr 

Ind. Bank Japan M5J JR... 
islukawalion M3i ks 

U'lhUanska M7.75 95 

LTCR Japan « r .l sa- .j. .. 

Midland lull. M5* 93 - 

Var. West. MJS W -.'.- 


Offshore Alfnlac~8S 

SFTB MS S3... I . -..-.•J'v.u 
Standard Cbarr. M5.5 9tL„ 
Sunttevan^tancen MS' S3 
Utd. Overseas BL Ml S3 
CONVERT™ LE ’ Cn v. Cn*. 

BONDS . ' date pries 

Asles 31 93 9/78 4 OAr 

■ Baker fW>Ftn. 5* 93 .1/79 3A 
Boots «-.93 ... 2/79 • 236 

Coca-Cola Bottling Bl 6/79 ■ » 

Ito-Yokarto 5r M — 6/71 - WI3- 
Novo Indnstrt 7 SB ......... «H9 299 

Toaaa Iol Air. 7* B3 a/W 1*5 

^orn lot. Hn. 7 .** 347 

Tyco lot. Ftn. 61 SS 9/73 a 

Tree lot. Ft*. 5 54 sno 4 6LS. ■ 

Asabl tintlcal 3* OM . ... 12/78 . 588- 
Owo Comp. 3i-M FM -.11/78 «a . 
irnnuya 3* 96 DU ..: ...30/78 - 989 
Ju*eo 3h M OM . ... ..... .. im -1270 
KooiHhlrofeu 3* .Aj DM imj 6U 

'.83 : 





01 - 











01 ' 



.H« : 
9 W 



98 : 












12/4 1U1 XUS- 
a n. 94 - am 

25/U 12.M U38- 
.18/4 - 18* . - UM 
15/12 9 - _933. 
-972 9* 8.9 7 , 

2/5 121. XUS 

25/1.- 9* .935:; 

12^. 9* 925 : 

.3/2 909 ‘9.47 : . 
... 3/5 12* -3234 

97 1- 27/1 931 M» : 

9Si Ufl -938 9J9 

971 J5/5 12J1 1225 

.99 . 3/6 3235-1251 • 
.981 ~ 27/4 -114 IMS' 
964 19/1 184 M.f* 
99 9/S UM J232 : 

«* 28/1 9A4 9-64 

90T -mm 9J7 9M- 

m i an iossvim.. 

982 19.1 9M 9JS8 
981 5/4 1U9 UB 

972 :38/2 8.94 

.974 4/4 1IL06 1*39 

99 4/5 .1231 3247 



Bid Offer d*y Pros’ 
1823 UN +8* ■ D3* 
ia*l Iri /—•»'. 9.0 . 
921, . 931.1 “7-44 • 

904 - 92* +Xi ‘13.98 •' 
UW- JJ82-U ^-*5 
9*6.428 -U T-8B 

M2* .1031. ^ -2J8 

382 1 rire*’ UU» 


+0*. tn- • 

1834 Tan 8 5.47 ; 

35 - -96. -04 MM ^ 
' 954 *<961-’-— 8fc- 4.79 

Marudai Food DM ..rT/ti- 1833- .'99 -.SR- +« U.TS 
Upra ta Man. 3J * DM .11/78 - W4 CU 944 +WT LB 

Nippon Air. 8.5 SS DM -..-32/78 508 : 932 - 922 +81-- 3X3 

Sbfngan 31 PM 8/78 738 • XWt HT1 - 8 - -'U3 

Nippon YwmrW & OM \ X/7e -JSP. ■ ^+84 '- 034 •: 

Diesel rt* Bfi DMVi 209 ATT. .. SS) . A 9 M ; 

nipmpna OpHeal B 89' DK.209 — — ’ — ' “ _ “ 

Rleoh Si SB DM i.-.: . .J..30/7S r 

SnnlTO Elewrrc.'sr 0*1 ... IfTB 
Sanyo Electric 34 DM- -11/78 

V-Ofi-' 131--. 
1831 Max'. »'1«7."’ 
1146 -113 +K.' M3T . 
9S--r W 5-® - 

ftiyp Store*: 31 'So DM _ »/78-'.3275, +1. -139 
Swnler Eleeerle 3* IML.Jim ;H5 H--\ >95L- +8* *^7 

Trio-Kenwood 31.08 DM^JU/78 ‘Til .'-Jl: 3.' 8* +n* ; 

’ Mo lifformatiod a valiarfr? — ore vloos das !a prite, ' 
'=,w^.4 «»««■ »ajej>nal«dr.jsntipliw ilrltt. ' 

Straight Bondi i Tne yield fe fhc;iri^'ia'-zesteamiOA-'-ar tte/. 

; mui-pnee: the -amptfni feshcir.ts-.jn mH*iotfe. df-owre a cy '. 

otijv cxwwAJr Yeu hondsyjjgTOfl.fitltn bOUtmrf- Dtamse ' : 
nn.jwrcfr ^Cftanso. price-: a “week «arlibr. 

T Rate Utsten r'peBtonbia/ed - tn "doHarp-orUM* ether-i: 

•_ wfee Ln’ilectnd M— HtiUinum enupori-. C .dd.te ~D«t»- -wort.-- 
5222 ■ StfiSetod =13azidn' abovtr ^ - 

- uafejed-jat* for P’s, dnllare. Cxptr=^The: current -«nwon^' 

. n jldrtTte -ennwn -yteM" ■■i'. V ; . «•••/•.+ ■ 

cumnlbk t anise ScoiuuHuitrd. ia ■deUaa-.valnB- atbo'eKtje !• 

. nnl eaten. '*c. day*7Cnv. dates First due 
, for converses jj«o etonw. Car.- nriw- WHaRtri- gnwdaa at . * • 

' f^PraBscd ia ..CBrioncy - at ttar * « cranr ’. 

-4*«l ro?* n*4d at .issue. _Precj=Pe|'cefl!tuR-nreqiluraof tk» 
rarmnL-tdr«uuve urice at- Ikc^tdrias ebanB Vw -firWral ' - 
■- nver lhe. most ..retajL price of tbe'stwra. 

O -The Financial TlHttS.tHfr i978.\.KeprtMocnon- 

or in uarr/ir afir ftam-aW tHmwwl : wtitnat written antrafr. 

Data unkdied by natw-5awi..Sm|fes.’ • *-'V .. .. -. 5 ' 


’ A- 




9 - 

" 15 &H 


more mud yet to be slung 

. . . ... ; ; v- - BY DAV »D LASCELLES IN NEW YORK 

Wally files’ an expression upon the merits Wall Slreol’s mounting dis- n 

Petroleum, tbe 130» largest V.S. Mead's. cfalmtojC^M ■« °*y of this matter." enchantment. ., 

■ ;, f T ( 

/; ->\ 

' 1 ;■ v ' f.-’ 

■■• '• 

■I " L ■ 

•-••re. £ 


Bi'-ti ■■ t*' -t-r;! i ■ , ^- *^* * rw. , a , n expression' upon the merits Wall Siren's mounting di*- imprests. At The is me it was 

Petroleum, tbe 13jh largest V.S. Mead's. dataOtt ?4M ; an . Ovy of this mailer.- enchantuicm. made. Oxy* offer rep rented a 

oil company, laancbctj oneefthe merger wnutf -ftioMlft JUKMrust And well he might, because i he As one analyst removed: premium of some 52 per cent' 

higsest s^B .ttils laws because Jeep puckcls - theory has not ‘'They'ro all beginning to chicken over the S23 at which Mead > 

ycarw-a Sinn .offer. Tor Mead hud overlapping, late rc sis in yet been tested in a major lake- out now.” shares were iradiag before the 5 

Corporation ; am ..ftttSt sodium. chlorri^KBlg^ and over— which is why the outcome The downward slide was helped market got wind of Oty's inter- j 

products company. ; earoomess cupyinfe - paper. ism or the case could be so signi beam, a further S3 bv Os Vs recent cst. And it Ovy's bid fails. Mead 

Exactly. Your -months and a lo a highly. AiBuficant aaditiun If Oxy wins. it will marrow the revelation that its affuirs were shares are bound to bear some 

hitter mud-slioging • battle -later. Justice later , filiw. . aa e*“* su *t grounds for conies ting mergers: being investigated hy the of the damage. • 

the deal rfia^.^UU.; no;, gone based *n Its corUrowarsiM deep _ _ ,,.. n „ oh ... ... ( 





New U.S. credit 
venture for Fiat 


through, and. many people arc pockete" theory* 2%ts. say fi ihat 
.fa eg inning to-, wonder whether it Oxy, by virtu® : . of lft Size and 
ever w»l£V ■ wealth;- Jias the power- -to tranjj. 

ever with-. - weaJih. jias ue pmwr-.*“ i/ans- S&i&sr-. '- 

One reason for the delay la tm * Mead. Into ««#»**? *™ Eger' ;'l 
that the battle ha* for :: 

thing of a teat case. in U.S. and- C0 ^f 2 d p ? per - . ■£ , >s . . . • - 

trust law. and whatever -the oar* This theory -has been widely £, 

come, one side nr the other wti! criticised as akin to the big is . .■* 

hail it as a precedent. -Another, to_-:UKeovers ipf -»■ 

is that -the. Mead management which reduced To its. crudest , ?. - - •; v. 

resistance to- the hid has reached terms, holds that Jfjge com- ' V --7*=^ 
the point where questions .fireP*** 1 **® should Jw prevented from .z^gjaT 

being' asked about its-' motives. - merging, even If their Interests n^.. •: . 

Oxy’s aims in this hid are two- dti : not overlap,, because their |L ‘ 
fold. First, like most other nil combined si» will itself become f.-V 

companies. Oxy wants to * factor in the market place. * 

diversify into other natural As. one Justice .Department ■ I 

resources, and forestry is a good Lawyer put is concern for \ 
choice because trees have the sheerecanontie power." 

useful habit of reproducing them- Oxy tried lq. invalidate the . \ ' r teffijra fiji 
selves— -unlike minerals; Second, anti-trust accusations by offering k 
Oxy has insufficient UJS'. income (o divest itself of overlapping «k • 
to make full .use of its Ui. tax activ&es. But tills did -not abate Sgjk 
credits, so it needs a stronger the Justice Department's zeal. g i g *. : JK 

domestic earnings base to o&et which Jed observers to conciudK SBBa.' - -mm 

Us Urge income -from abroad, that it was. less . -interested m 'Aul 

which includes North Sea oil blocking the merger for . | 

revenue. "monopoly" than . for .“deep - ■ 

But Mead opposed the bid pocket' 1 reasons. - - Dr. Arma 

from ,.tUo very, start, ior reasons Because of the complexity of 

As one analyst remarked: premium of some 52 per cent ' By Terry Dodsworth ROME— Fiat. Italy’s largest pri- However, the U.S. joint 

rhey’re all bCRinning to chicken over the S25 at which Mead' vate enterprise, has signed an venture with Deutsche Bunk 

it now.” shares were trjdiag before tbei PARIS— A strong period or agreement with West Germany's is viewed as particularly impnr- 

The downward slide was helped market got wind of Ory’s inter-- growth at Pernod Ricard, the Deutsche Bank to set up in the tant h ' V the group, 

further S3 by Oxy’s recent est. And if Ovy * bid fails. Mead French jriok* group, has been u£m a joimly cont roIled credit Fial ‘ s °P era,ion - In lhe u s - 

“s S’stt” 1 ,o b " ar “H »«"“rpo ra . 

. . of an initial dividend payment y on siaiaries mciunic,, me 

" Althougo Mead says a straw! n t FFr i a «;har«» in mid- earthmoving group, the He.iton 

he argument was that P p‘Sj n, lul amw .1 of n. rt ,i,3”d muenmery wnwm. 

CCldental, through Its Ihe terms have norm been put !he P“> out w,u be £* ed when tail sales in the UA which are 1 I co f ™ M dd F .. J J 1 ,n ° lor ^; 

... i*i» i i <k. vfkt» in r-!.. c_.. ■(.. r..n . U i,ii. ihf* I present plans can ior tin* r isi- 

« The argument was that 
i Occidental, through Us 
I size and wealth, had the 
i capacity to transform 
: Mead into a company 
1 which would dominate 
! the market for coated 
• paper. The “ deep 

Aitbo^b Mead ays a straw) of FFr 5 a share ^ m i d . 

poll Of its snareholdcrs shows: . ^ 

them “overwhelm in aly" opposed. ^ anJar >- ^be final amount of 

them, overwnoi min aly opposed, 
the terms have nor vet been put. 

followed hy the announcement company, Fiat Credit Corpora- 
of an initial dividend payment y 00 . 

of FFr 3 a share in mid- The new credit company will 
January. The final amount of finance Fiat's wholesale and re- 
the payout will be fixed when tail sales In Ihc U25. which are 

opportunity io vum un van a ! Qi,. second hair of the year, 
“ are - j with sales showing an 11 per 

Part of Xbe rea-jun may he that cent improvement to the end of 

Vole un $35 u 

The new financial company, to ^closed that the initial capital 

* Sis - rS 

paper. The “ deep wbUe ^ ead i!> 3 ,,Iue chl P com- October over the same period Agnelli, the chairman of Fiat, is graduallv be increased in about 

f' 1,1 1 >t paDy. Occidental has come from I of 1977. after being abont 3 per the first such venture between a $6g m over the next four years. 

poCKctS ineory lias not nowhere in the past *20 years, and ! cent ahead in the first six major industrial group and a The new coinpanv is to be fully 
yet been tested ill a ,ts advance is DCing resisted by ! months. foreign bank in the U.S. controlled by a U.S. based holri- 

rn-jinrtolfflftfflr the establishment tor reasons; The company stressed, bow- l n a similar move Fiat is also ,n S called Fiat Credit Services 

nicljor takeover which. which have Qolhinv: to do wilhl ever, that the strong Improve* __ which in turn will lie iointlv 

Dr. Armatid Ilamnier 

is why the outcome of 
the case could be so 
significant. If Oxy 
wins, it will narrow the 
grounds for contesting 
mergers; if it loses, the 
notion of anti-trust 
will have been greatly 

which have nulhing to do wilhl ever, that the strong Improve- 


This resiMance has been 
justified by some analysts on the 1 
grounds that pro-pec ts are! 

The company stressed, bow- j similar move Fiat is aiso in S called Fiat Credit Services 
ever, that the strong improve- „ , " ^1" ‘ J, which in turn w,il lie jointly 
meiit of almost 14 per cent in currently finalising the purchase controlJcd by Fun's Duu-h hold- 
sales t>f its celebrated Anls or a majority staRe in the French mrr pjai Finance and \he Com- 
drinks has been partly due to Banque Paribas controlled credit paxnie Financier^ de ia Deutsche 
ihe h«ild-up of stocks In the company, CrecUielec, to support Bank io Luxcuibciury. 

weak because a lar-^e pari of its; distrib uti on chain ahwtl of the I F j a t group retail sales in The new credit wuipany. 

earnings con:/ from toreiqnj ^ r he ta November, 
countries -with s'.rong nationalist j . 

inclinations (meaning, amonzl ,n,r - est< ot Peniod Rlcari 
others. Libya and Ureal BriiainU wr * a,so .^usfaclory. lh 

price rise in November. France which will auaraniec a aie.nly 

Results from the soft drinks How of funds for Fiat's npera- 

fntr rests of Pernod Ricard Both ten lure.,, which tions in the U.S.. will initially 

were also satisfactory, the tively binge on approval toy the raise money ihrouyii bank credit 

and that it *i:, lumbered with an j ’•'nmpany >aid. Its two sub- U.S. Federal Reserve Board and lines but eventually cnicr the 

from the very start, ior reasons Because of the !<omplexlty of DrOdaeoea. dispute this view, prnming to the ! v0,arae ' al ^ l) ; v 10 41111 ‘ P er " g 

which multiplied as lime went the suit both Mead . and The — — — ■ strength of North Sea ufl ■ ***** respectively. in oot 

ia sUue DL ‘ partraebt ' a f e if 11 Joses, the notion ,,f anil- Securities and Exchance Com- revenues, s row in- production :n , lh ^V:.h C 'bVsEGT^ Umbert 

anti-trust the court to grant a temporary truM will have been greatly mission tor possible irre?u lari- pcru a ° d anu iho \ of Fiat 

/actors,- ihen -Oxys frequent injunction preventing themerger broadened. ties and inaccurate filing. The improved pn,-pects for Its . ^ ^ Fia r 

!S“£l!!S£ i! w a CDUI H- eoing ahead Mta the anti- S u deeply embattled ihc company hinted th.d this could domestic coal o|*cra lions. 

tri A t C . harg “ have been _ heard. j W(j S1 des. however, that the affect the Mead takeover. The Rut whichever way oarnin-si 
S22BL D, | if S^SSS-S fS e L222&.' t ih- t,, 5 !i kl ‘ Uh0 ? d of °»F wl *?" ln «. an >- P. recl£u . impliwnon* are still not K0 in lhe looser term, th 

securities and anti-trust laws. reverse the raergcf-lf the judgo with Mead ^iirw. At the height further pressure on Mead's 

. Mwdwus soon Joined in its bter declares it .to be illegal. So flf , hc excileincnli Mead shares management. 

A y ‘ “f 1 ™? 10 SM. virtually malchinc No one doubts that Mead is a 

? Until ** ■**** * is °** the deal, which ii intends in SjJrs^ore ^ftVlng what isb?: 

,ndustrys 1 finance by an exchange of any measure a reasonable offer 

attempts. to itiversify. ■ ■ - But he was careful to add shares). Since then, they have more out of concern for their 

Tne .Justice .iJepartment in- this order is not intended to slithered down to S26, reflecting own jobs than the shareholders' 

nnu.iects f r jr Its are ex P ee,e<i *° surpass the of Fiat cases to other companies, the 

•ual o'/alinns 3 ' target set by the two Asia Fiat already has similar fiuan- Fiat sources said. 

' "* j companies, Ricard and Pernod, cial support operations in the Fiat has traditionally hnd a 

lichevrr way earn in us | ar.d surpassed by Cognac UK, where it is involved in u major banking relationship with 

longer term, the battle ' Biscuit. There has. however, venture with the Midland Bank, the West German Credit Insti- 
ls hound to dominate ! b*.*en a tnmdown in the in West Germany, in Brazil and lute, which recently opened a 

s in the coming months. < Dubonnet aperitif business. in Argentina. branch In New York. 

^ Standard Chartered 

® Bank Limited 



VEW facing plant closures 


salts Tiase .rifwn 
WapKa pMdjtees 


VIENNA — VEW (Vereinigte 
Edelstahiwerke AG)', the 
nationalised Austrian '^special 
steel group, • which, in turn 
belongs to the Voest-Alpine con- 
cern; Is faced with plant. closures 
and massive redundanqies. VEW 
produces 330.000 tons of special 
steel per annum and has been 
badly hit by falling -’prices 
abroad. /> 

A conference of-sbop std«ftnls 
was told that the so-caljed volun- 
tary welfare and socially meats 
will have to be cut by Sdh. 170m 
from the current /level of 
Sch 400m. Furthermore over- 
time payments will ixave tD be 
frozen at la&t year'fi levels and 
the embargo on new employment 
will be maintained at least until 
znld-1979. Even so about 1,000 of 

the 1.900-strong Staff in the roll- 
ing mill at Judenburg will have 
to be subject to redundancies. 

VEW began to operate as a 
group after lhe merger of several 
nationalised special steel com- 
panies in 1976 with own funds 
accounting for 30 per cent of the 
financial structure, the so-called 
social capita] fpension reserves,, 
etc) for. 7 per cent and bor- 
rowed capital -for W per cent. 
The director-general Herr Rudnlf 
Baver revealed that by 1977 the 
share hr own funds had dropped 
to Iff per cent while borrowing 
rose to 74 per cent. This means 
that the loans rose from 
Sch 7.4bn in Sch lObn within a 
period of three years. 

New investments aimed at 
Improving the technological 

Robert wab v «aiE : Wa^sa entered 
iDto' r the-T shareholding agree- 
njehfc Tfe Gefiaan company will 
provide jiirgjtff^techmcal assist- 
ance to:WapSi» ->vbieh Intends 
to UodsjtUBh. us fkroduction line 
‘ unda.-mht the propor- 
ctrjcal;(iomponenis in 
autohiobtids will increase in the 

yeam to^wnbe-" : . 

structure and reducing the out- 
put of the foundry sector will 
create 370 now jobs at a cost of 
some Sch SOOm. He made it cleaT 
that several other plants will 
have to be closed down. 

The Federal Chancellor. Dr. 
Bruno Kreisky. warned recently 
that in the long run no company 
can afford to accept orders which 
produce only losses. However. 
Austria faces a general election 
in October. 1979, so no drastic 
solution or large-scale closures 
are likely to be carried out in 
the near future. 

Tbe parent company, Voest- 
Alpine. announced- last month 
that it will post a maintained 
loss of some Sch 700m. Since 
1974 the company has reduced its 
labour force by 6,000 to 78.000 

Austrian savings bank expansion 


VIENNA— First Austrian Sav- 
ings Biyjk Oeesterreicbische 
Sparc asse. re ports a 17 per cent 
expansion in 1ft 1978 balance 
sheet total and expects total 
assets by the end of ihe year to. 

pass’ tho Sch 50bn (S3.7bn) 

Speaking to the press, director 
general Dr. Hans Haumer re- 
vealed that the bank will float 
far. the first time next year its 
own bank bonds. This will be 
made possible by the new law on 
banking which is likely to be 
| enacted shortly by parliament 
The first Austrian which is the 
second largest Austrian savings 
bank has up to now had no 
direct access 4o the capital mar- 

The bank last year acquired a 
100 .per cent interest in the old 
established private merchant 

bank. Roessler AG in order to 
broaden activities In the pro- 
vinces. The Roessler bank has 
already opened two branches 
and by the end of 1979 it should 
operate ten branches including 
the cities of Linz and Graz. First 
Austrian currently operates 71 

The director general joined 
the ranks or those who 
cautioocd against the so-called 
boom in bank branches which 
in the end is self-defeating. 
“ Reckless competition should be 
dampened since it leads to ex- 
cessively high interest rate 


The Directors report that the unaudited 
profits of the Group, including share of associated 
companies, for the six months ended 30th 
September, 197S. amounted to £67. 2m. compared 
with £6'_\5m. for the corresponding period of last 
year, an increase of 8%. But for the appreciation 
of sterling against the currencies of many of the 
countries in which we operate the improvement 
would have been of the order of 17?,',. After 
deductions for taxation and minority interests, net 
profits before extraordinary items were £29.3m. 
representing 42.3 pence per share compared with 
38.5 pence per share for the half year to 
September, 1977. 

Increased demand for finance in the Far East 
together with higher interest rates has resulted 
in substantial improvement in profit from that 
region. Our subsidiary in South Africa, in which 
the Bank’s interest has fallen to 59®?, as a result 
of not taking up entitlement in a rights issue, has 
benefited in an upswing in trading volume. The 
growth overseas has not, however, been matched 
in the United Kingdom and Europe other than in 
the areas of consumer credit and leasing. 


The Directors have declared an interim 
dividend of 8.50 pence per share (equivalent to 
12.69 pence per share gross) payable to share- 
holders' registered at close of business on 22nd 
December. 197S. This dividend will be paid on 
26th January 1979 together with an additional 
payment of 6.1758 pence per share which relates 
to the final dividend for lhe year ended 31st 
March 1978. This additional payment is made 
possible by the reduction in the rate of Advance 
Corporation Tax from 34% to 33%. 

Consolidated Profit Sc Loss 
Account (Unaudited) 

Trading Profit of Standard 
Chartered Bank Limited 
and its subsidiaries ... 

Share of Profits of Asso- 
ciated Companies 

Profit before taxation and 
extraordinary items ... 

Taxation: (Note 1) 

Tbe Bank and its sub- 

Associated Companies 

Profit after Taxation 

Minority Interests 

Extraordinary Items less 
taxation and minority 

Profit attributable to 
Standard Chartered 

Dividend 5,874 

Profit Retained 22,736 

Earnings per share (Note 
2) 42 

Dividend per share 8.50p 

Six months ended 
30th September 
1978 1977 

Year ended 

3 1st March 

































52,869 . 



23.4S3 . . 






78,'Bp ’* 




( 12.69 p) 


( 29.32p J 


1. Provision Ike been made ror (union at la lest Known rates including 
United Kingdom corporation Tax ai 52*7- 

2. Eanuncs per share are based iron orofus after usuii-iti and mine ms* 
Joterr-ng but before extraordinary items and issued share capital of 
ao.uo.345i shares. 


■Enpro'tWanrt Merchants dealing in timber. 

- jilywoods. hoard materials, joinery components, 
'butidjnsrreaterialfl, SawmlHera andMimuCaoturara 
. ;■ gf veneered panels and other components. 

Interim Report 

Extract from the Report (unaudited) and Statement 
; . hy the Chairman* Mr, ft A. Barns-Graham. 

27 Weeks 26 weeks. Yearto 
TO 30.9.78 to 24.9.77 25.3.78 

£000'S £OO0's fOOO's 

SALES : 10,826 9,585 19,042 


BEFORETAX ' 405 - 318 766 


153 36 

sf: Sales increased by 13%: estimated trading 
pro^aftera^nsting^ntiwision of £50.000 
made ac September 1977 and later released, 
20% greater: 

pfc Since September, soles up and raargms 
. improved compared with corresponding period 
lastycar. ■ /. .. . . . 

Sfc If present conditions prevail, trading profitfor 
year expecttxi io be greater ttsan hftt year. 

& Interim dividend of 0.6p (O^p) declared - 

Ifflljl »r-i 4Vfl < ' 1 »7 71 »MV ■ IE 1 

0.0268 14p i ff respect of tbe final dividend for 
I977/7S; Dividends to be paid on 17th January, 

Swiss employment agency 
makes Dutch investment 


.--.ZURICH — Swiss temporary- 
employment- agency Adi a 

Interim SA ha* acquired a 
majority shareholding in the 
Dutch company Kcscr Beheer 
BV. Kcscr- has some 20 local 
offices in Holland and is re- 
ported to have an annual turn- 
over' equal to some SwFr 70m. 
Last -year, . turnover of Adi a 
Interim amounted to SwFr 334m. 
The purchase of the Keser share- 
holding means that the Adia 
group will in future be active 
In eleven countries 
- Kredietbank (Suisse) SA has 

recorded for a period of IS 
months ended September 30, a 
net profit of SwFr2.3m after 
deductions for reserves and 
depreciation of SwFrl^m against 

Tbe directors propose to distri- 
bute the balance at their dis- 
posal as follows: SwFr300,000 to 
the legal reserve; SwFrl.7m to 
the special reserve; and 
SwFr50.000 to the pension fund. 

At September 30. the bank's 
balance-sheet total amounted to 
SwFr245-2irt, and its reserves, 1 
after distribution, to SwFrS.5m. 

- Tfta fAwtfWfnt is isatod ki campKtnc* with the n^m a ment s of dim 
; Council ot Ttm Slack Exchange and » not an invitation to any person 
to subset ih a for or :o purchase any share or loan capital of the Company. 



(Incorporated m England under the Companies 
(CpnsokdationJ Act 1908 — Wo. 1 14499) 


Authorised issued and 

• fully paid 

£2.200,000 in Ordinary Shares of 10p £1,200,000 

Application h w bwn made to the Council of The Stock Exchange for the 
enteiBud Ordinary share capital of the Company to be adnritled to tho 
Official List. 

’ RiR Information regarding Bmngreen (Holdings) Limited (formerly 
. empress Services (Holdings) limhad) following ils acquisition 
ol Exclusive Cleaning (Holdings) Limited (’Exclusive - ) and ol all 
the shares in Brengreen Investments Limited (formerly Brengreen 
(Hofdmgs} Limited) not owned by Exclusive is contained in the near 
' Istue ends available in Uw Exchange Telegraph Statistical Sonrices and 
copies may be obtained until 1 tnh January, 1979 Iromi 


65 London Well. 

London. EC2N 5TU. 

Th« sdnrtoefflent has been prepared on the basis thatlhe Agreemant 
' dated TBth August 1978. as varied by an exchange of letters dated 16th 
November. (978, (copras of which luvo been on display at lhe offices 
Of Aden & Ovary, 9 ChBapstda London, EC2V6ADsinca 1 7th November. 
1978} has been completed, that the name of the Company has boon 
changed to Brangraen (Holdings) Limited and that tho company 
formerly called Brengreen- (Holdings) Limited has changed hs name to 
Brengreen Investments Limited. 

The merger of 

Lykes Corporation 


The LTV Corporation 

has become effective. 

The undersigned initiated this transaction and acted as 
financial advisor to Lykes Corporation, 

I The First Boston Corporation 

December 7, 197$ 

Companies and Markets 


■Finaiicial Times 

Japanese companies work! ^crease w | Stiffer takeover 

out plan for oil refiner 


TOKYO— Kyodo Oil and C Itoh 
'will charily work out a financial 
reruns Lntci ion programme for 
Tna-Kycscki OH. whose cumula- 
tive deficit totalled as much as 
Y45bn i$22Sui) at the end o£ 
September, accord ins to Mr. 
Eiidti Koide, the president of 
Kyodo Oil. 

Toa-Kyoseki Oil was estab- 
lished jointly by Kyodo Oil and 
Tna Oil. part of liie C. I tab 
group, in 1971. The company 
was hard hit by the nil crisis, 
however. and its capacity 
utilisation rare is now running 
at only SO per cent compared 
with 70 per cent for the whole 

Early thh year. Kyndo Oil 
Group. corisisLing of Kyodo Oil. 
.Nippon .Mining. Asia Oil. Fuji 
Oil and Kashi ma Oil. granted 

fioj-ncia! assistance nr YllSbn. to 
Toa-Kyoseki Oil. However. Toa- 
Kyoseki recorded another net 
deficit of Yl-98bn in the first 
six months of the fiscal year 
ended last September. 

Tor Oil. had meanwhile, heen 
running deficits due to its high 
investment in gas desulpburisa- 
tion equipment and Its large 
tanker holdings. 

However, financial assistance 
ljy C. itoh. including the suspen- 
sion uf interest payments and 
borrowings, ns well as exchange 
gains from the' recent yen appre- 
ciation. lifted Toa from deficit to 
surplus, with Y1.25bn of interim 
net profits reported last Sepem- 
her. As a Tesnlt. Toa's cumula- 
tive deficit was reduced to 
V5.«>>n ai the end of ibat 

The reconstruction programme 
for Toa-Kyoseki Oil worked out 
by C. Itoh includes an increase 
in the Government's refinery 
allotment to Toa-Kynseki Oil, 
and the expansion of Chinese oil 
imports in order to utilise fully 
the gas desulphurisation equip- 
ment of Toa Oil. 

However, the Kyodo Oil group, 
which consists oC indigenous oil 
refiners, is likely to seek the 
Government's assistance in the 
reconstruction pf Toa-KyosekJ 

As well -as the possibility of an 
OPEC oil price rise, these 
refiners, who have fared badly 
compared with those associated 
with international oil concerns, 
also have to combat the effect 
of the yen's fall against the 

Banks lift 



T'TKYO — Comhinpd revenues 
in foreign exchange departments 
nl 11 major Japanese commercial 
hanks rose by an average 3.2 per 
com in the half year ended 
September 30 from the previous 
six-month period to total 

Y144J53bn ($734m). banking 

officials said. 

An official at Bank of Tokyo. 
Japan'* largest foreign exchange 
bank, said that the primary rea- 
son for the increase was a steady 
r»N C in medium- or long-term 
loan lending w overseas 

Bank of Tokyo's foreign 
exchange revenues totalled 

Y42.Sfibn during the six-month 
period, up by fi.'7 per cent from 
the previous half-year. 

The hank's earnings from 
trade financing, overseas lending 
and foreign securities invest- 
ment dealing were Y17.S4hn. up 
11.- per cent from the previous 
half year period, the official said. 

The gains from foreign cur- 
rency trading with such euv 
lomers as trading houses and 
domestic manufacturers of 
export products totalled 
Y!5.75hn. 7.7 per cent more than 
the previous half year. But com- 
mission charges in syndicated 
loan and export letter of credit 
related business were 2.7 per 
cent lower at YO.lbn. 

The bank's outstanding free- 
yrn deposit balance at the end 
of September totalled Y14fi.Dbn. 
25.7 per cent mnrr than the 
balance at the end of March. 

Anti-trust inquiry 
into plant makers 

TOKYO — Japan's Fair Trade 
Commission yesterday (Tues- 
day) began investigating seven 
major Japanese plant makers on 
suspicion of violating anti-trust 

The seven were identified as 
Ebara-fnfilco. Nippon Kokan. 
Mitsubishi Heavy Industries. 
Kubota Takuma, Hitachi Ship- 
building and Engineering, and 
Kawasaki Heavy Industries. 

Commission officials said the 
companies were suspected nf 
having concluded an illegal 
agreement to control competi- 
tive biddings for purchase of 
garbage treatment processing 

All the seven firms are leading 
manufacturers of garbage in- 

Last week government investi- 

gators searched offices of six 
major vinyl tile manufacturers 
and their trade organisation to 
determine whether they had 
violated the anti-trust law. 

A spokesman for the Fair 
Trade Commission said that 
the companies and the Viniy 
Tile industry Association were 
suspected of conspiring to sell 
vinyl fifes at lower prices to 
tilers belonging to a co-operative 

They also allegedly made re- 
bates to member tilers between 
1976 and 1977 to cope with a 
business slump that set in fol- 
lowing the 19713 oil crisis. Such 
practices are prohibited under 
japan's anti-trust law. 

They said the six manufac- 
turers included Matsushita Elec- 
tric Works. Toyo Linoleum,- and 
Nitto Boseki. 


Bankruptcy total rises 

TOKYO — Japanese corporate 
bankruptcies in November 
totalled 1.4S3 cases, up by 6.9 
per cent from October, but down 
by 7.5 ]wr cent from the same 
month of last year, Teikoku 
Koshinsho. a private corporate 
credit inquiry agency, said. 

Liabilities left by bankrupt 
companies in November totalled 

YlG6.Bbn f$846m), down by 14.3 
per cent from the previous 
month, and down by 36.3 per 
cent from the same period nf 

Japanese corporate failures 
from January through November 
amounted to 14,501 coses and 
debts totalled Y2.35 trillion 
t million million), the agency- 


profits at 



By Anthony Rowley 

HONG KONG — Allied Inves- 
tors Corporation, a securities 
investment and real estate 
development associate of the 
Wheel nek Harden group, an- 
nounced a 26 per cent Increase 
In net. interim profits, to 
HKSLLJm <US$2.3m> for (he 
six months ended September 

Last year's nominal interim 
net profit was HKgll.Om, bat 

(his included a non-recurring 
amount of HKJfZJhn, reflecting 
the company's share of the re- 
tained profits hi Mow Tai De- 
velopment upon the voluntary 
liquidation of that company. 

Allied Investors has declared 
an interim dividend of 25 cents 
a share, the same as the in- 
terim for last year. The group 
is forecasting a total distribu- 
tion of 55 cents a share for 
the year as a whole, again, 
maintained at last years levels. 

Hotels up 

HONG KONG — Group net 
profit of Associated Hotels rose 
sharply in the year to Septem- 
ber 30 to HKSaOJllm 
(DJSJSlOm) from HKS23.12m. 

Earnings per share emerged 
at 77.3 cents compared with 
21.5 cents, and the company 
intends to raise the total divi- 
dend from 20 cents to 30 cents, 
including a cash bonus of 8 
cents after 4 cents last year. 

The company chairman, itlr. 
K. H. Chenng, said ibat net 
profit on sales of commercial 
and residential properties 
totalled HK$fl2m. 

Profits from the hotel opera- 
tion rose by 20.3 prr cent and 
rental income from its com- 
mercial areas by 3.5 per cent. 

The company said it was- con- 
fident that the real estate 
properly market should main- 
tain this year’s level, while the 
hotel business would continue 
to prosper and -rental income 
from the commercial areas 
would show- a reasonable 

Profit from the, sale of Us 
Cloud View Boad residential 
development may not he 
received in time for ioclasion 
in this year’s accounts, how- 


This announcement appears as a matter of record only. 



US. $25,000,000 

guaranteed by 


managed by 

Hambros Bank Limited 

Ainsterdam-KoUerdam.'Baiik N.Y. 

London Branch - 

Bank of New South Wales 

provided by 

Banco Urquijo Hispano Americano Ltd. 

Bank of Montrcat 

Barclay's Bank International Limited 

Bayerischc YcreLnsbank ("Union. Bank of Bavaria) 

London Branch. 

Mercantile Bank Limited 

.Hambros Bank Limited 

and co-ordinated by 

Hambro Australia Limited 

Marine Midland Bank 
Socictc General© 

December 1978 

This announcement appears as a matter of record only. 


A $25,000,000 


arranged and co-ordinated by 

Hambro Australia Limited 

end provided by 

Australian Industry Development Corporation 

code proposed 


SYDNEY . — Draft legislation 
which would mean sweeping 
changes to existing takeover 
practices in Australia if 
implemented has been, released 
by state and federal ministers. 

Because of the controversial 
nature of the proposals the 
ministers have released the Bill 
to the public as an exposure 
draft and called for comment 
and submission by February 28 
next year on any suggested 

The draft broadly follows pro- 
posals outlined by the ministers 
in May, following considerable 
criticism of many takeover 
practices, particularly “ creep- 
ing ” takeovers, in which control 
of a company was wrested with- 
out a bid. to remaining holders, 
leaving locked-in minorities. 

One of the mast important pro- 
posed changes is that the legis- 
lation would set 20 per cent as 
the threshold level of control. Be- 
yond tlris point a buyer must 
either make a formal offer, stand 
in the market for at least one 
month and take all shares 
offered, or buy in steps of no 
more tban 5 per cent of the tar- 
get company's capital in four 
monthly intervals. 

It appears that as the legisla- 
tion is currently drafted, a buyer 
gaining control of a company 
which held 20 per cent or more 
I of another company might also 

have to extend an offer to that 

- The legislation would also pre- 
vent holders of 20 per cent: dr 
more of a company from dispos- 
ing of their stake in one pareet 
This will affect a considerable, 
number of companies and ins ft-.- 
tutional shareholders, and is ex- 
pected to meet opposition. 

Another important - proposed 
change . is that . the state and 
Federal minister responsibly 
would be granted sweeping dis- 
cretionary powers to grant 
exemptions from the takeover 
provision. In some cases the 
state Corporate Affairs Coos 
miss loners would ; also - have 
power to grant exemptions. 

The decision to provide dis- 
cretionary powers was .taken 
because of the difficulty in legis-. 
lating to coverall the variations: 
possible under the new system.' 
The minister looked at but -re- 
jected the concept of a take- 1 
over code and panel along the 
lines operating in the UK. 

The legislation would result, M 
greater emphasis on the shaie 
market in company takeovers. 
The chairman of the Australian 
Associated Stock Exchanges 1 , -He! 
D. V. Tricks, welMmed.Jthe 
** general direction " of the/ pri* 
posals, but said the exchanges 
disagreed with some of :'the 
details and would be submrtt 
recommendations for changes.-.-, - 

The Board has declared an interim 'dtvttiemTof "«5“ 8 *~P t 2S 

ordinary share of 2}p in respect of the year ending. 3 1st March. 1 979 
{ 1 97 ft— 0 35o I. Additionally, following, the Teductioa *n the rate or 
advance corporation tax and.’ in accori&nw with xmwution |»M*d 
at the annual general meeting held on 2Sth July. W^a dividend 
• of 0.01 39p per ordinary share for the year ended 31st M*rcry )7/o 
wiil also be paid. ' • . ' 

■ These dividends ".wfll'.b'e. payable-. on 2nd A p rtl ». 1'® *!- sharer' 
‘holders registered at- dose of business on 5c h- March ,1W9. . - . 

a statement is given- belovr'showing" the estimated .group profit 
f or the S ix months ended MtK September. I078;wth oomparetive 
^figures for the corresponding period- of ;riie- previous -.year. And the 
Vccua! figures for the year ended 31st March,. 197&V : . .. •*' . ■ 


. dmohths to d mdfwK^to -Y-ca'rtb':: 
' Notes . 30.9.7B 30.977. ‘313.78 

*•' :„..t • -. roi» . '^faw. ' ^ETfflov 

•Turnover • V" ' ' >V^ / 

Trading profit (excluding . . : -r . ’ ~ V 

UdT kern ° lnVI!!,m " , “ ' V 500 • -04. »»• 

w»« « 5% : . ; . -2M' 

irewkerne Investments Ltd 
Proportion of" 

-- pany ’s' profit attributable 
r to Scetiing Industries Ltd 1 
-_ ’ Income . 

Taxation thereon- 

Hong Kong property sale 

HONG KONG— a 25.295 stj ft 
site in Tsim Sha Tsui East, 
Kowloon, sold for HKS145m 
(U.S.S30m) or HTKS5.732 a square 
| foot »t a Government land 
auction here. 

The site, with a renewable 75 
year lease, is for non -industrial 

Analysts said the market had 
generally been looking for a 
price in the region of HK36.500 
! to 7,000 a square foot. 

At the previous auction -of a 
Tslm Sha Tsui East site, thei'ibt 
was withdrawn by the Govern-, 
men* auctioneer with the bidding 
standing at over RKS7.200 
square foot, they noted. . 

A 9.268 sq ft site in Queen’s- 
Boad Centra). Hong Kong, later 
sold for HK$49m, equal to S5J287- 
a sq ft ;.y 

The site is also on a renew-, 
able 75 years lease for non- 
industrial purposes. Reuter 

Poor response for Elbit 


TEL AVTV — Elbit Computers 
said that 204.035 of the 320.000 
units of 35 1£1 ordinary shares 
and two I£5 ordinary sbares 
offered to the public and to insti- 
tutional Investors at I£25ff.75 
each had been sold when sub- 
scription lists closed on Decem- 
ber 7. The balance was taken up 
by the. underwriters. 

The lack ol buyers reflectSeLHe 
current state of the Tel.iAjtfv.: 
Stock Exchange. In view: of the 
forecasts of a possible: future; 
inflation rate of 40-50 per cent, 
most investors prefer to invest in 
bonds linked to the cost-bf-fmng 
index, or in bank savings 
schemes offering a choice of-Jink- 
age to either the index oir'the 

-Extraordinary items 

Preference dividends’ (includ- .- - - 
ing provision for payment; ■. . 

' of arrears) ' 4 

Earnings per ordinary aha re 

308 /' u 

.to. :• 

notes; . • 

"1. The trading profit for the! first the yeax has bee'n' jn^ht 
tained at a similar rateto~that earned during the welyc/mbtt^j 
ended 31st March. 197B. : which "produced a; sharp iinproJeiHibC 
in profit over earlier years . Indications, are- that, subject . tp: 
rhere being no. unforeseen, circumstances^ the results 
second six months will nor. be significantly: -differenr from those 
achieved in the second half of Hist year. - *• ’ . ; : " : 

2. The charge for Taxatian_on the tridin g. profhs of - the period 
has been calculated at 52%. No change has^beeh/made m 
method of providing" for deferred taxation.-/ - V- 

3. The proportion/ of the' profits, of . GreWke me.. Investme n ts 

Limited attributable W the company- for ' the iyear ,31st 

March, 1979 is -estimated to . amount. ;to>- £193J10B. ~£ef ore 
taxation of £64,000. The 'income of Crewlc'erne- .Inyettpieots 
Limited does not-accrue evenly throiighoiir the year. :i. /^_ - 

4. Preference dividends;- 

(a) Arrears- of preference dividend ■ at' September it 978 

amounted . to.£42,568: Tn.terms of-the Articfes^bf Association-, 
of thejeompany, subject' to-, the payment of the 'nprrpil- 
preference dividend. -sUch arrears: are 7 to be -paid offarthe’ 
rate of £6.125 per aon'um. • T . J 

lb) The provision for dMdeod- at. the year : includes one. 

half of the- prospective, payment of:' arrears 1 , for year" 
ending 3 1st March. 1979. /• • • : ‘ 

We offer numerous alternatives 

As one of the leading banks in Southwest Germany, Badische Rjrfaltiertjng urid Frrianz AG in Zurich adds furtherdimenstotis: 7 '' 

select the most suitable financing alternatives for its clients. 

Alter more lhan 60 years of refining our skills to meet the 
demands tor flexibility of German and international companies 
at borne and abroad, we otter a full range ot streamlined 
services for financing international Irade. For example - short 
1 o long-ferm loans, buyers' and sellers’ credits; documentary" 
payments and collections; tellers of credil; discounting oF 
foreign bills; foreign exchange hedging facilities,. 

We operate wholly-owned subsidiaries in Luxembourg and 
2urich. Badische Kommunaie Landes bank International S.A. 
in Luxembourg with direct access to the Euromarkels, spe- 
cializes in roll-over credits, syndicated loans, money market 
and foreign exchange dealing, and Eurobond trading. 

financing* forfait); short and rnediOm-tenTr-tiacte: Saairirȣ 
andother specialized financial services.. . - 

(wittrtotet assets of DM 16.4 biHIdn); As cenlrakbanfciffB9r^ £ : 
Sparkassen in.Baden, we are iinked.lo Gerniany^pbW^fef " 

nefuunrN- rv sauihm hank ___ . r 

mfomiation, just contact 

v.75-s"'' w -^ .V .if 

Bank of New South Wales 


/December 3978 

y i i i <7~T > <■ •V‘j6 > I -*■ J 




- ’“• >i **: -. 

]<Ol|*iail H 

tfcinhh K 
Burt. IIh 1 . 

- “ ■' -•'- . -1; •“■■' •'■■■ • "• i " Sf*, (l ]' m, 

' President Carter’s <onpneoi*.st;of L839 1-848$ to ' jertns of the {*• 
his press cpnfervnce, in Wishing- dollar, and dldsed- a* JJ&4a.7S, K lll| £K , » r ‘ 
ran had 1 Md ! teflneac* on 'th* compared whh. L8M50 previously .' shw.j.k; 


(tank; ‘ ' — 

‘Vr. 1^ . mif, [ t'lrna 

| $ | {tyrant j 

}.’■*•? «], SI 2 ! l.a$M-».3M0.|.3»'j.l.W& 0.4S O.fl?. .|..h 3.25 I.Q5 0.93. .).■■. 1.99 

I ■•ta.iionS j 10%; S 1 MM-2 , MS®2.S!» Z.SaflS 0.6 0.6b. M-n. 5. 10 I hb- 1 . 45 . ,jn. a 3.53 

1 his announcement appears as a matter of record only. 

rorr had iftfle ! tBfluence on 7 the compared wjthL84*50 previously Sin' 

foreign exchange minftet pester- Sterling touched' level I > J ji;. 

day. Dealers, were in agree- of -tout '.then de- 

- ment withjhe President that the dined following: V Iai^e selling SfcW *^r. ( 
stahUlsaUon' of the dollar has order from the Continent. It - 
been surprisingly effective;: and touched a- low point. of Sl.ocoo- 
that the. US must hope that 3,9610, and closed. -« 51.9725- 
there will be no OPECoti price 1.9735, a fall of 45 .'.points, on thn 
increase, hut saw- nothing new in day. The pound's trade-weigbl ed , 
his statetnenL '.* • •' _ Index,, an Bankr : '* o£ .: England j THE 

( fiJ?l <.B5i--4.fl0i : 4.O7-4.0B lif li i-.pni 

I 8 | SB. 10 50,65 fb3.SM3.4a 30- 10 i-.ihii . 

« I ;W.tti-tt«6 2 .in. 

I 5 3.I4-S.7I i 8.75.I'i.?fiJi 3‘-2J in i.iii 

Ml ; BI.M 82.60 1 Si. 30-92 SO 60- lift, -.'in 
: 0 140^0- 14 1.40 1 SO- lM.- .I.H 

: lOlu 1.66 M. CM 1.667:1.668; 3 4 tin- .M« 
j ? ■ lO.rf'J-lfl.lli ;I0. 10 j- 10 .ll; 2 iitv jnu iuir 

I 81-1 1.60-0.6 8.62; 8.«5^ 3-2 i-.uin 

j fit? 1 8.B8 WCJ ; l./ 2 ;. 0 .rjj 34 1 * 

f 31- • 3B&-3B6 I 507-589 4.ft5.8Sn.n, 

I 4L-: 17.45-27 .66 j 2f.50-27.E>5 

111 1| ; 2.58 !4 3.44 

30-10 r. | mi. I 5.05 lB& M r.|.t*i 3.87 

; -1.44 Ci -44 i»r .ii- • 1.25 

3; 2; |» pm 9.18 S.-d. |-i j.,,, 9.31 

60- 10 b «-,.lw -10.75 140-110 ■-, . 1 ,. - 9.77 
M IM.- .Im -5.55 310 »I0.. .i„ 7,39 

3 4 tin- 'll- ,-2. It* 7-10 Ini- . 3,04 
2 nlr jnu j m r 1 1.19 ..r.* |.i M • ] 39 

5- 2 i'.|nn t 3.48 ;8- J •*. (nil 3 4C 

36- 14 ih#' pm 5.44 4j-iciir. pin i 90 
a.KS.ffii |im' 12.fiSIL8Cll.DJij,,,, 11.96 
17 7 -i» pm . 5.25 '53.42 |.,n ti.83 

2.55-S.56 ii.Uj-3.34j 4lfl-5Sflr.piM 13.9HiJ-l0j v. p... 

fv-btun rale |h (nr ■.'nnvrritblc lr.tin.-v ! 
r nun', la I I r kin; W.l>iD^!b. 

-mo in 1 1 furu-ard dullar 1 inn 

i:-ni-in|ti .1.7b- i.HlH; put. 

.Earlier . in 4hc day the ~tL£. figures, .was Unchanged at 63.2. 
currency lost ground, but fre- after standing at' 611 **:« noon 
covered later, and showed a' and 63L4 in the morning,. ' Daramberu 
slight improvement on- the day NEW YOBK — &na&V Utervcn- J^nad'ns- 
agaimt most major currencies.' lion by the Federal. ' Reserve to 
It moved wlrhin a range . of. steady the -dollar was .'■suspected I njjJVhKr 
DM 1.B90&-IJU10. against tbe in early trading. The dollar moved I u-siurk 
D-mark'. . before dosing - -,ar narrowly in -thin end -of .vearj^n 
DM lJWSo: . compared with, business, however, and tmy se?J-[,f^ n 
DM 1^020 previously. .' The -big pressure was very sKght. ; ;, VKII Kr 
dollar's range against the 1 Swiss PARIS— In nervous -and some- 1 iri-niti Fr 
franc- .was -SwFr 'L6B09 -to times hectic late trading the i «r 
SwFr 1.7025,- and it -finished at dolar rose to FFr -457675 againri ! „ h 
SwFr 1.6950, compared with the French franc trourFFr -44M2o swus i-r 
SwFr 1.6920 on Monday. Central earlier in the day and. FF|r 4_3suu • u.s. 

bank support, was a major , factor late Monday. Comsneridal buyin« — 

behind the dollar's Improvement, and central bank- support helped 
particularly by. ' the Swis* the UR. currency after an earlier CURRI 

authorities. faU- caused* by a ‘large KeHinif 

order. C5om meat sr, from President j ~ 

Caner at bis Wasa»ihgton .Pres4 u 

conference came too late to aifeci ! . . 


OBComber 12 

•'rii Kn Kr 
I t, - ru li Fr 




2. 0453-2. 03SS 











13 85-13.441 


_ CImw 

2 4660-2. H80 
30. 18-38. 18 
«i 60-04.75 
845 98-846J8 


-O ’ s~ 

Oao mwUi b. 4 . Three riokiu p i. 

8 JJ4 sin pm U.n a m 0 64 1 

0444.14c pm D .11 0454.78c pm 1.61 
«i« Mi 1-24 15- 13c pm 1.76 

1 S-Lnaredls —1.74 SAMJHloredii -J3J 
US-1J3 p< pm til pm 7 .J 7 
43-53C die — 12-34 40-lfcOc dip -10.71 
3545c UK -7.U 155-LBSc d,s -qjs 
3.08-3J8Mredl> -4.08 8354J5Hrcdis -113 

5.1250-5.1278 I par- 8 . KanMlhs -l.U 02S4.65arctli% - 31 ; 
a -j7S4 J77S 1 0.704.40c pm 1 Ji 2.DS-l_64c pm 1 56 

4.42554.0265 1 0.W4.70era pm 1,79 2b5-245orc pm 2.3? 

146.30. 146.58 1.75-l.fcOy pm 4.68 42UMU5. pm 9 JO 

L 6910- 1.6425 

* U.S. nma pc-r Canadun r. 


LTS-l.tOy pm 4.68 J-SW. 55 , p m 9 jo 
4^0-3 JOsrp pm 3.65 14.50-12 SBqr-opm JJ 3 
LU-LSlc pm 1034 4.704.65c pm 1140 


l^r? wwmi 

^Thionin central imft - 
must l&ettar OMicnciBS 

Jredins. Sterling rose to FPr S 6340 • 

against the franc ^ffmYFr S.»i«o j ( ; Io ^’J“ f d0 V|.r 

on Monday, but slightly. Jowe*- : A„., P|an M rnHins 
than its morninC- level of Iraai 

JTr S.W50. The D-mark- Improved j; an,s,, k ,;Tnn '• 
to FFr 2R9721 from FTr • Mjr 

98791 {. . 

on Monday, u-hjle the Swoss franc | r,. ,„i, j ranc sItoot f*i!w.-r r '" l 

closed et FFr 2.SS00, compared •« t, iow.17 iut« in-iiu* ir^p. . . 

with FFr 2R733 previously. 2S2 jM* 254.588 Lira ... 

FRANKFURT — The dollar f - rt “' 0 • SfiSS ti T ““ '«• . „ , . 

improved from its fltdng- level in s-n.n-iarmn ! * s.wau 543860 WbsLmV.i^. 'cr-.n..'- 

late trading, rising to DM 1.9030 franc 200371 zjjou .Cam- ..1 Liui.mJ tr.-i 

near the close. The US. currency — ■■ 

was fixed at DM *1 aiwn.ipnmparo^ 1 — „ . 

with DM 1.9046 preyjoasly. and ; 

the German bumfebank bought I u __ .,»m/rTe 
$14.S5m to support the .dollar at ! OTHER MARKETS 
the fixing, but was opt seen in 

the market during: the* afternoon. ■ — — — 

■Die highest level lotidted waft* „ | a [ * 1 

The donor's trade-weighted de- DM 1.9070, influenced 'by. interven- l l "'* 12 _•__ ; l_ 

predation, as calculated by Mor- Uon ot push up the dollar againsi I 1 . 914 - 1.910 1 970 . 09 . 972. 12 M.-jr,* 

gap Guaranty of New York, nar- the Swiss franc by the- awiss ih.ibn. ... : 1 . 7280- 1 . 75 jo, 0.0743 0.0754 

rowed to 85* per cent from 8.6 fsanc by hre Swiss National Bank. FihIph.i n«ru-....! 7.Mis-7.94i5- 4 . 0200 4. 02201 6-..n» r i . 

per cent. " • The Norwegian krone. remained J , Mii>"vii ,, 1 .. ' ff™*'' 



Rank of 


Unit at 

December 12 

England Guaranty 









-40 7 



1' S dollar 


- C5 



Uaiiadijii dollar 


-17 4 



... 3<WT2 



rU-lKMn (ran>.- 

. lUJft 

+ 14.4 



Daili&li fermi.- .... 


- 6.4 



Ui-ui sell.' Mart 

. . 148.02 

+ 40 



Swiss fraia* 

. .. 194.04 

+ E3.4 



CulMcr . . 

. 123.43 

+ 19.« 


1117 45 

98 21 


Lira ... 










Ha si'il »n trail'' 

wochli-J > haii.-—. IrAm 



-lli.-iil Lta i. •. 



i(!aiiS ul 

In>(> \ - (O'l. 

British Gas Corporati 

U.S. $250,000,000 

10 year Stand-by credit facility 
for Commercial Paper 

Unconditionally and irrevocably guaranteed by 

The United Kingdom of Great Britain 


Northern Ireland 


Her Majesty’s Treasury 

Arranged and provided by 

tin 1,1 niHiaa 

1.914-1.918 1 970.09-972.12 1i.-Jri« 

— .. The Norwegian krone remained I Nm/H 1 59.78-40.78 iKmiii 

Androdftl, Prime BUn infer of movement in the ®tiropean i.pi, in H i “ !il44.54. 148.24 1 74.7s ■.| H | B ,n 

Italy, including a reference to currency snake, v Limar, k in j 0.539-0.549 !o.2732 0.2782 iNtnii.-njiiHi* 

the country's ■ readiness ■ to join TOKYO — The dollar fell against U*rini«H.ri: Fniri 69.35-59.45 | 30.10 30.12 ix..iw«v, ... 
the. European Monetary System the yen in active -tradhig. closing VfST;::' Pi S-^5!g' H55S i? ,, ? ,| P |> “ •• • 

vro-? 1 ^ 85, ■ ' Ct t mp * Z %L %"«? "rLt:! m‘v!r.r: 1S e^.Lv2 I 

although Us general movements Y19<.0o previously. The U.S. iwur 4,27384.3855 1 2.i7i0-a.i720!i?nii<-i-SMiL 

wore -in-line -with most other -currency opened at Y195.50. and ^nii. Ain.-»„ i!«n,ij 1 . 70 * 6 . 1 . 7326 ; o.ssso 0.878214 mki-uiuu 

European currencies against the lost ground despite intervention — — — 

dollar, . It .traded within a range by the Bank of Japan.. '- I rpic bivi-d lor Aneemma i« fn.-,.- raic. 

European i„ 

.. 1144.34. 148.24 

Kiiiimi, Umar |KU|| 0.539-0.549 '0.2732-0.2782 !\tnln-r|jiiHla.. 

Krajit- j 69-35-5B.45 | 30.10-30.12 'Xanwiiv 

i MpImh-ip I tad l*r.... ' 4.2965 4. aOQO; 2.1820-2.1830-.V.iniici<) 

S9il 6! 
10-35 10.55 
8 55 8 65 
3.70 4 tfQ 
■ 1630 1700 
4B5 595 
4.00 4. 10 
• 9.9510.10 
88 38 
141 145 
3.30 5.40 
J. 5700 1.9850 
41 42 

Barclays Bank 
International Limited 

National Westminster 
Bank Group 

Bank fiir Gemeinwirtschaft 
London Branch 

Raic bIvi-d lor Amemmo n in-« raic. 

iwirtschaft The Sumitomo Union Bar 
schaft Bank Limited Lone 


Dealer for Commercial Paper 

Goldman, Sachs & Co 


International Westminster Bank Limited 

Union Bank of Switzerland 
London Branch 

December 1978 

■mm . , 




rk rates easier 

•^taantyobfU fates were easier 
iir Sfew . York - yesterday, with 
"^vesk, TbJas; r 2t-&.86 per" cent com* V- 

P8tfe4*:tyith sj33 t>er cent at MonVi 
- dajtfi-aactforC and .26- week bills i 
-per cent frnm fi^fl •, 
per-isnUatrthe auction. One-year ^ 
MHsabo-de^taed to 9^22 per cent < 
from -ft2S>per'eeot‘ Federal ftuwls i 
wenb fading at 9JJ-10 per cent, * 
slightly J»"'fren»*'= Monday's level 
°f *ier cent and* the Fed , 

reserVeTm^o-'qt^raer ttverriight , 

repqrtSihses ; .bf^StunB $L2hnL ..7. , 
iGettiScates of roso on , 
buyljig- : ^rterejit; -wift - wj^ponth , 
deposits, at 10 -JS ;per-cent ; agai ost , 
ioa3 ,tier ; c&tft ai^ tbrefrjMnth ‘ 
certificatt)STit.lOi»iiet cent .from J 
10.55 per cent;- . : .;.i -w 
FRANKFURT- ■^■ tiHeresf hates J 
Stowed - & rather . bibred: draut . 
although. Jongflyr teftn muafey was A 
cousistehUy : Cat .moiwai:. \ 

was un chang Wat 3^-3,e 'per-egAt 'i 
■while.. the phMjMmth rate -^as?d Jt 


to 4.0-4.1 per cent from 4.1-4.2 per .ttireeioionth deposits stood un- 
ceht. Three-month money rose to ctiaqged at 9J-91 per cent. Six 
-4.0-4. 1 per cent against 3.95-4.05 ^ 12-month rates were both 
per cent, and six-month money gs.g per cent, compared 

completed the rather flatish yieW 8 ,. 9 per eot .. previously. 

arjsai 1 ^ r r sre ***** ^0*^* P er 

day^ lJLmoSto^oney 1 was "ni tendency at 7.4 per cent 

firmer at 4.15-4J per cent against 'H?j°5 L 7< y per cent j>n^Mooduy 
acui nc tw> r pant .PARIS— Interbank money mar- 

rates were again steady, with . 
The Bundesbank net central , ca jj money unchanger at 6f per 
currency areserves. feli bF cent, <hree-month money at 
DM 600m in the first week or -per. cent, and six and 12-tnonth 
Dectembef to. DM 100.6ton, while at6f7 per cent and 7|-7i per cent 
o^erjaseree assets remained at respectively. 

DM 4.7bn. The fall was the same.L iBflpWtN— Money rales were 
as the previous week, and did tidt unchanged from Mnnday, with 
prompt any Immediate response -®pU.-*- money at lOj-lOj per cent, 
from the Bank as to the reasons. two-month at ii-ui per 
lor. the decline. ' • and three-month at Ui-Ili 

th KONC— Corrd ition.s in the 
the Belgian frane f co m m e r c i dt ) - in i6n ey market were generally 
were sUghUy. eaawr in the ' ions : * M j ri --^ llh cal] money at -0 per 
end, although * 2 ie one-monin rate rent -and overnight business dealt 
rfemained. ftt per cent and -at ^per cent. . 



Gold fell $5] to close at $202 j - 
$203. ll opened at S204}-205i, and 
was fixed at $204.5 in the morning, 
before selling from New York ; 
pushed it down to $201.90 at the 
afternoon fixing. The lowest 
point touched was S201j-202. but 
the metal improved slightly 
towards the close. 

Small assistance 

Bank of ' England ^Mtafinu ox J 
Lending. Bate - 12 } -pet Cent 
(since November 5/1978)',-.' 

Day to day' eredit was agaln 
in short supply in tbe Londan 
money market. yesterday, and thfe- 
authorities gav’fc assistance : by. 
buying a. small amount of.: 
Treasury bills and a similar mm 
of corporation. . bills, all .direct 
from the discount houses.. Total 
assistance was termed as small 
and may have been -slightly under- 


Certl Stale 

done. Nevertheless, conditions for 
today seem set to be rather more 
comfortable. Discount houses were 
paying llj-12 per cent for secured 
caH Joans at the start with closing 
balances taken in the region of 
lOf-UJ per cent 
The market was faced with a 
fairly . large- -rise in the note 

drculatldn as well as a moderate 
net lake ' up of -Treasury bills to 
finance. On the other hand there 
was *a small" excess of Govern- 

ment disbursements over revenue 
transfers, to the Exchequer. 

.,!» the interbank market, over- 
night loans opened at I2-I2J per 
cent and eased to lli-U] per cent 
before coming back to 12 - 12 J per 
coht'in the early afternoon. Rates 

then- tended to ease to 10-103 per 
cent but came back again with 
late 'balances trading at lli-12 per 
con'L -Longer, term rates showed 
very tittle movement 
Rates In the table below are 
nomtnai in some cases. 

Kllphle . 

Treuurv JUn|il> PiiwTnuIe 

Billie Bn 1*4- Billie 

Donut ions and information; 
Major The Earl of Ancasier, 
KCVO.TD.. Midland Bank 
Limiiei!. 60 West Smithiield 
London EC1A5DX. 

British Limbless 
Mens Association 


We come from both world wars. 
Wc come from Kenya, Malaya, 
Aden, Cyprus . . . nod from Ulster. 
From keeping the peace no less 
than from war we limbless look to 
you for help. 

And you can help. "by. helping 
our Association. BLESMAuhe 
British Limbless Ex-Scrvice Men’s 
Association) looks ailer the 
limbless from all the Services. 

Jt helps, with advice and 
encouragement, to overcome the 
shock of losing arms, or legs or an 
eye. Jt sees ibai red-tape does not 
siand in the way of the right 
entitlement to pension. And, Tor 
severely handicapped and the 
elderly, it provides Residential 
Homes w here they can live in 
peace and dignity. 

Help BLES MA, please. We 
need money desperately. And. we 
promise you, not a penny ofi twill 
be wasted. 


Every Saturday the Financial Times pub- 
lishes a table giving details of Local 
Authority Bonds on offer to the public. 

For advertising details please ring 
Stephen Cooper 
01-248 8000. Extn. 7008 


50,000 people in the United Kingdom suffer from progressively 
para lysing MULTIPLE SCLEROSIS — the cause and cure of 
which are still unknown — HELP US BRING THEM RELIEF 

We need your donation lo enable us to continue our work 
sufferers and lo continue our commitment lo find the cause 

raflUMO' ftease hdp — Send a donation today lo: 

Hfjjl'savi Room F.I, 

® j£s« The Mu,, 'Ple Sclerosis Society of G.B. and N.I, 

§ ■* Tachbrook Street, 
v&'otBbbJ London SWT ISJ 

IMS- IwntepMft 
Overflight .—■•! . * ■ " 

3 1 lays not- ice.. j . — ** 

7d4,vior......... — 

7 1 l*s i nutfug..j — 

Dni jnontfi 12^-12^ 

Two month*...) 18^-121$ . 
Three month*. IBft 12 ,^ 
Mix numtlii ...j 
Alne niwithf.. llje-llii 

noBywr 1 llfi-tia* 

Two yfl*w_.^; * — * 

month iii-iu>5> per cent.; Aapradnuta. soUica .rtw fur ooe-month bank bi H e j6 her cent; two-mo ruh i? per cvm: *ntl 

ihrw-Dwnai uiSs-llWia. wr ecm; oommuOi trade hills is per cents two-month 131 per cent; and bIsd three-manlh i*| p>-r wot 
Flraica Home Bm Hales ipoblishea by the PJnancp Houses Afisdcalloar 111 per ccm from December j, 1 pvs a**rli»g 
Bank ttopocH Rates for small sums at seven- days' noOec IS pec cent- CJoariM Bank Basn Rate* Jar.tcutbu 121 per cent. 
Traanry SI Its: Average tender rates of diseowu li^aainer eeau 

fn Paris the 32J-kilo gold bar 

was fixed at FFr 28.750 per kilo 

($204.53 per ounce) in 

the after- 1 

noon, compared with 

FFr 28^50 1 

($206,461 in. the momins. and 

FFr 28,970 ($206,001 



In Franfurt the 12. J -Mia bar was I 

fixed at DM 12.460 

per kilo 

($203.92 per ounce I, 


with DM 12,615 





Fed Funds 

. .. 9.937S 

Treasury Bills U3-unrJci .... 

.... 3J& 

Treasury Bills (26-week i 

... 922 


Discount Rbic ... . 

... 3 

OrenuRbl - 


Tfirte moiiifts 

. . 4.05 

Six mooihs 

.... 4-65 


Discount Rate 

... 9S 


... 6425 

Oni- month 

.... 6U75 

Thtcc months 

. .. 6.(025 


6.93TO I 



(oz-na sju) 

251 finvni. nb iHuh Road, 

(iri^nvn-li Sr'IU i$L. 

“Dcdum: Kj|. 5 harc Arroums 

b IS Suli’pp. Shares 9 . 23 %. Tc-rm 
Shaxi'ft 1 ’ Jft- v.Set'j. 3 yrs. 9. 10 i. 


I." IT Chitaick Huh Road. 

London Wt 2X11. 

Sub'pn. Shares 9 3 S".. Dt-posli Hale 

Share AcciMinia h. 25 1 ,. 

'-a^*\m /.vA' 


I Royal Exchange Ave., London EC3V 3LU. Tel.: Ol-'JSa HOI. 
Judex Guide as at November 30, 1978 

Clive Fixed Interest Capital ' 129.67 

Clive Fixed Interest Income 1H.2S 

45 Corn hill, London 2SC3V 3PB. Tei.: 01-623 6314. 

Index Guide as at December 7, 1978 

Capital Fixed lnieresl Portfolio 100.20 

Income Fixed Interest Porifnlio 100.55 

Established in Curacao (Netherlands Antilles) 
Notice of Annual General Meeting of Shareholders 
lo be lie-id on .Tanuary 20, 1979 

Notice is hereby given that the annual seneral meeting 
of shareholders of Arrow Capital N.V. (“The Company'') will 
be held iin January 20, 1979 at 10 o'clock in the forenoon (local 
time.) at the offices of ihe. company. IS John B. Uorsiraweg, 
C.uracau (NA.) for the following purposes: 

1. To approve the company's annual accounts fur ih<? financial 
year ended March 31. 197S 

2. To elect a Managing VltrecVor for the ensuing year. 

3. To elect an Advisory Board for the ensuing year. 

4. To ratify, confirm and approve the acts of Ihe management 
and the Advisory Board. 

5. To appoint Independent Auditors for the en.-uinx year. 

6. To transact such other business as may come before The 
• meeting.' 

Tbe official agenda of the meeting together with the annual 
accounts for the company's financial year endrd March 31. 
1978. may be inspected hy all shareholders at the offices of the 
company- as well as the iiffices of its sponsoring banks. Viz. 
Bnnque Rothschild S.A.. Paris. N r . M. Rothschild and Sons 
Limited. London, Pierson. Heldrin? and Pierson N.V., 
Amsterdam. Basque Bruxelles Lambert S.A., Erusstrfs, Eanque 
Privee S.A„ Geneva, IIuLhschild Bank A.G. Zurich. Banque 
Internationale a Luxemhoure S.A.. Luxemoouie, Holders of 
registered shares shall be enl tiled in vote at the meeting in 
person or by proxy. Holders «f hearer shares shall be entitled 
lo vole at the meeting un presentation of their share 
certificate's) or of a vouchci qivon by any of the company’s 
sponsoring banks staling th«'i share certificateis) in respect of 
the number of shares" specified in the voucher have been 
deposited until the end of the meeting. 

The Managing Director 
Intimis Management Company N.V. 

Financial Tiines 


Companies and Markets 


Wall St. fluctuates narrowly in early 


S2.60 to £I~80!% (83%) 
Effective $LS730 37% (39J%> 
reaction to statements made by 
President Carter at a Press con- 
ference. Walt Street stocks 
fluctuated narrowly in further 
slow early trading yesterday to 
leave irregular movements at 

The Dow Jones Industrial 
Average, after managing an 
improvement of 5.80 at the close 
on Monday, was a marginal 087 
harder at S1S.52 at 1 pm. The 
NYSE All Common Index was 

Closing prices and market 
reports were not available 
for this edition. 

unchanged . at $54.51. while 
declines outpaced gaining issues 
by a ?mail margin. Trading 
volume amounted to 15J!9ni 
shares, compared with Monday's 
1 pm figure of 13.0501. 

Analysts said investors were 
stiU worrying about the size of an 
oil price increase expected lo be 
agreed at the OPEC meeting this 
weekend, and added that there is 
still no concensus about when 
interest rates will peak. 

Carter stated that he expects 
the Shah of Iran to maintain 
power. Concern over unrest in 
Iran has made traders cautious 
of late. He also said he was sur- 
prised by the strength of infla- 
tion but called dollar support 
measures “ surprisingly effective." 

General Motors again topped 
the actives list and added 3 at 
$382. Ford Motor were unchanged 
at $41 j. ^ has raised 1979 model 
car prices by 0.5 per cent and 
truck prices by 0.7 per cent 

Shell Oil. which on Monday said 
Us second Baltimore Canyon well 
was a dry hole, eased i to $33 J. 

Viacom lost $1 to $27 in active 

Merck, which Is holding talks 
to acquire Alginate Industries, of 
England, put on } to $66. 

Dn Pont picked up $ to $125£. 
Alcoa i to $49. Eastman Kodak i 
to $61; and Polaroid I to $52, but 
ZEM slipped ; to $277j. Boeing 2 
to $72 and Sears Roebuck i to 

National Airlines moved ahead 
to S36J. Eastern Airlines has 
proposed to buy National for $50 
a share. Eastern last l to $9$. 
Index gained a modest 0.16 more 
to 151.47 at 1 pm in reduced 
activity, but losses held a small 
lead over rises. Volume 1.59m 
shares 1 1.91m). 

Volume leader Texas Inter- 
national Airlines, which holds 24 
per cent of National and is seek- 
ing control, was unchanged at 
$ 12 ?. 

Resorts International “A” 
rallied Is to S23J. Pepcom Indus- 
tries jumped 23 to $17 In active 
trading, but Interplastic receded 
13 to SS’. 


Markets put on a mixed per- 
formance in fairly active dealings 
yesterday morning. 

The Toronto Composite Index 
hardened 1.5 to 1,297.0 at noon, 
while Banks strengthened 4.06 lo 
312.04. Golds, however, 
relinquished 1 ».h more to 1J376.S 
while Oils and Gas -reacted 3.0 to 
1,791.4 and Utilities 0.66 to 19788. 

Bank of Montreal rose 1 to C$26 
in active trading following a divi- 
dend increase. 

Tech “A" shed { to C$9J and 
Teck “B" lost J to -C$9V, but 
Yukon Consolidated rose 55 cents 
to CS3.00 and Brameda 29 cents 
to C$1.74. The companies are 
planning to merge. 

Kaps Transport, the most active 
Industrial, fell 6 cents to C$1.04 
on 79,975 shares in Toronto. 


After another upsurge In early 
trading, the market retreated on 
fresh profit-taking to close lower 
on the day. 

The Nikkei-Dow Jones Average 
reached a new record high of 
6,111.39 before declining to 
6,079.26, down 17.74 on balance. 
Trading was again less active 
than of late, with volume total- 
ling 350m shares (370m). 

Many shares moved higher 
initially, but large-capital issues, 
Textiles and Chemicals were 
among stocks turning lower to- 
wards the close on growing con- 
cern about the market's high 
level. Nisshin Spinning closed 
Y7 down at Y668. 

Export-orientated Electricals re- 
treated following the fresh Yen 
appreciation. TDK Electronics 
losing Y20 to YXJIX0, Matsushita 
Communication Y30 to Y1.600. 

Matsushita -Electric Y8 to Y740 
and Pioneer Electronic Y30 to 

However. Vehicles showed some 
resistance to the downtrend, with 
Honda Motors, Y4S4, recouping 
Y4 of Monday's loss of YT, while 
in Cameras, Canon added Y7 
more at Y471. 

Pharmaceuticals made further 
progress on active buying by in- 
stitutional investors, while Foods 
also rose on hopes regarding the 
approaching year -end sales 


- With investors remaining 
nervous about lay-offs announced 
in- the French steel industry and 
also the forthcoming OPEC con- 
ference on oil prices. Bourse 
shares - again displayed an easier 
tendency yesterday. 

The Steels sector was very weak, 
with two stocks, Navale Dunkerque 
and Normandie Marme-WendeL 
temporarily suspended because of 
an influx of selling orders. This 
reflects pessimism over the steel 
industry following the announce- 
ment of further reductions in the 
workforce of two major steel- 
makers because of lack of demand. 
Creusot Loire retreated 3.1 to 
FFr 61.3. 

Constructions were generally 
firmer. but Banks. Motors. 
Rubbers. Mechanicals and Hotels 
lost ground. 

Bright exceptions were provided 
by Carrefour. 35 up at FFr 2,289. 
Bouygues, 26 higher ar FFr S21. 
and Suez, 3.2 firmer at FFr 300. 

Among issues were Cetelem, 
Penhoet, Mich ell n. Kail, Sagem, 
Borel, Hacheite, Signaux, Poclain 
and UTA. 


Stocks came back from a firmer 
start to finish generally with 
narrow irregular movements after 
another quiet trade. 

Siemens, in Electricals, managed 
a net rise of DM1.20, while 
Daimler-Benz, in Motors, ended 
90 pfennigs higher. 

Elsewhere, Lowenbrau • were 
notable for an advance of DM30 
to DM1 ,580. . , 

Demag, which announced it has 
won an order to supply coal-min- 
ing equipment to China, gained 
DM1 to DM176.50. 

However, Lufthansa lost DM3 at 
DM95, while Gutehoffnungshuette 
were DMlJD down and Karstadt, 
in Stores, shed DML50. 

Public Authority Bonds fell 
afresh by up to 30 pfennigs and 
the Bundesbank bought a nominal 
DBf6.9m of stock after DMS.lm 
purchases on Monday. Mark 
Foreign Loans were slightly 



1 Ji.i-. ! Lh- 

Kl.«fc .11 I S Jjih* ' 34 :/■ > 54’ 

23:* . 23* 
Aetna Ul« i I'd i 40?s I 40< 

.\>r}irn,iii..|. ; 24'i | 24. 

.Vli-aiiAiiiiniaiiim. 54 33. 

Al.-os 48ij . 48 

.Vile". 151* ■ Id 
AUeeiienv 1'iwer )6 l c | 17' 
.1 !ii«f 1 (. Z9h 1 30 

Alliel .-?r«ir»- ' 23i; [ 23 1 

Alii -Clinliovr?....' 3 1 Is ! 31i 

A MAX •' 45 lj I 46 28ig i 285 

Amer. Airlines... 13*i 13 

Am«r, Bnm>lF. .. 511; j SOI 

Amer. L' n «i. 575* • 38 1 

Amur. L'an 35 la . 355 

Atuer. ‘-jimar.ii.l 26 >k ' 261 
Amor. Dim. i>L. 22 . 4 ; 22? 
Amer. L'l-^r. H..f. 22i< . 221 

Amur, Ks|.re«r ... 324 32 1 

Aincr.W'i|ii«* 1‘rtl 28 J 28 > 
Amrr. llwlinl ... 25"g 24s 

Amw. M'<i'r«.... 5 1 » 51 

Amor. Nm. fiiiv.. 424 411 

Amer. ■*'lRii>lnnl. 434 ‘ 43 
Amer. .... 33ii 1 32> 
Arnn. T«l. 1 Tol. 6118 ' 61 

Anirtck 304 • 30 1 

AMP 165 t ’ 161 

AMP 53H 53s 

Am|#i 15 S 4 ! 15j 

Anchor Hm-kios. 271® ; 27 
AnheiiM-r LIumtIi . 25->a l 25! 

Armco 201’ I 20 

A.S.A 23*8 1 24 

A»*m»ya Oil 164 1 16 

A-«n-n ' 131? 131 

Ahhlin-i till . — : 4958 49 

Atl. Ki'-lniebl | 55ig 5b 1 

Auto Data. I'm.... - 324 315 

A VC ; 8:* 8J 

Aw I 24 * 24 

Avon Prort'iBl-.. , 526a 521 

PfilL CftK Klkfct...; 254 251 

Bangor lVjnu ! 20 4 211 

Bunk Ament.**...., 254 t 251 

H*nfcer« IV. A.Y.i 34 | 337 

Barber Oil • 271? j 27! 

Banter Tmveiml..! 427a ] 42> 

Beairu-e 23i? ! 237 

IWlnn Oii-Linum 34 ( 331 

Bell A H,, well 15 la IS! 

IVwilx ' 375« 367 

UcnmieCUon* *B‘ 34 I 3 ' 

Per/HriM-ra .-»«■!.• 204 / 20J 

M4rk A Decker..’ 17 1 167 

l<n*lne 724 70* 

Jfcilne Lawailc 274 27 > 

Baden .. 27 27 

JWi: Warner , 294 29' 

Birniil Int 14* 137 

BHI-W.U.-A' 144 141 

Hriitol liver* 1 33tj I 331 

R.Pet A Dril J!..., 181, ! 181 

BmcktreyClaM.' 25 I 251 j 137« 14 

JSuqrnu Erie. | 16sg 16 1 

BufiinvtVaicb....! 516 6* 

Bnrlingrou Xtiin.J 594 39 

Burrougli } 734 72S 

L'atbpiwll Soup...: 33 4 33 

Canadian Ifccific 21Sg SI I 
(.anal Randolph-. 10 101 

tarnation 25 Ig 25' 

Carrier A Cl eneral Ilia 113 

Carter Hawley ... I 64 16 1 

■JaierplllarTracl- 57 S6S 

CBS 544 541 

Celamew Corpu .. 417a 41> 

CeutnU A S.W.... 157g 157 

Certa Int ceil.. 174 17S 

(Jewiu Aircmlt... 204 20’ 

Utuunpionlaier.. 203e 20J 

Chsae llanhacuui 30 4 50! 

Chemical tik-.W. 374 39 

Clieaebrsh Pon.1,.1 234 23 1 

Cbewle 6ywem..i 264 261 

CbiraKi .1 Bridge...* 50 4 501 

Cbryaler 9s» 9' 

Cine. Milacron....: 334 331 

Citicorp ! 247a 25 

Cities cierricr—... 634 54 1 

City luiustln^. — J 134 13£ 

Cleveilaial C<iif...| 27'e 28i 

CocaCola I 431a 43 

C<)4^.1ci Palm ; 16 4 161 

Culllna Aikmau...| 94 9i 

Colombia (las.... 26 26 

Columbia Pi'-t..,. 22 22 ■ 
CoTO.lnM.VMif Am 167a 16i 

C-imbuhi mn Eng. 344 34! 

Combust ma Eq... 106s IO: 

Cmln-tli 6lbun. 274 27 

Comm, baterille. 387; 381 

Computer st-ienu. 114 111 

Conn Life In,...., 554 35' 

Cunm<> 144 15 1 

Cou.LaiLsi-in NY... 24 24 

Consol Foodb 22 22' 

Consol Xat Ge_ 37 361 

C7>a«(fflu*r W'rrer) BZTg 22’ 

Coatineiiiai Urr-. 27 4 27 1 

ConttaeuCul I'll.. 281* 275 

Continental Tele 154 15' 

CoDtml Data. 354 345 

Cuuper Indus. 49ig 491 

’ lie**. : Dm*. 

Slm-li ‘ 11 B 

I '.'oniinir f,la^K..J 574 5654 

l'|i, lni*n)*iiH‘a<i 491? 1 504 

i.raiio I 244 . 244 

Cinokur Natl I 25 247a 

Cn >n n /.el Mri aei •' 31 ; 304 I Pen. 
11 S 

Cin-ker Aatl 1 za ■ Wt 

Cn >n n /.el Mri aei •' 31 ; 304 

CiiinmiD- Kn^ine. 52-'i > 334 

CurtiM U'rijjiii... 14 1 137g 

liana ' 

llart lmtiiMrie>o 

Deere I 

l'c! Monte 


Hi.-nt.'iil.r Ini I 

Lii-troit E>lt-in ... 
Diarnunii Shamrkl 

Diets pbnnc | 

[litfital Kniu|i..... 
Di-ne.v ( Wall j ....1 

finrcr i.V>rp'fl I 

Dow Cbenunsl ...; 
Dravn ' 

Draper ’ 

ll'ii’int 1 , 

EakIu Pilcher.,...'. 
Him Airlines 
Kastman K>«ink. J 
Raton i 

Is. G. £ t; I 

b’i Pam) Aat. Uas 1 

hut* ! 

Kni'i—jn Klei-tn.-i 

Km hart 

b.M.1 _i 

knueHianf I 

Bamark ; 

Klliyi \ 

Fain-b>li| Laoiera’ 
Veil. Dept . M> >re?| 
Kinesluiie Tire.... 
Fm. Nat, Bovtun.! 

Pled Van .’.j 

Flmtkol% ! 

Kloniia K»*er....; 
Fluor I 


Find Muiur | 

Foremost lick,..: 1 

Fmcburu I 

Franhljn Mint ..." 
Frevpuat Miner*. ! 

Frau haul ’ 

Fuuua Intis j 


■ iannell 

tiun^Vniei.Inv. .. 


Gen. tiilife 

Gen. Dynaninat.. 
lien. Eltvfrii-a.... 

Gen. Foda 

Uenenti Mills 

iitMierai MuLun.. 
Uen. Pub. Util... 

■ ien. Signal 

Gen. Tel. Elect... 

lien. Tire. 

ti enesoj 

Georgia Pat-llie... 


Getty Oil 


Goodrich B. F. ... 
Goodyear Tire.... 

li W.I{....„... 

Grt. North Iron.. 


Gull & Western. , 

fiuir Mil 


Hanna .If mine...; 
Ham 1 tel linger.... 

Ham* Corun 

Helnr fL J. 


Ben left Paekanl.| 

Hoii'«*.\ Inns j 


Lios|-4.'nr|.>. Amer 
HuiiHtou Nat. iia± 
Hunt (Pb.A)Cbiu 

HuUon 1K.V.1 

1,1 . Iiniiiatnee .. 


In/rer-oil lland...i 
Inuuul s-ioei. j 

IBM : 

lull. Plat-urn-! 

lutt, UaneUrr.. 

lutl. Mini: (.bleu 
Inti MuHiiumts.,. 


lutl. Paper 1 

Inti. Kcctilier | 

lull. Tel. -t Tel... I 

luwa B«.r I 

lb lalennilidual. 1 
Jim Walter ' 

234 235 b 

36 34 i e 

354 36 

19 19 

154 164 

394 394 

107a 114 

274 274 

604 505« 

10 10 

294 2S&* 

Jnl in-- Manviltc...! 
J oh upon JnhnKmJ 
Jobn-nn Ct'inlTvI.; 

K.MarCnrp ; 

kaiser Imiusuie? 

Raiser bteel 



Ken- AMJm. 

Uliidc Walter j 

(timber ly Clark., 

Koiver. ' 


Kroger Co 1 

Leanray Trans... 1 . 

Levi Mmuj ! 

Libby Uw. ForU-.i 

Liatjet* Gronp.—! 

Lilly lEli) j 

Litton ludustneti . 
Loau Star In- lust! 
Ij-fi;: Island Ltd.-' 
Louisiana Lata!.... 

Lilin^oi •; 

Tricky tnuivr t 

Lj'kes Corpn 1 

MauMUIan [ 

Macy K- H I 

lliu. Hanover..... 

Mapm I 

i Lam then Oil ] 

Ala cine M»llanit..| 
ManbaJI Field .... 1 

May Dept. Stcresl 


McDwmtct I 

llcDonaell Duu^' 

Jlcmo res. 

aierrJt - 

Merrill Lvacb 

llesa Petroleum.! 

MGM ; 


Mut .11 Corp. | 


Morgan J. P. 

Motorola I 

iluiyUyOU ‘ 

NabiHL-o- j 

N»Ii.h> Cbeml.aL : 
National Can [ 

Nat. Ilistillcrs....; 
Nat. Service IndJ 
National Steel.... 



Neptune I nl 

New England K.. 
New England Tel 
Niagara Moba^k 
Niagara Share.... 
N. L. Initimrtea. 
North Nat. Gas... 
N'tbn. States Pwr 
N'tbweet Airlines 
N'tbweat Bancorp 
Norton Sunou — . 
ikvalental Petrol 
Oqiley Mather... 

Uhio Kdioou. 


Overseas sbl|»„. 
Gwens Corning— 
Owens 1 Ilium-— . 

Pacific Gar 

Pacific Lighting.. 
Pan Pwr. * Cl*;.-. 
PanAmWorld Air 
Parker Hannilii'. 
Pealasiy lntl...... 

Penn Pw4 L — . 
Penuev J. C ...... 


Peoples Dm*; 

Pet-pie* Gas 

Pcpsico — } 

Verkin Elmer. 


P helps D-xIrc — 

Philadel |.ibia Ele. 

Philip Morris 

Pfall lips Petro'm. 


Pitney. B-jwes— . . 

PI l tsl on 

Pitney Ltd AI>K 


Pmomec Klee 

PPG Jndu’Lrlea.. 
Pnteer Gamble.. 
Pub. 5-er. Elect... 



Quaker Gar* ... 

ICapUi Ajnerkan.. 



Uepufllc »teel.„. 
I Resorts lntl...— .. 

I lev Inn 

ICevnulds Meta If. 
Hevnnlrt" 1L 4.... 
Uarh'Min Merrell 
Ib-idraell Inter... 

Rohm A Baas 

Rural IJctrii 


lions Toga 

Ryder Syvteni.... 
•Safeway -Sfunsn... 
St. Joe MlnemL. 
3t. Rains Paper .. 

oanni Fe I nils 

Saul Invert ... 

Sa run lntl-. 

Scblirs Brewing , 
fdfKlumbrrcer. ...1 


Scott Paper. 

Scuvil Mr*f 

Sc adder Dnn.Ca), 

Sea Container 

Seas nun i 

Soarle lO.U.j .1 

Soars Koeliiii.-k....; 


Sliell Oil ( 

Shell Transport .. 


Signori e Coro. .... 
Simplicity Pat... 

Siuuer — 

Smith inter 

Smith KUne_ 



Soutliern CalJid. 

Southern Co. 

Sthn. Nat. Kev ... 
Southern Phciric. 


S’w’t Bwndiarei' . 

Speny Hutch 

Sparry Band 


Slan-larri Branri..- 
Std. U1I I nillana. 
Stll. Oil Ubl-I. .... 
Stauff Chemical.. 
Sterling Drug — 


Sun Go. «... 








Tesurn Pet rerieom 



Texas haaiern — 

Texaa inm'm 

I'eaaa Utl 1 Gw.. 
Texan Utilities... 

llmiw In* 

'Tunea Mirror. 


Tmne- — 



Tran Union 

Tran -way Intrn.. 
Train Worut Air.. 



rnton Oil & Gaa. 


20th Century Fox 

If. AX. 



Uu never 

Unilever NV 

Union Rancor;.-... 
Union Carhirie—. 
Union Cummeroe 
Union Oil Calll— 
Union PanBc — ..l 

Uniroyal I 

l/nrtof Bran -Is... I 

US Bancorp— — -I 

US Gyroum. 

US Shoe. I 

US SienJ —| 

Lid Techm-k-giew 
UV Intluairiei-.. 
Virginia Elects., 


W'aUacn- Murray. 
Warner -Coui ran,. 
Warner-Lanii icrt . 
Wante- Man'ment 

Wertero Banconi 

VVenK-f n , Amer; 
IVctu-ru Uui'-n...: 
IVeutingh'-e Eitvj 
Weverimeurcr. ...| 

White Cnn. I ml. - 
Wliilara L<v..,.,.| 
Wlucunrin Blent .1 

l Do*. . Dec. 
St-xb 11 1 2 

WnOlwnrlb 19>< ' 19 4 

Wylv 44 ' * 

Xerox 54 ; 534 4 

/npflla 11 I 11 

/e>niih ICadin J 134 ' 13 4 

liJ3.Tren«.*'519ttir 194 ' !94 

Uj»Tiv*-4:275fii; t7BSj ) ■)785 9 
U.S. SLkilay bills. | 8.92* 8.93% 

Cement .j 
N W fan. 
pBk Cora 


.Mutlhl Pnr*T 1 185* I 19 

Ago ico Baric — • 6 ■ 64 

Akaui Aiumlni’m 1 40 - 40 

Algoina Steel • 264 27 H 

AstOstca 52 53 

Bank 01 Montreal 255a . 254 

Bank Nov* Scotia; 23 4 234 

B*ale Uenourcee.. 3.85 3.90 

Beil Telephone...! 644 644 

Bow Valiev Ind..! 22 223a 

UP Canada 204 | 201 

Uitwaa_,„ 1659 ] 161 

Brintv — ;8.5tl I 18.5 

Calgary Power... 40 1 40! 

Cnmdo Mine* .... 134 - 13 1 
Canada Cement .j 124 l£l 
Canada NW fan. 104 97 

Can. Imp Bk Com 304 30> 

Canada fnduK ... 22 {22 

Cun. Pacific 25*8 25 

i .'an. Pacini- Id*. 244 241 

Lin. -Su|ttr Oil— 715a 72 

Carling 1 1‘Keelp.. 4.60 4.4 

Cossult Ast-esto*. , 94 91 

CbielUra M 265 b i 26^ 

Cominco — 324 1 311 

Cook. Bathurst... 13*4 137 

Consumer Gau.... 19 1 191 

Cosoka Keuwrnua 5.75 ! 5.6' 

Co»t*in 11 1 10 s 

llaon Llevei 135s : 15i 

Den Con iliuea... 73 | 731 

D-weMinre 88 88 

Dome Petroleum. 87*t 1 86S 

Dominion Bridge f23 1 29 

Domlur S3. { 23’ 

Dupooi fl5 I 151 

Fateia'ac Nickel. 3tf4 SU 

Ford Motor Can.. 684 j 69« 

Uenatar- 344 34 T 

Guiai Yeiiwkniie 104 101 

Ciull Oil Cnnx>ia.. 1354 351 
Hawker slil.Can. 84 83 

Hoi linger.., 40 591 

Home Oil •A'—. 454 45k 

Hndaoo BayMngl 20 4 201 

HimIhhv Baa. 204 213 

tiudhoaUtIJtGtr 521* 53 J 

I.A.C — a. - 177s 18 

lina*cn. A % — ... 384 381 

Imperial Oil 237 b 24 

Ujuo-A' 184 177 

Inda. I 13 13 

inland Sat, Ga,J 111 11 

Inr'p.v.PipeLiuej 164 163 

Kaiw liesourcer 154 1BJ 

Lauri Tin. Corv-i 97a- 97 

Loblaw Oom. *B'| 4.15 4.31 

.Memd'n Bleed— 224 221 

Maw-ey Feaguronl 104 101 

McIntyre...— — j 233* 24 

Moore Lkirpn 334l 333 

si on ntain State R 3.05 „3.2< 

Noranda Mine....! 365* 36' 

N'orcen Energy.. ,| 181* 18* 

Nth. Tejueora 364 56 

Nuniac Oil Kim 294 285 

Untwix-d Pelrr-’n 4.30 4.41 

LVctflc Copper Ji. 1.88 1.9 

Pacific Petroled in | 60S® 601 

Pau.Can. Petrous 58 38 

Patino I 204 201 

People* Dept. o_.| 763* 67 

Pla-.e Can. & OpJ 2.03 2.0 

PlacetDevcIopmt 267g 265 

Power Corpora t’n! 23 4 83 1 

Price 23 ;2* 

Quebec Sliitgeon. 1.25 1.3 

linger Oil 15 ig 15* 

Keen atenbou -t... 10 s * jlO* 

KmAlcom 334 53! 

Itoynl Bk.ol Can. 377g 37i 

IloyalTruft 744 )41 

Sceptr-sRuBOurewl 7Sg 71 

oroumiov,^ ! 323s 327 

’Shell Canada..— I 154 16* 

Slierriu G. Muiee 1 . 8 81 

SiebensO.L ..j 384 38* 

simprun ; 73* 77 

Steel tit UufifclK...; 273* 27i 

Steep Rock lruu .i 3.66 3.6 

Texaco Cnna>in ...j 493* 501 

Toronto DouiJH.I ^34 22' 

Ttn m Can Pipe Lni 184 18 1 

Tran* Mount Opt I 84 82 

IriMc I ;16 16 

Union Gas- 10*8 10* 

L-uhJnisiveMiDer 1 105g 10! 

Waiver Hiram ...• 394 391 

IV« Tran, 1 H 7g 11* 

Western Geo i 23U 23! 

tBld. t Asked. 5 Traded. 

|| New siodc. 

a B leed— 
rro. 1 







F. 370-50 



1 . 



| 8.50 



, t 



3 : 



( — 



F. 28.60 



- 1 

_ 1 


: — 




- AKZ 


SO 1 

0.70 1 


1 2.40 





F. 32.5D 

— / 

— 1 


1 1.30 






— 1 


! — 




* S60l 

3 \ 



1 — 


Ml 4 



2 1 

11 B 





8247 0 



— 1 






F.37.50 1 

— { 









— j 








* i 







6 1 

7l a ! 


1 16 













1 _ 81* 
(12 50 

2 _£ 






I 7.80 




F. 133. 30 




I — 








l — 




F. 152.40 







F. 160 




: 1.60 










F- 109. 20 











— . 


! 2-60 



— ! 

— . 


! — | 







— | 


; o.6o | 





l ; 



! - 1 




9 ; 

3.70 ; 



F. 121.2 


F. 1301 

— j 




3. BO 


F. 140j 

— i 







2 \ 



— i 



S54 1 






5 1 



1 — ! 






lo . 


. — 

| — 




8 ! 



i — 1 







A.BJY. Bank 12i% 

Allied Irish Banks Ltd. 12i% 
American Express Bk. 12i% 

Amro Bank 121% 

A P Bank Ltd 124% 

Henry Ansbacher 12*% 

Associates Cap. Corp.... 12J% 

Banco de Bilbao 12j% 

Bank of Credit & Grace. 124% 

Bank of Cyprus 121% 

Bank of N.S.W 124% 

Banque Beige Ltd. ... 124% 
Banque du Rhone et de 

la Tamise SA- 13 % 

Barclays Bank 12$% 

Barnett Christie Ltd.... 134% 
Bremar Holdings Ltd. 134% 
Brit Bank of Hid. East 124% 

I Brown Shipley 12{% 

Canada Perm't Trust... 124% 

Cayzer Ltd 124% 

Cedar Holdings 121% 

I Charterhouse Japhet... 12i% 

ChouUrtoos 12 i% 

C. E. Coates 12J% 

Consolidated Credits... 124% 
Co-operative Bank ......*12i% 

Corinthian Securities 121% 

Credit Lyonnais 12* % 

Duncan Lawne 12i% 

The Cyprus Popular Bk. 121% 

Eagil Trust 12* % 

English Transcant. ... 121% 
First Nat. Fin. Corp. ... 14 % 
First Nat. Secs. Ltd. ... 14 % 
I Antony ‘Gibbs 12$% 

Greyhound Guaranty--- 12[% 

Grind lays Bank 12l% 

IGuinness Mahon I2i% 

iHambros Bank 121% 

• Hill Samuel _..§12i% 

C. Hpare & Co tl2i% 

Julian S. Hodge 134% 

Hongkong & Shanghai 12*% 
Industrial Bk. of ^:oL 124% 
Keyser Ullmann ....„ 121% 
Kaawsley & Ca. Ltd.... 14 j% 

Lloyds Bank 12*% 

London Mercantile ... 121% 
Edward Manson & Co. 23*% 

Midland Bank 12J% 

i Samuel Montagu 12 i% 

■ Morgan Grenfell 12}% 

NationaJ WestmiDster 12}% 
Norwich General Trust 12*% 
P. S. Refson & Co....... 12}% 

Rossminster 124% 

Raya! Bk. Canada Trust 12}% 
Schlesinser Limited — 12 }% 

E.. S. Schwab 134% 

Security Trust Co. Ltd. 13 i% 

Shenley Trust 14 % 

Standard Chartered ... 124% 

Trade Dev. Bank 124% 

Trustee SaviDgs Bank 12}% 
Twentieth Century Bk. 13} % 
United Bank of Kuwait 121% 
Wbiteaway Laidlaw ... 13 % 
Vfiliiams & Giya's — I2d% 
Yorksbire Bank =. 124% 

| Members of Ule AccvpdUK Hanses 

7-day deoo&Ua 20%, l-month depoaUs 

T'Oay deposits on suras of £10.009 
and under 1D%< up ro ISSkHW 1W% 
and aver £25.000 id;'.. 

: Call deposits over fi.ww 10%-. 
Demand deposiis 10 ... 

Initial sharp gains by Gold 
shares were later pared following 
lower Bullion indications, although 
some sizeable net rises were still 
to be seen at the market dose. 
West Driefonteln were R2.50 
higher at R45.50 and Western 
Deep Rl.20 up at R16.40. 

The stock exchange has been 
closed for the past two business 
days in order for it to move to 
new premises: 

De Beers advanced on both 
local and London demand to finish 
12 cents higher at R7.85, after 
touching R7.90. 

Platinums gained a few cents, 
while other Metals and Minerals 
were mostly unchanged to firmer. 

Industrials tended to improve 
on institutional support. 


After recent firmness, markets 
showed no clear trend yesterday 
in cautious trading. Acting as a 

I drag on sentiment was news that 
Australian wages will rise 4 per 
cent to fully compensate for con- 
sumer price rises in the second 
and third quarters. 

Market leader BEEP, following 
Monday’s advance of 24 cents on 
speculation over its oil explora- 

tion interests, shed 4 cents -to 
A«8-90. . .. 

In a mixed -Oils sector. Beach 
Petroleum relinquished 3 cents 
at 74 cents but Bridge. Oil 
gained 2 cents more to ASL42. 

JCZ Australia, responding . to 
higher profits, unproved another 
5 cents to . AS2J25, while, other 
firm spots In the Industrials 
sector included Brambles Indus- 
tries, 5 cents up at A9L.65, and 
News, 10 cents dearer at AS2.50. 
In contrast Australian' Founda- 
tion Investment, strong of fate, 
reacted 4 cents to A$1.0L ■ ; 

Banks were mainly a shade 
firmer, but ANZ came hack 2 
cents to A33.SS. " 

Among Uraniums, Queensland 
Mines, A$3.30. lost 5 cents. of : the 
previous day’s rise of 24 cents 
which followed news of the rati- 
fication of the Nabaxlek agree- 
ment by the Northern Land 
Council . Its partner. In The 
Nabariek prospect, Kathleen tn- 
vestments, was a shade, easier. 
I'anco ntinentnl receded 25 ; cents 
to AS9-80, but JPeko-Wallsend-put 
on 4 cents more to ASS5L" 
CRA rose 9 cents to AS»54, 
bur some diamond exploration 
speculatives retreated. Sparges 
declining 5 cents to 2a cents.' : 

Central Norseman added SO 
cents at A$114K). still helped by 
rising gold prices, but Gold 
Mines of Kalgoortie and Emperor 
shed 2 cents apiece. 


1 Dee. Det 

1 U 8 7 \ . 6 - |- . 

Dee. (Deo. 

6 14'. 

*Indn»tri»ls SIT.SBj MI. *6 >16- 
H’maB’ndu* 8B.66! 86.47 88. 
Trmyrm fWy** S1B.64. 215.8S 212 
iteilltles-,... 101.121 181 M mi. 

'' f S£r cl «Jiw» n.i 

86.48 MJI MJ 

SW.20 erejftzlfi.i 
■111.52 mnuiMJ 

' 1272 ’ , iSiMoCoraptUCa 
/High Loir Rigb - ; Zqw - 

W7.74 742-17 TMIJO -41X8 

ffi (llil/73) 
12 • 

wo.51 mwlMia-. 

- Barfa of Index ctonged trom Aug- ** - 

" lad- «Hv. yields 

ahd poors 

Dec. Dea. Dm Deo. 

IX 8 1 6 

107.671 107.2C 107JJ1 1 
37.11 96.B2 SIM I 

fOun ap wi tt i 

lad. d3v. yi eld % 

,laa. PQS Itorib 
l£cn|> Gov. Bond yield 

a es 
& & 
,a st 

(aw a«u) 

.# Dsy*« blgftld.21 lmrm.76 
-ypv.y j CTwuragoappari: 

a.83 .1 ■ s.»g- 

_ -- 1878 • , {Sfa rorOoini dlat'a 

'’ D 6 °" Hi*b Deny Lorn . , 

108,80 M 118J1 86B2 MS4.64 ViS: 

.. (izrs) ~ <&3) kii/i/73) (sewssj 
SIM 80.1 E 108M -SS.^ I -12B-85 r 4.W- ^ 
I - . (Ufi6 t6/3) jciLi^sikyafgg 

■ Mpv.SO f : Hay. 80; Yay «ga tiging.) 
6^3 8.12.' -••• 4A6 -f- 

Deo. 6 \ 

- Sw.28-. 



- 8.77 . 

B-73 -. 



Hong Kong 

Market remained in easier, 
mood in slack trading, with the 
lower- than-expec ted prices 

realised at hlondajr’s Crown liaind 
auction continuing to depress i 
sentiment. The Hang Seng index: 
receded 5J3 more to 513BL 

Hong Kong Bank lost 20 -cents 1 
to HKS17.50. Hong Kong Land 
also 20 cents to HK$7.90, Hutch?- 
son Whampoa 12.5 cents' -to l 
HK4.23. Swire Pacific 20 cents to 
HKS7.70 and Wheelock 23 cents 
to HK2.55. 

China light declined 70 cents 
to HK24 ahead of going ex- 
rights today. Stelux dipped. 33 
cents to HKS2.00 following non- 
day’s announcement that fiie; 
company suffered a HK£Gl,3Sm 
loss after extraordinary items r in 
the year ended March 3L -.v 

Trading in the Hong Kong 
Land unsecured loan 19S4-93, in 
its partly-paid form began yes- 
terday and the stock dosed at 
HKS26. --'i-= 

Doc. Dm. D«c- D«. 

II ; 8 7 6 High Xaw 

«j5>[ 64.M 64.3? S4JI ' B738 4tJ? 

• 111 (Pfl)- Ptf) 


Blaea and JWta 

Dkk' 11 Deo. B jfy&l . 

■ "xjSaT: :i^8L - 

. SSscm U ... -783 ' ',528 ; *BV 

- FolU....... 700 .883 .- 818- 

- Doc&uigod ' 4-51 -■ 466' '"472.- 

Sewim*. W ID ? 16 

. Lows_~ — 33 . .28; ‘ 7, 29 





f'.' : IndoslTial 






7 - 
















NOTES; Qveneag prices shown below 
exclude S premium. Belgian dividends 
are alter wiibboldliu; tax. 

4 DM SQ denom. unless oihenrise stated, 
yields based on net dividends plus tax. 
9 Pta 500 denom. unless orherwise slated. 
^ DKr 1B0 deoom. unless otherwise stated. 
4> SwFr 500 denom. and Bearer shares 
unless otherwise stated. S V50 denom. 
unless otherwise suied. £ Price ar rune 
of suspension, a Florins, b Schillings, 
c Cents, d Dividend alter pending rights 


| Price + mIWj. Yvd. 
Dec. 12 I Dm. — | " 

AEG... ....".j 8L0 \ T ~ 

Alliance Ver»k-li..| 500.0 -r 2.5 1 31.2 3.1 

BMW 2afi.0._ 28.12 6.2 

BASF 235.3 ~G. 1 IlS./Sl 6.9 

and 'or scrip issue, c Per share, f Francs, 
p Gross div. %. fc Assumed dividend alter 
scrip and/or rights . issue, ie After -local 
taxes, m tax free, a Francs: jndntUng 
Unllac dlv. v Worn- Q Share split, s Dtv. 
and j-feW exclude special payment, flndf- 
calod div. u Unofficial trading, v Mluontr 
holders only, v Mercer pending. * Asked. 
t Bid. S Traded- 2 Seller, a Assumed, 
xr Ex rights, xd Ex dividend, r.xcEi 
scrip issue. xaEx alL a Imerita since 

- ATiEtr aUft^ll Magi 

Boigium (D) 07.45 
i>tannaik(“* (n) 
Trance <tli 77B 

f{F6CXtt32iytU)' 623.9 


rMMUna (JJ;| 79.1 
TTwiig Song 1 513.81 
Daly (il)i 69.83 
Japan M. 451.38 
Sngapom'*) 549-27 

Pic- , 1978 1378 

vious High, lav ■ 

5S&82 £66.79 41L19 

xszfii msi -- 

97 JA 101_16 90.43 

9L2B 98B6 88.08 
(14/8V (30/10) 

76.0 63.0 -I7B 

(4J10) (3/0 . 

330.1 863B 7SBA 

(19/ IQ (17/5) 

79.0 9SJ 76LO 

(1D9) (*/*) 

518JM 707.70 3B54-' 


Taos 8zlzb 6&JW 

<26/91 aum 
45L63 46L» W4.» 


• (6/0) o/n 


i- indices and base dates, tall ham values 
190 except NYSE Ah Common — 50 
-Standards and Poors— 10 and Toronto 
306— 1.000. the last named based on 1275). 
t Excluding bonds. 1 4W Industrials 
.TJ4D0 industrials, 40 Utilities, 40 pfuance- 
and So Transport. IT Sydney AH Ordinary. 
A Belgian SE 31,11/ 61. Copenhagen SE 
1/1/73. tt Paris Bourse 1K1. XtConuneiF 


22&14 (lVU) . 16290 (16/7), : 
20.81 02flO> _ m® 0WK-, 

■W2.7 Q2 VjT Mfc*(30/ljv : - 

786.0 (tfl/4) 

' ' .'"■/'‘2>SrTlES^~5a7d7 ' m 

j 12 -viooa High, 

Spain m 9093 to) U0.W "bTjS" . 

Swedstr W 367.70 368j» 4^)' SS 7 .; 

Switaarifll/J SB3.4 280.1 3§J j 
- -:v- ; - 1 - 1(»g) g6 fb 

bank T)^:.19S3. h Amsterdam inouotfal ;r 
1870. JTHang Sens Bank SV7/S*. ^ Bawtt - 
ComatMtHHn. Italian* 1877. -. a.Sotyn •' 
Nov SE 4/1/58. -* Straits Ttaws 208£ 
c Closed, d Madrid SE Wi/H/W, « Stock- . 
hWm InduBtriai 1/1/88. f Swiss Bank - 
CnrparaUoa. ^UnavaUabteC. r -' ; 



- - - ’ - Stocte Omrtng. inB 

' V- traded ..price «ta- .' 
General. Motors 297. we -361 . 4U 

Kaufman At ; . Broad .3S6JB8 -» +5' ’ 

Texaco : SSSjWi JU /v- 

EBOO . .... .723,688 . . " . +i 

Golf * Western -. 318,780 14 -f* 

Seara Boehacfe ..^'lDgSW-.- Zip- "i44 
Pan- Amer. Ain ns* 18O9D0-. -Ji > •- 

Boling. 7 178,600 - . 72 ff. M-lt 

BaQy Mfg. — 173,400 -06 —2 

WflHantrA'Gbi -aLL 1T4J80 


•Uncea | + or I 
Ten I — I 

Securities Rand U-S.S0.64* 
(Disco ant of 43.9%), 


Dec. 12 . Per'c6 

Aslontf «*• 

Banco BUfaao i 

Banco JUlantico (UNI '-VSr 
Banco Central ’*304. 

Banco Exterior ■*,- 
Banco General 
Banco Granada 4LCT»p 
Banco HIepbiui ™ 

Banco lad. Cat a«*«-rA» 
B.ifodL BteHterranso ^J«8 
Banco Madrid 2JS - 

Banco Popular . 26. 

Banco Sautinder N33D>; ' IBS' 
Banco urqoifo a, (too) . 2» 

8mm Viacasa .‘as 

Banco Zaragqeano — ar 
BaWcutdon ; not? 

Banns Andalncts 389. 

Babcock Wilcox - 29" 




Sanio PapalctA; 

;>’V ^ 13 . 1978 


Cflop&fos w4 feftett 

Jl *25 J;’ 

1Zii u -JZ H'iSja 

i V“ S> '£ 

' : '*k fc. 
,,. H.vrf. 

■ . So ■• 

'.- : V: 


' ■* ’..- 
. rr •--' 

** *3 

►: * 

*►*• -. ..,■ ■ 'j 

■ V'k 

new bid 

to raise potato prices 


THE Ministry of Agriculture con- 


ii second support : buying: prc- 
Krannne- to raise -thepriteV of 
potatoes from ':• ; the .^present 
depressed tewia. 

■'■ The infemibu is that' sufficient 
surplus 'potatoes' -are removed 
jfnim • tbe- inarkef- t&-pasft up 
prices to the guaranteed level for 
growers of ,£«3dW * tonne: .. .. 

At present prices are around 
£54 to £39 a tonne and the Gov- 
ernment would: fate. a. huge bfll 
for refieitec^ payments {the. gap 
between -:.the\ . . - market and 
guaranteed ; price)-, unites ; the 
• market riste£-- : i- -A- ' ■ : . = 

, .The cost of: the “buying pro. 
gramme^ ' which" wilt- continue 
until morfcctprices rtse to the' 
required leVet. trill as usual be. 
financed two-thirds by the 
Government aid one-third by 
. the ; • Potato ' "Marketing Board, 
which will, be- -handling . the. 

Under a new . support market 
system introduced this year the 
Board', bought. 450,000 tonnes 
earlier this- year from growers. 
But this failed- to bring prices 
up to . the guaranteed level 
because the . bumper . crop 
increased - available -supplies 
more than -expected. 

At the moment the. Board is 
forecasting a surplus supply of 
600,000 tonnes uf - maincrop 
potatoes out of total production 

of at peak' 6.4m tonnes. However, 
to -bring a big enough increase 
in potato market prices it may 
be accessary for the Board to 
buy up substantially larger 
quantities and then, . as . neces- 
sary.' sell them back to growers 
at a later date. 

- The board considers it is most 
effective to control the market 
at, an eariy ,-stage ratbcr than 
wait until prices slump. too low. 

UnUke^ xbe Bret support buy- 
ing pro g ra mm e the hoard is 
insisting that any - potatoes it 

hoys from clamps or stores must 
not only be ‘'dressed" lo laid- 
down maincrop standards bin 
also be subject to inspection. 

Prices offered range from £44 
a tonne for January-Februarv 
deliveries to £48 for June-Juty 
in line -with the normal seasonal 
rise in the market. 

Potato Marketing Board 
officials were at pains to point 
out that a rise of £20 a tonne in 
the ptite for growers equals an 
increase Of less than Ip a lb in 
the shops. 

Windwards banana boost 

THE WINDWARD Islands have 
regained the lead in the UK 
banana market following seven 
years of depressed production. 

Geest Foods imported 135.000 
tonnes during 1978, the Island’s 
entire crop, the . company 
annonneed yesterday. Next 
year’s production i$ expected to 
be still higher at about 150,000 
tonnes but this -.would still he 
some way below the record level 
of 134.000 tonnes reaped in 1969. 

The low priert resulting from 
the high 1969 crop discouraged 
some- growers and- a persistent 
drought this decade extended 

this trend. By 1375 output had 
slumped to 90.000 tonnes. 

In recent years UK Govern- 
mem aid has encouraged many 
Windward LsJands farmers to 
return to banana growing and 
others to step up production. 
This helped to boost output to 
1 10.000 tonnes in the 1977 crop 

Geest said UK demand fur 
bananas increased by 5 per cent 
in 1978 — “an expansion winch 
was obtained al prices which 
were fair to the consumer and 
offered a reasonable return to 
the growers." 

EEC cash aid for dairy sales 


THE BRITISH Milk - Marketing In the spring the EEC 

Board’s promotion and advertis- Ministers of Agriculture agreed 
trig budget of'abaut £14ra_ a year that farmers shooldt bear a share 
will be boosted by an extra of the burden of- disposing of 
£2,9m in toe: coming months— dairy surpluses. With this in 
and the bonus win come from mind '. they Approved the 
Common Market funds. co-responsibility on all 

* The extra income -will' come d *-£? rl * s £?*? r 
from the so-called “ co-responsi- -/Hj 18 slaTte ^ at f 

hitity” levy collected by the EEC tb * «« 

from European todiy farmers cut t0 OJ per cept^Tfay this 
since -September last year. _ ^ ^ will 

By nextapring. the Milk Board ^ 5h arod * among the five Milk 
shou , ld kave Marketing Board areas in 
«>««*?* about £120m, of which Britain. But beUus&.it has the 
British dairy fanners will have ja^gest area : and ' population, 
paid some £23m. England and Waite mil take the 

' r 1 n" Addition ; to the £2-9rh for most-— some £2.4 jh.~'~ • 
promoUons Britain is expected to Most go to the MMB but 
pick up a farther £15m in ^on- Q ua iity Milk ProduceTSrwho sell 
tribnpons towards the new EEC jJilk ^ ith higll cream content 
programme offering frte milk froih jersey and' South Devon 
to junior school children. ... -cows, will rIso take a share. 

More money will also bg made “We shall use the-mciney to 
available for technical and mar- supplement our e risdog pro- 
. ket research,- development of gramme of advertising end sales 
export markets, improvements in development— to whiah our own 
mill? quality and subsidies for farmers are already tentfibuting 
lhe production of dairy ice ertem to the tune of arouiuf fMm/’ a 
and. "concentrated butter”— used MMB . spokesman sajd.iL'v These 
mainly as a 'cooking fat.: ' •! " sound large sums, but they are a 

small percentage of the indus- 
try's total turnover — more than 
£1,3 00m even at the wholesale 
level. . 

“Maintaining, and if possible- 
expanding. the market for liquid 
milk is vital if consumers arc to 
continue to enjoy doorstep 
delivery, since this would quickly 
become uneconomic if consump- 
tion fell too far,’* he said. 

The Board was glad to sec 
some, at least, of the money that 
UK producers had contributed 
through this levy returning for 
the benefit of their own markets. 
Jt was also heartening that more 
would now be done to promote 
sales in other EEC countries. 

The Butter Information 
Council, which helps to promote 
the sale of all types and nation- 
alities of batter in Britain will 
also benefit from a grant of about 
£600,000 from the co-responsi- 
bility “ pool." 

Applications for grants from 
the Ice Cream Manufacturers' 
Federation and the Cocoa, 
Chocolate and Confectionery 
Alliance were reported to have 

Fresh fall 
in cocoa 

By Our Commodities Staff 

London futures market fell to 
iheir lowest levels for more 
than a monlli yesterday. 

Dearer sterling, lower over- 
night prices in New York and 
“ " chart patterns com- 
bined in depress prices and by 
the close March del very cocoa 
was quoted at £2.941.5 a tonne, 
down £2“.S on the day. March 
roron earlier fell the £40 per- 
missible daily limit lo £2,025 a 
aim nr. 

Delays in >Uipmems or 
Ghana new crop cocoa are still 
causing concern but dealers 
■said cocoa from niber origins 
isbeiug delivered. Trade 
interest In physical coma re- 
mains “ thin " they added. 

Dutch cocoa bean grindings 
In November rose 4.7 per cent 
to 11,2X0 tonnes compared with 
10.770 a year earlier, the Cen- 
tral Statistics Office of Holland 
said. But this is lower than 
the 1L729 tonnes ground in 

In Japan -meanwhile, third 
quarter grindings were 5.6 
per rent up at 5.727 tonnes 
compared with 5,424 in ibe 
April/June quarter, out 14.8 
per tens below the level 
reached in ihe corresponding 
period of 1977. the Cocoa and 
Choco/alc Association said. 

U.S. copper 
price rise 

DOMESTIC PiUCE increases by 
two leading U.S. copper pro- 
ducers — Asaivri and Phelps 
Dnd^e — helped copper values on 
the Loudon Metal Exchange 
yesterday lo resist the downward 
pressure exerted by the rise in 
the value of sterling against the 

Cash wirebars. in fact, ended 
£1.75 up at £775 a tonne. 

Both Asarco and Phelps Dodge 
have rai.-cd their U.S. copper 
price by 1 cent ro 71 cents a 
pound, reilecting the generally 
well-sold position of producers 
then*. London values were also 
boosted by West German buying 

Tin pricer rallied following the 
steady tone in the Penang market 
and standard grade cash tin 
gained £60 to £7,160 a lonne. 

Lead values, however, lost 
eruund in the absence of buying 
interest. The cash price closed 
£6 down at £427.5 a tonne. 

Gold led a general decline in 
precious metals. Free market 
platinum dropped by £3.35 to 
f 172.05 a troy ounce; silver spot 
quotation at the morning fixing 
was cut by 2.3p to 296.$p an 


Still room for 



FISH FARMING still has a 
great deal of development 
potential and it is certain that 
its contribution to world pro- 
tein food supplies will continue 
to grow in importance. But any- 
one who thinks that it will ever 
offer a viable and complete 
alternative to the harvesting of 
fish from the sea is sadly 

At present farmed fish repre- 
sent about 12 per cent of the 
total annual world supply of 
85m tonnes. This figure is mis- 
leading, however, as China 
accounts for 5m-6 m tonnes out 
of the 7m-8m farmed each year, 
and much of the remainder is 
produced in India. 

In the Western world fish 
farmers concentrate almost en- 
tirely on supplying high value 
fish — mainly trout — on a 
relatively small scale. Britain's 
170-plus fish farms supply 
between them less tonnage 
annually than one good-sized 

Research into ihe possibilities 
of marine fish farming has been 
going on since the middle of the 
last century hut it is only in the 
past few years ihai any real 
prospect of commercial produc- 
tion has emerged. 

One of the earliest major 
experiments was aimed at 
supplementing the natural re- 
source by releasing fry into the 
sea. Late last century hatcheries 
were built all around Britain's 
North Atlantic seaboard to try- 
out, the idea and it was not until 
the 1950s that this ill-fated 
scheme was finally abandoned. 
As sceptics had warned at the 
outset the young fish released 
from these hatcheries proved 
literally a drop in the ocean and 
had no discernible inspect un 
overall supplies. 


More recently research has 
concentrated on the other 
obvious approach — the rearing 
of fish to table-size entirely in 
captivity. The first marine 
species to be successfully grown 
in captivity was the plaice. But 
unfortunately this fish does not 

command a high enough price 
in the market to cover the costs 
involved in commercial produc- 

Attention was therefore 
switched to more costly fish 
such as sole, turbot and halibut. 
The halibut was ruled out 
almost immediately because 
duplication of its natural spawn- 
ing conditions was not feasible 
— it spawns at a depth of 1,000 
metres in total darkness. 

The sole seemed more hopeful 
but its cautious nocturnal feed- 
ing habits have caused problems. 
These are still being worked on 
but the commercial feasibility 
of sole farming 'is considered 

By contrast the turbot 
promises to be the ideal candi- 
date. being easy to feed and 
handle, fast-growing and an 
efficient food convener. Com- 
mercial trials are under way al 
the moment and farmed turbot 
arc expected lo begin appearing 
on fishmongers' slabs within a 
few years. 

It is difficult, however, to 
envisage any marine fish ever 
challenging the supremacy of 
Lite trout fn Western world fish 
farming. Of the nearly 3,000 
tonnes of fish currently farmed 
commercially in Britain all but 
about 200 tonnes are trout 
(mostly rainbow) and the rest 
arc salmon. 

Rainbow trout are fast-grow- 
ing and easily reared. More 
importantly the public is pre- 
pared to pay a premium price 
for its flesh. But there are 

problems. Surprisingly, con- 
sidering tiie British climate, the 
most difficult of these is a 
shortage of watei*. 

An intensive trout farm 
requires 1m gallons of water 
a day To produce 10 tonnes of 
fish a year and this places strict 
amstramts on the siting of 
trout farms. Water-saving tech- 
niques are btriog; studied but 
all have attendant problems. 

Filtration and re-use of water 
is, in The view of most 
researchers, likely to prove pro- 
hibitively expensive. Slow use 
of water coupled with supple- 
mentary oxygenation seems 
more hopeful. But slow flush- 
ing increases the risk of pollu- 
tion caused by the fish's' own 
waste products and the system 
requires the use of pure bore- 
hole water rather than river 
water. A third possibility is 
the use of sea water, an 
approach which is increasing 
in popularity on the Continent. 
But copious supplies of fresh 
water are still needed to see 
the fish through the early 
stages of development. 

So far f have dealt only with 
intensive fish farming — which 
basically converts relatively 
cheap protein into high quality- 
food. But (here is another 
approach, more attractive to 
Third World countries, which 
creates protein-rich food out of 
naturally-produced vegetable 
matter which is itself useless 
for human consumption. Tins 
is extensive fish farming. The 
best species so far identified 
for this type of operation 
are carp and tilapia and The 
best locations are in the tropics, 
where the sun supplies vast 
amounts of free energy. 

"By providing a little fertiliser 
and organic manure farmers can 
get very rapid natural growth of 
plankton on which carp and til- 

apia will brow? a quite hanpiiy. 
It is probable that larzc- 
nuirbers of fi?h will be farmed 
like this in the Third World. 

What of the future .then? In- 
tensive fanning of trout and 
salmon m the developed 

countries is almost certain to 

increase significantly and Third 
World production of fish like 
carp and tilapia obviously offers 
great potential. 

Taking Britain in isolation, 
a considerable increase 
in intensive fish farming 
is confidently expected. Output 
lias already increased from a 
few hundred tonnes to nearly 
3.000 tonnes during this decade 
and scientists predict ihat it will 
reach 10.000 tonnes a year m 
the early lPSOs. This would 
brine Britain into line with it-: 
Continental partners. 

A recent Fisheries Research 
and Development Board report 
went even further, forecasting 
that by 1SS5 UK farmed salmon 
production might have reached 

3.000- 5.000 tonnes a year. Trout 

15.000- 20.000 in mies and marine 
fish “r* few thousand tonnes." 
At current prices the Board esti- 
mated t;»“ loial value of this 
output al £25-£ — about ten 
times tiie current level. 

The p&ticn of Gnvernmert 
research and development ex- 
penditure con , . , ?s in ior some 
criticism in the report, which 
urges "so me changes or em- 
phasis from marine nsh farming 
to salmonid i mainly rainbow 
trout) cultivation." 

The Board notes that expendi- 
ture is currently spilt about 
60:40 ;.n favour uf marine 
species and about 50:50 if fish 
di-ease research is included. 
"Within present total expendi- 
ture. we should like to see more 
effort «m salmonids where there 
seem u» be hetier prospects of 
an early re turn." 

Australian wool stocks rise and gain 

MELBOURNE — The Australian 
Wool Corporation said its stocks 
rose to 1.01m bales at the end of 
November from 912.000 a month 
earlier. The comparable figure 
for November 1977 is 1.17m bales. 

This is the third successive 
monthly rise since stocks fell to 
about 850.000 bales in August 
after going below lm bales for 
the first time in 3j years st the 
end of May. 

In Lla latest Monthly Perspec- 
tive the Corporation said it 
purchased about 135.000 bales in 

Australian wool exports rose 

30.1 per cent to 136.6Sm kilos 
greasy equivalent in the first 
quarter coded September 30. 

The Corporation said exports 
to Japan rose by 16B per cent to 
44.0Sm kilos while exports to 
Italy, the second-largest customer 
io the period, rose 114.4 per cent 
lo 12.65di kilos. 

The USSR was the third-largest 
purchaser, taking 6.84m kilos, up 
240 per cent, followed by Taiwan 
at 6.Slm kilos, up 176 per cent. 

Overall, wool textile activity 
remains low. the Corporation 

There is little evidence of any 

improvement in the Japanese 
industry and in line with the 
low activity level, Japanese 
global wool purchases fell 11.3 
per cent over the past year. 

Purchases of Australian wool, 
however, dropped 25.4 per cent 
to 245.400 bales in the same 

Reports that Japanese consu- 
mers ' remain conservative in 
their preference for worsted 
fabric, however, indicates Aus- 
tralia's share of .Tapaneiie wool 
purchases may improve in the 
near future: 



NEW YORK — Oordnn Paton 
reported yesterday That ihe 
amount of green coffee roasted 
in the U.S. (including coffee for 
soluble production) totalled an 
estimated 14.96m bags (60 kilos 
each) between January 1 and 
December 2 this year, against 
roastings of 12.9m bags over that 
period last year. 

The trade publisher reported 
roastings in the week ended 
December 2 were 17.7 per cent 
higher than in the corresponding 
week nf 1977. 





»ORTS S and prices 

COPPER-rSUBbUir Aw no the LoiuJto 
M e taT Bx dunce. • Forward, meta) eased 
in fn«B on the prc-marKet failing ns ifw 
Widal rise in st.eiflfls.BCBjnR the dollar. 

la the. montfaB nns& iufloetdia! 
buytaa saw the uric* recover nrangty to. 
ms. before sroSl-takta? pared the price 
U> CT*2_ In the KfMenoan . values matted 
time. -with forward. metal finally sm tm 
the late kerb. Turnover 34.U0 tonnes.' . 

Amalgamated Metal Trading resorted 
that to ihe mormng cash wl rebars traded 
a! JB77, 8, 7. -7.3. three months £7®. 80, 
91. 2, 4. S. 4, 3.5. 4. 2, 3J. 4. Kerb: - 
Wirebars cash E7TOJS, three mombs 1734. 
3.3. X SJ;. .. Afternoon: Wlrebare . three . t 

nmUu.XTBl. 2. 2A X 5. Z. Cathodes 
cash I7S5. three wtfnthsPS). Kerti: Wlrc- 
-bore (here mnnlht SVt U. 31 J, !£, KJ, 


or; p.m. |+ or 

L in-BuTdl — ■ 



S^?r:777>5 +5A 1 774.5-5.6 

3. months. 
^S.Sai CSf. — 

793.5* -rS.Bl 791.S-2 
777.6 +5.B! - 

764^5 :+*.78 761.5-2 
3B2-3 ,4-6.25 780-.5 
I+&.5 - 

1 1 *72 

+ 3 

TIR— Gained graimd In fairly marine 
trading. The steadiness of ihe Penang 
market ever night iaw forward naodarU 
meial open higher at *7.404. But Ihe 
Initial strength of sterUiy; caused a set- 
back io .f7.9lO. before prices recovered 
lo the morning rings, in (hr aflcmuoo 
njodest buying Oiled forward metal (n a 
Ugh of 17.078 prior uj a dnsc on the 
kerb of £7.550. Turriuver 1.465 tonnes. 


C<-rMa futures combined lo ease due 
l» further Inundation, but renewed in- 
ure it si iho Iftwer levels censed prices 
1« rally »■ close al the middle of ihe 
das N rani;.-, reports GlU and Dnffns. 

' . I'enliy V +■' «r~j “fcniino* - 
CMC r>\ . U,„r | — | Do„ e 

hybrid for seeding' T7-7. rest ml 1 77.27. 
rest nil>. Buckwheat: KQ. rest nil mil. 
rest nU». MMet— *5.62. rest ml. W.3S 
130.94. rest Bill. Grain torn hum: 73.40. 
rest nr) 1 73.40, rest nil). Floor levies: 
Wheat or Mbted Wheat end Rve Flour: 
120 75 illSJSt. Rye Flour: 126.K fl20A3». 




High. Grade £ 

I.& Index llmitetf 01-351 34&k .‘ : May Sugar 113.9S-lI5.55 

39 Lamant -Bowl, Loudon SWlff i Bas.r . 

2. ~ Tax-free trading on commodity futures. . 

2. .The commodity futures market for the smaller investor. 

(Efprtsimas (Sifts 

OurGreetings Cards 

i flowers 

; thtetfjora Gift To kens from 50pare sold with a free 
greetings card and envelope. 

: ; Exchangeable at full face value for flowers and 
pfaftts at over 2XHHJ Interflora 
flbr&t stops throughout * 

fat. Britain ancMreland, 
the/re ideal Christmas 
"gifts. You decide how 
much to spend; the 
recipients pick the 
flowers they prefer. ' 

International Gift . 

Cheques are honoured in 
130 countries abroad. As the 
.onlygift vouchers 
exchangeable worldwide, 

-they solve your overseas 
giftand ;card pcdblem in one,’ 

hUtii - fto t d Gif^Tokens. 

YbtBnetfwwterifrorfto Wrteasw*u».' s 

- J 





p.nt. j 




[ £ 





[ 347.5-8 |+a.6| 



3S7.S4 Uaj! 


,+ .a 


1 + 2.5! 



1 — 






Foil Service Is oar Business 

• Law and Taxation. 

% Mailbox; telephone - and 
tele* services. / . 

• Translations . and .secre- 
tarial services. 

• Formation, domiciliation, 
' arid administration of 
■ Swiss --and foreign com- 
panies. . 

Full confidence and discretion 

3-rue ’PlemvFMfo.-raM denev* 
Td: 3S (0 40. Telex 33S42 


LDNDOK COW FUR. SfetOiriKTi T«4»t 
December, QnntwriMtf - Howl. -*4orWo 
Arch. London W.t. lOa.n. fa Own. 
SO- - iBMr Mfh B M l Do* lew. Admftribn 
. 2an.-Mwn«.OT-722 3T74v- 




■ The Bank of Tokyo. Um«ed, are 
iMmctbd By the Japanare CsrertHnent 
to annoaiKe that Cotipeo No. 33 one 
3-lst December, 3978 Irom Bonds f* 
tto- JWAdrae GOVERNMENT 6% 
LOAN 19S3fB3 will be paid on and 
after 2nd Jussy, .1979. 

They -shoo id be presented for pay- 
ment It The Batik of Tokyo Limited, 
20/24. MooriaM, London EC2R BOH. 
listed on Uio twins pronMeti between 
the, hoar*’ of 10,00 and 2 p.m- 
They must bo lrit -at Wan clear 
dm for examination ortor to eeynMM. 

Tn KEdriinw vrtth the Exchanpo 
Control Act. 1947. cooponS can oniv 
be acceotod from : and Paid to ail 
Autfmrbcd Besniury, 

Coopon* CpAoot be accepted throunb 
the post. 


: . . Resident Director fbr Europe 
\ . and General^ htoaw*. ^ 

Jilt* December. ,1978. • 


S months 


3 months 
dttaHs. E. 
Xe« York 









1KB*. 7 


1 +J* 






4 SO 



+ 6fi 




+ 80 



+ 65 





«... I990.0-E0D4 -M.5M0S.B-1B8B 
.... 204 1.0-42.0 — 24.5 20U.D-Z5.D 
...JvT2.0-72.5 1-19.5 M9U-66.0 
....2071.5 72.0 1-17.5 2084. 0-50.0 
.... 2062.0 65.0 :-11.0 2976,9^6.0 
.... 2030. 0-45.0 1—10.5 2047.0-16.0 
.. 2012.0-26.0 1-16.5 2020.0 

.Morning: Standard three monibs f7.B5. , i. 
M. U. SO. JO, 36. 40. Kerb: Standard 
there months 17,04 5. 40. 45. Afternoon: 
Standard three months £7.050. S3, 60. 70. 
•80. 6S. Kerb: Standard three mom ha 
£7,080. «S. 60. 55. 

lAlD-HLost n round In quiet trading 
and .mainly reflecting Ihe lac* of toy 
haying support. After opening at £409 
forward meial gradually ea«ed back io 
dose on the late kerb at taw with the 
backwardation narrowing slightly. Torn- 
over tl-373 tonnes. 

ji.nt. + or 
L'w/fiJeinl 1 — 


31 h r. :l , .. 




l»tv . 


Sal'. : C. 104 <2.90?) lots nf ID (onitu. 

I mere ati on al Cocoa Orsanlsation i US. 
retire p- r u"und>: Dally price /or Dec. 11: 
17 h.:." <|st..“',i Jndlcaiur price Dcu II: 
]>day avirupc lb4.7n /lsj.uri; ^-djy 
average WJj ilS4.07y. 

EASIER opening on the London physical 
market. Fair interest at lou-er levels, 
dosing slightly steadier. Lewis and Peat 
reported the Ualassiao Lodwett wtee was 
233 (230) cents a kilo < buyer. January •. 

Sales: ti lots of 3 tonnes. 293 (295 > lots 
of 15 tonnes. 

need: in a freer scale. Interest ranged 
over various qualities, mostly In Amencan- 
tipc srur.-thy. 


LONDON— The market »vaj dnU and 
featureless, rvpor’cd Bach-:. 

• Pence per kilo) 





In tonnea unless othenvlst 

Antf refian .V-feM'l s + i.r 
lin*« Wool. Cb**e i — 


Dec. 12+ nr 

j Month 

1073 1 - 



No. 1 Yemredoy'J 

PrevtiMit | 


B.3..S. J Clo*o | 

Choe 1 



ROEUSTAS meandered In ■ narrow 
rsnnc in foaturcLvs condlliom wilh 
adlvity Mio.ily centred an Jobber switch 
iradlnc. Drescl Burnham Lambert 
rcponed. Short- cev trine un the dose 
caused Liic strenuih In the nearby posl- 
ir<n> and final Icvelv were irregularly 
ranged around last mgju's dose. 



FH< • 

tirt- Dtr. 
J J-Sepl . 

68.7068. 96 

6 1.06-81. TO 
69.00-70 JM; 










67.90- 57.76 

66.90- 66.60 

66.60- 64.60 

67.60- 97.05 

December ... !2 17.C-25.0' 

ManJi 218-0-25.0 

May 224.0-33.0, 

July 231.0 a0.0! 

IKli*ft 234.0t40.0i 

liecvuiter . . . .235 .0-42.0, 

Jlanrb 236J-44.D: 

Mav : 239. 0-60.0! 

Sales: .nil <sainC>. 




Aluminium _...|£710 i £710 

Free rnaitet (e<rt .;fl).170/90 $1,190/20 

C-prcr cash W Ban£775 '+ 1.75 £736.5 
3 im-Dtbs do. dn.)£79 l.TbU 3 £759.23 

i.'aib Cathode (£761.75 +4 '£724 J6 

3 months do. do.k7SO I+3.7S £746.75 

ft old .Trov OJUS202-&75 — 5.2 <$210,576 

I<ea.l h (£42? .5 '-6 '£393.5 

3 mom Lb |fc406.75— 3.5 '£380.25 

Xielrl | * ( I ; 

Free Market ii-titflhkfl 1.68 S1.72 

{ 1.80 I ; 1.83 



3 month* .! 

Sea 'men tl 

Moraine: cash £438, 29, M, 31. throe 
momtis £409. 7.5. 7. 8. 7. 7.5, S. Kert>: 
three months £40S. 8.5. Afternoon: cash 
S4Z73, three months £408, t.3. fl. 7. 03. 
8, tS. 7. 8.5. Kerb: mid-Jan. £420. three 
months £406, 8.5. 6. 53, 5. 43. 4. 

. ' ZINC — Barely changed. After mute sell- 
ing on the pre-inarket which depressed 
the price to £333. forward metal rathed 
to £338 before caring afresh in close at 
CIHI.S on the late kerb. Turnover 4.425 




+ or [ BurioMi 
— 1 Doa« 


£ per inline 







1 . 

+ 7.5 '1427-1414 
,1.0 1 1295-1286 
—2.5 1235-1426 

X. n criihpr... 
Joann ry 

1155-1160-3.0 1164.1158 
1130 1135 +3.0 1135 

1104-11151+1.5 1 •- 

Physical dosing prices (hoyersi here: 
Spot 57. ip 1 58-25.) ; Jan. SB.op 1 59.0 C Feb. 
59.5p 160.0 <■ 


flolc:,: 1.533 <3,1M> lots of S : Mines. 

ICO Indicator prices /nr Dec. II iLF.S. 
cents per pound i: Culumbian Mild 
Aromcan 172.50 <173.011 1: unleashed 

Arablcas 14J.OO <<.atnc<; other Mfld 
A ra bleat: 131.67 < 132.67 >: RnbuMai IC.\ 
1970 134.30 H35.a0i: RnbuMas ICA 1068 
135.50 >136.50). Dally average 133.09 

|Xe»tcrd*y| + or 

| cu— J — 

I k, ue 

Decern l+r. •• 

Pel) nn ry j 

April ; 

Aiqput 1 

October 1 

IfeeeinU-r... 1 

iLpmawtei j 

122.Ba.2Z.a— 15 

1 148.00- 46. t 1 — 2.05 

126 JO-25 fl— 1.8 
124 — 0.75 -1-161 -1.5 

122.00- 27.0,-1.5 I 

■27.60- 26.60 

Sales: 67 ' 


Fabu Malayau | 

$59 Ot 

-1.0 £346 
I 5608 

1-5.0 S575 
— 4.25 5278 



Uamlng: cash U4S. 7J. three monibv 
4358, 6.3. 7J. g, 7.5. Kerb: three m on lbs 
X3B72S. 87. Afternoon: three mnoths 
months £356.5, 7. . Kerb: three months 
oa.5. . 

ALUMINIUM— Moved aheod tn quiet 

trailing., opening at £619 and edelnc np 
lo clue on the late kerb at £823. Turn- 
over i£sq tonnea. 

opened 25p higher oo old crops X5-2Qp up 
on new crops. Wheat values lucre asod 
tu trade 40-l5p higher but sellers at these 
levels halted any further rally and in the 
afternoon session values eased back in 
dun volume. • Barley values Increased 
tfllh reasonable demand lor spot hat com- 
mercial sol lees cased values in the after- 
noon. reported Ault. 

ii nAM illfll.Mt a tonne elf for Nov.-Dee. 
sbipmcni. wane sugar daily pnee was 
fixed at £101.00 {same). 

The market first traded at kerb levels 
and then nude gains of around 50 points 
on some scattered short covering in Uun 
conditions, reported C. Cxanukovr. Later, 
however. Now York quotations were lower 
and all ibe gains were lost. 

A fumin' m 


S montha., 



• £ 
622 -3 

. p.m. It-HT 
— iDneWetoi — 

+ .75 623-4 U5.» 




v' + or 

YwtenteyV+ „r 



1 - 



Jati ... 







1 + 0.2 


+ O.IB 







i+ 0.1 


+ 0.05 

2 iov.- 






C-'-m m . 
Con. I 

U>« 1 



£ per tuoiu 

March „ 111 .75-1 liftllO.40-10. 

May ,1 14.75-14.80 118.S0-1S. 

Aug. lift. 70-18. 88 11740-17. 

Out I121.BM1.W 126.76-21. 

Dev 1124.26-24.65 125.7V26, 

March .Jl2g.7S-29.00 128.20-23. 
Mav .... jl! 1-6M2J6H1J liMl. 

461 12.76- 16.50 
96 24A0-25.75 
50 - 

'Cents ' per pound, t SM per pIcuL 
♦ On orerlou* unoiBcUl close. 

Mdrnlng: three months £621. 2. 2.3. 
Kerb; - three months ifiSL Aftetnoan: 
three mnnihs £622. 3. IS. Kerb: three 
mouths £803. 


Silver was fixed iJu an ounce lower 
for flpot delivery Jn ihe London bullion 
market -yesterday at 366-flp. U.S. cent 
tQarrateclfi of the tains levels were: 
Spot 384.4c. down SJc: three-month 697,6c. 
dosni B^cD sfs-monih 809.4c. down 5£c; 
ana 15-jnodth 635.4c. down 3.9c- The 
metal opened at S94.8-285.fip ijfifi>5874d 
and -dosed at 2B6.SC97.9p i3841-5W«c>. . 



4- id L.H.B. L nr 



— | dime — 



1 1 

Spot; v 

296. Sp 

-2.3; 896.9v | — 0.9 

3 MMtil. 


k-M; 305 Jp i-I.OS 



~ \ 



U2.0| - | ...... 

■LME— -Turnover m 1213) lots ot iD.mia 
azi Ifipntiss: Threw months 3853, 

5.4. Kerbs: Three months 305.3. ' After- 
noon: Three months 305 J. 5.6. 5.2. Kerbs; 
Three iaamhs 395.2, 5. 

Buslncsa done— Wheat: Jan. 91.ttt-9J.G0, 
March d4.44-frt.lS, May 86^6-96.80, Sepl. 
SD.SO-f3.20.- Nov. W. 00-72.00. Sales SO. 
Barky: Jan M.OO-S3.70, March 60.4968.25, 
Uay ftt.0fr6S.65. St-PL 8X4563^5, Nov. 
.ai.>f».20. Sales 173. 

HGCA— i.oLatwn ex-farm spur prices, 
Feed wheat: NE England (3 A0. Berks and 
Oxou Feed bar lev: NE England 

76.30. Berks and Oxon 79.30. 

The UK muDcianr coemdent for tho 
week btsinning Dec. is (based on BCCA 
calculauons.i 13 expected to remain 

IMPORTED— Wbeatr CWRS Nn. 1. 1« 
per rent, Dee. 98 quoted TUhOty. U.S. 
Dart North?™ Spring Nn. 2, 14 per cent 
Drc. W. Jan. 01.75. Pch. B2.7a iranship- 
hipiii ea.xt cna«. l/.s. Hard Winter, 15* 
per cent, Dec. 88^0. Jan. 88. Feb. BsjJS 
transhipmetit eaei coast. EEC nmnoied. 
Kalxe: U.S.. - French unqUulcd. French 
Dec. ilifiju. Jan. 10$.30 eari coast. S. 
African While Jan. £7.30. S. African 
YeUuw Jar. 87.30. Barley: English iced 
fob Feb. 58.511 quoled cast coast. 

EEC IMPORT LEVIES— The following 
levies and premiums are effective for 
Dec. 13 m order of current levy pins Jan., 
Fvh. and March premiums (with previous 
in brackets), all in units of account per 
unm-. Common wheals 76.13, rest nil 
f 74 JJ. rest nil*. Damn wheat: 116,44, 
rest nil t llfi.44. rest nlh. Ryo: rest 

ull <62.30. rest ml). Barley: Rfi.66, rest 
nil iStUM. row ml). Oats; J8.7S, rest nil 
(76.75. rusL nU>. Mabe (other than 

Sales; Z.W® (LUT) lots of 50 tonnes. 

Tale and Lyle ex- refin cry price for 
granulated basta white sugar was EM-v 
(tame) a lonne for home trade and 
nrB.oo (£i73.i)0) far export. 

IntemtJoOBl Sqir AsroMiaent (U.S. 
rents per pound) fob and elowrd Carlb- 
braa port. Prices for Dec. 11. Duly 
8.07 (S.00'1 15 tas a Veras e 7.82 i7fll*. 

WRITE SUGAR— Close tin order buyer, 
seller, business oaks): Feb. 106.00, 107 jo. 
lB7.7frflr.25. 85; April UO.OO, IlOJO, 
110.50-09.75. 107; July UE.0O, 115.W, 116J5- 
15.00, 80; SeDL 121 JS. 12L75, 222*5-21.75, 
9: Nov. 128 - 00 , 126.75. nU, ml; Feb. 
120.DO. 13L50. nil, ml; Aprs 13Un, 135.56, 
nil, nil. Sales: 339. 

EEC IMPORT LEVIES— The rollotcinf; 
tntporr levies for white and raw sugar 
are effective today, tn units of account 
per 100 kilos (previous In brackets). 
White sonar, denatured and non- 
dcnai tired '27.05 (unchanged i- Raw sugar, 
denatured and noo-decaturcd 2Ui i22.§Si. 
The me (or raws In both cases is 
for sugar basis 92 per rent. 


LIVERPOOL COTTON— Foot and ship- 
ment sales m Uverpool amounted to 242 
lonne*, bringing the total for the wrefc 
so far lo 73t tonnes, a modest decline 
in demand "'as observed but traders 
generally were more anticipating [heir 

«in order buyer, -.clltr*: Dec. 1T5.0. IS3.0* IPU ™ m dc 

March 161.0. 165.0: May !M.8. tSfi.i): Jul7 S 

156.0. 191.0: Oct. 138.0. 1H.0: Dec. 1K.0. i?«>wtoilvor jS14ar55 - 5 ^135(40 

138.0: March 133.0. 199.0: May J83.0. h'l'rrtrov.^ 1 --S.f> Sales: ML a ■ non the SOflp ■— 2.4 i305.B|> 

SYDNEY CREASY — Cb-e .in order £? unflit £ in'nii 

buyer, seller, biumri. -.ale-:). Micron ; C*f**jS +65 

Contract: Dec. JtP.0. 549.3. ;a2.fr349.0. 10: ’“j- 

March 3K.5. 255.7. 2: May ™ ^ " f i 3 e 7 i* J 

360 .-.. 361 3>; 1.5-36 1.0. 30: July 363.3, writ ^ 76 ( T .5 ^543 

364.1) , 364^-3C4.0. 10: Oil. 3W.S. 356 0. ^nujntho £348 ;r 2.5 £555.3 

365.5465.2. IS; Dec. 36S.5. 389.0. nil. nil; lhwlwwv ; S720 S720 

March 3 GB.S. 371.0. J70.A37U.0. A: May (jils . 

aT0.S. 772.0. mV. I\1L Sates: 77. ttcimtit iPbil) fiB75p I S8&5 

On.iunrinut I t < 

MEAT/'VEGETABLES inMi * > £542 

SMITHFIELD— Pence per putmd. Be*#: 

Scottish killed sides 55.0 in 56.0: Eire 
hindquarters KJlO in 67.0. Seeds 

Veal: Dutdi hinds and cods 93.0 to Copra Philip ]86S5n 

106.0. ,Soral<cso tL.S.}...^|S280B 

Lamb: English small 43 0 in 57.0. * 

medium 4S,n in w.n. heavy 42.0 in 50 0: [ I 

Scottish medium 4S.0 lo 33.0, heavy 42.0 Grains I i 

in M.fl. fiorWy - 

Pork: English, under ino lb 36.0 in H»me Future t£86.a +0.15 £83 

46.0. 100-120 lb 37.0 to 45.0, 12D-160 lb MnL-p ’ [ 

35.1) tn 43.0. Preach Xu. 3 Aml£ 106.26 -0.!5 £103 

Partridges: Young leach) 2004) tn tvimi I i 

240.6. >,J. I Ked titninaififle -0.S i94.25 

Pheasants: 5est ‘Per brace.' 300.0 to i\i,_2 Banl W inter [tea. 5 !-0.5 '£89.5 

320.0. Eoelieh Milling t J193.5n I - £92 

MEAT COMMISSION- Average ratstoefc . , „ V". 1 

prices at re present a live markets on usher Commodities 

December 12. CB— • Cuitle 7Li>!<p per C«m» 5hipmeDt....i£2.692 -—25.0, £2.134 

kg.l.w. t— 3.131; UK Sheep 132.2p per Kntiire Star l£2,04L6|— 25.5'£2.O80.B 

kn.L-jU.d.c.w. i— LT»: GB pips K4.4D per Uiffee Future i ; 

Xe.Lw. ■ England and Wales: Mar. Lei .267.6 + 1 0 |£I,446 

Cattle numbers a? 230 wr rent, average C«ti»n *A' lmlex... 79.1c -0.6 |79.06.: 

pnp; TtJfilB t+4.J5«. Sheep down 13.6 Jtubbcr kiln 67.6» — 1.76 60.95^ 

p.?r rem. average 132.7pJ i-0.9i. Puss Sugar ( Item (£103 +2.0 (£100 

up 39.0 per cent, avenge 64jtp l + 1.2i. tVi>.ltu|« (biM.ifi74p 273|- 

Scottand: Caitie up 14.S per rent, avenge , — 

jn.DOp « -2.02*. Sheep up 64.4 per cem. “ Nominal, t New crop. Jl uquoicd. 
average I22.7p 1-O.61, Pigs np 303 per nJan.-Mar.-h. p Dec. -Jan. 1 Fed. :iJan. 
com, average 65.Sp i-*-1.3«. it Dec. x Per ion. z Indlcalur pnres. 

COVERT GARDEN i Prices in sterllne 
per pacfcac- deep! where oiburvtfie 
naicdi: imparted Produce: Lemons— 

Julian 1 I20s new crop 4.50-5.50: Creek: 

UflJJk Cyprus: Trays 4.60-5.2U: Boses 
W. ISOs 4.60-6.25. Turkish: to kilos 2.40- 
5.60: Spaaish: Trass 2.0fr2.2li; Oranges— 

Spanish: Nave I-Xj vellus 2.C0-4.5D: s. 

African: Valencia Jale 1.30: Greek: Navels 
2.00-2.30. Clementines — Cj-prus: 10 KJJos 

3.50- 4.W: Spanish: 3.3M.40: Moroccan; 

3^04.40. Satsamafi— Spanish: Trays 2A0- 
3J8. GeapelruK — Texas: Red Blush 4.60- 
«ttO: Florida: A60: Tnriofih: 2.40-2.G0; 

Cyprus: 2.20-2.60: Israeli: Jaffa 64 -75 

3.50- 3.70. Apples— French: Stark Crimson 
4frlb iSS'SSJs taKiJB: 20-a MS 1-SB. 72 
2.20, Gulden DoUdOUS 2Mb 72 l.CU-2.10. 

S4 1.50-1.90: Cra nof Smith 20-Ib 72 2.20.. 

84 1..&0, larse bqxcS 133/150/183 3.60-4.50, 

Jumble pack 55 'Ob 21-Jb per DOtmd 0.90. 

Crapes— SoinisJi; AJmcria 1304LW. N'ccri 
2.80-2.00. Avocados— Israeli. 130-3.50. 

Melons— Spanish: Green 4.JW.S0; IS kilo 
boxes 8/ 12s S.B0-S.5O. Onions— Spanish: 

3.004^0; Dutch: 1^0-2.00. Tomatoes— 

Spanish: 2.6d-3tK1; Canary; 3.80-4.10. 

Cambers— l Canary: 10, '10s I.0M2J, 

CspsicnRis-^FTcDcfa : Per pound 6.30; 

Canary; O.M. 

English Produce: Potatoes— Per 25 kilos 
1.40-1.80. Lettuce— nr >2 rennd 12:0-1.90. 

Moth rooms— Per pound OJU-D.55. App'bs 
—P er pound Brantley 0.05-0.09. Lord 
Derby D.04-0.05, Cox's Orange Pippin 0.03- 
0.14. Worcester Pczrrnaln 0.04-6.06. Russets 
O.ofrO.Ofl sparian O.OS-OOS. Pears— Per 
pound Conference fl.06-0.13. Cornice 0.12- 
016. Cabbages— Per crate 0.90-1.00. 

Calory— Per head 0.10. CaoUlloMers— 

Per pound Kent 3.08-3.50. Ben trout— Per demand seed. Prices at ship's Kide 
28-Ib 0.60-0. 70. Carrots— Per 2frib 0.50- (unprocessed) per stone: Shelf red 13.00- 

aso. capsicums— Per pound O.ZO. Onion* ftj.OO. codlinss f3JiO-f4.40: larse tuddo k 
—Per bas lJtt-2’il. Swedes— Per K-lb f 4,50-16.00. small £4.»-r4.»: larse plafr..- 
6.5W1.60. Turnips— Per 2S-B> fl.«W.90. DL36-S8.®. medium Ifi.ftt-ii7.b6. best sraa',1 
Parsnip*— Per 28- lb 1.00-1.19. Soroots— £4,40-£5JO— larue skinned -doplirii lO.irO. 
Per pound 0 04-0.05. Spring Craoas— Per medium £8.00; rocHasti £!.i0-£3t)j; reds 
crate. Cornish 1.50-1JS0. n.52-C2»: sidho £3.30-3.60. 



Dee. 11‘ Dec. 6 iXfonth bc“ j Vi-sr *u<* 

258.7 1 1 260.68' 360.9B | 24 1.66 
iBaiciJob ], 1S32= IW> 


Dec. 12' Deip. llplonth ago | Vcai a^o 

to 10.7 1513.?] 15D9.S I 1*39.9 
1 Base: Septembur 18T 1831=100 1 


Dec. | Dec, lUr-ntbl Year 

b J ago | xjfo 




Stop .... 3BB.653B8.S8 395,01 356.22 
Futureo.3B5.S13B4.46 388.79 522.01 
(Averase 192L2fr26=lD0i 


roily' ■ ^ 

lire. T Dir- .Ucnih Y.'*r 
11 } If j ft"n .flL'O 

Spin Ciimuii;, 

!gBO.OBB3.3.977.7 665.P 

GRIMSBY PISH — Supply moderate. 

KEY.' York. Do. 12. 
PRECIOUS MCT.US fiiu-h.’d ihe re-. ...n 
lilvher on renewed tnc-.-ulanve *-li<«i 1- 
Luvt-ruii U'.-«prl<: o.-mrat baid; interreniwia 
■-11 bch.iU -ir ihu rj..|idr Cupper fiic-iKd 
•-(I :(iUy loti or 011 ir.tde arbiirjce -cllin« 
de-.nlle n real prr pound m*-rra-.e m tli<- 
dome -He iTi-duc.r pnev in 71 reti! 1 . oer 
pound. C»cua c.i C on mutd Cmoiui:. i:,n 
Huuse aud trade neirvilv wltile 
drebut-d un trad- h«li;«: and atbiiTaut 
sell I nr. Bach- 1 cporied. 

Cocoa— Dee. 17-. • 17 , 153 -. Marih 

176.35 1 1711.60 ■. May 176.1(1 t;:..v. 
Sept. it::. 25. Dec. iSS.65. M-itcIi K.7.3S. 
Sales frit. 

Copper— Dec. 67.73 -fir.nfti. .Ian. W 31 
■ in.4U>. K-b 69.u.i. March Tn w.». lljv 

70.00. Jnf* 71.95. Sept. 72 TO. Dec. 74 lf(. 
Jan. 74 5*>. Mareli 75.30. May Tv.l". Jut'-' 
7U.90, iept. 77.70. 

Gold— Dec. Ciio 40 •Jfl.i.nui. .j d n. :nr..TO 
<204.601. Feb. sns ;:n. April 212 10. Jnn^r 
1'13.»0. .mu. 219 *1 i'»ei 22 : >. £>.-•' CS.M. 
Feb. 22ll.hO. .tur.l 221.2k'. June 2.::-.i'0. Auk 
.‘ 41.7V, Oct. 245.511. 

tLard — Ohkawi Inn-e 23 66 ■2: , ..50>. NY 
pniiie dicaui 24 5u n«m. i25 0u n-'iu • 

UMalze— Dee. 24u:0!P •. .Marrh 

73U-3S: 1 234;.. Mav _M6i-24v-. July 240- 

246.. Sent. 24S. Dee. 27-1 . 

r-Plallnum— Jan 34>.5H-2M.5I> i74i..iVi. 
April 316 1*0 i.Vi.VTU'. Juf J47.V0-347.4l 1 . 
Oct. 34P.7n-3?R 90. Jjii. '31 90-352 10. April 
354.2IKt54.4U at-keil. July 356 5u.55v.70. 

(Silver — Dec. 5*9.30 < 5*9.4111. Jan. a'.-2. : 4) 
<592.20,. Keb. S'lC 1<I. 37 Jri.1i .i!l?.7U, M.T.- 
605. l-il. Jill.' 61 4. I'll. 5'-r>l. 622 5«. Die 
ttla.w. Jan. i-TOjO. March MS.w Mjv 

125.00. Julv r*s.5«J S, i>:. tr.-.iii. Handy 
and Harman .-.nvl 5S5 40 <5S‘-.0U>. 

Soyabeans— Jan. i.TP-i.« 2 .675,,. Mar.h 
692-694 ■ 8601 1. May 701. July 70l> 
7051. \I1K. i87;-r.fe;, Sot-t. 677. NuV, C64- 
665. Jan. 671^. 

([Soyabean Meal — Drc. 1H1 jn-19:.TO 
190.3D-. Jan. II90 7H-. Mar eh 

1 BO 00-100.20, Mav 197 SU-ln. 0". July 167.20- 
197 V). Ann. ISO. 70. Sept. I6I..50. on. 1.62.3V. 


isi .‘.n. 





Oil— I lev. : 

:a .D6--JA ■ 

T, , 

it w>-. 


24 .’J-: 



:■« 4+; 


llu • 




■Jl.iJ. . 

,\u^. z 


Sepl. 7 





“ f 7^-1 



Sugar— Nt 



y.iit- 1 ; 


■ fr 7 (ii. 

March S.75--'.76 May i «C. JuV 9.19- .' 

9210. Sepl. 9.411-0.4 1. Ui.1 9.5.L Jan. 3.55- ■ 
9.o0. March 10.10. M.iy tuniuotcd. 

•Wheat— Dec. 3jfr3.A6* Marrh 

34S-34h: 'TMjI-. Mar L'tt-536;. July 223 i- • 
323, Sepl. Ajtii. Dec. V-J9i-32S*;. 

U’lN 74 1 PEC. Dee. 12 TtRyC— De-2. 07..4K I 
bid 1 97.0.1 bnji, Mae 1U2.&0 ■ lu5.50|. July - 
303210 bid. Oa. IU1 SO. * 

tTOatfi— D“c. i (75.50 Mill. JUrch 
St. 00 bid < so.fiD bid.. .May 73.50 bid, July 
Tft2!0 bid. OCI. 7S 10 

traaricy— Dec. 74. SD (71.40 bid i. March ■ 
'6.66 bid <76.30 bid'. May 76.40. July 76.50 * 
DSRcd. Uct. 70.70 bid. 

IJFIaasctri— D-.-e. ?'!7.S0 bid >2fi7..TO>. • 
May I7S.U0 bid ■ 477^0-275. 6ov July 277 30 
a;ked, Oci, 277.20. 

h'iWIint— : 'SCWRS n.r i-cni orr>;cm 

renk-nt elf St. Ljii rorn.e 2o ■ 137 13 ■. 

All cvmv u>'r pound e'{.|vareDoti«» ! 
uniat oihcriniw- statcil- " w per tray t 
ounce — loVouin <• lois. i Chlt-j^n luuse ' 
per ign lbs — Dcnl. of Ap. pnc.--, . 
previous nu*. Priroc wwm fob r: y bulk- 
tank cam. : Cents: per 5fi-3b bushrl ' 
cx-vrurchouse, J.tttO-husbd luie. J s; per . 
iroy ounce f«r .iO-02 units uf 98.9 per - 
cent purity dclii-verd NY. r G.-ms »r * 
troy ounces M-varehouie. II New ■* B " * 
contract m Si a short ion for bulk !ois 
nf ion shun ton. 1 : delivered fob cars 
L'lil-.-spu, Tnlodo. Si. Lo«is and .Mion. '. 
— Coins nor OT-lb bushel in s’ ore. * 
ft Coins prr 'it- Il> busbcL C.:nii per - 
4¥-lb bufhcl ex-warchntic---. ?•. <5;nis wr 
aft-lb h it* lie! ex-v.-areiinure, J .Mfrljus h“l 
lots. V: Ci per munc. 


Finandai Times Wednesday 

Companies and Markets 


Setback in equities quickens on reluctance of buyers 

30-share index closes 6.9 down at 485.4— Gilts also react 

Account Dealing Dates 

•First De clara- Last Account 
Dealings (ions Dealings Day 
Nov. 27 Dec. 7 Dec. 8 Dec. 19 
Dec. 11 Dec. 28 Dec. 29 Jan. 9 
Jan. 2 Jan. 11 Jan. 12 Jan. 23 

■ “ New time " dealings may take place 
from 9 JO am two business days earlier. 

before rallying to 82 per cent and 
falling again to close at 80S per 
cent, a loss of -2} points on the 
day. Yesterday’s SE conversion 
factor was 0.7277 (0.7168). 

Activity in the Traded Option 
market remained at a fairly low 
ebb. Business, however, in GEC 
was again quite brisk and accoun- 
ted for 119 of the total 483 deals. 

day’s trading. Hi-fi dealers Audio- 
tronic cheapened a penny to 18p 
following the half-time statement 
and its reference to recent trading 
difficulties. Alfred Preedy reacted 

another penny to 76p following the 
'all of 6 on the 

Leading equities became sensi- 
tive yesterday to small offerings 
and the continued absence of any 
encouraging economic pointers. 
Confident expectations that the 
recent rallying tendency would 
find renewed strength early in 
the long Christmas trading 
Account which started on Monday 
were 3gain confounded. The con- 
tinuing dearth of investment 
enthusiasm created disillusion- 
ment which, more than any other 
influence, tended to sour senti- 

A more resilient trend among 
the bulk of secondary stocks was 
bolstered by pockets of activity 
generated by trading announce- 
ments, but the overall slowness 
of business was illustrated by 
bargains marked of o#l!y 4-102. 
Gilt-edged securities also turned 
reactionary on further considera- 
tion of last month’s Central 
Government Borrowing Require- 
ment and. to a lesser extent, on 
worries concerning tomorrow’s 
money supply figures and the 
November trade returns. 

The growing conviction that 
short-term interest rates were 
unlikely to fall in the near future 
also cast a shadow over both 
leading industrials and British 
Funds; the rate of this weak’s 
offering of Local Authority year- 
ling bonds remained at 11} per 
cent. Reflecting an extension of 
the overnight dullness in most 
top-name companies, the FT 30- 
share index was 2.5 lower at 
i(i am and finally a net 6.9 down 
at 483.4, the day’s lowest. 

Still registering disappointment 
with last month’s larger than 
expected borrowing requirement, 
British Funds eased and then lost 
fresh ground following yester- 
day's setback in sterling. Al- 
though the Government broker 
was able to sell more of the 
medium tap Exchequer 12} jper 
cent 1985 and subsequently with- 
draw the price of 97J. investors 
appear to be satisfied at the 
moment, particularly at the 
shorter end of the market where 
recent hopes of an early reduc- 
tion in interest rates have 
receded. Closing falls extended to 
t among both the shorts and 
longs, but the former closed 
fractionally above the day’s 

Sterling considerations coupled 
with the implications of Italy's 
decision to join the European 
Monetary System weighed on the 
investment currency market. 
Rates reacted to 80} per cent 

NatWest down 

The major clearing banks 
turned dull on sporadic offerings 
and lack of investment interest. 
NatWest relinquished 7 to 280p 

previous day’s £ 
poor interim results. Buying 
interest revived in A. G. Stanley, 
5 better at 183p In a market none 
too well supplied with stock, while 
acquisition news added 4 to 
Church at 172p.- 

Laurence Scott weak 

and Lloyds 5 to 282p. The Interim 
results failed to 

stimulate interest 
in Standard and Chartered which 
traded narrowly around the over- 
night level before closing a frac- 
tion better at 426p. In contrast, 
Hambros continued firmly despite 
adverse comment and added 
another 3 to 18Sp. Lloyds and 
Scottish firmed 2 to I03p, after 
I04p, awaiting tomorrows annual 

Insurances closed -with losses to 
4 following a small trade. 
Prudential at 145p and BrittanJc 
at 162p both shed that much, 
while brokers Alexander Howden 
touched a low for the year of l2flo 
before rallying to close 2 cheaper 
on balance at 12Sp. 

Breweries closed narrowly 
mixed ahead of the batch of 
results due later In the week. 
Wolverhampton and Dudley 
Breweries firmed 5 to 222p on the 
improved results despite the c hair - 
man’s warning of rising costs and 
price increases. News of a recom- 
mendation of an export price rise 
from the Scotch Whisky AsscxSa- 
tion had little effect on Distillery 
issues. Distillers, 3 off at 201p 
before the announcement, held at 
that level to the close. 

Unsettled by news of the 
redundancies at its Norwich 
Factories, Laurence Scott 
encountered nervous selling and 
fell to dose 11 down at 93p; the 
interim results are due next 
Tuesday. Elsewhere in the 
Electrical sector, HK, a good 

awaiting news of the possible bid 
from GEC Brooke Tool, a firm 
market of late, eased 2 to alp, 
while Serek shed 1} to a low for 
the year of 7S)p in front of 
today’s preliminary results. 

In Foods, J. Salisbury came on 
offer and eased 5 to 230p and 
Tesco shed a penny to 53}p. 
Awaiting the results of the 
bakery ballots, RHM and AJL 
Foods relinquished a penny apiece 
to 5 OJ-p and rap respectively. IQ 
contrast, the firsthaif profits re- 
covery and return to the dividend 
list prompted a gain of 3 to 15p 
in Barker and Dobson, but 
disappointment vwlPb the annual 
results left W. J. Fyke 5 lower 
at «5 p. after Mp. ' 

fell 3 and 6 respectively on profit- 

Leading Properties remained 
subdued, but Peachey found 
fresh support and put on 2 to 
91p while County and District 
added a like amount to a high 
for the year of 125p. Fairview 
firmed 3 for a two-day gain of 
7 at a 1978 peak of 143p and 
Bradford improved 5 to 27op< 

Oils steady 

Beecham on offer 


Ao| fcp M fist. 

A good market on Monday on 
Press suggestions that T. W. Ward 
may sell its 26.6 per cent stake in 
the company. Tunnel B touched 
312p before settling a net 2 higher 
at 310p; Ward shares, at 79}p, gave 
back half of Monday's rise of 6. 
Housebuilders Milbury firmed 2 
to 70p on second thoughts about 
the rights issue and the acquisition 
of Ry deacre Developments, and 
GaHiford Brindley hardened a 
penny to Tip, after 72p, following 
a bear sq ueeze. Satisfactory 
interim statements lifted James 
Latham 5 to 125p and Beeehwood 
Construction 3 to a 197S peak of 
32p but, awaiting tomorrow's 
annual results, Mariey shed 3 to 
Top. Interim profits in line with 
market expectations left Montague 
L. Meyer the turn harder at 86p. 

Up 23 on Monday Alginate 
jumped further to 30Sp before 
settling at 305p for a gain of 50 on 
the announcement that talks are 
in progress with Merck Inc., the 
U.S. pharmaceuticals group, which 
may lead to an offer for the 
company. Elsewhere in Chemicals, 
ICT encountered a slow two-way 
trade for the most part before late 
selling left the close 5 down at 

Stores leaders drifted in an idle 

market of late, reacted 6 to 21Sp, 
while B1CC. 2 easier at 128p, 
failed to benefit from news of 
the £l00m Hong Kong export 
order. Leading issues drifted off 

on lack of support, GEC easing 3 
• EMI 2 to 149p. Buying 

to 33Sp and . __ „ 

interest for Electronic issues 
faded after the recent good run. 
Losses, however, were fairly 
modest Racal ran back 7 to 
353p, while AS Electronic, 16Sp, 
and FameU, 398p, reacted 3 and 
5 respectively. 

Lack of support and scattered 
offerings prompted dullness in 
the Engineering leaders. John 
Brown were on offer at 3S4p, 
down 8, along with Tubes, a 
similar amount cheaper at 382p. 
GKN fell 7 to 253p, while Vickers 
eased a few pence to 194p. The 
majority of movements iu 
secondary issues were limited to 
a few pence either way. However, 
demand in a restricted market 
lifted BuUoogh 8 to 169p, while 
other noteworthy improvements 
included Thomas Robinson, up 4 
at 74p, and Baden Carrier, a like 
amount to the good at 112p. 
Ransome Hoffmann Pollard, 65p, 
and United Spring. 28p. both 
improved a penny following 
trading statements. By way of 
contrast, Averys eased 3 to 232p 

Leading miscellaneous In- 
dustrials issues gave ground with 
Beecham particularly • vulnerable 
to light selling and closing H 
down at 624p. News of the 
proposed redundancies in order 
to strengthen the company’s com- 
petitive position affected senti- 
ment in Metal Box, '6 lower ac 
304p, with the new shares 4 easier 
at 5&p premium. Smith Industries 
gave up 4 at 2l8p and PBkington 
5 at 305p, but Trafalgar House, a 
penny dearer at 127-p, reflected 
satisfaction with Che preliminary 
results and proposed one-for-rwa 
scrip issue. Furniture shares 
encountered occasional sup port 
Stag firmed 4 to 14Sp, while the 
mid-way recovery in profits 
stimulated interest in R. W. 
Too thill, 2 to the good at 43p. 
Parker Knoll A were a3so 2 better 
at 93p. Other bright spots in- 
cluded S. Gttbons, 5 dearer at 
220p and Ext el. 4 higher at l24p. 
On the other hand, lower annual 
profits left Redfearn . National 
Glass 3 cheaper at 280p. 

Management Agency and Music 
added 2 more to 114p, after 116p. 
ou further reflection of the 

In easier Motors, Lucas stood 
out with a faM of 8 to 302p after 
the chairman's comments at Mon- 
day's annual meeting on recent 
and current trading difficulties. 
Dunlop, 65p. and Dowty, 272p. 
were also dull faffing 2 and 6 
respectively. Plaxtons, on the 
other hand, rallied 6 to lisp in a 
thin market’, the annual results 
are due on December 19. 

Newspaper / publishing issues 
generally closed at higher levels 
in thin trading. Dally Mail A 
attracted interest and put on S to 
36Sp, while News International 
added a couple of pence to 277p. 
Greetings card manufacturers. 
Wilson Bros. reported an 
improved first-half but stayed at 
the overnight level of 421 p. IV. N. 
Sharpe remained firm, gaining 7 
for a two-day rise of 12 to a peak 
of 157p. Following bumper 
interim profits and the company's 
confident trading statement. Chap- 
man (Balham) rose 8 to ?3p. In 
contrast. Saatchi and Saatchi, 
I40p, and Mills and Allen. 232p, 

Oils held relatively steady 
against the generally drab market 
background with falls limited to 
6 in British Petroleum, at 924p, 
and to 2 in Shell, at 576p. Royal 
Dutch gave up } at £41i on 
dollar premium influences. 
Secondary stocks were also a 
shade easier, where changed, 
with Slebens (UK) slipping 6 to 

Despite a slight decrease -in 
pre-tax profits, Thomas Bortbwick 
rallied S to 73p following good 
second -half meat exports and 
profit trading by recently 
acquired Matthews Holdings and 
Midland Cattle. Mitchell Cotts, 
shown- in yesterday’s Share In- 
formation Service as 3i down at 
39p, should have been given as 
i off at 39 p xd. 

Investment Trusts ended with 
barely a quotable change, in- 
creased half-year earnings having 
no effect on Rothschild, at 209p, 
Improvements of 2, however, were 
recorded in Law Debenture, 101 p, 
and Jersey General 22 5p. In 
Financials, Mooloya put on 2 to 
56p, but Armour Trust at 23Jp, 
gave up a penny of Monday's 
Press-Inspired gain of 3£p. 

P & O Deferred featured Ship- 
pings with a loss of 3 to 81p 

following news of the suspension, 
of trade in the shares of itsBovis 
South East Asia subsidiary pend-, 
ing- an injection of fresh funds. 
Furness Withy came back 6 more 
to 243p, while Reardon Smith shed 
2 to SOp. 

-■Textiles were barely tested and 
closed around the overnight 
levels despite some two-day trade. 
Cawdaw added a penny to S5p in 
front of today’s interim statement 
Dealings m Brigray were sus- 
pended at € ip pending an 
announcement from the company 
concerning a passible bid 

Selection Trust risL 

Vague rumours that 'Standard 
of Qttfnm ia Is to renew its: 
previous attempt to take oye r 
Amax caused a flurry of buying 
of Selection Trust, which has an 
SL3 per cent stake in the former.. 
Selection Trust climbed 34 to 
474p; the company stated that It 
knew of no reason for the rise: 

Charter Consolidated, which, 
holds around 25 per cent - of 
Selection Trust, put on 7 to 14Ip- 
Cbarter were also buoyed by 
rumours of a possible reorganisa- 
tion of the Cbarter/Minorco arms 
of Anglo American Corporation; 
Minorca themselves, advanced. S 
to 160p. 

Other Financials, however,- 
remained subdued following a 
85.25 fall in the bullion price to 
$202,525 per ounce and a down-: 
turn in the investment premium."; 
De Beers fell 10 to 354p and Anglo 
American Corporation. 4 to 294pi 

The weakness of the bullion 
price caused a setback in South 
African Gold shares for the first 
time in', six trading days. 

Prices were marked down at 

financial times stock indices 

Ptad Interest-.. — ■ 

Tndii . t j -il 

Gold Minn — — — — 

Bk*mngB,Yl*)SS<l“ u )-" 
E/S BaSio (net) r>—— 

Bqulty fcergrins fcptri..' — 

12 . 



. Deo. 










■ 485.41 



49 L5 









' 3.87 


• 5.861 




• 1SJT6 










- 67.59 






‘Bw.'-T T>w-- 

6 l & 

19 aw 48? J8. MamdSBX Noon 48S.4. l pm «7A 
V . ” 2 pm 48* A s pm «7-<k ■ , • 

Latest Index OJ-2* M2S. 

r ’ nnis&os. 

U „I, ltf0 <*—» Sons. 15/10/96. FiX«J iOL MSS. - Sad. 1/7/5* t ^S2. MInef 

to^SoSS: ■>«“ «*• *»***» joti-Oec. we. 



1378 . 

Sin 03 Compitatkjff 


. Deo. ' 




. "Low 

• . ' 

..13.. ’J 

.11 1 


• T* «ir«i g - — 

, ,OVlV6. 

'Ttrad Ids.— 















— Drily 

GUc Hile«d 








IstL Orff 

SoW Mines. 

■Gold Ulan 



12/3) > 






49 -"4 - 




■Gfit-Bdjged _ 

' Isdaxtrdda _. 
fi{iedcc/jatfvi» _ 




.2 9JS 
- OO.ff' 

(ftc-8 pm.).. 

- 4 , - « 

ihe outset and lost further ground 
^throughout the day in front of 
•the generally lmver-than-expected 
Gold Reids group December 
dividends which were not known 
during mar ket hours. 

: .Among the heavyweight issues, 
fafis : of a half-point were common 
to Rnndfoniein, 1273, West Drfc- 
fontein. £204 and Western HoW- 
fa g * £15, while lower-priced issues 
showed Kinross 13 off at245p. The 
GoldTffines index gave iip 62 to 

135.5, - whBe • the ek-premkan 
into lost - L5 ti> 98.6. »- . '.vjTi /* .’ 

A sligh tly- firms- trend" in ow* 
night Sydney, and Melbourne r 

markets was;. more than offset 
by- the -lower premium - and 
Australians consequently 'tended- 1 - 
to drift - 

. Elsewhere, Yukon Conscffidated- ^ 
rose 25 4t> j Wap, . after being ; . 
suspended temporarily in Canada, 
foSowing the takeover 
Teck Grtporation. - ' - • 



BEERS 11 > 



Beeehvrood Noethvjharn Bride 

Gal Wort ertndlov 


Afrfrrste fntfs. Halstead (JJ 


SUnlov (A. G.) 


Baker N rM— WotnbvroH Foundry 

W i Mia me OV.) 

FOODS <f » 

Btbby CJO 


Christies MO. StoneMII 

Parker Knoll A Third Mile hi*. 
Stafl Fnrrtture 


Man. AfltmY A Music 




Sharpe (W. 

PAPER (2> 

Chapman (BaHiamt Ween 

Country A District Lon. & Pro*. SHOP 
Fairrtew Estt. Peechev 

Iniereuropean Prop. Sec. ht*. 




British Horthroo Serek 

Moss Enoineerlng 

FOODS 121 

Barrow VlrlBnp Watson A PfetBp 




Hcnrteti (A.t 






NEW LOWS (10) 

Laurence Soott 

British Fuads 

Corpus., Deal. af 

Fore) bb Hoods 


Rnancfcil sod Prop. 



Mines _ 



a - n 

.5 :. •» 


3£5 406 957 
6T 182 30 , 

« '* 

IT M -.'»r 
3 7 n» ; 


2tt 661 lAkk 



Ex're’ael 1 



Com Unroni 
Com Union 
Cons Gold 
ttions Gold 

Grand Met-I 

Grand Meu 

Grand Met) 





Land Sees 
Land Sees 
Markeft Sp 











































. Ids 

' '4 














10 ' 


: 7. 

- 4 




, 46 
6. . 
















• 9 













. May 

■ .-4 .— 





. 33 

. 82 
•45 . 

•46 ’ 

26. , 


6 V - 


- is- 


. 2. 

oloaa : 






/BTp- ; 
v 57Bp 1 

.. ,- _i 



-M . ; 

T-5-V. 'i -‘•••V ' 


' •f’V “ - v - ' 

■“ ur"--. 

-'■+ i : v 



Finance chief at Tannac 

3lr. Graeme D. W. Odgers will 
be joining Ihe Board of TARMAC 
on January 1 and will succeed 
Mr. Gerard Paris as group 
finance director.- Mr. Paris is con- 
tinuing as an executive director 
of Tarmac. Mr. Odgers comes 
from the General Electric Com- 
pany where be is 3n associate 
director. He was born in South 
Africa but has worked in the UK 
since 1962 when he joined Urwick 
Orr and Partners, the manage- 
ment consultancy. Subsequently, 
he became an investment execu- 
tive with Hambros Bank and a 
director of Keitb Skipton and Co. 
and C. T- Bowring (Insurance) 
Holdings. In 1970 he established 
management consultancy. 

Odgers and Co ^ where he was 
chairman until 1974 when he was 
appointed Director of the Indus- 
trial Development Unit of the 
Department of Industry. 


Mr. G. C Thompson has 
resigned from the Board of 


Three more appointments to the 
MITTEE which is to advise and 
assist in reaching a decision on 
whether to proceed with a scheme 
for harnessing the tidal energy 
of the Severn Estuary, have been, 
made. They are: Conn. Claude 
Draper, member. Bristol City 
Council: Prof. R, MUlward. profes- 
sor of economics and chairman of 
the Department of Economics, 
Sheffield University; and Court. 
Graham Powell, member, Gwent 
County Council. 


Mr. Peter F. Davenport bas been 
appointed to the Board of 


as director of 
Mr. William R. 
been appointed 
administration of 

sales director. Mr. BL Tagg. pre- 
viously marketing director of 
promoted to managing director 
from January 1. Mr. R. Edson. 
who was previously sales director 
companies. Mr. T. Boyle joins the 
Board of H. R. HOWARD AND 
SONS as deputy managing direc- 
of Drewry and Edwards becomes 
naging director of BARRALAN- 
managi ng di rector of BARRALAN- 
LEICESTER from January I. 

Following the acquistion of 
Group, the Board of Ultimate in 
future will comprise Mr. R. E. W. 
Newman, Mr. F. O. Kirk, Mr. W. 
T. Wilkins and Mr. R. R. Bundey 
becomes company secretary. 


Mr. Stanley J. Clarke bas been 
appointed a non-executive direc- 
tor of CAMREX f HOLDINGS). He 
is deputy chief executive of 
Smith & Nephew Associated 


M3NET HOLDINGS announces 
that Mr. R. E. Stedman bas been 
appointed a director from 
January L 


Glasgow-based welding equipment 
distributors, has appointed Mr. 
Charles R- Hughes as managing 
director and Mr. Hugh Prior as a 

Mr. Peter Ge e-Heaton has been 

joined Gee & Co. in 1948 and. for 
the past 30 years, has been 
associated with the company's 
weekly professional journal. The 


TP.T., international paperboard 
packaging manufacturers based 
at Romiley, Cheshire, announces, 
that Mr. W. A. Jones, corporate 
marketing director, will join the 
Board ou January L 


Mr. Eric Ellen, LONDON 
TRANSPORTS chief transport 
planning officer, is to become 
chief secretary to the Executive 
from January L He succeeds Mr. 
Paul Garhutt who is retiring. Mr. 
Ellen has acted as a London 
Transport consultant in several 
transport studies for overseas 
undertakings, most recently in 
Mexico City. 


appointed chairman _and_^ manag- 

ing director of Gee & CO. - 
USHERS) in succession to Mr. 
Percy Hughes who died on 
December 1. Mr. Gee-Heaton 

Mr. Brian Stevenson has been 
appointed vice-president of 
COUP, and senior vice-president of 
its subsidiary. Gotaas-Larsen LNG, 
Inc., which markets the services 
of its liquefied natural ga$ carrier 
fleet. Mr. Richard D. Fain has 
been appointed vice-president, 
finance, and treasurer of 
Gotaas-Larsen, and Mr. John 
Jordan bas been appointed senior 
director of corporate planning. 
Mr. P. R- Alfano has been named 
corftroller of the company, a 
subsidiary - of IU International 
Corp., U.S. Born in England, Mr. 
Stevenson was assistant treasurer 
of Occidental Petroleum Corp. in 
London before joining IU in 1973. 


Watson has 
director or 
Scottish -based subaidary of Tar- 
mac's quarry products division. 

Mr. Michael E. Tobin has been 
elected chairman from December 
31, succeeding Mr. Allen P. Stulfcs, 
who becomes chairman of the 
executive committee. Mr. Keene 
B. Addington, formerly executive 
vice president, was named presi- 
dent to succeed Mr. Tobin, who 
remains chief executive officer. 
Mr. Tobin joined the Bank, a sub- 
sidiary of Walter E. Heller Inter- 
national Corporation, last 
February after 10 years as presi- 
dent of the Midwest Stock 
Exchange, ^ 

Dr. P. Lieftinck. who served in 
the Dutch Government from 1945- 
52 as Finance Minister, has been 
appointed special adviser on 
overseas affairs to the executive 
Board of CENTRALE RABd* 
BANK. He is a former director 
of the World Bank and Inter- 
national Monetary Fund. 


announces Ihe following appoint- 
ments to the Boards of subsidiary 
companies of H. R. HOWARD & 
SONS Mr. T. Boyle joins the 
Board" as deputy managing direc- 
tor, unrf Mr. il- Hornbuckfe joins 
the Board from January 1 as 

FT-Actuaries changes 

With effect from December 31, 
the number of securities which 
make up the FT-Actuaries All- 
share index is to be increased 
from its present 673 to 750. 

The move reflects a decision to 
expand the sub-sections other than 
those which make up the 500-share 
group by including companies 
with market capitalisation exceed- 
ing the level for new constituents 
in the 500 group. 

The biggest expansion will take 
place in the Investment Trust 
index which, from the beginning 
of 1979, will be based on 111 com- 
panies compared with the present 
50. The number of constituents 
in the Property sub-section is to 
be increased from 31 to 43. while 
those in Miscellaneous Financial 
and Overseas Traders will go up 
by 3 to 10 and 1 to 20 respectively. 

The constituents to be intro- 
duced at the year-end are: 

Groop 69 (Properties) 

Beaumont Properties; Counly 
and District Properties; Estates 
Property Investment: Evans of 
Leeds; Imry Property Holdings; 
Laing Properties; London and 
Provincial Shop; Lynton Holdings; 
Property Security Investment; 
Town Centre Securities; Trafford 
Park Estates; Warner Estate 

Group 70 (Miscellaneous Finan- 

Gresham Investment Trust; 
GrimUays Holdings; Mills and 
Allen International. 

Group 71 (Investment Trusts) 

Alliance Investment; Anglo 
Scottish IT; Ashdown IT; Atlantic 
Assets Trust; Bankers IT; Berry 
Trust: Bishopsgate Trust; British 
.American and General Trust; 
British IT; Broadstone IT; Brunner 
IT; CLRP IT; Capital and National 
Trust; Cardinal IT; Carilol IT; 
Cedar FT; Charter Trust and 
Agency; City and International 
Trust; Continental Union Trust; 
Dundee and London IT; Edin- 
burgh American Assets Trust; 
Electric and General Investment; 
English and Scottish Investors; 
Estate Duties IT; GT Japan IT; 
General Consolidated TT; General 
Funds IT; General Investors and 
Trustees; Glasgow Stockholders' 
Trust; Glendcvon IT; Govett Euro- 
pean Trust; Hambros IT: Hume 
Holdings; International IT; “In- 
vesting in Success ” Equities; 
Jar dine Japan IT; Law Debenture 
Corporation; London and Holy- 
rood Trust; London and Lomond 
IT; London and Montrose IT; 
Moorside Trust; Nineteen Twenty- 
Eight IT; North Atlantic Securities 
Corporation; Pentland TT; River 
and Mercantile Trust; River Plate 
and General IT; Romney Trust; 
Rothschild IT; Saint Andrew 
Trust; Scottish Ontario Invest- 
ment; Second Great Northern IT; 
Sterling Trust; T echnology IT ; 
Temple Bar IT; Throgmorton 
Trust; Transoceanic Trust; 
Tribune IT; Trust Union; United 
States and General Trust; Winter- 
bottom Trust; Yeoman IT. 

Group 91 (Overseas Traders) 
McLeod Russel. 


DEALING DATES B. Burmah Oil, Electronic 

First Last Last For Machine, Wilson Bros, Western 

Deal- Deal- Declare- Settle- England Trust, Cadbury 

jugs ings . ' tion ment Schweppes, WUmot Breeden, 

Dec. 5 Dec. 18 Mar. 8 Mar. 20 English Property, F.N.F.C, 

Dec. 19 Jan. 8 Mar. 22 Apr. 3 Stanley Gibbons and UJD.T. Puts 

Jan. 9 Jan. 22 Apr. a Apr. 18 arranged included Ladhroke, 

For rote indications see end of Peachey and Petbovr, 'While 

Share Information Service doubles were done in Premier 
Money was given for the call Oil, Barker and Dobson, Wilmot 
in Selection Trust, Premier OH, Breeden, Burmah Oil, Shell and 
Armour Trust, Assam Trading English Property. 












price (p) 

on day 



Burmah Oil 







Lucas Inds 




- 8 







- 6 







— 3 













. 374 

— 5 



Metal Box ** New ■* 

Nil/'pd. 7 


- 4 










English Property 







P. & 0. Defd 




- 3 



Shell Transport... 




- 2 







- 6 









Barclays Bank. ... 




- 1 







- 2 





.I, .It 1.1 

I«u» 5 :"s£7|S = at 

Price 1 5 s - '.5 3- 




J “ j B'kI' i Luir 

42i?l i.P. '24/Xlj c$ 
A SO. 50 K.P. ; - 
ASI86P.P.' — 

155 F.P. 1 10/1 
- I F.P. i — 

29 | F.P. | Sri 


7F j hi 

vs. ; too 

175 i in 

W»s! 1513] 
SI I 21 


|AneliBtBWp- ; 

'Aabtoa MinliitffiOe...... 

[ttAUKt. Fanning ASl.J 
Barn* <?i«vo*wa.v Xrpf 
Hunt Jc ILotcri.'ii DeM 
| K It then Queen I0|> 

17 3 


1= Z'Zs 


6.71 7.1 


6.7| 6.0 


• r o\ 

!| SPf 

1 — — u 


ss lUitinj^w 



iioo r .| 

£*< I 
97 P ! 

> .P 




I 2 ari 2 
: 5/1 

S9V 99l*.Ancia«e.r Variable 1983 — 

lit", ll3%(Cdue Valiev Water Vi, itai P. Pr[. 1983 

117 ‘i 101 ‘Ciostry Hnuie 10% Couv. -%!■&> 

In | mi -I 4 pm (Flarilay tiS Ctir. Cam Red. Prf. 

Simi 1 2i»n Hawley-JimmJ 

^ Hawley -UrnmiaU 12« Cnv. Una. Lu. •»*!... 

ny i,i 33ii Xewnian linls, Aiv- l'ret 

aij 9 tB/eAruaflSTv.Jrtli ± l>xbr<Jge IVster 1% ’8S_. 

9K|. ! 98p |S«a5«»p® Wit Prel 


4 pm. 











Hem i nc. 

’ 1378 
HJfc'b I Lo*r 






105 | .Nil 

35 0 








J 8/1213/1 | «S 
Il5/12‘26;l iSU. 

I 6i12'21/12i 414 
29/11! S/1’ 77 
I15I1SH2/1 : Spm 
15iie.l2U .l**TUD 


3/1 B;2 } 3pm 
6/12 12, 'I 147 , 
,15(12 12/1 [ 36pm 
3/11 B .'2 JOpm 
>18/12,10/1 46pm 
18/12;15/i ] 14pm 


Z ,,e i 

2 pm 

Beeeba to 

Boulton i Win. 

Brown (J) 


il'llfltinl (Chaa.) 

8pai|Uun4i tt>l 

Kpoi'Fiejer tJubu'i 

140 'Ucekliu a HurLoa.. 

34pmiUX. Bnldiuga 


25(Hn!Sri4liert t Pitt 

SpuiiTern Consulate ..... 




4- or 













+ 2 

Renunciation date usually last day (or d e ali n g tree of s tam p duly, b Figures 
based on prospectus estimate. 0 Assumed drtidond and yield, u Forecast dividend: 
ewer based on prvnmis year’s earnings, r Divide od and yield ba$4d on prospeema 
or other official fotl mates lor 1379. O Grose, r Figures assumed. I Cover allows 
fur conversion of share-., not cow ranXiJIR tor dlndoiid or ranting Only for restricted 
dividends. 5 Placing price to public- pt Pence tin] ess otherwise Indicated. 9 Issued 
by tender. II Offered to boideM ordinary shares as a “ rights. “ ** issued 

by way t>f capttaU/atioc. SS Reiatruduced. SI issued in ctmocaiun with roonAtdsa- 
uon. merger or take-over. HU Introduction. □Issued to former Preference holders. 
B AlJolnicni Jciteri tor fyfly-paldi. • Provjslona! or partly-paid nlloi ment team, 
ir Willi warrauh.. 


These indices 


jowt compaaDos of the Rnancal Tines, the Institute of Actuaries 
and thr'Facufty of Actuaries ’ - ; r . 1 



Stocks per section 






































Building Materials (27) 

Contracting, Construction (28) — 

Electricals (15). 

Engineering Contractors (14) 

Mechanical Engineer! ng(72) 

Metals and Metal Form)ng(lb) 


(DURABLE! (53) 

LL Electronics, Radio, TV (16) 

Household Goods (121 

Motors and Distributors (25) 



Breweries (14) 

Wines and Spirits (6) . 

EnterWwnenL Catering (17). 

Food Manufacturing (19) 

Food Retailing (15) 

Newspapers, PuMishiog (12) 

Packaging aid Paper (15) 

Stores (40)- 

Tobaccos (3). 

Toys and Games (6) 


Chemicals (19) 

Pharmaceutical PnxkxtsfT)- 

Office Equipment (6) ... 

Shipping (10)— 

Miscellaneous (57). 


OliS (51- 




Discount Houses (10). 

Insurance (Ufe) (10J. 

I nsurance (Carqposite) (7) . 

Insurance Brokers (10) 

Merchant Banks (14) 

Property (31). 

Miscellaneous (7). 

Imestmeot Trusts (50) . 
Mining Finance (4). 

Ov erseas Traders (19) 


Toes., Dec. 12, 1978 : 

.Dec. ■" 



: . 8 



: 7-; 






■ % 

- EsL 



Yield % 
at 33%) 









■■ . t- _ 
























380 JO 








































- 829 















— L2 






















































- -08 

1 338 





























































240 09 









. 94.47 
































250 S3 




















4 028 



















1.516AM -03 | 1333 1 389 1 882 1 519-05 1 52432 | 52738 i 53226 l 




























. 831 


■m n7 














• — 








— L2 












317 Jl 







. — * 





























713 TS- 
























’ — 



233 S3 


















■23858;--. ' 



JBU4 ' - 

2252T -' . , . 

16884 k 

22M5 r; ’ 

19869- -• • 

19196/ , 


4M V • 

12421 V- • 


29»is - ■ 




WWiv *, 

»J1 . - 

m tth • ; ■/' - v - v 

MUl . : ‘ 

15935. . ’ • 

Ittlri -,r 
3365l'V— ■ ’ ' 

M2f.-r.J- A-:'. 




2 R35 

’ w --. 


BrfBsh Government j 





• Tch&v 

to date 





■ 022 

. 939 


5-35 ycuR 



•-■j r -'.‘ 









5 . 




' 889 



Br. Gort At Crass Red. 



5 years.; 
.15 fears^ 


5 yeas. 
15 m, 
25 years. 

HI* 5mL-„ 

C«poiB 15 tears.™ 
•• 25 yearn.... 































• ’ k. 




. P . 


Tubs- boc. M 









' 7',. 



..6 ; 


DexL _ j 

•'^ 1 * 


V«ir i 
«go ; 

Index | 

•WPU; 1 



-0-yr. Red. Deb & Loans (15) 






■ . * ’ 

au 2, 

as ja 




Investment ’Crust Prefs. (15) 





"5 LIB 






Com! and IndL Prefs. (20) 











I Renraptioa ytaM. HIM and lows record, bass dates and values end mo iltnnin onqK w 
iysties. A list of *e constituents to available from the PgMdws, the Finidar 7 (rb£ Srecicwr. 
LwdM. EC4P oar. price Ho, by post 22p. „ • - .. 

_ .te Satnrtsir 
Cmnbtt -btrfet# 

‘ ft' ^inandai iinies Wednesday December 13 197 S 







mtf Unit Tit Wngrv l*£ w :■ ! ffireio*”' """ V oJ-WMTij fj insle ' Fund Managers Ltd. 

555?!SS!r -~Bk^ .:! .iSS.*?. 2 ? 1 1f ! ?1 Lj; f C- 1 *. 


*«se® : feasi • 

- d uflmn I _ 

. to. At own. — : — Ju?* 

'fd 2.5 u, - u-,. TpM , u-. 

Provincial Lite Inv. Co. Ltd.? 

OJ-W31050 :•>?. DJop wr. ccr c 

4?.8| ... | 567 PmUitUmr.. .. IK .1 WOJ-f’j' 
High IntOme.. ., .JllSb llJ.Cd) -0 J| 



'• % f 

0X5® 235? or^^iood 
CuasxO rnrtb -- 


Crt.taiac — 

AGWS Gaffed. 7, -i, 


Hj-nbroAet Fi 
(atom* PhMy 


himi income- — — : 

A.H.— .. 

i n m nat io n al.. 

PactUt Funfl-_^_.- 
Sees. OfmnMa . 

U SJl.ET«Tpt*-.„ 

Sprout AM 

winster Fund Managers Ltd. Provincial Life Inv. Co. Wd.f Save ft 9mr» centwed 

Sect tils Seswilijs Ltd? 

Sstfan* i'- 

z:l ill I MLA Unit Trust MngmnL Ltd. n ' , „ " „ „ ' 7. " &■£«*. ii'e-i! 

(W toe+n sirm, SW1 A 9JG. 0! 9307W FrudL Portfolio Mngn. LtcL? :a»bj<c> w j-;'; ra»i'3 1 

' Holtom Ear:. EC IN 2NH. Ol-aOi'CS 1 jy-,. j;' • ....■ ? . u ,- J1V10 1)841-101 Cr(ii»ciimr Trust Mr.*--' in' ~.'i ., 

MMlfO*! ni, "laK MTtal Ift.q 4« 7 ' -— —■»««* i»3"»*v <«r ‘ ^ ^ SchfBSingW I™* 1 W,,.:. Ufe. 3' ! 

OfttoiSS^.”?.:: So . ™ *£2 ■ 4!55 l?.V k, ‘* S,,efl ' Gla 3"!'- “ ?UM - 041-221 5521 Quitter Management Co. Ud.? W *“» 5we< 

MJturopran^ fBl 1 86 JJ ... | 3.56 ?ne Six C icr_wi» CC2N !«»-. 91 «*}*]"’? A* 1 ' E'en*!-' — 

Draliiq toy Fudir. Quatrain urn r«i i:w>4 , _lrt«; . : A.t ^nwnn ,.-_• - [u '• 

01-6288131 Mutual Unit Trust Managm? (oJIg) Qunihani irtwne, — |l)3 6 u;.s .. .! 7 

T™ ‘ 

iSp&J * 7*: I'B.1 lit : FriwubJ Provdt. Unit Tr. mla Ur.ns, 144.9 to if -0 U 3 85 

AQiQf.HantMi Grains Wlf>. • ggaSSTgi - f^d ?*:***•*.'* 
m sa " 

6J. tteft Managers Ltd.* 


CT.CdjtlK. B3.3 j 

Oo «e . 

■ &.T. Irt. Ftf. On 

_ CJUi4Gfn.._ 
;a3b .t.T. JatunA Gm.;.. 

IS4 ' 4.74 'difct PnrJfy Ta‘.Z 


"SS 2-S 15.C(*tiijilA»e,£C2*7BU. qI60b«SC3 ...... .._ .... 

6 Art Mmuji S re. Flm. .ID 3 55.91-021 bjS Reliwic e O n «* M 0«- LM.f 

-o*l O-W iiw T.. IR-> rta-o3l 7hO IMianteH* .Tbnonitjrr Weill, Kl 

linS-roiu fflft “ituallw-Tu 


^92+1.9] 2M National and Commercial 

6 71 

CL & A. Trust tai(g> 

.•■:Fg. .... [37.9. 
io , SfA^.M6. 


VSBare ; 

wnmmaur. .. M6T 


h£ti (ixomeTsl ■£ 4 

Uxoairfiai 7161,. 

lev Agpnckn S3 

irtr. Ehisp: fd„„ 
(rjlrd. Tb.(A«3--.. 

*57 aw * 11 ’J t ' 

irt Sadr'Co^f - •' eiffliArl 3 ii tonwwStV 

BKluw? fits. . . 

Mfl.Mm.&C’BTT , 

Oven*** £»" law , 

Eon. Srnlr 

Anderson Unit. Trust Managers Ltd. 

:58,Fendi»r*3,Ei^GA*. ■ 6239Z31 

AnJr-MMiU.T 5S3J.--4. JJfl. Gibbs {Antony J IMt Trt. Mgs. Ltd. 

AnsUdKf Unit Mgmt. CO. Lt&- : 3 frnJcrfcK-vPI^ CHd Jenry, EC2 

L tattle St, ECJU TJ0. ; • Cl'-«3M76 (aJAA. jicoweV— ~ ' 

lni.aieetWyF—1 . [US. . -. UK-ll 972 Kcf-SS^rSn— 

Arturtboot 5acurities LhL talid. '...' ■ aaims' 

sr.ft-ensv umfcnrowiBY., -.-n^raa W«tt *Jobn,*y 
'll 06 77 Lomm Wail, ECS 

2-60 31. it. Andrew Sown*. Eihittun^ 

Income Uov. 29. 

5 ffaylee^t tod, Snmsnonr, - iOZffl 2273CO 
G. &A Ctt4- SSJM-OjS 4A5 lAccum UrJu), 

GartRwre Fund KnagcfttFtaUg)7 Prewide " t ,w - Ltd.? 

SO. UwA>e ECUHBP 01-Z833531 4 “ CwwttwnJi Si, EC3P3MM U1-O2J4200 

tV %■ -■■.MS* S Sj-g *S 

a'g (AeewnUnlbl-" ... 1421] .. J 

0 4} "Prrcr. an Nw. 30 Nnt draunq Bee. 23. 

J qg ’Ptiv. on Nov. 1. Nen (Oenlbig No*. 15. 

6.91 National Westminster? (ai 

0160b 6000. 
71.71 -0J1 4 35 
71.9-0 5 " - 

370 -OS 
94.5 -0.7 
37.8 -0.2 
74 Ja -0 6 
57 43 -QJ 

SftardeTfAtc.) .. 45 9 

Sevtoroe T. In.. •_ a?o 

A(B StrCWOCLir: .... 


F.emrtMei t.if.. ;.*• * 

‘.Srjlrc 7’.'-.- 17‘J _ 

0cP2r2r7l IniDnrOiU.....— |:¥; 
iSM-* 1 *'! h - 6 A0n*l.. •. 

49 11-521 ^ ^ ! Intni CrffsiK 

<69: -&4| s o im Tu Unas 
^ U.vLel I «J Jf»T. ... 

'in Vk-lrf . 

i U- 


*39 lie t b Ridgefield Management Lid. S^’S&VriWi.: - 

ikfl,) Kjq -• 4 ii 2 ‘ r q, 38-40 Kmnedv Si , M.virne-.Ifr libl-^)«,£>'l Pmperf. Sl»w. . .• 

39 yo> . 335 3 . 4U BagHWoini ut... ..I : 97 SuecwlSii.Tst. 

rJU) 11588 m3 4.1< ~ • - -• 

PJuCrfirifl iitcro 



I a<irt UB""CriB. Asuim 
1 UK. Oin OKi . 

Rothschild Asset Management igi J- Henry Scftroder j/a^g 

7260 CjihuwwRiI ftvk-aor>. 0296 S«1 F rj c . ! ** ri S;* E C - . 

N C..§quiix.Fuiur 

Target Tst. Mgrv (Scotland) (a) <b> 

19 fc'M! Crti'ert. tj-n. 3. 031-239 8621/2 

Tjiy: - 2n.3«d .. I J 79 

EKiuirsfRvra' . jea'4 ^65^ -S.J 

Trades Union Unit Tst. Managers? 

Ilw Wool £'«e!. £ .: : o;-b28 mi 

TUUT Dr. 1 . . . ;:0 2 5L5f I i J* 

Transatlantic and Gen. Sect. Co.? 

91--* 1 ? Vcw '.snaon C^eaniord D2<5 51651 

£jrW6in 7 .. . [7b 4 
lime- ) .. [Ilfi 6 
a>ri £»pi. N..S 29 . icj ■• 
h*WM >: 7 . JS0 9 

Urnt,) . *101 4 

Coif’-o Dec a UK. 7 

(C:cu<ti U-iiir) !:e£Q 

JijtoI Dri b .jfl 9 

Uc-jyn Coil l -iS ? 

^mC-; 12 - 517 

-j-mj . . 170 d 

fojrfKNit*:. .2 fj7 2 

iBCCin. llfllKI . .. w: 

V’Jn uMb E*C 12. — !«) 4 
fi.jj in Unit:) Kl 2 

■•ao'HjOe: 13 .. |H2 
T"ee Dec 6 ... .Us 4 

-- -. eouliy Fu 
N C tnny Tte-,. lit 

N.C I r come Fund . 
NC. Inti. Fa. line, 
N C. I nil. F(L (Alc 
NC. Smllr CoviFJ 

it: b 



uk. J 



146 0 



1 1(4.5 

85 o 






If, £.9 





2 53 

Rothschild & Lowndes Hgmt. fa) 

r A LiMlnan Lm. tiln, EC4. 0! ■«*-’£■ ii-* 

NvwC'l Eipimn ....II1E.P 129 31 | ; &} 

Prtci-. on Nn. 15. iw.t wannq [ie; 15. 

Rowan Unit Trust Mngt. Ltd.? <a) 

CUyOaleHv.Fimhury Bq, EC2 01-n(i6 10c« 


~W9hVieM-.., ...MS 
••fAecum. Unta). .Jut 
Litre I name Fa.. , 'F07 0 


■ •' ,-- j'*' - 1 

. _ *1*1 IK? ■ UlAImm . 


C«wod«ji Fuat . 

lAceam.Unfcl— ... 

fTLfm-.Fund ._|37 A 

sSSKS?A- -M ■ 

UM« 3. led; Fd. ^ .E3.* 
-(67. VtrdnM UR.]. ..07.9 . . 
riretgn Fd . ..j. — aP.4 ' 
N Airier & Im. £d.v_i27.9 

American Drc. 
Smirlum De>: I? . 

1«11 Hldi VTd Dec.a 

5 06 (Actum. Unn-J 

8 01 wrUn Dec. b 

(Accum. Units) . .. . 

I ob 0 

is* r. 

17" 7 
79 7 


190 a -7 01 


10.*. oj 


Archway Unit Tst. Mgs. Ltd.? UXc) 

317, Hh* Mcttom. WC1V7UL. 0* -a3l 6233 

ArcJMcwFuitt -J831 SCicl J -HE 

Prkei * Dec. /. Ned v*. day Dec. M. 

tardoys Udcorn Ctdl? (aKcifg) 

Unlearn Ho. 252, fcnrford Rit. tT. 01-5345544 Utetfikmery '48.1 

~~ 33Ad+Ojr CL74 Cap. GiawU Inc 

161 Ovjbmot, tCZV6£U 

0i3 Capilal (Auum.) 166 7 

Enralic u.9 

. Fiq,i f >Sij| .... UL 

m quill, til until inv ....._ DA 

■I INI k n:ww . 352 

5Ji J aaS PoUtoltOlnr Fd. R0.9 

-05] nin OmwrvUFd(d) 53 4 

NCL Trust Managers Ltd.? (>)<g) 

Uiiion Court. Dueling. 5ur>ey. 

. ot.588 5U0 S&'l^r Hiji. i« r..:|S»i 553 :f. 1 

A7§ IrJtoSi Vs m W --.'I IS " ory,jeh Unlon '^urmce Group (b) 

?79 Dec. IS. -• p -° BC. 4. Non.lch, NR13NG. 0603 22200 Royal Tst. Can. Fd. Mgrs. Ltd. 

8 79 ■ ■ • - .. . Croup Til Fd Ro8 8 388.21*001 5lM 

R13 ^mveson Managewwrt Cd. LUL p ear | Trust Managers Ltd. (aJlg)tz» 

^-3 vBWMWaj . H,U*I HrflwnTvrtlv 7EB. 01-405 B441 

Iqj PfJrlCrnwihFd. . .(24.5 3641 -0J7 4 «) 

8 >6 Actum Umls (29 1 

qje Pearl me. . . 
i dI Pe.-ji li"i> 7 .. 

2.98 l ft *- c ' jn1 Units) 

3 % Peiicsn Units Admin. Ltd. igXx) 

4fc2 *L rounum Si, Mancheder 061-236 0685 

A.62 Pelican Until |B7.6 94 Jl -051 4.7B 

Perpetual Unit Trust Mqgmt.? (s) 


1:p; - 



Tyndall Managers Ltd.? 

18, Cary-rjr Po.tJ. Briitel. 
lnc'-mte De: e- . ... !94 8 

(stain, umb] 

CapiUiDec.6 ..... 

tAiLCunt. IkuU.}. .. .. 

L .eiTTL D« o... 

X n4 
3 7-t 
8 74 
J 11 

Ilium UtM-.L 
■ PaACl4Jdri^r(i , . . 

■SpecE- Det-5.. 

•f%rcj-..-rr Dec. 5 

Scottish EguitaWe Fn'i. ^g^ Ltd.? 

>2a:.An*e».Sq Edmn, r;-, 0)!-5fa «-!01 fActrn'.' U«K).' _ 

I- -on-*- Uiur - l j- ; --S *: ' 6.3 ; in! Ear Dec © Unm I5-- e,‘. c|-3 '.l 13A (Accuni Unii-.| .. .. 

Dra'io) :■, Prtf. De:6. . .. 

Sc bag Unit Tst. Mamjcrs Lid.? 'a’ (Accum Umki 

1S8 2 




100 4 

> to SIX Btfcftr? F_-e i son M. SU EduWiniL, 

UiCapiui Fd. l-:-5 -i >. a; -aj; <»5 iSi’rji- b ... liooo 

dedng & 

Crimson Management Co. Ltd. 

_ W&rr-ruinGliDM. EC2P7DS 

esq BrmgtmDK.o 12177 

iS ftenim Units} ©90 .180 J 

it tt.5?fe: .-> f 

|j4 (Uccum. U*a!s* 

j m tmehsir. Dec 6 (90.7 

* a {Acaw. umis) ... _lfe3 

Trn In ABfMr Dec 6.. ...fflB 73S/ .....j 
1 „ (Accum. Units). 773 -...1 













thFd. . .24.5 76 4/ -DJI 4 80 

,i 29 1 31 3 -0 :| 4 W 

33.3 35.9 -Oil 7IJ 

(•J .. .35 8 IHio -u d 52* 

m») Hiv 5UJ -05^ 5J5 

5*. Jermyn Sl/eei.5 W.I. 01^629 6152 

CWUlFd. ..(67 4 7? If . 

w Fit . ..lev 7 77 3. 

Price*. X Nor. 30 tin: Staling Dec 


Onirnm Aimrtca — tZ? J 

DcAuil.Acc 173.4 

Do. Aun. Inc (57.4 

Do. Capital - Ka.b 

Do FeempitTf. - nft l 

De. tried Imwnt 1291 

Do riruKtal .152.6 

Uo.WO ■ 77 b 

Do. Genera) _. ... —132 8 - 
Do. FUiB-.nhfec ...—wi 
Do Income TitL-- .»J7 

3 Cnanfian ^ Unlt M t n ‘ Ud - « Hon Si , Henley on Tnuffm 

LOO RwalErtttarq* EC3P 3DN 01-428 BOH P pemaiCp Gui 1432 46.81 | 

(avl Guardbi/l Tst — „|95.< 9Bfl -06J 4 25 Piccadilly Unit Trust (aXb) 

Henderson AtnMttrMoaT UHcMg) ^F-^tr^L^PuSi 1 
Ptwrwr DJ AdnSa. 5 ReyirtjB BwgL «««, oi-5a(411 J# *nr. EC?R 1 
Bri0tU5D0. Ci ML 0277-217238 " ilL . • :•% .• E»lra Incoinr. ... 

9X, “* All co» Small Co-5 Fd 

-04l 5 9? CaolUI Fund ... 
nS jm EriW 6 A.JHs 

r?\ Private Fund 

B -* i Accumltr Fund 

Save & Prosper Group 

4. MMK a. Hrsetn, London EC3P 3CP 
68-7? Oueen 0 1 Edlniwrgh En 2 <V* 
Deallrun to 01-554 B394 or 021-226 7351 
Save & Prosper Securities Ltd.? 
InlertuiiOHal Fund-, 

CmuI |7o 8 

D 272 322-31 


8 80 

12 93 
12 93 
031 2251168 

:- 1 P 

. i 5.60 


;-r : J8 

A 5:93 


Cap. Grcwta Act 
income A Asset 
Wgli tbconm Fundi 

Hignlieomr > 

Caoot Extra In- 

CaboLPref.idn | 


TettiiiolOQV F'jrtt ' 

7.87 Far . H 
AnvriUn Fund 

29 7 
27 7 
22 J 

32 . 

44 3 401 


39.7 -02 

72.7 -0J| 

30 0 -0 4| 
24.2 -hJ I 

_ J _„llb 

nabtihAAft ITU ... ...... 125 . 

Unn Growth |h8.9 

J 1 hnrauM Income fund 
- Hlqh-VieJd . . (54 b 

Hup> Income Fundi 

Hijti Reiuni (*>8 2 

Income 1^2 9 

U.R. Fumt 

UK Equity (*5.6 

IhintB Fundi' > 

. . Ltd. 

- fiJTu _..g62T 

ftibSi. Re. „g7 / 

Interna Umal 

. l-OJj 6.03 

•Og.Prf A'ns.Td.. K466 15<S /I 5.17 .cSeuTTTT , .193 J 

PncH A No. 30. Neal at. div Det. 29. IntenaUaul . _ .bin 
rv.fctwwv ^- .Pfcl 495 “0-2! S.J2 WMI. wwe Dec.8..-_P4.9 
Do TuBIM-FKivt. — jiao . 129.7j-nJ 514 flMaa- Fnnds 

Do-WnnhWlfTlt »o5 • Mffi-ej ?.U 

E-ain.Fd.iw: IMS -Kaia-oa Vl4 

DO. Mum -1^0 70 -03 5.14 

Baring Brothers & Ca, Ltd.? (alls) n. 

88. LeadMttall SL, EC3. - •- D1-58B2E30 

Co. Acaaa 


U 04 Practical forest Co. Ltd.?"(y)(c> 


* 20 
?6 0 
5 00 

] 40 


Europe . ... IF* R 

.Iran !04 ■) 

seTa-jj lid 1 

U S 1701 

3,'w^lnamrfd .""! S.3b ..;;.. jjbV.b 

Security Setecbon L._. Lo.dan Wdl Grwp 

If -to L.rcainilnnFie.n- A._. I l-J.'l «9:b-9 rx> Growth 132 S 882 6. 34 

1*1.1 lui T-4 ox - i£5' :• 'I . 1 4 W) p& Ac-.jn*. —IIS? ?2J -01 634 

tin-i Ctn T-* Inc . . Ui . I. Jr, . • i.Vt Ex:-n I*k ^rt>*r.r _. [?O.0 41.4 -03 10 05 

Stewart Unit Tst. K:r= e er S LtC. >=* [_ S j fll ~ TE 

4f. Cn^rtdtleSq. Ec>-.".-. C:i-72o3:P. Do Accum .. . 29 4 .218-01 500 

t i rewart Americas ri.-t Miiin l nr Priori,.. ; 62. 3 66J -D.4 8 84 

SunduifUnlli if- t' 1 1 iK JriemM.onal G8 0 29.9 *0.1 29| 

A.-.ivn ti'iiU x- ^bf- : n Coecial Si|*. - ... |3<6 37.01 — 5.19 

Vj.fiuJrj».ai Umli .. I-" 3 lo >[ I — ... r , 

•S«rw« BHIKH cipiu 1 fu-, s TsS Umt Trusts f y» 

Slan^erd — J’-j - 2:« 21 +T - - PO 21 2tunlr> Wj.. i,Wo.rr. Hints. 0264 bUBS 

Accwn. Unlti . .. . ■■ ■ : y--- _ l'j*fi *2. If 4 De.ilinsi ie £Cb4 63*32-3 

“ . <9.71-031 

Sun Aiiiance Fu 

fun All Lull 0 H*W , H- 

(6)Dl ..... , 

nsn^i^-.-T it? TSE Income ..lbi> 

!•-. Eip Eg Ta ... .|..\ - * JTc ' !'■ ii-. * ~ -te|-i 

' dTne Family Fit .. (-? 7 )P- n[ 3 -3 ffiggS?'" ' J.lfl.I 

Target TsL Mngn. Lie.? :a* g.- 
32. Gresham S! w EL 3 i- 
Tjrgei CaonnM&Jy . i'" 

Ta-n«el Finmcial _ j- " • 

"'arqet EikIi — _.- 

639 -04 
65 —0,4 

7&C -0.4 
897 -03 
97 0 -03 







5ectsr Fundi 

CDnu-ntHfift |7b 2 

Ener gy . ..(69.1 

- Rtaoniibury 5q . WC1A 2RA 01-623 8fi93 HiShSuJ,^ r-,d. ,|fcW - 6 

PrnctiAit Dec 6 lltOA 149 81 . j 4 47 Sect lirtmat . .1249 2 

Actum. Unit I2173 230.41. .1 4.47 detect Income )M 0 


Target £■. Dec. 13. 
ADa.Acc Ucts.- . 
Target Gil* Fund ... 
Targr: Growlli — . 
T.tvi P.vjGc Fd 


'• ',i- .? '• »•«« 

1. —1 il £ J’. 

•I .’.‘i! t> Cq 

»1 ?| -03) 4 Do Pemv Umt.. . .I2i 

?*i] — 0 —f !/.■ Tir,e: lex 1 ; - 

75 Om -Ci*J 3 34 Tnt.Pr Dec. 13.... ::2 

Tr.t. I lie I,’- . 

n j.r 2j ‘ 

• <0 Tt. pre* . ... . 

1 ii 7y:. Spx-cldl Silt — . ■£'■ . 

•Il ‘ 

:1 "?.? 

6 7a 
4 53 

: 07 

*. rj 

1 _■ 

L' -, -Ale 

12 SC 


L'ister BanSi? (a/ 

v/yrir.j £at*L Brilfli: 

(a jUioe.- CroAtli 133 5 

Unit Trust Account A 
K.IK Yvilk-rr f; EC4R9AR 
Fri.ip. h-.v Fund . .139 7 
V.’i*lw Grin Fi’d. . . |3P 9 
3c . Accam .... _ . .._ |36 £ 

Wielcr Growth Fund 

S"i«ii " Sj. Ef4P 9AP 

iiii-^iK 1 ... ;jo9 

Accarn. Units 136.3 

0232 35231 
4131 — 0 J| 5.63 

MgmL Ltd. 

01-623 4951 
413} _ | 4.62 

32 a .... j 4 67 
38.3 .. I 4.67 


01-623 4951 

Alexander Fund 

3?, rae NMre-OlBir luxrmwx-; 

Alenandcr Fund j Ju'i> ’ 

Nri mxet vaur Dr;. £.' 

Keyser Ullirurjn Lid. 
2> 2u-.u:. a.E 


•On-'e- T-l 435 1 545; ! 90 

fciu.r.f- i r *744>|-020 — 

CrniA-.x.-: 2ia USS^-lOi - 

Allen Harvey A Ran inv. Mat. 1C.I.X ... „ „ 

1 CftinmCrB*^St- HHirr . ; ; 0534-7?74i King £. ShAZicn Mgrs. 

U.9B 1 Cnar-TiCr:... 3. nn 1 

iAHRChi Edg.Fd. u ... |LI0 19 id^oi ... I 
Arbuthnet Securities (C.I.) Linuted 
P.O.Box 284. 51. MUmi Jmev. 053* 72177 
CJB.Ta..-Jer'e»l . ..1116.0 ' 12001 . ..( <36 
Nc.I d«lug flair Dr.' 19. 

G«'t Secs. Til. . . 1103 1021 (1200 

Nr«i drsiinq utr Pen-mpr- 18 
Eart iitntl.Tvi 1C11 ]96 103| ...I 3 64 

Nr«i sejbny Bate Deseqiwr X 

Australian Selection Fund NV 

Martel OppertunJlif t to Inv: > oung A (Jul Invite. 

127. Kent St, Sydney 

usn Slums 1 S'JSUS I....J — 

Nrf Jttfl nlJur Moxpipivf 24. 

Bank of America fntemetional SJL 

35 Boulerirti RoraJ, Luarinsaurg G D. 

WhbnveK Intontr ..JW'IIK 1 115 o7T .. I 7.35 
Prim at Drc. 7. Nr»t Mi ny Drc. 13. 

Banquc Bruxelles Lambert 

Rue De 11 Regencr B louo Brutselt 
Renu Fund LF |LB98 1.957J -S| T.9a 

Barclays Unicorn InL (Ch. Is.) Ltd 
Ctunng Cron. Sl Heller. j>. 0534 73741 

Oversets Income 147 1 49 61 1 12.10 

UnttJolljir Trust BUSiltt T] 5« .1 1 JO 

Unttmnd Trun |GUIC S! 103.45]- 027| 8 50 

Barclays Unicom InL (l.o.Man) 

1, Thomas Sl, DougUj, I.e.M. 0624 4856 

Unicom Am. En_ _ 

Do. Au-L Mia— 

Do. Grit. Pacific 

Do. Inti, income 

Do. I of Man In 

Do. Manx Mutual 

Bishopigate Commodity Ser. Ltd. 

P 0. Box 42. Douglas. I o.M 0o24-?3°II 

ARMAC‘Nov.6 161511a It; 

CAN RHO* * Dec. 4 [o .098 LI 

COUNT —Nov. 6 |c2.u?T ; ; 

Onsmalb litufd xi >510 and 

Bridge Management Ltd. 

P.O. Box 508. Grand Cayman Cayman is. 

NlUlili Dtcj I >17 (58 ! 

|C P.0. 8 ji 590. Hong Ko» ‘ 


Vllri u -r il Pprt udl 

I TIK.-J-, Vi— UC4.£-i- . 

Ullt .Jr"-- • . ,'t l-i 
Gl't Tr.i't 1 1 . I‘ ■ ilO'l 
Gilt =i£ :5 

InU. FOIL Sets. Tst 
First D'rrlii.:, 
r ir,t Irt! . _ 

KJeinwc.-i 3c.n:n Limited 

10 Ftrc'-in- 

»»>4i 73741 



5 C6j ■ ? 0 Si I? 25 
yji e-f -D.S 12.35 
- 19^! ... | 12 2S 

-15 EU TE i>f-Gsr r | _ 

Sl-* at K.<2!-37lJ - 

E-jnK>)i L'.n - 

Gil- niter UK . 

Do A^-Axn 

l t F.r- £ J£i r., 

kgi.irI Fund 

■CB JfSiei ru-.-d 

K t U S C-.1S Fj 

Sicrvt Seriri/: . _ . 
literal] ?d. 7t . 

! . 11 
or ' it »J 

s;i j;ti 

1 ;i.f -.7 ~~ 

: sail: !4 
; S|*34 *»2 

.i 515:00 15 


Lloyds Sh. (C.!.) U,T Mgrs. 

P 0. bovl^S.St Heine-, j.rfej. W34 77561 
LUr3,T;i l . ;s2 s 55 of ...| 1.43 

Men dfjr.-j date Deteiiorr l« 

Llo.3tT jKG,n . » ii9M | | 1ZQ0 

Imlial Diln c.j -i :;ji Jeterroer 

Lloyds Bonk International Geneva 
PC Bo- 47(1 j Gen:-.e II '.5<*luert]ni’ 

1 70 


5? 01 

32 I 

34 b*. 






*5 5 

*4 0 

+ 03 



1 70 


n on 


Lltnm.Ir.- Go. II ’.ViB 7J4WJI 
Ua-ii-. int it .' it i- . ;2"ri7i0 29E.3CJ 

Management ’nhrtr-aliDnal Ltd. 
Bank *i tV'njdl Buufnrg. Bermuii 
C_nlfrOu-y Drc 1 . ;s.iJ10 | .. 

M a G Group 

Tl'-es- Qu3s. Tb^i- 

ALja-ic Dft 5 
Air.; Ex Dec 
Gib E «.Ac:. i>: i 

lAtcu-b L'ni«.«’ 

I - 

l 1 FC3e.630 0>-B2t,45fl3 

iLi.'BT 5 091 . 

3 141-005 

9 “i 


. 'SL5£ S3 

. Ji -ii 205 4! 


j 53 Samuei Montagu Lan. Agents 

iNippon Fd. Dec o...._|JU£:o;i 21.24; J 0 ?S 

Britannia Tst. Mngmt, (Cl) Ltd. 

[30. Bath Sl . Sl Heiier. Jen,. 0534 75114 

IsitrBng Denominated Fdt. 

Growlti Invest 

Irani. Fd. 

J14 01— f -jjr v. . t c .7 
AtonaFr D?s.t .. 'j : h. 

.1.10 1 e. i No. 33 

ii7G-i-a'ic. 2* 

117 Je- jO l-i On 

J.-D ‘io. :-3 ii.4ie 

■ts DU! 


? i 


«3 82 
4 3. EC 

3 9C 

KurrEy. Jghnsto.-.t 
1--3 ‘ice- i: .‘ a. 
•Hem *■ ft 
“Sturrl, F:i-it . 1 

37 5 

81 7 

40 3] 

11* 5 




0 *64 

: ai 
1 50 

9 <5dl-0Mi 
nv. Adviser) 

041-221 5521 

! ruiio.w ! I - 

! jA'. r.t. ■: tr • jo. 

12 JC 


■aclii L : il- 

m Mcti-a .tett-rrcRft JHid iS $ 

.day Deceimw 31. • SflWWCo*. ..JSfcO MOjfl 7.00 |c 

3W Abbey Life Assurance Co. Ltd. 

■ e: 

Ned mb. 

Bkhopsgate Progressive MgmL Ce.V 
9. BUopwaie. ECi 
fiSawPi—Dwt^.-jW.O 193 *J 
Ate. UtS.**Dec. 5. — .j?T9.7- 23* 

. B'gatrim. Doc, 12. -1168.9 1737UI 
(Aedm.) Dec. 12. . IWJ 199.2) +3. 

Next at diy *4 jxl 3 «Drs. 19. 

3 Si. Pauli Churchyard. EC4. 

Hffl Samuel Unit TsL MgreT W, 

Bridge Fmd Managers 4aKc> 

Regti Hoe . King WflUm Sl, EC4. 01-6234951 

01 -588 K2B0 Beech Si, EC2P 2 LX 

ftj) BtMWi Trvj 11535 

dlnl'lTniX. j|| 5 

'Dollar Trust KJ 

Capital Truk! )306 

FfnancWTrusi ,192.7 

' Income Trwl 127.1 

TmB — 153.0 

Amwipsn AGeat— I 

EouJl, FlinO 


Properly Fd .. 

01-6288011 Properly Act.. 

711 R » 5wcnwf Fund 

M 5.19 £j}wrift|ff rand 



Do. Acc.7._~.:.. (17.4 4ttB| 

Dedmgq Ives^TWriL JTTwrs. Prices Dec. 
Britaiwte Trust Hmaaement faKgl 



a oJl.jl -Pin TMonrv Fund 

wa tnl l A3 *P'9i> Fd Ser.« . J 

*8 “l 47, ?Man Fd Ser. 4 iui.i 

4./1 j| qull¥ ft Sfr 4 Im , 
£'S ?Coiiv. F d. Srr 4 ...B15.I 

37 J 


163 L 
93 8 

■ AS 

.’4 1 

98 A 

2 33-71 
140 « 

121 T 





■to 9^ 



♦ 0.? 

Crown Life Assurance Co. Ltd.® Lloyds Life Assurj.-.c; 

CroanLlIeH-.e WnBiiN UU21 1»W 053625533 c) | (10n £, rr-^ 

.... . ... .. .JllS.O 

®MonevFd Ser.4....|ll27 

Pncet ai Dec. 12. Valuation normally Tun. 

MeWF (alfg) 

fL C h^F!S SW *W9 C ‘ Z Albany Li,e AssiMnM Co. Ltd. 

IMef. Iiw. Food.. — *88.9 „_.4 . 7.30 M ^ nutUnroa 5| w j 05 

Key Fund Managers Ltd. .<a)HtT ' 

3. London Wart EuHtfin^ London WaH, _ 6 Key ExenW Fd (1717 

LnxfacEC2U5QL " Dl-€3Bl«7&'D*79 Key lnwnw Fond.. __ 

25, MUk SL, EC2V&IE 
Key Enemy In. Fit -.-174.2 
Key Equity 6 Gen.— (68J 



;( (*at 

Key Flied lul. Fd..._.teo* 
Key SmaH Co's Fd— (106.4 

Bl5i3 -oil sm KWmrart Ueosan Unit MainagiefsV. 

_ .. ?EcLnvFd Acc 
. ar-6067070 PFIien ml. Act .... 


,g4 -04 5 « VPr0 - F4 . Au 






SOLFmcHurcfa SL, EC J. 
Unit Fd. he.- 
B tlnHFrLAc, ..- 

KB.Sm GalFilAcC.... 



M-Saaxip SStfJSigAff ", 



148 5 





121 9 


01-437 5*62 

Mjag'd Fund Acc. 
Mang'd Fo.lncm . 
Atang'd Fd. Inil. 
Eqii'iv Fd Acc 

Eouilv Fd Infm 

Equity Fd Imi . . 
Property Fd Ate .. . 
Property Fd. I nun . _ 
Praprrf y Fd Inil .. . . 

Inv TtLFd. Ace. 

inv In. Fd Intm ... 
Inv. Tw Fd iml . . 
Fixed Ini Fd Aic. ... 
Fid. Int Fd Inem .... 

Inter'!. Fd. Acr 

Inter T Fo Intm 

Uonry Fd. Acc 

MonevFd. loan...-., 

Din Fd Inem 

Crown Brt.Inv.'A'.... 

105 2 
111? 0 

190 * 


104 1 
100 5 
'99 4 
109 G 
* 8.1 
*5 7 


HOT . 
109-j -o 
1(M5 -it 
195.ii -0? 

103 ? -0 ' 

104 0 -0? 
101 J . 

9# b . 

109 5) 

107 6 

105 7 




- 0 . 1 ; 

-0 4 


Ii 75 

:j:i • 




Milt Ci firs. 30 . 

Op 5 A'Pr Dec 7. 

Dp 5‘A‘Ein Dec. 7 
Oo j A'Hv. Dec. 7 .. 

Oo.S'A'Man. Dec. 7. .il 1 — .: 

Jpl 5 A'DpL Dec. 7. ii: A ? . . . 

London Indemnity L Grl. ins. Co. Ltd 
1&-20, Tne Fortur) . 3c ' i. -j ip.-.j 1 1 

mar:.- Pi fts 1 = 

— Fiwd unereK 1^: ?i2|v01; .. 

The London A Msnrhiitbr Ass. Gp.7 

Z.‘“ wii«kdeParx.EieU' 

Royal Insurance Grcup 

fj‘. -s na:: Fla:* Liierpoo: 051-227 *422 

flo , il Snleid Ft 1147 3 155 8] -»0 .61 — 

S in tc Prosper Group? 

Ci Sr Helen s, Lms £C3P SEP. 01-55* B899 

13 28 



Crusader Insurance Co. Ltd. 

Vincula House, Tower PI, ECS. 01-626 5031 
Gth. Prop. Dec. 5 ..-174.4 84.2) ) - 

Eagle Star Insur/Midiand Aisur. 

1, Thread need Ie SI., EC2. 01-588)212 CwvVSpoSv ! -- J-I 

EaglelMie. Unili. — 15SJ 57.2j -0JS| 5 *8 :?iV 

Equity & Law Ufc Ass. Sec. Ltd.? Fjmij*7*.ap” .ITjj; j 

F.ap. Growth Fond.. ! 

J Flcx Eutmpi Fd . ; 

Exempt Prop. FC , 
♦F«oi Inv. TsL Fd., 

Flexible Fund ! 

[m. Trail Fund 1 

Property Fund ._.... ; 

Gu. Dtepasn Fd ..[ 

At & G Group? 
Three Quays, Tower Hu* 
Anv-ncanFd.Bd.* .?■- 

i 1 .- 


191 fl 

Ef lew Fd 71326 140 «, 

Piopvty Fd - 1612 170 d 

G.f.Fd 123 5 130.01 

Deauu: rdt .226 J 133JJ 

Coir.d Pens Fy.t ,. 219J 221? 

Sour: .Pens Fa 1S0.1 200.7 

P-ap Pens. Fd. 1 .. ... 2362 249.3 

G : l*. Pens Fa j?5 3 100.4 

Depot.. Peni.Fp t J1Q2 6 IDS & 

■Prifr on Oesemher 5. 
ri'ieerlr deanegi. 

Schrcder Life Group? 

Snier?rise Mda;e Po.-ismDuth. 


021 - 


+ 0.2 



" Equity 1. . 

1 S3u:r»4. .. 

• | — Fired Int. 4 — 

••I — Managed*.... 

Wont- * 

EC3R6E0. 01-626 *568. 0wr-»st4 

^ -*L . 

i m 

i sS^S 

L.* C Unit Trust Managemttf' Ltd.? 

The Stock Exchange. EC2N 1HP. 

‘ 9.9 148. 

i.6 9a 

•LAC InU A Gen Fd"ii| 

Growth... .. 


IntT Growth-.-.. 

liMttLTstAtaics— ' 


NaL High Inc—. 

New Isur- 

North American., 

Prr»feS5*ana! - , 


^ ntew.. 1 

B tafus Chaope..^..— 
niy Energy, 

The BritM-LBer Ofide M (a) 

RHlauce N*;, Ti|nW«reM!efcKL 

BL Bnttjfi LifeJ K5. • ■: 5! 

BL Wanted*... .W2- + - fi 

BC TJT ”■ ~ 0«u:*MdrL iTu^TWed. tUnn! 

Brawn ^ SAipiey A Co.; Ltd.? " Legal A General T/ndaB Fund? 

Mngrv.’Fouridm CL EC2j 01^00B520 18,Cinynge Road, BrtdOt. 

" ' — 4» Dls NovM.. 1596 

4.7§ lAnarni. Urtts) _.J75.S 



AHEV Ufe Assurance Ltd.? 

Ain*M r»j. AloaJuLr RoUme. . - =Relsate 40101 


ryFd. , 


1 In: 







LawSM Sees. Ud.? (*)(»/. AMEV/Fitmlnotoa 

37. Queen’s St- London EC4R lBy. 01-Z36 5»1 Ameman 








Amersham Road. High Wycombe 0494 33377 V 

«5teT=--.-® ill 4:8 : \ 

FamifrEjiJfc** l r 

52.1; . .1 - 

IM ■ ■ r 

_ ' Prnrt 
I* AS 
E.r. c 

Gl'( bond- 

Fixed Interest F 

GuJ Deposit Fit ..JiOiA , . _ 

Mixed Fd. (114.5 120.5) -04| - 

Genera) Portfolio Ufe Ins. C. Ltd.? 

Ct, Waltham Cross. WX31971 

Raw. Materials 
l Uhts) ... 


089222271 *|AaMHL Units) 163.4 

Deal. Auon. 





+ 0.1 




Far Arrow Ufe Axtumoce see 
Providence Capitol Ufe Assuruca 


t - «; 

•- . 



.- 5 *.? 

- il- 

2 ; -! 

b ■* * 

<• * 
■?£ *• 

BMSfeM SU : d 

Growth AamtC " ' 


Canada Ufe . Trot Mngn. Ltd.? 

2-6. High St, Potters Bar, Hefts. 

e lGeoDlsl 42* -Oa. 4., 

GeiMUnsn..— -1492 ?La -031 

U0.lflt.fflst...-^_e43 36.12-0 8J? 

Dn.lnc.'flceani. J46J) *8.4) t4L21_ 8.07 

Capri Limbi HajL Ud.? 

100 ,'DM Bnad St; EC 2 N 1 ESQ 


ftorJB American 2 _ W4j . ..'.1 l 

■ Priteson Dec. 6. .text deStoa rWe Det. 20. 

. CartW lfiiit Fd. B9«». LW? tMtcj ; 

Mittdfri House. Newt^upflin-Tyne _ ZUbS .j®”':;:;;, 

Barclays .Life Assur. Co.. Ltd. 

252 Bondort Rd, E.7. 


60 Bartholome 

Port folio Fund . . ..{ 143.2 

Portfolio Managed ... 475 44 

P’folid. rid Int. .. ,.|47.5 50. 1 

Gresham Life Ass. Sue. Ltd. 

2 Prince of Wain ru . B’moudi. 

G.L Cash Fund 991 

G L Equity Fund 203 a 

G l. Gilt Fund..- 1123 

G.L Int], Fund 103.2 

G.L. Ppty- Fund 1G 2.7 

Growth A Soc. Ufe Ass. Soc. Ltd.? 



Pt:in on 'Qe^ 5 7 ■■■C.i. 

Merchant investors Assuraccsw 

t “VVI “ internal nl.-3n-s—-- lM.f 

■a^ Fd Bo ‘ J?7 4 

8 -2-3 “ . Maram if £i»-- _ii40.I 

rS‘ r r.^1 “ Pers. tension*** 4 

Bo." . . .JH** 
fd 3d.* ... .|69. T 


- tids:. Sect. 4 ... 
— Fen Cep. b ... 
B.S.P.’n *k.B .. .. 
Mnnd. Pen Ca;. B.... 
l«iMd Pen. Acr B - 
F. *r.». Fen. Cap. 5 

- in: Pen. Act B 
Woney Pen. Cap. B._. 
Money Pen Act B . 
Pt-.'f.Pen.Cap.B ... 
Pint Pm. Act 6 

_ LeenHse.. 2‘3HijnSL,Crt!. 4 Jn. 0 )-c.8*j c x"1. 

g . 



Scottish Widows' Group 
PO to«» Ed.imurghEHioSBU. 
Dpj-o55 SwCO 







13 LI 









..-. , Proprrt/ 

Prsperiy Pens 

Equity.. — 
0202707655 Elvdy P^f' 

..„ 077Z . S*** 1 BarclayUands* 

^ ^ cKterzr::: 

Hex: adL-d? December li. 

I iumfUsBanal — 

Leonbe AdmMstratiDn Ltd. 

2, Duke SL. Uittcbri W1M 6JP. 

Leo Dot 177.9 

LeoAcoun -...-1852 

Lloyds Bk. Unit Tst. Mngrs. Ud.? (2) 


01-4865991 Money-—, — i 

8Z* -0.21 4.83 ManPeosAman. — 
4.41 Do- WWi 

^SS^wi'n.~.'i; Id 
p Borsii^ SSk^!r~:::il 

Do. (Acediii ) ... 120.4 

E*ta income.— 6X4 

Do.| Acorn.) [71 B 

56 6: 

79.2 -05 
58.0b -OJJ 
735 -03 
913 -0.7 
129.4 -D.9 
66 On -0.4 
77 2 -0.4 

Gilt EduPfflKJVcc. — , 


01-623 1288 n ^'^ll»l-5 S s 

0l jljr ^ '■Cxvtmv units value Dec. 13. 

452 . 

Beehive Life Assur. Co. Ltd.? 





M- 534 5544 
134.H ... - 

1285 -05 _ 
115.D -0.1 _ 

lib 7 +01 — 
94. B -0 4 - 

117J -OJ — 

loC +05 
1043 -05 
JUK2-3 +0.1 

1B95 +02 
1045 +03 

Mdnry Mark?'. . | 144 0 

MunerMK. Pen . ~l 

De/vw.'. | 1319 

Depot*: Pen: 

M raged 
Mrajicd Per .. .. 
lull ETJilV . . . 

Weir Bank. Eray-an- Thames. Berk'.. 0628-34234 ffii Mrai'-d" ' 

FlexiWe Finance- I £106 5 I ... J - Dj.Pem. .. . 

uSS^ lcs*Accl'". - )ll67 W,U 139.a "‘"j — NEL Pen*'? 111 Ltd. 

G. & S. Super Fd ,| £7,971 | . ... J — M.i'on Court. D>)>i-ing, 5ur'ey. 




145 2 

100 ; 




Iw Pu.Srs lDrc5_)IOj.! 

In/ Ply Series 2. .-|103! 

m.Cit.Caiti D?;.d„ .iioo * 

Ex Ul Acc. Dec. b.. 142* 

£■ t. 1 :. Inc. Dec. fc . . 1J5J 
Mil Pm Dec 6 . >276 I 

Solar Life Assurance Limited 

10'12 Ely Plate. Londar EClN 6TT. 01-2*2 2905 


105 7 


Guardian Raya! Exchange Neiex&Attwi - . 

Royal Exchange. E.C.3. 01-283 7107 Neie» Mene* U~ 

Property Bonds 1197 0 205 2) ...| - gele* f.'an _ A. 

,, . ... . Nth*/ Gt!i Inc tap 

Mamaro Life Assurance Lumted? 

— 7 Ofd ParV Lane. London. W1 

in*™. agaaKsasr^iH* 

*,ni 71 Lombard SL, EC3. 
h.gfc Bfk. HorteDec. 1 — [ 13Z33 

7,99 Canada Ufa Assurance Co. 
2-6 Hi# SC, ftitUM Bar, Hem. 

Lloyd's Life Unit TsL Mngn. Ltd. 

TpeMOntcfSSCilL^ORMQ oi-6» «S88 Canmifi Assurance Ltd.? 

Am* loan, 

See aba Stm* Ejcchaoge Deafii 



■— B 

: - 

Oo-AaontUnas. 1535 .. 

. ttssfegthtt December 13- 

Cbarineo Fund# 

* 35. MepigMa- London, EC2. - - . &1-63S4121 

67sasriS»:BSSa = l-diis 

Charities- Official = Invest. Fd? 

77 London W0H,EC2« IDS. 01-5E81B15 

: £ St I s * 


-CMeftaln Trust Managers Ltd? ta)(g) 

U.NewSL.EC2M4TP. . .. 0X28320?. 

American--^ — ES* . - ’ »1| 

Far Eastern Trust-— 123.4 . 252 .. . 

High Income '-JJ13 ■. 453-111 

Internati onal Tx^ — gf-I .i- 25M _ 20 

Basic Resoarees Tsi -G68 . 2S.S tOJ 452 

Inem Growth Ta ..040 25«-OJf 736 

CsnfedenitlM Funds HgL. Ltd.? UU 

59. en tr y Law, WC2A THE. - ■ 0U420282 

Growth Fktnd |465 ; - <8.^ +05) . 4.13 

^MOLMitS).- ®-| 

Lammodtu — ukx 
(Accnm. IWis).. _ „ “ 

vonywufid Grm*ihL_. 

Conversion Growth 1 

Conversion Int 


(Aran Units).. 

f S nxiiTliatts) “ iL. 

fcrtra YiekS 



t Ocoxn. UnKs)- 

utxJof Inv. Tsts. .... 


TAcomi . IlnNs).- 

^SS ?Uiiten~-~.| 


(AcoxtL UrWbT“ 

X Olympic wy- Ubnewy HA40NB. 

1-98 EaritvUnW.— . 

5 Of DeovABoad 

3fc Equity Accum. ... 

|g .. 


851 2nd. American 

l-ft 2nd Eg. Penv/*cc. — 
3-16 2nd Pra. Pens) ACC. 

1 88 






I 1 - 

PBxr M1Z2 

01-902 8876 
^ODH - 

♦owl — 

Fried InL Den 



Managed Can 

Managed Acc 


Gill Edged — 

American Acc .. .. 
Pen.F.I.Dep.Acc. . 

Pro. Prop. Cop— 

Pen. Prop. 4cc 

Pen. Man. Cap 

Pen. Man. Acc... 

Pen.GlHEdg.Cap-.— JiaLj 

Prit. Gill Eog. 

Ptn.B5.Cap. 1 

Pen. 6.5. Acc... 

Pen. OJLF.Cap 

Pen. O.A.F. Act. 

186 2 

195 7 




















03-4990031 Ef 0 ! -H r ; ! ?' 

12l 9 
62 5 





?t 'J 




NeiMxd Fd Acc 

rir.-s j.itL day Decemtvrr 11- 
NPf Pens)or-s Management Lid. 

Solar Managed 5 — ... 

5c!«r Piocrrtv S .. 

Solar sqiiityS. .._ . 

Solar rid InL S. . 
“ Scrir pud S 

Solar f.iaittnrdP 

'Ski -star Property P.. .. 
_ Sojar P 

110 6 



irz 6 
1)5 1 

SjitjrFitf.inL P. . _ . - 

Ss'-arCJiUP (102 3 

Solar irii. ? 169.1 

13551 -03) 






ICfive Investments (Jersey) Ltd. 

jP.O. Bax 320, Sl Heller. Jersey 053*37361 

(Clive Gill Fd. (C.1.1 ... (9 60 9 6U . (11*5 

jCbve GUI Fd. Usy.>._|957 95« 4 1L4B 

C anthill las. (Guernsey) Ltd. 

PO. Bos 157, Sl Peter Pen, Guer/uey 

Intni. Man. Fd |16J5 178.01 . ..( — 

jDWS Deutsche Ges. F. Wertpapiersp 

0705 2"» 7 33 L; nowDxurgweg 113, 6000 FrinAturl 

Invests — 1 DM5750 39.60f | - 

Delta Group 

P.O. Box 3012, Nassau, Bahamas 

Delta i™. Dec. 6 ISUSX68 1.76| | - 

Deutscher Investment-Trust 

Postfach 2685 Biebcrgasw 6-10 bOOO FranWurt 

[Concentra UU2070 22.00 ....J - 

nt. Realenfwuh | DM68 66 70 80) ... \ — 

Dreyfus Intercontinental Inv. Fd. 

iP.O. Box NJ712, Nassau. Bahanus. 

NAVDec.5. |SUSlii) 16.63| .. :( - 

Entsnn & Dudley Tst. MgL Jrsy. Ltd. 

'P.O.Box 73, Sl Heller, Jersey. 0534 20591 

E D.I.C.T 11242 1323) ) 3.80 

The English Association 
14 Fore Street. EC2 
|Eng. Ass. Sterling- [£50.97 

Wardpair Cm Fd'-kl0.93 

•Next dealing Dec. 13. '•Next dealing Dec. 29. 

Eurobond Holdings N.V. 

HandrJskade 24, Willemstad, Curran 

Ivs'sirs&i'TA.jf asssr su EC1 

NAV per share Dec. 8 SU520 65 
|F. A C. Mgmt. Ltd. Inv. Advisers 

109 Jj 


- + 0.1 


48 Gracttn jr:-: It EC3P 3«H. 

Manajeu F-nd .11576 16^2) .. .| — 

FrlrtS C'.< X Next dMFrg Jan 2. 

Hew Ztaiind Ins. Co. {U:<> Ltd.? 
Ma>lland Home, lautliend SS12JS 070262455 

Sun Alliance Fund MangmL Ltd. 

Alliance House. Kn-sham. 0403 64141 

ExD.Fd.lnl.fio-..S -•£ 149.2 159.6) . f — 

int hn Dec 12 . . . £12 48 1»05B) — 

Sun Alliance Linked Ufe Ins. Ltd. 

01-6T3 4200 Sun alliance riouse Mors.iani. 

£13.42 _ 





12D A 




30 JJ) 

. value Decentwr 11. 


Kiwi her Inv Plan 
Sma' 1 Co's Fi 
Technologi r a . 

£*1ra Inc. Fd . 

Extra Inc. Dis*. FJ 
American Fd . . 
far Eaa Fa . . 

GUI Edgm F.‘ . . 

Con. Deposit F2 . 

Norwich Uricn 
PO Bor 4. Kcr/11'X NPi 3NG. 
Majugcd Fu.nd 

96 7 

15? II . . 
W5? . 
no g . . 

IPS . 
1W? -')■= 
117 7 -1 4 
1114 . 
103-4] .. 
ML-rance Group? 

cnuHyFuirt ]130 9 

Flie-ainle 'rstFS *106.0 

Properiv Fund 1II6 4 

Inivrnaltaul Fd ..*96 2 

OidosI: Fund -...‘9*0 

Managed Fund _..;11D 9 

Sun Life of Canada (UK) Ltd. 

.). 5. 4. Coriipvr 3 l, SIV1V f EH 01-930 5400| 

3.37 Bf —0 41 — 

131.6 -01 - 

122.6 .... - 

10U -0.7 - 
1043 .. . — 

116.1 -0.1 — 

-2 Laurence Pounmey Mill. EC4H DBA 
{01-623 *680 

(Cmt.Fd.Dec.6. ( SUS551 ( . I - 

Fidelity Mgmt. & Res. (Bda.) Ltd. 

P.O. Bov 670, Hamilim, Bermuda 

'Fidelity Am. Asi I SUS23.89 ( .... f — 

ndellty InL Fund .—I SUS21.47 I . J — 

iRdrlliy Pac. Fd JUS55.10 -:r7] - 

Fidelity Wrid Fd 1 SUS1*29 |+3.i)9| _ 

Fidelity Mgmt. Research (Jersey) Ltd., 
i Waterloo Hse, Don Sl, Sl. Heller. Jersey. 0534 

Series A 1 Irani 1 [£3.62 [ . I — 

Series B (PaCiHcJ (£957 IrOJe — 

Scries D I*m>is.l....rcl53e ... _ 

Maple LI. Gnh 

Maple Ll Mange. .... 
Magi« LI to:y. . . . 
Permi. Pn. Fa. . 

133 6 

Target Life Assurance Co. Ltd. 

+0 09 







+ 0 . 1 . 

Hearts of Oah Benefit Society 

15-17. Tavistock Place. WC1H 9S61 01-387 5020 p^.UyV.LT 

Heart! of Odi -_/37.8 39.? | — Property Fund 

HHI Samuel Lite Assur. Ltd.? 

NLA Twr., Addhcoxnbe Rd.. Croy. 

2313 -0 -j 
i§cg -1 :| 

GosraopaBtaH Fend Managers 

3a Pont StfeaL UscUk dflflX 9EJ. ' 0X2358525. Spcciafenf Fmxri 

S aaewetw . . S3 : d -liS ttTfiBC==aai. 

CraigeMimt-Ufltt Tst Mgiit IhL • 

9 10 Foster Lane, E£2V bHH ■? . 01-606*9262 (Accum. Unto) “^USSA 
Hlghlrtamw— 10JX) — [14L8 

hHdMomt)toTKllfl.4 . “IH-D's W» WRMl-rfe L * d * 

C re scout Unit Tst Ungre. LUL (aKg^ 6eo ^«> 1 * h| F. Swena*- 

4. UrhiW Cm., EdMurqhS. 

Cres. Amer. Fd 

Crei intenwi. ...l 

Cm. High. Dbt^.-.-r5.0 
Cres. Reserves — ..W.* 

Cm Tokyo tSJ 

"Dh.lnc Dm. 8 .. 1178:4 - 3?03af ..[ 4.99 {WX3 

E. F. Wmehnbf Fund Maflt- Ltd. Acc. Uts. Dcc.13._~ 

0JdJewry.£C2: ■-*”*?* 

3®^ —I MS B8nr.Ert.Noi .23 

77 9 
. J0X7 

si av "AidT^viH/Au ioi:° 

is Lill ^ : S 

i|5 ; 

450 Captttf tMe Assurance? 

? S CtmlBon House, Chapel Ash WUm. 


5^7 Charteritowe Magna Gp.? 

437 SHfUauae Hie. Brunei Centre, Bletddty. Miltcn 

ftPrOoertv Uiriu 

Property Series A. —1 

Managed Un|u 

Managed Series A — , 
Managed Series C_. 

Money UnHs 

Money Series A 

FlxrdlnL Ser. A .. .. 
Eqiritr Series A . . 

Pns. Managed Cap. .- 

Pits. Managed An 

Pns.G'ueo. Can 

Pits. Cured. Acc 

Pins. Equity Cap , 

Pens Equity Ace 


Pns Fxd.InLAcc - 

Pens. Prop. Cap • 

Pern. Prop. Acc 

, )105.8 


94 4 


m. .1 





- -m 

01-686 4355 f7dr.Unrt.Dec 11 -l370!o 

Pearl Assurance {Unit Funds) Ltd. 

■>>03 22200 Tara-: House, Gatehouse Road. Avteibuv. 

5 16 F 


Man. run) Inc 

Man. FunO Act 

Prop. Fd. Inc. ... 

Prop. Fd. Aic. 

rrjo Fd. Inv . 

Fixed Int. Fd. Inc 

Aylesbury 1 0296(5941 

“ 252. High H Jiawn. .*. 11V7EB. 


0. -05 6*41 pei. pun Ac. Pen.-.. 

Managed FunS .. .1115 2 1215). ...I — 4ei.PLmCap.Prn 

126.ll... I — Man.P+n.Fo.Acc... 

Equity Fund [J198 

Property Di>l ... Ilij lift a? 

Property Accum. ..1126.6 1333) 

Phoenix Assurarce Co. Ltd. 

4-5 King William Si.. £C«P 4»1H 

WeafthArs. (214.9 12X0( 

Eb'r.Ph.Ass -I . 78.6 | . 

Eh>. Ph.Eq. L ... 1 76.1 flOlj.. 

Prop. Equity & Life Ass. Co.? 

119Cra>viord Siren wutzAS. Pl-J&> iiF57 Transinteriutional Life Ini. Co. Ltd. 

Man Pen.Fd.Cop 

UiliPrii Fd.Acc 

Gill Pen Fd. C+p 

Dl-tsib-J.b Frdp.Pen.Fd.Cac.._. 


Guar Per.Fd.Cap. 

D A.Pen.Fo.Acc. 

D3LPen.Fd.Cap . 

37 9 10JX 

121 1 1273 

11E.7 124.9 


1170 - 

1013 1068 

*7.4 1023 

74.6 81.1 


o! 7 67 1 


12*6 136* 

1173 123.5 

133 8 140.8 

1245 UU 

164.7 173.4 

162.7 17L3 

973 1027 

*o b 10X7 

97 4 102.5 

96.6 10X7 

P.SilL Prop. Be 



lWJfl +1.71 



Dp Equity aa 
ex Money BC 

1 0PflH 

6902 28511 Imperial Life Ass. Co. of Canada 

I — imperial House. GufUtord. 71255 pnmerVFiuw 

I” Grt. FdD«JI T76.4 83.0) .._.J - pfSertyFund'A 

Pens. Fd. Dec. 8..-.— .1/0.4 7 (l 5) .....J — aonullu 

UnH Lilted Porttoim 

Managed Fund 195 8 100. 

Fixed InL Fd 96 0 10X 


Flex Money BC .. i 149 6 

Property Growth Assur. Co. Lid.? 

— 2 Bream Bldgs . EC* lh« 

VTullpInvevl Fd 
<7Tuiip Mangd. Fd.... 
9M;n Esnd Fd ... 

Leon House. CrBrCji CR91LU. 

191 1 

e. Money- 

Magna am: Sec, 

Magna Managed^™ 

364) .. .. 

II = 

090B 641272 Secure Cap Fd 198 2 

1034 . .. 

Equity Fund.. (100.6 

Irish Ufe Assurance Co. Ltd. 

22, Finsbury Square, EC2. 

GmwthUMts |563 

Mayflow er Manageawnt Co. Ltd. 

rtAw<u.iM •! Westminster Assur. Co. Ud. 

__ _ M Rwrad 7 «diw 6 Whitehorse Road, 

59.01 J 4-31 CrordaoCRdUi . 01-6B4 9664 

West Pfep, Fund - 

19-10, Gfesham Sl, EMV 7AU. 

income DecS. : ljp.4 114, 

GrarraiDK.5 |7J JJ - 74. 

Wenrt,£>ec.5— ,_.W3i 45 

01-606 8099 EquSw Fui_ 

‘ 862 Fa radand Fluid 

Money. Fund— 

3.00 GUtFuixi 

PULA Fond 

Pnts-Mood. Cap 


Great Wbichester_«..nB 5 

Mercury Tund Managers Ltd. 

30, Graham Sl, EC2P 2EB. .- 01-600 4555 Mogd.-ta. 

?.9i+oA) 4 -«KS:KssS5z- 

- PWS,EobJWC»D-.„ 
Pens. Equity Acc 




Gt.WiqAHUrOSau^-i ^ '/..J. 4.49 

Eotson A Dudley Tst - MagttoL ' Ud. eank Gntbp 

3), Arihtgton St, S.W.X _ .. ^oa-v»7S5l. Unit Trust Managers Ltd.? (a) 

ConimodHyA Gw- .J 

Equity A Law tfa- Tr. M.? (aKh)fc) 

Atwysliam (fix High Wycombe. . 049*33377 ^Jccim-I — 

Entity S Law. -1674 7L4) -OiJ 4.36 tkHtoSiit^ZZZ 

James Finlay (Juft Trust Mngt. Ltd. — i 

10-14, Wnt Wkr arreL Glasgow^ 041^04 1321 

Blue Chip Dec. 8 176.7 Dec. 8 93.B 

Managed Fund U37.9 





Exempt. Man. Fd ' 

Proo.MiL Dec. 1— .— 

Prop. Mod. Gfh 

Prp-Ud.Grth 5er.ll 

King & Sfaaaun Lid. 

5?. Ccmhlll. EC3. 

Band Fd. Exrmpi.-..jl01.44 






AVICullural Funa 
Agrtc. Fund l*i ... 
Abbey NjL Fu.-iC . . 
Abbey Not. Fd. iA< 
inwnment Fund . 
Investment Fd. 

Equhy Fund 

Equity Fund >At .... 
01-6288253 Money Fund 

5.00 Money Fund lA/. 

Actuarial Fund .[ 

_ GHI-etMeo Fund . . 

_ Gdl-Ei^ed Fd. (A* -. 

4Retlre Annuily * 

— •Immtd.AfM'iy. -1 . s — . , . 

_ Prop. Growth Pens1an;_4 Aomdties Lid. 


an 9 

S 3* 












01^0 0o06 M-Pen Fd.Cap... 

X>M.-ujd inv Fd. int... 
WMngd Ini. Fd.Acc.. 




124 8 

99 b 

01-405 6497 
154 II -2g - 
123 . ll i-iia - 








+ 1.4) 

— Indent Life Asiurancc Co. Ltd.? 

Kentiade House, Giuucecter. 

Aijiuned. *123.9 

Gid M«d. - — .11471 

AH W’ther Ac. Uu XT0.4 
?Afl Weaihnr Cap... 120.8 

?lnv. Fd Uls 

01-6235433 i 

1 02.76) -085) - Ouit.Ptm.r_i... 



Fond carreotlt dosed 10 new mveumenL 
q_95 Prrforai Units | 2216 | ...... J — 

Nfit dealing cute Dec. 20. " ' fcJ*’ 

Langham Life Assurance Co. Ltd. M****- Ui 

Lmritaitl Hse. HgtntmL Dr, NW4. 01-203 5211 pjS'p^ckue. ' 

Lg^am-A-Plao.-i^ ,69 % j - Bdgg. Soc %tt Ut 

WProp. Bond.- —1147.1 _ 

WHn ESP) Man Fd 76 5 

8Mg. SOC. CJP. UL . ..! 

Providence Capitol Life Ass. Co. Ltd. 

Emson Dudley Tyj..:.)ea.7 ‘73 9J | 

For Eqiitas SeasrSfes Ltd. 
see Abbey. Unit Trad Httgrc. 

J. fuifilT (rffiina- J.— 
EorlFul — 1 

Prices Dec. 6. Nert deaflnji Ok. 13. 





to. Accum. 

High Yield..-.: 

Do. Accum. 

Equity Even?! 1 ’ , 

Do. Acctvn.* 

Japan 4 Padffc— : 




•a&O +0.U 
742 +05 

113 2 .. . 
50.7 -0.T 

K — 50.7 -Ut 

■Prices a Dec. & Next deal*? Dec. 15. 

City of -Westminster Assur. Soc. Ltd. 
Telephone 01-684 9664 

•Ki'JW’ T«u ? r ‘TU torts 1129.4 135.8) 1 - 

TW. 074* 79842 prop^u,^ 57J| -...J - 

571 ' -• 

1 63 commercial Union Group 

i s? SL Helen’s, X Undcrshaft. EC3. 01-2837500 
' 447 Vr. A b. Ac. D ec. 0 -...I 59J7 

7 02 Do. Annuity Uti —| 1BJ3 f .) - 


j CD 

3 i 8 Coiifeaeratioa Ufe Imurimce Co. 

7 50, Chancery Lane, WC2A lHE. ‘ 01-242 0282 

^ J ::::] - 

Legal ft General (Unit Aisur.) Ltd. 

ssBa.*-* "■■“4‘aia stgfe&fa.-®* 








Pr Jpvrtv 

Ecuitv/Mi/rican. .. 

U r(. Equi.'y Fund . .. 
High Yield — . ._. . 

Cih Edged 


Inu-rnatlcnal .... 



Growth A-:: ... 

feo. Mngo. Cac 

Prm. Mnno Ate . ... 
Pe.ii Gid.DeoAtE..- 

Prns. Pptv Cap 

Prns. pty ACC 

Tr jl Band 

•T/dLG.I. Bond... 

X93 9 

115 ft 
128 0 
[125 * 

121 6 
110 7 
217 2 



ill? -S3 


2323 , 

107.4 -O.fl 

133 4 
126 8 


38 8 

0452 36541 

JJb.O T . 

'CiiE iBiue lor ilOO premium. 

30 Uxbritke Roaa, A12 8PG, 

01-749 9111 band Dec. 

ndall Acctirance/Pensioni? 

38. CanvnQF Rax), flr.sini. 

T-Wjv Drc. 7..„ ...... 

Equity Dec 7. — 


Cash initial ._.... 

Do. Accum 

Equity Initial. 

Do. Accum. .... 

Fi*« Initial 

Do. Accum i 

Inti. Initial 

to. Accum. 

Managed Initial 
Do. Accum. 

Property MUNI 

to. Accum. . 

Leg* A General (Unft Pendon) Ltd. 

f ?Z VEquhyFund— , , 

CORAL INDEX; Clou 431-436 

--- Psnah Pm. MiwL— 
^ Staffed MnaLPnV—. 

Group fflntrtPwi.. 

Rxedlm Pen. 

Proper? Pendon i 

PA 9?l 



Exempt Cash Inil 

Do. Accum -...! 

Exempt Eqty. IniL-... 

Do. Accum 

Exempt Fixed iniL| 
DO. Accum,- 

— Evempt Mngd. I Bit. I 

— Do. Accum — . — 1X33 4 

ExempLProp.lniL — 
Do. Accum 







183 7 


1343 -O.a 
138,! -OiH 
1233 -O.r 

127.4 -01 
97.7 +0.1. 
995 +0.i 

126 8 -04! 
13X2 -04^ 
105.6 +0.1 

l «.0 

Pension Equi ii. ._. |}?0.0 

Pemtcn Faa Ir.i 

Deposit Fd. Cap 47-4 ‘ 

|137 2 

104 a 







104 M 

CWPDSil Fd. Act - 

Edudy Fd. Cw 

Equity Fd Ac: 

F*d. Int. Cap 

Fxd. inL Ace 

Inmi Uo 

1 nutl. Acc 

ManacHHl Fd.Cap. - 
Managed Fo. Acc. - 
Prooerty Fd. Cm .- 
Property Fd Ac; 

|*T7 4 

(44 ft 
|4fc 5 

92.21 ... 

nog ... 

23*5 ... 

120 9 ... 

50.0 .... 
550 . 
48 7 .. 
487 ... 
503 _.. 
5D.3* . 
473 .. 
47 3 . . 

49.0 .... 
<40 .... 
50 3 .... 

Property Dec 7. ....... 

Drown Dec. 7 

5-Wi/Pn Nav. 17... 

O'veas Inv. Drc 7 .... 

Mn Pn_J-W Dec. 1 . . 

D 3 Equity Dec. 1 

Cm. Bond Det . 1 —— 

Do. Prop Dec. J — - 

Vanbnigh Lite Assurance 

41-43 Maddor 5L. Ldn W1R9LA. 

127 5 

167 0 


112 2 


14* b 



278 6 



Provincial Life Assurance Co. Ltd. 

— . 222 BfchotuqaLi. EC- . 01-247 c533 

— Prm Managed Fd.. 111?-* 

— Prov LMiFo OJ-1 

— Gill Fund jlh-f 

— • Property Fund ||pi 2 

— Ewltv Fund . — • — |1C’3 

Full, int Fund. 

Managed FC 

Eauiiy Fd 

IriUd. FunC 

Fixed IrUv’tl Fd 

Property Fo..._ 


152 0 




121 E 

01-499 4923 
160.01 -OJH - 
2517 -1.7 
105.4 -Oi - 
17*6 +0.4 — 
154J . 

1283 . 



tVanbcugh Guaranteed. 



— ID.75% 

fAddreji shown uoOPr Irtsurgm* and Property Bond Table.' 

CornhBf liuonuice Co. Ud. 
32, CamMU, E.C J. 

ton. Feo. Nov. 15 1122 — 

GSSprc.Nw. 15.....J5X8 
Mn.CtiLfiw.23 1723 182.1 

01-626 S41D 



— Prudential pension 5 limited? 

id. Hcdbori Ban, FC1N JMH. 

P. 01-2489678 E4UiLFS.Hfls.l5— -^54 26331 

1043) J - fS.Iiu.Rw. 25.. -•£! Jig J9ji 
ary X "~ A p ' efl Fd MB *' 15 :l2S-W ^ 
Reliance Mutual 

I I - 

^ - 


101 9 
IDS 8 

107J|tO, 4| - 
l]4.ri*llj - 
104 3 +0.a — 

1064+0-3 - 

Legal ft General Prop. Fd. Mgrs. Ltd. 

U, Quern Victoria 5t-.EC4H.4TP 
LGOPrp.Fd. Drt.6... |99 7 

Nnl sob. day January 

Life Assur. Co. Of Peimsylvama _ .. , 

39-42. Hrw Bond Sl.. W17 0RQ 01-493 8395 

LACOP Umti l«7 8 X027) 

Ueyds Bk. Unit TsL Mngrs. Ltd. 

Credit & Commerce Insurance 

120. Regent St, London Wifi 5FE. 01-439 7061 71, LoirtariiSl,EC3. 

C&C Mngd, Fd. [1210 133-Df — | — . E*empi |98J 

0392 2T2T1 
221 9 | | _ 

Rfjthsehiid Asset hijiwgament 

Life Inv. plans 

St.Swiihlm Lwr. London E« 01-«264S56 T 

01-623 13M H.C. Prop. ...... . . ^ “ R<l Ajjd.Prre.. 

Vanbrugh Pensions Limited 

41-43 Ma&w Sl.. Un. W1R 9 LA 


Equity - 

Flirt* IrUeieil - — 


Guaranired srr Tr*. Base Raw table. 

01-405 9222 WeKar F Insurance Co. Ltd.? 

i WmsiadePari, Erete* 0392-521$$ 

j — MuuejnuLf r Fd ..—.|104.6 +0.? I — 

... | — Fw an*r !ui«». Pease ifter ut The UMdoa t 
Manchester Grout: 

Windsor Life Assur. Co. Ltd. 

Fojal Albert Hie.. Sheet Sl, Windsor 63144 

'^isoo 73 -* 

S Tu Sq.._. 

High lnt.Sllg.Tu 

U3. Dollar Pmnabd Fdi. 

UnlvsJ.STsi |5L'S5 2l 5 541 

Int H Igh IM. Tu ISUSO Vf D9Brt| 

Value Ok. 8. Next nealuig Dec. 18 

Brown Shipley Tit. Co. (Jerfey) Ltd. 

P.O. Box 583. Sl Heller. Jer-.r, 0534 74777 

Silng.Bno Fd (hi [00.05 10.0? . . . | 11 *0 

Butterfield Management Co. Ltd. 

P.O. Bex 1*5. Hamilton, Bermuda 

Butirat Eouilv OUST lb 224).... 

Buttress Income |SUS199 2 05) 

Prtcei x He/, o Men urb. uy Mi 
For Capdiru SA see under Keyser Uilman 

Capital International S.A. 

(37 rue Noire-Dame, Luxemlwurg 

j Capita I Irrt. Fund | SU517.77 | . ... J — 

|For Central Assets Mngt Ltd see under 
Keyser Uilman Ltd. 

ICharterheuse Japhet 
il Paternoster Row, EC4 

he. 2' Li :.-n.rcur3 
U51Z 2? 

Negit S.A. 

10.1 i':-u!.-..i- 

Nejit Lid. 

foi'i y 3.- -n-.- 
HAVPk.1. . 

?,i!x !nr— r.'rion;! 
PO ?e. ” Fry- Par 
li. , e-.CU!irFir : i51 ?o 

H^rulie-, G nvix. 

«i - ! r - 

2j5| .. 

Guest Fl-rU (Jersey) Ltd. 

PC So- :-t. s ii,- J . 05:4 274J1 



ru so. . ,-t. 1 in- u?:+ J ■ v 

.. .. ) 3 75 Our;-. 3i!a F.- ir- . . )2S ! a 7it...)12( 

. J 7.S7 q..c%: imi c,x-j. . rt-*: c **: ... 3i 
im. Il Du/: Mil hr _ C.45uJ .1 9.( 

see Uilman F’ lCt j| lec b. r.rtt Gee. 13. 

Richmond Xse Ass. Ltd. 

Picn-njoj il Bj , 

tlB PUtirj-h r- 1 
Oe D..'-"c«c ptf . 
Do E-n lncon.:&d 

7ix: i 0 



f”2 2 



[in • 


t- 3 fl 

•13* i 


-2 T 

:77 4 


-0 3 

'li 5 '3 


[-S 0 


. . 


{Adlrepa - 

[Adlverha - 

fhndah— — 


Emperor Fund 






01-248 3999 

Rhthscitrid Asset Mancpement (C.i.) 

P 0. 5t X 5r St Jii'.