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\ m KjKESSST? & 


FINANCIAL TIMES 


No, 27,740 


Thursday December 14 1978 




BEARINGS 
FROM t t 
POLAND 


FLT ft METALS LTD. TEL. (0I)-M8 5125/i 


CdOT«8tfTAL ttLUMG WHOEft *«rfjtK>li l*t _® GIUH pF 2S; DENMARK Hr J.S; PRANCE Fr J.flj GERMANY DM J.Or ITALY L SW; NETHERLANDS F| 2.G1 NORWAY Kr 3.S: PORTUGAL Esc 20; SPAIN Pta 40; SWEDEN Rr j.jSt SWITZERLAND Fr 3.8: EIRE lSp 

r 


NEWS SUMMARY 


GENERAL 


BUSINESS 




■ ;>■ 

■ i* 

■ : :nO 

si.. 






£ marks 


"■ p' y~ r '<fK 



Cr;r ^cfc 




•pi; 


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. ti 




# EQUITIES continued un- 
settled and the situation in Iran 
. . _ Increased uncertainly. The FT 

A warrant was issued yesterday ^Inaiy i n dex,«ff5.7 at 2 pm. 
for tiie arrest ot tort X*S**- dosed \ 7 4msa ^ m ; 7 _ 
the. Gann ex raincoats milHouairr 

made a lffe peer in. Sir- Harold % GILTS saw fails of 3/16 in 
Wilson’s 1976 resignation shorts and j ■in Jongs; the 
Honours list. : 

Lord- Kagan. whD is wanted 
for alleged - offences relating to 
evasion of exchange control re- 
gulations.' is believed to .be in 
Tel Aviv. - 

Lady Kagan (Lord Kagan's 
wife), and ' his son* ' Michael 
George together with three direc- 
tors of companies ' within the 
Kogan - Textile. Group— Mx. Kay- 
uioiid Kennedy, Mr. Valdemar 
Ginsburgt and Mf/Thby Ginsburg 
— L'esterday appeared -at Leeds' 
magistrates court,. They were 
charged with; Similar offences. 

Thot^issent 
fortrral 

Fornier 'Liberal' leader Jeremy 

Tli orpe "-and: throe co-defendants Government securities index 
are to stand trial at the Old dosed 0.16 down at €8.72. 

BaUey' charged with' conspiracy 

10 murder -Norman Scott. Thorpe • STERLING dosed 35 points 
wdl also face a charge of inciting np at Slr9763 . both -sterling s 
David Holmes to murder Scott, trade-weighted average and the 

an- rZ 

non need the decision at Mine head changed at 63.2 and.&S per cent 
yesterday. Thorpe'; Holmes. John respectively, 

Le Mesufferand. George Deakin 
all dented ijbe charges. Bail was • GOLD rose $i t»'3202J in 
renewed :aT, £5.006 in each London and in Npvr York the 
case, witli passport conditions Comex December ' setGemcnt 

price was $2DL70l(S205.40). 

•' , ',1 ( / |t i ■ 

•'TOKYO, stock markets attrac- 
ted fresh buying ajrf tfceNikkei 
Dow Jones index ros&l&OO to 





tightened rr 

B{ttar$ recalls 
2&iOOO M in i s , 

HL.-Gars is to- -recall 20WWO -amew peak of 6.037126^/ 

Minis- Tip to- 14, months old . to . 

October j9T?r^, November ffl. «• £*,£2; £8 ° 


107S-, 

Israei^Sii^ied 


down at 6L207.5, its lowest forfcontlnued to drop this month, in creases could he considered, savings accounts and a very 


four 'months. Page 37 



r*f: 


£j«9*- - 


• WALL STREET dosed 5.11 
A system; s&rqp^bjrdfr:. South down at 809,86 on Inflation 
African JnCom^tlaitraj^partinent worries, 
for clandestiile-JfQridtng of a / .. 

SS, J • INDUSTRIAL OUTPUT, which 
strong JOTieIi^pnecUon, accani- gpgw rapidly ijLthe spring and 
mg to ali^jKasatan mvoived m sumjner ^ im - dropped by 0.7 
the Departatenra-atteraptsto set per ccn t j n the August to October 
up an international publishing quarter- Pace 6 
netwdiki -Back Page v ■ 

‘ . « . • ASSOCIATED Biscuit Manu- 

Pro-Srtah : p r ara.des Jacturprs has agreed to buy the 

- - G r 1 p u. s .*5 

surgeon sahF at least 40 people . 
had. died In -disturbances in. the LABOUR 
city, during the past two -days, ••• ______ . . . , 

Soldiers'' of the Shah’s elite- • CONTROL of Britain s largest 
Imuefial Guard are reported to civil service onion, the Civil and 
have mutinied on Monday, lead- Public Services Association, has 
ing to the deaths of . several been won by the right in the 

' officera. Page 3 largest vote in the union’s 

history- The swing from the left-' 

. (ri; C o C fap* •' ’'' controlled executive could have 

-Jcl Qlbttaicr. serious .effects on the union's 

Rbodesia had suffered a "great attitude .to action against the 
disaster” in the black nationalist Gov ernments 5 per cent pay 
attack which had des.troy^ff ibout limit Page n 
17m gallons o£ vilaL fuel at a . 

-- Salisbury storage depot. Mr, laia • SINGER -of the U.S. has said 
Smith, Rhodesia’s Prime Minister ^ ^ .will blose the. UK plant on 

said. Page .3 : MJydebanR with the loss of 4,800. 

The '■ UN genere l assembly- has jobs.- unless the workforce rer 
recoin ended- . 'wider economic 'Yerses_ its decision not to co-aper- 
sanctions against Rhodesia .and .ate. with a rationalisation plan. 

- ari oU embargo against Bo iith Earlier story; Page 8 

Africa, . ■ 

. . . • TUG is. making an effort to 

- TV his n lr.Aiif ’t . • avoid * confirontation between 

I V manifviit . - 1.5m public.’ service workers and 

The BBC has decided to; leave the Government over the 5 per 
TV screens blank .-on. both- its eeht 'pay limit. Back Page 
channels when programmes are 
disrupted^ by a teebtaeikns: over- ... 

time ban Which started this week. ' CBMrAllIES 

lifa?- •GUTHRIE Corpora lion reports 
h a fall in pre-tax profit for the 
?“, e , L° *?5„f h0WT1 0yer Christmas first half of 1978 from £J1.12m 
will be Iosl • - - - - to £4.76m but overall profits for 

. the year should match the 

Briefly » i . record £lfl.65m for 1977, Page 26 

Talks between- Times News- Ler 

ssssssssss^^ 

_ - . ,, ■ . profit for the half-year to Octo- 

Gumnen bejieved.to t>& Ba^ua w;27 rose 67 per cent from 
guerrillas start dead a mmicfpal £L92m on sales up at 

r„° UC |^f against £19.0Sni. Page® 

. «eio n - • " •-LRC International pre-tax 

Zambian Presiifent Kenneth, profits- in the' half year to 
Kaunda seemed cemin of re-. -September 30 fell from £4.13nj 
election by icoavincing majority to tiMm on turnover up from 
as results started to -be an- 246.66m: to £4S;3Sm. Page 24 
nounced. . ' - 

Christmas pacoels and second- • COMP AIR. manufacturer of 
class letters - should be posted air compresors and pneumatic 
not later than next Monday, and . tools, reports a fall in P«-^ax 
first-class letters by next Tues- profit for the year to October I 
day, the Post Office «ays, . . : from £12 .22m. to. £ii^2m. Page 24 


spite of the- recent big increase in although they may not be accept- live new issue -of savings certifi- 
onterest rijtes. able to the GovernmenL cates. 

The position Is at least partially j n the meantime, the move- Last month, the societies man- 
due to seasonal factors but it raent will continue to draw on a S«d to continue their high level 
tends to confirm some fears that, liquidity to maintain a high level nf lending, advancing £764m to 
even with the higher rates now in C £ advances allhough, it is not honie buyers. The figure repre- 
force, societies: are not wholly certain they will meet the 3en ied a fairly substantial in* 
competitive in the savings mar- m0 othly lending quotes agreed c rease over the previous two 
ket and that it eould become in- upon months, although about £70m o£ 

creasingly difficult for them to 51 related to home improvements, 

attract funds. The Bmldmg Sock rti ‘M Aaocia- Societies also promised to lend 

With the societies now offer- tl0 “. „f a,d - KlL another £720m, a similar propor- 

ing 8 per "cent net on deposits aS Sm rn t * on of which ^ «P«ied to be 

they still have a competitive. Swi“13£ A year earlier for £ urposes oCher ^ housc 
though historically extremely ^f; i0 “ s _? 1 °° t ?g 7 £ n year earuer P“rehase. 

small, edge over the clearing 1 d 1 i3<!sra - This year, the societies expect 

banks and National Savings. But it is the first two weeks to have lent £7.Sbn to home 
5ome competition however, such of this month which are giving buyers, against £6.7bn in 1977. 
as local authority and income rise to concern. On present Mr. Norman Griggs, secretary 
bonds, offers more attractive trends, receipts .couid fall to general of the Building Societies 
terms to investors. below £20Om for only the second Association, said; “Even with the 

Last week, the Government time since January 1B77. One improved yields the societies will 
{said it was authorising societies explanation being put forward is have to fight hard for their funds 
to step up their total monthly that the societies have recently until such time as the high 
lending by just under 10 per cent been attracting greater than general level of interest rates 
{to an average £700m a month, a usual amounts of small money starts to decline. 

[.decision which can only magnify an d that this is now being with- '* Wc hope high lending figures 
the societies' task. drawn as part of the normal pre- can be maintained in the short 

. -There is no question of further Christmas rise in consumer term but, looking further ahead, 
increases in investors’ and inort- spending. everything will depend upon ihe 

Ig3ge rates and societies will be The societies do not expect economic environment and the 
hoping for a fall in interest rates any improvement in January, success of «the Government's 
generally early next year to when very tough competition incomes policy.” 


CHIEF PRICE CHANGES YESTERDAY 

iy>;. (Prices In pence unlesr otherwise indicated) 


rdvv* 

fe' 1 ■ M-v 


SJ RKES 

Rff Buhner (H. P.) ^.*^150 + 


Gfrff 


De Vere Hotels '■ 172 

Shaw Carpets 73 +■ 3‘ 

Standard Chartered;^ 431.;+ 5 
.Be. Beers Dfd. ..,,- 364 4^ JO 

Mount Lyeli 40 +\7 .. 





FALLS 

Treasury Sipe 

AB Electronic 157 - -6 - 

BATvImlK , 288 7 .. 

BccCham.: 614 “ .10; . Wimpw <G.) SOI 

Sibby .fJ.): ' 297 r- 31 Selection Trust .....a 456 

Costain (R;T ..-.W...J 240 — 8 - . : Vehterspost: 13B 

Deritehd Stamping ,.t- 150 . 4 , JWestfipld Mlnorals ... 350 


ERF - - 136. - 

Gem Accident 207 — 

Gestetuer A ...........j 13S - 

Guinness (A.) lai — 

Hawker Siddeley 22S - 

ici - 369 - 

Land Sera. . .-. 243 — 

Mills and Allen IntnL 225 — 

Racal Elect. 344 — 

Reckitt and Colman.., 455 - 
Redfearn Nat. Glass;..- 275 — 
S a at chi and Saatchi ... 135 - 
■Tunnel B -jfltf* 


5 

9 ■ 
T 

3 
8 
5 

4 

* 

9 

18 

7 

5 

8 . 
3F. 
18 
11 
IS. 


Callaghan to 

vote of confidence 
after two defea 

BY RICHARD EVANS, LOBBY EDITOR 

THE GOVERNMENT trill bold a vote of confidence in the House of Commons 
today following two defeats last night on the use of discretionary sanctions 
against companies, who defy the 5 per cent pay policy. 

A direct challenge to the con- Conservatives. Mr. Call.igh.in constitution:!! i.iue. because inc 
trovursia! sanctions policy will find it much harder to main- policy did noi have the backing 
launched by the Tories was tain power until he can call a of Parliamem f-r ih* rule of law. 
accepted by 285 votes lo 279 general election at a time .if hte Hc belief Uui »h.- opcralion 
thanks lo support from the own choosing. of sanctl nn, a^; r .« Ford in par- 

nnnonty parties and some Left- Callaghan called on Mr. ttcular . tad p*.:<.»ned the rela- 

Vking Labour, a hstenuons. Roy Hattcrsley. Prices Secretary, lionship h'-iween Government 

A second vole confirmed (he to defend the countcr-in datum and indusir. :n a way that would 
decision to oppose sanctions by policy raiher than take part in be damaging ;-i ilie country’s 
'285 votes to 12S3 after some the debate himself. economic per forma nee. 

a !?stainers decided to Mr Hatterslcy appealed (.> Mr. Prior cjlied for the pro- 
Jdck the Government. Left-wing AJPs not to support the vision of public money for secret 

There was confusion about the direct Tory challenge to pay ballots m !«.• held by trade 
full implications of the result ax policy, but his speech made little unions for internal elections and 
Westminster hut there is little impact. It was a poor Commons on industrial issues, so that the 
doubt that the Government's performance, and he was enn- present imbalance in union 
authority has been severely slant I y needled by Tories, who activities could h.* corrected, 
jolted scented their only chance for Earlier, the Prime Minister 

Even if Mr. antes Callaghan weeks of indicting severe saw six leader* or tr.c Left-wing 
wins the vole of confidence, his damage on the Government. Tribune grmip at ihe Commons 
grip on power will have been The Prices Secretary argued to explain the importance of the 
weakened. that the pay policy was not the debate. 

The prime casualty wiJJ be the only weapon in l he Hovvinmenl’s He afgutd I hat defe.ir. 
Government's. cuuoter-iniiuLion counter-inflation armoury, but it although it v on Id not previpi- 
policy, and il will m>w be ex- remained an essential clement, tatc an imnu-.jiati- general clec- 
tremcly difficult ir not iinpos- It was a particularly important tion. would do great' harm to the 
sible for the Governmenr In con- factor in obtaining relatively Goveromenfs snuhoriiy, and 
linuc its determined efforts lo more for the pouriy paid. would play into the Tories' 

stick by the 5 per cent pay Mr. James Prior, shadow hands, 
guideline. employment spokesman, argued Parliament Pa™e 9 

Second, the Commons votes that the use of arbitrary sane- ’ " 

mean ihat the political initiative linns against Ford and more than TUC tries lo head nff pay row 
now swings sharply towards the 200 other companies wa? a major Back Page 


New fall in receipts 
building societies 



£Y MICHAEL CASSELL, BUILDING CORRESPONDENT 




BUILDEiG -SOCIETY receipis restore their position. If Inis from >»:i-‘ ..tai Savings arises in 
feU sharply last month and have does not happen, further rate in- the form of higher interest on 


Vance 
may end 
Mideast 
mission 

By David Lennon 

JERUSALEM — Mr. Cyprus 
Vance, tee L'.S. Secretary of 
State, decided yesterday lo cut 
short his Middle East peace 

■ mission when Israel rejected the 
I new ideas that he had brought 
j from Cairo. 

He will leave Jerusalem todhy. 

! meet President Sadai again in 
Cairo tonight, and fly back to 
I Washington tomorrow, 
j Mr. Vance spoke to President 
: Carter by telephone yestedday 
! alter his meeting with Mr. 
i Mena hem Begin, ihc tiraeli 
! Prime Minister, at which 'Serious 
i differences of opinion” emerged j 
! over the new compromise worked | 
;out in Egypt. 

j Consultation 

; Officials ip Jerusalem, said last 
i night ihat ihc new proposals 
from Cairo marked a hardening 
| of the Egyptian position on the 
! outstanding issues. But they 
l said (hat the discussions would 
continue today. 

( President Carter has set 
jSur.da>. December 17. three 

■ month* afier the Camp David 

■ Minim it. as the deadline for com- 
| pletiog the treaty. The Israelis 
i arv believed lo have refused to 
| accept an Egyptian proposal to 
I drop ihe demand for Palestinian 

i elections in the West Bank and 
Gai'a to be linked with the treaty, 
provided Israel agreed to defer 
setting up diplomatic relations 
until after the elections. 

Israel has refused to accept 
any link between the treaty and 
Palestinian autonomy, saying 
that self-rule must be negotiated 
separately. 

Egypt was also reported to 
have agreed to drop its demand 
for a revision of clause six, 
under which Egypt's defence 
commitments to Arab countries 
are superseded by the peace 
treaty, provided a letter was 
attached giving Egyptian reser- 1 
ration*. Stipulations in the j 
letter were rejected by the 
Israelis. 

Pessimistic 

Mr. Vance s conversation with 
Presided Carter was the first 
time during his current Middle 
East shuttle when he fell con- 
sultation to be necessary. He. 
was apparently told to cut his 
losses and return home. 

The talks might break down 
totally unless the Israeli Cabinet 
has a change of heart today. Mr. 
Vance will make a final effort to 
reach a compromise when he 
talks to Israeli leaders in the 
morning. 

The mood in Jerusalem was 
pessimistic last night as tbe 
American entourage attended a 
working dinner with their hosts. 

That belied the earlier opti- 
mism generated by the Ameri- 
cans. but not by the Israelis, 
who have felt that -they were 
being subjected to undue pres- 
sure to decide quickly about 
matters that they consider vital 
to national security. 


six 


Italians back 

decision 


to join 





BY RUPERT CORNWELL 

ROME — Parliament last night 
approved the Government's deci- 
sion to lake Italy into full mem- 
bership of the European Monet- 
ary System from January 1 

Bui the a p proud came only in 
the face of sustained opposition 
from ihe Communists, on whose 
support the minority Christian 
Democrat Administration de- 
pends. 

Sis. Giulio Anoretti. the Prime 
Minister only wnn the night on 
Ihc key part of the motion, com- 
mitting Italy to early entry into 
the currency arrangements. io 
the abstention of the Socialists, 
who had argued for a more 
gradual and careful integration 
of the lira into ihc EMS. 

The majority of 42 was slender, 
by present Italian standards. 
Social Democrats. Republicans, 
and various Right-wing groups 
joined the ‘Christian Democrats 
behind Sig. Andreotli. hut 53 
Socialists abstained, and 2*jS 
Communists and other Left-wing 
deputies voted against. 

Communist hostility to im- 
mediate entry reflects the party's 
insistence that Italy must ob- 
tain greater specific' concessions 
on the issue of the transfer of 
real resources than agreed at last 
week's Brussels summit. The 
party also wanrs more solid pro- 
tection for its currency. 

However, Sig. Andreotti calcu- 
lated correctly that the Com- 
munists would he exceedingly 
unwilling to provoke the roi- 
lapse of his Government on an 
issue where they could easily be 
portrayed as anti-European.' 

The threat of a break-up of 
the five-party parliamentary 
majority. which keeps the 
Government alive, seems to have 
been averted in the pre- 
Christmas period But last 
night's events have only under- 
lined the fragility of the founda- 
tion upon which it rests. 


Nothing has been done to 
diminish speculation that the 
moment of truth might come 
early in the New Year, especially 
when a detailed programme, 
putting into efleci the tbree-year 
economic recovery plan of Sip. 
Filippo Maria Fandolfi. Treasury 
Minister, comes up for scrutiny. 

In his wind-up speech. Sig. 
Andreotti appealed for cfclm on 
the issue of EMS. He said Italian 
membership implied no more 
constraint upon the country than 
the framework of ihe Pandolfi 
plan, which ihe political parties 
had already accepted in 
principle. 

The immediate outcome repre- 
sents another skilful tactical 
triumph for the Prime Minister, 
who has been under strong 
pressure from a vociferous wing 
of hts own Christian Democrat 
party for alleged weakness in 
dealing with the Communists. 

His surveys reinforces his own 
hand, and that of the moderate 
factions in hi? parly in i favour 
of the present alliance with the 
Communist*, in the ruu-up to 
the important Christian Dcmo- 
cr.u Congress early next spring. 

Earlier, the Prime Minister 
and Sig. Pandnlfi met the leaders 
of the majority parties to try 
to find a generally satisfactory 
agreement. But it is clear that 
Sig. Andrei. Hi revealed no 
further tangible concessions from 
the richer EEC nations sufficient 
to still Communist opposition to 
early enirv. 

Meanwhile, the lira slipped 
yp*ierdjy against rhe dollar from 
S4fi to S49.5. amid some signs 
that the foreign exchange mar- 
ket.* share some of the misgivings 
of italj's monetary authorities 
over the wisdom nf entering the 
EMS. 

Earlier story. Page 3 
Ireland about-turn likely Back 
Page 


ENI-IRI nuclear fuel 
pact 


is 


-• i 


AN AGREEMENT between ENl 
and IRI for nuclear fuel and 
systems, signed in July, has now- 
been ratified, it was announced 
in: Rome. The roles of ihe 
participating companies haw 
now been defined. Agip Nuclear*- 
SPA (part of the ENl group t 
will be the national fuel supplier. 
Kiat and Breda Termomeccanica 
(Finmeccanica group i will 
supply components as well as 
being system engineers and con- 
tractors for pressurised water 
reactors f.PWR) of the Westing- 
house type. 

This ratification provides a 
new share asset for Coren. a 
company processing nuclear fuel 



for PWR reactors, in which Agip 
Nucleates share is 71.5 per cent. 
Fiat TTG has 24.5 per cent, and 
Breda Tr-rmomcccanica 4 per 
cent. International col la bo ration 
i? envisaged from these atpree- 
ments. establishing ENl and IRt 
among The groups who are 
developing further their present 
nuclear activity. 


£ in New York 

- ; 

Dec. 13 | Previous 

Spot 

1 month | 
5 months ; 
12 months 

1 St .9770-9780'? 1.9700-9 715 
0.50-0.40 dis 10.44-0.39 dia 
1.15-1.05 dis :1.0&-1.02 dis ' 
4.00-3.90 dis i3.B0-3.69 dis 1 


Joint venture by GEC-Hitachi 

BY MAX WILKINSON 

HITACHI IS to take a half half its capacity of 300,000 sets They complained that a new 
share in the General Electric a year. plant would add to the industry's 

Company's television manufac- The joint company, called over-capacity of about 50 per 
taring operation. GEC-Hitacbi Television, will cent. 

. - - , supply colour sets to both parent The Department of Industry, 

u.Wf.h e ^ a 3 r^L D nn ti)lf^pv 0I ? P n^ companies for sale through Their anxious then to encourage invest- 
which starts on Januar 1 n«t present distribution channels. It ment by Japanese companies. 


year, will be based at GECs j, ave f u u access to Hitachi's suggested that joint ventures 
factory at Hirwaun, waies. it researc h. development 'and pro- might be an acceptable com- 
wiJJ be^ tZ? duction technology. promise. The first ^uch deal 

and 


managing director, Mr. Pat San- j t j 8 gxipected that the Hir- was announced by Rank 
5FJ3;. P resent . manager of waim p ] a nL which employs 2,000, Toshiba earlier this year. 

GEC s radio and television. Wiill achieve production of t n rfi Nelson nf Stafford chair- 
dwiS10n - 300, 0W sets in five years- time- ^ %?£££?* 

Hitachi Is paying £2.75ib In e ^S^, o ab0 “ ( L? n Si , ;f n r *25: GEC-Hitachi and Mr. M. Misu, 
Cash into the joint company executive vice-president or 

which will he capitalised at £5m. Pf c f °U°ws 1 ^ t a ^® rt ‘ ve Hitachi, will be deputy chairman. 

.GBC’s contribution is the fixed !?Si.i e ShSiiS!i WaSwSn' Several Japanese advisers will 
assets of its present manufac- subsidiary m Washington, a i s0 seconded from Hitachi, 

ring bperatiota Durb “ n ’ l -? 1 S ch ) wth : whose total sates are about 

vper-uuu, drew Jts proposa i m oj e f ace 0 £ = 

The main aim is to bring more combined opposition from trade ‘ ‘ , 

work to the HinVaun plant, unions and other UK television Why ufcC needed Hitachi, 
which is now running, at about set makers. Page 6 


CONTENTS OF TODAY’S ISSUE 


.-European news 2-3 

American news 4 

-■Overseas news 4 

World trade news 5 

UK news— general 6-8 

. - —labour 8 


Politics 9 

Technical page 11 

Marketing page 12 

Arts page 21 

Leader page .................. 22 


Mining 

Inti. Companies 

Euromarkets 

Money and Exchanges 

World markets 33 

Farming, raw materials ■» 37 


UK Companies *.*.*.*.. 24-27 ‘ UK stock market 38 


a#’ 


FEATURES 


Britons are weB, happy and. 
drink less than most ... 22 

Economic viewpoint: The 
age old labour fallacy ... 23 

Complexities of Italy's 
efforts. lo go Nndear ... 2 


K- 


i. -- .ill 

up r * 


. . - . * . i ' 


Cambodia and Vietnam: ' 

The critical stage 4 

Hungary reconsiders Its 

export policy 5 

Business and the courts: 

Absolute immunity. 14 

Mltsni's -Iranian risks In 
petrochemical project ... 30 


Why Tunnel is delving into " 

new territory 32 

Polish agriculture: The 
subtle pressures 37 

FT SURVEY 

Gas industry 16-20 


Appdatmcau U 

Appolnu. Advtf. ... It3Ut 


Badness Oppts. 

Cracswnrfl 

Economic ImBccMn 
-EBtertain n Ben t CnM* 


BBrMradHK 19 

■s^f. - 


FT.Acunrlas ladlcea 

Jobs Column 

Letters 

Lex - 

Lombard 

Men and Matters .* 

Radns — 

Saleroom 


3B 

34 

3 

« 

M 

22 

U 

b 


Share loTormetlon .. SMI 

Tsdaris Events ... 21 

TV and Radio .... 24 

Unit Trusts » 

Weather « 


INTERIM STATEMENT 
Breitlmmite Ensnrs. 29 

& For latest Share. Index "p fume 01-246 8026 


ANNUAL STATEMENTS 
Cope Allman InU. ... 2S 

Cleeo HstdlBss 27 

Majedle invests. ... 25 

Mining Asset, of UK ZL 

M. Atlantic Sees. ... 25 

5mA Ltd 27 

Base Lending Rates ■* 33 







A 



2 


% f inandal 


EUROPEAN NEWS 




•>r ir V:.U,.j. - V:\ 

-y • r.sf • .*- 's :; - - • «. 


& 


Philips’ 

foreign 

policies 


By Charles Batchelor 


AMSTERDAM — A row has 
broken out between tbe Dutch 
multinational Philips and the 
country's largest trade union 
after the publication in a union 
newspaper of sharp criticism of 
tbe company's policies in low- 
wage countries. Philips is cur- 
rently negotiating tbe release of 
one of its managers who was 
seized by guerrillas in El 
Salvador IS days ago. 

The article fn the weekly 
newspaper of tbe FNV Trade 
Union Federation said Philips' 
own social policies were to 
blame for the kidnapping of tbe 
32-year-old Dutchman Mr. Frits 
Sohuitema by the Armed Front 
of National Resistance iFARN). 

While saying that it did not 
wish what had happened to Mr. 
Scbuitema on anybody, the 
union asked: “ How many mana- 
gers must be kidnapped before 
Philips realises that this form 
of resistance is connected with 
the conditions in which Us em- 
ployees live and work?" 

El Salvador is a “ Fascist 
dictatorship " which employs 
brutal methods to suppress 
trade unions, the FNV, which is 
tbe most radical of the Dutch 
trade unions, said. This suppres- 
sion creates an atomsphere in 
which foreign concerns such as 
Philips have a free hand. The 
companies therefore have noth- 
ing to fear from a critical work- 
force. The official policy of 
Philips is to adapt to local 
customs. Tbe company calls this 
“integrating" hut it can also 
be called simply going along with 
the system, the FNV said. 

In reaction, a Philips spokes- 
man said this was a “ scandalous 
article " to publish at a time 
when Mr. Schui tenia was still in 
the hands of his kidnappers. In 
every country where Philips has 
subsidiaries it follows social 
policies which can stand up to 
criticism, he said. 

Tbe company pointed out that 
the staff of its subsidiary in El 
Salvador bad appealed by means 
of an advertisement in the local 
Press for the freeing of Mr. 
Scbuitema. This proved that the 
union article had not been writ- 
ten on behalf of its employees 
in El Salvador. 

“We have no words for tbe 
provocative final sentence in the 
article which asks how many 
more managers mu=t be kid- 
napped before Philips realises its 
own policies arc at fault," the 
company spokesman said. 

It has already placed a two- 
page advertisement outlining 
the guerrilla group’s aims in 
newspapers in 32 countries as 
part of its attempt to gain the 
release of Mr. Schuitema. 


Italy’s nuclear argument 
contracts to ‘il blackout’ 


BY RUPERT CORNWELL IN ROME 


" IL BLACKOUT" is the latest 
Anglicism to appear on the front 
pages of Italian newspapers. It 
refers, with a certain amount of 
poetic licence, to tbe 20 or 30 
minutes of regular power cuts 
that hit cities in southern and. 
central Italy ten days ago. 
They were hardly comparable 
to the real thing. New York 
style, but they were a sharp 
and ominous reminder of the 
uncertain state of the cou ntry's 
electricity supply industry — and 
of the protracted arguments 
which have brought to a stand- 
still Italy's efforts to go nuclear. 

The reasons for the delay are 
complex, -part environmental, 
part political and part bureau- 
cratic. The trouble Is that the 
objective case for a switch to 
nuclear power Is stronger in 
Italy than in almost any other 
advanced economy. Its depen- 
dence on imported energy (oil 
imports cost almost fSbn in 
19771, tbe general level of 
industrialisation,' and tbe tech- 
nological skills of Its manufac- 
turers make the country an 
obvious candidate for a sophisti- 
cated nuclear energy programme. 

Belatedly, however, and with 
an intensity which more than 
makes up for the delay, the 
environmentalists have arrived 
in Italy to add their weight to 
the country's already formidable 
capacity for political, hair- 
splitting and administrative 
inertia. As a result, five years 
after the 1973 oil price explosion, 
three years after the launch of 
the Government's original energy 
plan, and nine months after 
ministerial approval of a more 
modest set of targets for 1985, 
Italy is left with little more than 
the same three operational 
demonstration reactors, providing 
just the 600 MW power that 
existed in the late 1960s. 

Sad to say, demand has not 
remained constant to allow the 
debate to proceed at its leisurely 
pace. Italian electricity consump- 
tion has grown steadily, despite 
the slack performance of the 
economy in the last few years. 
The demand has been met by 
increased output of coal and oil 
generated power, and stepped up 
production of -hydroelectric 
energy. All the while, the safety 
margin between maximum capa- 
city and the load on tbe system 
bas narrowed.' 

Technical trouble hit a num- 
ber of stations simultaneously 
recently, when tbe weather bad 
taken a turn for tbe colder. The 
margin vanished, and ENEL, the 
state electricity utility was 
forced to act, crudely to bring 
things- -under controL. Sig. 
Massimo Moretti. ENEL's manag- 
ing director, has warned that 
only a happy coincidence of cir- 


cumstances elsewhere in tbe the Socialist Party, which stands 
network kept the cots within lose from any advance by the 
reasonable bounds. Next time. Radicals, has been trumpeting its 
it is clear, the black-out might own doubts over nuclear energy, 
be a real one. But a much wider threat bas 

This state of affairs is of emerged with an attempt this 
course not going to be put Tight week by Sig. Pannella and his 
at once, even by a sudden, and colleagues, backed by Sig. Feccei, 
at present most improbable, to force a national referendum 
change of heart on the nuclear on the Government's nuclear 
front. Even in countries which plans, by seeking to repeal a 1375 
function more smoothly than law which sought to govern siting 
Italy, power stations' take some of the plants. Sig. Franco Viez- 
years to build. But time is press- z ° l! - president of Finmeccanica, 
ing. For energy demand is group in charge .of much of 
closely related to the Perf or- ?taly s would-^^vil nuclear 

industry, has stated tbat such a 


Because of Italy’s 
dependence on imported 
oil, the reasons for it 

going nuclear the politician's handT ENEL only 

stronger than tor almost operates at 75 per cent of its 
any other advanced theoretical capacity, they insist. 

rm,. L.TJ nnc , while vast scope exists for energy 
economy. The hold-ups sa7 jng. Measures along these 


step would only accentuate the 
risk of a series of genuine black- 
outs. 

Tbe environmentalists natur- 
ally retort that this is mere 
bluster, and blackmail to force 


are part environmental, 
part political and part 
bureaeratic. 


lines would allow- time for less 
objectionable sources of power 
to be developed.- But are these 
options really open to Italy? 

In fact, consumption of elec- 
tricity per head is on the low 


mance of the economy and the ^ by standards of cora- 
goai of steady growth of around pgrably advanced countries, and 
4 per cent implies an extra 6 ENEL is already running an 
per cent of electricity a year. advertising campaign to try to 
If the difference has to be lower wasteful use of energy by 
imported, Italy could again find industry and households. As for 
itself in tbe sort of balance of alternative sources, these do 
payments trouble that >in the exsit but not yet in quantities 
past hai brought the economic to offer a long term solution to 
machine grinding to a halt On the country’s dilemma. Explore- 
the other hand, ENEL bas. estl- tion under way, on and off-shore 
mated that even the scaled-down around Italy may yield some use- 
target of 8,000 MW of nuclear fui oil and gas finds, but aoth- 
power, whose construction by ing remotely compatible with the 
1985 has been approved by the North Sea. _ ' 

Government's senior economic Coal imports might be stepped 
policy body, would save £500m. “P- aQ d -there is- room for 

Such worthy considerations increased output ttf hj'droelec- 
have unfortunately left the grow- trie energy. It is worth noting. 
Ing anti-nuclear lobby unim- however, that last year's record 
pressed. In Italy as elsewhere hydroelectric contribution to the 
opposition stems from a mixture total supplies, of 37.3bn kWh 
of local resistance, which has led was due to exceptionally heavy 
to inordinate wrangles over the rainfalls in northern Italy. Such 
precise sites of particular climatic aid cannot be expected 
stations, and the radical, environ- every year. As for solar energy, 
mentalist Left Indeed much of this remains' strictly a curiosity, 
the most vociferous running has albeit a promising one, for the 
been made by the quixotic foreseeable future. 

Radical Party, led, until it chose In its 1975 plan, aimed at 
a French national as Its new sec- reducing Italy's dependence on 
retary, by Sig. Marco Pannella, oil from 73 per cent of require- 
with the intellectual support of “ ent -» t0 5 ^ eo P®r -cantby 19S5, 
hackers such as Sie Aurelio the Government accepted tbat 
SI Si? nuclear energy offered the only 

Peccei, founder of the Club of realistic escape route. 

Rome and celebrated for his • that as it may, that 1985 
dismal prognostications of a target is beginning to appear 
world polluting itself to death, somewhat remote. Enel looks 
Inevitably, the argument has poised to join the lengthy list of 
spilled over into the political Italian agencies and institutions 
sphere— and particularly since that are fated to operate at or 
the non-aliqned Left did rather even beyond • their notional 
well in last month's local elec- limits. Blackouts hr no black- 
tions in Trento and Alto A&gs. outs, the nuclear --. a?gument 
With suspiciously indecent haste clearly has a long way lo go. 


s 







could open the way for you 


General Management: 

Basle: 

Aeschenvorstadt 1, 

CH-4002 Basle 
Zurich: 

F&radepJatz 6, CH-8022 Zurich 


Branches around the world: 

Atlanta: 

235 Peachtree Street, 

N.E. (S. 1700) 

Bahrain: 

Kanoo Commercial Centre, 

Manama 

Chicago : 

150 South Wacker Drive 
London : 

City Office, 99 Gresham Street; 
Swiss Centre, 1 New Coventry 
Street 
New York: 

Four World Trade Center;. . 

Swiss Center Office, 

608*Fifth Avenue, 

San Francisco : 

120 Montgomery Street (S.2200); 



Hso.6, 


Union Square Office, 
ick 


250 Stockton Street 
Singapore: 

1303 Ocean Building, 

Collyer Quay 
Tokyo: 

Furukawa-Sogo Bunding, 6-1 
Marunouchi 2-chome, 
Chiyoda-ku 


Caracas: 

Ed. “El Universal’ 

Av. Urdaneta 
Edinburgh: 

66 Hanover Street 
HongKong: 

20/F Alexandra House, 
16-20 Chater Road Central 
Houston : 

One Allen Center (S. 3315) 
Johannesburg: 

Swiss House, $6 Main Street 


Lima: 

Camand 370 -Of. 703 
Los Angeles : 

800 West Sixth Street 
fS. 1220} 

Madrid: 

Alcala 95-7° 

Melbourne: 

Nauru House, 80 Collins Street 
Mexico : 

San Juan de Letrdn 2-3203 
Panama: 

Calle Elvira Mendez 10, 

Apartado 61 

Paris: 

11 bis, rue Scribe 
Rio deTaneiro: 

Av, Rio Branco 99 , 18 9 andar 
Sao Paulo : 

Rua Libero Badar6 293 
(C. 29 A) 

Sydney: 

Australia Square Building 
<$. 421(5) 

Tehran : 

Khiabane Sepahbod Zahedi, 
Azarshahr 6 (3rd floor) 


Pinto 
looks to 


next 


hurdles 


BY JIMMY BURNS IN LISBON 


“ WE HOPE that we can at last 
begin to face tbe challenge 
which has been imposed by 
oar national crisis," said Sr. 

v Carlos Mota Pinto, tbe Portu- 
guese Prime Minister, after 
his - government survived its 
first major parliamentary 
hurdle last night. 

After a five-month government 
crisis brought on by the col- 
lapse of the Soeialist-Christian 
Democrat alliance, optimism is 
hard to come by in Portugal 
and Sr. Mota Pinto's spirit 
must still be tempered by the 
facts. 


The voting at the end of the 
grueliing five-day debate on 
the Government's programme 
indicates how precarious still 
is the country's fourth con- 
stitutional government 

A Communist motion of rejec- 
tion was defeated by 109 votes 
to 45, thanks to the common 
defence of the Government by 
the right-wing Social Demo- 
crats (PSD) and the conserva- 
tive Christian Democrats 
(CDS). The Socialists, how- 
ever, Portugal's major parlia- 
mentary party, opted for an 
ambiguous abstention. 

For a Government of indepen- 
dents without a formal parlia- 
mentary base, support from 
the PSD and the CDS does not 
guarantee survival. Over- 
shadowing the new Administra- 
tion is the threat of the 
Socialists joining with the 
Communists in a future parlia- 
mentary vote either to block 
legislation or to defeat the 
Government on a vote of confi- 
dence. 


Subsidiaries and affiliated companies in 13 countries throughout 
the world. 



Representatives: 

Beirut: 

Immeuble Beirut Riyad, 
RueRiad EL-Solh. 

Bogota: 

Carrera 10a. No. 2’4-55, Hso 15 
Buenos Aires: 

Reconquista 458 
Cairo: 

3 Ahmed Nessim Street, Giza 


Swiss Bank Corporation 

Schweizerischer Bankverein 
Societe de Banque Suisse 


Total assets (end 1977): Sfr. 55,710 million. Customers deposits: 

Sfr. 30,371 million. Capital and reserves: Sir. .3,235 million. Advances 
to customers: Sfr. 20.13S million. Net prow: Sfr. 237 mutton. Number 
of.staff: 11,500. 


Before the middle of next' year 
clearly the new Government — 
the tenth since the military 
coup of April, 1974 — will have 
to face farther hurdles in 
Parliament 

Among the first will be the 
budget for 1979 which has 
already become a pressing 
issue. The present budget 
deficit is estimated at about 
Es80bn (3865m), or roughly 
8,6 per cent og GDP, which 
is outside the limits imposed 
by the International Monetary 
Fund (IMF) in the Spring- 

According to the Portuguese 
“letter of intent” the overall 
deficit of the public sector 
should decline to 6 per cent in 
relation to GDP by next March. 

A team from the DIF is due In 
Lisbon next month and the 
decisions it is expected to force 
on the Portuguese Government 
will have to be debated by Par- 
liament. 

Tbe Mota Pinto programme, 
though much shorter than its 
predecessors, is nevertheless 
not lacking in ambition, and 
clearly implies an intention to 
play more than a stop-gap role. 
To a large extent it emphasises 
the broad policies of previous 
administrations, while promis- 
ing to do more than just talk 
about them. 

The linchpin n£ the Government 
Is clearly Sr. Jacinto Nunes, 
the Minister of Finance, who 
will divide his functions within 
the Ministry with that of Vice- 
Premier Sr? Nunes is expected 
to rationalise decision-making, 
co-ordinating the activities of 
the Bank of Portugal w-th that 
of the -Ministry of Finance. 

After the political interruptions 
of the past few months the 
•business and banking commu- 
nity is crying out for a 
measure of continuity at Minis- 
t?rial level. “We are tired of 
having to confront a different 
face every time we want to 
make an important- decision,'' 
on* Portuguese entrepreneur 
C5nr n ssed recently. 

{The chances of the administra- 
tion remaining in power until 
1930, when the next elections 
3 re due, are linked less to the 
country’s economic problems, 
however, than to the political 
s'tuation. 

What appears to be the best 
guarantee for more stable gov- 
ernment — a new interparty 
agreement — is now more 
remote, than ever. Tbe broken 
marriage between tbe 
Socialists and the Christian 
Democrats is beyond reconcili- 
ation. ' This was admitted by 
the CDS at its national con- 
gress at the weekend 'when the 
leadership ruled out any fur- 
ther Centre-Left alliance. 

More serious is the declaration 
by Sr. Mario Soares and. the 
Sr. Francisco Sa Carneiro, 
leaders of Che Socialist and 
Social Democrat parties respec- 
tively, that they will not 
participate in government until 
after the next elections, 
whether these come in 1980 or 
before. 

Theoretically. an alliance 
between the PSD and the CDS 
would appear the most likely 
outcome, but tbis would 
almost certainly result in a 
popular front with the 
Socialists and Communists 
holding a new government to a 
stalemate. 

The continuing failure of {he 
political parties to mend their 
differences means tbat there 

. is, in effect, no alternative to 
Sr. Mota Pinto's admtnistra- 

' lion than tbe convening of an 
early election. 

On that account, Portugal’s third 
constitutional government will 
need to steer carefully in the 
coming months while the 
politicians make up tbeir 
minds as to whether to take the 
risk. 

Speaking In the last hours 
of yesterday’s debate, Sr- 
Soares stressed that his party 
was not afraid of an early 
general election. 


Sharp fall in 


escapes across 



r : ■# lt 


‘"■.il 


BY LESLIE COUTT. 


BERLIN — The number of East Autobahn escapee* were being an in&easmg ; ' 

Germans escaping directly to brought out for a high fee by emigrating Ip. .West Germany , . 
West Germany across the mined. professional escape organisations. less-dangerooBiy. r* ~ 

frontier has fallen the most in West Germany. ' - . A., growing number or -East »• 

Sharply since the Berlin Wall In recent months the East Germans are being rejoined with V ' 
was built in August, 196L In German authorities are. -sand to families in Hie West, in-* 

the first 10 months of this year have infiltrated these organise- . .. no ■ en - a - e a'. and married-^ 
only 384- East Germans managed turns with informers and the East 6*8^ gj 1 ' 

to escape to West Germany German Goveraraent^ news D3rev i ous iy had no other* - 

across the border compared with agency issues daily reports of parmer p attempt' ant* ' 

721 in all of 1977. ..professional West German ^nmtive^in to ■ 

However, another 2B96 East “human STO “® gier «> 0 JJ ,: ^l E ot Germamf ' whoVafe 
Germans escaped to West Ger< Bast -Genn^y. Word ^S^t ^ nk i Known their opposition !\ 
many by other means np to. wound in both parts of Gera y ^ ,k e B East German Government.*; 

November U a figure whidi that JJf the are arrested and after serving A « 

includes persons who fled via East German through one of the. orison are bought t 

other Communist commies and escape groups is a risky affair ^ 

who escaped while on business Indeed. . - This vaar over LOGO. East ' 

or official trips to neutral -or r West German Government T^a year Q -. ^ 

MSfA as 3E3us swn 

out in Western vehicles using tbe self-firing shotguns. Also fewer majLfnntls for fees 
East German Autobahn routes. East Germans are u 

between West Germany and West tbe enormous ris^o «*. ~~ * ' «... a 

Berlin. A large number of these' across the border when they see scientist.; 






• - ■ 




•v ..v'i* 


are willing to take DM 30,000 (fSJOO* for a 
risks ofescaplng to DM : -185000 fora phymeiaiPwg 




Norway to probe offshore costs! 




BY FAY GjfcSTER 


OSLO — Norway’s 02 .and 
Energy Ministry is to set up an 
independent inquiry into r.tbe 
reasons for the st eep rise in the 
offshore oil industry’s develop-; 
ment costs, Mr. Bjartmar Gjerda, 
the Oil Minister, told the Storting 
(Parliament). 

He Triads the announcement 
after the three largest opposition 
parties had tabled a joint request 
for an independent probe into; 
North Sea costs. By agreeing,' 


the Minister averted a confron- 
tation with the opposition. It 
had been rumoured previously 
that be might refuse an. inquiry 
and threaten to resign If tbe 
proposal were approved. 1 ..'. 

Instead, Mr. Gjerde announced 
plans for a series of cost studies 
■even more comprehensive^ than. 
; :the opposition had requested, 
■fthe independent experts ' wiH 
analyse costs on every project so 
fair carried out in Norway’s- sector 


Threat to Danish energy 


BY HILARY BARNES 


- . 

of the North Sea. -,•■ - . . 4' 

, - Statb^ the state oil. \ 

will be required to - conduct;-' 4 
parallel study, ' and . " ~ S£at>a,>* -\rTi .. 
operators , on . . Jthe -7 

■ Norwegian Statfjqrd -Fieid^wjifcM ~ . 

be asked, ft, fugpiy a, .dfetaileft^j'-v^ . 
report on their ^expErienee8;with >- : : - 
the field’s first two platforms,':,,-.".'; 
Statfjprd A amf-B.' The A- pl& ■£:>/-?. 
form -is -nearing completion.,- - ■ 
whilework on Statf jord B is pnjfii'j" 
just starting. 'Estimates f^hbth'-. - 
platforms, have had to' be steeply.- ; 1? -r 
increas ed -severer times. 

The Minister's? atmouncemird/'l-} 
came at the end oT a day's 
on ofl topiraV. including. Stntpa'eiA: . 
operating plans and a reeent Gov 5 -' ,:•=* 


^ J- 


COPENHAGEN — The chair- , Joergensen and Mr. Nielsen. 
man of the Danish Trade UaidiLv . The determinaitian of ithe TUC 
Congress. Mr. Thomas - Nielsen leader to force poti ticsJ antarvesi- 
yest exday threatened to' stop ^Scrn an the wage negotiations. nas 
power stations and the dls-. to be seen as part of has effort 
tribution of oil and petrol. "-by' either to topple Mir. Joergensen' 
calling out the* workforce If and break up the coalition, -or to 
collective wage negotiations; force the coalition to Concede 
break down this spring. The two.- rtmon demands, 
year collective agreemantx 4 , is inristihg' li»t the 

expire on March L price for its cooperation da in- 

He told a union conference policy is th^totroduction 

^ 111 0 of A scheme for compulsory wage- 

able to withstand stoppages gamer co-ownership hi industry 


emment' White " Paper . on ■ the - 1 & ' 
reasons for last year’s >4 . 

.in the E3«fftsk'Flel(L“. : ' '^ " ‘ 7 :^ ,- ^] -. 
■ Ttie question *■" of ;-dpeoing:^ : . 
Norway^s northerit watert^ to C? V v^ 



fisk accident. :. 

-tA ^ P«fc- ; > 5- 

m. the ne#;pi '. 


L wuuiu uc luiLcu w 

vene. The unions would lnsis^qn . ru ®S- 


barirt* inanv The Goveramerit meanwhile 

SSriSd ontTt d pSitS lSeD°^ bas saJiid it watt not intervene in. 
W Mr. Ni eisen has thus stepped cojeotore wage to^kong to <3ie 
up the conflict between . the Private secto^Go^iwume^te-bave 
unions and the Social , Demo-! -dope so heSpre, : bov. r> jaiai^ters 
cratic-Liberal coalition ■■ Govern-, aj^ie that i^eppmsEmfity Jw fflie . 
ment .The formation of .the agreements > nm5t ^re turned^ 
coalition in August was< opposed - flraly to th^. dafoour mazktiL w#. 
by the TUC, and opened a deep the Liberals adamantly opposed., 
split between the Social Demo- txr ithe .-. TOC's co^wnenshiip 
cratic party and the union scheme, if would to any cas$ be : 
movement, and more specifically difficult for thecMflition fo, agree' 
between Prime Minister Anker on the teams of a . settlement 


oil exploration 
some MPs, in 
Governments claim' 
accident .and pollution 
mesa - has been . . 

improved since ; the ^Mdw-o 
Plans -.to move’, north S^ere 
poned aftef' the Ekofisk acciden 1 
but' .are expected. -t ’ 
forward again early 
-year. - v r ,.-- 

Mr. -Gjerde saadTthe Govern- . V • 
merit would jcon&Qer 'tim^riews- . -It ■ ■ ■ 

expressed during" the dehate hirt 
gave .00 . detiuls ”df plans'', lor •; J : 
northern drilling^ , J 

XJtae MP not - 

ripe tf> begin, '"drillings inartii of •' 

the White Paper; >low>(mt V: 

showed tip tile ine(tequa(id% of.'J 
safety. . . and- prejaredoees . on?’,; 

Ekdfiak. It was still €?r too early* v; 
to undertake “ such a hazardous *4 
extension of <al activity." ' v 






Olga 


;A 


FtMXflM- Tiiiu, published dallf etcept 
Sumisrs and holiday U.S. sub^crlpdon 
S203.IID fair frflchE . KWoW «air Tn«ul v 

rwr annum, second clsss postage paid at 
New VOW!, N.Y. 


exp 


Notice ofRedemptum 


. ■* '-fV' 


Massey- Ferguson Nederland N.V. 


"is 


9 % Guaranteed Sitting Fand DebenturM Dne January 15,1982 -'-T- 


NOTICE IS HEREBY GIVEN that, pursuant to the- provisions &a 
Agreement dated as of January 16, 1970 under :which the -a 



_ above described 

were issued. First National City Bank, (now .Citibank, NJLL.as-'. 
drawn by lot, for redemption on January 15, 1979,'through the -operation ttE-the 
fund provided for in the said Indenture, $1,320,00 0'prindpal amount of Debentures 
the said issue of the following distinctive numbers: 

coupon debentures oiiiMu ntnunru ipOCST OCTBtSNinKO 

me ISIS Mil 3503 4719 5734 7036 8365 9205 ltol 11741 '02999 14158 1 5275 16«T 

' 8416 1M3S 

3421 10547 
9483. 10549 
9435 10553 

9447 10584 

0455 10093 
950B 10608 
9306 10632 


19 1360 2414 
24 1366 2300 
26 1396 2513 
34 1460 2514 
39 1464 2320 
6S 1463 2521 
97 1473 2572 
107 1475 2527 
125 1478 2538 
150 1301 2598 
162 1515 2607 
162 


196 

210 

■227 

263 

270 

266 

362 

403 

419 

420 


11S70 

1587 


3517 4754 5735 7036 8272 

3521 4764 5783 7046 8301 

3644 4793 5814 7047.8311 
3574 4794 5819 7054 8354- 

3588 4786 5832 7066 6369 

3617 4805 5863 7086-8376' 
3819 4808 5870 7106 8406 

3620 4846 WOl 7115 S46Q 

3621 4852 5905 7129 8488 

3631 4859 5911 7141 S471 

3847 4862 5958 7186 fl*7fr 

1539 2617 3662 4633 5992 7198 8497 

1549 2640 3BE4 4898 5959 7206 8609 

2649 3KHJ 4920 6007 7232 8518 

2876 3708 4348 8024 7245 8523 . 

4955 6049 72-17 8360 

4980 6066 7250 8582 

4966 6087 7231 8587 

4986 6080 7286-8371 

5002 6006 7329 8597 

5009 60B7 7378 880* 

6045 6098 7390 8608 

5067 8122 7398 8618 

5114 6142 7408 8617 

5126 8151 7425 8647 

5133 6160 7436 8649 

5139 6251 7491-8678 

5147 6232 7839 8B88 

5154 6263 7340-B71O 

51 T7 
5198 
5200 
5204 


1588 2632 3718 
1594 2693 3724 
1598 2696 3735 
1805 2690 3758 
1621 2723 3780 

1632 2725 3804 

1633 2729 3815 


9916 

S5I6 

9618 

9533 

9539 

9541 

2554 

9563 

9584 

957*- 

9575 

38 


429 1647 3770 
437 1678 27B2 
483 1685 2789 
479 1633 2791 
490 1707 2801 
360 1708 2835 
593 1727 2917 
597 1729 2932 
612 1737 2961 
630 1810 2972 
WO 1817 2980 
667 1829 2982 
679 1832 2996 
712 1841 3000 
737 1850 3001 
761 1881 3003 
763 1887 3009 
797 1884 3018 
802 1914 3085 
813 1821 3098 


3820 

3852 

3860 

3S77 

3883 


11770' 13080 14196- 15276 '36454. 

11789 13039 14199 15298 16455 ' 

11827. 13105 14211 15304 , 10472 1 
11830 1SS22 14258 15328 16496 
11845 13137 14281 .15333 16500 1 
11887 18157 14294 15360 16543 1 

18172 14334 IB873 16554 -X 1 

13173 U4340. 15415 M658 1' 

13179 ' 24342 15447 18682 
13181 14353 15449 16385 

. __ 13185 14383 15453 18586 3 

10666 11956 33201 14385 15487 18589 X 

10667 11974 13213 14391 15496 1659S. 1' 

10678-11981 13232 14398 15489 1B623 1 

100B6 12009 13246 14410 13H01 II 

10694 12013 13272 14431 15508 1668S.1 

10734 12061 13283 14453 1B512 16687 1 

10739 12149 13294 14491 15514 18716 1 

10808 12182 18298 14SD0 15550 16784 

30811 12187 133*0 14520 15057 16733 2811 
10613 12101 1880 14539 13BB3 16759' MIL 

12202 18848 14531 15599 16785 1817B 18387 


110658 

10666 

10*502 


11895 

11915 

11919 

11931 

11984 




9680 


3916 

3954 

3960 

3981 

3988 

3988 

3989 
4016 
4036 
4045 


£15 1925 3099 4103 
819 1927 8105 4120 
835 1932 3122 4137 
837 1945 3126 4147 
B86 1949 3130 4154 
891 1964 8131 4159 
899 1993 8138 4178 
009 2083 3140 4231 

913 2034 3151 4258 

914 2041 3139 4261 
918 2042 3182 4290 
954 2082 3181 4302 
073 2129 319® 4313 
992 2136 3205 .4364 

996 2146 3206 4382 

997 2148 3241 4394 
1012 2149 3260 4411 
1023 2165 3278 4456 
1038 2181 3299 4480 


6235 7342 8724 
6=05 7544 8740 
•315 7584 8769 
6322 7821 8775 
„ 6324 7627 8776 

5227 6338 7631 8780 
5261 6341 7642 8791 
5270 K64 7051-8807 
„ ,3^30 6397 7661 . 8810 

4057 * 5308 6808 7607 8814 

4058 5311 6421 7677-8819 
4079 5327 6442 7691 <8889 
4084 5337 6443 7729 8873 


9678 


9877 

990? 


8876 Srei 


10011 

10(09 

118079 

10110 


5339 0447 7735 

5345 6484 7738 8886 

Sit SI? 7 

5306 6494 7730 

8369 65IJ8 7761 

3382 6558 7777 

8391. 6502 7800 8924 10131 

3302 6506 7005 8032 10182 

5393 8567 7852 8934 10168 

5401 6689 7888 8037 1 0183 

S 682 7880 S95» 10171 
5423 6639 7912 8965 10188 

5438 6682 7928 8#BS 10231 

5487 6715 7971 901* 10275 

546® 8719 7973 9016 10297 

5475 G72Q 7990 -9010 10299 

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5492 6723 80EL 9023 3.0315 

5514 6734 8028.3034 10334 
1073 2200 3300 4470 5542 6745 8072- 9865 10325 

1097 2205 3315 4503 5559 0752 8077-08® 10300 

1098 2306 3335 4526 5588 67B8 8078 -9075 10357 

1105 2222 3359 4554 5580 6788 8082 9097 10361 

1118 2228 3368 4375 MOL 0T7V 8102 V098 10365 

1119 2232 3370 4583 5804 6774 8123 -9106 10384 

1180 2260 3383 4590 5613 6768 8131 9142 10386 

1179 2273 3418 4501 5632 6811 8132. 9360 10380 

1193 227S 3429 4641 5838 68*2 8147 9216 10393 

1204 3302 3441 4847 5639 6860 8165 0220 1OS0B 

1205 2307 3446 4848 BM5 BBQ2 8182 9302' 10388 

1222 2313 3456 4070 5685 6879 IlflO 9808- 10425 

1223 3320 3467 4683 

1264 2358 3488 4895 

1287 2363 3498 4709 

1310 3386 3503 4717 5733 7012 8238^*39^10465 


10851 

10886 

10877 

10901 

10924 

10931 

1M45 

10959 

11009 

11044 

11055 

11075 

HUB 

11134 

11138 

11145 

11156 

11177- 

11180* 

11193 

11196 

11217 

11219 

.11228 

11229 

11234 



1*430 



12206 13345 14532 15611 16788 18184 : 

12209 13348 34539 15847 16855 18220 

12218 13348 .14542 15660 16863 18229 

12232 13396 14574 15717 1(864 18287 

12238 1340} 14080 35788 38879 

12344 13432 14583 15819 10913 

12307 13433 04584 15840 

12306 1343*34 591. 15842 10921 IE 
13338 13487 14592 15859 10828 .18 

12340 13325 14593 15864 10331 11 

12346 13330 145B4 138S2 16935- 13431 
12361 13037 141309 10B87 18940 38442 . 

12388 13541 1*628 13890 18948 18444 19540 

12420 13542 14630 15884 1« 

12443 13854 14638 15895 18 ._ 

12461 13537 14639 15896.10989 19490 1*071 
12463 ‘13603 14607 15907 IBS m 1849* 19572 

12469 1368® 14097 16927 .16879 

12484. 13646 14899 16935 17017 

124B8 13665 14701 15943 27040." 

12313 13701 14708 13968 17051 

12S29 13711 14759 169TO 17667 It 

12548 13712 14770 16001 17107 18557 19687 

12501 13716 14773 1600B 17134 18550 19694 

12587 13729 -14779 16017 17171 18582 1972S 




•JgSC 


' 19621 


10 11238 12598 T2K» 24780 16038 17182 18307 1972? 

21 11243 12608- 1S883 14788 36882 17183 18568 10728 

m |l|T3 1204 1383* 14819 1609* 17198 1MB9 10740 


... 12888 13865 14847 
11334 12690 

11340 

11344 

11353 12728 
11376 12781 . 
11442.32785 13981 
12480 12792 13085 
11465 13793 14OO0 
■11473 -12704 
11303 
HB04 ' 

11017 

13385 ' . . . 

11337 12855 14004 
11546 12839 14057 
11048 12885 14068 
11549 13899 14087 
11060 12912:14068 


17204 18638 


00740 

119745 


13B M 1491* 18133 178997:18737 


16157 ,17313 08772 


■■■P 3 6138 17348 1977* 
14855.16182 17373 187821 


10021 lffino 17379. 18790 

IflliMBHBiHa 


11! __ 

w 

11* ■ 


0693 6890 MIS. 9308 30433 11030 
5705 6967 8240 930® 10454 11687 
5708 6971 8241^.0337,10464 11894 


lit-.. 

11719 


IMS 16213 17395 

15047 16214 17479 

10049-10220 27489 1 8838 
15056 16284 17490 18833 
10073 16236 17*0® 18847 
1MWT 16289. 27520.' 28 ' 
lgng 16251 27590,-11 
15153 18272. 17544 US 
151® 18273 12554 M 
15100 1^14.-17572 08 

™ w-JS &&■*??■■ 

12998 . 14140 16206 .08408^27705 19023 ... 


12928 T4076 



The Debentures specified above, are to be redeemed . for, the said anELriK- FimS at the 
W.C^L-Ageney Services of the fwei|I Agent, 111 Wall .Wmdowa. 

in the Borough of Manhattan, The City of New York, State-of ■ New Xodt; ’ iffir at tbe nan . 
offices nf NathgtiaIa rial T .uttato UnmA* ‘Runmia Pino 'a^. ** ~ 


offices of Banca Naziooale del lOToro f Rome; Banque de Paris eM^PayB-Baj 
bourg ; Credito Italiano, Milan: Deutsche Bank AktiengeseBsehaft. Dasscldorf : Dresdner 


Pays-Bas, 


Bank Aktien (Teseilaciiaft, Frankfirit/Mam: Hill Samufel & Cp. U ini tod,T^>ndbn : Pierson, 
Heldring & Pierson, Amsterdam Societe Generali, rPari 3 or'SocieSe Generali de Banque ' 
S^A., Brussels, as the Company’s 'paying agents; an<r -win. become due and payable oa v 
January 15, 197 9 at the redemption : price of 100 pertenfcoflthe pririripal amomt tiiereaf 
phis accrued interest on said pri nopal' amount to speh'date. On and after anch“ date, 
interest on the said Debentures wtiZ .eease' to accgue.' " . ; ’C : - ; » : - - : • V»; - ;.; 1 V 

The said Debentures should-be pr esesoted' -and aurrend&ced atTA'e offii^sB^f orth -tbq . 
preceding paragraph on. the said.da^ wtii a21intei>e8tep^ipWis in&tiiripg-'«phaeqiieiit to' .' 
the redemption date, .\ : v;.-r -.v.-.-.; *■' ■■ i V-^v ' 


ByCITfBANK, bUA. 






Decemberl^IBTfi 






I 

<1 


b 




r^. 


di» 


a" 4 





3 


nd N.V. 


I 




I - > 5:^-; 


EMS compromise 

Bp jir RUJ^T coiwWaL ' 

i HOME — ' It was sliU uncertain the fundameniai Italian choice Abstention by the two main stressed in the last few days that 

L . frstnigbt whether .Italy’s politi- to, work towards full®*’ integra- Left-wing parties would still they ate firmly tn favour of the 

cal parties eonld reach a com- uon of- the- Common Market. leave the Government with a big EEC's further development, 
promise tkat- would avoid a fatal However, rat the second sec- paper majority in favour oE However should ihew rlei-We 
bfitweea ihe TtUtniE Chris- tion. which- vanM. comi injt Italy entry. ithanXs to tho support of . vatc * a j ngt Sic Andrentu 
L tm Democrats , and the Cora- to partiqfrat#nvia$« EMs> from die smaller Republicans, Social [J m?"ht%neii thA"ath ofhii 
S. jnUalsts over -the decision to opt Its outset, ‘^Socrahsts were Democrats and Bfeht-wins SmSlu Ja ™ 

Br- fw full- entry- into the European expected so .abstino.-. prefernng groups alongside tho Christian thn itaritam*nt*rv 

g. Monetary System fEMS) from a stei>b 5 ^ep process of Integra- Democrats. JS?, !i*2“ terr 

gi£ January 1> . - ' tion. l' • li would also represent backin 2 ol “ e -Oimnunwis. 

»■ •' The Xprmula hoing canvassed - : Tbe deeTsioh of Che Socialists anoth-er skilful piece of tactical Earlier in the day. ibe Prime 
K was;that the minority Christian was announced yesterday afier- manoeuvring by Sig. Andrcotli Minister and $ig. Filippo Maria 
in Democrat Government of ? -'Sig. noon,' bat Commumsi deputies who is under attack from a Pandold, the Treasury Minister, 

K; - GSuHo Andreotti would present were still meeting in the even- vociferous section of his own met leaders of the Socialists. 

Kv a two-part motion to Parliament to decide » <wi»at course so party for apparent weakness in Communists, Republicans, Social. 

Bsl for the key vote on ibe - Prime adopt hut- with a ; strong likch- his handling of the Communists. Democrat' and Christian Derao-|' wester ° <M |n, P»0jr< 

?<* Ministers’ linejrpertedjy. : bluiitr hood they would vote against The Prime Minister has crats in an effort to work out a accounts for abm ut 90 


Iran oil 
output 
down to 
1.1m barrels 

By Kevin Done. 

Energy Correspondent 


Rhodesia likely to request 
Pretoria help after oil fire 

BY QUENTIN PEEL 

JOHANNESBURG — South South Africa's commercial appear vulnerable, by running 
Africa is likely to be under ato «* s of oil. estimated at down its emergency reserves. 

considerable pressure to make belweei ? 60 and 80 J (ia - s supp,J% oF Rhodesia’s oil sup- 

° ^ j ■ P u , \a - 5 are a!read r undc r pressure plies are now believed to come 


ie turmoil in the sabotaged iuel depot South African imports. vitfa lie National Iranian Oil 

ustr >'- South Africa has said it will The Government’s strategic Company holding a minority in- 

t>y the Iranian Oil not touch its strategic stockpile planners have been involved in merest. The size of any direct 
he consortium of j 0 f 40 m to 60m tonnes, according in vestigaling alternative sources supply agreement between -the 
companies which n Hr Chris Heunis the Minister of supply since the unrest in jflOC apd the South African 


per cent f 0r Economic Affairs. Observers Dran 


far the Government, in return for its 


a show of unity, would set out Big : Aodreotti to yet obtained- even though ibeir ieadera have Italian membership of the EMS. I ***** ^ 


French steel ‘recovery in 1980’ 


BY’ DAVID WHITE 


PARIS — . As French steel- Instead. D sin or, will concentrate with the Belgian Corkerill steel 
workers received confirmation of on its modern installations at group to supply Usinor’s rolling 
stinging cutbacks, the two com-. Dunkirk and aCbatillon complex- mills at Lonpwy which are being 


Good news 
(and bad) 
on duty-free 


By Giles Merritt 


its peak. l ra coon at compared witn bouin arr iving from Iran, and some refineries making lip any short- 

. Production yesterday totalled 80000 tons of crude are expected &ll inland. So Rhodesian sup- 

some l.lm barrels compared 2L, ; r k « t0 H e landcd in Ca P e Town tins plies are not specifically C3r- 

■vntih norma! production through believe ^ he a °J week. . ., marked, but depend rather on 

the year of 5.0m barrels a day. imraedjate_ problems. Fe.rol re- j n discussions with the ori overall supply situation in 

Exports were down to 600,000 stncuons in S*»u h Africa have companies about how to meet ^ RepubUc. 

barrels as against a normal level ] meai>t 1;nr ,, e suppliers here the Iranian crisis, Mr. Heunis ^ factor w-hich could ease 

of 3ro barrels are currently undersold, and made it dear that the strategic . ' ... . . 

The name evident at the be-in- have been atluaU >' producing a stockpile, estimated At between 1te immediate crisis is that lm- 
nine of CmhPr howe?er sur Plus of petrol, althoueh diesel 40m and Fflru tons, was not to ports have been boosted *n 
when prices of refined nreducts ’ SU PP J ‘« are fully accounted for. be touched. In the present recent months, a* the oil com- 
in Europe rose dramatically hasi Latest esl!m:u « of cnmmercial climate of sanctions threats at panics have built up heavier 


pan ies- which form the core of. at Neuves-Maisbos . on the 
the Industry said they were con- Moselle. : 
fid eat the measures would set - The 8,500 jobs' -being cur by 
them hack on their feet m two the second largest steelmaker, 
years’ time. Sacilor-Sollw, arc all in Lor- 

Usinor-Chatillon. . a . group rainc ami amount to almost a 


norteerre p . P * #ii . I not yet been repeated. Most 0 il i 1 ! !' , rU , 

BRltSSELS 77.. Peripatetic I nrief-s U ban 90 -days’ su paly. 


stocks of fuel put them at more the UN', the South African Gov- commercial reserves before the 


the kept going. JL Etchegaray .said] rt . sidcnts Df lhe UK. Ireland and | roduc” 


ernment is determined not" to expected price rise. 


Usinor was maintaining a capa 


The 8,500 jobs' -being cur by city of 9m-30ra tonnes of flat Christmas bonus from the Cora- r» n ? phl L a, v ,hc ? e \ r °' 

the second largest steelmaker, rolled steel for a production of m on Market. The Brussels Com- frnrrf ^ i^ . h U . ^ 

Sacilor-Sollac; are aU in Lor- 7m tonnes, perhaps i.om tonnes, mission will shortly disclose S? JSJ .?« JfJri? 

Tnine and amount to almost a next year. that dutv-free allowances for e _ as °,. .. ? ejr p! 


S. African economy slows down 


U Sino r-c. aau non . .a . group ramu auu aurouui. w a —z: _ .. .. juuwjuto iui *onn a tnnnt. -.1 tV>m ir ie still 

r .yi formed by a merger of the third of the workforce. A com- The Sacilor group said the t h ose countries are to be more SS 0 most acrfv?iJ T?adlri nm 

second and third largest rieel pany spokesman- said yesterday latest measures were definitive than doubled. Britain, for in- m0Sl acD e y uade d P r0 


BY BERNARD S1MOM 


French the cuts would be spread through and that in 1981, when the cut- stance. 


Britain, for in- 
be raising its 


brinis to idbre .than 20,000 the said he empi?eTf the De Wcndel famil^ ciuntr’ ell "transport with 

total, job losses - in the groups cutbacks eventhoughti^eGovern. J ^ flat rolHng mins ran sport wnnout 

now under control at the State ment steel.plan had relieved the or it5 assoC i a te Sollac. to 4 litres increased 

and tlto ,blg State-owned banks, gw»l»ny n ***™Z. The latest programme follows So much for lhe 30 od news. 


oup expected to be able to present £50 to £120 in the Now consumin s countries are business community to stimulate months, this was attributable to 

BUU , a m uc^iuuu uui va ju aintain production at a com- Year. unlikely to notice serious effects lhe economy further, the a decline in retail and wholesale 

44.000 jobs • • m Claude : Etcbegaray now pe o Dve - v ^ - - In keeping with the festive m ,be J' c ‘ 1 1 ai1 oil markets as a j» eserve Bank has produced sales at a time when manufactur- 
er 30 “-: ' hirh chS'rm^ of the^stoor grouT Some 6R00 jobs arc being axed season, the amount of wine that ° f lhe continumg Iranian evidence that the economic up- ing output was rising. 

vJ?- e at S a «Ior,tself. formerly the all travellers between EEC cu l’ faa ^- . suing which began at the end of Thanks largely to the high 


second gnd third largest riecl pany spokesman said yesterday latest measures were denniuve than doubled. Britain, for in- ducL y * JOHANNESBURG — As the September was at its lowest level sisled or repayments of short- 

nroducers after - the French the cuts wonld be spread through an d that in 1981, when the ait- stance, will he raising its . ... .. . South African authorities come for seven years. Although inven- term loans negotiated to support 

Government’s- effective takeover its plants . In Jtbis. region and backs would be completed, the allowances on goods from the . iBe 011 industry believes that under growing pressure from the tories rose for the first time in 30 the foreign reserves, the level of 
In Seotember has eiven details there would. T» no major sroup expected to be able to present £50 to £120 in the New tn ^.. con suming countries are business community to stimulate months, this was attributable to the reserves (net of the reserve 
of Titans tn -axe .-12.000 out of its closures. • maintain production at a com- Year. unlikely to nonce serious effects lfje economy further, the a decline in retail and wholesale hank's short-term foreign lia- 

44.000 iabs ‘ M Claude EtebeEaray now ^ Dve - v t . . In keeping with the festive m ’P* ^ c ‘ lai1 oil markets as a R eserv - e Bank has produced sales at a time when manufactur- hilities) rose during the quarter 

£«. Wbirh chai'rm^ of the^lSr gr?u7 hem P season, the amount of wine that result of the continuing Iranian evideQce that ^ economic up- ing output was rising. • by RI63m. 

vnid he was f forra^l to make the at ® aci ‘ ^ 0 e r .J ts S, f \./ or ? 1 > r i y 9,1 travellers between EEC cut-bark. swing which began at the end of Thanks largely to the high Meanwhile, ihere is no indica- 

pnngg to more . than _20.000 the *}? «,«,!«« u oi, the Govern, cnipire oF the De Wcndel family, countries can transport without Stocks at the end of October year is petering out. gold price. South Africa's cur- tion yet of when the Government 

total. 30b losses -13 the groups cutnacicsev s and 1.700 at the flat rolling mills paying duty is being increased were normal and most countries; According to the Bank’s latest rent account surplus reached a will release the reenmmenda- 

now imder control of the .State menisieei iae or itB associate sojiac to 4 litres. were carving sufficient oil to quarterly bulletin, real gross record nf P.662 m (£3S7ml in the lions of the Commission of 

ana tne.oig State-owned banks, company oi ». The latest programme follows So much for the good news, meet demand for as much as 75 1 domestic product declined third quarter, compared with Inquiry into the exchange rate 

brought a- predictably vociferous parts o p e Jhe ]oss Qf jg-ioo jobs under a The bad news is that the EEC d ays - i “ moderately ” during the third R20Im in the preceding three of the rand, headed by Dr. 

reaction from unions and Opposi- making regular- xau j ■ ■ two-year programme expiring Commission is pondering the idea The cumulative loss of Iranian (quarter, following a marked ex- months. Gerhard de Ko«.-k. the Finance 

tion parties. Including M- But he forecast- that in 19S0 next spring, which leaves the in- of shutting down Europe’s duty- product io namounta to a little pansion during the first six Tliis was more tlian offset. Minister's economic adviser. 

Georges Marchais, the .Com- Usinor 'would ‘.show . a positive dustry with a workforce of about free shops. There is a strong more than three days of total 'months. The bank says that in however, by a net capital outflow Although the Minister had 

munist -Party, leader. cash flow and. -in -.1981 be able 140.000. The companies have lobby inside the Commission world oil supplies. As supplies 'the first nine months of 1978. of R672m. bringing the outflow promised to release tiie Commis- 


reaction from unions and Opposi- making regular mo y ^ ■ two-year programme expiring Commission is pondering the idea The cumulative loss of Iranian | quarter, following a 'marked ex- months. ~ Gerhard 

tion parties, including M- But he foreegst-that in 19S0 next spring, which leaves the in- of shutting down Europe's duty- produt-iio namounLs to a little pansion during the first six Tliis was more than offset. Minister's 

Georges Marcbais, the .Com- Usinor 'would ‘.show . a positive dustry with a workforce of about free shops. There is a strong more than three days of total 'months. The bank says that in however, by a net capital outflow Although 

munist -Party, leader. cash flow and.-in- 1981 be able 140.000. The companies have lobby inside the Commission world oil supplies. As supplies 'the first nine months of 1978. of R672m. bringing the outflow promised 


■ The unions have not yet to cover its depreciation costs, invited unions to sign a pact on that is opposed to such shops, are not evenly balanced in alljre3l GDP was about 2.5 percent for the first nine months of the sion's proposals and the Govern 

decided what- action to repom- In & television V interview, he the latest measures. Only one arguing that not only do they countries this could start to higher than in the same period year to RI.34bn. compared with ment's response to them by the 

mend. The Usinor c utb acks are added that.- no: further redun- union, the moderate Force contravene the Community's cause some trouble in individual last year. R£50m during the whole of 1977. end of December, there are now 

concentrated ' in the region of dancies were planned after the Ouvricre. put its name to the taxation regulations on VAT hut oil markets next month as there Particularly disturbing has Nevertheless, since a large indications that an announce- 

Denain and • Valenciennes m 12.000, which 'are due between last package. against the a j so they make excessive is a reduction in the arrival of been a further sharp fall in fixed part of the net outflow of capital ment may be delayed until the 


Northern France and ^at Longwy spring nest ye^r and the end opposition of the industry's two I profits, 
in Lorraine, where expansion of lSsO. dominant u ni on bodies, the CGT 

plans have, .been ’ abandoned. : Usinor Is planning an accord and the CFDT« 

Sharp investment rise forecast 


new supplies. 


1 investment, which during July- during the third quarter con- New Year. 


BY ROBERT MAUTHNER 


PARIS A sharp increase Ih the veiy low level ^-investment tiaU y raodlfi ? 3 the pessimistic 
' FrenSIndnstrial investment ha in the current' year, _ when the forecarts m the P^oi^ sufvey ; 
' 1979 -is- forecast by lhe National volume mcrease -ic the pnvate conducted in ^ c n h 0 „i n ^‘' 

Institute of Statistics "(LVSEE) sector is expected^ be no more cated a rise of 12 per cent m 
in its latest ;surrey of' com- than about I per cgnt. . value and a maximum of 4 per 
- paniea* investment Intentions. ’ • The expected increase in in- cent^ 4n .volume of investment 
• The- ^trveV ''condnetoi in vestment rs more or less equally budgets. . 

November i foresees an invest- spread over the capital goods. The survey emphasises, how- 
centr in' consumer goods, and • semi- - du pr ♦hut the forecasts for 1979 1 


^AtlJbydsBanklntemational, 
^j p:- everydiingwedo -- - 
Iff adds up toonekindof bank 




ment rise _by 15 .'pet im,.u ■-*” — r- “*~ * — - i 

i saaeMSSsrs 

l 


ever, that the forecasts for 1979 




tt3nREr*Xmt*t~8‘ s industries. 

:TtavSipares -wS . The November survey substan- 


pondingly 

orders. 





Control your Company 
fuel costs by siviiig : 
yoOT drivers the - 



-v : \ The Card far - 
.-PETROL, -OIL, DERVonly.- 

, 1BS0 (JAMGE5 flATIOffWIDE 
. *CAKH>ll»P-PjUKS ' 
^ MAXIMUM CONTROL ANQ 
SECURITY ' 

* NO M ORE CASH FLOATS. 
jfF TAX ADVANTAGES ; 

Call in lor a brochure or -- • 
mailihc coupon to: 

AEL- STAR PETROL CARD1TO- 
P.O. Box S3, London NtS5NU \ 
Tol*phon«i01 -Z727744 


ia 'NAME 


»rn 

i 


COMPANY- 


.flS, m 

y - - T" ‘ 

\ -yraEPHONE^^jj 




Gatullist attacks Chirac 

‘•—’'BY- OUR OWN CORRESPONDENT 

PAMS — The Gaulltat Party, the Ganllist leader did not know 
which has plunged headlong into where he was going. M. Chirac 
a 1 camnaien against direct elec- would not go as far as breaking 
5 bmto the EiSopean Parliament with President Guard's Govern- 

?“piS.id.nTGlK.r<ld-Brt.lhg;» 51 “ 

foreign policies in general is opposed to hi* i policies, ne was 
hAsinnintto'sbow serious symp- equally anxious not to play into 

Srf m SiteSil rtSr - tfijlhud, of tt. l«ltjrlB« Oppjj 
-Th, limit th.r .11 Sgt *2™*. 

by:*. Alexudre . S ^f d STStiSTiI ."“»«• to, 

SgSro£- .» tb? leoderrtSf^ PresidEnt “ f tte Re ^ 

solnffar I 

car acciuem- ... enough in opposing the Govern- 

M. Sanguinetts. himself a iot- a number of Gaullist MPs 

mer Secretary-General of the a p ear tD consider that their I 
party, accused M. Chirac of cop- i eader j s being dangerously im- 
centrating entirely on political pe t UO us in constantly thwarting 
tactics at -the expense of giving ^ President, 
the party a real .straiegy. V • After joining the Communists 
"We arc in an intellectual in defeating legislation on the 
desert.” M. Sanguinetli -said-.-- harmonisation of France's VAT 
^There are no policy debates -system with EEC regulations 
inside our party comparable- to and on the financing of the 
those which take place in the forthcoming European election 
Socialist and Communist Par- campaign with Common Market 
ties.** . ' - funds, ther eare sigos of grow- 

Asnpuncing that he would .'no -ing uneasiness within the 
longer give M. Chirac bis -.sup-- - Gaullist Party at this unholy 
port, M. Sanguinetti said that alliance. 





eful 


F. 


OR companies and 
other oiganisations 


M. who operate nmlli- 
nationally, Lloyds Bank 
International has many 
dMerent resources to offer. 
Onr strength is wodd-wide.Itlies 


studies, inteipretation of 
technical dam, empathy with die 
non-banking experts involved in 
the project- our level of 


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< Financial Times Thursday .Dece#efj4197S ; ^ 


OVERSEAS NEWS 


AMERICAN NEWS 


■;i!pn 


Shah’s army threatened 
by desertion and mutiny 


BY SIMON HENDERSON AND ANDREW WHITLEY 


TEHRAN — Counter demon- conscripts, possibly including in heavy damage to property 
strations by supporters of the junior officers, entered the before they were pat down firmly 
Shah were held yesterday as the officers mess and opened fire, by the army. A strong military 
Government met to assess the Varying numbers of casualties presence continued and drivers 
implications of anti-Shah demon- are reported, ranging from 30 were advised to carry pictures 
strations held throughout the injured to 15 killed and 60 of the Shah on their windscreens 
country, earlier io the week, injured. to save them from being smashed 

Meanwhile incidents of mutiny a senior government official Anti-Shah demonstrations are 
indicate th3t the loyalty of parts later denied that any such in- reported to have continued in 
of the Army has become strained, cident took place. Dezful in the South-West, and 

The need for the Shah to find Witnesses of yesterday’s pro- at Yazd and a village nearby 
a politically acceptable replace- Shah demonstrations were con- where the opposition claimed 
mont-foc the military-led Cabinet vinced of their genuineness two people died on Tuesday, 
is now known to have resulted although Western journalists Other troubles which must be 
in meetings between the Shah who saw one march in- Isfahan causing the military concern 
and prominent Iranians up to involving thousands of people include the shooting of the 
last Thursday and these meetings quoted local people as saying Governor-General at Hamadan 
may well be resumed now. the marchers had been drafted province on Sunday by a soldier 
The most serious case of mili- in from outlying areas and and the growing level of deser- 
tant disloyalty, apart from re- villages by the Army.- Two rela- tions. Western experts working 
parts of widespread desertion, tively small gatherings in with the military In the religious 
is believed to have been the southern Tehran attracted little town of Masbad say Iranian 
shooting of officers at ibe attention but in a clash with officers there are worried by 
Imperial Guard barracks in opposition supporters. three desertions. In the areas around 
Tehran. According to reports people died and five were the towns Qom and Arak men 
given credence by diplomats the injured. absent without leave are said to 

incident took place at lunchtime Apart from the march, Isfahan number thousands, 
on Monday in the Lavisan bar- was reported undisturbed yester- In Tehran 150 soldiers are. said 
racks near the Shah's palace in day despite two earlier days of to have deserted at the J bar- 
the north of the city, A group of anti-Shah protests which resulted racks. 


Mood to jail 
Gandhi grows 


By K. K. Sharma 


NEW DELHI — Tension mounted 
here following a strong attack by 
Mrs. Indira Gandhi, former 
Prime .Minister, on the ruling 
Janata Party during a debate in 
the Lok Sabha flower House of 
Parliament) on a Privileges 
Committee report holding her 
guilty of breach of privilege of 
the House. 

In a prepared speech. Mrs. 
Gandhi denied she had com- 
mitted any breach of privilege 
and accused the Janata party of 
trying to convert the House into 
a “ medieval star chamber." Her 
speech was repeatedly inter- 
rupted and it became clear that 
the mood of the Janata Party is 
to punish Mrs. Gandhi severely 
by imprisoning her. 

This was. in fact, the con- 
sensus when the Janata parlia- 
mentary party met yesterday 
morning to discuss Mrs. Gandhi's 
punishment.' Since an over- 
whelming majority of the 
members wanted stem action, it 
is thought that Prime Minister 
Morarji Desai will ask the Lok 
Sabha to imprison her. 

The Privileges Committee 
report bolds Mrs. Gandhi guilty 
of harassing officials gathering 
information on her sons' car 
company. The debate has been 
extended until tomorrow. 

The Lok Sabha has the powers 
to imprison Mrs. Gandhi. But a 
number of other patties, includ- 
ing the Janata's allies, feel that 
imprisonment of Mrs. Gandhi on 
a charge of contempt of the 
House would give her a 
martyr's halo and add to her 
popularity in the country. For 
this reason, they have suggested 
temporary suspension of her 
membership. 


New move to end impasse 
in Middle East talks 


BY DAVID LENNON 


JERUSALEM — Israel faced could not say if agreement could 

crucial decisions as Mr. Cyrus be reached by this Sunday, the 
Vance, the American Secretary December 17 deadline set for The 
of State, fiew in yesterday with talks at the Camp David summit, 
new ideas for_ resolving the Israeli officials were angry and 
impasse in the Middle East peace disturbed by the latest pro- 
negotiations. nouncements out of Washington. 

After a preliminary meeting which appeared designed to 
with Prime Minister Men ahem pressure Israel to be more forth- 
Begfo and the Israeli Foreign coming in the talks, 
and Defence Ministers, a spokes- President Carter’s reiteration 
man for Mr. Vance said he would of the importance which he 
be prolonging his stay in Jeru- attaches to the December 17 
salem. deadline is seen here as unneces- 

Ttae American mediator sary pressure to conclude 
worked out oew ideas, overcom- rapidly the peace agreement, 
ing the stalemate in the talks. Even more serious, in Israeli 
during three days of discussions eyes, was the declaration by Mr. 
in Cairo. Yesterday he presented Robert Byrd, tbe Senate 
them to Israel, which.is already Majority Leader, that U.S. aid lo 
feeling the heat of American Israel would be dependent upon 
pressure to conclude the negotia- a halt to new settlements) on the 
ti6ns by the weekend. occupied West Bank and the 

The sticking points are Israel's granting of meaningful self-rule 
refusal to set a time-table or to tbe Palestinians living on the 
target date for implementing West Bank and Gaza Strip, 
self-rule for the Palestinians of L. Daniel adds from Tel Aviv: 
the occupied West Bank and Israel' has scaled down its re- 
Gaza, and Egyptian second quest for extraordinary U.S. and 
thoughts about giving a treaty to finance the withdrawal of 'its 
with Israel priority over agree- forces from Sinai and the con- 
ments with other Arab states. s miction of new bases and aar- 
Unconfirmed reports have it fields tin the Negev deserlt. By 
that the Cairo compromise is for eliminating the reqdest for $305m 
a series of letters to be amended for relocating civilian settlements 
to the draft peace treaty worked the Israels are now looking for 
out in earlier talks. These $3bn in aSfitkm to 41he “ normal ” 
apparently would allow each side request fior $2.3bn dm economic 
enough leeway on the proble- and military assistance. TMs is 
malic issues to calm their own usually scaled down by 3500m. 
critics. The Treasury here fears that 

On arrival in Israel, Mr. Vance the planned construction projects 
said that the negotiations “are will overheat the economy and 
now in their final stages." After add to inflation currently <ran- 
the first meeting with the Ding at an annual rate of 50- per 
Israelis, he said he honestly cent 


New wave 
of crime in 
Lebanon 


By Rican HijazT 


BEIRUT — Joint patrols of 
Syrian troops of the Arab peace- 
keeping force and Lebanese 
police yesterday. began tightening 
security in the predominantly 
Moslem, west Beirut after a wave 
of lawlessness during the .past 
two months. . . 

The derision to increase the 
patrols especially at night was 
taken at a meeting between Dr. 
Selim ai-Hoss, the Prime Minis- 
ter. Mr. Salah Salman, the In- 
terior Minister, and Col. Sami 
al-Khatib. Lebanese -commander 
of the Arab force. 

Complaints about the crime 
wave came not only from indivi- 
duals but from political groups 
and even the militias centred in 
the Moslem quarters. 

Daily theft of cars, rape, 
abductions and Outright robbery 
have replaced the factional fight- 
ing as the main worry for ail 
Lebanese. 

The situation in the predomi- 
nantly Christian areas of the 
country is not any better. 

Yesterday,' unidentified gun- 
men got away with S£200,000 
l £240 ,000) after holding up a 
bank official when he left tbe 
Central Bank on the main Hamra 
shopping centre. Other armed 
men stole an equal amount from 
bank In Chekka. in the 
Christian-dominated northern 
part of the country. 

Thieves have become sd daring 
that they now stop drivers at gun- 
point in tbe middle of the streets 
and take away their cars. 

Newspapers carry daily 
announcements about missing 
persons. Over 70 such announ ce- 
ments were counted in October 
alone. 

Last week gunmen abducted 
tbe fiancee of a businessman in 
west Beirut and reportedly raped 
her several times. There have 
been frequent incidents of 
assault against foreigners and 
diplomats. 

Last week, the Norwegian 
Charge d'Affaires, Mr. Hans 
Longva, suffered multiple frac- 
tures in an abortive kidnap 
attempt by unknown, gunmen 
Although the would-be abductors 
held the diplomat at gunpoint 
on Bliss Street not far from the 
American University of Beirut 
he managed to jump ' into 
nearby ditch. The gunmen fled 
in the diplomat's car. 

Some reports, said the abduc- 
tors wanted to disrupt the 
ceremonies in Oslo where the 
Nobel Peace Prize was being 
presented to Israeli Premier 
Begin and Egyptian -President 
Sadat 

Yesterday, an explosion rocked 
a school run by Maronite nuns at 
the town of Ibriu about 18 miles 
north of here. Two mutilated 
bodies were found on the scene 
and were believed to be those 
of the dynamiters. Ten days age, 
the owner of the niost exclusive 
night club in east Beirut, Mr. 
George Khoury, was shot and 
killed by masked gunmen in 
what was believed to be an extor- 
tion crime. 


ACDA 
chief seeks 
to dispel 
controversy 


By David Buchan 


WASHINGTON— Support for a 
strong U.S. 'defence posture did 
not conflict with efforts to reach 
arms control agreements with tbe 
Soviet Union, General George 
Seignious said yesterday at his 
first Press conference since being 
appointed head of the U.S. Arms 
Control and Disarmament Agency 
(ACDA). 

Although Gen. Seignious does 
nor hold the job of top negotiator 
at the strategic arms limitation 
talks, as did Mr. Paul Warnke, 
the previous head of ACDA, he 
will play a key role in presenting 
the proposed SALT 2 agreement 
to Congress, He does not expect 
this to occur before February, 
even if Presidents Carter and 
Brezhnev do meet next month 
to sign the planned treaty. 

Mr. Warnke's replacement by 
a -relatively conservative soldier 
lias been seen as a tactic by 
Mr. Carter to placate some of 
tbe more right-wing opponents 
of SALT In the Senate. Gen. , 
Seignious yesterday sought to 
dispel some of the controversy 
surrounding his appointment by 
wholeheartedly endorsing tbe 
SALT 2 pact as “ enhancing and 
improving U.S. security.” 

He went on to excuse his 


Mayor appeals to bankers 
to stop 




' 


it- 




i 1 





..ir L 1 


t. ••jrnaT, 


-BY JUREK MARTIN J > 

WASHINGTON — •_ Mayor Mr. Kucintch. 


wb. «» -52 

Dennis Kucinich of Cleveland was on a -pledge never to increase a . and heavy pressure 

yesterday engaged in. urgent local taxation. b a * on socUl Services to meer-jfai*^^: 

negotiations with- the city’s- back, down on another critical on** c ih|j . -increasingly 
government and bankers -on his campaign promise— not to - sen ne r»mainiBB-popula,tiii»r.’:-.'-ir;-:rV' 

latest and reportedly final plan Light the loss-making and btaeK xemaiu^ 

to save the city ■from * -fiscal civic-own ed electrical utility.. However, My : • : 
default tomorrow.'. : Simultaneously, the Cleveland remarkable perfonnance|n'qffice->.v; ,v- 

_ n Kucinich. whose year illuminating Company, has been the dominant theme mt;^; 

In office has been marked by - Dium iudsinent the oitv for the last. yeaofn-.^J^,.:- ~C 

raging controversy. r*f*! SSL?* Who . has ' plscaf. .V-;. ’ 


constant 


cannot persuade the banks S «Yer the city's failure to pay for Sremelv young and . 
refinance Sififim worth of dgr ■ “ ^ i *° ld ci t t ° associates in Mgh.ptam V '. . 


notes ' falling . due.- then Clove- began attaching city property 
land, the 17tb largest metropolis Prepaxation 
in the country, will become the - The city's 


in the city government. 1 


land, the 17th largest. metropoUs preparation ^rJefaulL^^ ^ e d to '■ 


first major Americio.-ciJy^o.^go^ and; city ^council president. Mr. Cleveland estabUshment^ .-^&f^-. ^ ■ 


president. J»r. - irtTrnrili ' - 

bankrupt since the depression of 'Geo’rgeT Forbes, have been de- August, he sury + IKn : 


E 3K/32t Mr* KSetaS sell ti^yo^y' about 
/.“r*W_S a L a E.i» rH* Hvie There .seems at this stage fttftp*: ■£ - 


the 1930s. _ . . 

His plan is two-fold: to ask MimjNLlght. to help get the civic ^ Zi ' -- 
the city's electorate to approve finances in better order. But the chance . f. 
in a referendum a 50 per cent -I* 
increase in municipal, income 


tax; and to raise an extra $S0m ; The -root causes of Cleveland’s e ver ^ an 


(OA| auu IV iOJOG mi vvuui -AI4C .'Ivvi fminrt WngfOMT'' - 

in debt consolidation loans next problems confront many older ^ 

year. The nroeeeds of thes^ihdustrialised cities. There has is worked out. it 


year. The proceeds 
would also be used" 
S40m worth of notes 
next year. 



Beagle Channel negotiations 





BY ROBERT LtNDLEY 




... ...... .... - BUENOS AIRES— The promised It is unlikely that there will Juntarrweat into a 

membership earlier this year of ! communique on meetings here be further direct negotiations, o a session In Government Hpose ; / - 


CAMBODIA AND VIETNAM 


Border war enters crucial stage 


BY NAYAN CHANDA IN HONG KONG 


THE BIRTH of a pro-Hanoi that Hanoi is irrevocably com- religion and free choice In In view of anti-Vietnamese 
National Salvation Front of milled to a change of regime in marriage, is likely to strike feeling in Cambodia as well as 
Khmer insiireentc nlerteeri in Cambodia. sympathetic chords in Cambodia, of the risk of arousing fear in 

_,. et tho „ n i p-, __j For quite some time Western To underline the seriousness non-Communist South-East Asia, 

ousi me roi roi regime ana ^giygig h ave speculated about of the Front's ambitions to Hanoi has been very cautious in 
intensified Vietnamese military Hanoi's attempt to form a Khmer restore religian, a Buddhist the use of its massive military 
pressure against Cambodia has insurgent army from defectors, monk has been named a member supericirity. Although Hanoi is 
brought^ the year-old Cambodia- refugees and Cambodian of the Front Central Committee, believed to have placed about 

- -■ pr j soners 0 f war present in Viet- The South Vietnam National 100.000 soldiers and enormous 
nam. With the announcement of Liberation Front, which was set quantities of armaments along 

the Cambodian border. Western 


Vietnam conflict to a new, and 
perhaps decisive, stage. 

Western intelligence reports 
refer to a massive deployment of 
Vietnamese troops along the 
border with Cambodia and the 
■beginning of a military drive by 
Hanoi towards the Mekong River 
town of Kratie in eastern 
Cambodia. There were also 
indications that at China's 
urging, Pol Pot was preparing 
for an eventual abandonment of 
Phnom Penh to wage a “ pro- 
tracted war” from the country- 
side. 

Western analysts watching the 
Cambodian scene say that there 
is as yet no threat to the virtually 
unpopulated capital of Phnom 
Penh nor is there enough 
evidence of the ‘'uprisings” 
which Hanoi claims have been 
taking place ail over Cambodia. 

But in view of the .heavy 
casualties already suffered by 


THE CAMBODIAN Premier 
Pol Pot has for the first time 
admitted to foreign journalists 
that bis army may have to 
concede territory’ tu a major 
Vietnamese invasion and de- 
fend Ibe country only by 
adopting guerrilla tactics, 
Richard Nations reports from 
Bangkok. 

“We are prepared to fight 
a protracted war, on whose 
basis we build our fall confi- 
dence in victory and foresee 
Vietnam’s, defeat," the Khmer 
Prime Minister was reported 
over the New China News 
Agency as having recently told 
a group of Chinese joumalsts 
visiting Phnom Penh. 



intelligence informants say that 
only a very small number has 
so far been committed inside 
Cambodia. They say that so Jar 
the Vietnamese have made selec- 
tive use of their combat- 
hardened troops and airstrikes to 
decimate Khmer Rouge troops 
and handed over administration 
of tbe Parrot’s Beak and Fish- 
hook zone to the insurgents- 
According to one analyst, the 
Vietnamese might push up to the 
Mekong River town of Kratie and 
eventually let Khmer allies set 
up a “provisional government “ 
there. Although the ultimate 
goal is to see a friendly regime 
installed in Phnom Penh, it is 
highly unlikely that tbe Viet- 
namese forces will make a 


direct assault on the capital 

Cambodia's tinv annv of 100 000 KNUFNS and the “ Kampu- up by the Vietnamese Com- The most likely scenario 
and tbe weight of the Vietnamese chean Revolutionary Army'’ the j-l cludes seems to be the establishment 

military machine facing It, a com- S e nf1 n °l5 Personalities 0 f a “liberated zone" in the 

bination of stron« military pres- J, eCD ^.. rou “ fl clv i. 1 war in an J5£ ,° 1 ?w Satioa ' w Eastern bank of Mekong where 

surp and ornwin* nniitirai . Cam bodia. And the Front pro- Some observers who see the the KNUFNS would consolidate 


SSti^aSS^^rp^ulatiin pro, " des f a ^*1 frame- potential in the Front pro- fa posUion^ lITtta “VSFtto 

through the newly established of s . or *® JJ 1 decisive gramme for ^J ea du>e disaffec- Khmer Rouge did with the help 

front can bring Pol Pot regime role for Vietnam in the tion, are however doubtful as to 0 f the VietnameM army in 1970- 

to the most serious crisis war by calling on ell countries how It could reach the peasants 197! and then slowly extend its 
of its existence. Although to S 1 ? 6 KNU1TPJS active support in the isolated and rightly con- influence on tbe West Bank and 
Observers are wary of calling the and assislance 10 a51 fields." -trolled communes. -They specu- Threaten the capital, 
current spate of fighting as the An editorial in the Vietnamese rather 8 _ During his ttip to Phnom 


sensus that coming weeks would- national revolulionarv struggle ” w i o t t(f Po* Pot - that Pelting may 

prove decisive for the Pol Pot and was sure to win victory " with rount msurgent nQt . be able t0 help Qaujbodia 

reElrae ' ** « reat support of the forces ^? s ^™f,S??Sls5i^mai*be be y° nd the needed 

The announcement from Hanoi of revolution." bv P *oSe iMterial wea P° ns advisers. But what 

on December 3 that a Kampuchea The KNUFNS has heen.con- ^^^A-recentTeoorrhy-tife- 1116 ' battered : Cambodian - aray 
iCambcidianj National United demned by China as a " counter- Fr nnt’«' news aaenev said that ° eeds m °, st 15 raen - So Pol 
Front for National Salvation revolutionary organisation " and *r visited ^ ma Y h . ave accept Initial 



drawn out guerrilla war to bog 


. . underlining v niat. flrs 

as a surprise. As early as March the fart that the Front provides The fact that propanganda j . 

this correspondent was tofd by a a “ cover ” for Vietnamese a tS oopuiation MuJbSic- dowa Y ?' tnamese 

senior Hanoi official that if. military thrusts into Cambodia. amon ? me popuiauon ran oasic- T — 


_.. after the force. Last week, while loudly 

Phnom Penh did not change its Many observer are. however! eimination of P Phnom Penh coodemning the Vietnamese 
policy “the regime will v - — =— --- “ 


be reluctant to dismiss the insur- SSiriSr urparetu* by the Viet- a hegemonists." Pelung indirectly 

changed by the Khmer people.” gent Trout and its programmes. n»mp« mav make the confirmed its decision to stay 

Sine June, the Khmer iugiiege A Hanoi-based diplomat sapi ri^entTaTver^difficult Onl out of direct involvement 

transmission of Radio Hanoi has that despite Phnom Perth's bitter reason why the ‘small Khmer The Communist Party of Cam- 

broadcast a series of appeals far propaganda against the Vietna- Range army has so fiercely bodia is determined, a Peking 
uprising against the Pol Pot ruese, many Khmere might see fought against the Hanoi forces statement said, “to fight a war 
Government in the name of hope in the programme of the is ‘their deep-rooted anti-Viet- of resistance to the finish. Con- 
dissident Khmer leaders, many Hanoi-backed front. The ‘diplo- namese feeling— which is also fident of victory, it has made 
of whom including the Front mat argues that the 11-point fairly widespread among the preparations in every field- for 
President. Heng Samrin. now programmes of the knwns, pomilation. By taking a higher a protracted struggle.” The cotn- 
figure in the 14-memher Central which among other things profile in fighting 5xe Khmer ing weeks will show wbetiier 
Committee of the KNUFNS. AI- promises people a return to Rouge, the Vietnamese may pro- Vietnam and its Khmer alues 
though the move could be seen their native places, Teintroduc- voke more antipathy for-.' its will he content with a control 
coming, rhe decision to announce tion of _ currency, market and insurgent allies and somewhat over eastern Cambodia or will 
the Front io the world is -seen ownership of personal effects devalue their attractive, pro- try to force Pol Pot to become 
by observers as an indication and restoration of education, gramme- a 311®*"*^“*. 


the American Security Council, 
a body that has lobbied against 
the SALT 2 negotiation, by say- 
ing that immediately he bad 
become' aware of this aspect of 
its policy, he had resigned- He 
was at the time a member at 
large of the UJS. SALT delega- 
tion. 

Mr. Carter's decision to put a 
soldier in charge of arms controL 
has aroused some disquiet among 
liberal Senators and Senator 
John Culver Is considering tab- 
ling legislation to prevent the 
future appointment of military 
men to head ACDA. The Senate 
is in recess at present and will 
not consider confirmation of Gea. 
Seignious's appointment until 
next month. 

The General headed the De- 


between Sr. Carlos Pastor, -the'- dispute, which threatens to yesterday, to' decide on 

Argentina's -Foreign Minister, provoke a war. The Santiago tin a S’ next step In the Beagle. _ ; 
and Sr. Hernan Cubillos, Foreign" daily El Mercurio, which often dispute. An Argentinian armed 
Minister of Chile, has failed to acts as a spokesman for President attack on some of the; disputed “ V 
materialise. The ' talks are also Pinochet’s regime, yesterday islands, at the tip. of-J5oa«ri 
understood to have failed in their ventured the opinion that ; Chile . America, is not nded quL ". .- 
purpose, which was to try to vtilr hot agree ** to continue direct in Washington, .- Mri" ? Gabs' 
agree on a mediator for the negotiations nor to accept a con- ueGee, U.S. Ambassador td« the . • 
Beagle Channel boundary dis- ditiooed mediation “ . Organisation of American Sl^ew" 

Pl A 6 ’ communique released last mediation 0 proposal, but only <OAS). proposed that ihe 0^ 
night by Argentina’s Foreign “under certain conditions." consult both Argentina ^bu • 
Ministry, simply said the talks The “Military Committee” — Chile, “urgently offering them 
had been "cordial." The Chilean made up of the President, Geo. international „ cp-operatjiuK. . . 
Foreign Minister returned to Jorge 'Rafael Videla. and the should -direct -negotiations oail 
Santiago yesterday. . three - members of the military to resolve the border dispute. • 


Row over the Amazon 



fence Department's military 1 

sales and aid programme under, BRASILIA — Government plans Minister, Sr. Joao Paulo dosper cent -of ail the fresh water^- 
the Nixon Administration, which io sell exploitation rights to Reis Veiloso. the Planning which rivers pour into. 'W>. 
was keen to give or seii to U.S. i foreign companies for rich Mlnuiter. and a spokesman for world's daily. It • is beheved. ; 
allies as many weapons as pos-1 Amazon tropical woods have President Ernesto Geisel; denied though '• not proven. ' roatc-tne'. 
sible to lessen the need for U.S. [touched off a national debate fetowtedge of the project. _BQt ecosystem of- the. Amazon rtver 


troops abroad. But yesterday 
Gen. Seignious said be agreed 
with President Carter's quite 
different tactics of reducing U.S. 
arms sales. 

He called the current negotia- 
tions on arms restraint with the 
Soviet Union, new in progress in 
Mexico City, a useful first step. 
He said it would have to be com' 
piemen ted' fay restraint by other 
arms suppliers. 

He warned the NATO allies 
to exercise restraint in selling 
arms to China for profit or to 
lower the unit costs of their own 
arms production. Britain has 
been negotiating with Feking to 
sell a number of Harrier jets. The 
general said he could not think of 
a single NATO member country 
whose security would be 
enhanced by arms sales to China. 


Canada tries 
to slow food 


LUUUiru uu a uauuuai ui.uaw v. I ■»— L ' 

here about Brazil's main natural JBDI^ officials confirmed they .basin' is essential to the stanuuy. 
resource — --the Amazon river Were hoping to begin the forest of the' earth 5 environment, 
basin. exploitation project with foreign Sr. Magalhaes Plnto. a veteraa 

The Dlan« were not made fullv capital in tbe near future. Senator and the major stock* 
nubile until the liberal new? ^Officials reasoned that the holder in , the natron s fifth ?at- 
wroer Folha de Sao Paulo put- WMld supply of tropical woods gest - bank, - recalled- eariher 
Se rtS oi ill ta!S nffi was being exhausted, particularly attempts at foreign mtervention 

recently. 

1 Government 
reached the conclusion. 


waeoemg exnausiea, parucuiariy 

* - in south-east Asia, which sup-ior the Amazonwhenhe w» 



complex Amazon rain -iocest exploiting its Amazon resources Amazon, and another, created 
with • its thousands of , plant ^ *. e aminB foreign exchange by America’s ^uds op Institute 


VSjZQ? 


pnee rises 

By Victor Macki* 


OTTAWA — Mr. Warren 
Alimand. Canada's Consumer- 
affairs Minister, is to recommend 
new measures today to try to slow 
down the 9 per cent' increase in 
food prices which the Govern- 
ments expects next year* Mr. 
Alimand, who will be putting his 
proposals to the Cabinet said in 
Parliament yesterday that he 
agreed with predictions from 
farmers, food processors and the 
Department of Agriculture that 
food prices could be expected to 
rise bv between S and 10 per cent 
in 1979. an improvement on the 
14 per cent increase this year. 

He was satisfied that food pro- 
cessors and retailers were not 
making unfair profits. A report 
by the Centre for the Study of 
Inflation and Productivity had 
pointed to high profits in the food 
industry as one factor behind the 
price rises. 

Mr. Alimand said that the 
Ministry would advise consumers 
to boycott certain products if 
their prices appeared to be going 
up unreasonably. 

I The Department of National 
Revenue has launched a study 
to determine whether th*re is 
cause to proceed against 
Japanese makers of heavy-duty 
trucks and off-highway tyres for 
dumping their products In 
Canada. 

Statistics from the Rubber 
Association of Canada show that 
Japanese replacement tyres in 
1977 accounted for 10 per cent 
of tbe total dollar volume of 
CS284m of all imported tyres, 
only a few points below the 
share held by the U.S. In 1974 
Japan held only a 5 per cent 
share. 


Oil store plan 
faces cutback 


WASHINGTON — The Federal 
programme for storing lbn bar- 
rels - .of oil as ■ an emergency 
reserve, beset by delays and high 
costs, may be cut back. 

Later this month. President 
Jimmy Carter will have to 
resolve a fierce internal debate 
between his budget advisers, who 
want to. cut the planned Govern- 
ment-held reserve to 750ra bar- 
rels from lbn barrels, and his 
energy and foreign policy 
advisers, who oppose tbe cut. 
AP- DJ 


U.S. COMPANY NEWS 


Marathon Manufacturing re- 
jects StiHhn bid by Mare- 
mont; National Distillers in 
$200m takeover; Canadian 
Government clears Hudson’s 
Bay offer— Page 28. 


species and its nutrient-poor, w htle -at .the sametime protecting was to flood thei-nverhasin jo 
easily exhausted soils, could be rainforest environment make a giant lake; Sr. Pmto said 
■exploited commercUUr without The conclusions were based on he had vetoed both/ V ' • 

upsetting the environment; the the studies of foreign experts Most of -the ' ^ormatita riow- 
report said. OQ ] 0afl to file Brazilian' Govern- being ' gathered ‘ about the 

The original pilot project, ment through tile Rome-based- Amazon - comes from satellite 
planned by the Brazilian Insti- Food and Agricultural Organhsa- and radar photography. -• 
tute for Forest Development tion, according' to' newspaper . Said. Sr,. TRrota Neto, fherre- 
(IBDF). was for the exploits- reports. ;.'j '• porter who originated the news- 

tion of 3S5.000 acres of a federal The’ Amazon iS-Jhe : world's last paper expose, “th ^ideals pre- 
forest reserve called Tapajos, in giant forest "preserve— 4.9m sq- m ature. .--Thlngs:-have' fcuiov.e 
the northern State of Para. kilometres, about ^tbe combined slowly -because we are'still very 
Senior members of the Govern- size of ' Britain, Spain.: France, much 'in - . the Sark" about how the 
ment. including Sr. Alyss'on Italy. Eastland West Germany,' Amazon actually works.” 
Paulinelii, the Agriculture and Yugoslavia.; It produces- 15 AP V . . 




p exi 


PROPERTY SPECULATION IN BRAZIL 




The message gets 


A'-: 



BY DIANA SMITH IN RIO DE JANEIRO 


THE OUTGOING Government of incomes of up. to Cr 80.000. life . of a northern villager* sub- 
General Ernesto GeiseL. which The measures hint, that the stating -oh half of the national per 

hands over to an administration " first enlarge: your cake, then capita income and eating home- 

led by General Joao Baptista slice it more evenly " argumfeni grojvn maudioc (cassava) ' and. ' 
Figueiredo in March 1979, has prevailing ..in policy-making ' beaks. 

decreed tax reforms that edge circles for / the :P as t decade may The physical and.’ mental 
towards more equitable distrihu- be on-rthe wane. Brazils 1977 health- effects of these, subsist- : 

tion of income in Brazil and take gross domestic product was eng. di _t_ worTV Thp hpalth 

an initial, albeit cautious, bite Sl64bn: in 1976. 39 per cent of .J®?? 
put of profits 00 property sales, the share : pf Ihe, national .=*e. 


Urban property speculation has went to. th* wealthiest ffper cent;- 

made h/m^oouS prohihitivoly 11:3 per, cent. to the pootest.50 ^.t lreot SSS' 

pmuntiirp in TPfunt vpa rc . * v . . 


expensive in recent years. 

. The reforms, announced less 
than a month after urban 
dwellers- gave sweeping votes to 
the opposition fbut not enough 
to ensure it a majority in the 
Sep ate< Congress or state 
legislatures}, will take effect 
from 1980. ... 

Starting that year, profits on 
sales of property worth . over 
Cr 4m (£99.000) will be subject - 
to 25 per cent rapital gains tax. 
Each year a property owner 
keeps, the building, the rate of 
tax will diminish. If he bolds 
on to it for 10 years from the 
date of purchase, be will not pay 
capital gains. 

This; measure is designed to 
discourage individuals from buy- 
ing and selling property at large 
profits and lightning speed. 
Until now, only “ habitual " 
buyers and sellers, negotiating 
four or more properties a year, 
have been liable to capital gains 
tax 

Tax reform will hurt only the 
highest property-income bracket 
— but this is not as small as 
might be imagined In a country 



Gen. J.oob Baptista Figueiredo, 
President of Brazil. 


live,"., .in ■ near-squalor and buy 
.. superfluous .electrical .appliances. 

' Undernourishes mothers" pro- 
. during :debilitated babies are/ajiU 
X -major factor, in ..high _ infant 
. mortality rates in urban Brazil. 
These mothers bear more - chil- 
dren than their means or- stam- 
ina can afford.- Undernourished . - 
mirvIVors swell . the. “nrobleiA* 
population while the wealthier 
middle-classes use birth : control. 

- The high, Brazilian birth rate 
ciits into' economic growtfrrra 
vV 'spectacular 10. per cent a year 

S - before f he 1973 oil crisis, now 
. closer la 5 per cent a year./Presi- 
_ dent .G nisei's . Government has 
-sought to correct long-neglected 
* •- tils . : _and _. achieved substantial 
achievements— except in low-cost 
housing, despite ■ the creation of 
special fun ds_ for - this- purpose.- 
• Nbt'alT proceeds, from these 
funds .have made their way to 
their proper destination. Instead, 
they have been, diverted Into 
high-rent apartment, building. 
Rampant speculative'' building 
has -been - assisted Jiy rampant 

profiteering by recipients of stib>- 


with a modest £1.200 annual per i. an a 400 D e r cent to ridtaed,- cheap credit fbr small - 

- T «? °- f *$™t*** tife S&d&tSi- % bu^n«sea,.^..farinmg,- enter-- 


capita income, 
of urban flats sell for S120000 


ot urujui nata aeu iw oi^uuuu . «hki Tumil i s tion " prises, who shift proceeds, from 

or more. There are hints, too. rh,^ macbinery or. fann impiements 

that, with time, the Cr 4m ceillne _ This compared with a distrlbu- into imresl-ment nmiwh 


that, with time, the Cr 4m ceiling win a aistrion- investment property, either 

will be lowered, extending capital IPS. 1 ®/,. buying .-and 1 


gains tax to a larger segment g a Sp2* J e *n 1 f i 

of the property-dealing popu- 5 Pcr.^ cent in 1870—while the xfaroat rents:' 
la tion. • poorest 50 percent received U-31 ; 3t . a 6il ^ specaIative bM 

The Government has also per cept, and tiro middle -range that- . the.. Government** has 
increased supertax from 50 per 50-23 per cent. ■ . ; launched its first. ' cautious 

cent to 55 per cent on annual Indtfstrial and white collar atthek.- - Not <miy will there be 
incomes of more than Cr 4m. workers’ real' incomes have ,im- a! new-capital gains tax hot algo 
This supertax will be paid only proved: Average semi -s kilTed'. ID uer; ednt-tax on earioings ftom. ' 
on the portion of income .in, monthly wages- are ettij unlikely^ rents 'of '-oyer.. Cr,SJK)0 a montiv— 
excess of Cr 1-41. ' to. exceed Cr 5,500 : 4rat- itigher -the. current 'cost -of : a diminutive 

Meanwhile. to discourage social beaeflts havc produced real studio .: flat' -in ' Rio de . Janeiro, 

speculative dealings, short-term gains, 7 .'. 7 . /'/ ttnftmtis&ed, drtth bad plumbing 

operations in Government bonds On -the other hand, despU4 and wrings ahd'nblibise.of beat: . 

- * “ ’- 5 " 5,1 — nilir imufiFA wane adjust- insulation. ■? * - ••• ■■ 


and Treasurv bills will be liable regular upward wage adjust-: insulation, 
to 10 per cent capital pains tax. ments, inflation, running at over - pvererovded.- ' expensive 
To close another loophole, the 40 per cent- annually bites into Brazilian cities, evep in -the les* 
authorities have reduced per- urban wages. protest-prone nortbv cast ballots 

mined deductions for charily A t: the most extreme ^oppbsltes,- last month- •that' were a • eon- 
contrihutions to 10 per cent. the high “living standards -and dsmaa tion of urban .distortions 
In 3 lower income bracket expectations of urban* wril-pAid,. arid oflkisl^ J'aUtire- .-to ,. correct; 
citizens of 65 and over will enjoy senior clerical workers or execit them.-’ The message appears- to 
full tax exemption on annual lives contrast starkly with the nave beepbeard.- , - • ’• -' W..- 


1 - 





Os*, 




1} ^ 

. , :; lUBapcxal Times. ^ursdajt December .14 197S 



WORLD TRADE NEWS 



t.-v 





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. seen 
for China 

to; need' S30-35bn of . foreign 
credits to Jim ace devehjpment 
to 1985. aceun&tng to afr- Louls- 
Sa uboUe. vice-president and Asia 
representative of the Bank of 
America.'. ■ , 

He told.* Press limcb yesterday 
that China bad been discussing 

the possibility of receiving direct 
loans ■ - from American banks, 
although:, no loans- have yet been 
negotiated.-. China ' had -shown 
an increased : willingness to torn 
to foreign sources -of Saaoring, 
in both the short and long term. 

Mr: Saubolle 'estimated China's 
two-way trade would total- about 
S20hn this year, compared with 

approximately. $14bn in 1977.. 
Reuter .- - 

Sfeelcastiiigs contract 

Su&I... castings, valued at .over 
£750,000 are to be supplied to a 
Middle East aluminium smelter 
under a contract awarded to 
O. : H. .Steel . Founders and 
Engineers of Sheffield, one of the 
five foundries of the Weir Group. 
Thu contract has been awarded 
by George Wimpey, a company 
with a major share -In the con- 
struction of A new aluminium, 
power and water complex being 
built by British Smelter Construc- 
tions. at the Gulf, port- of Jebel 
AU for " the Dubai Aluminium 
Company.': 

Piikington Saudi deal 

The largest ever contract for 
glass jt io forced cement has 
recently been sighed as part of 
a £500m new town project 'in 
Saudi Arabia. - GBC of North- 
wica, Cheshire; part of the 
Piikington Group, has signed a 
contract for the design, com- 
missioning and management of 
a £2m factory to make GRC 
eladding panels -for the LSOO 
houses in Tabofc, Saudi: Arabia. 


Fiat wins Soviet order 

Fiat has announced Its sub- 
sidiary Telettra has obtained: an 
order from, the Soviet -Union for 
an LISbn telecommunications 
network’ along the new trans- 
Siberian railway. network, Reuter 
reports. "from Turin. Telettra bas 
signed a scientific end technical 
co-operation agreement with the 
Soviet. Union in the electronic 
switching and advanced trans- 
mission sectors. - : 

Dutch strike talks 

A threat to Holland’s Christinas 
mail was averted yesterday after 
public service unions and the 
Government agreed to negotia- 
tions on planning pay curbs. 
Router reports from The Hague. 


EEC and U.S. now near to 
agreement on agriculture 

' BY GUYDEjONQUISlES. COMMON MARKET CORRESPONDENT 

BRUSSELS — The EEC and the about the EEC response to long maintained that such' com- 
U.S, now appear to be within American demands on trade in modity agreements benefit pros- 
sight of. a dpat on. agricultural Mediterranean products, pre* perous. large-scale producers 
Hade, one of : -the trickiest seated in the form of a list of like the U.S. much more than 
chapters of The . GATT world more than a dozen products by the poorer developing countries, 
trade talks in Geneva, with Mr. Robert Strauss, the chief While the Commission still 
the drafting of * bilateral com- U.S. Trade Negotiator. hopes to extract some further 

promise on the main elements Though Mr. Strauss has concessions from the UJS. and 
of a -new international wheat apparently dropped his request Japan on industrial tariff cuts 
agreement. •- ■ for better EEC market access for during the next week, EEC 

Thi s - breakthrough, which ffol- citrus and almonds. Italy is officials believe that the pro- 
lows the collapse” of plenary understood to fear that the Com- posed agricultural package can- 
negotiations on a wheat agree- mission has offered too large a not be substantially improved 
meat last month, fs part of concession on U.S. rice upon. 

a broader parcel of understand- exports. It is expected to present EEC 

lugs' on agriculture drawn up Germany, for its part, has ex- Foreign Ministers with an over- 
be tween the European Com mis- pressed some dissatisfaction with all report on the GATT talks 
sion _a ad- American negotiators the outline wheat agreement next Tuesday, which, it will prob- 
lasr week-end. which calls for obligatory stock- ably argue, should form the 

The package has stiQ to he in S when world wheat prices fall basis for the Community's final 
officially approved by both the below a specified level. Bonn has position in the talks. 

U.S. and the EEC. Backing 

must then be sought from other ran / 

KSSTS&fii SSL-S Textile group concerned 

JT anan. ac ny pU aft thfe 

dBvekJDin* countries BRUSSELS — Associations would make similar concessions. 

The Carter Administration Is representing European Com- The associations noted that the 
apparently Satisfied that the munity textile and clothing in- 

proposed compromise as it d us tries said today that they were Jss^per cent mSulM pS cent 
stands , wrU bc atSMplabia to “acutely worried" about the latest for the EEC Countries. The 
Congress, thongh it roold run U.S. tariff-cutting offer for Euro- non-weigbted rates amount to 
into resistance on toeiJU, sine, pea n products in the multilateral. 17.6 per cent for the U.S. and 
especially from the Erench, and trade negotiations in Geneva. 10.4 per cent for the EEC, they 
Italian Governments. - _ . sa t.» 

Fnrwp trhirh Trfljg* hftPn iWPilUT ^ 3 DOt6 8uuTC65€(i to tilB 

thl^FC TrSRfiSoSSt European Council of Ministers, They also claimed that the U.S. 
SmSThS fftL GATT telE ^ coordination committee of stiil applies duties varying from 
KriLJdtaS rSmi ™ all tiS European Community textile in- 20.1 to 50 per cent for 5fi per cent 
jESTfrlhe 'BtfOtS dustries (Comitextil) and the of its textile imports while, in 
Sons, whie^wrald enable it to European Association of Clothing the case of the EEC. the rate 
S5 ?ny VSSS£^SS££ Industries (ABB) said the U S. only slightly exceeds 20 per cent 
which it foi^Ktisfactory. «?«■ “systematically departs in a very limited number or 

Italy is concerned ".specifically from the harmonisation formula cases, 
iiaiy is conceroeo apecmcauy UQder which Europe ^ the U.S. AP-DJ 


Mexicans 
diversify 
ail market 

By William Chisiett 

MEXICO CITY — Femex, 
the statc-OMTied Mexican oil 
monopoly, has started to 
diversify its markets with this 
week’s agreements on the sale 
to France after 1980 of 100,000 
barrels of crude oil a day and 
to Brazil or 20,000 b/d after 
the same date. This will be the 
first time that Femex has sold 
to both these countries. 

At the moment, their clients 
are the V£* Israel and Spain 
with Japan showing interest. 

The French sale was agreed 
act the end of a visit to Mexico 
of the French Industry Mini- 
ster, SC. Andre Giraud and will 
be for a period of 10 years. 
The Brazilian sale Is for an 
unspecified time. 

Feznex bas also signed a 
contract with the West German 
firm* BASF, to sell 15,000 
tonnes of ammonium. 

Exports of Mexican erode 
oil in November reached 
500,000 b/d. Daily production 
Is currently running at about 
1.4m barrels and this will bo 
boosted to 2m by 1980 when 
Femex feels that It will then 
be able to export around 

lm b/d. 

• Sri Lanka will boy substan- 
tial quantities of Chinese 
petroleum products next year 
to help maintain the balance 
of trade between the two coun- 
tries according to the Trade 
and Shipping Minister. 

He listed kero&ine, paraffin 
and paraffin wax as items that 
Sri Lanka will buy from China 
to compensate for reduced 
rice purchases. 


UK motor subsidiary 
faces £67,000 fine 

BY GUY DEJONQUIERES, COMMON MARKET CORRESPONDENT 

BRUSSELS — Kawasaki Motors The fine announced yesterday, 
(UK), the British subsidiary of which seems intended 'to set an 
Kawasaki Heavy Industries of example, was decided on the 
Japan, bas been fined 100,000 basis of a complaint lodged in 
units of account (£67,000) by the March last year by a Belgian 
European Commission for violat- housewife. She had tried to buy 
ins EEC competition law. a motorcycle for her son in 

In a decision announced yes- Britain because prices there were 
terday the Commission said that about 30 per cent lower than m 
Kawasaki Motors had illegally Belgium, but was refused the 

restricted trade by prohibiting sale. 

re-exports of its motorcycles to The principles of the case are 
other parts of the Common Mar- similar to those in the Conimis- 
ket in order to protect higher, sion's action against Distillers' a 
price levels charged outside the year ago. Distillers was found 
UK. notably in West Germany, to have breached EEC competi- 
The Commission said that the tion law by refusing to allow 
retail prices charged in Germany “parallel exports" of spirits to 
for certain Kawasaki models other parts of the EEC by lnde- 
were as much as 73 per cent pendent wholesalers at prices 
higher than the price of identical lower than those charged to its 
machines sold in Britain. dealers on the Continent. 


Opportunities in Japan 

FINANCIAL TIMES REPORTER 

THERE ARE good opportunities make a substantial degree of 
in Japan for British suppliers of commitment to the market. Long- 
luxury and high quality goods, J™ customer support and the 
° 'z , Jf. . Hail fostering of relationships were 
according to a report published v j, a j continuin'* sales, 
by the British Overseas Trade 


Board (BOTB). 
The 


The total market for jewellery 
is estimated to be around Y700bn- 
rennrf on the Jananese Y800bn (about ±’2.000m) a year 
i M ' ff* i? 3 JaP 11111 10 be increasing at an annual 
market said there, were oppor- rate of about 10 ir rent 
tumties for British manufac- The 279-page report provides 
turers of leathergoods. clocks, jnarke-C information on IS indi- 
cigarette holders, jewellery. V idual sectors ranging from 
saddlery and pipes, and other decorative candles to umbrellas, 
high quality goods. It a ] so has 16 appendices on sub- 

To succeed jn Japan a British jects including sales promotion 
exporter must, the report stresses, techniques. 


Midland in 
new scheme 
for small 
businesses 

By Colleen Toomey 

THE MIDLAND BANK yester- 
day announced an export finance 
scheme for small businesses 
under which finance will be pro- 
vided according to a company's 
export performance, rather than 
on the company's balance sheet 

In the case of companies new 
to exporting, finance will be 
made available according to 
their UK trading performance. 
This means that any overdraft 
facilities or any existing 
resources used by the exporter 
can be used as working capital 
instead of financing export 
credit or payment delays. 

The new post-shipment 
export finance scheme is aimed 
at customers which have only a 
small or intermittent export 
turnover and who do not use 
Export Credits Guarantee 
Department insurance cover or 
existing short term schemes sup- 
ported by ECGD and the banks. 

Any customer of the Midland 
Bank and the British Overseas 
Engineering and Credit Com- 
pany, parr of the Midland Bank 
Group, with an exporting turn- 
over of £100.000 or less is 
eligible for finance under the 
scheme. 

TM>y will be able to borrow 90 
per cent of the value of exports, 
supported by bills of exchange 
or promissory notes covering the 
payment from sight up to six 
months credit. 


EAST EUROPEAN TRAINS 


$667m loans 
for Algerian 
gas project 

OTTAWA — Thft~ Export 
Development Corporation and 
the Tcrronto-Do miniop- Bank have 

completed arrangements with 39 
banks for loans totalling $667 m 
to Algeria to help' finance 
natural gas processing plant 
The contract for the plant was 
awarded to Bechtel Canada on 
affiliate of Bechtel: of San 
Francisco. ..... 

The loan arrangement; which is 
in two parts, vraff: signed in 
Ottawa yesterday., "jOne part 
totals S417m of which /the EM is 
providing $275m. and the banks 
$142m. The other part involves 
a S250m loan from Ihfi: banks. 

The EDO said the : Joans have 
maturities of 13 ;jwars but 
declined to disetose otfter terms 
AP-DJ 

•=“ — : — — /’V; 

^ .• ■. it*.* 

" . - fv 





recons 


its export poli 



» : BY -PAUL 1ENDVAI IN VIENNA 

• . / 

HUNGARY bas decided to carry of the reserves, fund from 15 per 
out major changes in economic cent to ,25 per cent of the re- 
policy related to. trade at the tain ed profits, should force the 
start of next year, due to a grow- State enterprises to improve 
inc imbalance in its convertible their efficiency and the structure 
currency external payments -of their production. The dampen- 
position. , tag of domestic demand as well 

Present measures have tended as the 4.5 percent devaluation of 
to increase the -nominal value of the commercial rate of the trans- 
exports, but In the final analysis ferable rouble should also help 
they have backfired and contxi- to stimulate exports to the 
buted to the increase rather than West 
the reduction of the balance Of . At the same time, however, 
payments deficit . State -subsidies for the companies 

It is now recognised that -the affected by the devaluation will 
present- price system is divorced nbt be increased to make up for 
from- real costs: and- .this,- T com- the losses. This Is particularly 
bined with the complicated struts- important for enterprises selling 
ture of State, subsidies, ' has to Western markets, since sne- 
stimalated the' ~ production of cessful exporters will be able 
goods Which were said 'at a loss to retain 60 per cent, and in the 
abroad: . light and food industry even 100 

The new measures -dart from P er of the increase la 

the premise' that the. quantitative export prices. ... ~ 

increase , of exports alone does Xb e sra 0 *^ 

hot help restore .external equi- National Bank for Exports j Pro- 
librium; This is, toWroev a motion will he more, closely 
vital -matter for a country which ^ed to performance m terms 
has to -rely on imports to satisfy jJnfi'S!? !%SSS 

. four-fifths of the demand for raw 

and basic materials ' five-year plan credits amounting 

i ^ nniv to £1 J!bn have been allocated for 

. It is Tecogmsed Ahat the only eS pQrtmfjentated. production, 
way to promote the production j i9794to nrofitahle evoorts 
and export of. profitable products, 'AuSer prhSs 2 

Si^^iTSS^SSSlS- SSlSS ^ whSSTnd P ertake S to 
obsolete or far achieve a net foreien exchange 

goods, is a general shift in the wi thin three years 

11 amounting to the value of the 
yardstick ^to measure; - real in . question, will be 

performance. . treated on a priority basis when 

It Js not just the -question of cre dits are allocated. The bank' 
selling goods at a los abroad. ’ oh. -the other hand, revoke,! 
but also the often 1 forgotten fact the .fiscal 'concessions if "the 
that the imported ; materials borrower f ails to fulfil the terms 
account' for 30 per cent of of the contracL 
average products'. -As a '-result of in a number of sectors which 
the artificial and multiple ex- base their exports on what Is 
change rates, -a given unit .of. described as “ excessively large” 
imports .is. calculated at a . lower state subsidies ' or where the 
exchange rate in. .terms 1 of costs import content : is too costly in 
than the real .exports, earnings terms ,of convertible currency 
on the basis of. the same Trait cost, state subsidies wflj be 
Under such a system, the rise drastically cut ■ 
of the import bill- increases the The new measures will serve 
nominal profits of the given as ^ transition before a major 
enterprise since it can only fuV modification of the Produref 
fill and overfulfil! ; the plan if it Pr»«s from January, 1W0- The 
increases its uneconomic exports Political leadership -to 

based ' on expensive imported realised that centralplan- 
mnTprralR ning cannot remain a pretext 

matenais. . for Institutionalised charity to 

m a county Jritich does haH uneconomic producers. During 
of its aggregate on ^ the past six years, for example; 

rouole baLi, a ^ealistic apd company pro fit3 were rising by 
direct case by case comparison 14 3 per wnt per annum— but 
of the costs of ■ imports with ^ 3£ffle figure for the annual 
those of the domestic products ^ ^ 5tate jqteidies wns 17 pe^ 
or of goods prodneed for exports COQt ^ 

Is of course impossible, store a exp0 rt5 to the 

truly radical shift - to realistic dollar area should have risen by 
pricing rould only take place In 13.3 p er t ^ n i. i n fact they 
close co-operation with the other dropped by 35 per cent during 
Comecon member states. the first half of 197S and for 

This is the reason why -Pre- the year as a whole they are 
mier Gyoergy Lazar in an inter- unlikely to show more than a 
view, of -the .party monthly. 3^ per . .ceht-.-xtse. In contrast, 
Tsrsaflalnii -Szemle, cautioned imports jumped T>y 12.1 per rent 
that one cannot radically change instead of .rthe projected 7 per 
the' structure" of production. At rent, while " industrial output 
issue is not only .the" stimulation r ose only by 6 per cent, 
of high-quality exports but also . However, the encouragement 
the - need to stop production of of ^initiative, risk-taking, and 
goods sold at a loss. independence ‘ of management 

• The increase of the acros^the- and the enterprises may prove 
board profit .tax ^from- 36 to ®) to be erven more Important than 
per cent as of next January, the . basket - of new regulator? 
coupled with the obligatory-rise coming into force .next year. .. 




HOW TO REDUCE 



Do you know that most small-to-raedium 
size companies Eire. wasting 10 to 15 per cent of all 
the fuel they use for heating, power andlighting? 

Over 12 months that can cost a tidy sum. 

It could be the difference between making a profit 
and just breaking even. 

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

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


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

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

And tire Department of Energy will pay 
up to £75 wMchis most of the cost of the survey 
So,filIinthe coupon and find out how to 
reduce your company’s fuel ML 


r- H 



lb: Department of Energy FreePublications (ESS), P.O. Box 702, London SW208SZ. 
ENERGY SURVEY SCHEME. Please send me leaflets and a list of consultants. 


Name, 


(B LOCK CAPITALS PLEAS E) 


Company. 


Address. 


IbsitiarL 


Department of Energy 

i 




6 


' Financial' Times .Tfaju^^ ^ 


UK NEWS 




Warrant 
for Lord 
Kagan’s 
arrest 


BY CHRISTINE MOW 


Industrial output 
drops by 0.7% 
after rapid rise 


by david Freud 


i THE RAPID growth is industrial lisers, coal mining, 'and ship- 
output during- the spring and building, 
a WARRANT was issued vester- • earl : v su ™ in . er ? ow wems to have North Sea oil production, 
day forth* arreS of Lord : »>"■»"«* significantly. mineral oil refining, and electri- 

Kasan the ° Ganne’c raincoats I pro duction figures in October cal and instrument engineering 

tycoon who was made a Life Peer were ad 7® rsel > affected by the Increased. There were also some 
tycoon who was raade a Lire wr Fon| s trike. Even when this is signs of growth’ in footwear and 

Resignation Honours List in 1976. J ?!,““ u 7l2i 4 th ® “jEt Nothing in response to the up- 

j lying level _ of output was still turn in consumer demand. 


Lord 

alleged 


wanted 

relating 


for 

to 


Kagan is 
offences 

evasion of exchange control regu 
Ictlons. 

He is believed to be in Tel 
Aviv. 


Early yesterday morning 
officials of the Customs and 
Excise Department and Police 
arrested Lady Kagan, Lord 
Kagan's wife; and his sod, 
Michael George Kagan, and three 
directors of companies within the 
Kagan Textile Group, Mr. 
Raymond Kennedy. Mr. Valdemar 
Ginsburg and Mr. Ibby Ginsburg. 

Ail five appeared at Leeds 
Magistrate Court yesterday after- 
noon. 

Lady Kagan and the three 
directors were charged ' under 
Section 23fl; of the Exchange 
Control Act 1947 and Section 
5612) of the Customs and Excise 
Act 1952. 

Michael Kagan was charged 
under common law with con- 
spiracy to defraud the Queen and 
the Public Revenue by exporting 
denim cloth at an undervalued 
price and retaining the profits 
abroad . 


lower than in the summer. The all-industries' index was 

Provisional estimates released 109.3 (1975=100, seasonally 

by the Central Statistical Office adjusted) in October, compared 
show that, seasonally- adjusted, with 110.4 in September. Manu- 
the ail-industries index fell 1 per factoring was 103.3 compared 
cent in October, after a 0.9 per with 1045. 
cent fail in September. .In the latest three months, the 

CC 12 all-industries Index was about 

This means that, taken 12 per cent above the trough 
together, the average output in the third quarter of 1975, 
from August to October was 0.7 and' 4 per cent above its level 
per cent lower than in the pre- In the same period a year ago. 
vious three months. By com- The equivalent rises for manu- 
parison. output between the first factoring industry, were 65 and 
and second quarters rose by 25 2 per cent 


Subsidiary 


He is alleged to have arranged 
with two other people and Cello- 
foam (Yorkshire'), a subsidiary 
of Kagan Textiles, to have ex- 
ported denim cloth to a foreign 
company. Denim Continental SA 
(which is under Lord Kagan's 
control! and to have kept the 
profits in banks in Belgium and 
Switzerland without disclosing 
them. 

It is also alleged that the cloth 
belonged to British comoanies 
which were not informed that 
Denim Continental was under 
Lord Kagan’s control: that the 
sale price was below the value 
of the cloth: and that records 
and accounts of the British com- 
panies were falsified. 

According to the charges the 
cloth and other goods were 
exported to Belgium in Septem- 
ber 1975 and in February 1976 
in a manner which evaded 
exchange control regulations. 

The charges aTe the culraina 
tinn of a nine-month investiga- 
tion by Customs officials. In 
March of this year Customs 
officers raided Lord Kagan’s 
homes in Yorkshire and London 
and removed documents. 

Lord Kagan, who is 63. was 
horn in Lithuania and came to 
Britain as a Penniless refugee. 
He founded thp textile empire 
famous for its Gannex raincoats 
often worn by Sir Harold Wilson. 
During thp Second World War 
he soent four years in a Nazi 
concentration camp. 

In 1972 he took over Crahtree 
Denims, a denim cloth manu- 
facturer then in the hands of a 
receiver. Crabtree won the 
Queen's Export Award in 1975. 


per cent. 

The Central Statistical Office 
said that about half the fail in 
output in tbe latest three months 
could be attributed to the Ford 
strike. This meant that there 
was little change in the under- 
lying level of outpat 

The index for manufacturing 
industries alone shows a similar 

picture. In the latest three 

months, output was 0.5 per cent 1977 m 
down on the previous three, hut 
four-fifths of this decline was 
attributed to Ford. The under- 
lying level was therefore little 
changed. 

These figures provide additional 
support for today’s assessment in 
the Bank of England Bulletin 
that UK economic activity seems 
to have moderated in tbe third 
quarter. 

The main areas in which out- 
put growth has slackened or 
fallen are metal manufacture, 
mechanical engineering, ferti- 


' INDUSTRIAL OUTPUT 
1976 1st 100.1 ' 99.1 

All 

Industries Manufacturing 


7978 1st 

100.1 

99.1 

2nd 

101A 

101J 

3rd 

701.7 

101 A 

4th 

104.4 

103J 

1977 1st 

105J 

103.9 

2nd 

105.6 

T02JS 

3rd 

1CML2 

103.1 

4th 

105.8 

102.0 

1978 1st 

107.1 

102J5 

2nd ■ 

111.2 

105.1 

3rd 

HID 

WSJ. 

May 

110JI 

103.8 

June 

11TA 

105.9 

July 

111.3 

105.9 

Aug. 

111.4 

105.6 

Sept. 

110.4 

104.5 

Oct. 

109J 

1033 

Source: Central 5 Krtfitf cal Office 


Big rise 
in British 
Steel 

investment 

forecast 


By Roy Hod son 


PUBLIC SECTOR steel industry 
Investment is expected to rise 
sharply . above .the present crisis 
level of only £400m a year during 
the next two years. But it will 
not approach tbe flbn a year 
projection in the British Steel 
Corporation’s previous forward 
plans. 

When the Government decided 
upon a new and more modest 
steel' investment programme 
earlier this year the broad aim 
was to cut the animal rate 


of 


spending from £Lbn a year to 
£500m a year. 

Sir Charles Villiers, chairman 
of British Steel, was usked about 
investment plans while giving 
evidence yesterday to the all 
party Commons Select Commit- 
tee on Nationalised Industries. 
He said -that the rate of invest- 
ment would rise again because 
tbe steelru airing divisions were 
devising a number of small 
capital schemes to Improve pro- 
ductivity and quality without 
adding to the 1 corporation’s total 
iron and steelmafeing capacity. 


Worried 


More export Scotch 
price rises likely 


BY MARTIN TAYLOR 


Courts 


IN THE aftermath of the general main market for Scotch exports 
export price increase for stan- and the TJ.S. price per rase was 
dard brands of Scotch whisky, increased by about 16 per cent 
announced on Tuesday, manu- in February, the first increase 
facturers are considering pricing since January 1974. Since then, 
policy for the two main areas however, the dollar, has slipped 
not covered by the association's further against the pound, put- 
recommended prices — the U.S. ting pre sure on companies such 
and EEC markets. as. Distillers which Invoice in 

The Scotch Whisky Axsocia- dollars, 
tion * recommended export price Another factor in the pricing 
increase of 12.1 per cent for equation ls:the slight decline in 
standard Scotch brands from U.S.' sales of whisky bottled In 
January 1 does not apply* to the Scotland by volume. In 1977 
U.S. or EEC markets, which total U.S. sales of exported 
together account for more than bottled Scotch fell 2 per cent to 
half the total export market. 3l.lm gallons. 

However, the main factors The situation in the EEC is 
which prompted the increase — complicated further by the con- 
inflation in wages, rates and turning battle between the Dis- 
other costs — clearly are equally tillers Company and the Euro- 
applicable to the UJS. and EEC P*an Commission over the corn- 
markets. p aiiy’s dual-pricing policies. 

Price Increases in the U.S. and Distillers- used to increase 

5 e ? ai S 0PB u “ de £ 00 w' SEC “ Use with other 

sideration by the major Scotch export price increases. . How- 
whisky exporters, although there ever, the fact 'that the company 
are a number of complicating f s waiting for a decision on its 
factors which may affect the appeal against the EEC order 
fin ®[ decision. could be important when con>. 

■The UB. remains Britain’s sidering future pricing policy. 


He forecast that British Steel's 
investment would be above 
£500m a year for each of the 
next two years. Bunching of the 
schemes could be responsible for 
temporary increases in the in- 
vestment .rate. 

He appreciated that the British 
steelworks plant" industry was 
extremely worried about the cut- 
backs in steel investment. 

“ But the BSC remains the 
largest capital spender of any 
steel company in- the world. We 
in the corporation are having to 
adjust to an enormous extent 
The plant makers must also adapt 
-to changing circumstances.” 

Flans to reduce the corpora- 
tion's heavy interest load (about 
£2O0m a year on accumulated 
debts of more than £3.5bn) are 
to be deferred. 

Sir Charles forecast that the 
much -discussed capital recon- 
struction of British Steel is not 
likely to take place before 1980. 

The three necessary criteria 
before embarking on such a mas- 
sive financial exercise will be 
clear information about how 
much capital can be written off; 
which assets should be written 
off: and what the future earnings 
capacity of the business is likely 
to be. 


Two sites 


m 


By Michael Blanden 


COUTTS. the select banking 
group which is an independent 
subsidiary of National West- 
minster. has returned to its 
rebuilt head office in the 
Strand. London. 

The hank's head office staff 
has been onerafinc from other 
premises fnr four years. 

Coutts decided in 1958 to 
redevelop ibe site, but- did not 
Sain rilsnnin" permission until 
laic 1974. 

The redevelopment, at a cost 
now estimated ai £lSm. retains 
the ppgtnal '‘acadc of tbe Nash 
building and the pepperpot 
towers on the three corners of 
the site. But a completely new 
structure has been built within 
the site, which includes a bank- 
ing hall in the form of a garden 
with trees and a small pool. 

The office has heen divided 
into five branches, each with its 
own manager, to improve the 
bank's personal service. 

The new building will ba offi- 
cially opened by the Queen 
today. 


Closing dates 


ALL Government-owned historic December 17, December 24 to 26, 
buildings in England will' be end December 31; Chiswick 
closed from Sunday week until House will be closed on Decem- 
ber Boxing Day and on New & JJ and “ d January 2: 
v _,_i. -r, a _ Hampton Court Palace and Ken- 

x ears Day. Kington Palace wl^ -be- -closed 

The Painted Hall and Chapel from December 24 to 27: the 
at the Royal Naval College, Tower of London will be closed 
Greenwich, will be closed on on December 17, December 23 to 
December 21, December 23 to 26 and December .31; Rushton 
26, and December 28. Banquet- Triangular Lodge, Northampton- 
ing House, Whitehall, will be shire, .will be closed from 
dosed on December 18 and December 22 to January 4; and 
December 23 to 26; Westminster Thornton Abbey, Humberside, 
Abbey Chapter House and the will be closed from December 24 
Jewel Tower will be closed on to 27. 


Although the corporation was 

expecting to lose between £300m 
and £350m in’ 1978-79 it was still 
working towards a target of 
breaking even in 1980. 

British Steel’s big investment 
in 3m-4m tonnes of new annual 
steelmaking capacity at two 
sites — Redcar, Teesside, and 
Ravenscraig, Scotland — now 
nearing completion will not ell 
be breugbt into production at 
once if trade remains depressed. 

Sir Charles told the committee 
that up to 2.5m tonnes annual 
capacity of the new investment 
would be brought “on stream" 
before 1980. ’Meanwhile, the 
corporation would be striving 
to regain a bigger share of the 
home market, build up exports, 
and run down steelmaking at 
certain older plants. 

• An order from India for 6,500 
tonnes of galvanised steel sheets 
was completed yesterday at 
British Steel's works in Shotton, 
North Wales. 10 days ahead of 
schedule. Altogether 30,000 
tonnes has been ordered for 
rehousing people made home- 
less in the recent Indian floods. 


if 


MAX WILKINSON EXPLAINS A TELEVISION MARRIAGE;: 


y. 



■V . 


TWs: 


IT MAY seem strange that a market four to five times as"bd^e likely to cost more than the about .800,000:/, by 1984._ 
high technology manufacturer as that in. the UK and wf$b GEC division's entire -sale^ - ■ could be done .vdmmit- imajor j 
like General. Electric Company, aggressive exporting polities. The enormous scale' " of expansion, .since tne plant- 75 , .j 
with plenty of cash tn the bask, were able to maintain sales kto ■ Japanese investment in the area operating at o my a bout half its- . 
should be forced to seek' help justify heavy expenditure Von' can he seen from the faet that capacity. However, substantial • 
from Hitachi to make colour -research. As a result they tt&e the market leader-in investment wm be needed rfor: •-? 

television sets. : - developed new- products Eke tbo-^apan, employs 10,000 research automatic production mac hin ery. ^ 

GECs decision to seek video tape recorder and -the- mid development staffs "In ,21 which the company whJ obtain j 
Hitachi’s help followed -a period music -centre and are working-.cn laboratories at a cost of JE300m- under Hcenee from Hitachi, .and 
of heavy investment In its tele-' a formidable aray of- future pfb- a year. Between 'a 7 third and a-; for product dev e lopmeut . 
vision factory' at Hirwaun in ducts. ■W 'balf of thfcs is probably devoted --';^- .g^ T:y ea>r s’' tfane -jt Is 

Wales. After investing £6m in The accumulated weight-; hi; to consumer- electronics. -^expected that; 9» factory Will 

the last five years on new pro- Japanese research will be - - 


P 


j • 



ttp- - . ^ - ^ ~ , COl ° ur Tf yKte S^f''NeEotlati'afls with Hitachi moved GEC through^ ftg~_qwn_sales co m- ; it 

UK manufactured sets had a pire.- These licences have so far _ . at present GEC's “ 

considerable price advantage. given European producers - same r.jS^ d T _ 5*22?' designs are expected to grad'd- ! - 

Unfortunately, however, the.--protectiog-by'-titolthig.the:Japtf-.'$f. A j_j° . du ^r.^I-.?i >t 2.? .n^nwwil with ‘those ' _ o£ ' 1 

"5* «***• &SEL * SSJ&J?" mOTi8 ' of 

sumeT electronics division- from -mnct^tlK; • setmakers. has hnfc.^2?:? imrnani. . ■ 

sliding into the- red last year. .- h* °---l^' Wbile • negotiations with .. The -deal follows Closely.:, the. y 

The figures flashed like warn- ^S^Si'Hitaichi were proceeding, GECs-. pattern set earlier this year by • 

ing ligbtson the desk of Sir 13340 20(1 television division^iiai RankRadia'DaternatioiiaLwhkli 

as ue a U _««« ternis or a i a pe^ a qtegep f saies. ^ ^ ^ o ite honse 4 joining up -with. Toshiba. The . 

?: •••* - v'qijestion' both deals raises '- 'is: 

_ _ director, Mr.; what - will now happen . to. UK 
strategy was needed. •' • i'Tr vhT-tdwSv Pkt Sahsom, was moved over television m anufacturers- which 

Sir Arnold realised that the- ^ ^ PJofitaW* have not- found a larger, partner? / 

basic conditions of the television SS ■ ™ sidiary at the end of F^roary. ! 'ihr 

Sneeze ^So^d .research effort couMh-^. 'floss' B of d *SwaI ia^bns^ producer & ^ThdriL- whicS makes 



production 

healthy profits by responding J^^^^^^ -retionalised rrom rauiec niore ^^^,. Ri . ach ir Tnthihn ' 

rapidly to market demand. Most than 20 to about a-dored,’Sind : j 

of the £32 ! * major cnt.wasm»ae o i;^lt: 


out by componenVTapptiers tike production techniques, like auto- a cut ot L000:tir2,90 >as> 

— 1 * urffh win in South Wales, Sony and Matsn- 


Mullard, so that overheads were matic insertion of components, -achieved with 300 redundancies . .. 
kept to a minimum. Hitachi makes abou t l m colo ur- jn. Hirwaun, the transfer^ o^ 

However, during the 1960s an d'S^ts’ w year ixr- four tatOxM&s; smaller factory to GECs' 'prttSt- '’ The problems ot keeping up 
early 39705 the major Japanese with sales estimated at about. able Marconi division and 'some with: the international scale of 
companies were investing heavily E400m r a year. Hitachi's research," ©th e r measures.'! . ' - ' - research and development will- be 

in research and development to and development expendttnceJs Under, the . arrangamenf ■ with- encountered byThorn.. whiriLtias 
provide better sets and cheaper about 4 per cent of sales. Its, -Hitachi, from January i.produe- already taken a llcenee to dis- 
p reduction methods .. research effort across tbe -whole tftm is expected to be gradually- tribute one new Japan ese pro- 

The Japanese, with a home consumer electronics field .is -Increased from 150,000 sets ' to duct, the casette videorecorder. 


r. 


- 1 




-& '• 


■J.t 


Damage risk in steel shake-up 


RECONSTRUCTING THE Euro- • Average ‘ production -costa, steel production in ISfTSjwill.bej 
pean steel ' industry without would continue - to be up to’30 pe£ about 20J25m tonnes for the pub- 
causing short-term damage is a cent -higher -tiian -in Japan 7 ; r :~jic and private sectorsrabont the 
daunting task, according to Mr. m <w «nne as last year. However, the 


-«i= turner, W M 


m uc ovuui *».« per cent,’ a. slight 

afld con-: jinpjpvem e nt on last- yfear. ’ 


of the British Independent Steel demanding careful 

Producer^ Association, Roy structivehandlinv • . . - _ . . . 

Hodson writes. srrucuve nantumg, -. . Private British . steel, makers 

Commenting on the assoda- • Energy costs were higher ^ban are increasing. production 
tion's annual report, Mr. in many of the developing, modestly while : British Steel 
Mortimer said yesterday that the nations building works ; : _ expects to make : slightly ; less 

European Commission was • Raw material resources for- rieel this year- than last year, 
forced to work within the com- steelmaking were declining^ The association observes- in its 
plex relationships between in- ^ . . .. . report that steel consumption 1 iir 

dustries and states in the. EEC. • Althouai _ 3teelmafcuig5: in Britain rose by 5-5 per cent in 
European steel faced the pros* Europe had stagnated in reftmt the first nine months of this-year 
pects during the next five years years, modern plant was being compared wjth -the same -period 
that: : installed HfcfcHy In- many ]&st y e ^ It Is- thoueht -tikelyi 

• Growth in steel consumption developing countries. that much .ot the>- -increased 

in Europe would he only L75 per The association forecasts $:ife don and was ' absorbed' in .wpyk 
cent a year .; ■ annual report" that British q^ide in progress in maxtufactitring 

• ’ ' ; ~ ; ~~ *7^.. industries.' ? 


Bank card rewards 
now standardised 


?. fcStpcks rf steel beld-.b^-^en- 
eumers - JtainL, 


BY MICHAEL BLANDEN 


- ^ -fallen . this yearly, some 
; " tonnes to a lower level t&m^orJ 
Bwne year* past : V 
• V The ; association believes Jhaf 
tfiere-afe.grwnds for conelnding' 
that- ffip attitude iof industiy 
towards. Riding st^ef- stocks Jiaa 
changed. :, , . .--j / ■ _- '• 

“ Stock ftictuatidns-ma^. notrbfc 


Baidu are increasing to £50 The hanks have experienced re- 
tire reward offered t» retailers earring (problems with fraud and , . _ 

for the recovery of stolen cheque stolen cheque cards since the “j 00 ^ Jhmi&sce. on 

guarantee cards m a drive to system was ontroduced 12 years °em*n<L for^teeL in_ future as 

counter a me in thefts. ago. The danger of fraud was they y^eiior- mort rof tne -previ-j 

Some bonks already have in- one of the madn reasons for the 008 ^ y® 81 *".’.. ' 


yduth jobs 
experiment 




/' -jc 


‘a success’ 


-By ' Jams McDonald ’ 

PROJECT FTILLEMPLOt'. which 
tuns, derical courses for poorly 
qualified young -peopled lush pro- 
duced trainees able to obtain mid 
hold jobs in spite, of high youth 
unemployment, says a report 
published today.. . 

>: The Runneymede Trast report 
evaluates two '. experimental 
fotrarses ran hr emutmetion with 
the Manpower- Service Comnris- 
ston. Ttie jobs gamedrwete often 
to'the City of-Londap, were wtell 
paid, <and liad good prospects. 

\ ,iiw. tzaibeofi wate ihaSnly 'of 
fAsfut whF Caribbean origin, and 
rim; experimental courses’ were 
jotetfet. I'fundedr by- itittr -tnfijiing 
services '• division, -of. the .Man- 
f power SetvSees.^ tlommisskm- and 
Barclays B’ankjhrtereiationaL 

-! Project: '- TaHemptay 
Ja unri^d in'. 1973 by A 
Of : 'City of London . employers 
faprious to overcome inner city 
^sadvahtage : in . white-collar 
employment, especially among 
coloured workers. 



- » :i •: 






was 


Evita bonus 


.THE musical Evita has recouped 
its costs in six months at tbe 
Prince Edward Theatre, London. 
Artists and staff will receive a 
week’s pay as a Christmas bonus. 


formal arrangements lor paying reluctance of banks, to increase 
rewards of varying amounts. The .the Hunt on the guarantee cards, 
new arrangements, however, will which an spite of inuation was 
increase and standardise £e raised from the original £30 to 
rewards. They are also intended £50 only last year. . 
to provide an added incentive . Barcleycard, as Well as.operait- 
for the proper examination of ing .as a credit- card j Is. also a 
cheques and cards tendered in guarantee card to support 
shops and hotels. cheques. 


3l 

a* 


Paintmgsold for 


SOTHEBY’S AUCnor^. 0? Old Wisdom by T. E. Lawrence from 
Master paintings yesterday did the limited first edition' of 1926 
not cpiite ‘ go according plan, sold ..for £5,500 at Christie’s yes- 
It totalled £1,476,110,, with Y7 per .torday. it was inscribed by the 
cent hougbt in, nQt too bad for ^ktiibr and the lot also Included 
a sate of this statureJ • 

bv hi t cuApT The . ■ b(g s ill prise was ths 

bT WIL : .. .. £280,ooo r plus the 10 per caif : •* •' 

COMPANIES cou-M establish tax than being delegated to a life buyer's * premium, paid by 

havens to the UK by operating coa t P ap y - ^^7 Colnaghl* ’ fbr The D< 

captive pension 


Tax haven pension plan 


_ r _., „ They, are . _ ^ ^ 

schemes for approved *>7 tire Inland Revenue which Sotheby’s had catalogue 


directors and executives, Mr. 


for tax purposes. 


as bdhg'by. a follower of Rogier 


BY ANTONY ^HORNCttOFT 


Mr, Rogers todd deletes at van der Weyden. 


David Rogere, mana&ng toeior on’ captive Although the picture teof fine- 


of the Bromiwtid group^a ieaa- pension schemes, held in Loadon quality, the doubts about ■!- . ... 

nag .tax iptamring company, saan ^ investment and Property origins persuaded the saleroom a letter written by Lawrence but 

Studies, that ti»' schemes could to estimate It at £2O,OOQh£30 J <^0 signed “T. EL Sbaw^* which s5as :. 

The investment of captive play an smsportant rote fin tbe but there were three ^ r keemr*Srhe . book is - indiscreet mid 

scheme funds remains in the tax planming of executives and bidders' who obviously believed would do me^ irarm, personally, if 


bands of tbe . company. Father in company finances. 


NEWS ANALYSIS • TESCO’S MOVE INTO IRELAND 


Surprise site, surprise partner 


CLASSIFIED 


ADVERTISEMENT 

RATES 

pirn 

,*:*iioZc 

rnlMMIt 


Lsiis 

mi. 


£ 

£ 

ConnnerrSal t Industrial 



Prepcr.T 

1. iO 

14.00 

KcsidtDfiai 

?.03 

s.m 

Appmnnn n nis 

Business i Injecmcnt 

-1 50 

!4.an 

OsTQrini'.tivs. •'•I'pcf Jti**n 
Loans. H-oan'-’.-un 



«;jpaciir. Riki-k^j 

Fur -’Wm:.- ,| 

3.25 

JEW 

Elu-.ciioa. Motors 



CQDlTJvtS -i T.-Oil^rs, 
P'. - rsijnjl. fT.ird, iiiiu; 

■1.2.1 

13 00 

HgW:? i T M el 

2.r,i 

to.on 

Book Pntjlisni.-rs 

— 

7.00 


Premium positions available 
I Minimum sia> 40 column cm s 
ELJ0 per single column cm extra! 


TESCO’s MOVE into Irish retail- lay with giant supermarkets, or 
ing by acquiring Mr. Albert superstores, and greater sales of 
Gubay’s limited-range discount higher-profit-margin non-food 
chain. Three Giigs. surprised the goods. 

grocery trade for two jnain Its High Street competitors in 
reasons. the UK, however, have moved 

Although the trade had fully into limited-range discounting:, 
expected Tesco to expand over- Fine Fare has the Shopper’s 
seas after its success in the UK Paradise chain. International 
grocery market, the acquisition Stores has Pricerite, and Kwik 
had been expected to take place Save — Bffr. Gubay’s former com- 
in Europe or the U.S. Ireland pany and the plpneer of limited- 

had not featured in the specula- range discounting in the UK 

tion. mainly because the - bios- has continued to grow. 

so ruing Irish economy has only TJriu ^ I0 ^ ■ . 

fairly recently caught the retail m i w fo . 
trade’s eye. fflost P e °P le has ^en Tesco’s 

Tesco also surprised its com- “ 

peutors by the choice of its J fFL 0 f a £} b : A 
acquisition in Ireland, In the first *l nd ^f Iy 

place, it chose to enter a type of Kf°l^.£ ub *x ^? s tiie golden 
limited-range discount operation f ° 0< ? Wlt * 1 h ‘ a 

that It has never really attempted « ® a ' ^. c ^ iain rf 

in the UK. aWe profit growth. In 1970 the 

Limited-range discounting In- public; two years 

volves stocking only groceries in reter Mr. Gubay quietly managed 
constant demand and selling ■ - his 2.3m shares in the 

them quickly and cheaply. Only company-—^ and was believed to 
about 1,000 different items are ne * so , m ® £4m tiie process- 
limited- an ^_ J*ft the UK .for - New 


BY DAVID CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT 



MR. ALBERT GUBAT 

Toughest test yet 


all 26 sites are in operation it 
hopes that the. chain will cap- 
ture about A third of the Irish 
grocery market, worth about 
£800m a year at present. . The 
six stores have about 2 per cent 
of the market . 

Tesco derided to buy Mr. 
Gu bay's Irish chain, and lias 
bought a controlling interest 
with the option to buy the rest 
within five-years, because it has 
been impressed with Mr. Gubay’s 
ability to get three successive 
discount operations off the 
ground. 

However, Mr. Gubay may find 
it harder to make inroads into 
the Irish retail trade than in the 
UK and New Zealand. 

The Irish trade is dominated 
by about four- main groups, 
which together control a third of 
the grocery business, with the 
pest divided up between small 
independent grocers and volun- 
tary chains. The four groups 
have been engaged for some time 
in a fierce price war and have 
cut operating costs and. prices to 
boost market share. They may 
his toughest 


For farther details mite »; 

Classified Advertisement 
Manager, 

Financial Times, 

10, Cannon Street, EC4P 4BY 


usually stocked by a 

range discounter, instead of more z ™f Jai1, . , „„ us 

than 4,000 in a normal super- , There, be proceeded to repeat almost a third of the. Auckland jr P n„hav 

market bis success with the Kwik Save market challen.ee vet y 

Tesco. which had always f onn of limited-range discount- Last year, however. Mr. Gubay Fo _ Tesco fho mov* a 
operated on a ** pile them high. called bis new chain decided that it was time to ex- certain Ironv When Mr Gnbav 

sell them cheap ” philosophy In Three Guys and quickly ran into pand once more, this time in was still In riisriJ nf Kwik 
the UK. did not see the marketing a storm of criticism from the Ireland: Again he faced strong he ord**rwl^ m, t^ii» ££+2? 
need to build more discount New Zealand retail trade. - opposition from the existing re- Tesco’s 'chairrmiT! out af a Kwik 

operations. It experimented with The New Zealanders objected tail trade to his cut-price Save store Mr Porter had hiwi 

a few limited range discount particularly to Mr. Gubay’s prac- methods. eyeing the Kwik Save oneratkra 

stores called Adsega, but derided tice of negotiating large dis- Three Guys has six stores in hut Mr Gubav trid Titm®«hpr 
instead to initiate the High Street counts from the manufacturers Ireland and another nine sites to buy "the eoods or leave the 
price war by dropping trading for taking bulk orders in a with planning permssion. An- store. Mr. Porter however 
stamps. single delivery. But they could other ten sites are being con- apoears to be too good a retailer 

Tesco also felt that the future do little about it and bis Three sldered, to Jet personal animosity obstruct 

quickly ‘ captured Tesco said yesterday that when the right acquisition for Tesco 


for grocery retailing in the UK Guys chain 


ft to he a genuine van der Wey- It became the subject of talk . . „ 
den . br .the work of another Tbe Seven Pillars is the incom- • 
major artist of his time. - - •Rrehensible and irrelevant name 
In-.contrast an attractive woric ® f the book.”- ' 

b y ^Iiic as Cranach tiie Elder, * The", sale " to tailed- £26,696 ,f 
.t 0 flffd a buyer - Volume two of -the. first edition . 
..bidding stopped, at- of -'Meta Kampf, with- an la- . 
£? mw ^ Jo Haler’s own hand, 

P P^ w ere the - made £fi5b. A limited .first edition 
£34,000 fpr A Carnival oti Hie of the Ulnstrations of the Book of 
Ice o wtiwie Antwerp: by Dems Job by wmisun Slake was bought • 
vaa Alsioot; the same sum for by, the London.' dealer Reefl for' 
Still. rL^fe by- Litis ■ Melendez; VS.9QP. 

£32,009 for a pair of "still Ilfes .vT&e 7 JeWeCs auction "totaHed 
by Juan van der Hamen; .-‘and £297.705; -Graff 7 Diamond^ made -- : 

___ n ,. T - _ .._ £30.)XM> for_a wooded landscape '^42,000 for a diamond necklace 

first time, Tesco has by Meindert HobbenML_ _:i., and a dlainond^Sd ba^«2 • = 
achieved more than J.3 per cent At -the; Sriheby’s yine auctibp. .diamond lffacelet-re Jised £1,7.000. 

“ -■ L * -■ s paifi for arr ’ 

r _„,. Rrt+nin ' - -j rare. wine,, which . traditionally Pendant -for Sg vroour^^m 

ba * vowerfoi reviving, qusm^, diamobd;. mourned as ' 

c SUSS SattSK 


H-.S. 


Market 
share 
tops 13% 




a 

a. single. 


nsbury, Tesco’s closest B^5h-ih 193S «ampieteq its. sale:-M-tfe remain-, 

the High .Street super- ^ SerltJy H^S 

rice .war, has also edged i on caster for a total of £1 27M9, 

” November pS ^ a ^ A .pafr of five fold 

st U. per cent of . A- cqpy of Steven PlllWs; 


market price 
up over the 
and bas almost 
the market. 

That means that the two com- 
panies control almost a .quarter 
of the grocery ‘ trade, compared 
with 15 per cent. 18: months ago. 


Co-operative 


wme 

BY EDMUND P£NMN&ftO WSELL 


For Tesco the latest "market : 800 ; aj bottler 7 and i-an .IftSth- 

figures again justify its - derision; J 01 *. * 1 . Sotheby's final flne and. made V 


VMM-. s ■» 

In June “1977' ~o“awp “tiadlng auction of the' yricr ~^Anujn^:. more - : - coryv^Hnnal - - 

stamps from Its stores and con- yeatexjay^ demonstrated : once .vjine^ record : Tjft 

cenaate .on price cuts- instead. the hag flow of wone-going -dozen ••botties^wero -paid 


Since it ' dropped stamps, its sri?rboms. 7 Labour 1945.(£&M> Cr 

haw .^mwapaJ. K- . TlVIt.rBSBlt U.lhsl. nnpsi-.nnfiii. 1 jSuli’.'.'S: 


market share has. inBrease'd - by -Thtf rwtult is ^hal prices : oyfiv vfSSSffL '-Cbeinl^ia^ifli? 
more .than half. • all.thpigli perhaps is-20 per.cmit <£flgo) ;jind • 

Auditis, figures also .show --that Wgher than a year -ago, are next Laflte- LHg and a-Moiiton -^K^ 
the -Co-Operative stores and the rismg^ ^ sensationally;. Hpces. yas= .cfctftf; ims eadk:mad^ 1 
Pforthero-based Asda chain have tenlay were fixpL^ptb ;:Tfag3jsb dozen.^ mid' -<3)evai-BlaT»c tosk ; - 

6in3n^xBkd&;fiaa(i:--V-.- •- 


ister 

*0l 


Increased their market shares. and ; fbrejjga trade HRei is • prdntitt'-aijade:: £80fl- 
The Co-Op's market- .share -has .ent',V- r V‘ : :*-■ jSome mauaT' uric® were also 
increased altogether, to allghUy ■ Erceptfons . were the^rifretles: ^eache . 
lias than 18 per cent, while Asda tfaat.can be bought -nnly ;^; the D^a^ winfeff:‘--£850'ra: Jtsrii /OT 
has between 6 and 7 per cent, salerooms, mtd ootstap^nfe .was a RbraandeXlti^.Tteft and £63» far - 


The figures 


market leaders 


-suggest that the tote ‘ «hfary Tokay, qi' 
s are feriqg much 3>rileved_ to. contain :the origihai .Anfrongr 'earHer. vinsassis the 















. ^bfcm'oer 14 .1978 

S®3f^ 



BANK OF ENGLAND QUARTERLY BULLETIN 


ESTIMATED DEPLOYMENT OF OIL EXPORTERS* SURPLUSES 


11 £ is , 

- ■>' A , ,•* # *t • V- 

■ v 

* ^ * Mr 
i 

" •'■ - .. ■ ■••’ * , f ’I ,. 

: ”? 

- . ' : •>*..*;•- 
■"- ?-. 

»*-_ , t '•» ■i'.v 

• :.v.;‘ : -\:> ‘i >>■ 

: 


;U 

£ 






• • v "i j. 

• ;■:.■"■- . -i •'■... -'-O ' 
• •' '-S!»s 


■ _' ^ -V |# 




1’ 

~ J , .'. - V:- ,■'<■* 
, -.- " "' 


. - . . • r 

- • ■>■ , .: -j.“i ?• 

; ... “J J*, • *•» 


u? ; 


J "' • - • ."■*■ i 
- ..." ^ 

'^V. 




Youth 

^perit! 


asu. 


■ 1 ~« JArSsjji 


• • . ' * ' " ^ : 


'■ ■" 

- ■ ■ r*. 



SALEBOOS 

... . 

« ; AN 2S • *’■ 


A - 



,n 


BY IAN WRCHSWSS, SHIPPING COftR£SK>NO0fT 


THE.. SERIOUS depletion of normally regarded as about half 
Prit&rB'sbbJkVcaniter fleet under -ite working We of* vessel. 

Uwia^ftoll^woridaMppmg -P c 

recession is shownbjr' the latest shipowners in tlw Fff Bast and 

BreU,m - .tniUatoi )*!*£;*> »1.0 W 

rj.L'VuijL. "**.'<» 1 *. ' . ■ - -that the DK fleet ft-iming much 

. ■No toter/than 87 bulk earners woVse than the wild -average. 
« ®°® “Wttpn ' earners ton]- Thta year .ft has. accounted for 

ling 3.5m <Lw.t have been aoldr per .cent 'of 1& total world 
^s .y^<_ ne»^au ^ iowiga M it» 4 rf sr.Tm dwt:-At & time 
buyers. when ft constitutes only 7-5 per 

Tfr i<r rp^T T»«»tlTg more than one cent of the world feet, 
quartejwitf-, the British bulk and Another flag under ■ sustained 
coa^ic^ rarrfe ^ flee* which jaessase is i that Pf -Norway. 
s tPO^ jt- - a3 Ja^ flrrt ; in - July, which has shrunk by 3 m dwt so 
gg card ing to Lloyd s Register ^ 4 ^ year. Almost one -third 
figures ..-' 7 •■' •■. •;.. of vessels srtd for ‘ further 

' months 
The 

. _ Swedish fleet has 'shrilnk from 

Zdmbeit. %hre^ which cover i2Am dwt iSr July Jest year to 
the year's- flwt.ll months, show Sm dwt. 

an almost 1 MuaUjr depressing The one hrlglftispot for sbip- 
ptetura for otheT sections of the owners to emerge " from . this 
UK shipping indtfetry- 1 latest statistical! analysis is the 
In total, MS -ships of 4_8m dwt confirmation that demolition of 
have heed sold by. 78 different ^**P S ** rnnning at unprecc- 
owners -from tberBritlfih flag to dented levels. - 
foreign companies tins year. In Mora than lflm. ihvt of ships 
addition; . 38 vessels totallmg have been ' scrapped this year, 
l.Gm dwt. weflf to scrap. The compared with, -12.6m dwt last 
average age of r the ships sold year. Of the lSardwt, 8.6 per 
for further trading was 12 years, cent was British. .- 


Benn heads 
Welsh 
coalfield 
inquiry 


Expansion at 3% 


UNITED KINGDOM 


may be sustained 


British government stocks 
Treasury bilb 
Sterling deposits 
Other sterling investments 
British government foreign 
currency bonds 
Foreign currency deposits 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


By Robin Reeves, 
Welsh .Correspondent 


Unemployment has 


THE UNDERLYING rate of poat-tax real earnings in the 

expansion of the economy has year to April 1978 were fairly 

THE GOVERNMENTS tripartite probably been slightly more than evenly spread, 

investigation into the problems 3 per cent a year during 1978 and The ratio of earnings at the 
facing the South Wales coalfield might be sustained about that top of the income distribution 

is lo meet in London for the first level over the next 12 months if to those at the bottom w'as little 

time today under the chairman- inflation stays in single figures, different in April 1978 from a 

ship of Mr. Anthony Wedgwood That is the central theme of year earlier. Pre-tax distribu- 
Benn, Energy Secretary. the economic assessment in the tion widened slightly, but that 

This - inquiry comes after December issue of the Bank of was offset by the introduction of 
mounting concern over the coal- England Quarterly Bulletin, pub- the lower tax band, 
field's heavy financial losses and listaed this -morning. Over the past four or five 

fears among mining unions That The bulletin notes that expan- years, post-tax real earnings dis- 

it could, spell more colliery sion in economic activity seems tributlan has narrowed, with the meat have been falling, suggest- 

closures. to have moderated in the third ratio of those a tenth from the ing a decline in the total number 

Other committee members quarter of this year and that the top of the income distribution of men available for work, yet 
include Mr. Joel Barnett; Chief r . ate of inflation has changed 


UNITED STATES 
Treasury bonds and notes 
Treasury bills 

_ _ fallen Bank deposits 

almost continuously since Other (b) 

October 1977 and. by November, 

was more than 90,000 lower than 

a year earlier. Yet employment OTHER COUNTRIES 

appears to be increasing only Bank deposits 

slowly and. in the >ear to June, Special bilateral facilities and 

grew by far less than the expec- other investments 

ted increase in the labour 

supply. 

That disparity has been INTERNATIONAL 


particularly acute among men. 
Male employment and unempioy- 


ORGANISATIONS 


Total 


$ billons 




1976 

1977 

1978 


Year 

Year 

Iscqcr. 

2nd qtr. 

0.2 

— 


-0.2 

— 1.2 

—0.2 



0.2 

-1.4 

0.3 

02 

-0.4 

05 

0.4 

— 

0.1 



0.2 



. 

5.6 

3.4 

-0.4 

-1.6 

S 0.8 

— 

— 

— 

4.5 

4.7 

— 0.2 

-1.9 

4.2 

43 

-0.7 

-0.7 

-1.0 

-0.8 

0J 

-1.1 

1.6 

0.4 

0.5 

-0.7 

7.2 

S3 

0.8 

13 

12.0 

92 

IS 

—12 

6S 

7.5 

IS 

-0.5 

112 

12.4 

1.5 

1,7 

18.7 

19.9 

3.0 

1.2 

20 

0.3 

— 

— 

37.2 

333 

43 

— 1.9 


to those a tenth from the bottom the number who are of working 
falling by about 10 per cent. ace is believed to have risen. 

Although public-sector pay dur- allowances for staff overseas 
ing recent stages of incomes Part of the explanation may be 
policy .rose comparatively slowly, that self-employment has io- 
the gains obtained by the public creased, partly because of the 
sector .in earlier years have not recent upturn in the construction 
been wholly eroded. industry. Earlier retirement may 

. Male earnings in public and also have been an influence. 

used to** the fnif and* iob odt»i> I tinued moderate expansion with private sectors were roughly In the year to June, the male 

... , . . J . ““ iVia nf inTUl ...1,1 in Iko .1 


Secretary to the Treasury. Mr. ht $le. 

Philip Wcekes, the National Coal Looking ahead, the UK should 
Board's South Wales director and benefit from continued growth of 
Mr. Emlyn Williams, the South lts export markets and relative 
Wales miners* president. stability in world commodity 

Their task is to study ways of ^* r l£® s ‘ _ . ... 

making the coalfield pay while Tie Bank suggests that an 
ensuring that mining skills are opponinity exists to combine con- 


tumbes are maintained. 

Onfly one pit — Deep Duffryn. 
near A be rd are — is under a formal 
closure threat, hut fears persist 
throughout South. Wales that 
others could fallow unless there 
are changes in coal marketing 
subsidy arrangements. 

The National Union of Mine- 
workers has decided to fight the 
proposed closure. The situation is 
to be discussed by the union's 
national executive in London 
today. 


reducing the rate of inflation, equal in the early 1970s and the employed labour force fell by 
The average increase in earnings public sector's relative position 37.000 and male registered unem- 
in the current pay round seems improved until 1976, when it was ployment by 28,000, although 
likely to prove less than last ahead by nearly ll per cent estimates suggested that the total 
year’s rise. 

If so. inflation will probably 


Fall in profitability 
on trading assets 
6 began in 1950s 9 


- T Bffln»LfLAG SHIP SALES: JANUARY TO NOVEMBER T778 — 
Demofitioii: 

! Tanker*-" Bulk carrier* OBO* Shelter d*cfc/otii«rs 

No. dwt av. No.- dwt *v. No. dwt . a ik No. dwt av. 

17 ■ JJMm U A 64,000 la- 2 14Sfl00 *V IJ 14^000 

Sold tor further trading to UK compare 

2 2U&&-2 3 4,065 17 Ifl.;. 3 7^14 9 

Sold, tori further trading to foreign company 

8. XfcflQQ ;13. .-58 . 2Jm 9 9 Urn 7 90 0.9m 


No. 


Total 

dwt 


be kept at its present pace. If 
earnings increases were kept 
well within single figures, the 
pace of inflation would be re- 
duced. 

“Inflation is thus contained. 
Bank forecasts suggest that the 
recent underlying rate of expan- 
sion of the economy is likely to 
continue. Consumers’ purchas- 
ing power would continue to 
grow, albeit a little more slowly 
than recently. 


Errors 


BY DAVID FREUD 


25 36 


I -6m 


age 

22 


| Unemployment 

“ Combined with probable 


cost inflation, especially when 
combined with historic cost pric- 
ing policies. 

Tbe article finds that there 
was a modest recovery in profit- 
ability between late 1975 and 


t 879,000 10 


deceleration iu the rate of cost 
inflation. 


14 165 


4Jm 12 


TOTAL' 209 sflipt 73m dwt 


Sowva: Lambert bnxhwrt 


of Windscale 





8Y DAYK> FtSHLOOC, SCIENCE EDITOR 


IN SPITE: GF a 7 sharp increase in radiottoir redease ft cbrjtiSion 
in • the amount Of radiation of Magnox fuel 


released to the sea by the Wind- under water.' The problem arose 
scale -nuclear ’plant since -the when fuel accumuJatetwhile the 


early 1970s, Itsiesfect.on the total reprocessing plant wak&teed for 
amount- of radiation received' by modifications. . '• 
the population of Britain has been - ' Corrosion' of the': protective 
negligible.,, -magnesium - “aUdy : -*«add 

'riaisl is cieaE-^rom the Jai^ ^^os^^e-nranitHn -ftwl to ■ 

. figures- on- radiation erpo»ia_ 1 ^ A l5 r * . ^releasing - y radioactive 
released -by the National .Radio- Caenum isotopes. > o 
logical Protection Board, =tbe^ T « 5ol7 ® w S e ® rIt,s,1 

Goverhinen^s watiidog on xadia- S? ea L. f 5? s ,r i d “|ping 
tion matters.'- - water treatmoit^plant to-purge 

. Natural background radiation storage pmfd water of _tiie 
accounts- for two-thirds of the ^ fission prodnets. It will tireat 
dose received by the TOTpopula- »f«al n^ljod litres, of water a 
tion.- while I medical -uses . df-^vA provi de safe, 

radiation accounts "for most of sinewed stare ge'o f the extracted 
She- rest; . . low-level rrfotoactive waste. 

The accompanying '■ chart installed — a major 

details the annual effective dose engineering project — the corn- 
equivalent of radiation received P®* 1 ? « usnagfemporary methods 
to Britain.- as - percentages from watm; pnnficabon to minumse 
each of ri* souks. - / toe . radiation released into toe 

it Irish Bea. But the report acknow- 

, J, <3fTadl0 - ledges that' these t emporary 

**■ urc f-‘ metood s are not likely to reduce 

military, as well as .civil nnclear^ ^ aetivity w muc h. 

power, proj^mmes — rs the report is much more 

on tribu tor of the sne detailed than the first national 

eoipres reachmg de population, survey Teleaied in 1974. reflect- 
The. 'scientists. '.who compiled ing: both a great increase in the 
the 'figures, .-Ids. Frances Taylor amount of radiation data availr 
'arid Mr. : G. A^ M. .Wetfb, forecast able and the. dvice of toe Boyl 
a slight increase in the amount Commission on Environmental 
of \ radiation /received ‘ from Pollution, 
nuclear wasth oyer toe next 30 ' Radiation Exposure of the UK 
yearSj, N;.::', . . .. Population, by F. E. Taylor and 

The.' problem-', at Windscale G. A. if. Webb. NRPB-R77, SO, 
which caused the-sbarp^ increase £2.50. 


welcome to UK 
for US. tax reformer 




BY iYNTON McLAJN 


MR. '.HOWARD JARVIS, too His message to British tas- 
CaBfonndn.-imc reformer, arrived payers was -.that they should 
in- L|^qh ; -jMterday to an that individuals could 

enthusiastic weicome .. ^rom sonmthiiig about taxes. 
Britain's -tax redaction" lobby. - ,, • * „ . - 

■ Less enthusiastic was. the wel- Mr. Horns MoWhirter, a 


come; fronr. toe Board u£ Inland ^rector of toe association, said 
Revenue, which , si 


sp far has not H that the visit would act as a 

replied: to an tiwfta tion to meet -catalyst in.Jetting people '-see 
Mr. Jaryis. It. said - yesterday that what cottid "be done. 

-it bad-hot received toe Invitation, Mr. Jarvis will meet Mm, 
. The- 75-yearntd miHionaire’s Margaret Thatcher, leader of toe 
visit lo Britain was sponsored by Opposition, on . Monday, but both, 
toe National -Association. . for toe Prime Minister and Mf. 
Freedom? 'and.' - toe. - Chartered Denis Healey, the Chance Hot, 
Unitm of Taxpayem Mi*. Jarvis were H too bttsy ” to meet him. ... 
is -to \edrise; Brithhs how they 


should figM higfr, taxation. 

Mr. . Jarvis hnd Mr. Paul Gann, 
a 65-year-old retired estate 
agent, won p^tilar support in 
California- this .summer - for a 
move to cut local properly -taxes. 


Telephones gilt 


Tbeir Proposition 33 was -instru- -A . JJISPIAY. of historic tele- 
mental in . cutting state revenues; phones, including one made hi 
by .STbn. - 1885, is to' be presented to the 

-But the -' '■ tactics and the Industrial Museum at Wolla- 
approach to . the problem of ton HalL Nottingham, tomorrow, 
■high taxes' used-; in the Cali- They are being presented ,by 
fomlan campaign • would not- Plessey's fifttory at Beesnm, 
necessarily be. ‘ successful in which has been malting tefe 
Britain, Mr., Jams ; said. ■ phones tor nearly 75 years, ■ 


Ministers urged to cut 

risks to wild life 


TEDS DAMAGE being caused to north-east coast of Engjaud 
wildlife' by Oil pollution each during February and Marco 197B 
year cannot he allowed .to con- was probably' as high as during 
tinutf indeflnitely. the Nature toe Amoco Cadiz . emergency. 
Conservancy Council ' says m its Ministers are -I®: 

fourth annual report, to March u address their fullest efforts to 
187S, published yeslmday- a comprehensive approach ■ to 
•The • y^ar; " covered by . tbe reducing 'the number and $tee : 
report started .wito tbe blow-out of oil ’ spills.'" 


at” tbe.- Ekoflsfc. Bravo, platform .- • ‘Eight new ■ National Nature 
ami ontiPd with toe- vrnundine Reserves were declared t 


and ended with toe grounding Reserves were declared m the 
of-the- tanker Amoco Cadiz, but year, making a total of 
the -council points- out tfiat - the . England, . Scotland and Wales, 
death ; toll .of ' seabirds from oil ' -Nnwre Cimservancy Counmi 
from an untraced Source 'off- the- fourth, annual report, pnee w.». 


‘Slower 
trade 
growth 
next year 5 


Financial Time* Reporter 


male laoour force would nse by 
40 flfln 

- n-wT Sc i«ee THE widelj-rc-norted weakening 

The Bulletin notes that public curDi^n^ ^ 1“ in reaI profitubility on trading 

spending is rising again. The SflJSSS. 6, Sid unemSovmeSt assets durin S ihe J960s and 

total ft expected to nse by about “ d by“S? to ln7x- earl * 1970s « have been 

5 J£ T J eul in reaI terms between mcreasen d> jess man ex ^ contimiation uf a much jonaer 

1977-78 and 1978-79 and by a p ■ s : dp tbe downward trend, according to a 

2 per cent p jeer there- E SSi UK Wgfl ^ -»e BuUe.in. 

Analysis shep-s that hon-otein 3 ^’"yelr^r^ri'WTIo ae7eptpateh“m ?Je ntid-WOs b” 

an average of £2*bn since 1973- ^ ar t b* s - ear - manufactured 
1974, after adjusting for mid- ? aIes L are 3 P er cen . t b»g h fr , l ban 
ter m policy changes ia same period of 1977, 

Many errors arose' from diffi- ®? ainst , 3n esrim3ted increase of 
culties in predicting the effects 3 t 10 ^. per f ent m tbe volume 

of rapidly changing inflation of ^' orld mde m manufactured 

continuing growth in exports! rates and of big policy changes, soods. 
flnal sales seem likely to rise a In past two years, the UK „ 
little less rapidly than in the last general government financial de- Imports 
12 months. tot has amounted to between . , 

“With lower stock building 3 and 4 per cent of gross domes- Tbe m*m feature continues to 
than earlier this year, hut some tic' product, little different from be the strength of non-manufac- 
slowing down in the growth of those of the other main Indus- £“f ed exports, notably crude oil. 
imports, output may continue to tnolisfid countries. The overall trade balance in 

expand at a rate approoching 3 Apart from Italy, all the eoun- semi-menu factored goods has 
per cent a year— sufficient per- tries show-n have bad decits with- continued to worsen over toe 
haps, to prevent the level of un- in 1 to 5 per cent of nominal past four quarters, perhaps in 
employment from rising." gross' domestic product The esti- part reflecting some loss of 
The Bank observes, however, mated UK deficit this year is 3| relative price competitiveness, 
that a faster growth in earnings P er cent - compared with an aver- The rise in imports of semi- 
would threaten expansion Mone- *8® oi 2 i P fcr cent for industrial- manufactured goods in the Fluctuated 
tary policy could hardly be Ised coun tries. current upturn has been almost 

relaxed: and that, in combina- ^ bulletin notes that com- as rapid as it was five years 
tion with higher money incomes, P“T Profits (net of stock appre- ago even though toe rise in out- 

clatum) fell sharplv in tbe put has been much more modest 
seeond quarter as the faster than in the 1972-73 cycle, 
growth of unit labour costs and . The rapid growth in imports 
an Increase in the sterling price of manufactured goods— up 171 
of imported raw materials more per cent in volume (excluding 
than, offset tbe effect of a revival erratic items) in the year to toe 

third quarter — is Dot much more 
than might have been expected 


It rose during the late 1930s as 
economic activity picked up from 
the depression and fluctuated 
between 14.3-16 per cent in the 
decade after World War IT. 

A steady fa I Ho about lu-ll per 
cent occurred in the early 1970s 
and — reflecting the recession and 
acceleration of inflation — an 
abrupt fall to as little as 5 per 
cent in 1975. Last year the share 
of real .profits rose slightly, to 
about 6 per cent. 

There was also a pronoum ed 
fall in the share of entrep- 
reneurial profits — which include 


stemming mainly from the company profits, trading . sur- 


pluses of public corporations and 
the estimated profit element of 


would impose some brake on 
| expansion. 

Faster inflation would tend to 
make consumers save more and 
spend less; exports wotild be 
le« competitive or less profit- j domestic activity 
able; uncertainty and lower «uv“y. 


OUTPUT growth In the pre- 
sent trade eyrie peaked in 
October or November and tbe 
UK has entered a phase of 
more modest growth, accord- 
ing to City stockbrokers Beam 
Govett. • “ • 

The firm says in Its latest 
economic^ assessment that after 
expansion In the first three 
quarters at -an annual rate 
probably in, the region of 5 per 
rent, “toe; present decelera- 
tion will take the figure below 
.3 per cent for the first half of 
1979." 

While the slowdown could 
.have undesirable sodal conse- 
quences. the financial impUea- 
tions were reasonably satisfac- 
tory. The balance of payments 
. was likely to move into sub- 
stantial surplus. 

_ “If toe accounts ran a mod- 
est surplus in 1978 when dom- 
estic- demand was so hectic 
and when overseas conditions 
'were only moderately buoyant, 

. the-, prospects for early 1979 
when domestic considerations 
will : be weaker and foreign 
ones - win be stronger have to 
be exceptionally good.” 

Conditions were also likely 
.to 'be fairly favourable for In- 
flation. The healthy trade 
accounts, coupled with attrac- 
tively pitched interest rates, 
were likely to maintain a firm 
trend- within sterling and this 
would moderate tbe taflatton- 
kry impact of any rise in com- 
modity costs. 

Another effect of too econo- 
mic slowdown would be to 
tirade demand for hi bo or. Ibis 
would undermine its bargain- 
Ihg position: 

For this reason, toe rate of 
inflation would say In too 7-8 
Inflation would- stay in toe 7-8 
and rise- only very sHgbtiy. 


profits would reduce investment Pressures from recent experience. 

Eventually, the rate of wage Although the sharp accelera- The balance of payments con- ......... 

Increase will probably be fairly tion^ia costs in the second tribution from North Sea oU company profits in domestic in- the historic cost by just over 


There has also been some income from self-employment 
erosion of the return on the ne * domestic _ income from 
equity interest in UK companies, about 20 'per cent in 1950 lo 9 per 
but this lias been less marked in ce J2t to 19<4-n. 
recent years than the fall in the The real rate of return 0[ 
return on trading assets, because companies on trading jissets had 
real interest rates became sub- fallen _to less than 3.5 per cent 
st anti ally negative. Correspond- by 1975. Its recovery to 4 per 
Ingly, debt holders have suf- cent m 19 << seems principally 
fere’d substantial capital losses, tot have reflected the decelera- 
tion of cost inflation. 

The impact of the rise in 
cumulative inflation over the 
The article goes on to conclude life of the assets, which took 
that research carried out by the place in the early 1070s — and 
Bank of England suggests that the consequent widening of the 
a prolonged period of low profit- gap between historical and 
ability will have a significant replacement cost valuations of 
effect on investment However, physical assets— is reflected in 
that effect cannot properly be the growing divergence between 
assessed without a consideration the measures of rates of return 
of changes in the cost of capital, based on historic cost profits 
Various measures of profit- and real profits, 
ability all show a steady fall In the 1960s the replacement 
since the 1950s. The share of real cost valuation of assets exceeded 


[directly traded off against the nuarler mav pttp an imd.iiw continues to grow as production £ 01X10 fluctuated between 14jnd 30 per cent 
1 — 1 q Kd SpSon of “Sfifr buiWs U P- The n ? 1 «««!* on the 9 Per cent in the 1820s and 1930s. nearly 150 per 


and in 
cent 


balance of payments will be a 
further, separate constraint on 
growth. Given the general need 
for current-account surpluses to 
provide for repayment of debt, 
and the large assistance from 


Investors buy more 
Government stocks 


BY MICHAEL BLANDEN 


t _ _ _ 1977 by 

level of activity — and thus of depressed _ _ 

unemployment. ability., there Veems ‘little doubt current account is projected to 

It 1s less clear bow far the that the recovery jn cash profits * ro “ *750m last year to 

since mid-1975 topped in late £1 ibn toft y<sn-, f^bn iu 1979 
1977, mainly ^be cause of the an * r f 3,b . n . in 1980 ‘ . . .... 

increases In uriit labour costs „ After taking accomrt of capital 
during stage three of incomes the overall effect on the 

policy. balance of payments is expected 

— Cash profits may lave improved t° rise from £2bn in 1977 to 

North Sea oil. this year’s results modestly .in toe second half of ^bn this year to £3Jbn in 1979 
are -relatively disappointing. . toe year; economic Activity has to £4bn in 1980. 

"With expansion proceeding at continued to recover and cost . . monetary policy, the 

about the present rate." tbe cur- pressures. --helped bv tbe recent bulletin notes that the bank 

rent account may well show a stabilitv of sterling may have landing figures understate the INSURANCE COMPANIES and offset by a reduction in Treasury 

small surplus in 1979.” .Expand- eased. Even so. companies* real underlying demand for credit to pension funds were the major bill holdings 

ing domestic demand much rate or return (excluding .North 'be extent that acceptance bills buyers outsifle tbe banking The nominal total of toe 

faster than in the rest of the Sea activities) seems likriy io are taken up by the non-bank system of the large issues of national debt at toe end of 

world would probably be impos- fail, for 1978 as a whole, to, the Private sector. Government stocks made during March was £S0bn, an increase of 

stole without putting the balance lowest level in recent years. That is one result of the reim- the year to the end of March. £i2bn over the year. About a 

The outlook for profits during position in June of the so-cailed A special article in the third of the rise was accounted 

the coming year will depend corset controls on the growth of Bulletin shows that, with It [or by official holders, largely 

largely on the course of earnings interest-bearing eligible liabili- issues of gilt-edged securities .the the national insurance funds 
during stage four* ties. That effect (known as proportion of Government debt and the Bank o.c England itself. 

Evidence continues to indicate disintermediation) may have held in this form 

a tightening labour market albeit amounted to some £600m 
as much because fewer are seek- between 

ing employment as through any October rather more than in 
sustained expansion in the previous periods when the corset 
demand for labour. controls were in force. 


of payments under strain. 

All that, according to . tbe 
Bank, indicates the nged for a 
clearly cautious bias in flseal.and 
monetary policy. The authori- 
| ties’ action in autumn emphasises 
toe determination to maintain 
firm monetary control 
On earnings differentials, the 
I Bulletin points out that g&in* in 


by market 

_ Investors, rose to 70.6 per cent. Increase 
mid- the highest proportion since the Thc major part of thc risP- 
! in end of March 19/4. some £S.lbn. was in market hold- 

The insurance companies and ings. It reflected broadly the 
pension funds were heavy buyers, combination of a central govern- 
mainly of long-dated gilt-edged merit borrowing requirement of 
societies’ 


Errors fin the Budget forecasts of the P5BR 


daring toe remainder of next 




MBR 

(£bn) 



Differences 



Budget 

forecast* 

Outturn 

Difference 

Revenue 

Expenditure 

Financial 

transactions 






% 

% 


1973/74 

4.4 

4.4 


0.9 

3 

1.9 6 

—1-0 

1974/75 • 

3.9 

73 

4 .1 

1.2 

3 

SS 15 

-02 

7975/76 

9.1 

10.6 

13 

IS 

s* 

32 6 

0.8 

1976/77 

11.9 

4* *■* 

— 3J 

3J> 

5* 

— 

—03 

1977/78 

9.7 

Si 

-42 

2J) 

3 

—0.9 -1 

-12 


stocks. The building 
holdings of short-dated stocks 
also rose sharply, reflecting the 
substantial inflows during 19/ z -78 
which were used partly to restore 
liquidity. 

In addition, the Bank reports 
that during the summer of 1977 
thc return on deposits with ibe 
National Savings Bank invest- 
ment account became ini-reas- 


£4.4hn and a large increase of 
fS.Sbn in the official reserves 
over the year. About £lbn of the 
increase during toe year in the 
debt outside official bands was 
related to direct external borrow- 
ing. 

The sterling equivalent of debt 
payable in foreign currencies 
rose by £257tn. but accounted 
for only 7.5 per cent of the total 


ingly attractive. This led to large debt in market hands. Although 


Rees opens 
£2m safety 
glass plant 


Source: Farvcetti tram Financial Statement and Badgat Report w, 1973-74 to 1977-71; outturn, from Financial Suttela. 
■ Adjusted, for tfao nsBam teken la Jufr »nd NortnOcr 1974 (affecting 1974/75). December 1974 (affecting 

197*/— * “ ‘ - -- ... — 


Rhandal Timas Reporter 
A.PACTQ&Y. which is claimed] 


to have the largest capacity in 
Europe for toe production of flat, 
laminated and bullet resistant 
glass was opened In Leeds yester- 
day .by Mr. Merlyn Rees, the 
Home- Secretary. 

Alcan Safety Glass, a sub-j 
s id! ary . of Alcan Aluminium 


1*74/77), and July i 
rffnfllantljr affect die 

Oil funds 
fall below 
Rank’s 
forecast 


1*77 
qutetiofl. 


(affecting 1*77/74); ether mM-yw mwiuti (({. July 1*74) did net 


NORTH SEA OIL 
£ billions 

1977 

Value of production, less interest, 

profits and -dividends 2 

Related imports^ U 


1978* 1979* 1980* 


n 


s 


By Michael Blanden 


Effect on current: account 
Effect on capital account 
‘ Overall effect on the balance of 
payments -- 

■ ErtlnwiM/fertCBK,. 

t Estimated Imparts of goods and tenriees related 
to the North See- off programme. 


i 

li 


1} 


21 

I 


inflows, a substantial proportion 
of which were held in liquid form 
— purchases of Treasury bills — 
as a precaution against sudden 
withdrawals. 

As a result, the holdings of 
Treasury bills by the non-bank 
financial institutions more than 
doubled. 

Overall, toe Bank reports, toe 
holdings of Government debt by 
the non-bank financial institu- 
tions have grown steadily over 
recent years, and at thc end of 
March accounted for over 40 per 
cent of the total sterling debt 
in market hands, compared with 
under 30 per cent six years ago. 

The holdings of the banking 
sector increased more modestly, 
with a large rise in holdings of 
gilt-edged stocks being partly 


the Government borrowed more 
abroad, toe sterling value of 
existing debt declined on balance 
as a result of llie appreciation 


of the pound over the year. 

Issues of gill-edged stocks dur- 
ing the year totalled £12.8bn in 
nominal value, with eight of Ihem 
payable in instalments. About 
half of the stocks were short- 
dated. and toe average life of 
dated stocks in market hands 
fell by 0.3 of a year to 12.2 years. 
The average amount of such 
stock to be redeemed in each of 
tbe next five years rose lo over 
£3bn. 

The value of national savings 
securities outstanding rose by 
£543m. but the percentage of 
market debt in this form fell 
slightly to 9.5 per cent. 


2i 


34 


THE .SURPLUS funds 
to the oil-exporting 


available 

countries 


EMPLOYMENT AND UNEMPLOYMENT 


(UK), said that toe 80,000 square during the first half of th^s year 
feet purpose built plant was a were substantially below Bank of 
£2m. investment. . England estimates, according to 

~ Mr. Gordon Bennett, managing the latest Bulletin. 


Changes betwen June 1977 and June 1978: United Kingdom; 
not seasonally adpisted 


BL considers future 
of two subsidiaries 


fflrector rf Ahmn ^fely Glass - Coosiderable revisions : have 




Employed labour force 
Registered unemployed 


life that violence and terrorism 


U ~now estimated that in' the 


Mw UbM harriers d il 

Wd for thft reason our market from the UK and the 


as world-wide. 


Working population 
For comparison: estimated 
total labour force 


Thousands 

Males 

Females 

Total 

- 37 

-r 69 

+ 32 

— 28 

-T- 24 

— 4 

-r 93 

t 28 

+193 

H- 40 

+153 

+193 


BY HAZEL DUFFY, INDUSTRIAL CORRESPONDENT 


[U.S. was not accompanied by any 


■'•We are actively Involved to t significant investment elsewhere. iff the second quarter. Preliminary indications are 


selling , our product internation- The Bank now calculate that but" was still lower than the that the third quarter produced 
uly for-a variety of purposes— oil-exporters had a small deficit £3i,gbn of. -the first quarter. a modest surplus of funds. 


diaries. 

Letters signed by Mr. Denis 

town maintaining law and order of $L9bn during, the. second '^The^olume oTex ports "rose in Disinvestment from the U-S-con 1 d 5 ect0 T r M ,?f 

tp£»urfng safety in the home, quarter. This means that over tte period May to July, reflected tinued. but there was some 

’“Hie latter ft a market in the first half as a whole, the ^ third-quarter revenue increase in investment in the managing director of 

which we see rapid growth, par- total surplus firnds available g^res. and - with a general UK and iu loans to developing 
uCttlfirly ■ as consumers are be- were only some S2.4bn.' &gainst ^crease continuing through to co untr ies. Nevertheless, ** the 
coming increasingly aware of the a previous estimate of $6.4bn and Sept ember the Bank suggests surplus for the year as a whole 
need for safety glass m high risk well ‘ down from the figure of ^iat revenues are likely to is certain to be very much 
weas. ; such as doors and shop over • $12bn .recorded m the increase again in the fourth smaller than that for 1977,” tbe 

quarter of the|year. Bank concludes. 


EMPLOYEES of Prestcold and Abell, formerly chairman of SP 
Aveling Barford, the two com- Industries, had been appointed 
panies which now form tbe rump chairman of BL Commercial 
of BL’s Special Products Indus- Vehicles. Mr. Abell took with 
tries, were told yesterday that him the other companies in SP 
although several options were Industries, leaving the position 
being considered, no decision has of Prestcold and Aveling Barford 
been taken to sell the subsi- to be “reviewed." as Mr. 


Edwardes put it 
Because of uncertainties among 
employees, a further announce- 
ment must be made soon. 

Both the Prestcold commercial 
Aveling Barford. have been sent refrigeration group and Aveling 
to all employees. Barford. which manufactures 

They do not specify the construction equipment, have 
options, but it is understood that suffered in profitability 


*onts." '■ . . second half of 1977, 

Production at the' factory In the third quarter of this 
started four weeks ago and toe year, the total estimated nil 
company expects sales to reach revenues of the exporting 
|4m in 12 months, half of toft in countries recovered slightly to 
sales abroad. $30.1bn. , This compared with 


the sale by BL of one or both 
of the companies is being con- 
sidered. 


Figures for the first nine 
months of the year show that 
Aveling Barford made a loss uf 


Bank of England Quarterly Bulletin. Volume 18. number 4. 
December 1978. 'Copies obtainable from Economic Intelligence 
Department, .Bank of England, London EG2R 8AH. 


The companies’ future became £1.6ni, which is expected to be 
uncertain 10 days ago when Mr- as high as £3m by toe end of the 
Michael Edwardes. chairman of year, while Prestcold was only 
BL, announced that Mr. David marginally profitable. 


‘j 




A 


6 ***-*-_. 


UK NEWS 


LABOUR 




Productivity 
demands 
rejected 
by Singer 
workers 


Drop in truck sales 
reflects Ford strike 

BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT ' ' 


ioUTI 

iimmi 



II klra H 



BY PHILIP BASSETT, U 30UR STAFF . 


THE FORD dispute distorted UK Increasing markedly is the pre- Scanla's increase was of 5S.6 per 
commercial vehicles sales last vious months. cent to 1^336 units. In unit terms 

xouisri vorraporiBcnk I month so that the market suf- Datsun's sales dropped from, the UK has overtaken Sweden 

tot Fimmr n f .«sin B er UK's fered its first big setback of the 486 in November last year to as Volvo’s most- important mar- 

nSmifacturi^ DlanratCl^ year. Sales fellby 6 2 per cent 277 last month; Toyota's slipped ket for heavy trucks. 
Xn&nulBClUnng piani ai ^ ^ I A V. e77 -51 «■ -'Tha lit+la rhppr 




By Ray Perman, 
Scottish Correspondent 


By Pauline Clark, Labour. Stall 


S w^h^Jn Sto question compared with November last from 577 to 213; end Honda’s- The figures offer little cheer r(Wr __ .. : ... 

■ ve^erdS? wh?n a So?my meet- year to 19.556. from 291 to 164. . _ for Mr. David Abell. Leyland ™ 

_ - - . r _ z x _ j i-t- pi All thrpp arf> chnwinv W*r VehinlAfl 1 nour nbolmtan and w* fte WstOrV Ot BntJUIl S tWO 


J Figures today from the Society AH three are showing big Vehicles' .newsman' and ***■£*£*«*$$£ ™ 
management demands for pro- 0 f Motor Manufacturers and advances over the 11 months, managing director. The dm- S™ ^j^«»mpwims_j^ 

ductivitv improvements and Trader*: show that underlying however, with registrations ns- sions sales last month were yest«™y 

changes in working arrange- demand remained strong. Over tog from 4.180 to 7.036 ln^ the down from 1303 to 1,122, while Sunday 

meats as the price for a new the 11-month period, registra- ca^ of Datsun; from 3.446 to- over the 11 months the fall was *^£5 bv th?2flobo- 

investmeot programme. tions of commercial vehicles tor Toyota, and * roin rr\J )er S eat ’. t0 4 1 *' ,7 ?Z. strons Bakers* Food and Allied 

The decision, which was over- we re up 15.42 per cent on the 2,753 to -.931 for Honda. units. At the end of last moirth __ union followed a bal- 

wbelming, came as a bitter dis- same period last year at 242,311. The Japanese figures include' its market share stood at 17.5 JUSJJLSJJfJ ““i jEfAlor 
appointment for shop stewards importers took 23.14 per cent no heavier trucks. Direct ship- per cent against 19.4 per cent branches in Ranks Boris 
and fuU-tirae trade-union offi- 0 f the November market against ment of vehicles over 3.5 tons at the same time £n 1977. McDoniali and Allied Bakeries, 

cials. who have worked since the 17.23 per cent in November last from Japan to the UK are barred. BL Cars is doing well with Its f anf^offr SSS inst toJer 

summer to persuade the com- yeac . Friendly warnings have gone car-deriVed vans, and light com- , 4 nerceirt vriih nrodncttritv. 

pany to soften its proposal to cut Over the 11 months, they cap- to the Japanese UK motor in- meroals, however. Registrations Union members have been on 
2,800 of the 4,800 jobs by 1982. tured 21.8 per cent of coramer- dustry through the society and in November were up from 3,569 str n. e for nearly -six - weeks In 

. Last weekend unions ©al vehicle sates, compared with the Department of Trade, about to 4.816 and. for the 11 months, support of a per' cent pay 

announced that senior Singer l6 ^ per cent i ast yeax . their increasing penetration of frbm 40,718 to 46,854. , claim, hut employers have 

executives from the U.5. had Ford's commercial vehicle the light commercial vehicle' Of the. other main UK-based claimed that 60 to 70 peT cent 

agreed to retain 500 of the sales j ast month dropped from business. The warnings obviously producers, Bedford fpart of -y ©utout has been main- 

threat ened jobs and to increase 7094 j n 1577 t© 2,730 this year, have hod same effect. " General Motors) saw sales rise mined with' about 10.000 

investment over roe next 4™ a tall of 61 per cent The total At the heavier end of the mar- froin 3.932 to 4,646 last month. w © r fcer5 working normally, 
years from £Sm to twin- ine mar fc et fell by 1,293 units com- ket, the Scandinavian producers and from- 40,097 to 42339 over Jt Sieved that thedis* 
Government was also to be asked pared with the drop in Ford are making most headway. Over the 11 months, while Chrysler's jmte may have cost the Bakers’ 

to inject up to £4m into the ^ les q{ 4i3W units. the first 11 months of 1978, Vol- advance was from 886 to Hll in Federation £10mtu £20m in 

Tl1 __ Leading Japanese importers vo’s registrations jumped 34.5 November and frOin 9,648 to i„ st ©^put, although the exact 

b, th^omS “cludJd^tSI “t tack salesT which had been per cent to 3,585 mils. while 11,272 over 11 months. fSStSta? ySTta 

closure of industrial sewing- Meanwhile, ^increasedcom- 


MGHT-WINGERS yesterday ire- 20 per cent -when 'the ^pay- was Only -f fourth, nmoag the-' 
gained control Pf Hritain's biggest reports have been s*r+«r- 

dvil service union, the Civifand^uated. . ^ 

Pnblic Services Association; ■ -in- The elected Right-wnig- xn^m-, the v u te jimae the jumiant. 
the largest vote In the union’s hers of the new executive! polled ^ ■ 

history ' ‘.sg iier cent of the votes cast - vice-chairman _• -ox w^the.. union a- 

- ' . . ' ^ . _ . . . : -withlb Left obtaining J2Q.6 per - moderate -group,.. and® Tpemfeer- 

Tbe extreme M effectively.^ro ^ot- o£,±he; new : execut^e;^(fQiaed. 

seized control of the- .union s ,gJ\f^LS^handSalbratich the xesuft-^s.a jiistIfi.c^on pf ; 
executive at rts annuaico^er-, branchnomina-the Bight’s ;cajnpai^n^fpr , ih-1 

was declared void and ^ St Rs Jr S memberships 

executive removed from office m tor Sght- .- He said:: ^TtV-a- breathy gf 
October when the. union’s «>&: democracy- at last For. the first 

stitution waa found to have been Sie^e^ wte the STe etttaUve n> W: if : 

tte fee tas.taen _emetedb7 itabren,- 


machine and needle divisions at i 
' Clydebank. Using an inde- , 
. pendently -commissioned consult- ! 
ants' report, unions convinced 
the company that some indus- 
trial sewins-nractaine models 
should be retained in its range. 

^?<ncrjnjise 

This meant that compulsory 
rp^untf3nc!**5 could have own 
all but eUm'mated from the 
roMnnal'sation programme, with i 
mo^t of the labour reductions 


Transatlantic flights show 
25% increase this year 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


lost output, although the 'exact 
figure has yet to he assesed. 

Bfeanwhfje, increased com- 
petition by the independent 
bakeries which have helped to 
maintain bread stocks in the 
shops, may have taken part of 
the major bakeries’ market 
share. 

The rederation said it was 
pleased that the strike was 
over, especially since it would 
mean no shortage of bread and 
cakes In the shops In the 
Christmas period. 

The ending of the strike, by 
a meeting of the bakers’ union 


vice-president '^ndidf te£ Sepast was ber*: rather t^anthe 

The swing to tire Right yester- SvnSs in 196&, . •’-* - - . . Any^ question ; of imk»trtal 

day, from an executive weighted; ’ action over. pay. this* .winter: 

206 to the Left to one weighted Wnw would .be...- "more . <^e fnlly, 

16-10 to the Right, could alter “‘U®* Ditlvv _ thought Oirt v _andjh2fcnieinbersf; 

the union’s avowed immediate in the vice-presidential elec- views :wpuld ' ^ be . 

readiness to take industrial .tions in May, some branches BCCount before an y detr isfotKwas^ 
action against the Government’s switched votes from their made. The new. ^xecutive wll; 
5 per cent pay limit •. i.'homfnated candidate^ 1 Wren, meet on 'Momlay to.. thSmig -the? 

The moderates though, made this -was publicly made knowh possibility • of _^an?taai racHMt'. 
it clear yesterday that the union' 'in October Mrs. Kate Lpsinska. in support of it^Vpay campaign, y. 
would not settle for anything less the defeated- Right-wing The executxye wUInov though, 

than full implementafion of the president was re-iostated : hist;ead alter the unlock ^4Bft.00u coiJtd- 
findings of the Pay Research of Mr. Peter Coltman, a r CW- bi^n,vto^he:jotot ,dv^^crice: 
Unit, which determines Civil munist. .^3. • union's - ..fightan^.:. f^i 

Service pay by outside compari- :. Because Mr. Coltnca^i vdrd'-npt .ife_^ a y : caxn.p a j^c. 


Mr. Ken Thomas, general The result will be . i. : Jutfet;^ permanent featnre: T7 U5 Was ;ihfr-_ 
secretary, said the pay campaign personal Wbw-:to .Bifii.'-XXttt?nan^^majtor"cha^^ «xr _ prticj?wjjte-_nt : 
would carry on. The union who stood for 'the . presid£n£y irr this * election , , «mich,_- ; wreij the- 
would continue to resist the 5 May ; as' well . :as .publication.; of .uandmates’ 

per cent guideline. presidency.:' In the" election tion addresses, thcRiglit 

Members of the CPS A are ex- results announced yesterday he as roe major stepptog-stones. to 
pected to look for rises of about'faflfed to reach Ore esecutivfe and its victory. *.• 


. b-»nv a cH ' J 1 ?, ral wast ' TRANSATLANTIC air travel be- compared with last year, but airports to see what steps can be 

aE c- 0 Ll“!Hii re rivp ffs^resoonse ^en the UK and the U.S. this part of this was at the expense taken to alleviate the discomfort JJSTjJJ??? aJlELd^Si/IIIlSS 

SrSSt y e « has ri9en b y raore thaQ 25 of charter operators “who that passengers suffer." rfftL’BfihKf 

to The reiection within rne next * „„.i* „r a But- whiio it cnnM * n littlp ot roe industrial action since 


■wrt s^sa ,B «: s ^ ^ - *** S %SS ? AMt35i S3 

Wftil/S?t5eeStJ 0 5n British airlines have carried competition from ttofir schl to assist “by providing the ?ay “ fl pr0- 

!st!.Sii! o«!f to retain the much more of the traffic than duled service cousins. neutral ground for a conference aucrwiy wer 

>snn hd ioh«! *806 reSrsider its in previous years— about 43 per “Even so, the net increase in of interesrted paitieii, it would be T J^ I 5EXl that^binttM 

filial oroposal to modernise the cent compared with about 38 per traffic this summer has been glad to offer its services. french inure* have sm \ Bed 

:K„ nSductal domestic cent last year. . more than 25 per cent over last On qneu^ for cheap air seats »™ehes ™ay haie spoDed 

5Lvi t i'’-'nachines. M>. Stanley Clinton Davis, year's figure,” said Mr Clinton at Victoria Station, the committee -iSf* 

^Ttr’Ru’h Swan. d*putv union Parliamentary Under Secretary bavis. said that it had made suggestions. 5?^ 'iSS 

convenor said last, nietrt that he for Aviation, told a transatlantic * _ it hoped could be implemented 

was exripmely disappointed at air travel conference in London Neutral ground be ? r V e ?J!J? 1 £ eE ' v ■ 

yesterday that the results rep- . . •% u a Sir Archibald Hope, chairman, 

th* aeciFion. . ie Another civil aviation body — ia 


LiJi 









!rt 8 

u 

[ 9 M 




convenor said last. n:sm tnai ne ior ATiauuu, wiu a imuaauBuui. __ , _ - ^ w 

extremely disappointed at air travel conference in London Neutral gTOUIld before next summer. 

y pv yesterday that the results rep- . “ . ,1, _ . . Sir Archibald Hope, chairman, cent voted to accept the offer 

^ fmnTinTiv resented “a minor miracle” of Another civil aviation body sa j,j[ 0 ne possible solution Mil return to work, 
wiil^ eUoitrf taStoew tmnonoJ benefitto airltaes anTSaveUers yesterday ^Pressed concern at wouW be t0 se t P up “tent cities” Deadlock in the Atom ite M 
till g" rat n rowm* the problems faced by passen- closer to airports to accommodate wek was broken when talks 

mTist nnw^m TeoSJrfv and ^In spite of rising airline costs, gers this past summer as a those waiting for cheap flights. between union and employers 

JoiJS™ not onlv the average fares charged on the result of queues for cheap 9 British Airways has signed an resumed under the umbrella 

JJ IS f T ^f at K«? rf^he whole London-New York route this tickets, and delays at airports agreement with Sheraton Hotels of the Advisory Conciliation 

r?2tah.i£ summer had been held at their caused by industrial disputes. of the U.S., under which 15 and Arbitration Serriee. 

community in Clydebank. previous levels, representing a The Air Transport Users’ Sheraton Hotels throughout the The bakers’ union led the 

Cnmnerition reduction in real terms of more Committee said in its annual world will be marketed by the first major dispute to go to 

^ r . in ..nt “ Arwi i 4 itb rpnnrt that it thoueht that con- airline as Rrithai Airwavs ACAS when it was first set no 


we titi e°et & Investment 1 thS earlier than’ we had postulated arose last summer as a result marketed to passengers making 
7 e ^ in our studies." of the French air traffic control- seat reservations with British 

***■?% J?n dlSrth^the meet- Passengers on scheduled lers' strike “wiU occur again.” Airways. The deal tom gs to 80 

Mr. Swan described the meet ^ between the US. and It was “consulting with the the number of hotels offered 

thlt on“S»fon h fo7& worked UK had risen by 50 per cent appropriate committees at British worldwide to BA passengers. • \ 2f[0V - 

strong tine was that the company — — — - - ’ ^ . 

had not spelt out in detail what ' TlBAnGTA Trt 

it wanted from its demands for — _ r © ww if J j IJlCtlgC' IV - 

SSSm Bean ‘damaging oil Stable rate sWpyard 

^During^the meeting, one man |||f]l]C^|*V COflfiddlCG ® tUUODS . 

was loudly applauded when he iilUUijU T VvIUIUVilVV , * « 

called from the crowd: “Singer ■ '•••■’ • V - . - . • IT1 3 1 TIT SUFIS ° ur LariMur Staff 

management have held a pistol BY MAURICE SAMUELSON SHIPBUILDING union leaders 

to; our heads— let them .pull the „ m j * were g j ven an assurance yester- 

tr, ®? e fv Y* .“f*®.- INVESTORS AND the oil In- Esso had abstained from the ^OflTIflPTIPft day that no Government decision 

matied for too long, let them shut dugtl7 ^ confused and reluctant latest round of licence bids, Mr. V/vrlUlUvilVv would be taken on the future of 

their factory, if that is what they ^ make ] 0 zxe-tenn Investment in King said- The only way to start the industry without further con- 

want to do. the North Sea because of, Mr. restoring confidence was “the By David Freud suit a tion with the Confederation 

Anthony Wedgwood Be on’s dual prompt departure of Mr. Benn." of Shipbuilding and Engineering 

role in the Cabinet and., as a confidence had also been A STABLE storting exchange unions. 

member of the Labour Party damaged by the Government's ffi* io E J V “ fid-7ee b i? th^ ^ . E nc Varley. the Secretary 

K .-Kaafrs^ Z P c°^f?r North Se’a TSZ gS 3S W “1"^ 

sggbHSs. 

feum^JSmeTSS G^SSSt wSuld b^nTsoti The firm said that grow* in *£ 

confusion caused bv the Energy touch” in taxing oil profits, it storting M3, the authorities 
Secretary's wearing two hats, one would change the tax structure f hosen target-variable, had not f i. J 5 , 

THE LARGESThleanlnB cohtrtet ^ »-veJ ^ 

th ^e a cM n tSrt 0 i' 1 fM^pijing. govSoment a i r °“®agoncy ” and If this patter n of 1i«raence S^BolSnSSm' Sorie’^th^ 

cleaning and repairing the work;- port for .nationalisation of North would review the functions of official concentiation tlje G oveniment was concerned to 

wear of 109,000 roineworkCrs in Se a 0I I 111 ^* ls capacity as chair- the Stat&owned British National nn sterlme, flf3 as a measure of "niaxiniise” the industry's pros- 

the Midlands and South Wales man of the National executive’s Oil Company, stripping it of any n,0 °®y supply might weaken pects 

Coal Board areas. home affairs committee. advisory role, Mr. King said. confidence in the relationship He' also promised to take into 

It.will be worth £4^m a year j, - monetaiy srovrtb and acc n un t the unions’ own pro- 

fmm Full imolementation of the inflation. It would thereby p 05a | s on diversification and on 

Short Brothers seeks “ “ ^ ^ — 

vr i'll a u wr VAAk7 Two other ways of maintaining No mention was said to have 

___ _ .r 1 *'!'! J 1 'L _ _ _ __ confidence in the economic been made of the planned over- 

ham to service roe cioromg ior |T|f||di xlvialff*#! l^flllTTIr system had been mentioned by time ban by shipbuilding workers 

most of the mine workers, who v immvuj. the Governor of the Bank of from January 1 following the dls- 

are : based in the Midlands. . . England: “ Gladstonian budgetary closure that some 12,000 jobs 

The contract will run for three BY OUR AEROSPACE CORRESPONDENT principles and fixed exchange stand to be axed m rationalisation 

years from March .1980. and is ^ ^ rate3 " plans. This represents about one 


BY fflVUMCE SAMUELSON 


Stable rate 
of exchange 
‘maintains 
confidence’ 


By David Freud 


Sketchley 
wins Coal 
Board deal 


Anthony Wedgwood Bean’s dual prompt departure of Mr. Benn." 
role in the Cabined: and., as a Confidence had also been 


dispute to be taken to ACAS. 


by tanker driyers 

, . * \ 

BY NICK GARNETT. LABOUR STAFF' * f \ 

UNION NEGOTIATORS repre- W’heen rejected at.depcrt : meet' 
sentxng tankers drivers •have, lugs of the drivers. . r 
rejected a further series of pay.-:- Mobil’s offer is valued by the 
offers from three of the five- 'company at . about, . 34 .per: . emit, 
main oil companies. :'j.i!thougb some ^.Trinspbrt 

Shell, British Petroleum and '.Workers* representatives «ay it. 
Esso have now had three, pay^could be worth tip” to 13! per 
and productivity offers rejected; bent on overall easrnings. It ts. 
by officials of the Transport and vlinked to a productivfty ^scheme 
General Workers’ Union. . - fin corp ora ting a sava^- on, load- 
National meetings of rshop ing and unloading: time and 
stewards from the three cmri-siiBhter journey schedules; - 
panies will be convened 1 later . Mr. Jack A^iweR, union traits- 
this week and next week, to: port secretary,' said, yesterday 
discuss the position. ''"-'that offers made by 4h£. other 

Union officials are meeting; companies were stinilar in size 
management at Texaco today. ^A to Mobil's and linked to produv 
pay offer by Mobil, recommend fed- tivay. The productivity, elemanu 
for acceptance by negoCutors,- in Che ofters’.-were anacc^f^^.; 


Hosiery industry 5% deal 
topped up for low paddy 

BY OUR LABOUR CORRESPONDENT y \. - ;?«/■:? 

A 5 per cent pay settlement for merits ; 'throng - - productivity 
more than 100,000 hosiery wor- scheme* 'at sectional' and depart- 
kers has been agreed, between mental Tfevel. ' r. ! ... 

the National Union of Hosiery There- will' also fee . increased! 
and Knitwear Workers and the unsocial hottis and %erSme pay- 
Knitting Industries’ Federation, ments,?' improvements - in : the 
Some lower paid workers will industtj&/ gtiaYaa'teed^week 
receive up to 10 per cent under an extra. d ay shoti day 
the low pay provisions of the year:. '.' ‘ ' , \ 
Government's incomes policy MivJpira Hairlson, ^ifetor of 
WhitePaper. the Knitting IhduBtrfes' %def^ 

The national settlement tion, skid' he ^believed the 
includes a recommendation that ment -.to =be- die best ■ pbssfolfe- -iftiWK 
within companies there should natfonkf.' level,- given thfe toffl- 
be an early examination of the cult;, constraints • imposed \ a 
opportunities for further pay- negotiators! . \ 


By jobn .Lloyd 


Bid to scrap 711 more 
Mersey dock jdp : * 


from full implementation of the 
contract in March, 1980. 

Sketch ley’s Industrial division 
will take over the company’s 
former textile factory in Notting- 
ham to service the clothing for 
most of the mine workers, who 
are' based in the Midlands. 

The contract will run for three 
years from March 19S0. and is 


Short Brothers seeks 


sunpllers and rent it to the Coal Harland of Belfast. the 22 have been placed this year, ties involved However, M ^ ra ^?ndS5y te boptog to cui 

ssssasr- — * . ^ssr^TiSssa “SiHHll 

Ladbroke enters ^-SWSaAJES p-TSW? Ji'S'lCAa wiae 3hi ~ g »^° n - 

, . « ,, for ^ wide-boffied W Com- P rovin e the hardest to objections. 

leasing field mu J? r - . . ' . j . 0 tS‘ company is in the same ~T X UC FllOVe 

_ , . . . The company has increased its situation as many other engineer- • - 

LADBROKE GROUP has estab- Belfast labour force by more ing companies, and especially Hi] nliltfnrril T>T> 

lisbed two companies. In the than 1,000 over recent years to those in the aerospace industry. UlailOriU T(f|r 

equipment and car leasing , field, a total of 6.260, with several There is a growing demand for mo l_ Al . - 

Mercury Leasing, a hundred vacancies -still to fill. skilled labour as new aircraft IH3LK0r OiflllS 1_ _ _ ^ J 

i„SJSi3ai ,y ini| W iran*nOTt Tiie sro^^ of activity in pro- programmes come to fruition, . . , - j)02f Cl S60.L 

1 *?2!5S Auction of the 330 alrUner has but there are too few people to fn eXteild V9Td w U 

ternltei in additional empio,. ail the jobs a.ailable. W CAICUU >aiU 


BY OUR LABOUR STAFF 

THE Liverpool Dock Labour 
Board is to apply to the National 
Dock Labour Board for authority 
to offer voluntary severance to 
another 711 men. 

A spokesman for the Mersey 
Docks and Harbour Company, the 
biggest employer, which is seek- 
ing 500 of the redundancies, con- 
firmed the move yesterday. 

He said the basis on which 
severance would be offered had 
still to be determined.' ,If the 
men decide to go It will cut "tfie 


• >■ -~x * >-•«. A .* 

dodcsiiteMpr-forpe' an flie river' 
to S^O&^tw^fhirds. employed by 
Mersey? pocks'.' Thirty years ago 
the port, labour force waa,18jD0Q r 
Last . su mmer 315 volunteers 
over -were sought and 2401eft 
the Industry* * If agreement Is 
given/jto^'-the present, 'call - Gie 
threfe. stevedoring companies ^ ih- 
volyfed face lump sum payments 
of £5m and an approach is Jlkeiy 
to be .made -.to' ’the Govemteent- 
for aid similar to -the £35hr paid' 
to thej-Port of London Authority. 


tSdto 


he tMS& 


, r.l'\S.r r -;‘ 


(South West! will lease cars 
primarily in Wales, the West 
Midlands and the South West 
through the garage outlets and 
a regional sales organisation. 


Oil platform 
maker plans 
to extend yard 

By Our Scottish Correspondent 


TUC move 
for BP 
board seat 


Kodak worker^ given 
£4.3m wage dividend 


FINANCIAL TIMES REPORTER 


JJ Ventilation Limited 
13 Dowry Square, Bristol BS8 4SL 
Tel. Bristol 291295 . . j 


resulted in aaoinoiiai employ- nu ine jods avauaoie. * -- Q ur Lab© ur Editor 

: By Our Scottish Correspondent THE TUC is to press for a 

iTcmr inn « . workers’ representative to be 

H jr j* 1 ypw' p T T • given the seat on the -board of 

Medical Defence Umon ^^ssa,*sssss ™ a,Kl ' ,3 ' 

• -■ . -■ *?. ext ®nd its yard at. Loch The idea of filling the vacancy 

111 n OTTfe Aril rPCPrVAn t he north-west coast With an employee who Is a trade, 

J U UibUU vlll> 1 vdvA Y vtl °f Scotland to permit Steel con- unionist came from Mr. Clive 

p structions as well as concrete. Jen kins of the Association of 

FINANCIAL TIMES REPORTS* The yard has been without Scientific, Technical and Man- 

work since at completed the agerial Staffs and was adopted by 
THE HIGH COURT reserved even though it was entitled to Ninian Central platform for the TUC economic committee yes- 
judgment yesterday over a use its own discretion at times chevron this summer. Although terday. 

declaration ..sought - by the over the nature of the Indemnity its experience ' lies in concrete There is - already - one trade' 

Medical Defence Union, with payments. construction, the company wants unionist on the board,. Mr. Tom 

88,000 members, that it need not Mr. Robert Alexander, QC, for t© reclaim 29 acres from the sea Jackson of the Post Office 
be treated as an Insurance com- tbe Medical Defence Union, said chances of winning new orders. Workers, and this year’s TUC 
pany for Department of Trade the Department’s claim seeemed Tt . _ nolied tn tho president. But he, like Lord 

requirements. to be that any benefit, however ffncil fnr nSS GreanhUl who retired lart awnth, 

' It is a test case over the small, was sufficient to make an a Government director, 

coverage of doctors by the de- insurance contract. This line of ‘j” ™ >£? “ .„ The TGG- which will put the 

fence unfan and two other reasoning was so wide-ranging ” f t “ r f®. ^ idea to the Chancellor next Tues- 

medical bodies' against maJ- as to involve new arguments raDn units. day, sees this as an opportunity : 

practice claims, over insurance law. Recently Howard Dons formed for a new kind of appointment 

Mr. Jobn Chadwick, counsel It- is expected that Mr. Justice a joint venture with the Dutch while the Government is review- 
for the Department of Trade, Megarry. vice-chancellor of the group NAPM International to ing its relationship with the corn- 
contended that it was in the Chancery Division, will give his enable the Kishorn yard to pro- pany. of which it has 51 per cent 
insurance business to an extent judgment on the three-day hear- vide a design and engineering control, in the wake of the 
which brought It under the In- ing towards tbe end of next service for steel, concrete, or a Rhodesian sanctions-busting 1 
sn ranee Companies 'Act 1974, week. * mixture of both. affair. I 


BY OUR LABOUR STAFF 

KODAK’S 11.000 workers are to 
receive a wage dividend from 
the company estimated tq be 
worth 2J.9 per cent, of eligible 
earnings. Manual and '.white- 
collar workers ihavis .jast negoti- 
ated pay and ^rodnotivtty rises 
totalling 13 per cent. .. 

..The payment, which fibe com- 


tpaxes^tfs faRs Outride "tite teems 
ofTthe -Covermnenf pay policy'^, is, 
.. company ■ being 

nchfenteijL The total tpaymeast will 
amoaafcla £4^n. : ’ V 

: i» payable .-.to • ail 
wdriwrd- in.tto company, giving 
2J.9'^fELc©nt Of e aftYwig c - rfi a 
Afi^Ssfofive-yeais.' .. 


■ bfe'inrivto-' a factory 
gatfi.'haeetihg ; of , the -warikers at 
thfrsart qfTrtiis niorinng^! shift 
They, will be. tegommended - by 
the ihop^sfewards.fo accept ihe 
proposals and return. to Work 1 at 


.200 to beconie,- 
rediiiuiailij T • 

MpRE. -TH^ aoo: of ihp,l500 
womotce. at LaurenegiScottand 
23ectrooKKUf»-bf jNca^wich ajte-to 
Iqjte; johsi^The'^mp^y: la: 
one .tox.Tthe- clty^s - biggast “ cto- 
pioyers. : -- , Y ; v. 


Judge cond^jpbs 


LORD JUSTICE LAWTON 
warned In the -Court of Appeal 
yesterday against employers who 
were dealing with recognition, 
claims. “ giving way to the -bully 
boy • argument " 4haf smaller 
unions could . not be recognised 
for; fear of industriaLactUin from 
larger unions. • - • ,;.r -• fc • . 

He was speaking , on the second 
das* of an appeal' by the Advisory/ 
Conciliation and . Arbitration: 
Service against a - High Court 
finding by Mr. Justice May that 
the service had “misdirected 
itself -in- law ” inciting ,tb. recom- 
mend recognition^, in ‘ spite of 
Strong support, of the- non-TUC 


affiliated -United Kingdom Asto- mjoed. -.*• v ? \ * ■ 

-ciatiotf-bf. Professional Engineers'- Lofrd' Justicw XawfoiPone >of 
at ’AP&AHeu, a Bedford /epgio. tbe three-: ^ndge^hlkriinj B die 
eering Company. aupea^ said- that ^nplovras ■were' 

Tho;butcome of the appeaLis - “ grvto^^way . th UieT imily.'boy 
considered' crucial to’ the assue^ ajjgdmeht.“^ He'^aidr- * H Ciey' - 


Tectaiica^- AdB^strirtte^ - imff mente-jtf Lhdre^tofetotog indite?- 

Supgreisory’ Sfectioa at *^Jayiiig dcfe^ae^Jpc-respec- ' 

ghteering •workers’ union.- had^ ttofe tride .ufi tons' ' ' -■ 
made -it dear- that to^.wtoiliLrimfOtts ; could-' n^t Yecrait -should ^ - 
take -ioxhrstrraf action,, italitorog^ dearfed api/ r/ • - Sr **- * v 
strikes, 1 if. TIKAPE' 'was tecQg-'- j-TSg * - 

' ^4?; 




V • jj- ' 






* 










V-r* 


UK NEWS-POLITICS 




O® 


1:£ 




illlllipicks on inflation policy 


BY tVOROWEN AND JOHN HUNT 


'■r '3 && 

- .. ?t'S; 

^ . c . ; «a 
. Vi- 

. ; ■’ • 


Moredav? 

f°r biiilij 

industry 

E * ***> . 






.-: -. 


Ba^nerr 02$ 
Bi!i to prow 


homewDri® 


V*-y lom^ 

, t 


no w &f 


AN AGREED : basis {or- proiect- 
-iag "tbe- posilios. of the-: tower 

- paid will be gone ot the mam 
Issues rawed -ip next. week 5 *. ta4ks 
between the Goyerpme r?t aiTtl the 

TUTi i ■ - Kor. HMfiwsley, -the 

Prices ' Septotnjyi ' indicated -.in 
the. Commons Jast tlishL 
He snnouiufid, 'whenbe opened 
‘ the debate' on . the GaveromenUa 
count^HoHation policy'. that 
senior minisler*- would be ;meoi- 

.ins--'£he TUC Economic -Com- 

- suttee oaWedncsday.-; ■; 

With air. Denis Heftier,- the 
Chancellor, heading’ thfe Govern, 
ment team, the; discussion jrocld 
pencera* Che nature ami extent 
of co-pperaiibn 'Ogling* tbe'-zes£'.ef 
this nay, r6tra&*.v \ . 

Ih^re-taDor^^ram ToryMPs,' 
Mr^HatterBley skirted round the 


fafltae " :Of the Government's 
' preYfpriS- attempts to secure some 
kind -of accord ' cm .the rcnrreQl 

pay ipund. 

•--He* '..stressed'- ‘the.'. important 
part , which TUC support had 
piayqtfto 1 Earlier rounds' In bring- 
ing rho annual rate of Inflation 
dpwq ratn single, figures. . 

Under challenge front optical 
'Labour' wingers. he argued 
that 1 some orderly planning of 
wages -offered the -'iraly effective 
means of helping the Tower paid. 

'‘Most people accept that free 
collective .bargaining alone can- 
hot meet the needs o£- the lower 
paid.'- , 'jnsiited Mr. Hattersley. “It 
is that sort of topic we must 
start to begin dismissing -with 
the :TUC '. -. 

He also made it clear that the 
- taJtewrth -the TUG would, cover 
possible ways-.- of strengthening 
the role oL Ihe Price Commis- 
sion, particularly in regard to the 
safeguard .clauses: which had ; a 
'limiting' 'effect' on -its work. . 

Defending the 5 percent guide- 
line, - Mr. Hattersfcy . maintained 
. that settlements, at or about, that 
level.. r . would ' iprOduco earnings. 
In creases of about 7. to. S per cent. 

Earnings . increases of that 
. order would, enable the. inflation 
rate to be held -at or about the 
same figure -and. js a result, the: 
overall .standard of living would 
be maintained;- : : . 

... If eamtags were-to increase .at 
x. rate of 15 to 2Q per eenu the 
rate of - inflation wodld' increase, 
even faster -aiuL in real terms, 
the nation wouW . he -worse off. '. 

“there: is no escape. from that 
simple : formula," declared Mr. 
Kfttersley. ; . - ' . 

. He went on to claim that the 
imposition of sanctions gainst 
companies . found- : to have 
breached the Government's In- 
come ^policy guidelines had 
helped in -seciirfr many settle- 
ments consistent with ..the policy 
laid down /In .the- White : Paper, 
presented to Parliament in- July. 


. The snrvejy published by Ihe 
.Firwndaf Times- on December -1 
demonstraird-'tMS'-' Wd evidence 
af wage settlement! 5 reported in 
the Government provided further 
confirmation. i / ' 

. Me. Hattctsley >rRU?d that the 
sanciin as . pdlicy was justified as 
-A matter ‘of prinwple as well as 
. tm practical grounds-' 

/‘There sire -many, low paid 
workers WhO, dutjng.fhis year, 
; wfll settle in accortance with tbe 

• Government's -jguWellncs and 
' Indeed many bave done so. 

.L “I can see no reason why they 
. should' help tb. finance infla- 
rtionary wage increases paid lo 
fc belter off groups.-" 

- Mr. Daiid Crouch (C., Canter- 
bury) challenged Um Minister in 
say whether sanctions would In- 

imposed against powerful bndies 
like the TGWU. which earlier in 
the day had threatened to cull 
a national strike : of oil ijnker 

drivers in permit 1 or a wage 

claim in - excess nf pet ecni. 

There wenf jeers - from the 
Tory benches when Mr. Hatiers- 
ley refused io_ give a direi-i 
reply. . He emphasised thai the 
Gove r ament wouftf noi lake a 
decision until , the final outcome 
of. ihe cLa4ra .was known — liie 
same procedure .which had been 
followed in the-;ca« of Ford. 

He reiaindcdi-Tory MPs ihat 
their criticism of the Govern- 
ment was not. that- it had run 
away from the sancthms policy 
but that it had applied it loo 
fiercely. 

. Mr. Hattersley accused the Op- 
position of “double-standards" in 
attacking sanctions— Mrs. Mar- 
garet Thatcher tod tost her tem- 
per over the Fiml case, but had 
done nothing on .behalf of ihe 
small companies /who had been 
subjected .to ihe.same policy. 

While. Consirvatiye; leaders ad- 
mitted that theiy:.wotild like in 
.see wage increases: limited io an 
average of abouL 5'per cent, they 
bad supported' .*'■ "number of 
awards far. in ' excess, or ihat 
figure without ever- indicating 
which groups of’ workers should 
make the compensatory sacrifices 
needed to keep Hhe.iaverage in- 
tact- **. .. :i-'v 

Attempts by./libour back- 
benchers in seeurejth assurance 
that the current ground of in- 
comes policy wthiKl-he the last, 
met with little .success. - 

Hr. Nonnaa Atkinson fLah., 
Tottenham, the'Lsbour Parly 
Treasurer) hittmdyjtsealled that 
Ministers had " -promised an 
orderly return to-ifree collective 
bargaining in 1S75-77. • 

• Mr. Hattersley confined birascir 
■to observing fhait^there would 
a new pay nhriiff' : and a new 
Parliament, next yWBfc 

Igimring the jeeys^tTorrMPs, 



he added: "The whole issue mil 
he decided hy the new Labour 

Government." 

Mr. Ron Thomas (Lah.. Bristol 
Nnrlh-Wesl). a member of the 
Tribune- Group, was tin* first 
Government b.iekliencher to 
inlervcne to challenge (he value 
nf the 5 per cent policy to the 

lower paid. 

Wbal mechanism was provided 
under the capitalist system to 
ensure that ihe money saved h.v 
..profitable firms when (heir 
workers agreed lo forgo higher 
wages would he transferred lo 
the lower paid? 

He suggested that it made 
more sense for Ford workers and 
others to secure us tup an in- 
crease as possible, leaving fhe 
redistributive process to be 
achieved through the payment nf 
income tax. 

Mr. Hattersley replied tbal, if 
help was to he provided for the 
lower paid, unions representing 
Ihe highest paid would have to 
make concessions and sarri/.ces. 

Opening the Tory aLIa#k. Mr. 
James Prior, the Shadow Employ- 
ment Secretary, accused the Gov- 
ernment of usinc xunclinns m 
an arbitrary and discriminatory 
way. without Parliamentary 
authority and contrary to com- 
mon justice. 

"Wp can win the fight against 
inflaiion but not at tbe expense 
of our traditions of freedom anil 
democracy," he said. 

The Pnme Minister, he re- 
called. had admitted that he did 
nut like sanctions and the sooner 
they were done away with the 
belter. 

“We have an opportunity of 
getting rid of Ihcm tonight and 
fulfilling the Prime Minister's 
words." he declared. “The wrnng 
seeds have been sown hy the 
Government year In and' year 
our. “Now they are reaping what 
they have sown and they don't 
like it. The sooner lhev give way 
to others the better it will lie." 

According to "Mr. Prior, one nf 
the main reasons for the present 
difficulties on the industrial rela- 
tions front was tbe lack of a 
secret ballot. 

He challenged the Government 
to introduce a Bill early in the 
New Year making funds available 
for unions to hold secret ballots 
on strike issues, election ot 
nifirers and other mailers. 

If the Government did md wish 
to introduce such a Bill, then the 
Conservatives would be prepared 
to bring in their own measure 
after Christmas. 

The Government, he said, 
should find -time for it as there 
was not much pressure nf legisla- 
tion, in the months ahead 

“ We can't go on as we arc." 
said Mr. Prior. “ Somethin? has 
to happen. We arc not pushing 
this-on to the trade unions- We 
know many trade union leaders 
and those at the shop floor level 




...... 

jriv. ' 




. > • *■ -j 


M 


.ts/ii .r .1 -,,11 i-viU 

Mr. James Prior: ’* We can win the fight against inflation, 
hut not at the expense of nur traditions of freedom and 
democracy." 


are in favour nf it. Wl»« noi lei's 
be sensible and push ii in rough?" 

Answering questions from 
Labour MPs. he said that he 
would also favour a hallm being 
taken on whether a strike- should 
continue. 

He conceded thai in sumo cases 
(he workers would vote u, con- 
tinue with a dispute, but added: 
*' I am a democrat I ro«neri ihe 
decisions these people will r'Mch- 

“ It would be a simple Bill, it 
would have all-pan-, support. 
Lot's gel on wilh i; as- >oun as 
we have an opportunity." 

The public, he maintained, was 
fed up with seeing a show of 
hands at mass strike meetings 
and “the intimidation that goes 
on." 

Mr. Prior was interrupted hy 
Mr. Norman Atkinson, a leading 
lcfl-winger and Treasurer of the 
Labour Parly, who wanted him to 
spell out precisely what the Con- 
servative incomes policy would 
be. 

The Tory spokesman replied 
(hat he had drawn up a note in 
anticipation of such a question 
hoing asked. 

He then proceeded io read ouf. 
to the House: 

“There are obvious dangers in 
enunciating a general target nr 
norm. Yet. in framing its 
monetary and other policies, the 
Government must comp to some 
conclusions about ihe likely 
scope for pay increases, if exces- 


sive puhlir ■■\pondiiu re or large- 
scale un>-m)ilnyinonl are io 'be 
avoided " 

Purtinc hi. n«!e aside, he w«-nt 
Dn: "The *h*i]o of my party 
wishes in wt a f.<r greater degree 
of discu^inn in advance of a pay 
round. .i< in what the nauon can 
afford in p..> . 

“That r.; i hr only w.iy that we 
shall gei a nj sense into wage 
bargaining " 

U wa.i curi-ui-.. he --anl. that the 
Labour Parly, which had always 
custigaled eiiijdoyers for lh»-ir 
ineannes-. should now be penalis- 
ing Ibeiii ;f they paid Ion much. 

“Sanciions on employers have 
become tin* only weapon the 
Government dares in use to try 
to even up llie imbalance nf bar- 
gaining piiv.er that its own 
policies haw created." 

Mr. Prior was parlicularly 
critical of ihe use of sa nr linns 
against Furd. and pointed out 
that the •-■■mnany was purlin? a 
hoge invsiincnt into Britain 
aver The next four years. 

While mIht car companies had 
been doing badly. Ford had in - 
creased us employment in the 
UK by 7 non over the past year. 

The Ford manaccment was 
very hi iter over the Govern- 
ments use of sanctions and had 
taken ii very personally. 

The -.auctions policy had 
poisoned the relationship 
hetween Government and in- 
dustry . generally. 


m ■* 

... .$ t- 

t?S i , 


Hattersley totters on 

• • . . 

the prices tightrope 


[ittu Kirk 

Ml, Kov HTatf ersley: “ I can see no reason why fhe lower paid 
should' help to- -finance inflationary .watge. Increases for the; 

better-off groups." . . 


' BY PHHJP RAWSTORNE 

MR. ROY HATTERSLEY. Prices 
Secretary, cut a slightly less 
impressive figure in the Com- 
mons yesterday than his retail 
’• price index. 

If inflation could always be 
punctured sn r eadiiy. the 
eountry would have no 
i, . problems. 

Mr. Hattersley set out on his 
defence of ihe Government's 
pay sanctions with all the 

• bravado of a high wire walker. 
But with the Tories clanmur- 

. Jng on one side and the Labour 

• Left on the other, be was soon 
swaying uncertainly. 

..The Government would not 
: evade its responsibilities how- 
ever dangerous or difficult. 
. Mr. Hattersley declared 

* defiantly. )f it allowed a wages 
fTee-for-all Uic standard . of 
living would plunge nnd Ihc 
position of the low-paid 

- " reduced yet further. 

Sanctions — or "discretionary 
action " as Mr. Hattersley pre- 
ferred — had already helped 
. ^ tbe Government lo maintain 

• V the balance. 

■Mr. Hattersley. responding in the 
. Labour Left-wingers prnddings 


to 


the Sun 


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only a few. Off the. Caribbean., coast .are tbe 
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Cancun - the latest to be opened up to tourists. 
But there's 'more to Mexico than beaches and 
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in disaprepment. said be kr^w 
they were " mniivated by 
mailers of principle." 

“Party policy." retorted Mr. 
Dennis Skinner, amid Tory 
laughter. 

But Mr. Hattersley said the Con- 
servatives were merely trying 
to bring the Government down 
on any pretext. Was there 
any heltcr example of the 
triumph or tactics over prin- 
ciple? • Mr. Hattersley 
demanded. 

Mr. Norma u SI. John S lev as. ris- 
ing courteously to the chal- 
lenge. asked: ' Has the Right 
Honourable Gentleman con- 
sidered bis own career?" 

The Prices Secretary, pausing m 
recover his equilibrium, 
promptly missed his fooling 
again by continuing: " 1 now 
want io turn to another 
example. . ." 

Before he continued, Mr. Norman 
TebbitL another Tory, sug- 
gested that perhaps he might 
take Mr. Hattersley back . 

“ lake him anywhere >**u 
want" cried a labour voice. 

But Mr. Hattersley stumbled nn 
his way wilh Mr. Skinner 
chewing vigorously over every 
word. 

Mr. Enc«h Powell eventuallv 
drew the Speaker's attention 
to Mr. Skinner's rumbling in- 
digestion. 


Racal opens safety 
helmet factory 


BY MAURICE SAMUELSON 

A FACTORY which can produce 
2,000 safety helmets a week was 
opened in Wembley, London, yes- 
terday' by Racal Safety, part nf 
the Racal security equipment 
group. 

The 3S.OOO square feet plani 
will produce Airstream anti-dust 
helmets. 50.000 nf which -have 
been sold since production 
started IS months ago. 

Mr. Geoffrey Westcott. Racal 
Safety's managing director, said 
production was being expanded 


to nmet a heavy order hook, 
especially from the U.S., where 
10. non helmets had been sold this 
year. The helmet, yvhieh pro- 
vides hcuiL fac»\ eye and lung 
prot'-ciion in one unit, is used 
in more than ‘jn countries and 
jilmu'-i half ihe output is 
exported. 

The Wembley factory, nnemvl 
hv Mr. Bill ZSmipsun. chair-man 
of »b^ Health end Safely Com- 
w-'y make other pro- 
ducts. such as hearing pro-lectors. 


Anglo-US lectures 


BY MAURICE SAMUELSON 

A SCHEME to strengthen Anglo- 
U.S. relations at university level 
was launched at a reception 
given by Mr. James Callaghan, 
the Prime Minisler. last night 
and attended by about 40 lead- 
ing figures from industry, com- 
merce and the trade unions. 

U marked the formation nf a 
UK committee, under the chair- 
manship of Sir Marcus SiefT. 
chairman of Marks and Spencer, 
lo support the work of the 


Hubert H. Humphrey Institute nf 
Public Affairs at the University 
of Minnesota, 

Its aim, through Ihe Hubert 
Humphrey Award Scheme, will 
he to enable Britons tn lecture 
at the institute, undertake 
research there or 'participate in 
(he post-graduate programme. 

in June. - the Prime Minisier 
was (he first recipient nf Ihe 
Hubert If. Humphrey . Inler- 
r.iiiiuns! Award. 


Further 
family 
fuel aid 
planned 

BY MAURICE SAMUELSON 


FROM THE beginning of next 
year, more than lm additional 
families with young children 
may he protected from having 
their gas and electricity cut off 
if they cannot pay their bills 
on time. 

The safeguard* arc contained 
In a revised code of practice 
announced > ester day by Ur. 
John Cunningham, Parlia- 
mentary Under-Secretary for 
Energy, which covers families 
with children under 11 years 
old. 

The present code, introduced 
in Drcemher, 1U76, gives this 
protection only to families wilh 
children under five. 

Protection will continue to 
given to other genuine hard- 
ship cases, including pen- 
sioners. Mifffon* of copies of 
the new rules, written in 
clearer language than the pre- 
vious ones, will be distributed 
by the fuel industries early in 
the New Year. 

Dr. Cunningham said (here 
had been a 20 per rent fall in 
gas disconnections — from 
27,500 in the first seven months 
of 1077 io 21.500 in tbe same 
period this year. 

Bui only a fraction were due 
to custom ers being unable to 
pay I heir bills. 

Elect ricily diconnections 
(52.000 in the first haff of this 
yearl were only slightly below 
last > ear's let el, anil half the. 
supplies were reconnected 
within three days. 


MPs support 
tougher law 
on court reports 


BY JOHN HUNT 

A PROPOSAL tn tighten up 

Press reporting of committal 
proceedings at magistrates' courts 
received overwhelming support 
in the Commons yesterday. 

A 10-minuic rule Bill, intro- 
duced by Mr. Nicholas Falrbaim 
(C, Kinross and W. Perthshire! 
was approved by the surprisingly 
large majority of 120 votes 
(183-631. 

His Bill would amend the 
Criminal Justice Act 1967 and 
would prevent the reporting nf 
magistrates' court proceedings 
until a decision had been reached 
nn whether nr not a case was to 
be committed for trial at a higher 
court. 

At present, such a case can 
he reported fully day by day if 
one of (he defendants asks for 
reporting restrictions to bp lifted. 

In fact, a 10-minule rule Bill 
has nn chance of becoming law. 
It is intended primarily as a lest 
of the opinion nf the House on 
a major question of the day. 

But the fact that Mr. Fair- 
baim's proposal received wide 
support from both sides of the 
Chamber indicates tbal there is 
likely to bp renewed pressure 
on the subject in the New Year- 

MPs inLrcsled in legal matters 
are likely u, try m get their own 
private members’ Bill introduced 
along similar lines to Mr. Fair- 
bairn's, or tn urge the Govern- 
ment to bring in a Bill of its 
own. 

Already, Lord Haiisham. the 
former Lord Chancellor and a 
senior figure in the Tory Party, 
has suggested a further restric- 
tion on committal proceedings. 


Mr. Fairbairn. who is a Queen's 

Counsel, yesterday recalled tiiat 
the Tucker Committee in 195b 

recommended that reporting of 
committal proceedings should be 
restricted to particulars of the 
name, charge, and eventual deci- 
sion of l+.c court. The committee 
had said that no lesser reform 
would be adequate nr practicable. 

Mr. Fair bairn told Ihe House: 
" All the people in this country 
aw dismayed hy the wrongful 
effects that can arise, from the 
reporting of magistrates’ hear- 
ings." 

It was essential that (he irinl 
jury should be impartial and 
(hat u should proceed on the 
assumption (hat the accused was 
innocent until proved guilly. 

He agreed that there had to 
he freedom of the Press. Bui this 
should be a guarantor nf the 
freedom of ihc individual. 

Opposing the Bill. Mr. Michael 
English (Lab. Nottingham W.i 
said it was an inappropriate time 
to legislate on the subject. 

The Speaker. Mr. George 
Thomas, bad warned MPs that 
the laws of suh judice prohibited 
them referring to any particular 
case during discussion on the 
Bill. 

In view of this. Mr. English 
said that he could not give his 
rrasnns for believing th3t the 
lime was inappropriate although 
the House would be aware wbal 
the reasons were. 

"Hard rases make had law." 
he warned. “ in a democracy, 
surely wc should err on the side 
of opening the tiring lo the 
public." 


EIB ‘could i City advice sought 
aid UK ;y| on Companies Bill 

projects ? 

-T BY ANDREW TAYLOR 


By Our Parliamentary Staff 

PROJECTS IN development 
areas could benefit Trom 
finance from the European 
Investment Bank. Mr. Leslie 
Hnckfield. Industry Under- 
secretary, (old the Commons 

last night. 

He said the Government was 
prrpared lo consider for sub- 
mission to ihe European 
Investment Bank viable pro- 
jects in manufacturing indus- 
try which created additional 
employment in development 
areas and special development 
areas. 

They would need lo satisfy 
the criteria for assistance 
under Section 7 of the 1972 
Industry Act. 

The Government would also 
consider applications for pro- 
jects in inlerraerialc areas anil 
projects which safeguarded 
existing employment .in the 
assisted areas. 


BY ANDREW TAYLOR 

THE Government has ap- 
proached the Stock Exchange 
to seek its views on the question 
of whether British companies 
should be required by taw to 
appoint non-executive directors. 
Mr. Stanley Clinton Davies, 
Undcr-Secreiary tor Companies. 
Aviation and Shipping, said 
yesterday. 

The Government has requested 
City bodies and olher interested 
panics to join in a debase on 
this issue and also on the ques- 
tion of .compulsory audit com- 
mittees.' 

Consultations are io lake 
place with tbe Department of 
Trade during the next few 
weeks. 

Depending on the outcome of 
these talk*, proposals on audit 
committees and non-cxecutive 
directors may be included in the 
Companies Bill at the Report 
Stage. 


The current debate, has been 
stimulated by amendments to the 
Bill, proposed by Sir Brandon 
Rhys Williams. (C., Kensington), 
which would require major com- 
panies by law lo appoint non- 
executive directors and audit 
committees. 

Mr. Davies said that he was an 
enthusiastic supporter of the 
aims of these proposals but that 
previously the Government had 
not considered that they should 
be embodied in legislation. 

“ Perhaps we now ought to 
think again, and this is the rea- > 
son behind seeking the wider , 
views of the City and olher inter- 
ested parties," he said. 

He stressed that the City had 1 
very little time available if it , 
wished to take part in consulta- 
tions, on these and olher issues 
such as insider dealings. The 
Bill is expected to reach the re- 
port stage shortly before Easter 
next year. 


Mr. George Thomas caljrd on 
MPs for g'lfxi manner® — and 
'Mu*n completed Mr. Hatter* 
■lej's dowafjU by -throwing a 
verbal banana skin beneath bis 
feel. 

“Vv'i.j .was speaking'/" Mr. 
Tli anas quern.-*, uii a rcmarK- 
atilc tribute to Mr. Hailersley's 
ci.(i on the House. 

After nhal. Mr. James Prior 
snuffled <wi<ih a areal fie;.l oi 
eairi-.fin from iiie Oppostc'.on 
front bench. 

Wii^re did he stand? Mr. Powell 
;-ntl Mr. Norman Ailkirwm de- 
manded in quick succession. 

Mr. Prior -brought out a prepared 
sl.iieine.nl tn get bis .pr«»:l.on 
eXdt'L lit seemed to b*> against 
n ul! r.inn hut fell vaguely short. 
■:n balancing wage donunn-., m 
pinnuintina tiwsc widiisirjc> 
•i (ml would tiavc to aaire^rt 
lower increases. 

Mr. Prior was in no rf-jii-bt. how- 
ever. of his sUtnd against the 
i lie. eminent's arbitrary -use oi 
(i.i.i sanctions. Tliey were v.MJi- 
■mi Parhunientniy authority 
and ci*nipary to common ju> 
i:c*. be faid. 

tn a more pointed, if .less Par- 
i union titty, phrase Mr. Eddie 
T.n.-rten ad;l?d from Dip Labmir 
back benches that either tbe 
G >-. eminent dropped irs sanc- 
r»ms nr it v.miid be heading 
f»*r a fail it*elf. 


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Model 2243 — white vitreous enamel 


There is a possibility that a I i mi ted number of the above > 
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If the hob was installed by a qualified electrician there is no r 
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whether they spend £15.001] or 
£50.000. 

We handle advertiiing. corporate 
Identity, product development, 
print, direct mail, house magazines, 
incentive schemes. A/V. exhibi- 
tions. packaging. PR. etc. . in fact, 
virtually everything. This war.- 
coats are kept to a minimum and 
your advertising and promotion has 
continuing impact. 

Don't put up with a sc:ond.rr«e 
service — a first class business- 
one maced service with impact 
could cost you no more and ret 
a better return (or your money. 
Talk to us now J 

Trade and industrial accounts of 
particular interest. 


RESIDENTIAL MORTGAGES 
Up to £100X100 available for 
transaction. 


No Endowment Assurance. 
Commercial Funds also available. 


needed. 


Write Box G. 2582. Financial Times. 
10. Cannon Street. £C«P 4B7. 


LIMITED C0MPANES 


FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 

EXPRESS CO. REGISTRATIONS LTD. 
30. City Road. ECl. 

01-628 5434/S. 1361. 9936. 


IBM ELECTRIC 
TYPEWRITERS 


Factory reconditioned and gbaiantevd 
by IBM. Buy. save up to 40 per cent. 
Luaic 3 yean Irom £3.70 weekly. . 
Rent from £29 per month. 
Phone 01-441 2345 


PHONEMATE TELEPHONE 
ANSWERING MACHINES 


Modified for European.' African. Near 
and Far East Exchanges. MuLtraolnge 
models available for world -Wide use. 
Pities £175-C400. 

PHONEMATE LIMITED ■ 

Acorn Studios 

Byfsld Gardens. London. SW13 
Tel: Of -748 8287 - Telex; 2SB57 


lack J. Klein. Managing Director’ 1 

Graphics § 

Creative consultants to bosoms f 

Datign /Ad vert.ung/ Produce Dev. ■ 

8 Paddington St.. — 

London WIM 4DN. ® 

Tel: 01-437 2541 (10 lintil. J 


PRODUCTS 

WANTED 


Small Company with active sales force, 
with well established outlecs in Gift 
Shops. Departmental Stores. Hard- 
ware / Do-It-Yourself and Garden 
Centres, seeks additional products than 
it can either manufacture under licence 
or buy outright to tell to these outlets. 
Write Box G.3024. Financial Times. 

»0. Cannon Street. EC4F 4BT. 


TAX CONSULTANT with wealth or e .peri- 
ence in corporate taxation oners tax 
direction lor Small quoted, or large 
unquoted tampan v as non-executive 
director. 'Write 1 Box G3064. Financial 
Times. IP Gannon Street. £GtP.. 4 BY.. , 


MEDICAL PRODUCT UNE 


mechanically engineered 


A precisian _ 

medical product line is available, in- 
cluding hrll drawings, knowhow and 
worldwide marketing rights. The cor- 
porate plan of she present owners « 
outside the medic*/ fie id and they 
therefore wish to dispose of tins line. 
Write Box G.305S, Financial Times. 

10. Cannon Street. EG4P 487. 


IBM EXECUTIVE TYPEWRITER. cost 
££60. hardly used. £280. Also IBM 
Magnetic Tape Ward Processor. £780. 
Phone- 01-200 7022,. 



GRESHAM TRUST | 
LIMITED 


H 


Permanent and long term capital. -Q. 
for this successful private company ; 


• V : Also a -wide — 

Selective finance for property rieveSpment 
Commercial and industrial loans 
A Bill discounting . . 

.’ Acceptance credits 
Leasing 


For further information 
please telephone 01-606 6474 or ■write 
to Barrington House, GreshamStieeV 
^LONDON EC2V7HE. 


GieshamTni5tItd,B«cij]^^Ho^GrratoStrcc^l£>ndcmICZV'7^ 


T Krminghsm O flW VArm wiA Ho^C. Ne^ull 


PARIS 


Exec alive Woman, 35 
-j -former law Student 


■j-: 


. FRENCH— GERMAN 
KsGUSH— SOMEITALJLAAL 

. ■ 15 years in. international k,. 
trade:.. ' . 

Ad min istr atire— Co mme rcials 

Technical— Import /Export-- 

Notion Book-keeping. „ 

In a position to. set «? ;,>- 
or. help- s et tro ' '*■. ■ 

BRANCH OFFICE . 

C Eeodn also .to become 
CONSULTANT 
. V/rife Box F. 1074,* _ • ' 

Financial Times.. -j- 
10 , Cannon Street, Ep4P 4BY: 


‘A-.’ 


BUSINESS jOPPGRTW 


Bench injection moulding marfwta -tot. 
me in large plane* -for short ram,-oe 
ui workr o o m. xerage or. borne as gmft\ 
or full time htinr« - Moo W 'costs .art. 
inexpmttire. ~Ni> experience- required-* 
Just plug in and -after a'vhor* 'demon- r 
nratioo you are- on- your ,«my 
independence. There ere a . d we ti f 
and one sosB inn you can makeynth 

*his inexpensive machine Can ..tie. 

operated by male on. female, and *kn_' 
also be used by many disabled ■pebglf 
Should you require further detxHs oh, - 
bow to buy or become an agent for . 
dus unlimited potential machine 

Telephone 079552 1711 . . _■ 


Day or night 


WELL ESTABLISHED TRADE ° 
JOURNAL PUBLISHERS- ;> 
are seeking co purchase- addrtionxf-.’ 
journal*- Moss be. for specific trade -j 
or professional area, folfest puts? We/ 
details ID confidence to: Hr."f*v 
Emanuel. Otroen Wells I Co— Devon*' 
shire House. 1. Devonshire Street^ 
London. WIN 2DR- .1 


Peter Whitfield and Bob Tanner 

(formerly of Clubman’s Club and 
Orme Developments) - 
have £2.000,000 to invest in: 

• Managing directors wishing to buy their own 
companies 

• Companies wishing to expand 

0 Companies wishing to merge with a view to 
early flotation 

Minimum profits £100,000 per annum 

Write Box C2S12, Financial Times • 


10 Cannon Street, EC4P 4BY 


Overdue Accounts 
Collection 


One oC the ti. . . 1 . j . luwi.^. Li, -.nr* in Increasing 
coaipauy profllab:llr> and Ria-nlalniu liquidity is Ute 
cash generated b- i-flictivo and spetds collection o! 
« it 1 st and i nt; aivoums. 

Credit Aid encompasses all aspeeis of oiudcrn credit 
colli-ctiun. b-nb in the V K. and nn rx.is. A tatatir 
proivrriiMtal vnict — run hy >bnrtrred arwoimlautG. . * 

Contact in strictest confidence for 
Commercial Collection Sc 
Business information 


A. B. Eadenoch, A.CA. D.W, Clark, A-CJL 


Credit Aid Limited 


4 New Bridge Street, London RCCV CAA - Tel: 01-333 -7731 


Langley Metal Products Limited 


One of the foremost sheelmet.il companies ia Jbe UK i' able 
production shops,’ Full finishing capacity is available- and the 
to offer capacity (up to 10 S.W.G : /3 mm) in one v£Hts mass 
shop is aproved to MOD DEF 05/29. Capacity available from 
March 1979. Contact: ;.V 


Mr. D. G. lies, Langley Metal Products' Limited, 
Unit 4a, Lyon Industrial Estate, Banspring Lane, 
Watford WD2 8JU - Tel: WaUord 48327 - Telex: 8812915 


Available world -wid* 

UK BUSINESSMAN 


Energotic. Mature. Educated, available 
lor part-time acrivitUs World Wide- 
To htdude: Representation. Directors 
responsibilities, Agency & Management 
Commissions, Negotiating. Reporting. 
Inspections and Vacations. Watching 
Uriels, etc. Travelled Europe. Africa, 
S. East and Far East Asia. -Australasia. 
Scandinavia and the Balkans- Qualifi- 
cations: Many yean own successful 
business. Experienced in Management. 
Marketing. Import/ Export, all types of 
agriculture, shipping, timber and Jleal 
Estate'. 

Initial •contact In fullest confidence: 
Advertiser. P.O. Box 6, Frame. 

- BA1 1 2NL. UR. 


LABOUR-TENDERING ? 


FOR THE LABOUR COMPONENT 
OF ANY OPERATION IN ANY 
COUNTRY CONSULT;— 


Tel: 


GMFCAMP HOLDINGS 
INTERNATIONAL LTD. 

42/45. New Broad Street, 
London. EC2M IQT. 

01-62* 0*9*. Telex: 8811725. 


Company identity in UR. Saudi Arabia. 
Pakistan, India. Bangladesh and the 
Philippines. 


SI A WEEK FOR EC2 address or phone 
messages. Ca.-nbincd rates -t- Urler 
under £3 a week. Prestige offices near 
■ Si or* Excnanpe. Message Minders Inter- 
national 01-638 0898. Tele* 8811725. 


BUSINESSMAN VISITING Canada 'rnamlr 
West Coasti January. 1979 will con- 
sider commissions. Write Bo* G.3049. 
Financial Times. 10. Cannon Street. 
EC4P XBY. 


PRESTIGE CARS WANTED 


TO ALL COMPANY DIRECTORS 
TRANSPORT MANAGERS AND 
PRIVATE CAR OWN BIS 
Art you obtaining the best price for 
your low-mileage prestige motor-car f 
We urgendy require RoHs-Royce. 
Mercedes. Daimler, jaguar. Vanden 
Pits. BMW. Porsche. Ferrari, Maserati. 
Lamborghini, Jensen Convertible, 
Reiver. Triumph and Volvo cars, 

Open 7 days a •'eek. 

Collects cc anywhere in U.K. Cash or 
Bankers’ draft available. Telephone us 
for a firm price or our buyer wU all. 

ROMANS OF WOKING LTD. 

- Brookwood (04847) 4547 


BRITISH BUSINESSMAN IN 
. SPAIN 


with excellent contacts will represent, 
your interests, advise and assist in 
littporc/Expan, inveicment In real 
estate and induss-ial developments. 
Pleose write to: John Dorward. 
Edificio Financia, Via Layetana (62- 
164. Barcelona 9-^pam. Telex: 
5292* EDE E. or phone evenings: 
Frensham <025125) 2813 


VENTURE CAPITAL REPORT. 2 The Mall 
Bristol. The newsletter that cltannds 
capital to small businesses, investors or 
entrepreneur* ring 0272 37222. 


PROFESSIONAL MAN urgently reouires 
non-status 1 st mortgage fcaa.aOO 
secured on propert, valued £65.006 
lor 6 months onW. Other assets Over 
x60.000. Write Bov G.3053. Financial 
Times. 10 Cannon Street. EG4P **8Y. 


START AN IM PORTvEXPORT AGENCY. 
No capital required. EstaOliShed over 
30 years. Chens in 62 countries- Send 
large S.A.E.— Wede. Oeot. F- P.O- Bo* 
8. MarloorouGli, Wilts. 


PLANT AND MACHINERY 


M\G- 

StandbK power 


' Special Offer' Prices. 


• Be independent ot power cuts this winter 

• Ensure continuity of production end services 

• Keep your customers delivery dates 

• Be Prepared - Install an MIG push button siart or Automatic Maim 

Failure unit 6 

• Very competitive ’Special Offer’ prices. 

• Ejt stock /early deliveries of most models: 

- Rolls Royce/Stamlord 10CM26, 156-187-312-500-625 LVA 

— Cummins /Stamford 150 EVA 

- Lister /Stamford 8-15 25-35-50-65 kVA 

— Perk ins/Siamf oid SOkVA 

MIG — design and produce only top quality engineered seta with 
wide range of options and mufti-set combinations. 


Contact us for immediate quotation, detailed specification and brochure. 


2 HS 2 AU& Group Ltd 

WVA 1 '-yr e TO f ■ > : - «:J : ~^ryy ■ 


M~ntr,o! pw 
tWKiMal 
Aifruc G.0W ot 


ChurOt Wharf Comey Road London W4 2RA Tel 01 9£*4 108^2862 
Tekix 935072 MIG London Cables t le-: uogen London wa 


GENERATORS 


Over 400 sets in stock 
lkVA-700kYA 


Poy wftefy from the manufacturan 
with . lull after-sales service. 


CLARKE GROUP 
01-986 8231 
’ Telex: 897784 


GENERATORS irom Gencrn Limited. Sues 
tram -.2 KVA to 4.000 KVA. New and 
Used all voaraniceo a* keenest prices. 
TeL Wargrave <073 522> 3033- Telex 
E48S37. 


FORK LIFT TRUCK SALE. We h«* al 
leas; 80 maefnnes to choose from. LiSf 
■ant upon rnuest. Trade and Esmort 
cmulnrs welcomed -Deliveries arranged _ 
worldwide. Largo reduciron on bulk Bur- j 
chases. Finance arranged. BlrnuitBbsm . 
Fork Lift Truck Ltd.. Hams.Roid. 5«H- ! 
. ..ley, Bintimgham,- j 


BUSINESSES FOR SALE 


LONDON SHOPFTTTERS 

PRE-TAX PROFITS — 140,000 


fttt 


Well established company for sale with reputation 
quality work for first class clients. The 
management is prepared to remain to ensure continuity.. * ; 
Interested purchasers please write to Box G3063, Financi al' 
Times, 10. Cannon Street, EC4P 4BY. ‘ \\ /■' : 


WALKER WALTON HANSON 
by A. UP. (Ptau£ Hire) Ltd. t*> wfl by 


fork 


Are Imtrvcted , , — — , - „ . 

Company as a going coocam, with £} miDion pound nsiwvsr 1977/71*. 
fa Ftanc including: Excavators by Ford, JCB and Massey Ferguson. Tractors, 
lift tracks, mixers, compressors, rollers, dumpers, pumps, generators, - 
vxbndng plates, trailers, can and commerciai velodes, etc. ' -7. 

Good freehold premises at Leicester end IcaraboU premises at MansflrW, Notts; j 
PfUCEs 050,008 

Further details are available from Mr. Andrew*, Tel: Maiuilild 35121 . op 
WALKER WALTON HANSON, Byard lane. BrWtamith Gata, *' ' 

TeL Nottingham 54272, 


FOR SALE 

VIDEO COMPANY 


with interesting speci- 
ality outlets. All main 
agencies held. Principals 
only. 


Write Box G3066, • 
.Financial Times, * 
10, Cannon Street, $ 
EC4P4BY. 


POTATO AGRO 
BUSINESS 


U5A. 

Unique epporurruty in Maine. Large 
very successful insegracod -potato 
operation. High quafuy certified seed 
and top grade table stock. Over 4,000 
acres under eutrivation with yields 
25,. above industry avenge- Modem 
storage capacity for 24.000 tons. 
Highly skilled and experienced manage- 
ment team wiU remain. Offered M 
S6.B50.000. 

Write Box G.3051. Financial Times. 
10. Cqnnoo Street. EC4F 4BY. 


MARINA/HiRE REET /BOATS 
North West Major Inland Canal 


Part freehold with house/lUc moorings 
plus one acre rented vridi shop, offices 
and additional moorings. £80.000- 
£100,000. Hire Beet worth £80,000 
consists or IS steef -and fibre-glass 
boas of which some are sponsored. 
Licences available for additional steel 
boa a under construction. Stocks of 
boats. engines and chandlery. 
£110.000. forecasts for 1979: Hire 
income £80.000. Sties £350,000. 
Genuine reason for safe of all or pert. 
■Write Bor G30S7. Financial Times, 
10. Cannon Street. BZ4P 4BY. 


FOR SALE 

SMALL KNITWEAR 
COMPANY 


Midlands based quality knitwear 
company. Turnover £jfn. plus. 
Good profits and order book. 
Proprietor wishes to retire. 


For portxulors write to Sox G.3061. 
Financial Times. 10. Cannon Street. 
EC4P 4BY. 


FOR SALE 


as going concerns due to change 
m Group investment policy-" - 


Well known retail oriental: 
carpet company with associated 
manufactured carpet wholesaling: 
and contracting company, ' . fi 


Certain experienced staff . ExceL' 
lent Central London premises/ 
Lease 1 3 years unexpired. 


Audited accounts available to" 
30th June 1978. Net usee value f 
plus negotiable goodwill priced- 


preliminary enquiries (Prindpalg 
only) to Companies*' Auditors — 


Box AY 840 

Reyn ell’s, Eldon'Cfaamben. 30/32 
Fleet Street, London, EC4Y 1AA. 



__ v y Rravhroot, -taxation guide- stral^gic ; plfinTfiOg for 

SSSEuiCB oSBffinr.Vwin-he evaluation ipfogr^baxs.:^ ^:^ 

5S l Mr^J. A, : tem*; . -FoBqwipg ; the -teMt' '= ijfc ■ 
SJSJt secretary,' ■ • faMMfi-.'A: 

deputy secretary, and Mr. R. W. j or fcjs - appointed _Josepfo_ 
Puetia to be taxation xrufbagezy Radford to - be the .PUBLIC^ 

TRUSTEES.^-.: 

Mr Phillip Bellamy. ssanagiDg -. , -'J.- 

director of Eurotherm- Ftpdukto Mr- : Kenneth. Greesu .bepn 
rsSweiz) AG. and. Mr. Terry appOihted lnanRtung^ dfrertor .of 
SSSrf president of .Eurothenn e. 30PWNG. -. AND’L SONSji ’ the 
Corporation U-S, have teen S&nderland‘: Bte« - foumlTy-^and 



■appointed* to the board of EUKQ- 'oTW^otThe ^ ve steei fon/rdries. 

- — « “ * r the Weir Grouix- He Was fc 


-dPPOUUCQ 1U L AAVS — 

THERM INTERNATIONAL. ... .. ura^ramss 
■rr^- * ■ ' general manager and a, air^or^ : 

“Mr. H. E; Netherdfft who .has v. ' - 
been associated with the company • Mr. Mow ' 

! *ince its foundation, in 1926 has president, -has teen ‘ 

Sri ^from the - Board of cmCORP- . - 'JN^NATIONAL 
KtOADSTONE INVESTMENT. GROUP represen 
TRUST. • • Be,' takes 1; . xes^shjUto^^,; 

Citicorp . ..mexetent ._ 

, • Tiri ir HOLDINGS has appointed- services In the - Japanea^ maficet 
hWr: K- C. O- Shann as a director, from January. Mr. , 

He retired recently as chairaan. be^with grtteorR tofemco^; 
of ' ' the Commonwealth Public Bsrife (h London . for 
Service Board after • a distin- three, -r . -. r - 

guished career in the’ Austral lauf * : ' ~ . 

public service. * Mr. “Roger Daub*' be* taken 

T^. • * over fcB aspeett -of thh tdu r ' 

’ The Ministry of • Defence- operating 'eide" of TatamSon - 

announces the following promo- Travel grouR nod bas-ybe^^ 
rions: Brigadier O. J. KimOum Is. appointed lasm a gu^ Aas cttK J 51. 
to- be -Paymaster in Chief, -Minis-^ Thomson HoMdMy,.^ .Ho^cog tin ugS:. ^; 
try of Defence, in March in. the- on -the- parent apanf ^s^ssis^nt-^ 
rank of Major-General in suoces-. managing dlrpew^ - of ^Thamstfu. . 
siqn to Major-General K. Saonderg TrayeL . 

.who is to retire. Brigadier M. H. . . .V* . 

'Sfnnatt is to be Director .Combat Mr. Karel ProdiazKa baa been 
Development (.\rmyj. Ministry of ' appoInted managmvOT^the^^oa- 

! Vklu. - ■ nr.wnk fl k sl ranrilr rtf -KiwiMtflft - vAA-’ 71 1 A. - 7- . 


J: 


' 3 ■7" 

'*Su' 


Defencerin"'March: in’ fte-raiflt ot hriiijdS- of- the ZfyNp?^fSKA.r ; ^ 
• to BANKX NC, from i^fenimfyvlrTh'.; 


Major-General, in sticCesSioii 
Major-General E^ A. Burgess. 


succession .to Mr, Jan Viater- vViib . 

„ ... Jis -Te turning' “ to, ^CzethorfovaJaa - - 

Mr. John Davies is tbe ^ew ^er^ '^ 
director of CRYSTAL PALA CE London. 

NATIONAL SPORTS CENTRK. Be ‘ , - V - . “ . - 

takes over from Mr. Endyn J<mes, STERLING' ESTATES,-; A - - • sobsit; 
who was the first Crystal. -Palate' diary ' '-of i Royal' ] ;\Xns«ra a6e^:~. 
director in 1962. - . ■ announces the appointunsitr k of-.- 

, . * , U.O 1 L A- P. Johnson ^asdWtett:; 

f BURNETT AND HALLAMSHIRE and M&.'Bi. E- deputy^. 

ftfm IMTlTr n .wrtAHwriAn A- mix n i vwt - n reel moririQTnO SwD/»fHp.' 


yprott 


f D Uai^D 1 L raiTiy JJ/ia-rurSlOUiAlAkiV auu 4**A* U| -.Vv, »- 

HOLDINGS announces that Mr. A: chairxp^n -sixd .matragftig SilwWt; • 
Reddon has been appointed . a-- 7 ;• . 

' 2 !— A-t- _ _ C .If fiiVutiffiowr -lt^JraraAlg tfsi silf n nurl nnmC J 


director of its subsidiary, Camm , Miss.™-*™-*-.— 

‘•(Band H). Prior, to ociSning, appointed . 20 \il»- >JBoavd-.rnr-. 
Camm’s In 1977, Mr. Seddon'-Va^ BLUNDEBE""’ -' ''PSRMOGLAZB - 
jfenior co-ordinator for -develop- HOLDINGS as a ' 


* -' J ’ 
' * «. 
.V 


-A. 


pCulUl Lin/iumaiuA a v» Jll/uwllHUO cu> d miMrcwKUMtw, . 

.tnent for the' Severn Trent-Water dfecector from Janaary 3L-.'. ; }(Bsa': 
Authority. .. . V- Harris Js the seaiof psetimr ot\ 

,j. - j. ' ' - .- “i Jojnson-Hicks -ahd " 

^ REED EXECUTIVE announces? 1 \ . . -■ f ':w 

a. number of changes hr group, afc. ML J. Cworay> pretfacticdi. 

, — ■_ — — Mr. John Cooper, manager. Sb2cton,Works has^Seen/ . 

n finanpiol riirpptnr ‘ a j .• 




-. - ,y± 




®N6INfeE3ffl®JI!u^^fe.'su^fedis3PL.-i " 
H. j- iron -who lb; 

ce respohslbnity m -* V- • - ’ v; ' 

Mr BEPWO*mf : IRON- pM- 

PANV irraiwrfbrfnrvr rtf vifriSetf 

3 era 0 ons - di rect or. is 


responsibility as chairman. 1 
.Heed Travel, from 
ifitr. Charles Ison, 
secretary, will take . 

for financial control «£-***» HEPWORT^f IRON - fcbM 

Lcmrently operations-director, is 
fappointed 
:[Reed Emp 

T continues as ctadiman -of feed _»irppM.«B«»Bm-,. 
Ifeacudve SelecUon. , ; ; ^ ^ ft* quarter of 1!CT. 

Mr. C Hill has been appoirted "““'s T 
general manager ■ of the newly 

formed -Perkins division-.- ttf XEj^O^)_b-Ar, wBi, 

POWER DIESELS 


. . • > ’ 



4 x 


• ■ ***.• 

- .‘V. 


EAST ANGLIA 


An old established Retail House 
Furnishers, Undertakers, Re- 
movals and Storage Business for 
sale as a going concern. Exten- 
sive premises occupying promi- 
nent High Street position (about 
i acre) in market town, includ- 
ing separate Warehouse of some 
5.000 sq. ft. 

Full details from Box GJ0 48. 

Financial Tines, 

10. Canaan Street. EC4P 48 Y. 


BUSINESS FOR SALE 


PLASTIC FILM PRINTERS & 
CONVERTERS IN 
NORTH WEST 

ramover about £1 milGw. Excellent 
Madtinery. Net assets about £150,000. 
Offer* Invited. 

Write Box G3062. Financial Timas, 
10. Cannon Street, E C4F 48Y. 


-SMALL BOAT 
MANUFACTURING 
FIRM 


wishes to sell msrkaarrg and dacri tui- 
tion right* and retail- showroom. 
1 10.000 ■ or sootier iU. lease, fixture*, 
fittings, etc., plus stock at valoaaon 
(auouc £20.000). 

Write Box G.3055, Financial Time s, 
10. Cannan Street, EC4F 487. 


FOR SALE 


FORD MAIN 
DEALERSHIP 


Principals only please apply 
Box C3043 
Financial Times 
10 Cannon Street, EC4P 4BY 


OUTSTANDING PERSONAL 
TAILORING 


Highly euccessful lonj established 
business providing pmonl service in 
London and Southern btglutd. Out- 
sanding naval clientele. Weekly fa- 
cings Savile Row. T/O £60,000-1-. 


Write Bex G.3067, Financial Timas, 
10. Cannon Street, EC4P 487. 




|V llilfi IX | ^ ran ■ j ■ Slum . . — — - ns • ^ u . , 

TRICAL. He joms from Indiritriaf 
and Marine Boginas, Brjatok 

where he Was a director. - 1 - deputy to -TPP; fiaseffliiyet inogffr: 
. 9 ne was a tureciuc. president ^asffioaft^tdglcateSfc: 

Me, Tt. TMtXtrihe&m -has ^- Hmry -Xesterr 

^ha-pp 0 i4STdIrector of THE 
KQUTTABLgUFE A^IRANCE 
SOCIETY frotrr Januafy L- TVotd 
that dat^-heovQl relinquish ‘MS 
dirertor^ip ol Uuiversity -Ufe 
Assuianre; Society, an associated 
company PtTtaEqhitablo lift- 

IBERIA fee appointed , Mr. Mn &- 

Enrique 4e Guzman, de Omnia as . - andp “ r ’ 

president. M^. de Guzman was Lonoen. v ; - , . • ; y -* 

chairman of th^Board of Spanish Jf -' af >5 '. .'1 -''-g 

Railways fRENFE) and is at H^ Robert Bs StoR^, chairman 
present, ffub-secfqjtary of Civil of Manchester Liners,_has been 
Aviation. \ ..yap 

ROYAL "WORCESTER announces - , .. , 

that Lord- Nelson of Stafford has -Tfc »0Y beed me a 

been l ' -. elected • nop-executive direct or, of PORTLAND - SHuKS 
chairman of the. company with (EH^ORT).. 5 ? - ' ’ • 

immediate effect following the •: • W .a-S/U •,?-T!'..s-7 

sudden ‘death of- Sir\Rnnald flfr. Tofen V. Xuptim ■ beeit 


MA 


-;:tvive 

ter 


,to 


the Board of 

0F3RISTOL.- 


Falrfieli-- 


Dr. Mrirce D. Parker tia^ 
appointed' chief' geologic 
AMA^JENCLi U iS He .will 


. ap p oiuted r to»tbe BoanJ.fef •_ 

rSERVK&.-^PATIONS,. /. fiERf»i 
_ EASYGAS. ahd . HERON. iMOTOR-f 
‘ -of CYCLES ffaTn:^anuary4- ^A^asr 
rip previously ^financial: 


: - *. ii 




board member 


v iiiSf • v." 


."■l 


RIr_. Joseph F. ML BraSthwalfe accessories hxanufectufifs, 
has been appointed to the Eastern ton: and itspkmic leisttre products 
Counties' regional board of plus the newly-named: CCP oara-* 
LLOYDS BANK from January L. van and «tmp&^ >rodacts*di*ri- 
He is "vice-chairman and manag- aion, all .pqrt Of the Harris And 
ing director of Baker Perkins Sheldon Group.- " 

Holdings '' *: T ' 


go 

^tins 

•able 


HOTELS AND 
LICENSED PREMISES 


SUCCESSFUL 

COMPANY 


cpecitiisang in she hire oF large Dump- 
trucks. Midi to open -negotiations to 
diicuit the possible sale of part or 
Svltole of this company. Reason for 
sale family problem 1 . 

For further details write Box G.3035. 
financial Times. 10. Cannon Street, 
£ C4P 4BY. 


LONDON 


A well appointed and 
superbly located ' 
West London Hotel 

100 BEDROOMS 

each with Bath or Shower, 
Cocktail Bar. Dining Boom, 
Residents’ Lounge 
In receipt of substantial trade 
FREEHOLD 

Offers in excess of £1.500,000 



(83S2S/MOC) 


Knight 
Frank & 
Rutley 

01-629 8171 


BUSINESSES 

WANTED 


FRENCH ACQUISITION 


SOUGHT 


Swiss private company with 
international interests seeks to 
acquire a currently profitable 
French company in the con- 
sumer or services industries. 

Pleas* send brief details to 
Boa G. 3060 , Financial Time t, 

1C. Connon 5treet. E.C4P 487. 


FONADEK 
INTERNATIONAL 


eantutoHis dwir expanrion, prra- 
araiwne by- acquisition w* .arr-par. 
akuiarly inarmed fn pvrefnsing Ofllc* 
Equip™ one Manufacarrera aod/tir DW- ' 
errbucors and Allied Trades. If you 
are interested in sottina your company 
please contact: J. P. Ckapmziw MJJ„ 
Fonadrk Inter national' Ltd.. Albany 
Road. Harbonie. Bfraringhani 17. 


Engineering 'Business Wanted 

We wish to porch »** or obtain con. 
wWing interest in . a- profitable 
aoglneertoj ■ business with T/O of up 
to . £4,000,000, 250 aoiptoyra. with 
own product and export - paeenaal. 
Turn round artaxtionc could bo con- 
adered. 


Prina'pafc oofy. in confidence' write 
Box G. 3505b. Financial Times, ■ 
TO. Comwrt Street, £C4f> 487,-. 


_ - o • „ p •. . • On Apnl. 1 Mr. X S. Garner 

Or. ' BL A. Smith Ms been will become -managing: director of 
appomtea production director of the HBTX GROUP - of coufiboni'es. - - 
FISONS 'agrochemical division Mr. -K. It'SmaB iriJl hecoine-imif- 
from January '1. He succeeds Blr. 'aging' director of , Brfl mid Co.' 
T. A/ C^fett who, as divisional Westn^er)'.ahd; c W he. jolfled: 
vtce-cMtenan, retains his overall hy^ --MK- Ri'L. Gfeentead 'B&o -will 
rcsDonabnitv for emnloVee 


responribfllty for employee ser- "become a director, 
vices, "health and safety, and en- - -- . .T.-. .5 's-^‘ 

yironmental -matters, -and fnr- * h«» ■ -^ rrT1 : y'-., 

purebasing function, ' -ASSlJfi^CF 

“ a. _ r t natiDUflce^-tlKt 

_ _ ' J? u ^ Denis BL Trnscbtt'retiterf as chalr- 

Dr. Rojfer W. BrimWecombe, man and Mr. B. J. Bfride retfres 
d epnt^ -duy^orjgf : tbe research as - sl director -oh— December -- 29 ^-. 
institute of SMITH KUNE AND 

FRHiCH RESEARCH, has -been becomes- chfBrman. Sir . Denis 
named: vice-president. -Tesearch also- rettfes-as chahman Of 

and developin on t— Europe,' - from FORD ^JSENEBAtv'Sqi 

January L This foliows-the. rerigr .CGBfgANY ahd MiCErlc 
nation- of Buttean -exfetin & >iiirectp^berom^-t 

who is to iojn ICT pharmaceuticals maiL . 3lfr.-.HiroM"Jffaddic 
division as deputy chairman, - . . - /oin^. Ktar 4. ■ y ' ^ ■ r' 

Mri ^Gleim. WeBb; has , -heen ‘ . ' TAXES pA| 

appointed ^dirertmr "and general MERCHANTS.' • CamberWlL Lon- 
managm; DESMO, Bnerley Hi U ^ don_ Ms_anpointedJBr. Ixn, G«j 
West Midi a n ds^wjbilch inefudes car to 


f)an 


'■fei- 


>epcge; 


for professor 


PROFESSOR Michael Baker' of 
Strathclyde University' wtts.Jpre- 
sented~with the . gold award of 


The 'silver award wept to Kh 


Ifistifilte of Technology,- anff the 

bronze ~ 

who jmr 


vn: -iii 






THEpE^NG tetfayhlf^ittinfr 7 
!-h'amsl0re"-.,'‘ 'Cfluhty':;'^ CbtincilVT 


the Institute - of- - Marketlng'sJ’aecoiid'isfflinniee 1 ifmi'tivo 

Marketing. Authors of the Year- ‘ •* 

scheme yesterday. The . award 
carrfesy a £500. prize. - L 


new runit the- - 

- ^ttoi . .'7 





— - - - - - ' ' use 

r:;to- Mr^ R. L. WR Isma, £% Jll? - 

imzi M-'.adv^ang ageh^"_^rd^T.-;-.^^ - ;.v . 







. mirtw^nUidon .fa* hwa fuontiei In Z3 rieh'/Swia^rltniS^ r -<1« -o(u*reiva -of whitik t* 
canf BWtCra rand, fimitir aa8*id«;tir ^ draoibKu - 

inforeueioB on i%b. m»_cujf 
Far derails pTcas*. ctihract: 

8053 £0rieh. 5w1t2qHgnrf-. . 









'8 


■*" •tin. ,P.. . * 

* * ,-‘* 5 ' . . 
p ' -".a- „ . 

’• • ' ''' 

Kiitl, jSj’A 
: m, .. 'Vi 

»^. 1 - >»-j 4 Jl.l r"r 

. •'i ■- .; - n-4 fy * 

; , ='=£*$■■ 

-■ -lr ,. 

; J *■ 

* *• " . - ■. lr 


EDITED BY ARTHUR BENNETT AJ1QTED 


♦ AUTOMATION 



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UATMATlO?f: "has 1 developed imetlrods may \Se i; employed 
lightw&gfct ' and' '. precise- iridus- together, Vhere appropriate. The . 
trUd robot' thwoLded 1® operate prosrajruninfi language used is 
.on an asserably nne side.by Bide -Hje^^Ualmatlon^'^ISi^n^tary 

with human -j workers. V v Although lhcyare'Stbl at ihe 

PUMA, Tor programmable : pre-prodaetion stage;- .several 
universal manipulator /Or units have been sokt-.rfor job • 
assembly, po aU i uns tfhdeets to' atr a [nation: .For example. General : 
awcuraty-.eFj»^'w‘fl^nuiKfli0fl4-'--3IMors- is- using a number of 
inch (0.2 nun)'- and has five axes ' new robots in an expeilmental , 
of motion correspotodlh? to V smalJ-baich assembly programme 
hnraan beiz^S/lwast. shoulder formatting together adtomotivc- 
antf elbow rotatian; wrist bend, components. Other applications 
and band rotation. - \ _ include industries where .small 

Load 'capacity of the' Puma is parts ■ : are now- mamiallv 
7.7 pounds <3 lS; hg>. : which . in- assembled. 
eludes .the end-effector; Arm tip A measure of Puma's dexterity 
velocity is 3^ fbei/seedqd with and : accuracy. Js the- fact that it •< 
maximum, load. - can insert lamps into automobile 

Electric- ■ servos position the instrument panels- -■ ( 

arm of tbe.;Puma and the unit • Unimation . (Europe) ' Units 
is tau^it a. routine , by.^ either a A3/A4 , Sta fford Parh ‘4, Telford, 
''teach module " or. optional Salop TP3 3AX- Telford (0852) 
computer terminal, hut both 618931. 




1 a COMMUNICATION 

Colours to 
convince 
the driver i 


GENERATING SETS 

For prime power, 
standby, and the 
construction industry 


MOTORWAY SIGNAL equip* 1 Dale Electric of Groat Britain Ltd., 
ment ofa new type will be tested Electricity Buildings, Filey, 
on the .Ml next vear. I Yorks. YOW 9PJ, UK. 

Rank Optics he's Pom Honied 
a contract by the Transport and " 

Road Research Laboratory to 

produce ten of the new signals book" memory, two are in n 
which, for the first time, will scratch pad memory and one is 
include the use of different in {he entry buffer. The set 
colours. The signals will lell interfaces with a seven segment 
drivers what the problem is. how LED display, 
far it is ahead and display a -j^j e un j t win supply pulse 
speed limit. dialling at either 1ft or 20 pulses 

At the top nT each signal the per second, or optional lone 
advised maximum is displayed: dialling — in the taller mode, 
in the centre is i.he pictorial useful only with suitably fa>t 
reason for the limit surrounded exchange switches, a 12 digit 
by the standard red triangle and number can bp. transmitted in 
at the bottom of the signal 'the under one second, 
distance to the hazard is shown. Fairchild Camera and Instru- 

The reason for introducing mrnt is at 230 High Sired, 
this new informative multi-signal Pollers Bar. Hertfordshire 
is that research has shown that (Potters Ear 51111). 

drivers tend lo ignore speed 
signals when the need for them 
is neither explained nor obvious, pp, . - 

The signals win use fibre optic I OlICTfl TlhOTlP 
technology to give multiple -*■ w 
legend colour facilities and to „ _ m 

lower power consumption (which l/ind/C 

is particularly important). With- AUX XVIUjIViIj 
out the development of fibre 

optic . technology such signals DEVELOPED BY Elscint of 
could not have been created. Haifa, an electronic coin- 

Brilain is a pioneer in this operated telephone known as 


Grand Metropolitan 
front office move 


1? "\aL pf « series of teste in Norway with Developers claim that the 

IY1AVA ‘ hying colours since it has si nod glass docs nol a Her colour values 

JLJi Vf ILX. I*. 1X11/ T v '• up to heavy salting and to the inside ihe house and ih»t it 

- - '• ... effects of studded lyres when adds very considerably n* ihe 

AFTER • extensive ■ evaluation, processors enabwr-ihew radii- applied to a frcqiicntly-uscd road anpeal of anv structure, p-iriicu- 
Grand Metropolitan Hotels : ia to ties to be prodded at a very bridge. inrlv in rural and garden 

insist Hoskyns Systems for the economical cost— priees -start as Dynagrip was developed hy setiings 

front-office . operations of .' its low as 0^00 for a foil hardware English Abrasives us a means of Schott Gnippe. Ilatimherg- 
ihetfiura-slzwi. London hotels. A and software system. _ At inis applying a non-xkid coating to si rase 10. 05 Mainz. German 
first - . installation. '.ofia Hoskyns price level all • bUlf ...Jlie very virtualiy any base material, both Federal Republic, 
microprocessor-based unit within Smallest hotels can cost justify indoors and outdoors. li will 
the group -'Was- m»de at the- SL - -the system. V bond lo any dean surface, in- 

Ermin'a .Hotel in- September. ..The full range of front office eluding wood, stone, metal and — T « 

This proved -40 . successful thar activities is covered Including concrete and, the developer says. fV^ £jkT*r lAAlZ' 

. Grand Metropolitan . has decided reservations, guest accounting is incvpen.iive, apart from pro- 1*C rr lUlflV 
to put in= a farther eight before with charges entered from source venting accidents. 


The engraving pwI of a HclJ K200 Jleiio-KJixclmgraph by printers of decorative materials, wall coverings and .. The pe ®?°° ; nr introducing mem is at -30 High * , ^ eFl - 

Thi c m»h! n « , M n, j- Hus new informative multi-signal Potlers Bar. Hertfordshire 

machine installed at Summit Gravure. Bamber Bridge, packaging- This raachinc. for which the sole a^ent is the j S that research has shown that (Potlers Bar 51111). 

n- . , i ^ , .. Pcrshke Price Service Organisation, will enable Summit to drivers tend in i-nnre tinned 

Preston. Lancs. This equipment is designed for the direct produce cylinders up to a maximum width of 1,775mm signals when the need for them 

electronic engraving of gravure cylinders which are used and 1 .400 ram in circumference. ^neither explained nor obvious, pp, _ ¥ 

— - _ — - — The signals will use fibre optic I OlICTfl Till OOP 

technology to give multiple |/1XX/IIV' 

A MATERIALS legend colour facilities and to „ , . - 

w lower power consumption (which t/^|« \j -m g~%c | 7 'C> 

gm -■-* is particularly important). With- AUX MU^JVd 

Skid-oroof surface will wear well r. i c ,h r.cS‘:r c > n u , ch or S iS developed B v e .,, ., r 

J WA UIU.AU.VV 1 f M-M-M. ti VM-t ’’ could not have been created. Haifa, an electronic coin- 

„ , , Britain is a nmneer in this operated telephone known as 

ANTI-SKID material dcutiuped glasses can hn used with ton- dcr of Leeds and romprisc? a averaced 10 per cent on the field aru i ma nv L*K fibre optic Payaphone is housed in a stronc 
in Britain for severe industrial ventiona] double gla.ins and m Hercules pre^s wit h manual take- roughin’ stands and 20 per cent S j 5ns are being used hy a case viih 0.19 in steel walls, has 

conditions has couic through a structures such as paUo down,. off. fed by a continuous mixer, on intermediate and finishing number of overseas countries. operating mechanisms that are 


Outwears 

metallic 

bearings 


stands. Further data 

in in<i»y rolling mills, an on 0532 624601, 
additional 'ucneGt found is that 
the fabric hearings have a life 
of up to twenty times as lung T 
as the bronze bearings used IftiTTlC 
before. llClild 

Formulations for Texolex , » 

hearing materials are constantly #llQ|IIOF 


Further data from Rank Optics virtually maintenance free, and 
0532 624601, compatible with aJJ existing lelp- 

plionc networks. 
l ; scr* may insert coins of up 
-w- . r> In three specified denominations: 

llPITIC t AT Q these arc automatiraily classified 

AVyJ. M thy diameter, thickness and 

material ». their value added up 
and ihe caller credited. During 
Uidllvl lhe call the instrument receives 

metering pulses from tile 


mntuia nULCl IU w _ * IIMI J UI Mum **VI#U, Ptuiir, mriu I a HU -#■ 

This proved -«n . successful that activities is coveced Including concrete and, the developer says. [V^ QiXJkJ lAAlZ' 

Grand Metropolitan. has decided reservations, guest -accounting is inexpensive, apart from pro- 1"C rr lUl/IV 
to put in= a farther eight before with charges entertaJ froin source venting accidents. m 

May 1S7& The order is irorth using a compact terminal, and English Abrasives. Hulme Hal! novilHT 
about £150^000. The equipment hotel ad minist ration, ^ ■-including Road. Manchester AI 15 4LU. EidYUlH 
uses the Thtel- 8080 micro: room status rep ortiage^ ^ Staff no 061 S34 3602. A ^ 

Benefits Include 1 a higher longer do repetitive tasks such as CUTTOnAC 

level -oF ^rvice end attention posting apartment imarges each T _ _ OUI14tCj 

from receptlofiifiU who are freed night and producing^tta}. cur- M'nlfflirfiCT 51 ix thf rhannei island. Granite 

from repetitive'', ad^niantrative Tent guest and departure lists. llUlUUlg <X ITJum S? Pet ni\V lilr fer- 

tasks. Guests also. And. bills, much Management gets =, more . spv has iniroducod a n-'-c nf 

easier td.'ubderstaud as JuU accurate and ujM 0 -da,te Inform a- mirfAr fA oml/eemmi facin- bricks’ and 

English descriptions. : are piveh lion: for example, the^bility to IIUI IU1 iU ^ 5 ^ in slandard aSd 

for all . charges incurred. r - sec at a glance the^exacL rescr- -5 n „ re S,andara dDd 

The Hoskyns unit ii* a good valjon picture, for any: diy in fhp Wfirlfl P -\nari fennV naluril csandi 

■ example, of the-- application of advance or to prodnee u^-to-datc IIIC W UI IU shadi inclX rid. rust, votiow 

1 n li Sch^rn? 1 ^ fDr HIGHLY REFLECTING class, marigold. Hini brown ami Male! 

i C « P° ,nt _ of ^ , which provides home owners Special colours can also he 

1 mally - associated with sophist!- Hoskyns Systems Development, w i,i. nrivac-v without sunnlied 

v S ^T°* ret,urM ^ = interior lighting, is The bricks and setts can be 
puterised systems.. Juse of micro- ECiV 4QT (01-^51 -^8l) v> . being offered by the Schott Group delivered in quantities of 500 tn 

• or Mainz. sites anywhere in the British 

• POWER .::' r .c Gumparable with certain of the Isles and France says the com- 

reflective, insulating glasses pany (a subsidiary or Robert 
'■ •■■■‘W--. V «-.:v V~-. specified for heat-control and Brett and Sons, Canterbury)- 

■ rAriArilflilO' ; rtf aesthetic purposes on high-rise Plant for the bricks and setts 

VTCllCl dllll^. - bc-^oud"^ ^Ba^a^aeven office bu ^ din E s - ^ “Calorex” was supplied by Herbert Alexan- 

c&tc i V ‘ " ' 1 ■ ■ ' without -reference^) the 

SetSI:Sa:^e II ™ he n ^ • COMPUTERS 

PjyWU ' Micra to provide a 

AVAILABLE- as -a~- mobile or, - The. umt Js supped with both “ 

static unit, with- either push^ « . bigb-resistanerf wrist strap— '|_- V C 4 . ■' — 
button electnc start or- auto- .simply ..touribio/ the exposed ncllV' DlillLl] 
malic start following .mains end. of a wire will register— and ***"*-*' J • 

^ o 5 ?*, kV ^ aJow-reslstancfe probe, MANY .MICROS have been both lh«> system's operating 

-v. ■pPeratipff'JProni- a single PP6 announced with “features system and complete application 
J ai “- J°. 1,6 battery with iat least a vears life, ^traditional lv Found In large program to be resident in 

^MiSSSP ■ “ site 0 ?^ JMBrtioOntf is portable and ™nfmncs.” Bur very few. ti. memory. With the VDP-10W1 
41 >r,«™i n c v indei ? en ? 1 eat ^ »ny mains dwtfc have been H hle to claim a Data System, both are resident 

JiS b ““S 1 y: '• ' ...Virtual memory operating on dim- and arc brought into i the 

Systems JElectronfc), system, up to .40 Megabytes nf system in segments as required. 
nrim»r* ‘¥ S " ^ 5pnn ff Hoad. SholtQR, disc store capacity, and Cnliol. Consequently, users can develop 

S SS&S? n * HanlS S09 5QJ- BaV and Asgol programming large programs at sixes that 
X^^-- • / • “ a ^.0703 4406U, ‘ languages for business and greatly exceed the VDP-1000's 

The' _setV ha^- nrr external watems applications, as offered physical memory size, 

oioiul ieads «r attaSenS: O- 11 • M Immediate use under the Starting with a choice of two 

•aw ''MdfSdcSiSlllJill 51 IT ’ designation VDP-1000 by Data- disc systems and three lang- 

• typ^Sys terns. . uages.. the user sets up a system 

means ota double-frame' method - Lear Siegler display terminals. To this, he can apply additional 

of consiruction-JnJwWc™,^S p'PnP|*3iOF - , witfa varying degrees of pro- storage — up to four JO ' Mega- 

engine and alternator • are .- .grammability and operator con- byte disc drives or 5 Megabytes 

mounted together on "one frame. LATEST SOURCE of compressed', lenience, can be supported up of floppy c opacity. Usera can 
More from Fetbow. Sandwich, air from The Hydrovane Com- To a maximum of 40. This com- upgrade their consoles wth a 
Kent (Sandwich S3U1/ . pressor Company only occupies pany is the original developer choice of five intelligent ter- 

•£ '» •• 0.75 square metre of floor space "of the VDP-1000. in inals. with varying degrees of 

-i-: '■ but 3s able to supply 18.4 litres/ - All three languages offered programmability and operator 

JjVnW infir j\V* ■ ■ iec (39 cu ft/miii) of free air at are controlled hy the VDP-1000'* convenience. 

f 1 lilll lf tir a pressure of 7 bar (100 lb/sq virtual memory operating Datatype Systems. ,22 Market 
O ini. system and instruction set. Many Place. Wokingham, Berks. 0734- 

CDlD^finrr ' '• -By employing an acoustically small computer systems require 791 384. 

jClyV.t.1 1 f c " ' engineered cabinet the company' . 

• y. has achieved a noise level of 

a cable rSSnfCSfeTe talk to anyone 

C.4BLEH0UND If is' a newly fuUy automatic or constant run- ’_. r - -„.., icU - n 

developed - version or Vero nlng control. Its specification LOG AB AN. the French pen- for on-line data ‘ ^ u,s *'®» 
Systems fEicctrtmics) portable includes a star delta starter, ^ ^ pbcrals croup, has new keyboard, appljcanons. prn^iainc local 
wire Identification- system.. aftercooler. separator and drain matrix printer terminals, the V wi , r d * l t l , nn f «25nnJl! ir?n!L 

. Jt fubcticras m two modes: m fadtity.. In addition an elec- Vvioin and the LX 1030 able t«i hn,,n B 

the "identify *V mode,, it will ironic .control, panel. whfclL afld the «»»<«» al »P ,rt J40 P ba ^ n 

automatically, naipe any wire in monitors . all phases of coni-.' ^^ To many different com- \lith print speeds or. 1B0 
a multicore cable, the wire hum- pressor operation includes an'P^^fs- ; characters per second and 

her. beiiig shown on a digital dis- hours counter, air pressure and.,.' L a J 010 is an interactive hSR density options of 10. 1- or 16.5 
play. By switching '-to “ select oil temperature gauges as well .terminal- capable of operating characters per inch, many paper 
CaWehound II, ;wfll v select' :any as various-, monitoring lamps. under . APL and emulating, and forms handling peripherals 
wire from 1 to TOO by push-button. More from Ciaybrook Dri ye. amongst others the IBM 2740, ' are available. 

When’ the selected ' wire is Redditch. Worcestershire B88:X The more powerful LX 1030 is Communications protocols for 


• POWER 


reovrai uepum.c. - - C3 . t being developed. Five grades Uiailtl the call the instrument receives 

BY REDUCING the coefficient are currently made, four of metering pulses from ihe 

of friction at (he mil necks in which contain a fineiv divided INTENDING manufacturers, and exchange at intervals of hair a 

1 1 rolling .mill.** m values subsian- mineral loading which both in- individuals brave enough lo make second and these are charged 

\OW §fW\|/' liaily lower than can he achieved creases wear resistance and the attempt i hem selves, might aguinsi ihe amount of raonev 

-*■ " rr xtrim with metaffic nnfrriafs, hearings simultaneously applies a polish- he interested in z kit of 10 seini- deposited. Call rates are varied 

m of Texolex. n laminated com- j n= effect to the roll necks. The conductor components that can b >' the PTT authority by 

n 5) Vina P™ 8 * 1 ® n’ 3,,;r,a l made from fifth -rade. Texolex KM. is be used to construct a telephone changing the rates al which the 

£/«. T A1I{3 cotton fabric and phenolic resin, designed iur mills ihat suffer repertory dialling unit. pulses are sent out. 

p can save up m 25 per cent nf very high shock-load-, and has Known as Fairdial TAT, Ihe bit At the end of the call the unit 

C|11*TO/'£lC the power needed to drive mn*t bibber crushing-strength and is based on an isopianar NMOS returns any prepayment in 

OUllftlt>w types of steel and non-ferrous impact-resistance at the expense telephone controller circuit and excess nf the incurred charcp. 

IN THE Channel Islands. Granite rolliD S mil's. of some reduction in wear- also includes two lk random The coin container has a volume 

Product St. Peter’s Valiev, .fer- Energy savings achieved after resistance. Ail grades carry a access memories,, two CMOS gate &f ,w 'o litres. 


les include red rust vellnw, ln continuous billet, bar and head. Tyne and \ 
ignld. Him brown and Male, wire mills, energy savings have Gateshead t0632> 


Wear N'Ell OQU strale capabilities. Forty num- Way. Crawley. Sussex (0293 


S72224. 


hers are stored in a "telephone 21285). 


New issue 
Decs moer 14. 1978 


An these bonds having been sold this announce- 
ment appears as a mailer of record only. 


OXY 


Occidental International Finance N.V. 

Curasao, Netherlands Antilles 

DM 150,000,000 
6%% Bonds due 1990 

guaranteed by 

Occidental Petroleum Corporation 


WESTDEITTSCHE LANDESBANK 
GIROZENTRALE 


SWISS BANK CORPORATION 
(OVERSEAS) Limited 


Finding or 
selecting 
a cable 


touched, a buzzer ;soi)nds. .Thus,: 0DS (Redditch 25522)'. 




a programmable. 16K printer/ all major mainframe manufac- 
. ‘‘keyboard terminal with dual turers' terminals are also 
_ floop discs for data storage and available. 

^program loading. Logabax. 1-7 Wesley Avenue, 

[■' These terminals are intended London NW10 7BZ. 01-965 0061. 



Diminutive printer 


BifurcatedHngine^rir^ 


: »: » it 


Few if any, know rhore about riveting technology 
than tiie manufacturers of;thfe' world-famous 
'Aylesbury* range of rivets, special cold formed parts 
setting, machinery "and other labour saving equipment 


TQ BE marketed in February parts. 

hy Sowmar Instrument is a The. machine will recognise 
microprocessor-based thermal “carriage relum.” “line-feed” 
printer which measures only 3nd “hack space" ignoring any 
4B by 4.0 hy 3.8 inches and others and not entering them in 
weighs about 1 lb. the first-bi flrsl-out buffer; lower 

-■ Printing one^ line nf 18 case alphabetic characters are 
characters each second, the converted and printed as upper 
TP.-3150-2 . uses a solid state case. 

thermal print head in a 5 x 5 Applications envisaged are in 


Whatever you.r requirements the' BE Group^ members [matrix. ASCII seven-bit data niicrocomputers. test equipment. 


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Afin&pA. 

AlahB Bank of Kuwait (ICS.C) 

Aigemene Bank Nedertond N.V. 

AJLAnws&Co. 

Umiied 

Amsterdam- Rott erdam Bank N.V. 

Bache Habey Stuart Shields 
incorporated 

Banca Commerdale UaHana 
Banca del Gotlardo 
Banca Nazkmale del lavoro 
Banco di Roma 

Banco llrquiio Hispano Americano 
Limited 

Bank JuSua Baer International 
Limned 

Bank fur GemelnwirtschaK 
Aktiengeselis-rhatt 
Bank Gulzwiller. Kurz, Bungenar 
(Overseas) Umiied 

Bank Wees & Hope MV 
Banque Aratw at Intematlonala 
d'lnvestissement (B.A.I.I.) 

Banque BruxeUos Lambert SJL 
Banque Franchise do Commerce Exterteuf 

Banque Generate du Luxembourg 
Soaete Anonym e 

Banque de ITndoehino et de Suez 
Banque tatamationaia a Luxembourg SA 
Banque Nationate de Paris 

Banque do Neufflze. ScWumbcrger, MaUet 

Banqua de Paris at des Pays-Bas 

Banque de Pwte et dea Pays-Bas (Suiasa) S A. 

Banque Populake Sutsse SA. Luxembourg 

Banque Rothschild 

Banque de I "Union Europeenrta 

Banque Worn** 

Baring Brothers & Co., 

Limited 

Bayertache HypoUiekan- und 
WbchseJ-Bank 

Bayerische Landeibank Girotenlrato 

Bayansche Verainsbank 
Joh. Berenberg, Gossler & Co. 

BemenBank 

Berliner Bank 
AkbengeseHachaff 

Bertirwr Kandols- 
uod Frankfurter Bank 
Bankhaua Gebriider BethmaiUl 
B fifth Eastman Ddton & Co. 

International Limited 

BSL Underwrit e r* Limited 

Burgan Bank SJUL- Kuwait 
ChristlanU Bank og Kredrtkasso 
Copanhegen HeixMsbank 
County Bank 
Limited ■ 

Crodhanstatt-Bankverein 
Credit Commercial de Franca 
Credit Industrial el Commercial 
Cradtt Lyonnais 
Crqdito (tahono 


Dalwa Europe N.VL 
FHchardDauB&Co. 

Bankiers 

DebruckACo. 

Den Danake Bank 
al 1B71 Aktieselskab 

Den norako Crodttbank 

Deutsche Girozentrale 

- Deutsche Kommunalbank - 

DG Bank 

Deutsche GenoesenachaRobank 
Dilkm. Read Overseas Corporation 

Dresdner Bank 

AMtengeseilschalt 

Drexel Burnham Lambert 

Incorporaied 

Effectenbank-Warburg 

AU'enaeseiischatt 

EuromotaiUare So. A. 

European Arab Bank 

European Banking Company 

Limned 

Genossenschettliche Zentralbank AG 
Vienna 

Glrozentrale und Bank 

der oaterralcMaohen Spwkaasen 

AkiiengeseNscnaH 

Groupement des Banquiera 
Prives Geneve Is 

Hambros Bank. 

Limited 

HambuWsche Landesbank 

- Girozentnde - 
Handelsbank N.Wt (Overseas) 

Limited 

Georg Kaudr & Satin 
Kesstsche Landesbank 

- Glrozentrale - 

HfHSamuel&Co.- 

Umiled 

E-F, Hutton 4 Co. N.V. 

Industriebank von Japan (Deutschland) 

AHicnaesellschalt 

Istltuto Baicario San Paoto di Torino 

Kflnsallis-Osaks-Pankkl 

Kidder. Peabody international 

Umned 

Weinwort, Benson 
Limited 

KmUetbank N.V. 

KrecRelbank S JL Luxembourgsoiso 

Kuhn Loeb Lehman Brotbora 

tntsmational 

Kuwait Foreign Trading. Contracting 
& Investment Co. (SAK.) 

Kuwait International Inv est m en t Co. sjJc 
K uwait investment Company (SAK) 

Bankhaus Hentism Lamps 
Kommanditgesellschaft 

Landesbank HhetaJand-Pfefc: 

- Glrozentrale - 

Lazard Brothers &CO. 

Limiled 

Lazard Rweset Cle 

Lloyds Bank International 
Limited 

Loeb Rhoades, Hombknrer International 
Limited 


McLeod Young VWrtetemUBMl 
Limned 

Merck. FtacfcA Co. 

Manffl Lynch ln terr a tfc ma l AOav 
a Metzier aeeL Sohn ACo. 

Mitsubishi Bank (Europe) SJ. 

Morgan Grentea & Co. 

Umiied 

Morgan SUnlay International 
Umiied 

National Bank of Abu Dhobi 

The Nlkko Securities Co, (Europe) lH. 

Nippon European BankSA. 

Nomura Europe N.V 
NonfdeutBche- Landesbank 
Glrozentrale 

OsterreicWsch* Landerbank 

Aknenqesfll^Chah 

SaL Oppenhewnjr. A Cle. 

Orton Bank 
Limited 

Pierson. HeWrlng & Pierson H.V. 

PKbanken 

Poatipankkl 

Privatbanken Aktieselskab 
RenoufACo. 

Rothschild Bank AG 

N.M. Rothschild & Sons 
Limited i . ; • | 

Salomon Brothers International 
Saudi Arabian In refitment Company, bMb 

J. Henry Schroder Wagg A Co. 

Limited 

Skandmaviska Enskhda Barken 
N.V. Slave ntourg'B Bank 
SocJete Gene rale 

SociOte Generate Alsacienna de Banqun 
Sodete Generate de Banque SA. 
Soctete Scquanalse de Banque- 
Sparbankemss Bank 
Sumitomo Finance IntemalloneJ 
Sun Hung Kan International 
Limited 

Svenske Hanttel&banfcen 
Tokai Kyovra Morgan Grenteh 
Umiied 

Union Bank of Hnland Ud. 

Union Benkot Switzerland (Securities 

Umiied 

Verelns- und Wtestbank 
AkWngEsellschatt 

JL Vontobdfi Co. 

M.M. Waibutg-Brinckmann,^ Wktz* Co. 

SXLWtetHsg&CaUd. 

Westfatenbsnk 

Aktiengesellschaft 

West LB Asia 
Limited 

Dean Witter Reynolds Wemafional 
Wood Gundy Limited 
Yaroaichi International (Europe) 

Limited 






THE MARKETING SCENE 


EDITED BY MIpHAEL 



‘scandal’ of production costs 


iTsliHltli 


TTM 


BY JOHN SIMMONS 


.-r.ji.-r.'.'>-’,. ri r*r^-T s > 


BY MICHAEL THOMPSON-NOEL 


TAKE A close look, this even- 
ins. at the Yuletide commercials 
now lighting up the TV breaks 
like canned glitter in the even- 
ing gloom anti try to guess 
what they cost. £10,000? £25,000? 
Something interestingly in 
excess of one hundred thou? 

Guess " is the operative word, 
for the range of production 
costs of individual television 
commercials is huge. At the same 
tune there is virtually no hard 
data available in this area, which 
is why the subject of production 
costs 'generates great heat and 
light in most marketing depart- 
ments. 

The London advertising 
agency Wood Brigdale and 
Company has just conducted a 
pilot survey among 200 leading 
marketing 'companies with the 
aim of establishing a basis on 
which advertising and marketing 
men can assess and track their 
production costs. 

The survey has thrown up a 
wealth of data. But it has also 
exposed, like a running wound, 
a remarkable degree of distrust, 
disquiet and raw suspicion. The 
range of production costs for 
individual commercials is as wide 
as a chasm: from £2,300 to 
£ 100,000-plus. In the absence of 
any sufficient explanation for 
These differentials, says Wood 
Brigdale, it is small wonder that 
marketing professionals are 
severely dissatisfied. Most of 
Wood Brigdale's respondents 
were overwhelmingly critical. 
According to one: “ Costs are out- 
rageous: the industry needs a 
drastic overhaul.’’ From another: 
“To paraphrase Lord Lever- 
hulme, we know we're being 
ripped off half the time, but we 
don't know which half." 

Does it matter? According to 
Wood Brigdale's chairman, John 
Wood, TV commercials are the 
most potent instruments of 
selling available to marketing 
professionals: *‘Tn have the 
proper assessment of commercial 
production obfuscated by doubts 
and frustrations occasioned by a 
simple lack of information, and 
in have otherwise sound pro- 
fessional relationships (between 
agencies and clients) tainted by 
these doubts is, in the current 
economic climate, a luxury which 
ail concerned cannot afford.” 

This is especially relevant at 
present, given the current move 
on hoih sides of the Atlantic to 
much tighter surveillance of 
advertising costs and accounting 
procedures. 

Television is the biggest 
national advertising medium in 
the UK. Last year (AA 
definitions) it took £39Sm, or 26,5 
per cent of the total advertising 
spend, vs. £254m for the national 
Press and £116ni for magazines. 
For many consumer goods com- 
panies it is the single most 
important medium for generat- 


Television commercials cost up to £100,000 to produce. But according 
to one marketing specialist: 6 We know we 9 re being ripped off half the 
time / A new report casts light on this murky area . 


ing sales, which is why the 
ad industry devotes whole 
squadrons of sophisticated 
analysts to the task of trying to 
ensure that the money is 
efficiently spent This is not the 
case with production costs. 

The Wood Brigdale survey was 
initiated earlier this year. 
According to the agency, in 
earlier, easier times, such a 
survey might have been con- 
sidered a footling enterprise. 
However, the recent sharp 
escalation of costs has created a 
situation where they can no 
longer be considered marginal 
within overall marketing 
budgets. 

Further, as television Is a 
medium vital to the vigour and 
success of marketing companies, 
so any related area which is 
devoid of bard data is coramen- 
suratelv filled with opportunities 
for destructive raisjudgments 
and misunderstanding, and is. 
therefore, vitally in need of data. 
It is a truth, and not a trivial 
ore, that the price d£ a commer- 
cial is no indication of its value. 
It is also true that if a marketing 
professional consistently i« asked 
to pay above his industry's 
average for television comme''- 
cials. then it is useful For him in 
know so. Further, it is reason- 
able for him to expect a well* 
araued reason for so doin".*' 

The survey, says the acency. 
is based on rhe best estimates 
possible by the 200 coranantes 
approached. It does not distin- 
guish between videotape and 
film costs, between the cost of 
one time length and another — 
nnr. Fnr that matter, between 
cinema and TV commercials. 

Amona the mam findings were 
these. The average cost of a 
commercial made in 1977 was 
£17.990. Cosmetics commercials, 
at an averse? of E24.2SR. were 
the most expensive: retail, at 
£10.090. the least expensive. Other 
nvprascs hv cate eon - : tohacro. 
£20.750: drinks. £10.792: muferv 
tinnerv £19 F«3: food. F17 9<W: 
t'iiietri eSi £16.643; durables. 

OF the 200 rnmnenies 
annroaebed. 14R responded, some 
with marked intensitv. Fifteen 
have a turnover of £1 bn -phis, a 
further 40 a turnover nf £S0f»m- 
plus. Forty-eight employ 50.000 
or more. Twelve spend £5m-nJus 
on advertising annually and a 
further 71 £lm-£5m. The com- 
panies surveyed spent a total of 
£3 15m on advertising last year, or 



On location in Brazil: marketing companies on both sides of 
the Atlantic are now insisting on mnch tighter surveillance 
of advertising costs and accounting procedures. 


21 per cent of the national total 
of £lJ>bn. 

An amazing number of com- 
panies seem to be operating 
almost totally in the dark. Only 
28 per cent of respondents 
corwvlly assessed their costs in 
relation to their mvn industry 
average: !T per emu could make 
no assessment, uf the fill per cent 
who guessed incorrectly, 34 per 
cent thought their costs were 
average when they were in fact 
above average. 

Of the categories surveyed, the 
one which spends the least on 
advertising, cosmetics, spends the 
most on production — on a unit 
basis. The cosmetics companies. 


accounting for only 0.7 per cent 
of the total UK ad spend, laid out 
an average of £24.286 per commer- 
cial on production last year, 35 
per ceot above the alJ-industry 
average. Conversely, the free- 
spending retail category spent the 
least on production. (The retail 
figures are based on only six 
respondents, though all are major 
advertisers.) 

The drinks category (both hard 
drinks and soft) had the highest 
percentage of companies report- 
ing some production costs above 
£40.000 per commercial, as well 
as the highest proportion of com- 
panies reporting costs below 
£5,000. The average number of 



THE 


commercials made across . all 
industries last year was six per 
company. The highest cost 
reported for a single commercial 
exceeded £100,000, though by 
how much we do not know. 

The best valae • for money 
Wood Brigdale could unearth 
was a commercial made in 1974 
for £3,200 that had helped pro- 
pel a new brand to market 
leadership. It has been used in 
each, succeeding year to sustain 
that position - and has been 
adapted for use in the U.S. and 
on the Continent. fTt does not 
sound as though it won anything 
at Cannes.) 

Thirty-second time lengths 
were by far the most popular, 
particularly in food, cosmetics, 
confectionery, tobacco and retail. 
Sixty-second commercials (or 
above) were rarely used; seven 
second lengths almost never. 

So much for the data (there 
is a lot more of it in the report). 
From the benchmark figurework, 
John Wood moves on to a discus- 
sion of some of the underlying 
considerations. For instance: 
H Is there any relationship 
between the cost of a commer- 
cial and the effectiveness of a 
commercial? Is it, as some think, 
necessarily more expensive to 
make * image 1 commercials than 
‘selling’ commercials? Is that 
distinction itself a valid one?” 

To help ease us into this mine- 
field, he distinguishes between 
two sorts of costs: content and 
craft costs. The first is the cost 
of the idea (does It require 300 
extras or three, an exotic location 
or a studio at Isleworth, a big 
set or a table top?). The second 
is the cost of handling the 
idea (the choice of production 
company, director, process). 

ReceDt comparative cost 
analysis of matched years of 
advertising by 100 leading adver- 
tisers suggests that inflation of 
the content costs of commercials 
has been more marked recently 
than the inflation of handling 
costs. Simply, commercials today 
contain- more expensive ideas 
than in 1974. 

“One motivation behind this 
trend appears to be the belief 
that impact comes from 1 enter- 
tainment * and that entertainment 
derives from ever more elaborate 
situations. Underlying this belief 
is the assumption that commer- 
cials are -In competition with 
other commercials and with pro- 
gramme material for a slofin the 
consumers' crowded memory on 
the basis of entertainment alone. 
This assumption is beguiling but 
false . . . attention is a necessary 
condition for persuasion but 
entertainment is not a necessary 
condition for attention, though it 
can be contingenL" 

As for the craft costs of com- 
mercials, these, too. have under- 
gone notable recent inflation, 
though the rate, says John 
Wood. has not generally 
exceeded the inflation of other 
costs in the industry. 

How “ good " need a commer- 
cial be? It is a curious truth, 
he says, that it is has never been 
possible to establish a correla- 
tion between the craft quality of 
a commercial and its effective- 


CASff PRIZES and provocative.-suggested, there are few.commer- 
inceatives such as “A Grand clals produced specially ..for 
Holiday for Two - in Thailand " cinema, although the. real reason . 
are usually offered to housewives' could be a hard jury 
wittily completing: an ‘ execrable/perned with the usefulness ^Ot 
limerick in praise of the product: epcourage men t - ’ 

As if to celebrate the final reveT^ The Press doesn’t provide an 
in a year of luminous advertis- exclusive collective event, ana 
ing festivals, the 1978 Radio,. In- rifely on the Creative Circle, 
dustry. Awards sponsored . by -DADA and Campaign to monitor 
Marketing Week inverted the 'and' mark good print advertising, 
usual rules of advertising' eom-, The poster contractor prefer to 
petitions by innovating cash" Incite a few media buyers ana 
awards to the advertising agency -clients to appreciate some oon- 
wri ter creating the year's “most. fcpinie in Bordeaux, and the 
outstanding radio commercial ” actual creators of the years most 
— and ’thereby-, subtly implied outstanding posters have had ter 
that most radio t»mmercialsiare -stay-‘&irsty and anonymous, 
outstanding anyway. - .vrXttfj- tough to win a radio 

Which is precisely what fiestas- l .av&rdr atfdio sabs -video is not 
of creat iv e advertising are sup?:. easy, for writers who are 
posed to be about: to promote ;. Accustomed to visual 4 support, 
the medium and excite the pro- . and -it's particularly difficult to 
fession. The best lessons in' Wim recognition at the Radio 
media promotion can be learned 'Industry Awards: only one silver 
from the multi-coloured swop J microphone winner per category 
shop festival mounted by -.the-'.lsjjbehrd. . Unlike TV expos, -no 
Screen Advertising World Asia - : runners-up are played so that TOO 
elation, which recognises the' enthusiasts are deprived of -the 
prime motivating requirement Satisfaction of selecting their 
by usually- awarding certificates: personal preferences, 
to at least 20 per cent of its ^ Mood it could be: here you 
Cannes devotees. The London have a jury that includes a 


viouslr known ns 
owned by ‘ 

again' .’With- their Marlte 

series- for. Canwing, 

Advertising' ( repr^ntin^^ 1 !^- 

Saatehfc.and &aa t rtn -^prascaiceju 
for Scottish Health Edhratioh^ 
and Tony -Hertz's funny series: 
for Tartan.,: .-Juries.- M&evtat, 
and so :wwffl.^OU^aaflr=lW»» : 
ing to over 1,000 commeaoialS- 

■ Overcoming' , Any-__ embarrass/ 
meat ! as- jury ~ chairmans J Qhn- 
Sabuoiv * creative * 'director of 
Gollett /Dickenson Pearce; 
aecepted three .category awards 
—for Walls : Rirfc Pies (Alf 
Garnett), Pretty Polly. Tight* and 
Barclays Bank. .--Long overdue^. - 
Mall arm an Biimmerflehf James’ 


very popular “Richaid .Shops. 
Pretty ’filings” were. awarded 


'two stiver mikes,. for best retail: 
-commercial and best . use ..ttf. 
music. 


“ Fly the Tube" (Foote Cone 
and Balding for-.LQndon Trans- ^ 
port)' is -excellent ‘ in jail’; media; 
the - television -commercial; .; Js.* 
brilliant film craft; the radio com- 
mercial- keeps the cainpaignTfly/ 
Ing Mgh.- .And ‘if. there: were, a; 


b \ ] rm rrr ' ' « i rrm rzrr a 'njrrrrxif : • 




centiy cares for the needs -of its. 
sponsors and anxiety-prone 
ereatrves with a two-hour abort* 
list show. The Rank Cinema 
Awards finds it difficult to ex- 
tend produet category award 
nominees beyond one or .twb- 
apiece, largely because, it is- 


and^r^jiist about the sdxne ■ l»200 
commercials competing " In 


November’s Campaign Radio 
Awards; only three winning 
.commercials could -claim " a 
double. - t- , 

; .>The three are indeed outstand- 
ing: Colman and Farthers, pre- 


the flyrover garage door otpoaog 
the silver - train would ^>e a ; . 
certain ^winner. ' -.-:‘ 

Meanwhile, heading for £35» ; 
in ' 1979; ; independent .local radw,s,- ; 
is- a v^TFbappy tnedimn- : y > \ 

Ji$m SimmonSis creatine dxrecbar.\‘\ 
of. TheStmmor^Consultcmcit^--. : 


Brooke Botad spends Mm 


BY PAMELA JUDGE 






BROOKE BOND is putting. £5b0.ffi)0 Alfred Marks. Bureau 
£500,000 behind Its latest three- account 

month TV and poster drive for.'ft; BECKONING THAT there 
PG Tips big bags. Two new wip'be Christmas gift moaeSnJo 
chimps commercials have been : be/- spent in the New -Yeai 1 , 
filmed and the posters wtilrPaiker Pen is following:- its 
feature a variety of everyday 'Tcarr-ent publicity with an £80.000 

TV« -U Mmulgn in ' iTannarn 


• : cmmjTAC£x+' 

matches and sellers: sof'-'.’V; 

cars, has ajpubUcity budget ■ 

xRnn mn. w. tan tWo-JittUr nf 



ICtfLUic a. wuioj ui 

situations. The tea market - ii .poster campaign m January 
worth over £300m. Tea bags using 900 sites. Agency: Collect 

account for 40 per cent of sales. Dickenson Pearce. •• -' 

The BB PG Tips publicity budget ® -CHARLES BARKER CITY Is 
next vear is £2m. - to-iook after the Rank Organise 

d MALLERMAN SUMMER- Son’s corporate advertising/ 
FIELD James has retained the Reputed budget: £500.000. v; - 


jOrganmationf. y. - ; • r-feit 

• NEW PRODUCT tieveiopmea^^ 
ior ''Brityfe.-is So- be handled 'by 7 ;-^ 


£I53m, £43-4m -eamintf/jfrani 
.ride • th&iU.S-/, v 1 - --t 


/ 




OBSERVER 



OBSERVER 







On .Saturday 23 December , the 
Financial Times will be publishing an 
8 page pull out Christmas 
supplement covering the 4 days of 
television and radio programmes. 


With programme comments by 
Arthur Sandies and Chris Dunkley, 
it will be read by Britain’s leading 
businessmen and their families 
in their homes. 


It will be an ideal place for 
advertising anything from leather 
goods to perfumes,- burglar alarms to 
New Year Sales. 


For details of rates and space availability, ring 
Chris Manson on 01-248 8000 extension 7063. 


FINANCIALTIMES 

EUROPE'S BUSINESS NEWSPAPER 


ness. “In the end. any. judg- 
ments as to the reasonableness 
of both the content and the craft 
costs of a given commercial 
must, primarily, be subjective.*' 
That said, the following six 
points may serve to focus on the 
issues at stake: 

ft Any firmly based, clearly 
stated, advertising strategy Is 
susceptible of any number of 
executions. There is never one 
and only one way of executing a 
strategy. 

ft In general, the impact of a 
given commercial has an inverse 
relation to the complexity of the 
image. Less is more. 
ft Execution can never be a sub- 
stitute for strategy. However well 
made, a weak idea makes a weak 
commercial. 

ft There is no correlation what- 
soever between the cost of a 
commercial and the effectiveness 
of that commercial, 
ft There is no absolute corre- 
lation between the cost of a 
commercial and the “quality” of 
that commercial (in production 
terms, incompetence costs as 
much as brilliance), 
ft In general. If a commercial 
must have a particular director 
or a particular cast, it is dan- 
gerously reliant on surface 
values and not on substance. 
(This Is not to say that particu- 
lar commercials do not benefit 
from the particular talents of 
particular directors.) 

According to John Wood, if it 
can be correctly asserted that 
the elements of effective com- 
i mercials — relevance, simplicity, 
polish — are essentially non 
cost-bearing, then it follows that | 
one must search elsewhere for j 
the cause of content cost in- j 
flatten. In this connection, hej 
summons up research work by 
Paul and Geneviere Ftnebarger, 
experts in propaganda theory, 
whose work supports an extra- 
polation into 'the realms of 
advertising. On this basis it is 
possible to believe that the 
creation of advertising is a pro- 
cess of meeting personal, peer 
and career goals first, and of 
meeting client company goals 
second. 

This is a tricky and contentious 
area. As it is close to Christmas, 

I do not intend to pursue it, but 
as a reading of John Wood's 
report bears out, the whole issue 
of production costs demands 
closer discussion and study. 
These days, total production } 
costs for a given commercial can J 
be the equivalent of a modest i 
advertising budget which in turn i 
fosters concentration of the i 
power of TV in the hands of the } 
biggest advertisers. ; 

And nobody wants that 
The Question oi Costs. Wood 
Brigdale and Company . Kent • 
House. Market Place. London,' 
W1 (01-636 3152). £24. 



OBSERVER 




, ^ > . . . v* - 

; zS.<±'. 


OBSERVER 

H. 


OBSERVER I OBSERVER 


m S£IF 



OBSERVER 



OBSERVER 


OBSERVER 




OBSERVER 

mm: 



. TTyVr v 

r 


From 6th May 1979 The Observer 
introduces a revolutionary flexibility into 
magazine publishing. . . . . . 

You can now specify the IS BA regions 
whereyou want your ad vertwments. ' 
to appear. As many or as few as ycuilike. 
Colour or black and white. 


For further detailsringJe^Alay at -• 
The Observer 01-236 0202; 


THE OBSERVER 

COLOUR MAGAZINE:.':. 



















W" ' 

4v':-’ 


14 


J’inancisl Tides l^iursciay 




LOMBARD 


Parliament and 
public spending 


BY PETER RIDDELL 


at". 

v£ 

•AS- 


'1? 


;> 


THE MPS who recently objected suggested by a series of 
to the Commons having to ap- Commons committees in the pas t 
prove public spending estimates 18 months. Further imprqve- 
on the nod had a valid point, ments in financial information 
even if it was not exactly the are necessary to allow full cam- 
one which many of them were parison between price and 
making. The tactics of the MPs, volume changes. Moreover the 
causing the postponement of the procedure of the Commons will 
pay sanctions debate, may have hive to be altered to permit 
been open to question and their detailed scrutiny both of the 
’ immediate target the winter sup- ass‘milated spring estimates and 
plementaries (particularly for do- cash limits and of any supple- 
fence), may have been misplaced, mentanes. 

But tins does not undermine the This also moves into the 
underlying cause of their com- trickier area of how far MPs 
plaint — the unsatisfactory way in should be involved in the forma- 
which Parliament scrutinises hHon as well as the scrutiny of 
public spending and. Indeed, the public Emending policy. Mr. 
whole of fiscal policy. Michael English, one of the most 

Ironically, this will be the last persistent Commons watchdogs 
year when supplementary estim- over the executive, referred 
ates are presented in their d’lring the Commons debate to 
present form and scale, even the practice in the tJ.S. and 
though none of the MPs pointed $ome Commonwealth .countries 
this out during the Commons where appropriations corn- 
debate. The supplements ries — rnittees are allowed to suggest 
£24$m for defence alone — are spending more on one item and 
necessary because the original less On another, 
spring estimates are calculated ^ even more fundamental 


oh the basis of prices and costs 
ruling at the time of preparation 
in the previous winter. 


Contingency 


review of the present budgetary 
system is urged by Mr. Terry 
Ward and Professor Robert Neild 
of Cambridge in their new book.* 
They argue that the planning of 
expenditure and receipts together 
over a common time horizon 


.Consequently, Parliament has implies that budgetary policy 
had to be asked to approve extra instead of being presented m 
amount* merely to .take account successive fragments in the 
of inflation; the defence item is annual White Paper, the supply 
almost entirely pay allowances, estimates and the financial state- 
prices and pensions. In the sup- ment and budget report, should 
plementaries as a whole any be presented in a single docu- 
i m crease in the volume of spend- ment covering both the short 
rng has come from the con tin- and medium term. 
gOncy reserve, so the total 
planned expenditure set out In 
last January’s White Paper hrfof 

remains tntaet in real terms. Yv lUt? Ullvl 
This system Of Parliamentary . 

approval Of estimates coexists This book has Men tis tinme- 
with the short-term control by diate in^iration for the fonna- 
the Treasury via cash limits on turn by the Institute for Fiscal 
monev outlays These are fixed Studies of a Committee on Budge- 
taS» SridTto Skfecrount Of tary Mm. undertoe chairman- 
expected inflation . during the ship of Lord Armstrong, its 
following financial year. This brief i$ certainly wide enough 
has resulted In a nonsensical to satisfy both economists and 
overlap as everybody now recog- politicians «!JL.i 0 5 a te ?!f.Jh 
nises: after lengthy consultation will not be sidetracked too touch 
with the Commons Expenditure by discussion of a constant 
and Public Accounts Committees employment budget balance, an 
the Government announced in interesting though uncertain 
the summer that ft intended to fiscal yardstick. But Perhaps 
assimilate cash limits with estl- most important of all is that the 
mates with effect from next committee should succeed in its 
jpnug. turn of completing its report 

This is certainly a step in the during 1979 so as to present the 
right direction. It removes the new Government, of whichever 
aspect of tilting at windmills party, with specific recommen da- 
involved in protesting at supple- tions. The issue of Parhamen- 
mentary estimates now when the tary control cannot be avoided 
real decisions have been taken for much longer, 
a year before. m “The Measurement and Be- 

lt Parliamentary control over form of Budgetary Policy.” by 
expenditure fS to be translated Mr. Terry Ward and Professor 
into any more than 4 slogan Robert N«tM, published by 
several more changes are needed H einemann Edu c ational Books, 
along the lines of those price £4.50. 


Idi Amin’s absolute sovereignimmumty 


FOREIGN governments wishing guarantor, another Ugandan because it was not _ retroactive. Court of Appeals stuck until js no longer port AAntainr TTmicai 


to default on their obligations to company, but tills shared the The old law, according to. him, 1975 to the doctrine, .test, national . *«**■■ £*■* ■ 



The old law, according to. Mm. 1975 to tne aocmne. .mac. national ay, • .ZIsmhI of -Lord* *r «£ <to*se£bs-. Acte ' 

English companies have nothing fate of the borrower and was meant that, foreign slates vchW hSd^that their of Parliament. 7 -' \ V. 

MnAh tr> fgar froni English also takgn over bv the Gov6ru p ©ojoyed ■ complete inuuuiiit^ slso to commercwl ventures, ftf Justice Shew ■ ■ . ■ .v n A am u 

Sure or AmitoS mentof IJganda. Under Article -from suit and not merely a foreign states. The appeal judges, court must decide accordingly- Mr. 

iudgin’ent delivered In favour of 6 of the Ugandan Properties restricted Immunity which ex- were well aware of develop. .!Diey. reasoned, that, unless in arrive at the decision that pie 

the eovernment of Uganda by and Businesses (Acquisition) eluded commercial transactions ments taking place elsewhere conflict with an Act of Par ^ a ' Government of Uganda canppt 

Mr JiM^^JSonaldsonearlier Decree l^TthaGOTerrSieM of government but held in Thai-Europe TapiteiMtat the rules of international b e sued m EagUeh courts 

suS tnkSdlKiie Tfte doctrine of absolnte Seroice Ltd. tbatintt^tiOflafc :]** were incorporated flutt-* exclusively on file baSis of the 
“ ts weeK ‘ succeeds to au iiabtiiUes ot mc • .. ... . . .. * —-rated inter En^ffirmiUcally into English law and ao ctrine of absolute; sovereign 


Jlfi WCW- auvxttuj iu oa ufivuiuca us 

The decision of Mr. Justice business compulsorily acquired sovereign immunity had its law was mtegrated 


Donaldson reflects a deep divi- though In. the case of agree- origin in a periodwhen. govern- |_awj>nly Iprjhe^ 


sion in English judicial opinion! menS and contracts only if meats rarely engaged in com- judges or Acts of , EngUsh jwje*. 


The conclusion that the these are ratified by the Minis- 
Ugandan Government could not ter concerned. The Ugandan 
be sued in English courts by Government did not ratify any 
creditors of companies it had obligation towards the guaran- 
compulsorily acquired, is based tor but it is doubtful that this 
on the 19th centuiy concept of was necessary as the liability 
“absolute sovereign immunity,” was mature at the time when 
giving foreign governments the business was taken over, 
freedom from suit even in com- 
mercial matters. 

In arriving at his conclusion 


te V.; precedent .Were it otherwise, appjy the law-. as 
'’■ ■""-'.■"'.they argued, England would be ^rendtex, I should st» ; have 

—.tei '..V' a- ‘ -l-nan nsfo with J ■ . j *l,i, qnnliV9^An in 


ri. [ciairec AMR TUB: mi IDTC - "--'Unable to Seep pace -with determined this app3iealioa._in 
DUblriLDO AND InL LUuniD . . .---.'developments taking place m favour of the defendant Govern- 
_ „ Lxwi-M-M 1 rn.-.-.rnn n rfnnt the rest of the world. . ment.”" said the judse. /In his 

BY A. H- HERMAN Legal Correspondent ; rJ . _ Qn ^ court view the Ugandan Government 

— overruled 1 its Thbi- had a good argument when.it 

: Appeal oierruiK^ ra. iwj — , tv,,t legislation 


- In an attempt to get its money meicial transactions ' but « They held therefc^e, that the nt T Sd decided that, as designed to achieve the comfral- - 

back The Uganda' (Holdings) became rapidly outdated with Cburtof Appeal was bound & ent of credit must always sory acquisition, of businesses. 

_ ..... company sued the Ugandan the. modem state a involvement its previous decisions. r _ ■ * a - a commercial matter, was a classic example of govern-; - 

Mr. Justice Donaldson chose not Government in the High Court m industry and commerce. Two yea« l»tor “! e <!entral Bank of Nigeria! had mental as. opposed to . commer-. 

to be guided by the latest rele- (as the money was to be repaid That the immunity should not Appeal had to deal wm the . . . t0 sovereign immunity, dial activities. He would -^nd. it 
vant decision of the Court of in England) and asked for an apply to a sovereign’s business hppai „_ there ^ wrong to express an opinion on 

Appeal which denied immunity order prohibiting the Govern- deals in * foreign territory was NjBjna tohcjoiff jjjgwif S, meaning., and. effect of . . 

in commercial matters. He pre- ment of Uganda from disposing recognised by the Appeal Court credit covenflg shipments^ ^ Mp ; Ugandan legislation m a suit to 

ferred its earlier decision which of tea it had stored in London of Ghent in 1879, by the Cassa- cement. The bask ^gainied ^ j Government^ of. 

An ninr*» traditional lines, until the dispute was resolved, tion Court of Florence in 1SS6, sovereign i mmuni ty. While. ap. .Donaldson felt free “ Uganda would be a party,, and'- 

The Government of Uganda by the Cassation Court of JSaint a parallel case a similar deface between the two this would be necessdiy-in order . 

- - - - — - ■* — dismissed by a : regional' decisions . of the Court; of ^ ^ vh e\her under^ -the.; 1972 ■ 


% 


; ilie 


* -loiT 


la contrast with the intricacy „ . 

of the legal issues involved the protested that as a sovereign Petersburg in 1893, by the was . — - . . . -iitKnmUoe » wy. uuu» 

facts of the case are extremely power it could not be sued in Austrian Supreme Court m German court so convmcmgy - Appeal, though some autiwn ties ^ Government, tot 

simple. An English company, an English court Mr. Justice 1920, by the Swedish Govern- that there was no appeal, Mrv, -incline to the Uganda stepped, in ' to, ; the 

The Uganda (Holdings), acted Donaldson agreed with this ment in 1927, by (he French Justice Ddoaldsoa demded tiiat was bound by .^ e “^ i V^^ijahiijties of the compitisqrily 

as a guarantor to a company in defence and consequently re- Court of Cassation in 1929, by in England the Central Bank of one. In .his n w iny raatiQMtt business or not.- . . 

Uganda. When the company fused also to grant the injunc- the West German Constitutional Nigeria^ as a government. Jaw .vras - not JJJJf JJJJS? 4 K ; Th & Tjeanda. Combany (HoW- • 

was subsequently taken over by tion concerning the consign merit Court in 1963 and jtn the U.S. agency, was free from suit. . vJEnglish lawautomatically^ and 

Idi Amin's Government, the of tea. The 
Uganda (Holdings) had to pay the State Immunity 

up £240,185 to the company's which came into fuiw — +*... — „ . — . r -, ■ 

creditors. There was a co- November, 1978, did not apply In England, however, the immunity in its absolute fprdvheen adopted by previous non* tne ceariQiure.. 




p.'-iit' 


*® L - 



Thirty six are balloted out 
of Burton Rubber Hurdle 


NO FEWER than 38 horses have the possibly smart Irish raider the opener at Carlisle, the COrby 
had to be balloted out of today's Every Extra. Chase, through Ken Oliver's Ted 

Burton Rubber Company Hurdle Extra ^ American a ? d I *** J rea !?. n f bIy * £°? efu i 

at Uttoxeter because a sponsored bred Riding by Distinctly, ^ at Gordon Richards- teamed 
event cannot be divided and the c i ea rly surprised a good many Catoctm Creek will do the trick 
□umber of entries almost cer- racegoers after a particularly un- ^ or tht s time, 
tainly constitutes a record. inspiring 1977-78 season when Barry has several Otter likely 

However, the race rtiU looks winning on his reappearance at looking prospects on the North- 

far too tricky from a betting Listowel towards the end of western track, including Catoctin 

point of view for my hut the September. Creek's stablemate Justafancy, 

/nni^ L Although he has not been seen my selection for the Heads Nook 
backers to look elsewhere for ^ pubIic * 6ince ^ rasuIti there Novices Chase. 

is little reason to doobt the 
value of the form, fOr the rest 
of the field were beaten comfort- 
ably enough. 

Of the home-trained con- 
tingent the one I like the hest 
is Toby Balding’s Weyhill run- 
ner, Letterellan. 


anything approaching value. 


RACING 

BY DOMINIC WIGAN 


Letterellan, attempting to con- 
The most competitive race on cede last season’s Waterford 
the card, and one which seems Crystal Novice Hurdle fourth 
sure to provide a healthy betting 4 lb on the Monmouthshire trad:, 
market, is the 2j-raile Cubley strikes me as the horse they will 
four-year-old Hurdle. Hsre the all have to beat and he is given 
field includes Naughty B, Hit- a reasonably confident vote, 
hammer Mill, Letterellan and A year ago Ron Barry took 


UTTOXETER 
12-TO— Mister Parsley 

2.00— Saintly Sorrel 
1.30 — Atmanl* 

3.00— Sanskrit 

3 JO— Letterellan "• 
CARLISLE 
12.45 — Catoctin Creek 

1.15 — Bow Batts 

1.45— Keren Park 

2.15— Caldbeck ' 

2.45 — Justafancy*** 

3.15— Zegana .'. 


HB 


t Indicates programme in 
black and white 


Mtips. 

HLSO Tonight. 

11.10 Meat Wanted. 


12.00 Waather/Regional News. 


ttJlC 1 AU regions as BBC 1 except at 

,, * the following times: 

13-45 5® NewB - „ 5 :2®„ -r Wales— 5.55-620 pm Wales 

Bagpuss. 25S Regional TT)ds y_ g^5-720 Heddiw. 12.00 
(Kcept News arid WeAthor for Wales. 


MUL 'uS 

New* for England 
London). L55 Play School 


420 


440 Scotland— 5^5-620 pm Report 


Yogi Bear ; .421 i Jackanory. ^ Scotland. 1020-ll.i0 Thursday 
Broadcasting Company , ,•<» m. Uc anH Wnathnr 


Emu’s 


SBC* 1) ftarriw *Rod HuuTTts NeWs and Weather 

Jo!m Crtven's ground. 5.10 p 

Northern Ireland News. 5J55-620 
and Scene Around Six. 12.00 News 
and Weather for Northern 
Ireland.. 

England — 5.55-620 pm Look 
East (Norwich); Look 


Blue Peter. 

5.4® News. 

5.55 Nationwide (London 
South East only). 

6.20 Nationwide. 

6J5 To-morrow’s World. 

7.20 Top of the Pops. 


F.T. CROSSWORD PUZZLE No. 3.848 



• MThAiwrif. rr^Pii- Manchester Newcastle): p*" atv Ke«r$d«k. «5 The .vrv iojs Waitirw w«tward. iqjo Siva's 

*•52 Ite Good Life. e m irm tn^hamV Tnurmlay Picture Shoir. 4.68 Atv Today. Stnsaloiig. 1US Percy Throwar'? Gartens 

820 Mastermind. Mld'SndS Today f »irmin 0 nami. Enunordalo Farm. TJO Botanic Man. of ihe South. Oscar. 31 JS TSu 

9.00 News. Points West (Bristol), boutn XOJO Format V. lua Uora premiere; Sw>et Susar Dousfurat. U5 pm News 

9.25 Show Jumping: Olympia Today /Southampton i: Spotlight -Bad Ronald.” and road, zna women only. s.is Cartoon. 

ISSJnatiOTd Chaipton. South West (Plymouth). BORDER ^ Crossroad*, mo Bcouand Today. 

RRC 2 9J0 am The Undersea .Wventurw of wwl 

,, _ h c . | . Rnr . „-V S wmfrv^° 5 w^rf 0t ^i the Top. JX08 Late Call. U4B Bamahy 

11.00 am Play School (as BBC 1 M » Etoond Hdlanra World of JooM . U.M Un* American Style, 
i;? rm\ Adventure. 10^5 wajiuns westward. 

-w-e nn o Wpadlines MJ» Dave's Slnsalon;. U.15 Percy SOUTHERN 

5^5 pm News on - rleaannes. Thrower'* Cardens of iv snmh. iuw OUUlilLIUt 

7fi0 WTien the Boat Comes In. Oscar, uss The Sr ?< sms.f Pnurtnut. 9J0 am survival spertaL lajs walkta* 
7^0 Mid-evening News. L20 am EorOer News. 4 Tq^ unto MJ ? Daw's Staralnn*. JL1S 

725 Newsweek Eonse on the Prairi’. f.13 Lcr-rne and. J^rrr Throwers GaidajB at the South. 

AnrfSTpt rinprna- » Siroin* Shirley. WO LooKarnuni Thursda;. 7J» SWO uscar. JLB The Snoet Swap 
830 ailaweeK Linema. amgrn Emnlcrtite Farm. - t.J! r-e-aiuc Han. rowhnm. UO pm Southern Nnv». ZH 
in the Ram, Starring bene jjjq roncWc Inn. UJIJ Clipper squad. ‘Women Only, a J a Laiule. -OAS Beach- 

Kelly. Donald O'Connor and xlss Border Nows Summary. M^ers. 5.15 The Undeisea Adyeowres 

Dphhip Reynolds r'HATtfWCr of Captain Nemo. 53 Crossroads. LOO 

mvii CHAIN IN tL Dry by Day. 6J0 Unlverslnr GhatlenSe. 

10.10 ACCiaenr. Jja PR1 Channel Lnncbnrue Ni*w* and 7J0 Emmerdale farm. 730 Bolanic 

11.00 Late News. Wiui's On Where. 030 The Uttlo House Man. 1030 Southern News Extra. 10 <3 

11.15 Open Door. . on ih? Prune. 5JS Canooniime. 5J8 Your Wisumnster. 11.05 Barnaby Jones. 

]£00 ClosedovTK Talk. OSrSi.a ffi-STS SS i!£ “ “ "“?• 

LONDON In SMrd> nf ■ • • EiTharL 1LW TYNE TEES 

• ,. _ . . „ Mystery Movie: McMillan and Wife. - M MIVWlw , h 

920 am Australian Lizards. 9.30 lido am News aoA weather in French. r-^ tSJ 

■ ,l, T 3„.„i n ,n<> ^<n i amr , m North Eisi News Headlines. 938 The 

™ «- F ^ Ce « V T??' 1 GRAMPIAN La«i of the Stowage Men. 1035 Waft Inc 

North Westside Medical. H.w A O’ary 9.3 am Thin;. 9J0 Tandarrs. Wenwanl. 103# Dave's Sin* along. 1135 

Of Civilisation. 12.00 Topper’s 103S Waftinq Westward. 1030 The Rolf Peres Thrower's Cartons of the South. 

Tales. lilO pm Rainbow ]2^H0 Harris show. UJ5 Perry Thrower's 11A0 Oscar. 1135 The Sweet Su*sr Doush- 
Tnvproft 1 IMI News nlus PT Rardeos of tti- Sooth. 11.40 Oscar. 1135 not. 1-20 pm North East News and Look- 
m Newt l-i The Sweet Sugar Donshnot. 138 pm around. 2.00 women Only. t«0 Thurs- 

Index. 1JO 1 names i\ei*s. I««U Grampian News RcadJ.D'.s 430 The day Matinee— "The Black Arrow" starrtn* 
Crown lOUTt 2.B0 After AiOon.. Lmto Houcc on the Prairie. 535 The Bob Louis Hayward and Janet Blair. 5J0 
225 Falter Hero. 320 Looks Ttowhan 5'now. LOO Craaroian Todar. Narth'.-rn Life. 7J0 Emmerdale Farm. 
F«TT» ; : : nr 350 The StiHivanv 4 "ft 7.53 The Bioa-c Woman. 1030 Police 730 Bnrjnic Man. 1838 Northern Scene. 
1 HTP.i.ar. wume ..uiman.. -t^tr Ncwr .„ om 10i ,-5 Sportc-ralL U35 11.00 Pro-CelehritT Snooker. 11.45 The 

(t.-amplan Late Nish: iTtadiincs. U^O Boh <”o«han Show. 1235 am Epflosue. 
The JPrauiv. 1U0 Tt*Bec!wns. TTr cti — 

GRANADA ULaJ LK 


ACROSS 

1 13 put in reverse in river to 
' mcl a a substitute (8) 

J Type of printing but. not on 
television (6) 


6 Ostentatiously displaying 
female relative in dance t9) 

7 Bird to shoot (5) 

8 In unison to acquire f female 
(S) 


g *■- -v ur of lock in strong- II Impressdvfe part of the pic- 

bold (8) ture 

10 u goes to fisb from part 15 Flavour of spirit on the 

cf fence .16) rocks ? (9) 

12 Wanderer returns to curse 17 Refrained from putting colour 

about ring (5) . in a bed (9i 

13 fm to jocure chap— thafs 18 aieddled with basket going to 

- touch. n" : o> editor (S) 

14 Eatti in transport cafe (4-2) SO Curdled a milk containing 

16 Company In time makes cheese (4) 

niouev (7 1 21 Actor's assistant or medical 

J9 Unusually quaint Oriental ' mident who attends wounds 
must be old »7) , _ ^ v 

21 Assimilate a literary abstract 22 Divulge it may b« three (6) 


fOi 


23 Musical composition featuring 
clergyman with drink iG) 

25 Entrave a5 a pursuit t0> 

25 Step fotdicrs going to :ca 15) 

27 floe wbn jivts. like ItallSO 
2*rit!*nan ls> 

28 Trsicmv’O '•‘it 1 ’ French 
article b expensive -'Citing 

ffij 

23 Not a icagup msteb and 
slnuld be E'nic.ihlc iS ■ 

mni^i 

1 Guard to protect and justify 
(fi 

2 Standard quantity could be 
supreme (9) 

3 Bound to accept direction 
and fatigued (5) 

4 South-eastern ship I get on 
for a period of time (7» 


24 South American doctor gets a 
dance to) 

S3 Agree to jingla (3) 

Salut'cn to Pnr.rlc ». .t.8?7 


snaa ^ 
5 ci a 

an s 

0 - a ..is 

s ■ s a 

•.te 

s ; -m - a 

aSH0E 

53 

saaaa 

m s s 

snsan 


aaa 

a-'a 

aais 

H S 

cias 



Chndrc.n'a Film .Matinee; “Pony 
Soldier." 

5.45 News. 

6.00 Thames at 6. 

625 Crossroads. 

7.00 The Bionic Woman. 

8.00 George and Mildred. 

8J0 TV Eye. 

9.00 The Sweeney. 

10-00 News. 

10 JO Themes Report. 

Ji.f»0 R.-iffertr. 

12.00 What The Papers Say. 
13LI5 am Close; A painting by 
Monet with music by 
Debussy. 

All IBA regions as London 
except al the following times: 

ANGLIA 


1035 Ml The Herts. 10^5 WalldDE 


730 Botanic Mam 
1LM TH9 Pracucc. 


430 ant Thursday .Mjwiw— i Stewart . „ « 

H”lorr f ArouciP’Voa 5 * ua^Woboto” Cp73 ‘ aanJrna of ^ South. UM bicar. 

riSSnJSaftS 

& ws & 

The Sx Million DOllw JUn. 1JJ0 What'S f; 25 S , 1X '_J iJS Ha ^ py DaiS ' 7JM 

on xu» wjjj; 7Hc Pjpers Si r. #UJ0 Knmerdaie l-arm. 

The Umoacbablc;. . J®-2 

Ij-jyr 11>35 EraliQf. 

1.J5 am Sur-lva'- 10.C0 -Hie TtoU Harris WESTWARD 

Show. 1H.S v.'alklns Wcsnrirt, U3B 0.35 arn Frienfla of Sian. 10.09 Tlte 
Dave'f Sins*:<in=. 1135 Fcrc;- Ttower'e Holt Harrli Show. 19.25 Wafting won- 
Cardi-m .if Hi- south. ll.ei Oscar. 11JS U ard. 1030 Dave's 51 ng a lone U-W 
Toe SK-^ri Sugar Dou^hrun. 139 pm per 1 y Thro'ier's Cart'-ns' of the South. 
Rupert Vest Hcadllnt!-. 1-3 K-pon Wales o^car. 11H Tin Sweet Sugar 

• u Ml Th. nrariot n »i-n« cv, Hwidllnee. 2.03 WonK-u Orly. 535 3oi>. Doushnnl. 12.27 pm C.us Honevbun'S 

-SSLi D ';.b S Ltne Ncwrtcslt. 539 CrOisroJds. fcW Binudars. 133 Westward News Headline*. 

so-^i oa, e^ Report West. 6.15 Report Wales. 63# 430 The LI rUe House on Uw Prairie. 535 

Foft on the Avon. 7J9 Six MUlioa cvloonmne. 5-20 Just the Job. 6.00 

Dollar Man. 1035 KXJ5. PP and Me. westward Diary. MJB Westward Lale 

11.05 The Thor^dar Film: ‘■Fntts J ' News. 1030 Westward Report. 1LOO The 

starring Ray MiUand. Mystery Mihie: McMillan and Wtf?. 

HTV Cvmrc/Waics— \3 HTV General t? an am Vaith for Life. 

i« - YORKSHIRE 

9.53 am Freiwls of Man. 10-00 The 

ATV tsJSjijb Herts- 1835 Master of Uk World. 1130 

HTV west— A 5 HT.'" r.rnera] Service ?£i 0 5l t 2* a iJ p, ‘ }•£ 


1035 WeDUng Wesra-anl 
Slngalong. 11.15 Percy Throa-er'i Gardens 
of the South. 13.43 Os:ar. 1135 The 
Sweet Sugar Donghnui. 2.25 rm Ar.giu 
New*. 2.00 Women On'y. 439 f-p Herman. 

4.45 The Beachcombers. 535 Enir.i-Tdato 
Farm. U About Altai. a. 6-20 Amna. c^'.'i 
'33 Bygones. 730 Botac,- 7-ian. 1030 


> Vi {■ Se*vMl« T Dydd. 4.SI 5c«n Wib. 

1 ~ U VoUr 4-«-5JS Ra-.-t. 535-5.20 JoWine— 1 Wales. 

“w • 6JBA.15 V Hrdd. fc.J3-7.00 Sport* Arena. 

2335-11.05 Book Bet if.-. 
htv west— As HT» ftmera] Service 

ex-ept: 133-1.30 pm Bepi>rt West. Head- ’5a 

imp- ik ul | m sport “iVf *.* Priiru?. 6.00 t#aieDdiT 1 . Moor and 

uiu.* 5 P"f! * • h." . Brlaiont edlilaast. 7.03 Enimertalc 


ATV 


9A0 am Threo Chataeren !n Search of 
Treasure. Idas The Sonnnri-er. 11.05 
Geldnfc On. 1133 Mr. Sr-al iprm^e 
of the Rt. Hon. George Thimas. .'jp. 
Speaker at thi: House of Cotnmaos'. 


SCOTTISH Farm. 7. JO Bounlc Man. 1030 The Love 

■35 am Adrcnnirc wond of Sir ‘Edmund Boat. 1230 In Cnocert. 223)3 The Pro- 
niUary. 10313 K:cp Vaur bye Oh Paisley, leciurs. 


ENTERTAINMENT Gl : I DE 


l 


CC. The** theatre* •«*« c*rt»Ri trkdw 
carta by tdapfiOna op at th* Bax Office, 


OPERA & BALLET 

COLISEUM. Credit -carta 01-240 'S2SA 
Reservation* 01-836 3161 

ENGLISH NATIONAL OPERA- ... 

Winner* 1970 SWET award' i SaL ii-Jan. 6. 1.15 and ,*.30., SatnrdUy*; 
Outstanding Acidwctiientln Ope rt . .T -'fTSo and 2-15. * - 

light & Sat. T-OQ Jonathan MUl*e'* l .l. , 1 - “ 


Tonight — s _ _ — 

prod. Tbo Mairtogo of FiflifD. 

ImmtneiY MCWifuT b Mtovabr*.!'- 
Gdn. Tomor. A Tuo. 7j)0 Derjto**!*- 
kavallrr. Wed- 7.00 The Thkvlini 
Magpie. Every scene. Brins the atttn- 
*ion." Tms. 10* Balcony seat* ..avail, 
lor all pert*, from 10.00 on day of 
pftrf. 


HER MAJESTY’S. CC. ttf-930 6*06 
-ini. 7,30. Malt. Wed*, and sab 3.00 
T Tr THE NEW MUSICAL.- • 

, BARMITZVAH BOY 

•tte stunning orodoetton. unRwelr on- 
hlpvabl*." F. Dmej. "The funniest Musical 
'•* '.around bar nono." 5. Mirror.-- - 


THEATRES 


SnCBNYI ICH -WEATWE. . _ ' 6 H» TtM. 
Fri- S.QO. Mats. Sat*. 3-30. SEE HOW 

- t*2tT RUN. a farce . . by - PM.hp ; X‘ra-. 


., An evening o> unadoUffraled lauOMer.' 


'in CHRISTMAS • PLAYTIME. 


BBC Radio New WaveleogtSis 


UETkHLBSw 

USSttHzy'SIBRi 


3 


1215!c Hz. '247 m 
& 99-9Z.Evfif stereo 


2 €73kHc.'C33m 
SffScHr.'UOttl 
& 8S-91tftf stereo 


4 203a H: 1500m 
fi.«-?5vhf 


BBC Radio London: 
MSSicHz, 206m « «,9vhf 


Capital Radio: 

UCOhHz, 194m Si «Uvhf 


1235 Weather: programm* netva. LOO 
Tho World At One. 130 Th* Archers. 
1-55 Shlpplnc farteast. ZOO News. 2-02 
Woman’* Hoar. 3.C® ii'mra. 330 QursUnny 
in Utr Prime MmlRfr. 3J5 A/iemoon 
Thoairn iSi. 635 Story Time. 503 FM: 
Nfira maxadae. 533 Shipping force**:. 
535 Weather: programme news. 6.00 
News. 6.03 Top of Uw Form. 739 now*. 
735 The Archers. 7 JO Tim* for V4rs« 
730 ctuiaao Srmphons' orchesira Cooccn 
part .1: Kendalssoho, Ffotarr iS>. LT 
A Talent ip Amur. S3Q Chlcaco 
Symphony Orchestra, part ?: Detnuar iS 
10.23 Kinj's Lynn Festival 938 Kaleidoscope. 039 Weather. 1843 
1339 intervi] ReadiM. The WofM Toniitht. U.33 Any Answers? 


London Brocdcastfug: 
llSlUHi. 251m & 973vhr 


Radi o i . . , s 

t5> 10-55 Caucen. pan lOJO Austrian Radio lua a Booh At Bedumw. 1135 The Flbau- 

. „ . A™?™"* ,*»’?_ Syciohoui- Orc.»stra. par- t .Si. 12-M Pm clal World Tooighi 1130 Today lo Parlia- 

«b S S ‘ JD lo Shor. Haft'. liM Aujirtao-Kadl® SO ment. 12.00 News. 

Travis. 930 s.ncn Bates. 1L31 Paul Dan - ,5, i »n •>«-* lnsr Bradford 

Buraeit. 3-0 Ton? Blac^hunt. 4^ U.d'dsy Conern -S. 2.0] -Don Carioa." BBC R&diO London 
Rid Jen«n. 7JM039 A5 Radio .. lojn Oo^ra In four acts he v«di s<t* 1 and s.00 am As Radio 2. 63D 'fcustl 86W. 

, , . . , . . 933 London Live. 12.B1 pm CsJJ Id. 2.IU 

Carlos.' Acts -i and 4 « S> 53S Ciannet Showcase. 4.3 J Homo Run. 6.18 L00K. 
and Piano recital ■ Si. 5.55 Homeward Sioo. Listen. 7i.D Blaefc Londoners, 830 

‘.ale Night London. 1230 
1235 Question Tune from 
Commons. From IJS— As 


M ^ inm wwuvii uuu GBntp 

.tohu Peel fS>. 1230233 om S Rod*? ® ^ -'dSS 

FL4DIO 2 



open jsmso inciuairs m f-iwni eiVicr «•* 03dCa$tU)£f 

n«t!. 233 David HatnUtan i5> including ILOa „ews. 1133-1L53 Tomshi s Schuth-Tt 540 am Morntrui Mu*ic. 630 A.M.: 
?.15 and 5 4J Sports Oeali. OJO irasicn^rr' Sgl, S- newt, ttifonuafion, travel, sport JO.M 

Walk. US Sports Desk. 033 John Dunn ra * rifn J. pn *“ 5ho '“- lJK > F* LBG Reports. 

•Si mq-'udlns i.-So Sports Defk 635 S|h,r,s J* _ . . , 3 - 00 'i^orsc Gale. 440 LBc Repons 

Desk. 732 Dwatrr Cub <Si. 932 Foft- 6-M 4™ wna Bneftes. 6.10 Fanning ‘continued. B.m .Vfter Eight. 938 Ni&hl- 

weavu (S>. 9J5 Sports Desk. M32 !t w Today. 6-1* thinpias fore-ast. . 630 line. 1.00 am Nijmt Extra. 

Castle. 183o s-ar Sound Esi.ra. U.42 Tatty. a»!f ***£*$ Cailital Radin 

Soona Dpsk 1105 Snail Mattb-ur 'm-o- ‘.nn and Sun Toda* * News, naUlO 

'i? no 7.M and S.T) .Ncw^Head! ton,. 7.45 Ml . 6.08 BneakfuM Nmm- «S 


duces Round M!dn: 5 h: inrtudjyi 12.08 l**™ 

v.vuhj ? nft jifi Sirmnurv for LiK PJj. IJ5 i • i 1 '* « Jl PSrilS- A s P^l *5'« 22-00 Ojvh Cl&h •Si. Ufl pm 

DATUft 1 **»«• J36=f«w- 9-os hiid wrtR tyrt B«ees«tt .fi,. 7.03 LortCconte-F-row^ 

RACIO 3 D?smnnd Hilcw- 10.00 \ew#. 10.D5 Cannal Cummemarr .j;,. 7,10 London 

635 am Weaker. 7.80 Vw*. 7.85 Checkpoint. 1830 Daily Fnn'ice. lJ-« Today tji. 730 Op-n Lire «sr. 930 
Overurc ■ S*. 6.00 .ven.v o.ej Moraine Mormns Stnn - . 11.53 .inaffis UJ5 NLk' Horn,-'* Your Mother Wouldn't llkr 
Conc-“ 1 Si. 9.03 New 9.35 This ’.Wi’Vs Listen e'dh .Mother. 12.pl Hews. 1332 Ipm it 1 s • . u. §B Late Snow 1S1. 2,03 un 
Or.tiw;*r: tS-. 13.38 Holiday You a-id Yott?3. 1 233 The 37-Year lied. Nisbt Mlebl 1S1. 



FRENCH INSTITUTE. Qu«MtbaTV Place, 
SW7. Tel..- 01-SB9 6211. Ex 40. TMIflht 
at 8.00 pm Oaera Comlai^ " L* MartCMl 
Fen-ant" *17611 bv PhUldor. seau £3.00; 
£2.00 for members, stnflem & geo UP* 
of more than 10. _ j • 

SADLER'S WELLS THEATRE. ROMbUY 
Ave-. EC1. 837 1672. Last l^MrNk 
LONDON CONTEMPORARY DANCE \ 
TonlflM to Sat. 7 JO: □ reams with 
Silences. Then You Can only Sing. Etm. 
Mon. -next to Feb. 2 * doyly CARTE- 
IN GILBERT AND SULLIVAN. . ' 

THEATRES 

ADELPHI THEATRE. CC. tM-BSB 7011, 
Eremites nt 7.30. 

Mats. Thursday 3.00. Saturday 4.00. 
extra Mat. Wed. Doe. 27 *t 3.0ft, 

Ad Enchanting Now Musical 

THE RAJKBOW 

" HERB IS A HAPPY FAMILY SHOW." 
The Times. 

"SOUND TO RUN FOR EVER." 
Evening New*. 

“SUNNY. TUNEFUL AND 
SPECTACULAR." 

Dally Telegraph. 

Credit Card bcofctoss 01 -836 761 f. 

ALBERT. 636 3878. CC. BkgL 836 1071-3 
Prom B.30 am. Party rate Mon. Tues. 
Wed. and Fri. 7.40 mu Tfaur. and Sat. 
4.30 and 8.00. 

A THOUSAND TIMES WELCOME IS 
LIONEL BART'S . 

"MIRACULOUS MUSICAL.", FJn. Times. 
OLIVER 

with ROY HUDD 

GILLIAN BURNS. MARGARET BURTON 
Extra Christmas Mats. Doc. 22. 27. 28. 
29. Jan. 2. 3. 4. 9 at 4.30. 

ALDWTCH. 836 6404. Into. 836 5332. 
ROTAL SHAKESPEARE COMPANY In 
mwrtalnr. Tonight to Dec. 20. 7J0. 
Red. price preview* New Production 
Branson Howard's SARATOGA. RSC 
**so at THE WAREHOUSE ueo under 
W). 

ALMOST FREE THEATRE. 9>19 Rupert 
Street. London. Wl, Tel. 01-485 6224. 
MY CUP RANNETH OYER by Robsrt 
Patrick (Kennedy's Children), directed fay 
Anthony Msicttcson wth Gloria GHtord 
and Eric* Stereo*, Until December 16. 
Mon-Sac et 1.15 Dm. 

AMBASSADORS. CC. 01-836 1171. 

Ers. 8.00. Tues. 2.45. Sat. 6.00. 8.00. 
JAMES BOLAM 
" A superb performaiee." F.T. 
GERALD FLOOD 
in a NEW THRILLER 

WHO KILLED 

AGATHA CHRISTIE . . . 

APOLLO. CC. 01-457 2663. Sr*. 8-00. 
Macs. Thun. 3.00. Sat. S.OO and 8.00. 
PAUL DANEMAN. LANA MORRIS 
DENNIS RAMSUEN 

CARMEL MCSHARHY 

SHUT YOUR BYES AND 

THINK (W ENGLAND 
"2nd WICKEDLY FUNNY YEAR Very 
very funny, oreat entertainment.'' N6W. 

ARTS THEATRE. 01 .836 2132. 

TOM STOPPARD'S 

DIRTY LINEN 

" Hilarious . . . see H." Sunday Times 
Monday to Thursday 8 JO. Friday and 
Saturday* 7.00 ana 9.1 s. 

ASTORIA THEATRE. CC Charlnfl Crcs* 
Pcwd. 7 34 4291 -439 8051. Mon. -Thors. 
S.OO pm. Fri. and Sw. 6.00 and 8.43. 

REST MUSICAL OF THE YEAR 
EVttUNG STANDARD AWARD 
_ SECOND GREAT YEAR 

Group booking*. 01-437 3856. 

CAMBRIDGE. CC. 01- 836 6096. 

Preview* E«os. s.oo. Mat*. Sat, 3.00. 
Open* Tjie«. D»e. 16 at 7.M. 
TROUBADOUR 

A now musical starring 

KIM BRADEN. JOHN WATTS 
CREDIT CARDS WELCOME 

COLLEGIATE. 01-836 6056. 

IntcirmtlcwMi stars In nreat fmtrtly *how 
THE MAGIC CIRCLE SHOW 

Jan. 1-6. 3 00 and 7 JO. Book Now. 

COMEDY. CC. 01.930 2578. 

!«' 8.0a. Thur. 3.00 «nd 8 JO. Sat. 
5.15 and 8.30. 

The Delemb'n BRITT CKLAND 
. JULIAN HOLLOWAY 

In an otcKIng new comedy 

MATE 1 

c ?n««K- »s® 3216. credit Card fakg* 

836 1071. E*v B. Fri. * Sat. S.4S « 
8-30. Dec. 26 4.45 b 8. -THE MOST 
HILARIOUS PLAY FOR YEARS." F.T. . 
t CL DO JOO 

By Michael Halting* 

. cc tf n li 4*IJrium u stroke alter stroke 

DRURY LANE, CC. 01-836 BIDS. Mon- 
“ ^ 3 -°°- 

'A raro devastatinn. loyoui. astonlshino 
Uunner." S. Times. 3rd GREAT YEAR. 

DUCHESS. B36 8243. Mon, Is Thur*. 
Evening* 1.M Fri SU. B,n and 9.00. 
OHI CALCUTTA! 

9th SenwrloiiJl Year. 

■■ Tlie nudity Is Miwiuna.'- OaUV Mall. 

DUKE OF YORK'S. CC. 0>1.536 5122. 
Eb. B pm. Fri. art 5*t. SJO and 8.30. 

COURTENEY KEfSII 

CLOUDS 

"IS BLISS." Observer. 

MICKA1L FRAYWS FUNNIEST PLAY.'* 
Dally Tetopraeh. 

FORTUNE. 836 2233. Ere. 8.00. Thur*. 
3.00. Sat. 5.00 A 8.00. Oec. 26 A 27 
5.00 6 8.00. 

Muriel Pivlew at Miss MARPLE 
MURDER AT THE YICARGfe 
FOURTH GREAT YEAR 

GARRICK. CC. 01-516 4601. Eve*. fi.QQ 
fahiire/' Wed. S.OO. 3iL 5.30 and 8.30 s 
. . «N|S QUILLET In IPA LEVIN'S 

New ■ntrliler 

DEATHTRAP 

"THREE CHEERS FOB TWO HOURS OF 
MARVELLOUS ENTERTAINMENT." 5. 

T« "VERY INGENIOUS VERY FUNNY. 
VERY EXCITING.*' Fin. Tim**. 


*SrtKfe« -■* ioj 1 ® ®S: 

affitno-N, 

ANCHARADREE5 .' 
and IAN OGJLVY 10 
THE MILUOHAIRCT - 
«y BERNARD' 5 HA' 


KING'S ROAD THEA-tdE. 01-3S2. 74M. 

“ “ 3-30 * 44». 


■JVom Dec. 18. Dally 10^0., 

-G^THE ROCKY HORROI^KWjr 


DON'T DREAM 


LYRIC THEATRE. CC. .Oil-437 .-SG8S.' 


Era. 8.00. Thurs. S.Oa. Sat. 540^8.30 


JOAN 

PLOWRI 


MhA' 

tl'GHT ‘ . FINLAY' 

FtLUMENA 
fay EduJrQc- d* Flrtppa' 

• Direct Ml by FRANCO ZEFIRELU 
S6cl6ty- at West End Theatre .Awards 
’ ACTRESS . OF 19« YEAR 
. COMEOV <5f THE YEAR. . 
"TOTAL TRtUMFH." ,EV. News.: “AN 
EVENT TO TREASURE.". D._ 


-. ,T 


v f FM. 
00 
MU 




TWAY TAUL 2BS1..fGtowf Pfc. TabAl 

Eva. 8.00, Sat. 5-50.' 8 JO. Wed. Mat 3.0 
(frolti Dee Iff. Fru Sait. 6.15. 8.45 1 
WELSH rWVTICTNat. 7^£ATRE CO Ml 
UNDER HlLK WOO P. 

Dvisn . Thomas's comic m es tet n leCe. 
Children LIJ M an*, swrt with. advH. 

atATRE. 


NATIONAL TBEATTtfc. 320 2ZS2 

OLIVIER toncn-^taoel:. Today. 236 flow 
price mM.). Twra 7J0 terty^ramalnlns- 
peris, tub mefrtU TH* WOMAN, ntm 
p uv far cawara Bond. Temor. 7.30 r 
LYTTELTON iPWrUm MMtl! ... 
& TbmofV. 7AS BETRAYAL, ■OOt oi&y 

. SwirtrttriM:.. To fit 
a H tROp—-Mw . iW far nui M l*.' 
music '•v-'HsrMwn Birtadctle A , Dominic, 
Muklowoev.- Tomorrow S Mas .YVmMwK 

tan Le»’T.' 7\ 

Many ' —c e l lent cfa—p-'-. soafs oil ^ , 

theatres -day,. ..of pert?-. _C»r -poricJ 

Re*tauranti-92GL: 2Q3J. vCredtt card 
boofcln— . 826 50*52- N 


old vie ■ - 'Xnao 7*is 

PROSPECT- AT THE OLD, VIC 


Last Fri. 7.3Q/*jSW. i JO 

Margare*. CoerteMW- Anttwnv Quarts W 
THE RIVALS, Sheridan'S, camedr. with 
James Aubrtv. Isto. fllair. Kenneth '^Ubert.- 
carol Gflftrt. Matthew Gwnness, Mol 


itiwityti fWMl 

Martin. Trevor Martn, Chrl&tooherllearne 
" The funniest -Mr*, . Malaprop 1 ahave 
» Guirtli 


seen " The 


nee. ."Mr. QuavteVSFr. 


Ant h un r a wqadertul performance ^ 

_ 9. LAst s .Forfi- Sat. 7 JO. Dofcjjj^ 


Time*. 

20. ZZ. 

LEAR, " 

thratro would want to pifsa Mr. Qoayle'6 
Lear " FUiandill -Time*. 


23 Anthony Quayle as K 
■ Nobody with ear. resoect for the 


OLD YICI : CC. 01-925 7616. Bock <t>n 
ior a sbecftl CHrMmA' MUm„ u 
December '1*-JlWMry MATS. ONLY: 

Diy. atZJio. 1 e*tra_pert*. sec. if. zo. 
and Jan, T2 at 10.30 am. Also. Dec. 
25. ’ Mr M and 5*0. S. 6. IS *t S.OO. 

THE GINGERBREAD MAN 
"A trlurn oh- 1 . . worth trawdlldE mUel 
■to .see. BBC Radio. 


OPEN SPACE.' 387 6569. BrechY*- 
KESrECTAKC WEDDING. ErwMnsa Tim- 
Sun*, at S. 


PALACE.' _ CC. . 01 -A 37 , 6654 . 

Mon.-ThurJ- 8. Fri. 1 fc Sat- ifeff A 8 -AO. 

JESUS CHRIST SunUffiTAft _ . 
fay TlmRiC e and Andrew. Uoy d-WOfabor- 


PALLADIUM. _ CC. 01-43T . 7373. 

Dec. 20 '.for a season 


ARKS M 


^Kfcofccy 


and WAYNE SLEEP 
Previews December 18 at 7.30. 


PICCADILLY. From 8 JO a.m. 437 4 S 0 G 

Credit card bfcas. 836 1071. . _ 

Mo-,rrt : 4.TO dH ^ w 3. i i5 and 8.19 

- DAME EDNA 
and a inndim o» cobbers. . 
StanUM-Cto incnrasingiy_90Milar 


BOOK 


"^Sf/BBSaKar 

I NOW 1 2-WEEK 


SEASON 


PICCADILLY.. . AST M03>- B38 3962. 


Credit cart beofciins *W 407*7 
Blrtiard Coolden. Ian 


law Talbot lo 

-TOAD OF TOAD HALL 
Chrhtmas matlnae. Pec. ia. Jan. 13. 


PRINCE EDWARD. CC. 01-437 
Eveainns 8 . 00 . Mat*. Thurs. Sat. S. 
BVrTA 


by Tim Rice and Andrew Uavd-Webber. 
- Directed tnr .Ha nv Prince- .. 


ca lnp» 930 P8*€. Mo*, ro Thurs. 


and. 3 ot._ 6 .OQ and 635 .. 


ALAN AYCKfOlfRN'S vn^-mi Comedy 


BEDROOM FARC 

_ _o not- 
A Nstioni 


"if voo do. not Ijvpfa, *ud me." D. txp. 

Tncatre production. 


QUEEN'S*' Credit 




GLOBE THEATRE. CC. 01 >437 1592. 
tras. fi.ts. Wed. 3.00. 5*t. 6.00. 8.40. 
PAUL EDDINGTON. JULIA MeKENZIE 
BENJAMIN WHITROW 
ALAN AYCKBOURN'S COWdy 
TEN TIMES TABLE 

■' This must he the hantncsi lauqhtrr- 
makcr In London." B Tel. 11 An Lrtslst- 
leiy enloyaiile evonMiR." Sunday Time*. 


Et«*. B.Ofl. Wed. 3-OQ. sat. s.oo. ( 
GEORGE CHAKIRIS, ROY DOTRIC 
RIOHARD VERNON. JAMES VI (ill 


■ ^ T^ PAM'OH-Or MACULA 


t. 

ERS 


MS." E. Std. "MOST SCENIC- 

ALLY SPECTACULAR SHOW IN TOWN." 
Punch. ja«««TRJ. AT , ITS MOST 
MAGICAL. Times Lit. - Sun. 


Cvp*. 


THEATRE. CC. 01-636 


A NCw Play.by _T6 m stSpparo 




TOM STD1._, 
Directed fay PETER wood 




•At 7.00 


?!SW.Sd c ^? , ® ,?95 


11.00 pm. 

PAUL RAYMOND- presents. 

THE FESTIVAL OF EROTICA 
-fully alr-cawdittwieB. . 


Sun. 


Tuesday 1®_OS£ 1 T -?°- _«AW. . ROHM 

candocta «o.-Pr£0. Ihe.-. tdu>tert Sym- 
phony No. Si BeeBwweti: Symoheny no. 7. 


10 YAL‘ COURT. _ 730 1745, 

EMotrat hi® . to 1 Sat. at 630, • 

- WKEILCHA1R VflUU l 
. . W. .Aim Brown - 
" Tunny . - . tut, also pratoundlr. 
dbturttltrBJ*^ PallY Tt l efl ra ph. 


WYALTY- . . CC. 01-405- 3604. 

MonttV-Thmdwr eveemss 8.00. FftdaY 
5.M *ttd 3.45.5rtirdBV.3'0a and ftOT. 


. tealTr.- b 


B«K .. 

Book tor- Tel- for the entire. 
MrVInfl. 


Easy 


TOM CONTI 

ACTOR or THE YEAR : ' ' 
Wtot -End ThrtWe Award* In ' . 

■ . FLAY or THE YEAR 
WHOM " LIFE- O R ANYWAY ? 

6r Brlanr-CUrh- HA-WMertOU* p«Y. i; 
urM yeu to see_Jr.'" Gen. Etenton ftoo. 
Mat*. Wed. 3.00. Sat*. 5 AS and BJ5. 


SHAFTESBURY. ■ CC.- B3E 6SUS.7. 
836 A23S. 0«rs Der. 20 until Jan 13 
JANg- ASHER. NIGEL FATR1CR-IB ..' 


. _ PETER PAN - 
Dally 2>and MS. Prices £5. £0. £3. 52, 
Reduced oricts on. 0«t. •». _&!*• 22. 
■ Jan, a. 9.-10. It. 12.- . 


•• ;• '• THEATRES ' - ' 

STRAND.. ; 01-636 2660. ErtMnflf , 

■■ M ?K Tour W'5ix 5 ^«t^^: ™ ■ - 

' s-. • . 

OVER 3TKK) peRFORMAJMCES^r . - 


ST. MARTINK-CC. B36"1A43. JsJQSJ- - AM: - 
v-Mrt. Tl>fc . ... 


TALK. OF THE ...... 

Alr-oontfl Booed-- 


CC □ 1-734 50 Si 
ram a^JO. DiMitfe. 


af .TT FRANtOE VADGHAW ' 


vau: 

.01 

. PATRICK 


•CCo te: <i-*se 9488; 

1 . 00 - 


&.00. 5.00. a.od 




TREE •• •- 

t‘ A novel and rnfrestaliiB evenntfl.~D.TW. 
" NOT SINCE WILD OATS HAS A PRO- 
DUCTION ■ BRIMMED- WITH SO MUCH 
GAIETY AND. GOOD HUMCHJH.” Sun. 
Time*. ■■■OELKajTFULLY vRICH': AND 
RftWARDING." D. Mfr- “ Purt DELIGHT 
The People. "Aflectfonate and fufmy." .CSfti 


VICTORIA PALA^r^CC^D: - 82 B A73M 


. Eys. 7.30. Mats. Wad:. and Sat 2 AS, 
. STRATFORD JOHNS 

... SHEILA' HANCOCK . , 

• ” BLDtKBtfS$fMG^- . 
SMASH' HIT MUSICAL" D. Mall 


Vi" 


-'J.' - 


WAREHOUSE. . DtttAw-. Theatre. Coven* 
Garten. . . Box - Ottor 6 56 £808. : Royal 


?• Shakesnearo Co. fetn't Sot auML TOmor. 

•-•Jiff ■JSffi'Sr 


Aldwycfi.' ..Now BOOMni 


NOW BOoMno 

CHRISTMAS -SHOW - 


•KIDS’ 


wHncHAU^ cc:- 


Mote W: TJmrvT6-Cl0 ^y a^>M'~Ffi. J dirt 


01-930 6692-7705 
-' rtioee' - — " 

iSS 


. Sat. 6: ._ 

-IPI TQM 81 

s ” ! 

- ^ _ FOURTH -GREAT YEAR ' 

Christmas. Show WVjafd .of Daily. 
. 2.15 nan: Sat IV aan. and'2.15 n.m. 


1 


iwrotfiAu. tc ot-sso77fi5 

. 1. Mon.-Frl. 2.15 Ml , . 

. '. ; 7.V Sat. 11.30 am and 2.1 S «m 

. : -wwaro <» *w : • - 

« l 4t». .itarratf 

- • times, ■■■'.:■ 


WINOWIU- THEATRE. CC. 01-A37 6312. 

V-iWlR Mat*Ur Si80 and 10.00 " r- 

' «-o Oj«fM s.oo 

RAUL- RAYMOND Ptroeitto 


RIPOEF 


■. .THE . EROTIC .EXPERIENCE. -QF THE 
MOdERN ERA. 

“ Tahra. to .. iwpracedEntetf Tfmlt*' whit. Is 


•^rtwst ar 


IRD 


E. News. 


WYNDHAM'S. 

Credit -card fafcfls. 836 1 


From 7 8J0 a.m>536 3028 
_ - . . _ . JV. 836 lOTtefc El " ' " 

W ***■ " f NOftMckl^&.^OH^ 5 ' 8 00 


a. oo. 


VERY FUNNY Evewnn New* . 

• . ONCE A CATHOLIC. ' 

"SureJrn comedy on sax. and rellfllon." 
D.Tri. - MAKES --YOU SHAKE WITH 
LAUOmgg." Gdn. 



WEMBLEY .ARENA. 

■ • : HOUDAY -ON 

The 819 Christmas Show for 'all the family. 


Ongns Dec. 21. 


9^- Dec. il to^*n. 6- 


daily. 3JJ0 Xntf 6.30, sat. Me. 


, Mbseqneni : Sat*. 2.00. S.OO. 8.00. FROM 
K JAN. 7 SUNS. 3.00. 6.00. Tum. to. Fri. 
•* 7.66. M*L Wed. and Thur. 3.00. Children 

fl,,r : 3rt ^ mM£ Pflrfs ' 


WESTMINSTER THEATRE.- 03d 0263. Tim 

AJ« JHE^AM AZ|NG : 'TECHNICOLOR 
□RBAMCOAT. Twite DNIv. TirV«»« M. 
GXtjCd.- BOOK NOW. Limited 


Un. 


J 3 ? . 1 - a « week! of 

IjHOTV' StatatHTs THf 
TEMPEST- TMt, 7JO»- Sat, 2.00. 

••■T- HAMLET SU. 3.30- Frtm WM. mrt, 

r^5 PM1 Wood * CANTERBURY TALES. 


YOUNG, VIC 1 STO WO. 926 6363. Lilt 
Perth Ton't 8.00 SO 230 . Next werte. Vounci 
rl? T «*8Va1:<Rhon« Beni OBe* 


CINEMAS 

fiSti 


i tttshor 
Win 
ieind; 


A |&1^ AFT^SSURY AVE. 


1» 

pert-. Sold Oati. Late show Fro *' Sat. 


■ n 


■ t'ress ^ 


11 . 10 . 


JSJ*® NILE CAIf-Wte AS on. 
2 . 00 , 6.00. SDD. .... 1 . - 


VJ 


Camden Town 


CAMDEN PLAZA <«M. ' __ 

» 1 5«^i^fe.S',Asr:es 

««r - Qyen ■ and ■ J(pu» sw, m -A-Trarit- 
Pro9s. -2.sff- add 7.39 -Dally, ism 


SfSK 


CLASSIC J. 2. <2, _L Oxford Street OPn. 


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FINANCIAL TIMES SURVEY 




Thursday December 14 1978 


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. 7 - The gas industry in Europe is increasingly looking to the North Sea 
for new supplies and the British Gas Corporation’s natural gas conversion programme 
- >jr is now being rewarded by a rapid increase in its profits. 


interest- offishore^fat'the North is -being built W meet the 
Seau . .-‘C ••: “'>•- demands of contracts concluded 

xi' : 1. ' .. . The Dutch ^onshore fiel ds pro- between several West European 

T - '-. v ; V dated ■ more tban,90bp cubic gas companies and suppliers m 

v-'t'’''- . metres of 'NEs tjear — com- the USSR and Iran, It should 

pared with TO ^Continental be completed in 19S0-S1. If 

Bv Kfivitl Dnfle , ' - Shelf production 1 o£40bn cubic other current plans are followed 

"■ • t* . .. ; metres — and they supplied over through Scandinavia could also 

Fn ergy imrreSpffliaent - 50 per cent- nathral gas be linked into the system with 

demand on t)ife v -«mfinent of a pipeline running from the 

NATURAL GAS 'bnjy appeared Western Eiirtipei These fields North Sea across Denmark to 
on the Iftiropeaxi energy mailtet wiii'jst&ll be producing about one- Sweden, 
abput .15 years ago/ but it has third of * nt J^ 16 With the availability of its 

since developed into one ot the^ ^ share ..expected. ...to fall its own supples f rom t h e UK 

three ^ major energy . sources as a : result of . i^afeas«JS «>n- o£ . ^ North Sea, the 

aaamnfi^ 'fbrVabtSut - l& peri sumptioii. British pas- industry bos 

cent lof ,; e net gy <meds i.v ■&*' remained largely isolated from 

tuiental ..Weste.n^ Europe and j[[nptjCS • ■ supply developments on the 

nearly 19, per cent of pnmaty - that thi» Continent. Indeed it is the main 

energy demand, m the UK. • . IX is. lo tb ( b competitor for new suppUes os 

It is likely that substantial S ?ob^5S y new thfi y comc available in the sec- 

quantities of- natural gas wtil ^JSiS^SpecwIly- ie Dutch tDre of th * Norlh Sca outside 
be available, ia Burope beyond 1985 the UK. Having failed in its 

the turn of- the century, though C rt ?°^^nS coidd be »>«d for natural gas from the 
imported |«s ^wiU play an m-. meeting as mudt-afcT? per cent Norwegian Ekufisk Field, 
creasragly .important role id the . com . British Gas was successful in 

late .1980s arid the 1990s, At last bringing under contract the 

present about SB per cent of Anglo-Nonwegian Frigg Field, 

.tiie natura l gay copsmned in 1 There are stil qdMt&n marks which finally began production 
Western pT ^“ u °?“ over the ability industry in September last year. 

and of national governments to The Frigg Field is one of the 
overcome the forinidaMe tech- world’s most ambitious offshore 
b/T^S ” ical “>a flmaciaf Valdes to enoigy toolopmeotn. and by 

duebon - if ^ •‘ridging gas-and v especally the eD d of next year it will be 

account' fiar. t^tto^of fhe •’ q ^ u S^ ng ^|.. ,mKh “ 30 per “ nt 

gas conauaed o^the tontinenr ?"^”^,.^^ ^^-.^ ^ tbe UKe curreW sup,>1,es ' 
and virtually afr-of the ,gas sold. quantitiS tomSrSn^nd. But The British Gas Corporation 
jn tte UK. -By-fhen exasting much progress hasilready been ^ reached a watershed in its 
sonsces of outside suppliw- wtil made aa-infernatioma level development It has completed 
have been supplemented v- by- 10 the: jifft»ean gas the 10-year- task of converting 

.ft* 0 a transmission' nptS27 The b°* its supplies and its con- 

6,000 km pipeni^-. systein.. that. Dort h/so Ut h systemoif the Euro- snmers to natural gas, and it is 
is .now Ttpd®^ construction. i pean gas'grid ^^Smfieted in ^ happy state of 

The most ipiptirttmt; : .spurce the_ autiimh’ .oEv‘197^.. when being confident that it already 
of natural gas is jpireseiitiy iop-, deliveries* ’cif- : ’ gas 7,-ftom the has sufficient gas reserves under 
shore .prodaefiba' ' in--'-' I13ierEkofisk area'hf^the^HBJrth. Sea contract to meet demand from 
Netherlands, dominated bjf .the^began. •. There are - twit major premium markets until the end 
massive.^rnnfrigeu K^tt: Whose pipfillnes now llnking 't^Nqrth of tbe century and beyond. 
di3Coy^ v in;-'i^'.;led:.t^7|be "Sea-'^iT r the Ttfediterrstneart Ittortf tOntroVersiaUy il Is has 
first " spark's, ./■of ; exptaratiim -hffiih,Wh&e, ah^ : easi^W(Mrt r af^eini also begun, to- reap the profits 


of iis investment of the lost 
decade. Last year it produced a 
pre-tax profit of flSOm com- 
pared with £31.t>m in 1976-77, 
and according to Mr. Jack 
Smith, the Corporation's deputy 
chairman. British Gas' profits 
are unlikely to fall from this 
level in the current year. 

The Corporation’s profits and 
its pricing policies have come 
under attack from several sides, 
it has stepped ahead at most of 
British industry by introducing 
full current cost depreciation 
into its accounting. The result 
is that its reported profitability- 
last year of £lS0m was much 
lower than the £564m. which 
would have resulted jf it had 
followed the historic cost 
accounting conventions still 
used by most British com- 
panies. The nationalised energy 
industries of gas, coal and elec- 
tricity are til using varying 
accounting standards at present, 
which has brought them under 
fire from the Parliamentary 
Select Committee on National- 
ised Industries. In its Seventh 
Report earlier this year it 
claimed that it was essential 
that similar accounting 
principles and practices should 
be used if adequate compari- 
sons of the relative perform- 
ance of the different industries 
were to be made and if effective 
decisions about national energy 
policy were to be taken. 

For its part British Gas is 
standing firm. It maintains 
that its reserves are still too 
low fur a business of its size, 
which last year had a turnover 
of £2.6bn, and it is unlikely to 
make any changes. Much of its 
present profitability, reflects, the 
extremely advantageous price at 
whith it is still 'afile' ‘to buy 
the- large part of its gas sup- 


plies from the southern North 
Sea. 

Here a^am it is under attack, 
first from the oil companies, 
who say ihat southern gas 
prices are io.» low m encourage 
further exploration and second 
from the electricity industry, 
which bas seen its market share 
cut back hy the increasing sales 
of the gas industry. Sir Francis 
Tombs, chairman of the Elec- 
tricity Council, has repeatedly 
called fur gas prices to be 
related nmrv closely to coal and 
electricity prices in the interests 
of both energy conservation and 
the long-development of alter- 
native fuel --/mrces for the day 
when gas and oil supplies begin 
to diminish. 


Cheaper 


Gas is certainly relatively 
cheaper than nther fuels, but 
the Corporation maintains that 
it is not sn low as to discourage 
careful use. The reason that 
the contraci., for southern basin 
gas now look extremely attrac- 
tive is that they were nego- 
tiated at a time when oil prices 
were low and were expected to 
keep on falling. But British 
Gas claims that its costs are 
now risiny steadily as it takes 
in increasing supplies of more 
expensive gas from the northern 
North Sea. In 1976-77 when 
the average revenue from gas 
sales was 12J2p per therm, 
British -Gas paid some 1.9p per 
then# for supplies. Last year 
with- revenue averaging I4.5p 
per therm costs were nearer 
2.9p . per therm, excluding 
trarismibsion costs. But now 
that a. higher proportion of 
supplies is jeoming from 
northerly fields costs will rise 
much faster and the corporation 


could pay as much as 5p per 
therm this year. 

British Gas has undertaken 
not tu raise gas tariffs before 
April 1. but it is now making 
a careful study of whether its 
present level of profitability 
will allow it to go lo the Price 
Commission for an increase in 
tariff prices in the spring. The 
decision is made more difficult 
by the corporation's policy of 
market-relating the price of its 
industrial sales. There has been 
a considerable lag in industrial 
gas prices catching up with the 
prices of alternative fuels or 
feedstocks, normally oil. but as 
long-term contracts come up 
for renewal prices have norm- 
ally risen sharply. This means 
that prices of industrial gas 
sales have increased steadily 
from a.2p a therm in 1975-76 to 
9.7p a therm in 1977-78. For the 
Price Commission. British Gas's 
profitability is taken for the 
whole corporation — it does not 
differentiate between domestic 
and industrial sector prices. 
None the less after the recent 
standstill in domestic prices, 
the corporation now expects gas 
tariffs to rise in line . with the 
general rate of inflation, which 
suggests some increase in April. 

Its undoubted price advantage 
has enabled British Gas to make 
impressive inroads into the UK 
fuel market however. It now 
accounts for more than 44 per 
cent of the domestic fuel market 
and meets about 28 per cent of- 
industrial demand on a heat 
supplied base. Overall it is 
currently providing about 25 
per cent of all the heat supplied 
in the UK and is meeting some 
19 per cent of primary energy 
demand. ... 

The market is still expanding 
and with extra supplies' to 


handle from .northern’ fields in 
the early 1980$, British Gas is 
proposing to boost sales to 
18,000m therms a year (6,000m 
cubic- feet a day) by 1982-83 
compared -with 15,000m therms a 
year (4,000m cubic feet a day) 
in 1977-78. The principal ex- 
pansion will come in domestic 
markets, where British Gas 
hopes to be supplying 50 per 
cent of demand in four to five 
years' time. 

The industry's sales policy 
has changed radically, however, 
from the early days of natural 
gas. in the late- 1960s and 
the early 1970s British Gas had 
little flexibility or control over 
its level of supplies and its 
marketing approach was very 
much supply-led. ; With the 
development* of the - gas trans- 
mission system and .greater 
storage facilities:,. . however, 
along with the renegotiation of 
a number of its southern North 
Sca contracts the corporation 
can. afford to.be led to a greater 
extent by demand. It is giving 
priority to premium markets 
and will match gas supplies 
year . by year to the level of 
premium and essential inter- 
ruptible sales. 

The eventual development of 
the Morecambe Field in. the 
Irish ' Sea . will . add further 
flexibility to the system. This, 
field with recoverable reserves 
of 2-3,OOObn cubic feet of gas, 
will be developed k> the early 
1980s: -It is held by British 
Gas on a 100 per cent produc- 
tion licence and will probably 
be developed as a back-up 
supply, to meet peak winter 
demand. • - 

Supplies from the Frigg Field 
should reach peak production 
by the end of 1979. in late 1980 
gas is scheduled to start flowing 


from the Brent Field, also. 7 in 
the northern North. Sea, and 
when this field is on stream the 
build-up of natural gas supplies 
will -be largely completed. -. 

The Corporation is -continuing 
its active role In exploration on 
the- UK Continental _ Shelf. ‘and 
is presently drilling the '' first 
.ever well in the “English Gh’an- 
_ne).. The location is only about 
25 miles to the south-west of 
the Isle of Wight and therefore 
close to the largest onshore oil 
find yet made, in the UK, in 
which .it holds a 50. per. cent 
Interest and for which if is .the 
operator. This find at Wytch 
Farm could be capable of pro- 
ducing more than 16.0CD b/d, 
and the reserves, appear. to be 
comparable with some of the' 
smallest commercial . North ^Sea 
finds, such as the Argyll Field. 

Investment 

British Gas also has share? in 
offshore oilfields such as Mont- 
rose and Beryl, but- these^ are 
peripheral to its main activities. 
For the future British Gas- in- 
vestment is likely to total fl.Bbn 
over the next five yfrars.- -with 
some two-tbirds of the' expendi- 
ture required for .transmission, 
distribution and storage equip- 
ment related to the -growth- :in 
gas sales. Last "year' £22^8m 
was spent on research and deve- 
lopment. Much of th is work is 
being undertaken' . to provide 
processes for producing sub- 
stitute, natural gas from otijer 
hydrocarbon feedstocks, and. in 
particular coal, to ensure that 
natural gas pan' be' supple- 
mented when, the supply eventu- 
ally declines. . . .".I"" 

Other work, such as . the 
research of improved pipeline 
inspection techniques, - could 
well lead to the development of 
products that will -find ready 
outlets on international 
markets. British Gas is the 
world's largest fully integrated 
gas business, and as such should 
be well-placed to market its ex- 
pertise in countries whose 
domestic gas industries are stall 
in their infancy'" ’■ 






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Over the last decade, the development of 
Reserves has transformed the gas industry; 



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Another example of responsible parddpa 
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maintaining Britain’ s 


energy resources. 


PRESS 


[ON 


WilliamPressGroup’of Companies : 

Head Office: 28 Essex Street, London WC2R3AU.Telepfione: 01-353 6544. Telex: 887832 




POTTERTON 
AND GAS 

apartnership 

peoplewarmto 


THE GAS INDUSTRY H 


. i Financial Times Thursday. DeMfflte? # 




.The Flamingo RS 20-30, 
specifically designed as a low 
Gutput boiler to give high 
efficiency over its ranae of 

20,000 - 30,000 Btu/hr. 


The Netaheat, available in two 
output sizes. 35.000 — 55.000 
Btu/hr. end 55.000 - 75.000 
Btu/hr., give; a high efficiency 
and has no standing pilot light. 


Over the years, we at Potterton have developed a reputation we are 
proud of — for efficiency and reliability. We think a boiler should 
make the best use or gas, and keep on doing so year alter year. 
Thai's v.-hy we partner our experience and expertise in hearing 
technology with the best in gas. The result of this partnership 
means you can be certain you can have all the warmth and hot 
water you need — all the year round. 



POTTERTON 


POTTERTON INTERNATIONAL LTD.. PORTOBELLO WORKS. 
EMSCOTE ROAD, WARWICK CV34 SOU. Telephone: 0925 43420. 




BRITISH GAS is currently by regional gas boards and so indirect oil-fired radiant tubes offer assistance to gas users in -liiiintenance costs^One^ofttis iurnstces for the Seat 

lending considerable weight to far 67 organisations have with direct gas-fired .burner gg ^g ^tput by .150 per treatment «!•■«»»«. 


a highly .MM Ml iSf^S'SS in 1979 aw^rd 

The Corporation makes no The" 67 organisations that were Bass North, pah of ihe meat tmd gas engmeenng tool* W® <^S £ ^ Kbnjcll « 

seeret of the fact that its eon- have made it to the finals over Bass Charrmgton group, in i put- niques and 'iuS^^Ter^ce are bached' up S Rafale Britiflh Gas ib-:> 

servation efforts are being the last three years have saved nersUp with North East gas • ,1gsh G JVehool of fael gSlS 
ehiefiy directed at industrial ■ SttsgSS wh“ h is based .in 

rather than domestic or com- them. It is estimated that d_ » m. A ..Mina micKnA «« Snin^i ttsp jtf'hool offers train- chro6rataDnd<fefii£& iV ' 




analysis of British Gas concerns win nave 

customers explains the reason further 300m therms. 

for this particular emphasis — ~ . 

well over 40 per cent of ail the Jj^VlUgS 

gas sold by the Corporation goes ® 

to industry. In terms of sheer At the presentauoi 


SS concerns will have ^-ed a wS; a ^courses *• 

,son further 300m therms. The energy savings at Bass detailed report conttming eMmwa» r.-i 

is- North were made chiefly by recommendations on safety and Mon •“*}£”, ^onomic- On the one hand, «he*eiy\. 

the Qavinoc removing the company^ old- performance. n? ore efficiently and ecp «danee of North Sea ®as>ttt 

O&VlUgS fashioned steam boilers and • The introduction of advanced 'ally. The SlSS^ncmiraaes netmte-to- V-. 


gas sold by the Corporation goes h . fasmon ! d steam boilers art • mttrtocDrt or am-n* present 

to industry In terms of sheer At the presentation of this converting one other boiler to technology. - - courts is on gas ouiuua nse it with a certain prodigaUty^. ; v> 

numbers tfi me^s some 70.000 year’s GEM awards, which took gas. Independent wet systems • The redesigning or modified- Jjv-.oxtly form. of - * e gy ^ time .constuners,-! 

P»>ee last month. Sir Denis were put into three office com- tionof of industrialists -British Gas^:.;,, 

sume nearly half of all the gas Rook* said that if another laO P exes on the site and use was efficiency and increase ^.fcmntftan: as an.* dfc*^ 

sent oul companies could make similar also made of warm-air systems tmty. -Jhd^techiucians--^ mr-have ttion that (he 'gas- is gowg> “ 

Sir Denis Rook*, chairman Df savings in energy consuiupti on an 5/f“/^° d “i? e _ a ‘ e ”: various courses run out comparaftively - quickly ] . 


Sir Denis Rooke, chairman of savings in energy consumption matnamnaiag aeum. » «*&»**» « £'at£rt«d the various courses run out comparwthreIy-qui^,_ 

British Gas, points out that a then by theyear 2000_ atotal of ^ One of fte aims of die GEM s®«d to Jeep P^run^ 4t. .gd ft ^ ^ is ae/OngK^lifla. 


British Gas. points out that a men oy uie jmi zswu « wuu v. ^.v — ^ «*r _ZT* +\,„ ochooL which is They fear- the Uiiporaacn oas, , - 

10°per cent by one big lbn therms would have been awards scheme is to persuade peak dein^ Skirt 

indnetritii mnrpm ,'nrt therefore released for other industrial more industrial and commercial that the technical con <jy.. . . , , .v. niriino -f 


^^"nSrofthe™ th.t“ eonservutiou sere-ice covers a wide field, W Buth the ediool «« *• ^woreied ^eheut SsjKBtpwV.; ; 

ESSS m He^dded that lira therms was 5X&«s?i?i =3 ^SSSS^S^: 

s-r b ?%'Z r ^TL£ ^ szsr^s. *11 %s? .szir^uSS ^ 

nnmhpr of maior users to save also stressed that successful ceremony. Dr. Cunningham said who staff the service units have .station have developed a sjrde^ie efforts to : 

pas before tackline the millions energy conservation 'on this one sign of the success of the wide experience in- practical number of methods of mcreas- oomtradictoiar apprehensions.- Ar 

of small-time domestic con- scale could radically alter the GEM scheme was that “the ways of improving conservation Ing • .'the efficiency with which fojs year's (JEM award^ prysea -r. — 

sumers on the Question of cod- UK’s strategic thinking on business community at large is but their claim is that they can gas.is used. ' T r ^ tation. Sir Denis ROOfee - 

nervation ^ future fuel policy. becoming more and more aware offer other benefits besides Examples include self-rcaiper- was “no danger «£ cxr: . 

Not that the industrv is The winners of the 197S GEM of the relevance of energy helping companies to cut *nergy ftjve ^ ' 

ignoring the need te make com- awards to industry were Alcan saving to good industrial and consumption and so reduce fuel I™ 1 Prodwte wrald added4faat feineet; tfee rtigl gn ga^; 
mercial and domesUc gas users Plate of Birmingham in partner- commercial management costs. - ;^rv^ Rented b 

save energy— this vear British ship with the West Midlands Gas The 30b of the British Gas A reappraisal of fad. ttrthods ofj rat J®*™? 

Gas made its 483.000 com- tech rural consultancy service. Corporations technical con- effic j enC y often ends by . cora-ing, using hot . a - “ffiiucat© peoptemto 

mercial customers eUgible for Alcan has managed to save 0.5m sultancy service unite. . which pani es _ improving production ^oal tyi* ^cohserwuthm.'!: - ' 

the Gas Energy Management therms a year which represents are eligible for the GEM awards rates, increasing productivity bunier -Siie Cam#6n^- 

award scheme. Until this year a 33 per cent cut in its total in partnership with the com- generally and lowering their *a»wgs over conventional steam . • ... : 

the scheme had always been fuel consumption. The company panies they have advised, is to . : . • ' 1; I 1 " 


limited to industrial companies, employs a full-time energy and ensure that the gas sold is used 
The GEM awards scheme has cost reduction superintendent effectively. All 12 of the gas 
been running for three years and its staff has been sent on regions offer a technical con- 
and it forms one of the main fuel-saving courses. But the big- sultancy service and during the 
planks of the industry’s con- gest savings in its energy con- past year 1,500 customers have 
servatfon campaign. Finalists sumption have been as the been helped in this- way. Tech- 
for the awards are nominated result of a decisions to replace nical Consultancy service units 


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' The FriggtiJfis story is 3. unique example ofinteinatkmal 
co-operation. In, manageTO’ent-.In. communicatioiis. In huziian" 
en.deavour. In pioneering teclfeology. • ••:•• 


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Internationa] • > . <. ' . ■ J/. ; . •* £ Av j reg 


■ ' Together, Total Oil Marine and Elf Aquitaine brought' y. 
Prigg Gas to St. Fergus/ • ' * ’■ ••.T" 


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. Elf developed the off-aJhore instaEations.'^ive major •' 
platforms and a flare platform standing Higherroff the Ocean ^pc 
than the height of the Post Office Tower ‘ ‘ ' r '. ' 


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b’GS's- ' s f • 
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: ; ; Total handled the transportation^ The pipeline and pipeHaying, r. •' 

sn'&termediate platform and the St. Fergus shore -tenninal/ . '/ .v'-v;*' : ! 

' The Frigg Gasfiekistmddles themedian lihebetween^rway^:^''. V'J 
and the UKL It lies fer to the north, in desepjh/aters, hundreds of miles : 

from the nearest land.- • :• . . • . .■* : . ■ 


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THE COLLECTION of com- it 'is simply burned into the oil termini. S het la n d 

- <. W” $ parative i y small pockets • of atmosphere. Islands and in the building nf. a > 

eas — which in the oast might inevitable that Mine ' pm natural gas liquids- -sepaiatioa : * 

"V _ hoori flnr _. . P .^^-wiIl be flared in the early stages plant: at thojend of -flie - Breath - 1 r 

have been flared and wasted By field production either gas pipeline in Elfe. ^Ncdthw: . ■' 

;l the oil industry— has become Kutfiu* gas compression-' equip- will be; . accomplished ’before:: . / 
«'. j- • ; 'r. y central tenet of the Govern- meat has been installed or T980-Sl. .. ■ '-r : 

ment's North Sea polides. while' such units are com- Onl^ on the Auk.and Argylt;' -' 
Large gas fields, such as Leman. missioned. But the quantities Fields has the ■ Government/ '/■ 
and Frigg will nearly alwaysheare still appreciable. . Last year' accepted that they quantities -Of cr 
'Zig&ljl exploited on strictly cominer-' an average of 326m cubic ft .of associated-gas.produoed are too - 
cial grounds. But what is in'gas a day was flared from Oil small f or- pollertion to r be prac- 
r '>.V*y' w , s question is the collection of gas fields in the North Sea, nearly GcaL These'two fields have bean, 
j* . ■£*}$ from much smaller fields and 'twice, the level of. gas. Jrfo- given flaring consents- for. the '' ' 

• i'vA'55 i»articularly gas that Is pro-'dm^iBn .from 'a smatt- southem Hfetime .of^- lJroauction£-_: .^txdL!.:-i 
•••• i iiU«j dueed'in. association with cruder North ■'Sea -gas -field-- sueh -^ otherconsents forfleMs 

oil. West Sole. . . Thistle, Brent and Mbxitfose are 

Associated gas is often Next year as more oilfields for limited periods only. ' 
reffarded by companies as a come into production the Various methods have been 

" nui5ance - an . unwanted by- amount of gas flared will prob-: put forward for the comprehen- 

Product of oil field develop- ably exceed '400m cubic feet a rive eolleethra of these small 
' N meoL It can still have its uses. day. The '^Government Is reserves of gas. Ministers have 

'j tt. can, for example, be pumped anxious to "reduce - this total but repeatedly made it dear that in 

| bac* f 010 the reservoir to for much of the next 18 months th . interest- of energy conserva- 
0 :**: main trin the pressure needed there is little it. can do if it tion.and of gaining the maxi- 1 
? or oiI p r oductit>n ' or some o£ wishes to maximise^ the level of mum benefit from North . Sea 
may be )“ ed J°. gener ? te production. The two keys resources gas . flaring must be 
power on toe onshore plat- to reducing flaring from the oil curbed as far -as possible. Dr. 

\V‘- .oA-'i ^ orms - ® ut i n many cases fields now~in production lie in Dickson Maboo. tbe Minister of 

around the world companies the completion :of gas process- State for Energy, said last year 

» have concluded that there is no j n g faeHlties. at the SulIom Voe that in his personal view: .“The 

* r-'. ; commercial justification for • x 

‘ V;V-v collecting this gas as a fuel, so . . CONTTNUED ON NEXT PAGE 


' / / . l .' - ^ menL It can still have its uses. day. 

' ' l J It. can, for example, be pumped a nxi 

V‘ ' k back mto the reservoir to f or , 


. Jointly, Tbtal anti Elf l^med the wild North Sea, substantially 
increased the UK Veriergy resources and made a massive 
contribution'to our ^darice of payments. 

\ If you woiaIft:lLke a brochure telliag you about the Frigg . 
story in detail, please write to tbe Public Relatiaus Department of . 
Elf >Mruitaine. or 'TbtaJ piil^Carme. .. i -..'/•..‘■’•s 



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WEST SOLE 
VIKING 
LEMAN BANK 
INDEFATIGABLE 


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EKOFISK 

FRIGG 







Brown & Root has been involved with 
the development of North Sea gas from 
the discovery of a series of major ’fields 


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• As Engineeis and Cohstnjctors, 'We" 
are proud of: thjs immliremeo# iVhloh^ 
continued as the ^pgrch' rhOved furthW: 


in the southern part of the UK North Sea north, off the coasts of Sp 




in the 1960's, These enabled the gas 
industry in Britain to revolutionise its 
supply base and market possibilities. ;: 


Norway, with the ; finding iof the C<$ete' 


more recent- giant. 


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Our capability and experience in Supplying a wide range of 
services and equipment to our Cffents : has - contributed ; 




i'*.n •' -.- 


of natural gas to the Gas. Industry. ■ - r . 

Brown & Root are well equipped to assist furtKer m tbe 
development of gas fields in the North Sea and eisewhere 
offshore. And our knowledge and skill in the design/corir' 
struction and installation of process equipment; to m’ainfoin 
and also to improve the flow of gas ashore, is well known in 
the offshore industry. - ■’ . - j 






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The high cost of onshore projects 


THE IMPRESSIVE scale of the 1980 to 1982. Unlike the other tercd several problems with the capacity is currently in use tak- possible that the terminal could the system by producing gas five areas on the north-west 

investment made offshore ta three line? whkh . £toss from work so far. inc deliveries nf about 300m eventually find a new role only during winter periods of coast of England in the search 

develop new- supjjues/if natural Aberdeen to Central Scotland. The caverns ore formed by cubic ft a day of LNG imported importing rather greater quail- high demand. for a 300 acre sire on which to 

gas Ji the northern North Sea it will be built close to the east solution mining. Sea water is from Algeria. titles of LNG than is now the c ir T, Pni( . ... r h fl irman nf ,ocate onshore terminal. It 

£2bn for the Frrgg Field coast °f Sen Oand with important pumped underground under _ .. case from Algeria, when UK R -i t [ sh is looking at possible locations 

alone— has tended to over: sea crossings over theTay and Pressure to a depth of about a . supplies were started offsho re supplies begin to ^ ’ 11]°, had near Barrow, on the south-east 

shadow the relate* building Forth Estuaries. It will be Uie mile and the cavities are slowlv in 19W as part of a long-term diminish. r r e - ? of the Lune Estuary near 

programme onshore. British first long distance:^ fmpipc- created by dissolving the salt in *»«« not Glasson and Cocfcerham, Dee- 

Gas has spent more than £4Q0ra line to be laid in the UK, and the sea water. The heavily con- hcfore llie end of 19811 At the ; ° t pe “ , Li side near Shotlon North Wales. 

on building a reception ter- by the time it is completed it ccntrated brine .solution flows tl,n ^ Gas’s future supply JkXpailSiOn i™ V?rf i, the south bank of the Kibble 

minal at St. Fergus,, in Aber- could -be costing as nmch as £lm back to the surface where it is P' clure was very different to r * n Production before 19S3-S* It Estuary near Southport and the 

deenshire, along with three a mile. : . treated and pumped bank out lu u,e one lhat now exists, so it But the m*;i interesting ex- haa nnt jet been decided in de- preesall-PUlinz area near 

. *“1. p;P!U““ In the south of England ,h. » .. ' . . . * f“£? *2* “““ft FSZ SSJS* hS'.h!' it W o J2 Fleetwood. 


from Wisbech in the *n« and there have been several supplies were first begun as a develops the Mure cam be Bay pipelines, a shore terminal and ljmlnary disc-unions with all 

oiimrv la Manoowder in failures of the sea water pumps. vra ! r of enriching town Aas gas field in the Irish Sea. The Uie . feeder lines into the the interested local authorities 

This Dineline is U also proved difficult to ensure manufactured from coal or oil.) corporation ha- a 100 per cent national transmission system anc j other bodies in the region 


Offshore gas 


CONTINUED FROM PREVIOUS PAGE 


through Scotland linking to the, ew^iicd Southern Feeder was There have been engineering 11,0 Convey Island terminal has mission system w.ll come in the operated, but the cost of pro- 
national transmission -system. A cbmitJeted about a year auo Problems with the wellhead tub- smcc changed radically, t LNG early 1980s British Gas duction platforms, undersea British Gas is holding pre- 

fourth pipeline is.belng planned streiebin- from Wisbech in the 'ny and there have been several supplies were first begun as a develops the Murctambe Bay pipelines, a shore terminal and ljmlnary disc-unions with all 

and more work ~will; be needed y eo country lo Maooowder in -failures of the sea water pumps. vfa '" °* enriching town gas gas field in the Irish Sea. The U ie . feeder lines into the th e interested local authorities 

at St Fergus, when- gas supplies jw *nih> nioeline is U also proved difficult to ensure manufactured from coal or oil.) corporation ha.- a 100 per cent national transmission system anc j ot her bodies in the region 

begin to- arrive, from the Brent designed to reinforcetbe traits- Th at one of the cavities was The wor,d LXG tracJ e is due to licence for the field, so again it Wl11 r fJ“ ire a " divestment of an( j s0 j ar has encountered 

Field-from the end of 1980. mission system in the southern ‘■■rented in the correct shape, expand rapidly in the nest few is likely that it will u.-o the several hundred million pounds, little environmental opposition 

The pace of onshore work has half of the country as demand ""ben finally completed, how- years. however, and it is discovery to add flexibility to The corporation is examining to its plans. It is looking for 

slowed to allow the rapidly for gas grows. Next year a * v **r. the storage cavities will 

growing supplies from the Frigg further link in the system will Pl*y another small part in 

Field to be. assimilated into the be built over 36 miles in York- increasing the flexibility of the 

system. But in the early 1980s shire linking the Industrial Sas distribution network. w \ 1*1^ "l 

the conrtnictiou programme areas of Leeds and Sheffield. British Gas is committed to ■ 1 | \ O O 

will pick up again as the Brent mincing the amount of gas \ # I I I R I I 8 l j M 

Field gas tortninal at St Fergus oa which it has previously sold on CONTINUED FROM PREVIOUS PAGE 

is completed and more par- |jt0r226 hik-rruptible contracts to indus- 

ticularlyas British Gas decides ° - . trial customers. Such contracts .. .. 

how it should develop the More- Several additional-, com- are another way of allowing the Potential energy locked up in offering an attractive s.dution to other candidates for this mini- ern extension of the gas pipe- 

cambe gas field ia the Irish Sea pressors are beizig planned for corporation to cope with isolated tnany small pockets In the North the problem of associated gas gas gathering network, once the line. In the early 1980s the 

The ‘ national transmission the system to boost the pressure peaks jn demand At short Sea is in tota! 80 larfie that no recovery. various companies involved. Magnus Field could be produc- 

system already includes more « which gas can bfr pumped notice this group of industrial Government can ignore it. It5 roost notable success to decide to press ahead with com- ing Mm cubic ft a day of gas 

than 3,000 miles of high- through the country, and money customers can have supplies cut Sooner or later 11 w11 bc date has been w-ih the Piper m^rcial developments. and 9.000 b/d ot liquid petro- 

pressure pipelines. These in “ ^so being invested m liquid off so that jn emergencies the c0l,f,clcd - Field. Natural gas began flow- T he Government is encoun- leura gas— propane and butane, 

turn feed Into regional medium natura l gas storage terminals sas can be t0 prern iura 71115 view led the Government in.? from this field a few weeks tcr,n3 , sreater problems how- More exoac alternative 

and low pressure systems with and 111 construc tion of markets, such as households and lo 561 U P a special company, ago into a spur line that has ever ’ 10 P er ^ ua dmg the oil methods of exploiting ass ° 1 ^- 

a total length of more than underground storage. caverns. wrfajn proeess industT ies. Sales Gas Gathering Pipelines, with been built to connect into the ^pames to build a northern ated gas or small gas fields off. 

140.000 miles. About £500m has The gas corporation first on interruptible contracts, how- the sole remit of studying Frig? pipeline. The Occidental ;" 1 ce ” v ,f£ u J?jf 1 

been spent on regional distribu- applied for planning perinission ever, go against the corporal ion - s whether the aivalable gas could group, which includes Geliy Oil. im<i Thiiite cnmmn ^Th-r, ‘“S,..™! 

tion mains over the last decade to create up Jo six massive policy of maximlsiiig sales tu Justify ,he construction of a Thomson and Allied Chemicals. ^ 

as the gas industry has com- storage rarities in salt, deposits Premium market*, so it is forced comprehensive gas ca.hcring was persuaded i.. invest in a ^ Jrom e-h i^ndiridljal fie d ttes but prelim nJrv astt 

pleted the conversion process about a mile underground in tn t,ird other ways of adding " elw £ rk ‘ " f PJP«[ in ®* ,n lhp ?150ro (£S0in j yas cinwn-ati.m J * . 0 j u5li / v the meriis havc^bo-cn ihat ootiona 

to natural gas. Spending on Yorkshire in 1972 . The original flexibility to the supply system Sea .which could have programme m return for per- But taken Sas the olTsimre ranwrllon 

new plant and eqaipment over aim was to store tip to, 6, 000m tr, cope with the fluctuations in tosl mucb 35 fabn - mission to increase crude ml {u eciher the three fields could of natural into ammonia 

the five years to 1982-83 will cubic ft of gas in the caverns seasonal demand. The report from Gas Gather- production from the Piper Field * u £2” r „ carton WaVk^nie lino? o? e hi- 

still be at a high level, however, as a buffer stock that could be For this reason and to ensure ing Pipelines frustrated the to 300.000 b/d. Tne supplies of finnJjSOm cubic ft a day of °as lene are nut r^allv practicable 
totalling more than £1.6bn, of used in emergencies or, during security of supply at the out- Government’s most ambitious which are under contract .u an lhe aV erace daflv because of the nrnblems and 

which two-thirds is needed for . periods of peak demand in the lying parts of the system, hopes, however, and re, 0 m- to British Ga>. vAH build up to frnm Se smaU ^ oLperaVmg^ralras pram 

transmission, distnbtrtion and waiter. Gas could be put in the British Gas is also constructing mended that such a system was a maximum tn yum cubic Tcet Rou „^ Field ^ ^ sout j 3 ern j n harsh North Sea conditions, 

storage associated- with the store during the summer when a series of liquid natural gas neither necessary nor comnier- a day. Peak production should ^- ort ^ g ex ' p ar ju or e attractive are the 

rapid growth in gas sales. demand is at its lowest Each tanks around the country for cially feasible. The amount nf be reached in 1979-80. Asso- * The T- ni5tle Field is a i rea dv options of liquefying the natural 

Two of the major gas trunk- of the cavities was planned to storage. Two tanks have been gas available before 1990 naetd gas from Texaco s Tartan in produc - LinD of course and fo * r gas offsh ore so ‘that it can be 

lines built from St Fergus on have the same storage capacity built at Glenmavis. near Coat- could be accommodated in the Field will also be produced the raoraent gas is b eill j flared, collected bv special tanker or 

the coast of Aberdeenshire to as a large liquid natural gas bridge with a combined capa- existing pipelines— from Brent along this .jo-mile spur line. bul fr „m early next rear extra of using the gas to generate 

the urban, industrial areas of storage tank above .ground, city of 2000m cubic ft of gas and Frigg— and in later years eouipment should be installed electricity. 

Central Scotland and the north about 1.000m cubic ft. -••• and four more are located at those pipelines could have sub- TjpVPIOnniPnt which will enable the gas to be A report produced bv Dcvtrl 

of England have- been operating so far two cavities have been Pension, near Manchester, stantial spare capacity, ft re-injected. The Murchison Brown-Vnsper Offshore* for the 

for several .months cZiVfing. c ___ t . . a third should be 9 lber 1anl5 * arc un 6er construe- suggested instead that attention in a similar development Field is also under development Government concluded that on 

supplies from the cnmoleted soon It is Ukriv feat al Ilde of Grain in the should be concentrated on the Shell and Esso have agreed to and first oil production is ex- both technical and economic 

which began producrion m Sei^ Tv imim np Thames Estuary, at Dynevor building of a number of mini- lay a gas line between the pected in 1980. The immediate grounds it would be feasible to 

tember last year. The third 36 twn cavities Arms ' n South Wales and at gas gathering systems that Cormorant A and Brent A plat- problem facing the Government recover excess associated gas 

m diameter pipeline from. St in Msr< a, __ AnrU VPJir aT , f i Avonmonth. could feed into these main forms, which will form a west- therefore. concerns British through liquefaction and stor- 

Fergu* to Darlington .should be iSiO Th . e Iiduid natural eas trunklines ern extension to the existing Petroleum’s Magnus Field. EP age at offshore terminals. The 

commissioned this- mooth ready . ***■■•' terminal at Canvey Island is This policy is already being Brent gas trunkline. Negotia- applied some months ago for offshore terminals would prob- 

for operation in. January. The site is near Hornsea,, also used for storage, but there implemented, but the Govern- tions »re in progress with other approval of its development ably be semi-submersible or 

The fourth line, meanwbile, is about a mile from the Yorkshire are serious questions over the ment faces some difficult companies nmably the Heather plan. huL this has been held vessels floating on the surface, 

only at the planning stage. .It coast No decision has yet been economic viability of the under- decisions if it is to try to insist and Ninian groups, to tie these back by the Department of The economic case for such 

will run from. St Fergus to. taken to proceed with, the grouod storage tanks because that approval for future oilfield fields into the system as well. Energy, while it tries to win a offshore liquefaction terminals 

Bishop Auckland and will be- second half of the project and of their lack of insulation. Only developments will be partly The North Cormorant and strong assurance from BP that rests, however, on producers 

laid during the .three years from: the gas corporation has encouit-" about one-third of the storage dependent on oil companies North West Hutton fields are it will participate in the north- gaining a price for the LNG 


a site on flat ground that will 
give easy access both for the 
uuder-sea pipelines and the 
onshore lines that will link into 
the transmission network. The 
first decision to be made will 
concern possible routes fur the 
marine pipeline and this should 
be made in March or April next 
year. The link into the trans- 
mission system will be made to 
the north or snfch uf Mersey- 
side and surveys uf several 
possible routes are. now being 
commissioned. British Gas 
engineers are also doing some 
preliminary boring work at 
potential sites u< identify 
obstacles to future construction. 

Kevin Done 


Rough Field in the southern in harsh North Sea conditions. 
North Sex Far more attractive are the 

The Thistle Field is already options of liquefying the natural 
in production of course and for gas offshore so that it can be 


similar to prevailing rates in the 
world market. Such a price 
would be far higher than that 
paid by British Gas for its 
present supplies from either the 
non hern or the southern North 
Sea fields. 

Liquefaction would also open 
the possibility of the gas being 
exported, which neither the 
Government or the gas corpora- 
tion are likely *u encourage. 
It is thought that where gas 
reserves are large enough In 
justify the building of a lique- 
faction platform, they would 
ju:i as easily — except in 
isolated cases — support a pipe- 
line spur to one uf the existing 
•gas Irunklines. 

There arc also obvious politi- 
cal objections to the use of gas 
for offshore power generation. 
There is already excess 
generating capacity In the UK, 
which will last for several years 
to come, and the Government is 
unlikely to encourage another 
competitor for coai-powered 
stations, which already need 
subsidies to compete with oil- 
fired stations. 

Taken together the scattered 
reserves of associated gas do 
represent a useful extra source 
of supply for the UK gas 
industry, but many problems are 
still to bc resolved before the 
high level of gas flaring expected 
next year can be substantially 
reduced. 

Kevin Done 


■ ; . / 

Gas gets on 
working for a b 



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F.xtending the 3000-mile underground tran smis sion sys tem for 
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British Gas sets the pace in fuel conservation technology. 


British Gas is the world's largest smglefully-integrated gas 
imdertaking r , witha tumoverin 1977/78 of £2568 miffioii/net assets of 
£ 2 rQ 78 rni 11 i nn / over Mmilhoncustomers, andnearly KX);^ employees. 

The benefits to Britain 

The size and efficiency of Britain's gas industry is of great benefit ■ 


significant fall in the real price of gas. 

Whatis more, natural gashas brought environmentalbenefits to 
Britain, becanseitis distributed by tmseenundergrouiid pipelines and 
causes no pollution. 


Looking to the future 

North Sea gas has already provided a major boost to the economy 
of Britain and will continue to do so. There is every expectation that 
further discoveries will be made in other parts of our Continental Shelf, 
where exploration is still at a relatively early phase. And British Gas 
leads the world in the technology of producing substitute natural gas 


ensure 


that the homes and factories of Britain continue to enjoy the benefits of 
clean, controllable gas for a very long timeto come. 











: . vln:an,organisatlGri as large, ..diverse! take appropriate, action at his -fingertips, 
and; complex .as.fhe(3as' Industry; efficient - Operational sirnplicity is rpatchedby- 
manager^hVofireidirrces rs-absolutely • systems flexibititytChangesahd' ;. 

vitai - i y--"'. expansion t n the C'ossor systems can De 
M b nitorrasr^m^is.tri tgution^nci.iiiqvv . ■ 'made tty the users': engineering and;'.. • :: 
cc-ntTGl procedures pjays'a.rnajoFrolefn. • management personnel without' specialist 
saving costs whiie'prcyidin'g aiUmproyed computer software koowedgev- 
service. That" is \yhya t. makes sense'Ao:’;. yd. : ■■■ By employing' the broad based ;, 

employ the mdstmcdern-.-systems- ■ \ electronic skills that toe have gained in 
a v a | i ab l e / : Xk •, = m 7 > o : . : • : many fields ofadvancedfecKnology, toe ■ 

Cossor. telemetry systems’-. Y ' . can fairly claim to be'ihtHe forefront of.. 

■ Computer based; our- System's Y'" •" "telemetry, systems’ development in the 

automatically' feea daiabety^een' a' Unned Kingdom. >■ '. -y ‘ 

control centre and as^mahyoutstation \ PJease contact us for- further details at ... 
poiri.tsas necessary.; A single: operator Cossor Electronics Ltd. The Pinnacles; 

can assume executive control of a total'' Harlow. Essex. Telephone 0279 26862. 
'distribution': system,- and.fias -the means to, . Telex: 81228.'- ' yy^fy, y’.'.y'.C :.' 

y'Y.YY ^ :; :YYY ' ' Telemetry Systems from 


electronics 


Dr terror® 


Financial Times Thursday 


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PAIMT S7CV3S9 iM 3-4 Ml MUTES j 

MANUFACTURERS AND DESIGNERS OF 
GAS FIRED OVENS. SPRAT BOOTHS AND 
MOST INDUSTRIAL FINISHING EQUIPMENT 

I&1V1CTA PROCESS (LOW DON) LTD 
.13-20 LAKEDALE ROAD, LONDON SE18 1PP 
Tel: 01-855 0124 

OVERSEAS AGENTS REQUIRED 


THE GAS INDUSTRY IV 


Probe into appliances 


EVEN THOUGH the current 
Monopolies and Mergers Com' 
mission probe into the sale of 
gas appliances is only hall way 
through, the battle lines over 
the issue have already been 
made dear. 

In making the. reference to 
the commission in November, 
1977, the Office of Fair Trading 
revealed its concern as to why 
over three-quarters of the retail 
market for gas cookers, water 
beaters, and space heaters is in 
the hands o£ British Gas's show- 
rooms. The OFT is charged 
with protecting the consumers’ 
interests and, ‘ consequently, 
wants the commission to decide 
whether BG’s obvious monopoly 
operates for or against the 
public interest 

The Consumers’ Association, 
which has almost 600.000 sub- 
scribers to its Which? maga- 
zines. has recently suggested 
that there are several issues of 
concern about BG's monopoly 
position — such as prices charges 
for appliances and whether 
potential retailers are prevented 


from entering the. market For example, its share of larger reductions could be usually between 8 and 12 per 

BG’s involvement with retail- cooker sales has increased from found in particular shops during- cent below list price. 
jng is derived from the same 91 percent in 1975 to its present a sale or promotional offer, it association concludes 

legislation which originally gave 95.5 per cent Over the same was unusual to find gas cookers 3^ <* given the massive buy- 
it the monopoly in the supply of period the proportion of space at more than 10-12 per cent pcW er of BG, it ^surprising 
piped gas. However, retailing heaters sold by BG has risen below the list price.. “There was ^ that the discounts it must be 
gas appliances — although from three-quarters to its no evidence of large scale price a ^j e t0 negotiate do not appear 
obviously at the “sharp "end of present 81.5 per cent share. cutting either nationally or ^ be passed on to’ the coa- 
the gas industry — is only a small One of the main questions the within particular areas,” says sumer.” While acknowledging 

part of BG's operations. In the commission will ask in its the association. that this buying power may be 

year ended March 1978 the sales investigation is why there Department stores and reflected in lower ■. list - prices 
of gas appliances by BG of appears to be so little, price authorised agents tended, how- rather than bigger discounts, 
£145m represented less than 6 competition for gas appliances, ever, to follow closely the prices the association - calls -on the 
per cent of its total turnover especially cookers. According to set by the local gas region, commission to investigate this 
of £2.568m. ^ a Consumers’ Association sur- reflecting the dependence of aspect more fully.' 

But while this involvement is vey, most gas cookers are. sold these types of outlets on BG.as .m, e association also calls for 
relatively small for BG, it is still a t or around the recommended a wholesale supplier. But the_. detailed examination of the 
large enough to dominate the retail price. This was in marked independent retailers— although; _ q{ whether the lack 
retail market for gas appliances, contrast to the price competi- comparatively few in number— r f . riee competition migh t he. 
Of the estimated, 672,000 gas tionthat existed. in the electrical were offering discounts of up to -rtne^to the inability of outlets 
cookers sold in 1977-78, over 95 appliance sector, points out the 10 per cent on most models. . YtY «,»„ <ni« showrooms to 
per cent were sold by BG. In association, . where discounts 


0* for «. * — - ££• 


per ceni on most mourns. . D ^ er gas showrooms to 

Any price competition that obtain supplies- “If BG has 
did exist for gas 


cookers used its monopoly position to 


in 1977-78 were sold through BG showrooms were most expen- 


were widely stocked by both obtaining gas 


□cwubii snowrooms were most expen- -fmcider this a 

“thoriMd ^ were stiu selling amount stores end showrooms would conader » 


showrooms 
dealers. 

In the case of both gas cookers 

and space heaters, the share of retail price, 
the market held by BG has con- 


front 
we 
serious 


“ — , authorised aeents. How- abuse of market power detri- 

rs? % srszzzj; 

■ such competition could not be argues the association, 
considered appreciable since, on Other trade sources have also 


by most gas showrooms, argues 
the- Consumers' AssppiatiQir. 
But the majority of the .discount 
houses, including ; Co met,- wiy 
stocked between five and .10 
models. 

The association tont^uffes 
that While the ‘retail errtiets- of 
both -the. gas and dectridfty 
supply ’ industries - dominate 
their respective markets, -there 
is a marked contrast betwee d 
them in the pattern of- su^T?. 
Electricity '• Board ’^dwrtidms 
are- by no meads thfr'bnfr oat? 
lets selling electric. cookerS^&d 
consumers always have, a choice, 
of • retailers.. But; saysr Abe 
association^ .only, in 'the case -of 
those cookers which axe widely 
stocked by ■ -gas ■ showrooms. 
Comet discount stores,, and tfe 
limited, number of-' other ' outlets 
selling cookers, ,i& there ; any- 

thing approaching \ .ccfrn^ 

petitive market, . “ Fo<.‘;_inapy . 
consumers looking ;f or ;4L ..|nd- 
ticular mode! of cooker Jthere' is 
no alternative tu-the gas show- , 
room or an authorised agent . of 
BG,” says the associatioit : ; > ; 


got 


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Tlie GMI Gas Alarm Series is a high performance modular gas sensing system, designed to 
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tinned to rise bver the past few For gas cookers, however, the most models, discount stores suggested to the OFT that 
years. — association found that while offered only small discounts, there have been jlifficulties in 

getting supplies of gas cookers JVlanUI3.CtUr6rS 


Remarkable record in 
industrial relations 


Can you afford 


or in ; getting them at prices 
which wduid enable them to 
sell at prices competitive: With 
gas showrooms.- 
The retail structure for gas 
appliance retailing is - domin- 
ated by BG with over 900 show- 
rooms scattered throughout the 
UK- The degree of competition 
to- these showrooms, is limited 
by a number of factors. First, as 
authorised gas agents are depen- 

: • -dent on BG for what they sell 

AGAINST EXCEPTIONAL the number of workers- who those who took part in Its and the prices they charge they 
odds, the British gas supply chose to leave the industry for evolution on both the unions’ are not really competitors at 
industry has maintained re- other jobs. and employers’ 6ide. _ ■ alL Second, the presence of any 

markably good industrial rela- . In addition, -the nature of the The GMWU, representing the alternative outlets is extremely 
tionns since nationalisation in change to natural gas held cer- bulk of the now 40,000 strong patchy. Some areas of . the 
1948. - • tain advantages for the BGC. blue-collar workforce, knew the country have, a number of 

Few if any other major The workforce had plenty of industry inside out. It was- alternative retail outiets, others 
industries can have undergone warning of the dates for closure formed in 1924 partly out of^ none at alL Thirdly, even 
a change in function so funda- of individual gas works in a m al g a ma tion with the gas though discount stores and 
mental as has the gas industry, advance even of the six months workers’ union formed in 1889 independent retailers do stock 
The past decade has seen the notice issued.by the corporation, and drew its first general some cookers and other appli- 
industry all but totally abandon For the white-collared wor- secretary from those ranks. _ _ ances. they do not. carry any 
its original primary job of kers, meanwhile, the change in Industrial relations expertise thing like the range offered by 
manufacturing gas to concen- an already expanding industry in BGC is also well established, bg showrooms. ........ 

trate almost exclusively on had much to offer in terms of The corporation has been among ' The only effective competi-" 
distribution and service. promotion prospects and tech- the nation’s leaders in some rthjjj which BG faces on anything.' 

At the co nsum er end the nological challenge. areas of labour management reK-like a national scale comes from, 

switch from coal ‘and oil- Atl this happened against a form. ' " - Comet Radio vision. Even Comet, 

produced gas from the now background of a well-established Industrial relations however, sells a-much smaller 

largely defunct ga® works to industrial relations structure in negotiating machinery headed ran g ^ of gas cookers than do 
natural gas supplied directly *** corporation, however, and by a national joint negotiating gas showrooms. Of the 30 or sa 
from the North Sea has made extent credit is due to council was revamped in 1975 free-standing gas cookers on the 

little difference. Bar in the CONTINUED ON NEXT PAGE . . ;.v market, 20. or more were . stocked 

industry itself it . fcak. entailed 
profound changes in ' the .deploy- 
ment of the workforce coupled 
with a major demanning exer- 
cise over a period of . only six 
years; 

A manual labour force of 
70.000 before 1963. and largely 
concentrated in the gas works, 
was down to 30.000 by the early 
1970s. Moreover, jobs were no 
longer a matter of coal shovel- 
ling and sweating, physical 
labour on the works floor had 
moved to the higher skills 
required in laying pipelines and 
in the repair and maintenance 
of gas installations. 

Unblemished 

Yet apart from a five-week 
series of selective strikes and 
overtime bans in 1973 in the 
battle to reorganise salary 
structures in the face of a' Con- 
servative Government’s incomes 
policy, the industrial relations 
record has remained compara- 
tively unblemished. 

Over the past year the labour 
relations record in the British 
Gas Corporation (BGC) has 
been thrown into relief by 
troubles in other nationalised 
industries which have also 
undergone radical changes as a 
result of other forms of tech- 
nological advance. 

The electricity supply indus- 
try was being seriously 
disrupted this time last year by 
unofficial industrial action 
linked to demands for better 
rewards following a major 
exercise In demanning related 
to new technology in power 
stations. Post Office engineers 
had also been conducting for 
over a year a campaign of action 
in the face of the introduction 
of new telephone technology 
and what they saw as an asso- 
ciated threat to their jobs. 

The industrial relations 
record of the gas industry in 
terms of its comparative lack 
of industrial action so far 
should not. however, be taken 
as any guarantee of perpetual 
harmony in the future. 

Union leaders and industrial 
relations experts in BGC alike 
concede that the corporation 
has had a fair measure of luck 
in achieving a comparatively 
smooth transformation in its 
operations. The change to 
natural gas came at a time of 
high employment. Many of the 
blue-collar workers preferred to 

quit and take the lump sum of 

money offered rather than apply 
for redeployment into other 
kinds of jobs. 

Mr. John Edmonds, national 
officer for the industry in the 
General and Municipal Workers’ 

Union (GMWU). says that the 
change was conducted “ with 
more humanity than Imagina- 
tion." meaning that while the 
workers were treated fairly, the 
corporation was not qnlck 
enough or sufficiently far* 
sighted • In introducing retrain- 
ing schemes. 

Even so, lack of retraining 
opportunities created no 
immediate problems, because of 


The question h£ ^competition 
Is also raised by the fact 
the - three _ higgest *.sipp%net! 
manufacturers . . are. estimated: 
between’ them .to make abbut 
half the appliances . sold Jh the 
UK. 

The major manufacturers are: 
Thorn. .-Domestic . Appliances, 
which has about, half .the total 
market for gas. cooker sale*,;' 
arid two of its b.rjuad?,- Main and 
Parkinson . Cowan , ; :sftare; 

market leaderaStiK/Tnbe jriyest- 
ments, which has- about a fifth 
of . the. gas: cooker market with : 
its New -World -brand; -and > 
Belling.! -. Valor, Cannon, -and 
Flavel are the other main names, 
in • gas. -cookers; -between them 
accounting for about a, quarter 
pf the market. . 

But despite the criticisms' 
and the threat of the s eom- 
mission's- probe hanging over 
its head, BG is stiil aggressively : 
trying to- bddsf - Its market 
shares: The booin in home im- 
provements— Especially in fitted 
kitchens — has led BG to' put sub- . 
stantial effort .into marketing' 
gas appliances ; to ^flt in. 

■ • . Pa<?d:Churdiifl 


— ^ -v — v;v - 

5f .V :lT>V r ?'n-.c:'< ? 


More and more financial decision- 
makers are insisting on “ Inspection 
by SGS” before they approve any 
major industrial project. The 
reason; SGS inspection engineer- 
ing means lower risks, fewer prob- 
lems, predictable profits. 

Get what yon pay for 
SGS inspection engineers help 
keep projects on schedule and 
avoid costly delays. They see that 
safety standards are met (vitally 
important where hazardous equip- 
ment is involved). And they make 
certain that the product or plant 
is made exactly to contract speci- 
fications- before you pay for it. 

Keep foil control 
SGS safeguards your interests 
every step of the way-from initial 
concept to commissioning stage. 
That includes design review, 
inspection during manufacture, 
site supervision, commissioning, 
expediting-the whole “package" 
You stay in full control through 
one convenient, reliable contact. 

SGS is the biggest organization 
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Industrial Division inspectors are 
qualified engineers and technicians, 
with specialized knowledge of 
diverse industries. That includes 
steel making, power generation, 
petroleum exploration and refin- 
ing, railroads, the chemical and 
petrochemical industry, telecom- 
munications and more. So if you 
are responsible for an industrial 


SOS inspection - at every stage of a project 
reduce' discrepancies. ; 

project- anywhere inthe world— 
be sure the contract caJls/qr. .:. . 
“Inspection by SGS".'-'. •- “ 

■ Tjr’*’— — 7 — rr 

For further information contact 
our headquarters offices : 

Societe Generate de Surveillance 
Industrial Division 
I. Place des A Ipes, CK-1211 Geneva 1 ' 
Switzerland - 

Tel.: 31 2250, Telex :sgs 22 140 

In the UK : \l s 

Societe Generale de SiitveiUemce ■ 

9 Kingsway, London WC2B6RH 
Tel. : 01-4045027, TeleX: sgs35838 . 


— helps reduce risks, , avoid delays ; ’ . 


SGS istheworlcTs iafg&fl 
independent .inspection/; }• ■> 
company with 2?i offices^ 
r 52 testing laboratories and 
a staff of 7008, including . 
1500 qualified engineers - 
and technicians. Founded 
over a century ago, SGS 
has earned the respect and 
'- confidence ofmajor clients, 
'•representing many . • • 
industries, inmorethan v 
150’i countries. 


Societe Generale tie Surveillance S. A 

. industrial Division 











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Fiiiaiidai fharsday December 14 1978 


Mi] 




THE GAS INDUSTRY Y 


Meeting the demand 


THE ^ industry Is confident tie producing ft a’ daily average 
that the offshore natural v gas ol mare than Ifiaom cubic ft a 
reserves ft has already utkenday it wiH be r.acHMnttiHE for 
under contract are sufficient to mare than 30 ‘per cent of the 
meet demand from premium gas corporation's current sup- 
markets at least to the end of plies. British Gas is looking to 
the -century. Beyond that date the northeriy regiOQS of the 
the supply picture is less clear. North Sea for r large new 
but according to Sir Denis supplies of fuel. WiQutta couple 
Rooke, th» chairman of British of* years . gas- should also be 
Gas, it would be. ’^astonishing'* coming ashore •. from Shell/ 
if no moire commercial gas finds Esso’s Brent Field. Brent, the 
were to be made, on the UK: largest. oil .field iii;the UK 
Continental Shelf in. the years; sector, not only contains sub- 
ahrad. stantial quantities of' gas pro- 

Wlth such-a large, ready-made a f sociat !? n 

market’ to offers the UK is also also j . a 1 . tnn 

ideally placed ’ to attract ’ gas essence a gas field sitting on top 
supplies from other sectors of “ e reservoir, 
the North Sea, especially the Shell and Esso are contracted 
Norwegian. Imported gas from to begin supplying British Gas 
the Norwegian portion of' the at the St. . Fergus, terminal in 
Frigg Field accounted for 20 per October I960, but the conslruc- 
cent of the UK’s total supplies tion programme for vital pans 
in September and October. By of..the development onshore is 
tbe end of next year the Frigg slipping far behind schedule. 
Field — 60 per cent of which is The Brent Field contains ahnui 
in the Norwegian sector— should 3,QQ0bo cubic ft of natural gas 
be supplying- an average of along with some- 60dm barrel.-; 
1500m cubic ft a day. In addi- of condensate and- natural gas 
tinn it is possible that the UK liquids. At peak production it 
will also prove to he the most could meet, about 15 per cent 
obvious market for associated °f UK gas consumption, 
gas supplies from some Norwe- The field is large by any 
gian oil fields, such as Statfjord. standards, but the particular 
The ultimate decision will be a combination' of -hydrocarbons 
political one, however, and win discovered in the Brent pro- 
depend on whether enough extra vince. 100 miles to: the north- 
gas is discovered in the Nor- east of the Shetland Islands 
wegiao sector of the North Sea has necessitated a development 
to justify the construction of a programme which in complexity 
trunkline to the Continent, rivals any in the world. But 
where better prices could- be ironically Shell has encountered 
obtained. . its most intractable problems 

with the project onshore in its 
Prfli'PWIfm -- - - proposal to build: a. natural gas 

X. 1 liquids separation plant atMoss- 

For the longer term processes morran, Fife, along with a 
have already been 'developed for marine terminal ;at - nearby 
producing, substitute natural gas Braefoot Bay. 
on a commercial scale from a The project has been fiercely 
variety of hydrocarbon feed- opposed by articulate local pro- 
stocks and in particular from test groups. Although Mr. 
coal. Some time in the ■ next Bruce Millan. the" Scottish 
century these processes will be Secretary, gave the scheme pro- 
needed to augment, dwindling visional* planning approval at 
natural gas supplies. the end of March, he is still 

The first UK 'natural gas delaying the full go-ahead. The 
came ashore from the West Sole public inquiry into the project 
Field, in the southern North Sea was held 17 months ago in July 
in 1967. Supplies have since last year, 
built: up to more, than 4.000m Natural gas from the Brent 
cubit ft a day m\d the reserves Field ^ come . at S t. 

now under contract will support Fergus where : be 

a „ P rodvc V° n -°¥ . ah h ^ 1 separated from flier natural gas 
6,000m cubic ft a day by the hquids 5 ^^. TbeNGLs — 
early 19805. propane* butane and ethane — 

The most 'significant addition would tben.be pipedtoMoss- 
to UK supplies in the last year “morran for further separation 
has come from the Frigg Field, and processing. But full pro- 
By the end of 1979, when it will duction from the Brent Field 


of oLl and pas cannot he 
achieved If there is no proper 
way of disposing of Ihe NGLs. 
Tn a limited extent they can ho 
reinjected into the field for larer 
recovery. There is also an 
emergency plan for burning 
some quantities at Peterhead 
power station, but this would 
be both wasteful and costly in 
lost revenue. 

Shell is contracted to 
begin supplying natural gas 
( methane) to the gas cor- 
poration in October 1980. 
Supplies arc supposed In build 
up quickly to a minimum level 
of 500m cuhic ft a day. rising 
later to perhaps 650m cubic ft a 
day. Shell’s gas terminal at St. 
Fergus is already under con- 
si rviclion at a cost of more than 
fhKim, and building should be 
completed by the middle of 


1030. This will allow limned 
natural gas sales to be made 
under the contract to British 
Has. but it cannot provide a 
long-term answer. Full produc- 
tion will be impossible without 
the building ol a complemen- 
tary plant to separate and 
process the natural gas liquids. 


Brent 


In the medium term the 
Brent gas trunkline will also 
be used to bring ashore further 
associated gas supplies pro- 
duced from other oil fields in 
the E 3 SL Shetland basin. 

The Government, which is 
taking a much tougher stance 
nn the wasteful flaring of such 
gas offshore, is actively promot- 
ing two schemes to add cxien- 
sions 10 the Brent gas line. 


These would take in fields lying 
to the west and to ihe north. 
The western leg extension, 
which is already being built by 
Shell to link gas production 
from the Gormoram and Brent 
Fields will probably be con- 
nected later 10 the Niman. 
Heather and North Cormorant 
Fields and also to the North 
West Hutton Field when the 
Amoco group decides to press 
for commercial development 

The northern leg could en- 
compass the Magnus. Murchison 
and Thistle Fields. Magnus, 
which is to be developed by 
BP at a cost of . more than 
£l.25bn could produce about 
50m cubic ft n[ natural gas in 
the mid-1980s. 

Further south ihe Occidental 


CONTINUED ON NEXT PAGE 


Industrial relations 


CONTINUED FROM PREVIOUS PAGE 


and the terms of reference of 
the joint consultative com- 
mittees were considerably 
widened in January 1977 with 
the introduction of planning 
liaison committees. There arc 
aimed at giving workers more 
contact with the running of the 
indusi/y and more say in affairs 
affecting their conditions. 

Some friction has arisen on 
the industrial democracy issue, 
however, where the corporation 
has so far drawn the line at 
accepting 50 per cent worker 
representation on its Board in 
its recent submission of its 
plans to the Department of 
Energy. 

Bur in the negotiating area, 
the unions and employers are 
still seeing the benefits of 
changes in terms and conditions 
of employment worked out in 
1975 to match Ihe transforma- 
tion of employment in the in- 
dustry. 

Since rales of pay for distri- 
bution workers had fallen 
behind as a result of being for 
so many years only the 
secondary function of the 
corporation. major changes 
were needed. Mr. Edmonds 
says that one of the major 
reasons that trouble has been 
avoided since then is the 


union’s success in negotiating 
at that time wider differentials, 
more flexible hours and higher 
guaranteed bonus pay. 

The increasing prosperity of 
the Corporation since the 
change to natural gas. has also 
undoubtedly helped to promote 
good industrial relations. When 
the industry was released from 
its ties with coal, financial con- 
straints on wages were lessened. 
Average earnings for manual 
workers arc between £32-93 a 
week at present, similar to those 
in electricity supply but well 
ahead of. for instance, the £73- 
£74 in ihe water supply in- 
dustry. 

Expansion 

The changes also took place 
at a time of rapid expansion 
and growth of demand. Gas 
consumption rose some 6 per 
cent last year and the fuel new 
supplies, according to BGC, 
about 25 per cent of industry's 
needs compared with only 4 per 
cent in 1965. 

Luck and favourable financial 
conditions, however, will not 
solve some of the outstanding 
problems affecting labour in the 
industry at present. 


The National and Local Gov- 
ernment Officers Association is 
concerned about radical changes 
in white-collar jobs as a result 
of computerisation. The threat 
10 office worker*.’ jobs is a 
serious one in a labour-intensive 
service industry. 

Among the manual workers, 
militancy has been growing 
over the pa<t year nr so 
because of the use of contrac- 
tual labour on ihe pipeline and 
distribution side. A form of 
industrial action is already 
threatened from next January 
because of gas workers’ frustra- 
tion at what they claim is lack 
of expertise and shoddy work 
on the part of some contractors. 

The GMWU says that loo 
often the corporation's own 
skilled workers are having to 
repair sub-siandard pipeline 
installations carried out by con- 
tractors and the workers feel 
that the bad workmanship 
reflects on themselves. 

In particular it is critical of 
the corporation for not having 
worked with enough speed to 
expand its direct labour force 
throngh training schemes. The 
problem has been underlined by 
the extra workload imposed by 
the King recommendations on 
small pipeline installations 


following a series of gas explo- 
sions a couple of years ago. 

The union is further anxious 
tu see changes in the present 
work measurement bonus 
scheme which lays down 
standard times for carrying out 
particular service jobs. 

The incentive scheme is suc- 
cessful to the extent that it gives 
bonus guarantees and also pro- 
vides an effective spur for 
service workers to carry out 
their jobs quickly and effici- 
ently. It also gives the service 
worker considerable control 
over his personal level of earn- 
ings and gets rid of the neces- 
sity to have supervisors over- 
seeing lheir work. 

But according to the union toe 
scheme as it is constructed at 
present can directly discourage 
gas service workers from em- 
barking on more difficult and 
lime-consuming jobs — a view 
with which the National Gas 
Consumer Council would prob- 
ably agree. The council says 
that the level of user complaints 
— a total 48.690 last year, of 
which 14.600 were service com- 
plaints— are still too high, 
although they have to be seen 
against a background of 14m 
service jobs last year. 



group has almost completed a 
S15Gm ga- conservation pro- 
gramme fnr the Piper Field. A 
spur line has been built to the 
Frigg gas trunkline, which 
could take up in 90m cubic fi 
a day of gas by 1979-80. Asso- 
ciated gas froui the Tartan 
Field will be produced into the 
same system, and it is likely that 
Mobil's Beryl Field will also 
be connected to the Frigg line 
at a later date. 

The build-up of all these sup- 
plies from the northerly fields 
could have provided British 
Gas with an embarrassment of 
riches. Production from some of 
the major southern fields has 
declined a lillle. but they are 
still capable of meeting the bulk 
of UK demand. 


Ip Hi 

Si 

MS 

mm 

m 

£ 

■ 


MAili 

iiii! 

1VR 





Pauline Clark 


The Ford 2270E range offers you 
the industrial engines of the future. 

Engines which run on LPG, Natural 
Gas or Gasoline and in power outputs 
from 8,5kWto 40,0kW (11,3 HP to 56,1 HP 
to BS 765.) 

Engi nes which are cheaper to buy, 
cheaper to run, cheaper to maintain. 

For further details please contact: 
Ford Motor Company, 

Industrial Sales Dept, 

18/446 Royal Oak Way, 

South Daventry, 1 

Northants NN11 5NT. I 

Products I 


AHthese bonds hating been sold, this announcement appears as a matter of record only. 


iSljdoligmj 



sonotrach 

JA SONATRACH 

U.S. $140,000,000 

. Guaranteed Bands due 1992 

to finance partially 

THE ALGERIA/ITALY TRANSMEDITERRANEAN 
. GAS PIPELINE PROJECT 

(GAS SUPPLY CONTRACT WITH EN1 GROUP) 


Guaranteed as principal, premium (if any) and interest by 

BANQUE ALGERIENNE DE DEVELOPPEMENT 

for and on behalf of 

The Democratic and Popular Republic of Algeria 

CREDITLYONNAIS 

:: AMSTERDAM-ROTTERDAM BANK N.V. 

BANCA COMMERCIALE ITALIANA OVERSEAS LIMITED 
bank of America international limited 
BANKERS TRUST INTERNATIONAL LIMITED 
BANQUE EUROPEENNE DE CREDIT (BEC) 
IST1TUTO BANCARIO SAN PAOLO DI TORINO 
NIPPON EUROPEAN BANK SA 

Principal Paying Agent 

' BANK OF AMERICA INTERNATIONAL, SA 





sonatrach 

SONATRACH 

U.S. $210,000,000 

Medium Term Loan to finance partially 

THE ALGERIA/ITALY TRANSMEDITERRANEAN 
GAS PIPELINE PROJECT 

(GAS SUPPLY CONTRACT WITH EMI GROUP) 

0 ntred I v 

BANQUE ALGERIENNE DE DEVELOPPEMENT 

for and on behalf of 

The Democratic and Popular Republic of Algeria 

• A l.iugcJ b / 

AMSTERDAM-ROTTERDAM BANK N.V. 

BANCA COMMERCIALE ITALIANA OVERSEAS LTD., NASSAU 
BANKAMERICA INTERNATIONAL GROUP 
BANKERS TRUST INTERNATIONAL LIMITED 
BANQUE EUROPEENNE DE CREDIT (BEC) 
CREDITLYONNAIS 

ISTITUTO BANCARIO SAN PAOLO DI TORINO 
THE LONG-TERM CREDIT BANK OF JAPAN. LIMITED 

Co-managed by 

BANCA NAZIONALE DELL' AGRiCOLTURA S.P.A. 

BANCO DI SICILIA 
BANQUE NATIONALE DE PARIS 
INTERNATIONAL COMMERCIAL BANK LIMITED 
KUWAIT INTERNATIONAL FINANCE CO. SAK. (KIFCO) 

THE BANK OFTOKYO. LTD. 

UNION MEDITERRANEENNE DE BANQUES 
BANQUE INTERCONTINENTALEARABE/GULF R1YAD BANK EC. 


Provided by 


AMSTERDAM-ROTTERDAM BANK N.V. 

BANK OF AMERICA NT&SA 

BANQUE EUROPEENNE DE CREDIT fBEC) 

ISTITUTO BANCARIO SAN PAOLO DI TORINO 
8ANCANAZI0NALEDELL’ AGRICOLTURA S.PA. 

BANQUE NATIONALE DE PARIS 
KUWAIT INTERNATIONAL FINANCE CO. SAK. (KIFCO) 
UNION MEDITERRANEENNE DE BANQUES 
GULF RiYAD BAN K EC. 

BANCA POPOLARE 01 MILANO, MILANO 
BANCO DIROMA (CHICAGO) 

MIDLAND BANK LIMITED 

THE NIPPON trust and banking CO., LTD. 

CREDITO ITALIAN 0. LONDON 
LAVORO BANK OVERSEAS N.V, 

MONTE DEI PASCHI DI SIENA 
BANCA POPOLARE DI BERGAMO 
CHRISTIANIA BANKOGKREDrrKASSEINTERNATfONALSA 
NORDRNANZ-BANK ZURICH 

Coordinator: 

CREDITLYONNAIS 


BANCA COMMERCIALE 1TAUANA OVERSEAS LTD-, NASSAU 

BANKERS TRUST COMPANY 

CREDITLYONNAIS 

THE LONG-TERM CREDIT BANK OF JAPAN. LIMITED 
BANCO DI SICILIA 

INTERNATIONAL COMMERCIAL BANK LIMITED 
THE BANK OFTOKYO. LTD. 

BANQUE INTERCONTINENTALE ARABS 
CREDITO ROMAGNOLO S.P.A. 

BANCO DI NAPOLI 

BANQUE COMMERCIALE POUR L’EUROPE DU NORD (EUROBANK) 

SAMUEL MONTAGU & CO. LIMITED 

CENTRAL WECHSEL-UNDCREDlTBANKACTlENGESELLSCHAFT 

ISTITUTO BANCARIO ITALIANO 

LIBYAN ARAB FOREIGN BANK TRIPOLI 

Ubafbank limited 

BANK OF BAHRAIN AND KUWAIT 8. S.C. 

CISALPINE OVERSEAS BANK LIMITED 
ZENTRALSPARhASSE DER GEMEINDi WIEN 

Agent: 

BANK OF AMERICA INTERNATIONAL LIMITED 


November 1$78 







20 


The link between Land and-Marine 



' 'Where and -how to bring ashore the gas from tiie Jtocaiabe 
Bay Field? Land & Marine have been given the 
of carrying out a feasibility study of five prospective rout^from . 

the offshore qas field to landfalls ranging : 

Estuary in the South, to Barrow in tne Nandi. Tae distaflces-iange 
between 40 and 70 hJomeires from the field. ' - 

A big iob, certainly and ah important one, to. instate 
recommendations for construction and location. 
engineering, hydrographic survey geophysics and desksfcrvey 

Trjs Morecambe study is the latest of our engineering 
commissions, which have ranged from the Pacuic : felanc^to fee 
Canadian Arctic. Previous engagements have included ova. 80 
studies for long sea outfalls, design of many unportam. Mmod 
e=tuaiv crossings to; the oil. gas and water mouctnea, and stucue*/ 
desigiis lot off snore sonkei terrrunal and sea line* 

-„Ve car put our engineering expertise to work for you 
worldwide. Call T. E Dennis or J.D.' Shepherd, and. tell us about the 
pioject you have m mini 



Land & Marine Engineering Ltd. 

The link between Land and Marine 
p.-s n Causeway. Bromborough. Wirral. Merseyside L62 4TG, 
England. Telephone: 051-645 8000. Telegrams: Lanmarcon, 
Brombor'jugh. Telex: 62944 1 . 

^ A Member of the Royal Bos Kalis Westminster Group. 


financial Times Thursday 

THEDAS INDUSTRY VI 


Deciem^f 14 197? ct’ 







SALES OF GAS 


•i" ' fl f> 





A TOTAL of lo.lbn therms of 
gas was sold by. the British Gas 
Corporation during- . the ■ 12 
months ending in Mareh this 
vear — substantially more than 
the 13.Sbn therms sold in the 
preceding .year. 

The corporation forecasts 
sales of over ISbn therms in 
1982-83 and there seems to.be no 
reason for rejecting its 
optimism: The current success 
of British Gas marketing policies 
it acknowledged even by. those 
energy industries - whose . own 
sales are under pressure as a 
result. 

Earlier tins year. Sir Francis 
Tombs, chairman of the Elec- 
tricity Council, said British Gas 
was to be “ emicratulaled on its 
marketing expertise and enthu- 
siasm.” But lie added that the 
ri-?e of the gas industry in 
recent years has been a model 
of the monopoly exploitation uf 
a cheap and favoured fuel ' — a 
compliment with a decided sting 
in the tail. 

British Gns sells t^ the. com- 
mercial, industrial and domestic 
markets and last year it 
increased its sales to all three. 
Domestic sales went up from 
S.lbn therms in 1976-77 to 8.9bn 
in 1977-78, industrial sales went 


from 6.1 bn to 6.4bn and com- 
mercial sales ruse from l.abn to 
l.7bn. 

The figures represent an 
increase in Industrial sales of 
some 5.$ per cent and this 
against a background of ‘‘con- 
tinuing economic recession and 
efforts by customers to conserve 
energy." Sales in the com- 
mercial sector were up by 13 
per cent and British Gas claims 

this reflected ' “customers' 
awareness of the advantages to 
be gained from the use of yus 
in commercial premises." 

Domestic sales rose by 12 6 
per ceni — at a time when com- 
paratively few new houses were 
being built and when modernisa- 
tion programmes were opera- 
ting at a depressed level. The 
corporation says these con- 
straints were offset by “highly 
satisfactory achievements in 
appliance marketing and by 
gaining new customers wrtlun 
the established supply area who 
had not previously used gas'' 
At. the same lime gas did main- 
tain and indeed increase its 
share of the difficult new hous- 
ing market. 

Much of the extra gas sold io 
domestic users during 1977-7R 
was for central heating — more 


than half a million new gas-fired 
installations were completed 
during the year. 

Direct sales of gas central 
heating systems were 26 per 
cent up daring 1977-78 on the 
year before and the total gas 
share of new central heating 
systems has been improving 
steadily since 1973. In 1973-74 
gas. accounted for roughly halE 
of all acquisitibns'in the central 
heating marker but by 1977-78 
the figure was in the region 
ut 80 per cent. • 


Industry 


On the industrial -front, sales 
i»r gas. have increased in nearly 
ail individual sectors as well as 
uveratl. British Gas’s biggest 
industrial customer is . the 
c he mice I industry 'which bn right 
■i.libn therms during 1977-7S as 
i- impart'd with 2.U9bn therms 
me year before. Engineering 
and metal goods, which cavers 
the shipbuilding and vehicle 
industries took l.lSbn therms, 
which was. up on the 1.02bn 
therms bought in 1976-77. 

The metal industry bought 
757m therms in 1977-78 — 18m 
more than in the previous year. 
The food, drink and tobacco 


Industry, which accounted for 
452m therms, and the china 
and earthenware industry which 
bought 305m therms, were also 
major industrial customers, in 
the year. ending March 1978. 

Commercial concerns, ■ as a 
group, "provide" the smallest of 
the corporation’s three main 
markets but here, too, gas sales 
have been steadily increasing In 
almost all sectors over the past 
two or three years. The educa- 
tional and medical services 
accounted for 556m therms of 
gas in 1977-78 and national ajnd ■ 
local government bought 22 lm" 
therms during the same period. 

These British Gas statistics 
reflect the corporation's policy 
of directing its sales towards the 
premium markets... the aim 
being to." ensure the most effec- 
tive rise of the nation s 
indigenous fuel resources." One 
obvious premium application for 
gas is heating and over the next 
few years. the biggest expansion 
of .sales is expected to take place 
in the domestic market 

The corporation estimates 
that gas should be supplying 
about half of all the energy used 
in domestic households by 1982- 
83. Some further expansion can 
also be expected in the 





:•.$ * ■■■■*• • • • \ 

ftssr&s M m ' 



• j .*:*'« 1 rnmmercial formation" and Keiearch .Se^--.- 

mdusrt.al and comnmm HuUetin , ioaai that’;.. 

: " Sir Tancis is not alone w : -/ 

rrilirism ■ criticising British Gek -for its 

Vyllllvlolll . pricing ..policies. National 

But forecasts of - slower utility Service, a U.S. based 
growth rates-. in the. 1980s do- energy cost consultancy.- 
nothing to stem the criticism has adverse comments to make-." 
of British Gas pricing policies It claims' .there .. are. 
being made by the other energy *■ numerous - anomalies " in' tire.::, 
industries. The coloration s _ rices British Gas charges | ihr>. . 
fiercest critic in -this area 18 dividual. customers and; it .says : ; - ' 
probably Sir Francis Tombs*. ^ at ^ ^ corporation “really. •> 

Last - month . Sir-" Francis intends to become jjbarfcet re* 
pointed out that British Gas jated _it should make sore it® , 
currently pays a landed price policy is cons^rtent.!’. . The . ' 
of about 2p a therm for natural service, adds that many: of. 'its . - 
gas from the Southern Field 3,000 UK ‘ clients have beea .7 
basin of the North Sea. He f 0U nd to be paying more for:" 
added that this gas provides their gas than was necessary, 
a high proportion of total sup* , dso says that, the - present - , 
plies. He claimed that without price system discriminates ua- . - 
taking into account the "sd- fairly against small industrial 
called premium value of natural and commercial consumers who . 
gas,” this Southern Basin price 0 ff er good Joadings. 
was "ridiculously cheap." The : > • 

electricity generating boards - . .." *, 

were paying a delivered price KjflCCS 
of around 9p a therm for coal i". ” 

and residua! fuel oil. The. averages price of gas _ifi. 

** The problem is that the 1977-78 was 18.5p a therm for .. 
cheap average price of all gas domestic .. customers. - 9.7p * 

at present is stimulating gas them for industrial users and 
demand and hence the rate of _16.4p a therm, for commensal, 
depletion of natural gas.” Sir users. . TariflE prices . have re- 
Francis said. “This does two mained unchanged since Apni 
things: it brings nearer the day last year "but the figures show 
[“when natural gas will be in that contract prices have risen 
short supply and it makes -more ' steeply as . contracts have come 
difficult the task of other energy up for renewal^-the aim being . 
industries, such as electricity, to bring gas prices into line 
in providing alternative sources, with related oil prices. : 
of. energy when the gas runs British Gas its#* difes not 
out. ' accept iriany of the criticisms - 

•‘Whenever we raise this against it by Sjr. Fredda 

problem we are accused of ^ Others. : It!:. no^s, for 
trying to fix the competition, that the cost of the , 

Of course there would be it buys is going to increase . 
benefits td-.eiectrlcity if the gas S ig n {fi Can tiy'j. as the. proportion, 
pricing position were made ^ tota j supplies coming from 
fairer, but our main concern is the Northern part of the North - . 
that everyone-, should be fully gea rises. - ' * ' 

SS “irS" whicS""" ■■ ft also str^es th.t.tf policy . 
SSf crSly the pro*rtt on *T«UU is ok of -ejj. 

nnii-Tpo V servatum and of giving pmnty 

policies. ’to supplies -to' the tariff and- 








I p 


features of gas prices im wur« - -• j 

title public attention" seems to The corporations 

have been, given is what has Pdmy J or '* e -JJ e ?,2iinB^Sii 
recently been happening to be on ® rife 

industrial gas prices. This is an . supplies : year_ by Tearjto the 

area where the British’, Gas level - • 

Corporation states that it prices " l “ t . e ™ pti ^ 1 ' 
on the basis of market eon- adjusting sales to the quantities 
ditions. The average price of °* ^as coming forward. 
industrial gas has increased by In its last annual report, the. 
well over 30 per cent in each of corporation. 1 also. 1 said: “Major '. 
the past Three financial years .research and development work, 
and the position has now been on the production of substitute 
reached - in' which some natural gas from various feed- - 
industrial consumers pay more stocks, including coal* will can-, 
for gas than do domestic tinuc - so as to ensure -thiri/ 
consumers." natural gas can bfc supplemen-: ■ 

Sir Francis’ figures are borne ted and then replaced when the -- 
out by the. Energy for Industry supply eventually declines." 
and Commerce Bulletin which . e 

is published by Cambridge In- OUe l^aHlQ'OII 


SN*AJVI is about to build a 2*500 
kilometres intercontinental gasline, from 
Africa to Europe through the Mediterranean Sea. 

This highly technological work 
represents an important step in the energy 
transportation field ana a new main-line in. 
the European gasline network. 

The SNAM contract with Sonatrach 
( Algeria) will ensure an annual importation 
to Italy of 12 billion cubic metres of natural 
gas from Algeria, for a period of 25 years. 

The gasline will cross Algeria, Tunisia., 
the Sicily Channel, Sicily, the Straits of 
Messina and continental Italy up to Minerbio 
(Bologna). 


A first gasline has been laid down 
through the Straits of Messina while deep 
wate Haying trials in the Sicily Channel have 
alreudv been successfully concluded. 

this project implies a large financial ■ 
and technical effort and requires more laying, 
of Ions underwater stretches. 

the achievement of this project will 
actuate a strong economical exchange wit & 
Algeria, with consequent aavaniages for 

both Countries. . 

SNAM has already linked Italy to Holland 
and the USSR with two gaslines, and imports 

LNG from Libya. . 

SNAM is one of the companies ot the 


EN1 Group, the Italian public holding 
operating in the following fields: hydrocarbons, 
chemicals, nuclear energy, engineering, 
services and manufacturing. 

SNAM is presently working with other 
European natural gas companies to ensure 
new precious and clean energy to towns 
and industries. 





^nam 


An ENI Group Company 


„ . \ . . „ M „ xo supplies -iu lu 

One of the interesting ptemiura markets. 

5 prices to which r 



CONTINUED FROM PREVIOUS PAGE 


The new supplies have led the British Gas’s supply pattern" 
gas corporation to renegotiate will gain - further flexibility ift. 
many of .its southern field con- the mid-1980s. when. the. Ujore-'; 
tracts in order to gain greater cambe^ Field in the Irish - Sea ; 
flexibility of operation. In is developed. • This field , has ■ 
essence it /has traded an agree- reserves of -at least.; 2-3,090bii 
ment to pay slightly higher cubic ft, and most importantly 
prices for its gas in return for it is held under, a 100 per cent : 
producers’ willingness to r delay British Gas production licence, 
deliveries substantially or even ’ Tbe corporation is .’ planning 
on occasion to shut down pro- to produce the Morecambe Field 
ducuon co^Pl^ely. Tlus pro- SQ ttat it wlH have thfe flexi- 
cess should bring supply «d. ^ meetinrrhif h 

demand back into balance. But demand in ^er a^operat- 




• - 



*kth. 


k 




a fla f 


jusi as: jmpvrtaouy « ouera in « at verv 4ow levels in" the 
British Gss a most s.tisfsctory ^mer. ^e neeTfpr Surt 


- fcWtf.'* dear, v M-gas 


supplies > f to rel! 

^™ P f Peak deniand mth * onlya^OPth cubic feet a xS it* - 


summer. - 


Flexibility 


the summer to a" peak of 7,000m" 
cubic, feet in "the "winter. 7 Y - .. . 





Last year British' Gas puf- 
The extra, flexibility could chased- -a - total o£ r>,pD0ba . .. 
allow the corporation to shut cubic feet of gas -from the UK • 
down a -field altogether for all Continental" "• Shelf-. , "By .- the ; 
or part: of a summer season, beginning. of = .tJie- ywr 
Equally^ : because the price of regaining proven .UK resen^s - 
gas from. the. sou them fields is were estimated by. the Pepirt-;'- 
so much lower than the pri cement of Energy at . 2B.40p(»}h 
of northern gas. It might take cubic feet. . . This figure ^ . 

less than, the minimum supply trasts vrith total known reserves . 
quantity stipulated by the con- in wall discoveries - -^tecludBigA . 
tract, leaving the gas in the some that could prove uhcom- 
ground for extraction later. It mereial — of 54.7000bn. cubic 
is possible that eventually some f^et. Whether aii. these reserves ' * 
southern. : • fieldSi especially .will everbe develbpod is .cle&i'ly'i: !' 
Hewett," irilght even be used, as open, to question, iy*t 
storage reservoirs to hold *xpeu.- amply sustain British- Gas’s coo- 
s»ve gas from northerly fields, gdence . of meeting' dbfniiid lii/ 
wliich must -be produced accord- premium markets well beyqod ■ % 
ing to strict contract conditions, the year 2000. . . ; " 

until - it is needed to meet . - ;./: ^-V. - y:tv. -' : ^ 

market demand in later years. . * • '• ' T 

. ' •• K V - " ^'Xv;V 

/ \. ' -V n -I V?.-;- ' 


‘"‘-r;" -- - . ■ 


.W A ; 


iC 1 ;:--, 


"%V,7 .ir. 

-i 





-X 






I 






\ ti ^ 


> - Financial Times’- Thm*sr!av ; Decein'ber 14 1978 

I-: -? 1 .': 1 '" -• :■ ... r: — — 


THE ARTS 



21 


Record Review 


. U ' 


j 



by ANTONY THORNCROFT 


Record- albums^ rr rather 


. .. „ -• . . /forctt M:. [imif- AMLH 647X2. Sensitive, orchestrated flights or a limited democratic. rough, urban. Not 

record album -tokens. - might have Afwiuic: h jWPS..-'Bone> M h.is intimate, work rmm nrobablj imagine lion and conventional all the songs deserve the sha.ro 

been "mvented specifically as; the r< F pJSced Ahba : as the ait purpose i lie best British dir! songwriter: rock .songs. Oddly enough the musical treatments they receive 

all-purpose. irreproachable an “ . r C ,fl,s is Arnialradin«\ most results sound increasingly satis- — Some are weak parodies of old 

Christmas present • Here are a i l n - ore -.^ huff t .k"* 1 ^ nl, isljea!Cfl album m date and /ariMty— the in ».eJ loot ua/ input is Stewart work— bJt if few will 

dnzen wa> R r «f i.«nvortIhs Sera her strength as a pc«ep- deftly pho-rd svcnmh.ry io «he rave even fewer will be di* 

Into WUL- culled from recent »'> : Christmas.; ; Q«)ie why the live ljricisi. plus more subtle p..p rhythms, anti Jeff 


7> . ^ 


releases.' • / 

On -flie:. b’eniimeTnof : Sidcr i AI 
Bbwleir: rpeeca DD.V 5009/ mi At : 
has taken the critical success af - 
Den-is Patter’s ielevisjim drama 
series "Penniesfrorb Heaven ' to 
rescue the-British swing bands ^of V- 
the 1930s, from. oblivion.- Or. has 
it? ‘I suspect 1he.ee was already, • 
a groiindsweirjfTjnlerestin these 
hpaiitifully ‘ preclsiK orchestra- J 
tiobs. .spoony . lyrics and Uish 
meMfes. Nbw'AJ Bowly andUcw 
Stone are- respectably dropped 
names and this double album 
provides as many of the prolific 
recordings of ' Bevly that you 
coiild ever cripe-wlth. From: Lore 
is the tucectesi Ahing to Let's 1 all . 
sing like the birdies sing, from 
very early 1931 releases. Tvhen 
Bowly was just a “vocal" refrain" 
tn his ppst .throat operation I9SB 
work with the excellent Lew - 
Slnne Band, 'this IS ,a nostalgic . 
nrpyriif 32’ swigs- from 'the age'of 
iDrtoceqep." - 

Photogenic/ fritf. just another 
pretty. /ace: Mclnnig: BC A l-lfl-ifi. 

This . is the first album from. 

Melanie ..for some time and finds 
her less contrived^ loss emotional, 
less interesting. ' She is now just 
one of Thai- enormous pack . nf 
American . girl, singers — Linda 
RonsIadf.Bpnnie Bait; Eminyjou 
Harris, etc. — who produce con- -m* .*»’/*• 
sistentiy reliable.; but bloodless, 
alhumy full, of second-hand inve-.- 
sopgs and restrained rack num- 
bers. The " first . side . has all . the ■ 
tedium of this safe approach" and * ier mnn 

Melanie's- own compositions lack especially - ^ - 

the- . persona? poignancy. of . her should have 1 cornered the market snnaf songs, allhough Joan Aima- a - breed apart 
under-rated early, work, but the For’ the •international disco sound trading maintains that they are hours' deep im 



recording' 
those in 


Lvnne appointed in this safe selection, 
designed to reinforce Stewart's 
reputation as an international 
playboy. 

A single man: Elton John; 
Rocket Train l a welcome 
return to form for one of the 
more attractive of popular 
a rtf s ts. Not much anguish here, 
or the deep lyrics of the Bernie 
Tatipin days, but light, accessible 
songs fmm writer Gary Osborne 
and Elton John's melodies and 
voice sound nicely refreshed 
after a two-year break. Even 
better things could be rebuilt on 
these solid foundations. 

The Cars: Elektra . K520S8. The 
spirit of rock music captured by 
this Boston-based band. An 
album which fuses the 20 years 
of the tradition with a touch of 
197S anarchy. The Cars would 
probably be better if they had 
a little more ambition, but there 
were not many better pop songs 
this year lhaq My biwt friend's 
girl, included here with many 
immediately likeable numbers. 

Welf, uvJI said the rocking 
chair: Dean Friedman: LSLP 
6019. The latest American singer 
song writer, with one eye on the 
portentous. But the heaviiy 
lyrtcal ballads like Lydia are well 
balanced by the humour in songs 
like S. 5: fll. Friedman also has a 
good dean cut voice and as long 
as the cultists do not claim him 
he could make the popular break-' 
through which missed the com- 
parable chronicler of the 
studios, melodies. You feel like an eaves- writes pretty melodies. 1 always American si-ene. Harry Chapin. 
Mumcb. dropper on some of the most per- thought that ELO addicts were Jethro Tull: Lice Bursting Out: 

but after two Chrysalis. CUT*. All the usual 

immersion in this complaints about a live album — 




Joan Armatrading, Melanie and Rod Stewart 


second side saves the ship. A is a nice question but Boney M. art. not reality. Not an album to riot nf sound you hegin to see indifferent sound quality, the 

classic version 'of Pd mther feare 3 spectacular quartet of black cct a party going but ideal for the appeal irritation nf the audience — haunt 

'tchile Ptn ih love., a lip trembler Americans, is the pealc-uf their munney melancholics Blond ex hnce more fun: Rod this memory of Jethro Tull’s 

from another pf the pack Carole achievement a n’d with the sturdy Three light pears: ELO: Jet Steimrt: Rita A fine si raighl- recent European tour. But the 

Bayer Sager;" followed- by an.' bass, line, the .dazzling strings, p r j ^ clever piece of Christ- forward alhum from one of the relish with which Ian Anderson 
interesting Lcf if be me; a plain- and bright guitar, work this is mas marketing — three early masters of the art, with its own works at his performance makes 

tive Yonhee' .Hah; arid The- now the" PerfciH escapist - entntnerci.il albums from this increasingly touch of the Munich sound. The this a valuable record nf one of 

standard. Cult /ornin'Cirenmfn — as sound of the year and because popular hand which has whole enterprise is a vehicle for the most consistently interesting, 
pond a biiilclr ^.contemporary *1 Ms no pretensions is beyond pioneered the cello t(s an instru- Bod Stewart who has the kind if outrageously fey. British bands 

American song-wrifing as yuu are crtfcism. meni of money-making. ELO of charismatic voice that only of the past decade. For addict* 

likely' to find. • Joan Arrnalrvd&ng:. To fhe swing between pretentious, over- rock could have romanticised— rather than novices. 



Britt Ekland and Julian Holloway 


L-yjimril Bint 


Comedy 


Mate! 


by B. A. YOUNG 


Olivia, played wtih an almost 
total lack of life by Britt Ekland. 
believes that if men should have 
several girls, girls should havo 
several men. Five years after 
separating from her barrister 
husband Henry, she simultane- 
ously accepts Mark, a Cockney 
mght-cluh tycoon, and Colin, a 
refined publisher; and then she 
seeks out Henry to find out how 
to cope. 

In successive scenes, Henry 
attends, disguised as Olivia's 
uncle, wbile she entertains them 
one by one. Announced as an 
Australian, he play* a parody of 
a New Yorker for Mark, and ends 
up challenging him to 3 fight 
Announced as a New Yorker, be 
does *m Australian act tvery 
much better) for Colin, and gets 
them both drunk almost at once 


Next day it seems that polyandry 
is to set in seriously, and the 
three men hegin to map out their 
timetables. But in comes Jeremy 
to look over the flat. . . . 

Such a thin plot clearly needs 
a lot of padding, and the author, 
C. Scott Forbes, provides it so 
generously that there seems tu 
be nothing in the play hut pad- 
ding. 'Why else, for example. 

the' pointless swapping of 
"Uncfe" Henry's nationalities? 
Why those jokes about Olivia s 


grasp of English idiom?— Olivia 
bring apparently as Swedish as 
Miss Ekland. How otherwise 
could a director as experienced 
as Janies Roose-Evans forbear in 
cut such, lines as “ l breed small 
Danes." “Small Danes? What 
kind of dog is Ihat"’* “That's a 
miniature Great Dane." 

Julian Holloway's determined 
assault on the. opportunities pro- 
vided in Henry's part save the. 
evening from being an absolute 
zero. 


I nstitut Francais 

• . > . \ • . . • . •.£.■*• *i 

Le Marechal Ferrant * 


'%,-c 


ain the educational institutions backed 
feroriica by Ministries ought to be well 
the documented. Some of our 


■ • ■ : by RONALD CRICHTON 

The thlird-ior. h ft founthT— •; A. pleasure to hear again 1 
comic opera by .philidof to |*-:-£aV<Hohe£ mezzo \ Veron; 

very* "He"* are just «, bad. . , 

^ .young-looking; aunt Claudtne). phiUdor, chess champion as 
nr? J T*?* *»V V whose style and' diction do credit we ii as mustcia^. who died' in j 

Office of the French Embass>; of to ‘her.- teacher Regmc Crespio, L,o n( j on . j s . a taking composer. He I 
a new enterprise. Op^raGoraique Tite ten,or-Christian Jean (Colin) knew whar he could do. (which 
is a ^ suitable name for a company ebnfi rated-- - tfm ge included’ wTiting a good. Cull- 
tW«f ..hi niui iimhb in tf>res.'non he. mane the other sca ie overture) and usuaflv man- < 


that will, one hopes, specialise • ' tB' P.ri«; M.siirin sca, I ? ve r lu r e) . and u » u * n >'< ® an - ! 
in .ho Wrtii ' win» enni-an aged to do it just a lmle better! 


, 16 e; M: Aldin Slimier (Mar- than one ejrpecw" HI, enrambles ] 

dialogue that, art? jn important ..cel, the Smith) a young bsn- are neat and nimble, there are! 
part. of, the .... French *' musical .lon» w&. shall hear again. Emile, touches nf humour like the hec-j 
repertnry but don't-iLt easily into .Bclcourt- made jnuch of -the haws in the donkey duet and 
modem, operatic life. They' n'de'd' ^.P n jtcbnia n La Bride (not so grate- the cracking whip in La Bride's; 

and aCt * C*> 3 ' Charle^ MeSlS COa ^ lnK SOnR 
Le MarccJigl FermnLVhe title and. Ci z ciarke filled in corners • 

means, a- shoesmilh -who. shoes; as. .two bumpkins. Eustache and I 

horses and alsp /acts as a ! vetl Is • as "f D: 

a -nice, gentle Ifttfe country piece . Nicholas HTcGeaan. who must 
that inevitably suffers f ri ^ have., conducted more operas by 
being seep, after the more robust Fhilidar than anyone else alive, 
and musically richer Tom Janes was not last night securing a sur ? 
by the same composer, so touch enough -ensemble between singers 

fivvi.u..! lint" tf iV* tMfl /IIV*KaCf 1*0 folt cl&ft 


enjoyed , last- year. Marcel* .the amk. orchestra. Speeds felt slack 


smith.' in quekUon. wants to even when. they. were in Tact quite 
marry’-hjirdairjJhter Jeanzrelte to fastis' the -authentic instruments 
La Briift. coach man' at the t*h, y.esl "will no doubt be more 
nekrhy' chateku. Jean dette/. has .confident- and better tuned at the 
set her heart oh a young farmer, -remaining performances, tonight 
Colin:.. Hd -is' being pursued by and tomorrow. The production 
Jeannettes aunt'- Cl audio c, a by Bierre Romans is mild, like 
former^ flame of. La Britle: almost everything else. "When 
Finally, byt not -before Colin-has opera .productiim* arc convcn- 
dntnk some horse-pbt ion by nus- : tional arid mild they give hos- 
take, been ajssnnied to be" dead thgCs' tn -the madder excesses of 
and" then tuiitakeh for- a ghost, the 'other extreme, 
the young ctiuplo and Claudine The prograoime ua* short on 
and La ‘Bride - T sort themselves informatfon. Who wruie the 
out. : - 5 -7- • libretto? - .Where docs ' Le 

These ; rustic " humours would IWori'clwii -Ferrant count in Phili- 
have seemed less tnlld jf ihe per- dor's 'output? Did he in any other 
forma oce had been stronger. The operas .tise those unaccompanied, 
elements, arc there but by last chahspncttes which were et 
night they had- not coin e together, pleasant - feature of the score 'as 
Tlie singers were well prepared, given here?. Performances at' 


St. George's 
Appeal 


St. George's Theatre, which was 
formed to present Shakespeare, 
as close as possible to the original 
productions, is the latest artistic 
organisation looking /or in- 
dustrial, sponsors. The St 
George's Theatre, a converted 
church in north London, receives 
no grants or subsidies but 
believes it can run commercially 



Daniel Gerroll dancing- with Polly Hemingway 


Open Space 


A Respectable Wedding 


When did you last howl' with groom (Peter Woodward) has beautiful, giving us a rambling 

laughter at a Brecht play? The literally constructed his own old Bride's Father (Richard 

silence is deafening. Well, it is home, and the action progresses Simpson) who disrupts the feast 

my pleasurable duty to report through a series of hilarious with tales of dropsy, vomitfng 

that this' stunning revival by Mike domestic faux pas and recrimina- lavatories and physical disinte- 

Ockrent iwho directed Stern- tory accusations to the acconi- gration, and guitar-toting out- 

if. it has the funds to instal a! beim's Scliippel and Mary paniment of the sound and sight sider (Daniel Gerroll) who sidles 

b3lcony. adding an extra 3M j O'Malley's Once a-Cntholic) estab- of collapsing furniture. If any- lewdly up to the Bride (Polly 

seats. Without the additional ; iisti.es Bert's. 1919 one-act piece — one had ever wanted to ni3ke a Hemingway) with a filthy song 

Stfint T a 'r e S easr.n of' P aJnLd I n be tro.^blsr have been work- rare far Brecht being the lost to paralyse the company. 

£50,000. 

. -A reception at the . Mansion 


House on Tuesday launched the 
appeal. One idea is that the j Chekov's one-aclers. 


in? on Ban l and Drums in the Alan Ayckbourn of the Weimar Aided by e.vrelJen( support 
fright '.' — as a farce classic, fit to Republic, this is the play on from Roger Kemp. Alison Key 
be set alongside the best of which it could have been built, and Mary Henry, Mr. Ockrenl has 

is the sian- given a fascinating and 


-Callow juvenilia 


The scene is a wedding party, dard critical response to the play. ^ Brerhi'./ "■ ! e w ^ f *m am as 


balcony, which divides into fivei 

dfff eren t° ^co mpa n i es who could] The theatre stinks of slue, nr civ-'n its British premiere here a n institution, 
display their name and insignia fish, nr somebody's feel. The in a translation by Jean Bene-, 
in perpeuuiy. ' ! culprit is glue, for the Bride- deni. 


The characterisation is 


MICHAEL COYENEY 



• 'Professor jame$ Meade, in his 1978 : 
Snow Leeturo,?explores the causes 
of ‘Stagflation’ - that unpleasant state of 
affairs in which the ecdnojfiy is simul- 
taneously stagnant ari<£ inflationary, with 
heavy unemployment as well as rapidly 
rising. pnC'es. 

Heart of the Matter V; 

- - hx this week’s episode of ‘The Body ; 
in Questibn 5 Jonathan Miller shows 
how WHiam Harvey-s discoveiy of the 
circulation of the blood" helps us 
Understand most modermheart surgery. 

.Alsointliisissue:more Christmas 
Books, with re views by Ronald' Blythe, 
Naoriii Lewis, John . Grigg and Alan Ryan. 





Out today. 25p. 


Elizabeth Hall 


Juilliard Quartet 

by DOMINIC GILL 


For the lari of their three 
recitals this month of Haydn. 
RairUik and Schubert, the 
Juil Liard Quartet last night gave 
Haydn's op. 71 no. 1 in B fiat. 
The second Banok. and the Trout 
Qtontef. It might have been a 
qdeodid finale: but as Che riars 
would have it. the occasion did 
not find the Juilliard on their 
most exciting or rewarding form. 
The everting" passed by agreeably 
enough, without leaving any 
very memorable mark: a solid, 
workmanly recital, decently 
givpn. bu-r vcKhout magic or 

inystery- 

The Erst I thought best: a 
lively, fine-grained account of 
Haydn's B flat quartet op. 71. 
sweetly voiced in its adagio, 
quick and -virile in its cornu- 
copian . finale. The Juilliard's 
Bartok seemed prosaic by con- 
trast! for ail the fine things in 
the ronclod-ing Lento, spare and 
sonorous, its muted piwassimi 
■ghostly .pale, the first movement 
railed- for grander presence, 

grander angst (Kodaly, not given 
to irony, surely missed the point 
entirely when he subtitled the 
movement “Quiet Life"). And 
even in the caprice to so. on the 
surface -of ihe notes impeccably 
delivered, there is a snarl and 
thrust to ihe music which, 
the cello here alone caught 
precisely. 

-For.-Schubert's Trout quintet. 
« Juilliard Trio was joined hy 
the double-bass of Donald Palma 


and the piano of Jorge Bolet. It 
was not a satisfying perform- 
ance. 1 have a boundless admir- 
ation for Mr. Bolet as a solo 
pianist: perhaps it was his very 
understandable soloist’s fear of 
oyer-weighting the chamber 
texture that restrained him to 
such a point of reticence? The 
ensemble, and the balance gener- 
ally, was uneasy. Roles were not 


King’s College, Strand, WC2 


Invitation concert 


by MAX LOPPERT 


For its current series of Radio 
3 invitation Concerts, the BBC 
has devised the excellent plan of 
giving them at the various 
London schools of music. The 
third >n the series, on Tuesday 
evening, took the London Sin- 
fonietta t conductor Peter Efitvds, 
soloist Dorothy Dorow. a vir- 
tuoso soprano who visits London 


else a relaxation — even, perhaps, 
a seduction — of the senses. 


«k. . ) too seldom these days) and the 

tha had its j J ? s f{ng ! BB f t singers tconductor John 


read in 

plraMires and ■ graces and that • p^ le iniTmate.^friendiy 

r e 5*V l Great Hall of King's College. In 

J- ar „ r ni ’ d P J0 * v ian unusually well-balanced and 

.r soq„. attractive programme. two 

_ , modern "classics." Boulez's 

Randy Weston concert /mpioiwaiion n sur .Matlarmi 

Of SOlO piano ! Messiaen'S Cinq_/?ediatita for 


The American jazz . pianist 
Randy Weston is to give a 
concert of solo piano music on 
Friday, December 25, at the 
Logan Hall of London University, 
Bedford Way, WC1, starting at 
8.30 p.m. 

Weston has recently presented 
similar concerts in Tokyo and 
Tahiti and refers to his playing 
as “ African rhythms " rather 
than jaiz. He will show the 
African roots of. many different 
musical trends including jazz, 
calypso, bossa nova, and the. 
blues. 

On the following evening 


1 12 singers (in the BBC Singers’ 


now celebrated reading) acted as 
ballast to an introduction to 
some recent music by two young 
English composers, Vic Hoyland 
and John Cask err. 

As connecting thread, the pre- 
senter. Arnold Whittall, 
discerned in the programme a 
literary basis or influence 
apparent In the substance of all 
four pieces. There was perhaps a 
second thread running in 
parallel — more tenuous than the 
first, less amenable to tidy 
formulation. but clearly 
recognisable. In their very 
different ways, and in different 


Weston vriJI play in the more I degrees, all four are "magic" 
intimate atmosphere of the Pizza! pieces — during their course limp 
Express in Dean Street. ; is distended or held al bay. and 

Tickets for . the Logan Hah ‘the sonorities, instrumental or 
cunuerl coaI £2 or £3. ; choral, practise a heightening or 


Vic Hoyland's Ariel /, for 
soprano used more as tone-colour 
than lyrically, and' an array of 
flutes, harps, organ, celesta, per- 
cussion. and trembling, whisper- 
ing vibraphones and marimbas, 
was certainly an aural seduction 
— a finely woven tissue of sound 
arabesques, rills, and embellish- 
ments calculated with -an ear of 
uncommon sensitivity'. Ariel is 
Shakespeare's, and also Sylvia 
Plath's, a rather Dionysian com- 
bination: in addition to the 
magic elements in the music 
(during which the solo flute, 
sings snatches of Debussy's 
Syrinx), there is a suggestion of 
disturbance. Mr. Hnyiand's voice, 
as here revealed, is wholly in- 
dividual: we should hear more 
of his music. 

The first performance of John 
Casken's ATnaratitos. a BBC com- 
mission for a more pastoral- 
sounding small ensemble of 
winds, strings, and percussion, 
revealed a carefully organised 
discourse in which freely lyrical 
elements are pitted against, and 
finally come to dominate, a 
strain of choppily rhythmic 
forcefulness. While the concep- 
tion boasts no startling 
originality, it is cogently 
achieved, m sounds that balance 
pleasing euphony and disrapuve 
harshness with impressive 
economy. The concert was 
recorded for future iransraisricm. 


THE MINING ASSOCIATION 
OF THE UNITED KINGDOM 


A YEAR OF ENDEAVOUR WITHOUT 
. ENCOURAGING RESULTS 


Statement by Mr. A. M. Madeod -Smith 


The thirty-third annual general meeting of The Minina 
Association of the Vntted Kingdom was held m London mi 
JUth December. I97S. In his speech to the members, the retiring 
President. Mr. .-1. M. Macleod-Smith . C'ftJG', said: 


As an association charged with responsibility for the pro- 
motion of the interests of our industry we are inevitably 
primarily concerned in making representations to various 
Departments or the United Kingdom Government or to foreign 
Governments. In the circumstances it is impossible to iudge 
the years progress except in terms of success or otherwise of 
such representations. By this criterion it cannot he pretended 
that 1978 has been an encouraging year. The evidence is as 
follows:— 


The UK Domestic Scene — The much heralded Stevens 
Report, which it was hoped would result in reforms m the 
system of planning control that would remove af least some 
of the worst disincentives to mineral exploration am! develop- 
ment, has turned mit to he very little help. After taking three 
years to make its mind up ahout the Committee’s reenmmenda 
tions. the Government has taken a depressmgly negative lin*». 
For the most pan suggestions that would have been helpful 
have been either lurned down nr indefinitely deferred nn 
grounds of the neod to curb public expense. The decision in 
principle that applications for planning permission fur explora- 
tion should be considered on their merits and not subjected to 
examination of the implications of hypothetical development 
should the exploration he successful, is welcome, although this 
principle will be applied to Scotland only if the Assembly 
approves it. Apart from this and a helpful attitude by the 
Department of Industry on the very small area of the Com mi i- 
lee’s recommendations coming within their pnrview. there is 
no reason to suppose that the whole Stevens exercise will lead 
to any immediate significant increase in exploration activity. 
We have already submitted- our detailed comments on the 
situation to the appropriate Departments. 


Certain suggestions for fiscal changes, which would have 
equitably benefited the Industry without large cost to the 
Exchequer, but to the net henefit of the Balance of Payments, 
have not so far drawo any response. 


A request for ihe restoration of Regional Development 
Grants, which wore withdrawn from the Industry in 1976 and 
which have hit some of our members very bas'd, has been 
refused. 


A strongly argued case to the Chancellor thai ihe Industry 
should be relieved of ihe necessity io obtain Exchange Control 
authority for direct investment on mining projects overseas 
remains unanswered. However, we have >mne reason tn think 
that the Government are not wholly unsyir.palhelu; to this 
proposal and we hope that, in conjunction with some other 
industries, we shall receive a measure of relief in due course. 
If this should nialerialise it wnuld he most welcome as the 
present situation imposes on us a serious competitive dis- 
advantage vis a vis our foreign rivals. 


In his inaugural address the new President of the Institu- 
tion nf Mining and MetaUurgy. Prnfessnr Robert Pryor, called 
for the evolution of an agreed long term mineral strategy for 
the United Kingdom. There is now an important groundswell 
amongst all interested parlies in favour of this concept and 
practical steps to arrive at this objective arc being planned. 
We are much in favour of this initiative and I am sure our 
members will be very ready to contribute to its achievement 
to the best of their ability. 


The fnieroatirwnif Scene — Talks between the EEC. the 
Nine Member Governments and the European mining industry 
for the evolution of an international European investment 
guarantee system have continued. Statistics produced by the 
Group of European Mining Companies have shown an alarming 
reduction in the level of exploration expenditure in the Less 
Developed Countries. This unnatural concentration nf explora- 
tion effort caused by political rather than scientific considera- 
tions cannot be tn the advantage of Western Europe in general 
or of the UK in particular. It also has very serious economic 
implications for the poorer countries of thr world. The Nine 
Member Governments now acknowledge the seriousnes> of the 
problem, hut they have as yet shown little sign of heme ablp 
to agree what should be dune ahnut it. It would com t? as a relief 
if signs of a real political 'will io dcaU adequately with the 
problem were to become mure manifest. However, talks are 
still going on and we can only hope that in the end hclpM 
measures will emerge. 


Although it has been impossible in this statement io avoid 
expressing disappointment with the Government's attitude to 
the problems of the industry. is a pleasure to record that we 
have throughout the year enjoyed an exceptionally pleasant 
and mutually helpful relationship with officials of the Depart- 
ment of Industry who manage to combine a duty lo guard the 
public interest with an informed and sympathetic understand- 
ing of our problems. 


We greatly regret the death during the year of Mr. Basil 
Heron who became a Member of Council in 1976. It is also with 
great regret that we have received the resignation of Mr. G. J 
Mortimer, MBE. from the Council in consequence of his 
retirement from the position of Chief Executive of Consolidated 
Gold Fields. He has been a most distinguished Member .>f 
Council since 1970, Hi? clear analytical mind aDd forthright 
expression of conclusions will he greatly missed. 


In conclusion I would like so express my personal gratitude 
for the work performed on behalf of the Association by 
Members of Council and of the various specialist committees, 
to the Secretary, his -in If and ih>' ^laff of ihe .Manpower and 
Careers Unit. 












22 


T^r " ' " v v 1 

I^L Times Thursday Peeerifter 1^1978^-; > :*$ 


FINANCIALITMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Ffsantlmo, London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 8600 


Thursday December 14 1978 


Tokyo Round 
deadline 


WITH ITS deadline fast any case, Paris has so far agreed 
approaching, the Tokyo Round there can be no question of com 
of international trade negoti* I^ns the negotiationa untii the 
.. . .. . U.S. has lifted the threat of 

S2Scd“£SS?u“pJS^ u ta 

been parUetdari, rapid in repent gS 
days m the aer.coitur.-d aertor vaj P dutl „ on subsiai 

H i ^ r i £ Sports in the New Year, 
most difficult areas of world , .. . . 

trade bargaining. Last week-end. _ ^ “°P e d 

the U.S. and the European Com- ***** Government will not 
mission agreed on a package of Aether by accident or design, 
mutual farm trade concessions, continue to endanger the 
which Mr. Robert Strauss, the ^ 0Und J s ,*"**«“• President 
U.S. Special Trade Negotiator, discard d Estaing must be fu ly 
apparently believes he can sell 3Ware the Potentially cata 
to Congress. Yesterday, there strophic -^sequences of « 
were indications that Brussels failure that would almost cer- 
and Washington have also sue- tai “ >' ?«<* t0 ■" outbreak of 
ceeded in reaching a eonipro- worldwide protectionism 
raise on a new international 1930s proportion*. Mr. Strauss 
wheat agreement— one of the ha * 3»ven the strongest possible 


key agricultural elements of the ass u ranees that, by hook or by 
- - »— i- his Administration will 


Christmas 


Tokyo Round, even if not form- croofe - ... . 

alb- part of it ensure that a trade war will not 

be allowed to break out as 
consequence of the counter- 
„ ... vailing duty problem. The Cora- 

Despite considerable raserva- munity raust give him the 

Uuns on the part of * ranee, benefit of the doubt. It is per- 
the { ,oni mission is pressing fectiy reasonable, as the other 
ahead with negotiations on Community countries are pre- 
bcbaif of the Nine on all fronts pared to accept, to make agree- 
’ n Geneva. Tomorrow was the nien j on a December package 
deadline set for llie conclusion conditional on the Administra- 
of a package deal by the seven- t j nn keeping its word. Nobody 
nation world economic summit ^j, object to the French ptey 

in .„ onn ,/ ast '' u ,~ ate ing to their domestic audience 

will not be met. But the Com- p rQv jded that they tacitly allow 
mission has every hope of events to take their course, 
reaching agreement with its 
main negotiating partners, the Momentum 
U.S. and Japan, by the end of All the otlier major partici- 

the year, which in practice are now ready to settle, 

probably means before Christ- The Commission believes that 
rnas. if Lie schedule were tb e L7.S. has just about reached 
allowed to Slip much further ^e limit to the concessions it 
time would start running un- caa offer if Congressional ratifi- 
enmfnrtably short for Con- nation is to be secured. Further 
gressicnai ^ratification, given delay could well be counter-pro- 
ihat the U.S. Trade Act expires ductive and complicate the solu- 
in just over 12 months from ^jon the countervailing duty 
nL, ; v ; Congress does not problem. Japanese negotiators 
ralLv the outcome, the whole have arrived in Geneva in force 
fi'-e-vear-Iong process will have conclude an agreement 


pmved worse than useless. great deal more wjirk remains 
The next key date will be to be done in the New Year. 
December 19. when tbe Commis- Any package agreed by the Big 
sion reports back to the EEC Three must still be sold to the 
Council of Ministers on the re- other countries participating in 
suits of its efforts in Geneva, the 99-nation talks. It will not 
As tt will almost certainly tell be at all easy to convince the 
Ministers that it has secured developing countries, in parti 
the best deal that can be hoped cular. that their interests have 
for. the reaction of the Council, been taken into account— a task 
ard particularly that or France, which the imminence of 
will be crucial. On past experi- UNCTAD V makes particularly 
once, the French can be relied urgent. With so much still to 
on to denounce the concessions be done, and so much at stake, 
proposed by the Commission it can only be hoped that the 
end accuse its negotiators of momentum generated over the 
going beyond their mandate. In past lew days will not be lost 





commercially 


THE Bank of England’s latest ing become 
analysis of trends in profits important, 
elaborates ris earlier researches ^ factor5 S(J far listed faelp 
in the field, and produces one t0 account for a world-wide 
conclusion which, if not entirely S( , uee2e on' profits: but in fact 
new, is a great deal firmer than decline in this country has 
before. Inflation and recession b CC . Q substantially sharper than 
arc not. it is dear, me only world average on any 
culprits, although they have pleasure, ns OECD studies have 
l' 7en responsible for much of E ^Q Vn _ The only factor men- 
the recent drama. The trend of tioJltd in the Bank's survey 
real profits as a share of total which might be thought local is 


real income was well o<tablh?>0'i 
;.k ion” ayn av the niM-!B3tN. 
Until recently, this dedije was 
roughly matched hy a decline 


trade union pressure, blit there 
arc certainly other possibilities. 
One in which the City might 



relative costs, tue oulluuk is 
much less ciico^.raein 


seas v.-hcrc this could be 
financed oversea'. sterling 



:o vfcci oversea*. 


harder to identify the caui«. 

ana corresp' ~.tii7i:Jy harder si:*! Fur: her mere, the 

t.m draw any policy onnclusinn?. ta:; mea?ur? r mvl cram* 
r ."ne Bari: sv.rvey mem-on? »tesi nod i»j enconra invert- 
three pyssiij’e influences; the mem can read : :y have she sainr 
r:-\ns power «- r irate unions, effect, When- ihe Treater pan 
the intensiSvjition of inter- the c-'st of a project can 
rational competition, and a be met from tax relief and 
normal process of declining regional ami other grants. the 
return when cupilr.! imenvly required rzte of return 
!i’i-:va-n^ Those appear ln.be naturally declines. It means 
v-.'I’-CTiai/iflmd trends, and that a company deciding 
'Mv e-.t thy", ihv long-term . whether iu go ahead with a pro 
d'-.-S-n* v::!| .-'•ntinue. jeet must remember I hat if it 

lf'Kcv r. there arc inner refrains, a sum covering less 
pn-yrule cr.phnatlnns. One is 'nan half it.? enri — and some- 
te.-hnr-l-.glcJl. Jt can be arsued tunes less than a fifth— will be 
n the pait three decades niede available for some other 
‘h- «-ch:iolu5ies essentially purpose, and tail alternative 
develop’d during the c ecnnd sets the standard, 
v.n have licea pu«h;d tn 

«h<-’r linvr.-. :-nd widely dis- ^iDStulCS 

sru:!n?:t«?d Oil -based ciiemi'-a!;. One or two policy conclusions 
scale oi'innRries in process Eecm to follow from this 
plants and transport er.nipment analysis. The prospective decline 
nr.d dis-TCle snlid-sfate elce- in real investner.t may well pro- 
tron!'-s are examples. voke the norms] British res- 

it is nahirsl for a nnnring ponsc of inventing yet more sub- 
t?cn;pijMgy to ' k'lrl decreasing suites for .investment — a road 
real returns and generate in- v i.teb the U.S is also beginning 
creasing competition: tii? prob- to follow. This may or may not 
ten? te e r -m pounded when much r.elp output; it is more likely to 
is iiased on the depress than to raise the level of 
temporary abundance of an profitability- An economy in 
exhaustible resource like oil. If which low-return investment is 
vine s»sv Ii technical eyrie is depeiid-Vt on State finance is 
!i:-psir!;:nT. then n better trend unlikely to be dynamic. Thy 
may be established nn-?e nil- danger of the Bank's research 
dependence :s reduced and new is that it will encourage wlii- 
tfehnnlogies such as Mitroprn- lions which make the problem 
cessing and biological engineer- v/urse. 



BY JOE ROGALY 


U NLIKELY THOUGH it them seem to think they are. For islands " myth usually contains 
may seem, the British arc this year Social Trends has done a further myth about immigra- 
well, and probably happy, it aoain j t has coraP t0 tion. Turn over two pages and 
and certainly as comfortable as h “ ^ - th(1 raidet it is shown that in 1975— the 

most other people in Western e . , , 1 latest year for which compar- 

Europe. This must be true, for of an ^Ltreasragly gloomy win- a bi e statistics are available — 
the statistics say It is so. The ter, during which we fact* grow- t£ e population fell, mainly as a 
latest issue of the annual Social ing uncertainty about the rate resalt of a minus-l.frper-thou- 
Trends* is so adamant about the cf inflation, the course of busi- sand drop In the net migration 
matter that it even insists that ness activity, labour relations, rate. People have been leaving 
we drink less than most others, and the 1979 general election faster than they have been com- 


INFLATION: THE FEVER CHART 



■ ANNUAL CHANGES IN PRICES 


30£| 



1951 ’55 

urce= SOCIAL TRENDS 


- ‘t 


& 

; :-A- 




■ vW 

' ■ ••aS 


;Vfe* 

M 

% 

■M 


-fr? 


■M: 

\ -i: ' 

■ ~r. 
;-t3* 






Take beer for example On the Government Statis- ing in fc an experience shared _ ... , .. .. . . . .. .. 

nace 12S of this veariy coUection tical Department has come for- by only Denmark and West Ger- nn the number of people leav-'beiriag the -message, that- the ■ that .the ..steepest Slope appue^- ^ 

w M J J AMn ]!(.L • r — Xl • 11 - - - *1 — ■_„» i If An Uiwunln nfmeuJldllir thlMA . \ 


of Government statistics it says ward t0 demolish a few more many among the' 31 leading j n g and entering the country overwhelming majority’ -of fte to young ite^l^MpecIaUy those 

that the West Germans Bel- political myths and to -point oul, Western nations listed. All the t j,at anyone who. does not want British people are really prbtty 

gians Danes and. Irish consume in its 'numerical- way, that others, including the Irish, clarity can find facts that; with well -off. Thanks- -to fimake.cotf-, vletian and br7eaution ratfl/^er‘; ri .% 

more than we do VTien it cotues things are not quite so bad as recorded an increase. just a Uttle bending, will suit trol measures we hAye 1 - nearly thousand has. ri^eri xroaiid J ' ^ -' 

to wine there is of course no British political discourse often " r ' ‘^" u “ y ’-' • • 

contest — the French and Italians ma kes them seem. 


Oh yes it will be said but their case. ' tyTice as much winter Sunshine 2ff ih i95S tq aboutTOmow^ :;:;. 

the foreigners have different Again, i n spite of ail 4he . 1 > LQn . don „ as TJ?** 

fertility rates to contend with, undoubted troubles of tbe- Bven in ^Manchester, the . un- stiU btstoxically.^ugh 

It is true that the graph on National Health Service, life Provemeot is proportionately Q f all. the,Iogg-tenh jate tt-trf r - -, 

page 36 shows Irish women expectancy at birth is still n®4riy as. large. . course rising with .thA-.JW^^ . 

still producing babies at twice edging upwards. Between 1971 ..'if that sounds frivoTotis, .take. tiiat we. imw have V 

the rate of the French, British, 1975 £h e figure rose from housing. The compendiunr quarter of • rnilliw pe^i^wno^' - - - 
Americans and West Germans — gg^ 69.4 for men and 75.1 for tables remind us that- the prfc-ihsve been o*t ot- wpne-^f or j;a - y ? 

__ _ The most important myth to and even much faster than the 75 6 for women _ There Is no portion of “physically -;unsatis- : yearor. 

spite of all the earnest efforts be demolished this year is per- Italians. Yet France, Britain, international comparison this factory" dwellings fell from- 17A latftm.of^ human derelerop^tn^.^ — 
that will be made over the next haps the one about "our over- the United States and even the time, but the new cumulative per : cent in 1971 to'10 per cent : caMot.^ /; 

week or so. The heavy spirit crowded Islands.” On page 35 increasingly barren West index, taking us back over all-in J.9767- and this on. an appar~ mg the relatiyety i^n ra^ ^; ^ 


alone take it seriously — but it 
appears that only the Japanese 
among the li industrial nations 
listed, actually drink less of- it 
than the British. 

The same is true of spirits 
and will probably remain so in 


‘Overcrowded 

island’ 


: jj- 

k 


drinkers are the Americans" and it shows quite dearly that the Germany all have fertility rates iggnes of the annual, is a etitiy broad definition. -It4s true.' of nxtemplqiyenf !:bepfflt;‘o r ^ 

l li and If reminder that a table pubtished that black people still endure p.Icanentnry benefit: it - .* 

reuuuu«ui.L«ui_ accommodation than, sible to betieve that people : ^to. j — 


Swedes, who on average down UK is rather more spacious clustered between 
more than twice as much per than many of its inhabitants babies born to each woman. 


in - 1976 showed England and worse. — — . - - 

head as the British— but then seem to think. We have 229 WelI persistently Wales within a year or so of the whites (right here in-Britain^, have our ^ wOTk OT Io^.- - 

we are second last with only people per square kilometre— awkward w jn’ continue Britain's dozen main industrial countries ana the need to remedy this is do . no J .< 

— ■jav ;« - *‘ited " Plain-’ but-even iu this case The rest or society. •• ■ , 

This time there is a compari- 'proportion with a glared bath 


Japan, again, tahto*. . . in W«t tve- ixV ove^iielroineiy Ustei. . E'.i'ji"!'*!!?! 1 " 


Perhaps this goes part of the many. .122 in Belgium and 35S hlauk a No 50 Table 113 shows 
way to explain why the number in the Netherlands. The latter that in fhe ave rage year just 
of fatal motor accidents, ex- is even more than Japan's 306 abou t half the Drimarv immi 



STlJd IU 4 UUUI. M -v , - - : j • 7 j- 

6-77. For whites the grante.'the -disabled and '-Jafld?-; . 
fell from just above’ eapped.. Some qf the hews in;*-. 

. . „ .1 thn.’. 


the United States, or Sweden. France, maddeningly better off NC w'p”— l he British euphem“ Sweden * ‘liSs rateTwhich in i«P« r cent to around 7 per th^e ^bles-is, fMxfgpfc?* 


i n i°. ^ for -muh- In ml iSr was above £> per L000 live ^ 


2? SSS. ihey are not ail non-whiter*ince birth™ m * . ’centary ^ 

norn line hppn falline in all tne. f- - 7 _ _ 


which Britain has held through- U.S. is 23 and the USSR 12). the initia i s stand for ■■ New a „ 0> has faUin g m a ll the- - -~r — r- and- 

out the 19(0 s, according to a but no one would claim that commonwealth and Pakistan,” countries listed. It is now down «”® le People . living m MgJJ ' Si 

chart on page 19a. Britain is an empty gwMry. which includes Cyprus and t0 around 20 for the Italians^- - .. . . - -.; J^^ir^dnd^he ^nSiSir^S - 

These figures -on drink and Malta - It is true that this may We st Germans, and well children aged tifider four tri nUr- i- 

fatal accidents are not the only better off than many othc. be confusing, hut the explana- b elow that for the rest The ‘ * * ■« . - . • CttUaren ageaiinoer xpfir.Ul auT.. ... 

ocies that indicate that the Bri- equivalent nations.- . ,i ons an j tables on pages 38 to British rate seems to have been - 

tish are better off than most of Part of the "overcrowded 42 provide so much information halved, to about 17, during that;..' 

time. The maternal mortalrty v 

rates for the same countries-- . special attentioij ;over; the- past- ' 

have declined even more dra-. v sThe share of households with the fact 1 is- "that : the ' 
matically with Britain per- W to one person Per room, ^ort i s novv showing /through 
forming almost as well as the,;,feU £rom 4B per cent ra . Their rea! income is hieher and: 

Swedes. ...:^_per cent ic 197T;. with the mQ5 t services fdc them ■are.;nb>v 

These international comparir ^S^^i re tPonai figore^quotea_ in more plentiful supply. Ebr 
sons are of the best kind; an nn<^4 P® 1 ce “ t— i n . o cat land.- ■ IlL i n9 tance.,bo r me belps^-when tii,ey 
usual palliative for those of uh: ft ct if Scotland is treated as a ^ no t oil strike, ; ire . now 
who are accustomed to reading ;?P®uaJ case (which, with then- atteajihjg twice as many eases . 
thp Ipfloitn talilpt: nnrt to 'insist OD. rGDted ’ iQffe Af V 


At nearly 
no rent 


sexy' schools ’’rosb -fr cwn -^i.OOO ' ' ' "^jfolDOrrO^ 

to 492,000 In ihe same petted. 4 ’ " 

As for the elder^r. although^ - 
they have:. rightly, been given 


^jpiducis 


U-K. INDEX OF RETAIL PRICES: PERCENTAGE RATES OF CHANGE 

Average annnal rate of Increase* 


General index: 
All items ... 


Food 

Alcoholic drink 

Tobacco 

Housing 

Fuel and light .... 


Durable, household goods 

Clothing and footwear 

Transport and vehicles 

Miscellaneous goods 

Services 

Meals bought and consumed outside hornet ... 


Pensioner households*: 

All items excluding housing: 

One person households 

Two person households 







Weights 

1962-66 1966-71 1971-7 

4 1974-77 

1977-78 

1978 

3.4 

5.2 

9.3 

19.9 

9.9 

1,000 

,3.1^ 

5.4 

13Jt 

22.3 

7.1 

233 

4.4 

4.9 

3.1 

20 2. 

8.8 

85 

•L8 

2.8 

0.9 

24.5 

35.3 

48 

5.5” 

•-T8 

11.1 

15.3 

6.6 

113 

4.6 

5.0 

7.3 

25.7 

10.6 

60 

J.4 

4.6 

6.2 

16.2 

11.6 

64 

2.A 

3.5 

9.1 

14.1 

10.2 

80 

2.2 

5.3 

7.4 

21.4 

1L1 

140 

2.6 

6.5 

6.4 

20.S 

12.7 

70 

3.9 

6.6 

9.S 

1S.6 

11.9 

56 


AO 

14.4 

19.9 

15.8 

. 51 

3.3 

5.4 

10.3 

21.0 

10.3 

• V^ • 

/ ' 

3.4 

5.3 

10.1 

21.0 

9.4 



the league tables and finding ^propensity 10 amuse oa roniea ^ j n iggg; The . cohdiiio«i : of . 
Britain at the bottom on every accommodation ^ at _neariyjnq,j i ^^ f . ffi ' e fiisabj^j* aad handi- .. “ 
occasion. Even the charts on in-.:*®?* at “** lt is ' , cappqd f their disahilities?*x«rt> «- - - 

flation show that the British ex- pjetore seems even better. Thus. ^ hot.-recorded^ Social,- Trends- . 
perience of 1973-76, unsettling' En^and and Wales ^vihg lmprttved inTthe^aame- " } 

as it was, was not so different . e proportion or owner-occu- ^,ay, and in their’ case- there is 1 

from what the French had to pie ” now -seems to be moving adli.jjuch catching ^ up to.. do.-- . ! 

put up with in 1951 and again in’ rap iS ly w , t ° y 2?^5 1 r£ : -The overall, effect -tif -this : 

1958 — and we had more to eat ™ aric> “tit for Scotland it is still i^ge /cbmpdndium .of - figmaa . .! 

than they did. Althou^i they P er cenL V - • . remafts^^dWeyer, Suggestive of’ 

were better able to cope with it. Of course it ^ould be absurd a. rather better state of the 1 . 
the Japanese line on the chart to maintain that every- aspect nation -than - most ebromen- 
ixi 1973-75 was parallel to ours, of life in Britainiis improviiig. taries indicate > Our politics ; . 

The Italian line, which is well- For example, the crime statistics may be fli poojr r .shape, and ' . *■ 

known (and not reproduced show a steady increase in the industrial/ relations' may be ' \ 
above) is of course worse than numbers of people found guilty fraying " o_or vnerves ton . both . 
ours. of serious offences, and although sides of .the ibie), almost beyond 

Geometric means of January to January increases fur General Index and quarter one to quarter Nobfldy measures 5tate these are amongthe IeadtreEable endurance. / But- the-, general* ' 

one increases for pensioner indices, t Not separately identified until 1968. The first figure relates of we H-being entirely by refer- figures (they depencT in part condition .of life is . probably ' 

to the period 1968-71. t Pensioner households are those in which at least three-quarters of the total ence to the state of others, how- up<m P 011 ®® ™ ^^fining better than ■ it ev.et has been. • " 


income was derived from pensions and supplements to them. 


Source; Oeporwunt of Ewptoynwnt 


ever. Never mind, Social Trends who 811811 be arrested ^r .aiid is cCttamly in line wiih 
provides 219 pages of tables what)^ taie long upward dope that of other advanced^ indus- 
and charts, most of them purely between 1956 and 1977 cannot trial nations. . : • . 
domestic, and nearly all of them be gainsaid. It is also undeniable ' *Sociqi Tr^mife. HM50 £7-50. 




MEM AND MAH 

Wild West End 





High drama on a third floor in 
Wimpole Street yesterday when 
the droll Labour backbencher 
and consultant surgeon John 
Cronin was *rou:-td by 
imruders at 1.30 am. “Who's 
ti’.ere?" be demanded. “Police," 
said a voice. Not beinc. Cronin 
tells me, a credulous sun «*f 
person, he loaded lip his T2-burc 
and instructed his wife Cora i-.< 
ing open t.v door — to reveal 
two policemen looking surprised. 

"if somebody had walked into 
our bcclrocm with a gur. or a 
ife I’d have shot immedi- 
ately," says Cronin, 62. who 
•.videnfiy values his privacy. Eat 
;e e vents of this year i:ave been 
C..-JV. to make anyor.u a little 
j Jiiov. c-vvn iJro'ir. whose ur.- 
j-shcir.ed sense of fun has r.ct 
asvay.s endeared him to the 
dourer sections of the party. 

In the spring, when still a 



image of 


with its solid prow and ferro- tells me. "The 
cement bottom, has been cruise Parker declined.'’ 
ing the gentle waters of the Parallel problems have, says 
Hamble: ‘ If you cannot stop the Leeming. afflicted a host of 

engine it becomes quite lernfy- other products: “ All branded 

/ W3 u- d v by ^ acA | ,ste ^ international companies suffer 
Elliot; which has developed from the brigbt businessman 
the pirnpuc for Guinea-Bissau who can when a current is 
fishermen. qn thc slide .- 

Originally it was building two _ 

20-ton transport vessels for local 1 
Sslicatehcs Trom thc rich waters n , 
off the West African coast ' 3 riy Spirit 
-Then the Minister of tishcries while Pierre Cardin announces 
t-ani;' and «old us he was ries- cran diosc plans for fashion 

perate for craf.. shows in Peking, and popular 


It's n full Jim' s .>•» — ing to 
rc.ston.' this c::r." 


though it admits, as some 
broad chest the turn turkey >-achtsmen would 


L! a cA lister Elliott hopes it demands for freedom mingle 
bas discovered the answer to with Tong-suppressed crankiness 
the rountry’s lack of timber. If on Democracy Wall, It is often 
trials of thc 9-metre canoe the minor changes in Chinese 
prove successful a construction life which startle Western 
yard will he set up in Guinea correspondents — like once-surly 
Bis->au. “We hope tile whole of waitei* becoming my&ieriously 
West Africa could he in- friendly and attentive to 
Terested. 1 * the company says, foreigners. 

My colleague John Hoffman 
tells me that he was astonished. 


hold* Ca valryl^e was^exereisinji pr i ces ; and , ,s . a . 1 ? y . 1 ? a ”™*l,... They would be sood for exampie, to see two cTbinese 


a horse in Hyde Park which he warvrafL 

suddenly chose to make off has P rohabl >' r ' een ^n«d of 


through the rush hour down 


the normal satisfactions of the 


libido. 


^h"of^Snrt U r/alace ' ir 'S* Bni.ish Veter, n- Currency I 

inc -ign. 01 i\ens»in?iu,. rauco. ary Assuc:alil , n . id:.- me lhai al] sorts ol 

'Hie summer brought a sis- 10ms have become ho heavy they ai-iies for ini 


officials at a party thrown by 
foreign residents the other 
night, in itself something 

Blot on the image unl,e ? rd °f ? y?«r ago. He teus 

b me the gathenng was stunned 


Park Lane and Bayswater Road Dnn HaxIcv a vk ,. 

fluctuations bring into silence when one of the 
unexpected head- officials announced with ner- 
. . - „ . - — aches /or industry, as has been vous excitement: "Very soon 

masting of Division Bell, the are physically unable to tread brought home in recent months we will introduce you to our 

yacht he shares with several ihe female, and. like hulls, are i„ the Parker Pen Company, wives." 

other MPs October brought an- subjected Su the undignified p ar k e r pens emanating from the 

other small adventure in a game processes of artificial jnseraina- u.S. have been on sale in 


park in Kenya, where the Cronin lion. Even worse, acceding to London 5lrecl markets at prices 

car be^v.mc embedded m sand, one turkey farmer 1 spoke to: ^ j ow aS £i each— half their ■ «HOr— ITI3G0 

and he and his wife had to .^ct " The modern, oven.veight tom us ua i price, and doing tittle for Elections seem to happen In 

out and walk: bhe was a bit may oe big and muscular, hut Parker's prestige UK image. Belgium as often as language 

upset because we saw tion tracks he’s very escitahle and prone to _ ■ , . , * J, #ll ” 

going in the same Uirectiun" heart attacks. We inse at least THe reason is connected with 

says Cronin. "Its been a funny one every time thc insemination J) ie cn *JfP se , of the lar ’ 

has suddenly created a profit- arc once again being reminded 


year. 


team omius in. 


Vpc - cars Haxle*’ “ even aWe secondary market in that it is not only their right, 

IBS, ,ays naxie.-. even I hut thoir IddsI nhlfominn *- 


Fat and unhappy 


December is presumably not 
the favourite month in the tur- 


hens get heart' Tick's these Park " P™ s - ="<> >*» “mpany but their legal obligaUon to 
da vs You are nrmiiirine 15 parOtularly vulnerable vol e’ Failure to do so is 

obesity a/ler aLi." because of its quite different Punished by fines. 

sales approach in ihe U.S. And if a Belgian consistently 

— - According to company spokes- fails in his duty? "Very 

man David Leeming, Parkers simple.” comes an official reply 

over there arc only a "mid- which betrays the new Irish 


key calendar, but The males of r*nnr»r > !afa f Jqq+ 

this unfortunate species labour ^OnCretS *1851 _ _ 

all the year round under a less After exporting sand to the et a PP ea j product ’ and influence on Europe: ** We eser- 
ubviuus crmiplainL Saudis, Britain i? nov notching 36,1 for aroun< i U.S.53. cise the ultimate sanction." 

Selective hreeding has virtu- up a new first — canoes for the "Somewhere in thc sixties Tcs? “ We take away his vote.” 
ally doubled their natural Africans. If that ?urp vised me certain marketing decision 

growth-rate, so that they put on sn did the fact thar the canoes made which concenlrated on the ■ flh^PYT&Y 

about a pound a week.- Willi bis are made of ferro-cemcnL- One, lower end of the market,” he . v/"«v# t/C# 




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worlds with a Tempus Account.,,fr^^ 
a/?c/ withdrawal facilities (subject of - . 
the rules, of the Society). It^s.ideafif ^ypuwenr i v.- 


■ . rj.-, 


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ask for details* - 



\ JjtCWg BiiiWingSocSctyi' V- 

’* Chfef Office; Oadhy. Leicester. (J^E4pF jf" 


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JppiiJ'Q-® \s*S& 


ECONOMIC VIEWPOINT 


il^^|Se-old 


lump of labour’ fallacy 






^Xj j AT. ALMOST every conference tkra has appeared- • "Few 1 pe ople 
I >' I po. to, sjme jnainager^or K^ty new remember th'e scare-when 
. a - Type - -who - fancies -himkrif"- • a- the earliest types' x»f automation 
f\ % radical will; cortf eupto me and . appeared is the-tootd^iudostry 
f \ -V M y : " Isa't-ihe real proWe?n'tD in the 1950s; but sxamptes go 
> i ’ educate people , £ot: back almost as^r; ax human 

- I* 1 Once We bring to ipi erid aU this history itself-rweH oeydnd the 
* V| f overmanning, there just won't Luddites who framed about; the 
•\ 1 k. be lh? jobs to go around t .. country after dhe 'Napoleonic 

■ri \ :• &.<*■ .iimasmc^ *&&?& 5 & 2 S 2 :£ 


fallacy almost as old as hitman lev 5?4° )?*•** 
history itself. It is 'A madden-- 

ing -fallacy; W cause i£ believed /*:****; ^^t^iSfw thl 
and acted ; upon. It could pi0 - h £?* the 

to a halt to all unprov^mait and .^r®^ • ltsey, .• 

quite needlessly; impoverish us. i- .v- j., 

alt. But it is ; dif5adt;t<L reply /VDSUFultY - 7 
politely ; in. a few >wo«i4 - over 

coffee. Nbrdo I ihnjkpoliteoess' ‘UnlortHnatelY, no- amount of 
is called for'in tbe face of so technical or professional train- 
great •- a "logical "and ' moral irt « ' IS wool against this type of 
absurdity. ; •-.... thinking, .unless there Is a feel- 

The . 'iivSSiSSSS 

S?" n . tioia ; Sym. srekt economists 

£Hi a 2L'«.j ** -have.nbdded here.. Lord Keynes 


is a fixed amount 'of 'work to be . 


once advocated 'population con- 


done: and if anythm^r happens ££ « T.cure for unempioy- 
*-«g* th 5T^S^' d0ne ! »«»t; -and. other economists 

atlnboted the Depression of the 
1930a to the satiation of human 
rausL.be more imem^ymentnr ^ ^ ty technical progress, 
compulsory work-sharing. .. The . •■. ^ 

fallacy rears Jts ‘heady when' if it really were true that all 
unions call Mi .a ^shorter work-. "human, .wants were on. the point 
ing week to rambat-uneiriploy- of being satisfied, we would not 
ment. -OT when soM^ed eeperts be in -a state of depression, but 
look - with, aiajto at' the 1111(017 of economic bliss. If there were 
growth' 'oT tfte ; European "labour jaethlng on which: people 
force,, wondering' “where the - wanted to spend extra- incomes, 
jobs to - employ "it will - conje then - technical progress would 
from." : '•■-•••• T . \ „V- j:- be enjoyed ■".‘by wortosTs'in the 
The .'same kind .of attitude is fwni pf' reduced working hours, 
behind, the recent alarms about- loss of take-home pay; 

the -micro-chip- computer’- -the sod. -this would . happen quite 
desire to .reduce- retiring ages voluntarily through normal bar- 
or push, young people into tnorb saining. x'\.. •;!... 

years' filll CLme education, .and .It is possible in .a , flight of 
much other nonsense besides, fancy to imagine a world where 
Such alarms have of .. course goods’ of all lands are. super- 
beeri .expressed .wherever .Vany abundant and the: >c work" re- 
ar parent ly- labour-saving inven- quired to produce them so 


little and so. enjoyable that 
people were - willing to “pay” 
(but in -what?) to be showed 
to work. But in that case we 
would be talking about hobbies 
(such as sitting on Royal Com- 
missions) rather than jobs as 
we understand them today. A 
Bradford professor has pre- 
dicted that within 30- years only 
10 per cent of the British work 
force, will be required to pro- 
duce ail our material needs. 
This would be economic para- 
dise hot disaster. . But unfor- 
tunately one must reply “No 
such luck.” . The scarcity of 
goods relative to wants is not 
that easily conquered. 

If satiation -were really here, 
few people would be interested 
in winning the football pools; 
and they might well continue to 
work in ■ their chosen occupa- 
tions regardless of reward. We 
are a very, long way from such 
n state of affairs. Satiation of 
wants — even in Western indus- 
trialised countries, let alone in 
the poorer -Third World — does 
not pass muster as an explana- 
tion of present-day unemploy- 
ment. 

There are roughly three 
approaches to unemploy- 
ment. It can be regarded as 
due to deficient demand — in 
other words a sufficient injec- 
tion of spending power would 
ease the problem. It can be 
attributed to labour market 
defects. For example, real 
wages are not at market clear- 
ing levels, and therefore there 
are surpluses of some kinds of 
workers together with shortages 
of others. Thirdly the problem- 
can be regarded as in part 
deceptive, as the statistics give 
a misleading guide to the num- 
ber of people actually available 
for work in specific instances; 
and it is well known that these 


are people who would lose 
financially from taking a job. 

These three explanations can 
be contrasted, combined, refined 
and so on. But under no per- 
mutation of them does it make 
sense quite deliberately to im- 
poverish ourselves by stopping 
innovation or reducing our pro- 
ductive capacity by forcing 
people to be idle, when they 
would prefer to work at a wage 
which reflects the value of their 
product. 


tics.*’ The amendment made by 
Keynes was to say that there 
need not be a general glut, as 
any excessive private sector 
savings could if necessary be 
matched by state dissaving in 
the form of Budget deficits. The 
point is that. whether regulated 
automatically a la Mill, or by 
financial policy a la Keynes, 
effective demand should be suffi- 
cient to prevent a general glut. 

The various work-sharing gim- 
micks such as reduced hours, or 


WORKING HOURS IN EEC COUNTRIES 

(per cent Bf male employee. WB) 


Honrs worked 

Under 40 ... 

40-41 

42-44 

Over 44 


Belgium Dnmk. France Germany Ireland Italy Mcthertend UK 


8.3 

11.6 

16.6 

5 X 

12.7 

12.5 

20.2 

17.7 

76.0 

67.5 

29.2 

G7.9 

53.5 

50.11 

53.8- 

40.8 

5.2 

6.2 

14.9 

9.1 

7.1 

17.5 

9.3 

10.0 

10.5 

14.7 

39.3 

17.8 

26.4 

2II.U 

1G.7 

31.6 


Senrce: Income Data Services, International Department 


What needs to be said is that 
there should be a natural ten- 
dency to full employment in any 
country with a reasonably well- 
developed stock of capita!. If a 
machine can do the work that 
ten men or 10,000 men did pre- 
viously, the machine itself has 
to be produced. If it is a genuine 
economic improvement, there 
should still be a saving of 
workers allowing for this. But 
this means that the product can 
be that much cheaper; and 
there will be more purchasing 
power left over to buy other 
goods. Even in the ogrish ver- 
sion of the story, where the 
benefit from the cost saving all 
goes in higher profits, the cor- 
porate sector will have more to 
spend or to invest. 

More than a century ago John 
Stuart Mill explained why there 
could not be a persistent 
‘‘general glut of all comraudi- 


early retirement would, if suc- 
cessful, increase the demand for 
labour. But if the demand far 
labour is already as high as is 
consistent with a non-accelerar- 
ing rate of inflation, tben any 
further increase will be explo- 
sive and self-defeating. If, on 
the other hand, it is safe to 
increase the demand for labour, 
then why not do so directly by 
expansionary monetary and 
fiscal policies rather than by 
wasteful work-sharing methods? 

Moreover — and this is where 
we come to the present day 
practical point — to the extent 
that labour market frictions, 
monopolistic* wage setting, or 
union wage push, makes it im- 
possible to have full employ- 
ment, work-sharing would not 
remove any of these -obstacles. 
Indeed if the working week 
were reduced to 20 hours for 
everyone next year, there might 


well be no reduction in the 
number of unemployed and pos- 
sibly even an increase. 

We can use as our starting 
point a Department of Employ- 
ment analysis, published in the 
D. E. tlazctte of Aprii 1978 of 
the effects of reducing workers’ 
hours to 35 or 33 per week. 
(At present, official working 
hours average just under 40 for 
manual men. but overtime 
brings this up to nearly 46.) 

If the official working week 
is reduced, there could be four 
types of physical impact on an 
individual establishment. More 
overtime might be worked: out- 
put per man hour might rise; 
employment might increase: and 
to the extent that these 
expedients were insufficient, 
total output would fall. The 
official calculations shnw a total 
initial fall in registered unem- 
ployment resulting from the 
adoption of a 35-hour week 
ranging from 1(10,000 to 480.000 
depending on the precise com- 
bination of these four effects. 
A net saving of government 
expenditure of £650m to £950m 
is also indicated because of 
higher tax revenue and reduced 
unemployment benefit 

Two comments should be 
made. The first is that in none 
of the four alternative cases 
considered is more than 10 per 
cent of the potential output 
lost by a cut in official hours 
actually foregone. It is assumed 
that overtime, recruitment and 
productivity will make up the 
remainder. This seems 
optimistic. As the DE admits 
in the same article, the high 
overall unemployment figures 
conceal a good many shortages 
of specific kinds (and also geo- 
graphical areas of labour 
shortage); and it may simply 
not be possible to obtain the 


extra workers to make up for 
lost overtime. Moreover any 
shortages or components or 
materials thereby created will 
have a multiplier effect on 
customer companies or on the 
import bill. 

Secondly, and move import- 
ant. such a reduction in hours 
would increase labour costs, in 
the DE’s example by between 
6 and Sj per cent. (The DE 
assumes that increased output 
per hour would offset between 
20 and 40 per cent of the poten- 
tial loss of output) The official 
authors then spoil their own 
case by arguing as if the ex- 
change rate were immutable 
and stating that the deteriora- 
tion in the British competitive 
position would increase unem- 
ployment in the longer term, 
thu6 offsetting the initial gain. 
This then leads the Department 
to the misleading conclusion 
that an internationally agreed 
reduction in hours would not 
be so bad after all. 

Money costs 

The mistake of the authors, 
which is also made in the 
National Institute Review of 
November and in most official 
propaganda in favour of wage 
restraint, is to concentrate on 
money rather than real wages. 
Exchange rate depreciation can 
and often does — pace Mr. 
Healey — offset increases in 
money costs. The true question 
is differenL A 6 to 8 per cent 
increase in labour costs will 
sooner or later lead to a com- 
parable increase in prices, both 
through higher prices of Bri- 
tish goods and througb the 
effects of depreciation on import 
prices. This will mean reduced 
real wages per man year. If 
workers are not prepared to ac- 


cept this real wa?e reduction, 
then there will cither he an un- 
controlled spiral of inflation and 
depreciation or if ihe money 
supply is regulated tn prevent 
this, workers will directly price 
themselves out of jobs. Thus 
increased employment will re- 
sult from any cur in hours only 
if workers arc prepared to ac- 
cept a corresponding real pay 
cut. 

What this boils down Tn Is: 
cither the reduction in working 
hours is a charade resulting in 
increased overtime: nr it is off- 
set by increased productivity: 
or there is a reduction in real 
wages. In the first case the 
hours reduction is pointless or 
damaging: in the second case, 
employers could reduce hours 
without any cost ur official 
prodding. In the third case, 
the question arises: If workers 
are prepared to accept lower 
real wages in exchange for 
lower unemployment, would it 
not be better for them to do so 
directly rather than through the 
indirect and wasteful route of 
a compulsory reduction in 
hours, which magnifies earn- 
ings loss? 

Of course it would be 
pleasant to move to a society 
with more leisure and where 
some sacrifice was made in take- 
home pay to make work more 
interesting or satisfying. But 
this should be in response to 
people's free choice in the use 
they wish to make of a rising 
productive puiemial: and not 
through throwing that potential 
away. A political and economic 
system which forces people not 
to work, when there are unsatis- 
fied needs which their produc- 
tion could supply, dues not de- 
serve to survive. 

Samuel Brittan 


; rest 

•t , 

nths’ 

al? 


,-* *■# n. i 

.. a*- ' 

r.^-4’ 


> Letted to the Editor 

r p r - irirkl «. fkTO .9 c • turner as low as possible has information provided in some managements are quite willing 
X UUIUriUfT ^ . igs ‘ -absoribed much the price in- areas has decreased rather than to make information available if 
j . ; S-T' '-crease which has been caused, increased under these rules, it can be made meaningful to the 

prOdUCtS - and it may be that retailers will Sweden, for example, provides lay reader — which is not always 

* ' 1 . not be- -able, as in the . past to twice as much information for easy. 

From Mr. A. SmalftOrn. •■■■.; ■ subsidise higher-prieed; UK pro- pending applications as is now Lex's call for “appropriate 
Sir— Mr S.’ B. Marih^ ^ -auction by pricesavera^ihg. Given in the UK. information, “ including a break- 

f December 31) is correct In his - -Let me assure. yOu*tbat the The Patent Office has lost down of the investment portfolio 
assessment of the danger of con-'-Ketail> Consortium iST*'. trade sight of its function as dissemin- is entirely consistent with the 
centra tine on known -and useful: assodiatldn formed tn present the ator of technical information and recommendations in PRAG s 
tasks -in his letter about' aid views of retailers tb,Gbyerament has never recognised the public's discussion document, but it must 


culator ak useless — may one. ask* ^KicDaro weir. 

whar with «T slide ^ The Retail Qonsortjum. ' tion it does provide. The time Our group is now studying this 

SB) # .rf : d0n? W ■ *•: '.for reform is Jong overdue and area in detail and we hope to 
Ly ' - • • _ T ^ rirn , f rnT f.>„. - - a measure, of public account- come up with suggestions for 


GENERAL 

EEC and Association of South 
East Asian Nations (ASEAN l 
start two-day talks on cD-operalion 
agreement, Brussels. 

Mr. Roy Jenkins. European Com- 
mission President, talks with 
President Carter in Washington 
on progress in Tokyo Round trade 
talks 

Financial Times' two-day con- 
ference opeas on inflation account- 
ing — the planned standard, at 
London Hilton. 

Two-day Angln-Spanish meeting 
on future of Gibraltar starts in 
Madrid.. 

EEC Monetary Committee meets 
tn discuss progress of European 
Monetary System 


Today’s Events 


Economic Ministers from the 
five ASEAN countries start five- 
day meeLltti; In Kuala Lumpur to 
discuss trade with other economic 
groups. 

Canadian Ministers from the 
Provinces and Ottawa meet to 
consider constitutional reform. 

The Queen opens Coutts 
and Co. new headquarters In the 
Strand. London. 

OFFICIAL STATISTICS 

Balance of payments current 
account and overseas trade figures 
(November). UK banks’ assets 
and liabilities and the money stock 
t mid-November). London dollar 


and steriine certificates of deposit 
(mid-November;. 
PARLIAMENTARY BUSINESS 

House of Commons: Motions on 
the Rate Support Grant Orders, 
on the Social Security (Contribu- 
tions) (Mariners) Amendment 
Regulations and on the St. Lucia 
Termination of Association Order. 

House of Lords: (at 11 ami Con- 
solidated Fund Bill, all stages. 
Conservation of Wild Creatures 
and Wild Plants ( Amendment j 
Bill, second reading. Motions to 
approve SL Lucia Termination of 
Association Order. Shops 
(Northern Ireland) Order 1978. 
Appropriation (No. 4> (Northern 


Ireland) (Emergency Provisions) 
Act 1978 i Continuance) (No. 2; 
Order 1978. and Social Security 
(Contributions) (Mariners) 

Amendment Regulations 197S. 
Public Health Sendee Laboratory 
Service Bill, committee. House 
ad ju urns for Christ mas recess, 
COMPANY RESULTS 
Tinal dividends: Associated 
Engineering. Bass Charring! on. 
Burco Dean. JCL. Lloyds and 
Scottish. Marley. ME PC. Interim 
dividends: Distillers Company. 
Dorn Holdings. Pheonix Timber 
Company. Saint Piran. United 
Gas Industries. Wilkinson Match. 
Interim figures; Ferranti. Mitchell 
Somers. 

COMPANY MEETINGS 
See Company News on page 2fi. 


tinned, barrage' of. rubbish from>'- < 
Governments, their.: advisers and 


R. B. -Price. 

JuiuwAiut i v 28. Holland Avenue, public) without leaving me 

technologies. Overall tbeseV will; pdlcfllS / . — pJe« comments from the 

look after themselves.- Thqre is ,aj Front ;Nr. #?. . Chandler f OfTinraiP !)l9TK It is hevond di-mute that there 

distinct lack of understanding, of V ;Sir.-W.hite British patent P U1 « l * rl ?Z be doSe in the fteld 

the nse.of Ideas to create jobs ip- searching is.notjhe main activity; |~JJ[ kova of pension fund reporting and it 

“traditional" ..industries; - . yet of.: this company, we certainly - laifl Dare wa^a r «!-iiSon TtKrt that 

according te recent system to ^ Managing Director. led to the° formation of PRAG, 

bal » ne * t« n c ? e !5 C Public Af airs, British’ . more than two years ago. It is 
were Obn . to i^c. ; CTedit fM trendy We. used, to use i only shipbuilders unfortunate that Lex is cither 1 

ma^TWJT Md^tran^ort equ p- the : classification but now find it sir,— You published (December unaware or unwilling to admit. 

T? «.o. 0 h ^ some detail substantial that considerable progress is now 

dustiy .contributed £739m. To... dividuaUyL each , of the 500-900 0 f British Shipbuilders' being made — perhaps there are 


B. 'Price, meaningful to members (and the 

I. Holland Avenue, public) without leaving the 

sttan, Surreg. Investment manager exposed to 

ill-informed comments from the 

Corporate plans It S t* beyond dispute that there 

■ *1 is work to be done in the field 

I SI lfl harp of pension fund reporting and it 

A “ IU ^ was a recognition of the fact that 


replac^ lobs lc?t ‘ u^trddltional ■ gtode to toeir convents. SStioS^ the “£de POB<u-‘ iTciccMutfon. 

areas, but why do-we.acceirtj- -.-to carrying out patent searches It ijas not yet been put W. Yorks. 

tacit agreement, of .tin. decline: of ye- rely more and more onv^ *u p secretary of State 

n iW “.uon 110 ^ udttujwflidrim Skim milk 


friotor cycle, industry, and. 3ff;CDnld fie a useful source °f "-•i/viHfp this leak doubtless TlflWflpr 
witnessing ^.annihilation^ export earnings. The Patent. d S^ ra ™ s POWUeT 

their volume, car and machine Office, has always given the .SSSEKm en tennSeMcralMs From 1/r - W- Cave 
tooled Industries.- Yer we are .wil; excuse that the indexing system i^SHSEenffi SoSaJnce S5 Sir,- Christopher Parkes’ in 
xussing . the revival, of our ml is mainly Intended to help SbeS^SntaiSs muJh that^S teresting article on the EEC 
mmspori industry due to Avch- examiners to search for novelty con^ercf afly sensi tfie and will Ebim mUk P owder sur P lus 
nlcal - esceUencp and . creature but with fio inaoy invatid granted; SSLiy & oir (December 7) may perhaps mis- 

engineering, ^here are ^Miany . parents, this cannot be true any Sdhctriai rivals notably those lcad som e readers by omitting to 
reasons ;Eor_ this including v a longer. t. -. nolaDly Ul0 ‘ e make the point that drying into 

general inability to e.cceut, and- ^Co U jd - we suggest that the ; ^ cap thp powder form is a relatively new 

finance ' change. • Mechadft^rfPAtdnt.vOffice :is following the . *. -J □, lh sh i^ way of deating with tlus by- 

e^meen.ng mnoya^on- rmd. >fc;generer civil ^ '.'sendee trend ta-jgggj* iid hare aS P roduct - 

alllPfl nroduction pnnineerins are. -onnairlAT-. that-. rlanartmAntc »vist Barl - aua - Fnr innrp than 50 v»arc Tlpn. 


stifled. Try to reise^motwy jnd public who foot the bUl is in p ^"7 f by feeding it to pigs raw. without 

you win. see. wh^Try -to. ficid ^condary? . • ' e sa m e i ourial Stic any es P cnsive treatments whai- 

ynung engineers and you wJU s« R.H.Xhandler. . .... SeS-will 1 be applied ™o d£ soever - 1 llke "“I otier British 

why. ' •- • P.D. Bax 55, Braintree. Essex. the rnnMnte nlln* or pis P roducers - used to purchase 

Far too little attention is; he imt. -, : lar " e quantities of raw skim 

paid to creation of ' tomoKpw'e • V ... . private enterprise with s.miijr ml]1 . fQr j feeding until we 

products In.traffitioqaT industries piflwifif'Qf j fin !f? r rKr D pt _‘ ompetltJon ** e joined the Common Market when 

where the majority work. .Unfor- 1GI. GEC. etc. pric{ , of mi]k powder wag 

tunately it is too easy ; toclmi^ on. ^ ■ j - •**' ' raised so high that it was more 

the bamVwagao: „pf mfiovaticm m. J pT^CtlCGS Jv X^’ profitable for the butter-makers 

industries- employing lew.nfeoplb - r-. bo_ comment needed: bdtior. fn rir „ fh p =irim and cell the 


wugiq ujc uiojuiiv . . . - XT * T\ if ti 

tunately it is too easy tO'clirab-on. '*■*'' 

the baml-wagon of inDovation in/ -.nf ECtlCGS .• 248, ktughtsb ridge. /. 

industries, employing iew.jpeopft . ' No comment needed! Editor. 

and whose technologies . fewer Front .Mr.. R. Price . ; _ -y % . 

understand. ' -V . Sir^—1 "share. Mr. Arnot's con-. 

Anthony .Sin allKprn, w cenjjfDec, ^V aboat the dassifi- „ iL.-J 

V'raufieTd House. SlbtJold. ‘ : cathra • practices used by the X CuMlHl lutili 

Hftehin. . Hertfordshire. , .. . Patent Office. A public body seal- :. r- - . , 

■ . . - ing 3S;000 patents a year arrd:' ".OSlTlCnGS 

Consumers and -. SSSw^oS! , >«^m?w , «?» t^s' au! B ct ‘ ain n, 

■ « • • r ■■ ■ tain an . effective.' classification Research Accountants 

the Mu .: ;v;;c ^ . u , „,tv th-t ^ 


joined the Common Market when 
Lhe price of milk powder was 
raised so high that it was more 
profitable for the butter-makers 
to dry the skim and sell the 
powder into intervention than it 
was to sell the raw skim milk 
for pig feed. 

The Intervention Board has 
devised a scheme for selling the 
milk powder for livestock feed 
at a -subsidised price but the 
rules and conditions are 
extremely complex and. costly. 
I visited the Intervention Board 
at Reading to obtain official 
guidance on fiiline-in the forms 


rVom_gie .Pw-e rtor . . . -.her of : different: methods to do (Pronnber 11) has chosen to aQidance gnine-in the forms 

Tfw RrtoiLQwBr^w^.-^- V ‘tins, uono of which meets mdus- pwjtiflcate - tea sensational way ^ ^become a registered buyer 
Sir, — I woitid like . io. refute tries' needs for the efficient and about, accounting for pension a„d Ift er three months I have 
the singularly Jin-informed tetter reliable ; retrieval of technical funds.- The truth is that mort J™ helrd whcSier "my 

entitled “ Corrsumere - aqd the^ ^ iriformatioit A $ ^orie example, the medium; and large funds employ ^ be accC ptod 

EEC" which Roger -Besotp-.wrpte t^ssmeation records on X-ray professional staff to prepare quite P Thc b!3c ^concept nf a Sin- 
on behalf of the; Assoctetnm- of-- tomography 'show that EMI has detailed annual reports and mon A “ricultSral Prilicv is quite 
Scientific. Technical and Mma- only ^n? &tent on this subject, accounts. It. is normal for a SmlrawiTut ttie moS see of 
gerial Staffs on December. 12. . -.despite- a large R and D effort summary to appear in the house ft is one rated the do ser 

First bf all, let me assure you. byr,this.- corhpany. covering half newspaper and for the full resembles organised lunacy 
that consumer organisations are a decade. The ; ncw classification version to be available to any ^ T Cm 
quite able to represent their own. schemes are of dubious merit. I member on request. Latter House Farm. Everleinh 

interests in Brussels without the .wonder.:. at. the' .advisability of • .-While, being under no obliga- Marlborouah Wiltshire 
need to- call on -the assistance of grouping' -together saich diverse trap to do so. an iocreasiog ' ^ J 

retailers; Those familiar vHth th ff topics - its .'video' tape cassettes, number of funds will give their _ . _ . 

Brussels -political - scene vwnr towel rMstiehsers and typewriter repots to the- Press but this trend I rflilS- K.3 151 hflFI 

know that the consumer lobby is ribbon feeds. will not be encouraged by attacks * m.x*o a^iuuuuii 

. generally- accepted, .as _ bothu_ -The. ;c.orap.uterL generation of such & that by Lex., -«ilnr<»w 

powerful and effective. tWs imormatioii .«( also far from _ Lex attacks the National* JLitjUlt^ dy 

Far from seeking to- end large Batisfpetom jitch systems should Association. o£ Pension Funds. _ _ 

sections of the textile -trade, re-, provide efficiency with low cost, bdt -.does not mention that it _5_ r - ■■, osu *J , , 

tailers are engaged in- discussiuns The- new classification schemes encourages - Its members to Ste.— on m> mum trorn 

with manufacturers in the forum are : . introduced without the deposit fund accounts at Croydon, abroad, John Stew^is article 
of the joint textile committee necessary computer back-up. Tlie and advises funds not to embargo f w 

(znd acting on the initiative of delay at present is nine months. tbese;from the Press. NAPF can, the right track (December 6) 
a retailer) to assist UK nianufac- The cost of this service can. nodoubt, "answer for itself but I was Jwnitt na attention. I 

hirers to take up opportunities exceed- the charge made, by the would- pay tribute to that °“ r 

for import substitution created VS. Patent' Office for its entire Q^anisatlon for ..its-' invaluable company was mentioned in con- 
bv the renegotiated multi-fibre collection of classified docu- ‘ assistance in. distributing the nee tion with the Trans-Kalahari 
arranSraSt " ' ments. The .American service discosslon document “ Financial railway project 

Ins trhe that retailers- are di* spans one hundred years, not the repomjor- pension funds" pre- I would, however, like lo make 

satified with the MFA. which lm: thirteen .Years the British Office pared - by the /group of which I it very clear that the team which 

poses quantitative restrictions on qften provides.' am chairman. -'Oiat over 4,000 Maxwell Stamp Associates would 

textile imports from low-cost pro-. Having., waited so -long-fbr a copiqs^hive been sold sugsests a lead on any such- study would 
ducerV Alternative ^capacity In revision : of the Patent Office’s keen hrtarest in the development have no South African connet- 
other deveJopiiia Countries is nut rules, we -are one of the last of .reporting : - standards for tlons of any nature whatsoever. 
av-j!abteor is unsuitabte for the. countries in Western Europe to. penman funds. Although there It would be an entirely British 
this -has created a adopt- : early publication, one are .some ' technical obstacles consortium. 
sSdUct? •^ teeirA'Difld'hOTe'-tttpeetri Them to in-- woieir • need to be. overcome R. M.- Bostock. 

TWfilailer. in order corporate tfie. best features of possibly atehg the lines suggested Maxwell Stamp Associates, 
to k^r tiie price^tb tbe Sn- othW .(Sotmlries' -systems. ' The in our;rep 0 rt, our evidence is (hat 55-63, Gosicell Road, EC1, 


V\fe won’t be 
satisfied until itk 

. GinDCV^ 

m — r '-« V • 


Last year we handled 

about 27,000 million messages -f..r i 

that’s about 70 million a day. vUVr /-'J v 

Only .one out of every hundred' ^ • J 


C- ... 






We’ve done a lot ill 

the last ten years to keep prices down and the service standards up, 
iir spite of the fact that there are now 2 -5 million more addresses 
for us to call on. 

However we kno\y only too well, that just one misrouted 
telephone call or one letter that arrives late destroys all our hard work. 

So we follow up every complaint to see if it’s a simple, human 
error or a flaw in the system. If it’s the system, we’ll be looking at ways 
to improve it. If it’s human error, we can only apologise and try . to 
make certain it doesn’t happen again. 

Our aim, quite simply is to give the complaints department 
a whole lot less work to do. __ 

Tine Pose Oinriice 

^KEEPING BRITAIN IN TOUCHCX 

Further infistnatfon many afonrpioduds»senices ante obtained com yourHeadlbsmaitcrorTclcrhortc General ibnqcs 







Companies and Markets 


.. * . ■ • •■-.■ ••. ■--,■■• ;■ . • ?.w» ye • />' 

"... Vi.rVr ^ „• 

....... ,, • ^ 

& .UK 'COMPANY ' NEWS. ■; ;gi_ ■ ' 


Comp Air lower at £llm t Dubmer 


I Carlton disposal 

current demand strong S 6 ^™ LMS to £3.5m so 



Carav^Ss 
downaft^r 
second half 



COUNTER to expectations at mid- 
way. ther was a Further decline 
in taxable . prutil at GmiipAii' in 
l Fie second half front £fi.3tim to 
£.i.nim leaving the total for the 
year to October 1. 1978. down 
fft.Sflm at £ll.32ni. The results this 
tiem include a i0.4m contribution 
for 28 weeks from aWiis Fluid 

Power, acquired in March. 

In the face of subdued world 
demand sales by th evompanv, 

which produced air compressors. 

pneumatic tools, etc., were 13.5 
per cent ahead at ri4?.X5ni. How- 
ever this performance was not 
reflected in profit due lo con- 
ditions in two important markets 
and to movements in exchange 
rates, the directors say. 

Economic problems in France 
and Nigeria le din reductions in 
proflt contrlhuiiuns, totalling 
some £2m. The adverse effect i»f 
currency changes is estimated at 
£0.5m. 


HIGHLIGHTS 


advance 


DIVIDENDS ANNOUNCED 

Tdfai;..Tot*l 


Associated Biscuit has come up with a £10m rights issue 
to finance the purchase of Smiths Foods from U.S. group 
General Mills. Guthrie Corporation has rarely had such a 
pour half-year report, but the group is forecasting a second- 
half recovery, to take the year’s profits close to those of last 
year— £I9.6m. Lex also looks at the Bank of England's latest 
quarterly bulletin, which examines the lung-term trends in 
company profits. Caravans’ second-half decline was forecast, 
and the shares held firm in the face of a 28 per cent fail in 
full-year profits. Bulmer’s profits have recuvcred and Shaw 
Carpels has turned in some impressive figures. LRC reports 
sume improvement over a poor comparable period and 
CompAir's profits are down despite the first time inclusion of 
Watts. Whessoe is emerging Trum the problems of the tanker 
market reasonably well and Scrck's profits arc 45 per cent 
lower, rellec ting the depressed state of demand. 


' *. .Date Cor re- 

current. -of spending 

payment " payment .. 

‘Q.ifl * L T 


AS FORESHADOWED In Septem- 
ber. reSecling the initial effect 
. of its Carlton Industries disposal, 

THE lira profit mark has been pre-tax profits of London fltcr- 
reached by Dubilier, maker of (.^ant Securities were lower at 
components Tor the electronics £3.4fi ra f or tf,e six months to 

industry. In the year ended September 30. 1978. compared n-cceridEe Brick .r’ifirV 2 *J>fcT“7 

October 1, 1978. profit advanced with X4.tKm, on turnover of Brafthwaite int. 2Jk£?V.Jan. 11 

34 per cent to Il-.llni. from spies £24.im against £44.74m. u i» Bulmer int 2.4S-. \ Feb 12 

18 per cent h*»r =1 M.m,. n ^ ^ f] Burner ...... .Mint. 2.4|v^C- April. I 

comparable as 1978 Caravans Inti. 2M .../April 2 

. nr a Jude only the Carlton Chemrtng U.fi7 

nrnfii <nr ihrnp months amount- Com pair *.-W 


’■y 


for , , Sft A MWNTDRNjl. MMai. 


/March 


253 
1.9ft 
25 
25 
2.62 
0.59- 
2 2.12? 


1.44 


4.04 


Steady progress has been made 
on the domestic fronl, and this jjro 
has been complemented by 
substantial 
with overseas 
upsurge of 

Capital 

amounted _ „ __ , . . 

level is to continue In "rrier to Uon for only nine months, fol- Arthur Lee !” 1.1 , /^ Feb. 23 , 1.05 1.54 

increase capacity for exist ms pro- j owinE Carlton’s change of year- ^ Merchant Secs--.. int 054. /Feb. 10 .054* — . 

ducts and develop new products end t0 December 31 after it Moontate Inv. int. L7jS v ; i-“ Jan. 15 1-5 


year y«tf. tax. profits frimv 4tftn> ¥>2£4£* : 
'ofit - 133 • at- CararanvJn^hmtionaljBft the 
— ■ 4:3 ‘ fulf-yc ar~E gfu re tttAugiSf' 

low- at' £2171 rh, compared ytib, ■ 

$ * fi' - ' laW year’s, peak /£S.76m.-. Sates 

-5.-26 ■’ 4iG2 * frpfft £61.71 m, to 5619501. ' 

13® - . men- ra^rt^Tnidwaj .profits * 


• ; 


; I , 


-;-U J r >■ 



3-62 ingber at. £3. 09m (£057m) -toe 
9-97 directors forecast -that sectmd-half 

* * ' • - - -.those 

' we?! 

year'S ; Tetforfl 


i--; ■- 


The impact of these factors on pally on overseas net •assets, were are down 7.3 per cent but stiip- 
the final uuiconie was jiariially transferred direct to reserves. ping 

offset by the sound tradinu’ There was an extraordinary I**-* 
achievements of the majority of debit t |iia time of £417.000 com- U-i 
group companies, the directors prising an after lax loss on sale «clian. 
add. of a 4u pe r ^nt interest In ihe France, the valve and cylinder 

Demand for Ihe sjcuiip's Indus- Ghanaian subsidiary company subsidiary just about broke even 

trial products remains strong in and provision for a -loss on dis- tht ’ P c n ,, J but ComjiAjr 

the current year and. with suns posal of a further 20 per cent * r<,r ^' e - * h J f l , ?' .‘ia l.w 

nf recovery in France maiker interest in the Nigerian sub- lor - k ad P? 1 " lls margins and sales 


for home and overseas markets, became a subsidiary of Hawker /’RT ^niT toL 0.7 

Based on a full lax charE«. Siddeley. Scrck .... .453;.-; 

again"? 5 l.Mp. pw°5p sharer The For all the previous year, group '‘""fYn?* |S^/ 

tinal dividend is 0.5708P to lift pre-tax profits reached a peak Russen . 

to ».4Sm. Sbaw Carpets int.. .1 -*f. 

ti.. i.ifu*,, nw.»3T rpsjilr in- -- j — 


1.45 


April 
Feb. 9 
April 24 
Feb. 7 


the net 

l.J0.»2p. 


total from 0.9SSp 


v. Jan. 31 
-Feb. P 



0.7 

3.94 

25S 

1' 

1.61* 

Nil 

3.5 

0.9 

2.82 


6.53 


052* The directors state that, retail 
*3R2 sales, of - new touring calrayans-- 
233 throughout -• Western *Eurona;, 
5 04 generally appear to he on the-rn; 
Crease. bUt conditions, are/ siijf - 
_ . ■ ,458 dfJSeuIt in' the touting toailcetjJito . 
479* jg.ii* to - finished stodcs. ; -jr".? <’■ ' 

-“ -2-Sl- in vieiv ef these -Mgh jnpenfitg 
. f ,/ stocks, partfetflar - Attentfaa; : Ss : 

. . J-31 . behrg ...paid to ; winter' 1 phodBctitnl . 
5.14 . ■ • 4,5. t0 ac bjeve the correct feafipoce ehd ; 


comlibions offer some scope for sidi 
progress. On the const rucl ion before 
equipment side uhe immediate 
nutlook is unsettled due In the 
aftermath of the Ford strike and 7 nl ^o-, 
the situMaun in Iran, the directors DvarcvlaiKm ........ 

Jtay. PrHW profit 

Earnings per 25p .share, after n.-i ‘ pmiit 

tax or £3.:Miin (L-V-V.lm 1. were Mlnonue. 

11.B2P (13.47pi basic and II.UTp f.V" h t«lbi e 

flL'.Kpj fully diluted. The net kJijibcU 

tola! rtivndend is Htepped up l*» a 
maximum permuted 4.lW6'jp 
(3.R221p> by a final of 2.3S6Np. • COmiuenv 


Braithwaite 

idhiry* which ^will be V completed volume hit by sluggish economic J l* 4 .-. 

lefore December 31, 1978. %rowih. But the biggest setback {I pP I 111 AC TQ 

« l9n>.T7 was in Nigeria where profits UWl S t l VJ t-Vr 

£317,500 


to £1.96m. 

Distributable profits for the half 
vear emerged ahead from 
£487,000 to £604.000 and with in- 
creasing benefits from the sub- 


wbere- otherwise st**d: the . directors. say il ls I i&ete': tS^t- 

- — / issue t On capital, results 'ibr the first, 'iDt -ynortlhi 

increased by rights and/or acquisition issues. 1 2.479p. -final: forecast. -. 0 f the current year wjU s be jbVver 
§ Not less than 2.513Sp forecafiL ‘1 increased to reduce dlspanty. than last ' j^ar^ \ wjrrespohdw 

period. ‘ 


‘■e:, *■ 

» is - 

I “ ' Sf . 


1 i\* 


/ They. - cixpect . th& " <^mj>any> 

siantlar liquidity produced by the Ihe 1977-78 final was an equivalent -that the ca.-rfi couHdVbe-usg& ;to 

rJe ol cSrtlon fhare, and con- 0A837p. seek earolna .o roptece Tte £ljim ^*, ^^gSisJS ^SS 

Iflfio Iiwi' dropped by more than 11m. The limung growth in inco to from • , . . jyofit foregone in ttie fi rrt -^b^f looking • fdrwaHr-ffo hraeaSffl" 

i-»7..u*> U9.7H-' company relies on Government P'll H CAA * h f. p T2P eT }*l n £ • Comment . as a result of Carlton ^iaYe sale, progts an d ihey/Ara noW^morfe' 

2"* ?lli related contracts for the bulk of Xj| / ,jlJn ii the secomThaif Londoa Merchant Securlttes’-fiwt In the current year theprOip^t confident of.pco^eet^tortoUr^ 

ulS 12 ji Mies, and these were heavily accelerate m the second naif hair (igures reflect the major. js for a final pre-tax resolt rtttch^caravaiis.; . . / . . ;V. 

3.P4M i.ii> pruned back during the period. SL0W ER SETTLEMENT of con- . In consequence of the reduction metamorphois the group is ‘undeiv’ lower than 1977/78 but a hfcfcer -ifoWever the dirartot*s iln-i»ot 

• « v Operations elsewhere were tracts and delav in shipments in ihe groups equity holding in c 0 ,ng following the cut 1ft'. lttr. figure available rfor tystiabutioft to:. **«WjeyeiVJhc. ore oq.RPl 
” buoyant, particularly in Australia hecjU5e exchange and financial Carlton from 1 78.9 per cent to 275 £ lake in Carlton Industries from/LMS shareholders. The tbyidend 

s.m ?nd Continental Europe (France frictions Insome overseas Per cent, there was an extra- -g g per ^ to 2 75 per cent.im wrfl be urcreased by fihe nraximum 

4.547 excluded). Prospects for Ih * markets depressed the fir-t-half nrdinary charge of Il.lom in the June . Short term borrowings. allowed which with the shares at ™&^H.3Wr. 

current year depend on a re- resu i./ 0 f Braithwaite and Co. half-year results. have been cut by £12m. &nfl.-a 67p gives a pro«pecttvft .yield ..of - EamingS pec ,20p. glftra - ’ -m - 

cuvery in France and Nigeria. EnK i nwrs . Stated earnings, before extra- further £10m is on deposli pend- 25 per cent Wfth tiw m«taH«- shown d£>wtt at 1352p-f£858p) on' 

Also clouding the P«ciure is the The brjd and construc (innal ordinary items, are shown as 1.64p ing a decision on . a final invest-;, ation still In its early dag^/the a net basis, and lg-?7p On 

The tax charge was relieved by The inclusion of a first-time pre- Ford strike given that they are ens i ncer jns group turned m p re- < adjusted 1.7Sp> per 25p share, men t home. This could be- Hie Glares are not parDCihany 4f(r^c-. a -nil basis. A final dividend . of. 

exceptional prior year adjust- lax contribution of £0.4ra from a maj’or supplier plus the un- lax profits down by £146 KI2 to The interim dividend is effectively group's Angel office complete: «r. tive at current leveis^ and wSI 2558p net,. lifts the totaliJayinenr 

ments amounting to £150,000 ihe Watts Fluid Power acquisition settled situation in Iran which is ^17549 i0 t he- half year to lifted from 0 239525p to 0.335p net. In North Sea oil exploration, via require evidence offiokd earnings from. 4.62pto 5J58S.//;/\:-,’.' 

(£400.000) and. as is the com- failed to prevent CompAir's first a significant sales area. The September 30, 1978.. on turnover costing £394.303. and the maxi- LMS - * interest in Centuiy Power, and an improved yield ^before. t$»y 'Oh a ; fully diluted' brife'thfe : 

panys usual practice, exchange annual profit downturn since the shares at 84 pa re on ayield of aLs0 down at £503 m> against mum permitted final is forecast— and Light. A third possibility. «,• warrant a major : review. _ pptlonii- ^ubsitfng- th ! : ^rrtployeM"- 


: . •>: 




sn; 

' IIU- 
417 
5.359 
3.252 


,J .‘if- 




Josses of £2. 03m (£1.81mj, princi- merger in 1968. Pre-tax profits 7.4 per cent and apeol 7.4. 


. i- if -yT ■> 
^ •>> 


Deritend sees satisfactory 
performance despite downturn 


ALTHOUGH first half profits of The directors explain that in standard on deferred tax 


£5.09 m. 

The directors anticipate that 
profits in the second half will be 
similar lo those at midway. 
Profitability, they add. has been 
depressed by the world major re- 
cession in major construction 
projects which shows no improve- 
ment. 

For the whole of last year the 
group made pre-tax profits of 
£l.U2m, against a record £2.03 m 
the previous year. • 

The Board says. the 
and Jems in Plastic Recyclin 


Ik 

% 


LRC International slips back 
at midway on increased 


options -siibsjtj'ng to 1 -employees 
under the. Cl employee £hare : 
scheme would not: dilute «antihgs 
per share ‘by" thore .thfth .S per 
cent, the ^Irectork- p'6mt'tnrL . i 
' Profits were struck -after tax ift 
n.4lm (£f54m) ■' T including.- an 
overseas: charge: : ; qlr £L14Si 
f£I55m), jiad -minddtfea, £2Q8JpO 
£25500). -There was a' reduction . 
in .sterling bqok value of -Overseas 
net assets arising Jxom: esiefiange 
conversion . at rfasnwr-'r.iates. 




-Cl’ 



groups performance _ . 

whole will continue satisfactorily, to contend. Therefore, the j>er 50p share — the 

Their optimism is based on the envisaged target for the half year year's final was 6.67p. 

fact the group's interests are did mil materialise. _ The group is engaged in forg- from l.flSp net to 2511 p and earn- w a ir. year ‘ 

fairly widespread, and not depen- In the half year sales rose by ings, castings, and electrical mgs per share are _diown dov.n fnr rhp r 



previous the company. 

The mterim dividend is raised 


Substantial — . UU |l, urn irum Itwni u» blKWUi. IHE JSW, "7- .“*» * -“ C"‘“ n-waiui /R7XAA1 • 

sanctioned for profit for the whole of ment in the second and this is competition undermined LHC's *7 f^w.. £** ‘ Aow/4'.* . v r 

last year totalled £6.B7m. continuing. The European a<&v|i strong market position in-ctmtiv V / • - '. . 

Trading profit for the previous and Schmid Laboratories to ceptives, are an extreme example' # comment ’-'V-'- v:. \ . 
ilf-year included about £500,000 ^e U.S. continue to perform welt of Ibis. But the company-mam- w ^ - A” f..- rw. ... ,• • 

for the results of Pharma x which The net interim dividend^ » tains that Its trading bactoound The 1 sharp dip Jn siqnl& faalf 


dent solely on one particular field I2m to £15. 06m. Tax takes installations and repairs. The from 8.1p to 5.5p. Dividends for h ^ becn so]d ujc maintained at Q.698p per -TOp is improving into the third .quar- profits at Caravani JntenUliBonal 

of industry. ProfiLs in the 1977-78 £344.760 (£431.3401 to leave the directors are continually seeking last year totalled 4596 p. ^ previously 51 per cent share. Last year’s total was ter following a poor 5tt&Brier- Js not unexpected - ' an H the loverall 

year were £t.79m. against £152m net profit at £318540. compared geographical acquisitions which Tax takes £165,000. against olvned wh ,. re t he shareholding 2528p. The cost of the interfam '-vdiich' hit its underwater , equip- rnsult— «rofits 28 per.cepr fower 

and £1.34m in the two preceding with £398.160. The directors, are will furtber strengthen some of 1241.000, and attributable profit is has be ' t;n reduced lo 40 per ^nt. goes up from £620,000 to £624,000. ' qjeot, swLmcapS.'ETsan and ffixoto- for the 1 yegr 1 — Ts better thah.^pftie 

years. considering recent accounting the divisions. down from £219.444 to £148,612. n e P£ X. and Fraga continued . ®rapdric development buii4e«ra, 6utside. estimates; The *, basic 

to make losses of about £370,000. ® • a”'? there shouW be^a small con- prohlem^is lhatthe'^xportrmflrk^ 



- s : . 


Building is one of tb.e things wfe do 
well at DSM. We’ve built one of 
Europe’s great chemicals and plastics, 
companies out of what was. once the 
state coal mining company. And we*re 
still building. ••• ; 

Surprisingly, for. a chemicals com- 
pany, we also helpto build-houses. 

We make piles and. girders, roof tiles 
and floor tiles, wall paneUirig v __window 
sills, do-it-yourself garden fittings "and 
swimming pools. 

We make bricks. More 
than 160 million of 
them every year 
from one of 
the world’s ’ 


most modern continuous production 
systems. We started modestly more 
than 25 years' ago by trying to find ways 
to use our left-overs. These left-overs 
from our production processes made 
a meal for the house brick industry. 
We called the bricks Poriso because 
they. are porous. But they also give 
good sound insulation. Good heat insu- 
lation. Good value. 

In every brick you'll find our expertise. 

On lots of walls you’ll find 
our name and our skill. 
We don’t mind what you 
write on them. 
DSM got. 
there first. 


J*- 





DSM 15 chemicals and plastics 

To find oul how much more we do. wnle lo Ihe Information Department DSM PC Box 65. Heerlen, The Netherlands. 


■r 

J/-- 


against £177,000. in the first half. L R C International 
Because of the losses and the figures show some 

resulting insolvency of these com- over the very poor 19i 

panics they were put into com- half, but are otherwise disappoint- ing from, the DEPEX liquidation * fifth to £8|m .ahd • Ims - was 
pulsory liquidation in October. imr. considering tie Board's and problems: in Iran the odds prdbafely not as bad as the sector 

Un present information, an earlier optimism. Even allowing are the totaCdividend pay-out -WfB average. Actual "UK demands- teas 

extraordinary item will be pro- for the disposal of Fharmax and be Increase^ by the tnaxJmum not disappointing but; the: fattttre 

vided in the consolidated accounts the move into associate status of which puts thb shares, bt 84p. dnof the export market? wa^puttin^ 

at March 31, 1979. of about the Indian company, and putting a prospective support yield of itJ.9. Jhcreased.competitive pfessurfi.^Bn' 


£SOO,OOQ after tax relief, mainly the DEPEX Josses on one side, per cent 


Shaw Carpets half-time profit 


borne Xales --and:- ‘'.TiJilmately 
margins" ' suffered, vt — Elsewhere 
Caravans' - operations' In- Gecuitoiy 
■were -facing 1 the .same.' - sort- -of , 
problems and only Sou Si Africa 
showed .any- growth— j udging by - 
the minority chare es -profits DipW 
could Be around JTlm affaXnSt 

£63,000". in, the previous . ‘y£ar. 


IMPROVED MARKETING and assets for the ordinary from 34p trating, marketing efforts _ 

better consumer demand helped share, as at April 28, 1978, to 24p. wholesaling cutlets arid, large CaraVan^~has "cut'^ifc- 'WofkforcB 

Shaw Carpets push up sales by retail groups. Shaw's small retail and trimmed back UK production 

3.'J per cent lo just over I15ni § comment nmy n limber only, about ^ compensate for the . Beasy 

and to achieve a turnround from w , , 3.o06, compared with 8,00ft four stocks at the retail end. The first 

a loss of £304,000 to £949,000 pre- Shaw Carpets has turned in an years ago. Meanwhile, tne jcom- ffiigto stiH '6e weak 

lax profit in the 26 weeks to impressive set of recovery figures pany. is : continuing to increase .w t h» hope w thni tlte-aecOJld' 

with profits at least £0.1 m more production on the Mffbtron h^if will make un fdr Ihe shnrt- 


October 27, 197S. 


me mmmron half will make up tfuB ' Bbnrt- 

The group made a profit of £lm than Uie market expected for the machine, s ^ ou W -contr Jate falL Full year promsMight reach 

- -- first half. The results reflect a to Tughor margins. Overall, ^ ukSBim &*r** TnSk -firmlv 


in the second half oF last year. v rsc “ 3i1, Ine r «uns reueci a to nignor margins, uverau, fjjn, so the shares look firmly 
The interim dividend Lv Ip mil) g"*? "J" i ba ” d *)«> * hfctoric ,./e of il 

ffi3^I5L“VSaSSPJ probable ''indUJdry'^ris^ otl«v pXuW.iJSJ * ThSJ 

^ lul m i0n ‘,1 C .I ° l ih.in 0 1 eii th. Clearly, Shaw has to he very conservative.' A 


Cl 1 *. 


.u c ™. n{1 r r C . UT T“Ji: 1 "! been successful 


preference shares of XL each on 


its market 



•ssful in stepping up likely outcome is in the region 

ehare of tufted carpe.s of £2fim and there is. every chance JhSif ifi tETtSfiSS?' 


LI 


-~K T;-.- . 


wnii^ the Treasury lhat the com- includes the new MHUiron printed in the. ‘meantime the' jdeld -is- 
panys lm:he<t dividend cover carpel — Shaw's answer to Axmin- increased ; from 55 per cent. .to 


BEJECHWQpp 

Ini yesterday’s. . report 


flu 


? inci ‘., rt f ! ivide u d restraint .Parted stcr . However, equally important an effective 7.3 per cent, taking mlnoritieff' Interest should, have 
JS , WPeks to Aprl ‘ ha.>- been the policy of concen- in the preference scrip. " . been £181 f£32>. 

2fi. 1974. Taking this inio account — ■ ■ ...... — — ... 1 ■ : Tr - 

ilii? hoard propose a dividend of _____ ■ r. ' ■ • -- -• 


- r ^' tr 1 *; , 


: ;:d < ^ 


propose 

7 op on second preference shares 
payable April 27. 1979. for ihe 
period lo April 3CJ. 1979, and sub- 
ject 10 unforeseen- circumstances, 
in recommend a final ordinary 
dividend of nnl less than 1.5i:i8p 
making a total of 2.5I3Sp 1 samel. 

tin this basis, ordinary share- 
holders who retain their second 
preference shares should achieve 
an income increase of not less 
than 29 8 per cent compared with 
previous year. 

The Board says in the scrip 
issue formal document lhat the 
statements on the proposed divi- 
dend level on the second prefer- 
ence shares and ordinary shares 
Tor the 52 weeks lo April 27, 1979 
combined with the reference to 
dividend cover imply profits after 
lax and payment or the dividend 
on the existing preference shares 
Of not less Ulan £920.800 (£334.320 
1977-781. 

Millie the directors are fully 
confident this profits level will be 
achieved, if there were a shortfall 
the final ordinary dividend per 
share would, because of the divi- 
dend cover rule,’ be less than 
lAiSKp. 

In the period to the end of 
April. ltlSO. if current dividend 
legislation applies. The maximum 
permissible ordinary dividend 
will be lib per cent of the total 
dividends paid nn ordinary and 
-econd preference .shares in the 
52 weeks to April 27. 1979, hut 
after deducting the dividend paid 
nn I he second preference shares 
for 1979-SO. On this basis the 
ordinary, dividend for 1970-80 
would show an increase of about 
3 per cent over the previous year. 
This, nf course, assumes that a 
higher ordinary dividend could 
not be paid under Ihe " cover 
rule ” 

The directors have told The 
company that they and their 
family interests intend in dispose 
of about 301. unil second prefer- 
ence v]ia res — »ho whole or their 
n m lenient at the siart nf deal- 
ings in the new shares which arc 
expected to siart on January 29. 
1979 

The ksu» document also says 
thjl the effect of th« propns.il will , 
he lo j educe Ihe net tangible 


NOTICE OF REDEMPTION 
"•* To the Holders of ’ 


: ••• ' ....-if •• • 

. . .. ... .. ; ;.-y - . 

Phillips Petroleum IuternatioiiBl 

Inyestment Company _ : v : 

6 % Guaranteed Sixikin^FimdUehejmiresDae 1981 . JZW ■ ■ 

. Dae JanjjarylS, 1981 : V : iJ' 


CI2; . 
~ v '~- 


*-■1 "c - 


pnnapal amount thtteo^ together with accrued intewstto said dale, 

SubO.OOO pnndpal amount of thaibare .described ^Debentures. The serial numbers o£ said Ddbentums - 
so selcctea ore as follows: . ' ; : - . "j • 







AIhi outstanding Debentures of prefix 

3678 2776 . 3175 M375'- Z- 

t Januarv IS, 19/9, the Debentures dKSgnited abqve wHl becoine 


On 
or currency 


of public and private debt*. Said Debentures will be paid, u j*m. li-' 

eto maturing after the rfcdetftption date, at-ffie'opti^^rfiteitc4i{ear 


U) * 1 **» corporate irwt office of Morgan Guarimty Tnist Commmy of T&.-Ymk. - J?: 

fL]Sbil?r oa ? w?r iK P,cw ^ ork » r N€W yo«fc aesafctSis ■- 

applicable thereto in the couniry of any such offices, at the' mud efficts orMffrBanT3airantyjTrust - J* 
Company of New Tork in Brussels, Frankfurt iun Main. JLdndBn oppjfifc ne- fian» O b M fe' ^ 


- Th , Cllv - r x . v . Rces^feiTed tom .<&) above . 

SchCi?. 7 £ A Y k oc by t^fehradoHacaccoaut ^ 

On and after Januaty 15, 1979.5iterest dtall ca» to accrue d) " ‘ - v- - ^V 

lor redemption. . ' • 

•r-e v ' J ' J .i J. 


Dated: December 14, 1978 




NOTICE 


The following Deheaturas prerimn^p called &r rednap dim' iiw iiot'ai y tf j- ;.: ■ 

payment: _ . .;4-. . 


■ i L . * 
r e L ’ “* . 


34 qi 5 22 S? J? 1 ?® 14083 . XS 044 1 S 07 S 3 BB 02 J 7«7 1719 ^ > 79 lO 3 Wlt fifldltfi 

om 2255 HJ 2 2 }«20 14089 16047 . 160 X 7-16803 17080 ' £7280 

IS® 5255 212* MSS J«S9-»6W» lSOT*. ITWH l4lei. 172U!, 7«74"Sd365 ?0to4 

2?Jf j** 4 * M47 7M5 3131* U0SS UTGl ieoSL 16083 1~0S9^17173 17309'3S53S 2Q2**-2D«Z4: 

12 63 I 672 y* 7 ? UI12 14063 13268 16063 16297 17(2* 17116 17310 IMSS 302eS-M4» 

3163 4H3 3S?'iSB^8!S ?“73 16373 17061 l g^ 2^5Q44|y : 


v '! ■ 


'it.'r • _ 

.i- 

T6?3 10473 13«i 14078 1SD33 16074 win Itoto iiSr -l 555ft ' 










•K 

seco,, 

s hor« 




warnson second half 




saatchi Whessoe fall 

& Saatchi . „„ _ 

jumps 50 % is over £ 0 . 5 m 


NAP SHARES FOR 1979 




mH n ' ■ 


• •/' PRE-TAX profits: Of -H- : R Buhner 
. Holdings, cider : maker. >eto, 7 rose : 
fiT . per to" 

-£I,92m -fpr ^ 

October 27, 197?, o]ii'.-5Bl£?-iip at' 
wo QS m aninit £to.08nj.., ; . 

■■ Mr., p; j.- 1 Prior, :tbe~ chairman; 
.... - states that .elder -’sales volume in . 
‘ November jw® similar to that of 
. last year' aQd'-Jt-.is Itoped that. the- 
-3 per cent reduction lit tip. first 
. . .half, will; be largely recovered in.. 

the second period. . -Much - will de-, 
' peuf on the Christmas peak-selL 
. in* season - which, is not jet > cbm-- 
pletcct. -‘j-’. -' 

Trading - profits ;ar r 

(JfLSmy 46 far,, are- expecSed^ to- 
co ntlnu e to sttov" imp rovsmeat ' In ^ 
the second '. half -. .JBut J he jjroup 
will not b enefit (hls-year from- the 
£1 exceptional^ gain which 
•••’ arose from toe increase in ret urn- 
- able' c ontai ner 1 . deposits In- Feb- 
■; . mu7, HTfS.- -Eor this reason, the 
•" - chairman Considers it uniRcely that 
7 pre-tax profits for the foil year 
•’» win exceed- the £2.7m Jor' 1077-78: • 
“nevertheless, the- -quality of our 
* . earnings this "year _wDl be rmucb 
■ improved.'’ he adds. 

. The. application . 10 . the Price.,. 
Commission for implementation of 
. .the 'balance - of a .price - increase ' 


...... i.w 



to £1.87m 




N* ijiv -v 

‘ ' ' m 




* , JfeSi 




■ -- __ “. ■’>• •• --'.-J.- Frolic Mansiicld 

Mr. Peter Mor; chairman of B ulmers, “local cider apple 
crop largest in living memory.” 


.the 'balance - of a .price - increase Mr. Prior slate's -that the local the second half is always season- 
pp eiders, “which, at todr.direction elder apple crop is* the largest in nlly slack and profits are not ex- 
wa^. deferred Oast - APrtl, w he living memory, and. more than peeled lo exceed £!.7m. This 
states, was -allowed and- prices five times the quantity handled v.ill, however, represent a good 
were -increased. . by - the equivalent In 19 77 wifi be processed. - ThL» underlying' advance on 1977-78 
of Ip a. pipt retail from* October 9. will stabilise raw". material i-osts «mce there will be no repetition 
1 ® 7Si . . next year, but to 1 fund these of the rise in bo itie deposits which 

: Mr. Prior says the original stoeks total; bortrwings are brought an exceptional £!^7m 
application was entirely within expected to increase ^by aboui inio the second half last time. For 
the criteria, . and . that the effect £3m. and about fijmat April. 1979. the future, the main question is 
'of the -Price ..Commission- inter-- 11 Substantial facilities, are avail- whether cider demand an the 
ventkmhas been to reduce profits sole. and our resources will not be home market can at last pick up 
for 197&79 by some fl5m. . . -strained," he add si . ... ■ . after a couple or very lean years: 

Earnings are shown as up from .-Despite raw material supply Buhner is taking a relatively 

S.BBp to lSJBp per 25 d share aiid problems the pectin deration has GjPtimistlc view, reckoning that 
■ the -directors are declaring a first shown an improved contribution the 3 per cent volume decline 
•SdlSTtiS.SaSSStSS which should coutuiue'hi the suffered so far con be njade up 

-t “ t -■ ass* stars s* syss 

|i“ iurjra« a final. parent of • Comment Sfh. m? 

2 : 4 ™ P (22 ^ yit Z, aie ?“ r : ■ H. P. BuJnser ciaitrre'.-that^but for is a blow^ Fortunately rife Austra- 

. Cider .sales: volume, was 3 per the intervention of toe Price Com- Jian cider business and the pectin 
cent below that achieved in the mtecinn the group's pretax profits side are both going well. Up Gp 

first half of last year, partly due. .would have reached' 'around £4m to IfiOp the shares yield 7.5 per 

P°° r -summer weather. ■ tn the current yearrr. :.'As It is, cent on the' forecast dividend, and 
wines and spirits have Shown profits have recovered reasonably the prospective p/e (assuming a 

an improved : performance in.. -the well in the first sixToonths but very low tax charge) is around 7. 

first halt and the .. chairman . 

expects this trend ^ to continue in • '• V. - - 


FOLLOWING A rise from £0.57m 
to 10.70m at midway, pre-tax 
profits of SAatChi and Saatchi 
Company, advertising agency, 
jumped 50 per cent from £ 1 .2.5 m 
to £lJB7m for tbe year to Septem- 
ber 80, 1B7S. Turnover rose .19 
per cent to £59 -12m and margins 
improved from 2^3 per cent to 
3.17 per cent 

Mr. Kenneth Gill, the chairman, 
says at the year-end the cash 
position was strong and the com- 
pany had zero borrowings. 
Management figures for the first 
quarter of the current year 
indicate that 197B will be another 
record year. 

Earnings per lOp share are 
shown as 16.95p (lUpj before 
extraordinary items, and as 15.3p 
(11.6pj after. A final dividend 
of 2.74p boosts the total payment 
by 54 per cent from an equivalent 
3.1 lp to 4.7&P net — comparisons 
are adjusted for both the Decem- 
ber. 1977, corporate reconstruction 
and this year's scrip issue. 

The company is aaaln free from 
dividend restraint in 1979 and its 
aim wifi be to keep returns to 
holders in line with I he growth 
in its business. Air. Gill states. 

Available profits advanced from 
£480,009 to £374,000, after tax of 
£1.08m [£0.72m>. minorities, 

£100,000 (£106,000;, and extra- 
ordinary £63,000 debits (£11 .01)0 
credits). Dividends absorb 
£180,000 (£117,000). 


Trans 

Oceanic 

increases 


the. second halt 


' 

Oder, pecdB 
WtoftS. spirits 
Depreciation? 


Half year 
1378 - 1377 
Hue roco 
_,. 30,848- 19,078 
... 20^38 18.613 
712 46S 

13 «• 


Systimeadvances 76% 
to record £0.84m 


GROSS REVENUE or Trans- 
oceanic Trust rose from £1.31 m 
to £1.45m and revenue before tax 
was up at £1.15in for the year to 
October 31, 1978, against a pre- 
vious £961,897. 

A final payment of 4p litis the 
total dividend for the period from 
5p to 5.5 p net per 25p share. 

After tax of £425.237 compared 
with £335.304 earnings are given 
as 5.93p i.5.68p; per share — a heavy 
conversion of loan stock during 
the year restricted the increase. 


TAKING into account exceptional 
exchange fiuciua Hons nf £155,204, 
the profit . reduriion rorecast by 
Whessoe for the year ended 
September 30. 1978, turns out to 
be £532,525. 

Sales virtue of work completed 
advanced from £49.97 ra to £8 1.08m, 
trading profit slipped a little from 
£4. 99m to H£4m, but the profit 
before tax came out at £2 ,89m. 
against £3 .4 3m. 

The net profit has suffered 
further to the extent of £530,000 
net redundancy costs. The net 
profit, therefore, is almost halved 
to £862,709. 

Lord Enroll, chairman of the 
group, says prospects for the 
current year, though reasonably 
assured for Aitnn and light 
engineering, still depend on fur- 
ther successes in winning addi- 
tional work for heavy engineering 
and performing it profitably. 

In 19i/-7S. Aiton increased its 
sales by 90 per cent and its trading 
profit by 73 per cent to I3m.. 
while light engineering improved 
its sales but lower margins re- 
duced trading profits from 
£867,526 to £707.823. In the cur- 
rent year both the.ve sections arc 
expected to show similar results 
to those new reported. 

Heavy engineering had higher 
sales bat reduced activity rut 
the trading profits front £2.3Hm 
to £lJ3m. Work shortage ;il 
Stockton and poor outlook for 
new orders forced closure of 
virtually all manufacturing oper- 
ations there from last month. 
Heavy engineering has a better 
workload on hand for the year 
but recovery lo overall profit- 
ability depends on achieving fur- 
ther loading for reorganised 
capacity. 

1977-~a 1875-77 

f £ 

Work completed ei.0f-5.nT4 4B.872.K1 

Trading proBl 4.^1.975 4.WJ.4K3 

nepredBUoa I.O6S.319 896.9SJ 

Net mi erect .... 5C4J.I1 570.614 

Exchange fluctuations .. S55.2M — 

Pratt before ux .. .. 7UH3341 3.05466 

Taxation 1,442.268 1.741 397 

Minority 55.364 48.65a 

Redundancy costs .. .. 530.000 — 

Nr! profit 862.709 1.635.216 

Dividend 464J99 413.790 

Retained 396.416 1.210.524 

Letters or Intent have been 
received for major reactor com- 
ponents of the two new AGR 
power stations conditional upon 
the general go-ahead being given. 
Contracts for engineering, design, 
development, and procurement of 
key materials are now in hand. 


The dividend -for 1977-78 Is 
being raised from 4.604p 10 5.141 p 
net per l5p share, with a final of 
3.171p. 


• comment 


Whessoe seems to be emerging 
from tbe disappearance of the 
marine market for oil tankers 
reasonably well, with profits only 
£}m lower on the year. But this 
is before taking account of an 
extraordinary charge (after tax) 
of £530,000, relating to the 800 
redundancies in toe heavy 
engineering division. At the 
trading level this division turned 
in profits of £l.lm f£2.4xnj, but 
pre-tax the result was a small 
loss. The good news centres on 
Aiton, where trading profits are 
ahead from £1.7 m to £3m. This 
reflects good business levels in 
tbe UK, Canada and Australia. 
And Whessoe says indications are 
that the current year will be even 
better on this front. At KJp the 
yield is 9 per cent. 


AVERAGE 


1 M « is, tfarcfnfaar 29. 


I FT INDEX | 

— 

7% 

+ 

3M% 

■+ 

50% 

1 — 

11% 

— 

1% • 

— 

6% 

+ 

14% 

— 

12% 

+ 

4% 

— 

11% 

+ 

24% 

4- 

29% 

— 

20% 

— 

16% 

+ 

39% 

+ 

5% 

— 

32% 

— 

52% 

+ 131% 

■ — 

4% 

+ 

35% 

+ 

1% 

+ 

8.8% 


ICNL Naps 
4- 38% 
+ bi°3 
+ 112% 

- 10% 

+ 34% 


+ 36% 
4 - 10 % 
+ 15% 
-t- 22% 
+ 42% 
+ 58% 

- 4% 

- 22 % 
+ 56% 
+ 74% 
- 16% 

- 27% 
4-300% 

- 6 % 
+ 73% 
4- 7% 


Warnford 

near 

£950,000 


INCLUDING share of associates 
revenue maintained at £36,787, 
against £30,437. Warnford Invest- 
ments expanded taxable profit for 
the half-year to June 24, 1978, 
from £800,703 to 1947,237. Turn- 
over was marginally up at £l-28m, 
against £1.14m. 


Earnings per 20p share are 
stated at 5.17p (4.14p) from which 
is paid a net interim dividend of 
327p {2.57Slp>. The final last time 
was 4.3678 p paid from record 
revenue of £1.65m. 

In August the directors said 
they expected to pay dividends in 
the current year of not less than 
those paid for 1976-77, and they 
looked forward to a steady in- 
crease in rentals and net property 
revenue 

The net balance for the half- 
year emerged at £496,681 
(£397,431) alter tax took £450,556, 
compared with £403272 last time. 
Minorities of £2DS (£151) left 
attributable revenue higher at 
£406.473 against £397,280. 


Arthe beginning of every year tbe 1C News Letter selects a 
number of shares (generally six) for capita! gain over the following 
twelve months — its Star Nap Selections. 

The table above shows the cumulative 12-month performance of 
each year's Nap Select ions over the last 22 years, including that of the 
197B selections. If you had invested £1.000 in the 1957 Nap 
Selections and reinvested the proceeds at the end at each year in the 
new annual selections, your initial £1.000 would now be worth 
£220,297 (before gains tax and expenses) against a mere £2,226 if 
you had invested in the FT index and £4.381 it you had managed to 
keep pace wiih inflation. 

In addition to its traditional Nap Selections, the iC 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 ar> impressive track record with its general market and 
selling advice over the years, as supported by the many appreciative 
letters received from subscribers, and it has extended this to other 
important investment areas. 

The IC News Letter, published every Wednesday, is available on 
postal subscription only. Use the coupon below to order your 
subscription now. siarting with the 1979 Nap Selections. 

Many regular subscribers describe it as their best investment ever. 


Pteire enter my name as a subscriber with the 4 January 1979 Nbs Selection iuue. 
I enctec 


□ 13S.00 for one year 11*0.00 alnna3 outside U IQ tfndudes filing bindei) 

□ Please Invoice lor L3SOO 

(Cheques lo be made payable taTJiroffnurtm ft*tarttonsLli) 


MrWnMu 

(BLOCK LETTERS PLEASE) 
MiSdntst 


I ■ POstcnd g. _ I 

L T« MARKETING DEPT. INVESTORS CHRONICLE. MCL FREEPOST, LONDON EC4B40J | 
Mg. Address: ft- aeften House, 10 CannonSheei. London BWP 48 V. Reg Na 905695 j 


— tax* I'm TURNOVER of Systinje, mini- of the retail sector through Us 

wfaufe. vs ‘ £ computer manufacturer, In which micro processor point-of-sales ter- 

Twwtx - • "id - s — the NEB has a 26 per- cent stake, minal. 

interest panbte - «r • 4U more than doubled £L2 m The directors expect overseas 

jregpU i Bul-do Htf .; ■; ■» 2« to £9.Im and pre-tar profits rose growth to be sustained following 

Profits before tax .... .. , by 76 per cent. from £176 -000 to a last year's rise in exports from 

act ' m - sss record £845.000 for totf year ended £627,582 to £1,118.000. Subsidiaries 

^py enwis - ... - . so. , jo September 30, 1078: v arc being set up in West Germany 

Not ‘ profit ' JL JBBfi. 

Erdianee lobs ' .JM 

ErtrnMd. credits — -. M 

Preference dlrs. .... M 


are being set up in West Germany 


Mr. John Parkinson; ''the chair- and France, they add. 


~* Tnah~ says' Be. ahtlclpaf^X con- Systtme is looking for a turn- 


Grindlays 


2' slderable increase in turnover and. over of £35m by 1982, a quarter of 


Attributxble to erdfanxy 'JJj5a-: : ,a« profits in the current J&ax- 

SS "7: ..'J8 V A- '• '*»» • «*•*<•«■ ««>(> 

•m iccordimce with 90SASf il:; company .m July, 4077, for 
t Orchard deretopqient expenses fWJffl) £500,000. r_^- 

t ^ * t|m3 r | 43 8 -! | W , - CT ^ft ;' hi the, past year Systhpe has 

arirtwt . on sales freehold prooeraes .proouctiqn - arid quality,, control 
held - as -fixed assets.- - - equipment. -A new subsidiary. 


which would be exports. 


Wearra 


name you can bank on 
around the world 


art stair on flairs 1 -^- freehold prooertlfis .production - arid quality,, control AkZ0f— 

held u fixed assiits.- . - • - equipment. A new subsidiary, 1 1 1 B &§■ j /{) 

Busfness jn Australla copthmes Systtme Netherlands' was formed 7 

.to make exceUent ' progress' wm’ in: .Hollahaj Ita 7argest export j aa a a 


the dira^ri-exi^’ tr^^ -'and toe company T/\ yCI 

profits, this -year io he at least latthched three new units, indud- (WtTrmi 

double the Previous £7B.000. : ing a mkro-procMsor VDU (visual qn TURNOVER ra> from £6.1 1m 

Progress bt the .US; iSjaioWer .diplay three new systems to £ftn Wrarxa Group, footwear 

than It had been hoped, mainly -as . packages, and two system develop- Manufacturer and distributor, 
a result of unexpected r problems ment aids. ;It also achieved boasted pre-tax profits by just 
arising dn labelHng^ regulations. £400.000 contract in the Middle' to £440,835 in' 


Banking on Grindlays means more than taking advantage of the 
Group’s network of branches in some 35 countries. It means -working 


j closely with our specialists In such fields as export finance, foreign exchange, 

. — _ em _ - • _ « _ - mt;' « _ m ^ _ 


English-type dder new pro- East for m on-line business ^ „„ t0 September SO. 1978. 

■ ^ ■ - Al the halfway stage pre-tax 

g S^ m f t ; to.ti^cuircnLyear a new muu ; . sxood at £178.000. against 

agency was- -.responsible for computer, will be introduced and £jo 2 mo the wevious year 
packaging- approval; - this 1 ' problem in conjunction with the NEB’s . -me final dividend of LOlip net 
has no wbeen. resolved:- • -T. cpmputef marketing subsidiary; /o.to) per utp share lifts the total 

Exporta to Nigeria have been lasac Data JSysteros, the company £^5 13060 «o 1.459p. 
badly hit, first by . an -enormous is launching a teleprocessing soft- - ypbe Board has incorporated 
increase to - tax, and now by . q . ware package into the accounts a valuation of 

total. import ban. Also planned is the development, freehold .propert yas »t September 

• V- - 1 • . : r ' -- ! — ? ;■■■ r— ■ ■■ x ^-SO. IQTT. Tt& appeared as a note 

. ;-•-••••' \ to the 1977 accounts and its 

/ /T 1 . •' -V-" • A toCorporarion results in a credit 


eurocurrency finance, and corporate banking. They fake full advantage 
of the regional knowledge and support provided by oVer.200 Group . 
branches and offices located in most of the major world markets. 
This teamwork provides the right financial products and 
. . packages at the right time. 



to reserves of £873.419. 

1977-78 


International 

Limited 


-Turnover 

Profit Wore tax ... . 

Tax- • _ .. 

Net proflV 

Extra ort - debit . . 
Interim Ih. .< .. . 
Proposed final .. . 
Retained 


1977-78 1978-77 

l £ 

.... 6.DBS.1IH B.USJKO 
. .. ML835 30X083 

2S.022 37.407 


412513 28S,S76 

— 3.533 


354,453 709.913 


An international Group of companies engaged in packaging, 
7 .on&neerlrig'foshlon.and leisure. .. . 


: Highfightsfrom'theChairTPan's Roporton Year 
. ended 1 st July 1978-.' 


Chemring 
finishes % 
well ahead 


Pretax. profitsfimounted to £9.1 8 million 
Total sales lip to £158.9 million , 

U.K, export sales at a record £21 million - 
desprte the strengthening pound J 
Investment In factories and plant in excess 
of £i3mijlioa '. •; . . 

Lohg terrn component of debt portfolio 
greatly Improved through 12 year £5 million 
loan from Finance Corporation fbr Industry 


“■The considerable capital expenditure by the 
Group over the last two years is beginning to 
-show through in profits; 

Overall profits for the current year are well ahead 
of this time last year." 

Louis Manson 

- - Chairman. 


.*• Following a rise at the Interim 
stage from £107,100 to £152.000, 
Chemring finished the September 
30, 1978, year with record taxable 
profits of £378^200 against a 
previous. £26 LS00. Total sales were 

up from £2. 11m to £2fiSm. 

- The. directors say that at 
present tbe prospect for the 
current years is for a small 
.increase in the value of sales but 
.yrith lower profits. A substantial 
increase in demand for the com- 
pahya radar reflective products Is 
anticipated over the next five 
years at reduced margins, they 
add. 

Earnings per 5p share are 
shown as 8.4p (6.7p) and the divi- 
tfend total is lifted to 1.43547p 
fL2854ni net, the maximum per- 
Emitted, with a final, of ,0.66547p. 


Members of tbe Group’s Export Finance Department 
discuss various forms of ECGD finance with a major 
VJL exporter. The Group can now handle ECGD. , • V- . 

buyer credit business in U.S. Dollars or Sterling and . 

can also arrange the fi n a n c ing of supplier credit business. ^ 

£n India, Grindlays has over 120 years of banking experience 
and a network of 56 branches serves local and international **’ 
companies. One important international customer of Grindlays 
in both India and London has a subsidiary which operates 
this audio factory amongst its worldwide activities . yp - 


iilBilil 






ISSUE NEWS 


Copies of the report and accounts may be obtained by 
writing to the Company Secretary. ■ 

27 HHf Street. London W1X8AS. *. 


At the Sixty Seventh Annual General Meeting -held In London 
dh 13th December." l?7S r Mr/T. B. Barlow. tbe Chairman, made 
the. following points wbeu.hfi reported, to : 'member ■?. 

Our Group has again Increased' its profit significant!;, from 
?2Q4,704 to £26S,S12 but unf or innately this cannot be pushed 
on to shareholders, until dividend control L=. lifted. The 
dividend this year therefore has bc-f-i. increased by jne 
maximum allowed to .74670p per 10p=sbare costing £104.olA 
Oar Kcvenue Reserve has Increased by £349^4* and now 
5 tond 5 .at £ 2 ^ 16 ,J 4 J. 

•Durias the rear, there" wts a scheral - Improvement in 
market conditions -which, together ^iih .our * aTes ^ D f° 
policies "has resulted in our Group’s mvesLments now own* 
woPdli more .than £11.5 million. 

Siflee the- 30to 'September, the ; stock market has not been so 
booyknt ahtT present indications, are as. always uncertain; even- 
so as, stated, dotoero^rt-we face .the future witii confidence. 

,The Report ^d Acdbants;V(ore unahimously adopted 


3M®LLETTS 
STANDS OUT 

i-Hti a quiet dav in the market 
aiilletts Leisure Shops— the latest 
new -issue — stood out The offer 
for’ sale was of 1.7m and though 
estimates varied last night, 
rqujrtrty 900,000 shares changed • 
hands in toe market yesterday. | 
- -The. price remained fairly firm 
.throughout the day, but the 
premium over the offer price of 
IlOp was below dealers' earlier 
hooes. The shares started trading 
at;iJ7p and dosed at 120p, hav- 
ing 'touched a low point at one 
otage -or Hop. 


^ Split' 


I iiWWP 
wmMwm 

[r V(; 


sv ' ' i -r - -v t-i 


■■MID KENT WATER 

" ■Tfie offer for sale h’.' tender by 
MfiL;£ent Water of E3m of pre- 
ference stock has met with an 
enthusiastic response A total of 
£1143ni was put up for the Issue, 
which is the second largest 
amount ivor put up for a water 
offer. Rj coincidence the highest 
ever amount was also for a Mid 
Kent issue. 

The minimum tender price was 
£98 per cent. Tho lowest price 
to receive a partial allotment was 
£100.03, .with the average price at 
SW.IB. 

' - Dealings in the stock start 
today. Brokers were Seymour 
Pierce, 














26 


Companies and Markets 


UK COMPANY NEWS 


MINING NEWS 


.. reanaifi TS»«, ',»*■» a«™»* « »» ._ - . jf 

- : • . ' •••'•. •' • V . V. • 

> - • • .• .„■ ti.-. 



■*!'wv 


jJ-jSp; 




.V*\ 


Guthrie falls sharply but Serck slumps by 
sees second half pick up 45% to £5.15m. 


PRE-TAX PROFITS of Guthrie 
Corporation fell sharply from 
111. 12m to W.Tent Tor the first 
half of 1978, a substantial reduc- 
tion bavin? taken place in the 
contribution of every refiinn. 

There has. however, been a sub- 
stantial improvement in the 
chraate of business activity in the 
second half and results for this 
period are likely to be at record 
levels. Overall profits for 1978 
will be very satisfactory, the 
directors say, although they may 
not quite match the record 
£19.fl5m for 1977. 

Turnover for the first half was 
down at fl.25.2m against £ 144.7m 
and reflects the disposal of Sanyo- 
Guthrie Australia, with effect 
from December 31, 10/#, and lower 
commodity sales. 

An unchanged interim dividend 
is declared of 6p net per II share 
costing £1.72m, and the directors 
forecast a tout for the year of 
not less than the 15p paid last 
time. 


Sis nonius 



10 

19m 


£000 

i04O 

Turflfl"r 

125, Iff* 

L44.7VT 

Oikthudf profit .. 

#.«15 

14.3S5 

Sonrh East Asia 

5.914 

10.703 

Europe 

ifW* 

400 

Australia 

mu 

S.tR 

North America ... 

SffV 

1 fffl 

Africa 

TO6 

1.079 

IniereSi 

3.247 

It'll 

Profit beta* Uuc ... 

d.7St 

11020 

Taxt . - 

2.400 

6200 

Net profit . ....... 

2.353 

4.924 

Minority interest ... 

346 

571 

Making 

3.012 

4053 


Year 

J9T7 

IOW 


23,274 
17.400 
340 
ffiO 
5.444 
1,719 
5 627 
19.M7 
9.497 

10,150 


9.17U 


t F mores tor each half-year do not in- 
clude any provision for ACT which cannot 
be utilised. £701.000 is Included In the 
taxation figure for 1977. 

In South East Asia palm oil 
crops in the early months of the 
year were seriously affected by 
weather conditions but have now 
recovered to more normal sea- 
sonal yields; the out-turn for the 
year will toe satisfactory. 

Results from Europe are dis- 
appointing. the directors state. 
Most constituent companies 
return lower profits. while 
losses of British Carpets were 


higher than expected: the Invest- 
ment plan here has dislocated 
production but will be substan- 
tially complete by the end of the 
year. 

'The group's 50 per cent stake 
in Sanyo-Guthrie was sold during 
the period; certain other sub- 
sidiaries were also sold making 

Guthrie's interest here almost 
wholly in textile-related products. 

A strike at the Warren, Ohio 
plant of Ajax has eroded .profits 
in North America and was only 
settled In September after over 
four months dispute. 

In common with many trading 
companies In Nigeria, Guthrie 
(Nigeria) had a poor half year. 
The company is to retain its pri- 
vate status with some 20 per cent 


of the equity being sold the 


end of the year to staff and out- 
side investors, in order to increase 
indigenous interests to 60 per 
cent 

See Lex 


Lower volume and higher costs 
push Arthur Lee down £lm 


THOUGH BALK in profit for the 
second six months Arthur Lee 
and .Sons finished the year to 
September 30. lB/fl. with taxable 
earnings £0.97ra lower at £1-S9m. 
At halftime the deficit was 
£106,000, compared with a sur- 
plus of IS2.000. 

Sales for the 12 months, by the 
group, which makes steel bars, 
strip, wire and wire rope, were 
maintained al £63 42m (163.49m) 
but rolume was down. This to- 
gether with higher costs in 
general adversely affected trad- 
ing results. 

Demand for the majority of the 
company's strip and wire pro- 
ducts has strengthened since year 
end and the results of the stock- 


holding division remains very 
satisfactory. The bright bar mar- 
ket has. however, shown signs of 
weakness, the directors slate. 

I977-TS 1979-77 


SaJiTB 

DeDrecJ attorn . . . 
Provision released 
Pre-tax profit - - 

Tax 

Ner profit 

Mlnonurs 

Exirawd. credit ... 
Attnhmnhlo 


£ I 

fiJ.41S.Mfl 63.4Vi.orm 
1.033.021 1.367.916 
2K.S5I - 
1,838,151 2,356,829 
704.583 1. 756-2*5 
1,184.968 1.100-583 
34.746 311 .046 

— fifi.521 

1.149.322 856.360 

Of 


dividend of l.lp raises the total 
to 1.54p (1.45p). 

The group's interests In 
Belgium associate Aciers Alexis 
were, as known, sold at the 
beginning of 1977-7S releasing 
provisions of £298,851. At the 
remaining associate Alloy Steel 
Rods disruption to production, 
caused by the installation of new 
Plant, resulted in a significant first 
half loss. 


t Include additional depreciation 
146.000 i£744.5M». 

With the tax charge for the 
year sharply down from £1.7fim 
to £0.7m and minority profit at 
£34.746 ( £311.046) earnings per 
12Jp share showed improvement 
from 3.61 p to 4.66p. A net final 


JOHN BOOTH 


In yesterday's report on John 
Booth and Sons (Bolton), turn- 
over for the half year to Septem- 
ber 30, 1978 should have read 
£3.9!hn. compared with £2.36m. 


WITH PRE-TAX profits down 
from £9 .32m to £5.15m for the 
year to September 30, 1978, 

Serck's chairman reports there is 
no sign . of an end to the 
depressed markets for many of 
the . company's products. 

The two main areas of difficulty 
during the year, in which sales 
rose from £7BAm to £93^ra, were 
in valves and heat transfer. 

The chairman adds that on the 
valves side dull markets led to 
intense competition and narrowed 
margins, while in the heat 
transfer operations there were 
also output' problems associated 
with uneasy ■ industrial relations 
brought on by Inflation and three 
years of artificial pay restraint 

Serck Services and the smiuter 
divisions were more successful. 
Services had a good year and 
Serck Glocon received the Queen s 
Award for Export Achievement. 

The best achievement was the 
successful delivery by- Serck 
Controls of the telemetry equip- 
ment for the Orenburg gas pipe- 
line in the USSR. This is believed 
to be the world's largest contract 
for industrial telemetry and is 
the largest single order ever 
placed with the Serck Group. It 
is a technical success and was 
delivered on time. 

On prospects the chairman 
points out that the company is 
not losing market share, and 
investment to improve efficiency 
and minimise costs Is 
proceeding quickly. Borrowings 
'are modest and the group is in. 
good shape for the longer term. 
Borrowings less cash and deposits 
are shown as £4.3m, against 
£2J5m. 

1977-75 1976-77 
i Ill'll IDDO 

Sales 95.:«MI TC.W0 

Profit before Interest 6.094- B.9M 

Interest 944 Wfi 

Profit before tax 5.150 9AZ4 

Eamtnss 22 W* “fi.747 

*Sralemrat of Standard Ai-counting 
Practice No. 15 has been adopted in 
accoonfuig for deferred tax ami Azores 
for IB77 have been restated on com- 
parable basis. 

At the halfway stage the com- 
pany reported pre-tax profits well 
down from £4 .4m to £2.S6m on 
turnover ahead from £3S.lm to 
£44m. 


BOARD MEETINGS 


The following companies have notified 
dates /* Board meetings to die Stack 
Exchange. Such mee tints are .usual]* 
held for the purpose of considering divi- 
dends. Official indications are not avail; 
able u tn whether dividends are interims 
or finals, and Che snb-tlivlslans shown 
below are based -na i " l P h lass year's 
timetable. 

TODAY 

Interims — Associated Comnnml cations, 
Brabara MjBar, Distillers, pom Holdings, 
HaSlemere Estates, Haywood Williams, 
Phoenix Timber. Saint Ptran, Scottt&fa 
Homes Investment- Tratforci Carpets, 
United Gas Industrie*. Wilkinson Watch. 
S. W. Wood. 

Final*— Associated Engineering. Bags 
Charrtnstoxu Bnrco Dean* Hterto n an d 
TIDED n. 1CL, Lloyds and Scotash, iSBPC, 
Marie?, 'Ml trtf B Somers. Nottingham 
Brick, Redman Hoenam Stenfcosan, Vnnx 
Breweries. __ 

FUTURE DATES 

Interims — 

Aon! o- American Asphalt — Doc. IS 

Sutcliffe S pea Km an u*c. is 

Waddington iJJ - Dec. 

Flnol— _ 

Comfort Ensineering — - Jaa - 




mining 




. " •• 


- * y 


BY K£NNETH".MARSTONj-.)^^N<i .EDITOR 


whole Western wtirid* / . - ’ - ' 
■me latter jBBlihattLla ; to:sonla 


u THE MUCH ‘ heralded "Stevens . ^ • , . ■ rn>n 4sner.-awQDH3zc>;Uf tu sotna 

Keporc.whl* it washojga-wdd' «St'3EiS.-Asr- ’.ament 

result in reforms In. thfc . system today in .ito ar.gwt* OVH .^ UO r > ly ’ mtaatJon' .-Hf-jaasa - 

of planning control that-wohH: baSmetals -S?the«rtw^Snt -• 

remove at least some -o £. the Worst . time ^iDderra^Wonder- ■vtam metal nrices which 

disincentives to (UK> Mm* ^matter of :£ffm^B5U5?*S5 

exploration and development,^ spiralled to an ague ---• . 

turned: out tn be -very little- heitaL" tt« Beady Anstra&n.. nicked ^ftereas " Bii - . eventual 


:’V . V ...- • 

' : -? r -ta ’ .«■* 

. } f . 4 i ■. * .. : • ‘ 


.on in 


turned out tn be •very little- help,” 
This sad commentary 
effort to improve .UK 
prospects was made at yescenunr* 

antninT meeting" aE-'Hie. Mihing 
Association of "-ffie Unitrf 
Kingdom by its retiring: president 
Mr. A. M. Madeod^Smith. .He 
added that the whole .Stevens 
exercise, which has been studied 
by ‘ the Government 




the heady 

SfSemted at 75p= econodrit re^ery wfll produce a 

greater -prcfttoii of a -nelhctanca . 
to commit large .sa nai mk 
^-njiltal ,to- rditting ventords in the . 
developing coiirSries whlgt; 'hoW''- 
out the major" twospect new 

miners resources. • . 

Bearing in mind the /feet that 


In Octntoer l976 prior 

appointment- of a recesreT 1 
following heavyjoases at the 
WindaiTH nickel: urine n 
Western Australia- The com- 
pany’s stake in. .Che ndne- was 
Sm to the Stefl nw® last- 


■ jf'” ^ 
-r' m i 


CTW . put Of 


years, was unlikely .to lead to any W a large new mine can 




38 


MIIMIMNHHMMMINIUlMIIIM 


New Issue 
December 14, 1978 



9MW»| l'um< WI» N i M I1 


This advert isem ent ap pears 
as a matter of record only* 


Osterreichische Kontrollbank 
Aktiengesellschaft 


DM 100,000,000 

6 Yz% Deutsche Mark Bearer Bonds of 1978/198B 


under the irrevocable and unconditional guaranty of the 


Republic of Austria 


Offering Price: 10046% 

Interest: 6Vfa% p. a, payatria annually on Decend»r1G 
Maturity; December 16. 19 88 
Listing: Frankfurt am Main, Munchen 


Deutsche Bank 

Aktiengeutltechart 


Dresdner Bank 

Aktiengesellschaft 


Commerzbank 

AkiiangasBllKhaft 


Westdeutsche Landesbank 
Girozentrale 


Bayerische Vereinsbank 


S Creditanstait-Bankverein 


Osterreichische LSnderbank 

Akuengssellschaft 


Girozentrale und Bank der 
dsterreichischen Sparkassen 

Aktiengeaellschsft 


Abu Dhabi Investment Company 
Amhold and S. Bleichroedar, Inc. 


Afgemene Bank Nederiand N.W 


Atlanti c Capital 

Orporaion 


Amefu de i i llo t fardem Baidt HJVl 
BencaCommeicraleltafiana 


Banco del Gottardo 


Banca Nazionrfe dal Lbvuto 


Bank of America International 

Limited 


Bank fdr Arbeit und Wrtschaft 

AXJicf»Q«s«l»t-ait 

Bank Leu International Ltd. 

Bank farTirol und Vorartberg 

AramffMilttMR 

Banque Frani^Bise du Commerce ExKrleur 
Banque Intemationale a Luxembourg SA. 
Banque de Pans at des Pays-Bas 
Banque de I'l/mon Europdenne 


Bank Julius Baer rntemarional 

b-ind 

Bank Mees & Hope NV 

The Bank of Tokyo (Holland) N.V. 


Bank fDr QemeinwirtschafC 

Atrcnaasaiiicfjn 

Bank fQr Obarfisteneioh und Salzburg 
Banque Bruxelles Lambert SA. 


Bayerische Hypotheken- und 
Wechsel-Bank 


Bergen Bank 

Sankhaus GebrOder Betfimamt 


Chemical Bank International 
U.mtd 

Credit Industrial at Commercial 


.Banque Gdnfirsla du Luxembourg SA. 

Banque Natlonale de Paris 

Banque Populaire Suisse SA. Luxembourg 

Baring Brothers A Co v 

LvQalffd 

Bayerische UndesbanfC 
Girozentrale 

Berliner Bank 

A* 

B.S.I. Underwriters 
Oticorp International Group . 


Banque de rindochine et de Suez 
Banque de Neuflize, Schlumberger, Mallet 
Banque Rothschild 
H Albert do Bary A Co. N.Vt 


Joh, Berenberg, Gossler StCo. 


Berliner Handels- und Frankfurter Bank 
Cafes* des Depots et Consignations 
Credit Commercial de France 


Credit Lyonnais 


Credit Suisse First Boston 

Lmiira 


Darwa Europe N.V. 

Deutsche Girozentrale 
- Deutsche Kommunalbank — 

EHectenbank-Vtfarburg 

A-Mns> s 4 n; r , '4 , t 

Robert Fleming & Co. 


Richard Da us & Co, Bantdem 


DG Bank 

CwtiiachB Osno i— ect elnlM 


Del brdek & Co. 

Dillon, Read Overseas Corporation 


Euramoblltare SLpA. 


European Banking Company 

United 


Gafina International 

LmnM 


GkrnassenachaftUche Zemralbank ACS 
Vienna 


Goldman Sacha International Corp. 


Groupement daa Benqulera Privfa Ganevoi* 


Georg Hauck & Sehn 


Industrie bank von Japan [Deutschland) 
A^PU'WV' 1 ". 

Kredietbank N.V. 

Landesbank Hhemland-Pfalz 
- Glrozemrale - 


Hessfectie Landesbank 
- Girozentrale - 

Kidder, Peabody Intemariomt 

limited 

Kredietbank S.A. Luxambourgeotsa 
Lazard Brothers A Co, 

Uivowa 


HambtosBenk 
Hill Samuel & Co- 

L-r-u:od 


Kleinwort, Benson 

lir-'MH 


Kuhn Loeb Lehman Brothers International 
Lazard From *t Cie 


Lloyds Bank International 

u.miieij 


Merck, finck iCo. 
Samuel Montagu & Co. 


National Bank of Abu Dhabi 
Den norske Credrtbank 


Manufacturers Hanover 

■..rr.-evj 

Merrill Lynch International 2 Co. 
Morgan Grenfell ft Co. 

The Nikko Securities Co, (Europe] Ltd. 
dsterreichisehes Cradit Jnstitut 


McLeod, Young, Weir International 

l m-l.-l 


B . Metzlcr seal. Sohn ft Co. 
Morgan Stanley International 


Nomura Europe N. V. 
dsurrcichlscha Postsparksssa 


Sal. Oppenheim jr. 2 Cie. 
Pitfield Mackey Ross Ltd 


SchoeHer&Co. 

Skandlnavteka EnskUda Bankan 


Sod«t4 Sdrrertlo da Banque S A 
Swiss Bank Corporation (Overseas) 

L-ntlzd 

Verba nd Schwetzerischer Uprrtonalbankert 


Ai !■«<’$« «n-«n|ll 

Orion Bank 

Lioilcd 

.N. M. RothaohM ftSons 

UmilM 

J. Henry Schroder Wsgg&CD. 

Uniisa 

Smith Barney, Harris Uphamft Ca 

;i>:onuHit*a 

Strauss. Turnbull ft Cat. 

Trinkaus ft Burkhardt 


Pierson, Holdring ft Pierson N.V. 
Salomon Brothers International 
Sch rod or, Mflnchmeyer, Hangst ft Co. 


Sccj£Ui GEnfirale 


Sumitomo Finance International 
Union Bank of Switzerland (Securities) 


M.M. Wart3urg-Srinckmann,WirtzACo. • 

Wlrtachatts- und Privatbank . 


Verotns- und West bank 
S. a Warburg ft Co. Ltd. 


Limred 

J.VontobeJftCo. 


Wood Gundy Limited 


Wmtfafenbank 

Yzmaichi Intematiortei (Europe) 

lUCiM 


»»eeeeeeBeeeeee«e*eeeeeeaeeaeeaaeee« 


HMINHMMimWMHI MMIMH* 


- The final dividend is 4-334 P 
(3 94p) to lift the net total from 
5.94p to 6^S4p. Earnings per 23p 
ordinary share are shown down 
from 17 t 5p tQ 7-3P- 

• comment 

The market had been well pre- 
pared for Serck’s 45 per cent pre- 
tax profits plump, both, in vfew 
of the ciJm.pany’s own warnings 
and Pegler-Hattersle/s bad ex- 
perience with steel vdves. The 
confident defence against an un- 
wanted bid from Assoaatea 
Engineering early last year, how- 
ever, now seems a long way off 
and there is little to cheer about 
in the group’s major markets. 
Industrial valves at least traded 
profitably but the group badly 
needs an upturn in process plant 
in vestment of which there is no 
sign at the moment Heat ex- 
changers admittedly were un- 
settled by industrial problems 
but demand has also been slug- 
gish. particularly from the diesel 
market High speed diesel con- 
tracts have been more buoyant 
but the only visible bright spots 
are in Serck’s smaller operations 
like Controls and Services. Excit- 
ing developments are also expec- 
ted in oil extraction from the 
Water Processing subsidiary- 
Meanwhile, the group faces 
another tough fisht in the cur- 
rent year and with the dividend 
only just covered maintaining the 
payout might prove difficult Still 
the shares at 7fip now yield l 
bumper 13J2 per cent while the 
p/e is 10. Looking further ahead 
Serck's abortive venture into the 
large and less depressed U.S. 
valves market was unfortunate 
but the company may well try 
again. 


Culter Guard 
could show 


increase 


Proided there b no deteriora- 
tion in business confidence, tbe 
current year’s profit of Colter 
Guard Bridge Holdings should at 
least match and probably exceed 
the £308,000 achieved in the year 
ended Alarch 3L J97S. 

The directors make the point, 
however, that foreign exchange 
rates are so variable and wood- 
pulp prices are increasing. The 
group is involved in papermaking 
and conversion. 

In the first half ended Septem- 
ber 30, 1978. turnover rose from 
£9. 79m to £10.22m and profit be- 
fore tax improved from £70.000 to 
£122,000. A professional revalua- 
tion of the group's fixed assets is 
currently in hand, and the charge 
for depreciation has been esti- 
mated by the directors; had the 
basis for the previous year's de- 
preciation charge been continued, 
the half-year’s profit would have 
been £ll8 r 0DD greater than shown. 

In volume terms, sales In- 
creased by over 8 per cent, com- 
pared with the same period last 
year; however, turnover only went 
up by some 4 per cent, as selling 
prices reflected the temporary 
reduction, which took place 
throughout the world, in the 
price of wopdpulp. 

Demand for the range of 
papers made at Cutter and Guard 
Bridge is firm, but the market for 
certain of Smith and McLaurin's 
converted products is disappoint- 
ing. 


Baggeridge 
recovers in 
second half 


After the mid-year setback when 
taxable profits were down £70.000 
to £41,000, Baggeridge Brick Co. 
recovered in the second six months 
to September 30, 1978. to finish 
ahead from £277.210 to £325.123. 
Turnover was lower at £3.95m, 
ayasnsl £4.l7m. 

Slated earnings improved from 
HJhlp to 3.S7p per 2np share and 
the dividend is lifted Lo 2.607I25p 
l2 33475p) net. 

Profits were subject to tax or 
£170,366 ( £145,801) and extra- 

ordinary debits of £8,668 (£6,149). 


Today’s 

company 

meetings 


Amalgamated -Stores. 42, Port- 
man Square, W. 12. Anglo 
Scottish investment Trust 2. St. 
Mary Axe, EC. 11.1-3- A. Aren son, 
Lincoln House, Colney Street. 
St. .Albans. Herts., 12.30. Audio 
Fidelity. Queens Hotel. City 
Square. Leeds 10. Bridgewater 
investment Trust, Cadogan 
Hotel. 75 Sloane Square SW. 
4.31). Cope Allman International, 
JLA-C-, Pail Mali, SW, 11. 
Customagic Manufacturing, 13S. 
Derby Street, Cheethara, 
Manchester, 2.30. EMI, Tower 
Hotel, St. Katherine's ’Vay. EC, 

11.30. LAV.T., South Bank Tele- 
vision Centre, Kent House, S. 

12.30. London Shop Properties 
Trust, Winchester House, too. Old 
Broad Street EC, 2.30. Martonair 
International, Connaught Roams, 
npn B r Queen Street, W, 12, 
Mangane^R Bronrj, 1. Love Lane. 
EC. 12. McKcchnip Eros., Midland 
Hotel. Birmingham. 12. F. W. 
Thorpp. 73, Harborne Road, 
Birmingham, 3.15. 


UK exploration activity- ; *... m a >f in 

In criticising tbe Govwnmeafs , 
negative approadi to thfi^v«» - ^ w r ^ a 

Market talk yesterday suggested 


an opening price for. the exist- ■ 
log shares of between 35p and 
45 p, most estimates being in the 
lower price range, ■ 


tiob 'Stage, it is important that 
real progress be made; soon ; on 
the question of. providh^ secffrity 
for flie huge sums -pt esrttai ffiat 
wiU be "required for a nbw; genera- ' 1 
tidn of mines ra Lbose^Cpuo tries. 

- Talks conUhue ^between ' "fhe v 
EEC. ' the Dine ,'Bia^l)w ! jOTeni . ' c 
i.ments and the EuTOpeair minK? ' * 
1 industry on . this" question of '/ 

— ... — financial^ safeguardsA :UtS£_. the ' 

would . have ' helped 7the mining Madeod-Smith was hopeful- tnat serfmisness at the'^mattioa' has - 

industry at no large codt tbi die- a • measure of- relief would oe toeea.reCognwed. BiitMrr.kSdleoit-'' 
Exchequer and produced -a -net granted in due .course- -to th? Smith: says, that the. metnber ; 

1-benefit to the balance - pf pay- min ing and some- other Indus- govermneuts - have so- far. shown j-' 

ments: ' tries. ^ little sign- ^ being able iu- agree 

• Tbe request for. the restoration But if the UK Government fcM what should be, done- about it ; 
of Regional Development-'' GraHta tended to drag its heels, as -far AiKl-time js-stead^.'ronhtog ouii 


.^r : L -I* 


recommendations, Mr, . - Dfacl eod-. 
Smith. made the following"- points: 

• For the most part, suggestions : 
made had been either- "turned 
down or deferred Indefinitely- 'em 
the grounds of public expense-.": 

• No response bad been made, to . 
fiscal recommendations which 






had been refused. * as the problems of the UK mining- . . 

• Still unanswered was' the'indns- industry is concerned, .little pro; n*u^v»rlinA -v^ 

try’s request that it^shodld'. he gress has been made fay other -. jUUdl -oUvuUl|K \w 
relieved of exchange' control governments on -the. wider jques-. ■ ' j; -j- . JTS' . 

authority for investment in« over- tion of securing adequate future ' hnACfP n' h'P' ‘A. 
seas mining projects.- '> '/ mineral supplies for the; European -. "'J ' . - 'rSSs'- 

On the last point, however, Mr. Community and, indeed, for toe 






Approval for Arco’s 
Queensland ^deal 


SHELL .CANADA j to. honest 
about . Cft12m^4£S.lSm) - , ih pre- 
liminaiy development- work, and 
ad dStibnal - expl qration fitting .the 
course of next year at^itht line - 
v*iri,-,sBati6h- 

salfes 


■ .■Ctcdk.-.'.cdaT; . 

ATLANTIC RICHFIED,. the \£S- arrangements . wonH. ha mage -tdvednrrecfciL can. 
oil major, has been given Approval . comply with toe GovemnrentVr f^narts '-"Joba; 
by tbe Australian Governnaent io foreign Investment "gunieiioes 't or 

proceed with Ihe AftlTm (£9 ^u) ; AustraJd an equity- pamcSphtion »' ^rte target ? 

purchase of Daniel JC . Ludwig^ -.new mineral depnsrfs.. -- .'have-aR-ope33dast-'nflim‘iii i opera=. 

equity in the Blak Athol steaming. As a general rule there must be - tktn^ ^ with 

coal project a Queensland, fiert * minimum equity of .50 per. cent .^ initial' productitiii bri.to tons 
announced m October^ rtn each new " • iwaiecto. - : TIms - a w»r j n ^ 




tiggotiated, 

fllMB 
then .; he' to 




in. such new -projects. 


400 


The Foreign Investment Review. reqtnretnent can be watwSjl where - people.- - ‘ . - - ^ ■ • 

a foreign company .agrees to. tane.Cre^^tinelfi 

K«r rnirinff e Innril ormiff .r ■*-- f ftutll ' v- mJn 


Ml 


Board approved, the ARCQ pro- _ .. . 

posal despite a Eubsequent cotinter naturalise by gtnng a local equity of ' properties ' .^bcH..;; Canada 
submission from Rio Tinto-ZSic-of at least 25 per cent andgmng acquired ^rhenif feqk.o %r Crows 
local offshoot, Conzlnc Riotinto «f r a public commitment -to reach at Nest fadnstties ©arlref -this year. 
Australia, . which owns the: other. (least 51 per cent over a period. CNX is not at pfb> 

82 per cent of Blair Athol. . v*. CRA already has a local equity ducer although its prdjiei^es jhave 

At present there. is a ■small of about 28 per cent, and .has what "Shall called •“ &*.'«izeghle 
100,000 tonnes, a. year , cpaf mxne agreed to Austiahanise.- Bat potential in both. meteBuigtcal 
at Kair Athol but CRA hasr bees, honorary Australian -slatns is .sot. and. tbecmaf toaL" - c 

attempting |m. some yw&Ho conferred where * Ttatiirafisiqjgi > „CNI -• was-. -a. pioneac§|n_ the 
develop a 5500m operatioa pro- company finks op wrth. a wtooily development of south.. -reastem 
during 10m tonnes ann u all y of foreign owned company. ARGO British Columbia coal in^the early 
ctoom^rtr ^=1 frn- r at present is wtoofty foreign. / part of this century* ./ 


'fvz'j. % 

-:-7V;' n V L 


*dtS3 


steaming coal far export. 

CRA was unhappy about the 
proposed sale because if -feared 
ARCO might not consider 
the development of Blair 
ARCO, however, had publicly 
stated that it would work toward 
significantly increasing the .output 
for export. , 7- 

CRA wanted to buy the 38 per 
cent Ludwig stake and - then sell; 
it potential customers. The 
Japanese utility, Electric Power 
Development, which has recently 
entered into steaming coal con- 
tracts with several New South 
Wales coal producers, was 
interested in participating, re 
portedly to a 30 per cent equity. 

It is understood CRA was talk- 
ing to other interested parties, 
and that not all were Japanese. 

The Australian Government 
neatly solved the problem of 
having to decide between the two 
proposal-? by giving : approval to 
both. However, ARCO already 
had an agreement with Ludwig, 
conditional on FIRB approval, 
whereas CRA did not. and the 
U.S. oil group therefore carried 
the day. 

Mr. John Howard, the Treasurer, 
referred to reports on other 
prospective interests in Blair 
Athol when granting ARCO 
approval but said there were mat- 
ters for commends 1 ] negotiation. 
The ARCO proposal had been con- 
sidered on its particular merits in 
terms of Government policy. 

Approval was subject to the 
understanding that satisfactory 


The New Brunswick 
Electric Power Commission 


lawns of 549.000,01)0 U.S. Oft Notes dm 
January 15, lSgz 


Notice oT Redemption 
for Staking; Fund Purposes 


The Prospectus dated January 16. 1376 
calls for the 


principal 

15,1073. 


redemption of £2,000.000 
amount o( Notes on January 


A s explained In the Prospectus and 
*hr»nTi on the Notes, purchases of 


SZ.ooo.aoo principal amount of Notes 
'i on the open market. The 


were made . ._ 

Notes were cancelled and destroyed with 
certificates ot destruction therefor re- 
tained by the Fiscal Agent. Bank of 


Montreal Trust Company, 2 Wall Street, 


New York. N.Y. 1 

With the purchase of S2.000.000 prin- 
cipal amonnt af these Notes and subse- 
quent cancellation, the Staking Fund 
condition set out In the Prospectus has 
been met and no sinking fund call will 
be mode on January 15. 1370. 

THE NEW BRUNSWICK ELECTRIC 
POWER COMMISSION 
R.D. Brown 
Treasurer 





Bri^eandCona±roctional&iBin«6rs' 

. Press«d Stool TaoifcBttWMrfacturera^ . . 


* ,'.i • 


Interim 

Hoport 


HaffYear 

30.9.23 


HaffYear.'. - ?feat 

ended -. .ended 

. $05.77. ^^31^.78 


=LEC5 


Turnover 


£. 

BJD30J00Q 


'• £ • '. •- 

5,094,000 lli786,000 


TrtKBngProfitoftfw 
Group (unaudited) 
Corporation Tax® 525S 


317^549 

(1654XX1) 


464^81 1.019,893 

(241,000). ■’ (52SJD00) 


PmfiOTnce Dividend. 


152^49 

(3JB37) 


223^381 


AaOJBSZ \ 
<7&S) 


ProfttatrribataWeTotho 
Ordinary Sftareholdem (there 
are no minority mterests) — 
-Ordinary Dividend 


mm:*. 

(59^97) 


219,444 

(53,460) 


483^)18 

(115,990) 


flBOined Profit 


£88^15 £165,934- £367,023 


Earnings per £1 OrdmaryShara 
Ordinary Dividends pm Share 


«.5p 

22p 


8.1 p 
2.0p 


17^p 

,A3p 


QCi 

uL s 


■ Slower settlement of co ntra ct s and delays irhsftipmsnts arisf rtg from 
exchai^re and financial restrictions in a n urn bor of oversoas marheis irgva 
depressed the result. ■ ■ -. 


■ Tbe newiyacquired Harific RecycOng Limited « maJcfe^p«^reseand 
substantial capital expenditure has foemrsanctionbd.for.sxpansi on. 


■ Thecontinuing worid recesrion has inevitably reduced profitability 
and it is anticipated thatths profits mtiie second half pfthe year will be 
similarto those now declared.--' 


Intenm dividend increased by 1 036, 


CORPORATION LIMITED 


Summary of results 




Year . 

ended 30tfi 
Septeidbcr 

tjross 
• Revenue 

Ordinary Share' 
.Dividend 

Paid Per Share ' 
. (net) 

■ Grp»: Assets 
{less currents 

..Liabilities)- 

- - - ' v.'.-. "Asset 

1969 

1977 

1978 

—“in 

ill 

i.iQp ■.. 

. 2.70p ■" 
3J)7p, 

' £X5,2S9j212 
’ £26^52^12 
£28,401,455^ 



In March. 1969, the Or di n a ry Capital was increased by £727,500 by ^Ri^its.Issue of l SiBre 
at 88.75p for every 5 shares held. 


Tn May, 1575 there was a Ri^its Issue of £22m7£% Convertibk Uosecrntd Lran 8tat&£89SS6 ' 
at par on the basis of £1 Loan Stock forevery 8 Ordinary Shares. . s. / • j , :-4/- - V-: . . 


Xn pursuing the objective of longterm asset arid inconwgrowtii^tiie directors dairtjnue tfcpoGcy-. 
of investing in high quah'ty shares inatfractiyeeconomiesor toefreeworid-’ 

It is; 

In the current year. 




Copies of the Annual Report ffrtrf Accountrareavailobk ffomjheComparrf'sOffi^^ T.’- 
Sucklenbury Bouse* 3 Qumi Victoria. Street, Loatfaa, EGffl ^ 



u. 


*. N ^5rV^ c . 

•.'-rtf ■■ • 7, i 

X'-- 


.5 i <•<. 


;>) 






Ci-> 

h:- 






■ . s f‘ 


iA. 

~*issv r. 

' ' ‘V 


ft 


' ^ Y K:' j" ■ • ' 

; . ;:V 14,1978 

P to"' >Jj§|| aBi^arKets BlPSi<jttd DEALS 



stry Start e^ Gribftons suspended 

following takeover approach 


aj -.. 


frn ■ 

■>* 


__ - ..^ '' , 




SHAKES OF . “Staiil«y. r fflbbons ' Don •- Bobber ..anij- -. Kngtncertng Allied ordinary shares elected to parent company, will now hold 
International^ _ thel world -famous. Com pony of Wolverhampton. The receive additional ADG ordinary 1.414.439 shares in Dares (15.74 
• stamp dfealer/.were suspended on NEB will- hold -49 per cent of shares instead of cash. Holders per cent), 
the Dondon stocfceschango yester- the- company’s- share -cap ital. _ of 3.472,07ft existing Allied sXtr is 
* ■-■day foBowing the ' cotopanyi The lVEB funds insested In Duo e-iectedto receive additional cash janflUfFR MrTnNIVFT T 

■ aimoitnceinent , that it Jiad . re- are going towards develop- instead of ADG shares. . DUUJVxtv raixu^i^nUj 

- cetved a ^takeover approach.- The meat of new production facilities Accordingly when the Allied FORMING NEW 

t : shares wSre suweuded: " at 220p._ at a factory at Newton Ay cl iff e, ordinal? offer is declared wholly 

which vsdues- tbe group "on the Durhara.The factoryrprovidea hy unconditional cash elections wm DIVISION 

’ j;- stockmDk^ «f . (he.J?ewton AydEffe -Bevehipinent be satisfied in fuH and share elec- . ooeratine division is 

The -hidder Ss -idr-yet iumamed, Corporation,: wfll PT^oce a range tlons w4B be satisfied to the extent ^ new operating mvLrnn is 

- !■» ? is .i.-^blicb-QUOtcd VR. *t t&mmrMm* pn " nde HH.1 APG. s hy** ■» .SgSniKSu? SS rnSSSS 

-tased. co m pa r ty. - Some-market repair -facilities.. ... ■ made avaBaMe under the rasa f , eneineerii 

' -that: the '.FfiEty-to ;6<y nBW-.ipKs will be elections. Thus Allied holders ’ e 


_ 7 _ >..:W 


* -. 

% 

» - 


bidder. .might Se-" Sath£by:Par^e created-' 

y y: -Beroet Groupi. Qfpo^snj^r a Targe- , . , - . v ... 

• . conglomerate. y‘ v. . . UU TEXTILE^W 

, ‘ i : ; JtEORGANISA 3 I!K)N 

- that: lt ;'hpp«£i jfo^.rmaite-. ,.«i« rtTPC Y *i » » t y lt '' „ . . 

■■- • ahhbuncdofeht'^wt 3gter;|Kan~nggt t*Ir.Vj2Ai*XXv H ■-■ -'•■■ 


who' mode en Affection will receive 
for every 400 AMed ordinary 
shares now 'in issue and to be 
issued sunder the proposed capital- 
isation, issue (equal to 100 existing 
ABied ordinary Shares) which 


announcement not oa^er xxmn next -• ftmirt in rasaect of faV a cash 

.Monday “or perhops_ before the The Board of U-U. Textiles and 2^™ £15144 mie1l: and (trV a luc “““■ “«= oemg 

m^**^*E2*& aS^SSMJW&GMLy SSS^SkcSSSl dLlbu- 


food, engineering and trading 
company: 

Interests in health foods, dietary 
supplements and pharmaceuticals 
are to be grouped into a newly 
formed Health Products Trading 
division with effect from 
January 2. . 

The businesses that are being 


'■ y-.-af&tt&iUip to vWTthe-.lMdder : confirmation by the Comt of the sharLWi fst 
: . i hastd/sayr r Ttmy. wffltheiL;'adviae reduction of the sfiare capital of 

5 - -■ ■ • -• ■ - Til I'll >Vu,.AnaiHi<a] n>nnnmil«tfnn . *** rP® WWIWn 


tion division but their developing 

usT'-,^. - - . -r-f •“ UOT, the- financial wopgiahisation • h ®. 8,111 specialist and inter- 

v - Stealer Gibbons was- approached 0 f xjtUT Including cancellation 4mrk -- >” <■»- - — — 

- voiLTaM&ay.-an approach which S &e SHrSr^&^beh and the <Hectl<ra ° * 195Bp *** stare ' 

“ahsohiteTy surprised” the com- merger with E. SaUwteki has now 
pany.' “We do not need a suitor become effective. * v '.~ 

’ really." it said." .-£* - . - ; Accdrdte^y " in the 

Ih its last ' fihahcTaJ year, end- - ordinary Top dnxes : of CUT and 
. big December 31, .1977, the com- ^ the Sidroy .Wan stock ceased 

pany- reported pre-tax profits.^ of at -a^close of bnataess on Thors- „ 

£f.6Sm : on turnover of. £LL9nl day. Holdings has expanded its contract Dietaias Company Inc. 

TWs cwmpjaed; wtib taxahle Mr. j. L. Jucner ias resigned furniture division through two . 

profits of £L3l m amMamiover of as chairman and as an, exmitive acquisitions. It has purchased WOMBWELL 
£9.19m. ; ; ■ director of UUT. but -yrfB remain GB Educational- Equipment apd 

-• At the half way stage in the- ra Board ontB June 30, J97B. the laboratory design engineerine 
.current-year taxable profits of the Mr R. A. Katoer has been division of G. D. Searle and Co 
group were £941,056 compared appointed chairman sod Mr. J. S. in a deal worth about £85,000. 
with £798,327. -. Duns deputy eshainnatt and group GB Educational, is located in 

> Net assets tn the. last accounts ^ BngP 7^g director:. - . Barking, Essex and manufactures 

^were'shown at 57.9p per share. . . ... 

ASSOCIAT ED:" : - 

■cash offer wnfch it hopes it, will vr * rorcc nm c ci ) 

. be aWe to . recommend to snare- . D AIKlilp .■ UljjF hti 
holders..- V '• ' ' •••■'.■ Holders of: .AMfect- Jtetaiiers 

ven /nnn ordinary Glares, v^o Accepted the 

-offer by Assodated Dahtes Group 
The 1 National Enterprise Board by December 12 have elected as 
:fcafi subscribed £160,000 in ordinary ■ foHows. • 

and - preference ■ shares . of the Holdens of 9^181^872 exteting 


J ' ‘ 


PMA EXPANDS 
WITH TWO 
ACQUISITIONS 

Furniture manufacturers 


»ellC^ 


a range of. furniture for schools. 
Net assets of the company amount 
to £41,000. Although turnover is 
running at £240,000 per annum the 
company is trading close to 
break even. . 

Searle laboratory Design 
located at Walthamstow and 


national nature call for a separate 
divisional organisation, say the 
group. 

Booker McConnell's health food 
operations were extended signifi- 
cantly in July this year when the 
group acquired 70 per cent of the 
PMA equity in the U.S.-based American 


By transfer dated December A 
1978. Stain borough Securities 
acquired 867,150 shares in 
WombweH Foundry and Engineer- 
ing Company representing 29.39 
per cent of the issued share 
capital. 

The directors of Wombwell 
have been notified that this trans- 
action represents merely a 
rearrangement of holdings withir* 
the interests of the chairman of 
*5 the company, Mr. Gordon Bramah, 
and that the ultimate beneficial 
ownership of the shares has not 


»>-•. / 5- 

* 1 'Si. 
.. > 

-■ j ■ ~y~ '•( 




■=» 

-> 



ij 


iite&l 

neen 

ted 


»>., K*si?asftr-n 

c'.Ctrt j’; 

,y * 


• r 

1 


- Engineering 
end Construction 

££ Tlio' prospects v of a Group tiret is sembiy 
'diva^edi?cdmpff6tTve in-ltt makeup/ 

. financeri strongiyfrpm Its own resources; nitist be 
■ very sounds Heco^HoIdings is such a groiip^ We 
have pevelopeiibu'sifiess In certain specialist 
^fields where eyefe^r the difficult conditions 
iRng today, ^^?are always opportunrtiesto i ■ 
fisis cofifirmed bythefaetthat overall, 
it vjBar-jwere 

^.uuyiw V-— pi — -® — J,.w 

wherever suchan opportunity is presented and we 
wiil:;<iohtNbafly 4pnsb|idate andistrerigthen our 
- trading position^Jn ^ sipntar f asbipeg. aurTdi ver- 
sification into property Hwailn diiejime again % % 
givean addediustrefopyrtesults^-: 

J’-- - ?>' - ^yF^kiAfebstar, Cfiakmart 

e Copies of the Report and <^ccdQnTs for the year ended 
JupelS^B are' available' frdrn the Secretary, 

mm EEtCO H0TDtNGSiiwiITED 

VjH^Sp here Works p St.Albhns, Hertfordehiro. 


manufactures a range of labora- 

tory equipment aJmflar to that of changed^ 

Hoath Furnishing Contracts which 
the group purchased in Novem- ALGINATE 
ber. * 

PMA has acquired that business . Shares of Alginate, the seaweed 
for £50,000. .Turnover of Searle is Processor, were suspended at 3(H)p 
ru nnin g at - £750,000 per ‘annum yesterday — -valuing the group at 
and Searie is making profits of flB.Dm— just 24 hours after the 


£40,000 per annum. 

LADBRGKE 

SUCCESSFUL 

Lwdbroke Group sent out Its 
offer, document to shareholders 


announcement of a bid approach 
from Merck Incorporated, the 
U.S. pharmaceutical group. 

A key factor in. any resulting 
bid will be the reaction of Moor- 
gate Holdings, which holds a !19 
per cent stake in the group. Moor- 


UUCl. uveumem. IU UUUViraiUCIS j nrfi/a+o jnnnctmant Imef 

of Myddlrton Hotels yesterday 2“ “ 


and at the same time revealed 
that the bid is already successful. 

Lad broke bought 21.4 per cent 
of Myddletou in the market just 
before announcing' its bid. It now 
has Irrevocable acceptances from 
board members and the family of 
Mr. Anthony Hornsby,. Myddle- 
ton's ' chairman, which ' take its 
total control, to just over 54 per 
cent of the equity, 

WADHAM? ! . 

STRINGER • . . 

Following discussions . yfitb B L _ m 
Cars and in pursuance of its reaction to 
franchise pob‘cy k Wadhain Stringer agreed cash 


set up to look after the interests 
of the DErlanger family. 

Mr. Leo DErianger, chairman 
of the Erlanger merchant bank— 
formerly a private concern but 
now part of the Hill Samuel group 
— died last month. His death, 
however, is unlikely to affect the 
family interests in Moorgate Hold- 
ings. 

THOS. W. WARD 

Directors of Thomas W. Ward 
—Which has a 29.6 per cent stake 
In Tunnel' Holdings — are due to 
meet next week to discuss their 
Tunnel's £10.3m 
offer for Barrow 




4..*; * 


■ ' ■» 



FRELlMlNARyANNOUNCEMENT 



year : fritted 30 SeptemberJS 78 


Group sales 

Pro&beforeiQteresC ’ . -• 

Interest clMrgesXact)' ;/ ■ 
Group profefbefore taxatioit 
Earnings 1 ■•••• - 


. 197 * : -. 
f*000.:‘. 
V3JQ0T ■ 
6j094/: 

■ 944:, 7. 
5,1 

. 2^o» ; 


' Dividends: Interint^paidper share ' 2 - 2 p-; 

: I ,.i: Final-proposed per share - -A 334 p -£• ■ 

-L- Earningsper share . . . . . v 


Yesr end.fi^etSMnplbyi^i 1 


383JS > 

■; . 4>300;5 

Kotc: Siatmeni of Sumter* Accoutring Fract^ No. J5 7ms Uat 
m i qpt £& in Ofcouniing jor deferred Kkxaxion tnfi^gpres jot 1977 
hc&e been rest at^.cnMctwpiKabie basis. . ■- -• • " - 

MR. ROBINMAirriN, CHAIRMAN, REPORTS: 


year !hn« proved a hard one-fbr the- 
Gronfbandalthou^i it-had been recognised 
for M)ine time that^ ^results «urrparable to 
the previous record year were unlikely in 
1978 , the substantial shortfall was in the ^ 
. . event disappointing-; : , ^ t * ■ ;. W 
. Tjjg -two tnarn - areas of difficulty Were 
- ■; in valves and heattrapsfer. In the former, 

' . dull maikEts Iedtoiiiteuse competition mid 
: narrowed margiiis, .wfiiie in thc. latter. 


zsstzamr. 



^Sfirck Services andthesmaffer divisions 
"'‘•' were indi^- smxfessfuL Serwces.them-;. 

; ' selves had a good^year,and Sertk'^' ' 

Glacon^r^eived the Queen's • . © 

atmaimera* , mwowtiw 





annoimces ' - that it has been Hepburn's chemical interests, 
appointed .« Jagnar/Daimler So far Mr Peter Fjosti cha ir- 
dfetnBhters- for -Seter and the man of Thomas. Ward has not 
surroundfcgwea with effect from joined his fellow Tunnel directors 
January^ -1979. in. .recommending the deal. He 

The premises, previously owned wished to give Ward's directors 
by A. J. Beal, are to he purchased time to study the terms before 
in Exeter and Wadham will be th e group makes up its mind, 
operating from those premises. An EGM of Tunnel shareholders 
Consideration will not be finalised is to be held on Friday, December 
untfl the -completion date but it 22, and the Ward board must 
is anticipated -that it win be in meet before then, 
the order -of £350,000. ‘ 

- '-ninco wadpc ASSOCIATES DEAL 

KCTlcnTnPfWT V Henr y Schroder Wagg and 

ISSUED 1U KUWLr Co. sold 1,500 GEC at 340p on 

IN ACCORDANCE with an agree- behalf of associates. 

-merit -dated July 12, 1977, between —NO PROBE 

Dares Estates and Rowif 141,950 Proposed merger between 

ordinary shares in Dares have Whiiecroft and Rand alas group is 

been issued to Rowif on account not to be referred to the Mono- 

on the farther consideration polies Commission. 

linked id profits on the develop- _____ 

meat of land at Marchwood, . NO PROBE 

Hants.. S l Paul's Holdings, Rowlfs Laing Properties — Lady Laing, 

wife of Sir Maurice Laing, sold 

25.000 “A” ordinary shares at 112p. 
Trust entitled S account K, of 

which trustees are Sir Maurice 
Laing, E. C. Uren and E. R. 
Beecher, sold 50,000 shares at 
12 Op. - • 

SHARE STAKES 

Centrovhicla]- Estates — B. Gold, 
director, sold 20.000 shares. 

Celcstion Industries — One of the 
interests of D, D. Prenn, chairman, 
bought 50,000 shares at 28}p on 
December 12. 

Jessups fHTdgs.) — Mrs. J. P. 
Chase sold on November 23, 

160.000 shares and does not now 
have a declarable interest 

Hargreaves Group — Viscount 
Ingleby of Snilesworth, director, 
sold 50.000 shares at 60Jp on 
December 6. 

R. W. ToofhiD — Beaverform 
Group of Companies holds 58.000 
shares (8.29 per cent)— 50,000 of 
these were acquired from Mrs. 
TL M. Toothill and one of her 
daughters. 

Bejam Group— -J. D. Apthorp- 
chairman, has sold 255,000 shares 
(0.5 per cent) at 60p. but retains 
beneficial interest in 8,054,680 
(14.9 per cent). 

Avana Group — Northern Foods 
on December 4 acquired a further 

220.000 shares increasing its hold- 

ing to 1.8675m shares (0.1 per 
cent). 

W. E. Norton (Holdings)— 
J. M. Simon director, on December 
7, sold 100.000 shares. 

Aaronson Bros. — FoH owing 
rights issue, Witan Invstment Co. 
and its associated -company Green- 
friar Investment Co. now hold 
L298.S39 shares (5.31 per cent). 

Parambe . — ; Portfolio Manage- 
ment bolds 680,000 shares (18.13 
per cent). 

Rotners, (Jewellers) — Scottish 
Amicable Life. Assurance Society 
holds 1-365.000 shares. 

Roberold — Sir Robezt Adeane, 
director, has bought 20,000 shares 
at 4Bp making intal bolding 50,000 
shares. . Lady Elizabeth Adeane, 
wife of Sir Robert has bought 

10.000 shares at 46p making total 

20.000 shares. 

Simon Engineering — London 
and Manchester Assurance Group 
has bought 25.000 4^ preference 
■vbares making bolding 119,500 pre- 
ference shares (12.96 per cent). 

R, W. RoorhlD — Beaverfoam 
Group of Companies holds 58.000 
shares (S29 per cent). 50.000 of 
these shares were acquired from 
Mrs. R. Al. Toothill and one of her 
-daughters. ' 

Montfort (Knitting Mills) — 
Master Securities. Air. Raphael 
Djanogly and Mr. David Djanogly 
together are now the beneficial 
owners of 498,300 ordinary shares 
- (22.05 per cent). 

Francis Strained (Holdings) — 

Company has been informed by 
Mr. -M.. Maimann, -chairman, that 
Louis Flower, a family investment 
company; has purchased 100.000 
ordinary shares and, now. holds 

51.1m shares. . 


1977-- 
. £*000 . 
' 78,400 
9,690 
- 366 - 
9^24 
• 6,747 
{see note) 
2.0p 

S.94p 

- 17 'S 




(see note) 

35,700 
2,500 





Award for Export Achi cement. But the 
best achievement was the successful 
delivery . by V Scrck Contrds of the 
telemetry eql^qnent for the Orenburg gas 
pipeline in the U.S.SJL Tins is believed 
to be the ■world’s largest: co n tract ever ' 
placed foripdmtrial telemetry and is so far 
the largest single order ever placed with the 
Serck Groigj. It isa tedtimcal success and 
was delivered on time. 

There is at present no sign of an end to 
the de$?resed aiuttkeffi for many of our 
products. Hcww^cr,’ we art nor losing 
market share and. investment to improve 
effidericy and ; nnhimiSe costs^ --proceeds 
' apace- Botidwmgs are modest and we 
are in' good : shape for the longer 


SERCK LIMITED 



v.'W/A'.Vi. 



Another Korean Success Story 


These days Korea's “miracles " aren’t just 
economic ones. To most Koreans, last year's 
Everest success ranks alongside the nation's 
$10 billion export achievement and dramatic 
balance of payments improvement as high- 
lights of the year. In all three cases, deter- 
mination to succeed is the common factor. 


In banking. KEB’s determination to make it 
to the top means we try that much harder to 
satisfy our customers and provide a truly first- 
class international service. Our impressive 
growth record proves we're well on the way to 
the summit. Let us put our determination to 
work for your business. We’ll move mountains 
for you. 


(§} KOREA EXCHANGE BANK 

. A growing force in international banking 


Hawf Office: 10 KwanchuVDong. Chongro-Ku, Seoul, Korea TELEX NO: K24244, K24245, K27237, K2Z2S4 C.P.O. Box 2924 Cabfa Address: K0EXBANK SEOUL 
Branches; New York, Los Angeles, Chicago, .London, Paris, Frankfurt, Jokyo, Osaka, Hong Kong, Kowfoon," Singapore. Bahrain, RsproMntatJvv Offices; 
Houston, Seattle, Toronto, Panama, Caracas, Sao Paulo-, Zurich, Brusseb'r'MIlan, Vienna,- Fukuoka, Bangkok, Jakarta, Tehran, Nairobi, Sydney, 'Subsidiaries: 
Catiforraa Korea Bank, Los Angeles • Korea Associated Finance Ltd., Hong Kong • Korea-Europe Assedated finance Company SA, Brussels • Cairo Far East Bank, S.A.E. 


This announcement appears , as a matter of record only 


iSl^ligjuu 



SONATRACH 

SONATRACH 

(SOCIETY NATIONALE POUR LA RECHERCHE 
LA PRODUCTION, LE TRANSPORT, LA TRANSFORMATION . 

ET LA COMMERCIALISATION DES HYDROCARBURES) 

U.S. $667,000,000 Export Credits 

. for the 

Rhourde Nouss Project 

under the guarantee of- 

; BANQUE ALGERIENNE DE DEVELOPPEMENT 

for itself and on behalf of 

THE DEMOCRATIC AND POPULAR REPUBLIC OF ALGERIA 




MANAGED BY 


EXPORT DEVELOPMENT CORPORATION 


Abu Dhebi Investment Company 
Bank of British Columbia 
Bank of Montreal 
The Bank of Nova Scotia 
Banque Canadienne Nationals 
Bayerischs Landesbank Girozentrale 
Canadian- Imperial Bank of Commerce 
. Chemical Bank International Group 
Irving Trust Company 


TORONTO DOMINION BANK 


MANAGERS 

Vi-'?-'-- - 

The Mercantile Bank of Canada . 

5- Midland Bank 1 imitari 


?. -.r^i ■ 




•' • a *.*■ 


Midland Bank Limited 
National Westminster Bank Limited 
The.Royal Bank of Canada .■if-v: 

Saudi International Bank ^ . * 

Al-Bank Al-Saudi Al-Alami Limited 
Standard Chartered Merchant Bank Limited 
The Taiyo Kobe Bank Limited 
Toronto Dominion Bank ■■ ■P . 


PROVIDED BY 




.- j. 


Abu Dhabi Investment Company 
Arab- Malaysian Development Bank 
Berhad 

Asien-Pazrfik-Bank AG 
Bank of British Columbia - 
Bank of Montreal *-• • ' 

The Bank of Nova Scotia J - 

Bank of Scotland 
The Bank of Yokohama Limited 
Banque Canadienne Nationals 
Barclays Bank International Limited 
Bayerische. Landesbank International SA. 

Canadian Imperial Bank of Commerce . v 
Chemical Bank 

The Commercial Bank of Australia Limited ' *■ 

The Daiwa Bank Limited _ 

The First National Bank of Boston \1 • 

First National State Bank of New Jersey 
International Westminster Bank Limited 
-InvestitionS’ Und Handels-Bank AG, London Branch 
living Trust Company 

Landesbank Saar Girozentrale, Saarbruecken 


-J. 

: ■ r-i. 

vT;"’".- 

■ , “ V *•* -■ 4 






’-'♦IF-. 


The Mercantile Bank of Canada 
Mercantie Trust Company, National Association 
Midland Bank Limited 
Midland and International Banks Limited 
Nordic Asia Limited 
Partnership Pacific Bank N.V. 

The Provincial Bank of Canada 
Republic National Bank of Dallas 
The Royal Bank of Canada 
The Royal Bank of Scotland Limited 
Saudi International Bank 
Al-Bank Al-Saudi Ai-AIami Limited 
Socidtfi FinanciSre Europdenne Rnance Company N.V, 
— SFE Group — 

Standard Chartered Bank Limited 
Standard Chartered Merchant Bank Limited 
The Taiyo Kobe Bank Limited . -*f T; 

Tokai Asia Limited 
Toronto Dominion Bank 

Union de Banques Arabes et Europeennes— U.B.A.E, 
Socidt4 Anonyme 

Union Mdditerran£enne de Banques >- Y- 


‘y‘X\ 

■\ Vv.7 




S'jrl !' 


TORONTO DOMINION BANK 
AGENT 


December 1,1978 








28 


Companies and Markets 


INTERNATIONA! COMPANIES 


FEVAM^ 






i 


NORTH AMERICAN NEWS 


BANK OF ENGLAND QUARTERLY ' l ';- • , r V- ^ 


Slide in 
New York 


bond prices 
continues 


Marathon Manufacturing 
turns down $190m offer 


National 

Distillers 


BY DAVID IASCFLLES 


in$200m 

takeover 



r. . : f> - 



r fT 


BY MARY CAMPBELL 


ir. ■ 

' 1 ^ ; r 


By Our Own Correspondent 


NEW YORK — with the latest 
Bell System issue setting a 
record high yield, bond prices 
continued their downward slide 
today. 

Yesterday's S150tn 9i per cent 
36-year benchmark issue by 
Mountain States Telephone and 
Telegraph, handled by Morgan 
Stanley, was only 40 per cent sold 
at tbe end of the day. in spite or 
the fact that it was priced to 
yield 9.27 per cent, the highest 
rate of return on a triple-A tele- 
phone issue since early 1976. 

The issue was today freed for 
sale in the secondary market, and 
the price, originally 99.80, 
dropped to 98}, giving the issue 
a yield of 9.38 per cent, believed 
to be the highest ever on a 
Bell issue. 

Ironically. Mountain States 
T and T led the way down at the 
end of the last interest rates 
peak. Its 8150m issue in 
December 1976 was the first such 
issue to descend through the S 
per cent barrier. 

Dealers today attributed tbe 
overall heaviness of the market 
to general apatby about U.S. 
economic prospects, plus sales of 
inventories by Wall Street 
dealers squaring their positions 
for tbe year-end. 

Equitable Life, the large insur- 
ance company, also sold 850m 
worth of bonds today, and ottier 
institutions arc believed to have 
followed suit 


NEW YORK— Marathon Manu- 
facturing a leading producer of 
offshore drilling equipment with 
Interests in Britain, has been 
approached with a tentative 
takeover offer by Maremont Cor- 
poration. a Chicago-based maker 
of automobile parte. But tbe 
company has rejected the offer, 
worth just over 8190m describing 
it as “inadequate.” 

Maremont’s offer was S17 cash 

per Marathon share, plus S17 in 
voting preferred stock. Before 
they were suspended. Marathon 
shares were trading at $23.5. 
Indications yesterday were for 
a resump ton of trading at around 
$26 to S29. 

According to Mr. Milton 
Shapiro. Maremont's treasurer, 
bis company’s approach had 
only been tentative and he did 
not consider that a formal offer 
had been made. He refused to 


comment on what his company's 
next step might be, but he 
described the atmosphere of the 
discussions so far as friendly. 

Marathon’s revenues last year 
were 3304m, and earnings were 
S16.1m, equivalent to $2.81 a 
share. The company is based, 
in Houston and is one of the 
worlds largest producers of 
mobile offshore drilling plat- 
forms. One of its manufacturing 
centres is Clydebank in Scotland 
where it makes jack-up rigs for 
North Sea oil exploration. It 
also makes rigs in Singapore. 

The Clyde yard is currently 
suffering from a lack of orders, 
and the UK Government has 
asked foe British National Oil 
Corporation, British Gas -and the 
Coal Board to consider placing 
business there to save foe 1.100 
jobs at risk. 


Hie company has been using 
its recent high revenues from 
exploration to diversify into 
other manufacturing areas so as 
to be able to "withstand the 
cyclical nature of the ria- 
huUding business.. 

Maremont Is only slightly larger 
than Marathon, with sales last 
year of $31Sm and earnings of 
S10.7m. It makes exhaust systems 
and shock absorbers, and also 
imports parts for foreign csts. 

The company has been barred 
by the ETC from expanding by 
takeover in the auto parts 
replacement market, and has 
therefore been looking for 
growth opportunities in other 
areas. 

■Mr. Shapiro said today that if. 
the Marathon acquisition went 
through, it would maTk a major 
step into a new field for his 
company. 


Hudson’s Bay approach cleared 


BY VICTOR MACKIE 


Record quarter 
for G & W 


SAN FRANCISCO — Gulf and 
Western Industries, the diversi- 
fied industrial group, had a 
record first quarter, net earnings 
rising from a corresponding 
S39.im, or 58 cents a share, to 
$60.3m or 88 cents a share. 

All eight operating groups 
were profitable in the quarter, 
but significant improvement was 
seen in the leisure-time group. 
Reuter 


OTTAWA — The Canadian 
Government has decided not to 
intervene or block the possible 
takeover of Simpsons tbe 
Toronto-based store ch ain, , by 
Hudson's Bay Company. 

Mr. Robert Bertrand, director 
of the Federal Bureau of Com- 
petition Policy, said yesterday 
that be has discontinued his two- 
week inquiry into foe proposed 
merger. 

The investigation into the 
C$388m offer was held to deter- 
mine -whether the merger of tbe 
two department store giants 
would be detrimental to the 
public interest By acquiring 
Simpsons, Hudson’s Bay would 


also be buying a half interest in 
Simpsons-Sears. Its shares are 
split equally between Simpsons 
and U.S.-owned Sears Roebuck of 
Cbicago. 

This would give Hudson’s Bay 
control of more than 60 per cent 
of foe sales of what were des- 
cribed as full service department 
stores in Canada. Such a store is 
one That offers a total range of 
merchandise and services. 

Bertrand’s announcement came 
only hours after another major 
development in the struggle for 
control of Simpsons. 

In Toronto earlier, foe presi- 
dents of Simpsons and Simpsons- 
Sears— Mr. G. Allan Burton and 


Mr. Jack Barrovr— issued a state- 
ment outlining improved terms 
for foe merger originally pro- 
posed in October. That merger 
was being discussed before foe 
Bay offer was received. 

The two companies have 
decided to update and improve 
their offer to shareholders in an 
attempt to ward off the Hudson's 
Bay off eT. However the Simpson s- 
Simpsons-Sears merger has to be 
approved by the Canadian 
Government’s Foreign Invest- 
ments Review Agency because 
Simpsons-Sears . is 50 per cent 
U.S.-owned. That merger would 
increase foreign control of foe 
department store field. 


NEW YORK— The metals, 
chemicals and alcohol group 
National Distillers and Cheat-, 
cal Corporation is to take oyer 
Indiana Group In a deal which 
could be worth around $200m. 
The companies have executed 
a definitive agreement on tbe 
terms of a proposed merger 
under which Indiana would 
become, a wholly-owned sub- 
sidiary of NationaL 

The terms of the agreement 
call for the common shares of 
Indiana to be exchanged for 
common shares of National oa 
on a ratio of 156- per rent of 
foe per share book value of 
Indiana on December 31. 1978, 
to the average market value of 
National common during a 
specified period prior to the 
mailing of proxy material- Hie 
exchange rate would be not 
more than two nor less than 
1.8 National' shares for _ each 
Indiana share. The TnaTimnm 
number of shares that could be 
issued by National in the 
transaction is 9,975,062. 

Indiana Group would retain 
the right to cancel the deal 
if the average market value of 
National is less than $17.50 a 
share, and National could can- 
cel If its shares rise above 
§2450. National’s shares have 
traded around the $19 to $20 
mark recently, putting a value 
on the deal of some $20m. 
Agencies 


THERE WAS a forfoer ihacp/UB.. Canada, Japan .*gj : 

rise in the volume of Eurocfoj- bankjng centres) rose ..fry som^ .of .$L3bn wherg prgvion^y tth^ 






rency business in London .mfoe.38.5bn to a total .of $95bn in the ■ been anet borrower. 

third quarter p£ this yeaj^. thte 'first six months of midyear, ' it ‘ =. .ThO- main tfet-iioiTOWeff JJttte 

latest Bank of England Qaartejly- shows that increases- were.Weli ■foirdqimterVM» the offish ore' 

BuliCtiD — » jv - Jl. $ I z ' l . n aw««- +Ti o hYftqfl *. .— . J •• -i.j.a, J j • ilhl. '-..A IJ/t - 

latest 

London . 

deposits and lending, which was hanks* lending. W,.™" YondhnTiiiiiks tii 
carried out in August, &ow*g.-uhuiged at endJune comparKl jg^g ^ rea^e^^^Vjdghl 
marked improvement.- in'. Hie with end-December. ' _ .-2S 1 -JiriT 






-.-vr- ,-m 

•• • ' " 


analysis, which dated back to^Iast. lities as 
May, had sbf *" *“ -- - ’ 

particularly 

withdrawals. ■ ' ~ . The expansion or i^odoou - mar "have" 

The latest Quarterly BnUetin -^banks’ Eurocurrency- -business i^Sfrtine 
contains three separate survey^ Counted to $2Ibn in .foe third 
of the London banks- Batten* «uSter (Mbit 

rency business: foe -regul|Tqua*-f or currency vahiatnm changes), Jep S ‘ 

terly figures, dated end-Septepu-- This rate of growth was twice fuploSghtSis^S. 

her. on deposits and v„ t*. +*,«» cu<nn^ u “ . ir* 

including a geographical' 
down of deposits and ~ 
country-by-country. t 

' the oil exporting countries’ japanese bahks f&aditlotfeny 

I Ss? IS 




GV'* 




;: l Sr;rV : v. .’i'.*.',' 


& . r-r - 


Husky plans 


sion to foe Bank for foteiTra-.IJ^ 1 ^ 1 ^^ 56 ^ $^7bir had Thus foe capacity of-Jfie.haitia 
tional Settlements (BIS), dated; J™* iSr — to fiiiance potehtial withdrawila 

June, which gives details' of jare..** 11 particularly, large., . : of deposits- Improve 
maturities of London' banks’ - The other marked-shirt vras m- exteht^hat.foey.cQuld^cdvfer Ja^ 
lending on a country-hy-cotintry the position of the westem Euro- per cent of their vary shprt-tBrtp; 
basis. pean countries out side. .the BEQ- deposits ..by ; liquidatirm;. assets: jn 

The last or these thxee,and foe “other countries ^ -cat» Ang^grt. vp fmm : ' 7fl:8 ppr- 
analyses shows that total -exterCgory, which mainly consists of: ja May. Jt - one ’.«5tfots- i hdl&ing*: 
nal sterling and foreign cri^yless developed cpnntties. ,Bofo of eertifleatos oi.dep^satJikjnt 
rency lending to countries out- , these groups were net suppliers mediately realisable assets -than ' 
side foe BIS reporting.'.' area, of funds to the London market fofc esteatuf deposit cover rose 
(which consists of the European in the third quarter, the . “ other from T7*7* per-cent to 79.0;>ger 
industrialised countries, -foe' countries' 1 category becoming a cent . 






ae- 


T-V 

'• *■ ;• - 
t ’ 


■c - -<r. 


increase in 


oil development 


Checker Motors agrees 


sale to Oppenheimer 


GE plans deal 
with Hitachi 


Eastern — National 


Eastern Airlines plans to finance 
its proposed $50 a share takeover 
of National Airlines with a S427m 
bridging loan through its con- 
ventional bankers. Reuter reports 
from Houston. Eastern’s chair- 
man. Frank Borman, said this 
loan would carry the airline over 
until it arranged for long-term 
financing. 


KALAMAZOO — Checker Motors 
Corporation said it had agreed in 
principle to sell its assets subject 
to its liabilities to a corporation 
tu be owned b; Oppenheimer 
and Co. The company said 
Oppenheimer will pay a net price 
equivalent to $45 a share for the 
assets, based on foe 1.089,101 
common shares outstanding on 
June 30. Assuming the conver- 
sion of preferred into common 
shares, foe transaction would 
have a value of about $49m. 


Before trading baited on tbe 
Midwest stock exchange on 
Friday pending foe announce- 
ment Checker's stock traded at 
S28.S75 a share. Later. Checker 
said foa the $45 a share offer 
would be adjusted downwards to 
reflect a 10 per cent dividend, 
ciple 

A s a condition of tbe sale to 
Oppenheimer. Checker <said it 
agreed in principle to sell its 
Yellow Cab company, subsidiary 
to a group of private investors 
AP-DJ 


NEW YORK— Mr. Reginald H. 
Jones, chairman of General Elec- 
tric. commenting on a recent 
Justice Department anti-tnist 
ruling against a joint television 
venture between GE and Hitachi, 
said foe company hopes to sign 
an agreement to obtain Hitachi’s 
TV technology even if the joint 
venture plans fall through. 

GE intends to stay in foe tele- 
vision business and a recent 
large order from Mobil Corpora- 
tion’s Montgomery’ Ward unit for 
TV sets should help foe TV 
division in 1979. he declared. 


CALGARY — Husky Oil’s 
capital spending will total 
C$158^m in 1979, compared 
with C$1092 this year, said Mr. 
James E. Nelson, the company 
president. 

Heavy oil development In 
the Lloydminister area on the 
Alberta-Saskatchewan border. 
Including plans for pre- 
liminary design and engineer- 
ing of a crude oil upgrading 
facility will absorb C$61.4m. 

The company said total oil 
and natural gas expenditures 
in North America in 1979 will 
be C$114Jm. up 66 per cent on 
this year’s C$68 .Sm. 

In addition, C$1 “Ulm will be 
spent on exploration In the 
Philippines, foe North Sea 
and Pakistan. 

It said C$24 .fim of the 
budgeted C$ 158.5m will cover 
refining, marketing, supply and 
distribution. . 

Reuter 



\--r" 
■*#.?< ; t 


BY FRANCIS GHtLfeS 


THE INTERNATIONAL, bond indicated 99, with other terms 
markets are getting quieter as otherwise unchanged. The lead 
Christmas approaches, especially manager of this issue, .Deutsche' 
in foe dollar sector where; Bank is expected, to pres tbe 
secondary trading was described- successful Brazil issue, which 
by dealers yesterday as ; Steqr was Increased earlier fo^’.week 
[boring:- . 'Ai.rl?. DM 150m, later today; “ / 

The only news was the pricing A DM150m issue for Norges 
| -of the $30m - floater for JKppon Kommunalbahk -was announced 
Credit Bank Finance at pair, with .yesterday by Westdentscbe 
indicated conditions otherwse Landesbank. The 10-year notes, 
unchanged. ' / .’.'ivjt which 'have an average ;Bfe of 

'- rT -.I Vi T7m rc tamC' «n ' in rllmif ad 


The Dc^ch^fc^ctorJW 7 * c “rJ r m Indicated 


more ertlve: prices n-hvcS: up: 

slightly although trailing was „j N™ay- KmgOorn 

described as thin by inost XVorwa>J /;• :• 

delears. The DM 60m issne Ybr Details of the. next Gauche of 
Nordic Investment Bank was' the Carter bonds, to fce denomi- 
priced at 99J, instead pt.^the nated in Swisa fnncs, are ecc- 


.pecteff- t(F;?|>e . -ann'Qunx»U-Tlaifer'- 
next month. This-tranche should' 
amount to SwFr-2bii <$Obn>* 

’ According y : tof,*- the ; *Neuo 
Zuercher “ - Zeilung,' - - . Jpsuo . 

might " trot - * *jf v 
bonds, as is, foe,«as& “wtth _foe • 
■Deutsche. Marir -denominated 
tranche, bnt iafoor foot of-Swias 
sterilisation descriptions; Jtnast - 
of : which -. ore currerily ‘ . wifo 
Swiss -cdmamrdal’ banisu ?- ^ ; • 

. Sterilisation- descriptions :are 
.bills. ; placed.- ByC foe National 
Bank with commercial banks' on 
behalf of; the Swiss^ Confederit' . 
tion. HOtVOTer^ foe jnticttcte' kre 
not usedt hy the Confederation 
-but ■- ate qjut ■ into- 'a^-tilodEed . 
account wifoithe Natiboal'Baiik, 




i: ; 


"■ : - 


- .- 


■V '.-'.‘t ■ ■■ ■, 


-»■ -J 

... ' I ? ! - ! 1 '" 


[d Banl 
tjada bu? 
fennan bai 


This announcement appears as a matter of record only. 


December, 1978 


U.S. $150,000,000 

African Development Bank 

Multicurrency Term Loan 



Managed by 


Credit Suisse First Boston Limited 


Scandinavian Bank limited 


Credit Commercial de France 


The Bank of Tokyo, Ltd. 

Banque Bruxelles Lambert S.A. 
Samuel Montagu & Co. Limited 
Societe Generale de Banqae S.A. 


Tbe Long-Term Credit Bank of Japan, Limited 

Banque Worms 
Skandinavzska Enskilda Banken 
UBAF Bank Limited 


Co-managed by 

Banque Europeenne de Tokyo 
European American Bank & Trust Company 
Landesbank Rheinland-Pfaiz and Saar International S -A. 


The Dai-Ichi Kangyo Bank, Ltd, 

JUwdoa Branch 


DGBANK 

Ontsdie GcmmmdniiitaAle 


The Industrial Bank of Japan, 

IJnitfd 


The Mitsui Trust & Banking Company, 

Linked 

The Sumitomo Bank, 

limited 


Nomura Europe N.V. 


The Mitsui Bank, 

Limited 


The Sanwa Bank, 

Limited 


The Taiyo Kobe Bank 

Limited 


Tokai Bank Nederland N.V. 


AlgrmencBanfc Nederland N.V. 
Banque Bruxelles Lambert S..4. 
Bjnque Imcrcunlinenlak Arabc 
Banque Worms 


Banlt fur Ganomvuisduift 
Ailiatcttlhduft. Lain fim neb 


Funds provided by 

TheBaii of Tntyo, Ltd. 
Banque Comma-dale pour ITuropedn Nerd (Eurobank) 

Banque Intcnuumnalc pnur TAfaqne Oceideubdc “B.1A.0.” 

The Chase Slaniaiiaij Blaok NA. Credit Suisse 


Tbe Bank of Yolgbiu 
United 


Banque Europcetme de Tokyo 
Banque Sandman en Suisse 
Credit Commercial de Francs 


Credit Commercial de France (Mayen Orient) SAL Tbe Dai-Icbi Kzn&o Bank. lid.. 

lodwlnid 

European American Bank & Trust Company The fidelity Bank Fuji Bank (Sdnreii) AG 


DG BANK INTERN ATIONAL 

SK^IsAagnM 


The lodosl rial Bank oi Japan, 

lioolrd 


landesbank Rbcinlatul-PfaU und Saar Inter national S.A. 


The .Miuui Trnst fc Banking Company, 
Limited 


ThcLonJ-Tcnn Credit Bank of Japan, 

I 'nniTfd 

Samiel Meotobi & Go. 

IopM 


The iWiisui Bonk, 

Liapted 

Naritmal Bank ol Abu Dhabi 


Scartdiiuiian Rank 
Limited 


The T«y» K.*bc Bank 

Limited 


Nederland sebe Mitldenslamlsbank (Schweiz) AG Nomura Europe N.V. PEbankert 

Skandinaviska Enskilda Banken Sooelc Generals do Banque SA. 

Tukaj Bank Nederland N.V. I BAF Bank 

tinted 

l>nion Meditcrraneenac de Banques 
Agent Bank 

Scandinavian Bank Limited 


Tbe Satrap Bank, 


Tbe StrmKumo Bank, 

Lbailed 


UBAN-Areb Japanese finance 


Asbestos faces 


FT INTERNATIONAL 




. T - .. _ 






~. S 


ax’sa: 

r-- -•* ..., 


■Jp 


"ft- 


-''if liiT - 


expropriation 


QUEBEC CITY — Quebec 
Premier Rene Levesque said 
that if an agreement can’t 
be reached with General 
Dynamics for the previously 
proposed takeover of the com- 
pany's Asbestos Corporation 
subsidiary, the Canadian 
province “ will have to go 
ahead and expropriate r 
Asbestos Corporation. 

The nationalistic govern- 
ment has held lengthy negoti- 
ations with General Dynamics 
concerning the takeover of the 
Asbestos Corporation sub- 
sidiary. These talks have 
become stalemated and that 
(be differences "were almost 
Irreconci liable,” 

Levesque said. 

The premier said tbe 
province refused to pay what 
he called “an artificial 
increase” in the value of 
Asheslos shares, currently 
trading at about CS5L50 a 
share, up from CS 23.50 prior 
fo ibc October. 1977, announce- 
ment by Quebec that It planned 
to acquire tile company. 
Agencies 


-The list shows the 200 latest International twntf.issues for. which' 

exists. For '— ~ - — . 

Ion tbe second 


U.S. DOLLAR 
STRAIGHTS 


- further details of these or ofoeftxmds see foe complete list ofi Eurobond -pneesipifoliifoed 
md Monday of each month. . . ' \ .fv^tosing jwic^JOii^ Decenfoex 13’ 

ChRosj* eu • \ • r > • •' ^zt ^;.'Qaistu . ' :*■' 


I"'**' • ■' * ■ V- 


Issued Bid Offer di» week Yield \ 


Premier 


Aga Ab. Bi SS 

Australia 8.45 S3 

Australia Si S3 

Bcaolco Foods 71 S3 

CBCA SJ S7 

CRCA 9 »3 

CBCA Si $S 

CNT > 93 

Canada 8 S3 ....... 

Canada SJW S3 ...... 

Canada 92 96 — ... 

Can aila 9 S3 .>. — 

Canada 95 96 

Canadair SI 83 

Dominion Bridse Co. 9 86 

EIB 91 98 

Eksponfinans 9 86 

Finland .81 S3 

Finland I SS 

Hoeplial O/S 9 83 

(tel Finance 92 88 

ltd Finance 92 99 

i J. C. Penney S4 S3 .. 

Mac Bloedel it 93 .. 

NZ Dev. Fin. 81 83 ., 

NZ Dvv. Fin. Si 85 .. 

1 Nat. West 9 86 

Newfoundland 9* 90 .. 

NOPd IOv. Bit. 8} SS . 
Noraes Komm. 9* 98 

Norwar 7i S3 

Norway SJ S3 

Occidental Si 85 ... 

Crnt Hydra Si K ... . 
Quebec Hydro 91 M .. 

Sweden 91 98 

UK HI FS 

UK 62 93 


■ as 

175 
75 

n» 

50 
...» 25 

25 

— 75 


351 

■m 

mi 

w* 

m 

97* 


952 

971 
991 
954 
9 a 

972 


-8fc— 0i'31Lm 
-Hft « ■ 9J9 
-05 . -at '-9*5 
e -B ,9Jn 
• • . . 9.« 

-01 -1 : / 943 


258 


78 

25 
125 

a 
n» 
100 
25 
25 
28 
.. 309 
.. 58 


« 995 —04 -« 

«1 9K -04 -Z. 
95 « -04 -« 

■MAI 951 -05 .-8 
98 9« -M -K 

981 994 0 .-4|. 

994 994 -« — ■! 
94 964 0 -1 

,932 9K -H>i -81 
1974 98 0 -tfli 

94! 97j 

MT 974 0 . -Htt 

MU 97 -H)i . 8 . 
974 973 -a* -r*i 


Mt 


va 


28 

75 

58 

25 

75 

258 

150 

75 

225 

58 

125 

200 

ISO 


95! 945 +01 

935 93! +0J 

943 974 0 

94! 972 —OJ 
984 . 984 +04 
9« 98! +0i 

98 WJ +0i 


9J8 

9 SS 
9.53 
1823 
9.U 
9JS 
-9.78 
-.9.75 


944 

M71 

934 

1974 

934 

9S 


Ma 

M4 

974 


982 0 -K 

942 0 -02 

901 -04 —>4 

«t +01 -01 
904 0 .—■! . 

98 -OtrU 
951 0 -1 

992 +0* -« 

902 -01 -tt 

962 - 01 -« 
975 -04 0 • 


+oi urn 

-1* UJ» 
-U 9J0 
-14 9.62 
-01 9 AT 

—03 _9Jl 


9Jt 
9J4 . 
LSI 
9.63 
9J5 
00^2 
9J8 
9.40 
946 


9A2 


Research 
Cottrell lift 


1 DEUTSCHE MARK 
STRAIGHTS 


NEW YORK — Research- 
ed trell, manufacturer of pollu- 
tion control equipment, 
announced an increase in earn- 
ings for the year from $8.1m to 
$9Jm, or $1.92 to $2.15. Sales 
of S253.9oi compared with 
$236 .8m last time. 

Tbe final quarter brought a 
rise in net earnings from $2.7m 
to $3m or 63 cents to 69 cents 
on sales of 875.1m against 
§64.9m previously. 

Renter 


Parker Drilling 
boosts profit 


TULSA — Drilling services 
company. Parker Drilling has 
almost doubled earnings for 
the year to Angust 31 and 
stockholders are told that the 
company is enjoying the most 
successful year in its history 
and is looking forward to the 
prospect of new drilling 
services. 

For the year reported, 
Parker poshed net earnings up 
from $2 5.4m or $4.12 a share 
to S3l.2m or $8.02. Sales in- 
creased from SISfi.lm to 
$241.1m. 

AP-DJ. 


Argentina 84 SS 

Aslan Derelap. Bk. « 68 

Australia « W 

Austria 51 30 

Ranfamerfca 54 99 

Roue. Ext, Algeria 74 85 

CECA 8 SS 

Canada 44 S3 

Chase Manhattan O/S 6 93 
Commerzbank lot. WW 34 
Commerzbank Idl XW 34 

Copenhagen City 6 90 

Council of Europe 84 

Council of Europe 64 

EI8 6 9D 

, Etf Aquitaine 34 88 

Finland fl 83 . 

1 Hitachi Ship. 51 83 

[ 1BJ S Si 

Indonesia 7 94 

Kobe. City Of 51 86 

Light Servlcos de Elec _ 

Mexico 6 S3 

Mitsubishi Pctro. 5| 8S 

Nippon Steel SI S3 

Norges Komm. 6 90 

| Norway «i S3 

Norwegian lod. Bk. 8 90... 

Pctroieo Brazil 7 88 

PK Banken 54 88 

Qatbec. Province of 6 90 
Raotanrukki or 51 88... 

Ricoft Si S3 

Spain 6 ss 

Slaton 8 59 358 

Trondheim, city of 51 35 


Change ca 

Issued Bid Offer day woak Yield 

ISO 954 952 +84 tS4 :7J5 

W0 92! 932 0 -02 4J0 

258 1014 W12 8 +04 5.79 

ISO 944 95 -Oi -Hit 639 

ISO 994 992 0 +04 SL*2 

MO 941 972 +04 +94 7JS 

W* 97 97> +04 -HU 439 

400 984 982 8+01 539 

MB 1014 1B24 +0| - 0 5.79 

100 1032 BMi -04 -Bi ’ 3U3 

TOO *Z1 82! — 04 — 04 5.9S 

,5 « u -04.. a fcsa 

JW 99J 2004 +02 +u 434 

WO W2 984 9 • +04 433 

308 962 974 O 0 ’ *37 

M» 934 991 O - +9t 430 

WO 901 99 0 +0| 438 

50 U04 101 9 +U 537 

W0 982 994 -44 -« 529 

J2 97: -0* -04 737 

1W 2884 1001 -1^ 9 . 536 

WO 944 972 +D»- +9T Y24 

200 974 972 +01 +04 «A9 

109 994 1004 0 - O'- 5.77 ’ 


ZOO 

100 

258 

12S 

108 

1D0 

ISO 

58 

39 

200 


991 

974 

941 

974 


CDS Croup SJ S3 
Venezuela 8! 90 .. 
World Bank 04 SS 


45 

X59 


934 

952 

984 

1004 

954 

90S 

90i 
97 i 
984 

974 


1004 

972 

976 

.982 

99J 

988 

9*4 

98! 

loo: 

958 

98! 

951 

971 

90S 

984 


+01 —04 
-Oi -W 
+04. +04 
8 —83 


-St 


— Oi_ +1 _ 
-04' +81 
+W .+0i 
+04 _+0J 
+84 -84 
O 04 

8 +84 

-01 .+84 
8 +81 
0 - 8 * 


5.79 

638 

533 

*25 

-738 

*6 

*-5« 

535 

*35 

439. 


.434 

.722 

iS 


SWISS FRANC 
STRAIGHTS 


6n. 


I Acesa 5J 89 
American Exp. Tnt. 3J 93 
Aribors Tmmel 4 93 — .... 

ASH Si 93 

Austria 34 93 

| Brazil -U 

Chase Manbanan 4 8s ... 

CVBD 4! 90 

Council of ’Europe 44 


lancd Rid Offer tficr Wt<ec Ytalii 


40 

180 

100 

108 

78 

50 

*5 


Tedwicare merger 

Technicare Corporation, and 
Jobusou and Johnson have 
signed a definitive agreement 
to merge which foe Boards of 
both companies have approved, 
AP-DJ reports from New 
Brunswick. The acquisition is 
stUI subject, to approval by 
Technics re's shareholders. As 
previously announced the 
agreement calls for the tax-free 
exchange or 0.175 shares or 
Johnson and Johnson common 
slock for each of the abont 
5-9ni shares of Technicare 
common stock. 


Bankamertca 31 $3 - 88 

RKDE 5 88 75 

| Denmark 44 » 198 

Denmark-Xortgage Bk. ... 88 


EIB 44 93 

Enratum 4} 93 

F. L. Smidth 44 S9 

Finland g 93 

! Fim Chicago 34 93 

|GZB 4} 93 «... 

Rnu-Lkcbcnsein 44 

ICI Fin. JfV 4} u 
Malays^ 4{ 90 

Manitoba 4 93 - 

Newag in 

. Koraes Komm. 44 N 

OKB 4 93 

or Nokia S SB 

Sale 4i 93 

5jfldrUr 4 30 

.Seas 44 SS 

Vocsl-Alploe 41 93. 
VoralbvTR Kraft 4 S3 , 
vtcnoo 4 M 


«... IN 


W» 

994 

99 

9« 

W* 

941 

1828 

954 

W 

ins 

ma: 

kk 

iip^ 

IN* 


104 

99| 

994 

93S 

« 

9*1 

US 

952 

JSU 

um 

uei 

1844 

182t 

7881 


IIS 

532 

440 

349 

4.93 

44* 


8- +M . 4.-W 
—84 .+84^ -335 
+0i +U..448 

-01 +« : 

+8* :+l 
-88 +« 

+8* +« 

+01 +u 
+e* 1 +8i. 

+«t +11 
0 :■+.« 

_ -- +»»■ +81 

_ .991 992 -84 +04 

.... 25 I0« IfiU -04 +0f 

.... 80 UZl 1021 0 . +14 

,T**tl81i ins 0 - » ■ 

-- 1W 1024 102} +0J.+U 

— = }W 1831 -BI +u 

1« 1833 JM 0. +U 

-- ■ 98i ‘ 98J -« .' +8*-. 428 

-- J* inruns xn 

.. TO 9* 99J -MT +3 M8 

.... inn um iB2 -Bi +q am 

— “ « 1001 -8* +» .42)0, 

a lau m -ta +bi a.t* 

■ S 25. “U “Ol +84 oja 

-- « M! 1021 +U+li.-3.TO 

.... W 1032 . 1832 +8X+U.:4JR 
.... 1M 1814 1811 l +H W 
.... 38 . Iflll 1013 +X ~-+U. MS - 
IN WW .TOW +K, +01.3,93 


420 

428 

AS 

428 

«* 

a 

325 

329 


World Bank -U S3 — 2$8 1914 UU -0J' --«T'^4O r - : ' 


YER S7RAICHTS . . 
Aslan Dev* Bfc 54i* . r 
BPCE SA OB 

Kurofima 62 SO 

• Norway .-5.7 S3 


Jaw* BM.mfcr tfw wfik 

«4 -TO +M +05 820. 
^ ’#-. 951— 95t • • -+i. 72 9 

— U 9« TO +M V+01 ' 0»7' 

2S :uu ,-int . • *=, +«. • ssr 


>. Norway .'5.7 sa v 25 ', •=, +«. S2l - 

t SNCF 0A 00 • 2# ; . 9a .-TO I , ■.!-*! , 729 - 

’rg+eden 62 TO -:«• •• -» *.99 . . . zi 


es • 


OTHER STRAIGHTS : hmi-W Offer tUX Vkjd 
Ra0lc O/S Htrid. lU'A8— i - 12 - 980 . » -C* 8 -JU# 

Ann> Cole Basq. 7 83 ^CA, 24 ,9§\_ >1 £n '-^*kr, 7J*. • 

CtmoBbaseo 7 SS EUA>:.^ TO -TO- -+0l 727, 

FtaUql lntL Bk. 793 EDA 15 .TO .’ 9tt. .-•£ ^0|. IjB 
25. 981 TO :*or'-*I 724 
.»... TO ..TO •+« .+« 828 
g,- 971 Wt -H 701 . 721 
7SV91I. 9H +8ti?Htt 822. 
» TO: TO . 8 +H 92T 
T5 ,-94t 571-84 -01 827 
75 93 1 9M - -W +0J 82? 

J5 9lf " 933'. 8 ,:+W 828 

.75 - -TO - -«..+«, JL5f 

IN 924, 521 —01 +1 825" 

75- 90ft .914—84 +M 838 
200 . 914 581 0 -04 V.«, 

IN MBS -+84- 8 9.92 

951 9*8 -.+•*+« 828- 
_ ... Toy .TO-. • ■,+« ; -.82 5- . 

250 as- ~9*-- — +84- -+04 ,:«28 
TO .TO"— 04.— II ,822. 
.9*1 .TO +84. +84 :. 828 
NO W;‘ 98 .-+04 +04 U2 

„ _ M0 101 --0 +04-7.9*. 

Swodiuh L Bfc S 88 LOxFr 5B0 « iff" a : -Oft'-ff^r" 

Gesteiaer f£hL BV U «S £ 10 874 881-' 9 9 SSJ9-- 

Whitbread l» «i 15 ' 854 844 — U —Of 22.90’ 




Komm: Inat 7ft S3 BUA— 

Panami.M S3 EUa 

SDR Knnce 7 93 SUA _ 
AlSOmoiitf.Bk. 8ft S3 FI _ 

Brazil 7ft 83 FI ...—Li- 

CFB Mexldo 73 83 Ft 

EIB 7* 85 FI 

Ned or. BUddat*. 6ft 83 H 

New Zealand »MF1 - 

Norway 6ft 83 FJ ..., 

OKB B| 85 FI 

EIB 0? 88 FFE 

UnUever 10 85 FFr 

BAT s*s LaxFr- 

Bam- Lux. 8 so ImxFc 

EIB 73 88 LwFr 
Finland 7. Fd. 8 88 LuxFr ' 
Norway 75 « LuFr ..... 

Renault 73 Hf LaxFr 

Solvay Fin. B 85 LaxFr .- 





issue 




FLO ATI HC RATE . . 

"°TES v ■ •' Sprwtd ffW 0if«rCdwaCJ3wtjrfd 

American Expren S3 . — 04 n 994 28/4 -182 M 7X - 

Arab imi. Bank KtS SS.^ « -TO — - - — - 

Banco £] Salvador 418 S3 14 
Banco Nac. Araenr MB 83 ^ < 


Bank Nandjowr MB 08 ... 
"Bank of Tokyo MSft S3 ... 
Banqnc Worm* M53 85 ... 
Bu. Exf. d’AJs. MS J75 84 
Bone. ext. «nu«. ai7J » 
Boue. Udo at Sod MSI— 


33 


04 

U. 

« 

u 


Bo. Im. Air. Occ. MU SS 04 -. 


CCCE M5Jt5 .SB- 

CCF MSI 85 ... 

Chasu Man. O.'S Ua Sft.^ 

Credit National M5ft 88 — 
cotabankon MB 88 
ImL Bank. Japan M5ft 85-. 

IshStawaJima M53 85- — 

LUbtUnska U7.73 85 . 

LTCB Japan JCf ST 
- Midland lmL M5ft 93 
Nat. West. 

2S «- : TO IN 38/a i85* iaj* 

ombare Mimns sa «... to -to »/x. 9M as* 

SFTE S*8 83 R TO ' 980 5/4 -1SA9 18 J* 

Sualard Chart. M5^-90_ « 9*f: 974 JW2 LH 935 

SnndavMJdjaidmp M0-S5. U « >: 9« -TO: ■ 4/4 UH MJ7 
.L'td. Overseas Bfc.~M5 83 U TO r 99 4/5 - 123K Xt*T 


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974 32/4 HA 2t*5 
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972 25/HTZ.9d:U29 

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5 15/32 9 931 

■-TO .art 92 9.92 

TO 2/5 ,12ft - 23J* 
991 25/1 9C 9J5 

TO ■■12/1. '.-90- 9*. 
TO- J/2- 9 M *M‘ 

S 3/5 m - S23t^ 
2TA '9Jl ‘93»-. 
-TO HA 9J9 VJ9- 
TO 25/5 2Z34 32JI 
994' . 3/ft'-- 1235 XUtf. ’ 
9t 27/* 214: XLSX 
9U M/L 384. 3844 

:99-: ars izee a.72. 

98 N/L %M AA4 

ai/B. wa Mr. 


7-S- -.*■ 


CONVERTIBLE 
BONDS 

Asics.&ft 33 

Baker 1BL Bln. S3 03 .. — 1/79 . .34 
Boots. 6| SS 2/19 2J* 

Caci-Cola BortBn* « 4/79 - 9 

gO-Vbka dd a «. i. 6/78 MB 

Novo -JnhEffirl T 80 4/7* 259 

Texas 1m. Air. 7ft » _....4/79 -185 
Thom InL PUL 7 88 ..—21/78 3Jf7 
. -Tyco lm. Fin. a t» _.... 9/» • a' 
Tyco Ini, Flo. 5 84 - — — -cm- .«..c 
■AOtA Optical 34 Du - -02/7* 


Car. Cm r. - CMk 

tea pries Bid ' Offer day Pram 
9/18 *28 1821 2088 -li llaJ 

2 B. 285 . -II 1 UI 
914 . 924 .— 14 ?tt 2 J 2 " 
901 91 X..-aK; : 2 »J 8 
12 M 130 J - +B+. Ut 

.921 \9C +*-1838 
HU1 MZ4— 14 —237 
Uff US’’ -u B22 
74 -7*. +04332.24 

*W - ni U5 


SSl.'Wl M - JQ < rw t 2 TO-: Uff : KB 

Tzomtyi 31SB VM J 8 / 7 S W TO Mi - +« 

JBSTO 3ft 88 CU 1/79 1270 - 94! 9SJ ,-r04 MBJA 

KoaisWrokn 3ft- 85 JOC'—Vn -732 - TO ' %| ifi Sjj 

Morndai Food 3* DU Z 2^9 1035 . W -im 6 


Mmaia.M*n,3ft 

Njiwai ag-. a j as paa.._ra/re- 
Nippon SMnpan 3 f par am 
NJjwon Ymeojlft 8S DS*,. J/7y 
Nissan Dfesrt 3 ft . -86 DU ;. 2 / 1 * 


73S 

252 

417 , 


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S* 

u* 

T TO 
TO 
■TO 


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m- -tt .uu ; 
an-. -tot 
TOL ‘ ^ 730 
TO-+11-3.TV , 


01)lU||l( 

Rkoh JftWDMT .i.: JB/7S: "*ir. BBi'lMJ . -toi 1229 

Sankm Electric 34 Sac am Ur . Sff 1200 —8ft ; m 

Sanyo EJoctric Jft rn S. _H/78 205- -■ TO W- 

SIS 6 !!. 1 ® DM - ’/» 22S-..SK . !DZ i+HHU4 
saafcy awstic g do . Jim m : w* 

Trto-KeBwpoi 31 88 jat. Jim 7 a. to m -u i^i 


'No i rfantt at ma a vailable- 9 >rtWgu8? days 'pzitai'- 

t Ottt (me 


BriHW Bonds; Tbo -yield Is tbo'ytrid to w+wiim M of Him ' '' - 

amoaw la we • 

mflla except far Ten iwndu where is l& ta WSenL .taamyi • - 
I®*- -»«*=C*Biite_ow .price' a .WiNtC-'bftrikr. -T77T. , 

Coates Ram.-iMA^Penomfntfed^^doSim maem-cdur- ■” - * 

'rise indicated.: M-Mhiiimmi- oon pou, . ' <hdat«=Dtttt jiast' ' . • ' 

QMpbn beoomw^etffecilve. ■gBtenig sliaffBhy ■!«»« iimwmi* - • 

■C9oV^ (SJc.'.hwnhi B rnta i iterc S .to doHaiar mflm nthgiris^' *1 

m c wreraon had shaBea -to. prict=Nomhni « ... . 

£S?,5E 

SJ0q NW ytd at iWM. - P/easpgreaiiGae-TWMiteni At riw t . 
mrent- ^kim pner -of acqa iri g g abarer^te qto? bool : : , ■■■' ■ 
pm- thf maei'ncan . Bribe- ; -.ft 

vV ' 

«r4n part in any form j»t Pcsnaited wS^^^ild^^-'-' : ’ K i 
BW* WPBtiedhfTatBgBMg 


Del 







^:i".S.^r"Sp+.'l . 





:;v - December- 14- 1978 

:3SS3li|ii®‘JiW?ANIES and FINANCE 


% 

“Usii 


RENAULTiNPORTUGAU 


among carmakers 


>Y- JJMMTTUJKNS it* USBON 


T 


mark 


■• : v>": 


IT TS- ifCW * would be created. TheHst was project to revise downwards the 

toodf -s5nc& a'Portnenese Govern- endless. sales and production projections 

ment (first accepted ta ydikdple . For Renault. tbe ^Tst among first referred to in 1677. 
plans fay Renault- to; mate a a group ofsome.five major car Portuguese sources close to 
Httajor sfecEveazaectSEt^fce-countiy. companies to answer the Porto- the talks on the Renault deal 
'. The .project/ in. its -ciig&iaL form, guese Govenunefitis- call ior con- recently confirmed that “the 
iovoirad .ihcmaeSng.the- nnmber struerttve Ideas' -as' to- 3u>w to initial project was now being 
. otf . Renaaflt - 4 - 3, and l^s transform the Portuguese auto- reviewed in the light of the 
'.aesemWad aii' Portugal. - froin motive , industry,;/ there were changing circumstances of the 
10,000 units "per, year to 60,000, further reasons for opfiritiBin. past two years. 1 * 

.the stepping of production to ' -Renault spokesmen jitthe time Car sales in Portugal in the 
Jnclude .-.tjhe^ manufacture -.of referred' to what th^hSrw as an first nine months of 1978 have 
■300,000 engines of 'an iuspedfied: ^ intelligent t 2 me”rittv«hJch to declined by 36 per cent and 
"new fype, v using -SOv per cwt -invest ixf Portugal. ' A .measure are expected to fall even more 
lecaL> content, tfae . ofc political stability ha£ teen next year. Sales have ex- 

emphasis on exports, the.bqild- restored following tfie'revolu- perienced a major setback folr 
ing of a new-compiments manp- - tJonary excesses of 1975. labour lowing the stringent stabilisation 
"factnrmg plant^ ; aqgj ^ ^«rttb- costs were still extnftnelg.'cfceap programme agreed in the sum- 
ductum of a- new foundry.^ hsing compared to the rest of Europe, mer with the Internatianal 
existing planf-to- complement the the country as a whole seemed Monetary Fund, whichScludS 
manufacture -of -angises j and on the bnnkcfs new era of a tight credit squeeze and a 
■ -U - '; ■ intostrial development and celling on wage increases. 

; At ; *fae lame fhe total project Portugal still seemed among the PetroL in Fortucal ' alreadv 

was vaffioed nr Bocae FJPics. L2bn . 

.i$275m) _«ad:.^lfaea«C6re: repye^ • • •• . : '-7 ! 

- cob <rf,<he hto^evm r Car sales taVPwtngaUfell by 36 per cent during the first nine 

i&SSSS S SwSS: "£®SpS’°? most °* the setlm^^curring in the 

**?■ PW of economic 

stabilisation wUeh. indeed a major squeeze on credit. The 

SScrSftlw faSttaes stoce . outlook for .demand. in 1979 is thns bleak 

J’oaaPs “ISesta 7 * project in VaJem* ' • ' ' 

o«C Spain. . Yet (despite ppt ficM s&c _ .-< . 

forecasts (then from iofti the f . ew cmintries in Europe with a among the most expensive In 
French - and ^Portuguese sides dyuamlc growth potential in car Europe, was Increased fay 22 per 
ti^ t^-proiect waD'ki he' allied own ershi p. Only one-in every cent in October. 

-and seated bytfie «nd <jT 1978, . Renault is thought to have 

tfae chances wf the original date- °t.- fwSf? based its initial projection on 

-Hne be&og met. are hmaming In- European figure, at we time. th e assumption that car sales 

Iff 5 wotfld contiooe to increlSe SS 

worC y fI SS fro^fScLtial £2 eh » 

^r'“v t er jr^ 

even iif the Hfirat weeks of ^ have t0 45 -0°0. 

the. final agreement will differ _ in Jj tht’TSfiiS? w hUe zero growth is estimated 

snbstahtiallr ironi' the original Bur °P c smce “* for 1970, such an evolution now 

draft - _______ - In the first mne lJmathe of looks impossible. 

Just over a year and a half saleg , « Thus now seems 

ago it Was understandable that a . t ?5 a ^ y nearly 80 p«* cent over Renault will want to scale down 
Portuguese' . Government : and : “ ie * am€ period in lavo. Its original programme, includ- 

Renanlt. .topked. . upon such a. .. Clearly, the eollapscK of the ing its share in the investment 
major -inyestoent -with bene* -minority Socialist government Originally the project was to 
volenteyes.jFrom the Portuguese lest December and the govern- come under the control of a 
angle, the Renaul t agreement ment crisis that followed it have holding company with the 
coincided neatfly with Dr. Mario contributed to a delay in putting Portuguese state and Renault 
■Soires? first -approadieB td the ^h 6 Renault agreement on a equally represented. The French 
33EC;- The "project .-effectively more solid basis: .It:, is now company, however, is now 
-pfomlsed to transform the weak known, for example, ^ .that Sr. reliably reported to be asking 
and'-undfer-devefoped Portuguese Alfredo : da Costa was on the the Portuguese Government to 
automotive industry' Throughout verge of concluding negotiations carry a greater share of the 
the last years a f 'the Salaxarisfs with Renault just be&irabe -was financial burden. This would 
regime, thls had been orientated removed from the. .premiership include a more pronounced 
ta assembly and' Was highly un- du September. More significant involvement of the nationalised 
competitive -on ^the Europeah than the lack of political con* Portuguese banks and main 
market; In.- addition, • i tbe Porttt- tinuity, however, "has "been, the Portuguese credit institutions, 
guese balance- of payments would b&ange in the economic" climate To what extent Renault will be 
be bolstered, by. an. inflow of in Portugal. This nas forced able to cut back on its original 
fereign exchinge,bver7J100 jobs both, sides involved 1 , in the schemes without risking the 


economic viability of the whole 
project remains open to 
question. This is particularly 
true ou the engine side, where a 
substantial reduction in the units 
originally forecast and the 
substitution of a new type model 
by one already In production 
could make costs too high. 

Originally Renault asked, and 
the Portuguese government 
accepted, that the company 
should be guaranteed a market 
share of about 40-50 per cent 
once the agreement bad been 
signed. This was widely pro- 
tested at the time by other 
car manufacturers, and has 
become an Increasingly sore 
point since then. With car sales 
having fallen to the present 
level. It is argued that such a 
guarantee would simply push 
the other car manufacturers out 
of Portugal altogether. It would 
contradict Portugal’s future 
status as a member of the EEC. 

Clearly the Portuguese gov- 
ernment has been placed in a 
quandary. With negotiations on 
Portugal's entry into the EEC 
beginning in January, the 
Renault project cannot go ahead 
willy-nilly without at least token 
agreement from Brussels. 
Renault, however, is clearly not 
keen on spending its money 
without some incentive for 
doing so, and until now a 
market share has seemed the 
best that the Portuguese gov- 
ernment can offer. Loosening 
credit is as yet unthinkable in 
the present economic elknate, 
though Renault is believed to 
have suggested the setting up 
of a special financial institution 
which wonld offer long-term 
credits at lower interest rates. 

But optimism has not been 
completely drained from those 
participating in the Renault 
talks. On the Portuguese side, 
for example, there are strong 
moves to encourage tfae major 
car manufacturers in Portugal, 
including Fiat and Ford, to 
diversify their activities away 
from assembly and towards the 
manufacturing of components 
and the export of commercial 
vehicles. 

But so far this year only 
Fiat has publicly come forward 
with plans for a major new 
investment, in the manufacture 
of agricultural tractors, and this 
project is still only in the 
initial stages. 



Norwegian electronics Sharply higher 
group in receivership 


^ GjEsrat ; ' 

,^€KSLtL — Naryritfs trrfubled sectors ‘of Tandberg could be 
"Tahdberg electronics comVaiiy HF 1 -operated -«t profit. It would seek 
to be. put into receivership-rihe to keep these in operation end, 
first time that a wholly state- to this end, the Government was 
owned company has ever gone still willing to put up the 

"" which he ' ' 


bankrupt lir Norway: 


NKr 50m 


The ' decision fo declare the on Monday, 


had offered 


company bankrupt was 


It is understood that produc- 


^Gothenburg: 
fbond issue ; ; 

STOCKHOLM thfe City: ;. of 
Gothenburg -is-' to- ' tap;, the 
Swedish capital' market for long 
term funds oh behalf of -its port i 
activities: “^Tbe city.' Is to- raise | 
SKf 40m through a 20 

year bond carrying a coupon of 
10$ per .cent The -loan will’be 
priced .ai ; pay. and its. coupon will 
be' -adjustable.- 

Under regulations/ introduced 
late" last, year, the Swedish bond 
market ' can . n ow offer -coupons i 
adjustable, ^every 1 five .years if; 
valid long -.'term; in tefpst rates 
changed by .at least one point 
either way/-; 

- The Gothenburg > issu e- follows 
tfae- announcement of • a. new 
state -Joan which, is/ to: be. issued 
in! two. tranches and' be. spread 
nVer 10 years. 

Renter 


nouneed last night (Wednesday) tion at all the company’s plants 
by the Minister for Industry., will continue for the time being. 
Mx. Olav Haukvik, after a meet- No information was available in 
ing with Tahdb erg’s board. On Oslo last night about the impact 
Monday this week Mr. Haukvik of the bankruptcy decision on 
said that the Government wonld Tandberg’s UK operations, 
be' prepared to make NKr 50m. - Our financial staff writes: 
($9_Sm) additional state capital Tandberg's operations in the UK 
available to permit the com- ceptre on a marketing company 
pahy”s re-organisation. in Yorkshire and a factory pro- 

Last night, he said that after dnclqg television sets in Scot- 
studying -Tandberg’s financial land. The two are separate 
Situation, • he realised that a limited companies with the Scot- 
much greater sum would be tish plant, Tandberg Electronics, 
needed, if bankruptcy were to .restricted to the UK market and 
■he. avoided. Since the Govern- representing an Investment of 
ment was not prepared to put about £2m, of which about half 
up the large amounts needed, is UK taxpayers’ money, 
the fairest solution from the . The marketing company. Tand- 
creditors’ point of view was to berg UK. promotes the Scottish 
have the . company declared Company's products as well as 
bankrupt Immediately. imports from the Norwegian 

Mr. Haukvik said that the parent Turnover of Tandberg 
Ministry believed that certain UR is more than f6jm a year. 

Akzo again passes dividend 

BY CHARLES BATCHELOR . 

AMSTERDAM — Akzo, the Diiich (53.Sbn). It has refused to make 
fibres and chemicals group, will any forecast for 1979. 
not pay a 1978 Interim dividend.- .• Amro Bank plans to open a 
The company has not declared a .representative office in Moscow, 
dividend since 1974 when It paid Permission has alreadw been 
F14. per share. given by the Soviet authorities 

; Despite its .slightly improved and the office will be opened as 
prospects for the current year the a?dni. as the premises become 
announcement came as no sur- available. Amro is the first Dutch 
prlSfe The company has made hafak to open an office in the 
substantial losses in recent years Soviet Union, 
and has-been forced to undertake - Amro bas traditionally worked 
a major restructuring of its fibres through, the European Banks’ 
division. _ •' International Consortium (EBIC) 

. Akzo l«t month forecast a in* carrying out foreign business 
“very modest profit " for 19?S as bqt. it recently started to open 
a. whole. It reported net profits of Its- own branches and offices 
F'3 Sm (Sl.SmV In the first nine abroad. It has branches in London 

— «n*i*S- . n-j • c*’"- o* 7*7 and Tliihll 


By Terry Doiis worth 
PARIS — Compagnic La Hen in. 
the diversified French investment 
concern, which is 45 per cent 
owned by the Suez Group, is to 
pay a dividend of FFr 16 per 
share for the year ended August 
out of net profits of FFr 69m 
(S16m) against FFr 40.5m. 

The results show a recovery 
to the levels achieved in 1976, 
and Henin is predicting that its] 
wide spread of interests will give j 
it considerable resilience against ! 
problems being encountered in[ 
some sectors of French industry. | 
The company has interests in, 
banking, property investment,: 
shopping centres, hotels (ioj 
collaboration with Novotel). and 
salt mining. It is also involved ' 
in consumer finance for motor 
vehicles and household goods. 

At the annual shareholders 
meeting, M. Jean Laraey. the 
managing director of La Henin, 
said that the group is also intend- 
ing to create a life assurance 
company next year. This company . 
will be associated with the INA 
Corporation of Philadelphia. The • 
intention is that the two com-, 
pan ; es will share the equity on [ 
a 5 0-50 basis, with the initial 
captial amounting to FFr 10m. 1 
Overseas the group is also 

involved in property develop- 
ment projects in Brussels and 
Madrid. . 



Courtaulds Limited 


• has sold 


of Mississippi 


Yk rendered financial advice to Courtouhb Lhmt^i 
in connection with this transaction. 


Boliden plans 
$22m capital 
investment 

By John Walker 

STOCKHOLM — Bcliden plans ■ 
capital investment programme n* 
SKrlOOm ($22.7m). The large? 
Individual portion (SKr36m' 
will so townrds a fluidised be* 
roaster at the mining group’? 
lead smelter in Roennsk^er. 

Installation of the rorster vr'i 
solve the largest remaining en- 
vironment?! problem at the 
55,000 tonnes per year smelter 
the comp?ny said. Boliden did 
not give a time table fo* - the in- 
vestments sinee “ financing 
nuesttions and authorisations 
from various authorities still 
need to be settled." 

Renter 

9 SKF. the Swedish roller bear- 
ing and ste^l croup- has obtained 
orders valued at SKr 40m 
(S9m'>. ’ r he orders verb obtained 
by a Swodifh trade mission 
recently in China, where the 
authorities are said »o have 
shown “ con«!d ,, rah , f interest in 
know-how contracts.*" 

Earlier d’seussions held, i^ 
Pek'ue are now to be enntinu' 
in Sweden. There is curr'-nf 
a Chinese trad-? mi-sion ! 
Sweden and Its members a 
expected to visit ? n>imb' - ' 
companies inrhtdfn At’*- 
Copen, Sandvik, Fagersta an 
Udd“.holm. 


... JncOTpoated 


DearpbarJ928 



tm pa^5P?i.=a£ 

INVESr?*iE:KT CsOiilPASY 

S.A. 

Net ,Vs&ei Value as of 

Deccz»%er I, 1P?S 
U.S.$I2.ol 

Listed LnxembPiirj Stock ExcSuise • 
Area::' • - 

Ba:w e «::i Lcxi.-otfcanrs 

Icr-“:-U'-r:t PirF.^fs 

S'cjr’.’.ii.-s S A. 







27Jc announcement appears as a matter of recmxl only. 


$ 625 , 000,000 


ears 


Sears, Roebuck and Co. 

FiveTfear CommitmentTo Purchase 

Customer Accounts Receivable 



Arranged by 


CONTB^NTAL ILLINOIS CORPORATION 


Funds Provided by 

Continental Illinois Corporation 

Bank of America NT & SA The Chase Manhattan Bank, N.A. 

The First National Bank of Chicago Manufacturers Hanover Trust Company 

Chemical Bank The First National Bank of Atlanta The First National Bank of Boston 

Harris Trust and Savings Bank Mellon Bank, N.A. Morgan Guaranty Trust Company - 
The Northern Trust Company The Philadelphia National Bank Republic National Bank of Dallas 

Security Pacific National Bank Wells Fargo Bank, N.A. 

November 14, 1978 



BANCO DE FOMENTO NACIONAL 

US $90,000,000 

medhirn^jermloan. 

Guaranteed by 

THE REPUBLIC OF PORTUGAL 

LeadManagedby 

American Express Bank 

International Group - 

Bank fur Gemeinwirtschaft Banque Bruxelles Lambert SA. 

Akdengesellschaft 

Banque CanadienneNationale The Industrial Bank of Japan, 

Limited 

Managed by. 

Banque Internationale aLuxembourg SA. Iran Overseas Investment Bank 

Limited 

Naticinal^Vfestmins ter Bank Group Provincial Bank of Canada 

(International) Limited 

The SanwaBank Limited 

Internationale Genossenschaftsbank AG 
and provided by 

American Express International Banking Corporation Amex Bank Limited 

Bank fur Gem einwirtscb aft Akdengesellschaft Banque Bruxelles Lambert S.A. 
Banque Canadienne National e The Industrial Bank of Japan, Limited 

Banqqe Internationale a Luxembourg S.A . International Westminster Bank Limited 

The Sanwa Bank Limited Internationale Genossenschaftsbank AG 

Iran Overseas Investment Bank Limited 
Provincial Bank of Canada (International) Limited, Nassau Citibank, N.A. 

The Sumitomo Bank, Limited The Toyo Trust and Banking Company, Limited 
Midland and International Banks Limited The Royal Bank of Scotland Limited 

Australia and New Zealand Banking Group limited Bank Mees en Hope NV 
Banque Continentale du Luxembourg S. A. County Bank Limited 

CouttsandCo.. Grundig Bank GmbH 
Toronto Dominion Bank Union Mediterraneenne de Banques 

AgentBank 

America n Express International Banking Corporation 


’Pcxrnbcr 1978 


Thj’s aru:oan3QK.*n£ tt=«u tivwuerof re-wd only 




THIS ANNOUNCEMENT APPEARS AS A MATTER OF RECORD OMLY 




OFFICE CHERIFIEN DES PHOSPHATES 

US $150000000 Medunlenn Loan 


Guaranteed by 

THE KINGDOM OF MOROCCO 


MANAGED BY 


Banque Marocaine du Commerce Exterieur 
Bankers Trust International Limited 
Deutsche Bank Compagm'e Rnandere Luxembourg 
Manufacturers Hanover Limited 


The BankofTokyo,Ltd 
Credit Commerci a l de France 
European Arab Bank 
Midland Bank limited 


Societe Generate 


Sodtte Generate de Banque S A 


CO-MANAGED BY 


Amsterdam-Rotterdam Bank NY. 

Banque CanadterawNaBonale 
DG BANK Deutsche Genossensdraftsbank 
Irving Trust Company 


Orion Bank Limited 


The Royal Bank of Canada 


Arab-Malaysran Development Bank Barhad 
Ba yeri sc lre LaiKlesbankGircgentrale 
European American Bank and Hust Company 
The Nippon CrecS Bank, Ltd, 
The Sairaa Bank Limfted 
UBAF Arab American Bank 


RINDS PROVIDED BY 


Banque Marocaine du Commerce Exterieur 
Bankers Trust Company 

Deutsche Bank Compagnle Rnandere Luxembourg 
Manufacturers Hanover Trust Company 
Societe Generate 
Amsterdam-Rotterdam Bank NY. 

Banque Canadienne National e 

DG BANK International Societe Anoqyme 

Irving Trust Company 

Orion Bank Limited 

The Sanwa Bank Limited 

Barclays Bank International Limited 

Banque Commerdale pour 1 'Europe du Nord (Eurobank) 

The Fuji Bank, Limited 

The Sumitomo Bank Ltd. 


The Bank of Tokyo, Ltd. 
Credit Commercial de France 
European Arab Bank 
Midland Bank Limited 
Society Generate de Banque SA. 
Arab-Malaysian Development Bank Bemad 
Bayerische Landesbank International SA 
European American Bank and Trust Company 
The Nippon Credit Bank, Ltd. 
Rqycan FinanzAG. 
UBAF Arab American Bank 
Badiscfie Kbmmunafe Landesbank International SA. 

Canadian Imperial Bank of Commerce. 
The Long-Term Credit Bank of Japan, limited 
The Da/wa Bank Ltd. 


Banque Bruxelles Lambert SA 
Girard Bank 

Skandinaviska Enskilda Banker? (Luxembourg) SA 


Banque Internationale pour rAfrique Occidentale B.l AO. " 

Investitions-und Handels-Bank A.G. 
Toronto Dominion Bank Investments (UK) Limited 


■agent 

European Arab Bank Limited 


808BttE01378 


THIS AITOOtrHCE&OSNT APPEARS AS A MATTER OP KECOXD ONLY 



THE KINGDOM OF SWAZILAND 


US $28,000,000 


MEDIUM TERM LOAN 


MANAGED BY 


CITICORP INTERNATIONAL GROUP 


BANKAMERICA INTERNATIONAL GROUP 


BARCLAYS BANK INTERNATIONAL LIMITED 


CHASE MANHATTAN LIMITED 


nomuDSY 


CITIBANK, N.A. 


BANK OF AMERICA NATIONAL 
TRUST & SAYINGS ASSOCIATION 


BA RCLAY S BANK INTERNATIONAL 
LIMITED 


THE CHASE MANHATTAN 
BANK, N.A. 



AMERICAN SECURITY BANK 
INTERNATIONAL LIMITED 


INTERNATIONAL WESTMINSTER 
BANK LIMITED 


COMMERZBANK INTERNATIONAL S.A. 


EDESA INTERNATIONAL 
FINANCE COMPANY 


CITICORP INTERNATIONAL BANK LIMITED 


NOTiawcam z*. im 


BY CHARLES SMITH 


TOKYO. — Mitsui,, the. major 
Japanese trading concern,- would, 
have to write off losses of about 
Y9£bn (nearly 550m) if the 
Bandar Abbas petrochemical 
project . in southern Iran in 
which it' is main shareholder 
were expropriated or made- un-. 
workable -as a result of political 
upheavals, it was estimated by 
a company spokesman.- 
Other Japanese . .companies, 
including two other members of 
the Mitsui group— Mitsui Toatsu 
and Mitsui Petrochemical— would 


Mitsui's exposure at Bandar 
Abbas would be X0 times as 
great if the company were not 
insured against losses on its 
overseas investments under a 
scheme sponsored by the Ministry 
of International Trade . and 
Industry. 

Mitsui is a 45 per cent share- 
holder in ' Iran Chemical De velop- 
ment Company, the Japanese 
consortium which In turn owns 
50 per cent of the joint venture 
company which will operate the 
Bandar Abbas complex. ICDC has 
committed a total of Y212JJbn 
(SlJhn) ■ to the Iranian project 
in the form of loans and equity 
participation. The Japanese 
government has so far lent YSSbn 
to National Petrochemical Com- 
pany, the Iranian Government* 


owned concern which owmjtbe tioa remains in iti; current 
other _half or*e ; Band^ Ab^rtuTthpU. ; - i 

project - ■ • The Mitsui group £ tZT^uns "are SurhaomffwSdce ■■ 

Apart. from the .risk. <rf‘4Rit..vaived In the Iran prpwt ln^e jg the malh sikmsoriof a Shigai-' 
right expropriation, " 4s,‘iate 1960s pore petrochemical' project ,\of 

se«n as fairly sl^t de^te^e. pro quo for<ul to mfrlm-vk ' 

current upheavals In Tefceran,' accorded to another-, Aapane^ Af _ f<mh ^ h .: jj }&££&&&:.- 

the main problem facing Bandar- consortium in . ^?J : 'to eihbaric‘-oir a'^hetneVhi Satifii 

Abbas at present .is. that \fitofield,-The cost of 

project - requires, an additJc^reviaed upwards " 7V-.: ‘ ' c> •' r ’" > ' 

YLOObn (8500m) worth of fihfld&:.-i073 oil crisis but Japan s 
ing. if it is to start operatiug-'ln^bf the total burden 

mid-I9S0. The cost of Bandar by hiving off the portion of.the : ,Th e Kngapore . 

Abbas was assessed at Y55Wto-^etoe wiiieh consistSiP? natural ■ reached 
Immediately after the ' 1973 ^ gas collection- Bandar Ahfcas toll torn- on an island south of ;Sfag$- 
' Vi?.* Ac -.A/HH/vn dP .',Ti 1 o-aa which- being iCaM .-itEfilf. but. fulx.^scal&L-eOz^ - 


ertra * downstream plaht pfus.' aa?fiared off before- the scheme was . jtructio'n work 

estimated Y20bn worth of foreign fo +ff natad. fa part because ofjeq^tt^pitb- 


rF** 


Camiiflicu asrvvM wuiw* w* wsugu -onxiOiUliU* ■ ' . TWa - — 

exchange losses has led to -tteg^iThe core of the Bandar Abbas Auction; . front ■ 

figure being revised upwards/to bnjietrt is a 300,000 tons per year might: be dumpea : m boath 

Y650bn. * ' ntont Downstream East Asia— thereby- :;dwtre^ig 


A<m>ompnt . Setrochendcal productr for -ex- Singapore proaecn . .. * - 

Agreement ’ V port andfor the Iranian domestic •• Mitsublstn, *4^ jap^BMBdv to 

It was agreed at a meeting -Ttf ' ^m>r Vot The Iranian nriarket h oe reluctanx -to proceed .TOih 
the project’s sbareholdeip officially ccpected to_ 'ahsorb the 

October that the Iranian Govern- 6o percent of Bandar, Abbas 'out- -partly because, the- flo aiestte 
ment would provide •threei'put but Mitsui officftls admit ^audi . markef-ffir, petroch^iilty. 
quarters of toe additional ftuute-that, in the initial stages of the .products would- be. , .yeryrsm^L 
with only the remaining YSSSbn project, at least 70 per cent of But .the scheme is eug ng. . tor- 
coming from the Japanese jridet^ output may have -to - be sold warn . under , .what, appears ?*) 
Iran, however, would probably abroad. This cbuid pose problans have been. ^stronj^ sptfl&cal 
need to borrow in international. £br the Mitsui group which will. pressure nmmJtne^Sa^ufe^rne 

i ! _ - . A,*", nuruai nnKont- •' intJIBlifm'-- — 






It almost cernomy cacnot ao Mitsui s -.*n y 

this (except at a prohibitive Abbas is being closely watched chemical ; will be 

cost) while the political situt^- by. two other major Japanese f&nnM-early; pCTt ^ 




Tokyo sr. SKanebo cuts losses sharply 




p O'*' 


may impose 
curbs 


TOKYO— The Governor of 
the Batik of Japan, Mr. 
TeUchlro Morlnaga, said be 
would not be surprised 1C the 
Tokyo . Stock Exchange 
tightened curbs on margin 
trading In view of the recent 
sharp rise of prices in heavy 
trading. 

He told a Press conference 
that the stock market was 
overheated, and prices did not 
reflect economic conditions in 
Japan. 

He said that surplus funds 
held by institutional Investors 
and businesses seemed to be 
flowing Into the market, but 
it was impossible to find out 
how much of the money was 
being supplied by banks and 
other financial institutions. 

Mr. Mornagn said that he 
did not believe the current 
state of the stock market would 
lead to inflation of toe kind 
which hit Japan in 1972-73, 
Reuter 


KANEBO, the Japanese, textile: reduce its deficit after tax to bene&te. og. itB jhnprovad- gales ,. 

cosmetics and food concern. : cu£ Y2 *«> m (Sl^m)-in the firsThaif im^^to cqsiim^nowiecoa«- 
cosmeucs Md toon jmmreiu . cuj ; Y3.6bn, with -toe recurring;. ing tor lSyer '. ; 

its losses sharply m the fast slx ^ at ^ jeveldownby totaL ' -. ^ *- ■ ; 

months to October . 31, bt[t .a T0Qnd 50 per cent to some ; _ Even so, -titey do ,oot^geii«a% , 
remains uncertain, about.. QrpS;, ; Y3.92bn from the same period of. see a * .return to a nnual "; profits' 
pects and expects to pay.ho.last year. lintti . toe ^97^S0..fip^4al:year, : - 

dividend for the toird year Sale5 — synthetic fibres where and-Kahebo is stiil <»rr53ng.a 

running . .... -.’i, v,the main problenujimye-occurrpdfieayy^ardehbfde^^^major 

Along with other companies in- account for 55 per cent-=-slict^]barehpl^iv MSSi^i' bias SnkoWed/ 
the hard-hit fibres sector, Kan&o from Y189Jbn 4o YI40.8bu, and .'itself in the attempt tonight the 
has been cutting 1 capacity aiid the company expects lrtttevcorhpany’fi. j unsteady ; ftnanc ud. 
attempting to diversify toto’les*- change in the second half;.;-; - ^ Balance, -wfetia-; Kaziebo, J3 atsa 
vulnerable sectors. x According to analysts in‘->uricing. A oa h i ~ r Chflfltical 

Helped also by the beneficial London, Kanebo has hoete.ai^ed- leading, syntiietic- «lc^le. 

effect of the yen’s rise on cotton- by a recovery lzt demahd -toiril^ 'piarHifacturert/XKi r.'a? joint 
import costs, Kanebo was abiefo"; textiles, which has .added ; to the sales campany, 



■ ^ ■- 


. -T •“?, 
~?1 •»- ‘ 


effect of the yen’s rise on cotton' by a recovery to- dexaand -foiril^ niarHifacturer^^.x^ .a^ joint ; 
import costs, Kanebo was alfle fo"; textiles, which has .added ; to the sales company, - 

CSR to deyelop Queensland coal 




•• <r • 


BY JAME5 FORTH 

SYDNEY — CSR, the 


sugarj pany said in its mterim .-repofl r The shareholdeto- a?eport;said - 


mining, chemicals and building The Yarabee ; -deposrt-: v»as that tlm buUdiug .-8nd <KH^ruc- 
materials group,’ is actively ;plto ' obtained through the takeover tkih materials lifvisfOn. had fared 
suing development of semi- last year of AAR Limited! and poorly" hecause.v ibf .'-slo^gish 
anthracitic coal reserves'; at the dlrectots said it toUJd : be amivf^-to tto todusi^^-.ln tiie 
Yarabee in Queensland, the .'com- brought into 1 production quickly hoasmg secto^ neW: Starts in toe 

_ • — _ — _... . - land with a telativcly small ^rapi- period 1 were about -lL per, cent 

nVDll ATlIR " tal outlay t when satisfactory .heidw J thoae :4)f 'a: 1 Jrear--;ear tier.' 
xi i i/x vm i. markets wefa developed^ Stiidies .N'oh-touslhg .~coiistriiction'- acti- 


UK ECONOMIC INDICATORS 


r- - ; •- ■ 


ECONOMIC ACnYTTY— Indices of industrial production, maun- lore also, : proceeding ' oh ' the ]Wty wfe T ‘sleady^ at a low rate, 
facturing output (1975=100); engineering orders (1970=100); ii future, development - pf ^w’ prt^ecfc 

" w-dfeiimedi ^:'?:^ ■■ ■ 


retail sales volume; retail sales value (1971=100); registered steaming opal reserves at 
unemployment (excluding school leavers) and unfilled vacancies dore 'dn Queenslahd. ’ . 

(000s). All seasonally adjusted. CSRs said last snmito 


•f AMP* 

Indl. 

prod. 

Mfg. 

output 

Bng. 

order 

Retail 

vol. 

Retail 

value 

Unem- 

ployed 

Vacs. 

19/7 
3rd qtr. 

106J 

103J1 

106 

104.3 

234.2 

1,413 

151 

4th qtr. 

105.9 

102.1 

107 

104.4 

239.4 

1^31 

157 

1978 








1st qtr. 

107.1 

102^ 

110 

106J 

246.0 

1,409 

188 

2nd qtr. 

111.1 

105.0 

106 

108.0 

254^ 

U67 

213 

3rd qtr. 

110.6 

104£ 


110^ 

267.6 

1^80 

213 

May 

110.2 

103J8 

115 

108.4 

2552 

1.366 

210 

June 

11L8 

105^ 

99 

108.7 

257.3 

1,365 

217 

July 

U1X 

105.3 

109 

111.4 

265.8 

W71 

211 

August 

111.4 

105.6 

110 

11L8 

270J 

1,392 

209 

SepL 

110.4 

104-5 


109^ 

266.6 

1^78 

219 

3ct. 

109«3 

103J 


109.6 

267J2 

W60 

228 

Nov. 




109^ 


1,339 

231 


•general^;. 


2} I minerals and chemic^s 


her profits y from x***; partaculariy for materials 


used mainlyitn; hotising> 


BE 



Qiart^r-Mre profit upturn 
for Wieelock Mmtiiiie 


BY ANTHONY ROWLEY 


i “- : » :**>. 


OUTPUT — By market sector; consumer goods investment goods, 
intermediate goods (materials and fuels); engineering output, 
metal manufacture, textiles, leather and clothing (1975=100); 
housing starts (000s, monthly average). 



Consumer InvsL 

lntmd. 

Eng. 

Metal 

Textile Housg. 


goods 

goods 

goods 

output 

rnnfg. 

etc. 

starts* 

1977 








3rd qtr. 

104.3 

98.7 

116.5 

99A 

107.8 

101.3 

25.4 

4th qtr. 

104-9 

97.5 

114.4 

98.7 

952 

100.2 

20.7 

1978 








1st qtr. 

1053 

99.8 

116.3 

100.8 

95.4 

972 

17.8 

2nd qtr. 

107.9 

99.2 

122.9 

100.7 

1082 

99.4 

27 Jl 

3rd qtr. 

107.1 

100.5 

122.4 

10 LG 

102.3 

100.6 

22.8 

June 

109.0 

100.0 

124.0 

101.0 

112.0 

100.0 

30.9 

July 

106.0 

101.0 

124.0 

101.0 

113.0 

104.0 

23.6 

August 

109.0 

101.0 

122.0 

103-0 

93.0 

104.0 

20.3 

SepL 

107.0 

100.0 

122.0 

100.0 

10L0 

101.0 

24.5 

OcL 

106.0 

98.0 

122.0 

98.0 

101.0 

99.0 

24.1 

! EXTERNAL TRADE— Indices of export 

and import volume 

f 1975 = 

100); visible balance; current balance; oil balance; terms 

of trade (1975= 

100); exchange reserves. 





Export 

Import 

Visible 

Current 

Oil 

Terms 

Resv. 


volume 

volume 

balance 

balance balance 

trade USSbn* j 

3rd qtr. 

124A 

106.6 

+ 31 

+574 

-602 

101.0 

13.4 

4lb qtr. 

117.6 

102.7 

- 5 

+ 507 

-657 

102.4 

20.39 

1978 








1st qtr. 

120.0 

114.1 

-608 

-313 

-642 

10O 

20.63 

2nd qtr. 

122.5 

110.4 

-150 

+ 183 

-398 

104.6 

16.75 

3rd qtr. 

126.1 

116.0 

-281 

- 56 

-511 

105.2 

16.55 

July 

127.1 

116.1 

-134 

- 59 

-221 

104.5 

16.74 

August 

125.2 

HO 

+ 68 

+ 143 

- 95 

105.7 

16.4 

SepL 

125.9 

120.7 

-215 

-140 

-195 

105.5 

16.51 

OcL 

1282 

111.8 

+ 119 

+209 

-131 

105JJ 

15.97 

Nov. 







15.67 

FINANCIAL— Money supply Ml and sterling M3, bank advances 

in sterling to the private sector (three months’ growth at annual 

rate); 1 

domestic 

credit expansion 

(£m); building societies’ net 1 

inflow; 

HP, new credit; all seasonally 

adjusted. Minitninri 1 

lending 

rate (end period). 






{ HONG KON G— Wbeelock Mari- an ucchahged intBrkn dividend 
I time -Intern'atioiial, too, shipping of 15i'cehts per :“A7 elnire «^ 

• arm ed trading and finance group cents- Per “B 7-rfm re . A total ' 
Wheelodc iSden, announced « P^t <J 375 cente te forecast. 

. ^ on the A -shares-intoe (Sirrent 

35 f f 1 * 33 '* whole aqd - 3.75 cents : 

profit to HK$31.6m (fiUSfflLfim) : 0 n the “B ,, shares. v * -. r; : ;; ;• 
for the. half-year to September Mr. Mardeii said that a. third 
SO. . . • vessel had n<nv been jdhartered 

This arose from “a general out on “equally ‘totisfairtoiy " 
Improvement m the. .results terms, as the- two 1&250 dwtlog 


strengthening in toe currencies after being, redelivered from 


received chairman Mr. . John should: “ provide "satisfeatbry rc- 
Marden said. turns commensurate witir those 

/Wheelock Maritime 4s paying of^ ^toe origmalxtoajr^s.**^ ^ 7 , ' 


House building projects; 
to boost Faber Merlin 


BY WONG SULONG . .. ■ ~ 

KOALA LUMPUR ■ — . 'After, years ending: Jhu<?» JS7Y and- 1078, 
reducing its losses and debts, when the'groiip ’jjjadc a~lo® of 
Faber ■Merlin, toe leading Malay- ■ a ^fL a 

Sian hotel and oronertv man. £ * n .ringgits respectn^Ty, 


OSS of 

nTotw) * • 


in the current financial year. - This year’s profits are espected 
Mr.- Chang Ming -Thien, the -to ^ come - from the housing divi- 
ch airman, said in . his' annual,. sum which stepping up activttr 

report that -the group expected a to meetatxong demand. 

net profit before tax of 65m ring* Faber - Merlin .expects- to start 


per cent, likely on capital residential houses in. Johbre next' 
enlarged to 72m ringgits . by toe year. This ia expected Jo '.yield 
recent one-far-10 rights issue/ * '30m ringgits in. gross profits over 
No dividends were paid for the ‘five years. . . .' • . 


.s, 1 


advances DCE 


1977 
3rd qlr. 
4th qtr. 

1978 
1st qtr. 
2nd qtr. 
3rd qtr. 
July 
August 
Sept. 
Oct. 
Nov. 


HP 

lending 


Weekly nest esset-value 
on December 1 i th, 1 978 ■ 


Tokyo Pacific Holdmgs NiV^V r ‘ : 

U.S. $ 64.84 •• / -:• 


17.5 +1,791 

24.6 +2^58 

81! +525 

34.7 +104 

15.7 -292 

8.6 +713 

lfi +535 


INFLATION — Indices 


earnings 


1976=100); 


64 

10 

10 

10 

10 

10 

10 

124 

basic 


Tokyo Paci.fi c fj.olrii rigs (Seaboard }N.VL 

u.s.- $47.25 y-;/' J; 


Listed on the Amsterdam Stock Exqhange 'v. - 

ptfbmatMnr Ptoryni; Hrichfat* W<a<BO HV. HpntBgr^^^'to tt tHfaa 


materials and fuels, wholesale prices of manufactured products 
(1975=100)1 retail prices and food prices (1974=100): FT 


commodity index (July 1952=100); trade weighted value of 
sterling (Dec. 1971=100). 



Earn- 

Basic 

Whsale. 



FT* 


1977 

ings* 

matls* 

mnfg.* 

RPI* 

Foods* comdty. 

Strlg.' 

3rd qtr. 

116.1 

146.4 

342^ 

184.7 

192.1 

239.9 


4th qtr. 
1978 

119.9 

142 2 

145.8 

187.4 

193J 

234J 

63^ 



1st qtr. 
2nd qtr. 
3rd qtr. 
July 
August 
SepL 
Oct. 
Nov. 


1491! 190.6 

152.0 195.8 

154.7 m* 

153J! 198.1 

154.8 199,4 

155.7 200J! 

156.6 201,1 

157J 


197.3 238.61 ■ 616 

203,8 242 J27 6L5 

m2 253.74 62.4 

206.1 237^8 62J 

206 2 ■ M&54 62.4 

206J5 253.74 62.7 

205.6 265J22 63.1 

•363163 62.7 










- L- > 


, ;--*. * 

'■ 'Z' 1 ' ^ 


' P -!Pai* 


: .■-.. . ”* s s- J ’*-> 


jfyou^arsin tftaTo&mafkst 
“now- w$ 379 rads KJ.help.: 
CauttsCarearB provEfle^vi 
- * EjqsOTentjabsaafpfv ' 

'. of 

. .#* Com^vwthtDp-i- ~ ;.". 
-feciimmsnt. j;- 
*. Confident® ana ejafert: 

c»r— *^ *' 
-* 

backup;, 

.TaJephortenovvfer-acost. 

frooasseSFrnenl ifleet Ihg. 


Percy COOTTSa 

" 01-8392271 




j - ‘ “ N 
' . ■/•' 



; . ■ • .. % 
1 - . - .-.- 


nsland 


profit Df! 


ins prof? 

it v«* 



. w .rtjf - 





140 Grand Buildings 
Trafakjar Square, 
r W * 


BANKS*, e. £. 3,200 Investmatit -koMOe. 

•eistl M!i». 5 yaare'.-otaff.*/ Sen. A 

**. <flnc»iii 4 as. Vrt-WWL <J 1 ■«oa-B 204 . 

TiltinM -ffeopta ■IHlV- WWttc 


APPOINTMENTS 


ADVERTISING 
ALSO APPEARS 


TO-OAY 


PAGES 34, 35, 36 


international Management 
Audit/Consultancv 


■ ifr gey d aftMti iwxt is to be farmed within rhsKnines division of 3 dhnsc and 

ntnanmog j»Ior mtunntjftnal tmimp for the pinvx* nt mAirintr atwri. 


,- . „ ... , 0 — r , 1 purpose of auditing; 6 p«a- 

consa nf i i te' i ul oonccols and reviewing the systems of subsidiary companies, 
maaoiyoreftaK . It •wil l also advise on systems erc~, as and ■when required, on an. 
irj-GroopflXJSuuaa.''/ basis. Applications are Invited from qualified Accountants 
(jCbuisi^.&xafiedoc Costai 


mtemational Management 
Audit Controller 


who Will faerc^jSoasibk to the Group Financia[_Con trailer for the setting up and 

mvisaced afti 


-the 


. ^ ., , c Extensive travel is envisaged alter 

• ^ayropnth ■ wn ilc u isation period. in the London office but this is expected to’ 
d i m i nis h jg the department develops. As appointment to the Board of a sub- 
"sidlacy fthifmaged, applicants for this position should be mature professionals, 

J ag ^‘55 i» 4 P/^di 3 omciT^a£edexpcdeiiai. 


, *nie. Bakgy for tius senior appointment will be not less than £ 15,000 pec 
- -annum, j .other benefits include non-contributory pension, life insurance and 
PenBanart’HMlrbgns uraa ce schemes,' company car, subsidised house mortgage 
- srhrttig f I^ u se of senior aa toiuv gl nrv^ifftn mnm, 25 days leave per annum. 


International Management 
Auditors 


- - After J E ftnri H a ri sa t iap period in the London Office, those appointed will 
spend "dMJjsrtatrxpOrt of their tinid moving between short teem overseas assign- 
mentt^rThrte posts are, therefore, open only to single people. Some pose 
qualifying expoaeace in cotnratxce or industry is essential and preference will he 
ctvca to-Btp« in the age range 2 j to 30 . Starting salaries will be negotiable from 
£ 7^.50 according to age and experience. Other benefits include contributory 
pttuoab. scheme and non-contributory life insurance and Permanent Health 
■Inaunmcel^satthnes, subsidised house mortgage scheme, free use of senior staff 
hncteoaiocn^e? days leave per ahnorn. 


' PkatoVritc with full peraonal partienkrs, details of qualifications and work 
atperien m .to date, to : Position N 6 . AST 7109 , Austin Knight Ltd., London 
WiA indicate in which position; yon are interested.) 


; are forwarded to the client concerned, therefore companies in 
which you axe not interested should be listed in a covering letter to the Position 
NoxriberSupccrisOr. 


AK] advertising 


BOND DRAWINGS 


I-.-’:-; 


r ' •- '/ y: V ' NOTjerOF “REDEMPTION ."J ;• ; 

, < ." * 7 >ffi i?£VBL 0 PMENT fiANK OF SINGAPORE JUBfcvC 

M • •- _ •*. ; SINGAPORE ; ; •; . -'X:.; 

: ■■ ■ US 5 IO.OM.QOO ''"..rtfi 

• ' ? i.; f GUARANTfiHJ BONDS 1982 ' . r 'Vv 


MoYloe : it MOREW- OrviN ■ thkt. - pgniiMt to the Aaftoewt -aUMl 
' Dtcmbtt, * 2 r M 71 itowwn to*'Si«e<wm«at Bank xt jbnaaMK tUL'wiffasnk 

or- America -NktfaHM. Trust- ao^ Sayfotn Aamcuuon ana under CcmttMfta *<ai 
tr A) oTiho BmiM: feurth' radanwIoa- IfiAlbnont of USSt.XOO.OOa due 

January- is. 1 «?B 4 na etm-^tnM bv 'ourvliaMi In. tike- m*r|m to th^-aomirwl 
wluji'or usseso^oo I« w a.BPvwlnB o« Bonds to tAo nominal Ww or 
USSOM.OOO At D«coM»W:-Sv 1 ^ 7 B In Slnoapdrc. ; 

' TB*' iwmom o( -the - Bonds So- drivM Tn tho oresenc* or a rintary Public 
-tor thii (ourtO ntoouBrtton . art -as foHonn: .'«' . . 

$ 001 t^.O(JCJ 2 ._'DOOZ 5 . OOtoE.eeiZB. Q 01 SO. 001 SI 002-10 OflZia/toOIS 
01014 , 01018 .01020 01 O 7 a O 11 **t JU -149 Ollil 01 201 01220 "’ 01572 
0107 i>D 1 B 74 . 01755 onto 017 M^O 17 e 9 01 763 . 01 PM 2 011 M 3 ^ 4 >VB 26 
«1820 »M 0 ,02221 ; 02326 02212 022 Si 02248 02249 02250-02569 

C®SOJ . 02284 -^ 2402 - 02404 ’ 02409 '02411 

02478 02479 .02480 - 02441 . OTS 25 02540 

02570 - 02 S 97 . 02813 02 & 1 S 02964 02845 
- 02927 : 02950 029 58 02941 DZS 42 OZ 9 f 7 
02969 05074. 03075 0 X 099 - 0 X 115 03128 
0314 } . 05145 031 SB 09184 ^- 03234 03 Z 72 
0331 S ' 0351 W - 0 X 317 -^ 03328 - OX 332 0 X 382 - 

0 J 43 S OQSZfi 03557 .- 03523 ' 03 B 33 03554 

03653 05637,^03600 03795 . 057»1 03800 , 0362 8 0 3847 03912 . 

03919 '.-03976 - 03982 . 04002 - 04004.04010 04024 ’ 04041 0 # 042 : 

04091 04092 -M 099 :- 04100 '.. .04107 O 4 T 08 04 PKJ 041121 . 04151 ' 04151 . 
04152 04357 04518 . 045*1 'O 4 SS 0 04667 04568 04578 04640 ; . 04«43 
04660 04686.04667 -04680 .04700 04707 - 04724 04726 04752 .0475 7 

04798 04806 04 M 7 .D 4845 

04900 0491 0 O 4 S 29 - 04341 

05202 . 05276 ' : 05277 -fcl 27 S 

06287 05289 ’ OMSOT 0530 T 0630 S- 0544 V , 0 B 447 09448 . 0 & 4 S 5 - 054^7 


02414 02418 02422 ' 02423 
02550 ; 02554 04568 : JJ 2 SB 7 

02720 02735 00906.02907 

02^51 029 X 4 OaSfS rOZBCS 


031 35 03136 -. 05140 , 05141 


.03276 03286 032 * 8'- 033 14 

. 0-3400 03445 ’ 034*8 ■ 


100 03445 034*9 030 #5 

03 S 57 03598 03569 : 0 g 70 


05375 : 05379 ’. ’ B 5383 . 03399 ' 05425 - 054 * 1 ;,' 0544 7 - 05448 05455 * 
■ 05462 v.U 54 M: * 5*85 OS 4 B 5 O 6310 O 5 S 1 S 09527 09528 05332 


I 05 M 8 . 05592 -05397 ,- 035 * 9 . 05602 - 0561 B . 05639 - 05642 05645 . 0565 * ■ 
09779 . 06?94 -tW 7 M -05827 OSflSI - -95852 ' 05 * 54 . 05866 05862 OSWO . 

06008 , ^osvor t oawiBr^osfzEr : osato 'tsmr ; 09975 -qsbts - oasao 0399 s-- 

06261 : 06262 0828 X-, 0627 a. .06270 06284 - 0629 s 06330 00 X 32 06340 f 
06407 Q 64 E 3 . 06 S 43 - 06643 .- 08670 - 068 S 6 0669 Z . 066 S 3 067 W 06815 


'.‘07019 6701 * . 07020 . - 07023 ; 07024 : 07030 ’ 07051 07008 D 70 B 5 J 0707 * 
07078 : 070 B 0 ! . 071 . 1 . 1 : 07121 - . 07 -T 40 . 071 « 071 * 9 , 0 -T 156 87172-07174 
9717 &. 07186 ’ .07293 .'. 07 SII;- 07321 ' 07323 - ' 07325 ’’ 07368 07370 07384 
07389. .-07495 £ 07408. >07449 


07 3 89 . . 07499 : 07496 07499 i-tpSO* - 07 ® 19 : D 7 SJ 2 ; 07520 0755 S 07538 

07545 0755 r: 075*6 07983. 07989 . 079 B 3 ; 07395 D 7398 07602 07518 

07620 -. 07824 07649 076 X 9 - . 0766 D 07661 - 07666 ^ 07674 :07676 07693 


.- 07*20 

•f 077 Ofl . 07721 07727 0773 * 


07736 - 07777 .; 07779 07799 



cnmsZ 08854 08857 


08869 08860 .08 926 ' O 80 Z 7 0 AS 4 O. D 897 S-..’ 08970 - MU 2 09019 09025 
* 902 * - 09029 *. - 0907 * 09042 OflOfla 09094 .- 09109 


09311 003 T 9 09324 


U 25 f±V "saHS- 1 ’ 92552 oswa- omBt >^m* owes 09415 

•?M18>:BS4M’*mS*i — ----- — - 


! -gwatf 0 »M 1 09442 


0944 X 1 ' 09449 - .0 9430 09451 
. 09 S 7 I 09576 


W 426 , 

09480 09493 ‘09518 0992 * 09539 * .. 

09609 DB 612 - 09615 * OM 1 8 .09624 09826 0 B 02 S 09628 - 09642 09844 

09687 09892 . P 9695 ' - 096 BG 09705 . 0971 *. - 09721 . 09933 .09734 09743 

_ _ 0 BO 19 05 WZ 8 

09885 09891 
09949 0995 ) 



04 - jniwary .1 j. 1979 . ihro- wW tqcoma djw> ^an^ n«r»Mcofl toe. Bands 


to- bg-jvdjs«ii«l : the wRRkfM anount tharcat -Ns kci __ 
, I* 7 *- On « or. arear JjfqnwY. 15 .. 1979 , Merait 'On HK» 
*W 1 .-*«B 9 f ta -KSnop - .* 


Iniwatl to January ix, 
Bonds i 


to be radcatncd 


.„„P 4 rmcm of 8 opds to .bo redeamod Wit ba made oo or after January 13 . 
1979 8 con nrnentattoii:fad. unemar or safer 6 on«rt *<rtth aU coupons aooertato- 
g 9 . llw eto m iturtau. after Jan aanriS. 1979 at any one of tn* following 
rnmi . Ajpitv ■ * - 


«»nlt of SWneNc* N.T. * &A. 
Asia ontenoy Vhm 
Clifford Centro - - • -. •• .- - 


v Tba Sumitomo San* Ltd 


. 1 -V 2 Meftmoochl 

-cwvD«ia->vi 


The Chartered Bank' 
4 - 4 a Dos Vocov -Road 
Central; -Hen? Konfl • 


The Cliartered Ban* 
WdHam Street* 


74 


Na»f YOtit. N.Y. 10005 JBSA 


Bank of America- H-T ..0 SA 
«. Caotoe** Au.ldrftB •.-.*. .-*. . < • 
Ira Homo street - 

How Ko»g:r^ • •/ . . ; - *;, • 

Bank of America hrtornstiortal 5 .A. 
33 Oouleiato Royal ’ . 

Lonrmboara- 


fc-lev 
.JoHvo. Japan 
The Mitsui Bank ltd 
. 1 .1 2 -Vurakucho 
• Oiivodarku. Tokyo 

Jap**.. 

■ The Bank of Tokyo ltd 
t- 6 *l Mongoicucho 
Cbuo-ku. Tokyo 
Japan 

Morjw Orenfeit & Co. ltd 
■iy Greet Wmehestar Street 
* * 2 C 2 R 2 AX 


London. 
t" 9 land 

The "Chartered Sank 
Battery Ttoad 
Siatkanore. 4 

intorost eccroed and unpaid <o -Jaouary IS, T 97 B on aald Bonds wiU be 
pato irifte uwal maner. 

TW-'Srst. teeohd add third rodemRHOns Of US 3680.000 each ware all fully 
met hy- pur; hates' -m the njarket.-, > •; •**. . *' 

' -IThe ' halieke ^ ol': 'Bonda' : oirtatamtlni:. after-: Jdnuery 15 . . 1979 total* 
XS 6 .* 0 U.M^-, . .J- y BANK AMERICA NATJOtJAl 

v *-.. ^ - . : ». -..*. : TRUST AND SAVINGS ASSOCIATION 

v ' ■:-••• *- • S r '• Bitetfpot Flacal A 9 «M. 


FIXED INCOME 
ACCOUNT EXECUTIVE 


A major Internarional Investment Group offers an exceptional 
opportunity for an exceptional person, with its Fixed Income 
Unit based in London. 


The successful applicant must be a Registered Repre- 
sentative — NYSE, with comprehensive knowledge of and 
experience in all aspects of the U. 5 . government securities 
and domestic money markets, including Euro-doliar instru- 
ments and Certificates of Deposit. Fluency in French, 
German, Italian and English; ability to act as adviser to 
major accounts— with emphasis on the Swiss Banking sector 
— initiate and develop new prospects there and represent 
the firm's financial products and services is essential. Salary 
circa £ 17.000 per annum. 


If you think you can meet the challenge — the rewards 
are high — please write in strictest confidence, enclosing 
curriculum vitae, to Box A. 6574 , Financial Times, 10 , Cannon 
Street. EC 4 P 4 BY, 


ART GALLERIES 


AGNEW GAL 10 RY. 43 . OM Bond 
W.l. 01-629 SIT*. DRAWINGS FOR 
CHRISTMAS RRUKNTS. Until 22 Doe. 


Mon.-frL 9 . 30 - 1 , 30 . Thun, until 7 . on. 


APN 5 W 

DRAW If 


agSnard 


QALLgJty, 45 . ©W 
..... OF -629 * 176 . FRAL 

Drawings for Afiando Fiirlnso. Until 
115 D« 4 mbor Mon.<Prt. 9 JD -5 JO. Thurs. 
■ umH 7 . 00 . 


BROW 52 * DARBY, 1 C. Cork St- W.T. 
JOHN SAIWAY — Clrcu* Pieturn. 
-NORMAN ADAMS — Flowor Picture. 


COCNAGH). 14 . Old . Bond Street. London. 

— — 7408 . MCTURES FROM 


: w,i. oi -a :?i . , 

fm GRAPHS TOUR. 14 NDV -16 Dec. 
■* 9 on.-Frl. 10 , 00 ^ 00 , 541 *. 10 . 00 - 1 . 00 . 


KALMAN. 178 . Ekompton Road. 

' L is AND INNS. 


tWJ, C 1 -SB 4 7566 . MJL« . nn9 . 

UVtK and streets of cn gland 

. — PNntfns* ' 1030 - 1 * 78 . Until 27 

Jwkflinr, Mon.-Fri, «j- 6 . Ssta. io- 4 . 


DMas: GAULCRIES. 40 . AU»n*rle to net. 

Wca^lfcW.* 1 . ANNUAL fiNO-OF-T* - 


v ANNUAL BNO^)F.T*A« 
OFFER 01 FINE PAINTINGS 


S ND* WATERCOLOURS. MANY AT 

REAI 1 CY REDUCED PRICES (ram £ 50 . 


COMPANY NOTICES 


ADIG GROUP OF FUNDS 

: .Payable n f roatr the 1st .August ; 1978 

'Coupon No. 19 - 


Adiropa (European >.' 
Adfverbar { Insurance and . 

Bank shares'}; ' - 7 .. j 

Fondok -{ Gertnah Equities) 
rondis (International) 


Dmks- 1 33 + 


-Omks. , 2 - 32 t' 
-Dmks. I. 66 t 
Dmks. l.lfif 


Coupon No. IS 
; -Coupon No. 3 ! 

'Coupon No. 26 

;t Dividcnih paid .to'-' U. K. Unitholders are subject to U.K. Income 
Jox at the standard. rate. _ 

'Coupons may; be; lodged by Authorised Depositaries during normal 
banking- hours. Coupons :¥tfN : not; be accepted by post. This 
notice- appears’ as; a ; matter'. dfi* record only, and is not intended 
oa an. invitation - to purchase' , Further information and copies of 
the "Annual Report of the, Aidlg Funds may be obtained from the 
U.K. Dinribucors and • Paymg-Agents;^’.- 

• ' . ’f CHARTERHOUSE JAffHET LIMITED, 

- : 1 Pateriwrter Bow, 

. . -. ” St; "Paul*, . . 

1 . Xondon £C 4 M 7 DH. . . 


KQNI 5 HDI 0 KU PHOVO_ INDUBTRY 

C*k U* 


1 M 1 T 8 D 


liiritica to Edr HomERsr . 


Fcrtnw to notice of October .12.* 1078. 

soM-of-r- 


-ShV- Board at- OlrKtort.- of - the above 
SomsS^fiw resowed- OiW-tto -Wert®- 


dlvWend .for the Abril . 21 , 

*.s;a to AarH 20 . Jjriw.GwU be a* 
'he vftte-of ■ Yen 3,7 5 pejNft and 
*»M 1 se erected on , or after Jwwiv. 
. 19 . 1979 . ■ A further announcement 


. will • be -made «»«»". 

after receipt of tOedh. 


Dcewltery- statins- prdeedurfr to 
be fallowed - for * obtaining . -payment. 


thereof, 
THE Cf 


3 NDON.AS JOS 
Decemtwr 1976 . 


CLUBS 


- . m«fc ot JiUmwy Ha»»a«wbrtft *« FNeaasj J 




GARGOTlfi. . 89 : OWkSpCK. 
NEW ST 1 HPT.EAS* «X>L 

* -‘. AS’' YOU- M K 1 B. IT 


.W.l. 


AA 1 I'JU 1 ■ ■ ■ V 

■ Ti- 3:50 am Show *tM WiMM 

.'.* 4 «(i.- l Fsi;._clnM Satenfoy». ; qTMi«. 845 &. 


J; A. PgY 2 NlW * COMPANY WMITW 


NOTICE IS HEREBY JSWN JjH 

vtolaa ■ uralteteliito . tel thA COfllDIIW fi 

Shares 

SVh : Jand«orv 'WTS.fb 


w DCvMHid- warteate .oiyaOte « ***** 

11 *%. at ^ Baiutf, 

A. LUTHWAITE. Swjraury. 


T ^3sn&e*. 


■WL Trinttv 
Weymouth. - , 
8 th Decamber. 1 ^ 78 - 


H3UMY ACCOMMODATION 


-NEW- YEAR’S EIYE 

. PARITY • -WEEKEND 

-Friday Ib-Mandpy at 

LOWER SLAUGHTER MANOR 

GLOUCESTERSHIRE 


.Thvjfqtel ;M BMgiMBnJji the 


VBf&BlEBSUii 

-t - • j. .rBwMani-WPfNh’WMcr 

.. V - Cpu^.-HotaUReaMurato) 


RICHARD GREEN GALLERY. 36 . Dover 

toft London. W.V. 01-491 3277 . 

CHRISTMAS EkNIBITION OF PAINT- 
INGS UNDER £ 3 , 000 . Dally 10 - 00 . 6 - 00 . 
SaU. 10 . 00 - 12 . 30 . Until December 22 nd. 


MENARD GlteeH GAUXRY._ 4 .N*w Bond 


■Mteat, London. W- 1 . 01*499 . 5487 . 


VICTORIAN SCENE. Daily 10 . 00-5 00 . 
Slti, 10 . 00 - 1 2 JO. Until December 22 m. 


ALA PAINTINGS SMALL . 

Vufh Casson, Andre 


work. .By Sir Hu* 


POTS. |n- 


. jHctL JtontkJ ^Hamilton -^Fr « er.^ | ^ ann 


'HNr, .F»Hdc PrpeWtar. David .Rerpirer, 
.Leonard fiatoman and Ronald Seirfc 
hrom 2 JO December, go turn GaUerv. 
Stettoo Road. Henley, dun, Henley 6228 , 


EDUCATIONAL 


LEARN GERMAN In Germany A wawing 
cpunie oSera «e IbMnMve German 4 n- 


; |nj* 9 « course iram 2 to B weeks in 


Ahr valley ine»r Bonni. You w,il 


tear* In a family atmnspnere. Tennis. 
Swiipmina. Heme-rliHnB. etc. Full 
board. Dr. Bitter Tnomae. Paster-Fev- 
, 1 *. D-S 485 Bad Bodendorf. W. 


EXHIBITIONS 


bOMOON COIN FAIR, Saturday. Ifitb 
* Oecunfaari Cwmberfand Hotel. Marble 
, 1*0 e.m. u 6 p.m. 
Dealers. Admission 
-722 5774 . 


-- uaoambari Cumberb 
’- •--AKIl* tondoti W.l. 
V.flO InSoittanal I 
--.asp. Phone 01 - 72 1 


DUBUC NOTICES 


LEGAL NOTICES 


No. 003739 of 1 STS 

In the HIGH COURT OF JUSTICE 
Chancery Division. Companies Court. In 
the Matter of CA 6 P fD & Pi LIMITED 
and m the matter of The Companies Act, 
IMS. 

NOTICE IS HEREBY GIVEN, that a 
Petition for the Windins up of the above- 
named Company by the Hub Court of 
Jnstlce vras an the 23 rd day of Novembrr, 
MTS. presented « me said Court to* 
WARD AERIALS LIMITED whose 
registered office is a mate at 193 
Woodhnuse Road. London. N.J!.. and 
that the said Petition la directed to be 
beard before the Court sitting at the 
Royal Courts of Justice. Strand. London. 
W-C 2 A ILL on the isth day of January 
1079 . and any creditor or comrtbmory 
of the said Company desirous to support 
or oppose the making of an Ordnr on the 
said Petition may appear at the time of 
bearing, in person or by bis counsel, 
for that purpose; and a copy of the 
Petition mil he furnished by the under- 
Ftsned to any creditor or contributory 
of the (aid Company remjirins uadi copy 
on payment of the reculated durse for 
the came. 


COLLYER BRISTOW. 

4 Bedford Row. 

London WCiR *DF. 

Ref: R/ 15 B Tel: 01-243 7362 . 

AGENTS FOR; CUXNINGTONS. 
of Rayleigh. Essex. 

Solicitors for the Petitioner. 


NOTE. — Any person who in tends to 
appear on the hearing of the said Petition 
must serve on, or send by post u, the 
above-named notice in writing of his 
Intention so to do- The notice most aute 
the name ami address of die person, or, 
if a Arm the name and address of the 
firm and must be signed to the person 
or firm, or his or their solicitor Of agyi 
and must be served, or. rf posted, must 
bo seat to post in siriBrdenr time to 
readi the above-named not lata- then 
four o’clock is the afternoon of the Uih 
day of January. 39 ft). 


BOND DRAWING 


■erry of cdinbuhgr d.c. 


* eoJSm Mdi tuned 12 th Deamber, due 
” Man* T 9 T 9 in 11 UW%. Applies tipn* 


13 th 


total fad £ 3 . 5 m. £3 5 m bills ootstandlnB. 


-■ ^ BIRMINGHAM COUNCIL MIAS 


.The. £Bm ninety one day Bills. Wert 
Iwi December 197*8 maforfng an 


touos 

ttln. 1 3 th’ March: 1979 . Antriieatnns touhed 


SE 1 i 25 M, „TM _mWi.Ttmrn or ice icuslu) 


-vm £ 97 . 091 ;. The sverspe rate Of 

count ku “ 

ouqttaodinu 


count .was £ 11 . 6820 %. The total Bills 

6 £20 m. 


* BAN DWELL M-B4L BILLS 


- St , 75 OJtt >0 Bill* matorlns on loth 
March - 1979 were ottered and it sued on 
13 th December 1978 at an averape rate 

-tone 


-MgTROpDUTAN MtROUGH OF 

lYIRRAL BILLS 


_ _ta.oao.MO BUI* manirliw on 14th 
March V978 w offlarsd and -issued on 

-ism , December .1979 a* an avsnet rale 

of J1 4tv648t sir cant P.s. 

* .Total. . aotd feat ions for tbH issue 
aarewued to -£i2,*7S0JS» and tnese arc 
thh. Arty hilly Jn Usor- 


NEWPORT OX- BILLS 


mcombnr .1 


,000 9 iHs mdtvrins on 1 *« March 
’ ^eneA and fc*uof_ 




-an everaae rito of 


awrticittom ^ for tta Issue 

amounted to fca^eo.oOo and arise are 
tit*, -only bills in Issue. 


THfc COPENHAGEN COUNTY 
AUTHORITY IC.CA) 


. 8 % 197111986 UA 12 . 000-000 
On November so. 1979 . Bonds ter 
tea amount of UA 575.000 have been 
drawn lor radamMion in the presence 
of a Notary Public. 

The Bends wilt be reimbursed 


coupon. No. 9 . and the (allowing 


attached on and after February 
1979 - M 

The numbers are as fellows: 

001 to 010 Incl., 013 to 062 Uicl.. 

□56 to OBI Incl., oas to 091 Incl., 

094 to 110 Incl., 112 to 195 Incl. 

201 to 241 incl., 243 M 257 Incl.. 

260 and 261 Incl., 265 to 253 Incj., 
11.589 to 12.000 Incl. 

Amount subject to redemption: 
UA 800 . 000 . 

Amount purchased on the market: 
UA 125 . 000 . 

Amount unamortmtf: UA 7 , 400 , 000 . 


Outstanding dram Bends: 

10366 and 103 B 7 . 10396 to 10399 


Incl.. 10477 . 10661 to 10665 <iiKl.. 
10689 . 1 DSB 0 . 10754 and 10760 . 
10764 and 10765 10582 to. 10587 
Incl- 10946 and 10947 . 10951 and 
10952 . 10955 to 10980 Incl., 11026 
and 11027 . 


Luxembourg. 

December 14 , 1978 . 


The Trustee. 
FfNIMTRUST SA. 


31 


and Harfcrts 


CURRENCIES, MONEY and GOLD 



and 
pound steady 


Steritag and the U. 5 . dollar 
riwured little movement in yester- 
day* foreign exchange market, 
aKhoash the latter received sup- 
port from various central banks 
in generally dull and featureless 
trading. Official intervention for 
the U.S. unit camo after an 
liHtisllp weaker trend, with some 
uncertainty sHU surrounding the 
outcome of this 'iveekcnd's OPEC 
meeting. Against tlie D-mark the 
dollar was held nt D 71 1 . 9045 , 
from Tuesday's level of DM 1 . 0050 . 
while the Swiss franc v.*as pushed 
d 7 wn and finished at SwFr 1.7045 
from. SwFr 1-6030 previously. 

Using M oi^an Guaranty Figures 
at noon in New York, the dollar's 
trade weighted average deprecia- 


against DM 1.0030 previously, and 
there was no intervention at this 
time by htc Bundesbank. Trading 
wag generally subdued with little 
in the way of fresh factors to 
influence the market. Later in the 
day conditions remained quiet, 
and the US. currency showed a 
slightly weaker tendency at 
DM 1.9075 after touching DM 
1.9008 at one point. 

NEW YORK— Early trading ww 
very little movement in the major 
currencies, and although opinions 
seemed varied ahead of the OPEC 
meeting, most dealers were 
resigned to seeing some sort' of 
increase in oil prices. Initially 



r.m-, 

1 



-G.S. S 

81 - 

U 7 M- 1 . 88 UD 1 . 9760 - 1.97711 

C*BodtnnS 

104 

2 .EIM- 2 .S 3 DE 

?.i 25 D. 2 . 5 ZB 0 

Guilder 

El- 

4 . 061 ^- 4-094 

4 . 08 ^ 4 . DBt 

Belgian P 

6 

59 . 5 tLBB .65 

53 . 60 - 59 . ED 

Daoub 1£ 

8 

10 . 43 . 10.49 

10.43 18-40 

D-Mark 

S 

S. 75 - 1.76 

5 . 7 Bi-I. 77 i 

l*nrt.-E»e. 

18 

81 .TO-Bs .50 

a 9 . 05 -SS. 4 S 

Span. Fra. 

6 

140 . 50 - 141^1 

tel. 10 - 14 T .20 

Lira 

1 UI- 

1 .GEM.B 78 

1 . 977 - 1.676 

ynvpi. K. 

7 

10 . 11 - 10.17 

10 . 18 - 16-17 

Freiichrr. 

812 

B. 62 B.B .66 

8 . 64 i-B.£ 5 i 

SwedisbKr. 

61 : 

8 . 70 - 8.76 

6 . 74 p- 8 . 75 } 

1 e» 

Si- 

5 SB.JS 4 

387 A- 53 JU 

AiutruSc-b. 

41 - 

S 7 . 50 . 27.65 

27 . 6 d. 270 S 

Swiaa Ft. 

1 

O.S 4 J .58 

5 . 564 - 3 . 57 } 


the Fed appeared to abstain from 
any intervention, although .it 


*&»«g Moan carnal 


DEUTSCHE 

MARK 


7 f 4 *-HrV f Kl 4 »«n 35 
thtoS*" D-MARK fun 
Smiths noun central ratn 
a p a wn 15 Dihsr cumnKW 



"DJFMAHAJJASOND 
*77 1978 


tion remained at 8.5 per cent 
On Bank of England figures its 


index improved slightly to S 4.7 
from 84 . 6 . 

Starting traded quietly for 
most of the day and alter open- 
ing at $ 1 . 9725 . lit improved against 
the dollar to Si. 3730 . However, 
central bank intervention soon 
pushed the rale hack to $ 1.9670 
before renewed dollar -weakness 
saw slertin? improve to SI . 9300 . 
The Fed may have lent support 
to tie U.S. unit, later in the day. 
and the pound closed at $ 1 . 9760 - 
$ 1 . 9770 , a rise of 35 points from 
Tuesday's cli-'-e. Against other 
currendee. the pound’s eteady 
performance v.as reflected in its 
trade weighted qtndex which 
remained unchanged from Tues- 
day ait all three o£ yesterday's 
calculations, at 63 . 2 . 

The Italian lira showed a weaker 
tendency in both the spot and for- 
ward markets after this week's 
indication by the Italian 
authorities of their willing- 
ness to join the EMS. The lira 
slipped from LS 45.75 to L 84 S .85 
against the dollar and to L 1 . 677 } 
from L I .668 against the pound. 

FRANKFURT— The dollar was 
fixed at Dili 1.9096 yesterday. 


seemed possible that the Swiss 
authorities bad lent some support. 
Sterling stood at S 1 .Q 710 against 
51-9825 on Tuesday while the 
■D-mark was also weaker at 
DH 1 . 9 QS 0 compared with 
DM-U 1015 . The Swiss franc was 
quoted at SwFr 1.7053 after 
SwFr 1 . 6920 . 

PARIS— Support hy the aurhon- 
ties for the dollar failed to 
prevent a decline from its higher 
levels earlier in the day. Most 
central banks gave support, but 
Tiy the end of the day. the U.S. 
unit had slipped to FFr 4.3805 
compared with FFr 4.3750 at the 
beginning of trading, and 
FFr 4 . 3763 # on Tuesday. The 
D-mark finished at FFr 2-2940 
against FFr 2-2972 while the Swiss 
franc cased to SwFr 2.5644 from 
SwFr 2 . 5800 . 

AMSTERDAM-— The dollar was 
fixed at FI 2 0695 yesterday, up 
from Tuesday's level of 
FI 2 . 0 G 30 . In later trading the 
U.S. unit was quoted at 
FI 2 .O 6 S 0 , hardly changed from 
the fixing. 

BRUSSELS— The dollar was 
fixed at BFr 30.2150 yesterday, 
compared with BFr 30.0800 on 
Tuesday. 

ZURICH — Th& dollar showed 
a slightly better trend against 
most currencies in early trading, 
although support by the central 
banks was cited as the mam 
reason for the improvement. In 
rather dull conditions, the U.S. 
imit was quoted at SwFr L 7 D 79 -J 
and DAT L 9081 compared with 
DAT 1 . 9055 - previously. 

TOKYO — In contrast to the 
previous few days, the dollar 
improved against the yen to dose 
at Y 196 . 90 . up from Tuesday's 
close of Y 194 B 5 . However the 
dollar dipoed to Y 1 96.10 at one 
point before further buying 
interest pushed up the rate. 
There did not appear to be any 
intervention by the Bank of 
Japan, and spot turnover amoun- 
ted to 8425 m, with forward trad- 
ing at 8134 m, and swap dealings 
accounting for $ 73 Sm. 


Day - * 


December 13 apread 

Close 


THE POUND SPOT 


Belts an rare i? lor convertible francs. 
Financial franc 60 .:n- 0 Dau. 


FORWARD AGAINST £ 


Ono monlb , $p.a. iTbneeiaouibf' *L p.«. 


Q.fiD- 0 . 4 Qi-.pm 

O.Eb-O.S&r.fVin 
Jlj.lj c.pni | 
20-10 i-.pm . | 

1 - 2 , I'trdil - 

fic. 1-2 <•! pin 
60-105 e-. In 
50 . IDO >..du 

24.44 hredis ' 

2 o re poi-nar 
5 - B i'-Iiiu ; 
Sa- J i OM pqi 

4 .' 20 . i. 20 5 pm 
1 ?- 7 *nipni • 
4 ig- 3 ig c.pm 


2.75 UI 2 -T.Pic.pDil 
5.10 i 1 .G 0 - 1 .Mc.itu; 
3.94 ' 4-5 c.MD 
S .02 -eO-fiO c.pm 
- 1.43 ?l- 4 . ore Hiii i- 

9. 13 E; -Bi pi pm i 
- 10.75 14 D 110 t. di- , 
- 5.53 VlO.SlDc.di**; 
- 2.53 7 i.l 0 * In* di-., 

1. 13 4 .*.. 2 * ore [no , 
3.47 - 7 ^- 61 , r. ,nu! 
3.43 ! 4 - 7 jiW|im | 
13.51 ID.BD.lO.bOrpm 
5.21 aZ-IS urn ptn j 
13.91 114-107 c. pm 


2 . 17 . 

3.67 

3 . 42 - 

3.70 

- 1.34 

9.37 

- 9.75 

- 7 .S 7 

- 2.15 

1 . 3 a 

3.35 

5.98 

10.97 

5 . 81 - 

13.06 


Sn-nit'ivh fnrwarrt dullar 1 . 90-1 guc pm. 
12 -niomh 2 ,*ji> 2 .S 0 c pm. 


THE DOLLAR SPOT 


Canad'n S' 

Guilder 
Belslan Fr 
Danish Kr 
D-Mark 
Port. Esc 
Span. Pis 
Lira 

Nnvcn. Kr 
Frnurti Kr 
Swedish Kr 
Yen 

Austria Sch 
Swiss Fr 

•U.S. 


■ 4 . 74 - 85.04 
2 JM 40 - 7 . 0 T 02 
30 . 11 - SO JU 
5 J 53 -S. 51 M 

1 . 9045 - 1.4890 

46 A 5 - 4 A. 7 E 

71 J 7 - 71.41 

845 . 35-84440 

5 .U 904 J .486 

4 . 375 IMJS 40 

4 . 4165 - 4 . 4 H 5 

196 . 20 - 196.90 

13 . 941 - 13 . 48.1 

JL 6948 - 1. 1072 


81 . 9404.97 

2 J 16 TB- 2.0685 

3006-3008 

5 J 07 S- 5 J 1 M 

L 9065 > 1 . 9 eBO 

4 & 65 - 46 .T 5 

7135 - 71.40 

848 . 604 M 9.10 

5 ^ 420 - 5-1440 

43725 - 4-3750 

A 4265 - 4 A 775 

196 . 22 U 96 L 40 

U. 962 - 13.971 

1 . 7016 - 1.7390 


cents per Canadian A 


FORWARD 

AGAINST $ 

One month 

o' 

p -fl- 

Three month* 

p, » 

P-B. 

B.l-O. OJc pm 

0.20 


D. 4 S 

002 -a.aTc pm 

■ »-T J 

1 ' r ~r Jufly 

1 JBI 


■jfrJ 


1-55 

i.ZE- 1 . 75 urcdi 5 


W' 1 • ■ » i 

- 3.21 

1 . 05 - 1 . 00 pr pm 

fi-’S 

3 . 47 - 3 . 42 pJ pm 

7 J 9 

43 -SJC dis 

12.08 

90 -lKJc dis 

10.71 

l f . «_■* L 


liO-lBSc d!s 

- 9.95 

\ ^ ft L-J f K", 

mil 

■TT^T'T^'TiTTT'Tn 

- 4 .M 


2.47 

fV 1 i '1 

3.11 

o.asd.i 5 c pm 



1-3 




2.25 




830 


EH 

K ?p 4 

3.30 



uj|M| 

18.77 


CURRENCY RATES 


December 12 


Special European 

Drawing Unit Of 
Rights Account 


Sterlinz 

U.S. dollar 

Canadian dollar 

Austrian Ecbillins 

Belgian franc ... 
Danish krone .... 
□eutsebe Mark 

Guilder 

French franc .... 

Lira — 

Yen 

Norwegian krone 

Peseta 

Swedish krona .... 
Swiss franc 


0.649249 

L 21389 

1.50410 

1 T .7990 

38 . 4*90 

6.75126 

: .43373 

2.63335 

5 J 9131 

1081.94 

349.384 

6.49420 

9 L 0 B 2 S 

5.62992 

2 JL 6900 


0.671303 

L 93265 

1.55716 

18.4144 

39.7854 

6 .TO 37 

L 51593 

2.72815 

5.71230 

1118.(3 

2 68.120 

6.73780 

94.1554 

5-84043 

2.24017 


CURRENCY MOVEMENTS 


December 15 


Bank or Morgan 
England Guaranty 
Index changes •• 


Slerlin? 63.19 -MJ 

U.S. dollar M .70 - 8.5 

Canadian dollar . ... 80.13 — 17.5 

Austrian sehiHins ... 1 S 4.68 +U 2 

Relclnn franc .... U 3 A 3 + 14.2 

Damsh krone 116.95 + 6.1 

Dcni«ch<? Mark . .. 14 T .96 + 4 L 0 

Swiss franc 19254 +S 2 J 

tiu/Ider 123.38 + 19.9 

French franc — 93 J 3 — 6 JI 

Lira S 4 j 9 - 48.8 

Yen 147.39 + 46 J 

Eased on trade weizbirfl chanc-s from 
Washionon agreement Docember, 1)71 
iBank of E nsland lndcx= 100 >. 


OTHER MARKET5 


Deo. IS 


Argentina Penn.... 

Australia Dollar... 
PinJand Markka... 
Brazil Cruzeiro 

Greek Drachma-— 

Hon g Konff Dollar 

Tran Kial 

Kuwait Dinar(ED) 

Luzemtonrg Franc 

UahyMa Dollar... .. 

New Zealand Dollar 

MudiArahu Rival. 


£ 

Note Rates 


SlnRapcre Dollar... 
South 


South African Rond 


1 . 915 - 1.917 

1 . 7295 - 1.7545 

7 . 9500 - 7-9700 

59 . 73 - 40.72 

: 71 . 639 - 73.591 

^ 9 . 4550 - 9-4360 

J 144 . 34 -l 4 Q.i 34 

I 0 . 636 - 0.546 
59 . 50 - 59.60 

4 . 31004.3250 

1 ^ 705 - 1.8775 

I 6 . 57 - 6.67 
4 . 3730 - 4^880 

1 . 7022 - 1.7085 


967 . 87 ^ 69 . 90 'AuMrta 

0 . 8778 - 0.8790 Belgium 

4 . 0370 - 4.0390 Denmark* 

20 . 10 - 30.60 (France 

56 . 24 - 37.13 Genrntny 

4 . 801 5 - 4 . BO 30 Tlelv. 


|JapaQ... 

Net her land*... 
Norway 


74-76 

0 . 27460 - 0.27458 | 

30 . 13-30 15 

2 . 1890 - 2.1605 Pirtucal 

0 . 9400 - 0.9524 S t *in 

3 . 3590 - 5. 5615 Swiixerland.... 
2 . 17 AO- 2 . 1750 |L tilted sraicr. . 
0 . 85 12 - 0 . 0643 ' Yu^ns Ian* 


27-28 

59 Si- 6 Il< 

10 . 40 - 10.50 

8 . 6 DJ 3.70 

5 . 70 - 3.80 

1630-1700 

335.595 

4 . 004.10 

10 . 05 - 10.20 

88-98 

141-145 

5 . 30 - 3.40 

1 . 9700 - 1.9850 

41-45 


Rale given for Argentina is free rale. 


EXCHANGE CROSS RATES 


Dec. 15 


CHILEAN GOVERNMENT LONG TERM 
OUT LAW No. BB62 


CHILEAN GOVERNMENT 

41*96 Bonds- ins 


Midland Bank Limited announce that tne 
redemnldn instalment tor tin* Unking 
‘ been ? 


tmeut tor 

January 1 . 1979 — ... 

by porctlKi in the market to the nominal 

value Of 6100 and, Of- a drawing of 


Bonds to toa nominal value of XI 

The distinctive numbers of the bonds 


ar* 1 " 1 ** ll fo{vcV-? r8ier ' la * No,4rv p «* ,ic 


Serial Numbar * 50 fl: ? 1 S. 

Serial Numbera ttOQ: 533. 643. 564, 
1 50 . 198 S. 3326 . 4147 . * 4354 . 46 SB. 
9 S 1 . SOI 2 . 5054 , 5044 . 


11 

4.9*1 

The above bonds should be » Merited 
at the New Issue and Securities Depart- 
ment of Midland Bank Limited listed on 
thl aparoorniv form and mint bear all 
esuoeos sufeseowwt to January i, 1979 
otherwise tea amount or tho misvinj 
coupons -Mil be deducted trem the 
principal moneys. 


The usual interval of tour dear days 
will M rewired for examination. 

-MIDLAND BANK LIMITED 


New issue and Securities DcBirtimnt, 

Mannar House. 

Pejavs Street.* 

London £«n 4 DA. 


Pound bterlin;; 

U.S. IV, liar 


DentKbp mart; 

Ja^nnrM Ten ljOtl 


French Franc 10 . 
Swisv Franc 


Dutch Ccuilder 
Italian Lint L000 


CauB-lian DnHu- 
Belgian Franc 103 


Found MWrlmp 



Japanese Van | 

| French Francj &tn*a Fraav | 

Outeft liniiidti 

| !■ Allan Lira | 

1 Cau«.id Doilei 1 B«i:ua Fraou 

1 . 

1.977 

5 . 76 B 

3 SB. 5 

8.648 | 


4.088 

1 F 78 1 

2.336 

i 59.65 

0.506 

1 . 

1.906 

196 6 

4.375 ! 


fc .068 

848.7 

1.177 

1 30.15 

0.365 

0.525 

1 . 

103.1 

2.393 

0 894 

1.083 

445.3 

0.617 

13 81 

2.574 

6.086 

9.698 

1000 . 

22.26 

8 674 

10 53 • 

4318 

5.986 

| 153.5 

1.156 

2 .ZB 6 

4.357 

449.3 

10 . 


4.727 

1940 

2.689 

eS .86 

0.397 

0.586 

1 . 11 B 

115.3 

2:566 


UfilS 

497.8 

0.690 

- 17.67 

0.245 

0.464 

0.922 

95.05 

2.116 

O.B 24 1 

J. 

410 4 1 

0.569 

14.57 

0^96 

1 . 17 B 

2.246 

231.6 

6.153 

2 X 09 

2 457 

luuO. \ 

1.386 

35.50 

0.450 

0 . 6 S 0 

1.620 

167.1 

5.719 

1.449 

1.758 

721.4 i 

t. 

35.61 

1.679 

3.519 

6.327 

652.4 

14.52 

5.659 

6.864 

2817 ! 

3.905 

nw. 


EURO-CURRENCY INTEREST RATES' 


Dec. 13 


tSbort levro.. 

7 iters' notice) 

Month 

Three months... 
si* months.... .. 

Line year 


Sterling 


11 t 5 - 125 b 

X 2 l B - 12 ra 

ias<-i 5 i a 

l 3 l,.isi a 

15 i 7 -isr 8 


U.S. Dollar 


bsb-Btj 

flia -10 

Slg-lDla 

li-lIU 

lllj-llil 

11 J 8 - 11 S 8 


Canadian 

Dullar 


7 ' 3 -Big 

7 I 2 UBI 3 

9 W- 9 SS 

lOlg-lUa 

lmi-iOTg 

10 U- 10 $q 


Dutch Guilder 


8 V 9 

8^-9 

91 *- 93 4 

91 - - 95 * 

Si 8 . 9 Sb 

85 s- 85 g 


Swim Franc 


—|T" 

_ 3 . 


rF 

A?” 

"TTC 

— rir 


»*-te 

J*-Ta 


Wear German 
Mark 


Fren'.b Franc 


Italian Lira 


51g-3U 

3 18 - 31 * 

3*-3i* 

4 - 4 1 8 


617.7 
7 b 71 * 
9 Jp- 9 s a 
95 , -ID 
9 .- 6 . 101 * 
10 te- 205 g 


10-14 
12-14 
14-15 
14 » 3 :' 5 li 
16 16 
151 :- 16 l 3 


Ainu S ! -Tapuie«o Ten 


nu-iifs 

10 .V- 10 A 

iO^-Uri; 

111*1158 


3 rV 54 r 

i-lM 
Hi -21 a 
2 i?- 27 B 
3 i 3 - 27 B 


The foQQwlns nominal rates were quoted (or London dollar certificates' of deposit: one month 10 . 43 - 10.33 per cent; three months 11 . 03 - 11.13 per cent: six months 
11 . 43-1135 per cent: oue year 11 . 10 - 11.30 per cenr. 

Lons-ierrn EarodoDar deposits-. T**o years per cent: three yrars 10 J- 10 * per cent: four years 101 ]c.- 103 k per cent: five years lOMfrioJn per cent: nominal 

clncm; rates. ShorWcmi rales are call fur stcrlini;, U-S. dollars and Ca nadian dollars; twu-day* call for Builders and Swiss francs. Asian rates are dosha rales in 
Sinpapore. 


INTERNATIONAL MONEY MARKET 


European rates mixed 


The foreign currency reserves 
of the Belgian National Bank and 
the Netherlands Bank rose once 
more in the week ended December 
11 . Belgium's currency reserves 
rose to BFr 105 . 5 -ilbn from 
BFr 105 . 428 bn during the week, 
while Holland's gold and foreign 
currency reserves increased by 
FI 486 . 2 m to FI 22 , 5 bn. 

Deposit rates for the Belgian 
franc showed little change, with 
one-mcm tit unchanged at 9}-3} 
per cent, and three-month un- 
changed at 9 J -05 per cent Six- 
month monesdwas quoted at Sg-SS 
per cent, compared with S 2-9 per 
cent previously, and 12 -month 
was also SJ-Si per cent, against 
Sg -0 per cent. 

In Amsterdam call money fell 
to 7J-St per coot from S-9 per 
cent previously, but one-morath 


rase to lOJ^lO) per cent from 10- 
10} per cent; while three-month 
was unchanged at 1DJ-10J- per 
cent and six-month 9i-9J per cent. 

PARIS — Day-to-day money rose 
to 6} per cent from 63 per cent: 
while one-month eased to 6 9 ib- 
6 » is per cent from 6J-6J per cent, 
and -three-month to 6J-6} per cent 
from 6} -6* per cent Six-month 
funds were unchanged at 6J-7 per 
cent, and 12- month feU to 7}-7g 
per coat from 7J-7J per cent- 

FRANKFURT — Call money 
eased to 3.45-3.55 per cent from 
3.50-3.60 per cent but fixed period 
rates were firmer. One-month 
rose to 4.20-L30 per cent from 
4.00-4.10 per ceDt: three-month to 
4.15-4.25 per cent from 4.00-4.10 
per cent; and six-month to 4.15- 
4.25 per cent from 4.00-4.10 per 
cent, while 12-month was quoted 


at 4.204 30 per cent compared 
with 4 - 154.30 per cent. 

NEW YORK — Federal funds 
were around 9£-10 per cent in 
early -trading, with no sign of 
any intervention by the authori- 
ties. Treasury bill rales showed 
tittle change, as 15 -week bitis 
were quoted at -B .85 per cent, 
compared w'-ith S.S 6 per cent late 
Tuesday; 26 -week biJis at P .21 per 
cent compared with 0.22 per cent; 
and one-year at 9.24 per cent, 
compared with 9.23 per cent- 

MILAN— Money market rates 
were unchanged at 10 ^- 10 } per 
cent for call; 11411 per cent for 
one-month and two-month: and 
lli-llj per cent for three-month. 

HONG KONG— The money mar- 
ket was easy, with call money at 
S per cent and overnight at 51 
per cent. 


UK MONEY MARKET 


Small assistance 


Early forecasts pointed towards 
small surplus or day-to-day 
credit in the London money 
market yesterday, but the authori- 
ties bouslit a small amount of 
local authority bills from the dis- 
count houses. 

Very large - Government dis- 
bursements exceeded revenue pay- 
ments to the Exchequer, while on 
the other hand hanks brought 


forward modest run-down 
balances, there was a modest rise 
in the note circulation, and the 
market was also faced with a small 
net take-up of Treasury bills to 
finance. 

Discount houses paid 11 } per 
cent for secured call loans in the 
early part, and although funds 
were found at 10 per cent, closing 


balances were generally taken at 
11}-12 per cent. 

In the interbank market over- 
night loans opened at 11 J -12 per 
cent, and eased to 11 - 11 } per cent 
before picking up slightly to Hi- 
ll' per cent at lunch. In the! 
afternoon rates fell to a low point 
of 9 -Di per cent, but rose, sharply 
to 12 ^- 13 * per cent, before dosing 
at 111-12 per cent. 


GOLD 

Little 


change 


Trading in the London bullion 
market was described hy one 
dealer as being a non-event, and 
gold closed unchanged from its 
opening level and only S} an 
ounce u» from Tuesday's close at 
$ 202 ‘ - 205 j. The metal was fixed 
during the morning at S 203.00 and 
S 202 .S 5 during the afternoon. 

In Paris the I 2 ?-kilo gold bar 
iras fixed at FFr 23.550 per kilo 
($ 204.63 per ounce), compared 


De-.-. 15 | Deo. 12 


Grid Bullion [& liner 

iniawi 

Clute 'smij-SOSt 

Oprnmy ....* sMZa-MJ* 

llc-ruing muni; £205.00 

-i£1D5.0G1i 

JftemwD fixiag ....' 5207.85 

l£lD 2 . 849 j 

Guld Coins. 

•JumeMmilly ' 

Krugerrand..' S 214 i- 216 j 

. i £1031-1 03; i 

New Sovereigns SBlj-tSi 

iL- 51 -SSj 

Old Sovereigns 559-61 

ic:a;-30i) 

Gold lain* 

Internationally .. 1 

Kru^enaail 


S 2 Q 2 *- 2 Q 3 
S 204 *.: 05 i 
S 2 Q 4.05 
|. ±* 105 . ISOi 
S2Q1.3B 
IC 102 . 437 ) 


S 214 i.? 1 HJ 

(£109-110, 

SS 1 i- 6 ii 

l£ 30 ;- 51 i, 

S 59 A- 6 U 

i£ 50 k 4 Ui 


-«r 03 i- 21 Dj 
.£ ID 6 -- IBB ;i 
Sew eoveieign? ..w. s 33 a- 55 i 
!<C 27 28 i 

Old Siivereignt ^SO-CI 

|i£ 53 *- 50 ;> 

5 L 0 K^ule* ;S 263 L 233 i 

SltiUgles. S 157 i-I 62 j 

SI Frf^le' iSlOSy-IIOi 


vUBS) - 103 il 
S 33 i 55 j 

■£ 2 i-Ki 

S 53 i- 6 li 
■£ib,-ilji 
S 2 £ 5 A. 2 R 74 
* 160-155 
S 1 D 7 - 11 D 


LONDON MONEY RATES 


Dm- 13 

197 a 


Overnight 

2 days noriw- 

7 4 *ts or 

_ ‘ 7* notice-. 

jn-.inth ■••• 

i»v mimtb"— • 

Thru * 1 uaontht. 

eix n 
VlOB 
One 
Two 


Staling 

CerbficMe 

on deposit 


£a 

One 

Two 


i me nib* 

■ ispnlb-. 

,*nr • • 
i yean..— 


1314 - 13 ^ 

J 2 fe-iai# 

»■* m 

I 2 ra-U;% 

HV-UH 

Uvisitaa 


Inter tank 


Decal 

Authority 

deposits 


9-13 


3 l 74 - 12 Ig 


1170-1218 

12 i 8 - 12 l 4 i 

lS rt - 13 ft! 

23 l 4 - 12 Ss 

12 .V- 12 *. 

11 T 6-12 


12-121* 

13 - 12 U 


1 310 - 12 1 ^- 

11 - 4-12 


ll-ls-ll'* 

12-124 


I/ical AntB. 
negotiable 
bonds 


12-lfite 

12-1258 

lHa-iau 

llte -114 

17 5 r.-l 1 7 » 

lldrllie 


Fisa nee 
House 
Deposits 


12 Jb- 121 j 
124-1318 
1313-1250 
lSls-135* 
13i-.lSte 
12121 * 
13 124- 


Cnspany 

Deposits 


DisoAont 

taSTket 

deposit 


fresranr 

BUM 


13 te 

1230 


135 a 

124 


10-13 


114-12 

13 

12 

114 


ll.„ , 

mi ha! 


Eligible I 
Bank- IFiueTrs'Je 
Bills* I Bill-* 


13 .t 

12 la 


11 a- llea.'iai- 13 : 
:n,i-ii. 


I - 


121 : 

13 »: 

IZij 

124 


with FFr 2 S .800 IS 2 W 51 ) in the 
morning and FFr 28.750 ( 5204. 53 > 
on Tursday afternoon. 

In Frankfurt the 12 *-kilo bar 
was fixed at DM 12,480 per kilo 
f$ 2 Wi .50 per ounce; compared 
with DM 12,460 ($ 203 . 92 ; 

previously. 


HONEY RATES 


NEW YORK 

Prim'- Hate 

Fed Funds 

Treasury Bills • 1 . 1 -wee Y< 
Trc?ron Bills i 25 -n-csfcj 

GERMANY 

Plscouni Rif® 

Ovt-rrashi 

One nJiintb 

Tbrer monihs 

Git months 


11.5 

9.9375 

8 J 5 

9 .a 


3 

3.59 

9.25 

4 .ai 

4 JO 


Loral AUflwrtfy ana financ? hoose* reven da’ ;* nrtfiv. ofhtrs sren daj*s' fixrd. * Lonn-fenn Inral eurfmmv rrCffis* 
rat*** iwmin;IlT three y=an» lli-l’l per r#nt, four years 121 - 12 } c»r cent, five yrars I 2 f- 12 » ner cent. 4 ’ Bank bill rate? m 
table are b<>; ms Tates [or prime paper. Bunas rales fnr four.momb bank bills lH-liUis per ccnU four-momh iraiio b'lls 
U* per com. - I 

ApptbMnraic S'dJliifc rates for oae-mondi TrrasinT bills 115 is per ernt; and two-month lli-tlfft per n?m: iftr*** ni'-n'h’ ; 
ll'-ifc-lll ■£.* oer renl. Aprraxmiaic relhnr: ra |6 for aRe-nHinlh bank hIDa 12 - 12 Lh per cent. ft>n*moiil}i 12 per crni. ,md tbr.<- 
tnopili Ittfis v* r eeirt, cne-nranth trade bills 12 per cent, iwo-mtmih* 121 per cent: and also three month 121 per cent. 

Finance Ha ro B ase Rates (published by ibo Fmance nooses tlsanrialimi'i 11 } per cent from December 1 , 19 ?s.’ Cksrlog 
Cask Dcp*J*J, "■*•* for smaD sums at seem days' notice 19 per cenL Ocarina Sank Bose Rate* lor lcadlos 12 : per «nt. 
Tieosunr Eil|«: Av#r«o leader rales Of dlScooot 11.5562 pc.T cent. 


FRANCE 

Pi’lOIIITf fill" 

ii-.orni/ni 

‘‘IIK month 

Tiirr* momh= 
Sis mnn'li* ... 


I* 

4.75 

b.KS 

6.6975 

6,5375 


JAPAN 

DlKonni Kate 
nvll iDncondiuouaJi 
t; i Hi. rn.-.eoum Kale 


3.5 

A75 

4.625 




1 





























































































"^'■Financial Times 


32 



Tunnel is delvin: 


into new 



LAST "WEEK S £10im takeover 
hid by Tunnel Holdings for Bar- 
row Hepburn's chemical busi- 
ness marked the culmination of 
a series of changes which 
started at Tunnel five or six 
\cars ago. If it is successful— 
and it has yet to be agreed by 
both sets of shareholders — 
Tunnel will have transformed 
itself from being a poor number 
three in the UK cement indus- 
try into a diversified holding 
company, with significant over- 
seas interests. 

Tunnel's present management 
took over the reins in the early 
1370s and was immediately 
faced with some painful deci- 
sions. The group was heavily 
committed to the UK cement 
industry’, where the scope for 
volume growth was very bleak. 
It had some ancient plant, with 
operating economics that were 
in be shattered by the aftermath 
of the oil crisis. If it was to 
maintain its position in the in- 
diMliy. it faced a requirement 
for very substantial investment 
in new- cement plant. 

Intend, it npted to get 
smaller. " W* decided not to 
make a cod of market share." 
tty* Mr* Derek Birkin. the 
rh’airnian and managing direc- 
tor. “ Th** alternative we chose 
v.as in concentrate on the rump 
of nur business which could be 
made fully competitive and pro- 
fitable.” 

As a result. Tunnel closed 
down its West Thurrock works 
in Essev. which had an annual 
capacity of around lm tonnes 
of ccmeni — and dated hack in 
p.rris in hefnre World War I. 
li has also shut down other faci- 
lities in England and Scotland, 
and the result i« that its overall 
market share has fallen in 
recent years from over H per 
cent to around Id per cent. 

The profitability of the cement 
business is still not very attrac- 
tive — Tunnel’s return on capital 
employed has varied between 
ahotil 14 and 17 per cent in 
recent years. But profits have 
improved on the smaller manu- 
facturing base, and Tunnel is 
not going to have to make any 
substantial new investment in 
the cement business for years to 
come. So it has hcen generat- 
ing surplus liquidity and its 
halanee thcei has improved to 
the pnini where the current, bid 
can comfortably he financed out 
of cash balances. 

Tunnel made another impor- 
tant move as * prelude m its 
diversification move. The group 
used to hr highly centralized, 
and the re men I *:de — naturally 
enough — ruled the rno«l. In 


recent years it has moved to the 
opposite extreme by breaking 
itself up into autonomous divi- 
sions. One important reason for 
the change was to make it easier 
to graft new businesses on to 
the group. In -1975, Tunnel 
dropped the word “ ceracnl “ 
from its company name, and 
last year it appointed a general 
manager in control of all cement 
operations. 

So the group was building up 
the cash with which to 
diversify, and also the kind of 
organisation which would make 
such a move possible. It had a 
raise start in 1973. with a gran- 
diose scheme to pull together a 
major force in the European 
floor covering industry. The 
plan came to nothing, but Tun- 
nel ended up with nearly 30 
per cent of the shares in Nairn 


The acquisition hart to 
generate at least half its earn- 
ings overseas, ideally in lire 
U.S. It had to produce high 
added value, hut not require 
substantial lumps of capital 
spending. It had in lie wmc- 
thin? which Tunnel thought it 
could cope with, and to linn- 
with it an established manage- 
ment. team. 

The group thumbed fis way 
through the speciality rhemirah 
sector for about a year, and 
began to despair of finding 
anything available. Then 
Barrow Hepburn’s financial 
problems became public know- 
ledge. At last someone was 
prepared to talk. 

The business seems jo fit nio.st 
nf Tunnel's requirements. Over- 
seas subsidiaries accounted for 
nearly two-lhirds of its profits 


Richard Lambert on Tunnel 
Holdings’ bid for Barrow 
Hepburn’s chemical business 


Williamson, which it subse- 
quently sold on to Unilever at 
a loss. 

Tire nest step came in 1976- 
1S7T. when Tuunel took a size- 
able interest in a new chemical 
process for waste disposal 
known as “ Sealosafe." In part- 
nership with Leigh Interests, it 
established facilities on its old 
West Thurrock site which arc 
now in operation converting 
v.-asic into a non-polluting syn- 
thetic rock, suitable for use in 
land reclamation. 

Mr. Birkin hopes that in five 
In >vcn years time this opera- 
tion will be a significant profit 
earner for Tunnel. However, 
management was anxious not to 
become overexposed to a single, 
relatively untried process. 
When it came to tackling the 
North American market, the 
financial muscle and expertise 
of a major multi-national was 

required. So RTZ has taken a 
controlling interest in develop- 
ing Sealosafe in the U.S. 

This process turned Tunnel's 
eyes to the speciality chemical 
industry as a target for its long 
planned diversification. The 
board established several cri- 
teria. The purchase had to be 
hig enough to be worthwhile. 
For Tunnel, which last year 
made profits of £6.3m. that 
meant sonic tiling earning over 
£lm nre-tax. 


in 1977. which amounted In 
£1.2m pro-tax. Tt has jn«t ."46 
employees, o.vh generating 
sales "of £4R.oni». It operates 
from small plants designed 1>* 
produce a varieSv of one-off 
products fee individual 
customer's needs. U ha-, a well- 
established management, wliieh 

seems tn have responded in 
Tunnel's approach "■■Mil enthu- 
siasm. 

Tnrnel ri'rrrtors v; r,, erl all 
the plant 17 , ar^r’ from few in 
Australasia. And after :?r«- 
Innged negot ■at.mi's — -"lurh 

times rante e»rue tn 
lire-.|rin<! do 1 .* n ailogeSlier — a 
deal was finally rnjuf.udpd Iasi 
week. 

The products -v'i '-ii T-i-iisH is 
iak ; ng over am i»r ’wu main 
types — syrdhplie sizing agents 
and related i:hvm;i als for ih° 
trx' !1 c indu -.try. and a range of 
products for the suppression of 
roam in itirfi: ->r:al proce-ww. 
These tvzn types awiMled for 
57 per cent and 93 per '-e-it rco- 
ppetively nf l»<-l .-ear’s ?alci=. 

>Tr. Birkin -ays that :t i.« »h« 
kind «*f lei ;i: , e -"s wh-h :iv 
i-liemii.-a! : ,r ' i'"! 

jnien-'i-'d in. tVr" •« 

n-il efficient v« Some rv d •P'-mH 
fur any r*prl-i -ilar P r nrbi* T ' i' : 
ve*-y much a enevii— nj*r-a! "’ll 

with ne bn nd r.?"> •*: 

rhemVals d ! -'npei- «»rn ilv 
S-lisfied pre-'Mi-l . uni rri-i’.-ill 


Northern 

Ireland? 


Denmark 


Republic of Ireland 



“My detailed case study of the 

9 EEC countries puts Northern Ireland 
top for incentives for Industry' 


Dr. M.J. de Meirleir, President of Plant 
Location International and Professor of 
Industrial Location and [Development at the 
Flemish Brussels University (VUBl.has 
advised on the location of over 550 industrial 
projects with an investment potential of more 
than £4.000.000.000. 

The types of project in Dr. de Meirleir's 
study ranged from labour intensive to capital 
intensive. 

The study isolated and compared the effect 
of every financial incentive made available by 
the nine countries in the EEC. and included 
Northern Ireland. The main report ran to 133 
pages and (he summary to 32 pages. 

The conclusion was that 'overall Northern 
Ireland offers the best package of incentives', 
this without taking into account either the 
ready availability of venture capital on a 


buy-back basis, or the finance and support 
provided for joint business ventures. 

We will gladly send you a copy of the 
summary and advise you how the incentives in 
Northern Ireland could relate to your own 
plans for relocation. 

Phone Louis Ritchie at the Ulster Office. 
01-493 0601. Or write to him at the Industrial 
Development Organisation for Nonhem 
Ireland. Ulster Office, 11 Berkeley Street. 
London WlX 6B U. 


NORTHERN 

IRELAND 

right for your company 




i 


This amwvowur^app^isa nwhef/’f r<?cord oni) ' • 



only a tiny part of total costs. 
Anri it seems to be quite -a I 
fragmented industry with lew I 
companies in direct competition' 
except across relatively narrow 
sectors «ff iheir business. 

Tunnel reckons that volume j 
grmyih in the various products) 
which it is buying into p! *n 
range from 17 In 311 per cent a! 
year, and sii2H n sfs tits I 
nearest equivalent an ,n n; 
quoted companies is Allied 
r.nllnWK which boasts a strong I 
growth record. 

Competitors in the chemical?] 
sector say ihat Tunnel is buying 
a gnnrt management tram which 
could henofit by new ownership. 
The suggestion is that the busi- 
ness has been held back in the 
nast. originally by the fact that 
Barrow was more interested in] 
its leather business, and more 
recently by the financial con- 
straints imposed on Barrow by 
its troubles in the tannins 
industry, and by the very «nb-| 
siar.tinl losses which have 
emerged in a hide trading sub- 
jtid'^ry in Glasgow.- 

Between 1973 and 197*. 
chemical sales rose from £».ltn 
in £iJ.2m. and profi"-- fmm 
£723.nnn to £1.2 pv rrefits 
grewlii has nnt been iivicr- 
niptcd: last year, for instance. 
Barmw's French i-mnnanv 
faced a sharp decline partly as 
a result of difficult cnndiliuos ! 
in th" tcxlile industry. This: 
year, however, profit-; ore «. 
peered to rise to a record £l.7m. 

Fur its part. Tuunel is. 
plainly piungin? into new ler-j 
rilnry wii'l tills hid. Bui •■banks 
to the fact that u is hiiypr: ;-nb- 
sid:an?s of Barrow If'-nb'trn 
company rather than a '-f- 
cnainany outright, it has b—?n 
able, to do an unitj-uat au.mstit »»i 
work nn the deal. :Ls 
detailed invRsiigatuui • hs 1 '* - 

rxtend"d down, to piae' !"'•••• 
Knjrniv. which, had n!i-- , U'l.v 
hen fnrrM to rcennsi'i'T 11 - 
own fulurp shape. had :«! reedy 
emn missioned an aix"’in;an:'; - 
report on its chrnmxds side 
before Tunnel showed up on 
the svene. H the mo v c doe; r«*l 
work out well after all thesi 
years of preparation. Tunnel 
will have no-one to blame hull 
itself. 

P.ui if it does zo i» plan. 
Turuiel v-dl! cod up v.-itb a sub- 
s:a t! ini and growing tn** rest 

miK.dc lb" cempht mdu.d'y. 

vii.h n»»?r!v a third of its pm- 
liis coming froiu ijvrr ra;. and 
viili a sui all initial . mi •••me- 
in ui Ps earnings p-r dir re. 
The rihp'cnvr pstah'. *l»'d in 
Hu- early I'iTn’s will iir.v been 
la- 'ir -ivvcri. 


CompanMa Nacionalde Petroquiihh 

OsbQ^Portagal 






DM 21,000,000 

Medium Xenn Loan 


•- guafantecd. by 

Banco Pinto ■& Sotto Mayor 


. managed by - 

Bayerische Yerdnsbank Iik^rnaiional Societe Anonyine 
Dentscbe Bank GompagnieFinanciere Luxembourg 
WestLB International S. A. 


• - provided by 

Bayerische Vereinsbank rntdnational Societe Arionyme 
Deutsche Bank CorapagrtieFinanciere Luxembourg 
WestLB Infemational S.A. 

AUgemeine ^ii^esellschaft AG- ' 
Bankhans HennanrtLampe KomnianditgeseUscbaft 
Sal. Oppenheim jr. Sc Cie. 


’ Agent- . 


Bayerische Vereinsbank International Soci§t6 Anonym^ 


v a"- t/TrvVt 


\ -n • J ■ 







m*; 

• ; • . - : . 


;= 






r . 




■ -v* :• 


y 


Some people may 
regard most newspaper 
supplements as little more tlian a means of 
increasing revenue. 

We know differently. Judging by the 
amount of requests we get to produce an 
FT Survey on various industries and 
countries, we know our surveys are taken 
seriously by readers - and advertisers - 
around the world. 


An FT Survey offers a once-a-year 
occasion when we can stand back from the 
pressures of day-to-day news, and present 


an in-depth analysis of all that is happening; 
■within a particular subject. 

Which explains why FT Surveys are \ - 
highly regarded as an essential source of 
facts, figures and authoritative opinion- 

Why they’re so widely read, and often 
kept long after they’ve appeared in the paper a 

- And why an increasing number of 
advertisers find them such good value for > 
money. * v 

FINANCIALTIMK 

EUROPE’S BUSINESS NEWSPAPER 


INVEST IN 50,000 
BETTER TOMORROWS! 

BUILDING 


RATES 

50,000 people ia Ibe United Kingdom suffer from progressively 
paralysing MULTIPLE SCLEH0S1S— the . cause and cure of 
which are siill unknown — HELP US BRING THEM RELIEF' 

AND HOPE. 

Every Sa t urday the Fibancial Tftnfe' publish^ ;* 

V.V nerd jour rinnalion lo cnahlr us to continue our work 
fnr ih«- CARE and WELFARE OF MULTIPLE SCLEROSIS 
-iifTcrci-. .md in rnniinue our cnmmilinrnt lo find the -cause 
and mrp nr MULTIPLE SCLEROSIS tlirough MEDICAL 
RESEARCH. 

a., table giving details., of Building . S^aety^ 

‘ Rates:pri^ ^bffer to 

Please Iip1j>— S end a donation today to: 

St#! Room F.l, 

The Multiple Sclerosis Society of CX. and NJ. 
*drKS2 "* Tachbrnok Strrct, 

~i«rBou Loildun SWT ISJ 

• For :furtherdetoilspie^iT^^ 




.; f,. ; . 


„ 'if: 


i . f-V 
.Vi*.':' 




t 




I 




\ ' Ch. 7- 1 1 - 















™ : -;- ‘ ■’/•• ’■. r'/v 4 ? - ' - , : S -/ T .’-. •; 

"'■'ir. ^ r TWit«ilaw ' Tlttf&mhri'r 14fl 1 




WORLD STOCK MARKETS 



33 


iliiL vaiilii mixed 



fat early trading 



'.'.. INVESTMENT DOLL&K i V. . 

. • PHEBOUH- -■-> '. 

-; ... «L60 U> S3r-QliX 

. Effective $1.0765 37|% (37%J i . 
STOICS ON. WaH. S tre#t; .again 
pregehled, a- mixed ' appearance 
at -raid-session after’ : fl uctoatinff 
yrithfli narrow limits duriaET Jight 
early.^tradbig. - .. ••• -.-' 

Tfap. Dow ;7one$ • rlndustrlal 
Average, after hardening to 515.58 
at-UJM) am. was aneiLM easier 
at 813-93. ai l -pm. The NYSE AH 
Common. Index.- lost— 9 -cents to 
-$58.fig, while declines iteki a small 

Closing priees and market 

reports were not available 

i ! for tMs editioiL „;! 

lead J over gains of about :;sis-to-' 
flse:* Turnover, at KS-Olrnsharfcs; 
was oarely changed ofa Tuesday's 
1 pdf level of J.5.29m- - - 

*.. The slow tradtng paeejrsferted 
caution ahead of an expected oil 
increase to be. decided by. -OPEC/ 
nation® this ■■ weekend, analysts 
said.:. .1 •. •■■* •.• • .**■'. i-.j- •_•' 

Addiqonally.rthey- said there is 
no concensus on 'Wall Street about 
the outlook for interest rates, with 
some leading economists predict- 
ing'^ peak soon- and; others warn- 
ing vxil. record high levels -nest 
yea*;- • 

; Turmoil in Iran ■ was : cited as 
another uncertainty which is 
keeping traders od the- Sidelines. 

' uareo tWPpod the ScSves! Est 
and-last U to $49. It has agreed 
to. merge, with' City' Investing at 
a price of $52 a share.' . 

Marathon Manufacturing, also 
active, climbed- 2f to 528 j. It 


has «wejyed.an.'/Jffer ; for :. its jfhraeB 

-af *34 each btrtretfectedtbe bid. 
.XSe eoapafiy ..AH • not^aa me .th e 
..potential buyer," 'but-iseparfftriy 
•Haremrast stated - that - tt ^ha d 
expressed interest in . Marathon. 
~Marera6nt eased ftp |1 >|;^ ' • . 

■ Texaco shed - i to and 

National Airline*.; i " to 'XS7. 
National is the focus of a_ three- 
sided battle ior ..c.ontfoL -Eastern 
Airlines made the -latest offer at 
$50 a National . Ain oxriL was 
unchanged at *M.‘- • ;• - . 

IBM receded Cj to. and 

Teledyne j to 895fr. _ . . . 

Checker Motors Jumped Of. to 
*35$ on the. Midwest Stock 
.Exchange.- Oppebb eiiner x nd Co., 
a brokerage c onc e rn, want* to buy 
Checker for 849m. . :_'/••■ _ . 

Dravo rose 3} . to.J|3SJ; Trot it 
couM not explain tbe rise, xtevum 

. lost - 14 to ssa. • . -W-- • 
THE AMERICAN SE Market Value 
Index was 024 firmer .at. '151. W 
at 1 pm after a smafr l business, 
'alttrough .losses outpaced rises by 
a fonr-to-tiiree jomrgiiL - Vvwume 

l_53m shares (1.59B3). 

Presley lost ' * to *8*'. on report- 
ing a fail in fiscal .third-quarter 
profit*. Bowne died ;i" to .41$ l 
despite sharply -higher.- fourth- 
quarter net eatfSn&sr* 


CsffJAdSL -: 

There was again no cSear trend 
on Canadian markets yesterday 
-mo rn ing in moderate. activity. The 
Toronto Composite. Index har- 
dened 0.7 to 1,292.4 at mWday. 
while Banks gained 0.73 to 312.52 
but Otis- and Gas sbed 2.8 to 
1,781. L • ' - 


Hudson’s gained i to CS 21 $. The 
company sa-fd it is proceeding 
with its bid for Simpsons, which 
on Tuesday announced .a 
sweetened merger offer with 
Simpsons-Sears. Both remained 
baited for the second day. 

Tokyo 

Despite fears of possible margin 
trading- curbs, the market 
attracted fresh buying, leaving the 
Nikkei-Dow Jones Average 18.00 
higher at a new all-time dosing 
peak of 6,09726. The Tokyo SE 
index advanced 1-22 to 452.60, 
while volume reached 430m 
shares, against Tuesday’s 350m. 

Steels. Heavy Electricals and 
Synthetic Textiles figured 
prominently in the market 
advance, with Nippon Steel rising 
Y{ to Y128, Kawasaki Steel Y6 to 
Y133, Toshiba Y3 to Y156 and 
Toray Industries Y4 to YI83. 

Toyobo gained ground an news 
of a net profit in the past half 
year following a net loss in the 
previous half-year period. 

Precision Instruments, including 
ZUcob and Fuji Photo Film, up 
Y 15 at Y634, were also preferred, 
but Pharmaceuticals generally re- 
acted on profit-taking. Toyama 
Chemical lost Y14 to Y965 and 
Fujisawa Pharmaceutical Y20 to 
Y1200. 

Mitsui retreated sharply . on 
strong selling pressure in the 
morning trading’ on Press reports 
from Iran that construction of an 
I ran -Jap an petrochemical factory 
may be delayed because of politi- 
cal turmoil. The construction is 
being undertaken by the Mitsui 
Group and Iranian authorities.' and 


Mitsui has reportedly invested DM78.50, while Siemens shed 50 easier bias yesterday in light 
about Y275m in the project. How- pfennigs. Motors had BNW trading. Doomfontein sbed 20 
ever, Mitsui shares rebounded DM3.50 weaker at DM222.50, and cents to R5.05 following a divi- 
towards the close to finish only Daimler-Benz and Mercedes each dend announcement. 

Y1 down on the day at Y292. DM2 softer, while Horten, in Mining Financials were 
. Stores, receded DM4 to DM155. unchanged to harder, with 

PaTIS Deutsche Conti Gas retreated Witwatersrand Deep up 50 cents 

tur^rb-oi- r»n,*ins.t in , u s. DM4, but Gntchoffmingsbnette, in at R7.0O on its dividend deciara- 

2K.T*:?: Engineerings,, hardened DM1 to tion. Diamond share De Beers 
r y DM241.50 axarnst the trend. rose 5 cents more to R7.B0. 

undermined by recent announce- Public Authority Bonds were platinum issue Imp la to put on 
ments of large-scale workforce mostly unchanged after a Email 5 cents to R4.00. while in Coppers, 
reductions by steelmakers SaeUor- turnover, with the Bundesbank MTD Mangula advanced 7 cents 
Sollac and Usinor-ChatUlou- selling a nominal DMOHm of to RI.I0. Other Metals and 
Neuves-Maisou. paper. 

Sacilor fell 9 per cent, while __ 

elsewhere in Metals, Creusot Loire IVUUiO 
receded L5 to FFr 60 . 



Minerals were barely tested. 

Industrials were firmer-inclined 
in moderate dealings, with 
sentiment underpinned by institu- 


Australia 

Stocks again moved irregularly, 
with movements in either direc- 


_ ^ _ . B1 . . , . „ Prices mostly lost ground In 

Banks, Foods, Electricals, Oils fairly active trading yesterday tional interest, 
and Motors were predominantly ahead of the closure of the 
lower, while Hotels and Construe- monthly account today, which also 
Uon shares were mixed. ends the Bourse year. 

Among the more noticeable Socialist and Communist parties’ 
declining issues were Comptolr opposition to Italy’s immediate 

des Entrepreneurs, SUlc, Muinm, entry into the proposed European tion mainly small ... 

Pengeot-CItroen, Malsons Phcuix. Monetary System depressed BHP, on rumours of an oil show 
Pernod Rieard, Micbelln, Poriain, market sentiment. in a South-west Queensland well, 

Borel. Presses de la Cite. BHV. Montedison declined 11.25 to were .notable for an advance of 
Matra, Esso, Rbone-Poulenc and Li 56.75 and Fiat 40 to L2.7D5, but ? cents to AS8.98. pie speculative 
Applications des Gaz. against tbe downtrend, Olivetti however, failed to reach 

Firm exception* were provided privileged put on 15 to LI ,12 5 and the Oils sector, where shares were 
by Ruche Pfcarde. Generate Entre- Italrider 6.1a to L324.75. mostly a shade easier, 

prises. Kali, Alspi, CEM, Le grand, 

Cotelle and Maritime Charge urs 
Reunis. 


Amsterdam 


Germany 

Stocks tended to drift easier In 


changed. 

Among Retailers, G. J.- Coles 
Market showed » ™»Ftenlm» hardened a cent to AS2.19 follow- 
tendency. alth 0UB h decline, vrere "S^S^SiSdS! 


modest. 

Airenta, the new 
fund of Algemeioe 


investment 
Bank, was 


NEM^rojRJt 


r.j.’Tsstgck 


- -Stock. 

ATa^UU*B^. ; IZi. 

AililTWNqemtiK ^ 
Amwy LUp 
Ainjcoritaft* 
Ah^nA(aB^tUiia) 

alje» lodjoni.-.. 

AJEoeteaVe" 

Ahii 
ant* 


turning tint*!.... 1 


57 


UPC lat'm'tid'^- 60 % 

|Cr»nc 24 

I Crocker Nail . 25 

(Jrawa ZfillerDacbi' 31 
$5% 

PrljrtiL^. ISJ 8 






,DartJoa^i4^f.40 


.573^>ga%_-. 



. 231( ' 

A««nnn»P.V.^.,J; 15% 
*sb5aSs5r2i: ...gvr 

jVdMDil* 1‘roL. '32 

i'-ev t 

' ' i i i i j — 

iAvoOi. Pwdunrs^ 1-33%. 1 52«*s 
r;«nittacw.. " 8 Kb f- SSj* 
}StO*rJ 
neriaaifei . 


Bel li lebenr jleeLf ' 'BDii; 1 
.17 

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Dover Oorp'n 

DOW-Obemlcaj 

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Drawer ....... 

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Hast Afrihws.._J » 
Butman godalr.. I 607a 
f. 55S(| 

- - 2 a >j 

1 81 yjiMJCu. Gan 16S* 

lOtieii:^- 8 BI 4 

Jfeiagrooa fiiedtiu- 3BS| 
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knilurt 351» . 

21 b 

HqMlinuH- 261 b 

itoyTL. .... 215(4 

aiwTw; • j ' ; 4Bit- 
FfcntbiM Cniner* ' 31 1 ® 

fiS 

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John UsovlUe...| 

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.fcWUtfWMwr — 

H.taibcrly Clark. 




**zsapg£szi 

Ll^tyQw-.ford-. 


LltUHtindpaOnei! 
tpakboeri Alre'ft 
loi^Star Induct 
faJand Ltd.; 
land.. 

tixEky fitnree 

Iykm Oorpn 

MKWilftO ........ 

MwyX ; .B 
■Mtt*,Hflaower.„ 

1 | 

MnrahbnOU — . 
Mjftnejlwian.1. 
4SeJSBaU Field-. 


Der. 

12 


Dec. 

11 


333* 
741. 
345a I 
295* | 

S5 ! 

189* 1 
12 

46?. 

Z9£« 

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IBS* 

46/ a 

36i 3 

345a 

345* 

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231b 

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241g 

295* 

83 

183a 

.2 

187. 
12 
ZZ1° 
461. 
2fll* 
435s 
20 
455* 
351. 
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21H 

32 >8 

17S. 

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9se 

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fetttotatwj.^..4 W3.. 
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titles kiervtee.... 

■ Chy fnvcstiug v .J 
Cleveumd, 

CdjcaColi-'.'. -..j....! 

Uotoite 

Unllla8iikum h:;.| 
CoibmUi»d*»...„ 23T. 
Columbia-, ■ 2&U 

Lorn.InsCoJ oiAm ..163,' 
trimbui-ilon Hng. -. 349a 
liunlvstion Bq,„ 

(."■n'-M’th ^ill-on. 

Lomra. eater, its. 

V vint mter r-ieitu, 

L-auii Ult tn>^. j 

Ctuua-. I ;’Z.r4--- iA 1 !-’ 

:CVjn.Bti«an MV... 

•i.kiu *-*i Puut 
Cuitai. .Vet Ui 37£a 
Cuu umcr fuwe 227, 
L'uatuienu. tiri*. .271* 
Umtiiienui Ul'.. 28' 
V'-immcMuai TcJe[ 19 >. 

O-mfrol Uata_..„. 

Cooper Inilitb,.,... 


Lieneul -'20 Sc : J 

General 'Motor*; J .-96*4,] 
Gen, Pub. U:u._i.’^Uk 
QBD..6talwr.:;!^S *65? 
Gao. Td. Sleet.-} 28Sg . 
(jOD..tne., — 247. 
&ta»co.:e,..‘irt...j -4 
Qetfrj'to fmdJk-.-; ' 25i f 
De»*n«ee. ..| 291, 


a - tieaKifliee. ..i aoig » aBi «. 

I; getty JW T'" * \ 36a* 3&3e 


[GiUeae^i | 263* 


.34/a 351* 

495a J 497. 


253* 
163* 167 8 

157 8 155* 

275* 275, 

273, 271, 

&3* ■ big 

241l 23 

1 U* 1H> 
14I B 14 
251* 251* 

641s 

"31 31 

17>* l5Tg 
32B* ■ 52» a 
. 40. 393* 

29 la-- 


Uoodrki B. P. ... 
li«jdj-eer. Ihv...’. 
tioairt---'- 
Orhbe W;« 

Grt-Almn PaicTea] 

&n. bonb Iran. 
Gtwbtmij'l'.....,-] 

Git us. West an 

^mr On 

flil.ibortoo.....-.| 635a 

Hiuuik'ST'uijut.'.. ■" ' 
Hamlschfegur.... 

Martin UOrpo ...... 

flews H. JL. 


Hewlett Pieiuuti. 
Hniu ldy Ihrait 

Hoover...— 

Unrt-Uorp. *mw 

Houston Nat-Gae 
Hunr (Ph-AjOhinj 
Ruttou lKJ.j. 
1.0 Jditustrias —j 

I NX J 

higerttoli. Hand -. 
tnuini a tael - 

lOai 


871* 

19Ie 

311* 

675*. 

lfr B 

301, 

H3&s 
127s 
.165* 
25 
391 b 
431*, 
35ia 
■ 1*V 


tail - 273.87 

kin. ttavoure 235a. 

lutr^tbnreier.- 34Sg 
luci. UtnAL'hmi A63* 
4nlt Mn-Uloud- ... - 181*- 

litoJ— ......... 155g 

Inn. Hu I#!-.-..-.. 386a 
lot-. Ueui'ifier.....!. XOfie 
HrtL Te .. A Tei-.r fc7l*' 

I ova Baf v— .'.60 

) l» Intern'd ikmat.1 10- 
Jioj Waiter— ...I UBT# 


873* 
195, 
313*.. 
681*- ' 
11I 8 . 
31 
231a 
13 
165, 
251* 
40ia 
'-46 • 

, 353* 
MU 

277. B7 
£31* 

: 35 
35U 

19 - 
151* 

'■ 3SU 
107a 
Z71* 
BOlj 
. 10 - 
. 29ta 


425* 

215* 

385* 

24 \* 

29 

651* 

17 

Sllfl 

37c* 

61 

693* 

50it. 

465P 

40 - 

4Slj- 

245* • 

27 

17 


36ie 

441j- 

205* 

£I7g 

.217* 

175a 

203,' 

441* 

147* 

. BBb 

BU. 

363. 

34 

293* 

54I 2 

15l a 

16ia 

233« 
42i a 
22 
32U 
245a 
30 i* 
65 U 
171* 
321* 
S8U 

I- 70 
601* 

, 471* 
413* 

25*. 

27 

■17 


Now datllian...'. 19 
AaL Service Ind. 14s* 
JNa^topaai Steel 29j* 

NopuoieJ nt.,.Y^ 

New Brig land £- ..mb *- 
New BngiaiM M ,-.341*. 
Niagara Molrimik '.141*, 
N meant ahkrr-.., riOlg- 
N. u Indnatna. .'201* 
NorfoIXAWwMm - 23 
\vrtli Nat. (in.. 

SUn». t>intis4 , *H- 241* 
MkwrM.Airliuckj £85* ' 
Ntbiresl Hauuoi-pf '24li 
Norton Simon ..-j 161* 
Uci.-uiental Keuoll 153* 
Mwber,..] 20; 
Ohio ktiBoiu. ^16"-' 
Utin }- 18 -■ 


19 
141* 
29ae 

jtffl 

■"-as 

r 34ia 

14a* 

-1013 

-taou 

23 t B 


S4 ' 1 . .357* 
24i a 
28 i 2 
241* 
17 i a 
£ 155* 

; 20 
r 16 
I 177a 


Ovenea* -ibip:... 
Owen-, lorn ing... 
Owen* III inch..., 

Pjfifii* G*i - 

I’acifle Li|£unnf;- 
l*M fwr. A Ur.- 
t'kiiAmWorid Ail 

.rtuiutf" Hairitiillr.- 

Poa’vily I nil..... 
8eun P* A L_., 
Penney J. U ..... 
Pennzui 

Peoples Droj*..Ji 
Peuplea Ga».....i. 
Pepaio..-..—— 

Perkin B Inner ; 

Pfizer — 

pbeli* UodRe— J 
PtulaJelpbia Hle^ 
Philipllnma-' 
Phillips Petro’m-I 
Plllstoinr 
Pitney- Bow 

Putuon 

-PlMaey Ltd ADM 


223*' 

£8J* 
19 Bfl. 
22s* 

Elia 

203a 

7. 

JUS ' 
217* 
20' 
ai 

lS3f 

. 86 . r 

875, 

52a* 

223* 

161* 

713* 

301* 

373* 

BBag 

173* 

«13* 


Polarnai — ] 511* 


i-trliri.J I 


Puu-mei- K 

PPG tiidu-trlfri.J'- 243* 
H ruder GaruUe..| ,b7S* 
Pub. ser. Elect - j “* 

Piiilmen .... 

Pure* 

Vuaaeroair...^. 

Uaphi AruerHan.; 35T* 
Haytbeaoo — — ■ -467* 

HI. A 261* 

Kepublli- MLeei — ; 24a* 
lieaortalnti ‘ 241* 


23ia 
-£838 
194 b 
' .223(1 j 
gm T| 

20 Ba ■ 

- 71 > 

. 247* 

217* 

20 

31 

29 

•11U-. 

. 35 fig- 
26 

271a 

343* 

227* 

161* 

721* 

306* 

38*4 

25l a 

171* 

22 

613* 

14 

241g 

87 

22 

361* 

154* 


*13* 

363a , 

•15J* J 
243* -} 841* 


15J* 

463* 

267* 

246* 

221 * 


Stock 


Dec. 

12 


Kovlmi 

Keynnhls Metai-. 

Keyn.ild» K. J . ... 
Air’ll' eon Mcrreil. 
Knckwell 1 nM 

Mdfitn 

Ik-yai. Dutch ..._ 

HTBv 

JferirTuRB. ......... 

fWyder dynem.'J 
dflfeiraj Htinw'..., 

sit. Joe Utneralsi! 

fit. Hants Paper J 
bants re Ind*. :..[ 
ztauJ.Invpn 
'SakonJodt'.. 

fichOte.'BreKtoR'J 


Scott Paper 

Sooril U» 

doodfler Duo-Capj 

fiea pqfiwiripr ... 

■aeagram. 

’dearie (G.D.'j. 

cftarorKorbodt.— 
fiMDCO 

Sheu Oii*..._...J 

Shell iraiwporv.j 

-fiiRixNto Uorp. —.j 

sHijtpltdty J>t, 

Si oxer 

firalrfa. inter. J...J 
Sinllb til intv.... _ 

aolitron........._V 

Soutbdow n. .... J 

anoibem (.ai.Eil. 

aomhjern C t«. 

Sihn. _\at. Me*...! 

Southeni Pscillc.j 

fiombemUaii waj-| 

Southland 1 

5-w'iBaiuriiAte».| 
Speriy Hatch..— ' 
Sperrr Hand... 

fiqnltt) 

Standsnl Brand— 

fiULOiiUenioniia 

St^i. Uil Indiana. 

SM.JJH Ofiio...J 
ri staff Cbem$ai.3 
fiterimi! Uma 
stu-tebeker. .... 
Him Co 

.-'imiliMivI . 

Syni^x 

Irctmlcolur.— 

lekhnntk 

Tens'! yne.-'.* 

Teles...- 

IBKCO.-... 

L'evoqiPeUaienm' 

l'e»eo......_. | 

"fesnagtiH 

Lftsnui Eastern — I 

u Lobt'm 

I'nmAOil 4 tia*..| 
levs»L'tllni«..„ ; 

Times In*. I 

fhttrs Mim-r : 

'J imbeu 

1'nrue. — 

t'-nir-ntenuH 

Inouco— ' 

Iran Union 

Inn-way Unrn... 
Tnui Wornl Air...' 

Inu-im ; 

u-i -ton u nenlai 


J nliio Oil & Gas..' 
TUW ! 

A^bCennirT tv* 

L'-A-I , 

Vahlo.._ 

UG1 ! 

Unilever- I 

Unilever NV 1 

Union Ufrui-otp...' 

Union Cirfiide....' 

lioibo flum merer) 

Union OQ<ahl...i 

Union Pacilv.- j 

Unuoyai 1 

UxiiUs.1 Bran.1i. ...[ 

U : b ijaacvr ) 1 ' 

Ua lijT»*im 1 

Lia auoe ( 

L's* a tee 1 , ] 

Ltd Tecbnotoeii-s' 
L>\ )iiiiu>irie-..-i 
VitRinia Elect 

WnlRretriL I 

Wallace- Jl array ■! 
VVnnici -U ui.iiiii.., 
Unrner-Laru 
Wa tr- kan'nient 

UVl I— Faipti .. .7. .. ! 
We- tern daiiL-i.rti 
Wed hero N.Anierl 
Western rni>iii...i 
IVeanmn'ie Jaiet: 

Weyerhaenier. ...' 
Wlnniami 

Wlitte Cou. Ind. 

Wii.iam Vo ! 

Wihpomii biffd .1 


64 

34U 

591* 

233* 

35 

323* 

586* 

107* 

10 

'251* 
40U 
22 la 
291* 
30 
63a 
61* 
101 *. 
89 
. 185a 
146* 
lBlj 
7Ja 

'43 

.273, 

12U 

213* 

296a 

'341*. 

45 

193* 

. alt* 
»U , 
135* 
451* , 
91-U 
'.•St* 
31 1* 

281* i 

I3U t 

E67a i 

46U ; 

863* 

253e 

165* 

43ig 

281c 

24T*- 

477* 

535* 

383a' 

39 

593* 

411*. 

211* 

351« 

103* 

473* 

96 >a 
big 
30b* 

7U i 
24fig ! 
193a ! 
a63a ! 
803* 

32 

163, 

42 j 
H9J* 

50 ! 

3#<* 1 
lS7 a . 
20 

29 r* ■ 
■dlU 
19)g i 
o5i* ; 
18 1 

5i* 1 
36U 
33l B 1 

32. , 
60 Iq 1 
17*? j 
401s I 
581* i 
*81* I 
3SU • 
Bl* 
543* | 
65 i 

51* I 

8i b 1 

2/U • 
26ba | 
M'b . 
22U ] 
ABU, ! 
194 | 
14 I 
i67* j 
20 

50 ! 

z43* 
L7I* : 
25T* . 
k4fiB ! 
ZE7* : 
151- 
171, ; 

865s ; 
2 ui a ; 
l7ia 
154 
271* 


Woolworlhs put on 2 cento to 
AS1.53. 

Bondaberg Sugar shed 5 cento 
and CSR were 3 cento off at 

jreuilIUI , ASS ^5. while Banks had National 

interest^ being the prime cause lo^s'estending^tV '^iorVeflec^ 2 ?r?ff bUt ANZt at A * 3 - 95 - 

ing the increase in interest rates. 

The 84 per cent 10-year State 
Loan was traded 0.70 below its 
issue price or ido. 2 per cent. 

Hong Kong 

Share prices further declined 


very slow trading, pushing the Indicated at FJ 100 on its first'day 
Commerzbank index down 4.0 to 0 f trading yesterday. 

825.9. Brokers cited the lack of State Loans weakened, recor din 

_ ug the prime cause i„ 

of the decline. 

Among Electricals. AEG stood 
out with a loss of DM2.50 at 


Due. 

.11. 


54Tg 
343* 
501® 
233* 
35 lq 
32l 2 
-583* 
LI- 
1DI* 
24s* 
401* 
23'. 
293* 
SO 
64 
5 

. 93* 
89ls 
lBie 
147* 
LSI* 

. - 7 i ? 
'■ 227* 
273* 

12Jg 
21'8 
29la 
341* 
451* 
206, 
dlsg 
.94 
13Ea 
44 7* 
91U 
3 

323* 
26U 
141*- 
31b* 
27 
47-. 
27 ' 
251g 
161* 
435* 
294 
251* 
48 
537* 
397* 
39 
164 
604 
414 
-22 
36U 
11 

477*’ 

984 

54 

31 

8!* 

245* 

193* 

364 

815* 

314 

193, 

42 

29Sq 

504 

u74 

157* 

20 

30 

22 

207* 

354 

18 

54 

564 

344 

334 

50 

lHa 

404 

586* 

283* 

555* 

64 

54»* 

554 

54 

Bl* 

27l = 

264 

225a 

224 

3B7g 

193, 

14 

USB* 

194 

50 

243* 

^64 

L’74 

244 

233e 

153* 

177* 

236a 

204 

174 

143* 

274 


WlACk 


Wu.iluortli 

Wvn 

.tfriiT 

Znpara 

/^niili Kail in. 

i;.».rra*i.. 1 %i&C‘ 

USTron-*l{75/Br 
U.5. bills., 


Dec. 

to 


19i« 
4 4 
536* 
107* 
13 

7941* 
t784 
8.84 1 


Ilrt*. 

11 


CANADA 


AI4UW Papa . 
/ignloa Uncle 
Alena Alnmini'm 

A l^o n in Stcoi 1 

Aatmtw 

Hank oi Mont 
Hank Nnn Seotiai 
beau; Mecoatcea-.l 
Bed Triepbone— 
bow Valiev lad- 

UP Hanada.— 

tJiucan ......_ 

Brinco 

Ualgaiy Power... 
Lamdo Hlnea -.. 
Canada Lament ..| 
UanailA MW inr..; 
Lan.lmpUk viim 
‘Canada InrinM ... 

i'«n, Pa.-ifi.- 

Ihu.. Ravi lie lav i 
Uwi. super 
CnrimcO'KeeU-.J 
L'ccsinr AafieslO! .1 

Cb^llgln 

CUmjIaci. 

Luilr. t&ululnbl... 

Onn.»iinitr c 
UVfceBa U-iMHiroc#/’ 
flototain 

DmuD Ucvcl 

Denison ^linei... 
Dome Minei..— 
Dome Petroleum 
Do nun urn BrvtRC 

Dnniur 

L'upual — 

I'n'moa'uo J> ickel 
Font ilottir tan. 

Gemtar..— 

GiwJLVfciiwkniid 
Uim OP Canada.. [ 
ttaaker aTd.C-na 

Hoi linger 

Home Uil ’A'—.. 
Hi id mu Uay MurI 

buuMin U».v 

Hiiil.unl.'ii \G»- 

I A.C 

Iinauxi — 

trot^nal Oil 

Inwi'A'. ...» 

luda - I 

hilaml at. Da-.. 
liit’p.v.I'ipe Line! 
Kniser Kevmrre-i 
I aim Fm. CViri'..- 
La >Ij in v. trim. 'B'i 
beni'l'n Klw»j 
Mn-e.i Feicu-on, 

kflmyre - 

Muore ti'rrei ; 

.Mountain Stale K; 

Sluu-....i 
\ure*?n Untmo - 1 
lc*ccom._. . 
Nunav; Oil A Gail 
ua i, u.v-ju Pein/nj 
Pai-nleCoii'fci- M.) 


IB’j 

57g 

397* 

265a 

52 

253* 

234 

3.90 

644 

214 


207* 

165* 

;6.5u 
40i« 

134 
124 
10 
304 
t2Z 
254 
245, 

714 
4.45 
..95* 

26S» 

313* 

14 
184 
5.62 
11' 

14 
75 
851, 

86 
t39 

*3 , 

B - 1* 15 


191* 

«4 

54 

11 

U»4 

r94 

1786* 

8.93£ 


183* 
6 
40 
263* 
5 2 

255o 

231* 

3.85 

64i 2 

22 

20lg 

164a 

;B.du 

40 

131, 

124a 

104 

30i* 

c2 

254 

£44 

715* 

4.50 

94 

265, 

324 

133* 

19 

5.75 

11 

13Sg 

73 

88 

874, 

f23 

■43 


Phc|fii-Peiro.euni| 
Phu.Ca n. Fein * m 

Pailni*- 

Pevple* L>e[<. »... 
Pla v Lao. A Op. 
PiaitlUeveiapint 
Power C irpora t ’n| 

Pnee 

ijuebei -Sturseun 

banker Utl 

14eniStenbouM* — 

Kit) AlKiHH- — 

Uuyal Uk.ol tail. 
KoiaiTnwi“A"... 
seef t reKi-.-iiuriift 



ubei - um-in. 

sdwrtii li..Mine«| 
MeicniU.O....... 

simp-«n 

line- d Cauaita... 
i|w|i UiKk Iron 
Icxaen taiiana ... 
li-ironio Ikim.Mk.l 
"1 mil* Caiil’ijeLn 
trail* Jl'.iunr *•,* 

trizeei 

IJIIAU 

■ ■nidain.'oejiine* 
Wn ker Hlium ... 
Il'ml lWl I uni- 
WcitiuTi Ueu i 


S»9 

681*. 

34-a 

104a 

351* 

81* 

40 

454 

204 

21 

524 

176a 

t384 

236b 

I 84 

13i* 

11 

164 

15T # 

97g 

4.20 
22 i a 

lD.'i, 

24 

331- 

3.20 
37 

177b. 

361a 

-67* 
4.25 
1.85 j 
6 O 4 
ab 
201 * 
66 * 
1.91 
266* 
235s 
t 2 b 
1.15 
153* 

103* 

534 

384 

84i e 

75a 

324 

Iblg 

a 

385a 
1J*4 I 
41 5a 
3.65 l 
50 j 

18 I 

84 1 
153* ( 
lot* I 
10 I 
394 ! 
usa l 
234 - 


.-3 13 2 

-684 

346* 

106 fl 

1364 

84 

40 

456* 

204 

205* 

524 

17 Tg 

384 

237„ 

184 

13 

m 
164 
iSS, 
97* 
4.15 
224 
104 
236. 
335* 
5.05 
363, 
181* 
364 
294 
430 
1.B2 
6 L 4 
38 
201 a 
t64 
2.03 
267a 
233* 
23 
4.25 
151* 
103* 
331* 
377* 

75a 

32se 

I64 

B 

384 

7S, 

276* 

3.63 

493* 

kgl* 

I84 

81* 

JlD 

t 4 

104 

394e 

317* 

234 


r Bid. t Asked. I Traded, 
y New stock. 


1 1 ill' 



coii£ p 


1**- 


-EUROPEAN OPTIONS EXCHANGE 


. Jait. • .. -1 Apr. . 1 ■ July 

■■Sene* — r 4-=Vol. ,. Lait - j ^VoU .{, Laat.l VoL Last 


Stock - 


ARM-- 

ABN 

ABN 

AX2 

wz 

AKZ' 
Aim 
£k:- . 

DM 

HQ. 

HO 

(BM- 

I8M 

IBM 

IBM 

KLM 

KLM- 

RLM 

KLM 

NN- ‘ 

JMI-:. 

- 

PHI 

PHI 

PW 

PRD 

RD 

RD 

T 

UNI 

UNI 

XRX 

XftX 


■ BA 
BA 


- F;350| 
. F.saoi 
F-39U 
.. F.-3 (ti 
. F.5E.5D 
■ F.35r 

-S70( 


3 - 25,20 
. 10 ' 3uJQ 
5 I 0.90 

42 



S300f 
F.120| 
F.130: 
F. 133^0] 
Fil40| " 
F;1M ' 
' F*100! 

F.llOJ 
F.120; 
F-at-SQ 
. F^5! 
F^7-50| 
F-SO, 

S60i 
F.iad 
F.130 
$.601 
. F.120] 
F.130; 
SSO'. 

- teoj- 


870 - 
580 ' 


5 

10 


1 

6 

14 

3 

3 

.15 

1 


0.20 


• **** 
..-2Q4 

. 11*1 
• 7.50 ** 

2.40 

1450 

0-60 


I • 8 

10 j 2.20 

aoi.r 1.20 

* S * 0.80 
.16 1.1.10 


13 


10 


— 1. — I «a 

12 -i- * . 

22' 10.50 .1 105 
JO j .0.10 '66 


9 

30 

17 

2 




8.SO 

0.70 


42 

5 

17 

1 

2 

3 


4;1D 


154 


7.40 

4.40 

qjsa 

6.60. 

2.50 

l.&o 

0.60 

■0.40 


2.40 

23S1 

8.90 

130 

65* 

24 


- t " ]F-370 

” i z I :: 

1F38.10 


25 
1 3 


10 


3- 


13 

10 


2.45 

1.30 


34 

3.20 


18 


P.76 

561 

8564 

P.52. 70 
5276 


— . rF.125 


P.lds.70 


_ [F34.30 
2.10 


S5150 

P.12130 


l 611 ® 

730 120.20 


3.40 

730 

2.50 


5633s 


TOTAL VOLUME. 


Feb.. . 

c : - ! I r ^1 

IN CONTRACTS 


August 

~'| — | 5714 

703. 


BASE LENDING RATES 

. :'A3.N- Bank 12d% * Guinness Mahon 121% 

Allied Irish Banks Ltd. 12i% HHambros Bank 12i% 

American Express Bk. 12*% HHill Samuel §121% 


Amro Bank 121% 

- -AE Bankitd. 12i% 

. Henry Ansbacher 124% 
Associates Cap. Corp.... 124% 

Banco de Bilbao 124% 

j Bank of Credit &'Cmce. 12i% 

v' Bank of Cyprus '..'124% 

; Bank of N.S.W. : 124% 

-Banque Beige Ltd. ... 124% 

Banque du Rhone. et de 
?.'■ la Tamise S 1 A_ 1... 13.-;% 

Barclays Bank i 124% 

Barnett Christie Ltd.... 134% 
Bremar Holdings Ltd. 134% 
.; Brit Bank of Mid. East 12*% 

■ Brown Shipley 124% 

Canada Permt Trust... 124% 
Cayzer Ltd. 124% 

'. : Cedar Holdings 124% 

■ Charterhouse Japhet... 124% 

Choulartons 124% 

,a E. Coates 124 % 

Consolidated Credits... 124% 

■Co-operative Bank 

^Corinthian Securities 124% 

. Credit Lyonnais ......... 121% 

; Duncan Lawrie 124% 

. The Cyprus Popular Bk. 121% 

.Eagil Trust : 124% 

-English TranseonL ... 124% 
First Nat. Fin: Corp. ...- 14 


C. Hoare & Co tl2*% 

Julian S. Hodge 134% 

Hongkong 3s Shanghai 124% 
Industrial Bk. of Scot. 124% 

Keyser Ullmann 124% 

Knowsley & Co. Ltd.... 144% 

Lloyds Bank 124% 

London: Mercantile ... 124% 
Edward M&nson & Co. 13t% 

Midland Bank 124% 

Samuel Montagu - 124% 

Morgan Grenfell-:....— 12i% 
National Westminster 124 % 
Norwich General Trust 12|% 

P. S. Refson & Co 124% 

Rossminster 124% 

Royal Bk Canada Trust 124 % 
Schlesinger Limited ... 124% 

E. S. Schwab 134% 

Security Trust Co. Ltd. 13|% 

Sbenley Trust 14 % 

Standard Chartered ... 124% 
Trade Dev. Bank ...... 124% 

Trustee Savings Bank 124% 
Twentieth Century Bk. 134% 
United Bank of Kuwait 124% 
Whiteaway Laidlaw ... 13 % 
Williams & Glyn's ... 12 * % 
Yorkshire Bank 124% 

Members of Qm Accepting Hanses 
Committee. 

7-day deposits 10%. 1- month deposits 
10K1. 


.tFIrst Nat Secs. Ltd, ... 14 % t r-day deotw its on aims et mow 


and under 19%. up to £25, OM 10i% 
and over £U.uoo 1 IH 7 ». 


■Antony Gibbs 124% ^ 

. Greyhound Guaranty... 12J% : dmsiu' , ’mr w fi , !on io-;. 

-Grindlays Bank 124% f Demand deposits 10 %. 


»• 




3 cents lower. 

Central Norseman Gold rose 15 
cento more to AS12.05, while in 
Coal Mining issues. Oakbridge 
climbed 4 cents to ASL62. 

Elsewhere in Minings, Mount 
Lyell improved 5 cento to 50 cento 
and Metals Exploration 3 cents to 


£ ■ q SSL5 U ?^w*!i ,Il f«™ e i H “ ,E 35“ cents, blit Uraniums had 
ind® 1 finishing 10.70 lower Pan continental 20 cento lower at 


at 503.1L 
Hong Kong Bank receded 30 
cents to HKS17.20. Jar dine Mathe- 
son and Swire Pacfik 20 cents 
each to HKS 11.80 and HK$7.50 re- 


AS0.60 and Pebo*Wallsend off 6 
cento at AJ5.48. 


Switzerland 


spectively, Hong Kong Land 10 
to HKS7.80 and Hutchison 


. , ,n.- t -. on . Bourse prices edged ahead In 

cents to HRS7.80 and Hutehison moderate activity, helped by a 
Whampoa » cento: to HKS4.10. firmer dollar. 

Outside the leaders. Hong Kong Sandoz gained 75 to SwFr 3,800, 
Tdephom lost 50 cento to IOCS28, Jelmofi 15 10 SwFr 1,1385 and Ciba 
Cheung Kong 20 cents to HK58.50. Geigy Participation Certificates 15 
KMB 15 cents- to 71X24.(0 and Sun to SwFr 870. 

Hang Kai Securities 4 cento to Banks and Insurances were 

generally higher, but Swiss Re- 
insurance receded 20 to SwFr 
4.580. 

After Tuesday's good gains, Domestic and Foreign Bonds 
Gold shares were mixed with an also improved in light volume. 


HKS 130. 


Johannesburg 


NOTES: Overseas prices shown below and 'nr scrip Issue, e Per share. / Francs, 
exclude & -premium. Belgian dividends a Gross div. Vi. Ji Assumed dividend after 
are a Her withholding tax. scrip and 'or rights Isaac, fc Alter local 

+ DM M dennni, artless othenrisc slated, taxes, m ‘i tax free, n Francs: including 
yields based on nei dividends plus lax. UnUac div. p Nwn. q Share spbt. s Div. 
9 Pta SSO den am. unless otherwise stated, and yield exclude special payment, t Uua- 
Jk DKr 100 dennm. unless otherwise stated, rated dir. u Unofficial trading, r Minority 
4> SwFr 3M dc-nom. and Bearer shares holders only, v Merger pending. * Asked, 
unless otherwise stated. 179 dennm. tBid. 5 Traded, t Seller, z Assumed, 
unless otherwise stated. 5 Price at tune rr Ex rights, xd Ex dirtdebd. xc Ex 
of suapmision. a Florins, b S chillings, scrip Issue. uEx all a Interim since 
c Cents, d Dividend after pending rights Increased. 


Indices 


NEW YORX-*owjoneb 


1973 [Since Compxlat'n 


High 


H'meB*ndL* 


Tmuport....'214.1E 21B.B4] 21B.4&I 




UtlUtlM lOB.Gfi loi.izj 101 J»l 101.! 


rrading vol. 

000' et [22,210] 21.000 1B.S60t 


821.90 6 20 -fill 907.74 
; iBisi 

06.49 8B.it! 9Q.BB 
I4'l, 

216.60 21B.20 21S-K6 2S1.4B 

I 1 

M1.I2I 100.7U 110.88 


2I.24J 


till) 


29.B3D‘ 29,890. — 


Bow 


High 


742.12 

<28:2) 

Bfi.12 

(13/111 

199.51 
(9/1 1 
9B.55 
(14/11) 


1061.70 
P 1/1/73)1 


27B.8B 
(7/2/831 
165 J? 
(20/4/60)1 


41.22 

(2/7/32/ 


12JS 

(S/7/32 

10.94 

(38/4 


- Basin of Index changed f mai Aug. 24 


• Day's high 821.80 low B11.E0 


Ind- div. yield % 


Dee. 8 I Dee. 1 J Khv. B4 | (Tear ago approx 


537 


5.97 


5.83 


5.63 


STAJTDASD AND POORS 


iOoropoelte 


Dec. 

12 


Dec. 

U 


I iDdnatrlaiej 107.51 10737] 10736( 

B6.B9 


Deri. 

a 


87.1H as.oa B7.ea 


Dec. 

7 


Dec. 

6 


Dec. 

9 I High 


1978 


fSinw Comptlal'n 


low 


107.8 li 10B.34- 108JO. 118.71 

I Ctoj-ai 
97.49) B7.44ll06.9B 
i 1 (12/91 


96.92 

16/5) 

66.90 

!t»/5) 


High 


1M.64 

1(11/1/73) 

12B.B5 

11/1/63) 


low 


5. iff 
k3£i/t-/33j 
4.40 
[(1/6/521 



Dec. G 

Xos. 23 | 

Nov. 22 

| Year ago (approx. i 

Tnd. die. yield % , 

6.05 

5.23 j 

5.12 

| 4.96 

Ind. P/E Ksrtn 

&77 

8.75 { 

8.90 

{ 8.92' 

Lour Gov. Bond yield 

8.74 

8.75 1 

8.67 

I 7.66 


M.Y.B.E. *T.T. CQunrnw 


iti«e* and K ali.. 


Deo. 

. 12 

Dec. 

n.. 

Dec. 

.6 . 

Dev. L 

1976 

1 ' I 

-- 1 

High 

Lnir 

64X5 

64.51 

64X6 

54.5Dj 

l 

60.58 

ai« 

48.57 

(6/3) 



Dec. to; Dec. II 

Dec. 8 

luuua Traded 

1,010 

1.914 

1.351 

Hiw 

500 

783 

522 

Fella 

962 

70D 

863 

rntbanced 

448 

431 

466 

New Bi|{ba._ 

14 

14 

10 

5>ir Diwb. 

53 

33 

28 


M0HTREA1 i 

Industrial 1 

Combined 

| Dec. 

1 12 

Dpt. 

. 11 

Dec. , 
8 ! 

Dec. 

7 

1 16 

>78 

High i 

Low 

BUS! 


iii 


162X01 16/2) 
178.62 (30/1) 

TORONTO Oompoaiie 

1291.7 

123. 

1295.0 


888 X (3(i/D 

J0HA5SE SB URG 

Gold 

Indostnal 

fill 

lu) 

(cl • 
♦••> . 

(c) 

(«r) 

228.2 

267.7 

! 272X (14.8) 
j 28 LB (1/11) 

188.0 (20/4) 
184X tl3/3i 


Dec 

13 


Fro- | 1978 ) 107E 
ricus i High I Low 


Australia!") 1 541.39 • 540.E7 ! 666.79 < 411.10 
; I CZU9) I [1/?1 
97.70 ' 87.45 '101.19 
(8/fD 


Belgium tit 


Denmark!**' 91.101 BUS 1 883a 
I j I (W/6) 
Franco (tt) «».o i 77.6 f R3.o 
I (4/10) 

Qurmanyilti 826.9 , KH.a 

Holland mi! 78.6 1 79.1 


, FSS.b 
(19/1 £9. 

93.1 r 
1 fll/9) 

Hong Kong : 603 J 1 513. Bl . 707.70 
tfWilj t ' I (4/9) 

Italy tll> 88.29; 69.83 '-82J6 . 

j ! (26/9) (10/1) 
«0 452.60 ! 451 JS 462.60 564D4 
- I (13 1 Ei ! |4;10i 


90.43 

88.0 3 
(30/105 
47.6 
li : 21 

769.4 
(17/5) 

76.0 

(4/4) 

383.4 
(li/4j 
c6.45 


1 Dec. 

! u 

ISO 

EH 


Spain id)| 90.17 

90.93 

U0.7B 

erxe 



(9/6) 

117/3) 

Sweden uh 356X5 

367.70 

njaxo 

325.74 

I 


(4/Sj 

i3/l) 

Switzerldu)' £65.6 

££3.4 

323.7 

26 L6 

i 


tM.® 

(26/ff) 


Japan 

Suurapomf-) 34S.S0 349.27 , - 414311 1 ls 2 .i:i 
1 • (8/9) ' (9>1| 


General Motors .. 

Indices and. base dales (all ha so values GAF Corpn 

100 except NYSE All Common— 50 Texaco 

Standards and Poors— 10 and Tnronio National Airlines 


300—1,000. the last named based on 1075>. s. California Edison 248.800 


t Excluding bonds. ; 400 Industrials Eastman Kodak 

5 400 Industrials. 40 Utilities, 40 Finance Sears Roebuck 

and 2 q Transport, n Sydney All Ordinary. Did: Technologies 

Belgian SE Dl/to/C. “ Copenhagen SE Texas L'dlitlea 

171/73. tt Paris Bourae 1961. £t Cnmmeiz- House Fabrics ... 


bank Dec. 195.1. §| Amsterdam lndostrial 
1970. 57 Hang Seng Bank 31/7,64. U3 Bauca 
Commcrclalc Italiana i9rz. a Tokyo 
New SE 4 L/ss. fi Straits Times i960. 
e Closed, d Madrid SE M/to/ 77. e Stock- 
holm Industrial 1 71/35. (Swiss Bank 
Corporation, u Unavailable. 

TUESDAY'S ACTIVE STOCKS 

Chang e 
Slocks Closing 
traded price 
S6* 

117 
24} 

371 
251 
661 
51 i 
36} 

101 
51 


393.400 
: 122^00 
201,100 
232.200 


... 245,000 
- 224.300 
.. 213.000 
.. 203.300 
.. 194.500 


day 

-t 

+31 
-i 
— I 
-i 
-4 


-4 


GERMANY ♦ 


Dee. 13 


Puce 

Dm, 


+ wr 


AEG — 

AlUanoeVeralol).. 

flaw 

BASP 

Bavcr 1- 

Bayer- Hypo. 

Bayer-Vcreinslik . 

Cih»lM..Ved.«mr 
Cxfornc.rUmk^...] 
ConriGuracnl 

Daiiuler-Beuz 

Degntai 

Demafi j 

Deutsche Bank.... 
Dreadner Ilaulu... 

Dyukerhcff /erafc.. 

Gutehefflrong — .| 

Hapeg Lloyil 

Bxti>cncr 

Hoechat —! 

H>.«Kb 

Horten 

Kali und c i a lr— ■— 

Kareurlt 

lCaiiTbof 

h'lockner DillDOL. 

KHD 

h’rupi.UillOO 

l.m.ie 

t eiihrau Dil 100,1, 555 

hii)lJiaii:a ‘ 96 

M.A.N 

AJjtDrieMuann...... 

Mrnsilgn 

5lni»-l,oi,«r iruck.| 

Nin-ki.ri',niin. 

it, -i.lOO) 
Uln-iiAW-x. blent .[ 
Scliering .. . 

fileuicn- 

Suil Zucker ..| 

Thciwn A.t» 

Varru 

VKBA 

VercindlVtrt Bk 

Velltt'Kagen. 


78.5-B.5 
603 |+3.0 
222.5 — 3.5 
134.7—0.6 
139.9 +0.1 

316 :-a 

325 1—2.2 

160 ! 

228.2—0.1 
66J— 0.5 
327 i-2 

250.0 

176 i— 0.5 
309.7 -0.6 
247 1-0.6 

177.0 — 2.B 
241.5+1.0 


Div. i 
% 


51.2| 

128.1! 

18.76 

IB.7S 

28.12 

28.12 

36.56 

2sTl! 

26.58 

17.18 

28.12 

28.12 

9-38 

18^6 


YM 


4.3 

sT« 

4.3 

5.3 
9.8 
4.6 


14.061 7.0 
15.6bj 
18.7ti 6.9 


100 1 + O.B 

159.1- 0.4 
156.a+0.5 

48.6. — 0.9 
IBS (—4.0 

143.01— 0.5 
326 -0.5 

260 Ul 

90.1(-0.7 

199^8, — 1.3|io.i8j t. 

293.5,'.!”!! ”.'; 25 1 * ' 
: + 5 

1+1 


25 


178.0 


.... 17. T8. 


165 .-1.5; 
140 —1.5 1 
160.8 —1.01 


248 |-r 1 

117 J 

183 (—0.5 
133 1-0.7 

297 

242.5-0.5 


2b 


25 I 5.2 


AMSTERDAM 


Dec. 13 


Price 

FJ*. 


i+.iriDiv. 


108.1— 1.4 I *18 

28.1— 0.4 I — 
370 ; — 0.5 [A24j 

90.1— 0.4 I bO 

7b !— 0.5 ; A2i< 
90 ! 2b 

117.6— 0.2 I «U0 
71.7 +0.7 | 2o 
276 -B 27.6! 

140.1 - 0.6 I A 17} 
70 ( 94. si 

33.2— 0.4 | 20 

- - 14 


Abr.ld (FI. Pi/ i 

A Vie iFI.SDt 1 

AleeniBnc(FI.IOO): 

AM EV (FI.10I ....I 
Amrobenk iFl^OJI 

BijeUKorf — j 

RoUnUWm (P20), 

Boh rm‘ Tert erode 1 
Hlaeoer iFi.EOj ..." 

Rnnla jf.V. Bearer 
EurC«aiTstiFl.HJ)| 
Gi*taLBnvadea(Fl' 

Bemekw (FLifi).: 98 —1.5 

Heecnvena IFL20M 52.71 — 0.4 
Hunter D. (FL10Q) 22.2+0.2 
K.L.M. (FI.100).... 125 -1.5 
Ins. Muller i FL20) 41.81—1.1 

S»t.XedIns/Fl.iP) 10a7[— 0.5 
Xedl'red Bki Fl^Oj 57.2,1—0.8 
>'ed Mid Ub<FI.7Q) 206 1—2 

Oco(Fi^m 168 i+0.3 

OGEM (Fl.lOl 1 27.1—0.7 

Van Om merer) — I 138.2 

Pali hoed (FIiO)...| '42 -0.2 

Pbilii* [Fl.lOl. — | 24.2al— 0 1 
Kjnbcli Verl fl .100. 54.6—1.5 
Hobeca tFI.Wi— ... 184 -0.2 

Rolinrc (Fl.bOl — 126.5m 

XorentolFI-SOf-^j 181. 5 — 0.5 
KpyalUutcfa(FL20| 121.3—0^ 

fiierenburg j 23 8, B— 0,7 

Tokyo Pae-ill'l*-S 130 ; +0-5 
Unilever (FI.COj.J 1/0.2 — 0.3 

VLLlnu He# — 39 

WeatTL'cr. Hv-pok 412.5 + 1 


Tld. 

% 


17 

SB.b| 

I9.J 

ai.ifij 

20 

5U.al' 

42.1 

35 


5.2 


6.3 


7.3 


6.1 


5.4 

2.4 
9.1 

4.4 

7.3 

5.3 

4.3 

8.5 


7.0 

7.8 

3.8 
B.9 
8.4 
0.5 

7.1 

1.8 
3.9 


COPENHAGEN + 


Dee 13 

Price 

Kroner 

+ DT 

Div. 

% 

ruT. 

r* 

40 

Andelsbanken 

1401g 


11 

7.9 

I Innate Bank..— 

1265* 

+ t* 

V4 

».b 

Bait Asiatic C(*... 

w 1 * 

+ U 

12 

8.2 

Finsuabinken— ... 

130 

-2 

Id 

10.0 

Bryggener 

3451* 

i-2 ■ 

12 

5.b 


813* 

— U 

— 

— 

Handelabank ..... 

1261* 


12 

8.7 

G .S'th'nH .(K i90) 

287 

+ 1 

12 

d.8 


180 

-l* 

12 

6.7 

Xtiio ludu*tii li- 

219 


8 

4.5 


118 






150 ie 


12 

0.2 

Provinslaiuk 

1361* 


11 

8.1 

Sopb.BtirenMu— • 

369 

+ 1 

12 

3.2 






- 



VIENNA 



rn* 


U1V. 

[TT 

De-'. 15 

% 


<t 

% 

Crcdluoatalr 

342 

270 


10 

Om 

2.9 

3.4 

Sele+ra 

Sem peril 

576 a 
80 

1 1 

HI- 


&3 

StevrDmti'h ,r " - 

ZOO 


Si 

4^0 

Veil llfi^utai'-— 

244 

— 1 

10 

4.1 


j TOKYO «f 


P 

+ or 


Yld. 

Dee. 15 

Fen 


t 

% 


367 


14 

1.9 

Canon 

477 

+ B 

12 

1.3 



+ 7 

25 

1.4 


580 

+ 3' 

20 

2.6 

lMi Nippon Pnn 

587 

-2 

18 

1.5 


634 

+ 15 

15 

1.2 

Hitachi..— 

263 

+a 

12 

2.3 

Honda, llotore— . 

491 

—3 

18 

1.8 


1.010 


35 

1.7 

V. Itob 

237 

—4 

12 

2.5 

ito Tokado 

1,750 

-10 

30 

0.9 

Jsco 

759 

+ 4 

13 

D.B 

JJtX 

2.850 

-10 



Kanaai Hied- Pw 

1,210 


10 



387 

+ 1 

18 



294 




3,560 

+ 30 

35 

0.5 

734 

—6 

20 

1.4 

1 ! ( Jjj jfl J 1 

280 


10 

1~B 


127 



4.7 

440 

+ 5 

13 

1.5 


292 

— 1 

14 

2.4 

Miiuikosbi- 

695 

+ b 

20 

fH 

Nippon DeiiMi... 

1,580 


lb 

I’M 

Nippon Shin pnn 

821 

+ 1 

12 

lsj 

NiaunUol'f*.— 

668 


lb 

1.2 


1,610 

+ 10 



Snare Hlci i ic -. 

262 

+ 2 

12 

2.3 

Sekuui fieinb... 

958 


30 

L.G 


1.500 

-10 

40 

1.3 

Ts infiii llHrmc... 

247 

J. 

11 

4.2 

Tnk^ift t beiuimL.I 539 

+ 10 

15 

1.4 

TDK 

1,900 









l'Jk\u li'nnnt .... 

516 

— 1 

11 

1.1 

Ii.kyn Ulcct Pun - ' r 

.1,110 

+ 10 

8 

3.6 

I'+vn >ai,\u 

333 

— 1 

V4 

l.H 

li-inr 

183 

+ 4 

10 

a.7 

I'^luiw Ctiri 

156 

+ 3 

io 

3.2 

Invi'tn M«Am- . .. 

903 

+ 3 

20 

LI 

Source N'tfcka Securldea. Tokyo 


BRUSSELS/LUXEMBOURG 





Div. 


Dec. 13 

Prti-e 

+ or 

Fra. 

Yld. 


Kr.. 


Met 

% 

Artaal 

2,130 

+ 10 

116 

100 

4.6 

9.9 

Herket "11"...-... 
(.'JiJt. Geim-iii... 

2,510 

1,012 

+ 10 
—18 

Uekenll.. 

435 

+ 6 
£bo 

177 

430 

7.5 

6.0 

Kie-lroi^li 

7.150 

Fui-nque Nal 

3.045 

2.515 



170 

5.6 

i/evacn 

1.360 


65 

6.3 

Hubuken...... 

2,430 

-50 

170 

7.0 

luiciium 

1.855 

+ 20 >142 

7.7 

kruiietaDt 

6,800 

-10 

49j 

4.3 

Lu b^iyaie Be'^e.. 

6.010 

+ 20 

*325 

5.4 

i*i< u Hui.iine- 

2,740 



C2-Ab 

2.B 


3,185 

-15 

1BL 

5.6 

>x-torn. twique 

3.220 


ao4 

6.3 

■M'.lien. Belse... 

2.035 

-15 

l+U 

b.9 

■>inna. 

3.365 

+ 15 

21b 

6.4 

I'lUCTIUD HlOC< 

2.685 

+ 15 

170 

6.3 

llu - 

1,204 

+ 4 

_ 

_ 

luMiu. 1 I/IO 1 

712 

-8 

5U 

7.0 

V ii-i lie Montague. 

1,600 

l— 8B_ 



SWITZERLAND * 





Price 

+ or 

Div. 


Deo. 13 

Fra. 


% 

* 

Aluminium ..... — 

1.085 

+ 20 

6 

3.7 

BBL: ' A ' 

1,660 

+ b 

10 

3.0 

1 'ila GfeLrj' Fr.lOd 1,080 

+ S 

22 

2.0 

Do. Fart Cert... 

870 

+ 15 

•44 

2.5 

Do. he){.._ 

635 

+ b 

22 

3.5 

L'reJit 3uiw 

2,160 

+ 5 

lb 

3.7 

♦JiecliXiaraa 

1,815 

+ 5 

10 

2.7 

1-'] ix -Lex ((zeonje). 

555 

+ 5 

a 

4.5 

Hi'ffniBU Pi Gen. 

66,500 

+ 1000 

hoc 

1.6 


e.650 

+ 100 




3,775 

1.385 




Jeimnn iFr.lUD... 

+ 15 

21 

1.5 

Ne.lie (Kr.l0ui....i3.10a 

+ 5 

JUlB.3 

2.8 

Do. Bee 

2.260 

+A0 

*88./ 

3.8 

Oei-tihPD uiFAfiXh^.eiO 

+ 10 

lb 

1.4 

FlrtMii SHP(F.IOO) 

276 

+ 1 

15 

5.4 

Tondua (F.£0Ui — 

3,800 

+ 73 

2b 

1.7 

Du. Port let-.. 

449 

+ 8 

2b 

2.9 

Sebl n.1 larCM FIDO 

268 

+ 6 

12 

4.5 

aulzer Ct Ib'r.lUi) 

312 

— 5 

14 

4.5 

owiaaair (Kr.ibO). 

798 . 

+ 2 

1U 

4.4 

»nln bnkfPr. 100) 

337 

+2 

10 

3.0 

.■5m»-lKcl!»T^3tJ) 

4.580 

-20 

40 

2.2 


2.980 

+ 15 

20 

3.4 


11.150 

+ 25 

44 

2.0 

i 

MILAN 


Price 

+ or 

Div-.Xm. 1 

Dec- 13 

Lire 

— 

Lire 

% 

AA'IC 

31.50 




Butiel 

Flat 

500 

2,705 

— 1 
—40 

lbO 

5.4 

Do. Prlv 

3.140 

137.0 

-56 
+ 1.23 

150 

7.0 

Italremmti 

23.170 

“130 

OOL 

2.8 

Itatslder. 

324.75 

+ 6.76 



_ 

Mediolanum 

36.210 

-740 

1.200 

3.5 

Montertienn 

Olivetti Prtr 

156.75, 

1.125 

-11.25 
+ 15 

— 

— 

Pireuii-Co 

1.801 

-17 

130 

80 

7 .a 

Sola Vlsc’.’+a. 

87Q 

-5 

8-9 


AUSTRALIA 


Dee. 13 


A oat. 9 


ACUIL (25 cents) 

A 'row Australia 

AMATO SI 

A in |ad KxploraUna.-; 

Amiml Petroleum 

Assoc. Minerals 

Assoc. Pulp Paper 51 

Awe. Con. Industries 

Auer. Foundation Invent... 

A.N.I 

Audtmcn 

Ann. Oil 3: Gao 

Bamboo Creek Gold 

Blue Metal luH. 

Bougainville Copper 

Brambles Industries 

Broken Hill ProprleUiy.... 

BH fi-mth ■ 

Carlton United Brewery . 

Cfilti*l)_ 

Coebbarn Cement 

Coles (GJ.) - 

Cons. Goldfields Aunt 

Container iSD 

Conrioe Jtiottato 

C-ostaln Australia. 

Dunlop Rubber (50 cent/ ... 

ESCOB. 

Eldnr-Smith ! 

Hndeavnur Kecocuvea. 

K.Z. Indnstxlea - 

Gen. Property Trust 

Hainernley 

Hooker 

ICI Anstralls. 

Inter Copper 

Jenninpi Industries. 

Jones (David) 

Lennapj Oil 

Metals Exploration 

lletrmmar Minerals^ 

Mru Holdings. 

Myers Em port am 

News - 

Nicholas 1 nlernational 

North Broken HMings (oOeij 

IJaKfrrids <o 

Oil (Search 

Oiter Exploration 

Pioneer Conerata. 

RecUtt A Co loan — 

H. C. dleigh 

Sonthland Mining 

Span; in Exploration 

Tooth (S) 

TV* I Irma 

Wealcru Mining* oenl*/ 
Woolwnr ths 

PARIS 


t0.70 

11.03 

12.11 

tl-32 

tfl-74 

tl.35 

71.76 

tl.86 

tl .00 

11.68 

10.61 

♦0.70 

10.18 

♦0.94 

♦ 1.58 
11.65 
18.98 
11.45 
tl.59 
♦3.35 

♦ 1.35 
♦2.19 
13.50 
♦2.62 
13.55 

11.25 
♦0.87 
fO. 92 
♦2.40 
♦0.23 
t3.0 

♦ 1.60 
♦2.20 
t0.79 

12.25 
±0.50 
10.90 
♦ 1.20 
t0.26 
10.35 
♦0.16 
12.48 

♦ 1.56 
12.40 
♦0.95 

11.33 

♦ 1.62 
tO.ll 

10.33 


+ 0.02 
+ 0.01 
+ 0.01 
-5-0 1 


- 0.01 


-0.08 

-0.05 


1+0.05 

+d!oa 

i+fl.01 

-0.05 

|+o!oi 

(+o!k 

1 + 0.01 


1+4.01 

'+o!tti 

1+0X8 


,-0.02 

(-0.02 

+0.03 

1-0.04 

+ 0.01 


-5.01 

1 - 0.02 

(+0JM 

I 

1-0.01 


Dec. 13 

PfleS“ 

Kroner 

+ or 

SiF. 

Of 

<o 

fra: 

Of 

o 


105.50 


9 

8.6 

SorreCBard 

69 

+ 1 





Credit bank 

119.0 

+ 0.5 

11 

3.4 

laOEince 

290.0 

-a.5 

20 

6.9 

Kredii ka*sen. 

114.5 

+ 0.5 

11 

9.6 

Xun.k Hydro Kr8 

180.01-2.0 

13 

5.3 

Storebrand!.. ...... 

91.75l-Q.75 

7 

7.6 


; 1.54)4+0X1 
♦2.70 


♦0.67 

♦0.29 

10.23 

11.82 

10.71 

11.70 

♦1.53 


h5-D2 

L5!k 
'- o.oa 
f-0.01 
wi .oi 
t+0.08 


Dec. 15 


Kerne +j i 

Airique UndiiVe! 
Air uquide....._| 
Aquitalne.„.._„J 

bit? 

Bonynue> ........ 

U.5.M. Gervai- 

(Jarrefoar ..... 

U.U.U. 

C.J.l. Aicaiei... . 
Die Bancaire. 

Clul- Med i ter 

Credit Ctrm.Fr'Mj 
Crou-ot Loire.... _ 

Uumez....^ 

Kr. Petrol fr 

Gen. (/widen tan 

I metal 

Ja-qiie* bore 

lalariee ..... 

L’Ureal 

Letpmnd ......... 

llait>on% Pbeonix., 
Mi 'benn 

Meet Home- eey.^ 

Munimex 

Pan bat, 

CeL-fairwy 

t'ernoil Kicairt : 

L'engeot Citroen.. 

f'+cisia .............. 

Kailio Technique. 

Ksiouta 

Kbone Pncilmc 

si. Got* in 


Price 

Fi>. 


707.51 + 1.5 


399 


.+. ..HI iiv. | V 1 1 . 
- Km. ! * 


-1 


386.51-2.5 
632 |-1 
643 —1 


825 

564 


+4 

[-6 


2.279 UlO 


396 

995 


1-3 
+ 2 


472.8 + 0.8 
516 +2 

128.0'— 1.9 
60 1—1.5 


41*1 0.6 
24.751 6.2 
in.3> 4.3 
E6.2bi 4.9 
U.sfi 2.6 


4k 


40.W 7.2 


73 

32.5 
70.85; 

lb 

7.5 
14 


OSLO 


BRAZIL 


Dec. 13 


Aceslta 

Bancodd Brazil... 
Banvu Irau PS... 
Beleo MinelraOP 

Jxiius Ainer. OJ*. 

Pern .bras PP 

Pirelli OP 

fiou/a Crnz OP... 
fnip PE._ 


"Price 

Cruc 


+ or [C-rasim 

iDlv.l % 


0.80 ;-0X2|0.12i 15.00 
1.74 
1.5D 
0.93 
3.00 
1X19 
1.30 
2.05 
5.60 ! 


0.16>9.19 

0.37.24.60 

+ 0X1.0.088.60 
-a.03j0.20 6.66 

10.136.87 

O.lbj 12.30 

+ 0.02.0.2k|10.75 

Zl0.264.46 


Valo Ri o DoeePP) 1.05 I^o!igio!l 6 ^ 7. 14 


Turnover Cr.IM.6ra. Volume 67.3m. 
Source; Rio da Janeiro SB. 


JOHANNESBURG 


Dec. 13 


MINES 


5.0 


33.7il 4.9 
14.1H0.0 


6.25, 

n.7 

15.71 

1S.-7| 

36.7J 


684 

141.0 — 0.7 

258.0 — 0.5 

55 —0 2 

113^ -4.8 

255.0— 1.2 
771 -11 

[2.028 +20 
503 -10 13-9 
1,215 't— 10 I37X 
666 —1 1 2.0 

155.3—1.2! 3 _ 

210.0— 1.8 19.951 

723 -1.6 !.= 

314.0— 4.5 7.5 

492.0 — 6.0 ,t/.2t| 

217.0 — 1.5 - 

435 -2 I 27 
673 —2 3u 

121.0 - 1.8 9 

149.5 — 1.2 .14.5 


3.2 
10.4 

6.6 

2.1 

1.8 

7.9 

3.1 

2.3 

2.2 

4.7 

10.3 
£A 
3.5 

6.2 

3.2 

7.4 

9.7 


?kit LVvaipni)' 

1,000 

+6 

s9 

2.0 

a ue.--... 

300 


4sJa 

a.b 

L'eienietanique.... 

803 

— 13 

2 b.b 

3.2 

Ttaumaon Brandi.. 

248 

— 1 

16.1: 

6.1 

Uiinor 

13-8 — 0.1 


— 

STOCKHOLM 




Price 


Dii. 

I'd. 

Dec. 13 

Kn mill 


Kr. 


AjjiAil, ni^Hi/..., 

200 

+ 1 

6 1 2.5 

Vita Lavai(h.r.5Ci 

MO 

1—1 

5 

3.5 

A3KA(Kt.50j 

79.H —0.5 

b 

6.3 

Allan L'opcalKrtS) 

112 

-1 

6 

5.4 

Bineruii 

44.0+2.3 

— 

— 

Bxora 

112 


<4 

3.6 

Cntda_ 

178 

-1 

3.7b 

3.2 

UelluiguL. 

238 

+ 3 

10 

4.2 


110 



4.8 

drve.-, oo ■ tl' :hr 9 i 

124 

+ 1 

6 

5.0 

bsreite "B” 

275 

i—5 

S 

2.9 

FBEeraa- 

95 


4 

4.2 


45.C 

—0.5 



Uaadiesnjinka) .. 

581 

1-2 

Ic 

4.2 

Haraudu 

125 


a 

6.4 

11 a Ueh Uomato. 

84.5 + 1.0 

— 

— 

Send vi t ' 2 ' kn>.. 

270 

+ 2 

s./r 

2.1 

‘B‘ Krr.... 

56.5 

+ 0-5 

d.s 

8.0 

stand Enskiide... 

153 

-1 

a 

4.9 

rau.Irtil.'H'iKriA 

64 

-1 

3 

;.b 

Uddehoim, 

54.0 

+ 0.5 


— 

Vulva (Kr.HH 

76*-4.0 

r 

7.8 


Charter Consolidated 

East Driefwnem 

E/sbarg 

Harmoor 

Kinross 

Kioor 

Rnnenburg PJatlnum 

St. Helena 

South Vaal 

Gold Fields SA 

Union Corporal Ion . 

De Beers Deferred .. 

Blrvooruitricbl 

East Raod Ply. 

Free Stale Gr-du/d .. 

President Brand . ... 

President Stem 

SUifontcln 

Weflrom 

West Dnefontein .... 

Western Huldioas 

Western Deep 

INDUSTRIALS 

AECT 

Anglo-Arncr Industrial 

Barlotv Rand 

Currie Finance 

De Beers Industrial . .. 
Edgars Consolidated Jnv. 

Edcsrs Stores 

Ever Ready SA 

Federate VolksbeJegyines . 

Grcatermans Stores 

Bolens 

LTA 2.)i> 

McCarthy Rodwiy />S7 

NcdBank g 1 ? 

CiK Bazaars . *7.50 

Premier MlHInjr +5.60 

Prelona Cement .. i.i.ja 

Proles Holdings l.W 

Raod Mines Properties ... 1.75 

Rembrandt Group 

Ret co *.3I 

Sage Boldinas 1.+5 

SAPP! - *7 

C. C. Smith Sugar 5.60 

SA Breweries U7 

TUcr Oats and Nat. Mtog. 11+0 

umaec t.n 


Ksnri 

+or— 

. 6.53 xd +6.03 

.. t*.w 

•+0.40 

. is. to 

+0.15 

1.65 

-0.03 

■ 6.05 

+0 05 

. 15.50 

-0.05 

. ao.so 

+0.10 

.. 2.05 

.. 115.00 

-o:o 

.. 9.00 

.. 25.50 

+ 9.M 

5.50 

+ 0.03 

.. 7.90 

+0.05 

.. 6.13 

.. 3.65 

-n.og 

.. 12S.Q0 

-0.2J 

.. 16.S0 

-0.10 

.. 13.35 

— 0.20 

<H3 

.. 5.10 

—8.05 

.. 45j» 

. r 02.50 

+ 1.50 

.. 116.40 

— OJO 


34A 
11.90 
4 70 
0.95 
T12.73 
+^.90 

ti6.no 

1.90 
11.90 

2.90 


■+0.03 
+010 
-0 l.i 
+0.01 


-0 03 
+0.02 
+a.fC 
+0X5 

+ 0.0.1 
-^o.ns 
+ 0.03 
-n 10 
+0.02 
-0.05 

+ 0.01 

+o.<e 

-0.05 


Securities Rand t>SS0.65} 
(Discount of 43.3%) 


SPAIN » 



Dec. 13 

Per cent 


Asland 

123 


Banco Bilbao 

234 


Banco Ailamjco (l.oun 

ZH 


Banco Central 

301 


Banco Elsicroir 

2M 


Banco General 



Banco Granada tl.oooi 

1ST 


Banco Htspano 

220 


Banco Ind. CaL u aoji 

169 


B. Ind. Mediierraneo... 

IBS 


Banco Madrid 

215 



Banco Popular 

239 

- 4 

Banco Santander i230i 

3» 

- 2 

Banco Unjndo (1.000 ■ . 

2SS 


Banco VJrcaja 

235 


Banco Zaraeoiano 

217 



Banknnion . . 

141 



Banus Andalucia 

177 


Babcock Wilcox .... 

75 

- 4 

CIC 

35 


Drasadoe 

2M 

-10 

lomobanif 

59 


E. I Aragoncsas . . 

33 


Espanola Zinc 

100 



Expl. RJo Tlmo . 

53 

— 0X0 

Fecsa il.OCO* 

62 

— 0.50 

Fcnosa 1 1.000< 

59 


Gal. Prectodos 

47 


Grooo Velaatm»a <4001 

165 



Hidrola 

63.75 


Ibcrducro 

63.75 

- C.25 

Ola its 

77 

“ S 

Pa pel eras Pc uni das 

41 


Petrobhcr 

112 


Petroleos . . 

170 

- 2 

Samo Papalera 

3% 


Striacc 

«fa 


Soceflsa 

127 


Telefonica 

75 


Torras Hosiench ... . 

75 

- 1 

Tubacvs 

77.50 

- 3 

Union Elec. 

U 

- OJO 


























































































THE JOBS COLUMN 


True tales from Whitehall and the City 


BY MICHAEL DIXON 

THIS IS the last Jobs Column 
until the new year. So it seems 
appropriate to pass on to readers 
the best stories to do with 
employment that I have heard 
in 197S. The first is about the 
real-life experience of two 
members of the last Conserva- 
tive Government. 

The leading character is a 
Member of Parliament who had 
just been appointed to his first 
job as a Minister in charge of 
a Whitehall Department taking 
It over from a fairly clime 
acquaintance who had been 
simultaneously transferred to a 
more senior ministerial appoint- 
ment elsewhere. 

Full of the joys of tup 
responsibility, the new Minister 
took a taxi to his department 
the first morning and strode up 
to its doors relishing the pros- 
pect of sbowing what new blood 
could do. 

As he reached the door, it 
was opened by a smart commis- 
sionaire whn bade him good- 
morning and welcome and 
ushered him to a lift which had 
obviously been kept wailing for 
his personal use. When the lift 
arrived at the ministerial floor. 

. its doors opened on a Udo of 
four well groomed people drawn 
up behind the genial figure of 
the department's permanent 
secretary. 

This eminent civil servant 
first introduced himself to the 
new political chief, then wel- 
comed him warmly, and intro- 
duced him to his very own 


private secretary and other 
persona ! staff. The introd ac- 
tions over, the party accom- 
panied him to a spacious if 
somewhat gloomy room with 
efficient subsidiary furnishings 
and a stupendous, empty desk- 
As the newcomer rolled his 
eye over his domain, his per- 
sonal staff moved off to- their 
work and the permanent secre- 
tary quietly closed the door 
behind them before saying: 
" Now. Minister, perhaps you 
would allow me to give you a 
brief sketch of your depart- 
ment’s position " 

The MP had of- course heard 
the various parliamentary 
legends about the tendency oE 
top civil servants to treat their 
temporary political masters 
rather as a fresh-faced subaltern 
might l»e treated by a well bred, 
introverted Regimental Ser- 
geant Major. But as he listened 
tu his permanent secretary, he 
realised that those legends must 
be exaggerated, ‘Every Word 
the mandarin spoke testified to 
his co -operative ness, common 
sense, and acceptance of the 
new Minister as an equally in- 
telligent being. 

When the briefing and one or 
twn preliminary questions and 
answers were over, the per- 
manent chief asked permission 
to return to his q.wn work, add- 
ing as he left: “If you would 
care to look now at your current 
files. Minister, your secretary 
has them ready. I trust that 
you wilt agree that they show 


the affairs of the department to 
be in very satisfactory order.” 

Quietly delighted by all this 
evidence of his importance the 
politician pressed his bell and 
an armful of trimly kept files 
was brought in. It did not 'take 
him long to go through them 
because, as the civil servant had 
indicated, everything Was in 
good order. 


Frustrated 


He went through the files 
again, punctiliously. But the 
repeat reading only confirmed 
that all matters of any import- 
ance were proceeding with 
admirable efficiency. He began 
to feel the frustration natural 
to all decision - makers im- 
prisoned in a land where every- 
thing has already been decided. 
Surely there must be at least 
one thing needing his attention, 
he thought Then he had an 
idea. 

He lifted a telephone and 
asked to he put through to his 
friend who. until the previous 
evening, had been in charge of 
the same department The call 
came through on the scrambler 
•phone, which restored the new 
Minister's confidence a bit So 
he sat back with his feet on 
the empty desk and said into the 
receiver: 

“ Oh hello, sorry to trouble 
you. but I fed in need of a bit 
of advice. You see. I’ve had a 
briefing from the permanent 
secretary and gone carefully 


through all the files, and as a 
result I'm now sitting with ray 
feet up*' on my desk, looking out 
at Trafalgar Square with an 
awful feeling that there’s 
nothing important that I've got 
to do. But I’m sure that there 
must be something that you 
hadn’t completed. So I hoped 
you would give me some 
pointers.” 

There was a second's silence 
before the voice at the other end 
of the line asked: “What was 
that you said?” ' 

“I said that I thought when 
you left there must have been 
things that you hadn’t yet 
finished. So I was hoping that 
you might give me some 
guidance on any action that‘s 
needed.” 

“No," said the friend. “I 
heard that bit the first time. 
What did you say before it . . . 
about how you were sitting?” 

“Ah.” the new Minister 
replied. “1 said- that because 
there doesn't seem to be any- 
thing important to do. I'm 
sitting here with m3- feet up 
on the desk just gazing out into 
Trafalgar Square.” 

There was another pause, 
then: “Yes, there is something 
for you to do." said the voice at 
the other end, “and it’s so 
important that if you want tn 
keep any credibility in that 
department, you'll have to do it 
right now. You must go tn the 
permanent secretary and 
demand that he immediately 
puts things back as they were 


before. . The Minister shouldn’t 
be looking at Trafalgar Square. 
He should be looking at Horse 
Guards Parade: Somewhere 
between last night and this 
morning, that wretched man- 
darin has pinched your office." 

Flabbergasted 

THE SECOND tale is about a 
London - based executive 
recruiter who went to lunch at 
the headquarters of a highly 
esteemed client, which hap- 
pened to be an aristocratic 
concern in the City. 

Naturally the head-hunter, a 
specialist in “ search ” methods, 
complimented bis hosts on the 
meal. Bur they replied sadly 
that standards In their dining 
room were no longer what they 
had been before the demise of 
the Ann's butler. “We’ve 
advertised for a replacement, 
but- there just don’t seem to 
be any people of the right type 
on the market,” the guest was 
told. 

With his confidence strength- 
ened by some excellent wine, 
the recruiter thereupon decided 
that if executive-search could 
find capable directors, it could 
also find admirable butlers. And 
he immediately volunteered to 
provide the client with the 
desired person, free of any 
charge. 

The hosts' response was to 
pass the port again with gusto, 
one of them saying: “Jolly 
good. I can’t wait to tell our 


chairman. ..He’ll, think itVjfce- 
best news there has been, all 
year." — :• r y 

Returning to his own office, 
the head-hunter began running 
through his contacts, and before, 
yery long, certain august ‘per- 
sonages began calling at: the 
office to see him. After Inter- 
viewing the first couple, he^as 
amused to find that his .recep- 
tionist and other secretarial 
staff had been impressed;^ 
the callers’ stately, bearing- and 
dignified speech to the extent 
that it was being, whispeie^ 
around that the head-hunter 
had landed the contract for re- 
cruiting a new Governor of the 
Bank of England, or something 
similar. _ . •- 

But. as more " of the xallenr 
arrived, and the office " staff’s; 
reverence increased, he decided 
that it would be cruel to dairy- 
the joke any farther. He: called 
the staff in and told them^what 
was really -going on. Wf: * 
Some, weeks had passed' ';by 
this time, and the City client’s 
titled chairman was growing 
impatient. So he rang the head- 
hunter's office, and asked In 
his cut-glass accent: “Put ‘me 
through to the chap who’s look 
inn for the butler, will you’" 
“ I’m sorry: • he’s- out- today;'.' 
replied the receptionist. “But 
not to worry. -.He’s seeing 
another candidate . for thei -joS 
tomorrow afternoon, and. if you: 
just ■ pop round about three 
o’clock. I’m sure he'll intervieW: 
you for it, too." 



E£] 


a senior qualified accountant to head iafinapep 
and accounting department covering tibervhofe 


i. 1 . 1 ■ . M re**? ttKVi'/ 1 *" 1 - 1 - 




overall financial and* tax pluming; capital-anil; 
revenue budgeting . and .projections, - thO 
monitoring of results, and systems 
and development; systems' are cotriputms^d. 
on anittiousc IBM installation. . . _ • ^ j 


Applicants- should.- hav^ jwide .. prOfe^onal^ 
and/or commercial experience _at senior Icv^L 
with particular erhpha^ ori iaLx'ar^ financial , 
planning in . a partnership’ context arid on 
development of sopfaisticated^EDR 
The salary as negotiable arodfid.7iU5^0Q 'jack: 






Applications, front candidates of, cither sac, iriut otT 
trailed in' complete (oryirlenct: avid ^tpaldcontatfijult 
details of previous expcricme^iid CwreHtsahny, and 

be addrt&cd to J: K: Hills,' Annan 
MaMg&neni Consultants, 4Of0Cfuutcay Lauty 
London l VC2A iJJ:qwtiugrc^reiux 0472A;. f 


BUSINESS 

DEVELOPMENT 


c. £11,000 

West of London 


A leading multi-national manufacturer of mobile capital equipment with world 
turnover in excess of $6 billion is launching a major market attack in Europe and 
the Middle East. 

To complete their team they need a senior manager to lead a department offering a 
business consulting service to dealers and distributors. Objectives are to 
strengthen and improve the existing dealer network (making changes where 
necessary) and enhance market penetration, share and profitability- The business 
service department will also operate a task-force which supports dealers' 
management in less-developed areas. 

An experienced, well-rounded, mature executive is required who understands 
dealer operations, is familiar with business organisation, management accounts 
and control systems in an international context. Knowledge of the automotive 
industry, materials handling or construction equipment would be particularly 
re/evaru. Ideal candidates, aged 30-40, will have a business qualification , 
languages, and be prepared to travel. 

A full benefits package includes car, pension, BUPA, bonus and relocation. 
Candidates, male or female, should send a detailed career history to the consultant 
advising on this position, quoting reference C122/FT. 

JWI Recruitment Ltd 

Executive Recruitment & Selection 
40 Berkeley Square LontlunU'lX BAD UH£S 9496 


MANAGER/PARTNER DESIGNATE 

insurance Specialist 

£1 5,000- £25,000 p.a. 

Our client, a lirra of chartered accountants, wishes to appoint a qualified 
accountant who wilt gradually assume responsibility ior a portiolio of 
insurance and Lloyds underwriting clients. 

The wide salary range reflects the linn's ability to accommodate a man or 
wc man having the appropriate personal and intellectual attributes but with 
differing levels ol experience. 

At Ihe more senior level, they are seeking a chartered accountant with 
extensive experience in this specialist field. Such an individual could expect 
partnership alter a very short period or, lor the light applicant, on 
appointment. ■ 

The minimum requirement is for a manager with a proven record 01 success 
though having limited insurance experience. This might suit someone with a 
practising firm background who has moved into a commercial insurance 
environment within the last lour years. 

This appointment is highly confidential and all applications will be treated 
accordingly. 

Please contact George Ormrad B.A. (Oxonj or Richard Norman F.C.A. 
tn London or Barbara Lord M-Se. A.J.P.M. in Scotland, quoting reference 
2330. ... • . 

pubic Practice Division 

Douglas Llaxnbias Associates Ltd. 

Accountancy & Management Recruitment Consultants, 

410. Shand, London WC2R ONS. Tel: 01-8369501 
121 . Si . Vincent Street. Glasgow G2 5HW. Tel: 041-226 3101 
3, Coates Place, Edinburgh EH3 7AA. Tel; 031-225 7744 



PETROLEUM SUPPLY 
ASSISTANT 

Vacancy exists in London Office of British subsidiary of U S. oil 
company for an assistant thoroughly experienced in the general 
area of oil acquisition, supply operations and exchanges. 

Age late twenties/early thirties university degree and working 
knowledge of one or more European languages desirable. 

Full particulars in writing to: — 

CROWN CENTRAL INTERNATIONAL (U.K.) LIMITED 
6/8 Saekviile Street. Piccadilly, London W1X 1DD. 



SWEDYARDS 

SWEDYARDS DEVELOPMENT CORP- 


v" 


T/xfiw the Swedyards Group consists of IS trett-knotm comfwracs 
tt'i tii un annual turnover pH. 200 million Skr. The Group has 
nhoifi 2.2,000 an/diwatBcsu/os the shipyards, sa cral of the 
cm uptimes have more than 100 years experience n/compoueuC ^ 

in pMy to, and construction of. major industrial fmrjccts. 

The Swcdyard Dei eh •pmeni Corporation has been formed to 
develop new business acm tries within heavy industry. 

Sonic of our more interesting pnyjectsmchide prefabricated petro* 
chemical industrial pbnts.desiilimitioniTisiallatioiiSjponiristmla* 
turns tfe. as wcllas their ovnp<meiits. ' 

Wc litive qualified tejiniail project knoU'-Tiou* rtt onr dtrfw'al 
and cooperate, with d number ofwclbhioiLV. companies bouiaC 


home and abroad. The company has great ambitions and because 
of the nature of its activities; considerable demands are made on the: 
capacity of the Staff tofindnewftp^riventinnai solutions. " 

Svecdyards DevelopmeritCoip.hcts gained a foodioldin several ' 
countries throughout thetunidiemdis ac present processing a,. . - 
TKimher of major projects. . .- - ; j- V . . . . V . ■ v. ' 

Alter ourfrcaktJirougfi ontJre^vorlil nunket intR an orJcrford . : 
j^efcuTiicatcd mmnnnuu'/ineapfonr, anew company uritt.be .-.V • . 
Jormai for prefabricated industrial friaries. The company is toe'— 
to market and be responsible fbrbiisincxs contracts and incorfrerfr - . 
Tion with thesuhsidiaries cany outthcpivjcct in question. Wearz 
looking for a . 


- r * r . ' . 



















■who is to be responsible for coordination, organratiort 
and business development in the new company. * 

The right background for this task is: 

- experience of complex business projects 

- experience i ri international negotiations 

- experience ot successliilly guiding a company through, 
the formation phase. 

As the position is both new and demanding, we are 
willing to negotiate tor employment conditions 
according to international praxis. 


Wewouldreqnestinterrated appi'c^tosenil ^ :-V? 
ashortlettEr,asabasis^hitiirscm£a^iDtbfiboaid ; 
before December 26, 1978. ... 

Besides the Managing Directorof the development r 
company. Rudolf Wassberg, the Chairman the Board; 
Director Tor>ten Soderetrom, tel. -f 46 31/22:83 GO as 
■well as die ViceC.hairman of the Board, Prof(Sspr Svea 
OKing, tcL ■ +46 31/SI 01 00, wouldbe pkasedto : 
answer any queries. • . .- -• \ 


Swedyards Development Corp. 

P.O. Box 8922 • S^402 73 GOTEBORG,SWEDEN . 


, international 

r; ; - • ^ -- r - v : ./j 

. (AUSTRAljA) 

RipandinB. AnstniB»n ' tradi» Snaoca 
ordains at u»n . wNcomcx appUeaUam 
from' exparieoerd. ezenmvea for an 
to pa rtact. position located jud . our 
AnatraltaiLJiCBiL office^ . ... 

TWs .appointment would -suK « keor 
person wicb . store 'nnd mednsq lenn- 
-nueriallmai Bnxrtcr backgnuoi -vti 
Ui« abJUrr 10 jnaOtain ud . iflcrfasa 
btnfafcn by client contSct arurp UveL 

Appropriate salary- .■ aad. Sienefia 1 
would xallity sc liable- appfleants. 

Inwrricw* urtll 4»r lirid In -Landai 
in the near future and detailed appti- 
-cation* . *n confidence sbotXd . be! 
directed 10 ‘ Box AJOT, FUJaneJH 
■nines; a, Camum 'Street, JEC4P «BY. 


Investment Research 
Analyst 


Charter Consolidated Limited bus ? vacancy for a research 
analvsl hi th-= li..s- ■ iment Depart mmL Thr, vacancv provides Ihe 
or portcnity lor vnneone with tuna ns'iibiqemenr ambdirins to join 
a rnvsu lemn isible-l’ji dieirM.iageiiienloi botii Iradmg and 
long term ir.ve-.trncnl funds. 

C -2nd: dale:, should ideally be in their late 20'>. or early 30's, 
have pfoi <?•=:■ i onai qualifications in economics or hrvanc e. and have 
gained some e*r»erience wrfrir a fiham:nf ias(i(ubon orsto-jkhroker. 
Detailed knov.'iecqe of specific induslnss is preic-rable to general 
market knov.iE dc-?. and recent eqienence ut North American 
seaurmes -wouir. a particular advantage. 

The salary will be compel) live and conditions ot service are 
attractive. 

Please apply in confidence ta:- 

Peraonnel Manager, Charter Consolidated Limited, 

40 Holbom Viaduct, London, E.C.1. 



This appointment in West London, is with ateading company, supplying plsm't aid f^jour'servfcoa 
to the construction and civJ engineering industries, and <5 wisrifng to expand Its Interests. 

The requirement for a Business Development Director is based on the need to grow either by 
acquisition or by organic growth. - The specific task wiH-be to assist and advise the Managing- - 
Director on all matters relating to the future development of the company and to be response - 
for the co-ordination of the planning and budgeting processes i 

Candidates (male/female) should have a good degree and professional qtatification orflilBA. . J 


experience combined with a keen entrepreneurial judgement 

This post wHf appeal to an able and ambitious young executive who has a specs! interest arid " *■- 
- flair for business development. The opportunity and prospects arwexceptionaf. A five figura - : r? 

stfary can be negotiated in ackfitfon there is an Executive ConkranyCqr. . . " . . . 

Please apply In strict confldeoce to Geoffrey Wilson: ; 


EXECUTIVE PRESELECTORS UMfTED, 
Ibwi V. Professional AManagement Selectlori/ 
VI WJ «a Symons Street, Sloans Square, 

London SW3 2TJ. Tel: 01-730 01 37 . -. 

■■■■EXECUTIVE PRESELECTORS ■■■■■ 


HI 


srai 



EXPORT/PROJECT FINANCE 

The wholly-owned Merchant Bank subsidiary of one 
of Britain’s largest Banking Groups is seeking a 
person of Assistant Manager or Manager calibre or 
status to join its growing and very active International 
Project Finance Division. 

The successful applicant will probably be between 
27-35 years of age, with sound practical experience 
of the operations of the Export Credits Guarantee 
Department and/or sterling and eurocurrency 
lending and be keen to develop as a Project Finance 
Negotiator. 

An attractive four-figure salary will be negotiated, 
together with fringe benefits in accordance with 
status and experience. The prospects are excellent. 
Written applications, including full curriculum vitae, 
should be sent under confidential cover to The 
Personnel Manager. Standard Chartered Merchant 
Bank Limited, 33-36 Gracechurch Street. London 
EC3V OAX. 




Financial Director 


Construction Industry , . - /. 


to£l2yG 


A major construction company seeks a qualified accountanh experienced intba 1 
industry, aged around 40. .foe appointment as Financial Direct or. of their ■inter- - 
national construction division. -The’ successful applicant wouW-Pe reapwBttjfe^ 
the division’s Managing Director, With functional responsibility to the -Bfiaih Board - 
Financial Director. In addition -to the normal duties covering rTOnagemenf.-finSclar ’ 
and statutory accounts, budgete>costing arid cash coirtrolj there . woutd he a need - 
to become involved in the widerareas of fiaison with banks; insurers; EC <3 D ^nd , 
funding sources, and the w&kwcwld involve (airly frequent overseas triad fWoce- - 
tion expenses would be pafld. *■- . ... ; - ; 

Telephone: 01-836 1 707 (24M service) quoting Ref. G9QQ/FT. Reedgxmiuffvv' 
Selection Limited, 55-5&SL4iaT£n'sLane, London WC2&4EA. - ^ : ^;r . 


London Birmingham/ Mancrtestef:'.-.-L5ec? 
















jfj 


IF 










f M *) ] 

pjf tj \ To 6 r;' - 7 7*T TV I H 



k ?? aw ift. ’■'; a ^ j ri ! );*?• r.^3 




' Applicants, ageti-be tween 27-32, most bo quaHfiea accountants who have gained at least 2/3 years' 
^xpeaSonoa^v/ifiiiii a'progressfve ind ostaaTog ca mpex cial environment. They must be able to motivate 
-•iaEf successfully, intiinpcret and' anfiJysaiibiZUicdaJ information, and asrpaxt of the Senior Management 
.taam,pc*itivelY .crattdterte to the company's ccBUgercial development. 

. „ The sucj^sfnlcandidate slicrald be capaHe of dervelopmg the stature necessary for board 
• gp pmntment wi tiaa 2/3 years. ■ ^ 

.Jeer more detailed information craclq-fi*g*agal history form, contact Nigel V. Smith A.C JL or 
HawardAmos T&J&» quoting refmexic* 2331;. ' 

V: ‘ ^:V : ’ ’ '•• ■ ■"*■ Dft/Hon ■ 

_•... . . Ji. ; ; v _V-V . ; \ T^lcsIJ^TjggAssodates Ltd. 

■■■■■■" -‘V . Aecouatancy&^fci^jwqrot Becruihnont ConariUanta, 

-- -.v:- - - 410. Steadd. londdflAVGZH 0N5. Tel: 01-836 9501 
. : " ‘ :-' •■•■ . 121, SL'Vttfemt StoeeUfflupoW G2 SHW.Tal: 041-226 3101 

v=t-7 V*. “3, CbdSeBace; m&amW 2AA.TeL 031-225 3744 




to £7500 


v Fcaj “'the 1 ^UKsybskSary of the world's largest manufacturer and 
distnTautorofrne^ equipment.. 

providing excellent experience in management reporting, budgetary 
-■ control, standard costing and general accounting based on the 
planhadir^taifationof a mrai-c<OTpiiterii?aarty 1979. 

at leas 
en 





Relocation exposes to a pleasant part of ftp Lancashire coast will be pa 
. .. , . ., .- in appropriate tircumstances. 

^ , Imtlal inberyiieyvs vuilhbe held in Manchester and London. 

: : - . please repfyjrrcpnfidence giving concise pasonal and career details, 
:• j- . • a ; . . ^quoting Ref. T900/ FT, to. pi; E. Shellard. 


- . 

. ...? .o. . 


Arthur Young Management Services 
RoBs Houb*,Z.RoMs Buildings 
Fetter Lane, London EC4A 1IML 


London 


.51 nr V... 


to £17,500 


it! eat 


TTti BcianS appointment Is- with a subsidiary company of a fast expanding 
Eng[ne4^ng^Gi^p A^h int€reSts In the-United Kingdom and overseas. 

The . Managing -DTpector will be responsible for a £l5m company' engaged In 
tbe^derign and installation of turnkey projects for cold storage plant and 
buddings in'jdenrand 1 throughout the Middle East. Major objectives will be to 
expipd ;^nd; develop tfe bqsmess to an acceptable level of profitability. 

itf Is -essential » to: have held a senior executive appointment including 
^nttact’Vn^otlatlbn^ and -rite, management of engineering plaqt and equip- 
meBt;in'the liK^ arid preferably in the Middle East. 

Initial remuneration will be negotiable to £17,500 plus 1 car and other 
benefits. " ; ' ■ Vt _ 

Please apply. In confidence, for application form, to D. G. iie Beider, Knight 
Wegensteln Ltd., 75 Mosley Street, Manchester M2 3 HR, quoting Ref. No. 
68194, or tqf. 061-236 W- ; • : - • 


* Executive RecnuTir.orti Consultants 
Management Consultants and Consulting EnginaetV/ : 
London • Manchester Zurich • DussekJorl • Madrid; 

Pans • Stockholm - Vienna • Chicago ■ 


London 


CHlORfDE 


neg.c. £20,000 


The butetandin^ gro-Mh of-the Chloride Croup is one of the business suoce^stories of recent 
years. Today.' the Group' operates in 36 countnes where it employs some 22 .Q 0 Q people, half of 
them in the UX arid has a turnqyer in excess of £300 million. The Group intends to strengtheir 
still funher irs aiready pra-eririnentposiJiori in the'storage and use of f ilencpollduon-lree power 
and this has revealed the need fora top tevel executive to develop lorther the t:™onde Personnel 
■Junction. - . . 

The new 'person will be responsible to the .Chief .Executive end be a mSnbe'r of the Group 
Executive Panel. All person riel politer matters will faH within the brief. The.Group Personnel 
Executive wiU head up.e small Head Office team df specialists and provide^ service to the Group. 
As a . member of several lop-Jevel policy-making .committBes he/she will be expected to contn- 

bute to the. overall business of the Chtoride firouji 

Candidates of the calHsre we are seekIn0.Vrin.be -among the first rank of^rofessionals and -will 
curremlv be -directing the personnel function of a sizeable industrial complex, within an i inter- 
na riowi organlsa uon. Jn their 40's, they will pfobabhr be well qual.tied^cademical!/ and must 
have predict experlence covering rno'stpersonnel matters as well as invoty«nent in the broader, 
JohaprTtenn-?ffHirsof.0wircOPepenies.-... ' - ■ - . ; - ., 

Forlhe right pwson success in.thisdemanding new role could lead to a m^pr general manage- 
'ment position in the future. ‘ 

Salary ^ will b^byjiwdtifltion.and there is an attractive range of other benefits. • ^ 



Pieasa write or ring in the strictest confidence lo>-PhlHj> Plumbley. - 

• ‘PlumWey/Endicott & Associates Ltd., \ . 1 ; 

• Management Selection Consultants, - 

. premier House, 150 Southampton Row, 

• Londort-VVp 1 B 5 AL,Tet: 01 * 27 S 3117 . 


Manufacturing; Company 
in Central London 

Require a 

SALES 

MANAGER 

The company manufac- 
tures costly merchandise 
of immaculate quality 
and has a high reputation 
for its products and 
service. Applicants 
should be in the 35 year 
age group, be able to 
prove past success, and 
to train and control a 
small team of salesmen/ 
women. An .understand 
ing of general marketing 
techniques an advantage. 
The path to a seat on the 
Board and a possible 
managing directorship is 
open. 

Please write, giring full 
details of career and 
experience, to: 

WILLIAM COMYNS 
& SONS 

Coxnyns House. Tower Street 
London WC2H 9NS 



••• H 'i*; V 


Group 

Aucxxntart 

Bristol c. £8,500 plus car 

UBM is one of Europe’s largest builders' 
merchants with interests in a diverse range of 
businesses principally related to the construction 
industry. Recent acquisitions include a number of 
Ford Main Dealerships. With 8,500 employees, 
exports to nearly 100 countries, and a turnover 
in excess of £250 million, UBM operates in a 
dynamic, highly competitive environment which 
places heavy demands on accountancy skills. 
Reporting to thB Group Financial Controller. 

. you'll liaise with senior management in over 
20 separate trading companies and control a 
small Head Office staff. Specific tasks will 
include the preparation of management 
information for the Group Board, producing the 
Group's published annual and half-yearly 
accounts and managing the Group Accounts 
Department An overriding priority will be to 
ensure that operating companies adhere to 
agreed financial and management 
accounting policies. 

Ideally, you should be a quplified Chartered 
Accountant trained in a large professional firm, 
with a minimum of three years' industrial or 
commercial experience and able to operate 
with equal effect at all levels of management 
You must be able to communicate with clarity 
in both speech and writing. Man management 
skills are essential. 

Salary is negotiable around £8.500. The 
attractive benefits package includes a company 
car. Where required, we offer generous 
assistance with relocation to Bristol- now >'«ne 
of the UK’s leading commercial centres. Hi* 
present opening is due to promotion. Career . 
prospects in general are outstanding, and not 
necessarily confined to the financial area. 

Please send a brief resume of your career so 
far to: 

Mr. I.Manson, • 

Management Development Adviser, 

UBM Group Limited, 

Winterstoke Road, Bristol, BS99 7PL 


* \ 1 


PORTFOLIO MANAGEMENT 
OPPORTUNITY 

TRUST CORPORATION OF BAHAMAS UMITED, 
a member of the Roywest Group of Trust Companies 
whose principal shareholders are the Royal Bank of 
Canada and National Westminster Bank, requires a 
Portfolio Manager for its Investment Department in 
Nassau. After a period of orientation, the candidate 
will become responsible for the management of 
individual trust and discretionary portfolios. 

Probably a graduate in economics or business finance, 
the candidate will have at least five years’ experience 
in portfolio management, preferably in the inter- 
national area. It Ls important that the candidate have 
good writing skills, be articulate and have a thorough 
grounding in investment practice . 

Salary, which will be in the region of $20,000, will be 
dependent on experience and ability. Additional 
benefits include housing allowance, annual return air 
fare, and pension and medical insurance. 

Candidates are invited to send career 
information to: 

CHIEF INVESTMENT OFFICER 
TRUST CORPORATION OF BAHAMAS UMITED 
P.O. BOX N-7788 
NASSAU, BAHAMAS 


STOCKBROKERS 

We are a medium sized firm of London stock- 
brokers with a broadly based business. It is our 
opinion that over the next two or three years there 
will be a contraction in the number of London 
broking firms. We have a deter m i na tion to 
survive and succeed and we are therefore taking 
action now to broaden further the extent of our 
business. 

We would like to hear from small firms, group 
and individuals with an established clientele with 
a view to exploring the possibility of their joining 
us in what we consider to be an exciting future 
for those determined- to make it so. 

Please reply to Box A6566, Financial Times, 10, 
Cannon Street, EC4P 4BY. 



DIVISIONAL CHIEF 
ACCOUNTANT/SECRETARY 


Thames Valley 


c. £11,500 + car 

+ benefits 


As a result of promotion this key position has arisen in the Divisional Headquarters of a 
leading U.K. based food group. A qualified accountant, ideally aged around 35 . is to be 
appointed to be responsible to the Managing Director for the effective control oi rhe 
Finance and Secretarial functions which include the further development of accountancy 
systems and the control of legal and trading contracts. As Secretary also of the Management 
Committee hc/she will contribute to commercial decision-making and provide the Division’s 
subsidiary companies with appropriate advice on all financial /secretarial matters. Candidates 
should have relevant experience in a large manufacturing/marketing environment, the 
ability to motivate staff and the personality to liaise with executives of all disciplines at 
every level. ^ 

Applications to Miss Marion W/T/iams 

Reginald Welsh & Partners Limited. 

Accountancy £ Executive Recruitment Consultants 
123/4 Newgate Street. London ECIA 7 AA Tel : 01-600 83S? 


Managing 

Director 


The company, part of a £75m. engineering group, is the UK market 
leader of specialised products used by automotive manufacturers at 
home and abroad. It has a profitable and expanding turnover and 
employs 400 people in factories in this country and France. 

The Managing Director, who will take over from the present 
incumbent when he retires nextyear, will be expected to continue the 
expansion of the company in the UK and Europe. 

Candidates probably graduates should have had general man agement 
and profit responsibility in an engineering environment. 

Salary and commission linked to the company's performance will be 
around £15,000 plus car and usual benefits. 

Please telephone (01-629 1 844 at any time) or write - in confidence - 
for information. David Bennell ref. B.8464. 

Tms aplwaauiu is open to men and nvmou 

United Kingdom Australia Belgium Canada 
France Germany Holland Ireland Italy 
New Zealand South Africa South America 
Sweden Switzerland U.SA. 

International Management Consultants 

Management Selection Limited 
1 7 Stratton Street London Wl X 6DB 


Senior Securities Officer 
(Unit Trust) 



Hong Kong 

• 25 % gratuity on salary 

• Free medical treatment 

• Free passages 

• Low tax area 

Applications are invited Tor app oin tment as Senior 
Securities Officer (Unit Trust) in the Government 
Secretariat, Hone Kong. The-succesrful candidate 
will be responsible for the application and enforce- 
ment of the Hong Kong Code on Unit Trust and 
MutuaJ Funds, and processing applications for 
authorisation of unit trusts and mutual funds. 
Applicants should preferably be over 32 years of 
age and must tuve (a) an honour; degree prefer- 
ably in Economics, Commerce, Business Adminis- 
tration or Law from a British University, or 
equivalent, plus at least S years' post -qualification 
experience in a bank or a similar financial institu- 
tion, including at least ^ years' senior executive or 
managerial experience in the unit trust or mutual 
lund field; OR (b) Corporate membership of ( 1) 
Institute of Chartered Accountants in England 
and Wales ot Scotland or Ireland. u> Institute of 
Municipal Treasurers and Accountants, or (5} 


Up to £12,750 p.a. 

• Generous terminal leave 

• Subsidised accommodation 

• Education allowances 

• Holiday visits for childrea : ' ‘ 

Association of Certified Accountants, plus at least '*• 

5 years' post -qualification experience in a bank or".-. 

a similar financial institution, including some'-... 
senior executive or managerial experience in the' ‘ 
unit trust or mutual fund field. Candidates w ho do 
not have the full qualifications stipulated above but ' ■ . 
have considerable relevant experience may also 
be considered. 

The appointment will be lor an initial period of r I-’. 
years. The salary scale is from HKS^.sip to HKS '.’ 
lo.ioo jct month (approuxnaiclv /,! 1,71)0 to 
jCi 2 , 76 op.a. - ). . : 

For further information and application form. * 
write to the Hone Kong (.fovcrnmrnr Office. - 
6 Grafton ^Street, I jjiidon WiX 3 LB. quoting 
reference CSS SSOfUTi at the lop of your Idler. 
CloMna dale for application. ^ihjanunryi gjy. 

• titled wi AU'/ionqe t a HKSy 50— £1.00. 

This rvu if subject to Jivljutiou: 


Hong Kong Government 


Jonathan Wren 




. >, y *• *- v . < _ _ 

1 he personnel consultancy «.!<. .i!i iv; cwlu-ivelv « nil the Kinking j 


BUSINESS DEVELOPMENT 

INTERNATIONAL BANK - LONDON 


We are seeking two or three young executives to help expand the 
commercial and industrial banking activities of our client, the London 
-branch of a well-established international bank. The bank's existing 
and target customers are based throughout the U.K..-and comprise not 
only industrial and commercial concerns but also international 
companies. The bank has a long- established reputation in inter- 
national finance, and close links are maintained between London and 
Group offices around the world. 

Candidates, preferably in the age range 25-35, should be looking to 
exercise their judgement and undertake responsibility. The division of 
work amongst the new members of the team will depend on the 
experience of file candidates selected. However, a strong background 
in one or more of the following fields is required: lending to U.K.- 
based industry (preferably with knowledge of the medium-sized as 
well as the large companies) ; international trading and commodity 
finance; and ECGD. AH candidates will need to have good credit 
analysis experience, and client contact experience Is desirable. Some 
knowledge of French would be useful. 

Salaries will be negotiated according to experience, and will be most 
attractive. There is also the usual range of fringe benefits associated 
with a first-class banking institution. 

To discuss these appointments in the first instance, in confidence, 
please telephone BRIAN GOOCH 


170 BisliopBjjate London LC2M 4LX 01-623 1 266/7/$/ < > v 


\m i 







:Kiiandal v T3nMte-- 


1 k fife 


Accountant 

International Pharmaceutical Marketing 



The Industrial Division of The Boots Company is responsible 
for the Group's world- wide interests in the research, develop- 
ment, manufacture and marketing of pharmaceutical, 
agrochemical and consumer products. 

The Pharmaceutical Marketing organisation of this Division 
requires an accountant to assume responsibility for all. 
accounting aspects of budgetary control, the provision of 
financial information to management, general supervision of 
the finance function within the Company's overseas subsidi- 
aries, consolidation of their results and the development of 
financial management systems. 


The post will appeal to candidates aged 28 to 35, preferably 
Chartered Accountants with broadly based experience in 
industry/commerce. A background which includes exposure 
to international trading activities would be advantageous. 

The commencing salary for this key position is llkejy to be 
around £8,000 per annum. The post is pensionable and the 
Company operates a profit sharing scheme and win provide 
generous help with relocation, where appropriate. 

Please write with details of career to date to; 

J. L Muncey, Recruitment & Development Manager, 


OJA 


RECRUITMENT CONSULTANTS 

35 New Broad Street, London EC2JVI 1NH 
Tei: (31-5SS 35SS or OT-5SS 3575 
Teiex I\la.38737' : l 


£7,500^^0,000 

• • Income- .Tax^5^r 


FAR EAST - meomv.ia* 

MAJOR MULTI MILLION POUND INTERNATIONAL TRADING GROUP 

We invite applications from qualified accountants (CA. .or\.A.C* )• aged 22-26: Thjrs'uaeK^ 
rwponsiblc to a Chief Accountant. Responsibilities w»H cwef a wide range of- commercial Kcmmont ’ *eti 

forecasts, analysis, interpretation of accounts and meeting- right deadlines and era ^ ,ni V r J ^^5^ h A h D d.2»i?imisc;^av«: 
may develop. A thorough familiarisation training fn the -Group's, method of operation will 6e pro* def. Cand - , 

sufficient polish and be capable of developing a. high Jevelof. commercial initiative -10 reach ultimate- top . 

remuneration £7j500-£10W» by way of salary and bonuv. tricorne tax \5% + 

6 weeks' annual home leave -p' leave air passages. Applications- In. strict confidence under reference, EA3902/F1U to the ManagH^ 

Director: CAMpBE11 _j OHhKTON ASSOCIATE -(MANAGEMENT RECRUITMENT; COhBULTANTSj; LIMITER, 

35, NEW BROAD STREET, LONDON EC2M 1 NH-TELEPHONE 0 1-583 3588 or tH-588 3576. -TELEX SS7374. ' ' ! ; . 


The Boots Company Limited, 

Head Office. Nottingham, NG2 3AA. 


RESEARCH AND DXVELOPMEMT. IWYES- 
n G ator for aost in Frwwort. Sajama 
Islands. Most have hack around In 
elKtnxficminry and eteciricii enameer- 
tn* and be ea*MHe at eamtaotna 
research In present sUte-Of-Ui e-art ana 
laboratory experiments an batteries, fuel 
celts, OC motors, controllers, chargers 
and other Items or electric proonldoo 
systems. Multiple research projects win 
be handled simultaneously «.th proa/ ess 
reports produced on a contlnulmi bans. 
Send complete resume to Box A. 0573. 
Financial Times, 10 Cannon Street. 
EG4P A8Y. 


Senior Corporate 
Lending Officer to £12,000 

Marketing to major multi-nationals in Britain 

Our client is one of the largest European banks — one of the world's top 10, 
and now has a vacancy for an experiencedLending Officer at it's UK head, 
office, in the City 

You would be responsible for marketing the bank’s full range of facilities 
to a portfolio of alaout 50 of the largest foreign owned multi-nationals oper- 
ating in Britain. You would also be expected to be alert to other new 
business opportunities. 

In view of the importance of this position, the bank seeks a graduate 
from a top University who has gained at least 4 years banking experience, 
which must include a period as loans officer; and will ideally include 
e.-qperience in Credit Analysis. The ability to speak French is desirable and 
will enhance your prospects for further promotion. The bank offers a 
competitive range of benefits and win take over an existing loan and 
mortgage if necessary. Tb apply, call John Sears of Summit Management 
Consultants Limited on 01-580 3536. 


Financial 

Controller 


c £11,000+ 


We seek a Controllei; able fo ad as 'a foil' to the Managing Director, for ihe £2 million 
UK modeling off-shoot of o substantial US manufacturer of top quality, premium priced, 
consumer products. 

There are three' mo|or tasks; manage financial affairs and produce computerised financial 
and management accounts; contribute to policy-particuloriy pricing ancf discounts-ond control, 
ading for the M.D. in his absence; and provide secretarial and personnel services. 

Ideally we seek a self-starter, a qualified accountant wish line experience of financial 
monagemenl in a branded consumer goods company. Knowledge of computer capability, 
a broad view of business and the ability to provide competent administration are dearly also 
important. 

Benefits indude a car. performance related bonus, pension, BUPA and help with removal 
expenses, if appropriate, to a bass in ihe North West Home Counties. 

Please write, in strid confidence, quoting Ref: 630 and giving brief details of age, 
experience, qualification and current earnings to; 

CB-Linnell Limited 

8 Oxford Street, Nottingham 
MANAGEMENT SELECTION CONSULTANTS 
NOTTINGHAM • LONDON 


DiscountMarket .. 

SCOTLAND 

Tke Union Discount Company of London Limited 
is seeking to recruit a deputy to its representative 
resident in Scotland. 

The successful candidate will be aged between. 
25 and 30 and qualified in banking or accountancy. 
Experience ot the London Money Market, 
knowledge of the provision of finance through bills 
of exchange and a thorough grasp of the law re l a t i n g 
to bills of exchange will be an advantage. 

The candidate will be required to reside in. 
Edinburgh and will be expected to contribute to 
the success of the business through a general 
knowledge of commerce and industry in Scotland 
and bv'beina: an active participant in the life of 
the City. 

Preliminary interviews will be conducted in ' 
Edinburgh or London. 

Applications with curriculum vitae should be sent to: 
MJ.P.Healv.Esq. 

yyj The Union Discount Co. of London Ltd, 
24aMelville Street; Edinburgh EH3 7NS. 

The Union Discount Company 
of London Ltd 





j f r — \ 

j | 



J . 




c. £14,000 - £l8 3 000pi3, 


We ' are re huned ;T> y ifiaico Real S.A. to fill two 

their rapidly expand&g London office. The posts'wili principally ber’etracerawt 
■with. Trade between'South America, Europe and Africa, ^ y * - T V -Lv,> 

The Senior position- o£ Manager wili- appeal .to an indwidualwitli a-dSssrc- 
banking career ■who can' bring extensive and de tailed international bffltfcijig’ skills; 
to the appomtmesntrThese wiiL includfc the .design- aiid -implenientatioa- Dt; 
relevant and securer /product packages within 'the 1 business, area. Thb-postiott- 
de mauds candidates 'pit substantial relevant exp erience nndThe iemuhe ration' 
reflect this. 

Whilst both porifiibns are market orientated the position of &astaiit 
will require inare freqvient overseas marketing trips arid ip^y^:haiik. ! recard, hit 
this area is esserifi^Marketing skills will inno way displace, ihejaeeji far-risoued:' 
technical- bankiogr'backfiound. ' “ . ‘ ~r :: ; -y,y.‘ ; 

Please send fuUdlrncuhim vitae to gangster- Sear so n-JAm itcd.Jst Flo or;; 
Unicentre, Lords W(dk;PRESTON, Lancdshire. QuQieref: Mil. 2+9/3* *'»: ■*-. 

(This vacancy Is openitqhule and female applicants.).. .- ~ '-7.-? 


Sangster Pearson Ltd. 

Recruitment and Selection Consultants 

Un- centra Lords'- Walk’.'Frestor.Tel (0772 > 2 1072 



Financial Controller; Gulf Area . 

Qndu-Key & Knurter Dfv/si* Bouw BV isihe building divmori of Cjoriu-Key & Krapipr'Wy of th»/ -• 
Netharlandi. Trio Bui Wing "Division is a specialist camractorin iwfing-and^addih^-wlm^j.'waur'-- 
proofing and other spaexaiitt work, using mater iais manufacuured by its sister. cqmpamesih.tSi gfpup^y ;. 7 
or bought from a wide range of suppliers worldwide.' r'- .’•'O - ‘ 

The Contralla^if required for the Guff area operating as CKK Middle -Em-l^diLimrutf based.bn^ ^; 
Dubai UAE. To be responsible to the resident General Manager for the finanorig, finmeiai account - 
and cost accounting^ and also' for secretarial, legirf,^ contractual, personnef and genacai admini stritiorj 7 
ckities for the whole Winass, which has turnover in thtrange of fiSm. growrng. The person shoulil^C ; " V. ■ 
a Qualified accountant. have relevant experience' at this level, arKfpnafBraUy : be f-arriiTlar. witii buHding .. y 
contracti ng work. . - .. . ■ ■ 1 .- “ -" j T 

Salary, will be in the Tange 8,000-9,000. Dirhamsper month tax' fnm pips free hputin^arid'.cpmr -.C: 1 
parry car. initial contract minimum two yaars, with- longer tariti prospe'ett. Preferred ago 30-40," ' - : 

single or married wrthbut children. Duties will .include regular travellinfl’ThrpusiHout thf ar^rfndutfiFijf-^* 
Jeddah and Dammaml interviews will taka place In England but the suirasaful candidtte woukfjeciM ,r~\ 




INTERNATIONAL INDUSTRIAL 
ECONOMIST AND CONSULTANT 

Chose Econometrics is a subsidiary of The Chase Manhattan Sank. 
NA. engaged in economic forecasting and consulting on a 
commercial basis. As a result of ifs European expansion programme, a 
high level industrial economist and consultant is now required to head up 
European services directed at the raw materials industries. 

Based in London, the job will require the development, marketing and 
execution of consulting projects as well as contributing on European 
conditions to the Chase Econometrics regular industrial forecasts. 

The successful candidate will be a self-starter with an outgoing 
personality. He/she will have substantial knowledge of the basic raw 
materials industries, experience in economic analysis and consutting, 
and outstanding speaking and writing ability. Foreign languages are an 
advantage. 

Remuneration win be exceptionally attract hie for the right candidate. Write 
enclosing CV and salary requirements, or telephone 

Robin G. Adams, Vice President - Industrial Economics 

Chase Econometric Associates, Inc. 

555 City Line Avenue 

Bala Cynwyd, PA 13004 USA 

(215) S36-4S40 




RETIRED OVERSEAS BANKER. Acc S< 
FluC1l Ftflii-h SciT-'' in ciP-.tino. rcssan- 
jible lull or pin-timi! isa. C-m frnol. 
w.in cion dr.v.nv l.rcntc. Anv Wiunr 
c*tcr *on--i,u.r ert W',:t Box ft 6S72. • 
F.-unral Time*,. 10 C'r..ion 3;r«!, £C4P i 
4BY. ; 


PENSIONS 

CONTROLLER 

ASSOCIATED NEWSPAPERS GROUP 


London 


Senior Appointment 


A successor is required to the Controller of Pensions. 
This appointment involves an overall management res- 
ponsibility for this Group's self-administered schemes 
currently funded by investments valued in excess of £60 
million, with S.000 contributing members and 3,000 pen- 
sioners. The funds are under the control of Trustees who 
require the Controller to ensure the implementation by the 
Investment Managers of the agreed Investment Policy and 
an efficient control of pensions administration. 

Thorough experience in these matters are minimum re- 
quirements coupled with an understanding and application 
of new legislation and practice relating to pensions. 

Remuneration and benefits would be commensurate with 
this highly responsible appointment. 

Please reply with full details to G. I. Howell, F.C.A., 
Carmelite House, London EC4Y OJA. 


at the address below; 


;.J!M0DfTY 

Ablingron, Circnccster, Glos. GL7 5NY ; - ; 77 yi : < \ ,- J \\ ^ 


APPOINTMENTS 


ADVERTISING 


ALSO APPEARS 


TODAY m, 


ON PAGE 31 


THE HONGKONG 

V BANKING .CORPORATIpis i J. ,- » 

^ REQUIRE AN ACCOUNTANT 

for their Manchester Office. The ^Ccw^uf.appHCTnt/wni. 
probably be .in bis/her mid- thirties with AIB qualification and 
atiieast 10 years experience in ba akingirtHo/sl^. slioiiia 1 . Bayp^a 
good working knowledge -of both domestic- and IjatemationaX 
banking. .. V. - 

The tasks of the Accountant include -control of ail the - account-: 
mg functions, including the comp at er, recruitment arid-trainkig 
of stair, devising and implementation of systems and business 
development ... : - 2 - - • 

TMs is a first class opportunity for an. experienced ^Banker =to 
join an international bank in an mqaamlmg situation which will 
provide unique career opportunities. . • - . 

Salary will be generous, dependent itpon . qojdiflcaticnxs and- 
experience and there are- good fringe benefits.. 4. ‘ 

Please apply rn vrriimg toe .. - • 

The Manager, . ^ , ; 1 ■ 7 ‘ 


p \i » » » l 





to be responsible to the Director of ihe Parent Company. 
Harrods Ltd, for the contro! and luanii^encnl of this small 
but independent banking opera! ion. The successful applicant 
will he someone in hi e /hcr Sfi's or wrly 4D‘s with at least 
five years* successful management experience in commercial 
banking, preferably with a professional hanking qualification, 
rind with the adaptability to work -in the environment of a 
large department store. 

Salary according to experience and qualifications. 

Applications to the Company Secretary 
Harrods Lid.. Knighlshridgc. London. 5W1X 7XL. 


Financial Accountant 

c. £10,000 

Our client, a major international Finance house, is 
looking for a qualified Accountant for their Group 
Financial Accounting team. 

Reporting to the Manager, the successful applicant will 
be involved in monthly reporting on the financial results- 
and the reviewing of accounting systems together with 
the group statutory accounts. 

A knowledse of the banking/financial sector v/ould'be 
sn advantage. 

There arc excellent prospects in the Group cither in 
the UK or Overseas and the total package could well 
be in extet; of £i 0.000. 

Pleaic reply in strictest confidence quoting Ref. 501 to: 

D. W. Clark, A.C.A.— Consultant 


David Clark Associates 

\r// Vr“tr/ '• ... 

Ir/ Wl“7 ..4;hfew Bridge Street, London E.C,^ 4 013S313S7 


FINANCIAL SERVICES 

Initial Salary Area £6,000 

Aged under 30 

A small well-established Company is looking to 
expand its team of executives. Experience in 
associated fields a particular advantage. Con- 
siderable .scope for advancement and full range of 
benefits offered. 

Write with experience tn date to Box A.6571, Fin an rial Times, 
in. Cannon Street, EC-4P 4BY. ' 


LEADING FRENCH ^ 
BANQUE D’AFFAIRES 1 

We require an English graduate aged 24-28 , with 
at least 2-3 years 1 merchant banking experience 
to join the international division of the Bank. 
Initial employment would probably be in the U.K. 
subsidiary of the Bank in the City, after an 
introductory period in Paris, but future career 
prospects would include working in the Bank’s 
head office in Paris or in the Bank’s growing 
international network. Candidate will be expected 
to be, or rapidly to become, fluent in French. 
Remuneration package will be negotiable, 
commensurate with experience. Applications in. 
writing together with curriculum vitae to: 

Box F.1075, Financial Times, 

10, Cannon Street. EC4P 4BY. 


de Zoete & Bevan 

de Zoete & Sevan have a vacancy in their active Money 
Department. Apart from dealing, the successful candidate 
will be expected u» advise and comment on alL aspects ot 
the money market, including likely movements of interest 
rates. Previous experience of dealing with Local 
Authorities would be an advantage. 

Replies in strictest confidence to:— 

J. C. Cowley, de Zoctc & Bevan, • 

25, Finsbury Circus, London, EC2M 7EE. 


WTm. 


Olympic Holidays Limited, Britain's leading tour operator to 
Greece, require a Chief .Accountant to .he <baad"in their 
London office. . - 2*; T: 

the position requires a qualified, expeririaced accountant with 
a managerial ability to. be responsible for the total accounting 
functio n of the c ompan y, preparation of management accounts 
and information, statutory accounts aiuf liaison with our Athens 
office.- The successful' applicant will- be directly responsible to 
the .Finance. Director. ’ : : . V • 

This is a verr demanding but rewarding" position inW‘e*pand- 
ing company and opportunities- exist far personal prowess. The, 
company s accounting and operations svstems are' folly-, 
computerised, y ■*- - _ .. ■ 

Sa^7j w iH be negDtiahle'tiS.OOO plus, profit.ahailng sriieme 
and- fringe benefits, including generous, travel -concessions. .V 
This is a challenging position and demands top.gradij! appUcants. 


Please send full details to: 2 ~ ? y? .- .y; ' j 

Wr.W. £. Dyer. Finanee Direfihr f 

Oli-aipic Holidays UmitlBCyyyy: 

24/28 Qaeensway,. 

T^mlftn \V2- SR Y . : V . r" : S v- ^ 


wiyuipic LUmiea, ' ; 

24/28 Qaeensway,. -V • - 


London W2-2RX. 




rr-iyn, , iT,T.v"T l 










"RAW MATERIALS and AGRICULTURE 



Coffee market tumbles on 
producer selling rumours 


*T RICHJUtb MQONEY* 

SIGNS ’ THA,T^:. ;j>rbducers* 
attempts to bbisrtei .wori<t coffee 
prices may ''bfe ^breafcifijr down 
triggered a dramatic “shake-out" 
in futures mairfcdts /yesterday. 

A beany overnight fall, in New 

i .York was followed: ^through in 
London . where the . March posi- 
tion sank Jo H^SOjsfrtonne jit 
one.: stage..-, before . ending £80 
lower : oil, the . day at ,jEI^Q7.5 a 
tonus— the lowest level for four 
TOOPtbS.. f- . 

. ; v Theijsrew- .'York falL^anne in 
late trading on TuesdajKniftht 
When a leading trader; Who was 
believed .to -have been buying on 
behalf v of:. .-producers .recently, 
became a heavy seller: ..Ibis 
forced the market downthe per- 
missible daily- limit! .and when 
trading was baited a long queue 
of potential sellers were still 
awaiting their opportunity to un- 
load their holdings/:;- . -' 

This situatSon was reflected on 
Gje London market where nearby 
positions opened '.nee rty- £100 
lower. And' prices fell still 
further when a London trader 
who was also thought ;to have 
been acting for. producers was 
seen to be selling heavily. 


COFFEE 


-MHSM- 
- fITBKfS - 


JUN JUL AUG SEP OCT NOV DEC 
1978 


The decline prompted the 
usual spate or rumours which 
included reports that the El 
Salvador coffee chief was resign- 
ing, that the U.S. Commodity 
Futures Trading Commission was 
investigating transactions by a 
Swiss company on the New York 
market, and that the New York 
Clearing Association was plan- 
ning to increase margin require- 
ments. The last two rumours 
were quickly denied, however. 

More credence was given to 


reports that the "Bogota Group" 
of. eight. Latin -American coffee 
producing countries, which is 
-said to have u support fund of 
$140m available to keep up 
coffee prices, might be breaking 
up. 

This was given some substance 
yesterday when Guatemala 
accused Mexico. Costa Rica and 
Colombia of violating an un- 
written agreement not to sell 
new crop coffee before' January. 

London -traders said this came 
as no surprise to them, hut a 
spokesman for the Colombian 
coffw industry was quick to 
deny the charge. 

hi Rio de Janeiro, meanwhile, 
coffee trade sources said the fall 
.in world prices would make it 
more difficult for Brazil id main- 
tain its current Arm export 
policy. 

They skid the growing gap 
between lh e country’s minimum 
export price of $1.60 a pound for 
January shipment and market 
levels is making the Brazilian 
price increasingly unrealistic. 

Other Rio traders thought, 
however, that the price fail would 
strengthen Brazil’s resolve to 
maintain the export minimum. 


Compromise in wheat pact talks 


-At# nfratftm. hqs. given the slow- 
- -««-»« - '<rt>the-'l977 


' . By OUR COM4Qt>mES STAFF 

THE EUROPEAN' Commnnity < 
and the -U.S. Government, have ! 
drafted a compromise jptim'-Avhich i 
could " lead' to- final setSeraent of i 
the arguments overYthe new i 
International -WbeAfc A®«einent ] 


sieBcuw® 

ff Area^ 


A meeting in' .Gbnaya next 
week bfettveert : 12 ■ kps wheat 

’Jrtne^Bexi^y eaj^to' ratify ***** ex por^ g^poup- EEC liad agreed, to -hold a maxi- 

tries^wiU assess WWgg* of mura of 3 ^ m tonnes in iu part 

- Tea eiporterS and six import- of the internationai stockpile and 

n^f:doantaeff;bave ;sfID not won m .*?* of the. breasmrougJi. ^ey c j aimed the -g g; ^ad provi- 
ffijil approval from their- Govern- Sources in Washington said sionally accepted an allotment of 
meats. . that- "the main protagonists had Sm tonnes. 

^MeanwMTe Colombia bas suh- agreed provisionsdly' ^to start 
nutted "a request to joint ' the setting grain aside intoistockpiles _ _ ■■ 

International Sdgar Agreement when the world prieeW to $140 Proposals 
next year- . - : - a tonne and begin' releasing the 

.But. officials are said to be reserves back 'on to! fie-Tmuket The proposals are to be put to 
seeking a .higher export quota vfeen the price climbed^back to informal gatherings of negotia- 
tban .the- 70 JKW tonnes it. was. 3215 a tonne. - - * tors from interested countries, 

' offered fo^ntis-year. It was also reported that the including developing nations, 

-y No decMon on tte_ application u^. had agreed to hold np to 5m before the meeting of the Wheat 
• or ne&o.nation of its basic export tonnes of wheat in "reserves com- Council Interim Committee 
tonnage, likely, before next pared -with its last offer^of 4.7m planned for next Tuesday and 

SrtittblSJMteTdaythe EEC tonnes. 'Tho EEC’s .share had Wednesday. 

Commission;' -cleared 5U0Q Jjjjf „ niBd * om . ^9* 3m Reuter added from Washington 
tonaes>)t wBlte sugar for export lonnes *. ' : that the EEC had told the U.S. 

at itl weekly .tender. Maximum . .Total reserves, wbich wiH hot that it would reduce import 
export " subsidy was down at impinge on strategic "or; normal tariffs on supplies of beef. 

uititr of. account per. 100 trading stocks, would be^25m to poultry, tybacco and canned fruits 

kilos compared. with the .25 -355 ua , 30m tonnes worldwide. from the U.S. as part of the over- 

maxtimunTgranted- last week. r : ' Sources in Brussels added that nlLjniultilateral. trade negotiations 

, 1- -V ^ m ; ' - • ■ 

V : • • - r V. 

COMMODITY MARKET REPORTS AND PRICES 

H i tij'-UdlT^PjfrT'C! ' •' 94.5. 94, 33.5. Afternoon: Wrehars. cash TIM— Lvtt ground after forward metal 

. DAoJCf 'MXlrA/lJLO XT77. three months £792. 92.3. 92. Kerb: bad held steady In ton morning, picking 

• t .. j- WIrtfari. Uiree months £7K-S. 92. 91JS, up from Cf.Wfl lo X7.WW. In Ule afier- 

COPPSR^^: , i.timiy- .(Bi'. the London 9L 90.5, ». fit-- noon, with sterling; stronger, the price 

Hold EMS*s8fi:*ft£C> Heady st4rt "when - ' ■ _____ ... . began to fall and moved mtder IT.000 in 

forwaht ihitteZ ' moved -' W from £792 to l, a.m. +"or| p.m. |+ or the second ring- ThLs brought out smp- 

£T9«5 amI OTi«rPd'i»«ld,Xwb-way tiiistDess C0FE8R OtQdal | — I Unofflr-ial — - loss soUing which. aBied with U^. selling 

in rhe'wkLnm ^Bnt^aieflers evenruaHy agauut ptowcal business, depressed the 

OTetfcmbuued gad, wfth : Coree® lower and I £ £ £ £ price to £5.905 and a dose on the Kerb 

. the rtoUai-- WIrebarw-- - of..£MlB. Turnover 1.450 tonnes, 

the and *. dose on Cash 7BO-.5 +3 776 .5 +1^ r - ' — — j. a ri — — . Vr 

aa ? ■■**** v»cr r - “"•sassiwii’- :t ^ 


countries undertaking to hold 
stocks would be obliged to buy 
in only half their total obligation 
when world -prices fell to $140 a 
tonne. The rest -would be stock- 
piled -in stages if and when prices 
fell to $125 -a tonne. 

Tbese sources -added tb*t the 
EEC had agreed to -hold a maxi- 
mum of 3.3m tonnes in its part 
of the international stockpile and 
they claimed the U.S^ had provi- 
sionally accepted aq allotment of 
Sm tonnes. 


Proposals 


i ; ;> \ 'r;g ; - 


The proposals are to be pnt to 
informal gatherings of negotia- 
tors from interested countries, 
including developing nations, 
before the meeting of the Wheat 
Council . Interim Committee 
planned for next Tuesday and 
Wednesday. 

Reuter added from Washington 
that the EEC had told the U.S. 
that it would reduce import 
tariffs on supplies of beef, 
poultry, tifbacco and canned fruits 
from the U.S. as part of the over- 
ulUnultilateral.trade negotiations 


in Geneva. 

As news of the advances leaked 
out the EEC Commission announ- 
ced that it planned to restart its 
regular export tenders for wheat 
to Latin America which had been 
stopped after the U.S. com- 
plained about the level of export 
subsidy being paid. 

Officials hastily added, how- 
ever. that no action was likely 
until the new wheat agreement 
talks were complete. 

The Commission suspended its 
weekly tenders far .the area so 
officials could assess exactly bow 
much Community grain was be- 
ing shipped into this “tradi- 
tional " UB. market. 

Brazil is the predominant im- 
porter from this area, zone four, 
and wheat Board director, Mr. 
Henri Guitton, told Reuter yes- 
terday Brazil wanted to buy 
Frennh wheat again next year. 
He believed the tender suspen- 
sion would he lifted possible in 
January. 

EEC sources said a specific 
tender for Latin America was 
being prepared and a resumption 
was likely at the end of this 
month or in January- j 


Pakistan 
bars export 
of cotton 

By Chris Sherwell 

ISLAMABAD — The Paki- 
stan Government has imposed 
a ban on the export of raw 
cotton to ensure local textile 
mills receire adequate supplies 
at economic prices following 
this year’s poor crop. 

Suggestions made in late 
October that this year’s crop 
might be less than 3m bales 
caused prices on the cotton 
market to shoot up 25 per 
rent from R400 to R500 per 
maand (about 37 kilos) where 
they now remain. 

Acknowledging yesterday 
that the crop would be 2.8m 
bales against an original pro- 
jection of 3.6m, Mr. Mian 
Zahid Sofraz. Pakistan's com- 
merce minister, announced 
that the Cabinet's economic 

committee had slopped the 
purchase and export of cotton 


tion *(CEC) with immediate 
effect. 

- In "addition, the CEC, a 
public body which is the 
country’s only buyer of colloq 
for export, has been ordered 
to sell to local textile mills 
100,000 bales which it already 
holds..: The CEC was expecting 
to export at least as much as 
the 575JMM bales It sold last 
year. 

Apart from guaranteeing 
supplies to local mills, the 
Government’s move is 
designed specifically to bring 
down the cotton price. This is 
intended to preserve the profit 
margins or the numerous 
textile mills which the Govern- 
ment is trying to revitalise. 

The Government also wishes 
to encourage more manufactur- 
ing of cotion goods. While 
raw cotton accounted for some 
12 per cent of Pakistan's 
merchandise exports by valne 
in the first half of the 1970s, 
cotton yarn and cloth made up 
almost 30 per cent. 

• A six-man official delegation 
yesterday left Pakistan for 
Kabul on a three-day trade 
mission to Afghanistan. 


POLISH AGRICULTURE || ^ 

Subtle pressures on 
I? private farmers f 



Danes plan 
pig boost 


8y Hilary Barnet 

COPENHAGEN — The Danish 
pigmeaf industry plans to in- 
crease output by 3 per cent a 
year, and exports by 5 per cent 
a year over the next five years, 
according to a programme pre- 
pared for the EEC. 

The programme will form the 
basis for the EEC’s support for 
investments in the meat-proces- 
sing industry. 

Further details of the report 
will not be released until 
January a spokesman for Ess- 
Food, the bacon factories’ export 
association, said yesterday. 


THE STATE of the harvest and 
the mood down on the farm ore 
perpetual worries for Poland's 
foreign trade officials as they 
struggle to work out ways lo cut 
imports and bring the balance of 
payments back into the black by 
1980. 

This year’s grains harvest of 
21.3m tonnes is variously 
described as “the third best 
harvest since 1970“ or 800,000 
tonnes below plan. It was 
certainly better than last year's 
crop which forced Poland to 
import 35 per cent of the grain 
and feed it consumed last year. 

Even so. Poland is still budget- 
ing to spend SLlbn on grain and 
feed imports in the current 
market year which runs from 
July to June 1979. This is a size- 
able chunk of the $7bn which the 
nation expects to spend on hard 
currency imports next year. 

Thanks to the rapid build-up 
of industry during Ibe 1970s 
agricultural production now 
accounts for only 13.7 per cent of 
the national income. But meat 
queues and food shortages anger 
consumers and are politically 
fraught. Hence the anxious 
officials waiting for the harvest 
results. 

This year rain at harvest time 
made the grain damp and caused 
losses of around 1.5m tonnes or 
6.6 per cent of the crop. Harvest 
losses are usually in the region 
of 3 to 5 per cent. 

The fact that 250,000 acres less 
than planned were sown for 
grain this year cost another 
300.000 tonnes. 

To make up for this the 
potato crop, important as fodder, 
was good and probaby well over 
the cautious Ministry of Agri- 
culture estimate of 45m tonnes. 

Despite the improvement, 
Poland has again applied to the 
U.S. Government Commodity 
Credit Corporation for a $500m 
loan for grain purchases in the 
States— the same amount that 
was received last year after x 
poor harvest. 

So far only $200m has been 
assigned but the Polish authori- 
ties hope to buy around 5m 
tonnes from the U.S. in 1979 

The harvest results and the 
fact that the animal population 
has. after a long drop, climbed 
back to near 1974 levels, bring 
hopes that meal supplies will 
grow in the coming months. 

But agricultural economists 
stress that meat demand can 
never be satisfied by farmers at 
the present 1960 retail prices. 

Attempts to raise meat prices 
have provoked strikes and demon- 
strations twice in the last eight' 


BY CHRISTOPHER BOBINSKI 

years and there are no indica- 
tions that anyone at present is 
thinking of risking a general 
price increase. 

In June, however, the Govern- 
ment introduced special shops 
where meat is available at prices 
60 to SO per cent higher than 
in the normal shops. According 
to official statements 8 per ceot 
of consumer supplies are sold in 
such shops. 

Agricultural performance In 
Poland is determined by more 
than just the weather and the 
price of meat in the shops. 
Poland is unique in the Soviet 
bloc in that just over three- 
quarters of the arable land is 
farmed privately. 

Thus the way that the Com- 
munist authorities behave 
towards Poland's 3.9m farmers, 
who have never forgotten 
attempts rii the early 'fifties 
to collectivise ihe land, is an 
important factor. 

One aspect is the price policy 
that the state pursues towards 
the private sector. The drop in 
the animal population which is 
causing all the shortages started 
in 1974 because pig production 
ceased to be profitable for 
private farmers. 

The poor harvest in 1975 made 
things worse but it was not until 
the slimmer of 1976 that the 
prices paid to farmers were 
raised. 


Policy 


In contrast the authorities 
acted more quickly this year 
when pig production began to 
falter again. They put up pro- 
ducer prices within months. 

Willingness by the state to 
sell . the private farmers land 
from a state fund is also im- 
portant. The cutback in land 
sales in 1975 was seen by farmers 
as a step towards collectivisation 
and functioned as a brake on 
production. 

It is now party policy that 
significant amounts of land 
should be sold to private farmers 
hut officials at the local level in 
many areas are still not carrying 
these directives out. This would 
indicate that they at least are 
not convinced that the official 
pro-private farmer policy is 
sincere. 

Another more general problem 
is that agriculture is short of 
most things from fertilisers to 
simple tools to feeds. But it is 
always the state sector which 
gets priority in supplies. 

How this works in practice is 
shown by the pig population 
which fell by 4m" head between 


June 1974 and June 1976. All 
ihe losses were in the privaLe 
sector wbile the slate sector grew 
steadily. 

This means that now. with 
21.7m head, restocking lo 1974 
levels is complete. But the state, 
sector has 2m more and Ihe 
private farmers 2m pigs less than 
they hud five years ago. 

This shift, while desirable for 
the authorities, for whom the 
existence of a private sector is 
after all an ideological embar- 
rassment, is undoubtedly 
expensive. 

Last year the 25 per cent of 
Poland's pigs io the stale sector 
received 49 per cent of the avail- 
able feed. In that year the 
private sector used 23 per cent 
less protein to produce the same 
amount of live weight as the 
slate hector. 

Other cases of the state sector 
using grain and feeds ineffici- 
ently abound and this annoys 
private farmers. The introduc- 
tion' of a compulsory pensions 
scheme for private farmers 
earlier this year also bit a raw 
nerve. 

Contributions to the scheme 
are based on the amount of iand 
held and the pension is calculated 
on the basis of the amount of 
produce sold to the state over 
the last five years before retire- 
ment. 

Many fanners thought the pay- 
ments too high and other condi- 
tions favouring those farmers 
who handed their land over to 
the state were thought unfair. 

According to a recent article 
in the party daily TrybunaLudu. 
16 per cent of the payments for 
the first half of 197S were not 
paid. This is equivalent to more 
than 600,000 farms not paying 
their dues. 

The authorities are now busy 
putting pressure on recalcitrant 
farmers and collecting the out- 
standing contributions and this 
figure is now in all probability 
smaller. 

— farmers have set up protest 
committees against the scheme. 
One which represents 15 small 
villages near Grojec, 60 km 
south of Warsaw, has branched 
out into other demands like 
getting shelters for local bus 
stops or getting a telephone 
installed. 

And despite police surveillance 
of the area and attempts to send 
in the bailiffs — which were 
resisted by a one-day milk 
delivery strike at the beginning 
of November— the authorities 
are acceding to these demands 
and have even gone as far as lo 
step up deliveries of food and 
other goods to the area. 


Cathodes 


Wirrtwrs, cosb- X77S, . three months £783.. 


La fnffite Limited 01-351 3488.: May Coffee 114*11 

29 Lantpnt Bond, London SW10 OHS. 

,-jL '.'Tint-free trading on commodity futures. 

' Th^' commodity futures market for the smaller Investor. 


1 • against physical business, depressed ihe 

B £ £ £ price io £6,903 and a dose on the Kerb 

. of. £MU6. ‘Turnover 1.450 tonnes. 

ttiJ SfA +1 ‘ 2S "~a.ni: H-or| p.tn. j+""or 

+3 - ZZ ’ OUioiitl r— jUpoUlcialj — 

£f J + T i ,l i 779 elo =i B SS.?^7190-5 +47.5 7050-70 -100 
£■£ ill 77B ’ S - BU 3 l-Wootha. 7085-1W +40 I 6B8O-90 -07J 

• r • . \8w6tamV 7198 +« — I 

I L^: Z2 — " Standard • • j I 

CMh :. '.7190.5 +47.51 7050-70 '-100 

; r 1 ”7* mantle- 7080-5 +J7.5! 6980-90 -773 

— 1 SefcJenft. 7IB5 +45 | — | 

May Coffee 1144-11594 strait*, b. tsiaao +ao - 

■ I Hew To rtf — I 1 I 


12-mantb 633.9c. up 8.5c. The . metal 
opened at 296.9-2fl7.9p f585:-587±c> and 

dosed at 29fi.7-S97.7p <5B6i-3K80. 

LME— Turnover 77 '312 ■ lof. of lO.nOO 
ots. Marti tog: Three munthf WO, 4. 4.1. 
Afternoon- Three month'; 305.3. 5.4, Sit. 

5.7. Kerbs- Three months 305.5, 5.3, 5 5. 

5.8. 6.1, C.2. 6. 


week beginning December 18 Otased on 
BOCA calculations i is expected to remain 
unchanged. 


RUBBER 


COCOA. 


In thin tradlnc Cnudltiune futures were 
unsteady and nervous, Suctuaune Uimogh- 
om the day to clus* no- £15 lower overall, 
reported GiQ and Duffku. 

~ ’ + or j Bunneaa 

COCOA ; Clme' i — Done 


UNCHANGED opening on the London 
physical TuarteL Quiet throughout the 
day. closing slightly Readier. Lems and 
Peal reported the Malaysian godown 
price was 233i fBm cents a kdo (huger, 
January;- 

7t*i. 1 |veaterday’sj Pnerioui { Bnainesa 
U.S.t>. Uow Cloae I IXme 


The RqyaJ Navy 
* The Merchant Navy 
^I^^J^arMarmes 

. : 'i-fi. Our Fisbermcn ' _ ; 

. ir~ • 

- s ' 



' Their disabled 


'Their pensioners 
• ■ Their widows 


.- Their children It 


. Morning; Standard, cash £7.190. three 
months £7.888. 75, 70. 80. 75. 86 Kerb; 
Standard.- 'nth £7JH. Afternoon: 
Standard, three mouths £7,060, 50. an. 20, 
ID, £7.008, 16.990. SO, 85. Kerb: Standard, 
three months £5.980. TO. 50, 40. 30, 40, 
50,-48,'. 30. 20. 15, 10. 15. 

ii='An - m-rittr in fairly active two-day 
■tradihg:' After opening at I4M forward 
metuTfell back to £400 as general selling 
an4 chartist setting came into the market. 
Hnwdvnr, at the £400 level covering sup- 
iwrf-Hfted the price to around £402. In 
the afternoon values remained steady with 
forward metal finally around £400 on the 
laft kerb with the backwardation tending 
.lit narrow. Turnover 11.750 tonnes. 


Deei 

Mb ret 



July 

Sept 

Dec 

March 


.'1972. 0-80.0 1-21.0 2087.0-1880 
■ MiO.IWI.n '-11.0 2060.0-2018 
. 2D5fi.0-GB.ll 1 — 16.9 20B8.0-2049 
.2065.0-80.0 1-14.0 2083.0-2048 
. 2044 J) -60.0 1—15.0 2055.0-2040* 
. 2026.0 28.0 1-10.5 2048.0-2810 
. 2010.0-16.0 1-5.5 2088.0-2000 


Sides; 3,241 tfi.404i lots nf 10 tonnes. 
iBta-MUoMl Cocoa Organisation fU.5. 
cents per pound i: Dally price Inr Dec. 12: 
179.99 (17BJ35). Indicator price Dec. 13: 
la-day average 154.15 (134.70;; 22-day 
average 184.24 1 18425 1. 


Jan 1 

Feb ; 

Jan-Marj 
Apr- Jnej 
Jly-sciu.. 
Ocl iie.'| 
.lsn-Mnr, 
Apr- .Ine 
Jy-dept.! 


57.M-67.75 

68. 40- 68-68, 
98.48 58 -50; 
60.55-G0.e0, 
G2.7U42.75i 
64.85-B4.S0r 
£7.10-87.16' 

69.40- 68.45j 
71.66-71.76 


57.76- 57.80 — 

58.70-5020, — 

5fl.70-68.9Bl 58.70-58.25 
81.05-81.101 Gl.2a.E0.Ba 
Sfi.S5-63.4D Bi.40-B2.75 
85-56-86.60 65.80-84.90 

67. 76- 67. B0 67.38 
B9.98.70.no 69.75-65.40 
7220-72.26 72.00-71.95 


COFFEE 


lolnm 


FBAD 

LOi. |+ or 
Official ! — 

1 p.m. '+ or 
Cnoffictolj — - 


£ - I £ 

V i ' . 


421.5-3 H8-7S 

419-21 1—7.6 

2-moaiiis. 

401.5-3 1—6.5; 

401-5 ;-5J 


422 , 

— I — ... 

B-S.tipot. 

1 ' 

•56.56 1 


- X a;-.’. 


In ihis -Country of ours, thcre is jio-one who is 

notco'nnec^.witlithes^ 

- .... . Half the.foocl we. eat opines from across the sea. 
Many thousands of .us; our relatives 'dr. friends are 
past or; present members pf one of the sea-faring 
services *.or of an industry dependent on theijx. 

There. are" many charities for . seafarers and their 
families. .One, only orie. However, is the cen tral charity, 
charged with collecting and -providing funds for all 
other "seafarer^ chanties, and with making, sure that 
Ttli# mnnrn is distribitfefi where it canbe of most use. 




:A6£;/ 

^ -V ( i 

• > N-” 


- That central charity is King George’s Fund for 
'Sailors. Launched in 1917 at His Majesty’s personal 
7-r wish, lCGFS 7 distributes funds without distinction of 
service, of rank, or of creed. The sole criterion' is to 
distribute the money to the areas of greatest need- 
, -When’ you want, tp remember our seafarers who 
are in~ fieed, . remember King George’s - Fund for 
Sailors. - Wli- see- to it that not one penny of your 
~ money goestowaste. - 

. ,. Please send your donation to 


. JV1IUUIK- LiOJii n<4i — « 

£4052; 3. 1. 15. 2, 1. 1.5. 2. Kerb: 
Thre^ ■ months £401. £400.5: Afternoon: 
Three -months £469. £401. 1.5. 1. Kerb: 
Three months £401. £108.5. £400. £389, 
£4ML'f<00J. £400. 

:ZMC— SUsbtly firmer foil owing renewed 
Inflcential buying and borrowing which 
ramwt a narrowing of the contango. 
Forward metal opened nr £54 and moved 
ahead' to touch the day's high of £359.5 
before easing a shade to -close ai £357.5, 
Turnover 5.925 (panes. 

■ ■ a.m.” or[ iH-or 

r.ZDtc Official 1 — Unofficial ! — 

”. '••• • •' £ ! £ £ I £ 

Gu*-....- 349.fi- 50 +B 548.5-9 . b; + 2.75 
AdwmUn. '3B9-.5 ;+1.5| 358.5-9 1+2. 

ti’meat 350 i+2 I — j 

-fiiBLVFMq __ — •_ , ! *53.5-4.5 I ...... 

- Morning: Cash £348. 49. 48.5. throe 
months- £356, BB.S. 57. 58. 59.5. 59. Kerb: 
Three months £559. 56. Afternoon: Throe 
months £357 J, 58. 89. 58 S. 58. Kerb: 
Three , months £357.5, 57. 

ALUMINIUM — Hip her bat dnsed 
beneath the best. In thlirtrading forward 
metal Etarted at £835. advanced to £ffiS 
and.. closed on the Kerb at M13. -Turn-, 
owe- 4JOO tonnes. 

Alnnjln'm a.m. Jf+or’ p-m- ll+or 

. , UOk-ial , — ‘Unofficial j — 

• ■' £ ' I ? c j 

Spot.. I - — 1 ...- 

3 mnntlw.' 626-0 I+4.SI 627 .5 ,+8.75 

' ! - _! ■ I 1 

. Uornlng; Three months £825, 28, 27. 
Afternoon: . Three mnnLhs £327, 23. 27 j. 
Kerb: Three months £824. ■ 25. 

. “ Cents per poond. S5M per plcuL 
t On previous ■ an o ffici al close. 


ROBUST AS opened 100 lower this 
morning m exceptionally active dealings 
and one London broker Bold 2.3M con- 
tracts on the opening, jarexel Burnham 
Lambert reported. Market sources con- 
cluded that the selling represented 
liquidation ot positions held by Sooth 
American producers and thus the market 
was moving to a more realistic level. 
The market remained ■ steady throughout 
the day as further liquidation was well 
absorbed by profit-taking and dealer short 
covering. Forward positions were ■ par- 
ticularly firm and on the dose values 
were' up to £100 tower. 

jV otferday ■ » ■ 

COFFfiS j Uhwe -J- or J Business 
I ' — Uone 


Sales: Kil of 5 tonnes. 114 1383 J low 
Ot 15 tonnes. 

Phrsical dosing prices (buyers' were: 
Spot 57.-J6P :S7A;; Jan. Ssp (58.5>; Feb. 
»p (59.5'. 

SOYABEAN MEAL 

{Yesterday I + or I haatnesa 
i Close ! — I Done 


December.... 122.00.25.0:+ 1.0 I — 

Fetirusry 127.0D-27.2i + 1.05 27.2D-2B.M) 

'April 128.03-28.9^ + 0.86 {28.80-26. 00 

June j 124 08-25.0''. 1 - 

Angina 124 JO-25. 6 +0.5 I — 

0..-J i iNkt ' ISJtD-28.0 1 + O^fil — 

Ucvem>«r. .. .122^0-27.51 + 0.5 | - 

Sales: is i87). , 


SUGAR 


January...— 1330-13321 -94.5 '1348-1608 
March. 1207-1208 -80.0 <1224-1 180 

May 1 150-1 153 —75.8. 1172- USB 

July - - 1 13 1- 1 1 35 -65.0 :1 145- 1107 

September... 1 106-11 lOi- 49.6' 1110-10*0 
Sovamber... 1090-10911— 42JI 1100-1071 
Jaaaary 1075-1090:— 27.0- 

Sales: 1.8E3 (1,533) tots of 5 tonnes. 

ICO Indicator prices for Dec. 12 iU£. 
cents per poondi: Colombian Mild 
Arab leas 172.08 <172.50': unwashed 
Anbieaa 143.00 (samei: other Mild 
Arabicas 127 67 1121.67'; Robustas IGA 
1976 134.00 <134J0i: Robustas ICA lBf» 
135.00 (13SJ01. Daily average 130.84 
1133.091. 


GRAINS 


LONDON FUTURE5 r G AFTAV— flralns 
opened 5p lower on wheat 15p tower on 
old crap barley. 5p tower on new crop. 
Barley values eased throughout the day 
on commercial and country selling io 
dose 35-40o lower. Wheat values also 
eased Id ' thin volume with reasonable 
demand lor spot dose ]5-20p lower. New 
crops saw little trade and closed 5-lflp 
Lower. Adi reported. 


Yesterday's. -}. j. r :TetlertUy'B.-f- nr 


' 1 — ' r 


.■low I — 


Jan ... 91.40 t— 0.25 83.40 [-O.BG 

Mar... 93.80 ,—0.55 85.85 1—0.40 

May J 96.55 -0.30 fc8.30 1—0.45 

Sept. 89.10 — 0.10 85.30 — Q.06 

Xinr— 81.90 O.TD |_86.10 t— 0.10 

“ BuMuess don*— Wheat; Jan. 91 .7991.35, 
March 94.05-33 -SO. May 98.854055, Scpu 
S5.J9-sfl.ie. Nov. nil, Sales 68. Barter: 
Jan. 83.65-83.4tl. March 66.15^5X5, May 

88.80-88.80. Sept nil. • Nov. 86.10-66.10. 
Sales 188. ' - 

IMPORTED— wfcaat! CWRS No. 1 131 
per cent Dec. 9tL50 Tilbury. US. Dark 
Northern Spring So. - 14 per cent Dec. 
SO. Jan. Si .25, Feb.- &50 transhipment 
vast coast. U.S. Hard Winter 134 per 
cent Dec. 80.30. Jan. S8.75, Feb. 89. 
transhipment east coast. .EEC unquoted. 
Maize: U.S.' French unquoted. French 
Dee. 186.25. Jen. 108.50 east coast. South 
Afrlraa White Jan. 67JUL Sooth African 
Yellow Jan. 67.50. Barley: En glish fee^ 
Ido Feb. MJ0 quoted cast coast 

HGCA — Location "ea-farm, spot prices. 
Peod barley: Shropshire 88.10. 

The UK monetary coefficient for the 


SILVER 


Silver was .fixed «.5p an. ounce lower 
for . spot delivery in the London bullion 
'marker, vntenlay at 2fl7.3p. ILS. cent 
equlvalrnls. of the fixing levels were: 
soot 585.4c, np l.Bc; three-month 588.4c. 
BP 0.8c; sUr-manth 610.4c. bp 1.0c; and 


Ma m : “ • silver! RnHtod '+ OT. LU.G. j+ nr 

JL \ XJiJL King George's Fund for Sailors , 

. 1 Ckesham St. , London SW1XSNF -S;! 2 so6.lp .+0?! 

.THE ni»D JH^f SUPPORT SEAfARBRS IN to AND THSR TAMIUES . j?i!. - -I 


LONDON DAILY PRICE Craw sugari 
£102.0H ‘1103. Olli a tonne cil Tor Nov.-Dee. 
shipment. White sugar dally price was 
fixed at £101.00 mamei. 

Opening trades were around overnight 
levels but prices soon lo,i ground in 
moderate trading conditions, reported 
C. Caarmkaw. . 


, Yesterday* Previnua. ButlneM 
Uowi Close Jtouo 


£ per limue 

jU nn'Ii ..>109.75-08.85 111.75-11.80 12.00-09 ^0 

Mar 1 12. 90- 12.95 114.75-14.80.15.00- 12.00 

Aug lTE.G0-lB.7O118.7D-lB.80j18.D0-IG.2fi 

tier 119.80-19.90121.88^1.90 22.0IUfl.8fl 

I lev. ',22.2>-22iB K4.a-24.65 22.50 

Man'll ..,'128.75 27.00 128.75-29.00 27.80 

May 1 129.76 6050 iaL5Q.52.6a - 

Sales: ",'SSZ (3.058) lots of 50 tunnes. 
Tjte and Lyle ex-refinery price for 
granulated ha. 'is white sugar was £264.83 
i same> a inooe (or home trade and 
£373.00 'l'.Ti. OOi far CXporL 
Inurnaiional 5usar Agreement (U.S. 
ccnia per p.iiindi lob and flowed Canb- 
bean p«rt. Fricea for De>:. I'J: Dally 
S.L'3 »N.e7>: tJday average 7 j*5 i7.82>. 

WHITE SUGAR— Cliwc in „ r dcr buyer, 
seller, bu.-niws sales': Feb. 104 SO. 

103.50.. nil. ml; April- 1W.50. 109.75. 108.75- 
OS 50. 17; July 114.00. UL50. 114 j0-14.00. 
12: Sept. US 75,'- lit. 88, 121.50. 24: Nov. 

125.00. 128.0". mu nil; Feb. 129.50. 130.50. 
nil. mi: ApriL-UlJM, 134.50, nil. nk. 
Sales: S3. 

WOOL FUTURES 

LONDON— The market was doll and 
featureless, reported Bacbe. 

■ Pen ce p er kliol 

Australian .x‘ , arerd'j«e^ urr JUuvlneva 
Gmo.V VVuu'j t-'lcvo | Lhme 


hevniler ..'Z17.0-2S.O' i — 

Man-U— ‘ 21 B .0 25 . 0 i — 

Mg,...: -i24.H3.0i ! 

July : — 

Uutcii.Hr .. .. -34.0-40JB' ’ — 

DoL+mbei .. JS5.0--2.fi — 

Mareii ^|6-U44 .a;. — 

V39.uGD.0i — 

Sales- N:l 'iamel. 

SYDNEY GREASY— dose, fin order 
burcr. seller, business, safest. Micron 
Contract: Dec. 347.0, 348.8. 348.4348.5. 43; 
March 353.0, 353.3, 354. D- 553 j, u: May 


359JB. 380.0. 361J-360.0. 15: Julr 301.0. 
382.7, 382.8-302.0, 12; Oct. 383.5. 3*5.8, 
ml. nil; Dec. 367.0. 388.5. S6S ^-368.5. 17; 
March 388.8. 371.0. nil. nil; May 219.0, 

372.0. n/l. mL Sales: 98. 

NEW ZEALAND CROSSBREDS — dose 
iln order buyer, neUeri. Dec. 1M.I. 
unquoted: March 182.0 (185JJ: May 184.0, 
188.0: July 186.0. 19L0: Oct. 188.8. 1M.0: 
Dec. I92.6.I9BJ: March 183.0, l».fl; May 

193.0. 190.0. Sales nlL 

MEAT/VEGETABLES 

SMITHFIELO— Pence per pound. Bnef: 
Scottish killed rides 55.8 to 5*0. Eire 
hind quarters 68.0 to 58.0. forequarters. 

33.0 to 37.0. Veal: English fits 78.0 10 

90.0. Lamb: EngUnh small 48.0 to 55.8. 
medium 4S.0 to 54.8. heavy 42.0 lo 52.0. 
Scottish medium 48.0 to 53.0. heavy 43.0 
to 50.0; Imported frozen: NZ YLs 45.9 to 

48.0. Perk; EngUnh. under 180 lbs 3S.8 
to 48.B. 108-120 DM 32.0 IO 45-0. 120-150 ton 

35.0 to 44.0. PartrUpw: Young teach! 

200.0 to 240.0. Pheasants: Best (per 
brace! 300.0 to 320.0. 

MEAT COMMISSION— Average latriock 
prices >l representative markets on 
December 13. G> cattle 72.05p per kg. 
I.w. i+S.35': UK sheep 131.3 d per kg. 
est.d.c.w. i-12i: C8 pigs 86.1 b per kg. 
I.w. * +3.8 1. EnglBBtf and Wales: Carrie 
r ambers up 42.8 per cent, average price 
77-llp 1+3.M1: Sheep numbers down 15.1 
per cent, average price 132Jp 1— ' l.llf 
Pig numbers up 38J per cent, average 
price GO.lp t+3.0). Scotland: Cattle 
nombers up 3.9 per cent, average pnee 
7J.75p 1+2.39'; Sheep numbers down 24.9 
per cent, average price 122.6p 1— S.B>: 
Pig numbers up 29.* per cem. average 
price 62. 3p 1-0X1. 

COVENT CARDEN— Prices 1 b rierUnx 
per package except where otherwise 
slated. Imparled produce Lemons— 
Italian: 120s new crop 4JA-S.50: Creek: 
4.80-5.58. Cyprus: Trays 4JD-5.2S; boxes 
SO ISOb 4.00-6.15: Tnrklih: 10 kilos 5.49- 
2.68: Spanish: Troys 2.00-2 JO. Oranges— 
Spanish: Kavel/Navehnes 3.80-4.80; S. 
ATrican; Valencia late 1.50-2.00: Greek: 
Navels 2J8-3.58. aementlneg— Cyprus: 
10 kilos 3.50-4.00; Spanish: 3«0-*-40: 
Moroccan: 3^0-4.40. Saisimias— Spanish: 
Trays 2.30-3.50. Grapefruit—' Texas; Red 
Blush 4.U4JD; Florida: 4.80: Turkish : 
2.40-2.80: Cyprus: 2 JO- 3. 80: Israeli: Jaffa 
84-75 3.50-3.70. Apples— French: Start: 
crimson 48- lb 138/183* 4.30-5J0, 2Mb. 84* 
Lfifl. 72s 2Ja: Golden DeUctons 20-lb 72s 
l.BD-2.10. 84s 1.50-L90.- 40-lb 138/I03/175S 
3.50-4.00, Jumble pack, per pound 0.87- 
O OS: Cranny Smith 20- lb 72* 2J0-2.48. S4s 
l.so-l .90, large boxes 139/15B/1«3 3.604. SO. 
jumble pack 55'fiO 31-lb per pound 6 04- 
0.07. Crapes— Spanish: Almeria 3J0-3.28, 
Negri 2.80-3.00. Avecndws -Israeli: 3.30- 

3.50. Metons— Spanish: Green 4JO-5.80. 

15 kflog boxes 8/ 12s S.BM.50. Onions— 
Spanish: 3.004.80: Dutch: 2.00-1.20. 

Tumalnes— Spanish: 2.00-340: Canary: 

3.804.50. Cucumbers— Canary: lO'lfis 2.48- 
2.70. Capsicums— French: Per pound 8J0: 
Canary: 0.30. Dates— Algerian: Per glove 
box a. 40-0.45; Californian: Tuba 8.3!. 
Lettuce— Prench: 12s I JIM. 40. Walnuts— 
Californian: Per pound 0.48-0.59: Chinese: 

0 334.34. Brazils — Prr pound LWU 0.48- 
0.32. Tocantins 0JA4.3S. Almond*— 

Spanish: SemJ-sofl per pound 0.42. hard 
shell 0.30. Chestants— Italian: 10 kilos 
5.00-7^0: Spanish; 5 kilos X BO-4 .50. 10 , 
kilos 5.50-7.00; Portuguese: 5.784.30. 1 

Filber ts Italian: Per pound 0.31-8.32. 

Pecan n ms — Californian: Per pound 6.63. 
Potames— Italian: 28-lb 3.50-3.88. Mistle- 
toe— French; Crain 3.50 pins VAT. 
Bamuias-^famak-an: Per pound 9.14.. 

English produce: Pm* Ives -Per 25 kitos 
L5fi-2.no. Lettuce— Per J! round 1J0-7.4D. 
Mushrooms— Prr pound 0.40-0.50. Apples 
—Per pound Brantley 8.05-0.09. Lord XTerby 
B.D4-n.t6. Cox’s Orange Pippin O.OS-O.14. 
Woro-Nter Pea mu in 0.044.08, Russets 
0.054.W5. Spartan 0.0&-D.86. Pnars— 
Per pound CunTerenee B.0S-0.13. Comice 
Q.14-0.1S. Cabbages— Per crate 0.»- 

1.00. Celery— Per head 8.10. CanD- 
He wers Prr 13s Kent 3.50-4.00. Beetroot 
—Per 38-ib 0.6C-0.70. Cerrets— Per 28-lb 
OJSIMI.GO. Capsicums— Per pound 0.38, 
Onions— Prr bag 1 .80-2.20. Swedes— Per 
29-lb 0.50-0.60. Turnips— Per 2fl-Ih 8.8B- 
fl.90. Parsnips— Per 28- lb 0.90-1.00. Sprouts 
Per pound 0.04-0.05. 

★ 

GRIMSBY PISH — Supply moderate, 
demand pood. Prices el ship's ode iiin- 
procc^vdi per Mom: Shelf cod IS .30- CT. SO. 
codhngs £3.M-£4.38; large haddock. £5.60- 
£8.00. medium £5.00-15.3). small £4.40- 
£4.80; large plain £6.00-16.40, medium 
£5.70-16.40, best arnaU fj.OO-IiLM: .large 
.-dclnned dogfish £10.00, medium £8.00; 
large lemun >vles 00.50; rochfish £2.65- . 
JDJfl; reds £3J»-£3.08; sal the 13 -58-13.70. . 


PRICE CHANGES 

Price In umnea unless otherwise 
stated. 


U.S. Markets 


Dee. 15+ nr Month 
1978 - aj>u 


Hfltxla | 

Aluminium £710 

Preo maeket (e/») .ISLI70/9D 1 
Copper rub W B*uJT7 76.251 
5 man tin do. do.lB791.7V 

Uuh Cathode. ,-£761.5 > 

3 rauuth* do. do.k779.7G 1 

Qold- .Troy ox. S202.875I 

lend nub >£480 

3 mouths £401.25- 

Nickel j .' 

Proe Market (di)(1bj 91.68 ! 

■ 1.8O ; 


£710 

! 51.180/20 

j+ 1.251:736.6 

- ^’759.25 

^-0 J5 £724 Jb 
1-0.5 -£746.75 
1 + 0.25,6110.575 
:-7.5 £392.5 
j- 3.5 £380.26 

! £1-72 

; ; 1 oa 


Platinum troy ox.. 

Free Market. 

Quirks! tver 

d liver troy or.. 

5 muntha 

Tin cash 

3'muntb* 

Tungsten tz) 

Wollram 82.04 dl . 

Zinc civli 

3 mom hi..........'. 

. Producer* 

on* 

Coconut !Phin._... 

Groundnut 

Linseed Crude. 

Palm Malayan. 


..{£156 1 

..'£172.06 
..J5148IB5: 
.. 297.3p -. 

■306.6,. • 
..'£7.060 1 
..'£6.985 ' 
.. |8142.0fi 
..i<137)45i 
.. '£560.76 ; 
..'£360 
,.15720 


£143 

£162.86 

SI 35/40 

r 0.5 '297.B[i 
r 0.5 '306.li. 
-100.01:7.710 
-77.5 £7,557.5 

S143.71 

P143i48 

+ 2.0 .£343 
1 2.0 £355.5 
$720 


j £346 

1+ 10.0 9606 


Seeds 

ttopra Phibj <600n ! ~r 15.0 9575 

Soyabean lD.S.):._.|<B80u S278 


finioi I 



Home Future..... k«3. IS —0.4 £63 

Maize ! 

Preneh No. 3 Am[£106.a! £105 

Wheat 1 

Xo. 1 Red SpringXSfi.5 +O.S £94.25 

No£ Hird WtaiterffiG.S £89.5 

UngUsh Milting lj£96.Sa ! £92 

Other Commoditing 

Core** Hbipment £2,DSr —11.0X3.134 

Fill 11 re Mar [£2.0803' — 1 1.0'£2.0B8.5 

Coffee Puturo J , , 

Mar Kl4fi75-flll.0£ 1.446 

Cotann -A' Index... 79.05c i-0.05 79.05c , 
Kubter LUn 57.25u -0.25 60.25) > I 

Sugar (Half) {£102 -1.0 £100 

Wuoltopv 64v_lkUoi.;274p I : 272,. 1 

• NonttnvL 7 New crop. tUnquou-d. i 
n Jan. -March, p Dec. -Jan. t Kcb. uJan. ] 
it Dec. a Per urn. z Indicator pnevs. I 


INDICES 


FINANCIAL TIMES 

Dec. 12 | Dee. 11 Month ago | Year ago 

<57.04 258.711 269.42 { 242.05 
’ (Base: July 1, I952=lfl0i 

REUTERS 

Dee. 13 Dee. 12 Month agnj Year ng*» 

1609.0 1510.7^ 1506.8 I 1437.4 
(Base:' September' 18, igai=10fli 

DOW JONES 

Dow Dw, I .Dee. I Month I V«v 
Jonas 12 j II | ag.i . v 

Snot ....'387.84 388.65 392.51 351.65 
Furorte 381 .90386.51 388.28324.27 
t Average lfl24-SM6=lB0i “ 

MOODY'S 

Dtm. 1 Dm:. .Munlli Vmr 
Mondy'v 12 | 11 I sgu vn" 

8ple Cum nn. r 969.9 9B0.0 972.0 B65.9 
■ December 31. 1931 = 100- 


HIDES— Leeds. Sllghlly firmer. Second 
clear nx 31-35^ kltoe withdrawn' 6Sp per 
kilo: 28-301 kilos withdrawn 7jjp: 22-25* 
kDns S3p. Light cows 79Jp. No nil 
OltlTCd 


LIVERPOOL COTTON— , Sim pnd .‘iip- 
ment Ale? lb Livrrn'inl am.iumod l.£ 
tnnnes, brlogifig (he total for the «■■■• k 
« far lo fllfl limner Gradual - ■••n.-ins 
down of lmeresi before Ihe huhdayt 
renralned Optra linns. Sea tic. -.-d enu- 
iraett vert fixed tip ju South American 
and African sir let. 


NEW YORK. Dec. 13. 
Cocsa—Dec: 1T4.05 1 176.65 >. Starch 
173.60 <178.35 ■. May 173 45. July 173.00. 
Sept, in.68. Pec. 168.23. March 163.73. 
Sales: 637. 

Coffee—" C ” Contract: Dec. 132.00- 

134.00 1131.571. March 118 87 .122.971. May 
116 W. July 116.37 a ■'ked. Sepr. uj.ob. 
Dec 114.79 asfced. March 112.23, May 
.100.00-112.08. Sales: 1.034. 

Copper— Dec. 67 JO <67 7S>. Jan. 87.83 
168.30.'. Feb. 69.60. March 89.33. May 
70 A0. July 71.60. Sc PI. 72.65. Dec. 73.90. 
Jan. £1.311, March 75.10, May 75.B0, July 
75.76. Sept. 11.50. 

* Cold— Pec. 201.70 <20.7.40'. Jan. 207.20 
'206.901. Feb. 204.60, April 208.30. June 
212.90. Auk. 213.70. Oct. 21fl.t0. Dec. 22.1.20, 
Feb. 227.80. April 230.90, June 234.60. Alls. 
23S.40. Uci. 24220. 

TLard— Chicago luuse nor available 
■2J.0U'. NY' prime steam 24J8 Mm. 
■ sami->. 

ITMalze— Dec. 21SI-219 '119i. March 
2311-232 i'.'JUi. May 240, July 2451, Sept. 
2471. Dec. 251). 

{Platinum— .I an. 33S OD-23S.SO < 342.30'. 
April 340.30-34120 <343.00'. July 343.00. 
f'ft 347.00, Jan. 348 4 0-348.80. April 350. S0- 

331.00 aM-Od. Jills 35320-33.140 
^Silver— Dec. ;>SS.0U i3S9.30i, Jan. 501.70 

»a92.!i0.i. Feb. M5.10. March 308 30, May 

603.00, July EI4.2B. Sept. 822.70. Dec. 
636 00. Jan. 040.70. March 650.80. Mav 
659.49. July MS. 90. Sept. Sifl.M. Bandy 
and Harman wt 590.00 1 385.40'. 

Soyabean 1 — Jan. cfcOj-671- i680j'. March 
8911-8094 16K1. May EOS, July 7W-703, 
A us. 696. Sept. 674, Nuv. 661+661, Jan. 
66fl. 

ilSoyabean Meal— Dec. 191.60 >191. 40'. 
Jan. 191 SO- 191. 50 Hfll.lu.. March 190 VP- 
19050. May 1SS.UO-1S5.30. July JS7.30-187.00. 
AUK. I07.ua, sept. 1*6.00. Out. 183. SO, Dec. 
lffl.uO. Jan. 1SJ.S0-1S2.S0. 

Soyabean Oil— Dec. 24.45 '24 32'. Jan. 
24.Sfi-24.S5 I24.K1, March '24. 60-24.85, May 
24.W-24.S3. July 24.53-24. 65. Aug. S4.35- 
.•4.W. Sept. 2425. tlirt. 24.00-24.05. DJC. 

23.. 40. Jau. 2J.C5-2J.75. 

"Wheal— Dec. 332-332- '33SJ.. March 

341-342 !■»;■. May XB-SCi. July 320{-320. 
Sept. 3235-T.M. Dec. 337. 

WINNIPEG. Dt-e IJ. ttRye— Dec. *7.50 
bid 1 07. Ml aikcdi. May 1D3.40 bid ■ 103.80 1. 
July 103.30. uci. 101.00. 

ttOais — Dec-. S5.60 bid • 86.18'. March 
50.50 ar-ked >h1.00 hid'. May 7020 naked, 
July 7*.?0. Oct. 7S.I0 mm. 

ttBarliap— Dec. 74.68 hid <74.30 >. March 
76 60 bid >76 W bid'. Mav 76 bit Lid, July 
Tu.70 bid. Uci. 77.00 bid. 

4 f Flaxseed— Dec. 26S.50 bid <287.9 0 hid'. 
May 250.40 a d.ed '276.00 bid», July 219.60 
asked. Oct. 273.50. 

Z’- Wheat— St: WHS 13 a per cent protein 
cuuicnt cif Si. LaiiTrllli: 10J 19 1 156.36'. 

All cents per pnund ex-wa rtbonsa 
unless iirhcnvisc staled. ■ Ss per troy 
ounce — lOO-ouni-c lots, t Chicago loose 
Ss per 100 ihs — Dept, of Ak. pnees 
previous day. Prime steam fob NY bulk 
lank cars. X Cents per 56-lb bushel 
cs-wareboiive. 5.000- bush el lots. 1 Ss per 
iroy ounce fur 30-oz units of 99.9 per 
cent purity drUcVrrd NY. '• Ccms Per 
troy ounces eg-w a rehouse. !l Nmv " B " 
contract in !s a short ion for bulk lots 
0/ 100 short tuns dvhvcix-d fob cars 
Chicago. Toledo. St. Louis and Alton, 
** Cents per 34-lb bushel in store. 

Cents tu-r 24-lb bushrl. tr Cents per 
4s-iu busbi-i ■■x-wari'buuse. St Cents per 
5Wb bushel -warehouse, 1 .M0-bdshel 
lots. C'i I'.k per lonne. 

COPRA EXPORTS 
DECLINE 

MANILA — Philippine Novem- 
ber Copra exporls fell to 4,000 
tonnes from 33,000 tonnes in 
October, the Philippine Coconut 
Authority said. 

The authority said the export 
copra shortfall was due lo the 
utilisation "f production for 
domestic processing, part of 
which is. for export and part for 

domestic consumption. 

Philippine November Coconut 
oil exports ruse lo S3.00CI tonnes 
From 72,0110 tounes in October. 

Coconut oil exports in the first 
11 months totalled 894,000 tonnes 
compared with 710.000 tonnes in 
Lbe -same 1977 period. 

Copra exports for the same 
period fell to 361.000 tonnes from 
last year's 499,000 tonnes, the 
authority said. 










88 


:TBna- ; • 


Companies and Markets 


LONDON STOCK EXCHANGE 



Unsettled trading conditions persist 

Equity index loses 4.7 more to 480.7— Gilts 


in stock markets 

lower too 


Account Dealing Dates 
Option 

•First Declare- Last Account 
Dealings lions Dealings Day 
Nov. 27 Dec. 7 Dec. 8 Dee. 19 
Dee. 11 Dec. 28 Dec. 29 Jan. 9 
Jan. 2 Jan, 11 Jan. 12 Jan. 23 


Interest was still being shown in 
CEO in which 11B deals were 
recorded, while Bats were reason- 
ably active with 100 transactions, 
letaoin shrdlii cmfwyp vbgkq vq 


from the company: the -shares 
leapt 50p on Tuesday on news of 
the bid approach from .Merck Inc. 
of the U.5. • 


Banks dull 


Stores easier 


* " New time ” dealings may rake place 
frwn UQ am tag business days earlier. 


Continued lack of investment 
incentive yesterday ensured 
another day of unsettled trading 
conditions, the Erst signs of which 
appeared in stuck markets late 
last Monday- The tone also 
reflected concern about the 
generally uncertain outlook on 
the wages front and November's 
balance of trade returns: the 
latter are due to be announced 
today and arc expected to show a 
visible deficit of between £50m 
and riOOra. 


Modest sales, .some representing 
loss-cutting of bull positions 
taken out only a few days efio, 
soon impinged on a market which, 
until the last half-hour or so of 
official business, was looking 
distinctly wobbly. One of the 
major worries was the current 
unwillingness of investment insti- 
tutions to commit funds in the 
face of the attractions of short- 
term money market rates. 

The situation in Iran was also 
a talking point and the uncertain- 
ties surrounding equities were 
mirrored by a 2 pm loss of 5.7 in 
the FT 30-share index. Cheap 
buyers of selected leaders ven- 
tured in shortly before the close, 
bowever, and at the final count 
the index was a net 4.7 down at 
480.7 for a fail of 12.7 in the last 
three days. 

Considering the relative size of 
the issue and the generally drab 
state of the market yesterday, 
Milletts Leisure Shops made a 
highly satisfactory debut: opening 
at around USp. against the offer 
for sale price of lIOp. the shares 
reacted to llap prior to closing at 
the dayfe best of 22Ip. 

Gilt-edged securities faced the 
twin prospects today of the 
November trade returns and 
money supply figures with a little 
apprehension. The longer maturi- 
ties were particularly quiet but 
the sborts encountered initial 
selling and traded fairly briskly, 
although at slightly lower levels. 
Eventually, cheap buyers began 
to make their presence felt and 
the lossos in this area were re- 
duced from to around -ft, a 
development which subsequently 
found reflection in the longs 
where the falls were halved to {. 

Awaiting the Irish decision on 
whether or not to join the Euro- 
pean Monetary System, the invest- 
ment currency market was much 
quieter. As a result, fluctuations 
in the premium were quite 
narrow and the close was a net i 
higher at 81 J per cent. Yester- 
day’s SE conversion factor was 
0.7271 (0.7277). 

Another fairly quiet day in the 
Traded Option market was 
reflected In total contracts of 491. 


Home Banks, again beset by 
persistent small offerings and a 
lack of investment support, closed 
lower throughout Falls of around 
8 were marked against Barclays 
and Midland which closed at the 
common price of 3fi2p. ttatWca 
lost 4 to 278p and Lloyds a couple 
of pence to 2S0p. Elsewhere, the 
reasonably encouraging results 
directed occasional buy me 
towards Standard and Chartered 
which finned 5 to 431 p but, ahead 
of today’s preliminary statement, 
Llovds and Scottish eased 2 to 
lOlp. 

Insurances closed at the day’s 
lowest following a slow trade. 
General Accident fell 9 to 207 p, 
while losses of 4 were seen in 
GRE, 224 p. Legal and General, 
147p, and Pearl, 236 p. 

Brewery leaders again closed 
lower ahead of statements due 
today and Friday. Bass Charring- 
ton. annual results today, eased 
2 to 167p. while Arthur Guinness 
cave up 3 to 157p in front of 
Friday's preliminary fieures. 
Further reflection of the results 
added 2 to Wolverhampton and 
Dudley at 224p. West-country 
cider makers H. P. Buliwer 
announced interim results better 
than generally expected and. 
helped also by the chairmans 
confidence on the outlook, added 
6 to 150p. Although export price 
rises are inurnment. Distillery 
issues finished dull. Arthur Bell 
lost 4 at 176p, while Highland 
eased - to SSp. Distillers, interim 
statement due today, shed 3 to 
19Pp. 

Lack or support and small 
scrappy selling left Building de- 
scriptions with a decidedly dull 
appearance. Blue Circle shed 5 
to 283p and, awaiting todays 
annual results. Marlcy eased 2 to 
73p. BPB gave up 6 at 247p A 
good market of late on sugges- 
tions that T. W. Ward might sell 
its 26.6 per cent stake in the 
company. Tunnel B encountered 
profit-taking and declined S to 
302p. but recently firm Baggeridge 
Brick 3dded a penny to 37p in 
response to the satisfactory 
annual results. In Contracting 
and Constructions. Richard 
Costain and Taylor Woodrow both 
succumbed to sporadic small offer- 
ings and lost 8 to 240p and 7 to 
413p respectively, while late sell- 
ing lowered George Wimpey 3± 
to 801 p. Second thoughts on the 
interim results left Montague L. 
Meyer a couple of pence easier 
at 84p and, Galliford Brindley, 
subject of a recent bear squeeze, 
eased 1J to 69 Ip. 

ICI shed 5 to 369p In line with 
the general trend. Dealings in 
Alginate were suspended at 309p, 
which represents a three-day rise 
of 77 pending an announcement 


Stores eased in a ■ depressingly 
low level of business. Burton A 
cheapened 3 to I74p and Gussies 
A 4 to 31 Op. Among secondary 
issues. Audio tronic held at ISp 
following Tuesday's poor interim 
figures. Recently firm Foster 
Brothers reacted 4 to- lG6p. In 
Shoes, Wearra reported a 45 per 
cent increase in pre-tax profits 
and added i to 2Sp. 

CEC eased afresh to 232 p before 
picking up io close at 334p, down 


acquisition of- Smiths Food group 
from General Mills Inc. left 
Associated Biscuit 2 easier at 72p. 
Up 13 on Tuesday on hopes that 
Tiger Oats might launch a full 
scale offer, a bid denial prompted 
a swift reaction in J. Blbby’s 
shares which receded to 292 p 
before ending 11 down on balance 
at 297p; the price quoted in 
yesterday's issue was incorrect 

Hotels and Caterers mirrored 
the dull trend with recently firm 

Grand Metropolitan on offer and 

2 cheaper at llSp. Tnist Houses 
Forte shed 4 to 256p and Ladbroke 

3 to 180p. In marked contrast. De 
Vere Hotels advanced 10 to I72p 
on revived bid rumours. 


Beecham weaken afresh 


reacted 7 to 225p on fading bid 
hopes. 

Properties gave ground initially, 
but with no real selling- pressure 
in evidence, steadied at the 
slightly Jower levels. Awaiting 
today's annual results, MEPC 
eased 2 to l4Bp. Land Securities 
cheapened 4 to 243p- The in- 
creased interim revenue failed to 
Stimulate interest in Wara/ord 
Investments which slipped 3 to 
347p. Recently firm Peachey lost 
II to SBJp and late offerings 
dipped 2* from Samuel at 9Q*p. 
Ahead of imminent Interim state- 
ments. Haslemere eased 2 to 254p 
and RegaHan a penny to 23p. 
Percy Baton continued firmly, 
adding 2 for a two-day gain of 6. 
at lS2p. 


ENTERTAINMENT, 
CATERING- - 


[ 280 f 


250 


24Q l 


T 

V 


F.T.-ActBi 

ies Iflidex- 
1 19 

78 


JUL AUG SIP ocr NOV DEC 


4 on balance. Other leading Elec- 
tricals followed a similar pattern 
with Thom endimr 5 down at 366n. 


with Thorn ending 5 down at 366p, 
after 364p. Electronics met further 
profit- taking after the recent good 
advance; Ratal gave up U more to 
344p, while fails of 5 were marked 
against Electrocomponents, 323p, 
Farnel, 393p. and Ferranti, 38ap. 
AB Electronic reacted 6 more to 
I57p. Elsewhere, Automated 
Security responded to acquisition 
news with a rise of 3 to 99p. 

Engineering leaders closed a 
shade off tbe bottom in places. 
Hawker Siddeley ended S cheaper 
at 22Sp and John Brown eased 4 
to 3S0p, while Tubes closed a few 
pence easier at 380p. Vickers, how- 
ever, traded firmly at 196p, up 2. 
Elsewhere, a fairly lengthy list of 
trading statements produced little 
in the way of price movements. 
G. ML Firth responded to the mid- 
way recovery in profits and return 
to the interim dividend list with a 
rise of 2 to 36p. while Chemring 
improved 3 to S3p following the 
preliminary results. Serck. a poor 
market of late, reacted to 75p on 
the sharply lower annual profits 
before rallying to close 1J higher 
on balance at 78p. On the other 
hand, reduced interim profits left 
Deritend 4 cheaper at loOp and 
Brajthwalte 3 easier at lllp. Still 
awaiting further news of the bid 
approach from GEC, Averys gave 
up 4 more to 22Sp. 

In Foods, the JE9.9m fund-raising 
call to help finance the £16.4m 


Beecham remained particularly 
vulnerable to fresh offerings in 
the miscellaneous Industrial 
leaders and weakened afresh io 
iil3p before closing a shade off 
the bottom 9t 614p for a loss of 
10 on the day. Glaxo gave up 5 
to 522 p and Boots 3 io 194p. but 
Reed International ended only 2 
down at 149p, after 146p. Else- 
where, Reddtt and Colmao, stood 
out with a fall of 18 at 453p along 
with Dc La Rue which lost 14 to 
371p. StiH reflecting the setback 
in second-half trading. Redfearn 
National Glass fell 7 more to 275p- 
Gestetner A gave up 7 to 133p 
and Hoover A 'were similarly 
cheaper at 220p, while Press 
comment on tbe annual results 
left Trafalgar House 3 off at 124 p. 
Trading statements accounted for 
lasses of a few pence in Caravans 
International. 71p, and LRC 34p. 
Smiths Industries eased 4 to 214p 
following the chairman's warning 
on prospects at the annual meet- 
ing. By way of contrast. Extol 
continued firmly at I2Sp. up 4, 
while F. Austin (Leyton) hardened 
a penny to 13p in response to 
favourable Press mention. Deal- 
ings In Stanley Gibbons were 
temporarily suspended at 22Sp. up 
S. at the company's request follow- 
ing a bid approach. Among 
Overseas issues. Broken Hill Pro- 
prietary moved up 10 to 720p on 
rumours of an off strike. 

Motor sectors closed easier 
after ’a slack day's trading. In 
components, Dowty fell 4 to 2BSp, 
while Dunlop. 64p, and Laras. 
301 p, both gave up a penny. Else- 
where. hopes of a possible mercer 
between Fodens and ERF receded 
and lack of fotiow-throueh demand 
after recent rises left ERF 5 
cheaper at 136p and Fodens a 
penny off at SSp. Among Distribu- 
tors, Heron met further profit- 
taking and lost 3 more for a two- 
day fall of 6 at U6p. Harold Perry 
shed 3 to 117p. 

Despite the improved annual 
results and tbe forecast of 
another record trading period 
next year, recently firm Snatch! 
and Saatchi eased 5 to l"5p on 
profit-taking. Paper manufac- 
turers Cutter Guard Bridge held 
steady at 23ip after the better 
first-half figures. Mills 'and Allen 


Oil leaders steady 


A little more business developed 
in the Oil deaders than of late 
and. once again, prices held 
relatively steady compared with 
the prevailing dull conditions- 
British Petroleum fluctuated 
narrowly before settling a few 
pence dearer on balance at 92bp. 
while Shell closed without altera- 
tion at 576p. Elsewhere. RCA 
hardened J to 36p on the interim 
dividend payment 

The prevailing dull conditions 
were reflected in a fairly wide- 
spread setback in the Trust 
sector. City and International 
were noteworthy for a fail of 6 
at 95p, while Bisbopsgate lost 4 
to 174p and Scottish National 3 
cheaper to 140£p. Among Finan- 
cials, reduced interim profits left 
London Merchant Securities 3 
down at 67p. 

A lacklustre day's trading in 
Textiles was featured only by 
Shaw Carpets, which touched a 
year’s peak of 80p before closing 
with a net rise of 3 at 73p on 
the company’s return to profit- 
ability, the interim dividend and 
the scrip issue o£ second prefer- 
ence shares. 

Among quietly-dealt Tobaccos, 
Bats shed 7 to 288 p in line with 
the general trend. 

Guthrie dropped to 319p on the 
sharply reduced interim profits, 
mainly due to lower Malaysian 
rubber crop yields, but found 
support at this level aixi. helped 
by the company's forecast of a 


better second half, rallied to close 
only 2 down on balance at.325p. 

Selection Trust fall .; ; 

A statement from Selection 
Trust that the company knew of 
no reason for the previous^ day's 
sharp rise in their shares 
prompted a flurry of profit-taking 
which left the price 18 Jower at 
45Bp. 

Charter Consolidated, whichhad 
improved in line with Selection 
Trust reflecting their substantial 
stake i nthe latter, also lost ground 
to close 4 down at 137p. Other 
London -registered Financials fell 
away awing to the w eakn es s of 
UK equities. Rio Tinto-Zine and 
Gold Fields were both around, 3 
cheaper at 232p and 173p 
respectively. ' 

Elsewhere in mining markets, 
South African Golds failed to 
arouse much interest following' the 
generally disappointing dividend' 
announcement from the-- .Gold. 
Fields group producers. 

After opening a shade easier, 
reflecting small overnight U.S; sell-, 
ing, prices tended to drift and the 
Gold Mines index gave up Lfi more 
to 133.9. The ex-premium index 
lost 1-2 at 97.4. The bullion price 
.closed 25 cents firmer at -$202275 
per dunce. ", 

South African Financials were 
featured by the strong recovery 
of De Beers; after an uncertain 
start which saw tbe shares fan 
to 350 p. they picked up on Ameri- 
can buying to close a net- 10 
higher at 3Mp- General Mining 
rose 5 to 335p in their, new 40 
cents form. ■ j.‘ 

The main talking point •. in 
Australians was today’s return 
from suspension of . Poseidon, 
which was last traded at 73p in 
October. 1976; market talk, sug- 
gested an opening quotation -of 
between 35p to 45p although the 
majority of ipinion pointed to- ‘the- 
lower price. Trading, in Austra- 
lians was quiet although Mount 
LeyeB advanced 7 to 40p follow- 
ing speculative support - 

Among Tins Amalgamated Tin 
of Nigeria hardened a penny .to 
24p despite the. reduced half-year 
profits. -. 7 ■. ■ 

Elsewhere, further profit-taking 
caused widespread losses in Irish-. 
Canadians. Westfield Minerals 
dropped 15 more to 350p while 
Northgate Exploration fell 20 to 
400 p. 


FINANCIAL times stock inoices 


Government Sec* ■— 

Fixed Interest- - 

Industrial 

Gold Mine*- 

Gold, lllnes iE*-S P».l 
Ori. BI*- YleH— — ~ 
Earnings. yidSff “HI- 
FfB Untie (neti /“)— . 
Dealings mark*!-— - — - - 
Equity turnover £m... 
Equity bargain" total. 


Das. 

13 

12 

Doe- 

1L 

. 8 


'•t'jsi 

.■•sp ; 

B&72 

68,88 

69.01 

68-37 

60.99 

! 68.83 


70.lt 

.70:24 

70.26 

70.37 

70131 

. KLZX 

•'7*68 

48aT 

485.4 

498.3 

493.3 

491.6 

,491£ 

-474.0 

133.9 

135.S 

139.7 

.154.4 

iii-bl 

127.3 

;.339J 

97.4 

98.6 

100.1 

97.21 

98.0 

- 92,8! 

101.3 

6.00 

' 8.95 

6.87 

566 

•: S.8& 

r.'-aia 


16.86 

-15.70 

15.49 

16:45 : 16.36 

16.34 

,i7.0s 

8.10 

• 8i27l 

a.38 

8.40 

. 8.4T 

■; BAZ 

r-'-f4t33 

4.170 

4,103 

A619 

4.-319 

4,241 

a&m 

•‘wi 


68.17] 

67.59 

97^3 

■87.66 

8^.90 

wkio- 

• —■ 

14,664 

16,423 

XS.W5f-16.W5 

16,116 

klt.107 


l» am 4S3.X '.ll am 481.7c. R«n W-4. 1 xm CS.fr '- -•••- • « • 

Z am IIS.7. 3 pm 479A- . ^ 

Ltfest liRfar *8& ; 

• mi -7.93. 

-mma/SS. Fixed lot I35B» ludr.1 /Wt*.' GdW Mfim 

vJSTBs MSSnwaft. 


HIGHS AND LOWS 


S*E. ACTIVITY'- 


1978 


[Sines Corn pi 1 st ton 


Gort. Sees, 
rtsed I®*-— 

lad. Ori ' 

Gold Htno* 


Gold Mines 
(Bx-S> pm.). 


High | Low 


78.58 

Ifrl) 

8L27 

- Wl) 

555.5 

206.8 

*14/6) 

132-3 

(14/8) 


67.62 

00/11) 

69.30 

(13/11) 

433.4 

(2/3) 

184.1 

09/U) 

SQJS 

08/*) 


High 


187.4 

0/1/36) 

150 A 
( 28 / IW)} 

64 BJ 3 

IO 40 /T 7 ) 

, 448.31 
[ 0 ZJ 6 / 1 B) 

337.1 

0/4/74) 


Low 


49.18- 

(3/1/75) 

60,33 

P/1/76) 

49.4 
(86/8/40) 
J 43.5 V 
j(IS/ 10/71) 

54_3 

0S*7S) 


- r 


-Daily 
GUC — " 

In fin 


Sueeutativa 
SMaJa 


MoyArenga 
Gm-Bdaw 
lodiutrub— ' 
Specnlstbe 
Total* .—'4 


Dee..- 

U 


3514 
146.4 
: 86.61 
a 9 M 


16^4 

147; 

31,31 

97.® 


12 


, 144J 

4 28.3 
«S.4 


wh 


J52L3 

-148.2 

. *98.6 



. .•{■■ 

' -r- 

■ «f 


S' ' 


. 6'-^ : 


ter 


4»..‘ 




OPTIONS 


DEALING DATES 
First Last Last For 

Deal- Deal- Declare- Settle- 

ings ings tfon meat 

Dec. S Dec- 18 Mar. 8 Mar. 20 

Dec. 19 Jan. 8 Mar. 22 Apr- 3 
Jan. 9 Jan. 22 Apr. 5 Apr. 18 
For rate indications see end of 
Share Infonpation Service 


Stocks favoured for the call 
Included Bunn ah Oil* DDT, -Fitch' 
Lovell. Mount Charlotte, De Vere 
Hotels, Bam hers Stores, Talhcs, 
Barker and Dobson and Selection 
Trust. No puts were reported 
but double options were . com- 
pleted in De Vere Hotels^/ Heed 
International, FNFC, and Arena. 


NEW HIGHS AND LOWS FOR 1978;, 


Tha following securities Quoted bv the 
Share information Senrlc* _ yesterday 
attained naw mate iM Low* for 1978.. 


NEW HIGHS ( 14 ) 

BUILDINGS <1> 


Alginate Inds. 
Manzlas Cj.)„ 
Pratt tF.I 


STORES <1) 


. . CLCCntlCALS Cl).. . ... 

* K *r**m*d Wat ; 

Bath Sr Portland • Heaver A? • . 

. TRUSTS Ilf : . * ''' 

erograudresera.^^^.,,.- 

New WKWsta-sraatt Palcoa,- c*- 


,T- ‘ 


ENGINEERING Ul 

Wombwai I Foundry 
INDUSTRIALS (5) 

Gibbons 15.1 StxmehlU 

Glass & Metal Third Mile Inv.- 

Grimshawa M 

PAPER (1) 

W ace 


RISES AND FAflS 
YESTERDAr ' 


Stew Carpets 


TEXTILES (1) 


London Atlantic 


TRUSTS II).' 


Mlncoro 


MINES Cl) 


]VEW LOWS AW 


BRITISH FUNDS T3) 

Funds. S>>pc '82-84 Treat. 1999 

Trees. 1 »':pc IM* . 

STORES Q) 

Grattan Warehouses 


’ • • 

UfDwrem 


British Food* 

■- a;..! 


Count. Dura. and 




. . 1 



m su n 

<**. ' 

Financial and Free. _ 

25 «7\ 26ft- 

* r .*- 

on* 

2 Id • 2T 


PtanSttfoo - -V 

-77*r 


Mines 

12 C . 46 


Recant Ins 

»•,. a n 



Totals U8 91S-UB 




ACTIVE SHOCKS 


Stock . 

BP .... 

ICT 

Borthwick (T.) — 
MiHetts Leisure * 
Stores “New" 
Barclays Bank ... 

Beecham 

Metal Box “New* 

GEC — ■* 

Reed Inti. 

Royal Insurance 
Unilever 
Allied Breweries 
Commercial Ihuon 
Dunlop ' 

Shell Transport 


• ; No. 

Denomioa- of Closing., 
tioh . marks price (p) 


Change 1978. 


£ 1 . 

£1 

50p 


10 

10 

.9 


920 

369 

73 


onday 
•4- 2 
>- 5 .. 


s: 

421. 

73 


1978 

.low 

720 

328 

43. 


.* ttvsn 


a)p 

9 

.121 


121' 

■8ls- 

£1 • ■ 

-8 

382 •> 

— .8 . 

' 372 

296 

25p *■' 

8 . 

. - 614- 

-40'-'. 

726 

581 

Nii/pa* 

25p 

8 

. 7 " 


“ '4 

•- 70pm 
349 • 

56p 

233 

£1 ’ 

7 

149 

— 2 

183 - ' 

302 

25p 

.7- 

357. :■ 

— s: 

- 425 - 

.335 

25p , 

7 . 

542 

“10 

602 

478 

25p . . 

6 . 

••'.83 ; 

- i 

• - 

78 

25p 

6 : 

' 146 •• 

- 2 

364 

132 

SOp 


*84 ..•■. 

- 1 : • 

’ 90 ' 

,63 

25p 


-J576 

1 

• 602:-. 

.484 



Durumou 





Thg foilowlns fa*/'* shons ihe per'.i-mjFr: 

ip enrols o t tin. FT AL-ruariL-E Share Indic/v 
Enjrinocrlng Contractors 
Elect r)ca.s 
Mining Finance 
Electronics, Radio and TV . . 

Mechaeical Engineering 

Capital Cood« Croup . 

Wines and Spirits 

Contracting and Construction 

Consumer Good* (Durable Group 

Prooerw 

Newspapers and Publishing - . 

Building Materials 

Chemicals 

Oils 

Overseas Traders 

Tosdk* 

Office Equipment 

504-Share index ... 

Industrial Crouo 

Fond R^iaJima .... 

Tobaccos .... 

All-Sb.m- Tnde* 

Cnisnaioment and Catering 

'Motors and Distributors 


cUrair-.w hViilIi ha 

ll ukio Uiniaini 


+ 23.45 
+ UJ0 
+ 18 S 
+ 1S.?1 
+ 15.73 
+ UA8 
+ Ii« 
+U.TS 
+ioj; 
+ 

+ 4 -S 7 
8.W 
+ AM 
+ SJJS 
+ 7.45 
+ 7.17 
+ 7 .IR 
+ C47 
+ 6 . 7 S 
+ 

+ 5.79 
+ 5.51 
+ 5 .CS 
+ 4.41 


ire rate a place since De winner M. 1077. in lie 
the Cold Mines Indus. 

I'onsunier lioud.c • Non-DumttU' 1 

Other Grouns 

Food MooufacteriiM . . 

Packaging and Paper . 

Stores ... . . 

Banks .. .. 

Breweries . ... ..... 

Investme nt Trusts 

Cold Mines F.T 

Meta! and Metal Forming . 

Financial Croup 

Iritrxwc (Life) ... 

Discount Houses ... 

Mere bant Banks 

Hire Purchase • 

Pharmaceutical Products 

Insurance Brokers 

Toj/s and Games 

Household Goods - 

Insurance (Composite) 

Shipping . ■ 


annupai rquitT 


+ 4.18 
+ 2.0 
+ 2.SS 


- ZSS 

- 4.52 

- 3 St, 

- 0J7 

- 54b 

- 6.84 

- LZ7 

- 6.35 

- axs 

-XioO 


• T’nr.-enia^c chans« based on Tuesdar. December 12. 
Indices. 


LONDON TRADED OPTIONS 


Option 


8P 


Corn Union 
Cons Gold 
Courtau Ids 
Courtaulds 
GEC 
GEC 
GEC 
GEC 


ICI 

ICI 

ICI 

ICI 

Land Secs 
land Secs 
Land Secs 
Marks & Sp 
Marica & Sp 
Marks ft Sp! 
8hell 
Shell 
Totals 


l January 

A 

prll 

July 


Ex’rc'se Closing 
price ( offer 

voi. 

Closing 

offer 

VoL 

°» 

Voi. 

Equity 

close 


11 

. 3 

44 



63 


? 23 P 

140 

10 

10 

14 

— 

21 


145 j» 

160 

2 

7 

5 t 2 

— 

10 

— ■ 

175 p 

200 

1 U 

3 

6 

— 

9 ij 

— 

120 

6 U 

19 

11 '* 

— 

14 

— 

122 p 

150 

2 

10 

6 t- 

10 

9 ls 

— 

•• 

280 

57 

2 

66 

5 


— 

333 p 

500 

3 B 

36 

49 

S 

62 


• • 

330 

15 

8 

28 

13 

42 



■e 

560 

4 

45 

141 * 

- - 

27 

— 

•e 

100 

141 2 

2 

18 

— 

22 

5 

1 13 p 

110 

7 i 2 

8 

9 '= 

— 

14 

5 

■“ s 

120 

2 


5 >c 

8 

719 

10 

•• 

330 

46 

1 

• 49 

— 

— 

— 

369 p 

360 

18 

15 

24 

8 

39 

10 

>• 

390 

6 ti 

12 

11 

11 

21 

— 

-• 

420 


— 

5 

6 

13 

— 


200 

46 ^ 

15 

52 

— 

— 

— 

243 p 

220 

25 

20 

35 

■ 

38 


-t 

240 

91| 

13 

19 

— 

25 

— 


70 

16 

11 

19 

— 

21 

— 

85 p 

80 

eij 

17 

12 

— 

15 

— 

• i 


3 , 

3 

3 

— 



— - 


550 

30 

7 

50 

— 

58 

— 

575 p 

600 

6 

5 

20 

2 

28 

— 




272 


68 


33 



February 


May 


August 


BOC Inti. 

Boots 

Boots 

Boots 

EM) 

Totals 


70 - 

2 t a : 

3 

5I-- 

— 

J 

180 , 

20 ; 

5 1 

28 1 

-- 

31 

220 

2 ta 

60 : 

a ■ 


11 

240 , 

Hyi 

— i 

3 > 2 : 

35 


160 

Bts: 

— ; 

11 1 

16 

16 



68 | 



51 


68 p 

199 p 


I48p 


RECENT ISSUES 


EQUITIES 


1-73 


l*n.~> • =— 

^ f — 


1 


^5 

/'.* < 

” 

r/tc/i 

Lnr ’ 

: 

5< ( '' \ . 

421-. r.i-. 

24.11 



ie 

4o lArei'lifff HUr* 

44 

<2.55: 2 4,8.7: 7.1 

\so.w k y 

— 


Bl r\«hn<n llinlni; OCk- 

75 

— — i — — 

AM.# K.P. 



l-v 

100 • :tl.Vu»i. Fannins ASI.. 

102 ; ... 

_ { - i — ' — 

f7.e| 3.1 1 6.B: 7.3 

155 

: f.i 1 . 

10 1 

j7j 

171 iHurriP i?in.*em*trav ?ljt»170 J—i 

■■ y.r. 



It-i; 

lb la Hunt k Mwn.,i Lr-k1. 

151a 1 .. 

— 1 — 1 I 

29 

f.r. 

5 1 


& -tiili'hrti Wm<-n IO11.. .. 

29 —1 

41.34! 3.4, 6.914.8 

110 

' F.I*. 

— 

111 

115 1 Uillm-Lrii’ i,Sli,i40ji 12 1 ■ . . 

nrf5.7il.BAl 7.21 1 1.3 


FIXED INTEREST STOCKS 




137B 


1 < “ r^ = “ Hisln Low J 




— V3! 4 . 98l*7Anel«*V V«risl,lr 198S i ! 

. LIU 20.1 12i-i llJo.f-dne fuller Wuier Uni l». |»n. 196S ! 12Ij( 

16/11 ILu “■ 101 ft nr+iy Hmi-^ Itri, L«.nr. ‘bT -Ju il20 +# 

28 j 12 i- ( .ni 'livni ■Fln»lluy E? tnv. 1 ‘iipi lii^l. Prf ^ ..| l^pm’ 

>imi! Epoi.Hs**'— ' ■' e 1 

3*i 


! 

•= * + “ r 


IlOO,. 
1 100,1 


Ml 28 
Nil S.-l 
X 

1 :■/ F.I’.iJl 

97 |i‘ l.r. 5.1 


»!• 


_ _ ln-(jMtall 12t,l‘in. i'n\ la. ' 964 <l . 5 mm 1 -vl 

gBp-Ncnnuiii lu-|p. I0;'i In-. I'n-i \ 9Ut< | 

aiug'j.*n-kiijiui*ni<rtli a I. xliridBe Wuier ... 

Wfji seaxagir lU.^ I’ref ■ 99 p , + l 


« RIGHTS ” OFFERS 


= ■ luiU-l 

l»ue! “ “ I l/f-minr. 

Priir: = • I'nlt- 

!■; ! <— ! • ■ 


| Buth .' I 


|tl.«in*U- or 
. It tep | — 
I'i 


s6u 

17 

ot 


I V.P. • B 12 12,1 I e*5 ' (AS ‘BerelMDi 

' .mi 1S.12'2B;1 [Stepin 2»4r«i;*toul*«m «W'i»i.: 


F.P. ollUnijiafAM ,380 J*P*wn iJi 

1 l\i\ !29>11 5 > lj 77 j tl>r.Ls|i)*f \HII. . .. 

Bptn i 2|iu!C lilfortl (L ha>. , 

)71j ‘101 ;)>isnn fU) 

3nuj' 2pm:K'«U , r i'JhIiih 

147 i 140 IH.mUiii- X lli>n>iD . 


+ 

232 

105 

; >n 

.LSH2 

12il 

+ 

L.93 

93 

i F.I*. 

II5.-12 

12/1 

4- 

1.91 

45 

: mi 

3 1 1 1 

9;2 

+ 

135 

CaJ 

i F.I*. 

8.12 

12:1 

+ 

L.7J 

125 

: Mi 

1S>12, 

12:1 

+ 

L7J 

2S0 

1 .\il 

‘ 3 1. 

9:2 


1.40 

185 

Ml 

18 12 

10 1 

- 

UJ7 

62 

Ail 

‘18.12 

59/1 


620 /-IS 
3r»m; 


380 j — 8 
751? I — 1 L- 


Mpm! 5|i*t»' 


75it 
6,im{— 1 

101 ! 

fils pm 1 — te 

145 I 

30pra ...... 

56pm| 

40(ur! 

lZptu 


Renunciation 4t!« usuollr last da» Tor dinbnc in*e n/ namp duly, b l-^itrvc 
ba-rd mi nrrKDOcius e^Uoiaie. u Aisumea dividend ami slew, a Forecast dividend: 
cover bawd on pn.-vMu< year's earolnsb. r Dindind and field bawd on prospectus 
tar other nlBcial onimaiea rw IfP. oCpi.*. t Klsurcs assumed, f Cover allows 
lor nmvcrsi'in of thare\ not bow rankins fur dividend nr ranking only for restricted 
dividend'., i Plarins price to pnblic. pt Pence unless ullmrlsc Indicated. 7 Issued 
by tender. Offered ,o boMi-ri " r urtioarr .shares a- a rixhts." ** Tssui-U 
b:. way uf CJni;ali> aui'n. It ReuitrndU'.Cd. IM-.suid in mnncrilon lriih rcortanL-j. 
min. mererr ■'•r lake-nvt-r. [Id Httnwurilwi. l-.ii..-il f-irmcr preference holders. 
■ Allninir.nl leitcra igr fuliy-pami. • PrwisionaJ nr parUy-paid allotment (etten. 
* With uarrauu. 


FT-ACTU ARIES SHARE INDICES 


These mtices an the joint conpBAon of the Finaacfal Tines, the tastHute tf Artsomt: 

and the FacuR? of tebarm . 


> .f. 



EQUITY GROUPS 

Wcd M Ott.13, 1978 

tg.'- 

Dec. 

12 

Dec. 
11 . 

St 

Dec. 

8 

Then, 

-Dec. 

7 

Tew 
.ago . 
(apppx.) 

GROUPS ft SUB-SECTIONS 

Figures In parentheses show number of 
stocks per section 

Index 

NSl 

| 

ea. 

Earnings 
YHd % 

(Mtt.) 

Grass 

a*. 

Yield % 
(ACT 
si 33%) 

EsL 
' P/E 
Ratio 
(Net) 

.Index 

No. 

* 

Mb 

No. 

. . 

Ww 

Index 

No. 

Index 
-fig. - 

1 

CAPITAL GOODS (172) 

23654 

-13 

16.90 

5.48 







2 

3 

BuJWfng Materials (27) 

20SJ5 

372.49 

55838 

-L9 

-21 

1826 

20.40 

626 

436 

754 

7.04- 


$ 



m 

4 


-11 

13.42 

339 

1026 

96197 


( | 

59551 

5 


366.63 
194 Jl 

-11 

17.78. 

'537 

'725 

37856 


R* 


-28322 

6 


-11 

1832 

6.09 

729 

20623 

162.95 

2X3J8 

26321 


30737 

16534 

21357 

26834 

18656 

.15633 

8 

Metals and Metal Fomdng(i6) 

163.99 

-06 

1637 

832 

. 824 


164.46 


11 

CONSUMER GOODS 
(DURABLEX53) . 

-12 

-L4 

1672 

1434 

529 

327- 

7.97 

9.99 


ZEUS 

26627- 

12 

LL Electronic^ Ratfia,.TV (16) 

26538- 

13 

Household Goods (12) 

m 

ns 

m 

yr- 

-Ll 

1735 

6.73 

729 

17121 

IJ 

5tr 

2rf 

17121 

moo 

179.74 

11224 

19691 

230J9 

14 

Maters and DHrifautm (25) , 

-0.7 

212) 

628 

5.92 

8.42 

952 

32327 

21231 

23437 

20550 

27456 

20630 

'22925 

37926 

132.99 

197.66 

31332 

32428 

21355 

7UKT 

m 

21 

22 

CONSUMER GOODS 
(NON-OURABLE) (171) I 

-12 

-Ll 

15.99 

1462 

6.01 

6J5 

23 

Wines and Spirits (6) _ 

-12 

1538 

529 

9.42 


S93Z 

2W6 

24 


-0.9 

116^1 

6j47 

3070 

27276 

25 


-L7 

18.74 

554 

522 

6.42 

7.97 

423 

8.00 

729 

1029 

623' 

676 

1L97 

737 

26 


-ii 

-0 A 
-0.7 

13i86 

2127 

1929 

1232 

1738 

23.46 

TtT 4 

1 

Pj 

23056 

37739 

20LO2 

32824 

.12245' 

387.71 

16657 

32 

33 

Newspapers, Publishing (12) 

34 

Stem* (40) 

-12 

-03 

-L5 

19955- 

18321. 

29750 

10230 

35 

36 

Textiles (24) 

Tobaccos (3). - 

37 

41 



-Ll 
— L4 

2362 

15.92 

6.92 

4.99 






OTHER CROUPS (99) 

19631 








42 


279.96 

243.08 

12935 

40738 

21335 

-LL 

-13 

3633 

1L42 

38.78 

3433 

37.94 

6.75 
4.78 
SM 
. 7A5 
6.67 

7.% 

1021 

635 

855 

737 

28320. 

247.48 

33229 

43056 

21629 

285.46 

20520 

25073 

23479 

41835 

2529 

aKO 

J5L45 

13520 

42120 

21530 


43 


44 


—22 

13345 

41771 

21722 

45 

46 

Shipping (ID) 

Miscellaneous (57) 

-0.7 

-L4 

|P| 

Cl 

■ 1 II II 1 1 '1'' 1— 11 


■SO 

►’■v-'ire-i >!■ wH'/zi 

rrrj| 

51 

.Oils (5) - - - . 1 




59 



E9 


61 

FINANCIAL GROUPUIW) 

168.47 

196A8 

21828 

-12 

-L7 





B.TTTTe 




62 

R*i»ks(fc) 

2376 

M 

Pa. 

2022L. 

217.40 

tM 

iT^TT 


63 

64 

65 

Discount Houses (10) . 

+02 

285.94 

Insurance (Life) (ID). _ 

155126 

33535 

123.13 

313.78 

7834 

26630 

112.46 

-3A 

-0.9 

-13 

-03 

3539 

*33 

6.94 

722 

533 

*42 

239J3 
13 118 
125.48 

V1AM 

25673 

.13873 

12639 

BUT 

14LM 

12728 

rr 

% 

159.96 

66 

67 

Insurance (Composite) C7) 

1524 

■ 

132.42 

68 


-Ll 

-626 

236 

738 


!3 


r rr 


69 

70 

Property (31) . 

Miscellaneous (7) 

-03 

+0.7 

339 

2250 

4621 

575 

m 

228.90 

104.94 

n 


20867 

10232 

30020 

-L9 

-0.6 

3830 

1635 

6.93 

732 

mutzA 


m 

ESI 

F >*al 

Pi 

203 JfT. 
48.79 
276.09 

Lv* ■ i 



-Ll 


526 

Z-TT1 

ntn 1 

ITT Til 

CT7TT1| 





"1 — 



. . 

bu j 

•••;. 1 



v. 4 ' >:? 

' .t ‘ ; .... . 


! -r 

*. 4 _ 

. t’ 


. » ■■■* 


I 


'-i i-z ■ 
’ ! r»- h 






■•■T5 




p r- . 








V.;* 




l.-'v ' - «.ii. 


FIXED INTEREST PRICE INDICES 


British Government 

Wed, 

Dec. 

tort ! 

change .i 

»I adf. 
Ttwby 

ad *8. 
1978 



13 

% 1 


-to date 

1 

2 

Under 5 yean 

102.90 

21LS6 

-039 

' — • ' 

919 

2035 




.. - 

4 

lirtdeematits 

122.40 

-0.44 


1354 

5 

AB stocks 


-0.13 

’ t x * 

1629 


■ FIXED INTEREST * 
T1EL0S ;• 

Br. Govt: A K-Omr Red. - ; 

WutL, 

’ Dec. 
13 

-‘Dee. - 

i7 '02j‘ 

Viwr • V ,;-. " -1 - 

1 

2 

_3 

Lw .. . S years.^..^.... 

Coupons 35 years — 1 

-* ■- 'TSyiTtCZ:!^:.. 

. 924. 
ii4i 
'1224 

.. ;42I . 
1138 

• mi 

: .729. T 

- 9.47 ■ -v'. . *- ‘■■t 

T -UJS " • \y.f- .. . .vx 

4 

5 

_6 

Medhm - 5 years..- 

Conpons ' 35 jads — '• 

25 jeaw-A./.,.. 

: -••1256:, 

1229 

"3229" 

'32*8; 
:12a 
■' mi 

- 9J6>- ! -lfr'9 „ • 

.38.47 . . 

..... - " 

7 

8 
9 

Wgb ' - ' S yws:. ' 

Coupons . .25 

-3ZJ9 

1325- 

1328 

■• 3255 . 
.1333 
r . 3125 

1L46 ... V’> > K~-~ 

us • 

m 


Eul 


1018 r. r \ 


Wad., Doe. 13 


Irtdax ) Yield 
No. i %. 


15 

16 
17 


-0-yr. Red. Deb & Loans (15) 
Investment Trust Prefs. (15) 
Coml. aod IndL PreEs. (20) 


&5^9 l| 13-46 


90.92 

78.38 


13:74 

12A6 


Tueg.- 

Mon. 

, 

. Frt - 
Dec- . 
8 

Thurs. 

TJec. 

- 7 •; 

'Dae-.- 

6. 

Toes.. 

Mon.. 

-Year 

Ta" 

11 - 

Dee. - 

•'5 ‘ • 

Dee. 

-.4 .' 

IflO 

(approx) 

5fi«9 

65.W 

•55^)2 

56-02 

6S.2X 

4&21 

85'. IN; 

.8122 

30^7 

ei.io 

3t.lS 

mS 

fil.lG 

-stile 

'82.18 

•85.44 

73. IT 

7135 

71.45 

7lM 

.'b • m ±. 

7L86 

7LB6 

71.05 

^7757 


1 - v't 


V' : t 


I RcdvmpUQP yield. Highs and lows nurd, (mm data* and values «ud coasiUoent dranaes are -anhUsfarf in sotMdaV 
'SS. £ .11. ^ FrtHNtefa. the Floaecua Time*, 8ru dUu> HMR' com sSS" ’ 

Lonaaa, cWP *oT. pneo by post Z2p. • .‘••v • • • . 




V V 

































































371- 39.9 

45.5 <5.D 

2S.7 27.7 


Alexander* Fuad 

37, me Sotie-Dane, Luxextang. 

Alexander Fond 1 SUS6.S9 |+O08( — 

Net asset ratae Dec. 12. 

Aiks Harvey & Rots Inv. ligt fC.I.) . 

1, Oaring Crash Su Hitler. Jw, C.l. 0634-73741 

AHRQlt Ed^Fa (EUU9 10.201 J 17-96 

Arbuthnot Securities (C.l.) Limited 
P.O. Bn 284, St Helrr. Jersey. 0534 72377 

Cap. TsL (Jersey) ClfcO 120.M | 4 Jo 

Next Mw Oil Dee- 19, 

Gov”:Secs.Ttt. POD 102| I 12.00 

Nm deafen bate Dtctvftcr 18. 

East &)BtLTsLIClL!_j9b lraf.—l AM 

Next dealing dale Deceataer 2& , 

Australian Stkcflaa Fond NV 
hfcwfceHJpporfcimijB, c/a Irish Young & OuUmafte, 

USaStows 1 SUSL48 I 1 — 

Net asset tote No-ente 24. • 

Bank of America International SJL 
35 Boulevard Royal, Liiwmboirg G4L 

Wldbwat income __UffiUS« 115.471 .1 735 

Paces H Sec. A Next s*l dzy Dec. 13. 

Banqu* BnnraOe* Lambert 

2. Rue Oe U Regent* B 1000 Btmsofe. 

Renta Fund LF &.B9Q L9U| -8f BOO 

Barclays l/arieom int (Ch, Is.) Ltd 

1. Charing Cross. St HeHer. Jsy. 0594 73741 
Overseas Income . — J47J 49.H .—j 12.10 

lliddollar Trust BUSHM LL53-62N 170 

UEttood Trust {SOSliLa 105.45) .{ B50 

Barclays Unicom Int. (LaJUan) 

1, Thomas St, Douglas, l.o.M. 04244656 

Unicom Aust En. MBJ 52.(3 J LTD 

Do. Asst MJn 32J 34*3 — .J UB 

Do. Srtr. Pacific 672 73fl +25 - 

Do. loti Income 37 1- 31§ +fl!3 8.30 

Do. iTm ManTst 455 <aJ ... J 900 

Do. Manx Mutual H42S.7 27.7| +0.9| L40 

Bishopsgate Commodity Ser. lm. 

PJD. Bn 42, Douglas, l.o.M. 0624-23911 

ARMAC -Nov. 6 lafTflia 3L24J-203 — 

CANRHO" Dec.4— (p-Q58 116« — 

COUNT —Nor. 6 K2.627 27SH -..J LB6 

Origtaai* nsaerf a -Slfl and *dC0K . 

Bridge Management Ltd. 

P.O. Box 508, Grand Cayman. Cayman Is. 

NTwtfd Dec J - | Y17.S58 I J — 

f^FtUJHLia^aSlS' -2136|-HX32( 0.77 
Britannia TsL MncrnL. (Cl) Ltd. 

30, Bath St, St Heller, Jersy. 0634 73114 

SSMEiaM* 200 

HSTlntS^.Ts?TZl£0.93 0.9^ 1^50 

OS. Bettor Bmoabcdcd Fds. 

UnM.STs. ISUS526 5-541 J — 

InLHtgti IntTst pilSO.95 0 WxJ — J 918 

Vitae Dec. A Next doling Dec. IB 
Brown SMpley TsL Co. (Jersey) Ltd. 

P.O. Box 583, SL Holier. Jeney. 0534 74777 
SUagjmd.FO.Ui) IOOD5 10J3E) | 1L9D 

Butterfield Management Co. Ltd. 

RD. Box 195, Kamjttan, Bercuda 

tSSgfiejStt Hhd iS 

Prices at Nov. 6. Men. sub. day Nor. XL 
Far CajNflmt SA see under Keyser UUiMn 
Ltd. 

Capital International SJL 
37 roe Notre- Eta me, Luxembourg 

Capital lot Fond | SUS17.77 | J — 

For Central Assets Murf. Ltd see under 
Kcyser U Hasan Ltd. 

Charterhouse iapAet 
1 Paternoster Hew, EC4 01-2483999 

Atfirope IM3D.40 32001-0181 4.78 


Keyser UJlnam » Ltd. 

25, Milk Street, EC2V&JE- 01-6067070 

Fowls* |FrL489 1545 ( '290 

Bondieles*- ... - . rrUflJS 13 a 3 __.J — 

Cent Assets Cap |CL3£-M 13BJH| ..*J — 

King G Shaason Mnrs. 

1 daring Cross. Si- HeHer. lint*. £05341 73741 

VaAnr Hie- Si. Peter Fort Grwy. 10481)24708 

1 rhooasWt Donatos. 1A.M. „ (0624) 4ffi6 

£HtFundiJe«w)_-l?M 90« J 12^ 

Gib Trust fl.o.M.1 p77 1 1M 6aN ...JJ S3 

Gilt Fnd. Guenuey]?14 9J7d]-(UBj 12.25 

IntL Bert. Sect. TsL 

-First Starring lOSM 18.151 1 — 

First Inti I SI 90.98 192.43) J — 

Kteimrori Benson Limited 
20.FeradnirchSL.EC3. 01-6238000 

Eunnvest- Lux. F. LUb I '3.13 

Guernsey Inc. .—.65.7 69.9m 435 

Da. Accum. HJ ^ 673 435 

KB Far Cast FcL SUS12.74 | 136 

KBIntL Fund.j |USU.72 | 19b 

^ tLM 

0.78 

i xa 


KBIntL Fund.. SUSLL72 J 19b 

KB Japan Fund SUS3945 — J tLM 

K.B. LIS. &*th. Fd._ SUS12J9 | ..^.J a7S 

Signet Bermida. SUS4.98 I J L8L 

taenrtL Bd. Fd SUS 103.18 [ — J — 

Lloyds Bk. (C.l.) U/T Mgrs. 

P.O. B«K 195, SL Helder. Jersey. 05342T561 
Lloyds Tsi 0 > seas...._!528 55-6| -. — | 1XS 

N.-irt deafing dale December .15. , 

UoydS Trust Gilt tJO^O / .—.J 12.0 0. 
Next Dcuihig Date December 271 

Lloyds Bzr.k international Geneva . 

P.O. Sox 438, 2211 Geneve 11 (Svrttitrbndl 
UcydS Im. Growin __IS?31fl«33L5q-25tll LTD 
Lloyds Im. income _..f£ra75J 2W50| .TT-) 5.40 

Management tatematimuil Ltd. 

Bank of Bermuda Building, Bermuda 
Canterbury Dec 1 J5US.UD ' J — 

M a G Group . . 

Three Quays. Tower Hill EC3R 6B0. 01-626 4588 

Atlantic Dec. 12 |SUS2J7 3J4J ...jJ' — 

Alia- Ex. Dec. 13 &S221 231+002 — 

Gltf-ExAcc. Dec. 13JUS9IS 1042 +047 — ■ 

Island Dll 1421 -0A 5?-H> 

tAcora Units) [1903 204.7 -03] 53,83 . 


Gld-ExAcc. Dec. 13»US>); 

Island rffill 

tAcora Units) [1903 


M-zi 


01-5887081 

idi 

fl ng Dec. 29. 


1 Paternoster tew, EC4 01-2483999 

Atfirope IM30.40 32001-0181 4.78 

AtSwvba DkQLOO 5263 -OJC 4.41 

Fondak DM3L80 33iM-OJO 4.96 

Fomfis - 0U7L20 S38-0JD 5 2D 

Emprrar Fond S3J6 33U — 

Hbpano — isisfljp — zn 

CBre Investments (Jeney) Ltd. 

P.O. Bax 320, a. HeUer, Jersey 053437362 

Cftm Gilt Fd. (C.l J -19.62 963)+(Lig 1L«2 

Cfive Gilt Fd. (Jsy.) _|959 9i0(+0^ ll46 

CamHn Ins. (Guernsey) Ltd. 

P.O. Box 157, St. Peter Pori. Guernsey 
lntnl.Man.Fd |!635 17BD) | — 

DWS Devtscbe Ges. F. Wertpapienp 
Gninebiagweg 113, 6000 Fmnlc&rt 

Investa [060730 3?3fl[-(Ufl| — 

Delta Group 

P.O. Bax 3013, Nassau, Bahamas 

Delta Inv. Dec. 6 [SIISL68 L76) .— [ — 

Deutscher InvestmratpTiact 

Pnsriadi 2685 Blebergasse 6-10 6000 Frankfurt 

Coneentra |DV70i0 2L9M-0J0I — 

Irtl- Rente nfcxids — |DII6aiO 7030) _„J — 

Dreyfus Intercontinental Inv. Fd. . 

P.D. Baa N3712. Nassau, Bahamas. 

NAV Dec. 5 [SUSI5A3 lt63[ — .[ — 

Emson & Dudley Tst. MgL Jrsy. Ltd.- 
P.O. Box 73, SL HaDer, Jersey. "" C53420591 

EJ3.I.C.T. P242 1323) ._.J 3A0 

The English Assocbtloa 
4 Fore Street EC2 01-5887081 

Erg. A». SlerGnm* 00-97 50.9a J _ 

WardgBle Cm Fd^flaB. lL3cj __J ■— 
+Noct dealing Dec. 13. “Next dealing Dec. 29L 

Eurobend Holdings NX 

HandeUade 24, Willemstad, Curacao 

irgMniiF&g saair “■ m 

NAV per dare Dec. 8 SU320.65 

F. & C. Bigot Ltd. tm. Advisers 
MLwrenw Pnudiuy Hill, EC4R0BA 

CenLFd. Dec.6 ) SUS551 | 1 — 

FMellty Mgmt A Res. (Bda.) Ud. 

P.O. Box 670,' H^nHton, Bemads 

FldettyAiu.Ass j SUS23.76 1-0131 — 

FMefltylnLFwxl — | |USZL«7 — J — 

FldeSty Pac. Fd 1 JUS55J0 ....1 — 

FWefltyWrtdFd ) JusK^l }-B SQ — 

Fide tty Mgmt Research (Jeney) Ltd n 
Waterloo Hse, Dob St, SL Hdier, Jersey.' 0534 
Z7561 

Series A NoH.) — LJCLfiZ [ J — 

Series 8 (PabfIO — ^937,. „ J 1 — 

Series DCAmJtot). jfl5i0 (-0J0|. — 
First VSdag Commodity Trusts 
1W2, SL Garage's SL;Do»)ta* LoAL 062429015 

&& &os=» -** 

Fleming Japan Fund SJL 
37, roe Notre-Dames Luxembourg 

Fleming Dec. 12 1 5US6331 [ — J — 

Free World Fund lid. 

ButteriMd Bldg, Hamtton, Bermuda. , 

NAV No*. 30 1 SU 5X8538 ,| — i — 

E.T. Management Ltd. 

Parie Hse- 16 FtaBtmrr Drcut Louden 'EC2 
Tel: 01-628 B13L TOC; 8&10Q - 

Kim i 1031 J 210 

Anchor gVbwiLZZE)!©* 9.4q-5C0 1338 

Anchor InL Fd (JUS4.87 500) '2J0 

Anchor ln.Jw.Tsl 
Berry Pac Fd. 

Berry Pac Stri 

G. T. Asia Fd_ 

G.T. Ana5trr 
G.T. Australia 
G.T. Bond Fond 

G.T. Dollar Fili 

G.T. Or. fSWgJ Fd 
G.T JacKicFd __ 

G.T. Philippine Fd. 

Gartmoie invest, lid. Ldn. Agts. • 

2, SL Mary A xe> London, ECS. 01-233 3531 

Japan Fd 

N. Amrncai Tst_ — 
loti. Bond Fimrf - 
GactmHT Imubuut 
P.tX Box 32, DoogtaG toll. 

Gartmor»lrmTlScl_[2L2 
Gartmore ML Grthfc 12 


Samuel Montagu Ldn. Agents 

X14. Old Broad St . E C.2 OX-5886464 

ApolloFd. Dec.6. ISF44J0 49 001 3.90 

Japfea Nov. 30 HRS13X 1 ! 14JM 0 B9 

117 Group Nov. 2O__mi;i0.M .liJN 212 

317 Jersey Nov. 29 — 1£5 09 533 _... 0.75 

JsyO’sNov.30 U?.46 9.9M — 

Murray, Johnstone (Inv. Adviser) 

163, Hope Sl, Glasgow. C2. 041-221 5521* 

'Hope Sl Fd I SUSH51 |. I — 

’ ‘Murray Fimd I SU 510.90 J ....Ij — 

NAV November 30. 

Negit S.A. 

10a Boulevard Royal Luxembouig 

NAV Nov. 24 [ $US1219 | 1 — 

Negit Ltd. 

Bank of Orrmxia Bldgs. KamOtnn, Bnrab. 

NAV Dec. 1 £5.95 — | [ — 

Phoenbr Internatfonal 

PO Box 77. SL Peier Port, Guernsey 

Inter- Dollar Fund 1+236 235) ] — 

Guest Fund RlngmnL (Jersey) Ltd. 

PO Box 194. SL HeJier. Jersey. 0534 27441 

BtK&dRk awffi-HB- 

Quest. Inti. Ed FSLjS0^7« 0.92R.™! 9JJ0 

Price at Dec. 13. Next deaHnO' Dec. 31, 

Richmood Life Ak. Ltd. 

48. Athol Street, Douglas, 1.0 JK. 0624 23914 

(*>The Silver Trust- 1123 1152J +03 — • 

HkdmmndGd.Bd. 110.6 1364 -0.E — 

Do. PlaUnum BJ 163 7 1692 +LC — 

Do. Dtamocd Bd. 93.4 I0L5 . — , 

Do. Em incomeBd.— _ 166.0 174.9 1166 

Camlloii C.G.I.Bd 453 XOOq _,..j — 

RottecMM Asset Management (C.L) 

P.O. Bax 5B, Sl JuUans Cl, Guernsey . 048126331 
0.C.Eq.rr.Nov.30—.l563 60. U -2.92 

O.C.liw.Fd.Dec.3 1511 l&T Effl _.... - 738 

0 C.lntl.Fd.t 5L29 053-. -128 

OCSmCoNw. 30 140.8 1192 .338 

O.C. Commodity* — 1421 15L1J '4J7 

O. C. Olr.Comdty.t — S27.69 29^ 0.68 

‘Prices on Nm. 14? Next dealing Nov. 30. 
JPrtaes an Dec 7. Next dealing Dec 2L 

Rothschild Asset MgL (Bermuda) 

P. O. Sot 664, Bk. of Bermuda Bid* Bertrah 
Reserve Assets Fd.lSUS9J7 9.791+ OfllL — 

Price no Dec. 1L Next deaOng Dec 14 • 

Royal Trust (C.l.) Fd. Mgt. lid. 

P.O. Bex 194, Royal To. Hse. Jenev 053427441 

R.T. Inti. Fd IHJS928 9.884 _..J 100 

R.T. Inti. (Jsy.) Fd. Jfe.O MM .-3 121 
Prices at flee E. Next dealmpDec. 19. 

Save & Prosper International 
Deailno to; 

37. Broad St* Sl Heller. Jeney. 0534 20591 
US. DaBar-demmhEited Fuads , 

Dir. Fxd. InL-f 8.91 9.4M ..... 731 

Inumat. Gr.*t— 7.69 8 ja — 

Far EasLern*t— 4? .63 5150 i- 

Nurtb Amencant-- 3 34 «.1« — 

Sepmf Z— &4.93 1632)+0iq — 


160 

-OJB — 

z: 2 jq 


JO 100.01 1 

=» East) Ltd. (aHW 
Kanin RB._H.Kram 
Kl» -?Tw I 


+ .^ SM 




Gartmoie (nti. Grthft <12 
Hambrn Pacific Fuad Momt. Ltd. 

Z110, ConoaugW Centre, Hong Kong 

Far East Dec 13-_BH <3457 1515)+0J)7| — 

Japan Fund J5JS9.70 10.X9| — 

Hambros Bank (Guernsey) LtdJ 
Hamhros Fd. Mgrs. (CJ.) Ltd. 

P.O. Box 86, Guernsey. 0481-26521 

C.I. Fund 148.H 351M — 170 

hntnl. Sood StJSlSQl 117 -5-4 8J0 

InL Egulty . . SUS 1L28 lLtd 210 

InL SvpL *A* 5US St l.ga — 

int Svgs. ‘B’ 5U5 114 lOfll . — 

Prices «n Dec 13. Next deeErqurc. 20. 
Hemlersuti Baring Find' Mgrs. Ltd. 

605, Gamaion Home, Hong Kong. 

Japan Fd.D£cl3_HUS2236 Z312i [ — 

ftfcmcFd.*DK.13-r £1138.872^*1 - 

Bond Fd. Dec. B 1 5US1B161 I . ...J — 

’ExdosJve of any wellm. charget- 
HiU-Saamel & Co. (Guernsey) Ltd. 

8 LeFetnrre SL, SL Peter Port, Guernsey. C.l. 

Guernsey TO. J15L2 ttl.bd) -2-4| 3.66 

Hill Samuel (awL Mgmt lotnl. 

P.O. Box 63, Jeney. . 0534 2T381 

HS Channel Is. F. |12SJ> 133.0 . —1 126 

Box 2622, Bern, SwttzeHard. Tele* 3a425 

cir I> 7rrg^;|SS nS]-.” 1 ] = 

International Pacific lire. MgmL Lid. 
P.0. Box R237, 56, Pitt St* Sydney. Ausl 

Javelin Equity TsL —JSA234 246) i — 

JUT. Managers (Jersey) Ltd. • 

P.O. Box 98. Cfcaorel House. Jeney. 0534 73673 
Jersey Extml.TsL. -..11510 168-ffi _...J — 

As a i Nov. 30. Next sob. day Dec 3L 
JardliR Fleming & Co. Ltd. 

46th Root, Connaught Centre, Hoag Kong 

JanfineEsULTsi H10296.41 240 

Jardine J'paAL* HOSoff'fl O.M 

Jardlne S.EA. HK516.40 210 

JarfinePlem.liiL HB116S — 

irttl.Pac£ecs.(inO._ HiffiUil — 

Do. lAcam.) HKS13.44 — 

NAV Nov. 50. •Fqur/alem SU535J2. 

Next udi. Oec 25. 


Craniroo-*— 134.4 14161 — 

zffi dMjdJS 

•Pncrs oo Dec 1L ”Oec 12 ***Dec;-7. 
JWeeUy Dealings. *0sily DeaTmgs. 

Sctdesmger International MngL Ltd. 

41, La Motte St, SL Heller, Jersey. 053473588 
SJt.1.1 75 801 -11 9JK 

ttt=r:p 

lXl.FdjuiS!g.Jl" 11-08 116t — 

"Far East Fund 101 „ 107 280 

■Next sofa, day December 13. 

Schroder Life Group 

Enterprise House, Portsmouth. 070527733 

B5CSLgSngH 

SEgujfr^. 133.4 141; +0i — 

£FbM Interest 139.2 34BL0 -Q-( : — 

SFlxed Interest : 107.8 114.6 +0.J — 

f Managed 1235 DU +27 — 

(Managed IZOi 128^ — 

J* Henry Schrader Wagg & Co. Ltd. 

120, Clteapdde, EC2 01-5884000 

Cheaps Dec 12 .511.40, |-006| 281 

Trafator Nov. 30 __ SpS1231b I — 

Aslan Fid. Dec U RJH9SB 19511 — ' 3M 

Darling Fd. Dec 11- 92 ■ 2M . — 5-50 
Japan Fd. Nov. 16 — pJS832 8.94) ....j; D.44 

Sentry Assurance International Lhj. 

P -O. Bax 326, Hamilton 5, Bennudx . 

Managed Fond I5US2365 2535) ~~X — 

Singer & Fried lander Ldn. Agents.. 

20, Canon SL, EC4. 01-248 9646 

Delta foods |MB»37 m 27.831 -™j 642 

Tokyo TsL Nov. 21** | JUS4200 | JZj L55 

Stronghold Manage meat Limited 
P.O. Box 315, SLHefler, Jeney. 0534-71460 
Commodity Trust 184.55 89iS) — | — 

Surifirost (Jersey) Ltd. (z) 

Queens Hse., Don Rd.. SL HeBer, Jiv. 0534*7349 

American IrxLTst |£746 7J2)-0iI» — 

Copper Trust til TO 1224 WOQ — 

Jap. Index Tst [So.92 11151-006) — 

TSB Unit Trust Managers (C.l.) LfaL 
Bagatelle Rd* SL Saviour, Jersey, 0534 73494 

Jersey Fund 149.0 51-61 1 4.65 

Guenuey Fund I44L0 5L6| .. ..J 4A5 

Prices on Dec. 13. Next sob. dzy Dec 20. 

TSB Gilt Fund Managers (C.l.) Ltd. 
BagaWtoRd*SL Saviour, Jersey. 053473494 

SEEdosszdft fflrJJ pt 

Pnees on Dec 13. Next sub. itay tec 20 
Tokyo Pacific Holdings N.V. 

Intimis Management Co. N.V* Curacao. 

NAV per share tee. 12. 5US64.84. 
Tokyo Pacific HWgs. (Seaboard) N.V. 
IntiiMs Management Co. N.V* Curacao. 

NAV per share Dec. 11. $U 34725. 
Tyndall Group 

P.O. Box 1256 Hamilton 5. Bermuda, 2-2760 

O'seas Dec 6 ISUS126 1.21 -.-J 6.00 

(Accum. Units} ptl5L83 193 J - 

3-Way im. Nov. 26 — ISJS2.69 2 e1.....J_ — 

2 New SL, SL Kefier, Jersey, 

TOFSL Dee. 7 [fliS ..... , — . 

(Accum. snares} kllBO 127M ....J — 

American Dec 7 
(Acp-m sharcsJ 
Far East Dec. 7 
(Acoim. sparest 
Jeney Fd. Dec.6. 

(Nvlj. Acc. Uts.) 


Jardlne S.tA — 

JanfineJTem.lirt. 

i rtt I .PacSecLt JneJ._ 

Do. lAcCum.l 


0 seas Dec 6 ^USU6 1.21 *<_J 6X0 

(Accum. Units} pii51B3 193 J - 

3-Way tm.NM.16._|iUSL69 2.B3| 1 — 

.0534 3TO 1/3 

.2180 12^ I"* — 

‘fiM 200 

Olt.D Z17.W a.*.. 726 

3010 i 3213 

Gilt Fund Dec 6 |10J.4 

> Icmm. Shares/ _|Z4L4 
Vlctaiy House. Daegtas. Me of, Mac 0624 24U1. 
Managed Hem. i£*_ jULt! 242fl ..**[ — 

UniWe Assurance (Overseas) Ltd. 

P.O. 8o> 1338. Hamilton 5-32. Bermuda 
loeml.Mngd.Fif — [itlS0.9i — I — J — 
UniQR-lcvastment'Gcselkchaft mbH 
Potllach 16767. D 6000 Frankfurt 16. 
AUamicfonds ..11140 12DO)-CUOj — 

Europatonds .*__C5.40 26 7 Of .....J — 

UnihSls [17.S5 l&EW-Ojn - 

Unirenta 13855 39.60 ...*.1 — 

Unispecial 1 |60.60 63 70)-02b[ — 

Utd. IirtnL Mngmnt (C.l.) Ltd. 

14. Mutcasler Street, Sl Heller, Jersey 

U.I.ES. Fund ISUSIMB 10153) — J 720 

United States Tst. IntL Adv. Co. 

14, Pue Atdringer, Luxembourg. 

U.5. TsL In*. Fnd IS1067 — TlOjGipt.M 

Net assets December 6. 

15. G.' Warburg & Co. Ltd. 

30, Gresham Street, EC2. 01-600 45SS 

S JtE&ib :"oi692 

MercMyMktDec.ll.EUUS 1020) 4 — 

V/sefaurg invest. MngL Jrsy. Ltd.' 

1. Charing Cross, Sl Heller, Jsy.Cl - ■ 053473741 

CMP Ltd. Nou.30 — RUL135S 13-9g | - 

CMTUd.Nov.30 £13.67. 14JJ2 J_J — 

htetaf; Tsl Nov. lfa_ £1273 130« — 

TTJT Nov. 9 5US9.96 1023 i — 

TMT Ltd. Nor. 9 L9 87 1013] — 

World Wide Growth Management^ 

10a. Beulevjrti Royal, Luxembourg 
Worldwide Gdi Fd| £0534.99 J *0311 — 


^ ^ ->30 CMTU^NovlOT—imT 6 14X2 1*. — 

~ I "-■] S'io TTJTNor.Vl^J — 1 5USL9S 1021 — 

- SjS I 1 T MT Ud. Nor. 9 ***. L9 B7 OOll] , — 


Prices do not indude S premium, except *h*« Indicated *, and are {"ponce unless otherwise indicated. 
Yields % (shown in Iasi coined alkm fer all bimno expenses, a Offered pnees mCuoe all ewws. 
fa Today s prices e Yield based on otter price. £ EstimSeo. c Today’s opening price . h Distribution free 
ol Uh tar.es. p Periodic premiuni nrxrcoK c'zn: \ Single premium .n»ran« x Otiered price includes 
nil e*penses except agents comm -ssion y CKer.d pr'fx «hK a(i expenses If fxzigm through managers. 
t prevKEi; dart pot*. 9 Hei c: u- «i "lo'iiro cartel gouts unless Irahcajeo fay *. 9 Guernsey gross. 
f Suspended. 9 Yield be fere Jtr 1 ’ ti‘. T Ss-'J.3i!vclwi. Only arailoole to charitable bodies. 
































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£140 

1216 

170 

31% 

56 


82 

18 

[240 

119 

lz 62 

13% 

16 

30 


Stock 


Da. y*i»Coni. "SS. 

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Da 

Lsw.Laeid20p- 
Lend Lease 50c 


Lon Prov 


Lon. Shop 
Lvnton ridge. 20p 

MEPC ...... 

MarUjorouuh 5p 
jMarier Estates. 
Mclnemey lOp. 
'McKay Secs. 20p.\ 
MidhuiMlVh.lOp. 
Mount view 5p- 
MuddowlA. AJ.) 
Mohan.——. 

Peafatey 

Prcp.HIdq. 6 Inv. 
'Prop. Pari 'ship. 
Prop- A 8ev. ’A'.. 
Prop See. InvSQ) 
Ranlan Prop. 5p 
Revelian .......... 

Regional Prop . 

Do. 'A' 

Rush H ToowklreJ 

Samuel Praps.., 

Scot Urtrnp. 2T«. 
Second CKylCfa -| 

Slough Esis 

Do.lO%C 0 nv. 9 O 

Slock Conversn. 

Sunley(B) Inv.. 

[Swire Prapenis. 
Town Centre 


11% (Town &Clty lOp J 


[Trafford Park 

U.M. Properly— 

Utd. Real Prop . 

Warner Estate.. 

f/arrfisti Imr. £0p 

WsumitiClyP. 

Wminslrr P.20p 
Winston Eses.... 


Fite 


M S 


627 

25 

2S4 

124 

338 

42 

46 

121 

42 

243 

£186 

£156 

056 

49 

203 

142 

73 

129 

149 

23% 

35 

29 

3GO 

48 

9M 

124 

45 

89% 


320 

100 

315td 

123 

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75 

103 

95% 

105a: 

43% 

120 

£165 


286 

260 

44 

75 

14 

219 

23 

318 

149 

347 

27 

22% 

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554 

0.67 

335 


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162 
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182 
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0.82 
3.03 
25 
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td0_33 


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2.03 

20 

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H23 

524 

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Lll 

dzn 

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+2-30 

410% 

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0.91 

0.01 

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5.62 

+2.70 

+7.06 

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(TM 
Or Grt Pff 


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(Swan Hue 
IVosper™ 

|Varraw5 


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.. 151 

-1 ftLO 

ft 

. 196 

...._ t5.0 

45 

-f 323 

+1 515 

351 


SHIPPING 


309 

200 

167 

34B 

157 

41% 


145 

255 

39% 

130 

138 

U8 

140 

46 

115 


252 

'112 

112 

206 

100 

% 

il07 

'203 

Sf 

1103 

29 

57 


IBriL & Com. 50p. 
Ccmimn Bras. 50p 

Fhher <J) 

[Furness Whhy£l 
Hunting Glbsn. £1 
[Jacobs (J. U2C? 
Lcn. O'Seas. FrM. 
Lyle Shipping 
Man. Liners 20p_j 
Mersey 3k. Unit; 


Ocean Transport-] 
P.<40. De(d.n-| 
Reardon 5ra.30p 
Do. -A' 50p— 
Runaman iWJ. 


295 


19.40 3.4 

4 af 

175 


d652 — 

5.6 

IS 7 


tJ-55 7.7 

i? 

240 

-3 

T8.29 4.G 

52 

105 


+5.17 -j 

i 

40 

+% 

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7.0 

38 






137 


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5.fl 

220 


518 21 

35 

35% 

— h 




120 

+? 

268 - 

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857 26 

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6.64 O.S 

12.4 

80 


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0.7 

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01 - 

04 

60% 


M3.75 21 

95 


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IGw. ACommcL 
(Gen. ConsolduL 
(Ganeral Funds - 
Da Conv. lOp 
Gen. Investors- 
Gen. Scottish 


(teuSittes-KT*. 

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SHOES AND LEATHER 


30 

65 

80 

108 

60 

109 

84 

54 

59 

63 

58 

48 

72 

80 

41 

118 

32% 


16% 

[AJIebcne 10cv . 

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20 

6.6| 

50 


52 


4.46 

3.4 

128 

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70 

+2 

rid 39 

71 

9.4 

93 

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99 


t4.57 

4] 

64 

30 

Keadiont, SirasSp. 

AS 


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7.4 

51 

64 

Hiltons 20p ™... 

107 


+4.9/ 

23 

6.^ 

47 

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£2 

-2 

3.0 

ft 

56 

36 

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49 


13.22 

25 

9i 

Vt 

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55 


t?H4 

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75 

40 

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50 


tl.9 

27 

57 

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49 

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12.61 

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33 

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42 

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1.7 

77 

54 

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73 


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10.1 

41 

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77 

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34 

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59 

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81 

61 

24 

Wearrz lOp 

28 

+% 

1.45 

ft 

85 


91 


Industrial & Gen. 

Internal'! inv 

Inv. In Success. 
Investors’ Cap. 

Undine Japan™ 

DanUne Sec. HKJ5 
(Jersey Ext Pf.lpl 


(Jersey Gen. £1 
Dos Ho 


oldings, 
(Jove Inv. (nc. lOpj 
Do. Cap. 2p 


SOUTH AFRICANS 




125 

635 

*7 

175 

125 

490 

102 

190 

TO 

680 

2 


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95 
87 
1288 
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Angle Am. !n.fil. 
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Primrose lOcts. 
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131 


105 


35 


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32 

40 

54 

72 

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107 


147 

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64 

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76 


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21) 

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w. 

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28 

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213 

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67 


37 

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31 

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67 

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4.99 

11 

42 

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ft? 

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70 

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5.7 

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41 

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53 


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20 

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32 



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33% 

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20 

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45 


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71 

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wmm 

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— 

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rart'rdJrsy. 30p. 

33 



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119 

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10 

76 

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Triccv rile 10p 

26 

- 

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01 

48 

73 

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55 

41 

Vita- Tex 20p.... 

56 


355 

22 

34 

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39 

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02 

29 

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31 


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— 


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33 


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411 


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400 

89 


65% 

66 


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45% 

50 ISiemssen Kit. 


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DaDefd 

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Rahmans 12%p .. 
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288 

253 

380 

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5.75 
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65 


TRUSTS, FINANCE, LAND 

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60 


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82 




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062 


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Alliance Trust _ 
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Do. Captal SGp 
{Anfarase inv. Inc., 

Da Cap 

American Tnst 
American TsL 'S' 
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(Arefilmetles lnc-[ 
. Do. Cap. 50p - 
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{Ashdown tnv_~ 
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[AuiLfi InLlsOp) 
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(iartriEki.’Dp-, 
Brazil FunS Or SL| 

Brazil Inv. Cr$l 
Eire mar Ts*™™_ 
Bridgetvaler..™ 
BriL Am. ft Gen 
British Assels™ 
(BriL Er^Sts. Sp- 


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123 

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210 

117 

192 

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130 

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Crrftnnlmsli 
Chtaesdale Inv 

DO.“B’’ 

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Candnentl A Ind 
Candnentn Union 
CresW Japan 50p 
Crossfriars 
Cumulus lnv_ 
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Da (Cap.) 10p 
Debenture Corp.™ 
Derby Ta. Inc. o| 
Do. Cap. 50p _ 
BsntHon & Gea 

Drayton Corn'd. 
Da. Com. _ 

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Do. Premier™ 
Dnafvest Inc. 50p 
Da Capital £1 
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Electra Inv. Ta. 
Elect. & Gen™. 
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tna&Sca. inv 


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Equfly Inc 5Qp 
Estate Duties.™ 
If. AC. EurotrosLi 


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Sea. Am. 



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IGlendevoit Imr. 

Do. '‘B" ™„ 
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I Do. 'B' Ord. . 

Globe Im. 

Govett Europe- 
Grange Trust . 
tet. North'n Inv 
[Greenfriar Imr. 

firesham luv 

Group Investors 
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Hamhros 

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Do. Cap. 5p 
LeVa lionet Inv. 
Loa Atlantic - 
Lot & Gait. 50p 
Lnda &Ho%rood 
Lon. & Lerwox_ 
Lon. & Lhr. lOp 
Lon. A Lomond. 
Lot & Montrose 
Lon. A Prov, 
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Lot Tst 
Lowland Inv.™. 
MAGDulliclOp. 




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IfaA&MeWlw- 
Meldoun Inv. ™ 
Mercantile Inv- 
Merchants Tst- 
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Moorslde Trust. 
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ScoL Northern. 
ScoL Ontario— 
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Sec Affiance T«. 
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SPLIT Cep. 10p-l 
Stanhope Gen... 
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149 
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L8 

t2J3 

+3.93 

1.47 

203 

19 

t274 

3.81 

+8.02 

4.6 


Q20c 

09.49 

tL78 

1266 

294 

11.67 

0.86 

tQ47c 


3-0 


355 


65 

1244 

1.83 

t457 

274 

1281 


HL52 

H3J 

sOJ51 

13.65 

tta+o 

0.60 

1244 

5.9 

t3.45 

t2.89 

1.6 

H4.65 

** . 

M1279j 


H5.75 


188 

127 

129 

162 

059 


13.88 

14.82 

QUc 

156 


IA2.96 

507 

d3.05 

3.50 

213 

■155 

111 

12.84 

150 

1376 

124 

012 

825 

t654 

& 


269 

+424 


+701 

4.0 
1457 
t264 
8.74 
L457 
152 

3.0 
t3J5 
3.9 

3.41 
H217 
Ifal 62 
+223 


630 

201 


H6.85 

025c 

859 

ia' 

t3J5 

t9J3 


331 

t53B 

235 

264 

h4.82 

20 


.45 


5.1 

057 


2%l 


55 

hL32 

t4.46 


se 

3.91 

14.46 

ff-95 

+357 

+633 

(UOc 

112 

0.76 

125 

+4.67 

1233 

057 

7.70 

155 

+3.71 


1* 




LU 


Hi 


atn: 


13) 


12 


11 


lA 


m 


131 


5.7123.8 


5.9123.8 


53] 24.4 
5-9275 


3.S 


331 

an 


29 J 
Z1J 
1422 


385 


a 265 
25.9 


63(231 


95l A 


23 J. 
155 


19.7 

210, 

216 


[255 
2021 

29.9' 

Bot38SJ| 
T1J210 
1 45)361 
1131123 


55 24.8 
95)18.4 


6.7 35 
55 232 
5.6 23.7 
35 392 
155 25.9 
1151431 


6.2 « 
15 745 
4.7 313 
75 28.9 
3.1412 

6920.6 
61)273 
53 902 

10.0 167 
64 218 
8.1 ft 
3.4 393 
33 465 
69 245 
4.7 30.9 
35 42.9 

7.6 20 


3-S( 


13.0 


1125 

96 

168 

954 

76% 

B9 

£6Z3!| 

£13% 

40 

65 

30 

£26% 

450 

'413 

144 

9B 

38 

190 

nofli 

415 

, 45 
[mt 

19 

2% 

£49 

620 

602 

69 

444 

£64 

1TO 

284 

J 61 

(195 

195 

82 


16 903 
62 231 
6.6 205 
41 36S 


5.9 22.0 
63 24.8 
3J3 ft 

3.8 323 

2.9 52.6 


I Hm 

■bi 

K3.4 

■p-2 

■S3 

■M 

Hsj 
i q&A 
■a.6 


i(W 

5 S 20 I 
53 ( 25.0 

23J5S5 

3343.01 

o3inj 

65|]4.7 


5.8 14.7 
75195 
113 123 


2 U* 

63 22.6 
6S211 


111 


71 4 

72 235 
10 52.8 
4.E 318 

4.8 31.7 
35 33.9 

4.9 291 
4.8 38.9 
45 32.7 

5.6 269 

5.7 22.8 

66 245 

67 212 

9.4 17.9 


11.6 


6.2 23.4 
4.7 233 
62 263 
5225. 
25 493 


60 23.6 
75 19.8 
66 1775 
11.8 122 




10 I 


Sja 


14 


132 


14.6 


1975 


Slftl LOT 


stick 


MU 

3b 

77 

150 

80 

74 

£12% 

71 

20 

450 

14 

42 

247 

14% 

131 

£52 

b9 

,£54 

87 


S' 

36 

1104 

33 

42 

'840 

42 

'200 

§% 
167 
10 
, 89 
£48 
51 

,£27% 

900 

23 

36% 

6 


;LM3rtHltS.llM. 
'Lot Euro. Grp. 
Lot Merchant- 
iM.&G.HUg$. 50, 
Mipdle Inw.l0pj 
Martin (R.PJ5P 
Mass MrL ft RTtsi 
iMooioya t£l>_ 
N.Bd.C.(n>ri.l21jp. 
!«CBMFe.sg.ii&. 
ParandwlOp ™ 
Park Place Inv. 
Pearson IS) &Son 
St. George 10p> 
Scot, ft Merc. ‘A 1 
S.£.£4%peArmJ 

Smith Bros 

Suer Fin. N FI GO. 


(Trans. W«LTsLlp-| 
20p 


Wstn. Select 
West of England-| 
Yorkgrren lOp. 
YutoCauolOp. 


Price 


16 

31 

67 

131 

7D 

58 

ttfetf 

58 

171, 

395 

12% 

41 

209 

iz% 

93 

£52 

56 

£47 

OO 

27 

54 

14 

67 


+ r 

s» 

— 

lift 


03 

-1 

1051 

-3 

160.84 


351 


40.75 


45 

-15 

f)?1.16 

+2 



143 

— 

112 

~4 

6.81 


0.49 

-i 

317 


rt.1% 

d4.97 


02^’- 

— 

S5? 

-1; 

154 


H033 


141 


TM 
CV Gr-i 


0.9( 28II7UI 


Lw, 


3.8 


4J8 95 


iia 


6-a- 


122 


7.0 


4 . 4 ] 4.1 ... 

3M 4.« 85 
" 1252 


Lti 5.8 

l3 5.4 


, B - 2 

13(132 


4 


P/E 


13.0 

172 


368 

ft 


7.6 


23.9 


85 


li 


43j 66 


282 

7.7 


OILS 


60 

66 

1134 

[720 

65 

<i 

30 

49 

21 

,£12% 

325 

86 

S3 

24 

126 

l£97 

B84 

(178 

121 Z 

.713 

1% 

(226 


lit Aran Energy £L 
l&iedc 20p 


130 

162 

120 

86 

66 

51 


BriL Borneo lt^. 


BriL Petro+m. 

Da 8% Pf . £1 
iBirmahSl— ™ 
Do 5% Ln-91/«1 
ttCCPh(tL5ea£l. 
r+Candecca Res. 
Century lOp _. 
Charterhall 5p_ 
OeFr. PetrniesB. 
rtCluffOUO.™ 
Da Cnv. “A 1 '.. 
tlCljde Petrel £1. 
Hunting Petrol . 

KCA 

LASMQ 

LASUO 14K193L83.J, 
LASMO “Ops" Ub - 
Magnet tieub 10c _ 
Oil Expl.lOp — 
Premier Cons. 5p 

Ranger Oil 

Reynolds Div. lc_ 
Ryl. Dutch R20- 
Sceptre Res — 
(Shell Trans. Reg- 
Do.796PF.£l. 
KtSkteniUXIil. 


£52 'fTe»»4%%C<lv- 


[Tricemrol 

Ultramar... 

Do. 7pc Cnv. £1 
[Weeks Net. Idas. 
Oo.Pfd.0rd.10c 
WoodSide A50c.. 


60 

JP 

926 

68W 

82 

£60% 

£11% 

38 

61 

£22 

386 

400 

88 

86 

36% 

132 

£100% 

395 

26 

228 

15 

915 

435 

576 

270 

£53 

158 

220 

134 

160 

160 

55 


+2 

-1 

1&M 

12243 

5.6% 

Q^% 

t2b7 

— 

102 

-2 

b4.65 

+J* 

mOl 


014% 

-2 



214 

A 

1 1 

-cr 

ISXM 


tlS.94 


4.9% 

-4 



(W.% 


+134 


7% 

-3 


-3 

01W.C 

-1 



15 6.41153 
35 3.U11.6 
4424 123] 


32J 65 


1.4 


8.6 

30 

153 


3.0 


2M 


un 


5.8) 


2451 


eisa — 


6lJ 


elL?| 


IM 


65 


A1 

n.?l 


5.« 


5.9 


95 


8.4 

63 

16.4 


323 


68 


5.9 


14.4 

62 


OVERSEAS TRADERS 


310 

410 

120 

170 

73 

65 

130 

166 

£70 

575 

97 

445 

30 

19 

78- 

49 

275 

107 

235 

22S 

54 

5 

250 

61 

£100 

73 

72 


045 

60 

96 

45 

e 

95 

9 

55 

3®2 

F20S 

68 

(165 

1 I 6 O 

27 

% 

1175 

40 
(£87 

41 
41 


African Lakes-., 
Assam Trad. B £l| 
iAusL Agri 

BerrsfndfS- 
jBcrthindk (Tte.)50p| 

Ririmr (James). 1 
GUIft Duffus — 
Gt Nthn.flO ™ 
H’ris’rs. Cros, £1. 
HoffnungfS.)-. 

InchcapeEl 

(Jacks Wm 

(Jamaica Sugar. 

LonrtB 

Mitchell Cotts... 
(Nigerian Elec. £1 
Ocean Wlsns. 20p 
Pat%».ZocftlOp 
Do.'A’NIVlOp 
Sanger (J.E.) JOp., 
Sena Sugar 50p 
kSIme Darby 10p| 
[Sleet Bros..™— 
[Tozer Kems. 20n. 
Do.SpcCrw.'Sl 
U. City Mere. lOp 
Do.10pcLa.13p 


265 

34581 

109 

157 

73 

57 

93 

148 

£63 

500 

69 

303 

22 

11 

64 

V 

75*d 

ISO 

175 

3M 

93 1 * 

190 

50 

£92 

47 

47 


(-5 


-3 


-1 


+2 


-1 


-1 


h357 
75 
03 5c 
tMJ9 
6.2 
152 
u5.0 
K4.86 


119.0 2.0 2.6 
00.6 32 3.1 
1.1 2.0 464 

4.6] 4.0 65 

. 40) fa 

30 B 2 4.8 

, 2.8 4.9 9.4 

Q12%] 14 19 217 

U42U3j 22 72 9.7 

"" 16 9J 66 

12 7.4 75 

63 - 35 


4J2 

1523 

Z10 


665 

3.46 

13.40 

2.92 

a.o 

B.O 

40.08 

B— 

=03.0 


+315, 

08%) 

0.84 

Q10»d 


pf¥' 

6« 6.| 3.2 
691 6| 32 


2.4 3.2 23.7 

4.4 52 64 
2.7 9.4 (4.7) 

13.0 f0.9 
. 7.1 17 7.9 
305 0.9 


RUBBERS AND SISALS 


1978 I 

Kgb Lot | 


Stack 


Pita 


(+■ or| ffir.' | ITU 
( - (' Met | (7»r| Grt 


104 

127 

17 

65 

305 

57 

52 

12% 

400 

129 

155 

89 

59% 

197 

83 

63 

Bl 

127 

93 


75 

65 

J 3? 

1165 

26 

23% 

IS 

65 

56% 

41% 

29 

69 

36 
30% 

, 55 
1103 

37 


(AnglO'Indcmes’n .. 
IBertam Cons. lOp 

[Bird (Africa) 

BradwatilOp 

(CastlerieldlOp.™ 
Chersonese 10p™ 
Corts. Plants lop- 
[Grand Central lOp J 
Guthrie £1 


Harrisus NTfy. EsL lOp 
HfgWands M50c .. 
Kuala Kepong MSI. 

[T+Kulim M50c. 

Ldn. Sumatra lOp 

Malakoff MSI. 

Muar River lQp... 
PbnfaliH Hidgs. lflp_ 
Rlghtwise 10p — 
Sungei Krian lOp. 


92 

105 

17 

57 

23Std 

48 

38>2 

11% 

325 

103 

107 

67 

45 

185nl 

62 

59 

65 

US 

85 


+3 


-2 


-1 


-% 


U60 


\*i221\ 


Hhl52| 


4.71 43 
L71 5.0 


LO 43 
ft 2.1 

12 43 
U 7.8 
03 73 
1.6 7.0 

13 5.9 
12 61 
13 4.D 
0.8 53 
U 4.8 
U 5 5 
3 .1 12 
20 61 


19147 



SECURITIES CO-LTD. 

London Branch: Market Bldgs.. 29 Mincing 
Lana. London ECSR TEE TLX: 881 1131 A/B 
OKASAH LONDON Tel: 623-S814.'7 


M 1 N ES — Continued 


AUSTRALIAN 


1978 


High LOT 


15 

140 

131 

820 

336 

27 

75 

68 

158 

40 

223 

22 

40 

7 

143 

16% 

50 

178 

42 

70 

£15% 

40 

570 

300 

164 

100 


9 

64 

63 

150 

1148 

53 

18 

ai 

. 10 
(125 
10 
10 

Vi 

ft 

30 

725 

J 2 

mo 

50 

84 

35 


Stock 


Annex 25c 

gakrriile50Toea 

BH South 50c 

[Central Pacific — 

IConzbic Rrotlntt 50c. 

Endeavour 20c — , 

G.M. Kalgoarlle SI. 

HaomsGtaUN.l™ 

Hamptn Areas 5p. 

Metals Ex. 50c __ 

M.f.M. Hidgs. 50c., 

Minefields Expi._ 
Mount Lyell 25c.. 
Ne«vmetal 10c— 

North B. H;H50c- 

Nth. Kalgurti 

Nth. West Mining 

jOafctoridge SA1 

(ttOUmln N.l 


Pacific Copper 

l’l 25c 


Pancont’l 
Paringa M&Et5p., 

Peko-Whltand 50c 

Southern PacKlo. 

Westn. Mining 50c. 

[Whim Creek 20c.. 


Price 


10 

125 
116 
425 
280 

» 

lll 

27% 

196 

15 

40 

5% 

107 

11 

2b 

126 
23 
64 

775 

18 

430 

170 

135 

70 


-5 


-% 


-25 


-10 

-5 

-1 

-5 


Drr. 

Net 


IQSc 


+moc 


♦035 


Q9c 


Q8C 


Q12c 


Q15c 


03c 


CYr 




* 


Ztt 3.4 


L7( 2.8 


1 .* 


0-71 


TI4 

fir’s 


4.0 


13j 4.6 


10.9 


22 


L4 1 


30 

420 

60 

305 

185 

11 

350 

520 

93 

11 

84 
640 
470 

78 

78 

270 

87 

70 

245 

340 

240 

85 
100 
100 
270 


23 

[240 

45 

190 

111 


m 


73 
7 
63 

J 450 

2S0 

40 

50 

>165 

49 

47 

140 

230 

1134 

55 

84 

74 
|14B 


[Gold ft Base 12%p-| 

iGopeng Cons 

Hongkong 


pantar 12%, -i 

Ling 5M 0.50. 


T 

Anal. Nigeria — 
Ayer Hitam SMI . 

Derail Tin 

Berjuntai SMI 

Geevor- 


Idris lOp 


Ka minting 
Killinghall .._ 
Malay Dredging SMI 


APanang 

Pengltalefl lOp ... 
PetalingSMl... 
Saint Piran 


[South Crafty lQp . 
antaH4050. 


South Kinta 
Sthn Malayan SMI 
[Sungei Besi SMI. 


Sifljrene top. SW 1 . 


Tanjong 
Tongkah Hrbr.SMl 
(Tronoh SMI 


NS 

24 

310 

55 

210 

165 

10 

300 

312ml 

73 

6^ 

620 

360 

44 

60 

2KM 

81 

62 

175 

275 

216ri 

65 

100 

85 

200 


11536 

126 

*12.0 


-5 


2.B1 

0300c 

46 

QllOc 

H5J7 


113123c 
012836 
0175c 
00.62c 
6.60 
Q120C 
2.03 
t4J9 
SQ1454 
0190c 
mQ65c 
ZQlOc 
6.60 
Q&B* 
tQ 88c 


10 


17.4 

[20.8 

LL4 

113 

53. 


7.6 

60 

t 


43 

23.7 


o.nio.4 


03 

16.4 

123 

3.7 

103 


0.6(17.8. 


14. B- 


531 65 
33 


9.8 

9.4 

* 


COPPER 

104 ( 54 [Messina R060._. | 56 (. | — J — ( — 


MISCEL 


68 

17 

300 

465 

263 

90 

£12 

1B5 


35 

9 

175 

245 

164 

30 

687 

120 


Barymin. 

Burma Mines 17i^i 
Cons. Murth. 10c 
Narthgato C$1 — 

R.TJZ 

[Sabina Inds. CS1. 
Tara Exptn.Sl— 
Yukon Cons. C$1. 


LANEOt 


58 

12 

175 

mo 

232 

44 

737 

165 


+1 


-20 

-3 


1030c 


95 


Q7e 


2M 


2JU 6JL 


29) 20 


GOLDS EX-$ PREMIUM 

London quotations for (elected South Afriout gold mining shares In U.S. 
currenCy MduOing the Inuesmem dollar premium. These prices are 
available only to non-UK residents. 


S15% 

513% 

585c 

S28% 

S15% 

£13% 

465c 

517% 

S37 


510% 

830c 

330c 

S16% 

975c 

woe 

313c 

,S16% 


531% (33 9 


512% 


Buffels R1 

East Drfe R1 

Eatt Rand Pro. Rl_ 


East Rand Pro. Rl_ 

F5.GeduW50c™ 
Pres. Brand 50c _ 
ISL Helena 
StilfontelnSOc — 
VaaJ Reefs 50c.... 

(West Dne R1 

West Hidgs. 50c _ 


895c [Western Deep R2 


511 
890c 
375c 
XI 8% 
SOI 
988c 
415c 
S17% 
S29t 2 
$21% 
S1D% 


18(17.9 



NOTES 


TEAS 

India and Bangladesh 


63)23.6 

52127.4 
4.71312 
4.4(28 

5.923.4 
4.1315 
53(273 
73)18.' 
B6( ft 
4T282 
5JJ219 


73195 
6.6 213 
5.8 16.8 
5.8 16 6 


4.7^29.7 
llil 135 


53 23.01 
8.0 1B.0 
6.0 26.9 
4L7 32.il 




53 
5.6 23.8 
4 i 


4.6 3^ 
41 32.4 
51295 


305 


33(463 
3.7^433 


5^317 
33(40.0 


5.7|283 
31 
9.«14.9 
33(418 
4.«315 
101(175 


4.0(25.0 
4.7«05 


3 ^.9 


7.4|l94 


8.6 172 
f71 — 
10.4115 
0.8 - 
5.0 ft 
29 38.7 
10.7 142 


1 293 
2Cl9| 
25.8 
282 
21.0 
24.4 
265^ 

55 

675 


WM?7 


3 9)372 


6.4228 

7.M192 

641243 


Finance, Land, etc. 


(242 
14% 
55 
. 25. 
136 
69 

» 

46 

32 

20 

62 

48 

.28 

(190 

24 
34 
11% 
as 

250 

22 

[135 

48 

48 

95 

25 


[188% 

2 i! 2 

t 

00% 

P 

■ 7 
50 
36 
12 

% 

s 

IM lI 

80 

25 

25 

44 

18 


(Akroyd Smithers 
termor TsLIOp. 
(Amhority lm.2£ft, , 
'Bn tannta Arrow _j 

' ’-fipj 

(Contman MkLlp.j 

Dalgwtya 

Dawnay D»™_ 
3ol£Swella__ 
lalnd'L12%p 
EJOroHUnglOp. 
Erskhie House „ 
Ex Lards 10p_ 

Explor3tk»Ca.5p 
FBMn&Gm.5p. 
Rtnoy Invest™ 
HambroTrust™ 
HanfttoeTsL5p„ 
Haw Par. S. SI 
Ktrw.TsU*. Q 
Investment 
KakudkS/- 


[f+KeDocklOp, 

iTfftLCaw.lalifiw 


Kitos'n.TaflorHft. 
KwafallOp 


202 

33 
55 
15% 

118 

66 

£13% 

314 

38 

21 

*2 

52 

38 

34 
24 

122 

17